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FINANCIAL TIMES 


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JTOfi —TRAILER 
‘ ,TEMS- RQ-RQ 
. r S - CONTAINERS 

J)FORD 10483] 768 tS 


No. 27,467 


Tuesday January 24 1978 **i 5 p 




King & Co. 

Industrial and 
Commercial Property 
Tel: - 01-236 3000 Telex: 885485 


TBLEX8&M57 


CONTINENTAL SELLING PRlCg; AUSTRIA Sch.lft MiglUH PrJS; DENMARK IOJ.I| FRANCE FrJ.8; GERMANY DM3.0; ITALY U5C’ NETHERLANDS FI3.B; NORWAY KrJJj PORTUGAL E*eJO| SPAIN PtM.<0; SWEDEN Kr-3.15; SWITZERLAND FrJ.Oj EIRE iSp 


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A 


up 

s ( 


pF 




ERAL 


Government loses 


BUSINESS 


roop Boost for by 11 votes in 


ices 


ise 
lasted 
Y IRA 


soldieds and three police- 
ere injured when the IRA 
ed a mortar bomb attack 
•curity force base In South 
;h yesterday. 

soidiers were hurt when 
5 lb mortar bombs, fired 
ibe roofs of bouses and 
the military compound, 
1 sleeping quarters and 
»oras. Four soldiers were 
40 miles by helicopter to 
si in Belfast. . i 
policemen were injured 
a booby-trap bomb ex- 
. as they were examining 
:ked lorry from which the 
were launched. The lorry 
tolen earlier in the day 
the border in the Irish 
lie. 

Provisional IRA last night 
d responsibility for the 

• and police on both sides 
horde rwere searching for 
lackers. 

l£_t campaign • 

ent Sadat of Egypt is 
ting a diplomatic offensive 
ek international support 
t Israeli “intransigence." 
sending special represents- 
to the U.S., Europe, Africa 
ther Middle East countries, 
.ehabem Begin, the Israeli 
er, said yesterday that his 
■y would not join further 
. talks in Cairo unless 
halts its spate of anti- 
Lc attacks on Israel. Back 
'age 6. Editorial comment, 
•22 

iopian battle 

.i forces have penetrated 
lountain. city of Harar in 
pia and are fighting 
plan troops in the streets, 
ling to Radio Mogadishu, 
■nan jets have been attack- 
71 * Somalis, it said. This is 

* report of fighting at the 
Me city for two months, 
ffvthiapian ambassador in 
Sr.as accused West Germany 
Aiinc to finance the invasion 
tiippia. 

-ty chiefs meet 

Premier-designate. Sig. 
Andreotti, last night met 
nnisl Party leaders at the 
. [ his round of talks to seek 
■t for a new Government 
imediate tnsk was to see 
?r the Communists would 
their demand for direct 
nation in a new administra- 
Page 3 

charged 

*ald Thompson Hall 
ed at Haddington Sheriffs 
near Edinburgh, yester- 
targed with theft of silver 
rom (he London home of 
id former MP. Mr. Walter 
Alliot. No pica or deelara- 
|(ibs made and Hall was 
I v led in custody Tor a week. 

■r man. Michael Kitto, 
Y ed op a similar charge at 
l/fctoo Sheriffs Court last 


Golds : c 

wan st. green 

falls 6 BY R,CHARD evans ’ lobby -no- 



row 


Carter 

presents 

$ 500 bn. 

Budget 

By Jurek Martin, U5. Editor 


Top nuclear 
industrialist is 
kidnap victim 


BY DAVID CURRY 


PARIS, Jan. 23. 


•. EQUITIES ■ interest centred 
cm - Sooth African gold shares, 
where rises in investment cut* 


F.T. 

GOLDMINES 
I INDEX - 


| **** Aug Sap Oct Now Dec Jan | 

rency premium and bullion 
price pushed the Gold Mines 
Index up 5.4 to 153.2. The FT 
Ordinary Index fell 1.0 to 486.6. 

• GILTS recorded falls of i 
and the Government Securities 
Index fell 0-23 to 77.00. 

• STERLING gained 95 points 
to $1.9420, its trade-weighted 
index was 6&2 (66.1). The 
dollars depreciation widened 
to 4.68 per cent. (4.51). 

• GOLD rose $24 to $l?5f. •. 

• TREASURY bill rates in the 
money market were pointing to 
a possible cot of 4 per cent, to 
6} per cent, in MLR on Friday. 

• WALL STREET closed 624 
down at 770.20. 

• PLATINUM prices rose on tile 
London ** free” market, with the 
dollar price $7.75 up at £2 q 9 an 
ounce and. the sterling equivalent 
.up £3.45 to 0.07.60, its highest 
level- for four years. Page 37 

• INTERNATIONAL gold deal- 
ings will be freed from official 
control shortly with the adoption 
of changes in IMF rules. Restric- 
tive agreements between central 
banks • will end on January 31. 
Back Page 

• EEC COMMISSION has 
announced the first of the anti- 
dumping duties' on steel coming 
into the Community below EEC 
minimum import prices. Back 
Page 

• GATT major participants, the 
U.S., the EEC and Japan, have 
agreed to conclude the bulk of 
the 'Bnkya' round of trade talks 
within the next six months. Back 

• VAT brought the Treasury in 
£3. 769b n. during the last finan- 
cial year, and cost about £80m. 
to collect. 


The Government suffered a significant reverse in the Commons last night 
when MPs rejected proposals for a 5 per cent, devaluation in the “green 
pound,” the artificial currency used for calculating European Community 
Farm prices. 

The Government defeat by 291 taining their pact with Labour, promise to the Liberals, to in- 
votes to 2SO came when all the until the Finance Bill is on the traduce only the livestock-sector 
minority parties joined with the Statute Book in the summer, but devaluation immedialelv. 
Conservatives in a rare display this does not prevent them from ^ , h „ wouJd Dhas „ d 
of united oposition. asserting their independence on in at the sSrt lb ei? £Skl 

Instead, the Commons voted individual items of policy. mariL.iJl Jpar W lDe r 00011 i 
by 291 to 281 for a Conservative The Liberals, who have de- marKeun s . 
resluotion that the ** green manded a 10 per cent, devalua- “ This gives use the necessary 
pound" should be devalued by tion, joined the Nationalists and time* to keep the whole position 
74 per cent, and Ministers most United Ulster Unionists in under review until the late sum- 
Lmraediateiy accepted the backing the Conservative resold- — well within the 12 months' 

decision. tion. period suggested by the Liberal 

After the two votes, Mr. John What seems certain is that Party.” Mr. Silkin declared. 
Peyton. Shadow Minister of Ministers will now seek to place But as he refused to give a 
Agriculture, asked whether the the blame for any increase in specific pledge on a further 
Government would now take the food prices onto the Tories for devaluation later in the year on 
advice recommended by the pressing the higher devaluation, the “green pound ' the Liberals 
House without delay. It was Mr. Callaghan's per- remained intent on voting for the 

Mr. John Silkin, Minister of sonai insistence on sticking at a Conservative resolution. 
Agriculture, retorted that against 5 per cent, devaluation that Mr- Silkin appeared in no 

the advice of the Government ended hopes of a compromise mood, for compromise, when he 

the Commons had voted for with the Liberals. slated the Government's case, 

higher food prices. He argued that any increase The modest 5 per cent., de- 

“The Government accepts the above that would mean that some valuation proposed would, he 
decision of the House but the farmers would receive additional said, help the hard-pressed live- 
people will remember where the income above the 10 per cent stock sector while putting tip 
blam lies when prices go up in pay guidelines. overall food prices by only.lp in 

the shops.” he sail. Earlier. Mr. Silkin, stuck the pound. 

There is no prospect of a vote firmly to the Government's A larger devaluation would be 

of confidence in the Government policy of devaluing the “green of doubtful benefit to large parts 

or of an early election, following pound ” by 5 per cent. agricultural industry’ 

the division, but the result is a The higher devaluation advo- a™ DOt P r &P af ed to agree 
moral blow to the Government cated by the Opposition parties to so large an increase in the 

and a demonstration of its vul- would, he argued, result in large Pnce of food that while its 

nerahility on issues other than a increases in the price of food production is encouraged, its 

motion of confidence. and have a “brulai effect” on consumption is positively dis- 

The Liberals are still com- the consumer. couraeed. 

raitted. after their week-end The only glimmer of a con- Continued on Back Page 

assembly at Blackpool, to main- cession by the Minister was a Parliament Page 11 

Japan doubles trade 


PRFSID^W IX r?RTER ! ?^ R 0 N t, Jean - E douard Empaln, 

PRESIDENT CARTER tp-aay > 40 . the rich industrialist 
presented his lean and Ughi wbD hcads the Krench nuclear 

Budget for fiscal year 1979. engineering industry and is one 
beginning in October, it pro- of the most powerful business- 
P°ses Federal spending of m en in France was kidnapped 
S5CKL2bn.. an increase in real to-day by three men as he left 
terms of less than 2 per cent, jjis Paris borne. There was no 
compared with the present year, indication to-night of the motive 

The projected deficit for the f or the kidnapping 
year is S60.6bn.. fractionally less 

SB1Ebn ' f ° r tteb 

ThM^eficfi would have been * uslr,al empire which is the 
S10bn.S15bn. smaller, but for the 1 £l* r d ni°st_ important financial 
effect of the tax reduction pro-l^f in powerful 

gramme unveiled over the «*j 5 S 2 Sftal combine h 5 on 

The Budget nresaces fewi steel - heav - v and electrical en- 
major policy’ chants, bm spend- !f'" Perin S- and nuc,ear Mntracl - 
ing on defence is to increase by ,n *Ji _ , j „„ 



3 per cent, in real terms next 

Details Page 4 
Editorial Comment Page 22 
Lex Back Page 


The Baron was seized as he 
was heing driven by bis chauf- 
feur from his Avenue Foch flat 
this morning The chauffeur was 
dumped not far away. Nothing 
has since been heard of the kid- 
nappers or their victim. 


It was said that since the Baron 
had received no threats, there 
tiaUy 0n P edge t0 CUl 1 Substan ' were no special arrangements to 

The Administration contends kidnapping in 

however. .® ve “ France since the seizure ten 

L «hn «hn b Ip« ?han months ago of the head Of Fiat 

between S5bn.-8Sbn. less tnan »« Luccbinn Reveili- 

Prcsident Ford Beaumont, a captive for three 

Most of the defence increase mont >, R before be was released 
is earmarked for toe North Qn pa ment nf a . Frs .iom. ran- 
, Atlantic Treaty Organisation som h> his family, 
alliance, and it includes a ^de c bairman of the Schneider 
range of measures dMi^ed to Holding company, in which the 
improve the readiness of U.S. r n , na : n interests have a minority 


forces in Europe. 


Em pain interests have a minority 
but dominant stake, the Baron 



to $17.6bn. 


T>_ n„„u - TJ_._ uu> uumiuauL oloac, IU6 "“UU 

controls a group with sales of 
Secretary, said that this em- boul jr rs .22bn (£2.5bn.) a year, 
phasis on NATO is a response to employing 245.000. 
the steady “ increase in the size ' m0 * important industrial 
of Warsaw Pact Fo . r . c ®?- holdings are in Creusot-Loire. 

Last year 5 cancellation of the ^ stee j aDC j engineering com- 
B-l bomber and a reduction m _ v *v,rauch it in Frama- 
naval shipbuilding account for , on e / the nuclear contractor, in 

me Bud«f S^-ides For WMtm e hous e of the U.S. 

accelerated development of both a “* a 
the air- and ground-launched — * - 

versions of the Cruise missile, f ORiml 
advances the first production of v/uuuui 
the XM-1 battle tank by a year. France's ambitious nuclear 
and £eeps alive the Marine programme is being built round 
Corps project to redesign thejFramatone and its twi:.« com- 
pany. Novatomc. nltich is 


AY CHARLES SMITH, FAR EAST EDTTpR 


TOKYO. Jan. 23. 




5m. for roads 

meot yesterday announced 
for a new road, costing 
n £90m. and £100m, 
n Oxford and .Warwick, 
is together two sections 
M40. Three by-passes on 
.(20 between Swindon and 
r Keynes will be built 
fcanother scheme costing 
jfPagc S 

fly - - . 

I ovier Union and Britain 
ay resumed negotiations 
eva on a proposed treaty 
fan nuclear tests, 
xir-old-boy, William Rory 
; was ordered by an Old 

I judge to be detained For 
S years “ at the shortest ” 
part in the murder of a 
0 a derelict house, 
staff SgL James Rogers 
en awarded toe Queen's 
Nidation for bravery for 
jg a fire officer from a 
f- warehouse in London 
the firemen’s strike. 

«si between Pakistan and 
Mn Karachi ended in a 
,P*ee U 


LABOUR 

• LORRY DRIVERS in Sooth 
Wales, who are seeking pay rises 
of 15 per cent., may strike, fol- 
lowing the breakdown o.f local 
pay talks with the Road Haulage 
Association. Back Page 

• MIRROR Group lost toe entire 
publication of its weekly maga- 
zine Reveille, the first production 
involving new technology, 
because of a demarcation dispute. 
Page 11 

• BRITISH LEYLAND shop 
stewards at Speke met national 
union officials yesterday to try 
to resolve the 12 -week unofficial 
strike by 2,000 car workers. Page 
II London Transport will share 
its next- bus order between BL 
and Metro-Cammeil Weyman. 
Page 9 

COMPANIES 

• RANK ORGANISATION pre- 
tax profits rose from £75. 5SA in- 
to £i24-46m. for the year 10 
October 31. Page 24 

• WESTLAND AIRCRAFT 
profits for the year ended 
September '30 dropped from 
£9.34m. to £5. 84m. Page 24 

• NORTHERN ENGINEERING 
Industries has made an agreed 
bid for Baldwin and Francis, a 
raining switchgear company. 
Back Page 


JAPAN REGISTERED a visible 
trade surplus of S17.6hn. 
(£9.6bn.) in 1977, the Finance 
Ministry announced to-day. 

The figure, nearly double the 
previous record of S9.9bn. re- 
corded in 1976, resulted from a 
continued rapid growth of 
exports (by 20.1 per cent to 
$79-3bn.) and a much more 
moderate Import growth (9.9 per 
cent, to $61.7bn.). 

Translated into yen — which toe 
Finance Ministry now seems to 
regard as a more realistic 
currency to use than the depre- 
ciating dollar — exports rose 8.4 
per cent, to Y2l.000bn. while 
imports actually fell marginally, 
by 0-5 per cent to Yl&^OObn. 

The masGive visible trade sur- 
plus provided the foundation for 
an equally huge current surplus, 
Sll.lbn, and a balance of pay- 
ments surplus of S7.8bn. The 
payments surplus would have 


been substantially larger with- 
out an increase in long-term 
capital exports (SS^bn. last year 
compared with only S984m. in 
1976). 

The other important neaative 
item in Japan's international 
accounts, invisible transactions 
and transfers, recorded a deficit 
of 6.5bn^ little changed from 
the previous year. 

Japan's trade and current 
account surpluses 'are far 
beyond official expectations at 
the start of 1977, and even at 
mid-year when the Government 
was talking about a current 
account surplus of S6.5bn. 
(admittedly not for the calendar 
year but for fiscal 1977 which 
runs from April 1977 to March 
1978). 

Apart from a large element 
of wlsbfuJ thinking, toe miscal- 
culation stems from the failure 
of Japan's domestic economy to 
pick dp as fast as the Govern- 


ment had hoped or expected. 
This meant that import demand 
remained slack while business 
bad to continue exporting 
vigorously to renraiD viable. . 

Figures for December alone, 
also published today, show ex- 
ports up 18 per cent to S8.45bn., 
and imports rising 5 per cent, 
(over year ago levels) to S5.77bn. 
The resulting trade surplus of 
S2.68bn. was the biggest for a 
single month in Japan's history. 

If toe figures are turned into 
yen both exports and imports 
turn out to have fallen in Decem- 
ber but by only 4 per cent in the , 
case of exports and by no less: 
than 14 per cent, for imports. 

The Ministry of Finance found 
some encouragement this after- 
noon in seasonally-adjusted 
figures which show imports in 
December failing a little more 
slowly than exports from the 
previous month (L2 per cent 
against 4.4 per cent). 


British Harrier jnmp-jet pan y. Novatomc. which is 

No decision on the full-scale developing in the fasNbreeder 
development of toe Harrier ha<- field 

yet been announced. The fortunes of th^ Empa/n 

The underlying premise of family were built up two genera- 
the Budget. Mr. Carter said in tions aso in tramways, railways, 
his message tn Congress, was and civil engineering. These 
“the fact that resources are interests were grouped under 
limited and tbat Government the umbrella or Elcctrorail, 
must discipline its choices and which still crowns the family's 


its scope. 

A major practical consideration 


Belgian interests. 

The biggest part 


in preparing the Budget for the Empain assets is in France, 
next fiscal year was that the Rapid growth here dates from 
proportion of Gross National Pro- the acquisition of a minority 
duct consumed by Federal stake in Schneider in 1963. 
spending should decrease from The Schneider family was 
the present 22.6 per cent, to 221 linked to some of toe most blue- 
percent. {blooded names in France, in- 

In future, it is intended that eluding the family of Mme. 
the share be cut further to 21 Giscard d’Estaing. 
per cent. Baron Empaln made his way 

The economic assumptions into the chairmanship of 
Continued on Back Page Schneider in 1972 and embarked 


Baron Empain: taken from ca r 


on a fierce battle to increase its 
control of toe Creusot-Loire 
group. 

Though be had to renounce 
this effort, he succeeded in 
having his industrial leadership 
of the French nuclear business 
confirmed. 

Since then the Stale ba< 
nominated the group as its 
chosen instrument both for the 
present generation of pressurised 
water reactors and for future 
fast-breeder reactors. 

Two years ago Baron Empain 
became a member of the execu- 
tive committee of the Franco 
employers' organisation, the 
Patranat, toe first foreigner to 
do so. 

Other group interests include 
the civil engineering and public 
works company Spie-Batignolles; 
the electrical engineering 'con- 
cern JeuraoDt-Srbneider; the 
shipbuilding enterprise Chantiers 
de France Dunkerque; and 
Eanque de lTTnion Europeenne. 
linchpin of the Empain financial 
interests in France. 

The Empain empire is built 
up principally of strategic 
minority stakes in enterprises, 
sufficient to bring industrial 
control. 

The Baron's aggressive chal- 
lenge to such traditional family- 
controlled sectors as the Lorraine 
steel industry have leff him well 
resppeted. rather than neces- 
sarily well loved. 

His group's success owes much 
tn the favour of the Pompidou 
and Giscard regimes in the In- 
terests of industrial efficiency, in 
contrast to the suspicion with 
which he was regarded by earlier 
Gaullist Ministers. 


£ in New York 


Januari S3 [ Prniou' 


Sin* I Sl.^TO-iWUO | 5l.9S.V-fl.VO 

1 nr hi h ;Ci.0?.0.I5 jirem.kM4-0.1T prem. 
5 niMiuh?. lX57-V.d2preiii.0.S>O.,Vi (irem. 
12 months 0.80-l.W |in. , m.[0.7?-0. SSprem. 


Union plea on Polish order 




■* 




BY CHRISTIAN TYLER, LABOUR EDITOR 


SHIPBUILDING UNIONS are 
combining to cballenge toe de- 
cision by British Shipbuilders to 
reallocate Polish ship orders, 
which would lead to redundan- 
cies at Swan Hunter on the Tyne. 

Leaders of the Confederation 
of Shipbuilding and Engineering 
Unions will ask Mr. Michael 
Casey, chief executive of British 
Shipbuilders to-morrow, to re- 
verse the decision only hours 
before he flies to Poland to sign 
the controversial £115m. contract. 

Mr. Casey said yesterday that 
reallocation of the four Polish 
ships, worth £3Qra„ away from 
Swan Hunter was a final ona . 

He acknowledged that the 
unions’ attitude could prejudice 
completion 'of toe deal, but said 
he was confident it would go 
ahead.-' 

Shop stewards at Govan on the 
Clyde, where three of toe ships. 


are now destined, said yesterday 
tbat toe Tyne should still build 
them, and in Newcastle. 

Mr. John Chalmers, chairman 
of the confederation's Shipbuild- 
ing Committee, said an emer- 
gency meeting bad been called 
for to-day to prepare the ground 
for to-morrow's encounter. 

“We must now take up our 
resolution that we are not pre- 
pared to submit to enforced re- 
dundancies in the industry.’ 1 he 
said. 

The latest twist to the Polish 
ships saga is due to a claim by 
boilermakers at Swan Hunter, 
members of Mr. Chalmers’ 
union, to restore a pay differen- 
tial eroded by outfitting trades, 
which themselves only recently 
called off an overtime ban in 
pursuit of pay parity with the 
boilermakers. 

The boilermakers' claim would 


be a breach of the Government’s 
incomes policy, Mr. Casey said. 
An inquiry into Swan Hunter’s 
pay troubles is- to he set up 
under an independent cbairman. 

As to the chances of a reprieve 
for Swan Hunter, he said: “l 
hare made it clear right from the 
beginning that British Ship- 
builders is not prepared to take 
an order that eannot be met 
within a specified period.” 

Swan Hunter was to have built 
seven of the Polish ships until 
the outfitters’ refusal to sign 
guarantees caused three to be 
diverted. 

Now the boilermakers, who ' 
originally qigned, have threat- 
ened to give up their “ flexible 
working’’ agreement * Their 
refusal to remove toe threat on 
Friday prompted toe decision to 
re-aUocate the remainder. 









2%. 


CONTENTS OF TO-DAY'S ISSUE 


Is this all your staff can look 
forward tb if they fall ill? 


PRICE CHANGES YESTERDAY 




Si?** 1 


in pence unless otherwise 
w . indicated) 

RISES 

tySa-s Discount 293 + S 
; {Trading B ... 410 + 65 

142 + fi 

as & CrosfieW 400 + 25 

Charles) S4 + 12 

< 3S2 + 9 

t ^hiht 70 + 8 

1J Pavilion ...... 539 + 35 

. _ , IKcncy A Music 79+ 6 

f • I • nntina 51 + 5 

* 1 k Clarke 5W + 23 

I -!£(• Wales tills. 300 + 10 

s l i st and J.) ... 421 + 4 

lY'Vy.- JOB + 7 

’ J - • I 1 V' 130 + 6 

Leeds 60+10 

84 + 3 


Wheeler’s Restaurants 380 + 2< 

Yarrow 2fc» + M 

Anglo American Crp. 212 + M 
Cons. Murchison « 

SKEW'” I * « 

M Sana Coni'"'::: 173 + It 
FALLS ' . 

Treasury sjpc ^ ...£89} - i 

Asscd. Fisheries “ % 

Asscd. Sprayers 5 ® ” | 


European news 2 & 3 , Technical page 10 

American news 4 , Management .................. 12 

Oversea? news 6 Art(t nn0P 21 

World trade news 7 if 8 !::' „ 

Home news— general ... 8&9 pas * - -Vnr. 

-labour 11 Companies 24-2. 


—Parliament ... 11 Mining 


FEATURES 


Battle- over telephone peri- 
pheral equipment 22 

Society To-day: The South 
African risk 23 

Jacques Rene Chirac Bull- 
dozing to toe top 2 


Swiss economy: Only infla- 
tion » dropping 3 

Trinidad and Tobago’s gas 
discovery 4 

Pakistan’s nuclear policy: A 
collision course fi 


fotf. Companies 28-29 

Euromarkets 28 

Wall Street 36 

Foreign Exchanges 36 

Farming, raw materials ... 37 
UJL stock market 38 


The uses of video within 

companies 14 

Toy 0 Kogyo’s working' rela- 
tions with Ford 28 

FT SURVEYS 

Austria 31-35 

Builders of Britain ...... 15-20 


Fluidrive 

Pauls and Whites 
Flastons 


67 - 5 
122-8 
125-5 



riaxumi _ -- 

T3te and Uye ;2£ _ S 

Oil Exploration. ...... s 

Cistiefield (Mans) •• 1S7 *. 


AuptlnUMnts ......... 

ammUkruhv Arfvta. 
ftaslMM Opatc. .. v . 

Qossw*rt 

Butorutmiunr Guide 
FT-Actwicr Indices 
Letter* 

Luc — " 


lombard M 

Mm and Matters 22 

Mosey Marius .... 25 

Radas M 

Saleroom . — W 

Shore Information. „ , 

Sows M 

T ‘HUy’» events as 


TV and Radio M 

Unit Trusts M 

Weather. ® 

World Value of E .. 2T 

INTERIM STATUMEHTS 
G. R. Fronds . ...... * 

FS Devpt. Invest. ... 25 

Grtdlfetd* Prop. ... as 


Net* Wit Gold ...... 30 

ANNUAL STATEMENTS 
Alexanders Dice. ... 27 

R- 4. Carroll » 

Westland Aircraft ... 3 

Jn. Wdllnns CardIT as 

Bow L«dbs Rates » 


Too many companies lake Ihe health of 
their employees for granted. 

From the employees point of view, this 
lack of concern offers little prospect of 
practical help, should he fall ill. 

And from the company’s point of view, 
it produces a situation which threatens 
overall efficiency. 

Fortunately, there is a p pv, 

solution. ItwvJt« 

A BUPA health vTOLn 

insurance scheme, through \. g| 

which you and your XsT* 

employees can benefit from 
the sophisticated and 
comprehensive resources company 

of the expanding private Address 

medical sector. ■ 


BUPA SialTSchemescan be tailored to 
suit your company's needs and will help 
boost staff* morale. 

• If you would like 10 know' why over 
1 7,000 organisations operate our schemes, 
please fill in the coupon or get in touch 
with your nearest BUPA office. 


1 /MiOODJOB 
(.YOU’VE GOT; 
VBUPAV 


The British United Provident 
Association Limited, * 

Providen t House, Essex Street. London I 

WCJR3AX. I 

Please lei me know how my Company cen I 

profit Irom forming a BUPA Group. § 

» iBIotfk Capitals Please) ‘1 

Posiuon ~ { 

~ " " FI,1j78J I 


For latest Stare index 'phone 01-246 8026 


^PuMcode Tel. ==Bumj 







2 . 


Financial 'Times Tuesday January 34.1S7S 


EUROPEAN NEWS 



David Curry in Paris looks at the Ganllists and their messianic new leader, Jacques Chirac 


Bulldozing his way to the top 
and transforming the party 


every 


JACQUES RENE CHIRAC, 46 Gauliist candidate Chaban- cross of Gaullism into 
years of age. protege of President Deimas and backed Valery department of France. 

Georges Pompidou, Prime Giscard d'Estajng. Who are the Ganllists? In 

Minister of France from 1074 to He became GUcaid’s first statistical terms they are around 
1976: deputy for the Correze, prime minister and within a quarter of the electorate- In 


mayor of Paris, is the war leader months had captured the die- the 1960s they polled 35-40 

,J ~‘ irspnisa- cent, of the vote. . in the high 


1 per 
high- 



French opinion poll? 
show parties of Le 
in strong position 



BY ROBERT MAUTHNHk 


PARIS," Jan, 25 


SUCCESSIVE pubHe opinion l^ m which IkXbWY 


SUCC^ivn, puu ? . his' followers in the par^ ; 


? e “SESSdfii that ae Giscard d’Estaing. This ^j, 
5 .SiTJS parties made, a vttal RME 


Jacques Chine: a -non with a mission. 


li£ of tta Utt md a« rannins •* 


a serious risk of defeat unless as early as *c first round. 



they can patch up thmx fratn- The reconciliation bet* 
££££££ rpLiSS? ™ rid a] quarrels.- M. Chirac and Mi Chaban-D^ 

Centrists and the Republicans— Harris poll published symbolised by a vufr.^. 

the - newsmagazine shake at a mecttog.of 
confirms the findings 


of the Gaullists. arrayed Gauliist party o 

Wi ,w» r 

imperative 05 behind 1 bread JSSi Jetton OTer Sed 44°W^t ye ^Sfr- W fte «<"* of benefits from Gaullists sat down , with the 

spectacles, lean of appearance in S Within three months bn WaS nut tha namJ nf OanoMl i4a the^ruJeiS tQ Uie people. Centrists and the'seTrahifwT.eJ! 

his habitual light-coloured 
piece suit restless with 
and Furious energy 
Chirac has taken the Gaullists 

the scruff of the neck and thrown 14 ntspuvuiiue auu muueu as order, and social advance. /acrainc* th& v rh mn oh «■ — ZT^ ** unopmu « . The Radical-Social tut nortv of 

u.™ w. the tame of the tt. etamoUm. ^J^SLSTSYS^ “ fitfS S385J5 SS755°S ESL?S& V ^ "SSEE3ff*i£ g“a* SES5S 

stado» me Nomination $P^*3S <8® WaSST “ s pirents “Es^sS STJ SKSTSMSilS 

EtaS/iK Three months tater he .» “>* G»lSS lep^at £££$* a'lSorn^"^” 

StjrajJKJ’TB Sej! sgsjs ftjj. g?SS*£ SSSS'JJS. Z&Sffi SML JTKSMBffiS HESS affiffw "£?!5 SST- • — *■ ” f 

Michel Debrt. the passionate nomination of ^s own man for “SHfeSi ?f b^g nSSS *»■ "S 1 **!* with bad ffi tSSte the ri|bt wSSut fl^ to ’nSfe ^eShe?® lJW pSW» «*“ «"■»* 


week’s poll that the pa* 
the Left will not. only 


general election. 


He has left in the 
ageing band of .former 
Prime Ministers: Maurice Couve 


defender of the Gauliist faith, the J* «» « ^ * leafy edged out of power to f 34 * “oral ” » ^blitiTn^ re* ‘ mtartSS SSes* " tte perta5“in««d lately follow- 

oldest of the old retainers. to J tor ™ a Gauliist bailiwick. Tn«A«ir£r fQrms «* *h«r- «... « — t*? 1 * noises at the Socialists. - ' ~ Ml ’ 


retains his standing. 


Vor^e\elt few monZs ho 2™* * ORM*-^** abor- the President's imtogi 

For the next few months he ^ part £ bon. easier divorce, more 

Chirac’s attraction: he clearly 


_ — ing the outbreak of the latest row 

. = w iwnub w in "the nartv This is nart of uoa « easier divorce, more liberal centre. No sooner was the ink dry on between the coalition parties. 

_. 1 SSJ!l!5I ,I, «f W ^u ag i in jL 018 ■ Chirac’s faction- he Clearly acc es sIb l e contraception— and The current GauWst discontent Ae Wrt with the Gaullists than provoked by the accusation from. 

His lieutenants are barely noveniment of M Raymond want _ to __ t toaether a GauSst fteir opposition has prevented stems from the general feehne 0,6 other two parties concluded Sie Gauliist leader. Jacques 

knnvn outride his shadow. Save. Ba no, notably over direct elec- nQijgy intake 8 it bevond the the bnplemenlation of the capi- that the essential tenets of the their own private pact with, the Chirac, that his partners were 

perhaps for the two chief Hons to the European Par Ua- £°ullLt a ttitoda' ihi SSd dS tel sains tax voted under the Gaul list STare beiS Snder Radicals to pnt up joint candi- twiT^to form an anti-Gaullist 

eooaratchlks who formed the *»_£ ' to gUUU SilSf SSmEl CbjTac GovernmenL min^and to SlerSne « seats to, oppose ggtf in the first round of the 

But these attitudes remain a « *» it further, M. Giscard. d’Estaing Gmdbsts — a pacf put together in election- 

is seeking to isolate the Ganllists i?, e . office 01 tbe Pnme persistent poor- showing 

outside the mainstream of in the polls of the coalition 

But under the governments, in French life f along with Com- To Gaulhsts that was a parties bas not yet produced a 

clear anti-Gaullist pact, and all ^ ea j closing of ranks, but their 

EEC Commissioner.' a self- defend the nation state against man win a mind ot ms own ana The particular fear is not so Hie Presidential allusions in the leaders have started to tone 

yirnpiy me \ aiKyr.e. crpniieo c_-„, J ■■ ..... _ »h a anmmnkinantg rtf a nonuluct tinw tn his thnusht mnrh nf a “Mfrtmiie*" «n..R .. world - tn union and hnnnnrahl® j *h«;. »..h.al recrimina- 


Jnner counsel of Georees Hie identity * 

pompldnu: the impeccably separate from the Government _,5? 1 “S“_ /WISh , 1 Dofnrmc 

groomed Marie-Prance Garaud. ^ ke ^ P^er. , b ood ? The “ Gauliist ” to -K-CtOnilS 

varinuriv dabbed “the most T* 1 ® two men make natural wood- The word Gauliist nas 
fimuM-n.1 I* opposites. Raymond Barre, Passed into general use as lndicat- 

«WLS eronomics profeSor, formS ing a general determination to Particular, of Oiaban-Delmas, a munists). 

Commissioner, a self- defend the nation state against man with a mind of his own and _The pa 

with ' having forced PompidouAo man 

fire ChabanDelmas 
revelation nr the 
avoidance: and her 
partner. Pierre 

who prime Chirac's pump. more deserving cause than Frenchness of France. ” ker participation, which bore the likely to change that configora- 

President Pompidou nick- yours." he told a crowd of The proeminence given to mark, if not of genuine liberal- tion substantially — but that the 

nami'd Tarnue* Chirac “mv protesting railway workers in national sovereignty translates ism, at least of an up-to-date real intention is to bring the 

h'llidnrrtr- Hp his intt nothing Bordeaux 1. Infinitely loyal In into a number of concrete tradl- paternalism. reformists and the moderate 

ir. h'nrcnnnu-ar ernci. 8 h, s attitude to the President tional policies. The maintenance After all; the Gaullists had de- Socialists together in a new 

p since. and p res ^ency. Jacques of a conscript army, the develop- liber ately created the presidential coalition. 

When Prerideni Pompidou Chirac, restless, tense, taut, meat of the nuclear deterrent, instead of the parliamentary It Is this fear which 
dii-d Chirac, tucethcr with the ambitious, a man who will travel the suspicion of multinational state, restoring the Bonapartist the violent G&ulllk i 

old Pompidou inner Cabinet. 8(1.000 km. in the election cam- (especially American) companies tradition, and the whole struc- the events of the past _ _ _ 

refused to support the official paisn as he carries the fiery and efforts to make French ture of power is intended to en- the months before Christmas the 




Chaban-Dehto 


M. Chirac again 
the other coalition 

against farming a joint central committee and pari 
anti-Gaullist front in public mentary candidates yesterd 
statements over the week-end. will doubtless help to strength 
be nevertheless instructed his the Gaullist’s position in t' 
party’s parliamentary candidates country. 

M. Chirac’s reputation rests on not to fall into the trap of Though they are still by t 
action. After protests and dis- waging a polemical battle against the strongest party within i 


Challenge 



(Advertisement) 


DKB?S ECONOMIC JOURNAL 


January 1978: Vol. 7 No. 1 


Japan’s import trend is 

different from that in two 
previous recession 


Comparative Study on Case Projections of GNP and. 
Imports Simulated by Yen Rise 

! . tt ifry Billion; flixh wil i ratwhuwanthettal 



Japan's balance of payments 
has continued to register a 
siznble surplus in recent years. 

This trend is considered 
principally ascribable to the 
relative standstill of imports, 
although the brisk export 
keynote is partly responsible. 

In retrospect, the rising 
tempo of Japan's import trade 
in the decade from 1965 
through 1974 generally stood 
higher than the growth pace of 
the national economy. As a 
result, Japan's rate of 
dependence on imports in its 
annual trade transactions 
naturally continued to ad- 
vance. 

As to the import trends of 
major commodities during the 
period of about to years under 
review, gains in excess of the 
average increase (20 B per cent 
during the fiscal l%6-76 
period! were registered only 
by mineral fuels (up 29.6 per 
cent I and general merchandise 
(up 23.6 per cent, including 
textile products, up 36.4 per 
cent). The increases of all 
other products stood behind the 
average gain. 

However, the situation was 
somewhat different in com- 
paring the period before the oil 
crisis (October, 1973* and that 
of the post-crisis period. 

In imports during the period 
before the outbreak of the oil 
crisis (fiscal 1966 through 
fiscal 1972), the growth tempo 
was not particularly un- 
balanced among different 
commodities and commodity- 
groups with the lone exception 
of an extremely slow hike of 
fibrous raw materials. 

During the period im- 
mediately before and after the 
outbreak of the oil crisis (fiscal 
1973 through fiscal 1976), 
mineral fuels registered a 
noteworthy increase solely 
because of the soaring of crude 
oil prices. In contrast, the 
growth of other commodities 
was relatively modest. 

In the respective shares in 
the total value of Japan's 
import trade after the oil 
crisis, mineral fuels registered 
a sleep upswing of 20 per- 
centage points, while all other 
commodities receded almost in 
unison. 

In the special group 
classification list during the 
fiscal 1973-76 period, industrial 
raw materials registered an 
increase of 3.1 percentage 
points (to 71.8 per cent as of 
fiscal 1976). In contrast, 
capital goods declined by 1.7 
percentage points (to.6-4_per 
cent), and consumer goods 
also receded by 3-8 percentage 
points (to 19.1 per cent). 


With reference to the 
comparable weights in total 
imports by excluding crude oil 
(in view of the extraonfinary 
advance of oil prices in the 
interim), industrial raw 
materials during the same 
period lost 3.1 percentage 
points (to 57.9 per cent), and 
capital goods also sagged by 
0.5 percentage point (to 9-6 per 
cent). In contrast, consumer 
goods gained by 0.4 percentage 
point (to 28.7 per cent). It thus 
is noted that consumer goods 
were on a moderate upswing. 


Recent import move 

Japan's imports (customs- 
cleared and dollar- 
de nominated) registered a 
decrease of 6.8 per cent in 
fiscal 1975 from the previous 
year under the lingering im- 
pact of the oil crisis. However, 
imports rallied in fiscal 1976 by 
showing a sound 15.1 per cent 
gain over a year earlier. The 
moderate impart upswing has 
continued into fiscal 1977 ending 
March, 1978. 

Analysis of the recent trend 
of imports on the basis of the 
quantitative (volume) and 
price (value! factors shows 
that the growth in fiscal 1976 
over a year earlier stood at 
11.9 per cent in volume and 2.9 
per cent in value. In the first 
half of fiscal 1977 (April 
through September), the in- 
crease in volume slowed down 
to i.o per cent over the 
corresponding period a year 
before, while the gain in value 
swelled to 7.4 per cent- The 
advance of import prices thus 
served to support the import 
upswing. 

The recent trend oT imports 
is somewhat different from 
that in the previous two 
periods of domestic business 
recovery- In the process of 
business recovery on the 
previous two occasions, Ihe 
import rally in volume was 
comparatively brisk. 

In the latest case,, however, 
the import volume in fiscal 
1975. the first recovery year, 
registered an 8.4 per cent 
decrease from the previous 
year, although it showed an 
increase of 11.9 per cent in 
fiscal 1976. 

Why then has the quan- 
titative rally of imports been 
so modest in the latest process 
of business recovery? 

First, the domestic business 
slump was particularly acute 
in the recession before the 
start or the current recovery. 
The recovery tempo later has 
not been particularly en- 
couraging- 

In the- second place. In- 


dustrial production con- 
sequently has continued to stay 
low-. Inventories of imported 
raw and basic materials 
naturally have remained on a 
high level without -Showing 
signs of declining. 

Third, structural deterrents 
also should be taken into fuD 
account in addition to such 
cyclical brakes. 

Referring to the elasticity of 
major commodity groups in 
Japan’s imports vis-a-vis 
mining-manufacturing produc- 
tion, manufactured products 
generally have stood high, while 
raw and fuel materials have 
stayed low. 

In Japan's import structure, 
on the other hand, the weight 
of raw and fuel materials to 
been far more predominant 
than that of manufactured 
products. As a consequence, 
the overall elasticity of im- 
ports as a whole is relatively 
moderate at 1.16. Under such 
circumstances, the volume of 
imports bas not increased far 
in excess of the gain of in- 
dustrial production. 



ONP 

©NP 

. Imports etc- 

Imports etc- 

©HP . 

Cum 1 

(MMliUMU 

(iceD 

(na ml net) 

(real 

OpHator. 

iwr 

• -4721 

-imo - 

-27*4 

34.0 

(-OJJ 


(-0J) 

(—0.1) 

t — 12) 

(0.2) 


VOB 

— SJ74.I 

-1J04.B 

-14M.2 

-14.7 

(-04) 

Case II 


(-IM 

C-J.M 

(-0.4) 



-4S4.1 

-774 

• —332.3 

24.7 

(-0.2) 


(t0 3» 

, 1-0. U 

(-1*) 

(0.2) 


Cue III 

—544*5 

1-7 *1 

1.0428 

C— 14) 

-1.115 9 
(-31) 

— *0.1 
1—0.11 

(-0.71 

nrt 

—45*1 

r-oii 

—77 3 
(-0.1) 

—3374 

(-1*1 

24 7 
(0 21 

(—0.2) 

wb..;.„ 

cih rv 

—7.100 fi 
r-i5> 

-2470* 

(-7 7) 

—1.440* 

(-7 2) 

-13 

(—02) 

■ (-».») 

IW7 

— 4*».B . 

i-o ar 

—13*4 

(-0.1) 

—724 S 
f-t.0) 

23.7 

(—0.71 - 

(-*!> 

TO* 

—3.0257 

1—1.4) 

—1 4*3.1 
(—10) 

-405* 

(—1.5) 

-344 

C— 04) 

(—0.41 


Xemarfcs-. * Simvrtettan ws tewrt on »* on* projtcMom, m«j» on Hsvombtr 
3.W7, of NikM NEED5-T5 II. 

Z Figures In weft com represent me margins between tbe figure at 
m&umtt yen exchange rates, ana thaw ar si—’ttti 


Future Trend 


In view of the protracted 
business slump, the Govern- 
ment has taken a series of 
propping measures with top 
stress on the fiscal phase. 
Under the fiscal 1978 national 
budget at present being 
-compiled, the Government 
intends to start additional 
business bolstering measures 
with first priority placed on 
public investments. 

In view of the virtual ab- 
sence of supporting factors 
promising a rally in the near 
future, Japan's import trade in 
1978 is destined to follow a 
bearish zigzag for some time. 

Meanwhile, the recent up- 
surge of the yen exchange rate 
in relation to the U.S. dollar is 
bound to affect Japan's import 
trade, particularly in the 
following four phases: 

First, the higher yen serves 
to lows: domestic prices linked 
with imports (import 
prices: wholesale prices) and 
this eventually has the price 
effect to accelerate the in- 
crease of the import volume; 
second, the decline of import 
prices because of the yen 
upswing and domestic prices in 
its wake serves to stimulate 
domestic demand and 
resuHantiy to encourage im- 
ports; third, the upswing of 
dollar- denominated export 
prices from the rising yen 
serves to slacken the gain of 
exports and consequently to 
discourage domestic demand. 
This deflationary effect is 


likely to function to curb im- 
ports. 

The extent of the influence". of 
the yen upsurge on the 
Japanese economy, especially 
in the import phase, may be 
more closely measured on the 
basis or a model siinulatian. 

In probing into the effect of 
the rising yen fate in the 
future, the following four 
different cases] may be 
hypothesized j 

In the first case, it is 
assumed that the jlen exchange 
rate will continue] to stand at 
the current level of around 
¥240 to the U:S. dollar for 
some time (Case I— ¥240 to 
the U.S. dollar in and after the 
January-Marcb quarter of 
1978). 

The second case is based on 
the assumption that the yea 
rate will continue a further 
upsurge, that the current 
disequilibrium of the balance 
of payments in Japan's favor 
consequently will be gradually 
rectified and that t|ie yen will 
begin to tend downward later 
(Case n — ¥235 to [the dollar 
until mid-1978 and a return to 
¥ 250 to the dollar later. 

In the third chse, it is 
assumed that the y^n rate will 
continue its upswing in the 


future (Case in— ¥235 to the 
dollar until mid-1978 and ¥230 
later). 

In the fourth case, it is also 
assumed that the yen has 
reached a peak at the current 
level and will begin to decline 
steady later (Case IV— The 
gradual decline of the rate to 
pie U.S. dollar at the tempo of 
¥5 in and after the January- 
. March quarter of 1978 and its 
return to ¥260 in the January- 
March quarter of 1979). 

In this simulation, it also 
was assumed what difference 
might have been caused to the 
present situation if the current 
upsurge of the yen had not 
taken place. The result is 
shown in the accompanying 
table. In this context, the 
following points may be 
stressed. 

As to fiscal 1977, in the first 
place, the consequent effect Is 
considered slight in all the four 
cases as imports ^are likely to 
sag slightly in nominal terms - 
and gain modestly in real 
terms. 

Second, in the case of fiscal 
1978, nominal imports are 
estimated to decline sharply in 
all the four cases while real 
imports also will register a 
decrease. 


The international bank: 
with your interests 
•> at heart. 


Fearful small investors 
seek the safety of gold 


BY DAVID CURRY 


PARIS, Jan. 23 


the few men to escape challenge public reconciliation between compared with 23 per cent; 
may be the Prime Minister him- M. Chirac and the former all the Centrist parties co 
self, to whom the Ganllists made Gauliist Prime Minister. M. bined. 29 per cent for 1 
a present of one of their safest Jacques Chaban-Deimas. They Socialists and their allies, i 
seats in Lyon. had been at daggers drawn ever Left-wing Radicals, and 21 j 

Significantly, the Gaullists since the Presidential election of cent for the Communists, 
stopped short of wrecking the 
pact totally, because they will 
observe the rule that in the 
second round of voting the 
winner of the first round “pri- 
mary” will receive the support 
of all the coalition parties. 

It would be easy to 6ay that 
the interest of the Gaullists and 
ML Chirac might best be served 
by a general election defeat for 
the Government after which the RENEWED FEARS about the Term transactions totali " 
idea of a new centre ^movement outcome of the French election Frs.7.5m. on Monday, Frs.16,?: 
would be .discredited and they in the light of the quarrels on Tuesday. Frs.15.Sm. mt'V) • 
could stan$ Jo- the firings to within the Government coalition nesday and Frs21m. on Th*sdf 
rescue the country from .the dis- have sent the French investor more than half of the tottE 
order which $hey would^ expert scurrying twords his traditional transactions on fixed hifcri . 
to follow the victory of . the Left- refuge— gold. bearing stocks. The value-.nl t 

But there/ Is little doubt but „ 0 ^r the past few days the bond shot up to a Wo 
that the Gaullists are fighting to French Bourse has been swamped Frs.740.iq, a gain of p 
win: too /much of what rhev wrth buying of the State 1973 cent, in the week. The Nipota 
believe in is at risk and they *- p roay loan at 4| per cent This itself advanced more th*nt;8 p 
are too/ much the traditional I?* 1 * “ J in -? exe , d to the price of cent, over - the period 
party of power to welcome Napoleon coin Frs.2S4.90. 

defeat/ As the value, of the Napoleou The enthusiasm for the 4J p 

But ‘victory, if it comee. will *** paved up. compensating for cent, rente shows that howet 
also 'be difficult to manage. . e ,? * n |? s ^ u ® 10 relation much official financial ctre! 

Thrt raiiiiists will want ♦„ t p s °,! d ’ 50 “F 4 * P? r ^ ent ,oan ma y be discounting the por 

ul L st l- W J- w -j nt -1° bas become increasingly attrac- bill tv of an effective Leftwi 
fn ^ ‘f h iHot dlStmcUV<1 tive. In contrast, the State 1973 government arriving -hT mJu c * 

to consolidate a pennanent elec- 7 per cent issue, indexed on the after the March general elerar^ SVvt^»S I 
“ d . t0 _^f_ the,r .°) vn Price of the gold Ingot,, has the mil "SSiSTS late? 


candidate his launching pad for suffered a relative decline chances with his fortune. 

. . . because of the senpe of Further 

No-one doubts that Jacques price rises For the relatively. F .v^„ L T m\ pow.^m ^ 


□ 


We haw your iateresfcL. at heart. 

DAI-1 CHI KANQYO BANK 

ton** Standi- P«. PA O W*., 12*-(38 UwJenKdl Siren. 

Loreto EC3V4PA, EngUnri Tet (0IJ-283O929 

Hto Office 6-2. UanjnoucM 1<i»ira. Ctitvotto-ku. Tokyo 100. Jtm Branches ai*f 
ApndHMi Saw York. UxAflgriac. DfexMorf. Sccwl.Slnwwa fUnrenm t«m 
Ofnm*t Chicago. Hootwn, Toronto. S»o P«ito, Mavico City. Con***. Frankfurt. 

Rim. Beirut, Jakarta. SVifiiey SWafcflarie* at: Onago. Anutwdara. Zurich. London 
AffiHatad oral Anoelawd C uiu pe n lraag Bio He Janeiro. London. Luxemburg. Hoc^ icong. 
Sangtok. Sngapore, Kuala Lumpur, Jakarta, MmUe. Uefboume. Bvdnav. Naw Hebrides. 


Rene Chirac wants to be Presi- under-priced and easily handled ■™ 1 hoNda**.^ s* h *iih#pri , o«m , K«l 
dent of the Republic. Napoleon. SSSJfSKi 


!Y I 


NOTICE OF REDEMPTION 
To the Holders of 

Honeywell International Finance 
Company S.A. 

6% Guaranteed Sinking Fund Debentures Due 1981 



tv luimniug senai uusnbprs have been jwIm-ibH f~ 1 wrjmiuuw 

operation of the Sinking FnndTat tS^edemntio^^v^^ r J?iSnS£ t, °? ■ F * b . n,a ri‘ IS, W^ duqiqd*; 
together with accrued interest thereon to said due: ^ £ 1Q0 ^ auiount tWafr 


principal amount theme!. 


DEBENTURES OF U.S. 81 non VArrx 
?J3Z SB 3«a-«7 4 5009 5947 7B41 ^ 


.2? I 1 ®) 2322 3074 


sis ss &W SBSS^mSSSS US ill m M 


s° is* BS iff! S 3 



“ ** m II II m it 


Isa 222? 3241 4130 tVlk mSS *411 7888 8307 IgAS Ji"*? W40 12173 ISTffl 

stmm ss I m ms ms* M s« m s? ias 


i«§ « m m m m 

sun tita -jTftre itlz 4TO5 


® *S M tig in &n 


ftillllplllifflilf 


On February 13, 1978 ihe U. ZLT*. "" ™ 10586 lu « in» 12?U 


ihervnf , .-,V iT"' “““ P riva[ e debts. Said Debfntnr« , Mi\ ot p ? > 7 n, ‘ nt shall U* Ireal teadette A*- 

wTta»hB 2s.? u > ■ w*wimK 


5JL h fe -ft- 'F* ** « 



Lux«nWgSAinC?S ra: ^ <WwUTflE5 | J VifiLn ’ 

chrok drawn on a i," i - ^ au . r S* Parmenis at ih e laitmatiowk^r 

a » ^Yorka™ Y0rk Q * or * a «"•*» * ; 

is;i97fi ^ 

xedempdon.^^ F ^ >rnai y ^ 3978 Interest al^n 


™ni we Debentures and presented 
««* l« .con. os the DchentnneoJeeU^ 


Jamimy 12. 19t3 


HONETWIXL XirnSNiHOIfitS 

a. . unamc® cmdeoinrsJL^v: 

***' MORGAN GUARANTY TRUST GOSCJABX 


• The following Debei 


notice 


3793 


3964 


l 


""ssssf ssr z sh 

teu ijbj^ • 


3368 


41l« 















i'l - ? 











Financial Times Tuesday January 24 1978 


EUROPEAN NEWS 


Parti JWest German gun wins in Andreol,i ’ 
:Ws for U.S. battle tank iCommunists 


pf 


BY JONATHAN CARS 


BONN. Jan. 23. 


1ST GERMANY officially set is advance os an American many has been doing almost all 


rounced to-day that its gun gun. 
I emerged (he winner against 


subject was discussed 


the buying, so far. 

The Germans once hoped they 


• suojecL waa uuuudnu iae uenoans once aupea Lney 

' h^n d dMid?th^^ directly by phone. last Friday by might be able to - provide the 

uwri t0 Herr Georg Leber, the West basis for a single model o£ battle 

I nnw inii&o it. German Defence Minister, and tank for NATO in the 10SOs 

Sjf “ n °g SSFSE? £ “*■ Haro,d Bn™* ffie - U ‘ s< with Leopard-2.. Although 

irlfi 10 See U131 Since lu5 Defence Secret 3 ry. th*» T.onnayil woe mnrhfiori tn fi*v> 


•t mm. smooth-bore weapon 
i emerged on top in the U.S. 


the Leqpard was modified to try 


^eqpar 

a iifiinnufinn to suit American wishes, the U.S. 

, emwgca UU lop in me u.o. A Pentagon delegation visited .i-pjj-d nnmnarative trials 
ts. it will be installed In the West Germany at the week-end J? 1 ™?: after comparative trials, 
t-I battle tank. to discuss, among other things, OD lIieir L 

Ptae U.S. Government, has to 11 censing arrangements for the Hopes were also high here 

t its choice before Congress gun, which is'b'uiit-by the. Rhein- last year that the U.S. would 

the stan of next month. The melall Company of Dusseldorf. take 1SS German " Gepard ” 
;st Germans are. re-emphasis- A decision by Washington to anti-aircraft tanks, primarily for 
3 the political as well . as take the gun .‘would ..help eon- use by the U.S. Seventh Army 
litary importance they attach vince Bonn that the U.S. is.really in Europe. Tt is understood that 
-the matter, 'recognising there serious about a “ two-way street ” the Americans now feel the 

i powerful forces in Congress in arms purchases. West Ger- Gepard to be too expensive. 


steel orders rise 20% 


FRANKFURT, Jan. 23. 


hold talks 

By Dominick. J. Coyle. 

ROHE. Jail. 27 - 

Sig. Ginlib Andreotti, Italy's 
Prime Minister - designate, 
to-night met the Communist 
Party, leadership In . pre- 
liminary soundings to deter- 
mine if even a routine formula 
for a new Government "is 
possible. 

Speaking after the meeting. 


Ecevit to delay IMF aid request 


BY DAVID TONGE 


ANKARA. Jan. 23. 



BY GUY HAWTfN 


IDERS for West German German bookings- went up by crease an orders ts that the 
lied steel finished products 136,000 tonnes — or 13.5 per cent, industry's order book strength- 
Wlje by almost 20 per cent, last — to just under 1.15m. tonnes. ened by 4.7 percent from 3.22m. 
t'jr^bntb. But although- this -is However, the steel industry, tonnes to 3.37m.- .tonnes, despite 
"'welcome- news . for the Federal while clearly not wishing. to look an increase in deliveries. Overall 
sS -public’s steel industry, order gift horses in the mouth, pointed deliveries went up by 4.2 per 
oks throughout the sector are out that the overall increase in cent., from November’s 1.74m. 
.11 at a very low IeveL : orders both at home and outside tonnes to just under l.S2m. 

[According to the. latest figures the EEC was in large part tonnes. 

Jblished by the Iron and Steel attributable to the normal Derazn-ber’s increase in orders 
lustry Federation, ^ orders ,e«onal m- orSen »* h £>p™£d 

m end of the year. 

The' 


THE NEW Turkish Government imported raw materials. gramme is more important than officers and men on the island, 

does not intend to approach But asked whether the new a formal agreement with the The latest 700 left od‘ December 
international financial organisa- Government would continue the IMF. 16 . 

tions for help until after it has interrupted negotiations with Turkey's reserves remain just Turkev now has an estimated 
put its house in order. Mr. Ziya the IMF. the Minister said that under 5500m.. which is close to -jfi.ooo troops on the island 
Muerslnoglu, the Minister of Turkey is not prepared to share the working minimum. While guarding the bonier with the 
Finance, said last night its duty to put its affairs in order Turkey has long been behind on Greek sector. 

His remarks indicate that the with anybody. payments for normal imports, it Ta}kj . betW£?en tile Cvnrj ._ 

Ecevit- Government intends a “We Intend first to stop our j£L ata ° built. up a backlog of COmnmn itie Si which have been 

further study of the situation country’s slide towards the SbOQm- for oil imports. , n jj m b 0 since last Anri! are 

it has inherited before rushing to worse, then steady matters.” he whl , ch Turkey owes expecte(J tQ he resuni ‘ e J b ' ^ 

from 1 ' •>< oral 'llEX. “* 
Its inheritance is in fact a “To achieve this we will im- pipeline since the beeinninc o'f , Mr. Dunktash, who returned 

virtual shambles. There is a plement our own measures. {Ls raomh Nonnativ Turkev f f° m . Turke - V to-day, said here 

A qKAnt itJ .*”« proposals on the lerri- 

constitunonal aspects 

J£ e y ,r a,m °« al1 i,s im " ort %a?v wiS r u !h™ 

. ■ , - , i ... Meliu Munir adds Trom Nicosia: 

of a farther encounter follow- j Meanwhile, unemployment is The foreign banks bad initially Turkey ts to make new troop Our Athens correspondent 

mg ms Party s central com- [approaching -0 per cent; there demanded that Turkey must reductions in Cyprus in the next adds: Greek Premier Constantine 

mitlee meeting later this week, j are daily ^queues in_ the cold for reach an agreement with the few days as a gesture of goodwill, Karamanlis has agreed to meet 

■■ •-*“ — 1 meat, beating paraffin and bread; IMF before they would grant it military sources said here to-day. his Turkish counterpart Mr. 

and an increasing number of fresh credits. This month, how- Since the war of 1374, Turkey Ecevit in the spring to seek 


Sig. Enrico Berllnguer, the | backlog of foreign exchange Only after that will we consider co „i d eX nect ro ahnut lm. ,hat h,s P 
Communist Early’s secretary- transfers totalling nearly S3bn.; establishing contact with inter- f 0ns D er month r,™ X nine- lDr,aJ and 
general, would not disclose the cost of living in Istanbul rose national organisations, and if line «r almost all etc imnnrt of 0,0 Cyp 


any details about the discus- 1 45 per cent in the year to necessary proceed with those," 


December, amounted to just the_end of the year . mottHlly Average booking figures 

WHICH . HO uui , , rv-m ml 1 n™ 


ones. 


II! 


i. r *•* . j 
i\ ■ 
* » ' *» 


I ifj 


IlV 


L97m. tonnes — 19.1 per The' figures, wiuui w _ u«j 1077 Th«»w» a ve raced L7m 

1 - 65m ‘ tonnes^a m^t^da^the 

The main growth came from or special steel, show. oitiy a 

SUSS vt'Kk 

tiers rose by 3B.7 per cent. This is hardly surprising as “^ ly iq7 ^Sf Hn rinnkHS: 
om November’s 483,000 tonnes the whole of the European .steel ,*;^T S bookineE loot ‘ d 5_ 

642.000 tonnes. industry, is enmeshed in just weak - 

There was also a welcome about its worst post-war crisis. There is some comfort to be 
vival of home demand. West A positive result of the -in- drawn from the fact that de- 
liveries in December remained 
150,000 tonnes below the inflow 
of orders, thus allowing the ordei 
book to strengthen. Indeed, the 
industry’s order book of 3,4m. 
tonnes looks rather more healthy 
than at the end of 1976 when it 
‘R. JOHANNES V celling was case does not entail any change amounted to 3.1m. tonnes. 

•-day Darned as chief executive in the West LB’s business Meanwhile, there Is a clear hint . 
: the Westdeutsche Landesbank policy." of more trouble in store for the 

West LBj. He succeeds Herr To-day. however, the new chief steel concerns with the news 
udwig Pnn iiain , whose Decern- executive explained that the that the metal industry employers 
»r 23 resignation from the bank policy of building up the bank’s in North Wuerttemberg and 
as last week rejected by the overseas business would continue. North Baden have offered only 
Rank’s supervisory board and re- although growth in foreign a 3.5 per cent, pay Increase for 
•ilaced with a summary dismissal business would probably not be 1978. 

hitherto. 


Poullain successor named 

BY OUR OWN CORRESPONDENT FRANKFURT, Jam 23. 


The Communists, publicly at 
least, continue to demand 
direct participation in Govern- 
ment, which Sig. Andreotti 's 
long-ruling Christian Demo- 
crats are determined not . to 
concede. 

Sig. Andreotti’s immediate 
task is to see If the Commu- 
nists will settle for less. The 
alternative is likely to be new 
elections, although these are 
not due until 1981. 

Fallowing his opening talks 
with the Communist!*, the 
Premieixiesignate was due to 
meet the Socialists, ItaJJrs 
third-large st party, and to- 
morrow and on Wednesday be 
is due to hold talks with other 
smaller parties before report- 
ing on Thursday to tbe -Chris- 
tian Democrat leadership. 

On that same day, the Com- 
munists have called a special 
meeting of their Central Com- 
mittee, the final arbiter of 
party policy, and its decision 
is likely to Influence defini- 
tively the outcome of the 
present Government crisis. 

Meanwhile, tbe Italian 
Bishops’ Conference, to which 
r the Communist leadership has 
made recent indirect overtures 
in an attempt to improve the 
party's relations with the Vati- 
can, opened a meeting to-day - 
which, among other things 
wfll deal with the Communist 
demands for direct partigipa-. 
Lion in Government. 


factories are having to limit pro- ever, they have been hinting has announred the withdrawal o? solutions to the disputes dividing 
auction oecause of a lack of that the new Government's pro- about 14,000 of its some 40,000 the two countries. 


Soares looks 
for ministers 

By Diana- Smith 


LISBON, Jan. 23. 
PORTUGAL'S new government 
now has 10 days to present its 
programme to Parliament for 
approval, following the official 
proclamation of Sr. Mario 
Soares appointment as Prime 
Minister in the State gazette 
to-day. 

Sr. Soares has been sounding 
out many personalities, for 
ministerial .posts, but there is 
still considerable ground to be 
covered before - the Govern meut 
can be formed and sworn in 
officially. This is likely to happen 
by Thursday or Friday this 
week. 

Some Socialists are known to 
be reluctant to accept Cabinet 
posts because they are not fully 
convinced that the new alliance 


Western observers invited; Belgian forces 

j o • - wage demand 

to Soviet manoeuvres 1 


BY DAVID SATTfiR 


MOSCOW, Jan. 23. 


By David Buchan 

BRUSSELS. Jan. 23. 
BELGIAN Defence Ministry 
officials said to-day that pay 

IN TWO MOVES clearly directed East-West confidence building j demands by armed forces trade 
at the final session of the measures! to all w * major Hel" ! unions were being studied by the 
Belgrade conference on Euro- sinki signatories before the I Government, hut warned that the 
pean security, the Soviet Union scheduled end of the Belgrade; need to upgrade equipment left 
has invited British .and U.S. conference in mid-February, 
observers to military manoeuvres The Soviet travel rules, spelled 
to be held next month and pub- out in a revised list of cities 
fished a new list or closed areas closed to foreign visitors which 
which considerably expands tbe was made available to Moscow's 
areas in the Soviet Union where diplomatic missions, added 20 
foreigners are permitted to towns and cities to the list of 
travel. . areas open to foreigners. 

In the past, the Soviet Union , Th e Soviet Union formally 
has invited observers frW n ^ ^ Urge areas of Kazakhstan 
countries bordering the area a, ° n 8 ^Chinese border, which 
where the military manoeuvres J 1311 I° n s been effectively haired 
were to take place. \° foreigners, and closed the 

Jewish autonomous region which 
The military manoeuvres, lies on the Soviet-Chinesc border 
, r. - ^ I which are code-named Berezina, in the Far East. At the amc 

of SocualisU and Centre Demo- < after the West Russian river of time, however, it opened several 
crats will be workable- Itha* win ha k»m „„ v»h- ..i. s- 


The .degree of support the 
new alliance will get is still a 
question mark. Much of tbe 
rank and file nf both parties is 
upset by. what they see as a 
betrayal of ideological prin- 
ciples. 


little scope for immediate rises. 

Over the week-end. some 6,000 
members of the services — a tenth 
of the total regular forces — 
demonstrated in the eastern 
Belgian town of Liege, wearing 
civilian clothes and demanding 
equal pay with iheir civilian 
counterparts. 

Gibralter talks 

Sr. Adolfo Suarez, the Spanish 
Prime Minister, is sending a senior 
party official in Gibraltar to- 
morrow to hold meetings with 
Gibraltar Government leaders. 
Garcia 


that name, will be held on Feb- previously closed iowns in the I ’nihVaVtar wo hp k" r 'i? S 
ruary 6-10 near Minsk and are Moscow area, towns and areas m * r ' seC reiar^ "eneral fw 

expected to involve two army the Russian republic and nine; international relations of the the 
divisions, four air support units cities m the Baltic republics nf | ruling Centre Party Sr. Ruperez 
and 25.000 men. The Invitations Lithuania. Latvia, and Estonia Kill have laJks with Sir Joshua 
to the U.S. and Britain are seen which had previously been com- • Hassan. the Chief Minister. He 
as an attempt to demonstrate pletely closed io foreigners 1 is being accorded the protocol 
Soviet willingness to comply with except for their capitals. 1 reserved for official visits. 


’ 1 1 


n allegations of 
,.on of duty." 


flagrant viola- as strong as hitherto. Foreign The industry’s trade union, the 
business accounts for 21 per cent giant IG Ifetall, ■ winch repre- 
: ‘I ;■! The aonointment come« as no of the West US's basin ess- volume sents some 560,000 workers, has 
arorisS m h? was^SSd? the and duri “S 1978 il ^ A^ded 8 per cent 

ank’s" deDutv chLf exerative ahly ^ increase to 232S per The outcome of these negotia- 

nd wasXly tip^ tororoertl “f- J* ^ ^ 

- ten- Poullain Last week s dismissal of. Iferr jpay awards besides the metal 

. ' . . » ' Poullain, announced by, tile state sector. • 

Two deputy chief executives Finance Minister of North Rhine- While talks are still at an early 
«ere _also appointed. They are Westphalia rather than .ike stage and there is still much 
-wi Trfppen and Ur; supervisory board .itself,' was haggling to be done, the disparity 

-valter Seipji. , swiftly followed by the Minister's between the , claim, and the offer 

Dr. Voelling's appointment own resignation. . Before the pves'ah indication of .bow 1 far 
ndicates that the supervisory "Poullain affair "‘.surfaced, the apart employers and unions are 
ward remains committed to the state government,, the bank's » the field of pay policy. 

.reneral policy laid down by Herr most influential shareholders, -Beater adds from Bremen: 
’oullain. Indeed, they have been had demanded a greater say in West Germany’s 18.000 dockers 
(rawing attention to the fact the bank’s, .foreign business, postponed ,a threatened strike 
bat their statement announcing following a £&5m- purchase of a tiHiay and reopened wage talks 
Icrr Poullain’s dismissal stated site in Moorgate for its new with port authorities, a union 
pecificaliy that “ the Poullain London headquarters, spokesman said. 


THE SWISS ECONOMY 


Only inflation keeps dropping 


SWITZERLAND seems a very 
ipensive country to visitors, 
igh wages, together with a cur- 
mey which has strengthened 
jainsi the field by a trade- 
eighled 85 per cent or so in six 
iars, produce prices which 
. ;;?:nbarrass even the more well- 
- l -‘ ;aled tourist. The Swiss are 
ways being asked how (hey 
anage. 

The answer is “very well, 
ank you." The Swiss can afford 
pay their own prices— they are 
ways at or very close to the top 
the list in surveys of purchas- 
g power io Europe. With a 
leklayer earning a minimum of 
mind £3.50 an hour, and a train- 
iver about £11,500 a year, few 
-ople suffer want. Unexnploy- 
ent has been growing recently 
U not much over 10,000 people 
e currently jobless. 

At the same time Switzerland 
s the lowest inflation rate of 
e Western world. Last year it 
is 1.3 per cent, the year before 
’ per cent And inflation is still 
celerating; last month cou- 
nter prices were 1.3 per cent 
gher than in December 1976, 
d the wholesale index was 
wer by 0.4 per cent. — at its 
«est level in fact for nearly 
iir years. 


: BY JOHN WICKS M ZURICH 

Wages however are also rising 
only very slowly. The wage 
spiral has, indeed, come almost 
to a standstill. In 1974, with 
double-digit inflation, wages rose 
by T3.9 per cent, and salaries by 
1&7 per cent., but the annual 
growth rate was no more than 2.5 
per cent, and 1.7 per cent, respec- 
tively, by the third quarter of 
1977. 

This marks a modest speeding- 
up oyer -previous months and 
new wage agreements now being 
introduced point to a certain 
further acceleration- 

■But while pay packets barely 
kept up even with the very slow 
increase of the cost of living in 
1976, last year there was 
probably a marginal rise in real 
wages. 

The very low inflation rate has 
driven interest rates right down. 
The official bank rate^-which in 
Switzerland is admittedly less 
significant than in some other 
countries— has been 14 per cent 
since last July: three-month 
deposita-^&t big banks yield only 
1 per cent, and on the capital 
market triple- A borrowers are 
offering new bonds at 33 per 
cent., for 15-year maturities. 
There are signs that this latter 
capital market base could fall, to 


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per cent: in the not too dis- 
tant future. Big banks medium- 
term debentures have lowered 
their coupons twice since Christ- 
mas . and three aod four year 
rates are now down to 3 per cent 
Low though these rates may 
seem, they offer a real return 
under present conditions. The 
generally low interest level 
brought with them a correspond- 
ingly low mortgage rate, which 
may well soon fall again; in 
November, 1977, rents fell in 
Switzerland for the first time in 
35 years. 

So minimal an inflation rate 
has been jiossible primarily due 
to the tenacious attempts of the 
National Bank to control the 
money supply. The ** overheat- 
ing" of the early 1970s giving 
•way to recession in 1975, worried 
the Swiss very badly and led 
to a deep fear of price-wage 
spirals. An authority set up to 
monitor prices has been effective 
more by its presence tbap by 
Its - actions. It has been con- 
ducting an acrimonious dispute 
with the Zurich restaurant trade, 
which refuses to put down. the 
price of a cup of coffee by io 
centimes. 

Low inflation has coincided 
with a period when (he eirresney 
has shot through the ceiljng. 
Exporters are able to keep 
Swtss-Cranc prices more or less 
stable; since cost increases are 
in most cases not excessive, while 
Swiss hotels have been able 
almost to freeze Swiss-franc rates 
every year since 1974. ‘ Though 
tow inflation rates are now -no 
longer, enough to make up for 
the rise of tbe Swiss fraqc’s 
external value, they do help a 
great deal to keep Switzerland 
in business: exports for 1977 
were at an all time high in value 
terms despite the soaring 
exchange rate. 

The authorities will continue 
to do- all in their power to keep 
inflation not only under control 
but definitely low. Money-supply 
growth targets may occasionally 
be departed from, but only tem- 
porarily; the National Bank is 
set fair to keep money supply 
within tbe annual 5 per cent 
growth framework In I97S. The 
battle against inflation, as the 
authorities do not tire of saying. 
iB still of prime importance- 
Economists believe that the cost 
of living will continue to rise 
at a speed well below the inter- 
national average both this year 
and next 


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-Financial Times Tuesday Januajy 54:1978 




THE U.S. B 



and President Carter’s major economic 



es 


Tax measures 
under attack 


A mild shot in the arm 


BY JURE* MARTIN, U5. EDITOR 


from businessmen 


BY STEWART FLEMING 


NEW YORK, Jan. 23. 


PRESIDENT CARTER’S propo- 
sals to try to stimulate tbe 
economy Urroagfc tax reductions 
fotr individuals and corporations 
have come under heavy attack 
from the business community. 


much more than half the 
revenue-raising proposals which 
the President has announced. 


Other political leaders such as 


Minority Leader Mr. John Rhodes 
i Presi- 


Some economists, such as Dr. 
Albert Cox of Merrill Lynch 


Economics and Mr. Lief Olsen of 


icorp, are raising fundamental 
questions about attempts to 
"fine tune” the U.S. economy 
through fiscal policy with Mr. 
Cox arguing that the attempt 
could backfire. 

;But even those who are pre- 
pared to take the economic 
principles behind the Carter pro- 
posals at their face value, ques- 
tion whether the tax cuts, which 



President Carter 


the President proposes, totalling 
$2.4. 5bn. will be adequate to 
stimulate the economy.' It is 
argued that in practice they will 
not offset .increases in taxes 
already in the system and the 
impact of inflation in carrying in- 
dividuals into higher tax 
brackets. 

An early response from one oF 
the most powerful segments of 
the business community came 
this morning from Mr. Irving S. 
Shapiro, chairman of the largest 
U.S. chemical company E. I. Du 
Pont De Nemours and also of 
the Business Roundtable which 
represents nearly 200 of the 
largest U.S, multinationals. 

Mr. Shapiro ’ said that while 
the proposals represented steps 
in the right direction, they still 
rome out “ on the negative side " 
for business 3S a whole. 

He suggesed that the cuts in 
the corporate tax rate from 4S 
per cent to 44 per cent maxi- 
mum and the broadened invest- 
ment tax credit with the reten- 
tion of its 10 per cent level are 
insufficient to recoup drains in 
other areas. 

Political reaction to the pro- 
posals was also cautious. Mr. 
Thomas P. O'Neill, Speaker of 
tbe House of Representatives, 
questioned whether in an elec- 
tion year. Congress will approve 


argued 'that the cuts the 
dent proposes are not enough 
and that reductions of $51bn. are 
needed. 

Economists, pointed out that 
the President’s tax reductions 
will only begin to come into 
effect in the. final quarter of this 
year. 

The positive effect on the 
economy which they will have 
then will steadily decline 
through 1978 as social security 
tax increases -already enacted 
take effect 

: By 1980, the expected higher 
energy taxes, and tbe effect Infla- 
tion has of pushing people into 
higher tax brackets — “fiscal 
drag" — mill have eliminated any 
stimulus. 

The Treasury has put out an 
estimate suggesting that for one- 
earner families the combined 
effect of higher payroll taxes and 
the proposed tax reductions will 
offset each other when income 
rises above $25,000. 

Some estimates suggest that 
"fiscal drag" and higher payroll 
taxes for social security will 
increase the 'tax burden ' by 
$20bn. in 1979 and $27bn. in 
1980 across the economy. 

Mr. Cox. Of Merrill Lynch, 
argued that the proposals are 
founded in Washington on a 
Keynesian approach to tbe 
economy which is “ completely 
dead.” 

He feared that the negative 
effects on growth of a higher 
Government budget deficit, whicb 
be estimated at STSbn., will 
create inflationary expectations 
and weaken investment. “ Ger- 
many and Japan are recognising 
that," he said, but not Washing- 
ton. 

He was also critical of the 
redistributive element in the tax 
proposals whicb he argued is 
taking the U.S. down a similar 
road to that followed by the U.K. 
and undermining work incentives 
in the process. 

Some businessmen said that 
tbe proposals have not helped 
them come to a clearer view of 
tbe Administration's . priorities, 
whether it is unemployment, 
growth, or the environment 

They pointed out for example, 
that only a small proportion of 
the tax cuts— about one-third— 
are directed at stimulating 
corporate investment which they 
feel is a central requirement 
for the economy. 


THE PRESENTATION* of the 
American budget is usually very 
different from its British coun- 
terpart. But over the last few 
days Washington has seemed 
rather more like London. Instead 
of the straightforward, if 
voluminous, traditional state- 
ment of what the Government 
intends to spend over its next 
fiscal year and its predictions 
for the course of the economy, 
there has been a plethora of 
official announcements, embrac- 
ing not only the budget but also 
a tax cut, mini-reform package 
and a new .voluntary wages and 
prices consultative - process. The 
trouble is that although it is 
possible to glean from all three, 
plus tbe State of the Union mes- 
sage, a clearer idea of tbe Carter 
Administration's economic philo- 
sophy. it is much less evident 
how much of what the President 
has proposed will be translated 
into action. Thus what con- 
fusion existed before about 
economic policy is likely to per- 
sist awhile until some of. the 
legislative knots are untied. 

Some conclusions, however, 
may be drawn. The first and 
mnst obvious can come as no sur- 
prise: as was plain fmm his 
earliest campaign speeches, the 
President is an economc con- 
servative, who believes that the 
private sector, not the Govern- 
ment. must lead tbe economic 
expansion. The spending budget 
rising by less than 2 oer cent, in 
real terms, is. in Mr. Carter's 
words, “lean and tight" to the 
extent that the Government pro- 
vides stimulus it will do so In 
the form of tax reductions and. 
incentives for investment rather 
than through heavier federal ex- 
penditures and grandiose new 
programmes. Liberal Democrats 
have already complained that 
Mr. Carter's economics are far 
too Republican, but they had re- 


ceived ample warning that this 
would* be the case. 

But Mr. Carter is not, it is 
also dear, a rigid economic con- 
servative. It. is now tacitly 
admitted that one original over- 
riding goal— that or balancing 
the budget brthe 1981 fiscal year 

— may have to be abandoned if 
economic circumstances so dic- 
tate, The official budget predic- 
tions envisage deficits of over 
S60bn. in fiscal years 1978 and 
1979, but dramatc improvements 
thereafter. • But Mr.- Charles 
Scbultze, Chairman of tbe Coun- 
cil of Economic Advisers, whose 
own doubts about the possibility 
of balancing the books have 
never been far below the sur- 
face, Is at pains to point out 
that projections of such a 
balance do not constitute hard 
and fast forecasts, but are essen- 
tially assumptions based on rela- 
tively optimistic economic 
scenarios. 


Private sector 


One commitment towards the 
balanced budget theory has not. 
however, been abandoned. The 
administration . 'remains deter- 
mined to reduce the proportion 
of Gross National Product pro- 
vided by federal spending from 
the present 22J> per cent to 21 
per cent Some of this can clearly 
be achieved by eliminating spend- 
ing waste — and Mr. Carter's 
fascination with managerial com- 
petence has more than a little 
to do with this — with the resull 
that administration officials are 
.making much of the fact that this 
'budget Is the first to which the 
cherished 'tactic of zerobased 
budgeting has been applied. But 
it is also acknowledged that such 
a goal can only be attained if the 
private sector growth is suf- 
ficiently vigorous. 


There is a growing acceptance 
of tbe yiew that additional 
stimulus may be needed, prob- 
ably next year, but conceivably 
before, to keep things moving. 
Critics of tbe tax cut package 
are already arguing strenuously 
that it amounts to no net 
stimulus at ail. with the com- 
bined impact of higher social 
security levies and the Impact of 
inflation on tax payments more 
than offsetting the tax reductions. 
There is also the possibility of 
still higher taxes in the wings 
should the Energy Bill ger passed 
in anything approximating the 
manner proposed by Mr. Carter. 

' It it also clear that the Presi- 
dent Is not finding It easy to 
come up with convincing policies 
on inflation. His removal of Dr. 
Arthur Burns from the Federal 
Reserve Board chair was con- 
strued as a weakening of the 
anti-inflationary commitment, 
which is probably an inaccurate 
assessment. Yet Mr.. Carter’s very 
conservativism and distaste for 
additional bureaucratic inter- 
ference has induced him to offer, 
only the mildest of anti-inflation- 
ary programmes. Ironically, how- 
ever. even such a cautious 
approach has been roundly con- 
demned by industry and labour 
alike as the thin end of the 
wedge of ultimate wage and price 
controls. 


soundly in Mr.Carter's first year, 
certainly by international stan- 
dards.' lffr.; Carter tried ' to 
accomplish a lot last year' and 
was attacked for attempting and 
premising too much. This year 
the rhetoric and the pace of pro- 
posals can general ly be reckoned 
to be -less frenetic. - 

Even so, there does appear to 
be a visceral weakness in the 

Administration's insistence on 
propounding controversial tnea- 
■sure 5. that distra'ct from the main 
goals. That was trite of the 
Energy Bill, which was probably 

too complex in presentation. 

In the Administration's de- 
fence, it must be said that there 
Is nothing wrong in advancing 
egalitarian ideas. Indeed, this is 


WASHINGTON, Jan. 23. 

a thread, which runs consistently 
throughout the economic policy 
statements. The budget itself 
allocates 52 per cent of its toUl 
spending for human needs, corn- 
ered with 50.5 per «nL In the- 
current fiscal y«*rs bndeet. 
largely prepared by the Ford 

administration. 

But these are considerations 
which are not likely to cut much 
Se wben the horse trading with 
Congress eets under way. Tho 

end result .could well b * * ' 
reduction and reform mixture 
appreciably different from what 
?be administration .has 
-and that in turn, could intro- 
duce entirely different considera- 
tions for . economic planning 
later in the year. 


Labour 
sees the 


end of 
wedge 


a 


K 


1 I, v 

\)\U 


‘S. 


BY JOHN WYIB 


Ci 

■ u-V> * >U 

1,11 .[ pov 

..rril 1 

a IV 








All tbe economic documents 
issued -over the last Few days- 
reflect a lowering of some of the 
earlier optimistic sights about 
what could be done drastically to 
improve the economy. The goals 
for both inflation and unemploy- 
ment are significantly reduced. 
This may well be sound noli tics 
as well as economics. For, in 
spite, of the uncertainty which 
still generally exists, there Is also, 
a erowine realisation here that 
the economy has performed 



NEW YORK, J*n.‘23. # 

WAGE-PMCE Inflation -In. tbs' t -*■ 

U.S. is nothing U *>•"* 

as it has been in Britain to tta iU 1 - 1 
last four years, "but it ts now 1 
serious enough to have per- 
suaded President Carter to seek 
voluntary curbs. 

Political realities, however, 
rule out any kind of formal 
arrangement with . tne trade 
union movement of tbe “social 
contract" type, while any attempt., 
to impose formal price controls - 
would be ruled out.oF order by ■ „i.i< 

Congress. 

So President Carter baa judged t * lt .Mn 
that all he can do at present is .ihH i ‘ sv 
urge husiness and labour / l ,» r 
to support a general approach j,irf 

aimed at cutting inflation in tbe ,/» |‘! t ; » ‘ ' '■ 
US. by $ per cent a year. . . Jll * 

H is formula. Is tha t wages' and " 


i 


il 


1 

i! 


( 


liorv 


prices in e a ch Industry ^ sh ou Id 


ai 

i. 0 i jiai'k 


I meetings with individual 

jiies and -groups- -of wor- . 1 

to encourage co-operation * [ f H 

he Administration's goals. »[j\ 1 » - l —i 

. k.*«,nnoc . anrl lshnnv m - 


litas's'. 

The U.S. B*1 bomber (above) and the Cruise missile. 


lui 


w 


Highest ever defence appropriation 


aK mi £ 11 




BY DAYID BELL 


WASHINGTON. Jan. 23. 


U.S. oil demand 


U.S. oil consumption fell, on a 
seasonally adjusted basis, to 
l6.73ra. barrels a day in November 
from 18.5Sm. in October and an 
average lS.Slm. in the third 
quarter of 1977, said the Organisa- 
tion for Economic Co-operation 
and Development, Reuter reports 
from Paris 


PRESIDENT CARTER'S first 
defence budget is designed to 
underline the administration's 
“ very strong commitment " to 
the NATO alliance, Dr. Harold 
Brown, the Defence Secretary, 
told reporters at the week-end. 

Introducing the budget — which 
calls for outlays in the next fiscal 
year of Sll5bn.. the highest 
dollar figure in peacetime UJS. 
history— Dr. Brown said that the 
new budget is “ austere but 
sound ” and that the bulk of 
the 3 per cent increase in real 
spending on defence is ear- 
marked for the U.S. contribution 
to NATO. 

Dr. Brown said that the new 
budget includes -"a wide range 
of measures designed to improve 
tiie ' readiness of U.S. early 
deploying forces" within NATO 
and that the stress on the criti- 
cal importance of the NATO 
alliance is a response to the 
steady “ increase in the size of 
Warsaw Pact forces." 

But the budget is not only 
concerned with NATO. It pro- 
vides more money for further - 
research work on the M-X mis- 
sile. the new mobile intercon- 
tinental missile that is designed 
to replace America's ageing 
Minuteraan force. The proposed 
budget does not include money 


for foil-scale engineering work 
on this weapon, but Dr. Brown 
said that it was possible that he 
would ask for such money later 
in the year. 

As forecast there is also a sub- 
stantial acceleration of the cruise 
missile programme. Spending 
on the air-launched version of 
the missile is set to increase 
from S381m. in this fiscal year 
(which ends on September 301 
to 3416m. in the next. At tbe 
same time the Pentagon is asking 
for more than a S55m. increase 
in funds for the ground launched 
cruise (to 374m.) which is being 
developed alongside the air- 
launched version. 

Both the M-X and the cruise 
are being watched closely by 
supporters and opponents* of the 
Administration's position in the 
strategic arms talks which are 
continuing. Opponents of the 
Administration stance, who fear 
that it could leave the U.S. 
vulnerable by the mid-1980s are 
not likely to be pleased by the 
decision.to build one less Trident 
submarine in the coming year. 
The Administration is now plan- 
ning three Trident submarines 
every two years and a conse- 
quent reduction in the Trident 
missile programme. 

The commitment to Nato will 


be yelcomed in Europe as a sign tion and Herman artillery train- Although the marines are still 
that the U.S. intends to keep its ing ammunition. It was also keen on this project, it nas 


promise to increase its real reported this week-end that the encountered 80 ™® - °Pp os ^ on t ^° 


spending on the alliance. Afso tf-S. may have agreed to install the higher rea ches 
welcome will be the emphasis on the German tank-gup In the Defence Department. 


Nato standardisation although, second batch of new XM-1 tanks 


U.S. DEFENCE SPENDING 


Fiscal year 


Defence 

spending 1 


Total obligati and 
authority 3 


At 

proportion 
• of 

US. Budget 


1*77 

1978 

1979 


$ 95,7b n. 

SI 05 3b n. («t.) 
$115Jfan. (est) 


In the next fiscal year some 
SS5m. is set aside for further 
work on the AVSB project, as it 
is known. Another $52m- will be 
spent nn what the Pentagon calls 
a project "to provide the fleet 
with multi-mission • ship-based 
tactical aircraft for the 1990s and 
beyond.” 

To-day's budget is a 3 per cent, 
increase in real terms over last 
year, in spite of president 
Carter’s election pledge that he 
would reduce spending by S5bn. 


$108 3b n. : 233% 

SllWftn. («t) . . 223% STbn. in his first yeir in' office. 

SIZAObn. (est.) - -210% ~ ~\j n daunted by ttiis apparent con- 

tradiction, Dr. Brown said at the 


1 Ftfnrw In curwnt dollwi X Figure* in eurfant 

authority refort to tbo total nu ow tt authorhad by Congras* »» ■ year, • - 

not all of which mwf |m apart: Tn «**t jwr. • 


week-end that it was indeed such 
a reduction if measured against 
, what former President Ford had 
intended to spend, if re-elected. 


as aiways, It is less than dear. to JSLSg 11 * A,?2J “measure! h?said, the 
what this means in practical mid-1980s. Some S497ra will he Qaner budget is 55.6bn. less in 
terms. spent on tile XM project next j erma 0 f planned spending than 

The new budget does provide - ear - / Mr. Ford’s would have been. The 

for U.S. purchase of French- There are no surprises either major reason for this is the 
German Roland missiles, Belgian about the future of the U.S. scaling down of the naval ship- 
machine guns for armoured cars. marine corps project to build building programmes and .the 
British L16A2 mortars and several ' hundred American- cancellation of the B-l .bomber 
ammunition, British smoke- designed versions of the British which was a cornerstone of the 
grenade launchers and asumroi- Harrier- vertical take-off aircraft Ford defence policy. - 


rise “ significantly Jess’* than 
they did on average 'over Use 
past two years. . . . . - . ,-j/ 

Tn pursuit of the vague goal, '.'I 1 ' 
the Council on Wage and Price. 

Stability together with officials 
from the Labour and Commerce 
Departments and the Council nf 
Economic Advisers will hold in- 
formal meetings with individual 
companies and groups- of 
kers to 

with the 

Bnth business and labour, are 
exiremelv suspicious that moral . , ■ - 
suasion will be the- forerunner iti t 
of sninethinc a great deal more > 
systematic and restrictive, Mt. * > 

George Mean?. President of the \ l ’ 1 ‘ 
American Federation of Labour- lk - 
Congress of Industrial Organisa- •; ] 

tions. was speakng . for hath.;- 
sides of industry when he said J 
at the week-end that the plan • , , . * t * 

could lead to guidelines which -MVi i »• 4 

would be "a step down the road ‘ 
towards controls."* 

Memories of President Nixon's 
fullv fledged prices and Incomes 
policy OF 1972-73 are still fresh. 

Business detested having to 
justify pricing policies In Wash- , 

ington , . i | * 

President Carter ha* avoided | \\{ t 1 •> 
trying tn set benchmark* for - 
wage and price increases this 
year and has stressed that the ; . 

targets will depend on the pat- 
terns established in individual ( ^ •/ if 

industries over the past two ,l|| [O s ?v U j 
years. • , 

Nevertheless, the overall aim U i. »t 

will be to bring pay and price* im>| 
hack into line with the rate of. i . 
real growth In the gross national ' ; { *< *1 

product and to secure gremer ft 1 ;; riUUll-l 
productivity to 'offset pay rises: 

But any serious attack op , . . .n 

the problem witl have to per-, CllUV ' S Oil 
suade both sides of industry to - - 

reduce their attachment to cost ” J, ' . 

of living increases which have i !“) ». t j 

become a major element in three J 

year settlements. 

Politically, 197S is the easiest ] til, 
year in which to try to intro- . 
duce a “jaw-honing” pay and 
prices policy because it is an 
"off year” which features very 
few major collective bargaining 
agreements which could provide 
Important test cases for the 
policy- 


1 


v 


n 


OTHER AMERICAN NEWS 


iiiis'.s Sum 

st. lii 


». * ^ 


Washington 
may help 
on Belize 


Pace of U.S. bank lending 
overseas slowed in 1977 


TRINIDAD AND TOBAGO’S GAS DISCOVERIES 


‘thovditui 


BY DAVID BELL 


The gm>d offices of the U.S i 


WASHINGTON. Jan 23. 


Government mar he called upon 1 *'* EW INFORMATION about U S. order of SlOObn. At the end of have to reschedule this year for 

. * ” ! KitTilr Innrlinn nimrcA'ie OnfitKAa lOTT m n f 9 eannn i^tirna 


bank lending overseas indicates October. 1977, an increase of a secon dtime. 
that total U.S. bank claims on S25bn. in the year. West Ger- Mr. Bergsten said -that a new 
foreigners amount to some many held seven-eighths of the Treasury study, the, results of 
$150bn., Mr. Fred Bergsten, S20 ,5tra .--worth of non-marketable which will be published shortly. 
Assistant Treasury Secretary for bonds and notes held by foreign had concluded that the external 
International Affairs, told a official institutions In the United debt position of many develop- 
Congressional committee to-day. States. ing nations was less serious than 

Mr. Bergsten said that new Although Mr. Bergsten would once feared. This was because 
data collected after concern that not Identify individual country economic growth and expanding 
U.S. banks might be lending too holdings be said that OPEC exports bad enhanced the capa- 

mucb to too many “risky" countries together have invested city of developing countries to 

developing nations show that the only S15bn„ or less than 10 per service their debts, inflation bad 
‘London jpace of bank lending oreJsSI «nt. of . their total flnaDeia] substantially reduced the burden 

™ mimic. ^>nd V. eSTpecnTd tS *I«wed markedly last year. In assets. in marketable L5. of previously incurred debt, the 

see Pr. David Owen, ihe British; the first nine montbs of 1977 the Treasury securities. Fu^uwtiier bulk of the increase m the past 


t« help m the eominuing impasse 
between Britain and Gu.itermala 
on the question of the 
Guatemalan claim to sovereignty 
over Belize, the British colony 
adjoining it in the Central 
America. Hugh O'Shaushnossy 
wntes. It is understood lhat 
Waslunarton may make available 
a U.S. expert in Caribbean 
affairs who could make a new 
effort to find an agreement. 

Mr. George Price, the Belizean 


Foreign and Commonwealth 
Secretary, for talks inter tn-day. 

Mr. Price has reiterated his 
opnosition to any cession of 
Beiizean territory to Guatemala 
in exchange for Guatemala drop- 
ping its claim. A U.S. mediator. 
Mr. Bcthucl Webster. was 
appointed ;n 1965 but his pro 


increase in o verse as") ending was wa - v - he' said, total OPEC hold- four years had been to a small 
10 per cent, at an annual rate represent about 3 per cent, group of relatively more 
comnared with the rate of 15 Der of a11 the ^- s - Government advanced developing nations and 
»rLL in nr, Public debt held by non-U.S. because the non-oil developing 
Si Sr? Government enUde, nations had been able to build 

He said that $47bn. of the Talcen together, he said, the yP ?ejr resejyes to a current 
S 1 MbnMen t abroad was lent to Treasury now believes that ^ of some SSObn.. 
other foreign banks leaving “ ‘ e . w ®“ exporting nations now The Assistant Secretary under- 

hold foreign assets of about lined tbe stiff American criteria 


„ . — r 1 ihout SlOObn in riaime bv US nuiQ lure, H n ut a doui tinea me snrr American entena 


the parties 
involved in the dispute. 


Venezuela oil output 


Assuring an industrial future 


BY DAVID RENWICK IN PORT OF SPAIN 
The Houston hydrocarbon con- off the 


TRINIDAD AND TOBAGO’S The Houston Hydrocarbon con- off the east coast, where the 
future as the major industrial suiting companies will also be Atlantic swells can sometimes be 
territory in the Caribbean seems taking into account a number of rougher than those encountered 
assured by the discovery of sub- other areas for which no esti- in the North Sea. - National 
stantlal quantities of natnraJ gas mates have yet been made Gas’s main customers are the 
beyond the most optimistic public. These include the east Trinidad and Tobago Electricity 
expectations of tho Government coast continental shelf, where Commission (T and TEC) which 
Estimates by the oil companies Texaco/Ten neco, Mobil/Demines uses 46m. scf daily to power its 
which have found tbe gas— and Texaco on its own have generators in north, south and 


usually in the course of exploit recently sunk exploratory wells, west Trinidad; Texaco Trindart 
ing Jor crude range up^to and the northern^ Guif of Paria, Inc., which needs 45m. scf dallv 


1977, according to the latest data!"* 
released by the Ministry of - 
Energy, Joseph Mann writes from 
Caracas. Output of crude up to 
January IS averaged 1.73m. 
barrels per day. down by mnre 


foreign borrowers and foreign of asscts - riSB P ricB nf In rescheduling cases. The U.S. 
iEEmSE Thrn satoS- S nd nctofs. had -im- would reorganise internatienal juau ...m *■ 

fhi's^money was lent in ^uon- posed considerable strains on the debt sendee only 6n a case^jy- competitors 

o.I d^-Sn^narmn. The data 6nan< ^ 31 s ^ em j case basis and then only, norm-' *' 

oil developing nations, me data However, hr said, the amount ally. In the framework of a 

club 

i! tt p . ne ? rIy tivo-thirds W [th serious repayment nrohlems the International Monetarv Fund 

foreigners 
one year or less. 


Venezuelan crude oil nroductlon ^ th a t tt c « However, her said, the amount ally, in the framework of 'a 

so far this year has fallen 1 posure abroad is overwhelmingly ? F l! 6 !* necefi ®jry “multilateral creditor chit 

dramatically by comparison to I K^emvrithneariTmSh^rds t0 .* eip . Th,rt ^ Vprld t coa " tnes agreement/- At the same turn 

t. J.t. SflOIl-ienn WIUI ueany iwo-miras with Sp.nnile «*navmi*nt nmhlpmt fhn lntnmahnnil Vnnr 


lB.OOObn. standard cubic feet ou the west, where Texaco has for fuel for its 355 000 b/dav 

(scf) in three marine areas been prospecting. refinery; the U.S.-owned Fertilier 

around the two islands. Trinidad and Tobago has. for company,' Federation Chemical* 

This figure Is currently being years been producing gas In which takes 23m. scf a dn tn 

analysed by ; two no\iston***& association with the Hfting of convert into ammonia and Jrea 

international hydrocarbon con- crude 01L The supply fluctuated a 

suiting companies, whose find- in keeping with the output of 
ings are expected shortly. If the the oiJ itself, which has been 
estimate is confirmed or even on the decline in land fields (the 
proves too low, which is possible, prime reason advanced bv 
Trinidad and Tobago will possess British Petroleum Trinidad for 
enough dry natural gas to last wishing to liquidate Its interests 
for at- least 82 years at an in Trinidad in 1968. an event 
extracting rate of 500m. scf per which brought the Government 
dav. Into part ownership of a local oil 

The presence of large gas company for the first time). At 
reserves would distinguish Trim- least 50 per cent, of this 
dad and Tobagn from Its main associated gas had, in any case, 
competitors for investment usually been flared for lack of 
capital in the Caribbean, Puerto local outlets. 

Rico and Jamaica. Neither terri- • • 

tory has gas or oil., which Trim- I .an ft Wpllc - 
rfari has also been producing for xjauu n Clio 


Fund, financed by taxation to 
underwrite the expansion ' and 
diversification of the oil and CT* 
industry in Trinidad. The com- 
pany s chairman, Mr. Bernard 
Primus, who is also chairman of. 
Trinidad Tesoro. has said That 
beexpecis revenue to reach 
STT50m. (fll.Sm.) in 1877 but 
the profit is likely to xemtib 
modest fox the time belni 

rfoK» use depreciation and 

debt services. 


'Jii several 

itv 10 in 
^ pis, >vt ‘el 
id to neo-o 


■OtlTul-e^jr 


This century 


dad has also been producing 
more than 70 years. The result 


5; „ fi „ aok ? a i!SL was actually falling. Only Sierra and the Worfd Bank^erV stu"d“y“ I is that ihe cost of energy, a key ga™SSd % t? 1 f n° th a 

having maturities of Leone and .Zaire- had to re- Ing the role of external borrow- j ingredient it) most' heavy ijkjQs tha{ n£ \he' widSpr ea d 


OcciwntaJ/ 

Damhin' 

«3P' 

Taorasa 


Unm/ 

AG IP, 





l 

' S!_ 

7 TRffllM0 


! ! 

, Tuaeo.f 

t S' 



VENEZUELA 


aounu 


lim ure lure ui Miejuai iwnun-iragi.sureui — — ism/s uiai maae tne widesnread ,, 

« v-i mr ^ . _ schedule their external debt last mz m financing .development lindustry. is considerably lees a use of natural eas in lnm fn- aBf>ul , 14 smaller users 

Meamriitie, Mr. ^rgsten saLd year and only Pakistan has so and this would lay, the founds- j Trinidad than elsewhere in the dustry a long-term nrnDmitim ^ manufacturing sector, 
the latest Treasutr data indicate far formally "requested a re- tion for “further efforts” to [region. Gas is- also used, of In avery sh 5 n period A mom National 


Venezuelan Government officials. 
It could do serious damage to 
government spending plans if it 
continues. Since the Organisation 
of Petroleum-Exporting Countries 
did not agree last month on any 
price increase for crude, oil; 
Venezuela and other OPEC mem- 
bers will be obliged to rely on 
1977 prices, while simultaneously; 


Warning over Korean payments 


BY OUR OWN CORRESPONDENT 


WASHINGTON. Jan. 23. 


produce . teru users, . pew ^e gas available iq associating cess of installing its - 

diemicals, metbanql and other with this far surpassed ^tb at bution system to brinE^rhe 
, terns from which a wide rauge which had £ ' Mat ash } l w onng Lhe 

of downstream industtles flow- realised from land wells. “5 underwater^ pSe to thf p‘ a , ch 
The sas is in the Amoco timriv rn!tioiH anM rr p .. 10 the Point 


The. gas is in " the^Amora timely coIncTdenrer the *Trinldari GJeota’teminarwhi^K 1 ?® PoInt 
irinidad Oil Company's con- Government also with lanri » hlch J° ,0s up 

cession off the Trinidad east wealthy in a manner not hfC 
. 1 coast in the Atlantic. Oceati, in to foreseen, thanks to thp of Trinidad tn^h/'o^ 1601 half 

while living in Wash-! toe I®! e ^ r( !^f ap t 1 e B M 0C hI ff Se ^ adru P Un e of International oH industrial ^ate^on^hl 1 Usas 
■ Parir tn south-east coast held by the pnees (and taxes) In late 197* where it Jm on tte w ®st. 

‘ conspired 10* three-romDanv consortium Of Ir nrnmnTtp ruiAiviij most noerinri 


Tn^def Vn" &St CWe0 So ,,,e up 


HR. raOMAS O'Neill, the money or favours from Mr. Park, tions that, 

Speaker of the U.S. House of spoke amid mounting con- ington, Mr. r-rs consmrea um.. *.***+*■.«** * , — *“«= ^ W ui n» 

r , - .... .Representatives, warned South cress renal irritation that Mr. hrihe worai nre«m» anti fnTTm»r«i^ rcecon if a - n 'Ta °1 Jt. promptly resolved lo take the Other connecting i[^ ost n ®®ded. 

faciae a petroleum glut on inter- Korea this week-end that Con- Park is continuing to refuse to ^ d fome | Texaco Tn^admjnldad and mitiative ln utilising natural Ss Sas north m T 8 the 

national markets- gress would be unlikely to come to Washington to testify. of Con sress- J Tobago Oil (TRINT.OC)/Tnmdad for a major Industrial transfor- smaller custom*** aDl * and 

, . approve more aid to the Seoul Justice Department investigators. R o re an government has] Tesoro Petroleum, and also in matian at home. miners. 

Brazil devalues I zoveroment. unless Mr. Tongsun armed with lie-detector- equip- consistently refused to- allow him j the nemm«x/ AGIT*/Tenneco and The state-owned National Ga S «Tr^>Q 0Ila5 ^ as will have vn» n , 

The Central Bank of Brazil sald!Park,-a former lobbyist in -Wash- merit.- have interviewed hlnrin to appear' before 'the Hoiisei ^mpany -was set up to be thp ‘.u 5 f alH >ut £30.5m l hJTv?» 

tJ&ay that it bad devalued the * Ington, com« here to answer. Seoul, but Congress wants a Ethics Committee which is 1 acreages off « l ® buyer of gas from the oi) d ' s tnbution svslp m l 


manure rrom the »nis monpv K 

““ acre,se “*• » 


, L^ e ^ as bein R used Is made 
available m association with the 
production of 231.571 b/day of 
crune oil. mainly by Amoco. 

has only btlefly 
HH 1 * fe ^ of its dr Y w«B» 

and then shut them in again, 
National Gas has been promised 
?«w pply , b> ‘ A moco Of ; Bp to 
aocnt. scf a day for the rest of 
2 C M nlllr5 and is “possible 
that all of that cuuld be provided 
from associated gas. This- would 
l fm V ^- the dr i' nas fields in 
Amoco s acreage and- elsewheri 1 *- 

IJuunn 5 e35port in the. form of 

mm uc fil’d natural cat (Utti). The 

ia currently discus- 
sing this possibility with Amen- 

Pw/‘l mpan « s such as Occldeqta} 
mri'leiun People’s GAS. El Paso 

Tov lra r. Trans-Continetital, 
Texas Gulf Pipei| nc and Texas 
^-•’Transmission. 

Ifnder President Carter's akin 
to increase as much as possible 
!?? 0 « r ? of forci ® 1 sas intb Uw 
u s the price for TrinidW-^NG 
*? , '\US. would bo not Ima 
than JUS2.30 per 1 00© -Cubic 
* e tJ probably much higher. 

By contrast, m an effort to 
make. local industry competitive 
on world markets, .the Trinidad 
tiovprniuonr used its b«r«lnlflg 
strength to persuade Amoco' TO 
acroe to provide gaWfar-po^er 
f «£ Patl ? n at ® V-S. cents per 
i.uou srf, con>idered to be one 
m the lowest prices anywhere in 
the world For other local qns- 
ioniers, the National. Gas-- Com- 
£gn>* is Eotting Amoco jgna at 
W L«.s, cents per UQW scf, which 
>nnuld explain' wh.v tb* Govern- 
ment heUevd . ^enorfy^asrd 
heavy industry in Trip Wad to b« 
such an inviting prorwstio*. 


-Mla- 

I!1 Uts im - 


‘i is 




Itr >H'n i‘ u 


J 1 * 1 I 

1!l V 1 >1 


still 


fylUvj 




tla\- 






V 


i 








1 



Tunes Tuesday January .24 1978 


; ••■ . .; 

J 

V . ■:• ,\«. 






GAR 1*2*77 


AUTOSPORT 9-12-76 





" ,ie big Citroen’s forte is long fast 
rneys but its special, very high- 
red power steering makes it 
>rtless around town, too.” 


AUTOCAR 16*7*77 


be feel of the steering is very 
Lsfactory — not over assisted, yet 
: objectionably heavy The assis- 
ce reduces progressively as speed 
reases and it makes very light 
rk of parking or turning the car” 


CAR 112*77 


leering the car is more of a mental 
Dcess than a physical one, and 
ce you’ve adapted to that you will 
1 along in a state of considerable 
axation.” : 


AUTOSPORT 14-5*77 


-ike the DS, the CX is a car of 
aracter, which makes no conces- 
3n to people brought up on soggy 
iresponsive vehicles, but we Cit- 
>en addicts know that with quick 
eering you can dodge the accident, 
hich is a pretty good definition of 
fety” 


WHAT CAR? J *5-76 

“The extremely powerful brakes are “The sensible expedient of having 
so well compensated that the wheels front wheel drive coupled to a 
do not tend to lock, even in the wet.” transversely mounted engine leaves 

oceans of space for passengers.” 

CAR MO-77.' A 

“The 80’s are here .” 

WHAT CAR? 1-5*76 

bbc wheelbase “Citroen ride comfort is legendary 

“Sidelamps, headlamps, dip, flash, and the CX carries on the story. The 
indicators, horn, wash- wipe— they’re self-levelhng Hydropneumatic sus- 
all there exacdy where your fingers pension gives a soft, level ride utterly 
fall on them without your hands unaffected by bumps and irregu- 
leaving the wheel ” laxities.” 

AUTOCAR 16-7-77 BBC WHEELBASE 

“As a formula for comfort, spacious- “but the big advantage is you get the 
ness and speed with good fuel same ride whether it’s driver-only, or 
economy it has few rivals.” full of passengers and luggage.” 


WHAT CAR? 1-5*76 


“Citroen ride comfort is legendary 
and the CX carries on the story. The 
self-levelling Hydropneumatic sus- 
pension gives a soft, level ride utterly 
unaffected by bumps and irregu- 
larities.” 


BBC WHEELBASE 


MOTOR 22-3-75 


“One of the world’s most beautiful 
production cars of all time” 


AUTOSPORT 9-12-76 


CARH2-77 


“I dislike hard seats, but the 
luxuriously soft ones of the CX are 
marvellously comfortable.” 


“The sheer grip of the Citroen CX 
has been one of its best features since 
the day it was introduced.” 


WHAT CAR? 1-5-76 


AUTOCAR 16-7.77 

“The driver feels very confident of 
the response of the car and there is 
excellent grip on slippery roads.” 


AUTOSPORT 9-12-76 


“Headroom is excellent and legroom 
is magnificent even with the front 
seats adjusted right back.” 


MOTOR2011-76 


his is functional streamlining at its 
— st, like a greyhound compared 
Ah ordinary dogs” 


AUTOSPORT 9-12-76 


MOTOR 20*1 2*76 


>n several occasions moreover, the 
ility to increase the ride height at 
11 proved a very real asset when we 
d to negotiate rough tracks or dear 
atrading boulders.” 


“Indeed, the remarkable space 
available for the rear passengers is 
outstanding and the flat boot floor, 
with no lip to obstruct the loading of 
luggage, is a feature that the owner 
will appredate over and over again.” 


“I also liked the car’s ability to cruise 
effortlessly at high speeds and its 
roomy interior which comfortably 
accommodates myself my wife and 
our three large teenage children (my 
15 year old son is nearly 6 ft tall) .” 


CAR1-12-77 


“It is an immensely safe car.” 


WHAT CAR? 1-5-76 


AUTOSPORT 9-12-76 


CAR 1-2*77 


“Like all Citroens this one has been “Obviously it is the advanced aero- 
designed so that it will notdate, with dynamics of the Citroen that render 
a body and mechanics that will last such performance possible with a 
the 20 years that the DS range did.” relatively modest power output.” 


ike Alfa-Romeo, Citroen refuse to 
ce the easy way out and their cus-, 
ners are the people who benefit.” . 


MOTOR 17-5-75 


: is some twenty years now since 
troen first introduced a braking 
stem of the sort fitted to the CX. 
illy powered not power-assisted^ it 
still one of the most advanced 
rangements available in the world 
iay? 1 







A CX can be yours for £4,495.14. 


Price includes car tax, VAT and inertia reel seat belts,hntexdudes numberplates. Delivery charge £39.40 (inc. VAT) . Price correct at time of going to press. All Citroen care have a 12 months unlimited mileage guarantee, 
ase enquire about our Personal Export, HM. Forces and Diplomatic schemes and Preferential Finance scheme. Check the Yellow Pages for the name and address ofyour nearest dealer; Citroen Cars Ltd, Min Street, Slough SL2 5DE. Tel: Slough 23808. 


4 




0 


ELECTRICITE DE FRANCE 


US $ 500,000,000 

Eight Year Loan 


Managed and provided by 


Credit Lyonnais 

Algemene Bank Nederland N.V. Amsterdam-Rotterdam Bank N.V. 

Banque Europ£enne de Credit (BEC) Bayerische Landesbank GIrozjentraie 

Caisse Centrale des Banques Populaires Compagnie Financfere de la Deutsche Bank AG 


Goldman, Sachs international Corp 
London & Continental Bankers Ltd , 

Midland Bank Limited 
Orion Bank Limited 
Soci6te Generate de Banque S.A. 

The Bank of Tokyo, Ltd. 

The Fuji Bank, Limited 
The Mitsui Trust and Banking Company Limited 
The Sumitomo Bank Limited 

Union Bank of Switzerland 


Internationa! Westminster Bank Limited 
LTCB Asia Limited 
Mitsubishi Bank (Europe) S. A. 

Soci€te G£n£rale 
The Bank of Nova Scotia Channel Islands Limited 
The DaMchi Kangyo Bank, Ltd . 
The Mitsui Bank Ljm(ted,Brussels Branch 
The Sanwa Bank Limited 
Toronto Dominion Bank 


also provided by 


First Pennsylvania Bank HA. 


Total Baik Hederlaad I.V. 


Gulf International Bank &S£ (Bahrain) ■ -Hamburgischa Latidesbank-Girozantrale- 

Landesfaank Rheinland-Pfalz und Saar International SA 


Bank fur Kredit und Aussenhandel AG 
Banque Bruxelles Lambert S.A 
Banque Intercontinental Arab® 

DBS-Daiwa Securities international Limited 
Japan International Bank Limited 
Saitama-Union international (Hong Kong) Limited 


Trade Development Bank/Republic National Bank of New York 


Bank of Scotland 

Banque Commerclale pour ('Europe du Nord (Eurobank) 
Banque Populaire Suisse S.A. Luxembourg 
Internationale Genossenschaftsbank AG 
Pittsburgh National Bank 
The Saitama Bank, Ltd . 


United Virginia Bank 


Exclusive dealer for Commercial Paper 
. GOLDMAN, SACHS & CO. 


Agent 

CREDIT LYONNAIS 



S&L 


January, 1978 


What some 

don't know 


about Tyne and Wear 


would fill a book. 


So we did! 


If you are in industry or commerce and haven’t 
taken a good look at Tyne and Wear recently, 
chances are you’re way out of date. 

If you have never even set foot in our Region, 
you don’t know what you’re missing. 

Tyne and Wear County is a Special Develop 
ment Area, offering to enterprising industry and 
commerce the highest Government incentives in 
Britain. We can now add our own financial 
assistance with the 'Tyne and Wear Act 
which makes us extra special. 

But we’ve more than money 
to offer. Learn how rich we are in sites, 
premises, labour, communications, 
housing, recreation. Learn how 
easily we can help cure your present 
development headaches. Learn that 
Tyne and Wear has the ingredients 
for successful relocation and ex- 
pansion. It’s all in our new booklet. 

Post the coupon without delay. 

And why not follow up with a 
visit ? Have a word with our Peter . 

Waring about it on 0632 816144, 
or write to him at Archbold 
House, Archbold Terrace, 

Newcastle upon Tyne 2. 



I would like to loam mora 
about Tyne and Wear County* 
Please send me your booklet 
fay return. 


Wear 


To: Peter Waring, Industrial Officer, j 

Tyne and Wear County Council, Sandyford House, j 
Archbold Terrace, Newcastle upon Tyne 2. 1 

Telephone: 0632 816144 f 


County Council 


i 





financial Times Tuesday January 24.1978 ; •. 



OVERSEAS NEWS 


Bid to convene 




< 


i-Sadat summit frnt 


BY OUR FOREIGN STAFF 


tf* 1 


ALGERIA is ptesdng ahead 
with Its efforts to convene a. 
summit conference of Arab 
stales opposing President 
Anwar Sadat of Egypt* uni- 
lateral initiative to bring about 
a settlement with Israel des- 
pite the fact that • the 
Initiative now seems to bo 
deadlocked. 

Formal invitations to a meet- 
ing of beads of state were re- 
ported yesterday to have 
been given fay Mr. LebxahimL 
a special envoy of President 
Bottmedieiwe of Algeria, to' 
President Hafez al Assad of 


Syria, . President Haasan . at 
Bakr of Iraq, and Colonel 
Muammer Gaddafy of Libya. 

Mr. Lebrahiml yesterday, left 
Damascus for an unknown 
destination but the purpose of 
his visit was believed to be the 
convening of a “ rejectlduist ” 
-hard-line summit fay the end 
of die month. His Middle East 
trip followed hard on -the heels 
of one far President 
Bomnedienne who recently 
visited Damascus and Baghdad 
In a bid to mediate between ; 
the two Baatlust regimes fhere. 

Some, kind of reconciliation' 


-between Iraq and Syria at 
" foreign minister level, however; 
would be required before Mr. 
Assad could meet Hr. Bakr, or 
Mr. Slddam Hussein, his 
deputy, at a nentral venue. As 
reported yesterday fa tiie 
Financial Times a meeting Be- 
tween Mr. Afadel-Hatim 
Khaddam, Syrian Foreign 
Minister, nod Mr. Saddoun 
HanunadL. his Iraq! counter-; 
-part. Is expected to take place 
in Algiers imminently. 

Renter adds from Jerusalem: 
Prime Minister Monaehem 
Begin of Israel to-day accused. 


the Egyptian Press of anti.i : 
semltism at a time when peace 
negotiations were In progress. 

In a speech to. the Knesset 
he asked: “Docs this reflect 
the thoughts of President Sadat 
who sat with me late into the 
night and told me 'you are my 
friend 7" 


Meanwhile, Mr. Gideon Patt, 
the Israeli Housing Minister, 
said to-day that the Golan 
Heights was already a de faeto 
part of Israel and the day wax 
not far when it will also be do. 
Jure. _..I\ 


McNamara 

r ■ 

for talks 
on Egypt 
economy 


. By Midtxcl Tin gay 

CAIRO. Jan. 23. 

ATTENTION HAS focused once 
again on. Egypt's chronically sick 
economy — one Important aspect 
of President Sadat’s peace initia- 
tive — Mr. Robert McNamara, 
President of the World Bank, 
who is here on a 10-day visit one 
year after the country was 
brought to a total standstill for 
48 hours by the worst ever food 
riots in Its history. 

Mr. McNamara is meeting 
Egypt’s economic team beaded 
by. Dr. Abdel Moneun el Kais- 
souny. Deputy Prime Minister 
for Economy and Finance, to 
establish the true position and 
prospects .for the economy in 
1978. 

The World Bank’s 8270m. con- 
tribution in project assistance 
last year is put into stark per- 
spective by the scale of the 
macro-economic imbalances. 

The balance of trade deficit 
last year was brought down 
almost to nothing because the 
Government persuaded the Arab- 
backed Gulf Organisation for 
Economic Development (CODE), 
a $2bn. fund set up originally 
for project investment assistance, 
to channel its remaining S1.400m. 
into balance of payments sup- 
port. 

U.S. commodity and food aid 
last year was valued at Slbn., 
while bilateral arrangements by 
Arab States provided Egypt with 
substantial (though not accur- 
ately measurable) aid in loans 
deposits and both capital and 
current financial assistance for 
defence. 

Egypt still runs a current 
account deficit which seems year 
after year to approach £Elbn 
(£l,322m.). Last year some in 
ternal financing exfforts were 
mad® with fiscal improvements 
and the tapping of- locally avail 
able bard currency resources 
(like deposits in foreign banks 
and unused liquid cash owned 
by oil companies )- 
With some restrictions on im 
ports continuing, the current 
account deficit expected to full 
to an estimated £E450m. in the 
1978 budget year, the foreign 
finance gap will be lower this 
year than for four years. Foreign 
analysts say that the foreign 
finance gap (the difference be 
tween hard currency needs and 
income Including borrowed 
money) will be reduced to 
$1.5bn. in 1978. compared to 
$2.3ba. In 1975 and S2bn. In 1976 
Despite the • improvement in 
the short term the Government's 
economic quandary re m ai n s the 
same this year as In January 
1977. Last year's riots were 
triggered when the Government 
tried to impose aits in subsidies 
on basic food commodities which 
pushed up the prices of different 
commodities by 10-60 per cent 
overnight. Severe rioting nation 
wide with a conservative official 
death toll of 80 forced the Gov- 
ernment to back down. 

This is why the total spent 
on direct and indirect subsidies 
remained as high as £E600m. last 
year. 


Saudi GNP up 15% 

two years 


over 


Sadat plans 

diplomatic 

offensive 


By Roger Matthew* 

CAIRO. Jan. 23. 
PRESIDENT ANWAR SADAT of 
Egypt is to launch a three- 
pronged diplomatic offensive in 
the next few days aimed at con- 
vincing world opinion, of the 
justice of the Arab cause in the 
Middle East and appealing for 
support against Israeli “Intran- 
sigence.” 

Mr. Sayed Marel, the Speaker 
the People's Assembly, will 
head a parliamentary delegation 
the U.S. which it is hoped 
will be received by President 
Carter. Mr. Mohammed Ibrhaim 
Kamel, the Foreign Minister, is 
to visit London, Paris and Bonn, 
while Vice-President Hosny 
Mubarak will, tour several Arab 
and African capitals. 

Although the approach will 
vary according to the country 
visited it will basically seek more 
active support for Mr. Sadat’s 
peace Initiative. Those countries 
that have already praised Mr. 
Sadat’s work for peace will be 
urged to put their- expressions 
encouragement into a more 
concrete form. 

The morning, newspaper Al 
Goxnhouria said to-day in an 
editorial that the world should 
stand together in protecting Mr. 
Sadat’s initiative and In resisting 
the attempts at sabotage being 
carried out by Mr. Begin and 
his “extremist Zionist group.” 
Moral weapons were of little 
value against Israeli arrogance, 
claimed. - - •" 

Mr. Sadat to-day spent . some 
time closeted with bis Foreign 
Minister discussing the latest 
Egyptian moves in the at least 
temporarily deadlocked talks 
with IsraeL 


• : f _ NICOSIA, Jan. 23. 

SAUDI ARABIA'S current -five- to 52,734 tons, with the “hold-up 
year development.' plan; = the period (for ships waiting to un- 
largest ever in the Middle East, load) dropping to zero.” 
has achieved a 15.4 per cent ft Saudi, the national carrier, 
growth in the Kingdom'^ gross increased its fleet to 37 aircraft, 
national product over the ‘last ten more than was targeted in 
two years, per cent higher the plan. Passenger traffic 
than originally planned, accord-' increased to 3.1m. as against a 
Ing -to the' Middle -EaatEconomic target figure ot 1.9m. 

Survey.. V- • The private sector completed 

It quoted Mr. • Hrasbam the construction of 100,000 hous- 
a l-Naze r, the Saudi Minuter of jng units, as compared with a 
Planning, as saying /that -the planned '42,000 units. The Saudi 
growth in the non-petroleum Development Fund provided 
private sector has amounted to $6.46bn. in bousing loans. " 

If ceQ L. as against a. target a Electric power -generation 
8 capacity increased to 2.390 mega- 

The Minister appeared to watts, compared with a target 
refute alega toons by Beirpt.new*. of 2 .560 megawatts, 
papers that the $l42bn. plan was a a total of S260.8m. in loans 
running into expenditure bottle- an d subsidies have been extended 
necks, with planners tumble, to to fanners who received dona- 
spend allocated sums. »■ ---' tions totalling 236.708 acres of 
A Beirut newsletter .-had reclaimed farmland. Some 86 
claimed the Kingdom was unable portable water networks were 
to spend $41 bn. out of the total completed, and the output of 
investment allocation and that sea water desalination plants 
the sum would be rolled into the amounted to 12.86m. gallons and 
second five-year development 50 megawatts of electricity a 
plan now being worked out day. 

The rate of actual expenditure ft Licences were issued for 267 
on Saudi projects also improved, new industrial plants in 1975-76 
particularly in the General Ports and a further 184 during the 
Organisation, the Directorate first half of the following year. 
General of Mining Resources Loans granted by the Saudi 
and the water sector in the Development Fund amounted to 
Ministry of agriculture where It $68ii.4m. during the two-year 
reached 80 per cent, of alioca- period. 

tions, tbe Survey said.: ■ ft The number of students in 
Mr. al-Nazer gave the following elementary . and secondary 
recapitulation of the main schools rose to 928J274. compared 
achievements of the first two with a targeted 1.011,071. The 
years — July 1975-June 1977^-of number of university level 
the five-year plan: students rose to 22.234, as against 

ft A total of 3,371 kilometres of a target of 22350. 
paved roads, bringing the road In the absence of official 
network in the Kingdom to census. Saudi Arabia's popula- 
16,638 kilometres. . tion has been variously esti- 

• Dally unloading rates at tbe mated at 6.03m.. 7.7m. and 8J9m. 
ports increased from 36.879 .tons AP-DJ 


Vorster to 

reshuffle 

cabinet 


By Quentin P««l 
JOHANNESBURG, Jan. 23. - 
A MAJOR RESHUFFLE of 
South African Cabinet is expeo 
ted to be announced this week; 
with important Implications ftq 
future relations between the 
Government and the country's 
black population. . 1 

‘ The key jobs In the change- 
over are Bantu Administration 
and Development, and Baoty 
Education which are held by Mt 
Michael . Botha, one of the mosl 
conservative members of the, 
present Cabinet, who resigned xf 
his seat at the November general^ i 

election. 

Front runner for the primary 
job of Bantu Administration and ' ' 
Developme.nL is Dr. Connie 
Mulder, at present Minister o! 
Information and of the Interior, 
and the politically powerful 
leader of the National Party in 
the Transvaal. He is an ambitious 
mao, who has been tipped as i 
possible successor to Mr. John 
Vorster as Prime Minister, 
although recently be appears to 
have fallen from favour. 

Another possible for the job 
is Mr. S. P. Fanie Botha,' the 
successful and popular minister 
of Mines and Labour. He would 
be au ideal compromise candi : 
date. 

The other area of speculation - 
is that the Departments of Bantu 
Administration and Bantu Edu- 
cation will once more he divided, 
as they were until 1966. 

Reuter .adds: The Ambassa- 
dors of five Western countries 
have held further talks with 
Mr. Pik Botha, the South 
African Foreign Minister^ on 
Namibia, It was confirmed hero 
to-day. 


ffS' « 


i- 


PAKISTAN’S NUCLEAR POLICY 



course 


'KV.'iS 


I 


BY SIMON HENDERSON IN ISLAMABAD 


PAKISTAN rs heading for con- scepticism about tbe need at this Both items are on the recently 
rrontation with both France and stage — if indeed ever— for a released “trigger list’’ of nuclear 
the U.& because of its deter- national reprocessing capability equipment which the 15 member 
m mail on to buy nuclear repro- in Pakistan, even for a nuclear nations of the Nuclear SunoHes 
cessing equipment, pie Amen- programme which envisages .pro- Group, France among them have, 
cans are afraid that the deal riding. 50 per cent of domestic undertaken in future to suddIv 
could conflict with their policy energy needs by AD 2000. only to those nations that ar!w 
to prevent nuclear proliferation. Speaking, to journalists accom- roternationaf "nsmS’on 'of fhe, 
France te trying to renegotiate paoying Mr. James Callaghan, use they wll Lut 
the deal U signed for a reprocess- the British Prime Minister, on # JS* v 

ing plant io 1976 but. Pakistan bis visit to Pakislan. the military ha? 

has been adamant that it expects ruler. General Zla-ul Haq, com- ?hf low Vvei Sf ifllf a l 
the original . contract to be plained that American pressure E ^ a ,? 4 

honoured. was very discriminatory. The »»,£ telegrams is .basically 

All three countries are locked Middle East countries and Pakis- General^ 

Into circumstances which may tan, he said, were the only xi> v lbat ,f - 

jeopardise their -relations if no areas in the world which did not Hp e 5 n j in p0, ? er 

way out is Found. The military have reprocessing facilities. The dininmnt!n av «fffl a - d a maj °£ 

regime in Pakistan and all statement was interesting WashinoVrtn 

political parties consider ; the because it has always been took wi ar . t f ( £Jl ha, v Whl ? 1 

fulfilment of the deal almost as rumoured that Mr. Bhutto was ... wben he 

‘a question of national honour, able to obtain money from the ,y! L °^? slt on agitation on. 

while France does not want to Arabs for the reprocessing plant , f current American- 

be seen going back on its word, on the basis that he would share 1S not seen as being 

particularly If it is thought to the technology with them. mo . re tba n careful ob- 

bo under American pressure. Some people have even gone i. a . n °* what might, be 

The U-S. Itself does not yet : — {“JJf ' w-S. In J n ® R , otIat L Ql ? : ^ 

have a clear-cuf position on the The prosecution has finished . Islamabad, and 

prevention of proliferation, its case in the murder trial of af n,or ? Carefully 

Different parts of the Adroinis- the former Prime Minister of fn ald Projects 

tratioo still reflect significantly Pridstan, Zulfikar all Bhutto^ „ , If »t did come to a 

different attitudes, although the Simon Henderson reports “}Pi°matIc argument 

government itself has proved to from Islamabad. To-morrow a parties would lose, 

be more flexible than seemed statement* will be taken from C ° ud we j! cancel plans 

likely when President Carter fonr of , Mr - Bhutto’s co- Al T bu ^s for its 

made his speech on prolifera- accused after which It is J*™* call off the 

tion policy last April. But expected to be only a matter * he Saviem iruck 

under the Glenn Amendment of . ***• complete the sum- f’' D a s , ,d ' a J2. of Renault tQ build a 
to the Foreign Aid Act. which UP * b ^ or * lh * Rnal ^ p1anL ... 

has been operative since August' looRonicnt. Mr. Bhutto him- ..he continuing uncertain 

1976, all aid except humani- announced a boycott of Poetical situation in Pakistan 
lari an aid has to be cut off - e m weeks ago and *hean that General - Zla 

from countries which build i s e n01 ex P ec ted to offer any could be toppled by a real crisis, 
nuclear reprocessing eauin- defenc c- ■ *o.he replaced bv a general whose 

ment in defiance of Washing- — r- ,. to match the nuclear 

ton. Development aid from the India 



totaaii 


1C 


iui>. ucrsivuiucui aiu iiuid me nw ._ : a . . . - — « ■“«»« • WQllld be 

(J5. to Pakistan is currently Promised the Arabs the bomb so open. The American posh 

running at about SSOra. a yean * ^PPosed 11?" ***** Heneral Zla’s word 

• • • • - nuelMr , * ana rity. As If sensing that Pakistan had no ambition to 

ons or Jus words, nake nuclear weapo&s did 

a -w : — was quick to add *^1 bind future administrations 

As if this threat were not that, oj course, Pakistan wo'jld would have become a -xelf fulfill- 
serious enough to Pakistan, not pass on the technology to prophecy c 
there are domestic political one of the more radical Arab- Even if French -’-Pakistan 
»•«. The detained states. Obviously th e General | s negotiations on " ftM S 
former Prime Minister, Mr. sensitive on the question f or compromise remain it a stale- 
Zulffitar All Bhutto, who retains whereas previously be has said mate, a crisis rould occur next 
much support in the country, that he was under no American summer when far imn- 

has always alleged that he was Pressure, fe.aow says that the iu m for the riSJS hiwViJv 

overthrown by . the army be- ^ has threatened to cut off ^orkln/are expSro run ou? 

cause he stood up to American aid. Canada the onfv «mblU the 

disapproval of the reprocessing ^ ^ re at probably was “otnenL is iS 

Plant. For the present P.k,«S WW, «ther than ^ctuM attempting^ V rebate m 

Government to accept an alter- Infor ™ed sources, bearing in contract rcnegouaie its 

be 10 ^SSest That ™ nd ^*1 the Glenn Amendment Since ‘ India usnd nmartian 

be was righL does not require action until re- technoloqy to setoff a nuS 

bemg. ^ c ff ,r, g equipment arrives in «olo B i on Ottawa llraScly 

FreiIch 7 L n questl0n - »y that sensitive to the dancer 5 

which in recycling ”spent ^fue! -cheT^^ite^ 


s Uuion 

lake! 


like 






dr 

C 


The alternative still 
offered, according to 
sources is a co-processing plant ***** 


gibs*, -of mv ■fir'ssrj ss..7 ,, s{!r 

i,s 

te tt Sh7ii Fo h? sn Affa ?. ^ pi£?« Itati' ihB 

— - 1 - froni the plutonium is tsrijs - the ?? «55 isssLSt r“*s wST" 


acceptable. 


The “basis of rh P last year for eompletion STvS mneT'lte TmJf. 

that If the PaVtetaSff'L 0 ” moilUls behind f-il "«? allen»pV to pre- 


' ;i : 


recycling nuclear 
mixed oxides 




pro- » 


fuel, 


or --v. .bo“ •iMBBaas-si 
« % 'sstsjss, ass***! sa*Jf£ X" sss » 


;M 


trouble. 

separate 


ludioftes that 
must eharrg(>^fg ideas 
a tcproces* 


u- 




« if they w^T SSSKS? - ^ ^uSSTS 

•ure plutonium fnr . Processing vessel ^hat 1 .J?’ k 11 “ USt realisc 

fabricated- with hope ihat 20 

including, plutonium 


bomb. P ES T S jp that 

SJ5A SPJBSS- ® fas, - breeder 


Ttere u danvlf™,. urai0n3 '’ tovoiviriK * : 7J a, i breeder reactors, 
acre dangerous amount of radiatiom httte b * *02000, U 






l 


tittle marc than a pipedreauu 


ir-,. 


^ \ 


■2s 


inancial Times. Tuesday January 24 1978 


WORLD TRADE NEWS 


•forth Sea support vessel 
ontract goes to 


Japan 


iAY DAFTER, ENERGY CORRESPONDENT 

TOM-BUILT maintenance now on stream and with other Ministers and officials will 

' ■ urgency support vessel, discoveries In the East of'Aber- shortly discuss possible amend- 

d for work in the U.K. deen . safety zone ( including the meats to the Government's 

if the North Sea. is to be fSUf.®** Fieltf) " er * interest relief grant scheme 

n Jaoan at a erwr ab V ul 80 per cent of Br L t! W desl 3ned to help . British 

? 0 h! P ,tvpp isnmTAvm ° U output : Allhohgb suppliers of offshore oil and gas 

lo be over. SpOm. UK yards were given a fair equipment compete in ihe £lbn- 

irder, placed by the Oeci- opportunity to compete they a -year North Sea market. 

. jroup which is developing were unable to meet the very ^ GovGrom ent is under 

per and Claymore oil tight delivery schedule, said prStre ftSS^Brniftl? 

.. a/iII come as a particular Occidental. The Government has the 
a the U.K. shipbuilding accepted ibis tact. - 12! 525FX wh,chl - acc ? rdJn 8 to r 

y which IS hopiog to gam However, following .pre^ro jj£ 15 

The scheme provides 
w wi manufacturers with 3 per 

-40m. Will be spent on si* as the necessary specialised i^v^rtn^rfiS 

1 in vessels over the next skirls and experience have been l nr the U.K. sector of the 

!t irs or so. acquired. NorUl Se!L 

Mental's vessel will be The Sedco/Phillips, the Its existence has been one of 
id and operated by the world's first specially constructed the factors behind the UJt. 
iNi , 1 1 group. Sedco. it will be semi-submersible utility and*. industry’s growing <.sbare of 
v qiJ ||5 to the Sedco/HhilUps emergency vessel built, by Mi tsu- North Sea orders— now thought 
. ''(bmersible maintenance bishi at Hiroshima, is equipped to b e ar ound 65 per cent. The 
..... mrgency vessel now being with a diving support unit a Department is believed to be 
‘ ‘ .y Phillips Petroleum on workshop, a heavy IlFting crane, considering a number of amend- 
ofisk Field complex in the fire fighting equipment, a bnspi- meats which would bring the 
jiao sector of the North tat and temporary living accom- scheme more in line with 
modal ton. [( is thought that interest relief schemes operated 
dental said that it had Occidental's vessel will have on rhe Continent. However, it 
Sedco and Japanese similar facilities. could be some lime before the 

-s because of their ex per- A British yard looks set to win issue is settled. Both the equip- 
and the short-delivery at least one of the new main- ment supply industry and the 
The multi-purpose vessel lenance vessel orders. British U K. Offshore Operators Assn- 
• to be handed over ' in Petroleum has confirmed that It ciation (representing oil com- 
79. is studying tenders from ; five paniesj have told the Govem- 

nil group said that n UJv. yards for a semi- ment they would oppose a plan 
le livery was considered of submersible unit which will be which would resuli in the 
importance. Both the employed on the Forties Field, scheme being scrapped or 
and Claymore fields were • Department of Energy radically altered. 


j « uupiue iu sum nowever. toiiowing c 

\ slice of the market for from the Department of Energy. 
Wu w breed or vessels. The Occidental has conceded that a 

I lament has estimated that British crew will be used as soon 

N|j 


German- U.K. trade gap wider 


GUY HAWTIN 


FRANKFURT, Jan. 23. 


LATEST breakdown of In the first 11 months of 1 ATY the figures for the first 11 

German trade statistics British exports to West Ger- months of 1976 — and by no 

that British exports to many totalled DM8.45bn.— close ™ cans all of these were manu- 

ederal Republic continued 0 n 22 per cenL up on the per- faclurcd Soods. 

powerful expansion in f ormance in lhe comparable During the period under 
iber However, West f . q7fi h _ xnor tg review the Federal Republic's 

m shipments to the U.K. tn 9 DM774hn P rhe share of British imported 

maintained a re en! less “J 7i U of 89° d * market amounted to 5.34 

n and the surplus to -Jra£e 6 35 hi Vent P® r cent - although this rose to 

* ‘widened 'fun her™* ny * expans, on^to “ert^GeSfi ?,« Percent in November. The 

imports. 

Against 


r 

ile trade 
1 not be 


performance 
on 


average for the first 11 months 

. . . this, the figures— °f 1976 was 4 74 per cent 

.rds ih-ii aonlv In a tnnx abs,rac, ed by British . trade Britain’s share of the West 

ea*ue it isdisaDDointina ofliciaLq froro Federal statistical German imported goods market 
the masslJe bS offlce «»«niMhow that West during the 11-monlb period 
vi.rlh Sea oi^exnuru have f;ertnan exports to the U T K- averaged 4.41 per cent, inelud- 
to the U K fisures- have wem up 20,3 per cent ' dDnn * in S crude petroleum shipments, 
to rivni ‘ the Federal lhe 881116 Period, from DMllhn. and 4.5 per cent, of the total, 
h i,p\. curnius in its trade ,0 DMt3.24bn This growth rate excluding crude otJ deliveries. 
Britain The situation was a ^ Sf) wel * above the 65 per This compares with 3.85 per 
he reversed this vear as eent increase to British imports cent, and 4.22 per cenL respec- 
miiia fmm ihp North q-n during the first II months of lively for the same period of the 
?scs bt,Mh,rw,ll do noth y£ * ar - . previous year, to November the 

0 improve the fundamental Exports of manufactured goods -picture was a little more 
cm which is that sales of accounted for virtually all of encouraging with Britain bold- 

Orinan manufactured West Germany's shipments .to ing some 4 32 per cenL share of 

1 in the U.K. are growing the U.K. Against this. British total German imports and a 51 

'aster than those of Britain non-oil exports totalled per cent slice of the market 
ic Federal Republic. DM8.66hn.— 14.2 per cenL up on excluding crude Imports. 

Soviets boost Comecon trade 

fctl V Y DAVID SATTER MOSCOW. Jan. 23 

SOVIET UNION’S trade Indebtedness Bnd the oppoitunl- Trade with Poland 'rill have a 
it.s C.»nicciin partners is lies for trade " created by value of roubles 6.7bn. or 0 
iulcd n» rise sharply in 1978 increased industrial production, per cenL over the projected 
deliveries of machinery H also will undoubtedly stem 1977 Soviet-Polish turnover of 
my at the most rapid puce, from the bigher price of Soviet roubles 6.1bn. and trade with 
dine iu figures released by nil. Soviet oil prices to Comecon Hungary in 1978 is expected to 
invid news agency Tass. countries' are being raised on a have a value of roubles 6.4bn. 
mnumg tho trend of recent yearly basis according to a or 60 per cent over the pro- 
. the Soviei Union's trade sliding scale , which reflects jected 1977 turnover of roubles 
the Socialist world, taken changes in world oil prices 4bn„ according to the Tass an- 
whole: will increase lo 59 averaged out dver the previous nouncemenL 
*m. or total Soviet turn- five-year period. The increase in Soviel-Huo- 

The Socialist counrries The value of Soviet trade with garian trade expected in 1978 is 
nted for a projected 57.5 East Germany, the Soviet the most dramatic of those en- 
eni. of Soviet trade in 1977 Union’s largest single trading visaged in trade between the 
■51’ per cent, in 1976. partner, is set to reach roubles Soviet Union and its Comecon 

» planned increase m Soviet 7.3bn. (£5.53bn.) in 1978 or an partners. It is believed to stem 
with Comernn countries is increase of 9 per cenL over the from a policy decision taken last 
red in refleci the desire of projected 1977 Soviet-East Ger- year to increase the Soviet share 
con countries tn redq.ee ihe man turnover of roubles 6£9bn. of Hungarian foreign trade to 
isc In their hard currency (£5.07bn.). over a third of total turnover. 


Building 

orders up 
in Italy 

By Paul Betts 

ROME, Jail. 23. 

ITALY'S PRIVATE construction 
Industry continued to increase Us 
export performance of last 
year, particularly in the oil pro- 
ducing countries of the Middle 
East partly as a result of the 
new Italian . export credit 
scheme. 

According to latest figures 
released by the Industry's 
national organisation'. ANCE. 
orders won by the Italian 
private construction sector last 
year totalled lire 2.500bn^ or 
about £1.6bn^ compared to lire 
2.200biL in 1975. 

About 80 per cenL of the 
rontracts concerned Middle 
East oil countries, while Western 
Europe represented barely 0 5 
per cenL of. the total. The 
majority -of new contracts In- 
volved civil engineering projects 
like industrial and urban build- 
ings. hydroelectric plants, roads 
and bridges. 

Over a seven year period, the 
industry has seen its export per- 
formance increase from lire 
SObn. in 1970 to lire 300bn. in 
1973. and subsequently Jo lire 
l^OObn in 1975. lire 2^00bn. in 
1976 and lire„2.500bn. — equiva- 
lent to about "30 per cent of 
Italy's annual oil bill — last year. 

The pew export credit scheme 
Introduced by the Italian foreign 
trade authorities last year has 
helped the industry by speeding 
up the former cumbersome pro- 
cess and facilitating the granting 
of export credit lines. 

• Italian exports of leather 
shoes fell 1 per cenL. to 178m. 
pairs, in the January-November 
period last year, compared with 
the same 1976 period. Exports 
rose 30 per cent, in value, 
lire I.TBbo., AP-DJ reports. 

Shoe producers do noi >et con- 
sider the decline a cause of con- 
cern. tbongh trade restrictions 
on shoes are tightening, and 
should they become more 
severe, there could be economic 
difficulties in the sector, the 
Government Statistics Bureau 
reports. 

Singapore cuts 
trade deficit 

By Anthony Rowley 

SINGAPORE. Jan. 23. 
THE VISIBLE trade deficit -here 
narrowed to $Sing.5.4bn. against 
SSing.fi.lbn. in 1976, according 
to latest official figures. 

Exports grew by 23.5 per cent, 
to SSing.20.10bn. while imports 
grew by a more modest 139 per 
cenL to SSing.25.50bn. in 1977. 

Major contributors to the 
improvement in Singapore's 
trade gap were increased exports 
of fuel— the republic is Asia’s 
most important oil refiner— and 
of raw material .exports. Singa- 
pore is a major entrepot centre 
for commodities such as rubber 
and timber grown in neighbour- 
ing Malaysia and firm prices for 
both commodities last year prob- 
ably allowed Singapore some 
stock profits. 

Singapore also imports certain 
commodities from Indonesia and 
re-exports them, however, as 
these do not show up in the 
official import figures here (for 
political reasons) it is not known 
whether the absence of them 
gave the overall trade figures a 
bigger boost than was strictly 
justified. 

. Singapore’s visible trade 
deficit is usually offset by service 
earnings and capital inflows 
which in 1976 resulted in 
balance of payment surplus of 
SSing719m. after transfer to 
official reserves. The 1977 balance 
of payments figures have not yet 
been published. 


France and China sign first 
‘framework 5 cooperation pact 


BY ROBERT MAUTHNER 


PARIS, Jan. 23. 


FRANCE AND Cbna bas signed bilateral trade which occurred French arms and nuclear reactOT 
what was described as a “frame- to 1977 . could be explained sales to China, but no details 
work” scientific and technical co- mainly by China’s internal politi- were given by the French dele- 
operation agreement, the first of cal problems- But now that these gation. which tried hard to play 
its kind between China and any had been resolved, Peking was down this aspect of the bilateral 
Western country. confident that trade between the. talks. 

The agreement, concluded dur- hvo countries would quickly ex- It appears that the Chinese 
ing the official visit which French pand. expressed great interest in 

Prime Minister Raymond Banre j^ r Ten-* Hsiao-Ping the obtaining sophisticated military 
is currently paying to China. Chinese Vice-Premier * even equipment from Fraoce. par 
covers joint stndics and projects „ ave M> Barre an undertaking ttoularly in the field of electronic 
in animal genetics pharmacology f^ a t French exporters and com- detection But the French, it is 
(research In medicinal herbs), panies would be given a certain p £ d ®”lood. did not epmont 

computer technbloqy. telecom- preference over those of other themselves, pointing out that 

monlcations and geological ex- Countries on condition that they of equipment of *“5 

p] oration. could match the prices and . kin . d Vfce 5 e 8 “bject to the authori- 

After the signature ceremony, quality of the products offered “**£“ of c °COM and a similar 

M. Barre. who has had a partlcu- their competitors. Wjrtei m organisation dealing 

larly warm welcome from the ■%_. F .. , , with China, which lay down joint 

Chinese leaders, said that sectors mentioned by the rules for The export of sensitive 

Fran co-Chinese co-operation Chinese as offering toe best military equipment to Eastern 
should be “global and not just trade were energy, including oil. Europe and China respectively, 
confined to a few specific fields. SJ™*. ““Tj" Clearly, the French are also 

It was also intended to be long- technology,, trucks and food pro- anxious not to anger the Soviet 

term. “Our horizon is not three d0CtB - . Union by exporting military 

or five years, but several According to French news- equipment to China. Moscow is 
decades.” he said. paper reports from Peking, reported to have expressed its 

The Chinese tol.d the French French and Cbijiese Ministers hostility to such a possible move 

Premier that the sharp Fall in also discussed the possibility of in the strongest terms. 

GM to build French plant 


GENERAL MOTORS France figure 
plans to start a plant near Sedan 1 976. 
in the Ardennes district of 


VW domestic sales surge 


BY JONATHAN CARR 


BONN. Jan. 23. 


PARIS, Jan. 23. 

reached in November car sales accounting for 385.848 
the Vehicle Importers' out of a total of 1.741,645 against 
Association said. 22£7 per cent or 383,116 out 

u. • For the first 11 months of 1977 of 1.689,417 for the same 1976 
northern- France to make car tmpnrters took 22.15 per cenL period, 
beating equipment to be sold to 0 f the market with importers’ Reuter 

European markets. 

The company -said it has signed 
an undertaking to buy -an 8.000 
square metre plant on u 50,000 
square metre site at Donchcrry, 
near Sedan. It declined to give 
financial details but said the 
plant, due to start production in VOLKSWAGEN easily topped the VW Golf registrations totalled 
the second faajf of 1979. will list of new car registrations in 213.500 (against 205.000 in 1976). 
employ 300 pbople when' fully West Germany last year. It sold Opel Ascona 154.000 (15D.000). 
operational. 8.500 more of its Golf model Opel Kadelt 142,500 (133.000) 

General Motors France already alone than in 1976. But it was and the Ford Taunus 129,000 
bas plants at' Gennevilliers. near a record year for virtually all (134,000). 

Parts, making accessories and at companies. Thi>c* tho r nn in —m- 

Strasbourg makfng automatic Vehicle registrations increased Xi th iQ 78 P rPKU if/ Tn 

transmissions and carburettors, jo.i per cenL to 2.83m.— with 1976 resuKs 

The company's Harrison radia- car registrations up 10.8 per 
tor subsidiary will give technical cenL to 2.56m. VW/Andl ... 789.979 (663.095) 

assistance in setting up the Sedan VW/Audi increased its cars Opel 495.863 (469,304) 

plant, which will receive aid result to nearly 790.000 from Ford 370,992 (345£11) 

under French regional develop- 663.000 in 1976. Opel was <*econd Daimler-Benz 220,485 (203,2131 

ment programmes with nearly 496.000 followed by BMW 140.182 (130,090) 

9 Importers’ share of toe French Ford with 370.992 and Daimler- Renault 126,436 (123,455) 

car market rose to 22.9 per cenL Benz with 220,485. - Flat 1I3J31 (108498) 

of cars sold- in November from Leyland was 15th with 13.709, (lirysler 56JG4 

20.5 per cent in October but compared with 12,639 in i97ti. Citroen 48.551 

was below the 23.4 per cenL when it was 14th. Peugeot 44,430 


(55.731) 

(41,163) 

(41,724) 


Australia-U.S. air row looms 


BY KENNETH RANDALL 


CANBERRA. Jan. 23. 


THE DISPUTE between Australia reviewed most or the major join Pan American on the Pacific 
and the U.S. over Pacific air provisions of the agreemenL” services to Australia. The 
services has called Into question The talks with the UE. were Australians say this would cause 
the air services agreement expected to start next month. serious over-capacity which 

between tl(em. . ...... . . The agreement was negotiated would damage Qantas. the 

The Australian Government in 1946 and has had no major national flag carrier, 
announced to-day that it had amendment since 1957. To-day's The Australian Government Is 
formally asked the U.S. for announcement left no doubt that already re-assessing the whole 
consultations on the agreement Australia's immediate concern of its international civil aviation. 
Mr. Ian Macpbee, the acting was the situation developing on It was prompted, in part, by Mr 
Transport Minister, said: “In the Pacific. Freddy Laker's attempts to start 

the course of the talks, the The Carter Administration has low-price services between 
Australian Government wants licensed Continental Airlines to Britain and Australia. 


7 


Consortium 
in DMl.lbn: 
Libyan deal 

Babcock AG of West Germany 
and Budimex Corporation of 
Poland have signed a contract 
worth Dm 1.1 bn. for the construc- 
tion of a power station at Homs, 
near Tripoli In Libya. It is the 
biggest ever concluded between 
the two countries on co-operation 
in a third market. 

Babcock Is acting as bead of 
the consortium. The Polish share 
is worth Dm. 166m. Deutsche 
Kraftwerk-Union, French and 
Yugoslav companies are also 
involved. 

Nigerian licence 

The Zurich-based consortium 
Con cast AG bas signed a licence 
agreement with the Nigerian 
Government for the supply of a 
continuous casting plant worth 
Sw.Fr.l40m. The unit will con- 
sist of three six-strand casters for 
toe conversion of molten steel 
into billets. It will form part of 
the Warn Steelworks being built 
in the Nigerian State of Bendel. 

STC order 

The Export Credits Guarantee 
Department has guaranteed a 
C14m. contract awarded to 
Standard Telephones and Cables 
by Compania Telefonica Nacional 
de Espana of Spain and Azienda 
di Stato per 1 Servizi Telefonici 
of Italy. STC will be responsible 
for toe supply and Installation 
between Barcelona and Genoa 
of the world's highest capacity 
undersea telecommunications 
cable system, it is due to be 
commissioned in May next year. 

Danish deficit 

Denmark's trade deficit fell 
Kr.960m. to Kr.19.0bn. last year, 
according to preliminary trade 
figures. Imports rose 5.9 per 
cenL to Kr.79.4Sbn. and exports 
9.8 per cenL to Kr.60.47bn. In 
toe third quarter the figures 
were still more favourable with 
imports up only 0.1 per cenL to 
Kr.20.5bn. and exports up 12.9 
per cent to Kr.16.6bn. with the 
trade deficit cut from Kr.5.7bn. 
to Kr.3.8bn. 

Lorry delay 

HR lorries due to travel through 
Turkey lo Iran and the Middle 
East are being delayed for tip 
to five days at ihe Bulgarian- 
Turkish border, according to re- 
ports reaching Ankara. A change 
in customs practices has led lo 
queues of nearly 12 miles on 
the Bulgarian side. 

Dutch trade 

Trade between Argentina and 
Holland is expected to rise to 
record SI bn. this year, accord- 
ing to the Argentine-Dutch 
Chamber of Commerce. Mr. 
Arthur Hendriks, the Chamber's 
Administrative secretary told 
newsmen. 

Trade between tlu nations 
amounted to S700m. last year 
and S350m. in 1976. Official 
figures, which cover toe first nine 
months of last year, show a 
8124.3m. deficit against Holland, 
which sold only about 15.5 per 
cenL as much as it imported 
from Argentina. 

Reuter 


Mr Canada: Right Answer No i 


Imag ine you need 2,ooo calculators for your chain of 
stationers.You want to import them from Taiwan. 
Sea takes too long. Air freight would be best,but you’d 
like to cut the cost. What does your cargo agent do? 



The right answer is Air Canada’s Sea-Air 
service from the Far East It’s faster than sea, 
cheaper than ak Sea-Air can deliver the 
goods in just two weeks- That’s a third of the 
time taken by all-surface transport. The 
calculators will be shipped to Vancouver in 
one of Air Canada's own!sea-van’ containers, 
then transferred onto one of Air Canada’s 
wide-bodied jets or DCS freighters for Britain. 

More to offer 

Just one example of how AirCanadd offers a 
better service for cargo. Vfe’re the airline that 
flies to more places in Canada than anyone 
else. 31 in all, and another 10 in the U-S-A. 
Our ACCESS computer, is prpbably the 
most sophisticated cargo tracking system in . 


the world. And whatever your shipment, 
one of Air Canada’s wide range of containers 
will be the answer The right one. 

Give us a call 

Ask vour cargo agent about us, or give us a 
call on one of these numbers: 


London^ 017594751 

Prestwick^.... 79822 ext 2066 

Shannon-, 61296 

Birmingham 021 742 4860 

Manchester.. -„.061 437 9490* 

Belfast _25852 


Dublin. 


« 771488 





The Right Answer 
AIR CANADA CARGO 


— -V.“. cjl' 4 



After working for Fyffes in Africa for 
many years, Andy Anderson knows more 
about looking after bananas than most 

So we’re pleased to report that Andy is 
very happy -with the job the Xpelair heaters . 
are doing in Fyffes’ warehouses in this 
country. 

That’s because the Xpelair heaters 
selected provide just'the right amount of 
heat, reliably and without fuss. 

Xpelair make a range of radiant, 
convector and fan heaters suitable for com- 
mercial, industrial and domestic applications. 
Stylish equipment that’s as tough and rugged 
as it needs to be. 

And when you consider that all Xpelair 
heaters carry a 12 month guarantee with 
full service back-up, we think you’ll agree, 
like Fyffes, that Xpelair heaters could be 
exactly what you need. 

If you’d likeour colour brochure for full 
details {including our wide range of extractor 
fans, controllers and accessories) write to: 

^ GEC-XPELA1R LIMITED-, PO Box 220, 

Deykin Avenue. Witton. Birmingham B6 7JH. 

Telephone: 021-327 B84. 





Xpelair 

Reliable Heat 








Ffiiancial Tiineij Tuesday January ?< ^8 


jpT-'-- V 
--i ; 


-;.r -• £;'••«=•'• 


Change to bribe 
laws might bit 
trade, warning 


announces 


£1 85m. 


BY MARGARET REID 


road 


Coventry 


o' V 

Stratford ®. 


L.K cash 

urged for 

African 


' #d‘>” 

Rubery Owen group . 

profitable again a P 


after £6.5m. 


BRITISH INDUSTRY could be The institute's views have a 1 Kw \ I NEW OXFORD- V i LMMftWliX - , * By Philip Bassett ^vfi^accountTfiledTfcom- Rubery Q*en hafireacbed u« 

put at a severe disadvantage in particular topicality, following 1 £Tk JTi J IB&HESUH LSTEVBIA6E LINK) _\_ no ^y* ge „„ t . v - vesterdav. point where additional^ invest. 

wprld trading if the present law last week's conviction at the Old I zM ||% Jm ' BR J nsH v? ho ?-^S e p %?t5n3u ha^e been delayed ment In new. , models wjj 

on bribery and corruption were Bailey of two former executives IJJB.lUl.i3 / Chritefam \ - “ val l» bl « ?. - b,a * hpS»«rf ffSoSy items necessity. • . .. 

extended to the private sector, of the Racal Electronics group for MS da o J ikM uplons in South Africa to allow because fai- iritf r. track The only other - prospective 

says the British Institute of giving money to an army officer „ , ,, ; ' Oxfwd^ra *• ******** 1 themto report back on wages’apd Climax, Purchaser for the Conveyance 

Management. in connection with a £4m. radio B T ,an Hargreaves, V ■ conditions there, a church report subsidiary to ntry - d busiQeS6 WM ; Lansing Sanaa 

^The point is made in a contract from Iran: Transport Correspondent A1 h>h \ ^ which had only recently SS 

memorandum to the Industry The officer -was jailed for three , 0 vy*3£i**. UteBB g* faumutm . companies in special p s nisation of with Henley Forklift. *. 

Department from the institute years for accepting the money, £ |fg|§|§|] veSwrfav^ 1 ”^ recommended R U bery Owen hasput the group Coopers . and . Lybrand* -tSf 

after the recommendations in while one of the executives was between Oxford and Warwick- as ■ -Jm . . yesterday.. - buck into nrofiL Draft results auditors, qualify the accounts by 

1876 of the Salmon Royal Com- jailed for 18 months and the P art °* a P a< *?f e ■■ The report, by the? -Inter- fo t», e financial year ending notiiie that they have 'been 

mission on Standards of Conduct other received a 12-monrh prison announced yesterday by the U . ■■■ » < r ^rlffiwairafy denominational Christian -Con- Ap fo bf»r 1 last year indicate a “unable to verify the adeqnarfy 

in Public Life. sentence, suspended for two Government ; . . . J cern' for South Africa hasT been ZLj ini , Drofit 0 f ab out £1. 75m. or otherwise" of the provision 

The Salman Commission reconi- years. The cost of the 43-mile route, .**““• “* * P° int near ta SSSS*»h- SSfc”™* su bm i«ed to tee Foreign Office ^^^surplUB was achieved in for losses arising 

mended that the Prevention, of The institute; which has wh Jp w m sUtch t^ette? two Steppage- • ■ -JfhirtWteftuSJS and - ffi e Department of -Trade.. Severe industrial Tela- posal of the forklift track 

Corruption Acts, as they applied limited Its comment*, to bribery * ^0“ -°J JJP extra ded° Ut hP^Sid Stevenaee ThatS'a 5e» rad we The Government is. expected tions problems and tee strike business, - , ' 

to Crown servants and other and corruption in the UJC. says Oxford and the London outer “traded M wyond Steven ge at .u sa imessrad Lwe are going t& produce a White Paper shortly during Christmas, 1976, which The accounts also Include w 

public employees, should be con- it believes teat traders, whether ° rblta J ™ ad S d «i5555a£ SjSSom to MapUn ■ tanaae.^ out the Qn y how ^ EEC co v de :affe ^ cost around £750.000 in lost profit. an extraordinary item ■ £.15m. 

solldated and amended. in the public or private sector. ° f AJroort^ rad TuSJri ™Tht cost of imorovins the British . companies after dis- The company was paid around loss which covera the 

-Jt. also expected that “tee should be allowed to . operate on Pdt at between £90m. and £1 00m. A^ort rad ^annelTui^ -'goe cost p ^g ^ cussioas with interested ; parties £l_25m. by Coventry Climax for deficit of a Dutch subsfrXijfr 

opportunity will be taken of equal terms. It may not, however, be built “ave altered traffic fore- exiting roadwi to bypasses . iMludIn ^ ^ CBI Md the TUC. the Conveyancer forklift truck company in 1975/76 and 1976/yf. 

considering what, if any. changes Therefore, if tee trading » ,“£W5L SllnJra-SSelv neT5«S "W reoort weleom^ -tee operations bat Rube_ry made loss The .company, John ■ 


Banbury^# 




rttofry OWEN, the ^Midlands- ITie value of 

biscd mo | i.iijua,’ n^i ii flto reduced 1 t^aUSe- ll Pfftrt 




ISTEVEHAGC Ll 


StMflage] 


By Philip Bassett 


D! * (l ' no “{ Z Wt Driwte reditted because- It p»vid« ... 

and one of the largest prorate ™J dcls pJraHcl . 

nefToUf nerSta.S^ <" ' 


W5i * at co “- 


Cheltenham 


By Ian Hargreaves, 
Transport Correspondent 


iPo 

AyMsbwy 


7 . 1875-76 in « ^ point wh«c additional iw^. 

BRITISH "MONEY' should^ be P^jes House J^eroaj- - ^ ln new - models ^ 
tm<ia *• . 4*.^ Thr» results have been aeiayea . . . "» 


made available to black 'trade The rasidts have b^_ iSns netesriuy 
nnlonR in South Africa to allnw because of extra ortu nary . _ 


union* in South Africa to allow, because ot ^ on1v 0 thef - Pfospectlw 

ttemto report back on wages and on the sa eof the forklift teu f0 r tee ConJSS 


Swbdoo. 


w-nss- ( 

MPROVEHEltTS 


JA^Snbe- 


Sknoh 


ttemto report back on wagesand Sl * A5SLU1 ~ riirna* nufehaser for tee Convefthe* •« 

conditions there, , church report »C«g Chmaj. g^J=* r “J : UnsltB 

on the new EEC code of conduct a m^be^f tee »mwn j recently mgS 

*T" , »SSf l > £££LttM « SSanio »&««■ 

yeHCTday^ reconmiended R ^ ery ^ wen has put the group Coopers and Lybrand.^ii, 
yesteraay, ■ ■ . tock f ntc profit Draft results auditors, qualify the accoimta.hy . 


The. report by tee ? :3nteiv financial year ending notiiie that they have 'been'.' 

denominational Christian Con- October 1 last year, radicate a “unable to verify tte adeqna^ ' 


Stevenage ^.at rad wTa^“S f ^The ^ Goveramratis . expected ffiS preblems and to stri^ business. 


aTSdTn“Sc' r ,Mo n n S S eleST' The do^ ™ the ouU^ — upfihSiSclS Z S-S Tf S.to.'T' ocoui^in im »ii»S- 

smsTj . : mm® m*sm mt»rnm 


'KSJ the. "if the under the S <5 G ™"» « “hett e vietorr- 


3!Si.“jisr S ^ m ssw«2gi 

oh™ ™S d o^ec?4edfi.?S *2F£&VS£t*S%& $$ S'iE8f&£S!£ , £ wp*®*^"* ; : . Sa?^S. d, lSfi!asa l ^8?irt»«ai^r,iri»g & . 

present lawful.' company practice servants whose functions lie out- vesterd^^on 11 a ?omnle?S a dfitSn»»«?'fnvesS?atioS 0u an ^alternative route to tee - The Christian' Concern for by the prolonged strike, at its 1975/76 ac “^® tS e 1 t0 1 ™ 

\voulrt be swept away." side the field of trading. completed detailed mves tigaUons . . South Africa’s response to the DarJaston motor components Taxation took ^ 

.'Under the present law, the The institute's comments «e SMfTSS Sffi We ° f cJnsSSjtion could begin with ‘sSSS lor east-west ««nee- voluntary EEC code, published plant group trading profit was £57«Qft 

corrupt offering, giving, soliciting of interest also in' tee light of narte-eSiW London has also a SSira of te^ad bv oasSne tions between Swindon, tee Ml In September last year, sag- : — . . - 

or accepting othribes is an a recent report on extortion and JSSRId orevio^ Brabu?? lS'^ l^teWith and^ ^the Mil have been carried gested: ' .... . ; A . . 

?nvn!vPd Vhere pubUc servants are bribery in busihess transactions plans. other sections -following by the o«t by consultants rad with ^ a ParlfjLmentary committee . 17" *i. A «« *1 x r /xi IfAWI 

^Thl' Institute fparn th a , **,- i? m rnmrn™ m r^™™ii7j. amber At an estimated total cost of middle of the decade. population expected to increase Sbuld be set up' to monitor and 14 if A POfTIllSUFIV S1V6D ' 

cuSiiin^ nrhrfhn^ T * fS5m - the Government now South of Banbury on the exist- by a third in a number of lowns ^sess the perfoi'mante . -of A\llV V17UKJP «A!JT & 1TVU , 

?«» £ p? C 1« t? Praetiew headed by Lord p i anfi t0 provide three by-passes ing A423 road, there Is a daily in this belt by the -1990s, Mr. British companies .m : ,Sputh 

3?S1£Vm P t£?« n L W Sh -2^- crosB ' ^ J ^ on the A 420 between Swindon traffic flow of .21,000 vehi a es rad Rodgers has decided on a policy Africa. • 1 f 

rJVioii.. . com i JP 1 * recommended an d. Oxford and to carry out a a flow of lorries on certain sec- of improvement, by-passes and ' ^ ^ . of commercial . C<AAA»1fl PI1CKI1PP 

E B ritiiS e ind u ^T?™°i montPth ^gislation by Govern- further investigation Sto the Uons at a rate -of more than some building. !5 n{ ^ 0 ns te? comp ralS^S ^CtUllU UlalltV 

d5SJan?S JL , 86 !'™ mebts, . th ® adoption of rules of possibilities of a combination of one a mlnuttf.-' The timing of this programme . . . EEC 0 J e should- be - - • 

disadvantage ra the world trading conduct by international busi- road improvements and con- Mr. Rodgets said; “We are .will depend on future consult a- 55?“ ° ^ x _ ^ 0 ^ Qnt0 r 

situation. Current company prac- ness on a volunt.vy basis, and structlon between the M4fl near talkine - about -the nroducts of tions with' local authorities ^eal and immediate. Creditors of Peter Powell, employed carpenter who liad per* 

Uces should he protected as far tee creation of a special inter- between tee M4fl near talking about -teef products oi uons wun xocai auinonues Q Disclosure provisions by qogi- w hos^ “Stnnter" aerobatic kite fected the “ Stunter in his spare 


r^nenge SS ^ o£ BS5S? JSuStiX n ' 

majority jnSouth Afrita. j. ^; negoflatIn| ^ tion £ 


Kite company given 
second chance 


as possible.* 1 


preting and supervisory paneL 


London water cost 
up by 15-18% 


HNANC1AL TIMES REPORTER 


TriStar 
engine 
order 
for Rolls 


Welsh Agency puts 
capital into Myson 


“real and immediate." Creditors of Peter Powell, employed carpenter who hid pei>" ‘ 

0 Disclosure .provisions by com- whose; “Stunter ” aerobatic kite fected the “ Stunter " in his spars' 
panles should mahd^oij. . was voted To? of the Year, with time. 

The EEC code replaces tee The company" ran into trouble 

British code agreed in 1973 r -The m tee High Court : ^rday njt last when g number ofover-_ 


DnUMl cuwc <S»rau ioiu. . . u „ ■ :_J IdSl WUCII * iiuuium Ul 

Christian group says that the to press for the com puls orywind- seas orders went vreong. There 
main problem with tefr.old code rag-up of “® C0 ®P a ^[- . . were' also prohleims vrith defec- 


problem with thfr.old code rag-up or ine company. were' also problems With defec- 

(was the difficulty of obtaining Jfrf; n i u u S n ^ rive materials and returned-pro- ". 

[information. .. . ..... ' Jwmrnd ■ W “J2»;“P P^* 1 ^ ducts reached 50 per cent..^ 


lULliidUWU. 1A L„ IWVUUU Will., A 

The atmosphere created by tee d 0 ° judraient fi8 ? re whi £ h has t ' now 

t British code could be' dis- cre d TtSfor £30 oS U judgment reduced to , per cent. • 


BY ROBIN -REEVES, WELSH CORRESPONDENT 


peUed only by clear and dedsive . counsel for Minalex " told the Since the appointment of new 
action by tee Government judge that- the ‘creditors had management, Mr. Powell claims 


AN INCREASE of about 15 per the surplus generated must be 
cent, for householders and 18 per distributed in tee coming year, „ _ 

cent for commerce and industry rather than held aver to smooth By ""c"” 1 Bonn*, 

in water charges is recommended the rise in charges in tee next Aerospace Correspondent 
by the Thames Water Authority two years. % 

in its annual budget, published The amount tee authority must ROLLS-ROYCE will provide 
yi Vu- ay ' t iV ■ Pay to the National Equalisation engines worth £18m- for five 

.This means that the average Fund to spread the load between Lockheed TrlStars ordered by 
London household will pay £37.50 the 12 water authorities of Eng- Delta Air lines' of the U.S. 


THE WELSH Development shares after five years and is sub- -Reports on wages and eondl- agreed to a scheme of arrange- that, whereas last year is was - 
Agency announced an investment ject to the- approval of Myson'] tions should not “just test-in an meat to keep the company going necessary to produce 10.000 kites - 
In the Myson @roup last night, .to shareholders. Myson itself ex- archive in London." but should and it- was no longer appropriate a week, to break even, this figure 


help purchase; and re-equip a pects to spend £15m. in the next be 'widely' distributed -to - black to proceed with the petition. has now been reduced to 2,000. 
Cardiff factory .of the former two years, including the initial trade union groups in South The Cheltenham-based kite He says that debts of £400.000 last 


Penrad Radiator company, wbich purchase price. Africa, it says. ........ 

went into receivership last year. The new Cardiff plant will pro- - ^ EEC code inherited an 
The purohaie of Penrod's vide Myson, .which claims to be - accunm i at ed fund of scepticlsm 


company was founded in 1975 by November have now. been cut to 
Mr. Peter Powell, a- former self* about £200,000. 


V — .. . - y . _rr / * 1UC ptuMuuc Hi X tuiau a »iuc njovu, vnuui wunuo w *#*. » jippiimnhrpri ftinn of 

thrt thp £ ay the Nation® 1 Equalisa tion nes worth nBm. for five faciltt i M b y Myson for £325.000 one of Europe’s leading mami- JgKiSfJS " Son, ^rad 

)ld wilfoa v ra? an f « n J *Pread the Joad brtween Lo^eed TrlStars ordered by was announced last November, faeturers of heating, ventilating ^ wL ^Sed “ teat teeVde 
ild wUi pay £37.50 the 12 water authorities of Eng- Delta Air lines' of the U.S. Yesterday; tee Agency said teat rad air-conditioning equipment, whS^it hs^ many good pbtots’ 1 


for i*8 wator tmirK »n "Jr ‘-“S' — x esteroay. me agency saia uiai ana aix-conaiuoarag equipment, 

of £5.50 on last year.’ ° 356 Wai ^ been reduced The order, aiimbnnced y ester- It was lnvestte £600.0W— its wlte its third UJK. facility for (he 


- ss-A 1 ot ^ s “- as® jeeifia sssar.? 


is not capable of effective imple- 


s p w or ag e ' s e nm ^ n s'tca d F o f “ a s ' ™s. still accounts for over 20 Sd* ^ol^R'oyci ’ t and d teriJ Mysra^adiotor ?WaJesL 

SS- 3 fAfSJ!Sr ln •*"***'« ’"“*“**• ' 

anfhoritics being responsible for d y f^5" ... Delta already has a fleet or 25 

collection on an agency basis. . ■ . ■ . ^ d ^n est,c bills will TrlStars with Rolls-Boyce 

The authority' hopes to save S t Aj^!S n ££?*?« engines, but teese are of tee 

more than £Im. a year by billing aj ?'L Both will ea dier medium-range version, 

d-rect. though it has yet to reach S**S* v tJ ■.jSSSffi Tl,e aircraft now ordered are 

agreement with Wycombe Dis- "• wltn an additional charge gerfes 509 long-range models 
*.rict Council over transfer ol basei ® n re 1 ®® 151 ® value of thc using the more powerful 
r^nonsibilitv. pr ^® rty f . ....... _ (48,000 lb thrust) Dash 524 

Mast councils have co-operatcd The authority is budgeting for version of the Rolls-Royce HB- 
witb the change. Some were re- ® deficit of £10. 9m. in 1978-79 211 engine, 
luc'.ant. as it meant loss of work and ttis wil1 m e 3Q a fairly sub- 
for their staffs. They will there- stantial increase in the following . , * 

fore either have to contemplate year to compensate. Atlanta TOUte • * . 

some “ natural wastage " or re- After, that the authority hopes n-ita. one of the biecest air- 
cl local ion of duties to keep the pattern of increases ffwiSZ 

While a lowering of Interest in line with any Increase in tee ee TriStars ra Ite new 

rates helped revenue last year, retail price index. !S , HEL2SS^flSJSE 


outlay of risk production or radfatore, -v mentatipn Jo its, present-*rm." 

w company. After raodtilcatious to tee Car- „ , -£ ,■ S ■- 


Healey to launch drive 


yson Radiator (Wales). - ■’ : diff works, the company plans to 
The' lnvestthent will be convent- have its first prodnetion Rue in 


Sqcletyj ?Jo^y JPage; is: t.i 


Del taalready has a fleet of 25 ible into Myson group ordinary operation by early spring. ' ■’ 

riStars with RoHs-Royce . ... ' — — 1 I ATtlfTVllllltV 

igines, but these are of the V^UFlAXAJULuJLll.1 , j 

SiSSS Property empire break-up mo t6r cover 

complaints to be probed pica 


on inaustnai stra 

JBY JOHN ELLIOTT. INDUSTRIAL EDITOR 


tOimass 

order fewi 


»uses 


THE GOVERNMENT’S attempts industry developed by some'"’ 1 
to re-invigorate Its industrial working parties communicated. 1 
strategy will be launched by tee into individual companies. 

SSRSE wiS’lSS^Vu? t0 ^ « " 

011 

^Jterth, talks, at thf Traasdtj, SSS1 LtlSSTJmra 
Mr. Heaiey will give a party at future potential 

U,. Downing Street for the chair- srow “* r f ie - 


Atlanta route 

Delta, one of tee biggest air- 


BY JOHN BRENNAN, PROPHtTY CORRESPONDBIT By Eric Short “'.D^MeSTorVe^Sal? ^ 

CITY OF London Fraud Squad want there to tie any suspicion a PLEA for a Community motor men others involved in. tee These ideas will probably be 
detectives have been called in to of a cover-up. ■ . . . inaurauee polity to cover the National. Eeouomle 

investigate complaints about the Detective Chief Superintend- same risks in all member Development Council. . men, who include industrialists, 

break-up of Mr. William Stem’s ant Keith Taylor, head of the countries of tee EEC was made „ The strategy is two years old. trade union officials, and senior 
£2Q0m. property empire. City Fraud Squad, confirmed that last night by Mr. Christopher Reports, on .ite progress.- prepared staff of the National Economic 

he and Detective Sunerlntendant TiiPf.ndhat EF,r. r.ommi«nWr. by tee working parties covering Development Office. 


Callaghan pledges more 
help for pensioners 


U was recen Uy awarded by liquidating, tee Stem companies lng acquisition of .certain between motor insurance praetici considered next week by tee 

Present Carter. 7 under a scheme of arrangement properties of the Stem group of between countries were an Co ! mc ?-. .. .. _ . 


FINANCIAL TIMES REPORTER 


President Carir under a seneme of arrangement properties of tee Stem group 

™ . . ' - , agreed after the group's .collapse companies, at tee request of I 

The airline starts flying tee i 0 1975, asked . for a police liquidator. 

route this spring, but until it. investigation to clear the air. ' 

starts to take delivery la 1979 ■ after a. series ot complaints by 

of its long-range TrlStars ft former Stem tenants. M 

will be leasing two of these air* J CFSCY SUTlVSllS 

craft from another airline. Tenants’ associations formed to ^ 


THE GOVERNMENT was Mr. Callaghan also listed the The order brings total firm buy Stem group flat b 

pledged to intensify its efforts other areas where help was given orders and options for TrlStars 17,11 10 to competition i 

to help the eldcrlv. Mr. James to tee elderly — medicine, hous- to 215. The order is expected anonymous property 

Calbshan. Prime Minister, told ing. community care and trans- to stimulate further contracts companies, 

the governing bodv of Age Con- port. for the long-range TriStar from , . . ' 

corn En eland yesterday. Mr haH tnIrf t v„ other airliner . When out-bid. the. ai 

I rlM“- id D n v ! ?i\'ohm^Slor ^ «*« “ n '. P ! aU,ed " f “ 

Irr*rn M.. Da vidllohra an. director thc Government needed to 


between countries were an L, °rr c ~;. _ , I?1 AA J kill 

f tee obstacle to free movement, he .J|“* n£ ee 5S5 vLrtJ e **S 100(1 Dill " - ' -• . 

told tee Insurance Institute in Wl1 ? l om . “f- Verley. who - ; , : - 

Loadon, The Commission had J” 11 56 at to-pigW a gathering. THE COST of. repairing spa] ; 

tried to ‘find a way of stan- I? presentiBg; a- Government defences and ■ holiday caravan , ; 

C dardising minimuni level of 0I J h01 S the strate sy should and camping sites at Wells, Nor-' ’ 

* cover, but there was a fairly mi ESSE 6 ®* * : damaged in -flood* nearly,/" 

general refusal to contemplate * ”_ 1 !l ers - J ar ! ® specialty keen two weeks ago. has been estim-*!' - - 

any change in existing arrange- see tee ideas for modernising ated at - more than £500,000. . 7 ... 1 

meats by member Governments. : 1 ' •'/ ' 


A Common Market in insur- 
ance was a major element in 


n th !lf chans® radically its attitudes p v 1 

prnmem s record was one of pro- tovrards the elderly. In a pos- f ^|TI flip] |l]l9TI 

v: «. n ? : J/ ,crc3 'I , ?ii. brt ‘!'r sihlc election vearOm. pensioner F ld11 


The order brings total finn JjJJ SSjESSSirSta b f!Si?-An S Set FeCOld any change in existing arrange- t0 Bee tee ideas for modernising ated at' more than £500,000. . 7 

IHS « r— — ■ "• 

StolwSS nS ' WS '“ , ” m W»» o«-Wa. the'.iwociitlons ye“^ta- SgJ; wnd* " SBw. BOClHg tCaill ill fCVICW 

. : kf speculators. ■ -gg » U«« -lease, ^ Of U.K. ai]ime DCCdS ' 

r v v Mr. Cork said yesterday: “We y J • The Commission hoped -to ■ . - IvvlW 

- 4m flip] ti oii have bad about 101 complaints . v 161 ® wa f a noticeable swing bring forward a directive on ?°®rag of tee positive result. 

A M C1 F Aatl over the past two years and we towards sea travel to the insurance contracts and their U.S. is visiting Britain this week The new initiative . -Stems 


Boeing team in review 
of U.K. airline needs 


''V. ill'll 


; P 1 ?! 7 ” 5 a would he lookinq for far more a £3m. WASTE disposal plant have referred all of teem to the Channel Islands with arrivals by content before the end ot tee for ^Iks on futu ire aircraft pro- largely from British Afetfsys* jaw- , 

inttitifin. tec prnsinnor not only than better pensions. » which will torn household City Police.” «®a up by 9 per cent, while air year. grammes with both Bntlsh Aero- Interest expressed by Mr. Ross 5 " f(l Ill’ll I if 

had been protected by Act of rubbish into fuel for industry is _ traffic rose by only 1 per cent. It would also press ahead with s P ace - tee nationalised aircraft Stalnton chief exccnH^tC * Ln . 

Parliament, but had 1 aci lu ally Thej -were ^concerned about the i L ke r T in e and We ar ?f r - Cori ' ®fplained tea* the Guernsey, which unlike Jersey work already well advanced on manufacturing group, and short-range iets as^ralaremehSirwpIv 

received an absolute ynnrove. Thousands forced to stop work £ o e ^ b er P 0,Ice referrals were “not excludes day trlppere and inter- liquidation and Jtodrag-up rad British Airways, writes' Michael for Trldente IS 

nrat in the standard of life at though clearly willing to con- muecemoer. because we think. teere is any- island travellers from Its figures would be proposing a mcamrne Donne - Mt 1, v , 

a time when those at work were tinue. and Age Concern would The plant will produce one ton thing criminally wrong— to fart —recorded 305,886 arrivals last <>ni»pin a tK- TZZ The Boelne team is . « r ^5tainion said- hi We w York . . 

aenniescinq in a fall in their real be looking at ways of implement- of industrial fuel pellets for some of the complaints are abso-'-year, a drop of 1.7 per cent on 


standard of living. 


tog flexible retirement 


thing criminally wrong— to fact —recorded 305,880 arrivals last covering the. methods of selling "^e B®®teg team is expected ]«» s i“' b •.* v «“? 

some of tee complaints are abso- .year, a drop of 1.7 per cent on insurance outside business ? bricf British Airways on plans Lvs P v. • 


every two tons of refuse fed to. i lute nonsense— tout we do not 1976. 


| premises. Mr. Tugendhat said. 


Computer 
may cut 
cloth 


‘Revolving fund* fraud is denied 


FINANCIAL TIMES REPORTER 


UUIU , STOCKBROKERS Lewis Altman Ur. Lewis Altman, 59, of Blr- broker with two clients wishing 

a effort on the feasibility of i od Co - Pretended to the chington Kent, and Mr. Robert to buy and sell similar blocks of 
” SSi rnm du ter cut tinc scr- Treasury as part of an exchange Carnes, 31, of Kensington, Lon- shares could arrange the deal 
?ico fo? Briteto's sSall manu* fraud that money was don. • Also named in the charges through a jobber who did ndt see 

factor or; of clothing is ti be go ' ns * British 10 are . their stockbroking Ann, the shares in question. 

••5 r ,5“.£* *^“L&J5S .Entirely 


Mr. Michael. Williamson, 


for a new airliner to the ISO- b av e to decide some ■' •• 

seat category, in which it is in- 0118 y ? ar 0B , w bidt.’ new •• „ 

terested for the 1980s., irtS?on an8e Jet t0 ' btiy / in the ;•• • 

The Boeing team la also likely sea , ter claas .for :serelce \. .. 

ta discuss British Airways’ in- S ea fly 1980s;- with up to -l: 
terest In a smaller, 100-120 seat ‘ su _f ,rcraft tnvolved initially. 1 
airliner for the early 1980s. This would be additional to h 
which could be either the Boeing a ?*". ^sntual purchase '.by .the 1 "v.. , 
737, the McDoirael Douglas -“riine of a bigger 150-180 setter? 1 *' ., 
DC-9-40 or a stretched version of t0 meet traffic growths fn -the 
the U.K. Ohe-Elei'cn airliner. mid-to-late 19S0s. j 1 " 


Entirely fictitious 


Indiistrv “in a matter of weeks. , In f a ®t. the money was going Enro Securities. Tricommerce actions had token 

from the Far East company into Ltd., and former London solicitor way, he alleged 


The report was commissioned , h — , "» -«*U «« iUM Ul uiuac Y— uwu, aj onc^cu m sales meats. mmnnn.. — '■ . ;v 

in November bv the Garment and jjj ®" d * h B,nst °ck, now livrag Mr. Jack Norden, a- Treasury involved in the transactions. relating to 300.000 shares in tee Such collaboration couM n , a \, o ^ fl ! r 

Allied Industries Requirements . , . . enforcement office?, said to a Mr. Williamson said that Lewis company - a lb?" ^ 


*ir.ca rauusine» Magistrate’s Court yesterday, 
Board of the Departmen t» hich Mr Michae] Worsloy, prosi 

ins. Claimed teat the book 

could help the clothing industry. Ai tmnn r - eh . 


™ u L a make Vw ventures this yeffMiiicin ’ ; ., v 

rt^ore SjS® of ? e iSO-seat' meBiiifn-range ; 

K cl fi f ' l 3 tec Other. the smaller ’/ •• 4 

J MEre , L ^‘.^ivativc aircraft, capable 


The case continues to-day. 


.numerical conirui cau HUM had hpun » hoins r , — ' '"““ vw uumiucuu lu uit . — TT . mi. muubd! nnaacn 

computers with this infer- Sj? bjTlC Europf SeciSftioS^ P remlum ‘ Treasury. Mr. Woreley raid teat tee total partner. Mr. Derek .Kemp? had 

mation directly to cloth cutting LondOn Wall when the mmev Mr ' Worsi ®V claimed that the " I agreed that * forged ’ might p fi d 1° Le J2f A1 ^ nari replied that stockbroking was 

machines. bad, in fact,’ moved 1 into EIC defendan ? “ d a fireup of busi- not be an absolute description transactions not like commercial trading 

The Board’s brief to Motra 5“^ Securities” L nessmen had operated a“revolv- of the correspodence in question 5* d ^* en \ ^ fuU “^clng was 

Consultants of Winslow was to ^ 5200,000 had been renre- in S fund exchange control but that it was nevertheless 'fiS;!?!, '*“ 4 bee ^ p ^ d in ravolved. ■ 

“conduct a study on the feasi- sent 2j t0 the^ Treasarv a^ ^nn- f ra tid ’ which had netted a spurious for . all that” Mr. ' Premiums.. The case continues to-day. 

UIHjr ot MtWta KCiBBBl StetflS % fMolBm. Mnh.RU. .. ^ ' 

computer numerically controlled S b ares f0r a z Investments (Far The profit had resulted from Chief Inspector John Todd, of T> li :i r K„ rv 

cutting bureaux for clothing £ as t) Ltd., said Mr. Worslev. transactions involving £6.fim. of tee City Police, said in a slate- Bill 1 t il 1 il lf-inill I^liV CbiIOWC! 
manufacturers." He told the court lhat Altman's foreign currency which had been mem that Mr. Altman; when . _ <9 .r*f m *** h,B '* «/ »JUV TT i3 

These could be set-up in Leeds, books showed that the money passed off- as investment cur r charged in February last _ J? ■ ^ , 

Manchester and London, main bad gone to A2 Investments— rency. These sums were sent year,, bad replied: “I am not Si?/ BIS OT cCO ▼ 
centres in Britain's clothing in- which would have been the case around the world : to allow- the guilty ■ of tee charges, made O _ ■ •■*■«/ 

du^try. had iL been a genuine trans- process to be repeated,- he against me." - SIGNS OF recovery in the build- an Increasing workload in 

The study was intended to beip action— but in fact it had moved alleged. DeL • Sergeant George Cor- ing industry are starting to struetion and this should 

the Department find out the in- to EIC instead of from EIC. Mr. Worsley claimed that tee thorn, of the Regional Crime emerge, Mr. Peter Corley, presi- reflected throughont the TT v 
dustry's requirements and thc He alleged that a false entry cover-up operation involved Squad, said in a statement that dent of the National Federation shortly. u n ~ 

views of garment manufacturers had been made in the books in forged letters to - deceive tee Mr. Carnes had said when he of Building Trades Employers, . . 

n.n the relevance or -electronic respect of that transaction Treasury and the use of tee was • arrested: I -am flabber- claimed last ni^ht. •’ The Government itself k a 

data processing to their business Before the court, facing a total Stock Exchange system - of gasted. I don’t know what to The building industry’s own forecast a modest increase in 

activities. of 32 charges, were stockbrokers “ put-throughs," under which a say. What is it about? “ monitoring system had detected ductlon by 19S0, pro_ 


^ VorS ^ + 5aid r thattb A e ,^ tal par “ er - Derek Kemp; hVd punched on the basis of Orders 

aount paid to Lewis Altman replied that stockbroking was 8 WItB ,ttle ^ roia tee Uit nr.fi liNmhih’v 


tee VS. and abroad? 


eof 


Building industry sho ws 
signs of recovery 


Phone licence extended 

BY JOHN LLOYD «VUUVU 








JS ^n C 


'in' lu. ’ temiiiu 

' tiiis-a* 

I). ’ '«lu : . - 31 ’, 


SIGNS OF recovery in the build- an Increasing workload m 22. :ou ° tr 3 

inff indnstrv arp. starHr.- to * L .v.- 03 ® *«.««► »™ths._ 1 The extension 


f atx “r'.vitu uiai . ajier a m-yi, - • 

I will run favourable report, system 

• nL„ Post engtoeers : tee ,«n , V.V. , nt 

Minister Th?'5 ,l !, h ® renewed;.- ' 

InduSrv HuU teiephtmE „ 'System ; ' 1 " **■* ' 

s» 0 <i wri'.*isSi- W p. 


long- Post Office. 








(Jrpil ’q-o 


J %v a \| 

"'"«. i«Dfa 

IT 47 - ft- 

l N* 

rder 

hared 


inancial Times Tuesday January 24 1978 


HOME NEWS 


BANKING, LEGAL AND INSURANCE APPOINTMENTS 


Engineering yet 

id reap benefit 


in Hargreaves, 

Sport Correspondent 

• ON TRANSPORT has 
d to share the next phase 
double-deck bus ordering 
mine equally between 
i Ley land and Metro- 
ell WeymatL 

decision to purchase 50 
from each company has 
yed Ley l and Truck and Bus 
in officials because the 
id Titan bas been subject 
lost two years of intensive 
:esting in London, whereas 
e trob us prototype has only 
:ly arrived in the capital 
testing with the Motor 
iry Research Association, 
land, with an 87 per lchL 
. of the U-K. double-deck 
it last year, bas tradl- 
ly dominated sales .to 
id Transport, it now faces 
assibUity that its Midlands 
rival, a relative newcomer 
: industry, will take a big 
of orders for the new 
- at ion of donble-deck buses 
joining on to the market, 
jdon Transport’s order is 
•'■of a -£17m. programme to 
50 double-deckers and it is 
■stood that the company 
..Iso signed letters of intent 

Ley'and and Metro- 


fcY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


a f „ ucy -dim duu w«cuv 

i { iell for the remaining 300 

* '■ ■ * 5 1 L?£i fji f. also dividing the order 
* * %t *' i or less evenlv. 


mil 


chance 


^ j or less evenly. 

land hopes 

viand's hope of retaining its 
’■ rship of the 2,000-vehid erar 
double-decks market now 
-on the Titan outperforming 
Uetrobus in the tough con- 
ns of the capital. Both buses 
:I aimed to set new standards 
onstruction, safety, ease of 
is, quietness and emission of 
■s. 

is less than a year since Ley- 
was close to concluding with 
then Labour-controlled 
ter London Council and 
r local authorities an agree- 
t on joint manufacture, of 
Titan, which at that time 
known as the B15. 
lese talks have not stopped,; 
it must be unlikely that the 
! would put cash Jnto a com- 
t in whose products Us 
sport operator hqs appar- 
y only limited faith. 


THE GOVERNMENT soon will 
have scope to deal with -some of 
the underlying problems of the 
economy — such as .the lack of 
incentives, compressed differen- 
tials and low productivity, accord- 
ing to the Engineering Employers 
Federation. 

' The federation says in the 
third of a series of pamphlets 
entitled The Engineering Indus- 
try In Figures, that if the burden 
of direct . taxation can be 
reduced, while capital invest- 
ment, industrial modernisation 
and technological developments 
are encouraged, “ much will have 
been done to insure the future 
competitiveness of British 
industry.” 

It would like to see, however, 
a larger outflow of sterling on 
capital account to prevent too 
rapid an appreciation .of the - 
currency. 

The engineering industry's ex- 
port performance in the third 
quarter' oflast year had 1>eeo 
disappointing and the indications 
were that the. fourth, quarter 
would not look much better. 

“ Certainly the long«term bene- 
fits of a stronger currency have 
yet to be felt and in the- short- 
term it cannot help export pros- 

The earlier depreciation "of 
sterling had helped the UJK. to 
increase Its share of total manu- 
factured exports iir the second 
quarter of last yehr to something 
near the 1970 level. 

While confidence was gradually 
returning to .ILK manufacturing 


industry, engineering companies' 
order books were still 10 per 
cent below 1970. levels and 50 
per cent, below (he peak reached 
in 1974. 

All the indications were of a 
very slow recovery of demand 
and output for engineering pro- 
ducts. underlying the relatively 
rapid financial improvements in 
the economy as a whole. 

Output per head in engineer- 
ing m the second quarter of last 
year had shown a 4 per cent, fall 
on the first three months, reflect- 
ing a fall in production ; .with a 
stable workforce. In "the second 
quarter, output per bead had 
been lower than at any time 
since 1972. 

The rate of material price 
increases bad continued to tali' 

rapidly in the thir3' quarter and 

it was likely that in the 'final 
three months of last year 
material prices for manufactur- 
ing as a whole were very little 
higher than a year previously. 

The downward trend was 
expected to continue as the 
effects of the appreciation of 
sterling on imported material 
prices became apparent. 

The Increase in output prices 
had also fallen in the third 
quarter, but only very slightly. 

This recovery in. profitability 
and falling inflation leading to 
renewed confidence should pro- 
duce this year an increase in 
investment by manufacturing 
industry larger than the 5 per 
cent, expected for last year. 


Company Solicitor 

Medium size City firm offering a wide range of demanding 
work In thl* field requires an Assistanr.Sblieltor of 2/4 years 
standing to join a team of three Company Partners. 

The successful applicant will have the aptitude to help Clients 
speedily achieve their objectives, combined with a sound 
intellectual ability. 

The position offers b future with excellent job satisfaction 
and will probably appeal to people who are at present making 
their mark in one of the larger firms. Salary will be. 


- commensurate. 


Apply, giving brief details to 

Box A.6229. Financial Times, 
10. Cannon Street, EC4P 4BY. 


PAYROLL CLERK EC2 

A leading merchant bank and member of the Accepting Houses 
Group require an experienced Payroll Clerk to control 
computerised records for 300 employees. - 

Salary £4,000 + mortgage subsidy + the normal 
HjSff City benefits. 

| Contact: John Brauer, A.CA-, 

I BL1GH APPOINTMENTS. 

LlffL 19, Conduit Street, London, W.l. 

WUHil 01-4938755. 


Loss Prevention 


Insurance 


The Brussels based subsidiary of a major U.S 
Insurance Group, which is amongst the world's 
largest, needs an experienced Underwriting 
Surveyor. He will be involved in industrial risk 
examination throughout Europe and in the 
Middle East and in this company with strong 
expansion plans should be leading a small 
specialised department within two or three 
years. The position will involve extensive travel. 
Candidates should be in their thirties and have 
an engineering formation and industrial risk 


experience. A good generalist is preferred. The 
position is especially suited to a man with 
language ability. Locaied in Brussels with an 
appropriate salary, there is every opportunity lor 
an able man to progress. 

The identity of candidates will not be revealed to 
our client without prior permission. 
Applications, quoting Ref. A 7084 FT should 
include details of age experience and salary 
and tie sent to: 


PA Management Consultants S.A., 

Avenue luui-e .Utb, 10 ill Bnnnrk Erbium. Tel: 04fl b» .I t Trli'\: -14 51t» 



LEGAL NOTICES 


Dun and Bradstreet 
returns to Ulster 


ouncils 


BY JOHN LLOYD 

AN INDICATION of increasing 
business confidence in ' Ulster 
came yesterday with /' the 
announcement that Dun. and 
Bradstreet, the business informa- 
tion company, is to reopen its 
commercial credit reporting office 
in Bangor, near Belfast, after a 
break of two years. • 

The company has covered" the 
province from Glasgow in the 
interim period. It decided to re-! 


open Its Bangor office because it 
believes security has unproved 
and that the economic outlook 
is much bi-ighter. 

Last year, £I70m. was invested, 
from public and private- sources, 
in Northern Ireland’s manufac- 
turing industry. 

New projects, expansion and 
modernisations about to start in- 
volve additional investment of 
more than £67m. 


' : 3rder fewer 
; ^ lious^s 


y John Lloyd 

JNCIL house building orders 
e down by 10 per cent, in 
September to November 
rter of last year, compared 
i the same period in 1976. 
rding to Department of 
irnnment figures issued 
srday. 

Ivate house building rose by 
»r cent, during the same 
id. 

•th council and private 
ing showed a rise in orders 
ie lasr quarter of. last year 
the previous quarter — 
cil housing by 5 per cent- 
private bousing by 12 per 


Duty free goods for sale 
on U.K.-Ireland routes 


BY LYNTON McLAlN, INDUSTRIAL STAFF 


DUTY-FREE cigarettes and alco- 
hol on ships add aircraft between 
Britain and the. Irish Republic 
will be available' from March 1. 

This was announced in a writ- 
ten Commons,' answer yesterday 
from Mr. Robert Sheldon, finan- 
cial secretary to the Treasury, 
to Mr. Joe Dean, Labour MP for 
Leeds West 

The decision is a result of 
talks between the Government 
and Mr. George Colley, the Irish 


finance minister. 

Ministers agreed to duty-free 
facilities in . snips over 40 tons 
on approved routes and on flights 
between airports with customs 
officers. 

The change brings benefits to 
travellers between the two coun- 
tries into line with those in force 
between Britain and other EEC 
countries. More than 1.6m. 
people travel between ' Britain 
and the Republic each year. 


FINANCIAL TIMES REPORTER 


it it 


’ -ntractors reported a 42 per 

3S2S Sainsbury cuts coffee. 

were up 11 per cent over ••••-■ . • 

same period, private Indul and tea prices 

construction orders ; were FINANCIAL TIMES REPORTER 
» 19 per cent, on 1976 and 

ir cent, on the previous TWO WEEKS after launching Since the fall in world coffee 
lev. its new discount programme, prices a number of supermarket 

'ntractors received orders in j. Sainsbury is cutting the price groups have cut theirs. More are 

r »\ jmber worth £687m. for of coffee and tea. expected to do so in the nest 

Sv ruction work in the U.K. n Js reducing the price of few weeks. 

l Vendona, already one of the Sainsbury is cutting tea prices 

ewifoh tn cheapest brands of instant coffee for the third time in four 

[iv^UllCj avTlLLU iU 0D market, by 9p to 89p for months. PG Tips will drop from 

ew education a ^ iar ~ ' . 25plo23ipa " 


r.-ij j{mber worth £687m. for of. coffee and 
1* ruction work in the U.K n isreduc 


irgets 


CONSERVATIVE Party Is 
witch Its campaigning In 
ition from standards, to 
on. morals and political 
ing. 

. Norman St John Stevas, 
education spokesman, 
rday outlined in London i 
ues 78 ” which follows pre- 1 
campaigns by the Tories 
bool standards and parental 
s. 

series of educational con- 1 
:ces would be held, along 
lectures and a two-way . 

inges of views among the 
Tory constituencies, on the 
ase and problems or reli- 
■ and moral education, 
rlier, he said -that if 
<ers and schools neglected 
• values, a vacuum s-ould 
rested into which ‘‘sinister 
undesirable forces will 


Campaign to explain 
new pension scheme 


BY ERIC SHORT 

THE GOVERNMENT is launch- 
ing an information and education 
campaign to explain to the public 
the operation of the new State 
pension scheme which starts in 
April. ' . 

Mr. David Ennals, the Secre- 
tary of State for Social Services, 
said yesterday that very little 
publicity bad been given to- it 
so far because it was considered 
that the best time for explana- 
tions would be in the period 
before the scheme started. 

The campaign opens to-morrow 
with a oneway conference at 
Lancaster House. London with 
Mr. Ennals as chairman. 


It will be attended by repre- 
sentatives of political parties, 
employers and trade unions and 
leading- pressure groups, includ- 
ing organisations for the elderly. 

It will explain how the scheme 
operates, how it will affect 
women; and its relationship with 
occupational schemes. 

There 'will be an intensive 
Press advertising campaign from 
the end of next month until the 
middle of March. 

Finally .the Department of 
Health and Social Security has 
prepared: an information pack 
for speakers. 


NO. M137 of 197$ 

m the men court of justice 

Chancery Division Companies Court, to 
l he Matter Of STUDIO INTERNATIONAL 
I JOURNAL i LIMITED and la the Matter 
of The Companies Act, I MR. 

NOTICE IS HEREBY GIVEN, that, a 
Petition for the Winding up at the a how- 
named Company by ibe Hish Conn of 
Justice was on the iSlh da? of Janaary 
1978. presen red to the said Co nn by 
DUNSTEH & WAKEFIELD LIMITED 
whose registered office ts situate at 413. 
Grand Buildings. Trafalgar Souare. Loo- 
don. W.CJL Paper Merchants, and that the 
■aid Petition is directed » he heard 
before the Co tin sitting at the Royal 
Courts of Justice. Strand. London WC2A 
ILL. on the I3th day of Yetnuarv U78. 
and any creditor or contributory of the 
said Company desirous to support or 
oppose the ma lane of an Order on the 
said Petition may appear at the time 
of hearing. In person or by his counsel. 
For that purpose; and a copy of the 
Petition win be furnished by the under- 
signed to any creditor or contributory 
of the said Company reoninnjt such copy 
on payment of the resnlaierl charge far 
the same. 

HERBERT OPPENHEMEH. 

NATHAN £ VANDYTC. 

20. Coptiun Avenue. 

London EC2R 7JH. 

Ref: Tt.'KGO XR0.4054 

Solicitors for the Petitioner. 

NOTE.— >Any person who Intends IO 
appear on the hearing of the said Petition 
must serve on. or send by post to. .the 
above-named notice in writing of his 
intention so ro do. The notice must state 
the name and address of the person, or. 
if a firm the name and address of the 
firm and mum be signed by the person 
or firm, or his or their solicitor (tf any) 
and must be served, or. If posted, must 
be sent by post ui sufficient time to 
reach the above-named not - later than 
four o'clock In me afternoon of tha 
loth day of February 1978. 


No. NI3S or 1978 

ID the HIGH COURT OP JUSTICE 
Chancery Division Companies Court In ihe 
Matter of TOURNAMENT CONTRACTORS 
LIMITED and In the Matter of The 
Companies Act. 1948. 

NOTICE IS HEREBY GIVEN, that a 
Petition for the winding up of the above- 
named Company by the High Court of 
Justice was on. -the isih day of January 
1978, presented to the said Conn by 
NEVltY. LONG * CO. F BOARDS) 
LIMITED whose registered • office Is 
situate at North Hyde wharf. Hayes Road. 
Somh all. Middlesex. UR! 3NL. BffildlBP 
Board Specialists, and rlu> the said 
Petition is directed to be heard before 
<he Conn slftliu; at the Royal Courts 
of Justice. Strand, London WC2A ILL. 
on the 12th day of. February ISIS, and 
any creditor or coaUlbnrory or the said 
Company desirous to support or oppose 
■be making of an Order on the said 
Petition may appear at the time of 
beanna. In person u bv bli cn ousel. 
Tor that purpose; and a copy ol (be 
Petition will oe furnished by she under- 
signed ro any creditor or contributors: 
of the said Company requiring such 
ropy on payment of the resnlaied charge 
For the same. 

HERBERT nPPEVHEIMER. 

NATHAN A VANDYK. 

20 Com&all. Avenue. 

London EC2H *JH. 

Ref: TJ/XGft-SRO-oS93 

Solicitors For the Petitioner. 

NOTE.— Any nersoo who intends to 
appear on the hearing ol the said Petition 
most serve ou, or send by post to. the 
above-named notice In writing of his 
Intention so to no. The nonce must state 
the name and address of the person, or. 
if a firm the name and address of the 
firm and most he signed by the person 
or firm, or bis or their solicitor (If any) 
and must be served, or. IF posted, most 
be sent by dost in sufficient time to 
reach the above-named nor later than 
four o'dock tn the afternoon of the 
Wth day of February 1978. 


No. «817* of IBIS 

In the HIGH COURT OP JUSTICE 
Chancery Division Companies Court. In 
the -Matter Of WTSHFEAL LIMITED and 
ra the Matter of The Companies Act. 
UM8 

NOTICE IS HEREBY GIVEN, that a 
Petition For the winding on of the above- 
named Company by ibe High Conn of 
Justice wai on the ITU) day ol January 
1978. presen led to the said Court by 
C. BREWER A SONS LIMITED whose 
registered office Is sit Pare ir- Albany 
House. Ashford Road. Eastbourne. Ean 
Sussex. Decorators Merchants, and tin' 
the said Petition Is directed to be heard 
before the Coon lining at the Royal 
Courts of Jostibe. Strand. London WC2A 
ILL. on the 2Qtb day of February 1979. 
and any creditor or contributory of the 
said Company desirous to support or 
appose i he making of an' Order on the 
Mud Petition may appear ai the time 
of hearing, tn person or by fats counsel, 
for that purpose: and a copy of the 
Petition will be furnished by the under- 
signed la any creditor or contributory 
of the said Company requiring such copy 
on payment of the regulated charge Fur. 
the same. 

BRA BY A WALLER. 

21 Kind Court, 

Fleet Street. 

London. F-C.4. 

He/: t'/TTH. Tel: 01-353 831L 

Solicitors for the Petitioner 

NOTE.— Anv person who imeuds to 
appear on the beanne of the said Petition 
most serve ou. or send by post to. thc 
a hove -named notice in writing of bis 
intention ao to do. The notice must state 
the n ame aod address of the person, or. 
If a firm the name and address nF the 
firm aod must be signed by the person 
or firm, or us or their solicitor i IT any) 
and must ba served, or. if posted, must 
be sent by post in sufficient time to 
reach the above-named mi laier than 
(oar o’clock in I he afternoon of thu 
lTtli day of February 1S3L 


No. Ml "6 ol ISTo 

In the HIGH' COURT OF JUSTICE 
Chancery DtmSMU Companies Conn In 
the Matter of F. K. INSTALLATIONS 
LIMITED and In Ufa Matter of The 
Companies Aci . 1M 9 
NOTICE IS HEREBY GIVEN, that a 
Petition for the Winding up ol ibe above- 
named Company by the High Conn of 
Justice was on -the 17th day of January 
1978. presented 10 [be said Conn by UBM 
SOUTHERN LIMITED PROPRIETORS 
OF L'BU - COS LETT whose registered 
office Is situate at: Antelope House. 
Bunded on Road. Southampton. Builders 
Merchants, and thai the said Petition 
is directed to be heard before the Conn 
sitting at the Royal Courts of Justice. 
Strand. London WC2A ILL on the 
20rh day of February 2B7B. and any 
creditor or contributory of the said 
Company desirous lo support or oppose 
the making of an Order on the said 
Petition may appear at the time or 
hearing. Iir -person or oy his counsel 
for that purpose: and a cony of the 
Petition will be furnished by ibe unocr 
signed to any creditor or contributory 
of the aaW Company requl ring -such copy 
an payment of the regulated charge tor 
the same 

BRA BY a WALLER. 

2/S. Hind Court. 

Fleet Street. 

London . E.C .4. 

Ref: F/TTH. Tel: 01^88 85UL 

Solicitors for the Petitioner ' 
NOTE. — Any' person who threntu to 
appear on tha bearing at the said Petition 
must serve on. or send by post to. the 
above-named notice in writing of bis 
Intention so to do- The notice must state 
the name and address of the person, or. 
If a firm the name ana address of the 
Arm and must be signed by ibe person 
nr firm, or his or their solicitor fif any) 
and mate be served, or. if posted, man 
be Mm- by post tn sufficient time ro 
reach the above-named ool later than 
four o'clock ip the afternoon of the 
ITrfa day of February 1978 


APPOINTMENTS 



UNIVERSITY or- GLASGOW 
LECTURESHIP IN ACCOUNTANCY 

Aoolluttons are invites tor a Lecture- 
ship In Accountancy Placement *»iH be 
M an apnroonire point, inonung to 
ape and axperlenco. on the Lwturets 
' ularv teal* winch runs up to U.b55 
per innum *at present under review! 
Normal superannuation arrangements 
win appiv. 

The Department o> Accountancy in 
tha Uni re-sty at Glasgow, one ol the 
strongest In the UK., arompes courses 
•or the specialist degree ot Bachelor m 
Accountancy ‘ BACCl. at honours and u 
ordinary veveis. to degrees ip law. in 
socla' sciences and in engineering, to a 
PDStgraaoafe Dtoloma 'n Accountancy 
■or graduates in other disciatines ana 
to the Scottish Business School: «na 
uioervtslon and instruction ot candi- 
dates lor higher degrees in account- 
tntv Areas ol teaching and research 
nclude accounting theory, hninclai 
kc punting. managerial accounting, 
ouainess h nance, hnanclai maaaoemeni 
end audit theory. Persons with higner 
it art cm i c Qualifications are oarttcuijriv 
■nvrtea to aooiv but opportunities exist 
■or lurther studv and research leading 
v higher degrees 'PhD or macc> ana 
trerv encouragement end facility is 
alven to staff to obtain chase aaailhcj. 
doits. Applications will ne considered 
from candidates wftn limned experience 
wt a demonstrauie Interest in leadi- 
ng and academic work. 

Further particulars may DC nan from 
cne Secretary of the University Court 
Roam IB). University of Glasgow 
-i lasso w. 612 SQQ. with whom appll- 
:atiDns should be 'odged an or oeforr 
I7th February. 1978 

In reply olease quote Ret No. 
57S4I6AS 


ART GALLERIES 


AfiNEW GALLERY, 43 OfO Bond St.. W.l 
01-1629 6176. lOSfh ANNUAL WATER- 
COLOUR EXHIBITION. Until Z4 Feb. 
Mon.-Frl. • 9J0-SJ0: Thun, until 7. 


EXHIBITION OF FINE PAINTINGS b* 
British and European Artists from 1700- 
1965. 5-6 Cork Street. London. W.l 

Tel. 01-734 2626. Weekdays 10-6. 
Sets. 10-1. 


omell GALLERIES. Fine Bntuh ana 
French MODERN PAINTINGS ano 
Modem British MARITIME PICTURES 
40 Albemarle Street. Piccadilly, w.l 


Irrterna'.ional Recruitment Specialists 
for tiit? Commodity Markets 



Managing Director 
Metals 

' London 

ATrading Company operating in ihe field ot soil commodifies 
and melals requires a MANAGING DIRECTOR with Ihe 
emphasis of background and expense in non-lerrous motjls 
trading, the L.M.E. and Come.v. 

The person appointed will have had management 
responsibility for ihe performance of a trading activity and will 
also have had substantial client conlacf. He- she have had 

experience on the metals desk at a senior level as an Account 
Executive in a Commission House, asan Executive with a Ring 
Dealing or Non- Ring Member of the London Metal Exchange, 
or elsewhere in a senior metals trading function. 

He/she will be responsible lor controlling and motivating 
the trading team.The challenge will be lo develop luliv the 
potential ol a first class company with world wide producer and 
customer connection®. 

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

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


Eghiorrf House 116 Shaftesbury: Avenue London W1 
- Tel 01-4391701 



CLUBS 


Fide of statistics on Britain 


PERSONAL 


INANCIAL TIMES REPORTER 

TAIN’S shrinking popola- 
shows great enthusiasm for 
aers, comping and 
Hanning ho U days . and - 


t '\H 

I- » - a *» 


..(Tying young. 
'[I* he populai 


• he population dropped 
htly in 1975 and 1376 for the 
t lime— excluding' wartime 
<nec records began. ■* 

■ veritable tide of such 
Jstlcs is contained' ' tn 
tain 197$, published to-day 
containing nearly 5Q9 some* 
u bland pages or figures giv* 
what the Central Office or 
ormatioo describes as an 
ficlal portrait”- of the 
ntry. 

t&e family in five now .has a 


deep freeze and the proportion 
of families sleeping out under 
- canvas or -In a caravan as a way 
<tf achieving holiday relaxation 
has passed the 25 per cent, 
mark. _ 

Those taking all sorts or 
holidays- totalled 38m-, against 
31m. ten years earlier. Two In 
lire of the holidays were ai the 
homes of friends or relatives. 
- Ninety per cent, of all house- 
holds have a vacuum cleaner, 
and almost _ as many * 
refrigerator. Bui the figure for 
washing machine ownership 
falls to "8 per cent- and to 40 
per cent, for electric tood 
mixers. - - 


The handbook says that 
“ almost half” of all retail 
grocery sales are now made in 
supermarkets, and the number 
of self-service shops has risen 
from 500 in 1950 to 28,000 at 
the latest connL 
The average figure for the 
all-consuming passion . of 
television-watching is, for this 
time of year, nearly 20 hours a 
week. Perhaps there is a clock 
or watch shortage, thongh, to r 
of the I6fan. phone calls made 
in the last 12-month period. 
Studied, 400m. were (0 the 


IS YOUR HOUSE TOO LARGE? Your house 
can be DoaoUtuilv umo It too girt it 
to the National Charity iHdp me Aacm. 
Ou portion will be moflernoea free 
ot cost to you i us Ml tv seH-contalnod) 
lor year own or vour surviving soouso'f 
use tor lllv — face of rent, rater, external 
repairs. Other portions convartM tor 
retired people. Mease write without 
. obligation to. Tte Secretary. Help the 
Aoeti Housing Appeal. <aom FT)C. 26. 
Dover street. London. W.l 


PLANT AND 
MACHINERY 


speaking doek. 

Britain 1B78. An Official Hand- 
book. SO' £5. 


SALE.- SALE) SALE! FORK LIFT TRUCKS. 
Cnoita V over TOO usw leaning manta. 
P3% Ol au (rusk* h*«o Mhii thrown 
opr workshop, then Minna & sign- 
- written. 80% of our tracks are wteo 
with new Mats, tvres _«oa iz von 
batteries and are reaov ts go to work 
immediately. Bur now at rMtctUotni* 
■ low prices whiin Macks last. Send lor 
oor list now. Trade * export enouirws 
nekoat Large red u c t io n on bulk 
purchase*. Birmingham fork Lilt Track 
Ltd- Ham* RdU Salt lev. B ham B8 JOU. 

, Tel- 021-pr S94A or DZ1-32B 1705- 


No. 00229 of U7B 

In the HIGH COURT OF JUSTICE 
Chancery Division Companies Court In 
the Matter of PLASTIC RECYCLING 
LIMITED and In ibe Maner of The 
Companies Act, 1948 
NOTICE IS HEREBY GIVEN, ibar a 
Petition for the Winding ng of the above- 
named Company by the High Cuun of 
Justice was on the lftb day of January 
1978. presented lo the sold Conn by 
PENSION FUND SECURITIES LIMITED 
whose registered office la gtraaie ai 
Imperial Chemical House. MUlbank. 
London. S.W.i, and that the said Petition 
w directed to be beard before the Coon 
Mi tine at the Royal coons ot Justice. 
Strand. London WC2A 2LL. on the 
20Ui day ol February 1878, and any 
creditor or cwiLribotory nr the gam 
Cotooany desirous lo support or oppose 
rbe mabjns or an Order on the said 
Petition may appear at ihe lime of 
hearing. In person or by his cnonsel. 
for rbai purpose: aod a copy or ibe 
Petition will be Furnished by the ' muttr- 
Bjmcd to any creditor or conrrfbniory 
of the said Company reg airing such copy 
on payment of Ibe ■ regulated -duu-se for 
ibe same. 

B. J. W. WINTERBOTHAM. 

Imperial Chemical industries Untiled. 

Imperial Chemical House, 

Mlllhank. London SWIP JJF. 

Solicitor lor ibe Petitioner 
NOTE. — Any person who Intends to 
appear (tn the hearfe* of the said Petition 
moa servo on. or send by pos> to. ibe 
above-named notice is wrniiu of hL« 
intention so to do The notice must state 
the name and address of [be person, or. 
if a Ann ibe name ana address ol tat 
firm and must be signed by ibe person 
or firm, or his or their solid I or nr anyi 
and mast be served, or. if pasted, roast 
be sent by post la sufficient time ra 
reach (he above-named not later than 
four o'clock In (he afternoon of toe 
l?ib par o< February 1B7M . 

No 0628 -a! 19TB 

In Ihe HIGH "COURT OF JUSTICE 
Chancery Division Companies Court In 
the Mat ter of SAGAR SECURITIES 
LIMITED and lb ibe Matter of The 
Companies AM. 104R. 

I NOTICE IS HEREBY GIVEN. Wat a 
Petition Tor rbe- winding op of ibe above- 
named Company by tbs Rich Coon ol 
Just ice was on tits «tb day pi jamary 
1978. presented to the said Court by 
BARCLAYS BANK LIMITED whose 

registered office an M. Lombard Street. 
London. E.&A. Bankers, and that the 
said 'Petition Is directed to be heard 
before the Coon sluing ai We Koval 
Courts or Jusllre. Strand. London WCJL 
ILL, on the Bib day of -February 19T8. 
and any creditor or comnOaiarr of the 
j said Company desirous to support or 
oppose tin? mAKlra. of -an Order on The 
I said Petition mu> appear at the time 
I of hearing, in peffiou or by bis ranoscL 
for (hat purpose: and a cops or u» 
Petition urtil be Qirnuhcd by ibe under- 
signed io any creditor or coniribmory 
of the said ’Company reouirtns such copy 
ou payment of uw regulated Chirac for 
(he. same. • - . . 

H. DkVlS & CO„ . 

42. Brook Street. 

London WIY 2E3h. • 

TW: DSL- Tel: ui-EP 9511, I 
i Solicitors w ute Petitioner. 

; NOTE — Any person who intends to 
jpScar on the hearing of the said Petition ! 
, must serve an. or iwna by post io. the j 
above-named notice ' in writing of bis 
; iRictutan so to au- The notice must sale 

I ' the name and ad areas of the perron, or. 
ir a firm the name and address ol ibe 
firm and must De signed By me person 
jor firm. Of Ills' or Uldir tnllctror flf anyi 
i and puts’ he sentM. or. if posted, must 
; be sun by past tn- cuffirioo- ttmr m 
j reach W* above-named not tarn- than 
: too x o’clock >° ihe afternoon of We 
, .ird d ay id February" 1*78 


Wt 189. Regent street I M 5675 A la 
Carte or All-In Menu. Three Spectacular 
Floor Shows 10.45. 12.45 ana 1.45 aim 
music of Johnny Han kel worth & Friends 


GARGOYLE, 69 Dean Street. Lonoon. W.T 
NEW 5TR IPTEASE FLOOR 5 HOW 
THI GREAT BRITISH 5TRIP, 

, Show at Midnight also 1 un. 
Mon-Fri. Closed Saturdays. 01-437 64 ss 


COMPANY 

NOTICES 


EXPERIENCED 

CHECKING CLERK 

required for the 

LONDON OFFICE of PROVINCIAL STOCKBROKERS 
who has a general knowledge of settlement procedures. Excellent 
benefits. Salary negotiable. Please write in strictest confidence, 
stating age. experience and career details to Box A.6230. 
Financial Times. 10. Cannon Street, ECfiP fiBY. 


Blue Button 

Kitcat & Aitken require a Blue Button 
Please contact Mike McKee or Bob Eorthwick 
on 01-588 6280. 


INTERNATIONAL REAL 
ESTATE COMPANY 

Wishes to appoint an experienced 
salesman ra rail Canadian and South 
American land for .am mission. Must 
have good connections in ihe r.n^ncial 
community and be prepared. to devote 
lull time. 

Wrfte:— 

5. Mednlck, 286 Lmrsoci Avemra. 
W.. Toronto. Canada. M5M JAB. 


INTERNATIONAL PACIFIC 
SECURITIES COMPANY. LIMITED 


Shareholders are advtsea that at tno 
Close ol business on Un? 20th January. 
1978 ttie unaudited net asset value o' 
me company was lh.K. 164.1 minion, 
based on the market value ol Its 
investments on that date. The net 
asset ve'ue per share was vh.k ig-09 
The ooi-tfolio breakdown was as 
follows: — ■ 

Japan „ 52% 

Hono Kong 2a 

Slnoapora 1”« 

Cash A Bonds 23% 


Bv Order ol the Board 
Jardlee Matheson anri Co. Ltd. 

Secretaries. 

Hong Kong. 

2 1st lanuarv.1978 


EDUCATIONAL 


COMMODITY APPOINTMENTS LTD ( 
renulrys Physical and r utures Irseen . 
Trainees Accountants and Suooort I 
StaR *or U.K.. Europe U.S.A. and 1 
Hong Kong. Tel.: Granam Stewart | 

01-439 1701 I 


AMBASSADOR REQUIRES 
SECRETARY 

—Bilingual (French/English) 

— Well spoken and good appear- 
ance 

— Good Secretarial training and/ 
or experience 
Please phone 937 5285/9 



THE SCHOOL OF 1 
ACCOUNTANCY & 
BUSINESS STUDIES 


'Specialised home study courses 
available for these and other 
leading protesslonai exams. 

ACAACMAACCAACIS 

ATH'ASCA-GCE 

Accredited by GACC 
Write or phone lor free prospectus io- 

718R ,'ifietin: Hwcr. londsn. 7.V5 4iiJ. 
Tel: Dir G92 9911. 

PR 718ft Inf EfttB Hmso. 341 AtjvIb a.. 
Glasgs*. C2 BLW. Tot: 041-221 2325. 


FRENCH INSTITUTE 

Evening cuucs in French Language. 
Civilization and Translation. Registry, 
tion from 2Sih January to Bth 
Fcbroary. Courses commonce 20th 
February. 

Detail) from; 

Id Cromwell Place. 

London SW7 2JR (5AE). 

Tab 589 6211 (Ext. 45) 


GOURMET 


BORDEAUX OiRECT's Free Catalogue I 
- outstanding and Generous." Guardian. | 
j 2 pages, maps and vfnevard Illustrations I 
Write Tpirr Lanhwalte. Bordeaux Direct j 
Aquitaine House. Fare burn * Avenue, j 
Slough, mentioning Financial Times. I 


CONTRACTS AND TENDERS 


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


The Government of the Hashemite Kingdom of Jordan 
intends to invite bids in April /May. 197S from pre-qualified 
contractors for the construction of the Queen Alia Heart 
institute m Atunan. Jordan. Pre-quaiification is open to 
internet lonatiy qualified contractors and firms who nave a 
vast experienre i'i building construction, especially 
hospitals; or intcrnr-lionally qualified contractors m joint 
venture with Jordanian contractors classified by the . 
Ministry of Public Work as first class building contractors. 

The sjupe of work includes a modern medical heart 
institute with all electrical and mechanical requirement* 
and fixed equipment of the size nr 12,500 square metres 
or 100 beds with ail associated general services. 

Contractors ime tested in bidding lor this project may 
obtain the “ PPK-QUALlFlCATlON QUESTIONNAIRE" 
with the supporting information from the Directorate of 
the Royal Medical Services, Amman. This form should 
be. completed an.! submitted in three (3) copies with any 
other relevant da [3 addressed to:— 

The Chairmr.n of the Pre-qualification and 
Tendering Committee (Queen Alia Heart Institute), 
Directorate. Royal Medical Services, ' 

G.H Q. Jordan Armed Forces, 

Amman, Jordan. 

This submission should be received not later than 12.00 
noon on Saturday, 18 tb February. 1978. 

The Government of Jordan will notify contractors who 
have been pre-qualified to bid for the work and supply 
them with information regarding the preparation oF bids. - 
Reasons for rejection of applicants for pre-qualification 
will not be given. 

Major General 
Chairman of Pre-qualification 
and Tendering Committee 
(Dr, Da oud Hanaoia) 













r 





HWTEDBY ARTHUR BENNETT AND IS) SCH0E1HB 


• METALWORKING 

Leaks plugged with 
a bang 

WHERE conventional repair r 
welding techniques would be i 
•impossible or extremely expen- 
sive. for Instance on leaking 
tubes in intricate heat > 
exchangers. ICI and Yorkshire 
Imperial Metals are jointly offer- 
ing a service which finds the 
leaks and then repairs them by 
means of an explosive plug ! 
method. 

Physics and Radioisotope 
Services Group of ICI's Petro- 
chemical Division operates an ' "‘■s,..- . 

inspection service. This covers ' !.V. 

both on and off-line testing for 

shell tube leaks as well as corro- . , , 

Sion tests for best exchangers. £fJ£i£EZ8gtt 

On-line leakage tests are degrees C,. the welds can 
generally carried out using stand pressures of up to .1 
isotopic methods. Off-line work psi externally and 35,00( 
can employ one of several internally with no leakage, 
tracers. These include helium and ICT v inspection ' service 
some chlorinated hydrocarbons. det e Ct lea ks M ° ow M 

When a leak bas been found, 0.01 per cent, and better 01 
Yimpact section of Yorkshire and down to ten to the i 
Imperial Metals moves in with nine atmosphere, cc/seconi 
its plugging method which relies individual tubes in a 12 feet 
on explosive welding. This pro- exchanger in'off-line testing, 
vides a true metallurgical bond irr* own eauinmenf ic i 

plug metal and that on-site. can provide advance inform 

First step is to remove surface as to when heat exchangers 
scale from the. tube or tube plate to be replaced. Wall thinnin 
which needs to be repaired. Then as little as 0.2 mm cai 
a plug containing an explosive detected with ease 
charge is introduced In the end The two types of service 
of the tube, matched up with the available jointly or separ; 
leak and the charge detonated as the client may require, 
with the result that plug surface Further information 
and tube surface are permanently Yimpact on 061-872 6334 and 
welded together. ICI (Dr. J. S. Charlton) on 

Hydraulic tests on Yimpact 553601. 


Acciirate cuts made autoMatically 


welds have demonstrated that 
even after thermal cycling to 700 
degrees C,. the welds can with- 
stand pressures of up to 10,000 
psi externally and 35,000 psi 
internally with no leakage. 

ICI’s inspection service can 
detect leaks as low as rates of 
0.01 per cent, and better on-line 
and down to ten to the minus 
nine atmosphere cc/second on 
Individual tubes in a 12 feet heat 
exchanger in off-line testing. 

ICI’s own equipment is being 
used in tests for corrosion and 
can provide advance information 
as to when heat exchangers need 
to be replaced. Wall thinnings of 
as little as 0.2 mm can be 
detected with ease. 

The two types of service are 
available jointly or separately, 
as the client may require. 

Further information from 
Yimpact on 061-872 6334 and from 
ICI (Dr. J. S. Charlton) on 0642 
553601. 



BOCs Sparrow-hawk optical line. cutting machine which may have up to four cutting heads. 


LOWEST, capital cost for a 
machine of its type is claimed by 
British Oxygen Company for the 
Sparrowhawk, a line following, 
co-ordinate, drive cutting machine 
for the profiling market 

It is intended to appeal to the 
small to medium operator who 
needs more production capacity, 
primarily, but also to the bigger 
operators Who need some stand- 
by capacity. 

This unit has . been designed 


and built by BOC Cutting 
Machines. It has a 1.5 metres 
working width- and can have up 
to four manual •ewtlng beads for 
high and sustained output 
An optical scanner has been 
built around solid-state devices 
and it provides edge, of line and 
silhouette tracing automatically 
from easily prepared drawings. 

Speeds run from 50 to 750 imp. 
per minute (2-30 inches/min.). 

Because of the up-to-date 
design of the equipment, main- 
tenance bas been made much 


easier and the user himself can 
hold spare etreuit boards for the 
scanner, power supply and drive 
and quickly replace a faulty 
board should there be any mal- 
function. 

Scanner and all co-ordinate 
drive controls form a single dust- 
tight unit mounted in front of 
the operator. 

BOC reports that the new 
equipment provides good cuts, of 
high accuracy and that Its direc- 
tion control switches and over- 
rides make set-up and adjustment. 


of tracing posi turns. veriT supple. 
Lead in and lock on to .ihe 
pattern is automatic. 

Fine control of the cutting 
oxygen is provided for controlled 
piercing. Longitudinal and trans- 
verse machine motions are auto- 
matically.ron trolled -foriast plate 
trimming and stripping.'. • 

The designers say the machine 
will provide an advance in profil- 
ing technology for those who arc 
now operating radial arm or 
magnet drive cutting machines.' . 
More from BOC on 01-876 0102. 


Financial Times Tuesday January 24. 

.automation""" jgg 

Counter for 

many jobs Sl SS 

■^ss^iesks vMmsmr 

for “raffle analysis, have Seen VifadMrfan*Bffl4)£. 

adapted for the digital recording -fet gn-SSSffgt J 

of liquid Dow tales. Designed to 1 — 1 — 

weight. pp«r 

ins* an equivalent close contact {our 1.5V cells. 
inlriftlon at the Inputs, the ]ji e 0 f «P U> w 
counters have applications that counter measures -3 by 20-by 3 1 
eaver the needs of all the pro- CJ „ and is construed -jgMf 
cms f industries and the water dut y j inch «« JtojgJgMj 
authorities. minimlsa corrosion .and- -wwre 

Count data on flow over preset complete protection from - u» 
periods of time controlled j»r * elements. . ; 

quartz crystal timing device is Qoidan Rlwr Is a British. eqm, 
collected on audio-grade ClJU pony which has been In oparatiBfi 
tape cassettes, each tape being on iy three years -yet onsriibft 

capable of storing up to ten the leadership In -traffic cwntiig 
weeks’ data per side. svstems because of in 

Retrieval of data is by a plug- n p p iying latest availibl* 
in Gotden River decoder *Mcn dev lees. including astfe 

dan translate the data into microprocessors. for - this Pertj- 
digital readout or feed the in- ™ , ar f task . 
formation Into a computer for . ■ lhe orl j v u.K: maker of 
analysis either directly or on-line h automatic, solid-state equip- 
via a remote terminal. The and innovations* j n 

decoder's built-in in tcrfa cccom- ^ , hods 0 f capturing and. inter- 
nes with CC1TT Rccominenda- lnformat i on ^ 

tion V24 and European Standard . anc j (ndP ed other pnicacses 

sgt-sft 1 4 SS2sS£ 

ta in r/l«*n Vrimf“«id 

Road^.Bkostcr 08692^7 

• COMPUTING 

CMG’s big expansion 




lipO 


• ELECTRONICS 


Speeded-up assembly • agriculture 


COMPARED with simply insert- 
ing electronic • components into 
a board by hand, a location aid 
offered by Vero Systems of 
Southampton Is able to speed 
up production by three to five 
times. 

CS-1200 is most effective for 
small to medium runs (five to 
250 boards) where the operator 
may never have time to properly 
memorise an insertion routine 
and the quantity is too small 
to justify setting up a progressive 
line. 

Main time saving is that the 
operator does not have to search 
out the component location using 
a inaster diagram. Instead, an 


image of the component on a 
roll film program is presented 
over the printed board in the 
exact location for insertion. 

The component image is pro- 
jected on to a half silvered 
mirror so that the operator sees 
the board and the image at the 
same time, the latter remaining 
unobscured by the hands. Com- 
ponents are taken from an 
Indexed bin. 

Programming can be econo- 
mically done in-house using 
mylar roll film and special pro- 
gram symbols, at a rate of about 
100 parts/hour. 

Boards up to 20 x 15i lnchc; 
can be accommodated, and 200 
feet of film. 

More on 0703 440611. 


cy .'j ..... • '• ;• y 


Massey -Ferguson’s big new range 

MAJOR developments In its Massey - Ferguson tractors, power four-wheel drive tractors, system- gives positive - position 
world-wide production of tractors designed and built in Italy, will designated the MF 4000 senes, control - , full draft controt jnd 
over 100 hp are announced to-day ° e launched In some European Two models are being intro- an- infinitely variable intermix of 
by Massev-Ferguson Toronto. early this year. These duced. the 265 hp MF 4S40 and both to allow mere precaseton- 

. t w *l* he two and four-wheel drive ibe 320 hp MF 4SSQ, powered by trol of implements under varv- 

A completely new range of models of 110 and 132 DIN hp a V-8 diesel engine; naturally ing field conditions, 

farm tractors up to ISO- power The new tractors will com pic- aspirated and turbocharced « „ •* 

take-off hp is being launched in ment the MF 200 and 500 series respectively. . . . - _ Massey-Ferguson is oneof the 

North America. The MF 2000 two and four-wheel drive models TiiMPtu.nir.Pfn™!, „ fi « rs L n,a f ufac,ur ? rs ^ t0 ofl ^ t* 13 

series, has a new look and a built in France, Italy and the trac 1 t0, 2 ha . ve l ? co,n ’ ? lectn)nIc sensin 8 on 

range of features including United Kingdom, but there are SjjjJj .*1®* ® fa 2? lra 9 tors - . 

optional 24-speed, three-range, no plans to sell these models to three-point-hitch, avail- More from the company on 

shift-on-the-go transmission,. The the UJL as an option. The new Coventry (0203) 465211. -• 

tractors are Powered by Perkins Another advance, aeain in 
six and eight-cylinder engines the North American market only, m CfiCFTY 

and will be available In Euro- at .this stage, is Massey. w aitrsi * 

pean markets at a future date. Ferguson’s introduction of a new , 

A different family of new generation of yp htab horse- OlIHQFy JI01S6 ndZStluS' 

j- SEVERAL - PROCESSES _ and draught •furnaces. 

A * ,i machinea ;..iued -in vthe -j U-K-- ; Other -\pro%ssea 3u?e-itot Hkely f 

v , foundry -industry -produce:'-. a sto. be hazardous, -iays (he report. 

definite noise' hazard, according but dressing' and Fettling ppera* 
■ ■■ ■ %JP| ■■ to -a report just published by the ttons. although, not so carefully 

H 11 1 H II Health and Safely Executive. studied In the- survey, might be 

W W Stressing that excessive noise expected to be hazardous. It has 

levels can be reduced, the report been found /that In many cases 
. lists some basic practical the noise or a machine or pro- 
measures. Among those that cess affedta . not only those 

A . have already proved effective directly Involved but many others 

I ^IT ' A are: liuius a fettling booth with as well— 4jut of 749 workers in 

v A B bF sound absorbent material, nine foundries. 501 were exposed, 

^ | j enclosing motors, and fitting for some part of the day; to- 
ft W# -jl silencers on dust extraction plant noise levels exceeding 90 dBa, 

9 W ftv A and fans. which is the present recom- 

A ^ Three surveys carried out by mended maxim um for an eight 

F ' ■ T ^ e Factory Inspectorate are hour. day. 

presented in the report. Two Among the reports recom- 

concentrated On the number of mendatlons is that where noise 

foundiymen exposed to high levels exceed 90 dBA the areas 

noise levels, and the third cover- concerned should be marked and 

1|S» ing 12 foundries, examined segregated from quieter pro? 

processes and machines in detail cesses, and car protectors should 

Kflfc — it gives the best Idea available he provided for and worp by all 

fTi il f r of the degree of risk to hearing those affected.' 

in typical foundry processes. The report, prepared by a 

Both ferrous and non-ferrous committee whose members are. 
SJR * foundries were -studied, and' the drawn from trade unions. «n- 

’Amp ' 13 ranged in sire from 10. to 300 ployers’ organisations, the Foun- 

*lt work people. They included a dry Equipment, and' Supplies 

V variety of- processes in core and Association, and the Executive. 

Up* mould making. accepts that solutions to the 

K Four machines or processes problems o' noise are not cheap. 

mg ■ - ■ ■ were found to produce the hut remedial action, especially 

- highest noise levels — knock-out. at the planning stage, should be 

jSftW shake-out vibrating tables, etc.; encouraged. 

all types of ‘jolt squeeze Copies of the report " Noise In 
|®8Hr machines; sand mixing and Foundries" (32pp) from HMSO 

pHT % hopper vibrating; -and forced at £L 

K : ' • PROCESSES 

F FINANCIAL TIMES p^, ^ 

AA A MAr^PTVTPXTT Til A T? TT7 C JretrOl IfOni C03i 


THE £9M. turnover, privately 
owned bureau and consultancy 
company CMG Computer Man- 
agement Group tU.K.) has 
ordered a further £ 1.65m. of Bur- 
roughs mainframe hardware. 

The equipment, a pair of 
B3SOO computers, brings the 
total of hardware leased by CMG 
to about £2J m. and will enable 
the bureau to further expand its 
remote batch, on-line and real 
time processing sendees. _ Its 
operational companies In Scot- 
land and Middlesex will also, he 
linked to the main data centre 
at Croydon using Burroughs* 
B771 remote data handling pro- 
cessors. 


Prime reason for acquiring the 
new machines is that CMG is ex- 
pecting a surge in the demand 
for remote batch processing,- and 
■ to a lesser extent for. oh-lipe 
real-time applications. The Bur- 
roughs machines were apparently 
chosen for their abtlif v to handle., 
efficiently both traditional batch, 
advanced on-line and real Ume 
work side by side; ^ 

The computers will ' bp 
installed" and will come on line 
over an 18-month period: hy fhb 
end of 1979 it is es peeled to have 
100 terminals Oft- line to the b'g 
installation at Croydon.- CMG is 
on 01*681 7631. 1. 


New desk-top machine 


BRIEFLY REPORTED a week 
ago on Technical Page, a small 
computing system which makes 
data processing power available 
to almost any business enterprise 
was released yesterday in the 
U.K. by IBM's General Systems 
Division. 

The IBM 5110 basic model has 
a purchase price of £6,800 and a 
typical commercial system will 
have a purchase price of less 
than £13.000. 

It is essentially a desk-top unit 
like a big programmable calcu- 
lator but houses a central pro-' 
.cess or a xtypewriter-llbe key- 
board with ; a^l0-kby; calculator 
pad and a HOSS^aracter display 
screen. Main memory holds IfiK. 
32K. 48K or 64K bytes depending 
on the unit selected. 


The user can position data any-, 
where on the CRT.aO|d has the 
option of displaying data ip 
upper/lower case. The display 
screen also can show. Information, 
in black on white background or 
white on black. An adapter 
allows the attachment of an ex- 
ternal black and white television 
monitor for an enlarged viewing 
area _ . ‘ 

The new computer i< avail- 
able in two models. Offering 
either magnetic tape or floppy 
disc .storage, the Model 1 can 
store as much as-lJZm. bvtcs on 
a single diskette or 204.000 bytes 
of .information -per tape, carfe 
ridge. The Model 2 allows floppy 
dire storage only .. 

Two programming languages 
used are BASIC and APL More 
from IBM on 01-835 6600 


Automated materials bills 


DEVELOPMENT of STORE- 
BOMP. the Drayton James’ bill 
of materials Processor.- is being 
assisted by a second-stage grant 
from the Department of Indus- 
try’s software products scheme 
administered by The National 
Computing Centre. 

Both standard and bespoke 
Bill of Materials Processors will 
be offered, the products being 
written in AMS Cobol. Bespoke 
versions are possible because 
STORE-BQMP is designed to link 
to existing stock files. Thus a 
bill of materials application can 
be put up with minimum disturb- 
ance .to' existing applications 
already using -the stock file. ' 

The product provides multi- 
level and summarised parts lists. 


kit marshalling lisls. where-used 
lists at single, multi and final 
assembly levels, and full produrr 
cost reports. It has ability to 
process product variants, always 
a difficult area in- hill of 
material* - processing, and ire 
costing facilities can . use stand- 
ard: current or average costs. 
More from Derek. Johnson. 
Drayton James. 6 Warwick Court. 
London WC1R 5DJ. 01-405 9123. 


• By agreement between the 
Ffncnriai Times ond the -BBC. 
information from .The Technical 
,Pnpe is arailhle /or‘ Use bp the 
Corporation’s External: Service's 
as source material for ifa over- 
seas broadcast. 


:een the ^TlCAL W Ai 


uses 




; ^8 F FINANCIAL TIMES 
- ' ^MANAGEMENT DIARIES 

plan ahead inl978 

Financial Times Management Diaries set the highest standards in book design, 
production, information, presentation and craftsmanship. 


Accidents 

are 

expensive I 



Desk Diaries 

Handsomely bound in luxurious black calf leather 
at£l3.9S each* or elegant black leather clothat 
£7.51 each? FT Desk Diaries contain 92 pages of 
information, including 48 pages of full -colour maps, 
and generous space for appointments on each of the 
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"Prices qiiDtodiiK.'iudfcVATandddii'erytqanyaddreosiiithiR the t’K 
a_rd Eire. Prici ? for delivery overs^eas are available on request. 


PROCESS technology for the 
conversion of eoal Into liquid 
and gaseous fuels may be signi- 
ficantly changed and improved 
as a result of using new types 
of catalysts developed by a 
chemist of the Weizmann Insti- 
tute of Science. Rehovot Dr. 
Joseph Shabtai is the inventor. 

Announcing this, the Institute 
spokesman said that Dr. Shabtai 
had developed catalysts which 
could be useful in the initial 

stages of coal liquefaction, as 
well as in ihe later stages of 
upgrading the raw coal liquids 
I into conventional fuels, petrol, 
kerosene, fuel oils, etc. 


Research began several years j 
ago at the Institute and con- 
tinued during Dr. Shahlai's sab- 
batical as a visiting professor at 
the University of Utah which, in 
view of the large local deposits ; 
or coal, tar sand and oil shale, 
has a special interest in the sub- 
ject Dr. Shabtai is continuing 
his work in Israel in co-operation 
with Utah University. 

For Israel, the new tech- 
nology may have an important 
application related to possible 
utilisation of the lignite deposit 5 
ur the Hula Valley and shale 
deposits in Southern Israel. 


lureraiwn* outi.t 




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I^Vnanciaf Times Tuesday January 24 197S 


PARLIAMENT AND POLITICS 


11 


mport menu upsets Peyton cmsier 


‘Nh, 


HHJP RAWSTORNE 

IE A thought for Ihe 
an taxpayer!" Mr. John 
's cry in pursuit of* a 
. cent. devaluation of ihn 
i pound " yesterday 
sounded like an election 
S wll. 

John Silkln, Minister of 
Iture, smiled in tolerant 
men! at the chase, 
he seem of a Commons 
the Opposition seemed 
e lost sight of possible 
-ai price. Bat If the 
san taxpayers 1 £lm_-a- 
ontribution to keeping 
Britain's food . costs was 
a mention, ihe plight of 
i farmers was worth a 
pause. 

t beef, Danish bacon, 
,n butter and Dutch 


. cheese — Mr. Peyton - stood in 
briefly silent contemplation of 
the country's imported menu. 

It iert a hitler taste, he 
grimaced. And with British 
farmers cutting their produc- 
tion in response, It was in 
danger of causing some econo* 
mic ills. That was his message. 
Or that, at least, is what it 
appeared to he. 

The Common Agricultural 
Policy has evolved ■ a . .sixth 
official EEC language which, 
as Mr. Peyton said, does not 
lend itself easily to light con* 
-versa rf on. 

Mr- Silkln a s response suffered 
from the same disadvantages 
or language. EEC doc aments 
R/2501/77 and K/2651/77 
suggested there could be: some 
benefits in applying the EllA 


to the CAP, he said darkly. 
“But I have to tell the House 
that ir Is already clear that 
there is very little prospeet of 
either the EUA or autom.aticily 
being agreed.". 

No wonder Mr. Siikin does 
not gel a -salary Tor his Job, 
in spite of Ihe fact that no one, 
as he said, knows better than 
he the difficulties of an unfairly 
high level of MCAs. . 

But having set his face 
firmly against an “all Ireland 
green pound," Mr. SUkfn finally 
resumed in English. . The de- 
valuation suggested -by the 
Opposition would- he of doubt- 
ful benefit to large parts of the 
farming industry, bnt. . its 
effects on consumers would be 
brutal, he said. 


He was not prepared to 
encourage the production or 
rood . and . positively: discourage 
its consumption at 'the same 
time, Mr. Siikin declared 
stoutly. 

-The Government's proposals 
for -a 5 per cent, devaluation 
would give help where It was 
most needed without raising 
food prices by more than a 
penny in the pound. 

The Tories had had their 
“opportunist fling," he said. 
"Let them now get out of; the 
way and enable us to carry 
onl the real strategy of radical 
change that is so urgently 
required." 

But the Liberals, complain- 
ing of farming's natural 
hazards, remained an obstruc- 
tion. 


I ‘v 


i ilkin dismisses Tory charge 
n level of ‘green pound’ 


I *, 
V \ l 


. l *i.-OfHN HUNT. PARLIAMENT ARY -CORRESPONDENT 


i - > . 


iOVERNMENT had been 
of fraud in maintaining 
en pound at an artifidally 
leve? and refusing to 
> il earlier, Mr. John 
. Conservative acricul- 
pokesraan alleged in the 
■ns last night, 
nade his attack as ti>e 
-debated a Conservative 
calling on the Govern- 
i devalue the green pound 
oer cent instead of Uie 5 
it announced by Mr. John 
Minister of Agriculture, 
■ek. 

Peyton argued that the 
ment had badly let down 
Restock producers because 
fusul to devalue earlier 
iliowed European incur 
s into Britain a l artificially 
ices. 

Mr Siikin was un repeal ant 
the Government "s record 
dismissed the Tory 
uvre as a “short-term 
unisl motion. Hu main- 
Uiat he had tu balance the 
o encourage the producer 
he necessity Tor giving the 
food at prices it could 

is ahsurd to make too 
a devaluation of the green 
t now. You might well nver- 
thc mark and the only 
i wiU be the consumer,” 
tlkin declared, 
t he uave a hint that Ihe. 
was not closed on a suggest 
•y the Liberals for a lurlher 
linn in Ihe green pound, 
d in gradually at a later 

sHessed that the Govern- 
* S per cent, devaluation 
>1 exeitido the Liberal cali 
10 per cent, phased- in 
ion. But any such dcvuluu* 
t mis l l>o ;is selective as 
lr and must no! whittle 
benefits iu livestock pro- 
b> pulling up their costs 
that is Un 1 c.ise. factors like 
me in Ihe calculations of 
would he more eiTecltvv 
a hirih-.-r green pound 
•it inn." the Munster added 
wd therefore prupused lo 


the* European Commission' that 
the 5 per cent, devaluation should 
apply immediately only lo the 
livestock section. All the other 
sectors would wail until the start 
of their normal marketing year. 
In the case of cereals, this would 
mean a postponement of devalua- 
tion until August 1. 

“This gives us the necessary 
time to keep The whole position 
under review until the late 
summer, well within the 12 
months' period suggested by the 
Liberal Party.” he declared. - 

Mr. Silkln estimated that. the' 5 
per cent, devaluation, phased in 
the way he had proposed, repre- 
sented an increase of 1 per cent, 
on food prices in 12 months' lime. 

“ A large devaluation 1 is of 
doubtful benefit to large parts bf 
the agricultural industry-' Its 
effects on the consumer would be 
brutal." he said. 

There were shouts of support 
from the Labour hooches as he 
went on: “ 1 am not prepared- to 
agree to such a large increase in 
the price of food that — while 
production of food is encouraged 
—its consumption is positively 
discouraged. Is that not exactly 
wliat is wrong with the present- 
workings of the Common Agricul- 
tural Policy?” . ■ 

Mr. Siikin made it clear that he 
would continue lo advocate a dual 
system of support, with 



Mr. John Silkln 

premiums rather than interven- 
tion alone. Wc had to act now 
if we were to avoid a massive 
takeover by foreign interests of 
the two basic British sectors, beef 
and pigment. He also rejected 
any suggestion that there should 
be an all-Ireland creen pound. 

. From the Opposition front 
bench. Mr. Peyton said: “It is 


our complaint to-day that the 
Government has lamentably 
failed to give the producer and 
some of the processors the 
proper return. The European 
producer -has really been the 
chief beneficiarj of all this. He 
has been ' given a perfectly 
splendid armchair ride into our 
markets." 

This had led to a £lbn. increase 
in our food imports last year. 
The Germans had been able to 
sell 50.000 tonnes of butter .in 
Britain at cheaper prices than 
prevailed in Germany. Irish beef 
imports into the U.K. had 
doubled iu value in 1977. and 
Danish baeui had increased its 
market share from 43 per cent, 
to 48 per cent. 

The result had been a- rever-al 
of the normal position, tmpnrters, 
with strong currencies, had been 
protected, and those with weak 
currencies had been exposed. 

“This has been brought about 
by the Minister's own failure to 
recognise the facts. The Euro- 
pean tax pay ei has been paying 
quite \ substantial contribution 
to our food costs— over £lm. a 
day. 

“How docs the Minister recon- 
cile this mendicant attitude with 
recent boasts about the new 
economic strength of this 
country ? * Mr. Peyton asked. 


funds ‘will 
not be 
extended 9 


By Arthur Smith, 

CONFIRMATION that the Gov- 
ernment .will not extend its 
financial commiunenl to Chrysler 
U.K. was given by Mr. Eric Var- 
ley, ' Industry Secretary,, lo the 
Commons yesterday. 

The Government agreed J to 
meet half of any losses op' to 
a total of £20ra. In 1977, but 
Chrysler is expected to produce, 
a deficit Approaching £&im. 

Mr. Kenneth Clarke, a Conser- 
vative 'spokesman for industry, 
demanded .-an ' assurance that 
there would be “no question of 
any more .public money being 
found for the company in excess 
of the existing agreement.” 

It was the responsibility of 
management and workers to 
make Chrysler competitive, he 
said. 

Mr. Varley replied: *T can give 
that assurance.” 

Mr. Douglas Henderson (SNP. 
Aberdeenshire El said there was 
consternation at the Scottish 
Chrysler plant at Linwood that 
the new 1979 model was to be 
built at Coventry. 

In December. 1975, Mr. Varley 
had given a direct undertaking 
to the Commons that it would 
be built ar Linwood. On' that 
basis, the SNP bad voted for aid 
to Chrysler,; he added. 

Mr. Varley replied: “ I under- 
stand that the model policy. of 
Chrysler U.K. is being discussed 
with officials of my department. 
The proposal has not been put to 
me but 1 hope to be able to say 
something- about it in due 
course." 

• The Department of Industry 
has monitored Chrysler opera- 
tions closely. The decision to 
locate the proposed new model ai 
Ryton, Coventry, rather than Lin- 
wood. follows an appraisal of 
Chrysler's European marketing 
policy. 

The new vehicle will be a 
front-wheel drive car based on 
the successful Alpine model. 
Linwood is equipped to produce 
rear-wheel drive models but its 
poor productivity and industrial 
relations record must raise ques- 
tions about its long-term future. 


LABOUR NEWS 


Row costs Reveille 

week’s publication 


BY PAUUNE CLARK. LABOUR STAFF 


FLEET STREETS first major 
venture into newspaper tech- 
nology got off to an ominous start 
last night with the loss of this 
week’s entire publication of the 
Mirror Group's Reveille magazine 
because of a production dispute. 
• Mr. Les Dixon, president of the 
National Graphical Association, 
was “ hopeful ” yesterday that a 
solution to the printers’ demarca- 
tion ‘dispute would be found 
before hodn to-day in time to save 
next week’s edition. 

This week's production of 
about 550,000 -copi es- was to be the 
first of the group’s titles 
to. be produced by a new photo- 
composition method and 
industrial troubles at this stage 
have raised fears of further 
problems, as new technology is 
expanded to other Mirror 
publications. 

Meanwhile, the situation is 
being watched with concern by 
the rest of Fleet Street as other 
major newspaper groups content 1 


plate similar changes in 
technology. - 

As negotiations between union 
representatives and management 
continued yesterday, union 
leaders urged a return to normal 
working pending a solution to 
the dispute — if necessary 1 through 

arbitration. 

The dispute between manage- 
ment. NGA members ‘and mem- 
bers of the National Society of 
Operative Printers. Graphical 
and Media Personnel is seen as 
an example of the* industrial 
problems that were feared 
would arise from the introduc- 
tion of new technology in Fleet 
Street. 

The row affect <; mainly com- 
positors in the NGA who. claim 
the right to collate copy for 
proof-reading against manage- 
ment instructions that the work 
is more approriale for NATSOPA 
members. 

Compositors in the NGA 
argue that they have always 
handled hot metal in the past 
and that they should handle the 


new computer-produced material 
as a continuation of previous 
practice. 

Union leaders feel that the 
problem could have been fore- 
seen and that it would not have-' 
emerged at such a critical' time- 
had there been sufficient consnl*. 
tation between management and - 
their own printers. 

Mirror Group management-' 
pointed out- that joint negotia- - 
lions had been going on for two 
Years and that NGA -members 
had known about the change, 
some months ahead. 

The new system has cost the- 
Mirror Group about £2.5ro. KK 
ir.stal and the change is to he: 
applied to Sporting Life, the 
Sttndav People, the Sunday. 
Mirror and Daily Mirror later 
this year. * 

In November and December, 
the group lost 52m. copies and 
about £3m. profit because of 
industrial action by journalists 
over a pay claim based on new- 

technology. 


Callaghan ‘still backs; 

• j .i 

industrial democracy’! ^'four 


Leyland 
pleajby 

Howells sets out Liberal demand Varley 


Liberal spokesman on agricul- 
ture. Mr. Geraint Howells, left 
no doubt that the bint from Mr. 
Siikin about the possibility of 
further devaluation along- the 
lines suggested by the Liberals 
did! nor go far eQougii to satisfy 
him. 

He declared:/' We wish to see 
a devaluation of the green 
putind by HL- prr cent, within 
the next 12 months 

■' Unless wc get firm promises 
frnm the Government that such 
a devaluation can be achieved, 
with a definite date fixed— and 
there seems to be no sign of 


that at present— we can do no 
more than oppose the Govern- 
ment lo-day oh. this vital matter. 

'■ We owe it to the agriculture 
industry, and, in the . long term, 
to the British consumer.” Mr. 
Howells said. 

Farmers, he added, felt that 
they bad been treated unjustly. 
The green pound kept prices 
artificially low and had permit- 
ted unfair competition from 
heavily subsidised industries in 
other countries. 

in real terms, there had been 
a 15 per cent, fail in farmers' 


real incomes between 1976 and 
1977. resulting in the lowest 
remuneration since the early 
1970s. Beef and pig breeding 
herds were declining. Producers 
were in danger of bankruptcy 
and were soiling their stocks. 

Ur. Howells agreed that if 
the creen pound were devalued 
by 10 per cent., ss the Liberals 
warned, the cost of food would 
uo up by 2p in the pound. 
Nevertheless, he thought that the 
EEC social fund could be used 
to alleviate this, giving aid to 
those on fixed incomes, such as 
pensioners. 


.1TICAL WAR ON THE CAMPUS 


imes change for young Tories 




r i- * . 

% ► 


Lit; 1 


r* 


-S 





RUPERT CORNWELL 

STRANGE enough, if yon 
w.ilMir.'il appearances to 
with ivrU-tru-d el che.-. tu 
lou-erv:t:ivf iVntral Offirr. 
id the person you hair 

0 «!>e uraring ji-ans and 
ipli-d sMi'iin-r. ovon-if he 

1 of ihe Tur> students* 
alinn 

aiuin»;>hcrr become* more 
crling Mill when the 
: never Mops jrngin^ anil 
ini-turli' Sir Keith Joseph, 
to fix up details of - a 
u encasement, and any 
uf MPs and party' 
ri***.. arranging this end 
ng that 

he oilier of David \VIIX«. 
m nf t hr Federation of 
'.•jtivtf Students cmtld not 
- ,i hcCur mdicatiuu uf the 
filiation which has taken 
i tbe >nuihful reaches nf 
.iry party. The public 
.is- still iif the sherry-and- 
set. addicted . m Hum 
jolly pranks. In fact, 
—and. tu a lessor extent 
Conservatives— arc 
political war iii earliest, 
not doing badly *1 all. 
‘ai was set on the rhanpe. 

Murnine Slar gravely 
H) 1977 that the fadert*: 

pi-ins - tu launch an 
cal offensive • to win 
nut untj politically, but, 
neatly anil theoretically.'* 
^cmiyc is already on and' 
produced sinking results. 
a«ure:. alone make unpres- 
,adiii£. t rum the low point 
►. when the pany lost iwu 
< i-tvY-ttuns. membership uf 
CS has quintupled to 
Its pamphlets proclaim 
: largest Mi idem political 
ialion in WcMcnj Europe.” 
fight has been carried into 
an of i tic National Union 
Jcnfb. lon§ written off as 
, iti only fur Left winy 
,*ing. To-day, the Jtfdera- 
is two seats on rite 15-man 
ivc. and controls a third 
MKi-mUl del cynics to its 
conference, where It ts 
•d as Hit* main onpoMtion 
• rul in;: “Broad Left'' 
>n ut Socialists, Coin- 
. s and Manbh. . 
v pna: AsMicuilitHis ■ al 
wtie*- ami riiUcyo- .have. 
<Iip(I from 50 tu 1M in just 
years. 



Tn 3 certain extent, the suc- 
cess is a measure of the improve- 
ment in Tory fortunes since 1974. 
The 'ideological struggle is run- 
ning the parly's way. and Labour 
looks peculiarly bankrupt of new 
ihmkmy for all the ponderous 
speechifying in defence of 
serial democracy by some of its 
would-be leaders. 

The sludeut Left, moreover, 
has - played into Conservative 
hands by Us internal feuding and 
drift t»» extremes. Wilks and 
Chris Gent. Ihe Young Conserva- 
tive chairman, sec Margaret 
Thatcher rarely but regularly: It 
is hard tn imagine the Prime 
Minister nsklnp Andy Bovnn io 
pap round f« discuss policy. 

But there is mure tn the cam- 
paign than the wearying spec- 
tacle or new activists out tn 
force hack nid ones. Perhaps 
the most disturbing statistic for 
the Conservatives in 1974 was 
Htai they were supported by less 
than one.. in ten of firsi-time 
voters — conjuring up the vision, 
or father nightmare, uf a' party 
steadily ageing in its South-east 
heartlands, and of Labour 
entrenching itself, as Harold 
Wilson liked to claim, as the 
natural party nf Government 
For this reason, it was vital for 
the Tones tu turn the tide, and 
ir the PCS and the YCs have 
helped do so, by making Gon- 
servatKm . Intellectually more 
appealing tu Hie young, then 
they- have already done the 
parly an enormous service. 

Wilks himself remembers the 
old days. ** We used to be jua 
a lot of university dining qiubs. 
A couple .uf MPs in pinstripe 
suite would come down, make a 
quick speech.- and everyone 
would then retreat to an expen- 
sive restaurant fur the serious 
part of the et'eninc." 

To-day. shadow Cabinet mem- 
InTii are constantly oo_ the 
campus, not teost Sir Keith, 
whose provocative, ir sometimes 
ill-considered style, is ideal for 
a student attSlenre. The fruits 
have qmrkly' emerged. vviKs 
cimms that student bodies in half 
the British universities are con- 
tinued . by" the f-nnserpalivcs. 
and,' must encouraging, "every 
one nf ihem north' uf the. Wat- 
ford UaB.*? . 


As interesting as the renais- 
sance has been the reaction it 
has produced in various quarters 
of the Tory' party'. The problem 
has been -harder for the YC. 
whn.se . membership is rnxjv up 
to around 27,000. because of a 
powerful identification' with 
Hcalbife policies and the farmer 
leader himself, on whose behalf 
they lobbied furiously before 
ihe election, which produced 
Mrs. Thatcher to succeed him. 

Old suspicions linger, more so 
of the Praetorian guard sur- 
rounding Mrs. Thatcher, than of 
Uie nevr leader herself. Tensions 
will certainly diminish, though, 
if the rumoured reconciliation 
with Mr. Heath becomes fact. 
The divisions also arc likely to 
he blurred by the arrival of Mr. 
Gerry Wade, a leading YC in his 
day. at the head of the Tory 
Reform Group. His profession- 
alism will see that there are no 
more. of the group's onslaughts 
against Jnsephism in the run-up 
to an election. 

The FCS. however, is a 
broader church. All shades of 
Tory opinion are there — from far 
Right iiberal/Iihcrkirianibiu to 
ibc interventionist Left. 

“We 'do have strong debate 
about what the party's policy 
should He”* Wilks sa>s. “ H's a 
pity reatlv that this isn't cncour- 
a*4ed by ihe leadership." 

It is; above atL the otd- 
rashioned Right of the party that 
both bodies rub up the wrong 
wav; the kind that reads the 
Daily Telegraph and believes 
that the young should know 
their place. 

The. sight of .Conservatives 
mixing' it' with the Left at its 
own game does not please this 
schooL ‘ while Mr. Nicholas 


Wintcrton. MP for Macciesfield. 
fired off an indignant letter lo 
Mrs. Thatcher protesting that 
there was “virtually no differ- 
ence between FCS policies and 
ihdse of the Communist-s" and 
that £12.000 of party funds had 
been squandered on NX’S activi- 
ties. Wiikei refutes this last 
figures, arguing that in 19>f-7$ 
NX'S outlays wili have amounted 
to only £500. 

But probably the most serious 
friction with the parly establish- 
ment arises on race relations, 
immigration. and southern 
Africa- Both the federation and 
the YCs have been unhappy at 
what they see as the party’s 
half-hearted stand against the 
National Front, it was their 
violent reaction which forced the 
party chairman. Lord Thomey- 
crort. to think twice and allow 
a Conservative representative on 
the new};,- formed Joint Com- 
mittee against Racialism . 

Invariably, it is at party con- 
ference that argument surfaces 
most fiercely. Last year, the YCs 
angered the imperialist o!d guard 
-by setting up a ineetting for 
Zimbabwe's Bishop Hiusorewa 
and then seat forth one of their 
number to the platform to 
dc-cribc Sir. Ian Smith as a 
murderer. On Europe, too, their 
views arc more federalist and 
idealist than the parly leader- 
ship 

What mailers most of course 
is the next election. How raonj 
extra voles the Tories wili gain 
thanks io the YCs and the 
federation is questionable. But 
a handfu: of votes could tip a 
msrginaL and the value of 
spreading the Tory gospel 
beyond normal froniiers needs 
no emphasising. 


By Ivor Owen. Parliamentary Staff 
BRITISH LEYLAND'S-woxtforce 
was urged to cm down on strikes 
by Mr. trie Varley, Indifctiy 
Secretary, in the Commons yes- 
terday when he strongly under- 
lined the need far the compafiy 
to increase Us share of the U.K. 
car market. 

At the same Urne, he rejected^ 
criticism of Mr. Michael 
Edwurdes. British Leyland «-natr- 
man. whose ability to win support 
from the shop floor was ques- 
tioned b> Mr. Ian MIkardo (Lab.. 
Bethnal Green and Bowi. 

After referring to the Tael that 
Mr. Edwardes was on a relatively 
short secondment to British 
Leyland from another company 
and. therefore, personally secure 
in any event, Mr. Mikardo asked 
how he could he expected to 
gel full co-operation from 
management and workers whose 
jobs he was putting at risk. 

"Does not this critically 
difficult task demand a man of 
longer and deeper commit- 
ment?" he demanded. 

Mr. Varley replied that he had 
publicly supported the appoint- 
ment of Mr. Edwardes — a move 
which had" also been supported 
by the entire National Enter- 
prise Board, including ihe four 
senior trade union leaders 
among its members. 

He declared: “The best way 
of securing jobs Is to on ure that 
there is continuity of per- 
formance and continuity of pro- 
duction. That is what Mr. 
Edwardes wants 'to achieve as. 

I believe, does the vast majority 
of those who work in British 
Leyland.” 

Mr. Michael Gryll s <c. Surrey 
N\V» called on the Minister to 
make it clear that his supnort 
for Mr. Edwardes would "con 
tinue when ** the going got 
tough " and there were proposals 
far redundancies and plant 
closures. 

Reaffirming that he wanted to 
see British Leyland become a 
successful company, Mr. Varley 
said he wished fa support those 
in ihe company, including the 1 
chairman, who were seeking to 
achieve this objective. 



Rebate share protest 

AN M-P, CLAIMED yesterday whole bonus." He called on the 
that some toeal authorities which Government to take action so 

paid retephone rental charges for ^ ^^SS^ISbsSri^S" 
disabled people, were claiming a ^ 

share or Uw Post Office sH Hwkfield, lndustiy 

rebate for telephone sultecnbers. Cnder Secretary, said he 
Sir. • Has Madden (Lafc. appreciated there was “concern” 
Sower by 1 .said that, in lus own about the actions of *ome local 
constituency, . ihe local authority authorities and promised to 
was " proposing to 'take the investigate the ma tier. 


Tory ‘race 
campaign’ 
attacked 

CONSERVATh’ES were yester- 
day accused by Mr. Dennis 
Caiman (Lab., West Stirling- 
shire) of mounting a campaign 
To “ bash the immigrant" 1 
Gesturing towards jeering 
Opposition MPa, Me. Canavan 
declared: “ The Tories do nothing 
to help racial harmony by 
defending people like Judee 
McKinnon, by refusing to take 
par; in an all-party committee on 
racialism, and mounting their 
immigrant, like the National 
FronL" 

Mr, Sam Sllkta, Attorney 

General, replied that he had 
assured the Racial Equality Com. 
mission chairman. Mr. David 
Lane, that he would continue 
with firm enforcement of anti- 

incitement laws. 

The Tories should answer for 
their own polices, he added. 


BY OUR LABOUR EDITOR 

GOVERNMENT plans to intro- 
duce in the Budget tax conces- 
sions for employees* profit 
sharing did not supersede its 
eoramirment to industrial democ- 
racy, the Prime Minister told 
rUC leaders yesterday. 

Ministers asked the unions to 
recognise that the minority 
Government's dependence on the 
pact with the Liberals compelled 
them to bring forward this 
Liberal-hacked measure. 

The TUC said Mr. Callaghan 
agreed that the momentum 
bebiDd industrial democracy in 
the wake of the Bullock Report 
must be maintained, and en- 
dorsed ihe TUC demand for the 
right of workers to Board re- 
presentation and for prior dis- 
cussion of corporate strategies. 

Although a While Paper on 


industrial democracy covering 
both these demands is expected 
in about a month at the earliest, 
it was confirmed that there could 
be no legislaion in the present 
session of Parliament. 

The TUC leaders, meeting 
Ministers and Labour MPs in the 
'••('.-Labour Party Liaison Com- 
mittee. have been angered by 
the apparent downgrading of 
industrial democracy in the face 
of the need to maintain Liberal 
Party support. 

To-day the TUC will meet Mr. 
Healey. Chancellor of ihe Ex- 
chequer. to discuss its request for 
a £3bn. budgetary reflation. £2bn. 
of which it wants to take the 
form or a reduced rate of income 
tax of 25 per cent, on the first 
£1.000 of taxable income. 

Il will also comment on the 
public expenditure While Paper. 


pits 


Speke peace talks raise 
hopes of end to deadlock 


BY PHILIP BASSETT. LABOUR 
HOPES of an end to the 12-week- 
old strike by 2.000 car workers 
at British Leyland's Merseyside 
plant at Speke* grew last night 
after -alMay • .talks . between 
national trade union officials and 
shop stewards. ■. 

Mr. Grenville Hawley, national 
automotive secretary of the 
Transport and General Workers' 
Union, headed the deputation 
from London to the secret meet- 
ing outside Liverpool. 

After the indefinite adjourn- 
ment of talks with the Advisory. 
Conciliation and Arbitration 
Service, both union and company 
officials were hopeful lhai ihe 
direct approach by major 
national union officials lo repre 
scnlatives of the unofficial 
Speke strikers would help to 
break the deadlock. 

Moves to make the strike 
official were understood to be 
again being considered, but ’no 
firm recommendations have yet 
emerged. 

British Leyland. which has lost 
production of Triumph TR7s 


STAFF 

worth more than £60ih. and has 
laid off 3.500 men since the strike 
started, may welcome the slop: 
page becoming official. 

The. strikers have not met .to 
test feeling since November 21 
and. some Leyland officials feel 
that support for the strike is 
crumbling. 

Meanwhile, six Merseyside 
housewives will be in London 
to-day to ask the Prime Minister 
lo intervene and end the dispute. 
They will hand in a petition to 
10 Downing Street ' sicned by 
hundreds of local- Liverpool 
people. 

O The 1.000 press shop workers 
on an unofficial strike over new 
productivity and work schedules 
al Ford's Halewond plant on 
Mrrseyside hold another mass 
mcetinH to-day. 

But the strike, now in its third 
week. Is unlikely to be callpd off 
yet. as shop 'stewards have not 
met Ford management officials 
since their meeting last week. 
Lost production .because of the 
stoppage totals 7.500 Escorts, 
worth nearly £20m. 


By Alan Pike, 

Labour Correspondent 
MINERS AT four Yorkshire 
pits are refusing to implement 
incentive schemes in spite of* 
endorsement of the productiv- 
ity principle In an area coal- 
field ballot. 

The decision by men at Arm- 
(horpe. South Kirk by. Cade by . . 
and Eryston — was reported to 
a meeting of the National : 
Union of Minewurkcrs York- ^ 
shire area council yesterday. ■ • 

Mr. Arthur ScargilL area • 
president, said afterwards: 
“These men feel the discrep- 
paneies that are going to occur • 
will cause all sorts uf problems 
for I hem." 

He said that if a pit did -. 
not wish to Implement an In- 
centive scheme it did not have 
to do so. But he did not know f 
whal action, if any, men at the 
pits concerned proposed to - 
take. 

Di*»?cult?es 

The problem at the four pils 
— which comes after last ' 
-week's strike at three other - 
Yorkshire pits by winding men 
dissatisfied with the share of 
the new incentive bonus which 
they will receive— indlcaies 
the continuing local difficulties 
involved in .(nl inducing the 
productivity scheme. 

The winding men resumed 
work yesterday pending talks 
with the National Cna! Board. 

Yorkshire area officials are 
to meet Ihe Board to-day for 
discussions on how the incen- 
tive scheme should be intro- 
duced. The union Is demanding 
a common starting dale for all 
pits in the area and difficulties 
are likely over whether a 
group of pits which applied for 
incentive schemes before the 
area ballot should receive back- 
dated awards. 

The union also will tell the 
Board at to-day's talks that it 
wants incentive arrangements 
reviewed after six months. 


AUEW may 
McDermott 

FINANCIAL TIMES REPORTER 
THE EXECUTIVE nf the 

Amalgamated Union of Engi- 
neering Workers may discuss 
lo-day the 14-day dispute .it the 
McDermott (Scotland) Ardcr- 
sier Platform Construction 
Yard, where work has halted on 
three offshore orders. 

Deadlock lias been readied in 
the dispute, involving 1.500 
workers who say there is a lock- 
out. They are backed by the 
local district committee Of the 
union. Management maintains 
that the yard is open and ready 
far work. 

The dispute arose from failed 
negotiations last month on man- 
agement plans to introdure a 
three-shift system claimed as 
necessary for ihe yard’s con- 
tinued operation. and the 
workers' demand far more pay 
for three shifts. 

Mr. Norman Macdonald, shop 
stewards* convenor at the yard, 
said yesterday: “ I am very con- 
fident that our dispute will be 


declare 

lockout 


discussed, and that we will 
secure the backing of the .-xc-cu- 
tive lo declare it a lugkuut 1 
am hanking on that to-nmnow 

'* Il would make our action 
official, and also show that we 
are willing to return to work 
on the ' existing shift pj'iom 
until negotiations can he carried 
out and agreement reached. 

“ We are wilting to go back 
to work and the ’companv are 
refusing iis ihe right to wwk." 

McDermotts. denying 'his. 
says three-shift working and in- 
creased flexibility are neces-ary 
if the yard is to maintain its 
competitiveness in the face of 
other U.K and European yards 
for offshore orders, 

It has orders for a six-pile 
wellhead protector jacket fer the 
Dutch company Placid, due to 
go out in April; a steel :<-«'ket 
for the Brazilian Slate oil com- 
pany. PetTohras. for Sepi-^mber: 
and Conoco’s steel jarkel for 
the Murchison Field, far Mav 
1979. 


Coal Board 
i challenges 
! Day ruling 

THE NATIONAL Coal Board 
yesterday appealed against a 
Shrewsbury industrial tribunal's 
ruling that women assistants al 
Hemhcath Colliery -canteen 
should be paid the same as men 
and get Tree coal. 

It asked the Employment 
Appeal Tribunal in London lo.set 
aside an award made to.- Mrs. 
Pearl Sherwm. 47, and Mrs. Edith 
Spruce, both of Stoke-on-Trent. 

The Board says ihe women are 
not entitled to parity under the 
Equal Pay Act with a man doing 
a similar job at the canteen. 

it relies on the fact that men 
work permanent nights while 
women work day and evening 
shifts, it maintains that the pay 
difference is justified and that 
.there was no sex bias involved. 

The Shrewsbury tribunal held 
that Women were entitled to the 
same hasic hourly pay as men, 
plus the concessionary coal, but 
that a night work premium In 
men's pay should be maintained. 
The appeal was not expected to 
finish yesterday. 


Bank employees seek 
local pay deal rights 


BY NICK GARNETT. LABOUR 
MORE THAN 700 members of 
ibc National Union of Bank 
Employees in Jersey and Guern- 
sey have mounted a campaign 
to win negotiating rights far 
local pay deals. • 

The staff, who work in clear- 
ing banks and are seeking rises 
of about 16 per cent., have been 
told by union leaders that they 
should be prepared far possible 
strike action. 

Bank employees on the islands 
want local . negotiating arrange- 
ments largely because they say 
they are slipping behind other 
groups of white-collar workers 
who are not tied to U IL pay 
scales. 

The bank union has been 
pressing for local negotiating 
rights on tbe islands since it 


STAFF 

broke away from national nego- 
tiating machinery last year. 

Dunlop strike 
peace talks 

THE 700 Dunlop Rubber workers 
who have been on unofficial 
strike over a manning dispute, 
for ten days, will attend a mass 
meeting in Transport House. 
Liverpool, this morning. There 
were indications last nishl that 
they might return to work. 

The stoppage has halted pro- 
duction of heavy tractor tvres 
but another 2.000 men are 
continuing to turn out car tyres 
and sports equipment. 


Tyne Metro 
conversion 
: goes ahead 

A MANNING dispute which 
delayed vital work on the £120m. 
Tyneside Metro transit system 
for tv.-o weeks ended yesterday. 

The decision allowed transport 
officials to go abead with the 
closure of the North Tyne rail 
line for conversion to electric 
track for the Metro. 

Train drivers had refused to 
co-operate wiih tbe changeover 
until they were given a guarantee 
that no jobs would be lost 


Hoover staff 


laid off 


MORE THAN 1.000 assembly 
workers were laid off yesterdav 
al the Hoover washing machine 
plant a: Merthyr, Glamorgan, 
because of a strike by delivery 
drivers. 

The week-long unofficial- d«w. 
pute over a pay claim has halted 
supplies to the works, bringing 
production to a stands tills 



r 


Financial Times Tuesday Jaimary, 2*1978 


The 



Pase 


EDITED BY. CHRISTOPHER LORENZ 


Leyland — the unpalatable 


IT IS XOT just the recent 
development of Ford U.K. and 
British Leyland which provides 
interesting examples of contrast- 
ing styles of management. Ley- 
land has grown, sin_*e the days 
of William Morris, as much by- 
acquisition and merger as by- 
natural expansion. Ford, on the 
other hand, has been content to 
move ahead steadily year by 
year, building on established 
foundations. Time after rime 
Ford has made up ground on its 
competition, after Leyland, in 



one of us many metamorphoses, 
has hounded aln-ad with one of 
its periodic mergers. 

Kurd has now caught up with 
Leyland again. Last year Ford 
snld about 1S.0UU more cars in 
the U.K. than Us rival. Tins is 
only a decade after it was left 
trailing behind, with about one 
sale for every three, by the 
merger of British Motor Hold- 
ings and Leyland. These figures 
show Ford pursuing a policy of 
market leadership in Britain 
backed up by a steady tluw of 
new investment into its com- 
ponent lactones, and by further 
expansion ot ansumbly capacity 
a> Dagenham is reorganised. 

In many ways these recent 
events follow the pattern m 
Kurd's U.K. strategy in the 
earlier part of this century. The 
company established production 
leadership almost as soon as it 
opened at Manchester in 1911. 
only to lose it in the early 1920s 
as Morris. Austin. Singer, and. 
for a l:nic, Glynn surged ahead. 

In the lf*30s. however, armed 

with the most modern car plant 
hi Europe at Dagenham. Ford 
came hack with its “ 8 ” 
and ’’to" models, pus an 
ultra competitive policy’ on 
price and quality, to a position 
very close to the top uf the 
league, tsce Table U. Now, for 
the first time since 1922. Ford 
is again the best-selling make on 
the British market. 

But Ford's main theatre of 
activity today has switched to 
Europe as a whole. Here again. 
It is acting very mum in 
accordance with its established 
style. It has developed a new, 
extended and highly market- 
able product range, with a 
timely move into the small car 
market. H has built its own 
new production facility in 
Spain, raisinc Ihe funds Tor 
this Sihn. venture from its own 
resources in Europe and the 


U.5.. and embarking <m a 

green field development rather TARI FI- APPRO) 
than seeking out acquisition *' _______ 

prospects. At the same time It 

has developed a severely com- VauxhaJJ Standard 

petitive pricing policy and is 

moving to the forefront of the ‘Jg Jr ! 5 J* 

production ranks. -The' emer- JJrr 7 'i 

gence of the European Com- ^5 ^ 

munity. leading to a European- 1933 . yj 

isation Of the multi nationals’ 3934 7.6 ■ -72 

motor business, has seen Ford 1935 7.7 4.1 

move from a secondary posi- 1*34 4-0 9J 

tion in the U.K. and West 1*37 7J 8.1 

Germany to one whore it can W® ' 

aim for European leadership J*r. 

(see table 2). ^Figures are approximate as it is no 

These moves have seeri Ford 

replace Renault and Fiat to TAP 

become the most aggressive • 

car manufacturer in Europe, w—mmmmm—m 

By contrast. Ley land's push 

into manufacturing on the INVESTMENT RE 
Continent seems to have fizzled . e &niMO matad 
nut Begun in the 1960s. and LEADING MOTQR 

pursued by means of two take- __ 

overs— in Spain and Italy— 

and one green field develop- ** 7B 

ment — in Belgium — - this 

expansion by Leyland has GM (Worldwide) 971 

ended in considerable financial Ford (Worid wlda) 444 

grier. The company is left with Chrysler (worldwide) 177 

only one major bridgehead - - 1 — — 

across ihe Channel at Seneffe, ” 7 

the Belgian plant which it Ford U.K. 4 8 

built up rather than acquired- Vauxhali " 21 

Leyland still retains a chryslel? 5 ' ^ 12 

minority interest in De 1 — 

Tomaso's Innocenti and . — ; 

supplies car kits for local Mini Opel 4 7 

assembly. Fiat III* 

There is little argument that Renault 101 

Leyiand's bid to become a pan- 

European manufacturing power ^*" 0 — 

should have been a move in the 
right direction. Indeed, ir 

forced its way into Spain and General Motors and Chrysler: 


-TABLE 1: APPROX.* SHARES OF TOTAL U.K. CAR OUTPUf 


Nuffield 


'industry 
Production 
(•000) ‘ 
182-3 

169.4 
158.9 
17L2 ' 
720.7 
25fc8 . 

-. 3115 
3535 

389.4 

342.4 
(J04J) 


In contrast to- other car manufacturers, Leyland s 

become a. pan-EarOpean company has fizzled out. , 

argues GAREL RHYS, has clearly pushed it into the second 
division of world manufacturers. The question now is 
the £2.8bn. investment envisaged by Ryder will be enough. 




*• TABLE 2. 

ESTIMATED ANNUAL CAR 
ASSEMBLY CAPACITY 
BY 1980 


, , MUAf thp wacc But tho fact remains that H 

“ S2 S. the company is 
bUl ana nintr chance of success it. .will need 

S “? ", SS 1 « a serious subs.ant.al taWW, tZ 


on ! > ' be rrcm q “ a - «“ 5MB 

{ti\ 6 8^ _ . — c .Ln mrtfa ♦ hnn wax enYiSlB'Cd iffldna 


•Figures are approximate as it is not always dear whether raw data refers to “model year** dr “calendar year" 


Chrysler. 

-British Leyland* 
G.M.G * 
Renault <■. 

Peugept-Cltroeq 
Ford 

-Volkswagen 

Fiat' 


15m, 
3 in. 
.155m. 
155m. 
155m. 
155m.- 
150m. 
USm. 


TABLE 3 


TABLE 4- 


INVESTMENT RECORD <1970-6) OP 
LEADING MOTOR COMPANIES (£M.) 


raws 


1970 1971 1972 1973 .1974 1975 1*76 


907 1.1Q1 1. 107 — 

441 393 505 — 


8 491 4 41 393 505 — m*eo ' terms -of its production poten- the mass marser ibt some nine 

8 143 271. 199 190 — ,. r . - . . tlal and range of products. He 

A fir — ™ — Tii ^ -’•* v > ■ >' — — ty side-stepping the chimera of 

K - «~ 5 3 - ■= WM&. MED INVESTMENTS .^«nS5«uy « urj»«r. 

* * 13 24 — ftenau& fr- { .v V. ; .. w*6o SV LEAEHN6 COMPANIES : |j specialist division is now as j s m^i^ely that Ford's present 

i_ 3 5 1 - ■ - 1 INTHE MUSI INDUSTRY much of * second div ' sion enter - market leadership will be short- 

7 98 -102 327 165 229 t 97 »w ' prise, in world terms, as its ljved _ Therefore Leyland must 

1 « "41 ’ ' 48 — — — w? 8 * volume business — and he Is g h et j labour to improve produe- 

2 — iTi — St — — 2 & 4 ~ — ii — -ircpvgTWfigg — : aiming to maintain a range of nvity, but even if Leyland's 

j — rzr- — vehicles in the volume area. financial fortunes improve as a 

y a* M 117 txi'u'tsS.Vr®. .'•* r— — ; : — But funding will continue tn result they are unlikely to 

. ' « be a problem following- the approach the figures envisaged 

three years of failure which in the RydeT rescue. ' Leyland 
have seen the original Invest- is loo far off course for that. 
The original Ryder plan, now being' for tong-term Investment, of the Jong-term projects. Ttyder ment plan go awry and tile com- The lack of an improvement ii 


3S«T . h r«.n ».« of 6. 

£Tb?EKfti! 

QUS - 0V S ^ roSSSn Between the Mini and fee tot* 

dedicated by Uie Governmen t jj C cQQipany does na&- have a 

for capital investment have no nai jy successful cumpetlior, 

been reduced. Therefore. Qjngequently the target market 
either Leyiand’s future invest- p WetraC ian of 33 per cent, qq 
ment plan must be cut— despite wIl j C j, t he Ryder -profit forecasts 
the feeling that it needs such a were ^ased must now. be com- 
pMgramme to remain at coni’ paret j with the 27. per cent, 
petitive levels of size and actually achieved in 197$ and 
activity — or the State will have t h e 24 per cent of 1977. 
to find new money. This performance not", only 

This is the dilemma which reflects supply difficulties but 
now faces Edwardes. He se.ems also and more seriously, a fan 
already to have accepted the in consumer demand - for the 
case for keeping Leyland more company's cars. As - Leyland 
or less at its present size in will have little new. to offer in 


the mass market for some -time 


Chrysler 


W-j.i ‘ 

.‘VsItU 


SmxTj; 


PLANNED INVESTMENTS 
BY LEM COMPANIES 
BTHEMOnK INDUSTRY 




- - 

77-. 71 > 


797&00 PROPOSED TWE SCALE 
- FOR KVBTMEKTS 


Italy, two of the markets with the latter is launching such a being reformulated by Mr. mest of the £200m. equity envisaged Leyland generating a pany itself failing to generate productivity has meant that at 

ihe mosi poicntial lor northern transatlantic-style car in France Edwardes. called for £2.Rbn.. in rights issue subscribed by the totaj profit or £1.6bn. over fee the funds which Ryder claimed least one quarter of the profit* 

European manufacturers well in the near future. current prices; to be invested State went to pay off debts of rescue period, with .profits in to be possible, and necessary. envisaged in the rescue have 

ahead of Ford— which is now within this context. British c ? et ™* n l? 75 2 ne kind ° r another. Another 1881^2 forecast at" 11 per cent. One way of improving . pro- been put at risk; this reinforces 

coins n exactb' the same direc- Levland become^ a small enter-' 19W— or £l.5bn. deflated to 19<a i200m. was to. come from bank of.sajes nr £653m. Thus, accord- spects would be through a adverse impart of lower put- 
fern with its new Fiesta model, prfse air Michael Edwardes ml terms ' £l - abn - was overdrafts. Nevertheless, fee ing to Ryder, over on*tbird of “functional” merges, where P u * and market sh&n.on fee 

Bui Leyland s European the ' new' chairman has ri S ht1 ^ as a vast claim effect of this was to reduce fee the to.tal profit was to be earned many parts and components are cash flow. 


sure,™ whlcli 03 wil| e be 1 devasut^ US Tthrashrf'ou'fduring'X’ JHSm? FTS?* “ 55?- " 2?- » s»lnewHat sanguine Mtiiate. Sim i MM& wmS Sb&Snr. 

ini.lv Hillimilt In nvari-nma orsn #nnl n. nlo re * liicmTta a vair oan tional in teons of the motor Leyland is- expected to generate Rvder ForsaW that during the or another manufacturer: r^»v. becoming the only alternatives 


country s scarce funds available for long-term in fee last year of fee-rescue— either jointly made or bought 


public 


■ II wi mm..! ■ .i.ufc.. cicii wjimiu Iiuw lies .-.CTttfVor chnw 

broader intemario.ial base, and clearly in the second division of „ - - 


some of which have strong world ■ manufacturers. 


visage that every investment into the company's facilities, ability to perform; Improve- i un * ts 


feishi plans 16 jiecowe 
specialist vehicle rnarm- 
but with q. capacity of 
its a year. Daimler* 


great deal of programme daring every year After 1979, when the company meats could also be made by Bert;Vr total European capacity 


irans-AUamic resources to call accepting that it now has a catching up to do, coosidering wou i<j be funded either In fee would be providing most of the achieving the right manning is now around 600. (M mute per 
upon as well. sound model policy, its survival ^ j under-feyestment In new raHo j 5 . j or CTen j : j by Ley- fends itself, the State was to levels and better productivity, year, which ts double Leyland a 

Ford is the most ohvious therefore depends to a disturb- Tno , Equipment in fee j and and the State. During inject a further £ 500m. up to both issues which Edwardes will cnpabUirics m ine specialist car 

example of these conrpanies. ing extent on its workforce act- earI £ / fee sumo t h e first years of fee rescue, 1982. Nevertheless. Jt is clear pursue: Leyland cars, on fee <”«* commernal rchide area. 

The way in which i! is now ing responsibIv : and- on the ™*00onea _ m : tne K^aer plan wh en LeylamTs perilous condi- that Leyland should have been basis of its present output and Gorcl Rhys is lecturer in ca- 
using its engineering .resources willingness of the State to con- for .feture^jjy«stinent are tjo tj 0n was being improved, it generating somt profits from any sound international com- nomies at University College. 

on both sides of the Atlantic to tinue to provide financial les5, ^ was envisaged feat it should, as 1975. and at least: sufficient to ing capital— working capital Cardiff, and icon a specialist 

develop common models can support. The question now.’how- ol J* r „S!, r0 ^ jn ?^ if™!? 8 first flenefete a pay off debt and payforwork- parison of productivity, cer- adciscr to the Trade and In- 

cause no comfort to its Euro- ever, is whether fep money mass proauceryjmena to spen a. fl 0W ’sufSdent to cover its needs were estimated at £750m. tainly needs to cut 40,000 out of dnstry sub-committee of the 


pean competitors: and its T-evlaad was to gel under fee Not all the jpyder financial working capital needs. The in the Ryder plan. Consequently its present workforce* of J 30.000 

methods are being copied by Ryder plan will be enough. provisions were envisaged as State would then cover most fee payment of £50m. of state if it is to compete. 


is to compete. 


nomies at University CoUepc. 
Cardiff, and tra* a specialist 
adviser to the Trade and In- 
dustry sub-commltiee of the 
Expenditure Comittce for its 
1975 Motor Industry Report. 


Advance Washroom 


Another brand Of decentralisation 


Services are ideal for the 


type of business I run.” 


Christopher Ann ^Partner’ 

Drusiilas Leisure and entertainment Cenirei, 
Alfriston. 



“When we decided to acquire towel cabinets for our public and staff washrooms, we turned to 
Advance because they had a good reputation in our area. 

We're very satisfied with the Towelmasrer cabinets because unlike the paper systems we'd been using 
previously, they keep the washrooms tidy, even during peak periods. 

We had considered hot air dryers., but they can cause wetness on the floors and are more complicated 
for children to use. 

Personally. I think Towclmasters arc the best system for public use. 

We ve also had cartridge loading Soapmastcr dispensers installed because soap tablets were always 
getting soggy and unpleasant to use. 

The Soapmastcrs cut down mess, waste and pilferage and make it much easier to maintain - 
adequate, fresh supplies. 

I get a very reliable and efficient service from Advance; I don't have the worn- of running short of 
supplies because extra stocks arc made available to nic during the high seasons. 

Renting the services makes good sense - it's easier to budget and saves time and inconvenience. 

I'd be absolutely confident in recommending Advance to anyone in my type of business. 11 


Sirujr? j in Druiilis* ;« 3 famib leisure srw 

cn:;r: jinmen: ,ompI«:\. ciicrrns lor ox cr 20H.000 people c. er-' ''Mr. 


in 'iddifemtc fee altractiv,- rr*>uuranl. lea rnnm ami pubiic 
ihr ivrsirL-'H alt race ion* mJuJc a zoo park, muuaturc railway 
ar.J vsncxjrd^. 


1 



msmsa \ 


Plcawr lei me have deuils of: 


linen hire l_ Soap dispensers 

•\ir freshening lj Towel cabinets 

Dustmaster mats £ Clean air service 

Garment hire Z Vending services 




. NAME 

■ STATUS 

I COMPANT... 

I ADDRESS 


I _.... , risjLNo....:_ 

I Advance UncA Services Limited, 
^ F.Q. Box 52, \Vcmble% Middlesex. 


.1U 


ONE OF the curiosities about 
all the talk of reorganising 
British Leyland is feat Lord 
Ryder, the architect of fee plan 
which is now being recast, and 
Mr. Michael Edwardes, fee man 
who is doing fee recasting, are 
both confirmed apostles of de- 
centralisation. Lord Ryder used 
to preach fervently about push- 
ing down decision-making to fee 
^rass roots. Michael. Edwardes 
Talks wife equal enthusiasm 
about giving managers jobs they 
aan “get their arms around." 
Vet for all this unity oE pur- 
pose, the organisations they 
lave created are ■-ery different 

We shall not know the final 
shape of Edwardes' plans for a 
Few days yet. But the reorgani- 
sation of LeylamTs London 
headquarters has given a firm 
hint of the way he thinks, and it 
has effectively turned fee 
j Ryder plan on Us head. 

The first thing he has done 
is to strengthen the London _ 
headquarters. Although the . 
overall number of London-based . 
staff is going down, this will not; 
weaken fee influence of head- j 
quarters. Quite the contrary. | 
Edwardes is creating a new [ 
breed of executives at the; 
centre with much more control j 
over policy-making than the ! 
London-based managers had ' 
before. These men are the three} 
vice-chairmen (two of whom! 
have still to be appointed) who 
will work very closely with him j 
and who will, in theory, have 
' the time to sit back and con- 
sider policy away from fee 
stresses of operational manage-! 
•ment. ' | 

In effect, the creation of. these! 
new executive positions in Lnn-! 

; don has meant inserting an extra j 
[band of lop level. management 1 
I rnto fee organisation. • 

But it also involves a radical ; 
rhange in the relationship be- J 
tween fee centre and the four. 

1 business groups — cars, truck and J 
! bus. special products and inter* j 
[national (if there is still an j 
i International division when 
Edwardes is finished). 

Under the old structure fee 
link between fee divisions and! 
headquarters was provided by! 
fee four managing directors of 
these groups. They sat on fee 
main Leyland Board and were 
deeply involved in all group 
[ policy decisions. By fee simple 
! device of reorganising fee main j 
! Board. Edwardes has packed 
These four off to their own divi-J 
siohs to concentrate solely on 
their own businesses. 

The new link between these 
divisions and the centre will be 
provided by the vice-chairmen, 
or Edwardes himself- who will 
sit oh fee divisional Boards as 
chairmen. Thus there is 3 dear! 
i split between what might be.i 


called the operational manage- 
ment organisations, dealing 
with day^o-day business, and 
fee morjp strategic activity at 
fee centre. 

In .many respects. This 
management structure is 
reminiscent of fee one 
employed by General Motors. 
Alfred Sloan, fee architect jut 
GM and perhaps the most 
influential management thinker 
— and doer— of the century, j.Ht 
great emphasis on organisation 
and having enough managers, 
of fee right calibre, to do ihe 
job. He also drew a very firm 
line between what he saw as 
staff and operational managers. 
The headquarters staff, work- 
ing through . a web of com- 
mittees. had responsibility for 
policy, analysis and monitoring 
of performance. But it was ip 
to the management in fee 
factories tn get on wfth the job 
of producing the gnnd<. 

As' far as one can tell, 
Edwardes seems to be moving in 


a similar direction in fee cars 
division, where his present 
energies are being directed. In 
the past . three months, 
arguments have raged in this 
organisation as to .how far 
decentralisation can be taken. 
But it looks as though be has 
determined on a split into at 
least two major ranges, fee 
volume and specialist care, and 
that Land-Rover and Range 
Rover may be divided off as 
weU. 

The dealer networks are also 
likely to be split Each company 
will have its own marketing set- 
up sunplyine its own franchise, 
and fee vehicles will drop the 
Leyland • name ' in favour of 
Austin. Rover and so on. 

This leaves a question mark 
over engineering and finance. 
Bui if Edwardes were to follow 
the GM pattern, these would 
become central service 
activities, . controlling the 
present structure in fee case of 
finance, and -mapping out the 


future in the case of engineer- 
ing. 

Some old hands in the Mid- 
lands motor industry believe 
that, whatever he does, his 
actions are as irrelevant as 
moving the deckchairs on the 
stricken Titanic. But it may be 
as well to remember Sloan’s own 
strictures on these matters. 
Writing years after he knocked 
sense into fee ramshackle struc- 
ture which swept the Model T 
Ford off the roads of America, 
be had this to say: “ I have 
always believed it is imperative 
to maintain fee distinction 
between policy and administra- 
tion. Without that distinction a 
decentralised organisation 
would be in constant confusion 
as to what was decentralised 
and what was not.” Perhaps 
defining these distinctions is 
Edwardes' first task, even before 
he starts on the eqiiaiIy:import- 
ant job of raising productivity. 

Terry Dodsworth 


hV- v.i-, 


Some of the biggest 
names mbusmess 
are on the side of 
Ryder trucks. 


'FJ. s'**-' 




i:, 




out to impress. 

Howevac itisa signor the 
times. The fed is mess and more 
companies are nowgoing in for 
truckleasing. 


. if you need an cih or while VOu!re ■ 
lve ^ giveyou another 
When it wants oil. we’)} nourft hi: 


when it wants oil. we*)} pourithL 

Diesel? Wall pump it in. : 4 


In feet, well do 




.^Ryda-ContaclHra. Framthelup.fi^mfe 


"AHaeswhjt 


m. 


X-Afr 




pamjingdcnvn to paperwork, 

^mnMaDftaakaiiwBL ' / : \ 
rapnfely taxdeductibln charge: • • . 

Any number.anj'sizft, anyth na Z • 

1 upy reyoursTora twelvemonth - ' 
rentn/vableixtt^ ' 

1 vv 8y you want tharn to in your own 


KmgjxiurnearestRyder 

Or send the coupon. 1 
k iou.too,a>uldsoonbeonthfl :• 
[LX side ofRvder trucks. 


m HVBE H .V. 

Hft.'jij 8 #’ > \ If ntrnt Ow i ^wt 




* ■^a»jaaS3 


lOwc^fikJ^sransjr^pUait*--! 
Njck ' 


"Wl'.' 'A: 


15 











Tc 

from 

them 

It 


Prod: 

that. 

arriv 


mo: 




£ 54 , 



The average worker costs his company 

' an the average striker. 



He wastes up to 1 man hour in 6. 

To avoid any misunderstanding, let us say 
from the start that it’s not the fault of the workers 
themselves. 

It is the fault of inefficient storage and materials 
handling. 

For a survey by the Department of Industry 
showed that, on average, up to one hour in six of 
production workers’ time is wasted moving 
materials, or standing around waiting for them to 
arrive. 

And every company in the survey was paying 
more than it need for its storage and materials 
handling. 

However the picture is not as bleak as it looks. 

Here are the results achieved by four 
c omp anies which asked Dexion to look at the 
problem and recommend s solution: 

1. Savings in stock level and labour costs of 
j£54,000 a yean Payback, 2 years. 

2. Floor area, down 80%.Travel and search time, 
down 75%. Increased productivity. Payback, 1 yean 



He wastes about 1 man hour in 1,000. 

a. _ 

3. Picking journeys, down 50%. Payback, 1 yean 

4. Picking times, down 50%.Stores labour costs, 
down 50%. Stock damage down 50%. Payback, 

V-k to 2 years. 

If you find those persuasive, you can read 100 
detailed case-histories in our "Book of 100 
Answers” 

And we can look at your storage and materials 
handlin g system and tell you how it can be 
improved, whether your company is a large 
corporation or a small business. 

If our own products aren’t the best solution, we 
won’t recommend them. 

But we should point out that Dexion make and 
sell a wider range of storage equipment than any 
other company in the world. 

Who better to improve the average worker’s 

proW? 0DEXION 

Well help you make money out of thin ait. 


DEXION UMlTED.MAyLANDS AVENUE, HEMELHEMPSTEM>,HERTFORDSHIRE.TELEPHONE HEMELHEMPSTEAD (0442) 4226LTELEX 82242. 





LOMBARDI 


A new division 
, of labour 

j BY GEOFFREY OWEN 

j THERE IS a great deal of talk of countries and cbe 
taese days about tie new Inter' produced goods in an 
national division of labour and not do. In textiles, foi 


financial Times Tuesday January; 24 19^8 

Company video networks are catching on 

NOT ALL new business Ideas into very large networks, such was made, a company was quite Engineering is ta kin g safety crisis would have ^^to^orixina!^ 

successfully cross the Atlantic as Ford, which originally sup- active. The distribution of train- video programmes to the shop Now organisations like tnewe& tmemm videotape rather 
to Britain, hut one which looks plied 5,000 dealers with snbsi- ing films within a company was floor, screening short items to tricity Councu «ven pksbsk fl1 whidl logical 

like catching on is being taken dised Sony U-Maiic machines, also a haphazard affair, with groups of workers, causing only employees ““ anvww if the - distribution is to 

quite seriously by some British now being replaced with the only a few notable exceptions a minimum of intesrnjption. report in a video progranane^^ .~j* oa video. Yet video is not 
managements. The idea is the new Sony Betamax like the National Coal Board, These programmes are usually Until now, espanswn of vkmo & medium, 

company video network— what in the case of Ford a prin- which has nor only had a film made locally, on the spot, so notwork has been xatiber stow __ecially if outside location 
has been called in the UB. “pri- dpal ^ for ^ network ^ ^ a network for years, but has also that employees -wffl recognise in the Ui Cost tea oeen one JJoting is required. It is also 


national division of labour and not do. In textiles, for instance, branch offices with a vrneo- “ I*. “ 7 “" able — indeed, a top pnonty — say, now newest a finger, me for it as now;- wren par- tranS f erxe a to videocassette 

{he need for countries like the there is no reason in principle cassette machine and TV. set salesman training and even ser- advantages of the video net- impact is considerable, end. as tjcjoatton, cooHnunication The choice of medium is 

if jaras. haTe bee ° —»■»"« «**■*• •**«** **** ** *»>» ** « 

piiftiaa X’ZFwr'ffi °= film and video ■ ■ : . i *£££««« ^ i n £* * mm* 

Germany is often regarded aa fabrics for toe -European maricet ^ number of companies in _ imnort- has been fortuitous, because the inyesunent. tape of programme 

the model of a country which. These are commodity products Britain already operate internal LrT h ./T”? BY JOHN CHITTOCK ■ - -- new generation of videocassette B€e< | € d (for example talking 

partly in response to the appre* which have to compete-on price, video networks— such as IBM, +£5/- clfntffi* - ' =' ' - machines with their two hours vg—jg ^ an international tour 

TOadUj Spgraled'h^SufiS Svl'S Bp “<* Bardw5 Bs f fe - b « Mta Association ^minar grabbed. Early users are con, at BK's Derby works dedtoed per cassette ruonUig ^ of the waiwj ' •* 
taring base to turn out products ltagton Industries in theU.S, It wostly they are relatively small ^ London last week, dele- filming that these advantages from a stable 2.5 per 100.000 weUrendCT previous macm ^ ^ prOTen talent witirm ah® 

of higher added value. Japan is can hold its own. Certainly the affairs based on the strategic gates saw extracts from Bar* include tire ease with which man-hours to 0.09 within three obsolete, cenaimy firm. 

moving in the same direction, countries with tow labour costs location of a videocassette clays’ video training tapes using employees can he readied com- months of such a presentation Japanese versions are ^ fcad decisions have 

* 1 j ■, . will enlarge their share of the pjayer within a region or local Shaw Taylor in a Police 5 style pared with film- shows. The (unfortunately, the figures drift and more compact, wmcn s u alreadJ ljeen made by a few 

Added value T*!? ? area rather than In every office, security programme, and Esther latter are. necessarily, a some.- up again if «he exercise is not appeal to many offices. British organisations, more fre- 

As a general principle the Satffie Whole of ^ EuropSn tae US., it is already bag Rantzen and team from That’s what formal business — mar- repeated regularly). For an^mpw m^aHmg a quefltly through rushing into ex- 
pursuit of greater technical textile fndustry has to* bewrtten business-- this is confirmed by Life ina customer relations pro- s haH i n g the troops into a When a network .exists it video network, a fuxidaiiuntiu video equipment when 

sophistication, so that the value off Those European compares the publication there of a quite gramme. All excellent stuff with darkened canteen and halting becomes an encouragement to question that nas to oe answers juntiA have been cheaper 


will enlarge thmr s hare °*. ^[player within a region or local Shaw Taylor in a Police 5 style pared with film- shows. 


steel Wouldn't it be better to ® eS^resDonS. With Seraread tiai * Texas Instnnnente, Arthur place, the company training film As an example of this, another ject to put Sir Eric Drake^in etmiipment orders: £ram”new 

byy the steel from countries S t ?cS^the^iiSb7r^ of Anderson, Du Pont^ ^ and: Stan- was^ ^ regarded as koinething of speaker at last week's seminar front of the^ ^TV cameras to tdk ttai to aisuriMonf Hey are sot 

Which are rich in raw materials S£iy SiSries daid Oil- Many of these extend a luxury, and if one per year explained how ■= British Rail about the effects tiiat the oil weti-p rodoced. business user s- 

on : converting it into finished is mcreaaing (to the benefit jrf . 

Donald Woods named Woman Young Pakistan players 

it is simply not on for an indns- that the textile industry has to ■ TlF'PCATlrPf" . 

S*buy' “Srtually 1 ?!! ita ciSd^ SredeS towels“fS)m”S ^dltOf Of tHfi YPflf ^ TV/T ' AVAlf A Zw% i TP/ ,k C^ COftOC 

ri^Sii“ p, ?nre 5 c^ e , B d^ 1 . r U Mr^ta?e r< S“S 5 S £iUllul UA luc 1Cdl for Money 6 XClte 111 dFEWll 1 cSl ScIICa 

tages, if they exist at all are into account The most important -« -> f 1 TM T tk ... 

very small; while the technical fact about the developing conn- ■ IPOTIO H O | 1/ PrAfTFO in n| A KARACHI, Jan. 23. 

problems for the customer, who tries is that their mdustrialisa- II V vTl fl Uif Hfl JL v i A dtllllliE/ 

usually wants a particular sped- tion programmes create very «/ THE THIRD TEST Match moved he is not prepared to try to assert developed into a useful opening 

fication or quality, would be great export opportunities for WAAn . . „„ , . . MOIRA BREMNER, a journalist * at +»>a himself when he should- . batsman and his /captaincyhas- 

Immense. countries like the UJK. If we MR* DONALD WOODS, Editor taiity about politics and about and former actress, is to join uneventfully to a draw at the . ™ ., been excellent A tour of Paki- 

! This is not to say that steel expect to sell a large steelworks o£ Daily Despatch, East elections in particular. And the BBC’s The Money Programme on national stadium here 1 to-day, Edmonds’ bowling in the gtan ^ not easy £or BngUsb. 

imports from outside Europe to Brazil we must be prepared London, who escaped from house sporting metaphor is very per- Friday, bringing the sequence of drawn Test was the other gain jor ang- ericketcra and Brearley had done 

will not tend to Increase, but as t0 buy not just Brazilian shoes, arrest J ^ ^.?. oath wa ® suaslve - A 37-year-old mother of three, games between the two coun- land. For a long time. Edmonds wonderful job both on and 

far ahead as anyone can see but perhaps In due course “?“ ed J “2 reinforces, the idea that sh £ ^aTm^ke her debut after 5 1 " ■*£ .A J?£? o ft the fierd where his patience 


Donald Woods named Woman 

Editor of the Year forMoney 
by Granada TV Programme 


Young Pakistan players 
excite in drawn T est series 


KARACHI, Jan. 23. 


MOIRA BREMNER. a joanalial THE TERD TEST Match »M SSS^JTlA ^StaSflS 

and former actress, is to join uneventfully to a draw at the himself when ne snomo- S“n excellent A tour of Paki- 


ar ahead as anyone can see but nerhaos in due course named as Editor of the Year at -ft reinforces the idea that K h e wHi Tm.bc her debut after mes “ "akastan .to II since has oeen an enigma, naving an Qff fierd where his patience 

nost of Europe’s requirement BrazilPan cars and even Brazilian Granada Television's _Wh a r the there are only two parties to any aplace on the pro- Dexter’s s^e ™ the first in enoraoiw amount of nara^ ^ fteen one of ^ roain virh,^ . 

or steel will be met from Euro- machine tools. Papers Say awards in London political development, winners gramme's team of reporter* and Lahore m 1961-62. England ability, without quite the deter- Meanwhile, on the last day • 

lean plants. A company like maclune t00ls - yesterday. Snd losera. ^ JJgSFei TOO batted the day and were mination to produce the results. he ™ Boycott and Randall , - „ 

loogovens in Holland, though • Mr. Charles Raw, Sunday - This countrtf & at root more applicants. . . £or 5 T at S ’ In Pakistan, Ken Barrington, reached painstaking 50s. and, vfli’CI JOBS 

ut --hard by the present reces- AffiiicHriPIlf" Times, was Investigative Jour- united than Cup Final political war intm^ueeii i+»eir a ^ ead ' j l n Hie end, England Qj e manager, has done a great Randall threw away the chance k 

ion, is quite confident that, as /YUjUMUttJiU nalist of the Year for his Crown SoStime treSt for {til An riJI emerged from the senes with deal t0 help Edmonds. He has to score the century his confi- 

i - producer of bulk steel and A two>w# _ trade ^ jon d Agents inquiry and Mr. Laurie also more diverse and pluralist, S0I 5 e re i ief i. for Pa ^ lst ,? 21 *J iad tried to impress upon him the denco so badly needs,. Gatling 

leavily dependent on exports to le Manlfol^ Sundav People took erBe r a piuransL s*e ted been interested in rather the better of* all three “ ^ fo u DW through more was so surprised to receive a r 1 ' 

fe rest of Europe and to the Mimtries' I th^Mator E^Se offfie yS ."J** “*? ST* *"* fih ® w a ^“^1 Tests and much the rnc^t ^citing ^ bSwSTan idffiftaSSfr full toss^rom Asee Qasim l that. ' 


US., it wm be around for a lo^ SLJ 0 ? ?* JS S^rd for ntatoe ion mid «>““ents reflated that we girl 

time to come. (Hoogeven* weg ZCkffiT SSL. " *" ^ “? 


incidentally, are very 


much higher than those of 


concerned. 


" We s teB have a General about five .years old, .and my The England party fly -on early 
iper Of the Year and Ur. Frank iriA^tnivn K Irwm mh^a cfMmhnntlipr nsuxr? to rear! nas- a JI.!r ft A._ * fitnaeSa 


are j internationally competitive ^ on ot Year# result dn no oveEaH majority for She trained as an actress, took ends with the THrd Test match. 

win survive, but the new ™rers ought to be able to jft. David Steel, the Liberal Tory or Labour. How will that up modelling, later started in on March 9. 

division of labour does not compete. Any selection they Leader, speaking at the ceremony be anticipated and reported ln business designing and making V™. . 

require that the old industrial make Is almost certain- to be complained that poUtics were the Press? • clothes foVYjoirtlques. then «+ ’?L : 

countries should give up steel- wrong; it is safer to leave the too often presented as a "A draw? Extra time re- became a teacher, and eventually 

making and transfer the re- choice to people who. know the personalised confrontation by quired ? There has- been aston- moved into journalism in 1974. 


„ . . _ . aspect of the series was the per- 0 f concentration, he lifted his head and was LBW. 

became first interested in formance of their new young Miller played forward to one 

stocks and shares When I was players. By the end of the PaMsto Qasim which turned and 

°£- “I 1 my ^ En^and party fly -on early 25de S to d * ^ ^ was caught behind. It was left 

mother used to read pas- tomorrow morning to Auckland 1 to Roope and Taylor to play out 

■ , « nu ?F ey froin tae v j a Singapore for the etaii of ‘ 1 “ the game which mercifully ended 

cial Times.’ their tour of New Zealand which ni-mLur i - _ an hour early- 

trained as an actress, took ends with the Third Test match CRICKET All the irritations and fru& 

Kjdelling. later started in 0 n March 9! . trations of cricket in Pakistan 

sss designing and making . thprefnre ihi> half-wav BY HENRY CALTHORPB were present on this last day. 

s for boutiques, then ,2 f £h K The pitch was stow beyond ny 

le _a teacher, and eventually demption and stroke-play was. 


CRICKET 

BY HENRY CALTHORPB 


making and transfer the re- enoice to people wao Know tne personalised confrontation by quired ? There has- been aston- moved into journalism in 1974. f . The battini? has been thP nnin impossible. Wasim Bari, an ex-' 

sources to some more glamorous market and make their living the Press. Although there was isbingly tittle -Press analysis of She wrote regularly for The tS SSriSStaJffiSS worr? ° aSS 1 BovSt?21d tremely negative captain kept 

activity. from it What matters is to frequent confrontation in what is likely to happen, or Sunday Times from 1976, mostly ™ came^ to PaW^n taffiehope^ 'ta^toiSf^aS Sv it his fust bowlers on -all morning 

Jug, how world competition create the conditions in which potitics, an unadulterated diet of opinion on wbart should happen, in the Business. News, and at the has heenffiTdl^IaSinB tifSLri. to prevent England scoring en- 

}*?! aff«t tae location of indi- adjustment to international com- "Jim lays it on the line" or all because it upsets the tradi- the same time began broadcast- s b ® lv JLJ° £?„£ uSiemd^S eSe S^xoerti^ I^lSlTbe °ugh runs to make any sort of 
vidual industries is difficult to petition, whether from the third “Battling Maggie in Commons tional mould in- which politics ing for the BBC’s external wn5Sj.’ hiS J dedaration. One section of the 

predict, but the simplistic world or from other fndnstrial storm ’^as “rather rich for the *hd political reporting had been Sfvices and on current affaire ^ cL ° n ^ -” hole " "££3*rS ^growd was ungovernably 

division between technically countries, is encouraged rather blood." ' set like concrete for the last 30 and magazine programmes on inrpact ^ taan an oci^ionai Test and began to tear the fenc- 


advanced products in one group than Impeded. 


'It creates a Cup Final men- years.* 


BBC radio. 


There have' been two usefnl cricketer for. hehag too many ^SpSt JSPthSw Inrthi^S " 
tins for EnehnnirTii the first -ha^c faults while if, Roope is 2»,5 P K f{? £3? 



Engjwdr'in the fiwt JlSSSltfiL Jay its hands-on Into the 

Test at- Lahope^Mtiler- -score ra i m. - i ton sisteimyv.^^g-.w - mnnir& <tarted~two 

not out and showed that he has f° r not be on SSm five^iffis lSe™d 

the abitity to icon useful i runs Indian sub-continent. dxink intervalg interm in- 

in Test cricket As yet he lacks Breariey's broken arm could ably. On this last day it did not 
“ore than anything the mental hardly have come at a nj ore un- matter. But it all served to show 

6-40 News (London South-East All Regions as BBC-1 except at sit from Whizz-Bang. 1ZJ0 pjn. Qnmroijdi mo cijuudi Rcwns. mo -rirtceTHe^a'uo^ situations to mSS£ e *i5lf ?« Te T s n t ^ hy ** j* 80 Jncredibly difficult 
only). . . the following times:— Daisy, Daisy. 12J0 Kitchen Gar- “^.£***11* Came. aiiowssituaaons to matchM stiU to be played. In to get a result in test matches 

SJB NatonwMe. mEm,, NewspIusrT index. “ «* ™ 0“ =•»*■ S« on top ofjim. too easily and the last year or two he has in Pakistan. 

6J0 Nationwide Goes North. Schools: Tablau (3) Tabl Pedwar. L*® Hel P ! . L30 Crown Court. 2M HTV " * . ' . ' . ■ 1 111 ■■■■■— ■ - - - 

tSO One More Time! (London 5.55-&20- Wales Today. After Noon. fifiS The Stare Look, lzj mb. Rrpon West HeadUaes. us - m ® / j w ■ -m m _ 

and South-East only). Heddlw. 7J5 Pobol y Cwm. Dowel 3J2ft Mr. and Mrs. 3.-S0 Report Wales scaffllnes. zm Houseparw. 9 -n-pML*^\ 4-^-v Kn l r 

is g . nine, to back bottom weights 

The U-boat peril 10 World weather for Wales. 5,45 News. Emmentife Farm. 7J0 The Bionic - ■ 

nftn J rarIL Scotland— 5 A5-6A0 pan. Report- S'*® ^1“ ®t 6a to^SVe 8 ^ 0 " 1100 ***»**■ ^ Wra THE ground riding as soft on weU to finish third behind third-placed effort, behind Strom- 

®-®° tag Scotland. 12J.0 ajn. News ? ossr ?f, ( ^ HTV Omni/wuias-Aa htv General no , w ^ beheve it pays Hippanon and Saturday's win- bolus and Peter Scott at Chelten- 

9-25 Play For Today. and weather for Scotland. ' ■ 7 -®| Allen. - Service except: 1 - 2 M- 2 S w. penaw«an backers to give particular atten- ner. Need com be, ln the two miles ham last time out, William Penn 


BBC X 


t Indicates programme in 5A5 Nationwide, 
black and white. 630 Nationwide Goc 

9.10 m For Schools, Colleges. Jjff Stah-SS’ 

1245 p.m. News. 1.00 Pebble Mill 750 The Oregon Trai 
1.43 Ragtime. ZAO You and Me. &J0 The -Battle of th 
2.14 For Schools, Colleges. 3^0 The U-boat peri 

Pobol Y Cwm. 3fi3 Regional Warn. 

News for England (except ®-®° t' wa ‘ 

London). 335 Play SchooL 4J0 9SS PIa 2 Jor Today. 
Wally Gator. 4JS JacKanory. Tonight. 

4.40 Animal Magic. 5.05 John 1L45 The Engineers. 
Craven's Newsround. 5.10 Star 12.10 ami. Weather, 
Turn. News. 


Tithe .-to back bottom weights 


tag Scotland. 1210 ua 
and Weather for Scotland. 


, • . 7.30 The Streets of San Fran- Newrddton^ y Dyad, mb mui Mawx.|tion to those horses near the Northleach Hurdle on eround jshnnid ahnnt *» >,;. 

****** There faster than ahe really Sdoubted rf^to^otontinf ^ 


Northern Ireland News. 5A5-&20 
Regional Scene Around Six. &50-7A0 Here's 


8A0 Rising Damp. 
9.00 Wilde Alliance# 


Bow. 1210 , am. - News and io;00 News, 
weather .for Northern Ireland. 10.30 Burns. 
England— &554U0 pm. Look 11A0 Qulnw. 


ujo Bywyu. ujojzas ajn. Buns. • A u I1 “L cap ' T ° ere ® he tikes. undoubted chasing potential and 

HTV Wesf-As HTV General service should be- a well above average With what seems certain to be to-day may be the time to row 
CfuffifKiW west Hej " 1 ' Ptaportionof winners from this extremely testing underfoot con- in with him. 

Itacs- M5MP Re port W est- sector, which often produces dittons .. for fhis. afternoon’s Whatever his fate with Kinv* 

SCOTTISH long-priced successes. - Astijood -Hurdle, and-, a tittle or aSte? W»dl " sbiuld?S!t 


tong-priced successes. 


F.T. CROSSWORD PUZZLE No. 3,575 “aTiSB SrI“S£ B 



(Leeds, Manchester, Newcastle); 
Midlands Today (Birmingham); 
Points West (Bristol); South 


Belloc. whars Your Problem? 7JJ0 Emmardale 

A41 TO A u Bff i nn . __ FamL TJB Dave Alien. BD8 TMngummy- 

““ . . KCfpons as London mo Late caiL ujs Kuan. 


T J ,C- .1- - lx”'*, e 5 1Dn5 33 Jj ° na ™ lls. UJQ Late CaiL UJS Ruab. 

Today (Southampton); Spotlight except at the following times:— .7!'. ..TT. 

South West (Plymouth). 6.50- A NOT TA SOUTHERN 

7J0 East (Norwich) In a Country __ ^ „ un p.m. Southern News, loo House- 

Churchyard; Midlands (Binning- •, 5S^ epa iE?e oarty. 3JB SurvlvaL xos Bony Boop. 


RACING 

BY DOMINIC WIGAN 


atttartive odds. I take her to likely to take advantage of the 
Y“ - ? “e mam expense of 30 lbs he receives from the 
hSSdiSm ne S" 0 ^L-h 1 0f P® Queen Mother's ll-yeawild Isle 
med feU^ Wn,* of Man in the Lowesmoor Ch Me . 


Study. 

Although Diamond Head, Joe 


(Leeds) Young Music Makers; wo Movin' on. tuo The Prisoner. yJa dw*aSbh. 7 '™«» ~ . Kelly and Beige Prince have all 

North East (Newcastle) Box 1ZJI> *- ra - ®rf*uans m Actflm. u jo somhem News Extra, ujffl The Seating is Tempest Girl, who come out of the Foregate Novice 


Clever; North West (Manchester) ATV practi 

A Good Sing by local choirs; i_a pjn. AXV Th* 

South (Southampton) Hey Look Electric Theatre Show. MS Modifier- ojn 

Thst'c It To I- Cnnth UTa.t r.-inaan Vpnirnv Am i<nr -T™, .. . 


TYNE TEES 


runs at Worcester this afternoon. Chase, the three-mile event is 
This tough ^liban mare, who far From lacking In interest, with 


“ossna Wft (Pfif bSS-tS ST n JS a SflS. sjUSSrl ^nd°Tarot gSj, ^ ‘■™^eSgET 1 eS 

Th°. u <Bris,OI) “ arysrojs- si vssrtjs ^ r 4«e?°'™n m, he r r ^ rd A' ce S s on “ *ss»». msJwSS 1 

„„ border _ !£« S ssat.'wsr 4 * • Hf-whitsnjodm 


WORCESTER 
IfiO— Cheeko* 

2.00 — William Penn*** 

2.30 — Tempest Girl** 

3.00 — Royal Thrust 

3.30 — Tenspir 

4.00— Jack Madness 
SEDGEFIELD 


BBC 2 tlJB No' 2,00 Honw ' Araela. * lU0*'~The ^ Collaborators. ^IZJO 1 Cheltenham. 

.... . . , , ___ . party. 3Jn Friends of Mu: Guide Dogs am. Euilocne. 

11.00 ajn. Play School (as BBC-1 for the Blind. SJ5 indoor League, too 


There, she kept Judged on his encouraging 


1.15— Whitsnncel H 
L45— Bold Warrior 
2.45 — Limpopo 


3.55 p m )_ Loohannmd 

*.15 Other People’s Children. ixV 

t3-00 Film as Evidence. News summa 

3^0 The Living City. 

7.00 News on 2 Headlines. ^ 

SSSKf ^ wiIh Facta - whif^oi- w 

7 jo iNewsaay. bDO Report a 

8.10 ProCelebrity Golf. &39 Dave a 

9.00 Spike Milligan in Q7. News, luo w 

9^50 Revolution at the Mirror: ■SEE2 ulnB 

The story of a negotiation 

between a print union and U1 


Look a round Tuesday. 7M Bmmerdale ULSTER 

Si ILJO^ ^ Lunchtime. «a Ulster News 

fiteSrsiSmara. BmUX BcadUnes. 505 Frtenda of Man. 6J0 

_ T , . Ulster TelvlsSon News. 6.05 Crossroads, 

CHANNEL 6-30 Reports. 7.00 EannenlaJe Farm. 

U* pm. CD non* Lunctuhno News and 

What's On Where. 505 The FhnutOiKH. ^S,-T!r^ CeieIlrtty Saoo * ier ’ foUowed by 

6J» Report at She. 7JW Treasure Hunt. Bc “ uine - 1 

830 Dave Allen. 10^3 Channel Late WESTWARD 

News. lUO West Side Medical. 12-25 ui, “ V ■■ ■ 

Conunentalrcg et Prevtshms Uatmo- XUS PJn. Go Houeybun s Birthdays, 
loriouaT ^re venom mowoto- ^ News HeadUnca. 3J» wish 

A. arnr . ».T You Were Here. SJS The FUntstones. 

ijRAMPIAN 6.00 Westward Diary. 7J30 Treasure Hunt. 


between a print union and uKA IVlrlAN . 6.00 Westward Diary. ,7j» Treasure Hunt, 

a newspaper management. VJS un. First Thing. U» bjb. Gran-' 638 Dava Alen. VJB Westward- Late 

}i5o£t?N^ e s Gla ^ • SS* S* SmT *' Med,caL “ “■ 

“te News on 2. Today. 6J8 Out of Town. 7 JO Thing- Vnpy<!HIRF 

IMi The Old Grev Whintle TW anunfilSi UJS KMlMtim. 11 a Mu* I UK A B H Ut h 


Tup prices 
at Irish 
country 
auction 


ACROSS 6 Beginning In August on moun- Tf 

1 Character in 29 requiring tains (9) 

warm underwear before liver * There s nothing in immorality f “. 
upset (4, 4. 6) ta give utterance to (5) Felix tin 

10 Turn a corner with German ? Dress lazily but strictly (7) — 

soldiers (5) 9 ** s “ e ^ 0nenta l combine RADIO 1 

„ „„ n ,- nn .hnnt CO) (Si SUM 


'A PORTRAIT by Joseph Wright, 


tl ‘iA Tata O OJJU M- 

3^3? L®to on 2. Today. 6J8 Out of Town. 7 JO Thing- VflDVCHIPF 

3X40 The Old Grey Whistle Test unuuyjlti xlso Refirctiousi ius poiu» iUltlVJrUKc. A PORTRAIT by Joseph Wright, 

Womm. UO pjn. Calendar News. 3J0 House- n .j._ ^ j 

T mvnniv t~T> AM* ra* party. 505 Indoor League. 6J0 Calendar 01 Ueroy, Ol - ran CIS and Charles 

XUil Uvi’l tilvAi’IADA iGmiey Moor and Beimout edUoos). Mundy (right) gold for £BS 000 

9J0 ajn. qrhomls Pmnnirtmo X28 pju. This Is Your Sight- 5J0 TW* 7.00 Emmerfsla Farm. 7 JO Dave Allen. . . r ' J loa.waj 

18 Yaar , RlBM * second dhuce to see UO Cluuile’g Angela. 1X30 Police (plUf the 10 per cent buyer's 

1X55 Felix the Cat 32.0® The Wot- nxiars l unduim e programme), sjs woman. ■ premium) at a Christie’s house 

— — — — — — — . I. .■■■■ — - - ■■ ■ ■ — sale in Ireland yesterday. 

RADIO 1 247m fS). 1X30 PlatoEoog a o(t the Rise of Time. 05 Story Time. 5J0 PM Reporta. v 0 t only was it rhp 

... - 1 European Mralc iSi. liis pan. Midday sno ScrBodtpUy tSV JSJ5 Weather, pro- Illgnest 


11 Informing on person about «n miteidp sen gLTd^ wrt 1: Haydn. Debussy, schoen- gramme news (VHFi Reghmal News, ejer auction pnee for th e artist 

three 191 18 <iUe 2SL lts * en *™ te“ iae ^ hens- LOO News.. LOS The Arm World. 4J» News lndudlng Financial Report, (beating the £20,000 paid at 

™ W?ifw»!i h,rt mhM Xa im. creating prematurity (9) E M mmas. VJO Sim oa Ba m. IltaPerer u-ide. ua Midday Concert, part 2: uo The Burldss Way. 7J» News. 7.05 Sothehvs in 197R1 it 

12 Well-bred but could be lm- 17 Food dished UP past eight (9) Schnoann. xes BeeihOTca £ro» Bristol The Archers. 7JD Time (or Verse. 7 JO “ .[*}’ “ was also 

proved (7) 1 * Cnwh feather^ ^fnr analTOis i®’- J- nm * Lisbt Mnsic IS >‘ *■" KaleMMCOPe. 8.60 Live from the Royal ^ ffighest pnee for any picture 

17 Cnmnnop ehief Infelleetlial 18 ieamers lQ r analysis T«y Blad*uru, 4JL ] radJenaoa tadud- The Vaughan WlDlam# Symphonic* (S). Festival HaO (Si iU Radio 81. 1J9 bought at an Irish sale 

13 Encourage cmei intellectual (54) ^ Ja2 Toda y- 145 Howard Bound weather. 10.00 tik World Tonight, zojo _ . ^ saie ’ 

(7) IS One who travels finds motor- -“iP 1°*° fS) - News - Homewaid .Bound me Enumsiasta. ix« a Book at Bed- The picture was bought by the 

14 Call out "All right, the ZnZ a rift w-a« Radio 2. (continued). 6 J 0 Lifti™* work add time, ms The financial World TonMhi. London dealer Artemis- m iw 

MitcMa " A , SP y f-* 1 ” VHF Radio* I and 2-4J0 in. with Training. 7 JO Music In Question (S). J3J0 Today in Parll ament. 1X45 News. ,> m 1 ? 1 ~ 65 

woman SOUtSlde (5) 21 Stop the progress Of deer and Radio X Including US pjn. Good Listen- too Live from the Royal Festival Hall. Far Schools fVHF only) U5 b.rv£U) 0 T SoId a * Christies for 

16 Unhappily putting sailor in hesitate (6) ‘J*- *■*? ® nbGrT G[ F* Bl London na« is BaiaMrev, xtm .<S). us a and zoo-xoo pjn. £5,570. It was the top price in 

nipsardly surrounding (9) 23 Fall .from the faith htit get « ?„Af SSKTSa. m 1 *!* ffiUSton! BBC Radio 100,10111 

19 Notes involving Roman dame left in part of church (5) iz om2. < b a-m. with Radio 2 . Fernando Pesgao (selected pocms>. 206m and 943 VHP 

(9) 2* One step or half step on gas RADIO 2 LSOOm and YHF “3 E ??* w» xm. As Radio 2 . bjs rush Hour. 

20 Sucker taking shelter In front (5) ' tmlS! Summary, oun Ra , SUTSSSJO OAAEi ?S S 

of church (5) 26 Rang up learner to growl (5) Moore Tbc^ gam show rsi inciud- song (S>. «« uimo ^un. ta 4 jJ°Loo^ 

22 Bird ttet is going to the SOLUTION TO PUZZLE w^a?bS& RADIO 4 HW& J- 30 . "S.SPvHi? 


19 Notes involving Roman dame 
(9) 

20 Sucker taking shelter In front 
of church (5) 

22 Bird that is going to the 
south in ditches (7) 

23 Hide from pig's family (34) 

27 Coster’s barrow when upset 
creates confusion (54) 

28 A flower came Into view (5) 

29 Wealth Is real estate or l's 
destination (S. 6) 

DOWN 

2 In need of practice, being 
absent from school (3, 2, 4) 

3 Collect what's left but start 
getting skinny (5) 

4 Dumb mason could be official 
complaints investigator (9) 

5 Chemical part of solution l 
seated (5) 


No. 3,574 


e laenaa 

, E H E a u ]2i . 

B 0 0 B'G a 0 
laEBoaraanBH ceiqq] 
□ a q ®b| 

ehseh saraamaaBl 

'O- B H E O 

□BaEEaaa asaaB 
H a n a □ 

B 0 0 H fi ti n , 

ancaaaQ hhqbqqhI 
e a a b u E 
EnEaHB EEBayaa 


and t® 'Pause for Thought. 10X2 Jimmy 
Youms fSi, 12J5 pjn. WaEsoocrs' Walk. 


434m 330m EJ8 ^ That Jazt VUB late Night 

SJOiU, 2S5m and VtUf London. lXM-aoso: As Radio X 



Young fSJ. 1Z15 pjn. WaKSOocrs' Walk. * Medium WamT mIv w j . 17, 

Moray's Opm Hmsc iSi 6J5 a.m. News. W7 Panning Today. LOnuOll BrOfiaCfiSUllg the tWO^dav sale nr -n 

I Including X45 Sports D«*. 2J0 David ft js op in the Hour, ta , vmoiiJriMui 'JRI m snrid? VCTTO ~ ■ • Wi ay at Charleville. 

namUloa «SJ lndudlng X45 and 3J5 News 730 w'ud ZBlm 8IKI 9^3 VHF EmsbejTy, Co. Wicklow th- 

Snorts Desk. 4J0 Waxsonere 1 Walk. 145 ro the Hour (contlnupdi 7JS (VHFl Mornin g l &asic. 4.B0A.M.: home Of Mr. and Mrs riinnU Two Similar Georop in n 

Sports Desk. «7 John Dunn fSi lndnd- Renlonal News. imE. juo Tafoy wth non-mop nows, ttavd. sport, ^reviews. Davips anQ " Lrs - Donald WQod ^ , in Bat- 
ing SAS Sports Desk, fc.45 Snorts Desc. mdndUC ^ “eadU^. ?ma Haws. LOO pjn. Uaues - ”,°°* OVeimanttes in the Style 

7.02 Polk 78 nrcmnte The Snlnnen In J'SrfSf' LBC RosortB Including C«Mfa Gale’s Ame .. . Of Matthias Tjinlr mu . “.V® 


Capital 


imm. pea i me itecom. jiuo jonnny mjo Daily Servtca. ms Montins t ssnitaS Kama wus aiso ud fnr aurtlfm ms some dealer 

kw* srjf SK p 

12JJS a.m. News. liOO Noira. 1242 pjh. You uM Yonre. XM ajn.' Graham Doac’a BreaVfasr lur isuu - uuu - £5500 around 176Q for 

ni A run ■? ilfttm IlneoAVnP X2J0 Desert Island Discs. tliK Weather. Sbw (SI. Mt Michael ASpel fSl. 12X0 The m drain® eacdnn .» , ' 

KAU1U 3 Stereo « VHF oregramme aows VHF texceK London Davo Cash with Cash on Delivery iSi. K £r: .** „®?*?n of furni- The TnnriAn a..i 

6JS am. Weather. 7.00 Nows. 7JS and SB) Regional News. UMTbe World 3J» pjn- Roger Scott with tes Three brought in £86,853. A set of anri ^.? a ] ers Glaisher 

overture (S). s .00 News. MS Morning at Ono: u» The Archers, us Woman’s O’clock Thrill <si. 7.M Lowion Todaj is>. six mahogany d)nin» ^ Paid £5;400 for a 

Concert CS). MO News. 9J5 This Week’s Hour Clfrem ZOO) tnctadinc ^Sw3n 730 Adrian Love’s Open L&ie iSi. 0 00 the Stale of Rnhortiur^ 8 ' ,n 0 f &lght Georee In Set 

Coinnosert Brahms IS). 9 JO Academy News. 1 2JB Listen trithMotber. 3J0 Jonathan King lO. 1X0# Tony Mwtrs * L“^‘ e “ r «°bert Man waring, side-chairs Lhrt! „ / , mahoya nv 

of raa mnsi. iojb m short nows, ms The Pickwick Pspera rsi. Lata snow i si. zoo am. F«er Yoonro a London dealer- for BliS” wmie a George III 

(talk). IDJ0 Academy ci ow bbc. part a <um Haws., ms- GartSr^GwsHon Night. Fhghi fflj.. £7^00. er ror gutwjod Qvarxnaatle realised 





e- London dealers GlaisW 
a sS 






Jx. .. 



FINANCIAL TIMES SURVEY 


Tuesday January 24 1978 

Builders of Britain 

. Many distinguished names are to be found in the roll of Britain’s construction 
companies, but their presence has not prevented the industry from experiencing 
severe recession. The question now is how much recovery the future will bring. 


dan » 


f i n 


K T 


ER THE toughest five 
. ns tim it most people within 
{ UJv. construction industry 
i ‘Ay remember, there are now 
that 1978 could herald 
t start of a slow revival coin- 
ig with the 100th anniver- 
^ of the National Federation 
* i : sliding Trades Employers. 
“ ^ V»-one Is daring to suggest 
anything approaching a 
>r upturn m domestic con- 
ation work generally is 
nd the corner. But there 
indiicalions which at least 
;est that there will soon be 
lance to put a stop to the 
ailing numbers of unem- 
ed workers and bankrupt 
ding companies which have 
-acterised the worst reces* 
since the war. 


Election 


he slump, which has spread 
affect every- sector of the 
ding market, from housing 
k to civil engineering, is a 
reflection of the state of the 
aoany generally. The con- 
ration industry, however,, i* 
>lute in its belief that it has 
n the victim of indiscrimi- 
e and damaging reductions 
expenditure by a Govern- 
nt whose sole priority, for 
ime, was the brutal pruning 
public spending, whatever 
. consequences, 
rhe lists of statistics waved 
nn by the industry's leaders 
prove their point make 
pressing reading; total con- 
ruction output down by 


at least 25 .per cent since 1973; 
civil engineering activity -at 
home soon running 40 per cent, 
lower than three years ago; 
over 200,000 construction 
workers without jobs— as many 
as 300,000 when those in ancil- 
lary trades are taken into 
account 

The industry is not so naive 
as to believe that it 'alone 
could hope to be isolated from 
the effects of a side economy. It 
is also aware that, on a longer 
term basis, the U.K. market will 
not necessarily be aide to 
sustain the same levels of expen- 
diture on'constrnction and civil 
engineering which were main- 
tained in the post-war years of 
economic growth and popula- 
tion increase. 

But at the same time the con- 
struction sector believes that the 
Government, since the oil crisis 
of 1973, has taken the easy 
option of falling back on the 
construction sector as' an 
economic regulator, forcing it to 
bear a wholly disproportionate 
burden of the inevitable spend- 
ing cuts. 

There is no doubt that the in- 
dustry has suffered a severe 
blow, though not a mortal one as 
some recent statements might 
well have implied. An estimated 
£1.4bn. of planned public sector 
construction work was,, in fact, 
at one stage removed from the 
industry's books in little over 
a year, representing a massive 
amputation from an industry 
whose total output in the U.K.- 
during 1977 will have been 
around the £13bn. mark. 


During 1977 itself, construc- 
tion output is estimated to have 
fallen by about 10 . per cent^ 
continuing the decline which set 
in at the end of 1973. The hous- 
ing market has been among the 
major victims, with private 
housing starts tottering towards 
130,000 in 1977 against 150,000 
the year before. 

In short, last , year was likely 
to have been one of the worst 


will have to lower their sights 
on a more permanent basis. 

In the public housing sector, 
the outlook remains poor and 
here again longer term targets 
for housing output will in future 
have to take account of the 
changing nature of demand. 
Public housing starts in 1977 
fell by nearly 40.000 to 133,000 
compared with the previous year 
and lower figures are on the 


during 1977-78 against 100,000 
In the. previous 12 months. The 
Minister said that, largely be- 
cause Conservative - controlled 
councils were refusing to sanc- 
tion expenditure, actual appro- 
vals could be down to 75,000 
in the current year. 

Elsewhere, the gloomy pat- 
tern has been -repeated, with 
the roads programme reduced 
to tick-over pace and the 


business. For many, it has 
simply demanded an extension 
of their existing foreign opera- 
tions, for others it has meant 
forced excursions into new ter- 
ritory in order to keep alive. 
The results have been mixed, 
with announcements of major 
contracts vying for space with 
declarations of mammoth losses. 
To be fair, the spectacular flops 
so far actually announced have 


Struggle to regain 
past heights 

By Michael Cassell, Bail ding Correspondent 


years for private housing out- 
put in the past decade. All the 
indications are that the indus- 
try, battling against rising costs, 
stagnant prices and narrow mar- 
gins, is settling into a pattern 
of 140.000-150.000 houses a year 
against 200,000 or more a few 
years ago. This trend, however; 
cannot be exclusively attributed 
to short-term market difficulties 
and it is dear that changes in 
the housing market's make-up 
could mean the housebuilders 


way. • 

All the indications are that a 
further substantial fall is due 
in the current year. Figures for 
local authority housing appro- 
vals were recently looking 
serious enough for Mr. Reg. 
Freeson. Minister of Housing 
and Construction, to warn that 
the already severely depleted 
council housing programme was 
deteriorating farther. 

The Government had budgeted 
for about 90.000 approvals 


Government — the major dient 
—cutting down on orders 
throughout the spectrum of 
construction and civil engineer- 
ing work. With investment at 
a low level and. until very 
recently, little optimism for the 
future, the private commerda] 
and industrial sector has pro- 
vided small relief from the 
ravages of the recession. 

It is inevitably to overseas 
markets that the contractors 
have continued to look for their 


been rare, bnt few contractors 
believe anything other than the 
fact that to win and carry ont 
work overseas is a demanding 
task. To make money out of it 
is even harder. 

But despite the problems, the 
overseas effort has been im- 
mense, with British contractors 
winning an estimated £1.7bn. 
worth of business in foreign 
markets during the year 1976- 
1977. This represented an in- 
crease of nearly £400m. on the 


previous year and the current 
12 months is expected to show 
similar progress. 

But perhaps a far more in- 
teresting and significant de- 
velopment within the industry, 
arising out of its recent hard 
times, has been the gradual de- 
velopment in recent months of 
a combined approach to its 
problems. 

Never before have Govern- 
ment Ministers, indoding the 
Prime Minister, been con- 
fronted with deputations claim- 
ing to speak on behalf of the 
whole industry. Representatives 
of the contractors, architects, 
building material producers 
and other component parts of 
tiie industry combined together 
to confront the Government and 
say plainly that its policies were 
endangering the future of the 
industry. 

The gesture was not without 
its pay-off. The construction in- 
dustry at the end of 1977 be- 
came a major benefidary of the 
Government's decision to make 
amends for some of the swinge- 
ing cuts made at the height of 
the economic crisis. With 
£400 hl of work handed-back to 
them in the forthcoming finan- 
cial year and with £181 hl in 
the following 12 months— quite 
apart from anything contained 
in the next Budget — the indus- 
try perhaps felt that its com- 
bined lobbying effort had been 
at least partially effective. 

For its part, the Government 
hopes that the united approach 
will become a matter. of form 
and that the recent moves do 
not merely represent a strategy 


to be adopted only when more 
orders are wanted. 

Ministers believe that the new . 
alliance could provide not only 
the mouthpiece for Government- 
industry talks but turn its 
attentions inwards and study 
ways of improving the construc- 
tion sector's patchy track record 
in terms of organisation and., 
efficiency. 

Whether it likes it or not. the 
Government seems set to face 
almost immediately the com- 
bined anger of a newly-unified, 
industry over proposals which' 
could lead to at least a part of 
it being brought under State 
control. 


Sufficient 


The most provisional of pro- : 
posals from the Labour Party's' 
National Executive Council, 
involving the extension of! 
public ownership into the con- 
tracting and material producing' 
sectors, have been sufficient for 
the industry as a whole to 
prepare itself for a fight 
Strengthened by the belief that 
it fought a successful campaign : 
to stop the spread of direct 
labour organisations — actually J 
temporarily thwarted by the 
knife-edge Parliamentary situa- : 
tion— the industry believes that: 
it must snare the national isa-~ 
tion hare before it bounds away. 
Ministers believe that on this ; 
subject the industry is verging' 
on paranoia and that its 
future would be safeguarded - 
rather than undermined by 
many of the proposals contained 
in the NEC document 


•iff • 

t| H Uii •• 


WE’VE BEEN BUILDING OUR FEDERATION 

FOR 100 YEARS. 

WE’VE BUILT A LOT FOR OTHERS, TOO 


- There are more than 12,000 of us. All free 
enterprise building firms. From the largest to the 
smallest in the land. 

Over those 100 years our principles haven’t 
changed -sound construction, high standards of 
conduct and industrial efficiency. 

That’s what the NFBTE is all about. That’s 
the way we like it. fl 

Free enterprise, with responsibility. Jffip 
That was our objective 1 00 years ago. j9§§J 
It’s the same for the next century. ■'fiRY 


National Federation of Building Trades Employers. 


&>incw§; 


~ "i- , * 


1 











7 - 


46 


I !« 



Ms a deep breath 
then sign 


Financial ■ Times Tuesday January -24' 1978 

BUILDERS OF BRITAIN II 


t" 



m 






Meanwhile, at Norwest Holst, we 
ciffer a reassuring contract. Whatever the 
contractual procedure, dependability is 
there between the lines. 

«•- • It stems from many things: long 
experience for realistic understanding of 
everything involved; inventiveness to 
produce die techniques 
for new- demands; 
positive project manage- 
ment; an organisation 
able to tackle jobs of any 
size without being 
unwieldy; and total 
capability within the 
organisation to cover the 
specialised designing 
and construction require- 
ments of the project 


Our brochure indicates the scope of 
our contract responsibilities. It could be • 
worth looking at before you finally commit 
yourself 

Total capability is engineering design, 
fabrication and comtnictum.U includes site 
evaluation, earth mooing and excavation, • 
pipe and mainlfry ing, 
foundations, plant 
installation, structural 
engineering, precast concrete, 
tail structures, ad kinds of 



1 — — I 

! Send me by return the brochure on | 

1 Norwest Holst total capability. i 

1 1 

| Name j 

Position 

l 

| Company 



I 

I Address 

1 




FT7 | 

1 

1 


town centre development 
and refurbishing. All 
activities are available and 
directly managed from 
within the Norwest Holst ' 
group. 


Norwest Holst 



Norwest I Iolst Limned. Dept FT7*, 35 Chcsham Place. London SVflXSHRTelephone: 01-235 9951.Tdex: 917047 


THE ECONOMIC outlook for expected to improve further 
the construction industry is for this year. The most recent in- 
once slightly brighter. The vestment intentions survey in- 
improvement should not be dicated a further downgrading 
exaggerated but for almost the in the projected growth in 
first time since the oil price spending by manufacturing in- 
cise of 1973-74 and the start of dustry and a slight upgrading 
the recession the main economic in the estimated increase in in* 
influences oh building activity vestment by distributive and 
are favourable. - • ■ - - -service industries. (Spending by 

. For e- start, after IS months the latter is slightly larger in 
of negligible growth. the total than that by manufactur- 
economyis expected to expand ing.) 

this year— by 3J* per cent in * The survey projected a rise in 
real terms , with the hope that the volume of manufacturing in- 
this can be sustained in 19791 vestment of between 20 and 13 
Within the total, both private per cent between 1977 and 1978 
and public sector investment and the Department of Industry 
are projected to recover from noted that there may be “ a 
their earlier very low levels, slightly greater increase in in- 
Private housing- starts should vestment in new building work 
also rise io view of the further than in plant, machinery and 
increase in advances by build- vehicles in 1978 but this is un- 
ing societies. But the prospects likely to raise the share of new 
are much- less -encouraging in building work in the total to 
the public housing sector where even its 1976 leveL” An increase 
a substantial downturn is 0 f between 6 and 8 per cent in 
expected. the volume of investment by 

' Overall, the recent forecasts ^jj e distributive and service in- 
by the Building and Civil En- dustries this year is shown by 
gineering Economic Develop- the survey, with a further, but 
roent Committee point to a 2 smaller rise in 1979. / 

per cent upturn- in new con- The Building and Civil 
struction output this year, and Engineering EDC estimated that 
*3 Per ' cent. -improvement in ^ recovery in investment 
19/9 following a 10 per cent s h ou jd result in a 10 per cent 
decline in 1977. So it is likely rise - lD ^ outpu t 0 f the private 
to be some June before the industrial sector in 1978 ^th a 
construction industry is back ? ^ ^ in 1979 . A 

to .anywhere near the level of 
activity of the" early 1970s. 

The public spending cuts of 
1975-76, and their subsequent 
only partial restoration, explain 
some of the story, as is dis- 
cussed below. *. But private • 
sector demand for construction ' 
work is also well down on 
earlier in the tiecade, and is 
likely to continue to be so. The 
sluggish level of economic 
activity, ample; spare capacity 
in many - industries and low 
rates of return have all pro- 
vided a very unfavourable back- 
ground for investment - 


rather smaller rise is foreseen 
for private commercial work- 
up 4 per cent this year but 8 
per cent up in, 1979— -in view 
of the modest pick-up hi office 
building. 

The public sector is the other 
major influence on U.K. con- 
struction activity and the pros- 
pects here are also slightly 
brighter. The annual Govern- 
ment Expenditure White Paper 
published . earlier this month 
confirmed that over the past- 
year a total of about £440m. had 
been added to existing construc- 
tion plans for the financial "year 
starting hi April. However, tb is 
represents only a partial 
restoration of the large - cuts 
made during 1976 in capital 
spending- plans affecting 
construction. . ~ 

Consequently, the latest ex- 
penditure plans show that 
capital investment by both cen- 
tral and local Government is 
likely to remain at a modi 
lower level than in the early 
1970s. An exact indication has 
not yet been given of the path 
of public spending on construc- 
tion . during the 1970s but the 
overall level of fixed capital 
formation will serve as a. proxy 
to i ndicate the trend. . ■ ; 

Gross fixed capital formation 
is projected to rise by nearly 


5 per cent in real terms in the 
next financial year by compari- 
son vrith the large underspend 
jag in 1977-78. But the level 
of overall capital spending in 
1978-79 and the following years 
i$ about 23 per cent, lower than 
the average between 1973-74 and 
1975-76. The full impact is 
shown by the detailed, figures 
With a drop of nearly 30 per 
cent, in local authority fixed in- 
vestment on the same compari- 
son. The cutbacks at the local 
level are particularly marked 
for roads, housing, -education 
and other environmental 
services. 


Spending 


The spending White Paper 
itself points out that most of 
the public expenditure on 
fixed investment is. . on con- 
struction work. “The extra 
spending on construction 
announced during 1977 means 
that a steady level . of direct 
public spending on construc- 
tion in the next four years is 
now planned, at about £4ibn. 
a year. In addition, there are 
Government grants' and lend- 
ing help to finance other con- 
struction work, for example, by 
the nationalised industries and 
housing associations. ; If con- 







Speculative 


n t ONE OF the major problems to procedure and the often rigid 
‘ISILS ^ confronted the construe- attitudes of planning depart- 
the property boom has removed industry for the last 25 meats in 
a major source -of demand for J 


the local authorities 
has been land ayatiabm^ towaidsi radg^^and ^iAra- 
gg* 1 industry ttsetf'now be- housing-^ 

Uev e8 that the situation , is at i’ectmtly jbeea'tefoxed according 

provided" ">**«• 

such a boost to the industry in Contractors, especially in the SSL???,- ni L 
the Past V house building -sector but in 

One problem is also that other areas of construction as actuaUy be P ridded. 


building work tends to lag well, say that the problem has 


On ave 


the waiting 


behind spending on plant and not been resolved despite many 

machinery in the investment and varied attempts by Govern- tSiilSS 

cycle. Fot example, investment menl— the Community Land tSfLiS 

to plant and madifoery by the Act being no exception-^nd JW* 1 by 501116 

manufacturing, distributive and that there remains a shortage ue . . . ■ 

service industries had already of land available for develop- . P® in 

started to pick up last year. In meat to the right place at the balaDce o£ warehousing and in- 

the first nine months, spending right time, 
was 8J per cent, higher to real Both 


sectors 


dustrial users is now becoming 
more acceptable although snb- 

* ...... i8.ee the same gtantial problems are still being 

?JrSr S fo? 1976 Problems. Development land for eQC0U ntied in establishing the 

iv “™ ercial aod “durtml pro- percentage of warehousing space 
contrast, fixed investment by jects is now scarce and the pro- t0 be permitted on any indus- 
these sectors in building work petty tod us try is primarily Most authorities 

was still declining and was 12 concerned in guarding against w tempting to restrict this 
per cent down on toe same toe overheating which occurred dement even though this action 
basis— even though the 1976 m 19, 2-73. Well located sites are ^ muH i n some land not 
level was 28 per cent lower being actively sought by being fuJJy developed or exist- 
than in 1974. developers, institutions and in- ing buildings remaining empty. 

There were, however, signs dustrialists, with most land sales The developers point out, how- 
that spending on new building in the south-east at least now ever tbat t(wia y th e employ- 
was levelling out during toe being sold by tender a rare men j potential of a warehouse 
third quarter and it should pick method oF disposal over the user ^ a j most as ®reat as 
up from now onwards. The last three or four years. for an industrial user a^nd that 

overall investment total Is also The industrial development development should not be 

stifled on these grounds. 


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Complication 

lake the house builders, the 
property developers have a 
great deal to say about Develop- 
ment Land Tax. They see it as' 
further complication to the 


system and legislation which and adding unnecessary costs 
levy penal taxation' rates on by issuing refusals which are 
people selling land to eventually found to be vexatious 
developers^ or frivolous. Many of the pro- 

Like - the commercial and posals are not original-witness 
industrial developers, they say the ill-fated Dobry: report — but 
that the problem of planning builders insist that reform 
delays has become overwhelm- along these lines is necessary 
ing and the time it takes to before the planning system aids 
being a new site to the develops rather than hinders develop- 
ment stage is now double what ment of all types, 
it was -five years ago. As for the immediate prob- 

: The housebuilders want- -to lams, the industry says that the 
see the • complete reform ' and critical shortage of suitable land 
streamlining of-, the present is set to come to a head in the 
development control system. . next IS months — a prediction 
The system, they claim, which toe Department of 
creates excessive and costly toe Environment does not agree, 
delays as a result of the absence T’he DoE says its own surveys 
of clear priorities for planning s h° w -toat slocks of land held 
strategy, by its increasingly hy private house developers are 
detailed and unnecessary in- now equivalent to' three times 
volvement in . minor matters the current rate of annual hous- 
that should not and cannot be ing starts, and that there has 
the -concern of planners. been no dramatic change in the 
•The builders want a ■ clear size of the pool of land with 
statement in the Town and planning permission over the 
Country Planning Act to the pas t 18 months, 
effect that there is a presump- The builders say toev simply 
turn » favour of development, do not believe the official figures, 
that is, that planning permis- anf » rprt-jj.0,. 
sion should be granted unless h the 

there is a “ sound and. clear cut 5,3?^ thaf tw* 

reason'’ for refusal. The onus Efi? ■ pu Sf"!f that J tbeir land 
would therefore lie on the banks ^ whlch nsed anc€ to 
authority to show that proposed represent a ten year building 
development is not acceptable Programme, -are .now down to 


areas but need Commercial Classified to help your purchasing- contact us! 


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development process and claim 
that a scheme originally envi- 
saged to curb toe activities of 
unproductive speculators now 
seems rather inappropriate 
when all efforts are being made 
to create employment and in- 
crease UJC. industrial capacity. 

The outlook for property de- 
velopment looks fairly bright, 
despite all the problems. The 
last poll of business indicators 
.in the property sector conducted 
by the Royal Institution of 
Chartered Surveyors in conjunc- 
tion with- the Financial Times 
confirmed the steady recovery 
in confidence which has now 
looked on Its way for some time. 

The evidence is dear, how- 
ever, toat in many parts of The 
country land shortages are 
already restricting development 
activity. In East Anglia, the 
South West and the Midlands 
shortages are being' reported 
and many developers have com- 
plained that local authorities' 
unwillingness to release land 
for smaller private industrial 
schemes is making it impossible 
for firms to find modern accom- 
modation. 

As for housing, the land 
supply situation has so far been 
tempered by the relatively low 
level of output, but there are 
fears toat contractors would he 
hard pressed to meet any signi- 
ficant upturn in private housing 
demand. 

According to the house 
builders, shortages have 
become increasingly serious 
since the start of 1977. The 
industry cites several reasons 
for the impending crisis 
the least of which 
cla im — a chaotic 


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struction expenditure by these 
bodies is - included, the total 
planned level of public spend- 
ing on construction rises to 
some £6ibn. in 1978-79 and 
continues at a similar level 
through to 1981-83.** 

However, as the Building 
and Civil Engineering EDC 
pointed out before the publi- 
cation of the White Paper 
(though when the main plans 
were known), “the average 
yearly output for the pub- 
lic sector, excluding house- 
building, in the next tito 
years is likely to be - 28 per 
cent, lower than the average 
for toe years 1970-76, a matter 
of great concern to the’ com- 
mittee.” 

The committee said toe 
recently announced additions 
to programmes would benefit 
health, personal services and 
education relatively mare than 
roads, and would only have a 
marginal effect on the decline 
anticipated in water and 
sewerage. It is estimated that 
the earlier cutbacks will result 
in a further decline in public 
sector non-Kousing output this 
yf?ar — down 3 per cent com- 
pared with 1977 before a rise 
of 2 per cent, to 1979. 


Peter Riddell 

Economies Correspondent 


i 


ucvciwpimJJU aj <Hii muwu iu 

rather than on the applicant to levels. Much of the: 

show that it is. lan d available, they point out, i& 

Minor matters, say the house unsuitable because of its locar 
builders, should be taken out tion because of a lack of in- 
of planning and strong sane- frastnxeture services. '■ 
tions should be used against A major gripe among all the 
local authorities causing delays developers is toe dreaded DLT 
CONTINUED ON NEXT PAGE 


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«!»» .. 





Financial Times Tuesday January 24 1978 


BUILDERS OF BRITAIN IH 


is 


un 


MOiv 

i ! 


i \ 

1 


Rising costs still a 
major headache 


‘ I 

v : 




TAKES no more than a now. The bigger companies 
ce at an index of construe- have the financial muscle to 
costs over the past few underbid on tenders to keep 
s to see why builders con- their workforce ■ together 
e to top the bankruptcy through the recession. They 
. . also have the cash to continue 

ui-lding material and wage buying land when it is priced 
s have more than doubled out of reach of smaller competi- 
iie last three years. And this tors. 

explosion occurred at a time The larger construction 
n house prices trailed the groups are also in a far stronger 
?ral inflation rate, and -when position to negotiate terms for 
ining demand for both that other key cost ingredient, 
lie and private sector new finance. Interest rates have fall- 
ding made it impossible for en from the crippling levels of 
ders to pass on the full and 1975. But memories 

ct of higher costs In higher of the last property crash are 
ler prices. ' too fresh to make banks ready 

oth material and wage cost to lend cash for speculative 
'eases have now slowed building schemes without ex- 
n. But for smaller builders Pensive additional charges to 
slower pace of cost increases c 9 ver the risk, or without the 
■ely extends the agony of un- ^ nd loan security that is 
nomic tendering in a market beyond the reach of the smaller 
Je aggressively competitive ° u il? er- , _ „ 

the lack of new building . construction 

Jand groups not only have access to 

>n P deenlv worrvin-* exceo- Institutional funding for specu- 
“to Jfve schmces, but have both 
thp wppnr movement in toe “ternal cash resources and 
.2?® ”.“"5 " t J5 security for bank borrowings to 

'‘"j, ,, tap lower coupon finance than 

oeshave heen drowunf ance smaller ^ ^ 

■ 1973 and ttw dechne in his wsts 

! t-avc not fallen as rapidly as 

pnrtant cushion a^irat other reMnt interest rate reductions 

1 increases than pared profit .. ^ 

rgins. Now. as the effects woma su ~* esL 
the Cnmmunity Land Act and R ArrAT17 ; n „ 
velnpment Land Tax begin to OUll OW UQ^ 
felt, land prices are begin- The disparity of borrowing 
n to climb again. ' capacity between the heavy- 

Bnth major pieces of pro- we igh te and minnows of the in- 
rty development legislation dustiy ^ng^ through all fin- 
ve had the effect of reducing anc jng costs, from speculative 
c supply nf potential develop- development finance down to 
„- nt land - Landowners JJ 11 ® simple day to day working,capi- 
n nn longer expect windfall ta j nee d s . As construction out- 
• t in.« by selling green-field sites p Ut forecasts suggest that the 
r building are reluctant to industry will have • to accept 
lease land. Their reluctance highly competitive tendering to 
greatly heichtened by the W j n a gUce of historically low 
wwrvative Party s somewhat building demand well into the 
pi i vocal stand on these plan- n ext decade, the steady decline 
ng laws. Initial Tory opposi- 0 f t he small builder seems to 
on to the legislation seems to he an irreversible trend. 

» mellowing. But landowners Builders priced out of com- 
ho see little or no benefit in petition for land, and unable 
filing their land under the t0 find realistically priced ftn- 
ristinc control? are willing to ance for speculative schemes, 
old on in the hope that a Tory still have to face the material 
dministration would repeal the a nd labour costs of straightfor- 
aws. . ward contracting work. For 

The architects of the CLA firms without an historically 
<nri DLT were conscious of their low cost land bank, and so with- 
is incentive effect on land sales, -out the profit cushion from 
und if the legislation worked in house site sales and other de- 
rnriice as its creators had veloped land profits, even the 
oped, focal authorities would recent slower pace of material 
avp been able to overcome and wage costs imposes a strain 
n downer*' unwillingness to on the scope for competitive 

tendering. 

Building material costs con- 
tinue to out-pace the general 
'lr ill inflation rate. But there has 

lit 111 been a very significant reduc- 

A few authorities have the tion in the nte of price rises in 
ill and the will to employ thoir recent months. In the first half 
mens of compulsory purchase, of 1977 material costs were still 
it the vast majority are £**>3 at an annual rate of over 

tysically incapable, or politic- » f" '**"■*'' the iin i U q “*?“ 
Iv unwilling to act as land « *e year the annual rate had 
vers Tor the building industxy. M ' cn *• JlBt over S per cent 
ithou the expertise, the will . Forecasts for the current year 

d— because of reductions in dc J= nd »P®» <»' P>“ ° f . 

increases nationally. If the 

Government's pay guidelines 
hold r material costs increases 
may be held at around the 10 
to 15 per cent, level. That would 
—assuming a similar increase in 

... _ house and other new building 

rational rarity value site costs _ allow the building 

* beginning to spiral- Reports mdastTy t0 maintain profit 
building land changmg uands marsins in 197Si 
the South East for —.00,000 Qm* possible spanner in the 
acre arc merely the most y-orks ^ the rate of wage 
treme examples of a national increases within the building 
■nd. Throughout the country industry Itself . All the building 
tiding land that sold for trades have accepted the Govern- 
3,000 to £50,000 an acre last mentis pay guidelines. But not 
rtnq now commands £50,000 a n trades accept the same 
£100,000 and there is no sign interpretation of the rules, 
any reduction in this pace The highest rate of uncm- 
price rises. ploymcnl within the building 

One effect of this has been to industry since the 1930s, with 
;pd the move of building over 200,000. neariy 15 per cent 
, lacity away from the small, of the industry’s workforce, out 
ral building firms and into the or n job, has provided the most 
. nris of the multinational con- effective argument against 
uction groups. above-average wage claims. The 

Sver thinner profit margins building trades accepted the £6 
»r the past three years have limit between 1975 and 1976 as 
x:pd many .smaller builders well as the subsequent 5 per 
i af business. Conversely, the cent limit without complaint, 
•rfect share of the country's The new 10 per cenr. ghide- 
» 20 construction companies lines last until August 1978 and 
< risen from just 14 per cent, the plumbing and heating 
U.K. construction turnover engineers interpreted the rules 
' 1973 to just over 30 per cent, as permitting an immediate 10 


per cent. across-the-board 
increase in pay rates with addi- 
tional selective increases in the 
next nine months. These addi- 
tional increases would give 
most employees in those trades 
between 20 and 30 per cent 
more before the end of the year. 

The Department of Employ- 
ment gratefully accepted the 
early agreement to 10 per cent 
But it has yet to take an active 
line in the proposed additional 
increases. If the DoE does not 
intervene, or if it cannot inter- 
vene successfully. It seems prob- 
able that all the other building 
trades will argue for similar 
increases when the negotiation 
season starts in the summer. 

The seeds of a pay explosion 
late in 1978 may have been 
sown. Builders’ chief hope now 
is that they will be more able 
to pass on these extra costs in 
1978. It is a frail hope. 

For most builders the key 
factor here wiH be the rate of 
house price increases. Talk of 
renewed gazumping in the 
housing market makes cheerful 


news for the industry. But 'such 
cases are still few and far 
between and generally reflect 
initial confusion over the 
pricing of houses rather than 
any mass excess of pent-up 
demand over supply. True, 
building societies have ample 
funds to lend. But it is equally 
true that borrowers remain 
cautious about the level of 
mortgage commitment they are 
willing to accept after the 
traumatic effects of historically 
high repayment costs in the 
past two years. On balance, it 
seems probable that house 
prices will run more or less in 
line with the expected 15 per 
cent increase in real incomes 
during 1978. 

On the commercial property 
front at least the investment 
market already accepts the fact 
that current building costs are 
artificially low. Investing insti- 
tutions’ willingness to purchase 
properties showing miniscule 
initial returns has been 
influenced in part by their view 
of replacement costs. And 


investment funds have been 
drawn into all forms of the com- 
mercial and industrial property 
market by the simple supply- 
demand argument which 
suggests that: new building is 
financially impossible until 
rents increase, and without 
new building rents must 
increase as the existing over- 
supply of accommodation is 
absorbed. 

Unfortunately for the build- 
ing trade the investment logic 
looks three to five years ahead. 
There is little hope of any 
i mm ediate relief from the pub- 
lic sector either. And even after 
recent Government promises of 
aid for the industry, Henley 
Centre forecasts suggest that by 
1982 building output will still 
be running below 1976 levels. 
With that grim prospect it is 
hard to see how it will be 
possible to pass on even rela- 
tively stable cost increases over 
the next five years. 

John Brennan 

Property Correspondent 



til by i he simple use of com- 
llsory purchase powers. 


public purse— without the 
sh to make the CLA work, 
tiding land with suitable plan- 
ic permission is becoming 
nrarinuly scarce. 

As building land acquires 


and 


>NTtNUED FROM PREVIOUS PAGE 


d they claim that with tax 
tes of up to 83 per cent, on 
ofils arising out of the sale of 
ad for development — a tem- 
irnry concession currently 
nits the top rate to 66s per 
jtL — foe supply situation has 
wn worse not better. Falling 
nd prices, until recently, and 
to prospect of heavy taxes 
ive encouraged many land 
-mere to hold on to an asset 
icy might otherwise have sold, 
id the prospect of a change in 
>e law under a Conservative 
d mini stratum, seems to mean 
wt they will be in ns harry to 
f * otherwise. 

Builders and developers look 
't to intensify their calls for 
lajor reforms. They primarily 
<am an improved system for 
deaUfying and- allocating de- 



velopment land and also want 
attention paid to the provision 
of infrastructure and the opera- 
tion of the actual mechanism 
for converting allocated land in- 
to sites on which development 
can take place. 

With confidence returning to 
the economy, demand for new 
commercial, industrial and resi- 
dential development may hope- 
folly once .again be on the 
increase. Bat with demand for 
all types ot property on the 
increase and yet a reduction in 
supply in the offihg at least In 
the medium-term, pressures on 
land costs, rentals and bouse 
prices could be immense. A 
dampening down of the land 
market will be an essential 
priority in the months ahead. 

Michael Cassell 






A £5m. office block in_Old Broad Street in the City of London recently completed 

by Trollope and C oils. 



From small beginnings 


1 .-A 


We would like to offer our congratulations 
and b4st wishes to the National Federation of 
Building Employers on reaching their centenary. 
(Even though they did beat us to it by a couple 
of years]) Like them we have grown frorii small 
beginnings. Starting from Hammersmith we 
have spread throughout the U.K. building' houses, 
factories, offices, shopping centres and a 


variety of other projects. 

Like them we have prospered. We have 
expanded overseas to the point where we were 
awarded the Queen's Award for Exports in 1977 in 
recognition of our achievements. . 

And like them we look forward to the future. 
As Europe's, largest building contractor we feel 
there is every reason for optimism: 


•m 





.-■v- • • 


Totally constructive 


"1 



> : 





Financial Times Tuesday January 24 137$“ ' 

BUILDERS OF BRITAIN IV 





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LAST YEAR was the worst 
year that the building industry 
has experienced since the onset 
of recession late in 1973. It 
was the year when everything 
seemed to go wrong. 

Trading problems which' had 
been held at bay for so long, 
appearing to be confined to the 
small n on-quoted builder, 
finally overhauled the publicly 
quoted contractor in a big way. 

The mainspring of the con- 
tractors’ change of fortunes was 
Government policy daring 1978. 
In July of .that year £952m- 
was taken oat of public expen- 
diture, including £233m. 
directly related to capital 
spending on roads, schools, 
hospitals, water and sewage 
programmes and municipal 
buildings. In addition £146m. 
was taken out of mortgage lend- 
ing by local authorities, and fcr 
the first time in ten. years 
controls were imposed on local 
authority housebuilding. 

Then fallowed another series 
of cuts in December. These 
sliced £500m. off public spend- 
ing on roads, schools and hospi- 
tals. In addition the housing 
budget was trimmed by £30 Om., 
the cuts being directed towards 
new housing, municipal isation, 
housing associations and new 
town development Spread as 
they were over the two finan- 
ce'' years 1977-78 and 1978-79 
the cuts at 1976 prices took 
£l.l4bn. away from the con- 
struction . industry. And ‘'for 
good measure a moratorium was 
imposed on the placing of all 
new construction contracts, 
which -was not lifted until May 
1977. 

Suddenly, where the public 


sector bad. provided half the 
work in the U.K for the con- 
tractor, the enfeebled private 
sector was becoming the con- 
tractor’s principar. client. 

But the private sector was in 
turn plagued by high interest 
rates which. Ied‘ many potential 
customers to curb their own 
capital . expenditure pro- 
grammes, cuzbs'' which many 
held onto for much of 1977 
while they waited to see that 
the downward trend in interest 
rates was not to be shortlived. 

These twin pressures from 
both the public. ■ and private 
sectors -drove official U.K. new 
orders and output statistics 
down to fresh lows. Even the 
benefits of. the near £lbn. 
reflation package the Govern- 
ment gave during 1977 were 
more limited than they looked, 
for the £lbn. did not replace 
the budget which had been* 
slashed in the two -cats of 1976: 
rather, the boost was to be' 
spread over a five-year period. 


Skills 


Against tills background the 
contractor had - to draw more 
than ever on management skills 
and cash in order to develop 
fresh markets and consolidate 
existing ones. 

At a time when -many long- 
term contracts were coming to 
an end over the past three years, 
which could not be replaced by 
similar work in the' U.K. the 
development of i overseas mar- 
kets appeared, to be an attrac- 
tive, if nor the only solution.' 

A measure - of the way in 
which the UJK has turned to 
overseas markets in recent years 


* Is that in 1969-70 overseas 
orders accounted for under a 
tenth pf the combined UJK. and 
overseas total, and under one- 
twentieth of the work done. 
This changed- little in 1973-74. 
But by 1974-75 the contribution 
to new orders from overseas 
doubled in percentage terms to 
near 16 per cent, and in value 
to £1.12bn.: while, by 1976, work 
done overseas had doubled to 
£875m. 

The Middle East fuelled the 
growth, providing the bulk nf 
orders between 1974 and 1976. 
However competition has stiff- 
ened since 1974. The more cut- 
throat competition has come 
from companies based in the 
less developed countries such as 
Eastern Europe, Cyprus, Greece 
and South Korea. American com- 
panies have had a head start 
on British competitors by reason 
of their links with the U.S. 

! Army Corps of Engineers. As 
a result, the U.K contractors’ 
margins have been under pres- 
sure. Even Laing has found 
overseas markets hard going, 
making a £137.000 loss in 1976, 
and only breaking even this 
year, after making £3.48m. in 
overseas construction in 1975. 

Physical conditions have been 
difficult in the Middle East 
Extremes of climate, limited 
availability of local materials 
(which means that the bulk of 
materials has to be imparted, 
a costly and time consuming 
operation), aod the high cost 
of maintaining an on-site man- 
agement team have raised 
operating costs to a far higher 
level than those in the home 
market 

Not only do Middle East 
customers prefer fixed price 


50r£M- 


INTRACTORS PROFIT RECORD 


HH RICHARD COSMM 
■am Uiffi 
TARMAC 

gHimOR WOODROW 
□fUBOBffi WMPEY ; 


rr: ' 


I 1972 ! 1 

1 VEARENDIMG 31 DECEMBER ’ 

contracts (rather than those 
with cost related price escala- 
tion clauses, more suitable for 
those contracts which last 
longer than a year) but they 
insist on potentially punitive 
performance bonding arrange- 
ments. 

Bonds are guarantees which a 
contractor has to arrange with 
his bank or. other institution 
for a certain proportion of the 
contract's value, which is for- 
feited if the contractor fails to 
complete the contract or meet 
his commitments under any 
disputes which ' are resolved 
against him under an agreed 
arbitration procedure. Many are 
_ “on demand’” bonds which may 
be called on withont reason. - 
Although bonds are not 
usually shown in the balance 
sheet, they. are still treated by 
contractors* banks as a part* of 
overall debt So some companies 
whose borrowing level may have 
already been high have ."had 
difficulty, in -. arranging - bank 
support, for such -an arrange- 
ment. And Tesort to inter- 
national banking Syndications 
has often proved costly. • 

Xt is no wonder then that 
late starters in overseas markets 
were , suitably p intimidated by 
some of • the problems 'and 
sought other ways to enter 
those markets. One route was 
by acquisition, which not only 
consolidated -a Contractor’s posi- 
tion at home hut. if chosen care- 
fully could give a well estab-.. 
lished Jink with an overseas 
market. ' 

Such a rente was chnsen bv 
Tarmac. In 1974 wben the four 


major contractors Costain. 
Laing, Taylor Woodrow and 
Wimpey collectively had over- 
seas turnover of £276hl Tar- 
mac’s overseas turnover was 
negligible. By 1976 this had 
been built up to £66m. Some 
£30m. of it was attributable to 
the purchase of Holland, Han- 
nen and Cubitts from Drake 
and Scull in 1976. 

But a failure to understand 
at an early stage a Nigerian 
client's own understanding of 
the terms of one contract 
arranged by Cubitts and the un- 
realistic pricing of another has 
led Tarmac to make provisions 
of £12m. to cover existing and 
potential future losses. 


Fortunate 


However Tarmac is fortunate 
in that it has a breadth of trad- 
ing interest which offers some 
cushioning against setbacks of 
the kind which would bring a 
pure contracting company to its 
knees. The other four major 
contractors enjoy this luxury. 

For example. Taylor Woodrow 
has interests covering contract- 
ing to plant hire, ready mixed 
concrete to prefabricated build* 
mgs; while .CostainJs . interest , 
.ranges from dredging and mW 
ins to property development, as 
well as construction. It is this 
spread of interest which has 
enabled the contracting majors 
to come through the recession 
in reasonable shape. 

This, and a more conservative 
method of accounting, taking 
profits towards the end of a 
contract rather, than during the 
life of a contract in many cases. 


, have been the major factors 
i behind some contractors’ glow- 
ing profit records. 

The underlying staying power 
; of the majors has meant that as 
weaker and more vulnerable . 
companies have buckled under 
the pressure so the major con- 
tractors have picked up market 
share in the U.K. Even 
though they may not be 
. handling perhaps the major pro- . 
ject work of the past inr terms 
of value their volume of orders, 
has been steadily increased. 

As for the smaller contractor, 
or contracting relating business, . 
it has been those with highly 
specialised interests or services 
which are staying the course. 
Others who have tried, trt 
emulate the contracting majors 
— by taking on jumbo overseas 
orders, or by malting injudicious 
acquisitions, without the same 
financial resources— have been 
experiencing real difficulties. 

The small company which has 
made an attempt to penetrate 
overseas -markets has found that 
by doing so it has tied up much 
of its cash, and syphoned oil 
valuable UJK management 
resources. Once overseas it has 
found it difficult to retain a hold . 
'on the UJK.. market For while . 
that company has been beguiled 
by overseas possibilities, others 
in the UJK have picked up 
market share. So that company 
has to chase further overseas 
orders of a size which It can 
fll-afford to finance. These are 
not days for the tyro. Less 
prudent accounting procedures 
taro not helped either. 

John Moore 




MATERIALS 


r/"*r “W*. 

-■t*' ■ .-■* *i*: * ,A, 

■TJ:-] :V.-vt 


^ - • . 

The materials 
manufacturers 


:i TROLLOPE & COLLS * S3 S3 TROLLOPE & 
COLLS (CITY) SI TROLLOPE & COLLS 

joinery :: ^ willett, ans m m mm 


Even if there were no other cxsntiactars, 
you would still have a complete 


THE U.K building materials 
industry has a lot on its mind at 
the moment. Not only doe* the 
recession in construction at 
home mean that its prospects for 
sales here remain depressed but 
it is becoming increasingly con- 
cerned about suggestions that 
it could soon face at least some 
degree of state intervention. 

On prospects for work in the 
domestic sector, the materials 
manufacturing industry does not 
apparently share the latest view 
being expounded in some circles 
that the building recession has 
bottomed out and that the nut-, 
look for 1978 is more encourag- 
ing than it has been for several 
years. 

Only days agn the National 
Council of Building Material 
Producers dampened down some 
of the recent mildly expressed 
enthusiasm about prospects by 
saying that this year will be 
the worst on record for construc- 
tion since 1963. 

The prospects, it said, were 

bleak and nu recovery was in 
sight until next year at the 
earliest. It pointed out that the 
£800m.-plus that the Chancellor 
had restored to public spending 
in the construction sector since ■ 
last March could not detract 
from the fact that two more lean 
years were on. the way. 

The Council emphasised that 
most of the money going back 
is going to building worts 
especially housing, rather than 


to other forms of public sector 
construction. It accompanied its 
gloomy appraisal with the now 
depressing]} Familiar statistic 
that 15 per cent, of all unem- 
ployed in the U.K. were from 
the construction industry and 
made it dear that, in its 
opinion, there is a long way to 
go before talk of a rerival can 
be justified. 

But if low demand at borne is 
a major concern, the spectre of 
some degree of nationalisation 
sends ■ shivers through every 
.building materials boardroom pi 
the country. Ever since the 
Labour Party document last 
September, the material sector 
has been girding its Joins for a 
fight over the prospect of state 
intervention in its affairs. 

Despite assurances from 
Ministerial level downwards that 
the producers have nothing to 
fear, the industry believes that 
confrontation is on the way 
Only last week. Mr. Eric Heffer 
who chaired the working partv 
that produced his Party’s plans 
for construction, said that there 
was to be no wholesale narional- 

! saT ‘°" a ? d that he w as finding 
it .difficult to convince people 
that this was the case. H 

What the document did pro- 
pose, in some detail, was the 
formation of a Building 
Materials Corporation, backed 


by the planning agreement 
system, and including some of 
the biggest names in the supply 
mdustiy, such as Pilklngton. 
BPB Industries and London 
Brick. 

The industry remains far 
from satisfied with assurances- 
from Mr. Heffer and his .cdl- 
eagues that only limited public 
ownership is being - proposed 
that talk of large-scale inter- 
vention is “conjecture.”- Its 
leaders believe that the sup-' 
J should be firmly 

The party document ’ Said 
tnat the building ’materials 
sector bad to be efficient and 
socially accountable and that 
selective public ownership was 

Tt pnihtedbufihat - 
several of the -IBuading 

materials industrial* 7 ?vm re 
nominated by one ot a . small 
number of companies andJgave 
examples: domestic output of 

-iS!?®* and Prhductidb of 
Plasterboard is in the:.h*nds of 

°J” n °P nf r prodt&ers, one 
fir™— APCM— supply 65 - per 
cent nf the ce mentis inarkft,- 
annther supplies 43 per cent. 

" brisk mSrkatvir- 

Ai-.K a nf the fletton sector). 
Ar time, production of 

ceramic tiles, roofing tiles; day 
pipes, concrete slabs-- and: sani- 
tary equipment is also. 'highly 



CONTINUER ON NEXT PAGE 


Jt 


Sw’ " l!r 

rn ’>al 

,C, ! ” 

(S* ' ■ 

Voi - ;; '- 


I .^v Uv - - 


TROLLOPE & COLLS HOLDINGS LTD 

IkocaU House, 25 Christopher Street, London EC2A2VR. Tel: 01-2^ 2666 

f * 



* 



financial Times. Tuesday January 24 1978 


19 


BUILDERS OF BRITAIN V 


a 




fr C "V-' 






hold the stage 


i 


UN’S BUILDING societies As they make fheii caJcuJa- could present them with some influence and as much as some 
to lend something over tions, the Government and. the shorter-term embarrassments. of its members may regret the 

a day to home buyers on societies are well aware that Quite apart from the imme- trend there would not appear to 

and every day of 197S, a house building costs have until diate business of this year's be any path back, 

ic which forcibly under- very recently been rising at a lending programme, the socie- The building society move- 
file importance of their much faster rate than market ties will also be examining in ment has often made, a point 
n the development of the prices for new properties and detail a long list of proposals of emphasising that its policies 
private housing market ' that these,' in turn, will not contained in fast year’s housing are motivated' as much by social 
..... ininnrtnnt einmont move to any significant extent policy review which, if imple- considerations as financial ones 
, fortune* nr ^ the urivate untiJ prices for second hand mented, would ’ have a direct and many of the proposals re- 
: thp snPiPt^Ps homes rise more rapidly. bearing on their operations. cently put forward could put 

now moved to the centre But -if the .rate of house price • The societies will almost cer- that claim to the test. 

and it seems inevitl increase must be accelerated tamly this year be expected to . Nowhere will that test be 

that their long-standing beyond the 1977 average figure implement a Government more telling than m the 
is the nrovider of finance oT-7S per cent., they must not scheme to help first-U me buyers societies' deabngs with local 
ne out of°ten home buyers be allowed to move too quickly, and Utey are accepting the de- authorities. - The support lend- 
JJ. to undergo 1 mrior for fear of Pushing house pur- velopmem in good grace ing scheme, by ii s very nature, 
hniu and raurion chase beyond the reach of many although most of them think it means that societies are in 

imSiaS nast has PeoP 1 * stifling demand. a waste of Uwe. many cases being asked to help 

... ‘mmeoiaie ^ past nas The Governments plan is to the type of borrowers to pur- 

Ihr the- building society The societies and the Govern- offer uptime buyers a savings chase the Type of homes which 
a p ® r, °®.' j *? ve - between- th?*® bonus and loan scheme to help they would not — for commercial 

Iteled success in which studied the components- which t ^ e][n Qver owner-occupied reasons — have previously con- 
[d numbers of people have are likely to affect the market threshold and while the, build- sidered. They are adamant that 
b e JPfd to buy their 'own this year and have calculated j n g societies can hardly be seen this is still the case but they 
- All the evidence sug- that me £Sim. can be injected t0 $,£, pour i n g vvater on any have clearly become more flex- 
's that the desire for owner snt o the market quite safely. p i an mis end in view, they ible in their outlook and al- 
lation has never been The belief is that average believe the scale of the aid — though the scheme got off to a 
ger and that any Govern- prices will, on that basis, rise by about £50m. a year-will render very sluggish start — as much 
will have to include the between 10 per cent and 12 pdr it ineffective. because of local authority red 

isi on of home ownership in cent. and that builders, faced tape as -anything else— the out- 

rogramme of social priori- with steadily falling costa, can look is now good. Next year the 

if it wishes to maintain expect to see some restoration ■L^UCIlIIlcJUl. support lending scheme is due 

larity- of their profit margins , in the Elsewhere in the Govern- t0 account for £300m._of mort- 

. medium-term future. Hopefully, meat's policy document, there money against' £1< 6m. this 

rSet ' * a Urge housebuilding ■ pro- ar e suggestions that the t 

® itcolf „ n will .follow. societies Thould lend more on # The societies have been quick 

There. those who believe older properties .and proride to 1 po * nt ou ; tjat much of their 
j loanS inrolvlne a that the year will simply not go bigger percentage loans. Lower- reluctance to lend in particular 

■d £6. 'bn. were arranged that smoothly and- that at some start mortgages— which most areas— rf they will admit to as 
the swuenes enter 1978 sta g e during 1978 the impact of societies object to — are also is simply because in- 
Inced that this year they record volumes of mortgage fin- called for. The societies are 011 P*? 1 of 

do much better. A. provi- ance and rising real incomes being asked to work more aut honties has left large urban 
U lending target of around could be substantial. U the signs closely with the local author!- areas with uncertain futures, 
n. has been set and the m that prices are moving too ties under the support lending climate. J} ov ’ ever * 

ber . °f ®bonld rapidly, then however much .the scheme and are told that in ch^SJBS as the Government 

■nach The 800.000 mark. building societies may protest order to ensure an adequate dn '"e to regenerate innercities 
te turn-round in the move- they may find the Government and stable supply of mortgage -Z" e °f ta b ~ 

t’s position has been requiring them to hold back on funds in the future they may v“ en i?‘ , T., - aty partner ‘ 
natic. Less than a year ago. lending. one day be taking funds from “ d ^calimpnyemenx 

societies were forced to It would place the movement institutions via a special finan- ^ al . e8,es are acts "’"icn are 


*ge record interest rates on in an awkward position, . for cial intermediary, 
ic loans in order to enable there is only limited scope left All these proposals 


and 


helping to confer upon run- 
down areas a status of per-l 


n to compete for funds. Last fur them to divert money Into others which may follow— could JJ® n ?*3J 1 * h 
uaiy, the societies’ net_ re- surplus funds— already standing the societies eventually be encourage authorities mid 



Materials 


CONTINUED FROM PREVIOUS PAGE 


■* i . i 


: i. fc 


* 9 A 


— — ^wviiuniuwn uv<,iv|»»vui . — « nn nrnrpcc 

end of 1977 they almost fund” erer achieved, which are a reflection of the move- 0 p 
ched £600m. augurs well for the future but meat's growing size and 

Uongsside the receipts, ad- ..... 

tees each month have been 
ining around the £700m. level 
•ven exceeding it at one stage 
and this is expected to be- 
jic the norm for the re- 
indcr of the year. 

Ml this, together with the 

t that the cost of home loans concentrated, according to the demand and that a Building prices mean that profitability 
been reduced from over 12 document, and as such, these Materials . Corporation could has been much better than 

cent, to 8* per cent., cutting areas are early candidates for respond .no better than private might well have been reason 

payments on a 25-year acquisition. • industry to those market ably expected- A major question 

,000 mortgage by over £26 a p or raw materials such as demands. They cite the only is how well the industry as a 

lth — making mortgage Mnd ani j ■ gravel, the Labour area t0 date in which public whole will be able to cope with 
icy cheaper ihan ii has been p v EC K e if ov ' e( , control and construction any upturn in demand brought 

nearly five years. describe* as “ a mure thorough- activity have combined forces about by a revival in construe- 

or the time being at least, j fnrm puW | C awner . — direct labour organisations lion, although the nature of the 

movement's problems are . .. . niamest laneuaee it ~® nd daini that experiences next improvemeht in work 

nationalisation ' of in should be suffi- levels may be gradual and 

, I wnh sucress ratlur than . . nrevious c,ent t0 kill off any further modest enough to avoid some 

hcatld 0 matkvt ?arhcr ‘thaU Lahm,r ^ commitment- Vroposnls in this direction. of the overheating problems 

l s ioh of snreadin- the mnnev and with these a ma;jor *** — 

c thinly In order to help as f .{}'? dialed production tnateriafe nBuftana are 

>■ would-be home buyers as fa ^ 1,t,es ' fndust^ thrif imSiatl ‘con- *ey could overcome, 

ible. The document also points mausny, uieir irameaiaie con- 

ousc prici* inflation is cer- out that the largest of the Lit- 1 !’ °, fro ^ Fvnan^orl 

# - ly going to be a major factor building material industries is ^ be ^SL er 1 p ? ss , lb c , ,0 , h J p H'XpaIlU0G 

f ymiid.nK Mdety operatrans that concerned with ‘1“^ Sm the U K eSnsmictiM Inevitably, many manufao 
n= 1978. The Government and timber products and Utat ™ U K - instruction , ooked overeeas for 

* the ninvenicni are clearly a public stake should be estab- 5CTlor - orders of ^ largest pro _ 

Troinvd to keep the situation lished also in this field, by In many respects, the most Outers have’ been verv heavilv 
b- under control and will be extending and diversifying the painful period for the materials involved in overseas marker** for 

ne activities of the Forestry Com- sector is. over, although pros- yeajs ^ Jocal pr o duc . 


But however concerned the which have dogged the industry 
_ ' too long and which the 

about the future shape of their *f a * H>ur ^ for one 


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javourtns to strike a fine 

nee in the housing market mission. pecLs for business remain fj on units or |j rens i n o a»ree- 

nlding society funds are not The response from the blighted. In the past four years. ments but the process has been 

more* than one clement m building materials sector has few manufacturers have been expand j n view of the reces- 
rhain of factors which deter- been predictable. State con- able to avoid painful contrac- sion at j, ome perhaps the 
? trends in the housing ma^ trol. it claims, is a recipe for tions of manpower and produc- rea i; sat j D n rtal ine U K mav 
but there i* reason for disaster -and totally irrelevant tive capacity but the slimming f0 r many products never’ a^a in 
.•vin« (hat uncontrolled lend- to Iho heeds of the industry-, process is now largely complete, renrese-u the *cale or mar- 
m the months ahead could They say that for .rears the As a. result, the industry is k ^ * n the'pact 
brine aliout an unwelcome materials supply industry has certainly now more efficient and Among ih e m a ior names in 
tiling of prices. y expanded production to meet substantial rises in produet mateiia , s manufacturers abroad 

are: APCM, BPB Industries. 
Marley. Pilkington, Ready 
Mixed Concrete, Red land. 
Tunnel, Tarmac and Rugby. 
Major names like London Brick 
have recently been joining 
them. Overseas investments, 
inevitably on a substantial scale 
for most- of these companies, 
have not been without their 
risks — political and financial — 
but further development along 
these lines seems certain. 

The manufacturers them- 
selves are not alone in ventur- 
ing abroad and some me rch ant- 
ing : operations are ' now 
seriously considering business 
prospects overseas. One of the 
largest L’.Kj- merchants, the 
LBJf Group, ha? established a 
merchant in” operation hi the 
Gulf to sen - ice British and 
Foreign contractors and reports 
considerable success so far. 
U8H Overseas believes that 
there is a growing demand in 
the Middle East and other 
developing areas for experi- 
enced merchanting operations 
and- intends to expand its over- 
seas operations in order to grab 
a share of the potentially huge 
market 

If. there are any equally 
bright spots at home for the 
building material producers and 
merchants, the Government's 
apparent determination in bonsi 
re nova Lon and improve men? 

work— with a high material con- 
tent — is of considerable encour- 
agement So too is the drive tn 
improve standards of insulation 
in industry, commerce and in 
the home. 


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Financial Times Tuesday January 24 1978 

BUILDERS OF BRITAIN VI 



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THE- MOST striking develop, 
nient in the U.K. constructiait 
industp- during the 1970's has 
■been its spectacular expansion 
into overseas markets. The pro- 
cess has. in the past four years, 
gathered even more momentum 
because .of the poor workload 
at home. 

The industry can with some 
justification feel pleased about 
the extent 'and success of its 
foreign activities and, the Gov- 
ernment has not hidden its own 
delight at the way in. which 
many contractors and- profes-' 
sinnals have capitalised on their 
skills to find work wherever 
work exists- 

. According t_6 the Department 
of the Environment, which has 
itself been anxious to help the 
army of designers, consultants 
and contractors in their efforts, 
British companies associated 
with. the construction industry 
earned over £2bn. worth of over- 
seas work during 1976-77. 

During that year, building 
and. civil engineering operations 
won new _ overseas contracts*, 
worth £l.7bn. in' over 200 
countries around tbe world. an 
increase of nearly £400m. on the 
previous twelve months. 

The extent to which their 
foreign operations have grown 
can be appreciated by the fact, 
that in 1971-72 overseas con- 
tracts won had been valued at 
only £300m. Even given the 
rapid rise in inflation during: 
the interim period, the latest 
performance — to be improved 


upon in the current year— re- 
presents a major effort. 

The D.OE says that overseas 
work actually done in 1976-77 
amounted to a healthy £1.2Sbn. 
at -current prices compared with 
£381m. in the previous year. 
The value of work outstanding 
on overseas projects at the end 
of March last - year rose by 
£343 m. to no less than £2J.9bn. 
The figures are by now of course 
almost one year out of date but 
all the indications are that while 
the growth Tate may not have 
been so rapid in the past year, 
the trend was still upwards. 

The pattern, of overseas work 
continues to be dominated by 
work in the Middle East and 
estimates suggest that the region 
now accounts for about half of 
all new orders, won abroad by 
U;K. contractors. Europe con- 
tinues to provide a valuable if 
difficult market for the con- 
tractors. with! competition fierce 
for what work Is available and 
local companies usually equally 
capable of -carrying it out. 


Tipped 


Perhaps a sign of things to 
come is the fairly strong growth 
of contract successes in South 
America, widely tipped to 
become the next '* boom " 
market for the international 
construction fraternity. 

Government figures have re- 
cently begun to highlight the 
fact that while the large con- 
tracting operations, many of 
whom have been working abroad 


for many years, continue to contractors -have admitted to 
dominate the field, smaller.com>-' having got badly- burned fingers, 
panies without - previous ex- Their fafiures-have usually been 
perience of working abroad art the result of taking, on work, for 
also beginning to make 'consider* which they, have . quite simply 
able headway. . not done enough homework— 

The last batch of DOE figures in terms of acquainting them. 1 
showed in fact that of the -100 selves with, local conditions- Con- 
or so companies taking on tractual terms and local busi- 
foreign contracts, about one fifth ness philosophy, 
of them were venturing abroad a major factor worth bearing 
for the first time. Tbe- share of in mind is that an area like the 
the total value of new contracts Middle East cannot be regarded 
taken by firms outside the top as one market. Within- the . re- 
twenty largest contractors rose gion there hre as hiany.different 
in 1976-77 to nearly SO per. cent. types of market conditions and 
from only 5. per cent, in the prospective clients as there' .art 
year before. in Europe and good groundwork 

The value of contracts, how- is ..essential for any aspiring' 
ever, may be an indication of contractor, 
the extent of .the spread of Perhaps most importantly of. 
British involvement in overseas ail. he should not be put off tfyr 
construction, but it provides no ing to win business in the 
indication of whether those in- Middle East in particular be- 
volved are actually coming cause of the fairly widespread 
home with a profit - tale that tbe boom is over. -The 

On this front the DOE says nature of the work available 
that the record is also good. It may be changing as the basic: 
claims that again in 1976-77, infrastructure is filled in' but. 
the total overseas earnings of the region will have enough 
all the sectors of the construe- medium and small-scale ■ work ^ 
tion industry were over £2bn., on offer to keep many hundreds' 
a 25 per cent, rise over the pre- of contracting and consulting 
vious year. This was roughly operations in business for years 
made up of over £300m. earned to come. _ 
by the contractors, £250m. from Mr.' Jim Nelson, a vice^presi:- 
the related professions of con- .dent with the Bank of America 
suiting engineering, architects in London, who specialises in 
and surveyors and about construction and believes that 
£1.45bn. from the export of a lot of people are still $Adly 
building materials, plant and informed about the problems of 
machinery. working overseas, has drawn up 

Recent events have shown a formula both fnr malting and 
clearly that profitability is by Inking money in the Middle East 
no means guaranteed and some and newcomers could do a lot 


worse than to heed some of his 

advice. ‘ . . 

A contractor, according to Jus 
formula, must use a local part- 
ner who - understands and is 
involved in the local construc- 
tion market, is well known and 
reputable and can help, solve 
payments and ciss problems 
when* they arise. Mr. Nelson 
says these can still be found, 
though some contractors who 
have searched for them have 
found the job a tough one. 


Ignored 


• ' ■ , ' . 1 

; Collective voice 

for construction 

IT IS 100 years since a group ing for 75 ..per cent, of rather than central government cause the combined . forces of 
of men met in a Crewe hotel employment capacity in the were more at the centTe of their the industry convinced him he 
to devise a constitution and a industry — including nearly all thinking 100 years ago. had gone too far, or Was help on 

programme of action designed the major . contractors — the .Last year, in fact, saw a re- the way in any case because of 
to provide the construction Federation can rightfully markable transformation of the improving economic - situs- 
industry with its first national claim to be a powerful force .in attitudes in an industry which tion.? 

body of building trades the construction sector. .. has long been criticised for its The industry is convinced that 
employers. For three guineas it claims to be the only build- fragmented organisation and in- t heir efforts were instrumental 
a head upwards, the builders ing employers’ organisation rep- variably blamed for its own fate j n obtaining help and Ministers 
pledged themselves to provide resented bn ■ . all- Government because of its inability to estab- have expressed their approval 
their industry with a voice and committees concerned with list) a sense of common purpose. f 0r t he jew style approach. The 
a united front with which to building and it has represents- . It was a crisis which brought strategy is certain to’ be 
protect their own interests, lives on JomfT>oar3s and com- the' transformation about — -a repeated a od indeed in the past 
To-day, that organisation is mittees with local" and public .workload crisis precipitated by few days some of the industry’s 
the National Federation of authorities, th* building profes- a weak economy and exacer- representative bodies have for 
Building . Trades Employers sions and /the educational bated by a vicious reduction in the first time made joint rep re- 
and its stature and size— authorities. - • public spending by a Govern- sentations to the Chancellor, in 

together with its subscrip- Through its central, regional raent with an immediate and advance Of his next Budget, 
tions — have risen surely and and local staff in England and overriding need to cut expendi- 

steadily ever sinre. Wales the NFBTE member has ture. . th^fj^/^kely to 

It was not until the turn of apce»s to a range of services - Leaders of various trade l _ •• Jv ,- / , ° 

the century that the by then which may perhaps be equal to bodies and professional associa- j ^ ® Jj' 

re-named NFBTE had begun those provided by any other in- tions made concerted but In- - f f „_ ri nff flnv rn „_ 

to attain a national status, ‘Austria! organisation in the U.K. dividual efforts to impress upon __ m m • in thi _ 
with a developing regional But perhaps the most recent the Government throughout ^ehe pi ann nd 
structure and an ever-widening development affecting, the 1977 just how badly its action F • 

sphere of activity. Now, the Federation, and the industry as was affecting both the immedi- ' orts.made by 

NFBTE is by virtue of its size a whole, has been' its recent ate outlook for the industry t * ie ^fbte and other industry 
and its broad spread of decision to present a ' united and. more importantly, its organisations stil 1 need to be 
interests, recognised as a main front to the Government in deal- longer-term prospects. Buttressed by the work earned 

and centra! organisation for ing. with questions essential to It seemed as though their out vi a the individual bodies. ^ 

all Ivpes of building employer, its future well-being — the prin- pleas were having iitt'e im- NFBTE remains the dominant 

With 12.000 member coin- ciple behind its original forma- pact, although it was fairly ob- representative building federa- 
panies. between them account- tion, ertn if trades unions vious that the Government's tion. fts industnaj.rpolitical a.id 


Next on the list: take projects 
involving cost components with 
which you are familiar and over 
which you can maintain some 
control: minimise the use of 
local sub-contractors and obtain 
prime bank guarantees: and 
base bid prices on a detailed 
survey of the marker, so that 
the return on a project will be 
high enough to match risk and 
. effort — advice which sounds 
like pure com monsen sc but 
; which has been ignored with 
depressing regularity by many 
operators. - 1 

Other tips include the earliest 
..possible mobilisation — again- a 
problem which has caused 
severe headaches even for the 
largest and most experienced 
contractor — and go . for work 
with as little inflation risk as 
possible — that is the shorter the 
better and the less local 
material and labour costs the 
better. 

If a contractor wants to lose 
money in the Middle East, Mr. 
Nelson invites him to follow 
the alternative set of rules. Take 


on a large project involving high 
labour and- local - cost .'-compo- 
nents, such as a road or general 
-contracting project for an air- 
port — British contractors have 
already come dangerously dose 
to disaster *>y following this 

particular path. 

The company determined to 
go bankrupt should also bid 
low just to get into the market, 
utilise executive -staff - with. , no 
overseas experience, watt until' 
the- contract is Signed 1 before 
mobilisation arid finalisation of 
all sub-contracts and supply con- 
tracts and expect to be reim- 
bursed fur inflation. That 
should, according to Mr. Nelson, 
do the trick. 

Even if every <me of the first 
set of rules is adhered to, suc- 
cess cannot be guaranteed,' but 
many contractors are having to 
take the risk on the basis that 
to rely on the home, market is 
potentially suicidal. For 
although output may. now have 
bottomed out. it could be some 
time before work, levels rise 
significantly. 

There seems little danger 
that, if domestic work does now 
steadily increase, the contrac- 
tors expected to do the work 
wiH find themselves, tmable to 
cepe because of heavy commit- 
ments abroad. Overseas work 
does after all still only account 
for less than a fifth of . the 
industry's output; 

It is, however, a very impor- 
tant fifth and seems set to 
remain so. 

M.C. 






HWh 



A major construction project can mean a field 
day for the industries' many sub-contractors 
• and consequently ahefty bill for the client 
At Linford we bring together the skills of our 
major building company with our ten specialist 
companies which, from the start of a contract 
large or small provide such a strong and 
reliable team for consistently successful 
building contracts^ with qualifications and 
craft skills from top to bottom, • 

Our main objective is to beat your targets as - 
well as ours and 100 years of experience is fair 
proof.' . " ' . 


LINFORD BUILDING GROUP 


Tools 


PA Cut TK-.i, ji jfr:.. Wy- : -'.V. ■ 

Tyrone Carre li‘-'4 iii 2M\ to lined 



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. • , 

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J established 1740 

the builders with the personal touch. 

In 1 878 we had been building for 1 38 years. Now,'a century 
later, we are still building and although we have developed 
into a group that provides a wide range of building services, 
we still give the same personal attention to every contract 

32 Earl Street, London EC2A2JD.Tel:Q1 -377 0266. Telex : S86722 
. London -Thurrock -Grimsby -Bahrain 




Every 



in the building and 








should have one 


The Tilcon Group Brochure has been specially 
produced with you in mind. 

It presents a 'complete picture' of Tilcon - one of the 
largest suppliers of building materials and services in the U.K. 
with daily involvement in many of the most Important building 
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The extent of Tilcon's resources and technical back-up may 
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scope for action was Eor a while economic expertise — demori- 
extremeiy limited. • .strated by its. work in such fields 
It was in the middle of 1977 *■ industrial relations — parlia- 
tbat a new strategy emerged mentary liaison, management 
and for the first time In any- training and information ser- 
one's memory’, the Prime Min- vices— -enables it to provide a 
ister received a deputation ma J° r part of the voice which 
from the construction industry tiie Industry requires, 
as a whole. Representatives of That voice, the Federation 
eight separate construction sec- believes, will have to speak out 
thr organisations went to Down- more loudly in the years ahead, 
ing Street to state their case Apart from nationalisation 
for more work and. within plans, measures to extend direct 
weeks, they were • doing the labour operations and the 
same thing again to see Mr. apparently ever-expanding mass 
Peter Shore. Secretary for the of costly and time-consuming 
Environment- By December, legislation will be candidates for 
when the same' delegation attack where the need arises, 
bearded Chancellor Denis The Federation, aricl the 
HeaAey in his den, the for- various organisations under its 
mat had become -accepted. •‘umbrella" — from the crucial 

Just how successful the com- private house building sector 
bined approach has been is through specialist areas such as 
difficult to tell. Did Mr. Healey sub-contracting, plastering, 
reinstate at least a proportion scaffolding, stone-masonry and 
| of the cuts he had made be- wood-working — is required to 

digest such legislation, advise 
the Government on its effect on 
^ the industry and guide members 
so they comply with what the 
■ tew requires. 

IlIRlfDF Most importantly, the NFBTE 

IIKIIlvl provides a vital link between 

4 ■ the builders, the Government 

m J and the community ar large. 

1 -JinU 0ne of its *** tasks is t0 ensure 

m IvM that the former does not act 

u u m ■ in CTCh a Wa y as to deny 

efficient and cost-effective ser- 

inuiisir v ™ ** ** ^ 

-jf To be successful in enabling 

■ its members to operate 

|DP efficiently and cost-effectively \ 

means that the Interests of the' 
other half of the building equa- 
tion — the client — are also safe- 
bran spec fa! ly ‘ guarded. The Federation sees 

its role as continuing and de- 
jon-oneofthe veloping its specialist services 

’and services in the U.K. the one hand 

most Important building Providing a powerful and 

Influential voice For the indus- 

ichnica! back-up may f^iL P pSlSi!l an . d V ? ws ’ bolh 

- ■ inside Parliament and in repre- 

sentations to Government and 
mt to send your copy other relevant bodies. 

In this way it hopes to assist 
the industry m its recover 

■ from the current recession -and 
B ensure that nn future Govern- 

team ■ ment allows the industry to be 

■ used as an economic regulator 
B a " d t0 produce tbe same ry D e 

•th Yorkshire HGS SAY. ■ of problems 'through whVhu 

ra.97 B has now struggled for over four 

years, 

wurnmmemem^ M.c. 


(Builders since 1591). 

R. Durtnell & Sons Ltd, Congratulate the 
National Federation of Building . 
Trades Employers 
on their Centenary. 

Head Office: 

Brasted Westerham Kent 
Telephone Westerham 64105 . 


includes- 


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1. The Top 150 Construction Companies#^ 
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JrP-i-l 'o-» l^i-vc* 


Financial Times Tuesday January 24 1978 


se 


Festival Hall 


by DENYS SUTTON, Editor of Apollo 


Alpine Symphony max lopperi 



I wt 


* v ; 


i art critic generally finds FT 
is faced almost exclu- 
v r wife fee task of commcnt- 
n paint ions and that other 
i «f art come nfT at second 
This means that he may 
rarely enjoy the opportu- 
>f writing about those works 
give him special pleasure, 
as archaic Greek sculpture 
uminated manuscripts, 
far ns the tatter is con- 
rt. the opportunity arises 
so with the -publication -of 
nagmiicent volume devoted 
•e‘ illuminated, manuscripts 
e James A. de Rothschild 
■tion. Waddesdon Manor 
onal Trust. Office du Livre, 

}). The book itself is a 
•lass example of book pro- 
on with excellent colour 

s. 

ere are only =26 illuminated 
iscript8 in the collection— 
rora tbc Baron Edmond de 
*child collcctioo. Yet dis- 
on of these suffices to fill 
ce book. The text is mainly 
to L. M. J. Delaisse, of : the 
1 Library, Brussels, but. 
his sudden death in 1972. 
work was completed by 
■s Marrow and John de Wit. 
i is awed to the skilful and - 
editing of Sir Anthony 

t. ' 
it 

though this volume will be of 
ettiar interest to specialists, 
llains much that will appeal 
lose wbo are 'intrigued by 
way in which books were 
aced before the invention .of 
ing. The technical discus- 
of such matters is fascinat- 
ind breaks new ground; it 
s clear that much remains 
« found out about the prac-- 
of publishing houses in the 
;le Ages. 

ch information is not to be 
d in a consecutive narrative 
■e book, but in the coinmen- 
s on each item. One remark- 
comment fan essay, in fact) 
a MS 9, a Book of Hours. 
uted in Bruges in about 
. To the untutored eye, thl$ 
me with its many miniatures 
it look like many others of 
ype. This is far from being 

. rase. For instance, the minia- « , 

( are painted by a Flemish >'■*•>. vj . _<*•«•»..., . ; ... ...... 1 

jin^and^we' ar^Told tlfat*a fiuiwin g * e Towei of Babel, from the Chronicle called 4 La Bouquechardiere,’ produced in Rouen, c 1465 
lan, as well as an Italian, 

lay existed in Bruges. These principal miniature artists of the that it is too narrow to attempt tion), for it is to the works of 

iJs provide a mosaic of facts time, and the point is made that to see medieval painting in tbe Schools of Winchester or St 

)n the aggregate provide the painterly technique in a page isolation and without recognis- Albans tbat we turn for a 

Bcture of events, in which such as the Eccc Homo is so ing the role of the illuminated rounder view of the character 

itic, historical and economic lively that the faces of the Jews manuscript as a source. of English painting during these 

tiers are skilfully blended. look ahead to those met with in This is particularly true of years. 

ic manuscript is associated the paintings of Jerome Bosch. English medieval art (which is The collection at Waddesdon 

i William Yrelant, one of the This sort of remark indicates not represented in the collec- Manor provides a good cross- 








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oinrfJiU tour. 

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f&aim&X In/nttci a «r 


Building the Towei of Babel, from the Chronicle called * La Bouquechardiere,’ produced in Rouen, c 1465 


>nnle Scott's 


Wigmore Hall 


Toots Thielemans Kreuzberger Quartet 


by KEVIN HENRIQUES 


flic harmonica’s role in jazz 
s hpen mainly in the country 
urban blues domain, in the 
ids or such driving players as 
iny Buy Williamson, Junior 
. - -Us or Sonny Terry, who air- 
singly prise expressive, 
loping sounds from the little 
trument. In more conieui- 
ary jazz it is Brusscis-bum 
>ts Thielemans who has, 
*— —"os i single-handedly, made toe 
-- -hinnica accepted atid 
levied and, indued, pruc- 
Uy Ins exclusive property. lie 
plait'd and recorded with 
l or the leading figures in 
. was a member of George 
army's group for several 
■s. and now. living in 
>ricu, does studio work and 
poses for films and tele- 
,m. He is at Ronnie Scott's 
q ) the end of the week, making 
^ i of his infrequent jazz club 
»ar;mcos and triumphantly 
it ,iny that the harmonica can 
^ iuce attractive, swinging 
ids. 

lough it has a limited range 
Tiiuparison with most other 
•aments, in Thielemans* 

. Is and mouth it is totally 
ivatmg. He explores its 
e without resorting to distor- 
elect rentes or gimmicks 
can even dismiss lll> 
ncun- Dutch rhythm section 
play Duke Ellington's “The 
rh without losing the tune's 
nsic lunging and sadness. He 
al home wife Ellington the 
* ,'s liberally from Duke's 

, .*• * roiirei as he is with the 
: Bop compositions of John 
•• ' vane . whose chorda lly intri- 
" tiiant Stops ■*■ be plays 
^.^■^blazing facility 
^s ^dilionally the genial Thiele- 
plays guitar with delicacy 
great originality and also 


by DAVID MURRAY 


.-J 1$ 

■infi £ -S' 

i » ■ v 


whistles oleasantiv (eat vour “German Week” at the Wig- but with the loss of a certain 

heart", & s’oneldi* !)%, ^ore ended en. Sunday w.tt a SSianermmetocy ' 
does both simultaneously on teoncert by the young Rrcuz- fa -haralv 

- Bluesette." his lilting hit eom- berger String Quartet. By the conceived, and generally urgent 
position which has become a jazz conservative standards which Neither Haydn's “ Adagio 
standard. . I govern quartet programmes, s 0ste nuto " nor Schumann's 

This is Toots Thielemans first , theirs was rather adventurous: - Adagio moho” persuaded them 
time at Scott s and audience n are i Schumann's Quartet No. 3 and f 0 raore than a decent Andante, 
being surprised and entranced j a nacek's First— the " KreuUer lhough lhey found a pr0 per 

hnnnsiv ' “•> w f eU as J ate ^ G degree of gravity for each P The 

5SJ5?* of ^ man aDd hls ma J° r from 1115 °P- ,b - wit in Haydn's finale will emerge 

' * *' They began boldly with the better when they relax with it; ' 

Janacck, dinging out its first sub- their excellent cellist was too 
This is tbe appropriate place jec( with fine declamatory force, polite to fix a ground-rhythm, 
to report that Scott s has entered xhe work ie full of passionate strong enough to carry a little 
the record business with the elisions, poignant fragments playfulness. 
formation of Bonnie Scntt s Re- crowding In upon fragments They made attractive music of 
cord Productions which will be without a trace of an academic the Schumann A major, and were : 
appearing through the Pye group, transition: instant sharp chaxac- as vivid and exciting in its Assai 
Three albums initiating the en- tcrisatJon is of the essence, and agitato as one had expected. If, 
terprise arc afready out and the flj at the Kreuzberger managed there is a recipe for making the' 
first { Scnous Go/d, ngpl laaii; without- a trace of an academic opening movement sound ! 
fittingly features the clubs admirably. Ideally there should formally convincing, they have! 
m * f P or - Recorded three months a is 0 be a sense that the frag- not found it yet, but they went' 
ago with his present quintet it m enis — . especially the dance- some way toward persuading us 
has plen^ of robust tenor ana music— belong to something that this is genuine quartet- writ- 
tender soprano-sax from Scott which continues before and ing — Schumann was manifestly 
himself, impeccably supported by after what we actually bear, as more at ease with a piano on 
his four-man rhythm team among ff a memory-door were opening band. The fervour and enterprise 
whom John Taylor on key boards briefly on it and closing again, of the Kreuzberger team will 
has never played better on re- The Kreuzberger attack was. certainly ensure that much more 

L '?£“- .. , mostly too hasty to suggest that, is heard of them. 

The other releases are live re- • 
cord in g& made in the club last 

sninmer by Sarah Vaughan St- John's/ Radio 3 
tNSPL 18&44-) and Carman ' 

McRae (NSPL 1S3431. These iwo — . n 

&sa Lindsay String Quartet 

gymnastics and huse range of . 

the “ divine " Sarah are hap- __ 

pily balanced with her amaz- by ARTHUR JACOBS 

inply controlled ballads, for ex- 
ample “ Feelings " and an almost _ . ... ' . 

excruciatin'' “My Kunnv Yalen- For }flose «•». “ke myself, three movements are played 
tine ” Miss \JcRao jealouslv : wore as yet unacquainted with without a break. Neither was 
cherishes lyrics, never missing Andrtf Tcbaikowsky a com- announced, and instead we had 
a SmS topoinl rnwanS& a^ P°*V5K pdai « s pre ? ,e r h, s the inexactitude that the last 
Her choice SrSsfom H^w^s n50Tenreal was to be “a con- 

of materia! and taste are beyond r able n “H? a * ; «ce!erando. 
reproach. Bulb LPs are essential i JufJ * 1 Snu to^HrSnS thr f* ® 0 ' raen ^ f 

souvenirs of two outstanding i advantage traditional sequence — forthright. 

^ - B0 Mr. 

ISSSdSSe L^ d co?tiou« iS 5 ^rh r Qu" rte r t bfcom 

| ?oto recital in this some BBC ”P aci 4 i rab3e 3nt f “ l!y w and °5 ver 
* Monday lunch-time series which Iets -^- e repeated bass-pattern 
. brought the Lmdsav String become tedious. The first move- 


section of the activity of the 
continental medieval publishing 
bouses, and it is possible to gain 
from these examples an indica- 
tion of stylistic cross-currents 
and the evidence of national 
components, and to gain some 
Idea of the character of local 
centres, such as those at Rouen 
or Paris. One problem that is 
suggested, although obliquely, in 
this book is the position of an 
artist such as Simon Marmion . 
wbo was . able to paint such 
superb panels as those from tbe 
St- Bertin altarpiece at Berlin 
and at tbe same direct' a work- 
shop. The intriguing problems 
of the connections between dif- 
ferent forms of painting in 
France, for instance, have been, 
examined in , depth by Millard 
Mei>is in his remarkable books. ' 
Meiss argued, fnr instance, that 
the Boucicaiit Master, a lumi- 
nary of the French School, was: 
in fact Jacques Coene, from j 
Bruges. 

Minatures may be studied 
from a variety of angles, and 
they have much to offer the 
aesthete. The border decorations 
are often executed with singular 
delicacy: those by French artists 
have a chic that announces that 
of the best haut couture. Often, 
too. exquisite details of land- 
scape may be found, as in MS S, 
tbe painter in illustrating a 
chronicle of Greek and Roman 
history (MS 11). bas been able 
to create fairly tale architecture 
and conjure up an air of fantasy. 
Flowers and fruit, are depicted 
with keen observation as in tbe 
Book of Hours from tbe work- 
shop of Jean Bourdichon. A. 
miniature 'such as The Corona-: 
tum of Anne of Brittany, c. 1505,1 
is evocative of a period and a 
milieu. 

The collection at Waddesdon 
Manor, which has been admir- 
ably catalogued, may well give 
rise to the hope tbat before too 
long an exhibition of illuminated 
manuscripts, on an international 
scale, may be held in this 
. country. It could prove of 
immense interest and excite- 
ment. 

. ]978 Gulbenkian 
Music Fellows 

The Calouste Gulbenkian 
-Foundation, Lisbon, bas an- 
nounced that its 1978 Music 
Fellowships have been awarded 
to the pianists Terence Jndd 
and Gordon Fergus-Thompson. ; 
and tbe baritone David Wilson- 
johnson. The awards, worth 
£3,500 ovqr three years, are 
intended to give young soloists 
who have proven ability tbe ! 
opportunity to concentrate on 
their solo careers. The three 
Fellow* were selected from 
aver 50 applicants by a panel 
including Lionel Salter, Felix 
Aprabamian and Professor 
Brian TrowelL 

There will be an opportunity 
of hearing the three Fellows on ' 
Sunday, April 2. at 3.00 p.m. at j 
the Wigmore HalL i 


“ One must,'* according to one 
of the more high-minded dictates 
of Donald Mitchell’s The Lan- 
guage of Modern Music, “ say No 
to Richard Strauss's Aipensin- 
fonie." ** One ” is here tbe critic, 
who has just been directed, “in 
his own small way (to) make his 
stand, and say No to the lie that 
is implicit in the use. however, 
masterful, of a language which 
has lost the power of meaningful 
speech ** — and Strauss’s Op. 64 
tone poem is singled out as a 
particularly ripe embodiment of 
that lie. With its- .gigantic 
orchestra swollen by heckel- 
phone, Wagner tubas, and an 
offstage complement of 12 horns, 
the work is expensive to mount, 
and so opportunities to test 
Mitchell’s hard-line stance don't 
come one’s way very’ often. For 
this reason, at the very least, the 
performance by tbe London Sym- 
phony Orchestra on Sunday even- 
ing was a cause for gratitude. 

But it soon becomes pointless 
to do so. because the rosy- 
cheeked, large-limbed simplici- 
ties of the music refuse to jus- 
tify proscriptions of this kind. 
Indeed, there soon seems some- 
thing positive about Strauss's 
mammoth realisation of a dis- 
armingly naive conception (“A 
Day in the Life of an Alp '*?). 
I’m not sure I could trust the 
judgment of anyone whose sense 
of tbe ridiculous wasn't tickled 


just a tittle by those tinkling 
cowbells or whooshings of the 
wind machine — those touches 
of the most 1 Literal-minded kind 
of pictorialism in sound. Yet 
time has its own most satisfac- 
tory way of relegating music to 
a suitable station: and by now 
the Alpine Symphony can be 
recognised as a spiritual descen- 
dant of one of those 19 th-century 
musical collections of travel post- 
cards — Massenet's Scenes pit- 
toresques, say — blown up to the. 
largest possible size and placed 
in tiie most ornate frame. To 
arbitrate against musical ex> 
periences of this kind is as ridi- 
culous as to take them seriously. 

The LSO performance, under 
Andre Previn’s careful and un- 
flappable baton, was most enjoy- 
able — energetic, with a fnll range 
of sumptuous primary colours 
and a resilience in spinning out 
the long diatonic developments 
long after a less athletic band 
might begin to show signs of 
fatigue (the only detectable 
moments of weariness were the 
sounds of the high trumpets 
briefly sagging below pitch). 
This orchestra has always risen 
with - spirit to large challenges, 
and under a conductor whose re- 
lish of the various textural 
elaborations (grunting bassoons, 
shivers of high strings, the pierc- 
ing utterance of four flutes in 
unison) was clearly as great as 
the players', the result was un- 


failingly vivid. What one missed^ 
though, was the ability of . « 
Kempe to convince' one th^t 
tunes with the four-square tread 
of a nursery jingle can sound 
sufficiently beautiful and interest- 
ing to permit development and 
recapitulation at length. - The 
trouble with the Alpine Sym- 
phony is not so much that its 
language bas lost the power of 
meaningful speech as that tha 
music is prolonged well beyond 
the effective limits of that 
language. 

In the first Rakhmantnov 
Piano Concerto, before the 
interval, tbe young Polish prize- 
winner Krystian Zi merman made 
bis second South Bank appear- 
ance wife this orchestra. For 
a poet of the keyboard, which 
Mr. Zimerman revealed himself 
to be on touching the instru- 
ment, the work offers rewards—' 
fee Cbopinesque E flat episode 
of the third movement was -a 
moment of particular liquid 
grace. Even more impressive 
was the way Mr. Zimerman 
steered himself through sections 
of thundering bravura tailored 
to a physique larger than his 
own, by remaining within his 
limits and by relying on musical 
projection of the utmost clarity 
and firmness. The result was not 
the most hair-raising of read- 
ings: but it was uncommonly 
distinguished. 


Elizabeth Hall 


Bernard Roberts 

by DAVID MURRAY 


Bernard Roberts does not look 
in tbe least like a shrinking 
violet, but his merits somehow 
remain under-sung. Equally re- 
spected as a chamber player and 
a pedagogue, he makes occasional 
sqlo appearances without fanfare. 
Friends and students seemed to 
compose a fair part of his audi- 
ence on Sunday afternoon. And 
yet he is something of a pianists’ 
pianist: -it was a wonderfully 
subtle, perfectly finished account 
of Faure’s op. 109 Preludes 
which he broadcast recently that 
made me eager to hear him 
again at length. 

He - gratified expectations at 
once with the C major Sonata 
(Hob. no. 48) of HaydiL Its 
dimensions are deceptively 
modest; be spread it out with 
confident delicacy. It is no easy 
thing to play any but fee most 
overtly dramatic of Haydn's 
sonatas on a modern grand with- 
out either betraying the dynamic 
scale or else reducing Haydn to 
music-box prettiness. Roberts 
accommodated both Haydn's 
toughness and bis elegance with- 
out a hint of artificial constraint, 
thanks in large part to his com- 
manding several more gradations 
between mezzo-forte and piano 
than are contained in most 
pianists’ armories. Almost every 
phrase added a fresh sense to 


fee progress of the music, natur- 
ally and uninsistently. 

Stephen Dodgson’s recent 
Sonata in C, nearly two centuries 
younger than Haydn’s, was 
treated with no loss sympathy. 
Quirky but dean-lined, airy and 
lightly discursive, its shape was 
neatly brought out by Roberts' 
thoughtful punctuation (and 
pedalling of great tact and 
finesse). He displayed as much 
refinement in two pieces of late 
Chopin, tbe Barcarolle and tbe 
B major Nocturne, but with a 
one-sided concentration on the 
melodic line — the remarkable 
harmonic underpinnings were 
knowingly laid down, but not 
planted firmly enougb to reach 
up and colour the rest. The code 
of the Barcarolle taxed Roberts' 


tonal resources: there is much ; 
more going on in it than he was 
able to bring out. 

Beethoven’s “Hammerklavier* • 
Sonata wants almost preterm • 
natural power, at least for per- : 
formance in a large ball. Roberts 
offered a wealth of perceptive , 
detail, but there, was too little ' 
granite in the sound. The cost ‘ 
of the brave Allegro he estab- 
lished at the outset was a per- 
vasive brittleness; the dotted 
crotchets of the Scherzo were ; 
almost double-dotted, and good • 
intentions in tbe Fugue became • 
a series of jabs well before the ■ 
end- There is so much that ! 
Roberts can do with great dis- 
tinction that he really does not 
need to make forays into this 
fierce territory. ■ 


RSC bonanza in Newcastle 


Newcastle theatregoers have 
already bought more than 
£70,000-worth of tickets in 
advance to see the Royal Shakes- 
peare Company’s six week season 
opening at the Theatre Royal on 
February 13. Many performances 
are already sold out and at the 
Gulbenkian Studio attached to 


the University Theater only 100 : 
seats (of a total of 5,500) remain ' 
unsold for the complete season . 
of five productions, j . 

Booking for late night and : 
lunchtime performances to be 1 
given by RSC actors at the Studio ; 
will open shortly. - Educational ; 
visits to schools are also in ppp- • 
paration. • 


ENTERTAINMENT 

GUIDE 

C.C. — Thew thutres zeent certain credit 
cards by telephone or at the box office 1 


DUKE OF YORK'S. CC.. 01-836 5122. I OLD VIC. 


OPERA ft BALLET 

COUKUM Credit cards 01-240 5258. 
Rr«r»*lloni 01.856 3161. 
ENGLISH NATIONAL OPERA 


Mon.-Sat. 8.00. Mats. Wed. 3.00 and 
Sot 5.00. 

SIAN PHILLIPS 
PAUL DANEMAN 

. SPINE CHILLER 
Tickets from £1 .80-65. BO. 

Instant Credit Card Reservation. 
Dinner and Top-price Seat £7.30. 

,ELLE ct LUt CC 01-437 2610 
Walker’s Court. Brewer Street. W.l. 
Twice Niphtlv 8.1 S and 10.15 


PROSPECT AT THE OLD VIC. 
Spring season Jan. 16-March 25 
In reo. HAMLET 

ALL FOR LOVE 
SAINT JOAN 

ANTONY AND CLEOPATRA 
Tonight. HAMLET 7JO 
Seat* available. 

Nest Sunday 29Ui at 7.30. 

THE GRAND TOUR wfth Is>a Blair 
Julian Glover. Derek Jacobi and 
Timothy Wcsi- 


92B 7616. 1 THEATRE UPSTAIRS. 730 2554 Ergs 7.30 


Crucible Theatre Sheffield. In 
SAYS I. SAYS HE 
by Ron Hutchinson, 

Not since * The Hostage ' have I seen 
an Irish play that has given mo such 
undiluted pleasure." Gdn. 


ENttinT NArtONAL j ,igrg , g.-j° -*?y- h . JBBfc MOn - j^s a '™'Rlsf SUrem^AR 0 8 ' 40 ' I -Be-Mte?' Agatha' "with ' "another , 

Tonight 5.00 and frj_ 7.30 RIGOLETTO f jfcsvs. uikist surtrOTAK dunnlt hit. Agatha Christie Is s 

III? £***? 12 a carme .« TteT- se^lSl act" Ewnl^NkSs Yo^ n£S ’ 'V «« West Endrrt again with am 

.JO Orpheus in the Underworld. 104 i T?d smokeln t^audltarUim^ PHOENIX. 01-836 8611. i Of her fiendishly Ingenious, mi 

Bakcnv seats available dav of ocri. | * no IB nte auditorium. EvB5 a . 0 . Mat. Wed. 3 0 Sat. serfs, mysteries." Felix Barker. Ev. New* 

— ■ -- ■ • - rnsnimr nxti ytti r.m ■ t„... . i ... 4-30 nnd 8-00 - ■ 


rr RATION PALACE. 01-437 6BJ4. 

ture In French porno- Mon.-Thur. 8.00. Frl., Sat. 64)0 and 8.40. 
looking men and iSSnen JESUS CHRIST SUPERSTAR 


Bakcnv seats available dav of oerf. urm K .no w nte auo.mnum- 

'.FORTUNE. 836 2238. Evgs. 8. Tnu.s. X. 

COVENT GARDEN. CC. 240 1066 I M . . _Sa«. 54) and B.D 
iGardcncharge credit cards B36 6903.1 Muriel Pm-iow as MISS MARPLE In 

THE ROYAL BALLET I AGATHA CHRISTiE 5 

Tonight. Fr,. & Moo. 7.30pm LA FI He MUR ^ r rt AT r^ V'CARAGl 

mu garde e. Toroor. 7pra ft Thors. 7.30pm I Third Gie»t Yu . 


. , „ I VAUDEVILLE. 83B 9988. Evgs. at • 

!•» , W* Blair Mats. Toes. 2.45. Saa. 5 and 8, 
Jacobi and Dinah Sheridan, Dulele Gray 

Eleanor Snmmerfteld- James Grout 

A MURDER IS ANNOUNCED 

01-437 6834 THE NEWEST WHODUNNIT 

64)0 and 8.40.' AGATHA CHRISTIE 

ERSTAR "Re-enter Agatha with another wfcp- 

dunnlt hit. Agatha Christie Is stalk - 
~ mg the West End yet again with another 
01-836 8611. Of her fiendishly Ingenious, murder 


The Dream. Monotones, The Four ' _ . ___ .... 

Seasons. Sat. ,7.30pm La Bavadfrre A i ww E tS £ 1 .1 01 836 

Month in trie Country. Elite SvncnaatHms Ers -..®-P- r""?. ’-A- .»■*. 5.15 ft .8.30 


Month in the Country, Elite Syncopations 
65 Am phi' seats for alt peris on sale 
from to un. on day of perl. 


Jni‘ MARTIN. JULIA 'SUTTON 

David firth and robin ray 
I n the 

-BRILLIANT MUSICAL 
ENTERTAINMENT." Pepofe. 


KEITH PENELOPE 

MICHELL KEITH 

NIGEL STOCK 
JUNE JAGO. ROY DOTRICE 
•n the Chichester Festival Theatre's 

orodartion of 

THE APPLE CART 
„ , 3* Bernard Shaw 

-Out standing revival of buoyant Shaw." 


"Outstanding revival of buoyant 
_ Dally Tefenraph 
Directed by PATRICK GARU 


VICTORIA PALACE. 01-834 1317. 

E»9s- 7.30. Mats. Wed. and Sat. 2 JO, 
BASIL BRUSH'S NEW REVUE 
BOOM BOOM BERT WEE DON 
BOBBY CRUSH AND STAR CO 
"A Due family show." D. Tel. 

Last week. Must end Sat. 


SADLER'S WELLS THEATRE Rosebery Are cnMnu 

EC1 837 1672. Until Feb 18. “twICf-- m!h5? 

D'OYLY CARTE OPERA .. GO^TOREE T IM ES NYT 

in Gilbert and SulRran. Erv 7.30. Mat three times, s. Barnes, nyt. 

SltS 2 30 Toflloht Ifld Tom or HaM*& I ^ ni i cq) Fvoninn* ■ 

PINAFORE. Thurs UPtfl Feb 1st ioUMhe. , ^» E - & “j.D 


PINAFORE- Thurs uatfl Feb 1st lolantbe. 


THEATRES 

A DELPHI THEATRE. CC. 01-836 7611. 
Evgs. 7 30. Mau. Thur. 3.0. Sits-. 4.0. 
"J LON DON'S BEST NIGHT OUT “ 

IRENE 

THE- MUSICAL MUSICAL _ 


AMANDA BARRIE. JOHN QUENTIN 
in Die SECOND YEAR of- 
DONKEY'S YEARS 


PHOENIX. - 01-B3S 8611. 

Opening March 1 
FRANK FINLAY In 
The Leslie Brlrusse Musical WEMBLEY EMPIRE POOL until Feb. ZS. 

KINGS AND CLOWNS LAVI5H PANTOMIME 

Reduced price previews from Feb. 17. 1 HUMPTY DUMPTY 

I "Sheer sparkling spectacle." D. Tel. 

p JSS*fl!H Y r- < *Z- Credit card bko. j at°s'. t0 Sats.' at ^'.Qol^oo'^and ™.oxk 


tlCK GARLAND WAREHOUSE. Do lunar Theatre. B3B 6608. 
Most end Sat. Royal Shakespeare Company. To n’t. 0450 

Charles Wood's DINGO. " Brilliant," 

D1-B35 8611. «y. BkRS. 


Corned* 0l F, !££ r 5L B - 836 XuSrt irn' 8 '°°' 1 £ hndr * n »«d Senior CHS hall price except 

Lair a wSK^?n5i f 5» iff 5 \ 5 vA- 3D 1A J*r? ! S 0D - Sat. 2 and 5. Pay at doors. Enquiries 

Last 4 wacks. Ends Feb. 18. LASI_WEEK 9D2 1234 Spacious car park. 


• GREENWICH THEATRE. 


.01 -'858 77SS 


1 SPECTACLE. CAPTIVATING TUNES 1 J**}» 23. Evgs. 7.30. Mils. SatL . 

* aunnarv rOMUTW “ t r.-IK WB 2 3°. LEONARD ROSSITER as THE 
AND RACY. COMEDY. S._ People. IMMORTAL HAYOON. "A stupendous I 


" OVAl i^ p sl^^ ?ANV ,n 

lath-centurv cwnedv WESTMINSTER THEATRE CC 01-834 0283 

| WiLD OATS I Ergs. B-OO. Mat Thurs. 3.0 Sat. 5.0 ft 8.0 

— ZZ- ~ — : ( Tickets £)-SD to £4-00 

PICCADILLY. 437 * 4506, From 2 Feb. 1 PAUL JONES In 

Mon. -Frl. 8 Sat. 4AS and 8.15. W-d. 3' DRAKE'S DREAM 

CB Feb. at n Royal Shakespeare ; England's Greatest Musical Advcirturff. 
BIST tOMmY M t)iF yp.p I "Exciting." Fin Times. "Many Merry 
BEST pr^T^ Y oS F r^Dt UR ! Refrains." E. News ■■Bouncing Vigour/* 
I t>v Prtir MUhr.li l e* standard. 


lircriuT rnufiDutn rorniT r*on ' immuiiiAt wuun. R scupenoous I — ■ — , 

INSTANT CONFIRMED CREDIT CARD rehicJe for Rosslter . . compelling und I PICCADILLY. 437 - 4506. From 2 Feb. 
BOOKINGS ON 01-836 7611. ; hugely entertaining." Punch. I Mon.-Frl. 8 Sat 4-4Saiifl B.15. Wed. 3 1 


ALBERT. 836 3878. Credit card bkos. 


HAYMARKET. 01-9SO 9832. 

Preview Tont. (Charity) and Tomor. at 8. 


Mon.-Fri. 7 AS. ' Opens Thors, at 7.00. Subs, evgs 8.00. 
^?HoS^ r M|^L 3 C°D^ ?S ^ ^I^D^RC^N^ 8 ' 5 ' 
MIRACULOUS VTUS^AL. Fin. Times. DEREK ^ ^ORIS 1 LtFR FRA NCJ5 

-ROY HUDD'S^M pertormwKe." CODHtEY HARE CUKA 

5. Tel. Talented JOAN TURNER " DFy «w«rro< ntrut aannM 

Mail “ Capita L fun the show. is .a . WAT hvN. c Hunter 00,< ■ 

now' BOOKING 


dei.Cht ™ D. Tel OLIVER RETURNS : 
TRIUMPHANTLY . . .CONSIDER YOUR-:, 


BEST ComS^o'f^the YEAR "eScIU^;- rBnamS" ’ “Manff'BKS 

BEST PRfSAlS V oS F p5!JlD? AR Refrains." E. News •■Bpuncln B Vigour/' 

" HUGELY^^,^ EXTRAVA- 

s.-n& RO « — «:'TBP1 ICSSJW 

PRINCE OP WALES. CC 01-930 868V ‘ 15,^ ReWU * °* ,h « 

Monday to Friday at S p.m. Sat. 5.30' DEEP THROAT 


^rlii^nJC T i?.r.w ABLE TO 5EE ,T ' HER MAJESTY^, CC 01-930 6608. 
C MOW BOOKING THROUGH 1978. | Er5V B °°' W gly‘n IS ^HNS* *"* 5X0 

rr— 7 — rrr - — — - - — - ■ i lee Montague. Helen lindsay 


ALOWYCH. 836 6404. InL 836 5332. Tn TERENCE RATTIGAars 

ROYAL SHAKESPEARE COMPANY In- tAUSE CELEBRE 

_ . re3fT»ilp T - R ATTJ GAN REVEALS HIS MASTERY. 1 

Too u tomer. Thurs. 7J0 — low price ■ ST "A powcrlul drama." E-N. " GLYNI 


«9 Llj S. Mats. Thurs. 5.0. 

THE STAGE IS AGLOW." 

Dally Telegraph. 

RICHARD BECK INSALE 
In 

I LOVE MY WIFE 

"HILARIOUS COMEDY MUSICAL" Sun. 
Direcied by Gene Saks with - Bsantlful 
and vfc" Financial Times. 
INSTANT CONFIRMED CREDIT CARD 


, „ . , DEEP THROAT 

Now Live on stage. Book Now. Limited 
veason. 12 week season prior to World 
roar. 

WINDMILL THEATRE. CC 447 6312. 
Twice. Nightly at 8.00 and 1D.OO. 
OPEN SUNDAYS 64)0 and 8.00 
PAUL RAYMOND presents 
1 RIP OFF 


Price- ST "A powerful drama." E.N. " GLYN1S ,N51 n^OK| Scs F c5| M n? o^ E SilR CAJlD ' WE EROTIC EXPERIENCE OF THE 
' JOHNS plavs brilliantly. ' _ BOOKINGS ON 01-B30 0846. , MODERN ERA 

Jr.rP HER MAIESTYS. St 01-030 Gfios. oukum' mMTBr ^ ’likes « unprecedented limits what la 


^ w ’ JOHNS plays brilliantly." pwwiwua on 

rlS^llhT^rl tJo. W^ A^SS ! HER MAJESTY^. CC 01-9S0 6606. QUECN^ n THEATRE. 

ffiSSK i brucT £yas - bo -a £& Oj 

BierTwi and at and m Leslie Brxvsse and .Anthony Newley’s , „ THE OLD 

S^jy TlStre* PKCao.iiy ano TRAVELLING MUSIC SHOW A New PUy by 

I l . rwv. U«PPh <IC n hw H IE 


"f 1 .™ *SJ,' 7 wLi 11 /o' oennlsslble on our stages." Eva. New 

GUINNECC .n Wefl ' 3-0, • Vou ma * dri,,lt antf “"Oka Tn tbfl 
GUINNESS, in AnHifAHnm 


£yov ThStres. rwo.i.v • TRAVELLING MUSIC SHOW 

savor ineaors. 1 Previews Horn March 16. 

AMBASSADORS 01-436 1171. J KING'S ROAD THEATRE. 3S2 7588 

EvRS. BO. Mats Tbex 3 Sats. 5. Mon. to Thurs. 9.0. Frl- Sat 7.30. 9.30. 
. - SIOBH AN -Mc KEMNA _ THE ROCKY HORROR SHOW 

“ ^*w^h B NiAt? }t aL?GGY MO R now in rrs sm rocking year 

~ Perfect. A scuig^tnurnSr E. New*. LONDON PALLADIUM. CC. 437 7373. 
Stndem ridcces- £i . I now Until fE8. 25 ONLY. 


A N COUNTRY J 

Directed* by ^CLIFFORD W^LUaXg. WYNDHAMTS. 836 3028. Credit card 
SECT PLAY OF THE YEAR^ hoolcInBs S3S 3692 (ea. .Sau. Mon.- 
London critics award. Thurs. and Sas. 5.15 a i ltd 8410. 

"One of the most notable theatrical ENORMOUSLY RICH 

events in this country for a good many VERY FUNNY." Evening News. 

years. 1 ' ft. Levin. Sunday Times. Mary O'Malley's smash -hit comedy 

: _ ONCE A CATHOLIC 

RAYMOND REVUEBAR. CC. 01-734 1593. “Surebre comedy on sex and religion, ” 


iv'r ^ .‘/i 


Wi 


JiQuarietto perform hit new work, meal, thanks to strong internal 
{ Their command of fee music and ■ contrasts, grips the . ear im- 
j their sj^npafey wife it were mediately; the finale speaks in a 
evident, i and Bernard Gregor- more wayward and recondite 
1 Smith’s -decisive cello soios were fashion, but entires to further 
l particularly eloquent. acquaintance, 

j The BBC presentation was not The programme (to be re- 
sa- happy,. Presumably some broadcast next Saturday at 1.15 
f producer, writes, or supervise?, p.ra.t was completed by 
:fee introductions before they Beethoven's Quartet in E flat. 
! are handed ro an announcer for opus 74. A slight maladjustment 
that plummy-voiced, boherthnn- of inlnnatiun seemed to mar the 
: (hou delivery which has rightly opening of the slow movement, 
fheen ousted from almost all and the headlong pace of the 
; other radio and TV programmes, scherzo entailed some loss of 
jThe only two things necessary melodic definition. The music 
; for the -listener tn know about was conscientiously handled, but 
j Mr. Tchaikovsky's quartet were fee entire conviction which 
[its approximate length (20 properly belongs to Beethoven 
! minutes} and tbe fact tbat its was somehow missed. 

! Philharmonia Season 



NOW UNTIL FES. 25 ONLY. 2 5 ??’ 

Ewrt. *■**■ 7 K&l 1 Sd -’' 


WYNDHAMT5. 836 3028. Credit Clrff 
tooklngs 836 3692 (ex. 5»Li. Mqn.- 
I Thurs. 8. Fr, and 5a s. 5.15 Jnd Bjio. 
I . • ”£N0RMOUSLY RICH T7- 


. Daily Telegraph. 
MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 


. — t ■■ -I Agents. Alio «t Doors (eveept SaM. 

ARTS THEATRE. ______ 01-836 2132. I TWEPIT CARD BOOKINGS 01-734 8961. 

1 PIBTruwm 5 [LONDON PALLADIUM. 01-437 7373. Presented 

'■ Hilarious . M» rl" SiSKUr Times. ! MARCH 20» ONE WEEK ONLY 
Monday to ThorMBB 8-30. Friday and , r.iurro cnrjK . nv .. 

Saturday at 7.00 Hd 9 IS. I G^Sar ! Wt’aP 


IRRESISTIBLE.*^ D. Telegraph. ™ E erotica 1 " OF LAUGHTER." Guardian. 

" SU HAS A A*JDERStV T, “ F dri«k^lS TpUNG VIC (near OKf VlO 928 6363. 

“Dazzling Suc ce ss Rich Colourful Musi- ** tolc lnd sl " ofcg *** audrtor.Bin. TonT i 7.45 THE REAL INSPECTOR 
cal. Real Family Enterta4TvroofiL''E. Neva. ROUNDHOUSE- 2GT luu c m « J"’ 1 **' Terence FrlSbvl SEAStDR 

■■ ” ICAg °- 

CREDIT CARP BOOKINGS 01-734 8961. LM BURCTaVES 

ON DON PALLADIUM. 01-437 7373. Presenfed by Le Theatre des Quart! ere i-iNCriA» 

MARCH 20tti ONE WEEK ONLY d'lwry. fEncb Sat.I ABC 1 & 2. SHAFTESBURY AV. 6X8 8881. 

.— C *!5?£i *? Y * L COURT. 7 730 1743.1 iT^THE ’^AUNTjjE^^XjP w£°«ft B ^£tL 


j d'lvnr. fEnds Sat.) 

| ROYAL COURT. 7 j 


— "SrnSSS'n oYSSiNisn Ton 't 4t 7. subs, evs B. 5aL 5 A 8.20. , 24)0. 5:00. B-OO. 

‘ A CTEAT EVENING® ENTERTAINMENT [aUGHTM^ °* 1 <A ’" ^ 

^y^J^rtNy^'o^ “b 5|-.! • s~ SSL^SUmSM. I CAMDEN Tdbg 

- THE j LONDON PALLADIUM CC oV-437 7373. r5^^! EE = «■*» JSF%m"SSL*1fc 

Tickets C1304S.W . Instant Credit Card _ _ THE TWO RONMIE5 Mondav-Thursdav EvenlnM non. Friday ■ "4tti MONTHl" 4.Q5 6.25. 8 50- . . i 


Tickets E1.50-E5.50. Instant Credit Card 
Res. Eat in our Hmy-hc ew sed Restaurant i 


THE TWO RONNIES 
FROM MAY 25 TO AUG. 19. 


after sMjw— bgkable in advance. j m5u. Sats. .5.0 and 8 -SO. 

“Infectious appeal! off, .foot- stamping and) J CO U N ^8 LAX EL? T 

t*»u 7 >gre.“ <t Olri«vrr. ■ , and Patrici fbya In 

. ELVIS " 1 FILUMENA 

vas abaplntal v taogot u p. In It. carried ; by Eduares de FIllupo 

’ ** Jw the sheer. Directed by FRANCO ZEFFIRELLI 

rve and specadeor It.’* Sun. Ter. I “ Total TRIUMPH." D. Mir. "AN 
“ ELVIS 1 EVENT TO TREASURE," D. M'r. * MAY 

“ Staggering jfcniy.* Times j IT FILL THE lyric T*OR_A hundred 

ELVR M 1 YFAK." (inMiv Ti mar 


ROYALTY. CC. 01-405 8004. 

Monday-Th ursdav Eveninos 8.00. Friday 
5410 and 8.4S. Saturday 34K3 and 8.00. 
London's critics vote 
BUBBLING BROWN SUGAR 
__ Best musical of 1977 


CLASSIC 1. 2. 3. 4, Oxford St. {©Pat. 
Tonrnlum Court Rd. Tube}. 636 03307 
1. ONE ON ONE (A). 


be). 636 03*57 
VMS. iuts._3.33, 


“ I mas absolutely caught up In It. carried ' 
along hr It. rciRriffenued by the sheer 


EVENT TO TREASUR: 
IT FILL THE LYRIC 
YEARS.- sum 


Tel. bkos. acceotad. Major credit cards. fM 55 - 8-JI" „ Late show _1 p.m. SUrao' 

: — — Sound. GENESIS tUl. WHITE ROCK lU). 

SAVOY. CC. 014836 8888. Eienlngs 8.0 ? HIDING PLACE »A). Seo. Parts. 

Mats. Thurs. 3.00. s2rs.00.83o. 5 J?.'-? 5 g* 10 * 1 1 pas. EMi 

L SHAKESPEARE COMPANY »*«, 


.Toots - ThWomana 


I } peier Maxwell - Davies’ Sim- 
jphony will open fee Pbilhar* 
J monia’s 1978 season. Symphony, 
- i wi11 h9tVt ils Srsi public 

iperfonnaace at the Festival Hall 
mr.. - -S' ; on Thursday, Februarj- 2. The 
B. . '> « ; work is fee result or a long- 
M ofe - . ■ jW- , standing commission from The 
JNew Philharmonia Trust and 
-Arts Council of Great Britain, 
mi®’.- A,t fee composer's request it will 
' be by Simon Rattle. 

Uutij ludicf i. Riccardo Muti will conduct 
j Verdi's Requiem at the Albert 


Hall on Tuesday, February 34 
wife • a cest including Recato 
Scotto. Fiorenza Cossotto. 
Veriano LucherU and Yevgeny 
Nesterenko. Strauss' Ein 
HcldenJeben will be fee main 
wort: when Karl Bohm conducts 
si fee Festival Hail on May 16. 

British conductors and artists 
appearing this season include 
Andrew Baris. Xornxan De! Mar. 
James Galway,- Janet Baker. 
Alfreds Hodgson. John Mitehin- 
son, John Williams and Peter 
Frank!. 


” Ffifonncd i. vfnv rvp In Brlttsii i »■ a vr* ■ n »■/» " 

muMU. The SkM iMr h«d the MYFA ASin m Tuet. Fife 7 at 7 d J03€ ’ 

CAhORIDGE. CC r n^g« 6506. MOA » “WSSJ J?£2£t m 

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THIRD GREAT YEAR 
Snt prices £24)0 pod £5430. 


! MERMAID. 248 7656. Rett. 248 2835. TueB - 


Dinner ud tOPrihlC. CBiS'.ne { VoN^^MK^v'S^^Z 5 ' 30 

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J. n 5 e !S" d ** IS* tmm begwnlnB to CURZON Canon Street. W 1. 4SR sr*7 
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and Piccadilly ' Theatres. Credit Card sob-titlesL “A Soaricbog New rrrnrh 

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evbs. 7 JO. INb Perl. Mon.) Mats. 

Toes. Thurs. ana Frl. 2.30. 


01-930 3216 


AN INSPECTOR r«i i < 
by J. B. Priestley 

STRAND. 01-836 2660. Evenings 8.00 


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mURY LANE. 04-836 BIOS. Every- »»««. 7.30 Last peril Of VQLpONE S L i ^'*KJ! C5 a^g- "& ,'** * t*BA 800. : AUDREY ! BME (AA1 5W. PTOflj. wfcs. 

nt gh, BOO sh^ Wed M; R^T&I^iutHOon^m «*e»: Toni T ^gI^a I «S®^ 5 ^ ^ i S ^”°- 

A CHORUS UNC '■ ? THE GUARDSMAN by Mcriiur Eng- «««, MDUgraAP ■ PRINCE CHARLES. Lett So. 437 8181 

“VOTED 1EST MUSICAL OF 1976.“ j M ^ B3 - ^ RUM ’ ; 

HJCKBS. 036 8743. Moo. Th-c « T ^ TOvoi 1 ^ ^ h «^ >-lce«*d Bar! 


Sat. Lop 
A CHORUS LINE 

“VOTED BEST MUSICAL OF 1976.“ 


jUCHESS. - 836 8743. 


7. 45 B edroom Fare*. I 

COTTE3LOC (small auditorium): Torrt 


OV ardour St-J. 439 

TOO FAR At. Pratt! 
Lata show Fri ft s«L 







! i ; 


FINANCIALTIMES 

BRACKEN HOtfSE, CANNON STREET LONDON EC4P 4BY 
Telegrams: FUoMtfmo. Londoa PS4- TeJ** : 836341/2, 883897 
Telephone: 01-348 8000 


Tuesday January 24 1978 


Centrepiece 

missing 


THE .. ECONOMIC proposals 
which President Carter has been 
expounding to the U.S. Congress 
during the past few days differ 
little, cither in outline or detail, 
from what was generally expec- 
ted. They are a compromise and 
vulnerable, like all compro- 
mises, to attack from both 
extremes. Their most obvious 
weakness is that their success 
will depend on the readiness of 
Congress to accept a large part 
of the President's long-standing 
but inevitably unpopular propo- 
sals for economising in the use 
of energy. This readiness is still 
in doubt. 

The U.S. Administration, like 
other governments, is anxious 
to promote economic growth 
and stamp out inflation at the 
same time and has come to the 
conclusion that these aims are 
not incompatible provided that 
they are not interpreted in too 
partisan a spirit. Growth, given 
the level of unemployment and 
idle productive capacity, comes 
first on the President's list, and 
the rest of the world will not 
complain about that. The aim 
of the tax cuts (a large part 
of which are needed to offset 
increased social security pay- 
ments) is to prevent the rate 
of growth from failing sharply 
in the second half of this year 
and to bring about fwith the 
help of structural changes) a 
gradual drop in unemployment. 

Investment 

But President Carter has 
made it clear that he wants the 
private rather than the public 
sector to play the leading role 
in this attempt. His proposed 
tax reforms, though much 
watered down, may be unpopu- 
lar with the business com- 
munity, but their practical 
effect will be considerably out- 
weighed by a cut in corporation 
tax and the maintenance nf the 
invest men t tax credit. Although 
the Budget deficit will scarcely 
be altered on the basis of the 
new proposals— the President is 
nqw looking for Its elimination 
rather later than he originally 
suggested— it can fairly be 
claimed that this is due more 
to tax rebates than to higher 
Federal expenditure. 

This may encourage business- 


men, whose reluctance to invest 
has been due as much as any 
thing to doubts about the new 
Administration’s intentions. But 
the Administration’s new inten 
tlons about the control of infla- 
tion 3re far from clear. The 
President made a brief refer- 
ence to the importance of firm 
monetary policy, but nobody 
can be sure at present what 
this means for interest rates. 
His ideas about. gradually bring- 
ing down the growth nf wages 
and prices by discussing the 
prospect industry by industry 
are, if anything, even more 
vague and unsettling. He has 
declared himself against rigid 
or overall guidelines, but it 
seems likely at present that this 
part of his policy will be 
attacked by employers and 
unions alike. Until it is clear 
exactly what he intends, at any 
rate, industry's reluctance to 
invest may continue. 

Oil and the dollar 
The third part jf President 
Carter's proposals concerns 
closer co-operation with the 
trading partners of the U.S. to 
bring about a balanced revival 
in world trade and output He 
has renewed his pledge to resist 
protectionist pressures while 
appealing to surplus countries 
to be less cautious in stimulat- 
ing the growth of domestic 
demand. But though Japan has 
now undertaken to . move 
towards the U.S. point of view 
(and is congratulated for doing 
so), Germany still insists that 
it cannot afford to do more, ft 
may be for this reason that the 
President, while reaffirming the 
need to avoid disorderly con- 
ditions in the foreign exchange 
markets, went out of his way 
to insist that “economic forces 
must continue to be the funds 
mental determinant of the 
value of currencies.’* The 
German authorities may inter- 
pret this to mean thai the U.S 
Administration is reconciled to 
the likelihood of a continuing 
large trade deficit and a further 
gradual decline in the dollar 
exchange rate. Until Congress 
has acted to reduce the level of 
U.S. oil imports, indeed, the 
centrepiece of President Carter’s 
economic policy will remain 
missing. 


Time for quiet 
diplomacy 


THE ABRUPT termination of 
last week's Israoli-Egypiian 
peace talks, after only 36 hours 
and at such an early stage in the 
real negotiating process, was 
bad enough for the prospects 
for a Middle East peace settle- 
ment. The nipt ure. though by 
no means total, has now be:n 
worsened by the public 
utterances nf both President 
Anwar Sadat of Egypt and Mr. 
Mcnahcm Begin, the Israeli 
rrinio Miniver. Bulh leaders 
have to lal.c into account 
doine-iiu- public opinion as well 
as the wider world audience, 
hut might have chosen their 
words more carefully. White 
their statements have clarified 
the d:lTerrnrt>s which at present 
>i vin almost i jonciialile, they 
have further retarded the 
••■•ur>e of t hr* promising direct 
dialogue started as a result of 
Mr. Sadat's decision to visit 
Israel in November. 

Sadat 's speech 

True to his somewhat im- 
petuous character and also the 
outspoken ■ traditions of Arab 
rhetoric Mr. Sadat could be 
.-ecu as doing most to exacer- 
1 m ! e the tension caused by his 
recall last Wednesday of Mr. 
M-ihutnmed Kamel, his Foreign 
Mini-tor. In particular, he 

charged Mr. Begin with having 
behaved “ arrocantlv." even if 
some observers regarded the 

-vnTian leader's speech tn the 
People's Assembly on Saturday 
as relatively restrained. For his 
part Mr. Beqin, with a charac- 
teristic sensitivity has over- 
reacted with his allegations of 
"anti-semitism” — particularly 
with respect to Egyptian press 
comment. 

One must hope that Mr. Sadat 
will heed his plea for a " truce 
on public declarations to give 
the negotiations a real chance.” 
.Mr. Sadat acted precipitately in 
calling his delegation home last 
week whatever the provocation 
which he felt the Israelis had 
given him. Some progress was 
hein? made with five out of 
seven points on the agenda hav- 
ing been agreed. Vet even 
though the talks were at a pro- 
cedural stage concerned with 
drawing up guidelines for nego- 
tiarions on substance, inevit- 
ably they touched on the big 
issues. Clearly. Mr. Sadat 
thought that their continuation 
would be a charade, in which- 
h;s pan- A mb commitments 
would not allow him to take 
part, unless Israel conceded the 


principles of withdrawal from 
Arab territory occupied in 1967 
and Palestinian “ self-determina- 
tion.” In practice, there would 
be scope for some flexibility in 
the application of both concepts. 
With the good offices of Mr. 
Gyrus Vance. -U.S. Secretary of 
State, discussion about them 
surely could have continued 
with some, albeit slender, hope 
of success. 

Awaiting an improvement in 
the climate for negotiations, 
Israel has decided not to pro- 
ceed for the time being with 
the parallel Defence Ministers' 
military talks in Cairo. Quite 
apart from the need to end ex- 
changes of public recrimination, 
there would seem no point in 
the latter proceeding on their 
own. The first round had 
ground to a halt because the 
parties ran up against the poli- 
tical problem posed by Israel's 
determination to keep the 
settlements in Sinai. 

Egypt could hardly be ex- 
pected to sympathise with the 
somewhat specious Israeli argu- 
ment that they should be re- 
garded as “early warning 
stations ” and, therefore, an 
aspect of security. Much more 
meaningful would be the 
various safeguards offered by 
Mr. Sadat which would all in- 
volve effective limitation of 
Egypt’s sovereignty over Sinai. 

U.S. optimism 

After - last week’s setback 
which highlighted the enormlty 
of the gulf to be bridged be- 
tween Israel and Egypt— let 
alone Jordan, Syria and the 
Palestinians — there appears 
little to justify the guarded 
optimism of the U.S. about a 
resumption of contacts. Neither 
side has renounced the quest 
for a directly negotiated peace 
although Mr. Sadat' appears set 
now to concentrate his efforts 
on persuading the U.S. to bring 
heavy- pressure on Israel. Mr. 
Alfred Atherton. Assistant 
Secretary of State, will remain 
in the region where he is ex- 
pected to shuttle between Urn 
t— o countries t a .bid to save 
the peace initiative. Last week 
Dr. Henry Kissinger, Mr. 
Vance’s predecessor who en- 
gineered Israel’s disengagement 
agreements with Egypt and 
Syria, suggested that the parties 
concerned should “go back to 
some quiet talks.” The time 
has, indeed, come for quiet 
diplomacy instead of the prac- 
tice of conducting negotiations 
through the media. 


Financial Times Tuesday Jamiarjr;2^^S 





new 



BY JOHN LLOYO 


“ii 


NTERCONNECT.” This 
little piece r f jargon cur- 
rently doing the rounds in 
telecommunication circles has 
acquired the status cf a code. 
Deciphered, it means: the Post 
Office's monopoly over telecom- 
munications must be destroyed. 

The reason ‘‘interconnect” 
has become the slogan of a 
movement goes back to a judg- 
ment- from the American Courts 
in 1968, when Carterfone-r-a 
relatively small independent 
telecommunications equipment 
supplier — protested against the 
monopoly which AT&T, and its 
subsidiary, Beil, exercised over 
subscribers' equipment At the 
heart of the protest there was 
a dispute over whether or not 
independents should be allowed 
In “ interconnect ” their equip- 
ment to AT&T cables. The 
Federal Communications Com- 
mission backed Carterfone: and 
the growing U.S. “ interconnect 
industry ” dates from that 
period. 

(Ironically Carterfone has 
recently been acquired by Cable 
and Wireless, the U.K, State- 
owned telecommunications sup- 
pliers. But that is another 
story.) 

As the interconnect lobby sees 
it the parallel between the U S, 
of 1968 and the contemporary 
scene in the U.K. Is close. The 
largest difference is that the 
British .monopoly is a state, 
rather than a private, one, and 
thus harder to crack. But the 
principles, the lobbyists believe, 
are the same. 

Those principles are: that in 
any given country, the State 
should have control over the 
public switching network, 
because it is a “ natural ” 
monopoly. However. the 
“ natural ’’ monopoly should end 
at the individual's wall, where 
the telecommunications auth- 
ority installs the plug. After 
that, it' is the right of free enter- 
prise to “ interconnect.” assum- 
ing that the telecommunication 
authority's code of practice -is 
obeyed. 

But, as in the U.S ten years 
ago. in the U.K. to-day 
there is no such right. In the 
U.S., AT&T had a de facto 
monopoly: in Britain the 
monopoly is de jure. The Post 
Office Act (1969) specifies that 

the Post Office shall have 
throughout the British Islands, 
the exclusive privilege of run- 
ning systems for the conveyance, 
through the agency of electric, 
magnetic, electro-chemical or 
electro-mechanical energy of (a) 
speech, music and other sounds; 
(b) visual images: (c) signals 
serving for the impartation . . . 
of apy matter otherwise than 
in the form of sound or visual 
images: (d) signals serving for 
the actuation or control of 
machinery or apparatus.” 

In practice the Post Office, as 
most will hasten to say, is very 
reasonable. 

It allows manufacturers to 
sell PABNs (Private Automatic 
Branch Exchanges) to custo- 
mers provided they are over 
100 lines in capacity;, it licenses 



AN OFFICE OF THE FUTURE 


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COMMON USER SERVICES 


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IBM’s word-processing work station 


-uftieii AttHcwa 

. the control room at Air Call. 


. : . .. its integration In the office system . • - 

companies to produce “modems” More important, the system Both companies recommend vice itself (though it marketed apparatus becauM it interacts ^ 
— modulator - demodulators, assumes that the control of the the adoption of the “black box” the service some years after Air so closely witn ine mam net- . 
which convert the output from Post Office ends at the office protective device on lines which call). WM * : ™. EI lv *2L» n IXi,2'j 

a computer into a signal which wall: thereafter, the subscriber stops any malfunction in the Air r-n's chairman Mr. John 000 , °"‘ y \ 

can be sent through a wire; and should he free to arrange his apparatus transmitting itself W ^ recentiv been and/or cheaper tm"** 

it permits the sale of telephone internal communications as he into* the public switching sys* ,. h a hy ino mpb and claims that t,ff . 14161 mor ® P™ ntabl Ic parts 

answering machines and tele- sees fit. This is necessary, the tem. The “ black box ” priWfe Parties nf *** apparatus business, and ] 

phone-linked burglar alarms, telecommunications companies came into wide use in the U.S.' minHwi ahout the left lhe un P rofitabl ® -• 

But for ' the interconnect argue, because a system using after the Carterfone judgment {“ open-minded - about the Corporation; and that the* 
lobby, this is- not enough and Post Office-approved equip- cleared the way for the inter- . UB ‘ “black box is a misnomer tnr 

wrong in principle. Their point ment, installed and maintained connection of a wide variety or The telecommunications man- a variety of costly devices i 

of view is being increasingly by Post Office engineers, will types of apparatus. agers —-who order and oversee which are finding less and less 

voiced; not surprisingly, because lack the required flexibility. No doubt the companies con- telecommunications . equipment favour In the U.S. if 

the two leading champion- of - ITT and IBM have products, tinue to exert what pressure for the larger companies— have ^ for CU5tomer choice, the • 

interconnect are the American on the market which" would they can privately. Publicly, recently re-ilerated their Post office argues that it is 

multinationals, ITT and IBM. benefit from the liberalisation both are awaiting the Govern- strongly-held belief in liberal!* doing the best It can— it is ! 

Both companies- want markets of Post Office control. Sta ndard qtenfs judgment on the many sation. At their annual confer- .. increasingly moving in the 

for a range of products they are Telephones and Cables, rTTs recommendations in the -Carter ence in Coventry in the autumn, direction 0 f variety,” as its J T 

developing. major company in the U K., has Committee’s report, and they. are delegates to the Telecommumca- evidence to Carter has It There i 

• ■ a Loudspeaking Deitaphone on no doubt hoping that any tions Managers Division of the are now 22 types of large rj 

i nTTHTlOn the market which does not have future Tory government would i nsnt ute of Administrative t>\rxs anoroved for sale. a‘ 

Post Office approval. Both TBM treat their position syrape- Management, professed their choice of 30 handsets and a 
vicinn and rrr manufacture PABXs of 1 helically, Certainly Mr. Nor- aUaC | imem m the American way w j der range of smaller PABXs '■ 

Vl^IOn less than 100 lines which they Ima, the Conservative f communicating. wi j, soon be on the market 

In both coses . these develop- A ' '^Post Office unions wholly 

o^Jrhat th?fumre™ds '“““y to air their views to ttie Is largely persuaded by the Endanger. ; agree with the. Corporation s 

{ 1 ItoU Th7 Vision Post Office Review Committee interconnect case. position. The reason * simple: 

[ s office hi which ttleeonS C»e Carter Committee) early But as the two giants wait, USZYS the unlons J hare bol ‘ l ' 

is or an office id l 1977 <?Tr was hinnt- “What more raucous support is heard. power and responsibility, and 

^“^“sSramtined *355 ' w « recommend is tbLt a private Air Call, the car telephone and . But the Post Office Corpora- wish to retain both. They are 
2LJ office fton3nL subscriber should be able to radio paging service, hasfonned tion does have an answer to ils certain that private enterprise 

e !? °“ c * runcno °- ask the Post Office Telecommuni- a body called the National growing anny of critics, and it would be tougher in declaring i 

TJe diagram, ^thich is the- rati(ms l0 bring the public net- Association- of Radio CMnRuflt: s,anda ** 'ft «P pa reot , X'W , moj redundancies and they are ■ 
product of Mr. Alec Kmgsmi.lt, work t0 bis premises> ^ ^b- cation Services' as a - kind o f '^Iy. At the root of the Post unconvinced that It would be a : 

marketdevriopment manager sCriber be able to buy ^-monopoly alliance. The? fflce ■" l ® ita concept of an more imaginative technical in- | 

^rn^idP= S a? or Wre ^phone/telecommum- Association believes that private integral network, which it novator. , 

Group (UJO. provides an ex- cations apparatus from the Post enterprise throughout the sub- take , s t0 ”! ea ? lh e switching net- The present Government will j 

a “f/* w J at office nr fr ° m companies in the scriber apparatus market would wor *,°” d ^. e apparatus con- support the monopoly— though j 

strategies of the very large ivaie s , ctor .» stimulate sJes. Understand- to u ,L 11 uses the ** « refraining from any com- j 

communications companies. ^ made effectively the 35TL eoncenwd wmi because - ^ * claimed in m ent while the Carter report is I 

At the heart of the organise same point: “Some considers- Dr j V ate radio communications— 1ts evide , nce \ n p*rter: If a under consideration. Mr. Gerald 
tion is . the Communications tibn should be gfveh to the 9 « TIS it customer s telephone msUlIa- Kaufman, the Industry Minister i ■ 

Controller, who processes in- possibility of separating the tion 1S 'vronfdy designed, in- who covers the public sector, is j 

coming and outgoing eommuni- public network from the ser- 4 ^ r r u "r.STinlcf hi- h 5130611 or maintained, it can a p 0 st OflSce enthusiast who ; 

cations in all forms — mail, elec- vices which use it. based on . A Y^Tc ll -* sa '* S . aDllsn ' (a) endanger telephone users, does not take arguments about 

trcmic mail, telephone calls, data specific devices, such as tele- ir J5. 00t “ 115 car P™ 5 . 06 service, staff and the system itself: (h) the superior efficiency of pri- ’ 

access and retrieval, telex,, tele- phone sets! PABXs and ter- . P a S in § se rvice. it has interfere with other people's vale- enterprise . at their face!, 
grams — and switches the mes- minals .... we feel that the conthmaliy hampered by calls; (c) annoy other users and value. i 

sages, or delays them, through two notions of the network and H 16 Post 0ffice * , e ^rpora- impair the efficiency of the These are Ute forces deployed: - r 
a series of buffers or holding the using services should be tlon decreed that the service public system; (d) give poor the battle still has to be joined. J 

mechanisms, to their destina- separated organisationally and cnuld not be person-to-person, performance on calls (e) jj will not be an easy one for' 

tion. The system assumes that operationally, as they are cur- bu t had to rely on the operator involve excessive manpower in tbe ** interconnect ** lobby to • ■ 

the individual unit will be a rently separated admintstra- to relay messages. It barred Investigating service com- w in, for the Post Office and the • 

sreretary/executive work sta- lively, and that the interface Air Call from providing' car plaints.” t unions are in a strong position, r 

tion containing a visual display, between them should be equally phone services in those areas The Corporation argues that But the lobby has little to lose 'l 
unit, telephone and a keyboard, accessible by other parties." where it offered the same ser- it must research and develop by trying. 


Ill i 

ir 


MEN AND MATTERS 


Post-PouIIain 
at Girozentrale 



“ What will this mean to the 
•green pound in our pocket T” 


foreign operations had somehow 
obscured the original grounds 
for setting up the bank which 
were to provide cheaper credit 
The administrative Council of an< l competition to the private 
the Westdeutsche Landesbank b *nks at home. But, the fact 
Girozentrale may have pulled that Walter Seipp. the man who 
off rather a neat trick by worked most closely with Poul- 
appointing Johannes Voeliing lain in building up the foreign 
as the new executive chairman side, has been promoted as one 
to replace Ludwig Poullain, who of two deputy chairmen indj- 
was sacked last week. cates that the bank’s foreign 

As deputy chairman since the activities will continue to play .a 
bank was formed by merger in significant role. 

1969 Voeliing took care of most As for Poullain, he Is now 
of the day to day business. His faced with what may turn out 
appointment, therefore, carries he a long struggle through 
the soothing message of con- the labour courts to have his 
tinuity and stability. In per- dismissal revoked and establish 
sonality terms, however, he his earlier voluntary resign a- 
could hardly be more different tion as a more dignified, and 
At 55. the new chairman ia better-paid, form of departure 
actually three years young? .* fr"™ 1116 centre of the west 
than Poullain. yet he seems very stage. 

much more the hanker of the * — ” 

old school which Poullain, with n». nntinn - ; 

his Giacomettis and his ocean ur * WFWW 11 ' Catholic Party MP, the 47-year- 

racer. often seemed to enjoy A curious mixture of rivalry * old Tjerk West erterp as the new 
thumbing his nose at At joint and co-operation has character- exchange’s first general man- 
appearances In the past, Voel- ised the efforts nf both Amster- ager.. His last job was as 
ling’s dark su it always formed dam and London to set up their Minister of Transport and Pub* 
lhe perfect contrast to Foul- respective traded share option lie Works. As such ‘he was 
Iain’s customary brightly- exchanges. The basic function responsible, inter alia, for 
checked sports Jacket. of the exchanges will be to pro- maintaining Holland's dykes. 

Although there have been no vide the stock market with the They’re a -cautious lot these 
worries about West LB's stand- sort of hedging facilities which option traders. 

(and the Bonn Government have long been a feature nf . -- .... . . , . — 

has had its own discreet look foreign exchange and com- e+riir^Lr k»# arenur 
at the bonks just to make sure), modity markets. . OliUCR Dy SnOW 

one of the new chairman’s most There has been a certain The Viscount Massereene and 
important jobs will be to re- degree of scepticism about the Ferrard is one of those Peers 
assure the state- authorities that proposed exchange at the who takes his merab ersbip of 
the bank hasn t outgrown their London end where trading in ^ House of Lords seriously 
control. * the initial limited list of only r , fo a^fclne Questions 

Methodical, and not without a eight high-volume stocks is ex- 0 id variety 8 c^f topics, 

dry sense of humour, VoeJling peeled to begin ’ “ sometime Today he Her 

will need ** canny sense of how within the next three months.” M 
far to push the bank's claim to The Dutch have rather more 
□dependence from its political ambitious starting plans and D . t 'r y 0 ,. e 510015 
masters. But he. has the advan- have pencilled in*' April 4 as u ? British Rail to passengers 
tage of being an SPD party their target opening date for at their destination 

member himself, and of having their. “ European Options Ex- iroca . a traln arriving late is. 
w from the Administrative change which hopes to have a invariably, “shortage of staff/' 
Council a promise that business list of 30 international, in- a °d secondly to ask HMG to 
will cany on as usual. eluding British, stocks. “ reconsider their refusal to 

Poullain himself lost political Yesterday the Board of the legislate to make the licensing 
support partly because of the Amsterdam exchange announced of emssbnws compulsory. ” 
feeling that growth of the bank's the appointment of former The first question clearly 


refers to one of -the crosses we 
have to bear nowadays — but 
crossbows? Unbeknown to me. 
and I venture to say to most or 
us. the modern crossbow has 
developed into a very sophist! 
cated and lethal weapon, the 
Viscount told me yesterday. It 
can now be obtained from mosi 
gunsmiths complete with tele 
scopic sights, steel tipped 
arrows and a mechanical action 
capable of killing sheep, stag 
or man at a hundred yards — 
in complete silence. Yet \\ can 
be bought over the counter with 
•i • questions HSked and no 
license required because it is 
not a “barrelled weapon” and 
as such does not come undei 
the aegis of the Firearms Act 
although infinitely less danger 
ous weapons like airguns do. 

There has been only o ne 
recent case of human death bv 
crossbow — a man killed hi's 
brother iii 1975 — but it u 
rapidly becoming a favnurifp 
weapon of poachers. What par 
Uculariy worries the Viscouni 
hnwever is the danger to hikers 
on Britain’s 15.000 public foot- 
paths. Due to their high velo- 
city crossbow arrows 9v j n 3 
straight trajectory and ‘sooner 
or later he fears a person or 
vehicle is likely to be trans 
fixed. Who knows, this fate 
nugbt even, befall a train, l 
can hear the station loud- 
speakers now, “Sorry f 0r the 

d^ay your train has been 
struck by crossbow ” 


Name of game 

from British Rail to passengers The latest list cf companies 

that have been compulsorily 
wound up has 59 names upon 
ft One in particular struck 
our eye — it was called “The 
Great American Success.” That’s 
capitalism. s 


Observer 



Now 

is the time 
to make a 


—while you are in normal health. 
people delay making a will, or addfh&a; 
codicil, until ill-health comes. Preblenis- 
are created as a result of inadequate 
consideration under pressure of anxrejfe: 

tri °? e the aspects you will probably^ V 
to consider is how you can leave something 

nee^Pnr 11 ^ 6 10 People-ta^V. 

S d are an wcreai&g, 

proportion of our citizens, and their tfagic 
problems of loneliness increase everimF 

U l heT i eke out their 

. solitude. Help the Aged and ite rate - 
volunteers work to bring lasting 

D \ y Centres ' GeriafrWyffi- 
pScShS?’ and other 

elpful b00k1et "Making a WiU.” 
it clanfies every aspect you MedJta 

savfn« r ’n^ n -w ding the considerable tax 

®«?W5'3SrS^* 

before visiting yoU r solicitor ^ 

Room FTQI 99 r o^’ “dp the Assfe 

■2AP. Telephone W&Ap 


i * • 
• I 1 • 


r* 

5 ' ! 
1 « 


1 ' 1 . 

I ' ' ' ' 





.. '•!! 




f 











/ 




Cf ijrinanci'al Times Tuesday January 24 1978 


M f] 


SOCIETY TO-DAY 


Why South Africa is now a bad risk 









I AFRICA has become a 
sk. There is still money 
made, but the really 
ng opportunities are few 
far between, and the 
n-term outlook is heavily 
>d. Yet Britain's economic 
r 4 out there Is still im- 
V. and a sudden collapse 
ijs . Republic could be a 
ps blow . for the British 

my. '7 

JoUows that .a prudent 
Government would even 
i Se thinking about how to 
linage the orderly disen- 
enL of our economy from 
. On the direct trade side 
Lhould present little dlffi- 
r j the. realty sticky: problem, 
every point of view, is the 
eve! of private investment 
| ore developing the - argu- 
I any further, let us take 
■of the above propositions 
k more slowly. That South. 
I has become -a poor poli- 
fisk should- be plain to all 
■take even the. slightest 
of events out there. The 
»k over the next few years 
surely be for an increase 
•ii. disturbances, a gradual, 
nem in the number ol 
of violence against the 
and a continuation of the 
of repression. . 
te of this means that a 
ry defeat of the Afrikaner 
■ament is in the. offing, 
are still far too powerful, 
absolutely and relative to 
onccivable combination of 
African forces, to be In 
•r of any such thing. Bui 
lability that has attracted 
investors to the Republic 
• past is undoubtedly being 
d, and the pace of that 
>n must surely increase, 
the same time the attrae- 
ess of the South African 
uny itself is likely to be 


diminished partly for political 
reasons. It is a strong economy, 
and it may be that official prog- 
nostications to the effect that 
it has well and truly “ bottomed 
out " of its three-year recession 
are Justified. 

But it is a matter of guess- 
work as to whether the poor 
profits record of recent years 
will be: followed by anything 
more than a moderate recovery, 
and it is perhaps a little more 
than guesswork to .point out 
that' in the. past the South 
Africans have relied on a steady 
inflow of foreign Investment to 
stimulate internal growth, while 
in the future that inflow may 
not be forthcoming. In short, 
the Republic can no longer 
guarantee a return high enough 
to .. justify the increasing poli- 
tical risk. 

Yet . Britain's economy 
remains heavily dependent on 
that of South Africa. Its rela- 
tive importance in trading terms 
has declined: in 1966 it was bur' 
-fourth most valuable customer; 
ten years later tt was down to 
13th place and it is still falling 
— to be overtaken, as the chart 
shows,, by countries like 
Nigeria. - But its annual pur- 
chases of manufactured goods 
are still important Certain, in- 
dustries, .arid areas like the 
Midlands, would register- an in- 
crease in unemployment if the 
custom was suddenly cut off.' 

OF far' greater moment is the 
level of direct investment Esti- 
mates of its market value- vary; 
the figure the Department of 
Trade was using last summer 
was £3bn. - This would repre- 
sent some 60 per cent, of , all 
foreign investment in .the 
Republic. About 400 British 
firms are involved, including 
nearly all the most well-known 
ones, and these are allied! 10 
about a thousand subsidiaries or 


branches inside South Africa. 

There is some evidence to 
the effect that this investment 
is not growing, at least in any 
serious sense. The political 
message seems to be sinking in. 
But the residual stake is still 
very large. The American fear 
that the British economy might 
be torpedoed by taking sanc- 
tions against South Africa too 
far remains well-founded. 

Unfortunately for those who 
base their arguments entirely 


consequence for British policy 
in these circumstances is that 
every signal points to “ switch '* 
— let us take ont what we can 
while the going is good. 

But this does not take care 
of the immediate future, which 
is also by no means simple. For 
the pressure on British com- 
panies with interests in South 
Africa to pay decent wages, 
negotiate with black trade 
unions, and tailor their general 


* • ...in the past the South Africans have 
relied on a steady inflow of foreign invest- 
ment to stimulate internal growth ... in the 
future that inflow may not be forthcoming. 
In short, the Republic can no longer 
guarantee a return high enough to justify 
the increasing political risk. 59 


on a short-term view of British 
interests, this equation, too, is 
changing. It is not .hard to 
Imagine tactical conversations 
in Washington in, say, two or 
three years time in which the 
income from North Sea nil is 
seen as a bolster for Britain 
while the politics of a southern 
Africa in which the frames are 
creeping ever higher, seem to 
the Americans to point remorse- 
lessly to a tougher economic 
policy. 

That is, of course, only one 
possible source of a medium- 
to long-term threat to that £3bn. 
worth of British Investment All 
Z wish to say about the logical 


policies to the needs of their 
□on-white employees is 
increasing. . - 

Since May 1974 British com- 
panies have been urged by the 
Government to follow its guide- 
lines for good practice in South 
Africa. This policy was 
weakened in December 1975 
when parent companies holding 
less than half the equity of 
South African subsidiaries were 
excluded and it is open to ques- 
tion whether the guidelines 
have had more than a marginal 
effect on the actual behaviour 
of most companies. 

An organisation called 
Christian Concern for Southern 


Africa, which issued a report 
on the matter yesterday, says: 
“ A Tier 3} years the British 
rode of practice must be judged 
at best unproven, at worst a dis- 
mal failure." It is even more 
trenchant about where the 
responsibility lies — '* with the 
British Government." 

The reason' is that the entire 
system has consisted of little 
more than an attempt by a few 
Department of Trade officials to 
winkle information out of a long 
list of companies, many of 
whom were extremely reluctant 
to co-operate. The information 
thus collected was filed. There 
is now a file in the House of 
Commons library', but that 
hardly constitutes the wide- 
spread publicity that alone 
would move the more recalci- 
trant companies. 

This lesson may have been- 
1 earned by those who are try- 
ing to find ways of implement- 
ing the new) European Economic 
Community Code of Conduct, 
which was promulgated by the 
Foreign Ministers of the Nine 
on September 20. The new 
code differs .from the British 
one in laying special emphasis 
on developing relations with 
black trade unions Inside South 
Africa— but apart from that il 
could be as., ineffective as its 
predecessor if governments do 
not provide the necessary 
impetus towards enforcing it 

In yesterday's report 
Christian Concern sets out a 
number of specific recommenda- 
tions about how best to apply 
the Code. It has already put 
these to the Secretary of State 
for Trade, Mr. Edmund Dell, 
and received a not un- 
sympathetic reply. Mr. Dell is 
now seeing the TUC and CBL 
He will no doubt issue fresh 
guidelines in due course. 

But the Christian Concern 


g BRITISH EXPORTS TO. . . 


...Nigeria 


...S. Africa 

& 


'72 ’73 *74 75 76 ’77 


goes, further than that. It wants 
a policy of enforcement of what 
is in essence a voluntary code — 
citing export credits, double 
taxation relief and the 
eligibility of firms to receive 
Government contracts as areas 
in which means of enforcement 
could be found. It is perhaps 
on more realistic ground when 
it ; calls for a Parliamentary 
Committee to oversee the entire 
scheme, arguing that only in 
this way will the desired pub- 
licity — intended to shame the 
worst firms into action — be 
provided. 

This is particularly - sensible 
in view of the organisation’s 
own argument that the Code Is 
more likely to be useful in 
changing attitudes in Europe 
than in any direct beneficial 
effect on either the economic 
or the political life of blacks in 
the Republic. In my view, an 
increase in black wages would, 
certainly be welcomed by the 


recipients — but beyond that, 
real change in South Africa will 
only be brought about by less 
genteel means than the discreet 
nudges of enlightened business- 
men. 

So far. I have not mentioned 
political morality. This is a 
deliberate omission, since the 
essence of the present article is 
that the hard political and 
economic equations have nnw 
changed in such a manner that 
for Britain the best insurance 
must be a policy of economic 
disengagement 

But very few people in this 
world really believe that one 
can make all one's judgments 
in a moral vacuum. Every indi- 
vidual is governed by some 
notion of what is valid accord- 
ing to a particular code of ethics, 
however much he or she may 
protest some such nonsense as 
u profits are profits, never mind 
the source.” Some may disagree 
with my own view that in a 
world in which the overwhelm- 


ing majority of people are not 
white it is neither intelligent 
nor moral for the West to act as 
a prop for the South African 
regime — but that there is no 
truly human judgment without 
some morality I have no doubt. 

For a Labour Government the 
moral element in any policy 
towards Soutb Africa should be 
plain. A great deal of time and 
energy has been spent by the 
labour movement in denounc- 
ing apartheid, and if the quieter 
voices within that movement 
have sometimes pointed out 
that so many thousand jobs m 
such and such a British works 
are dependent on this or that 
South African contract, that 
does not alter the moral argu- 
ment, only its practicality. 

Fortunately, we are now at a 
turn in the course of events at 
which it may be possible to 
derise a policy that is both right 
and practical. For the short- 
term. the Foreign Office and the 
Department of Trade can hardly 
do less than produce a con- 
vincing means of encouraging 
British companies to carry out 
the EEC code of practice. If 
this includes oversight by a 
Parliamentary committee, so 
much the better. 

For the medium term, we 
need a special study by officials 
of the advantages and dis- 
advantages of a policy of 
deliberate switching of British 
investments out of the Repub- 
lic. It is not a simple subject, 
and a serious study would lake 
both lime and the services of 
people of rare ability. But the 
more one considers the facts, 
the more it becomes apparent 
that it is in our own best self- 
interest that such a process be 
started as soon as pnssible. The 
bad risk is likely to grow worse, 
not better. 


Joe Ro&aly 


Letters to the Editor 


VTltllCtlC is a very different -state of no indication of any intention the M54 Telford spur motorway. 

ii affairs from the early summer on the pan of this Government In June 1977. I drove along the 

Ihher of 1974. when it was hard to to make any significant switch Df antiquated A5 from Lichfield to 

„ _ ... . . find Conservatives who thought priorities back to. capital pro- Shrewsbury and 1 am only too 

t Mr. D. \\ artrunon. that the Liberal majority would grammes. The White Paper well aware of what a nightmare 

•— 1 *uL UI u he- under 10,000, As it happened shows current spending taking it is. 

thedr majority was cut from between 84 per cenL and B5 per As the M6 near Birmingham 
t synthetic robber plant, near jy 9,000 t 0 2,685 (only a cent, of the total in each of the ic _, Kn heavilv overloaded it 
mted as pari of the Gnvern- handful of Liberal candidates id next four years, but if account 1 .. ' h . 

ts industrial strategy, has the general election had a wqjsie is taken of capital programmes' would seem that the best 
aband one d. The sector result). . . likely share of projected under- tion would be to expend f he Ma4 

:ing P»riy fnr synthetic The Liberals in the Isle of spending each year the proper- from Telford to Tam worth where 
•er. on which tins union was £j v now hare no county tion stays above 85 per cent, and i ■ coaid join the proposed M4w. 

esented. identified a clean councillors, only one district Increases steadily year by year which, is urgently needed to 

opportunity of adding value counC i3i nr an( j they have just back towards the present level, by-pass Tam worth and link Birra- 
omc of our North Sea feed- failed to complete the purchase The crushing weakness of the ingbam with the Ml and the 

k. thereby creating jobs. and 0 f new premises. •- Govern meat's spending plans is north. 

laole exports in what the . To most Conservatives these the .essentially short-term nature a J. Watkinson. j 

king party* judged to be a arc not very obvious signs of a or the thinking that appears to he r i r „ ftnn{ , Boat 

Viable and profitable pro- Liberal recovery. behind them. Public expend!- 1 

l. The employers’ side and n „ Chl , tafr _ ture will increase by some Harrogate. North Yorks. 

es uu ion side on the work- • £4.5bn. between 1977/78 and _ . ~ m Al 

pany concurred in this ygJJJr 1978/79 but of this only £400m. StraillS ID tu6 

temc-nt. 1 am not aware that Marfce * - -fraction of previous cuts-gocs OliaiUSlU me 

Government has made a w-waik to construction work. Even y t c Lni M | r ,. 

don on this matter. 1 :■ within the expanding total of UJj. D3DKS 

national debate is currently I ‘ current expenditure, resources «... 

;r way as to the best use JLiJuS. IOSS6S are to be switched towards from Mr. R. Attains 

hich our North Rea wealth # shorter-term items and away from Sir.— Anthony Harris's thought- 

l*e put. Some of the North jp illy. . olhers-such as road mainten- pr0V nking article in the Lombard 

feedstock required to source 111 ance — with a longer-term pay-off. it,..,,-. *7, •• strain* 

synthetic rubber plant is From the Conservative Agent All 54 English county councils ““•* 

>ntly being burned in the Me of Ely agree that at the present level * n t * ,e *■' ® nan!;s is. I believe, 

energy market. When the Sir.— It would be interesting 0 f maintenance spending their fundamentally incorrect, 

h Sea operators have to know which Tories Malcolm roads could soon disintegrate but Mr. Harris states that: “When 

■ered their costs, revenue Rutherford approached before this j S apparently not a suffi- « n tral banks buv securities from 
this feedstock, in the form coming to the startling conclu- eiently short-term priority /or 5“r g orittoTtE US 
<y allies and petroleum tax. *ton (January -0) that the Con- thc Government, so maintenance the L-S- aU , j ‘ ' 

•Inw 10 the ll.K. Exchequer, servativc Party concedes that spen( ii n n ^ t0 decline still fur- mon *>' supply goes down. Sales 
? issue at stake In building Clement Freud will probably of US. Treasury debt, however, 

ilant is whether the Govern- hold the Isle of Ely at the next j t $ s perhaps inevitable that are related to official projections 

is prepared to forego some M a weak Government approaching of the budget balance with due 

iat revenue so . that the Certainly no Consen ame ot an should behave as allowance for Treasure cash 

lock can be priced at a if lhere no l°-morrow. but S™ Je BundS- 

which will make this pro- % “E i,u 5 ? c ?' awful truth is that short-term Ti 


record number of branebos. It years, but there Is regrettably pressing for the construction of 
is a very different state of no indication of any intention the M54 Telford spur motorway. 


GENERAL 

Provisional unemployment 
figures for January. 

EEC Agriculture Ministers end 
two-day meeting, Brussels. 

Second session of open discus- 
sions on nuclear energy begins, 
Brussels (until January 26). 

EEC Commission and Nor- 
wegian authorities hogin three-day 
meeting in Bergen in attempt to 
agree fishing quotas. 

Special meeting of Parliamen- 
tary Labour Party discusses 
motion calling on Government to 
abandon iu? plan? for guillotine 
cm European Assembly Elections 
Bill. 

National Farmers' Union annual 
meeting opens. Central Hall, West- 
minster. Mrs. Margaret Thatcher, 
Opposition leader, is main speaker 


To-day’s Events 


at NFU annual dinner, London award to Mr. Marcus Upton MP 
Hilton, W.i. at Lambeth Town Hall. 5.W.2. 

Thanksgiving Service i for Mr. Len Murray, TUC general 
Baroness Spencer-Churchill, West- secretary, launches Health Educa- 
min«ter Abbey, noon. tlon Council's new fitness cam- 

Mr. David Steel,- Liberal Party paign. Hotel Russell, W.C.1. 
leader, speaks at Newspaper Con- Hires Exhibition opens, Wem- 
ference lunch. Press Club. E.C.4. bley Conference Centre (until 
Mr. Jack Jones, general secre- January 28). 
tary Transport and General PARLIAMENTARY BUSINESS 
Workers' Union, speaks at House of Commons: Sfcotland 
National Export Year conference, r;ji committee 
Birmingham i ouse of ‘ Lorf* Medical Bill 

National Society for Cancer (H L). report stage. Consumer 
Relief launches £lm. appeal to Transactions (Restrictions on 
,n '£ lsl T ry : ,, . — , T . Statements) Amendment Order 

Sir John Methven, CBI director- 197s. Debate on EEC report on 
general, speaks at British Printing equality of treatment for men 
Federation lunch. and women on social security. 

Prime Minister presents special Select Committees: Expenditure 


tTrade and Industry sub- 
committee) Subject: The Fishing 
Industry. Witnesses: Ministry oF 
Agriculture; Foreign Office (10.15 
a m.. Room 16). Nationalised In- 
dustries (sub-committee A). Sub- 
ject: British Airways' report and 
accounts. Witnesses: British Air-, 
ways (4 p m.. Room 8). Expendi- 
ture (Defence and External 
Affairs sub-commtttee). Subject: 
CPRS (Think Tank) review of 
overseas representation. Witness: 
Dr. David Owen. Foreign Secre- 
tary (4.15 p.rn.. Room 18). 
COMPANY RESULTS 
Amalgamated Distilled Products 
(half-year). David International 
1 half-year). 

COMPANY MEETINGS 
Elson and Robbins, Nottingham, 
11. Hensher (Furniture Trades), 
Great Eastern Hotel. E.C„ 12. 


os union sine on me wors- 

party concurred in this Ha ‘‘* 

^Government * 

don on this matter. • Vor/oUt - : - 

national debate is currently T ,, 1 

tr way as to the best use I :]rlG lOStSiPC 

hich our North Sea wealth 

be put. Some of 'the North |r| "Fly . 

feedstock required to source *** J 

synthetic rubber plant is From the Conservative Agent 


Libs. losses 
in Ely 


Strains in the 
U.S. banks 


>ntly being burned in the Me of Ely 


Didn’t we do well. 


^viable, in essence: th^re- J**?* ***?£ ^Teno^ thinking such m this has ruled ^ hays U^S. Treasury securi 
the pros and cons for this- Io places for most of the ties ** ma5, ta*e_ marketable 01 

'ct boil down to the Election. Nor has any national decade. non marketable issues, but 


ie ..pinion that tbc.se re- ‘VXnVvOfi^r 

■’.c h ,Z'ch b noS iib! l ’, b „d li hS Party organist 

u n C .h! C ruwH b ,in™ ,ion ln thc consMiucncjp, which 
L ‘ blossomed briefly after the by- 
l .K. Chemicals— the elocTion in 1973, has now all but 


Imports of 


footwear 


firm 1 


Forward." we estimated The Libels have F ”' ^ 

3,DM construction workers nn in local crmti Mr. w. Cfllrert. 


non marketable issues, but in 
neither case is U S. money supply 
reduced. In the first instance, 
the sale of marketable securities 
by the U.S. Treasury to the 
Bundesbank reduces the U.S. 
Treasury's need 10 tap the 
domestic market. In the second 
case, where the U.S. Treasury 





or output at 1976 prices the eountv council seats. For the w*® 1, impart s in two important tap the domestic marset is 
i; be JE20ftm per annum, electors of the Isle of Ely. who respects. . reduced. 

•I l output would save Imports have never elected a Socialist. . « « not difficult to and vana- tj^ : mpact r .r f or *: SIJ central 

lural robber and the bal- their MFs btrona support for tions in trade mark-ups even on baok huving of U.S. Treasury 

would be exported. the Lih/Lab Pact was the last identical footwear. 1 was of 5 p Cun tj C 5 on UB. money supply 

many way* ihis project straw. eouree referring to wide dif- (whoever supplies those securi- 

ghts the extent to' which Faced with a strong and confi- ferences in. mark-ups between j s neutral. Thus “ exces- 
latinna! interest and the dent . Conservative organisation imported styles and similar U.K.- S i ve ' (domestic bank) lending" 
st of multi-national oil fand an Increasingly strong and made styles which often result w m have its full imoact on thc 
rations, from which 1 sus- confident Labour Party) the *n the U.K. product being snld i\S. CT onev supply ahd under a 
vour reporter got much of question is not whether Mr. at a lower price retail even system of “practical morse- 
'Pinions contained in the Freud will retain his seat, but by though more expensive ex- larism " the Federa5 Reserve sriti 
t, diverge, ft fits in with how many votes he will lose il _ raise interest rates in an attempt 

strategy to burn m the Andrew Varney. The u.5. government restricted t0 bring the monetary agate- 

?niTgy' market, a material CJoaseTratire Office. footwear imports from both gates back under control. The 

licit a U.K. ronrem wuld Creek Road, Taiwan and South Korea. As replacement of Dr. Burns ey 

iblv add value, and could Mon*. ours bas so far restricted Mr. Millar may. of course, mean 

• much needed jobs and Cambridgeshire. Taiwanese imports only we that Federal Reserve policy will 


ts - 

AVarburton 

wal industrial Officer), 
3l and Municipal 
ers* Union 

c House, Huxley Ridge. 
ale. Esher, Surrey. 


Short-term 

thinking 


certainly agree with Mr. Adler chance but that is another 
that we should follow their matter, 
example in this respect. B r 

More generally our complaint ■ 

is not against all imports, but 1®. London Street. E C.3. 
only against Imports from coun- ~ 


t WMT-fnhJi* «ni*ori5 jruni toan- _ _ _ _ _ 

« & pay ci» J & ,b ?^ v alue-added 

column on the fcxpenaiiure - nmDO i« „riw 


onservative 

>nfidence 


die Pra&jtectivc 
-Picatarp Candidate, 
sle of Ely 


5S™ 1 "pJE. * i-,nnapv rtii Peter compete on price. Rasicully we . - 

SSSS information 

^"•ni’whHc p.per chcrS The m’ori 5 h! tmm " fWfcPorte 

continuing growth of current fuj. r c JJ5: n ^SS' thin- hv 01?^ SiT - 11 lo . ^ ®*W'- 

cxpcnditurc over ibe last five «£ SSL J’.t «>" «R«U«M .am things 


Recently we were delighted to announce that Equity & Law 
pensions Mixed Fund had been named top performer for the 
year ending 30th September 77 in a report in the Financial Times, 
achieving a gain of no less than 69.6% compared with the average 
mixed fund gain of 54%. 

Now - as a result of our review of investment performance 
over the past year- we are able to announce increased bonuses on 
all Fquity & Law individual with-profit life assurance and pension 
policies. 

We are applying this same investment expertise to 
Equity & Law Investment Funds, which are available to both the 
capita I investor and the regular saver through our range of 
Investment Plans. 

With the benefit of 134 years’ experience in the forefront of 

life assurance business, and a consistently successful trend 
throughout the entire range of investment, and savings plains, it’s 
good to know that our policy pays off 


7“ As a political journalist wrua and to have nsen from .6^ h -aroe^ lo murkJis Df “Optimism at Treasury over pry 

Rutherford is. of course, per cent, of the total In 1972/73 P[ rises"— teas optimism. The 

I„ (ho nmwni alicurdlv hich ae'P‘<3P« I «»untnes. they should 4r 4 ir . lp Ninpliajcd: ** Rises wnu!d 


to insist that the Con- to the present absurdly hyjb h „ toeonform to a iTms t intin article concluded: “ Rises would 

Ives who “concede" level of 675 per cent . Snal j2b?u^ faavc bad lo he beJween ^B per 

ary l* 0 l Liberal victory in Some people - particularly ^LO) st andaSTLi ramStioos of 10 n T ?L 'i iS e ove »K .«»«■ 

n seats should remain un- those *n Government employ— 00 ^ nuiuons 01 ings 0 # jo per cent" . 

fr. Thtfy express verj 1 differ- might «wk to provide Jvsrifica- w g. Calvert. Value-added information intro- 

^ ! il.A« O 'i CV ^L»L r05 t l ^5 r Brttish Footwear Manufacturers dueed to management people and 

rvatives l speak to in o* sborl-term current e^pcnpi pon-manacemem seople at the 

jttnster, Ihfi Isle Of Ely or ture, but what can have no iustlfl- Royally House. same rime, can gain equal or 

•ntral Oflice. • cation is the effect this grow th 73 Dean Street' W 7 more eammonsense Ironi the 

■ of the pleasanter prob- has had on longer-tenn capital ’ ' latter on the basic point— can 

. of I he Conservative spending, which has fallen almost ^ t . Uhj business afford it Value- 

Ration in the Isle of Ely by a half to volume terms since Cnjjj* (q added jaforaaiion replace 

Cent months has bran to 1972/73 and accounts now for a • » cleverness with honesty. PeopS 

welcome, optimism turning miserable US per ecnL of total T plfArH • like ii- Whv not try it 1 * 

, welcome complacency. The public expenditure’. 1C1IUIU J*- ir> ’ 

‘rtative^ in the constitu- The point uf the White Paper From 3fr. A. U'atfcinson. Geralo Deiia-Poria. 

. now have a record member- uf course is to show the Govern* Sir. — Mr. A. R. Lon&hum is Premier Drum Company, 
a record income and a month spending plans for future quite right-. (January 20) in Elaby Road, Vigsuxa. Leicester. 


Equity & Law 


Equity & Lnr life Assurance Society limited, 20 Lincolns Inn fields, London WC2 A 3BS. 


or me Conservative spenumg, wruen aas taiien aimon 
i sai tan in the Isle of Ely by 3 half Uj volume terms since JVA CTaiir TO 
Cchl months has hren to 1972/73 and accounts now for a •' " > 

k-alcuHie. optimism turning mfevrablc U.S per ecnL of total TpffnrH • 

, welcome complacency. The public expenditure'. * u 


f 




24 


COMPANY 

{ NEWS + 1 

COMMEN 

J 


Rank Organisation near £49m increase 


WITH THE Rank Xerox associate 
companies ' increasing their 
trading contribution 77.4 per cent, 
to £104 ,96m. pre-tax profit of Rank 
Organisation climbed from 
£73.39 m. to a record £ 124.46m. in 
the year to October 31, 1877. 

Of the £46m. increase by the 


derived from exchange benefits - 


INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

Col. 

Company 

Pag* 

CoL 

Alexander* Discount 

24 

2 

Independent News 

25 

1 

Allied Breweries * 

25 

i 

Management Agency 

26 . 

6 

Anglia Building 

24 

4 

Rank Organisation 

. 24 

1 

Avon Rubber 

24 

3 

United Guarantee 

25 

4 

Dewhurst & Ptnr. 

26 


Westland Aircraft 

24 

7 

Hallam, Sleigh 

. 24 

4 

Williams Lea ' 

24 

3 


Another subsidiary, A. Kershaw 


37JW7 32.68] 


SO. 163 
6.145 
21-220 

TW» 


Confidence 
at Avon 
Rubber 


DESPITE uncertainties, particu- 


Year-end. net liquid funds were 
up £188,000 (£1S4JHI0) and bank 
overdrafts stood' at £59,522 
(£62,846). 

Each company in the group has 
established a strong base >n their 
particular market:' and this will 
now pro vide :tbe opportunity for 
a number of them to focus on 
exports, Wr. Donne says. 

Since 1972 the strategy of the 
company has been to move out of 
periodical and general printing 
and. to concentrate on specialist 
market areas of printing. During 
the year there was some improve- 
ment in the trading conditions In 

the industry but the surge In 
profits resulted mainly from the 
specialisation policy. 

"Williams tea and Co. took 
another big- -stride forward in 
development of its service to the 
corporate finance -sector of the 
City and Perivan. Press at South- 
end produced very' much better 
results. . 

The year, was better for pub- 


sterling against the U.S. dollar 
and oilier currencies, Mr. Harry 
Smith, chairman, says. The Rank 
Xerox share of trading profit 
increased in the year from 61 per 
eenL to 71 per cent. 

Turnover of the Rank-owned and y 0QS . showed a ~ net profit of 

f«rtSl ra nrS * 4ra - FBMm.) after tax . of 
£442.6im., and Ranks irading pro- wtoffiio (£87,157) 

fits were £37.96m compared with . 1S _. l9T5 

£32. 6m. Other associate companies , nwo^ . emo 

contributed £4.35m. (£5.15m.). Tm™"® ■«, 4 ”- 317 

t3kinc the total trading profit to 

£ 147.27m. (£fl6.9lm_). before ' with Xerox Corpn. 

interest charges up from QUm. oihcrs 

to SZL&lm. 

At hairway the group reported Nei profit - ".7. 

pre-tax profits some 86 per cent. Taxation 

ahead from £32.78m. ro £G1.07m. Mtnontif-s ......... ... . 

Mr. Smith says the 16 per cent, deW “ 

improvement by Rank Organise- preference dividends 
tion-owned companies demon- ordinary dividends , 

st rates excellent progress in a Reined 

year when manv operations were 
experiencing difficult trading con- 
ditions The trading profit would 
have been almost £3m. higher had 
there been no change in the 
exchange rates ruling at October 
31. 1976. Rank Xerox results 
exclude re-charges by Xerox 
Corporation. 

Taking into account the efforts 
the group is making to improve 
onerating efficiency and the un- 
derlying growth for Rank Xerox, 

further Improvement in profit be- THE SHARP downward movement - . 

fore currency adjustments is in UJC interest rates boosted 1977 ® ffect P 5?® L margins on 

expected in the current year. The profits of Alexanders Discount /“J Jt®* 1, 

chairman looks to tlie longer-term Company and an upsurge from r, per «S ent 10 £27nL ’ 

prospects with confidence. £0 26m. to £2. 14m. is reported, the chairman warned. . , 

After fax. minority interests and after providing for rebate and tax , 3 u c F ee l dec L 33 ahead From 

extraordinary items, attributable and making a transfer to contin- chairman by merchant banker £2.79m. to £3.72m. for 1977, tax- 


t Credits See Lex 

Alexanders 

Discount 

upsurge 


MH.958 
4.350 

22S1I 

*7?!m 3 37!«6 lariy in tyre markets and the U.K. Ushers and their use of colour is 
53.0&9 33.IU automotive industry, Avon Rubber increasing all the time. Photo- 
i’SS Company is projecting' a further print Plates- took advantage of 
Mjui profit improvement this year, these improved market conditions 

583 SB Results of the first quarter were in and was well supplied with work. 
13.3TB 12300 line with forecasts. Mr.. Hugh Instrument .'Charts, producers of 
4?J4g 38.82 b Rogers, outgoing chairman, told roir charts for recording instru- 
the annual meeting. Full-time, meats, which joined the group at 
taxable profit last year was a the beginning of the year showed 
record £5.4m. disappointing .results. However. 

New factory buildings to be the directors 'are confident of 
completed shortly at Melksham, progress in the current year. 
Trowbridge and Hendy. South Meeting. 234. Old Street. E.C., on 
Wales, would not contribute February 13, at noon, 
profits this year but^ would pro- 
vide additional capacity and 
better working conditions, leading 
to unproved manufacturing 
efficiency and greater profitability 
in future years. 

The stronger pound would 


Peak£0.16m. 
by Hallam 
Sleigh 


Lord Fare ham. remains 
executive director. 


Williams 
Lea to 
spend £1.5m. 


non- able profit of general engineers, 
Hallam Sleigh and Chesterton 
jumped from £29,387 to a record 
£156.803. At -mid-way the profit 
advance was from £4,000 to 
£70,000. 

Tax for the year took £86,529 
■ f £14,416) and earnings per lOp 
share are shown to have risen 
from O.ISp to * 1.9. Ip. Dividends 
absorbed £8,100 (nil). 


profit comes out at £56.5m. gcncy reserve. 

(£41 .71m.). The £1 1.68m. of extra- General reserve has been in- 
ordinary debits (£B.3m. credit) are creased to £3m. (£3.5m.) by a 
made up of profits less losses of transfer from the contingency re- 
18 31m. on the disposal of proper- serve, and the carry-forward 
ties, a provision of £7m. for balance was £2.05m. f£0.61m.>. 
the diminution in value of re- Published resources have been 
maining ln.ng-term investment raised to £12.1m. and inner re- 
properties provision of £2.53m. sources have also been increased, 
for losses on the cessation of busi- . The net final dividend is 9.S33p, 
nesses and an £8m. provision the , A°,if ' payment from 

against the costs of cancellation S29p to 14.333p. it is the direc- 

of an onerous hotel lease in Bel- \°r* P®>«* • to endeavour to raarn- 

gium. INVESTMENT or £1.5m. .in new 

The trading profit was arrived distribution over the years, not- p j ant ha3 . j, een budgeied for by 
at after losses incurred by Rank withstanding the uneven nature williams Lea Group for the next 
Radio International of £3.17m. Profits from one year to ^ v0 years. Mr. D. L. Donne, the 
(£5.7Tm.) before tax relief. another. Should the need arise, chairman, says in his annual 

The final dividend is increased roe carry-forward, is available for statement. This is a substantial 
from 4.939341p net per 25p share ™i5 Purpose. It is for this reason sum f or the size of the company 
to 5.84S622p. which takes the total ™?L!jJ*JK? po ¥ < LiS . D if but investment on this scale is - f 

for the year to 7.96p against 7.2p ca ™ ed Forward should be raised, necessary if it is to continue to 8t £33Sm., against £2o8m., with 

last year. In the current year the Tn® move to new premises improve 'the service offered to the net figures up £30ra. at £82m 

interim dividend will he raised to fireatly facilitated handling the customers, he says'. Mortgage lendmg was up 10 per 

reduce disparity. marked growth In both turnover i n addition the directors are cent. & £137m. (£124m.) with the 

Earnings per share are given at and portfolio during the year. At s tj]] keen to invest in other number of mortgages granted 5.2 
39.2p compared with 20.2p. roe year-end the total assets were specialist companies who would per cent higher at 16,100. Of 

Rank Precision Industries f Hold- * ipprorijnately £509m. (£368m.), to join the group. the total advanced over 46 per 

ings). a subsidiary of Rank Organ- roe major components being Taxable profit for the 53 weeks cent, went to first-time buyers: 
isation. recorded a £60.86m. treasury bills £172xn. (£99m.) and to October 2. 1077, more than 17 per cent, on newly built pro- 
(£37m.) pre-tax profit in the year commercial bills £203m. (£I3Sm.). doubled to a record £715.541 perries and 21 per cent on pre- 
on turnover of £39. 8m. (£35.15m.). The company has maintained a (£336.412) on sales of £7, 66m.. 1910 properties. 

The result includes £52.48m. mu . c ° higher proportion of port- against £5.75m. for the previous The average size of loans made 
f£2&59m.) from associates and is f ® 110 ro SiUs than in recent years 50 weeks— as reported on Decern- by the society was up only £30S 

3fter interest of £L88m. (£2.6Sm.) and at December 31 the holding per 19. The dividend is 193. lp. at £7,955 compared with an 

and before tax of £24.44tn. stood at £40m. (£3 am.). The company is unquoted and has increase of £667. for 1976 and 

t£lS.44ra.l. See Lex close status. . £726 In 1973. 


Anglia Building 
Society assets 

Total assets of Anglia Building 
Society expanded by 20.9 per. cent 
From £587m. to £710m. during 
1977. Gross receipts were better 



'*• \ ’ ' ' ' \ ; V *\vA • %/• ' ; . 4 ' 

• ' • • . '? T ■?: >: ui*' 

Freddie KtmtdcU 

Mr. Harry Smith, chairman of Rank Organisation. 




Wherever in the ; 
world yon need 

insurance, Minetis the card to play. 
With our network of subsidiaries 
and associates we provide 
insurance and reinsurance 
broking services covering every 
type of domestic, industrial and 
commercial risk for both private 
and corporate clients in over 100' 
countries. 

The world scope of the problems 



and challenges we tackle keeps us 
well in the forefront of new ideas 
and techniques. And behind 
everything we do stands a high . 
reputation for professional 
efficiency and service. 

The first ever Queen’s Award 
made in the field of insurance - 
broking services was won by Minet. 
Minet Holdings Limited, 

Minet House, 66 Prescot Street, 
London El 8BU. 


George Bassett 
£5.3m. sale 

George Bassett Holdings is cent of the equity) to Barrow 
pulling out of the confectionary Hepburn Group last November, 
and tobacco retail and wholesale However, a spokesman for' Bain- 
business with a £5.3m. disposal to bridge said last night that the 
a subsidiary of Palmer and bidder would not be Barrow 
Harvey, the private company Hepburn. 

which bought the Lennon At the suspension price of 

Brothers business last November 3a Jp, Bain bridge has a market 

for £1.4m. capitalisation of £540,000. 

The decision to sell has been The last Bainbridge accounts 

taken by Bassett for a number flowed ITC Pension Trust and 

of reasons. The group sees tbe , Perron Investments -and 
future of tobacco as uncertain; s “ Ua h ° d 

it anticipates that future duty 
changes could have a significant 

impact on margins; and it eon- ^ aod 592 *** *** Tes P ee ' 
siders any future in wholesaling l 
and retailing in the UJC ties on 
being totally national, which could 
be costly and time-consuming. 

The cash arising -from the sale, 
is expected to be. channelled into 
expanding Bassett's confectionery 

m Ladbroke Group ~is~estimated by 
Furthering the groups diversifica- the direetor*; to he not W* than 
lion into toys, cakes and biscuits. S!m. : IS™ 

°S* r ^PPO^roties have from lidbroke's offer . dbcumlS 
been considered, though a spokes- f or Leisure and General which 
man for the Board said yesterday was posted to shareholders 
that they had "no specific target yesterday 
in mind at present " The interim figures -for L and G 

George Bassett shares ended are also revealed, showing pre-tax 
the day 3p higher at lnfip. profits up from £786,000 to £lm. 

Drakes Sweets Marketing, the on turnover ahead from JHLTSm. 
Bassett subsidiary to be sold, to JExeellenr" progress* 

made trading profits in the year is -said- *’beett4m^ieiJ:by 

ending March 31, 1977. of £640.000. Mercury-. .'con- 

The net assets to be sold are tributions 'from mbit of tne other 
valued at £200,000. 'divisions are described as “satis- 

factory.*’ However, the book- 
making division, which Ladbroke 
is to sell if its bid is successful, 
was “disappointing.” 

Yesterday/ Ladbroke Group 
shares fell lp to 2l0p while 
L and G was unchanged at B8p. 


Ladbroke 
forecast 

Tbe 1977 pre-tax ; profit of 


The name that's 
recognised tor insurance 
arouid the world 


GAILEY SELLS 
HOLIDAY PARKS 

■Gailey Group, a wholly-owned 
subsidiary of • J. F. Nash Securi- 
ties, has sold its holiday park 
division for £1.66*000. Three of 
the four parks that go to make up 
this division Combe Haven, North 
Somercotes and Ashcroft — have 
been sold to English China Clays 
for,£L73m. Tbe buyer of Dinas 
Cross, in Pembrokeshire, has not 
been named. 

A statement issued yesterday 
says that tbe disposals will enable 
Gailey to concentrate on develop- 
ing its main interests in retailing 
caravans and in reducing short 
and medium term borrowings. 

The price paid for the holiday 
division is expected to correspond 
closely to the balance sheet valua- 
tions included in the 1976-77 
accounts, which are to be 
published early next month. In 
the year ended September 30 
1977. the parks interests con 
rributed E243.0U0 to group profits 
The deal Ls expected to double 
English China Clay's holiday 
interests. 

Mr. J. B. ‘Williams, a director 
of Haven Leisure, the ECC holi- 
day subsidiary, commented: “ We 
have ambitious plans for develop- 
ing and improving all our sites, 
and in this we can call on the 
planning and building expertise 
of our sister company. Selleck 
Nicholls Williams (ECC). By 1980 
we expect to be catering for 
around 200,000 holidaymakers a 
year ” 

BRITISH LAND 

British Land has acquired an 
11 per cent stake in house- 
builders and property developers, 
Property investment and Finance, 
in exchange for L05m. shares. 

U is not yet known whether 
British Land will continue to hold 
the PIF shares (which were 
boughr from a group of individual 
shareholders) or intends to place 

them as it did with tbe 15 per 

cent, stake it bought io Bridge- 
water Estates last May. 

in the first case British Land 
will stand to receive the PIF divi- 
dend which, at half time, was- 
forecast as 4p not for the year to 
March 1978. In the latter ease 
there could be a capital gain on 
the sale or the shares. PIF's mar- 
ket price yesterday was S7p after 
a 6p rise on Friday, and the 
British Land purchase equates to 
around S2p. 

In either case, the dilution or 
British Land's equity is minimal. 

LCP COMPLETES 

LCP Holdings has now com- 
pleted the acquisition of the 
Hnisbaw .Group for £2,384,943 cash 
and 839.671 Ordinary shares. 

A new company, Evans Hal- 
shaw (Holdings), has been formed 
to take in All LCP's vehicle in- 
terests and to provide a base for 
future acquisitions, including the 
possibility of carefully selected 
European imported car fran- 
chises. 

BID EXPECTED 
FOR BAINBRIDGE 

A takeover bid is expected 'to 
be announced to-day for Bain- 
bridge Engineering, whose shares 
were suspended yesterday at the 
company’s request, A holding of 
402,500 shares in the company 
was sold by Arbuthnot Latham 
Holdings (representing -26.46 per 


Financial Times Tuesday January 

dividends annoohcbb 


Current 

payment 

Alexanders Discount 8 » . 

Dewhnrst and flar&er-- ^5* 
New Wilwattrsrand. GoM wj® 
Rank organisation a -°* 


Date - Corre- . TjgoJ ..vSebl. 
of spending-- Sr,-.- - imt 
payment div. yow year 

March 7 .9-33 U££ . 12.83 

0.56 .032 0.80 

March 16. J - rt, : 15. 
April 7 4M 796 . 7.2 „ 




ro' v 


ll 


--- » 

UHited Guarantee . . .. . l. j.\ , 

Dividends shewn pence per share net except wM otbg *g** ; 

' * Equivalent after . allowing^ for scrip torn*. J <ta 




ls5Ue3 - scents. tot^Tg . 


Westland to seek 
more civil 



ALTHOUGH "****& "wFH 

1,5,5 .“SSSltfUTfS^tt ^tiil sun-eiUance helicopter is r ^ 
upset results last : __ _„d Westland is now 

faces a difficult period, J^ proioit this rfevelop mMit 
ffigtoo, chairman, W *».*»» busies. ' 

statement with accounts. __ provisional . orders for ,'i 
He says the group M i n BH7 hovercraft have--, 

some more orders but must vrip ‘ j v _j from the Egyptian 
more throughout . an d a contract for- the refat 

vtties, .and rovestment must m ^ eight Saudi Axabiah 8^,„ f 
made in research and develop- ^ early this 

menL . _ . . Tt= environmental contr^.- oM 

And while retaming its pre-froi ^ products subsidiary Nor£E' 
Hit DOSiUon in defence work ^r-Garrett. which last year j»- 


nent posiuon _ . . ^ 

markets it must Increasingly go 
into the civil markets. But it will 
be several years before the re- 
sults from this will be seen. The 
increase in dividend from 2 .Sap 
to 3.1Bp is an expression of the 
directors' confidence in the more 
immediate future, be says. 


which last 

creased profits and-. its . 
tion of new markets,. has substoi 
tial orders and > growth -- to 
industrial customers - . for -.-.fi. 
electronics, costing and 
divisions is expected. .. • 
There are signs that too fwnai 
marker for garage doors is 

In the year ended on s«?P«m- and ^- 0 fit ability of 

ber 30. 1977 profit was from ^gineers ^ inereastn* 
£9J4m- to £5.S4m. after provl- ‘ an “ ear i ’ or minimal profits 
sion totalling £6. 5m. were made 

An analysis 


of 


tumoyer 

trading profit by activity * 


for losses on contracts for Lynx 
helicopters and the lengthening 

of hovercraft. The provisions pre- ^Jh*£oob omitted): bel! 
riqusly were £L13m. turnover of £93.815 (£96.300) 

Further provisions against gt of £4.012 f£6.224>; hi 
stock and work in progress of craff £13.972 (£6.533) and £1 
£2. 6m. (£2. 64 m.) were made while /£o 263); environ mental co&' 
a non-recurrent surplus of pquioment £18.077 (£l5.543y 
£2.37nu, attributable to deliveries £*.559 (£2.165): doors £7, 

in previous years, was included in (£7.490) and £73 f£383 low) 
results. . 

Notes to the accounts show 
contingent liabilities from pro- 
ceedings that have commenced 
against the company in respect of 
alleged contracts for the supply 
of two helicopters, for certain 
commission . and in connection 
with the supply of parts. The 
company has been advised it has 
good defences in each case. 

U also has a contingent liabi- 
lity of £2.7 m. for liquidated dam- 



other products £5.793 (£5^33) 
£792 (£571). . .. . ‘ 

At November 15, Joha E 
and Company owned 16.4 
cent, of share capital 
Meeting, Hyde Park 
February 15 at noon. 


r^udepen 1 


• comment 

The provision of £6. 54m. toj 
losses on two contracts aeu£jf 
halved earnings per share to. t 
stated 5.79p at Westland Aircraft 


ages under its initial Lynx con- ? a ted 

tracL The directors are satisfied borne / oi rt* 'ffl 

that in the tight of current nego- vision is accountca C r by. tm, 


that in the tight 
tiations no provision need be 
made. 

Lord Aldington says that assem- 
bly of Lynx helicopters has been 
speeded up as a result of under- 
standings achieved with the 
unions, and further discussions 
are now taking place to enhance 
this level' of productivity. The. 
1973 contract with the Ministry 
of Defence Is not expected to 
produce proGts in the next IS 
months but no further provisions 
are expected. - 

While the provisions have been 


Lynx helicopter contract for th( 
Ministry of Defence.. - wbtel 
although not due for complettot 
until 18 months hence W« 
thought fit to make a provii 
now. The cause of the pr 
was that the contract had 
nego tinted using escalat 
clauses based on 1973 infiat iq 
rates. Provisions have been hui$- 
of £2.6m. on stock and worM* 
progress which could have dilute? , 
earnings further had it not beu 
for the adding back of a “hod., 
recurrent surplus" arising froq' 
over-conservative ” valuation 


made against the contract for the D ( helicopter work-in-progreu 
lengthening of SR.N4 hovercraft, .3} though provisions on work-m 
the work done is expected to lead progress ^ promised for futwt 
to further orders for lengthened years these ^ hoped t0 ^ j, 

81 wISind h» received an erder S^ST'JSe!^ Z 
h^Vnnter D ’!jS I’^nrarisiona! “ ,afce any fu,ure earnings ft 

Srde?teWn^ed™S ^ K , ’SS a S baJS hT l 

■ Ttia eriiuii ’hai afoteacljt»tlie JJ 4 ff|W^^Jd' , aanffiiS *' C 
final stages of . negotiations for on tuu > taXe<I ea^rogs. 
the establishment of a partnership - r i. * |% 

%U'3r£!SS!S£S Ramsbury assets. at IH ' 

to supply the Middle East market. Total assets of the Ramsbnr 

When concluded, this agreement Building Society rose £llm. ,t 

will provide a considerable almost £5$m.. and not to £4Sp ■- 1 -- 

volume of work for the UJL fac- as published last week. ‘ ■ »* 



I.M Can-oil 

S-CaLtA 


Extracts from the Statement 
by the Chairman Mr D & A-CarroU 
circulated with the Report and Accounts 
for the year ended 30 th September 1977 


“The results of the Group for the year 
ended 30th September 1977 can be 
described as satisfactory given a lack of 
buoyancy in the domestic cigarette 
market, particularly in the earlier part of 
the year, and the sustained price 
competition which began in October 
1976 in anticipation of changes in the 
system of taxing tobacco products. 
Although Group operating profits for the 
year are down when compared with the 
previous period they have been good 
enough to maintain the shareholders* 
interest in total assets, to reduce the 
Group’s dependence on borrowed funds 
and to enable higher dividend 
distributions, sufficient to maintain the 
real purchasing power of shareholders’ 
income. 


If we turn first to the profit after tax 
under the historical cost convention 
attributable to members of P. J. Carroll 
& Company, Limited, we find that there 
is an apparent improvement from a 
comparable £2,986,000 to £3,129,000, 
This seems to be highly satisfactory but 
it is misleading. The more accurate 
measure of ihe results for the year is to be 
found in the Profit & Loss Account 
prepared under the current cost 
convention with a further refinement of 
the ge arin g adjustment introduced by the 
Accounting Standards Committee in the 
Interim Recommendation on Inflation 
Accounting. On this basis we find that 
the Group operating profit shows a. 
marked fall from £3,818,000 
(annualised) to £2,875,000. However, 

• j P r °rision is significantly 
™, u r ^ 25 2 of heavy export sales 

and fins makes the profit attributable to 
the members £1,613,000 compared with 


£1,826,000 (annualised). Ve behe’ve this ". i 
is a correct measure of the profit 
attributable to shareholders and available 
for distribution or for investments 

* * * - 
. ® “ring the year we plaved a large part - ■ - - . „ 
m 5¥^ e , rship wich the fi ank of Ireland- ' ^ 
and Fieldcrest Mills, Inc. in securing the ‘ :• 
setting up of Fieldcrest Ireland, a new- v . ‘ 

terry towelling mill to be estabUsfecdtoif^ 

R^ k ™ > r In -^ flrSCphasemorelh » n V 

SOO people will be employed in a mill 1 the ' 

capital cost of which will be about £3tfc‘‘. 

Wl ” h ave a 25*. interest * 1 * =: *. 
cost of £4^ million. We have arranged ‘ . : 
medium term bank loans to financed 
mvwtmenc and do not anticipate an^ V, 
^ed to raise addiuonal permanent <:•' 


to be able to restore pur ; ^ 
«>«we ofihcyegfaf . 
sauslaaory vdumes. Our bask- ohj^tive 

suWedSSf thC b r Wess and ^ = : 

soriefj our ? ruu ^ 10 lh « 

S fb*# and our direct ----^ 

der5, -f/ our ^pectatio'ns 'tit i: •#> 
revised we will be well placed lo - 

ThmJfk 6 ^ f ro e ress of which ati 3 

throughout the Group are justly priMaL^ ? 



fl 


1 


^ Report and Accmutti ■ . - . 
and Sf™* CostAccounti':;: 

on request from 

Secretary ' w • < 


Dublin 6 


n 

hi 

affair 

! n & 

r i\ r o/. 


as 


r~: 


i 










financial Times. Tuesday January 24 1978 

killed Breweries sees 
rowth— borrows more 


25 


f( 

fik i w 
iirft boi 

*1- to 


AT home and overseas 
Breweries . is in a sound 
i and Mr. Keith Showering, 
airman, is confident that 


BOARD MEETINGS 


•• Extension of the group's cater* 
ini; houses is continuing with 
success and the hotels division 
i diruiiui. u tuimucni mar Ttw roll a\» Inc i-ompanliK have not 1 lied enjoyed a very buoyant year, Mr. 

•.cessiul development of the <ii |H oi Board mreunss ra -4ik* Sinch Showering says. 

, v v w iij continue Ewftamw. . such racoiiwu are usuaiir ■ „ 

"muu'R prjLirt - mark of c h,,ul for ,hc punw of carartdcriiu; din- • company in the wines, 

groups p port markets omnai mdirarkuw are not avail- spirits and soft drinks division 

aju* whrthiT dividends nuicrrurd are did well and some excellent 
inicrinii. or finals and a«b di*www re . su ] lb were attained with rapid 
imr on im Cr0Blh in so f t drinks, he reports. 
to-day For cider it war. necessary, to 

interim— u*. r. AQoU iTipnuu. Amai- order ■ additional plant and 

unmans! Distilled profliu-ia. Pi-ier oia<A. machinery to cope with a steadily 


*001 porentlal Tor safes and 
both in the short and the 
rm, he tells members. 
11176-77 direct TJ.K. 
climbed from £19m. to 
with Babycham being 
launched in the U.S. and 
off 10 a very good start 
Hand. VVhitewoys export 
a£ Cydrux and Pear dr ax 
ed by more than ‘40 per 


sboun below are 
loafs tlinc-tablo. 


Davy International. Ilambro Tniw. 3ITM } n( . r „n K :™ ih« market 

HoWinR*. r. and J. Pullman. V. s. Rai- uicriabing share of the market. 

diff r lodinirirs. Additional beer . production 

Finals— class c hirer. Xtagswe invest- capacity is being installed at 

Helmnnd, in the Netherland*. 
whore a new begging line is 
already in osc and a new bottling 
line will come on stream In 1U7S. 
Competition in the soft drinks 


F*b. t 
Jao. is 
iklt. -D 
Feb 20 
Jan. 26 

Jan 26 
Feb. 13 
fpb. 9 


meat. 

FUTURE OATBS 

Interims— 

ly because of the canto?* Dredfiin8 "" 

expenditure programme, Dacian ...... — ■ 

ced last year, payments Jriutw ... - — 

•d funds available by wonhijurtao «a. J' 

during the year and the , vcrM , 

has been largely covered vamhcsii-r sup Canal 
ng up some of the medium scorn** Aimculniral tuflustriiw 
•ank facilities arranged for 
rpose. - 

.-ear end bank overdrafts (£2.4m.) lo Europe, XS.Gtn. (£3.3m;> 
tort term loans had more to other areas and Naafi over- 
oubleri to £5lBm. (125 2m.). seas and ships' stores accounted 
outstanding authorised 'for . a further £6.8m. (£3tn.j. 
■iturc totalled. 11 03.4m. Of -total sales £970m. were 

tc £67.3m. (£37.9m.) capital generated by 
ng in 1378/77 £33.1 m. £11 3m. by The 

j.l went into the industrial parries and £2lm. elsewhere. 
£25j2m. (£l(Lain 1 into The 

d property and £7m. was 

.) on vehicles and com- year with consumers havtn, 


market in the Netherlands 
remains strong bin the group is 
better placed than most producers. 

Increased profits and dividends 
were reported from both East 
African breweries in Kenya and 
Tuohevs, Australia. 

Improvement of pension benefits 
for two of the company's main 
schemes w ill cost £718.000 a year. 

because or the depressed Stock 
Market a deficiency in pension 


NeiherbmS^BoS' funds developed during the year 
Pirafw t0 April 1976 and there was an 

™ U uK‘J£ereH nerfwmance -Increased liability for future 

achieved during a dfflicSt' P® 1 ** 1 . 0 "* by inflation. The 

acnieveu uux.ng a position has since improved but 

money for discretionary' spend tng. “SWlSif^eonSbuScS^S 

ales ahead from £885m. to The summer weather was below J" nm d t jL £ i Sid bv the 
1 . taxable earnings for the average with the result that sales **1° _Jg £j t in D e f 

to September W. 1977. of beer, cider and . soft dnnks J ” r d s _ 

(£63m.)— as suffered and trade in public houses already made in me 


■ed to ETTJIm. 

?d on January 6. The net 
id is lifted to 3.832Sp 
.p) per Sop share. . 
directors intend to con- 
to develop and. expand 
markets over the next few 
as rapidly as circumstances 
the chairman states. 


generally was disappointing. 

Sales of lager, however, con- 
tinued their upward trend against 
a small decline in the total beer 
market. 

The major lager development at 
Romford brewery is progressing 
well and a . new brewhouse and 
analysis ol VX. export associated plant at Wrexham, to 
ihows that £14.5m. (£10.3m.) give greater lager capacity, has 
lo North America, £6.7m. been completed. 


accounts. 

At September 24,' 1977, six 
directors - were shown to have 
reduced their holdings of Ordin- 
ary shares. The largest changes 
were by Mr. F. E. Showering from 
2.503.613 down to 1,653.615 and by 
Mr. A. K. Sergius from 735,744 
down to 516.000. 

Meeting. Hilton Hotel, \\\, 
February 16, at noon. 


on. 


ndependent News outlook 


VIABILITY and growth of attained excellent profitability 
n -based Independent News- after a difficult period and has 
s depends on the Irish achieved. 55 per cent, share of 
my. The portents for this this type of recruitment media 
uite good and the directors' market. 


The group's overall aim -for 
further investment in the Irish 
provisional market -.is based on 
regional development opportuni- 
ties that reflect the shifts ng'demo- 


United 
Guarantee 
dividend 

AFTER INCREASING profir from 
£925 to £161.329 in the first half 

United Guarantee (Holdings) je 
ports a £313.320 lurnround to 
record £197.560 profit in the year 
in September 30, 

Turnover declined from ft.95m 
lo £4 ,43m. in she year, and the 
profit Is be Tore tax of £6R. 
(£37.621 credit 1 and excludes 
extraordinary profits of £118.025 
(£50.028 loss). 

Interim dividend is restored at 
O.lSlp net per 5p share after 
two-year absence and eornin 
per share are' giien at 4.7Sp 
(2.615p loss). 

The group's activities are the 
sole of fuel oil and beating ser 
vices, the blending and sale 
lubricants and property invest 
nient 

Allied Irish 
opens New 
York branch 

Allied Irish Banks yesterday 
became the first Irish bank to 
open a full service branch in the 
. United States — in Park Avenue. 
New York. 

Whereas most foreign banks 
entering the U.S. market confine 
their activities lo wholesale bank- 
ing (large corporate international 
financing and. money trading) 
A IB is in addition, fuiiy parti ci 
paring in the retail or personal 
banking market and offers the 
complete range of personal bank 
ing services. 

The group sees a branch In 
New York as an important step 
in the expansion of its network 
overseas. 

59 companies 
wound up 

Orders for the compulsory 
winding-up of 59 companies were 
made by Mr. Justice Slade in the 
High Court yesterday. They were 
Shacklewell Antique Reproduc 


mpeful of real growth in Negotiations lo expand the graphics of the nation, the chair- tion. S. and S. Mirrors. G. Shel 


tising volume in the current. groups titles in this and allied 
Mr. R. T. Murphy, the chair- segments of the speciality maga- 
tells members. zirie trade are currently proceed- 

.!!>» i'* ‘"performance of Wilson and 

o'nsly optimistic that the Express^ and j \ \ other East Lon- 
12 months may bring 


man says. don, Whalebone Motors. North 

M reported on January 13. ^ 0 "? 1 Developments, Sevcmside 
group taxable earnings climbed “ us i nt ”T i Services. Thompson 
to a record £2.09m. (£1.3Bm.) on fruit Company. Harpenden Hold 
sales of £22. 37m. (nG.49m.) for 


some 

■ess. At this stage the 
tors say they intend to 
ce any such investment in 
rs from within the U.S.' 

.0 acquisition possibilities that 
ar to be in growth areas of 


I9(i. The net dividend is stepped 
to B.5p (4.0025p) per 2op share. 

At year-end bank balances and 
ca‘h ' were up at £214.041 
(£183.076] and bank advances 
were higher at £667.333 (£543.701). 
Fitzwilton held 1.76m. Ordinary 


doh regional titles, was- .dis- 
appointing and will require de- 
cisive cost reduction and business 
building efforts in 1973, Mr. 

Murphy slates. 

As known earlier this month 

the company agreed to purchase shares at December 30. 19/ 1 . 
a-5S per cent, inicrest in Kutley Developments overseas, exclud- 
shing or represent synergistic investments for £513.000 and the ins the .Stratford Express, con- 

•r tun tries Tor Ihe existing core issue of 200.000 Ordinary shares Iributed tfi per cent, of profit and 

with a commitment to acquire this percentage is expected to in- 

the- remaining interest for not crease in the year ahead. In par- 

loss than £4)61,500 at the option ticular the group's 504 per cent, 

of the minority shareholder, share 111 Ihe German company 

Nutley’s wholly owned subsidiary SCW Shupping-Center-Werbun 
men! Publications, which pub- publishes the Sunday World news-, promises considerable profit 
*% Miss London, has now paper. creases Mr. .Murphy says. 


ings. 

Barterfine. Deime Properties, 
Classic Motorcrafts. Office Equip- 
ment Centre tCamberley). Del- 
nhamesh, Goral, John Palk Plant 
Hire, ISO Freight Container 
Equipment. Howard Lvndon 
Maxclan. 


are 

hy 


con- 

the 


ne*s in . the L'.K. 
tly umier review 
•tors, he says, 
ic company had mixed results 
he U.K. during W77. Em 



n 


ut in MLR indicated 


nk <if England Minimum 
mfing Rate 64 per cent, 
{since January 6. 19 7S) 

"ort lvrm fixed j>eriod interest 
were slightly easier in the 
on moiu-y market yesterday. 
iunt l muses buying rates for 
-month Treasury bills Tell to 
{ per cent, from 3- ! . per cent 


ments to the Exchequer made 
quite a large dent in the substan- 
tial Government disbursements, 
made • up • of the ■ rate support 
grant, housing grant, and divi- 
dends on gilt-edged stock. Banks 
also carried over heavily run- 
down balances Trom Friday, there 
was a slight net take-up of Trca- 


mg towards a possible cut sury bills to finance, and repay- 


per cent. t« 61 per cent, in 
of Eueland Minimum Lrud- 
taic :d this week’s Treasury 
eihiiT on Friday. 

.•Iti-diiy mull l was in shorter 
y than generally cxjH-ctcd in 
joncy market. Kctenue pay- 


ment was made of the moderate 
amount lent to the market on 
Friday. 

The authorities stme a very 
large amount of assistance, by 
buying a very large number of 
Treasury bilk from Ihe houses. 


and a small amount of local 
authority bills. 

Discount houses paid per 

cent.- for secured call loans in 
the early part, but closing bal- 
ances were found at 54-5? per 
cenu suggesting that the amount 
of help may have been slightly 
overdone. 

. In the interbank market over- 
night loans opened at 5j-fi per 
cent., and rose to 61-61 per cent, 
before easing to 53-fi per cent, 
and closing at 61-Gt per cent. 

Rates in (he table below are 
nominal In some cases. 


Bucci (London), Campden Con 
struclion. Palmer and Sons Ser 
vices ( Birmingham ». S. Heyward 
and .Son (Building and Painting 
Contractors). Yalemore, Indepen 
dent Vending Services. The Wil 
low Garden. H. Geraghty and Co 
Dolphin Trailer Hire Companv, 
Paperchain. Ronald A. Lee Asso- 
in- nates. Helix Hydro, Sun Develop- 
ments. Auto-Monza iGB). 

Allied Commercial Estates 
(Southern). Roy Bianco Asso- 
ciates. ttitain Shuttering. Cata 
D* n < Supers). Focus Fabrics. 
Tu trail Clarke (Developments) 
Goldroad. 

The Great American Success. 
Hancock Bros. (Cambridge), Jones 
and Freeman. Lucille (Boses), 
Mansell Street Investments. J and 
T. Parker, Multiplex Finance 
Company. Pranfold. Robt. Perkins 
and Co., _ Su nt earn Investment 
Company, FTP Maritime Overland 
Street Building Contractors 
(South West). Midcot. London 
Audio Communications. Assurance 
Selection. Gilbert Construction 
1 Lon tractors). Stanhope Owen 
(Holdings). Karbrick Construction 
Company, Xordec Hearing Com- 
pany. Coolbrook. 



M»'i "I* 

i ,-r«Hii-iUr 

Inlrrlnnk 

Aid hi nit jr 

Ifkai Aulh • 
nnimishte 
Umili 

Kinaif-r 

H»n*o 

rh^r>»il» 

( «im|»n> 
llppinlls 

IhKi'iial 

mnrkPI 

Trvaaurv 

KlhiO 

Klisii-k- 
K>nL 
B»!i» 4 

Fins Traili 
Bil:« 4> 

dn 




_ 



6»« 

51] 61, 

— ■ 

— 

; ' — 




6-6 U 

. — ' | 

— 


' 


•— 




6uev 

6«U‘ 

— 

Bi, 6ij 

«S» 

H6V 




_ 

Iir. . 

6.' G'n 

6,i b t 

6>« 



6-11 

6 6l f 


6Ij 

6'i 

mi- 

6; * , 

6ip fi't 



6U t “-n 

-- 

6 

3», 


6Sb-6*4 

lU’ll* ll-. 

bitb, 

6'r t>‘« 

6 6'r 

6S»6 

6>« 

6 Is 

5: b 6 

Bfl 534 

a ; 

61:6', 


la P , 

6 ; 

6 >4 6>s 

a is -6 

bir 6-'» 



— 

— 


-61, 

• hi i.. 

bv> b 

6 ; e t . 

— 

7 am ’ 

7 

— 



— 

— 

•i 

b'i 6 ., 

6'iji 71 h 

7 


7U 

— 

— 

— 

— 

— 

nr- 



7:f8 

— 


— 

— 


— 

' 


«) and ltnjii>-r huu&es v-\va flays 1 aoitre. «ficrt sewn da»-s' Bat'd. * Loneir-irrm local auiboniy nranjuse 

iai‘i:a!| ti'jrs 0 u r i-.-ni : r«nr wars ta-SW pr «vm ; fire .rears 10) -UX prr rent. « Bant nil! rales nj uMc 

jir., r'l'is lor p-tnii: rup-T . ftnung ratr for four-tnonth hills s pit wui.. four-monltl iradt- hills seT rent 
#r.is: - :i.iiv v I'mc rjti- fur unr mmifh Tre.iiury hills p< r «-ni . mu-monih X-jlln per rent . and three -monih 

» T 1 it: uumKiniju- Wllltic rate fw one-tnbafh ban h.i(> i» per rent.. twv-mantB .iUip-* M ecm : anil ihree- 
•ii n. r t eni. month trade Mils tg prr nut.; .wniimli -HS per rent I and also thm-mnnib Sl-S! per rent 

Mir Npasc 8a»r Rates i iuihltsl„->t hy ith- Kiiumv Hnus.-s AsMn-iatPtn 5 pre rent, tram Jamury 1. 197s. Clearing 
hrptM RMn sir.all niuii at wti-n -iasV notice 1 3 per re-nt C-esHno Bank Rates for lenihnx Ci prr rm:. Treasury 
»T-np- lend r rat*« id diwintnt j«-r ren! 


A compulsory order made on 
January in against Business and 
Technical Systems was rescinded. 
By consent the petition was 
dismissed. 

In another petition a stay of all 
further proceedings was granted 
in the liquidation of K. M. Berlin 
which was ordered lo be com- 
1977. 


ffirthemost 

luxurious 




m 



ervtce 

11 


rm, 

USi 




wtawz. 


Victor Britain is the chauffeur drive service 
of Avis Renta Car. 


Managers adopt 
new symbol 

THE BRITISH Institute of 
Management has adopted a new 
symbol for its national conven- 
tion. to be held at Wembley 
Conference Centre on March 7. 
The design — linked arrows- — 
will be used in cor.juncrtcn with 
a convention slogan: “ Managers 
— the pru's m prosperity." 


SHARE STAKES 


Sound Diffusion — Control 
Nominees has sold 79.645 shares 
reducing holding to 739.093. 

Belgrade (Black heath)— Central 
.Manufacturing and Trading h.ia 
sold its entire holding of 15<).(6)0 
shares. 

West Coast and Texas Regional 
Investment Trust — Cornhill Insur- 
ance no longer has a notifiable 
interest following the sale of 
75,uoo shares. 

Harris L e b u s — Green brook 
Securities , through subsidiary. 
Hunting Estates, has sold 11 5.001) 
shares. Holding now Jltl.noo 

C-haddesley Investments — 
Drdcnes has disposed of its hold- 
ing of 350,000 shares. Suncv. 
Finance has acquired 350.000. 

Inter-City Investment Group— 
J. Harris, director, has a beneficial 
interest in £93^312 shares (0.6 per 
rent.). 1. Weishort. director, ini< 
a bcrielictal interest In TJUM 
(7.7 per cent.). 

K. Austin (Leyton) — Kryser 
f liman Investment Management 
arc beneficial owners of )tfin,unu 
shares «7.1 per cent.). 

Wood and Sons (Holdings) — 
Neuman Industries 'has an 
tnrervsl in 347,500 shares IS. tty per 
cent. i. 

Trafalgar House — Kuwait Invest- 
ment Office acquired HJO.OOU 
.shares on January 12 and has an* 
interest in Itai. shares (5.63 per 
vent.). 

Office «ud Electorate Machines 
—EL Markus has sold 73,000 shares 
c. Davies r.jitw . 


director, has disposed of 37.912 
shares registered in name of 
Courtways Management, a private 
company of which he is a director 

In It tat Services: John Jaxe> 
Group has increased :t» holdings 
of Sf per ccr.t. cumulative 
Pteferenrc shares to 29.77S 1 7 4 
per rent ). 

Advance Laundries: Wesleyan 
and General Assurance holds 
in.300 5; per ccr.t. «etord 

Prifercnce shares (prericus!;.- 
13.100). 

Amlier Day Holdings: Follow- 
ing directors have notified sales 
as follows en January IS — 
H. Mi-tat-r 365.000 shares. H. Fine 
uoJd 200.000 J W. Rose 1 HO. 000. 
E Davis JUt'.OW). H Cohen 10^00. 
and non-beneficial' ;n:ere c .t o 
H Cnhe.i 45.U0n. Fnliawina those 
divpasats. directors and families 
are interested in "632.390 share* 
I29.9X per cent ). 

Burma Mines: David Invert- 
mens *»■ 1 Jersey* beneficial hclding 
h j>i increased frnni 2 SOT 500 shares 
tu Cm. 1 23.15 per cent 1 . 

ASSOCIATES DEALS 

On Friday, X. M Rothschild and 
Sons bought the following Uareros 
shares for the following group of 
associates a! 90p: Rothschild 
Investment Tna,t 5.000: -Sipef 
IJ167; McLeod Russel 2.-50U-. Hume 
Holdings S33. Group now bo ids 
2,326350 tie res. 

(lai-cr.ove bought 155,000 Madame 
TiiwawT s a! 65a an behalf 'of 





a VIP 




There's nothing quite like being 
a Very Important Person for 
making sure that your company 
gets the best possible service 
from its bank. 

And there's one simple way of telling just how 
your bank rates you and your business. 

Do you deal direct with a senior manager? 

And is he really a senior manager, in fact, as 
well as in title? Can he, in short, take decisions 
for you? 

If so, good ; if not, we'd like to invite you to 
find out what A P Bank can offer you. 

With A P Bank each account is a personal 
account. Yet you will enjoy the large resources of 
a major financial group; the benefit of decades of 
experience in the key areas of corporate finance, 
finance for imports and exports, and currency 
dealing, as well as a service that's efficient, speedy 
and inventive. 

To find out just how important a personal 
customer can be, call 01-588 7575, and speak to 
Philip Moss or Sydney Lawson. 


AF Bank Limited 

A member of the Norwich Union insurance Group 


NORWICH 
UNION 

■amice 


7 Bishopsgate. London EC2N 3AB. 
Telephone: 01-588 7575. Telex: 888218. 


Westland Aircraft 



Limited 



and J 

CSC Investment Trust— London 5. Pearson and Son. 
and Manchester Ajfsurancc ha«' Capet-Core Myers sold 16,666 
houchi 2.500 .shares making Total Allied Investments a: 32: n 
SS>UO ifi.m per cent ). behalf of a discretionary client. 

Esperenza Trade and Transport 
—Rothschild Inre-’t men t Trust has SI ME DARBY 
increased iti' holding by 20.963 China Engineer; ' (Ho'din^O. a 
shares (n 2 , 000 , uns (17.12 per subsidiary of Sine Darby Hohf- 
eent.l. Guinness. Pea: Group iia* togs, has acquired a as per cent, 
inrreaseri its hriMms bv 10,9il3 eqa>fy interest in Svo Hor.j Kong 
hares to . 2.4:tD.SS5 (21-T2 jier enijinecrms cnmpanies— Aracrsexi 
cent > ER^.Reenn; Cor?. (Hong 

CteUaaHoldlagw V. C.H. Cieer. and LnteraarienaJ Engineering. 






Extracts from the Statement by the Chairman, 

The Rt. Hon. Lord Aldington, PC, KCMG, CBE, DSO. 

not been fullyforeseen. Whiist discussions proceed 
with British Railways, prudently a provision has 
been set aside forthis important contract. The 
work done underthe contract is confidently 
expected to lead to further orders for lengthened 
SR. N4 hovercraft. 

Taking together the provisions that are necessary 
forthe Lynx and the Hovercraft contracts, the year's 
profit of £5.8m before tax is about £6.5m less than 
it would otherwise have been. 

There need be no doubt about the [longerterm] 
opportunities open to us or our ability to match 
them. Your Directors have expressed their 
confidence in the more immediate future through 
their dividend recommendation. We have the 
resources in people, plant and money. We intend 
fully to exploit the investments and experience of 
recent years. 


The results for our year 1 976/77 have been 
dominated, as we indicated to you in the Interim 
Report, by additional costs and delays in the 
assembly of the Lynx which persisted until August. 

It is right to remember when considering the U.K. 
Lynx contractthat its terms were settled in 1 973 
when neither hyper-infiation nor several years of 
high levels of inflation were anticipated. The 
provisions now made have taken into account 
likely levels of inflation over the next two years. 

In other respects, too, 1 976/77 was not an easy 
year. The effect of the continuing high rate of 
inflation and the consequent strains on people must 
not be forgotten, even though they become 
amiliar. Taking the rest of the business of the 
Group, most of it showed the expected increase in 
turnover and improvement in profits ; in particular, 
Normalair- Garrett, despite being affected by 
industrial relations' difficulties in the 
neighbouring Westland Helicopters 
factory produced good results. 

British Hovercraft Corporation, in 
Cowes, substantially increased its 
turnover, but later in the year found 
that the fulfilment of its sizeable 
contract with British Railways to 
lengthen two SR.N4 hovercraft 
involved additional work which had 


Operating Companies 

^s^^PtersUmited Yeovil and Weston-super-Mare (Sea King. Commando, Navy Lynx. 
Muftr-roteLynx, Gazelle). British Hovercraft Corporation Limited Cowes, Isle of Wight (Civil and Military 
hovercraft. Helicopter spares). Normalair-Garrett Limited Yeovil (Environmental control 
eqU JSHS2' P, eclT °™ Cr hydraulic and oxygen equipment for industry). Westland Engineers Limited Yeovil 
^ n 5 al 3 2 d Garage doors). FPT Industries Limited Portsmouth, Hampshire (Flexible fuel tanks). 
Saunders-Roe Developments Limited Hayes, Middlesex (‘Betalighf self-powered light sources). 


Copies of site Annual Report and Accounts can be obtained from the Company Sssrcta.",- a: YeoviL 


Turnover 

1977 

£'000 

138,926 

1976 

£'000 

131,239 

Profit before tax 

5,844 

9,342 

Profit aftertax and minority interests 

3.430 

7,692 

Earnings per share 

5.79p 

12.97p 

Dividends 

3.1 8378 p 

2.85049p 





26 

ElnuigthtoStreimth 

With pre-tax profits up a g ai n, this time by 22 t !'<*. Chairman 
Harold E. Williams reports satisfactory progress in the face of 
particularly adverse trading conditions. . 

All three operating divisions again contributed to 
profitability, demonstrating the imparlance of a broad business 
base in three key metal-orientated markets.. 

The Steel Service Cen tres. which accounted forb2 p o of ■ 
group-turnover, increased trading profits to £666,000 (£615 : QOO). 
ThisSespite the severe recession in the steel industry. 

The Foundry Division already benefiting from recent 
investment, has extensive plans For further expansion of 
production of S.G. iron castings. Their profits improved to 
£449,000 (£361.000). 

The Architectural Products Division achieved profits of 
£233.000 (£157,000). and continues to expand its successful 
Window Centre retail operation. 

Extracts from 1977 Report (m £000*8) 


Financial Times Tuesday January 



1977 

1976 

1975 

1974 

Net .\sscls Employed 

6116 

5485 

4511 

. 5059 

Turnover 

IS402 

16670 

15880 

14871 

Trading Profit 

1338 

1113 

1114 

1125 

Interest 

427 

569 

408 

409 

Profit before Tax 

911 

744 

706 

714 

Earnings attributable 
to the Shareholders 

452 

360 

556 

.542 

Ordinary 1 Dividends 

no 

99 

90 

84 


Annual General Meeting Friday. 3"ih January 19"8. 
Copies ol .Vuiiual Rerun available from: The Secretary, 
William* Wav Card if! CFJ 1UH. 



GROUP OF COMPANIES 
J0HNWILUAMS0F CARDIFF LTD 

Principal subsidiaries: (. R. f-urtvsicr & Co. Ltd. Glen Metals Ltd., 
Stewart Thomson \Wishawj LuL Central Shcartine Ud. 


MINING NEWS 


Mary Kathleen faces 
another problem 

BY KENNETH MARSTON, MINING EDITOR 

IRONICALLY. AUSTRALIA’S only current year, ia more encouraging, a number of years, 
uranium-producing mine, the The recent labour shortage on the Alcoa's withdrawal to establish 
Rio Tinto-Zinc group’s Mary Kalb- gold mines has eased considerably an alumina plant of its own sug- 
teen, has been hamstrung by with labour complements cur- gests .that when Alwest goes 
trades union opposition to exports rently near optimum levels at ahead it will be' on. a smaller 
of uranium at a time when the about 97 per cent, of requirement, scale than first envisaged, 
mine’s production problems The bullion price dosed $2.50 Refinery production of between 
appear to be easing. Force higher at $175,625 per oz yester- 0.8m. and lm. tonnes of alumina 
majeure thus remains in being day. its highest closing level since a year was the original aim. 
on shipments which were due to April 3, 1975,- ■ ' Mr: Mensaros said that 76 per 

cent of the equity in the revised 
project had already been taken 
up. In the past he has mentioned 
the possibility 1 of a Japanese 
group joining the consortium. 

New Wits and 
‘Freddies’ 


G. R. FRANCIS GROUP 

LIMITED 

INTERIM RESULTS (UNAUDITED) 


Sales 


Profit before Tax_ 


Half-year 

Half-year 

Year 

- to 

to 

to 

30.9.77 

30.9.76 

31.3.77 

£'000 

£’000 

£’000 

._ 2,358 

2.049 

4,225 

* 99 

92 

241 


W The profits for the half-year ended 30th 
September, 1977, show a 7^ % increase over 
the corresponding period in the previous 
year. 

As stated in the Annual Report for the 
year ended 31st March, 1977, your Company 
continues to experience a severe trading 
climate and it would therefore be imprudent 
for me to forecast the results for the full 
year. 99 

G. R. FRANCIS 
Chairman 


per cent, owned by KTZ. 

Gold output at 
16 -year low 


be made before' December 31. 

On January 6, the Common- . . , . 

wealth Government announced AlWPCl rPlIimC 
that It was deferring considers- tol, 1CIIUU3 

tion of any arrangements for . . 

further shipments df uranium out Tf) <2|51|T IfllP 
of Australia, before the middle of . * . ““ 

February while union members a NEW partner for the 5 A 650m. 
took part in the poll on the sub- (£S83m.) Alwest bauxite-alumina 
ject called for by the Australian venture in Western Australia will 
Council of Trade Unions. Last emerge in the next two or three 

I week, however, it was reported months, according to Mr. Andrew ■ 

■that two major, unions had re- Mensaros. the State’s Minister, for HALF-YEAR net profits of South 
fused to take part in the ballot. Industrial -Development, Mines. Africa’s New Wltwatersrand Gold 
Mary Kathleen has been having Fuel and Energy. Exploration amount to R9 56,000 

talks with 'its major shareholders The project, has been hanging .(£569,0001 compared with RlJ4m. 
regarding short-term finance until fire since the Withdrawal of Alcoa in. the six months to December 
normal shipments can be resumed of Australia last July. The exist- 31, 1976. The total for the full 
and has been assured or sufficient ing partners .-*« Reynolds Metals year to last June fell to R985.000 
funds to cover its requirements of the U.SL, Broken Hill Proprfe- following a RLlnx. writing-down 
until the end of February. The tary of Australia and Mr. Rupert of investments. The latest in- 
present Federal Government and Murdoch's News Ltd. terim is maintained at 6 cents 

its Labor predecessor have re- Mr. Mensaros, who is in Europe (3.6p). 

peatedly stated that existing drawing attention to Western Another of the smaller South 
uranium contracts would be Australian development pro- African mining finance houses, 
honoured. grammes, said in London that the Free State Development and 

Meanwhile, the company reports incoming partner would be a user Investment, reports net profits for 
a loss for 19 / 1 of SAlO^m. of the alumina, but he would not the six months to December 31 
(£6.4mA compared with a loss of be more specific. of R392.D00 (£233.000') compared 

$A 12.4m. in the previous year. How- He did say. however, that more with R444.000 in tbe same period 
ever 8AS.4m. of the latest loss people wore interested in the pro- of 1976- The total for the year 
was incurred in the first half of ject than in earlier times. The - to last June came out at only 
1977 when production was hit by joint venturers would have to R567.000 following a Call in share- 
technical problems at the mine select a partner. dealing profits during the second 

and plant. Output, amounted to If this is the case, then there half of 1976-77. 
only 182 tonnes of uranium oxide, has been a substantial change in ‘‘Freddies” is paying an un- 
but it improved in the* second international attitudes in recent changed interim dividend of 4 
half of tbe year to 238 tonnes. months. Alcoa of Australia only cents (2.4p) and states that Its 
Last year Mary Kathleen repaid announced Its participation at the net asset value at December 31 
the balance of uranium oxide 4nd of 1976 after BHP and News was 260 cens (155p) per share, 
that It had borrowed from the Ltd. had nursed the project for Yesterday’s London price was 93p. 
UJC. Atomic Energy Authority for some seven years. Tt Is also pointed out that it 

delivery to customers in 1976. The idea has been to find an should not be assumed that results 
Mary Kathleen is 51 per cent outlet for the bauxite reserves for be firs half of he year will 
owned by Conzinc Riotinto or held by BHP. and News Ltd. In the be repeated in the remaining six 
Australia which, in tim, is 72.6 Darling Range behind Perth. The months because of the uneven 
.. . . development of alumina facilities Row of Investment income and 

in Western Australia has been an fluctuations In sharedealing 
aim of tbe State Government for profits. 

_ New Botswana mine 

tion In 1977 was at Its lowest level 

for 16 years. The latest statistics THE Botswana Government will project, now estimated to cost a 
from the Chamber of Mines of get “ more than 70 per cent” of total of some 200m. pula. 

South Africa reveal ihat gold out- the profits of De Beers, the rich Jwaneng is considered the 
put for December was 1.724,017 jwaneng diamond mine, according richest diamond find in Botswana 
ozs. against L904.S67 ozs • for to Dr. G. Chiepe. Botswana's so far, and according to Botswana.] 
November and 1,778,698 ozs for Minister of Mineral Resources, sources, could well outstrip the 
December. 1976. reports Bridget Bloom, Africa Ora pa mine, the major producer 

Tbe December figure brings the correspondent so far in both production and 

cumulative' total for 1&77 to Negotiations to finalise the revenue. 

22,408.037 ozs. compared with Government’s agreement with De n e Reer? has remained larmlv 
22.798.453 for 1976 and 22.764^58 Beers are expected to begin silent on tiie det3™Su* 
f0 Li 9 ! 0 - ; T0 _ to-day in Gaborone, the Botswana merit with the Botswana Govern- 

Production for 1977 was capital. raen » n ut n- chiene confirmed 

affected by tbe introduction of On Feburary 1 negotiations win S an intend in BdtswanaTS 
the 11 -shirt fortnight for white also begin between the Botswana week that Jwanetie “a verv bis 
mineworkers and short-term con- Government and a commercial find" exneeted'tn beein nro- 
tracts Tor black mineworkers. the bank consortium led by the First Son in 1982 w Ith Sme E 
latter resulting in a high turnover National Bank of Boston, for a cratTf or th a 7,« 
and the retraining of many medium-term loan of some 40m. „ 

employees. pula f£2$Jtin.) to 0 nance the T * ie Government hoped that 

However, the outlook for tbe Government's part or the overall Production could thereafter 

ramdly work up to the 4m. to 
4.5m. carats which Ora pa is 
scheduled to reach next year. 

Dr Chiepe said that although 
the Government had hoped . for 
wound a 77-23 per cent- share-out 
on profits the Government take 
would be less than that The 
Munster believed, however, that 
•the deal reached gave “a fair 
return to both sides.” 

■Hie Government will take a 
2°il? r undisclosed equity share- 
holding in the Jwaneng operating 
company • and — unlike Orapa — is 
to participate in • financing the 
project’s infrastructure... - 
Dr. Chiepe confirmed that 
negotiations with the First 
National Bank of Boston and 
•ndudfns Standard and Barclays, 
ror a commercial loan of some 
40m. puls — “less than -a quarter 
of the total cost "—will begin in 
Gaborone next week. 

Jwaneng. which sources In 
Botswana su-reest could prove 
second in riches only to the 
yinsch mine in South Africa, is 
Relieved to have a 50-30 sollr 
between industrial and gem 
stones. 

.Major problems are the deep 
"oaring of Kalahari sand and 
ack of water. Anna rently enough 
water has been found locally for 
he construction period, although 
1 K R oss ffil e that sunrdies for 
. frud townships may 
ultimately have to be piped from 
near Gaborone. 


AH of these securities having been sold, this announcement appears as a matter of record only. 

New Issue/ January, 1978 

U.S. $200,000,000 

Bell Canada 

Principal and interest payable in 
United States dollars in New York City. 

9% Debentures, Series DE, Due 2008 

Interest Payable January 1 5 and July 15 


Salomon Brothers 
A. E. Ames & Co. 

IncotpenM 


Merrill Lynch, Pierce, Fenner & Smith 

Incorporated 


Wood Gundy Incorporated 


The First Boston Corporation 
McLeod, Young, Weir, Incorporated 

Dillon, Read & Co. Inc. 


Blyth Eastman Dillon & Co. 

Incorporated 

Drexel Burnham Lambert 

Inc o rporated 

Kidder, Peabody & Co. 

Incorporated 

Loeb Rhoades & Co. Inc. 


Goldman, Sachs & Co. 
Lazard Freres & Co. 


Smith Barney, Harris Upham & Co. 

iMorporatad 


Wertheim & Co., Inc. 


White, Weld & Co. 

incorporated 


Bell, Gouiniock & Company 

Incorpora te d 

Midland Doherty Inc. 


Dominion Securities Inc. 
Bache Halsey Stuart Shields 

Incorporated 

Donaldson, Lufkin & Jenrette 

Socvrlttei Corporation 

E. F. Hutton & Company Inc. 
Lehman Brothers Kuhn Loeb 

Incorporated - 

Paine, Webber, Jackson & Curtis 

Incorporated 

Warburg Paribas Becker 

Incorporated 

Dean Witter Reynolds Inc. 


Greenshields & Co Inc 


Burns Fry and Timmins Inc. 

Nesbitt Thomson Securities, Inc. 
Pitfieid, Mackay & Co., Inc. Richardson Securities, Inc. 

UBS-DB Corporation ABD Securities Corporation Basle Securities Corporation 


Daiwa Securities America Inc. 


Kleinwort, Benson. 

Incorporated 


Robert Fleming 

Incorporated 

The Nikko Securities Co. 

loternatioflal, Inc. 

Scandinavian Securities Corporation 


Yamaichi International (America), Inc. 


EuroPartners Securities Corporation 
New Court Securities Corporation 
Nomura Securities International, Inc. 
SoGen-Swiss international Corporation 

Hambros Bank 

United 


m 

top MAM 
contracts 

Management Agency and Music 
is confident that profits' for the 
year ending in July wHl “not, be 
out of line” with those in the 
previous year. The company 
expects this repeat performance 
despite a renegotiation of its con- 
tracts with three of its leading 
talents that wifi redtacethe amount 

of income It derives from them in 
tbe immediate future. 

In a letter to shareholders MAM 
describes bow tt-has altered con 
tracts with Tom Joues and Engel- 
bert Humperdinck, the sogers, 
and Mr. 'Gordon Mills,.: ■ the 
manager, that were due to expire 
on July ai; 1979. The company has 
agreed new . contracts with, all 
three that are effective from' the 
beginning of this financial; year. 
MAM wUl lake a Smaller gut of 
their respective- earnings forth- 
with and. in .return, will receive 
this reduction until July 3L- 1982. 
No cash payment is involved. - 

Kir. Gordon Mills will continue 
to manage -Tom Jones,but, at 
Engelbert Humperdinck's request 
has now relinquished management 
of Mr. Humperdinck to another 

director of the company. Mr. 

Harold Davison. MAM will, now 
receive 50 per cent, of the- two 
singers’ record . royalties, and SO 
percent!- of Gordon MQls earnings 
till July 1982. instead of 100 per 
cent, till July 1979. There is a 
corresponding ‘ reduction of the 
percentages taken by MAM of the 
TV. live performance and other 
earnings accruing to the !, two 
singers. 

Tbe company considers that the 
■resulting earnings shortfall over 
the next two years will be made 
up for or exceeded, by the take 
during the following three. The 
managing director. Mr. W. Smith, 
says that the new arrangement 
will give MAM mpre time to work 
towards a replacement, of .these 
artists' earnings, by internal 
growth and by the “acquisition 
of assets and earnings from other 
sources.” 


Dewhurst and 
Partner second 
half drop 

Af ter being nearly . £20,000 up 
at half-way. profits of Dewhurst 
and Partner rose only £1,929 to 
£167,284 In the 53 weeks ended 
October 2. 1977. 

Tbe pattern in tbe 'first 'half 
was Increasing turnover and 
profitability for the parent com- 
pany, and Tosses in the subsidiary 
Dupar Pelapone. A continuation 
of that trend was expected for 
the full year, with the end result 
showing some improvement in 
overall group .profits. 

Tax for tbe 53 weeks takes 
£92fi82 (£91.457). leaving- the net 
profit at £74.702 (£73,898). This 
year there is an extraordinary 
credit of £37.784. 

Earnings are shown- at l.B4p 
(1.03p) per lOp share. The divi- 
dend is.- stepped up from 0.8p to 
0E25p net with a -final or 0.575p. 

Tbe group makes - electrical 
control equipment. 


Forest plan 


'hs-fc! 


ROUND-UP 

. Jhe Sultanate of Oman is to 
rake a 75 per cent interest in a 
SSIH venture capitalised at 

5120m. f£QL8m.) being set up to 
vxplolt copper deposits at Shar. 
54 miles from Muscat, the Middle 
East Economic Survey reported. 
The other partners, with 125 per 
cent, each are Marshal of the U.S. 
and Pruspecdon of Canada. Pro! 
due tion is planned to start within 
30 months at a rate of 20,000 tons 
a year of refined copper. 

* .* • *. 

In Melbourne. Gold Mines or 
Kalgoorlic announced a first and 
final call of 10 cents (557p) on 
2 043m. 1 1977 new issue shares 
Shareholders will be notified not 
later than February 22. 

* * * 

The Australian group. Emperor 
Hines, confirmed it was wining to 
negotiate .the sale of its Fijian 
■sold mine to the Fijian Govern- 
ment. Production at the mine has 
resumed with- a reduced labour 
force. 


Brineo. one of the Rio Tfnfo- 
Zi-»c group’s Canadian units, has 
spent SCan3.Sm. <£l.7Sm!) to buy 
mnoo Treasury- shares In the 
Vancouver oil and gas concern. 
Cosekq Resources. The purchase 
would raise Brinco’s stake to over 
30“ per cent, but the effect or a 
*hare exchange acquisition by 
Coseka. now in negotiation, would 
reduce that to just over 25 per 
cent 

MINING BRIEFS 

MOUNT ISA MINES —Product (on 'or fin 
•».-nott Decirmhfr 15 to January 15 . lean 
ore ireated 133 . 11)7 lorui-t. nroduced T.r» 
lonoci cflxte k-ud and IS . 372 tennrt dor 
'oncontrates. Qaoper ore u-eatad 535.426 
onnes. produced tfi^C nodes blister 
copper. 

MALAYSIAN MINING CORPORATION 

•Amalgamated Tin of Xuteria Decerntwr 
orodocuon Of conecmrar**: tin. 1 ST tonnes, 
folumbire 22 tonnes. NoroBibcr US and 
16 tonne* ruDccdTe!?. 


A LANDSCAPE plan is beln^ 
prepared by the Forestry Com- 
mission to eliminate the rigid, 
geometrical: lines of Ennerdale 
Forest in f the Lake District to 
make thy whole area more 
attractive. 



FREE STATE DEVELOPMENT AND INVESTMENT 
CORPORATION LIMITED 

f rncoTTKirnted-in the Rcpu&lic oj South Alnca), 
UNAUDITED RESULTS OF the comf e ot 

for m bElf-sea* ended- mm December, h-7 


ft months flmontla 
ended ^ended. 
December December 


Net revenue excluding projt 
or loss on realisation of 
Investments 

Profit oh realisation Ot 
investments 

Profit before taxation 
Taxation 


1977 

R’OOOs 


229 


1976 

B’OOQ* 


209 


-Yearrf" 
nwted >.< 
June 
1977. “ ‘ 

iwooi-: w 


profit after taxation 

Dividends for previous year 
Net asset value per share ... 


163 

15 


392 


235 

"4« 


■«* 


260c 


227c 



2 . 


3. 


4. 


5. 


NOTES* 

L An "interim dividend (No. U)-«f * ^ 

1977—40 was declared on 23rd Januar>, 197S. . 4 

The net asset value for the half-year is calculated before^ 
payment of the interim dividend. — 

The actual Drofit on realisation of tnvestments tbi^j 
S monSs ended 31st December. 1977 amounted 
r?<« non (1976— R39 000). Provisions in previous yestx afij 
written beck aBOUBWl t. SJtJ 

(1976— R196.000). • . v 3 

No Drovision for possible losses on future reallsanoa^fj 
SmaESSuri* included In the figures as this wtiL be ,cdb-| 
sidered at the year-end. ^ 

No provision has been made for taxation as the. compMy^ 

has an estimated tax loss w 

6. It should not be assumed that the results for the first. sbs.^ 
monthTof the financial year will be repeated in^e ** 

maining six months of the year Tor the reasons thaL . VJ - { 

(a) rocome from Investments doea not accrue eyenlj i 

throughout the year: . . . 7I 

(b) the realisation of investments fluctuates in accordance.^ 

with policy decisions and market condittoos. ^ 

Head Office and Registered Office: On behalf J f _ jj® 5SKj$ 

Consolidated Building, - 

Comer Fox and Hamson Streets. «- A - hwaaMisJii'. 

Johannesburg, 2001 - *- directors . 

(P.O. Box 590. Johannesburg. 2000). - •• •: 

de clar ation of dividend NO. 11 ' 

An Interim dividend (No. 11) of 4 cents per share, la The 
currency of the Republic of South Africa has -f 
in respect of the year ending 30th June, 19TS (1977 lnteri(n: ^ 
4c per share) . '£ 

The dividend Is payable to members registered .a 
books of the company at the close of business on 10th Feb,-; 
ruary, 1978. and is declared subject to conditions wmefreaft^ 
be inspected at or stained from the company’s Johannesburg 
Office, or the office of the London Secretaries (Barnato Brothert*! 
Limited of 99 Bishopsgate. London- EC3.M 3XE ) 

Subject to the said conditions, payments by the. London^ 
Secretaries will be made In United Kingdom ■ cur rencif at- the^ 
rate of exchange quoted by the company's bankers on 8-b^ 
March. 1978; provided that in the event of the company’s" 
bankers being unable to quote such a . rate of exchange on j 
that day. then the currency of the Republic shall be converted ; 
at the rate of exchange quoted by the company’s bankers on , 
Che next succeeding day on which such a rate is quoted. . 

Dividend warrants will be posted From .either the Johan- -i 
nesburg Office or the office of tbe London Secretaries, as 
appropriate, on 17th March. 1978. t 

South African Non-Resident Shareholders’ Tax at the rate^ 
of 15% and United Kingdom Income Tax will be deducted" ; 
from the dividend where applicable. ' 

The Share Transfer Books and Register of Members wilP, 
be closed from l lth to 18th February, 1978, both days inclusive,.^ 

By Order of the Board. \ 

■ JOHANNESBURG CONSOLIDATED .INVESTMENT 4 

COMPANY. LIMITED J 
. . Secretaries, 7 
per D. A FRE£MANTLE.i; 



Head Office and Registered Office: 
Consolidated Building, , 

Cor. Fox and Hamson Streets, 
(P.O; Box 590V, 
JOHANNESBURG. 

23rd January, 1978. 


Lucas Industries Limited 

through its wholly-owned subsidiary Lucas Industries Inc. 


has acquired a 25% interest in 


Siliconix Incorporated 

through the private purchase of 466,898 common shares 


We assisted Lucas Industries Limited 

in the negotiations leading to this transaction. 


Donaldson, Lufkin & lenrette 


Now York 


London 


Paris 


Zurich 


•i 

; 2 




POLL 

Erifted by Denys Sutton .. 



. - * 


world’s 

leading magazine of 
Arts and Antiques 

Published Monthly price €1.50 Annual c,,^' - * * * = 

OverseRs Subscrio-ion £24.00 USA & C2,; °° 

0t1 5Creet ’ ^ndor, EC4P 4BY. T *l. 0 


a 

* t 


r 







a 

acc epfr 




A-.— 



1 


I 

, »; riandal Times Tuesday Janeary 24 1978 

-A; • mews analysis — Harrisons & crosfield 


nr 




Fighting for the empire 


by James Bartholomew 


so complicated.” said one 
omlMlams in the war for 
& and Crosfield empire, 
?n we do not fully under- 
.tal we arc doing." 
conflict, fought simul- 
y on several fronts, must 
vonfi the most, involved 
struggles ever, 
ts very complexity, the 
dings, the doubts about 
olives of the apposing 
cs. the Takeover Code 
.he political ramifications 
romantic history of the 
company make it ail the 
scinating. 

■ons and Crqsfield' were 
:d as a company in 1B05, 
■ the history of its fore- 
'ocs back much further, 
the first third of this 
it was engaged, .among 
‘lings, in creating pianta- 
t did not buy plantations, 
oaily hacked them opt . of 
gle. 

! C eould not itself finance 
plantations it wanted to 
lur there were -plenty of 
-& ready to put up the 
allowing H and C to act 
at and manager. Many 
impanies were started in 
.- and it was natural, even 
c, that H and C should 
tall stakes in (hem. 
investors tended to like 
mpanies to have only one 
plantation, say rubber, so 
■y could buy an undiluted 
that industry. But from 
•panics’ own' point of view 
-s not so sensible. The 
downs of the rubber price 
that the companies were 
cly broke and flush. As a 
hey could not plan: ahead 

- and their dividend pay- 
vere erratic. 

emed logical, when these 
companies were well-off, 
on to some of their money 
han pay it all in dividends- 
;her than stmnly leave the 
in a bank, it seemed 
l for them to invest it m 
,-iantation. companies,-' prob- 
aniing n different kind of 

- opera ring in a different 
\ to spread the parities) 
matic risks. 

rally the plantation corn- 
in' which they invested 
ther ones in the H_and G 

advantage of this system 
■town dramatically in the' 
f Ij>ndon Sumatra, whose 
interest is in Indonesia. In 



Rothschild’s picture of die Harrisons and Crosfield maze.. The percentage appearing in each company 
box is the total equity held by H and C companies. 


the' late' sixties, 'at the time of 
sear war in that country, the 
estates- of London Sumatra were 
to-' all intents and -purposes 
expropriated. ; But the - company 
was able to Veep on paying divi- 
dends because of the income 
which it received from invest-, 
merits in other . H and C- 
companies. 

. London . Sumatra also demon- 
strates the benefit which com- 
panies, and their shareholders, 
have derived from the H and C 
connection-' . "When peace was 
-restored in Indonesia, the -new 
Government allowed London 
Sumatra to have its property 
back in exchange ; e r a long-tens 
commitment to develop the 

estates. H and CV reputation Is 
said to have been an important 
element in obtaining this agree- 
ment. 

- The -directors of H and C are 
proud of their company and most 
of them have been in it for -a 
long time. Between them they 
have had over 120 years working 
for It ‘in the Far East. They fee! 


as involved, in the mass of com- 
panies they run as if H and C 
owned them. But there is the 
rub. H and C does not own a 
great many of the companies 
despite ■ the fact that they are 
completely under the control of 
its management.- -' 

It is this which gives rise to 
the conflict.. .On the one band 
companies outside the group like 
McLeod Russel and Rothschild In- 
vestment Trust, quite legitimately 
aspire to buy satellites of H and C. 
On the other, H and C tries to 
maintain or increase its control 
of them. The determination of 
all sides is increased by the fact 
that the satellite companies are 
much more desirable than they 
used to be. Most of the planta- 
tions are mature. Crop yields 
are well above pre-war levels, 
more than five times above jri the 
case of rubber, and the prices 
have on the whole kept ahead of 
inflation. H and C was once 
content merely to manage the 
plantations but now it -is much 


more keen to own them as well. 

The methods employed by 
H and. C to keep . and consoli- 
date Its empire is the cause of 
the central controversy. The 
Rothschilds side has accused 
H and C of * creeping control,” 
using ' the amazing web of cross 
holdings gradually to take , over 
the satellites without ever paying 
a- proper ” take-out price. This 
is the sort of situation that the 
City's Take-over Code is designed 
to prevent. But most of the cross- 
holdings were built up before the 
Code was created and are now . a 
fact of life. The- Code does not 
appear to be able to resist the 
undesirable consequences of an 
existing spider's web of share- 
holdings. 

But what about the other side, 
Rothschild Investment Trust, 
Hume Holdings. .McLeod Russel, 
Slpef SA and Genting Highland, 
sometimes acting tone: her, some- 
times separately” Does it consist 
of avengmg ancels. attacking the 
empire in order to protect the 
smaller shareholder? . Certainly 


the outside shareholders have 
benefited so far as bids 'and 
counterbids have increased the 
value of their holdings. 

Or are the Rothschild forces 
trying to break up the empire for 
personal gain? The example of 
the bid for one of the satellite 
companies; Atalayalam Plantations, 
showed what profit could be made. 
McLeod Russel jbuilt up a stake 
and made a bid, thus provoking 
H and C to make a counterbid. 
McLeod Russel came away with 
paoer profit' of more than £lm- * 

Politics enters the picture In the 
form of “ Malaysianisation.” the 
programme for companies in 
Malaysia to give up a large part 
of their ownership to local in- 
terests. 

This will make it difficult for 
H and C to maintain its grip on 
the Malaysian part of the empire, 
especially if, as rumoured, there 
is a political faction there actively 
opposed to H and C. But Barings, 
advisers to. H and C, deny that 
there is any such faction. 

The current take-over battles In 
this tfar are being fought over 
three of the satellite companies, 
Malayalam Plantations, Harcros 
Investment Trust and London 
‘Sumatra. All three have important 
stakes in other H. and C. satel- 
lites as well as -substantial cross- 
holdings in each other. 

Harcros has a particularly 
important strategic position be- 
cause of its many stakes in group 
companies. This is partly reflected 
in the offer document from 
H- and C where the chairman of 
Harcros writes: “Stockholders will 
benefit from H and C’s wish to 
consolidate the group by receiv- 
ing 5 per cent, above the going 
concern net asset value.” The 
details , of Harcros’ holdings do 
not appear in this document but 
Rothschilds believes that If the 
bid is successful H and C's direct 
stake in CastleGeld (Klang) and 
London Sumatra would be taken 
above 30 per cent, and its stakes 
in Holyrood aod Lunuva above 50 
per cent. 

The motives of the Rothschild 
camp may be in doubt, but its 
activities do appear to have high- 
lighted a controversial aspect of 
the H and C empire which the 
Takeover Code has not been de- 
signed to remedy. The best way 
out may be for-H and C to fallow 
the example of Sime Darby and 
James Finlay by removing In- 
cestuous crossholdings . and 
arranging for each conraany to 
have a dear lincomested owner. 


> k 






Alexanders 

DiSOOUN f COMPANY LiMi s ED 


Results for 1977 



★ Subject to audit, the Balance of Profit for the year after providing for rebate 
and taxation and making a transfer to Contingency Reserve is £2,139,000 (1976 — 
£264,000). 

•4r A final dividend of 9_833p per share (£478.000) on the £4,857,158 Issued 
Ordinary -Capital is recommended; this makes a distribution for the year of 
£696.000 which together with the associated tax credit, represents a total for the 
year of 21.711 p per share (£1,055,000) (1976— l9.738p— £958,000 on £4*553,158 
Capital). 

ic The Bajance of Profit carried forward will be £2,048,000 (1976— £613,000). 

■A' The General Reserve has been increased to £5.0m. (1976 — £3. 5m.) by a 
transfer from Contingency Reserve. 

★ The Company has achieved the largest profit' in its history. The published 

resources have been raised to £12.1m. and the inner resources have also been 
increased. - . 

The move to new premises has greatly facilitated handling the marked growth 
in both turnover and portfolio during the year. At the year end. the total assets 
were approximately £50 9m. (1976 — £3 68m.), the major components being Treasury 
Bills £172m. (1976— £S9m.) and Commercial Bills £203m. (1976— £158m.). We 
have maintained a much higher proportion of our portfolio in gilts than in recent 
years and at 31st December the holding stood at £40m. (1976 — £35m.). 

The proposed final ordinary dividend is the maximum allowed under current 
legislation. It is our policy to endeavour to maintain growth in the dividend 
distribution over the years, notwithstanding* the uneven nature of profits from 
one year to another. Should the need arise; the -Carry Forward is available for 
this purpose. It is for this reason that it is proposed that the amount carried 
forward should be raised. . . 


1 St.Swithin s Lane, London EC4N 8DN 






; 01-626 .5467 . 


TELEX 883126 


World Value of the Pound 


ie table ■ below gives the latest available 
>f exchange for the pound against vario is 
icics on January 23, 1978. -- In some 
rates are nominal. Market rates are the 
;c of buying and selling rates except where 
-re shown to be otherwise. In some ca set 
t rales have been calculated from those of 
n currencies to which 'hey are tied, 
xchsnge in the ll.R. and most of the 
■ios listed is officially controlled and the 
shown should hot be taken as being 
■able to any particular transaction without 
•ncc to an authorised dealer 
kbbreviahons: (S) member o* the sterling 


Scheduled 'territory; (0) official rate; (F) free 
rate; (T) tourist rate; In c.) non-commercial 
rate; <n.a ) -net available; (Ai approximate rate 
no direct quotation available; (sg) selling rate 
(bg) buying rate; (nom ) nominal; (ex/Cl 
exchange certificates rate: (P) based on US 
dollar panties, and goine sterling dollar rate 
(Bk) bankers’ :rate; (Bas) basic rate; (cm) 
commercial rate; (cn) convertible rate: (fn» 
financial rate. 

Sharp fin rfuations have been seen lately 
In the foreign exchange market. Rates in the 
table *elow are not in all cases goring .rales 
on the dates shown. V. ' . 


rc and Loea 1 Uni’ 


! Value o 
j£ Sterling 



Va n«o 

PImb and Low TJnfr 

e S' or iin* 

... 




iManVuiitm 
Liu. 

|1*nr.» ! 

i I'n-iH<h t r,n<* j 

» >;«tiUa/T YuMt-fa' 

... htmiim 

• SI... r . Cm-’liN’rtn S 

i* Ar. IVwFnv Hab 
. «Si. \>i-tn<inti * 

....... 'vUWUdr 



|i* „N, 'ta. iU.llJM 1 

Vrti.ii 

S* Ouwr 

l». ... "i*. !'mi- ' 

.Si UarlMilu* StV j 

.. U. I'raiu 


ited 


I' * 

I .(-‘.1. 1-rJiTU- 
l-’». S 

I II. >1M ■■ H-lJrtV 

l- itn Pit-i 


• • ura'in . . 

I w.S 
"inw a 
n i 

kl4l 

(ilin.liiil Kmuv 


iKp ^.KV. Fsiii! 

i. ni- imi s 

*>t~inrb IVi*«M . 

I? I. ■. *■ j m* 1 m« ■.. 

-.lS 1 KV 1. S 
K|<„( .b A. I-.MV 

Km 

.«... . IVm- 

. . liif-niRM Yii»« 

. . L. I’i-.. 

'ii.. I V. V. Trail.- 
Im..l l‘. A Franc 
>.. ..U-ni‘: 

.. . 1 .ilirtii l‘r*o 
k. . » \im»r 


l«k. k-.inna 


nr$ 


h’-nne ■ 

-1 » 

. t\ • mil -'.in S 
!|k. i'i-in»nwi>n IV*>' 

S.kfJ ft 

..... Lc-.-,>iMn £ 

■ .. . hi 111. .plan Mil I 


la >. 


F« ruin nil !■. A' 




iiani-ii hi"iir 

I ' - 

.... VirtU 

nrivii T:*nc 
• i K.V » mm- 

1 ..-71 - Vmnv 

.. > T.l" i '«im 
. < K V I 'rtHT ' 


7P.0 

i 010.10(A) 
■>ji. 
8.6871 ' 
3.1825 
TS8JS ’ 

ii-rt. 

5.348 

1217.55 

i.r»? 

39.40 
7WU ■ 
1J4M 
37.825 k> 
0.7645 
166.M 
4.BM 
••■in 65.55 
iTdi 65.40 
5.884 
433 1|. 

I. 9420 
15.6715 -.1 

59.J4 - 

16085 

HM 

J. Nffl 

4.35 ■ 

1.7127' 

12.890 

176.52 


438i a 

:.1450 

lbb-45 

IJ.H. 

1.61792 
468 U) 
438!? 
it'k. bl.11 
5.2751 
iKi J*- 47 
*58lji 
*58!» 

16 roi 

1.4631 
fl.74165 
• ■ ■»■•>. 10.28 
•ii ’20.40 
».rii7.%b 
'HilS 

;m a, 
5.24! 

utn*" 

irtJ*4U5 . 

. r-60.44 

'.:r 1.536 
.PJ4K45 - 
156.58 

I. B 

II. 18 

1 *622 
J7» 

816 'I - 

XT«2b 


.45*: 
■ i 4 


'4.10 


liihrrt 't«r iKi. H'»>m-lii, £ . 

.1 i*. ... Aim. Don** 

'■w-Tk'..*.... Wn'luni; 

lirit-ninti ■ . , |innn4> Ksaiirt 

U|»I14 I" C4|... K. OrihSrtlli f 

■ hurt .i»-o«j|K- I«-b ctaai 

iuaai L'.S. ? 

• iiMlriim -■.... 4Juift*» 

Hdinca 

innuiliMii • ;• 

I! |'S* OUWUHB * 

Haiti t1i<i«iie 

H'Mi-iiinu- K>*t- Unu In 
H,>nr Kone(S)H.K. S 
Hiinert'v.—... I'HUf ■ 

Iceland if*'... Kmw 

I It. Mr. Si in-1. Huwrr 

Iihi<riww Uuf-irth 

Iren Kb«' 

Ira. i Ink, Ilnur 

Inkli UpfiiUt.. lti*li £ 
b-raoi Imhw £ 

Il4i\ Lira 

it.RA l L.f. *.r»ni- 
(autaioi ’SL. J«niRie*U.iin>4t 

l n«n_ «... V**n 

li*'„ i>n<iu lunar- 
AanuKKUm. 

Hi-nv* <i... »-iiva Mnilllu 
h wVM iNlli;.. Wi-n 
kitnn iMhl... W*'*' 

■m»,u kS. ii»iM 1>hmi 

Lui . .......i.. Sili Wb tfl 1 

Itt-iwjlrtc £■ 

U<»iali>i .... .■*- Aint-au lUn- 

l^iurrm Uibeiiau t 

Lusa l^>>,aii tiiiiai 

l^^phi'iiwn. . sra-et* Frara- 
l-imi-mik-iirc- Lux t t*ap 


UxiriiR. ... . I'-irt'ifi’wKuiah’-. 

Up. 511. Franc 
'Jr nn I '.?••. h " RflU 
-Urt rt\-w I.V. iiiUJIKII 

Vlrt-liv-lmi»ii 54* «»i|« 

AIi i hi-.. _. 'li i Franc 

Una .- 

Unri niHi'a* ... I«» FruDr , 
dauntati-jk.. i J 

Ua int in- is U K’j[« 

,'Ii-jiiv U aiirii Per.? 

M hi .... C.*'.«V Ftiw 

Uitwa..; .:..; Fi>nrti Fram 
U<«bii'I 4 ....h Imina | (O1O.KA1 ;i 1 

nunuerrai^M b, «^arU4Kaa t 6.W1 
Ui-KEOk....^. iHrbam SJflir® 

MiimuiIiIuih* . Sin. bRc uilu I 6k.ltt65 


<11 

1JW 

1.7007 

69.781 

1115 

5.248 

8.1625 
1.9420 
1.8420 
41.161 
7&9N 
4.SS210 
3.7108 

5.80 
8.8526 

ivm 73.67 
1 upi I' 56.53 
41B.5\bfi1 
15.8715 
805.850 
\ 1-45 
0.570808 

l.Wi 

50.914 

18695 

<6Bn 

3.4275 

468 

0.697'ftg’ 
1550 
15.416 
a.*-ui 
958 JW 

0.542 
589.4 
5.822 
1.684811 
1.9430 
1 Pt 0.67492 
3.8SS 
88.55 

8.6588 

77.80 
4581s 
1.6768 
4.605 
7.682 
916.25 
0.76325 

9.1625 
92.565 
12.588 
45.53 
469!i| 
8.1825 


Nauru Uu. Aik, i*o»iar 

A‘r,i4i .\i-iaHrRi* Rupw 

NdluH-liUMla.. LMiioiei 
Mdh.Anl'm. A«rti'*»aii tSnrti' 

NcaHcSndwi ] IhUHr 

X. '..-•■mill ini >./. Volhr 

Vil-oa^i* LnwtiitiB 

Niktt U|. « .y.A. Fran* 

•N txi'na in)... >*ir* 

N.^rty L >»«**. Kti*P 

U waft ruin an Omam 

M* P* »S'k .- 

Pt^juataa. I’m«. hd[m 

Huvn^ 

PmaN.r..isi K*ua 


1.7007 

£4.375 

4.U5 

5.47610 

148.075 

I.7U07 

1.8289 

14.11 

4S6IR 

.IUb*D>iK) 

3.976 

; 0.669 '. 


■ 75.16 i*ir) 
1,9420 

1.4088 


Place amt Lock Dun 


: Vaueo 
£ Sin-riac 


Thmsuha. tin* ran l 242.11 

*f|l*- 1>.K).- 

iii WnMii -til *. rpUK-u Uinm.iA 0.66518 


T«ru...._ n» 

FMHpfdne* Vh. Pe*» 

Hoiaixl Zic*Y 

Ton u*ra'..™. I*p» ).ki 
rtw Tlnwr.^, rfiu'ir. Kk-ikVv._. 
Print- in Kicudn 

Puertr Kusiv.. la.. 

Qaw- Si V*tat Hy*< 

Keunmo. 

lie He Rim* Franc 

Khodtwia KhnleaUnS 


\ 240-87 
| 14.518 

j IJ959 
' I •Idi 37.08 
T 6140 


:( 


i mania Lcn, ' \ 

Kw&nHa liaanria Franc. 

* Qbruio- - 

ntaer (8).... tL.t'ai>ni«aa 6 ■ 

Si Helena it 

Si. Lim-m iSi K L'6nM<«in 3 , 
si Mw ...... C.r_A. rrauc 

ii.l iih.«oi iS: K. UrlM«M t : 
S&iVHilfti L'<._ leun 
Siuin»i Amt. b.a. 5 
Wu Alannik.. ttauan Ijrv 
Srtn IrtTue . ... Kgit, Kh-wlu 
Saihil -Vratue Kyai 
senega. — . i^r.A. Franc ; 
3eyelie»iea.«. «uv-ee 
Sleu Le'nctS) Untie 
Siutniwr (Sj cioxaiore $ 

>unmoa luSi Auranallsn $ i 
Small te|’. Mm abilnna 
3tli-Airu-*iS)- UakI 

s.W. Aim« _ - 
letTltoma iSi a A. Hied 

sr*«i l*en?c» 

Sfan. P.Hia in ' 

Niath Alrk» IWtU 
«■ Lntt Kifs. L. Mnpee ] 
Mnian K|u._ aunan £ 

Surinam 4«iulei 

SaaaklaiKl iS.) li>iq;eni 
Mtal«iU......b. Km aw 

ik'iIcnhnH n atM Trane 

•)n* a>ria£ 

Taiwan Tainan 6 

i'ansnnla i9i_ tau. ablUIng 
riMI«Ud 4um liatH 

Pw U|i. I.FjK franc | 

liaifca !». iai.; FK'acupi - ■ 
mnutail iM^Tnii. a lonago 

iniiUla ^TimaniiUlmr ' 

luraey riwfcMi Lira 

lirrtai tCi„ La » 

Xu m in- Auarnman 8 

Uganda(S)^. I'*., ^htmna I 
I’CL 3Uln,.l.S. Uniar 

L'rwnay Uruguay Pern-. 

Fm^'bK'inia.I.^.tL Liirlua - 

L.S'J>.R HrtUlka 

I'lW VihuuCPA Prana 

Vatlsu- Italian' Lire ' 

veueeucla .... HuUvar 


VMUiantiN'ihi Dieiy 

Vietnam «atb i Pwaira 
IHjiq M.l.L'.t. Un«u 

Watt am 

Samoa iS)4i mean Tala 

Yemen .. ■ — Bnt - 
T»»«uria„.. New Y Dinar 
ZrinOJtp.. — Zaire 
7*mM* kvarba 


77.60 
77.t0 
77.60 
1 1.8420 

j 7.64 

I 9.1625 
| 1.2625 

iiu a -72 
iBn“l A5.47 
183J5 

I 5.248 

1 s!? 4! 
4581a 
5445 
4.76 
1.9420 
1.6395 
77.60 
6.71 

: «*• 
19.33 
2.0 
4.55 
1.7007 
(A< 12.7245 
1.584911 

1.864811 
156.80 

16040 
28951 
t* 04762 
5.47818 
1.67554 
8.8075 
5.8525 
(7.52255 
1 1* 75.795 
16.41 
59.5525 
4581s 
1.3855 
4.6608 
0.771.**: 
54.70 
1.9428 
1.7007 
15425 
14420 
twn. 1B48 
l(ln<)0.48 
744 
1407 
4581s 
1.0095 
8.12" 

l (0 6. MSS 
j. (T:4J914 

5.M27l*BJ 

14428 

1.15883 

9-7?w-.“ 
3K1577 
14W55I 
1.425 


■*rt r» in.- rrcm-P rummimiiy in Arrtr* Po nra -ris 
■ i-i'.-mji nr-.' Allies ur Kr.-wh Baiumrml Attica. 

J !“•: tMninil 

”kbiv j has l. UM> ca MIC Cf A franc. T8r ndUM' 
<3.ir at a rale nt CKA frsi to ma unit Of die 
urrviaa • 

asm isun row Piiimuii • 

il u»— i nl at) out in’" r»por!s B.J5W. 

>*»CiiHan nii-rm W* 'slr-Jv Iwm W D M trt to 4>M 
'■•Rila' rmiiTwnti' r*u- a# ttaanran iw itw 


i Hr Sunn iVtnameee aotnt at 0406 rouble* ana the 
SorMi Korean •«•■" « "I4P ronble*. Witb the paamt 
(ijndnv ai 1 4b nrjtUrs ibr foDavuui rilauonsntao cwnrt 
be raktilaied far il» douihI Esja luerUU. (=<J8 *" 7 * 
C— 170 won 

— Rutc n uie Transfer nartri i wmfc dt. 

•> Rsr* It non based on 3 Barbados t to Ujo Collar. 

tt Sow one uflWal 

Cl Two- 1 in woen inrrcwocraj abtH so. Ham ta tor e ua ns 
«*i imnonn awl wnu Ram tor enenttai 
L747SB 


of 


5 5 


Thomas 

Cook Bankers 


he accepted name for money. Worldwide. 


Morgan Guaranty Trust Company 


OF NEW YORK 

Consolidated statement of condition 

^December Sir, M977 . 

Assets 

Cash and due from banks •. 

Interest-bearing deposits at banks . . • 

U. S. Treasury securities 

Obligations of U. S. government agencies . 
Obligations of , states and political subdivisions 

Other investment securities 

Trading account securities, net . , , 

Federal funds sold and securities 
purchased under agreements to resell 
Loans and lease financing .... 

Less : allowance for possible credit losses 
Net loans and lease financing . . . 

Customers' acceptance Liability ... 
Premises and equipment, net ' . ■ 

Other real estate ....... 

Other assets 

Total assets 

Liabilities 

Demand deposits . . . •-■• ... . • 

Time deposits 

Deposits in foreign offices ..... 

Total deposits . . . 

Federal funds purchased and securities 
sold under agreements to repurchase . 
Commercial paper of a subsidiary . . . 

Other liabilities for borrowed money . . 

Accrued raxes and expenses . . . . . 
Liability on acceptances ....... 

Dividend payable 

Convertible debentures of a subsidiary 

(41£fc ,due 39S7) . 

Capital notes (G^s c .c . due 1978) . . . 
Capital notes (5 r C- , due 1992) . * P . 

Other long-term debt 

Other liabilities . , . 

Total liabilities 

Stoehhaider'seqnitff 

Capital stock. S2-5 pay value ( authorized and 
outstanding: .10.000,000 shares) . . . 

Surplus 

Undivided profits ......... 

Total stockholders equity 

Total liabilities and stockholder’s equity . . 


.In thousands 
$ 4 470 563 
5 735 457 
876 040 
. .165 495 
1 387 507 
556 997 
48 183 

3S6 739 
15 713 243 
148 424 
15 564 819 
972 909 
-124 547 
33 430 
774 995 
S31 097 681 


$ 7 595.684 
4 053 699 
12 191 189 
23 S40 572 

2 648 185 
111015 
778 447 
470 551 
978 224 
2.7 000 

50 000 
100 000 
77 344 
31 350 
-137973 
$29 550 661 


$ 250 000 

518 385 
778 635 
1 547 020 
$31 097 681 


Mealier, F cdcral Rfsci tc System, Federal Deposit 1-nsrrrimce Corp. 
Incorporated uith limited liability in the State of Nca; York, U.SJl. 

London Offices 33 Lombard Street and 31 Berkeley Square 

Bunking offices also in Ken Yorh, Parts , Brussels , Antwerp , 

A m ^ ter dam 'Bank Morga n Lu bouchrre <V. V. ., Frankfurt, 
Diiascitlorf, Munich. 'Zurich. Milan, Rome, Tokyo , 
Singapore, Hong Kong, Sassati , 

Representative apices i n Madrid, Beirut , Sydney , 

Jakarta , Manila . Sao Paulo, Caracas 


directors 


•WALTER Hi PAGE 

Chairman of the BoariZ 

LEWIS T. PRESTON 
President 


RAY C. ADAM 

Chairman and President 
NL Industries , Inc. 

J. PAUL AUSTIN 
Chairman of the Board 
The Coca-Cola Company 

R. MANNING BROWN JR. 

Chairman of the Board 

New York Life Insurance Company 

CARTER L. BURGESS 

Chairman, Foreign Policy Association 

FRANK T. CARY 
Chairma7i of the Board 
International Business Machines Corporation 

EMILIO G. COLLADO 

Former Executive Vice President 'and Director 
Exxon Corporation 

CHARLES D. DICSLEY JR. 

Chairman and President 
Scott Paper Company 

JOHN T. DORRANCE JR. 

Chairman of the Board 
Campbell Soup Company 

WALTER A. FALLON 
Chairman of the Board 
Eastman Kodak Company 

LEWIS W. FOY 

Chairman, Bethlehem Steel Corporation. 

HANNA H. GRAY 
Provost, Yale University 

ALAN GREENSPAN 
President 

Toumsend-Greenspan and Company, Inc. 

HOWARD W. JOHNSON 
Chairman of the Corporatum 
Massachusetts Institute o f Technology 

JAMES L. KETELSEN 
President, Tenneco Inc. 

HOWARD J. MORGENS 
Chairman Emeritus 
The Procter & Gamble Company 

ELLMOBE C. PATTERSON 

Chairman of the Executive Committee 

DONALD E. PROCKNOW 
President 

Western. Electric Company, Incorporated 

JOHN P. SCHROEDER 
Vice Chairman of the.Board 

WARREN M/ SHAPLEIGH 
President, Ralston Purina Company 

GEORGE P. SHULTZ 
President, Bechtel Corporation 


i 










28 


TEiiies truesday latmaxy : $BR&r 


- • • * **- ,T ** 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Euro-finance 

for Zaire 


BY MARY CAMPBELL 

A GROUP of international Banks 
is expected to agree in principle 
to provide debt-troubled Zaire 
with a Eurocurrency facility of 
between $200m. and $250m. 
within weeks, banking sources 
said yesterday. 

The loan has been under dis- 
cussion for over a year. Last 
week formal invitations were 
sent out to banks which had ex- 
pressed interest in participating 
in it. Amounts of at least S5m. 
are being sought from each bank. 

Some of the detailed terms of 
the loan remain to be settled. 
However, it is agreed that the 
maturity will be five years and 
that interest will be payable at 
a margin of 21 per cent, over 
inter-bank 'rates. 

Proceeds of the loan are to 
be used to pay for essential 
imports. Broadly, this will mean 
imports of spare parts and 
equipment needed to maintain 
Zaire's foreign exchange-earning 
industries such as the copper 
mines. The loan facility is to 
take the form of letters of credit 
to be opened by the lending 
banks and these will have to 
agree the list of essential imports 
for which the money is to be 
used before it can be drawn. 

The draw-down period — the 
period during which the money 
will be made available to Zaire 


hit By bit— will Be shout 17 
months, and ■ repayments will 
start after 18 months. 

The borrower will be the 
Banque du Zaire, the central 
bank. 

The group of lending banks is 
not expected- to include those 
which do not have loans out- 
standing to Zaire. 

Once the group of banks which 
is to provide the funds has been 
formed, there wOl be a period 
during which the documentation 
will have to be completed before 
the money will be made avail- 
able to Zaire. In addition, Zaire 
has still to fulfil some of the 
conditions which were laid down 
by the banks over a year ago 
before they were prepared to 
make a new loan. 

Host notably it wOl have to 
bring itself up to date on repay- 
ments of principal from earlier 
bank loans. 

Zaire has been paying money 
into an account with the Basle- 
based Bank for International 
Settlements for this purpose, but 
it is understood that it has 
hardly paid in any new money 
to this account since early last 
November. At that time, about 
S80m. had been paid in; Zaire 
was expected to be overdue on 
capital repayments to the tune 
of some SI 30m. by the end of 
last year. 


Singapore insurance lift 


BY H. F. LEE 

THE CONTINENTAL Corpora- 
tion of the United States, one 
of the world's largest Insurance 
groups, will this year place more 
than Sim. in inward reinsurance 
premiums into the Singapore 
market. 

The amount is Continental’s 
second largest reinsurance place- 
ment in Asia after Japan, and 
will be the forerunner of more 
annual placements which will 
increase in size each year. 

This was disclosed by Mr. V. 


SINGAPORE, Jan. 23. 
Lee Barnes, executive vice- 
president of the Continental 
Corporation. 

Mr. Lee Barnes noted that this 
certainly must be the largest 
volume of insurance premiums 
to enter Singapore from markets 
outside Asia. 

Continental currently has three 
operations in Singapore — the 
Firemen's Insurance Company, 
Marine Office of American Cor- 
poration (MOAC) and Diner's 
Club. 


Kenya opens motor plant 


BY JOHN WORRALL 
THE THIRD of Kenya’s $13m. 
rash of new commercial vehicle 
assembly plants. Associated 
Vehicle Assemblers (AVA) of 
Mombasa^ has been officially 
opened by President Kenyatta. 

The AVA is a consortium 
formed by Inch cape (East 
Africa) Ltd.. (24.5 per cent), 
Kenya Motor Holdings, a Lonrho 
subsidiary (24.5 per cent.), the 
Kenya Treasury (26 per cent) 
and the Kenya Industrial 
Development Bank (25 per cent.) 
The plant is assembling Toyota, 


NAIROBI, Jan. 23. 
Mazda, Peugeot Mercedes and 
Ford commercial vehicles from 
CKD kits. 

The £3m. plant is already on 
stream with 13 vehicles a day 
and aims to produce about 4,500 
a year, mainly for the booming 
local market of which AVA 
expects to have about 50 per 
cent 

Employment is already pro- 
vided for some 400 workers, but 
the work force is due to be 
expanded to 600 in February 
with the introduction of a 
second shift 


TOYO KOGYO 


Working with 



JAPAN’S THIRD largest car- 
maker, Toyo Kogyo, has asked 
Ford Motor Company for per- 
mission to boost production of 
its small trucks sold under the 
Ford name in the.UJS. as part of 
a Business tie-up sealed in 197L 
But the maker of Mazda cars, 
who pioneered the commerciali- 
sation. of rotary engines in 
passenger cars, has denied 
emphatically that there, is any 
immediate prospect of Ford tak- 
ing a capital stake in the com- 
pany, which is still recovering 
from a $55m. loss in 1875. 

The possiblity of a capital tie- 
np between Toyo Kogyo and 
Ford — not unlike the one 
already in existence between 
General Motors and Isuzu (a 
3-L2 per cent stake)— rhas been 
a recurrent subject of discussion. 

Mr. Yoshiki Yamazaki, presi- 
dent of the Hiroshima-based car 
company, however, has said that 
Toyo Kogyo and Ford “ have not 
talked at all about a capital tie- 
up." The company’s main 
bankers, who have taken an 
aggressive role in trying to sort 
out Toyo Kogyo’s finances, also 
denied the story. According to 
Sumitomo Bank president Mr. 
Ishiro Iso da, there have been “ no 
negotiations whatsoever ” with 
Ford on a capital stake in Toyo 
Kogyo. Sumitomo's managing 
director. Hr. Tatsumi, noted that 
in 1970 Ford asked to buy into 
Toyo Kogyo bat those negotia- 
tions were disbanded in favour of 
the more limited licensing and 
trade tie-up under which Toyo 
Kogyo produces Courier-brand 


small trucks for sale in the U.S. 
by Ford. 

Mr. Tatsumi told the Financial 
Times that production of the 
small trucks has been running 
at just under 7,000 a month, and 
that Toyo Kogyo has formally 
asked Ford to step up its orders, 
by simply expanding production 


dividend.” The • Banker also 
noted that any tie-up between 
Ford and Toyo Kogyo would 
come under .stiff scrutiny by 
antitrust officials in Japan . and 
the UJ5. 

In fact, although Toyo 
Kogyo’s finances remain very 
shaky indeed, the company 


Toyo Kogyo, the maker of Mazda cars, has said emphatically 
that there Is no immediate prospect .of Ford Motor Company 
taking a capital state in Toyo Kogyo, which is still recovering 
from a $5Sdl. loss in 1975. Bat it remains the consensus in 
industrial circles, writes DOUGLAS RAMSEY from Tokyo, that 
at some point, perhaps when Toyo Kogyo’s finances are in 
better shape, Sumitomo Bank— the Hiroshima ear-maker’s main 
bankero— may try to arrange a capital link with FoTd. If ever 
a tie-op were arranged, it would be primarily on the strength 
of Toyo Kogyo’s overseas operations in the compact car markets. 


of the present model, or by pro- 
ducing diesel engine Conners 
above and beyOnd output of the 
present model. Ford, for its part 
has not yet -answered Toyo 
Kogyo’s request. . 

Sumitomo Bank officials insist 
that in its present situation Toyo 
Kogyo does not envisage any 
boost in capital, either from 
foreign or . domestic sources. 
Says Mr. Tatsumi: “At present, 
Toyo Kogyo Is planning on an 
8 per cent. (Y4) dividend, and 
we all feel that any capital in- 
crease should be based on a con- 
sistent 10 per cent, per annum 


posted very impressive sales 
gains in 1977. For the fiscal year 
to October 31, the company 
recorded' Y62&3bn. in sales, up 
7 per cent, on the previous year. 
But production figures released 
last week by the company show 
that in calendar 1977 output rose 
by 11.6 per cent to 800,003 units, 
and sales by 13.5 per cent to 
825,231 units— thus allowing 
Toyo Kogyo to draw down some 
of its heavy stocks left over from 
1975 and 1976. 

Almost the entirety of Toyo 
Kogyo’s increased sides came 
from exports in 1977, although 


the company is predicting n boost 
in domestic sales this year. . 

Profits, nevertheless, have 
remained marginal. Since the 
heavy loss of 1975 (when current 
losses of 'YlTBbn. came with a 
YL7bn. net loss), the comply] 
has managed - to post recurring 
profits or Y53bn. and Y&2bn. to 
the. last two yean respectively, 
although admittedly .on . the 
strength of massive- sales -of 
securities and properties. Thus, 
during 1976 and 1977 net ineozbe 
has been only Ylbn. and YLlbn. 
respectively — and Toyo Kpgyo’s 
decision to continue paying', its 
Y4 dividend per - annum -has 
meant! that in the last two years 
the -- dividend burden . has 
amounted to a bit over Ylbn. 
each year, or .about enough to 
wipe out the bottom-line - earn- 
ings. • 

Still, Toyo 'Kogyo’s perfor- 
mance on exports remains 
strong, and if ever a tie-up. with 
Ford were arranged it would be 
primarily on the strength, of the 
-company’s overseas operations in 
the compact car . • . : market, 
although Ford also wants. its. own 
foothold in Japan like GM_ For 
now, according to Mr. Tatsumi, 
there.. are no plans for negotia- 
tions on a capital stake for Ford. 
But it remains the consensus 
in industrial circles that at some 
point, perhaps when ' Toyo 
Kogyo’s finances' are In better 
sblhpe, -Sumitomo Bank- 'may try 
to arrange a capital link-up with 
Ford, Meantime, Sumitomo and 
Toyo Kogyo will be able to gauge 
Ford’s interest by its response- 
expected soon— on higher pro- 
duction orders for small trucks 
from tiie Hiroshima company. 


AUSTRALIAN NEWS 


Power strike hits APM’s half-time profit 


BY JAMES FORTH 

THE MAJOR power strike to 
Victoria late last year brought 
to an end the strong profit 
growth of Australian Paper 
Manufacturers over the past two 
years. The directors of the paper, 
timber and woodpulp group 
today reported a dip in earn- 
ings for the half year to Dec- 
ember 31. from SA8.69m. to 
SAS.26in. 

The Board said that the power 
strike had a serious effect on 
profitability resulting in a 
$A6m. loss of production. The 
setback halted the trend which 
lifted profits from just over 
SAlOm. in 1975 to a record 
$AlS.2m. last year. 

The directors have declared an 
unchanged interim dividend of 
4 cents a share. Shares from the 
1977 rights issue wi 1 1 receive 
3 cents a share. 

Sales of pulp. .paper and paper- 


board dipped from 336330 
tonnes to 324350 tonnes. 

The directors said they 
believed Australia can overcome 
its present economic difficulties 
and was about to enter a period 
of “renewed. economic growth.” 
The APM. Group was planning 
for the future with confidence 
and had spent. SA20m. on capital 
projects daring the past half- 
year. The cost to complete pro- 
jects in hand . would be about 
SA28m_ 

The result was after a drop in 
tax from $A4.1m. to SA3_3m. 
mainly because- of tax rebates nn 
dividends received and a net 
reduction of SA1.6m. in 'tax 
arising from afforestation activi- 
ties and because of differences 
between company provisions and 
allowances underincome tax law. 

The- directors- added that all 


operating subsidiaries traded 
profitably in the half-year except 
APM Wood Products Pty. LtdL, 
which incurred a loss because 
of depressed market conditions 
in the home building industry 
and production losses because of 
the power strike. •' 

MLC business again 
reaches record 

THE MLC Ltd., the major 
Australian life office, posted. its 
25th year of record business in 


SYDNEY. Jam-23. 

1977. Total new sums assdred 
amounted to SA2.785bm, the first 
time over the SA2bn. leveL : Of 
this, term insurance accounted 
for SA764 sl. a rise of . 17.fi per 
cent, superannuation SA1.702bn. 
(up 7.5 per cent) and . collecter 
insurance SA319m_ 

The term insurance .'repre- 
sented 38 per cent of. total 
business, compared with 33 per 
cent -last year and 27 per cent 
in 1975. 

. Premium income on new busi- 
ness edged up 3 per cent. . _ 


Bond rates ease further 


BY OUR OWN CORRESPONDENT 


SYDNEY, Jan 23 


THS JMKJUNCBMEMT APPEARS AS A MATTER OF RECORD OM.T 



THE FEDERAL REPUBLIC OF NIGERIA 

U.S. SI, OOO, OOO, 000 

Seven Year Multicurrency Credit Facility 


lEADMAKAGEOBV 


Chase Manhattan Limited 

Compagnie Financiere de la Deutsche Bank AG 

Morgan Guaranty Trust Company of New York 


MANAGED EOT 


Arab Bank limited 
The Bank of Tokyo, Ltd. 

Barclays Bank International Limited 
Dresdner Bank Aktiengesellschaft 
Societe Generate 
Swiss Bank Corporation 


CO-MMUGEOST 


Amsterdam-Rotterdam Bank N.V. 
National Westminster 
Bank Group 

The Sumitomo Bank, Limited 


FUNDS PROVUEO BT 


The Chase Manhattan Bank, N A. 

Morgan Guaranty Trust Company of New York 
Arab Bank Limited O.B.U. Bahrein 
The Bank of Tokyo. Ltd. 

Barclays Bank International Limited 
Compagnie LuxembourgeoiEede la Dresdner Bank AG 
- Dresdner Bank International - 
Standard Chartered Bank Limited 
Union Bank of Switzerland, London 
The First National Bank of Boston 
The Nippon Credit Bank. Ltd. 

The Sumitomo Bank, Limited 
Williams & Glyn’s Bank Limited 
Barclays Banks A, Paris 
Coutts 6. Co 

Credito Italiano. New York 

The Industrial Sank of Japan (Luxembourg) ELA. 

International Energy Bank Limited . 

Landesbank Rheinland —Pfalz und Saar 
International SA 
The Mitsui Bank. Limited 
The Toyo Trust and Banking Co, Ltd. 

The Oaiwa Bank Ltd. 

The Mitsui Trust and Banking Company Limited 
Qatar National Bank, sao. 

Arab African Bank - Cairo 

Bank Bumiputra Malaysia Berhad (London) 

Bank Morgan Labouchere N.V. 

Banque Bruxelles Lambert SA 
Commonwealth Trading Bank of Australia 
Credit Agricole (CNCA) 

D6 Bank Deutsche Genossenschaftsbank' 

Cayman Islands Branch 
Hamburgische Landesbank Girozentrale 
F. van Lanschot Bankiars (Curacao) N.V. 

Nederlandsche Middens tan dsbank NV 
Nomura Europe N.V. 

Pierson. Heldring and Pierson (Hong Kong] Limited 
The Riggs National Bank of Washington, D.C. 

The Royal Bank of Canada International Limited (Nasaaul 
The Tokai Bank. Limited 
UBAF Bank Limited 

Vereins - und Westbank Internationale 
SA, Luxemburg 


BankAmerica International Group 
Banque Nationale de Paris 
Citicorp International Group 
Midland Bank Limited 
Standard Chartered Bank Limited 
Union Bank of Switzerland 


First National Boston Limitsd 
The Nippon Credit Bank, Ltd. 

The Samara Bank, United 
Westdeutsche Landesbank Girozentrale 


Compagnie Financiere de la Deutsche 
Bank AG 

Bank of America NT & SA 
Banque Nationale de Paris 
Citibank. NA 
Midland Bank Limited 
Society Generate 
Swiss Bank Corporation 
Amsterdam-Rotterdam Bank N.V. 

National Westminster.Bank'Group 
The Sanwa Bank. Limited 
WestLB International S A 
American Security Bank NA 
Continental Illinois National Bank and 
T rust Company of Chicago 
European American Bank and T rust 
Company 

living Trust Company 
Merrill Lynch international Bank Limited 
The'Mitsubishi Bank. Limited 
5audi International Bank 
AkBank Al- Saudi Aj-Alami Limited 
Midland Bank Trust Corporation 
(Jersey! Limited 

Tne Sumitomo Trust and Banking 
Co. Ltd 

Bankers Trust Company 
Bank Oppenheim Pierson International SA 
Berliner Handels- und Frankfurter Bank 
Cooperetieve Centrals Raiffeisen — 

Boerenleenbank BA (Centrals Rabobank! 

The Fuji Bank, Limited 

Fuji Bank (Schweiz) AG - - 

Tha Hokkaido Takushoku Bank Limited . * 

The Mitsubishi Trust and Banking Corporation - 
The Nippon Trust and Banking Co* Ltd 
Provincial Bank of Canada 
[international] Limited 
The Taiyo Kobe Bank Limited 
Ubaf Arab American Bank 

Union de Banques Arabes et Eurapeennes-UBAE- & 
Societe Anonyme 
Wells Fargo Bank, N A 


The Chase Manhattan Bank, 1UJ\. 

Financial Advisor to the Borrower: First Boston (Europe) Limited 


iui dtfUMrmB . 


AUSTRALIAN GUARANTEE 
Corporation, Australia's largest 
finance company and a partly- 
owned subsidiary of the Bank of 
New South Wales, fnels the de- 
cline In interest rates with its 
latest SA200m Debenture issue. 
This Jr to carry a. coupon of 11 
per cent for four to five years, 
the first debenture From the com- 
nany for more than four years 
which bas not offered a 12 per 
cent. rate. Other rates offered by 
the financier have been trimmed 
across the board. 

The new offering by AGC con- 
firms the declining trend of 
interest rates. The Government, 
through the Reserve Bank, has 
been manoeuvring bond rates 
lower since last October. The 
long term bond rates bas now, 
come back from 10.5 per cent 
to a current level of just under 
9.3 per cent 

The Government is on record 
as hoping to reduce official 
interest rates by 2 to 8.5 per cent 
for the long term (ten years and . 
longer) bond rate by the end 


of 1978. AGC is not the first 
financier to .break through the 
long-standing'. 12 per' .. cenL 
barrier. Two other bank-backed 
financiers, CBFC and Custom 
Credit, recently issued prospec- 
tuses with a top rate of 11.5 per 
cent, but AGC is the first to 
step down to 11 per cent. AGC’s' 
group genera) manager, Mr. 'Ken 
Lambeth, /said the new rates 
reflected . the general market 
trend, and the directors expected 
the new prospectus would con- 
tinue to be well supported, but 
at a somewhat lower level of 
intake . than experienced in 
recent weeks. This would suit 
AGC as the level of demand bad 
not supported the rate at which 
funds were flowing to the com- 
pany. 

The AGC rate reduction will 
increase the likelihood that it 
will be followed by reductions 
in borrowing rates, which should 
stimulate demand. However, it 
is considered that it could still 
be some weeks, and possibly 
months, before general reduc- 
tions in lending rate occur. 



•is 


W . 


BY RICHARD ROLK 

JESSEL Properties, the South 
African ■ township developer 
placed into judicial management 
Uj 1974, recorded a consolidated 
loss of RlO.Tm. in its year to 
June 30. 1977, accordmg to he 
annual report which has just 
been published- 

The deficit is over twice the 
level of the previous year. - The 
total “adverse balance shown 
m the annual report amounts to 
R2R5xn,. 

The statement of' source and 
application of funds shows a 
decline in the value of debtors 
and an increase in the group s 
overdraft by RlS^m., bunging 
total bank overdrafts to R40-2m- 
The bulk of this has been 

supplied by Barclays National, 
the group’s principal bankers. 

Funds have been applied to the 
loss for the year, to payments on 
development expenditure, mainly 
provision, of services to town- 
ships. of R8-2m_ and also to a 
decrease in long-term indebted- 


JOHANNESBURG, Jan,' S3. 


-V - 


ness and a reduction in Qm kvrf 
of creditors. . ... 

The judicial managers, whose . ■ 
report is' summarised, say that ‘ 

“ the lagging recovery of eenfl.;:- 
dence is the property raartelha*! . : 
meant a delayed- cash floWsiwuhOr 
ing in a compounding* of 4hg-. 
•interest and overdraft harden.^, ; 

However, the judicial mao^ . 

gers note some signs of improve* 
ment First, they say.: most & 
the group's residential stands ktk» ■ ■■= 
now fully serviced* and 
side cable advances are -befam/.. 
made in development -of-TSg': 
townships." • They w. ttat I* ; ' 
view of Barclays. National’* ctofc'. 
tlnued . support " wo 'i fltead’ .jft- : > 
continue operating Urn group a^ r 
a going concern." ; ■ 

At June 30. shareholders* 
terest was put at a deficit. q£.. 
R6.4m. and the principal holders,.. ■: 
of the shares, now In their fourty 
year of suspension, , were Jeascft. 
Securities, with 22 percent, a ndt • 
Land Investment and Develop . 

ment (a Lonrho assodataJ.wM. 
20 per cent i ' VjJ 


Hakodate Dock 
seeks Y9bn. loans 


•*$ •• 
•• 


■*5 ; 


.upircii 

\ : :lf ' " ■ 


HlW 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS ' BM 

Aina Australia l*pc MSS 97 

AMKV Sue 1997 *5* 

Australia 83pc 1 99! &5t 

Austria. M. A S. «h>C VZ 98* 
Barclays Bank »pc 1993 97 

Bowater 9tpc 1999 97* 

ran. N. Railway gtpc 198# 9# 
Credit National 85 pc OSS .. 
Denmark 8*pc 1984 ... — 

BCS 9pc 1995 

RCS flfcic 1897 

EPI ®ipc 189? 

SMI Itpc V 


971 

91* 

981 

97 

98* 

981 

988 

8#i 

99* 

IBM 

93! 

98! 

1031 

984 

182* 

1904 

871 

Ml 

182? 

99* 

95* 

954 

551 

tKi 

99 

B54 

984 

94* 

94* 

91! 

984 

93 

95* 

98* 

03* 


Ericsson S*oc 1989 

Raso Rpc 1988 Not 

fit. Lakes Paper 8ioc 1994 
Hamers tar Sipc 1193 
ffvdro-Qoebec 9 PC 1993 .. 

iCT Ripe 1997 - 

(SB Canada 9*pc 1888 .. 
iraerolHan Bloedel 9pc VS 
VTasse? Fer g us o n 9* pc 1991 

HicbeliD 9ipc 1988 

Midland' lot. Fin. 8|pc vm 
National Coal Bd. 8pc 1987 
Natnl. Wstsmstr. Bpc 1988 
Newfoundland 9uc 1990 
Norses Kom. Bfc. S*pc VS 
Norntps 8* pc 1889' — 

Nor* Hydro Md«- 1992 . 

Oslo Bpe 1988 . 

Ports Antonomes 9pc 1991 
Pro?. Qnelwc 8oc 1995 
Ptov. SaakatdL RSoc 1888 
Read International 0 dc N7 
RHM 9pc 1992 .. -_v 

Selection Trust 83pc 1989 

Skand. Enfikflda Bpc i«n 
5KF Spc 1987 ..... ■ 

Sweden nTdota) *rpe 18S7 
Untied BfcctdW 9pc 1989... 

Volvo Bpc 1BS7 Mansft — 

NOTES 

Australia 7ioe 1384 
HeD Canada 7!or 1997 
Hr. rolnmhla Hrd. 7tpc *8S 
Cma. Pac. Hi PC 1984 
Dow Ctiemlcal ftpc 1988 .. 

ECS flPC 1992 - - 

ECS 8*PC 1989 

EEC 7* PC 1982 ...... 

EEC 71 pc 1984 .. . — 

Enso Gutzelt 8*pc 1984 — 
no a v ai ften Jlpe 1982 — ~ 
Korfrona Spc 1983 

Mlcfaello Sine 1983 - 

Montreal Urban 8 toe 1BS1 
New Brunswick Spc IBM 
New Bnms. Prov Mpc ‘O 1R| 
New deal and Sttt 188«.. 
Nordic Inv. Bai* TIPC 1984 9K 
Nnrsk Srdis 2*5= 1883 - *2 
Norway 7IDC WB* ■ — — 
Ontario Hydro fipe 1987 .. fc 

S of Scot Elec. Bpe W W 
Sweden iK-datm 7Soe i^ M 
Swedish State Co. 7ipc ’S* 97 

r elmey 9(pc l«4 . 

Tenneco 7|pc 1987 May - 
VolMswacen 7|pc 1987 — 

STERLING BONDS 
CounanUa 9]pc 1939 .... W 

ECS alpc IBS . — . .. 109 

EIB BJpc 1692 - ■ ■■■■ ?? 
finance for tod. 9ipe -87 W 

FtsoW WPe - 

Total 00 Rfpc 1994 — — 98 

DMBOtros - 

Anatrta «oc *» - W 

BFOE 7bc 1987 — — • 1944 


99 

944 

93! 

N 

98 

9» 

99* 

97 
9R 
9M 

98 
97| 

m 

99 

m 


83 

931 


Offer 
■ 97! 
88* 
96 
99 
971 

98 
98! 
W 
1904 

994 

97* 

89! 

99 
97* 

1084 

100 

101 

9a* 

97! 

1034 

971 

1R3 

181* 

93 
95* 

UR* 

140 

98* 

98* 

9M 

till 

89! 

98* 

99* 

95 

95* 

•?» 

99*. 

93! 

98 

99* 

94 


952 

95r 

94* 

991* 

9S1 

97 

974 

972 

981 

97* 

981 

« 

ino* 

99! 

97 
103 

98 
98* 
984 
97! 
9Si 

IDO* 

loei 

981 

97* 

989 

331 

*4* 


982 
101 ! 
VTZ 

an 

IBB 

981 


1B7 

1854 


Bid 

Denmark Wpc 1883 1044 

Em 6toc 1984 1054 

Grand Met. 7pe 1984 181* 

Hydro-Quebec Bpc 1987 101 

i Cl (3 pc 1937 1034 

Montreal 70c 1987 IK 

Ntrrsea Gas 7pc 1989 106 

Norsk Hydro Moc 1989 1654 

Norway Hoc 1983 103! 

Shell 6 toe 1989 1071 

Spain 63 dc 1994 ■ 1004 

Sweden Bpc 1984 KB 

World Bank Bpc 198? • 103* 


193 

188* 

18S4 

toll 

184 

1024 

1069 

IBS 

104* 

ins* 

ion 

io» 

1641 


FLOATING RATE NOTES 

Bank of Tdkyn US4 7I3UPC . B9! 9K 

BFCB 1984 7pe pa gm 

BNP US3 -Glpc 904 99! 

CCF 1983 8 pc 99? 99! 

CGMF 1984 eat«pr 984 989 

Creditanstalt 1984 77 dc 9R* ss 

Credit Lyonnais 1983 8? pc 994 991 

DG Bank 19W 7 u is pc os 5 ibo* 

GZB 1981. 7* pc .1004 IBS! 

toU. Wamanstr. W 7 15 u pc 99 99* 

Lloyds 199S 7*pe 99} 1001 

LTCB 1982 8*pc 994 99! 

Midland 1982 Spc . lot IB14 

KMIand 1987 7UUPC 881 984 

OKB 1883 8*PC 991 9N 

SNCP 1985 BISkpc 98 ffii 

Sfnd. and Chrtrd. TM Bpc 98} 994 

Wins, and dyne US4 Tpe •»* 98} 

Smuts: Whrte Weld Securities. 


CONVERTIBLES 
American Express Hoc "87 

Ashland Spc 1988 

Babcock Si Wilcox 6|pc ’97 
Beatrice Poods 4*oc IBB? 
Beatrice Poods 4*pc 1992 

Beecbam Bloc 1992 

Borden 5oe 1992 

Broadway' Rale 4 !pc iss7 

Camatfoo 4pc 1997. 

Chevtdn Spc 19S8 

Dart 4*pc 1987 

Eastman Kodak 4* pc 1933 
Economic Labs. 4! pc 1SS7 

Firestone 5pc 1988 

Ford Spc 1988 _... 

General Electric 4} pc 19S7 

ClUene 41 pc vm 

Could Spc 1987 ... . 

Golf and Western 5pc 1888 

karris Spc 1992 

HonwwcU Bpc IBS* _ 

IC1 Mpe 1993 .. 

rNA Bpc TOT ~ 

inches oe EJpc 1392 

ITT 4toc 1987. , 

Insco 8 dc 1992 . . .... 
Komatsu 71 pc 1890 ... 

I. Ray McDermott 4toc W 

MatBiShlta 6jpe umu _ .■ 
Mitsui 7ipc 1898 _ 

T- J*- Morean 4ipc 1OT ' 
Nabisco 5! pc 1988 » 

Gwens TtttaDts 4*pc 19S7 ' “ 

J. G. Penney 4 5 pc I9S7 
Borlm 4 3 pc 1 OT .. 
Remold# Metals 4oc tssr 
Sanaetk Ripe 1M3 

R ,!" d ’tiBC 1987 
Snnlbb Aloe isg; 

« 41DC isos 

Twlba fHpc IOT . ; 

Union Carbide 4Jpc 1 B 92 "" 
Warner Lacihutl 4 ^vw« 

Source; Kidder. Pdaiiody 


731 

88 * 

95 

93 

99* 

99 

98 


80* 
90* 
96 

95 
101* 
mo 
101 
73- — 73 
to* 78* 


112) 

79 
82 
77 
80* 
81* 

80 
73* 
HI* 

T5 

130* 

84* 

83* 

93 

107 

74 

ioa 

104 

154 

119 

108) 

944 

98 

113* 

74 

122 

K 

101 } 

SO 

77 

76* 

884 

89* 

77) 

71* 

75* 


114! 
81 
S« 
7H 
B3* 
83* 
S 1 
77* 
113* 

77 
135* 
88 
SR* 
93 
108 

7B 

167 

105 

ISC 

130 

1874 

98* 

188 

U5* 

78 
134 
M 
103 
to 
to 
7S4 
97* 
91* 
79* 
73* 
774 


Securities. 


!■ 







HAKODATE DOCK Company 
was seeking a total of Y9bn. in 
new loans from a group of banks, 
Mr. Hideo Goda, the chairman 
said. Reuter reports from Tokyo- 
The company announced late 
last month it was seeking new 
financing to cover a shortage of 
operating funds, but declined at 
the time give the amounts 
Senior managing director 
Tokuji Shirato said last month 
the company might have to seek 
a moratorium on some outstand- 
ing loans if the new. loans were 
not forthcoming. 

Mr. Goda said the company was 
not asking its banks for the time 
being for rescheduling of its 
long term debt totalling Y14bn. 

Of the Y9bn„ Y4.5bn. would be 
used to pay retirement allow- 
ances for about 500 employees, 
and the other half to cover the 
shortage -of qpe rating funds, 
which. Mr. Goda said, had been 
caused -by the recession in the 
world shipbuilding market. 

The company would in future 
concentrate on its machine and 
ship repair divisions, since it 


- • ••'. .’-sJ , 

TOKYO,; JM. 33. ,7-;. ' 

would be difficult to 1 get netti- 
shipbuilding orders, wfcicfr 
accounted for around 80 per cehE . 
of the concern’s total business lb - 
the past 

The group of about 16 banks . 
Is the same as that which letUi... 
Y5bn. to Hakodate fast Sep te tu- 
ber when the company launched , 
a programme to cut its 3^00 
strong workforce by over .10 ptt - 
cent It is led by Fuji JBankLaM. 
Hokkaido Takushoku Bank. 
Reuter 

Asahi Chemical- . 
Kanebo 

ASAHI CHEMICAL Industty 
Company and Kanebo LAtL, boffi 
leading synthetic fibre makere 
have agreed in principle to estal^ 
lish a joint sales company, til 
the face of poor demand for tez* 
tiles and depressed business con 
ditious. reports AP-DJ. 

An agreement is expected to m 
signed shortly which will brim 
sales of long polyester and uylot 
fibres and short fibre acrylics U) 
to one sales company. ( 


GOLD RELDS GROUP 

GOLD FIELDS PROPERTY 
COMPANY LIMITED 

(Incorporated in the Republic of South Africa) 

INTERIM REPORT FOR THE SIX MONTHS ENDED 
31 DECEMBER 1977 

The unaudited consolidated results for the six months ended 
31 December -1977 arenas- follows: 

Six months 
ended 3l 4 
December 
1977 

_ ROOO 

REVENUE 

Profit on property and township 
sales 194 

Property rentals 526 

Gold dean-up 

Gold royalties and tribute ‘ 250 

Income from investments and 
. interest 31 g 

Sundry revenue 339 


•IQUASTtSLlE 


-i • ,ii 


Six months Year 

ended 31 ended 

December 30 June 
1976 1977 

ROOO ROOO ■ 






EXPENDITURE 

Administration, property and 
genera) expenses' 

Amount written off 
investments 

NET PROFIT BEFORE 
TAXATION 
TAXATION 

NET PROFIT AFTER 
TAXATION 

Earnings per share — cents 
Notes: 

(a) Dividend .■ 

Jn d 2S ,e july°M77 n 2 a f er ‘h^ a ? so ' rb,n * RDlWWQi-’iij*? 

(b) Particulars of listed 
. investments 


2351 


rlOff i 



1 

-w 


- • — 

.Orvr 

• ' ;s 

l . . 

• 21 ■ 

•V* '• • 

' \ 

\L 

• Si 

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to 


. X. 


Stock Exchange value 
Book value 

Excess over book value 


31 December 
1977 
ROOO 
1.744 
788 “ 

■956 



(c) Profit on property and township sales 

«, SETefaS^ 

(d) Gold royalties and tribute • 

Nigel and the balan^ of RH^fi 

Luipaards Vlei tribute 5 JJn W3S m L* : 

Limited. te to West R and Cohsollifered. Mines ; 

(e) Sundry revenue 

of waste ^k«S S ibWg e T ,enUe main1y ^ 

<f) Unpwds YIei— uranium investigation -i~- ; ' > 

reserves a^Vhe* 1 LuiuMM* P !£ 5 ? ect ! i ^ turollig •tbjl'TlNjfWj’ < 
orovress ck 9ra v u . YIei mine to aooount IS'ldH- 

(g) Sampling of dump, ' 

has P commenled^n S th# Pl fe 8 1“”?* ^ mean * 

Wesr Rand It U hownu*” will be continued en tf’*’ 

results. ,S * however ' 400 to ghm n 

Registered and Head Office. 

Gold Reids Building. 

75, Fox Street, 

Johannesburg, 

London Office; 

.49. Moorgate, 

London. EC2R 6BQ 

23 January ]97fl. . 

' M. WE IDEM AN 



K.D 

KD 

KU 


On behalf of the Board,..-! ' 1 

A. M. D. GNODDfe 

C hair man v V-^ii'criors 
:M AN "/ “»',v - ' 








.c-TijeJ?-,* 






dal llines Tueal^ ' Jaimary 34 1978 



4 s 

'RICAN NEWS 

T( jr, les rise 
• : for 
i Pont 


TERNATIGNAL FINANCIAL AND COMPANY NEWS 


v?>fh 

A \ 


ttc ^ 
% 


"ILMINGTON. Jan. 23. 
<JT Company said while 
ies of 39.44 bn. rose 13 
l. from $8-36bn. in 1976, 
*nt. of the rise came 
;her physical volume and 
ant. from Increased sell- 
res. 

ont reported 1977 earo- 
* 19 per cent, to $11.06 
from $9.30 a share in 
Net income for 1977 
$545 ire, compared with 
in 1976, it said, 
group earned $2-42 a 
n the fourth quarter, 
id with $1.87 a share in 
5 period, and $2.91 in the 
ird quarter. 

h quarter earpings were 
d by foreign exchange 
of 21 cents a share: 
duty remains "far from 
tory ” with profit margins 
tially below the level of 
e ago, said a spokesman, 
-ompany said fourth quar- 
rnings from chemicals, 
and speciality products 
2.22 a share or 92 per 
■ the total company earn- 
,r the quarter up from 
i' the fourth quarter of 

•s operations earned 20 
share in the' fourth 
1977 versus a modest 
year earlier. 


Occidental earnings rise 
but restatement needed 


OCCIDENTAL PETROLEUM 
Corporation's net income for 
1977 based on preliminary esti- 
mates is expected to be $215nu, 
a 17 per cent, increase over the 
$183.7m. earned in 1976, 

Primary earnings per chare for. 
1977 are estimated at $2.87 
against $2.77 in 1976, while fully 
diluted share earnings for 1977 
jare expected to be $2.58 against 
SSL27 in 1976. 

Preliminary estimates indicate 
that net income for the 1977 
fourth quarter will be about 
$7 2m. or 93 cents a share primary 
against year-ago net of S7L7m. 
or $1.14 primary. Occidental 
Petroleum said. 

Fully diluted fourth quarter 
share net was 85 cents against 
90 cents. ... 

Increased earnings in the "oil. 


and gas division were responsible 
for the improvement in the 1977 
fourth quarter as compared 
to 1976, the company noted. - 

Oil and gas division . earnings 
improved substantially in 1977 
due primarily to tbe UJS. North 
Sea operation. This improvement 
more than offset lower earnings 
from the Island Creek coal 
division. The company said coal 
division earnings were affected 
by adverse, weather conditions, 
strikes and the industrywide coal 
strike. 

But the financial accounting 
Standards Board's call for appli- 
cation by oil companies of 
Financial Accounting Standard 
(FAS) number 19 will require a 
restatement of. Occidental's net 
income for 1977 and prior years. 

Based on preliminary -esti- 


LOS ANGELES. Jan. 23. 

mates publication of FAS 19 will 
result in a considerable non-cash 
charge against retained earnings 
and changes in net income as 
originally reported for 1977 and 
prior periods. The changes in net 
income for each period resulting 
from tiie restatement will vary 
substantially depending on levels 
and success of exploration activi- 
ties during each period and may- 
result for certain periods in ' a 
considerable reduction in pre- 
viously reported net income. 

• COMMONWEALTH OIL RE- 
FINING COMPANY said that its 
interim borrowing arrangements 
have again been extended by its 
bank lenders and certain other 
creditors on a day-to-day basis, 
this time until January 31. 1978. 
AP-DJ 


Price rises boost Caterpillar 


can returns 
fl. Ji uptrend 


' <obert Gib bens 

MONTREAL. Jan. 23. 
■]R PRICES for ingot and 
ted. products and good 
d, particularly in North 
:a, brought an ■ upturn, in 
Aluminium earnings in 
:o $201.00. or $4.98 per 
against the- depressed 
or $1.14 in 1976. 
n expresses its results in 
ollars. The fourth quarter 
itrong. with - earnings of 
i. or SL55 a share. Year’s 
e was SS.OGbn. against 
n., and in the . fourth 
•r $780ra. against $7 07m. 
977 the Canadian smelting 
i returned to good profit* 
’ after the 1976 strike, and 
ri results for Aluminum 
any of Canada, the Cana- 
smelting, subsidiary. 

• pace in 1978 will depend 
v on the state of the world 
inv. but “ our present sales 
ate for the first quarter is 
r than rales for the fourth 
er of 1977." 

* 1977 profit was reduced 
..4m.. the net value of assets 
provision for closing down 
lewfmindland fluorspar min* 
iperation. 

rrent and deferred income 
me from. 837.4m. to 
3m in 1977. with the effec- 
ts rate remaining at 39 
cent However, in the fourth 
Jst the effective tax rate was 
25 per cent., due to invest- 
: credits in Canada and 
, . un currency translation 
A ' , : ts on inventory costs mainly 
• urope. 


CATERPILLAR TRACTOR has 
announced record consolidated 
sales and profit for 1977. 

Consolidated profit- was 
$445. lm. or 55.16 a share.. '71 
cents more than in, 1976 and 52 
cents more than the previous 
record of $464 in 1975. Sales of 
$5£bh. were 16 per cent higher 
than in 1976. 

The increase in sales resulted 
almost equally from a greater 
physical volume of shipments 
and from price increases imple- 
mented because of high Infla- 
tionary costs for labour, materials 
and services. The increase of 
physical volume was the major 
factor contributing to the profit 
Improvement - 

Also contributing to the higher 
profit was the benefit of cost 
reduction efforts including the 
close monitoring of inventories 
and strict controls on employ- 
ment 

Partially offsetting - these 
favourable factors, says Cater- 
pillar, were manufacturings coats 
incurred in some countries which 
suffered on currency conversion. 

An increase in the effective 
income tax rate from 406 per 


cent to 43.0 per cent due to 
. reduced benefit from the com- 
pany’s domestic international 
sales corporation (DISC), higher 
State income taxes, and the 
repeal of the U.S. tax provision 
which permitted, earnings of cer- 
tain non-U-S. subsidiaries to be 


PEORIA, Jan. 23. 

taxed at less than the U.S. statu- 
tory rate also offset more posi- 
tive factors. 

In the US- sales were S26bn. 
compared with 52.1bn. in 1976, 
an increase of 37.4 per cent, 
reflecting both increased prices 
and demand. 


Continental Illinois record 

CHICAGO, Jan. 23: 

the previous record level of 
$35. lm. or 99 cents per share 
reported in 1976. 

Continental Illinois said its 
provision for ioan losses was 
$53.5m., down from the S75m. 
provision in 1976. 

Net charge-offs for the year 
were S52-3 icl, including $34. 6m. 
related to real estate credits, 
compared with 872.7m. in net 
charge-offs in 1976, which in- 
cluded S56m. related to real 
estate credits, the company j 
said. j 

Valuation reserve on loans at 
year-end was $165.8ra. compared 
with 81636m. a year earlier. 
Agencies 


CONTINENTAL ILLINOIS Cor- 
poration. parent of Continental 
Illinois National Bank and Trust 
Company of Chicago, reported a 
record annual Income before 
security transactions of 81442m. 
for 1977, up 106 per cent, from 
the S130.7m. recorded in 1976. 

Per share income before 
security transactions was 84.05 
compared with $3.72 in 1976. 

Net income for the year was 
5143.1 nu. or $402 per share, up 
1L9 per cent, from 8127. 8m. or 
$3.63 per share reported jn 1976. 

The fourth quarter income be- 
fore security transactions rose 
to a record 841.5m. or $1.16 per 
share, up 18.1 per cent from 


Arco delays $lbn. California complex 


BY KEYfN DONE, CHEMICALS CORRESPONDENT 


ATLANTIC RICHFIELD, one of 
the largest U.S. -oil groups, has 
postponed a major Slbn. petro- 
chemicals project, the second 
time it has pulled back from 
such an investment within the 
space of three months. 

The company said yesterday 
that it is postponing further 
work on Its planned Slbn. petro- 
chemical complex in SoUno 
County, California. The plant 
was to have produced a wide 


range of base petrochemicals, 
ethylene, propylene and buta- 
diene, which act as the raw 
materials for the plastics, rub- 
ber, solvents and fibres 
Industries. 

. Arco said that* the planned, 
complex had been postponed In- 
definitely. because of the pro- 
jected nationwide overcapacity 
for tbe proposed products. It 
said it might renew plans for 
the project at a later date. 


No signs of 
solution 
in Uhidal 
dispute 

By Paul Beets 

ROME. Jan. 23. 

FOLLOWING NEARLY 48 hours 
of talks between trade union 
representatives, the state hold- 
ing company IRI and the budget 
minister, Sig. To mm a so Morlino. 
there were still no signs of any 
definite agreement to-night en 
the seven .months old dispute 
over the fate of the state- 
controlled confectionery group, 
UnidaL 

IRI, Uni dal’s parent company, 
has announced its intention to 
liquidate the food manufactur- 
ing concern which groups toge- 
ther two of Italy's oldest con- 
fectionery companies. Motla and 
Alemagna. and employs more 
than 8,000 people. Over the 
past two years. Unidal is 
reported to , have lost some 
LlOObn. (£6Sin.) and ' accumu- 
lated debts . . totalling about 
L130bn. 

While both the unions and the 
state authorities have indicated 
their willingness to compromise 
on a solution- over the . Unidal 
affair, it is now clear that any 
final agreement is unlikely . to 
be reached until the current 
Italian Government crisis is 
resolved. 

The unions have accepted in 
principle the need for a restruc- 
turing of the state rood , manu- 
facturing Industry, but are now 
seeking guarantees from IRI- and 
the budget ministry that current 
employment levels will be main- 
tained. IRI, however, has indi- 
cated that some 5,000 people 
presently employed in Unidal 
will have to be laid off in order 
to ■ effect the proposed restruc- 
turing programme. 

Both sides to-day appeared to 
be prepared to make some con- 
cessions — on the part of the stale 
to reduce the number of redund- 
ancies: while on the side of the 
unions to agree to the principle 
of labour mobility in an eventual 
restructuring programme — but 
were dearly reserving judge- 
ment on the outcome of the 
Government crisis. 

The Unidal affair has become 
a test case -in' Italy over the 
general issue of the restructur- 
ing of the state sector, now 
facing one of its worst crises 
since the economic recession of 
the thirties. 


Three months ago Arco pulled ! 
out of a planned Slbn. petro-! 
chemical complex in the Texas . 
Gulf area, which it had formed [ 
as a joint venture with Du Pont, j 
the largest U.S. chemical com-1 
pany. 

Dti Pont Is still reportedly 
looking for another partner - to 
press on with the project, despite 
the fact that Arco said it was 
dropping the scheme, because of 
the developing overcapacity 


Steyr-Daimler-Puch 

STEYR - DAIMLER - PUCH, the 
Austraian motor concern, is to 
increase its capital by Sch.200m. 
(about £8.6m.) to Sch.L2bn. 
through a one-for-flve rights issue 
next month, writes Paul Lendvai 
from Vienna. The shares will be . 
priced at 160 per cent which! 
means the company will have an | 
infusion of neV funds to the tune i 
of Sch.320m. . .. ! 



to drop by a fifth 


BY DAYSD CURRY 

THE. CONTROL of prices in 
France, the continued crisis in 
(he steel industry, and the 
decline in value of the Canadian 
dollar have combined to depress 
sharply the consolidated profit of 
the French cement maker 
Lafarge. 

M. Olivier Lecerf, the chair- 
man of -the group, estimates in a 
shareholders letter that the 
result accruing to the group will 
be 20 or 30 per cent down on 
1976 which was itself some 40 
per cent, above the previous 
year. 

However, thanks to extra- 
ordinary gains, partly transfers 
within the group ' and partly 
straight disposal of assets, the 
parent company should register 
a net profit . of some Frs.S4mL. 
representing a gain of around a 
fifth. This . will permit the 
dividend to be held. 

In 1977 t he French cement 
division which is the basis of the 
group was permitted a 7 per 
cent price Increase. The Barre 
measures, of 'September 1976 
caught the projected 6 per cent. 


earlier increase which has never 
been caught up. The -steel 
industry represents around half 
the market for the group's re- 
fractory products, which explains 
the losses expected in this 
division. 

While Cinents Canada Lafarge 
will have produced results 
broadly similar to last year the 
decline in tbe value of the 
Canadian dollar clipped its profits 
contribution. M. Lecerf estimates 
that a decline of 10 centimes in 
the value of the dollar translates 
inti) a Frs2m. loss to profit con- 
tribution. In contrast, tbe decline 
of the American dollar has 
helped to lighten the burden of 
the group's debts. 

M. Lecerf notes that deliveries 
in Canada have been roughly 
equivalent to the previous year 
and that a return to price free- 
dom is promised for the spring. 
The results of the U.S. operation. 
Citadel Cement, have been 
slimmed down by the costs of 
bringing the Demopolis, Alabama, 
works on stream. 

Tbe manufacture of plaster 


PARIS, Jan. 23.- 

prefabricated products, and, to 
a more limited extent, powdered 
plaster, has been a strong point 
in 1977, but tbe good start to tbe 
year in the sanitary and ceramics 
division failed to persist and 
these divisions will end up in the. 
red, packaging will repeat 1976's 
profit performance. 

During the year Lafarge made 
an offer to buy the 45 per cent, 
of shares in public hands of the 
U.K. subsidiary the Lafarge 
organisation. 

Tbe object being to bring 
under its control all tbe capital 
of Lafarge Fondu International, 
of which the Lafarge organisation , 
controlled 37 per cent of the ' 
shares. This operation, accepted 
by shareholders in December,, 
should be complete by the end' 
of the month. 

* * ■* 
GENERALE ALIMENTAIRE. a 
subsidiary of the Gene rale Occi- 
dental e group has posted a ■ 
provisional net profit for the first 
half of its financial year ending 
next March 31 of Frs.17.87m.. 
down from Frs.23.5Sm. in the 
same period a year ago. 


EUROBONDS 


Late activity in D-Mark issues 


BY MARY CAMPBELL 

MOST SECTORS of the market 
were quiet yesterday, though 
up in the afternoon, dealers said. 

Two new issues were launched 
in the D-Mark sector, while 
there Is also a private place- 
ment in the course of being 
arranged. The Long Term Credit 
Bank of Japan's 860m. floating 
rate note also came to market. 

One of the new D-Mark issues 
is DM80m. for Finland’s TVO 
power company — as expected it 
is offering 6 per cent, on a 10- 
year maturity (average life 1} 
years) via WestLB. Tbe other 
is Argentina's 6! per cent, seven- 
year DM! 00m. issue. This came 
on offer yesterday afternoon via 
Deutsche Bank and was in heavy 
demand, like the -Brazilian issue 
which closed last week. 

Tbe private placement, which 
is also being arranged by 


Deutsche Bank, is DM50m. for 
Esiel. It offers a coupon of $ i 
per cent at 100* for a seven- 
year final maturity. 

The 860m. floating rate note 
for Japan's Long Term Credit 
Bank will have a minimum 
coupon of 6i per cent, and a 
final maturity of five years. The 
spread over inter-bank rates is 
as. usual a quarter of a point 

Like the $40 m. issue arranged 
last ior the same borrower last 
year, the issue is being offered 
simultaneously in the Far East 
and in Europe, aod will be listed 
in Singapore as well as Luxem- 
bourg. First Boston (Europe), 
and Credit Lyonnais are joint 
lead managers.' 

The dollar sector, though quiet, 
retained the surer undertone 
evident in the latter half of last 
week. 


Sweden’s foreign borrowing 


BY WILLIAM DULUFORCE 
THE SWEDISH State expects to 
borrow some Kr.8-I0bn. (£890m.- 
fl.lhn.) abroad this year, or 
roughly the same amount as K 
took up last year, Mr. Lars 
Kaideren, Director of the 
National Debt Office, confirmed 
to-day. 

However, it Ls understood that 


STOCKHOLM, Jan. 23. 
the Office is not likely to go to 
the market for the next two 
months Or so. Mr. Kaideren ex- 
plained that the 1978 borrowing 
programme' had not yet been 
submitted to the Government 
and no decisions on loans had 
yet been taken-. 


Molini sells 
Raimondi 


By John Wicks 

ZURICH, Jan. 23. 
ITALIAN milting concern Molini 
Certosa. which is controlled by 
Credit Suisse, has sold its 80 per 
cenL holding in Carol Raimondi 
fu Rodolfo SPA of Milan, to . 
Finstock Holdings, also of Milan. . 

Raimondi, which manufactures 
tower cranes, booked a loss last , 
year of L432.6m., or a large pro- : 
portion of its share capital of 
L900m. Finstock is itself owned 
by Credit Suisse. 

A spokesman for the bank said 
in Zurich today that the pur-, 
chase had taken place for 
“organisational reasons." Molini. 
Certosa, currently the subject of 
a lawsuit against Credit Suisse, 
is restructuring its operations, 
which in future are to be limited 
to nulling. 

it it It 

SWITZERLAND'S four big bank* 
— Union Bank of Switzerland, 
Swiss Bank Corporation, Credit* 
Suisse, and Swiss Volksbank— - 
have decided to -reduce by 0.2 5* 
per cent, the interest on their- 
medium-term over-the-counter- 
bonds, the so-called " Kassenobli- 
gationen.” As from January 23, 
the rates will be 3 per cent for 
three and four years' maturities, 
3.25 per cent, for five- and six- 
year bonds, and 3.5 per cent for 
seven to eight years. The rates' 
were last reduced as recently 
as December 27. . 


. QUARTERLIES 


I’D CHEMICAL 


i Quarter 

1*77 

Ml* 

me 

757m. 

658m. 

jrofits 

35-flm. 

41.2m 

Dor share 

1.28 

1.48 

me 

2.9bn. 

2.6bn. 

refits 

132m. 

117 m. 

Tvr share 

4.70 

4.19 

KIXHFALTIt EDISON 

Quarter 

»77 

1*7% 


s 


ue ’ 

523m. 

47Sm. 

rofits 

59m. 

64m. 

icr share 

0.63 

0.S3 

ue 

2bn. 

l.9bn. 

irofils ... 

246m. 

24 lm. 

K*r <hare 

2.S6 

3-20 


CHARTER N.Y. 
Fourth Quarter 


OWENS-CORNING FIBERGLAS REYNOLDS METALS 


im 

% 


im 

5 


Fourth Quarter 


1777 

5 


1*74 

S 


65Sm. Net profits ' 13.4m. 12.6m. Revenue ......... 439.1m. 297.0m. 


1-53 


MINNESOTA MINING & MFG. 

Fourth Quarter 

3*77 

1*7% 

Revenue 

s 

lbn. 

S75.4m. 

Net Profits 

10S.9m. 

SS.9m. 

Net Per Share 

0.94 

0.77 

Year 

Revenue 

4bn. 

3JSbn. 

Net Profits 

412.9m. 

338.5m. 

Net Per Share 

357 

22)4 


1.43 Net profits 35.8ra. 21.2m. 

Net per share.., 2 .3S 1.41 

Vnr 

Revenue 1.4Sbn. l.OSbn. 

Net profits 112.5m. 7X.Sm. 

Net per share... 7.4S 480 


PACIFIC GAS & ELECTRIC 


Fovrtt Quarter 


1*77 

5 

66.0m. 

0.73 


ins 

71.2m. 

0.81 


) INC. 

Quarter 1*77 

S 

up 235 4m. 

■refits .. 13.1m. 

>er share 1.10 

tte 920.1 ra. 

unfits ... 55.5m. 

ter share 4.70 

■ORP. 

Quarter 1*71 

Up 358.5m. 

refits ... 7m. 

er share 0.75 

dhi 

uc 725m. 

•refits ... 17.3m. 

ter share 185 


1*7% 

s 

2144m. 

14.1m. 

1.20 

S41.7m. 

54m-' 

4.68 


Net profits 

Net per share... 

Year 

Net profits 282.4m. 23S.3jtt. 

Net per share. -. 3.15 2-90 

UNITED STATES TST. OF N.Y*. 


Fourth Quarter 

Net profits 

Net per share... 

Y»r 

Net profits 

Not per share.. - 

KUEAP COUP. 

Fourth Quarter 


1*77 

S 

2.Sm. 

0.94 

92m. 

3.07 


117* 

s 

2.6m. 

0-88 

~&9m. 

2J97 


1*77 

E 


1*7% 

S 


m* 

337,8m. Revenue 4S7.9m. 403.7m. 

S.5m. Net Profits 22.3m. 21.6m. 

(LB1 Net Per Share 0.94 

Year 

673-2r«V Revenue 1.82bn. 

IB.Tm. Net Profits 98m. 

2.11 Net .Pec Share . .4.10 


0.S7 


ETHYL COBP. 



Fuunh Qurtar 

1*77 

WT6 


S 

S 

Revenue - 

3IS-2m. 

289.3m. 

Net profits 

17.6m, 

15.7m. 

Net share Oil... 

0.86 

0.72 

Year 

Revenue 

12Sbn. 

1.13bn. 

Net profits 

Net share dll... 

78.0ra. 

69.1m. 

4229 

3.59 

ALCOA 

Fourth Quarter 

1*77 

ivn 

Revenue ...... 

826.5m. 

140.4m. 

Net Profits ... 

4478m. 

39.63m. 

Net Per Share 

1.27 

1.13 

Year 

Revenue 

3.42bn. 

2.92b EL 

Net Profits ... 195211m. 143.79m. 

Net Per Share 

5.58 

4.14 

SO. CALIF. EDISON 


Fourth quarter 

1*77 

1*1% 


S 

s 

Revenue 

538.4m. 

458.4m. 

Net profits ... 

6122m. 

59m. 

Net per share 

0.90 

0.97 


Fourth Quarter 

1*77 

197% 


s 

s 

Net Profits 

23 3m. 

18.9m. 

Net Per Share 

1.20 

1.05 

BECION DICKINSON 

i*1 rst Quarter 

1978 

1*77 


S 

s 

Revenue 

15322 m. 

.137 .5m. 

Net Profits 

11.8m. 

10.5m. 

Net Per Share 

0.62 

0.56 

INLAND STEEL 

Fourth Quarter 

W77 

197% 


S 

S 

Revenue 

677.8m. 

5842m. 

Net Profils 

15.72m. 

22.4bn. 

Net Per Share 

0.74 

1.08 

Year 

Revenue 

2.70'an. 

2.40bn. 

Net Profits 

87Sm. 104.04m. 

Net Per Share 

423 

5.20 

Net Share dil... 

'416 

5.06 

REPUBLIC OF TEXAS CORP. 

FusrU) Quarter 

1*77 

197% 


S 

S 

Revenue 

13.2m. 

13m. 

Net Profits 

13.9m. 

10m. 

Net Per Share 

1J.9 

0S6 

Y«ar 

Net Profits 

45.6m. 

40m. 

Net Per Share 

3.S9 

3.45 


CLARK EQUIPMENT 


L83bn. 


J.59bn.- Revenue 2.06b n.- 

8&Sm. Net profits ... 256.8m. 222.7m. 
3.61 Net per. share 3.88 3 70 


Fourth Quarter 1*77 1*76 

S S 

Revenue ...... 325.2m. 309.7m. 

Net Profits 15 Ac. 29m. 

Net Per Share 1.11 2.11 

Year 

Revenue 1.3'on. I.3bn. 

Net Profits 6(L2m. 68.1m. 

Net Per Share 439 497 


refnardati? 


December 1977 




KUWAIT REAL ESTATE BANK K. S. C. 

Kuwait Dinars 7,000,000 

KD 3,000,000 7i% Certificates of Deposit Due 21 June 197? 

KD -2,OO0 3 OOO 7£% Certificates of Deposit Due 22 December 1979 
KD 2,000,000 7-J% Certificates of Deposit Due 21 June 1980 

4 

The above certificates of deposit were placed by 

Kuwait International Investment Co. s.a.k. 

in association with 

Financial Group of Kuwait k.s.c. 


THIS ANNOUNCEMENT APPEARS ASA MATTER OF RECORD ONLY 






TELECOMUNICACQES DESAO PAULO S.A. 


u.s. $180, □□□mo 

MEDIUM TERM CREDIT FACILITY 


GUARANTEED BY 



TELECOMUNICACOES BRASILEIRAS S. 

TELEBRAS 


BANCO DO BRASIL SJL 
MORGAN GUARANTY TRUST 
COMPANY OF NEW YORK 


MANAGED BY 

CHASE MANHATTAN LIMITED 

COMPAGN1E LUXEMBOURGEOISE 
DE LA DRESDNER BANK AG 
-DRESDNER BANK INTERNATIONAL- 


CO -MAN AGED BY 


ALGEMENE BANK NEDERLAND N.V. 
LIBRA BANK LIMITED 
THE ROYAL BANK OF CANADA 
INTERNATIONAL LIMITED 


BANKERS TRUST INTERNATIONAL 
LIMITED 

SKANQINAVISKA EIUSKILDA BANKEN 


PROVIDED BY 


THE CHASE MANHATTAN BANK, NA 
CGMPAGNTE LUXEMBOURGEOISE OE LA DRESDNER BANK AG 
-DRESDNER BANK INTERNATIONAL-- 
ALGEMENE BANK NEDERLAND N.V 

THE ROYAL BANK OF CANADA INTERNATIONAL LIMITED (NASSAU) 

BANCO DO ES7ADO OE SCO PAULO S A 
THE BANK OF TOKYO (HOLLAND) NA£ 

FIRST NATIONAL BANK IN DALLAS 
THE NIPPON CREDIT EANK LIMITED 

CANADIAN IMPERIAL BANK OF COMMERCE 
SEATTLE FIRST NATIONAL 3ANK, '“NASSAU BRANCH 
DEUTSOl-SUDAMERiKANISCHE BANK AG 
-/.sw.lAT5DF3a=SOt:5S 0?- 
(JATJGNAL BATiiiC DFNOFtTH AMERICA. NASSAU 9RANCH 
THE SUMnUMO BANK UMITEO 
SANK OF SCOTLAND 

BANQ UE EUR OPeENNE POUR L'AMERIQUE LATINE C3.EALJ S A 
THE DETROIT BANK AND TRUST COMPANY 
HOUSTON NATIONAL EANK 
MIOLANO BANK LIMITED 

: jEDEklanosecreqjetbawknv 

THE ROYAL BANK AND TRUST COMPANY 
THE SAI4WA BANK. LIMITED 
UBAF ARAB AMERICAN 3ANK 
BANCO D1 NAPOLI 

THE COMMERCIAL BANK OF AUSTRALIA LIMITED 
E jROPEAN ARAB 3ANK S A 
FiRST NATIONAL BANK OF MINNEAPOLIS 
PK5AWKEN INTERNATIONAL ILUXEMBOURG) SA ' 

REPUBLIC NATIONAL BANK 0? NEW YORK • 

TO*' Ai C.-SA LIMITED ■ 

UN! T cC VIRGINIA cAN-i ' 


BAN CD DO BRASrL SA. LDUDCN S RANCH 

MORGAN GUARANTY TRUST COMPANY OF NEW YORK 

BANKERS TRUST COMPANY 

LIBRA BANK LIMITED 

SKANDINAVISKA ENSKtLDA BANKEN 

BANCO N AGONAL S A. NASSAU BfVT JCH 
EURO- LATIN AMERICAN BANK LIMITED - EULABANK 
THE MITSUBISHI BANK, LIMITED 
SOC3ETE GENERALE DE BANQUE S A 

COMMERCIAL CREDIT INTERNATIONAL BANKING CORPORATION 

TORONTO DOMINION BANK 

FIRST PENNSYLVANIA BANK. NA 

N AGRAFIN SANK LIMITED 

NEW ENGLAND MERCHANTS NATIONAL BANK 

BANCO DE VIZCAYA SA 

THE BANK OF YOKOHAMA. LIMITED 

THE DA1WA BANK. LIMITED 

DG BANK DEUTSCHE GENOS5EN3CHAFTSBANJC ' 

IRAN OVERSEAS INVESTMENT BANK LIMITED 

THE MITSUI BANK LIMITED 

PKBANKEN 

ROYWEST BANKING CORPORATION UMITED 

TRADE DEVELOPMENT BANK. LONDON BRANCH 

BANCOMER SA- LGSAMSSLEE INTERNATIONAL aANWNSBUANCH 

BANQUE CANACHENNE NATIONALS BAHAMAS) LIMITED 
CREDITANSTALT— BANKVEREIN 

FIRST NATIONAL BANK OF CQMMERCS.CRANDOAYMAN 3RANCH 

THE NATIONAL BANK OF KUvVAIT SAK. 

. RAINIER INTERNATIONAL BANK 
5HANGHAI COMMERCIAL SANK LT.TITEO 
UNION OE BANQUES ARABcS E7 FRANCESES - UBA 


AGENT 

THE CHASE MANHATTAN BANK, NA 

THE MANAGERS WERE ASSISTED IN BRAZIL BY BANCO L40 BSASlUjiRQ SA. SiO FA'JLD 



•• Y 





. --sR.1377 



30 


BUSINESS AND INVESTMENT OPPORTUNITIES 


READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL A DVfCE BEFORE ENTERING INTO COMMITMENTS 



GRESHAM TOUST 
LIMITED 

Permanent and long term capital' 
for the successful private company. 

Also a wide range 
of banking services, induding:- 
Selecdve finance for property development 
Commercial and industrial loans 
Bill discounting 
Acceptance credits 
Leasing 

For further information 
please telephone 01-606 6474 or write 
to Barrington House, Gresham Street, 
LONDON EC2V7HE. 


TeL 01-606 6474 

UrTTmnghgTTT Offirt^ Tcfrwnru l Hmio MrerVian Sm«f M3FW 

Tet 021-236 1277 

A SPACE AGE 
OPPORTUNITY 

Computer Portrait Limited offer exclusive area franchises for UHs revolutionary 
Computer Portrait System as currently operatlnc at leading West End and 
European Departmental Stones. The complete System with display null Is 
available to companies at a substantial discount. A minim am Investment Is 
ns. 000. Space rewired is 0 iQ- metres flOO so. ft.'. Hie System involves the use 
of a computer to prepare portraits from life or from photographs on to paper. 

T shirts sweat shirts and a full mute of products. The Company will provide 
sales training, new products, guaranteed service and maintenance. 

Important locations arc available In the provinces. 

For further Information and an appointment to discuss an exclusive franchise 
please contact: Reference M-A-H. 

COMPUTER PORTRAIT (FRANCHISING) LIMITED 
Cafe Royal. M Resent Stmt. Louden, WX 
Telephone: n-S3D m 

FOR SALE 

Very successful Insulation Company operating throughout the South 
of England and Wales. This company has had an extensive order 
book covering the whale market namely. Government Departments. 
Domestic and Industrial Insulation, it has a strong management team 
and a reputation second to none for quality, workmanship and 
reliability. It is an ideal opportunity for the right purchaser to 
expand the company into a predominant force within the Insulation 
Industry. Up to date accounts available as at 31st December 1977. 
The company has also been structured with regard to future expan- 
sion via Holding Company and Subsidiaries. Value to be assessed as 
net asset value plus goodwill. 

Interested parties should apply in first instance to 

Box G.1287, Financial Times, 10, Cannon Street. EC4P 4BY. 


Engineering Company in North West 

FOR SALE AS GOING CONCERN 

Fully-equipped and manned engineering company with 102 employees 
of which 71 are direct personnel. Would suit large group of com- 
panies intending to manufacture their own products complete, up 
to IS tons weight. All replies in strictest confidence- 

Write in first instance to: F. W. Tattersal! Ltd., Advertising Con- 
sultants, Woolwich House, 61, Mosley Street. Manchester M2 3HU. 


FINANCE AVAILABLE UP TO £50,000 

Bank will consider financing small to medium size businesses 
experiencing cash flow problems or seeking capital for new ventures. 
Medium term overdrafts and loans generally on a secured basis are 
available in addition to the usual range of banking facilities. 

Please write giving full details of proposition and security 
available to Box G.1277, 

Financial Times, 10, Cannon Street, EC4P 4BY 


CITY 

ACCOUNTANCY RECRUITMENT CENTRE 

Established specialist recruitment company has 40?S-49?A 
interest to offer to investor. Turnover £200,000. Active participa- 
tion in business not essential. Minimum investment £100,000. 
Principals only to Box G.1272. Financial Times, 10, Cannon Street, 
EC4P 4BY. 


EXPORT 

Available: 

Fully reconditioned Simon 
hydraulic platforms 28'-7 O' work- 
ing heights. 

All types and makes of ''Access” 
equipment supplied. 

For full detail* contact: 

Mr. D. Pollard. Blackburn (Suspended 
Scaffolding) Ltd. 

SPECIALISTS IN 
ACCESS EQUIPMENT 

Tel: f0274) 5*5541. 


Medium-sized private company 
seeks 

INVESTMENT OPPORTUNITY 
in a Manufacturing Concern 
involved in 

AGRICULTURAL EQUIPMENT 
Initial detail* to Bo* G.1272, 
Financial Time* 

10. Cannon Street. EC4P 487. 


MANCHESTER 

Bury suburb. two-toineh Mcnswcar 
business. Medium trade. OoUiinj. 
Outfitting. Jeaiu. J ocrt 

£60.000. Excellent profit*. Long 
leases— total net rent £1,075 p.a. 
Leases, fixtures, fittings, goodwill, 
£18.(500 S.A.V £20,000 approx. 
Fully jfarmrd. Owner retiring. 

Write Ber C.12B5. FliwieW Times, 
10. Coftnen Street. EC4 P 48 Y. 


BANKERS 

have clients interested in pur- 
chasing an existing commodity 
company with associate mem- 
berships preferably both of soft 
commodity markets and of 
L.M.E. 

Write Bat G.1209. Financial Times, 
10. Cannon Street. £C4P 467. 


YOUR OWN FINANCIAL 
ADVISOR IN FRANCE 

Sritifh iMununu lesident w F'aree 
seek advisory assignments W retainer 
or on£e-off basis to help U.K. eom- 
ptn i«s understand and communicate 
with tKcir French subsidiaries. An inde- 
pendent marketing expert Is also avail- 
able For advice and action on the 
French market 

Write Bex F-5*7. Flnonertf Tima*. 
10, Cannon Street. EC4P 457. 


SCOTTISH 
HOTEL COMPANY 
(retirement sale) 

High profits mainly from (wo hotels 
in prime city and town sites. Audited 
figures. Offers around £750,000. 
Write Bor G.1234. Financial Time I. 
10, Cennon Street, EC4P 487. 


WEST END 
OFFICE SERVICES 
PRESTIGE ADDRESS 
TELEPHONE ANSWERING 
TELEX 

OFFICES (SHORT TERM) 
SECRETARIAL SERVICES 
PHOTOCOP 7 1 MG. ETC. 
Telephone: OT-SSO 5818/9 


FUNDS AVAILABLE FOR SHOP 
PROPERTY LEASE-BACKS 

Existing and Prospective 
Commission paid to Introducing 
Agents 

B. Scitler, Esq- F.C-A. 
Retail Property Investments Led. 
47 Peter Street, Manchester 
M2 6AU. Tel: MI-834 2510. 


WORKING PARTICIPANT 
willing to invest £50.000 equity 
capital is required by a well 
established northern wholesale 
company dealing in textiles and 
plastic piece-goods. Principals 
only- Write Box G.1297, 
Financial Times. 10. Cannon 
Street , EC4P 4 BY. 


CLASS PRINTING 

9C Country Prices, All types of 
work undertaken. 

ORPHANS PRESS. 
HEREFORD ROAD. 

LEOMINSTER. 

HEREFORDSHIRE. 

Tel. 2460 


o* in arh-r ward* 

ARABIC TRANSLATION 

4. IT 

Interpreters, Typesetting 

Legal, Technical & General 

v oil (set. ANuLQ-^a-i.V.-, 

8 Portland Road. London W!J 
Tatephona; 01.620 4g» <> 

vsssas 

as ? mpil 




This cash voucher 
to an Immediate 

75% CASH 
AGAINST 
INVOICES 



Technical 
ucts 


I Sut& xt to approval . J 

Cash flow prablenis?Then cash this! 

Need Cash Now? You've got it right there bn your 
books! Confidential Invoice Discounting Ltd gives* you 
75% cash against invoices — money you can put to work 
today. Our invoice discounting system is entirely 
confidential. Your clients remain totally unaware of its 
existence. For the full facts post this voucher now or 
phone us direct 

Confidential Invoice Discounting Ltd. 

Circus House, New England Road. Brighton, Sussex BN1 4GX 
Telephone: Brighton (0273) 66700. T dec 87382. 

Also Birmingham, Cardiff, Leeds, London , Manchester. 

A subsidiary of International Factors limited 

WANTED 

FINANCE COMPANY 

making £10,000 to £100,000 profit annually in 
Manchester, Leeds, Liverpool or Birmingham, if 
present management wUl continue to operate the 
company on a profit-sharing basis. 

Box G.1296, Financial Times, 10, Cannon Street, 
EC4P 4BY. 


Add from $10,000 to over $1 million in annual sales 

fbr just S50 yon can profit from the product development expertise of such major 
companies as Upjohn. Caterpillar Tractor. Honeywell. General Electric. Scott Paper.' 
Toshiba. American Cyanamid. FMC & hundreds of others. Take aUtamiage of new 
products and process developments immediately available (or acquisition and licens- 
ing. Just send for our Digest with over fOO growth opportunities you can buy or 
B cense at a fraction of the original investment. The Digest is only 550 (check must 
accompany your order:) price includes air shipment. Please remit pavmeni drawn on 
U.S. Bank. 

Itcould be cme of ibe soundest investments you U ever make. Over 50 paxes of business 
opportunities. Order your Digest from: 

general electric 

120 Erie Boulevard 
Schenectady, New Yurt: 12315 U.&A. 


HOUSEWARE — SOUVENIRS — GIFTS — COMPANY GIFTS 
AND ADVERTISING ITEMS . 

WHOLESALERS 

Scandinavian range of household trays and "customers’ own 
motif trays" earlier sold In the 'U.K. under the name of 
“Alux" will be exrendcd with new competitive low price lines 
and marketed from supplier’s- own centre in Britain under new 
trade name. ■- Well established wholesalers . in all areas are 
Invited to apply for representation for these excellent "vain* 
for money" products. Please give details of company ana area 
covered and personal interview will be arranged soon. 

Writ* Buz C.f2V2. Financial Time*. 10. Cannon Street, E C4F 4u7. 


ENGINEERING COMPANY 

capable of manufacturing capital equipment of some 
Complexity has spare capacity available immediately. 
Willing to undertake component part, sub-assembly 
or complete manufacture. 

Please contact M.D.. 

Box G.1263, Financial Times, 

10. Cannon Street. EC4P 4BY. 


BUILDING COMPANY 

(GROUNDWORK/FORMWORK SUB-CONTRACTOR) 

FOR SALE £350,000 

Tumorer £750.000. Net ProFa oxawd £70.000 p.a. Hnt-clsn Plant 8 
Machine pr £200.000. Excellent connections and workforce. Established 15 
yean. London area. Tbit company cnio/s an excellent reputation to this 
particular field. Reason tur tale; owner emigrating. The present director- 
ies nder is prepared to nay o.i at long as necessary to arrange smooth take-over. 
Only prinripal* need apply to company's Accountants. 

W'lte Box C.12S1. Financial Times. 10. Cannon Street. EC4P 40V. 


MAKE IT YOUR CAREER 

As a working full-time oartrwr of 
an Export company established over 3 
years ago. Witn offices in Mayfair 
trading m general goods with Kiddle 
Exit. Valuable contracts, o'dc-t and 
•nuiririci need to be co-oroinitsd. 
Great potential and profits expected 
after tax less. Second pa-iner of 
Middle East origin with 50°l holdings 
will remain. Background af Export. 
Finance, Trading or Selling would be 
uteful. 

Offeri around £15.000 for 50 ’i hom- 
ing, plus some working capital, would 
be considered. 

Write Boz G. f 097, Financial Times, 
TO. Conran Street. EC*P 4B7. 


CAPITAL AVAILABLE 
£10.000 PLUS 

To assist small expanding firm 
or company (preferably en- 
gineering) who may be handi- 
capped by lack of finance. 
A;c«c participation if required. 
Tr.irt would not be too onerous. 
W-tt* w.tti lull dctl'is *o Box G.1263. 
Financial Tune* SO. Cannon Street. 


AN INTERNATIONAL 
ENGINEERING COMPANY 

wishes to purchase an engineer- 
ing concern, preferably In the 
Midlands, which has excess 
fitting capacity. 

Write Box G.1298. 
Financial Times. 

10. Cannon Street. EC4P 4BY. 


MACHINE TOOL 
MANUFACTURER 

HAS CAPACITY AVAILABLE 
for design and manufacture of 
special - purpose machines, 
general machining, assembly and 
machine tool reconditioning. 
F. E. ROWLAND & CO. LTD. 

Station Road, Reddish, 
Stockport, Cheshire SK5 6NF. 

Tel: 061-432 3201 


Plastering and. Allied 
Trades Company 

has spare labour capacity to 
undertake hona fide sub-con- 
tracts works within 50 miles 
radius of Birmingham. 

Proven and old established 

Please ring 0384 62319. 


COMPANIES FORKED 

E* portly, ipc.dily, throughout the 
world. Compare our prices. 

ENGLAND £69 

ISLE OF MAN £98.44 

GUERNSEY £250 

LIBERIA U5J870 

5hLkCr COMPANY FORMATION 

I. Athol Street, Dougin. l.o.M. 
Tel: Daugin 106241 23718. 
Telex: 613554. 


Taiwan and 
South East Asia 

JOINT VENTURES. ACQUISITIONS 
OR TRADING 

Write Box G.1284. Fioeoelul Times. 
10. Cennon Street. EC-tP 487. 


COMPANY REQUIRED 

A prmjte!y. 0 WKd Engineering Group 
withes to diversify Its interests by 
acquiring a well-eiublithcd Company 
producing and marketing a non* 
labour intensive Product o’ any type. 
All repliai will be treated in tb« 
strictest confidence. 

Write Bet G.H8B. Flrenziql rimes, 
10. Cannon Street. FC4P 4B7. 


FREEHOLD SHOP INVESTMENT NORTH- 
AMPTON. Let on long tease i2S voirst. < 
rack rented at £4 000 Pa- Excl. Re»t< 
, Rene* s vein. Price tst.50u S.T.c.t 
f Auoi» hiratow Eves. 01 -&U IMl-j 
| Ref. JMM or PS. ! 

CAN m CO-OPERATE IN SPAIN? I 
Independent man. 45. mtn soohlttieawd I 
hufrncta experenee amt own oresuge - 1 
address omce seeks apoointment u < 
Iff;* 1 reSNreeentxeiie. bun no aoenU etc, I 
wme CNI. cenerel Mala, T9, Madrid- 1 - j 


PLANT AND 
MACHINERY 


GENERATORS 

Static and Transportable Units 
fromi3kVA to 750kVA base load, 
stand-by or no brake system;. 
Sale or rental, m an u fate u red by ! 
SHANNON POWER 
SERVICES LIMITED, 

Leigh Street, Wafahaw, 

Bury, Lana- 

Tel: MI-761 1434 Telex 668850 


GENERATORS 

Over 40fl sets in stock 

TkVA-700fcVA 

Boy vrisffiy tram the maufsOarert 
* with ten after-talas service. 

CLARKE GROUP 
- 01-985 7581/0019 
Telex 897784 


We an a substantial British company with established factories In 
Franca, fltlgiw? and tuly seeking additions) manufacturing opportunidea.' 
VYe hare the know-how end capacity to handle s wide ruga of produetr- 
frtefading specullcy cbanicals, adbaslves, flooring , and. calling fimshu,;' 
acoustic materials and building products, fbr salt to industrial woolen. 
We on provide excellent marketing,' retting and teetotal back-up, - 
-Minimise your European entry cast* with oar .help.. Oar vigorous 
management aw financial resources can help to .ensure quick- results., 
Replies From principals only, pleas*. 

Box 509, Hanway House/ Clark's Place, London EG2N 4B& 


Tycoons, Whizz-Kids 
and High-Fliers only 

No one Deeds to tell you that the only way to make a fortune 
is to build up your own 'business. Nor do you need convincing 
of the value of timely, exclusive business information designed 
to keep you a step or two ahead of the herd. As a regular 
recipient of the Company Director's letter, the Infonndd 
private-subscription service under the editorial supervision of 
Robert Heller, you can be confident of noe missing out on 
today's (or tomorrow's) best money-spinning markets -or. 
concepts. For details of FREE TRIAL offer, write to: — . 

Company Director’s Letter, Deot- TCT, 

13 Golden Square, London W.l. 

Or. phone 01-597 7337 (24 hour answering service) 


FIDELITY 

TRUST AND ADMINISTRATION AG 

Bahnhofctrasse 28a (Paradepiatz) 

CH- 8001 ZURICH 
Tel. 01-211 42 69 

Formation and administration of Swiss and foreign 
COMPANIES, TRUSTTS AND FOUNDATIONS: 
FIDUCIARY SERVICES for banks, financial 
institutions, industrialists, trade as well as for 
private individuals. 

International TAX PLANNING and 
FINANCIAL advisers. ASSET management. 

PHARMACEUTICAL " 
PRODUCTS 

A leading manufacturer and marketer of Pharmaceutical, 
Dietary & Nutritional Products in Australia, New 
Zealand & S.E. Asia, seeks Distribution Arrangement 
fbr its products in the U.K. and Europe. 

Equity participation, joint venture or agency arrangement 
would be considered. Also consider reciprocal 
Distribution Arrangements of Products in Australia ft 
New Zealand. Principal visiting U.K. in February. 

For further detallt write to : — > 

The Secretary, 

Pharmaceutical Products, 

P.O. Box <84. ' 

. North Sydney. 2060, Australia. 


BRING JAPAN CLOSER TO BRITAIN 

In effect. ~your own office in Tokyo but with ihe' added advantage' 
of a local office in Britain. AMbo Marked ng Ltd., in Tokyo, an 
Anglo-Japanese. company and Walker Export in Britain, together 
deal exclusively with British exporters to japan.' 

We act jointly to give you a first class service aimed at boosting 
your sales whilst reducing the cost. Whether you are new to 
-or familiar with the territory, our wide range of services can 
complement your sales plans and activities. 

For personal service, please contact John Walker, by phone on 
062784 366, by telex 965325, or write to MHI House, Bredgar, 
Sittingboiirne, Kent ME9 8BB. 


. 'jpr 

■ Financial Times Tuesday JannaTy^M^ 

■'APPOINTMENTS 

W. Newton-Clare on. 
Pork Farms Board ■ 

My w H. ** BH1 " Newton-Clare, 
wKmd up a controversy M 

MUtP with hk shMjtra«natIon 
torn the Board of HCgthr meat 
and bacon co n glomerate. _ has 
found a new post on the Board 
of toe Nottingram-based . firm. 

° Mr. Newton-Clare. who 
president of the Bacon and Meat 
Maufactorers’ AssocUtion. ^ 
with FMC for only « “gj 
Before that he was with Scott 

B A ry coiourful campaigner and 
one of Britain’s best-known exe- 
cutives in meat processing. M r. 

Newton-Clare was m 
yesterday pressing the Commis- 
sioner for Agriculture, Finn- 
Gundelach, for EEC concessions 
which would ease the pressure on 
the U.K. meat industry. 

He left FMC. which is largely 
owned by the National Farmer* 

Union, only a few days before 
publication of a dismal set of half- 
term results. 

Porte Farms, which was showing 
a half year’s turnover of almost „ 

liBmTat the end of August la st Air- N. qiftifcfBaes .. 

year and a pretax oj VjJ >. 

nJfiSm, appears in much better maQ on ^ ^ . • 

shape. Its mam business a in fQr reaction t0 the -Bo«if^3 r ' 

meat processnm, and |t has some ^ ^ on the Board S ' 

retail outlets, but no interests in years. 20 of Them u **h» twWlj 
bacon curing, the sector which » y ears * M ol , 

caused FMC so much trouble last ^ R w . HaB has Wraf./ ' 

5 ,ear * * pointed a director of CHREroZ 

« been PHER MORAN GROUP. lB vW 

Mr ; Dart d Step r of the progress - made in tite 
appointed «Port ales dh^tor. of ^ industrial • 

and associate comity director . D J P Brvaim -« . 

s*™™ DENNIS S£-Jr \ «. \ ■ 

February 1. ^ signed from their directMah^y , • 

Mr. David Axson has been ap- the Sronp- ^ / 

SmEFlAALandillr? Nigef 

I5L "NorS LONDON TRUST: CO ■ 

beMme ,eChniral V. D. J. Mkh. ta. 

durector ‘ * elected chairman of the COUNOT ' 

Mr. Douglas P. CL Nation, man- OF roONFOUNDRY A^^X^ 
ager anddlrector of BL\TH TlONS injmcealm • 

EASTMAN DILLON AND CO. In- J- “***■ ^ - 

hi“^en^a?3”d i0 a^fim n S slTvel^ Group of ^CL Mr. F^ ' ‘ 

rn r New n Yo°rk the wEm'sSFSa' ® %%£. .. 

* made deputy chairmui; of 0% 

5Ir. Don Perry, chairman of Council. r . r 

UML and of the Unilever Mersey- , * . .. . 

side Committee, has been ap- Miss Monique Legnsd nas Men • 
pointed a member of the NORTH appointed deputy chairman and 
WEST INDUSTRIAL DEVELOP- managing director of CWF (LON-i ' 
MENT BOARD. DON) and Mr: Michael. MeHaffl* • 

* and Mr. David Baines have bg.. . 
Mr. Anthony D. Barry, manag- come directors of - CA RTM 

ing director of the Roadstone- WILKES ft FANE LIMXIED. y 
Wood Group, has been anpofnted ★ 

a director of CEMENT-ROAD- "Mr. E. H. Potter has betf • 
STONE HOLDINGS. appointed managing director ;o^; • . 

* HIGGS AND HILL BUILDING Si. . . 
Mr. Neville Clifford-Jones Is to succession to Mr. B. J. HID, wh< 

become chairman and Mr. Clive remains chairman. Mr, A. P. Htt" 
Beck, deputy chairman, of SGB has become managing directs ■ 
GROUP after the annual meeting fMiddle East) of Higgs and HJ| r 
on March 14 and both will be Overseas and Mr. N. 2. SraaR 
joint managing directors. Sir wood, managing director of Higgs 
Edgar Beck is to retire as chair- and Hill Civil Engineering. 


* GOLD FIELDS GROUP ' V . 

NEW WHW'ATERSRAND GOLD - 

EXPLORATION COMPANY, UMITED 

( Incorporated in the Republic of South Africa) ■ Y- 

INTERIM REPORT FOR THE SIX MONTHS ENDED 
31 DECEMBER 1977 

The unaudited consolidated results for the six months ended 
31 December 1977 are as follows: — 

Six .Six 


months 
ended 
31 Dec. 


months 
ended 
31 Dec. 


Year 
ended 
30 June 


We wish to acquire companies in the 
SCIENTIFIC LABORATORY SUPPLY 
& DJOTRIBUTION FIELD 

We are active in this field ourselves with a large sales and 
service force at our disposal. We are looking for companies 
with turnover in excess of £250,000. Replies will be treated 
in the strictest confidence. 

Write Box G.I2SJ. Financial Times. 10, Cannon St., EC4P 4BY 


Income from investments ... 
Profit on realisation of in- 
vestments ' 

Other income 


FOR SALE 

HIGH-CLASS RETAIL BUTCHER 
Single shop in SF. Town. 

~ • Own freehold. 
Turnover £300,000. Profitable. 
Large potential for expansion 
into wholesale.. 

Fully staffed at all levels. 
Principals only to Bur 6.1 Z9Q, 
Financial Times, 10, Carman Street, 
EC4P 4BY. 


UMITED COMPANY 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
- READY MADE £83 
COMPANY SEARCHE5 

EXPRESS CO. REGISTRATIONS LTD. 
30. Ctr Raid. E.C1. 

01-628 5*34fS/7361 993b. 


MODERN WARP KNITTING/ 
DYEING AND FINISHING 
BUSINESS FOR SALE 

Varied typo of fabric produced' rod 
sold in the U.K. and abroad. Turn- 
aver £1,500.000 per annum. Business 
loured in the Midlands. 

Write Ber G.1286. Financial T’mes, 
10. Cannon Street. EC4P 4BY. 


LONDON & FOREIGN 
INVESTMENT TRUST UMITED 

This company is tor s«!a -h 

AGREED CAPITAL LOSSE5 
in excess of £700,000 
Authorised Capital £1.000.000. 
PaJd-up Capita! £500.000. 

No assets or liabilities. 

OFFERS INVITED . 

IN EXCESS OF £80,000 
All enquiries! 01-278 £656. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy. save up w 40 p^. 
Lease 3 years from £3.70 weekly. 
Rent From £29 Ber month. 

Phone: 01-841 2365 


Expenditure 

Administration and general 

expenses 

Prospecting 

Amount written off- invest- 
ments 

Profit before taxation ......... 

Taxation 


1977 

.1976 


1977 

R’OQO 

R-000 

R'000 

urn 

1,034. 

1.943 

19 

IS5 

313 

28 

168 

178 

U19 

1,387 

2.434 

141 


157 


L351 

138- 


135 


242 

3 


19 


20 

— ■ 


3 


J.089 

978 

1,230 

1,083 


2 

lfi 


ACTIVE EXECUTIVE 

Experienced in business development. 
- finance and administration. -is looking 
fbr Investment opportunity in merchant 
or finance house combined with man- 
agement role. Is willing a> aither work 
with existing shareholders providing 
additional capital or buy out some or 
all M the principals. 

Write Box C.JTQ7, Financial Times, 
10, Canaan Street. EC4P 4flY. 



investment 

Opportunities 

Every Tuesday and Thursday 

ssssssssasKssffissp 

01-248 8000, Ext 456. 


Profit after taxation 978 1,228 - 1.067 

Minority shareholders' 

interest 22 89 82 

Profit atributable to members 956 -1,139 --'885 

Earnings per share—cents ... &3 55 - &5 

- Dividend per share — cents ... G.0 fi.0 15.0 

Times dividend covered 1.4 1.7 — 

. Net asset value per share — 

cents 271 239 - - j0$*J 

NOTES ON THE RESULTS 

Profit on Realisation of Investments • • 

The profit on realisation of investments for the j 

ended 31 December. 1976 tudndes the proceeds of 
Star Diamonds .{Proprietary) .Limited . . r 

Other income • 

111 other income for the six months ente&jbDe&i* 
™I 976 - was a ? *“ ount of R 105,000 arising from-anSS^^T 
commission and other recoupments. 

Investments - 

i iS iS.2 D S nen , ts m ^tten down when- 
is below book value at the end oF each financtaL 
■ i“SLy n ® Provision for depreciation of 
to R8.000 (RS93.000) at 31 December, 1977 
the accounts for the interim pericS 

Particulars of listed Investments - J - 

31 December 3iUecetob«r 
1977 ..TXm 

Stock Exchange value : 

Excess over book value '! 

Dividend declared and paid 

dSred Sd 5 ^d 9 <l?rin B P fh. !bare i * bsi>rl 'ln*W.M8.(IOO wss 

decs™. 'JJttir&rSr*'*" X SSfSrT 

ni J . DECLARATION of DI\TDEND 

Soutir/Jrican ^m^ncy ^yabieto^ 3 ^ ^ *** ^ar&d io 
close .of business on m Feb^aS. refitstertid ; ai ** 

SttSSd Mnm b tioS S reLSg°t 0 a to Ut 15th March * ,978 ' 

obtainable at the sha^tSS J the payment of dividends -are 
of the company *** trans ^ er offices and the Londoa ; oflJ« : 

2SS5 by r meSre t 0 n° f th?Unu i ’ ? i d ^ Ci j® Sotoft AfriCM; 
he received by the ^?L v e o n U ?^ (I , Ivan ^ 0m 

in accordance- with th«>*ahnL* n or hefore iOth Febru a ry ; ' MW : 
T»e rc s l 5te r „rmemben w,, m K; ti ? ed J “ n ^ ti “? ? 
February, 1973 . inclusive!* hB dosed bwa. Ufib. to. lTfh- 

GomTm V ^ O" Oehai, „ f ft e Boid 

S rox sSeet " D. GNODDE> ! 

Jobaouesburu. 2TS?g roEMA d i 


fc'i- 



London Office: 

fS- Moorgate. 

London, EC2R 6BQ- ' 

33rd January, 1978. 


On behalf of the- Bo«d'- 

A- M, D. GNODDEV 
Chairman 1 D& re ^ 

A. J. WErDEMAN j 
United Kingdom Registrar: 
2®“ 'Registrars 
.803, High Road. 

Leylon. .. 

London BIO 7AA. 















'inancjal Times Tuesday January 24 1978 


H 



SURVEY 


lu 


Tuesday, January 24 1978 


31 


i->: : 


i 


k 




The sluggishness of the world economy has brought Austria up against structural 
problems in its export industries which require action to correct growing current 
account deficits. The well-established consensus between capital and labour will 

be of the greatest help in achieving this. 


lUSTRIAN way of doing 

- has begun to lead, the 

- -7 into severe end; ftmda- 

economi c problems after 
aa entire generation 
unrivalled economic 
. and industrial peace, 
stagnation is threatened 
country that averaged 5 
nt real growth annually 
si 1950 aod 1970 and 
in spite of a 2 per cent 
c In 1975, GNP continued 
h annually by more than 
ent on average until 1977. 
•e ■ fundamental factors 
lined that record. They 
relative industrial and- 
qIc backwardness of file 
7 before the war, the 
-cdon caused by- that war 
created conditions favour- 
er industrial “takeoff,” 
e proximity of the German 
haJtsiGwnder which spilled 
nto Austria in the form of 
id for Austrian goods and 
1 of German tourists who 
.■ed the Austrian current 
it. 

lay not seem far-fetched, 
ore, to think of Austria as 
f the German system in all 
une. Despite evident differ- 
both countries share a 
age, a culture, and the 
y of two lost wars. Both 
rejected confrontation as 
ans of conducting Indus- 
relations. Both have for 
years beeu run by social 
cratic Governments — but 
runo Kreisky, the Austrian 
-ceUor, is less of an eco* 
-liberal and more of a 
list than bis German 
erpart, Herr Helmut 
idL 

t that purity of political or 
ither principle is the main 
ict eristic of Austrian life, 
rians have learned to hold 


a fine balance between the per- 
missible and the not actually 
forbidden. - Moonlighting is an 
accepted way of life. In some 
big towns, for instance, the dust- 
man's job is highly prized 
because it leaves the afternoon 
free for other and more lucra- 
tive pursuits, and it does carry 
a pension. It would he fascinat- 
ing to know- how. much -semi- 
official activities contribute to 
the Austrian GNP. 

Terrorism, German-style, has 
occasionally spilled over into 
Austria, but does not seem to be 
an indigenous ' phenomenon. 
Above all, the Austrians have 
no problem of identity. In spite 
of the close existing bonds with 
Germany, they have an unmis- 
takeeble quality of AustrianaessL 
It . differs greatly from the 
popular stereotype; Aostrian- 
ness is not really a matter of 
Johann Strauss, downhill ski-ing, 
and fattening delights. The main 
ingredient Is an ability to make 
the best of the world as it is — 
if necessary by hard. work. . 

Difference 

It is a matter for. philosophers 
to. decide whether that ability 
explains a very fundamental 
difference between Austrian and 
German economic policy. The 
German Government has 
accepted fairly high unemploy- 
ment as a reasonable price for 
containing inflation; Dr. 
Krei sky’s Government has not 
In Vienna . It is nothing unusual 
to encounter exasperation with 
the failure of the Germans to 
get put of tiie economic dold- 
rums 

The Austrian endeavour to do 
so by Keynsian means in an 
unhelpful world environment 


has dearly overtaxed what is 
one of Europe's smallest 
economies. The bill has been 
presented in the form of a 
budget deficit that by universal 
agreement must be reduced, and 
an external payments deficit that 
cannot be maintained for very 
long. 

For 1977 and 1978 together it 


incomes policy more restrictive. 
Phase 3, which is still in the 
discussion stage, will involve 
investment incentives designed 
to improve the structure of 
Austrian industry. 

The main elements of Phase 1 
have been a credit squeeze, 
including restriction of the 
amounts by which banks may 


maybe also into the State- 
owned enterprises, some ' of 
which are structurally weak. 

These fears attach to the pro- 
posal, still to be finalised, 
to raise an investment fund of 
SchjObn., to be spent within 
three years in the private sector. 
They are undoubtedly supported 
by the evidence of the increased 


article dealing with the 
phenomenon of social partner- 
ship between labour and man- 
agement.) 

To get the -argument about 
full employment into per- 
spective it suffices to know that 
even in 1975, the recession year, 
tiie unemployment ratio only 
averaged 2 per cent -and that 


Setting a new course 


By W. L. Luetkens 


is likely to amount to Sch.37bn. 
(about £1.3bn.) which may be 
compared with officially shown 
reserves of Sch.29bn. That 
figure is somewhat misleading 
since the net short-term external 
liabilities of the banking system, 
amounting to Sch.35bn. t have 
been deducted from the cen- 
trally held Sch.65bn_ The latter 
moreover include Sch.l7bn. 
worth of gold valued at $41 an 
ounce or something like a 
quarter of the current price. 

There is therefore room for 
manoeuvre to tackle what are, 
as now generally agreed in 
Vienna, structural problems. 
The. marching order, in sum- 
mary form, is as follows:- 

In a first phase inaugurated 
in 1977 fiscal and credit policy 
switched to a restrictive course 
designed to reduce consump- 
tion, especially of imported 
durables such as cars, and get 
the budget deficit under 
control. Phase 2, which has 
only just begun, will involve 
making the traditional voluntary 


Increase their credit volume to 
1.1 per cent monthly overall 
and to half of that in the case 
of consumer credit plus a' tax 
package that will increase the 
tax quota (including social 
security levies) from 39 per 
cent to 41 per cent of GNP. 
Phase 2 was inaugurated by a 
wage settlement of 5.8 per cent 
in the white collar sector which 
does demonstrate union 
moderation without however, 
r emaining within the range of 
any possible increase of pro- 
ductivity. 

Phase 3 is the one that really 
matters. Industry — which in 
Austria very largely means 
small and family enterprises — 
hopes for a reduction of the tax 
burden to end a progressive 
squeeze on profits and, more 
particularly, to encourage 
research and development But 
it is afraid that the Socialist 
Government of Dr. Bruno 
Kreisky will use the oppor- 
tunity to direct investment 
where it thinks suitable — and 


tax quota, which inevitably 
means a shifting of emphasis to 
more public influence in what 
may be one of the most com- 
plete examples in existence of a 
mixed economy. 

In these arguments there is 
implicit a more fundamental 
debate about full employment, 
which has been the top priority 
of Austrian economic policy 
throughout recent years with 
the full support, incidentally, 
of the employers. Now there 
is an increasing feeling that that 
priority may require modifica- 
tion. ■ 

At this point it is important 
to recall the dictum of a (very) 
Austrian politician of Hapsburg 
times, long ago. that “every- 
thing is . relative.” It ought 
really to be the motto of this 
article since the avoidance of 
extremes has been the chief 
characteristic of Austrian 
politics and attitudes ever since 
the war. (Some of the historic 
reasons are considered else- 
where^ In. this survey, in. an 


the increase that some people 
now believe to be desirable 
would take it to, say, 3 per cent 
(compared with almost 5 per 
cent in West Germany daring 
1977). 

The trade unions are likely to 
accept that risk tacitly. They 
are showing signs of recognising 
that restructuring demands a 
readiness to sacrifice individual 
jobs in tiie interests of a long- 
term preservation of a high 
overall level of employment 
Without that recognition 
Austria will not be able to 
restructure its industries in 
order to increase the Austrian- 
added value in its exports and 
to lessen the share in its ex- 
ports of goods such as textiles 
that meet competition from low- 
cost producers elsewhere. - 

Failure in the long term to 
override the effects of world 
economic problems by 
autonomous means has quite 
clearly added heat to the debate 


in Austria between the Kreisky 
Government and the Austrian 
People’s Party of Dr. Josef Taus. 
But aB the evidence is tint both 
sides attach continued im- 
portance to the survival of the 
social consensus which has for 
so long characterised Austrian 
life. 

There are those in both 
parties who hanker after a 
revival of their Grand Coalition 
which ruled for almost 20 years 
after the war. Dr. Kreisky is 
not one of them. But -he, too, 
pays tribute to the popular 
desire for consensus; he likes 
to point cut that many non- 
Sorialists serve his Government 
m the very highest of admintoi 
trative positions. The latest case 
is that of a distinguished econo- 
mist Dr. Stefan Koren, hitherto 
parliamentary leader of the 
opposition who is becoming pre- 
sident of the central bank. . 

That sort of recruitment 
across party lines matches a 
quasi-regal bearing on the part 
of Dr. Kreisky which goes down 
well with the electorate. There 
are no recent published polls, 
but those that the parties have 
taken privately appear to show 
only a marginal erosion: of the 
support that in 1975 allowed Dr. 
Kreisky’s Socialists to retain 
their absolute parliamentary 
majority. That is no inconsider- 
able feat, given the economic 
situation — and given a few 
political mishaps, to put it 
mildly. 

For instance. Dr. Kreisky has 
had to accept the resignation 
of his Minister of Defence, a 
non-party man, because certain 
arms exports had taken place 
in contravention of Austrian 
neutrality. There also have been 


BASIC STATISTICS 

Area: - 32,374 sq. miles 


Population: 


7.5m. (1976) 


GNP: SctoSOlbn. (1977 est) 
Per capita: SchJ.06,800 

Trade (Jam/Nov. 1977): 

Imports: Sdu213^bn. 

Exports: Seh.147.Um* 

Imports from UJK. (1976) 

£2 12m. 

Exports to IDE. (1976)£232m* 

Currency: Schilling 
£— Sch-29.35. 


differences with the National 
Bank which had made too 
obvious its intention of main- 
taining a stable exchange rate 
with the D-mark. 

Since the bank took its stand 
in the interests of stability, 
and since “stability" is a 
popular catchword, one might 
have expected Dr. Kreisky^s 
popularity to suffer. In fact it 
seems not to have done. More- 
over, events seem to have 
proved him right 

But the problems confronting 
the country in a new world of 
reduced growth have barely 
been tackled. It is far too early 
to say whose reputation will 
rise and whose will fall as the 
pattern unfolds. As the 
difficulties come to he more 
generally realised Austrians 
will probably rally around the 
cause of national consensus. 
Dr. Kreisky could personify 
that .consensus, but need hot 
necessarily do so. ; 



We make the products today’sworid needs. 
Products designed to work in the toughest 
conditions. 

Our export success isthe proofthatwherever 
and whenever reliable, probiem-free 
equipment is caiied for, ourname springs 
readily to mind. 

it is this im plicit confidence which our 
customers have in usthatisthe basisof our 

success. 



^fr-Daimler-PiMh Afi 

Trucks, tractors, agricultural machines, built-in andstatronary engines, bicycles, 
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1 

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Amyiiadof ^ 
lovable, .. 

charming. An oasis. A hide- 
away. A holiday-land., 
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discovered. Self-confident . . 
Modem. Tolerant Democratic. A republic founded byJECarl 
Renner, theardhitect of two republics. ~ ^ J 





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32 




--w I'-' 



AUSTRIA II 


financial Times Tuesday Januaiy. 24 1978. ^ 


The economic tasks 


ANNUAL CHANGE OF GNP (REAL) 


. . 6% 


From every 
point of view 
, Tirolis 
beautiful 

Its not just our delightful 
ornamental windows, or our 
; charming Tirolean girls in 
traditional dress. 

Its the breathtaking panorama 
from our 42 cableways and 120 
chair lifts, which include the 
longest and highest in Europe. It's 
sunbathing and swimming in our 
.lakes, playing golf and tennis, 
home riding along forest trails 
and discovering secret valleys. 

Wherever you look there - s 
something to catch the eye and 
delight the heart in this ‘land in 
the mountains'. 

The sheer exhilaration of our 
' mountain air is enough to make 
you yodel. And you have 2S0 
^ resorts to choose from. Go 
up.in the world! Take a 

Jff \ beautiful holiday 

—in Tirol of course. 


I Send for our brochure and hold bsL J 

I * S»ycwr travel agent about. j 

inclusive hofidavs. j 

Austrian National Tourist Office. ' 

I Tirol Dept. 30 St. George Street. | 
London W1R 9FA.Tet 01-629 046L > 

I Name 1 


%r e i 




AUSTRIA successfully spent its 
way out nf trouble during the 
1975 recession and is now pay- 
ing the bill in the form of high 
balance of payments and 
budgetary deficits. These in 
turn will make it immensely 
more difficult to apply the 
Keynesian expansionary trick 
again this year — especially 
since it has become Increasingly 
clear that the problem is not the 
familiar cyclical one but in- 
volves deep-seated structural 
difficulties. 

The fact that the latter are 
only in part peculiar to Austria 
aggravates the worries of those 
responsible for the Austrian 
economy and for the country's 
business. They know very well 
that in the world as it is coun- 
tries of the size of Austria are 
largely dependent upon the 
w-eighlier economies, in The 
case of Austria pre-eminently 
the West German. 

To say that is not to helittle 
the very - real achievements of 
the Keynesian methods applied 
in 1975. Unemployment has 
been kept consistently low': even 
during 19<< when fiscal and 
credit policy had reverted to a 
restrictive attitude, the un- 
employment ratio did not 
exceed 2 per cent (annual 
average). 

On the other hand it is true 
also that the number oF migrant 
workers has been reduced from 
a peak of 260,000 (not counting 
those in Austria illegally) to 
180.000. and that many more 
will be leaving. It is true also 
that there is a certain am nun t 
of disguised unemployment. 

Not only the large State- 
owned concerns have’ been wil- 
ling to carry labour through 
periods of underemployment of 
capacity. The heavy prepon- 


■ ; ■ S' ' / 

w • V .v i . ?• • 

VA 


PERFORMANCE AND PROSPECTS 


(Increase or decrease per cent.) 



1976 

*1977 

•1978 

Private consumption (real) 

4.0 

.6.5 

2.0 

Gross investment (real) 

5.7 

6.5 

1-5 

Thereof: 




Plant and equipment 

10.9 

8.0 

0.0 

Buildings 

2.0 

5.0 

3.0 

GNP (real) 

5.2 

4.0 

1-5 

Consumer prices 

7.3 

5.8 

5,0 

Merchandise exports (nominal) 

16.3 

8.5 

6.0 

Merchandise imports (nominal) 

26.1 

14.5 

2.0 

Current accountt (SclLbn.) 

—16.3 

-34.1 

-30-t 

External payments (Sclubn.) 

-18.3 

-22.1 

-15A 


Estimates. + Including balancing item. Source: Gimzentralc 


derance of small and family 
enterprises even in quite sophis- 
ticated industries militates in 
the same direction. 

That is an asset which has a 
mirror image on the debit side. 
Compared with West Germany. 
Austrian industry -has tradi- 
tionally lagged - in its pro- 
ductivity. it mattered little 
when, year after year, the 
Germans were working close to 
capacity or at full stretch. The 
Austrians, being marginal pro- 
ducers with largely German 
technology, came into play in 
export markets, not least as 
suppliers oF components to 
West Germany. Now that the 
Germans no longer seem to be 
capable of getting their 
economy up to full speed, 
Austria is feeling the pinch. 

The very success of the 
Austrians in keeping their own 
industry moving during the >ast 
West European recession has 
now to be paid for. The rapid 
rise of incomes in 1975. coupled 
with a policy of allowing the 
Austrian schilling to Boat up- 
wards with the D-mark 


burdened Austrian exporters 
with heavy cost increases. At 
least as significantly, the com- 
bined effects of high incomes 
and a strong schilling sucked in 
imports. As a result the direct 
trade deficit which is habitual 
m Austria climb ed from 
Sch.lS.4bn. in 1970 to 
Sch.30.6bn. in 1975 and to some- 
where around Sch.TObn. in 
1977. 

At the same time the com- 
bination of high costs and of 
a slow economy in Germany 
have ended the balancing role 
habitually played by the tourist 
account Tourist income (about 
80 per cent of which is usually 
derived from the Germans) has 
peaked, at any rate during the 
summer, whereas Austrians 
themselves hare increasingly 
been discovering the delights 
of the South, not to mention 
shopping in Oxford Street 

The Impact on ihe current 
account has been drastic. 
During 1976 it was in deficit 
by Sch.27.6bn.. in the first three- 
quarters of 1977 by Sch.2S.5bn. 
The balancing item (which 


’ covers statistical errors and 
omissions, and which is inevit- 
ably large in a tourist country 
with Few exchange controls) 
should probably be considered 
akin to the current account 
IF one does allot it to that 
account one .arrives at a deficit 
of Sch.16.3bii. in 1976, and 
estimates of Sch.34.lbo. and 
Scb.30.3bn. for 1977 end 1978 
respectively. 

•lust as external payments 
went into deficit, so did the 
federal budget The funded 
debt rose from Sch.47.lbn. at 
the end of 1970 to Sch.166.9bn. 
at end-1977, and is expected to 
reach Sch.192.lbn. at the end 
of 1978. Much of the borrowing 
has been done abroad. 

At tile end of 1977 the Aus- 
trian Government owed 
Sch.4obn. to foreign lenders, 
and that does not include the 
obligations of utility companies 
and others. That foreign bor- 
rowing. in turn, could not but 
have an adverse impact on pay- 
ments. Servicing the federal 
debt is expected to cost about 
Sch.30bn. in 1978. . 

It might make more sense to 
try to balance payments by 
attracting direct investment 
from abroad, but the scope is 
limited. Austrian labour costs 
are high especially since fringe 
benefits add something like 80 
per cent, to basic wages. 

There may be some openings 
in the service industries. 
Vienna has become a centre of 
some importance to trade and 
financial relations with Eastern 
Europe. It has the necessary 
supply of white collar people, 
and the required historical tradi- 
tions. 

The danger that the budget 
and external deficits could get 
out of hand has been dawning 


upon the Austrian Government 
for some time, but Dr. Hannes 
Androsch, the Minister of 
Finance ' and Vice-Chancellor, 
really did step on the brake 
during the autumn of 1977. 
Measures were introduced which 
were intended to kill two birds 
with one stone— to help the 
budget and to reduce imports. 
The main - innovation- was the 
' introduction of an enhanced 
rate of VAT, described gener- 
ally as a "sumptuary tax,” bn 
cars and a number of other 
items such as high fidelity 
equipment, which are almost 
exclusively imported. 

Leaving aside the special case 
of energy imports, it was the 
car boom that had contributed 
most to the surge of imports; 
vehicles account for- almost a 
third of the visible external 
deficit. The effectiveness of the. 
sumptuary tax In reducing that 
deficit remains to be assessed. 
Undoubtedly there will be a 
heavy falling off of car im- 
ports this year— but it* will 
largely be the result of a 66 per 
cent surge late last year dur- 
ing the three months. that it 
took to pass the VAT .legisla- 
tion through its various stages. 





"jmjVHKHT oFsanuac *» 

•MUBTBUMIffUDnncrE 

■ XJ 




Aspects 




: % * * 

, r ‘ • 

■5 ■ " v . 

* * • 



is to 


£ 

1 


BB* % . • 

X <,< ’/*■ : V - 









as 


is to 



/ ; • '£ ' 

■ ■ 

7- ■; 

'’Tv.- 


Oii the external side, the 
package has obvious aspects of 
a sort of Ersatz devaluation. 
The Austrian authorities were 
extremely hesitant to break the 
close link between the schilling 
and the D-mark because it 
moderated the domestic price 
of imports. They had the 
support of the trade Unions, 
though- industrialists have for 
long complained that the 
schilling) s ton high. In the 
last few months official policy 
has changed: the schilling has 
been allowed to drift downwards 
vis-a-vis the D-mark, and that 
trend might easily continue for 
a while. 

The fact, however, is that 
Austria, even more than some 
other countries, cannot hope to 
gain permanently from a 
devaluation, unless it is sup- 
ported on -the incomes side, and 
by structural reforms. It has 
been estimated that at least 20 
per cent, of Austrian exports 
consists of materials that had to 
be imported before being pro- 
cessed. * In --the --'-textile indus- 
try tiiat quota is over 40 per 
cent., in the case of machinery 
more than a quarter. • 

Prospects for an incomes 
policy are discussed in detail 
elsewhere in this survey, but 
there are. signs that the trade 
un-ion federation has given 
priority to jobs and will live up 
to its reputation as an element 
of ’ stability in the Austrian 
economy. That is not to say that 
a wage freeze is politically pos- 
sible or indeed desired: nominal 
wages this year will probably 
rise by between 5 per cent, and 
7 per cent. 

It is difficult to be equally 
sanguine about the structural 


vosuii»unaiMT6*| 


OUMEBFSCKLimB 

EICRUBEIUtE* 


Canptt&tajMitMior 
. A us tr ian Ex porter s 


v FMAIJJASBK 

1975 ■ ■ 

reforms required to pot the ex- 
ternal account right There are 
reserves in the tourist industry. 
New winter resorts can he de- 
veloped and the direct and 
psychological effects of the pay- 
ments - problem could - reduce 
Austrian tourist spending 
abroad. • 

But that alone will not be 
enough. .It is unlikely tiiat the 
steel industry, with its heavy 
dependence upon export mar- 
kets, has much of a future, at 
least in any foreseeable situa- 
tion: the textile industry is up 
against heavy competition from 
poorer . countries associated 
with the EEC, not to - mention 
the developing world: the pulp 
and paper industry, despite ob- 
vious freight advantages within 
continental Europe, is in a 
world-wide slump (and has not 
been granted full freedom of 
access to the EEC)., 

..Even the mechanical en- 
gineers, though their goods are 
sophisticated and then" adapt- 
ability great, will be up against 
it as long as their German cus- 
tomers and clients are. working 
below capacity. 

Putting things ter rights will 
take a long time, and there is 
no general „■ agreement • in 
Austria on how to tackle the 


1 -frVMafatotfiyfttfiMtian 

D*cfiMg vfAntomoqnrts. 

1 I f < ' i J i 1 — 1 — 

D J F Hi IN J AS 0 

* 1977 ■ tgrt h M g Wgg 

task. The Socialist Government 
of Dh j Bruno Kreisky has put 
forward plans for an investment 
fund to disburse SchAObn. in 
subsidised loans to industry— 
including State-owned industry. 
The conservative Austrian 
People's "Pkrty and ' private 
industry are sceptical and would 
rather see measures designed tn 
allow more investment capital 
to be raised from the private 
sector. . Industry argues, and not 
without reason; that the increase 
of the taxation quota (taxes plus 
social security levies as a pro- 
portion of GNP) to 41 per cent, 
as a result of Dr. Androsch s 
package has not been helpful. - 
Moreover, it is afraid that the 
investment fund will be used to 
broaden Government influence 
over the economy. Until the 
proposals have crystallised, it 
will be hard to judge. • In the 
meantime it is as well to reali se 
that Austrian export industry is 
a good: deal healthier than some 
of the complaints from both 
sides might make one suspert 
An eight , per cent increase in 
exports from Jam-Sept 1976 to 
Jan.-Sept.1977— and a 22 ppr 
cent increase of exports to 
West Germany— -do not look like 
signposts on the road to disaster. 

W. t. Luetkens 


pgSss’-.O 
" x " \ • '• 




i « - • • , . 


' .. • and you ’ ' . 


•' ■*< > 


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SCRATCH AN Austrian 
soda-list and you will find a bit 
of a conservative; scratch a 
member of the conservative 
Austrian People's Party, and 
you will find a bit of a socialist. 
A cynical outsider would not be 
hard pressed for an explana- 
tion: the typical Austrian of our 
times, he will' say. is a petty 
bourgeois irrespective of his 
position in life. On the surface, 
of things that may not be 
entirely untrue, but our cynic 
ought to consider that the chief 
Austrian Socialist. Dr. Bruno 
Kreisky himself, the Chancellor 
who won an absolute majority 
for his party in the elections of 
1975. looks much more like a 
survivor of the grande 
bourgeoisie of a bygone era -of 
Viennese grandeur. Critics and 
admirers alike tend to laugh 
about him as 44 Kaiser Bruno." 

It is none the less true true 
that, because the . world 
economy has changed during his 
Chancellorship, new. strains 
have arisen in that system of 
“ social partnership " which 
goes far towards explaining 
Austrian economic successes.' 
Social partnership at bottom 
means that Government and 
opposition, labour and manage- 
ment. farmers and consumers 
are unwilling to carry their con- 
frontations beyond a certain - 
point. Though there are institu- 
tions reflecting that partnership, 
it- is not they. that matter ulti- 
mately. Many studies have been 
made of the mixed commission 
in which the representatives oF 
the. different economic interests 
and of the Government try to 
arrive at reasonable criteria for 
wages and prices. But the com- 
mi'sinn has almost nn man- 
datory powers, and everyone in 


Vienna knows, that when the that the will of the Austrian 
crunch cpraes the task of finding people, to continue •their pecu- 
a workable compromise Ihvari- liar and inimitable cartel 
ably devolves- upon two- men: remains' unbroken. For a start, 
Herr Rudolf Sallinger, head of Austria is a small country 
the' Chamber of. Business to where it is "possible for every - 
which all Austria© businesses one who-, matters to know every, 
are affiliated; and JUtr. Anton one else who does. 

Benya," head . of the. trade union It is ateo p country that has 

federation. - ! -r - .» ••'. . \beea spared the phenomenon of 

The cynfc' wiro sees aH - Austria decay bec ause it has noti 
as * a pefc^ . -bourgeois Preserve -ne^v 'waves, - of alien 

will not be slow .tn denouhbe immi grants since the first world 
that -system.-: ag.'g giant cartel^ .Po^tial cause of 

embracing the '.’entire' country. Political-, and- social polarisation 
He would not 'be entirely wrong elii ninated. (True, 

-^except that. -cartels tend .to *"^5 fr 11 some 180,000 
work against ’-the interests .of gn g**nt ^wortrers irom South 
outsiders: where there are no * as ® :11 Europe, many of whom 
outsiders, the - case: against hosteI ? -hutment*, 

carter collapses. *- TSot their numbers. are not such 

• ‘ as to let them take over entire 
w. .. - ' quarters, and ft«r position 

Shrewd " •* • - ' • < ^ts always been dearly that of 

The present protagonists, Herr seiyt f th 
Salli nge r -and HetT Benya, both 

shreV, J^ t0agh attitudes givS^cS^rt^k 

are men. . whose attitudes, are 

very mucb dfitBrmtned by . lt 

__ ‘ receives added- strength from 

-«»■ traditional institutions oT 
both •. are -over.- 60 -and even ln-iwi • --. v. - 1 

a couritry- that:. : tradifionally: ^ 

reseda te day h»« gjSTS Aift? 
come* when - - others will .-take -w.i.- - 9* 
oTCri Will, these othembenbre J^SSc^stem^efc^^ho 18 

f f ? S SjrS“he 0E rSTe h „^ 

The .temptation, is to sapjjose of worked 

that they wiU, not least because S 

the ecpnoVnic difficulties -of the- 

1970s- ere: maldng itin^easinglir, SK Sft.ft22JE 
awkward to maintam AUstrid'a" Sow. 

SSUZ&S ' and 

affluence for all. ... ■_ countries in thafit is the read 
Our., cynic would therefqpe centre . oF power in ihe labour 
conclude that social partoership movement; . . . th’e - individual 
is on its last legs, and be would -anvnns.are not/ - - * 1 

he wronfi. . There / are’ ver^' Mbreovef^ the OeGB make* 
weighty reasons for coneluding very sure. .tiiat the. shop flody 

- - NEXT- RAGS :! ''' • ■* 


ji** ’ 


















uaiiual iiiutib. iu.tdiida> January 24 1978 



AUSTRIA HI 


33 

• ! ‘ • \ 


I 


Cautious approach to bank reform 


^SERVICES become more 
ified as you move east- 
ftcross Europe. Xu Britain 
rs. merchant banks and 
■rokers 1 are neatly 
ited; in Germany and 
ia they are not. and the 
are Industrial holding 
mies to boot Once you 
ithln sniffing distance cf 
Balkans, you will find 
irrikers operating from the 
office as the bank, 
t used to be the pattern, 
■cry largely still is* even 
•h there is a certain inter- 
^lal'ftrend - towards greater 
. ^Nification within credit in- 
pns (at least through the 
Nilion of affiliate, com- 
/ »). : That trend has not 

1 by the so-called 
ersal banks " in Austria, 
'l ng banks (typical of the 
v, an-speaking world) which 
e in most or all financing 
'lions. . 

*ing a long-term view, 
has happened is that the 
f affluence has worn away 
stnric distinctions between 
inmmercial banks, origlfl- 
^ founded to serve, big 
' ess and the rich, and a 
, er of groups ’ of savings 
’ o-op era tire banks, founded 
.e 19th century to cater 
mall businesses, the iiitie 
or the peasantry. 

. is a process that has been 
^ oping from both. ends. As 
savings bank organisation 
•articular grew and ex- 
jd. penetrating into.indus- 
and foreign finance, it 
d to be a lender of funds 
e commercial banks. They 
N im discovered the small 
and began- attracting his 
•m by promoting personal 
ts which, a generation 
would have been welt 
alh their dignity. 

.e historic trend is now 
r to receive both sanction 
a new impulse from legisla- 
to reform the rules under 
h both the cooperative 


and the commercial banking 
sector operate. So far it exists 
only in draft forth, but the 
Government will set it . on its 
way through Parliament during 
1978. 

• The chref innovation for. the 
commercial banks is that they 
will be free to found branches 
without as In the past haying 
to satisfy the Minister '? of 
Finance that there really Is; a 
local, need for it. At the same 
time credit institutions .will be 
released from the current prac- 
tice under which interest rates 
payable to depositors are fixed 
from above. ' • '' 

Legislation 

The general drift of the; new 
legislation is thus towards more 
competition — but only , very 
cautiously so. The Minister of 
Finance - will still retain . the 
right to veto new branches if 
there is a danger of deleterious 
consequences from the ^over- 
banking" of any locality. 
Moreover, Interest payable on 
deposits of less thanlSelLlm. 
(about £35.000) may still- be 
fixed by regulation, should -it 
be in the .interests- '-pit the 
economy. 

It is in any case most -im- 
probable that the new freedom 
tn found branches wflj cause 


panies. 

Much the same pattern can 
be detected in the savings bank 
(Sparkassen) sector — biggest 
among the co-operative and 
other non-commercial groups. 
The biggesT savings bank, the 
Zentralsparkasse of Vienna, 
known as “Z," has also acquired 
a finance house and been 
granted the right to provide full 
banking services through it The 
other Vienna savings bank, 
Erste Oesterreichische Spar- 
Casse. has also moved in the 
same direction by acquiring a 
private bank. 

Traditionally savings banks 
operate under two geographic 
restrictions; with the exception 
of Vienna, each locality bas one 
savings bank only — _ and that 
bank is restricted To its home 
locality. The principle has been 
eroded by the new ventures of 
the “Z” and of Erste Oester- 
reichische. Now it is to be 
fundamentally modified by a 
reform of the law proposed by 
the Government. 

Savings banks are to be free 
to set up branches wherever 
they like, except in localities 
with fewer than 20,000 
Inhabitants. Here, too, the drift 
is towards more competition — 
though tradition and prevailing' 
economic conditions are un- 


MARKET SHARES 
Total assets* 
(Scb.bn.) 


% increase 
% of total since 1974 


Conuqerdal banks 

334 

31 

+58 

Private banks 

■ 22 

2 

+53 

Savings banks 

Rural co-operatives 

265 

25 

+54 

(Raiffeisen) 

Credit unions 

196 

18 

+62 

(Volfcsbanken) 

65 

6 

+49 

All groups 

1,081 

— 

+56 


* End September, 1977. 


Source: National Ba nk, 


likely 1 to encourage a free-for- 
all. 

It is very possible that the 
main effects will occur within 
the savings bank sector. Inter- 
nationally the Austrian savings 
banks have played a certain role 
through their substitute for a 
central bank, the Girozentrale 
(GZ) of Vi enna, which has held 
their reserves, channelled their 
surplus funds into Austrian and 
international financial markets, 
and stood by as lender of last 
resort if any member should 
face trouble. The bigger savings 
banks have at rimes ' chafed 
under their association with the 
GZ, because it meant being in 
the -same club as many smaller 
savings banks which have pre- 
served their pristine character 


the commercial banks to set up 
shop in every village. The ‘ co- 
operative and savings iastftu 
lions are too well entrenched 
to make that appear wise and 
the economic climate moreover 
is none too auspidous. Instead, 
the two big commercial; banks. 
Creditanstalt-Bankverein :/. and 
Oesterreichische Laenderbank, 
have increased their geographic 
penetration by another means. 
Both have for long controlled 
finance houses specialising -in 
consumer credit by hire pur- 
chase and have now ■ been 
granted licences to provide foil 
banking services from the 
offices of these affiliate com 


'artnership 

4TINUED FROM PREVIOUS PAGE 


ps in step: union officials are 
en training not only in 
tiers of organisation, but 
i in some of the facts of 
toinic life. That, together 
i a deep-rooted conviction 
jobs are more important 
;• wage increases, has kept 
Austrian labour movement 
he side of moderation. 

‘ course, that sort of record 
easy to achieve during the 
» of high growth and of 
wlstent unemployment, 
t will things look like now 
GN'P is expected to grow 
most 1.5 per cent, in 1978 
when unemployment may 
the long unknown level 
per cent.? The OeGB has 
t to show its hand: the first 
ment of the current wage 
I was for 5.8 per cent. — 
above any conceivable In- 
1 ? of productivity, but also 
inure than the probable 
i . ! ir inflation. Herr Benya 
- 4 J L i * ude it dear that he was 
^ ropared to seek confronts- 
n ihc interests of gaining 
• tenths of a percentage 
• more. 


r 


£ t 


* i tA 

i i i ! 

i 


settlement may do little 
tore Austrian competitive- 
vhith has suffered greatly 
rent years for reasons 
sod -elsewhere in this 
But the circumstances 
how- that for Herr Benya 
is organisation jobs and 
osrrvation of the partner- 
system are the . top 


priorities. There is good reason 
to suppose that the priorities on 
the other side of the negotiating 
table are not very different 
Austrians are going to be . re- 
luctant to jettison something 
that has served them well. 
Besides, a very large number of 
them have a direct interest in 
the network of the various 
chambers and of the national 
cartel in which they are joined. 

One certainly does get the 
impression that Austria has 
more than Us fair share of 
people in administrative jobs of 
one kind or another. Some of 
the more thoughtful leaders are 
worried that there may be a 
return to the so-called academic 
unemployment of the 1920s and 
1930s. which proved a breeding 
ground of political extremism. 
The number of university 
students has doubled during 
this decade and one must ask 
whether all will get the sort 
of jobs, they hope for. 

.To sum up: social partnership 
vres born of poverty after rbe 
war when there was no prac- 
tical alternative. It served the 
country remarkably well during 
the years. of growth up to the 
oil crisis 'and beyond. But 
although U is well established 
in national attitudes, it must yet 
demonstrate its worth in an era 
combining affluence with slow 
growth and even the danger of 
economic contraction. 

W-L.L. 


av 





Valves 


for 

oil and gasfields 

pipelines 

refineries 

petrochemical industry 

power stations 

gas and water supply 

long time security 





wiis.'iha* : C : * 3**^ 

• A '7:^*0 Wit Mutfijossa 64 

Apstna 

, Tot. (0 22 2 ; 3? * - 21 

F.S; Q7-40S9 


as bankers to the small client 

The proposed legal reforms 
will make it possible for The 
big savings banks to break that 
link: they will be allowed 
to transfer their mandatory 
liquidity reserves from the GZ 
to the central bank. That would 
put them on a par with the 
commercial banks . end be 
another giant step towards turn- 
ing them into commercial banks 
in all but name. 

Ooe fundamental difference 
would of course remain. The 
savings banks are non-profit 
making (or rather non-profit 
distributing) bodies, either 
owned by local authorities or 
set up as mutual banks. The 
commercial banks are joint 
stock companies that do pay 


dividends. 

However. Austria being 
Austria it would be a mistake to 
think of the commercial bank- 
ing sector as the playground of 
unfettered private- enterprise: 
the Big Two are both under 
majority ownership of the 
Austrian Government, though 
they are expected to comport 
themselves according to normal 
commercial rules of conduct. 

Given the gradual assimilation 
of the various banking groups 
into each other it is only 
logical that the tax privileges 
so far enjoyed by the co-opera- 
tive . and savings bank sector 
should be- reduced. Recent tax 
changes introduced to belp 
plug the budget deficits will 
among other things entail 
savings banks paying corpora- 
tion tax at 90 per cent, rather 
than 60 per cent, of the full 
rate. Credit unions will P3y 
taxes in fuil instead of at half 
rate. 

AD sectors will suffer from 
certain other changes, in' par- 
ticular a severe reduction of the 
privilege to form untaxed 
reserves against pension fund 
liabilities. These are changes 
that will for the first time bite 
in 1978, coming on top of 
cyclical problems which’ will 


make it more difficult to earn 
profits. The chief of these is the 
pressure on liquidity arising 
from the adverse balance of 
payments. 

The effect will be comple- 
mented by a quantitative 
restriction on credit expansion; 
since January 1 each financial 
institution has been limited to 
an increase by 1.1 per cent, of 
its overall credit volume, and of 
half of that in the case of con- 
sumer credits. Those who exceed 
the limit will have their redis- 
counting facilities cut ■ i — a 
threat that will prove effective 
at a time when the external pay- 
ments deficit is sucking out 
liquidity. 

On the deposit side, growth 
rates were reduced in 1977 as 
private savers drew out matur- 
ing contractual savings. to spend 
on consumer goods. That pro- 
cess may now be reversed with 
the end of a spending spree 
before an increase of VAT on a 
range of durables and on motor 
cars on January 1 . In the longer 
run. however, a reform of the 
system of contractual savings, 
making them less attractive to 
reduce Government spending, 
will militate in the opposite 
direction. 

The end of the spending spree 
will equally reduce demand for 


consumer credit. 

The battle for the small 
man’s custom has encouraged 
consumption of imported dur- 
ables, and the above average 
growth of the rural coopera- 
tives, reflecting rural pros- 
perity, has helped to channel a 
great deal of money into a 
building boom, and the provi- 
sion of tourist beds in private 
quarters that may already be 
in excess of demand. 

It is, however, incontrovert- 
ible that these are trends -that 
have contributed greatly to the 
appearance of prosperity pre- 
sented by nearly all Austrian 
villages and small towns. As 
often as pot the Ralffeisenbank. 
the bank of the rural co-opera- 
tive. is the ‘ most impressive 
new building in sight . 

From the point of view- of the 
economy overall it may there- 
fore be helpful that the Raif- 
feisen organisation, following 
in the footsteps of the savings 
banks, is looking for other.- out- 
lets, not least in Euromarkets 
and in the financing of foreign 
trade. . . As each sector 
approaches the pattern of the 
"universal " bank it will • ‘tfo 
longer be possible to single out 
any of them as bad boys — or 
good. 

W.L.L. 



V, 


ienna, a dty which often appears to visitors to 
be rather drab, is smartening itself up. 

Palaces, museums, churches, theatres and the 
numerous large middle-class mansions - all witness to 
a dazzling past - have been given a new and sparkling 
facade On the “Ring”, the famous avenue encircling 
the Inner City, there is hardly a building left that has not 
now been given a facelift 


HI 


A, 


Th 


.he “Kamtner Strafie”, the 
“Bond Street” of Vienna, has been 
turned into a pedestrian area. 

Why do we tell 
you all this? Vienna is 
currently going through 
the same process of 
transformation as some 
other European cities 
have already undergone 

Amsterdam, for 
example, London or 
Hamburg. Fresh colours, 
the many small shops, 
galleries, boutiques and 
restaurants all serve to 
rejuvenate daily life in 
thedty. 


pproximately 30.000 small and medium-sized 
firms, which we number among our clients, are, through 
the agency of the “Erste” potential trading partners for 
interested foreign customers. - 

he “Erste” will be glad to advise on all questions 
of export and import financing, for we have concentra- 
ted especially on financing operations which assist our 

own clients. As an example, 
medium term Euro-Credit trans- 
actions may be mentioned. 


C 



T 


he “Erste” is 

participating more strongly 
in “international under- 
fjj writingrtoo. Since 1977 we 
w are a member of SWIFT, 
and so international 
currency transactions in 
Austria are now executed 
s^TTI in a matter of seconds: 
Through the “Erste” . 


S. 


-ultural experi- 
ments, modem theatre, 
interesting exhibitions. 

These are all signs 
symptomatic of a 
flourishing economy. 

Not least owing to 
the importance of Vienna 
in trading with Eastern 
Europe, as a focal point 
and an international 
market place. And last not least owing to the strong 
position of the Austrian currency and the stability of the 
Austrian economy. 

The “Erste”, the major Austrian bank in the very 
heart of Vienna, has expanded its international business 
considerably over the past few years. At the same time, 
our policy has been one of caution and security, and the 
proportion of foreign business as shown on our balance 
sheet for 1977 amounts to less than 1094 


fo you see, quite a 
lot has taken place in 
Vienna during 1977. And as 
a successful banking 
institution we have been 
keeping pace with the 
increasing success of our 
flourishing city. 

A visible sign is our 
new name 


We 


f e have abbre- 
viated our long and 
unwieldy title “Die Erste 
osterreichische Spar-Casse* 
to simply “Die Erste”, the short form by which we have 
been familiarly known to our many business partners for 
many years. Mr. Peter Reichel would be happy to answer 
your enquiries. His extension is 368. 

Die Erste osterreichische Spar-Casse | 

First Austrian Savings Bank 3 

1010 Vienna, Graben 21 telephone 66 18 A 
telex 7-4012 








34 


Financial Times Tuesday January: 24 1978 


AUSTRIA IV 









TOURISM. ONE of the hey fac- 
tors behind Austria's postwar 
economic miracle, is no longer 
a growth industry and long-term 
projections indicate that 
Austria's share of. the tourist 
traffic in Western and Southern 
Europe (including Yugoslavia 
but excluding the Soviet bloc) 
will fall from 13.3 per cent, to 
31.5 per cent. The shifts within 
the European OECD area will 
affect the relative market shares 
of France. Italy and Switzerland 
even more adversely. In con* 
trast. the combined .market 
share of Spain, Yugoslavia and 
Greece, which had already 
trebled between 1959 and 1973, 
will rise by 1985 from 30 per 
cent, to over 41 per cent 
According to latest estimates 
overnight stays by Foreign 


holidaymakers will r.e at an 
annual rate of per cent in 
the OECD area but only by 31 
per cent, in Austria. Nevenhe- 
less this small land-locked 
country will maintain its fourth 
position in the European tourist 
league behind Spain, Britain 
and France. 

At the same time, however, 
for Austria tourism is even 
more important than these com- 
parative figures would indicate. 
In terms of per capita foreign 
exchange Income, for example, 
Austria is reckoned to occupy 
first place. Tourism contributes 
about S per cent of GNP as 
against an average of 1.5 per 
cent for OECD as a whole. 

Thus it is no wonder that the 
performance of the tourist in- 
dustry is a major theme both in 
the mass media and the debates 
°ti how to cope with Austria's 


growing balance of payments 
difficulties. In view of the 
country’s structural and chronic 
trade deficit, the foreign ex- 
change inflow from tourism has 
traditionally been the saviour of 
the payments account 
Between 1961 and 1973. for 
example, the surplus in tourist 
traffic — that is. the net differ- 
ence between foreign exchange 
receipts and spending by 
Austrian tourists abroad — was 
rising at an annual rate of 15.3 
per cent, while the merchandise 
deficit during the same period 
grew by 14.1 per cent per 
annum. Between 1973 and 1976, 
however, there was stagnation 
in the growth of net receipts 
from tourism while the visible 
trade deffict continued to rise at 
an annual rate of 14.3 per cent 
The gap widened to an un- 
precedented degree last year. 


In the first 10 months of 1977 
the trade deficit jumped by 33 
per cent to Sch.56.6bn. while 
net receipts - from tourism 
actually fell by Sch.800m. to 
Sch_23bn. compared to the cor- 
responding period of 1976. 

Overnight stays by foreign 
tourists fell by 1.2 per cent to 
73.6m. during January-October 
but paradoxically gross receipts 

•re up by almost 9 per cent 
During the same period, how- 
ever, spending by Austrians 
abroad jumped by 23 per cent 
to Sch^fibri. ' 


Distorted 


Bayerische Landesbank 
announces with pleasure 
the opening of its 
Representative Office 
in Vienna 



Bayerische 

Landesbank 

Girazentrale 

Representative Office m Austria; 

A-1010 Vienna - Borsegebaude * Wippiingerstr. 34 
Telephone; 222/663141 - Telex: 77543 baywi 

Representative: DtEndlStrob 

International BanfcmgwMiBaBarian Drive and Eriendlxness 


But both figures are dis- 
torted. Expenditures include, - 
for example, cash taken out by 
foreign workers, which in Janu- 
ary-September. alone is esti- 
mated to have passed the 
Sch.2bn. mark. On the other 
band, as regards the intake. 
Austrian holidaymakers usually 
bring back a -certain part of 
their unused currency in 
travellers cheques or foreign 
bank notes,“and if these are 
reconverted- into schillings, the 
amount appears under the head- 
ing of foreign exchange re- 
ceipts. 

Regardless of these adjust- 
ments, every survey confirms 
the basic fact, ‘namely that the 
intake from foreign tourists 
covers a steadily shrinking 
share of the visible trade deficit 
Between 1961 and 1973 tourism 
on the average; offset about 80 
per cent, of the trade gap. 

Last year, however, the in- 
take in January-September 
covered only 45 per cent of 
the visible trade deficit as 
against 61 per cent in the cor- 
responding period in 1976. Even 
if one allows for the influence 
of purchases by Austrians 
abroad — the so-called “direct 
imports." which more than 
doubled between 1973-76 to 
S^h-lShn. — the trend towards 
stagnation can no longer be dis- 
puted. 

There are of course not only 
international trends, but also 
domestic factors which exert an 
adverse influence on this 
key industry. " Austria is in 
danger of pricing itself out c: 
the intensely competitive mar- 
ket of international tourism, 
"h irina the period 1972-76 the 
Austrian price level fnr tourists 


rose by 24 per cent more than 
in the countries which rank as 
main competitors. No wonder 
that during the important sum- 
mer season last year (May- 
October) overnight stays by 
foreign tourists were down by 
3.9 per cent- on the correspond- 
ing period of 1976. f . 

Prices In hotels and inns last, 
year rose by 6.7 per-cent Dur- 
ing the winter season 1977-78 a 
further rise of 6.7 per cent was 
announced and the. summer 
season this year will bring yet 
another increase averaging 3 3 
per cent in the 1,850 establish: 
ments recorded in the “Hotel 
Book.” 

“ Can one still afford 
Austria?" This was the head- 
line of a whole-page survey 
about the Austrian tourist in- 
dustry published in a Vienna 
dnily last autumn. As recently 
as 1971, for example, a West 
German tourist reckoned that 
he would spend 24 per cent less 
on a holiday in Austria than at 
home. Because of the combined 
effects of a higher Austrian in- 
flation rate and the appreciation 
of the Austrian schilling, this 
price advantage has been wiped 
out. The Germans, whrf last 
August-September accounted 
for 77 per cent of foreign 
tourists, are frequently shocked 
at the prices th-v have to pay 
for a cup of coffee or a glass rf 


beer in the Tyrol or Corinthla, 

‘ Spokesmen of the Austrian 
tourist and catering industry 
point out that the exorbitant 
prices are primarily the result 
of excessive taxes and levies im- 
posed by the Government. Thus 
Mr. Otto Schreiner, chairman of 
the Association of . Hotels and 
Guest Houses, told the tress, 
that taxes and levies account 
for 32,6 per cent, of the price 
of beer as against 13.1 per cent 
in Germany. 12.5 per cent in 
Italy and 4.6 per cent in Swit- 
zerland. With regard to wine, 
the Austrian figure is 28 per 
cent, compared with 9.9--per 
cent in Germany, 8.3 per cent 
in Italy and 2.2 per cent, in 
Switzerland. Rising labour- cdsts 
and restrictions with regard to 
the employment of foreign wor- 
kers. also adversely affect the 
competitive position of the in- 
dustry. 

However, those authorities in 
charge of tourism admit that 
another major factor posing a 
long-term threat, to the Indus- . 
try is the surplus capacity in 
private accommodation, -which 
altogether accounts for over 40 
per cent, of the total capacity 
of 1.1m. beds. During the sum- 
mer season, for example, the 
commercial sector — that — is. 
hotels, inns and boarding 
houses — suffered only minor 
setbacks but overnight stays In 


private rooms dropped by 6.8 
per cent. As Mr, Schreiner puts 
it: “ We have got to live with 
the ‘Vacancies' sign. We can 
not prevent private initiative 
from creating ■ additional 
capacity even tf it is economic- 
ally wrong.” • 


Measures 


But the existing system of in- 
vestment promotion measures 
and tax concessions clearly 
needs to be thoroughly re- 
vamped. Tourist enterprises 
should reach 50 to 60 per cent, 
utilisation of capacity if they 
are to remain viable, yet the 
present figure stands at only 24 
pe- cent. 

The tourist . industry has 
somehow to solve the following 
basic problem — how to attract 
German tourists as before 
(•• mass tourism ") and at the 
same time to accelerate the shift 
to “ quality tourism.” The 
winter season .is becoming in- 
creasingly important and its 
share both in terms of over- 
night stays and foreign exchange 
receipts has increased during 
the past few years. 

As tourism is subject to super- 
vision by the Loender (pro- 
vinces') co-ordination of federal 
and provincial promotion mea- 


sures leaves much to be desired. 
Marketing and publicity cam- 
paigns abroad and. investment 
promotion measures should, be 
better adjusted to achieve maxi- 
mum impact- It is also import- 
ant to remember that the 
average German tourist spends 
much less than other foreign 
tourist, namely only Sch.459 
daily , as against Sch.803 by the -' 
Americans. • Scb.675 by ffie; 
British and Sch.619 by the' 
Scandinavians. 

Improvement in quality, weed- 
ing-nut of surplus rapacities and-., 
widening of the range of ser- 
vices offered, particularly lo : 
poor weather conditions, con* 
bined with reteutiohs of tha 
family and individual character 

of accommodation, are needed- 
if Austria is to remain compete, 
live in international tourism, it^ 
is now generally realised that: . 
the period of record-breaking ' 

■ growth rates is gone. The grow-: 
ina awareness of the need'. to. 
adjusr to a new and -more' diffi*. 
cult situation may. however.. be r 
the baris for the Iona overdue, 
transition from complaints arid 
search for scapegoats to cck 
ordinated action by Government,. ; 
the tourist industry and th* 
family businesses. 

Paul Lendvaf 

Vienna Correspondent ' 


Desire to compete in 
East Europe trade 


O 


We worry 
for you. 



These regional shifts at a 
time when Austria’s foreign 
trade expanded by 76 per cent 
represented a rate of growth 
in eastern bloc trade which was 
well above the average. But tn 
3976 sales to that area were 
oiily up by 3.2 per cent, as 
against an overall expansion of 
exports of 16 oer cent. During 
rhe first nine months of 1977 
the rate of growth in exports to 
the Eastern bloc was 4.5 per 
cent, or Just over half of the 
rate recorded in aggregate ex- 
ports. 

In terms of proportional 
shares, Eastern Europe during 
•January-September last year 
accounted for 14.3 per cent, of 
Austrian exports and for 9.1 per 
cent, of Austrian imports. It 
must be added that for political 
reasons “Eastern Europe” in 
Austrian trade statistics com- 
prises Albania, Bulgaria. 
Czechoslovakia. East Germany. 
Hungary.' Mongolia, Poland. 
Romania and the Soviet Union, 
but not neighbouring Yugo- 
slavia which is not a member of 
Comecon. If one adds the 
Yugoslav stake of 3.4 per cent.. 
Eastern Europe's share reaches 
17.7 per cent, of Austrian ex- 
ports. 

A recent meeting of the 
Austrian trade delegates in 
! Eastern Europe came to the 
i ■■inclusion that though the mar- 
ket situation varies from coun- 
try to country. Austrian exports 

A-1030 Wien.Vordere ZoIlamtsstraBe 13, Te!.0222/72 91 0. 72 92 O, Te!ex-Nr.Oi2476/77 013615 ' cffec^^orlm^nbreSSSnsJ 

( 



600,000 customers 
3,000 employees 
specialist in 
east-west transactions 


t 


ZENTRALSPARKASSE - Your bank in Austria 


EARLY THIS year Chancellor 
Bruno Kreisky will pay two im- 
portant visits -abroad in quick 
succession. In the first week of 
February he goes to Moscow and 
a few weeks later to East Berlin. 
Both visits are primarily moti- 
vated by economic considera- 
tions. As Austria has neither 
major political, problems nor 
common borders, with either of 
the two States, Dr. Kreisky will 
act in the first place, as indeed 
so many of his Western col- 
leagues do on similar missions 
rn the Communist East; as a 
travelling salesman for Austrian 
a.dustry. 

For all the talk about good 
relations with "neutral Austria, 
which has been a pace-maker in 
moving towards industrial-tech- 
nical co-operation based on joint 
ventures. Austria's oned flourish- 
es trade with Eastern Europe is- 
in the doldrums. ■ More pre- 
cisely. Austrian exports to the 
Soviet bloc have been stagnating 
since the second half of 1975. 
More important.still, the surplus- 
in Austrians favour has been 
shrinking rapidly and a recent 
.unpublished study, compiled by 
two experts of the Institute for 
Economic Research estimates 
that by 1980 Austria’s trade will, 
be in the red to the tune of 
Sch3bn. as against a surplus of 
Scb.3.5bn. in 1976 and an esti- 
mated surplus of Sch.2.5ba. last 
year. 

The setback has come after 
four years of continuous expan 
sion which lifted Eastern 
Europe's share of Austria’s ex- 
ports from 11.8 per cent, to 17.1 
per .cent. iD 1975. During the 
same' period imports from the 
same area .rose from 8.5 per 
cent, to 10.2 per cent. of the 
total. 


and the intensified competition 
by Western exporters. It is be- 
coming increasingly difficult to 
keep up with the credit terms 
offered by most other Western 
competitors and the East Euro- 
pean insistence on compensa- 
tion deals also represents an 
obstacle. J 

Though there were reductions 
of 4.5 per cent in exports to 
Poland and of 14.3 per cent, to 
Bulgaria, the. major problem 
country is dearly the Soviet 
Union. In. 1976 Austria had a 
trade deficit of Sch3 3bn. and 
in the first nine months of 1977 
of Sch.3 03bn. in bilateral ex- 
changes with Russia The study 
by the two Austrian trade ex- 
perts quoted earlier reckons 
that by 1980 the deficit Could 
rise at least to Sch.5.4bn.. pos- 
sibly even to Sch9.1bn. 

This, then, is the background 
.to the lightning two-day visit to , 
Moscow by Chancellor Kreisky. 
It is felt, in Austria that the 
Soviet Union increasingly turns 
to U.S., Japanese and German 
suppliers when major contracts 
are at stake. At th same time 
increased Austrian purchases of 
fuel and electricity from the 
East is bound to lead to a con- 
tinued rise nf the import bill. 

The. deterioration of the 
balance in rhe vital Eastern 
European trade coincides with 
a dramatic rise of the overall 
Austrian trade deficit, with cor 


responding strains on the 
balance of payments. It is esti- 
mated that the net indebtedness 
of the Eastern European States 
to Austrian banks reached some 
Seh.25bn. by the end of 1976. 
One estimate is that further 
credits worth Sch.27bn. will 
have to be extended by 1980. 
with Poland accounting for the 
bulk of the outstanding total. 
Poland already has- a 3-9 per 
cent, stake in Austrian exports 
and ranks as the single most 
important market before Hun- 
gary with a 3 per cent market 
share. 


Sales 


Evidently access to the 
Austrian market Is an important 
condition for maintaining and 
raising Austrian sales in 
Easier Europe. Yet the trade 
deficit has already induced the 
Government to revoke the auto- 
nomnus tariff cuts applied to 
imports from Inw-cosr and East 
European countries. Regard- 
less of the fact that 60 per cent, 
of the Imports from Comecon 
are not subject to tariffs any- 
way, the latest restrictions are 
not exactly suitable to improve 
the psychological climate for 
Austrian exporters in those, 
difficult markets. ■ 

There are of course also more 
hopeful signs in ' trade and 
economic relations -with rhe 


Average 


East Austrian construction, 
groups are likely to be engaged 
on large-scale projects to in*. • 
prove the infrastructure of the 
Hungarian tourist industry and ' 
there are good prospects . foil' 
securing major contracts in 
East Germany and Czechoslo*,., 
vakia. But the trade statistics 1 ' 
have so far failed lo reflect the 
tangible fruits of the numerous 
co-operation ventures. 

For certain selected and ex- 
tremely important sectors 
Eastern Europe represents an 
even more vital ' market than 
the overall import share of 14.3 
per cent indicates. Thus in 
1976 no less than 18.3 per cent! . 
of exports of capital goods and 
24.2 per cent, of the semi- 
finished products but only swm ' 
10 per cent, of consumer good* 
were shipped to the east. While, 
the area accounts for only 9.1 
per cent of Austria's total int 
ports, it provides one-third nl 
imported fuel and energy ant - 
14.1 per cent, of imported fani r 
produce. . •’• 

The Austrians take a realistic 
and somewhat pessimistic view 
of the medium-term prpspecisj " 
in East-West trade. Thqy waul' 
to hold their ground in the stift '• 
competition with' other sup 
pliers to Eastern Eurqpe with • 
out indulging in any kind , oi 
wishful thinking about the real - 
potential of '* Oslhondei." • - 

Paul Lendvaii. 


Mu 


BANK WINTER & CO. K.G. 


S. MOSKOVICS 






The Bank 


•-■■Vs ?&£■-' -M 




with reliable connections 

EAST and WEST 

for international transactions* 


■* figr • 


— _ - dfTTfC- - ‘ 


Barter and a-forfait-Gold and Silver d&zlj&i 


■ <*- ■ ■- 




Vienna 1010, Singerstrasse 2. 

Telephone: 525604 Telex 


|j 



•£'425=*:? 




JoiRoisen 

."■orrjatio 

b on!;j nq 

L ervic o? 

w °Hdy,id< 


>?! 2 ss» 







maiicial Times Tuesday January. 24 197S 


AUSTRIA V 


35 




fhe daunting 




to 





HA'S VISIBLE trade. Market In general and West 
has lately become the Germany in particular, 
ing topic in newspaper Dr. Gleissner points outitbah 
ntsand political debates. Austria managed to'gaJn a lar- 
amatic worsening of the ger share of the German market 
in began in' 1976 when last year, with exports rising- by 
ide gap widened by 66 20 per cent and- imports by 
nt to Sch.54bn. and in only 17-.5 percent.- Neventhp- 
of its share in the GNP less, the trade gap widened by 
l from 4.7 per cent, to 0 per cent, to Sch.54bn... 
cent To put it in another Kcb.3Ibn. of which was offset 
ie deficit was nnp and a hy net spending by German 
ncs larger than the con- tourists in Austria. The fact is 
in of farming and that Austria accounts for no -less. 
y.4o GXP in that year, lhart 25 per cent of Germany’s 
■ar it rose bv an estimated visible trade surplus. 

cent, to over Sch.Tlhn. So it is no wonder that the 
Howing for the extremely- Chamber of Economy under- 
gurc under the heading takes particularly large trade 
s and omissions" in the promotion campaigns in. Ger-. 
t account transactions, many. A boat 2.000 businesses 
jrrent payments deficit will be represented this ; aar at, 
tare risen from Seh.l6bn. German fairs. ' The three Ans-; 
6 to about Sch.28bn. in Irian Lrade missions (in Frank- 
furt, Dusseldorf and Hamburg^ 

.. ■ organise "Austria weeks'* -in 

t a.c the re the - big chain stores and' stapfl 


nee? The mam one is 


ra _; j economic with potential lndu&. 

,rial bu >' ers in the north 

1 recorded mAustnamsrn and SQUth q{ {hp cmmlry _ 


rest of Western Europe. 


__ a i r vp Austrian exporters more than 
m 19i0andI9.fi real GNP h(M their grnnnd , ast year in 
stria rose In -# I »r rent Francc and bnl lqst 

inst an 0EC \ D * * market shares in bnth Britain 

■or cent, and a compara- md ^ the CoS 

'rnmam-^Rut^ince 197° monU y Still the. main factor 
^ ^ n the visible trade deficit 

• Ebn,,r f^. ca Ej? e ? in 5 and the subject- has ...been 
al curiencies h e j repeatedly raised at meetings of 

’ mixed Commissions in 

i Gcrmanv. for instance, , 

|y 21 per cent. ' - 

J, cr factors forming the p.,^1. 

round to the growing l U9U 
i t/export imbalance are .The point is that despite _the 
excessively large budget successes achieved by Austrian 
ts of recent years, the exporters, the combination of 
isive wage settlements in budgetary incomes and ex 
and their repercussions on change rate policies has given 
leinand for imported cun- a tremendous push to domestic 
r durables, and last but. nut demand for imported consumer 
the monetary policy that goods. It is estimated that m 
2d the exchange rate nf the 1976' imports accounted for 4S.6 
ing to that of the D-mark per cent, of industrial goods on 
ar too ions. ' 'sale in Austria compared with 

33-S per cent, ten years before 

\minoto The' leading sectors in terms of 

JIIIJIImA*- • .. increased market shares were 

*' c»minon ' M»rTiet c»n- taflfcr *o*l% md 

»s to dominate Austria's clothing, whereas the highest 
cn trade accounting in Ihe share of imported products has 
an-lictuber period Tor 65 2 traditionally been m such pm- 
«nt >»f aggregate imports duels us machinery, cars and 
ifl.7 ncr cent, cif exports. Af electrical goods. The special 30 
,amc time, however, the per cent, rate* rf A AT. instead 

I in trade with the Com- of The average 18 per cent 
tv reached the daggering levied on selected consumer 
nf Rch 58.2bn.. more than durables, which came into effect 
:oun try's aggregate trade this month will hit imported 
■ during the same period, products first. 

- complete di>maMluiC of Proicdiomst procures. under 
rial tariffs ns-a-vis whatever pretext, would in the 
Community as of July long run only harm Austria* 

( except for such vital economic interests. Alter- 
«ive '■ products a- special native routes could ic in 
paper and farm pro- broadening the scope for seif- 
gavc the advantage to thr financing, in providing credit at 
unity because finished preferential rales for selected 
'awirr* accounted for sectors and those small and 
*nr cent, of Austrian ini- medium businesses which still 
imni that area in 1976 constitute the hackhone of 
providing only 43-8 per Austrian industry, and in 

II Austrian export* achieving restraint w wage 

key role is played of settlements. Such moves com- 

hy Wol Germany, blncd with an exchange rate 
a'js biggest trading pari- policy moro in tunc with trade 
firing a 42 per cent, share and economic realities, could 
-frian impnrts and provid- help pave . tin? way towards a 
market for 26.fi per cent, -radua! iniprovcmeni in the 
exports according tn the trade and payments baiance 
returns fur the -first- ten - The successes of Austrian 
•nf 1077. NcvcrlhcJos. importers in Germany and in 
r Friedrich Gleissner, ihc OPEC countries show that 
if th.p foreign trade do- iherc is no reason to doubt the 
Mil of the Federal Chant- ability or Austrian producers 
Economy, and other ex- and salesmen to adopt to a more 
«’A‘arn against the lempfa- difficult market situation. Bui 
j: 1 put the blame- fnr the such qualities arc not of 
iince in ihn external pay- themselves enough. Structural 
Mtpainn on the Omun«n rhances. redeployment of eapa 







?’ \ I 

it * 


t ». 


city, and ruthless rationalisation ! 
arc also needed iu such sectors! 
as iron and steel, paper, glass, 1 
textiles, metals, and electrical; 
manufacturing. 

' The promotion of Austrian- 
made products in -Austria and 
appeals to the patriotic instinct 
-of Austrians depend for success 
on the ability of domestic manu- 
facturers to market products of[ 
the same price arid quality as; 
those of their foreign competi- 
tors. In such sectors as cars, 
cameras, and certain sophisti- 
cated electronic equipment Im- 
port substitution is admittedly 
neither possible nor sensible. 
But with the fat years and the 
long period of rapid - growth 
over.- the Government, business 
community, and unions must 
combine Forces if efforts toj 
reduce the balance of payments j 
deficit to manageable propor- j 
lions are to be successful. Firm | 
steps taken at home rather lhaD i 
complaints voiced in Brussels) 
can provide the only sound : 
basis for sustained recovery. ; 

P.U 


1 ' \ S 5 * 




Raiffeisen 

international 

banking 

services 

worldwide* 


Afar* fhpn 
I 000 parMe? bori* 
ail o»er 1 ho world. 



, • ? \i ] 
? T \ i i l> 


\\ I 


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. > : 1 **•% * * 
m 4 - \ Z * 

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GENOSSENSCHAFTUCHE 

ZENTRAIBANKAG 


! J * 1 - (VtJ rtfcr TO « 00Q Aa“i=" R»**0'l» 

1 * * w t 1 * * - > 

i > . tw Vf no*. Harifwqqi }..«■ « > 3*. T»-. 4l?C. 1 -. .'SNT AT «1V 


t.-; 



LIKE ITS coqlprparts thrnugh- 
out Europe, Austria's steel 

industry has been badly hit by 
the world-wide slump in 

demand. While industrial out- 
put as a whole managed tn 
record a 2.4 per cent, increase 
in the third quarter of 1977 
and an average of 5.1 per cent, 
for the January-September 

period, the steel sector reported 
a 13.6 per cent, fall in output 
during the third quarter. 
OeLAG, the holding company 
for the nationalised industries, 
re reale d that crude steel out- 
put during the first nine months 
of 1977 dropped by 9.4 per cent, 
tn 2.93m. tons compared with 
the corresponding period a year 
earlier. 

Mr. Heribert Apralter. 
director-general of Vnest- 
Alpine. the nationalised steel 
concern which comprises in fact 
the entire steel Industry, has 
just warned the public that I97S 
is likely To be even more diffi- 
cult. Last year closed with an 
estimated loss of between 
Sch.SOOm. and Sch-Ihn.. easily 
■exceeding the hitherto record 
deficit of Sch.660ra. nf 1975. 

Voest- Alpine, Austria's big- 
gest company with a group 
turnover of Seh.44.8bn. in 1976 
and a total labour force of some 
80,000, is a showpiece nf Aus- 
trian industry and also a house- 
hold name among steelmakers 
throughout the world. It 
pioneered the famous. L-D 
(oxygen blast) steel-making pro- 


cess which to-day accounts for 
51 per cent- of the world's steel 
production. 

With exports accounting for 
70 per cent, total sales, Voest- 
Alpine is. faced with a critical 
'situation as a result of falling 
demand combined with intensi- 
fied competition from Korea. 
Japan. Italy and Spain in tradi- 
tional export markets such as 
Eastern Europe. The import 
restrictions imposed by the 
European Community and the 
U.S. have - further accentuated 
the problems «>f a company 
which ships 35 per cent, of its 
exports lo the EEC and almost 
30 per cent, to Eastern Europe. 

The announcement that 
15.000 workers have had to. be 
put on short-time working, 
camouflaged .’as '* re-training " 
involving 20 per cent. of. their 
working time, alerted the public 
a! large to- the serious situa- 
tion in which -Austria's leading 
cnmpanj* finds itself. Last year 
the production staff of ihe 
parent company was reduced by 
only 1.000 to 40.000. Thus des- 
pite a reduction of the staff 
by 3.000 between 1975 and 1977. 
Dr. Fr.anz Geist. direct w-general 
of OelAG. * estimates that 
employment sbouM be cut by 
between at least 6.000 tn 8.000 
during the next five years. 

The sperial steel subsidiary. 
VEW .i VeTeinigtr* Edelsiahl- 
wprke). with a inial lahnur 
fiircc nf - 27.000 and an -annual 
Turnover nf Sch.Mhn. is in a 


particularly difficult situation 
because exports account for 80 
per cent, of its turnover. Thus 
the company was particularly 
badly hit by the combined 
effects of the appreciation of 
the Austrian schilling, import 
restrictions, competition from 
low-cost producers and .the 
emergence of special steel pro- 
ducers in Brazil, India, Mexico, 
etc. The merger of. Bnehler, 
SchoeUer-Bleckmarm and Styria 
in niid-1973 into one- single 
special steel enneern has only 
slowly begun ,1o pe reflected in 
day-to-day operations. This 
month sales outlets in Germany. 
Italy and Switzerland have 
been merged. ' . . 


Switch 


What has helped to avert 
even greater losses and massive 
lay-offs m 'the --nationalised steel 
sector was the switch during the’ 
past years to machinery and in- 
dustrial engineering, whose 
share of sales has risen front 26 
per cent, in 1969 via -32 per 
cent, in 1 973 tn 45 per coni.- last 
year. Mr. Apf alter is deter- 
mined to continue the process, 
which was launched by his pre- 
decessor Dr. Herbert Roller. 

The target is that the share 
represented by manufactures 
and industrial engineering 
should eventually reach 50 per 
rent. * This is why thp groop. 
despite its present difficulties, 
intends to invest between 1978 


and 1982 about Sch-17hn.- Such 
large outlays cannot be. financed 
from cash flow and the manage- 
ment is publicly pressing the 
holding company, that is the 
Government, for the provision 
of.Sch.4bn. additional capital- 

Prospects for the delivery of 
complete plants and for con- 
tracts involving technical 
assistance are still promising. 
During the past tew months 
Voest-Alpme alune has secured- 
major contracts for the delivery 
of a _ complete steel plant to 
South Korea, worth 5ch;L8bn.. 
turbines for a hydro-plant - in 
Nigeria r Sell .250m. i. a: fer- 
tiliser . plant in Yugoslavia 
(Sch.200m.). a water distUlatznn 
plant for East Germany- (Sch. 
12dm.). and chemical ' plants 
for India and East Germany. 
In. all. Voest-Alpme has so 
■far ..erected complete - iaflus- 
Sch.23bn: all-over the wprhJr^'. 

Meanwhile Austria has also 
introduced what is tactfully 
called “ stricter supervision ” in 
■order io block steel imports at 
dumping ' prices. The measures 
' will affeci about 200.000 tons, nr 
75 per cent, of imported steel 
-and will he similar to the auto-' 
niatit- licensing system used by 
the European Community for 
iron and si eel. Steel imports 
jumped hy 45 per cent, in 
January-September 1977 com- 
pared with ihe corresponding 
period of . 1976. reaching a 
record sharp of 25 per cent, nf 
domestic consumplinn in Sep- 


tember as against an average- of ~ 
14 per cent, in 1976. 

Nevertheless, it was Mr... 
Apfalter himseir who in a New ' 
Year interview spoke nut firmly 
against any kind of protection-' 
ist practices. He made it clear--- 
that in terms of export concen--. 
tration Austria is very vulner- 
able indeed. This is already evi- ’ 
dend on the eve of the forth- 
coming crucial talks in Brussels 
with the European Community - 
about the projected minimum'* 
prices for outside producers, : 
anti-dumping duties and tight- ' 
ened import licences. • '■ 

Mr. Apfalter. however, also 
drew atieminn to the crucial'-; 
factor of restraint in wage ■ 
policy. Newspaper reports about' r 
interviews with steel workers - 
involved in the “retraining 
schemes made it clear that for 
Austrian workers job security..- 
continues to have- absolute-- 
priority. The steel -workers are 
willing to accept even a cut in._ 
real wages if it will help to~ 
maintain full employment. 

It remains to be seen whether 
the shori-timc wurking and 
early retirement schemes 
c-nupicd with a freere nn new • 
employment will sufiire to 
avert redundancies. In view nf 
the slackening of growth in 
Austria and the growing diffi- : 
cullies in exports, the prospers 
for maintaining full employ- 
ment in the overmanned si eel . 
sector are not verv promising. • 

P.L. 


( fcus ‘ 





Money alone won’t get you into the “Club” 


People tend to think if s only money that counts. 
Thie, money is important But it is not enough to 
be big, strong and beautiful There are a few 
more criteria for being admitted to the top ranks 
of the international banking community. 
You have to be a fair partner. Somebody to rely 
on. An expert and a friend, who knows when 


a deal is. a good deal for both you and your 
partners. .. r ' ' ■ 

And you must have partners who are not just 
business partners but'more than that You've 
got to have friends. AU over the world 
Then, perhaps, you'll become a member of the 
Club. We are loolahg fonvard to meeting you there. 



CO 

03 

03 

< 

PJ 

o 


Girozentrale Vienna 

Your friend in Austria. . -■ 

Girozentrale Vienna, A-1021 Vienna, Schubertring 5. Tel: 72 9 40 : ‘ ' ’ 

Dealing in Securities: >.fc VOMACKA, Tel. 72 94 670, Telex 1-3195 International financings: Mr. ANTON, Tel. 72 94 750, Telex 7-544 5 

• Foreign departments (payments, collections. L/C): Mr GOTTLOB, New Issues Syndication Dep.: Mr. NOWAK, TeL 634, 

Tel 72 94 250, Telex 1-3006 Telex 1-3915 

Foreign exchange cealersMr RAM5EEGEH. Tel 72 94 441, Telex 1-2511 Non-recourse financing: Mr. SCHUBERT, TeL 72-?4 539 , Telex 7-5445 

S. WIF.T.-Code: GIB A AT WW ‘ 


,- :: : 



A 


■ \ ‘ 





'i 


,1 

i 


I 

i 

I 

I 

1 

i 



35 


WALL STREET + OVERSEAS MARKETS 


Carter proposals leave Dow 6 lower 


+ FOREIGN EXCHANGES 


Financial Times Tuesday January 24r?I978 : il 

1 ' f " 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, Jan. 23. 


A FRESH bout of weakness particularly disliked the Pre+l 
gripped Wall Street to-day. as in- dent's wages and prices pro 
restore responded bearishly to gramme. 


President Carter's series of econo- 


PARIS— Shares funher weak- the capital, while Klefnmnenchner cents' each, 
ened following the latest opinion advanced- on rumours of a pos- Harden put 
poll Indicating that the Left-wing sible dividend .payment. SKK2.I75. 

Eastman Kodak, the moat active parties would win more than half 


while 
on 5 


Wheelodt 
cents to 



STOCKHOLM— Ma rket was in- _ Uul *Sfe ^ lps ’ Hon * 

ith SKF R °°S tv barf added 40 cents at 
SHK1S.30. 


up Frs.1.30. 

The gold-linked 
1973. Government 


4.5 per 
Loan 


cent. 


ahead to TOKYO— Shares were mainly 
close mainly at the da/s best «* ier in trading in the 

after moderate dealings. cpnUnii- J aCtons - 


1 down at anew CO me or a 3300m. law suit brought J 373 - Government Loan rose a IS** 1 *!* 5%-* SflutloTS' the fell" 1 7M "to i«C54. Voiuinelo 

™| ea TheNvi°E » *£" Ph0t “- ***** TtZm ■" * " '**"* ^ SSmSwSSUS! l««m. Ml „ . , 

mi sV S i oL° 8L. j i .. °* Brussels — Mixed ' in .i«.k overall demand. . . _ . ..Expprt-onexnated Electricals. 


Hie Nikkei-Doiv Jones Average 


tots. ror color-print paper. fHm and 

The Dow Jones Industrial Aver- cameras. The verdict was the out- 
ace ended 6.24 down 
closing low for 
after touching 

Alt Common Index Tell 35 cents "'du Pont declined S2 to S1Q74 BRUSSELS — Mixed ' in slack - j VphlrJe* an* i+d rh« 

sars a ie « ae ar 5 SBS afrc < fm. aiSKtts JSF& a t?Gi »* 

gams uy az 6 to *H5. Turnover earnings higher, than a year ago n™\.f rnS> KmT and Financials Y1.S30. Pioneer Y40 t< 


was a moderate 19.3Sm. shares. but je^ than the third quarter and A 011 ™ R u ™ onl r0SP > bu * 
..I.. t=c_ i~~* ’ r— .*.»» Montage e. 

UCB and 


to Y1.43Q 


compared with only 7.5Sm. last 
Friday when the session was 
shortened by two hours- by a 
heavy snowstorm which hit New 
York. 

/Vs the market opened, the 
Administration released its 1979 
fiscal Budget, which analysts said 
was no more encouraging than the 
State of the Union message last 

MONDAY'S ACTIVE STOCKS 

Change 

Slocks Closing on 



traded 

price 

day 

Eastman Kodak 

301.303 

4fi: 

-J* 

FS'i :nn Dickltuon 

. 273 bM 

ss; 

+ 31 

Pipsiro 

220.3011 

20 

+ i 

Brrkey Photo 

213.300 


+S 

c. D. Seark . 

IS?. I0n 

1.7; 


Nl.T 

. L>H.n08 

212 

-i 

(taiu-ral Motors . . 

... 145.300 

.>?; 

-li 

IBM 

. 140.300 

283 J 

-li 

i:lc of America .. 

. I39J0K 

9 


Cltteoru 

. 172.000 

201 

-1 


level. 

Actively-traded Bee ton Dickin- 
son Jumped Sai to S3S|— Sun Is 
attempting to acquire the com- 
pany. but Becton claims that 
Sun's slock purchases were 
illecaL 

THE AMERICAN SE. Market 
Value Index came back 0.40 to 
121.43 in moderate activity. 
Volume i37m. shares (1.25m.). 


OTHER MARKETS 


Traction, Vfeille 
Cocker! II, Clabecq. 

Arhed were lower. 

AMSTERDAM — Prices moved 
narrowly with no decided trend 
In verv quiet trading. 


Canada irregular 

Canadian Stock Market* finished Banks down as much as DM1.5Q. 


Bastogf rose 22.5 to L393.5, Toyota Motor Y15 to Y780. and 
Pirelli 43' to L2.0Q1. and Snia' Canon Y7 to Y440, 

Vfecosa 19 to L420. Housings, Constructions, Ship- 

Bo ntfc were actively higher. buildings, and large-assets shares 
SWITZERLAND — Narrowly lo^ ground on sporadic .liquida- 
trreguter again, with some g»Ds tions. 

Elsewhere. however, KLM. occurring on selective demand as However, exceptions to the 
AMEV and Ahold recorded gains stable. Foreign Exchange general downtrend included 
of over Fls.1.00. markets contributed to a firmer Takeda Chemical, YtB higher at 

State Loans were steady. undertone. ' • " 

GERMANY -Leading stocks r Banfcs w f« htde changed apart 
were inclined higher on selective f rom easier Volksbank. while 
buyin" interest Insurances firmed slightly, but 

Bayer, DM1 JO firmer, led major Utilities reacted, on profit-taking. 

Chemicals while, in Motor* BMW' Domestic Bonds edged higher 
gained DM3.50. Mannesman!! ,n Oniet JratUng, while Foreign 
advanced DM2J20 and Siemens Bonds fluctuated narrowly. 

DM2.90 In mixed Electricals, but HONG KONG — Market was 
Stores were up to DM5 lower and firmer, wftb interest centred on 

50. Blue Chips, while second-liners 
were moved narrowly. 

Jajrdine Mathesoa rose 60 cents 


ness. The Toronto 


Thursday, the economic report to Index was just 0.1 easier at 1,010.4, to 10 pfennigs. 


Congress on Friday, and the tax while Oils and Gas declined 6.2 VIENNA— Tending lower, 

law changes on Saturday. 

Analysts added that investors 32.4 (0 I.41S.I. 


Public Authority Bonds 

mixed with a firmer bias, with , M t . eu , 

Composite both gains and losses ranging up to 5HKL2.50. Hong Kong Bank 20 = cents to R8.S0. 

. - — . — -- — s — cents to SHK17-10 and Hutchison 

a I- Whampoa 73 cents to SHK3.65. 


Y290, and Nippon Sbhzpamup YS 
more at Y56S. 

JOHANNESBURG — Golds 
finished firmly foBowiug .favour- 
able London Bullion Indications. 

Financial Minings were higher 
on balance in moderate dealings, 
while other Metals and Minerals 
also hardened, but De Beers lost 
an- Initial gain of 5 cents to dose 
unaltered at R5.70. 

industrials tended to improve 
in light trading, but A3HC shed 


to 1.380$. but Golds moved ahead though Steyr Daimler Pucb were Hong Kong - Lind, SHK6.65. and note _ 


AUSTRALIA — 
again dosed an 


Stock prices 
an irregular 


unchanged on its plans to increase Swire Pacific. SHKo.60. gained 10 


Indices 


K-T-S.E. ALL COXXON 


Risesand Falls 

' Tan. S3 , Jan. 19 : Jan. 20 , 


NEW YORK -DOW JOKES 


Jan. 

S3 


Jan. 

so : 


Jan. 

19 


Jan. 
18 . 


1977/78 


High 


Lew 


I race* trad t 1,056 1,859 
Uiua j 448 1 674 




1877-78 

'SiDcwranplIa! ion 

25 a) 1 19 j IB 

17 r W 

HlRb 

Low 

Hl]{b ) Ia>w 

In ludrtal ... 770.70 77B.94 7 78.87 786.S4 779.02, 771.74 

H ineH'n-t-- 89.66; 8B.B8: 68.60' 88.78; 88.62 • 83.7B 
Tninijmrl.... 210.fi l| 210.96 211.24 21247 208. is| 207.68 
t'tuillvr 106.28 IBS. 77' 108.79: I06.B0 1 106.73 106.88 

t : j 

Tmltn; r..| ■ ‘ , 

iVW* t • 13.880 7.680 21.500 21.880 19.860 18.760 

' iil.' 

889.76 770.70 * lO&l.To! 4IJQ 

1311/77) (23/t(7fi) (11/1/73) (3f7r32l 
95.87 , 88.56 | — : — 

(7/9) ,(23ll/7Si : 

246.84 188.80 278.88 1 18.25 

tia/fii ! i2fi/ld) ! (7.-2(601 , (S. '7,321 
118^7 ! 104.87 • 16S.S2 1 10^8 
(22 (2) | (25/2) '(20(4(801 (28(4(42) 

~ 1 _ i "" 1 ~ 

" Rjin •!« tiNiliiM •wr ^iniHsu <4 

. Jnn. 2u 

Jau. b 

Jan. 6 | Year agu lapprox.i 

5.92 

5.93 

6.60 


4.27 

STANDARD AND POORS 

. Jan. -Ian. 1 Jan. Jan. ' 
2S '■ 2J 111 . 11 1 

0 _ ; 

1377 

■ id QimeCi'miiiiat'n 

17 | 18 1 

RUth j 

LO« f 

Htiju j Low 

:iulUMriv» 98.20 98.94 98.18 99.7S 

JL-anfixifUe 88.24 B9.89 : 80.08 90J6 

38.98 98.44 118.92 ' ! 1S4.G4 1 S.52 

l«A'l/77t (23/1/78, tlMi73:' i5U, -6/32) 
19.88 89.48 107.00 . , 125.86 - 4.40 

! 5ti;7?) (23/i.'78V 111, L'73t t l.P/33) 

, Jan. 13 

• Jan. 11 

Jan. 4 

’ Year ago (apprua.) 

Ind. «iv. vieM V \ 5.13 

] 5.18 

4.96 

\ 

3.77 

lint. P E Hatl.j J 8.74 

8.65 

9.01 

j 

11.24 

lartiu G-tt. 1C •ml ylelil 8.17 

> 8.91 

8. 04 

i 

5.91 


49. SB 49.73- 49.82 


60-04 67.07 i 49.38 

. 14/1/77} .125 1/781 


Falla _... 

Unchanged 

Sew Hurtta i 

Sw Um n „.J 


926 1 
-482 j 

- 19 

64 < 


701 

484 

15 

34 


1,672 

526 

616 

550 

10 

33 


sronsEir 


Jan. 

23 


Jan. 

20 


ho. 

19 


InluHrial 

ComhmiM 


i — < IBS JO- T 89.81 
; - I 173.17 175.49' 


Jan. 

U 


Ur* i- ib 


High 


Low 


168.82 188.47 (17/Ji 
179.67 187-96 Jlfl/l/Tlt 


168.02 {2a/L0) 
188.80 (25/10? 


TORONTO Compile 1 1018.4 10IOA 1 10 10.3 lOOl.i; 1087.4' (18/7) | 881.0 (26/10) 

JOHANNESBURG ! i j ; | “T 

(iuM ; 211.8 t 209.8 288.7 206.1 214.7 (17/10) 139.4 (247&1 

■n h— 1 ‘212-11 211.8- 212.1-212.4! 214.4(471/78) T89.1 (22-41 


BHP were 2 cents harder at 
SA3A6, while IC3 Australia, 8A2.10, 
and News, $.42:20, improved 5 
cents apiece. Myer put on 3 cents 
to 3A1.91 bid, but Container, 
SAL92, and Reckitt and Cohnan, 
SASR0, contrasted with losses of 
5 cents each, whOe Associated 
Concrete retreated 6 cents to 
SA1^7. 

Among the Mining sector. Pan- 
contmetal receded 30 cents to 
SA11.00 and Queensland Klines 
5 cents to SA1.95, but North 
Broken Holdings were 3 cents 
firmer at 9A1.16 and Utah 5 cents 
up at SA3 J5- " 


Jtu. 

23 


I'rev- 

lout 


> Htgb - Lon 


Australia ri) *66.14 464.99 Vr9.M ' 4 It. So 
(3/1:78)' (16(2) 

Belgium »;i 92.47 92.09 


69.1V bC.43 

<1J/1/77(U/1'78 
107 Afc 95^4 
. (W(6) p&.U) 
£*.4 43J> 

’-7/l(77i Uo-6) 
dlAJ ?Ur.& 
(17dl . (10,3) 

! AiJT I 15.6 
(4(oi ; (k9,9) 
Hoag Kona 406.65 WKL27 : «3.ii .3V3.44 
f ill b) -03,1/78 
Italy (' ) 5TA8 57 JH 7A.il • o4AJ 
ib. I (77 1 (25,12/ 

Japan («> 37«A5 37GA9 * 390.93 360.49 

(29,9\ l2A.Ul 

Singapore 264.41 263.76 ■ 268 jCL' Aisa 
(6) . 1 (29rfi 1 (3.5) 


Spain 

Sweden 


- 

(«i! 367.96 


■Pw- iwr/-/K 
rioui I High 


ffSTf-Ze 

Low 


DanmarkCI 96.48 96A5 
France -tti 60.8 bii 
German vtdf KMJ 807.7 
Holland 80-6 BOA 


Bwilorl'dl : 304J;3O«.O 


96RS * 100.00 
afO 12) 
35L51 : 416.8b 
(22/3) 


4lB.t 

jrudOi 


96.07 
(18/1/75 I 
2dH.eb 
|<a4/U) 
BbOjj 
( 3tS) 


Indices and tame d ales (all Base values 
100 excew NYSE all Common— 90 
Standards and Poors - ID and Toronto 
980-1JH0. die last named based on 1B73) 
f Excluding bonds. 1 4M rndmnals 
S-too Inda. 40 Utnmes. 40 Ftnance ana 
20 Transport. (?) Sydney All Ord 
(fli Belgian SE 31/12/63. (— ) Copenhagen 
SE l' UTS. eftt Pans - Bourse *1981 
m* Cotnmenbank Dec., IMS. ()>■ Amatar . 

dam InduscrUl 1970. iw Mann Seng I GERMANY ▼ 
Bank 31/7/84 <T|H> Milan 2/1/73 io* Tokyo 
New SE 4/1/89 <b> Straus Tunes 1908 

(O Closed, (d) Madnd SE 30/12/77 high 
and low For 1978 only. (c> Stockholm 
Industrial t/t/39. (/) Swiss Bank Corp. 
mu Unavailable. , 


NOTES: Overseas prices shown below 
eydwle 8 pramhtm. dividends 

are after wtthhaldme hi 
6 DM54 denom. unless otherwise stated. 
V Pus -506 denom. unless otherwise staled. 
AKr-UO denom. unless otherwise stated. 
• VraAOO denom. and Bearer shares 
un l ess otherwise stated. 1 Yen SO denom. 
unless otherwise stated. S Price ai t<mi» 
of simprnalon. a Florins. 6 SchHUnss. 
e Cents. . d Dividend after pending rights 
and/or scrip Issue, t Per share. 1 Francs, 
c Gross, dtv. %. b Anmtnwi dividend after 
scrip and/or rights Issue, fc After local 
(axes, m Ti tax free, n Francs: Indodlng 
Unflac dtv. V Nom. a Sure split, a Dtv 
and yield exclude special payment, t Indi- 
cated dfv. « Unofficial rradlnc. r> Minority 
holders only, v Merger pend ns. * Asked. 
+ Bid. I Traded, i Seller, e Assumed, 
xr Ex rights, xd Ex dividend, xc Ex 
scrip Issue, xa Ex alL a Interim since 
Increased. 



GOLD MARKET 


y-l / 

! I 


Jau. 23 


Sterling, most other major the major 


Industrie} countries had ^nc^tm*: 




fil > €l - v * 
hi* 


;3 f ' 


currencica, and the price oHraSi Uttie^ImpacL with the mtfrt L*. ^ 

dollar largely Influenced by the ueak- 


li 


rase in terms or the US. dollar 
yesterday. The foreign exchange 
market was generally quiet and 
trading, was thin however, with 
the pound holding a fairly firm 
undertone throughout thg day, 
while Hie dollar maintained an 
equally weak trend. ' 


ness of the dollar. 


h60H 


|150f— 


Sterling opened at 31J9370- 
1.93S5, and eased -to a low point 
of S1.9350-1.93A0 in’ the morning. 

It touched SI.9420-L9430 Id the 
.afternoon, and -closed at SL94I5- 
1.9425, a rise 'of 93 points on die 
day. The pound's trade-wefgbted 
index, on Bank of England 'figures, 
was equal to Its highest dosing 
level since April 1976, at S&2, 'after 
standing at 86-2 at noon and 66.1 
in eany Trading. 

The dollar's trade-weighted 
depredation, as calculated by Mor- 
gan • Guaranty of- New --York, 
widened to '4.68 per cent from 
4.51 per cent The dollar touched 
a best level of DM2.12 against the 

D-mark, and SwJPra 2 . 0 l In terms CURRENCY RATES 

of the Swiss Trane during the - - - 

morning, but finished at- around 
:t s weakest level of the . day. 7* 

closed at DM2.1117i, compared 

with DM2.1235 on Friday. ' and 

Sw.Frs.1.9843. compared - with -Mening 

Sw.Frs2.0023 previously. . UA doiar..„. 


180r 


170H- 


& oar fine ounce 


LONDON 
GOLD PRICE 



Aug Sep OcT 


. 3«W.Bb7j 

BSEBL 


U,4 ainofl x'a.SI 74.9 a 
!(t90.915r 

AlWrtl'nnxVS 173-20 

!t£SaaMi; iiCSSAA?) 
(inui inn... ; _ t . 

ilt<mv«(KV>l> I • ' I 

Krunmni.. 5U1 IBS 5I7B5, jgrn 
^ J£SQJf.«h. 
smm-.rii- .AW U-vRU - , t04-se ' 

,(£20 3*91 ices-asi 
Old Sur'rKDi ,805 s5 -488 1|-04'U>- - 

i , ■ : . j. 

Chilli Chin*.. ; - 

.imernxi'n.vv '• '- L 

KrBs«Tt* l w.. l .?WO , t® AITRH.ism 
; r£fi2J*.9aaii: 

NVtk’Vr'gn. *54U-C6l« 

fss-ae, mKl 



FOREIGN EXCHANGES 


-:V 


J*o. 23 


lltaahl- 

: u H 


•Vntn Bun 


:* 


Day’* 

SftrmA- 


W«!» 


Special 

Dra.tnna 

Janixn 33 


CboiuIulii ... — I 


European centra] banks . may 
have intervened In a small way 
to prevent the dollar from fklfina: uSStob «on®I 
more sharply, although most of Dear -eta*™ r* 
the decline came towards the Dutch guLMer 
dose, after the centra) banks had E??* ,!*■“- 
withdrawn from the market. naium ito-^.- 
Gold rose «g to K7SMJE the 
highest dosing level . since Brain pewta... 
April 3, 1975. The Imminent Swedish krone 
change in the gold agreement for h*nc_ 


0.626406 

XJ1508 

1.34106 

18.4368 

39.8861 

6.99 OSS 

2.66991 

8,76187 

9.73969 

1066.59 

893.141 

6.84858 

97.7887 

5.649341 

8/43980 


New Fort...' 
Unodwl. -j 
AdMieniini . 
BnuMlli j 


DuTot 

Amount 
January'S?* Coponhwcm, 
_____ — Frankfurt..! 

LWvm J 

Madrid ; 

M.tuui 

OalO. ! 

PkrUL ; 

6t(wkholm..> 

Tokyo 

Vienna. ...... I 

Zurich I 


0.631809 

1.28408 

1.35606 

18.5945 

40.8478 

7.0SG74 

8.59451 

2.77738 

5.79548 

1066.62 

896.940 

6-31091 

98.7918 

0.70805 

2.44615 


e!s>1.UUM.-430 U41ft.Lt 
7iaS.]9U-LWB;LMft.£> 

4 >s 4.571ft 4.4 1 : - ifiAur 
7>i! 6ft:«3«5AS U.U4UI 1 
9 i 11.10 1L18 ;n.1ft|.HlH . 
8 . 4.41-4.12 - 4.9&4.W-' 
is • UM- 7 SM trMnSL 
a :mro-tw.4a t»s 4 Mui 
Ills,: 1,687; l, US i 
8 3J263A84 ‘.9A73.8|, 

fti*i 9.18.8.11 i 

8 ; S.niB-M* 9.BZ14M 

4 ti 462-478 IhUT 
81;! 29JA2SJS& 23.3Ao.Ii 
1*«; ).M4M J.IHHH 


EXCHANGE CROSS-RATES 


| Jan. 23 -ij Frankfurt 

New York 

•" Rtris 

Unnaela 1 London 

Amat'd'm 

Frankfurt.. 
New York.. 
Hkris.— 
drunela.... 

London 

* mil Vi. 
Zurich 

47J7 40 
23J7-67 
lbJl-55 
*JMia-»4 
107.005-106 
(4.02S8LO 

S.UcO-35 

4.7255-7378 
3R508& 
L&41M6 
2^66 /-92 
IJ87-990 

.*4j6i-T8 
81 2 J 22 

-653A« 
BJ£M6J 
4749 M 
4EJM0-121 

6.4M6 ; 4.102 112 
5.C48E C5fcO. l.L *30-844 J 
14-iTS 403;B.163&-I83fij 
— 1 B3.60-7B 

63-M-60 ! - 

ii>00>9C06'4^90n-3956i 
3.C689 07i^i.PS34-t606| 

93.20-40 
<4.29 93 
j80b^9S9 
14.43-63 
4.38-39 

87^4-88-03 


Zurab 


1W. 15-43 
C0.*6 SO 


tKites id*«a *£jhw' cjnvanfld* tewti- J; 

Financial (ranc 8375-6X88. - - . • * 

OTHIKNJUWm , 

• ^ 'I'll I 

i i Rohm Bat* 7" 

AravaHna. 12I7*-1!!7.4K VfjemlnaJllftO-til . 
Al«-lra»».. .1.9912 lJOWAlMHai..! SWS ' 

Brazil. ! 4I.B2-3LS2 ,'Belfiiiim. J SSi-Rj . 

Fialmad....; 7/S-7OT .Bimrll^J K-3? 

Greece ^68.91 1-7U.81 ICuiada ...?.TS^XP 

Bone feTnc] ;l)mn»ri(.Ji.aWM 

- * ' ” 132-158 iFnuk.-e—^XI.IS-SJK 

JMMJ 




:.°q 


1654- W 

iwa-gfl 


UJL S to Tn&xiOtO V Ji. * =111X3941 Canadian ogaa. 
t in Tczk 1=006062 cents. U.8. 8 tn Miten 87Q.60-L0Q. 

Sterling In Milan 1688^3-1669-75. 


EURO-CURRENCY INTEREST RATES 


Jan. S3 

Sterling 

1 '.Tr.HUn 

Dollar 

D.8. Dollar 

Dutch 

Guilder 

6wtsa 
fra no 

fi.liennu 

mark 

fihort term.„. 
7 dam not lea. 

Month 

Three mooUu. 
aix month,.... 
One year. 

63,-658 

6V6)* 

fiia-bs, 

636-67, 

&V?l* 

71*.7)* 

M 

64,-74, 

6)e-7 

67,-71* 

z*-z* 

7A-7f* 

67,-71, 
6T r 7l a 
7-7 1* 
7l«-7l, 
75,-77, 
73*41 

41,-43* 
***** 
40,-45, 
43, -4ft, 
45,-48, 
43,-5 

>8-3, 
**1 
ra ft 
i-i ‘a 

‘W. 

51,-3 3a 

5 ia-5 ), 
531, 

3 3iii 
31,31* 

5ft 3 ra 


Iran ... 1 . 

Kuwait— J 0A57-BA47 KJeraanv J 

i3H.6JU7.IB Luxemb’e-f 6AU-B4.60 |Ui«ere_ J 

16.48^4 Malay -la ... «.6W-4.«8i_ .Italy 

3B43-eS» N. Xealimd! UH8- 
113^35-^05 dathll Arab- b.SfrfiJb iNettml nril 

SlnaaporeJ 4.521-4A«i Norway.. jlSO*,- 
a. AfriM...'IA718-lA877;P<ntua»l,..I IM 

u.s ; »pata- — : jn-w 

Canada-..! SUMS 

CftL ;UJ -|L22HJ 

B.S. centa-i 90.43-90.40 Vti goMarla. 3 7f-tt 

Rale sfven for Incntint tt i frn cats 
FORWARD RATES 

I Une niinith i l f hw e m o nHi' 




New York [0.05-0.10 i-. 41*10.33-0.43^^, , ■ 

Montreal., i^ir-0. 10 l. Jib U~<8-0.35 c.d 
Am«Mam|l |<ni^iar jaia-13*-i T poi 

Bnuwls...|6- 15 r. Hie >16-30 •-. cits - 

Oip’nltgn 9i-114 ore ille i86i-30« tee'd' 
Frankfurt an- Sa |4. pm 4-001.1101 v * 

Ll«b>n 90- 190 riia 420-720 r. df •'* ' '• 


i 5 


Knro- French deposit rates: iwo-dav Bi-9i per cent.: seven-das Ill-Ill per cant.: " in-ion .- hi. umo-nftii ^ 

one-jconth 111-13 per cam : Cveemunb 12 1- 1 3 £ per cent: six-moo tb 131-13! per _ ’“‘ITo 


ccm.: one rear 131-13! par oen*. ■ ™v~- >17 7.-, : 

• Loos-tarm EmwlcUar deposits: twt years per cent; three rears per S 4 *? 111* SI* a«e*U 


,1? 


5^ 


cent: Inor yean W 8} per cenr.: five sears 81-8} per cent. 

The rollnwina nominal rates were quoted for London dollar certificates of deoostt: 
one-mouth B.&5-7.03 per cent.; toree-mooili r. 15- 7 Jo per cenL; 
na p cent.; one-sear 7.78-7 JO per eon. 

■Rates are nominal caHma rales. 

t Snort-terni rates are caD for sterling, U.S. dollars and Canadian dollars: two 
days' notice for guilders and Swiss franc. 


Paris 4I4 Sisr. His ilS-16 .ills 

»tuckb'im'2i4-4i4 or® ills 9/ Hii-reHis : 

six- month 7.43- 7J5 Vienna — 'jm -10 gre dls ■ lO-oO gin dla 
iCurieli __:dts-13a e. pm fMx-4ta c. pm 

Slx-tnooth forward dollar 0.71432 cd 
12- month 0.834.95c dls. 


If !’; :! 


,A 


Jan. 23 


Prices 

Dm. 


Div.'Yid. 
% . % 


A Eli. 


Ulisne Verilch — ; 
BMW _J 


OVERSEAS SHARE INFORMATION 

NEW YORK 


Investment premium based on 
82:60 per £-79}% (78%) 


93 ; — 0J5 I 
495 'tl *18 '■ LB 
827.5 4-3.5 ! 80 I 4.4 

| BASF, J 142.8 4-0.6 ' 17 , 5.9 

iteyor— - ! 139.H +1.1 ' 16 | S.7 

' Buyer. Hypo— ...| 8924*# -OJ3 1 30 ; 3 j4 


TOKYO 1 

- 



Jan. 23 

•tricea 

Yen 

•for 

Dtv.Yld. 
% 1 % 

Aaaht (rtaaa.. 

316 

-l 

14 1 2J2 

Canon 

440 

-7 

is : i.4 

Uailo^. 

55x 

— 14 

£5 ; 2.3 

LhlBuo„_ 

400 

— i-r-r. 

80 2.9 

Dai Nippon Prior 

538 

+ 6 

18 . 1.7 


Stork 


Ihii 

35 


Jan. 

20 


A!"" *' Ltln. 

A i •ie«s*«tn|ili ... 
Aetna laleA Law 
Air Pmtu (a..... 

Air- 

AI mii Auiiiimimn 

II Ml 

A irmen) Lili.. 
Ai-ealiein Pu«ei 

A ■■1H I L liwnl SI.. 

Afieil vIihvs.. .. 
V'l- ulMMiier* . 


t>2 

14 

alr s 

23Ss 

38sa 

40 
ibaa 
19*. 
36 IV 

lS*s 

A2<4 


All \ 



3a 

\n»-t 

w Htv .... 

*5 

A-ttei 

Xlr-tne . . 

10-'* 

A -.li 

mail t- ... 

39^t 

Aniei. 

i-t.Hil a i 

aSsg 

A n.-t. 

f.«n 

i6.a 

A"W. 

1- \ tlUIIII 

t4'a 

A •n-l. 

h+ . I'.-w 

<3 j. 

I'll," a 

1 ij'nr- .. 

32 

\m -t. 

Il-*im-l'n» 

27 ir, 

A in.-: 

.»l«! II n . 

17 1* 

X'l.-I. 


•"■an 

A :•••!. 

Nit.li* . 

42i t 

A'lli-I. 

Man-tar > 

33 

\ui--l . 



30 

A •it-.-t. 

If*. A I.- . 

o7U 


k 

c8U 

A 'IF. 


17 

A M l\ 


2 bin 

Al:i|0 


il 

A*» li" 

Hi> kill. 

2 1 '-n 

■\t:1|r>t 

rl Hu.|>. 

18)| 

A'.ii ' 

^1PT. 

<7'J 

A.s. % 

• 

r£l| 

.1 tint. 

n Ul ... 

8-'» 



14. A 

AiltUt 

ini'... 1 

29>m 

i. . i: 

lea. 



1 ilslx I'r.l., 
tM. 

A,.n !■» - - *I| If. 
I'l-i lit- Let.. 
U'ilk A I'.-II 11 

l.«n-i | f— h. ) t 
liiiii-i ■<! . ... 

(•l.lvi IrSiMM. 
|«l-a| I ■ i. tl-'l.. . 
l*v |,«||I| SKIlVl- 
l«l • \ 

ih-n I 

tv-11 ;n,4 li ii* 'I 
U'lli flu-'.i 'hi 
llx h 1 l>e VI . 
linn :..... 

llilif — 

B r 

»i : W 1 1 , ii- i .. 

Ili min ini 

Ur,-, tfti "S' 

Ur. Uirr-.. . 

5- li. I*'*!, aim; 

Bi-i.v -1 ■» 

111.1 If” b-k .... 

II* hi If* 

111. II 

t.l. *• tl ,1C). .... 

l-iii 1 1 null'll \*lm 

U-ir.iuli’' 

t,i>li}tWi> .. 
t-ilK.jl-lll PSi-lll- 
Imi. It ilrl -l|-li 

t. II. I1ll.il. 

I *■ r.f< A Ui-ih"* 1 
Li lr> 

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l iv* 

Ii'Uiihh: L**ll«l. 
Lhiiiii. 1 3.11 . 

I >:i iiiiiin* 1 


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Bio 

1 b-i 
40 n 

bS'i 

Jlir 
35' t 

cv;* 

303S 

2zi* 

■BSfl 

10 

i4' ? 

2 k 

116!- 
23'* 
39 1 * 
j 6 Si 
9-h 
12. s 
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lotfl 
■59 ■> 

IW’l 

31Ji 

39 
o3 b 

32 
13'r 
10 >: 

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1 Ii 
)8i| 

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59 m 
• l 


• mil* \<i -all . 

29 1-. 

1 itC" *1 u iliil Ini' 

JU'l 

1 fi.-im * l.k VI 

JS-'a 

l iii'-mt ;li ♦'"II • 

4 U J 3 

1 IbuH'-lilVill . 

£4 

L -«l.i,.. ill l'.;i 

AS 

i :ii.-iiii'k'i 

Jh'4 

V.I"* - . 1 

13 

l lurl ilii- • 

4 1* 

l in , )l i-nsJ. n 

18': 

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'0*: 

1 n ir ■'y. «i v 

49» 

i.U I'Kni'iu • 

il>b 

C -at vi'ib., 

36 

1 .h; 0 i ' 

Jo 3s 

I...): lilt- A KIIUlil. - 

It/as 

L.'.lumfi.i hi. 

60 


l.n-mi >m P:vi ... 
I uni. I lift. ■.,'IAlll 
L' iniiH i-l uni Lny. 

Ivli'-i'l'iii hij. 

I 111 1 If* t-.ll-4.-H , 

(...ii, it iti Uii l,V: 
(.-■■■in- S.«ifi1»«- 
k— nil-ill ervif ilk* . 
l-n'a." j 

l Ml tll~-tl \ 1 

* .HI-41 \l|, , .4-.. 

«. Ill V.-tt.l 

Lf.iii -ii 'ill* Ui; 
l_-4lllll””(1. II" 

L" ■"•in*ris- fvl 

l ...i i -i. ;i*i* . , 

ili.lut { 


14Jc 

ioie 

35 


‘ o2^» 
141* 
32*1 

fc3ig 
425* 
24 1 3 
■ 41 
, i8; a 
19 ; a 
I o7ii 

19 : B 

t23S 
abJa 
2 6 
10. a 
hQ 
35li 
36 
«,4.a 

a 2: 8 
aS.'a 
27 
17 r 5 

3 ’li 

42>a 
32- c 
30 
»7»* 
28 -a 
17J» 

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18. a 

k7t* 

9 

161 * 
30l a 
46 
t b'» 
9. a 
16 » 
161* 

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36 
27 .'a 
351; 
221” 
32. a 

14 *s 
»5i? 

2 >h 
22 1 1 
141- 
26 tn 
23 n 

2«’i 

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lU'i 
*a*'4 
3 2*8 
lO-Vi 
29 iv 
«4t ? 
19 if 
31^8 

->'-i 

39*i 

odiB 

32 
lou 

10U 

29 
12 '* 
18 lc 
oHa 

•6’i 

39 k 
l ah 
<1 
295- 
28 1" 
39 Jo 

tO >j 

33 
J4'4 
15 

15 

2 1 8 
i8; c 

20. a 
49^ 

ll'i'g 

a6ifl 

cOSs 

lw>3 

2tl9 

141, 

10*4 


s*»,i*:ii 


■Ian. 

23 


Jan. 

ai 


Luruinp Guu»_. 
tK' ioi'o'tloaa . 

trine ' 

v tocher Nil... : 

i-niiiii2enertw;ii| 
». inuiiiins buginr. 

•.urt-U'ncht 

Hans • 

Han liiiunrie*..- 

tJewe I 

ihn M.uiie j 

iteiiiiiti I 

I lent spiv Inter....! 
Ueinni LIimmi...: 
iHsiiHHi'ithsmrh; 

Hi Ib|4ksh- ' 

L'i« 1 1 a. tMimp. 

Uisnej iWatli....: 

ik.ivt On 4*1 

Lina L'henu vl„. 

LlniHiei 

Un IW... 

lii lUBtni-*' 

IssKie Kiciift 

Viriiinr* 

UM man Kolak. 

•jiltdi 

U I*. \ U — I 

li. Ik*n Nit. Ga»J 
| bnis ’ 

Kiiii-im.ii biecfrti-' 

! niHfit Air Fr'atn. 
anil nrt. ....... 

h. tl.i I 

hiiEC'hnnl .......... 

L-IIMIb | 

Klim i 



riiivlii..li4inii(t*! 

• til. Uvpt.Mnn- 
Km-iiinic I tic.... 
r*t. Nit. thfinii. 

r.r\i l,n ■ 

p lumule ..._ • 

Hi'Li IVi*i»r.... 
riii»r , 



•_il.il 

!•'— eiiv -i Miii... 
r'lix'anti 

i-'iHiihiin Mint... 
■w|i« Mineral 

K.ivlimii 

•'iqu, lifiuntrie*. 

-i.A.r • 

• hi uen 

i pn.Aiiler.il! ... 

• i.A-l .A • 



1.11.41- U) Iksuito... 

ten. tie irl 
i emu Fiml*..,.' 
iiencnu Mlnv...., 
.■tniera. Muuitr..,, 

lien. I’m . 

-ieii. auiMi.„ 

■irtr. Ip*. hiM... 

itrli. Ijn? 

■ ielunko 

ip>7;Ln IV iK. ..... 

-.•ell i Ui>.......... 

.»»■ «8tC I 

i. s.lu liF.F 

■i‘,ri.1Hii Tire ... 

•■ntt'i ■ 

untce tt . It. ........ 

i ui. ALan Ka. lea 
art. Nnriit Iron.. 

'■WJ lp-llll.1 

•♦•ill A W^-tcvn.. < 

M'lll Ul 

IN-M-m'Iiio ' 

ilmiH Mhiiii-j.,. - 
list nis. Iirc^f r 

Ii ml* Lihibi 

licit! f II. 4 

riHiuieui ' 

Herneli Fai-naui. 
rit< i'll.) Inu»_... 

H-.iiiwtshe ' 

rliaieiHpi. | 

riikivei 

t.l- mi l'i«|i tniei . 
Hud-UMt Nsl.be* 
Himr.l'h.A.iChn 1 
Huituit iK.F.'i.,,.. 

I. L, I lull ml* ie*,- 
INA 

IhkCinj. KnthL.. 1 

In and Steel*..— ■> 

I null «■ j 


473, 
45S| 
i6 
24 I" 
Oil* 
33 > B 
19 1, 

i2ia 

3*S, 

23Sa 

Wij, 

tin 

17*8. 

let* 

273g 

111; 

48i« 

34Jb 

391? 

39 i, 

IU7 1” 
12)3 

lt^, 
7h 
•*6), . 
341* : 

161* 
I3*a 
£.711 
32)q : 
59 1 b 
38 -, , 

3'r i 

24 - a 
2/ 

20 1 g 

43»a ■ 
25sn . 

36 "a ■ 

)5 

251* 

1} 

1B)« 

30 

53J« . 

el U 
40ia 
1 1 1? 
29 1? 

191* 

24.* 

B-6 
Jl.a 
351, 
9)a , 

25- , 
Hij 

42ia 
4551 
30), 
n7-a . 
08)a 
igt 3 > 

2b i* : 
28 3g 
24«, . 
S 

24)* . 
160 

«is 

19*8 

16.B 

*8 )f 

2 Ss 5 

l?‘ 

24), 

591, 

36 
15* 
40-6 
o5->, 

2H>8 

691* 

Ills 

361, 

431* 

12 

22.J 

25 

Ilia 

12 

1:4 

37 >s 
53 l S 
47), 

la u ' 


471* 
44 la 

25 -a 

24 Ls 

32 

343e 

19 

23 la 

347, 

24)a 
233* 
638 
17li 
16 <s 
. *7aa 

• 11a, 

. 43*8 
. 351* 

* 39 
25k) 

, 40 

109>s 

la:* 

, 181: 

7'S 
> 49 
: 34), 

16/a 

10 7a 
: e7»* 

32)8 

5913 

29 >z 

3lV 

24;o 

27ia 

20 
M3>'a 
*)-"! 
36)3 
14 sa 
351a 

1 1 u> 

18 >3 

30 L 
33* 

ai 

42 I* 
ll), 
30U 
Via 

19 JB 
2479 

8i S 

12 

3bi* 

9 

25b 
Ilia 
42b 
457 9 
30 >4 
is8>a 
09)6 
19Ji 
2b! 3 
28:, 
24* 

25M 
161 '* 
241* 
80t« 
16.-8 
28 Jj 
25 is 
7)9 
251* 
127g 
11*9 
2ai* 

SB’s 
■ 37 lj 
1G 
407 3 
36 
24 lg 

70 

14 Ig 
38if 
43)* 
121* 
23U 
25 1 e 
11 >8 
12 
23), 
37 1 3 
63T g 
381a 
13 U 


Stf»-k * 


J»n. 

23 


Jan. 

20 


16.) 

171, 

tuienraii kneru.) 

71- 

2 '--S 

i75* 

1 bM - 

265 37 

el; 

sets 

JuLi. KIbinmii*..... 

20% 

41s* 

32-3 

lull. Hanviiei ... 

28-3 

a A* 

<-)| 

Illll. Mill A t. Il«ni 

39:y 

30 L 

20 )| 

Inti. Slullllixi'lv. 

All* 

.5 

20 1; 

Iut«>... 

15t : 

-si >a 

43:, 

Inn. I‘«|«r.. 

01 

J'V'a 

591? 

II'II 

CtCl 

.2> 


liil. tiei;li0Mi 

73+ 

il.‘r 

31'- 

Ini. Itf<. 1 let.... 

aid* 


26'r 

Mil **ill 

1U 

1? 

1C u 

I.-hi r»»tl^ 



•rfi-K) 

IL Inlet n*i tiw 

lit*' 


41'a 4li* |iiu,iliiKi,.m.,..! 261* 


•sO’j 

i9i* 

39. B 

fi'nt 

*2* 

40-e, 

7‘: 

50 

Up 

28 

U'* 

2S)| 


•Inlms Mamtlle..., 
{•jbnwiu JuhBscur 
I'linim Liiutroi.' 

l.iyMitiiiiid.-tui *-i 

K.Msi l Li*r[i.._. ' 
Kaiser Aiuiuin I'tu 
imiIdci lmlu«tii«T 

Khi-hm Steel i 

Key 

Kennc mi ; 

Kei i 11 -Gee...... 

Kl.tile TV'i.ier^.. J 
Kiniiw -e^Cbuh.. 

b<-|i)Vt* • 

hall 

K»»*KVr L'-i 

GniMiauMi : 

leMirl.iit.Fi m(... I 

Lituieli br.Niu....' 

Lilly. Kin , 

Uitnn IdiIiihU....' 
b'.'kliceii Amsr'it, 
bale star lists.. . 
Ln* fitali.i Ian. 
Linraim Limit...! 

Gut in Ml ' 

Lues* eiuro 

Lies VuiimM '» u' 

M sell ills ii 

Mai-v It H 

MtriHaiLuvcr 



Uirarlr.ni UII ' 

Mann*. Mi linn <. 
Umubali Mei.i.. 

May I *ne . Store-! 

MCA 1 

U Uernatt 1 

U lanuiei. Unis'. 

M bras Hl.i 

Menicrex 

Mer s 

Uemii Lrn.-b. ... 
Mena I’ctmieuni .' 

tit. M 

tluiiiMrnnAMlv- 

M. ( l l'»ni 

1I.*i-1UIii 

. Mi.i^nn J. P,... . 

I MiVonsa ' 

{ Miitfiij 

Nslnsu'i ........ 

Nak-vCbciin:vi_ 
Nall, uia. Con 

\ai. Ui«nlien.... 
N«l. non ice Inri. 
Niliidtsi steel.. . 

)ii»mii 

NV li 

\C|-tnue I iiiii...... 

New tnsmiMl Bl. 
APS feuplnlhl lei 
Mai?»ra Mclmsk 

N iijai-i .••llarf... , 

N. L. liklusine* 
Nciiiid-AtVeatcm 
Nl'llb Nil. (•«*... 
.'Iliil Slate* Pwi 
AllmesL Aiilme* 
.Mlmeii Bnm,*>n 

A i m ..hi Jl nn * i._ , . 

'•Km lentsi Pel tul 
iJkiIt.i Mai bet... 

Uiiiii b*liv.ia 

•Ilin 

Oversea* St i p. — 
Onenst-oniiiis... 
Uncns li inrafc... . 
F* in 

IV Hi. Ll-tuiu-j., 

IVi . u.... 

l**n.\uiW»r*i Air 
IAiiL-i iianmtiiu 

I'esteatl I III 

I’en. l*n.A Ij 

I'eiilicv j.t. ; 

I'mnnii — ..._.. 
I'eiij'iev Urna...... 

P«>p-eii.H 

i'sjoi.ii 

I'Crkm timer—. 

I'M 

t*ti/cr 

I1lcl|d Lh»*4,e_. 
mills iet|j, ta tie.' 

nnti|. AI- -i n*. 

I'uilllgp- IVtint’n ' ' 
mi«i Hit) ............ 

fltiKI Hones. 
1‘iUMim..^™..... 

llesnei L<t A til: 


38*8 . 
70 ! 

261, . 
30)8 
25 >2 ; 
29 
4I 3 ' 
26)a ! 
71, : 
22-8 
46 i 
k8 
41)* 
dfcla 
43b 1 
i6)a ! 

28 ie , 
k6ia - 

28*3 • 
49*a ’ 
14-'* 
I37 B 
161, 
18b 
22 
341, 
15 

Bin ; 
»:« . 
36)* , 
32 
357, 
43S* 
13K ; 
297, ! 


i*37g • 
341, i 
26<I ■ 
24 ij i 
J6A) 
x8)e 
55la 

14 1C 
s6ia ! 
2678 . 
4&ijr 
601, 
6l*» : 
421a 
35), . 
331, 
47ia . 
26 in 

15 r, 

2Ui; 

137a 

31; b 

3IS8 

39)8 • 
16), 

21 lg 

35 

151, 

10)* 

17 

279, 

37 Ij 
2Si, 
23ta 

22 
18*8 
20. a 

38 
187 a 
lc 5j 

227, 

61 

22 

2378 

19>, 

213a 

5 

32 is 
21 
22)6 
34 
28 1? 

7I S 

33 
26 

18>* 

32 i a 
27b 
20 
19 
56 ij 

a.;, : 

383a 
leoe 
23^4 1 
171* . 


28'* 

701, 

26*8 

30l a 

25J„ 

29ia 

4i a 

273b 

7 

24a, 

45 V 
b7S8 
421* 
2ai, 
441; 
261* 
287, 
271, 

28 Sg 

39 U 
149, 
131* 

189a 
lbl* 
02 
33 ig 

l3l, 

6 

1U 

45ia 

317 3 

46 J# 
451* 
13U 

32) , 

241, 

341, 

26 

40 
169, 
28 
651* 
146, 
367a 

27 

46U 

IK 

42)* 

35(2 

33) * 
467s 
£61, 
I6i a 


Stock 


Jan. 

33 


Jan. 

SO 


20>, 

15Ss 

^niiHunund 

Syaiex 

021, 

191* 

33*1, 

196, 



363* 

63 

*S1« 

62 



15 

Lera* 

I'mero. 

31* 

2B3b 

33, 

284s 


i't)ai*n>1 

iV-nnm h n..~. 
I*|ii I is lu tine-.. 

l‘l. 1-1*1 (*1III M.. 

‘■•il. in ve h'n.'l.. 
I*m m hi 

i'*»l»-j. 

^"*»n iM> 

r.'*| i.i »nie[H!Pii 

Kuthenn 

K(_ A 

Kepunnc ateei— -i 


241- 

le 

3si s 

82.12 

221? 

16 


afli, 

1 b 

10 >* 

17 

27), 

37ss 
aS)» 
23 )b 
■22 
l8sa 
20 /, 
3/)* 
19 
16ifi 

23 
60 
22 f* 

24 
19)* 
21)6 

5ia 

22 ie 
2 Ha 
243b 
34i» 
281;- 
7*i 
331; 
28 < 3 

181* 
53 1, 
27)g 
20 >* 
191* 

Mil 

«se 

381; 

l6i, 

23)* 

17 

25 
If ’s 
He*) 

t2-j 

<6U 


Keriou I 

Ueyaulda Meta It ; 
Meyvokts K. J-...! 
Klcb'ton Uerretl.i 
Ii»iHiwelI later — 
Kabm k Hint* _.[ 

I&ATU IhiCcb | 

KTE 

Kitoi L^l. ' 

K)(lera)«tem....i 
■saiews v 

■^l. J->e Miners>*.| 
di. Uezis Fapei.. 
MflU Fe I 

■mu- lute« 

rax on Iran 

S blitz Bren in*;, 
d -iitunihefcer-^.. 

7AV 

-I-4L Paper. j 

■J.-UVII Mra 

S rair Uu.>r Vest I 

Sea Cnntainera...' 

restrain ! 

■Marie ib J).j 

5«vr* Unelxick....' 

■rfcUCLi 

SbeiiL'i' 

slie'i Iran* i^i ri.- 

aipua 

■>lan"deL«3rp.»_. l 
3im|»KUy Pal..., 

Sinner | 

Smith Kline 

SkrilLn t»...._ p _.- 
Mlltitlon n 

sotii beni Cm. Bd. 
southern Co....-.! 
■rihn. Nat. He*...' 
Southern Panftc., 
Soul hern Uallnar, 

S>*uUii*ini_... ■ 

SVl UiiLihut* 
ipei r>- Hutvb«.. 

Speir* Kaon 

Si*u R l .. 

sumrtant Hi and, 
SUkUilL'aiirornis 
SCd. Ull Indian*. ■ 

Md. Oil Ohio [ 

Stand Cbem teal. 
Sterliny; Drug ... 

Sublet* Lei : 

Sun LVj 


411* I 
29S, j 
041, | 
217, ■ 
291* 
287$ ! 

561, - 
ivu : 
lDa , 
131, 
37 )* , 
iB 
30 
95)8 

; 

4kB . 
1U 
67A* 1 
16)* 

13 i* = 
191* , 
o)* i 

197, 

•EOI] 

13 >3 
45 4 
s6S* 

SsS 
391- 
281, 1 
357, ; 
ID* | 

197, j 
471; 

8 

20 ! 
25Ss I 
111 * < 
301, i 
53)9 I 
49U j 

237, 

24lg 

K> 

34 J, ; 
23), 

26 r, i 
347 3 
-4)8 J 
64 

375* • 
13)* ! 
461, 

39), 


411s 
30 
641* 
28 
2k )a 
28), 

56i* 
12 lb 
113b 
13Sg 
48), 
2 B)b 
301, 
36 
3?e 
41; 

ll'a 
68 >a 
16)* 
13)« 
201 , 
6i* 

BIS, 

20 )a 

IMS, 

2S7 S 

461, 

287, 

393a 

29 -s 

3B7b 

117, 

19), 

47)* 

l»a 

19 

sn>)* 

17U 

51 

33), 

49ig 

23)* 

241; 

15t b 

23* 

85)a 

36i* 

441a 

65 

58 

13), 

491* 

381, 


Stock 


Jan. 

25 


Ian. 

30 


Wrajurort b ' 

Wriv. 1 

-Tenw [ 

3a pi la . ■ 

denitb Ka-tio. 

Ujtf.Tiwte«KlMjC; 
GS.Treab«iJ7o(7.- 


181* 

Q), 

44 

17 

131, 


181* 

0)* 

44=8 

16)* 

If 1 ) 


t8ie. 


(81 


L.S.U0 Day billo.| 6 39 D j 6.43% 


Uayee. V'ereloabJi 312xt— 1 
Ci7n.lnuNed.vrtk 1S5 ,+5 

Uummentank 2B4.5 !— QJO • 

Conli Bumml — ! 7/.5-.-r2 .1 

Daimler Beui 1 516 ... ‘ 

! UeguM* — I 270- ' + 1.5 1 

PemAfi ' ' 136 J8 +3.3 1 

Lieuikcbe Bank „.> 311 14i 

Uteodner Kan* 860 J.— U-9 

Ucckerhoff j£emr; ' 155 

Ouiehoffniing 212.61+0^ 

Uxpajt Loyd I 118 ?+ 1-5 

Uarpen«r>. 1 240 • 

Hoechn ZD. 131.3 +0.3 I 


20 1 5.2 
18 l 4~0 


Uoeorfa—^ 

tJurien. 


CANADA 

VbitiU I'apei...... .101* i 

.\>uici.< kiifie j 6 I 

Maui Aluminium; 271, j 

Aimirua steel .- In), 

Akbemoi t37i. 

Dank ul ll>murail| 175s 
■rank Nora hog* ia I 
da sic Hpw:u]reea. [ 

Hell Tvleph>ioe.... : 
do* Valter lads* 

oF Cana da 

draaran | 

drui m . . 

Caiqarv htraet- 
Canada Cement.. 

Cam. In MV Und 

OsnlmpHakCoin 

Lamilii lra>ina._i 

Can. huifi i 

Can. riai-itt ■ lnv-J 


Kali anil Sole. 

Korttratl. 


19 
18 
14 

311 \—USi] 20 

20 
4 

12 

12 

/G 
16 
4 
10 
9 


18a, 

“2 ‘8 . 
«05b | 
16 | 
141* I 
73.26 
n6 

sa 
in, 

24 l B 

tie a, 
167, 

, 1'* 7, 

v an. Super Oil : 641* 

H* ri nui U'Keete-- 5.1a 
-a«alr Aabertm.| 


Teroro Petroleomi 

Tenni • 

Tfu^iII ' 

Texas I nst in 

TenH Oti'i Gas.. 
Tens L'tilitiea.... 

Time ln»-_ • 

Time- Mirrnr. 

riirntrn 

Trane • 

Trnnunericn 

I'rmwi. 

Touls l' mint., 

TranvArv ini.'rn], 
Trani IVuftd Air 

Travellers., i 

Tn Cunt mental... 
r.u.ir „ .. 

JWh Ceniurv Eos 

r.u 

LAUb'U 

j utii 

_.... 

i L uilever. 

1‘nik-wr XV 

I L llloli bn In to] i 
C ii lull Cart'Ll Ip. ...' 
I'niun C'-iriiiiicive 
L'ubin Uii Lain.. 

CiiImii I’m-ilii- 

I liurival., 

liiiinl Btnuda... 1 

failed l«ir|i • 

l>' Banoirp. ' 

LS. (■ vi*am 

V.i. Sine. ; 

l'-S. nieel 

t’.Tevlinuluglei... 

l‘V ImjiMr&s • 

Vi ma u Kl«vu... 

lVikinra 

"'arnpr i.'iiinmn . 
IT , mil -La ml ipn 
"'a-ie. Mail nipiir 

IVelifc-Faiati' 

" •««m Uanu-ri" 
H ■(*!*• Mi N..Vm<H 
« .•'ipm I iiw<>. . 
' v ‘."-i m.jLv— Kletf, 


a* 

261, 

IB), 

70J* 

29T, 

195* 

46i, 

231, 

47 

15) * 
ias„ 
341* 
221 , 
11 >E 

875a 
201 , 
28), 
SI), 
21 
191* 
81 
141* 
39 i a 

54 

131* 

59* 

6&a 

46)a 

461c 

7ta 
lOi* 
29 Sa 
21Js 
217g 
31 
321s 
id* • 

141* | 

16) a : 
3U 
261, 
18 Ij 
24), 1 
aOi* ’ 
25i, ; 
16* ! 
in, ; 


B* 
26 U 
181* 
70), 
301, 
19)* 

S6S, 

237 8 

47 i a 
343* 
14 
16 «v 
34), 
22 ), 
111 * 
871, 
193* 
29 

2l7g 
81 
195, 
81* 
145, 
39L, 
63 
13 is 
39i* 
6), 
467, 
465, 

73* 

71, 

101* 

29), 

21)8 

22 

307, 

325, 

183* 

14)g 

163, 

3tB8 

261* 

UUB 

34ia 

all, 

241* 

16/j 

I /1 S 


Clneruio 

Cora Loco : 

Con* H* i burst....] 
Connumer ban.... 
Coteka Uebource*! 
Conalu llichU...J 
Denison Mine*.... 
Dome 

D>nue Fell-oleum' 
Dominion Bridge 

Domrar 

Dnpuni 

Fnooa'ae Nuke-' 
rom .Mot w Can;.; 

Irtflttti ___i 

biani Vei'nknle., 
buliOi. Canada..., 
Hawkei dm. Uui; 
Uodingei ...... 

Uome ui. -a.'. 

Hudson Kay Mac 
U ration bay.„__] 
Hudson Ui LQ«, 

1.4.0 

I ntBik.-o_ 

‘mperiik Oil 

ln-sj 


87, | 

207, I 
27 
82 
161* 
7U 
t7)* 
a* 

78), ! 
cfllg I 
8*‘a | 
145, 


101 , 

57 8 

271 b 
14 In 
3BL* 
173, 
187, 

7 
63 
805s 
16 
145, 

f3.2a 

36 

9ia 

lisa 

24 

>185, 

■167, 

173a 

543* 

3J» 

9 

20 t b 

867, 

221, 

161* 

7* 

8 

76 m 
57 1, 
182 1, 
141* 


| ivauibor _ 
olochiier Dm 1' 
h HD... 

brupp., 

Linde. 


iooj 


: 3.o 
I 5.3 
; « 

■ 32 
! 4.0 

I US 

\ 2.9 

; 5.0 

3.8 
! 6J2 

I 4 -° 

I 5.B 
i 2.9 
! 3.0 


i Kxj 


Low'nl vau Dm 

Uullhiuisa j 

MAN— 

.Mui Pnraura. ..... 

I MeUilces. J 

Munphener Kra.-k.[ 

No Adnami .... 

VreuMaxDm 10L 
libei n Weal Bioc*. 

, xjfteni 


12 

16 

20 

7 


4.8 

3^6 

S3 

13 

5.0 


51 emeu — | 

arai 3iuker..._ 
Lbysseo A.U... 


» K6A 

vorem h Weat bk 

> otboinaen I 


44.1 +u.6 

131.0 

162.8 — 0.7 ! - 

330.5- ^5.5! 20 
213 —5 j 20 

88.7 — 0l5 J 

169.5 + 1.5 • 

97 p~l I 

840.5 ; 

1.550 

113.5, +0.5 I 

204 f— 2.5 { 

171 +2J| „ , - 
235.2 1 — 0.6 r 10 . 2.1 

520 I : 18 : 

122 1—0.9 j - ■ 

119.5— 0.7 | "7 : 
so 1.8 — 2.2 • 16 ; 
268^: + 0.6 | 20 I 

299 ; + 2J». 16 j 

864 L 1 17 I 

121.4 + 1.1 I 11 
175 i-l 14 
116 !— 0.7 1 12 

304 I 1 20 

214.2—0.3 I 10 


Ftljl ■ 

a«ai.-hi „.f- 

Honda Motor* | 

Hou»e Fray*__.„i 
C. Uoh | 


510 .-3 
195 "\-3 

AO* I II 


Ho-Xoktitki 

JjlOL* 

i3,L 


493 

900 

233 

L.L60 


..—J 012 

_[3.68 J 


Kan«al KfeeL-Pn-. l — 6J 
knnnr.ii " ■ 297 

KuLota....^.. MM . l i 071 
Kyoto Lera nuc_ . 12,410 

lUuuahltk Ind I o?5 

UhaubiBbt think..] 
MitaubiahiBeavvl 
MUauhubl Unrti'.J 
Mitsui A Co- 


,-15 

il 5 ._ 

; + 10 
+ 2 
!-20 


! 

13. 


15 
12 
IB I Lb 
3b I 1^ 

12 i ajs 

30 t Lh 

13 ; 13 

10 ' <L7 
i ie i a 


279 

144 

415 

315 

622 


12 > S4-k 
14 , 


l.b 


54) 
4.0 
a. i 
2.8 
3.s 
— . 4.5 
14 I 44i 

5.2 

3.3 
2 3 


AMSTERDAM 


Jan. 23 


Price | +or;Div.iTia. 


Pi! 


— I « 


Ciiuui (Ft. <ui.— .] 
Ikro (Fi.a 


j.a)j ; 

Vwpin bnk(F'.tiX.{ 
|.VMKV.*Fi.10i..J 
iniiu danJi.Ft.HJi) 

dljcokmUF uOy.j 


4.8 


12U ' tl2U 
17L, ] tl7l* 


80 

26 1 « ') 
l 339 i 

Sol* ! 

07a 
291s , 
405* - 
lb), | 
175, 
461, 
171, I 
t)7)* j 
lfl*a 
17U I 


IqJ a- — 9 r 

luctud Nal. Uaa.J HIT, I 
(n* iK’vt'ivelAne'. 13 * ' 
twtser h'eMMirvC’t-i l)>g 
Uunn'i Km Uonn »g ' 

Cum. ■U'.i T3.40 ■ 


Al*:*iDi.>*n K;oet1 f 
M«**e.v Feranaon; 


165, 

loi. 


801, 

261* 

13 

2b3fl 

6U 

1291* 

411, 

161* 

175* 

495* 

in* 

277, 

193s 

17 

9 

MSb 

131* 

105, 

*4 

S3* 

16)a 

la). 


100.8 +13 i J4 
*3 ! — 0.3 I — ! - 
529.5, -0.9'A2U 64) 

773 1.2 , la44] 3.7 

67.6. +u.4 J dH+ 6.7 
81.8,— 0.4 , 25 : 3.6 
dribaWenr’mrPLrJj 119-8 —1 70 ‘ »4> 

Buhrm retuandc! 67^+041, db I 7.3 

brarvler ! 281 +4 : 121 I L/ 

EnuraN.V. Ututn 124.8 +0.3 ! ibai 4.6 
tiureCom Cat Pl.lOi 61 . 9 4-ej 6. i 

JioLBiOLmteafF.iC 40^.+u.7 ; 42 5.5 

Uetneken (Fi^)^ 103.5 a; 14 - 3 .h 

Hongi.rvenst FI20* ii 85.6— 0.2 ,1 '1.26, 8.0 

23.2, — 041 ! .12 b.2 

14.8+0.2) 10 
127.3.' + 1.7 i - 
40.1: + O-5 i 18 
3841 +041 1 10 
100.2, +0.4 ;46J 
Bi-.l:+lj2| 20 


Mdaukuhl 
Ni|4iOU Denaou-..: 14330 

Nippou dhioiM../ ' 668 

N haan Motora...^ - 696 

'lonew — il.-»30 

danyu Bract tic. ) 2b6 

Sekiaui Pretah. '1,00 J 

siiiaeMa..... { 960 

*juv 11,830 

Urahu Jlanrre— -! 2a5 
Caseda Chemtcai.' 290 

l'D6L : ,]1.40 j 

Uyin — 119 

Cofcra Manne 1 600 

Lolio bt»-X Bow’i !l.llu 
lokyo siuiyo J 262 

locyo Sblboura j 121 

uirmy J 130 

Lor. v* Motor J 780 


i . 

15 I 2.8 

i-iu 

55 

I 0.7 

\-l* 

20 

1.7 

1 

10 

l.e 

-2 

12 

02 


13 

Lb 

I«- >fi- 

14 

2^ 

.+4 

20 

IA 

r — 40 

lb 

0.7 

: + 8 

IS 

l.J 

i — 6 

lb 

1.1 

| — 4J 

Oa 

L7 


19 

2.9 

-ij 

3j 

1.0 

-12 

20 

1.U 

—20 

40 

1.1 

1+4 

11 

■43 

, + 16 

la 

2.6 

-50 

3U. 

1.1 

—1 

10 

405 

1 + 2 

11 

1.1 

1.- 

o 

J.fc 

1-3 

12 


1-3 

10 1 4.1 

a 

10 

3.8 

‘-15 

2 

1.3 


Source Ntkfca Securmes. Tokyo. 


BRUSSELS/LUXEMBOURG 


Jan. 23 


Price 

Fra. 


J FdJv.f 
1 + ra | Fra. 'VM 
j — | -Vet | » 


iriwl 

dq.brx.L«ntfr__ 

deuen -d" 

vJ.t'.U.Ueiueiiu.. 
Joekerlti. 


1.965 25 ! — I - 


.JL4C6 
JL710 
.1.170 
359 


4.2 


| Hunter D. (F.ldO)) 
H CL Hoiimd...' 

| KLM (FLlCC/i : 

. Int. Muller (i/ill 
Xaaiden iFlio ' 

NU.Nedlna4FL.A4 

Vedb'tedbk (Furl 


o.B 


H In tyre ivpnr; 22), i 23 


M-jMectepn.. 
Nunn i* .11 roea...: 
Nntnco Luena'...! 
Nchn. It-ifto m j 
Autuih Oil & (jm»i 
JikWut-i I'etr'irl 


2yl, 

28 

18 t 
26 

15 5s ! 
54, 


29 * 
221 , 
17S, 
261* 
15>* 
5.12 


Ved.MidHkiFIlK] 161Jdi+0j| 20 

Jce (ViAlj. I 

Van Onuueten_.! 
riikhoeu «F.jaJ...| 

Fhi ip*(t' .10} i 

■{l/HbubVwFi.lOLi 

■tubecn tk",jra2y. 

•tUUUiO (FijUi..^. 
liuNatolFUaA^. 
do>niDuicfaiF'4i! 

imveailiurg ] 

(ter In Grp (F jsj) 

lukyn JV' H daft.' 

Lnli«reriFc20j.J 

HlilBRhea.Ini_*lf 

lVewiamlm. bank! 


9.0 
2 - 6 '. 

4.6 
7.8 

3.4 

4.4 

5.7 

9.4 

6.1 


154.21—0.4 |kd4 

14U 1 | 8 

44.7; + j.3 | 21 
JtBj'-O.!' 16 
64 ;+0J I - I - 
L66.7 .+0.2 7Jb 

lie.uL i f _ 

130.7 +0.1 *9 i 3.5 

12/.4-0.1 ,A5. I l.b 
239-2 +0.61 Id j 7.9 

1+7 r [ 87*} 3.7 

89.5] ao i 0.8 

lal —03 Ali.el 6.9 
43^ + 1.8! 20 'Ll 
410 -2 ' 32 !3J 
! I 


tVihL' Copper M j 1.94 I 2.00 

FudftcPatruinmi 39i* l 
Pan. ban. Fet'n.j 33 

i'kliui' 1 144* ' 

Fe«tJi«a iJeiv*. 4 30 ! 
t*'«t+ b«. & ul J 0,96 ' 

Plaeui Uevelppihl, 197, • 
ftwH Lnrpini',,! lot* . 

I'tK-e Id), | 

ytrat'W,- hiuraeonl l.*5 ■ 
lianser ij, .,...^.1 i7i 4 ; 

««.! hliav _• 87, ; 

•»!■• A-cuin ' 36 , 

Uii, ,v i.'an-! ' t61, 

I run I 16 j 


la*f 

l&'i 

l H-lMC" 

8&J: ' 

26 (g 

JD* 

21 V 

J Watnhariiw-r. . 

84 ii 

95 

9-s 

6-'« 

> " nirlt**'l 

3 J* 

SWT* 

- V *P 

JW'-4 

. W i'ii- L>-n. Ind.. 

Z'jU 

Sul* 

25 

39 is 

1 W|||mm (.•-■. 

184* 

183, 

241* . 

241, 

1 H lacuaauj Elect* 

281, | 

» 


deep, i eliewu i ce*l 

KBIiEBJU* . 

-hell Lin» m ■ ; J 
itiemiib. Mine*' 
■sieten* O.U ....... 

Iun|*iii|. 

■Iwi ul Lanaii*... 

U'-:k Inm. 

I I'XiLiiCaiiH U. 

L<nni l<j Uuiu.Hk. 
iroiirCniiFij^Jj. 
lltlM M.aiut On. 

trua- ' 

C'lliwt 111, 

"'..kei Hiram 

Wb»i Lmiy Ini 
'F«lnn .... 


bit 
221 , 
lb)e 
■4.35 
*4i* 
4 65 
*)>■ 
*.55 
47i* 
16)* 
15 
.9 

1 l« 
1 

cBIJt 

321*. 

15)* 


323, 

: t* 3 
15 

: 4^5 
• l.iiO 
201, 

. 101 * 
| ICS, 
' 1.38 
; 2fl 

H7b 
I ES 

267, 

I 16 

: b3* 

2£l2 
16)8 
I 4.40 
a4;j 
4.7a 
451, 
i51 
37i* 
Ida, 
147, 
9 ■ 
tl ■« 

■ 157, 
83. 

:2 jj 

lSl? 


COPENHAGEN 4 


Jan. S3 


FrWe I + or ; Div.-rid. 
Krunet - : 1 i 


■"I 


| .\in(e>*>niiken..... 
4una'iliW*i., 

Janrhe trank 

Cnnt .W*th- biv..; 
iluaurtM nken..... 

! For. bryepener .. . ' 
r* a. Pa plr 
i Hautleiainnk .... 

| j.Vtb'n tf.'Krai [' 

turn Haw .... 

| «J-teiabriiu_.^.... 

r'nvutmnf ■ 

i'mvm*fiank___.! 
*•)*]. ttereodaen.i 
-uperfm 

I 


159 ...^ 

4291 3 +1, .; 
129 i + l* ‘ 
2413*1-1, -i 

H5i,j._ ! 

333 ’-a , 
81 ;+l ; 

132 u ; 

2al j , 

268 +2 , 
u3 } — li»l 

13a3*rr ; 

l4iaS* + I* • 
572 1 + 3 . 
1943*- + 2 1* 


Bubs 2 415 

6i» LroW; 6. *40 

r’almqne Sat ; «y436 

•-U.lotto-bin._... 1.87a 

Jevaert LUIS 

Hot-iken i^,660 

inter naj »__..;1.865 

tired tetbana 6.150 

La Koyaie Hetse . 5.160 
Fan Holdiiu;.— ..-,2.300 

FeCrotina (3,743 

srai Oen Uanque r,.7a0 
wrUea BeJetu nJl.68 a 

Purina jd.oUO 

dolraj' [z.495 

Craeriun biecL. '3.470 

uUH I 960 

On. Min. [1,10. ...I /40 

Vjejlle M/aiimne, 1.432 


6.6 

73 

7.3 

7.0 

6.9 

6.9 

b.b 


i 60 

-no <112 

-4 ! 90 
-15 , - 
+ 20 177 

430 

>25 170 

1 - ISO 

+ 6 • 80 
: +3 >160 1 5.8 

l -142 | 7.6 

« J65 I 4.0 

: 3J5 d.b 

• .«-./£ S.r 

+ 80 -174 4.6 

‘ J189 631 

- .156 7.2 

■- Isos ! ijj 

i+50 -A. -ab! 8.0 
>3 1 163 : 6.5 
— 40 I - I _ 
1+4 6J i B.J 
-90 ildO 1 7.4 


SWITZERLAND ® 


-Jan. a 


Aiimilnluin , 
dUG'A'.. 


— ! 1,270 
.1.695 



1.7 
3.6 1 

8.0 I 

5.01 
I1J 
5.3 
9,9 
a.e 


13 ' 4.3 
12.1 4 6 


H.1 

l.t 

3.2 

6.2 


JlbaCieiu iFr.UXL 1,105 
Oo. Pt.Lerta...: 875 
Lto. 6 k4 

i-Vedtl siume__.a,a20 

H.tttmwnu 1.715 

Fla-banGeurpei-J 735 w . 

Ucnm,n Hi .ten-' 88.500i-500i 350, u'e 
Da l»raui}....;B.875 —25 . 55 i O 6 

Intert.md b. ;3J50 - U b 

Iniraoli (Fr.IdJi 1,495 

N'cstee/Pr. LXli.... l 3.b35 

Uo. i left .'4,^65 

Ow«iknn-it..F.h> 1 4.460 

Pitem SIPF.LJC ; 270 

ran-l-K. [Hr. '3Jk.j3.B60 

Ua hiu«M 480 

whinJieri-'uFlOL- 3 j 0 
«• w» |cu.r.Wc.; 368 

nvisrtir ;F.j3dj.. , 815 

:n t» UattllO'.liA !. 400nl 

™.«-(Ke.F.*k>i. 4.990 +90 
cnkn b*nh^_„.l3.270 +5 
■tinch In*™ 1 1 1.700 T 100 


+ 50 I 20 1 3lo 
'+15 1 20 i 1.3 
+ 15 2.4 

+ 10 adhJ d.B 

' 14 ' 

' 13 

+ 10 26 
+ 2 ; <*6 

u 

-1 14 

+ 4 


3.7 

5.6 

1.6 

4.7 
1.5 

3.8 


3.07 3.7 
to ! c.5 
' 4 


MILAN 


Jan. 83 


Price 

Lire 


1 Aiimii-i t tun t 4<ra«a 
.1 Trailed, t New Rock. . 


VIENNA 

•an. r3 

' IT ta* 

■1 

UH 1 

■ i - 
I ' 






> *63 


10 I 4.+ 
*b ' e.4 


; *77 

& 


90 

-2 

: tcv- tte>nr'« .. 
>'•« Vl’n*>".. ' 

193 

32S 

i' “ 

•7 > 5.6 
1« 6.2 

i ‘ i 


t- or ; Uiv..¥i, l . 
— , Lire + 


ISO 7.B 
ISO 9.7 


•>"** I 127 -3 

Aiuunia Aiate..,. 1.000 120 l^o 

“oUiii ; 393.5 t »2 s ° ,2 '° 

7?'-— — *12 " ~ 

Du. I'nv 1,535 

vltratw ■ 76 

M'-tnimii 10,000 

tutei in ; j i j 

je'rxnii i ,3. .9 iQ 

timie.i nn £^c 

* 'HUi Prir ... . I rag 

ia.001 
il- -18 

I 420 


i & i. 


+ 15.25 
tJ 

* 300 200: 2-U 

*'4 — _ 

*450 Ijtffl 3,9 

♦ 3.J5- — _ 

-a : _ _ 

"■43 ’ lij' s -6 

2 • “0. 7.8 

.+ 19 i _ _ 


AUSTRALIA 


Jan. 23 


Aunt. S 




\C'M IL CS> centi___^._,J 

Aiirw Australia i 

Allien Mnta-Tnte- 1 nrtuti S I ; 

Ampot Fxpioratidtt f 

Vmpol Petmteum^ ' 

AaM*. Mioenala— 

Aaaoc. Palp Paper 21 I 

AmmcJUm. luduairteu i 

Anal. Foundation inveM-.j 

A.N.I. : 

Atidlractk....™ 

Amt. OHA Gee. } 

Btue Metal I mi. 


lnville Copper. [ 

;«j Hl» Proprietary^-: 

cH South 

Uarlton United Breirerv ! 

c'-J.Cotea. 1 

t*l) 

-am. Ooitinelde Au*. ,.t 

Container (SI) | 

Coariac Klorimo „.i 

Cosuto Australia- 

CAutraj^Hubher (21) 

kxiei Smith. 


iurluairlea — 

Lren. Property Trust _ 

nanjerarav. 

Hcotei . 


I.C.I. Australia—. 

luleMJopper [ 

1 arm later iraluatrlea 1 

(uoe«lDarM|__ , 



HIM Hohflnttf. 

Myer Htnuantmi : I 

.lew*., : 

Niuhoiaa lqternatlooal-....| 
North broken H' lines fcOe 

Oakbralxe. 

Chi Seahrt _ 

['*««« Concrete. 

H«dUct A Column.- 1 

H. u. sieinb.... 


southland Mlnta*„_ 

fi«h ((I} 

WaitotjF., 




'J'eatero Minimi CbOceru»i , 
+oJ wraths 


10.77 
10.8 J 
12-28 
11.25 
t0.79. 
tCT.B* 
tl. 3 
f 1.6 J 

to.wa 

tlA3 

10.40 
10.46 
10.94 

:t0.98 

I5.a6 

ta97 

TLSd 

11.85 

t3.U3 

12.40 
tlJI2 

tJ.ao 

11.30 

tl-» 

T1J0 
11.88 
T2.05 
tl.40 
12.35 
10. ?6 
(2.10 
10.29 
Tl.33 
10.99 
10.16 
tl.73 
11J91 
12 20 
tO.95 
11:16 
11.73 
tO.Ow 
11.43 
13.00 
tO.76 
(0.19 
tl.73 
10.9a 
11.21 
11.61 


+0.01 


+VJM 

+0JI 

j-4.0B 

'-OJH 

i 

J+J.01 

j-O.U 

!-a!as 

•+0.U2 

| -AOI 

i-Xiia 

HJ-K 

‘-4.06 

3-XCb 


BRAZIL 


Jan. 23 


j Cruz ; — jcruai.) 


V eatta...... • 1.24 r -iM4'J.12,-I.t 

Jan.u Uracil bP..| 3.88 l-O.LC +lb 4.C 
JCliED MlnelraOl j 1.60 ,+ai2 >.12 t.t 
6.98 : |*.l4 !|«i 

2.72 -u. a j.auTj 
WZ '^- ia -to 0J- 

3.19 +0. 

1.82 


Ooea- OP- ! 

Lojaa Anter. OF..i 
UAnne-mezi up ‘ 
r’atrobr+i PP-..J 

Pirelli OP J 

xHtca Cruz UP„.i 
late Kin Do*. Pit 


3. 3 ..to 
J. 2' .16 'b.' 


!3! cS:?; -.{ffiMODiTY 


Vol. Cr. mom- Shares 48.4m. 
Source: Rio de Janeiro SE. 


•il 1 \i 


-0.02 
+ J.B6 
- 0.01 


t0.?5 

'-o'b'i 


i+4.ua 

jMLC.fi 

’•4.03 
j— 0.03 

(•ire 
1-0. os 


-443 


OSLO 


Jan. 23 


PtteV + Ul 

Krone:, i — 


deriteu Dank--...; 

•*wt*jp«aitt... i 

Jredlttnnk : 

rvustnw 

aremiiMiwH) : 

Norsk Hvdmkr.*v{ 
•tgretTczn.1— ] 


100 +1 
60 -1 
114 ! + 1 
322.5-6 

111 ! 

185 ;—6 
9«i,0C. 


Un 

JL 

lv. 

4 

11 

2u 

11 

12 

9 


1C 


PARS 


Jam 22 


Price 

Fra. 


tteote 4i ! 

krriqut Uudn’t'lei 
\ir Uqu Icle...—...; 
Aquitaine.. — .... 

o»C.... : 

'uuyeuee [ 


+ 31 


772 
303 
a42 

810 I-l 
503 -H 


' 41,: j.b 
,'21. 1st 7 0 
j W.5I o.8 
; 24 7.7 

liti! |S 

] 31. IIB 
60 j ,.9 
I JF.i 


Cerreiaur il.23B ~2l 

'■0.6k 1 249 —7 

U.l.T. Au-atcl 824 L-S 

\“J^P" Ipp ' a78 '-5J 

wluh Mod Iter 331.1:_4.4 

-redlt Com Fr’ce. 1U5 “ 

-'retmot L-4te.„..J 
LhimBi 

cirPeiroJea. + 

Cen-Uoridentaip 


**•' 1 11 1 
Bt.i! 7.1 
12 | 4.2 
6.3 I l.b 


51 


JL-qun Borei..... 

tolinje.. I 

CUnat.. 


427:f ^oi 
178 at j — 0.5 j HJbj 4.6 
96 i=i 0 i^«' 0 

I— 5 8 jitrtl'a.'i 


+b i: 
+8^: ; 








iSSSissd'is 1 -is :*p: n 

Ml -faeiin .,10,00 

Un« Henneesv...; 330 

Uuuilnex 151_al_v'5 1 

i 'aril ax it iff 

asatsd ^ 

i68.5 
lol,l 
345 
489 
60 . Ij 
U6 1 


V«i|twUOtir+n. 

P' ■Maui j 

Mtilio le-hnlqup.i 

itbkxrte -I 

Jiwae rtwieo.- 

». Uohaln ■ | 

?kia UOutenck. 1.5*5 

; 209.4! 

ie<ein»*iiique... ! 325 
LlHtmann Hraiait ; lag ai 
usuior ! 


STOCKHOLM 


—40 | 39. 3 j 6 0 
-fl _ :3c.fifr 2.9 
-5.5 | 18.b o.b 

-tii “j“ 

-66 1 39 I 2.3 
-3.1 as A 18.3 
-19 Si r* 4.1 


Jaa. 23 

JUA Ad lKr.au,.., 

*>*0*+ 

Wdo.. .‘.1{ 

-ehurfoe • 

-■eei'ni* 'bthj5>.'; 
ItinroiCuVK,^, 

6a*eue "B* |. Z24 

caueraia.^ J ~Z 

•nuijte ™ 

if«iHleir»nuKen... 



‘Jlfil II I 


n.r. B- Kra..,. I 
AtiM Bs.nesihim.. I 
"■•I'M* ' 6'K it* . 

lIMVntr 

KrijM-.." i 


120 



JOHANNESBURG 

MINES 

Jan. 23 

Anxla .American Otirpn. 

Chaner Consol Idated .... 

East □riefomeln 

Elsburg 

, Harmony - 

Kinross " 

Kluot j 

Riotenburg Ptiumun ... ■ 

St. Helena 

South vaal . 

Com Fields SA 

Linton Corporauon 

De Beers Deferred 

BlyvoonUtxJcht , 

East Rand Pry. 

Free Stale Ctduld 
Ptvrideni Brand 1S3Q 

President Stem tim 

StUfomeln 5 is 

Welkom :.i 438 

Wesi Drirfoniejn 

Wesirrn Holdlnss 28 M 

Western Deep - U33 

INDUSTRIALS 

AECT 2.25 

AnsJo-Amer. Industnal^ ~Z‘. itso 

Barlow Rand 3.B0 

C.\A Inresournts i.... *1.50 

Corrte Finance ... to. 53 

Dp Beers Industrial 8.40 

Edttars Cunaold. Inv. ' j.M 

Edgars Stores at at 

E»er Ready SA in 

Federale Voiksbete^Hge' ■ ij® 
Greatermaiw smres t5.W 

Huterti 811 AasaranC8 fSA) 1.70 

l.ta — 

S r 

OK Bazaars ^at 

Premier Milling ~ 

Pretoria Cement am 

Prowa Hakfinss >-1 05. 

-^7* Propcrtiw - 1 M. 

Retco . i'JT 

Sage nominal i.‘i3 

aAKPi ._ i g 

c C. Smith Sng«r“.’'_T“7 7-» 

• . 

sa Brctvurtes ' MS 

JWr^Oala and Nbl Mills. !«■ 

Securities' "Rand blseoiiat 


SPAIN « 

J*0. So 

island .... 

ganco Nr~ 
mdcq Atlantic* (1.080) 

Banco Central - w : 

Baaen Exterior - •; 

Rancn Cenarai Jftfl. . 

toSS, m anada »W>»1 ‘''ll* 

MBCO n Is 03 DO ,, -WtT 

2*53 l . r ? Mll c * 1 - fi.0o» - n5 - 
n.I“- ... 182 

Banco Popular jgfi ' 

Banco Santander (3501 1 S20 

■SE SSS; a- 

gsaarrs 1 * -s- ; 

Bail us AMahiclil^ St 

ti 

S' 

iimtphanif 2Z m ■ 

'^K/ 0l . aa,w, <w wr 

Ihvrdtwro !!! “ 

2 ,,nT » ir! * 

PjP'derait RminiH** • • 

PC-irotiher -ii,. 

^rcio, ‘S ; '’ 

SK p : wten - -r 
•iotci-ti** .....777.777 W - 

hwi 1 v 

R'Mtvnen .77 Wt-r" 

' - . .44 i- 1 

•-*?.-+- 



Mi 



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HL 











7. vi *M 


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Ate* 

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*4) 




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^ V: 












inancial TFimes Tuesday January 24 1978 


4RMING AND RAW MATERIALS 


* ■» - ..-#i — . 


37 

:-W5 


azil soya 
op hit 
r drought 

e Branford 

SAC PAULO, Jan. 23. 
ECENT DROUGHT in Rio 
do Sul, Brazil's leading 
n-p reducing . stale, has 
a 15 per cent, drop in 
ir's crop to 5.1m. tonnes, 
new crop estimate was 
ced at.-ihc.end of last 
>y the atate agricultural 
nent 

drought has also affected 
•p in' Parana, the second 
-inportant soya producing 
r. Hans Henning Gunther, 
: the Parana Rural Assist- 
. ssociation, put the damage 
it 10 per cent, bringing 
P down to 3.4m. tonnes. 
Federal Government Com- 
i for Production' Financing 
:b more cautious in its 
e of the damage. It puts 
t soya crop at between 
and 13 2m. tonnes, which 
200,000 tonnes less than 
ember estimate. 

;veiv officials admit that 
itimate may he revised 
ards when a more detailed 
s has been made. 


in to boost 
iian tea area 

NEW DELHI, Jan. 23: 

'S AREA under tea will be 
wd by 4,000 hectares 
1 per cent.) each' year if 
being considered here is 
. ?d, Mr. T. Si. Broca, chair- 
•f the- Indian Tea Board, 

old a meeting of the Indian 
isolation in Siligurt; West 
I. at the week-end that 
1.600 hectares, would also 
•lamed with now bushes, 
isked planters to raise pro- 
71 h.v 25m. .to 3Qtn. kilos a 
30 that exports could be 
sed. 

an tea output last year was 
ited at 590m. kilos, 
r 


Selling pressure hits 

metal prices again 

BY JOHN EDWARDS, COMMODITIES EDITOR 

BASE METAL prices came under This brought out further . This may have been a reac- 
further heavy selling pressure “ short ” and stop-loss selling tion to the report from Wash- 
on the London Metal Exchange which some dealers believe may ingion that the Federal Prepared- 
yesterday. Standard grade cash now have Forced the market to an ness Agency . was requesting a 
tin closed £105 lower at .£6,175 a artificially low level. supplemental Budget authority 

tonne after having traded £6.105 The trend in copper influenced of. S70-5m.- to acquire additional 
earlier in the day. lead and zinc. . Speculative strategic stockpile materials in 

Coddpt each wirebars were interest > n lead has been badly fiscal year to September 30. 
£7 Ss P down^?l £64L25 a Umne un «*ermined by the recent sharp 1978 land , -5176.6m. for the follow- 
Leiii downward price fal1 and yesterday was a ln 2 fiscal year. 

in continuation of stop-loss sellrne Jt has been assumed that stock- 

* 2- -a : «ockL UP b/S gjttg -—m*—- 

of over £27 last week. CasB iinc j°f- 325 tonnes did not help f aer * ai0 
fell to the lowest point^since m ,f^ Qve sentiment. ■ in S d “SSeC & to.™ 

June, .1973, losing £7.375 to There Is a similar situation hi from the proceeds of selline 
£253.625 a Inane. nnc. where the huge surplus of materials In surplus to require- 

The firmer tone' of sterling con knues t0 . be i* very merits. notably tin and silver, 

against dSSr wi oSl oP"Ssh dlmaliJ" StllZ . !L ,ver prices certainly reacted 
obvious reason for the decline "2“* ?“ TiSES ^ .report, movm? up inafter; 

in prices. But the main influence ««!» no ? D lrad]1 ? g af ter being “fixed" 

appears to he a general disiUu- the realll bte WdihS? nf’ only - raar81 T n ?Jl y h, -? her w lbe 
sionment amone soeculators realty big notdzngs of sur- morning. LME silver stocks 

bringing a shift in market senti- SroduSS* ° ** ™ decl ' ning 

ment to a more gloom v outlook " «■ . by 20,000 to -0.230.000 ounces, 

after the short-lived “ New Year ^in was in *tially depressed by It was later reported from 
SZKoria.’* ' a declin 9 In the Penang market Washington that the Adminlstra- 

• , r : over the week-end. • firmer tion's legislative package to dls- 

TTie copper market was npset sterling and the trend in other pose of surplus materials in the 
yesterday by a much bigger rise metals. As expected, warehouse strategic stockpile will not be 
in warehouse stocks than antid- stocks rose by 45 to 4.400 tonnes, ready for dispatch to Congress 
pated. The stocks increase of Prices rallied from the lower for about six weeks. 

3.975 tonnes, against expectations level following some heavy phy- © Late last night, Kennecott 
of around 800 tonnes, took. Iptal si cal buying interest - reported Copper said it was cutting its 
LME warehouse holdings- to- a to be coming from U.S, steel copper cathode prices from 63 
retort! 645,300 tonnes. -- • • mills. cents to 61J cents a pound. 


RMS SELL 
)RE MILK IN 
ICEMBER 

Our Commodities Staff 
2S OF milk off fahns in 
-ind and Wales totalled 
m. litres in December— 9.7 
cent above the December 
total. 

piid sales were 2.2 per cent, 
r at 556m. litres, but milk for 
i cream went up 6.1 per cent. 
i.?ni. litres and supplies for 


Caribbean sugar plea to Canada 


BY OUR OWN CORRESPONDENT 


GEORGETOWN. Jan. 23. 


THE CARIBBEAN Community group that negotiations with the ter closed a gaping loophole In 
has-' decided to write to the EEC for' a new price for cane the Administraion’s sugar policy 
Canadian Government concern- sugar ip the coming crop year which allowed imported, refined 
ing reports that Ottawa is pre- should be retro-active and that sugar to escape the intended 
paring to cut its .£8 per ."ton any storage casts charged should effect of higher Import fees, 
preference on sugar. The region be “ reasonable.” , reports AP-Dow Jones, 

sells about 50.000 tons of sugar . The region will, also continue Observing that’ “ refined sugar 
to Canada through private its support of the ACP group's has been entering the U.S. at an 
interests and there is some position that the price for cane unprecedented rate." the Presi- 
concern that the preferential sugar imports into the - EEC dent issued a proclamation re- 
tariff may be axed in prepara- should not automatically be quiring higher .duties for lm- 
tion -for Canada's' participation dependent on the price range set ported* refined' sugar, 
in the next round of multilateral by the Community for its own All imported sugar prices will 
trade negotiations in Geneva. . beet growers, and that the be subject to fixed fees of 2.7 
Meanwhile the Community refiners should not be involved cents a pound for raw sugar and 
(known as Caricom) has decided in price negotiations as hap- 3.22 cents a pound for refined 
to support an overall strategy pened in. 1977. sugar, up to 50 per cent, of the 

by the African-CaribbeanPacific In Washington President Car- value' of the imporied sugar. The 
: new fees went into effect from 

Guernsey tomatoes do well In addition, the President 

* directed the U.S. International 

BY OUR OWN CORRESPONDENT . Trade Commission to expand its 

GUERNSEY* TOMATO in- Tomato experts fetched about S’tettnS” if £SE£tS3£ 
dustry did better than expected £22m., an increase of more than products are bein' 1 , or .will be 
in 19i 1 in spite of tfie worst £3m. on 1976. and payments to imported in ways and amounts 
summer conditions For many growers were up £2.4m_ higher, that will interfere with the Agri- 
years. Holland remains Guernsey's culture Department’s sugar 

The island's Tomato Market- biggest competitor In the UJC price-support operations, 
ing Board said that exception- market daring the main export- He threatened tough action if 
ally heavy September pickings ing season, says the Board. But bi s rerised programme did not 
had helped to raise the- total last year’s shipments from Eire work. “1 will not hesitate to take 
of fruit exported to to the north of England were even more strineent actions,” he 


qnantity of 
six-kilo 


Cocoa price 

decline 

continues 

By Richard Mooney 

THE DECLINE In cocoa 
prices continued on . the 
London- /mures market yester- 
day with the May position 
closing -£18 lower at at a 16- 
monlb low of £1,500 a tonne. 

May cocoa has now fallen 
by £116 in less than two weeks. 

Dealers said there were no 
new fundamental develop- 
ments to explain the TalL They 
saw it as an extension of the 
firmly entrenched downtrend. ' 

Rumours that Nigeria had 
been selling cocoa poshed 
prices lower early in tbe day, 
but prices did uot respond 
when these were later dis- 
proved. 

Chart patterns remain very 
“bearish” and this has' led 
to fresh short-selling which 
has In torn touched off many 
“stop loss” orders. 

'Yesterday’s decline may also 
have been encouraged by news 
that Japanese third-quarter 
1977 grindings fell 22.8 .per 
cent to 6,724 tonnes. Total 
Japanese grindings for tbe 
first nine months of 1977 were 
16.6 per cent, below tbe total 
for the corresponding period 
of 1976. " * * 

in Accra, meanwhile, the 
Ghana Cocoa Marketing Board 
announced ; that cumulative 
main-crop cocoa purchases 
had reached 151,133 tonnes. 

This would appear bnllLsb 
compared with the 279,675 
tonnes' purchased at the' same 
stage last year, but this 
season's crop Is known to be 
very late 

Platinum prices 
move higher 

By Our Commodities Editor 

PLATINUM PRICES surged 
further ahead on the London 
“free” market yesterday. The 
dollar price jumped by $7.75 to 
§209 an ounce and the sterling 
equivalent by £3.45 to £107.60 — 
the highest levels for four years. 

Dealers attributed the increase 
to continued Japanese buying, 
heavy speculative interest stimu- 
lated by further pressure on tbe 
dollar, and no sign of the Soviet 
Union resuming sales. 

Further speculative buying 
enthusiasm was prompted by the 
news in Washington that the 
Federal Preparedness Agency is 
seeking a supplemental- badger 
to acquire strategic stockpile 
materials. One of the materials 


GRAIN SUPPORT BUYING 


Traders learning 




LEADING BRITISH srain 
traders have been angered and 
disheartened by what they 
regard as unreasonably inflexible 
controls over- tbe qnality of 
grain being bought off the 
market by the Intervention 
Board. 

Out of an estimated 15.000 
tonnes of barley offered at the 
intervention centres so far this 
year, only about 1.000 tonnes 
have been admitted. 

One London-based company 
complained that out of four 
shipments it bad offered for sale 
into intervention last week, only 
one had been accepted. The 
others bad been turned away 
because the moisture content 
was too high. 

In one case, the moisture 
content was only 02 per cent, 
above the maximum laid down 
in the rules governing support 
buying, the company’s director 
comDlained. 

That was equal to only 2 kilos 
of water in a tonne of grain. 

A lorryload can soak up that 
amount from tbe air on the way 
to "the intervention store on a 
muggy day,” be complained. 

He estimated that about 15,000 
tonnes of home-grown barley had 
beep offered to intervention since 
tbe turn of the year when the 
EEC’s official stores were opened 
in Britain for the first time. 

Tbe complaints tend to con- 
firm what was suspected before 
official buying began. Although 
the Government has prepared 
and rented some 250,000 tonnes’ 
worth of grain storage space, it 
is applying rigid controls to 
ensure that intervention is used 
only as a “ last resort ” outlet. 

It has no intention of permit- 
ting the support buying meeba- 


BY CHRISTOPHER PARKES 

nisms to be used as an easy 
option for either the grain trade 
or for farmers with heavy ton- 
nages to sell. 

Similar complaints have come 
in the past from U.K. dairy 
traders who have failed 
repeatedly to off-load heavy 
tonnages of butter into public 
store. At one point last year the 
Intervention Board was consider- 
ing buying about 20.000 tonnes 
of British butter. All hut 1.000 
or 2.000 tonnes was eventually 
turned away because of what 
merchants said were “ niggling " 
complaints about minor flaws in 
the packing or presentation of 
the. butter. 

As a consequence of the delays 
— the Intervention Board can 
sometimes .take months to decide 
whether to buy in butler— the 
traders had to sell tbeir ageing 
stocks on the open market at a 
considerable discount. 


Penalty 


Grain traders suffer a similar 
penalty. Since it costs them any- 
thing from £3 to £5 to send a 
tonne of grain to intervention, 
this and the return “ fare ’’ is all 
too often these days proving to 
be a waste of money. 

In its report on the quality of 
the 1977 wheat and barley 
harvests*, the Hume-Grown 
Cereals Authority says that in 
spite of the exceptionally wet 
weather last year, protein content 
of tbe wheat crop was around or 
even a little above normal; 

The average for Great Britain * Cereal Quality Survey 1977: 75p 
was 12 per cent. Best performers post free from tiie HGC.l, 
were tbe Flinor and Mega Hamlj/n House. Highgate Hill, 
varieties, which bad a protein London NJ9 5PR. 


content' of 13.3 and 13.1 per cent 
respectively. 

However, the bulk of tbe home- 
grown crop fell far short of the 
bakers' breadmaking standards. 
On a special ” bakeability ” scale 
known as tbe Hagberg Falling 
Number, only wbeat from tbe 
northern region of Britain 
matched or exceeded the 
minimum acceptable level of ISO. 

The average for the whole 
country od this scale was only 127 
compared with 360 in the excep- 
tional 1976 season. 

The condition of the. barley 
crop also helps demonstrate the 
difficulties would-be intervention 
sellers are suffering. Some 16 per 
cent, of tbe national barley crop 
Is reported as having a “small 
grains " content exceeding the 12 
per cent maximum allowed for 
intervention purchases. And 13 
per cent, of samples had a 
specific weight lower than tbe 
minimum stipulated for interven- 
tion purchase. 

Disgruntled as they may feel, 
there is remarkably tittle sym- 
pathy among the grain trade 
associations, in the Ministry of 
Agriculture or at the Interven- 
tion - Board for traders dis- 
appointed by lbeir failure to sell 
to tbe official support buying 
body. 

v It ought to be abundantly 
plain by now that no one is going 
to ggj away with anything in 
intervention.” one official said. 
“ If 1 were seriously to attempt 
a sale into intervention 1 would 
match all the standards immacu- 
lately. allow a margin for safety 
and a little more for luck.” 


trays— more than “uncomfortably high." while said, adding: “The dumping of I deemed required under present 

“ gg!^ 


jfactunng rose 27.6 per cent in either of the two previous Romanian tomatoes are seen as imported sugar on our domestic stockpile objectives is 
38.1m. litres. years. a “ very real " .potential threat, market won't he tolerated." . . j ounces of platinum. 


India clamps down on jute hoarding 


BY K. K. SHARMA 

FACED WITH a critical shortage 
of raw jute, which many mills 
complain may force them to 
dose, the Indian Government 
has launched a package of 
measures designed to combat 
boarding. 

Mr. George Fernandes, Mini- 
ster of Industry, believes that 
some of tbe mills, and traders, 
are responsible for the shortages 
because they have “ cornered ” 
supplies for speculative pur- 
poses. 

Mr. Fernandes to-day ordered 
that all traders do raw jute must 


licence themselves to continue in 
business. They must reveal the 
quantity of their stocks to the 
Jute Commissioner within two 
weeks. Traders will be punished 
severely if found to be involved 
in malpractices. 

The Jute Commissioner has 
been asked to issue a notification, 
requiring all stockists to disclose 
within - two weeks the quantity 
of raw jute held by them. The 
maximum stock holding per- 
mitted to mills has been reduced 
from eight weeks' consumption 
to six weeks’. They .wiR.-be 


NEW DELHI, Jan. 23. 

required to submit weekly 
returns about both tbeir stocks 
and purchases. 

Simultaneously, the Jute Com- 
missioner will conduct anti- 
hoarding operations against in- 
dividual mills suspected of mal- 
practices. This is to he done in 
co-operation with the West 
Bengal Government and trade 
unions. 

Mr. Fernandes said that these 
were short-term measures to 
prevent the closure of jute mills. 
He would follow them up with a 
long-term policy.-.- . 


MHMODITY MARKET REPORTS AND PRICES 

VSE METALS 


dose on thr Krrt> at £633 after a £6.1(0, 85. £6.186. UM3. Afternoon 
moderately active day. Turnover: Standard, three months £6.180. 18. 28. 40. 
PFB t r-ix. I «»“« *• =»• U. SS. U. 50. 45. 15 Kerb: Sun- 

per— L ower mi i tin Londmi MPtaj Amalgamated Metal Trading reported dard. three m ont hs £6.140, 45. 40. 
u *“ Uw morning cash.trUehar* traded - - t 


\ 


PRICE CHANGES 


?!?#« MEAT/VEGETABLES 

SMITH FI ELD fpence per pound)— Beef: 


IWf 


TlX 


an d "* *«*• «-* months £831 3. 33. 

*m£shi 1&T1T11 51 53 cathodes, cash J»L St 5. 

I Tht'fiMrtlifMiiari Kiert: *hrrc months 1634. 53. £ 

W?" ■£*!!,£!"? Hi S4. Afternoon: Wirebars. three Hra ££o,T' 


».nv. |+ or: |vni. 

Offlcinl I — { Uudlci&l 


' n . months £853. 3A 54. 55 j. S3. 52. 51.5. . nMllh . I anon tflni iSSStnS-SS 

< ?- a _ li y_- f, ’ r th ‘_ ,1 .* y "f.ffj- 53. S3 5. 54. 54-5. Kerb: Wirebars. three •» mwiihvl eMO-TOP- 166 6145^3 


Ihv i 
n’t. 

l«l 

■ 


6105 -175' 


_ TtM— 4.«*t grottad with forward metal Cub '6095-105^170 617040 

coming oB rapidly from £8.220 loKIN) iik>nih»..l 8080-5 1.167 .6 6135- 
after a lower Eastern drive. The higher SenlemT.) .6X05 1-175! — 


COFFEE 

On a feamrclcss day. RoboSa values njlL Oats— 6S58. ml. nil. Oil 'B.5S. nil. — 

meandered in a narrow- range around "H. s sili % Hsta i other Uutn hsCrw for ScouL-dt killed sides 48.0 to 48.S; Ulster 

£1.500 'basis March'. Dread Burnham snedloa)— 78.fiS. nil. nil, nil <78.88, nil. hind ana tiers 57.0 to Sfi.O. forequarters 93.0 

_ reported. Interest was poor and local nil. nil'. Buckwheat— Alt oil 'all nllt. 10 38.0: Eire hindquarters 58.0 to 56.0, 

__ jobber activity dominated for most of MUtafc— 73.78, LOT. 407 r 4.07 ( 73.79. 2.72. forequarters 34.0 to 35.0. 

i; the session. At. the close the market 2.72). Crain swafaum— TB^U. nfl. v«i: notch hinds a 


Prices per tonne unless otherwise 


tS, <6095.105 I- 170'6 170-80 Lws was unchanged to £10 tower from Friday, nil. dl <79.81. nil, nfL afll. 


96.0. 


Dutch hinds and ends 03.0 to 


r~10fl 


-10S 


as; 

Vlii lai 

r-i 

I'.m. 

Unuffinai 

Jt-H»» 

i 

1! 

! * 

K . 


.Iri 


1 



. ' f 40-.5- 

1 -7.5; 

641 .6 

-7.25 


655-. 5 

-7.25. 

6S4-.5 

1-7 

n "i 

641 

7.5. 

— . 

..... 



1 , 




651-5 

-6 - 

631.5.1 

-6.75 

N. 1 

645.5-4-6 . 

644-0 

-6 

nr 

631.5 

-6 

— 

1 




60-62.5 








. .. IOYU r-ibi: — 

chartist and stoploss seUng emerged. The Sew 1'orkJ — I ) — 

market feu to 13. DSC before it was checked — ““ ■ * 

'-7.25 hr physical demand from the VS and 


COFFEE 

Cote' j + or 

HiMnesi 

Dnue 

L’ \rt toque 

Januarr— ... 
March 

1985 159 J +9.5 1999 ^0 
1791 1794.-10 0 1818 i7:t 



Jan. 23 
1972 

+ or 

IfnnLb 

. *8^ 

Metals 

Aluminium 

£680 


V680 


L r" Max 1682 16B5 -iO 1714 ItEI 

LEAD— Oma to the wake of other ~l° 1652 ,651 


Flour lerjes— Wheat or mixed wheat and < »™tr- English small 50.0 to 58.0. 

rye flour— 133.70 033.70). Rye Hour— 115.46 medium 47.0 to 56.0. heavy 30. D to 46.0: Free Market Jc(a> 5900-110: .1:96041 

(115.481. Scottish medium 44.8 to 56.0, heavy 38.0 CopperraahW. Ban £041.251— 7.2511:681.75 

to 48.0. Imported frozen: NZ PH C.0 3 month* do. do. £654.25 —7.0 ;C6a7.2b 

to 43 0. YLs-44.0 to 48.0. Canh (.‘at bode. £651.7a|— ,L‘670.5 

Park: English, under 100 lbs 32.0 to 5 months do. do £644.251 |L6t6 

' RUBBER ' lbS M 0 “ 41 °' l=0 ‘ 160 lh - Q r, ld ....... ..Troy or. -S 175 62514 2.5 :S155.875 


SLIGHTLY STEADIER opening on tbe 


33.0 to 3S.0. 
Ha 


Lead C»«b 11 


. 1 040.5- 1 —1.5; 6U1..B -7.25 or musical demand from uw aoa lead— gowa ta toe wake of outer base^ London Dhr&icai marttat. Weak on tef- eacn - . .. 

655-5 -7.» 654 .5 -7 Europe. Covering against heavy buying neUb. Fonwud metal was steady at COT XStSS~ l-lo 168J -1L5 1 thr^S toe dj. draw ^ rtrW g0 * : IS So; 

641 ;-7.5. -. --- mlfls lifted the price to on the early pre-market bw heavy Com- ££££ f fexo-JSSs -MO- - bS stesd^. hr T^ as “ ts: Btm 3OC - 0 10 ^ 

*». c 1 t Kerb of £6.145. msston House selMogtonched off stop-Jus 1-03 ^ that Malaysian godown price was -00 br 2SL T „ 


520.75 ' — II.5)C367.5 
S25.75|-11.B r E572.75 


oSermss which took the Price down to tbo • — 

. . , _ Udnung: Standard, three months ZB.I3S. day's low or £325 on tbe morning kerb. Sales: 1.411 (2.629/ las at 5 tonnes. 

— I .— 30. 20. 15. 19. £8.100. £6.090. SO, S5. S*. High lo the afternoon the price flnetaaied be- ICO Indicator prices for Jaa. 20: mk 

1-6Z.5 I Grade, cash £6.110. £6.100. 05. Kerb: tween 1 X5 .5 and 056 before ending at asned because of tbe closure oa Friday of 

Standard, cash £6.109. three months £6 883. the former oa the late kerb. Turnover toe New York market became of a snow 

11,350 tonoea. : . ■ storm. 

LONDOH ARABICA5— MargmaQy easier 
ta hesitant ccndtoous. Drezel Burnham 
reported. At a uaet close, values were 
M-S2 tower. 

Prices 


f!99> cenU a kiln (buyer, Feb.). 


Idea Limited 01-351 3460. May cocoa 1,49B-1^05. 
nont iioatL London SW10 OHS. 


World Commodify 
Report 





If your business interests demand 
‘gular information on any of the 
orld’s commodities, jiist clip your 
as i ness card to this advertisement and 
:turn it to the address below: we will 
•nd you a sample copy. ■ . 


end to: 

jbscriptions Dept (WCR)j 
inancial Times Ltd., Bracken House, 

> Cannon Street, London EC4P 4BY. 

V 


>ND DRAWINGS 


AIDCMPTION - - 

ism tchuilAftr. is?o 

SLOUGH ESTATES LUXEMBOURG SJL 

S1 3,000.000 aw PU XtNT IS VUR taUARANTIlO LOAN 1171118 
OS AWING OF BONDS 

<OTIUt IS HMUBY GIVEN Hut • mwhn at bonds at tn« Mon loan 
aia>c OA I St I -nuarv 197a aiNnOM ft* M'. E train Brut* Walker. Netarr 
et II p-m Dr Pinna scorn, A John Vrna. nlwn 94 oonos lor a 
priTvjfot in' r- n U SIM 000 were orewn tor redei»Mi«ii oo i Stn 
tits •> ti-elr onn<..pu aroount. Toe Ulinct or tne rcoemmon 
~n* am arm nnrehaard -« .nr narktt 

■uU.it at thr kanit m a il ? 

1018 
aosa 
12(2 
asoo 
5785 
7821 
8198 
91 SB 

SKI 10145 10X22 1 

11175 11421 11678 11748 11877 

Alntru &DWIN 8. WAU1R. Nourv Fobhc. 

J>« jr «'t«r ls.lt r« .tusry 10?® M« gMHI# fcOtdf "MV be BWONIWB tor 
on at their pr n smeost M the soeclBrO slum or Uie navne 
» wn-sltii as m Ihe Itmj and CnWilMi- wlntd on the 

r w »h Iron-. C»h ot the afc*e bonds when presantM for rodoraptlu 
be «,flir H Md m ajl. t • c pon o n m Biilanrs VAltWHii to tbe vMcoiMiqb 
W lute ipupon, ,rt not attached tbe woui » t*»e mBs^ng onmatiwea 
T wa be deducted (rum the sum doe tot ObvimhT. Tbs coonon* sue 
s ’h FrtTltn 1970 1'Hda Be mimed lor aanneot m tbe normal 

"SLOUGH ESTATES LUXEMBOURG S.A. 

FrlnrioM psvtno agaat: . 

. .KlUOirUAMK SJB, LUXSMBOURIXOISE. 

'CMA9TIRHOUU , 

CONTtHCNTAt SANK IN 
Leooep, 24th J.<ww. 4 978. 


1 M 

(ciftmi 


rit nwnbtn ot 

Uic bone* prawn; 


1 

lay 


, ; ■ 






■ 

isie 


ET-rJ 



17S* 

ID) 



iar 

MU 

B ' rr 1 


RTSS 

a«M 

51 SI 


t 

SSI 0 





4104 

43U 


ft 

use 

uu - 

9100 

sin. 


S4BI 

9499 

5599 


S97S 

6110 

6383 

UH 

UK 

5751 

•946 

l 

rase 

7403 

71U 

Tsrt 

rm 

7*44 

■099 

ciei 


Ml 


ITfil 




5931 


! 

92W 


Mia 


■719 

9KS 

IOI 49 



JA7MET U *LTM['ffo* B ^!oNBON 
(TEKNATtONAL. NEW VORK. 


LE.UJ j 

aim. 

Official 

+ 01 

1 p.'m. 1+ nr 

Unofflctai t . 

Lto*h._ .... 
S manttu_ 
aett’im'ni 
.V V.j'pol . 

* -1 £• 
530.5-1.5-14; 
326J&.»-22i; 
*31.5 J— 13 

i: 1 £ 

380.6.1 -113 
i25.S 6 ,-11 

•3^33 ! 


’ 1 

Nn. 1 'Yesterday'sl Frvrioam 

Bmlnesa 

R.3.S. j .clow j ckne . 

ilnoe 

Feb. — ! O 10 (fisJ 46J0.40JU1 
March 4e.204B5^ 47JKM7JS 

! 4BJ0-4S.n 

1 45.WW5.70 


English, large 170.0 U> 190.0 4 month j 

y ’ rw ^rtrt"(^:::isiBa-2.oi:::::::[ { i.7r2.o 

Platinum tnjy oz..r£96 | io8.5 

MEAT COMMISSION— Average falstock free Market. 107.6 I 

prices ai reprasentatlve markers on Quicksilver fleibj.iS 130^5 

Jan. 23. GB Caule 6L0Bp per kg. l.w. Silver Troy oa ;254.7p 

f 1.3217 U.K. Sheep 128 -2p per kg. est. i months. !258 8 


+3.45,134.75 

»125 M 

+0.4 :250.4[ 
+0.6 ‘253.9! 


tLC-w. t+1.8»: GB Pigs 3B.4P per kg. l.w. Tin Cash iH6.17b 1—105 :f6. 662.5 

f+Ui. England- and Wales— Cattle 4 months '£6,157^-700 !t6.M7.5 

numbers down 45 per cent., average price TTolfram22£lb.4clfS1B0- 170 ! SI69-7s 


3SJ0; 


+»c /.n md-r bnvnr c-tVr Jl.T ^CP- 48 9 j 49 08 49JW9J0 58.50 46 BO 1U “ , . a7p y w 

SSS? i| J s 5 SUSS S3 fflff'i'JS? SSUX STuTSK ?“*„ , __ 

£ =3% i"4n .; ili IS SSS« s a«” "ZTllSJr 'SSS& .. SSS£S2P= 

SUUSMUM4SM „ JL rtCe fnd,nJ Unseed Crodhto,- 


.. — r~ — ?— r O*** 1S6^&1S630. — U7. -c cular on =7 «ul 7 represemauve maracis wees eooiug 5-7"-- ""iXSSi 

Mornltw: Three months £358. 29 5. M3.50.lfS. 40; Dec. IB 00-17X08. -2.03. -6.60-66. BO 57JM7.56, — jaunary 21. GB catUe 59.77p per P^'m Malayan iS50S«r 

I59J10-1O.M. -4£8. im- : — • kg.l.w. (+0.481: UJt. sheep 12«.9p per | 

2£2? ^L.*LL s* 4, SaJre; 47 (5Sj JCO ot 17.250 Sales: 533 <2701 lots of IS tonnes and ks.esi.d.c.w. (+1J»: GB pigs 3S.6p per 

noon: Three -months £3255. 28, 25.75, 25 3. Mini. ----- 

26. Kerb: Sure months £3*6, 27, 28-5, tt. 

ZING— FeO havdly ranectina the general 
weakness in other tneuls. Forward metal 
feD from £266 to C81 on tac we- market 
and weakened afresh to the rings to touch 

toe roomlng kerb following ttoivy — — - — ■ -"jr* ■— —■ — hciw a.up itm>i; avw w umn «.« □ • r , „ , _ i~— _ 

----- - oti^ajj ^ pent.. aTcrage I25.6p i-l_8»: Pig* Home Future. ...JrTS.l 

« avro.SMD (HMK lrt»« 


5545' 

L'619 

S257 


1£ Into of 5 tonnes. 


fcgj.w. (+13>. England and Waif 


Seeds 


GRAINS 


Physical dn-lmt prlcei -f buyers) wer« Canie numbers down IL3 per cent., 

tot 45 Jp (48^5>: Feb. 46.7Sp (47.9 1; average price 59.9p <+0.421: Sheep down soyalwnn lU^>.)._jf25Sr 


Spot 

Marcb 47p (same). 


GRAIN FUTURES (GAFTAl — Market 

general Hquidation and stop-loss seUhnL «*oened belweea 25 and 40 higher and 
A modest recovery occurred in the after* ftmni tmwandisg corarcemaJ baying from 


4.0 per cent., average 129.3p 1 +L91; 

Pigs down S.4 per cent., average 5S.5p o_:_. » 

.2i. Scotland— Cattle up 1.8 per cent.. 
rage 59.12p < +0g7»: Sheep. down_8.0 


l+l 
average 


1-7.5 !S557.5 

£597 

; 5255 

5505 


5385 

—.,8343.15 


+ 1.45, £70-25 
tS4 


.. .mm. iwuiuiwa ~ wu — — up in per ceni.. average JO.BU 1 — M - I . 

non wlto tbe Price Snails £259.5 oa the wo stopper sources. Despite heaw LMID g H daily price r«r emmp COVEKT GARDEN (prices in sterling Am L9B 

tote kerb. Tbroovw: 7^50 loaocA pragMahing w Prtees ctosed »45 potou pot package unless siaiedt-lmported w ^« c . B . _. j 

r-~- r-;- — — togher on tbe oto otxp. Ad: reponed fhlamtS IWtr : produce: Oranscs-Spanla: Navelinas 2.38- | 

~, vp JJg- , + „ frg- ,f+- » Sew crop has been qtr«. bo was Srra w ZSO. Navels 3.9-3J0: Jaffa: 3.3M.95: A»2-BarJWuiter, : L j : 

Z1SC J OfBrial |— j LnotBcialj — yestertay. with .wheat ctosmg 4M3 higher _ u __ rB Cyprus: Ovals approx. 16 kilos 54780s _ tm-iph Million ^CB3.6» .... £91. 

i „ Hr-f ; „ ■ wtnle barley dosed S9 togber. Kucb of mitlanr tradBd ab oin 50 XB0-3JM. Lai— ns lullao: 100-120 3 JO- Cocon Shipment,...!!: 1.829.5; -53.5i — 


£90.5 


25 


_ t • - R4MKT lAKJTl UUXU 57 a^tiCT. AaULU VI . _ , - - _ _ 

. . . , £ I ^ \ £ ! bo suvrmh to oM am oarfer was chip P^rats hefciw pre- vee^enfl lerels. hut Cvpnt s: 3.WM.OO: Scran] a: 3.60. 

L«ab~.w..., TO.5-J | — B. 5^33.5-. 75-7.57 jo ApriMune fob tradmg at KL25. toilers w ere enc om-a eetfby rumours that Grwpef nth— Cyprus: 15 kflos 2.40-2.00. 20 

5huwUhJ 367.5-8 258 J-.76— 3 : — Iran had purchased IjOMB toss and gains 2 £0-3 50' Jaffa: 20 kilos 2.80-3.50. 

^meut-.j 855 i-^8A{ — WHEAT BARLEY « **»« 100 &S»nlr A^k. ^lb 450. o52 Orion into: 

Pnu.W«M; — i _._.r 30J-31 I r—~i — m j -. _i _ Crarrlkoiv rep wied.^ Late 11 . however, Unos—jaoroccaD: 3.00-3-60. Samunas— Juie U AJJJ 


Morning: Cash £2S!5. ihrce months 


months £2SR. 5tS. 5B." 57 JL Afternoon: 

thrw months . £336. 515. 58.73. 58, 58.73. w 
Kerb: three mouths £539. 59A 59.25. 58.5. 


Cents per 

■mnSW.I nlM. 


pound, .t On p r e vio us 
tSM per pfcnL 


M'sth 

•Yeoarday't] + or Tenerffay V + or 

j vlOW j — ' riOI« ' — 

Mm. 

84.35 

O.CS 73.70 

.+0.E5 

May 

1 6 25 

'-OJ5 96.00 

+ O.MJ 

SfpL j 

83 15 

+9fS *860 

T-OJ0 

hov. i 

! *5.30 

,+u.40 aura 

+ UJ0 


sus^r ' J 

Prei. rCTterday 1 !! Pr rvkm . 

busmen 

Comm. . Close Ckwa 

Done 

Conn. [ 


£ per tonna 


Future May _|EIJOO 1-lB.O tl 1,622.5 

Coffee Future^...' . : 

Man-h _...|£1.7813i— 1 O.Ci£1.707.£ 

35.05*« 1+0.3 60.3 

»447 ‘ *437 

45.5u 1— 0.7E47|. 

5363-701 >860.78 

£112 1—1.0: £105 
367p | 1 871i. 


ass xarifcr 

to dose at aroond the points of the 4>HM M; 20- lb 73/110 Granny Smith 3.60- sugar (Haw;.. 


SILVER 


IMPORTED— Wheat: CWRS No. 1. 131 
per cwr_. Jan. ms. Feb. and March 

04 Tilbury. t'A Dar* N ar taera Spring Marcb^ l20.B>-18 fl.;(28JMM6 110.60- 19. M c , fr , r . n . 

No- 2. 14 per cent-. Jaa.. Feb. and March Sa* !ub I»-ao.7jl25.»33 ittS M £ *■ - Wl M bper pouad 

£91.73 sramisnmear u c . J™ j .. . .. - - i- n kti « ir* . , 02M.M. Grapes— Spanish. AlmcrJa 2.00- 

“ - ms Aug.... ! I- 0 70 .8 B-, 2BAB48^fU8.8^- 7.75 3JM: Californian: Red Emoeror uer DOaud 


C13. Coklen Delicious 2.00-3.40. Red Wnoiloi* «4t. kiln 
Delicious 2.60-3.00, Start: Crimson 2.80450. 532 

S3SU "SSufF U°S; g!SS «STat. , . u -sr.£SS1i3“ 

Delicious 0.12: UX.: Red Delicious 9.00- Hnn, mFeO 

9^0: Eastern Slates: 8.00-8.40: Hungarian; rSSh -Mar • MwHLtoS 8, . 

Red Delicious 7.00. Pears — Italian: Per «, MirdL v r 

pound Passacrassane 0.09-0.12. Plants- .» nan. taaren. a May. xT er 


Wbftcs/Reds T.20-I.60. Lettuce— Per 12. 
Indoor 1.00-1-30. Cabbage— Par 4-bag 


for , 

mirfrrt 

rouivjtm of rbe’flhosg'jprci aw Mar^ n OO Mrtama gi East ./*•<#.«! 

Wt 493.7c. up | Sc: thrwMnoma 502.3r. *• AWean grades arauned. — c^,^. - 1CTr li m ' wT 5 Vs=g- 

ra+noutb STiJie. up IJc: and Bariar. Sortfsum. Oats: (mcooied. " J. . . ___ *_ Primo 0.70. Beetroots Per 28 - Cj 0.70- 

. '****« LAME— Martel sready, VJb w Sttoll?basis to Wtai^»^7w«mr« °- M - Carrots-Per bag 28-lb 0.5«.70 l 
* f Hl cU ** C 5mi S for m ad Oatons-Per 56-lb 1.00-1.48. Colery- 

M 2564-23710 l«fi-e«rv Sooanal ra*n«-Min,« Isa- «a v-b. ® a0C Naked I0S U». Swede»-Per bag. Devon 

.or amt. 0.454.30. Apples- Per pound. Derby 0.10. 



Vomna! rates— MSIbcg tan. 93-33. Feb. 
84J3. Mar. SR ApriFMay-Juce 


SILVER ] Bo'Uw +>»; 2~M.IL -f- or Apri^Mav-Jase 


- • — . . . . B - . - „ u.m-u.)o. M wa rei puium. w tuy nw, 

dd. London. DXQ Feb. «US. Mar. 8L73. 1 1 f Cox's 0.16-0 23. Brantleys 0.11-0.18. Pears 


muuth>_j 

intent hi. 


fning i — 
Moving I 


else . — 


~r c - Avr ~- F?Sa^ d« to^^j cl “ s,,rB °° 0.12-0.14. Sprouts— Per pound Q.D7-0.08. 


Barley 

Ma^-Jene T5J5 dd. E. AngR, 

HCCA— Es-tans spa prises Jaa. 23. 
mflDns wlwac E. Suffolk iso 50. 


i pot 8S4.7p ;+0.4 256.B5|, ; + t6 WOOF PTlTIIfiFQ 

Sf-?*’ i*2f 860^5*7 ,+2.7 hurley: EL SaBoat 0)^0. X.E. SreUand »» UUL r lUKtA 


»3. tj* i+0 6. — • I7J-9. 


(Pence per kilo). 


..... _ U.K. aioscary c&efflcfeta for week reponed. 

LME —Turnover 129 169) lota of 18.000 tnn Jan. 50 is ccvded to be un- 

minces. Mnrabu: . Three mooihs 2SS. 9.1. changed. .lusuuiian leueniav 

92. Kerbs: Three mouths 238-3. 12. EX-Tarm spu prices for week eedmg CnnKw LTom 

.Aftefttonn: Three moallu 260. 80. S. CiU. January IB. Other otUGog wheat: S- East ‘ 

60.& B9g. 68g. : Kerbs: Three months 281. 91(3. Eastern SDJTJ. HL UuUands Sst 50. > 

C9J. 80A «U - K. East E9.79. Scsttasd 8SJ0. UK. M 43. lUreb 281.0-40.0 

_ . - CKa«e: -4-153. Tannage: 2.6*9.. Peed Stay ..... 25UT3S.0 

COCOA- **esto S. East 74 ». S. K~sz. T3JB). July 281.0 22-0 


Eastern 74.80. S. lltfedt 7L4B. W. Uctaber 225JJ-3B.D 

VghtH remalnrd weak and traded at Uhuaafg 74 oc. X. Eac 7E.E3. X. West U**mbw... 22i.O-S0.O | ™.„p — 

teasuBM Ibw«. wUhotRy mtabnai off take A28- Sewtaf Via UK. 7451. SS^-ch 225.M0J1 1 

by industry, GIB and Dnffiis reporti-d. Change: +319. Toutaae: Ufj. Feed «jv 287JJ-42.0 

, ... — bartcy: S. East C9ZZ. a 5fK rabo. July 287.0+2. D 

'ihimliv v t or . BiniiNM Fij-ki 0.40. E. UdbEft £393 IT — — . ■ 

COCOA ] Cluae { — ; litdtr M utoit C953. X. Eacr T3.QX x. Vest Saifs: 5 (nih tots of 1.508 kilos. 

a ~*- 71J11. L'JET. C9 73. Oom te: SYOKET CREASY tin order, buyer, Oirf)er”Z! ; h 5 Si 6 O'-a+ff MMQ4UB 

Tmmagf-: _iB43. Matting barley: seUcr. business, salrsi Mleron contract: Uo-emter UBS -I B 2 — 2.' 0.1L4 01 B5.00 

37AKK Q llaw' n ■ abitwal 9 ra 1 




N— ne t s 
LVot 


Parsolps— Per 28- 1 b 1.00-159. Turnips — 
Per 28-lb U90-1.00. Rhubarb— Per pound 
B.1S. 

SOYABEAN MEAL 

U.5. Asrtculrure Department report 
Increase rn allocated acreage for soya- 
bean plantings for this year’s crop 
depressed the market. Prices dropped 
£2.46 (rum Friday's rinse, but late re- 
covery Idled tbem off tbe "lows’’ and cut 
dosing losses to o. SNW Commodities 
reported. 


232.0 


ZMeni'yvi + or [ Uunon 
Close , — | Done 


ifipertonne 

07.03-1 9.,+Ojq'l 

April.-.' "Is4 41+4.6’— 0.85 IC4 6UB..00 

June 1(4 5M 4.9 —0.70 105.50-03.00 

A input :ll 6 2 5 B— 1 2 hK S 1->4 2 1 

#L . •*. m h4 m «' fl . E 4flB AN AN ha 


FINANCIAL TIMES 


Jan. 23 

Jan. 60 

Month ago; Hear ag>j 

230.04 

230.25 1 

237^0 | 261.70 


L 1932=100) 

REUTER’S 


Jan. 23 

Jau. iD.Hontn ag.y Yew- ago 

141-3.2 

1410.4 j 1416.1 I 1612.7 

(Bane: sepremoer 18. I931=1D0| 


DOW JONES 

Dow 

Jones 

Jan. 1 Jan. . Month] lear 

23 ! 20 j | 


Sp« .... 
Future 


346 6B.545.47i345.27.3B2.70 
336. U6 1534.3 8830. 02j3 76.57 


(Average 1924-25-28= loot 

MOODY’S 


Moody** 


Jan. 

23 


Jan. jMonui leer 

20 ago j a 2 0 


Sple Uomnitf fB97 J!BB5.7Ba4-3 8M. 1 


(December si. tsn=ioo> 


Nu.a Cnlr'i, 

KSfS;'. "H-S SHSi £: wpa n ^°- EJC '™ na-'x East March ras. sjt.s. 337 ^ 330 2 . gi : stay" Ertl™u^"'"ii4o/i7fl l — Sw 1 ’”"— 

« 7»J0. Scotland rt.lW CJL »7D. Chancr: 361.M61.7. Ml *-Ml.fl. *4. W ™2***^i f ■ ~ 

InlV — U.D <Mtt-D-J«78 4». Tnaagr: 2.794. Hlgbrst srfrp paid 3K8. 340.5. 2; Ort. 350.5, 3563. 35D3- 

-IW2*K.O >W.75,WI-BSaj . tar mniVct ha ties was £30 is Dariisglon. SMJ. 5; Dvc. 358^. SXS. 3S6J-356i l; 

" !<55JI-4fl.0 ESC DAILY IMPORT t cut rr y yr Uarcb 5W.O-3*! ?. 2; May /'AT'T’fVU 

Atar-h 1424.9-BJJ j~1AO MS7.0 2M j_S. C .5 SLSeST-wB^? *« «SJ. S62S. ton raffed: July agifc S68.6. tUI 1 UJN 

' *:*• - ■r.^ 50 ' 1 ” 0 0 in .-? . are as fatten in unjts of iccarai a ranw. ™*™*cd- TWal sales : . 105 kw. COTTON. Uvcnwol— Spot and shipment 

Sales: 5.085 (ASfli too to 18 innpea • In order rinrrcv ievr .Sat Fen. March BRADFORD— Marker was steady, with sales amounted to 995 tonnes. Extensive 


LONDOH PALM OII^-OtrieL Close: 
Jan. unquoted, Feb. and March 270.09- 

- ScsL 

JUTE 

DUNDEE JUTE— Firm. Prices of lute 


Meta. 


115. S3, bB, afl, i£ (129.68. nfl. bC. bO). of the wool outlook. 


Sooth America n qualities. 


Prices very Arm- 


Copper and 
precious 
metals gain 

NEW YORK, JatL 23. 

COPPER closed firm on trade arbitrage 
buying, following strength m sterling. 
Precious metals finished firm on dollar 
weakness and concern over Egyptian and 
Israeli negotiations. Bache reponed. Sugar 
ended higher on arbitrage buying, but 
cocoa eased on Commission Bouse selling 
in quiet conditions. Grains were steady 
on good commercial buying. 

Cocoa— March 134.05 1 130.36). May 125.25 
I135JUI, July 121.30, SepL 119.45, Dec. 
U6 j> 5. March 114.45, May U3^0. Sales: 
1.116 lots. 

Co ffee "C” Contract: March 193.25. 
193.90 1166.671. May 17S.90.179JW (182^01, 
July 167.10, Sept. 161.36-182.50, Dec. 47J!5, 
March 143.13 asked. May unquoted. Sales: 
256 lots. 

Cupper— Jan. 5S.50 fjTJOJ. Pcb. 5B.78 
iSS.IOi. March 59.10. May 60.10, July 61 JO, 
Scpl 62.10. Dec. 63.5D, Jan. 64.00, March 

64.90, May 65.80, July 66.70. SepL 67.68. 
Sales: 3,900 lots. 

Cotioo— A ’g 2: March 55.60-55.70 I54.90L 
May 5S.70-56.90 (56.03*. July 57.65-57.95, 
Oct. 5S.40-5JJ0, Dec. S8.75-5S.90, March 
59.70-59.90. May 60.10-61.00. July 60^0-61.00. 
Sales: 425.000 bales. 

"Gold—, Jan. 176.40 1173.30, Feb. 176.60 
173.78;. March 177.10, April 179.40. June 
152 DO. August 1M.60, Oct. 1S7.2D, Dod 

189.90, Feb. 192.70, April 195.60. June 
198.60. August 20L60, Uri. 204.60. Sales: 
lo. soo lots. 

tLard — Chicago loose 21.00 isamei. New 
Yore prune steam 22.50 uom. (same). 

iMaire — March 225i-22W <224£j. May 

1-231 -229i. July 2321-2321, Sept. 230*- 
230i. Dec. 2301-231, March 238. 

5P1bUbwb— April 213.50-214.00 iS04JD>. 
July 215.10 <20?. 10-. 1 ICL 222.00 bid, Jan.- 
225.60 bid, April 229.20 bid. Sales: 3,047 
lots. 

Silver— Jan. 501.00 < 490£0i, Feb. 502^0 
<49150 j. March 505.70. May 513.00, July 
526 JO. SepL 527 60, Dev. 538.70. Jan: 
542.40, March 549.50, .May 557.30, - July 
564.S0. SepL 573.30. Sales: 13.000 tots. 
Handy and Harman- spot bull ton 487.30 
491-501. 

Soyabeans— March 572 J -372 <565.1, May 
5Si: -5*2 1 572 1, - July 5!:6i-5S7, August 58S. 
SepL j«o. Nqv. 572-573. Jan. 5754. 

'Soyabean Meal— March 153^0-153.69 
152.601. May 15G.6D-15G.S0 (155.60), July 
59.08. August 139.00-1 59 _30, SepL 153 jO- 
160.00, OcL 158.00- 158.50, Dec. 160.D0-180.ta. 

Soyabean Oil— March 28.50-20.55 ita.lBi. 
Slay 20 -55-20. 5S <20.26>. July 20.60, August 
20.35-20.50. Sept. 20JD-20.20. OcL 19 SO, 
Dec. 19.40-19.50. Jan. 1S3D-18.40. 

Susar— %’o. 11: March 0.584S9 <9.43), 
May 9.91-9 X. <9.76., July 10.05-19.00, SepL 
10.22, OcL 1629-10.32. Jan. 10.45 uom.. ' 
March 10.SS, May 10.99-U.00. Saks: 3,775 
lots. 

Tin— 559-554 asked (555-556 asked). 
“•Whoal — March 27^-275* (2731 1. May 
251JJSU i279i 1. July 287-2S61. SepL -283. 
Dec. 3021. March 312}. 

WINNIPEG. Jan. 23. ttRyo— May 110,60 
bid H10.60 bid i. July 108.50 bid (108.30 
bidi. Oci. 109 60 asked, Nov. 109.50 bid. 

ttOats— May 77.30 bid 175.40.. July 73.50 
asked <73.40 bid). OcL 74.30 asked. 

tBariey — May 78J0 f77-K0 bid), July- 
70 . H) asked (76.50 bid). OcL 76.49 biff. 

SFlaxseed— May 211.70 1211.80). Jrjhr 
21420 asked (213.50 asked). OcL 216JB 
asked. Nov. S18.10 bid. . 

Wheat— SCIVH5 1315 per eg at- protein * 
content cif SL Lawrence 4011 (samei. 

Alt cents per pound ex-warchousa 
unless otherwise stated. ■ js per troy'. 
Dunce — iM ounce lots, t Chicago loose 
*5 per 100 lbs— Dept, of Ag. nriws pre- 
vwus day. Pnmc Steam Lo b. NY bunt 
tank cars. : Cents per 56 lb bushel «. 
warehouse, 5,000 bushel lots, 8 0s per 
tray ounce for 50 ounce uuts of- 99.9 per 
cent, purity ffeBvereff NY. ? Ccnis per " 
troy ounce ez-wurebonse. [J New " R " 
contract in 5s a short ton for bulk lot*'' 
of u» slmn tans delivered j.o.b. cars 
Chicago. Toledo. Sl Laois and Alton, 

— Cons per b 9 tb. bushel in store 
** Cento per 24 lb. bnshel. C Cents per 
bushel cx- warehouse. 9t &»s per 
bushel, ex-wuehiniaa, 1.008 buskd ' 

lots. 







Financial Times Tuesday January 24 197S 



STOCK EXCHANGE REPORT 


Little incentive and prices barely move in thin trade 

Gilts and leading shares easier — South African Golds firm 


Account Dealing Dales 
Option 

"First Declara- Last Account 
Dealings lions Dealings Day 
Jan. 3 Jan. 1Z Jan. 13 Jan. 24 
Jan. 16 Jan. 26 Jan. 27 Feb. 7 
Jan. 30 Feb. 9 Feb. 10 Feb. 21 

* " Mew time " dealings may take place 
front Ug a-m. nag badness days earlier 

South African Gold shares pro- 
vided the firmest sector in idle 
stock markets yesterday. A 
further rise in both the invest- 
ment currency premium and the 
bullion price — the lartcr to a 33- 
raonth high of S175jj an ounce — 
helped the Gold Mine* index to a 
rise of 5.4 to 153.2 which repre- 
sents a ealn of over IS per cent, 
in the past 12 trading sessions. 

Trade in British Funds was 
bvely sufficient to ten prices 
which moved in narrow and 
irregular fashion before ending 
with widespread Fall'; to i and 
occasionally more The Govern- 
ment Securities index slipped 0.23 
to 77.00 with potential buyers 
holdin:; nfT despite holies that a 
further cut in Minimum Lending 
Rate may be in the offing. 

Leading equities also traded 
within a limited range through- 
out the day as reflected in the 
tiny movements in the sensithe 
FT 30-share index; this measure 
was held to within a mere 0.3 for 
the six calculations from 10 a.m. 
to 3 p.ro. and was finally 1.0 down 
on balance at 4S6.6. Only three 
of the constituents moved by 
more than twopence either way 
and took in Tate and Lyle which 
fell B to 20np ahead of results 
due to be announced to-morrow. 
Trading statements yesterday 
were few. and significant price 
movements were again centred on 
.secnnri-line and the more specula- 
tive issues. 

Small falls outnumbered rises 
in the FT-Actuaries 4fi group and 
sub-section headings, with the 
All-share index easing slightly to 
213.30. On the other hand, rises 
in FT-q tinted Industrials were in 
a majority, of seven-to-fnur. over 
falls for the fourth successive 
husines> day. Official markings of 
3.404 mirrored the low level of 
trade and compared with 5/224 
last Friday and 6,474 on Monday 
of Inst week. 

Gilts lack incentive 

Mildly optimistic in the opening 
dealings on considerations con- 
cerning an underlying U.K. infla- 
tion rate now in single figures. 
Gilt-edged eventually drifted back 
in thin trading to close marginally 
lower on balance. Criticism of the 
Government's monetary* policies 
made little impact on market sen- 
timent and in a continuation of 
Friday's late improvement high- 
coupon longs quickly established 
small gains. Buyers were not 
drawn, however, and a general 
lack or incentive encouraged a 
few sellers whose efforts finally 
led to the rises of { being trans- 


formed into falls of that amount: 
except ion ally, the long tap 
Exchequer 10} per cent 1995, 
which has yet to be traded on 
any scale, was marked 2 lower 
to 2fli. in 130-paid form. Invest- 
ment funds were Light in the 
shorts and although Treasury bills 
were at j level which, if main- 
tained on Friday, could trigger a 
small cut in Minimum Lending 
Rate, quotations here followed the 
downdrirt in the longs to settle 
3 h> cheaper. Corporations occasion- 
ally made Improvements of J. 
while Southern Rhodesian bonds 
edged higher in a very light busi- 
ness, reflecting the amnesty 
offered to black nationalist gueril- 
las in Rhodesia. 

Early offerings released by 
arbitrage activities in South 
African Gold shares look the 
investment currency premium 
slightly lower to uj per cent., but 
atlhi-i level institutional demand 
revived and in relatively thin 
trading the rate recovered to TftJ 
per vent . for a rise of t J points on 
the da.i. Yesterday's SE conver- 
sion factor was 0.7433 1 0.7536 ). 

Alexanders please 

Features were few in the Bank- 
ing sector. The sharply higher 
annual profits prompted a gain 
of S tn 203 p in Alexanders Dis- 
count. while mil Samuel im- 
proved 3 more to 100p on further 
consideration of the new capital 
proposal* which, if implemented, 
will give an American 'Arab- 
backed bnnk a stake of 12.8 per 
cent, in H.S.: the latter's War- 
rants moved up 50 to tiOOp. The 
major clearer* closed with mnd- 
cst improvements after a small 
trade. 

Insurances generally eased a 
shade in idle trading. Sentiment 
was not helped by the announce- 
ment that Sun Alliance be placed 
im the Department of Employ- 
ment's pay sanctions blacklist be- 
cause of changes in the com- 
panies pension scheme; Sun 
Alliance shed 6 at 57Hp. Else- 
where. C. E. Heath declined 7 to 
2fi0p and Alexander Hntvden de- 
clined 3 rn Inflp. By way nr con- 
trast. Edinburgh and General 
moved up 2 to lap. 

Breweries had little to com- 
mend them and Scottish and New- 
castle closed fractionally cheaper 
at 6$ ip despite news of its pro- 
posed beer price increases. Else- 
where. Gough Bros, edged up 2 
to a 1977-78 peak of 54p. 

In quietly firm Buildings. Y. J. 
Lovell gamed 5 to Http and Mon- 
tague I*. Meyer added 4 at SSp. 
while IBM closed 3 dearer at 
77 Ip. Taylor Woodrow, at 4I2p, 
edged forward 2 in response tn 
Press comment. John Carr' (Don- 
caster) put on 3 at 4Sp and RPB 
Industries settled 5 dearer at 24Sp. 

Apart from a Press-inspired gain 
of S to 70p in International Paint. 


Chemicals had little to offer. 1CI 
moved narrowly and finished the 
turn easier at 346p. 

Dull recently on poor annual 
results. Anglia TV “ A ■* recovered 
3 to S7p. 

Burton up agaiu 

Asset value considerations con- 
tinued -to bolster Burton, the 
Ordinary rising 2 more to 142 p 
and the “A 1 * 4 further to a 1977-78 
high of 130p. Elsewhere in 
Stores, UDS pained 3 to 94p in 
reply to investment comment and 
W. L. Pawvon hardened 12 to Slip 


warning and gave up 5 more at 
87p. Scattered demand prompted 
a rise of 4 to 88p in Birmingham 
Mint, while smnller-priced issues 
to make headway included _ »I«d- 
fand Industries, 44 p. I'niled 

Spring, 2(ip. and Brooke Toot 10p, 
all up 2p. Bainbridgc Engineering 
were temporarily suspended at 

35lp pending an announcement 
rrorn the company. Among Ship- 
builders. compensation hopes gave 
3' arrow a fresh illlip of 11 * to 293 p. 
but Vosper, a gnoil market 

recently for a similar _ reason, 

encountered sporadic profit -raking 
and eased 3 to ITSp. 


FOOD 

RETAILING 

F.T.- ACTUARIES INDEX 


1977 || | 

MAY JUN JUL AUG 


| j 1978 

SEP OCT NOV DEC JAN 


for a similar reason. Martin the 
Newsagent moved up !i to 235p in 
a thin market, while Rainers 
(Jewellers) were wanted at 108p, 
up 7. N. Brown Investments, 34p, 
and WcurwelL 23p, improved 3 
and 2 respectively. 

Despite a paucity of business. 
Electrical leaders were inclined 
harder. Helped by favourable 
Press mention, Thorn unproved a 
few pence to 37 2p. while EMI, 
190p. and GEO, 274p, also closed 
marginally belter. Elsewhere, 
Louis Newmark put on 2 more 
to ISOp on the forecast of record 
profits, while similar gains were 
established by Newman Indus- 
tries, 75p, and Allied Insulators, 
fcjp. On the other hand, EL Wigfall 
slipped to 260p awaiting fresh 
deevtopments in bid situation 
before settling at 263p for a 
net lo~> of only 3. 

J. Brown edged up a few pence 
to 250p in anticipation of Friday's 
interim results, but other leading 
Engineerings were inclined easier 
on lack of support. Elsewhere, 
Hallite Holdings continued to 
draw benefit from the good half- 
yearly results and put on 6 more 
to 142p for a two-day gain of 22. 
Fresh demand in a limited market 
left Rolork a like amount dearer 
at I30p. while Haden Carrier rose 
5 to 99 p. Fluidrive, however, 
remained sensitive to fresh offer- 
ings following the recent profits 


Tate and Lyle became un- 
settled in front of to-morrow's 
preliminary figures and fell 6 to 
206 p. Associated Fisheries, a firm 
market of late, eased 4 to H7p 
following Press comment, while 
similar falls were recorded in 
Robertson Foods, 147p. and Blue- 
bird Confectionery, 179p. British 
Sugar contrasted with an im- 
provement of 10 to 485p on small 
buying ahead of Thursday’s 
results, and Geo. Bassett edged up 
3 to 156p on the disposal of its 
wholesale and retailing subsidiary 
Drakes Sweets Marketing Ltd. To 
Palmer and Harvey for £5.3 m. 

Wheeler’s Restaurants continued 
firmly, rising 20 to 2S0p for a 
two-day speculative gain of 25. 
Small buying lifted Prince of 
Wales 10 to 100p. but a favour- 
able week-end Press on Friday's 
preliminary figures Tailed to 
create interest in Grand Metro- 
politan, which shaded 2} tn 106p. 

Rank dip and rally 

.Standing a few pence easier 
late at 254p ahead of the pre- 
liminary results. Rank Organisa- 
tion picked up on the annual 
profits which were at ihe top eod 
of market estimates and dosed a 
net 5 up at 2B3p. Other mis- 
cellaneous industrial leaders 


barely stirred from pre- weekend 
levels. Beecham, 3 better at 655p, 
recorded the biggest change. 
Secondary issues contained several 
firm features with “Mams" par- 
ticularly noticeable for a rise of 
fi to 79p in response to an invest- 
ment recommendation. Still 
hoping for an increased offer, 
London Pavilion rose 35 more to 
ooOp. while Talbcx were a fairly 
lively market at 23.Jp, up a penny, 
on fresh speculative support. Re- 
flecting the strong return lo 
profitability, United Guarantee 
added 2 to I7p and Parker Knoll 
A closed a similar amount dearer 
at 112p Fain wing Press comment. 
Avon Rubber, 205p, a firm specu- 
lative counter of late, held on 
to an early gain of a following the 
annual general meeting, while 
De La Rue rose 7 more to 300 p 
and Hosklzrs and Horton 5 lo 128p. 
Hoover A, however, shed 6 to 362p 
and recent bid favourite Pauls 
and Whites lost 8 to 122p. Asso- 
ciated Sprayers gave up 3 to SSp 
following the sharp downturn in 
second-half profits. 

Motor Distributors, which have 
undergone a substantial market 
re-rating following Inchcape's bid 
for Pride and Clarke, moved 
further ahead in active trading 
with secondary issues leading the 
way. Pride and Clarke finished 
23 belter at 540p in sympathy 
with an improvement of D to 
382 p in Inch cape. Charles Hurst 
rose 12 to 84 p. while Lookers, 
59p, and Tate of Leeds, fiOp, put 
on 5 and 10 respectively. Gains 
of about 4 were seen in H. Perry, 
164p. H. and J. Quick. 42 ip. and 
CGSB. 23p. Among smaller-priced 
issues. Penine edged up $ to 5p 
and Oliver Riz 2 to H3p. Else- 
where. Plaxtons (Scarborough) 
declined 5 to 125p reflecting can- 
cellation of a new bus programme. 

Pa per/ Printings closed firmer 
fn places. . Oxley Printing were 
notable for a rise of 5 to 51 p. 
while Capseols improved 2 to 47p. 

Oil Exp. above worst 

Interest in the Oil majors 
remained at a low ebb. British 
Petroleum shaded a few pence to 
S04p and Shell gave up 5 at 512p, 
but dollar premium influences 
helped Royal Dutch rise 3 more 
to EJSJ. Elsewhere, Oil Explora- 
tion were actively traded and fell 
further to 320p on persistent 
selling hefore rallying on ihe 
company's denial of rumours of a 
dry well: the close was 232p for a 
net fall of S. 

Properties failed to derive any 
further benefit from last Friday's 
confirmation of a major property 
sale by Trafalgar House. 
Scattered selling coupled with 
lack of fresh support left Land 
Securities 3 lower at 224p and 


ME PC a similar amount down at 
131p, while secondary issues to 
give ground included Apex, 237p, 
lmry. 320p. and Property and 
Reversionary “A." 3l0p. all down 
5. Against the trend, buying 
interest revived in Carding Group, 
which improved 14 to 16Ip. 

Slme Darby hardened 3 to 99p 
in Overseas Traders where African 
Lakes dosed 5 belter at 285p and 
Nigerian Eleetridty 7 to the good 
at 250p. 

Dealings were resumed in 
International Pacific Securities 
following news that the company 
was considering unitisation; the 
shares opened and closed at 133p, 
compared with the suspension 
price of 114p. . , 

Textiles had occasional, firm 
spots. David Dixon hardened 2 to 
Sip, while Parkland Textile A, 73 p, 
and TomktnsODS, 57p, put on 3 
and 4 .respectively. Dawson Inter- 
national, too, were wanted and 
the A Improved 2 to 114p. 

Uuletl’s Corporation stood out 
at 112p, up 12, in firm South 
African Industrials. 

Rubbers attracted a good busi- 
ness again, but often closed with 
Little alteration. London Sumatra, 
at 122p, gave up 5 of Friday's 
jump of 29 which followed the bid 
from a consortium comprising 
Rothschild Investment Trust, 
McLeod Russel and the Belgian 
Stpef SA. Harrisons and CrosfieU, 
a major shareholder in London 
Sumatra, Improved 25 further to 
400p. McLeod Russel, which 
recently lapsed its offer for 
MalayaJam, hardened 5 more to 
245p, while its affiliate, 1 Assam 
Trading B were marked up 65 to 
410p in sympathy. 

Golds up again 

South African Golds continued 
to pusb ahead as the bullion price 
advanced 42.50 more to' $175,625 
per ounce— -its highest closing 
level since April 3, 1975 — In the 
wake of the fresh weakness of 
the U.S. dollar. Prices were 
additionally strengthened by the 
firmness of the investment cur- 
rency premium, the effective rate 
of which hardened to 33^ per cent. 

The Gold Mines index registered 
its best level since November 7 
last year rising 5.4 more to, 1532 
for a 10.1 improvement over the 
past three trading days. 

Heavyweights rose by tip to l 
as in Randfontein, at a 1977-78 
high of £33, while West Driefon- 
teln put on £ at £181, and Vaal 
Reefs advanced a half-point at 
£12, the Iasi named also being 
helped by favourable Press 
comment. 

Lfhanon, 14 higher at 484p. and 
Western Areas, 11 firmer at 225p. 
also reflected Press mention, 
while features among marginal 


FINANCIAL TIMES STOCK INDICES 


Government ctoew. ...... 77.00| 73-83 77.36; 77.0a 76.74- 77.48. 64.48 

FLxffi Idmm J 00,88,00.93 00.97) 80.8* 80.58 80.711 64.94 

ImliuErl&J Onltasrv 488.8: 487.8 488.0;. 476 J> 470-»[ 474.8; 377.8 

Until Jfioea 147.B 147.3' 143.1! I43.9j 143.4 105.2 

Uni. Dto. yield - 5.54) 5.53 SuSC' 5.65- 3-71; 5.67 5.06 

Y*hl«(faii>n UL90I 16.84' 1&8&; 17.19- 17 87| 17.241 18.39 

IMS Batin (net) 8.39' 8.42: S^sj °- Z5 \ a X6 l *-**1 7 30 

Uealinea marked 5.404j 6.234- - 6,03 lj 5.128 6.1fl*j 6.474; 7.339 

Kqultv (nrwwer'JB*.- — 88.01 B5-36j 64.94^ 68.51! 82.93! 84.06 

E quity 'nargdim — 1 16,004 16.0881 13,2981 15.2251 17,95ft 19.432 

10 «jn. «ST &. U a m 4ST.7.~ Noon 487.8. l run. *S7.7. 

' 2 p.m. 487.7. 3 p.m. «7.« 

LMW Index Bi-Mi F W . 

* tin 33 per cent enrporanon tax. t Nil =8.33. 

Basis 10H Cirri. Sic-. lS- r ’?6. Ftci-d Im. 1823. lad. Ord. 1/7-3SL Cold 
Mined 12,0.33. 88 Activity Juls-Dvc IW2. 


HIGHS AND LOWS 

I 1977/78 ' - jSlnre Compilation ! . 
| Hlffb Lovr | Hiffh Low 

Oort- Sees — 70.85- 80.46 127.4 49.18 

HDfl) (4(17 011/36) (3/1/15) 

FUed Ini — 81.27 60.49 150.4 60.63 

(9ll/7Si Nil) (28/I1N7) tf/1/76) 

Ind-Onto... 549-B 357.6 549.8 49.4 

am (12/1) . (14/9(77) (261*1401 


S.E. ACTIVITY 


Jan. j Jan. 

23 20 


Cold Mines. 174.S 95.1 ,{ 442.5 43.9 

(12(10) il(2) I (K/S/I5)||2B;10/71| 


— U»U>- 

Giit-KdxeJ„:! 
In-luaCrMa. .. 
dpci-ulallie.. 
Totals. 

vlar Ay'race 
aUr-tM^*! ... 
in-lnstrials.^ 
Spn*aiat7ve_. 
T-itnl- 



Issues included Bast Daggalon- 
ttin, which dosed 4± better . at 
Z3ip and Wit Nigel, 3 harder at 
4Sp. 

Platinums enjoyed another good 
day. Encouraged by the fresh 
rise In the free market metal 
price Rustenburg gained 3 more 
to S6p and Bishopsgafe closed a 
penny harder at SOp. Lydenburg, 
which have hardly moved during 
the recent advance in the section, 
rose 6 to 65p. . • V . 1 . . 


South African-registered Finan- 
cials were equally finer in line 
with the current strength of Golds 
and Platinums. * Johnnies ** were 
outstanding with a £19 advance 
to £12J reflecting the company’s 
substantial holding. In Rustenburg. 
Premium influences lifted Malay- 
sian-domiciled Tins but the 
Cornish producers tended to 
weaken following the further 
decline in the metaJ price. 


OPTIONS TRADED 


DEALING DATES 
First Last Last . -• :For 
Deal- Deal- Declara- Settle- 
ings - logs - tion ment 
Jan. 24 Feb. 6 Apr.27 Slay 10 
Feb. 7 Feb. 20 Hay 11 Hay 23 
Feb. 21 Mar. 6 May 25 Jnn. 7 
For rate indications see end oi 
Share Information Service 
Calls were dealt hi Allied 
Colloids, Duple Internationa], Oil 
Exploration, NafWest Warrants, 
Town and City, LI den, Manga- 
nese Bronze, Armour Trust, Lad- 
broke, United Scientific; Camford 


Engineering. .Tafbex, Campari, 
Highland DtstUleries, Bath and 
Portland, Brittelns, BSG Inter- 
national, Dunlop. Capital and 
Counties Properties, Davenports' 
Brewery; Barker and Dobson, 
Kwik-Flt, Southern Const ruc- 
tions, Frank Gates, Consolidated 
Gold Fields, British Land, Rai- 
ners and Tricovlile. A put was 
taken out in Electronic Machine, 
while doubles were arranged in 
Town and City and BSG Inter- 
nationaL 


NEW HIGHS And LOWS FOR 1977/78 


The following securities quoted In the 
Share Information service ' ytetefdar 
attained new Htgla end Lows for 1977-78. 

NEW HIGHS. (112) - 

CORPORATION LOANS (11 ■ 

BEERS U) 

BUILDINGS 8) 

CHEMICALS IJI ' 
DRAPERT AND 5TOREX (11) 
ELEC TRIC ALS .(2) - - 

ENGINEERING 111) 

HOTELS (4) 

INDUSTRIALS (23? 

MOTORS nm 
NEWSPAPERS (41 ■ 

PAPER AND PRINTING (31 
PROPERTY Ml 
SHIPBUILDERS (1) 

SHOES (1) 

TEXTILES IS) 

TRUSTS O) 

OVERSEAS TRADERS H) , 
RUBBERS (3) 

TEAS It) 


' mines an 
. NEWJLOW (1) 

NEW LOWS (1) 

TRUSTS tl) • 

Limn Secs. 

RISES AND FALLS 
YESTERDAY 

Up Down Same 

British Fuads . — a U 

Corpns^ Dam. and 

F sreton Beads 2 6 52 

Industrials «... — (H 20 190 

Flhandal and rieap. — M XS5 792 

Ofls - S U IT. 

Pleotatkm . :D J U 

Minas . M U 47 

RaoeM law. 4 .. 5 42. 



BANKING AND 
SOURCES OF FINANCE 
IN THE FAR EAST 

Published by the Banker Research Unit and now available, this new 
volume describes banking systems and credit sources in ten countries 
of the Far East. These are: 

AUSTRALIA, NEW ZEALAND, INDONESIA, 

THE PHILIPPINES. THAILAND, MALAYSIA, 
SINGAPORE, HONG KONG, JAPAN and 
SOUTH KOREA 

Writlen by experts in each country, each chapter defines and analyses 
ihe banking svstem; the different types of banks; the services offered; 
the system" of bank and credit control; banking legislation, interest 
rates; near banking activity and institutions; merchant banking; 
investment banking; official and semi-official institutions: export 
finance: the money markets, the capital markets; and a summary’ 
of all short, medium and long-term sources of funds. 

Limp bound, 340 A4 size pages. ISBN 0 902998 17 X 
Price £26.00 in the U.K. $52.00 outside the U.K. 

Your order to: 

THE BANKER RESEARCH UNIT 
BRACKEN HOUSE 
10 CANNON STREET 
LONDON EC4P 4BY 
Registered in England No. 227590. 


RECENT ISSUES 


EQUITIES 


FT-ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the .Faculty of Actuaries- » - 


Hiyh I Low 


Slo-k if = ij+ “| 'Si 

■ *£ - ! u e C fe 



+ i liJFl 2-7l 8JII 6-6 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 

Figures in parentbesei show number of 
stocks per section 


Moil, Jan. 23,1978 


FIXED INTEREST STOCKS 




LIDO - ' - 
yuolj f.P. 3/2 
UlOu K.l* 57; 1 
i-99 i'i 

cl j-„ ; y.r. ~ 

-10j • F.P. - 

»10- t.l’. - 

ilJo E1U 24.3 
ilJk.' r.t*. - 

eiot; - 
C 1 JO F.P - 

iiE9& F.P. 35 
*98 1 : F.P. 3 £ 

- . I .P. — 

- F.P. 27/1 

E99-V F.P. - 

C99L £10 28 - 

- i F.P. 6. 1 


r ' 1977IS • 



“ II ml. L-i» ; 

Str.-k 

— 

3 Z 


[ Afflf Mm!. Uriiiiie |3i( 

Kalli Hi’s I-*:: 

i. niirm \ slievrMwi 1'.^ L'ns. [ji. Its* I 

• lilri in pin n llw,|. " I'i’j 

r. HxuciiiiT V an.ii.ue !■« 1 

i Inci'fi'lg 19-4 

i 1 Pi*. (** ttol». 

(.Keiinirui'-n A *_ lu-icim 1 eE - -!:?. 

Mu. Mu. Vartalili 

. leriMliir tJK: 

fljfl ertei V-irmtiii' liftE 

; All" K i-m H«l« }% L9c2 

iM.Ueicui 11,55 lien. t9rt> ■ 

■slid' 1 ,\.V. Cluur. 1990. 

li.Stvj Fiimiri.re iirj I'uiii. PreJ...... 

lBmifKi<le Viiuble 19S3 : 

i Bv-l 

:> Turk Inn w IiA I'rel 


‘‘RIGHTS” OFFERS 




95 n» 
2d ' F.P. 
5U F.P. 
32 F.P. 
18J uii 

1=HJ 

lzij F.r. 



FINANCIAL TIMES 


BR.VCKKN KOUSK. 10. CANNON S'l'UL'Kl. LONDON EC4P 4BY 
Telex: Editorial 886341/2. 8838b7 Advertisements: 8*51133 Telegraras: Flnantimo, London PS4 

Telephone: 01-24H 8000 

For Share Index and Business News Summary tn London. Birmingham, 

Liverpool and Manebexlrr, Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Birmingham: George House. Georg® Road. 

Telex 338630 Tel: 021-454 0922 
Bonn: Prcsshaus 11/ 104 Heussallec 2-10 
Telex 8869342 Tel: 210039 
Brussels: 39 Rue Dueale. 

Telex 232H.1 Tel: 512-9037 
Cairo: P.D. Box 2040. 

Tel: 928510 

Dublin: 8 KlUtwilliam Square. 

Telex 3414 Tel: 783321 
Edinburgh: 37 George Srreet. 

Telex 72484 Tel: 031-226 4120 
Frankfurt: Im Sachsen lager 13. 

Telex 416263 Tel: 535730 
Johannesburg: P.O. Box 2128. 

Telex 8-6257 Tel: 83S-7M3 „ 

Madrid: Ksprondceda 32. Madrid 3. 

Tel: 441 6772 


ADVERTISEMENT OFFICES 
Birmingham: George Ho use. George R@ad. 

Telex 338650 Tel: 021-434 0922 
Edinburgh: 37 George Street. 

Telex 72484 Tel: 031 Z26 4139 
Frankrurt: Im Sachsenlager 13- 
Telex 16263 Tel: 554667 „ 

Leeds: Permanent House. The Headrow. 
Tel: 0332 454969 


Manchester: Queens House, Queer Street. 

Telex 666813 Tel: 06I-X34 9381 
New Y ork: 73 Rockefeller Hava. N.Y. 10019. 

Telex 66390 Tel: (212) 541 4623 
Paris: 36 Kue du Scntler. 750U2. 

Telex 22U044 Tel: 226.5743 
Rome: Via della Merced e 35. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svenska DagbladeL Raalambs- 
vagen 7. Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 1I-I87H 
Telex 212634 Tel: 68269* 

Tokvo: Sib Moor. Nihon Kelzai Sbimbun 
Building. 1-9-5 OtemaehL Uitioda-ku. 

Telex J 27104 Tel: 241 2920 
Washington: Second Floor. (225 E. Street, 
N.W_ Washington D.C. 20004 
Telex 440223 Tel: (2112) 247 8676 


Manchester: Queens Uoase, Queen Street. 

Telex 6668 IS Tel: 061-834 9381 
New York: 73 Rockefeller PIih, N.Y. 10019. 

Telex 423023 Tel: (2121 489 8300 
Paris: 36 Rue du Sentier. TeOIISL 
Telex 220044 Tel: 236JIB.01 
Tokyo: Kasakhara Building. 1-0-10 Urhlkanda, 
Cbiyoda-kn. Teles J 27104 Tel: 293 1050 


from newsagent* and bookstalls worldwide or on regular subscription 
Copies ‘> h,alnah,p fr ^ , “ II B h 5SSS)n Departmenl. Financial Times. Uwdon. 


• SI 1; 34;2. 
16 lt'J7 1 I 
6,1: 10/3’ 

23 r 27-2 

24 2.10.-3 
is i: io-2 
24 !i 6(2 

29 M :7 1 
6 1 | 10,2 
lz! - , 

26' I, 9iS. 
17 2 3 3i 

23.12 18d 


19.11 16 2 

in 1 , ia 1 


1977;- 
Hish ! (*■»• 


L*-|ini‘ t|'( 


I'm Arim^tfiD Mi 4 nr 

i,n-i|.Ti Cumin ............... 

->r ;i.«liit'li'ini 

■J? i|r..Oin-IV |lph^ 

4C|in. 1 _»-limi. [viink tJ Aii-lm:in.„„ 

: 'i-n. K Ihi I ii.ln-irlR 

I2ii J-itiu.ini tnmn 

iJ.iiiiimui Kirih Kti>«rn_ 

7! jK-iiniii-, M.i.ir 

it|,m Lli.1.. InlKITIJKIllTUi 

Ji'l in 

' - Lk, t.i Aintfralnftia.. 

3|'Hi Nrill .... 

- .... \\ 1 . 

lSitni Prpe.iv <AHr»l|..... 

3i U IJ.I..F 

U- Ul L»'ll 

!1 -IMI In 

t'j.i. > It ill III, 

■ v IV 1 1 in in- 1 J ■ nr 'ill.... ........ 


.) 26 ini 

37 ,-l 
.1 79 | + 5 

J 46 ! 

I 4Z|.m 

IBiihm 

I 12ij-to 
63 1 ..... 
82 )+l 

Sll-nii 

28, tin- — 1 
.1 47itnil— 1 
.. 9pni ...... 

I -32 ; ... . 

j 22) 'in + 2 

40 • 

16 +2 
t 14 : — 1 
i 288 j 

• 42 • 



21136 [ 207.00 29533 
18929 [ 18834 
33117 

444.44 439 Ji 

29331 298.95 184.80 
16328 162.80 13014 

UlU5 1M55 12648 

I9L22 18846 32933 
22943 223-93 145.43 
17956 17924 137.22 
11657 11525 8354 

JL96.62 19551. J 
21568 21522 
Z37_l6 23621 
25826 
! 19260 
19663 
33859 I 32963 
13329 | 13168 

187.44 




J? , '—rrn^B gran HL8 gnr7i i : 11 aggrii 

■"■!■ ■ ■■■ 11 'll M 1 1 11 'A 'IP Ml 


Konunvi.ii.ur, c.,:e usually lusi da> lor dealina tree u( taBmii liny. 0 Figures 
navd on prosp,;-.-:in e-nmaro « Af+inik-l dividvint and »ield u HoriH.-j« (Iivmlmvi- 
• otcr bared na previous year's eirnmas r Dividend and ueld nasefl on Drospecrun 
or och'->r fllTMai ojtunoios lor 1*>ni leisures as-unim .Cover oltun . 

lor Kiaitrr.Kn ui Jum nw non- ranking lor divnlvnit or rjnkinj; nnly lor resirivr.n 
ilRIrntli., : PI.i-.i-i^ pr:^i- ro nllkltc !•! Pi-HCs unlviS qthfmw mrfli-4'ed 1 IssurtJ 
’»■ un-icr. "Ii.r: d to huUl*T- <n Ordiiury shams a " nghn ” ” Rwm.i 
hy -a-j; ul cdpualisdimn T ‘ Slmranm londvr prici* Remiroriilftfl t; lnuen 
ir. coi.—cuon a -ih r. ur.- m-sa’inr m-rei.r or ipts— over, (pi loinvtuciinn lssm.-rl 
ro iorncr l*r ••?.■!. •(,.. (,ul.l. r» R (l(-,rm-.-ii( ii-in-rx cor fully-oaid). • ProvWKjnjI 
or p+nlr-oi S a!li'i:n.-ni Idlers. * Wiih -.r+rrans. 


12725 
35422 
178.92 

mu 

195.81 
101.79 
Z3VB 
64.64 
16264 
7561 
IM 1 15824 
.9855 91.47 

27861 ( 22934 
36269 


ACTIVE STOCKS 


Stuck 

Oil Exploration.. 

BP 

BATS Dt'fd 

GEC 

Kix (Oliven 

Cons. Gri!i| Field 

Cnurlauldo 

Distillers ’ 

Grand Met 

1CJ 

Reed Inil 

Shell Transport . 

Talbex 

Tale Lyle .... 
Barclays Bank .. 


No. 

Donnuiina- of Closing 
linn marks price 1 pi 


Change 
on day 
- S 


1977-78 , 
high 
X26 
SHB 
2(>0 
284 

e; 

224 
13-5 
11)3 
1 00 
446 
233 
635 
23] 
273 
350 


1D77-7S 

low 

7S 

77G 

2112 

163 

2} 

137 

SO 

120 

C2 

325 

IIS 

454 



3258 
M21 
1425 

13-26 j 3124; | 1426 


lu [20-yr. Red. Deb. & Loans OS) 63.67 tii.se 65.26 8&22 sa.-ss 632a 65 ; ia 53.14 65.10 eaoa 

16 jin vestment Trust Prefs. (15) 5757 12.24 57.57 07.37 37 JS 7 . 07.53 H 7 . 4-7 57.43 ,5 7. Da 48.57 

17 :Coml. and indl. Prefs. (20) 78J5 n.48 tsiss 70 . 4 s 7BJ6 5a^s tb6i 78.50 ' 70.34 68.6a 

tftMlemptin yMd. Htoht and lows ^eMd..bajt! date* and wtoa» wl cfootHwwt cktownw in, »AlM»d to 

*5™ "*!. ^*4 eiMSHBaws fo ■MtilaUa frwm lb* PnhllyHert, too Phunctal TIVbc*, Bnidkea Him, 

Street, Lonooa. ECA, price 13p. by mh..ZZp. . • . ..T; . ’ " 


WKi>o\'£& 
















































































A-'* 



^ ^^^;)vacial Times Tuesday January 24 197S 


aa 


in. 


1 Unit Tsl. Mura. Ud. fa) u> 
[ohouae IJd . Ajk^burv OS90SO4T 

■pilot IM4 - «5f -0.11 382 

mm [»2 40.M . 541 

w.tki FA.Uai 34.fl .0.1 4H 

on Tit |*S2 «M HI.1 367 


Britannia Trad-CNllnurd 
rroffsciinnl __ .... 
I’ropcrli' Sharp* . [14 9 

Shield. ... MS .7 

PbumCTisbRc . . . [2? 3 
1-niv Enc+sj 


4872 

5022* 

+1^ 

14 9 

l*( 

-0 1 

45.7 

293 

112 

49.1 

-05 

33 5* 



349 
2 1 * 
JM 
457 
2. as 


G art more FUnd Managers ? iaHgi 

Mon Air-.a-SAanr. 

1 iiAitjcncaji Tift . . . 


Hambre Group (al (ffl 
i lb. Hutton. RmiKMM. Ei«n. 
B1 nr Brentwood iCZ77> £11460 


Inc 

J77.9 

Mil Fund* 


iwinl 

1220 

IsutIi'x. 

(442 

Yiml . 

[5* 

a Funds 


Co'xFd .. 

B33 

f i'o j Fd, _ 

El4 



The British Life Office Ltd.* la) 
Hi-lumcc Hie . Tunbridge Wells. Kt QB02 22271 

RL British Life .[491 61 « +0 11 539 

HL Balanced* {44.3 47 M .....1 f 40 

ItL Dividend* . . .{58 4*S . J 874 

■Pncn Jan. 18. Nvxl dealing day Jan. =6. 


finilth Ta iArc i 

t'anw»dil7 Share 
■ ri Far Earn Trust 

High Income Tw._ 
Income Fund 
In* ABvtiric* 

Inti K\rmp( Fd . 
mint! TM i Vri i . 


224 

Hll 

*0 1 

M 9 
1343 

54 7 

1444 

*1 4 

23 4 

2i* 

+0 2 

579 

623 

-0.2 

708 

761 

-0 3 

1255 

13 37- 

-001 

844 

917 

-03 

265 

2&5l 

+o3 


ni 2S3XMI -uuiansi 
102 
3 41 
3*7 
122 
842 
657 
37B 
553 
L4B 


Perpetual Unit Trust MngnU.V (3) 

limle. in Thames iHvilMB 

rpHCiaJiiCiilh |3>3 407] . i 389 

Piccadilly Vail T. >lgrs. Lld.¥ laHb) 
W'ardfile ll«e ..lOa luindon Wall Kl'2 KUHWU 


OFFSHORE AND OVERSEAS FUNDS 


Brown Shipley & Co. Lld.9 
Uiun, FMndrmT.gC! 01-800 8520 

ns I'nlisJao.m - ..[2176 
rv. i Acr uan SI.. [26 7 J 
Ocrente Tram (a) w 
PinancLal .. 05 J 

ilenera! . _ .. ,|W3 

Growth Accum . . ..144.9 

Growth Incrnic [3*2 

Hj^h In raise [303 

Index ” 


37.4| 

144 .. 
475 +0 U 
384 *0.1 
32.7 +0.4 
193 . 

26 5a -0.1 
17 id +ai| 

23) 

6L7 


453 

453 


430 

420 


Ol-nSn-4111 
4371 +0.U 0 20 
3871 J 450 
20$ *0 H 0J0 


wo Unit Trust Managers Ltd. 

-hurcbSt EC3MBAA 030231 

olT [45.7 4901 J 487 

cher Unit Mgmt. Co. Ltd. 

St . ECSV H A 01-8238378. 

ilhly Fund |165.0 175 0| \ 850 

a net Securities lid hNc) 

in SL London ET4R 1BY 01 23853*1 


Overseas , 

Performance.-—--) 

Hecov en\_. : 

Rxmpt. Jan. 10— — 

Canada life Unit Ts8 Mngrs. Ltd.? 

3-6 JlighSt. Putter* Bar. Herta. P. Bar 51 122 

Cao.GeoDtBt. 0*7 38Jrf -U-ll 420 

Do Geo Accum M46 4*.* -02 420 

Du.1k.DM. BS0 3* 3 -Oil 7.45 

Do. toe. Actum — M4.6 ■ 4*.9| -0J) 2.45 

Capel (Jatnes) Mng8 Ltd.* 

100 Old Breed SL.EC2N IB0 01-5388010 

S.S.7— J^S H.fS 

callng Fab- 1- 


Glbbs (Antony) Unit Tn. Mgs. Lid. 
23. Rlorailclrf Si . F/’ZM TNL. 01-6SR4111 

ibi.m: Income- ..1408 43 

laiAiT.Growlhtr D6.0 38 

•BIA G Far Fjm- U94 2D.' 

Dealing *Tucsl tl9T 

Genets (John I? 

77. London Wall. EX'* 0I-S8HS820 

S «. S hldr Jan 20 1123 6 1303 ...J 2 11 

Do. Mum Unit . fcw78 155*1 . | 2U 

9 0Q Next dealing day Feb. 2. 

sjS Grievewm Management Co- Ltd. 

SB Gresham Sl. OC2F SDS. 

Bar ril Jan. 18— 


Extra Income ISJ.9 

Small ro-fFrt . .521 
■'npnal Fund - . . .*53 a 
lai Ertu. a >uut< us 5 
Pnvaie Fund. .. .JlU 
Acrumlvr Fund Hyi-J 
Tcehnologj Fund. (61 5 
Far Fm Fd - - if* J 
American Fond 


J6 2* 



3.60 

478 

561 

5*1 


■ Act-urn Uni Lsi. 

BAgn. HA’ Jan. IS _ 

i Ace urn. Unitai 

EndeaL.Jan.17 


Ln * Droll. Jon. 18. 
< Ac cum. Ualtxi 


09*1 

284.9*1 


2126 

2222 

I" 

17X6 

Id* 


1*4.9 

204.1 


1524 

_ 157.7 

| 

15*4 

1*28 


78.0 

sir 

...... 

£04 

*42 



672 

70.0 


696 

725 



Practical invest. Co. Ltd.9 lyHcl 
44. Bloowbur* Sq WC1A2RA 0I-K38SK1 
Pracilcal Jan <8 ..|U78 14*4]..,. I 421 

Acnn L'alu ... 11925 204 4]....) 4 22 

Provincial life Inv. Co. Udf 
222. BLUKjpsgme. Rri 012478533 

Prolific I’sllF .1737 7891 +0JI 344 

High Income [108 4 U*.lj *05| 7 42 

01 -ape 4433 PrudL Unit Tst. Mngrs_¥ lallhMc) 

f-34 Holborn Ban. EC1N 2XH. 0I-405B222 

?j7 Pnideclial (123.0 ■ 1305] ,_. | 42* 

27a Quilter Management Co. Ltd.V 

274 TheSU Exchange. EC2N IflP. 01-6004377 
294 QuBdraal Gem. Fd. .009.7 U271 *1 31 306 

L94 wnadrant lneome_.p22.9 12S.9a* +1.51 .7-47 

o 87 Beliaace Unit Mgro. LUL¥ 


Henderson Adninistrotton(ai(z) 

Premier l< T. AdnuiL. Rayleigh Bud. 

KrAnFMiorvi tHae llT. 


ennr Fd .. 0124 

Fund Ul 

x Uailal 5 0 

rnrwLvm.) ss.o 
ire Pond. . 255 
. v Unite). . 58 
SKund* 183 

h lS,S£« 4 1 ’ 

■iSd 394 

I'mcsi .. . 454 

Fund 33.9 

Umtsi.. . IN0 


GthJd- U4J 
i& Intl.FU » 5 
PdrwLUta.1 &B 

Fd— *3.9 

x * InLFd. 844 


122 0j 
44 2W 


m.-. 

Z7 *a* 
4B.M 

»g 
5*« 
. 790) 

no 

« 25? 

49 0d 

9*73 




-afl 


-n.d 
-0.1, 
+0.21 
♦ Q2l 

+o3 

+0 4 
+ Q.4I 


- 0.1 


20 23 
893 
a» 

893 

12.00 

12.00 

593 

593 

5.03 

3.07 

357 

357 

920 

320 

55* 

154 

L8t 

240 


"Pricni on Jaa. la Neal dealing _ _ 

Brcorwood. £s&ex. 

CerlieJ Unit Fd. Mgrs- Lt«Lf (aHC) rgiAustraUan 1272 

UilbitruHoiue.NewcasUc-upon-iyna 13 M5 [S'? 

Cariiol. r -_. W4. e-a—l «9 If 

Do. Acchsl links. ,nS 4 T7.9) 1 459 

Do. High Yield HLD 435^ — 7.) 

Do.AfCinn.Unha._h9 8 52^ i 7J 

Nest dealing date Fob. L 




786 


Chartertoase JaphetT 
I. Paternoster Row. EC4. 

CJ.intenuai S0.4 

Accum. Units— ... 23*” , 

PJ. laconic 33.4 

CJ. Ebro. Fin — _ 84.0 

Accum. Units Z7.6 

CJ.Fd.lnv.Tn.__ B2 

Accum. Units S8*( 9.7* 

PnMf Jan. 1& Next dealing Jan. 25^ 


Njs_Gro« 

IP 


488 


• giFtnan a ITU 

(8 ) High income 57.9 

IgUnc &ASMI8. 32.1 

igilnirmaHcuial 25J 

IgifSth. American _ 3L9 
NA. Grom Jan. 20_. 1829 

sf 74* 

igi Cabot 795 

Cabot Extra Use. (54* . __ 

‘For tarn exempt funds only 



Hill Samuel Unit Tot. Mgn.t la) 


tUcm. -TUoi ft Wed. tThura ftFrf. 
I digs.*** Dec. 22. •■Dee. IS. roily 


45 Beech Sc_EC2P !U 

ibj British TmsL 115319 

(glluil Tnut 33.7 

IN Chieftain Trust Managers LkLVfaMS) S32 

™ X.^l Queen SL.BC4R1BR 01-848*833 rhs eat 

Amarieon_ kz89.4 Mini ...J 278 ib> income Tnut 27.8 

... ,. .. — * , ... High Income |41.7 44 a +021 9.89 ( b> Security Tract... 5L3 

wy llnlt TBL HgS. LM.T t»Mc) Inn-rnatloualTst—Eia* 24 3 +011 358 (bi High YfcldTst-. ZSJ 

h Hotbocu. WC1 V7NL 01-8318231 Basle Bearce. TsL[245 afcJf+Ojq 474 | nt ^| y (a)(g) 

5 at r janI'i'i 7 Vvxt juK^r Fel. l* Confederation Funds Mgt Ltd.9 fa) IS, Christopher Street. E.C2. 

SOUhsmccryLane. WC2A1ME 01-3420383 lnleL lnv. Fund 189-7 

Growth Fuad P9S 4L5J [ 42*. 


Ridgefield Management Ltd. 

FO Bex 41R Bank Hae-Hancbstr. 061S36CSZ1 
237300 Ridgefield InL UT .184.0 WJW . ... J 3.68 

L9S Ridgefield Income (95.8 IK?} .. ..J 8J52 

154 Rothschild Asset Management (g) 

2 69 72A0. Caiebotue IU1, Aylesbuiy. <QS9S04J 
9-« N.C. Equity Fbd... [159.0 169BJ+X.0j 3*7 
7 « N.C. Engy.Res.Tst. 962 1B2-S +1 H 282 

5H N.C. fie. Fd 1MJ 1W3 -d3 657 

fS N.C. I ml Inc 72.9 773 +o3 212 

J2J N.C. Inti Ace. 72.9 77.3 +o3 212 

N.C. Sml. Co. FU [250.6 lioi| +03] 426 

4 oe Rothschild Sc Lowndes MgznL (a) 

jL3* SL Swi thins Lane. Ldn_ EC4. OI92643SO 

New CX Ex erupt J127.D U4*| ] 372 

Price on Jan. 17. Next dealhig Feb. IS. 

Rowan Unit Trust Bfagt. Ltd. 
"'tip** 9 * 1 City -Gale Hie, Finsbury Sq .ECS. 01-0001098 



Rowan Am Jaa. IS. 59* 615 .. , 

Rowan Hy J xc. 24 _ 1*35 171J +30^ 
Rowan Hi Jau IS- 53 9 5*1 .....J 

i Accum Units; 73.9 77.1 

Rura-Mria. Jan 23 714 75 J) +0.3 

(Accum. Units) P7-2 9L6j +lfl 


228 

3*0 

720 

7.20 

387 

3*7 


01 


-2477343 


tys Unicorn Ltd. UKfXRcJ 
i Hr* 2S2RosnIord Rd.E7. 01J343M4 


i America ._ f 




. iial 

mpt Tel —@84 
■a income ..1284 
”~ 1 - 

cral_ [305 

wth Aee_ — UB2 
wrsL.._..®* 

I A‘na TsL_ (134.9 



a at Dee. 3d. Next Mb. day Jan. SI 

over*. Htt 44 U +02 

steehind_Ill34 ISOM 

divide THUt|4S.l 48M +02 
Fdlnt..Zj£z MB -0.1 
urn. k5* 72.71 -02 


2.7V 

542 

3.42 

457 

3.90 

7.93 

4.98 

IS 

397 

IS 


Key Fund Managers Ltd. (sMg) 
CesmoooUtan Fend Managers. : =5,*Elt SL.EX2V8JE. 01-0007070. 

CnpthaU Are, London BC23tnX «*=? 7o| 4* 2 “ 

Caamopaln.GtbJ^d.(27.4 • 1&>| 1 tfi OKeyQterapc Fd. L pSa.4 1484 - 

Key Income Fuad-. [79 5 MJB +0.6 

Crescent Unit Tsi. Mgrs. Ltd. (a KgJ Key Fixed InLFd. .mi m2 ..... 

4MeWUeCiW,EcHnbnnha. 05M304BM KerSomUCo’. Pd.|*7 1 «*| +05| 

^ KteimwKt Benson Unit Manager^ 


Jtoy&l Tst. Can. Fd. Mgrs. Lid. 

M. Jnrnrrn f^rr+t. SW.l 01-8583S2 

(65.4 69.0 | 3.79 

Income Fd. |685 7234 -I 7.80 

Save & Prosper Group 
4. Great St. Helens. London EC3 P 3EP 
68-73 Qoceti SL Edinburgh £32 <NX 
Dealings l Sr. 01-564 8880 or 0S1223 7361 
Save & P ro s p er Securities Ltd.f 


4.93 
*50 
7.89 . 

U 09- OkPltaL 

658 LT.U._ 


4.93 

L97 

3H 


g Brothers A Co. Ltd.? (aKr) 

K-St 


184 

m [21 1- 4 25. 

Next Mb. cay Jan. 1 


3.91 

391 


Crra. High. 

Cm. Reserve* } 

Discrettonszy Unit Fund Managers 
3+. iUctnfleid SL. EC2M 7AL. 0I43844H 

Pira- Income (1583 158.91 J 515 

£. F. Winchester Fond Mngt Ltd. 
Old Jewry. ECS 
Great Wtacl»e*l« _ 

(JtWtach’er o-«eas(286 


=w 


^rahall SL.EC5 K^BSOO Iffl H ■CWSU«dtah«haBMa .Mi»l 

xTA. - iM n k tn iR-wm^ner ltkssiiaa I 


Univ. GrorUj__ [! 

o .^SS^S 4 

6K.B. UnitFd-Ac.__[i03.7 U2sl .“ j _ 

L & C Unit Trust Management Ltd.? income 

The Stock Eehange. EC2N IHP. 01-588 2800 VX. Fmads 

LhClnc Fd ItMO 13821 —1 733 UK Equity 144* 

L*C InU & Gen Fd .(873 89*| LSI 

01-0082187 Lawson Sees. Ltd. ?(aXc) 

732 83 George SL. EdlnbWSta 
53a gRaw. Material* B33 


*0. Fen church SL, EX13- 
KB Unit Fd. Inc. „ p.7 ? 


59.91-02] *37 


Ovenrax rWMd 

Europe 




X Accum. Unltu 0*1 

tFund Bfco 


Bnwao & Dudley Tst. Hagnut. ltd. „ „ _ 

SO. Arlington SL. SLff.1. M-WTSl 

p8gate Progressive Hgmt. Ca.? Ehwon Dudley Til. {632 735] 4 52* XAxmsncaB Fd. 19.8 

«®Sh?-ie?d l ^!Z.7. §9* 

"< Accum. Halts) ... £7.4 . . 

Deal. 7*1 on. Tues. ttWed. tthura. 


IT* 

38 


01SB89S80 


m 


spicate. EC2. 

T.-Jon 10. .1265 9 
■4i “.'an. 10. ..Q95 l 9 
. 1 at Jot. 17-U532 
tJjgn I7._IP*79 173.71 - — I 

.Sent sub day Jan. 3L •■Jan 24- 


•fi Fuad Managera?(aMcl 
.'lIKnmSt , EC4RPAR 01-C348SI 


3*3 

)» 

826 

£26 


I36N 
345 

«.« TIvO 

6*t +43) 
375 M 

ZL4 

223 
543 
735 



Eqnltas Sect LCd.?(aKg) 

41 BisbopTgale. ECS 01-9883831 

Frogreolvc |U2 66.71 +02) *27 

lapii & General l^ndaU Fund? 

g^slty 4 Law Un. Tr. BL? (aK bXc) mcanyngc Road. Bristol. 027232241 

Amershan Rd. HchWyctanbe. MMSSK7 MaJan.12... _.{562 59 4( .j 4 92 


Financial Secs. — | 

pf ^ .T W iif .Biin PtoyJl 

Select Intern aL — j|ZL2 


Select Income 

I UJO ScotbHs Securities Ltd.? 
**Fh. 


SctXbitx. _ 
Scotyield,_ 
ScoUhares. 


Equity * Law (640 



iitlinjflf Pcilhl ‘Tow. iO'cd. 

nsla Trust ManagcweaKaKg) 
den Wall Bull diner. London Wall. 

« ECU SQL 


*81 
IS 

578 

J+J IncemeTsL 


6731-021 421 (Accum UniUI^— ifa* 

" ?xt xubTday Fob. 



Next 

Leonine AdadridnUn lid. 




„„ ilnsorpomiag Trldeoi Trust!) 
01-4395081 !40,SoirthS«et.Dorklnc. 


Fnsdlngtxs Unit Mgt- Ud- W 

6-7. Ire Innd Yard. EC43 SDH. OI-NSflWI n«iki»9t | m j— wimiup 

Capial TK pN8 11**J — J •* Dtihc St.. LqtuJon W1M8IP. 

income Tl t Gj* lg.8 ....J *5 

Lot Groo-U; Fd Kg* i JJJ ... - -- . 

- r* 6 1 149 Lloyds Bfc. Unit Tst. Mngn. Ltd.? (a) gS 

ReglrfraFs Depu Gnrfsg-hy-Sen. ExiralntTa 

Worthing. West Sauce 01-8231288 lacoue DisL-.. 


Scot Ex.Gth*0___Q»?5 

ScotEx. Vd -« _&M3 , ...... 

‘Idea at Dec. 28L Next xnb. day Jan. II. 

Scbleainger Trust Mngrs. Ltd. (aKs) 


5.1* 

4*5 


<0308188441 


Am Btcwnt* 

Growth . 


* i * 


• l ‘ 

. i 


il Ace . _.. 

i * Znd 

■kilty 

stie 

fncoiiK'T-.'."! 
a.Tf — 
icirlSra — 

* General .. 
lx — — 

■ GrfMvlh 
— Gwath . 

a r«-*har<-« Uj * 
ml' . . . 

.Hip nine.. ._. 

‘ I»p - 



717 

53* 

+01 

+01 

ss 

5784 

752 


336 

425 

-01 

997 

104 9 

♦03 

397 

437 

+02 

169 

181 

♦S- 2 

b? 3 

723b! 

-05 

450 

H31 

+0.9 

790 

Mf 

-04 

721 

Tt: 

-0? 

t'.l 6 

5F-S 

+07 

«6 

eara 

-01 

367 

39.-: 

+0.4 

U7 9 

*3.7 



5*1 fc 

+0.2 

[Sa 

293 

... . 


403 

4.14 

5.65 

373 

T56 

913 

49S 

4C5 

277 

tu 

30 

371 

383 

al? 

42S 

195 


Friends' ProvdL Unit Tr. Mgrtk? 

(008 5095 

45.0 1 427 

57 


Firs i Gained, i GO* 

Do (Aecum.1 |6ft6 


G.T. Unit Managers Ltd.? 
18 FI no bury drtiia BC3f TDD 

G T Cap Inc 

Do Aec — - 

u T lac Fd Un- - 

GT I'.SiGcn. 

G.T. Japan A Uca_ 
4GLFcca.Ex.Fd..- 
G.T. IM'l. Fbad 
CTTnourYiLFd.- 

?G. & A. Trust (a) (g) 

5. Rny Irish Hd, Bre n t w ood 
G 4 A. pit 



seewd i cap i zz.&'j 

Do. < Accum. i S95 

Tltirdiloconici .... 80.7 

Dijmani Do. i Accum. j loftir 

01-038 8m gwirt^ & , nc .,__ lsv.4 


54 4j -0^ 

63.7 
0*7 
13*4 
*31 
707 


413 

4.10 

351 

351 

5*3 

5.18 

727 

727 


Lloyd's Life Unit Tst. Mngr*. Ltd. 


Inc I3%WdrwL 

Intni Growth 

Inv. Tst I'nita.. 

Market Leaders 

•Nil Yield- 

PteT *GiKTraSt — 
Property Share* — E7.4 

Special SiLTK- p.7 

l it Grth. Accum S 9 
rKGrfhDIsL —119.4 



Arbulhnot Securities iC.I. 

i PC Rov 284. SLllelier. Jersey. 


Gap T>t (Jersey < - 1121 B 125 4 330 

Next dealing date Jon. 34. 
Eart*lnUT*LK-t» 11050 11201 ...-J 3J 

New suh. Jen. 20. • 

Australian Selection Fuad NT 

Market Opportunities, r.o ln*h Young & 
■liuthwalltu 127. Kent SI . Sydney. 

I’SSl Shares .. . |Sl Slid - j _ 


Limited First Viking Commodity Trusts 
0M472177 fi. Si Georfle'xRl .noucliw. loM 


l ®t 4681. Ldn. Art' DunW * Co, Ltd. 

- r * Tall Mall, Loudon SWI7SJ1L 0IB307BS7 

Fa Vik.rm.TaL. )»3 42*1 .1 650 

Kf4.Vk.Db! rip TEt .jBS 0 900| J 0* 

Fleming Japan Fund S.A. 

37. roe None-llair. Lunemheun; 

FT mg. Jan n 1 .SUS3761 [ [ _ 

Free World Fund Ltd. 

Butterfield Bldg, Hamilton. Bermuda. 

NAY Dee. 30 --| SUS164.95 | .] — 

G.T. Management Ltd. Ldn. Agta. 
Pork Hm-. 10 Fln'hury Cirrus. London EC2. 
Tel. 01-6=8 0131 — ' 


King & Shaxson Mgrs. . Schlesinger International Mngi. Ltd. 

1 ChariiK Cm. St. Helier. jancv. . . «. 1-aMoneSL. St. Heller, Jersey. 003473588. 

OTEilssiBahf-f KJ.trzr^.-Ko JSS -a « 


Z-\ 1D.75 

FlrBLSterllng.7 .".Ijs.lQ 15*71 — 

Pint lull 151-3775 177i«| - 


TCJI..11D 

cm-mmii.nM.i_ D1740 

IwtL Gort-.Seca. Ttt. 


Gilt Fd. — , 

lml Fd Jersey [i 

Inlnl.FH.ljtmhre — 1< 


Klein wort Benson I Mm i led 

20. Fencharrh Si . E03 


TLX: .886100 
.Itauiieanl lnrminllimiil Ltd. 
r<o Bk. ol Bermuda Front SL. Hkioltn. Bmda 

Anchor -B- Units.-. [STS* 77 ORri I 200 

Anchor InL Fd PL'SJTS 39«d 1 2-®3 

G.T. Bermuda Lid. 

Bk. of Bermuda. Front St . Hamlin.. Bmda. 

Beroy Pjr F. 1 S37JJ I I 1.0B 

STSbuO -LB ,_.J 0.78 


Eurinmt Lax. F. 
Guernsey Inc— _ 

Do. Accum. 

KB Far Bast Fd. 

KBIiMI. Fund. 

KB Japan Fund 

K-B US Gwzb Fd.. 

Signet Bermuda 

•V-nllondsiDMi ... 


W , “M 

SUS9 55 
S US 10 54 
SUS25 53 
S10 71 
SUS4J0 
11845 19 401 


+006 

+002 


4.94 
423 
*23 
1.47 
1.90 
0 63 

r» 

Bib 


Net auci value Jan 
Banqne Bruxelles Lambert 
=. Rue de la Regcncc B ICO) Brussels 
Renta Fund LF |L95B 20191 +1| 827 

Bk. of London & S. America Ltd. 

4000. Queen Vie buys SI. El 4 01-030=313 

Alexander Food.....l SUK5 89 I .| — 

Net asset value Jan. 10. 

Barclays Unicorn InL iCh. Is.l Ltd. 
l.CbanocCron.SL Helier. Jrey. 053473741 
Overseas Income — [51 2 SSJtd +021 9.73 Bem-ParF 
L'uj dollar Ttlist — (JCSHOI 4.6* CTSFcL " 

'Subject to fee and wlUiboUU&c taxes _ _ 

■y.hT. Uyhy. I«L n. O. ton, Rd.. H .« *», 

1 Thomas SL, Douglas. 1 .o*L oeSAtetG GT .AsloF. I5MK7Z1 7j« I 200 7 Rue du Rhone. PO Box 1TB. |2J| Geneva 11 

13».B 4LM I 220 G.T. Bond Fund — | $USU-9»n+»0S| 520 Uoyds InL Growth .|5f7*50 3U«] J 120 

— G.T. Management (Jersey) Ltd. 

IJ2 Royal TsL.Hae-Cetombarta.SL Heller. Jersey M & G Gronn 
3X G T. Asia Sterling— 100:72 U28| A LH ^ 


Schroder Life Group 
01-Om 0000 Enterprise House. Portsmouth. 


mn.9 

108 41 

U2B 

1200 

140 7 

149.6 

1017 

1081 

1213 

1290 

107 7 

1145 


Unicorn AusL ESrl 

Do. Auel Min- 


im 


Do. Gra-.PacHlc. — 1546 


Do. InU- Income — 

Do. l.of JUnTsL — taft 
Do. Manx Mutual —1225 



KB act as London paying acents only 

Lloyds Bk. (C.I.J V/T Mgrs. 

P.O Bos 1H.SL Heller, Jersey. 033427561 

Lloyds Tst trsens... |47.2 49.6) -4 323 

Next dealing date Feb. t9. 

Lloyds International Mgnmt SA. 

7 Rue du Rhone. PO Box 17V. mi Geneva II 

Uoyda InL Growth. |5F24t50 JUSSI I 120 

Uoyds lot Income. lSf3K» JUSB) I *30 


1 

t Equity 
Sfvquil 


{Managed ... . . 
SManaged 


J. Henry Schroder Wagg & Co. Ul 
120. Chen purle.E.t'2 01-5834000 

Cheap 5 Jan. 20 

Trailgar Dec 
Aslan Fd Jon 
Darling Fnd. 

Japan rd Jar 



370 

520 


Singer & Fried lander Ldn. Agents 

90, Cannon SL, EC4. 01-2480848 

Pekafondx I DM26 76 78201 I 7.80 

ToVyn TtL Dec. 29 _ | SUS2916 [ 206 


Bishopsgate Commodity Ser. Ltd. 31.33. Le PoUeL 0481-36288 

P.O. Box 42. Douglas, 1 o.M. 0634-23011 Berry PacStrtg..-- 1194.00 209 041.. 

ARM AC- Jan. 3 1 SVS2619 I j - AmrhorCUt B&M-.gaB + 

CANRHO** Jan.3_| L1331 j — Anchor InJsy.Tst .P2J 23*4 - - 

COUXT-Jon.3 [ £2281 [....4 - 

Originally mailed ai *;io and rCUKL 


Three Quays. Tower HU I EC3R BBQ. 01-620 4588 


Atlantic El Jan. 171 


fn:S247 


AuxL Ex- Jan. 18 51)0.71 

Gold Ex- Jml 18 ._ . SVS978 

Island 1U4 

(Accum UniUu 


155.7 



Bridge Management Ltd. 

P.O. Box 508. Grand Cat-man. Cayman Is. 

N-bashi JatL3._-.-l V72.M7 | | _ 


Gartx&ore Invest. Ltd. Ldn. Agts- 

S. SL Miry Axe. London. EO 01-2833531 Samoel Montagu Ldn. Agts. 


053473879 
1.45 


9330 

9330 


Surinvest (Jersey) Ltd. Ixl 

p O Box 98. Sl Heller. Jersey. 
American IniTrt 

Copper Trust 

jap. Index Tsl - 


Surinvest Trust Manngers Ltd. tx) 

48. Athol Street. Imuelas. LoM. 0624 23914 


(LTeI . C678 *92 +021 1.4 

t U0 10 10JM-0JI7 — 

n . — |£8 43 8*0 -0.01 — 


Gaitmore Fund MngL l Fir ball Lid. 


1 14. Old Broad SL. ECJL 


1803 Hutchison Hs e. 10 Harccmit.Bd. R-Kon^ Apollo Fd. Jan. 1B-ISF4S.40 


01-5886464 The Silver Tnu* _ . 


0.92 


GJ>.D. Box 300, 3nnr Kong 

Nippeo F7L JML lygg^BBI —J 

Britannia Tst Mngmt. (CD Ltd. 

30 Bath SL. SL Heller. Jersey 

Growth Invest (32 9 35. , 

lutal. Fd. 65.9ri . — LOO 

Jersey Euem' T»L. 1139.7 151 Oni I 130 

UbjvsL Dlr.TSt tt5-23 5^1 ..... _ 

UoJvsl.STSLStc_-.p-J0 Z42| L00 

Value Jan. 30. Next dealing Jau. 30. 

Butterfield Management Co. Ltd. 

P.O. Box 1*0. Hamilton. Benncda. 

Buttress Equity — tt.03 196] -...J 229 

Buttress I Dcomo_P20 l.nj 7.49 

Pnees at Jan. 9. Nest sub. day Pen. 8. 

Capital International S.A. 

37 roe Notre- Dame, Luxembourg. 

Capita] InL Ftrod— | SUS1523 [+0J&) — 

CbartcrhOBfiC Japhet 
l.PatcnMsUB Row.EC4 

5*6 


Joptet Dee. 31 5HK2W 

117 Grp. Jan. 18... a"SltJt 
117 Jersey Dee. 31- £4.60 
1 rrinorO w*sDe31 . £10.02 


169. Hope SL, Glasgow. C2. 
•Hope St. Fd — _ _..| SUS27JI 

■Murray Fund- SUS3.99 

•NAV Jan. IS. 



HE* Foe. U. Til 

Japan Fd __ 

N. AmerieanTat — I5US9J0 

IntL Bond Fund IsCfiUa 

Gartmere lavestaeal MngL Ltd. 

^ _ P.a 30X32. DouglxvioM. • • t»24 23811 M array, Johnstone (lnv. Adviser) 

0534 73114 International IPC..IZL4 Z2M 1 1130 

—I 4.40 DO Growth. P42 5L3M J 531 

Hambre Pacific Fnnd Mgmt. Ltd. 

2110. Conmughl Centre, Hong Kong 
Far Bast Jan. IB.. — [928 9.791 — 

japan Fond JIUS161 592} ( — 


Richmond Bond 97 

Da. Evergreen. 

Do. Platinum Bd . . 
Do. Gold Bd. 


97.6 
1928 
239.4 

98.7 
955 


99 9 +031 — 
702 9 -0 5 9*3 

2522 -0 8 800 

103.9 +14 — 

1905 +05 — 


Negit SJL 

!0a Boulevard Royal. Laxemboorx 
NAV Jan. 20 | 5US9.94 | *8201 — 


Hambros 1 Guernsey) Ltd J 
Hambro Fund Mgrs. (C.L) Ltd. 

P.O. Box 8B, Guernsey (H81-2BC1 JVeglt Ltd. 

SnS 1 X i ^S . cj rauH — \ «vi Bank el Bermuda Bldgs . Hamilton. Bnnda. 

SLE.S&rrr.KwSf °lo NAV Jan. 13 1 L354 |. [ - 

InL Savings ‘A’ E;saw US *00 

ihl Sanngs 'B’— .KCM98 ES( ..... [ 250 Old Court Fond Mngrs. Ltd- 

Prieos on Jan. IB. Next dealing Jan. 2* p.p. 88. SL Julians CL. Guernsey. 04BJ28331 

Henderson Baring Fluid Mgrs. Ltd. Etu5.Pec.30 1496 5251 1 ?58 


Adiropa- — 
Adi verba. 
Feadak 


TOnd ix — 

Emperor Fund. 
H type no 


DMM20 

DJK7B 

31*0 

5830 

-0JJ) 

pmTii 

sua 

+9.10 

DN2B30 

no 


BSM 

292 


SL'SMB 

<7.06 



537 

622 


Japan Pd. . 


.123.1 


ML45J .—J — 
Jan. 25. 


TSB Unit Trust Managers (C.I.I Ltd. 

Bagatelle Rd .SL Saviour. Jersey. 0584 73484 

D41-221 5521 Jersey Fund .. . _. W3 9 4*2al I 4.16 

Guernsey Fund -....J43.9 462m| . .. | 4 J6 

Prices on Jan. 18. Next Mb day Jon. 25. 

Tokyo Pacific Holdings N.V. 

Intlmis Mnnagement Co. N.V.. Curacao. 

NAV per share Jan. 1* 5U 54094. 

Tokyo Pacific Hldgs. (Seaboard) N.T. 

Iplimis Management Co. N.V.. Curacao. 

NAV per shore Jan. 16. SUS2BBS. 

Tyndall Group 

P.O. Box 1256 Hamilton &, Bermuda, 2-2760 * 

Overseas Jan. IS. — |£L'54.98 l83rf | 6*8 

lAccam. Unitsi — ISl'SUl 
3-Why InL Dec. 22 . r" 


tPrice op Jan. 23. Next dealing 


Corahill Ins. (Guernsey) Ltd. 

P.O. Bos lsi, SL Peter Port, Guernsey 

IntnL Man. Fd. [163.0 1775). 1 — 

Delta Group * * 

P.O. Box 3012. Nassau, Bahamas. 

Delta lnv. Jan. 17— (S20 L26| 1 — 

DeotschcT InvestmenuTrost 

Posttacb 2683 Bmbergjase B- 10 W00 FronkfurL po box 194. Royal TsLHse^ Jeroey0534 27441 28 Irish Town, Gibraltar. 


Pnees on Jan. 1L Next dealing date 

6*7 HUl-Samnel & Co. (Goernsey) Ltd. 

— 8 LeFebvre SL. Peter Port Guernsey, CX 

Guernsey Tax. (153.9 164 J[ -0.4) 351 

Hill Samnel Overseas Fnnd &A. 

37. Rue Notre- Daroe. Luxembourg 

tSUSLM 16J^+O.OLj — ... , 

Internationa] Pacific ItrjL MngL Ltd. S. ^f^Guemsey. 

W Box R237, 96. Pitt SL Sydney. AosL 
Javelin EqulijTaL.lSl** 221^+0*21 — 

J.E.T. Managers (Jersey) Ltd. 


_J 6.43 


2 New SL. St Helier. Jersey 
£6 15 


Inc.Fd.jML3 159.5 169 

Inti. Fd. Jan. 16 B02 85 . , 

Sm.Co.FX Dec-30 _ [14 Z-5 1515] J 303 

TOFSLJan. 18 

Old Conrt Commodity Fd. Mgrs. Ltd. lAceum-Sbaresi — 
P.O. Box 58, Sl Julian’s Cl Guernsey 048] 26741 

OJ1 Comd»Tst*.. |1254 132.91 1 1.71 

O.C. Dili. Cm. Tsl 1524.99 25ifi|-0.4il — 

-PrlrM on Jan. 13 Next dealing Jan. 31. 


05343733113 


TASOFJan. 18 . .. 
lArenm Shares)... . 
Jersey Fd. Jan. 18. _ 
iNon-J. Aee. Uis.» ... 
Gill Fd. Jan 


Feb. 7. (Accuni Shores)...! 


655a 
1005 
795 
795 

117.6 

143! 


6*0 


7.08 
1820 - 


Inter- Dollar Fund, (51)5202 2.08) | — 


Concentra KBQfiU J - 

InL Reetonfonds — [UI732B 7550) 1 — 

Dreyfns intercontinental lnv. Fd. 

P.O. Bos N3112. Nassau. Bahamas. 

AV Jan. 19 [JES197 1203) 1 - jardlneEsto.T*L.- 

Bmson & Dudley TsLHgLJrsyXtd. i'EP: F * t *1 

P.O. Box 73. SL Heller. Jersey. 053420301 jSSSpEpTlSi: 

EJJXC.T. 0135 12S 9| _....[ - Jardlne FTemlrtT.. 


F. ft C. Mgmt Ltd. lnv. Advisers 

1-2. Laurence Pocnttmy Kill EC4BOBA. 
mm 468O 

CeaL Fd. Jan. U _| SUS404 | J - 

Fidelity Mgmt & Res. (Bda.) Ltd. 
P.O. Box 670, HntaCton. Bermuda. 


Jersey Extra l TsL_. Q13.0 138 *) . — ( - 

As at Dae. 30. Not sub. day Jan. 3L 

Jgrdine Fleming ft Co. Ltd. 

40ib Floor, Gonnanght Centre. Hong Song 
3HK2U 39W 
5HS267.49 
rasix34 
ST1S10.4M 
SHK89M 

Equivalent S0S58*2. 


Property Growth Overseas Ltd. 

I Gita) 6108 

UA. Dollar Fund -.1 5DS90J6 I .1 — 

Sterling Fund [ £12901 | J — 

Royal Trust (Cl) Fd. MgL Ltd. ' 

P.O. Box IM. Royal TSL Hse^ Joroer. 053427441 
9«2l I 3.00 

m .-J 321 


5-« B-T. Int’LFd. UC59M 

AT. IM'L iJxjli Fd..|ai 

350 


Fidelity Am. Axs — | 
Fidelity InL Final- 
Fidelity Pae. F d — 
Fidelity Wrld Fd — 
Fidelity Ster. Fds._ 
SeriesAdxUnL) — 
Series B (pBciSci— . 
SerUrf D (AnLAsiUt 


SISI955 
SV518 07 
$1537 80 
SL'Sll.99 

£3*4 

£5*9 

□2.59 


-o.od 


NAV Jan. 14. 

Next Cub. Jan 3L 

Kemp-Gee Management Jersey Ltd. 

L Charing Croas. SL Heller. Jmey. 0534 73TU 
Kemp-Goe Capital .183* 8*0 ,_..J ~ 

Kemp-Gee Income . |66J. 68^ 8.70 

Keyselex MngL Jersey Ltd. 

PO Bax 98. Sc HelJer. Jersey. lEaq01-eoe 7070) 

Foaselex FVJJ66 1*»51 +27) 

Keyselex IntL £SM 622 

Keyselex Europe... £3*4 4-25 

Japan Gtb. Fnnd— 2008 ZL60 

Keyselex J span -- D-82 854 

Cool Asset* Cap _.) £13929 


Prices at Jan. 13. Next dealing Fab. 15 

Save ft Prosper International 
Dealing toe 

37 Broad SL.SL Heller. Jersey 053420391 

U-S. DaOardeaaodnaled Foods 


Dir. Fad. InL 


19-29 


InternaLGr.t f*lO 


Fsr Easterns ... 


North American . pJ9^ 


3254 


Sepro**t 

B ^Hft ni f-iirapmHufTi i T Funds 
3*0 Channel CapltAl4_gl7* 2 .. 
4*2 Channel Islands*— 147* 135. 

3*8 Commodity**** 12L7 12 

— StFxXlnL—t 122.7 129. 

— Prices on "Jan. 24. **JatL 17. 
+0*7) — JWeekly Dealings: 



£9 55 
75.0 
75.0 
1902 
261* 

1154 

... ,141.4 . . 

Victor)- Hse., Douglas, Isle of Man 0824302* 
MngXFd. Dee *3... |125* 132*) | — - 

Utd. IntnL HngmnL IC.I.) Ltd. 

14. Mulcaster Street, SL Heller. Jersey. 

UJ3 Fund I SUS100 1 J 82S 

United States TsL IntL Adv. Co. 

14. Rue Aldrlnger, Luxembourg. , 

\1*. TsL lnv. Fad. - I SDS9A0 1-0*11 0.96. 
Net asset Jan. 20. 

S. G. Warburg & Co. Ltd. 

30, Gresham Street, ECC. 01-0004533 

CnvXd-FX Jan*0 - 1 SUS927 I _....! - 
Engy.lnLJan.20_ 5CS1546 +0M — 

Gr&3Fd-Dec31 SUS*5B J ZZ] — . 
MerEnr.FdJen.18 tSC»52 HJCj | _ 

Werbnrg Invest. MngL Jrsy. Ltd. 

1. Charing Cross, SL Heller, Jsy- Cl 053473743 

CMFLtd. Dec. 3 BCSRU 11« 

CMlU*LDcc33 E1V55 lUffi 

Metals TsL Jan. Jfl-KXL17 U.Mj 

TMTJan. 12 Bratl U* 

TMTLULJnn. 12 {£879 9 02j 

World Wide Growth Management? 
I0n. Boulevard Royal, Luxembourg. 
Worldwide Gtb Fd] 5USI2.73 1-0*3) — 


■Next sab J at 28- 


7B8D. Gatehouse Rd, Aylesbury. 0385841 ^ ^ 

Eqmt) *cnun. ... |M£9 1504) | *26 J. Henry Schroder Wagg ft Co. Ltd.? 


M ft G Groap? (rXcfe) 

Throe Utiays. Tewer Olll. EC3R BBQ. 01836 4588 
See also Stack Exchange Dealings. 


CLIVE INVESTMENTS LIMITED 
R0y.1l Exchange Ave„ London ECSV 3LL 7 . Tel.: 01-2SS 1101 
JfS Guide as a l lllh January, 1S7S (Base 100 at 24.1.77.) 

Clive Fixed Intorc.'i Casual 13-1.97 

Clive Fixed Intpre.«t Income 127.53 


(0277122730* Anirricsn.-. , 
nqj xqm act cAcnun. Lniti) — .. 
».9|+o*i AuatimU-ail q> 

i Accum Valid)—.... 48.6 
commodity — — . UJ 

(Arcum. 1'iuU) 673 

Com pound Growth. 982 
Cor version Growth <u 

Dividend U».l 

■ Arrum UcJBj 2198 

European— — — )46 


cnr.M. INDEX: Close 4 W-IS 0 4*6-191 N/T 


:^f UKAMCE BASE RATES 

I'raperty Urowtli Si*o 

r.uQnrui Aitfurance 4i f p 

tfinr.-p indrr lnniran«>! odd Proooriy Band Tablt*. 


BASE LENDING RATES 


Bank 

lied Iriah Darks Ltd. 
wricati Express Bk. 

iru Rank 

P Bank L(d 

nr> - Anshacher 

ncu de Bilbao 

ik v'f Creriil S: C.TRW.V 

ih of Cyprus 

1ft nf VS W 

uiiie Fel^e Ltd 

mile f-u Rhone 

■ch.’s Bank 

licit i:bn;-:ie Ltd.... 
fip.ir Hold if 2* Ltd. 

1. B:mk of Mid. East 

•vn SJiiptey 

:ada remunent AFI 
•riot C ft C Fin. Lid- 

sft Ltd 

!ar Hold'nes 

' 'iie chouse Japhet... 

?m. rnases ... . _ 

snlidntw! Crnlsls... 
tpi*-:iiivn linnk ...* 
inihian Srpitritips .. 

I.vn'inai^ 

Cyprus Popular Bk. 

;pnn T.at.vrie ? 

il True) 

ii:h Transront. ... 

\ t.nridt\n See!?. ... 

•t Nat. Fin Cnrpn. 
t NaL Secs Ltd. .. 

«ny Gibbs 

dc* Durr ant Trust 
vhound timiranty.. 

idhys nink f 6^«V, 

•incss Mahon 6’% 

»br.*s Bank 6J°6 


Gi<V. 

6J% 

64^ 

6!% 

61% 

61% 

65^. 

W n 
6} 'a 
6! ?:» 
6} p ii 
7 «R 
6^. 
S-rT, 

7 1 °.*i 

Bi-Ti 
6:°T, 
6irr, 
5 % 

7 

8 % 
64% 
73"o 
7 »'V 
61% 
61% 
6 J -% 

PJO; . 

R3%‘ 
S % 
6»% 
9 % 

S % 
6»% 
7:% 
6iw- 


I Hill Samuel 
C. Hoarc & 


§ 6i% 

Co t 6i% 


Julian S. Undue 
Honykonq ft Shanghai 
industrial B!c of Scot. 

Key ser Ulimann 

Knuivsiey & Cu. Ltd-... 

Uoyds Bank 

London ft European... 
London Mercantile ... 

Midland Bonk 

C Samuel Montagu 

B Morgan Grenfell 

National Westminster 
■ Norwich General Trust 
P. S. Rcfson ft Co. ... 
Ressminster Accopfcs 
Royal Bk Canada Trust 
Schlcsinser Limited ... 

E. S. Schwab 

Security Trust Co. Ltd. 

Stanley Trust 

Standard Chartered ... 

Trade Dev. Bank 

Trustee Savings Bank 
Twentieth Century Bk- 
United Bank of Kuwait 
Whites way Laid! aw ... 
Williams & Giya's ... 
Yorkshire Bank 

•be Accept injt 


7 % 
6i% 
9 % 
6.'.% 
Sj% 
6j% 
64% 
6:% 
6i°S 
6J% 
6J% 

6j% 

64 % 
6}% 
7 % 
82% 
7»% 

91% 

63 % 

6i% 

6 }% 

71% 

64% 
7 % 
6i% 
64% 

Bouses 


f 7-.uy tfeptMiw t 
ami Uiricr 31. 


9 SJcaibcrs of 
Coauum+o 
• 7-day drposns 3*-. i-moaih deposits 

:T, 

on suius of £iu*ao 
up to fl+.GEU sr; 
amt over rs**fld 41 1 . 

1 Call dr-pojyvs over I1.BC8 3*1. 

► it- mam! dcpasltu 4%. 

” K-'r also appUci to SlcrlinK lad. 
S(*.*s. 

■; i-ilav drroxlis "!“> Hairs lor Term 
Oi posits over Xl.OCO negotiable. 


3Fhe war that never ends 

. Wo British are a peaceful people. When a war is 
over ivl- like to con-j^nil to the history' books -and 
forest il. 

Uut lor sonic the wars live on. TIw disabled from 
bt-!<i World Wars and from loner eutrtpai”ns now all 
ion easily forcoiicn; (he widows, the orphans and the 
cliililrcn -for shem Unit w ar lives on, every day and 
all day. 

Jn many rases, cf cPurae. liwrc is help from a 
pension. Uui there is a limit to wliat any Gov'cmmcni 

IXYariincut can do. 

This is where Army Bcneudence steps in. w ith 
tinderM.it) Jinj:. Wilh a u?nxe oruT^ency . . . and with 
pmeneal. jjnr.iKi.il help. 

To us il is a pri viiefc to help ilwse brave men - and 
women, too. Please w ill you help us lo do more? We 
must not let our soldiers dow n. 

The Araiy Benevolent Fund 

for soldiers. c\-soWiers and their families in distress 
Dept, rr, Duke of York’s HO, l.ondon SW 3 dSP 



i Accum I'xkil, 
Extra Y|rid_ 


i Accum. Unltai S?4 

Far Eoxcro.- B73 

I Accum. UnlUi M5 

FUDdoflsv.ltaU — J56 8 

i Accum Dnitxi MB l 

General [1582 


Accum I nitaJ.. 241 6 

High Income OOC.D 

■Accum Units! 1627 

Japan Income 116 J 

I Accum. Unitrt^ 1165 

MocmuB ua.a 

IAccum.Unltt)_. as.9 

Midland—,.. 15*6 

(Accum. Units)... — 253 9 

Recovery — RJ 

I Accum Units) 79.9. 

Second Gen — — 162A 
iAnw-TSmi — 2423 
Special gS0« 


(Accum Colts! gS* 

Specialised Ftaads 

Trustee ,11420 149! 

(Accum Units) 267.7 232. < 

Chan bond Jan. n. U9J 

rhxnfd Jin. 17. 143* XOU 

I Accum. Units) 1717 1743 

Feoi Ex.Jan.23__ Q4d6 1314 



130. Chcnpside. Efi 
CnpiUl J&a. 17 w — 94 0 

i Accum.) 133 0 

lncmce Jan. IT 1735 

(Accum. Units) 32J 

General Jan. 1£ 76.1 

(Accum. Units) *3* 

Europe 12 — — 2+2 
CACccm. Units! __ 2S5 
•PD Thy Dec. 30 — 17L9 
•SpcrlEx.Jta-31- 016 
■RxcomTJ3c.il [US* 


1£& . 

• tax exezcp: lands only 

Jg Scottish Equitable Pud. Mgrs. Ltd.? 
3.60 SS5L Andrews Sq-Hflaborgh 031-5580101 

8M Income falls j99.1 52N J 5*8 

AM AfcsanUnta JS-1 W7j ...J 5 JO 

333 Dceliag day ■Kedcxsdcr. 

4.45 Sebsg Unit T«L Managers Ltd.? fsJ 

PO Box 511. BdIbTy.Hse_E.CX 01=3S50?J 
Schog Capita! Fd -[33* ».g +0.2J XM 


ScDsg Income Pd. _J30.4 


7.72 


+2.7 


Security Sclcctl cn Ltd. 

15-1BL Lasecto'i Inn Fields, WC2 01-831038-0. 
424 Uo«lGthT*l Acr-®5 253J .._} JW 

*24 V«*IOttaTttl*.-&7 Jtlid --1 3J9 

‘ gj Slrtmrt Unit Tst. Managers Lid. ia> 
445 45. Charlotte Sq .Ediahcrgh. 03132033?: 
4® stxwan American Fnnd 

StocdordUmu (537 57.11 . — J 175 

Accum. L nils 157.8 61 W 

Withdrawn) Units -1*42 Q\ 

Stewart SrIUah Capital Fund 

•Slnada.'d 028 5 

Accum. Units - IU51 

ujb San Alliance Fund MngL Ltd 

Sua AlUcscc Hse , Hcrsbao. 0*3384141 

iS ExpEgTUJanll ECUSO 2UW ..J «J6 
snx — t-^3*-+lr Fd 183 6 9*5+32; 3.75 


Elz 

Wlrd l 70 


TTBeFi 

Target TsL Mngrs. Ltd.? (2J(g) 

Dealing 02085011 
349) +*.6( 4.40 


Mannlife Mana geme nt Ltd. 

sa. George's Way. Stcceoage. 043856101 — r _. h _c, 

Cro.lh BB5 m -J « SSSfg, 

Mayflower M a n age m ent Co. Ltd. Target Financial. -[597 
14,18 Crrahom St, EC7V7AU. 01*088080 ?St2 Sj£"i» .^73 

Income J«n. 11 0862 2117] I 791 *cwa^uSs __ g74 9 

General Jon. U }714 7521 - -1 573 TcgeCX jui 7 

Mercury Rod Managers Ltd. 


M» -0 2[ 

ZS 4 B 71 

28* 7i J 

128.1 -071 

3i3-0-T; 


30. Gresham St- BC2T 2EB. 
Saxre Geo. Jan. 18 -07*3 
Act Utx-jan 18 — 5252 
Mrrc.Int Jan.l8-.Si 


Accra (Tx.Jic .1R (59 7 

Merc^pUaBtaS-Jop.* 


.20- 
'.20.(2362 


Accum. I 

Midland **■«* Group 

Unit Trust Managers Ltd.? (a) 

Court wood House, Silver Street Head. 


Sheffield. SI 3RD. 
CoitimodllyACm. 

TVi Accum ... 

drouth . . 


Do. Accum. 

Income — — . _ 

Do. Accum [56.1 

InteraaUaanl (39 7 

Do Acrum. [*20 

High VleW : p7 

Do Accum .X8U 

FqaiD Exempt* _ 

Ho Accum* 1RJ7 8 


01-8004555 Do Heim- Ucfts - {28* 

‘ A£3 Targe-. lav SS2 

Target Pr Jos. )S. [1555 

Tgt Inc 1201 

CoyiS'Groith Fd _ P90 

Target Tst. Mgrs. (Scotland) (aMb) 

18. Ailtol Cre tcerX Ecta.X C3J220832- T 

Target Cagle 1224 2*1*1 -021 142 

Target TtaSilc - ^0J <J7! -D^ 578 


45J 

1.48 
1*8 
448 

4.48 


Tcl.OrC 78842 Extra Income Fd 1 (60* 


il- 


04 

SQ 
6*1 
601 
3.ZS 
4 69 
21S 
22 * 
3» 
428 

a® 

1929 

399 


*5.< -02j 975 


INSURANCE, PROPERTY, BONDS 


Abbey Life Assurance Co. Ltd. Crusader Insurance Co. Ltd. ’ M ft G Gronp? 

1-3 a. Paul'* Churchyard. ECA 01-2480111 Vincula House. Tower PL. EC3. 01-8388031 Throe Qnrfx. Tower HDI BC3R 6BQ 01-838 4588 


EqaitjrFnnd. 
Equity Ace.,. 
Property Fd. 


ns-7 


Property Ac?..,.. W45 

Selectivt Fund (£32 

Convertible Fund - 127 5 

OMooer Fund 118 b 

Pens. Property 262? 

Pens. Selective 782 

Pens. Secuxu? 1312 

Pens. Managed *67.7 

POUX Eqotrv — » 1502 

TPrupTFd.Ser.4 — 119* 

UBuAjl Fd. Ser. 4 1272 

VEqiutrFd £er.4_ 31.9 
*ConT\7d Ser. 4 — L39* 
VNoney Fd. Ser. 4... 1072 
Priees at Jan. 17 


3*1] 

304 

14*0 

134* 
1249 
1785 
82.4 
1382 
17 Li 
1582 
125. S 
153.9 
33 6 
11A£ 
1329 


GLiL Proa Jxn_X — -165* _ 729| | - Pern Pension— .._p04* 

Eagle Star loBur /Midland Ass. Cobt. Deposit- — m.o 

1. Threadncedle St_ TO. 01-588 1212 |2^?Z,^3£C 12fc7 ,« , 

Eagle /Mid Units —150.9 52? -0.2j 5*0 SS- i£7 1 

Equity ft Law Life Ass. Sic. Ltd.? 

Amersfcam Road, High Wycombe 04S4S3377 ln«ernattiaimd*-.|S35 

Equity Fd... [1M.7 114.41 -0J) — 

Property Fd.._ 1015 106*1 

Fixed) merest F._ M3 l1 119* 

Gtd. Depend Ftf.„.N75 1026 

Mixed Fcf~ ,._J107J. • m*j -04 

General Portfolio Life Ins. C. Ltd.? 

80 Bartholomew CL. Waltham Cross. WX3I071 

Portfolio Fund ]_ 12*2 

Portfolio Capital™ 


Managed Bd 1 ** — 122* 

Property Bd— 147.7 

EmYieW Fd-Rd.* - 77.4 
Recovery Fd. Bd.*_ SOS 
American Fd. Bd.*. 42.0 

Japan Pd. Bd.* 40.7 _ 

Prices on 'Jan. 8. —Jan. 10. 



Scottish Widows’ Gronp 

PO Box 902. Edinburgh EH165BU. 031-6508000 

Jnv-Fly .Series 1 199.1 «.9| . 

lnv. Piy. Series 2.— 94* 99-S 

Inv. Cash Jan. 20 962 101N 

Ex UL Tr.Jon.IB— 134* 140 j} 
Hgd.ren.J-n. 18- 2442 252-3 


— Solar Life Asstuasce Limited 


107 Cheapside.ECrV BDU. 


Solar Star.agedS.. 
Solar Property S— 
Solar Equity S 


1327.4 

1047 

15*2 


.J:.:::! - 


I’uluadmu normally Toes. Gresham Ufe Ass. Soe. Ltd. 

Albany Life Assurance Co. Ltd. 2 prince of Wales Rd., b'idooUl aacc 787855 

Weir Bank. Bray-on-Thumei. Berts. TeL 34234 
Flexible Finance ... 

Lanabank Secs. ..... 

111? x 
*£*067 
Exchange 

01 -288 7107 


9Equtty Fd. Arc- .| 

VFTxcdlnLAec 

VQBLBfoncyFd-Ac. 

Tlnil M-xn-Fd^cm 
•Prop.Fd.Acc 

esrjnelnv. Arc. — 

Equity Pea-Fd-Acc. 

Hxcd I Fcn-Acc..„ 

GVd-HQO.Fcn-Acc 
InU-Vn FoFdAcc ._ 

PropPcu-Acc 

Kwe IovJPcjlAcc- 

AMEV Life Assurance Ltd.? 
AlmaRre. Alsm Rd_ Rcigatc RelgstelOIOL 
.\MEV Managed — U292 1361 

ANEVHgd (109.5 


D74A 

iin - 



1460 


* 

11*3 

„ 


UU-7| 





L ziU 

1662 

. 


2134 

. 

1733 

1324 


1253 

1320 



1975 

,, 

11B5 

3347 


[1923 


— 




H:.r| : 


'Jon. 20. 

Merchant Investors Assurance? 
128, High Street. Croy duo. 

Cone. Dep. Fd 

Money Hrkt B 

Her. Inc. Mon. FA 
Mcr.Iav.Pty.Bd — 

Equity Bond. 

Prop. Pena.— 

Man. Peus. 


SolhrFxd- InL S (121.0 


A5CEVMcifVa.F . 
A3CEV Mgd.Pca.'B'ilKJ 
F*iexip!an — {99.4 


1152 
1 Ml 6 _ 
1072 
10*1 .._ 
10C6 


Arrow Life Assurance 
20 Uxbndjw Rood, W12. 
SriJik-Fd.rp.UnL.Wl* 6521+l.lj — 

Sel Hk.FdSLUBt— {97.7 103*1+1^ — 

Barclays Life Ass or. Co. Ltd. 


LondbankScs Act 
G. 8 5. Super Pd. — L 
Guardian Royal 
Royal Exchange. E.C2. 

Property Bonds... HS7.4 . 

Hambro Life Assurance Limited? 
7 Old Park Lane. London. W1 

Fixed InL Dep 

Equity 

Property 

Managed Cap . 

Honased Acc . — ... 

Overseas 

GU; Ed cod 

Fen F.l^ep Cap.- 
Pen -F. I. Dep.Acc_- 

Pen. Prop, cap 

Pen. Prop Aec. 

01-748911 1 Pen- Man. Cap. . . 

Pen. Una Aec. 12593 

Pen. Gilt Edg. Cap 1303 
Pea. Gilt Edg. Acc. .1138 1 
Fen B-S. Cep '™ * 


Equity Pens. 

Ctrav. Dep. Pens.— 
Mon.Mkt.FenB 

NEL Pensions Ltd. 


12£* 


145.9 

„„„ 

104* 


1428 


593 


147.0 


134,3 

m „ 

1689 


1363 


1*73 

M.H 


Solar Cash S 

Solar M anaged P— 
Solar Propern P — 
Solar Equity P__ 

Solar FxdJnLP 

Solar Cosh P 


3273 _ 

120 * 

9S.7 


01-4060471 

ma-02i _ 

1303 +02 _ 

TM* -02 _* 
127.4 -02 _ 
105.0 +0J _ 
1540 -02 — 

1103 +02 _ 

1MJ -02 — 
1272 —03 _ 
1£K-7| +03 — 


252 Rcn-Jord Rd. E.7. 01-8MUM 

Haxciaybocds*. — lilt 7 lag . — , 

Ecatj tllfi* US*l+L6l 

Gdr-ectacd QIS* 121U+0J 

P uip e H) [972 • 102.41 J 

Managed U05* UUj +0^ — 

Stone:- N7 3 

Man_?t na.Acrum. ..[98 5 

I»o. loilial [973 

Gilt Ed; Peso- \cc. £95 

Da.liiii: W7.4 

Saney Peov Aec. .. [97 0 

Do Initial — I9S0 . .. . 

Current unit value Jax 18 


1123.4 

1299 


1686 

174* 


153* 

1689 

” Bi 

1323 

139J 


1625 

178$ 


1143 

120.4 


123* 

1304 

..... 

126* 

UM 


144.9 



1952 

205-5 

■ ass 

2475 

2605 


2046 

215* 


2593 

773C 


1303 

*423 

.... 

1351 



1213 

127* 


1388 

1426 



Milton Court. Dorking. Surrey. 

Note* Eq.Cop 179* 0.71 _ , 

Nelcx Eq. Aecum._|ill.3 11SW _ 

01 -<860031 Nelex Money Cap.. (tZJ 65*1 

Nelex Mon. AceJb43 673 

Next sub. day Jan. 25. 


Sun Alliance Fund Mangmt. Ltd. 

Sun AUlnaco House, Horsham. M03M141 

Exp-FdJnLJan.ll.. IQS9.4 15821 . — | - . 
Int. Bn. Jan. 17 1 9.99 | J -0.01 

Sun Alliance Linked Life Ins. fad. 

Son Alliance House. Horsham 0H384141 


Equity Fund 

F ucen Interest Fd- 
P i upcri y FUnd 


100 * 

987 

95.8 


— International Fd.-|85.7 


Deposit Fund 

Managed Fund ... 


Ui 


1062 - 0-1 
U0.5 ._Z — 

1009 _ 

«3 +13 _ 

100 3 — 

1013 +02 — 


New Court Property Fnnd Mngrs. Ltd. 

sl Swithfas Lane. Londoa. EC4. Qi-6264358 Sun Life of Canada (U.S.) Ltd. 
N.CUPrJP. Dec-30_|IM.l U0L4I .) — 2.3.4, CockspurSL, SW1Y5BH 

Next sub. day March 3L Maple Li. Orth—. [ 193* 

NPI Pensions Management Ltd. iU3ou:i£8£y 1243 

48 Gracecburcb SL. EC3P3HH. 01-6234200 PersnlPaFa 1 200* 

Managed Fund |15X2 157*) | — 

Prices Dec. 30. Next deaitat Feb. u Target Ufe Assurance Co. Ltd. 

Norwich Union Insurance Group Ttraet House, Caurbouie Rd.. Aylesbury. 

PO Box 4, Norwich KR12NG. 03C322200 Ayfosbtn7(C286)»4I 


01-8305400- 

|iSj E 


Hearts of Oak Benefit Society 
Eusfon Rood. London. NWI 
Heuru of Oak^. {37.1 35.1) J — 

PBill Samuel Life Assor. Ltd. 

NLA Tot . Addiacombe Rd.. Cray. 01-C8S 4359 


Manaced Fund 
Equity Fund 


ZM.9 222.01 

. , 5.0 3524 

0l*F7 Property Fend 1120 J 1 25 . fi 

01-3813030 F i xcdlnl . Fnw j_ b a .7 1702 

Dcpoirit Fond [101.8 107J 

Nor. UniL Jan. I5_ 2055 


:si 


Man, Ford Inc 

Men, Food Acc 

Prop. Fd. Inc. 

Prep. Fd. Acc 

Prop. Fd. Iot. 

Fixed InL Fd Inc-! 


Beehive Life Assar. Co. Ltd.? 
7i.Loatard5L.EC3. 

BlathUonc Bd 1 13 2 51 

Canada Life Assurance Co. 

=* Hicc sl. Foners Bar. Herix. r*v 31122 

Grtb. FI. Dsc 3 _ ! 593 i j _ 

3etaLr-cd.rcc.8-i 11*9 [ — 

Cam noa Assurance Ltd.? 


dPropertj- Units — U42.4 1396 

Property Series A ..W6* 1015 

Managed Un da — -11562 1652 +UI 

Nauafied SerioxA. [92.7 916 +0.1 

N anased Series C-Kl.7 9*5 +0 j^ — 

Money Units gliZ 1245 

Honey Senes A — ..to* 100.9 

FfatiS InL Ser. A pt3 993 

Pas. Mpd. Cap. 11456 154.4 

01*231288 PaiMgdAcc. 11523 160.4 

i ( _ Fas.Otd.Cup 11942 109.7 

1 — Pn5.G1d.Acc. ..-(1C82 113.9) 


Dep.Fi 

Phoenix Assurance Co. Ltd. 5w?“V Ae- S t - 

+S.KtaU wll h , un s UEC4P«A 01^!SW78 ^SS^" ( T;i 

Wealth Art p05-6_ +1.7[ - Rrt Planyan-Cap.^f 

L, a7 “ • — GlltPeauAcc- 1 

EbV.PlLEqA J70.7 742| .... I — Gilt Pen. Cop.. 

Prop. Equity ft Ufe Ass. Co.? 

1 19. Crawford street. W1H2AS. C1-488K57 Traaslclem+tioiiai Life Ics. Co. Ltd. 


g73 103.0 

P153 122.0 

1026 108.7 

126.3 
99* 

130* 1155 

197.0 1724 

72J ■ 7HS 
60.8 653 

123.9 • 127.9 
3229 129* 

139.4 1472 

134.0 1415 


-25 - 


Imperial Ufe Ass. Co. of Canada 


Imperial House. Guildford 
Grtrth- Fd Jan.20—|73.7 
Pen*. Fd. Jan. 20 — (663 


2 Bread Bides, EC41NV. 

- TiJIp!ttir«Lrd — [1343 

- Tnlipjrtangl Fd 107 .B 

Property Growth Assor. Co. Ltd.? ^Sli&LCapT. 133* 

71299 Leon House. Croydon. CR9 1 LU 01-8900605 Man. Pet Fd Acc.. [12 9-1 


R. Silk Pro 
Do. Equity Bd__ 
Do, Fa. May. Bd- 


1K5 

M.9 

355* 


Unit Linked Portfolio 

1. Olympic Wy„ Wembley HA80NB OT-002887B n^e^cL^Fd^-Zrl^sil 



Trades Union Unit Tst. Managers? 
100. Wood S=ro«.ECi OI-628EOU 

TVUTJan. 2 i5U 5461 ... J 4*8 

Transatlantic and Gen. Secs. Co.? 


H |* 91-89 Non London Rd Chelmsford 0245 51601 


Bari>icaaJ«a.lS — 176 8 
(Arrum. Ids I — 3345 
EarO Euro Dee. 301 
Buckm. Jon IB- -1755 

, Arrum Utll-i 

Calc (uro Jap a) I22S7 

i.tccum. 1'aits* 5UJ 

Curerhl J»D 18 [524 

lActim Luiui 5*8 

Glen. Jau 17 Sl* 

cAccum T'nrisi ifiSS 

Marlboro Jaa 17.. M3 
•Arrum 1'aia;.. ..J529 

MLA Unit Treat MgcmnL Ltd. 1 T :|ct4 

Old Queen Sbvri.SWlH«IG. 01-8307333. Vra'Hj Jan 17 Jrt* 

MLAUndx 136.7 »5f | 442 

Motaal Unit Treat Managers? (a)lgi WrekmcaJan i»_-|594 
I5.Cupih*llAye.E£S517BU. O1-O3S4B03 'Accam. 1 aits> .... W9J 


«:d 


'Price* at Dec. ao Next dealinc Jan. 31. 

Waaler Fund Sbrnagera Ltd. , 

M tauter Hsu, Aitlmr St. E.C4. OI-4E3109O Srcurnle-iiCllSsa 

Minrfer Jm. lfl P*5 3651 - . [ 547 — rrr_ 

F.xrmpl Dcc.X »b 90 bj j 5.46 



Mutual Inc Tat. 

Muraol MuaChip^l 


713 


505 

h 

. „._q IS 

CRN ..Z] 247 
56? . — *. 249 
49S —I 341 

S fe! - 41 

4j i 747 

C49d . — J 6 33 

45 K I 6 13 

tig - 5 £F3 

712’ — J 500 
69ft 815 

712. . .. . *15 


BqurfyCrrfx 

Propers- Veit: 

Eqa:tr Eoad-Exec. 

Pr o p . Ho r^l 'Ex <?e - - . 

3al Bd-'Erec Cnit.ldZ.76 

Deleft &ctd (1£93 

Equity Aima. ilk£ 

Property Accum. — (£13.71 

Vnjsd. Accum [1535 

2nd Equ»Q- [90.6 

d Property |95 Q 

CedflamcxJ. — [94* 

2ndDcpus-.l — ...[954 

Ittd Gilt ,94.9 

2nd Eq FCc.*-. Acc.. 50* 

2--vd?rj Pcr.s .’rr 1003 
2nd Vii peavAvrj962 
Zad DepjyAX‘Acc[955 
2nd Grit Feu* Acc.55 B 

LAES.LF [375 

L&ESJ.F.2- 1»* . .. 

Curran! value January 20. 

Capitol Life Assurance? 
CeniKun Kouae. Chapel AshW*tou 
Stay Invest. Fd [ 18233 | 



Secure Cap. Fd W5* 

Equity Fund ..[95* 

Irish Life Assurance Co. Ltd. 

1 1 . Fi Bsbury Square. EC2 
Blue Chin Jen. U_. [69* 729 

iTanaE+d Fund [214.7 22*W 

Prop Mod. Jan. 4 (165.4 174 1 

Prop Mod-Gth. P7U 188*1 

ICing & Shaxson Ltd. 


76*1 | — Property Fund 

725| | — Property Fund (A) _ 

Agrl cultural Fund. 

Axric.PuadtA) 

Abbey NaL Fund — 
Abbey NaL Fd. (A) 
Investment Fund— 
Investment Fd. i A> 

Equity Fund 

01-8388239 Equity Fund (A) — 

5*0 Money Fund 

Money Fund (A» 

Actuarial Fimd__. 
Gllt-edecd Fund — 
GUt-Edged Fd. CA)_ 
ORotiro Annuity 


01 -4056 
icia +o.4) — 
113.C +03j _ 
llfe.l -+0J[ _ 
1195 +05) — 
1255 +0.fJ 


01-6235433 ♦Immed. Annty — 


Prop. Growth Pemdms ft Amriti 
All Wther At UUI1299 13ul71 


|59 Tyndall Managers Ltd.? 


1584) 

8*7 

2834 

J 517 

1271 

.. 1 354 

1542 

-J 354 


18 Cnnysse Rond. BnsroL 
locator Jot IB . .. . [964 
Acrum UoitiJ. -J+12 
Fap. Jnu 18 . . - _U17 S 

I ArclUE. VMZi' - *163 4 

Exempt Lee 30. -<3C30 

Arc am l 5490 

UacvuccJan 18—3*4. 


Mutual muecup 
Mutual M ifihTW . 

Nationai and Commercial 
31. SL Andrew Square, tdlnbursh atl-55081f-l 

InrameJnn 18 114*0 

i Acrum. Uattx) — . >1962 
FajU Jan. 18- |l23Z 

Acrum. Units). ___pma - - v -. 

Na t i i l Provident Inw. Mngn. Ltd.? 

'Icraal'AiP .. -12541 
Scot Cop Jau. IB ..<1368 
i.Vccotti Unis' - Jl5?2 
5coLiac.Jaa.m - JlSLh 
loriw Won 6roa«!„. 
Capital Growth . ^ 4 
no Arc cm . . ..^3« 
Extra lac Croatia ;Jh a 

Dn Vraxn . . £10 

rwpnain-iq-.. .373 


PjccxawriinFd. [ 10087 

Charterhouse Magna Gjl? 

I& Chequers Sq . L'xhridjeUBB 1VE 

35* "37X4 _.J 


4*.(^secehnichSL.ECSP3HH 01 -021 4200 

N FI r.tb.Vu.T«— )«4 «83S . 1 J7D 

lAccina. i:iilt*l*.. ..R46 54 11 ....I 3 70 

NPltlWM Tnm-hl4 3 1209s .. 310 

Accum. L'nlt»>“....Q20* 127^ . 1 310 

— I’rlcr-. on Doe JO Next drxlrag J«a 28 
Them Jut. 4 Km dealing Jon. Tft 

National Westminster?^ 

101. Cb+xpride. KC2V BE1-. 01-0)8 8086 
( a pile! t Accum)— . Ha J 65 3) -03] 

Kxiralnc 166 72 

Friueeial ; — M0 36foi -01 

Growth lnv HJ 904«st-0 3 

Income. . . __ — <63 39M . 

Portfolio Inv FU 69.7 745) -01 


*798 

223SC- , 

37JA J 

113 6 I 

156ft J 

i3?f .-•{ 

Btt- 

m-=i 

156 5 .—+ 

85 c; +0.f 
362* -o«: 
395) -0.4 
O4 0> -0 4! 
iftil ..} 


02723224! 
7M 


-J 


NEL Trust Managers Ud.? iajlgl 
Hi lien Court. Porting, Surrr>. 3011 

Neldsp. ,J6J7 UOj -0.3j 4f7 


ila AKun i r. _ f*C 7 22. 2 

JJJ Hjthtac W u.-. r? Kl 136 *3*, 

Jg LandoeWairir.'. . ^5 2*£ -SJ! 

*g Special Sits S9.9 3t9i ---( 

466 TSB Unit Trusts tyj 

SL CHGU+ 4n. Ardnq. Itaatt CRCiO] 
SeShnro sp02M DGT3 


764 
421 
421 
714 
719 
550 
S6C 
538 
5 38 
499 
4.99 
867 

599 
599 
964 
464 
432 
4 32 
794 
494 
476 


.ChrfhsrEncnr — 
jThrthse Money. .. 
Cert hse. Manased- 
Chntw. Equity - 
MnchaBid Soc — 
ViUgsn ranted — 


Ncbur Hishlnc. _($ 0 7 


53 J! 


938 


For New Conn Fund Manager* Ud 
ace nxitaxctaild Amrt Management 


rhTBS Gcsrral H3* 

it». rw -Lrcinu — .555 
■h? TSB Income — 594 

■hi DC ArrtBU. ;b36 

TSKScattrffc -73 9 

rfEh) 9cc-j=. J7B4 


4*«-0U 
59.* -22- 
632, -3J: 

835! -3J, 


» £ «e 

'uu® 

1534 


52 Coruhili. EC3. 

Bond Fd. Exempt _.|U434 115.«5|-055( — 

Neat ficaUns dole FetL 1. 

Cost See 3d.. |33L1 137.90) .] - 

Langham Life Assurance Co. Lid. .. . . ... - 

LnashamHa.HehnbreokDr.NW4. 01-2035211 rv^Tr^Fd 

LanjhaOA-pian-.jW* 67 1J .1 ~ C nv. •pSc.D.UL 

eprop Bend -- 1329 146 3 J — Man. Pens. Fi-.. 

TVlsp -SP) Man Fd |743 7 b3 — 1 £ 00 ! pSI capTUE, 

Legal & General (Unit Assnr.) Lid. Prop. Perm. Fd. —-. 
Kincra-otHf House. Kingraood. Tad worth. 

lurch 
3M4 

iao* 

123.4 -0-h 

1234 -03 

120.4 +0A| 

121.4 +0J 
122 * 

1235 
lOOJ 

100.7 


arrey RTSO SEU 
ash Initial 


Sn 

Q9022S51I Ca 

.. . | — De. Accum. 

_ | — Equity Initial 

Do. Acrum. - — 

Fixed Imliid 

52181 Dv Accum 

_ Manaccd Initial — 

Dd. Arran 

Property Initial — 


953 

95.7 
117* 

117.7 
U4t 
1155 
11*6 
i 171 


Co. Accum. |955 


VAU Weather Cap. . 
flnr.Fd.Dhs 


LkSm Bdas. Soe. Pen. UL 
? 53453 BdfrSoc.Cap.UL.J 


[124*^ UL0[ 

12 85 
1445 
1347 
1395 
1295 
1263 
1175 


-0 

-0.4 


Trident life Assuraace Co. Ltd.? 

Remdode House. Gloucester 0452 38041 


Managed 

C.uL Sifd. 

Priiperty. — 

Eq uilW American _. 

y Site Frad ~ 


— Hiti Yield 

- CiltEdjfed 


— Money , 

— International 193.8 


JU94 

P52.7 

5431 

725 

,107.0 

m 

120 2 


Fiscii 

Growth Cap 

Gro*Ui Acc. 

Pen* Mnsd. Gap... 


1283 

2233 

120.7 

J13.4 


126.7 .... 

161.7 

151* ..... 

0.1 .... . 
1135 -05) — 
1501} 

134. 

s A- 


— » .a Pen:. Mn^. Are fll*l 




Peni-G*dDep.0*p.. 

_ Pcns-GnLDep^\«.. 
_ Penx Ppty Cap — _ 
_ Pc c — Pty Acc 


llCOt 
202.6 
199.6 
2122 

TrdL Bond [35.7 

■TrdL GJ. Bond 

“Cash collie 


13*4 
2T*Z 
122 § 
1362 
1A5.T 
U*| 
usS 

37.7! 

1015 ....... 

lor £100 premium. 


~ TjindiiU Assnrar.ee/PensIoiss? 


Provincial Life Assurance Co. Lid. 
222. Bishopsgate. E.C.2. 

Prav. Mona (red Fd. )1272 
Pro». Casl 
Gill Fund 


ExemteCaanlnU. J 

City of vrestmicster Assor. Soe. Ltd. SS-iS'Sra' f-Z" 
Riacstcad_llpu=c. 6. Whitehorse Rand;. Do C Aeecm._l ’ 


legal & General (Unh Pnutaw Ltd. 


Crcrd(ra.CB02JA 

FttW Units. fill? 

Property Ur.:t> . )52* 

City of Westminster Ass. Co. Ltd. 
Hincrtcnd House, ft Whitehorse Road. 


“S3 


Cruidoc. CiluUA 
V-'e+r Prop Fund. .-153 9 
Marnued Faad _ ...Jl67.4 


195.0 
05* 
0 0 

(950 

01-65* B8C4 Exempt Fixed JojLgS.O 
ras.o 
J95.0 

(95,0 

pso 
95 0 


Do Accvm. . .. 

Exempt Mncd- InlL 
Do Accum ... . — ... 
Exempt Prop. Inn. . 
Do. Acn.ru _. .. .. 


IlDO.O .„.. 
100* 

HMD 
1000 
200.0 

100.0 
100 0 
100-0 


D)-S«TGl 

Mona cud Fd. 11272 13 « . ’i _ 

CaihRd. (103 4 JOftW 1 — 

t uud 20 SZ7J 133*|-03| - 

Prudential Pensions Limited $> 
Roltxjrn BorS.EClNSSB 01-4059SSZ 

EqulLFa.Jau.lB__ K23.23 3.95) | - 

Fxd.luLJau.18 — to <4 19.?a _ l — 

prop. F. Jan. !■ gates 2477) .[ — 

Reliance Mu leal 

Tunbridge Wells, Kent rwm 2 371 

Rcl Prop. Bds. 1 1921 1 ._...) — 

Royal Insurance Groap 

New Hall Place. Li v erpool. 


IS. Canyuee Road. Bristol. 

3-Way Jan. 19 

Equity Jan. 18 

Band Jan. 19 

01-C47CS33 Property Jan. 19... .. 

Dep’-.-j'iJnn 19 

3-War Pea Jan 19 . 
n suialcr.Jan. IB. 

lin Pu2-W Jan. 3 

Da.Eqcilt Jan 3 

Do BecdJan-3 

Do. PTO7- Jan.3 — 


coaxau 


1202 


__ 

1516 


_ * 

1682 



100.4 


-1- 

1252 




1420 



61* 



1678 




2495 




ZE42 



Sl* 


— 


Vanbragk Life Assurance? 

4I-L1 MaddocSL.lrta WlRSLA. 01-4S948LJ 
S!ir.i{rtl Fd . . 

toiitvTd... 

Intrj Fund 
Fixed Inters Fd... 


105 

149 0 


2 152 

237.1 

-05 

842 

8C.7 

+03 

1728 

1*1.9 

+02 

Sil 

2426 

1223] 

I 


ja 

... ».! 

Mimes Fund -• - [W93 12S5 ... 

G.SFand— [66 0 693 *-0i" — 

lisa 9 173.9 


Equity Furd - . - 157* 
Farm, and Fund- .[685 


0I-6&4SMM Legal ft General Prop. Fd. Mgrs. Ltd R®t»i shield Fd. _p32i iw.71 ..._.| - 


I - 


01-2837300 


Norwich Union Insurance Group ihl 
F.a Box ft Norwich. NR13NG (V3 22200 L2»er BanJJ? (a' 

Groap Tit Fd (3511 36961-171 «W Wxr^tSLrar^.Bc-igr- 

Peari Trait Managers Ltd. (xkgKzi ' _Jl . „ 

Me H i« 3 i Hoibofu.wci V 7EB oi-»aaP«] LttU T»« AcWuat ft MgBO. 

Pcurl Growth Fd. ..334 24.71 -C :> 454 hts*' «:!-•. 0= Et L. 

AraimrnlU S.4 »4^ -C.: FtijusDar 

Pearl luc Bu S3.fi -0- M8 UieforCrtt.Fsd _ •»* 

Pearl UaltTH &49 57 « . .7] «» Do Arcam a34fl 

Acmim IJulfo,,-. [444 47* ... , 4» 

Pelican Units Arinin, ltd. IgMal Kwcw.nlocSLECWRSAA 

81 Fro ntain St . Monchcatcr 081 tertnnr I'c.t [RIO 

TOinnUttW..—. [U5 *7.4^+031 <91 Asreai Uaite ^4 fl 


36S , 
356 j 
J ID* 
710 
274 
274 


Opt 51 


C23235S1 
«2S -C~ <42 

Ltd. 

KdSfil 
15205 -e* U«7 
316 .. . • in 
353 .337 

M-8349S:] 
326 ._ 3*7 

355. 1 327 


3 = 


Jan. IB _ 2224 
. _ Jan. 19. 1203 
OpLSHy Jur. 19 - 158.6 

4pL 5 Man. Jau. IB. WL.7 
OpLODcpL Jan. 19 [1197 


PULA Fund - - — 12705 
Thud rarrralU c lnxcd lo _ 

Pert ore. Units -I K3A ) 

Commercial Union Group 
SL HcIcb's, L. fniierahaft. EC3. 

Variable .'a.lr I'lS- 1 53-25 

Da Ancuit; 1 : 13 .— 1 17*9 | j _ 

Coafederstkm Life Insurance Co. 

30 chancery Lane. WC2A 1HE. 01-2420282 Opt S 
4Equ:t>Fund-- .BC63 253*1 [ _ - * 

•SausedFunri.— (SSI IW-J 

Pcrronal Pen Fd ..)70i 73Jl 
Equity Pcu. Fund. .( Z12.9 

Fixed Irt. Pea Fdi 197* 

Xasoccft Pen. Fd. ..[ 1773 

Property JYn Fd -• 1235 

OPrcteclcd la. Pol i 3724 

Corahill insurance Co. Ltd. 

n.CaruhilL £C3 

CapiLiiJan-iS 11115 _ 

CSSoecJan !5 ..[<9 0 — [._,.] — 

Mr GcuPd. Dec. 20 [1665 1755) .. ._] — 

Credit ft Commerce Insurance 

im.ftcSwSS.Lm’donT.-lR^E 0MM70ZI SSlSSi&lZ 
CftCUa£d Fd. [121* 13B.C; 1 _ Propertf .Fund 


i.Ocecn victoria st_EC«N«TP oi-2«89ff7a Save ft Prosper Group? 

LftG Prop ra.jMlgt .7, UK 01 | — ft CLSLHelon-*. Lanin-. EC3P 3EP. 014SM 8399 

... . Nr ^, Sub L,Pf? FM> t BaL lnv. Fd. — &U5 12S.4) +0. 

Life Assor. Co. of Pennsylvania PropertyFd.* aoj 15 I 2 .. 

23-42 New Bond SL, W170RQ. 01-4038285 gUtFd ...--— |122B 12?3 -I 


LVCOPVniSS. 11013 10641 1 - 

Lloyds Bin Unit Tst. Mngrs. Ltd. EqufePcnxFd.*— 1775 

7L Lombard SL.EC3. 01 -633 1268 

1 SftSlfeSS&fKfti 101 , .. 

Lloyds Life Assurance Prices m 'January il 

12 Lcadcuhnll SL, EC3M 715. 01 -*230(21 tWrekly dcaliOEL 

STL Rlh. Jw».6„..__[ 130083 


Welfare Icsurcnce Co. Ltd.? 

Thelaras. Folltertooe. Rent 0083S7333 

Moaft-TltLerFi- ) 190* ( _ ' 

For other hind:, ple&te refer to The London ft 

‘JiKbesut Group. 

Windsor Life Assur. Co. Ltd. 

1 Kish Street. Windsor. . Wlndaor68I44 


— Schroder Life Group? - 

Enterprise House. Portsmouth. 


Lif? I at- Pla 
r irtnrcA^sd Glh-.ai 
Fa : aroA; sd.Gth' bs ; 
Rcl.AWd.TMli-; — 
Flex. Isv Groutfc _ 


|8S4 


728 _ 

) — 

«7J) _ 

. £27.75 _ 

W5.4 WX\ — 


_ Equity Jan. IS. — — 

— Equity 2 J«u. 18 

Equity 3 Jan. 18 


128.9] 

126 71 
167.M 
1495 

London lademnlly ft Gel. Ins. Co. Ltd. 

1 B-20, The Fta^ury, Re* ding 58351 1. lot ITT Jan 18 ‘ 

SIoDwr Mooncer — B0.7 329) +051 — Yft 5 Gilt Jan. IB_ 

M.M flcMblc. B7.0 385l +0J _ KtSGrtSe J bb.I2 .._ 

Fi»u Iptcresl — [545 3*4| — OJ) _ Un:d iFixUan.1*. 

. The Loudon & Manchester Ass. Gp.? 

h-.«OS4lO Thr Leix. Folkestone. IUW. J8 ~ 

— i 1 — i^p. Growth Fired. 

CEtempr Flex Fd 
eexesnu Prop. Fd. 

OExpt for. Tsl Fd. 


r-:J 


214* 

129.6 

880 

1274 

148 


C»D572n J4onry3J»iL l8. _ 

Deposit Jau. 18 

Property Jan IB ._ 
Property 3 Jan. IB.. 
BSJtCp.jan. 18 ._ 
BSPn.Acc.Jas. 1B.| 
JJa Pn.Cp.Jan. 18 


— UnPu_Act.jia.l 8 .pil* 


0703277=3 

...I — 


211 * 

|2865 217 

U43 120 

1W4-1 151 

B54J 162 
BLU7 174, 

1254* 157. 

gji m- 

ml? 

1426 imoI :.v. 

I 117.69 | .... 

J 126.1 

&WA 299*1 ... . 


NOTES 


— Pr-cc» 60 so* iueluifoS ptemum. except when 

— indicated and are in pcoeeuelesiecharwiso 

— ‘^itacaicd. Yields hi tahovu in last column) 

— aUwforrilhic'tDUexpeaMsa OUered prices 
include .tU expeeje*. b Today's prices, 
c VleltS based ™ nler price, d Estimated. 

— £ Today i openir-e price, h Disrtibctmn free 

— al U.R. uacc. p Periodic presilam insurutee 

— p)jr_*. ■ Sreple premium Insurance. 
_ x LCIerffd pnee iscludm all expenses except 
_ nrenl’s cocmusios. y Offered price iactndex 

al] expenses If bm'jtht throoph mauacera 

_ x previous dal's price. 9 Net of tax on 

— rcaJjsed capital (ta:r5 unless indicated fay * 
_ s Gcerosey _ cross _S Suspended. + Yield 


before ttnq tax. 


rirlstoa. 


I 



-'•••j!.: Jbr? ----- 


EXPORTERS- 

exchange losses 

PREVENTED 

|gy ^ contact- B. D. Kay 

fm international factors m 

I --- Circus Hows. Haw Eng food ffaud. 
M Brighton BNl^GXToJ: (0273)66700 
KB Birmingham. CsrdifC Lands. 

W$m London. Mancirostnr. 


FT SHARE INFORMATION SERVICE 


Financial Times. Tuesday 

| ‘ HOTELS— 


■AlfS"-’' 


AMERICANS— Continued 


SM £ MflilorK 

I 20 [Marf.HaaUat50 2JWI+’* I 11.92 1 - 4.9 

& ffeiCSE TO ** = H 


" “"I & asm Owcns-nLOia ]«: hsl fttl _ JO S! ii r«u.umama, ms -1 « 03 L7 8J10.9L2S 

22 14b Quaker Oats OS50 tam _c £loa 40 . Fuslu i Joiai' I0j»_ 29 — 137 

**RRTTWH FT nunc - 21*8 M? Sg m^- +? Z _ ft « ftwd»nr.io£ m . ” “ _ _ go 

Dill 1 loll FUN lib 24 16J, Ren, N.Y. Cents. llu +i! SLOT 3 5 5Z ?f g*if'£sR-»M|»- 22 dJ54 161L4 8-5 CD 


nnnnefl BUILDING INDUSTRY-Cont. DRAPERY AND STORES— Cont E 1 S 

“ ■sbr. *•* «*!*-" S IotSsIf/E Stock Price + -*1 Sf |cSr|™|lVE'[ 

tj §36 1 — 36 ?? |?f PAiul'Wp.— Mb]..... M1S9I L711LS 7.9 w I 43 '[SDnoriffM. a W3.92J 251 9.4j 6.1 92 t 51 

is£ A hSL&ll li K 111 ft |-lT?z63l SI^IlO.9 U I £9 p&Pri& « * ‘~r jj&J Fa S™ Ib? 1 79* 


IffiKS * * 

H&h hot **» -Tj 

in:, (h "Mt Haricot Wp If 

a $r i sast l *■ 

£ S’BfiSJteflT* 

Ws ft tSStOf- i’ 3- 


DRAPERY AND STORES— Cont ENGINEERING— Continued . ‘(f '§ I! 

sS’lLI tod | Me I*-*! fS |en|™l(Y6|o2 , 'ii»| Skct IfrtdM S |crr|Ss|pn! ,£'< $ SmSISkT 106* 

* lo'BMnfta .1 RWusiaMu « isuooM.aeto.j s? |...,..|«LI JJI 221 li » ,£ JSSSiC m' ' & 


1877-78 

High Lew 


gep. NA.Corp. $5 _ 18b +b SLOT 


•‘Shorts " (lives up 



si-irg srmMHk 

SI -{Am IV 32* & 25* +2 SUO - 2.9 ertn rm i. k ** ft 


M .6 B iSKis: 


Ofliid _ r q:i au 45 Z4 JC.E.0 27 1_51 19 85 44 27 

87J«i ...“. 3.42 siw Com-ersion factor 0.7455 (0.7556) J?I » Wfejr Z." a.M 32 65 6.9 » 
1C9§ -A uS 970 ? 5Z 144 Jnsn-^teSOaT 334nl S? 67 3*0 U J2 

85^3 "... f Ji 7 M CANADIANS l\h mi ® li : ?5 105 3 

1101-1.12,27 979 l/ftllAUlflllo wO'i £1913 LafsraeSAnflO £2DJi *l oismi iwinfl 57 11 


^j! 639 7.42 V£y* I 
954 -A 8.63 9 48 ®*hl**| Stock 

98' w |-,« 9J7 9-631*13 I Mi iBUlootralS! 


197 96 JardsiJ.i— 192 T 8.60 32 65 6 9 ?2?a 

114 70 JenidngsWOSO„ 102 „„ tQ20c — t _ 20 

352 144 rnsnJRrMsSte- 334id I 6*2 61 30 8J 22 

k 5 ? ssyfifS- v* +1 o - 92 iai “-° ^ 

45 21 KentilLP.jlDp- 40 5 ng 18 7 8 10 8 28 

SPi ^MsrgeSAfiM EQH MloJw U‘ 


113 -l thl.65 92 U 32 34 10b 

OB — 729.75 8.7 2J 7.7 » . a 2 

no ._... 129.75 8.7 23 7.7 450 

60 3.49 A 91 * 60 aa 

m 3.96 to 4.9 153 92 65 

17 *1 — — — — U9 7Ut 

M4 336 22 3.8183 28 a 

235 +S U> 4A 43 5.6 Ufl n 

3J? t426 5.6 ZJ 12.7 99 . 6Sa 

11 _ ^ 906 

K +1 +424 25 73 7.7. 142 92 

.50 „„.4J7 L01Z61U W 5h 

180 — ThZ.66 3i 22182 23 1 1 

in . — 232 5.1 Z.9 10.1 rn 113 

2 +2 T2.6 3.9 5J 7.7 43 Z7 

M ... r tUJ7 - i — 106 52 
* +Vi ■ _ T - - - S3 29 


£ ; T Jo 97 fj 7? 48 2SD‘ hM 

S™Z 107*- 7-53 13 10 6 10.9 *-i. 

;-&rr is# ...:« ^ 2.31 ?.® m .rf. 

h’mffoodSp 57 . 2.4 5 2 *931 

SSSSfc H :“idiSs JJU] - 5 -;. 

wtVt lgpnn Aft 4 JO 29 8.2 srm-rv-i m inmni & w~~*t 

“iuZ m -1 fl5,56 24 87 62 INDUSTRIALS 

il Precision. 5p 23al +Jj d2.0 ? 7 }?■» iHTl n. V- - 

enCankr— 99 +j #.91„ Irl^l X\ ( MlS CfeLp - - 

Ign/Mn , 91 tb4.02 2.5} 6-7 7 4 \ .f .. . 

M2b SJ„ 198 +2 16.44 2.B 4.910.9 m 76 tAAR 1M -Z Mj 

Heap 142 +6 tS 8 30 6 j |0 ^ , 2 AOSBeswch- « H 

mson 10 -1* ah068 2.8J10.4 5.0 J} 41 lu^nsiaRrailflp 62 

®~ 24 -1 1-8, Lilli li/ is Abbes lid _ 



ltd"!? 

78xr +2 t235 52 


3:«3ZJ 70 38 


Ilk I $2 


15 BtMlfo*CTQp5p 30 W 22 11 [xXn™l^ r J 8 “ 

il. . 5 ? *29 5-3 *3 H 282 208 AnLNM.^. - 2 ^, - 


1 % ft 

101^ 961$ 
95U 72S 

f i 

94 68i 2 

74, i 49J. 
76^ 53? 
121*4 90 
941, 671, 
112 85? 

■ 761; 531, 
118 86^4 

- 9SV 89\ 

■ ■ 113 891; 


Five to Fifteen Tears 


j+'wj Dir. [ 1YT6 M5 1 26 la|irateg._. 93 |203 4J 33 93 168 

£ - Ones Cjt Ofa I g9 lajagUolmi-A". 155 t2.86 4.6 25 11.7 1« 

. : 1 135 84 Lstthinf/.ifl 124 ^ fh672 2.6 83 72 ^6 

lOJ" 1 51=06 1 — I 5.0 108 j 53 I^wwnrefW.i— 98 65 2J.103 73 IS 


168 hi. 98 4.4 L 

IB -.... td53 L6 6. 

36 1.64 2.6 1. 

141; — dQ.87 U 9. 

28 L27 12 6 

16 -1 1152 BJ 2.i 

94 +3 437 13 7J 


llFK) 701; -l 2 t4.M 


Over Fifteen Years 

■Si 
J64 

105 id 
51 -i, 
291; -h 
112 ? -? 
891, 

129*4 -U 

115*4 - 1 * 
49i« -l, 
113J« -2 
94VnJ -U 


67 -C 4 49 THlSP ffi> BPSagW M 5® = II % SS W; Tt ^ 33 7S 59 SS 

S. 7 ?35 I-SglJS 16-8 Wuw55 IffWd +\ S1.94 _ 5.4 93 36 Mwnteraradg)- 9p +f fell 33 33123 « 

7??? I 4 iir» ■.V'S???. B5p Hudsons Bay B lOli 65c — 3 (1 294 113 UaiWrarfi-r 266 7 ttf 13 R 1 fl 51 91 

88^ ^ S-g IS* HmLROilGSPj- -28?+? 51.76 _ 27 ,98 44 ESfeZZII Mrf d249 * 41 * 23 

IM5. 2 11 m niSI 3 w* ini' Jmperwobj— 12 ..:... 86.4c ~ 3.7 101 74 Marshalls (HIsl_ 101 td5-24 22 79 68 28 

IMS.-L 11 n ,n,, *4 1W. to, IO’b -b JL60 - 7.9 86 47 MayAHassen- 76 " J r278 45 5 6 53 H 

I fl £%£$$= •* i ^ = fJ | § safer s :;.. ss 1 h a a • 

*£ 5*^8™-'=- 1§_ + 1 * 5108 - 3.4 13 9 inner i Stan) lOp. 11 f" tM? 12 ± 78 


104*3 -U 1122 11-13 28? 10? S T ^ 

iSi :i; ifil iS w gi? iaMS- 
*3^ KB KB » f SE 

v HH 24 15 HioAlaom— 


M +3 4J7 13 7.9135 a 15 

30 ?.7B I OJJlLS ^ 04 m 

23 -V- Si'Sl 98 13 

» + J 2-3 63 8.3 L60 91 

34 -2 2.3-1 351 95 4.9 96 58 

, 94 +2 d2.15 4.d 35 1A 14 

r S +3 SI? 5 7 A «■ M 

aring&GDln.l tt "jjT h!23 35} 55 85 92 S 

| :1l44 SLw & 

H VV- 5-S? ?^102 6.7 13^1 94 


M +1 4.01 


22 Ma RupalBtCan. SS-- li 
1132 19$ 13£ SeamioCaCSl-.. L 
9.99 WJS 955p Tor. Dom. Bt Sl„. HP, 
1151 WOp 1 840p titans. Can npe3>.< 91! 
UJ1 S.E. List Pmainm 33^ (basj 

10.68 ■ 

11.33 

JS banes and hire 


145 74 45 MossBegi— 

• 45 301; Vee^StZ 

93 66 NeinUastld' 

40 16 Newman Gr.l 


aBSSc: 98 ■ ZZ 1.88 8.8 23 4.4 SS /A 57 II! ftS 

BJr20p- 155 , 534 2.4 5.2 113 Ji y£ : KbeU „ 160 ZZ B9<3 

« ■ -, s «| a - 7 j| f j m m S-fe“ « :z SS 

A . 39 -1 Whig! la 43 75 ^ 2^ 40 ~ &£ 

dlnds.au 44 +2 dO.M d> 3 4 * . S 29 

feat I? - + i tL42 aii!s| ESas -I* 

&± B ±« a DJI I | ESsSii *r»i 

;S: 70 ::~. fif li fl «1 sg-osi Sf 1 *1. »S 


m 


Undated 


m 

1:1 

JB1 


umeuw. 1 sHs=*=jeaasi 

iii l e! pkl 

1U4 595 350 dg*Smf\_ 5M 2 Iff {SS - lit I l “ « Ho-iiwanUW. 100 - iSl23 83 33 53 ^ ? 

jS-|s 168 87*4 Allied Iridi 167 +1 tQlO.O — 60 — a? 2 jjnwo Q™HP— 34^ +i 2 tLOl — i 2 fl 

f?SZl95 105 Arlmtfccot L £1_ 165 1935 - 85 - S II 34 +f £07 1.6 9^ 1«5.& i= 

}2-« £25*; £ 13^4 Bari; Aner. SL563- £15 + 1 , 094r _ 35 _ 5£ HtobrP.CeiDat 89 +3.17 25 54 10 6 itT 

^ i95 BLdSeTH 3M -t d3^ I 5 0 I ® ^ SGfi&oup 153 +1 & dT 55 9 ^ 

442 Q ? 5 £W0 Do. 10pcCpnr._ £157 -1 010% ~ f65 _ 34i; L4B 65 65 35 Sn 

tS'S 27 18 BtLanni El 21 _ W33% fel - 25 £ Sharps & Fisher. 44 +3 255 2.4 7 4 B 6 r? m 

JSif 210 170 BtLeumHUBtl 170 736 4 . 67 * ^ .:.... dhL81 4.6 6 2 55 rL ^ 

Hi? 500 j 65 StNAW.JA2__ 405 +5 030c _ 4.6 - 1^* SorthtaTiCaLSp 81; +1; ±058 0.9 }I13 J 

Undated SSffiS,?. Wk. * ^00 « « « ff SSfe S, E 'W 3 I 31 l j « f g 

« -■= >M -Si SSfec B tl ff « Ji «g I aPJfe £-3 & HUH i 2 

M i jJ i’il z £ ^ SaSat lO &2 r, iui >a g? - «* y |] u g> « 

: — 234 ^ ~ ■» ‘P 2 SK# ^ 1 fi* - f j - iy 8 J :::::: ^ *, H i ft | 

: ‘‘INTERNATIONAL BANK ' SP 1 % lh fflfj £g>. m - JJ - g g S* S ^f 4 )«gf A S 

31; \ First Xatlto_ 3b W - - _ _ g «g W£mBrK„ 58 +1 ±529 03 f _ gg JS 

“CORPORATION LOANS A ^ n :::::: o.» = ,, z | ^ KSts: S z: 0 % !, 8 L $ # 

■’Wfcfcswsr-i ssuili ?i? 3 “ “ Brat 3 s r 1 .. & 7 z 7 °i z | | paeS a =» b* b| 1 

2 S la^SSSlzr iffiS uS m 3? gffisasbss - si- t%+i 2 ifa id l3io. 6 ^ g 


i=i iS 
ft =i as 


mnenfOC,)- 4» 2 _.... a_ _ “ _ ii <?, 

Bac50p_-_ 145 -1 8.W 22 9.3 73 ™ 2T 2 

lorWowfrow. 412 +2 +6.9 6.1 25 9.9 S 

bn«|£L_ Zra ia.19 22 10.9 63 


M.5p 22 ...._ 
Mp_ 40 


i — “".J. 9Hs +1. 15.94 
esp'EeJ.5p. 39 \-i 1L7 
FtaidsJSpJ 311; +1 


3.4 65 6.4 « 34 

2.4 123 55 ^ 

2.4 8J| 95 Ji ft 

4.0 521 7.0 .3* I 


W20p 73 ...... t3.96 33 82 h 

65 +2 3.a* LJ 75 ii 
Indutries. US ...._ 17.46 35 9.E ;. 
inProf. lOp. 75* +1 4.79 * 9.7 

rani 1st. 90 +21; 4.62 - 43 BjO - 


ttonlnds. 17S +3 44.98 S* 4_ 

88 Cawoods 137 +1 fe.42 39 IE 

Ui 2 CeIesticoInd.9p 34 MS-65 S.7 2.S 

42 CratnlMfelOp. 72 -1 ^58 5.0 5.6 

24 CtaltShecrvd.5^ 48 12.14 25 6.8 

54 CCTtreww3&-. 182a: — 10.98 1A 9.1 

a 2 zz& n ii e 

5 Wares 23 ~b L6 — 16 

m DtCwnmPUOp. 231; 12% — 005 

42 Chnsee-T.W^i.-. 74 +3 429 33 8.8 

57 ChriitiMlntlOp 77 +1 2.97 2.7 5.9 


132 95*4 Do. l3yKlflB3__ 

1021 ; 851; Glisawfti'aOO! 

« 76J< Herts 5WT0« 

& & ■sreact 

29*4 224* Do.ftjxlmd 

300,4 f? Lm. Cap 8 »tfc 15-78. 


981, 957 4*7 z g ^ “rrart NMiil..- 195 -1 *827 - 6-4 - Jf ii 

JSSlS 1051 250 -2" F14.95 - 92 - 91 I 37 

J H iS I 7o H 76 

97 954 10.te 230 150 GuiimeaFeaL- 206 loo _ 7 A - 


rn 72 *W ~A 4^,70 X.J 

|3 «0 WetternBrns 58 +1 ±529 Oi 

| 8 =K I, 

I i scal^ = a is 

91 37 iWimpeyiGeo) — 7% +l 2 0.62 123 


216 465 3A 45 93 “ * 

ityRad. lOp GO +1 $.71 2.1 8.9 82 J? ,?S 

dTeekap. UO b6.7 U 94 147 Si ^ 

274 +1 13.64 72L0103??! 


td a 


234 +1 


£=. i iu ei s » 5 i 


215 I 85 
198 bo 


WP 22 i! X£££ZZZZ iSS *•»«» S1S5E: 600 Iso ~ = _ Z I 

WB »J> : 5 ..s®z H=«|» 

S sg ii :::: ‘| || s a ‘Ii . - h? z IS z S £ 

B5h 60b Doi^s-Sm: i "■■■ 4^ IS? ,S2 57 E^&ShasaOp. .70 — t3J9 - 75 - U* 52 


CHEMICALS, PLASTICS 


180 90 

45 27 

E88 £61 


Lis m a t ? n ^ ^ 

■ - ^ 35 +1 ™235 5.8 45 59 qnl 31 

■H*toK— 176 b550 33 53 7.9 jq ^2 

Ss: !«, Ii fl 

±H ii JI,Si ff 


* 75 i 571] 271; 

35 &2 Is m 

37 5.6 7.9 - 3 , 5 . 5 

4.8 4.4 55 ft 1 * 

3.3 4.8 9.4 7 2 H 


foh 60J; DoS-pcKSI 
•l 521; Do5i;peT687, 
” 51* D?«IV»0O, 
2p« 20 Do 3jv20Aft. 


:::::: 1 * IS JS R 

In n’SfS 1 

aw* — 1276 — 177 86 


54J2 Jessd Toynbee- 80 g433 — 7& — Ofl «£ AKZO— ___ 712 -13 — — — _ SS 

32 ioseph iLeo)£l„ 175 «31 — 6.9 — JS -Uhrightirason. 105 -1 1429 33 6.0 68 on 

21 KeyscrUHaann. 47 ■ 0.32 — 1 1 _ ?00 205 Altuudelndi— 295 ...._ W12.69 22 65 112 n? 

57 King & ShtK 30p. 70 t3J9 — 73 — ■ 1ML 51 'UWaKdtlOp-. 95 ..._. 4575 23 92 5 7 im 

76 KteinwnrtBX__ U4 1375 — 5 0 _ M® 1 ! Ail'd CoDoidlOp. 73- +1 tahL54 4.4 32188 m 

85 Unydsxl 292 +2 1826 65 43 5.7 ft « AndwOwn. _ • 70 SSS 23 il 85 ^7 

25 Yan.socFin.20p. 48 +2 2.79 17 8.8 162 iffi? JSf AL — . 4tL84 47 5.9 62 114 


I IS |» I s-f UiU 

lyOlWiPsI 1 ! IjXl 

1 if if Is MS: ± fil il 4 1 


«s(&Binr)__ 101 b3.2 3.3 4.8 9.4 7 J 

so :::::: m^ 7 ii il a! 1 g 

»4 USA j 

W»Dnl£_ 770 +15 Q14% 4 47 A f 20. 

ntaasFJTSp. 18t; .-... g 0 .% il 7.6 65 £3J^» £»‘ 

pleiPdties- 79 . ?421 3.0 81 62 ft S3 

*Inmti.£l_ 396 t20.95 3.0 8.0 72 ^ 37 

xifi 68 b2.ll 42 47 77 31 20 

KkiW-Ajlfl. . M ._... 128 3.2 87 60 1« ft 


63 Z2l 

-r JM 7 


rtnWebbSDp. 251; -b 
Cl Grp. Jl.Z £2Ufi +< 
LStationflOp. 40 +1 
eAlhnandp, 60 +1 


suftB3S&ar : 'fiS'Ji Ii SiWteSi ivaa?# 1 §sa»B ss ajj 

"Hi 4 ua.-Ti H>M« +1* u.71 958 £99 £69*4 Dal0^%fi3«_ £933; 4.1, QUR.% eUJ _ 29 M BriLBemoluW. 21 ±12 55 ± 37 


H, ,59 MurterAssett^ 60 t355 27 9.0 W S, r. gnL'farPrd.lOp 563; -i, I54 j.9 4.4 123 860 4M 

• rOf/RjftVWFilTH Sr iPRirAV IAAMC m 7 HI 1M +2 tQld^ 4 4.9 A * ^reflSPj-- 1«» UJ.92 37 95 77 40 Th 

UM.<iU.\WfcALiti m AFKltAN LOANS ^ 38 Nat.coaGrp„ go -i 253 51 53 5.9 19 » « 35115 « 8 

HP wtaMss-s ?— 1 mi— Mg 1 *b 8 b sasfi— as *> ® « h i 6 e» ys gfews ^ ® ivj “ 1 

EB-ybi^i^d 3Tl= 111 lio US If? E&"- ^ ar - a- BSB Ssife $$ = M i d- « H 


1236 53 1913.9 54 28 HoM^GJUto 54 PL6 si ^ ' »a»WrtuSpZ 44 • -S" «25 il 90 ?4 “0 

ft? 295 1» SSSoft? 295 ZZ. 1655 15 86U9 % W^a&Sp 32 ..... 15109 77 «« 

tM2 3.1 9 1 *77 51Z 7? W?%U.8 03 215 31 15 ^AootlOp ,303; -J, fl.3_ 42 65 5.6 3 


ipifisL5p. 


E5>4 693, 
95>4 BW; 
9£ 8 H; 
8° 66 
94 85 

6? 51 

94 47 


DftW.%Cp¥3a«5 £92 ' 


LOANS 

Public Board and Ind. 


if* t 1 * ™ 42 17 Da'A'N/V»-_ 39 U7 51 o E7V 33 “ W.&uhSp'&I*- 33 

s* ♦ g-9 - 142 81 rde-RentnCZ 133 1“' «3 25 fin 11 1 71 40 WesthradZ-Z 48 

J S'5 “™ 448 196 Tbana Elect . . 372 +2 th637 57 Vfilfll 38 West*n-gvB»520p_ 80 

?B 1,1-2 7. 22 mpepHiSj 56 „.. YA7 55 77 5J Wb®oe_ZI 94 

?? I , §■? 2-8 101 55 UmtechlOp 92 3 to 20 nnuc 77 8 Whenaj Wtsn, 9p 17 

Il 47 S’* 7n ?« S ^SeiEOTfie-. 266 ^2" G6.® b74 34195 5? Wiiteboiisea^j. 327 

V ii li a. i M* 4-wfc M 87 65 » R S£»2?- ?5 


nas20p_ 80 fin 32 55 7.4 ^ 

w® j-i 1 .|| 

QK5i^> 127 27- A 25 A-.il ft 


§*»»: n ti m* s is 1 

l»t=f 

m 2 +? tK 27 85 

| i if IS.- 

^ ^feShM £M . !?„ 145 flL9 

i raC J a-SHBH 1 

|9 DOTmtetlOL — W4.26 L4 9.4 1 

3fa £26% +M ML 20 — 25 

rHtuHLlOp 37 - ZZ L53 
seCntTOp 144 _ bd5( 
tarian3>p_ 49 +1 F27 


monc Board and Ind. W; is 

66 « Acic Kt5pC5M9_ ' 64 ...... 7.K 1051 156 ’ 635 

®S 6B-; Aim IP-pcRLM 90 ; t«l U50 1L80 im - w 

33», 22 “Mrt.Wtf.VB' 33-V I™ 934 1101 « V, 

J 4+ *n lm 877 7.10 § j? 

ira S ^‘hotf^wmits- ,9|t; 9.77 1125 1^ « 

103 84 lItmnar7prT>78 _ .. 100 7.14 9.50 4 * fS 


JJ?!* ft |**FF1 lape "81 
«*!■; 98 I IV UpcTS _ 


Financial 


- 107id -«* 1215 1 1025 

- ~ l i » 44 11 &D 


46 163; 

15 61; 

117 44 



ffire Purchase, etc. 2 I ffifc I & U % % 

x h2.»3 1.71 ,.uiu % | Miinsf; % 1 It li jJi 

io| :::z & r 9 Fj m> &« ?m 'SSSSSsr. SL +7 R{S “ Jg ^ 

fl « w 5 -r SS j7 II To 


tt 8 


Ve*tfnghotue_ 48«a -lj' 213 

araas J - » 

n*UIl(R) 263 -3 HS 


rffl jjhl» » 

wSsISiJIsI i 

52 26 


lins& James— 
o!f Elect IMs 


$ S SS^^WTfflpIl 45 -3 

I? ?£ JHi’jeRuml^ 30i; 

64 30 [Young A’srnfcV 61-1 


3? 1.7 I 25l 6.6 87 446 


LCbmEl— J 346 




ENGINEERING 
MACHINE TOOLS 


il <85)1130. I 84 


8 I— I ABl i!i| ukt T ^ ®^z *ft ^ K 

150 73 Hansom wm lOp 150 ‘"™ 2.79 


1 L 0 — . 

ml* i iS g§ bHM 31 ^ ill ' F00 »i GROCERIES, ETC. 

,51 .Dtt‘A'_ 1 R lH 4510J 1+2 [F65 14718: 


V«M ■ 4 ‘^b" 2 S 4 * tJ -^{ lt ‘ 4M ’’"‘i s/l 

-T* ft - • 591, 1186 11.90 39 16 

" Til S'- £^M5MK8r- 70 «1 1036 1150 166 86 

ii - H* ^J^Dh VIW.- 701; 10.69 11.70 236 79 

ifa: Ml SlS* \ S 4 1L14 1160 43 26 

.833; 591, DaTtfclJ-IC^: 76d +« 4 U.68 121D 142' 82 

72 46 


1127 1140 961; J 571 


|| 34 . BentoW lOp-Z 

BEERS, WINES AND SPIRITS JJ? fS 

m h“ ,f aaw 


— 21 A 25 d- £ 
..._. 151 4.0 6.4 53 % 

-1 224 45 5.7 5.6 ™ 

:z :U ll s L l fi f g 
T & li £ if i 1 
=i” Si? Swi gl W? 

95 21- 

156 40 

225 140 

IWz 9 

tIES, ETC. JJ g 

78 3^ : 

+2 |F65 I 47J 82j 9D 223; W 
Jtb273[ 2M 4.f 92 £26^ £183, 


fS & ISfej: ^ ?_ °# 3? 

S K — 28 -I; ±d3.35 0.9 ± 

ft |g. 56. ....„ J25 26 88 

Sj 1 ??* r&VE 50 +1 3.ffi 26 9.8 

23 12' S.C. eases LOp— 38 +i, +0.65 29 t 

« n banMk 92 -? 052 - 2i 


kfltflUB: 


f 3» 


FOREIGN BONDS & RAILS 


1177-18 
High lor 


Price [+er[DiT. < r| Bed- 
£ - I Gross I Virirf 


112 62 
4S. 50 


66 59 

150 60 


??"* I* 191; — — . 195 120 

& £ Co-Spehct 33 B— - 21 U 

?S 95 LhikasSued — 98 3 D.D6 505 1?3 

l a? Grraan inn.+jK 355 4 i 2 _ -,ji 13 

m S 96 3b 17.73 54 24 

h i S L.y» _ 06 £ ft 72 :p3 55 


44 3s do^wai,.: « s wfe fSs dl 

$ a ^iiSss a ■::::. *i u 6 iJ ill '$ 

•Maad <‘LPC 81-83 88 - 10.46 IM 34 ‘ 

L55 PoS’jrc ^196 91 - - 1140 1*3 41 

287 Pff Jopaalpr'lO.V's- 275 — — rn 115 

1*2 Ltn , 80d 6 B - M 390 ' 255 

165 ISO Pen Ass >c 160 3 139 60 15 

« 75 scj&pcgaaZ ra “::: 867 to:. iS, 

Jtan9pcl991. — 3971; 4 923 107" 43“ 

MrtnpiM&W- now 61; 9 90 415 '228 

94 | 62 rrupnarjljc — 9f 3b 400 96i; 59 

D.S. S & DM prices exclude mv. 3 premium ?01 111 

150 SB 


1177-78 

High Lmr 


AMERICANS 


lgSs u ASA 

62'* 58 AMr5 B .Coni Tf7„ 

41'b 22 Amu SI 

30^ 21 >* Anencan Express. 

■ M Wlp Aser Medic. Ibl„ 

11* S73p .Asarcolnr 

‘45 2^4 Bsterlaalftmli, 


21 _ _ _ 117 47 

,54 +2" 2 84 18 K010.7 ¥?, “ 

107 2.62 4 3 7 A i 6 ,- |?, 

222*6 +| t653 2 8 45124 ??■ 

187 -l 7 02 2 6 5 7 88 g 

158 +1 2.9 2 j 28 235 

12.93 3 0, 3.1 <U9 31 15 

123 . ... 04.75 A 5 9 f 

310 j-S la h 2.3 22 3 

390 12.45 26 4.9 12.B 

55 ...... 234 05 6.5 428 

631; +31 2.0 7.010.6 n 

10| 2 72 16 4 0 23.4 ' 13 

J93. 1607 24 6.Z101,« ,, 

,fi : 2 -)? 13.57 2.6 5l 9 9.8 1 !l . ? 

197 *1 5.74 3.0 4 4 11.6 S | 

150 ...... 1289 3.Sj 29|13.9 ^ J 

S «3 2i 

*-iaicja BUILDING INDUSTRY, TIMBER 8 S 


K8 -1 4.g 32 £C 94fJS PS ® P gf U || « iS S ill +F 

B4 14.78 6J 3.ura lw 185 lYortsCTjens-.! 90 [....-[ H33 1 3$ 73^ 62 7 3 Aas^itbb UhP- 7 +£ 

42 ‘1 29 221; Affi8r.TlMiiiffi_ 26 2_3 

140 13.91 27 4214 9 S 12 AtfralndlltfL Sb """ +L03 

iS zzffl* H ygj ■ « tfasfcr a - 2 f i 

£ a ?iS II 7.1 ?i CINEMAS, THEATRES AND TV i “ feifz: E -T IM 

’tw’fJ Li 1:1 ill » « +3 jjuil fi'B ** 9E 

in :f 05 H I? SI g if ^ 4i J? IS U KggS: U Ji " Sll 

18 112. 12 9413.i ft 33 gwaGroupl^ 1 55 Q423 25 7.7 7.9 521; 33 BariuniSon*— 51b +b +297 

50? b4.02 8.0 12113,^ ^ ~ 50* 

21 — — [ — — li PJ*. - 112 ... MI 56.6 2i R.9 82 22 6 BerMTiLwiflOpI. 22 4G 75 

.54 +2 284 1 s| 8.0 10.7 “ HSfcs=sr ^ — 6.19 15 11 73 M 1| BeraUHF.l^Z Ub ..Z.' sL33 

73 . — 6.04 19.6 125 - 74?; 53 fflrsddQiuk^ 68 &05 


"Ik-SI |a « 124 93 KE&Lmt 113 +2 tdfi.03 3J 8J 5J So « 5"^= 203 “ +3 6.46 4.E * ,27 15 

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34 +3 d255 L5 124 92 M 33b Capper-fwil^p 66b -2b 

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24 -2 4.12 4J 2910.9 49 Cracmrielto_ 45 ...... 

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Unless otherwise Indicated, prices and net dividends wo In 
m »m »mi ate xsn. Bdinted nrtccfamlnaa 

p»«v—«I— — tdw 

and, rtm pooribie, an ipdatedoa half-yearly flunk P/E» am 
calculated on the basis d net distribution; bracketed Q|nm 
Imficata 10 per cent, or more d if fe r e n c e If c al c u la t ed on "nil” 
distil batten. Coven arc based on "nmimnm" tUntrlbnUan. 
Yields are based oo middle prices, are gross, adjusted to ACT sf 
34 per cent, end allow far value of declared iflstx Haitians sad 
righto. Securities with denemimaiOBa other thon Keriing an 
ousted Inclusive of the Investment dollar premium, 

A Sterling denominated securities which indada bmitinid 
dollar premium. 

• “Tap - Stock. 

* Highs and Lon marked thns have been adjusted to allow 
bar rights issues for cosh. 

t Interim since Increased or rammed. 
t Interim since reduced, passed or deferred. 

& Tax-free to non -residents on applic a tion. 

4 Figures or report awaited, 
ft Unlisted security, 
f Price at time of suspension. 

f Indicated dividend after pending scrip sndfor rights isuat 
cover relates to previous dividend or forecast. 

** Free of Stamp Duty. 

; 4 Mercer bid or reorganisation in pi o gres s. 

: f Sot comparable. 

♦ Same interim: reduced final and/or re duced onre Inga 
Indicated. 

$ Forecast dividend: cover on esndngs updated b” latest 
Interim statement. 

I Carer allow? for conversion of shores not now ranking for 
dividends or ranking only for restricted dividend. 

* Cover does sot allow for shares which may also rank for 
dividend at a future dote. So PTO ratio usually provided. 

f Excluding a final dividend declaration. 

4 Rccinul price. 

II Vo par value 

» Tax free b Figures based oo prospectus or other official 
estimate c Cents d Dividend rate paid or payable on part 
of capital, cover hosed oo dividend on full capital, 
e Redemption yield, f Flat yield, g Assumed dividend and 
yield, h Assumed dividend and yield after scrip issue. 

] Payment tram capital sources, k Kenya, m Interim higher 
than previous total, n Rights Issue pending t Earnings 
based oo preliminary figures, r Australian currency, 
a Dividend and yield exclude a special payment, t Indicated 
dividend: cover relates to previous dividend, P/E ratio based 
on latest annual earnings, a Forecast dividend: cover based 
on previous year's earnings. ▼ Tax free op to 30p In the E. 
w Yield allows for c urren cy clause, j Dividend and yield 
based on merger terms, i Dividend and yield include a 
special payment- Cover does not apply to (pedal payment, 
A Net dividend and yield. B Preference dividend pawed or 
deferred. C Canadian D Cover and P/K ratio exclude profits 
of fit aerospace subsidiaries. E issue price. F Dividend 
and yield based on prospectus or other official estimates for 
L977-78. G Assumed dividend and yield after pending scrip 
and or rights issue H Dividend and yield booed ou 

E pectus or other official estimates for JPTO-77. K Figure* 
d oo prospectus or other official estimates for WiH. 
X Dividend and yield based on prospectus or other official 
estimates for 1973 N Dividend and yield based on prospectus 
or other official estimates for 3978. P Dividend and yield 
based on prospectus or other official estimates for 1977. 

Q Gross T Figures assumed. V No significant C or pora ti on 
Tex payable. Z Dividend Total lo date 14 Yield based on 
assumption Treasury Bill Rate stays unchanged until 
of stock. 

Abbreviations' d ex dividend; m ex scrip issue; rex rights; a en» 
all. d ex capital distribution. 


** Recent Issues " and “ Rights ” Page 38 


This service Is available to every Co m pany dealt Id ml 
S tock Exchanges throughout the United Kingdom for a 
fee of £4fl# per annmn tor each s c cm tty 











































































































































































































































CAMFLEX IE in control 

! 


improved m , 
automatic 
Control valve 


FINANCIAL TIMES 


Tuesday January 24 1978 


niasonellan 

’•‘mi — w-ud PVtt BotJitoi wwi n.\ro Tin w 7*? 315* 

I 



4 


Guyson International Limited, 

. -North Aver uh, Ot'Oy. WuSt Vyi jsshir* LS2 1 

Tel, (09434) 3422 Telex 51542 


C 

Begin in tough line 
over ‘anti-Semitism’ 


July target set 


THE LEX COLUMN 


BY DAVtp LENNON 


TEL AVIV, Jan. 23. 


ISRAEL has left the door open he described Mr. Begin as peace agreement was reached, 
to resume peace negotiations. Shy lock. However, Egypt’s War Minister 

But it will send only its military He said that the recent anti- had subsequently presented a 
delegation back to Cairo if Egypt Semitic tone in the Egyptian proposal that placed Egyptian 
refrains From anti-Semitic attacks Press and President Sadat's troops only 40 kilometres from 
on Israel. Mr. Menahem Begin, ultimatums had created an the Israel border, 
the Prime Minister, said in the atmosphere which made negotia- Mr. Begin declared that Sinai 
Knesset to-dav. tions impossible. But be said that must be demilitarised and he 

Opening a debate on his policy. i f Es.vpt would stop these attacks called on President Sadat to for- 

Mr. Begin made it clear that *» r °P° saJ 011 

Israel has no intention of offering J_i demilitansation. 

Egypt any concessions to coax it oHQBT II10V6 .,.5. 55 

back to ibe negotiating table "" 

from which the Egyptian delega- 


to complete 
world trade talks 


leaf 


„ mulate a new proposal on 

^ -- demilitarisation. 

Sadat move ,*? e ?>» rejected Egyptian 

1 claims that Israel had agreed to 

President Sadat Is to launch dismantle Jewish settlements in 


non walked awav last Wednet a ma i° r diplomatic offensive lo the Sinai. On the contrary, he 

dal" Sad iff reiterated hS a PP cal inr ®»PP°rt against had told President Sadat the, 

opposition to a Palestinian State Israel! * ■ wtraasigence." 1 ? n ™- vs settlements were there to stay 

and Israel's refusal to evacuate *" J® R '! s ! 1 Washington, and would have to be protected 

all the occupied territories. London, Par, J» a b>' an Israeli force. , 

....... number of Arab and African Mr. Shimon Peres, the leader 





all the occupied territories. utmmm ^ns, m a ny an Israeli torce. 

.. . ... . number of Arab and African Mr. Shimon Peres, the leader 

The self-justifying speech was capitals. Meanwhile, a sum- of the opposition, said that the 
designed to demonstrate parua- m jt 0 r Arab-hardliners opposed Labour Party supported Mr. 
ment ary support for the Prune to j,is peace initiative is io Benin's criticism of recent 

Minister S handling of the peace ho held in Alffiprc cnmA Hmn romtiQH •nnH.Camifieni Diif ho 


Tokyo Ronnd talks: Mr. Nobuhiko Ushiba, Japanese Minister 
for External Affairs (left) in Geneva with Mr. Robert Strauss, 
U.S. Special Trade Representative, and Herr Wilhelm 
Haferkamp; EEC Commission vice-president 


Minsters handling of the peace be held in Algiers some time Egyptian -anti-Semitism. But he 
negotiations. Bui he offered no this month, according to also accused the Government of 
apparent way out of the stale- officials in Damascus. creating baseless optimism 


BY REGINALD DALE 


GENEVA, Jan- 23. 


mate. 

Mr. Begin devoted 


during"the 'negotiations ^nd^of ™ B V ' S ‘' EEC i nd Jap ^f R ne8 * wou ?t ** made on some 

makine tapticsai mintafep* to-day resolved to make an all- items, with bigger cuts on 

Mr Alfre^Athmpfon^rhP u q out effort to conclude the bulk others In compensation. 


Mr. Begin devoted a major there would be no obstacle to makin R tactical mistakes. w-uaj- rmotvmi io maxe an a i- wren mgger cuts on 

part of his address to quoting ex- u, e return of the military dele- Mr. Alfred Atherton, the U.S. ° p \ hSn B .™ n ?P C S 0t Sl ra - ™^ 0r ? pensa S° n ' 

tensively from anti-Semitic gallon to Cario. Assistant Secretary of State. ®{ th * T„i 2 •^ he BBC * e “ 1 *6 UJS. 

articles ip the Egyptian Press in The Prime Minister said that held talks to-day with Mr. Moshe wl *l us* 1 the formula to offer 

the past few weeks. The Israeli while in Jerusalem President Dayan, the Foreign Minister, and 6 “®*J. S1 * ’J® major cuts only cm items °f little 

leader went so far as to chide Sadat had told him privately that Mr. . E7er Weteman. the Defence g8o° l £ iXJtoMlie yS? * * SXSi™ ^ making 
one Egyptian editor. Mustafa not one Egyptian soldier would Mm,stcr * At f £5i2e to Geneva to *** the , 0f 

Amin, for misquoting Shake- cross the strategic Mitla and Middle East News. Page 6 launch the final phase of the muni?? iraportancG t0 tte Com_ 

speare to an article tn which Gidi passes in the Sinai after a Editorial Comment, Page 22 talks the three main participants Thptiq has ,i™,h v that 


Welsh lorry drivers 
strike threat grows 


ipS omy recnnicai neiaus w ne export interest, while making no 
finalised later in the year. reductions in the areas of 

. Ata Gene * a *° greatest importance to the Com- 

iaunch the final phase of the munlty 

talks the three main participants The U.S. has already said that 
agreed that the political contents there W1 tf be Mrh 2 n « man . 
t? 11 * I package should be datory exceptions" to its offer, 

se * f }? d D ri u I' , including oil, special steels, 

AH admitted, however, that bearings, colour TVs and shoes, 
much hard bargaining is needed- M Qh . r 

before the 93 countries attend- 

inn toil-o .»nn or n-ao ah tho certain textiles, watches 


BY NICK GARNETT, LABOUR STAFF 


End of IMF js 

gold trading Sf'&SS agagfera 

® ® trade. It is hoped that the meet- American exceptions list 

mvwkn ing will update -rul es governing 111 the agricultural sector, the 

CUrDS SOOll international .commercial rela- Community is offering tariff cuts 

^ ^ # and nPV7 ranffs hindinir n n ahmtf 


THE POSSIBILITY of strike Talks covering the East Mid-! By MfchMl Blmdtn 
action by South Wales lorry lands are continuing. Road 

drivers developed yesterday hauliers in the West Midlands INTERNATIONAL GOLD deal- 


trade. It is hoped that the meet- excepnons iisl 

ing will update -rules governing the agricultural sector, the 
international commercial rela- Community is offering tariff cuts 
tions for the next decade and tariffs binding on about 

beyond 100 products, ranging from horse 

For the U.S., Mr. Robert meat bourbon whisky. 

Strauss, President Carter's Major products like grains, 
Special Trade Representative, dairy products and meat are 


after the breakdown of local pay who have settled aL 15 per cent ings w '* 1 be ,reed completely said there were still areas being dealt with separately in 

talks, said the Road Haulage remain concerned about the from official control shortly, in which negotiations were negotiations for new world 

Association. throat of Government sanctions, with the final adoption of the “seriously lagging." These in- agreements. 


Association. throat of Government sanctions. wiUl the final adoption of the “seriously lagging." These in- agreements. 

The drivers have been seeking Th _ h _ lllllB _ „,,, planned changes to the Inter- eluded State subsidies and Herr Wilhelm Haferkamp', 

rises of 15 per cent.— now seen _A s, u5i ° I national Monetary Fund rules, countervailing, duties, agricul- EEC Commission vice-president 

as a general target for drivers , h^ Th^ y TrpV.cr.rv, wrnt» Hi^ ' Meanwhile, the restrictive ture. the rights and obligations for external relations, told the 

throughout Britain— but the National Goal RnTrH agreements among central of developing countries, safe- meeting the Community attached 

association's local area manage- iVtnhavo no rtr-ai banks will end on January 3L guards, and the management of great importance to parallel 

ment has refused to increase an in „\ with road hauliere who had The changes stemming from ^ dis P utes -,^ . . , . , progress in four main areas: 

“^!. rep ”«“ ots 10 per broken pay miidelin?? ' lhe new IMF rules will eventu- se!ecttve application of safe- 


ment has refused to increase an inn ‘ s with road hauliere who had The changes stemming from ^ aw P UIes -^ . . , . . progress in four main' areas: 

^f r n l nr s n« rep rni s r te 10 per b ™ ken P a y ^ delin ®? ' lhe new IMF roles will eventu- , f seIe S? 7C a PP lic «ton of safe- 

cent. on gross earnings. _ . all*- leave the central banks failed, Mr. Strauss guards, streamlined customs 

Drivers in Coventry who have The Treasury maintains that fn? V to bnv gold at the open warned - ' “°ur markets would valuation procedures, agricul- 

agreed a guideline-breaching 15 » is solely the responsibility of Dr [ ce f instead of Ke clDse> unemployment would ture, and acceptance bvtSus 

per cent, deal are still looking sponsoring departments to haodle SIBwfiTSi officSVd tSS become ®ndeilc and Govern- of existing GATT rulra oncoun- 

fot -improvements in holiday pay such matters with nationalised JSSEHUSitK ft ™ mems would faU," he said. tervailing duties. 

^ ^ around S42 au ounctT^ _ He had earlier presented the Mr. Nobuhiko Ushiba, 


tor improvements tn noiiaav pay such raanere wim nauouaiiseo 
and have warned the association industries. 

that they are also preparing to The Department of Energy, 
strike next week. under whose umbrella the NCB 

Scottish Inrrv drivers have falls, says it has told the NCB 


oun'd S42 an ounce- He had earlier presented the M r. Nobuhiko Ushiba, 

Yesterday the market oriee F , negotiating off ® r .. for Japanese Minister for External 
ct- «5 y to siysSs P if! floal P faase of 1116 talks - COm ' Economic Affairs, said that 

pieting the tabling of offers by Japanese ' exceptions to die 


been offered just over 9 per to ensure that tho effects of b j£ besl ,evel w*m» early April, the most import - nt trading tariff 1 !!!* 

cent, on basic rates but with the private sector breaches of the M*a- „«werl^ P 8 S? 


ssft. ,, .a i s r, hssr n w srsKWhK v^sss'j’ss ssx mb 

drivers working a full 60 hours, prices. How it achieves that is the oichanTe markets. Whiih Sjn .1^5“ Lf P” ’"•"J Produrts. Itl Hceptiona 
the deal would meao an increase up to PTCBs own management, has ™eT Uie main "actor ™' 1 ““ KSSS 11 ™ JT* JtSS'JL ^ 

Of more than 16 per cent. «•£ huosting Ute price of gold in * e S 0 ™’ " “HSJS ff 1 


powers. minimum and that cuts of over 

The U.S.. the EEC and Japan 40 per. cent, would be applied 


__ is»« community Yugoslavia expressed U ni> 

unsung firPtly rejects the U.S. proposal concern" that the developing, 

of "00 exceptions." under countries’ interests had been I 


Northern Engineering 
to buy another company 


to buy another company SS“S 

trial countries, together with 

BY CHRISTINE MOJR Switzerland romes to an eScL 

This is a self-denying ordl- 

THE power engineering group gear company which primarily nance under which the banks 
Northern Engineering Industries, services the mining industry. agreed not to increase their 


„ __ V . , . ui UU MSI CAkC)JUUUa. UllUCI LUUUllil» lUlCICSia IMU Wl 

marked Vli * iaVe 0n g ° d which no cuts, or only limited neglected so far in the talks. 
At the end of this month. 


agreed not to increase their 


created by last autumn's merger ^ . u ‘ & 

. . _ . _ , finally agreed, out Northern 

between Clarke Chapman and Engineering Industries said that 


The price has not yet been holdings of gold above the 
tally agreed, but Northern level of August 1975. when the 


Steel producers face 
anti-dumping duties 


Eor Hank Organisation,, un- 
like the vest majority of British 
companies, the strength of 
sterling over the past year has 
come ax a tonic -to its profit and 
loss account The reason, how- 
ever. does not lie in its -own 
operations — which actually 
were some £3m. worse off as a 
result chiefly of devaluations in 
Canada and Australia — fout ifl 
the Rank Xerox associated com- 
panies which. contributed 
£105m. to the Rank group pre- 
tax total ’ in 1976-77 against 
£59.2m. Because of the U.S.- 
style FAS 8 method of account- 
ing for currency translation 
adopted by RX, currency move- 
ments had a strongly negative 
impact in 1975-76 but added 
£2 9m, to Rank’s profits share 
last year. 

Meantime the non-Xerox 
activities also showed a favour- 
able trend, though the gain was 
on a more modest scale from 
£16.4ai. to £19.5m., of which 
£18.9m- came in the seasonally 
much more important seepnd- 
half (which takes in Butiin's 
profitable months, for instance). 
The overall pre-tax outturn, a 
jump of almost two-thirds to 
£124ffm^ is slightly ahead of 
City estimates — perhaps 
because the troubled colour TV 
operation Rank Radio Interna- 
tional has managed to trim its 
trading loss by £2.6m. to' £3-2m. 

- Currency upsets apart, the 
outlook for RX seems fair. The 
decision to sell machines as well 
as rent them has brought at 
least a temporary boost for 
profits; while the 9200 pro- 
gramme (at the heavy end of 
!the range) should be swinging 
I through breakeven to. profits 
|over the next year or so- It 
could be the early 1980s before 
IBM, Kodak and the Japanese 
provide really stiff competition 
in the bigger copier/duplicator 
ranges. 

The outlook for the non- 
Xerox interests is mote- 
obscure, although Rank ex- 
presses optimism. It seems as 
though most of the leisure 
activities performed reasonably 
well last year, and judging by 
the figures fox non-Xerox aso- 
riates the downturn in 
Australia has only been modest. 
Tut big extraordinary provi- 
sions . have taken below 

the line, including the £8m. cost 
nf buying out the indexed lease 
on the Royal Windsor Hotel in 
Brussels, while the cost cutting 
measures at RRI, though sue- 


Index fell 1.0 to 486.6 




iIh* 


ia rniflnn Discnunt M arket^ 

.'N-miji. rfTh 


if 


CUT-EDGED 
HOLDINGS (&n> 


*76 1977 


cessful up to a point, hardly 
amnunt to a long term solution. 

At 263p the price. is much 
closer to the 1976 high of 276p 
than might be expected for a 
share which is inclined to move 
much in line with Wall Street 
The price still looks soundly 
based, although the low tax 
charge and FAS 8 content of 
earnings make the p/e of 6.6 a 
little less attractive on closer 
inspection. 


slightly . lower, than that' •[ * 
perieneed in 1977, when , 
sumcr prices' rose- an ave; 

61 per cent . 

However, the stock maii v** 
has already chosen to ignore- 
likelihood that many cotnpa « 
will soon be reporting a sts ,4 »1 
performance in -the final ndililil 
ter of 1977. Boosted by a ra! 
higher rate of inventory gt’ 
it ' looks as though earn 
could have risen by getting 
for a fifth in the latest quai 
which would be nearly t» 
the Tate of increase seen io 
July-September period, 
share prices may. be equ 
irresponsive to these lot 
terra forecasts.. The profit 
mate is the residual of a Jc 
much bigger numbers, am 
some of the: assumptions 
only a little way out— the i 
tion figure, for instance-^ 
the outcome could be • 
different :1- , . - 


III"' 


. 

V' t j 'i l 


Alexanders Discount 


U.S. Budget 

The immediate reaction of the 
financiid markets to President 
Carter’s budget message was 
one of indifference- The U.S. 
dollar slipped lower against 
most European currencies 
before the New York Federal 
Reserve came to its aid, and by 
lunchtime the Dow Jones Indus- 
trial average was plumbing new 
low ground. 

The . foreign exchange 
markets,' In particular, found 
little, encouragement . in the 
budget details — general outline 
of which was already known. 
The Administration is still no 
nearer securing an effective 
energy programme, and until it 
does the dollar will continue to 
look groggy. 

• So far as the corporate sector 
is concerned, the Budget state- 
ment projects a near 12 per 
cent rise in profits before tax 
in 1978, and a slightly higher 
rate of growth in 1979. This 
compares with an estimated rise 
of just under 10 per cent, in 
both reported and current cost 
profits during the year just 
ended. 

That seems an encouraging 
background, especially since the 
rate of inflation in the coming 
two years is expected to be 


Alexanders Discount is 
oldest member of the Lor - 
Discnunt market (it has V' 
going since 1810) and on< 
the most conservative. Cr 
quently, when it says 1977 
an “unprecedented” jreai 
should he taken seriously. A 
transfer to inner reserves, 
profits leapt from £264JM> 
£2.1ra. t which is 'more 
double the previous peal 
£1.0m. in 1974. The sb 
closed Sp higher at 293p, w 
they yield 7.4 per-cent. 

It started the year 
Minimum Lending Rate at 
per cent and by the em 
December the rate had dro 
to 7 per cent. — having ton 
5 per cent. In common 
most other houses Alexat 
found the first half of the 
and in particular the 
quarter, to be far and awa; ... 
most profitable. For muc' " 
the year it was not able to i;* ; 
running profits but this 
more than offset by the os 
gains to be had. It inerc 
the size of its book by well 
a third and for much of 
time it was trading at tie a 
maximum level. 

Alexanders increased its 
holdings from £35ra. at 
start of the year to a pea 
close to £70m. before clcisit 
books with £40m. at 
December, when the av« 
life of its book (excluding f 
was running at between five 
six months. That is fairly 
for a discount house, imp! 
a very relaxed view of m 
rates in the next few tmmt> 


agreement was made. It meant BY DAVID BUCHAN IN BRUSSELS & ROY HODSON IN LONDON 


Royrolle Parsons, has lost no it amounted to less than 10 per in effect that they were pro- 
time in following up its acn- cent, of its net assets. Including hi foiled from buying in the 

mnninus £9. 5m. purchase of Inter- the £10 in. assets acquired with open market at prices which THE EUROPEAN Commission been made into the Community 
national Ccmhusunn hv another international Combustion, this were much higher than the yesterday announced its first below the Common Market's 
— but this tune aqrccd— acquist- puts the figure in the region of official price, although they ajitl-dumping duties on steel level of base prices, 
tinn of a similar size. £9ni. to £10m. conld sell. They were also entering tho Community below products covered by the duties 

Yesterday. the company Baldwin's profits for the year banned from managing the tbe minimum import prices in j nc ] U de galvanised sheets from 
announced that it had agreed to to January 1B77 were £1.77ni. price. * effect since January 1. Spain and Poland, hot rolled 





buy Baldwin and Francis, a pre-tax and net assets at that date 
private mm or control and switch- were £3.75m. 


Continued from Pa«e 1 

Carter Budget 


price. enei-i since January i. Spain and Poland, hot rolled 

. . S*®® 1 waders have so far been sheets frotn Bulgaria, Japan and 

Auctions Czechoslovakia, pig iron from 

Sr n, na«inn S nn lC ni^ l rwZhi?t Q ^oRt^ Canada, wire rod and cold rolled 
Tlte transitional arrangement Davignon p la n—but y ester- sheets from Czechoslovakia, coils 
was made in the context of the from SouUl Korea ’ and 001,5 

agreement at the August. 1975 H 0 ®* 0 "y££5 “ from Czechoslovakia, 

meeting of the InternaUonal t .°_ a Ahinn,«mt« nf iron and p> 




as 


underlying the Buduot have For years- 

the mosi pan hern announced Of the TOSbn. nominal increase 
previously. in next year's Budget over this. 


calendar 197S and 1979 will aver- grammes, 
aae about 4,' per cent., that un- Of this, about one-third is to 
employment will fall to about go for research on energy deve- 
fi'J per i-eni. by the fourth inpincnt and conservation, with 
quarter this year and 5.8 per other modest increases princi- 
i-ent by the end of next, and that pally going to aid the large 
inflation will remain at about cities and to alleviate unemploy- 
fi per cent, over the next two ment. 


-.1. — :: L. r and imoorters Irara Austria, r miaou. tasT 

gild as “?e«A y e St™ 8 ° F Th e duties.' which are pro- Germany Hungary, Romania and 
goia as a reserve asset. visional for three months nend- the Soviet Union are also subject 

r« TI !h w ?, y Ing the conclusion of dumping to Brussels dumping inquiries, 

investigations, cove? products although no duties will be im- 


Weather 


UK. TO-DAY 

Showers with some snow in 
north Some sunny intervals. 
Cold and very windy. 


N. Wales, N.W. England, L. controls under whi 
District. Isle of Man J could only s 

Showers, some heavy and j a ‘ the official price, 
wintry. Cold. Max. 5C (41F). Darid Bell ai 


London. S.E„ Com. S. and E. and 

E «: on 
Mas. 5C H1FI. K A !?hA C . 


to ihTiSt.™ rf . dmiSI garia, Czech Slovakia. South In Britain, the Department of 

amrtu^f l Korea and Canada. They will Trade last night imposed duties 

nmvMM a ^° he imposed from the date the against hot rolled coil from 
nm^iai abolishin ® 1115 Commission's decision is for- Czechoslovakia and South Korea, 

"if * p .' mally made pnblic in the It is expected to act against other 

uncertainty in the market official European Community alleged cheap imports to-day. 
arises partly over the prospect Gazette— probably to-day. - Riehard Evans, Lobby Editor, 
of a hiatus between the end- Mr. Edmund Dell, the British -writes: The* Commons Select 
ing of the Group of Ten agree- Trade Secretary, arrives in Committee ■ on Nationalised 
raent and final ratification of Spain to-day for trade discus- Industries is expected to 
tnc new IMF rules, daring sions. Spain has been enjoying question Sir Charles Villiers. 
which the position would a healthy and growing trade with chairman of hte British Steel 
revert to even more restrictive Community countries in iron and Corporation, next Monday on the 
controls under which central ! steel which Is now directly confidential financial forecasts 

“fl*® «pW °niy sen or buy ’.affected by the new restrictions, extracted from BSC last week, 

at the official price. . , The duties result from com- ftp s a, in, ow to wftai 

Darid Bell adds from Plaints by Britain and France extent the Corporation realised 
Washington: Mr. Anthony on steel dumping following the last year it was heading for a 

Solomon, Deputy Treasury introduction of minimum import £520tn. . loss. They hope to have 
Secretary for monetary affairs, prices. In each case, the Com? a further meeting with Mr. Eric 
said yesterday^ that the U.S. mission has proved that at least Varley, Industry Secretary, on 


Kingsway 


3 floors air-conditioned offices remaining 
5,300 to 15,945 sq.ft 


HighHdbom 


Self-contained building 
25,000 sq.ft, offices • 3,900 sq.ft, storage 


1 ^ ... . Edinburgh, Dundee. Aberdeen, bad no objections to ending one steel shipment from the Monday week to discuss the 

5. W. England, Channel islands. Highlands. Moray Firth. NJE.; lhe Group of Ten agreement. I seven countries in question has figures. 



S. Wales 

Showers, some heavy. Bright 
intervals. Cold. Max. 7C (45FI. 


BUSINESS CENTRES 


Vday f i d.u- 

mid-Jdy 1 mid-dio - 

-C Tj "C 'F 

Amjertm. F 3 « iManctiMr. n S W 

Ailh'R^ F 13 j.i!Mclbmimc C 2G TS 

Bahrain S 13 KS'M.-aicij C. S 22 72 

Barcelona S 3 4S Milan F S 43 

StisnAt. C 2 Th -aonwtal C -R is 

C I M Mgncaw S-ll 1C 


, . Scotland. Orkney, Shetland , 

>ngnt Cloudy. Showers or sleet snow. _ _ . _ 

Fl - cow. Max. 4C (39F>. jCoutmued from Page 1 

N.W. and S.W. Scotland, Glasgow, . 

Argyll. N. Ireland 

Showers, some heavy and § AITAfitHWI i 

vd.iv wintry. Cold. Max. SC (4JF). UUVCllIxlll 
tiij-du- Outlook: Cold with showers. 

"a » Snow in places and frost. _ ,, _ . ^ 


Government loses by 11 votes 


New air-conditioned office buildina 
46,000 sq.ft. 9 


EmiiiSm. Si 4 W. 'Munich 


Brisin! 

pruvscls 


Fuflawsl C 0 "3 Oslo 
8 Aires C "* lil Pam 


r 4.V Newcastle K - 3b 
4 30 1 N. w York 5 -3 2T 
0 "3 Oslo Sn -4 II 

'4 nlPam r. j 4i 


HOUDAY RESORTS | 


YVjjy i 


Vday { 


niKJ-d:iy | 

mid-day 1 


•r. f[ 


“C f; 

■Viacrin 

R 12 34 1 La* Plms. 

F 

19 nr, 

AiRfcrs 

S 14 ST [Locarno 

F 

3 ;rl 

Bumu 

R A «• Majorca 

F 

12 3t : 

Blackpool R R 41 Malaga 

S 

a sj ■ 


t ' p.Mii c « a Bantam* R 7 M "Malta 

'i r rt in Eouloww C 4 -"ft : Nairobi 

niifaSkM c ai r -*w“w» s a 

— . in i Kejkjarik ' r , nn TiiujIi «: (hi I 


Carnhdia. C a 32 ,Romr 


.1 4t : Rio di-ro s M NU 


CdWTOwn S 32 Oil I , Ynfe.au 
Corfu B il 32 ; -Vice 


Ushira F 13 55- Vienna 

).rnrtnn R n 43!Wjrsau- 

Fk n T2 • Zonuli 
Madrid C S 4Hi 


So H 33 
S 0 13 


t E 43iVal('tKla 
R 7 43 ■ Vi'nKT 


— For the Tones Mr. Peyton nearly } per cent to the retail few months, a large gap still 

i [saved they had tabled their price index, -while a- 7J per cent exists between the “green 

vday motion because the Government devaluation, favoured by the . pound" parity and the pound’s 

mid-daf I had treated the livestock la- Conservatives, would -add pro- value as measured by the Euro- 

f is nr,j dustry 30 badl - v - ' POrtionately more to shop prices, pean unit of accounL 

f 3 37 1 Ho was agarast lajlng down a For com P a rison, a 5 per cent. Before the latest proposals a 

detailed programme for bringing devaluation adds only slightly devaluation of about 30-per cent. 

f r S the “green pound" into line with raore , l ° Prices than a lp on a would have been required to 

.s ii 74 sterling but the Tories would pint of milk, and is just sufficient bring the two into line, which 

« » “ aim to achieve this over the next t0 off «t the effect of a one point would increase food prices by 
s H S two or three years. «**.«» mortgage rate, both of nearly one-tenth, 

s ftjrfrtoii r pnnnmjn w l»ch are now occurring. A devaluation of the “ green 

r. i2 .-.4 Pet * r j? . eI Economics impact on the cost of liv- pound" has relatively minor im- 

f- J i S Corre,spo,, P p “ t - writes: The main ^ from a “green pound" plications for the balance of pay- 

f ii 3? economic impact of a devaluation devaluation is relatively rapid ments. probably only amounting 

c n as of .the green pound is on retail depending on whether intple-"to a few tens of millions of 

c is r« pnees- mentation is phased. pounds. The impact on U.EL 

esc: A 5 per cent change, as pro- Even after the rise in the value public-sector payments and 


Richard Ellis, Chartered Surveyors 

64 Comhill, London EC3V 3PS. Telephone- 01-283 inon 

London W, ScotiarKi, Beigium, France, HolIarS/spain, 
^ Mw ^ MM|MH> ^|^^ ; ^£-A^ i ^nattei,Sing a p o re i Hong Kong 


4 


Richard Ellis 


f « os f— M ir si-si- sn-sumi. s-sunny nosed by the Government adds of sterling against the main Con- receipts should be largely self- 


a— nam. c— cloudy. Fb—fob. |1 per cent, to food prices and tinental currencies in the past cancelling. 


' O Tfoe Financial Tunes Lid.. MIS