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safety and your 
peace ofmnd 



Comfy Rider 

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No. 27,469 


CONTINENTAL SELLING . PRICK: AUSTRIA Seh.15; AELCIUM FrJSj DEN MAR 



Thursday January 26 1978 **i5 P 


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SUMMARY 


BUSINESS 



111 



own 


£ gains 
ground 


:s 


re 

ish colony broke down in 
don yesterday. 


• GILTS rallied alter flje -set- 
back of. the. -previous - three 

Rrinin trading days. The FTGovern- 

* ment Securities Index- recovered 

re on the constitutional ho- 
of the central American u '“ 7B - 79 - 

• EQUITIES also revived after 
initial weakness. The FT 30- 

;ep divisions between the Share index, down 4.7 at;I£a.m.. 
(ions of Dr. David Owen, closed at 483 2, off 0.2 oil the 
?ign and Commonwealth day. ' • : . 

ctary and Mr. George Price, . * 

Belize Premier, left Belize • STERLING gained a. further 

ins new international 55 points to SJL9525 and its 

nee guarantees in the i ndex';.«foe' to 

idniwm ntl5h garr ^ on be ns 60-4 (66.3), the highest^Losing 

ritain favours cession of some 
ze territory to Guatemala in 
tange for a Guatemalan 
ertaking to renounce its claim 
ail Belize, hut Mr. Price 
□ses any cession; Back Page 

imp makers 
edtoMPs’ 

ning Philips Industries and 
aiu-GEC, the lamp manufac- 
:rs. Mr. David Meiklejohn. a 
.■arch engineer alleged to a 
muons Select Committee in- 
Uguting lamp durability that 
ush lamp makers had deliber- 
y deceived the committee. 

■k Page 

level since April. 1976. 
was under more pr 
trade - weighted dep 

‘posals for a 71 per cent, widening to 4^9 (4.8*! 

■a luation of the “green cent. Bahrain suspends 
md will be scrapped if de;ai nB«i Paop 3- 
itain's Common Market part- ae « m S s ’ ra 8 e * 

■s dn not slop obstructing the # GOLD rose $1 to $X77. 
wge and allow it to go through , * 

February 1, Mr.. John Silkin, m WALL STREET rose 
rieulture Minister, told a 772.44. Upward pressure 
inrnuii. committee. WtlcPMs talorj nus, 

1 - . 

<V SDV plain 49' CITICORP launched an Aps- 

* : r .j . , i ttftlian dollar 4 bond issue for 

*hce has proposed inclusion gAlSm. as part of a plan' ip 

an international system of extend the maturities of its non- 
Urol satellites as part of a u.S. dollar liabilities. . Euroboud 
rhi disarmament plan to be n^rket. Page 28 



Ikin threat 




‘near to settlement 


BY OUR FOREIGN STAFF 




The Rhodesian Government and the country’s three internally-based 
nationalist groups seenrfinally to have reached agreement in principle on a 
majority rule constitution. 

Although Mr. - Ian Smith, like to have something concrete and would certainly not do so if 
Rhodesian Prime Minister, would to produce before Monday's talks any settlement was not to accord 
say yesterday only that the two in Malta het\yeen Dr. David Owen, with the basic principles estab- 
sides were nearer agreement the Foreign Secretary, and the lished in the Anglo -American 
than most people had thought Patriotic Front nationalist alii- proposals. An Internal settle* 
they would come, nationalists a nee, which is not a party to the ment which excluded one of the 
were more optimistic. Salisbury talks. leading 1 - ■ nationalist groups — in 

Agreement is understood to if an agreement were to he other wards, the Patriotic Front 
have been reached in Salisbury announced, this would give a con- — coiiwyffc bring about a cease- 
on the last major constitutional, siderable propaganda edge to Mr. “*■ election or give 

hurdle— how long safeguards for Smith and the internal nation- P«ace pr stability to a newly 
whites should lasL It is agreed alists over the separate Anglo- ,. e ^5 ndent „,j 11 ^ ,V e -. , 4 . 

that special seats in Parliament, American initiative for Rhodesia. f Jjjj 
giving whites a legislative block- which almost has been stalled threat Jft International peace and 
Ing mechanism, should last for since before Christmas. security jand would therefore be 

10 years most unlikely to be recognised 

The negotiators— Mr. Smith. ^ «. * by the security council." 

Bishop Abel Muzorewa. the Rev. |_Onila£llCG 11 ^ tha * the break- 

Ndabaningi Sithole and Senator through in the Salisbury talks 

Chief Chirau — are believed to be Mr. Smith launched a strong came on Tuesday night, when the 
discussing the mechanics of set- attack on Dr. Owen and bis Rev. Sithole dropped his demand 
ting up an interim, broad-based meeting in Malta with Mr. Joshua that safeguards for whites 
Government which would go into Nkomo and Mr- Robert Mugabe, should last five years. The other 
the finer details. This Govern- joint leaders of the Patriotic parties in the negotiations had 
ment would consider the other Front. He accused the Foreign agreed o£ ID. 
key outstanding ' issue in the Secretary of planning to enter It has been agreed that 
settlement . negotiations — the an “unholy alliance" with Mr. whites should be guaranteed 28 
question of the future composi- Nkomo and Mr.' Mugabe. seats itf a theoretical 100-seat 

lion of Rhodesian security forces. In London, Dr. Owen, speaking legislature and that the seats 
Mr. Smith said that the nego- before Mr. Smith's remarks were should be returned on a separate 
tiations “ could go on for another known, told the Commons that white voters' roll while the con- 
few weeks— on the other band, he would “certainly not fms- stitutionad safeguards remain, 
it could he less." The two sides tratc, nor will the Government, Constitutional legislation passed 
were about as near an agreement a peaceful settlement, from what- during file first 10 years of 
now “ as we have been for the ever source it comes." majority-pile would have to have 

last two weeks." But. be added that only the the blessing of all 72 black 

However, it is thought that Mr. British Government could confer representatives, plus at least six 
Smith and the nationalists would legal- independence on Rhodesia whites. / 


AGR orders confirmed 
—and ‘option’ on PWR 


BY DAVID F1SHJ.OCK, SCIENCE EDITOR 
EAR^Y ORDERS for two new and planning consent to eon- 


unitlcd to the UN in May. ' m ~ , . nuclear power station^ based on struct a PWR station of about whether he thought the CEGB 

'*t Germany said last night % UJh. GOVERNMENT is con- the * - 




idnap puzzle No sigfi of 

.* identity or the Pans , B ‘ ?' . - 

! nappe rs of the Belgian inhc rPVlVal 
untnalist. Baron Edouard- 1 CYIVfll 

.n Empain. remained ' a * NUMBER of workers in 
sicry as four separate claims Employment m the U.K. has 
responsibility confused police. faU^ sightly in recent months, 
lt- - after rising steadily between 

spring 1976 and lust summer. 
Danish murders : This, suggests that the turning 
muruBra i point for a decisive improvement 
Sauret. former mayor of in unemployment may not arrive 
celona and his wife, were tor some time. Back Page, 
mated when four people Editorial comment. Page 22. 
d Iheir way into their home Nearly Wm. working days were 
1 planted a time bomb on Sr. lost through strikes last year — 
irel's chest. Page 2 . . • three times as many as in 1976, 

, P»gc 7 

guidon gas blast # SWAN HUNTER workers are 
, explosion ripped through the being given a last chance to 
hunt Trooper pub in London's build four ships in the Polish 
st End injuring 11 people order. Page .7 
.if riradworkers-drllled through ±‘-‘- — - 1 

" •BOADh IWULAGE Association 

has agreed ito a pay settlement 
*r ■ on for Sootlisli lorry drivere broadly 
ajEter .OT L»U ^iUr rt the North-East Eng- 
f «lhe Financial Times land drivers' deal, which the 
air .been the secret- signal Employment Department says is 
n two LSD drug pushers outsida its pay guidelines. Page 7 
alleged at Bristol Crown 

.. .. The. newspaper also con- • LE1XAND plans to -boost its 
ed the international e xcha n ge- spare parts business by selling 
they needed, it was said, parts for most major makes of 

foreign ears. Pago 5 

•ABBEY' NATIONAL is contin^ 
uning to take an independent 
i'o soldiers were injured when line Tram the Building Societies] 
jnmb exploded in Co. Armagh. Association, giving a higher in- 


riefly 


is protest. Page 6 


before January 31. 


£ Connie Mulder, reputed heir 9 BANK OF ENGLAND hre re^ 
rpareot to Mr. John Vorster, duced one of the fringe benefit^ 
litlh African Prime Minister, fof its staff-loans for education 
« appointed last night to over- of staff members children — and 
- thv future of South Africa's Its cheap housing loan scheme! 
m- Maclcs. is under scrutiny. Page 6 

ir world could face disaster as .|«m|«orihec 
result of the - West Antarctic bUMranica 
'-shi-er melting If carbon • BOC INTERNATIONAL reprfS 
iiMiiv levels continued to ri^ svntatives on the Board of Aircp 
s heir pn^sent rate, a U-S. will meet fellow directors to-dax 
tor scientist warned. lo discuss the 8260m. offer-r: 

... . . , . alined at civil],: BOC full control 

1 Iranian heiress dauphter-in- D j ^ jj s. company — which 


« i*l' tin* Duchess of. Bedford 


Airco has described as in-] 


id London Bankruptcy Court ^eoua te Ba ck Page 
al she knit L'tin. at gambling in “P 1 ! 11315 - rage 


ree years. • TATE AND LYLE pre-tax 

jcriai schools for bright profit fell £8.6m. to ffiSjhn. in. T 
uhlren arc lo be re-culabltshcd the year to September 30. Page! 
China. 24 and Lex 


IHiEF PRICE CHANGES YESTERDAY 

Prices in pence unless otherwise Tomer and Newall... 2U 4- 5 

indicated) CastlefieW 195 + S 

Durban Deep 


t 


RISES 

rcasmy taipc ■n7...ni31 I 

ATs Did 23S + 6 

ouso.v and Hawkcs... 200 + 5 

'•uiiough 136 + 12 

^alvdoman Cinemas 350 + 13 
f ‘''mmun Bros 167' + 12 

:wf lfli + 10 

' Mviurks ..'37 + 7 

>taie\ l»rop. Inv. ... 88+9 

'.'■ectncal indsil. Secs. 46 + 3 

vcedlers . 30 + 4 

'last ic Const ructions 7* + 7 

inund Diffusion + 5 


. Rjwal Heecronlcs .. 

jfatc andLyla ± 13 - Unhm Dtteount 

~ rhomiion ■■■ W»rifpn .Planiathms.. 





195 + a 

350 + 30 

East Rand Prop 4iS + 26 

Falcon Mines 10a +•*> 

Rhodesian Crp M + 3 

Union Crp 2M + 9 

FALLS 

Berlsrord (S.and W.) 217 - 6 

Costain (R.) 270 - 6 

Hall 1 Matthew) 19 1 - « 

Hickson and Welch... 530 — 10, 
HK and Shanghai ... 251-7 
King and Shawm ... 64 - « 

Mears Bros. 22 — 6 

210 - 8 
470 - 5. 

196 - 6 


esterday. \ heavy water reactor, the CEGB with nuclear industry leaders in IspacV ^ companies is 7 \ 
stations, totalling had asked .or a firm eommitmem the past two weeks had shown ; £200 m . an d vesterdavs aw 
MW, will be a modi- fr0,n Government to a PWR him that, whereas the CEGB hadlrg ym. are ‘ not regard 


electricity 

supply industry, the Government reactor, 
confirmed yesterday. \ 

The new 
about 2,600 

fied version of AGR stations 
already operating at Hinkles in 
Somerset and Hunterston in 
Scotland, redesigned chiefly -to 

facilitate maintenance and in- 

spec t ion. order, as insurance against 

Construction of both^stations f U nher troubles arising with its 


Sir John Hill speech, Page -6 
Parliament Page 16 
New energy systems. Page 22 


Air and 
ship 

payments 
‘mean’ 

By Ian Hargreaves and 
Michael Donne 

INTERIM compensation pay- 
ments totalling 221.95m. to ship- 
building and aircraft companies 
nationalised last July were 
greeted last night with dismay 
and derision by the companies 
concerned. 

General Electric Company, 
former joint owners of the 
British Aircraft Company, said 
the £6.Im- awarded was. when 
compared with the £40m. BAC 
profit io 1976, “mean even as a 
tip. let alone compensation.'’ 

When Lord Winterbottom 
for the Government promised 
interim payments on account last 
November, he said the size of 
the payment would be related 
to tbe provisional valuation 
placed on each company.'* The 
genera] view among the com- 
panies last night was that 
Interim payment would bear no 
relation to tbe final sum. 

Sir John Hunter, chairman of 
the Swan Hunter group which is 
to receive £2.35m.. said the figure 
was “meaningless" and a senior 
executive of Yarrow Shipbuilders 
said he was disappointed. “We 
can only assume the £1.4m. 
figure bears no relation to the 
final payment" 

Yarrow points out that its 
balance sheet value on vesting 
day was £22m. and it is likely 
to be seeking at least £lOm. 
when its compensation bid is put 
to the Government, probably in 
March. Yarrow criticised yester- 
day's announcement for failing 
to clarify tbe terms on which 
the Government stock forming 
the compensation will be paid. 

Mr. Gerald Kaufman, Industry 
Minister, making the announce- 
ment. said the sums were 
“derived from a preliminary 
view of the Government's likely 
negotiating positions on both 
tbe base value and any appro- 
priate deductions" under sec- 
tion 39 of the Nationalisation 
Act. This section relates to 
certain dividends and other 
transactions. 

Three companies— Scott Lith 
gow, Vickers Shipbuilding and 
Vosper Thornycroft— do not 
appear in tbe interim payments 
lisi at all. This probably reflects 
tbe degree of their co-operation 
with the Government's system of 
assessment so far. Vospetis view 
last night was that with such 
small payments on offer, it was 
better to b e left out. 

The unofficial expectation of 
compensation for the four aero- 

least 
awards of 

arded as 

believed that it would not gel 1 sienificiat. 

enough help from PWR licensors ! Details of the other payments 

nveraeas to prepare for a Bntish a re: Hawker Siddeley Aviation 

PWR uniess it issued aietterof j L td. and Hawker Siddeley 

Dynamics Ltd. £3.1m..- Scottish 
Aviation £05m„ Austin & 
Piekersgill £5.2ra., Brooke Marine 
£0.35ni., Cammeil Laird Ship' 


In reply to a question later 


trusts and savings institutions 
would be swept away. 

The report proposes a reform 
of social security to abolish the 
poverty trap" and a sharp cut 
In the highest marginal rates of 
tax, as well as new taxes on 
gifts, inheritance and probably 
on emigration. 


sieam-gcuerating The latest round of discussions 1 


intent to order, this was not the 
case. 

Both Wcstinghouse Electric — 


is .expected to start in 1980. One wh,ch Has a licence £ 0 .35m.. Cammeil Laird Ship- 

wtilT* at the new Torness site Ss * on ransSuction ^reemem with the National ! builders £0.15m.. Hall Russell * 

about 50 miles from Edinburgh. n ro hlcms dSnn " coSSSninc ^“clear Corporation, signed with * Co. £0.3m., George Clark 4 NEM 

,h,o fter at one of three posaih.e M* £fi&£g£TB $?5 iffiE** "SS*? Joh^'i* 

two years 0. operation. Kraftwerk Union had assured j Kincaid & Co. £1.< 45m. 


sites in England. 

The Government has also 
approved a proposal of the 

Central Electricity Generating 

Bogrd — later endorsed by the unanimous advice of all eon- 
wbole of the electricity supply cerned that in ihe changed cir- 


Mr. Anthony Wedgwood Benn. ijju, tij at u, e y would help Britain 
Energy Secretary, told rarl!^ la- without commitment lo an order. ( 
ment yesterday: It was the Mr Benn said _ 


Lex, Back Page 


Because the tax would be in- 
curred by tbe act of spending, 
a taxpayer could plan his own 

Details Page 15 
Editorial comment Page 22 
Economic Viewpoint Page 23 
Lex, Back Page 

The aim of the committee, set liability over time, a maj*r 
up by the independent Institute attraction for people such as 
for Fiscal Studies, has been to enter tainnaent stars who earn 
replace the present system, i arse sums in a short period. 
*ir' b ZL p m n r 6 ^ h Because the revenue would not 
ffj: VJ d hatS C t?hi^h y ho depend on the source of finance 

accepted^by ’both* main political tll . e t r = *™"> be ."0 

parties nec ° t0 ca P lta ‘ gains or lm- 

Professor Meade told a Press p . os _ e s P ec ^ al ™* es 011 trusts and 
conference that successive close. companies, 
changes in the structure of taxa- -4 corporate tax based on tax 
tion had caused disruption, and flow would basically consolidate 
left a system full of damaging and rationalise the changes 
anomalies. which have already been made 

“What is needed is an ulti- under the pressure of inflation, 
mate structure, leaving differ- though the principle could be 
ences in emphasis in social and carried further, 
economic policies to be expressed An expenditure tax, it is 
through changes in rates," be admitted, might have to be at a 
explained. somewhat higher rate than 

income-tax, because of the 
exemption of saving; and for the 
same reason new' taxes on 
The report has been in circu- inheritance and possibly on 
lation in draft- for some months emigration would be required, 
among experts in industry, the . l0 tax fortunes built up tax-free 
professions, the trade unions, ln Jf lifetime, 
and in Whitehall. The committee proposes an 

The Whitehall reaction has on accessions tax charged on the 
the whole been favourable, recipient which would take his 
despite tbe radical nature of the a 2£ J into account 
proposals, and tbe Inland' Tlus ««W b * a progressive 
Revenue has produced an in- or a Hat-rate one combined 
temai study suggesting that it with a wealth tax. It would aim 
would be feasible to replace the both to raise revenue and to en- 
higher rates of income lax with courage wealthy people to dis- 
an expenditure tax. as tbe report P 0 r®5 l b p|r fortunes, 
proposes. Tbe report proposes a reform 

There has been no public of social security on less radical 
political comment, but privately lines, but including a completely 
the report is regarded by some new payment to parents for 
senior Conservatives as unneces- family responsbiilities. and 
sarily radical. It has been wel- recommends that social security 
corned by the Liberals. be financed out of taxation rather 

The two-tier expenditure tax th an through a special tax. 
itself is rather similar to one ' 

proposed by Professor Nicholas f in New York 

Kaldor and Mr. Hugh GaitskeiL. 

then Leader of the Labour Party, 
in the mid-1950s. 

The core of the report is an 
analysis showing that inflation 
has produced some of the worst 
distortions in the system — “ a 


Radical 


-Jauuan- 26 Pm mut 


S-|i.>t Sl.SpaCLUfeSO.iRi.g^gttcn^ 

I ninfith l'i.0£-ii.0di n-em O.Ctw). lOyn cm 

3 mini In 0.2E-O.32|yrcniO.?4.0.39|)i-i;iii 
12 iimiitii* 0.fi- 0.7fiptcin 0.71^0.90] ..^ln 


Call for tax 
to be based 
on spending 

BY ANTHONY HARRIS 

A RADICAL REFORM of direct heavy and arbitrary tax imposed 
taxes over the next decade is by inflation itself.” 
proposed in a report by a A major section then analyses 
committee of experts chaired by the problem of producing a true 
Prof. James Meade, published definition of income and cur- 
to-day. porate profit in conditions of 

rS r =S^! iV^ 

tumpanv^cTsh rathe”/ than tiTcd'by^he'rurioS/d/bSc stiti 

unfits ra ® iD ® abou t correction of eom- 

p _ ‘ pany accounts for inflation. 

This would encourage cntei^ Furthermore, even an approxi- 
prisc, since all funds devoted malely just income-tax base 
to saving and investment would corrected for mHation would 
be tax-free, and result in a Involve enormous extra complica- 
drastie simplification of the tion. 

whole tax system. By contrast an expenditure tax 

Special taxes and rules for would be basically simple bolh 
capital gains, close companies, to administer and to understand. 


Mr Benn said. 

Mr. Benn said that his state 


industry— for the development of cumstances of to-day. the P*" 1 J® J®* £? riI l ,f ® 
the ILS.-designed. pressurised SGHWR should not be adopted JSSu 11 !!? 

water ; reactor io the -stage of for the next power station order. JfJJjL Jn 

beta* a “valid option," over the “The. Government has accord- 

Sour years. ittgiy decided that it would be Go J«5 5 i ,I ® 1 ” t J5?£ l 2 

s would include obtaining right to discontinue w’ork on the lbe e,ectTlc tiy supply indus- 
necessary safety approvals SGHWR."' Continued on Back Page 

- — — ■ — ■ — 

JBonn defends economic record 

;4f^BY ADRIAN DICKS BONN. Jan. 25. 

■West German Government To-day's contribution to the limits to Bonn's freedom of 
rated tCKiay that it has done, debate came in the form of a action. “The confines need to 
t can for the world economy, position paper published with be seen within which any autono- 

a'inly irritated at what it sees the annual economic report, in mous steering of the domestic 

..a continuing lack of under- which Herr Schmidt's coalition economy cap be undertaken in a 

-.standing abroad for its problems, of Social Democrats and Free nation heavily. dependent on ex 

Belfast holnbers struck at a tehesl rate than the associationift',^ ’.'argued- that a country so Democrats formally endorsed the ports," it states, 

jidecs' supply company. Human .recommends for deposits placed&reayily. depcndenr.on interna- goal of 3.5 per cent. re3l Gross “It must.-, be recalled, that 

‘ ’ *■ ‘ “ L — “ -» trade could not be ox- National Product growth this exports make up about 27.5 per 

Batted to do more. year. cent, of gross national product 

I > Bonn’s blunt defence of its This target is appreciably and thus lie .considerably above 

and rejection of the role below the 4.5 per cent, which the level in the U.S. — about 10 

o>f- an “ economic locomotive,” the Government said only a few per cent. — and in Japan — about 

causes only a few days after the months ago could be achieved in 15 per cent. In some sectors the 
TOeech of Herr Helm at Schmidt, I97S. but the position paper export share is over 50 per cent. 
-^Chancellor, to the Bundestag, strongly defends it as the most “As a result, companies' in- 
H$s remarks were then taken to that can be hoped for. It issues vestment decisions are heavily 
h^dlrected mainly at the U.S., a warning that it. too. could be dependent oh economic develop- 
altbongh similar advice that West endangered by such develop- ments in partner countries, and 
.Ggcmany should reflate faster ments as a further weakening of especially in western Europe/ 
Mw forthcoming last week the dollar. Conti trued on Back Page 

Mfr ,Mr. Denis Healey. Chan- The heart of the paper is a 
fceljor. 


plea for understanding of the 


Details Page 2 


CONTENTS OF TO-DAY'S ISSUE 


European news 2 

American news 4 

Overseas nows 3 

World trade news 4 

JSome news — general 3-6 

—labour 7 

— Parliament ...16 


Technical page 13 

Marketing 19 

Arts page 21 

Leader page 22 

U.K. Companies 24-26 

Mining 26 


IntL Companies 28-29 

Euromarkets 28 

Wall Street 27 

Foreign Exchanges 27 

Farming, raw materials ... 30 

L'.*K. slock market 32 


Teething troubles with new 

energy systems 22 

Economic Viewpoint: The 

. Mead Proposals 23 

Business and Uw courts: 
U.&. anil-trust law 20 


FEATURES 

Delay over Austria's unclear 

development 14 

Spain's energy policy 3 

Angola’s Internal purge: 
Confrontation policy 3 


Liquidity problems cloud 

Sudan's prospects 4 

FT SURVEY 
Medical equipment 
industry 32^8 


-Afftobrtmcitfs 

Aentaimmc Atfvts. 

*«** ... 


! trtwwrt 
Stattwnlc tlNUCMsr* 
■ Buiui lihmcO Cnldc 


7 

t-U 

u 

17 

20 

n 

a 


FT-Actums ladkas 

Unm 

U* - 

Loralurtl 

Hen and Matter* _ 


Redos 


M 

23 

«3 

20 

23 

32 

U 


Sham infM-nuiUea ... 

TMtaQl'B OVCMS 

TV ZMt Radio 

Unit Trusts 

Weather 


a 

4041 

20 

23 

20 

39 

42 


AKIHIAL STATE MS MTS 

H. J r . deesan 28 

T*tt «nd Lrto .. .. 25 

VojWfc Metal HUas. 25 

Bom Loadlits Ratos St 


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Financial Times Thursday January' 26 197S 



KOI 


W. German Cabinet backs t^igum 

[\-lg2k 

3.5% GNP growth target fears 

Alarmist’ 


France proposes 


BY ROBERT MAUTHN6R 


PARIS* Jan. 25. -jj]] 1 ' 




BY ADRIAN DICKS 


Jan. 25. 


THE WEST German Cabinet 0 A further worsening of cx- The report calls for wages to B Y Gu Y Jonquieres j and more effective body and tne by a more restncrea permanent me urauneat, P ,an s P ecules xaal » necnusu ui 

t"dav approved the annual ternal conditions, in the shape of be restrained this year, to avoid RKUSSVi c j an 25 creation of an international sys- foram under the umbrella of the Stressing matais thc eno mious nuclear . farce? 

economic report, oiiic.allv setting an added revaluation of the Jeopardising growth. It sets out -rT J tem of arms control by sateUite UN t u ^ “/JSS*??™ „■ which they had built up. it 

nut thp target of a 35 oer cenL Deutschmark, a fall in export the target of a 5.5 per cent rise ALLEGATIONS by an environ- The French initiative, which Though the French proposals armament In Central Europe a 

?nJre5seVi-eal G*J* National profitability or the introduction in gross incomes as the maximum mentalist group that a men was announced by President do not apeU JK a d^ail the are the current Muwal and up to the L JSL *“*-*£?. 

Product this vear Last year, of protectionist measures. desirable, compared to 7 per cent leakage of radioactive matenal Giscard d'Estaing, wall be sub- membership of this new body, Bajancad **«• Vntoa to ream their noefor 

J; VP increased i>y only 2.4 per • Ap over-burdening of West in 1977. However, it points out from a Belgian nuclear reactor mitted to the special UN Assem- they stress that it should be (MBFR) talks m Vienha,. the plan arms in the first place. France 

V ‘ .« , . .r 4.1 J r e* rt. . ...uv vs^v*_ -i _ _ Woe lofl trt carSfme nAntamTHflUfin UTsr am ilteiivnvtmaof tluA tHdn tKa thftt - TUMiTh^rP IS I nfiTP < 


.. , ...... s . - /’ . 

FRANCE TO-DAY proposed a Emphasising that the Geneva Another important proposal is proposal \f accepted, wmilc ..ilUi 1 * 
comprehensive new disarmament conference had manifestly failed the convening of a special Euro- enable . lQ tbtj” 

plan inciting the replacement in its purpose, the French are pean Disarmament Conference international dis^sstons in tlnJ . 
of the 18-nation Geneva Disarms- proposing that it should be to discuss the reduction of con- vital field, without Akuir Lire/ 
meat Conference by a smaller scrapped altogether and replaced ventional arms in the whole of On nuclear problems, rt te 
and more effective body and the by a more restricted permanent the Continent plan specifies that; because vi 

creation of ao international sys- foram under the umbrella of the Stressing that mis conference t j lg enQnn< 3 m S nuclear farrr* 
item of arms control by satellite. UN._ . . „ _ _ should vbi r h thev had built u- ... 


U\i' increasea ny oniy uei w --vm v*ci-mu.«gujluo »*ca4 *u mm. nuwcvn, ii points uui ° ■ . — w -r-- — — -- — ~~ — — — — -- — - — - * - --.u- 

cem or by barely half the 4.5-5 German business with higher that this Is not the same as say- bas led t0 seri0xls contamination bly meeting on disarmament due more representative than the states that - nowhere is tnere wou ji support UlttT .efforts, but 

ing there should be wage m- of up to 80 site' workers were t0 be held between May 23 and Geneva inference end it is such an accumulahon of time it | flttjaded { 

- _ n ii _ « • .m no a I* 4w*i col HlCDlaT CD fpl » m noi*rnQnnilf ffrariAft - tootife vinAlfiQr 5>7lfi ffOnV&DUUllal U l " 


WEST GERMAN ECONOMIC FORECASTS FOR 1078, COMPARED negotiations. 


creases of the same size in the damped as a “typical display June 28. The other permanent understood that France^ wants nuclear and eonvenOonal . own nuclear hII 

forthcoming round oi nation^ «* alarmisa" today by a senior members of the UN Security China to become a member. It weapons as m the region sfretc^ toSMton its own i miciw deter- 

nAim»ia“on* executive of the companies council as well as the member- is also clear that France coin ing from the Atlantic to the rent at the level of credibility 


WITH ACTUAL DEVELOPMENTS IN 1976 AND 1977 



1976 

1977 

1978 

GN? {in 1970 prices) 

5.6 

2.4 

3A 

Unemployment rate 

4.6 

4^ 

AS 

Private consumption 

8L2 

7 

6S- 75 

Fixed investment 

is 

LS 

8 -9 

Gross Wages 

7 

7 

5.5 

Gross dividend income 

H77 ore preliminary 

19 7S figure t are tereeatts 

15.4 

IS 

9 -11 


It also hints that the Govern- operating the plant countries of the Atlantic Alliance aiders that the new forum shonld Urals.” It was natural, thf^ore. required for its security 

ment will not be unduly worried Mr. Robert van Damme, a and the European Community, not be presided over by the US. that all the countries which had while supporting the creation 

if at least some industries settle Orator of Electrobel of France have already been informed of and the Soviet Union, as is the signed the Final Act of Uie Qf mic i e;ir .f rce zones, the plan 


3J5 for more than 5 5per«nt pro- and Intercut of Beighlm. took of tbi French plan. ^ntG«evacor^V^ HdsSki conference on security 

« „ v?ded °thattbe tota^ additional the unusual step of appearing at After boycotting the Geneva After pointing out that and .cooperation * Europe, in- «25 


ppnnom P rpnorf dope ciaTMt nf a **U*l*s lumumioe UJiit uuuc w. *1CUI.U piau atuuD Uiai. uuw O|/ouc - 

revival in investment activity dent occurred, he said that 1968 nuclear non-probferation techniques offer a good method boycotted the Vienna talks ever or P oll ~™; . . _ . -- 

following uo the encourasine medical checks had sbowo that pact, to-day’s initiative marks the to carry out such supervision. It since they began, the French un$ ristmtionsbe puton jh e 

messase^of the indicators fm^Se 1116 levels of . contamination come-back in a big way of is thus suggested that a special plainly consider that they could suppl> of nuclear , for 

message or rae inojcaxors ior tne „ . ♦>,- rnumah-M,! inin thPir. in their nre- neaceful purposes to non^mclear 


1 " " 14&L MUiU ICi Wl X9M, X.L UUUcb IUi — , • m ^ 

a 5.5 per cent increase in real not high enough to endanger armament scene, 
per cent, target put forward this costs, especially in the form of investment by business this year, “eir health and none had nad 
rime 12 months ago. vage increases. based on the assumption that to enter nospuat 


should be set up for this purpose, sent form. 


new powers. 


The "report makes clear that • Too cautious use by the public private consumption will rise in JJjf *{£ 


vi? sss. ■s ScJ? trsz is^r/rs sffi 2 ,an D iSs*' rt 2 SK-JS Ttalv Cnninuinisf IpadershiD to irisu want 

attainment of 3.5 per cent- this deficit allowed for in this year’s range as it did last year. World S‘i2!. 0vn l/ luc i^f f 1 IviUltl t'Vr 

vear as an ambitious goal which budget. trade is expected to grow by 5 *££*!** Jg*?** 11 a S2rt ' in rlminiA 

may well nut be reached if un- • A breakdown in the co-ordina- per cenU with West German ^ b “ol°gy, who was a gu^ j IU (lUUK/lC ... 

favourable conditions prevail. tion of stimulatory policies be- exports rising by 6-7 per cent fPf f! »n /llO/^llCC CTQII/1 ah I __ ATTAftl Wl AUT , w w ' , ! . 

If it can bo reached, the actual tween thc Federal Government and imports (as in 1977) a little jJjjL iS£eSvfb?!hw UXiSC'UISkS olduU vlfl xjUY wJTJLUU vll L ci'OAl |l{r||li 

increase by the end of Decern- and the states. more rapidly at 7-8 per cent. “ t ^^25* el SS r*u ¥ JSICCI Ulitlli 

her. 3 STS. would be of ihe order Assuming that none of this No specific forecast for the "Mussels ; f r o m Gau- ' Tj-mnr -ms * - 

of 4.5-5 per cent., according to occurs. Ihe Economics Ministry 1978 balance of payments is con- f ?™I a the workers at the by DOMINICK J. COYLE ROME, Jan. -5. g Merritt - - - 

Dr. Otto Sehlecht. State Secre- foresees that unemployment will tained in the report, though Dr. Wr* 1, vmcb J . s located at . • 

tary at the Economics Ministry, remain at an average level of Sehlecht said he expected a T*^g^ near uege. rj^g CENTRAL committee of tion to resist Communist finally would certainly enhance DUBLIN,. Jan. 2p. 

In the view of .the Ministry s about 4.5 per cent, this year, further slight decline in the West the Italian Communist Party demands for direct participation the political status of the Com- ALMOST unnoticed in- the great 

experts, the attainment of an declining slightly to 4 per cent. Gennan overall surplus. Inline iLim- 2 wESSStn meets In special session here in the next administration; But munistsbutwonld.ofcourse.be European steel crisis, Ireland' 
average growth rate of 3.5 per by the end quarter. Price in- with its development in 1977. JJS, ■ to-morrow for what could be Sig. Andreotti for oae has been appreciably less than Sig. Ber- too has a serious problem and is 
cent, during this year could be creases should also decline a A continued high rate of long- P'anL w^as am0Qg its most cruc ial ever hinting at possible areas for linguer has demanded publicly demanding special treatment, 

endangered by the following four little further, probably to 3.5 per term capital outflows could, he Ir frl, meetings. At issue is whether compromise. in recent weeks. The Irish— against strong advice 

factors: cent, from 19* < s 3.9 per cent. suggested, be expected this year. to Mr van t0 risk , a . new f&neral election au prcse nt indications suggest Meanwhile, sharp controversy -are setting to double their steel 

Damme, escaping gas accident- , coa ^??i2r t ^ at a 8i “ abIe proportion of has arisen within the trade output- l£ » spite of su^estions 

Ifk rr A J 1 1 J Ti 1 , “ciioht" pnr.ts.mi- governing fo.rmula,_ with Christian DemocraT back- * from Brussels that the E1EC and 


BY DOMINICK \. COYLE 


ROME, Jan. 25. 


Irish want 
to double 
steel plant 


factors: 


cent from 197 


Most seaports halted by strike 


BY JONATHAN CARR 


BONN, Jan. 25. 


UUL U1C IUW1 M [«UIU Ul .. ,L. _ - , , . , , 

Friends of the Earth, which first 113 nest SovernmenL cabinet Most would prefer fresh mun-ist-dominated union con- is seeking financial aid for » 

revealed the incident, said that It was this demand, supported elections in the hope of widen- federation, that measures to expansion programme 


- - . .... _ . .. ni-Minw-nijic iuuuouj oi v> 0 ; n _ - — — — - - “ ^uc uuiuuau MULJ . , uu VIIUC oj. ihu juuo Lli, ■ k 

*or a lengthi stoppage if getting under way at regional ®romeo, Breraerhaven. Brake, attributed, this high reading to a administration. Sig. Andreotti leadership is also to meet levels. may be lost. The plan, announced 

necessary. level throughout the country Emden, Nordenham and Luebeck. measurement error and has again been asked hy Presi- to-morrow. Sig. Andreotti to-day Sig. Lama, himself a former almost a year ago. is to double 

No serious shortage of goods These were expected to be tj. 0 * touched at all are Kiel, authorised the continuation of dent Giovanni Leone to try to saw the head of the national Communist deputy in Parlia- output to 300,000 tonnes yearly 

are expected at this stage, and especially tough and there have 5 yUnelmsnaven 2°° work inside the reactor building, form a new government and be employers’ organisation Dr. meat, has also put emphasis in by installing continuous billet 

most of West Germany's oil im- already been brief work stop- Llsfleth- A J=° ' re e of interfer- The Tihange reactor entered concluded to-day ms preliminary Gnido Carli, and plans to meet a newspaper interview here on casting. Keeping -the workforce 

ports come via ports not affected pages- The trouble at the ports 5. n< :£ ,s ^ 1 f e 5 vsCe 'uthe service in Augnst 1975. Con- of consultations with all on Friday representatives of the the need for greater labour at the present level, the caleula- 

by the strike. has emerged somewhat un- aD '~ between Ham- struction of ‘a second, similar the opposition parties. main trade union organisations, mobility, stressing that com- tion is that their doubled pro- 

Nonetheless nort onerators expectedly and, it is widely felt 311(1 Bremerhaven ana model is under way and a third is The keynote speech at the The Premier-designate is anxious parties — both State and private ductivitv would restore lass- 

SS^ySSMJSS^HSBS 35 3 sign31 otl,ei p- .0 ihe carefun.v gTE? bT^rM! SSW&BK 5 ? in “ y ^. Irish Steel ' s lin:mcl:,1 

f *srs- 2 ?^ss r^ f Tst "Fr PJh IF Jtfsissfiaate^sa sss^ktssask jiswsassJssT,: 

tore umr^ot return ^ emninvJ^ rfi.MiS ^°? D ^ °v a strike ’ il “ rare ™ rd World was by reducing tee, since any alternative would As envisaged by the Prime cIoS er collaboration between em- ® n £ v 22 k >? 

Ft.-rhnrth^nlri MAnn . P . lesf than fi iS^ eCd j?! 1 a s L 0ppa i£ occurs - their consumption of oil so that inevitably be a serious under- Minister-desifnate, this co5d Ployers and unions whereby tonif'Zl' 

Furlner, the port stoppage — tew tnan a per cent, itself a When it does, the strikers are more of the fuel became avail- mining of the party leadership, allow tho Comm ini^ts tn vnt* workers surplus in one organisa- without actual!} turnin- -dtmn 

Jhc fi.th and much the most £*se on an earlier proposal of we ii prepared and disciplined, able for poor countries. I Qin Daelln mmWe in<ifiA>4i«>fi ‘nfi tiAn mirfit hA .ihcnrhAri tn I Ireland s. proposals his officials 


Sig. Berllngueris immediate directly in support of Govern- tiAn might be absorbed inj h ^ made 2*3® thi t tiiev^lp 

rohlAm ia that tho rhpiaHon man*- renliHar urhila Mmininlnn another. Snmeth4Tlf> Whlfth until I naVe niaue^ ll Clear Uiat they Ul’ 


;u-uaj puQiisnen a report setting »u per cent, or tne tn.ouu aactt- Kacn dockworker receives strike in parliament? to-morrow to 
nut i:« growl h and other econo- workers in the union voted for pay of DM60 (about £15) daily, demand tighter safeguards for a 
m;c targets fnr 1978 and appeal- strike action, and intensive nego- free of tax and other deductions, controversial deal under which 
Brazilian uranium will be en- 


ment policies white remaining another, something which until ioj i„S No %t S rir fhov 
outside the Administration as now has in practice not. been 1° ShevoH new 

such. Such a formula, if agreed acceptable to the trade unions. pr i ce dent. 6 a - • 8 VWS 


Empain kidnap Soviets promise help to 
motive unclear ^ .. , 

By Our Own Correspondent Canadians over satellite 


riched here in the 1980s. 


MOSCOW, Jan. 25. 


By Our Own Correspondent C«flHaUiaU» UYC1 SdlClUlC 

FRENCH rOL^^ BY DAVID SATTER ‘ MOSCOW. Jan. 25. I 

h.rve still ni't received any claim . „ . 

which ihcv regarded as authentic SOVIET FOREIGN Ministry September 18. While firing out- 
inr.msing either political or finan- officials to-day promised to pro- side the radio zone of Soviet 


Terrorists kill 
two wth bomb 
in Barcelona 


Nine delay-tachograph warning 


BY GUY PE JONQUIERES 


BRUSSELS, Jan. 25. 


Irish Steel is now unlikely to 
get the £20m.-odd loan from the 
Goal and Steel Fund it bad hoped 
for. There is also a Question 
mark over whether it would be 
permitted to fund the project 
independently. 

In true commuvnuiaire spirit, 
neither side concedes that there 


By Robert Graham 

MADRID. Jan. 25. 


THE EEC 'Commission to-day Bat there was also more than a The' Commission’s intebtion is a disagreement. Irish Steel 
postponed Us expected decision hint that some Commission mem- had been to send Britain a so- has said: “the company has nut 

to deliver a final warning to the bers were not unhappy to find a called reasoned opinion, warning in fact, had a negative opinion 

British Government over its pretext for avoiding another con- that it must enforce the taebo- on its proposals. It has had a w r 

failure to enforce EEC rules re- frontation -with the British graph rule within two months letter from the EEC fommiminn \ i 

fininno t’Vi at hanirri flnVpmiYtPnt whan Rm-ccpla re rtf tha . nf ’Italnn f-n tan . - m 


i ^ * ■, 

w v- V» 


rial demands from thc kid- vide Canada with secret informa- tracking station* on January ; 8 it the FORMER mayor of *Bar- SS!nc Tr JnhJ C1 fhA the tttc 

"uppers ..f Baron Edouard-Jean nh n„r th P nmnorti^c nnH was sharply depressurised" for r< ,, 0 „ a . Sr . j oaolI i„ & fUiiiS tachographs,^ instrumente de- the U.K. 


quiring that heavy commercial Government when Brussels is or face the threat of being taken in relation to its proposals and 
goods vehicles be fitted with already unpopular with some in to the Ei^pean^ Court of Justice inviting the company to further 


5i;:pper.s « f Baron Edouard-Jean t j 0Q a bout the properties and ,. 

SSi^iidasS a f „d 0n |naDc& e i of ^ Cps ““ 954 a, 

empires m France. earth satellite which burned up w 

Since the kidnapping on Mon- in ihe atmosphere over Canada re 
day Morning in Paris. :» variety yesterday afternoon. “ 

° r callers haye claimed respun- a Canadian embassy spokes- Vi 


(Tf the 1 Cosmos 954 ^Z^TXSTS S “ViT widely recognised here ^ ^ 

of the Cosmos 954 agency said that the satellite, !£!, wS^our unidCTSld SSf- te°ces travelled. ^ receat challenges over “J® tho w «, ^ ”ggS* 9 , t0 the dossier has takea no fiSl 

which burned up which Western observers believe c „nc rnmoA P v,ic The ostensible reason for the the Distillers Cnnmanv*s ituai ru | e - ! decision »n<t 


700 jobs. 


kidn.inpi-rs have yel to make sate mte debris. ‘ |te consequences. Dr. Kurt Wald, violence in Spain. Accounts of 

their demands knoun. ^ beun, the becretarj'-General. told how the bomb exnloded are 

The oniy due as t» a link - h T he ®!l clnl “ a f ress conference here to-day. obscure and police could not 

i-dween the kidnapping .1 the VUJSS*. Sat ft. ^rify ,hrtBrT»?ll b°e- 


within the existing pay code. 


£ im ■ ^ German terrorist j debris from the satellite, that there h?d been a violation 0 7fS- atuchmSt oT 

:,:’ V,I L IS _V. jS «!? Otej.™" « ^ as a result^ of ^ strugfff^ Police 


Aaron s, chauffeur that, one I Wr the Canadian Arctic outer space ^ exploration but L e understood to hati fouSd a 


Greek-U.K. talks on EEC accession 


:.f ihe k itln:ipp»*rs may have “ear the Great Slave Lake, but could noi confirm that this m note to' the ZuZ i *££ HVWiWlUU 

v.^cn 1" .inni her in German. JjjJ 1 clear 'power lh ^ case - tions bow to operate the bomb BY MARTIN DICKSON 

Tnere :s sull uo indication as sateiinfs ana its nuclear power our Ottawa Correspondent device. This has produced the 

i;> whether the seizure of the sJhere^ S w^r^dSiCTedte «? ,iUlar y J?™« and a team theory of a bungled attempt at MR- CONSTANTINE Kaxam antis, next month to begin final could set a precedent for negoti- 
iniilmnairc industrialisr is an spnere, as tncy were aesignea to 0 f y.s. specialists are combing ransom. Greece’s Premier, held three negotiations. ations over the much lareerwii 

Ituhaa-Mfelc affair, with ransom ao - the Canadian north to-day for The group of assassins com- hours of talks yesterday witt Mr. Mr. Callaghan yesterday ume of Spanish and Portueu«A 

enng nought, or a German- The spokesman said the signs of radio-active fallout from prised three vnun» m p n ar>rf a James CaLlagh&n, the British -reiterated Britain’s support for products. 


nea lists an Dublin, however* 
are beginning to doubt that Irish 
Steel can survive. Us pre-tax 

ift 88 ?® - in tbe year ended June 
JO last topped £lJ25m. and the 
point is now argued that a six- 
month i strike in 1977 that cost 
Irish Steel £5ni. in lost produc- 
tion in fact helped the companv 
to reduce its overall deficit. “Set 
against the European context.” 
said one Irish industry expert 
to-day. "it is hard to sec it beihg 
rescued by the EEC.” ' 


rjuj.-h M in ut n . of Justice w remote and could be bandied Canadian authorities have so International Communist Party EEC. llimsters’ meeting next month, of Spain and Porftmal 

vVn fuA'dAlr pli?|jp Vw Iho eas, y * ^ far reported no trace of radiated — a group which also claimed Greece, last month, urged the However, the British Govern- Details of Gree«?s Refer mmi 

■■■ti'it lih auent. permission lu Th « Soviet news agency Tass debris, but more flights are responsibility for a minor bomb EEC to speed negotiations on its ment feels that there is not cation were discussed nr 

r=»m.1*n in the cuumrv, Charles said last night that the nuclear scheduled. attack on a Barcelona prison two membership so that a package much to be gained from setting minute Private awnor. lL d ,„ 

Rairfavlor writes from Amsicr- reactor in the satellite “was The search by sensor-equipped days ago. could be agreed in principle by a specific timetable until it is the two Prime Minister? 


Devaluation 
‘would help 
Turkey’ 

0d 

By David Ton go 


liam. Mr. Agee, who was eariicr | designed in such a way as to be U.S. and Canadian aircraft was I Sr. Viola was Mayor of Barce- the coming summer, with Greek clearer how long the application whj ch* U Mrf* t ^ri uro« a ^? r MR 7 t\' a i i r i 
‘ vs'iweii permit tn slay tQ | fully _ desttoyed and burnt on launched shortly after the Bus- jlona from 1975 until the elections accession set for early 1980. process will take. Foreign Secretary ioteefi r c Turid&h uii- '.fZZINUCLU, Ihe 


ANKARA. Jari. 25. 


T. said- Soriets since 1957. was launched Lake. J the June 1977 elections. I planning to ask for authority Greek Mediterranean prodnris rigbtsf ° Ver egeaU 

Bureaucratic empires fight it out over Spain’s energy plan 

BY ROBERT GRAHAM IN MADRID 


A 7EX-VEAR energy plan in 
S:\iir prepared by the Ministry - 
r-f Industry has stirred up a 
'•■.■rseis‘ ni-^t of vested private 
:uiereris and imer-minislerial 
rivalries. The opposition has 
been aroused not so much by the 
broad principles of the plan but 
by the structural reforms pro- 
pesed. 

For this is the first attempt by 
ire Government to reverse thc 
policy of " parcelisation " pur- 
sued under General Franco, 
Which favoured private business 
and fragmented the power of 
individual ministries. Little of 
this opposition to the energy plan 
pas been publicised but those in- 
volved maintain the various fac- 
tions arc fighting hard (a protect 
their privileges and empires. 

The debate is three-cornered. 
On one side there is the Ministry 
of Industry, small and tradi- 
tionally lacking political 
influence, which is having to 


defend its proposals. In another 
corner there is the powerful 
Ministry of Finance, which has a 
major stake ia energy, as It is 
the State trustee and nominal 
owner of shares in some key 
sectors. In particular, it has a 51 
per cent stake in Cauipsa, which 
enjoys a marketing monopoly of 
petroleum products. 

In the third corner there are 
various private interests, mostly 
banks, which believe they are 
fighting a rearguard action 
against what threatens to be a 
disguised form of nationalisation. 
For good measure other minis- 
tries like Commerce (which 
purchases 45 per cent, of Spain's 
crude oil abroad! and Transport, 
also feel they have interests at 
stake. 

The energy sector at present 
is little short of anarchic. The 
need for a coherent approach has 
been apparent since the 1973 
oil price rises. Spain, however. 


unlike the rest of the in- 
dustrialised world chose to 
ignore their implications. Be- 
tween 1963 and 1973 the demand 
for primary energy increased S.6 
per cent, a year ivcell above the 
European average), and since 
then it has continued to increase 
at 4 per cent, a year. Prices for 
industrial fuel oil bare been 
wholly unrealistic— at present 
they are 20 per cent below the 
lowest prices elsewhere in 
Europe (in the Netherlands) — 
and electricity tariffs have lagged 
way behind other industrial over- 
heads. 

The Ministry of Industry soon 
discovered (bat to bring pricing 
policy into line and map energy 
needd over the next ten years, 
a fundamental reappraisal of the 
existing structures of the energy 
sector was required. 

In 1947 Gen. Franeo ended 
Campsa’s petroleum monopoly, 
but allowed it to retain the mono- 
poly of distribution. The result 


was an amazing jungle of con- 
flicting State and private 
interests in the energy sector. 

Thus the State bolding com- 
pany INI .■ (controlled— officially 
at least— by the Ministry of 
Industry) is involved with the 
Finance Ministry (a $ a sleeping 
partner) in HispanoQ, res- 
ponsible for exploration and 
production .abroad. • INI is 
and production abroad. INI is 
involved in transportation of 
petroleum products — roughly 
17 per cent of total Spanish 
needs — through two companies. 
It also controls 48 per cent of all 
refining via a 71 per cent holding 
in Enpetrol. 

The energy Plan proposes that 
the holdings of the Finance 
Ministry in Campsa be trans- 
ferred to the Ministry of Industry 
to be managed in a newly formed 
energy steering committee within 
INI, which in turn would re- 
group INFs own energy holdings. 
This transfer would not only .give 


INI control of distribution but 
wouJd also allow it a far greater 
say in refining, since Campsa has 
important stakes in the four non- 
INT controlled refining 1 companies. 

Perhaps not surprisingly the 
Finance Ministry bas taken Ul to 
the idea of losing an important 
area of patronage and economic 
control. Because the present 
Minister, Sr. Fernandez Ordonez, 
Is particularly jealous of his 
empire, the opposition has been 
especially bitter. 

Private interests in the petro- 
leum sector are concerned about 
a vertically-integrated organisa- 
tion tbat is State controlled. But 
their main objections have come 
elsewhere. Tbe plan proposes 
to get rid of the anomalies that 
exist in the supply and distribu- 
tion of electricity. INI has two 
utility companies which account 
for 10 per cent or less of total 
electricity supplied and con- 
sumed in Spain. 

The rest is in private ha nd s. 


mostly very small regional com- 
panies. Since the main weapon 
of conservation in tbe plan is 
intended to be realistic pricing, 
the Ministry of Industry is 
anxious that the Government 
should have greater control over 
the utilities. The proposal i 5 
that the Ministry nominate to 

AQ/lk IlKlittr O /fit! . L _ 


niftv Humauj uuimuaie to 

each utility a fun time board 
member with the power of veto 


member with the power of veto 
He would, be paid by the 
Ministry, 

Private business, especially the 
banks which are.fbe prime utility 
shareholders, has reacted to this 
suggestion with a mixture of 
shock and dismay. They foresee 
the Government trying to control 
profitability, investment targets 
and in addition learning business 
secrets. 

**» J^ustty of Industry 
argues that the measure is essen- 
tial If Spain is to get value fi> r 
money from the SS.Bbo. d Ue to h P 
invested in the next ten years to 
meet energy needsu Officials also 


point out that a State represents, 
tive would represent an accept- 
Me farm of State moaitorlig. 
The alternative would & 
nationalisation, they say 

The dilemma for the Prime 
Minister, Sr. Adolfo Snare fi" 2 
follows. As part of the package 
n£ measures agreed with the 
main opposition parties in 
October in the Mondoa Pact, he 
-undertook to introduce an enemy 
Plan. Part of rite Socialists aid 
Communists price for accept™ 
a tight wage ceiling was a greater 
pubae accountability of key 

On the other hand Sr. Suarez 
risks not only upsetting some of 
his carefully chosen ministers 
bat also a sizeable portion of the 
Centre and centre right voters 

—the business community if h c 

appears to favour disguised 
nationalisation. Against this also 
Sr. Suarez knows that a proper 
reorganisation of ihe enei-4 
sector as a top priority, ■' 


Turkpv-e 8 ., 3 M C:iltJl - v solution to 
Turkeys problems. 

FiSf „l!!. te ^?r aUooai Monetary 
keen Western banks are 

H2 1 V e a donation of at 
! r c ™ l to at 

that thi C rCj ^ted suggestions 
export? WCh,w MP Turkish 

Turkish n /i Interview with the 

tho 7? dai,y ho' said 

creasp «? n,ent Wanned' » «* 
bonert .® xp '? rt incentives and 

workcrs-V im « hu ’ the noW of 
tSSr ^“ ,,Wanc w hy nfferlne 

on?hranK- n i« rWl . ™ le * 

*K d ° 5 ' OSUs in Turkey- 

doraS *? C - r,lle "PfcNrf for 
inSed. 5aVinS Vk0u,d ^‘0 be 

Before contacting the uyff to 
»oceE he h ^^jnterrupted in 

j£5i^MS fas 

certify gfiS& 

®»£S«* th0 WF famUtyalOTg 
w thi?rt,r eB r 0uroes wc will obtain 
SJff relations, 1 * he 
to nnllr * If tiovornmenrs plan 

insti t°ut?nn 3Qh . h fort:iSQ finance 
..™ l ' ons - though he. added, 

on wi?i e lnte ,ntlon of going 
f he talks (with the 

the nrev!” P®int at which 
off ” pr<ivl0Us . Govcrantcnt'zhlC 


(VpiU’o-" 


I 




hip t« 

Nun 


rum 


u 


It 


n 








BY QUENTIN PEEL 


Financial Titties Thursday January 26 1978 


OVERSEAS NEWS 


ianoi talks 
all as 
Cambodia 
etaliates 

f Richard Nations 

. BANGKOK, Jan. 25. 
TNAM to-day combined 
■ges of major aggression by 
ibodian forces with, another 
v-Ievfei appeal' to settle their 
ier war through negotiations, 
adio Hanoi, monitored here, 
med Tate last night that four 
alions of Cambodian forces 
penetrated up to eight kilo- 
res into Vietnam's coastal 
vince of Kieng Giang in a 
mr attack last Saturday 
tring around the small town 
rra Tien, 
he broadcast also reported 
t- until two days ago Cam- 
ian forces were dug in inside 
tram at seven different places 
ig an SO-kilometre stretch of 
der running from the coastal 
n of Ha Tien up to An Giang 
vince, a Vietnamese Salient 
, setiy south of Phnom Penh. 

] _■ □ addition the report claimed 
j:\-ner forces were probing and 
- bbling ” along the border as 
. north as Toy Ninh and Song 
■ provinces, north of Ho Chi 
' ,ib city (Saigon). 

Tiis report of "escalating 
x*; xession ’’ by the Cambodians 
followed by a renewed call 
negotiate and preserve the 
istoric friendship of the 
■tnamese and Cambodian 
iples.” 

' The. call was reiterated in a 
iss conference in Hanoi to-day 
lreased by the assistant to 
• Foreign Minister, Mr. Ng-o 
in. Observers noted: that 
s high' official repeated none 
the harsh warnings of the 
^measurable consequences 
nom Penh would inevitably 
ve ‘ to face that have been 
nmon in recent Radio Hanoi 
nmentaries. 

Observers here cast some 
ubt on Vietnam's reports oF 
iltipLe battalion-sized ope ra- 
ng by Cambodian forces. This 
uld indicate that the Cambo- 
rns have either regrouped or 
jved up reserves at a far faster 
te than independent intelli- 
nce reports indicate. Although 
e Cambodians have un- 
ubtedly been active,- many 
servers here expect the next 
ajor military move to come 
sm Vietnam. 


takes over black 
affairs in South Africa 


JOHANNESBURG. Jan. 25. 


omalia claims 
luban prisoner 

BY JOHN WORRALL 

NAIROBI, Jan. 25. 
5MALI GUERILLAS of the 
'est Somali Liberation Front. 
Siting round Harer, claimed 
-day to have captured Cubfcn 
oops fighting For the Ethio* 
ans. Others were killed, aeeord- 
:g to Mogadishu Radio. 

But later, sources in Somalia 
.id only one Cuban was cap* 
.red— a soldier who is being 
?ld at Hargeisa, northern 
imalia. 

This is the first real indica- 
nt that Cubans are fighting 
ith the Ethiopian forces. ' 


Ml. JOHN VORSTER, the South in the Transvaal, he has the the introduction of numerous 
African Prime Minister, to-mght backing of the most important improvements, of which more 
announced his new Cabinet with province in the country, and has detaiis will he given in due 
the appointment of Dr. Connie been widely tipped as a successor course." 

Mulder, one of the toughest to Mr. Vorster. The announcement of changes 

politicians in the National Party, Cruywa°en is seen as a in Bantu education comes only 

as the senior Minister in charge ma inkream party man. and one days before biack secondary 
of relations with the country's w j , 0 ^ be £ n groomed by his schoolchildren are due to return 
black population. former Minister, Mr. M. C. Botha, lo their classes, with the boycott 

At the same time, he promised who was considered an arch con- classes in Soweto, Johannes- 
to scrap the word “ Bantu " from servative in the Cabinet. How- bur 8 ’ s . black township complex, 
the titles of the ministries con- ever. Mr. Cruywagen is un- ^ x P ec *ed to continue unabated, 
cerned -with black affairs, and do ubtely more acceptable to the . The children there are demand- 
heraldded “numerous .improve- country’s black community’. in £ the scrapping of the 

ments" in the system of black The aonointmenls which had segregate d system, not just the 
education. - . to be made foltowink the n ™®- But possible changes. 

Mr. Vorster’s announcement is ment of Mr. M. C. Botha, were wluch may ^ “traduced accord- 
his first major initiative since he described as “ unimaginative “ by 
was returned with an overwhelm- a leading Afrikaans-1 an gu age 
ing parliamentary majority in newspaper editor, and “thnil" 
the November general election, by other political observers. 

The reshuffle creates one new Mr. Vorster said 


ing to Government sources, are 
to transfer the Department of 
Bantu Education either to the 
proposed new community 
councils in black townships, or to 
that the the governments of the tribal 


G ? binet ky ?ltjvatiog division, of the two departments homelands. 

Bantu Eduwtion to a full- Gjtbmet had been under consideration for one change which had been 
portfobo The job goes.to.Mr. some time, and Mr. Botha’s heraldedmoFe in hope that too w- 
Willem Cruywagen, the retirement provided the fitting ledge by the liberalEnSsb- 

^®Puty Minister of -.Bantu time to do so. “Such a step will language pressthe reduction of 
Administration. Dr. Mukter gets make it possible to give more the responShiUty of Mr. Jimmy 
the top job of Ministers of Bantu attention to the education and Kruger MinisfrT of Police and 
Administration and Development, training of black people, and justicer by taking away one of 
Neither of the. two new nxtfnis- the i improvement of this," he his portfolios — did not 
ters dealing with black affairs said. materialise. Nor did Mr. Pik 

has a reputation as an innovator. “The new Department will also Botha, the Minister of FoveigD 
although Dr. Mulder is an am bi- proceed with changes and adapta- Affairs, inherit Dr. Mulder's 
tious and forceful man. j. As tions to the existing system of Information Ministry, as had 
chairman of the National Party education for biack people, and been predicted. 


Bhutto speaks 
at closed ,?§■ 
trial session *' 


*• # 

By Simon Henderson > y ; 

ISLAMABAD. Jan: 25. 
IN A CLOSED session oi e the 
Lahore High Court the homier 
Prime Minister of Pakistait Mr. 
Zulfikar All Bhutto, ’ g 3 tve r his 
final statement to-day -HiU.the 
trial where he is accoj^ of 
ordering a political shooting 
three years ago. 

No reason was given w] 
hearing was in camera 
Bhutto’s readiness to 
it was not seen as 
reversal of his previous 
to boycott the trial. 

During cross 
yesterday which had 
today, Mr. Bhutto replied 
question with a simple 
to his boycott, only ad 
when he considered the 
did not pertain directly 
defence. 

The in camera session 
about two hours befi 
Bhutto was taken back 
prison just -outside 
where he has been held o: 
murder charge since hiayif; 
last^Beptember. * ' . 

Mr. -Bhutto had started his 
boycott' of ’-the trial two weeks 
ago after his latest petitions 
challenging the fairness and 
jurisdiction of the hpfich were 
rejected. / 

Squads of police were on duty 
as usual outside tb* court to-day 
but there was iw trouble. The 
court is now Adjourned until 
Saturday. * 

r 


Indian experts upset by 
Callaghan’s river plan 


BY K. K. SHARMA 


NEW DELHI, Jan. 25. 



MR. JAMES CALLAGHAN'S term solution to the problem, 
offer to help develop and harness The problem can be settled by 
the rivers in the eastern region of increasing 


the 

con- 


the flow of the 

„ ... „ . v. „ Ganges and the Indo-Bangladesh 

the Indian subcontinent has led Join t mvers commission is now 

to sharp protests from experts meeting in Dacca to devise ways 
of the Ministry of Irrigation, who to do this. The issue is a corn- 
feel that the proposal is pre- plicated matter since Bangladesh 
sumptuous. In a note to the i s i n favour of building storage 
Government, Ihe experts have wCh £ 

pointed out that the British do bulent rivers start and cause 
not have the experience of the considerable damage. India on. 
kind of civil engineering pro- the other hand, favours building 
jects on the scale required. They a canal to divert the waters of 
say Indian engineers have been Brahmaputra in northeast 

executing them for more than lndla mt0 Ganges - . v 
two decades. • Both are gigantic projects that 

two aecaaes. neither India nor Bangladesh are 

Mr. Callaghan’s proposal, made likely to have resources for but 
during his recent visit to New India is keen to first settle the 
Delhi, has not been favourably matter with Bangladesh both in 
otph h v regards to the acceptability of 
received here even by the pro j ects as we il as on how they 

Government. should be implemented before 

The main reason for the cold bringing other countries into the 
response to the proposal is that PwJb«- . 

£S 3 ^S««rm 5 l!l.b»: 

taut to internationalise what it president Jimmy Carter when he 

considers to be a matter to be visited here earlier this month j : 

settled bilaterally by India and —though well-meaning could ; international Company News: 
Bangladesh. The move is in the prove to be embarrassing because,' Aral 197 * results 
context of the recent agreement it gives the issue an 1 international i and c yr dividend .i 28/29 

between the two countries on character that India wants 10 : _ . d ^ Material!! 

rkanna nf tha Cinopc vntor f nr avoid TJlP Government dflPS JlOt * 


Bahrain 

dollar 

dealings 

suspended 

THE BAHRAIN and Qatar 
monetary agencies yesterday 
suspended spot and forward 
dealings .in , the dollar but gave 
no explanation for the decision, 
Richard Johns writes. 

Foreign exchange dealers in 
the City,- however, believed that 
the two. authorities, together 
wih the United Arab' Emirates 
Currency Board, may be co-ordi- 
nating in freezing transactions 
so that they can reappraise the 
value of their currencies against 
the depreciating dollar. Hitherto, 
all of them have allowed fluctua- 
tions within a narrow margin 
according to different formulae. 

Limited dealings were reported 
to have taken place in the UAE 

where— despite the fall in the 

value u£ the dollar — thinking 
has bees that the dirham has 
been, if anything, over-valued. 

Last February the UAE Cur- 
rency Board had to intervene in 
the market to maintain the 
parity when there was a run 
against the UAE dirham. 

Japan to store 
oil in tankers 

The Japanese Government is 
appropriating the equivalent of 
S500nu-for the first step of a 
project to store crude oil on 
tankers that otherwise would 
be idled by the recession, 
according to the Asian Wall 
Street Journal, AP-DJ reports 
from Tokyo, 

'The -funds will be used to 
purchase 31.5m. barrels of oil 
for the floating depots, which 
will be moored at Government- 
designated coastal sites. 


Sober Egyptian mood 
aids U.S. bid to 
resume peace talks 


BY ROGER MATTHEWS 


CAIRO, January 25. 


THE U.S. continues trying lo due to the Israeli attitude, 
find a formula that would enable in the new more sober mood 
peace talks between Egypt and brought on by the failure of the 
Israel in be resumed Mr Political committee there also 

11 5 se ems to be a reassessment of 
Hermann Eilts, the U.S. public stances. The Egyptian 

ambassador to Egypt, had a Press was rather more restrained 
second meeting in two 'days with in its commentaries this uiorn- 
President Sadat. ing, refraining from again 

The two men are believed to describing Mr. Begin, the Israeli 

nrPTTlIAP r« n ** Ck«*lfinlr 1 gjj 

in 


have discussed the wording of a 


premier, as a “Shylock,” 


. , . , . , , , expression pounced on 

declaration of principles that Jerusalem as “anti-Semitic. 
Egypt is demanding as a pre- p art iy as a resu ] t of this 
requisite of further Middle East' “ moderation ” the Israeli cabinet 
peace negotiations. For' Mr. is expected to approve on 
Sadat the two key elements of Sunday the resumption of the 
such a declaration of principles 

give self-determination for the 1U ,n P“fP° se ™ 

Palestinians and total Israeli ^ t 0 ,? r f£ lde pubbc e . vld ? nce 
withdrawal from occupied Arab R ? 80 ^ 0115 ?.™ continuing while 
lands. the hard political bargaining is 

The U.S. has now put forward do £ e via ^ S° od of the 

more complete ideas for a draft U- *‘ 

declaration that have also been Reuter reports from Damascus: 
communicated to tbe Israelis by The Syrian Government news- 
Mr. Alfred Atherton, the Assist* paper Tishrin to-day accused the 
ant Secretary of State. U.S. of exerting strong 'pressure 

According to A1 Ahram, Egypt to “ break the Arab siege ” of 
has insisted that the declaration President Sadat The paper also 
of principles should expressly criticised calls for Arab soli- 
stipulate withdrawal from darity being made by some Arab 
occupied Arab lands. countries, but did not name 

The U.S. can take some satis- them. It implied that calls made 
faction from the fact that con- by Saudi Arabia. Kuwait and 
tacts are now proceeding more some other Gulf States were 
in the manner they have advo- really aimed at bolstering Mr. 
cated. But this may be more Sadat’s position. 


Lebanese 
Christians 
want action 
on arms 

By Ihsan Hijazi 

BEIRUT. Jan. 25. 
LEBANESE Christian leaders 
charged to-day that arms have 
been pouring in to Palestinian 
guerillas through the southern- 
port of Tyre and demanded 
action by the authorities to stop 
it. 

Former President Camille 
Chamoun, who heads the 
Christian coalition known as “the 
Lebanese Front.” declared that 
the front possessed full infor- 
mation about the ships which 
have delivered the weapons. 

Mr. Pierre Gemayel, leader of 
the Phalange Party. Lebanon's 
principal rightist organisation, 
said that it was not fair that the 
Palestinians should continue to 
receive weapons while Christian 
militiamen were deprived of 
their arms. 

Palestinian sources did not 
comment on the charge merely 
saying that this was part of the 
Tightest propaganda. 

Tyre, which is about 12 miles 
north of the Israeli border, is 
virtually under control of the 
Palestinians and tbeir Lebanese 
leftist allies. 

The rightist accusations came 
as artillery duels continued 

to-day in southern Lebanon after 
yesterday's fighting at the village 
of Blat close to tbe Israeli 
border. They also came as an 
argument broke out between 
Christian and Moslem leaders 
about the future political system 
for Lebanon. 


World Bank talks 

Mr. Robert McNamara, 
World" Bank president, 
ferred- in Kuwait yesterday 
with Mr. Abdul Rahman Atiqi, 
the Finance Minister, on 
chances of Increasing Kuwait’s 
contribution 10 help the bank 
meet its- financial commitments 
toward developing countries, 
AP-DJ reports. Official sources 
said they discussed ways to 
restructure the economy of 
Egypt. 

Aid fbr Bangladesh 

Britain will give Bangladesh 
£12m. and 15,000 tons of wheat 
unde# three agreements be- 
tween the two countries signed 
in Dana yesterday, Reuter 
reports/ 


ON OTHER PAGES 


sharing 9 f -the Ganges water for avoid. The Government does n °t, * sericulture 

five yeareduring which Both have favour inclusion of even Nepal Australian agrcultu ^ 

agreed to try and find \a long-in the talks to settle the issue. ' conference i 


30 


SPECIAL CORRESPONDENT REPORTS ON ANGOLA’S INTERNAL PURGE 

Neto’s confrontation policy 



sources, 
made an 


riABOM • * .&■ 1 1 

• 6 was MO 

““ 

LUANDA u.-/ 

dtCarvaho -. 

ANGOL'A i. 

& ,-C 1 " 

- deSma; 

nonce : 

Smunu l 



COUM- 

awwa**-.. 


MUCHIA 
CS-W, AFRICA) 


BOTSWANA! 


T THE nine months 
lOrtive coup attempt that 

lands and jolted . auimuiv — — ....... . . 

insist leadership, President Alves, a former interior minister, ca})y, .the MPLA took the long- important decision last autumn 

’ostinho Neto has pursued a army commissar Jose Van Dunem awaited decision last month to to flush out civilian unita sym- 

•licy of -confrontation with in- and his wife Sra. Cita Vales. But turn itself into a vanguard party pathisers for re*eau«mon 
mal enemies while purging the since then, signs of a real up- called “The MPLA Party of launehmg a Cuban- 

ling Popular Movement for the swing have been difficult to Labour.” • supported military thrust a^atiKt 

beration of Angola (MPLA) of detect. While this is a pronounced guerillas m the important central 

ten rial and real opponents. The breadth or the coup Marxist development, its main provinces of Huamno ana sie. 

Latest Indications suggest that leaders’ support seems very impact will be to provide the At the same tune Lmta was zaire. The railway is very much 

amorphous MPLA with a self- attempting lo consol. date itself a barometer of Angola's 'stability 
purging device designed to by thrusting west to the Atlantic anil although iris thought that it 
ensure that power lies with those seaboard with, at one period, the h as mn a i 00g ^ en tire length 
loyaL to the aspirations of Dr. aim of declaring a secession in f rom ^ coast t0 Teiseira da 
. Neto and his politburo — the the south — an idea That now gouga jn recent months, it is 
-supreme executive body of the appears to have been dropped sti n vulnerable to Unita sabot- 
.JMgfA. which itself is the for lack of African support. age The Cuban-supported push 
"-supreme authority in Angola. According to MPLA sources, ran along the route of the 
,!A control commission has been “ the usands ” of Unita supporters Benguela and Dr. Neto's new 
created to keep a close watch on were detained as the military willingness to talk to President 
. PBrty activity and vetting pro- push moved east from Huambo Mobutu may be an indication 
oedures to scrutinise the back- into Bit. It was at this period, that he feels his campaign has 
gjppnd loyalties and ideological perhaps coincidentally, that the put him in a- position of strength 
a&ttadhess of MPLA party card- U.S. increased its estimate of the - 

holders have bcert established, number of Cuban troops In Dr. Neto jigs followed up his 
All this smacks of an extremely Angola to 27,000. although this offer of talks with the Zaireans 
Sgld regime and, indeed. Dr. figure probably includes the 3.500 ?y visiting Nigeria. The Niger- 
has made clear that his Cuban civilians in the country. mediated between Angola 

“djbtatorehip of the proletariat” The outcome of the offensive and Zaire io the Shaba crisis, 
.jgfll hot tolerate any challenge ^ still unclear. Given the ter- ideologically they fall between 
authorityL rain the vast areas involved and j/ ,e , a od wield important in- 

month’s first ever MPLA continuing support for Unita by nuenee in ^oe Organisation of 

ess also approved an expan- South Africa and Zaire, a clear- African Unity and among West 
of the central committee cut or immediate result is un- African countries. It seems 
25 to, initially. 45, with a likely. As both the MPLA and Jwely that Nigeria will seek to 
er expansion to 75 likely. Unita discovered in their struggle he! P end Angola-Zaire tension, 
aim was apparently to widen against the Portuguese, a hand- «r he prospects for Presidenr 
■'lEVy"”"! a . nd authority over fu i c r trained men ran hold out Mel J* s diplmnatfe and donnmc 
--^Potential nartv leaders under the aeamst conventional forces, oar- 7 2r; _r c 


is coupling hi? hardline 
mestic policy with a ‘cautious 
plomalic initiative intended lo 
>ar away overseas support for 
s main foe, Dr. Jonas Savimbi, 
lose National Union for the 
ital Independence of Angola 
JNITA) Guerillas are still 
.rassing the MPLA and the 
1 bans in the centre and south 
Angola. 

Two years of troubled MPLA 
le have done little to improve 
p lot nr Angola’s 6 m. in- 
.b it ants. A newly formulated 
isterity policy holds out no 
-omise of easy living and in the 
un try side efforts to socialise 
iriculture have run into reaist- 
ice from the peasants who form 
- per cent, of tbe population. 

Production of goods - that 
rmed the mainstay of Angola’s 
■e-war exports — including 
amonds, coffee and maire-His 
ill far below the 1973 figures 
hiefa the MPLA has set itself as 
rgcls to be reached. Some 50 
;r cenL of marketed food, la- 
uding staples like maize, is ini- . , . , t 

irted while subsistence agricul- surprising although the over-: 
ire has been disrupted bv years throw attempt foundered without. -* 
internal strife during arid after eliciting a significant display - 
oruiRucsc colonial rule. grass-roots backing. In 



Notice of Redemption 

To the Holders of 

KINGDOM OF DENMARK 

9% Twelve Year External Loan Bonds of 1970 due March 1, 1982 

NOTICE IS HEREBY GIVEN that, pursuant to the proviFions of the Bond* of the above-described 
Issue, Morgan Guaranty Trust Company of New York, as Fiscal Agent, ha* selected through operation 
of the Sinking Fund for redemption on March 1, 1978 at the principal amount ihereof together vilh. 
accrued interest to the date fixed for redemption $2,000,000 principal amount of said Bonds bearing 
the following distinctive serial numliers : 

COUPON BONDS OF SW)00 EACH 


M « 1297 2575 3868 5126 6297 7853 8728 
8 1312 2587 3876 5127 6430 7654 8728 

21 1320 2615 3890 5128 6433 7683 8729 

37 1828 2616 3895 5152 6434 7685 8734 

53 1335 2652 3S06 5153 6435 7689 8756 

54 1348 2694 3951 5158 6454 7690 8767 

58 1382 2713 3953 5170 6481 7706 8777 

; 67 1387 £716 3964 5171 6468 7735 8787 

79 3388 2718 3977 5178 6474 7751 8793 

81 1409 2720 3988 5184 6486 7759 8801 

91 1414 2724 3990 5202 6500 7764 8803 


9884 11076 12326 13427 14479 .13595 16736 17794 18924 

9889 11086 12342 13430 14480 15602 16752 17807 1894 9 

9895 11090 12344 13432 14490 15605 16758 17813 18956 

9910 11098 12354 13433 14498 15617 16763 17830 18957 

9918 11100 12364 13437 14510 15621 16767 17834 18967 

9947 31124 12371 13459 14524 15631 16784 17836 18969 

9950 11142 12383 134G3 14548 15639 16788 17867 1898L 

9957 11156 12414 13491 14551 15644 16795 17871 19001 

9362 11164 12415 13490 14557 15670 16807 17881 19012 

9984 11182 12424 13S1U 14573 15677 16823 17886 19020 

.. .... ... 9993 11202 12433 13511 14587 15679 16840 17896 19025 

94 1425 2736 3993 5205 6510 7774 8813 10010 11205 12440 13522 14595 15682 16843 17900 19035 

113 1439 2743 4006 5244 6510 7783 S829 10011 11214 12447 13540 14612 15695 16846 17905 19045 

122 1440 2752 4009 5254 6529 7790 8843 10016 11219 12459 13545 14616 15706 16847 17912 19049 

134 1447 2791 4012 5267 6537 7797 8857 10033 11221 12460 13S57 14835 15708 1 6853 17916 19050 

135 1452 2793 4013 5275 6555 7798 8858 10038 11228 12478 13561 14640 15710 16860 17917 19058 

385 3473 2803 4014 5286 6556 7812 8881 10053 1-1243 12489 13567 14649 15742 16863 17922 19070 

185 1477 2811 4032 5289 6569 7B15 8899 10062 11253 12490 13574 14663 15756 16866 17928 1 9077 

228 1493 2821 4049 5293 6596 7830 8900 10063 11273 13495 13575 14667 15760 16874 17976 19098 

231 1523 2825 4056 5306 6613 7839 8911 10068 31234 12500 33579 J4671 X5769 1M82 17990 19115 

14676 15774 16884 17997 


241 1524 2860 4i 
250 1528 2865 4i 


39 6617 7841 8917 10106 11299 mg 13583 


14676 15774 16884 17997 13119 
13502 146B0 15781 16890 18001 19125 


Dr.. Agostinho Neto 


- - „ /wmHi.njin dependence on Cuban and Soviet 

■..N«o^a, the sente tjtne the “CAfS SSfi 

?“^tbe mi«d race leader- eoixotiyside may, however, be opening ttiflhe Is^kSy. 


e^urgerV^ of £ E? J&TfiS ^ 


Tshore *Gulf”* Oifoporations wnciafeommuvsiopers have m ““ expertise wSl be used to service 

le 1873 level of to 150,000 removed and obwrvere in Luanda see Cntango^iht^utii lo Moxico fn?, indus_ 

■ Jfi* transfomiation as a SilSSJ north, °It Ts SLXd P “ em P ° r,USUe “ 


abandoned. 

iiidV WObm: i*wW;trede ^ On occasions the MPLA has 


ether with j piber wcllS.^^This Top_ juilltao^ comnianders^ p rapes* that will take apen debate whether the term 


c. «i„; -irmetMl *“_ .“***’ . noiu can reauy ut? appitea io \iu ui-mhw uic nas 

j MOOm per year— s sum St . Aires Machado were arrostej ;jd , j punty D Unng th, s such vast and underpopulated taken the .view that ideology 
ipidly absorbed in infra s true- MPLA omctais now mj ia»,.nar(iwi -im-Iv rom»m ..., — — v»... .. ... **■ 


in infra s true- KFLA omcials now w J ^ 0 ^ dangers dearly remain, areas where insurrection can must bow. to pragmatism. 

toms, demur- while Jhc «>up leaders and JJniBrtKrularly since poor internal siD1 mer for years without making Diamang. the big diamond 

[ Luanda port finjPaxhwcrs have no < oec communications and lack of any noticeable impact on the mining concern, has, it is true, 

* *"« “e continuing the central government. been largely taken over by the 

> rte - L * nd regionalism that gave nive^.jjgpLA 8mi ply does not have the . important factor is the MPLA which has a «U per cent, 

ihing industry has by f black power advocate 0 ^Spf^-fWiil»wer and faeUiUesi to make {J^htch the MPLA can stake in it But the restis held 

t been taken over by “ d ^ r hi throughout the 'gvSSSfci tribS ^ffilia- by wester fevestora and acwid- 

Union and Cuba, whose Iftawwmp, his pow cr*P country. nans with sterarnins Ing to business sources a maoafie- 

ed vessels take all hut yet to be eradicated^ “j ■* i;-Ottclals freely admit that i mm r> r attempts to brine ment coatraet is beine 



ensure that Its tion of tbe Soviets, the coup -by these sources to be somewhere normalisation depends on Zaire’s Portuguese^ estates abandoned, 
ptDtK<«l *sdn« Mn, Wievei *ey M the tt* «wnM cl^me .°« r 


anxious to 

s ag -"*” ESSa-nSSSif" — - utfSKtesKtiveN'etion.lFroD. „ 

Independent sources In Luanda ..The MPLA baa acted on two 1%e MPLA's. understated refer- Ltbcralloa of Angola nationalisat^j and confiEcation 

say the slump toltowiwFtaae- levels to consolidate it s hold. ' epOesto isolated nets of banditry. <FNLA?. campaign, -^f It wasn’t for the 

- - - — •*- - — —— ■- — — — ’ — ■ f - •« cabiDds, things would be 

vn.-jjj official 




$r : ‘ ^ 


. . B1 5342 6626 7857 8928 10115 11324 325: 

284 3530 2873 4086 5344 6832 7858 8931 30120 113M 32550 13604 14881 15796 16893 18007 19127 

271 3575 2874 4089 5348 6835 7861 8933 10124 11355 1255P 13605 14713 15811 16897 18015 19139 

272 1591 2881 4112 5376 6666 7876 8934 10129 11361 1256T 13630 14719 15813 16904 18016 19142 

277 1601 2888 4114 5378 6694 7957 8945 10138 11362 12575 13631 14720 15815 16920 18024 19149 

281 1603 2894 4127 5384 6698 7958 8958 10148 11369 1Z583 13642 14723 15830 16922 18035 19150 

290 1807 2895 4131 5394 6699 7963 897» MH® 113™ 12583 13655 14738 15838 16924 18040 19169 

304 1614 2898 4141 5422 6704 7965 8974 10t65 11380 12599 V36*Z 147C6 15651 16941 18044 19161. 

306 3628 2904 4173 5423 6720 7979 8983 10181 11387 12602 13665 14770 15855 16962 18056 19208 

321 1633 2931 4186 5441 6722 7994 8996 30195 31393 12604 13678 14776 15869 1(5977 18062 19209 

363 1634 2965 4387 5442 6727 7995 9001 10209 11407 12618 13682 14777 15877 16978 1S0C4 19219 

375 1835 2970 4195 5444 G759 8019 9005 10212 J1418 12633 13689 I47WJ 15888 16979 18068 19232 

389 1638 2986 4199 5472 6777 8035 P008 10214 11433 12647 13(598 14790 15891 16968 18069 19243 

394 1639 2386 4200 5489 <1782 8036 9024 10217 11458 12655 13720 14793 15895 16989 18084 19247 

404 1671 3019 4201 5513 6785 8037 0025 1 0232 11401 12656 13740 14806 15933 16991 18086 19253 

407 1672 3049 4211 5515 0787 8045 9046 10233 11485 12557 13741 14808 15K35 1702D 18110 19254 

408 1674 3055 4214 5541 6794 8050 9049 10237 11477 326E1 13744 14819 35946 17028 1B311 19258 

422 1704 3061 4217 5552 6834 8062 9061 10255 11483 12668 13766 14823 15955 17D30 1R1S4 19300 

427 1739 3065 4219 5555 6839 8075 9063 1 0267 11484 12679 13776 14830 15956 17032 18142 19306 

445 1745 3068 4226 556B 6841 8083 9071 10277 11486 12685 1377S 14B55 15960 17042 18177 19315 

451 1750 3083 4249 5576 6853 8089 9076 10285 11 492 12686 13781 14860 15984 17055 18183 19332 

486 1785 3087 4257 5579 6864 8090 9084 1 0301 11499 12689 13796 14872 15960 17064 18189 13340 

497 1795 3094 4259 5581 0880 8114 9085 10311 11517 12698 13797 14878 15065 17065 18193 10348 

534 3797 3098 4283 5393 6882 8138 9003 10315 11524 12722 13803 14900 15994 1707B 18198 19353 

530 1823 3119 4279 5597 6908 8155 9094 10323 11526 12724 13804 149U5 16032 17083 1H214 19363 

546 1824 3146 4298 5598 6918 8171 9112 10332 31534 12740 13830 14308 16036 17086 1B243 19364 

562 1830 3154 4324 5620 6941 8177 9113 10346 11545 12742 13840 14917 16WB 1710V 18244 19372 
583 1842 3158 4328 5625 6947 8183 9118 10355 11554 12756 13842 14024 16055 17104 18256 19379 

S3U 1850 3165 4362 5631 6964 8205 9127 10362 11572 12758 13850 34926 16066 17137 18268 19407 

i 608 1852 3166 4365 5636 6967 8207 9158 10366 11589 12776 13857 14930 16067 17147 18275 19425 

• 618 1858 3193 4388 5638 7007 8208 9171 10370 11593 12798 13861 14932 16074 17149 18282 19431 

619 1667 3199 4394 5882 7014 8215 9186 10373 11601 12804 13875 14936 16076 17156 18289 1 9436 

622 1868 3225 4400 5696 7021 B216 9189 10412 11815 12811 13879 14958 38081 17175 18296 19438 

625 1869 3226 4412 5697 7022 8222 9195 1 0421 11618 12819 13880 14982 16089 17176 18298 19440 

626 1884 3235 4413 5719 7046 8223 9203 10422 11624 12820 13881 14988 1 6095 17177 18299 1 9449 

639 IBM 3239 4426 5722 7049 8225 9204 10425 11639 12822 13886 35004 16101 17187 18300 19483 

657 1898 3270 4427 5733 7074 8228 9218 1 0429 11670 12841 13909 15013 1B103 17192 18328 19472 

683 1908 3271 4437 5751 7087 8230 9325 1 0442 11671 12846 13910 15024 16105 17220 18329 19475 

675 1922 3276 443P 5753 7097 8236 9245 1 0447 11676 12851 13911 15047 16148 17240 18331 19481 

682 1926 3278 4455 5764 7306 8253 9248 10453 11690 12884 13912 1 5076 16153 17242 18345 19487 

688 1932 3235 4493 5769 7136 8253 9261 10458 1170S 12891 13914 15070 16107 17246 18348 1&494 

70S 1086 3299 4498 5780 7140 8274 9368 10482 11716 12303 1391B 15062 16210 17299 18331 19511 

712 1900 3333 4520 5769 7141 8306 0234 10471 31733 12805 13922 15087 16214 1T310 18384 1 951+ 

741 1993 3362 4540 5770 7150 8321 9295 10496 11735 12004 13023 15099 16215 17315 18389 19517 

744 1996 3364 4541 5780 7160 8327 9303 10498 11738 12306 13949 15109 16216 17316 18401 19525 

753 2001 3370 4546 5818 7171 8320 9314 10518 11740 12911 13059 15119 1 6226 17319 18400 19567 

755 2018 3381 4554 5825 7181 8335 9321 10525 11758 12915 13982 15136 10228 17333 18416 19578 

766 2033 3383 4562 5835 7187 8352 9326 10529 1 1770 12921 13975 15140 16232 17345 18427 19579 

768 2049 3386 4503 5861 7190 83GG 9333 10534 11788 12922 12976 15141 16234 17350 18428 19802 

775 2054 3380 4509 5884 7204 8372 9336 10542 11790 12923 13979 15144 16281 17359 18452 19805 

780 2059 3895 4581 5875 7228 8377 9338 10544 11809 12925 13083 15145 16285 17868 18460 19GU9 

786 2070 3397 4589 5877 7235 8381 9370 10551 11821 12945 14002 15156 16297 17394 18476 19612 

807 2071 3399 4593 5880 7253 8363 9374 10575 11822 12345 14012 15172 16300 17390 16493 19624 

S14 2116 3442 4631 5901 7271 8394 9401 10588 13824 12948 14015 15184 1 6310 17407 18501 19631 

820 2144 3451 4648 5911 7276 8397 9403 1 0600 11827 12006 14029 15190 16320 17417 18516 10633 

824 2148 3455 4665 5919 7289 8405 9412 1 0616 11866 12090 14049 15195 1 6336 17432 38521 19652 

826 2149 3459 4671 5034 7296 B413 9413 10625 11868 13021 14053 15206 1 6343 17440 1B532 19063 

863 2151 .7466 4679 5948 7319 8421 9424 10640 11003 13KJ4 14056 15216 16344 17459 18535 J9674 

869 3163 3468 4684 5966 7324 8431 9456 3 0641 11906 13042 14064 15231 16353 1T477 1B553 1 9682 

804 2164 3475 4687 5969 7328 8435 0457 10651 11908 13072 14065 15233 16356 17496 1B557 1969S 

903 2166 3477 4698 5974 7329 8450 9470 10652 11016 13083 14080 15240 36360 37498 18564 39700 

024 2175 3492 4608 5985 7351 8460 0478 1 4655 11018 13094 14089 15247 16383 17500 18568 19707 

930 2160 3501 4711 6010 7366 84B4 9479 10670 11922 13098 14118 15251 16391 17507 1B570 13706 

940 2109 3502 4731 6026 7375 8491 9480 10684 11927 13101 1412G 15257 16411 17539 18576 19720- 
949 2240 3505 4754 6028 7377 6493 9484 10714 11332 13103 14130 15268 16420 17542 185E5 1973+ 

953 2253 3506 4767 5032 7388 8494 9514 1 0710 11033 13111 14145 1 5277 16430 17546 18621 19743 

956 2271 3519 4769 6034 7306 8406 9530 10720 11097 13112 14151 15283 16450 17547 18636 19744 

9Ki 2272 3520 4780 6040 7402 8407 9540 10730 12003 1R125 14X50 15317 16406 17548 18637 1P74S 

967 2275 3522 4800 6056 7420 8502 9505 10759 12D1I 33144 14168 15345 16469 17549 18639 19758 

972 2282 3526 4515 6057 7426 8506 9567 10703 12016 13145 14174 15347 18483 17557 18653 I97B3 

973 2309 3561 4828 6062 7429 8510 9572 107SM 12042 13162 14197 35351 16438 17562 18655 10813 

5029 2311 3502 4832 6107 7439 8523 0588 10801 12054 13172 14200 15370 1 8498 37570 18667 1 082+ 

1031 2320 3563 4833 6128 7455 8537 9608 10803 12058 13174 14211 15380 16508 17575 18670 10637 

1035 2343 3574 4B44 6148 7458 8540 9626 10819 12060 13176 14217 15385 16525 17576 18690 

1062 2349 3585 4864 6151 7462 8554 9635 1 0822 12071 13183 14251 15387 16528 17599 18701 

1069 2354 3617 4870 6157 7471 8558 9648 10830 12094 13192 14259 15398 16H0 17618 18710 

1084 2381 3638 4877 6169- 7463 6564 9650 10837 12100 13195 14261 15399 16541 17620 18711 

1088 2378 3640 4879 6176 7489 8567 9682 1 0844 12113 13206 14268 15405 16550 17628 18713 

1100 2403-3647 4020 6160 7494 85G8 9684 10855 12116 13218 14270 15413 1 6563 17651 18722 

1102 2406 3655 4923 6184 74PB 8569 9090 10871 12121 13221 14298 15427 16567 17654 18768 

3128 2411 3869 4954 6230 7523 8578 9607 1 0874 1212+ 13230 14312 15+55 16607 17678 18776 

1134 2437 3671 4955 0232 7524 8*94 9701 10884 121+4 33238 1+314 15468 36618 17685 18786 

1 152 2440 3695 4962 6243 7530 B613 9703 1 0911 12183 33340 14352 15475 16619 17705 18799 

1159 3448 3896 4960 8257 7535 8614 9732 10913 1217b 13263 14362 15489 1 6629 17709 18810 19944 

1167 2457 3704 4983 6268 7564 8637 9753 10928 12191 13332 14371 15494 16630 3 7717 18840 19945 

1177 2478 3722 4989 6292 7579 8642 9787 10955 12211 13334 1437C 15502 1 6633 17719 18851 19348 

1178 2+81 3735 5009 8307 7588 885L 9188 1 0963 12223 13339 14382 15518 16G36 17728 18852 1995L 

1219 2484 3783 5018 6316 7589 8658 9793 10966 12233 13349 14384 35520 16637 17734 18854 1 9955 

1229 2487 3799 5029 6318 7592 8666 0814 1 0998 12241 13353 14386 15523 16658 17735 18861 19973 

3235 2506 3800 5082 6322 7600 8670 9825 11000 12248 13357 14401 15524 16663 17736 18876 19977 

1241 2514 3803 5042 6333 7606 8676 9827 11008 122+8 13363 14403 1 5530 16675 17736 18887 

1242 2515 3806 5060 6360 7608 B67T 9829 11018 12284 13366 14413 1 5539 16687 17746 18890 

1259 2510 3814 5081 6373 7612 8601 9831 71020 12268 13401 1+420 1 5543 30698 1 7773 18902 

1263 2529 3819 5091 6374 7617 8692 0BS2 11038 12279 13406 14437 1 5552 16702 17778 18008 

1270 2543 3832 5097 6385 7830 8703 9841 11D4B 12286 13112 3+457 15571 16708 17787 18900 

1276 2550 3824 5101 6383 7636 8720 9842 11051 12301 13420 14474 1 5581 10714 1 7789 18913 

1283 3569 3853 5117 6304 7647 8723 9878 11073 12304 13425 14475 155B5 16723 17702 18923 

On March 1, 1978, ihe Bond« designated ahove will lier^me due and payable at the redemption price 
aforesaid in such coin or currency of the United .Stales of America a- ai the lime of payment is legal 
lender for ihe payment of public and private drills therein, and will he paid- upon presentation and 
surrender ihereof in a negotiable form Atth all cou[ions appertaining thereto maturing after the 
redemption date, at llie option of the holder either ini at ihe Corporate Trust Department o£ 
Morgan Guaranty Trunt Company of New York. 15 Broad SlreeL, New York. N.Y’. 1 0015* 
or » b l subject to applicable laws, and regulation?, at ihe main office of Morgan Guaranty Trust 
Company of New York in Brussels. Frankfurt/Main. Loudon, or Pari? or at the main office of 
Pri vat ban ken A/S, Den Danske Landmandsbank, Kjpbenhavn? HandeUliank or R. Henriques jr. in 
Copenhagen. Payment* at the offices referred to in < Is) aliove will lie made by a cherk drawn on. or 
by a transfer to. a United Stares dollar account maintained with a Jumk in New York City. Coupons 
due March 1, 1978 should !>e detached and collected in the u-ual manner. 

From and after March 1, 1978 interest shall cease to accrue on the Bonds herein designated for 

redemption. 

Ministry of Finance of the Kingdom of Denmark 
bv; Morgan Guaranty Trust Company 

OF new YORK, Fiscal A. gent 


K 
19869 
19E7L 
19895 
19808 
19905 
1P909 
It 
IS 
If 


January 26, 1978 • 

NOTICE 

The following Bonds previously called for redemption have not as yet been presented for payment: 
COUPON BONDS OF SIJJOO EACH 


K 126 
327 
375 
6+9 
3008 
2036 
1065 


SS2 2548 3204 3985 5947 7680 
2558 3314 4892 6546 7701 

icm SS5 2 s64 307 « raso , I 81 

■ £380 2693 3 TBS 5070 7290 8325 

! JUS iS52 S11S 2693 3789 5106 7391 8433 

I 1552 2013 2435 3017 3933 5109 7532 8683 

iSjS JSg §19* 2542 302+ 51S5 754G BBSS 10137 

JOg® J368 166S 2216 2544 3038 3971 SMO 7577 8904 104S9 

1085 1381 1673 2347 25+8 3393 397$ 5935 7678 9017 10483 


9427 

9445 

9465 

9679 

10059 

10082 


10S31 11X90 13939 
30631 12319 13940 
10763 1238+ 13941 
10780 12648 13942 
10850 12765 14023 

10877 12394 14117 
10951 13513 14154 
11171 13515 14740 
11183 13742 14802 


34865 

14973 

14876 

1+921 

15+29 

15431 

15487 

16524 

1705G 


17059 

1 7522 

17579 

17580 
17932 
19636 
19693 


H 


Financial Times Thursday January 26 1978 


AMERICAN NEWS 



Runaway 
options 
boss held 
by FBI 


Investment in S. Africa 
‘should be discouraged’ 


Australia 
may boycott 

EEC goods 


,p> ,u 


Britain looks at oil swap?Ut 
proposal from Venezuela 


BY DAY© BEU. 


BY RAY DATTER, ENERGY CORRESPONDENT 


By John Wyles 


THE CARTER 
TION should take 


L WASHINGTON Jan. 25. CANBERRA,' Jan. 25, BY RAY DAricR, enerut y , 

A LEAD ING farm industry -uu finvemment is con- tn +hp swan susscstioSi however, tract In Tenders havi 

ADMINISTRA- Meanwhile. Senator Clark South African regime to main- official warned to-day of a pos- . H< . 5Ugges aoB that light It could lead to complicatransfor tB^hf«2^ Ue 

active steps to said the U.S. should also deny tain apartheid and that for the aM . e boycott of EEC products S5u!n JETMi oil companies which already tion of .... Afutiniy 


vru* vftBP r _ ob s“ ulu “ steps iu saiti me u.o. snouia aiso ueny lain aparmeia -ana mat, xur me - — . — _ ?1 vr nT .h c*® oil companies *~*-*"-* — -t — 

NEW YORK. Jan. _5. discourase further U.S. invest- tax credits to U.S. companies most part, “US. corporations such as cars and farm machinery crude 0 * 1 aw 1 ? arrangements. Jeet, a faciUJr 

THE runaway president of Lloyd ment in South Africa because paying South African taxes, if operating in South Africa have mmd mounting entrosm of Cgm- should be exchan ged for heavy . rt ^ recognised that there and al > le J 0 .. ^““3® 
Carr and Co., the Bostoo-based existing investment has strength- they have failed to act in ways made no significant impact on ™ umt y trade harriers to Austra- oH from Venezuela. -cou&i be at least two benefits.. ^ tonnes -ox liQtufl steel a year, 

commodities options firm, was ened apartheid, a Senate com- consistent with U.S. policy. Also, either relaxing apartheid, nor in hM exports. Dr. Valentin Hennandez Acosta;. . First, a swap deal would provide Davy International is leading 

captured by the FBI in Florida mittee report concluded to-day. the Administration should no establishing company policies, Sa i n, i? 1 Burston, president the Venezue l an Minister of greater . security of J* one international consortium hw " 

^MrlT^Abraham, who had t^onLZ te'a JSSS 3?5 SSlSS! jEwSE 2 ? ^ SST,®* 

SLarawas - ffiSSS 3 = rsLt “!*S s ^SS%u st-ar -ad 


assumed name Of James Carr, js published today by the Senate nveeoneni in aouin Ainca, un- -Rather,^ the net effect of ““V. “ week. . an aOTemert might another notential ‘eohMin. 

wanted by a number of federal Foreign Relations Subcommittee les * , a ^ an + bI suppor£ fzur American investment has been Although detailed proposals Jly fof^dfdeatebe- Mnsnrtium^ wMMag 

and «bti> .nitlinntiK on rharees .« irnm haa^oj kv employment practices. to strengthen the economic and . . Australia was serious in hani „ a 7, n h> h« tba Iftr — j i;.»HnAia consortium. 


and state authorities on charges Q0 Africa, headed by Senator employment practices. t0 strengthen the economic and Sot estim? afSriSt wStern have J»t to be received by the |Le n the Sfe. and Venezuela. Deoartmpnt.. ^ 

ranging from escaping from the Dick Clark. It follows lengthy Sen. Clark said that the aim military self-sufficiency of South InrSHaadf British Government, Dr Didcson "^^uela is urgently seeking T _ 

state penitentiary in New Jersey hearings on the subject by the of the new policy sbenfld not Africa’s apartheid regime. b aSoiIS to MSSd^ourees Mabon ’ S******* of State f «-more«Si« of Hgbter crude 

to violating a court order to subcommittee. necessarily be to get UE. Cor- undermining the fundamental in cSKSS the c£veram£SF^2 ■““§* has. said the nopnA Jg™ 1 Petrol demand rose 03 per J£SxJSFSn2J£ 

cease the fraudulent selling of specifically, the report calls Potations to withdraw from goal* and objectives of U.S. SSderiS i*u£t Tta? 7°*? * sen0nsly consxdered *° cent last year. ■ _ YSS&SS^^- a 

commodities options traded in on fh« Administration to with- South Africa, but rather to foreign policy.” « J 21 £rL „ ™ w , * . . : The swap proposal, first made bw of inaustnes. - 

L °Lr-C„ r , ««. have Oeeo ^ X S&£ rlSM HS J 

KSM ?raAfMS? « SSUS^iaE sraSSi 


to TOllfied sour*, g^. the pSpostds ^ 6 Uw ^phasTsed the PMentW * 

Canberra the Government was would be SOTonsly considered in iffr vir Venezuelan contracth-a a minjj 

riKTitffriTKT a Mimt t a hnw Ttrrt. 7 . J Cent, last year. . „ . J, v ^r]„trtrl^c - 


The swap proposal, first made her of industries 


Lloyd Carr's assets have been credits from export deals with 
placed in the hands of a receiver South Africa, to withdraw the 
and its records covering the 18 tj.s. commercial attache in Pre- 


months during which it was in 
business from July. 1976, are 
being studied by federal officials. 

The company's attorney, the 
celebrated F. Lee Bailey, told 
a federal court in Boston yes- 
terday that it had done between 
S25in. and S27m. of business in 
the last 12 months. In addition, 
the CFTC filed an affidavit re- 
vealing that in the past two 
months Abrahams had deposited 


U.S. interest rates stay high 


are due to be finally negotiated Venezuela would teve to compen- Kmhassv ; D Caracas thought the Venezuelans might 

in the next 12 months including ate for this disparity erther with JJa f "g? Ki®d5lE intbe useU.K. expertise. In seffi 
fee award of multi-nriinon doUar vdlnmea or with some v ^ti. mm geophysical studies, 

contracts for replacements for monetary or trade adjim- that xJJK. com- drilling vessels, and the com 

“ British Government m a. patties are in the running for a sanction of supply bases, for 
OteiSt. te%£^lal!i£££S: commit major port of a steel mill am- stance. 


BY JOHN WYLES 


NEW YORK, Jan. 25. 


European and American aircraft 
manufacturers are in strong com- 
petition to win the lucrative 
contracts. 


?L67m. Df \hc"company T s money UPWARD PRESSURE on U.S. Against this background, ing farther damage to the mar- JJrS^e SroDean 

into a personal account at a interest rates is being sustained nervousness has been increasing ket SmmiSL Indtiawjl ConSE 

Bermuda bank. by a gencraliy negative reaction -er ^ J- few da^boo, ^ More ;«-Jt % a r^oSTKBS 


Iran plans floating gas tenninal 


Bermuda bank. 

Ban recommended. Page 30 


BY ANDREW WHITLEY 


TEHRAN, Jan. 25: 


^-v and fears of unduly an 

Quebec courts Treasury financing plans. 


use of French 


hv -i »f»nnrallv nppalivp reaction over tne ,asi; IBW aa J' s aooui me more generally, me credit. c?on *n I - 

hy the credit mjkets to Ptem- Snf^toS'o^SfSdll SelS SrmolSdg’^ted ™ be eSSSZ%£ A LETTER of intern which is ^.representatives of the. three com^nies Japan would impon 

dent Carter's budget proposals ^ e oa S Ssfdem Ss^buSiet < * community, AP-DJ peeled to be signed in mid- parties ™ *»' jffilSUumti.o. W pre 

and fears of unduly ambitious announced later to-day and statements and by some elements re P orTS * February will pave the way for ®ia id n t alternative jects are not expected until after 

Treasury financing plans. should indicate whether the in the testimoney given yester- : one of the world’s first floating purees. the approval of the Japanese 

Bond prices have been in a Treasury is accepting advice day by. the President's nominee liqaefied natural gas terminate. The Kvaemer Group of Nor- and American authorities— post- 

steady slide for the past seven °«? e NO Dig CUHUgCS off Bushire in the Persian Gulf, way— a consortium of shipyards sibly in September in the latter 

weeks A clear indication of the ar ^ ung that Board * Mr* G - william & ® An agreement for the construe- and heavy engineering companies case. The Tehran Journal says 

iumc Mayor. could not cope with T „ tion of the terminal, worth more — will build the floating LNG construction could start in 


. , ijond prices nave been in a .‘"““J « Tr 

not POntinen to Lt^riv c imp tnr the n^Kf wen 110111 conservatives on WaU for chairman of the Federal Re- 
IRIl LUUlUlwu steady slide for tee past seven cj_. t ___ n naT rf u r r. win; am 


sieauy auuc 1UI street who are arguing that the serve Board, Mr. G. William 

weeks. A clear indication of the market could not cope with Miller. 

market s problems was given demands for more than $lbn.- According to Mr. Alan Lerner, 
yesterday when the European $2bn. on top of a $5bn. a vice-president at Bankers 
Atomic Energy Community post- refinancing of notes which are Trust, Mr. Miller was thought to 


nnnrlnij in T nmn tion of the terminal, worth more —vill build the floating LNG construction could start in . | « ». I * 
UccucU 111 JjUJHc than B500m n is Likely after the terminal in Stavanger, Norway, January next year -and be com- j i} ,s . % ^1 ?■ 


By Rotart Gibbeiu ~ TL^«— 5’ 5^ jMTS Dact ^ Hart SSTW tm-ua 


French Language Charter Short-term interest rates are Jong-term issues as part of its Arthur Burns, around to take Convention will involve making approval oi ioe reuerai a comparaDie lano-oaseu uiv-rau« roc 
(Bill 101). proclaiming that touching their highest levels for financing of the Government’s care of the money Snpply.” additions and refinements to ^ant ro Mdwm have the consortium ted by Elf-Etap of 

French is the sole language of some three years. Three-month budget defiict. ** We think the One of Dr. Burns's last acts improve it rather than a revolt!- A ® a ^ or obstacle could be Jhe advantage of bemg mobile. France, feu through after the 
ihe courts in the province, is Treasury hills, traditionally the appetite for intermediate and before bis retirement as chair- tionary change of substance, Mrs. todusion of a pnee escalation The Pars gas field, which will letter of intent sta^c. 
unconstitutional. least risky form of short-term long-term bonds is strong,” said man of the Fed next week was Judith Hart, the UJf. Minister S a ? 5e i gas pnce t0 feed the 630m. cubic feet a day The Iranian side is understood 


The sunerior' court justice investment, have been selling at Mr. Victor Chang, head trader to raise key short-term interest I of Overseas Development, said of OPEC oiL 

“ “ innl Jn 4 a C f) a.Kta w.>V< w~l #■ A. - V -1 — f aVl » LVm 1.1 J ▲ _ ni.kl I A. ~ a._. ifllDYTTlPn X Plti TT 


terminal. 


accommodate to have lost interest after cost 


declared in favour 


yields close to 6.9 per cent., whDe at Goldman Sachs, this morning, rates as part of the bid to stabi-j yesterday. 


rhalipnee hv three Montreal long-term Treasury issues have He thought that the Treasury lise the dollar in world markets. | ^., c a ff eem fDt was reached on the day’s Tehran Jonrnal said a was tnc unecononncaiiy low 

1«n.ui tn rk-mtnv tVirpp nf Ihn lost two points in trading so far could probably raise S3-$4bn. of The money markets are not Price of the gas at a meeting in second tenninal will be built price of gas on the world mar- 


informed sources say secret five such plants. A report is to- escalations and what they felt 
agreement was reached on the day’s Tehran Journal said a was the uneconomically low 


lawvent to Chanter three of tte lost *“0 points in trading so far could probably raise S3-$4bm of The money markets are not +w« -SnnL nt Er £ • “ e gas at a “*?“« m second terminal yw be txuit pne 

r£.S2 which ^ mmwdlSa th« year and are offering yields of new money on top of its re- too confident about the success {?„ ™*shmglon last week between on the same field by Japanese ket, 


Charter which was passed into 11,15 J _ ear dua “ r 
law by the National Assembly over s P er cen ^ 
last autumn. 

The judge said the Chapter 

is nnconstitutional because u It TTT^ 

directly contradicts Article 133 ri 
of the British North America -M- "1. V 
Act, Canada's constitution. 

This says either French or By STEWART FLEMING 
English can be used by any 


financing exercise without caus- of this approach 


Foreign acquisitions increase 


Committee os Overseas Develop- 
ment, -which last week urged the 
British Government to produce a 
coherent trade and aid policy 
that took a global view of the 
problems besetting poor coun- 
tries. 


Dell asks Spain to ease trade 


NEW YORK, Jan. 25. 


trie5 ’- BY ROBERT GRAHAM MADRID. Jan 25. 

The Lome Convention- era- . _ - _ 

braces trade, stabilisation of ^ TALKS here with senior Gov- the EEC, that the time has come ventures in Latin America. Both 


person in the Parliament of FOREIGN corporations an- 53 of the foreign investments Mr. David Bauer, the Confer- export earnings and cooperation eminent officials and Spanish tor -Spate to recoiuider Ite rertrifr sides are apparently keen on the 

an* asr s-s saasma aw ^ SSSlaiVS &ET 2 &r asfrffaaaE 

aJ%S! e impllta^SS Saitei Sdom m matle^ &T2&1 SuK JSSL SBaSttSSf 


courts Of Canada and ynebec. board started compiling such unwea runguom maoe vii- 
Chief Justice Deschenes data in 196S. the business re- tualiy the same as in 1976. the increase, but said that a more (ACP) countries, 

said: “ We must not forget that search organisation announced. The dtarp increase in foreign fundamental ~ reason /Was the is due after five. ; 


Artile .33 ™ rt. !?ffi .T; ne ESSST SETTS inSttlZSgtuVr* SSTU&l'iU; Hmmn ooidobottoahe w of areas of portsodar eon- the Caanjnnit, to lOMta* nbnrtt Ute ecen- 


-1XUC1C zoo was me iruii ui I me t-uuiereutc dduu s«uu ~ ^ i mm. jian saia aiSO .mat sne and tovtilpe Immet n f 

joint political decision. If one that dollar figures reported for a surge in acquisitions of U.S. existing marketing technological did not see the convention being cem to Britain are cars, teel Sritaln 


yuuuuu uvwiou. “C.-— an — o , „ ~ . . T . ... tUU liUV 3 « IUC UIUICUUVU UCJlfR ttiU UJ J UiUOUl IUC UUO. n. , . _ _ ^ 

of the parties wants to amend 150 of the investments totalled companies. Half the invest- and administrative experience, extended to other countries-, for tobacco and whisky . Steel, in particular, is a sore Britain is giving Damn*, to 

it, it is through the same pro- $2.9bn. ments (137) involved the acquisi- He said that this Is reflected in example in Asia, because other Since tins is the first visit by ®”*W at the moment. The new Spanish entry because it views 

cess that it must do so." The figures show that New tion of existing firms and plants, the number of takeovers where member states cherished too a British trade minister since ? eeI base pnc< ^ introduced a Spams inclusion as a political 

The Attorney-General of York attracted more manufac- an increase of nne-flfth over the U5. management was retained detmiv *ho •* cm>/,ioi miatinr,. ♦»— — ~c — — ^ — January on a three-month basis imperative. 


of York 


The figures show that New tion of existing firms and plants, the number of takeovers where member states cherished too a British trade minister since ? eel ba 
fork attracted more manufac- an increase of one-fifth over the U.S. management was retained, deeply the “special relation- the ending of the Franco reei me r anuar ? J 


Quebec tried to obtain a con- turing investments (45) than figure in 1976. He added that the foreign firms ship " they had w 

stitulional modification any other state, followed by New About one-third represented also believe that growth in the and especially 

through a judicial interpret- Jersey and California with 20 the construction of new facili- U.S. will be more rapid than in oriented countries 

tion, but The conn cannot each. ties, the remainder expansion of other major countries over the A - hanffp {n t 

accept this invitation. West Germany accounted for existing facilities- coming years. . u. , ™ 


an amicable exchange of views, eec up by between 25 per cent trade should precede entry or 


accept this invitation. West Germany accounted for existing facilities. coming years. 

** Nothing would justify the . ' 

court in squeezing the texts In 

order to extract a meaning that J • A a • 

‘WJKsrjfatt Saudi oil output expansion 

law (Chapter three or the 

Charter) which unilaterally re- BY OUR OWN CORRESPONDENT WASHINGTON, Jan. 25. 

peals a reciprocal const! m- ' 

tionai guarantee that no-one SAUDI Arabia is prepared to towards the end of the next achieved, the issue of the pro- 
had placed in doubt for a produce about 12m. barrels of oil decade. posed tax on domestically- 

centuiy.” a day by the mid 1980s, but has q*h e Secretary's use of the Produced oil to bring it to the 

Later M. Marc-Andre Bedard, -no plans to expand output be- Saudi fi2ures is a further attempt wwM Price will prove more con- 

th«- Provincial J ns tier Minister, vnnrt that Mr. SrhlMrinswr. ZT. J. trnwpnriDl 


_ ,• I - , w . .. * ■ _ JT*- * “ V* HMMMfU ptvuuiaUUU ' vn tflIWUlU a L14 LI M LvT IJ Dullifti 

It was, therefore, important to Owen being the first last is sold in the EEC. entry. 

extent trade and aid assistance autumn. One potential area of joint co- Anglo-Spanish visible trade 


to Asian countries. 


BY OUR OWN CORRESPONDENT 


WASHINGTON, Jan. 25. 


century.” 

Later M. Marc-Andre Bedard, 


the Provincial Jnstiec Minister, yond that, Mr. James Schlesinger, by the Administration to push trovercial and much more coa- 
instructed bis lawyers to the U.S. Energy Secretary, said h ome -tb e message that the U.S. tentious than the natural gas part 


U.K. scheme 
to develop 
new markets 


| Nevertheless, he has been operation explored by Mr. Dell last year reached a total volume 
anxious to get across the British in his talks with the State of £lbn. The terms of trade 
attitude, shared by the rest of holding company, INI, was joint now marginally favour Britain* 


Mkrn 


Airbus Industrie doubles output 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT, RECENTLY IN TOULOUSE 

5SK!! JSL. ar 2R ™ s *. c 2 n 5? ct Company officials at Toulouse 


instructed ms lawyers to the U.S. Energy Secretary, said h ome^ -the message that the U.S. ^Vous than the natural gas part BY MICHAEL DONNE, AEROSPACE CORRESPONDENT, RECENTLY IN TOULOUSE 

appeal against the superior last night. must pass an effective energy Bill BUL Many observers Financial Times Reporter a rent re rmin.MA .l. , - . - , 

court decision. This would Mr schlesinuer whn was that will beein to reduce con- beiIeve that the Senate wllL _ £®®. us JndnsWe, tile group four Airbuses. This contract Company officials at Toulouse 

normally he in the Quebec ^kinc on hT s S return from I sumption, afong toe Ses of the ultimately prove unable to agree DETAILS OF a scheme designed building the A-300 Airbus, will would open. the way to further say the group is placing roSfr- 

Coun of Appeals or it could «Pl k .onc tiinto laudi ArabiZ one proposedby tiie SiSistra on the tax part of the Bill, which to help smaller and medium sired double its production rate from North, American ordeis. able importance ondwelODtoa 

go as far as ihe Supreme Court JjS tiS? t S pSiected increase tion which is stiH hSSSv wouW effectively doom it to firms with the financial risk and one to two aircraft a month this In Europe, airlines w ixh which the A-300 into a “family” 0 f ?e!f 

of Canada. The Government ! ‘SST oB sto?k ?n Con«rei extinction. financing associated with the year to meet a rising volume of discussions have been held in- Th e airr . ‘li 

siili believes In ils own case ” bauai output uouia stavu on stuck iu L.on D res5. Schlesineer noted that development of new export mar- orders. It might increase the rate elude Ibena and Alitalia (both v,„ ■ aircraft is already avail- 

for official unillnguallKiu. thc'rorh? But P thereafter r ^ sorae ^ ^Congr^ien were stiU were announced yesterday, further next year. members i of Oie. Atlas group of ^ 1 a S d 

!S,SSI» ,y JJnw wIkS Congress fails “to pass the energy re i y ing 0 n the Saudis to go on To be known as the Market Entry Sales stand at 96 aircraft, of airliners), and KLM of Holland, STk «A, SInaI “f 2l &^eater, the 

«.mn!v d m5?S: d «t/nf bIU (and . he predicted a workable increasing production indefia- Guarantee Scheme (MEGS), it which 60 are firm contracts and a member of the KSSU group. 2^^° envisaged. It will be 

A rtiOntinQ tnrnc iSS * \n rid i«S £5Sw!ii1i!n taKen compro ” 1, !P gas itel >- to as high as the 20m. b/d wil l b ,e operated on an expert- 36 are options. Of these 43 air- Airbus Industrie is confident f nf ; * jL s ° 0D as ej3 ° u ? h launch- 

/\rgcXll£I14 lUnio now t0 reduce consumption. part 0 f the bill within ten level that would theoretically be mental basis for two years by craft have ben delivered to 12 that it can raise total sales to ms customers can be found. 

r< n _ n He conceded that it would be days”), then the Administration possible for them to maintain for tbe British Overseas Trade airlines. . between 360 and 400 aircraft bv Airbus Industrie officials make 

■ a fill . 1 Wm I \M m I §-* nncclhlA fnr iHa Q'niflle tn nnoh iL'AiilH hnvA rin alfpmutiVA Kit t tn M T»-i. « . « « *. Pnn T hmk vntin ^ _ a« . •_ _ i»*nno 


ro as far as ihe Supreme Court j h * 
of Canada. The . Government jj, Saudi 


Argentina turn 
down Cape 
Horn decision 


By Robert Lindlry 

BUENOS iVlRES, Jan. 


He conceded that it would be days) then the Administration possible for them to maintain for tbe British Overseas Trade airlines. between 360 and 400 aircraft bv Airbus Industrie officials mafea 

possible for the Saudis to push would have no alternative but to a short time. But he said it was Board- Last year Airbus Industrie sold 1980, mainly on the basis of n » secret of their derir* tn 

up production a further 2m b/d impose some sort of tax on un- mriikely that the Saudis would There are no limits on the 20 A-3 00s, representing about 20 further orders from existine cus- the It w w ar .v s» - 1 ■ B 

io 14m. b/d but he said that the ported oil. But he insisted that ever authorise the kind of invest- of company which may apply per cent, of the world wide-body tomera. but the *na? n aim is to formnign^ainn. “H s T ocp OB * 
Saudis have not yet decided <to this was not being “planned” at ment to achieve that volume of bu * the maximum contribution jet market, and secured options broaden the number of customer of nn fhl Instead 

do that. It would be foolish to the moment. production, if only because they to any one project is £100,000 on another 26 aircraft. The airlines. “ c n k.^ t, ^ ornate " 

plan on the assumption that they While the Secretary's optimism wish to husband their reserves, spread over a maximum period group expects to be able to ^uo-cuntractor basis, 

will do so or that, if they were about the natural gas com- These he estimated at lOObn. of five years. There is also a match, if not exceed, that total . : 


1 associate " 


Call hr 


THE ARGENTINE Foreign I to, even that would be enough promise is not shared on Capitol proven barrels and perhaps 75 bn.j minimum contribution oE £20,000 in the coming year. 

Minister, Admiral Oscar I to ensure adequate oil supplies Hill, it is clear that, even if it is more “probable” reserves. I*®.? 11 ? oa ? Project | Investment -Jn ^the Airbus 

Montes, called in the Chilean 1 


ambassador and British charge 
d’affaires, lo-day to notify 
them officially or the Argentine 
decision io declare null and 
void the Beagle Channel arbi- 
tration decision which awarded 


Under the scheme a company date exceeds £500m_, and so far 
will receive 50 per cent of the U.K. has won orders for 


Saudi telephone contract signed 


umu! 


y>< •! , j , i eligible costs of the venture in wings worth more than £150m. 

f annnpsm on— flTIPT*SITlfiri L 6 ntr 3 i control return for a levy on sales re- The French and German Govern- The S3bn. (£X.57bn.) contract 

V/aUUUCail LU upci ailUil ^ ceipts In the overseas market ments have authorised construe- for extending the Saudi Arabian 


BY MAX WILKINSON 


BY DAVID RENWICK 


■PORT OF SPAIN. Jan. 25. for intelligence 


return iur - a it* uu Min i«s- me rnrucu <uiu oeiuiaii uuveiu- * uc «uuu. Contract in^ Of IfiORnO i 

ceipts In the overseas market ments have authorised construe- for extending the Saudi Arabian thp .latpst ‘Sang .lines to 

If sales do not materialise as On of 116 aircraft teleohon StS? 1 “"■Pd'eribased stored 


disputed straits near Cape THE CARIBBEAN Group for British Associated States, will be POiTHTIIinitv 
Horn to Chile, oveT-noing an Economic Co-operation will be the prime beneficiary of the W I 1 1111 
Argentine claim. established in Washington by effort By Our Own Correspondent 

The British Crown had acted the end of March, according to Bat Haiti, the Dominican Re- 
as arbiter in the dispute at official sources in Port of Spain, public, the Netherlands Antilles, WASHINGTON, Jan. 25. 

ihe request of Argentina and The decision to establish the the French islands and, possibly, PRESIDENT Carter has now 
Chile. Group, whose members will be Surinam, will also be included signed an order which centralises 

Late last night, the Chilean drawn from countries with exist- in the package. control over the U.S. intelligence 

regime postponed the second ing aid programmes in the The needs of the territories agencies and, for the first time. 


it sales ao noi maienanse as non or jlio aircrari. teleohonp network nraonm 7 m £ - 

expected, the levy payments stop One of the major contracts ci _Aj . as ®® aa ** y control system / r /Ttas 

at the end Of the agreed recovery now in negotiation is that for £!*?, .Yesterday with Philips of contract will be 

period. For this potential loss the upwards of 20 aircraft for Holland. Ericsson of Sweden, and ra.^ etwee0 Philips 

company pays an annual pre- Eastern Air Lines of the U.S., Bel * Canada. * ^ 15 wor ^ 1 S2.1bn. 

mium of 3 per cent of the poten- which is now conducting an ex- The contract is for 470,000 new tn h! f contract/which Is 
tlal scheme contribution. tensive route examination with telephone lines and the upgrad- ha alre d 10 ^ irei& 


regime postponed the sccoua in g aid programmes in the The needs of the territories agencies and, for the first time, Y • Jj • j Tj "n ~m ■— 

parlor summit talks between Caribbean, such as Britain and concerned run into many billions subjects them to the overall sur- I 1 /H1H /ll TV lirAhl^TIIC PIAIIIi Wllflnvi/n j 

the Argentine President Geru the U.S 7 from potential recipient of U.S. dollars. The loan con- veillance Of the Justice Depart- UlU UlUliy 111 UkllCllIlJ vlUltll Olilla.ll S m 

Jorge \ idela, and the Chilean territories, and from the worlds sortium proposed by Dr. Eric ment «/ r vj 1JJ. \ 

President, Gen. Augusto Pino- major international economic Wiliams, the Trinidad and The reor ganisa tion comes as ’ ^ 


cbel, originally scheduled for organisations like the World Tobago Prime Minister to Mr. a piima^ to several months of 
to-morrow in Chile, until an Bank and the IMF, was the major Cyrus Vance, the U.S. Secretary bitter argument inside - the 


BY LORNE BARUNG IN KHARTOUM 


matters under examination ” is December. 


required. • I According to Government figure has been 

At the summit meeting, i officials in Port oE Spain, the The Caribbean 


According 


— rt- imeiugence Agency, uut me ^ ITTr’ "r l ' . vciopment process Ph„«^ ' . ’ UIJ ” qmcRiy me 

a sum of S800m. No specific order was not welcomed by many m is ; major food supplier to the question is when. The U.$. Authority existe, but'delav« to can. resolve— with inter- 

fiaure has been acreed. ...us-*.* i * Middle East have formed the tractor comoanv Casa, fiaidtoo- annninNm. - ° _ arB .. ln “Stional hpln— iic 


agroed-, . of the groups which have Middle Ezst have formed the tractor company. Case, fielding appointing a diief exSivi ahort-tenq- 

Group has been criticised the CIA in the past background to the first Inter- two giant tractors, clearly has its mean that it has not yet beSrm „ acltl S Problems. . 

et up aid sub- because, they said, it effectively nationaf Trade Fair in partoum, eye on the Slbn. agricultural Its work. * oegutl . ^ ^oy Jenkins, president of 

ndual countries gives the agency unprecedented began last week. . project being studied by its U.S. ^ Iair i1selP , n _ j BEG Commission: ^ pointed out 

! J TO" * -»»r «fi-SS 5 _as- J- ffSS 5 S?‘ 1 ™“° t.^*ui?SSiSa« 52 S .iBB" bSc 


would freeze the Beagle Chan- dations to donor countries as to of the country concerned and Th e ' new o rganisa tion of the behind the euphoria there is un- involved. Ry muftatf. in- Sts planners from pXK, 

nel dispute for at least rix what those problems are and bow with the agreement of the major intelligence bommunity also certeHity immediate The .Sudanese Government structSe ^._?P jects before comdSiS' 


meet tne enomroua demands would like *« •« 


restrain 


«« auu uvn mui ui C w ure uiajw lniemgence community also ouu “ , ouuanese uovermnent structure a projects oefore enmniatinV' 

months while experts from the tiiey can best be met. It has donor nations. stre^hens the hand of Adm. problems, particularly the vrould like to boost farming out- bothtof the a nuraber those ^reX iirlS? 

two countries study the lm- been recognised for some time pe importance attached to the stan^eld Turner, the^ Rhodes shortage of foreign mcdmnge put by 300 per cent, by 1985 from and also makT^mtotoS 

passe. that aid coming to the Cartb- integrated approach to Caribbean scholar who was hrouuht in bv lt3 possible effects on a fairly high base, envtsaeinp v«pu„ ^ S its Sis - 1116 finance to 

The Pinochet regime immed- bean has not been as effective economic development was ilius- tiie^ Carter AdntiniS^totake ^ of Government providing up to « per cent^ e0tircly is available^t ie Mrt 

lately accepted the decision as- it might because the current trated by the number of Govern- over th e ciA in the w^te of the agencies to bay equipment for Arab imports of vegetable oils, between! 977^?nKm 0f £S2 - ebn - The need in boma ff ■ 
but now may withdraw its duplication of effort diminishes menti i which sent representatives ?arioS domSic aSd fSJS fte 7a ? Xbem M per cent of rogaFandatSS 51? . sho « ^ “SSSSS^iSfiS V 

acceptance by way of reaching its real impact. to the Washington meeting, scandals which olaeued it Inthe proposed. For example, esti- 60 per cent of meat eauivalpirt t * ex P e< ^frons of great 10 complete nwriSW 1 ^" * DM8 

a status quo agreement with Officials hope that the Group According to Port of Spain SS yeaS ™ mates of the size of the Sudanese m fee d. ^^alent things to come have resulted £ sive aud SSS. "HW?* 

Argentina. will tackle this problem, leading sources, it has now been recog- Artm Turner has been very tractor market *ary alarmingly These are the targets identified whiJS' at , the fairground, economy, he sato 05 ^? 

The fhnec*man ruling Argcn- to a more efficient use. of the msed by the participating coun- unpopular'^fde Uie^^IA Sr from 1,500 a year to ^OOO Manu- m a comprehensive report on eleven^ ““pjeteil in a record would prefer to^see 
tine military junta met this financial assistance coming into tries and international agencies the bruseme wav in which he has facturers such as British Leyland Sudan drawn up in 1975 by th e a moil tiis. being countries bef'nmr. 86 ?^ uidftuduaj • 

Soniing unexpectedly to dis- the area. , ■ that a substantially increased “ e know that the market is going to Kuwait-based Arab Fund for aL^’ r particular mX 

“ssthe Beagle problem. Yes- The English-speaking Carib- flow oF external assistance to the ^ teraB hundred bfl bi& but wonder how much is Economic and Social Develop lo£ I Sf« s i^ m f ome J es **ite could throuch S 1 ® 7 

eSayT two Chilean army bean, Inc uding independent ter- Caribbean over the next five employees wishful thinking. ment It proposed setting ap an sSao ^ S00d3 at p0l T aK^SiW 1 *^ 

'enerilS called on Gen. Videla ritones like Jamaica and Guyana, years is necessary if productive Nevertheless, all the major Arab Authority for Agricultural well fnr^ I «L E « ne r f“>arkably financial^ JnstitT,ii)^?„!5?^L.*“3 

’o tSl him of the Chilean which have been experiencing employment is to be expanded xm *wuw ^ s* companies are here-Mhsrey Investment and However ^ r - it ob^ “ seSSi U f2S 

prime's need to postpone the severe external payments dlfficul- and the pace of economic develop- m* Ferguson, Ford among otiiers.which vronld co-ordinate external power a pull3 ng some return fj? 

S S7S talks, ties for some years and the ment accelerated, <&&&: including the Unowned David development aid, foreign inve£ SSVjuftby^^l^ SSBhfafm, 

• • . suiting more expeneive work,' 









financial -^^n^^niursday January 26- Jt978 ; 


NEWS 



i market 
>r foreign spares 


* f in 


U «< 


ITUART ALEXANDER 

1H LEYLAND Is to sell 
larts for must of tbe more 
t foreign cars under a 
announced yesterday, 
'til He competing, initially 
mi ted way., with -both the 
anufacturers and rivals 
British component 
; such as Lucas, Auto- 
Products and Motorcraft. 
company will continue, to 
ip JUnipart brand name 
about 70 per cent. , of 
wxaAge 'Of parts is being 
ed from the countries of 
including Japan. : 
i?ss-to turn over an addl- 
£Sj»/to"£6m. this year on 
which include ignition 
liters. fail belts, radiator 
nd thermostats, and. spark 
• 'ft already covers many 
for Ford. Chrysler and 
alL 

parts division as a .whole 
U.K. turnover target of 
. this year, plus £10Om. in 
s. The total U.K, parts 
is estimated at £1.6bn. 

a for' imported cars are 
an increasing proportion 
! total-— Ley land estimates 
. in 1979; more than a 
. oeing for fast-moving items 
thin major engine and 
components. 

Tange of foreign car parts 
er is to be expanded later 
'year,, probably taking in 
shoes and . linings and 
regularly replaced goods. 


Unrpart expects tbe hulk of its 
early sales to be to the garage 
repair trade, hut says that It 
already receives many _ inquiries 
from the public for foreb ear 
parts and seep the do-it-yopjrseli 
repair proportion growing 
rapidly.-. • - - - . • 31 

it.- will support local distrifra- 
tors ' with a Press advertising 
campaign and- pointof&ale 
material in 550 Unipart teg ips. 
The range will also be a^at^ble 
through independent retailers. 

The Leyland parts dlstnonp.on 
network was reorganised recently 


to increase from 40 tp: v 2 
number of diatributorsj.w2 
saling the full range of ^ 
components.. Prevlouily/^3 
had been more' divisions.' 
the Austin - Morris, 

Triumph and Jaguar ranges 
The new " corporate- ”5 
salers” have agreed to.ipc 
their stockholdings and'- pi .. , 
more advanced, contrpl v^and. 
handling systems. return, 1 
they will have direct acq&s.Jb 
Leyland's central parts db . 
.tiori service at Ctowlex. ^^*#- 
’ They are also mouattog#|with 
the help -of. Leylahd., a- Cas5P?ign 
in the garage repair-trade,-*! ' 
at Increasing the -. a’ " ' 
Leyland parts. 

-Packaging has been v 
with descriptions; in " 
ages, andtbfi teference, 
has. becn updated to in 
international symbols sol 
can he. used Itimuighout. 7 




BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


TRADE unionists from machine- 
tool companies in tbe -North of 
England have - been told that a 
big increase in productivity was 
needed if the industry was to 
halt the decllne ln'its share of 
world markets.;- " 

The view is tha.t of -representa- 
tives of the machine too] .sector 
working party 'which has' been 
involved in : the industrial 
strategy programme at the 
National Economic -Development 
Office. 

Their .mesBagfr^-the need for 
tbe industry to “ increase sub- 
stantially its outpnffrom a stable 
workforce — r Will be 'conveyed 
clearly. In the latest strategy 
papers, which ’trill . probably be 
published next month. 

A meeting;.*." between the 
machine tool economic develop- 
ment committee or • Little 
Neddy ” members had been asked 
for by -the trade unionists who 
have - become increasingly con- 
cerned about the- steep decline 
in employment in -the industry in 
their area. ' ■' • 

Some 30 shop: stewards from 
about 16 machine tool companies 
in Halifax, Keighley, -Wakefield, 
Bradford and Leeds were at tbe 
meeting with the “Little Neddy” 
and working party representa- 
tives who included Mr. Anthony 
Frodsham, efeafrjasn-of the EDC. 

The union • members were 
assured that, itbe^f aft in employ-' 
ment was a- natUmal problem. 
Em ploymenfrin the machine tool 
industry reached nearly 90,000 
between 196S and 1970. and fell 


sharply during the 1971 reces- 
sion to reach 65.000. Now it is 
down to 50.000.. 

At the -same time, the U.K. 
share of world trade in machine 
tools fell from . between 7 and 
8 per cent, in 1971 to about 5 
per cent 

To change this trend the U.K 
would .have to increase the tech- 
nological content of the products 
it offered and improve Its export 
marketing, the working party 1 
members said. 

Mr. Bill Vaughan, president of 
the Machine Tool Trades Associa 
tion. who . was at the meeting 
with the unionists, said yesterday 
that the UJL industry seemed 
.to be much better able to sur- 
vive in ; tbe long term than, its 
European competitors. 

Mr. Vaughan, speaking at . the 
annual meeting of the associa- 
tion. obviously, had in mind tbe 
financial . collapse of some Con- 
tinental machine tool groups — 
particularly in West Germany — 
during the. long recession. 

“It is my personal conviction 
that we have- a strong and' 
vigorous, manufacturing sector 
fully able to compete internation- 
ally. 

“But there is no doubt that 
this country -has developed an 
unfortunate environment 'which 
all too often highlights possible 
wrinkles and blemishes to which 
our overseas competitors invari- 
ably apply' their - own national 
cosmetics.* 1 

In spite of Mr.. Vaughan's 
optimism, other members of the 


association ■ privately point out 
that the" U.K. industry has sur- 
vived the .recession without any 
dramatic ^casualties because it 
cut capacity, so drastically in pre- 


vious . ^ 

They ittpte that in any coming 
period ‘buoyant trading the 
British inanufaemrers will face 
problems:^ peering demand and 
this coujdvwell lead to a further 
loss In 'ift&ld market share aiid 
would, ai^r. fuel imports to tbe 
U.K 

At their meeting with the 
woritinf£3J>arty members, tbe 
Northertj^isbop stewards com- 
plained-*! the “lack of informa- 
tion ” 'they were receiving both 
from tfa^cam panics about their 
opera tibsrig&md from the working 
party aboat the strategy work. 

Their- «a&iments will be relayed 
to the companies concerned, and 
the wotkteg party intends to set 
up farther meetings both with 
the Northern trade unionists and 
with shop.ste wards in other parts 
of the country — such as the Mid- 
lands— -wish strong machine tool 
representation. 


companies 
decide to back 
Viewdata experiment 


BY MAX WILKINSON 

THE MAIN television rental 
companies have decided to back 
the Post Office’s Viewdata experi- 
ment, which is to start this 
summer. 

Viewdata Is a means of con- 
verting a domestic television set 
into a computer ter minal, linked 
by - telephone to a' central 
memory bank. 

The rental companies believe 
that It will prove a big source 
of income over the next -few 
years. 

The system will allow a Viewer 
to call up news, sport, -financial 
information and a host of other 
services by dialling a local call 
and connecting the telephone 
receiver to his set 

'Eventually, the system could 
provide a national advertisement 
service and be adapted so. that 
people could send messages one 
to another via their television 
screens. 

The rental companies, which 
account for more than 60 per 1 
cent, of the colour television sets 


in use in the U.K. for some 
while have been looking at ways 
to extend their business. - 

In addition to Viewdita/ tjiost 
will this year also enter the 
market for video •' cassette 
recorders. 

The Post Office is to isptart the 
trials of Viewdata for LO0Q sub- 
scribers — most of whose sets will 
be rented — in selected towns this 
summer. T .’ 

Originally, tbe trial period was 
to be two years, but l$r. -Peter 
Benton, the new managing direc- 
tor of telecommunicati$Q& indi- 
cated recently that the tameable 
would be speeded up. o.£He ex- 
pected the service to gener- 
ally available next years ;: 

A set capable of .receiving 
Viewdata. now costs about £700. 
but this is- likely to be -reduced 
considerably as volum^. produc- 
tion builds up. 

Tbe rental companies- ' expect 
to offer sets for the experimental 
period at £18 a month. * .. 







gams more compamei 


Malaysians resiim 
alks on Concord 

* MICHAEL. DONNE, AEROSPACE CORRESPONDENT 


A RECOJfJ) number uf com- 
panies .Wigfe formed in Jersey 
and Guernsey last year bringing 
the totaj^fbr the two islands to 
16,311; ofjffeuch 11,387 are based. 
in Jersej^' ; 

- ■ iHSk “ 


At. 1,769 formations last year* 
Jersey’s total -was four higher 
than the island's previous highest 
figure recorded in 1973 after the 
sterling area was reduced. 
Guernsey’s total at 899 was 1$ 


more than tbe previous 
also in 1973. 

A large proportion of) 
paniea established in tM 
last year were promo 
residents outside the s 
territories. ~ 


^highest 

the com- 
t islands 
ted for 
heduled 


Holiday 
shortage 
looms in 
bookings 
rush 


BOOKINGS for foreign holidays 
by 'air. are booming, .and it is 
possible that “sold out” signs 
could be appearing in tuur 
operators' and travel agents’ 
windows by April, writes Michael 
Donne. 

The warning was given yester- 
day by British Airways, which 
carries more holidaymakers 
abroad than any other organisa- 
tion. both on its scheduled 
services and through its British 
Airtours subsidiary. 

Mr. John Holding, general 
manager (tours') for British 
Airways, said that the- airline 
had already sold more of its 
Enterprise holidays lor the 
summer than it did for the whole 
of last year, and that at the 
present rote of bookings — with 
50 per cent, more Enterprise, 
holidays available than last year 
— ■“ every holiday in the pro- 
gramme will be sold by mid- 

February. 

“All the signs arc that this 
year will see the greatest holiday 
shortage ever. Bookings for 
British Airways' other holidays. 
Sovereign, are nearly 40 per cent, 
up on this time last year. 


f; 


* V’ , =1 


n to 


ISH and Malaysian Govern- Malaysian -lan#mflss*.b 
officials yesterday resumed the Straits of Malacca- ; •' 
in' Kuala Lumpur aimed There fc- h ; ' strong. 

'ting tbe ban on Concorde especially in -Singapore,") 

; through: Malaysian" air- Malaysian move: -tiiay Bail 

prompted by a desire- 

laysia imposed the ban last **£*-*£ 
mber, shortly before Con- Malaysian^Govtomenfs_ 

an. flights to Singapore began. J° Qn ^ nd 110111 LoDdon ^ 

k « 't ,.tish Airways and Singapore- British Airways Has 
nes made three flights a number <jf al : 

direction using Indonesian routes for Concorde in 
ace. but then discontinued the Malaysian objections 1 
*tions. #. The Department, is 

scussions before Christmas talks in London nextipeefc 
een U.K.. .and Malaysian the Scandinavian Govsrnn 
■mment officials and British over the refusal . to gratijetr 
Si’S failed to resolve the rtghts to U.K independen 
lock. ... i v Tines. ■* .• 

.lain Wants to find out has granted- licen 

itious the Malaysians haw* British Mjdlahd^-DanrAi?, B: 
jncorde, and agree ou soih-^ Caledonian .and Air Angf 
. . . . ftirfits to Scindinavia* wly 

e Malaysian Government has ttedned to pennit the ations. 
that it objects on environ- Befpre Christmas itg a leU.K 

grounds, whfch has oee year’s notice tl it was 

ified the Government and terminating' thee’e^ UJC- 
sh Airways because Con- Scandinavian b&atepl agree- 
? does not fly over the ment 


Hove to sti 
lorthern 



Y OUR OWN CORRISPONDENy 7 

NORTHERN Executive of tf ' Wei arc concexped that it 
I If .Labour Party i* to. something flmre than 

1 1 1 0 U nil' 

y-fornwd regional branch of. mM . ; ^ ^ banka and 
National Enterprise vJOArd. *6ther financial Institutions, which 
k executive is seeking a have-* far failed to provide the 
:ing with Mr. Eric Yar ley, region with new -and dynamic 
stry Secretary, for teiks^na growth potential.” 
t of increasing the response The Enterprise Board's 
4 es of the branch.- -• Regional Board, .with five part- 

e executive wanfs.-the Board, tltei and one full-time member, 
iluy a prominent role in was set up this jnonth and given 
ula ting industry in a .way. not powers to invest up to £500,000 
ible so far. in companies. I 

' : /• — 


Call for safeguards 
)n mineral 



Y PAUL CHEESBtlGHT '; i-; ; ; iV - . 

-FRIES of four international 'Mr. Crowswv “jelled on ks posi- 
stives should be thkeh '’by tiotO ak^ a*' ; l«Sding commodity 
Government to reduce the trading centre^ and 'on its tradi- 
ersbiiity of the UK. to the thmal supplyj^mrce*. 
jplion of Mj»Uw, \ -* Yct iri ' ^ ’interdependent 

idins tu a report pnb^ed . ^ rW . ,*ere bnycotte jmd eco- 

Is doubtful, whether jnuch 
phticy^ts aow sufficient,"^ 

"Mrs' (Srowson said yesterday: 
“Britain alone cannot have an 
intejp»fied policy, without taking 
or economist at the Rio' into aceouat -its. European partr ; 
o-Zlnc Corporation. puWished pers.” c .5 

the Royal Izistttutetef Inter niff tedst S»rrten^ws sn®B r_ 

tion 'is 1 the" 'establfttenent 
stockpiles, a ptiticy which Fran' 


re problems would arise H 
c wore any rundown in the 
h African economy, 
ic initiatives, and the reason- 
bchlnd them, are listed in a 
;r hy Mr. PhtlHp Crowson, 
or 


f on.il Affairs in' London^ 
Crowson advocates*.*—" 



rates* 


-r 3 .- 


; »r - 


;»• V i 


..j.. 

- -y'SK »' 

; ' 




■" 


\ CAR MODEL / 

: DAILY UNl\/IITED 

S 

■ 1 

WEEKLY UNLIMITED 

\ f 

Fo^d Fiesta 11L ; , 
Fore] Escort L3L 
or similar 

LONDON & ALLOfyER’ 

BELFAST : LOCATIONS 

£10.00 £8.50 

; . ■■■ . ■; • \ 
tr 

LONDON & -ALL OTHER 

BELFAST LOCATIONS 

£60.00 £59.50 

Ford Cortina L6L 
orsimilar 

£12.00. £9.50 

r- 

V • i . 

£75.00 £66.50 

Ford Capri L6GL 
orsimilar 

£14.CJ £11.00 

£90.00 £77.00 

* • 

Rentitliere/Leaveit-tflfe service available for a minimum charge. 

. .’Minimum Two Days. -Jg!; 


i 




Available at all ] Mz locations, including airports. 


^ nfl*‘ L’sc of maximum pressure has begun to deveR^.. 

^ r the present GATT talks, the Tbe cost of a year’s import® 

1 SS to secuxe^te. into ihe EEg of ^nganes^ 

elation of unilateral , export chrome, vanadium ptatiminfc 

trols by producers; group metals .is about 

, An effort to ensure that tee ^ 

Law- of the Sea Confertehoe where the role Sput h Ar 

s n»t place too tight a restrict 5L-2SSL- SHLSIS 01 wH, 



t' on the development of ocean 
»r mining sites. 

t Extension tn bihor. mineral, 
the EEC scheme for ewionfc 
ng uranium exploration. ; ; ; ; 

inctions ::v ir V 

b Creation' ttf siratesic stei*' 
os of minerals, possibly on bn 


provides uranium, base 
and gold. 

“The greatest danger would 
be ■' a gradual , rundown of . the 
South African ' economy wkh 
mounting political and 1 economic 
chaos,’ 1 Mr. Crowson says in tee. 
.paper. - 

Some products where the South 

African-. posltioo. was dominant 

IG basis, especially for pro- were a^ swpptted firom Eastern 
rtat where the. bulk ef output Bloc countries,^ tat the existence 
nes from Strath. Africa, the of stockpiles 'SrouJd provide, 
net Union or China. some asauzinee .teat Eastern 

Underlying* tbe httgsatloti#^- Bloc countries- wb'ui^ be.unabte 
proved by. a Rpytl Jaytirote n^ckly to ‘ exploit political 0s- 
lrtter national A*ato turtanees ia Sduth-: Africa \o 

au e with tepresMta^. oaoiftte'e 

mpg. wHSpMUfls,;re — 
f Civil Service 0 ' gtwV 
is concern t&iti " 




AHertzNo.l 

A Hertz No. 1 man has alway; 
plaqes...fast 

As bf now however, he’ll also 
to go places even more econo 
thanks to Our new unlimited mi 
rates. 

Fact is, they make Hertz mor 
competitive than ever. 

Yet while the rates may be lo 
standard of s^viee is every bit 



maxterotu ecpaomib'efEKL".. . 

British Foreipu Poticp ' to. 1 985: 

A:&o* .Fuet i Minerals . owd 
fWiMf v Ekftltfr. 

• “ •• 1 • w 

-.1 ’-"x t. • -r 

.- • s&as&r *.'.;'* .. 


LONDON 



always gone places fast. 

Speedy ultra-efficient and thoroughly 
reliable. 

And thafs not to mention all the 
exclusive benefits that come from being 
a member of the 2-millioh strong 
Hertz No. 1 Club; 

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

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


Effective until April lstv!97& . 



sign. 



. Hertz rents Fords and other fine cars 


manc: 

061-4 


.v t v 


J 

ER BIRMINGHAM GSSGOW 
. 021-643 8991 041-248 7733 


* j 







v * 

' * ;= T - 
& ; :■ ’ 


.Financial-TTiines Thursday ^January 26 >l$78y ‘ 


Skateboard 

craze 

harming 

cycle 

industry 


Fringe benefits cut 
by Bank of England 




BY MICHAEL BLANDEN 


Five-year 

plan 

completed 
by NEB 


Councils attack 
delays at car 
licence centre 


BY JOHN LLOYD 


C- , T- * D FRINGE BENEFITS offered to banka such as Insurance,, profit than half the Bank’s total staff, ! IVU’ |\J %4 l-C by iohn nnvn • 

Fm an c.al Times Reporter J staff of the Bank of England sharing and cars for senior staff, with an average aVount Tu t : If V BY JOHN LLOYD 

THE SKATEBOARD craze i have been reduced after com- It was- understood that the standing of £9,600. «/ 

helped to reduce British cvcle meats made in the report of the Advisory. Conciliation and Arbi- The loans attracted an interest LOCAL AUTHORITIES yester*. per cent. oF the total issued 1 

s.il.js Ijv to per cem. last year. Commons select committee on tration Service would refer this rate of 2J per cent. on the first „ u day criticsed strongly the Driver October, 1976. to 7.7 per cent. J 

On.- cu-if maker, tne B’rmino- the nationalised industries more issue to the central arbitration £6.200 and at 2 per cent, above MARGARET REID . and Vehicle Licensing Centre in October. 1977. AU the cor 

ham-based Dawes Cycles, is hol£ than a ) ear ago. committee.. that amount Swansea for delays in processing plainan is agree that it is tl 

ins urgent talks to avert The changes made so far affiect Two major changes had been It was also disclosed that the THE NATIONAL Enterprise ab0ut vehicle owner- fatilt of the Swansea centfe 

cit»ure. *hc scheme far Providing loans made to the educational loan Bank's canteen, where the Bank Board has completed its -**■ The centre said yerterday^ th. 

Sir. Ian Phillips, chief exeeu- 1 L° r edu canon of children of tne scheme. The amount available paid overheads and staff costs, strategic plan for the five years The councils say that they are delays were caused oy tr 
live of Raleigh Industries, said ! BanK , J conditions had been reduced by linking it cost it between £lm. and £ljm. Ito 1982, apart from the losing increasingly large sums of F“ sfer °* 0r . £SL, J8 2IJ 


No place 
like 
home 
for not 




LOCAL AUTHORITIES yester*. per cent. oF the total issued" in 
day criticsed strongly the Driver October, 1976. to 7.7 per cent, in 
and Vehicle Licensing Centre in October. 1977. AU the com- 
Swansea for delays in processing plainants agree that it is the 


BY PETER RIDDELL 


;■ i.i-rdu: in Coventry, birthplace * r e ^J i{ ; b I !®. ne ThlI w t ^ besi ?t^ in8 10 half the cost of education at Mr- Gordon Richardson Gov- I important section dealing with I money on excess parking fees. ^° r |' 1 i at f f" al t out M^-Pnr 
Kf the bicycle. that only lra. i a day school rather than^a board- ernor of q, 6 Bank, afvjn’g evi- 1 British Leyland. because the centre does not pro- "SSfn/iE hSidSfhv ISM 

ivorP .old last year. Ur.!S nc km8 party mXh L n , 8 j£™ J * 4*™* to the subcommittee | The plan indicates approsi- ‘ an J . a . ddress oi the ^llce^n- wttiSitiS 

^2-52 “ ra ss? «? jsssf jars tape. . , 


transfer over tne past year oi 0?rE IN s . x of a ]j nsm . 
information about vehicle regis- ^ ^ .T™ * 

tratinn from ihP old naoer files. itntaIn rui v[^_. l “ aa . * 


l’htllip-s. said at the annual meel- 


of cutting the amount for each headed 


quarter of the working women 
relax at home for less than 
an hour a month.:. 


and components. “However this 30 years or Its existence, 
skateboard following lasted Mr. George Blunden. a di 
muler tw.. years :n Australia, of the Bank. ^ yestert 
F-riinm nughl be helued in this further evidence to the Co 
•-iluulian l.v Us weather and the tee lhat white staff had a 
laC;. of skareboard.ng facilities, m examine the frinqe be 

Tncre were two bright spots— they were also seeking 
cyc.e i moor is fell by 30 per ceni. benefits offered by the clt 

It. the lowest level for three c c 81 u u * 1 e «* more rormeo pan of t be background, eoai^i could need more Govern- public. 1 ' — vehicles registered on tabe^ oniv 

y.;ar<. and exports last year ox- “ “ — w ^ an the Ar* ^ ™ hicb Sotne councils claim that' -they 500.000 - remain to be transferred. 

reeded £46m.. a 21 per cent. /^T>T *' ^ ' d l c off growing numbers' After that delays would tail off 

increase. D | | for t,ie 1978-79 60 ^ of parking- tickets because of and disappear. 

The Dawes Board is trying to! lllVUjlC Ufl UI If HI S "ji wn that tho mfr i? ck of J“ f 5™*tlon ^ The Londofi:« The association is to set up a 

find backers willing to put in up * mT it is known that the NEB set Borough of Lambeth says it has study group to make a survev of 

in £300.000 to slave off collapse nv qmb industhial pnrrno up in mo to increase the State s dropped ' L416 excess charge land held bv public sector ! 

and save 106 jobs. Meanwhile. BY ° UR ,NDUSTWAL EDITOR - participauon in profitable Indus- notices, ■ while Manchester" his bodies, ^e study group S 

a temporary employment subsidy CB1 LEADERS yesterday urged organised some time ago to ^eneraL and Mr T«hn . off 1,000 out of the “ consider problems associated 

wnrih about £20 a head has. been Mr. Roy Hattersley. Prices Sene- stress that thev we?e concerned boS SL nSffli ^525“ n- C hS h nS toe ten With the identification, release 

u ranted. This runs for three tary. not to amend or abolish about recenL e 'rumour S CO SSt m ^ S !SL. fiSL JSSL ^ and development of non-opera- 


. . A mnl« ..... . 7 t>» /wi, uw |««ki.u«u iguu. uccu* ui aiuauer CDlU|JiUlin. iU uea. saio; lap cast can UR Quite nf tr 

its existence. i JZ? 1 L 'V$L Q £ .„ H _ C drev/ attention to the ex- has invested, substantial not just in lost-back 


to the old files. 


background. 


CBI seeks pledge on profits 


consumer patterns and leisure 
interests as well as conven- 
tional financial, and industrial 
statistics. 

Under, the ambiguous tide 
Leisure Activities by Sex. the 
hook notes that 73 per cent, 
of men relax at home for an 
hour a day or more, compared 
with 62 per cent, of women 
in full-time employment, and 


XSnci.,pc,.Uo» h e M n, 0 ^ ^ ™ duLS.fi 


deteriorate and further disrup- 

1 inn m ornduetion was caused bv £ A A A -m a _ I Tpere have been signs that, in ■ /III Illy 'C"f|||Bfl T5I(*P'" 

f> October strike at British * CTOfli FIAT 0 ?HIi!a 17AA 7 AlrilVM | addition tn computer services, A vUIUU Mure or the professional and 

n\ venn. which supplies gases for UUl Cl 1 1 1 f I 4. ,1^1 1 ill telecommunications, office equip- managerial classes than other 

brp.Tinc. ™ y Sr 9/ "* ® . JJ™. 1 , ind construction, the xneia 1 croups apparently spend 

In addition, autumn and AUSTRALIAN Mutual Provident the company was rejected by rhe All the condiflnn^ ar hie wort r ^ rest ,n , the TTH/O lhoir ti,ne d*an*ug their cars. 

rhrMmas sales were hit by the Society, of Adelaide, an lnsur- State's Supreme Court. Both for the romnanv S!?- P .h ° . seclars - MB V B lI MMM'Cj 1 .BI/Ib yP.Nl The book uffers no explanation 

ska enonrd craj^e. The workforce a nee company, said oo the second courts said that he was entitled relationship^ P 3S sed 11181 ™ j U *J 1* 1®^ and f pump . s . - . ^****-*’ and this may perhaps he less 

“tr** been reduced by day of its appeal to the Privy to the money in lieu of lone- Mr rhiniin «m,ih n i a . c v,; M 3 " d . v ^i': es - ^ he . f uture o( semi- ■ because they like rheir cars to 

a 3 1",’ ' ,0 - _ • , nnn _ Co uncilin London yesterday that service leave. self what hours he worked with wa» U 1mS-J2 ina,,IS 3 subject THE Singapore Government Mr Alexander Irvine for the be c * eancr than other pcopli*. 

•'ws in ih- hoS marTcr^nri JT'? ' ,ohn Chaplin was Mr. Trevor Morling. QC. for the geographical limits of yesterday asked five Law Lords Government or Singapore. sSd than merely that more of them 

"since ihP Hrp L rl^i’ i * lts w he claimed Australian Mutual, said yester- agency. His conditijns of 5 t0 «jse the number of charges they had applied for Mr „u 0Wn C:,rs - , 

rnnooniriii ^ on Vi- r.rt b3S as ,. was * ait ^ d° M n by South day that Mr. Cha pbn’s conditions appointment contained no refer ff» on fDchard Tarling, former Tarling’s extradition because ^ be s P ,r,t 1,7 *he Pouters of 

cveies d h d ' b 11 SP ° riS A M? a rhamST*’ J? 1 SifS? lL . app ?i ntII, ?, D1 contained a eSre to aSual^ei?^ He took Stfite OffiCeS cbairroaQ of the Singapore com- they were concerned at th? way ^" 1 ! DW:,y - lhe . respectable 

Dawes Cvdes w-js Founded in Cnurh AneJJln' of Salisbury, clause that ‘ the relationsbip this when he wanted it ,i t v ve pany Haw Par Brothers ’Inter- he and others exercised their lower middle classes-— has sur- 

hv th'p orandfather r.F d M- a awardefi between the society and yourself All that was in contradiction 'fiFOWtu .SCRndal’ national, when he is extradited trusteeship of Haw Par v ' v ^ d ,n th *-' second half of the 

Richard nXpf JSJSSff ®! Mr - ? A * -2 ? 6 , b >' the Soa I h Australian i s that of principal and agent to the finding of- the courts o lUniU 3taUUdl to stand trial for alleged offences There was also concern about 30111 century, according to the 

liitnjrd Doves, the chairman. Industrial Court An appeal by and not master and servant’’ hliJuX -L I S!. e - 0 “ rts ‘ thtc “CraMn a i nrrer v relatina to the affaW TV>w'P>r fta bonk. 


NEB, on tbe basis that the latter 
would put up cash. 

There have been signs that, in 
addition to computer services, 
telecommunications, office equip- 
ment and construction. . the 


Tariing could face 
five more charges 


Car-cleaning; 


k\\# s 


THE Singapore Government Mr. Alexander Irvine for the be cleancr tha n other people, 
yesterday asked five Law Lords Government of Singapore said than morel >' t hat nior »-' nf them 

to raise the number or charges they had applied ’for’ Mr aw ° «•«*■ r w 

on Mr. Richard Tarling, fonper Tarling’s extradition because Th ^ ,f plnt M [ ,hc Pnnters «»f 

chairman of the Singapore com- thev were concerned at the wav Holloway— the respectable 


Mure of the professional and 
managerial classes than other : 
uncial croups apparently spend 
their time cleaning their cars. 

The book uffers no explanation 
and this may perhaps he less 
because they like rheir ears t«» 
be cleaner than other people, 
than merely that more of them 
own ears. 


Tbe hearing continues. 


to stem Speke decline Detainees 

BY RHYS DAVID. NORTHERN CORRESPONDENT protest 


K'rzjisfiss..*^ "s ais , «j!ssri l , &?“" 1 ,,r Gn - ■ w/arWS 

?! r 'Vi"Sham. m ^>es _ after dis- Mr. Bishop said the company f„S n L 0r ^L r S!f. te Li^ ne S Aberfwfta tteo5t^S?lS! 


attacked yesterday by Mr. charges. Singapore seeks to public. once a month than other 

Malcolm Bruce, deputy chairman reinstate a further five charges Four charges relate to the groups— 42 per cent, against 

of the Scottish Liberal Party. which were thrown out of the affairs of Spydar Securities a per ce . nt - 00 overage— but 

Yesterday, he published the Queen's Bench Divisional Court share investment company f0 £ a !•> 

text of a letter from Mr. Peter in October. - The fifth charge relates to the .-l?™ murtl mor e frequently 

Shore; Environment Secretary. tn_a crqss^ppeal. Mr, Tariing formation and conduct of Mel- . than most, other classes, 
confirming that the Department is . cha lien ging ..the-.- piyis'fqnaJ bmiroe. “Unit ' “Tri»tw'.- ncarl * s 

had leased a total of 990.000 Court's ruling-that there was a ^ffences^arry a pehflty ef tnbro— ^ Et^JW^iake part & 

sasLJSTnSLJsr^n^Ji » •tewMi ; ha . n 12 jail. «w Mr. » T 


n .is joint operator on Us sen- cussion with Merseyside County was not seeking confrontation S cl Vgi!! g one * t “ U panted for 
o* 11 nf Liverpool or to hand Council, the airport operator. with British AUwavg bui waS ^ fr ^ m » Long Kesh 

i.\?r its route licences to enable Rritic >, M5H y n „A anxious to Avivmiiht disguised as i priest, appeared 

business at the city's Soeke • , Bril tsh Midland operates a anxious to extend the co-opera- a Provisional Sinn Fein Press 
Airport to be re-established joint service already with British J 1011 which 'already existed be- conference in Dublin yesterday i 

n JMrmJnghW! 22“,aSJ? "tt 1 *.!!!!*!! <° P™i*st ..S' “ufftBS 


! d ! F . C ° n , ip ^ ny including one still wanted for Aberdeen in tbe past Four years.] to take about eight days, 
controntation hie icrr 1 ! t t-— u 


Me of Han and Belfast- 


proposed. 


JjJjH s ^ are . routes. British I their admitted ill-treatment bv 

•VI i ri JnrnH a lrouriv tho Kin e . nr -» I il. •>. r . * 


High Court studies 
tanners’ challenge 


in sport two' or thfep times :i 
month or more— as do.'13 per 

■ Mr T, rung I, challenging a ' 0 % f n 7 r rk '"= “ 0 “ eo n ,J"' / 
in a lw4 r h^Haw°Par to'afculre wo “ e "i Mo,e "omen Ihan f 

Sen* Holdings Ge ° eraI ta ' cst - Among ihe olher mvealinn slat, s- I 
A lawver fnr Mr .... . tlcs .« U>« mortsann payments ; 

yesterday that after the taw WaT/c" bouse r s ‘ n England and 

EaSprftfft .sssana*™ ; 

ToTL *"tadmon mtary “ ~ f'nrtn in Pocu.. Fourth Edition. 

* tesri "S oominuea to-dny, WiwCo* “S""" 

0 • * 

1 F ootwear Industry 
tackles troubles 

. BY ARTHUR SMITH, MIDLANDS CORRESPONDENT I ^ 

'the Gdvernment P to t3 taSle P the theTodu^ ^ °h lbese ^ ^aspects of ^ 
problems of Britain’s troubled SaiSStf^r .h? ,>ee L r ? cbosen as || 
footwear industry held its first MrTninl r working party— - - 
ineeting m London yesterday, man Crookenden. chair- 

One of its objectives will be to Ste and \ he lltin, c«D- 


n-a.-Ii... 1 in 19,3. If British Airways is prepared If this was not "acceptable an pule iLVfladln^of^e 'European Enter or iw "Board’* Hi Sh Court injunction 

Tit.al !u»cs in ihe financial to agree, services to London application would be made to Court of Human Rights that “ r P nse Boards £3m. invest- blocking the move, Dut decided 


pendent airline's main base. 


line’s routes completely. 


they appeared yesterday to dis- at challenging "the National concerns faiied to win a tem- 


, .- - mio-prop Miscounts. airport committee which has si cal brutality had been used tanning companies who object to 

«\. ,, n , >.W' i neiwurk oi tntcrnu] There would also be increased been in discussion with the j against them, they alleged that the Board's investment in British 

iv i|: -ht» .<na Contine ntal frequency of services to Belfast company for some time. I of the notorious five sensory de- Tanners Products, which consist 

"" - privation techniques -renounced of the tanning business formerly 

| last year by Britain, four were pan of Barrow Hepburn Group, 

[still used in Ulster. British Tanners is now jointly 






Better combustion ‘could 
save £600m. in fuel’ 

-BY RAY DAFTER, ENERGY CORRESPONDENT 



Woolworth -■"Myra uuuuies- 

pvnamic BY "‘™ UR M,DLANQS correspondent 

f . . ^ of 

petrol- plan sssis? ,sL B M d ^ 

_ ■ , , r meeting in London yesterday Z.? PS? Crookenden. chair- 

By Christopher Dunn One of its objectives will be to Si"* f K Sll0cs an d the imniedi- 

THE F. W. WOOLWORTH cut- STS 11 ® 1 * ^ ^terests of maim- wea^nisr^^ 1 ! 6 "^ lh ? Foot * 
price petrol scheme is being ex- fa ^f rs m6 . ^.distributors. ^Di^tnbulurs Federation. 

panded to include some of the thJ c ® nvened h - v body - wil1 monitor 

Punch petrn] stations. z?® . Economic Develop- .1®^ ' emen tation of recommenda- 

The scheme started last Oc- ff®” 1 ,nclude s representa- i!f!?f„ put £, rward by the steering 

tober with Heron and allows a r„!!?L“ ana8 * me . at ' unions f. r °,“ p ' . oposa,s "f 01- *lWni. 






. . motorist to spend 5 Op in vau- u d vernment. Ii is unusual . te a, n to modoi-nise and : re- 

BRIT1S11 industry could save cent, were well within reach chers at any Woolworth store , 1 . t . ei "braces both the structure the industry are being 

£600 m. on its annual fuel bills ^nd these savings could be for every four gallons, of petrol. SSi ifj Urin ® distribution cansi “ eret *. 
if it improved the combustion wt jr , D 3 £600ni. The number of Heron stations in Farm-^nn nf k j lo °^i3in clearance 

efficiency of boilers and . Dr .- V unmnghairi was speak- the scheme has nearly tripled to °. f b , od y was ^oui the EEC for the various 

furnaces. Dr. John Clinch am | n •*"«» 90 since then. recommended in May by a tri- nrm. of assistance h£bSna 

Parliamentary Under Secretary Esso s boiler efficiency and Punch, with 145 petrol stations, mnduetei* a “ ^ Wb,ch ? ; ' usc of delay. .. About 

of Stale lor Energy, said ^ et 7 train, ng programme, now has introduced Woolworth vou- tion irun th- ^-f- r ,nv ®«*S»- f 1 - 000 Jobs have been lost to the 
yesterday. W ' being made available to industry chers into 15 stations. taduslS ' ^ ™ ° f *** lnd . uslr >' ov e»- the nartK sm 


K:>. PI 


at large. 


Part pf the Belgian-based 


unrttr »i ovep the bast^biir years 

prcssure o£ cheap 






equivalent— was used to raise ^e^overaraenis a avisary uora- u cnais are successful, the Corporation relative th-Tt ,, u° ner year, hut several 
steam. produce power m mtl \ ee ° n Ener » c ° nserv8t, ^> be , introduced manufacturers. * ut of i bousand jobs are retain^ £S? 

generate Seat, he S aT SL*?* !S* SS" 5i5 Uir0Ugll0Ut the Petr0fi ° a chain ' A man with intimate of GnvSffi 


•• •' . .. : ‘ 

■ s- ■«. . '■ "tH. ■■■■.. . 

•' • v - •. v 

4* ■•••• % 7. 4 




5a ‘°- packaged automatic steam 

A I per cent, improvement in boilers in the U.K., many of them 
combustion efficiency across the in smaller factories, 
board could save the country Esso had demonstrated in its 
I.3m. tonnes of oil— “about boilers savings, on steam 
£60m. cash in the pockets of . generation, of £50,000 a- year. 


intimate \ l,v ^nvern merit s 

temporary employment subsidy.. 


Notes ‘linked lawyer to fraud' 








. ♦•x v . ’ 

> V%».VS; 


he compleat industrialist’s choice. 


Whether Izaac Walton ever 
fished the Usk matters little - this 
solitary angler is only 15 minutes 
from central Newport, the 
development area that offers 
excellent communications and fine 
leisure facilities. 

With direct motorway links to 
London, Birmingham and the 
North. Newport commands a 
work force of well over a million 
within a CO mile radius and is a 


natural choice for industrial 
expansion. 

Add to these benefits the 
wide range of sites and a helpfuf 
council and it is easy to 
understand why so many leading 
companies have re-located here. 

So follow others’ success — 
find out more about Newport by 
contacting the Chief Executive, 
Civic Centre, Newport, Gwent 
Tel; 0633 65491. • 


industry, commerce and the excluding additional savings PAPERS FOUND on Mr. Judah Mr Mirtioi w«„i 

nallon ’ from reduced maintenance on the Binstnck, London solicitor and tn.T « . Worsle >’i Prtwecut- Mr. Robin A..i i , a 

Improvements of 5 or SO per 24 boilers. businessman, when h e &tn?£L,n on Mr - said hi f”i U ‘ for Hr - 

_ • stopped by customs officers a? SrTric^L dW ^ ns ° r ^ bm i t ^Jf fl h . not »«SKeStett 

Heathrow as he left Britain in of eK?’,? ^ gins dirert0r Prove thit Mr hl |", 

Government not liable - -ISaSS I 
for Upper Clyde debts ■ 1 =.W-‘ sSiS s&S&KS 

j"^rrT~r m s?«S£ S 




-S £ tr'; 


BY OUR GLASGOW CORRESPONDENT 

THE SEVEN-YEAR irampaign by budsman would suffi< 
unpaid Ordinary creditors of [be public conscienc 
Upper Clyde Shipbuilders to that the creditors v 
prove Government liability for ably treated by the l 
their £7.5m. debts, has failed. Jl Although- I -am s 
The Parliamentary Coin mis- in actions against. (he 
sioner for Administration (Om- Employment and 
budsman) Sir Idwal Pugh, has of Defence for recov 


mmmr 

where business has room to boom. 


NEWPORT 


relationship with the creditors, and this Tetter wifi i ,rofit was niade from transactions insecurities, ^e Duke°or s r ’. Alexander Davev ■rhrmrr 

ewlortilm which coU only serve to confirm regretfully solving £6 6m yf foreign S Albany had told him he hid LX ,h CUr ii ,ios 

June 1871 "that their contingent financial ren cy. passed off as Investmenr introduced to Mr m k he , Hnn:j K W and SSiS 

* Z interests in the winding-up of. tbe currency. “ ,enr Mr. Michael Eland and m? »S S n,,k lol « 'he 

u bj K a I ,eP company is at an end." Huge sums were sent m j Phillips. Mr Bins tuck bnr?^" i a 5 ^°'*®b'ber, 1974 Lewis 

» 22 V,ce * ^ e . h t ®? enn ' Mr- Smith makes clear his no- the world to repeat the n^ linri him ,0 j 0lI i the company d f , ^ ed i knti Cn - h »«l inutruet^i^w 
aml ls 0Ut happiness that matters concern- hut the cover stnrv ivac nt Ki Cess ’ tbe of ETC hid itbnrt d i!^ r ' L” , Un dortake larou^ 

, .. - !»« »— W. -hen Mr. ^ ^ ^ . -_f ; 


Sir Idwal sald that after « n V P Tny‘rs aTan end 

u 2 ! , ,2 dVK?e ' t ? e - ha ? <?nn ’ Mr. Smith makes cle 
eluded that the complauiL is out happiness that matter 
of his jurisdiction. i ng a company such a 

Mr. Robert C. Smith, the lioui- which the Government 
dator. said in letters sent. yester- per cent, stake and w 
day to the creditors, that this creditor itself, were 
decision extinguishes the last the Ombudsman's s 
hope that a report from the Om- investigation. 


^oiLl’o-ol^a 


until TuoaJ™ 5 •*“. ' 




Financial Times Thursday January 26 1978 


LABOUR NEWS 


trikes cost three 
imes more lost 
ays than in 1976 

PHILIP BASSETT. LABOUR STAFF 

.ES LAST year resulted in cent., from 4.070,000 in the first 
.s u f more than three time*- sbc months of tiie year to 
tnber or workinp days lost 5.915,000 tn the second, 
fi. 


deal 


Last month 90S. 000 working ( guidelines. 


Scottish lorry drivers 
outside guidelines 

BY NICK GARNETT. LABOUR STAFF 

THE Road Haulage Association Fringe benefits have been im- • Shop stewards representing 
agreed yesterday a pay settle- proved and the association has 1.200 Texaco tanker drivers ami 
ment for_ Scottish lorry drivers agreed to ex-gratia payments for ancillary workers yesterday 
broadly similar to that for the drivers who lose their heavy joined those at BP and Shell in 
north-east which the Department goods vehicle licence through ill- impnsing an overtime ban from 
of Employment says is outside health. The payments range February 1. 


v workers were involved days were lost. 

- strikes, although the actual All industry groups, except the 
•r of stoppages was only construction and coal mining 
y more than the annual industries and the gas, electricity 
.c for the past ten years, and water boards, had more 
figures for 1977. taken strikes last year than in J97B. 

In; Department of Employ- Q Funher fi5lires in the Gazette 

sht» w that Britain suffers from a 
a I to the downward trend concentration of strikes iu a 


from six weeks' pay after 10 Some of the oil companies 


ke figures. 


relatively small number of 


9*6 the number of -strikes f ac t oncs rather than widespread 
ed fur the second year in stri -|; es throughout the mazmfac- 

einn -inii t rJ -j l , 1 ? mnTV> ^ 


sion, and the total of more turinB 
Im working days lust was ‘^nog sector. 

west for 10 years. average of 97.7 

Policy 


rear period an 
average of 97.7 per cenL of 
manufacturing plants were 
. - , . . . unaffected by strikes, but large 

number of working days factories showed a greater 
O—S4.000 i in 1976 tendency to be hit by strikes 
,-5,000 last year. The num- lhan sma]ler oaes . 

3f workere involved in g the wee R ended November 

12 lhe estimated number on 
} tn 1976 to 1.149.600 last short-time in manufacturing in- 
. . dustrv was 82.100. about 1.6 per 

number of stoppages cenl< 0 f a jj workers, each losing 
nng last year also showed an average of 24 .2 hours. 

.Tease, iroin L.016 in 19i6 • The limit on the statutory 
n last year, ni rise of 30.3 amount of guarantee payment to 
■nt. But the I9< r total was workers on short time or tem- 


Thc settlement, which covers years to three months' wages have been making similar offers 
directly 6,000 drivers but in- after 20 years. . ' of about 13 per cent., including 

directly many more whose pay The claims and the deals are 3 per cent, productivity, 
rales are based on those of the being co-ordinated hy the Trans- Shop stewards representing 
association, is calculated al an port and General Workers’ 2,00 Shell tankers drivers were 
increase of just more than 9 Union which, apparently. i s trv- told by Government Ministers 
per cent, on basic rates. ing to enforce settlements al last night that a pay deal offered 

Pay supplements have been about the level of the overall 15 by their company was outside the 
consolidated and for hauliers per cent, deal achieved in the pay guidelines and that they 
who operate a fair amount oT West Midlands. should think again, 

overtime — common among road The association's Scottish area Company representatives were 
transport companies — the deal said the indusrry depended on at two hours of talks between 
would be clearly outside guide- overtime working and companies the shop stewards and Mr. Albert 
lines. Five hours of overtime, had to pay realistic rates to Booth, Employment Minister, and 
above 40 hours, are in any case ensure that overtime would be Mr. William Rodgers, Transport 
guaranteed in the settlement. worked. Secretary. 

South Wales miners cast votes 
on incentive bonus scheme 

BY ROBIN REEVES. WELSH CORRESPONDENT 

to the annual average or p<?ra lay-offender* the eS-I ??V T ? W ? LE h S T* p0, i* e ) e " ,tive of „ Lbe * ationai Union ted by the Board at preliminary! 

over Hie previous 10 years. E™ en r ^Protection * Art* fSs> * **f erd - ay to decide whether to of Mineworlters has decided to discussions last week. ‘ 

anomalies and Frustrations Su? ' nia,nla,n the,r now ,one rec °mn j i?nd withdrawal from In the original ballot Iasi 

3 nJufMoSsSTo” tight iffi a dai* b ^ ^opposition to lhe National Coal joint consultation machinery October South Wales miners 

oliev are reflects in the The limit on thj amount of a '?° ards J ndmd “ a j ince , nt,v : e with the Board at pit ami area voted 83 per cent, against the 

‘ rei.cLieu 1x1 ine imut on the amount of a j bonus scheme. The result is level over matters such as incentive plan. 

expected tomorrow. ... 


TV Front 
coverage 
criticised 
by TUC 

By Christian Tyler, Labour Editor 

THE TUC has proiesied to Lhe 
Home Office and the BBC about 
recent television coverage of the 
National From. It has com 
plained in particular about inter- 
views on the “ To-night " pro- 
gramme with Mr. Martin 
Webster, editor of the National 
Front publication. “ Bulldog.” 

Mr. Len Murray. TUC general 
secretary, said yesterday that the 
interviews had contained lan- 
guage which could worry the 
coloured community. 

The TUC* recently established 
media working group is to dis- 
cuss what it sees as biased press 
and television coverage of race 
relations at a meeting in Feb- 
ruary- 

Th issue was raised at jester 
day's meeting of the TUC. Gen 
eral Council. Other topics dis 
russed were changes in labour 
law and the continuing high level 
of unemployment. 

Union leaders, concerned al 
the latest unemployment figures, 
may seek another meting with 
Mr. Healy before lhe Budget 
The figures showed the TUO 
demand 'fur a £3bn. reflation in 


s - week's pay used for calculating 

.*e strict pay controls came redundancy payments and some 
end in the middle of last unfair dismissal awards will also 
the number of working go up on the same day from £80 
lost Increased by 45 per to £100. 

egislation on pension 
:hemes delayed 

ERIC SHORT 

Government still plans to plans for industrial democracy.! I CIC*!" WlH/Ofll I— I 

uce legislation to provide Mr. Orme felt that member; * iflijl vllililVC JLtLFJL k^TT dll XJLU£.fi&,d 

> per cent, member partici- participation in pension schemes | 

1 un all pension scheme was different from employee BY /-udictiaw tyied 
itement and trustee Boards, participation' in company organi-i l-mkibiian itlck 

-ViM 0 .*? 1 If* 2 nd neded a separate ) swan HUNTER shipyard chief executive of British Ship- would go to Govsin on the Clyde! 

ij.nt or appointment. Mr. approach. ; workers are being given a last builders, in Poland. It will reach and one to Smith's Dock on TeeSr ' 


absenteeism and safety'. In to-day's greatly changed 

The poll takes place against a Although South Wales atmosphere, the change of mind 
background of some bitterness remains the only coalfield still in Yorkshire particularly, and the 

by local miners’ leaders at what opposing the NCB’s productivity fact that some pits, perhaps as 

they regard as aggressive cam- scheme, the local union executive many as 12 in South Wales, may 
paigning by the Coal Board and recommends rejection. in any case opt to go it alone, 

the media for the new scheme. It has made clear it is pre- local leaders are obviously less 

The Board has issued pared to negotiate an area pro- lhan confident about to-morrow’s 

thousands of leaflts, and runs duclivity deal rather than the outcome, 
information centres to explain Coal Board scheme ba^ed on Mr. Emlyn Williams, the South 
how the proposals would work, extraction rates al individual Wales miners' president, said 
As 3n expression of its pits and coalfaces. yesterday that he thought the 

disapproval, the South Wales The proposal was flatly rejec- result would he close. 


In the original ballot la.si : the Bu . d e et sho « ?d f® re 8 ard <\ d 
- as a minimum. Mr. Murray said. 

The TUC would keep the 
economy under review and con- 
sider whether to press for a 
bigger stimulus. 

The TUC had asked the 
Government not to change .the 
rate of the ** green pound " 
before forthcoming negotiations 
on the whole Common Agricul- 
tural Policy. By doing so. they 
had thrown away an important 
bargaining counter, he said. 

The council also heard 0 sub 
committee report on three 
Private Members Bills from 
Labour MPs to make changes in 
trade union, law as a result of 
the Grunwick' affair. 


Halewood talks 
inconclusive 


,1 r ,, . , , ■■•■I..VIO un. uEiug tnsu a iiwi uunucu. iu i uianu. it will icai.il iiuu uuc lu uuimiio uvit uu 

' co'nri r f ,ove ™ineat had made chance to build four of the him only hours before he puts side. 

^CLurux. conhrmed yes- \ery few changes from its Polish ships despite a "final” his sign Attire to the £H5m. Rcdundancie.--- could quickly 
cm n» n» n A ™™. 1 decision tn place their share of contract. follow on the Tyne. 

If stewards agree that ail This last chance for Swan ..... ...... 

trades will resume normal work- Hunter, beset by competing pay ; ended inconclusively yesterday, 
mg and drop pay claims that etaiiais of boilermakers and oul- 1 but will resume to-morrow, 
breach the Governments in- trades, emerged ai a] Yesterday’s meeting, arranged 


TALKS BETWEEN senior shop 
stewards and management at 
I Ford's Halewood plant, where a 
(strike by 1,000 press-shop 
chance for Swan 1 workers is now in its third week. 


Bill, based on the Govern- strong opposition from ! the contracr*”wiih'*"oiher UK 
' White Paper on Member employers, the pensions industry ! vartl* 

•ipanon. ha? been prepared, and the Opposition. ;* 

»ould noi appear in this The only major concession is: -, 7“*® meeting or snop 

imcnt because of lhe Gov- that member representatives in [, le ''‘ jrUs nas ®® en caI J. cd . f0, ! , cfimp c noiicv Mr Pm« u-iii t^.11 ,* “7 ": V’.'T .t\. -1 ; r — 

?nfs lack of an overall company pension schemes have! °; da - v . lh ® T -™„ - NaU , onal Po a 1 Svi-n Hu n i mceUn T . betwet ' n . shipbuilding ; unexpectedly, was the first lime 

'Oicials will fly out to ?J»-n Hunter will union leaders and management , in 11 days that the two sides had 


•ity. 


to be members of that particular! °||*rials v 
scheme, which would exclude “ddiv.*.? the men. 


far the Government had 
!sed this delay to combine full-time union officials being 
proposals with general appointed as representatives. 




after all be buildino four ships. j 0 London last night. jmet to tb‘ t r » resolve the dispute. 

The result of that meeting will Jg* the ^resem^llorotfon Tbe ra !f 1 tin ,? was * l,n . “ r prtv Rwumptwn of talks is believed 

be relaved to Mr Michael Casev lDa ; , e present aiiocanon ?ress as M r. Lasey hurried from 10 have been provoked by a 

oe Michael case,, of y lol ai order of 24 vessels § rilIsb Shipbuilders’ head- 1 strikers’ decision on Tuesday noi 

would go anead. quarters to catch a plane to: to meet again for a fortnight 

bwan Hunter, whicn has Copenhagen, where he is taking j unless shop stewards could pro- 
aiready lost tnrec 01 ihe Polish a boal j 0 Poland. j duce a peace formula. 


An Invitation tolea. 

And an mformative discussion about industnal settiement 

in West Germany. 


Wo nro in 1 ci ic'on on Javjcry ob 1 curi 
Ft-bmor, lii ond .'’rid :c achifv »hi* buicie-ii 
C^ rna.vniK oLreu! Ollrciclivo irvefimont Op- 
portynitivJ witSi.i ecsv acch of Frcnkfurt 
Ali port. 

In c-'-r arcup are bu^nesrrnen succers- 
mnnurocrurina and mortelina their 
prcducls in this highly industrialised cieo.- 
rfprecentoiivej c( Wiesbaden, capital of 
lne State of Hess>: ; and specialists m plant 
siieiocaiionandareadevelcpmenMhrough- 


out Ho. jo. i\liich Incliides Fiankrjrf as Its 
commorcid and financial centre. 

Jain us for lea and an informal ue dl> 
cjJMon :iiat could be important i.j vour 
t vyness - at (lie Churchill Hold, fleeter! 
iiube, rortman Square, London, in the aflcr- 
nocn from 3-0 p.m. 

If you already have appoinimenf j on 
ihcrc days and cannot be with us here in 
tendon, weinvite you to visit us lhe next lima 
you are in German/. 


HLT — Hessi-.. :ho LcndesenlwicUunas- und Tr-.'u- fn London please contact* 

ha nages. mbH, Abra ham-Lir.ccIn- Str._3b 42 Mn 2ahn, Telephone-. 235 069! 

D c*200 Wiesbaden, Td: 06i21» ; r7 -1200 GcrTT, cm Chamt*er or industry ar-d Commerce 


This announcement appears as a matter of record only 


K/S FEARNLEY OFFSHORE A/S 

Oslo 

Term financing far the Aker H-3 Drilling Rig "Fernstar" built by 
Rcuma Repola Oy. Finland 

Arranged by 

Den norske Creditbank 
Manufacturers Hanover Trust Company 


US $ 10.000.000 

Loan facility secured by 
first mortgage rn "Fernstar" 


Provided by 

Manufacturers Hanover 
Trust Company 
Ship Mortgage International 
Bank N.V. 

Den norske Creditbank 
(Luxembourg) S.A. 
Nordfinanz-Bank Zurich 
(Overseas) Ltd. 
Nordic Bank Limited 


US $ 21 . 000.000 

Loan facility guaranteed by 
Norsk garantiinstiiutl for 
skip og borefartoyer A/S 


Provided by 

Manufacturers Hanover 
Trust Company 
Midland Bank Limited 
Den norske Creditbank 
(Luxembourg) S.A. 
Nordfinanz-Bank Zurich 
(Overseas) Ltd. 

Ship Mortgage International 
Bank N.V. 

Nordic Bank Limited 


Agcnr 

Den norske Creditbank 


November 1 977 


ships due to an earlier pay row 
would loose the other four ear- 
marked for it. Three of them 


APPOINTMENTS 


Sir Ralph 
to join Furness 


Sir Ralph Bateman will join the director und seneral nunaacr. 
Board or FURNESS WITHY AND and -Mr. A. Buchanan, a dvnuty 
CO. as 3 non-executive director seneral mnnicei . Mr. Herbert 
From February 1. A former presi- joined the croup tn Leicester in 
dent of the Confederation of IflSIl and un* appointed .1 ceneral 
British Industry. Sir Ralph ** mjnjucr and elected :i director 
chairman of Turner and N'ewali in I»70. Mr. Buciianan joined 
from ]!)S7 In j'lTii. and is currently ihe group : n Liverpool m IP." 4 
chairman of Slothert and Pitt aud and became :■ deputy cenci-.il 
.■i director of Rea Brothers. manager in i:<7n. 


nco Shipping Inc.. Mr. ? - , . L n . ro . r - nonalt 
came shipping advisor Lickonsh. Lord Xesiev ;s j 
lah erniip in 1D75. Ke dtrecior uf L nmn Internaiion.i 
his existing responsi- ond associated ei»nip-imes. 


.Mr. Robert Scott Haddira has ..... 
joined the Board of the BURMAH 

OIL COMPANY. Formerly pre^i- of the INSTITUTE Hi- .UiAf in 
dent of Amoco Shipping Inc.. Mr. succession rn Mr. Ronald 

Huddou heCi'imc 1 ^hinnSii** advisor Lickonsh. Lord \ osiov a 

to the Fitirm.- 
wil! retain hi 

bililie^ :i«i chief execu 1 he . . 

Burma h Oil Tankers, and presi- rh e Secretary for Education and 
deni or Burma h Oil Shipping Inc. Science has appomled I5r. Krlwaril 
* ‘ Parkcs as full-iimv c 1 1 airman el 

Mr. Philip Kirch, managing V, 1 ? , u f: EftSITI GRANTS COM - 

director, has bc-en appointed to f 1 "’ ’l!"? - xe ' ll '- v frnn ) 

the additional post of deputy- L'- V- I,S- . ^ u . ccoe *I 

chairman. WARD WHITE GROt^P. Profcss„r Sir 1-redcrii-k Ha nil on. 

^ L*r. Parkes is at crcseni \ icc- 


Mr. Birch has been managing . - 

director of ,hc group since lJifiR. '-hsmivllor or the Ln> L niver,ity. 
Sir. Arthur Jolley, who has joined n * 

the . Board as an additional Mr - R *«> Fleming ha. been 


member.' is chief executive of the 

c.rnt.. r.:. tion s .it the IMTED N.1 


Safety Products Division, which vr frcjtv L h-,* •on 1 '' i^^ 
embraces the G. B. Britton and E " p s . , ^ i ' . b -* cd ,, " t 
Protect. ve Footwear Services com- ^^Uded " s -..verses"' Vmrollm 
puniC!> - at Ihe U.K. Central Office ->t 

Mr. T. S. Brat hniokc has been t^p^'Sf 

T dC r-^ffi y wnt roller home ’ H 

of CHUBB AND SON from + 

February I. This will be in addi- >, r . T . A KiinSiminiMw has 
lion to Mr. Lia;. brookes present | jet . n npnmniet! 1 ice-pi c-ulent at 
responsibilities a< managing lh;J NORTHERN TRUST 1Y1M 
director of Chubb Fire Security, pxx-y Lomioii branch, a sub 
__ .... * ■'idiarv of Nortru-i iVirporgiior 

Mr. Keith Johnson has been Chicago, lie is in ihe inicrn.itmnjl 
appomled sale- and marketing departnu-ni 
director or ROYAL DOULTON + 

SANITARYWARE following the ,. ... . . , „ , 

retiremem of Mr Fred Roach. . > ,r - Michael J. s. ItoherlMtn l.a* 

sales director. Mr. Johnson will ° V .Vu- ‘IrU" 1 ‘ h v’ 

he responsible Tor overall market- m - " r LOU A I ER 1. ON- 

•ng policy and sales programmes 

both nt home and overseas. He . . , .. „ , , 

joined Royal Doulion Sanilary- Phmt by Mr. \\. P. Long, who «:.« 

ware in ]!)7J marketing commercial uianagei. 


„ TA1NERS. lit* 
general manacci 


sin. reeded a< 
of the Slcxciiage 


manager and in 1U74 
marketing direcior. 


became 


Miss Moira Shearer (Mrs. 


Mr. E. J. If. Lovett h:i- taken 
o\er ;he re-punsibthties of ewcu- 
tiie -c-vretary of the rei-entiy- 

Ludmic Kennedy, h-^'acceplert ^vRfphu' VDFN 

an in vt 1 a 1 ion ro join ihe Board of ivc.Yp AvrF K ' V pp’iKFIn 
BORDER TELEVISION. Miss JVSURAM.L BROKERS Mi. 
Shearer was. until recently, a Love,; therefore relinqui^hcj h.s 
member or (he BBC General 
Advisory Council. 


a- eh iff ex'*cuti-.e 
officer 0 1 1 he non-marine re- 

+ in -ti ranee division, while ••on- 

Mr. N. G. Clay mn has resigned 

from lhe Board of CROSBY 'he eompamy Mr. R. A. Ik* jiu.- 

SPRDJG INTERIORS to look after t h1 „ 

familv -iirnir^ -md ha-j ru<en n fl ,ier the non-mnrine mn- 
succeeded ^as 111 rindg i ng *d i rector cHvistnn from February I. 

by Mr. William Warburfon. Mr. _ „ .. 

J ' Crosbv ^r ned the Board elected to F - IKS or Tbm 
Mr. Clive Gibson has joined the ^S''!^.. 51 

Boards of the- FINANCIAL TIMES T.nm Homing 
and the ECONOMIST. <lom H< ?klin»s dnertor of data 

* processing customer engineennu. 

HALIFAX BUILDING SOCIETY n nn’El ^Ir 

announce that Mr. G. W. Mack- Vw?h^ tirr * 
wortb-Young has been tippoimed * ■ • ’ u ‘ , 

to the London Board of directors. w 

Mr. Mackuorth-Voung *.i f^puty Mr. £». T. Jordan has heen pro- 
chairman and group chief execu- moted from dii c-tor and genera! 
tive of Morgan GrenrelJ and Co., manager m managing director of 
and a director of the Conn LESSOR INTERNATIONAL. 
Discount Company of London ^nd * 

of Willis Faber Mr. Peter Hopkins has been 

made sales director of BARNES 
ROYAL INSURANCE ha? AND HACKER, part or Penlos 
announced (he retirement from Engineering Group. He was pre- 
March 31 of Mr. E. Herbert a viously sales manager. 


Jobless aid 
‘will be 
needed in 


By Our Labour Correspondent 

THE NEED for programmes lo 
help the unemployed will con- 
tinue into the 19S0s, Mr. John 
Cassels. director of the Man- 
power Sen ices Commission, said 
yesterday. 

** l wish I could say that I 
Ihmk that these programme will 
not be needed in lhe 19S(U. It 
is more likely. 1 fear, -hat in the 
first half •>: the 19S0s ai any 
rale we shall have to improve 
and refine t.ic-ir impact s" that 
we give help to ai; of those who 
are hardest bit." lie said in 
London. 

The new youth opportunities 
programme '.'as being developed 
in lhe know i edge thst ihe "abort 
market ■»•;<* not quickly suing to 

become easier for young people 
“Bv and large they have *0 com- 
pete with gdu]:; for jobs and 
often they do so on unequal 
terms until they have some 
radical experience and. -.-•■hen- 
ever possible, some i:\sin.ng 
behind them:'’ 

Opportunities shouui be avail- 
able jo ail who needed them htit 
no individual opportunity should 
go on indefinitely. “Work ex- 
perience is not 3 way of life — 
it is a lander m the world of 
work and v.-y want 2 5! these who 
need it to he able to Hi mb it." 

B main's record m helping 
young people to make the leap 
from education to work had not 
been particularly good and it 
was urgent.;.- necessary to change 
this. Planned work experience 
nd vocational preparation 
should cease to he exceptional 
and )'Cinr..i‘ norm::’ part of 
a you n a perron's development. 

There s n<' f ■ 3 sy rojd oack 
to f::;; cmrloymem but the 
Coir.tr. k.- 1 on a = not tryitu 10 
jersuaiie e apic-yer.- to l- on 
in-.rc- peor.v than they needed. 
There 'ouid be no -urer 
than 'hi* desir-.iyina in 

ail hut the shortest' run. 


Strike-hit 
terminal shut 

THE CLYDE Port Authority 
yesterday closed the strike -hit 
Greenock container terminal for 
three weeks and ordered j com- 
plete re-negotiation of al] work- 
tig condition agreements with 
the cockers. 

The a'.Hhor:*: said the latest 
di=puie had forced them to recog- 
nise thru the terrr.tr.a! could not 
operate m the present climate of 
disruption.'. 

The 94 cockers involved in the 
dispute arc due appear Vf>rt* 
the disciplinary conr.id'oo of tnc 
Iiiick Lubouz Bciitd iQ'dd/. 





DIRECTORS 

WILLIAM O. BEERS 
Chairman of the Board 
Kraft, Inc. 

WILLIAM S. BEINECKE 

Chairman 0 / the Board 

The Sperry and Hutchinson Company 

WILLIAM S. CASHEL, pi. 

Vice Chairman of the Board 

.Mnerican Telephone & ToJegraph Company 

JAMES D. FINLEY 
rhaiiman of the Board and 
f.liii',' Executive Officer " 

|. P. Sievens 6- Co.. Inc. 

G.ABRIEL HAUGE 
Cho'rman of the Board 

HENRY H. HENLEY, JR. 

Pre-idem 

C. 'erlU Foabody & Co., Tnc. 

B ARRON HJLTON 

Frr-:dent 

}’ I inn Hotels Corporation 

JEROME H. HOLLAND 

D. -recior of ranous corporations 

WILLIAM F. LAPORTE 

Chninnan o| the Coord 

.•"■rnericim Home Products Corporclion 

J. PAULLYET 
Chairman of the Board and 
Ch:ef Esacutive Officer 
Sr’-.Ty Band Corporation 

ITT DMAS M. MACIOCE 

Fit rident and Chief Eierulive Officer 

Aikcd Starts Corporclion 

JOHN F. McGILL I CUDDY 
r.-t-jiden, 

RENE C. MCPHERSON 
Chcirman of the Board and 
Chief Executive Officer 
Para Corporation 

DAVID Vi. MITCHELL 
Chairman of the Board and 
Chief Executive Off. car 
.Sven Products. Inc. 

GEORGE B. M UNROE 
eh airman of lhe B^nrd 
Phelps Dodge Corpora Jinn 

CHARLES J. PILLIOD, JR. 

Chairman 0 / the Board and 

Ch ; oJ Execuuve 0 ; 'irpr 

The Goodytar Tire a Rubber Cocipony 

JOHN B. RICKER, JR. 

Chairmen and President 
The Continental Corporc.vort 

IV. BRUCE THOMAS 

Executive Vice 
.sn-ounfins and r.-ncn-'c- 
noi Dlre«ar 

ignited Sla(« Srpi*l Corpora (toil 

JOHN A.WAAGE 
V‘-70 Chairman ol the Board 

MARINA V. N. WHITMAN 

ti.iiln^uts'heri Pi;,:ltr Fr r.-Kt-Prefe- so? 

cf Economl.-s, tip,-. ■eri-’-y of Pirtshur^h 

GEORGE G. ZIPF 

i'1'Cinnon, PrwjiJ»T; and £'<?CS'!' , 4 

Officer, The B-tbco'-.l, fi V.'j'Icnx Ccmpani 


Consolidated Statement of Condition, December 31 . 1977 

ASSETS 

Cash and Due from Banks S .".499.n7l.nno 

Interest Bearing Deposits with Banks 3,490.911.000 

IJ. S. Government and Federal Agency Obligations 7S7.73fi.000 

Obligations of Stales and Political Subdivisions ... 1 .039.233.000 

Other Securities 221.483.000 

Trading Account Securities 157.436.oon 

Total Securities 2.l75.B3e.OOO 

Loans 19.043.248,000 

Federal Funds Sold and Securities Purchased 

under Agreements to Resell 129.900.000 

Total Loans 19.173.143,000 

Less: Reserve For Possible Loan Losses. . [] 61.947.0001 

Unearned Discount [88.041 .000 ) 

Net Loans 13. 9 22.fi 00. 000 

T.ease Financing Rpceivables 960.746,000 

Premises and Equipment IS 1.95 1.000 

Customers' Liability on Acceptances 901.060.00u 

Accrued Interest Receivable 302.919.000 

Other Real Estate 113.997 .000 

Other Assets 233,463.000 

Total 

LIABILITIES 

Demand Deposits.'. Si 2.657.1 49.000 

Savings Deposits 

Other Time Deposits 

Deposits in Overseas Offices 

Total Deposits 

Federal Funds Purchased and Securities 

Sold under Agreements to Repurchase 3.235.339.000 

Short-Term Notes Payable 

Other Borrowed Funds 

Acceptances 

Accrued Taxes and Other Expenses 

Dividend Payable 

Other Liabilities • 

J.nng-Term Debt 

SHAREHOLDERS’ EQUITY 

Preferred Stock [without par value! 

Aulhorir.ed— 10,000,000 shares 

Oulstonding— 15.560 shares 

Cnmmon Stuck [par value $7.50) 

Authorized — 40.000.000 shares 

Outstanding— 32.456.663 shares 

Surplus 

Undivided Profits 

Total Shareholders’ Equity' 

Total 

Headquarters: 350 Park Avenue. New York, N.Y. 

London Branches: 

City Office, 7 Princes St., EC2? 2LR 
Grosvenor Square, P.O. Box INF. 88 Brook SL, WIA 4NF 

BRANCH OFFICES: Antwerp: Quin ten Matsiislci. • Bahrain: ?.0. Hof M"t 
Bucharest: Bnlevardul Republldi. IE * Cairo: 3. Ahmed Kenirr, Sircct. Giza 
Frank lurl: Bockanbeimer Landslrassr Sl-53 • Hamburs; Feblannstr. 3 
Hong Kung: T.O. Box 70S * Manila: 121 Fa<co Dc Rcraas. Legaspi \1!:e;c. MakalF 
Milan: Via Brera. 5 ■ Nassau: p.O. Bax N-3169 ■ Singapore: UIC Building. 5 Shecion Way 
Tokyo: Aaalii-Tokai Building. B-l, 3-chnme Olemnchi. Chiyodc-Ku - Zurich: SlOCkcralrnsse S3 
REPRESENT ATTVT OFFICES: Bangkok. Beirut. Bo°a!a. Buenos Aires. Cairo. Caracas, 
□ucsscldarf, Edinburgh. Frankfurt. Jakarta, Kuala Lumpur. Lima. Madrid. Mexico Citv, Munich, 
Nairobi, Oslo. Paris. Rio de Janeiro, Rome. San Salvador. Sao Paulo. Sydney, Teheran 
Intcrnaiioual Corporale orticos: Chicago. Los Angeles 
Incorporated w:!h Limited Liabii !;,- tr. V-S - r - 


S3 5 

.787 

.368.000 

Sl2 

.657 

.149.000 

1 

.401 

.475.000 

ri 

.441 

.020.000 

in 

c r >n 

.147.000 

29 

.732 

.091.000 

3 

265 

339.000 


E09 

212.000 


302 

R77.n00 


922 

331.000 


559 

794.000 


16 

877.000 


189 

364.000 


666 

016.000 



778.000 


243 

425.000 


419 

61 1 .000 


618 

603.000 

1 

282 

417.000 


7fl7 

568.000 


8 


jFlnana’aT Times TTiursday Jantrary 26 1978 


A top appointment in the Far East at 
circa £30,000 p.a. 

Chief Executive 

New Reinsurance Company 


We are acting on behalf of two prominent business houses, both of 
the highest repute and both involved in Lloyd's Broking and Under- 
writing. 

Our clients are proposing to launch a new Reinsurance Company in 
the Far East, with a capital structure that will make it of major signi- 
ficance. 

To take charge of the new operation a Chief Executive is now looked 
for. He must be recognised in the London Market as an influential 
Marine or Non-Marine Underwriter and should have experience of 
international business, particularly North American: He must also 
possess well-developed ideas on the overall strategy a new Reinsur- 
ance Company should adopt. 

A salary and profit commission which could, total at least £30,000 is 
envisaged and, because subsidised housing and a range of other bene- 
fits, including generous home leave, will be provided, individuals will 
be able to accumulate capital. The rate of local taxation is very low. 

Any senior Underwriter who would like more information about the 
appointment is asked to contact Mr. D. R. Whately, whose private 
telephone number is 01-623 9227. It is fully understood that initial 
discussions will be largely exploratory. They will also be wholly 
confidential. Ref. 417. 


WHATELY PETRE LIMITED, Executive Selection, 
6 Martin Lane, London EC4R 0DL. TeL 01-623 8430 




Managing Consultant - Iran 

c. £17,500 + Accommodation & Benefits 

Our associate firm in Iran, a member of Horwath and Horwath 
International, is seeking an experienced management consultant to 
establish and develop the Management Advisory Services division of its 
practice. In the first instance the division will service the existing audit 
clients of the firm and experience of costing systems in plastics, textiles, 
and food processing industries is relevant The consultant will be expected 
to direct and supervise all stages of consultancy assignments. 

This is an opportunity for a consultant with' a professional accountancy 
qualification to assume a highly responsible and challenging position in a 
dynamic environment The successful candidate must possess initiative, 
authority, and above all the ability to communicate at all levels. It is unlikely 
that candidates under the age of 30 will possess the degree of maturity 
required for the position. 

In addition to salary, there are other benefits that make this a rewarding 
position. The initial contract period is two years for expatriates. The 
position may also be attractive to Iranian nationals with the relevant 
qualifications wishing to return to Iran. 

Written applications giving details of career history and education, which 
will be treated in the strictest confidence, should be sent quoting reference 
D386 to Dr. Geoffrey M. Seeff: 


Stay Hayward Ltd. 
Management Consultants 
54 Baker Sj., London W1M 1DJ 


Financial Director 

LLOYD’S INSURANCE 

C.£ 10,000 

A fast growing Lloyd's Marine Broking Company wishes to appoint a Director to 
take full responsibility for all Financial, Administrative and Personnel aspects of the 
Company's future development. 

The successful candidate will have a sound accountancy qualification, backed by 
substantial experience in a highly competitive commercial environment. 

Essential requirements are an up to date appreciation of management accounting 
techniques, the ability to develop computer systems, experience in all aspects of 
Staff management and familiarity with corporate and personal taxation problems. 

In this important phase in the Company's expansion, it is vital that the person 
appointed should demonstrate sound commercial acumen and the flexibility and 
adaptability to guide the Board financially in constantly changing circumstances. 

The salary for this appointment is negotiable around Cl 0.000 per annum and 
other benefits include private health insurance and a contributory pension scheme. 

Applications should be made in the first instance to R. W. Murphy, Hughes Ovens 
& Hewitt Ltd.. 6-8 Old Bond Street. London. W.I., (quoting Ref. No. AM62), who 
have been retained to advise on this appointment. No information will be passed to 
our client without the applicant's prior permission. 


HUGHES XJVENS4 


AUDIT SUPERVISORS 

Expanding firm of chartered accountants needs ambitious Seniors 
with some post-qualification experience. Must be self-starters, 
willing to take responsibility and able to help in the development 
of the firm’s technical standards and quality control. 

SALARY: £6,500 PA. 

or more for an exceptional candidate. 

Write in confidence to: 

Chris Kengert. 

SLATER, CHAPMAN & COOKE, 

16 A St. James’s Street, London SW1A 1ER. 


London 


From £6, £oopa . -f ear 


Our client. 9 major international engineering group, wishes to recruit e young 
commercially experienced Taxation Accountant lo work at their London based 
headquarters. 

Functioning within an established Taxation Department the appointee will be 
primarily responsible for the preparation of the annual taxation provisions of a. 
-number of UK subsidiary companies and the submission and agreement of compu- 
lations with the Inland Revenue. Additionally he or she will assist senior personnel 
with company wide taxation planning exercises. . .. 

For thissenioruppointnient. candidates must be qualified Accountants (ACC A. AGA) 
with a minimum of 2 years post qualification experience and a proven background 
intaxgtion. 

)n addition to an attractive commencing salary, the successful candidate will partici- 
pate in a generous employee benefits package, including a car and assistance with 
relocation, where appropriate.. 

Please write, in complete confidence, with details of career and salary progression 
to date, advising any companies to which your application should nut be referred. 

■ G. M Bradshaw. 

Lockyer. Bradshaw & Wilson Ltd, 

• North West House, 119/127 Maryiebone Road, London NWI 50U. 


LOCKYER, BRADSHAW & WILSON 
LIMITED 


. Specialist Converters up to £1 2,000 


This vacancy is caused by the promotion of the 
present i ncumbent within the parent g roup. The 
company converts synthetic materials into a 
range of products for a variety of specialist 
outlets Including automotive, filtration, fire 
retarding, insulation, etc. WHh around 150 
employees arid a turnover in excess of £2m it is 
making healthy profits and there is a lot of 
growth still to come. Candidates, aged 35 to 45, 
must have successful career records in a 
technically based manufacturing industry, 
preferably plastics, with a broad experience in 
production management They must also have 
been involved with the marketing and 
development of new products and latterly have 
undertaken general. management 

responsibilities. Good team .leading is an 


essential.lt is likefy that the man orwoman to be 
appointed will be used to the smaller company 
environment The post is based in the South 
East away from London and full help will be 
given on removal expenses. A suitable car is 
provided and salary is likely to be between 
£11000 and £12,000. 

P/ease Reply to Personnel Services 

Ref: GM27J6276IFT 
Initial interviews are conducted by PA 
. Consultants. No details an divulged to clients 
without prior permission. Please send brief 
career details or write for an application form, 
quoting the reference number on both your 
letter and envelope, and advise us if you have 
recently madp any other applications to 
PA Personnel Services. 


PA Personnel Services 

Hyde Park House, Knightsbridge, London SW1X71E Td: 01-235 6060 Telex: 27874 

A nenyberjjffVt International ‘ 


f 


Corporate lawyer -london 

(Bilingual English -Italian or French) 

c.£ 15,000 


A major European Group is eur- aged under 40, with, commercial flair 
rently establishing an international and the Capacity to conduct business 
management headquarters in London negotiations with equal facility in 
overseeing a network of companies English and Italian or French. We 
r anging throughout Europe to the must stress that linguistic proficiency 


Middle East Operations comprise a is absolutely essential. Reporting to 
modern fleet of container ships . the General Manager; the role will 
together with extensive overland be international, in outlook and 
freight forwarding and handling responsibilities will touch on all 


ireignt forwarding and handling responsibilities will touch on all 
facilities. The fundamental require- aspects of commercial and company 
ments of. this appointment call for a law including joint venture agree- 
talented, qualified Lawyer, preferably ments and taxation. 


Mervyn Hughes Group 

Management Recruitment Cunttukanls 


DIRECTOR- 

CHEMICALS 

DIVISION 

This group qf compinias i* euircnilr 
looking co expind its ef r a mici' dim. 
sian trading in fine chemicals and 
ethical pnartnaceucicits. The pOSaOOn 
entails cJte reorganisation of market. 
Ing to acquire ne» p-gducts. now 
customer* and new ideas. The appoint- 
ment would auit an individual currently 
aiming ’ C\ 0-1 S.0QQ with 'a 'background 
in fine chemicals or phe^maccuticails 
and at lain 2 yean of - hfnovjtive 
marketing experience at d : rector level. 

For further Information contact: 

IWta Nowoeitiy wi t654. 

DRAKE PERSONNEL t Consultants), 
121. frngfwiy, W.C.2. 


PORTFOLIO MANAGEMENT 

Exceptional opportunity tor young 
person with enthusiasm and initiative 
m sales and marketing -sphere of- 
investmenc management. Required 
initially to Back up those directors 
engaged in the procurement a f new 
busmen with opportunities for 
advancement as experience it gained. 
Mutt be good correspondent and able 
to use initiative in dealing with largely 
overseas clientele. Based South London. 
Salary £4,0QQ/£5.M0 according . to 
qualifications and experience.. 

Write Bor A. 6231, Financial Timor, 
10. Cannon Street, QC4P 4BY. 


RESEARCH/INSTITUTIONAL SALES 

BIRMINGHAM 

Well established Birmingham stockbrokers wish to recruit a 
Research Analyst /Institutional Sales Executive aged 25/35. 

The successful applicant should have an ability to communicate, 
visit companies and write reports. Previous experience desirable. 
Pieman vt nr details of your career to date, —nidi wi’l be 

treated in confidence, to: — 

Box No. FT51Q, c/o Hammy House, Clark's Place. .- 
London EC2N 4BJ. 


Gchequepoint 

OPERATIONS MANAGER 
£10.000 + Benefits 

Our. current and proposed expansion programme requires au 
Operations Manager to direct current financial and branch 
business and to expand services in line -with the addjtienai 
business that is now being developed. Age to 45. Terms by 
agreement. Please write with full particulars to D. Steele, 
F.I-.Bl. Chequepaim Services, 47 Old Brompton Road. London, 
S.W.7. 


CONSORTIUM BANK 

with very strong backing 

LOCATED IN PARIS 

■ is looking Joy ' 

3/OCipG 

foteRiaaCioaaL 

BaokeR. 

(5 to 7 years experience) 

to work In ifa marketing department 

— experience in financial analysis ancLa strong 
knowledge af Eurocredits are required. Previous 
work In project finance or ship financing would 

be a plus. ..." 

- Applicants must be fluent in English and French. 

Other languages mill be appreciated. 

Compensation i all be negotiable according to experience 
and qualifications. 

Please write irifh full details to HAVAS CONTACT, 

256 Boulevard Haussmann 75008 PARIS 
sou’s reference 69747 . 

Applications. id// be held in strictest confidence: 


SALES MANAGER 
REQUIRED 

with proven record in • 

GENERAL PRINTING OR PERIODICALS 
Knowledge of stationery would be an advantage 

East Anglian works with letterpress and Ntho processes. 
Appointment is in the London office and carries opportunity for 
promotion to main board. Could suit sole proprietor. Terms by 
aiyangement. Apply in writing to: Managing Director. George 
Berrldge 4 Co. Ltd., -1161 Shoreditch High Street, E.l. 


Energy, Wafer & - ~ 

Telecommunications Services 

The WbfkJ Bank offers challenging opportunities to highly 
Qualified men arid women who are mtereslM m international 
development work and invites 'applications from Financial 
Analysts for Energy. Water and Telecommunications Services 
Candidates should be able to: 

* review the organcation management, staffing, operating, 
and accounting procedures and financial pefedes of putto , 
utility entities as wen as make an analysis of their financial 

structure and performance; 


Bank officials in making the»r recommendations, are re- 
quired to draw tip financial statements covering, past, 
present and future finances, of the entities concerned. 

* mate sound recommendations on orgaruzabon, manage- 
ment financial accounting and control matters; and . . 

* take part in high level discussi<3ns and negcflafiwsotbdtj 

of theBank with representatives of member Governments 
andborrowers. 

Candidates should h3\re a university degree °r equfva^in 

finance (corporate or puttie), accounting or 

baton, and relevant financial experience of at feast 5years in 

industry, banks, accounting and consulting firms -or pubic 

entities. A good knowledge of accounting, finance, 

ment putte utility organization and regulations, and inv^UTtant 

criteria i&desirebte. AgeipreferaWy between 35 and 45yearb. 

The majority of staff are located at the-Bank's headquarters^ 
Washington. D.C., but .frequent international travel is involved. 
Thus, in addition to. a good command of written and. spoken 
English, a good knowledge of either French or Spanish is 
desirable. ' . . . 

Salaries are determined on the basis of qualifications and ex - 
patience and are net of income tax. In addition, the Bank offers 
benefits such as pension plan, group life and medical insurance, 
education benefits and home leave every two years tor ex- 
patriates. / . ■ 

Please send detailed resurrfe, Quoting Ret 78-4*01203. to: 

Recruitment Division, 

The. Vitold Bank, . . 

. . 1S18H street N.w„ - 

•' Washington D.C., 20433. USA 


WORLD BANK 



TOP LEVEL 


£15,000 and over 


Our :top level executive service provides a confidential 
means whereby ssniobexecubves inte rested in further- 
v-ing their career opp^rtun^ies Ktey keep in touch With 
^current iuarketdeirel^nMm^:-^" 

YV ' 1 r-.." -V 

‘ We cater for high ranking executives who are well 
qualified academically, professionally and/or through 
sound experience in their particular disciplines, 
covering a wide cross-section of industry and 
commerce. - . 

We should Hke to increase -the membership 'of our 
carefully compiled top -echelon -register- which is 
particularly suitable for executives in both public and 
private companies - who are retried in their present 
posts but would like to be advised of exceptional 
’■ career opportunities which pome to our notice. 

-Interested executives are invited to write with brief 
details and in complete confidence to A 

VK Diver. • 

• Top Echelon Limited, 

Hillgate House, 

• Old Bailey,' 

. London EC4M7HS, j/EFs [|j 
: V - Tel: 01-248 6S27 . ill 


A Personnal 

Rewurcw Company 



auditor « 

drea £7,500. Plus other attractive benefits. ;* 

LEIOESTERSHIRECO-OPERATIVCSOCIETV^-? ’ 

rgSSaaisss.sS':: 

'mmmpSi i 

the Financial Controller Thn U,r ? c!l > 

ed by thepromotinn of t|’Jp^^ nc V ls C . TU '\ " V 

We arc looking for a qu iliViJt ' -• 

with the necessary driv^ d accuiinuiit y 

ability to communicate u L aiiT m, | 11U i n - SCnsc 

qiij’.'licj and'tu ni“v ,h' '° U hj "' • • t 

of being able tamilo , „ l ? s - lhv P'ospccV - - £?■ 

■to a dynamic fast evmirii OSI K VC Conlrlbutior » ■ ; - 
in an attractive part of ihc F g ^u'- ness ' ,oc ««l ' • - ^ 




ma 


Grc 


Me 




: iNv 


wm 


m k BANK MAKAH 

ired n, . - 


replacement required 0cc /m 7 0 V 

b * nk,n 2 concern. AppiS^^Jj, . for » mana^r of 

I 

— * 0XA ^ F,nanCi31 Tift,W - ,0 - c * nn on Street, | 


•7 







: 

k I Vi ' 

/ t‘ • 


Financial Times Thursday January 26 2978 


Unique Opportunity 
for Financial Controller 


West End of LONDON 

REQUIRED: 


£12-14,000 -f benefits 


A qualified accountant, man or woman with a strong aptitude 
in financial control. Preferred age 35-45. Knowledge of 
international financial transactions an advantage. 

PURPOSE: To supervise the financial aspects of the varied interests in the 

United Kingdom of a prominent Arab investment fund through 
its U.K. subsidiaries. 

SCOPE: Total financial control of a number of U.K. enterprises. 

Ensuring that first class systems are in use. Monitoring 
financial planning and progress. Handling, as it were on a 
group basis, the liquidity situation of these enterprises. 

REWARDS: A first dasssalaty and benefits package. Possibilities of 

extension of the brief to cover overseas interests, and this 
would entail some overseas and UK. travel. 

REPLIES: Stating age, quafficafions and experience, to B. Simmon ds, 

Horwath & Horwath (UX.) Ltd., Management Consultants, 

84 Baker Street, LONDON Wt. ' 



nr 

Lu 

1 


Horwath & Horwath (UK) Ltd 

Management Consultants 


\ * ; 


MANAGER MEFCA 

Middle East Financial Consulting Associates 

MEFCA is jointly owned by a prominent member of the Saudi 
Royal family and an established "New York banking house. The 
firm, which" assists both Middle Eastern and Western clients on 
project development in the Middle East, is seeking an experienced 
executive capable of supervising the evaluation of project 
feasibility studies, the structuring and assembly of project 
financing, and the monitoring of project development, and of 
co-or dinatin g the various elements required for a successful 
project. 

Candidates should have a strong background in finance and 
several years' association with project development. Experience 
in the Middle East or with projects in the developing world would 
be a particular advantage. 

The job is located in Munich and involves frequent travel to and 
withinthe Middle East. The salary and conditions of employment 
are attractive. 

Please write in strict confidence, with brief personal and career 
details , to: • 

John J. McCIov D, General Manager 

MEFCA, 

Ohmstrasse 13. 8000 Munich 40 
Federal Republic of Germany 


Group Taxation 



NIGERIANS 

.Scoa Nigeria Limited is seeking applications 
from Nigerian executives interested in working 
in their home country. 

It is one of the major public companies operating 
in Nigeria (turnover over 250 million naira) and 
has 3,300 employees. 

Its main operations are as follows: — 

— Distributing and servicing of motor 
vehicles; Peugeot — Ley land — Suzuki — 
Mitsubishi. 

— Assembly plant — Peugeot and Ley land. 

— Fiat — Allis range of earthmoving and 
agricultural equipment. 

— Industrial air-conditioning and refrigera- 
tion. 

Management positions are available, after a 
training period for Nigerian executives having 
degrees and/or experience in the following 
fields: 

SALES AND MARKETING 
SALES ENGINEERING 
BUSINESS AND ACCOUNTANCY 
PERSONNEL ADMINISTRATION 
TECHNICAL TRAINING MANAGEMENT 
PRODUCTION MANAGEMENT 
MECHANICAL ENGINEERING 
ELECTRICAL ENGINEERING 
FIELD SERVICE ENGINEERING 
SPARE PARTS MANAGEMENT 
CREDIT CONTROL 
INDUSTRIAL ENGINEERING 

Information concerning the positions will be 
communicated upon receipt of handwritten 
application giving full details of university 
education and professional experience. 

Interviews will be arranged in the coming weeks 
near your present location. 

Write, quoting the name of this newspaper, to: 

NIGERIA LIMITED 

P.O. BOX 2083, LAGQS, NIGERIA 



(£10/12, OOC+car) 




The Borth wick Group is a multi- 
national food business with an annual 
Turnover of around £500 inillioiL 
k is principally engaged ituhe processing, 
l radingand retailing of meat 

As a result of continuing expansion, 
we require a Group Taxation Managi.-r 
who will report directly to the Group 
Financial Comprroilerat the Group s 
International Headquarters in London. 
Responsibilities will include: 

* International corporate tax planting. 

* CiMirdinationand submission oi 
l’.K.tax computations. 

* 'lax advice to operating divisions. 
Close liaison with 1 1 .e Group s 
international lax advisers. 


j ~ ' • -CV., 

rV • • . %/ :: x • # * 

§ 


This is a careerappointment with 
attracrivebenefitsand conditionsof 
service. 

Applications are invited from 
qualified male or female accountants, or 
others with relevant qualifies tionsand 
experience. The successful candidate will 
haveat least live years’ practical 
experience of corporate taxation. 
Preferred age 2S-40 years. 

Write in confidence, with full career 
and qualification details to: 

RJAVAlilton. 

Group Personnel Manager, 

Thomas Borthwick & Sons Ltd, 

Priory House. Sl Johns Lane, 

London EC1M4BX. 


Borthwicks 


% •> 


":.-v ...si- 



,»,y 

% 

- lit 


Major European Bank seeks 
an Area Manager in Nigeria 

A major International bank, part of one of the largest European banking groups 
operating on a worldwide scale, hasa rapidly expanding subsidiary in Nigeria. 
As a result it needs to strengthen its management team by recruiting an Area 
Manager who will have full responsibility for one of its major branches. 

Your task will be to develop business with firms and private clients, to deal 
with local authorities and to manage a large staff. 

The bank is looking for someone not less than 28 years old, with 
experience in banking as branch or deputy Area Manager: Knowledge ot 
Africa would be an advantage.The bank offers a high salary and other 
benefits. Their precise level will depend cm your experience. 

As Area Manager you will have an excellent opportunity of promoting your 
career within the bank,and also in the group. 

Please write in confidence, describing qualifications, persona) and career 
details with current salary to: Ivan Cann Esq., Dept FT!. Foster Turner & Benson 
Limited, Chancery House, Chancery Lane. London WC2ATQU. 

List separately anycompanytowhomweshould not forward your reply: 


Data Processing 


MANAGEMENT CONSULTANTS 

'■ a-y ■'= ■ :i:s c n-.-r a 32 ii«; 3 -:;i?n and rewards of .msnage- 
r r , e r * c:r.su -.src/. ir you f.av- is.-hnicsl and 'management 
e-pen*- :* a no a;'..*.. this prc-i-TSsicn provides on t'cep- 
jiv.a! ooo:rtur.!ty to he-’o ?:h.:rc, and 3t the 52 m* time 
ce-.fsoci jocr ov.r. sfer.ctrs ar.d r. ice. ns your experience. 

T-r a-.Ei/tira - . ues-gn and prci-c- Experience v.t.icti yen 
zr rg .-.-i:" :*cur c-= : ress crilsrstintiirig v.-ili bo de-.-:- iop-:-l 
ry :r‘.:n? vrr.h a «r.j-.r-disc-o , mary profess tonal team on a 
. or :e :n r .:s-. •: ;-nm=r ::al and strategic prol-ioms. 

'• >••:*.. .v.=!\ : •'*:* xi :. * lho copcrtunity to add 10 your 
■JWi' C'-s.-’iCi- -r.s. and most enipijyers regard a lev/ 
;.*a r s: - t tv-iSucars/asa 3 call nr anon in itself. 

■T fc e is :*-.ar.c>a lu rcupr.es reflect i he .effort and 
,s r.e-rssary. c-erseas a&S'crnments 
■' Vr ‘ ■- n 4 :: • ■■■=-' 3 ' 4 -ratio-i rev.ardr, are &ub- 

Tr-: -j-f-s re - 37?? •con is ZZ- 23 . 

2 -'.r I.P. 2 .S- tar.: s 2'z o.ace-j or •: jr London. Edinburg?!, 
Jc. i.’:: - i : esler era EIiTm.vih 3 :y. ces. 

■’ yjj ".T'ii'.rj o* - . T-Opii'in "'ur career iivo jgh 
: ■■■ i-’-i ■ . / ? .e. s'ess* full djsl-iil j your 

2-2 :*-**'. jC .: 13 priseni remuneration 



Foster Turner &Benson 
Recruitment Advertising 


9 





j-. 

•T..; '-3-i-Lar.*, 


INVESTMENT MANAGER 

c. £9,000 p.a. 

Applicants, preferably qualified accountants, 
should have stock market investment and 
general financial experience. 

Private family office located in Central 
London. 

Write Box A. 6233, Financial Times, 10, 
Cannon Street, EC4P 4BY. 


FINANCIAL 

ACCOUNTING 

EXECUTIVE 

Aged 40-55 to £7.500 

Our client <1 a pretclgiom B-mifi 
Croup (T/O £l.700m.J with exten- 
sive oaerscat inuretu. It set-L, a 
perianable executme (who may Pave 
retired early from a stmiUr cam^n«) 
ts superette the budjet prraaration. 
adviie on accounting policin and »et 
kun arrangements for one cr 
exploration subsidiaries. paled in 
Central London. 

Candidates should have some relevant 
financial enpericntc and mus; Sc 
Prepared m travel occaxionalr to 
Europe. M. East and 5. America. 

Meoif te/ephooe /«*ie 1 Denholm. 
Management Appointments Ltd. 
I Albemarle Sc. London -W’l 
II MW 


Udisco Brokers 
Limited 

LOCAL AUTHORITY 
BROKERS 

We invit e applications from experienced LOCAL AUTHORITY 
BROKERS to strengthen our established and professional team. 
Salary to be negotiated, bonus commensurate with success# 

Weore osp/y In confidence to; 

The Managing Director. Udisco Brokers Limited, 

78-80 Comhill. London EC3V 3N>I 


EUROBOND SETTLEMENTS CLERK 

required by major U.S. investment banking firm 

Candida?* should have considerable experience in all aspects 
of Eurobond settlement, clearance and accounting procedures. 
The position will offer an attractive salary and good 
opportunities for increasing responsibility and promotion. 

Send resume to Box A- 6232, Financial Tunes, 10, Cannon 
Street. EC4P 4BY. 


EXECUTIVE TRAINING OFFICER 
The Hongkong Bank Group 

Hong Kong c*£1 2,000 + benefits 

Play a key role in ihe development of the management training 
function of South East Asia’s largest bank. Evolve & Develop 
new training programmes for tomorrow’s Bankers. 




Our Client: The Honqkong and Shanghai 
Banking Corporation, established lor 
over 100 years, nas over *i00 branches 
worldwide, with current group asreis 
approaemng 1 5 billion U 5 S. They operate 
in dynamic commercial environment j 
whicn are expecied lo bo the tasieot 
giowing economic regions ol the v.oiid, 
crner Uie ne^t decade. 

Tha Executive Training Department: 
has recently been established arid io 
building up a learn oJ ten ollicers by In* 
end of 1 STS. Us role is *0 train younger 
Bank management in a wide variety of 
general management disciplines, as well 
as pure Banking functions. Each cilice.* 
has h'gh autonomy; planning; developing ; 
co-ordinating and conduc-fing individucil 
courses. Although the department n 
based in Hong Kong, some travel in Asia 
will be necessatv. to conduct course lor 
branc hesinoiher couniiiev- 


Our Ideal Candidate: A wo^cdjor.led, B; 
professional training oi ; 1 .: er ol e-iii-?r Sv 
with a proven lr.se c-rtcora ju ir.^no-;-- 
ment training, preferably in u rin.iv::.; 
environment. We seek scaoiabii :'/ c: r/J 
cnarac ion formal s c ud<: mic s it* gS 

broad-ba c .ed curr.ineiciai Lv.-:-:grAir ra 
the ability lo y.ork haiiiioniw-:i:/ in 
multi-racial envifonmc.n:: nr id fuc- rioi-:.- 
niination to establish high s:^noardi a;iJ ra 
lo work to them. ||| 

Remuneration: An r.iiracl:ve contract 
Giving a high basic satfry - 7 - bonu^ - H i 
tree accommodation — G v.tef.s rr.iJ 
leave + msaicai beneli.se :j. 


ACT NOW! To Team more, telephone 
or write to the Bank's adviser. Richard 
N. Goode. m.a. (Canuio!. in strictest 
confidence, on Q1-3BS 2081 or 01-3&S 
2055 (24hr. Ansaphone) quoting ret. 21 2 . 


M ' :;MtRTON‘ AS50.C)i|ES (CONSUJLg^IS^jM 
Merton House , 70. Grafton Way,' Lon djoniW 

ExecutrveSaarcriand na g e m e n iGo.n s u ri ts^.C 






Engineering 

This is an outstanding 
opportunity to take charge of a 
large manufacturing and 
marketing operation with well 
over 10.000 employees on 
several sites producing a range 
of engineered products which 
are competitive in both U.K. and 
export markets.The Company is 
an important part of a major 
International engineering group 
which is currently implementing 
a multi-million pound 
development programme. 

A successful record at board 
level in a large industrial 
company manufacturing 
products with a technical or 
engineering content is 
mandatory and previous profit 


£ 20,000 


accountability is highly 
desirable. The ideal candidate 
will also be a graduate or 
professionally qualified man or 
woman with experience in 
production and marketing and a 
background in a volume 
production industry. 

I Ref: MS376/F7} 
REPLIES wilt be forwarded 
direct, unopened and in 
confidence to the client unless 
addressed tb our Security 
Manager listing companies io 
which they may not be sent. They 
should include comprehensive 
career details, not refer to 
previous correspondence with 
PA and quote the reference on 
the envelope. 


PA Advertising 

Hyde Park House, 60a Knighbbridge, London SWIX 7LE.Tek 01-235 6060 Telex; 27874 



FINANCIAL 


SURREY Up to £10.000 

+ car 

.An expanding public group with a turnover of £20 million in 
mechanical and civil engineering and with associated companies 
overseas requires, as a result of promotion, a Financial 
Controller who will be based at its head office in Surrey. 

The successful applicant, who should be a Chartered Accountant 
aged 28-35, will be responsible for the financial control and 
administration of the group and its subsidiaries, reporting 
directly to the Group Managing Director. Opportunity exists 
for internal promotion to Board level. He/she should have had 
industrial experience including the control of group accounting, 
the preparation of management and financial accounts, knowledge 
of costing systems, company secretarial work and preferably some 
computer experience. 

Ability, initiative and enthusiasm to contribute to the future 
success of the group are essential. 

Please apply in the first instance in writing, 
giving full details of qualifications and experience, to: 

R. G. linger. Esq. 

MESSRS. TAN'S LEY WITT & CO. 

28 Elv Place, London EC1P 1JE 



■Hi 


EUROBOND DEALER c. £S.0l 

A leading investment bank Ir seeking a young aggressive persa 1 -. with ‘east t'-ir* 
years Eurobond dealing experience. The applicant will also be expected :o ha - . _ 
e<perience of the Deuische-Mark, Guilder and Swiss Franc markets; fluency in a 
European language will be an added advantage. 

CONTACT : Norrr a Given (Direstor) 

EUROBOND SETTLEMENTS o. £5.000 

A consortium bank wishes to recruit a person -.-.•ith e 1 - peiier.'c in the statement of 
Eurobonds, Gilts and Equities. Candidates v.rli rdeaJK be In age tsr.ge 25-32, 
with either Part 1 A.I.B. or Stock chang? Exams. The job requires I' no - .-. ledge of 
the Eutoclear system, a good general unae'itending of ir,-.estmen: procedures, 
and previous experience in a similar job inyoLing some client contort. 

CONTACT : Mike Pope 

CREDIT/LOANS to £7.000 

A respected international bank, with a vve’f- established medium-sired operation in 
London, hasa vacancy for an additional experienced person in its Ciedit Department. 
The job combines the functions of Eurocurrency Loan Administration and Credit 
Analysis : candidates, aged in their mid-ro-iate twenties, should have several years 

experience in both of these fields. 

CONTACT: Kenneth tY. Anderson (Director) 

RESEARCH ANALYST £ Negotiable 

This vacancy is within the Corporate Finance Sector cT a major City neichan: bank. 
The bank seeks to recruit a person in his or her mid -twenties v.:th appre>.ima:ely 
two years experience of company leseatch. probably gamed in the Re scar on 
Department of a bank or stockbroker. The smphss's will initial!*.’ ba brt company 
research within the U.K.. but there are piosoecis oi greater international involve- 
ment. Salary and benefits will be ample to outset she right candidate. 

C0.WT ACT ; Kenneth tV. Anderson (Director) 


170 Bishop, sg^te. 


i 





Financial Times Thursday January 26 197S 


Bma 



I-: ! 


: I ! 


vV 


OPERATIONS ANALYSIS 

RECENTLY QUALIFIED ACA 

Surrey to £7500+ car 

A key memberof asmall team^lheocoountanf willitavel up to40% of 
the time in the IB< and overseas working on a variefyof projects. These willbe 
analytically biased and will include reviews of systems developments 
purchasing and production procedures, foreign exchange exposure and 
management information. 

A majorintematlonal group manufacturing and processing high value 
commodities, ourdientis highly profitable. The European headquarters In 
Surrey controls a turnover of £160 million. Aged 23-26, applicants (male or 
female) should have qualified within the last two years. Plepseletephoneor 
wrlle to David Hogg ACA quoting reference 1/1628. 

EMA M anagement Personnel Ltd. 

Bum© House, 88/89 High Holborn, London, WC1V6LR 
telephone: 01-242 7773 


ONTVEJSmr 'OF QUKOW 


LECTURESHIP IK ACCOUNTANCY 


ABpJSaeoM prv.laritH to- a Uctvfj- 
sAlp in Accountancy. PImcbair will bo 
at an- morwiata point, acconflngto 
300 *M MWOiWi. on tfca 
salary scalp which ran bp » 
per annum tat jrayu t under rwfw»). 
Normal umenaiuiaSon arfanpemoms 

will aaplv.- . ' 

Tho D ep ar t me nt or Accents'** 


Accountancy iBACck u honours and at 
ordinary level*, ta degrees In law. In 
social sciences and' In engines ri"S-p a 
postgrad irate Diploma In Accountancy 
tor graduates la Other discipline* floa- 
ts .CM Scottish Business School: and 
sucervtslon and Instruction ot rand'- 
dates tor higher dogmas in accoont- 
•ney. Are» of teaching and re*ey«h 
include accounting Umotv. financial 
accounting. managtslal accounting, 
business fenwee. financial manaswent 
and audit- theory. - Persons with nnnar 
Academic nuaimratldns are particularly 
invited to apply but opportunities e»*K 
rer farther study add nsearch leading 
Is higher degrees (PSD or MAcc) and 
evenr encouragement and laslilty is 

S on ta staff to obtain these puaimta- 
ns. AnnltcaUow -will M> considered 
from candidates with limited experience 
■but a damonstrabl* intorest m teach- 
ing and acadoolc worn. 

Further particulars may tm had from' 
the Secretary of the -University Court. 
(Room 18). University of Glasgow. 
Glasgow GlZ 8QQ. with whom appll- 
- heiwSed on or before 


catipps should be — 

17tb February. 1978. 

In reply Please . goat* 
37G4I6AS. 


Ref. No. 






:;.1 


,••'1 

y j 

>3 


- i 


. > 


V:4 






ferclisiit Bank Accounting 


International 

Involvement 


e£6500 

^Mortgage Subsidy 


Our client is a- member of the Accepting Houses Committee and one of the City’s leading 
international banking groups. They are currently offering opportunities for qualified accountants 
seeking to develop their careers in the world of finance and commercial banking. 

The successful candidates willbe involved in reporting and reviewing on the Group’s varied 
activities which indude banking, corporate and project finance, investment management, unit trusts, 
leasing and a sophisticated computer services organisation. 

Applications are invited from qualified ACA’s in their imd-to4ate 20 ’s with experience acquired 
in one of the leading firms of chartered accountants. A relevant degree and a knowledge of German 
would be useful. < 

Conditions of employment are excellent including generous allowances pa id whilst on overseas . 
visits, non-contributory pension and mortgage subsidy schemes. . 

For further details please telephone or write quoting ref FT 186. 


Lloyd Chapman 



123, New Bond Street, LondonVtYOHR 0*4997761 



nanaa 




BSRLimited, theworld’slargestmanufacturer. 
ofrecordchangermechanismsrequiresa . 
Financial Director at its Head Office in the 
West Midlands. The successful applicant will 
report to the Managing Director and will be 
expected to play a major role in the management 
and development of the Group as well as be 
responsible for the normal accounting and 
finan cial functions of this appointment 
Applicants should be qualified accountants in 
their thirties and have a proven record at senior 
level in industry or commerce. He or she will 
become a member of a small but active manage- 
ment team, and will have to make occasional 
short overseas visits each year. 

A five figure salary will be negotiable and a 
company car willbe provided together with 
other benefits including assistance with 
relocation expenses where applicable. 




ls 


'&Q 

±J i h) i 


Please write in confidence to: 

The Chairman, BSRLimited, 
PowkeLane, Cradley Heath, 
Wariey, West Midlands. B64 5QH. 

marked ‘‘strictly private and confidentiar. 



The Credit Insurance Association Limited are the leading specialist credit 
insurance brokers providing to industry widely-based advice on exportand 
home risks. We specialise in very large projects internationally, and we pioneer 
the development of new covers in the private market. 

Due to continued growth of our export business, we are increasing our broking 
strength and consequently require people of above-average ability who, after a 
thorough training programme, will be capable of achieving the high standards 
of negotiation and problem-solving required of our existing team. 

Candidates, up to mid-30's, with experience in one of the professions, or with 
3 general business background, preferably in exporting^ould combine 
personal Hair and evident intellectual capacity. 

Starting salary* negotiable: excellent benefits of employment and there are 
exceptional career prospects. 

Please apply to > 

J. H. Gladwin, Personnel Director, 

Hogg Robinson Group Ltd., Lloyds Chambers, 

9-1 3 Crutched Friars. London EC3N2JS . . 


APPOINTMENT ADVERTISEMENT 
RATE 

£14 per tingle column centimetre 



A top executive with broad esperience in the industry is 
required by a prosperous national building and civil en- 
gineering contractor.: . 

Initial earnings will ceitainly exbeed £30*000. and there is no 
dearth of opportunity. .... 

If you are interested please write briefly/ in confidence^ to 
Wallace Macmillan ref. B.31207. 

Tins appointment isopen to men and women* 

Management Consultants . 

Management Selection Limited 
17 Stratton Street LoriddaWlXSDB 


1. •- 


"V 



Switzerland 




Iftfldmgimiltfiwtiamil mnrTfrtingfanip any wi lih 

headquarters in Geneva, seeks a chartered . 
accountant. • 

know the company in an internal audit post which ia 

plflrmflri tnknyj fn aHnawrail mimflgnm gwipnHfc. Thiaift fl 

carpet anpombramt * wVrifih hag ' 

certain senior jinartirma rit ymHing ii pnn porfr irmamr*^ .- . 

Applicants should be aged over 25 and have qualified 
with a large or medium sized firm.. Those with 
experience or knowledge erf the fin ah cial problems of the 


knowledge of French 


be helpful. 


Tfte initial salary is envisaged aaaroubd £15,000 wife 
fiie appropriate attractive fringe benefits of a leading 

witematinnal mmpflny. 

The short list interviews are- to be held in London hi 
February. Please write in confidence for an application 
farm quoting reference MCS/1986 to Roland Orr. 
Price Waterhouse Associates, Southwark Ttowers, 
.88 London Bridge Street, London SEl 9SY. 


J 


BRISTOL WATERWORKS 
COMPANY 

COMPANY SEORETARY/SOLICrrOR 

J 

A successor*’ is required to the present Company 
Secretary who is retiring shortly. 

Applicants for the post must be qualified solicitors with 
several years! experience and ideally should be Chartered 
Secretaries between the ages of 35 and 50. 

The successful applicant will become a member , of a 
corporate management team and the duties will comprise 
legal, secretarial (including insurance) and adminis- 
trative matters. 

Provision for superannuation is dealt with by the Water 
Companies’ Association Central Pension Fund which is 
party to the interchange regulations with Local Govern- 
ment Funds and can accept transfer payments. 

The starting salary will be negotiable at around £11,500 
per annum and a car allowance and resettlement 
allowance will be payable. 

The Company, which was founded in 1846, is responsible 
for water supply, urider arrangement with the Wessex 
Water Authority, to 970,000 consumers in an area 
comprising the major part of the County of Avon and 
parts of Somerset, Gloucestershire and Wiltshire. 
Annual Revenue last year amounted to £12m. . 

Applications should be addressed to the General Manager 
and Secretary, and must be received by 17th February, 
1978. • 


NraRjUawi.' 

* «|T*h £18 T.-|«M.M2733flKM1 


Chartered 
Accountant 

Home Counties up to £7,500 


Our client, one of the leading international 
firms of Consulting Engineers, requires an 
ambitious and energetic Chartered 
Accountant to fill a new post of Deputy Head 
oftheAccountsDepartrnentforftsheedoffice, 
The person would be:-”' 

• a qualified accountant- ehheryoung 
and newly qualified or older but still 
self-motivated. 

• reporting to, and be able to stand in for. 
Head of D^artmentand would there- 
fore be expected to.beicome fam itiar . 
with allaspects of toe accounts work, 

• suitable and willing to be sent abroad 
forvisitsof2/3weekstosatupand/or . 
monitor accounting systems in branch 
and site offices. 


Apply in writing only, giving age and brief 
details of qualifications and experience to: 

A. J. McDonald, Esq, AXXA* 
Hays AH an, 

Sou tham p ton House, 

_ _ 3f?,Ktehtloibom, 

I London, WC1V7NL. 

TT^ Hays Allan, 


ASSISTANT VICE-PRESIDENT 
FOR WEST END BRANCH OF 
MAJOR INTERNATIONAL BANK 

THE JOB: The London, West End, branch of a world-wide banking 
organisation handles an increasing proportion of the British 
banking business of its overseas clients and is also attracting a 
growing corporate, professional and personal connection in its 
own right This growth and its continuance creates the vacancy. 

THE SUCCESSFUL CANDIDATE, will be aged 33-40, hold the Banking 
Diploma of the Institute of Bankers, have a record of achievement 
in this field, and be familiar with the duties of management of a 
branch bank handling substantial corporate and personal accounts. 
To have held management responsibility in one of the principal 
London branches of a clearing bank would be an advantage. 

THE REWARDS. The commencing basic salary will be circa £9,000 
p.a. and the fringe benefits include profit sharing and non-con- 
tributory pension scheme. 

APPLICATIONS are invited from, professionally qualified male and 
female bankers who should write immediately with full details of 
• their age, education, experience and current remuneration, arid 
state how they meet the above criteria to Box No. RD:4387 c/a 
Extel Recruitment^ Pembertah ..House, .East Harding Street 
London EC4A3JD. ... 

All applications will be treated in the strictest confidence but if 
there are any banks to whom you do not wish your application to 
be forwarded, these should be printed clearly on the back of the 
envelope. 




£ 


j 


(Stockmarkei Computer 
has v acanc ies for a Sales Executive 
SALES EXECUTIVE— MANAGER 
DESIGNATE to £8,000 -plus car 

Required: A time sharing sales profes- 
sional with a proven track 
record to the computer bureau 
industry, preferably in the 
financial field. The applicant 
wil l al ready be a senior sales 
executive with managerial 
ability and sufficient drive and . 
determination to continue the 
rapid growth in this Important 
Sec tor of ■ the company’s 
activities. 

■Vflr tether information please write to nr tninrSim,. 

A, EVtfra DIRECTOR. SCJ& Lunula 
CLERKRNWKLL ROAD. LONDON bS trip 
PHONE: 01-842 TBL& 


Answering Network) 

f"^ AppUcations Consultant • j: 
APPLICATIONS CONSULTANT*^ 

Salary to £5,500 p.a. 

Required: Customer Support Executive 1 : 
yltb direct experience &. 
revestment/stockbroking acflfr.. 

oes to Implement the SCAN 
system for new clients and 
support existing clients. Apph. 
can* should have , *3- 
knowledge of Stock Exchange 
procedures and be ablo^T 
communicate at P ar t Der 

Octree A1AN JgRFREY-a;^ „„ ^ 



■ 

- 


GILT-EDGED 


i established London firm of Institutional 
Stockbrokers requires an. experienSd Xs 
executive dealing in lone^ated 

peat - 

E.C.4, for the £?ndon, 

a covering letter listm? with 

not wish your replfto b^vj^rdid.* y ° U W0Uld 


Chief 

Executive 

£15,000 

finish dyeing ^ 

finishing plans Yoriuhh 

Applicants mutt have 
knowledge of tht 
bmven record 

2S^ Wons ,n rtricti 

SSSScJss. ,o - 








,:.Vv3’i iV— - - •aaiUMilW'- 











Tftnancial 'Times ' T^utsflay Jamraiy^l97B 




*«r - •- 






t 





,4- 

-4 

4- 


The UK Ifea. Conndlis ab^fonnediii 
promote the consiimption of tea in the UJ£* . ' 
and is supported by the tea-produ<±ig-coimfeies 



beverages is not essential but the successful^ 
candidate vnll fiavfe managed sizeable • 
advertising and PR appropriation^ either: 
product dr marketing management, or as 
account handler in ah advertising agency 


. jjc ui ca±io wou uieiiibg-v 

* - instance,for planning and controffing an - /-$>*: 


<■ i/i 


usingancipx^^:;:.. 
motional campaign that hag been recentiyv* .• 


.30 years of age will have .sufficient experience 
for the position. ■ . * % \ ■* v ; ^ 

■ Applications, with a detailed curri® 
vitae, should be addreSsd# thiSieT 

TheleaCoimdl^ ? ^ 

SkJc^Lyontfoiise (middlel 




m I' J'Ki.MDl.v 

m» »;« wen 

N U ii i\ \| h 


INSTITUTIONAL SALES " 

Oar clients, who are. a ihaSor firm: of stock- 
brokers, wish tp- jtppcwqt senior 

tlonal sales executives. They will be res- - • 
ponsible for marketing. high quality specialist ia 
research -to a wide . ranfie —of established 
clients. . ■ ■ * . . • >’ * . 

The successful candidates are likely to be 
between 28 and W,: and io have a degree 
or professiqnal qualRfeatiohr Xhhy: should, 
be able 1 to' demonstrate their ability 
market research J^wed .services, paitf cufaTy . ^ 
to insurance companies and pension funds . .. -z 
^Stafutg^aqd reward app&^at^fkely t® -be. In*®- ■ 
ing factors -and ■*o^^appora*n*ents t sbouRJ 
provide an excellent opportunity 4n ; a profit- 
able and ambitious firm., 

-jV. • •_■ ; . -/• 

Applications will be forwarded direct to q\ 
clients. Please indicate in ' a covering le^ 
any firms to whpin yon do not .wish to at 
Applications, in writing, quoting tvtj 
giving particutahs.’of career to’ date Jaould 
. bo sent to' 

W. L. Tait. 

Touche Ross .and .-Co*. 

Management Consultants, 

4, London Waif Bgffdings, 

London. EC2IS 


i 



Head of 
Overseas 
Companies 

£11,000— £13,000 4- car * 


A large British Engineering Groupw*«romb€r of 

overseas marketing companies irwttesBppicationa 

for a UK based appointment to run th^group’s 
overseas subsidiaries. ‘ ^ . 

Reporting to the Managing Directoc<»hdlaatBS 
should be professional^ qualified, haVfchad several 
years' experienced a manufactoring£gnjpany 

coupled with export marketing arid prcgt centre 


responabnttySome'SmQ abroad could bean 
attraction. ... 

Based taixindfon.sSteyfenegatiabletalherang® 
£11,000 — £13,000. A car will be provided and 
other conditiaffe are-in keeping with the statu re of 
theGroupb 

Reply io: PA Adverting Ref: l/KTBQiVFT. ■ 


International 
Sales and 
Marketing 

Officecopying 

'^.Nashua ■’ 


*Vv.-_Xjy 


; Nashua Corporation has grown 10 a^i^ibn of 


.■worldwide significance in thesate 
,-aijd supplies. Corporate sales oco 
, Nashua International handles all dis 
'Europe, Africa, Latin Americaand 
■markets; this represents an Import 
-turnover and profitability— and ah 
challenging potential. This is aneA _ 
— pointment, based at Brackr&rajp 
►General Manager of Nrahua 
b total responsibility fortfie d 
■ gatesto major accounts — roaiyofd 


copiers 


rsalesin 


; -t 7*t ■ 


Accountant 

- / 1 ’••..’Herts. .• 


. . ling Division of an 1 

group whk* has an outstanding^ 

. and profitability; Is seeking a Chlef i 
Thera are two factories in the DMsI 
. Factory Accou ntant responsibleiol 
Accountant, who in turn will hamf 
guidance from the Group Chi^Ao . 

The personappointed will bea merabwofthesmaD 
management Imiti and will assisttke General 
. Manager of the Division inassessfiwftlSflnancial 



multi-nationals — -through distributors in thfe area 
The requirement is for an international Marketer— 
both sbategist^rtd tactician — of outstanding 
achievement. Experience of the marketing of office 
equjpmentpartlcuiariy in the coding field, 
preferably Including major accounts and the 
use of drstr^utOrs will be particularly sought 
A highly competitttresalajy will be negotiated; 
there is a performance related bonus, and other 
-benefits typfeatof a major organisation. 

Pi^PmonnMSeiyk^Mi Reft SM32/629g/FT. 


Impficationsof. pew policies as well as taking 
responsibnify far firandal reporting, budgets and 
■ secretarial duties relating to tte operating 
companies .Applicants should have a professional 
accounting qualification, commercial flair and 
. experience In manufacturing industry. Benefits 
indude pension and group.lrfe arid permanent _■ 
health insurance scheme; assfetance will be given, 
with relocation expenses. 

Reply to: PA Advertising Reft 2/H1249/FT. . 


>■?. - V 

■ 

• :.t 

'■ .r 

. ... ,lk£oss specifically stated 
- ;allteeseappoinimerits are open 
equally tomen and womea 


PA Advertising 

Initial Interviews are conducted 1^. . 
unless othenvi» stated. Please sepd. 
comprehensive career details to-PAa 
quoting the referenda numberorrtht 
Replies, which should not refer to pre 
correspondence with PA, will befor 
direct, unopened and in confidence 
unless addressed to our Security 
listing com pan I es to which they j - 

Hyde PaikHoUsi 
- 


ung, 


{client 

>T 

jesent 


PA Personnel Services 

initial Interviews are conducted by PA 
Consultants. No details are divulged to clients 
without priorppfnvssion. Please send brief 
career detailaor write for an application form, 
quoting the reference number on both your 
letter and envelope, and advise us if you have 
recently madettfr'other applications to PA 
Personnel Services. i 


i Knrghtsbridge, London SW1X TIE 
?235 6060 Telex; 27874 




m 


m 


Accountant Seeking 



rvTfTED 




c.£6000 


Hertz Europe Lumted r equi re a C5iartqred Accountent 
to join the D^n^bnaTCfeiSrdllei^ Department m' : 
. their Eurupeauheadq^iart^ in West London. ITils is 
an ideal opportanityf^ amcently qualified accountant 


fertile effective running of H^finandal so&bl o£ & 
wtmpimy throughout Europe. 

He or site will inomiputer . 

related fina n c ia l systeana- exposure to both European 
and AmmcanBceountang ginciplesand a sound 
flpprpaMfttinn 

The successful applicaM-yriaaita able to demonstrate 
within a. ^ort praod potential ' 

as fHxjqiotaon oppoitunitiea aree^celleni. 

Phone orwrrteto;®^ •fiales,'TpfeM4m«i Manage^ 
Herb: Europe Luxated, MewollfiHoase, - 
G roat West Rowi, MkkfleBe£TW7 5JS 

Tal eyrf>ooe : 01-568 4422. . 


■ ■A.- ■ ■ 


International DeSion Making 

Financial Career ^portunities 

c£? 


•vv 


This quoted British group with wide UK ; 
spicuous. profit growm oofii internally add ,T 
quarters, located in die Southern Home.Comti 
staff intimately involved in the control and cre@ 


Prefect Analyst 


fix tire Finance Director’s area there fe a small team _of 
analysts identifying and appraiang business situations, and 
waiting on a wide variety ofprqjects. As a result of 
. increasing demandTar their services, an additional man or 
woman is needed. ' 

The dutjes primarily involve the mvesSgation and 

Awihi^itinyi pfrmirin»CT (t|ijvyt 3initi<>g i>T Wiimi ]ii>ta StboUJA 

and abroadjhat in addition there willbe involvement in 


; interests has achieved con- 
The corporate head- 
£ includes a high calibre financial 
idedsian making of the group. 

inancial Accountant 

^well -qualified yopng accountant- ACA orACCA— is 
juireato j<an toe staff of the Financial Director as 
ncial Accountant. Structured duties would include , 

. „ ilidations, the interpretation of overseas reports and 

racoounts, budgeting; long-term forecasting, financial 
myesggafions, tHe presentation ofinfijraation to the 
BotodSand a variety of other accounting assignments. 

I n addition, the position will embrace a rigorous 

and, in. direct contact with the 
corporate and divisidkjal senior management, also a 
practical interest in fraancial plarmiug, appraisal 
aadjftmding. 

.The successful candidate aged 25-28, wiD have at least 
3 yeaiyjxxst-quali^itig experience either in a major 
indu^hal company or in ope of the top professional films. 


functions. When dedacnabave been taken, there may well 
he ocraCT^forassjsfingmthfflrimplemehtaiicp, ajai ibis 
frran thin mat there could be substantial promotional 1 
opportunifies in either the finance or commercial functions. 

Preferred afee is 25-28 and candidates should havfl a ve & 
good degreeWobably numerate. Intellectual integrity and 
the ability tofermulate, present and sustain ar^tipini on 
■verbally and v.Titing are es sen tia l . Some relevant 
businets expedience ofeconomlcs or finance ‘ " J; ~ 
industrial enmonment is required. Bet 

\ Salaries will depend op age and experience, hut aredikely to fell into the 

V £6.000 to £7,500. There is a sensible relocation package in addition to normal 

V benefits &r a largecou^Jany. 

Ca n didates skmdd send a detailed career history io^e consultant advi^ngm- 
positions; quoting the appropriate reference number. ' 


The ahflity to prepare and 1 
diplomatically to all levels! 
together with good i 

-BSjOWPT. 


it an analysis dearly and 
it is essential, 
economic sense. 


age 


iese 


JWTBe c mttm iMitL&l:, 

40 Berkeley Square, London. 5 )¥XX GAD. 


i EXECUTiV-E (H2WIT^rasa£OIOt®«l(^ ; 


SellillgtD 


■m - 


TheNo-lCoinpang 


feuters progressive roa rte fing qf. a cl va ncecl 
computerised news and information services and 
continuous development 'of new products has led fo 
rapid expansion both in the UK and abroad. We are 
urgently looking for executives to ensure par growth. 
Ideally applicants shodld have experience in money 
or securities market operations, and wish io develop 
their careers in a related field offering excellent 
international and management career opportunities. 
An rnipres&ve sales record and a realistic grasp of - 
present and future potential in computer technology 
related to the finahdek markets w3i be desirable 
attributes. ' ‘ >■ ■ 

Annual earnings shou^be around £10,000 plus can 


Send' 

Rem 

cnOI- 

Applic 

confic 


Thesai 


li&jmvifti&fo Brian Haywood,. 
fExecufive or felephotje Michael Salomon 
>rEx£366 for an Informal discussion, 
c will be treated in the strictest 


REUTERS, 
f Street, LjmdoriECjP fjiJ* ■ 
Jeiepbotieei-jjj 7329, 
tisa2f-bouransmrmgstrvuc ) 

rare opentomale or femalo 


m 


‘At 


portu 




Ctif' 

Elt^ 1 


Due tolheir r^«qj»Mic^,aiir.di#nt a mqjor Pakistan Bat* 
rH3wtusopponumties»fwBflhkDffa3al5&i Huddersfield and ai . 
olt ier Jocatibirs Ih rbugttout EngtwxL 

Branch Managers ■ 

Candidates, aged ankrtfSbandetkidated to degree standard, 
must have gained atieast twfeyftitftenW^ 
management re^xwfiffitie, ; . 4 .- 

Bank Officers ' , 

C^mdidates,aged 20 -^n«lstbeeducaiedlodegreestandanlaoa , 
h^gainedalxehiithofbanlTO^ 

it is essfifTtlel itiat spplicwdsafpfluent hi Oldu and.tflha-. 


Teteshone . BijanTrewtte 

■L LosndOTtOl) 235 7030* 

- 




i.r- m 




.uv.-/ 


Aged 28-3|| 

Mayfair £ 8,000 — £ 1 0 , 00 ^lus car 

. Our client, a hoWfng company, who has raoved from the autbqfips; jsharehold^s, etc. The idea! candidate win 
red into the Wade, now requires a qualified accountant prese^f*b e Involved in the enertfetic and efficient 
to monitpr the activitic^of irs preseritand potential runni^ppf small compjah'ies,' with; a divergent and 
; ' subsidafTes.TTiis new pOsition wiU deal with senior profh^^entated perspective. THe ; rewards will. be equal 

Jnanag«ner»c trtthe subsidiaries, and involve itself in to thegfcjry real challenge — the,prospects, and the 
- . JiafecHt with banks, xhe cJJand revenue, grant-giving are original and -excellent. 

14 - • v • Mr&- Indira Brown, RetiSbOSJ/FT ■ • 

, .Male or female candidates should telephone in confiffifcoelor a Personal History Form to: 

. 4 . - : Loygpoij; 0^734 6852, Sutherland Kpuscfrj >^6 ArgyH Street, WU^ fiEZ.' ' 



Rxea#^.^tectmGk>asi^ 

aRMINGHAM, GLASGOW, LEEDS, LONDON, MANCHESTER, NEWCASTLE and SHEFREL0 







Controller 


Shipping -CHy 


£8*9000 + Car 


Our clients are one .of the largest British shipowners 
operating dry-and liquid carriers in association with a 
world wide group. The company directly controls 
some 20 ships, sailing underthe British Hag, with a net 
worth of 580m; turnover is approximately $50m. 

There is no$r a need for a Financial Controller, 
reporting to -the Rnancial Director, to take over 
responsibilitytyfbr all the financial aspects of control 
of a diverse r^nge of ships from the City head office. 

They are looking for a qualified accountant, probably 
a young AC&9A, to take charge in London, using a 
sophisticated 3 D.P. system based at an international 
head office. 

The successful candidate will need to display 
maturity, andftfeve the stature to work with a bright 
and thrustingFmanagement team. He or she will be 
experienced fecash management international trade 
and contracts^and tax matters. Operation of up to date 
control procedures will be necessary. Knowledge of 
the shippin£^ndustry would be useful but not 
essential. ' *? _ 

A pension scheme and life insurance are in operation 
and promotion prospects both in the U.K. and 
intemationallfiaFe excellent 

Please write iq.confidence giving concise persona I and 
career details qBbting ref. T843/FT to: J. D. Atcherley, 



Arthur Young Management Services . ; 
Polls House, 

7 Rolls Buildings, Fetter Lane, 


r S London £C4A 1NL 


Vr- 


MANAGER 

. * £' . . 

South Europe 

A leading financial institution in the City specialising in 
the financing of international trade requires a manager to 
expand the present portfolio of clients which are situated 
in Spain and Italy. 

The successful-candidate will probably be aged between-. 
25 and 35 andhave had at Ieast5 years experience in both 
the marketing of international trade finance and credit 
analysis. 

Ability to negotiate at high level, a flexible approach and 
the ability to work without dose supervision are para~ 
mount requirements. 

Fluency in Spanish and Italian is essential, together with 
sound educational qualifications, preferably up to 
graduate standard. 

The position will be based in London though considerable 
travel to Southern Europe will be require^!. 

A salary of up to £8,000 p.a. plus considerable benefits 
will be offered to the right candidate. 

Please write in complete confidence giving full career 
details and present remuneration to: 

WALTER JUDD LIMITED (Ref: K910), 
(Incorporated Practitioners in Advertising} 

1 A Bow Lane, London EC4M 9EJ 


Financial 

Controller 

Central London 


to £9,000 

pins car 


A U.K. process manufacturing company with a 
£30m-+ turnover seeks a controller for its London 
head office. This is a total finance role with 
emphasis on profit improvement, 'management 
information and control aspects excluding only 
tax, treasury and volume accounting. Recognition 
of personal contribution to profit couid include a 
future senior role in the quoted parent’s diver- 
sification programme. 

Candidates should be qualified accountants (of 
either sex) aged 2S-39, ideally with relevant 
experience in industry, including sophisticated 
accounting, control and reporting work. Familiarity 
with Price Commission procedures is desirable. 

For a fuller job description, candidates should 
write to John Courtis & Partners LtcL, Executive 
Selection Consultants, 78 WIgmore Street London 
W1H 9DQ, demonstrating their relevance briefly 
but explicitly and quoting reference 783/FT. 




CORPORATE FINANCE 

GRESHAM TRUST LIMITED are 
seeking an executive experienced in- 
aU aspects of corporate finance. The 
successful candidate, aged up to 30, 
■wfll-iiave bad several years* experience 
’ in ; the corporate finance department 
of a merchant bank or, possibly with 
appropriate training in a firm of 
solicitors or accountants. 

Applicants should apply, in complete 
confidence, with full career details to: - 

. - U L. J. Davies 

" . Gresham Trust Limited . 

" Barrington Honse, Gresham Street 
London, EC2 


» j 


\ - 









12 


Mnancial Management 
Consultancy 

>ndon Based £9,000— £11,000 + 


Over the last four years our growth has been consistently over 2096. Our aim is to 
become one of the leaders in the market for high quality consultancy and to 
achieve this we need consultants who can contribute the highest level of technical 
competence as individuals, and as members of multi-discipline teams. 

You will be a qualified accountant whose present executive position was earned 
by one or more of the following: 

• Managing a line department at senior level 

• Conducting the financial appraisal- of businesses, projects or joint 
ventures and directing the subsequent investment/divestment 

• Managing money for a large group or international company 

• Developing corporate plans and designing and implementing the 
supporting information systems 

(In addition there are positions requiring less extensive experience providing candidates have written 
and spoken fluency in French), 

Please write or telephone for an application forrn quoting reference T844/FT to 
Paul L Goodman, 



Arthur Young Management Services, 

Polls House r 7 Rolls Buildings, Fetter Lane, 
London EC4A 1NL 07-837 7130 Ext 444. 
01-405 1679 (Ansaphone) 


Group Business 
Development Manager 

Working at Board level this appointment is concerned with the strategic 
development of a wide variety of businesses internationally, acquisitions; 
investment policy decisions and group-wide planning. London-based, It 
entails considerable travel in the functional control and monitoring of business 
development activities worldwide. 

The company is a British-owned international group with turnover exceeding 
5250m. 

Candidates - numerate graduates in their early thirties - should be line 
managers with previous business development experience, embracing 
acquisition analysis, investment appraisal and corporate development in a 
major international group. The three immediate predecessors in the appoint- 
ment have all taken up a senior line management position within the group. 
The person appointed must therefore be able to demonstrate suitability for 
similar promotion, within three to four years, in the UK or abroad. 

Salary negotiable from £12,000; company car, re-location assistance and other 
appropriate benefits. 

Please write - in confidence - with relevant details to P. Saunders ref. B37362. 

This appointment is open to men and wonun. 

Management Consultants 

Management Selection Limited 
1 7 Stratton Street London W1X 6DB 



SENIOR INTERNATIONAL 
BANKING APPOINTMENT 
NORTH OF ENGLAND 


THE CU.MPANY is a major international bank. 

THE IWITIOX is newly created and is a senior appointment based in 
the .North West. It is an attractive appointment offering both job 
satisfaction and opportunities for further advancement. 

THE SUCCESSFUL CANDIDATE will probably be aged 35/45, will 
hold the Diploma of the Institute of Bankers or other appropriate 
professional qualification, and have had general commerial bank- 
ing experience at managerial level. Experience of corporate 
finance in general and medium-term lending in particular would 
be advantageous. 

THE REWARDS will consist of a competitive commenting salary com- 
mensurate with the experience of the individual and the res- 
ponsibilities of the post, and a comprehensive fringe benefit 
package, which is very generous even by banking industry 
standards. 

APPLICATIONS are invited from qualified male and female Bankers 
who meet the above criteria and would welcome the challenge of 
an entirely new appointment in one of the world’s largest Banks. 
Please write now to Box RD.43SS c/o Extel Recruitment, Pember- 
ton House, East Harding Street, London EC4A 3JD, including full 
details of age, education and experience, and current remunera- 
tion. The names of any Banks to whom you would not wish your 
application to be forwarded should be printed clearly on the back 
of the envelope. 


Afoung Professional 
foreign Exchange Dealer 


As a result of continued growth, 
■ne of London’s leading Merchant 
tanks is seeking an additional 
ealer. Candidates, who would 
robably be in their late twenties, 
hould have a minimum of4 years 
xperience in Foreign Exchange 
ealing and a sound knowledge 


of Currency Deposit Trading. 

Salary will be competitive, 
and is by negotiation. Additional 
benefits include mortgage 
subsidy free BUPA coverage 
extending to members of 
immediate family and non- 
contributory pension. 


TO APPLY PLEASE TELEPHONE OR WRITE IN COMPLETE CONFIDENCE TO: 
HUYC. HARDING. CRJPPS. SEARS & ASSOCIATES (PERSONNEL CONSULTANTS), 
BURNE HOUSE. 88/89 HIGH HOLBORN, WCJ. TEL: 01-404 5701 


Cripps,Sears 





Medaonic 


one of the worlds leaden in the fidd of car&cc pacing 
(pacstn&kezz} is, seeking pr its euntpean group of 
- •' • if companies an 


operational 
audit manager 


- (male or female) 

BASED in PARIS 


e high position within Our organisation, he 
dfreedy to the Director Ewrope-AfroiGddLe 
t. operations. 

He wBl be fidty responsible for the development of 
anrtud audit coverage plans, to accordance with guide - 
Una provided by die executive comtttee - and the 
Corporate Audit Department. The ca ndidate wBjper- 
form both financial and operational audits and review 
the interim control systems end procedures Candidates 
should have extensive experience in both financial and 
operational audits in an international en vi r onm ent. 

Fluency in Bn&sh is a mmt.Othereuropean languages 
on asset Career o pportunitie s available fora successful 
candidate. Bxtensne traveL 

Apply with CV, photo and ament earnings to 
AX. Van de Pare - Medtronic European Headquarter* \ 
Human Resource Department- 120, or. Charles de Gordie l 
92200 NEUJLL Yf SEINE- FRANCE l 

AppBcatiotuwSl be treated in strictest confidence. 




GUERNSEY 

CHANNEL ISLANDS 

ADMINISTRATIVE AND 
FINANCIAL MANAGER 


£ 8 , 800 — £ 9,800 


(HIGHEST PERSONAL TAX RATE 20$) 


The scares of Guernsey Electricity Board b seeking an Adminis- 
trative and Financial Manager reporting directly to the Chief. 
Executive of the Board, .to be responsible for all financial and 
management accounting, administrative services and a computer 
bureau which serves, both public and private sectors of the 
economy. He is also Secretary to the board. 

This post requires a good generalist with a professional quali- 
fication whose basic discipline is accountancy and would probably 
suit an A.C.C.A. or A.CJM.A. The undertaking is a email to 
medium stand-alone’ organisation with a turnover of some 
£5$ million but is interestingly complex as It covers generation 
and distribution of electricity plus a contracting service and a 
thriving electrical appliances showroom and of coarse , a- com- 
puter Bureau working to commercial criteria. .. 

Within the policy of the board the postholder is required to 
make his own decisions and act on his own initiative. He must 
be a self-starter But must be able to act as a member of a 
close knit management team. 

There is a contributory pension scheme and we would like you 
to be about 40-47 years old. If you really think you are good 
enough to do this job and want to work within a low ax, 
secure but independent community * . 


Why not telephone Mrs. H. Dunn on 04-81 23791. 
The closing, date for submission of completed 
application forms is 10th February, T978. . 


The Stock Exchange 

AssistahtTteasurer 


£6$00+ 


The Finance Department ofThe Stock Exchange has a vacancy 
in the City for a young, qualified accountant 1u assist id 
the financial management and control of funds. Reporting 
direct to the Treasurer, be or she will be involved in tho 
preparation of statutory and inflation accounts, cash 
forecasting, revenue and disbursements control and liaison 
with the management accounting function. 


The snccessftil applicant win preferably h ave experience 
in financial administration and basic computerised systems. 
Application forms and farther details ore available from. 
Mrs. F. A. Hills, Personnel Service, lie Stock Exchange, 
Old Broad Street, London, E-C2. Tel: 01-5882355 eat. 8123. 



The Stock Exchange 


IRANIAN 

NATIONALS 


TAKE YOUR ACCOUNTANCY 
QUALIFICATIONS BACK TO 
TEHRAN 


Melli Export is a major company based in 
Tehran and engaged primarily in the production 
of footwear and leather. Because of continued 
expansion we can offer excellent career 
prospects to Iranian nationals with a professional 
accounting qualification. Experience in the UK 
subsequent to qualification would be an 
advantage, particulady in industry or commerce. 
Attractive salaries and benefits will be 
offered, and assistance will be given with • 
relocation costs to I ran. 

. Please write, giving deteilsof qualifications 
and experience and quoting Ref. No 128, to: 


Mr. A. Cook, Grafton House, PO Box 214* 
LondonNW37DH. „ 


MANAGING DIRECTOR 


required for 

FAST EXPANDING INTERNATIONAL 
ISO CONTAINER LEASING COMPANY 


Position is based in East London but will involve 
foreign travel. 

Experience in container leasing and finance 
desirable but applicants with good all-round 
management experience with finance background 
at senior level will be considered. 


Remuneration will be commensurate with the 
demands of this challenging position. 


Write Box A.6238, Financial Times, 
10, Camion Street, EC4P 4BY. 




Financial Times Thursday January 26 1978 


• m 

Multinational Food Operation-ltaly 


W. R. Grace St Co. fna, one of the 
World's lesdmg multinational 
corporations, have an exceptional 
. career opportunity for a young 
accountant in one oftiiBtr Sufi- 
subsidiary companies “'Barilla 
S-p-A." based in Parma. My. .. 

Banda are toys largest - - . . . 
manufacturer of pasta and have 
consistently outsold all otherbrands 
on the Italian market for thelast 20 
years. The Company utOtsasaxtremefy 
modem technology in a highly 
automated, continuous operation 
and is expanding rapidly through 
exports and throughdiversffication 
into non-pasta food products; a 
programme involving a capital 
investment of soma $10 million is 
projected in the coming year. 

Such investment calls for dose 
attentionrto financial detail and the 
Company's management and 
financial controls are extremely 
sophisticated, makingmaansiva use 
of computerised management 
Information techniques; with 50 
people employed in EDP alone. 

We now wish to appoints Senior 
Financial Analyst to be responsible 
fortranslatjng financial data 
generated within the Company into 
meaningful business reports for * 
submission to the Grace 
headquarters in New York. This 
calls for highly developed verbal 
and written communication skills 

as the person appointed Win be in 
direct contact with the highest 
levels of management. ' ' 

The ideal candidate isseeh as single, 
aged between 23 antf26, wrtfi a 
background in accounting, - 
intelligent and aggressive, and-who 


wishes to make a career wJthfo a 
multinational organisation . _ , 

However, older, more oxp^rwnced 
applicants will be considered, 
especially those with the ability to 
atepstraight into the position. For 

the younger candidate, to" 

training in the analytical 

osedbythe Company will be given. 

Salary for this position and the 
benefits package will be 

completely negotiable plus 
normal Company benefits including 
transferable EEC pension rights, 
medical insurance, generous paid 
holidays, 13th month bonus sch am* 
plus terminal gratuity of 1 month's 
salary for every year of service. 
Parma is an extremely pleasant and 
cultured city of 180.000 
inhabitants atthe foot of the 
Ap pennine mountains, less than % 
hour's drive from the coast and 20 
minutes from the nearest ski resort* 
Although the Company 
language is English, applicants 
should either already speak Italian, 
or be willing to learn if the full 

benefits of this opportunity are to be 

realised. Once established, there 
will be excellent career 
opportunities. 

If you wish totaka advantage of this 
outstanding opportunity please 
send full career arid personal details 
to the address below. Short-listed 
candidates will be interviewed in 
London. 

D. Dowell, 

Group Personnel Manager, 

W. R. Grace Ltd., Northdele 
House, North Circular Road, 
Park Royal, 

London NW107UH. 


GRACE 




International Commercial Banking-Bans 


.A majoc French commercial bank seeks an Assistant 
to its foteriatipnaVLejal Advisee 

-This appointment; based. 1 at die bank’s Pans head- 
quaiters, will involve writing international business 
contracts and taking cate of all the kgal aspects of the 
bank’s foreign activates: 

Applicants, probably aged between 30 arid 40, must 
be professionally qualified with some 5-10 years' kgal 
experience on international financial matters. They 
should be bilingual in English and French. 

The salary offered will be between 100,000 FF and- 
160,000 FF p^L, depending on experience. Benefits ate 
those normally associate d with a major tank. 


Please write mmfaience with fall details to: 
Dtreaionch Carries, 

BP 704-0875361, . 

Paris, QdexQS. : 




Director of Finance 
& Administration - brazil 


This is a new appointment within our associate Brazilian Company- 

"MILLS ANDAIMES TUBU LARES DO BRASIL' 


The appointment rosufts from a reassessment of the Company's growth notemi*! an * 

sesesss - * ■“ p,Dft * *• — * k-sssast 


The post is based at Rio de Janeiro and will report to the Managing Director 
Applicants should be graduates and preferably hold an MBA or other newt 

fESST* membCrehil) a Phonal Account , 

Broad commercial experience should have been gained overa period of 5-7 < 

vantage, asWould ^Aing an 

A “ ptanninB and contro ' and 

APP B ™„g taw car** and educations, “ Q: U ' e 
T. Palferman. Director of Personnel & Genoral Administration 

GKN MILLS BUILDING SERVICES LTD 

Winchester House, 53/55 Uxbndoe Roed. Ealino. LondVn wlsst 



GKN-Britain's largest international engineering'group 


HCH3 FOREIGN EXCHANGE HEALER 


North Carolina National Barn. 


An experienced dealer age 27-31 m, aired to develop our 
1 I ChS,len8h,i! °PP»™*tr demanding 

considerable initiative. Usual fringe benefits. Salary dependent 
upon age and experience. P Ql 


Applications or enquiries to:— 

Bernard A_ FurJonger 
• Manager, Foreign Exchange & Money 
North Carolina National Bank 

» Gresham street, louden EC2V 7LE 
Tel: 01-600 0401 



FIRST-CLASS 
OPPORTUNITIES 


Available to ^ 
and expcrtanci 

perso 

Contact fia 
Brian Cognet < 



DRAKE 

AXOUNIWG 




hif motivating a 
with mi m mam 
vrflemi* required a 
auk tea 

2" wen*,* >rt'no 

'■JFJE 10 * MTT ««! 

in this area needed 
inv raiment bankers. 

•■a. Monica Grove 
"manta. SX, fiSM. 









Financial Times Thursday January 26 t978 




INTERNATIONAL 
ISSUES AND FINANCE: 
SWEDEN 

Sparbankemas Bank invites applications from well-qualified individuals 
for the following positions at ihe group office in Stockholm. 

INTERNATIONAL ISSUES. Dulles will include partaking in the 
arrangement of long-term international finance as well as attending to the 
bank's participation in the primary Eurobond market. The applicant should 
also be welt acquainted with international stock markets in order to be 
able to advise the hank's institutional clientele. 

MEDIUM-TERM FINANCING. Involves the arranging and managing 
of medium-term loans in international turrencies, and handling the bank's 
participation in similar syndicated loans. The position calls for wide 
experience, particularly in Eurocurrency credits. 

The borrowers in both cases will be mainly among the bank's Swedish 
clients. 

Applicants should, besides being fluent in English, have a thorough 
knowledge of Swedish, hold a degree in some suitable subject such as 
Law or Economics, and have had a number of years' experience in one of 
the above two types of international business. 

Sparbankemas Bank is the central institution for its owners, the 
country's savings banks. Now the fifth largest commercial bank in. Sweden, 
with a group balance-sheet total of 36,000 million kronor, it is undergoing 
steady and rapid expansion — both as a provider of all regular commercial 
bank services for Ihe owner savings banks, and on its own account Ihe 
clientele is steadily being extended among industrial companies and Arms 
in other kinds or business — with attendant expansion of the bank's foreign 
operations. Active participation in the rapidly growing Eurobond market 
has also been accompanied by a great increase in foreign security trading. 

■On account of special circumstances, applicants are asked in the first 
place to telephone (reversed charge), if possible before January 31, either 
to Winston Hakansson (International Issues 1 or Tomas Hammar 
(International Financing) in Stockholm at OS 762 1000, and send written 
applications later to Sparbankemas Bank, Person ala vdelningen, S-105 34 
Stockholm. 



Telex: 19505 spbank s. Cables: Unionbank. 


<■ • j- r' 


* /’ 

,'**i : 


. t. $■ 

: ■ i 


t ■■ 


••V 



RPMartin & Co limited 

are looking for really top class brokers 
in currency deposit and foreign exchange 
to work both in London and abroad. 

Write in confidence to 

The Personnel Director, 

R. P. Martin & Co. limited, 

36-40 Coleman Street, London, EC2R 5AN. 


AIB 

Aje 25-30? Finished your AIB? Or 
nwly? Always worked in a Bank 
IA far and not really thought anyone 
aha needed AlBi? 

We do! Wc install computer systems 
for International Banks, mainly in 
London, but we do have a New York 
office and interests in other areas. 
We have a current need for two or 
three additional people with soundly 
baaed banking knowledge co join our 
Coniultanei. We will soon organise 
some computer experience for you 
and then you can help ua in talking 
with Banks about Foreign Exchange 
accounting and the like. 

Salaries in our business are very 
attractive and you will receive a 
substantial increase over your present 
salary from the day you join followed, 
of course, by regular increments. As 
well as Irarmng about computers, you 
will ran Idly enhance your own banking 
knowledge as you deal on one project 
wish an American Bank and on the 
next with a specialist Eurocurrency 
Bank. Promotion prospects in this 
expanding company are excellent. 

Why not explore this opportunity by 
writing briefly about yourself, in con- 
fidence and without obligation, to Mr. 
S. Smith, Director, BIS Software 
Limned, 55/56, Lincolns Inn Fields. 
London, WC2A 3LJ. (He was in a 
Bank for ten years himself.) 

AND NOT AIB 

We have some other specialist needs 
and «f you happen to be strong on 
Eurobond Accounting, or Bills and 
Letter of Credit Accounting, we would 
like to hear from you. even without 
your AIB. 

And if you happen to be a computer 
programmer or systems analyst inter- 
ested enough to read an advertisement 
headed AIB then we would like to 
hear from you too. 

Apply as above. 


TRANSPORT & ^ 
WAREHOUSING 

CONSULTANCY 

Expandng firm working t!\ over 
Britain and Comment requhos further 
consultants with specialist stalls, 
numeracy and practical experience ire 

• ^Warehousing and handling 
systems. 

• Transport and detrixrtion 
_ systems. 

• Market research m the 
transport industry. 

h is m&fcaiy that lhoes less than 30 
years old m5 have had sufficient 
experience lor these posts. 

A base knowledge of hahan. French 
or Gasman would bee drama 
advantage. 

Write in confidence, ‘.vith delate 
of experience. qtaSfieaticns, present 
salary and age to: 

The Managing Director. 

M.M. Distribution 
Consultants Lid. 

Church View House, 

27 High Street. 

Glastonbury. 

Somerset BAS SDR. 



technical P 

aHTED BY ARTHUR BENNETT AND TED SCHQETERS 


13 



• MATERIALS 


Tough plastic is 
easier to mould 


# HANDLING 

Gives a 
straight 
lift 


Hwdrewtitie 

Simply the best industrial! 
and construction site compressors) 



Redd itch Tel: Redditch 25522 


Lift is by four single-actjn: 
rams connected in purallc. 
enabling the loader to lilt 


PROBABLY THE most important If graphite and ptfe are added, «- ATn Tr , . 0 „ onrpnt in ™ \ ‘YJi 

characteristic of the Torlon high a particularly low coefficient can n^fl'nn/r.nd loaders u Rl< L' m ?. lr . es jJ!? d 2,1^? frnm th 

temperature resistant engineer- be obtained, down to as little as Sr 1 ‘E 1 * agricultural he,eht 'u I 5 ls ,i!f V^JL* v5*n 

ing plastic, now being launched 0.08-0.02 on the same basis. uv.Ttit tra « Dr . hydraulic ”5f n b 

cl^^ii^ingoffe^Vr^ap^ in" Sg° 

=wrar m zsrjrsa&rtiL 

parable materials still need to temperatures in situations where describe lbB usual ^ m 


cor 
_ ram 

from the secon 

service available o 

the most tractors. This unit provide 


made by Amoco, retains its most to high temperatures over a tractor. The loader _ comprises tilun... cro d. '. S ' ■ 

important engineering charac- period of time, as in the food t jy° ,D3in and dipper, anu 

teristlcs such as tensile strength industries, are a case in point. the main m,lVM tnroush onl\ 


APPOINTMENTS 

WANTED 


INDEPENDENT FEMALE 
SEEKS EMPLOYMENT 

She if warld-cravelled. glamorous, 
numerate. with initiative, seer, skills, 
Latin languages, plus top-level experi. 
ence in various fields. 

Write Bor A.6234. Financial Timet. 
10. Cannon Street, EC4P 4bY 
if you con offer a tultably 
ret port able opportunity. 


Coating with glass flakes 

ANTI -ABRASION and anti- is mounted on a mast, cnablin 
corrosion coatings of hammer- it to operate in four drums, 
milled glass flakes suspended in is raised and lowered pneumatc 


be handled by much more resistance^ solvents Is^a major This geometry enables the trolled by two double-aclin 

expensive manufacturing methods advantage loader to attain a height or o operated 

in the main. Non-lubricated bearings in ™etre^ while only moving out bydraul.c 

Torlon, a polyaraide-imide plant where products are exposed uj™rnmr 

Details from the maker, Ferr 
the main moves through only a vale Engineering Compan: 
up to temperatures of 260 deg. Polypen'cfT also “suggests high small arc. A parallel motion link y v ??“ Bd G !j st gp 

C or 500 F. which is double the performance seals, valve and outside the two arms keeps the Ebbw Wlc. '-.went NPJ 

temperature at 'which engineer- compressor parts, as well as pis- attachment horizontal. 10435 J. alibi- 

ing grades of nylon -begin to wilt, ton parts and bearing cages as 
Compressive strength and other applications. »n«x*e , eeiur' 

Impact resistance are exception- For structural, electrical and 0 rROCtbaiNu 
ally high and the stability of electronic applications. the 
the material is remarkable, ft company is offering Tbrlon 4203. 
has onc-third the thermal expan- This has the same basic physical 
sion of nylons and is extremely and chemical properties as the 
resistant to gamma irradiation, material described above with 
Chemical resistance is offered enhanced electrical characleris- 

to most aggressive hydrocarbons tics. u , lllcu . .. „„„„ 

and most inorganic salt and acid The intention is to provide. „ 0 | yest £ r rcsin can ^ applied to allv. 

solutions while electrical per initially, semi-finished Torlon inelal a sys tem developed After initial mixing. lh 
formance is high. shapes for machining. as w r ell as y enus p ro ducts Inc., in the material is kept in continuot 

In the untreated sute the fully-finished components ^ and now available in this agitation by the buncholc misc 

material has a low coefficient of More on the engineering plas- countrv _ a lightweight air-powered uni 

Frirtion. typically 0.2 against ■] Uc som Polypenco on 0,0,3 The ^‘ Qilkl;s are thin particles The saturator provides mete 
widely used carbon steel. But - 0 f g j ass (n0nJ i na i thickness ing of catalyst and resin, furtht 

4 microns) produced by hammer- mixing, and low - power? 
milling glass and passing it hydraulic pumping. The latti 
through 1/32 or 1/64 inch screen, is important because the gla* 
Mixed with a suitable resin and flukes can entrap -air in the mi: 
correctly applied, the flakes which is difficult to roll out- 
form a “fish-scale" barrier coat entrapment is kept to a mininiu' 
for the inner surfaces of steel with the low-pressure hydrauli 
tanks and pipes. system. , . 

Because the flakes are abrasive For this material, the maclur 
and difficult to mix with the must be fined with ahrasiv 
resin, special equipment consist- resistant needles, seats and pad 
ing of a high shear mixer, bung- ings and a special tungstd 
THE POST OFFICE has an- equipment marketed by private hole mixer, and a saturator spray carbide spray nozzle. The un 
nounced the development of a companies, like Telephone Rent- unit has been developed. can also be used for sprayin 

piece of equipment which is als and Reliance (GEC>. Before The high shear mixer is neces- standard glass bore reinforce 
aimed at attracting the custom the board was developed, deal- sary for even distribution of the resin. 

ers used Post Office equipment flakes through the resin. It is Marketing in the U.h. is fc 

driven by an explosion-proof CT (London t. 3, 

2 hp motor, with rpm control London, SWIW 
from 1,170 to 2,520. The mL\er 1304). 


COMMUNICATIONS 


Fast access to many 
telephone lines 


Hobart Plat 
0 HW ( 01 - 2 J 


STOCKMARKET PERSONNEL 

REQUIRED FOR 

GROUND FLOOR / FIRST FLOOR OPPORTUNITY 

All training given to enable rapid progress 
within aggressive organisation providing a 
complete range of financial services to non- 
discretionary private clients. 

Salary range £6,000-£IS ? 000 calculated on profits 
related basis. 

Write Box A.6237, Financial Times, 

10, Cannon Street. EC4P 4BY. 


CONTRACTS CLERK 

A medium sized City based firm of stockbrokers 
require a contracts clerk. The successful applicant 
can expect a good salary plus bonus and L.V.s 
Please write Box A.6236, Financial Times, 10, Cannon 
Street, EC4P 4BY. 


ACCOUNTS MANAGER 

C. £6,000 P-A. 

Insurance Brokers/Lost Adjuster* require a versatile Person :o deal with all 
the usual accounting functions associated with a small expanding professional 
company. 

For o discus', on in confidence contact;— 

Tony Ovens or Chris Barnet, 

IPS GROUP. 

Uopds Avenue House. 6. Lloyds Avenue, London EON 3ES. Tel: 01-5BB S7P2 


of the jobber and stockbroker. . . 

The “dealer board" provides to u interconnect with public ex- 
brokers with push-button access ch “* e hn . es - “ d _ pnvately 
to a large number of phone rented equipment for private 
lines, both private circuits and 

outside evrhanpp lines the need for ^ nvo systems. 

outside exchange lines. A spokesman for Telephone A HAND TOOLS 

It is essennaUy a refinement KentaJs said whUe PO • nMI1U 1 

of the present key and lamp n0w ba( j ||j e edge j n Qj e m arkeL 

system, which was itself deye- he expected that both systems 
loped by the Post Office in the would continue to be used. 

fifties to cater for the specialised The manufacture of thp boards . . , , 

needs of the City— though it has will be largely done bv small PAINT, rust scale and other un- whipped off without scoring tk 
since found a wider application, electronics “companies, assemb- wanted coatings, even barnacles substrate. The loose muuntir 

The advantages are that it is ling the equipment from a kit 1,311 b * removed from wood, also prevents any dogging uf tt 

semi-electronic, p u s h - button, of components according to Post masonry, plastics, or metal, with- tool. 

faster and more reliable, the PO Office specifications. This repre- out damaging the surface of the Typical applications ran,, 
says. . sents a break with the establish- base material, with the aid of a from stripping household non 

The equipment which has ed practice of specifying 3 de- fool called the Roto Stripper work and wrought iron,_ in pr 


Whips off old paint 


been on limited offer for some sign, then giving a contract to developed m the U-S. by the paring car bodywork and desca 


equipment 

{months, has already attracted a large electronics company for Thompson Tool Co.. Inc. ing boats. Curves and othf 

I £2.5m. worth of orders. Post its manufacture. It consists of sets of carbon shapes are accommodated U> \Y 

t Office executives believe that it The Post Office is thought to steel wires loosely mounted flexible fingers. The attachmei 

can win a significant place in have switched to this system be- between two plates on a { inch can even he used for strippir 

'export markets, especially in cause of dissatisfaction with de- shaft, enabling it to be mounted paint from window frame 

the Middle East. lays from, its main suppliers, in any electric or air motor where a blowlamp may break y 

The board will compete, with JOHN LLOYD driven hand drill with a i inch glass. Industrial and DIJ ve. 

chuck, and operating speeds sions are available. The finget 
between 1600 and 2500 rpm. can be resharpened with a £ 

DATA PROCESSING Tfa e I° osc mounting of the or grinding wheel. 

VFi I M rKUVC9Dlnu wires (or fingers) gives a c.ush- Marketing in the U.k. is b 

ioning effect which helps regu- Bowray Products.^ 54 Barti 
late the contact pressure, and Close, Leversiock Green, Hemi 
allows a surface coating to be Hempstead, Herts., (0442 51327 


COMMODITIES APPOINTMENTS 



Managing Director 
Metals 

London 

ATrcding Cnmrenv cper.ijmg m the held cl soil commodities 
on-.l nt-atalj. requiies a MANAGING DIRECTOR vvlh the 
emphasis of backoiound and expertise in non-te»ious metals 
bridiiitj. iho L.M E. and Conie.x. 

The peison appointed will h.i\e had manjriement 
resDonsibiiih lor the performance ot a trao.np aciivilv and vjIIV 
Tuc-o li.ive had suL&.inicii c!ien; contact. He site may have had 
e.ipc-nence on the metals desk at a senior level as Jn Account 
Executiv e in a Commission House, as an Executive with a Ring 
Dcdi-i'O or Non- Ring Member of the London Metal Exchange, 
cr efcewbere in a senior metals trading function 

He sue mil be responsible lor controlling and motivating 
Ihe 'r.tdmg team.The clvillenne wiH be to develop fully flic 
po:en!Mi of a t:rsi class company with world wide producer 2nd 
cu.il coriPccuons. 

Tno en\ ;j uned age range is 35— ct? rnd the successful 
ca.'Mid. !i<’ >i.H re.; or. .? .> suL'Slanful bafiv n ego I /able wi:h 

P irf'-: ipjlicn in /esuiis ct the rvjrlorm:ince of the company A 
car and benei'isivt! bo prov.cicd. 

in the first install.’ e p-easo coplvti Graham Stewart of 
G.'-nnodilv Appointnienh: L;r:i.:od 1. bo \v;J supply further 
>• . i-n mtormatiCii arid w:fi aranao n i;*--: views in complete 
CO'-fider;-; 


Egmorrt House 116 Shaftesbury Avenue London W1 
' ' ' Tel 01-439T701 .;o-. 


n 

-4 


Sr. fnterimtionul 
Trader 

Major U 5. international company seeks person 
with extensive trading experience in raw 
materials, preferably in coal or petrochemicals- 
Position requires heavy European travel and 
ability to effectively communicate in English and 
French. Ability to communicate in German also 
desirable. 

Promotion to European Sales Manager opening 
within one year available tfe successful applicant. 
Please submit a complete resume with salary 
history and requirements to: 

Box F 596, Financial Times 
10 Cannon Street, EC4P 4BY 
Equal opportunity employer, m,'f. 


MARKETING 

SUPERVISOR 

— IRON POWDER. ILMENITE ORE — 

required for its European, Middle Eas: and North-Afriran 
marketing operations, with location in Frankfurt 

fay 

QUEBEC IRON AND TITANIUM CORPORATION 
SOREL, P.Q., CANADA 

The ideal candidate is 30-40 years old. has a technical background 
and experience from international marketing of metallurgical 
products, fluency in English and good knowledge of German 
and/or French as well as a dynamic marketing approach. 

Please respond in confidence tc: 

the Managing Director 
SORELMETAL Beratungsgesellschaft mbH. 
Westendstrasse 8 
0-6000 Frankfurt/Main 1. 

Telephone: 0677 - 72 OS 86. 


Supercharged mini 


ft MACHINE TOOLS 

Multi-head tube saws 

^ss5 t ™ ksm 


LARGEST mini the Data General 20 and 60 users, are scheduled 
Corporation has developed to for May. 

date, the M/600 has processing To cater for such large 
power in a number of important numbers of users, the machine’s 
areas equivalent to IBM’s 14S. data management facility permits 

but is aimed primarily at the data which has to be acted on ni'cirwn rnp tuh^ miiic vnd puttin° hpads arp offered with 

^ ?S cWy L° “ rales high ‘Se Trs QMubS, .uSh *S*$ 

1 S eS 0 ™r har ' 8 ;- multi-access, Hhu . characters per second, ^“tSauS pipe, tubular furni- 5.5 hp, and a choice of blad 
! 5 ° pe nf f and f!; B b ?i en ‘wc"” 4 lhree lure, scaffolding, and camping speeds from 40 to 4S0 metre? 

I Jf n ™ C . C lIri Pl i^ n K apP ^ Rations which ti^es as fast as most current e q U j pm ent manufacturers, is a minute. Clamping is doubl 

speed computing nun^ mass producSS tiibe saw hat in sided for burr-free cuts. Cuttin: 

and extreme reliability. The machine also has a paging the f 2 . head version can cut is on the upstroke. 

The company estimates the * rr J?^“ ent 18 mm o.d. steel tube at a rate A 4-lon capacity hundi’ 

value of this market sector will „ Das . tr e eitecr appar- 0 j Qver 20,000 pie'ces/hour. loader is fitted with automat i 

rise to something like £500m . Providmg a much larger Thi L unmaiblh* and rejection 

. over the next two years and has ^ ^ actu ^y f f ““ lu a ad rt a J ld '; , F badly bent tubes. Dischars 

developed its new equipment to “*t ta ]J, ed ' T | )1S ,s done to en^ir- |y o .* ub ® s height is 1100 mm for easy palli 5 

1 meet the exacting- requirements ?. n ^ currently needed ca P^ e KeepiHj, pace ig^ng 

i of users in this sector. P ro .° rara pages ’ are kept in a * The machine is electr . 

1 - , m main memory, the remainder mill. A major advantage is the hydraulic wbh centralised elp 

®,H rr ?™ 8 from , practlce 1D be '°S stored on fast access abiJl ty to produce different com- fric^ hvdrauli c 3 2 r S 
uch larser comDUter svstems. 1 j nnnmr ojuraunc anu miLro-tc 


marketed by th 
Strawberr 
Willenhali. Staffs. (09C 


I INSTRUMENTS 

Quick check on loading 


International Rccmlt:TwniS;>«^i^istefo^th^^CorrKT(odi^r Uarkets 




c.c: 




nu. 1 -* 


drnwTiy’-. ^ 


Corrrr.c3iT> Appc ntrriajr.is 
cCinGr.fftGu-:.?, 


SENIOR TRADER— EDIBLE OILS 

fc Senior Trade- witli C:rer»r patens'. il 
and vegetable a; i b>:k;ro-jnd teqai.-cd 
to expand Ed. Tie Nuts D'.u’on 

al lonj; e'.tsbi‘ihrd Merehaatinj He-jst. 
Sj^snn:>al Saji: salary ,n3 seneSts Sy 
ncpa:u:ia*i. 


;■ tic irie^ect-jof Axcnuc 
Lonacnvr, 


01-4391701 


TRAINEE L3I.E. TRADER 

required by dealing member. The cpplicant should ideally be 
aged between 17 and 21. Previous market experience is noi 
required. 

Pheuc R. J. Wylde. HENRY BATH AND SONS LTD, 

29, Market Buildings, Mincing Lane, 

London E.C.3. Phone 01-626 198L 


SStly 11 speeds 6 operations *^nd extcnded Basic * f L/1 and the maximum diameter is 60 mm. Lane. 1 

sssrssitssi s sc sxss and od one tube - 90 o,m ' The 6iiii >- 

i c ® m P uta ‘ ^re available to allow M/600 to 

; HtL-- ralllCr 111111 ^ etc ^ cany communicate with other Data # OFFICE EQUIPMENT 

^ general computer and with IBM 

Machine number two off the compatible systems. £1 T "d. 1 * 1 

; production line was put through A basic machine would cost I . llTIlT^ rilllTlP' 

its paces in London this week just over £100.000 running-up to *. UllUg 

j connected to“ five^termSal^fn miJim fa?niti?s. M/6 °° ^ ** D,odificat . i t on tD f P° inted out ^at certain businei : 

■ four days. First deliveries of More on this new venture from " EEC rf, " c * ,ve v on un,! * °] «t.u>pnient could not comply wit 
! * StemS ' Which - 111 between Data General on 01-57S 9231. foT 25d d B!r ! a»rf- uppe^ . 

industiy by Mr. Richard D. lower base; not both. 

Harington, director-general of After consultation, the con i 
the Business Equipment Trade mittee of Government experi', 
Association, negotiating for accepted the point and agree 1 
Eurobit. the Association’s that the International Slandar : 
European federation. — ISO 2955 of March 1, 1974- 

% Initially the directive had should be given the same leg; 
jAKGl-UEKTS about Ibe over- sary for the driver to put the decreed that symbols for Sr force as the directive, thus allov . 
I loading of big lorries in which wheels precisely over the centre I System e Internationale) units ing alternative methods of e- : 
• drivers, depot managers, the — even with gross misalignment of measurement must be ex- pression. This is believed to h 
j po uce. local government officials the error is only 3 per cent., due pressed in upper and lower case, the first time that an IS« 
laud others might all be involved to the method of placing and In his representations to the. Standard for industry has bee 

■ at one time or another can be taking the signals from the foil Commission, Richard Harington accorded the force of law. 1 

i settled on the spot with a gauges. ! 

| German-made “ portable weigh- Cables from the pads are taken 
j bridge '* just introduced into the to a roadside electronics box 
[ U.K. by Setpoint. housing a small digital display, 

I At a recent demonstration in and t | le figures can be repeated 

London, two men arrived at the on . a lar S<?r filament bulb matrix 
! test location in a two litre estate umt " i,h Ssures about 300 mm _ _ 

back "and Inulted^unth^rud Se^eqSipmem’ an ^btafned" C00KJ I NG equipment for cora - p 1 * 1 * conking .suite. Among th ; 

surface in about ten mfnufes from the b a«ery of the vehicle meroial caterers and industrial latest units is a 6-burner S a 

Weighings were * then made * of in whkh the equipment is canteens now being shown at the .^S y min" h tli™tPr n- lf c ke - bi 

hca,T iSods ^vehicles to a J® «*• file. International Hotel and Catering 3 W 

claimed accuracy of one per cent. . ^ axle *J®PP ed . ove J Exhibition at Olympia, London. ove n which is heated hv P *!?i t ' 

! The pair of weigh pads are ^bTfpS^ST » C o’ kjh E ‘ and Son ^nteT^ermS'ca^ 

' placed so that each wheel of an g to 6 mphl this becomes 3 per nrS n „ new y ‘ desisned enUs ' trn,led burn ers. 

3vi.</nrir M - a . th, ^ : 2.“v°'. i,us u fcomes o per convection ovens. pressure 


• CATERING 


Equipment for kitchens 


The exhibition remains opc- 1 

npr _ until February 3. G. F. P : 

H The units have been designed Bartlett's head office 



COMMODITIES APPOINTMENTS 
VACANT OR WANTED 

APPEAR EVERY THURSDAY 

For details contact : 

STEVE NEVOT 
on 01-248 8000 Ext. 591 




axle/pair passes over the middle with the pads sunk into ~"’ ectlOQ , v ovens, pre« 
of each pad. Dimensions of each g? road “ rface tn * more per C °i ers and boiJins tah,es ‘ 

I pad are L250 by 510 mm (the m^nentin^talfation vehicles can Tf ? e have been desi„ „ 

'longer dimension at right angles be driven over them at SO mDh s ?. 11,31 ^ey may be used indi- Maylands Avenue, Heme! Hemr 
and they stand ff ffSlfS machine fddTup or linked a stead. Herts. 0442 64242. ^ 

f iT^,^I 03 v, fay a 010 successive weights of axles 

5hHv < ifj , mJS etres ' P 2. l3b J e - he ?7 y 31111 displays the total. 


duly ramps are used to bring the 
wheels 


Applications are expected 


wheels gently to this heignt as where it is necessary to prevent 
• « T0U1 overloaded vehicles from starting 

I Can gurneys, and where approaches 

i - je £ ccom j?? dal ® d - to certain sections Of road rnusL 

The pad is a high tensile steel be restricted. But is also 
plate with grooves cut into its obviously very suitable for check- 
i length in which 16 bonded ing by police forces. There arc 
1 sera in gauges are fixed, in an un- now 100 successful installations 
[revealed configuration. The plate in Germany and the company ex- 
l is supported at the cuds and pects to make U.K. sales an- 
, deflects at the centre as the nouncements soon. Price is about 
, ; wheel passes over. It is hot neces- £5,000. GEOFFREY CHARUSH 


electrical wire & cable? 

. Mi 

Thousands of types and sizes in stock for immediate delivery 

*NO MINIMUM ORDER •NO MINIMUM LENGTH 

LONDON 01-5618118 ABERDEEN«m)32355fe 

TRANSFER CAU CHARGES GLADLY ACCEPTED 7 

2J Hr. EMERGENCY NUMBER 01 6373567 E*i.<Q 9 






14 


F&KHicfctf Times TKWs^ 2© I97& 


Controversy delays Austrian nuclear plan 


BY PAUL LENDVAI IN VIENNA 


NUCLEAR POWER has become £870m.) or 12 per cent of the 
an important political issue in aggregate visible trade deficit. 
Austria. The country s first ij^g shift from coal to QiLand 
nuclear plant, with 730 MW j^hn-al gas coincided with the 
capacity, at Zwentfindorf in exhaustion of available reserves. 
Lower Austria should have gone Known oil reserves will be 
into operation in mid-1976, yet exhausted in 12 years, those of 
now it is uncertain, whether the .natural gas in six years and 
plant will go on stream even by g^gn coal deposits, on present 
the end of this year. In view oE assumptions, will be worked .oat 
the latest developments, pessi- j n aome 16 years.. Imports 
mists no longer exclude the pos* currently account for 71 per 
sibility that the plant will not ren t 0 f the coke and coal, S3 
operate at full capacity until. per ce nt of the oil and 55 per 
after the next general election, ceD t. of the natural gas con- 
due in the autumn of 1979. sinned by industrial and private 
It is against the background of consumers. Only the demand- 
a steadily widening gap be- for electricity can still be 
tween rising domestic demand covered from domestic 
for energy and dwindling re- resources, 
serves of crude oil. natural gas, Uvdro-electric plants^ cur- 
coal and hydro-electric potentwL rently satisfy two-thirds of 



ZWENTENBORFnf 

1 NUCLEAR PLANT k 

N* 


Krems ^Vstockerau jnn 







Kapfenberg^' 

o waes ja^ V 






. tatlves of the unions and of visional pilot operations at 
industry, have spoken out in Zwentendorf. 
favour of nuclear energy in Clearly the Chancellor is con- 
general and of putting the plant cemed that opponents 
into operation in particular. nuclear power could' tip the 
Savings 'in fuel costs com- balance at the next elections, 
pared to a y coal or -oil-fired Similar considerations influence 
thermal plant are put at Scb.lbn. the 'tactical moves of the party 
per annum. On the assumption leaders in Vienna, where muxu- 
of a 20-year period of operation eipal elections will be held 
based on current prices, the some time this year, . Never- 
Government report on nuclear theless, the editor of the influ 
energy reckons on aggregate ential Die Presse, Dr. Thomas 
savings of 5ch-22bn. compared Chorherr, voiced the increasing 
with the provision of the same irritation of informed public 
volume of energy from imported opinion when in a recent edi- 
soHd fuels. The report . also torial he sharply attacked the 
stresses that Zwentendorf is politically motivated equivoca- 
one of the safest nuclear plants tion. displayed by Ministers and 
in tbe world, since two decades opposition leaders. ** Rarely has 
of experience collected by other the difference between what 


countries have been embodied politicians think and what they 

that the arguments over the f cent, but only 5;7 per cent advocates of nuclear power and in i L say been so obvious as in the 

minlaii* flOuinr domesh^ demM^for electricity between now and 19S3. those who point to such hazards Yet despite a full-scale infor- case of Zwentendorf," he re- 

for 

Parliament 
th» subject 



first nuclear power plant — and but about two-thirds of avail- 
j 

pro, 

tion last year increased by only £ e xt ten years: hydro . stations could be reduced to 4 per cenL, the enrollment, ” ot only f Un S tangled' up with the poten- from the election campaign. 

3 per cent, as against the origin- W jth an installed capacity of Austria would need no nuclear “P J“ e <»mplettan ^ tisd.v force of publie opposition 

ally projected 5.7 per cent 3 .000 MW should help to Power. The energy programme Zwenten^rf but also indued to* nuclear power. In contrast Poll ft pal feaTS 

cannot change the basic prob- improve the overall situation, of Dr. Kreiskys Sociattst the < Government coscrap for toe toHbrr Anton Benya, the blunt rUUUtdl ie<Uh 

lerus and the long-term treads Government in September 1976 *«*• being farmer nuclear trade union leader, and even the But most politicians, begin- 

reflected in a growing depend- provided for the construction of fPlaot projects. -Thus it is no VicfrChancellor and Finance niog with the Chancellor, still 

ence on imported fuel. The pro- Wirrlrn-nAWor three nuclear plants with an longer certain that in the fore- Minister. Dr. Hannes An dr os ch, fear to throw their weight be- 

portion of domestic demand met iiyOrU pOWci installed capacity of 3,300 MW seeable futu re new permits for Chancellor Kreisky, who lived hind tin'*! specific project: 

by imports has risen from 47.9 Original projections of the b V 1990 - * or ^ years, jis “The basic danger of the world 

per cent, in 1965 to an estimated Institute for Economic Research The first plant at Zwenten- D , f ^ sn ^~~ ra ^ keenly aware of the explosive energy situation is that it could 

64 per cent. last year and is envisaged that by 1990 hydro dorf should have beerr- on stream ? ...Vr 111 urm plans _ exist ior political implications of nuclear become critical before it seem& 

expected to reach SO per cent, plants would be "able to cover "at the latest” by the autumn fac ~“ e ® ”? deal - ' WIth spent P Qwer controversies. serious.” This statement in the 

by the 1980s. only half the domestic electric of 1977, the second by 1985 and nuclear met. Needless to say, tbe opposl- report of the International 

This in turn has put a growing consumption. Meanwhile, how- the third by 1990. But meantime But what should be done tion People's Party has already Workshop on alternative energy 

strain on the. balance of pay- ever, growth projections have the wave of public opposition witb the Zwentendorf plant, begun to exploit the issue and strategies is particularly true of 

ments. Between 1970 and 1976 had to be revised downwards, to nuclear power has reached which has cost the Federal State to embarrass the Government Austria, where the hitherto 

the fuel import bill jumped by It is now expected that the Austria, as usual after some and the provinces involved This is why Dr. Kreisky insists director of the Concert Hall has 

230 per cent, and in 1976 annual growth rate in energy delay. Scb.Tbn. in constmction costs? that a full-scale parliamentary just been selected to head a new 

totalled SchJ25.2bn. (aboutconsumption will not be 7 per The controversy between the Most experts, and the represen- debate must precede even pro- agency to save energy and fuel 


Roadline 

Moving Britain’s goods 


HOOVER 



Roadline collects daily from industry all over the U.K. 


Roadline's 75 depots sort and ship goods anywhere in the country 

r 

® roadline 



Roadline operates some 1,400 scheduled trunking services every 24 hours. 


Roadline handled around 60 million packages last year, nationwide. 



Roadline is Britain’s biggest road-based carrier. 
We collect and deliver door-to-door daily. To just 
about every comer of the U.K. 

We consolidate a variety of goods into 
continuous flows. And pass the resulting economies 
of scale on to you. 

We can handle all your goods. Or help when your 
vehicles are over-loaded. Or solve yourfina! delivery 
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And we’ve a full range of ancillary services, 
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. For deliveries atthe right time at the right price, 
ring Roadline on 01-586 2210, day or night 

Wherever there's a road, there's Roadline. 


roadline 

moving Britain^ goods 

A Member Company oi me Naflona Freight Caporabon 






Hustings ami timet 

SriMing Society V 

The following interest rates will apply 
fromlst February 1978- 

Giws Equivalent 


at 34% rate 



Net . 

income tax 

Share Accounts 
fFullv Paid Shares) 

5J0S 

SJ3S 

Savings Share Units 
{Third Issue) 

6.75S 

io23%: 

Deposit Accounts 

525^i 

7J5*i 

1 1 i Year-Term Share Units 
(lstlssuc> 

6.00*i 

9.09%- 

3 Tear Term ShareUnits 
{3rd Issue) 


9ASS 

One-Eighteen Share Units 

5-50S 

Plus progressive ' 
bonus . 


The rates of interest on all other investment 
accounts (including; closed issues) and account's 
subject to basic rate tax will be reduced by 0.50% 
p.a. from 1st Febmaiy^S.^ # . . . 

Maximum individual bolding with the Society is 
now£15,000 (£30,000 in a joint account). 

Hostings and Thanef Boid&ig Society, 

Assets exceed £550.000,000. 

Member of Tbe Baflding Societies Association. 

Administrative Centre: Thrift House, ® exhiU-on-Sea. 


COMPANY NOTICES 


SOCIETE NATIONALS DES CH EMINS DE FER 
FRANCAIS SJS.C.F, 

73 “i 1971/1986 Loan of UA 15,000,000 
On January 12, 1978 bonds for the amount of UA 613,000 
have been drawn in the presence of a Notary Public for 
redemption on March 25, 197S. 

The following UA 1,000 bonds have been drawn and will he 
reimbursed coupo n N o. S attached on and after March 25, 
197S: 14,365 to 14,977 inclusive. 

Amount redeemable: UA 900,000 

Amount purchased in the. market: UA 287,000 

Amount unamortised: UA 10,700,000 

Outstanding drawn bonds: none 

Luxembourg, TRUSTEE 

January 26, 197S. . FINLMTRUST S.A. 


ALLMANNA SVENSKA 
ELECTMSKA 
AKTIEB OLAGET A.S.EJ 

U.sm000.000 Bonds 1986 

Notice is hereby given to bond- 
holders of the above loan that 
the amount . redeemable on 
March i. i978, i.e. SU 5^,000,000 
was bought in the market. 
Amount outstanding: 

SU .5.24.000.000 

Trustee: The Law Debenture 
Corporation Limited. London 
Principal Paying Agent: Krediet- 
bank SA-, Luxembourgeoise 

Luxembourg 

Luxembourg, 

January 26, 1978 


ART GALLERIES 


CONTRACTS AND 
TENDERS 


GHANA SUPPLY 
COMMISSION TENDER 
. EQUIPMENT FOR UPPER 
REGION AGRICULTURAL 
DEVELOPMENT PROGRAMME 

Chan* Supply Comminlnn Invites 
Senders from U.K. manufacturers and 
suppliers for the supply of the follow- 
ing items, Which should be wholly 
produced or manufactured In the 
United Kingdom; and payment oF 
which shall be made through the U.K./ 
Ghana Loan. 

1. Miaze Shelters 

2. Mobile Maize. Shellers 

3. Threshers 

4. Mobile Threshers 

5. Single Row Seeders 

6. Seed Dibblers 

7. Seed Cleaners 

8. Seed Treaters 

9. Groundnut Lifrers 

10. Groundnut Threshers 
U. Ridgers 

Interested manufacturers, suppliers, 
etc., may obtain a sec. oF render docu- 
ments for a nan-refundable fee of 
£75.00 (seventy-five pounds only} 
from the Ag. Purchasing Liaison 
Officer. Office of the Ghana. Stsplv 
Commission, 58-59, Berners Street 
London WIP 3AF. from the 24di 
January. 1978. 

Tenders duly • _ completed and bearing 
Ghana Supply Commission fief 
URADEP 0005. should be addressed u 
the Managing Director to reach the 
Commission not. later than 3.00 p.m 
on 14th March, 1978, or deposited 
into die Tender Box not later than 
3.00 p.m. on tbe above date. 


AGNEW GALLERY. 43. 013 Bond St.. 
W.l. 01-629 6176- 105UI ANNUAL 

WATERCOLOUR EXHIBITION. Until 24 
Feb. Mon.-F rl. 9.30-5-SP. ihurs. until 7. 

THACKERAY GALLERY. IS. ThatScrar 
~~ sBaj. 

CD. 


SL. Kensington So.. W.3. 01-037 
MIXED EXHIBITION. Until 3 Fcl 


PUBLIC NOTICES 


CITY OF GLOUCESTER 
£300.000 Bill* Issued H.1. 78 at 

5 57-64 •%, to mature 12.4.7H. Total 
aoolicaUons 4.7 million. Total outstanding 
l.S million. 


HALTON BOROUGH COUNCIL 
£725.000 Haiion Borough Council Bills 
Issued 25th January. 1078. duo 26th 
April. 1978. 3C 5 49-64";,. Applications 
totalled £3.825.000. £725.000 Bills ore 

outstanding. 


METROPOLITAN BOROUGH OF BURY 
£2.000.000 Bills issued 25 January. 
1978. due 26 April. 197B. at 5 49-64% 
p.a. Applications CIBiti. These are the 
onlv Bills outstanding. 


LEGAL NOTICES 


THE COMPANIES ACTS. 1948 AND 1907 
BANQUE DE SUEZ iU.K.1 LIMITED 

i>n members' llauMatiom 

' NOTICE IS HEREBY GIVEN that the 
creditors of the above-named company are 
rcauired. on or before 30th March 1978. 
to send their names, addresses and curt<- 

£ u 4f s J Bf claims to tho under? ir»ni*d 
S. JD. Samweir. of Josolync Lavton-Bennctt 
J Co« Metropolis House. 3SU4S ToUenhani 
^ London W1p °J L the 
LJauidator of the company or In default 
f*™ wl,f . ^ e*cluded from the 
Oenwt or any distribution made before 
such claims are notified. 

Dated 20th January 197B 

5. D. SAMWELL. 

. , Joint Liquidator 

NOTE; This notice Is purely formal. An 
^K? l,ors hay ® bTOn - Dr will be, 
pain in nn. 


No. 00 1.1E of 1975 

In tbe HIGH COURT OF JUSTICE 
Chancery Division Comrumes Court. In 
of MALL.\TON DENE 
JJKITCp and in live Uautr cf rii* 
Comoanjcs Act. I9*s. 

NOTICE IS HEREBY GIVEN, ihat a 
i^eriLJon for the Wlnilim: up of xli«* above- 
named Company by flic tfUh Court rf 
^ of January 

197S. prcBcnfed io the said Cnurt by 
yLI- n HOWARD (50UTR,\MPTON) 
«iSST ED . ^ ho8r rcciaured offlee is 
S09 Swubaiwaw 

,P„ Timber Mrrchants. anti that 

£fnS d ,h Pl>l H l0n “ jHtwoed to bo hoard 
SES Coun aitUna at the Royal 
S’?' 1 *' S I rand, London. VGA 

ant' ^ J 3,h 03y of ^tbrtMIT 19JS, 

comr'botoiT of the 
said Company d.?siroiis to support or 

S ^ ar nDDCar at Hi* time 

roru^r^J 11 pt ' rsQn by to ctwnseL 
at Purpose: and a conr of T& 

J“™ ,shcd by^he undoE 
«r?hr .. . cr-?diior or contributory 

on narnaint^^h 114 ' ^bb'riiu: such cow 
X" 0f ****** dnne for 

MTRBRRT OPPENITEIKEH. - 
NATUAN * VANDYK. ^ . . 

-9. Cootball Avenue, 
umdnn EC2R TJR. 

TI/KGOJK.5253. . . 

NOTF th “ P-'tittewr. 

p ‘‘ nron : In lends to 

~'^ a ^.°“, che hoanne of |H._. said PctlttOn 

itODcc TO wlimr of his 

the^iarae a m n0,,cc ^ 

if a fim ^ “ ddrrs ’ Drtwm. or. 
fim al^znu^ ^* nle ™ address of ibc 
finn 3 or bs rlw «“ 

«V solicitor ill trayi . 
hT«J? t v bC * prVt *l- or. if DOSlwt TMBn • 

reacT ihe^hE 1351 ln "MBriwH time lo 
, above-named not later thsn 

l£h dnv l M k r l C Uu ‘ afto niMn of the 
turn day of Fubnuirr 197s. 


The Building and Civil Enginverins page 

is published in the Financial Times even- 
carr ies news items relating to 

“ n ^ ac ^f nd important developments in 
the Construction Industry. 

For details of the advertising space 
available on the page each week, and costs 
you are invited to telephone ’ 

01-248 8000, Ext. 631 
or write to The Advertisement Director 
Financial Times 

i 0 ;,f armon StTeet ’ London 
EC4P 4BY. 



f % 


h 


** ■ 
v •*' 


% 


. •* 


lin. 


!• 


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Financial l^esl Thuxsday January^ 197$ 


15 


ANTHONY HARRIS SUMS .UP THE MEADE COMMITTEE REPORT 0*v DIRECT TAXATION 



n i * 


PERSONAL taxation were 
ied on expenditure rather 
.n Income, and corporate 
atloo on cash flow rather 
in profit, the - system could 
drastically simplified, with a 
ge gain In incentive and 

Ial justice. - 

rhis is the conclusion of the 
jort by the Meade committee 
• the structure and rjeformof- 
■ect taxation, published; t*K 
.v by the Institute .for Ffcdd-' 
idles. 

Although this radical change" 
principle would abolish the. 
itlnctlon . between " income 
d capital for tax.' purposes, 
s 'change would not in pracv 
e be particularly extreme.- 
Personal . income, - with 
I sent allowances for con- . 
Actual saving and the 100 
r cent: initial allowance on 
ich productive investment. 


had already moved a- 
.towards a consmnpt 
dlture base.' 

n would be simph 
from the present 
expenditure tax - 
vert it to a gequii 
slslent Income fax; 

’ proper, allowance fori 
.of inflation. 

Corporate, taxal 
. moved 'fetlir further. 

. -consumption expend 
'investment alio wane 
;ppwei»t : relief - Y 
■' appreciation meant 
base; for <sp[ 
appropriation to 
on read transactioi _ 

- : Areform ‘ ^nlMjtf 
. underlying principle 
the authorities 4 
would have highly - 
results. 

As fax as personal- 
was concerned, ' 


v * 



ag way exemption of savings and the 
J expen- taxation of spending out of 

capital, would shift the burden 
of higher rates away from suc- 
cessful men with high incomes, 
and on td-’dioke living on. large 
esta bUshed ,jf ortun es. 

The .equal .treatment of in? 
.come and capital' would allow 
for the abolition of the capital 
gains : tax,, --.close ' company 
regulations, most of the rules 
governing trusts, and .the com-' 
plex rules^.undpr which high 
temporary • 'earnings can' be 
averaged qyeifcVperiod. 

Some neW; taxes would, be 
required, j how^ver. . Because 
lifetime . .-Iwomi^." <wpnld be 
exempt £s long ailt^asysaved, 
an ccqmndTfimo Jfcax would have 
to be combined with an.eff ac- 
tive- tax on -gifts an inheri- 
tance. 

itiob •• The committee proposes a 
total tax to Jto'* paid by the 

-i »*+*£ Tuv'.- 

■ ir£j£2'- 


beneficiary, which would take 
. account of his accumulated 
accessions and of Us agel This 
tax, ft is claimed, would greatly 
encourage ' toe dispersal * of 
large fortunes, but would also . 
remove the Injustice whereby 
a fortune: was taxed twice If a 
. beneficiary died shortly after 
Inheriting. 

Ai r expenditure tax would : 
‘ alsoproyide a strong motive', 
for a. man .who had 1 , saved a- 
large sum tax-free to emigrated 
on retirement to spend it tax- ' 
free; some tax on emigration' 
might, be needed to offset this. 

Hie proposed reform of com- 
pany taxation' would be less . 
sweeping in its effects, though,.,-, 
like other proposals for a tax' • 
unaffected by Inflation, it 

would create, problems of 

compatibility with EEC and 
other overseas systems. 

The report does not advocate 


immense upheaval- of 
system, but .puts 
proposals for a smooth 
to reform over a 
more. 

ysis of existing taxes 
system riddled with . 

Savers* enjoyed a 
hich bore .tittle or no 
p to the .return on 
investment, so that 
bets could not' work ' 
In aili|tflMng 'the 
funds. High marginal... 
eluding means-tested 
security benefits. 
Incentive at bqth 
income scale.' ; l? ' 
udlture tax would . 
capital market dis- 
ne of- the -most 
merits claimed for it 
personal effects 
quire social security 
and .changes - in tax 


the 



in a 



Axhlru Athvood 

. Professor James Meade, recently awarded the NobeT Prize for Economics, who headed the 
committee, and Mr. pick Taverae, Director ofj&be Institute for Fiscal Studies, which 
- ■ ’ r yesterday publishe^fts report. 

' • - ■ . •- .• •• f-y — — - 

The revenue ' implications of an.cxwiditura tax (in £ millions) 


Change required 


,1971 


1972 


3973 


1974 


1975 


t * -. 


E MEADE report- explains to differptjL;tpx_Wll04 
t that the study is limited to j>f. .rtmttar.. wealth. i 
*%2ct taxation, both - for - &m- jpQihqfif; 

' -■it? and because this is where given-' & suitable- a ' 

' worst anonnrligy anfftfoc 
:ions of the capital market are attempt, to he eflt 
ie found. Its purpose Is to pro- ,.Z rpRoi 
e a structure of taxes which -'.Certain problems. - 
1 min ““ke unplanned distor- taxation of paVmcnr 
ts which miglx ■ influence the definition are * 
isions and ehoices. This does system' 
rule out distortions planned - , Howeveri- a numbfer^ 
influence incentives —.for ,1^ . w tth^iccomev 
mple. taxes «m pollution and.^XS^ 

toba «? — notably 

AIM OF REPORT tal gains- of close 

Tie committee has . tried to problems about th^.e 
duce a framework : In which of pension.- 39# 
erent political objectives taxation fattgipn ... 
ild be achieved - through source of ; the itfo| 

- -derate changes in tax rates vant V 
hin a - stable structure. 

* 1 jperience shows that changes 


txeafrttt 


- RETURN ON' I 
The return on 




tSSSvL 

0f ' ,es?s W ' r 

lb, wtWWio# 'SSP&’Smtlk 

J tv Structure and Reform of. ■ 

.\irect Taxation.; George A«eo . k ' 
—id Unwin. Hardback fiSSj ^ &■ 

ial tax rates on .dfleienoy 


iple v estniehr ' w^iild produce the capital gainx and windfalls.. 

■ one effect of.a^.et§e]afie tax'on, their However, capital gains tax 

*1300, own;.' The ; -;i5»p$inati0n of ’this should remain on a realisation lems 
eri- wito conc?e^i^^'-'opr savj?ig5^ dan basis, . because the theoretic* ■ mph 
ill in som6>i*^sWBversheSt .in,’ the- ally preferable accruals base and- 
sense to some presents insoluble problems * Of imp! 

savers ^argtax ^can. be -higher valuation. The treatment of 
the than thecphyswai return on the capital losses . coaid present a assets^ 
*jnd corresponttoig^vestrfient. ^ . severe problem. Death and ^ 

•any THE . TREAMB0NX 1 ’' OF - emigration should be treated 2: 
INTEREST PAYMENT • ■ • a CTT as a realisation for. 

b- In primd^ld^^ayhient of in- CGT- -' be 

terest shdutdiibl^ Redacted from Interest payments as well as ^ 

_ taxable Iinco^^. th e benefit -capital gains would-be indexed, 3 
i- secured -Swit' not ether- for rea * capital values. 

3 '?,o ta ‘ 4 j e : BUSINESS INCOME 

*-e would be required 

a d ^ kimpy items of income and 

Z f tnt - honour taxable capital receipts. The 
benefit , nn- .committee suggests that the issue 
taxed, housmjg • - • -of tw reserve certificates payinr P 1 

J be “ < interest eould be usedto " 

d untoxedvht^g pnr^se^to- allow the taxpayer- to pay in 
an whatever year suited him. 

an taxed, corporate fcorrawtag tension and insurance contrl- . o 

tax ^axid tei Sf^^5?rtXftio e bntions should not logically b*v tax 

rn private -portfolio borrow- deductible under a CIT, but'thfe of 

The committee observes that — ' J ' • 

the first , of these regimes -can ‘ ' , . 

»ves ba regarded . .as fair rates as 
je^e regarded as a-housJng tax. The 
fi-is second is said, to be pnfair to 
jpf borrowers as opposed to savers 


.- Securities -»• 

1 1 Abolition of CGT.'. ... 

2 Relief on net purettues of- company securities 
element of deliberate 3 Relief on net purchase* of government securities 

Notably,' many - prnb-: 4 Relief on net purchases of 'focal' authority debt 

£ be . s Pl Ved £iS Ve f^ Life Insurance 4 

5 Abolition of present relief 

onotqx relief.. Th? ; -6' 'Relief on net payments to companies 
, ' -ms.' 7- Abolition Of tax on life funds and repayment of 

from unregistered - Act on dividends to life companies 
d, if wished, be tax. — 



— 20S 
+480 
+6 
+ 35 


-280 

+800 

-282 

—177 


—360 

+485 

-218 

-317 


—380 

+482 

-358 

+56 



+120 

—346 

-118 


+135 

-403 

-164 


+190 

-384 

-193 


-Build jing societies 
likely to 'yield a large Ufefeg 0,1 net 
in should In princiffie Other savings 
;red — in rinding antiques 9 Tax oirnet additions 
of art, 10 Relief o» net deposits 

*«•* »3£ eould be Tot*,. ^ revenae 

the taxpjiypr. -as an ■ 

device. 

jenditure . tax. would 


+235 

-394 

-208 


R— 412 -449 


-460 


-420 


-872 


*'—235 
? -80 


-312 

-150 


-102 

—290 


-25 

-307 


-236 

+7 


#.—540 -940 -1,200 -1,460 -1.660 


IS 


rent controls, and the absence of bottom of the scafe. The com* between the ace at which ft was 


f?T 



Membership of tb^Mommittee 


Professor J.:E. Meade (Chair- 


wtejftnj . _ _ 
^eghae .%• ecOhbmti 


mnds and the demahd'iorLre*. iS 4 - 
■tri button oflocomq, Th* xoaf- jjT. wlwtirer *° T 


ttee has- sought ! to miaisasis _r 
efficiency of costs ^?n^SiSSndiSi5> 
ile distribution. - .-***■&*«* J.-A® . . • 

lorizobtal - 

ween . siaularly i^acwB^^^^.^^A^Mb^ 
vers,. Is toeoreUi^td^W^WZ: * ! 
ie. but the committee ..has; Rthonie ^x-syben^a 
_ me it in mind that in hiany 

ys the system is t$w idapj'pd .t+te — P® 

— — ?n to unfair taxes, which are eawertamers ? 

• lected in private arap&enient' raanagers., : 

' i asset values. Other things J/ ©tl8ting pro 


e and discourages credit buying, man). Emeritus Professor of Joi 
The fourth Is apparency an inom- Political Economy, University of ui 
aly. but, belpf to prevent, a con- Cambridge. - (f 

- patn l -°^nuVH in i^ n ^rt^ < ^S il il ** r - (Deputy bau« 

inot possible to prevent t^ie use 

Mrl intivk' and Cn ' disrteriS 


nnc 


‘Somrund IrTtfl ner. Speedily Kr^bam, lin^dn, 
regime: but UX solicitors: joint editor, British ot f^r L 


Ec 


mg not top unequal , ap pi 


ipepe 


i- • • ^ ** • 1 




r JOf 

: Is a good tax;" For the r s?rne CTpi^ : : gai 
ison reform should be gradual, irnder -ag 
d the report alms at a :traJt; so " — 

ion period of periiaps'’'lQ sp 
ars. 


saving and 
woiiid disappear -: 
ture ; Ux, but. 
remii£^n■ lor 
on wealth, since t 
of wehltb -affords 
opportunity +0 • ea 
income, and g reate 
in old age, as well 
and influence 'an 
ependence. 'V-... 

AND INHERITANCE 
Transfers can 1>e taxed 
several ways:— *_ 

'1— In the - hands -of -the do: 
only (pure income. tax^. - 

2— In the hands of the.recfpi 
only— (expenditure " tax w 
pfts deductable). 

3 — At both ends (gifts count 
as expenditure or receipts 
income). 



$ — By taxing? donor or reclpu 
of taransfer itself. 


!E TAX BASE 

INCOME— There are.difficul- 
s in defining the income cao^ 

-boundary for exarapie,:1ne 
aduction of a forest catf-W 
yarded as Incnme or capital 
1 yield on low. coupon 
defined as capital but is^ 
ely income. .Thera Jurh. 
avily distortions due W" 
n, which may erode ca 
•■ter than income 1 
The committee pr 
tjye definitions;— . . . . . 

A) income can be define^'In a 
mpany balance Sheet as .the 
/el of ; consumption, which 
uld be. possible without. dlmi- 
ihing the capital stock which^and the act i 
ay be defined.’ to money or REVENUE EFFECTS 
al . terms. Uader^midtiaiir^^^ 

«°' uW -'tare to be charg 
.11 Shimv w&Th! lax because of the exemption 

lilleally unacceptable butebme. 

Bl Theoretically it wopld be fgjgJ® K 1° B 
tier to define. liipome as the. * y , Lj’ftLi!®? 

nsumption posslWe ^Tvltbout. to work and the l»hmce>of 
toring the* expectation . of <»«oome is unc ertam . ■_ ‘ 
turn income, butt edaftflt- T^FBCTS OF THE 

regards this a? iipporctii^.^. SYSTEM • - 

INSUMPTION OF' THE TAX ’ T$il£>''. present " regime , 
BASE tfepretfcally. based on income' 

Taxing . conBuwptt»^-r’rat^Ew^b^-foff'*icoiiie taXr>PW“ 

an income means, taxing claims flop, ^ax and capital gains 

ide -on. community resoirees. 'exceptions which 1 
avoids all tax on funds uShdTbeen introaueed .have moved 
r investment, which cimtrtoutoB^tipwai^Vb-aAd _m . anme . cj 
output: but expeudltiirfe' butt ' exp^bdJtiire - tax. 

capital, which 

ThVghS’ the r axpayerbontrol V|« the^W ia* 

his own liability and mey iwfi-^wances qa ana- 


ance portfdllfij investments. • accountants; VtaUh^. Fellow, . 

CAPITAL G^UNS T JJC “ W m 

ital, gains should In theory “*• Avery Jones, part- v 
only for ; be^toed as 

e such as income .tax — _ . 

ome senior pTactfce Is a@iin fal. from the Tax Review. i JT . f professor-C. T. Sandfo' 

•to$orclical Ideal. V. . Mr. L R. Bell, retired ‘ 
in the Taxa ; ^^Thd^tax is at a %re r non- Thomson McLintock 

J??-!®*!"— i, doaxtered accountants, 
it is a- tax on reatisamon. and «. « c 

in Ecdnramcs, Nuffiel f Col^e. 

• -f Oxford: managing 
der mic JournaL 

Mr. J. A. Kay, 

.pt. Economics, St. J< 


woulddSioSr ,a?7 The T? port # ar * u !l£' r ® ** 00 woul d have ***** efements:— - present value of an annual tax 
occupation of roughly the same l^Uneonditional Payments in over this period. \ 

imerir weight as local rates, witii allow- respect of child benefit and a Under a progressive system. \ 

ITURE TAX ance For interest and for rent new payment for home responsi- the rate of tax would increase ; 

universe expenditure payments up to economic rents, bility. Si with the accumniated accessions! 

involve the assessment but points out that purely .tax 2-Conditional pjments in re- enjoyed by the beneficiary. This 

spect of unemployment,. sickness would provide a strong incentive! 

for benefactors to break up their; 
benefits in fortunes, and to make gifts to: 
cases where these provisions those not already particularly! 
were not adequate. wealthy. It would, however, taei 

Benefits which are not means administratively quite complica-j 
The economic justification of tested, apart from child benefits ' w &ere a beneficiary died or; 
a separate Corporation tax are: shou £i ba taxed. The married ® ade a of his inheritance; 

SSMSSPSS 

m &^ws^"« d ssj s® ,he for the “"i 

Birmingham). h^teg to raise revenue. sc ^ e co J ou] ° d f “ SSISS A flat rat .e age-related inherit-! 
^acdonald, lecturer e ^nfiro nr e« ° depending on the, definition of ad _‘ 


:-payers the Committee reforms would leave the other 

distortions untouched. The taxa- TJa 

tion of housing would .thus be 
tackled as part of a . general re- 3—Means tesled 
form of housing finance; . 


CORPORATION TAX. 


A. King, Fellow, St 
sllege, Cambridge, and 


ers ".. b “““ proaa ' ° r flow jTsit'-'fttfBsas “iT/vTuf 1.^.3! 

Sw Senior PROFITS for tax purposes _ a * to , 7 , per .?Sf ‘grease in JJ ot g I!L ide the ’ incentive' 


), 


purposes 

Uni- should be fully adjusted for in 


Pro- 

iOmy, 


flation, 

system. 


the standard ret 
existing BATE. 

The report:; 


not provide the same incentive; 
to break up fortunes, nor would ■ 
it be redistributive between, 


lousing Is exempt- as 
tax. - 

government stock is e: 

rijTbe tax can be 1 escaped %l'to- Oxford, 
since it is -nq lff%er 
id on death. -> 

FURTHER POINTS 


fessor ol ^goBtical 
University of- Bath. 

FelSw Frofessor-G; Whittington, 
kittAce fessor of ; Accounting and 
&r, Ecrao^ ance,, Untogslty of Bristol. 

'j Mr. Willis, reti 

Fellow", in deputy daumaan, Board 
,’s College, Inland Revenue: Visiting Pro- 1 
T fessor Un^^sity of Bath. 

- -twy • 


unlike the 

■ * . A* MC IbUiauiUUUVC UWVWKCUi 

- . _ ^ , — -- out that; the wealth holders. The Committee 

A true profits tax would be structure of tax* rates imposes thinks that it might be an ap-: 
required as part of a compre^ high marginal- rates of M tax” propriate tax if combined with' 
hensive income tax regime; but both at the top.ahd the bottom a progressive annual wealth tax,.’ 
the report argues that for au pf-^hg income scale. These high especially if such a tax were al-i 
expenditure ta* regime, Corpo- ^tes produce little revenue, ready in place. I 

ration tax would be better based since there are few taxpayers at There would be some difficult! 
on the flow of funds. ; 

This would also involve less ' 1: ' ■ c- . . I 

change from present practice, 
since Initial allowances and 
ock relief are moves towards 
ch a base. 


"''‘INDEXATION FOR INFLATION 
Prices,- tax allowances, and soda! benefits: values in 1976/77 as 
percentage of values in 1966/67 


ayment 


FLOW OF FUNDS could |* r,c « . , .. . 

hide all. cash flows, including P nce '. n “ e ? . c %. U i 

„ . , pension, apart from any capital proposes i!q alternative two-tier thfe share account. Two bases are Pensioner P nce index (r-per»n noiuehoidj 

effective un ta x ed unem- nuns element, ^iinrald be tax free, tax which’ would combine either: sn^ested. ^ nee of. gross domestic product at factor cost 

r>t hpnpfit nan Ha tn nruntc 0 . • j a -1 .1 j f .«34U iaa «««■ nant 


benefit can be to create Accelerated depreciation should 1 — Inco: 
ation where temporary up- QO t be -allowed- under a CIT; but mvestme 
eni actually results in profits should be defined' on a 2— A gen 
we in income. fully inflation-adjusted basis, in- 3— A pr 

existence of means-tested during the gains from monetary tax to ta 
1 above the floor ; (or in- liabilities. Undistributed profits rates of 
- e should be taxed as share- This wi 

nwhich loss of income can holders’ income, With x CIT self-asses 
Incr«ised earnmgs- a^ustn,^ ' problems 

-rive marginal rate of over cumwary duced, 1 

cenL _ SUMMARY ... ntes fro 

Summary, the committee . , ^E!? ntag ^'T surchargi 

that' the e^ng 1-^ wul* have a wtder b^e g re narei 

highly complex yet and either tower rates or the m 
inefficient. " reliefs implied by indexation- lil£i 


Ho crease 




with 100 per cent . First, and nearest present Average monthly earnings (male; manufacturing industry) 
ances; practice a flow of funds income tax allowances 

VAT regime; with measured only, in respect of ex- single person (earned income) 

Hive expenditure penditpxe on 'real goods and Married couple (earned Income) 

place of the high, services; this would involve the child: under. II 

1 tax. extension of 100 per- cent, initial 11-16 

ise administered by allowances to all investment and over 16 


266 

282 

274 

340 


260aJ* 
248a Jb. 
203a. 1 
186a. 
172a. 


lit The transitional a reversal of the present- regime Starting level for- higher rates of tax (single person; earned 
sold be much re- on interest payments. Payments income) 115 

only the higher would noT count against' tax 


1 Xt&-£AjffgS 


ided. antodSadiimofrthe™™ basic rat 

1 point and higher. 1*te* ^ cent 

A progressive tax system is ™g*L investm* 

Income is hard to define ^ 
still harder 

Indexation, regime 
- mcome 


Ssiaa r^r^At S£~ -wj-* 

ec-kate rL b>nta — - r-r dST 

f DOt S ¥h an actiimTaTweil ^“rial SS Supplementary benefit (standard rate): single adult 

5LSLa , £SZ actlons coa,d be brought in. ma med couple 

^“bined wtb Liability could equally be Specific duties 


323 

322 

383 

377 

314 

311 


CORPORATE FLOWSTOF FUNDS; - :J| 

Inflow 


Real items 

Purchase of -materiafr .''; . - 4gj 

-!c of produce 

Wa^es; salaries and purdtasto^l 

ile of services 

■ other services . Cr- .. j $8|| 

,1c of fixed assets _ _ \ . 

Purchase of fixed assets . 

)Ul Real Inflows (R) -- -- 

- - Total Real items (rV 


NANC1AL ITEMS OTHER THi 

RESIDENT' 


•OF OORRORA1 

iUJC" • ' ^ 


-crease in creditors 
•crease in debtors . 
•crease in overdraft 
ecrease in cash ba lan ce . 
•crease in other borrowing 
ecrease In other lending 
>teres t received 
decrease In 


— Pcctc*M 
•• Increase in .debtor* ^ - . 

■ •• Decrease hi overdraft- - 

. m Jqcree*e4n cash balance . 

Z'i? % yl jb cc e ase. hi ptWrgbo+pwing 
,- increase In ether fending 
rlpteneft paid 


holding of shares liy loCrease In bolding of shares 
other corporate bodies not rest corporate, bodies' not 

deb t in the UR. • the UJC. v r ,~ 

atal 'financial inflows (F) V '' J ^S^Rwncli^ outflow 1 (*¥!' _ 
SHARE ITEMS O F CORPORATE ^OPRS WStD EN T tN THE U JC ; 
ncram In oum share* Issued" ' “ ^ Redpclion in own shares bsued 
lecresM? 7n holdihg 4>f shares hr increase to- hblding of shares 
other corporate bodies rad dent -.other corporate bodies 
tn the UXir - ' ^ 

Hvidepds raj^WtftM-toean othee 
-corporate .bosRao'jv&Bent la-toe 
U;K. 



For au income-tax as 

- to an expenditure to , 

findexatibn is also needed i ogic^ty 
)e. the boundary between admtnlstrattvery. 

id income. • averagtng and the-' treatment of ardiuai7 \ 

an ; -expenditure tax corporate mcome would all -jg-pg- - 
thoat problems. <rf tb- ^presenT severe probtens. would 

f ’would dSappehi 1 . snice^ '' Large changes to tire T^esent convex 
ial realisations for cwh tax system would be needed to system. 

1 are -taxed; but index*- make? ft effectively what it is m woa j d 
Of. tax brackets would stlH theory— an income tax. 
reded. - V . ' " .FORMS OF ' SjSl 

CHOICE 09S INDEX EXPENDITURE TAX expendit 

pri.ee index J5 tire' 1 A tax based on expenditure 2 p enJ 

«r. but its use fortai ls theoretieally straight-forward, wou jjj. 
raises two. important but. in practice expenditure m ent . 
A v rise in todirect would probably have to be re , 
*i,to reduce demand measured indirectly by account- wou l<3 L. 
to a reduction in tagJE&r income and othef receipts, re . tlirn v 
(axes; and a change hi the and 'dednettog exempt forms of „ e mDt' 
nf trade - would also be sayfife. An Income-tax with 77 Tpd 
fed in tax rates, although 10b -sir cent -capital allowances 7 V i'i 
al; income "-would have extended ro aR forms of fnvest- gta3 
to the opposite direction mem 'wo old ^retire same econo- ***-.-• 
r tax income. ; mie Result as An expenditure tax. F rnmr' 

'priges of ; 6DF at faett#' in~ra regim'e'Of - VAT on an J 

■Cthe ; 6D?s -^deflator) is a*- . goods; wito ’no-- income-tax, no 
: which excludes indirect caoitai allowances, and cash . 

-.and the terms nf trade, but' grants in place of tax allowances. **r“L h ^ 
les the cost of capital aoods. wibtrid also produce the sime 
jfe selected as 'probably the result. Ian the cost of living Pr!:^ 
Basis for taaL indexation. ' wotdd be corresposdingly higher. rarnea 

UCTURING THE TAX ; Any expendfture fax presents 

i-i. SYSTEM -' . the- .problem 'that people who ADVA! 

IK COWRQENSNE . A. have saved tax free during their COI 
INCOME-TAX <ClT) ; storking lifetime may be tempted 1— ' 1 
conversion of the g * fart ng toemigrate before spending their there 
tom. into a trc(e . centre- watogs. This cmiid-be met either band- 
income-tax (a problem by a lax on emigration, eqohra- flexible, 
eta tail by. lh& Carter'Tent to « Inheritance tax; or. in 2 — The 
in Canada^is much a.VAT reginre^+fy eha^ing VAT the 

cated by the need fbr te.-ffo *0 or^d; .-basis — with no and p* 
_ira. The Carter cdn»in^..chm5fe iEop&rt.atid no remis- incom* 
ttacidedthat «n un Index fed' bp expt^-^ratheF titan at obvious^ 

1 iduld ! he recommended' the present ’"destination basis. 3 — A 
. if.- automati e?Uy tends m Th&.would involve a devaluation adminis 
te ifre ewiotny when hifia- rtf • ifle currency. - •’ . espedallj 

h^ade Committee - THE/jUPCVERSAL , 4^ESni| 

. .ills cwriusnoiC slice ; * EXP^PHTIIRE TAX • . : - be ni 
of -in leads to igr , fte'Conit^$§c here introduces 


Tobacco (basic duty per lb) 
Beer (duty per pint) 

Spirits (duty per proof gallon) 
Petrol (duty per gallon) 


193aJj. 

226a. 

192a. 

188a. 


measured simply by inspecting 
■- -S?— ? 100 the . share capital account. Tax 
■: aJlovrancw for liability -would consist of all pay- 
convert an Income men t out on share account, in- 

e expenditure eluding dividends less all 

" T * * VA * receipts, including new Issum. t'-' 

h Arithmetically, this balance is the extremes; and they produce problems about gifts betweei 

ivptc a ide ® tlca l r ° *b e . balance on all a Very poor trade off' between married couples, and with emi 

/tn*-™. Knt it 5i?- an d fi nancial transactions, incentives and revenue efficiency, gration, which are surveyed ii 
e to save, but it This regime could apply to all The Committee proposes that some detail. 

of the present Etoto systems would raise d rob- 8 .fO^er'Pa*, its “wto 1 NATIONAL INSURANCE ' 
Meade regime, ^ welfare proposals to remove the CONTRIBUTIONS 

f^gn tax^ratems SataBoS Povergr trap the top marginal The report analyses the impac 

100 per cent tS^w^risijf under exSdng ™ toat^hS °- f nationa L : eontribu. 

to all capital, inflation : accounting proposals. ft- days that this no ns on Hie total direct ta: 

There might also fe avoidance 5JJ d b mltht system, and concludes that the: 

and charities problems, due to shuffling round produce operate as a surcharge on earnei 

on their invest- of physical stocks or share i P creased reyenue. inpome. This is only roughly ofl 

(because under issues, between company year- CAPITAL TRANSFERS set by the surcharge on invest 
post tax return ends, or through the issue of A tax on capital transfers is ment income. This surcharge i . 
to the physical loan stock at abnormally high economically justified. the undesirable in itself, and th- 
tions would be interest rates. Year-end window Report argues, on grounds of the Report therefore opposes move 
on payments dressing would vanish if com- advantages of /wealth; in order towards the tax . structure com. 

parties had a common dale for to re-distrfbtrte Wealth, and to mon m other EEC countries, u 
it income would their accounting year. Abnormal impose a . differential between wM™ social security contnbu 
rate, with no interest payments should be wealth saved out of earnings, and tions are much higher and airec 

ices. . . taxed, as at present, as dividends, wealth whldh is inherited. A taxes much lower. They propose , 

. 'ould. either have Transition could be made progressive tdx on accessions is ? Q “*? c0 “trary. that tne financ 1 
to carry forward gradual, by bringing In different proposed as the best method of L ni L of ^ oc l?. seninty should b 

■fnr Mnitai himiit. accounting Mfpofirifis "by de- achieving these ends. Dome oy me 


r-for capital Invert- .accounting categories 
' would not be fcraes. It might be convenient 
present liabili- n °t to allow capital relief on 
.. .ances should be foreign investment; which would 
investment grant, B®1 double tax relief instead. 


tax system. 

timv r»rrftB i v If separate national insuranc 

contributions are maintained, th 
^lMUJurANLt, Committee argues that there is 

The Commute*: argue that it f or a higher tax disenmim 


WITH 
^practical 


ni»c iwn The report points oat that the irrational to tax a grit or an tion against investment iocom 

nr Tumwm Imputation system for Corpora- tohentance wtaeh is enjoyed for than at present. 

tion tax would not be compatible ^ a short time at the same n _. pnTMTC . j 

ONE with a- flow of funds base for rate as one which is enjoyed for OTHER POINTS 1 

only if corporation • tax. A company to® be ®t of a tifetime. The The report also contains a dr 
standard rate con jd attract a subsidy simply existing system Is not only un- tailed survey of the treatment 0 
would be more by distributing dividends ^and fair between - taxpayers, but trusts which would be greatl 

• . ' asking shareholders to Invest encourages benefactors to try to simplified under an expend] tur 

to save (mm the proceeds in a rights issue, skip generations in their bene- tax, and of the compa lability o 

taxmg charities Thig niight be dealt with under factions. its proposed taxes with other ta 

Dds* investment, tax regulations by crediting - To remove .ttheae distortions, systen^. It concludes than .a 
not be so only, a percentage of new share and to ensure equity, the Com- expenditure tax would provid 
: ‘ issues for tax purposes under a mittee . proposes . ‘ that capital stronger incentives than the e> 

Is much ega er fall financial flow of funds re- transfer taxes* shonld be based isthag system for those whD ha 


^ ^ principle W coital 

* tovesonem into ■ registered . and payers 

INCOME Registered fctortPS. . Only P" w 
me '"$£ ds Ungtt registered tovesttoent would be HOUS 
_Jlff , to «pei^ deduced *091 taxable expend!- * The 

act Of tore. Tbte wpo J d i °*> v tinfr TO ost nidjor 

ami * tlierefhre -problems, ^ .and, marite 


cent. 


than TJET. gjjpe. 
ig transition, 
problems: would 
...those under . a 
llture tax even 
'rh«re most tax- 
‘ with. 100 
allowances. - 


on -the age of the recipient as saved large fortunes to emlgrat 
well- as on the size of’ his on retirement, and proposes 
accumulated accessions. . number of possible taxes 0 

The proposed 11 tax takes two emigration to offset this effect, 
basic- forms: a progressive It regards the problem 0 
annual wealth . accessions ■ rax double tax relief oo corpora t 
(Pa Wat) or a fiat rate annual income, as highly Important, sine 
single ’ guaranteed income or wealth accessions tax. Either the sums involved are very larg* 
- negative . tax scheme. Such tax would be in effect a lump but makes only tentative prr 
Identifies three; schemes must either involve a sum payment Is advance of an posals, for solving these prat 
of the housing^ high standard rate of tax; or annual wealth tax on the acres- lems under (be expenditure ta- 
ty sub si die s , - very high marginal rates at the sloa. It would cover the period regime, which it favours. - 


jbome-tax 


OTHER TAX ISSUES 
SOCIAL. SECURITY AND 
LOW'iNCOME 

. The report - examines and re- 
jects proposals- to merge tax and 
social .security ; schemes into a 



%WMM *•' 




16 


Financial Times Thursday Januaiy 26. 1975 ; . . 


PARLIAMENT AND POLITICS 


Scotland Bill ‘skulduggery’ denied 


Foot yields to protests 
over timetable change 


BY IVOR OWEN. PARLIAMENTARY STAFF 


Rhodesia 
peace bid 
backed 
by Tories 


Tories cautious on 
nuclear power plans 

BY JOHN - HUNT, PARLIAMENTARY CORRESPONDENT 



UNDER ATTACK from all sides, 
Air. Michael Foot. Leader of the 
House, was forced to beat a 
procedural retreat in the 
Commons last night over the 
allocation of time For debates 
no amendments to the Scotland 
BilL 

A hitter charge of M skul- 
duggery ” was levelled at the 


by the 


the proposals 'made 
Business Committee. 

Mr. Francis Pym, Conserva- 
tive devolution spokesman, led 
the protests from the Opposition 
benches and these were power- 
fully supported by Mr. Jo 
Grimond, the former liberal 
leader. “ If we conduct our 
affairs in this way ,we shall make 
an absolute farce of democracy, 11 
he warned. 


“<■ » — th. 

Islington S. and Finsbury) when 
he pursued lus protest about the 
effect of an amended timetable 
proposed by the all-party 


An embattled Mr. Foot was 
subjected to a stream of abusive 
interruptions from the Tory 
benches as he again insisted that 

„ normal procedures had been 

Business Committee, m charge flowed. 


or the arrangements for apply- 
ing the guillotine to the Bill. 

With support from the Opposi- 
tion benches and from other 
Labour backbenchers, he again 
maintained that the proposed 
dunces would result in MPs 
being denied an opportunity to 


The changes proposed by the 
Business Committee, he said, had 
been designed to meet represen- 
tations made by MPs that the 
original allocation of lime had 
failed to allow 'adequate debate 
on a number of important issues. 
“ I repudiate any charge of 



THE LONG-AWAITED statement the heavily qualified nature of for WhES 

by Mr. Anthony Wedgwood Bonn,. Mr. Bonn’s endorsement of it— Then? myyES 

Energy Secretary, on the future winch gave most concern to the from the Tories when «A«ebn 

of the CJJL. nuclear power station Opposition. SwtT 

programme won cautions accept-' . jffr. Bean explained that the merit which ™ 
anee in the Commons yesterday, electricity supply industry wished had been worded 
But the Conservatives made it to-eSablish the PWR .as a valid pw«non and he dui iHrtwiah t® 
clear that they have strong reser- option and wanted to order such so beyond u. - - , * 

THE GOVERNMENTS approach rations about some aspects of the a station provided design work He said the Government, was 

some to an internal settlement of the P 1 ^ 0 ^ 5 - . * . . . was completed satisfactorily and reflecting the^ view^-^of .the 

the Rhodesia crisis was condemned " e0n anoounced that tht safety clearances and all the generating Board which Rud that 

nevn . itnnnpa fan noetro urafnti j* m — ... _ a sun a. J m haItH nivtinA * vn Am' ■ 



Financial Times Reporter 


decision of the Commons would 
be paramount 
Despite a revolt by 

Labour backbenchers, — »»!• . . - . . ....... — — — — - . =. - ... . ... - 

Government succeeded in defeat- ^ commons yesterday by ste3m generated ^ heavy waiter aecessar> r “Government and it wanted a valid option to be 
1 “ * ~~ ' " " - -- “ ‘ ” be other 


ing an attempt to have toe refer- S^ative htPs I«Tby ■& ^ act " 


endiun conducted on a. UJL basis John shadow Foreign 

instead of being confined to Scot- Secretary. 

Mr. Davies; said 


adopted for the 


will not 
next -power 


consents obtained.” available, subject to normal con- 

There were cries of surprise sent procedures. There had to 


vote un yn amendment seeking sku I IdupKO ry. " Mr. Foot declared, 
lu provide that the Government's ” 
devolution plan for Scotland 
should only become effective if 
approved by at least 40 per cent, 
of thii>c entitled in vide in ihe 
promised referendum on the 
issue. 

Appealing for a show or 
tie Ranee by Labour backbenchers. 

-Mr. Cunningham argued that the 
only way for ihe House to over- 
come the skulduggery " in- 
dulged in by Ministers was to 
reject a mol ion in Lhe name of 
Mr. Fool asking fur approval for 


Tory MPs continued to press 
thpir accusations and were only 
silenced when the first signs of 
a Government retreat * were 
observed. 

[f ihe House did not want the 
revised timetable, said Mr. Foot, 
he would refrain from moving 
lhe Government motion so "that 
the original allocation of lime 
would remain unaltered. 

Labour backbenchers anti the 
Opposition hailed his retreat us 
a major victory. 

In the resumed debate on the 
Bill. Air. John Smith. Privy 


station orders and that work on and^'dlssent ' from the Tories be a design for the PWR station 
land. ■ WC Mr ‘“Davie.; said that “ the l t wU1 ** discontinued, ^though wi Mr B enn said that although and this would have -to- be 

The amendment was moved by behaviour o7 ‘toe GovemmeM 3^® ** *e Government endorsed this approved by the nude®r Inspec. 

Sl^“rwS^ : ( MUs C my Sifci "oVtoe^K SjSSSwS 1 ^ spSific° letter of ‘jtere mb R£*N^«^ 

? 0 ei fi” d “ a s d ettI^ e ^ deSia 33? SGKW?* ^"SSn' !“■? £■ thattiiis option MTM 

be opposed to twTSgis.lation. *£££*■ Thing was J5? n£ 6*^ ™*°* 

If there were a free vote m Ihu t0 see k. by every possible means, reassured when Mr. Bean failed nn^Vinfritf lie Energy 

“ aionty wou d be a peaceful solution in Rhodesia, to give them anv specific indlca- * nd t0 de P Secretary declared: “I wufpS 

against at. If there was a real prospect of a turn about its future- ^ op £??’ wondered wh at Mr. Sdi^attiller answer, ft is not 

He claimed that there was an settlement at the Salisbury talks. The Energy Secretary also JL nt w b en he said that right to eo into details on Win- 

overwheUning case for conducting “it would be madness, indeed, announced that the Government ? en "JE. subjecMo^Covern- frith Give’ me a little more 

toe referendum on a U.K basis, for any Government to seek to had given the go-ahead for ^ wS this time.” 

Endorsing this view Mr. John frustrate them,” he Insisted. ed bl advancel : formal technical approval, or was Answering questions about the 

cooled react orf Rl-_one the Government reserving the effect of' His statement on the 

each by toe Central' Eleriridty right to decide whether it should possible “__£S 

Genera tin® Board and the South go ahead at all? breeder .reactor Mr. Benn weed 

of Scotland Electricity Board. /Mr. King emphasised that it that this was thrTvrrtJrcMon 
In addition ' the Government ‘was verv important to have the which fen to be made, in 
a most dangerous precedent.” U I will seel: to set the maxi- eD( j 0rs0 d the’ wish of the elec- confidence of those' who- would general, those who favoured' the 
Opposing the amendment. Mr. ^ decree of mnwiw supD j y industry to-order be involved in the development PWR felt that the fajt 1 hw|« 

Smith argued that for practical Po«5ihli\ but not at to.» n« of 3 power station based on the US. and design of the pressurised should come later, white ,_th09a. 
Council, Minister of State, con- reasons aloiie there was very deaart«n“ from the nnncioles designed pressurised water reactor. They had to know who backed the AGR felt it 

firmed that the devolution Mttle merit in toe suggestion that laid down in the Anglo-American r(?n ctor iPWRl. even though a whether there would actually "be «hon>d come sooner. - 

referendum in Scotland would be the referendum shodkl be con- urinative” 5 tart conld not be made on toe an order at the end of the day. “That is a decision we will 

conducted on the same basis as ducted on a U.K. basis. Mr. Michael Brotherton (C.. site for a power station until ’ He also asked what the future have to consider in the light of 


. ' MR. JOHN SMITH 
“ Referendum on same basis 
as Common Market.” 


Endorsing this view. Air. John 
Stokes (C. Halesowen and Stour- Dr. Owen replied: “ l will cet^ 
bridge) insisted: “Just to hold a tainly not frustrate — nor will toe 
referendum in Scotland alone on Government — a peaceful settle- 
this vital new Constitutional moot from whatever source it 
change would be an outrage and comes. 


EEC students plan dismissed 


that used for the Common 

Market referendum in 1975. 1 b/lM vot«°iS e ra W rn«pBft 1 II^ milcl * longer the Foreign Secre- 

A breakdown of the ' voting SrfSStJ GoverameDt tary planned to use his “had 

results would be published so ^ w . offices” to prevent an internal 

that the verdicts reached in the settlement. He asked why Dr. 

different regions and toe island TTrrQnrla flinJifc Owen preferred the “company 
communities like the Orkneys iliglllS of murderers to that of nioder- 

and Shetlands could be identi- ates.” 

fied. ■ VPrnif't ennn Dr - ° wen told him: “An in- 

He rejected a suggestion by 'viuu-i WUU ternal settlement that exciudes 

Mr. Pym that the House of Lords THE FUTURE of air cargo one of lea ^ ia ? nationilist 
should be given a more positive flights between Stansted and groups cannot bring about a 
role under the Bill in pronoun- Uganda wit] be decided shortly ceasefire during an eiection or 
ring Parliament's judgment on jfr. Ted Rowlands, Minister of ? ive P fcace or stability to a newly 
toe referendum, which, he State, Foreign Office, said in too independent Zimbabwe, 
stressed, would be consultative Commons yesterday. - “Nor would it eliminate the 

and not mandatory. He told MPs who were protest- threat to international peace and 

.... „ The Minister maintained that m 2 about delay in -stopping the • security. It would therefore be 

this provision was toe verdict reached by the House flights, that there were consider- most unlikely to be recognised 

” L of Commons on the referendum able legal obstacles. by H» Security Council.” 

. must prevail.. The House of Mr. Richard Luce, for the ®fr- Bruce Grocot! (Lab.. Lich- 

Lords would have an opportunity Opposition, said that the Rights fold anrt Tamworih) said the 

Many of toe practices advo- to consider the outcome of the were sustaining President Amin’s Labour MPs fully supported Dr. 

^revision with the most serious rated by the directive already referendum bnt, in toe event of “ tyrannical” regime. It was. time ^ lven his planned talks with 

mulicatinn allowed a student to existed in Britain, the peers peers reaching a different con- toe Government .stopped pre- tfa c Patriotic Front 

— to that of MPs. the varicating. c ”' , ‘ 


19S2 - 1 held for Win frith and whether the statement we have 

It was toe PWR proposal — and there was now an ongoing role to-day, ’’ Mr. Benn added. 


made 


Walker urges party 
to strike balance 


COMMON MARKET directive 
■.rimed at strengthening protec- 
tion for students taking enrres- 
oiind'.-nce courses under' contract 
was a sledgehammer to crack 
abuses That had largely been 
.cmedied hy national action 


time after six months without 
giving any reason. 

Britain's la-.v of contract w'ould 
not allow him to do this if be 
were buying any other goods or 
services. If 


r- i accepted, there would be repe.r- 

- h : r nuStr? iiS^r cussions on the whole ol contract 
select Committee said yesterday. j aw 

Tiu* cumuiiUee found that the 


leroiinate his contract at any declared. 


elusion 



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He said: “It would be quite 
ludicroup to have any kind of 
paper settlement that did not 
involve fully Lhe cooperation of 
the Patriotic Front whose forces 
have forced Mr. Smith to toe 
conference table.** - • 

■ Dr. Owen replied: “I believe 
we must pursue u ceasefire as 
being the stable way of ensuring 
an independent Zimbabwe. 

Mr. Julian Amery <C., Pavilion) 
pointed out that in toe last 24 
hours the internal talks had' made 
"dramatic progress." He claimed 
that if an internal settlement 
was reached, which included the 
six principles, “it would be ex- 
tremely difficult for the British 
Government not to recognise a 
Rhodesia Government emerging 
from such a settlement." ' . 

Dr. Owen: “ I think we should 
try to lalk about principles. The 
Government, 4 n this House.' may 
alone confer legal independence 
upon Rhodesia. 

“We would certainly not- do so 
if any settlement did not accord 
with the basic principles estab- 
lished in the Anglo-U.S. 
initiative." 

Mr. Martin Flannery (Lab., 
Hillsborough) criticised the 
nostalgia of the old imperialists" 
on toe Conservative benches. He 
warned that no solution could be 
reached if it did not take into 
account the aspirations of the DR 
Patriotic Front. 


BY PHILIP RAWSTORNE 

MR. PETER WALKER, former 
Tory Industry Secretary, yes- 
terday called on the Conserva- 
tive Party fo make “ the middle 
way 1 ' of politics ils main’ 
objective. 

At toe next election, the 
parly should strike a balance 
between policies of efficiency 
and compassion, he said -at a' 
Parliamentary Press Gallery 
lunch. 


Assurance 
on Belize 

TERRITORIAL " adjustments " 
were discussed with Guatemala 
in • talks over the. Central 
American country’s claims to 


Colquhoun 
protest 
by officials 

LABOUR PARTY officials in 
Northampton say they will , re- 
fuse to work with Mrs. Maureen 
Colquhoun. MP for Northampton 
N- despite yesterday's decision 
by too party's National Execu- 
tive to uphold her appeal against 
dismissal. 

Mr. ■ Michael Thomas, chair- 
man of Northampton’s Park 
ward, which originally moved 
the motion calling for the MP'v 
sacking, said last night: “ We do 
not want Mrs. Colqiihoun as our 
MP, 

. “We are bitterly disappointed 
at the national executive’s de- 
cision and v»o will start the whole 
procedure over again in order to 
have her dismissed." 

Mr. Thomas said- that Mrs. 
Colquhoun had said “a lot of 
outrageous things" about some 
good .party members. “ We will 
not rest until she is sacked.” 

Dr. Peter Heaney. ' vice- 

chairman of the Park ward, has 
threatened to resign if Mrs. 

Colqultoun is not sacked. He said 
last night: “ If it becomes obvious 
Mrs. Colquhoun is to be our can- 
didate at the next General 

Election. I will resign — as will 
a number of other local Labour 
Party members. 

“ We have shown that the 

Northampton North constituency 
does not want hex. We should be 
allowed to select our own MP 
and we are going- to choose a 
person we want." 

Mrs. Colquboun's majority at 
the last general election was - 
1.638. 

Time extended 

Mr. Roy Hattersley, Secretary 
J? r Prices and Consumer Protec- 

DAVID OWEN. Foreign and the . Archbishop of Canter- oil' ^ a 1 e T t , en ^ ed frora February . 
Secretary, yesterday agreed with bury, as a token of concern for « *}■ d «*-by which 

*•- * — tne Monopolies Commission mixst 

report on wholesale betroT 
supplies in the U.K. 


Mr. Walker recalled that the 
Macmillan Government bad. 
secured the .biggest Tory 
majority in the- Commons since 
the war. “ There i» a school of 
thought that says the great 
Tory post-war success was on 
the theme of . ‘set the people 
free.” ' 

“ft is. certainly true that 
both Butler and Macmillan' 
removed many of the unneces- 
sary controls and restrictions 
that a Socialist economy in- 
volves. 

“ But the Macmillan years 
were not years of laissez-faire. 
Public expenditure was not 
massively reduced; in fact, 
ft _ was massively increased. 
They were years of social and 
educational reform,, increased 
housing and positive economic 
policies to achieve full employ- 
ment” 


As the Tory Party now pre- 
pared for an election, it should 
reflect upon the attitude and 
approach of Macmillan, Mr. 
Walker suggested. 

Ho reared that the realities 
of the economic and political 
scene would not be recognised 
in Ihe election campaign. Mr. 
Callaghan was “ the Mantovani 
of the British political scene 
. . . depending for his .success 
npon - the extravagant use of 
tin- fiddle." 

There was the fiddle of 
• bogus productivity deals' 
. ."whereby the miners having 
■ dropped their production by 30 
per.eent. compared with a few. 
years ago are now to he paid 
30 -per cent, extra for in- 
creasing production by 15 per 
cenL” 

There was ~the fiddle of tax 
redactions before polling _day, 
with Immense debt-serving 
costs after polling. day. 

There was the fiddle of con- 
stantly using words to express 
hostility to racial discrimina- 
tion while doing nothing about 
toe mass unemployment of 
young blacks and the 'deterior- 
ating -housing and social con- 
ditions of the coloured popula- 
tion. ' 


Owen shares concern 
over Sharansky 


Channel guide 

The first issue of an all-Freneh 
publication, Boutique Britan- 


in Britain and from Southern Tonrist Board 
Information Offices. . 




MPs on both sides of the toe fate of Sharansky.’" The time 
uimmons that there was strong has come for very plain speaking 
feeling in Britain about the year- on behaif of this House” he 
Innu imprisonment iu Moscow of declared. 

Russian Jew. Anatoly Sharansky. t. u.. . . . „ 

'• ■ He was joined by Sir David 

There was also widespread Renton (C-., Huntingdonshire » 
concern about other human who said that Russia's “ inhuman 
rights cases and about the and uncivilised” treatment oF 

implications for detente of this man damaged its reputation. j 

Sharansky's imprisonment, he « nwPn k j j n . lc, ,V e - aimed at helping French 

added. . Dr - said he had made visj tors to the U.K U now avail* 

Belize. Be. B,v W Owee. W ^ ~ 

the two-day talks in London with 
Mr. George Price. Premier of 
Belize. Dr. Owen said he had 
confirmed to him that any settle- 
ment must be acceptable to the 
Government . and people of 
Belize. 

“ I said that recent British dis- 
cussions with the Guatemalans 
bad been- exploratory. Various 
proposals, including the possi- 
bility of territorial adjustments, 

had been discussed hut no agree- 
ments had been made or would 
be made which were not subject 
to the- aporoval of the people of 
Belize," Dr. Owen assured MPs. 

The Foreign Secretary said he 
had agreed to requests from Mr. 

Price that lhe issue should be put 
to tbe people of Belize, and that 
the Com moo wealth should be 
associated with the process of 
consultation. “Bath Govern- 
ments agreed that their aim was 
early and secure independence 
for Belize," he said. 

Dr. Owen made It clear that 
the British Government would 
continue its search for a nego- 
tiated settlement, -which had 
“not yet been achieved in dis- 
cussions with Guatemala and 
other Interested Governments." 

It was right he added, that 
territorial adjustments should be 
explored, hut these would be put 
to the Belizean people. 

If -the people of Belize said 
they wanted no change, the 
status quo would continue, wPh 
the British defending the people 
of the Crown colony. . 

Reclyfng to Mr. John navies, 
shadow Foreign Secretary. Dr. 

Owen agreed that It would he 
“ indefensible " to put any pres- 
sure on the Bellreans when Uwv 
were consulted about any 
proposals. 

"It would be indefensible to 
depart from the tradition we have 
always had That such a decision 
should be freely randc." the 
Foreign Secretary declared. 


Edited by Denys Sutton 

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Financial pines Thursday January 26 1978 


17 




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and a reputation, second to none for quality, workmanship and ' 
reliability*/- Hr: is r an ideal opportunity for the right-jpu r chase r. ta 
expand the company into a predominant “force within; the Insulation 
Industry, U p- to ;.dam-.KCpqnts- available as at 31st -Dec ember 1977. 
The company has.also -been structured .with regard to future expan- 
sion via folding Company and ^Subsidiaries. Value tp be assessed» 
net asset^value plus goodwi(L^ s": -. 4 * ' • ■ ■ ; V.‘ ' 

Interested ^rties sh.oukl apply In ErM 'Instance ta ^ 

Box G. 1207, Ffnancrif-Times, 10. Qhnbn-.Street; EC4P 4BY. V- 



lon| ntablished .and. iaeemhU f 
-m lor it oral ul«. ,-Apdlnd 
fi Ik-a sound.: nrdSc *n>J 
idem woriu htM eu tafc - ^- 
4ud« Lett*. Goodwill aod.vorr 



expand exj^fiag sthirttiraF' export Wm 
pplieants ix f. feompanies ;suita^y/»qualifi£d 
iply giving experience/ ef c.; fay the first M 
le MD., Box €1815, Knand^ Tfanes, :10. 
;reet,EC4P4BY::.. -f 


CAR BALING- MACHINES’ 

•o Ftowerhil KRUFP - AUTOCRACX " car baling 
uaimd, h«uc«-. 

1. Self powered- rope winefce* 

2. Atlas smb .for taadinj Md u 

3. - Air Rompeeaor- for raMwing 

4. Control cab for on* run i 
eding box accepts complete can.- Folds 
importable load thfc bath In « . 

' Priee Stertlqe £25,0^0. eadi or 
. • .Coamcu 
T. Rowm -T ele p h ane l QMS4 

•STEATrK4NS 

IfaUqr 1 W, Hnbqr- 1 y M «QW, 

SHEET METAE WORKING ENGlNEBHNG BUSINGS 


UJL ucmsrn wanted _ 

FOB AIR POliliriC^ boi^OiiBQU^tejT 
Western Precipitatabu. dtlviStm of Joy Manufacturing Company 
(U.SJL), seeking? TJX based company to market complete 
.line. of Industrie air p^lution eQntroI equipment for U.K. 
i andiJJJK; ejcpqit.marl^L /Preferred; companies should have 
^ n)Etfacts?^» primary ind aatrieg such as steel, ' 

■si vjhr-jy "■ ' ■’ * *' ' i .' ■ . j 

ihon.-Western'- Fredpltatiea . Divistoa, 

a©y manufacturing co. <uk.> ltd,. . .. * / 

"2 Capitol House, Epsohj, ;Surr«y KT17 4NS. • ^ 


\ SKATEBOARDS 

uallty polypropylene', skateboards with trip! 
hand-pourea polyurethane -wheels with e 

; - ^UN^RIDER £4.P0 i 
OW RIDER £5-00 
plus VJV.T. 

Telepho 
Skateboards, 14, 



ch for quantities of 1,000 
■ach for quantities of 1000 and over,: 
available, decks, trucks, andAvheels, 
01-491 1452 or . / J 

er Street, London 3PH. 


b«tfln*aa located to buy S&atft'Gnsc 
Show tnriww ■ 1976 at £337,000 and 
■ordar skoatlon. Flnc<laas purpoxc-buik 
tou*. Price Mk*d 1« ; £17JL0M .» 
Invtfinry of macUnarjr. «qatpmeiK. 


tum sod flairiBS and .furiiHhinglu. Tori datat/s from 

EVtiUTT MASSON ft FUMY LIMITED. , 

1*.. PrMtonqdl MUtafl, St. Aoiiriws SOMt. Cambridge. •' 
WiphBt - REF. RXRt77— Mr. W. G., Mwtdw, 

TAX LOSS COMPANf ES REQUIRED. ' 

.IN Tl^ GRADES ^ 

tanuMNa .coirri&croas no - nacazme puausneas 

HUNTERS, SALES MOfOTION. CONSULTANTS AND ADTOTBlNG 

ANT OTHER LIGHT INDUCTRIAL OR SStVtCC ACTIYTTY 
- Hintaunp -at- £50.000 agr*«il- -Janas' conddorod. 

• Meant write *WtP detpi/i to Sox C.I30J. FlaaaOd' tton, . 

; , f0. -Catnon Street, ECdP 48T- 


** T^AMOND INVESTMENT : 
AGENTS 

I tdylsen required ..as a 0 em* 

self investment diamonds whfcki an 
ribbed Vfntm. the ivemsr wWeii 
4Ss .the most accurate ondinj methods 
-world bas been r opcann* 
:faMjr to tba U.k. and-Europe 
" o years. One-day -diamond 
(Wen if required. •- 
■Ml Information on commission, 
tales literature, etc.. 
tor * :• 

Managing Director, 
DIAMOND SELECTION 
LIMITED, ' 

Hatton Garden. 

■Cl. 


M 

m 


ACCOUNTANCY 


'CITY 

HECNUITMENT 


COMPANY 


has -4C%-<9% eqvfty 
&30. Active particioa- 
. cion in business *npt .essential. ‘ Minimal^ .;iavescment, £ 10 , 000 . 
Principals only ro fioxGllJ92, Fifu 0 cial TiraeA lO, Cannon Street, 
=C4P 4BY. - - r '^ - 


Established specialist *recnritn»«>c_ 
interest ro offer ro ifiveycor. Turtto^r 




COMPANY; 

ESTABLISHED 30-YEAWT 

b sound ctmnectioiu todaseftoi Weeti 
a VeAolatlon. Air OmdlcfotUna, 
*rm«d to Aatncy Am provvn Ilgne 
dnecrin* products .preferably «n«d 
iforemendaiwd iMuktry Out alter* 
I vs*" ConsidMd. - SpeSwm tocllltiM 
:ilable lor Italic assammy, acange. 
iSinp and despaec^i.'' 

Ste Box C.131T, fV taemJ Thia, 
10, Can n on Street, fip4P 4BY, 


FOR SALE . " 

eutly taundofl bcatiiM maqtffqctuctoe 
naans with «. run* v? aonrtrtqeuqjs. 
> central iwetina _ hotter*. .-.rNaw . 
,OOD u. ft. factorv :-ot> tMsaFwtto 
Hon to aurchnte. Sato on, aaaatx 
us Hue to sudden daatat of . owner. 
rt!j*r inlormeilon T. ft Co_, 

anaretl Sarveyor*. U. Otoa'SirM,' 
BAieM, st me. r*i^joy*4j .3 
Bef. flW or. JIF. 


77045v 


0 : 


£ 200 j 

fdSfely nxccs^r'ent 
tovesc up <0 £201 



naiina^wto^ you require tin cash Sot 
— ■ XPect fb' fJ** aft to 

2 — ’-t • Appbeattoa 
. .. ... . .. 4wur- SuOnew 

toother with profit and loss account* 
for rbe put 3 years and current 
balance sheet . 1 - - 

Write Box G.T303, ETmmcprf 
Timet, rtf. Cob non Strict. EC4g- *&Y. 


finlifl 111 ' 


ttfiom-soeetf privatocwujsuiy; 

■ tnclfs - 

INVESTMENT OPPORTU»«TSf^ 
In a Manufacturing Concern ‘ ' 
Involved. In 

AGRICULTURAL EQUIPMENT 
IrttJd detolit to Bax C.I27U 
■ RhmW TTt»«i 

t0. Cannon 5 ti«£?s: 4 p <Wf. . 



Bents are 

-LOAH 

JS $3, 

' 'It . IC’.-WeS 

or howl tn 


DO TOU NffiJ MONET 

a Ws can? Arran* lnpncn from 
. A w h i nal no Privom swim 
all types of Mmcrial. and eommerei; 
property* inctodtog ho b . feecorlea^; 
> borne and overseas deysl o pmena. eomi 
,pwy acquisitions, corporate finance Mb 

ir.- . . a ieOAwr oo. ■ v - 

Ub zn. 7t ■ nd dRabm Gtio; 

SW1. Teh 222 40*3 


CLASS PRHVTtNG.V; 
Prices. AS 

ORPHANS PRESS, 
HEREFORD. ROAD. 

LEOMINSTER, 
HEREFORDSHIRE. - . 



PROPERTY 
ELOPMENT 

Profenional Pro pe rty titv s to p. 
Comptay (mmit)y todusqtol. and 
Midland* 'tad' Booth) 
with Bn'Wtag Coo- 
Compioy (public or. priv***) 
^develop viable wtea. - 
.wrix#- In cosfidefice to Bor 
t MFli mo cI a/ Tlaies. 10, Cannon 
-JvSrtoot. fiCdP «r. . 

Ii3^ 

BLE OF MAN . 

()RE tax' safeChjard ' 
Use oDPortffljtne* to a low tax 
W 8 fseciaiUe to t»e forroattoa 
toctudtna' nominee 

- secretarial 

agency work, teiax 

Full CeunTinjni: 

BROWM 

House, h - 

IJF&sJZ •*** 


HTEDC0MPANY 

BY "EXPERTS 
£781>KXUS}VE 
MADE £E3 . 
•ANY SEARCHES 

ESS O O- KBGKTKXrtOriS LTO M 
30. £to fttmfi. EJC.1-. . 

- M34/5/7361 V93B. . ... 


1* XOAN OF 


,000 



US 


ies 1 bowf .actwUhtei in H»waa 
fJi&A. 7-1BL fn# 
W&tetW<F59a?FSttflcM 

Street. EC4P 48T. ' 


S IN B.S.A. 

iye moving betwe e n U.K. 
Interested In hsndftng 
irts to USA. of viable 
.^products- . 

,^' Boa G-.I3QZ, ftpaoctai Itio, 
10; Cannon St rocf. £C4P 4Vf. 

TOR/BUSJNK^ 

: , PERSON 

F-todhtog for a yoot« -dyasmte 
Cb-bvlp build up a luBrptay 
panto*, tirtoafly i ram-, Knack, 
he able to aroxiie oSta'. work 
have tfuenc ^tgtoh npd qM. 
*M -finds of p«ft}aT~S« 
by tadmotogy. UsskJczi 
_ for ndt pinea. 

Box 6.1347; FJorntM Timm, . 
^ 5bWL , 6 C4P 4*Y. 


•^S69&'«ETORil : ‘' 

■^fSobiJecE oaly ra C^inJ GdoCTtaj 

: Secured i 

.-j YEAR. hKMEY- {£S)O^IQdOOO) 4 

/ ta-tamjlwa iterative - 

r - y-Rg|Uiy-Ham.0MlmiMib • 
-Writs Box GjJiB; Ftpmdal 71mm. 

10, Cowkw Street,' SCiHST.. 


Are yea 


TT 


lookinj for/ * co mp etent 

STEH. FABRICATION • 

SUPPLIER ? ' 5 

WE OFFER OUfrOJSTOME&S: *■ 

• Expeneoced and . skilled engineer* 
and labour— campoaenta in steel 
having been oar speciality for 50 
years. 

• Exceltoot manufacturing facilities, 
with op to jtO-caw we crane age. nod 
bead room and Boor areas, available. 

• First-dan collection, storage and 
delivery capabilities with railway 
siding and S acres of yard space 
available. - 

ff you are wiring an energeoc, cam* 
p* trove steel plating /we Wing manufac- 
turer for eae^tfls, small quanthtos or 
repetition wort, then contact Box 
G.1307. Financial Timas. ID. Cannon 
Street. EC4P AST. 


SPAIN 

“Spanish Dsvekwaenc Co. with assets 
on the Costa del. Sat valued at £3m. 
wishes to- dreerarfv. . For; sale as 
whole or ptirtid p unoa coosideraj for 
Bd *nd equity exchange. Principal 
rasydsiK -in London. Enqairim io 
tirta confidence tnc Spratley ft Co., 
CUrmred- Surveyors. 29. King Street. 
London. W.CJL Tot: 01-836 7372. 
0N2« 3421. Telex 28332. 


' ' WEST END 
- OFFICE SERVICES 
j PRESTIGE ADDRESS 
' TOJEPHONE ANSWERING 
TOEX 

... OFFICES (SHORT TERM) 
SECRETARIAL SERVICES 
■ . PHOTOCOPYING, etc. 

Telephone: Bl-580 581*/* 


IBM ELECTRIC 
TYPEWRITERS 


Bn/, nane - op to 40 p«c. 
* ^3 year* 'from 0.70 -weekly. 
JUoc from £39 for month. 

■ PhotMt 0^641 2345 ' 


. LEADING COMMERCIAL 
AND FINANCIAL EXECUTIVE 

JmptiW /Expprt wqwrtonoe end ooonec* 
pons (re p re ran rati ve .is CaUforaia) 
avaHable to assist as consakanx/ 
dfraesar to expsncloo. or reorganisation 
of ^ con cerns todsd* texto s ar i ng and 
tood. 

Pbooc 04427 4107 or write Box 
6.1*14. FtooDe*nf_Tto»et. 10, Ccoraan 
Str»«. E GA* 4W. 


7" 


mum # ply 

:«E(|UffiED 

1 to sbeg -o.njujr ay. mfir onond 
meblie "atonsted- or - —pended 
M ensd. Send MB detalta ro Bcbc. 
■GJ33S, Kbnocta) Times, u, Cassoc 
Street. - SCO* 4BY;— on- h a n e dia ie 


FDR SALT 

ff'rf . iV-v-. 

OpporftHHtY- acquire modem 
oyster fibre M-Wett Country; 
Lt^ Co. Aocesslbl* diefterd* 
'.ess^dUT. q o goin gf cqlxiYitJoB. 
Write 6 c* oJ316. FJooodal Thpa. 
. . M. Omoo^StrceC EW 4BY. 



-.ifr--. 



Our business is 








HAM PlAtE LONDONSW!. 01-235 4551 





BEHALF OF AN ESTABLISHED 
aTIPLE GROUP WE A3RE SEEKING: 

Fashion Wear Chain of well, positioned shops 
of about 3,000 sq.ft.’.' •'• ' '' 

Jewellery Shops Cham df about 600 sq. ft. 
ch in prime positions. • ; ; '■*:* . • 

submitted to the retained agents wHl be 
in confidence.. 


A. C. L. Grear, 

HOUGHTON GREAR & CO., 

7 Harley Street,- London, WIN IDA. 
Tel: 01^80 9357. . 


COMPANY WITH STRONG 
M EXPORT MARKET 

^SEEKS TO -ACQUIRE A BUSINESS 

preSigably associated with combustion tedmology 
azid^hidi could benefit from the e^>ort connec- 

reply please indicate whether tha'e is the 
to enlarge your office facility. We would 
move from our present. 10,000 sq. ft of 

will be treated in strict confidence. Please apply to: 
Financial Times, 10 Cannon Street,- EC4P 4BY. 


leering Company in North West 

SALE AS GOING CONCERN 

lipped and manned engineering .company with 102 employees 
'7! are direct personnel. Would suit a large group of com- 
cendtng to manufacture. th«r own-, products complete, up 
is weight. All replies in strictest confidence. . • ■ 

first instance to: F. W. Tattersall Ltd^ Advertising Con- 
Wo^wicb House, 61 . Mosley Street, Manchester M2 3HU. 


/ T^P MANAGEMENT BANKERS 

i OPPORTUNITY OF A LIFETIME \ 

Af you are «-_the top and will retire in 5 years or left, there Is a 
-‘nice niche yqull love when you retire. Exciting financial ‘consulting 
in a friemfljr.' small company 
Requires a- modest Investment. 

v y All replies Jn strictest confidence 
\-'-S<£ Write Box Gu2-40, Financial Times, 

10, Cannon Street. EC4P 4BY, 


ALGARVE ^PORTUGAL) 
REAL ESTATE FOR SALE 
. - 'LAND 

150,000 Sq MofieHahout 37.1 Acm) 
TO ALL WHtijHAT RE INTERESTED 
IN A GOOD INVESTMENT 
OPPORTUNITY 

Right In Efc-Vbest tourist sraa of 
th« Algarv* Wi dm soochere coast of 
Portugal (AlKufttrx). 

Plant al ready > duly approved by and 
required inttertswons obtained from 
local aothorSW_ 

SOCODgttTO- 

c/o Mr.-sL P. da Cana or 

Mr. M.^?Jhado, 

Rua de Hampor«Je. 3M% 
U»bon-l£c Portugal. 

Tel: 6940B7- 

. Telex IgtM; TR 6 FII-P. 


V 


SWITZERLAND 


COMPLETE PROFESSIONAL 
SERVICES AT YOUR 
DISPOSITION FROM 
WITHIN OUR GROUP 

Tixjtion and Accounting. Translation 
and Secretarial Executive Search and 
Period n«l -Selection. Swiss, Foreign and 
OH too re Company Formation and 
Administration. Mall Box, Te ftp hone. 
Teleac Prestigious Domicile with 
Conference Hall and Seminar Rooms. 

. . . . F1DEURO SJL, 

. 36 AY BETHUSY. 

1D0 5 LAU5ANNE. 

TEL: I2U0 47 SI 
OR TELEXt 256B4 


OF SOUND 
STANDING 

m a consortium 
n's most ex- 
tourist project, 
finance required 
hr. 

3521 

be sent no yon 



Old established or 
B usine s s Group Jo London Wall 
"i» to Oiverwfy their murests. 
Existing management cuckl participate 
in equity and profit sharing. Praficable- 
eseablisbed businesses in non-fsbour- 
intensive areas sought. Cash invest- 
ment of np to £500. DDD visualised. 

AH replies will be treated in the 
strictest confidence. Please write to: 
Sox G.I0S7, Financial Times, 

10 Camion Strcvt, EC4P 4BY. 


VENTURE CAPITAL 
AVAILABLE 

Minimum package £800,000 for new 
or expansion projects. Brief details 
only marked CONFIDENTIAL in Brat 
instance. Principals only, to 

EURO-CAPITAL FUNDS ASSOCIATES 
Box G.I256. Financial Times, 

10 Cannon Street. EC4P 4BY. 


ELECTRONIC INSTRUMENTS 
COMPANY 

Hrst-dats premises in New Forest 
area, stock approximately £30, DM. 
Tax loss £80,000. 

Write Box 6.1306. Financial Times, 
fO. Cannon Street, BC4P AST. . 


FURNISH I 
on 
Foil 
ties aval 
NARROW 
in too 
boats. 
TUnes. 



— SW 1 available 
. er monthly basis. 
__>oBca support tatoU- 
-222 29 SI. 

“ BUSINESS For Sat* 
licences for 12 
C129S. Fbiudai 
ML Keep any. 


ULTIMATE ANSWER for Investment Sales- 
men and Brokers. Merchants Brokers 
IzL Artillery Row. London 
5W1 P 1RL <571. 

£1 A WEEK for EC2 address Or phone 
messages. . Combined rates + eeitx uMer 
£3* week. Mesrase Minders lotar- 
Mttonsli - 42-45. New Brood Street, 
London EC2M 1QY. 01-625 0898. T time 
6811725. 


PLANT AND MACHINERY 


r^Sf- 





1RE01H6 
ISP0SAL 



18 onas^^cBesd-d riven D.C. 
AretoreltE^Sgejnerator* powered 



by Ford 
■450 am 
) 

A KVA 1 
whBst 
prise 
reetifie 
circuit, 
switch, 
mdergeuC 
below 

' Fortlwrideculs. phone 
' ;s Mr^L WaHwork 



engines, providing 
■volts, continuous 
£38 “1966", plus 
auxiliary supply 
- Electrics com- 
E alternator with 
brushes In .welding 
tit via 5 range 
on Sfte^cbwing 
disposal at well 



GENERATORS 

Static and Transportable Units 
from 3kVA to 750kVA base 
load, stand-by or no brake 
systems. Sale or rental, manu- 
factured by 

. SHANNON POWER ' 

' SERVICES LIMITED, . 
Leigh Street, Wxlshaw, 
Bury, Laics. 

Tel: 061-761 1434 Telex 668BS0 


1 

*r^; 


GENERATORS 

Over 400 sets in stock - 
IkVA-TOOkVA ■ 

Bay Wtochr from aha umdnto Bi 
with fall dUMlIn twice. 

CLARKE GROUP . 
OJ-985 7581/0019 
Telex 897784 





fFOK SALE 

SUBSTAISHEIAL INTEREST IN A 
HUM SIZED 
fG COMPANY 

WHICH ISsESTABUSHED IN SEVERAL 
PARTS OF THE WORLD 
The company ilas a gross profit of U.S.$6.5 million 
p.a. and the ^vendor, a private individual of 
advancing yea^ requires U.S.$3.5 milli on for his 
interest in thi^company. 

Reply in confidence to: 

Bo^l300, Financial Times 
10 Cannon Street, EC4P 4BY 



Wa are a iu&iaaVr»l . British company with established factories In 


France. Belgium andfjofy seeking iddidonal manufacturing opportunities. 
We hare the know-how and capacity te handle a wide range of products 
Including speciality gthsm reals, adhesives, flooring and ceiling finishes, 
acoustic materials inm-jHiHdlng products,, for sala to industrial customers. 
We can provide ^ecllant marketing, selling and technical back-up. 
Minimise your Eurmnwi entry costs with our help. Our vigorous 
management and Hnandai resources can help to ensure quick results. 

Replies from princiftiitf only, please. 

Box 509, Hanw^y House, Clark’s Place, London EC2N 4BJ. 


MANUFACTURING ” 

An Irish manufacturer of Domestic Appliances (Deep Frenen) b seeking 
te diversify its manufacturing eictivitias, inside or oumida the do m es ti c 
appliance field.. { ■ 

This could be dona uiMbr a licensing agreement, Joint-venture or by straight. 

. forward manufacture under contract. 

The' Company has a Large, modern and well equipped factory, backed up by 
all .necemary services." It could also undertake sales and distribution 
throughout Europe, ifyrequirad. 

The rax situation In Ireland exempts from taxes alt profits generated by tba 
export of. goods manufactured* or processed in Ireland. 

" Ffeose contact: 

P. 5. Power, Managing Director, 

PRESS O/MATIC LTD, 

Kifinore Road, Artane, Dublin 5. 
phone: 314111. Telex 41S5. 


SMALL BUSINESS ADVISORY UNIT 

Business development funding, import/export 
funding, product development funding, Import/ 
export development and sales, property mortgages 
and : remortgaging. 

i *For furtlierlhfGrniation contact us. at: 

136 SOUTH STREET, 

DORKING. SURREY. 

Tel. (03§6) 87588 Telex 859112 



GESELlSCHAFT FOR INTERNATIONALE 
FINAN^BERATUNS MBH&COKG 

FOR SALE 

* Leading- company in the building accessories industry. 
Turnover over DMIOOm„ workshops with up-to-date 
equipment. Well-established sales organisation at home 
and abroad, first dass know-how, world patents. 


INTEHRNAMZ - SchadowstiaBe 86-88 - D-4000 DDsseidori 1 
Tel 9 fon: 0211/353772 -Telex: 08-587425 


We wish to acquire companies in the 

SCIENTIFIC LABORATORY SUPPLY 
& DISTRIBUTION 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 £250,060. Replies will be treated in 
the strictest confidence. 

Write Box G.I281, Fmanciql Times, 10, Carman St, EC4P 4BY 


CARAVAN SITE 
FOR SALE ESSEX 

100 Residential Phcbe* in attractive riverside location. Owner's hone. 
Extensive buildings. 

£17(^000 Freehold 

CHARLES F. JONES & SON. 

6 , WARWICK COURT, LONDON WCIR SDJ. 

Telephone: 01-242 7828. Telex: 268807 


PRESTIGE CARS WANTED 

TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Are you obtaining the best uric# for 
your low^nileag* prestige motor-car? 
We urgendy require Rolli-Royca. 
Mercedes. Daimler. Taguar, Vinden 
Was, -BMW.-Pondw, Ferrari. Maserad, 
Lamborghini. Jensen Con vein' We, 

Rover, Triumph and Volvo Cars. 

Open 7 days. in week 
Collection anywhere to U.K. Cadi or 
Bankers' draft. mmGhMc. T ele p h o n e os 
for a Ann price or cmr buyer will cuB. 
ROMANS OF WOKING LTD. 

Broolcwood (04867 ) 4567 


EXPORTER 

Specialist, in agricultural equipment and 
.machinery, bat- with experience in 
other Industrie*. - is .planning a basl- 
nexs tour of fndit m April/May. 
Manufacturers interested in this market 
are invicad to contact; Brabyn. 
Longdon Manor, Shlpston-on-Sconr, 
Warwieksblrc. Tel:. Ihnrngtoa (060 
882 ) 235. 


SOLAR HEATING 
Dealers /Agenxsy Installers required by 
well-known public compamr who are 
now . marketing tolar' beating systems 
Internationally . for "' ' domestic and 
industrial use. An r -fnmaJ stocking 
reqqlremsnc Is nacasraiy to obtain 
promotional and . technical rapport. 
Applications from astafalislied organi- 
sations only too—. 

Box G. 127 f. Financial Times. 

10 Cannot, Street^ BC4P 4BY. 


MARKETING 

DIRECTOR 

with investment capital, 
required to promote unique 
service for which there is a 
rapidly growing international 
demand. Knowledge of adver- 
tising and printing methods is 
essential 

Write Box G.1310, Financial 
Times, 10, Cannon Street, 
EC4P 4BY. 


PLASTIC FABRICATION 

Company wanted to produce fume 
extraction In PVC and glass fibre. 

FIRST-CLASS KNOW HOW 
EXTENSIVE CAPITAL 
, AVAILABLE 

Write Box G.1220. Financial T lam. 
10. Cmuien , Street. EC4F 4BY. 


DESPITE THE RECENT 
, RECESSION 

In certa in section*- of the sMppIns 
Inctustry. sound KMB-twm investment 
coportunUles *tlu nut. ou estauishad 
otwratlno subsWtorv of major British 
arauo can offer one or two 
investment project* complete with 
management or will maoaae vow 
** 2 " tmsis with same 

care and tboupht.ns .Mnvied to thtir 
own fleet. 

write Box G.127S.- Financial Times, 
TO. Cannon Street, ecsp 4BY. 


STAKT AN IMKHnstfORT &GSNCY. 
Mo capital reoulrad. EstabIKM ever 
30 years.- Clients Iq 62 countries. Send 
torn* S-A-£. — wade. Deot- F. px». Bex 
B. Marltorauah. Wtits. 

HttVATK INVESTMCWT mans oar wtshe* 
- to rent dusk space, ui London oOce Of 
I Flaxse ptone N. Met- 

[-,^«Jf.,7«4 J7RO. 

■--- etc' ' • * . ■ 


NEAR FORDS, 
BRIDGE HO 

Fully equipped welding /fabrication 
company with ample, space and excel, 
lent pros pecs. invite* Interest! 
numagement expertise or other, arowto 
£50.000 to accelerate grtwtn. 

Meow reply Box G.1312, Financial 
Timet. 10. Cannon Street, BC4P 4BY. 


UP TO £150/100 AVAILABLE 

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I b> i » , vsa.«:M- ,af 




JL ^ cy V/jr A/I I'VI' BY C P. SNOW 

" and Supernatural, has not only paranormal; but for many years time- demolishing Velikovsky's | 

Natural and Supernatural: a such a longing, but a super- it was absolutely mysterious, pseudo-astronomy. Pre-cognition t 
history of the Paranormal by lative capacity. He can believe However did the birds find out is a slightly more difficult case. 
Brian log I is. Hodder and nearly anything. 'This long and where they were going to. -There is a certain amount of 
Stoughton. £9.95. 490 pages studious bistory of what he calls thousands of miles away, and dubious evidence. The experi- 

— the Paranormal runs from Old arrive, with minute accuracy, at meats are laborious. .They are 

Human beings have always Testament stories down to the. the place they had. left months.’ peculiarly, open to self-deceit — 

found it easy to believe. They first World War (there is to be before?’ There is now a physical and in some elaborate projects 
have believed in almost anything a second volume bringing us to explanation, though an unusually ic a reputable, laboratory not 
—gods, spirits, ghosts, reincar* the present day). In aU.that sophisticated one, only reached long ego, to organised and 
nation, immortality, various time it seems that almost the by modern physical, techniques, deliberate deceit Mow much 

Kinds of heaven, various Kinds only tiling which Inglis cannot In the same sense, hypnotism saei ttibc enquiry should be 

of bell, all varieties of afterlife, believe is that mediums — in the is an odd business, but it is s P en *. on snch 
divination, including divination spiritualist sense— could pos- becoming broadly explicable, ssp®"®™ 3 - expecting negative 
via the entrails of birds or alter- sibly have been frauds; and that Some good .scientists tend to re ^*. „ / ' , . 

natively playing cards, the in- when, as with the Pox sisters, believe that telepathy- may be a *•*' Above alLwe have to Keep 

fiuence of the stars, Velikovsfcy. ujgy confessed to having been genuine phenomenon, and just our se nse of fact about how 

Hying saucers, perceiving the so> they made those confessions as subject to psychosomatic people afe likely, to behave. An 

future, all the rest. Most of ^ make money, and that interpretation. - None of these a l re *!2!H!! 

these beliefs, and the desire for didn’t make their previous investigations is going to be easy, P ®” 1 ?**£?£«* 

iS ifSremToli p/rhipf "* "»* genUl ° e 01 *“* " d “ rl * &>” TV to 

. u would be ^opg. irewerer, .. M I.* c. mm .o ^ th„ J-gfc SaCftTSSlS 



Fiction vW‘- 

In the chair ig 

BY MARTIN SEYMOUR-SMITH 

_■ He do ® 8 nut them lew w-wh^&eii 

itaathwork by James McLendon, he believes in ^capital PShish- 
^Hamish Hamilton. £4.50, 327 ment or not. His Mmpaajqn „ 
n™ an entirely unnecesawy^ ;tna 

P ^ 8 - equally unconvincing : . 34escie,n 

Tornado Pratt by Paul Ableman, who once fought tfcttL -.Yaanta 

GoilanczL £4.95. 223 pages villa. The imaginative pan 

— r Z iMiinn UsaOncork, it it .can be S o 

Founder's Praise b >' described, is banal .and cfetfu*! 

- Greenberg. GoUancz. £ 4 . 89 , m ..-••• 

pages At one point a ' brutal and 

— rr mm psyeliopathlc fihne Mcfetexi the 

Deathtrcn-k is presented to us in charge of tbe exeeutiona 
as “the first book to anatomise . ch3nse d into a genial tammi 
the death penalty as a physical beifl{ , McPeiers asTriajnofflcer 
and emotional reality, not as a - s deliberately presented hv 
moral question or a social McLenC [on as a person 'qotfe is 
issue." This is impossible. Part M the criminals- -lu, 

of the physical and emotional j over . Yet as companion 
reality of the death penalty is tQ Daniels he is presented as a 
that it is a moral question and hurnaa being. There Is no irense- 


first beauiic self-conscious— the u would i® wr . on S' however > < 2 > * ta common ground that ghl & considerhmea sensible 8rian from mirades to tea-ieavw . reality of the death penalty is Danicls he is presented as a 

feeing T an ^ateJlme divide “0 fflrougly to excessive there existat present phenomena wuld frtSuy . ... • - . - that it is a qomUob t° urnaB being. Tberejs no sens* 

between the body and the mind. a he * 1176 it' be believed that he before the most severe enquiry It would now be entirely pos- fw®?®L a li5^i e '-anUaf^inishmen1 ar l d no 58 

This body is not. cannot he, *t iscentainly a tempta- but which do not contradict il possessed genuine paranormal achievable. It might take a long sible for such a man to have his J® not M fJ^ ut »,.^ P i t hmi? U nne form S^ vcn ^ or ll - . . • ^ j- 

all I am— that is the human cry. p 00 -,^. ^ rce . ze mt ° ^, ce * ss iZ e 11 I s do ? pp ?J e ? 1 ^ y powers. He would realise that time before be was believed. But chums considered with the oul Thc cxecutions thcm^lvcs are- 

There is something separate, 1 ^5 r ® dl ^ r lt v' J .suggest that the eontradict it that we should take the matter was one of rranscen- men with great powers often take utmost energy and rigour. A of J?’ -M^T^ndon described in exact, gfoating, viva 


A u dV ^ M fci _ __ t ii it ‘ powers often t&ltG utniost enercy sxid rigour A dcctrocutiOB* . described In tixsctj ^ 

with an independent* existence! of Inglis's book ought to a hard look at oredidlly. Natural dental significance. He would a long time for those, powers to number of eminent Americans^ -.-Tbe n haut and horrifying detail. They are 

■which is formulated in most make . U u s cIeaj '. 0UT heads on science is a formidable edifice. want to establish his powers be believed. If this man had the of the highest reputation, both knows w ha t he is ta ag^ t bungled- We are spared nothing. 
...us-.v rerfain hasic nfUTits- Some nf Its bricks are helm? ... % i when It comes tO aeattrwur^. ;» nrnlnnced -niTOnv - In. 


gloating, viva 
lail. They are 


religions as an entity which goes coriain basic points; Some of its bricks are being before persons 

on For ever. This distinction O) Any sane person would pulled out every day, improved, WO u]d be trusted 
between body and m-tnd is so agre® that there are a good many often altered. Other bricka are tu a l world. If ; 


juu au uus imtluuig “ “ PT- * utavj ittuic scvci iu x\uy uiLcmgciu uidu hviiuu iiauuuumcib, uuici luuub ui , i?/iofKurf>rlr 

ingrained in great areas of Faraday’s position, and he can discover something* which feet, or his own body even more realise that it was worth all the scientists and professional UXn- K zr w ae ^ini 

thought Tbe real profundity of explained that these natural makes nonsense of the whole feet, or could twist a bar of serious effort in the world. The sibnlsts. They are sceptical, as ? T 1 S0 j 

the mind-body relation is some- phenomena would gradually be edifice. *"** ,a7 f>,nn Vl “ «»>•••»-* ■*« — u u. — -> — - 1 — « , — m.: i_ mdeea . Ann m- 


Solly Zuckermaris war 


BY DAVID FISH LOCK 


7“ " . e ... ; following a dinner party in the huddled in underground shelters, week later— too l&te— Zucker- 

ri 9 wi«E^,n 0 HeUnicKUn spring of 1942. the war had Would they be knocked out cold, man's study of Hull came to 
c- o oi- 11 ' n D uamJ itoiL turned a Jewish xoologist with a as was widely suspected? It was precisely the opposite conclusion. 

.r penchant for apes into a his first exposure to the massive zuckerman’s war fint put him 

Many would agree that Solly toughened - steel Whitehall official ignorance of the conse- on ^ Jeft hand Lord Mount- 

Zuckerman— Lord Zuckerman. as warrior who had fought on two quences of bombing, even though batten a great enthusiast for 

he is to-day— created the role of big battlefronts of Europe, the it bad long been known militarily scientific advice— and for crazv 
Chief Scientific Adviser to the Mediterranean and the Second that this would be the technology M Pa<s ijirp aireMf^rr-iovc nf 
British Government. Of course. Front' But his battles had been of the second World War. tf) Tripoli and then 

there were chief scientists before fought against such formidable in quick succession he showed to Algeria as srience adviser to 
him and since, but none who wartime personalities as that people are far more tolerant Air Vice-Marshal Sir Arthur 

walked Whitehall with his brand “Bomber ' Harris and Lord to blast than was .supposed even Tedder where his iob was to 

of arrogance, confident that per- Cherweil — the Prof — the PM7s by the physicians; and why, by show the RAF how to bomb a 

manent secretaries and ministers own scientific adviser. the kinetic energy they possess, well-fortified ' volcano called 

rignt up to the PM would give within a few days of the out- minute fragments of bomb PanteUeria— an Italian Gibraltar 
vs_ break of war, Zuckerman was splinter cun wreak such devastat- —scientifically into submission. 

whJa V Th?v wewET St with asked b ? a aeientist advising the *ng damage on victims. His His plan was successful. Only 

gasssss ~ 1 « ttfti 5 wwrs M.^srajssa" 1 

clear scientific advice, courage- “ B ^ y .. „ „ constantly sought by the generals 

ously presenled. uncluttered by _ But 811 lt n ® ve ^ —Eisenhower as veil as Tedder 

the equivocation with which occurred to me to worry about and Iieigh-MalloTy — planning 

some scientific advisers have :,<■ i , Operation Overlord. He forged 

sought to demonstrate their ^^T - v 1 ~ •"’oiSjl MBM M [Medical Kesearch CounctiJ. I top-level . Anglo-American liaisons 
worldliness. Ask Zuckerman i-y X was far too interested in my that survived his subsequent 

whether the Government should \ : " ew wor ld °‘ exploration to three decades in Whitehall. He 

mount a “lets cure cancer" Ev‘ - *■ -S 1 • : a : : . Jose any sleep because of Sir became .the only Working 

campaign or invest heavily in g; y. .-j - * : < HMH Edward Mellanby s objections, scientist in Britain — the Prof, 

tactical nuclear warfare and he •. By 1941 Churchill’s confidence apart— to be admitted to’ the 
would give a straight answer, i v ~ * B that Germany, could be bombed inner planning circles of the war 

even though it might infuriate 4 v I?*** ■ ‘ \ * Ij »»*« submission was being quite effort 1 •* 

scientists or generals who widely challenged. Zuckerman He was admitted not because 

watched their pet projects wilt ! Pf««aded the Professor to let he flattered the warlords but 

with his words. i «•.!?}» vt ' hun study two British industrial because he kept bis critical 

“He's never had to make a frnStgENm Binningham, faculties finely honed and would 

real decision in his life,' a s- ^-V»V A - •••?*» fflHi which bad been keeping a tally use them with devastating effect 

scientist once said to me of one V. : -' 4 r of the bombs that hit them. on their pet schemes. Later he 

of the Government's lop tech- Atf-ftfy.,' 1 '* - • " TW. JB Perhaps he could answer such admits, he discovered how much 

nical advisers. Zuckerman, in [ "vV^ >X . ; questions as; How many tons simpler it could be to advise 

this autobiography tup to 1946) • does il 10 break a town? generals in wartime than to 
shows us most lucidly how he •_ ® ut tbe Professor himself pre- advise governments in peace- 

was schooled to make “real ' r, ; empted his findings. In' an time, when “different constraints 

decisions" in circumstances important Minute to Churchill affect freedom in every field of 

which. 1 suspect, would terrify ■ Ju||£K| early in 1942. the Professor social endeavour." He has his 

most of those who aspire to be k wrote that “investigation seems doubts, he ends in t respectively. 

Government Scientific Advisers. Kt • * * w|p *. T0 show that having one's house whether since the war scientists 

tt is hard to adjust to the fact Xggjk X demolished is most damaging to have lived up to the promise 

that when the war ended ’ ’ morale.” and concluded that which was theirs. But for that - 


some scientinc advisers have ■aaBE- *'■^1 

sought to demonstrate their W 7 ' '/' V' 
worldliness. Ask Zuckerman ^ 

whether the Government should '/..V* 

mount a “let's cure cancer" P-V ; ‘ 1 


campaign or invest heavily in 
tactical nuclear warfare and he 
would give a straight answer, 
even though it might infuriate 
scientists or generals who 
watched their pet projects wilt 
with his words. 

“He’s never had to make a 
real decision in his life," a 
scientist once said to me of one 
of the Government’s top tech- 






oi me iioverrmiemB top teen- vy..'-- .r. 

nical advisers. Zuckerman, in i Ji . ; 

this autobiography (up to 1946) 



Lincoln Daniels, for. this is his Because It fa a, fatfh which 
name, has . been sent by a glossy admits of no evil,' lt-hrlnevitamy 
maga zine to cover tbe erecutions. corrupted . by Blssers successors. 

ILK. ECONOMIC INDICATORS 

ECONOMIC ACTIVITY— Indices of industrial production, manu- 
factnriog output,' engineering orders, retail -sales volume (1970= 
10Q>; retail sales value- (-1971=100): registered unemployment 
(excluding school leavers) and unfilled, vacancies (000s). All 
seasonally adjusted. 

Indl. 'Mfg. Eng. Retail Retail XJnem- 
prod. output order voL value ployed Vacs. 


shows us most lucidly how he . ; ® ut tbe 

was schooled to make “real ' empted 

decisions" in circumstances ' - ‘ l m portae 

which. I suspect, would terrify . early in 

most of (hose who aspire to be L ' ■ . I IB 88 BW wrote th; 

Government Scientific Advisers. |Sk . ■ ■ /yySgS \ to show \ 

tt is hard to adjust to the fact wSk* •*' ' Kv V Yjf rw OPfi demotisht 

that when the war ended ’ '“ morale.” 

7i:ekemian was >fii1 only 41; In Lord Zuckerman: standing up to Germany 


Catherine the Great, a portrait by an unknown artist. The Empress 
is the subject of a new biography reviewed below' 


little more than three years. 


the top brass 


Germany could indeed be story we sball have to await the 
bombed into submission. Just a autobiography of Solly’s peace. 


Kiss me, Kate 


BY REX W1NSBURY 


Crimes , thugs and thrills 


1976 
4th qtr. 

Indl. 

prod, 

102.3 

■Mfg. 

output 

104.4 

Eng. 

order 

106 

Retail 

voL 

108.5 

1977 

1 st qtr. 

103 JJ 

105.3 

111 

105.0 

2 nd qtr. 

101.9 

102.7 

104 

103.9 

3rd qtr. 

102.6 

103^ 

108 

106.8 

July 

192J 

103.9 

102 

107.0 

Aug. 

102.6 

1032 

117 

1072* 

Sept 

102.7 

103^ 

104 

106J2 

Oct 

Nov. 

Dec. 

Jan. 

10L5 

102.1 

102J 

103.0 


105.4 
106.1 

109.5 


BY WILLIAM WEAVER 


Deep Pnckoi by Michael Kenyuo 

Collins. 13 75. I!>2 puces 

Mr. Kenyon's poet -policeman 
Hnnry Fcckovcr is translated 
from vice to fraud, but the new 
position proves as fraugbt with 
dancer as (he old one. Always 
ready to take action personaliy. 
the amiable Inspector Is severely 
bashed about as he pursues bis 
inquiries llmru^h :i motley world 
of rich, unscrupulous Arabs, tarts 
both chic and slatternly, greedy 


axial tomography, but there and vinegar, for dressing salads, virtuous, gets his just reward, 
was still nu explanation Someone replaces olive oil with death),, and another named 
for the continuing state of an obscure poison, croton oil, and Friday. A bit confusing at times, 
coma in the patient, the nasty Mr. Hardy promptly And then there i> the adverbial 
Nuclear Pathology had dune dies. Supcrintendant Masters and Chief Superintendant Gently, the 


OUTPUT— By market sector: consumer goods, investment goods, 
Intermediate goods (materials and fuels); engineering output, 

• .. ... . metal manufacture, textiles, leather and clothing (1970=100): - 

At the same time, this empha- housing starts (000s, monthly average). 1 

* °P woman Consumer Invst Intmd. Eng. Metal Textile House. 

" l 8 . *^**^5“ v ?T 0U j °? er goods ■ goods goods output mnfg. etc. starch 


Catherine,- Empress oF all the sls on Cathermc as a woman 

mean s that 'her various other 

Rossi as by Vincent Cronin, roieg as spoasor . 0 f education — jK=«~ 
Collins. £7.50, 349 pages and the- arts, as conqueror of 4th Qtr 

■ territory, as moderniser or — 

Russia, as international states- 1977 
The statistical precision with person, as mother, receive rather ^ 9 tr - 


a cerebral imaging study the spiky Inspector Green are authors familiar protagonist which Mr. Cronin tells us in this variable treatment. In some cases 2ndqtr. 

and brain scan, beginning at called in from the Yard. A Anyway, this quibble aside, the pnjorable but flawed biography ex eellently summarised, in other 3r£ lQtr. 

ten o'clock this morning, rather subdued performance on book is a brisk and believable rnrtl -_ 8 _- - v, n *j , cases skimpily. In turn, and 

using an IV of 15 raCi 99 mTc their part (Green is becoming stor J of a middle-aged composer, _^ t T ert ? e rf r™ 3 *. , a again paradoxically, this weak- Au S- 
DTPA with apparent adequate 'downright human, and Masters — his vicious paramour (the; Virtue totai °* ™° husoands ana eleven Qess ma be ^ vft reason w h y Sept 

perfusion through the left on the brink of marriage — in question), and a few other lovers, of which die chose five, Mr. Cronin does not in my Oct- 

internal carotid artery of the betrays just a hint of stuffiness), skilfully-portrayed characters in Empress Elizabeth one, Potemkin inevitably subjective view take ^ ov - 


uu ... I rail* .HIM And so OIL ftir. Trevor is deter- one or ine piayers ne arrestea “ ‘ J; v “ “ '7'“ j n history, yet surelv onto f.illv 

bunders, bom officials. Splendid m mcd the reader shall knowhow for murder first? Mr. Hunter Catherine himself— no. doubt an ejroijcable within rh«T tatVrnMiH 

conc.usion in a chase over a much homework he has done. He ' * " creates and maintains ■ tension, occupational hazard for male ca i OQ ntext of HwUp 

grnusn mnor fwiih more than ^uid have spared himself some The Month of the Mangled Models The solution, when it comes, is biographers of distinguished and passion ofana 

rouse being shot at). pains; the crushing mass of tech- hy Robert Player. Gollancz. thoroughly credible. . sexy ladies. 

_ : t kt .1 _ C*? 1 CJT ^ nnn . Tin ** m 


The Tlu-tu Syndrome hy Ellesl-in 


Trevor. \i*w English Library. s ‘ Jod slur >' 
£3 95. 295 naves 


nical information and the clouds 
nf jargon conceal a basically 


£3.75, 160 pages 


1977 
1st qtr. 


Export Import Visible Current Oil Terms -Resv. 
volume volume balance balance balance tradeXTSjbn* 


Whether the. wretched Poles, .JSJ?" Jf r *. Cron j? scores, and SjSjJf* 
partitioned and re-partitioned 1D bl3 description ^ ■ 


• ■ itaruuuneu mui jctmtihjudsu , - . , *hihiu nh . .... 

Another of Mr. Player's care- kart's Disease by peter A. out of national existence b y2„„v!® rme * earl - v U P lo I q 

S . .. ‘J IT T.flL'P W H «OR Pnecoi.lre nl tl, a hef SeiZUfP Of DOWOf. TTplnoftb» AU ff- 152.0 


A typical paragraph in this 

nnxci Logins. uninruin.-;t«-iy: 

“There had heen further 


ruby composed jokes,’ this time Labe - w - ^ AIb >n. £3^5. 214 Catherine, or the Cossacks of the ° f power - .Helped by g ^ . , JJJJ 

If | 

Clark. GoUancz. £3.. a. Ire -“"JJ The sertine is Se art a . imperialist ambitions, or whether Wd and sympathy which pro- ‘ 

worid,' with thT boisterolfs pre^ ^ busba ? d » ^ -" ,th a rtvW 

Rnnha^litPE nn tho nna ’b-knft^nd ba PP u| y up . Lake— a California murdered to dear the way for Picture of coon 


radiological workup during the A gimmel flask is one 


-816 IftS 

-725 BOX. t*B 
— 586 ' 

-665 , 8M+-2M9 
-182- ~ 

-203 a? 


ramoiusicai wunup uunnjj me * gimmci nasK is one oi mose n 0mD0US Establishment nn ua «iu uauenae s accession m a coia- ^umeran princedom 

day. including computerised double cruets now used, with oil thc other. Ruskin' and Rossetti flMn,y °. n 016 P* ot ^>ares blooded coiip d’etat — whether then in the already huge 


RaphaelTtes on* the on^hand and ba PP^*y California murdered to dear the way for Picture of coon life in a small I supply Ml and storlm7 

Df ..^ os ? ihe pompous Establishment on Catherine’s accesrion b a cold- Gennan Lutheran princedom and| J-atej^domesti^rSy? 16 sect0r <t!ir ee mintL^reidh^SSS 

inflow: TTP nnui ® (Sin.); buildine societies - net 


The Political Thriller of 1978 

lithe 

National 

Interest 


thp other Ruskin' and Rossetti y •h™*- oiooaeu coup o'eut — wnetner “*ea m tne already huge and -Ih '• creoit expansion f£m v- »- - u : - - 

appear r nromimentlv; SJEFilSZ ° f tbese W ° m ^ 1lk “ we 5 lthy Orthod ^ RusS des- Jggf. cr edit; aH BeasoSlly toSd^llSSmSS 

, i^ighion has his mask of em^ “ation. Leffert is a doctor, and such a generous, not to say potism. This In turn givw Ending rate (end period). adjusted,, ^ JSttimu# 

irir 1 -® SLkTiTJ a very bad one (in both senses), adulatorv. view of Catherine, strength to the r • m ,«.£L - 


off. The period detail, however, SSe he t^L to km to^bem ™ t U dOTbtfi<L rlL, . by , ^rpinnini Mr. 

does not distract tbe reader from f or P or ofit. shadv inS^tinnal But ^ Cronin has avowedly clear contention that -vgps — 

the tale or crimes and. floa'.ly. oreaSSttans we in™ "< «“* *» tie story of a S.‘ h ™ TO . literate, pro- 

their solution, All thoroughly ^E ing established with admto won,an » and to examine how she t^uisirive and humane 4 th ^ 

enjoyabie. SKoSSy and ££**£* W** !»““ ° f S**™ *e Western European wT 

New S^hoStals S^DN a woman ^ P° wer ' ?' «»► JS? *7 I “* »*th success to 1st qtr. 

““ 1314 temporary context of agitation br ‘Qa enlightenment and soon 2nd qtr. 

— __ tor tne most part. tor sex equality, it is a legitimate sowmment to a backward. 3rd qtr. . 

Parting Breath by Catherine enough line to take: and be can inefficient and ignorant society July 

Aird. Collins. £3.25, 224 pages — — * — and does fairly argue that she n .. _ aub. 

Honeybath’s Haven by Michael was an Incomparably better ;ri „ °’ ay , nrgue that, in fail- Sept. 


Bank 

advances DCE 


.3 -JS32 


Inflow lending‘.% 


A small university, with more 
than its share, perhaps of student 
unrest, is Miss Aird's locale this 


loneynaurs Haven by Michael was an incomparably better “ ,ay , argue that, in fail. Sept 

Imes. GoUancz, £3D5. 191 rider than her predecessor, her ^tiack the problem of Oct 


first husband, or her successor, 5jr* aom t s «e had it in mind, says Nov 
her son. Paradoxically, however, “*■ ^jnntn. but shied awayj, she Dec.' 


■ _ M- M. unrest is Miss- Aird’s locale this Honevbatb # a _ tak I “SflATIO^- ^ 

toe- TKe opening chapters . Honejbatfa ItA. was Potemkin (whom she did society, which thereafter tr^ir rr^ti^.Tr ON T I . ndlces 

H introduce in some haste, the “JJgJgJJ 2™**% Jit* fomaliy marry. Mr. Cronin con- another. 100 years w more to tSSU? wh 

MilEEa BSnBK large characters, faculty *152™“* A S mwn :” 1 f ww * eludes) and herneed even in old resolve, with terrible I® 1311 P r 

BhBVVPH and students and the forces of appears now with a friend, ag e a succession of youthful quences. conse- commodity index (Juh 

All A D\/IM 1/ A i R «+ Tf=n K O D D F I law - wtbout mucb bel P- luspeo- Edwin I^Sjtfoot also R-A. Both jo verfi that his analysis is least sterling (Dec. 1971 =1001 

iVl A HV I IV lv A LD u It U !\U r r CL tor Sloan (a nice characterisa- H* en ^ Seating on in years, and satisfactory. nnShiT are therefore several Earn- Basie 

- - t ”**“ t - possinie views of Catherine, and ' — * 


ii ;1 


■iii^ 


•lilM '’ 1 ” 


any part of the para- U1 “ iaurc iJ arine, the emeu or onrarag nesn, 

]0 ..W The «xono in. official. In co-dedicattoS the vo i U nteer exeentionor who is 

stclSf' philSophers: ^ ook t0 ,. bis f,atbe * h0 i W ^^5 s « t ip t a boTed depressive (bo later 

r^er “BST w ZZ EE* b l 0 ^™ imself ** *** 

md P£Of«monal urnJ orlson man in America" Praise i* the fourth 


Ihe mind-body relation is some- phenomena would gradually be edifice. metal* then he would want to rewards' would be enormons — they should be. This is too mae t a an#* lpr^rip chair adorns Paul Ableman s lively novels, 

thine which we still have not interpreted in a natural, as So It becomes a matter of prove this beyond, as they say money would accrue, if he was important a matter to leave fo 2Ir rif rho navel's jacket. Tornado Pratt, born in Kansas 

the verbal (odIs to begin to think opposed to supernatural, fashion, judgment how much time to In court, any reasonable doubt interested in money, but in fact people who want to believe. But n f the novel covers as the wind tore off the church 

fliinilt. mifph IfKs tfl linHpnitanH llnp rAPPflt PYfl Tririlp ic thp cnnnrl nn i 7 icnrmrrTHi ariamntc tn TA/Tfat ho umtM nM rl.-i !c cat ho uinnM raalica that that tuoc fhnra thav owa fha nhullonria Ic X O ^ 1 U U UI ■v\r*F nt qftlUP tlTHC 1 bfifOTP thp 


There are reme flkeh- millionaire in the States.” He 
! Ss. Sdealh-Ta.eS mii'man? erime? Heiafc 

of the tore mmtoere who «e ta SEftSSS 

Genes' retouiT S priS 

“"« rnin * newsp:,permen md SMsafs? tt 

outers. . r stroke, and the narrative re- 

Sm °J ^n“on te “He tas ked tile r^ hat 
g?e b o£ W 7riT nB^WhS ^0"^ is"', 

bSfevcs in “ prepari?^" the and often very funny book, 
vfetini for thetooideal (“ pr^ although the erotic episodes are 
paring'* means beating them up. frequent and bwomo dis- 

so that they wilt behave quietly tm JS y , T nM,nA 
anrf nica thp Ptpqq tin (Mi DAP- F w id^r s Praise is by J(i«mn4 

tunities to make hostile reports), b ® r «* V ,e vwMir° l ?>romiIerf 
and the new, “ liberal" officials, best-selling I IScoct 

who are ineffectual but who Yo “ ■* Ro ^, Gffr ^”* 
come from a differen* genera- wrttta» under .file name of 
turn, and who don't really Hatmah Green. It is a saga 
believe in tbe effectiveness of novel, of a b^nd raniiliar m 
capital punishment anyway. America* written and slickly 
The first third of the book is edited with a large ffiarket m 
journalism at its best. But “1™*. The family is a Colorado 
McLendon. -then introduces an one, and the period the past 50 
absurdly unconvincing character, years- • , • 

a novelist both popular and ®y * aT most interesting 
acclaimed by highbrow critics— aspect of the novel is the c-tarao 
a kind of cross between Harold ter o£ Edgar . Bissct and the 
Robbins and Norman Mailer, nature q£ the religion he founds. 


(1970-100); retail’ prices ^. an ^ < ^j ed prodotw^r •= 

commodity index (July igs?-, J?? d P5 lW8 0974=100)^ *^ 
sterling (Dec. 1971 =ioo). 195 — 100 ^ trade • weighted valt»j«f 


tioa) sorts it all out. Good, neat ti*n e has made Lightfoot ecceo-l 


The Middle East is on the brink of war. The U.S. Sec- writing, veined with wry humour. [* c ™ R®*»* of balminwa. -'S2S2*SiS2‘ Mvide^nt? aSS bJ™™ presents onl y one. — 

retary of State is carrying on -shuttle diplomacy- So« “SSL 

between Jerusalem, Damascus, Cairo and Amman — tuous “ retirement home," where who prefer their contemporaries, excerpts from her own i * 1977 ‘ 

when, at the height Of negotiations. Gently .Instrumental by Alan a quota, of batty old people is and those who prefer young writings and letters. -22 S 

his wife is kidnapped .. . Hunter. Cassell, £3.75. 173 tolerantly admitted. Is. one of people" simply wul not do to excessive academicism and - ~ n 9^- 

, . . , pages ' them criminally insane? When explain why Catherine needed warmth and an eve for 

A great work of fiction ! Lightfoot is murdered,- Honey- to be In bed with men 25 years rive detail. In short tMc 

Henry Kissinger „ _ . . . bath finds himself enquiring younger than herself. I prefer good popular bioeraphv sr 

_____ _ _ _ __ Mr. Hunter has a passion for more deeply into the Court and another explanation, one rejected . to the faults indicamd' ■, 

£4' 50 BOD LEY HEAD 37Z pages giving his characters noun sur- its management. A typically by Mr. Cronin as being (to judge others see Catherine di'ffei 


^Vbsala 

matls.* mnfg. 1 * rpj* 


Hunter. Cassell, £3.75. 173 tolerantly admitted. Is one of people" simply will not do to excessive academicism, andwitb 
, pages ' them cnminally insane? ■ When explain why Catherine needed warmth and an eye for AeJiwZ t 1 qte ' 

Lightfoot is murdered,- Honey- to be In bed with men 25 years rive detail. In short ihie^c 1,0 ' ^ l1 - v 
bath finds himself enquiring younger than herself. I prefer cood popular bioereohv^ "“-t 

Mr. Hunter has a passion for more deeply into the Court and another explanation, one rejected . to the faults indicated' ^ U - n J -p S, ept ‘ 
37Z pages giving his characters noun $ur- its management, A typically by Mr. Cronin as being (to judge others see Catherine rtsW.iL.i 2 et - 
names. Thus we have a character amiable, leisurely Inues, told by his tone) too carnal to apply — well, what two mm erenr i^° V- 
named Virtue (who, far from with light-hearted erudition. to his heroine, agreed about a elassy lady Dcc ' 


SiRKE 



152 

iM 

■M 

492 

m 

m' 

1,390 

332 ■ 


1.084 

394 


320 

M3 

■» ■ • 

302 

417 

: 

i'.Tl-...- - 

4G2 

•402;. 

-xa«r-' 

590 

Mfi. 

"5S ' ; . 

554 

420 J 

’.V7.\ V . 

421 




^ MM IS 
Wot seasonally adjusted. 


FT* : 
_comdty; 

25Q.R 


27(U ZK-MX-.y 

2 * iJ £ 


] ty* 


& 





Financial Times Thursday January 26 1978 


19 


The Marketing Scene 


EDITED' BY; MICHAEL . 


mii-M 

W£M 

'W*0i 


Jniversal 

McCann 

pins 

700.000 

G1NU BY ITS current rate 
'Ogress, the McCaun-Erirkson 
p can do no wrong- This 
Universal McCann, one of 
agencies within the group, 
added on £70Q.000-wortb 
business — Photumarkels. 
cted ic> bill £500.000 this 
. and the Cologne Perfumery 
Luets range. £200,000, of 
h. 4711 Eau de Cologne is 
best known. The Photo- 
<eis High Sireet chain runs 
00, many operating under 
ehlse. Whereas the company 
ate has concentrated on the 
ialisl sector, its appointment 
•niversal McCann is said to 
ct a change in market 
hasis and a bid to capture 
? broadly-hasod sales. On a 
la-equivaient basis. Universal 
f jw billing £5.25m. In total, 
McCann group has added on 
. this week. 

BRUNM.NGS, the agency 
:h in November lost the £2m\ 
:o Press account to Universal 
ann. has new lost managing 
clor Neil Kennedy, 31. to 
land Advertising. Kennedy 
yesterday: “ Dnrland has 
vn faster, in MEAL terms. 

• the past 18 months than 
other agency/' In another 
ificant move. Chris Sharpe, 
•realive director at Masius 
me-Williams. is joining The 
Hive Business. 

lOBINSON'S, brand leader in 
£70ni. grocery squash market 
i an average sterling share 
19.1 per cent, last year, is 
ig supported by £700,000 
ih of advertising and promo- 
in 197$. 

'REBOR SnARPS is putting 

1.000 behind its Extra Strong 
ts un TV in 1978. The agency 
ISW Partners ami the market 
.orth £20m. 

o’ET TV advertising revenue 
loivmbcr totalled £29.04m. 


The independents thrive 


BY MICHAEL THOMPSON-NOEL 


According to the Advertising Association , the total ad spend this year 
will probably rise by 16-17 per cent . to approximately £1.72 bn. 
\HAROLD LIND explains how the AA forecast has been revised in scope 



ht for your 



ACCORDING TO the forecasters. CIA. £l.S7m.; TMB. £1.76m.: £164.000; arid TMD, £150,000. 
the advertising buom of the past MBS. I910.0GO: TMD. £1.0R5m. and Alan Rich, of The Media 
15 months maj be losing a little MAIL. £205.000. Business, whose billings, together 

nr its intensity. Bin the slow- Between them, they won sonic with those of The Poster Busi- 
down is virtually imperceptible, fairly fancy accounts— the sort ness. total £7.2m.. says the 
and nowhere in the advertising nf household names that lend healthy trend in the independent 
business is the jofe de rin-e credence to the nothin that not sector’is nuw firmly established, 
more attractively contagious only an* the independents in- "What is happening is that 
than In the IS independent creustngly making themselves whereas the Independents mostly 

media buying houses who are felt hut that . there seems no set up tn hu si ness originally to i , . . . , . .. 

continuing ro siphon off business reason why their current rale help full-service agencies with SEEM to have a love- as simple as that, otherwise the grafting onto u a wider econo- securitx fur the f ir 

from full-service agencies at a of growth should slacken. their media buying, they are ■ hate relationship to published forecasts would have been more mic forecast whnb explicitly ever I nuy h:i;- ahnui in 
respectable rate and whose Chris- Ingram Associates, for n«w finding a growing demand! forecasts — or in he more precise. accl, f at * l “ a I* they often turned feeds into a model of ine , n ,|, L . ,-onui:>. u i-; •i-.lik.:y 

status to-day. as one of them example. picked up BMW from advertisers who wish to j a love-contempt relationship On out - t0 , Nevertheless, this is economy various assumptions J(ijl Illlt :ji:illJ p . : ho 

describes n, is “manifestly (£900.0001. Gillette's Right deal directly with them, 3nd this lh( , Qne hand we think it hi«*hlv I'aJlInt, ^Tw i r .,u prin ''' ir ’ e , f0r °h bnd - v,n 8 Possible ]*■ ii>-> . liur|(l r;. \n 

legiL” Guard (£400.000) and The direct business will continue to I lhe , h * ,, , t V 7; i‘, han8 ' f ?- ' V * wtro for, . u " J,v ,n tir ... L. .|.' K . .. mo- 

The independent sector’ of the Guardian (£150,0001 among the grow in 1978. The only stumbling I probable they will turn out to be guiues. Unfort unaicly it has that dataStream. which was iS-m.. .ih l«n. j.i ■i.k » 11 

advertising business has long II accounts it won from full- block is the attitude of some of * ron ' ,a P re * cUon one major drav^^ one already dome .he basic r-.-ono- vid.- quite mi.I. _ mh ui n>. 

the stage when it Tel t service agencies. The Media the media owners over recount- j which is often accurate t. but on lu&ks ahead more than about metric work .in .which our partu ulai l;. ulu-n n i* broken 

the other, a surprisingly large 


.isi. r. U'nat- 
..'d 


passed the stage when it Felt service agencies, 
obliged to spell out its alms and Business look an board £1.25m.- tion.'” 

... . i 1- ....-.-.•V. rn.’ Wnman'c fni'il 


a 

number of us study them care- 
fully, and on occasion. Tor want 
of anything better, even act on 
them. 

The forecast of advertising 
expenditure which I originally 
started under the auspices of 
Young and Ru bicam. and which 
was subsequently taken over by 
the Advertising Association, is 
fairly typical in this respect. It 
has had land often deserved) its 
fair share of brickbats, but. as 


for themselves. On most esti- sines' business, as well .as the Department (£8m. r and Robin 
mates, the independent media British Oxygen Company Kingston of Media Marketing 
buyers are now handling £5Um. i £300,000). Media Buying Ser- t£4m.t are appropriately confi- 
worth or hillings, and they are vices, took six accounts away dent about prospects for the 
doing so increasingly at the from full-service agencies, in- next few years. And Chris 
expense of their full-service eluding £700.000-worth of busi- Ingram of Chris Ingram 
rivals. ness for Ferroro and the Associates observes that 

A survev this week of five of Tunisian Tourist Board the £50m. worth of total business 
the most prominent media-buy- t£ll0,u00>. . handled by the independents is 

ing houses produced some in- The Media Department added approximately the same as the 
teresling figures. The five, who on Heron Motor Group billings for each of the U.K.'s 
account' for a sizeable chunk of t£400.00ui, Peter Robinson top two full-service agencies, 
the direct-buying business, were t £200.000) and Bang and J\VT and Masius W'vnne- 
Chris Ingram .Associates, Media Olufsen (£110.0001, as well as Williams, “which isn't bad con-, 

Buving Sen-ices Media Market- six others, and Media Market- sidenng there were no indepen- [the number of subscriptions to 
ing The Media Business and ing gained the Optical Informa- dents seven years ago/' [the latest forecast indicates, the 

Tb'c Media Department. lion Council (£135.000) and But there is still plenty of ! advertising . industry displays a 

What the figures show is that Richardson Merretl's Vick work to do. says Ingram. “The 
last year, these five alone took Double Action Lozenges. level of use made of the in- 
£5. 84m. worth of business away The amounts that each of dependents by the big packaged 
from full-service agencies; in them won either from first-time goods companies is still Tar too 
addition they attracted a further advertisers or from companies low. which is a paradox because 
£3.2 m. worth of new accounts that had previously handled it is precisely those companies 
that cam e either Front first-time their advertising in-house were that have the marketing exper- 
advertisers or from companies as follows: MBS. £2. 05m. (a sum tise tn understand the scale nf 
that had previously handled their which included Sunn Interna- economics that the independents 
advertising in-house. tional, £700,000. and two brands, offer/' 

The value of the accounts that totalling £800.000. from British Still, nowhere to £50iu. in 

rach nf them won last year from American Cosmetics): CIA, seven years is not a bad rate of 

full-service rivals was as follows: £395.000: TMB, £350.000; MUL. growth. And so will it continue, j methodology of the 

published forecast. 


considerable degree oF interest 
in the forecasting area. 

There is only one respect in 
which this fort- ast can claim to 
be exceptional. A sustained 
attempt -has been made to find 


2 .ooo r £m- 


1.50Dp 


i.oooh 


500h 


TOTAL ADVERTISING 
EXPENDITURE 

CURRENT PRICES 


No soft soap at Cussons 

BY PHUJP KLEINMAN 

A MARKETING man knows only wonder, then, that Kevin Price, Shield brand swept ail before it. 
one jov keener than that . of marketing manager of Cussons. the latest consumer audit figures 
seeing his product conte from is coek-a-hnnp about the perfor- m5e!1:ii Leal er ac in 

behind to win brand leadership, niance of Imperial Leather toilet T „' ri advertisements 

and that is seeing it regain the soap. After a year and a half h J; u “- t0 be published, picture 
lead after having lost it. No .luring wbicn Lever Brothers * v , n ,' denuca! * bars of imperial 

Leather captioned cockjly “The 
old brand leader" and “ The new 
brand leader.” They were actu- 
ally prepared several weeks ago 
when Cussons and its ad agenej. 
Allen Brady and Marsh, became 
convinced that the trend was in 
their favour. 


ilnun !i> qua i ur Novcribcii-Ss. 
it permits one t«» take j rafhor 
more s>nopiic look at tn«,- move- 
ments within advertising. 

In new uf ihe iieeiic period of 
bust and Imiuii we have *ccit 
the laal five jears. particularly 
television advert i-'IRg. perhaps 
the must Mii pN.-iug ci'm lu.Mun u- 
that t lie next IS mor.th<- looks 
like beine a pel i ml of ivlalix i'ly 
steady growth, in moii>-\ lenu- 
it is tikel> that ad-.c: tutV.g will 
In- uf> hi about 15 per cent. :>• 
18 p‘-r icni. in D»7s un 1977. 
which is sonu'V. Itai lower than 
the rate a l increase in ih77 i2j 
per venl.i. but qnile I'C-'pestal'lc. 
and made mole »u when one 
remembers that iniiaimn will 
also be marl edly lower this war 
than last. 

It Junks as though the rati* of 
increase in unmet lor in- m l gill 
pick up again, to Mnne cucili. tu 
ler forecasts Were based, has 1979. hut again, su in nil proli- 

own ecunnmie model, and ubilttj will the rale oi inilaliui., 

ennstraints nf-rmii ■ Th* i" advertising to events alreadj dno<! iho wider sort uf At pre»ciii i esmn.ue trial the 

of i»Bm to u?rri hJl hltn . whkh have alread > happened in economic forecasting which we 'nnease in real terms on the 

of talking to users has been a the economy. . require. previous jear will be uf tin- oi.lcr 

Increasingly, advertising will This lias pcrmtned us to test ° r ® per yen t in S per tent, for 


m 


m 


7967 '68 '69 70 77 7 2 73 74 75 76 77 


ttV t ?orS , 'ij‘ccDr5r„ d C |v thrCf “ uamrs - il lonser l ’>- 

, “ ; .?, C L a , ™ n f. . com ^ possible to ascribe move- its c 

at least as far as the usual data mpnls a ., V( , Ptisino 


major revision in the scope and 
newly- 


out both 


no 


change ” 


each uf ihe \ear> JH77 and 15*78. 
and for the first half of IH7V 



CONFERENCE 
’ACKAGES THAT 
CRAMATICALLY CUT 
OUR COSTS 1 — 

VITHOUT CUTTING 
CORNERS! 

At id t n case y ou di <n't 
e!i- vc- si. loci' whol' behind item: 
tnish Rat!. Bntisn Transport Hotels 
nd C'tanJ Mcftopohtdjt HotelR 

Todeiher ive've idiloimade a senes oi packaoes ospeoioJiy :ot 
Oiiipanir-s in tet ey led in lidding ast:oc«usfulc^:nfeie'nce>whi)e 
Msii ; p citam-iiic savings into the bat gau: 

L oca; ions : We car. offe: anangements based on 52 of the hnest 
v -cvnlie and cottnltv iiotds ;n Bnian. 

'I'nebaaic package alsojrs.?i'Jdes 1' return taii nave) from 
t. .t.-i ieifc in Entail, i and io; speed, cciivemence and assuiar.ee of 
mvrii ihcrea noli itng like ieumg the nair. )ai:e t!-es«rain!t: _ one dayfe 
i i:t rf c\ lifer e: ice t com. :i lorranq coffee and biscims. 
i.tk :e c'iioio im .c !i aftet neon tea and biscuits: a four cause 
:t .no: with •i-oifee, ovenuqnl accomoicc anon and full Hi igL’th 
: i a ITdsi. . all sen :ce choices, and VAT a; S . 

!«■»».■ I.m tl.e -v-onouiics. Tltal Lsasic package can actually save vou 
p to 50 • ol tvnsi vet: would pay were vou ;.*• gc io tl.e exiia trouble of 
K'lci/si!': j ibe i-JeMiical Davel and hoiel cut angements youiseif! 

‘?.vo sample p:iee$ The above pact race including first-oiass i-ail 
av< •: par.-^-i :>r. the Eutopa Hc:c-i Lor.dr-nfe C-icaveno: Square 
. ‘"ior to ibst £-11.24 A: Vne Mono: House l iOief.Moteteiu.nmpstead 
: L'-, •. Oil Iti: lust £'40 

T/'w P£cr ages go under ; he nan ..? o : S! jo ic on Ccnfere ncae. 
or -nil del. !)!•-: o: why: iiieie ecoiioii-ioa: l u: a-J : pr,.-:*ng:v luruhous 
rr .r.cer.'.eruj . ?!gl .usit'er.doiTtho oyinaon 




,-:r Iec\ 




‘•J.iir.-i* 




L'.-ri'.MlS - 


A-Li:.v.- 


T»*i-ron-:-wNv. 



MARKETING APPOINTMENTS 



Earls Court and Olympia Limited 


Marketing Director 

XYe are releasing our commercial director on April 1, 197^> to 
enable hint to take up a senior position in Birmingham. 

This opens up a major new opportunity for an ambitious person, 
with an interest in trade exhibitions and large scale public 
entertainments, and a belief in the future of London as the natural 
centre for these activities. 

Responsibilities will involve all aspects of marketin'; policy in 
our two centres, including the press and public relations functions. 
The kev task is ro maximise profitable occupancy through detailed 
negotiations with exhibition organisers, event promoters and 
sponsors. Marketing, Ie£al and financial experience are all desirable 
attributes. 

Salary negotiable in excess of £10,000 plus car and other usual 
benefits. 

Apply in confidence, enclosing brief C.V. to Christopher 
b tew art- Smith, Chairman, Earls Court &. Olympia Ltd. Earls 
Court Exhibition Centre, Warwick Road, Earls Court SW5. 

Tel. 01-3S5 1200. 


Euro-readership 


be affected by eednumig move 

tnents which have not jet taken scenario and one embodying a 
There are two obvious changes, place. Thus to extend ihv fore- variety of movements (fur There is no verj yiimiu tune 
jJt used to appear twice a year, cast to 18 months meant that we example lar»er wi-e increases tren,} ,,ver thi> period. ;:nti ji.il 
and covey the year ahead. From had to make judgments as to o ter ’ tax ** cuts "ehan 'es in wen inm ii >i\ ing between media, 
nnw on it will appear each the Cuturc* or the economy which world irade and so on )" This olthough I expect television t • . do 
quarter, and cover IS months, in ttirn required us ;o take a excrcise „ a ’ ve i, s valuable in u Ihtk' loss well relative!-, at Mi<- 

These may appear io be changes view of a variety of a>eas frnni * .... a .. IIiT . n , {r _. end nf the permd than Mu- 

of detail only, but in pra«. business psycholoj-v m indudrial *'z n A 10 beginning, and .he Pres.- a little 

tice they demand a markedly relaUons. since all of these- could ev 0nom . L . indi. ai. r? pi'i'ticularh as classified 

different Type of forecast Trout make a major impact on ecn n orti?n^ fnJ idvir ? K *m. 1 advertising uusht m bectn to get 

Ith^t carried nut previoualj. nomlr h““,Ae “» ihen ph-k the moa^probaMe " r 

The previous forecasts were \r. month nerind we were lo economic sienariu for the next These im rea.-es will be 

purely econometric — a forbid- p year with at lea-it a reasonable markedly more than the increase 

ding. word, usually accompanied Questions about what will ro idea of how important it will in the national product t psi.‘>- 
by even mnre forbidding mathe- )ace t ^ e present wa o es poiicv if any particular part of that ably about 4 per cent, in 197s 
maiies. but nne which hides a we haYe one j ., r jj, e ex t e n"» scen ario turns out to be false, over 19* ii and should prutidc a 
relatively simple concept. The l0 W hi c h ihe Governmeiu wifi Mor e important still, we can rejNonaule base tor expansion 
assumption is that there are fee , im n C j|ed to ncrease its explain these points to the in 'be advert Nine hiiiiness. This 
relationships between advert is- s p e nding in the second half of users of the forecast so that thev ts not a particular!} spectacular 
in? expenditure and various m next vfc ' r l0 L . ut U nemi>li»\ irreni. what to look nut f..r over f‘Tcca-l. but adveiitsine. more 

economic magnitudes, such as cou ijj safely be ignored when we ihe next few months. A good *^ v en than rood areas, is one 

- for the fonr-w^ek'^ri IU If e 7 m fl e ; X irt nd,1U rf re ',», 0 « were inking even four quartets forecast may be able to help "here no news is good news. 

F. s ures for the four rate of inflation, and that the a head but must be r :*iessed at those who can help themselves. • , . 

Tm^Ha l ’ P T 1 °14 resi |’ ,s . frt ! in and follows when we are looking at the pic- bur it should never pre.'enrl to The /tyt fieri 11 forecast of 

^nl n!L P f. : u! ,att ! r - Ihis is so. the easily U ire for six quarters. do all the work for its users. •nlrenmng csiwwli rmv pab- 

« r rr'. m shi 0 M i oMaine ^ figures for genera w e - have dealt with this A really long-term forecast lifted b// the AdrcriMng Asso- 

a *®'“£t ^ economic movements would problem bv making lhe new generates a great sense of rim inn costs gmjwj per uvnum 

nSjr.ffL il?-* S5J^rSfi» l,ow 115 J" * sx,m ? X0 rhe futurt ' forecast a hybrid, retaining the 

° f adver,,SinR econometric basis for the' first 

a nd Vid moH ve. ^Those^ are shares i N ' 3,uraT, - v - U W3S ni?ver ^ f ** garters covered, but then 
by volume, but the figures Tor: 
market shares by rulatl value ! 
are little different. 

To appreciate ihe drama 
behind these dry statistics you: 

have to remember that at one . 

point after its launch in April- BY MICHAEL RYAN 

WHEN A READERSHIP survey computer bureaux for special 
hv- n, ilmi nf a -1 pniia'lv unorecc- ' b;,s becn re P wll ' d lv,ice if »-' an analysis: CRC, Holbom Media 
Sn, d Jw • reasonably be claimed that per- Services. IMS. the PMP Data- 

JSoai 4 Tn ih-ii W sistonce has triumphed and the bank and Research Services. Ad- 

•valt tiSkined toh5-c :?urve >' bas.eslahlished itself a < a ditiona! analysis can be ordered 
l.ranri • P ,: *" in ? for advertising cam- direct from any of these com- 
■ ufTV^-.nicin-i ^i-ns ^Tien the second panics, 
ind a huge amount of praW' ■ repetition is jointly sponsored 

tional price-cutting. : ‘"gw °™ rs the d: 

It couid be thought — Lever's : ,OCllvS JusUfied. 
cmnpetiiors thins — that the. This is what has happened 

iuccuss of Shield was due very ; with the European Businessman 
imle to its positioning as a Readership Survey. The first 

deodorant S".ip with a promise of ' one. commissioned by the 

“day-long extra freshness” and Financial Times, was published 
w*ry much to this pricing policy., io 1973; the second, also spon 
The toliet soap market is sored by the FT on its own 
notcrtous!> price-sensitive, and followed two years later, 
a.fferences of a penny can have^ Yesterday saw 1 !ip publication 
important consequences. the third EBRS. this time 

How much, if anything, the sponsored jointly hv six publish 
company had ;u sacrifice ' ing houses who arc. in addition 
financially to buy Shield's brand to the FT, Handelshlatt o 
leadership :« a matter of fasci- Dues-eldorf. two French new 
cuted conjecture v.iihin the Papers, Le Figaro and Les Echos 
industry. Lever Brothers spokes- , Berlinsske Tidende or Cnpen 
men say Shield was always profit- ha gen and Vision, the European 
able, it? eni'nnous turnover com- - business magazine, 
pending for the promotional LlW . , he two previous «un-cv« 

, .... . the 1978 EBRS was carried out 

However that may oe. the f ac< 

is that hr. year Shield’s price 

was gradually allowed to rise. In AP»n from sponsorship, there 
June the u‘*er ta :e price of a 5o: 5r<? several chances since the 
ba th-s:ae bar was 13? (and in tit i a ; survey. The universe 

mainet. because of ihe continual, researched is now 3 wider 
price promotions, only average definition of businessmen num 
pr:cc= arc of real importance*; boring approximately 380 0(10 
by November it was 15p. During : onior executives in 14 West 
the seme period Imperial European countries. This com 
Lcaihcr'si 4; or bur rose in nares with a universe estimate of 
average price from I3;p to 34p TO.nnnjor the same countries in 
and was brought down again ■ ; b p 1 975 survey, 
despite increases in the cOsL of The main reason for the in- 
raw" materia:?. t«» 13 '-p. crease in universe si7p was the 

ir/v-s- s kk, " r ™,iS , 4Si£ss. e .b«Trr^ 

find other reasuns fur what has ; Th „ - , . 

The samnle size has also m- 


hv 

laim 


hjon.-rc-d. Kevin p-s, „ ,-moha- ^ nah a,sn in ' 

sif'es'-hat alt trd‘"a' siud-es hAe creased The postal technique 

-th-t i-Stria Leather has ^ **11 ^ 

maintained iis inaa* 1 as a qualiiv . p,,e ' «nich represented 
luxury »oc;i. ai JaVaTbacSd ufi ° f 48 P 1 r Cen ' 

bv ABM's TV advertising featur- ^. the saf 

mg a ;aoof ariito-.ruric family Th , 
schied in three l.nked baths. _ The queFtionnaircs. w 


hich 

Toe studios apparently in- n Hi„, th « tens,,ase of . lhe 

dicated a d-t-riora* ‘'-n »n lhe resnnnnenl— 15 separate versions 
;:nage -f Shield beca-j^c uf it? ^. r . P “r d ^ prnv . if ’r d rearier'hip 
i"A pri.-e py'icy. This, une 


data on flg uuhl ice linns, com- 
pa«'i*rl wri h. 78 on the previous 
i-’irvo-- The re:iri»T*hin figures 
for the inn pyhhcaiions 
-liown in the tabic. 


cuvs-c-s. may more ::npi»rtani 
than v.hi) :he ad? say. In any 
cfcje Sa e! J oulsairat a:: other 
brand* : year ;n advertising 
ter.i;#. [*-s £750.000 budget wiis 
!»*!ce Thai of Imperial Leather. 

Sbieki has go 1, huv. ever, bt-eu r 
adveriJse d since :a^l =u miner. • 

Le-.cr’? pruiiiuiionol effurl was 
:>* licked ir.fiej»d ;r» the autumn Financial Times 
relaunch uf Lux. itself :he one- FrankTurler Allgcmeinc 
time t-rar.d ieadcr uefure Im- : Zeilung 
P-r«l Leather passed it ic eariy ' Vision 
1975. ller Spiegel 

Lever Brothers scents not too Sunday Times 
unhappy about Snield's progress Daily Telegraph 
□ r.c? hints tba*. :t will not be Capital 
using all it* markeGn.' mu-clc . Management Today 
0 pur :r back m the lead. And Ilandeisblatt 
r.'iued ihu company ba? nothing International 
0 be unhappy about. By C5tab- Mhnagement 
iishir.g Sh’e.'d s stronc brand 
aii’PCfide :*? n*her brsnd? — Lux. 

Lifebuoy ;:.nd Knight's Castile— 

:t has expanded t.vial share 
r f rhe market •:> 23 per cent, 
compared with 19 per cent, two 
yenrs 

Tha; won”! w:py the -'titilc o;T 
Kev. n Price's face, (bough. 


are 


Readership 

among 

European 

businessmen 


19 

17 

16 

IG 

13 
1.5 

14 
12 
11 

10 


Thu full report enntainina 
readership figure, analysed by 
country of residence, industry 
managerial responsibility, com- 
pany size and business air 
travel is available from the 
Financial Times al £30 

The survey is ski up with five 



Provincia 
Building Soci 

Notice to Investing Members 

Provincial Building Society hereby gives notice to investing members that 
the rates of interest paid in all departments will be reduced by 0.50°o per annum 
with effect from 1st February. 1978. The differentials on existing Term Shares will 
remain unaltered. On and after this date new investment monies will be 
accepted at the following rates:- 




Notice to Borrowing Members 

Provincial Building Society hereby gives notice that the rate of interest 
charged on all classes of mortgage account will be reduced by 1.00°c per annum 
with effect from 1st February, 7978. 

Under the Society's annual re-calculation of mortgage repayment scheme 
borrowers are being advised with their annual statement of their 1978 payments. 
This scheme makes annual budgeting and financial transactions easier, and the 
new payments will reflect the recent reductions in borrowing rate changes. 



Head Office Provincial Buiidmo Sowiv 
Ptuvincui Heats* Bradford 901 ILL Telephone: 027 & 334-5- 


Assets otceerf €1,000 mil Kart, 


Over 170 branches throughout the UK, 





LOMBARD 


France’s way with 
State industry 


Financial Times Thm-sday Januarj- 26 is^.; 

The acceptable face of U.S. anti-trust lawy 

. _ -_ui court the consumer, l^ie PUtatati diny 

PUNITIVE damages ' against 1955 and suitable for a wide Ins to a certain, extent at least, suffer from Infringements. of the in Berlin to example of such transformation 

anyone who conspires to rig range of applications, parties the argument accepted hy Lord competition rules." Ihis can in Karlsruhe «ni» “““L ,s t he German Act against Un- 
prices or otherwise restrict com- larly in combating diseases of Wilberforce in his RTZ/West- occur in aU cases of discrimina- back again- The Bonn rarua ^ Competition wiuch ' is to 
potion, can- now be awarded by the "respiratory tract Actions inghouse speech, that in anti- tion prohibited . by the law, as meat seems now to be re3ay „ rtf j fl rpo revision by tfwpresezrf- 
U*S. courts to foreign countries against this alleged' conspiracy trust matters public Interests .of it is in the nature of such pro- xtsnove this weakness. « * session of the Bundestag. 

Thfr Supmne Court decidedi hy were brought by the Federal different countries are often fiibitions that they protect ejected that the revision <« The main novelty proposed iff 
a majority. Judgment'!# .five "to Government, all the U;S. States, opposed to each .other. It individual interests. Moreover,' the Competition Act due _uik german "sre«a paper* eh 
three, that “foreign nations" individuals and also by nine . year will enable private aC “™“ tbl!5 subject is an authorisation 

damaged by American conu. foreign countries. The- Supreme to be brought in respect or ', vale actions by cohsnnjew 

ftoies.ih violation- of anti-trust Court jndgmen* was given on BUSI1ESS AND THf COURTS damage suffered after me tarter eon<umer associations, : 

laws shoidd.be entitled-to sue an appeal against a decision by ■rtrlM ■ nt vWUIII3 Office decision bnt before such s wou id complete the . fcari* 

u 5-v C 5? l '? , ? rt .w By A- «. HERMANN, Legal Correspondent decteim is ihuHj- commned By lonnalioI1 of the Ac* ; 


BY DAVID CURRY threes ^at “towffa nations" individuals and also by nine . year will enable private at.uuua ^ sub j ect \ s an aulhofisaGoh 

d a mag ed by American conu. foreign countries. The- Supreme to be brought in respect or f ' , vate ao tions by cohsunww 

except r r SMS f&SSWVSZ £ BUSINESS AND THE COURTS «- JSSt^^SS' 

%£ M . » * «■ H ® HANN ' *** Correspondent «£» “ ** "* * 

nnrhias to suggest that the atn- mitj.jgsos. bestows such ‘a right on' “per-' India, Iran,' the Philippines and - ■ . »■ ■ 9 • • which only traders could sue 

tude 0 r French governments to- A simitar scale of compensa- sons'? suffemg that sort, of South Vietnam are entitled to mu *44* obvious that more private actions for damages can’ AW „ *<- ainST unfair compe- other traders if they.^d^ 
wards 1h «. ^dustries they own Uon * laid down for the division damage and the Supreme Court, bring, such actions. Suits filed ^ ^ hear4 ^ ^ ^ b brQBght b tHosewhaw ^ WS ^ G ^!nn P an coimtrieT aged, for example, by A compel 

;s any less political than that of of activity, also reducing as decided. Shat foreign countries, by Colombia and West Germany future. interests areprotected by decl- , u , Ucm v in Eu ^?P e . a “ ®„. s deceptive advertising* jufo 

iheir British counterparts. Nor operations are consolidated should be conadered.. as “pec- are still pending, while Kuwait. ' ■ ' ' sions of the Federal Cartel Office ^ cS fle a consumer protection. Act, eon* 

is there anything to prove that around Rouwy, while the sons” for tins purpose/ “De- South Korea and Spain with- • . . ' • . • dividual U.S. States, seek ends a 1 consumer p many 

njiinnal’sed concerns in France ^ojeorde operation ia . taken priving foreign nations of -the drew from the. litigation. GERMAN rules of competition J^ c j . J^anies ( abusing ^ quite^ different from ^ose of m ents and court^derisions 

are inherently less prone to in®. ^oS save for a 3 * n^SSf , t0 SU€ - under - ^.decision to put foreign were, formulated in the postwar SSrkeTZw. Si *“? t^Sfnattion rates Sulated during SO' *E 

makirr- than their U.K. equiva- JK* ofoperati^ tasSL *** iT” deCh on “ fooUnS penoi # ®? r ^ *b*?S5E5 of claiming C SS Uws Ifpassed. the revised Act would " 

lems F sion states. “ covdd encourage with U.S. nationals is a more ence ol U.S. anti-trust laws and J EE r. “f; hpr arr enruate the. parallel 

’ , jj- . M Other parts of the contract and stimulate- illegal conspira- acceptable manifestation of the it is therefore hardly surprising damages from large companies ag^gt unfair cwnpetition o f furthe ^ ou^ 

The French Prrnic MimsterM. deal with fleet procurement, ^ which might result in sub- overseas application of U.S. th at German anti-trust vSS 131086 uP holdilJ S fair trading be [^ ee ° c g 1 

Kaymond B^rre has just how- access to markets, stantlai increases worid-wide of anti-trust law. which is- dogs keep . up a steady pres- TSSSS?JS^VSf £ fiJS were designed to protect traders 

per. begun a new effort to get prices/thus contributing to U^. generally condemned abroad as sure Hin the law makers,^ ^ unjustifial^ high or by ^a^ ^ unfair practices by their would P™y tec 

Si a £ inflation."'-' . ■ . ' on undesirable invasion of demanding greater scope for^ ■^±*2!“f5!H!!LS tSEto W» ^ 


— _ . Amha.] hir inis WVM<V • . . “ 

Legal Correspondent decision is finally confirmed by fomalion of the ^.agatost 

courts. Unfair Competition;:, furiuer 

■ 7 • • • which only traders could sue 

private actions for damages can" AW « AGAINST unfair cumpe- other traders if 

also be bron^it by those whose in Eurooeau countries, aged, for example, by A competf. 

interests arTprotected ^ ded-.^V F ^Trade 1^ “of m- toVs deceptive advertiiingj 

sions of the Federal CartoJ Office States seek ends a consumer protection Act, torn. 

/ aividuai U.&. aiates, see* «=«** -ii-tho manv inoihL 


is there anything to prove that arauna /noiaay, wruie me sons tor tms purpose, ue- sourn ru>rea ana spam wun- - . w w am.Ti.ni-- MumijM n / nr «Ti on _ oiviauai u*?. wwhi ---- all the many amend- 

njiinnal’sed concerns in France Sfjcorde °P fi ” tio “ la . **ken priving foreign nations of -the drew from the .litigation. GERMAN rules of competition Sej coTpanies * abiK&g •' S"! the ments and coiirt^decUions 

are inherently less prone to lo®. ^oS save for a 30 ^ , t0 SU€ - under ' to put foreign were, form ulated i in the postwar St Fa, I ^Sfoettion rato Cumulated during SO' 

making than their U.K. equiva- ££ of ?pentii^ iSs^L trust tews." the mjonty' deo .countries on an equal foou^ Mate ^direct rnflu- The^SS^ of deiming^ *55235 ffpassed. the revised Act would" 
,enls - n,k.. encourage wi ■ - 3 ™ . • -®“ ' aws . . damages from laree companies /'fwrmpiitiisn or further accentuate the. parallel 


e weaker competitors) the ’properties or quality against large companies guiHy 

y ramewl in value Dy ^ of abuses of market powet -In 

L. 01 proflucis rocreu, tt.u-h nrautices will be 


S%r/any S'SfSffi ?S ^ W-neerns fte MjlSh enforce**.. | £fS£ 

coou merit atienUon in Britain, ^eet^s separate eompensa- ™ j“£ «« 2 S£ri 2 r t S 

, A ciniilar deal anolies to nrid, Bristol-Myers. Olin, Pfizer, . house judgment. The decision authorised by the Clayton Act only from tbe time that Cartel im,it ed . in the course of the prolub t p omDe tition Act and ‘ 

Comnensation Charbonnages de Franre. The Squibb .and Upjohn. They are of the U.S. Supreme Court puis in the U.S. The present German «J«nsi ons ur ?° past 50 years the laws against — of tbe x^yisci 

^ main advantage for the company amised of having agreed 10 great em^tosis on the world- law makes such actions possible * <>rce * ^ !US man y. unfair competition have become under Sec : Unfaif conmieti-.' 

The idea is that of the formal ia the recovery of price freedom, increase- the price of : tetra« wide interdependence of only when they protect the indi- years d urin g winch the case transformed by court rulings Act asamat 

" contract "-^dmost a treaty or T be state takes over tbe bulk of cydine, an antibiotic patented in national economies* contradict- vidual interests of those who travels from the Appeal Court into laws for the protection or tion. 

in English terms a placing “<* ™ U . W ■ ' • , • ' . 


agreement, he ween state and ■ : S rSS^T 
industry. The essential purpose r ^ at , io i 1 t0 . G P P rr° n 

is to define carefully the tine 

between commercial and political i*!. 6 ™’ P J 0 ’ 

responsibilities, agree on purely “™^“ e n s ' K a " d S? SSTK-fir 


h lac k °a n d°wif i te the JSe^ne"^- ^ aLso deluded in the contract ■ avA *.- .. . DONALD McCAJN, who had respect Red Ruth, the S-lor 10jl tetoht Jo S modS 

sary contribution to the corporate 1: J A Llwl I hoped that Red Rum would be they offer about a Tecprd-break- should give *» SL » ^ __ 

•‘veheqtier. and — -this is where the TrancriQ row^xr J I lbl 1 plotted list 101b. at the most in- ing fourth National victory for opposiUon m the 

ireuly element is most present — X rSnSDSFCllCy JL Ow A^' I> wbU%/\F this year’s Grand National, was Mr. Noel Le Mares .seldnig two hours later. 

Ia? down a specific schedule of ^ s disappointed when the weights seems cautious, to say the le®L A third Moriey represenraije, 

1 swia ' dM,er - 101 K.wrg ^Essss&*^m* 2 P!s &- sss % ^ 

; or p„ M c a , .eason, ^ ^ «" B “ W “ t 

nS’^ms'.s s^^-as^ 3 Bs.»S 55 ssj^'SW^-stssss . aaiurtasstn ! 1 p / b ;; * 

Jts SSSL SS?e&r.p?^ r u 3 ; SALEROOM RACING ■ & 1 « *■' «• - » ^ 


compensation for new burdens 
are also included in the contract 


Transparency 


Fine jewels at Christie’s 
realise £154,850 


Red Rum looks overladen 


enromcaiiy mienerca-wiin oi an crite ria for state industry rather u p b “ orai 1^ 

stale industries and. in the other. than rehearSe ad infinitum the ne ^f5' Tnnatm * a ^ are 

the mal mining industry. Char* traditional political quarrel over London dealers, 

iionnaces de France. In both ownership. The second is to pa J^ th ® . samc , pnc ®. fo f an 


BY ANTONY THORNCROFT 


Another private buyer paid the 
same price -for a George HI 
mahogany long case regulator 


RACING 

BY DOMINIC WIGAN 


Turning to today's sport, It J“ eo ha ^^ ^hope^owe^Verffi 
will be interesting to see if ,1:*° ‘ U, rnurse record in 
David Morley’s Bury SL Qj^Q-pninj, division of the New 

VJMnnil'e ctihla Mn rnntinnp ifs Luc u r~ . 1 ^ “ 


Vbf^eednmi" manage 1 in "re Sm SotitiJ to SS^^S^SStlSS^S paid £5.200 for a French gold ‘lock by Recordon, of London, and 1976. has been given EdSund's stable can continue its ^^^‘chSe 

fnr r„ifiim«nf nf nhi»rKv«E P... circle clusters. Manfred Seymour and. enamel and rose diamond Sotheby's sold Dictures for list 131b-— just 11b less than the shift towards a revival of for- — 


for the fulfilment 
broad I v in line 
interests. 


of objectives Z t T e 7 circle cluster. Manfred Seymour and. enamel and rose diamond Sotheby's sold pictures for Us t 13 Lb-just lib leas than the shift towards a revival or ior- 

wiih national “n a tinn a l nterS” aC ^ Save £5^00 for a diamond neck- set pair casad verge watch. £35,564. with a top price of £U00 Cheltenham Gold Cup second tunes at Huntingdon. Here the 

auonai national interest wjjjtira p ace . signed Tniitte Mourier and for a seascape by Nicholas favourite Fort Devon, _ who is Moriey contingent includes 

ny uoiUg inis me management Another Christie’s sale of fine Compe. Din™- (>onsirierM! n inn? wav «i front Hainan and Poor Bov. I hone 


reolace iis fleet of ancient government and industry. 

Caravel les because there was no The French system is not 
Irench lor partiy-French) j 

replacement available, it has ‘“/^lately transposable to the 
been obliged to split operations Uilv - For o n ® thing French mdus- 
between the two airports of tiy is far le® subject to union 
Roissy and Orly, and it has had pressure than its British counter- 
to fly the flag in Concorde. All part, for another it is wise not 


Blenheim papers for London 


for a seascape by Nicholas favourite. Fort Devon, who is Moriey contingent includes 

Riegen. and at Phillips, ceramics considered a long way in front Heluan and Poor Boy. I hope 

brought in £20.590 and a highest <rf *>y the ratings experts both will win. 
price of £900 for a 23-piece Coat of Timeform. ‘ Heluan. among runners for 

port dessert service Furthermore, Red Rum has the opener, Division I of the 

' been set to concede weight to .Offord Novices’ HuTdle. did w$ll 

recent Cheltenham Gold Cup to run the talented Mister 

winners in Royal Frolic Parsley to three lengths at level 

v (list JlOlb) and Davy Lad weights here seven weeks ago. 

I avuIAh (list 71b). and now looks set to go one 

I if Bill If III Although the leading book- better. 

- makers still have good reason to Poor Boy— reported to be back 


HUNTINGDON 

1.15— ■Heluan** » 

1.45— Jan Slower - 

2.15 — ^Telestar* - 

2.45— Yellow Stone 

3.15— Poor Boy 

3.45 — The Corinthian 

TAUNTON 

2.3ft — Another Prospect 

3.00— Verdi* 

3 JO— Free Hold 

4.00— Tudor Waltz 


to fly the flag in Concorde. All part, for another it is wise not FINANCI AL T IMES REPORTER . ■ ““ — 

-f these caused losses. to be too seduced by the myths THE BLENHEIM archives, which Lord Donaldson, Arts Minister, papers, hut only the British ~n . g* \aJLL 1 • a 

The contract just agreed sets a of the efficiency of French ^riude family and business axmouncing the decision yester- Library had the facilities to look MlPk | HA C 1/1 . 

specific price on each handicap, economic planning. But, at least P a Pf rs Church ill, first day> acknowledged that it after the archives properly. -M. JlV/JEm Ua l/UV 1 Vl3vl 

vinovelf ’ThiwMhe'alfline’will erei™ h * Lft »&*•" gSSfii "" "" WE WERE a^ixed group, seated *35 will buy you a goal room lower tbau in oomparaMe Alpine 

mase out the Caravelles over -- USC ^ negotiating as sovereign, a t the British Museum. ttiuremus. an mimediate and^ sustained aroaild an op en log fire, sipping with bath, colour television and jet set localities. Several Ameri* 

hree years and receive, during lf . not et l ual powers, has a cer- collection of 30.000 docu- had ex P resse ^ a str ong effort would be made by the wine talking ski talk. A breakfast in the centre of the can airlines offer ski packages 

hat time. Frs.201in. in corapen- Ia,n attraction which need not ments was given to the nation Wlsh that the collection should British Library to. ensure access couple of English, some Cana- village. And you can pay a lot to the Rockies, with United prob- 
ation for their operation. It necessarily be limited to the by the Churchill family to pay be kept at Churchill College, to the collection as soon as pos- dians. Swiss and two Japanese, less. irS&SO will get you nam- ably the most heipftti in Britain- 


hat time. Frs.201in. in corapen- tern attraction which need not ments was given to the nation wish that the collection should British Library to. ensure access couple of English, some Cana- village. And you can pay lot to the Rockies, with United prob- 
ation for their operation. It necessarily be limited to the by the Churchill family to pay be kept at Churchill College, to the collection as soon as pos- dians. Swiss and two Japanese, less. A 52^0 will get you nam- ably the most heipftti in Britain- 


its cartesian mind. 


| estate duty. 


Cambridge, with other family sibie. 



t Indicates programme in Fred Basset, 
black and while. 5.40 News. 

5.55 Natiomrit 

BBC 1 South Ea 

9.U a.in. For Schools. Colleges. ToSHnS 

2.35 p.tsi. On The Move. 12.45 ylo Toi» S?T 
New*. 1.C0 Pebble Mill. 1.45 7. The Gooc 

rump I on. 2.00 You and Me. 2.36 g’l® Win<ri 
>T Schools. Collcues. 353 9.00 * 

te-cional Nuiv- fur England (e\- •’»- 

upl London l. 3.55 Play School „ n .? n ' 

BBC ■> 1 1.110 a.m.». -L20 Win- 10.15 Omnibus: 


All regions as BBC 1 except at #.00 George and Mildred. 


a-40 News. the following times: 9J0 This \ 

5^5 Nationwide (London and Wales— -L45-2.00 pjn. Barnaby. 10.00 News. 


9J0 This 


South East only). 

6.20 Nationwide Goes North. 
6.45 To-morrow s World. 

7.10 Top Of The Pops, 

7.40 The Good Life. 

8.10 Wings. 

9-00 News. 

9-25 Cannon. 


•L40 Crystal Tipps and Alistair. 10.30 Time For Business. 


sibie. Foreign faces in it sea of Am art- burger. French fries, beer and it- » nice that ..the .winter sees 

rans. r : ; ‘ ^offee-for lunch. ■. ’■ the; ^oy^est trans-Atiantfc r fare 

L ■ We -swapped" tales. of ^o^aay^ The appeal of the American levels. : , : V - 

1 and aprea ski nights. And then West to European skiers lics in' : Aspen Is-.tiae-hoiae ol A dozen 
catoe the question: Xf-you were the' a^opsphere of friendliness of America's show-bite characters, 
confined to three resdrts-fbr the and, above all, of 'snow. Rocky notably Rocky Mountain ballad 
rest of your life, which- would Mountalif 9now tends to be di*y singer. John Denver. The village 
you choose? •■'••• . * and powdery, 'hardly surprising is a plush, comfortable, very, very 

' It was not simply that wo-were since in Aspen ’you are skl-lng relaxed pface (leave your long 

waion. sjs B«at in uw west 7J5nwng there, but everyone a^eed that at nearly 12,000 feet at times and dresses and dark^witts aihomel. 

’ I toS^ a u!S st ^ r nric 07l S; Aspen has to be one of the three, hi -crisp air with low humidity. Bot above all,. Aspen is ski-ifig. 

camera, ujb Tann: •• The Night This' Colorado focal point of . • ■ and some of the best. there Is. 


4.45-5.05 Mae Gen I Stori 


11.15 Kitchen Garden. 


siranaier.” American winter, sports, lives, 

seX JTpvSSSS breathes^eats_andidriido ski : ing. 


uiic Wilch. 42$ Jackanory. 4.40 


Dancer— Christopher Bruce. 


•i-*nby Don. 5.00 John Craven’s 11—5 To-night. 

•••.i-rmind. 5.05 Clue Peter. 5.35 12.00 Weather •'Regional News. 

F.T. CROSSWORD PUZZLE No. 3^77 


5J5-0J0 Wales To-day. 6.45-7.10 11.45 What The Papers Say. escepu uhls mi. Pooawdao o' 

to^Wries. 1 *- 00 NCWS ^ WMUier Ii65 Bareev Sffi a ,SS?to gaWi »■ se^m 

Scotland— U JO-1 L50 a.m. For HUaire BeUoc. -rri? 5 wI«-As ‘htv General service Kettor i h an^Lfl* *T?n 

Schools (Living in Scotland). 5-55- All IRA regions as London «wpt: uwjo p.m. Report Weat Heed- ts oetterjthan Les Trois VaJiees, 

6^0 pan. Reporting Scotland. 12.00 except at the following times: *“«■ Sport west. or Mtehuhel; .in this heady 

a News and Weather for Scotland. ANfil I A ' SCOTTISH • ? eague 

Northern Ireland — n JO-l L50 L25 pM 2 jo women « p«- no«b and Road Report 2.00 is sjwjctacularly .unpre®ive. No 

aon. For Schools (Ulster in onir. £20 ■mseern Lives of w3do ^ omen only. 505 Professor RitzeL sjo wonder 2uth : Century-Fox spent 

Focus). 3^3-3.55 p.m. Northern KlUy. HM Sola One. 5J5 Emmerdale Crossroads. Scotl and Today. _ 630 547m. of- Its Star Wars- revenue 

IreJand News. 5AB4J0 Scene iBpBiartfwoSS ^c^ruT-f aw^ SlS£ Damp! on buying the Aspen Corporation 

Around Six. 1L2 p I Didn t Know >1- ni__ .h,.' irmn» iiannMvm.. nuo wish von wore lldo lub which runs the nlacei * 


. : This coming week-end sees a 
. UflMTirD.' ...high spot in the ski racing 
WWllwI.tre - calendar — the world champion- 

CDADTC - ships at Gannisch PartenkiTchen. 

: " SHt^ 1 t/VCTI 9 Although Ingemar Stenmark of 

»Y ARTMIIR vAiunLPC Swgden has been beaten recently 
- BY ARTHUR 5ANDLES in ^ World Cup there 

ASPEN, Colorado, Jam 25. is little doubt that be starts as 

■ ‘ favourite in both the slaloni 

events. His greetest challenge 

Tbe 'snow ia; remarkably, con- m the slalom comes from 20-- 


YOU ^Gared. n^a News and jjjo cau* 77 . 12.00 The Emman»ra- Call, iub Thuraday ctaraun "iw cor- Like so many American challenge from their mountains, mark last week at Weneeni. 

v wort™* *** aJ "' ne Uvtne ^ “ d ^ resorts. ‘Aspen’s baric appeal 4s to For.those-of 115 who simply want Italy’s Piero Gros. Phil Sbre 

AT \/ coT 1 T T4F RN intermediate recreational, skiers, to relax, however, it makes for of the U.S. and Andreas Wenzel’ 

^‘*SSaii w . I 1&JSK !SK *£2H* 2SStSR.®t2!!t BfiLJSWa '- _.!**»«>**,_.** jx-oA 


n . - llWArtiyirtKl. r-' I_ \7At4k A T\f - II M Hh *< i\ tW A CK*A, UUWCVCi, -lb U4UIVC3 UM ^ W.U, dUU flUUICUd WClUtfl 

oBsawStta ^ 'iussssrsit - ! 

Points Q West (Bristol)- South' *J» atv T(mUt. 7.06 EnuncnWe Pann. Day by Da^ 6^ uniTCraity oral- Highlands, Buttermilk and Snowr Unlike many American resorts, slalom, Stenmark has fewer 

ToTy (^utiiailton?! spoftight nJn Manor S& ^ lf«« ' **»“ ■ "»» of threats. *** 

South West (Plymouth). coif. Ftesu« Theatre: Find voiopehi. ujD ls huth regular and free Alpine proportions. Candlelight Franz Klammer nf Austria 

urvoTuro swjujero News Bora, um wtit the (Europe please copy) femes dining costs much the same as must surelv be th*» man to take 

BBC 2 +1* (Rri ^, Pavers Say - skiers around. Aspen Mountain you would expect to pay in Italy the glamorous downhill crown 

11.00 a.m. piav SchooL »■» Lookaround Thmiday.' 7j» Eaunurl TYNE TEES L tse s -^j H? e a ?? Fr J nce - with drink consider- Only the unpredictable can rob 

6.10 nan Open University 2i Ie £ ann ~ Mr * Mre - ^ Go ° fl Yi? ni ' 1,7 h ear ^ th e village, provides the ably cheaper than in Austria, Klammer of the race anH then 

5iS fiS.'S* HMdffi ‘jk r ss£*?i, js issis is j ssr ansa-if a s fifSf .ssj* 0 : ®“5 or G< *r n >; Tbe ™ ,he . win ” er 

7.05 Your Move. Here; tu-oo Border News summary, women omy. 5J5 The Brady Bunch, mass has an xmpresnve array of is an ample supply of disco another Austrian — with the 

7.30 Newsday. CHANNEL SnSS ba f. C ? l7 ,7f® a i?- ! ai ,} STI ^ L the ques-Uie Paragon is a wicker possible exception ot Senp 


11.09 a.m. Play SchooL 
6.10 pjn. Open University. 

7.00 News on 2 Headlines, 

7.05 Your Move. 

7.30 Newsday. 

8.05 Caotilena. 

5.35 World of Difference. 

9.00 One Man and his Dog. 

9.35 The Magic Show. 

10^0 Men of Ideas. 

11-05 Late News on 21 


Here; 112-00 Border .News Summary. Women Only. 515 The Brady Bu nc h. 

ruivairt MO. .Northern Life. 7 JO Euunerdale 

vtl/tl’lritL Farm. 7J0 TOsioa Damn. MB Banser 

I'll pa Channel Lunch tunc Revs and tn Paradise. 1030 What Fettle. 1U5 
What'a On Where. 6 . do channel News. Rich Man Poor Man. 12J5 sun, RpaostH. 
M0 Fantastic Vorace. 7.BO The Big Tfl CTrD . 

Film: narry Black and the Ttarr." LIL.3AIirv 

IMS Channel Late Nows. 1032 In 1-20 iwn. LuwSiUme. US UBtcr News 


It would be difficult not to be and stained-glass mad-house Forstal of Germany ** 

over-enthusiastic about the faci- pormatiy packed with several Austria's Annemarie Mmwr 
lities here. Pistes beautifully hundred pelvis-to-pelvis apres should retain her crio «n th*» 
maintained, short lift queues, skiers— and le® rowdy establish- women’s downhill with tJmE ' 

larVP 9 n ) 21 c nf nnw^nmrl mnur fnv* nronfc bt • %«. . l ilac* 


its as sjsrsi 2 : asfs6.9fMj*»-g sssr&sr^ « "«&. her., , „* . few ggi '£?ss« 

llJS rS'Iffrom FloSir'* ““ “mlSSl-’" 'BSff' iSS’^r, S??SS 53 lelstul niS Lift ^ not English „ho hsvo Siscoserod tho if watcb in ™ e ls^ S 
tuna from Florida. GRAMPLAN The Bionic Waman. sjo Risins Damp, come cheap, $lS is a lot of money place, and apparently Germans much less oroHietiKiI 

t yv'hrrhAUT VJ3 h.m. First Th in*. i3o p.m. Cram- 1038 QoimierpatDL. iiJO wind Vour even in these days of stronger are coming in increasing nnm. Predictable than the 

LONDON Plan Nows Headlines. «.» Grampian Lameuare. U-30 W 1 A You Were Here, sterling ° hers ThT E ipn»th S £ ? n ^ ll l de France’s Perrlne 

To-dav 7 JO Mvilnrr Mavl^nhnnhn followed bv SlWTlIUg. DefS. 1 ne leDgUl Of the them. Pelen Rrinitte ‘ 11 


ACROSS 

l Pigment seen in cubist ropre* 
.-c.Hdtious 16 1 

! I. a Lera! advantage to the 
s.i.'jcicus iS» 

i ?.i;ishroora'iike scat of an 
•dvnphibian lS\ 

l Tiie mam point includes tbe 

profit (5) 

Ouinlet warmed by the owl in 
the bolfry (4 1 

l!.->ti lilies meet the church in 

\V t :l>hlTC (10 1 


I I I LONDON plan Nctars Headlines. SCO Grampian Language. UJO Wish You Were Here. 

J „ L To-day 730 Mystery Movie— Cctam bo. followed by Bodume. 

9 JO a.m. For Schools. 1048 1030 Refleetjons. U3S SponacaD. 1LU U/rCTWADTl 

Help! 1LQ0 For Schools (con- Bareiu. ™ 

l \ H VrVS d> ' .Anbnal Kwackera. GRANADA i^m “New^SSSnltiS”^ 

I I I2J0 pan- DaiSJ-. Daisy. J2J0 1_M p.m. This Is Your Right. 430 Westward Diary. 7 no The Big Film: 

M j — — ^ — - Make It Count. 1.00 News, plus Code n. SJO.Thla Is Your Right. 535 " Hour Black and the Tlaer.'* starring 

MESa Hflfl in’ index 1.20 H,-ln ■ IJUI I'mwn Crossroads. LOO Granada Reports. *30 Stewart Granger. 1038 Westward Late 

ri Ilr , * nil AfrJr ' iwAftl! * K Emmcrdale Farm. 7.00 “ Yours. Mine Nows. 1030 Westward Report. U-W 

■■30 After NOOn. 2 A and Ours.” starring Lucille Bail and TV Movie: "flame for tho Holidays.” 

■he Shades Oi Greene, o-20 Looks Henry Fonda. 1030 What's bn. U.90 1230 a.m. Faith. for life. 

i— J - J Familiar. 3-50 The Sullivans. 4J20 What the Papers Say Awards: 11.25 YOPIi'^HTP P 

Cover up for a girl iu a pre- The LUtie House on the Prairie. ^ Look 

dicament ("1 *■" Mr. and Mrs. HTV • oul 04 s mu, Joe. Fun. 535 Survival. 


6 Encourage the carpenter with 
a snack (3, 2, 5) 

7 Fish I bring up to a foolish 
fellow (5) 

8 The whole Bible portion can 
be found in Ireland (6) 

9 Nomadic language gets many 
in [he end (6) 


5.45 News. 

6.00 Thames at G. 

6.35 Crossroads. 


130 p.m. Report West 1 
Report Wales Headlines. 
Only. 3 JO Beryl's Lol 


j-auKuwc. mac, <?torlinP k. n Ti,. i«««.u , " lluuc r rdDCe & rernnf ' 

followed by Bcdume. S *n5 in Sl — . r „ n , , n , , . . * e ngth of the flight, Pelen, Bricitte Hiheretaltoe A* - 

„ westwabd^ fM WiTT K «. Sr iaandCl " d1 ' Nols “” 

130 Westward News Heodlinra. tJO - 

Westward Diary. TJM The Btg Film: — — — - 

- Horry Black and the Tlaer/* starrina -m jm- -m A 

SsSsS 5 ^ Mark Cox falters on brink 

no Look ™ sSw S u.s Ch p^ Cn8 indoar th^demaS ZVh r ' A l ear as ° t0 the Ur s'*de line. ' ’ 

OiampionshipB was halved in brouLht htot U^m ^ 7f n i.^fout and-! 


7i)0 Wish You Were Here 7 - w ^ er ‘ ^ BreoXilme. Franasco. I0J0 L Tbe FnMe Vaughan n ox falterme on the brink nf •* y ! . , Cover to 30*all, 

9 m ir ■ u w-i. 1 ,T 5J5 Little Red RWlng Rabbit 520 Cross- Show. 113# Wish Too Were Here..? effn He fiads ll mcreMlRgly irk- This n,. ■ 

7J0 Slystery Movie: McMillan- roads, s jq Rep ort wm. us Report ii« mad and woma n. was ^finally beaten some to leave his Surrey estate PCJk of th#:. 

RADIO 1 »247m MM. Bdirart Cretiofeld dlataisses- Ketra. 630 Top of the Fo nn7 .W SSSlmia’* III? Nasta^ 111163 by mLSSftw® 1113 . abl ? ad hut «*■ and reetedbff I hree^ mu - 

bnaied Olortano. SJB "Andrea Chenier.^ itds 3 7*5 The Archers. 730 CheckBOliit, JJE *r , Cognises that Unless he COmnetes Fnr I ? ure 53 raw 


CSI StcrMpfaoaic broadcast 
(-09 a.m. As Radio 2. 7JE2 


and 4. 430 Words 


■ILT. fitia O I«W AIIV- ruuiciai I rr A _n A _ mr *. 

tialk). 435 The Glastonbury Wnc: A portrait of Km- 1 taTlier^ Blister Mottram. 


(Musters) <10 ) 


Bnusn rarnung spqt,_ftafl entered 

.IM... cm f n... I nmi. *“ c iruicii nnrn. i-JV jt-iano KCCICUt ciuarnu. ini ama-M Biui iu uiM u. Mi by defeating Tim • ' 

Bcithorcn, Scarlatfl (Si. 8J5 Drama Kaleidoscope. 939 Woathpr. I0-W The GuiUkSOn 1—6, 6 — 3, 6—2 and _____ 

aJ „ w«rh S 'JTtHTSt T&!TbS'& J fSnmS TENNIS 

% ,WS P ° ri0ti " 20 IKs behind but «ives a tfotSKS M TkSt SS SSt.” *** a " d S ttY iOHN BAR «* 

i ^ liar sounds for- * P'SZS&ttSLS? JS JfSS&ST "T fcffSft b P “ Datta ' PHILADELPHIA, Ja 

Iddina t«> 21 after us, said Louis XV RADIO 2 «•- and VHF gjL a»«35 And iwmmm BBC Radio London . On yeste^-s eridence hie — 

dew. SfS^ ?2 Fights for rerananis (6) RADI 9. J .... ___ ^ hS?"S*m mS X°Sed SS*S*5? sli P. **n the 


!l' ,i is more than a bob. it's 17 They provide sleigh H.P (9) ■*. pc <s.. Sort iLmlLSS SS. 'SsrSSvmmKvM w^Sting 

rand l?l IS Presents exploits round the JC'l i ajn With leJllh Annivcreaiy crnin-n. w ^Tb™ a BooftTecdame. l US The Financial nSitTmatri 

E, atijehed ,o .hi, period in .. river .S. ^ 2S* SSPtJ?* ^ ^ JiSv 


cognises that unless he competes For thV te« J V: L e , e I ? ure WfflCC 
V yho regularly on the major world cE to tlkn ° f nlv f,n,r 

itereJ cuits be wil1 lose his competitive min^ es . openme Mt * % 

Tim * — Although bo hrpkc Nastaso itt ; - 

l and TCMMie^ .-J ^r. mn ? 5an,e of Ihe Becondr' 


TENNIS 

BY JOHN BARRETT 
PHILADELPHIA, Jan, 25 


iwicl tu lose his nw'u duHvp.ry'- 

17 iSS-.S? 1 " <bilt point was ■ 

1, 25 slrugghns. 

’ ^ . “ 1 ^ink l Iqsi my confidence"! 

he said after the Match; “My.:- • 

iiame js so brillie 1 hit v.;s" 
S- 11 .. 1 - 1 * 1 * 1 lhcrc w no iaarsitt. ' " 


S5S?-- *Coid ^Fragment M7 j » ^r conccro^d with .help ' 

at * c of 26 ^ m ssgrsft asasr-suaSS 311- 

rui oul wilh lum ° f the - P - lS?fl ■ <L - WS » SB®? ye Se 36-rear^Id South Af ■ owo iD top com - 

Snorts Desk. 430 Waaooneis' Walk. US G'HF) Regtoia! Mews. ADO Neva: UD London BfOUd filStill g ■ South African Fnr «ipht o-m,- t ... ®UT t don’t, hlsmn.tlta tk~ 


Tui oui with the turn of the 
tide (4» . 

Excuse for a party in first 
class surroundings (5) - 
An easy twelve months 
measures speed (5, 4) 

Bndses to tighten things up 
It!) 

Emergencies mean increase 
of pay in the Civil Service 16) 

DOWN 

Hu .'band o! Mary recalled by 
ilioiin from Queen Char- 
lottes i St 

Celebrity performances begin 
with samovars (4, 5) 

Got up as a flower girl (4) 


prison 1 (4) 

Solution to Puzzle No. 3,576 


r-;@36 l«H BEIE10BG5 

aara a m a 

EIHSBBES QEIHHHBH 
9 n 9 S3 S 

aaciaa.QBBsa igntas 
■ . h 0 B ■ as 
aanaa EannaEna 
a . 9 d '53 ro 

e asasQaa ssaaa 
a a a □ a 
cisaci EEaaaraEnsB 
a a q ra a ei ci 
tonBBsraa aasssjoa 
ass a 00 
afflEE as ^asana 


jnterruptioaife>;- 


isas rs-aras. opening Mt ™ <E£LEF3S!^ } *- 

am, xows. mi« cocUrts*-- «.«e-U» ajn_ KWuuue. - night but this challenge eaivan- iin^!^ 0ns umpire and 

RADIO 3 «ta.St <! r.o*VHF Capital Radio [sed Connors to artiol S ^S ! S£S,“ ,er 9a«stions of fa", 

tS a.m. Weaiher. 7.» News. 7JH Burktes Way. TI235 Weather, proCTwmue 1 94m arH 95.8 VHF 7130 dynamic left-hander y " ' . 

Overture ‘Si. M0 News. 84S Monune news VBF tcxreut Loucoo and se) 1-m . Graham Dene's BreaWaa accustomed by now to the heavy .-* 0rvin |. Particularly Well anti 

Concert <S‘. MONews. 9.05 This Week a Hcjiona] News. U0 The Wnrld ql One- ohnw fsi «ao Michaul Aspd tSt. »i*t balls in u«se hero u>h;.k n0av y hitting his ground ctri.u. “ . 
Composer: Brahms <S'. 93# VtaUn and 130 The Arefacis. UB Woman'iT Hoar clsh. S aTDeUwy lSk Sfrf. Whl0h have within ini-hi»a i, Ukts fn 

Piano recital, parr I <$». 3030 Ju (ffrom 230) induilJn* 2J»i02 News: ^imSTfS with hwThre* advers ? comments from nioZ , ,^ e lines. Cn.\ 

Shart ftate.. M MLC Vh riin 9 ttd Kaia part M ten w'^Morttcr xoo iw««. o'Cfe* ThdS" »i. 7J» Lord Geora^ many compeutors. hit his Wav JlST? 10 ^T -1 wlUl « cracking 

Scottish Symphw M5 Aitenw g Thw ure cs.i. Jade Brown's Capital Commentary (S>; 73# out Of danger and fairlv romnf£ ac ?. d 0wn the centre line S 

Orehestra iJti. LOO pre. tjews. LOS De Uamo Precisely Including «3MJ5 London To^ay. iS>. 7J0 Adrian Lore’s through romped Ahead 5 3 ind 

Bradford utdtlar concert. £10 Operas NvwS. 435 Story Time. SM PM Reports, open Lint* tSt. M0 JmuUian Kins 1ST. me 9®C0nd set Without nn Nacta^Iv ' ‘ Uld I«ading 15— 30 

of the French Revolution (Si "Andres *30 SerendipiU'- IS3B Weather, pro- JJ-OO Tony Myatfs Lalo Show is>. sow, ‘ ^asioses serve be rorceri the 

Chemer" to" Umheno Giordano, Act 1 sraanno bbwc lVEP) flegionai News? ' *JW 230 are. Ian DaridBotr* TU*ht FUshr (S). COS. HOW 34, is at thp «,*„ ■“Omanian Wide on -the hirth 5 

cross. aq(1 punched his backhand voile? 


MARIE CURIE l 

*Kai ; ? 

W Rcrf 00 o n P '«t« a,,d Jl^' 0r ' v* 

r« nwiSf n -°* **** ■** <**■ 

. “ ma c »«r find i moment rt • ■ 

iup d tm > pt l, dJ B Vi.Jr Sift.- to : 

nurrins 1 * 1 teman.carUtr ci«*r ? 

" Cvn * Momar.,| hsitidjiH«fc: ^ 

m s,oatto S*««» Undone SWI3 


V-,^.vi-vO 

r" _ 

i;: ' 

1 ; - . , 


iu' ^ 


zsry:*-- - - 

Phi. -- 

«».» •- . - • 
p- * ‘ •.'* >: 









■*'* i: fi-; ^ 





uv 


i Financial Times Thursday January 26 1973 

cord review 


21 



by MAX LOPPERT 


Trr .— — ' : — crTnijr settings of this most doleful and overdue?). Edith Mathis is the rimes as though a rehearsal run- 

cwili dreary of -liturgical- poems, pleammg soprano. John Shirley- through had been slapped on to 



Royal Court 



by B. A. - YOUNG 


r . - from the sUa it jacket at i»s Metidelssohnian vein, seems less overweight orchestra. The sound 
Basiin JUfxoral.de rhyme scheme and* interesting than pcrbapsjt ought is hazy: much precious instru- 


in/ L'Enfanee du 

nlL- j . , /lorn I.', n A 1 1 C S\ nmhnn \ facJirj nio-t- "semi men Is.’ he because Anna' Reynolds mental detail is obscured: there 

l i. L -ir i i r aii.u- '/ in ic„h..Vik'- r «riin» sinv siiL-h masses neither sufficient weight is little feeling of the muscu- 

vi^ riu'lii'r OO lUb c' 1 faults' Me before theorisinalilv no »' steadiness for its sequences; larity. the exhilarating keenness 
^ X u andthibLutyS the S?By hear an admitted singer of perception and appreciation. 

In Die Sehoctifung. Pnpp. his ions, shapely phrasing. In ,hln - strained voice. 

I lull Wig. 

>;,1 Phtlharmonk- M.v„««- a . »«—. — ' *" — — the perfect Creation soprano. 


that at best 

This notice, which could com- Haydn. In 


marks Dorati's 


I have always maintained that 
you can make a joke about any- 
thing. provided it s a good joke. 
In Laughter! Peter Barnes 
examines this proposition, taking 
as his examples the excesses of 
Ivan the Terrible and the organi- 
sation of Auschwitz concentra- 
tion camp. He has chosen twu 
difficult instances, hut he has not 
tried my belief because his jokes 
are not very good. 


Moll, l.nxon/ carcssive yet precise handling of This notice, wb — ...... . # . , 

mie Orchestra, detail, and unfailincly broad fnrlahly bear the alternative title Popp- ^o ought^ to have been 


TPl -illfiaS Aiaccanaeus. Minin*. i* un uvw. -vim uavis Hi utnivi. vui.u ill 

ivies. Pn Itii.*r. Baker. Shirley- Dvorak we know — the copious. Haydn. Mackerras in Handel. "Yet a ? c 

ifvk / Ensli«h Chamber spontaneous lyricist, writing ex- e ; , c h of the remaining three sets couple is 
-chesM-i. Wandsworth School pansively for voices and sconns brings some let-down L'Enfance ™visns ini 


ighton Festival Chorus/ sense of musical architecture, the nr Victorian Choral Favourites. xne P erfect 
•rati. Drcfa D 5 f)D '1 12 conductor minimises the reneti- displays four conductors on home * e f. ,ns u . ns “ re ot where me heat 

curds in box » liveni-M. the lunger move- lerritnry— Kubelik in Dvorak. f a,ls , a " d h ° w , t0 Place her voice 

fel Judas Maccahaeus. mem*, and shows us both, the Colin Davis in Berlioz. Dorati in fj[ 31 ^ d £fer 5 j 

enlisted. If one 
the set at all. it will be 

.... and ria * Ch rist* st a rt s 'stipe r bly."' J Eric L? r i h * J°! lin S s P ,endo “ r of 
the more sombre, imposing Tappy's opening narration im- Moll s bass, apt equally to 
Dvorak we may not expect, mediately pricks uo expectation: tbe !- vrica ! breadth and to the 
Throughout the ten movements the Nocturnal March flashes past timing imagery of Haydn s 
runs the gift of evoking and sus- j n pavis's most flerilv disciplined inexhaustible invention, 
tnining a specific atinosphero. Berlioz manner, with woodwind . , , a l uc,d and cogently argued 

, . . whether of brooding, at times thirds that flicker like alow- booklet essay. Anthony Hicks 

jr achievement in the sphere almost traK i e melancholy (as in ^ r , *, in t J, e n jg ht a i r The re- mounts a thoroughly convincing 
arce-svrile choral music. It tha P chnrn minr „ , lt ,«»«mei or J _ _ K Z case for accepting Judas Mac- 

cabaeus as a u celebratory can* 


_ This is not to say that his plays 

her first aria Lucia; — the evening falls into two inde- 
pendent halves — are not good. 
The first 1 thought impressive. 
Timothy West, in 


loir/Mackcrras. LKJ Archiv with full-hearted eloquenc 
_U 050 (3 rccurd.s in hex) 


a memorable 
performance as the Tsar, appears 
first as an abbot, his chamber 
overlooked by a great crucifix. 

Behind him. reflecting the cruci- 
fixion, Prince Odoevsky is dying 
slowly from the effect of an 
official stake passed through the 
anus and out of the stomach. 

Ivan is not concerned with this 
matter; he is more interested in 
the behaviour of Semeon Bek- 
bulatovich, whom' be has 
appointed, in the manner of 
Duke Vincentio. to act as Tsar 
while be acts as priesti 
ResumiDg his authority, he 

... t. j..,. nhiiinn - dt .--- msTKaoie cvocsiivn ot me aunu»- — .. ■ — .r — r ntst encounters his son the 

ivJSJ nS Of ihp fluences are clear— the Brahms n , &r f C nre boding. And then musical worth rather than for TsareV iclu played with a wild 
“inv tin. l.tr^er pari o) the nf lhp German Requiem. Men- H , hf .. lins to e i nE j n u, e expecting the depth and power rury by David Suchet. The 

ha^beemne mow or E ddssohn. Berlioz and Verdi fore- J| lsty d VCli ^ and matter-of- £ * h £. ! Tsa ^ evich t h as qualities his 

J ” ost among , th , en l h -* 1 fact manner of Jules Bastin. and likes, bur he is too West. 3 Ir. Suchet and Derek riding but unthinking loyalty io 

thoroughly assimilated, the con- y exnert build-up and studio a ° se “.^ e .- -v Jnc,n ®; ambitious for the crown, and Francis as Sa meal. the Nazi cause, opens their eye*; 

The second play, for which the but they closn a^ain once he is 


vnrak's Nfabaf writer eoui- 
•?u in 1 S 77 . first given at 
:ue in 1 SS 0 . was 


his first 


,ght him widespread inter- simplicity (as in the S^in co,^ 

onal fame, notably in the tenor’s “ Fae me vere,” with its wh : c u is a( jniirab 
orifi-hungry Bmain nf the chril .,, rp5rinnsps1 The in- 


not in clarity. 


— — •- , a admirabie) that is a re- ‘ata-tunemi. lively, and not 

choral responses). The .in- marka ble evocation of the atmos- w!lh . ou | many^ pieces of high 



Timothy West 


nerced. and Dvorak’s conlri- 
, i.ms it t excluding, perhaps. 

Te Pen m ) along with the 
. Dvorak is a composer still 
cuuvenient'y pigeon-holed 
categorised as a result of 
■-exposure t>* a relatively 

JUTS^mS' fSfESSLn. 


Book Review are on 
Page 18 


production ®o for very littie. One sturdily articulated rhythms and j Ivan tills him. His third con- 

could lit at least three Franco- °J L test ’ s , with a mysterious figure ret descends at the conclusion gune. Civil servants like soldiers. i*e: fnnmiii, 

nnrasme cnaries MacKe.r^s snfl modern dress— a scientist of the first, is a disappointment only obey orders. bin mg i^l 

perhaps?-— who is Sameal. the We are in a German government Thi* is'a shallow piece, in spite 


nhnn- hai-'e* (Van Damm. Soyer. ft™™*;™ 1 
R'.u.n, E n„...nd n.n le,, than JD ?'„ n E "?l , r sh ^, 7 . 


.'(•iTCUri Mllll i-.» ■ i 1 ' 1 1 1 -_ 1 1 1 

bojonti tlu* end of ;!u- ilaj.. 
Tmmihv V. i-.-i ^ i \ v- , ••lupine 

js thi- cii.-ran. t -um- 
riitiiniiiuu-.- • with 
\u iuu •? auii'i’.iLin. ,i I'lii.i-iinih'^ 


tc was greeted as a great 


was to beset the 


it nf invicorating fresh blood. , .. 

ti! S tiio^ho h w n er C e e in'The J perci^tibie grandeur 
ne or their Vnncert- 20 ln°davs and f«»ne* of emotional ranee 

hefISVC?»SiIi*ih. ">« >H 0**™* - 



^ tfli| uir that outweigh 

up rd inary enthusiasm which efl il a * , ^ e f 
evoked bv t Dvorak’s choral) 

ks With 

could look forw 
ip joyous, and 
uni" 


I«.ie oi IBB by Ry land Davies in the title 

part — a lyric tenor rather lighr 
There arc other disappoint- j- or n msic that wants the . heroic 


| dental jokes, depending mostly from Whitehall as from Berlin. as horrifying as it ought to he. t fj.-i r .-ilWinun. ijnl> hcic diet 
ion anachronisms: but if there is The big joke here is that item Derek Francis as the department mv principle i-eiiu- under clo-i* 
la big overall joke beyond this CP 3 ftnh with which the depart- head contrives to show the self- e\umin.ii:un mi m,- wln.Ie it 


P,,.. Thmiiih idpallv one wants mentis— Janet Baker a Mars' amplitude of a Vickers, hulif * 031 encounter it is submerged menl deals, is actually a part respect that even a deluded came out -til rient. Th- juke 

H\en UJOUgll lueaiiy ill" B in ctrla Kut Ii. j 9 henpath ihp prsalnP« nf thi» fnr (ha Aucrhu-ilr 'inc.nh-imliirii miKlin cai-ii'inl ivi-, nni- 1 .. him. f - i. .. 



Munich forces achieve for bim 

tie* new Tin recording of a " , ]l n .h e C wfnds P may f^her!' There is also one notable £ a“ “ composite"" of* “the 1747 < Festival HaKI 


fuzzy Ishmaelite of the work. 


and 
Baker, in 
Father 
centre 
The edition used 


beneath the greatness of the for the Auschwitz gas-chambers, public servant may pride him- were ti'idcnuMy funnv. Too b.id 

theme, which is splendidly A veteran from the Auschwitz self on. Frances' de i:i Tuur th.-y -,h<*u hi hi: l.'.mn'.l i ••» c.*u<e 

adorned by the acting of Mr. front, a stupid man with an over- commanded my pitv as the ugly such pain to su usa.iv p- upic. 



Kondrashin 


by NICHOLAS KENYON 

The Russian conductor KIril weight, the material not eepeti- substance ( if that is the right Bui thr.mgh ;hi.> approach the 


anedly sniemn a gatt— of its * wl1h ai , t h c r Jnirol of line W of interpretation re- refrain: 
movements, seven are an( j tone we expect from (and flned over many years. Even Handel 


thc effect is one that 
the acute dramatist cm 




moment. In Chaikovsky’s Fifth Symphony hint of rcp<«e. even in the 

in Somewhat under-weight, on the Kondrashin was able to display languorous wind miIo.-. hcauli- 
palmier days would have been other hand, was the performance that rigid firmness of control fully dunei. lhr»>ugh th" ov»*r- 


! PiiUhannonic Orchestra. 

_ _ _ brought with him what 

rph 

.•or movemems. the basic 
i or ia 1 \< dwelt mu ton 
jlhily. And the charade r 

niu-’.c SCO 111 « often only memocr * — *vi>.-mbw ui-iiihiii>. — . — • u.Wip.K *" luiucu fin«n >«« imiuuiicu a wuu, uinjNVJ V. I 

uuti.'.ly related 10 Ihe word- smooth and plangent of tone. Altiiouyh its ingredients that the boys of the Lhapel ■ musn. wmen su rareiy _eis a aitenuon to ornamental detail, orchestral sound which occasion- on any lemis. but at least as 

word passage of the text — passionate and serene of manner, promise much, the sum of the Royal sounded like this, for it . hearing in the _ Festival Halli: That's not to imply that her ally wearied the ear. and there drav.n by K<im!r:*shin it was fre*' 

iui:gh. cu:i!ddfnng the f.uni- (Surely a return visn here by Dorati Creation is more generally leaves a blot oo an otherwise ; Alfredo Case J la's orchestration playing was mere surface glitter, was little flexibility in ihe of l.iHuiirama and paced with 

• problems encountered in this leading Polish singer is long undistinguished. It sounds at first-rate Ha ndel performance, -of Balakirev's popular piano for she penetrated such poetry rhythms — surely ihe inn! to pin doathl;- prei-Nson. Only in ihe 

work Islameii. Rich in oriental as can be found in the work and minquitto melody in the first h-i pa^.»s. svi iipre cow tMi.M 

allusions of 3 popularised projected it strongly. Yet inter- movement should he eased into form, did the onhe-Mra .<oem 

nature.^ this version sounded esiing as it is for once to hear more gently, to surprise us all unable to sustain the increasing 

over- Liszt treated as an introvert, the the more with its tenderness? power of K'<ndra*hin's whiplash. 




ICA Theatre 

Voices 

by MICHAEL 

COVENEY 


curiously over-rich and 


ENTERTAINMENT 

GUIDE 


; Five women 
, placed among a 
audience with an 
•centra! area is the g 
for Susan Griffin’s American 
1 feminist spin-off from Kennedy's 
Children. They ail have their 
problems which boil down to a 1 
somewhat second-hand, second- , 
rate expression of the feminine I 
: condition in this ugly male- 
1 dominated world. The acting is; 

; nothing to write home about ■ 

land at no point does the enter- Isaovers wells theatre. Robber* 
ilainment ge! into anything. Ave “ d ; oyly B CAR 1 A 7 *'oPE t RA , rd?' ,B ' 
i resemoiing dramatic form. The | *&. ^ahtiJIS’ 

.voices are heard in isolation of | F«b. z to a: h.m.s. pinaforf. 

: each other. Awful American i THEATRES 

' poeticism in the style of Rod 1 * delphi theatre, cc. oi-ass 7 sif 


EL LE rt LUI. CC. D 1 -A 37 3610 . 
Walker's Court. BrtMcr Street. W.l. 
Twice Nightlr 8.1 5 and 10 . IS. 
PAUL RAYMOND presents 
PENETRATION 

An erotic aa-enturc m Pr«n«F oorno- 
gr*pn. - Gocd-iouking men and women 
oeriorm venous oermutaiion» oi :no 
setual ^ct.” E*enino News. Ycu mav 
drmk and smoke in me audMonum. 


Thurs. S. 

m 


C.C — These theatres aicept cena.n credit 

Cards by teteohone or at the box omce 

on five cnairs; opera a railet i fortune. 223 s e»o 5 . b 

•* wrap-around cot.SEUM^^^t^rd^or.Lo 5i5S . MU r, t , ^rple 

UnyCCUpied Rescreat'Ons 01 - 8^6 2161 AGATHA CHRISTIE'S 

Tlnm „,ti “ ' ENGLISH NATIONAL OPERA | MURDER AT THE VICARAGE 

ium selling Ten.gni . JO: Orpheus .n sne Und-rworifl ; Third Great Year 

Tomor & Wed. n»*i 7.33 R-golcno. — 

Sa: & Tues. Text 7.30 Carmen. !04 GARRICK THEATRE. 01-636 4601 . 

Ba'ror.y scats always a*a- table day ot . Ers. 6.0 Wed Mat. 3 . 0 . Sar S IS AS . 30 
pcrtormancc. . 1 JILL MARTIN. JULIA SUTTON 

DAVID FIRTH ana ROBIN RAY 


OLD VIC. 925 ' 

PROSPECT AT THE OLD V!C. 
Soring scusjn Jan 16 -i.tircn 2 S 
In rep. 

HAMLET 
ALL FOR LOVE 
SAINT JOAN 

ANTONY AND CLEOPATRA 
Ton.g**l. HAMLET 7 30 
Seats available 
Ne\t Sunday 29 m y t. 30 . 


Jul.an 


AND TOUR with till 
Glorcr. Derek jaccb. 
Timothy Wes:. 


COVENT GARDEN. CC 2-10 1066 . 

■ Gar den charge crcd't ca-ds P -36 6902 } 
THE ROYAL BALLET 
Tonight. Tues. & Wes T 30 P.m The 
Dream. Monotones. Tne Four Seasons 
Terror. & Mon. 7.20 b.m. La Fille m»i 
gardec. Sat. 7.30 p.m. la Bayadere. 
A Month in the Countr- Elite Syncopa- 
tions 6 S Amghi' seats tor an pens on 
sale Irom 10 a.m. on day of per! 


•n tne 
" BRILLIANT MUSICAL 
ENTERTAINMENT." Peoole. 

SIDE BY SIDE BY SONDHEIM 
"GO TWICE." S Money punch. 
“GO THREE TIMES" S. Barnes. NYT. 


C-'OSE. CC. 01-4 37 1 592 Eveninas C .15 
Sac. 6 0 and 8 .- 10 . Mai. Wed. 3 . 0 . 
AMANDA BARRIE JOHN GUSNTIN 
in the SECOND YEAR 01 
DONKEYS 1 YEARS 
bv MICHAEL FRAYN 
The Best Cameo* of the Year 
Lest 4 weeks. Ends Feb. IB. 


csky Collier with Michael Coleman. Graham Fletcher and Stephen Bcagley in the Royal Ballet's 'The 

Four 5 casons * at Covent Garden last night 


ly 

■ 1 1 1 :m* :> 

••j i : it 


Si -11 yiMi> a.ju la ’l 
a plain jvlUxw nrv- 
■•'K j:mmmvcd llit* 
itl*. Kli^abclh Hall ot 


:it!n:t — .» nt-wr 


.- 1 1 . 1 • 1 »"• 

' S.rV ■ 


ii: Mins hi shed v cung 
dfd in l lie p"r- 
L'U'li-vntiirv music. 


ll . ‘ 


t McKcen or Leonard Cohen ■ 
ijoities uneasily agains: a mu ltd I 
..Miiir.d of ca’.av.ropbe in The SOs. J 
We have, going clockwise ! 
around me company: a failed 
, .Ti-'.res* in early middle-age who 
near!;-- married a French uclor. 
:wj,s muu % d by Isadora Duncan' 
i.'.ntl i> frighiened of dealh: a 

I si:\er-b!ondc «un'ivor of iwu 
marriages, a father who walked 
oui :n me Depression. "49 lovers’’ • 
i.ind a com.n::nieRi 10 a socio- 
logical L’catisc on xiie failure of 
;ihe American family: a mixed-up 
> mother of four who. pushing 
• raiddie-cge. ’.isiens 10 her o'.vn 

k iiuptissibb' in I'uapiru* Londnn Tiic c"i'iii|i'»ser conducred. voice in The silence- a ridiculous 
iTiu-u.il wilhom liie London Luciano Bono. loo. arrived next nature freak who says, among i 
J>ii!ft.m..iia." m conduct a pair of his own i -jiher choice things, lhai she 

N" need u> repeal — or sn one lh<! coolly ** ex peri men- v. anted lc» di.- cover ihe "elemen- 

v:,.ttU utiagiuu. Vi'i on more ,al Pifference-, of 19 o 9 for tape .i 2 | st-If under The onion skin of 
Than one occasion during the an ” in-irtinicm-. unghtly ciriii-ation:” and a neurotic 

p.oi leu ve.trs iv..< Suifuniella culuured. wimlin^; uu in a power- : uuuide rase devoid of falher, i 
!u- found ti-elf on tin- brink *if moinentuiii: and ue mure lover, husband, reason for iiv-i 
L-..II..PM* Jinmgii :act. of r-roi'ur in -' c:c - ptc - 

!t is all too much and loo 
- b ~ ]y wri,,cn 3nd ™ ,y 


izabeth Ha!K 

ondon Sinfonietta 


bv DOMINIC GILL 


Evgs. 7 3 D. Mate. Thurs. S O. 5 ats. 4 .D. 

•' LONDON'S BEST NIGHT OUT." 

IRENE 

THE MUSICAL MUSICAL 
•-SPECTACLE. CAPTIVATING TUNFS 
AND RACY COM* DY." S People. 

IRENE 

INSTANT CONFIRMED CREDIT CARDS 

BOOKINGS ON 01-636 7 B 1 1 . 

ALBERY. 636 387 B. Credit rnr«j bi-qs. 

936 3962 . Sc*. Sit.l MO".-Fn 7 45 
Tpurs. mats 4 . 3 D. Sats 4.30 sort B 
A THOUSAND TIMES WELCOME IS I 

LIONEL PART'S | 

MIRACULOUS MUSICAL. F»n. Tm«. I HER 

OLIVER I 

" ROY HUSO'S ipton£>e perlormance. - 
S Tel. "Talented JOAN TURNER." DW ■ 

Ma*l. ' Capital fun . . . the show Is a 
dMiyhf.- D. Tel. OLIVER RETURNS ! 
TRIUMPHANTLY. ...CONSIDER YOUR- 
SELF LUCKY TO BE ABLE TO 5 EE IT . 
AGAIN '• Dly. Mirror. 

NOW BOOKING THROUGH 1978 . i 


GREENWICH THEATRE. 01-858 7755 . 
Untif jan. 28 . Ergs. 7 . 30 . Mats Sats. 
2 . 30 . _ LEONARD ROSSITER as THE 
IMMORTAL HA YOON. " A rtuoendous 
vehicle (or Rotsiter . . . compelling and 
nugeiv entertaining." Punch From Feb. 1 
THE IDEAL HU S BAND b» Osc a r W ilde. _ 

HAY-MARKET. 01-930 9832. 

Opens Tonight at 7 . 00 . Subs c< 9 S 8 . 00 . 
Mat. Wed :’0 Sat. 5 00 and B .15 
INGRID BERGMAN 
WENDY HILLER 

DEREK DORIS FRANCIS 

GODFREY HARE CUKA 


PALACE. PT.iJT ol-Z- 

Mon.-Thur. 6.00 Fn.. 5 at 6.90 snd 8 40 
JESUS CHRI ST SUPE RSTAR 

PHOENIX. El - 336 3611 

Evgs. 8 o Sat. Peris, a 30 and a CO. 
Pf'TH PENELOPE 

MK.HELL KEITH 

NIGEL STOCK 

JUNE J AGO ROT DOTRICE 
In the Cniehestcr Fesii.ai Theatres 
oro. iu cl ion a 
THE APPLE CART 
... _ Br Bernard Shan 
Outstanding revival 0 f bvo'ant Shaw." 
Daily Telegraph 

Directed bv PATRICK GARLAND. 
Last S daw Must er.a Sa:. 


616 . VAUDEVILLE. 330 ?983. £vys. ai 8. 
' Mats. Tues. 2.45. Sals. S and 3 . 
Dinah iha'idan. Dulcic Gray 
EkariOi Sumnicrhclrt James Grout 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNIT 
b* AGATHA CHRISTIE 
" Re-cnt-r Agr.ha » :r, another -*hn- 
duiu: hi: Agatha Christie n stii* - 

mg the Wes: End -a: as Jin with another 
t-l hji Y:-ndiShlv ingenious murder 
ni.s- erKS,* F.;li. Bariicr Ev. 

VICTORIA PALACE. i‘.-S 33 1317. 

Evgs. 7 . 3 0 Mat. Sa: 3.30 
BrtSrL 9RU5H'S NEW F.EVUE 
t BOOM BOOM E2PT V. EE DON 

fc-OSBY CKL'SH AND E.TA.v CO. 

I ■ A :rnc lam.ls show ' O Tel 

! La'-: 3 da. r- Mu st end Sat _ 

WAREHOUSE. Dc-im-.r Ti-.o-.r-; B36 660.'. 

. Fov.y; Shfiessrai? Ca-se-n,. Tom 70 
Charies Wjw; DINGO ' Erdliahl ' 
Su.i-Y.an, aii seals El.SO. Adi Bigs. 

, 4 Utti'n 


Bta.r. ■ 
»nd 


PHOENIX. 31-536 

Opening March 1 
FRANK FINLAY n 
The Leslie Britussc M-jticai 
KINGS AND CLOWNS 
Reduc ed once prevjpws r-sm Fee. 


WEMBLEY Ef.'.nnc POOL un'il Feb. 25. 
. LAVlir* PANTOMIME 

HUMPTY DUMPTY 

" Sliter 5o.iri.iirg loestatlc." D. 7d. 

• Men to F-. 7.54 Mats. '.Vert 7hui s. 

j *1 J Sits at 2 00 3 OO and 3.00. 

“ • Lr.ldren j'j Sen<-f C't». oric^ ncunt 

86 . 1 ., Sal. 2 ir.a 5 . Pav j: anorc Enquiries 

• 5 C 2 1234 Saaeous :ar parv. 


17 . ' 


WATERS OF THE MOON 
DV N. C. Hunter. 
NOW BOOKING. 


P nt« A °iicn Y ' “ 3 ^ ,i ® 0B Credit care an. 
RS 6 j 3 u 2 '**. Sat J. Ev^s 5 . 1 * 0 . Sal 
5.15 8 . 30 . 

LAST 4 PEP.FS. 

ROTAL SHAKESPEARE COMPANY in 
RAUCOUSLY FUNNY. 

7 9 th-i:ei-Tury er.T.eav 

W ILD OATS 

PICCADILLY' 437 4506 Cred : Card 
E 36 .< 3 u 2 From 2 Feb Mon -Ff 5 
tar. 4 as y nfl g 15 Wed j 2 C h .^i “i 
Rovai ShiWe'Pean Cn'ssn .r. 

BEST COMEDY OF THE EAR 
PRIVATES. UN PARADE 
dv,Peter Nith-is 

"HUGEL-Y i«ITERTAIN|I.G SXTRAVA- 
' ‘ GAN 2 A.- j Tm.es 


MAJESTY'S. CC. 0 Y- 93-0 6606 

Ergs. 8 . 00 . Wed. ana Sat. 7..00 ana 8.00 : . __ 

GLYNIS JOHNS 1 PRINClE OF WALES. CC 01-930 E 681 

LEE MONTAGUE. HELEN LINDSAY I Mgndav to Friday at 8 e n-. 

m TERENCE RATTIGAN'S 1 ‘ 

CAUSE CELEBPE 


ALDWYCH. 836 6404 . IH». 8 36 5322 . , 
ROYAL SHAKESPEARE COMPANY In . 

_ reaertoire. I 

Ton'-. Sat. 7 . 30 . Tcnror 7 00 1 

Congreve s THE WAY OF THE WORLD, f 
With: A MIOSUMMER NIGHT'S DREAM 1 
‘ oerf 31 Jan.i. psc also a: the 


■" RATTIGArj REVEALS HIS MA 3 TEPY" 
S.T. "A poweriui drama." I.N 

" GL> N IS JOHN'S pla.s b rilliantly.' 

6606 


0 . 


WAREHOUSE isec under W J 
Piccadilly and Savoy Theatres 


and a: r 


-R MAJESTY'S. CC. 01-930 
uc-cning Niarrh 2 8 
BRUCE FORSYTH I 

in Leslie Br.tusse and Anthony Newlev's i 
TRAVELLING MUSIC SHOW 

£c-H>~_-*dm Marti. 16 . i 0 „ EEN - 5 THtATRE. 

•t'YIG S ROAD THEATRE. 352 7338.* £»5i. 8 0. ^'.5h B.JO 


5 a:. S 30 and 8.4 5 . Ms / Thur 
" THE STAGE IS AGLOW. ' 

Daily Telenrar-n 
RICHARD RF.CKIIJSALE 
In 

I LOVE MY WIVE 

" HILARIOUS COMEDY MUSICAL.' Sun 
D 're.ned -by Gene Silj »-■» ■ Boi rHilj] 
Invention, ana wif.' Firncia' T-nie-. 
INSTANT CONFIRMED rpr D i 7 -t.PD 
BOOKINGS ON 01-950 0945 . 


! WESTMINSTER THEATRE CC 01-534 0233 
Evjs. 6.00 Mai. Tliur*. 3 0 Sil. 5.0 2 8 0 
TitL-ii £1 50 to £4 00 
PAUL JONES -n 
. DRAKE'S DREAM 
tfi-'Afifl MusHai . 

■ E-:i:ipj " Fii*. " M^nv Mcny 

Retrains. E. '■-■•nenn Vlgsui," 

£■ S :*naarj. 

»’ u lTlHfli.L.* 01-530 C'POn* 

J" fvos «..30 SiS A 

' i -* Th* Sirru'ionul Sf » Btiwuc- ot thc 
Leniuri 

DEEP IHr.DAI 

JI4» Lnt On S:.,ne BM L Nj-.v. Lim,ii-n 
Tcur' 1 "' “ >1;c,n PF.br to Wo-ld 

WINDMILL THEATRE. CC 147 0312. 
N.cn'i, a: 3 OC ?na 10 00. 
OPEN SUMO Li'S 6 00 Lna E OO. 
PAUL Raymond ore r enu 
RIP OFF 

THE EFOTIC E vp ER‘ENCE OF THE 
MODERN E F.A 

• T;t^j ■£, urpn-r jo' n-ed limit* v.h»: It 
O cmi-ciMe or. our '-aq-i - E>g N.-m. 
You mar cr-n* rnc^e in Ihe 
A udi!anunri. 


Mon. to TJiurs. 9.0 Fn. Sat. 7 30 . 9 . 30 . 

THE ROCKY HORROR SHOW 
NOW IN ITS Em ROCKING YEAR 


OV 7-.4 11 E 6 
Ms; Vied. 3 O 


AMBASSADORS. 01-536 1171 .! 

Evgs. a.O^MatS. TucS. S_. S 3 UL 5 . | LONDON PALLADIUM. CC. 4 J 7 737 


■ . ^ 1 1 . , nno for sa ti piano ann enwn 

'!ii -I ' 1 % Sii'-w Tit .111 nnaruiji ail ijiii! H in iiicc*iiiurc- , , . .. , . 

M- .1 >uuns «r.: hrr.nbli-. l-ui ..-1 „ 

~ r . .eras 


•r n-,','ri||.- dirvn fruin 
.irinsY :t:nl jiinl i.i.ikiiiR hi- 

• .«l ‘JiixcnC ri.inU-u c.illoJ 
i .Ai’i-tI-'H 1: •••■.is .in wril- 
-I oa '.i'll. T!u* now ir.-oup was 
'.y ht'l in sill a hoi a I; If cap 


iti.iry i.Ti- 1 . im . 1 r*i inir single 
|t:<iel IH'Oi'ltHIS lll-l-'i'.lf as-tflh is 
allowed in sugu* r I rum year lu 
year willi only tin* ponies! — and 
in Eiirnpe:i:i ronlexl. nu le-s 
Hum rtcribory — public grant. In 
Hie .mdiluruini mi T nc-day ali 
Hu* miporiani laces were in 


SIOBHAN McKENNA 
ay Sarah Bernhardt in MEMOIR 
eiifh NIALL BUGGY 
Perfe-.t A Song Ol triumph.” E. News. 
Student aikets Cl- 


ALEC GUINNESS ... 

THE OLD COUNTRY 
A New plav hr Ai an "NtJETT 
Direy-yr rv CLIFFOPO win* ' 1 -its. 
. ECST P'.AY OF THE iE«P 
Pr»v» and p'*yer< London -r'-ir- am.* 
•One pf *he rnn«t ne-il-lp -he-:r 
rvrnt; In thi' wi-ntr, V- -reri n 
•ear-. ‘ B Levin $irYrta w Ti-re;. 


WYNDHAM'S. 83C 302S. Credit C«fd 
•'doling; ?36 2-C32 -r . 5.H , Mir.. 

•Thy-1. 8. Fn .ine S»r. 5 1£ and B.30. 
■ E'lfrYTU?’.' F 1 CH 
VERY FUNNY. - Etermg News. 

Mar\ O M.-'i-./ - .ir-.n-T Lornedv 
ONCE A CATHOLIC 
Sure-»re -er'.*.ev .-.n .... *.ed rei-n-An.'- 
O'l.v Tr'ner.lPh 
•' MSLft Yin su,.,»£ WITH 
LAL'GHTFR 01.111. 


APOLLO. 01-437 2 E 63 Ergs. S. 00 . 
Mats. Thurs. 3 . DO. Sau. 5.09 and a 00 
DONALD SINDEN IS SUPERB " NoW 
- SHOT "TOUR EYES AHO 

prodUition by, THINK OF ENGLAND 

: nnl ■' WICKEDLY FUNNY." Times. 

. u • ' S PELLBINDING." D Mali. 

Eg* lhC ***** KjlSi iKl anfh^l^Wonl . 4 " 5 THEA T T C^ S TOPPARD°'k e3B 2,32 

I pass quickl” fiver Michael • r,e *-- ,rlc wrong way or -Hiiancus - . , . K sce L |t/ e, sunday Times. 

Tippett's Song* for Pov. which .' f« d . ?* wroa ” J>® oks - " f,rse ' • -“-SSSS ’?- T f- ur *^ -»■*»■ Frid " an3 
arouse what I recognise to be r ' ot a . : al1 to ® n / rec0 - 

msanle e.vpcnente hut 


NOW UNTIL FEB. 2 S ONLY 
E.gi. 7 30 . Mali. Wed. and sa'J. 2 45 . 

TOMMY STEELE 

'■ IS IRRESISTIBLE." D. Telegradh. 

"A SVPIR 5 TAR." D Exoriu i D.vunuh l.iuilra.> rr 

HANS ANDERSEN ! R ‘ T "° m 0 PEVUFBAR. CC 

" Dialing Succcti. Rich. Colourful Musi- I ®t # p m 9 " 

C*l. Real Family Entertainment." E Nc*s 
Groc seaa A-.-j.ljbic No* at Theatre A 
Aoenu. A liO at Doora icTCCDr iai 1 
CREDIT CARD BOOKINGS 01-734 8961 


11- V :■ 5-28 <= :-57. 

nrrnuia 5 Guiiddn-rern 


Fully 


Saturday at 7.00 and 9 . 15 . 


.. , ,, , . iiif iiiijn.'ri j:h .. n ,i nisauie experience exists 

.nu.-.c.il life 1 t the rvidrnce tc- applaud the SinF>m- f ee |j nE;; . r ' ' nf vcrti"o- J vivid 1 preteaiioufly in some uishy- 
" : 1 "| ‘ Xll,i " n 1 ‘V U V< ■ u ' 1,,Ci : e!5U ‘" l 1 - raemories of The Knot Garden * w U *Siy liberal limbo where right 

h- w.-H :»> j>iv>,Tinng Hie tiur fU-r reenymse Hi;it in ecIecl| brainsiorm of an . :5 side, men ere to 

i flr^n'.'iiuY Baalish cuiiniry qenileman. ihe .. 3nd . 

. t arniltr very quin lessen ve of ganchcne?4. : s-a'en-' l!CS 1 
ik’iu m-cds profoundly ombtirras-ins. p:iin- va . s >’ ccgr.nii; 


■ ASTORIA. Charing X Rd. 

eXIStS. or 01-734 4292 . Ncares 


'« r ■I'iflu T-vei.L-rs The onlcr io grew and m rmuinue E:]aJi;ih linlry 50 n i| e man. ihe Waisc and freedmn from, 

■•mi biiiiuiu jurfon..- *•" 4 . V!U j r S? lc f, ' r 3 n 01 very quiniess.-mo of " a iichcne? 4 . : slaver:- lies in toe direction of 

I.r su. Ills:/- Stsiiammi , K ‘ s,nfon !^ ,lJ n '’ cds profoundly ombtirras-ins. pain- >’ :o;nnian*| refauonsRips 

I:ism imii'iila a.-iil lhj:i ' ,?i ' ' fully revived The SmfnnWs .wnh people as boring as them-! 

•i.-,-'.. \;v>Uo ,-t i(.-.i 2 ii 2 :>ifliu.s. The anniv.rre.iry pr-' grain me ended their anniversary ceSebra- selves. j 

..■in. m a -a hole began with a .-hurl new jMece lion with u work by anniher ! 

..i u:>i»:v pi ii::rjn:im.-> stieciaHy a nlten fur liie occ. 14 ion familiar eoUahurator. V.'ifaidj BflrclavS Bank [ 

■. ■i;i:is- ■) uh.n we bv ilams-'U Eirtwi.sile. muter Lulotlawsi:!. who direr! ed a 1 - J 

\he t'anciful UHe nf Cunueri lively .u-.-utiiU nf hij. r.wn Ptc { SpOHSOrS 1 \ 

ir.uuin,' lii'L'hii r:a?ue Pri'/je/rHiwi fudes unJ Fuauc fnr 13 siriass: i p p_- _J- ; 

j hui»:‘> liirtliday-psecc fur 14 L''e*n. shnrp-vut nius«c. slow tn! DO' rrlcllU 

in‘*!nmiein>. ten min tiles J 0113 . settle, hm str^ne and Dunpen! The Marlc-v.'e Theatre has 
;,!iw uilh ihe click and whirr nf in iis farcer span, threaded wi:h jnaoumed that Barclays Bank 
a shop hit; uf mechanical toys, siune cvcHpiionally pretty detail JS « 0 sr .or.«cir the Canterbury 
"Six ijiti-u at mechanisms arc especially the nmet. in<eci-]ike we ek of The Bon Friend, from 
j:i\:aruscd many nines without chora >e in turlude. jnier ^rup’.ed _by - February 14 - 1 S. This will be 

tee third production 2 t the Mar- 
lowe lo be supported in this 


..ivv i-i-i’./v me fhar.u'icris- 
Ssnf.mieM.i i.iriiMy ‘ «'f 

, !'iiii.. , i! it-v iv.sts. ciini!iiis-.u.n^ 

■ .I or.-Mji.-ivs. exciienuni was 
floiiMci. 

A ! [ ili<- - few t .f u« ,ii the 
n T<vEi-.-<i Hi.- lull My.ntia'.t lli'c 

f ho i-vcih need !e rehearse 

••ti wit ii it.is been re- any 

■<:ed m The .span* ef ten year- >Jtf 


01-734 429 T ! 

Nearest Tub" Ta:t»'»- • 

bam Court Road. Mon .Thurs. 8 . 00 . I 
Friday and Saturday 5 op- and B. 4 S. , 
THE STAGE SPECTACULAR I 

ELVIS " 

TlcFMS L 1 .S 0 -ES. 50 . Instant Credit Card , 
Res- Ea: In nur hi llv- licensed Restaurant 
or Buifc: Bar lunrhlimc and oelorc and 1 
after show bocUable In adransc. 

" ELVIS " 

"■ inteetKuS. appealing. iDct-stamp.ng ana 1 
heart IhumuJnj" Obser-cr 
. " ELVIS - 

" 1 was absolutely caught up in it. carried : 
alens b» 't. remviqorjiea b» me .sneer . 
.erro and foectacl" Ol It."’ Sun. Tel. 

“ ELVIS - I 

- St agger Ingle effective." Tines. I 
“ ELI VIS 

•• Pe.-lerfned with a .erve rare in British . 
n»u.l:>ll* The show literal, v had thy 
udiencc dancing in ihe j.sles. Tn.s 1 
" Elys is ma rvellous." Sunday F»areis. j 


LONDON PALLADIUM. 31-437 7373 
MARCH 20th ONE WEEK ONLY 
MISS 

GINGER ROGERS 
and Special Guest Star 
DONALD O'CONNOR 
A GREAT EVENING S ENTERTAINMENT 
WITH HOLLYWOOD'S FOREMOST 
MUSICAL COMEDY STARS 
BOOK NOW— Seals L2-£6. 

LONDON PALLADIUM. CC 01-4 37 7373. 
THE TWO RONNIES 

FROM MA Y 25 TO AUG. 19. _ 

LYRIC THEATRE. 01-4 37 3686. E.s BO. 
Mats. Thurg. J.fl. S;fS S 0 and B.30. 
JOAN PLOWRIGHT 
COLIN BLAKELY 
and Patricia Hjvcs in 
_ FILUMENA 

bv Edearr-- *r FPIptu. 

.. FRANCO ZEFFIRELLI 

■■TOTAL TRIUMPH" D Mir -■ AN I 
EVENT TO TREASURE ■ D. Mir '» MAY 
*T FILL THE LYFIC FOR A HUNDRED 
YEARS. - Sun JJv Times 

MAYFAIR. CC ~ 629 3036. 

Opens Tucs. Fen. 7 at 7.0. 

GORDON CHATEP ir, 

THE E LOCUTION OF 
BENJAMIN FRANKLIN 
by Sieve J Spears 

Ou'ragroirir iunn» . Prploundlr 

rnjmna '■ Variety 

Prc.-ewi irrm Fea. 1st. ' 


01 - 7 J 4 TSR 3 
_ _ . 'ri-'-n Sur t 

PAtiL P ftYuntlfl p— tents 
THE F'lTIVAL OF 
EROTICA 

AIR CflNniTIO N EC. leu ciay 
nJ and smoke in the a unitor ium 


ROUNDHO'.'4F. TRY tbai E.-Cs. » 
BRITI'H PP.*Mt*"E OF 
Victor Hijoo'F 
LES BURGRAVES 

Presented br Le Theatre yes Ou'frn 
d'l-Tw. (Ends s *:.5 


WOUNG VIC 

T-t-:- 7 45 

1 

YO'JNG VIC STUPIT 922 *: 6 ^! 

D.— -.- -I.I. PO*;e IN JANUARY. 

Tc- : T:-:r 3 f.s' :' 2 


CINEMAS 

ARC I & 2 . SH.-FT£S?UP Y 4 i'E f 36 
5851 5>-s Po-'S ALL SEATS BKBLE. 

1: THE CHDIRTOYS V/.. S Sun.- 

115 4 '0. " 5 b Late chow Frl. A 

Sit. 11.1S 

2; THE GAUNTLET < ti. W-. A Sur*.- 

2 .ec. 3 on 3 jo 


ROYAL COURT. ->ig 1745. 'CAMDEN PLAZA 

Ereninas R. Sat 5 and S.30. ' Tut^__..4c5. 2445 

World Premier'* ol " 

LAUGHTER ! 

bv Peter Barnrt . 

See alio Th»atre u?t:.nir-.. 


C'nn CiTb-n Tc-n 
TuMOttl s PADRE 
Grand P-'i-- C mnee "TT. 
4.05. C 25. E 50. 


Can 


ROYALTY. CC. 01-405 3034 

Mcndav-Tnur’dar Evenings 3 00 F.- 

5.30 and 8.45. Saturday 3.00 and £ 00 
London’s flit—. #ot. 
BUBBLING BROWN tiir.AR 
Beit musical ol 197“ 

Tel. hkps. ar tooted. Maio- -reili! -: S r*ir 


CAMBRIDGE. CC. 01-956 6 £ 06 . Mon, toi 
Thurs. 8 . 00 . Fri. Sal 5 . 45 . S. 20 . 

-■PULSATING MUSICAL.” Erg. New.!-' 

THIRD GREAT YEAR MSRmA'O. 24 B 7636 Rest 249 2 B 35 

Sen prices 62.00 and £ 5 . 00 . 1 Mon-Sat. fl . 15 . Mai Wed and Sal 5.30 

□ peer and lop. one- iell £ 8.25 Inc. 1 DAW JONES MICKY DDLENZ 


SAVOY. CC. 01-935 6383 E mr.i-io. ° 0 
Mi’i Thurs. 3.00 Cm 5 00 8 30 
ROYAL nHAirrSPBap* COMPANY 
RICHAPD PASCO. SUSAN HAMPCHIPE 
NICKY HENSON. 1 4M ! ' COS^INS 
Bernard Shaw's MAN AND 51IPFPMAN 
DircFied Or CLIFFORD V.'lLLiAVS -1 
M- tn a cloud at oy tTCi-t *rV" -; • 
end." S. T"oei RSC also *1 Aldr-.-.--> 
and Pk-cadlilr Tnealr-n. Cr.'diT C'-rn 
boon not accepted. List S "£«■>>. Suascn 
ends Ft*h. 11. 


f ii t'lii uf transition ■' — :i jia- liny fnjmrnif of blown so«sa-, 
?fqm-nfi: «'f coiitrahllns ™c p . ^1 Hie i-nd of ihe final pre- 


‘Evita" to open in June 


i an :,a nmes us: ilti- an-J WwAx W 1 HW and iude. before tlw fu;ue begins. 

*■ ' >.u irlv it.iee ihmuehaui happy, but nnb roht rained l v 
\- ;M— ur.il -Timed m Thus- dul::.*ni. There were darker 
..'Mi .--■i , I - 1 j'l-u^i-.iii'iiie- '.nuni'-nih. tbi" rasp of deep 
."k ’I- :ri;-.itiv- fiuiu :t Mure wind .nut siiiii-s. »uddrn plunges Er:fu. the muMcal by Tim Kite 
fn,,;’ ... r. ■■q! n .i,. Viit'ird. min siicnce. Not a major piece, and Andrew Lloyd Webber based 
S-'M-i..:. s.i-f.H l ,j;v',’ii.ih .J.iiiv bm an inu-riMine cs:d>. with on the life oT Eva Perun. wiij 
. ;: - c in ji* ; . K 1 ic-.lij.i 3 utijsiL' 1:1 .-t’lin: iminieni-* »f hanmins re- upon un June at tiic London 
H- i < i ton vV.r,'t|.-i'i'-ii! Hi" oiuncc: cine especially. .1 brief Casino which is being converted 

• ler I.'.ndrp'rir -hesi'riis put tp- swir! oi wind musie. bounds fnim into a full-time theatre and _ 

-‘her. ' "The S::!f.mirtiii has a Urea::', nay urgent call? tike revert me to its original name. . UTcnesM. 

• ~ n . .‘pH ii:v-iiv *:i; ! 
ic n.-'ii j'-'.'cioiis ip-; 

•• Tfivr.V lUlIMfui ti tc 


CRITERION. CC 01-930 3215 I 

E-nn<ngs 8 . Sata. 5.30 * IO. Thun. 3.0D. . 

LESLIE PHILLIPS _ I 

• irnp«?4bic - . . a niM'. er *' 5ur.. Times . 

way — Bare. a> s sponsored the, - hilariously fun nS ?.- n. m word, 
ihe-aire's productions of Joseph ohury lane. oi-e 36 “?io 8 . Even- 
<ii:d ihe Amazing Technicolor \ B ' 00 3 Q D a,,,,w Wed - aM 

Drcarr.’.-oai ir. 1975 and 1976 . a^chorus line 


iii |h:ihC' lusiril tliranyii ihe violet Prince Edward Theatre. It will 


Toung Jazz' orchestra 

The Jazz Centre Society and j 
L'n:ve College School are i 
presenting ilia ” Vnunu Jazz ' I 
dzrecicd % Phil S 
fievea.s on Thursday. Fehmary { 
CCS. Frognal. Haiap - 1 


- VOTED BES T MUSICAL Of 19 76.- j 
□ if HESS. 8S6 824 3. Mvn fb TlS^. , 
Ewgs. BOO. Frl. Sat. 6 15 »ntf 9.90. 
OH ! CALCUTTA • 

• TH« Nuffit* ii f.unnlno.-- D. Teleoraph ■ 
C:.3 SENSATIONAL YEAR 1 

DUKE OF 
Mor-.-Sa: 


•'rii' , ' , 'n , R , | , K In -’..lire airVam of Stuck hausen's tie presented by Kuberi Siijr.voud • at i;:u CCS. FrognaL Jhiaiap- 
“ it 2 rails. * n «ss«cialion with David Land.: stead. N.W. 3 . starting at 7.30 p.ai. 


YORK'S. CC. Ol-S’-B 3112 . 
8 - 00 . Mats W*d. 5.00 and 
Sal 5.00 
SIAN PHILLIPS 
PAUL DANEMAN 
*«- SPINE CHILLER 

£'-B 0 -£ 3 BD 

Ifllfn: CruCit card p«erv«.s". 
Dinner and Totr-pntc Seat ST. JO. 


in HARRY NEILSDN'S 
.. THE POINT 
'■ t w 'NNEr ■ o M'rrar. 

Stall iKha 1U5. E3.50 Comninco 

dipner-theairc ticket ES 9S. 

R u n ext « nde o to feb. asm. 

NATIONAL THEATRE. g28 2252. 

OLIVIER ‘ ipp«?n stagp.-T Tgp-|. * Tomor. 

T 30 THE COUNTRY WIFE bv William 
Wycherla*. 

LYTTELTON -nrciwienium itanelr Tedav 
10.30 a.m. SIR G AW AIN AND THE 
GREEN KNIGHT. Today 2 45 'red or. 
:na! ] S 7.45 BEDROOM FARCE by Alan 
Ayfh&ourn. Tomer. 7.45 The Lady from 
Maam'i. 

COTTE5LOE 'small auditorium} Ton't S 
Tomor 3 HALF-LIFE Lv Julian MrlcluMI. 
Latr-nigr-i Ton't 10.50 p.m. THE 

GROUCHO LETTERS tall call SQn i 

last 4 50 m.ns }, j 

Many c« tel lent «neap seal a ail 3 theatres | 
nav of s«-I Car park. Realajranl 926 
2032 . CiMi: ;ard bkgs. 928 3052 . 


SHAW. jy-’SB 

Evil*. 7 30 "No Port. Mon.i 
Turn.. Thurs. 2.30 

AN INSPECTOR CALLS 
t-» J. B Priei'.Ti 


STRAND. 0*1-836 2660. E.-'1r35 i Pt' 
Mai. Thurs. 3.00. 5anjrda<? 3 SC 4 £ 30. 
NO SF* PLEASE— 

WE'RE BRITISH 
THE WORLD'S GREiTETT 
LAUGHTER MAKES 

ST. MARTTN-srec. 836 1443. E 19 s 3.00. 
Mai. Tucs. 2*.4a. Salurda-s 5 ana 6. 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGEST- EVER RUN- 
2fith YEAS 

TALK OF THE TOWN. CC. 734 55?'. 
8- DO. Dining. Danring 9 32 s u[ «r 

RAZ2LE DAZZLE 

and at 11 s.m. 

BUDDY GRECD 
FROM MON VINCE HILL 


5, a. -O.'o.-d SL 'Don. 
Kd. TuCCi 636 Q3IO. 

1 ONE ON ONE A- Prebi. 1 45. J 5S. 

6 23. : IS Lite she" "1 pm Smreo 
Sjupci GENESIS U. WHITE ROCK iUi. 

2. THE HIDING PLACE A> Ser Pnris. 

2 00. 5 09 T.*? L;:c 5-iou, 11 pm. 

FELLINI 5 ROM a >Xi. Ilali.v. Dialojun 
— Engi.sn Siti---.i--es. 

3. EAST =F ELEPHANT ROCK 1 AA 1 . 

P--.-K 152 — - c 6 0S 5 40 10 55 

J WIZARDS A- 7rrs 1.93. TOO S OO. 

7 00 5 JO L.l i- >i» a e.cr-. nigh! 11pm. 

curzorj.'r ,,; 3 n S‘r'Wi _ w ' 499 I 7 !-I 

PARDON MSN AFFAIRE -Ensure 

Mis--.i;iV.' . " A -.pr-Hi r, Fran'ii 

Cj-.i-ev. 3 rri-fj r..;n ine.-.v t vet 

K:p?r: •• Se— Dir e - — Prjay as 2 . 3 C 
Sui . : ]j 3 15 -"3 3 JO. 
LF'CCFTC-t SC’-’AP.E THEATRrrpSO S’sIT 
STAR WARS -L*' JvP piaps. Dl» 2.00. 
5 is. S 75 trie F-*. A S.'t. 11 as 

p m. Sc-:*-, -itir 's.- 5 15 A 3 35 progt. 
SE4TS ST1I L 4VAILA3LE FOR MANY 
PEFFJ HURPV ' 

03303' LCtCESTER SQUARE .930 61 11 »" 
THE DEEP 'A.. Sea. arp-5, every -aas 
fr-:s m.-ir h'. iijjisa Doors conn at 
* .’J 4 T- s -a? Late Sne«s Fns. ». 

W - '- Paa.-5 T1.T5- 

ODE 7 N •inPRi.r^ARcfr .--2? 201 1 2a 
nriQZSY "ail -sa.. inn o-oys. wvs. 
s.ro s T o s.m. j 10 3 . 15 . 

u-» f,, .. k,-- ^y.nr. Pn ,. 

pa'.Mr»- C ur OLEs7"'-e T'T~ b’i £ f 

SALON f**|7T v T»i. Peris Ol v . 

Ii; 6u-» ; 2 4* 3.1S -I.ul l;c. Sha<« 
Fn 5 Si* '7^5 Bible.. liCd. 


2- L;lc Sn. 'Waraour St.l. 


THEATRE UP5TAIR5. 730 2=54 C.RS. 7^0 
•Crucible' Theatre Jnethrid »n 
SAY5 - 


SCENE 
423 J47 

SCENE 1 . A BRIDGE TOO FAR iAI. 
P- 06S. m -Z S'). 4.*0. 7.40. LIC Show Frl 
br.-. n 00 


•• Noi smee 
an Irish pin 
undiluted pleasure, 




r 


22 


HNAJVCIAITEVLES 

BRACKEN HOUSE, GANNON STREET. LONDON EC4P 4BT 
Telegrams: glaantuno. London PS4. Telex: 386341/2, 883897 
Telephone: 01-248 8000 

Thursday January 26 1978 


A bedrock tax 
reform 

TAX GRUMBLING has for regulations, special provisions 
many years been one of our for trusts and 'savings insti- 
gloomier national sports; but a tutions, and capital gains tax 
radical analysis of the British itself, could be scrapped. Some 
system — which shows, among new provisions — an effective an- 
other things, that we have ex* cessions tax to replace capital 
cel lent cause to grumble — has transfer tax. and possibly some 
long beea needed. That gap is form of charge on emigra- 
filled with distinction by the tion — would be needed to corn- 
massive report produced to-day P^ ete tbe system, but it would 

by the committee chaired by * e „ ” Pi " 

■ , _ than the one we have now. 

Professor James Meade. Its S(Jwever purity 

conclusions are at first sight so and even administrative sim- 
sweeping that it is hard to re- p ii C ity are not ends in them- 
raember that the report is the selves; the report must stand or 
work not only of academics, fail by the results of what it 
whose strength is theoretical proposes. The main economic 
analysis, but of experienced effects are fairly straightfor- 
practical men — accountants, a ward. Saving by persons and 
tax lawyer, and the former De- productive investment by com- 
puty Chairman or the Inland panies would be entirely exempt 
'Revenue.- The careful proposals from tax. The saver could ex- 
far transitional measures, and pect a post-tax return on his 
for reconciliation with foreign assets equal to the return on the 
lax systems, show that the com- physical capital concerned, so 
mittee has been as much con- that the capital market could 
cerned with practicable pro- function without distortion. Sue- 
posals as with radical change. cessfuJ people and expanding 

companies would pay less tax 
Not SO radical than at present; but people or 

In fact, however, the central ST^y 1 mSre.^t^wouffbe 
proposals are rather less radical much easjer for a mcce81fl J 
m practice than thej are in man t0 accU muIate a reasona bi e 
principle: for the analysis of the fortune out of ^ 

existing tax system shows that hlgh|y pensive to try to hand 

piecemeal reforms and conces- it on in one ie y 10 

sions have nudged it almost 

irretrievably far from the sup- stron n case ■ 

posed basis of direct taxation— * 

a properly defined measure of , ls see^s to be a picture of 

income. The Report argues con- conditions in which enterprise 

• vincingly that the changes could flourish: but-the effect of 
needed to convert the present taxe s depends on the rates 

• income tax into a pure expendi- levied as well as on the struc- 

i tore tax are considerably less hire. The- committee's aim has 

radical than those needed to get been to produce a structure in 

! back to a proper definition of which even heavy 


David Fishlock, Science Editor, examines some potentially 
false economies of scale in experimental projects 


Financial Times Thursday ^nnaTy^I# 





ener 




B 


EHTND THE news re- laudable quest for greater different design, probably- even windmill stems from a belief 
ported in the Financial thermodynamic efficiency- Be- more troublesome to execute. . that only by building a machine 
Tfimes earlier this month * ore oae generation of machines In the case of the steam- on the scale which wind enthu- ■ 
that the Government is thinking had ieft the the engio- generating heavy -water reactor siasts such as Sir Martin Ryle, 

of building a giant windmill in e ? rs were . ad °l*ing a new (SGHWR), originally conceived the Nobel prizewinning Cam— - 



a «ni vt n 1 300-MW pressurised water reactor- fa • 
wesi to build in England. 


order to try out the technology jenenfion^ugger, faster and assn bndge radichastronomer, have ^ q£ technology » 3S 


of aero-generators as a “benign 
and' renewable” source of 
energy, lies a perplexing prob- 


hotter. 


with the gas-cooled line of reac- been advocating, will the seep- 


a hydrodynamics . ' .QfHDVw\, 
kind of elediiK'. 


^ _ . - - . ir<! research promising kind 5 «ecShv 

Then, about ten years ago, tors, the Government ordered a tics be convinced that it cap- 'c^iiea it is now magnetic turbine-;— from labor*. 


first convincing 100 MW demonstration. In 1974, work— or the enthusiasts be “JJJ. +5 rovemment lory experiments TO * 20 MV*r: 

if the engineers when the Government decided convinced that it will not Seep- being urged on tne demonstration. The result, was 


there came the _ __ 

’ ' demoiwtratton. The‘iwatt,W 

were not nearing some natural to drop the AGR and adopt the tics do not believe that suriT** a***. npe joz B a cosUy disasrer— and worse, i 

aU 


can be hunt roousuy *««*• ofte ° t, n rfiar bad naine thereafter. , for 

large numbers, at a urged as alternatives! j^hd research in Britain. - 


; take some account, among other now, and above all a structure 


, things, of the erosion of capital in which different political aims 
values by inflation. Corporate could he achieved by altering! 


gas-cooled reactor has had a 
sufficiently chequered career to 
justify a second choice of 
nuclear system as an insurance 
against construction problems, 
deratings or some other diffi- 
culty that might hamper their 
use of nuclear energy. In order 
to gain enough experience of 
the “engineering details” of so 
complex a system as a reactor, it 
asked the Government's permis- 
sion to order one full-scale 
power station of the reactor of 
its choice — the pressurised water 
reactor (PWBj. Although Ihe 
Government yesterday formally 
taxation j accepted the principle of its 
argument, it still baulks at 
authorising construction of a 
PWR in practice. 

Energy supply is one of a 
number of technologically-based 
services on which society has 
come to place tremendous 
reliance. As Professor Sir Ieuan 
Maddock, president of the 
British Association, pointed out 
at Imperial College recently, 
while a handful of people have 
chosen to opt out of this society. 


taxation, with 100 per cent, re- rates without introducing dis- 
, lief on expenditure on plant turbing structural changes and 
and 90 per cent relief for stock anomalies, 
appreciation, is now based on a The committee makes a strong 
sum much closer to cash flow case for the structure it pro- 
than any of the much-debated poses, even though some of its 
definitions of profit other proposals — the pro- 

Direct taxes based on expen- gramme for social security, for 
ditute and cash flow would have example — would inevitably keep 
a consistent and readily under- the total burden fairly heavy. 

! stood philosophy, and would The report contains one or two 
\ automatically fall on taxpayers silly conclusions— its treatment 
i in a position to pay tax without of social security costs as a 
1 embarrassment— that is people •• surcharge on earned income.” 

1 who spend freely or companies for example — and raises some 
with a healthy cash flow. There unanswered questions, as in its 

could also be a vast adminis- call for a radical review of 

trative simplification. Since the housing finance. But its central 
revenue would be concerned insights are invaluable. Future i example, produced 

only to measure actual expendi- Chancellors will find it much ! an d violent reaction.” 

ture, and would not be con- harder to get away with mere 
•cerned with how it was financed, meddling with our burdensome 
a whole tangle of close company and inefficient tax system. 


lem for Government and its j!SJ f^neSLji 

spendou demons^tingpidbliciy they were certainly press- SGHWR, 1 it was argued that the a machine can be built robustly tion - 
whether a new energy source ittg a bit too fast. They leap to 660 MW was so much enough, in large numbers, at a urge- h 

will work or not’ r*" ,nI ° serious problems in more realistic, that no serious price that will provide economic energy by roose irymt, Enough is known aoout tftof . 

A US engineer bnilt a Mg 5 uiI ^f commissioning the troubles need be expected. It power. They point to the poor that we have no ueed t fluidiscd-betl boiler to think; 

winifmm J® 1 ? first 500-megawatt coal- and oil- was not to be. Designing a 660 performance in Europe of all nuclear Plante Jjf that bv the early 1980s it will be 

SSSLWL SmwSK? burninfi boaers ' and the “ 500 MW SGHWR to conform to the big windmills. . nuclear projects simply as com- c^ircially to meet 

ton bla*s ££ off ^a ^ f few V£rs turb °-S enerator sets. ^They latest UJC. engineering phflo- Enthusiasts point to advances pelitors for tbeir .. ^ important markets: the' 

later For the enthusiast alTis ^ f nma trouble scaling up on reactor safety turned in materials and engineering de- schemes. Usuaily the factory boiler, porhaps": 

explained avray^y ^statement the . first generation of British out too difficult and expensive sign; to economies of scale propose scale-ups from presenj jding both electricity mui -. 
wb ™ “thVSsimi had mb! nu S“ r react ® ra - A recenl t0 ^ worth pursuing at this . gained not only from making in- experience of an order that J™^ s ^ heal; aod the small 

iems eetiine rhe Hphr P 011 from ^ Central Elec- stage of thermal reactor de- dividual machines bigger, but makes the leaps <rf the past look . boiler for domestic 

materials and was forced to put 010117 Generating Board shows velopment . from mass-producing windmills, like nervous shufflings. £ commercial premises. It Is - 

corners” as one of our reader^ 0,31 w - vlfa - ,ast Ingest of It was the “unanimous advice Sceptics then point to the noise The fluidised-bed boiler is a inuch ]gss cerlo j n whether the - 
wrote recently But the newer the famiJy of Kagnox stations, of all concerned” that work on they would make— like that of a case in point. It is being sup- techn0 ] 0g y will ever develop to. 
engineer well accustomed to the was not on,y years late SGHWR should be discon- helicopter— and to the gross in- ported as a technology for burn- mpetl> wirtJ lhc jarge boilcm - 

horrendous nroWeiT^o^m^dna ta ^“P’etion but performed tinned, Mr. Anttony Wedgwood terference with TV and micro- mg crushed coal-the dirtiest for central power 

his plants perform reliablv and very bad,y for three years untiI B * DTr ' Swrettu for Energy, told wave transmissions demon-, coals— in a chnrning bed of hot 0 d JJJ j on of gtiio vWmW)' .' 

efflSrfory^ata^^ °> e Board ™d=rto°k > major WrUamwl y«tert V . mated with big aero^ener.tors Icfra etory partides. kept > n ftat™ being orferedfnrDnK 

knows 2it troublte^ro refit during 1974 ' 76l 11 cost ' Even ** bi S turbogenerators in the U.S.; and again, to the motion by blowing air through 1 ^ “ ves technically 

too often dismissed b^enthu? about £2m * for labour charges needed for nuclear boilers of impact on the eye of large nom- the bed. Let us leave aside ■ . « bl ^ d a big stable 

Sts as mwe “enmneerSi £54m ' in replacement that size are not yet out of bers of windmills bigger than whether enough coal might be ^sible to Dimu a 

Stall" engineering generation costs. trouble. Last winter the elec- any tower carrying overhead mined to provide- all the U.K’s S emiMioM vn 

^ o The advanced gascooled tricity supply industry ran into electricity lines. electricity from fluidised-bed ™ If . yriih 

atiM heHSS 1 ?™£ e 32» r® 1 ®* 01 * fAGRs ^ tbe new trouble with creeks in Ihe shafts The Government’s energy boilers, as well as to feed sub- Itacl/i n Britain ^vhlch 

8 rl? H §e° er ation of nuclear reactors, of the Parsons 660 MW genera- technology advisers are coming stitute natural gas plants. Let * e Pfm nmie ad- 

_? d I^. Ce ? were launched from the basis of tors, after only about 15,000 round to the idea that only la us concentrate on the state of any fhp ad ... n a d 

a demonstration reactor at hours. This winter it has met a full-scale demonstration of the development of a boiler which var yage ro 

v technology. 

Fluidised-bed boilers and 
windmills arc only two of the 
many technologies which the 
Government finds iiself under 
increasing pressure to demon- 
strate on a large srali\ It has 
no less than four schemes for 
harnessing waves under de- 
velopment. the most advanced 
of which has reached the stage 
of a one-tenth scale model being 
tested in the comparatively shel- 
tered waters of Loch Ness. An- 
other will shortly be tried out 
in the Solent. The coal and gas 
industries hare a family or coal- 
conversion processes which they 
would like to take to demonstra- 
tion stage at Government ex- 
pense. 

The Government'* mechanism 
for sorting out the technologies 
is ACORD. the Advisory Com- 
mittee on Energy Research and 
Development, under the chair- 
manship of Sir Hermann Bondi; 
chief scientist at the Depart- 
ment of Energy. The committee 
knows well that iri most cases a 



Metres 
180 


70 


1-60 


50:- 


, . B 


Light shading shows sites of highest 
available wind energy 


Sou tew - ENERGY TECHNPOU SUTPCfJ UWT 



19 ri rH 


: ‘ 

'Z 

No-- 

n X 



A — typical traditional British windmill 
B — large horizontal axis wind turbine (modern design) 

C — Targe vertical axis wind turbine concept (British design— Musgrovo), in 
' background— -400 kV electricity pylon . 

D— large vertical axis wind turbine concept (US design — ERDA) 


Fewer people 
employed 


L J b f .'" ast ma i° rit y of people Windscale of 33 MW — ©ne-20th similar problem with the 660 latest Ideas for aero-generators -so far 1 has been demonstrated, demonstration is going to cost 
dpm nnth^nrp^r wif the scale of ^ coxnmer « al «t*r MW GEC generators. of 3-4 MW— 1,000 times the out- by Babcock and Wilcox, on the tens of millions of pounds. In- 

nolocv and in the mrfnare wilt tions ' Serious must be a lesson in this put of the biggest windmill m^est "scale of 46.000 lbs an evitably, the advocates of many 

ing if not eager to have more” encountered with the design chapter o! accidents Iot those in Britalu can boast to-day— can v - 30 ^ IO " ? lCh RC . he f m j f s are g ?i nR td be 

Momentary interruption. Sir d ^ng construction, more Westminster and Whitehall who resolve the technical questioi^ co^ii^jo^in y^rShfre^but erer^e^av^Vramlatinn 

Ieuan said, nf the supply of elec- troubles occurred while com- think that they are better « could well cost several million ft vnll be an experimental nrize if ACORD can isolate the 

tricity, fuel, water, air trans- missioning, and fresh problems equipped to choose the tech- pounds to construct, probably facility rather than a steam- critical features orcomonnent*; 

port, packaged foods or TV, for during the two years they have nology for electricity genera- upon a hilltop in Scotland. At 585 SmZZoSfon plXEL anf spind money 

"an instant been running. Their most tion. Paradoxically, they have best it would demonstrate that ver y important distinction to- stratim? whether they can be 
ardent supporters agree that begun to learn the lesson in the the enibusiasts for windpower engineer. QlsanCUOn TO made to Work succesrfufh° It 
Time was when the power the leap from 33 to 660 MW was case of the newer and still un- are not talking nonsense when But m the U S. there are may even be possible to prove 

engineers themselves were too big. that the first pair of proven technologies, but reject they talk of revisiting a tech- schemes afoot that propose to or . disprove the claims being 

guilty of excessive optimism in AGR stations, Hrnkley B and it for technologies which are uology with 4,000 years - of scale up this British experience made for one of tbe most am- 
advancing schemes for bigger Hunterston B, have reaDy been closer to the marketplace— wit- history, until coal was dis- by a factor of about 100. In bilious of all proposed UK 
and better machines. On paper demonstration projects — at "ess the arguments used to covered. At worst,, the giant Britain, there is past experience energy projects— a tidal barrage 
the economies of scale seemed around £140m. apiece. Unfor- avoid actually ordering a de- windmill would simply fall over of a leap of this magnitude across the river Severn— hv 

to justify the technological tunately, the second pair under monstration pressurised water in the first big gale. when in the mid-1960s CEGB building and testing major corn- 

leaps, not just in size, but also construction, Hartlepool and reactor. A rich variety of novel energy scientists tried" to scale up a ponents of the 

in temperatures required in the Heysham, are of a significantly The idea of building a giant ideas — a veritable • “ smorgas- technology called magneto- scheme. 


proposed 



THE UNEMPLOYMENT figures 
arc published monthly and 
promptly, and are therefore 
much used as an economic indi- 
cator. For the past 12 months, 
however, they hare been behav- 
ing somewhat oddly. Recorded 
unemployment, after adjust- 
ment for regular seasonal varia- 
tions. fell moderately in the 
early months nf 1977. rose 
steeply during the summer, and 
began to fall again in Octoher 
— a fail which has continued 
up t« the present month. At 
the same time, the number of 
registered but unfilled job 
vacancies has recently begun to 
rise again, with a particularly 
sharp rise between December 
and January. 

Given the very high level of 
unemployment, which now 
amounts to 61 per cent, of the 
jountiy’s labour force, any fall 
is to be welcomed. But both 
the rises and the falls which 
appear to have taken place in 
the course of 1977 have to be 
-et against the fact that national 
output remained pretty mueh 
jnchanged throughout. The 
;vidence of recent surveys, 
moreover, is that the demand 
r or unskilled labour is at best 
3at and that many employers 
ire in a position to increase 
output considerably without any 
expansion of their labour force. 
Dne can welcome the improve- 
nent yet doubt whether it is 
no re than apparent 

Two series 

There are {wo possible sources 
iif error. One is that the sea- 
’ mnal adjustments applied to 
be raw figures to bring out 
,be underlying trend have for 
■ome reason gone astray. This 
s not the only statistical series 
n which the process of seasonal 
idjustment has recently been 
nore difficult than usuaL Tbe 
•tber is that the precise effect 
if the various government 
i ehemes for maintaining or cre- 
ating jobs is not easy to gauge. 


For example, the total num-jw .. 

her oE people assisted by these; wU»|Jcro dll 
schemes is currently put at ■ ^ 533 


air, whereupon Rix announced 
that he intended to settle uni- 
laterally, backed up by the 

some 310,000: but for a num-!<** OCd argument that the natlonalisa- 

ber of reasons — notably thej . ___ , M - tion Bill had promised 

fact that not all. unemployed] 5 autonomy of management for 

'week m the usually staid world individua , wmpanIes . when he 

™ told that this was out of the 
SnvSofL question, he resigned. 

’ Shaw - finally emerged as the 

• First carae tne quietly pub- leading candidate to replace Rix 
fished news that Sir John Rix, although his nomination was 
arch opponent of the industry's secured only after considerable 
nationalisation, had decided to debate within the board. . A 
quit before reaching his sixtieth boardroom reshuffle cohid well 


people sign the register — the 
effect on the unemployment 
figures is likely to be markedly 
smaller than tbis. 

Apart from the unemploy- 
ment figures, however, there 
are figures uf actual employ- 
ment published by the Depart- 
ment They are two separate 


series— one for the whole econ- j birthday to "return to the pri- be on the cards once Shaw takes 


omy. which is several months 
behind the event, and ono for 
industries covered by the- in- 


vatc sector of industry.’ over the top seat on Februay L. 

More dramatic was the choice ^ for Sir John> it . g a ' faJr 





slight fall in employment dur- 
ing the third quarter of 1977. 
That for the production indus- 
tries shows employment slip- 
ping gradually down between 
the early summer and Novem- 
ber. the latest month covered. 


1 On Government spending 
only I hope ..." 


industries covered by the- in-| of his successor. Andrew Shaw. h ct t h a t hP n ^ 7nin»'h.nt in 
dex of industrial production j at present managing director of orivatehitofvnLJ^w^ 
vvhirt, is more up to da.u The the P succ03sful uper- p^opa'isTo” Jud 

lx. fl s^uX e th v u € q:r of vospers ' prod “ cts divi - 

economy shows that there was a | show, at 39, is very much the Uft htp^Sn, Su 

junior member of the Vospers set him in competition with — 

Board, but what is most sur^ Britain's state shipbuilders— a prefect of • notice, has had 
prising about his appointment position which should suit his enough. He has issued a decree 
from* ‘the tempcrament indeed, regulating artistic activity at the 

John's desk for several weeks ~ — — 

last year. __ . 

Shaw apparently felt that his n€3l SCnRldltZ 


Mismatch 

To the extent that the monthly 
unemployment figures seem to 
have been indicating a change 
of trend, therefore, they may 
well have been misleading. As 
for the latest jump in the total 
of unfilled vacancies, which it- 
self may be no more than a sea- 
sonal quirk, there is at least a 
possibility that when the de- 
mand for labour docs pick up 
there will be a mismatch 
(either regionally or in terms 
of skill) between demand aad 
supply. That is why there 
should be more emphasis in 
government assistance schemes 
on training in new skills. The 
movement of the employment 
figures serves as a reminder, 
too, that the growth of the 
potential., labour force means 
that considerably more jobs 
will have to be provided over 
the next few years merely to 
prevent unemployment from 
rising further. 


square. Every artist wanting to 
work on the square must now 
get wliat is. in practice, a. police 
licence valid for a year and he 


fSj”J«pe ere ” 01 be '" S S ‘ Ven Place du Teatre, the tiny " u!t ha ™ n0 record of traud 
run scope. in the h f old To get this permit he will need 

He on, j reversed his decision Montmarlre clnse t0 Sacre to prove that he has a domicile 
after considerable pressure from < - oeuf ^ must r 0 _ ♦ 011Ti _ ts who and that his papera are in order. 
Bntisb Shipbuilders, w-hich took like t( J themselves back Furthermore, he must have 

ov l er , j? spers Iast July and in the nauchtv davs nf the si S ned on 10 social security 
which didn’t want to see one of de S i cc i e amid aI . sint j, e . system and belong to the artists’ 

its brighter- young managers drinkmg poets and artists. It P ension fund while each painter 
opting out o£ the S lJth amateurpSement « to one easel ope work 

Meanwhile at. Vospers, Sir painters, silhouette artists and on the ease ^ 4113 two P lCture $ 
John was sparring with Michael trick performers. drying. Finally, aU soliciting Is 

Casey, chief executive of British Th _ • nnI _ j__ nh . . . forbidden. 

Shipbuilders, over a variety of geauiQC aJsts ^ve bera lo^Sg A Qew ****** order has 3180 
issues from the best means of J ut ^dence trSSta been ^lisbed ~ ^censed 
selling gunboats to South smocks wIl0se arlists - m « atre o£ the 

America to pay policy. invention has been to nip down Portrait painters and 

It was this last Issue which, to the nearest department store silbouettists on the fringes. If 
it appears, finally- drove him to to stock up with pictures from you happen to like painting by 
resignation. Like many other the bargain basement. They nura bers, Paris Is no longer for 
shipyards, Vospers found its then put them on the easel, pose you ‘ 
various labour settlements sub- with a furrowed brow, naint- 
ject to increased Government brush in hand, and wait for the 

scrutiny. - tourist- to persuade them to Thle ie fhg neWS 

Meetings between Admiral Sir make the heart-wrenching part- 
Anthony Griffin, British Ship- ing with their work of original Holding; the page one slot in 
( builders' chairman, and the genius. ’ the East German Communist 

[Chancellor failed to clear the Now, Pierre SomveiUe, Party newspaper Neues Deutsch- 


land for two days in a row may 
not be everyone’s idea of fame. 
But fame of a kind It is. and 
Gordon McLennan, secretary- 
, general of our own home-grown 
Communist Party, has been 
basking in its limelight over 
the past few days during his 
official visit to party comrades 
in East Germany. 

But those attentive readers of 
Neues Deutschland whose in- 
terest extends beyond the sports 
pages have discerned a certain 
degree of ideological sniping 
behind the fulsome words of 
praise and mutual esteem. 

True to the East German 
party’s reputation as being more 
papist than the Pope, Erich 
Honecker, the East German 
head of state, managed to slip 
in a quick plug for “ proletarian 
internationalism ” while toasting 
his guest at the official recep- 
tion. 

That of course is. the phrase 
meaning the right of Warsaw 
Pact troops to intervene in a 
brotherly fashion, and as such 
is strongly disapproved of by 
Euro-canmnmists who tend to 
jyince when the words are heard. 

Having had the party’s 
generally Euro-communist line 
approved at the recent party 
congress. McLennan for his part 
emphasised the “ sovereignty 
and independence ” nf each 
fraternal party, and even slipped 
in the naughty phrase " as 
Comrade Honecker emphasised, 
Honecker was. apparently, not 
amused. 


Eating your cake 

This column’s award for trying 
goes to the company which, 
having carefully steered Its self- 
financing productivity deal 
through the Department of Em- 
ployment. then put the cost of 
the deal into its application to 
the Price Commission 
higher prices. 


for 


Observer 


Some 

employees 

wore less 
than SO days 
per year 



Oityourdataprpcesing costs by3o% 


- 

they need SdafltSSSe B^lhSIhSlemSIl lhrSCTvt<1 
Prospects oJ their dp. staff. "** * nha n«sd me career 

me, Geoff Ur^wk^^J l |^Saw^ 1^0, tefephone or8end Ihe coupon to 
Systems Limited, 

hoskyns 

We tedW and mn syMm, 




i • ■ • 


•Ai 












Financial Times Thursday Januan* 26 1978 


ECONOMIC VIEWPOINT 


sift 




political economy of tax reform 


ONE of the meetings to 
■oduce the Meade Report, a 
ft-wing” journalist cora- 
. Jied that the proposals 
-.^.ald do too much to holster 
^^perly ownership, and inrie- 
" r ‘denco. and security which 
it with it. “Don't you see," 
.•It like hissing, "that these 
a nod things, not bad things? 
main trouble is th3t more 
pic du not have them.” 
he Meade Report appears 
■ tu have had u frosty prelim- 
ry reception from the Conser- 
ves. presumably because of 
novelty, emphasis on euon- 
c reasoning, and the discus- 
) of wealth and inheritance 
?s. The two reactions to- 
ter make one suspect that it 
. good report But there is a 
ther reason to welcome it. 
s about the only report of its 
i which treats tax reform as 
part of political economy 
ter than as an esoteric exer- 
• for tax consultants. Largely 
ause of the persunal in- 
•nec of Professor James 
ide. a Nobel Prize winner, 
most complex lax matters 
treated from first principles; 

I some parts of the main 
lv of the book are very well 
tten. For the first time, for 
tance. I think I understood 
vance Corporation Tax 
CT» — at least while I bad the 
*k open. 

he report can thus be read by 
pie who do not find the in- 
acies of tax so very fascinat- 
. who do not enjoy 
oting their evenings to per- 
al finance and who— dare it 
said— do not eagerly look 
•vard to seeing the Finance 
details, but have had enough 
c they have heard the 
!gct. 

he main conclusion of the 
ort is that income tax should 
replaced by an expenditure 


tax. at least fur taxpayers pay- 
ing above the basic rale. This 
vase is convincing. But to my 
mind the more important aspect 
of the report is the coherent 
treatment of National Insurance 
and social benefits, together with 
income tax. as part of a single 
personal tax system, positive and 
negative. We already have a 
negative income tax. but of a 
piecemeal and uncoordinated 
kind. 

The present British system, 
represented by the left-hand 
chart, is marked by extremely 
high marginal rates both at the 
top and at the .bottom ends of 
the income range. High 
marginal rates at the bottom axe 
due to the combined effect of 
separate means tests on families 
which are above the tax 
threshold, but eligible for 
benefits. Detailed examples 
were given in my article last 
Thursday which showed a 
marginal tax rate of 106 per 
cent, for a family on £35 a week 
and 64 per cent, for one on £55 
a week ( in both cases better off 
on the dole than at work if draw- 
ing eamings-related benefit and 
knowing the ropes of the 
system ). 

There is a basic discussion in 
Chapter 14 of the Meade Report 
of-the absurdities of the present 
progress from high to low mar- 
ginal rates and then high again. 
Hi is is the worst possible com- 
promise between redistribution 
and incentives. The vast 
majority of taxpayers are to be 
found in the middle ranges. 
Very little is collected from 83 
per cent, and 98 per cent, top 
rates to add to the sums avail- 
able either for general revenue 
or redistribution towards the 
poor. It only needs a small dis- 
incentive effect for the poor to 
be net losers from such rates. 
The collection of tax from very 
low income families also yields 


comparatively little at a high 
cost In disincentive. 

The best immediate way of 
counteracting the poverty -trap 
is to concentrate nearly - any- 
thing available in the next- 
Budget on raising the tax thresh- 
old and child benefits, and to 
leave the basic rate aloDe. This 
could he combined with cutting 
the penal marginal rates, which 
could be slashed at no real 
cost, except a political one — 
if that. 

The Meade Report goes into 
the rate structure more deeply. 
Although its official conclusion 
is in favour of a progressive 
expenditure tax and “going 
back to Beveridge.” a powerful 
alternative case is made in 
Chapter 14 for a social dividend 
for all and then a constant 
marginal rate on earnings, 
large or small (and irrespec- 
tive of whether the expenditure 
or income tax method is used). 
The suggested system, shown in 
the right-hand chart, would have 
the interesting property of a 
rising average rate (important 
for redistribution) but a con- 
stant marginal rate. 

To give every household an 
unconditional social dividend* 
equal to present Supplementary 
Benefit would for the moment 
be prohibitively expensive. But 
a social dividend is already in 
existence for families ia the 
shape of the Labour Govern- 
ment's new child benefits. The 
tax credits proposed by the last 
Conservative Government would 
be a further element — leaving 
a moderate gap to be filled by 
payments such as Supplemen- 
tary Benefit or sickness and un- 
employment pay. (The scheme is 
called by Meade t he T wo Tier 
Social Dividend, or TTSD. which 
fortunately does not make a pro- 
nounceable acronym.) 

A system of this kind ought 
to appeal to those egalitarians 
who are mainly interested in 


improving the lot of the poor 
rather than squeezing the rich 
for its own sake. Yet at tbe same 
time it provides the great benefit 
of a tax-take on marginal earn- 
ings which at no stage becomes 
confiscatory. 

Above all. a constant mar- 
ginal rate system would simplify 
tax problems in a way that no 
other change would accomplish. 
“Averaging would be unneces- 


the couple’s incomes were 
treated individually or aggre- 
gated in one way or another; 
and much complicated anti- 
avoidance legislation would be- 
come unnecessary." (P. 316.) 

Tbe advantages are so enor- 
mous that it would be worth 
paying a Fairly high price for 
them. Clearly the one chance 
of finding political common 
ground on which to establish the 


hideous name. It would be re- 
lated to total wealth received 
by bequest or gift, and 
the period for which it was 
held. It would have the great 
advantage of being able to re- 
place the Capital Transfer Tax 
rather than coming as yet 
another impost. It would, in 
fact, be an improved form of 
the widely canvassed Accessions 
Tax. designed to encourage 


Redistribution and Taxes 



PRE-TAX 


POST-TAX 


B MINIMUM ACCeriAfiLS 
POvtRTV l£VEl 
0 UNCONDITIONAL 
SOCIAl SENtm 


Earnings 

EXISTING HIGH- LOW-HIGH 
MARGINAL RATES OF TAX 


sary; a cumulative pay-as-you- 
earn (PAYE) scheme would 
have no point; the problem of 
the taxation of social benefits 
would disappear; the deduction 
of tax at source could remove 
most end-year adjustments of 
tax; close company problems 
would not arise; the treatment 
of trusts would be greatly eased; 
the treatment of married 
couples for tax purposes would 
be greatly simplified since, 
apart from the question of the 
proper levels for personal tax 
allowances, it would make no 
difference to tax rates whether 


1 Soo'Ct M ? AO£ REPORT 

case for a non-rising marginal 
income or expenditure tax is 
some form of wealth and inheri- 
tance taxation. But here, too, 
it would be better to go for a 
form of tax which does positive 
good in the shape of encourag- 
ing the' wider dispersal of pro- 
perty, rattier than to pursue 
purely negative measures which 
force people to sell out to the 
pension funds or the State. 

Of the alternative Meade pro- 
posals in this area, the most 
attractive is the PAWAT. the 
Progressive Annual Wealth and 
Accession Tax — in spite of its 


Earnings 

CONSTANT MARGINAL RATE OF TAX 
WITH REDISTRIBUTION 


people of wealth to disperse 
tbeir fortunes as widely as pos- 
sible and could also be adapted 
to dp some of the work of a 
Wealth Tax itself. 

With a constant rate of per- 
sonal income or expenditure tax 
together with a PAWAT, poli- 
tical argument could concentrate 
on (a) the public expenditure 
total, (b) the social dividend ele- 
ment, or redistribution towards 
the bottom, and (c) inheritance- 
cum-wealth taxation or redistri- 
bution from the top. The first 
two would largely determine tbe 
height of the constant tax rate. 


Thus there would be no risk 
of controversy subsiding, but 
the basis of the system could be 
stable and the true impact of 
changes in the rates -made clear. 

The expenditure tax proposal 
is designed to meet a different 
set of problems. It is somewhat 
misleading to say. as some of 
the popular summaries do that 
the aim is to penalise luxurious 
living. An expenditure tax has 
the entirely non-puritan ical 
advantage of being, in contrast 
to income tax. neutral between 
present and future spending. 

A strong supporting argument 
is that we already have many 
elements of an expendtiure tax. 
The 100 per cent, capital allow- 
ances for industrial plant, tax 
exemption for pension contri- 
butions. and relief for life 
insurance have the effect of 
exempting or relieving savings. 
But tbe result of the piecemeal 
superimposition of one system 
upon another is that for some 
categories of saving and invest- 
ment. the concessions overshoot 
the mark, while for others they 
are not enough. 

A pension fund providing debt 
finance for the purchase of 
industrial plant by an incorpor- 
ated business will receive a 
post-tax return of 20 per cent, 
when the true return is 10 per 
cent On the other hand a 
personal saver subject to a mar- 
ginal tax rate of 48 per cent, 
who lends to an incorporated 
business purchasing assets other 
than plant, will receive a net 
return of 3.6 per cent For a 
wealthy saver, paying the maxi- 
mum tax rate, the net return 
if profits are distributed can be 
as low as 0.1 per cent 

An expenditure tax would not, 
as some people think, work like 
VAT. but be like the present in- 
come tax with the exception that 
capital receipts, for instance 
from the sale of securities. 


would be added Ln income, and 
the purchase of assets deducted. 
The resulting simplification 
would be less than that arising 
from a constant marginal tax 
rate on its own. But the two to- 
gether would bring the greatest 
benefits. 

The expenditure basis would 
enable one to do away witii 
capital gains tax which is only 
necessary because “income” is 
such a bad measure of capacity 
to pay. 

But above all. an expenditure 
tax would make it possible to 
index the tax system properly 
for inflation. After allowing for 
the erosion of the principal by 
inflation, the real rate of return 
on many financial investments 
has been negative. Yet the 
nominal yield has still been 
heavily taxed. 

Post-tax real rates of return 
on short-term fixed-interest 
loans have in recent years varied 
between —9 and —22 per cent. 
Full ’capital-income adjust- 
ment" is. however, almost impos- 
sible under an income-based 
system; yet the question would 
not even arise under an expendi- 
ture-based system, where indexa- 
tion of the threshold and the 
brackets would be sufficient. 

In summary, the Meade Re- 
port is really saying that the 
present tax and social security 
system is bad for incentives 
yet inefficient aj redistri- 
bution. and unfair in its widely 
divergent treatment of people 
in broadly the same material 
position (in the jargon "hori- 
zontal inequity"). This last 
aspect leads not only to in- 
justice between individuals, but 
the diversion of effort, invest- 
ment and saving away from the 
areas where they yield the 
highest return, and thus contri- 
butes to the national economic 
malaise. 


Samuel Brittan 


Letters to the Editor 


n |j | be used for internal transactions historical cost convention, past could use his skill to help tbe 

P£lF<ftlic.l during an initial period. Its use expenditure which is expected to company without putting the 

could be gradually widened. be of benefit to future periods bank at risk. His colleagues are 
irrencv Pascal Salici. (for example, stocks and not always able to do so. 

* l! nil cr trite dc Paris-Douphhte. fixed assets) is also included. The educational and training 

•m Professor P. Sana Place du Marechal de-Lattre-dc- This past expenditure will processes should not be restricted 

.1 r. — 1 1 is often believed that Tassignit. 7S7V5 Paris. provide the future cash flow to managers of big companies 

u l lv indexed parallel currency to fund the long-term or senior bankers. Specialist 

ild drive mil national eurren- ’ liabilities. A11 tbe current cost advice should be readily avaii- 

■i. Bui it now seems that a CppiirA flip convention seeks to do in tbe able on these occasions to 

ly-indexed European parallel CH-vlfiC IIIC balance sheet is to update this encourage the businessman, 

T«‘my has In be supported J past expenditure by the effect of especially now that after-tax 

lioiu any restriction for tbe TcllipIlUS ■ changing prices. profits are inadequate to finance 

owinj reasons; F .. E Bateman It's true that tbe balance sheet short-term expansion. Some risk- 

discussions on such proposals _ . ; ‘ _ ’ ' : ' ' does not represent a statement taking is inevitable in these 

t* made dear that fears of the . f° v ^ re “ ni ? 'f*}?®’ u f ihe value of a business, but cases, and a skilful adviser can 

i pci ili venoms of a fully- storm «uage on. the Lin- thal of t . ourse ^ one of the j, elp l0 quanlify tb is . 

esed currency arc not JjKw ?L e Mrta tide fl,rictions wbich toe Stock Your Industrial Editor rightly 

■ranted, .since a new currency ? P ad^d to cba “ se P rovides in res P ect of identifies the loss of - Aunt 

a tm nr handicaps to over- »[ -Jj' "“JJJtion from the pli-bt ,is,ed ^mpanies. Market values Agatha ” and the lack of know- 

«.-. lor instance, when the mxer attenti ion fron i Uie pu^oi chan . e readily as a result of ledge of sources of finance 

illation of the currency is not ? h f r , !■„ If uSid its first many related and unrelated as being two serious problems 

y, large at the beginning, the f “tors * hUh «* often uncon- for the businessman Their 
hate In boar info, (nation • - : \ cne nected wiih the profitability or professional advisers and their 

;s. transaction costs and risk engineered 130 vr-ar= a-n financial status of a particular banks could do more to over- 

U ■" ? ur!L ’" c> Tbl new rivir bank h is been business. Surely all these factors come these difficulties. Perhaps 

•nivnoic wnh ' 'cx^nn-'I-urrcn- seriously breached between Wis- f bou,d ni ‘\ b * introduced into some restructuring of the clear- 
i.n.nen min PMsiiru « iiircn ■ ^ ash for the first lbe amounts’ >ng banks organisation, more on 

’-. lull indexation ma> be the construction with Tbe fundamental purpose of a ;he lines of the American banks, 

mu urn required Mibsidy . 11 balance sheet remains sound. On would taelo in ensure that aood 


could be gradually widened. 

irrencv Pascal Salici. 

* . I ’nicer site dc Paris- Do uphine, 

•m Professor P SoDn Place rfu Marechal de-Lattre-dc- 

.1 r. — 1 1 is often believed that Tassigny. 75775 Paris. 

u l lv indexed parallel currency 

tid drive mil national eurren- ’ 

■i. Bm it now seems that a Cnniirn flip 
ly-indexed European parallel JCLUIC IIIC 
Ti*my has in be supported £ | 

limit any restriction for lbe icHi3nClS- 

tiscussions on such proposals Ff l.' 'Jr \ le • ‘ 


GENERAL 

Second session of open discus- 
sions on nuclear energy end, 
Brussels. 

Three-day meeting between EEC 
CommissioD and Norwegian 
authorities on fishing quotas ends, 
“Bergen. 

Australia National Day. 

India Republic Day. 

Sir John Methven. CBI director- 
general. addresses Industrial 
Society conference. Cafe Royal, 
W.I. 

Mr. Michael Meacher. Under- 
secretary. Trade, visits Hotel and 
Catering Exhibition. Olympia. 

CBI Southern Regional Council 
meets. 

London Chamber of Commerce 


To-day’s Events 


Overseas Committee meets. 

Sir Peter Vanned;, Lord Mayor 
of London, and his Sheriffs attend 
Pattenmakers' Company dinner. 
Mansion House, E.C.4. 

Final day of Hires Exhibition. 
Wembley Conference Centre. 

Final day of Amusement Trades 
Exhibition. Alexandra Palace. 
PARLIAMENTARY BUSINESS 
House of Commons: Considera- 
tion of timetable motion on Euro- 
pean Assembly Elections Bill. 
Debates on size of Hansard; broad- 
casting proceedings of the House; 
and computer-based indexing in 


the library. 

House of Lords: Commonwealth 
Corporation Development Bill, 
committee. Northern Ireland 
(Emergency Provisions) Bill, com- 
mittee. Gun Barrel Proof Bill, 
report stage. Conservation of Wild 
Creatures and Wild Plants 
(Amendment) Bill, second read- 
ing. Debate on the Press in the 
light of Royal Commission’s 
recommendations. 

OFFICIAL STATISTICS 

Car and commercial vehicle pro- 
duction (December, final!. Bricks 
and cement production (Decern- 


beri. Energy Trends publication. 
COMPANY RESULTS 
British Sugar Corporation (full 
year). Denbyware (half-year). 
Fitch Lovell (half-year). Guinness 
Peal Group i hair-year I. Inchcape 
and Co. (half-year). 

COMPANY MEETINGS 
Brown (Matthew), Trafalgar 
Hotel. Samlesburv. 12. Caravans 
International, Great Eastern 
Hotel. E.C.. 12. Causton (Sir 
Joseph). 11. New Fetter Lane. 
E.C,. 11.30. Davenports' Brewery, 
Birmingham. 12.15. Proprietors 
of Hays Wharf. Glaziers’ Hail, 
•S.E.. 12. Scottish Investment 
Trust. Edinburgh. 11. Trafalgar 
House. 14-20, St. Mary Axe. E.C.. 
11.30. 


■i-t-fniv* i here k nn risk thir lue (ana oeiow sea urvcj. ovi- a^u, 

‘ m ’ d " . r could rt, ' nce ,,f ,hc ' present depth of yet utilised. This forms a true Norman Civval. 

itv dri 'J nur i-iir- local Roman occupational levels statement of liquidity, and it is i. ojd Burlington Street. W.I. 

idly (In.c out L.\bim p mr t|ja , [he rJU . of . seU [e- usually this statement, rather 

Li 1 . >• ... , ■ » l.v,. « C/bAt n ..A.itipt- thm nna r,T nrnfil oKi li t»’ AT* rv r 


mill' si;i! ill.’ linns were made 


loom is at least a foot a century, than one of profitability or of 


fresh Mater so retained would be accountants 


revenues from North Sea oil. distorted — and'miVundersiood'. started to pay corporation tax) 
n.it lrjde mill um-un conn- y. fl.item.m. T Shearer whereas we tine BAA>. the Gas 

. 1 n ir ":,' . ..? .f;;:"', Eumfirrii%K* cminne. Casual House. Corporation and the Post Office 

■ , • r -'I .k 1 Upper Honme. Farnhain. Surrey. Gaston Street only pass the self-finance test. 

ml •(■arable ! lieu-fore, the use £ 1 -\\* e would like to correct this 

ii jodfveii currency would cer- ' " misunderstanding. As a eon- 

i> l»c iiimted fur a long lime . . on J — sisteotly profitable enterprise. 

fNiern.ti rdatmus A fully ACCOUfliS ana’ the British Airports Authority 

'n.-.I .urn-no would be a . OUiali COlIipailY has already paid £22 m. in cor- 

iM-mor Cor the Eurodollar, fljnir HSeS " poration tax including £5ra. on 

!i i .-UsMlt-ralMins led the m«* TIITSinPP lanuar” i 

iru-s r-r uPTICA 7fi tu Front Mr. T. Shearer UUdULC “ 3 J* a •' “ 

nritm i he s '.'mi- indexed Sir. — ln his letter (January From Mr. X. Civvul. ^ r.u e nr i 

• Hr! nirrenry and to go hark 23 1, ^Ir. Cairns questioned the Sir, — The section on small — Buckingham uaie. j.i - 


u:ndi' v ini eu r rency would ce r- 

il> lie iuiuli'ii f«r a Umg time a a. _ » j 

t*\:crn.i! rvlatinus A fully ACCOUHtS 3.210* 

rnrreni*j would be a . 

iji.-titor Cor the Eurodollar, fhnir iicpe 
!: i i-u viler:. i mas ird Ihe Mg- Ultl1 U5C3 
iri.-s i-f uPTICA 76 tu Frvnw Mr T. Shearer 

nrlon i he S'.'ou-indcxrd Sir. — ln his lettei 
• Hr! .-iirronrv :«nfl in ia hark S3i. Mr. Cairns nuei 


Small company 
finance 


he fell ■•-indexed currency. use of the balance sheet and companies in your supplement 

■ n:ic was noi convinced by then suggests that it should be on corporate banking (January 

h .^rguiiicnts and would not scrapped. 16) contained the now familiar olIDplC COUriC^Y 

■ i hr ri-ik of seeing :i rapid But the balance sheet is essen- noises of encouragement to r TT xL 

udunuioiii -f national cur- ti»l. bt-ejuse it a statement owners or small businesses. Un- Tiflf HPatlirOW 

i'i.'< i| ',,uii id remain of liquidity (or the lack of in. fortunately, too many of those 

-iblc to control the speed m 'The monetary obligations (both wishing to help have no first- From the .Managing Director, 
r jim uf ihc narjlb’l vitr- receivables and payahlest ;»re hand knowledge of the way in Jenies r leining { Manujactu.rers ) 

, v. Triii'.. it enu Id be decided luted, and in order in provide which such companies function. Sir. — Afler a long ( and 

t >vi. h a" ciiiTi'Tirv cuuld imi a complete picture, under the Conversely the owner or delayed i ilighr passengers waited 

manager of a small company fre- gs minutes for steps to be 

quentiy finds it difficult to com- brought to tbe aircraft on Friday. 

nine inrllltfrv tFPniW mumvave effectively with larger January 20. 

1 “t*' 1 ttiuuaUT organisations, financial or gov- So :ne 20 international flights 

a. t.-r <■ 1 1 -;/. In genera! there is mile price ennnenl.il. These “ comniunica- had arrived, and hundreds of pas- 

ir.— -An ■"sauuiiaimn of ih- flatflicily m thy demand for .W 1 " )* X 1 ? 8 . 1 ?: seagers i.n the baggage hall 


,i,i nrnvirie linlo iuiw a KrrauT rucu wi * r --------- ainme nu. r auuiuuv 

P°rt. fnr Ih.- theory that a Bnn«' “.t wj? h?S£dx xt comment when asked 

ON la I i'll hv^hi-'h ho - 1 It* prices luflatinii in homo liiarker prices, tiTflhSr Witb no seaSs provided for old 

r ; ? \KI).?Soni f The question is of consider- “dhow «q P«*en them to their people on ^ poiat of collapse. 

n r ac t "since »*nmnuiti Market able general interest since it nkc1 ^: J." or mothers with babies in arms. 

- tl : t v ( niiiiurilv illustrates well the quesliun first Jji ,b “’ the scene was pathetic. The only 

11 Ml ‘ priilhifii m. : ?l r.v*ed by Galbraith or public m practice many cannot, or do !hree leiephM K „ had queues, of 

mg in Hal ion in U.K. drug an private All too often the businessman 15 P™«* ?« each - Wbatanim- 

« acccleratod the rale fcH_ « not m proven aTld %° b ankorUonotunder° P»“l« J “ 

iiicr«.vse ui iiiijMiris has risen cunt^tahLis, ansi inM nu ,' „ stand each other’s point of view * be — 3 disgrace. 

■ t he rale of increase L 111 iia " d ‘ C " !a wb * *q ^ha” at th^vefy nine help . If industrial disputes must 

"■rt ' fall VI. while 1:1 yoncral " n u is needed it is not forthcoming, intervene tand they do) why 

•"ft jTtrw. haw changed L. a. rvll. The bank manager mav ask for Cant common courtesies be 

le. Crown House. Neirporr. Lss a- a propossll l0 be formulated, extended by informing pas- 

lncrrasc Growth Growth Growth withour assisting in the task, sengccs as to the circumstances 


Increase Grnwth 
in in 

U K. pneeat exports 


in in trade 
imports balance 


•1 


15.2 

30.2 

37.fi 

36 

•p 


22 T 

2:;.$ 

5.3 


l» 


25.4 

21 :: 

43.5 

T3 

7 — 


...tJ-S) 26.4 

2G.I 

37.7 

21 


••nt* uuf uanhvi uy *■ ui muuci- «« j ■ - 

stand each other's point of view. u . ■ a ,° 5 * race ' 
so (hat at the very time help . industrial disputes must 
is needed it is not forthcoming, intervene tand they do) why 
The bank manager may ask for CaC t common courtesies be 
a proposal to be formulated, extended oy informing pas- 
Withour assisting in tbe task. stnBcrs as to th e circumstances 
The businessman sees 3 good and provioing refreshments and 
opportunity but cannot set it seating. 

out in intelligible financial Surely this is the least that 
terms. The bank’s requirements can be done? 
are such tbai the business oppor- James F. Flint 
1 unity is missed. A more reason- X curb ridge Industrial Estate, 
able or more experienced banker Xextjndge^ Midlothian , 


The SAA 747 Flying Hotel 


Tbe fundamental purpose of a ;he lines of the American banks. 


n^wme'SSr’ wjVwentlv t*» fl««lins of nearly l Oh 'acres balance sheet remains sound. On would help to ensure that good 
.n * areme was nceniiy f. irn ,i»nd nne 5ide it provides a statement business opportunities arc not 

SrtF Many thousands ..f acres of ihe of the sources of finance (share- lost through lack of finance. 

Hill! UlL w nii.lllll.il inn nr a ■ , ...uu i-.-j hnlripr* inrprp*K anrt hahi iTtpqi Thne Mn thp email rnmnanv hp 



Enjoy the sunshine treatment 
on the fastest flights to South Africa 


Every evening, an SAA jumbo soars away 
from Heathrow and heads south to the sunshine. 

On Mondays, it’s our non-stop to Joburg. 

Saturdays, we run an additional evening 
flight-non-stop to Cape Town. 

They are the fastest flights on tbe routes. 

" On board, you can relax with our sunshine 
treatment that has earned for our aircraft tile 
title of Flying Hotel. 

You can feel the sunshine treatment in the 
warm and friendly attention of the cabin staff 
intent upon making you feel at home. 

Ir shows in the impressive menu and - 
memorable wine list that give you a very real taste 
of the sunshine country 

The sunshine country is big, roomy So are 
our comfortable seats. These are fewer in number 
to give you even more roomTeU us if you prefer 
smoking or no-smoking areas. • 



And while you’re sitting comfortably you 
can listen to music or watch a film (IAEA 
regulations require a small charge in economy- 
class). ■ 

The sunshine treatment is SAAs special’ 
contribution to travel 

And youT find it on all eight of our flights 
from Heathrow The fastest The non-stops. 

You’D also enj i oy it on our domestic routes to 
11 destinations in South Africa; and on our 
connections to the Americas, Far East and 
Australasia. 

And don't forget, we can fly you on first class 
on certain domestic routes. 

Your IAZA travel agent has ail the details, 
or call us direct South African Airways, 

25179 Regent Street, London W1R ZftD. 

Phone 01-734 9841. 

Vfeterloo Street; Birmingham. 021-643 9605 
Hope Street Glasgow 041-221 2932 
Peter Street Manchester, 061-834 4436 


A marvellous choice of travel our 
Blue Diamond First Class, or 
Gold Medallion Economy Ciass. 


Comfort all the way 



ZfceSunSsL 


South African Airways 
Where n o-onefe a stranger , 





rsiZi'4? 




n 


C OMPANY NEWS + COMM E NT 


Upsurge by Union Discount to £6.11 


DIVIDENDS ANNOUNCED 


.Current 

payment 

Ashdown Inv. 255 

J. Austin Steel int. 2.1 5 

BluadeO-Permoglaze ..... ZSR 
BuDoneh 258 


Date 

• - PC 
payment 
Mar. 23 

Apr. 6 
Apr. 3 


* Corre- Total 
sponding- for. 


dlv. 

2.4 

<» 

1.73 

257 


year 

4.05 

259 
5.6 , 


Total 

fast 

year 

3.4 

527 

2.59 

5.02' 


Financial Times Thursday January 26 197S 

Tate & Lyle falls 
£8.6m. to £43.9m. 


AFTER PfiOVIDl.NU for rebate, 
tax. and a transfer to inner re-- 
serves. profits for 19u of Union 
Discount Compuny of London' 
jumped from a depressed £l.S7m.- 
to a record £6.1 lm. 

The final dividend is 12.5S3P net 
per £1 unit of stock for a maxi- 
mum permitted 2i.0S3p USh'TBpj 
total. 

Total current assets at the year 
end stood at some £9&4m. 

(£fi27m.i and are stated in. the 
balance sheet at less than market 
value. The u\ erase life of the 
excluding £G7m. of 
Government stocks was 54 days r~. ~ ~ 
(74 days). LedaTrurt 


doubled tu £10m. and it is pro- 
posed to capitalise £f 5 m, of this 
h> tile issue -of one Ordinary £1 
snore for every £3 of Ordinary 
si nek held, and to contort the 
<hurcs to .stock thereby increasing 

the issued capital to £IOm. The 
additional stock would not qualify 
for the final dividend Tor I9/i 
but would thereafter rank pari 
passu with l he existing stock. 

I9ii 1978 


IHBEX TO: COMPANY HIGHLIGHTS 



Company 

Page-- 

GoL Company, 

Page 

CoL 

Ashdown Invs. 

24 

6 Mining News • 

26 

7 

Austin (Jam«) 

24 

3 New Sylhet ' 

24 

4 

Bids and Deals 

26 

4 North British -Steel 

25 

1 

BUindeH-Permoglaze 

25 

3 Notts Brick 

24 

5 

Bullough 

24 

2 Redman Heenan 

• ; 25 

6 

Cantors 

24 - 

4 Smith (W. H.) 

24 

- 6 

Countryside Props. 

26 

1 Status Discount 

:24 

5 

K Shoes 

26 

2 Tate & Lyle 

24 

7 

Leda Trust 

25 

5 . Tran wood Group 

- -26 -- 

3 

Mears Bros. 

24 

2 . Union Discount 

24 

1 

Mills (A. J.) 

24 

8 Unit Trusts 

25 

1 


Beanstalk Shelving- ' achieved ■ a 
record profit from a major uplift 
In exports. Projects. Office Furni- 
ture also ran at capacity and pro- 
duced a record profit. The 
electrical and . special products 


Cantors . ;...inL 

0 .83 ' 

May 2 

0 .75’ • 

• — 

2.03 

A. Fisher ' int 

025 

Apr. 10 

025 

_ 

0.63 

Haznbros Trust int. 

0.65 

: 

0.5 

— 

1.62 

Leda Inv. -. -2nd- -int 

US- 

Feb.2S 

1 J5 

2.77 

2.41 

Mears Bros. ' ................... 

0JB7 

' Mah 2 

' LW 

L7S 

1.78 

A. J. Mills jspec. int 

L76 ' 

Mar. 13 

.1.64 

'3.06 

2.74 

New Throgmorton Trust 
2nd int 

0J39 ' 

' Apr. 4 

(139 

_ ' 

3.54 

Status Discount 

3:41 - 



0.U8 

4.06 

1.63 

Tate & Lyle 

4* 

■ Apr. 4 

3.71 

13.14 

11.81 

Union 'Discount 

12.58 


11£S 

21.0S 

13.88 


Mar. 16 45 


75 


Ntatabm'S 3SJSSS*«S 0W ttSiS!"2 *g" ~ 


THE CONTINUING depression la posais: “We vvm have to scc-hw 

world trade and a temporary stag- freight rates so. 

nation in the sugar market Prospects on the shipping side 
allied with higher, finance th is year arc "a bit gloomy, raw 
charges has left pre-tax profit of sugar production profits! this year 
Tate and Lyle £S.6m. lower at ^ expected to show a > modest 
£43 5m. in the September 30. 1977, improvement. . and ih the 
ye&r. engineering division another good 

turnover for the year declined year is on the cards. 

- from £1 34bn. to £i26bn.. and the. ujc. refining operations face 

1151 profit was after central expenses a more difficult year because. of 
18.88 up from £3.7m. to £14.1m. the sugar surplus hut refinitis 

7.5 ‘ .. . included a overseas should improve. 

for commodity 


rrnfil 

Iril.-nm limJ.nil . . 

I’roD-i.-'rt firwl 

Ti. rt-s.rv.' 
tjrrvtl funi-jrJ 
Mr. Kivharri 


Second half 
loss cuts 
Mears Bros. 


s cSS£ ' w?,1 -“ '******* 

East should begin to -bear fruit in 1 977.7s to he 2_ln - administration 

the current year. . ' 

• comment . 

Project Office . Furniture, pur- 
chased back in 1975* is certainly 
earning its- keep -at Bulk) ugh, 
accounting for. over two-fifths of 
the latest pre-tax ' improvement 
Project’s advance comfortably 


agreement 

Exchange. 


of the West 


Prospects 

kindling, trading, storage and dis- 
costs of £4.6m. ributiou are for a modfat improve-. 
(£4.im.) and research and do- me nt. .' 

velopment expenditure of ±2.3m. f, Qr ^ s t-ircTt division ihe out- 
(£Llm.>. look is not quite as ^oort owing 

. Mr John 0. Lyle, chairman. l0 new EEC regulations, 
says "the substantial capital ex- Basic earnings per . share me 
nenditure programme undertaken shown down from 59, 9p to 5Q.Sp. 
resulted in higher finance and f U Hy diluted lram 59.9p to 

charges 49.Gp. i , 

that iqTs W j» be A final dividend of 4p (3..I|«1 

aiwthcr^ear of consolidation but -ȣ 


( £ 

6.1 M. IK 

ia:. .™ 523.U08 a SECOND-HALF loss of £190,000 

fiX.MO S9 “'™ has cut 


that 1977 was a truly remarkable in Jlie year ended September -30, exchange. 

»t*ar with profit greatly exceed- 19 '< '■ . ' ■ _ ' , 

my 1 hat For anv previous vear. Turnover m the period fe.«jrom 
A imal of IIS.Bflm. stockholders' after tax 


Status Discount turns 
in reeord £1.7m. 

. ■ ?here f trade ll SfffS P SaSe J M PRETAX PROFITS for the year have been used to repay the says the group has ia good base in “o? 107T-TO -will be 3.ip 

Mr. Anthony Ms. the chair- NtaSPlte ended November 30. 1977. of haul medium-term loan and a: relia We. ^und businesses v^blch jn^rmi 

an. esplamedthat the subsidiary hS* Status Discount leapt from mortgage of £147.000-t hereby re- eas i.be expanded and will reuwin comp Jiea 

A. J. Mills 
ahead to 
£0.77m. 

A. J. Mills, the food importing 


, would be making a market in a LSnSm"!? “ £756,72410 a record anUlVon dudSTtte ov^f Wiiii-' and well placed for long-term 

ggEJi Ses^SSot^yei ^SSSSL^la' P IVGdclle *■ eZ turnover ;ahead £3. 73m. at £175Sm. long^rm debt from £1,778.01 


fina'l l^decid ed’u oon— ^an d that the markets. Hago Products also in- At midway, when reporting £231,000. 
move 7 reflected his feeling that JSSSS* ^SlNSL^SSSSir'St • Comment 


778,000 to prosperity. 

The company has broadened its 
international base and this Proved 

thta" was' 1 " an '“adrentaeeous"" mand for TV stands coupled with 'directors said that’ prorided the w . a source of strength in a difficult 

moment to get into the American management problems, but this present level of bus! ness. continues Status shares have been a strong J*ar. and Erectors arc confident 

profit of civil market. Slde has S"!®® traded profitably, the full-year results should show mover over the past year with a that the a ®^ lus, t?M ns e ^« t !,in nv -*- 

1 1158 373 engineering and building con- He believed that Smith would For ^ re ^ t t* 1 ® continuing re- a considerable improvement near four fold increase on both meats made wui sustain 

Pether bridge, trading group Means Brothers be the first British stock jobber to ^ v al Mlf catping holidays The current year has started recovery hopes and bid xpecula- sroup s plans 


the 
long-term 


.• 11 . n iLlldl 11 rcuicroriuiie, b- — r — uc uic uiai di mail 9kui.it jvuuei tu . , . v. . — .v. , liuiuih j«u , — - . .... 

.senior managing director, sav.s Holdings from £916,000 to £110.000 act as a specialist on a U5. stock helped profits m the caravan and well with a strong demand for tion. The bid is unlikely to growth, ne says. 
. 1 , n — ,.«r mdoil 5!«>nt»tnTuir Jtn L. Ch&S81S eomOimV. B and B trailers. UIS«t a 


funds compares with £14.4tim. a ° r £2fi.000 1^5.0001 ■ and an 


debit of £325.000 


Bullough 
reaches 
£3.05m. 


ver.r a"ti extraordinarj' 

‘ He emphasises that the pro- credit) the group loss is 

I'used scrip issue has no implica- £3 7, 1, 9?9 ,£91 — Q00 profit). 

»i^n as to future dividend policy Ha If ■time pm fi t- was S2o.00Q 

bui the directors believe that as , ah fj‘ fl 1 at UO'LOOO and the second - 

the balance sheet increases so ^ aI f * os . s J*i L r 5 C, i?ia 

j-l<o should vauital and reserve. £ay |n y '. n J . u y . 

The balance sheet total at the been maintained at an encouraging FOR - the year to 

end of 1977 was £9RSm. 'Tareinas pcr share .re given at October 31. 1W7. oT the engineer- 

• comment 12p against 523p and a final divi- ' n 3 

dend of (1.97p compared with 1 04 p f rora £22.1om. to £2923m. and 
In rnmmnn with Alexanders takes the total to an unchanged Pre-tax profits advanced rrom 
Discount, which . reported earlier l.TSp net per 25p share. £2.15m. to a record £3.0om. 

this week. Union Discount has _ . In July, reporting midterm 

had a “truly remarkable year" ® COiTUtlBIlt profits ahead from £053m. to 

Srio S’,, J Z"te f , r rS Full-year torn, Bn,S ' SSfe 

p routs or, doulHloss^’miich ^ 

£190.000 loss ir. . VBar „„„ SIH1 

following a 9 per cent pre-tax ^ f or 


chassis company, B and B trailers, the company's merchandise, say materialise, short-term, but the' a breakdown of the trading, 
while Beanstalk . sales were the directors, who feel that they shares warrant their elevated profit of £3Srn. (X50.2ni.) shows 

boosted by Strong export markets have derelnned * ' •- ■ - ■ — — -■ — - , r-11 I„ irnmnuidiif 

in the llfiddle East and Eire, -g - 

3S2 , IS b £HHL£-l’fll2SE ^ » mp fny 



ied a formula which level on trading grounds., alone^ the largest f ali was ? n commodity company which is the subject uf 
successful and that' Profits are. 35 per cent higher .handling, trading storage and d Is- an agreed 100p per snare dw 
n „L nhau , k.ump.uj' is In an excellent than. the previous peak, dropping tribution where the contribution from Gibbs Nathaniel, yesterday 

r^UvJr e Fn? U in , TOS position to take advantage of the the p/e to a more realistic 125 was cut from I345ra. (£2l.4m.>. announced pre-tax profits, of 

-9f3 n ?.- r predicted increase In consumer while the dividend has been fully. UJC. sugar refining results^were £7ffl,0OT for tho jear^ 10^ /he^end 

Turnover 

covered fivefold and vtand on a are cunuuein iiwt xaii-ia mg a sale and ieaseoacK operauon rrom m.wu. **■«'“*■ r ua “'**“• 'V’ “ ‘ 

p/e of 4.6, 5.9 fully taxed *** a ye®r of further substan- borrowings, which last year Starch operations jumped from mgs per share ro&e f rt 1 1 it 

ml growth. totalled £25m. are almost elhrd- only £200.000 to £4.Sm. while ship- 10. «p. 

Total dividend is -hoisted to the ns ted. Demand for the “two main -ping profits advanced from £ 1.9m. a special interim dnidend or 
maximum permitted 4.038p product lines, kitchen equipment to. £5.4m.. including a £35m. i.737p has also been announced 

n.62Sp) net, with a 3.409p final, and paints, has been strong.and (£2. 4m.) profit from the sale of making 2.737p for the year, 

from 'stated earnings of 10.86p volume from; existing outlets is -ships. In the report and aecounlK 

(3T5p) per 20p share. about 25 . per cent, higher. Production of raw su^ar re- which accompany the official offer 

The directors point out that Demand for wallcoverings, where ™i fprl : n a £21m (£25m7 profit documents. Mr. Alan ^Dlls. cluir- 

full-year results have fully jusU- volume in the industry has been ir ri Jncfneerln" construction man of Mills, describes trading 

Fl*i^ n L pohc ?, of irtEEL^ fal^ff for « roars, now SSeriateand mi^ellaneous activi- conditions over the past yearns 

„„ - - - - ■ improved having beeu |iatcny. 

R. Aicherley, the subsidiary 

Fvr.h-.npu lasses of £2m. dcninlq in dried fruH and nuts 

higher. However, the shares ™mui B i« iS, ii 1 th'J ‘h-ir They now say that the current £4.423. Turnover- more than benefit of the up-grading of many e buoyant What is more (credits of £4 4m 1 have been had its most succesfnl year for 

.slipped op 10 470p. yesterday, S , l0 \' n n e ^ e h f n J : £«««■ has parted well and the out- doubled from £114,731 to £280,524. of its stores. higher relume and the significant^ doited to^ ^ reserves After all nine years, but Lhe companies 

winch did KOI *», i partlcu- S' -ffoSSaio TS l00k f Ior ? After .ta oiaSMflOOl stated mn isr f! , SSK tata tSSrt JtanwTni cCX °tS iS?e proflf l" InvolvJd In the UJS. meat nnrhcl. 

Inrly lair reart.nn to.th. result,. EJlUSJb? ^a° wnWhutlon frem SStf’S.lS!'!!" L "of IB p'tS ntinaxlm «m» «« Sreater impact at do™ frem ATm. to £27. Om. auffers-d from .he poor eopd.tmn. 


New Sylhet 
back in 
profit 



Admiltedly. Union Discount is 'VuniDed 6n lo ^n on the results augmented by a contribution from share against a loss of 2.62 p The ^ OTm”” iSSSH TiSH the profits leveiT 

unlikely ever 10 register such n «r nnn -»r Ifl Newman Granger for which a bid Ordinary dividend of 6.6p net has inicresi parable ...... 2T4.525 366.238 

Profit improvement aaa in but it on and ^d istributfon S ha ® ^ ade ’ , - *l vead * - been paid together, with Prrit Mv* ux mg W.™ 

did manage its portfolio wclL At " d -SS ^SSbacks duJSc (>prta l mvestm f nt V* 

ihe start of the year its gilt hold- letter half of the vear Turn® *^2 ,t and , substantially 

ins* of £4fim. were quickly built i?L from conrtructioi fiil bi 20 h ‘" her expenditure is planned for 

up to around £150m. and Union cent ov^ftheTearlareely L he cu Z rent > ear 1°; meet higher 
hud . nuhe .h= mo,, profitable " SS K C JS".S S“" s y 1 

> -l V ZTZ H i. m i M. h u St ,^' ^ lh .i n civil engineering. However, ■ ThffXi 
1 /' r !,. d0 " n „! ls holdings m the num ber of “technical problems" „Li S i '~1 


Mr. Lyle says the company has which have prevailed over rim 
.begun the rationalisation of U.K. P aa t IS months and while volume 
mop su?ar refinins. and savs that was sustained, margin* were 


"ca SSS* investment was again % wikm onThTe'p^ ~gg '§g T ' , Sran'Sro^at^time fh^com- slimmed. 

cenu cumulative Preference shares &| r ^?taaS"midii7: m InCreESe DV pany's Qre t will be reduced to The IKK. butler trade was 

up to June 30, 1973.. Available 1.1S3.6T6 216 J67 , J those *hios necessary for the adversely affected by kurupuHn 

. . ... „, c fcuiivm i«u >vi u.,s, w. The directors say -that'the crop oitfid^ods 3is.is$ in.ssr A onnAnm «rflnn'c'-inth-it!i>« remiliitioiis relating to dieai' New 

demands and to achieve greater for 1977-78 will -rather better RoLajned ti£ii t ^ r,i23 1K,7S4 ASOllOWn ^ Ta f e opersle . s ' 3 fleet of 17 Zealand butter, but dvwlupmcm 

than last year.- finite falling n _- th _ 1 ^ TwymoU ni :: shins, but ultimately Mr. Tate of. the Emblem brand ls said ta 

Droblems .-ear’s increase came from prices on the tea market and in- st0 r^^L re com- InVeStllient .avs^the croup could be looking be satisfactory. 

early summer but was ' able to emeV^ed ''‘on^veral cSnSds scveral sources A bou>an t cara- creased costs. Tli«r are I toping “® c0 ™ to' trim this total down to just six The U.K. meal market and llu* 

make comfortable running SSrife the second half S 2 van industry demanded rapacity for more than maintained trading P a »W was «peraang from o3 Gross revenue for the year to i iquid tankers, with the balance canned meat trade l with the 
i profits on its bills during this ftructlon may have made a loss worIi,ng * roni 8 aod B Traii ers profits. ^ ooened another N ovemb cr 30 '_1 977 ' of Ashdown 0 f t h e group's requirement exception of Polish imports which 

period. When , merest * rates fESEfito&fiS months. 8 SS &S. $g stores °£ “V £ a gjj?g ci ? 0 ^24 Td S£ C0 7 red ft chart f r,n ®i 'T d f icd *fJSSS yCa,J ' 

started m move lower in August lays in new orders from N . Sea . , further seven are to be opened SC8,e ,S bein S ^ on fu rth er -din al^o satisfactory. 

Imnn re-entered the gilts oil platform builders and for T A /lAnrn^i»«vi this year. The programme for the 

marker and was fortunate lo open-east mining equipment also ClO^I^Tltlim ’ disposal . of the less profitable Lx 8 ^^wenue 83 increased from 

have milled out again before the hit plant distribution during the X fTIHUlU s t or es' ik almost completed. 16 ^gaSTtoSuM ' 

NmemhJr J “7i P ihi" i2l! j1 c ? 1 J d half and thii REFLECTING A reduction in the the amount received on short- outlets having been sold or closed W ith tax taking £220,820) 

wiih a honk- nr ri,vu» in rihn * re rtihstantially r& amount of stock appreciation, tax- term lending has decreased since January, 1977. (£185,487) earnings are shown to 

r 3i. tr Jl. Sp .hi -i d . u ^' Meanwhile Ihe group's ahle profit of Janies Aastin Stecl signified. ■- The total net selling 

tmer at» per cent, lusher than a pipeline manufacturing company. Holding for the half vear to 
year ago). However. this A. Lone- Products, has recorded c—. «n ion J «. 


. , . , L .... A, Long- Products, has recorded Seotcmber 30 1977 dronoed to 

TwnroVonVeV Sh wm he n ffS tenth consecutive loss and. the I&23, comparS with xS&TM, 
• In. profit on these will help this future or this company must be which w* s inflated hv inm4.m 
years figures. 


BRENT CHEMICALS 

: r.rcm Chemicals is carrying out 
i major corporate reorganisation 
in grouping u« operating cam- 
inio four new product 
■>.n-cd divisions. 

The principal objective is to 


company must ne which was inflated by increases 
seriously in question. The shares j n steel prices. Turnover was 
on d maintained dividend yield marginally reduced from £552m. 
12 8 per cent. to ^^gm. 

No major improvement in 

ri • i« n .» demand or in profit margins Is 

Smith Brothers anticipated in the . near Tuture, 

kjiutiix UIUIUU3 although the current effort to 


Midterm 
advance 
by Cantors 


B WMIVUIjW Uiv VUI « V 111 VUVI I IU Reporting an advance .in tutn- 

mnvp mtn T T V promote price stability in the over from £7.35m. to £8,5m. and 

till' Lr U .J. steel industry is a hopeful sign, pre-tax profils for the six months 

Kmith Rrnthcrv a l.nriino fi™ state the directors. It is likelv. In OntohPr -29 1977 ahead From 


_ area be ahehd fi-om 3.57p to 4J28p per 
occupied by the company in- 23p share and -the dividend total 
creased during the Fear from is lifted from 3.-4p to 4.04p net with 
335300 square -feet to 415,000 a filial of 255p. 
square feet. The net asset value per share is 

The improvement in the pro- 1 given as l802p (l3B.lp) including 
perty market enabled the com- the full investment currency pre- 
pany to sell and leaseback three mium and 175jp (136.9p) fully 
major properties. The proceeds -diluted. . 

Notts. Brick progress 


In his annual statement Mr. broking 



has gone into 


group, 

■ship. Joint receivers. Mr. 

„ D. Naylor of 
Gully, have 

% Barclays Bank 

•■'•i v.-1'.iraiu bufin ess centre and “ specialist " on‘''the Pacific h r tork first half net profit was reduced a rf Tm provement "over last” year’s industry in particular, it is dlffi- in the belief that the- company 
.ii ni.ukci and manufacture its Exchange. The move still needs from £250.786 to £194.025.- The £244,000. cu,t to forecast the current year's can be sold as a going concern, 

i I'dtici* intern, uiunally. exchange control approval, and interim dividend is stepped up T j,i f #iminaE oh„ outcome, but the first quarter’s It had earlier been assumed 

to 255p . (2p ) net. costing £67.500 r “ rean \. per s p trading bas shown a satisfactory that Victor Cabs, which maiui- 

. can nnm_i..., year’s final *“■= snare 


VV. H. SMITH & SON 
(HOLDINGS) LTD. 

Paring Brothers & Co.. Limited, as registrars to W. H. 
S-r.illi Sun illuUlingsl Ltd., announce that sonic dividend 
v . ii r juts dated 24th January 197S in respect of tho interim 
r!i\ iticiiil fur the year 1977/7S have been found In be incorrect. 
I‘!Vl:min.iiy investigation of the computer records shows that, 
v.ii'li* the total amnunl paid nut by way of dividend was correct, 
m arc ii runes occurred as between individual accounts. 

flic registrars have arranged for payment o r all warrants 
e »•] hi-r than Uium* already cleured through the huljs dividend 
t'aiisiiiixinn system) to he stopped. Some shareholders whose 
variants have already been paid will have received an over- 
meiii ur an under payment. The registrars aie caking 
::.iim-di:ite «-u-|is In rectify the position and a further announce- 
ment will he nude as soon as appropriate arrangements have 
in.-i.-n titiahjcd. 

A enpy nf this announcement is being despatched In the 
r-harehulders «>f W. H. Smith & Son (Holdings) Ltd. Baring 
Lirulhcrs regret the inconvenience caused to the shareholders. 

»-5Hi .lanuarj/. /P7.s. 


l £60,000)— last 
357Ip. 


was (Z.'iw.*!!?'o l lu t0 i2 v 5fcf*!SI improvement over the same factures cabs for tractors in two 
flt-iiJL -2 •? 2i ld * j net period of 1976-77 and forward factories In Shropshire and 


It is intended for tax reasons J2 e A t Lif. orders give a firm base for at least TelFord, was going into liquids 

lo pay interims after April 5 in jr?' n _r' 3 i 5 ul t . 0 . “ S J . the next few months, • Uon. The latest move follows 

future, and the increase in the fr p?? iSm 1 *- He ac *^ s t ^ iat lhe company is approaches from a number of 

current dividend is to corapen- strongly placed to ensure that it parties interested. -in acquiring 

sate holders for the later pay- will maintain, if not Improve, its Victor, which employs 400 people, 

merit. wives, this years amount was market share. 

Turnover in the steel divirion V’Jf! 1 £fi V i ideild pay ' As reported on December 6, 

has been maintained to the half- ?£!= for 016 Jast ful1 7 ear was turnover rose from £1.53m. to 
way stage, say the directors, but £1. 76m. for the year to Septem- 

thc appreciation of sterling inter- As. part of the consolidation ber 30, 1877. and pre-tax profits 

nationally is making export busi- programme referred to in his last increased from.. £429,215 to 

ness more difficult to obtain; annual report, Mr. Cantor reports £509,287. 

consequently, turnover is expecte the directors have arranged to A statement . of 'source and 
consequently. turnover is close some of the smaller and application of runds shows an 
expected to be slightly lower for less profitable branches - of. the -increase in cash and short-term 
* deposits of £241.296 <£267;S70). 


'Ml 1016 


the full year. However, profit group, 
margins excluding the. influence 
of stock appreciation "are some- 
what better and it is hoped to Turnover 

maintain this improvement. r over i«d. vati 

The engineering division made Trading pmGi 

only a small contribution, lo the •• — 

half year's proGt. they add. Trad- fiuK? m prov- 
ing conditions in the structural Profit bafore i» .. 

steelwork industry' are still in a TraUon* 

depressed state and it is not l i t 1 l ,. D J 
expected tbat rjje-.full year’s. * 
result of this division will reach -Vw unearned profit and / coHeclloo; 
the level achieved in 1976-* i . «««• * Di-bit. t No provision has been'. 

The group has continued' to mB ? e t0 £ P irpo,, “ l 1 i . 0D . Tax M ,l te 

am Moated rhero wltl be no tfibllhr lo 


W. H. Smith 

dividend 

error 

Baring Brothers and Co., reqis 
trars .to W. H. Smith and Sun 


Heir year Year ... Mr. Crane tells members that A knWnn snml- 

" 1976 1976-77 the aubstantial- investment, in the announce that some 

«“ ““ rdrab^Sation of ihe ronpahy’s dlvidend warrartts daTed Januar > 


19 

iOOil 

S.4ftj 

7.9-J7 

bU 

103 

1ST 

344 

131 

101 

-IS 

119- 


543 

137 

116 

263 

M 

84 

-■« 


24. 1978 In respect OF the interim 

.UiWCS LU- Wi * llldjur -r IU77.70 Upg., 

^ hHr nf 1 a ' ifi i a f P ^rom found to be incorrecL 
m L Pir 5 f5d q , , hi« Preliminary investigaUon of the 

211 computer records Shows that.- 

»2 that d^and has been maintained w ^ le total amount paid out 

by'. way of dividend was correct, 
aa inaccuracies occurred as between 
individual accounts. 

Registrars have arranged for 
payment of all warrants (other 
than those already cleared 


17 in a reduced market 
|Z7 Meeting, Nottingham, 
February 21 at noon.. . . 

VICTOR CABS 



5 ?i d m X r ^?r U T« b t«' ° rthe toPough itebulk dMdend STnV- 

due to the fall in interest rates, abiu. Christopher Moran tnaurance mission system) to be stopped. 

Some shareholders whose warrants 
have already been paid will have 
received an overpayment or an 
underpayment and the registrars 
are taking immediate steps to 
rectify the position. 

•Rie interim divjdend-^amount- 
ine to some £600,000 net— in- 
volved separate payments to 
around -7,000 shareholders. 

- Baring Brothers says that at 
this stage it is not possible to 
say how many incorrect dividend 
cheques have been sent out 


The National' isn't the only new South Banktheatie 
that JHhowed its opening night 

to Crown House. 

_ London’s new St. Thomas's Hospital couldn’t operate without its 
mechanical services, installed by Crown House Engineering- 

They include the boiler plant, air conditioning, refrigeration anfl.the many 
specialist services a great modern hospital needs to perform efficiently. 

Other outstanding developments include Edinburgh's Heriot Watt University, 
the Brent Cross Shopping Centre and the Nat West Tower in the City. 

CHE are winning similar contracts not only in Britain, but in the 
Middle East, Africa and Australia/ 

We’re bigin other ways. Our subsidiary, Dema Glass, is 
Britain’s biggest supplier of table glassware including the 
well known names, ^Thos Webb” and ‘ ‘Edinburgh Crystal”. 

If you want to learn more of what we do contact 
our Chairman, Patrick Edge-Partington at2 Lygon Place, 
London SW1W 0 JT.Telephone 01-730 9287. 

Crown House CD 

\bu may ncts^u^bUtwetetheia 


ISSUE NEWS 

JOHNSON & 
BARNES 
RIGHTS FLOP 

• Johnson and Barnes rights issue 
of L92m. shares on the basis of 
one-for-one at par (12Jp) 
attracted acceptances for only 
842J399 shares. 

The balance, representing 56.13 
per cent of the offer, has been 
J a * ceD , up by the underwriters. 
Grand Central Investment Hold- 
ings, which now holds 57JC per 
cent, of Johnson’s equity. 

THOMSON ORG. 
200% 'SCRIP 

Thomson Organisation i s propos- 
ing a two-for-one scrip i&jMA 
Accordingly an EGM is eafled for 
February 10 to consider a resoiu- 
tion to- increase the authorised 
capital to £50m. and capital^ 
part of the group's reSSS ^ 
paying up 88,180.384 new Ordinal 

Renoimceable certificates will 
SL.P»« on February To J„d 
dealings m the new shares sta« 
on February 13. slan 


Re-locating? 



offers a helping hand 

with information on property arid land avail- 
ability. with help in claiming government grants 
and other assistance, with advice on various 
regulations, planning matters, souices of funds 
and 'many other problems. 

Him: a talk w !th: The Industrial Development Group 

Greater Manchester Council 

Count/ Hall, Manchester M60 3HP 
Telephone 061-247 3311 



Civil Engineering & Building Contractors 

stNo , th ChMm: 


Turnover 

Profit before Taxation 
Taxation 

Profit after Taxation 
The following are extracts from 


™l r . ended 30th June 

19 J®' 77 1875/76 

£5 4m £52m 

c'ooo rood 

1.430- -1;424" 

764 770 

666 f.54 


_ , ” 51 c tracts from Mr r p n 

Results. The profitfor the year is virri ii^ ® BBSon 5 speech^ ■ ' 

but the credit for bank interest t hr V a lhe Mnie at 

£lm. Thus the profit, exclusive of ba'nlf^ 18 ^ 50 ^ 000 higher at- - 

cont 'nuinq 15 ^nsidetablv .■ . 

dunng the highly competitive Umes in^rtfe rn° Ur lrud ‘ n n^0irte 
Future Prospects. It is to* Reconstruction industry; - 

flrst six m onths°hJ°n mB t0 aniici P4te ii™ 
Jj e t r? ults Y Vl11 not be dissimilar toih« BXpecuii o n tte‘ 

J?*® Previous year. The^ order^ h«^ COrrespondil Hl4iQu*e&: ... 

leveferfn,m 8ref °i e good P r ospecis of k ^ ams 

evei of turnover during the current ? 0 ma,n ‘0ining xh© samo 

Lookmgfurther ahead, am^ r ""2 cia, W a r. - -r- 

™L a rr ed h UP I Urn in °urf n n d u °S c n d bv re cera signs of thB - ; ' , 
□onifnn ourhealthy balance sheeM L P ? specls - And, having : .. - 
good position to take full a wV Bet ' feel sure IhcGrotmieifta v '■ 



,15 

jH 1 


.*h ; 




i 



••tS 




-'m '• 










t*dwa, j* 

vts»# 


\ ■ 

" *\ j . , 

4 - \ i 




"U l. t 


4 Mi 4*4, Financial Times Thursday January 26 1978 

HIT TRUSTS ■ ' 


Universal Fund 
aunched 


Blundell on target after 
second half recovery 


.rner spent some time in 
us contemplation of the 
herous waters of inter- 
nid investment. National 
ninsier Unit Trust Managers 
it last decided to take the 
,k So it Is to-day launching 
iw Universal Fund, some RO 
?nt. of which will be invested 
d. 

: a moment in favour of the 
xe is quite straightforward: 
there are big 1 profits to be. 

ooce Wall Street recovers, 
lew fund's managers reckon 
that they are more likely 
■e out on a rise if they delay, 
to profit from a further fall 
n if the doubts overhanging 
uture of the dollar premium 
aken into account 
□e 9o per cent of the new 
is to be invested abroad, 
by far the greater part of 
going into front line North 
-ican stocks, and the bulk of 
■ rest into Far Eastern mar- 
Most of the investments will 
"■ade through the dollar pre- 
i. where Nat West Fund 
gers reckon that the risks 
inw lower than those to be 
red on b«<^-to-back loans. 
,'und afrns for capital growth 
estimated gross starting 


yield at the fixed offered price of 
50 p is only 3 per cent. — and the 
minimum investment required is 
£500. 

Charities Prop, 
on offer 
at £1,760 

The next issue of units In the 
Charities Property Unit Trust is 
being made on January 31 at a 
price of £1,750 per- unit— £100 
higher than at the previous issue 
in October 1977, representing a 
rise of 24 per cehL over the past 
year. The estimated current yield 
is 6.1 per cent, per annum.' 

The trust was formed in 1967 
to provide charities with the 
opportunity to participate in 
direct investment in property 
without getting involved in 
administration. It has funds under 
management of £7m. with 100 
uhitholders. Currently the 
property portfolio is split be- 
tween: offices 40.4 per cent^ shops 
11.4 per cent, industrial 15.4 per 
cent., agricultural 16.5 per cent 
and 16.3' per cent, in cash. 


L British Steel hopes 
>r reasonable profit 


nand for North British Steel 
p (Holdings) lighter range 
undry products has improved 
e current year and if it can 
:t sufficient business for the 
er range of foundries, it 
d achieve a reasonable profit 
ie current year, Mr. G. M. 
ies, chairman, says in his 
.uent with accounts. 

the year to September 24, 
profit rose from £0£Sm. to 
i.. as reported December 14, 
although the prollt to sales 
in declined Mr. Menzies says 
was largely owing to the 
ntinuation of the regional 
oyment premium. 


A considerable cash flow -was 
achieved in the year but .the 
requirements of additional work-, 
ing capital, in particular the 
increase in debtors, absorbed' this. ' 

Efforts are being made to reduce 
the debts of of £2JB0m. f£2m.) 
which built up in the test few 
months of the year when exeep- 
tionatiy high despatches were 
achieved. 

Capital spending in the year 
totalled £657,000 and with, the 
modernisation and expansion pro- 
gramme continuing considerably 
more will be spent this year, 
Mr. Menzigs says. 

Meeting, Bathgate. West Lothian, 
February 17 at 2.30 p.m. 


IN LINE with half-time predic- 
tions Blondcit-Pennoglaae Hold- 
ings recovered from its £67,000 
decline in the first six months to 
increase pre-tax profits from 
£979.249 to £1.1 3m. in the year to 
October 31. 1977. 

Turnover rose from £14. 39m. to 
£ 16.95m. and Mr. N. G. Bassett 
Smith, chairman, says UJt profits 
of the paint manufacturing group 
passed the £lm. mark for the first 
time, and exports again reached 
record levels. 

With strong demand for group 
products persisting and with signs 
of more stable conditions in the 
industry he is sure profits will 
again increase in the current year. 

Last year's results have been 
adjusted by a change in the con- 
tribution of Blundell Somite 
Paints from a £101,977 share of 
an associate’s profit, to a £21,982 
dividend. 

Deferred tax changes have also 
reduced the tax charge by £367,193 
in respect of stock relief and 
£56505 reflecting the lower level 
of Indian Income. 

Earnings per share are shown 
down from 12. 9p (adjusted from 
last year’s 7-5p) to lOBp for 1976- 
1977. 

A final dividend of 2X)3p against 
l.TSp last year takes the total to 
2.89p (2_5»p) net per 25p share. 

MT7 1B7B* 

£ I 

Turnover W. 9 MJW 3 14 , 388,903 

Tridins profit 1 , 110*33 057.207 

Dividend recelvablet- 21.982 ZU&3 

Profit before tax ...... U&2K 779 LMi 

Taxation .... •• 408,757 1 53.088 

U.K. 4 . 13^30 I 3 L 4 S 4 

Overseas 33J27 M.114 

Prior years reduction — 3JSW 

Net Droflt : 685.448 825.501 

To minorities 8.409 5,152 

Exiraord. losses 5.888 1,929 

Attributable Ord. 0 * 0.867 S 22.329 

* Adjusted, t From Blundell Eomite 
Palms. 

• comment 

B 1 und ell- Perm o glaze's slump in 
first half profits of almost a fifth 


BOARD MEETINGS 

■ The follotrlna companies lute notified 
dates of Board meciltuu ,io Ute Stock 
ExL-bamte. Such meetings are usually 
field for l be purpose of conslderitut dm- 
(lends. Official indications arc not avail- 
able vrfaL-iher dividends concerned arc 
interims or finals and the sab-divisions 
shown below are based mainly on last 
year's timetable. 

TO-DAV 

■marline Cowan De Grout. Deobrware. 
Filch Lovell, G. T. Japan Investment 
Trust, CoUtncRa Peat. Bales Properties. 
Inur Property. Inches pe, Ms earthy's 
Pharmaceuticals, Mattson Finance Trust. 
Midland Trust. Scottish English and 
European Textiles. David S. Smith. War- 
wick Engineering Investment, A. J. 
Worthington. 

Finals— British Sugar, Derby Trust. 
G Unfield Lawrence. Lonsdale Universal^ 
Y. J. Lovell, F. Pratt Engineering. R. 
SmaUshnw i Knitwear). Ttn uuuiortaa 
Trust, Walsott and Philip. 

FUTURE DATES 

Interims— 

F ini as Jan. 30 

Hardy ( Furnishers i Fob. 3 

McKay Securities Feb. 1 

Summerville l William; ... — Jan. 30 

Finals— 

Bcrtsfords - — Feb. 23 

Presage Feb. I 

Tacc Fob. a 

Wardle rBernard i Feb. M 


North Sea oil have not material- 
ised and .with recurring losses of 
about £ 120 . 000 . its future must 
now be in d.onbt. The shares yield 
6.7 per cent at G7p, while the p/e 
is 6 .3. 


m 


N f 'S 

kin 


Mil 


lii 


£k£J L 

UllSSf 


From 1st February 1978, the following reduced rates of interest will apply. 


has been followed by an upsurge 
of more than a third in the second 
six months, giving a full-year gain 
of 16 per cent. Much of the re- 
covery is explained by price rises 
of about 15 per cent, and a volume 
gain in the second half of about 5 
per cent, in the decorative divi- 
sion (60 per cent- of proBts). This 
is a few points ahead of the overall 
industry figures. The company, 
which holds about 7 per cent, of 
the trade market for decorative 
paints, sees this trend continuing 
into the current year, when mar- 
gins should start benefiting from 
the levelling out of raw material 
prices. However, the problems of 
the Scottish merch anting acquisi- 
tion, W. H. Lowrie, have still not 
been , solved; the spin-offs from 


Heenan 
sales shift 

Mr. Angus Murray, chairman of 
Redman - Heenan International, 
told yesterday's annual meeting 
“ it looks as if the delivery 
pattern will revert to that of the 
pre-1977 period with the bulk of 
deliveries and therefore profits 
occurring in the second half of 
the year." 

. In 1976-77, deliveries in the first 
half accounted for just over half 
total sales. But in . the first 
quarter, of the current year, 
deliveries were down by some 
22 per cent 

On the other hand, orders in 
hand were nearly a third higher 
and so Mr. Murray felt able to 
reaffirm bis forecast that “given 
no major change In economic 
conditions, trading profits should 
show further improvement this 
year.” 


SUBSCRIPT SHARES 675 %= 1023 % 

[Regular monthly savings account) Hgj GROSS 

PAID-UP SHARE 5 ’ 50 %= 833 % 

NET_ GROSS 

DEPOSITACCOUNTS 5 * 25 %= 7 * 95 % 


PAID-UP SHARE 


DEPOSITACCOUNTS 


Other special Deposit Accounts reduced by 0-50% 


Basic rate 
income tax 
paid by 
Society 

Basic rate 
income tax 
paid by 
Society 

Basic rate 
income tax 

paid t»y 
Society 


Important notice to existing Paid-up Share investors. 

Current balances in existing Paid-up Share Accounts at 31st January 1978, will earn interest at 6” h pa 
fromlst February 197S for a further 3 months. Additional investments into these accounts from 
1st February will be at the rate of 5-50!o p .a. as recommended by the Building Societies Association. 

The rate of interest charged to existing borrowers for owner occupation will be reduced by 1% 
[or the appropriate net equivalent in the case of option mortgages) from 1st Ffebnuryl978. 


Leda Trust 


Net revenue for 1977 of Leda 
Investment Trust rose from 
£111,437 to £140.317 after tax of 
£75.209 against £60,692. 

Earnings are shown at 2-88p 
(2.33p) per 20p income share and 
a second" interim dividend of 
1.7S2p net . lifts the total from 
2.405p to 2.772p. 



Kb 


BUILDING SOCIETY 

Head Office: Permanent House.The Headrovt Leeds LSI INS. 


TO THE 


1GM Assurance bonus 




rine and General Mutual Life 
ranee Society is making sub- 
ial increases in its bonus 
for 1977, especially for 
ies Lhat have been in force 
nmc time. On whole life eon- 
% the rate for policies issued 

- c 1966 is lifted to £6 per cent 

e sura assured from £5-23 per 
. while Cor policies issued 
' ... fliis dale but before IB72 it 

-.30 per cent, against £5 per 
and for poMries issued in 
or later it fct £5 per cent 
ist 14.75 per cent . 
r endowment assurances the 
for contracts issued over 

'same periods are £5.50 per 

£3.00 per cent and £4.50 
out. compared with £4.?5 pier 
‘ ! ^4 ■>} . £4.30 per cent, and £4L25 per 

t - - respectively. 

e company is also changing 
rmirud bonus format as from 
* ary 1, 19TS and this now com- 
s two parts. For policies 
nine claims by death or 
riiy, there will be paid a 
s «.r £0.73 per cent, of the 
i.- " assured for each complete 

d ' in force, cxriuding the first 

*. To tins will be added a 
\ s of £03U per com. of the 

x:-. assured for cacti complete 

•i in force up to December 31. 

\ excluding Ihe first three 


In addition There Is no limit 
on the number of years- for 
qualification. Previously, this rate 
was £1 per cent for each year 
except the first three with a 
maximum of £25 for each £100 of 
sum assured. 

MG At Assurance is one of the 
few life companies, outside the 
home service, companies, that still 
operates its bonus on- the son 
assured only. Most other life com- 
panies relate the' bonus to the 
sura assured . and attaching 
bonuses— the compound system. 
The company has considered a; 
change bur- so far has decided 
against making one for individual 
life business. 

• On its self-employed and other 
pensions contracts the company 
does operate a compound system 
and the rate for 19/ ■ is 
unchanged at £4 per Tent, or the 
basic pension and bonus additions. 


ART GALLERIES 


FOX GALLERIES. Exhibition ol ftno pilnt- 
ingc Or British ano European Artist* 
irom 1 700-1965. 5-6. Cork Street. 

London. W.l. Td. 01-734 2626. Week- 
days 10-6. Sats. 70-7. 

quell GALLERIES. Fine British and 
FrSffl MODERN HUNTINGS and 
Modern British MARITIME PICTURES. 
40, Albemarle Street. Piccadilly. W.t. 


IE 









PROJECi 


llllii 






RBI 










GOLD FIELDS GROUP 


-fiiuimiT m BUB 


c Incorporated in the Republic of South Africa ) 

•REUM1NARY ANNOUNCEMENT OF RESULTS 

ic consolidated unaudited results of the company and its 
.n!Jy-ownud subsidiarj’. Struisbull Investments Limited. 


rome frome inveshnents 

rtd us on realisation of investments 
ndn.- revenue 


peitdilure — — 

\ti m inis 1 ration c.xpensex 

\uiOunt written off investments — 

jfil befure taxation 

msfer from deferred tax 

.appropriated profit brought forward 


mine — per sbare (cents) *_-S 

ndends — per share (vents) <-•> 

— amount absorbed (RUOO) 1,150 1,150 

These results are published in advance of the annual 
hut which will be circulated to members in March- 19 ii& 
The :<iiiount w niton off investments of 1166/ .000 includes 
04.000 in respect of Kiln Products Limited, consequent upon 
adverse i-ITcl-i of the fall iu the zinc price on the results 
dial cuuip.my. 

DECLARATION OF DIVIDEND 

UiLiiiviul Nil. G2 of 4.5 cents per share, in respect of (he 
ir ended 31 Dccemhcr 1977, has been declared in South 
nean currency, payable to members registered at the dose 
business un 10 February 197S. 

Warrants will be posted on or about 15 March 1978. 
Standard conditinus relating tothp payments Of dindends 
i ubtatnahic at the shore transfer offices and the London 
ice of the company. 

Requests fur payment of the dividend in South African 
rrency by members on the United Kingdom register must 
received by the company on or before 10 February 1978 
accordance with the above-mentioned conditions. 

The register nf members will be closed from 11 to 17 
bruary 197S. inclusive, 

'By Order of the Board, 
ndon Office: C. E. WENNER. 

Muurgatc. Lundon Secretary. 




Year 

Year 

ended 

ended 

31 Dec. 

31 Dec. 

1977 

1976 

R'WMl 

R*000 

1,709 

1,651 

23 

' — 1 

288 

112 

2^)20 

1.763 

850 

. 217 

rwi 

1 BS7j. 

EC 1 

1490 

1.54G 

l 

3 

101 

102 

1^92 

1.651 

7S 

10,1 

7.5 

7.5 

1,150 

1,150 


r.C 




for the 



Tate & Lyle’s 1977 pre-tax profits were £43.9 millions, 
compared with £52.5 millions in 1976. 

These results reflect the cost of financing the 
Manbre and Garton takeover and a major investment programme 
which will broaden our operating base for the nineteen eighties. 

In 1976 and 1977, Mr Cube spent £170 millions to expand 
existing businesses at home and overseas and to enter new areas 
for long term profit, employment and growth. 


TIE 


ndon Office: 

Muurgjle, 

>XDO\ EiJ2R 6RQ. 
liird Kingdom Rrg&trar; 
asr Registrars Limited. 

3 High Road, 

-yton. 

>NDON E10 7AA. 
Jaututy 1978- 


Copics of die Chairman s Sratorient and Preliminary Figures 
may be obtained from Erie. Wright, 

Secretary, Tate & Lyle. Linii ted. S ugar Quay, 

Lower Thames Street, LC&R. 6DO. 


+ 


Out of sweetness 
came forth strength 



,/ 4 

t* y '~ 


.^sbs- • 




r 


26 


Financial Times Thursday. January 26 1978 




Countryside Properties 
soundly based 

The steps taken by Countryside increase in working capital of enlarged. Two small shops were 
Properties during the past few £144.000 (£47,000). closed leaving 201 shops at the 

difficult vears haie produced a The group's AGRI will be held year end. 


belter and more efficient orpan- Ht Winchester House, E.C^ 
isation, and the group can look February 2-, at 11 a.m. 
forward to (he fture with a 

sound asset base, a stock of Rood Crtficfa/Wvwvr 
bulletins; land, and a greater deal JS<tv.lOly 

of self-sufficiency from its own , 

construction division. Mr. S. Bob- cfarf JlV 
rolT. chairman, tells members in 1 

his annual report. 

He renons that the current level 

of trading is encouraging and 

forward reservations for' 
house sales are well up -on the 
past few years. A further signi- 
ficant increase in profitability for 


cn Export sales readied £3J5m.. up 
55 per cent, in value on 1975*76. 
The main new market was. the 
USSR for which the group carried 
out a contract for ladies' shoes. 

Meeting, Kendall on February 
16 at noon. 


Tranwood 
advance 

In the six months to July 31, 


K Shoes 

Mr. Spencer Crookenden. the 
.hI chairman of K Shoes, says in his 
annual statement that K Shoe 

Shops have made a satisfactory T9 £ i^w W ^“‘&oup''ea?rid'’a 
the current vear is expected! slart \° f h l ye ? r and p !! os ' profit of £33,000. but only by 
Imolvement in commercial pro- {JJ}" 1 ‘“’LJ'e "ttT fectorie^are vinue 0f a £U1 ' 000 1 contrSbutJo . n 
pnrty development has continued bu S v "and should remSn ?o well f ™ m te*P0*«* employment sub- 

SLi, 'SninJSf .rss S *” "SU the wn, be 

slant review. i ^proved trading performance 

A< re nor led on January IP. tax- e s ;„ should produce a profit similar 

belter st>; !"S. higher quality t0 ^ fl ^ t ha ,f. 


ahle prolit for the 15 months in 


ScMilornher .“JO. Itl77. amounted to 
£24:! 000. compared with £00 000 
for I he previous 12 months. Tum- 
ti»er during the period totalled 
aim, i£H.$Im.>. 

A reduction in provisions shown 


against which provisions 
made in esirlier years. 

Current land slock comprises in decrease 


In the year ended January 31. 
1977, the group Incurred a loss 
of £126,138 of which £26.000 came 
in the first half. 


Employment subs. 

Profit 

Tax relief 

Minority 

Attributable 

t LOSS. 

No adjustments have been made 


IliU-rcar 

Year 

1P77 

IP7G 

1BT6-77 

fOM 

DKW 

£000 

3.628 

3.057 

9.944 

IS 

61 

398 

111 

33 

182 

33 

«8 

riM 

— 

— 

21 

3 

I 

. 7 

30 

t27 

138 


and more diligent service will 
help us more towards a satisfac- 
tory level of profit," be tells 
members. 

As reported on December 14. 

... Pre-tax profits rose by 33.5 per 

in the balance sheet was brought vent, to £2. Mm. for the year to 
.-■I .nut by progress made in com- September .ifi. 19# / on turnover Trading J«ws 
pier me the development of sites 9 P er cp nt. higher at £43.15m. 

A statement of source and 
application of funds shows a 

. in _ cash balances or 

the main sites acquired during the £397.000 f£2.37m.). 
h*?l two years and the directors *t was a difficult year Tor the 
consider its present aggregate manufacturing company. K Shoe- in respect of the disposal of 30 
value tn be higher than that makers, but K Shoe Shops had per cent, of the capital or Benson’s 
shown in the balance sheet. another record year and did Hosiery (Holdings). Maurice 
The groun has sufficient land better than expected due to James Industries will now acquire 
tu meet output at current levels buoyant trading Ln late August 30.05 per cent, of the capital of 
fur i hr next two lo three years, and September. Benson's including 9.05 per cent. 

In .lddttion the purchase of fur- During the year, new shops purchased from the receiver of 
ther sues is continually being were opened in Rochdale. Derby (he subsidiary of Tranwood and 
i it vest ignit'd. and St. (Ick-nx. Existing -shops at will continue to provide financial 

A statement of source and Torquay. Leicester, Putney, and and management support to the 
implication of funds shows an Birmingham were refitted and group as a whole. 


Redemption Notice 

City of Oslo (Norway) 

9^o Sinking Fund External Loan Bonds due March 1, I98S 

NOTICE IS HEREBY GIVEN", pursuant tu Fiscal Agency Agreement dated as of March 1. 1976 under which the above described Bonds were 
i><ur<l. that Citibank. N A.. Fiscal Agent, has selected by lot for redemption on March 1. 1978 through the operation of the Sinking Fund, So. 600, 000 
principal amount ni said Bond- at the Sinking Fund redemption price ot 100% of the principal amount thereof,* together with accrued interest to the 
date fixed fur redemption. The serial numbers of the Bunds selected by lot. for redemption arc as follows: 

BOND NUMBERS 




Racal group 
Fairey Electronics 


Fairey Electronic^ one of the chase of a sets being sold.” refer the .. following proposed 
two non-aviation subsidiaries of Mr. Holder's appointment to mergers to the Monopolies and 
Fairey not taken over by the UKO, which avoided being taken Mergers Commission: . National 
National Enterprise Board, has over by POkington Brothers last Enterprise Board and a control- 
been bought by Racal-Datacom. March following a Monopolies ling interest in Allied Invest- 
a subsidiary of Raeal Bee ironies. Commission ruling against the bid, meats: Seagram Company and 
for £700.000. comes alter the recent departure Glenllvet Distillers. 

While not a major move in fr -°P.the Board of Mr. G. B. Cooke 
financial terms, Racal sees the ana Mr. y. u bcauman. FPIC PF AN 

acquisition of Fairy Electronics as Mr. Holder remains eta ran an of cr *v r^ATi 
a significant step in budding up Bndport-Guitdjy and a director or AGREED 
■s Interests in the field of com- Stone Platt Industries. . ■ 

„ Estates Property Investment 

REVERSAL IN ■ Company’s shares gained 9p -to 

u.nrnrio d a ttt t? yesterday on news that, after 

HARCROS BATTLE an 18-moath wall, the European 

McLeod Russel anil antes sut Economic Commission has agreed 

-w-tivities of Racal-Datacom, which f ere d a* reversal yesterday in their t0 ® PI C' S P* an for a Conference 
also take in security systems for attera w to btot^lSnSons and ^ &*** on its Brussels site, 
computers and radio.. SSSd's bid for tavSS EPIC a B™ed to .sell the site 

It is expected that the acquist- ment Trust. • onc * EEC sanctioned the Cau- 

tion could boost Racal-Datacom 's The Stock Exchange rejected an ^ rence scheme. .-.ft is naw open 

current annual turnover of £4m_ application for associates of HL i?S negotiations on the terms of 
to around £8 tn . in 1978-79. It is- and C. to be prevented from voting sale to. a local consortium, 
further anticipated .• that the j n favour of- the bid without con- 
number of people currently era- su iiing sbareholdera. 

Ployed — ar°t>id ICO for Fairey and The associates own over 4 per 
140 for Raail-Datacom — is likely cent ’.of Harcros. which is an im- 
ta increase. porta nr 'stake tn view of the fact 


raunications security. Fairey Elec- 
tronics manufactures a range of 

security electronics equipment, in- 
cluding telephone 'scramblers, 
which are said to complement the 


HAWTHORN BAKER 
INTEREST SOLD 

Monotype Corporation has dis- 


In the meantime. Sir Charles that a and C. already has 30 per 
Hardie, the Receiver of the Fairey cenL of Harcros. If H. and G. P 08 ^ °L its cent ' "° 


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2087 

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4564 

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5307 


giroup*as a” whole.’ is continuing to obtains 1 SO^per^eenL^ acceptances) SL hl'fn 

negotiate for both the sale of the then the bid will go unconditional 25J“»®4 {■". l ^ lieved lo been 
aviation interests, . under . the The McLeod Russell consortium *“ p per 5nare - 
Britten - Norman (Bembridge) had hoped to prevent the H. and C. m a niMP TTTCQATTTYC 
name, and Fairey Stainless, the associates voting to accept the bid 

remaining non-aviation subsidiary, without obtaining the consent of 7,1 e offic,a ‘ offer -documents 
Mr. R. W HoHer, the former shareholders on the basis that containing Lbe new revised, offer 
chairman of Fairey, has been acceptance would -constitute a from s - Pearson and Son of Sop. 
appointed to the Board of uko class 4 transaction Class 4 trans- were P osted t0 shareholders 
International as a non-executive action* a* defined in thn etnetr yesterday, 
director. Mr. Holder, said his deci- Exchange listing rules, include The EsrI of Ranfur, y' chairman 
sion had been based on bis being those bitweeh companies and sub- °(_ th* .Madame TuMaud's Board 
-aware of the possible conflict stantial shareholdere. and norm- »s recommending the new 

between his position as chairman, a u v -needs sharehoIdetM' annroval offer ' Points out that it values 
as a major shareholder, and as Bl J rtf SS?SSi?dSSS the «*“W at £14.1 hl, which 

someone with an interest in pur- that the CTass 4 ^ di ^ not app ^ compares with a net asset value 

[in this case since a bid -was being . fz-.oain An up-to-date .yalua- 
'made: the matter w-as therefore tl0n wou,d incre ase the assets but 
*1 >n the hands of the Takeover ? ffer Is st j ,! “well in excess" 
* Panel. There is apparently no of ^ up-to-date figure, 
basis in the Takeover Code for nT * o »irv-r>^r-r» 
disallowing the votes of the asso- PLASTICS MhKjuER 
dates. ' Proplastics, specialists in the 

Meanwhile, in pursuit of manufacture of Gelflex flexible 
Harcros, H and C yesterday sent vinyl compounds, has amalga- 
to Harcros shareholders a letter mated with Ioplastic, a Surrey- 
encouraging them to accept its based company whose interests 
offer. The value of the share are Jn PVC dip moulding and 
exchange offer has risen- recentlv nylon coating. - 
and yesterday was worth S9.3p The merger is seen by both 
with H and C shares at 387p. companies as a means of future 
On another front in the war expansion and diversification, 
over H and Cs empire. McLeod including a greater emphasis on 
Russel announced on Tuesday that exports. 

it had sold its S2JS per cent, stake The new change will result in 
in Matayalam at 33p per sbare. Proplastic.s moving from its pre- 
McLeod Russel made bids for sent premises to the Inplastic site 
ilfalayalam last December which at Smallfield fn Surrey. 

H and C topped with a cash offer 
of 30p per share or a share 
alternative. McLeod Russel with- 
drew from the auction on the 


On March 1. 19TS there wifi become due and payable upon each Hnnd selected for redemption the said redemption price, together with interest 
Ncrued io the dale fixed for redemption. Payment of the redemption price of the Bonds to be redeemed will be made in such coin or currency of the 
n:teu State? of America a> nl the lime of payment is legal tender for the payment therein of public and private debts, upon presentation and surrender of 
i«i, RumL. with alt coupons appertaining thereto maturing after the date fixed for redemption, at the Municipal Processing Window, 17th Floor of 
I'itibank, N.A., 20 Exchange Place, in the Borough of Manhattan, The City of New York and subject to applicable laws and regulations, at 
; v main uflu.cs «i Citibank, N-A. in Amsterdam. Bra-eel*. Frankfurt (Main). London. Milan and Paris, and Krcdielbank. S.A. Luxcmbourgeoise in 
■jv-mlmi-.n:. Payment at tin- nfliio uf Citibank. N.A. in Europe referred tu above will he made by chock drawn upon a bank in Now York City or 
v a transfer tu it dollar account maintained by .the i»yee w ith a bank in New York City. 

1 «»n and alter the date fixed for redemplion interest on said Bunds will cease lo accrue. Cuupuns due March I, 1973 should be detached from .the 

"iidiUQil presented for jiaynieut in the usual manner. 

' For the CITY of OSLO (NORWAY) 

i CiTIBANKr. N-A. 

anuarv 2o. 197S »* Fi*c»I Agont 


LEAD INDUSTRIES 

London Indemnity and General 


17th J^Tuaiy ftis "5ST.S has ^ ?' d 

now sold Its Malay alam shares to !I!!LS f 7 


offer. 

McLeod Russel has realised over 
£3m. from the sale and a profit 
of Aim, But Mr. John Campbell 
of • McLeod Russel's advisers 
Noble Grossart emphasised yester- 
day that a quick capital profit had 
not been the intention. McLeod 
Russel had wished to buy a long 
term investment Ln Malayalam’s 
estates. 

FCFC BACKING 

Hie Industrial and Commercial 
Finance Corporation has granted 
a long-term loan of £100.000 to 
ChemoHex Packing, a private com 
pany engaged in the handling and 
packing or toxic materials. 
Chemoflex. which was formed five 
years ago by Mr. Martyn Aartsen 
and Mr. Gerard Scott, has used 
the finance to purchase a freehold 
factory at the Millbrook Trading 
Estate, situated near Southampton 
Dorks. 

At the new premises, facilities 
have been installed to formulate, 
blend and repack both liquid and 
powder chemical pnodets. 

SIEMSSEN HUNTER 

William P. Solomon, th 
cigarette and tobacco distributin 
subsidiary of Siemssen Hunte 
has acquired the business o 


exchange a nt j[ accordingly no longer 

has a notifiable interest 



output rises 


BY PAUL CHEESERIGHT. . 

THE RIO TINTO-ZLNC .group's Lakes region would conL 
SSer uroducer in Papua New be monitored suggest* that 
GtSnea. Bougainville, boosted out-, economic factors vvere paramou^ 
nnf ia« veae as the amount of in the decision to back s'^y 
ore mtlled increased from one the project. Canadian 
SSrtnr to STSl The re- has- become expensive by 
Siry in flrodiiction from the standards and. PrjJucew ! fear ti hat 
w iovpI of the first quarter -an increase -in tolls on me • 
suggests • an improvement - in Lawrence Seawaywlllweakcn 
prSfita from the depressed level competitive position still further, 
of the six months to June. 


EARNINGS FALL 
AT VOGELS 


' The latest statistics from Bou- 
gainville, released yesterday, show 
that in 1977 the ore milled was 
34 Jim. tonnes against ,31.21m. 
tonnes the previous year. The 
contained c 

Holdings, ^maintaining -- 

■The gold grade was also higher, dend payments ; for ■ ^ 

Last year ft was 0.B grams a tonne, same level m 1976 despite a ar p 

Whl Jh C ,n ro l SL the E “ de ^ ^ dividend is 4-5 cent, 

8 ^the e“ly part of the year, (2.7 P ) making a total dismbution 

the mine's output was depressed for the year ot i.a c ® 76fi 

because of hard, lower-grade ore profits were Rl-»m. 

and a concentrator shutdown. This last year ^amst 

led to low net profits for the first cause of the fall 

tolf of 1977. at Toea 13.9m. of investments or R6S7 MO. me 

(S sfim.) compared with Toea shares yesterday were 4Sp. 

22.5m. in the comparable period 

ROYALTIES FOR 
HAMPTON AREAS 

The basic source of Income at 


of 1976. _ . 

Last A u mm the company com- 
plained that with the copper price 
at 52 cents a pound, it was un- 
comfortably dose to the cost of 

production. By the end of the Rom p ton " Gold Mining Areas, 
year, however, the price had royalty payments From the Austro - 


finned to 59 cents. On the 


lian nickel producer. Western 


assumption that all production dropped in the December 

is being sold this should giye a quarter lQ $A1S0.513 (£106.140), 
fillip to the annual figures. ^ con ipany stated yesterday. 

Bougainville will also have This brings the total after throe- 
benefited from the higher price • ariers of t j, e curren t financial 
of gold, which remained between 2^ w eliminating any 

SI40 and S150 for most of the ' bance oE mat ching the total for 
third quarter, but then moved up the t0 ]asl Mnrc h 0 r SAl.lTm. 
to 5165.125 by the end of the year. Western Minina, like other 
The company's shares closed j mer national nickel producers, has 
yesterday ht 71 p. in the lower part been hil by lhe recession 

of their 1977-78 trading range on the worid markets and the 
which has spanned 57p-12<p. immediate prospects of recovery 

look dim. Hampion.Arens' shares 

STEEP ROCK TO jes ‘ erdaj ’* ore SSp - 
DELAY PROJECT MINING BRIEFS 

. _ ^ . . . COLD AND BASe METAL MINES— 

The Ontario iron producer. Output or coneontraK-s for Dfi-<nnbur: tin. 
Steep Roick "Iroh 3IIncs, has S3 lonnw. voiumbue. '1 fono*’. twelve 

ahanrinnpd at least for a time monlbs to Ppcrmbcr Si: *iu. m.i Tnnncs. 
aoanaonea at least lor a time ro | l|roblWi s lonn ^. S am- pcno.i lm 

its plans. to develop a deposit at vni . t j n 33] tonne*. coiunibitL-. 9 tonoos. 
Bending Lake 40- miles from united tin areas of Nigeria- 
Atikokan.'.John Soganich reports not pm of no conocntrares tor Nuvcmfc-r 
rt-nm Tnrnnto and nrcemhiT. 1? tonnt-v Vino nimiUn 

f Rnib hirl M.rfu-ino VlMlH Dc«-mbcr 3U 29 toniW*. 

Steep hock had been studying wheal jane— Duccni<h>r prmiiniiun 
the possibilities Of concentrating m nn coutotnod in conurRirair^. 87 4» 
ore at the mine site and trans- . umm-s. Novpmhor st.w tunn.'s. Mill 

porting the - concentrate by a ^SirVuiMEA co^nELDS-D™^ 
slurry pipeline to its existing , h . r pni rt Uct i OI ,. cmiit-n Rite** Mill: ion* 
pelletising plant at-Alikokan. It 0 i>. ir^av.-d M.wr. .vmjins («r iom 
has also been examining the v ms. Pino row produced «:■ ms. Fin* 
economic and .-market conditions. s*Jw produced > oa. 4 Svb. Edie orn* 
X c nmnanv 4 tatpnK>nJ laulna -Mtavials Fine cold produced iow» M— 
* .SJw Fine Silver produced 17 « Tribnw 

that the Iron ore supply and de- pine produced hhsi a. t-im* Silver 
mand situation in the Great pi-nduei-d iozs« ml 


David and 
Plank. 


Rosemarie van 


of Elm. and specialises in 
sale of Finnish and Jap; 
matches on a private label 
to the larger multiples in 
retail tobacco; off-licence, bn 
and hotel chains. 

OTIS ELEVATOR 

The scheme of arrangement 
whereby Otis Elevator of New 
Jersey will pay SOOp.ln cash for 
each minority share of its sub- 
sidiary Otis Elevator has been 
approved without modification at 
a separate meeting of the holders 
of the minority shares who repre- 
sent 22 per cem. of ,the~ sub- 
sidiary's equity. 

Application will now be made 
to the Court for its sanction. The 
scheme Is expected to become 
effective on or about March 6 
and cheques for the cash con- 
sideration will be posted by March 
31. 

SMITH WHITWORTH 

Smifb fHoWUngs) Whitworth 

has sold Roevac Automation to 
Vickers for £200,000 cash. Smiths 
has warranted that the net assets 

of 'Roevac will be not less than 

£53,000 at January 31, 1078. 

Proceeds will be redeployed in 
Smilhs existing business and will 
enable it to continue its current 
programme of diversification and 
controlled - expansion through 
acquisition. 

DUBLIN BANK 

City of Dublin Bank Group has 
acquired the capital or Anglo- 
Irish Bank for £100,000 cash. The 
Central ' Bank of Ireland has 
approved The transaction. 

On December 31. 1077. Anglo- 
Irish Bank had depositors of 
some £2tn„ cash and government 
securities of £tu2m. and net 
advances of £0.8m. 

EASTERN PRODUCE 

The chairman of Eastern Pro- 
dnee Holdings, Mr. H: K. Fitz- 
gerald, yesterday confirmed' that 
an offer had been made by 
Williams Hudson last November 
Tor Eastern's 343 per cent, stake 
in Associated Fisheries, bur that 
it had been rejected, 

Mr. Fitzgerald said that Eastern 
receives such approaches from 
rime to time but that at present 
the company had decided to hold 
fid investment, 

NO PROBE ' 

Mr. Roy Hatterrfey, Secretary, 
or State Tor Prices and Consumer 
Protection, has decided not to 


I .StrrTiUK ; 

Ji+d. 2S | CerMfirNtr . InterlMDk 
107^ . of dvyualis j 

Lot** 1 

Aiuiiomy I 
<iet*«*fL” 1 I 

■Jiernl^hl 

iilay*. police.. . 
1 riays or 
I«l"y* notl,*... 
On, n*>in:h_... 

run moo lira... 
Throe nttnstin. 
Sis months..., 
Niue month;... 
One ycar..,_.. 
T»V» .veers: 



6,Jr6,Jf 

6 ,v 6>8 

gA-gV 

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6 

5 S la 

658-7 

g'+'S-k 

6£e-6&a 
' 6J«-7 
6|-;-7ii 

6*8-6 +a 

6la. 

6U 

6Jg-61g 

7.7ia 

8,V-8la 1 


MONEY MARKET 



Bank of England Mnumiun to-day credit was not accompanied count houses, and -the authorities 
Lending -Rate per cent by. any signal on interest rates also gave assistance by lending an 
(since January 6. 1978) from ..: the authorities. Market exceptionally large amount over- 
Sbort-lerm fixed period rates sources .’even suggested ' that ~ it "night to nine or ten houses, at 
were slightly firmer tn places in would not come as. a complete- sur- MLR.. 

tbe London money market yester- prise if MLR remained at 6} per Enormous tax payments were 
day, althougb discount houses cent;. bn Friday. • ‘ • major factor behind the short- 

buying rates for three-month- The authorities are likely to age, and apart from the surplus 
Treasury bills continued to indi- have another obvious opportunity of revenue payments over Govern- 
cate a possible cut of i per "cent. to. give a signal to the market to- ment disbursements, the market 
to 6). per cent, in Bank of England day, if it. should be thought neces- was also faced with repayment of 
Minimum Lending Rate at Friday's sary, since money is expected to the previous day's official' lending, 
Treasury bill tender. he" in short supply once again, a slight nel take-up of Treasury 

There appears to be little mainly because of the repayment bills, and run-down balances car- 
enthusiasm to look for any larger of yesterday’s lending. ried forward by ihe banks. On the 

*>il in MLR this week, even though A moderate number of Treasury ntiw hand there was a slight fall 

yesterday's heavy shortage of day- m were -bought from the dig- in the bole circulation 


negotiable 
htmila " 


Finaiu-e 
Hdiiw ■ 
Defawila 


Gaia 61* 
6 ia-6 
6bi-6 . 
6£0-6ig 
761* 
7i*-67 8 


61* -65g 
'63e-6&g 

e«B-es>a 

6t«-6af| 

668 7 
71, 
71* 


CV'iripnnv 

UeiMsits 


Diwkiiii 


71* 

7 


61 B 


; msrlon . 
■ rlepi'^ll j 

1 TroniMiri 
bin- * i 

Bunk 
Bill* <5 

Flue TrS'le 
j bills 4* 

6-61? j 

- 



- 


—! 

— 


61,-61, 

1 6-6Ir 1 

1 SVii-6 | 
; o.B ; 

^”5 s ; 
* j * 

5i_;-53 4 1 

; 6,1. -6 1* 

1 6 • jr-6 h 
: 6l i&.; 

1 .- 

j 6*1 
65*-8S« 

. 612-63+' 
f 61J-SJ+ 


- 

_ 

! 



- 

1 ■■ 


rate 

ire 

ww. 


lb Per «?m.: lour-mowi) imde oi!t» Ri-ai per 

■ 'Mini... «■■■•••> •«,«.- ii»r uut-'uuuiu UBIIK- „I5 ailn-paifc n,-p o-'m ^Ita-ulmnnih •VIII.: AIM dirL-t^MOlltb 

SHsa^Uii per cent O&SmoiuJi irudo bills, K .ocr ceai.: rwiwnomh 6- -6? h-T *x"i 'ihi lh;r ' ,T " 1 'hree-moiUh 

_ Ua ** **•*« i ‘miblisbed by - run Kinaiu.v Rouses AsyooMijon- ui m-r «nr fr m i' ,nn ' ,lh CW * D,-r . “Ol 


.Approximate selling rale Tor one monrt. Treasury bills .ir-i2Ljn Pl . r tvnt • 
SOj* per ci-at. Aporoxlmaie svlllns role lur oae-nbimh banfc ills 61 | n -eS| fc 


Bank Denosit Raias iTor small sums at soiren liars' noUtt: 
Bills;. Average fonder rates of diBCOiuii n 7747 per cent 


.«r cen,. Clearing Bank & STUB* 3 ^ ' *gg 


Notice of Redemption and Termination of Conversion Rights 

ISE Finance Holdings S.A. 

4 Yz % Sinking Fund Debentures Due 1986 

l 967 into Common Stock 


of International Telephone and 

March 1. 1966, as amcnd^untL^hlcrtiw 1 abovVdcsSM^heill lhL " Jndcn,urc of 

pn nopal amount of the said Debentures .>£ the folluH-imr dKtinriiv.. ,' ,rcs L wvr . e issueJ - SI 13.500 

iTiSSTlfS ° n *’ 1<17S t ir ottRfa thc °P crario1 ’ olihc Snkin" Fu^T^ : ti,^ n | dni ^ by 11,1 - - ■ 

of I00^r of the prioapal amount thereof, together with accrued inter ,1 * Lhc nB * m P l,nn l«rice 
lor redemption: cc ™ ta ‘"tcrcsL thereon to ih u dqt« 

COUPON' DETBENTCDES BEAKING THE T-HFFiv r - 

t S.WQ DtnomSnatW , *”* LrTTKR *» 


J3 65 
117 


234 

329 


437 

558 


613 

852 


730 

799 


826 

934 


991 

■2023 


Ills 

1226 


1317 

14IW 


1572 

1685 


1731 

17SH 


K 3 195 
• 24 214 
45 329 
S3 547 
9B 619 
158 732 


885 1682 
S91 1769 
1160 1890 
1271 137B 
1480 2342 


COUPON' DEB ENT (TIRES BEARING TOE PRrm , 

tkl.ono DcnomluatioM, ” X lETTKR ** 
2681 3367 41H7 4A4n ^qqo 


1803 

1849 


™ I? ® isis ss 

i® S3 R47? !S 4S“ si* 

1652 2580 3332 «3 St 3& 85 & gg 

The Debentures referred in above will a .. 

Surrender Thereof f.rith ail coupon. au|KrLlini^£ u [T^ Upon P 
ion rl.no ■nil u/n/, .. •Maturin'' aft,., vt i 


9!H>6 

30(8,1 

101A8 

in274 

1MIL» 

10728 


10875 

lovno 

11033 
1 1 IDS 
11382 
11431 


Hr. 44 

ll“tlu 
11'1-in 
J 21127 
‘ 212ft 

lssaa 


12602 
laiwi 
1JJ4H 
1 3 in.', 
13150 
132no 


IRBt 

ioii; 


1321! 

t.135n 

lJirtl 

ljiai 

137:12 

13764 


1070 


13827 

13867 

13irrr 

13907 


dying .-teen is. i^yj ana after t-iiri -.j .■ , •Mu.M.-ninuunr in I vmk'II- 

-ST* *■"* '■ 

The above sped fiod Debcnfur * - " r P ' , ' nu ' 1 


holders thereof and at ihc'orinH!.^^ ^° r r ^ cm tiijon mav be rim,- . , 

Gomroon Stock of Internal!, m 3 | 'SJISI'i,???' ' nl " f,| " llv HPs*i.l iX? the ppliun of ^ . • ' ’ 
price or $41 per share i.~,„ j p . c ahrl Tclegranh .: :i,, « .nob-axw»*abIc sharjis^r' 

ar the rouvcniijD 
i notice adtlrw-sert • ‘ r 
•ho r«er*nn(5l foe - • 


•nt in (he ufli'nl 


wv M such nJgy .harsvir;:^-" 

• "ODenlurvs acivm, 3 - *nc ruuvcn&A i 


price or $41 per share upon H,.u,. 


made and no fraS.“r^ f ^ the' KZ" n ' y"™** «« »v 

Januarj- 26. 197S 1S | FINANCE HOLD 1 Nr q P 

B y: Citibank N A t . 















IK* 


" u Ul\jj] 


Financial Times Thursday January 26 1978 


Mii{ 


** k 


Another rally falters near the close I $ still weak 


GOLD MARKET 


■Inn. 1': .’in. ..- 


■NEW YORK, Jaa. 25. 


>■••10 Hull ii'ii 
lit lilieaulln.- 


vip«- A larger tlian expected West krugerrand pushed the domestic Hmiu'i. 

’ OUR WALL STREET CORRESPONDENT ■ WEVV >- 0RK * Jaa - *»■ German trade surplus in Decern- premium over its gold content to i*. « 177 177 

ber put further pressure on the 5 per eenL from 4.32 per cent, ny-umj .! . >176*;. 11 

TfHER barga in-hunt Ins-based Arm co Steel, on sharply higher 8 to Frs.1.200, Cle Pefroles 3.5 to ties bought DM5J8m. nominal of stemmed near ihe close by fresh ® a **4 **« * ®o 

v. whii-h look place on Wall earnings, put on j) to $27J, while Frs^4, and Pernod-Rlcbard 2.0 to stock. Mark Foreign Loans were buying Interest. SSmSILK... J . l0 "‘ S1 per Lent ' iro S ' 4< >lT7.so ' 

‘cl m-day. again faltered near U.S. Steel gained J at $321 and Frs.188. but MlcbeHn “B" were 13 little changed. Jardine Mathcson shed 20 cents per Cent ' “•rfiio.aas. 


H177 177 «176.I76'i 
>17654.177'- "17fi';-177 
■S 17 7 00 >177.10 


Publication of the German trade percent. 


market close, leaving only a Inland Steel J at $38}. lower at Frs.1,052 and Meet Hen- SWITZERLAND 

ill improvement on balance Burroughs, on raising its divi- nessey 11 down at Frs.Sl?. higher, with demand 

■r moderate activity. dend, picked up 1J to SBSf, while The goJd-linked 4.5 per cent, shares with high yie 

he Dow Jones Industrial Honeywell added f at 343} after Government Loan eased to the decline of iaterej 
•rage finished only D.S7 harder improved profits. Frs.78B.90 after the record on the Bond market. 


. Moet Hen- SWITZERLAND - Actively to *HK^p. Hong Kong Bank 40 annSunce^nT^? 


, higher, with demand centred on cents to SHW 7 .0* Hong Kong fibres toSay led 

cent, shares with high yields following Land JO cents to SHK6.1O, Hutehi- . fairly persistent seUin n of the 
to the decline of interest rate levell son Whampoa 5 cents to SHK3.60. {? S cu?rencv 
**— * * — and Wbeelock Mu-den 2.5 cents to U-a - currenc >- 


,S. currency. 

Central banks in Germany and 


■ 2:90.92 3' 

til'll! ■.■■III.... 
ill 'I lien l>2B 111 

fcruiwnilJ.. S 1S5 1.1-X8T " 
■195 96 

■New an*. <5^i;^6i< 
1126 29 

1*1,1 Sir'lpc ?oa-;.b5-., 

. i'9'<ii.2c :>i 


.290.9'.! 5 
* J 76.-J6 
' 190.659 - 


>183- 195 
iC94 95 

■1-2S-U9i 
>53 55 
1271: 28 ij. 


S19.lT. after . lias's bi eh ot -Wr™S«lTH5jiii ttoreof V~d aTlS™ mSd'iid.^'dX'S. "n e Sdin P B r0 ™' S ™„y^' “•£? 

00. Gams finally outnumbered Mobil, 1 better at »S0|. and SheU and Electrobel W to B Jrs.6,D80. Domestic Bonds rose afresh. Nikkei-Dow Jones Average D^nark touched a high point of 

**«■ w , btrt exceptions wee pro- while Foreign Bonds were very receded 1S.GG further to 5,00733. DM2.0070 against the dollar. 

DNESDAY'S active STOCKS ™E AMERICAN _ SE Market vided by Arbed, 60 up at SLeady. although the Stock Exchange k**fr,rc >lncinn nl DIR 10091 rmn. 


DNESDAY'S ACTIVE STOCKS 


at sLeady. 


receded is.gg further to 5,00i33. DM2.0070 against the dollar, 
although the Stock Exchange before closing at DM2.1002 J. coin- 


CbBiige n# al nSft I, if e foi r aS OI v5?,,5 1 J^2m ry B ' Fr ?’ 2 ^ 1 ? , „ “®L which MILAN— .Market turned easier index was 0.06 firmer at 374.4L pared with DMg.lOfllTon Tuesday 

a on °l °—® Vo ume 2 - 5fiin - regained oO to BJVs.3,750. In fairly active trading, reflecting Volume 290m. shares (230m.). The Swiss franc rose to a besl 


-jR Lninl 737.600 

•+Uei* 723,000 

Me 110,700 

oh Dirklnson .. 118 .900 

ill iw I3SJIOO 

man Kodak .. 153.400 

■ch and Lomb 131.400 

JR 125,900 

•ral -Mciors 127, C 00 

10I Dala 1I3.0M 


Slocks Closing on it co™ s 

iradiMi price day shares (2.68m.). 


[area (2.68m.). - AMSTERDAM — Share prices caution pending news about Sony lost Y6U to Y1.780 in the level of Sw.Frs. 1.9540. before 

were mainly marginally firmer in political developments. Electric " Appliance- sector, but finishing -at SW.Frs.1.9545. com- 

ATurn MADlfCTC thin trading. Most Industrials and Financials Pioneer Electronic. Y1.430, and nared with Sw.Frs.1.9725 pre- 

VMIE.K ITIHKIVE, lv Unilever led Dutch - Inter- were Tower, although Bastogi TDK Electronic, YI.4G0, gained vjously. 

B- _ B ^ nationals higher with a rise of hardened 2.5 to L408 and Olivetti Y20. and Y8Q respectively. The dollar'^ trade-weishteri 

— , - Fl.0.80. Privileged 4 to L7B5. Motors were inclined to harden average depreciation since the 

Canada irregular Elsewhere. Elsevier added Mediobanca declined 80 to on Japan's record 19 m vehicle Washington Currencv Agreement. 

c*— » nr— FISJL50, AJbold Fls.1.30, Pakhoed L3 1,350 in - Banks, and Assieura- output figures, announced on as calculated bv Morgan Guaranty 
- A iTrSSr.inr niomrp P Tr *^5.1.40. and HelDeben FLO.SO. zioni Generali fell in Insurances. Tuesday, with Toyota adding Y7 of New York, widened to 4.89 per 

■sterdaKs riSrita? SSJthS State ed 8 ed higher - STOCKHOLM — Market turned at Y793-. cent, from 4.S4 per cent, 

k business: ^e Toronto Com- GERMANY— Bourse prices re- mixed after the retent, good However, Dai Nippon Printing. Sterling opened at SJ .9480- 


LIRA 


Irah-m^udMnga 
cMpm LIRA Iran 
Wlm cnml mn 
MU ISltho UUBfl 


(lull! I'lilll'., 

Iiilenml'IiL.- 

K rn^t-rmnij.. >Ifc2ii-lc4i; ilfil'ililj 1 .; 

'L-031. 94i-.. i_-y3-i 94 :• 

\ , i.-.N.ir'^n> rt5i: 37i-: »55-s7 

■ BB8i..-k9*’ -fiBij-LS'.. 

Ul.l si.i'r'aU'.. >54 1: £6‘. "S3 i- SS-.- 

■ C *•/»,. ; 

iM >Z58'i 10 1 14 


FOREIGN EXCHANGES 


I 11977119761 , 
let Nov Dec Jan | 


* seated an irregular picture at 
yesterday’s close after another 
Turnover fair business. The Toronto Com- 


es by 744 to 5S4. Turnover fair business. The Toronto Com- GERMANY— Bourse prices re- mixed after the recent good however, j/ a , ixippon rnnong. sterling opened at SJ.9480- 1 , 

ctly matched yesterday's figure n osh» Tnripv or to intnn mained irregular in hesitant showing. Cardo were prominently Oji Paper, and Mitsubishi Real UW95. and eased to around 1 Dmvms 

[8.69m. shares. alth^igh ad vlnSs °IedL dedinS tra d tng. higher at Kr.405, up 28. Estate j were among stocks to lose si. 9470. before touching 51.9525- 1 “ ,enls .*-^ , 

)n?e favourable corporate by I9L to 177 on the Toronto Siemens added DM2.70 in Elec- SPAIN — Most shares continued , on Pr mie Minister Takeo 1.9535, and dosing at, 1.9520- ^ '•* \ 

lings reports helped senti- market Golds reacted 7-1 more tricais on rumours, subsequently to hold steady, although a sprlnk- FuirT, 1 d £5.r eD1 u r,c . f . .f® ^ 1 - 95S °. a ria? ol 3 5 points on the 

it. but brokers added that to 1.3S6.4. while Oils and Gas re- denied, that it plans to make a Img of minor losses left the no Piai^ t° redenominate the yen day. The pound's trade-weighted l'.». d-jimr 

.!• A _JV « 4 . - ■ . . - — — — I - T-Jav A 90 . nt nrPKflTlt. korbat nf alia. ■ 


CURRENCY RATES 

1 'a'tiieiat i — E 


basket of cur- L'Aiiminn 


ty investors were put off by ceded S.7 to' L3751 • bonus 'share issue. General Index 0.38 easier at a at PresM*- ' index against a basket of cur- L'miminn ; 1.34&3B 

continuing deebrre of the U.S. PARIS— Recent 'weakness gave Leading Banks recorded gains Iresh 1978 low of 34.5fi. Banco A partmuJurty duU spot was rencies. as calculated by the Bank 

ar. way to a mixed trend yesterday, to DM2, while major Chemicals Aliantleo remained a dull feature, Eutai Industry down T2u at Y90. of England, rose to 66.4 from 66.3. I 9685? 

he dollar fell in relation to with sentiment improved by were well maintained. falling 9 points more to 213, but JOHANNESBURG — Golds closed the highest closing level since ii w , tv ..i„- l inrk ; z.smss 

.t major European currencies general expectations of .only a Elsewhere. Unde advanced Aragonesas, 55, and Fenua, 72, on a mixed note, with profit-taking April. 1976. ii>in-i l t>iiii<ier , 2.74215 

nving West Germany's report smkll rise in the French retail DM2.30, but -Scbertog receded demand and hardened - 2 offsetting a higher Bullion price G old rose SI to Slu-luJ. the r'n.n-h inn ..j 5.72153 
big trade surplus. price index for December. DM3.90. apiece: infinence. highest dosmg levels nee April l. «- ;• ■ 

□other restraining factor was -Constructions gained ground, Public Authority Bonds traded HONG KONG — After the recent Other Metals and Minerals were 19 l£- “ touched a high point of Nr.ru av kiTiiifi 6.25317 
■s of 3 big bulge in the U.S. led by Domex, 9 up at Frs.438, and quietly, with price movements ex- rally, market eased on light over- higher on balance. Heavy trading S1"1-1 jS in ihe atterrioon, reflerr- s,«ii, 97.6492 

ley supply in the Federal Bouygues. 5 better at ETsJ49. tending to 20 pfennigs in either seas selling and profit-taking, was seen in Platinums, although *ns t« e weakness of the dollar. s««ii ^ «n.n,-' 5.66009 

ei-ve weekly report. Elsewhere, .Carref our picked up du re ct ion. The Regulating Authori- although the reaction was closing levels were below ihe Investment demand for the 1 1* 111 .— —39664 


0.624042 

1.21657 

1.34638 

18.4219 

39.7210 

6.96851 

2.S645S 

2.74215 

5.72153 


erve weekly report. 


was closing levels were below ’the Investment demand for the •*»■ <» '**•* 2.39664 2.42431 i:.,. 

— day’s best Coppers and Tins were .tiaiimii*. i2£:.s -icse.j i;.-. ih: . . iise itac 

little tested, while Colliery issues a.i-htiIih .. i-tass i.?i:7 nm.. rs.n 

were Slightly easier. EXCHANGE CROSS- RATES : . -I'm-o ilo L,".!' ' ... Lit 

.23 IndusP'lals were narrowly i.u, ...... 

irreguiarin thin trading. J«n.S6 { Frankfurt' Xv» >«H*. IVn1» ■ Um^-clv L»u<l.ni Aii^iM'iii Xiiruli II.HiKhmm Bjr. 9.00; I .•■III-. l1.05-l!.-£> 

£5 r. AUSTRALIA— In d ustf ' ais were ym'nXIun ..' — tt09te-t010; M-73.B3 fi.MNWO 4.uio -!»»" lC7.Jb4& K iiu a 11 D.5S9- 0.549 1 • miii 1 ,’ V . 00 j'lb 

26 firmer for choice, but Mining Sew York fl7.E3.55. 1 - £1^6-28 3.0760-aWO !.%3)-*vV'. «.iwa I 61. 0i'4i5 6i.EOfi3.GO I, .. 7c 9 1 

issues showed an easier tendency. Tan* 223.07-5? ; 4.697-109 | — 14.400 434 9.0 233.14-fl.c4 sui«\.w ..4.ui4o.4.6:-'oii.ii* ... . 1700-1 bs-j 

33 BHP recouped 8 cents at 15.46-51 . 32.M43 . 6.92-95 ■ U.4&<0 16. ! ^-K' ,Z. 11L1 n- i. 1.SS3J. 1 .9 ICC .1 h r ^ n ^50 400 

^ SA5.36 while imamvementc nf 4 Lnortnn I«.09J-10^; 1.9520-30 1 9.17J-18J J 63.56A) — 4.?Hi-40i . 3.?2;-S5j .>auili Vml- 6.69-6.79 \.-i Jn-i l'n-l >« 

oniwl • wH Ai 1 iFt‘4*ni..'106.865«»!2-2£'27-S62 l 47.005-955 I 4J996-3M5 1 - 114.506-^5 .'in^.n- .4.5SS5 <.bSeb ■ ..1 . . 9.S0-I0..D 


Jar. Sh nli-U ttnmir' 5.66009 
the iwim 2.39664 


Eoropeau 
Unit oi 
Aaconn’ 

.1 Kill mil 2.- 

0.631555 

1.23139 

1.36195 

18.6479 

40.2048 

7.05377 

2.59625 

2.77575 

5.79479 

1067.96 

297.263 

6.32748 

98.8805 

5.73805 

2.42431 


.Xi'-ii Y..I K .. 
>f • >111 I IT* I • 

\in-.l«iilaii > ‘ 
|lri|.—|> . . . 
i ••|«-iil.ii!:*'>i 
l‘.>.llhlll<1 



MK.Iriil ■ 

II 1 1,1 II 

• ■-.I. 

IVil- 

—Ilia.KIli-lTII. . 

Ti'iiij ‘ 

/urii li.. . 


61- 1.9470 I.9U9 1.3520 I.BsCO 
?‘r 2.1'Ob Z.ibOO 2. 1530 2. loCv 
4I» 4.i;,'.JI 4.:SJ -1.404 

» i; 4b 40 bT TL oi.50 t'3.&0 

9 II. II • 1 1. 17 11.15. II. Ic j 
7 4.03 4 12 J.09 4.10 

15 ;/.7£ .6.29 i7.s5 7j.ll' 

9 I5B.J5- 15fc.70 156.55- Is5.>5 
III- l.fiss 1.695 I.bs; l.fJJ 
6 S.S6 10.03 *J.99s -9 bij 

•?ij S.tC S.19- 9.17 IS. 

S 9.04 S.OSi 9.C5: 3.07, 

4>; 465 47^ 470 472. 

29.4c- 29 


5'.- 29i5.29.9s 


: Rjl.-> u I veil . 

Fin;in..ul Irjii.; 


j.C I; i.ii i.ih 3 ?5; 


1 !**r . .iiii-rliMi- frolic- 
Aim.:: rii. 


OTHER MARKETS 


indices 


YORK-^v jokes 


If.Y.S-E. ALL COMMON 

I 1 

Jan.) Jan. I Jaa. Jan. 

» . » \ 23 SO Hi 


Rises and Falla 

! Jan. 25 Jan. £4 ; Jan. 23 

Imaea mdedZZ, 1,816 1848 i 1^856 


: t . ! i 

Jnu. I Jan. I Jan. i Jan. I Jan. 
24 23 ; 20 19 16 


1ST7-7B jGitK.'eenmpilation 
High I U<v I. H1«h Ujw 


« i i r - i r 

in-ial 772.44' 77U7 770.70! 776.84: 778.67 7B8.SQ 9W.76 770.70 105t.70( 41.22 

! I ! j J I i3lllTh!(2i/ll78lkll/l773) BI7021 
- W n-l- -( 69.53 89.54 68.561 B6.6S SSM\ 89.76- B8A4 * 89.53 - 

! I I 1 !(S4.-l/7»)i2Sfl/78j| 


•foit....|2lt.4a: 210.28' 210.61 218.65 211 J4' 212A?! 245.64 199.60 276.89 15A3 

i J J ' ‘ (18751 ,25/10) (7/2/6B) (817/32; 

Hr.. 105.68. IDS. 75 106.26' IK. 77 108.73 106.60! 118.67 104.97 163 A2 10.68 

i' ' ■ I ! 1 1 22/2) (25/2) (SOl4fta)mfll42 

,n t v>il i i , i i i 

V-. i | IB.690; 18.690 19.5BOi 7.68(7 21.500' 21.590 — — — , — 


In-iuainai 

i.Vunliiiie-i 


Hiah j inn- 

I 57.07 j 49.56 t r ncfaaiicert 

(4/1/77) (23.1/78) >"*w HUihs 

Near Lons... 


Ian. Jan. Jan. j Jen. I 

25 24 23 I 20 • High 

— 105.95 166-Otf 186.20 166.47 i17i3> 


.1 la •■in urn. I22C.3I2M.4 ,;_.'iniii IISO-W 
.\ii-i rnlni .. 1.700s 1.7177 in-.. C5 :n 

Mia il. . . 3 1.51 3 1.7 1 !'-■ CC. 35, 

l-tiiliiii.i , . - 0.779-0.i90 Inn ii ... Aj it 
• ■ii'in... .. 69.DiB 70.74 1 1 aunln 
II.HiKhnim 9.00; I ■■•i«.i..|i l . 11. 05-!!. 115 
Imu . . IjC ISO K-mii. i ... 5. 10 9.J5 

Kimaii D.5S9 0.549 i.i-nunni ..: 4.00 4.15 

l.iiM inl/ry 63.50 Si. GO ‘ji.-*-.-* .. 7b 91 


i. 10 3.:5 
4.00 4.19 
7b 91 
1700- IbS'J 
4*>0 490 


*®j 1 ^ TORONTO L'omisisiti'l IDIO.Oi 1010.6-' lOIO.i 1010.SJ 1067.4 (19.7) 

i *22/2) (25/2) (20>4ftA) (£8/4/42) ma a mm venu aa I ! I I ! 


— I 105.05 166.06! 1B6.20 1B6.47 H7^i , 158.02 i2s/)Dl 

— I 17S.D1; 173.T4j 17B.T7 187415 ll&»l/77i : 165.60 i26;10i 

UO.Oi 1010.8! 1010.4 1010.5' 1067.4 (19.7) i B61.0 ,26/101 


cents apiece were registered by Zlir |,: h ", i.MW-dtaA' 41 ‘fS 7-708 'e.OLStMiMT.Caw J -Bits 57.0p] -250 

Elder Smith, gAlIH), EZ Indus- —• - - 

tries. SA2.I0. and ICI Australia '• t'.S. s in T-iniuin I'A. 6=110.81-84 tiumiiwii inn*. 

Store, WyHwonto « “ ! ^JS!3l^i5Si l S£i; » ’**“ 

added 3 cents at SA1.G6 but JAyer ■ 
shed 2 cents to SA1.92. 


•'•..Vlllm, .. 1.5fl4a- 1. 7021 1'.irln^ril 95 £ j 

!*.*>. . . .. >|411ll lf.ll ldK 

t Himilii. . •»■• ii 'l.n .l 555-5^0 

t . r.rf l.':1 l.Tt 

iriil'. 90.J8 S0.4I \ m^i-liu m 37 39 

Rjie knvn lnr Ar^i-Tiina t. j ir. ,• niir. 


JOHANNESBURG 

(ml 

■ii n.liwi 


215.0) 216.4 i 211.6 1 209.6, 216.4 (S/l.'78ii 
212.7 212.6 212.1 311.6 214:4 i4/l/7S, . 


139.4 (24/5) 
1S3.1 (£2j4i 


' W,ll. ,il .llH.'Y -llaliiiMI ir.ili A I HI 1|K1 I, 

Jan. 20 ; Jwi. i* 
lliil. div. .wild % 1 1 ■ — 


NDARD AND POORS 


liar mso (aiiprnx.i 
4.27 


. J>t.. . I'lvv- .ldii /t l-ii-i: • dan ' aSft-it 'Imi-i 

j 25 mn> J Rich Low, 25 ; vlotm .' Hi” 5 . Low 

Australia iH)! 46S.B6 W'aS 1 4'iu.43 j *le jc Spain « Jy 94.o6 04AC . 100.0 

. 1(5/1/76) USA) ; MiO.li 

Rfllgmm I til 91.62 92^0 , 93. !i' taj.43 Sweden ■«.' 353^1 . 362^9 ; 416A 

t 'rLJ/l/n.(12,i/75 . ! : (22/5. 

DemnarkO: 96^0 9^56 il07^s: stun Switer/'dt' ) 3D7^;3iW.6 i ilo.c 


NOTES : Ororstas iiricus si>uu-n Delnw 
•*xdnde S Wfmium Huiginn mvidunds 
an after wuhhoIdiuR lax. 

♦ DM50 denain unless oiherwue suico 
J Pldfc.588 demim. uufcu oitaenmts maira 
4> Kr.100 denom. uole&K oumnviw staled 

* Krs.SSO denom. and Bearer shores 


EURO-CURRENCY INTEREST RATES 


site, linn 
7i4-7‘o 


(jHIUlllJU 

LNilUr 


)>ui..|i 

. f .ft. I*i •lln r, f:»ill«ii-r 


V\ . U,.; iiiuii 

nuirli 


FORWARD RATES 


w riM.tfw "imu. Uiucu uiucrwuts maim -shnit ti-nii 7 Ij 71*> 

♦ kr.100 denom. unless oihei-Hnw siaied 7 ,h, .■,».« L, au 

* Krs.500 denom. and Bearer rtare-s J.oi h fiii'lsl 

oslesa niMerwtsu sui«d. l Yen 50 dunoui. 2sj2! i '"" u "fr - : If?'?** 
anles!* nrbivwisu cuir-u - Pun. hi nm. Three month'... 6|„-7 


• ■Ini. j .1ml. j Jali. I Jnu. ! 
| =5 j » } 8S i V j 

! Jxu. i 

1 w i 

! Jnjj- 

! i» 

ii>irinit| 9G.3s| aBJffi 98.29, 94.94 

99.19 

i 93.72,' 

i|«mi*- ! 89.59. 63-25-' 83-24 99.8^ 

! 'll 

90.09 

' 90.66' 

I 


Siiik -e uw niuiafn Prance ittfj 49.G 49.6 
Hun .In* GemanviiJj' 806.4 6C9.0 
154.64 j S-jB Holland »>*/' 80.6 60.4 


,9/M IflSeJl) 
38.4 • 

17. 1/77)' (10/f| 
tlAJ * 712-3 
(17,11)' (10/Ai 

• (4 .ill : I2M 5. 


1 , ,/UilO)- »5<ii scrip and/or riKhis issue, ft After local rent-: one sear ilHK oer cent. \lil>u 10-1B luv .’v. 

laies. mil Ux free, a Francs- tncludlna Loog-ierm Eurodollar di-posits: iwn years 77-6 per cool.: direi* >vars 51ii>-SJjfi « 6«;-.8i; .«• .ii- 

indii-es and oust nans tail oase values Unllac llv. v Notn q Share spUl sDiv per cem.; (oor years 81-51 per cent: live years US’, jkt com. I'mn . ..4 5 ih- 

ISO etoepi NYSE All Common — au *od yield exclude special payment. I Indi- Thu following nominal rates wire quou-d (or London dollar certificates ul duposu: Si^-urim 2iq 4i» ..tv .Ik 

Standards and Poors - 10 ano Toronto «ued div. n Uno(fldaJ trading, v Minority one-month 6J0-7.M our com.: ihrov-montb 7.13-7J5 per ivui.: six-monih T.45-7.« vt,.|| M „ 

300-1.000. the Iasi named based on I975i hoidera only, u Meroer petulng. -Ashed, per cr-nu; one-ytar 7.75-7.S5 per «*m. /.mn .1 .. 21- H~ ■• i.u 

r Ezdndma hoods. : 400 industrials 1 Bid. STrndcd ; Seller, r Assumed. * Rales arc nominal caUlnc rates. - 

! 4W Intis.. 4« Utilities. 40 finance and *r E* rights x/l Ex dividend xcEi +Shtin-icnn rates are call for sicrUng, U.S. dollars and Canadian dollars: two S:s-im.mh I1.rw.1nl dull 
20 Transport if) Sydney All Ord scrip issue. xaEx all. a I merlin since days’ notice for noltders and Swiss francs. i?-mnml> ii.ionovr- *•: 


Y..i > O.Oi- ).m - 0.25-0.35 1 

mil. 0.02-0. 12.. .,i-0. 18 0.1*8 ■ 

I unless Olherwls^ suied. s"v'tn~50 denoin” ■■■ ■ 7 Is-73a j 412-4®! I '«•)£ - 3-3i., Ani.T.Invi 1 |.iii-|wr 2 1 : 1 1 ■: • . 1 

unless otherwise slaied 5 Price hi tune nwiiihs.; 6i;-7 G 7 B-Y 2. 10 '™- 9 • ' J ‘® 3 Sfo Crin-i-].... i«r 10 .ii- Ia25>..li 

of suspension, n Florins. h Schll linns •• B’’.-7,.-. 7,1-7,% . 718-7 j, 4Is-4m ! 1. -l.J, 3ia-3‘i t ..|.'ii>i S n. 10: IB; .«.• .its 

r. Cents, d DlvKlend atter peMU? rtthtt J 1 !’” 8 _. ?> '^i' _3U-3is _ rwuhnlrl la? . Sg ,4. ,.m Z’i-i'i I ' 

and/or scrip issue, e Per share. J Krancs. Earn- French deposit rales; ru-D-day >M0 per coni.; sevciKlay 101-111 per tent.: .»•■ 4i:0-7ao 

o Cross dlv. H h Assumed dividend after one-month llJ-Ui per cent.: three-mouth 12;-U per c,-ni.; suc-munth ii-131 per .11 miil.l ... 110-190 ... .hs 420-520 


l lei 1 353^7 . 3SL2S | -U6-68 ' icOJ*. J cents, id Dividend after pending rights fine .rear . . .. _7i4j7SB ?i’-c7*i' 7V?t| .4^,-5 ^3><-5is _ I'i'hijLiiifI li;. 5gj4. inn 

•j - — r® : v,c ii, . -'V 1 I and; or scrip isAue. e Per share. ) Francs. Earn-Freiich deposit rites: turn-day 9J-10 per cent.; sevifPday 101411 pcr'ivni.i 


IS 90.6G 1 107.00 1 1 1JMB 1 4.40 Hon« Koncr 4<fe.57 410.18 !«r=.li 365.44 t 400 Intis.. 40 UnJiues. 40 Kina ace ana xr Ex rights xrt Ex dividend 

I 1 ,3»l'77i ,25.1'TSr < 11.1,73)' ,1.6i32» ,**, I ill 5- -Li.lirr 20 Transport if I Sydney All Ord scrip tssuc. xa Ex all. * Interim 

' ltaiv , i)i nh.35 59X77 I-t.il wljau Belgian SE Sl/12/83. i-‘> Copennacm increased. 

ip-I'iTiri 1-. SE 1-1.-75. irtj Pans bourse IM1 
Jan. II 1 Jan. J 1 Yen w mii)mix.» Janan ioi' 574.41 374.35 • ikO.4-1 >*ri Cmtim.-rzDanR Dec.. 1953 ifil» Amstef 

- - I ■ ; 1 • - - l.flriitn.l 1Q.II Him (MI CCDMAMV * 


300-1.1X10. the Iasi named based on 1975 1 I holders only, u Meraer petulng. 
r Excluding hoods. : 400 industrials I * Bid S Traded ; Seller. : / 


Milan 10.16 lire 

1 i-Im 6l;-8l; ..ii 

Puri'. . ..4-5r. ili> 
^■oi-iiiiTiii 2fo 41; ..r, 
Vj.-iiiiii . .. |«i. 10 
Zmi.-.i .... 21; 1 


35-44 In. u- 

20-22 Ii- 

14;. 15; .11- 

10. -121 imv.Ii.. 
10 30 ai"iH- 
5 *';-4 n ■ J ■ • 1 1 


-- ‘ , — - . . . -t- .... . . ,... 4 .• . "f/iU9r'i£4,ll; dam liidjism.il W5U i5f * Hanj 

■' 5.13 ■?., fl.18 . 4.06 . . 3X77 - ,.. Singapore : 264.4? ••2S4.J0 Jt-I.it It I. b4.i;?l> MUm 2/l'73(U 

**' m' ■" ■ i* I— 1 ■ ■ ■> - . j a 1 lilt, ijA. v«'t <F M '^S' Smus Time 

.-? - “f;r. t-. ; - •• '-r-- 


O-n. bomt vtelil 


i). otl.35 59X77 7t.il -Xjftj 'I' Belgian SE 31/12/63. »■•-) Uopennacni increased. 

jp-MTiri 1-. SE l-l -73. .r»5 Pans bourse IMI 

,0, 574. a 1 3.4.35 ■ jt?D.49 >‘:i Cnitim.-rzhanR Dec.. 1953 ijji Altutef 

■ ;. ■•f^r . S *,l|; dam liidjuanal WSU iSf» Han* Scfla GERMANY ♦ 

' 264 .4 e •'2t4-.i0 . 2r*!. , 'J.iCir.l5:- btui: 'it I M. i:?l' Mliafl 2/1/73 iu' l'Oky.i — — r 

,4, '.^Vr >hr., V-, <F i 1 «• .h. Straus Times 10*. , .. 

! ifiCI.ryj. id* Madrid SE 30.T2.7T— Inch J*n.z- 

:■ and i».»- lor ->97«i unlv jci Btnritlwlm “ — 

Inmistnai 1/1 50 ifi Swiss Ranh Core Aht.~ ... — 

• a ■ 'JtMvailsUe. ' ' v e«ich.., 


S:x-uu,nth luru-ard duliar u.us-ii.Toc </■:.. 
U-niitnil, ll.i/WiO,', dt : 


[TOKYO 1 


-t-ivt Hlv. 


I AUSTRALIA 


■irw ) -r ...r • l)h . YhI. I 


i ? ■ T ■ 


OVERSEAS SHARE INFORMATION 


£W YORK 


- L-'a..... 

- . 1 1 : >1 • . 

i..li-i \ .1.- 


■i.-.i* L.i-i 
i..->it I ■...» 
’ • :.il -• 
1 M.,.,4 .. 
1 . Ini|...'n 

V 

. H.- . 


-•4.ia 1 2 h).i 


lb's i Wi; 


•• ,!.• S.ii 
l|-rr Ilil - 
. "»«v .... 


ii -tilt... i„ 

If.,-. l*r.. 


17' 4 ; lb'.,' 

43bb 1 

i CPU 


L-. niifu; 1 . In- ' dB'-s > 48 
I’lt.' Illl'll'Il.i.MIl 43.1, j *3it 
tmiw ( „6U i ah ,i 

i'hatIihi \.,i j £4, 

».'.'11 11 Z.-J VI I«.T. nils ! 51:. 
l uiu in ;u- Mic :n, ; 34t j 9 3 ’t 
..ii-i-Wn^i,, j jflae iB\- 

."ifin j i. 21 - • a2J; 

Hurt lli. | u>tiu» • 4-*); 4>l; 

l leer e c. S'<t ■ 13 ; » 

A)m MlHIlt | thS;l M>j 

iieluuia z ; »!,. 

lirni in. Inlei . J llif , 17-1 
la-lt.ifl tillMKi .... It ij . Ibl; 
DiHUK'ji.iSImnirt. 1 t7 5c 27!; 

Ill Ik 1 dr> 'Itr- [ IJi; ll-'-j 

llicilal 1-I.n 1 1 1 | ...... 1 42’.- 43’.i 

Ui-ney iWrtlii... | ji4;< 341^ 

Lk.ter C.uvii ’ 401; 401; 

D«« - Uiciiiywi....; -•=*, 1 —5 

U«.wr ; 59 ‘2 38 

Dll ’ 1,17 1; , 107 •; 

1)>-*1III IlMuplIIi* i2t; ; 141c 
tyKiv I'k'lif 1 10 I 10-i 

ngtl \i" ilu«— 1 Uj 1 71; 

tililiiiiiM K 0 i. 1 L. J 4b". 4b. ^ 

rjiM.ni ' 34 1- saTf 


2V j !- Li. \ ii Ib?? 

a7.V. J-' I \«L *..i- L'i 

2b‘„ i:<i'« - i 7-V 

U’4 t.iiivrMti. Lu\i:K- A4>_- 

jo\ , I’Ki.tn I-: ;-i.i a'i; 

Hi. M-n-in ii* 

_ , ... 1 . .! ) ■ ,tl; 

19 fciu;*r.|l,.ii 1 e4.t 

-71. • a»inii ... > i /i* 

2t)!» 

a ■; f.S ti-U j -3 .» 

j a i.l.iMl'miKt-! i.4^8 

20 'l IwL la-l’f. «■ 06 >4 

-ifl.' I'll r.l.-n.. la,-. l&Js 

f r*l. hnl. I>mI\.ii,! 25 It, 

J'icm \ nn [ 1% >S 

r'UUMW-lf I 19»i 

r ..1 Hk. I'..«..r.„ 1 29.3 

•■hi. Hu’ r,-..,.-,,.,.., Sa 


.w.iin> Miuvnu .. J 20% 

J-Cili-uii Ji.lillt.ui 7l)i* 

.1,-ihll-H.Ji t'iiiiip-i.| 263s 

J.’i llai iillnr, ii. *u, 303S- j 301; 

k. Mm I', -ii ; XMs 

A aiiiii iii'ii, i8-/« 
it,iiM?i In.lUkli n- 'f.j 

k>M',>iMt ; 27 

hn> j 7 

hetitU.-iUt 

»?,' al'-liec. 4*4 

lipble 4.8(9 

Kin/UCi.ct rimJ,. 421.4 

Kiifit-pip ZZ 

itmli 4314 

hnigrr C* 1 LSI) 

U-\l^Uaiui £8)9 

Lil4<\ i.iw.frtti .. 26 j 

l. ijiett l.'ruu|.....| 295; 

LiilviEii) | 395a 

luUun liwum :• W.4 

Lj^fciu.’t-.IAiivi 'll X3I; 

L.ilU' Star In.l*...' IBig 
liQU i --lull* I 1. 1 , 1. 1 181; 
l-.uiilainbrn,...' 21 Ja 

Li.lu UkH ■ 43lg 

!.u.;fc> Sl«"l*> ... ; lal; 
L.'i.v*)'nii;4'uit 61; 

51m Ml!l*n • 0); 

Ml. Oi 1:. II 35'c 

Mir-Hii«..u.i_...l 32 ig 

'Ui«f 461) 1 

)l'»*nl!...i| A4 f 

tin. i'll- tii.iiH.-i...-. 1313 : 

•I nr* lain Mel-....* 29 So 1 


29 Sa 1 30 >( 


2<M» | 20!- 
-i; , -.all 


I Vi SDIi... 
i\ I i 


* WhIJ Ii . ... 

■Ul* -I* Sum! 
■,i,ll. . .. . 
,ln-i: ■>•■!:;. . . 
linn V**. il«»* 

Ijlll I 


-' 1 -v tv . 
.1,1 

* 1 

* tUitlniMi, 

■s .n i-:.. > V 
■brdi I’-n. : _ 
svlbni.. 1 
.n. II. 


llbiim .. IB r 

• ^i)'.. 

4«i s 

ii»» — .ji— .... 

■ *n..u.. .( -<19 
A.Mi.n/i.i ii'i? 


11: -In I'Ll... ISm 
- i. -.el All. la-Sl 
V.nc . j>4'h 
' ll i4?i< 

I' IIMHl. 2#t,l 

•1 If. at.. |iVl{ ,•/, 

ii. h-iipiiu. r 5g!'e 

*111. rti.ii iur; p's 

•>• 21 la 

Klim *'i ,\ 1 ; ^3,. 

ai r.nnlb J ;.Siu 

;.i v\jU (m„ 3US; 
I.HIl'l 1‘t.MCIi 1.21) 
ur»lB* iirsJ 41 
Oientnl VHI.,| 263* 
WO/itol TelcJ 15 lj 


b.M.f -ill? 21 

ttol.H .. .. 40 •• -iOl 

l‘.i!tniu>r I),*,... 1 1 l*i 

* .-a : 30m 301 

irniMin M/oi. , )o 71 
r.in-l—l 'llnim - 1 18’r 19 

f n.,.|M|lt ‘ ■ 24: 

>«.|iM liH'.i-t-if- 9': 8 . 

t.V 11 -, Ii: 

I.iKIUM 56 ! na: 

» *.l',.|.l„.., »U VI 
1 ..A. 1 .A. .. 2hfo 2s.’ 

i.iHiini.* Ill; IU 

'il'B- lliniWH*.. 4?’, 421 

■ •iii.libin-- 45'; 

M.-n-m. 29': 29 r 

•Jeiieiai tit- «.. iiJg . -7 j 

iMMbl )utl-.|„ ; 37 •# 3b 

«,*.». i'oKtii-. . ; 19 ; 1VJ 

Iinl. M(iBi i Zbng , i 

■ uni. IVi. f.iecl.,-.] iSre J 2bi 

I viv. , U3 -'9 : 13- 

,i.'IK*i'.' 3 Jll [ O* 

P* Hi ■ 24 as [ 24 j 

1 >il it cii : 1 SB , 158 

■ 11 . . | 1 24J 

,.,—fT i.V.r . . 1 19^1 } 19’ 
u,i*iu*i T"l ... . lb's 17 

• miUi. 1 : -.tJ'H ! 24U 

uim-l) i: - 3 '; ! 251 

*41. tl«U IW. I Ini'. I '■! 

lilt. Sfitlt In a- ... 2644 ! 26 
t.lr.t i.!j : 13 

■ •■ill 4 W*»iern... ll*t : 11 * 

U,||I Oi Ca ; .-4T 

l)n-li.|lilii|| ; 39 ' tSUl 

tinttiM ’l-miifc... 37Sa 1 401 
1 In, .. , 13*« ■ 15 1 

bjifir , ■H'lni 415* ! 4X1 

Ik-Ku II. J 454; : j3i 

il.-ul/ii-lii,.,.. I 4S-* i 25, 

H.-nmi [•»*•.. 1 ; 68 ; 69! 

H-iM.Int Inn- - 1>!| 1 J ■> 

,|..pirMn-e..„_.. ! ; 7I; , 377. 

H.hh'V ****!! ! 437® 1 431, 

H'V«e, 11-, , 12 

Ci '1 Ji-tnn-i 1 aa>* , 227, 
Ii* h , 1 »'U Xm. „v 24 Sx im 25 
Hunt ■ Pit. A. if Mi.; 11 HI. 

Hut t*4i .E-1M ll.S ' 

l.t . I'l.l'r In,-, j l-4'i I 241. 
IMA 57»a ! 38 

■ Imnn..., ; 94 Is j 54 1( 

/ r. u> *i< ■ Mwi • afiJ* j 5b‘, 

lil-li ! 13 ' 


d»v M. w | a3s* 

lift | 3*.6 s 

Al . Liuni'ou I z4!ifl. 

VI H-ui.e, Ih-iix 24*4 
*1 ijrn« Uiu 17ig 

M./UHtl-t £9 

'letek 551s 

Merrill Otiu.lv. ... 141; 

Mi-.a Pel n.ietiii'. . :57s 

MVi.tl Ubij 

Mum MinsAMte. 47 

fnrj, 1 bg: 4 

t|i.,i«aiiii, 1 517j 

M-.v-inu J. !■ [ 41« 

.t|i<t..'l\nn 364- 

tluri'liv Oil ‘ 53 1 

Vlln*.'* • 47t; 

\nt<n*f livii.i 26 i, 

Nnlii'lci. l-.,ii 15'.? 


V.IVI.H) 4 11 S 

I.’et iini.is Mc-min 29), 

lleviiiil.ts K. J 5*13 

KiuIi’x.ii -Monel/. 22’; 

Hi VL •ifll Inu-r.. 2 m 1; 

Kobni x Uu/.. 1 29 i* 

it. n>' 56 3a 

KIK - !*«• 

U*i»> Let Ill; 

dtuerat'-t-m... 13 !t 

v.le'tm Mure- . a“j; 

>I.-Ji 4 r tluieni. i 8 J« 

bl. Keen' PnlM.-,.. 291; 

bauta Fe ln>fc M ., 46(4 

■7HU* ii'vew 4 

Amo IihI* «Ta 

b iiltt; Ureti iiij. Ill, 

>.-Mumben:ci ..... 67 ' B 

■Mil 16.] 

••>.••11 Di|».-i ; 13. i 

xwil lire j 20 

b-'Uitr’ Uuor l ew[ c!j 

v, t , mm men-... 20 :* 

beau mil. ! unity 

jMileiK.ll.) : 13 >4 

Jwif liwIwA — 25 1 * 

bliULU - ;6i. 

biieiitm 1.9’; 

-lilt'-. r* < Hlln,nrl...; OB); 

M^ilB iib'-'j 

jikhoIi-Iml ;6i; 

biiiii.'intt 12 

■tii-^rt : 1£* j 4 

bllllltl bllllc h / 

7>ulUii'll_ ■ 2 

^•niiti.k.itn 1 £0s* 

><UllirHnUa<. lnl. fdafi 

b*‘iilbvm Lf ' l.ij 

->l).r,. >*l. Ii>-....| 293g 
ajutlKfii i’aeih,- o5 a« 


In\ cbtraent premlam based on 
$2.60 per £—77]% <82%). 


\V'.»u»\rji...„.. 

W'v iv — - 

\er.-x 

|nlt J 

<nm:l, i>i i». *..... 
v .S.'l i.u* Ji. '.iJ; - 
fLT nvi»3i«i:.i' 


AMi_ 92.5 -U.2 - 

1 .muu Verstch- J 494 -1.5: *18 

UMW. — 827 +1 : EU 

UA&F. I 142.1 — 0^ 17 

I'aver— - , 13B.0'f ,, .4; 16 

U*y«. Hvpu. I -0.5 « 20 

bgyer. VsreiuatiL' 312 1 SO 

Uilmlru.Ned.nrti' ls6 — 

Commertbank— .. 2£5 5 1 2 -18 

Lreiil UuDimi 78 +O.S — 

Uairaier beiu ■ 314.5+0.5 10 

Deguma .' 26 9 - -1 IB 

Uenug Ia7.5— 0-5 14 

HeuUwbe Milk... 313 +2 20 


494' -iJSIsie 1^ <Muilii tiina, 320 +5 

827 +1 • ED 4.4 Cwdmb \ **35 —4 

142.1 -OJI 17 6.0 535 -6 

138.9 +0.4; 16 o.7 i-hOwn 392 +6 

291 — 0.5 ‘ 20 .3.4 Ohi hU*pon Pnnr 0E7 —5 

312 20 l 3.2 t'uj* Mwtr*. • 501 -4 

X 5 6 — i — Hitachi 198 +1 

2£5 S -r 2 18 | 4.0 Alotora.... 490 -3 

78 +0.5 — — Hou«e l-noi UlD .+ 10 

314.5+0.5 10 1 3.0 v. Uob — ^29 -2 

469 -1 18 3.3 Iio-XDtaidc :i.5>50 -10 

1p 7.5 — 0-5 14 • 4.4 J«w*. L 5*5 +1Z 

313 +2 20 3.2 J-AJ*..... — ..— 3.890 ...... 


1'tvxlmr bunk 861.8 + 1 3 j 20 4.0 ^d-" 1 K'e*.Pw. 1. 50 


ii.vckerhoO lc6.8— 0.2 


-■flag r6> 


• a.r?L'iit l<i!f.ifc.45. ( 6.40£ 


CANADA 


Vl'.IiW •'*!«!... .. lU5g 

\;i:: v bai’/ic..... 5»; 

A ‘CniiA.u.iiUU u 1 :-! 27 

•£ bii-ei l^lj 

t*i*li».. • 37-, 

oeiim 1 .‘<i.»atre* ! 1 l-i 

wuik.t,.vt Vij 1S7 8 
P>f:*.* l/wv'nf-. ™ -6'.* 
del! I*;,; !v>. . . : 3 !» 

Vi - .ei' 1 al!g 


• iiii-ii.ilTiitUia-— 213 * 

|(H|HIJ L-Ilt*.’ — -! 116 If '.S; 12 

iliri-e'ier I 238 +12: *9 

■ l.nvii-i 130.5 + V.3 16 

'1 *->•!.„ • -3.8— 0.2 ; 4 

>iivt -j 129 —1 lU 

•tHi* un>t Sam Iu0.5 — 12; 9 

Kttmaili ' 353 +1.2 I 20 

Itnii-li..! — J 214 — 1.5 • SO 

... •.■■net Dm lOf-l 88.5 +U.5 1 - 


„ ... 1 -aiiei Dm IX-l 88.5 +U.5 ■ - : - 

lCi5g ! loss r/Hli 16B.5-1 • 12 3. 

Si; hi; luii|.| _... | 1-9 t 1.5 | — 1 — 


■>r 

Cl* t a.n - 


EoSt I -:-n 


. .'wn \« ij,,. 

j flit 'ill. I'« .S 

• 1S>? -. -ii. I*t- « In,.. 

I *»'ir* ) .,n.£,.wi oi.,,. 
2 , _ir :iiuD*h+bi»_ 

ZtllCi | -»i+t AMnunlUk.. 


Lill ie 242 +2.3 j 

L n'/iSriuDm WK 1.340, 10 I 
l..i'il,aDm ! -115 . + 0.5 

MA.V j 2U5 —0.5 

'.inuiieMimnn....J 170.3 +0.3 
.leMllubn- 237 I — 

.'iu u*d IBIItJT Kui-k. D4J 1 lb 

Ac a* 1-11101111....... 121.2 — D.3 ' — 

rreusmu Dm IU) 110.7 —0.3 ' 7 
Ulieiu VlVel i-.ies. Eul.S— 0.9 16 

-t iici hiv. 864.1— 3.9 ' 2U 

alvinelis _ — —A. 300.7 -2.7 16 

— 265.5 IV 

lli,‘«en A.ti ' 121 -0.3 11 

1 art*, rj 175.2 —0.8 14 

■LHA J 116 12 

■ ci-m; bk: 3 j5 ZJ 

• uk‘u-_-er> 1 213.5-1.3 10 


—0.2 1 4 , 1.3 Ai*W*tru«. 297 —4 

r L2 | 2.8 auiuta...— +>6 --5 

■r >.5' 12 6.2 8yrtuLewin Mi... 2.470 .->50 

-12; *9 3.0 Maibusbn* I nil... 673 —1 

+ •.',3 16 ; 6.1 'liisuUibhi iixnh.. m7 9 ‘—1 

_0,2 1 4 > +.5 Miibulnahi Heary li0 '+1 

~l ■ lU i"*d AliieruLnub) tVrp..‘ 420 +4 

—12' 9 3.0 dmmiSfO. [ 3/6 .+ 1 

+ 1.2 I 20 1 3.U JlimuM.Moi 518 : -2 

—1.5 • 20 I h. 8 tipt**' Uenao..... 1 a 30 't 10 

+ U,5 • _ Aippuu btimian^. 566 • 

— 1 12 3.6 Aiwsmii U.jurn ; 699 .+2 

_ 1.5 j — i_ Pinnee, 1.-30 |-r 20 

+ 2.3 1 lb ; 3.3 smiyt* Electric. m.5 >— 2 

-.10 I 30 i 1.3 se*iBui Premb. — 995 !+6 

+ 0.5! / i 3X) biimwdo— .......... u58 1 

— 0.5 . 12 i 2.V 1.760 60 


14 - 

u : s.i 
18 I 1.8 


M 2.2 

12 1.4 4U.MIL«>eent» — . 

2b 2.a 'i wwluitailH 

20 2.6 Anien !thil„-Tnlc.lurtus3l 
lb 1 . 1 Ainjfl, t \ pic. n* i,on.„. ...... 

15 . 1.6 A in pai Petroleum..- 

12 3.0 Awe. -71 men is_. ............. 

la J'S Amw?. Pulp Paper S! 

S'* A«ocffou. ludurtrifi*. 

14 4.0 Aunt. Fiiimtnr i.iri InifM... 

50 l.M \_.\.I 

13 i 1.3 Aodhrvsx 7.". 

10 4.8 mur Met*' Ind 

16 I 3.0 ibHiiniiiiville L'.-ipper. 

13 ( *.7 i.ioken Him Prr.pripl«ri 

35 U.I l-'H bbulil ; 

20 1.7 Larinni United brenerv ; 

1J 1.* t-'.J.UVe*.....'. - 

12 4 1 vSK (Mi -.! 

la l.S t*niB. tao.ilfieiiiH A,>.„ ■ 

14 2.* <-ur>biiiipr foil 

la < - 4,l,7in1, khvmto : 

iv ii vtaoiim Auatreu* 

if 1 i'l WUUMM. Iluhhs, |SI) 

15 2 L b,,| vr smith 

aj , l a fc ■^ , ,u,,u « n es- — — 

BO , 11 u®* 1 ' KK, r wt V Truit 

ti I i'; Hui+ei 

“ f'i i-L.I. Au«(ni.ia 


BRAZIL 


A min 

V*li ... I1IM/.I. L. I *. . 
.'et"o Mmi-imU) 
i)n*> ill"— 


tn’+a ”°' M “ MIW Ai'H'r. OP.. 
•“■** ; lUiinexiMii *.*P . 

iJ.80 -0. a M M ,r. PI'.... 
jl. 4 —1.01 »*ii.«'.nui>r.... 

t L67 -0.01 f«-e ItiuL'xv l'K 


+ ..i l*i> . .7 , 


1.23 .-+,.02 ..la 5 76 • 
3.79 i ..le 4.75 

1-55 ..12 7.74 

0.98 -u. 1-J.1+ 14.59 
2.30 -0.c5/.2c j. 14 
2.40 . .. ..lo 7.5U 
3.10 -t. OS ..1*. 3.23 
3.75 T 0.2 .2a 6.15 
1.66 -0.C4 .la 7.83 


V/,1. Cr.D7.7ro. Sbarcti 3u.:nn. 
Soutlc: Kio tie Janeiro 3E 


- 0.01 

+u. B OSLO 


• 16 | 1.1 
1 4o i.7 


Jell. -? 

I'.hr rvi Ull.ln*. 
Ill, Kiel - > t 

UClUCll UdflA 

102.5-1.5 lu 1 9 8 


6*1.5 -0.6 4 0 6 

-redili/mih 

1*4 -0.5 11 c .8 

•ve.ni.it 

325 -7.5 Ll : 6.2 

".r^.uiiuit.si -11 

nl! -1 11 98 

-Anrek HviiiiAr.-i 

181 12 a.5 

-ii.irei.mit 1 

87.5 9 ,10.3 


lMiftim lUniie-....' 2-3 1+1 1 11 , . j 

UtedaDbraiic*..- 308 1+3. : lo , 2.4 

IDh l. T 60 l + SJla. 1.0 i 5SSlteST=: 

~7 u.e 495 -2 ’ 11 j!i {j" 1 * 1 

16 4.0 i-hH-t'e-t P.«,'. 1.130 !+10 i c 3.5 uitl h«i ' 

20 a 8 i.Hi., 1 ^ aanvu. ziX 1 12 1 t - 

16 3.7 l,<fci*»»6U«nni... , i 1^1 —1 ; lu 4.1 .\ t 'n bcuu-rtui,, — 

li f'f 7513 Z% ' f'S * 'vlivu* lHierfwVi<m*i 


130 1 + 2 
4B5 —2 


1 lU 3.8 
• 11 i.i 
! c 3.5 
.' 12 1 
! Iu 4.1 
i lu 3.8 


53 ' . j 3 a U 


\n. Dim iliei’*. .. 2U V, 20>t 
A*t. serciw Iim. li* t lai 4 
V;li..n , i. biee'.. . 32 Ij. . 32 1; 

.\ iIxIiim a 8 38 

\vlL 401" 401; 

Ail run- lni|- la»ij ! lai; 

Nw*» tueannt Kl. ala* | 21 Jr. 
U« Musi-iiM Ic», a47g j a4i, 
■t IW* S.-brtl,. 14lfl j la 
-tagiU" >Im,c. ; loai j 104; 
A. I- IlldlWrti'i..; 164, l&i 4 
\..rn>lV\Wn,eni> E’/Sg ! 2/ 
Ai-iin A<*I.U.i«....} 3713 I 38 
Miin P«ij 26** j Zbt2 
sUivkH Air*iula-i '• 24 233; 

MliAiM UMOt-iyi BIS* 20 

Ain.'iibnium—..; lbs, J laia 
!>.vhi,'iii<iil*cir*,i: Bit, ! 20 " 
t'kiiii M*ibrr-.i 3fl 1 3d ' 

• •iiu- Lux'll | 19 18 fo 

««•» --.-I lPlg I 161* 

. lc ei>ft*» 9lll 3*313 j 23 
nwriliO-niiMf...! 60 m 60i® 

ailg | 22 

r* m t."» | ajg, r 2343 

L*;t.,IUv..l 101; 1 19^ 

r**v. v U.._! 2tl* , 

1 *.tV. &i A 3 

Put..-: tlsnnilin. 22 1* 22 

I'.-tv-ii Ini J 211* . 2 ii* 

Pii'. p®-.a u — ^ aas* J 2230 

t'enne, ■l.t..—. 44L I a* 
*•.*..+ ••»• J 29 . 29 

I'rt^Wll/lui; 1 7 1* I 7ig 

I'eiip/e- Ute.— dStg { 351* 
l\lf.i ic-.~ J. 2A3g- } 26ig 


a i >-7ip 


;hi,t. 1'iit l-i’i'i :i - 7t* 

I I’M ; Jbb.b' 

Illli, )■(;:»*■ II»B : JI 

lull. Ii*n-u.i . £B7 r 
lilt*. Mu- A l hens 39‘(l 
MU. Mullu. •***•. : ^1 

IlhHi lhJB 

Inll. IV^t 40IJ 

111.. — . — ; L6a? 

tnt. Iteetirwr-....* 7»sr 

I ill. r«. v Tm 1 291; 

Invent -j VU 

limn Uw4,.. .4 273a, 


7t; ' /i; 

J66.B7 tbt.Oi. 


mit*| TeleJ Wit! 147s I,m-» Uvei ^ 1 ?•{*. 

)LJ>* 6. H BftEa'i Saij |L' InietuatromO.; X|fo | ii|fl 


Peiku* timer IBS* ; 18 Bb 

)'lI — - 33 | 33 

Hi/* ?77| | 27la 

i*u.-n > l*'-iuc.... 194* 20 

(■l.iluilcil hi#* tvli-.J Id J 19 
I'lniil' lii-niis.H! "S7I| ! 67 
l*Luii«|.*b Hiu-i’n. 2 #sb • 271* 
riIM.itry j- 49 , 38 ig 

I'liiH't h-t-w.""' loi* ; 19 

1‘imi'ti E35fl i 23 lg 

P!,*«et Ii- * A Dli> t7Ss 1 171a 

P-'UII.IM ....j 2350 I 24 

l*,*nnitc h ; L I 4 J is 1 g 

|-l*i . liliilllKlllt.. 26 26 

rt,K-ic< tiaiui-ie.. 8iag : ells 
fun ?ervF tieci- fiBjfl -i-% 
Pul in'll’ H5lj [ OB4 j 

l*Mn-> IBI* l 15ifi 

•J inner Itaii *-. Ullg ! 21i0 
HauIiI American..; 6 ] 5’i 

kMih«m ! aOSfl.i 30V 


>aji hern Iim uvii-.! 4Bla 

> ail In.. let... [ 243g 

•S’* "i B«u,-»!iajv'| 241s 

bj#-n% Uutvti 16 

Spe-ty Hmii S 41g 

b.|nlii. 23il 

f-l-ui tii'it Bmn.l- Eb's 
bUi.OIILaiihnnr*' 35ic 
Mil. Mil In-In u*. >5 

0. 1. dll ' t5 

-limn Clieimcai. ; 8i; 
■'li-.iill-; lima ...• 1-4 

blmlc*Blkei -*6 1_ 

S1.1. 38K 

b-in.a-lT-.inl 52/; 

3| llll-t 19 

lociiiuc- i*.i 10 

rei,in.iit* | a5 

irieiivm- ; 6S:> 

!■/■* - a»; 

li-IIO*. i-Slfl 

I'*— .n*. 1 V: r. . Inin, , 

Tcvan* 26 

1. xiuull 1 16) B 

Ii-ui- I, ,-iui 72 

r,t*T OiM «*»..; 301; 
1 i-Mi- in!i,ie~....l iy/Q 

Time III*- a6:« 

Time- Mu»**r...:.J Sals 

F :iui.eii, 47)0 

Inin. .....( 24!* 

'riL-UlMU+ICl* .1 14 

I ■ nil -O' -J 191j 

l inn- L'lll'.ii ' 34 5s 

IrHinngi' lul 1*1., £2>f 
l.„|. IIW.-I All 11!» 

lint.-.Ur. . 27 >e 

In 1. -.nl »Me**li*l . I 19 

I .K.tt ... 28)9 

ti'iiiun' U-i.; JZ>, 

l k) £!•« 

t tnt.O -• 19^; 

Lul .......—..1 21lp 

IOP 1 141; 

l otlerw ' 395? 

L tuk'Vei V V 1 9S)e 

L mon Uan.-n -i- .. 13 

L/iiumi tar*** **•• ••.' 39<* 
L'liuni L-'umnanJ. oi* 
InK-ii till taiii.-i 46 

Liihin Pm-IHc I 451* 

L mr.'t nl ! . “•+ 

i:|llle.| I'OllHl* .-1 ?;» 


43ig j 3ifo 


l .,ci:uu>— .. 

*. IMIU..** • 

L'.MKUlucI -•■is.... 
L mk Ue+iiim 

L- ...1 i/ici 

LwiM'ii ii>ne»... 

u.n.ehliiie* 

l*n*r PMr.’twiro 
Li..'+..nic n hr. '..i. 

r V.: .’i). VI... 

I 

'-e.ifcre, • 

L_ .1 \ei'r. 
H>:, | i/l -. 

is.-e 

:1 i.-.r 

n-.'>i>'.i: tAv Mi l- 
1*-.:. Out 

i :.<v .. 

I".-.*- , IU 


AMSTERDAM 


tin., .it*. j 

InbllF'.-Ol.....-.! 


Source Nlknn Secunnea TnJcyo. 


BRUSSELS/ LUXEMBOURG 

. j.iiv. 1 

Jan. 16 ' Price f + w- r'l*. lY.-i 

I Fr*. — j Nn . 1 


Prliw ; + or Div. ii'i i. 
Fi- — a ■ z 


2.010 j + 60 - i- 


.'.*rifl uiuhcri H’ ■ini'nKft- 

Uikln-ice 

■Jn bean-b 

Piimew L-uiicreip ........ 

Bcekill ,L i.'plninn 

»• >- -'leijh 

> niLbiau.i JIidiou 

1-nllD ,tfl, 

iVnilului. 

A'tMem .tliniiu.- pi'wuin. 
y.-aiiKortht 


- - - ; : rq.t>rx.Imnii*......').+28 1 — 10 60 i 4.2 

04.3 +1,3 ' 24 I 4.6 ueaen . 1 1.7 IS • 112 1 6.B 

-Z.G;^ si.l : — j — t .>:.K. Cemenu— 1.1S3 !— 18 90 1 7.8 


12. 1J -rU.ub 

*r2^o -oTo2 JOHANNESBURG 

.-a. <b 

,2.15 +L.5 . „ M'NES 

• j Anglo Ani'-rican Corpn. . 

'■ Ejsi Drieloutcin 

ll-OE , Elsburc 

to. 16 . ..... Harmony 

Kinross 

il-®* - • * Kloot 

:2-20 .. .. Rust.-nburi Plduouni .... 

i0.si 4 -u.UI ST. Hek-nj 

. J X i Souih Vast 

*1 82 -0.P3 Gold Helds J»A 

I'nion CorMriition 

:1.45 • . ... De Revrs Dc/crrvd 

•j».o0 Slvvorurtnclil 

Ea>: Band Pty . , 

=0.19 • tree Stilt; OeOuM . 

■‘i- Pfoidiut Brand 

i0.93 -J.02 Pr.-Kidi-nt Sion 

*1.1 9 • • •• Stlilontc.-n 

*1.66 -0.03 Welk'om 

Wot Drulcoiein 

Western Htaldiues ... . 
Western Dun 


— 2.t 1-77 ' 7.5 PARIS 
j — S3 [430 [ 7.1 


tkikjiWert'inlFi.iOj 121.5+1.3 
I rulinii rellerodfll 67.8+0.2 


PubriqurNu. :+.-.70 170 ! 6.7 , ^ I + ■' 

..L.luim-Lm 1.850 25 130 I 7.0 Jw,n -* — 

UevHcrt l.« 30 1 + 4 80 | 6.5 . ZT7 7 

H.y«,Leo_ — 2.64J : _160ia.6 ' ur,,,r 4 r 259 

i/ilepuin 1.825 -15 142:7 8 Ainqu. Ojc-i.i’1 h 296 -1 

a 1 ... 1 .ju.,,, Ai 1 Uuunib. ........ *.40 ^-a 


p'+rei 254' +2]5 121 I Ui ri.0-.liM_ _ : 2.64J j.....™ 160 | a.g 

Kiuiin >.V.l<ouer| 125.5+0.2 daS.bj 4.6 micvuin 1.825 ,-15 142 : 7 8 

I-.iii.A-.infsi Ki-10' -6, ' '9 4.c d. < 1* ieilieU«nk....... 6. 1 a J 1265 1 4.U 


**.'lUr*rai.ic>tP.vi 39.5 — J.3 ; 22 3.5 Ln KoyaJe beluc.!5 220 

ili'.nuh+n - r .rSi.e 104.8*9 -• -.8 14 ; 3.~ ,*'ii» Uol.lm-* i3.- • • 

.:•* "-veiii-r I3p;j_ *6 +0.3 l<J.2s. 7.9 •Vlrr;iin« b.730 


1 d-iiitei D. (F.Uu) 
. H , . Hen inn 


+3.4+W.2 
1 + -0 7 


j 1 >v lien Ouiiiib- ,';.'i50 !+a lou - t>.s ,v n t ®nn’”l S' 

3 1 w tS**n Uel-jiqu^: 1.865 1 133(7.2 ‘^ f ' ur ‘-“ffi 

^.11-1-. .: [;.s4o 1 3J6 rfv 11 -:;— -4 

—cay :c.455 -5 A Ou! 8.2 Vii-T* 


- 50 5J5 I a.v 

1 * -b a.- 

;+5j 1174 H 6 
1+6 180 1 6.9 


A . 41111 a me..— 

•iC - 

■mveiun 

'■N (Jenm... 


*i LM iHI-.ui : 126.7— U.8 - 


31 +r \l> a 
• HH. lel, lKl*«J)..-f 


4.J.2.- .1 
a9 +0.3 


.ML.Neiilna.fKL.A.i 101.3 +*/.2 46.2 4.5 
.’•MLnjiUM* IP1+ • 51 — J.4, 20 , 7-8 


' b l ntL'iimi Uiacu. .. '2.-455 j— 15 1162 : 6 6 

S 5 i-i-i) 9,6 — 44 1 - 1 - 

7 '^; -. ii. Min. Mil* — • ,26 4 6 + 8 3 

a 6 l it-ule M/imaeiu- 1 1.342 1 llJO 7.4 


16 /b 1 ISn: 

72 I 71 
30!: ; 5+ 
lyjo IB;. 
a6:«, I 36!i 


5„ — . bit 

IB;. ii -'J--- .tr'- l/a‘._ 11 

36:J J n r‘j p.-.+ i+af la)* 

Eysi !*»*"»*».. 131; 

;j]. ' ia-Ulla'IXlUV'K) ik 

OO To L.-.OJ. ■•+*. 3.45 

]j;, 5,.-'aii-'‘ti u.nrei.- 161; 

jgi* 'iisict lcr.iu.ni Is 

1^ t: laryn- P'rr-ue 223j 

221; ,w..*r,u.„... 2t !j 

Hi] .tj.-u,-* jliu>_. 21;*, 

27 1* A '•* 11 i-Her.i ... 17-\ 

Nlntk. liuixvn^-. -5!; 

, B . >0+ U.- 1 Lei- 16 

Kin’s 4.90 

gj * a*u..u.- v+.jiw 1. 2.00 

;’iu ■ Ik-Past rv cun 4S; 

fi vmi. Pet'ii! -23+ 

I »:.iu TlnJ! 

I f*-v;*.e> u«|4. 9- r- 30 

I’e./Ostm.. 095 

**.7 flacei lie ve-i ifijr.l IBJ? 

“’ft* lun 

a £' ! I9fc* ♦!-!; 

™. i/u**+- 9nrrse**n 1.30 

■* 3 -' b.urllH H7U 


T^i.JIiUHi.iKilaCl IcOJto — j!s ! 20 3.6 ( Vl < >tllf Mt inugnr 1 1.34 
.-ue lk .4.1) 133.8 +0.3 ; V34 1 4.- ( 

« «o C’mmflOi. — j 143 _Q. 3 a | 5.6: SWITZERLAND ® 

f.fch.«..,F+9J)-! 46-2 +1.4 2i i 9.! svri 1 

Pbi-lp* ,p .98 — 1 +-6 ’+ 4; 16 '6.2 r-p- 

lOjnBdiVerKi.lOC; 65 -0.3 - I - i„ « , ^ 

-Jw ,P..bd) — !. U 6 .I - 0.6 7.6 Jan- - Fn 

K.I Ih.11 <F:.a0). i ns.e -r 0-3 *— — 

il^l'iotMlPUtt! 126.7- +0.4 Aaj ! v!b 

i.+en pfc.- H'llsB.; go ^ I u .8 iVL Z 9 

uiilerenr lil.5 -0.8 'Aai-t 6.9 , « 

i.mi.clJe>.IUl.»I: J 3.2 — 0.6 ; Zo '1.1 ,lf| 

It +i inocim. Hmk| 409.5 --0 9 32 3.9 7% 


Aluminium— .... 1,395 ' + 15 6| 2.3 

L.BL--A*..- '1.685 ,-5 Iu . 2.9 

,l«iaOe>it>lPr.lttt! 1.130 .+20 22 2.1 

Un. Pf.Uert*...i 895 i+lO 1 22 ' 2 4 

U. fa lieu ; 6.8 +7- J 22 \ 4.1 

re*lil suUw 2,330 '4 65 ; 1G . a 4 

{— IU I 10 2.9 

Fis. ber (Qecave/.. 760 [+10 I s ' a. 3 
Hoi I HMD Pl.C«01>- 89.UO0I + 1000| a50i U.O 


IJO 1 ?^ t' 1 *™*" U"*e : 71.01 + 1 

— 7.4 t i naleJ ._ 

;l.r«mlai. s4 ,_I 

Jlen.tkxdlenlnie 17/tt-Q 

J liuetai— — 50.3—0 

+*pr Un.rV / J-wquu boreL— . 90 ... . 

— % \ t Uiarae. ’,59 — 1 

j L'DreaL • 485 — 1 

I LeurumJ... 1.161 —2 

+ 15 6 | 2.3 H vwmi-- I’benix.. 640 - d 

-5 lu 2.9 .4i neuu i.*.52 — l 

+20 22 2.1 tl«g Hennmv... r.17 -l 

+ 10 22 ' 2 4 JUniuiwt: :l31.a nj _ 1 

+ ?■ [ iu ; 4.1 P-nl** - 136.6*1- + 1 


INDUSTRIALS 

'rii*. ' + ■«, T)tv". Y .* AECI 

rs. ( Anilo-Amvr. Inuiii'J’ul . . 

■ — barlo.v Rabd 

90 —11 +i . t CXA lotevunen:* 

•96 -1 21. b 7 2 Curne f inane, 

40 +3 lu.© 6.9 ®v Beers Indusirijl . . 

309 1+0 1 24 , , ECUars Dinwl-daud In - .. . 

490 b u.lt 3 Edgars S.ior-1 .. 

a49 ■ - 5 4 , .. q. 2 f“d*T4k- VuWisbe isa,HK4 . 

•>25.5 -0.5 37. d'gl Cr atermj/.t Sioret 

:00 l.e 6u S.o <i“ 4r<, 'Ji -Mwar+acc \k • 

S3 ,4 d/.,;ilO • 

■l-» -6 31.7 ,.i J-TA 

*15«* . 12 5^ „ 

22.2 -3.3 6.3 2.0 'i K • 

>4.6 -0.3 ll.no 6 ■ "• 

-i oi . i n 9 s q Prvlorii L'.Wip. . .. ... . .. 

38 A .‘is Protej Hold::,-' 

...l 1 e j a* i*. ,e r, F.ttd Pl'iPrni''* . . 

7 7 s- 0.2 6*2!) .7 Hrmbrandf Crc-ur ... . 

Re ICO 

50.3 — 0.7 | s-Zii 10.4 Sase Hollir-j- 

0O 1 — - SAP PI 

39 -1 le./7 12. 1 C. C. 5m.'b Sup+r . . . 

85 —1 'lo.sS' Son c 

61 -27 al.sb 2 6 SA Bret -.fit • . 

40 -d , 39.- 6 2 i Twer and >j:. M,I!a 

52 —13 ;3:.Sa 3.1 j Dn.'Se? 


■■G.h ^53 ,4 2/., .110 

A'uau-L SLj • — 6 ji.) ,.i 

- ie baiKaure- 2 15a*! • 12 5.5 

iui- Meaner 322.2.-3.3 6.5 ; 2.0 

"roiit 4.7*11, Fr'rjp. 1 1.4.6 —0.6 H .110 6 

rensoi Lenrc ; ; 1.8! +1.7 12 25.2 

'“me:. 438 ,9 le.ah 6 

.'.n*r4a. »4 - + 1.5 14. hi 15.0 

• en.Ocd- lent ale 177s -0.2 6.2i -7 


Rjiul 

r..ir 

12.10 

< 1 4.1 

+ur- 

P.lo 

-0.H.1 

i rj 

Ul 1- . 

I.'i.bA 

1 tu>-. 

v.:ir. 

— ll.tlA 

a 

4.V. 

“II..' j 


-11.0.1 

i> 11 , » 

— O.lu 


— n ,a 

-<v 


t>. 

ir. *,0 

- 11..-.11 

j.ot 

— 11 .; 4 

J i** 

-«.vi 

M .'.I* 

- ,i.1 i 

; .‘3 i>i 

J U.'J.t 

2+f*e 

TlUll 


— 11 .nr. 
-u.u. 

• i.i.t 

0 5i 
•i.ti 

-o.O! , 



-0 nt 

..-J M 

- il ."nl 

t ofl 

j ii.,,; 

ii» 

: :« 

:• 1 : 

— 0.113 

> : 1 ’• 

-n m . 


+ 11 .rj 


xO.lla ' 


16 . a 4 Pubiue.t - 67 +0.2 

10 2.9 Pemai-Kj.-ih.ni.. 186u + 3.9 
a , a.3 PeuiiWJi-L’II naen.. i6.*.2 +u.2 
>50i U.D *'««'*! u 08.8— 8 


-J 1 i i®-*- j Seuuri: 

+ 1 l}.ib 14.7 I 

+ 0.2 7^11.2 

+ 3.9 • 12 . 6.3 SPAIN 9 
+ U.2 lo P.8 1 


Securities Rand U.S.SC.77 ] 


COPENHAGEN 4* 


+ ur Div. 1 ',i. 
— A ' 


Keg— d.310 i + 35 ladM' 4.7 


JZM j 


l , .11-1 I'+IHl, -I 7iy I 7*e 
L-nlf.t V'-fp I lO 3 * ' H-'j; 

Li Ltiiii",; 26-'* i 26lj 

L'S. (rei .uiu 1 211; l Zllj 

Un.»ioe - 22 : 21 : : 

LXMArl • -'ZM j &i>i 

l.livuiiv'un., -21; *£>:* 

It lb>4 j 131; 

Virg!“t+ I'lei ...I *4 i H|, 
WhIorwIi... . ..( lfrfp i 16 '4 
VVarm-r+JJiiniu .j !• !( ; sj 
VV itriiui -Lamlier! i *71; * 26); 
AViiHii'.Mau'inciti 181, lb 

ttv:vp*m.i- .. | 241- 
Wnurn IbiriT+vj IOl] ‘ +0 
Wi+utji M. .Ann.-*- 24 In I 24 
K'nlrrn I'liHKi... 1 16 vf { 161; 
At\+i indi?c Klccll !8'i | 17!; 

Wnbyn B6ij - 71 

IVijt eflm«mapr. _ .f 245; : 24 !j 
"'btrljiout. 2 l*£ • 2C5« 

White Coo. lod. J 205+ J 2Ci* 

WlUUuCOh I . 18s> 

W'—iriTi KUu+I ^8^ 


*5? ) : ~t»« 


I i:-w e». Cwi. 

; lruM— ...; 


•■fi-rb'^Micei ci 2 et; 

;i*i..,5i^ — +3 • 4+ij 

Isih 16!y 

■ViHiinU. 31 HK>n + 40 +,4.1 

j’;* *4 t* a * 

16 '« P.--B.-V.U5 <85 - 7- 

-liiriu niartB,.. ;2!* • ;2r? 

*® >a T.s-t: iiiva Iron... a 40 c.aO 

". inw-uuai.'* — ; 8;, ;8is 

44*5 i rviU.Il. nu.rfc,, loTg IT 

“V inn.- <.*>iPti«Lr> 15 15 

it'iiu 0:;. 9 9 

{»:* Iliac .... il.Ja Si U 

- i.nA-11/jgi 1 ■’ 10 

*cT Writer Hinjei— eS'j -8 : ; 

24:; W‘^*t C'-aas! Tre» • aZU 

2u 5« IVemuue,-— — 131; ' 1 35g 

2Cae 

Ante red. t Btfl z AsEcO. 

Mosk. 


.V,oJt+i<*useu | 159 ... ... 

-lurru'itLrW +• 420 in 

JaUB/LC until*— ....! ' 129 >( 

ami .t«ui!i. L'«_ 2421;'+ u 

/nihiiBiMnaen-...; 115*4' — 

ror.dryggener-. .329 1 

r .i.l’afrtt ....»— .1 80 U 

bn aJelBimnb 1 1321; 

■.->'ih‘n H.(Km>! 251 

t mi hr be — — : 256!; lj 

U-ielabrlh— — J 891 a,. l“l, 

■‘nm/Bitt — ..... 1551; _ ! 4 

’uulnub-... ' 1421;! 

^*im. htmiItm.' 370 
■nr+no; — • - IB31-, ^ 1, ’ 


VIENNA 


> t i.ien,ltCH|.H.,F.4>.i | a.440 
— j Ptreiii 6IP.-P.1A/ j 285 
t . 7 MDdoz-tPr. ran.. ,4,000 


*M-A7 1.580 -IS - id i.3 ' Ea , u . 0 r.ner//! 

14 : a. 1 ’ uer - 1.5 25 J 17.6 Earco lir.uiuda 

is i e.z JSSSTT 1 '®:; . fS2 ~ 2 'i-? »**« awm 

26 1.0 "wm 0 onBpw.il.* 125 -l l«.|S 12.1 Qumo bid. Cal 


3.6 d.a, phrt^ens..; 490 j+10 1 26 ! 2.7 ?! -0.5. - - 

B.a ] rebmdierL'taPllX: 305 + 3 I B ! 1.5 


2561, l; 
691 a,. .11, 
135 >2 _i 4 
142 !j; 


Id 6.ti -Ju rer «UUJ'.U*;.[ 370 1+ 4 1 14 1.8 crnryuni u 

13 '11.3 -wisaalr iPJfiOl... 1 835 1+13 ltf.67? 3.6 I STOCKHOLM 

15S 3 6 ; wire Bant iP.lOC'. 4ia«Jj+14' ID . d.4 

o ,10.0 -*tt iv. (Ka.FjOui..:5.000 L 40 ■ 2.0 

11 • 0.0 Lnum bona 3,340 + 45 j dO 1 3-0 


Lnum bana 3,340 


i'no, +>*t 

Kiiiuh _ 


4.3 ...11.600 j— 150[ 40 j 1.7 Ali AAl ihr> , 

! J 1 1 A H UnuiiK 

“ I A'sfcA . fcj-.iui. 

! MILAN .\P4*Ugp«>(Ur 

>•3 I •!! ermt 


12 

12 6.2 ’ 


+ ur :Uiv.,Ylil. 
- 1 Lire, f 


Ala LamixKnj la4 

A -5 LA , K>.50i | 98 

■VPneUqpcodvr.fr 125 

ii eru.i 1 84 

ooton 1^3 

cardo. 405 

vMiuiow— 207 


Am. I 12G —2.5 ; — — -Hi* •bah.iv. 

A.i^rtbi Amw.....I1,uOD ;—e0 ; 1Z0 J8.0 >«owi«*u , iKi t M • 


•4+..-I- ] 408 ,+ 2.5! 

I Flu...- -,..l.b35 -10; 

Dn. 1‘nw ;i.S35 . — 11 1 


— ; - K*wn*-“B‘ 1 230 -5 

ISO: 7.7 iVierwa,.. 67 -S 

150, 9.7 ii range; -Iree!.... 54.5 •* 2 


[ Kiflit ■» BO.20 —O.25. — ; — riamfoishEiikeii _ ; 269 

I iuuetememt.....-,ilu^50 160| 200. 1.9 Maraimu- I2S 


I IUi»tiler.._ 


.icdnamtu, • 3S0 ' lu 4.9 jlp'rfianjn-. 

■Wimrn-iiier £65 «9 IJS.4 0anie*iLon.... 

-eircm 677 .-1 , 4B ! 6.3 Diiielti Prlr .. 

iwnfwrli •- 91 ,-B ! - Piresn&C. 

>tovr Daimler.-.. 105 • 1 »7 . 3.6 Pirelli 

felt Macngdl — ! 228 14 | 6,2 bale Vtw-nMi... 


_ _ j Ain IA^i IjCiUtiv"! 


lo.ts 12.1 j rianco Lid. Cal it. 11111: 
— — | h. Ind. McdU-rraiicu . 

j Ranee, Pnpula’ .. .. 

, Bonce Santander ■ AtO 

| Banco L'milio <10i)0 

lire ■ 1.7 I B “ nco VDcave 

, , ■ ; I.anco Zaracozano .. 

ur - • | Bankunmn 

'7', Banus .Aiidaluc/a .. . 

a-e . -Babcock Wilcox 

? a o Draaados 

c'L o'? E - I- Aragom-fcis .. .. 

,6-» 0.1 Esppboip :5ini 

4 3-a j Expl. Bio Time - 

12 o.U , 1‘enosj •l.W'i* 

Lj 4.8|c;aL Pr.-c:sdos . ... 

3.6 +.3 | Ctuiio Velrtwucc '-inn 

a 4.71 llidrni-j 

8 3.5 ! Ib-nfne-o 

a 9. l U , »m5fiar.if 

_ _ • r *Iarra 

14. -| 5 g i Past-Ii-ro!. Kv'ttnidji 
a fl s j Penol'Lcr ... .. . .. 


lu £.9 J ;lpis0iaa«— ....J31.3B0 — 80 I1200 1 3.6 smwtvtk A.H *23 .[,5 g'.j* 


-1 <9 13.4 Mont e*il>on 144 — 2 j *— — ).k.F. -3 Kk - 

.48 1 6.3 Dtlietlf Erie 765 ^+4 I — . — a'knnrl KmibiMi,,.,; 

’ — : - Pirelli & C a.020 J [ 110; 5.5 Dwirtik 'B KrtU.i 

»7 . 3.6 Pirelli ripe... 1 1.025 6 8 O 1 7.8 L'drteljoim J 

.. 14 | 6 .B 6 ale ViewiMi.— ...I 446 i+l_.5| — 1 ++ Volvn iKr. 6 qL...! 


Volvn (Kr. 60V_...! 


72 -2 • 

134 -1 
87 -5 

44.5 

72 —2.5 . 


9 6 XIB — 

.y.Surm Pajad-.-ra -*-3:25 ! 

6 ; 3 ! SulM-.. M^O _ o jg 5 

c n I 125 _ 

*■** , Tchfonjsa 8S _ 

_ [Tairas Hos'ench . 1E8 _ 

8 . 3 1 SSS£^.,_ « ~ 0 .sa' 


P'-ru-M. 

10 s — 

254 — 

21* - 9 

Ml — * 

260 — 

260 — 

160 — 

231 — 

I7fl “l 

122 . — 

206 — 

318 — 2 

224 - 4 

202 — 

295 — 

1J3 — 

237 — 

29 - 2 

123 — 

225 - 2 

55 + 2 . 

101 — 

IhLaffl + 0.25 

7CL50 — BJ3 

108 — 

165 — 

74.75 - 1 

86 — 

126 — 

G7 - 2 

58JO + oca 

139 — 


I’niflo Elec. 



Financial Times Thursday Januar y 26 1978 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 



EUROBONDS 


Citicorp 
opts for 
Australian 
dollar 


Landis and Gyr recovery 

BY JOHN WICKS ZURICH. Jan. 25- 

A MARKED improvement in been reduced to 6. per cent and a gratifying- contribution to the 
business is announced for the no drawing rights were issued, overall improvement orders re- 
past vear hv Swiss-based elec- Total profits for 1977 are now ceived during the year went up 
irical engineering concern, put at some Sw.Frs.41m., or at 22 per cent to Sw.FrsJ.12bn. 

Landis and Gyr. In a letter to about the same level as for 1974. and actual production by 21 per 
shareholders, parent company This represents a yield of 6.3 per cent, to a value of SwJFrsJjOTbn. 

Landis and Gyr AG. of Zug. says cent, on equity and 3.8 per cent. The sharpest rise — one of 84 
that I97rs favourable results of production value, which the per cent — was • in cash-flow. 

will permit an increase of divi- Board says is still insufficient In Including Duncan’s results, this PASS'S ** ac *“ re rest tfce com- ^ltiaUy made^ fully point Whether they have to taafcf 

dend to 10 per cent., as well as an international interest frame was up from Sw.FnOS.Sm. in CITICORP yesterday launched the New York Stock Estop pauy for the equivalent takeover ^ offers are maw * v {^disclosure, 

the issue of drawing rights for work for the retention of com- 1975 and SwJrs.54.7m. in-1976 an AS15xn. issue as part of as wdl as in 4he panoply of State another $600m. . to all AadMddm. mutt oe w ^ r_W 

nu ... ......k ;.*■ , ratio of 115 uetitive ability." Efforts are to SwJrsJOlm. last year. This a long term plan to extend and Federal takeover laws httmr- Already this week, lawsuits open for 10 days an® j" Clearly the Sun Com^iy« 

This marks a return to the therefore being made tD bring is more than the pre-recession the maturities of its non-U .S. ing the U.S. business scene. have been filed chanting that equaHy to all shareholders o ^ Bec|Qn Dickinson caso is taifiaj 


By Mary Campbell 


AMERICAN NEWS i £ 

Battle erupts over Sun-Becton bid 

NEW YOllR-jaa.- SS.-^- 

. BY STCWART MflNG f Beetto* 

TWO SUITS were filed to-day ‘the thirteenth largest U.S. of the New IJrk Storif Exchaige 

challenging one of the most un- company, suddenly disclosed -that a* required by 5 —r cent, required for 

orthodox takeover attempts winch P* 1 .Was the -ippumvented? closure. Since bank Unfit deparfc 

Wall Street ha. reeate several “g® for *&5£l £ pn»: meet, are 

years. The deal thrMtensto ex- ssMm. .and was probably ‘ready cipally the owwrs it is a raoet 

pose weaknesses to the nties of to acquire the rest of the com- initially to l96s - f ul?v S2St whether they have to sn!5- 

the New York Stock Excuse pastor the equivalent ^.takeover offers jje joade *uHy : **."** 

as well as in the panoply of State another $600m, to all shareholders, must be kep this ai c . 

and Federal takeover laws litter- Already this week, lawsuits ooen for 10 days ana op« ciourlv the Son Company-. ; 


SI “ . 


profits J “ "Sr” • an indicated coupon of 10* t*r in delate !«* Bectoa ihrelf is fight- »$***£ ^Vove 1* ftr from dear 

the 12 per cent, dividend which In the business year -1977, The production value is said cent on a tre JW "?*?*’’ to protect companies and their HwE+P* * e T ^? P *aSove? offer even though tatipn of the lau* « .«» 

had been distributed every year group turnover was up 14 per to have increased faster than with a bondholders* option to shareholders from what became atxi tosition of t he 34 per cenL ■u^^MnL holding under deal is ‘ 
from 1965 until and including cenL to $wJrs.l.OSbn., or if the labour costs, due to a better use extend for a further five years. ^ “Saturday night stake ’ eanjed out m intense toe 34 per cen ch ^ rter is ro0S t aggressive ,J**JJ{* . Mb v 

1974. In toe groups difficult acquisition of the U.S. meters of available capacities, while The lead managers for the specials "—corporate^ takeover 2* £?« 5S2ih to^Scka rival bid. As for years involving 

period ihere was a group loss manufacturer Duncan is ex- systematic cost control, the re- issue are Fust Boston (Europe), raids which swept 1 control of a--£S£ lim -{2!S2!??. New Yor” corporate lawyer panies as opposed to^ e ^RhUy 

of Sw.Frs.34 Jim. for 1975 and a eluded, by 5 per cent, to SwJrs. duction of bank loans and the Banque Nationals de pans and company away from its share- °°? i!to-dav “Ifyou can do less sedate go-go 

marginal profit of swJto.Un. to 95Sm. Inclding Duncan,’ which decline in interest rates also had Kuwait Investment Go. holderein a matter of hours. .££?*?■ thev hSe done, tfiere Is a and trill be used astafcjM 

toe foil owin 2 vear— dividend had toe Swiss parent says has made a positive effect 0 a results- There are two particularly „ ..... _ ,*5?LE williams Act” dence by those who feel.fljat 


one New 


e* LH jesS 


do less sedate go-go conglomerates 


toe following year-dividend had the Swiss parent says b as made a positive effect on results. ™ere are two ^Particularly ^ ^ ^ dod£ . * SaiffMSSiJta a^atte? Wg hole in the Williams Act; 


HAL results 
worse than 
expected 


Modest Aral sales rise 


BY GUY HAWT1N FRANKFURT, Jan. 25. towards external capital ra isin g 

3ftiyi tipc 

ARAL. West Germany’s largest improve earnings in toe diesel _ ’ Anstralian dollar 

petrol filling-station operator, saw oil market, said Aral. At toe same ™ Jj? hav^^^mnaS 
kales too DMIObn. for the first time, the whole of its fuel oil “ su “ ?c l iL e + t“ 


FRANKFURT, Jan. 25. 


rfAiSSnr Mn Mta tn the isstuL “ e dods seemed to stitutional Investors in a matter big hole in toe w imams ^ U"n S mercer wave whlcbW 

SKdSfliSJStfi nftoe have been turned back to those of days beginning a week ago. .Finally what about the ijsti* Mo w m ergo 

iiitar boisterous days of the congtom- last^oudayBut the transactions tutlons who sold, oueofwhora tinues unabaien, gc 
nd m t he ® ate nreoia-wheni Sun Company, were not put through toe floor report edly had m its bank trust hand. 1- . ' • 

second Citicorp's general policy _ n _ ’■ 

“S^rtr r BetWehem Steel in the red 0 " ll ,w,. 

issues that have been arranged /*llfC VlGrCIT 

in the last 18 months are both NEW YORK. Jan. 25. VllW ITAViVU, 


Bethlehem Steel in the red 


NEW YORK, Jan. 25. 


sales top ubuudu. ior me nrsL uu«e. uie wi in thp ]art ic months are both . NEW YORI 

time last year. Growth, however, busme&s has been considerably “ JJe last g^montos ags oom .. XUIU . 

could hardly be d^rribed as affected by toe b^los^ m toe J ^ f^ 0t be ^ w par . A LOSS of S10J27 a share for S750m. resulting from a plan to and other costs a^ociatedwito 

spectacular as sales rose by only They offered 10 per cent toe full year was announced by close down certain steelmaking reduction of capacity of SlOOm. ^ 


By Charles Batchelor time last year. Growth, however, business has been considerably 

AMSTERDAM Jan n 5 could hardly be described as affected by toe high losses in the 

HOLLAND AM ERIKA liin spectacular as sales rose by only mtoeral oil • ^ - offered 10 per cent th e fun year was announced by close down certain steelmaking reducuoo oi 

i H VL i said ii made a losT of 1 SS* S ov^nacftv i^ tK wSt koupons. In addition to the more Bethlehem Steel Corporation, and related facilities and by a Bethlehem bas been the inwt 
i hal i ^id It made a toss oi | nVQ Qhn DMio.3bn_ of which able overcapacity iq toe West I generous coupon, a further against a profit of $3.85 pre- pre-tax charge of $41m. reflecting determined of U.S. steelmakers 


ml're 1 \ht d “a«° SreVoU ““SSSJSrttof ^“of C °ttS%5»p ni SS JESS? *• *'*“ * *** ^ TtS^£nHr SSSna MERCK and company add 

Wawa -u, oA£ lte BaftSS ^ 


earnings 

RAHWAY, NJ-, Jan. 25. 


ancc of its Irish shipyard sub- There w £ s uttie wrong with operates some 6^00 ' filling ‘‘SSCST'tad SSw Over toe Tart twelve months, the earnings by $40m. piHBBm 

sidiary Ross Lompanj. This d eraant j f or the concern’s stations, has cause for satisfac- which re tire P ap tT 10 per profit of $l6SbL*on sales of “^Witoont those charges." group has cut its workforce by the fimti quarter and 

means, ‘bat ^AL^ which paid Qllnaral 0l i products— volume tion on its retailing side: fitong cent of the Sue to P ea?h of toe ?5.43,bn. compared with $5-30bn. Bethlehen said. w the loss bSore-fbout one^ighth and its sti** year 19. i. "P*** 1 }**^ 
rf.l “ Ie s ^ e,,r «P by 6 per cent, station sales of petrol rose by 6 _ f . . ... For fourth quarter, Beth- taxes on income to 1977 would making capacity by one-tenth. _ effect of 1- wots per flharo 


There was little wrong with operates 


rm. pi, mn chart* . ”” . — 7. — , — : T .7 . cent. 01 the issue in eacn OI tne comparea vun njuud. cemienran eara, me iuas uuuul -- — -l. . — rw*r ahonv 

1 fa-K FIs. iOO nominal share Mles H . e ,, r lip by fi per cent, station sales of petrol rose by 6 ^ fQur . i ts Ufe. For toe fourth quarter, Beth- taxes on income to 1977 would making capacity by one-lento. effect of 1«* cento per sharo 

in 19ib after three >ears with- f rora 9.7m. to 10.2m. -tonnes. But, per cent, while diesel oil sales _■ ,• . ^ _ lehem disclosed net eamlncs of have been 5120.2m. The set loss The cutbacks have left Beth- coming in the fourth quarter. 

out a dividend, will again not as concern indicated in June rose by a good 5 per cent Over- Citicorp s intention in raising pgnts a share against 91 cents would haw been 518 7m ” * lehem facing heavy costs both in The company reported fourth 
able 10 pay a dividend for 19* | ast year, earnings took a pound- all, the concern fully maintained Total net ^ earnings^ were^lsSml The yei ios includes pre-tax toe form of cash payments now quarter earnings from con- 

iS*»3ehh. , * m ,n * sUtement isL.*™. «•.■*??? ***>*■ sasas.** ‘SK? w of a»» .!»«. s sups 


iu Rotterdam. 

This result is wurse than HAL 


; 1975's DM 19.3m. to DM2S.4m. Aral has also done well abroad. 

Behind the earnings decline About 2,360 filling stations in 


Aral has also done well abroad. SgJ2^ lh “SL 8*5S 8 jS.£S«lS». 
hour 9 am fliiinp cations in Changes in _ the value of toe 


‘cjuil ta nuiac lubii m.mj “*,*:““* ■" AnetruHan Hnllar- /oil normonts Bethlehem Steel Said 1977 TC- related Closedowns cusis os uuuuuucu 

was expecting last September, lies a story of -hard competition, neighbouring countries carry salts were materially adversely S483HL, write-off of facilities— over Slbn. 

when it forecast it would about According to to-days preliminary Aral fuel and filling station ^ >^ue win oe maoe m affected b a pre4a3r charge of net of estimated salvage— $167m. Agencies 
break oven in toe second halt reoort. the average petrol price demand rose by S per cent- com- ttouars, dot tne numoer ot * i • 

of 1977 after making a net loss for 1977 was the Same at the pared with 1976s performance. *£-». dollars pmdwLU depend on ; — * : 

,.r Flc i n ihn fir«t civ year’s end as at its besinnine. In volume terms. Aral’s overseas me u.o-/ Australian aouar • - 


gaiNM uiwiuc w» yiwui. turn u* -g-“ T 7 1 * , _ r-c 

includes employment- future. The company has a total per share, up from *5 cents, cn 
close-downs costs of unfounded pension liability of sales of S-Wo.Ohl, u P 


of FIs. 5.2m. in the first six year’s end as at its beginning. In volume terms, Aral’s overseas u.&:/ Australian aouar 

months, li made a net profit of In the second half of the year business rose by 5 per cent, exchange rate at each payment 

Fls.Sni. un sales of Fis.469m. in prices fell by six pfennigs a compared with the previous year aare.i. 

the w holt.- of 1978. litre. to about 740.000 tonnes of A spokesman for Citicorp said 

\ccnrdin" r„ -nrnvicinnal It was also impossible to mineral oil products. 


General Foods predicts upturn 


S401.Sra. For the year operating 
earnings were S3.67. up from 
$3.39. Sates were tLTStan* up 
from $1.56bn. 

Merck said 1977 earnings tt*cre 
aided by the higher sales and 
improved operating efficiency. 
Reuter 


WHITE PLAINS, Jan. 25. 


Aircraft group write-offs 


the u hole of 1976. litre. to about 740.000 tonnes of A spokesman for Citicorp said w v v ^ Jtr Reuter 

\ccordin« m provisional It was also impossible to mineral oil products. yesterday that the decision to T 

M^.wJShSl SSTMili^'SSSfS^K • nim.,i< in 

hy Ross and book losses From - ™ toe bank hal GENERAL FOODS Corporation formance of its U.S. coffee pro- caused by lower international ^ U P UI3 . 

the sale of the company in . . Pj »» mad _ in Australia. However said. despite toe uncertainty of ducts in the third quarter was earnings u as well as their mix.’ friicfoncliin 

December accounted for FIs. 18m. AirCrfllt STOIIP WritC™OllS Citicorp does have sizeable assets the world coffee situation “it is “somewhat improved over “While there has been some irUSiCCSDip 

HAL sold Ross to a private r denominated in Australian likely ” that fourth quarter earlier expectations" and non- recent improvement in coffee By Robert Gibbens 

Dutch businessman who it de- AMSTERDAM, Jan. 25. dollars earnings will be up from a year coffee product in both toe U.S. volumes in the U.S., coffee MONTREAL, Jan. 25. 

ihned to name. It fully wrote Din *CH division of the government has demanded that Citicorp’s lengthening of the ®*°* abroad “continued their volumes overseas, particularly in THE ONLY French Canadian* 

off too yard in it* 19<< accounts. Fokker-VFW aircraft group said these losses he directly charged maturities of its non-U S dollar General Foods reported earn- strong earnfngs contribution. : Europe, continue to be dis- owned department store group in 
Apart from the considerable the book value of ils participa- against free reserves. liabilities started about three ines for ^ a>ird quarter ended Nine month earnings, the com- appointing.” General Foods said. Montreal. Dupuis Frores, is in 

loss by the special transport tion in Zentralgesellschaft VFW- The Dutch aircraft company eyears ago. wath a floating rate December 31. of $38fim. or 77 Pa^Y said, were hurt by lower Meanwhile Consolidated Foods financial difficulties and its assets 

division, including the Ross yard, Fokker Duesseldorf holding said the losses passed on to -it in funding on the’ French franc eeuts per share on sales of c ° ffee . volumes worldwide ana Corporation announced second are being put in the hands of a 
Ihe result of the tourism division company will be cut by DM75m. 1977 owing to cancellation of the " 

v.as also lower than in 1976. 1 as a result «F a write-off of the VFW 614 short-haul let at toe 


AMSTERDAM, Jan. 25. 


Dupuis in 
trusteeship 

By Robert Gibbons 

MONTREAL, Jan. 25. 


However, trading operations iin- latter’s free reserves. end of last year will also have to ''"within toe last month Citi- and sales of $1 JOfan. earnings "totalled"' 822.3m.' com- a year and ite downtown store for 

proved, partly due to new acqui- Dutch Fokker said the esti- be met from its reserves. It added corp h as rai5e ^ a SwFrsli30m Nine month earnings were pared with S20J2m. and sates several generations has been a 

scions. mated DMl50m. accumulated toat neither of the holding com- j, ond j t - e ‘ tha : S117.7m. or $2.36 per share, down were $752.9m. against $703.4m. symbol for the French popula- 
te October HAL announced it losses from cancellation of toe panies in the German-Dutch link- although Citicorp does not have from S134 ^ m - or S2.70. Sales .Jo?*? performing particularly Six parsings are $1 53 a 11011 of Montreal. However, fur 

had agreed the acquisition of VFW 614 jet project and reorgan- up will receive a dividend from „„ firm immediate plans to were S3 - 82bn ’ U P from 53.45bn. . . fh -_, share against $1.39 and fully the P ast , fiv p >' ear * ll hu ? 

52! 52“ ? ^ 2=!^ -SJLiS raise funds on any other markets, „The company earned. $42Bm. or qulfter ?aH bltore SS diluted $1.48..ag a inst SU5. Net “S.J MSeS ° f SeTCral 


end of last year will also have to within the last- month. Citi . “d sales of Sl^Ofan. 


second are being put in the hands of a 
cents trustee, toe General Trust of 
F. Net Canada: Dupuis does over SC30ni. 


Notice of Redemption 


Transocean Gulf Oil Company 

8 % Guaranteed Debentures Due 1986 

NOTICE T5 HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as of March I. 1971, 
■under which the above-denniiAied Debentures are issued, Sl.800.000 aecreir-Ue principal amount or such 
UcOer.'ure ot (he fiillouine diiiincuv- numbers lias been drawn lor redemption on March 1. 1S78 therein 
tomrusivi ret erred to as the redemption dale): 

1 1 ,000 Coupon Debenture* Bear I nr the Prefix Letter Jt 

1 IS03 mi: 8513 10089 IMHO 13267 1-1899 15973 17319 19018 20845 22511 23956 26399 27526 

10 1837 31 MS 6235 RSIS IMHO 11482 132P8 147(14 15975 17336 19028 20857 22517 23964 2B419 21528 

K- 1840 3253 6236 8594 10093 11484 13274 14711 15986 17339 19029 20866 22522 23971 26434 27566 

2K IhS5 3266 034(5 85C7 10113 11569 13333 14733 1 5989 17340 19037 20880 22532 23979 26451 27373 

37 1905 3279 0347 8600 10115 11574 13339 14738 15997 17349 39057 20891 22590 23985 26330 27681 

53 19KH 2288 6348 8602 10119 11581 13340 14739 16000 17353 19059 20906 22594 23987 26553 27885 

S3 l'*14 3298 0403 8656 10121 11585 1334* 1474* 18004 17369 19063 20916 23600 23995 26566 2769 L 

T« 1928 3303 MM «658 1U123 11658 13402 14750 16011 37372 19071 20926 22608 24008 26568 27692 

!•'! 1**36 3310 6405 866L 10141 11664 13403 14761 16017 17378 19090 20938 22663 24009 26575 37799 

736 1942 2354 6406 B6M 10144 31665 13411 14760 16020 17383 -19091 20949 22671 24021 28599 27800 

139 IMS 3358 6433 8606 10145 11670 13413 14772 16028 1 7399 19095 20960.22678 24119 2661U 27807 

14U I'lttl 3360 6434 87(13 JU147 1173L 13460 14774 18030 17405 19106 20966 22684 24123 26619 27809 

142 l'.'XI 33C,r» 6435 8705 10149 11735 13467 14781 10033 17408 39120 20979 22732 24132 26621 27912 

167 1993 3377 643:1 H7CW 30161 11733 13470 14786 16043 37417 39124 20989 22741 24351 26643 27917 

171 2i.l<( ;i4U5 1154? OJ 1U164 31740 13471 14794 36045 17426 19125 21001 22749 24358 26653 27918 

2'.e.* 2(C£i :(4I2 655(1 8715 10ICH 11742 J351L 14796 36050 17438 19135 21004 22760 24368 26665 27923 

- 215 2043 :(4IK «S5l 8740 10274 1(793' 13519 147!(9 10053 17443 39147 21017 22TD7 24464 26669 28028 

21X 207(1 2422 (.552 8765 10276 11T9U 13523 14806 16057 17454 19151 21027 22808 24468 26684 28029 

221 2I.7K 347(1 0554 8767 102*0 11B01 13356 14812 1«W7 17463 1 9156 21039 22816 24471 26709 28033 

2(eei 3477 IMIt 3 H770 1M2K5 11846 13560 14X16 1606H 17466 19162 2105S 22829 24477 20713 2812* 

27-1 2106 :H8tl K01S 87T4 10239 1185U 13504 14819 1607(1 17467 19176 21066 22B63 24576 26736 28136 


attractive. • 

It would apparently regard the 
rates currently being paid by toe 
European Investment Bank on 
its Eurosterling bond as a case 
in point 

In general, the dollar sector 


Honeywell 


Sperry Rand sales soar 

’ NEW YORK, Jan. 25. 


Dupuis is controlled by a 
group beaded by Montreal busi- 
nessman Mr. Jean Louis 
Levesque. For several years this 
group has made strong efforts to 
modernise the three store group 
and compete with toe larger 
chains such as The Bay and 
Simpsons and Eatons. But the 


- 1 j» • j9 — . • caains suen as ine x»ay ana 

iS general, tte dollar rector . OptimiStlC W YORK, Jan. 25. Simpaon, and Eatool. But the 

was slightly easier yesterday in HONEYWELL INC announced SPE I®Y RAND Corporation said Mr. J. Paul Lyet chairman ti^whurhs 1 ^ haJ^not 

quiet conditions: Canadian dollar teuSh^Sr SP iteorder backlog at December 31, and chief executive, said foreign Sa Dun^fs. 

bonds feU sharply— by about half S5?, SSS e f«55 1377 • was J2-55bn. up 22 per cent, exchange losses arising from “elped Dupuis. 

a point— as a result of some big net eS£ S4fi6m .iSStt from a year ‘ bal3ncc sheet ^MBlatlom were 

blocks coming onto toe market, $43.1011 3 ° Bookings of its computer equal to 24 cents a share In toe • (^HUSldlStll Pm 


dealers said. The D-mark sector 1Q77 d Vision were * up substantially’’ third quarter compared with 13 

was quite active again, but there „r im in tfa e third quarter with total cents last year and 33 cents a 

was no clear price trend. Sin pSS. t n twiov* rllrtnri computer backlog up 30 per cent, share in the nine months ended 


Canadian Pru 

By Our Own Correspondent 
MONTREAL, Jan. 25. 


ArhpH rlpal nr* “well received" " ing period a year ago. London-based Prudetillal, would 

Qeal Is S ?83L7nL 01 For the third quarter of 1977. Before oonoidering these i( hea Q d U eSec " w?re » 

With Saar Revenues totalled $83L7m. Sperry reported net profit of JfKS. »«t “«>®e was higher. JSJ™* “ toe conSv is 

VYIlit iJAA 1 against S738m. $39.6m. against $36.7m_ for the than lart year by 16 per cent t0 see whatX remil^ 

cfppl wfirk'Q Honeywell said it entered same period in the previous year. ^ thethird quarter and 10A ^s^ropa^dfo^head Set 

- . W UiikS . 1978 with favourable order trends This brought per share earnings Per cent for the nine months, a re an P d ^f 

RoreeW Time. R.port.r «"««* «»tems boeloere of SLM eg^st SIM. Revenue « »*■ ?’ e p^u« hlfore c?iul£.e 

-nr? TAifAinw flu i- and expects new orders, revenues for the period was $906Jm. “Good revenue gains were them” said Mr Ian n THiir 

TFCE TAKEOVER o f t he German and earnings in its computer against $S08.7m. achieved in our computer, farm president. ’ * 

u S Sta j W 5.°®^- business to continue their strong For the nine months, on equipment, fluid power and Mr Mair said that Tnmntn 
Neu^farcher i9 77 performance. . ^revenue of $2.6bn. against guidance and control busi- reporlstoat X cornoanJ^m 

The said computer $2.4bn. for the same period in nesses,” he said. “A particu- shortly move its^eadauarters to 

f^ Ee mnr ( i^ pa K y set rentaJ and service revenue rose toe previous year, net profit I arty significant development Kitchener Ontario 

StE.N^Sfre^^nitSi^teh itSpWienttoSSBSm. last year came out at S117m. aiai ns t w^a 41per cent: surge inf arm Montre^’ “totaf sMcnlatiS” 
win“ttJrtS !l ^Sg^d h i5 m<Teascd “ Bm ,.,e cooipany bS.toitad 


1 A T_ .1 , rV7D uauuug uh «v un tcuu "*"“" — 1 ViU LUUWV. _ — . — — 

or iO cent*. In toe 1976 f nm a ^ The large scale December 31, compared with 21 THE Prudential Assurance Com* 

“f saojL _* 3 5? a ^?r? ary 1100/80 series computer has been cents a share in . the correspond- Papy- Canadian arm of toe 

SSSnSUtSiiS* nT- “well received." ing period a year ago. London-based Prudential, would 

Ke venues tOuuiM ^mL7zzi. or • t>— r_ . * , move its nffic't 1 nut nF 

15 cents. For the third quarter of 1977. Setore considering these Montreal if Quebec were fo 

Revenues totaUed $83L7m. Sperry reported .net profit of losses, net Income was higher . u 


27C 21. * 1 

rsc 21 S 


MM Item H7K3 103711 11854 33569 14823 300 


483 19186 21075 22871 24580 26740 28236 


”**- 2157 ri4«7 0617 HT8S 10:i72 1 1*171 J3573 14827 1U082 17485 19188 21078 22SBO 24582 26751 28240 

M«* 2156 MW4 6641* JUtHH m:t73 11 972 13588 14H35 16085 17491 19199 21089 22894 24680 26753 28246 

:^:3 2IK2 :i r wtfi (HWi 8H92 10379 lial* 13600 J4H:tM 1(1087 17492 11*206 21106 22929 24684 26778 2B255 

:•?:* as«:« ivom hk-h; lorw-t 11M82 i:t6(M 14343 unn iTnoo 19213 21113 22935 24686 2R760 2833« 


113 22935 24686 26780 28338 


»2 21**4 3K0:i 


3541 K770 UK** 10452 1 IPB5 13613 14844 16201 17307 19215 311 IB 2294 5 24687 26792 28345 


H97G 11*455 1191*9 13615 14310 16203 17513 19223 


22956 34780 26795 38348 


then be transferred to per cent to S439m. 


-l(ir. 22K5 ,t|iiir> 4.770 HIIAO 11*461 12(HU 13635 14«52 10206 I75IB U«231 21140 22989 24788 26818 


415 2213 :ua*i; it: 

44:( 22.:.. 31.7(1 
!-72 223K 3071 
4T»4 2241 3( 

22*C 3073 
•act 2267 MTHU 
6‘'3 2272 

2J(*2 :*.743 
7(18 2;i21 3HI2 
717 a542 :iiU3 
727 2348 3814 71 
7.(2 SW 3887 
744*. 2302 3 ASH 
762 2386 
7U2 23**1 awri 
7-Mi 24a: 

9*’b 242d 4046 
S25 2446 41*4 
lit 1 2474 4217 
S35 2491 421 K 
146 24**7 430K 


1(79 2490 4:«i9 7284 91M 3*1 


8:NLJ 11(51 6 12063 13639 149X1 163 OH 17526 19239 21145 22999 24789 26833 28436 

WK5 111517 12008 13042 14961 763IU 1752H 39249 21153 231*10 24876 2884 D 28440 

HK4R 1 11619 12069 13651 14**06 1 6314 1 7537 19254 21160 23013 24887 26854 28450 

IHMfi 10521* 32072 13655 14.W9 1«U!» 17539 1926! 21172 23046 24892 26856 28460 

(K7 KU51 30523 12075 13607 1»W7 164(19 17547 19270 21175 23037 24872 28875 28531 

1 23 1MIX1 10568 121 HI 33072 ISO*"* 1G41U 17549 19274 21185 23069.24960 26880 28545 

125 IWM 10373 12184 1387!* 15078 1 6417 17637 19281 21100 23082 24981 26892 28549 

126 ’*n*ri 1(137*4 121H7 13683 15079 1«420 17662 192H5 21202 23100 24988 26896 28SS7 

•ICO 10577 121KK 13689 15080 3 6424 17667 19283 21203 23112 25068 26912 28627 

>162 10613 12195 1 3607 1 5165 1G50B 17668 19296 2121S 23125 25075 2B91B 28644 

IM 9! nr. 1INH9 12373 13701 1S1U6 1(5511 17873 1923D 21218 23155 25J57 26932 28655 

*137 1UKL2 12373 13T09 15176 lfiT.12 17X79 I'M 111 21232 23164 251 5fl 26988 28723 

139 1(0714 12380 13714 15177 1631*1 17N82 19419 21233 23178 25169 26947 28736 

142 1U64S 12381 13718 15IHO lfi5L*2 1 7976 19420 21247 23193 25242 2695+ 2873T 

9165 10647 123R3 13726 1R2S7 16S97 17*177 19425 21263 23211 25247 2BS67 2875+ 

HI 67 1UC54 12453 1 3727 1 5233 KfflW 179SU 19525 21266 23217 25258 26975 28813 

3:.!> HlliH lUGSn 12458 13735 15264 3 602 17UR7 1 9534 21279 23244 25324. 26980 Z882T 
;i40 8U72 lnntiH 12464 13744 13267 ltVjlKi 18061* 19536 21280 23287 25330 26993 28829 

341 OI1M 11*670 12526 1375U 1 02'* l 16H71 18(172 19540 21289 23296 25339 27000 28846 

<43 9190 lllbTC 12527 13751 1X*45 1IM7*» 1R075 19*41 21294 23308 25347 27010 28900 

(44 1*11*1 1U7UH 12X13 13757 1534 7 16680 16078 19643 21305 23319 25408 27016 28914 


Roechling. Arbed already owns Reuter * against $3.13. 

half of Roeebllng-Burbach. 

The Luxembourg company will Bl 
pay for the Neunkircher shares U.S« QUARTERLIES 
with 4 per cent, of its present ■ ■ . — . ■ ■ 

capital, which la to be increased. ABBOT LABORATORIES CELANesf. 

Arbed’s 1.95m. shares were ^ ,«, t 

valued in toe 1976 accounts T s 

at Lux.Fis.6.5bn. Neunkircher Revenue 347.0m. 287.0m. Qffarter 

Eisenwerke has a basic capital Net profits 36.9m. 29.6ro. Revenue 

of DM135m. Net per share... 1^4 1.02 Net profits ... 

Tne Roechling family: will be Net Der share 


P er . s bare to 53-37 for the period general weakness in the Indus- acquisition of a multi-storey 


CELANESE CORF. 


Agencies building. 


DONALDSON, LUFKIN & 
JENRETTE 

Fourth Qrartsr 1977 l 


::■.•(» 25.11 44(*7 


H 1377*1 15348 18666 18153 11*646 21306 23336 25409 


!»I97 1(1713 12583 13776 1 5354 16889 181S8 19735-21313 23349 25419 2 


!*K( 25:n 4UU 7386 93(18 10724 12SH4 13780 1342K 16745 lflIOrt 1**742 21319 23253 25429 27043 26 


mo n:«M» inns laano i.iTna i.*M2l iotbs iei«7 1:1744 21329 23382 25455 27(132 20002 

1**02 255*1 41!23 7391 931 II 111722 12992 13705 15424 19758 18235 19748 21334 23397 25489 2706+ 29010 

1»**'C 2SA4 4324 7413 i*31l 30IC(5 12628 i:i«H 13425 167fl:i 18238 JUXIS 21335 23398 25499 27067 2902 L 

1'IM C5>:>1 4**41 7-tIR 9.M8 1UH40 12634 13908 15433 1 6766 18250 19839 21342 23408 25508 27116 29069 

417 !K«IC J0R42 12033 13011 15489 16816 38252 198(0 21351 23420 2556T 27129 39 ML 

418 94IU 10855 12B42 13915 15493 1C824 18312 19841 21358 23442 Z5565 27131 29004 

424 ‘->409 1QOTG 12643 34U1U 15404 16828 1H313 19332 21359 33445 25580 2714S 29108 

KH iMCB ItWSUI 12R74 1+014 154M 16837 1H327 19933 21367 23453 25584 27147 29135 

KM 1MTI 11*940 12678 14 022 3.7508 168.78 1032!! 19937 21375 23471 23638 27158 2917+ 

54*. I 0474 10946 12686 14195 15551 16885 1839!) 20U22 213X4 23484 25055 27164 29T76 

l!15 947H 10952 32688 14108 15S38 3*91 18401 20023 21394 23486 2.7660 271 

ll«i 2*WS SI9K 76*7 9479 11018 1269L 34110 155(i:i HWO! 18457 20025 21+01 23199 25708 2H 

11.17 2677 51*.*!l 7619 1*522 11021. 12717 14114 15573 16**02 1S458 20IU4 21406 2352S 257211 37185 2925+ 

7f!ao jlM5 11|e4 ian9 14117 15011 16004 18468 20106 21411 23538 2573T 27199 29259 


Ji jS 25 Hj 4 u i".’( 
11*4*1 2i727 ilit.7 

i * >:*■.( 26'ii non*.* 74 
3101 cr.-jrt 5(*ni 

ii ‘V 2*s5r» u*> 

3 1 1(7 awi 5l*l»3 
1114 2*'0^ 51!* 
ll.lli 2*WS 5198 76 
1 1.17 2677 51*.'9 76 
3 1 till S«'.**7 


paid for its shares m Roechling- — 

Burbach through a stake of 5.6 AMERICAN AIRLINES 
per cent, in Arbed. also to be Year un j 

effected through an increase in _ „ * • „ 

capital: Revenue 2J28bn. 2 

Arbed will pass on its Haim on Net Profits SlJfcn. ! 

Roechling-Burbach for - the 

Neunkircher share transfer to > wnTriv ft fpt pwT 
the Roechling family. - AMERICAN ELECT. PWR. 

The full integration of the two Ftortt quarter 1977 ; 

Saarland steel companies into D ■ „ -A 

Arbed wfll require toe Luxera- Reve nue 535m. 


f87 0m. FttBrU ' ’bmrter 1577 WTfc Fourth Quarter 1977 u» * j 

29 fS>‘ Revenc e 576.0m. 509.0m, Revenue 3L2m. 27.4m. Np^nrnfij'.' 5 o?'S m ’ 

1.02 Net profits 15.0m. 9.0m. Net Profits 197,000 911.000 N^t 33 ’*?m 

Net per share... 1.01 0.62 Net Per Share 0.03 0.13 velr^ s ^ are ‘" 

Year “ 


0.62 Net Per Share 


1NGERSOLL-RAND 

^ * ’ 

Fourth Quarter 1977 1978 

Revenue 569.0m. 500.0m. 

Net profits 33.0m. 20.0ra, 


Fflorth Quarter 

Revenue ... 


'Revenue 232bru 2.12bn. Revenue 1045m. 

Net profits 70.0m. 69.0m. Net Profits 275.000 

Net per share... 4.70 4.67 Net Per Share 0.04 


2-28bn. 2.01bn. Net Per share... 

Sl^m. 56 -3 m. — ... 

CITIES SERVICE 

CT. PWR. 

' 1 11 — Fourth Quarter 


on Rm 5 evenu, -l 3-Ibn. Lffim. 

J*et profits 118.0m. 107.0m. 

Net per chare... 5B3- 553 


— — Fourth Quarter 3S77 
197* S 

Aanm Revenue l^bn. 

^2?’ Net profits 54.3m. 


EASTERN AIRLINES LEAR SI 

Fourth Quarter 1977 i TO Second Quarter 

Revennfe 521.9m. 44S.lm. Revenue 


LEAR SIEGLER INC. 


bourg concern to raise its Net Promts ...... 71.4m. 69.7m Net per share.’.' 


lJilU 271*!* 522R 7823 93121 31U2H 12724 14199 ISfilS 1W45 18470 2U108 2141C 23562 25777 27205 2927B 


3!M2 2711 5.CI5 7Ui(L> flKO 11093 12729 14201 15M» 1B051 18521 20181 21422 23573 25779 27289 29312 
1~(| 27i1 sar-ti 77(11. MRC HOW 12736 1420C 15W2 16956 18522 20184 21435 23577 2579+ 27214 23331. 
3221 2737 5X71 77U2 QCOC JllWS 1275*2 14:09 35665 1«JC5 185M 2U185 21453 23632 25803 27230 2934S 
12JT 2738 547'J 770C {*607 11084 3275K 14345 IfitSWI lgn«6 1854U 2(11*16; 21436 22640 25S51 27236 23357 
1245 2742 5481 7724 1W* HKlti 12760 14348 15678 17000 18580 20254 214+1 23650 25869 27238 28387 
IJK3 2T(Hi 5617 7T2D ffilfl 31100 12764 14380 15085 17009 1R5R1 20257 21553 23870 25B78 27245 SWOB 
12!*n 27B5 5518 7727 9629 11147 12774 1440G 15715 17(113 18S99 20263 31564 23675 2SD08 27259 29421 
3320 2796 55)9 7722 1*633 11150 12782 14400 15713 17021 38602 20326 21558 23683 23917 27263 2943+ 
17.37 2£ul 5520 7842 9637 1M52 12789 J44I4 15725 17038 1B835 20330 21561 23689 25933 27269 28*68 

1 :«*« 2815 5631 7843 94-12 11157 12794 14424 13729 1705L 1BG40 20339 21668 23767 23941 -27266 29483 
2251 2S22 5432 784+ 9649 11159 12795 14483 15737 17065 18657 20397 2I67U 23709 25080 2J290 23496 
l.IC.r 263K SKO 7B47 9653 HIM 12S03 14465 15764 17076 13659 20402 2167J 23225 25997 27297 39512 
1;>.H1 2M7K 5C*4 T’rjd 905H 11196 1280H 1+486 15775 17082 18712 204*12 21678 23737 200*17 27315 29540 
3422 289.1 SETS 7922 9fl«5 11204 12815 14476 15788 17101 1R744 20410 21781 23743 26036 27317 28562 
3430 2*110 5676 7925 9763 11205 12822 144B1 15804 17113 187B0 20461 21784 23735 26W0 27320 295® 
7 441 2V21 5792 -7926 97CB 1121L J2833 34514 15805 17114 18765 20467 21786 23760 26059 27323 29561 

2 +-*:« 2950 0795 7973 9774 1123+ 12829 14517 13810 17130 18792 20473 21889 23769 26074 27395 29012 
1+55 29»U 3141* 7*175 9778 31237 12837 14321 15817 17132 18796 20476 21890 23775 26095 27397 29633 
24C.I* 2*85 MH3 71*78 9358 11245 12845 14521* 15B*.U 1715U 18310 20521 21891 23785 20101 27399 29643 
1472 29!'.7 5360 7P79 9859 11530 15851 14535 15R42 17159 188:a 2Q52R 2 18*. <2 23793 26118 27404 29681 
1053 SWM 5802 .nnyii -UJK* 11252 12859 34500 15844 17101 38836 20534 21987’ 23803 26151 27423 29702 
] r VS £9!*r 5*. *63 8(137 1*865 XI27U 12859 14566 25855 17177 18840 20538 21V91 23805 2S1B3 27428 29718 
1567 3035 5964 8«K9 1*87(1 11273 12884 14588 1S857 371*3 18860 20378 21OT5 23817 26178 27439 29735 
3571 :<04>1 997(1 aim 9936 112T8 12872 14570 3587U 17200 18864 20585 2208+ 23824 26194 27441 29746 
15? 4 3060 5972 3157 5937 11236 12875 14587 35876 17208 18877 20596 22086 23832 26208 27449 29772 
3648 306* 5**73 8158 MHO 11303 12981 14603 13884 37319 18884 20600 22087 238— **'■* “■ *— 
1*155 3080 6016 8164 9943 J1327 12384 34G10 15639 17223 189OT 20635 22092 238 


»» Um Dm CL,.. n*m Arc ouoic... *.«u —^LO J.3 

present capital by between 10 per Share °’ 70 5 Year Net profits 

and 14 per cent, with toe present Revenue 2.04b n. l£4bn. Revenue 4.4 bn, 4.0bn. Net per share.. . 

Ne ^? krr ?i? r> Net Profits 236.9m. 238.9m. Net profits 210.2m. 217.0m. 'Loss. 


ZZ ■ no .lui. ii V ^ vIXUl. 

1QK S et 9-7m. *2.45m. P ^ fite 10 An. 

L9bn. Net per share... 0.46 0.13 Share 0.74 

05.6m. Tear Six Months 

2-18 Revenue — 197.6m. 188.7m. S even «<-* S35m: 

Net profite S^to. 5.Sm. S et pT0 ^s 19m. 


271m. ISLSra. 
lOJ2m. . Sm. 


ARO CORP- 

Fourth Quarter 

Revenue — . 

Net Profits 

Net Per Share 

Year 


1*155 amro CU16 Sis* 9W:* IVSir 12U84 HGIO 15689 17223 I 81 WI 20635 22092 23871 26239 37462 29803 
HITS 30S.7 61117 8240 11331 i:t08R 34613 15898 17231 18907 20643 22180 23878 28250 27467 =9816 
3hH2 IdW ti020 8241 9999 11337 13087 14618 1 5905 172*1 1RS18 20656 22182 23684 26=87 27472 29843 


1OT 

16.8m. 

l-Sm. 

0fi2 

63.6m. 


1742 314K (IMS 8298 10043 21358 13181 14683 15BJ»2 17SS2 18960 207B9 22276 23917 26320 27496 29909 

1765 3156 0152 8299 10046 11362 13184 14659 13340 17265 18968 20791 22277 23927 2 6328 27501 29920 

1781 3173 OlM M02 10031 11364 131WS 14670 16B+4 172,07 1838Q 20800 2S35S 2M23 26348 27507 29873 

1793 3IS8 0156 8304 10055 31365 13187 14880 15947 17803 18087 20809 22353 23940 26308 27509 29966 

3801 sm is 05 raoi lOUOl 114«7 132S9 14WJ 13058 17305 1WW* 20817 223S2 23945 26371 27532 

1802 3208 0209 8511 10083 11475 13264 14688 159B2 17317 19004 20835 22368 23952 26373 27523 

The Dehen'urrs specified all ore arc to be Tedcetnrrt for the Sinfclnc Fund (ai at the WCO-Aftnry Ser- 
Tire* ltepartmeni of CiUbanh. X.A. i formerly Flr»( National City Bank*. Truiue..Jiider Lhc indenture 
referred to iiDovc. No. Ill Wall Sirrei. In the Boron ch of Manhattan, the City of Nrw > ork. or (bl subject to 

v laws or n-cut.it ioiih .ipi>!ir.tblc (hereto, nt the "»*>ln offices oi Cnibank. N.A. m Ausierdam. Franfcfurt Main. 
London (Cutback holne *. Milan. Paris and CiUbucl: ■ Eelciumi i>-A , »:i BrusreLs, and Citibank i laatenbeusg i 
S A, acd Krcdlrtbank S.A.. LuKembourcroue In Luxcmb-iuri;. PuynwniK ai ihn offlr(-s referred io lr. ifci above 
■w,*.' be made by a united States dollar chrrk drawn on a bank tn Nerr York Cnr or by n transfer to a 
l*n : ’:i»d siaii”. dollar account nuiint.iicrd by the Miyee »;nh a back in' New York C::r. on MarLh 1. inTB the 


January SC. 1978 


Trans ocean Gulf Oil Company 

Bj: CITSASk, MA-. aa Trustee 


Otto Wolff and Mahan aft and the PerSh^c ^ 

Roechling iarntiy each having a Net F bQarc 
10 per cent stake in the increksed .. 
capital AMS TED IND. 

Arbed said the restructuring of _ Qavtv ^ — 

the Saarland and Luxembourg s 

steel industries, once this into- Revenue 15$m. 

gation has gone through, will be Net Profits 12.4m. 

effected on the principle of equal Net Per Share 2.81 
treatment in the case of both run- 
downs and expansion. — 

The new grouping would have 
i a total annual steel capacity of ™ra «i«w «** 
;some 10.7m. tonnes. „ • 

Arbed hopes the whole series 

of transactions conld b e com- 2S ^ 

pleted in toe next few months. *1®* per ^ iare °- s “ 

There is ho indication that Revenue 63.6m. 

the Federal Government plans Net profits 5.5m. 

to add any of its ovrn fnnda to Net per share 2.76 
the new grouping. The Federal 

and Saarland state Governments ircf ^ , T r/ . w _ 

agreed last month to guarantee pAUSlh « IMSIB 
bank credits of DM20m. to Neun- rwa Qnvter an 
kircher Eisenwerke. which last s 

year cut its workforce to 7,300 Net profits 6.9m. 

from over 8,000 in the face of Net per share... 1.17 
continuing heavy losses. _ Year _ 

Arbed said the Roechling " e Y en M®/ 3 “-" in - 

family will also receive an no- Jfet *“"* “ 5 ; 0 °’- 

disclosed casb sum when toe deal Net per share... 4^8 

is implemented. The claim on — ■ 

Roechiteg-Burbach that Arbed- is BOISE CASCADE 
making over to the family will 0 _-_ im “ 

be met through the transfer of poert!, Q ^ 

Roechling-Burbacb’s 58 per cent Net Profits ...... 27 An. 

stake in Gerlach-Werke GmbH. Net Per Share L03 
The settlement of the balance Year 


2.60 Net per share... im* i.oo . JJVL _ - — 

• FIRST CHICAGO COBP. 

^ CONTROL DATA am* outlet w? 

1977 Net profits 30.0m. 

s F#mh Owner i97r 1976 Net per share... 0.75 
121m. t, S s Year 

6.8m. « CTen ae 649 Jhn. 589.0m. Net profits 11 l.lra 

1P-S Net profits 14.72m, 10.8m. Net per share... 2.S0 

Net per share... 0.85 0.62 — 

Year GERBER PRODUCTS 

Revenue 2Bbm 2.1bn. Thirs Quarter im 

v» Net profits 63.0m. 4454m. s 

Jo-, Net per share... 3.65 2.55 Revenue 109.5m 

t 25‘ Net Profits 6.5m. 


F«mfa Quarter 


Net per share... 0.85 

Year 

Revenue 2Bbm 

Net profits 63.0m. 

Net per share... 3.65 


«et profits 

15.8m. ***(*“ •»«»■■■ 
1.7m. * — 

0-87- CRANE CO. 

55.4m, Fowtli Quarter 
4.5m. 

027 Revenue 

Net Profits 

Net Per Share 
- Net Share dil... 

Vn Year 

Jt:— Revenue 

o S Net p «flts 

u ' y ° Net Per Share 


377.9m. 348 Jm. Nel Share dll... 6.1‘ 

25.0m. 205m. 

-L28 2-57 DIGITAL EQmPMENT 


■ Net Per Share 

Hise Mon tbs 

— Revenue 

MW MTS Net Profits 

272.4m. 2608m. ^ et Per Sbare 

9 9 - 4m - heublein 

0-94 0.92 

U.89 0B7 s * eB " 4 0«rt» 

i ik* Revenue 

iff , ?’ 1 - 1 o ba Net Profits 

m i%, Net Per Share 

4 -61 S** Months 

6-17 4.31 Revenue 

I Net Profits ....![ 


1971 

S 

109.5m. 

65m. 

0.79 

322.9m. 

16.6m. 

2.04 


V-gUI, ter . AtfUI. 

OJ29 Net Per Share 1.37 0^9 

— NORTHWEST BANCORP 

-T— Fwnfc Quarter J4T7 J9» 

1776 £ j . 

1** nil proQ ts 190 3m, 157.7m, 

" et Per share... O.SD 0.67.- 

0.44 Ywu- 

93 0m Mo! pro *!f SS7.9m, 

'2.35 Net P°r share... 3.00 

««HW & HAAS - vl - : 

im Fwirlh Quarter un ' 


1976 ruurlt * Quarter 

100m. S e yenui- 

35m. 5* e I Profits 

0.43 y£„ Pl ’ r Share 

230m. gj»n«o 

I6^m. !J e ! 

2.01 Nct Shave 


267.4m. 243.2m, 

-5.7m. 


1 72bn.' 
45.6m. 
3.55 


l.Olhn, 

46.1m* 

3J9 


— SEABP t ttD COAST UNE— - r 

M S ”f FDuru > Wter wi £TJ"; 

410,1m. Revenue „ . 4Rfl 4m - 
16-Stn. 14,1m. Net Profits -SS 

#•» 0.65 Net Per Sharis "f Si . ffS 


.. Second Quarter 

• Revenue 

275m. Net profits 

0.93 Net per share... 

(«.. «* Months 


Net Per Share 
«NA CORP. 
Fourth Quarter 


S3L9m. 

31.3m. 

1.47 


Year 

799.7m. Revenue 


i.7Sba“-l38hn. 

27.4m. Net Profits iU2.3m.' t545&r- 

Net Pe r Share l 

SOUTHERN RAILWAY 

Fwh Quarter *’ ytn " ‘49^ 



will be deferred until Roechling- j Revenue' 2.32bu. 1.93bn. Reven^T Year re ‘" 

Burbach can produce this from I Net Profits 115.6m. 97.3m. Net rf 'H 111 ’ 445.0m. Revenue. 

own earnings. Net Per Share 40 «, sSSe % C5[^ ^ 

* - - Net pc-r share... 0.50 


346.6m. 241.0m. Rov^n s 5 Fwh Quarter *’ X VT " 

~0.77 “J 5S Jj el P r o6U> ". . "" 9 ^ 6m S” 80 "?. 2SS Sm. 

0.58 Net per share... *& » jEft L; 


3.74bn. 


,jppiu ’o- 0 



0 ^ Not per share... 1^9 - 

Year ’.* 

: «£7bn. Revenue Mbn. 

9 --JSL* Net profits 1074m. ®*r; 

J-*u Net |mr share... . - 





• : 

-t^'V ; 


financial Times Thursday January 26 1978 


29 


; i 

vsr. 


MIRMIIONAI. FINANCIAL AND COMi^NW : lSf£^i ; 5CSSS^iS^I 


jt jf l 



SHin 

isposal 


.S. groups 

Iharfes Batchelor 

AMSTERDAM. Jan. "5. 

L SCHOLTEN - HONIG 
i, the troubled .starch and 
uffs company, bas begun 
with one Dutch and two 
can food groups about the 
)f some of its operations. 
i6 talking with General 
Riviana Foods, a subsidiary 
ilgate-Palinolive, and with 
'utcb sugar producer Cen- 
Suikermaatschappij about 
le or its Food division, 
emphasised that the talks 
iploratory. KSH produces 
\e range of pastas, soups, 
biscuits, flours, baking 
udding mixes, tinned vege- 
and products for drink? 
ig machines. Its five.loca- 
, in Holland produce largely 
port and it has subsidiaries 
est Germany and South 

i 

Ts food division is the only 
orking at a profit but it is 
pressure to make good the 
from the much larger 
division. 

company has not yet 
ed detailed figures for the 
.« -year but in October it 
ted losses of at least 
m. This followed a net 
if Fls.l6-2m. on sales of- 
Om. the year before, with 
accounting for FhL26tiui. 


Turnover down but Blue 
Circle increases profits * 


BY RICHARD ROLFE - 

BLUE CIRCLE, the cement and 
engineering subsidiary in South 
Africa which is 55 per cent, in- 
directly owned by Associated 
Portland Cement of the U.K., 
increased profits during 1977 
white turnover suffered a sharp 


fall. At the trading level, .profits 
moved. up from R19m. to R19/~ 


l.7m. 


national Harvester earthmoving 
aud construction equipment 
franchise was acquired. 

The basic cement interests, 
accounting for R32m. of last 
year's sales, continue to be 
affected by weak demand and by 


JOHANNESBURG, Jan. 25. 

State-administered price control, 
though some analysts believe that 
without the latter, cement prices 
could be even lower in present 
depressed building sector condi 
lions. 

The group bopes for similar 
levels of profitability in 1978. 


hange likely 
Bondtrade 

•TRADE is abnut to 
nee a major revision in its 
■ship, reports AP-DJ. 
iting shareholders. Kuhn 
- Lehman Brothers, 

lerzbank. N. M. Rothschilds 
ons and Banque Bruxelles 
en are expected to sell 
shareholdings lo remaining 
udders, namely Societe 
■ale de Banque. Amster- 
Rotterdam Bank. Pierson 
jng en Pierson. Societe 
ale and Nomura .Securities 
hiropean Banking Co. 
ording to a source close to 
Loch-L«hman Brothers, an 
men! among Bontrudr’s 
udders provides that they 
ml set tip their own eom- 
« trading operation in Euro- 
• boude. However, it is 
stond that Kuhn Loeb- 
an intends to start its nwn 
lollar bond trading nppra- 
including so called Yankee 
floated b\ foreign issuers! 
w York. 

dirade was e*l a bUshed in. 
1867 and in January 1970 
I* over another consortium 
tnltor bond trading house 
lSuroirading. 


on sales down from R165m.. to 
R136ra., so that margins Im- 
proved three points to I4Ji per 
cent, in - the 12 months to 
November 30. 

Depreciation was a shade 
higher, offset by an .increased 
level of investment income, while 
interest paid was down, -so the 
advance was maintained in pre- 
tax profits, which picked up 
from R14.9iu. to R15.6m. Earn- 
ings per share, excluding -non- 
trading items, rose from 28 cents 
to 30 cents and the dividend bas 
been raised from 14 cents to 
16 cents. This , puts the shares, at 
RI.SO. on an S.9 peF cenL- yield. 

Blue Circle controls the Hubert 
Davies engineering group, which 
now comfortably outstrips, its 
cement parent, with turnover uf 
R104m. out of last year's total. 
Over the year, Hubert Davies 
towered its debt-equity. . ratio 
from 42 to 25 per cent. . and 
reduced not burrowing.? R4nr. to 
RS.rfin.. accounting for the hulk 
of the fall in interest paid. :r 

During ibe year, the Jeter- 


Ampol Petroleum plans 
one-for-four rights 


BY JAME5 FORTH 

AMPOL PETROLEUM,- the major 
Australian petroleum producing, 
refining and marketing company, 
plans to raise almost SA15m. 
through a rights issue — its first 
approach to shareholders for 
equity in almost 15 years. 

The directors announced the- 
issue would be on the basis of 
one new share. for every four held 
at an issue price of 50 cents — a 
substantial discount od the cur- 
rent market price of 80 cents. 
The issue will involve 29.38m. 
shares and will Taise paid capi- 
tal tn about' SA74ra. 

The last rights issue was in 
1963 when new shares were 
offered on the basts of three for 
every eight held at an. issue price 


SYDNEY, Jan. 25. 

of 50 -cents. On that- occasion the 
dividend on the new 'shares was 
deferred until 1967. This time 
new shares wifi rank fully for tbe 
final dividend for the year to 
September 30, 1978. which is 
normally paid in the following 
February. The current annual 
dividend rate of 6 cents will be 
maintained. 

Books for the new issue close 
on February 15 and the shares 
are payable in full on application. 
The issue will be underwritten by 
sharebroker J. B. Were and Son 
and its merchant bank associate. 
Capel Court Corporation. 

Ampol directors gave no 
reasons for the surprise issue. 


DOMESTEC BONDS 


Heavy demand for Dutch loan 


j BY JEFFREY BROWN 

! BOND RATES in Holland 
! continue to decline, and if market 
! sentiment — crystallised presently 
. in heavy demand for tbe new 

■ 15-year government loan — 
[persists at current buoyant 
jicvels they could sink further.. 

! Despite a reduction in coupon 

■ of three-quarters of a point to 
! 7 5 Der cent since the last Dutch 
•slate loan in December, dealers 
! expect tbe latest issue to attract 
; offer* for up to Fls.500m. of 
•slock al a price of not less than 
;par. Lust mouth's state loan, 

which was also issued by way of 
; tender, emerged as a FlsJ550m. 
j bond priced at 100.3. 

I Short-term interest rates in 
Amsterdam continue tn point 
downwards; a direction that bus- 
led the banking community to 
! remove altocether i be 'premium 
Ion -overdrafts- this was halved to 
• half a point early this year. And 
1 against this background a cut — 


probably by half a point to 4 per 
cent. — in the central bank 
discount rate is widely 
aniicipatcd. 

However, it is unlikely that tbe 
authorities will . move discount 
rate before the new government 
funding has,-, been completed. 
Subscriptions for this offer close 
nt.M Tuesday, January 31. 

Tenders for the latest offer of 
Schuldscheine by the West 
Orman government have to be 
submitted by next Monday. This 
is the first time the Federal 
Republic has issued this type of 
debt by tender, and it follows on 
from i he recent successful issues 
in i his way . of medium-term 
null's in Jvassenobligalion. The 
new Sebuldsheino paper carries 
a am pun nf 6 per cent, and runs 
for ten years. 

I" •spite au impending offer of 
!cm.;-lerip bonds by the Federal 
Republic— dealers say the offer 
schedule here is mid-Fehniary 
with something like DMSOOra. to 
DM1 bn. involved — demand for 


tbe new tender offer is expected 
lo be substantial. 

The Belgian, eight-year State 
loan has been priced at 101.25 
and B.Frs.sObn. has already 
been taken up by a banking con 
sortium. according to tbe Finance 
Ministry. Subscriptions open on 
Monday and the loan is ex 
pected to bring in a total 
around B.FTs.QObn. 

The new issue carries a coupon 
of 94 per cent.. The previous 
Stale loan at the beginning of 
September raised • a record 
B.Frs.6I.5bn. and was for 
years od a 9} per cent, coupon 
with a 100.25 per cent pricing 

Yesterday the Belgian Central 
Bank Board left tbe official dis- 
count rate and the Lombard 
rate unchanged at 7.5 -per cent 
Only a week ago, the Board re- 
duced the two-key lending rates 
of Banque Nationaie de Belgique 
by a fid! percentage pomi 
Another half-point reduction in 
both rates are thought possible 
next week. 


of 


Weekly net asset value 

Z? on January 23rd, 1978 
^ Tokyo Pacific Holdings N.V.- 
U.S. 141.45 

f 

Tokyo Pacific Holdings. (Seaboard) N.V. 

U.S. S30.22 

Listed on the Amsterdam Slock Exchange 

ln'orrrailon- Pierson. HelC-ric S Piprcon N V . Hcrcngrochi 2«. Amsterdam 


_E INDEX M.I.7B 

Bcudi 107.76 

fiend, & Notes 1C? II 
I S.M band °9.9+ 


VONTOBEL EUROBOND INDICES 
145.76= 100% 

17.1.7B AVFACt YIELD 24.1.79 
107. (-6 DM Band* 0-3 96 

102 51 HfL Bondi & Note*. 7 7W 
44 54 t'S. £ SM Bondi 8 716 


17. 1 .73 
6.415 
7. *27 
8 7B5 


To the holders of 

Bank Handlowy w Warzawse S.A. 

Redeemable Floating Rate Deposit Notes due 1982. 

In accordance with provisions of the above Notes. American 
Express International Banking Corporation, as Fiscal Agent, 
has established Ir.e Rale of Interest on fi-jch Notes for the 
semi-annual period ending I3lh July, T97S as S’* per cent 
Interest due at the end of the IntereM Period will be available 
upon surrender to any of the Paying Agents of Coupon No. 2. 

American Express International Banking Corporation 

Fiscal Agent Dated: 13th January, 1978 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS 

Akjn Aujirj'^j s»i*.- lifi . 
\MEV M*. VbT 

Altai ruin, jj Pl . m; . . . 

Auar-iiuo 21. and 3. &:pc 
1W2 

Kardajs Kaiik |»j 

F-wali-r Sim I!I9: 
jd .\:hn- Miry, j'.p-- JSsB. 
'T-.-dir Kulicnal SJw faSi... 

Ui-rmurt; s:ix- 19M 

apt invj ...... 

?«ic iia: .. 

Kit: s ,m.. iq«.- _ 

IZlil 9- [y.- ;msu 

i;nL-ss*>.| 6,|li 1999 . . .. 
KS10 ix I960 Sov 
ill. LjI.l:, Hap.-r Sjpc iJW. 
ilaaitrbiry 9ip<.' iWS .. 
Hydrv Qiifbot 9n: 1992 . 

ici si pv imr ... 

ISE diHidj S'pt 19S6 
Mai-nullaii HIoiiii-i Bt»r 19W 
Maiv.-y .FerpttSQn 9 <pl- 199! 
Mji&l-Iui Wpv 19N> 

Midianri Ini Fid. fqpc '92 
'ijL CwU Board >pc 19S7 
Mil. Wi-siminSi r Spr tP9b 
vi.-viTuiu«lland 9m 1969 
Norma Komnt on. sjpi "92 
xormn-.- 1939 

Nors* Hydm 1992 ... 
«Vl» 9p- ; 19Ss . . 

Ti-ns Ainu:iinn-:-5 Sdl- iB4i 
Ptoi- Qm-bi-L- 9pc IMS 
I'.’Pi tMU.d!i-li S.'lii- I9Kfi 
HjwI mini 9p, !!fc*T 

hum \wr. 

•5-1.' i -mil Tras" * -oc 14S9 
Skand. Enskilda 9rx. 1WH 
#XK 1|K -9VT 

Sw.-di-n iK'ditnn *5 pi- 1997 
I'MU-d Mis-, nits 19SS- 
Vjlvn spe 1<IW Matrh 

NOTES 

Aociralla 7? pc II»S4 . . 

lu-n Canada 7957 

Bril. Columbia Hydro Tjpc 

WK 

Can. Pac Sipc WSi 
Dwr Chemical 5pc 19Pfi 


Bid 

Mu 

9a 

971 

W! 

OH.’ 

95< 

973 

99; 

>K 

if'! 

U7i 

Ml 

»: 

9U 

inn* 

Ml 

iu:j 

wi 

3fl2 

uni 

m 

ws 

1971 

99 

9Sl 
9.7 1 

'.m 

f-i 1 

4-.i 

9-i 

Ml 

nil 

9i: 

»:i 

ns 

Mi 

951 


Ml 

M 

MI 

9S1 

97d 


tmer 

Ki 

UR; 

95. 

941 

.97, 

97! 

951 

9“i 

]9Ut 

w«: 

9? 

M 

951 

9." 

I'JIU 

»: 

Kit 

!P» 

9T 

]«i 

9." 

ULU 

101! 

97.- 

M» 

JUT. 

99. 

Mi 

K! 
M 
18: 
!>9i 
*6i 
99: 
95 
Ml 
«r 
99 
«r: 
931 
99 
93 1 


ay 

MI 

Ml 

99+ 

»S+ 


Bid QHer 

ECS 7,no 1W m >K‘ 

ECS iipc 19‘9 Sfi M{ 

EEC 7;pc 3932 Ml 9Tj 

F.EC 7! PC I SSI 9j{ MJ 

Enro Cuncii Hoc 10S4 .. WI 9T 

noiar^rVea 77 PC :».* .... $7i #s 

Kgykuics :ihZ 37J os 

Mlcbilin rpt l<tec 09; 1«M| 

M or.: real IVfan s;»c !9>: M 39; 

N -.•■•«• Uruni-A i. Is 5p<. \VA . 9u M. 


X; Bruns. Pro?, b.pc :9C 

MS* 

!*l2; 

Zvdiand ripe 1966 . 

97 

97; 

X ’rCa- InvW EH :\ol- '54 

93! 

M: 

Xirst Hydro tio- 19sJ .. 

971 

IV 

Nnrwiu- Tjpc 

Mi 

sr; 

Oni.ir a 1!>drf< . 

91= 

9i 

vnj:.:r z.dl ZVsl 

v>: 

UHlJ 

5. d! S.&!. t-.L-L- SJsi; :?SI 

yt. 

lOdj 

SwiJ.-n iK'd&Mi t;oi -.9S2 

97* 

Vi 

S-vtrdi-ii) Sritc Co. S3 

9* 

w: 

T«.ni4\ 9ipy :Ss-4 

«. 

n:-; 

T«.-ni icv£ 7:pi :as: May .. 

91 

93; 

VoUjrvauen "iw IBS; 

KU 

M 

STERLING SONUS 

Court iu'fls :9Sft 

Mt 

97 

ecs iipc :?-9 . 

100J 

in:j 

EIE S- X' is:** 

971 

95; 

Furax-c for Industrie 9,'pc 



19S: 


Sk, 

Fiwn* Wpc :967 

inn 


Total Oi' S :0J- l»>+ 

nst 

W 

DM BONDS 



.VJ517M C;?<: '.W* . 


1 V.: 

Hr Li: tBr; 



Pcnnv.rk s;,-ic is-a 

;■*: 

!.»: 1 

e:h :?=* . 



Gram) M-: .oz '.55* ... 

KH: 

if-2 

Hydro-Um-b.-r 6-. pv. '.?S7 ... 

!'i; 

V>! : 

ICI sin: 

Kt 

ir*-:. 

Montreal Joe 5S>: .... 

20J« 

jr.r 

Korea Gas ipc :*W 

n* 

’ 

Norsk Hydro Sin: 1*0 

:m! 

l«n« 

Nomijr Slpc !9S2 

103! 

1W‘ 

5Stn «ipt I9B9 

1071 

10V 

Spain Six IW4 

10+J 

101; 

Swrdra 6*pc 19M .. .. 

1041 

up: 

World Bank Hoc 1987 .. 

103} 

iw; 


Tins jnno-ucemci”.- jiijii-jr.. ,i, a n uSii M iL-catd only. 



Entidad Binacional 

Yacyreta 

(Es Libiiihcd by Trcxy bciw ccn tb u Coi erntnenl j Argentina and Paraguay.) 

' U.S. $10,000,000 

Five Year Loan 

Guaranteed by the 

Republic of Argentina 

Managed by 

European Banking Company. 

Limited 

rrovided by 

Amsierciam-Rowcrdam Bank N.V. European Banking Company Midland Bank 


Limited 

Secieie Gencrale SociJtc Cenerale de Banque S.A. 
.■\iienf Biink: 

European Banking Company 


Limited 


anuarv, WTS. 



Limited 


-;r^T * 


3k Crf Tokyo 1954 TlSups 


Hf 

KVCE 19S* “pc 


9S. 

BNP :PS3 «nc 

9» 


CCF 1«? Sue 

W 

FI: 

OTMI- T9S4 SUfciys 

s«y- 

9-; 

!> r d:ranr: al' .Ipr 


91: 

Cretin Lyonn.^ +!p: 

99< 

or-j 

in: B*r.f :S.*2 


;e- 

C.7.B 19*1 Tip* 

in: v ymfrjrM- :m* 

1MI 

ik: 

7»I.P^ 

991 

V* 

LMr-uS :sw; Tip? . 

99i 

Iff*: 

1.TCB 19*2 ’Jp: . 

■>94 

90. 

M'liant} :+“! -pc. 

im« 

l«:t 

'.Mla.-lS 1957 7P >4 Pc 

Ml 

9-1 

r-KR -:;pr .. .. 

AM 


SNCF !«:- SI5I6P7 

971 

9--. 

S-and. and >Hiart. 10S* 61 pc 

*5i 

901 

Wan arc! G!pn> IMl 7pc 99| 
Source: wuar Weld Socsniiea. 

00. 

CONVERTIBLES 

im.-nrar Exp-.ss itpc -37 

78 

89 

\s^Lind ap. 1WS 

SS 

90 

SaSinrt It Wdtos »!p-.- -97 

M 

K 

R-jirlce Foods 4 'p-. - 

921 

941 

3:aat-.e Foods *ipt :9« .. 

«f 

10T; 

vrliam 6!pr 19ft: 

V* 

90J 

Birdcn jpe ISBT 

99 

IK 

Mrai+wat Ha.-.- IIK BIT 

73 

75 

'OarnaWK* <P-- :9». 

7S4 

774 

Jn cron »p: 


114 





US 

•Cl. 



70 

' - ir -Pool- jp» 19S* 

so 

S2 

Ford 5pe- ISSS 

73 

SI 

G- ursi E£errrk- 4jpc 19S7 

79 


■ UHe-ne *ipc IBS? —. ... 

734 

77, 

Gnald 3pc IBS? 

1174 

113, 

.3 i..f W-Tcrr 5pc I9S9 

734 

77- 

Hams Spr I99£ . 

US 

D+ 

TIODL-rvL-2 fipc 10W . — 

94 

M 

;a MS* ’-995 

Ml 

Si. 

IN* «pt- S997 

M 

9: 

InSicip* s?p.- *995 

108- 

100= 

ITT «».- 1W7 

74 

In- 

Jnsco 6pr W! — .. 


106. 

Koraa^n .jpr 1990 

104 

103 

1 3k v M :!><.-=«.:■ ^7 

:si 

la? 

Hi'iitii'a t-l.-'r 

: :* 1 

:: : 

:.ac 

■ ■Kj 

W" 

! P MCTiW s'?-. **i? .. 

M 

V 

j.j: 75?e 

9-4 

Wr; 

r-.-n-.-.t 1*171 ip -s i r UW .. 

* *1 

IU 

1 c p.-bw :W7 


f.1i 

It In-. 47s: ;9i*7 


151. 

?. ’-»5C,S1 liliJ ■ 

-.1X4 

!1" 

k^.v.r T.o-. •?*— 

•i*i 

an 

>p -»r, Sa?sS JiP-’ :i*S7 .... 

79 


Svj--.- * x- 19*7 . 7 . 

77 

7« 

T.isro *!■»• . 

TC 

75 

Tj;“; aa Sip- :9tt 

9fi 



m 

91 



79‘ 

Wsmrr LamVn <fpc !BM 

m 

73* 

Xrrtrs 5 bc 19** 

7H 

T74 

Source: KUder, Peabody 

Sc cunc en 



MEDIUM TERM LORDS 

Indonesia 

raising 

$500m. 

By Francis Chiles 
INDONESIA has just raised 
Its first major medium term 
loan this year. A 8500m. 
seven-year loan bas been 
arranged by Morgan Guaranty 
Trust which replaces two five- 
year loans of S425m„ each 
arranged 1975 by the same 
bank. Of that total of SS5flm^ 
8180m. bas already been paid 
back. 5170m. will be reim- 
bursed ahead of schedule and 
tbe remaining $5O0m. re- 
financed through the new 
loan. 

Tbe terms on wblcb Bank 
Indonesia, the effective bor- 
rower, was able to raise tbis 
latest. loan are markedly more 
favourable -than those it could 
boast on its 1975 operation: 
apart from a longer maturity, 
the spread over the interbank 
rate Is li per cent., as com- 
pared .with- li per cent, two 
and a half years ago. 

Most of ' the banks which 
participated In the 1975 loans 
are involved in tbe current 
operation. 

Indonesia's financial and 
economic situation has im- 
proved' markedly, in recent 
months. Foreign exchange 
reserves reached $2.42bn. al 
the end of 1977. almvst double 
Ihc S1.22&n. level at which 
they had stood n year earlier. 

Exports, especially of oil, 
timber and coffee. Increased 
last year and as a result the 
balance of payments' surplus 
was up from $736m. in 1976 to 
S1.19bn. last year. 

The debt service ratio, which 
is not disclosed, is expected lo 
rise in tbe current fiscal year 
1977-78 because of* Indonesia's 
desire to redeem earlier loans 
at a faster raie than hitherto. 



MITSUBISHI Corporation, the 
leading Japanese trading bouse, 
has announced a 1-L2 per cent, 
fall in consolidated net earnings 
in the half-year to September 30, 
to Y12.0S5bn. (£25.7m.| from 
Y14-092bn. in tbe same period a 
year earlier. It hopes to maintain 
this level in the current half. 

Consolidated trading transac- 
tions rose by 2.9 per cent to 
Y4.B!7bn.. from Y4.779bn. 

Gross tr-ddiDg profit showed a 
small increase, of 0.4 per cent, to 
Y124.441bn. from Y123 898bn. 

Tbe company said that it made 
losses of Y2bn on foreign ex- 
change transactions. 

Factors keeping net income 
from dropping further were an 
.increase in equity in earnings of 
un-consolidated subsidiaries by 
YI.7hn„ and cuts in interest costs 
of Y2.8bn. 

The largest increase in trading 
transactions came outside Japan, 
up 17.5 per cent, to Y4S0bn.. or 
9.8 per cent, of all business, com- 
pared with S.5 per cent a year 
earlier. 

The export sector showed an 
increase of 17.1 per cent, to 
Y927bn. 

On the domestic side, however, 
transactions fell 1.5 per cent to 
Y2,186bn., or 44.1 per cent, of 
the total, compared with 46 per 
cent, a year earlier. Imports, ihe 
second largest sector. Tell 2.6 per 
cent, to Y1.344bn. 


Bank loans for Eidai 

EIDAI COMPANY, the Japanese 
housing and plywood concern, 
is suffering losses, but has re- 
ceived the agreement of five 
Japanese banks to supply it 
with new loans to tid-. it over 


its difficulties, Mr. Ryuzo Kawa- 
kami, Eidai’s president said. 

On the Tokyo Stock Exchange, 
the company's share price fell 
Y20 to-day. lo Y90. 

© In the first half of 1977, Eidai 
recorded a net lo: - of Y5.393bn. 
(around £llm.) on sales of 
Y47.Q52bn. 

Trio Kenwood gain 

TRIO KENWOOD Corporation, 
the audio system* manufacturer 
has reported a 13.1 per cent, rise 
in consolidated net profits for 
tbe year to November 20, to a 


TOKYO. Jan. 25. 

record Yl.55bn. from Yl.STbn. 
iu ihe previous year. 

The company said that it hoped 
lo report an increase of 10 per 
cent, or more in consolidated 
income and revenue for tbe 
current year. 

In the year to November, sales 
— also a record — were 16.7 per 
cent, up, at Y60.S6bn.. compared 
with Y52.17bn. a year earlier. 

Overseas sales amounted tn 
Y39.19bn.. accounting for 64.4 per 
cent, of total sales, with sharp 
rises taking place in export sales 
lo the U.S.. Canada, and Euro- 
pean countries. Agencies 


New Insider deals ruling 


THE LEGISLATIVE Council bas 
passed a Bill to empower the 
Hong Kong Government to deal 
with insider share dealing. 

Under the new ruling, the 
Commissioner for Securities will 
have to establish a prnna facie 
case of insider dealing. The 
financial secretary on advice 
from ihr- Securities Commission 
will decide whether to refer 
cases to ihe Tribunal set up for 
the purpose of invesrigatinc 
alleged insider dealings in tbe 
stock markets. 

However, among amendments 
to the Bill is iha| ihe Commis- 
sioner for Securities should not 
be empowered m lake possession 
nF hooka and documents of the 
company concerned for more 
than 4R hours. 

Speaking at the- reading of the 
Fill, financial secretary Mr. 


HONK KONG. Jan. 25. 

Philip Haddnn-Cave noted that 
as jobbers and brokers involved 
in transactions in Hong Kong 
shares listed or traded on the 
London Stork Exchange are not 
subject to rules of a Hong Kong 
Exchange, ur lo ihc obligations 
Imposed on dealers by the 
securities ordinance, there is a 
possibility of would-be insiders 
using this route. 

He said the Commissioner has 
thus been in touch with the 
London Slock Exchange authori- 
ties and the outcome nf the dis- 
cussions will be made known in 
due course. Asked about the 
possibility of offshore nominees 
bring used for the purpose of 
insider dealings. Mr. Haddnn-Cave 
said he preferred in aee what 
evidence there is lhat this pre- 
sents n problem hefore consider- 
ing what action is nerpsarv. 
Renter 


NOTICE OF REDEMPTION 
To tlie Holders of 

Conoco Eorofmance 

8% Guaranteed Debentures due February 15, 1936 

NOTICE IS HEREBY GIVEN, pursuant to the provisions of the Indenture dated as of February 15, 1971, among Conoco 
Eurofinance N.V.. Continental Oil Company. Guarantor and Bankers Trust Company, Trustee, that $2,500,01)0 principal 
amount ef Conoco Eurofinance N.V.' 8% Guaranteed Debentures due February 15, 19S6 has been selected by the Trustee 
for redemption on February 15, ll'TS through operation of the Sinking Fund orovided for in Section 3.02 of the Indenture 
dated as of February 15, 1971, at the principal amount thereof. The following are the serial numbers of the SCI' Guaranteed 
Debentures which will be redeemed iu whole. 

SCI, Guaranteed Debentures in the principal amount of $1,000 bearing the prefix M 


M14 1942 4242 6401 B494 10474 12336 14574 16774 19074 21374 23711 256-J2 27274 20794 21947 341J6 36401 2S442 40401 42342 44294 46242 4S174 

36 1974 4274 64i4. S514 TC494 12E42 14575 16936 19004 21294 22736 26E74 27*94 29914 31074 S-,142 36414 38474 40414 42374 44314 46274 48194 
42 1954 4273 6436 S536 10314 12559 14594 16342 19114 21401 23742 25«94 27514 29325 21694 34174 36436 33494 40426 42394 44336 46278 48214 
8542 16536 12574 14614 16974 19136 21414 23774 2E914 2793c 2?>42 32014 2^194 36 ; 42 33514 40442 42401 44342 46294 4B236 
3559 10542 12575 14636 16994 19142 21436 23794 25936 F942 29S74 32036 34214 36^74 33536 40474 424 14 44374 46314 48242 
8574 10559 125S4 14642 17014 19174 21442 C3614 25942 27974 29894 52042 34235 36494 38542 40494 42436 44394 46336 48274 
8573 10574 12614 14D14 17074 19194 21474 23S36 25994 27994 79914 32C74 34342 26:39 385:9 40514 42448 44401 4S342 48278 
3594 10575 12636 14836 17094 19214 21494 £3542 26014 28014 29636 32094 34274 36574 3ES74 40536 42474 44414 46374 48294 
35W 10594 12642 14842 17114 16236 21514 2J874 £6036 28036 23942 32114 Z:i7i 36575 33575 40542 42494 44436 46394 4B314 
3633 10614 12674 14894 17174 19242 21536 £3894 £6042 28042 25974 52136 2-294 36594 38594 40559 42514 44442 46401 48336 
8642 13636 12694 14914 17194 19274 21542 23914 26074 23Q74 29994 32142 24314 36614 38614 40574 42536 44474 46414 48342 
8674 1C642 12714 14935 17214 19278 21559 2393S 26094 2R094 3t?14 32174 34336 26526 33636 40575 40542 44494 46436 48374 
8694 1C674 13736 14974 17236 13294 21574 £3942 26114 £3114 30026 32194 343-V2 36542 35642 40594 42559 44514 46442 48394 
8714 10694 12774 14994 17242 19314 21575 23574 26135 28156 3004C 32214 £J274 26674 36674 40614 42574 44536 46474 48401 
S736 10714 12794 15014 17C74 19336 21594 22994 26142 2S142 £0114 32236 34294 26694 23694 4C636 42575 44542 46494 48414 
8742 10736 1281-1 15036 17278 19342 21614 £4014 26174 28174 32136 32242 24401 26714 3E7I4 40642 42594 44559 46514 4842S 
6774 10742 12336 15C42 17294 19374 21774 24074 26194 28194 30142 32274 34414 26736 38736 40674 42614 44574 48536 48436 
8794 10774 12342 15074 17314 19394 2173-* 24394 26214 23214 3017* 32276 2 -JjO 36742 38742 «0694 42636 44575 46542 48442 
8814 10794 12874 15094 17336 19494 21314 2411'- £S236 23236 30194 32294 34^42 3B774 38774 40714 42642 44594 46559 48474 
8336 10S14 12894 15214 17342 19536 £1836 24136 £6242 28242 3C214 32314 34474 36794 3S794 40735 42674 44614 46574 48674- 
8842 1 0S36 12914 15236 17374 19542 £1342 2^42 £6274 28274 30226 32474 34434 £6814 3E814 40742 42694 44636 46575 43694 
8874 1CS42 12926 15242 17394 19559 21874 24174 £6278 2tU7e 30242 32494 34:14 2f,££G 3BS2S 40774 42714 44642 46594 48714 

9894 1C874 1294£ 13274 17401 79574 21894 £4194 £6294 28294 2C2T4 32514 34526 36=42 S££42 40794 47736 44674 46B14 48736 

8914 10S94 13014 15273 17414 19575 £1914 £4214 £6314 £8S14 30278 32536 34542 36274 3E874 40314 42742 44694 46636 48742 

8956 10914 13036 15294 17436 19594 22094 24236 2533c 28326 SC794 £254£ 34559 36594 38894 40636 42774 44714 46842 48774 

5442 10026 13342 15314 17442 19614 22126 £4242 £6343 24342 £0314 32559 34574 36314 5E914 40642 42794 44736 45674 48794 

e974 1C3J2 13074 15736 17474 196S6 22142 24274 25374 ££374 30:30 22574 34575 £6074 3S936 40374 42314 44742 46694 48314 

8994 1G97A 13094 15342 17494 19642 22174 24278 26394 22394 30:^2 32575 34504 36554 32942 40394 42836 44774 46714 4SS36 

9014 10594 13114 15374 17514 19674 22194 24264 26401 2E401 20374 32ei4 34514 37014 38974 40914 42842 44794 46736 48842 

9C30 11014 13-36 15394 17536 15694 22214 2-1314 £ 6 414 23414 30394 32636 34-i»6 37036 3S994- 4CS36 42274 44814 46742 48374- 

9042 11036 13142 15401 17542 19774 £2236 24336 2C^ig 284£g 30401 32642 34542 37042 39014 4C942 42894 44836 46774 48894 

9074 11C43 12174 13414 17S59 19914 22242 24342 £6442 23435 30474 32674 34736 27074 39C36 4^374 ^£914 44342 46794 4891+ 

9GS4 11094 131W 15436 17574 19936 22274 24374 ££514 2S442 30494 32C94 34774 27094 39642 40994 42936 44374 46814 48936 

9114 11114 13214 1 5442 1 7575 19942 222 78 24414 £5536 2B474 3C514 22714 £4794 17174 29074 41014 42942 44894 46836 48942 

9135 1112E 13226 15474 17594 19974 22294 24436 £5542 28494 3C536 £2736 34314 371B+ 39094 4 ’036 42974 4-4914 46842 48974 

5142 11142 1?2 J 2 15494 17614 20036 22314 £4442 26559 £8514 20542 32742 24856 37214 39114 410-12 42994 44936 46E74 48994 

9174 11174 13274 15514 17636 20042 22336 24474 £5574 £3536 005S9 32774 3J34C £7236 29136 41074 43014 44942 46894 40038 

0194 11194 13278 15536 17642 2DC74 22342 24494 26575 30=74 30794 3+374 37242 29142 41C94 43036 +4974 46914 49042 

9214 11214 1=294 15542 17674 20094 22374 24514 £6^26 28550 30575 32814 34E94 37274 3917+ 41114 43042 44994 46936 49074 

9236 11226 13314 15559 17694 20114 22394 24559 26642 28574 30594 32836 3+91+ 1^78 3i194 41136 43074 45014 46942 49094 

9242 11242 13336 15374 17714 20138 22514 24574 26674 2S575 30614 32842 34936 27294 £9214 41142 43094 45036 46974 49114 

5274 11274 13342 15575 17736 20142 22536 24S75 £6594 2S5E-1 30714 32874 3494£ 37314 39236 41174 43114 45042 46994 49136 

6273 11278 13374 15594 17742 £0174 22542 24594 2 671 4 £?o]4 30726 3C894 34974 37336 39242 41194 43136 45074 47014 49142 

6294 11234 11334 15614 17774 20194 2Z559 24614 £6736 28636 30742 £2914 34394 27342 3927+ 41214 42142 45094 47036 4917+ 

4gi64 
49214 
49236 


. 74 2014- 4294 6474 
94 2074 4314 6404 
114 2094 4336 6514 
138 3114 4£42 6536 
142 2136 4374 6542 
174 2142 439+ 6539 
194 2174 4401 6574 
214 £194 4414 6575 
236 2214 4436 6594 
£42 2274 4442 6614 
274 3278 447J 6616 
278 2294 4514 6642 
394 2314 4E36 6674 
314 2336 4542 6534 
336 2342 4539 671+ 
343 3374 <574 6736 
374 2394 4575 67-2 
39+ £401 4594 6774 
401 2414 4642 6791 
414 2436 4674 6E14 
436 2442 4694 6836 
442 2474 4714 6£42 
474 2494 4736 6C74 
494 £694 4742 6K6 
514 2714 4774 6942 
536 £736 4836 6574 
542 2742 4242 £59+ 
569 2774 4974 7C1+ 

574 2794 4994 7C36 

575 2814 5014 70+2 
594 2336 5036 7C74 
51+ 2342 5C42 7094 
636 2874 5074 7114 
642 2354 5094 7126 
874 2914 5114 7142 
694 2936 6136 7174 
714 294 2 5142 7194 
736 2974 5174 7214 
742 2994 5194 7236 
774 3014 5214 72+2 
79+ 3036 5236 7Z74 
814 3042 5242 7273 
836 3074 5274 729+ 
842 3094 5275 7314 


874 8138 529+ 7336 9374 11374 13442 15694 17594 20274 22614 24694 £581+ £271+ 30836 32994 3507+ 37414 2S336 41273 43236 45174 47119 49242 

39+ 3142 5314 73+2 9394 11294 13474 15714 17914 20278 ££636 24714 26336 £3736 30842 33014 3509+ 37+36 3? 342 +1294 43242 45194 47136 49274 

“'.0294 £26+2 24736 £87+2 3C874 33036 05114 37+42 39374 41214 


3174 5336 7+ Cl 
936 3194 5342 7+7+ 
942 3214 5374 7+36 
974 3236 5394 7*42 
M+ 3242 £401 7474 
1014 2274 5414 7+34 
1C36 3278 5436 7514 
10+2 3294 5442 7536 
107+ 3314 5474 7543 
109+ 3336 5494 7559 
111+ 3343 5514 7614 
1136 3374 5536 7536 
1142 3394 5542 7642 
1174 3401 5569 7694 
1194 3414 5574 7714 
1214. S436 6S75 7736 
1236 3442 5594 7742 


9394 11C94 13474 157T4 17914 

9401 11+01 13494 15736 17936 20294 £26+2 24736 287+2 3C874 33036 35114 37+ +2 29374 +121+ +3274 +5214 47142 4927S 

0414 11414 13514 157+2 17942 20314 2J674 24742 26*74 3B77+ 30304 330+2 35136 37474 C9334 41333 4327S 4=236 47174 4929+ 


9+36 11+36 13536 15774 17994 20336 £2634 24774 £373+ 30914 33074 351+2 37+9+ 39+01 413+2 +329+ +5242 47194 +9314 


9++2 11442 13542 15794 18014 203+2 K71+ £+79+ £691+ 23314 30936 33094 35174 37514 39414 4137+ 43314 45274 47214 40336 

9+74 11+74 13559 15814 18036 20374 0£736 £4314 £EB3S £3836 309+2 33114 3519+ 37536 3943? 413?+ 43336 +3278 47236 49342 

9+94 11494 13574 15836 180+2 £0394 £2742 24836 £6912 £83+7 30674 23136 35214 275+2 39442 41401 43342 4529+ 472+2 49374 

951+ 11514 13575 15842 18074 20401 2£774 2+842 26974 28874 309?+ 33142 3S2C5 £7559 £947+ 41+14 +3374 45314 4727+ +9394 

9536 11536 13594 15874 18094 20414 ££794 24874 £6954 28894 31014 33174 352+2 37574 £9464 41436 43334 45336 4727S 49401 

9543 11542 1361+ 15594 1811* 20+36 22814 24894 27014 28914 S1074 33194 3SI74 375*5 £9514 41442 +3+01 +5342 +7294 +9+14 

9559 11559 13636 15914 18136 20442 22836 24014 27036 28936 31094 33214 36273 37594 39536 41474 43+14 4537+ 47314 45+36 

9574 1157+ 136+2 13936 1814S £0474 22842 2+936 27042 £8942 31114 33235 3539+ 3761+ £95+2 41494 43+36 4539* 47336 404+2 

9575 11575 13674 15942 18174 £0494 22874 2+942 27074 28974 31136 332+2 35314 37636 39559 41514 43+42 45+01 +73+2 <9494 

9594 11594 12694 15974 18194 20514 2289+ 24974 27094 23994 31142 33274 33326 37c+2 39574 41336 +3474 45414 47374 +9536 

9614 11614 13714 15994 1B214 20536 22914 24994 37114 29014 31174 33278 352+2 S7£74 39375 +15+2 +3+94 +5436 47394 +95+2 

9636 11636 13736 16014 18236 20542 22942 25094 27136 29036 31194 33294 35374 37694 39504 41559 43514 454+3 +7401 49559 

9642 11642 13742 16036 18242 20559 22974 25114 271+2 390+2 37214 S3314 3 S3 >4 37750 39614 +1574 +2536 45+74 47414 +9574 

9674 11674 13774 16042 18274 20574 22994 25136 27174 29074 31236 33336 35401 37714 3963b 41575 435+2 *5+9+ 47436 49575 

12+2 3474 5614 7774 9694 11694 13794 16074 18278 20575 23014 25142 2719+ 29094 312+2 33342 35+14 37736 396+2 41594 43559 45514 47* +2 +9594 

1274 3484 5636 7794 9736 11714 13814 16094 1B294 20594 23036 £5174 27214 £9114 31274 33374 S6436 377+2 39674 41614 43574 4SS36 47474 49614 

1275 3614 6642 7314 9742 11736 13836 16114 18314 20614 33D42 25194 27236 29136 31273 33394 354*2 37774 35694 +1626 43575 455+2 47+94 +9636 

1294 3535 5674 7836 9774 11742 13843 16136 18374 20636 2307+ 25214 27242 29142 21£}4 33401 35474 37794 39714 416+2 <3594 +5559 47514 496+2 

1314 3542 3694 7842 9794 11774 13874 16142 18394 20642 23094 25236 £7274 29174 31314 33+14 35+9+ 2731+ 39736 +167+ 43614 +5574 +7536 +9674 

1335 3559 S714 7B74 9814 11794 13894 16174 18+01 20674 23114 252+2 £7278 29194 31336 33+38 35514 37336 307+2 +16?+ 43636 45575 +7542 49694 

1342 3574 5736 7894 9336 11814 13914 16194 18+14 20W4 23136 25274 37294 29214 31342 -334+2 3 ESS 6 2714+2 3977+ 41714 436+2 +5594 +7559 +9714 

1374 3575 5742 7914 9842 11836 13936 16214 18+28 20714 23142 25278 27314 29236 313 7 -* 33+74 35r+2 27974 39794 +1736*43674 +361+ +7574 49736 
1394 3594 5774 7936 9874 11842 13943 16236 18+36 20736 23174 25294 27336 262+2 21394 33*94 30559 37894 29814 417+2 43694 45636 4T575 4S7+2 

1401 3614 5794 79+2 9894 1187+ 13974 16242 1B442 20742 23194 25314 £7342 £9274 31401 33514 35574 37914 39C£5 *177* +371+ +56+2 4759+ 49814 

1414 3638 S814 7974 9936 11894 13994 16274 18+74 20774 23214 25336 2737+ 29278 31414 £3536 35575 i79« 33E42 i170+ *771:6 +507+ *761+ +9S36 

1435 3642 5836 7994 S9+2 119M 14014 16278 18*94 20794 23236 253+2 27394 29294 31436 333+2 357-94 379+2 3937+ +181+ +37+2 4569+ 47626 + 98+2 

1442 3674 5842 8014 9974 11936 14036 16294 18S14 20814 23242 25374 27+01 M£l+ 314+2 33E59 !K14 2797+ 313.9+ 41836 +3774 +571+ +76+2 49374 

1474 3694 5874 B038 9994 119+2 140+2 16314 1S53B 208S6 23274 25394 27+14 29336 31474 33574 35E26 37294 39914 415+2 4379+ *5736 47674 49S9+ 

1494 .3714 5894 8042 10014 11974 14074 16336 18542 20842 23278 25401 27*36 £03*2 31494 ££675 356+2 C3--.14 £9?2j 4177+ *331+ +57*2 47694 49914 

1514 3736 5914 8074 10036 11994 14094 16342 18550 20S74 23294 25414 37442 2937+ 31514 33594 3567+ 3JC:6 £59+2 4139+ *3235 +57'4 +77 CO 49936 

1536 3742 5936 8094 100+2 12014 14114 16374 18574 20894 23314 25436 27474 £9304 31535 33614 35S9+ 3SC4C 39974 +1914 41.5*2 -157?* 47714 490+2 

15+2 8774 5942 8114 10074 12036 14174 16394 18575 20914 23336 254+2 27494 29401 31542 33636 35714 £807+ 39*94 41576 +3S74 +5314 47736 49974 

1559 3794 6974 8136 10094 12042 14194 16*01 18594 20936 23242 25474 27514 29414 31559 336+2 3S735 £££?+ 4001+ +15+2 *339* +5836 4T742 +9994 

1574 3814 5994 3142 10114 12074 14214 16414 18614 20942 23374 £5494 £7536 29436 31574 £2674 357*£ £511+ 40C36 41974 4331+ 458+2 +7774 

1575 3836 6014 8174 10126 12094 14336 16+36 18636 £0974 2S394 25514 27542 29442 31S75 33694 S5336 38156 40042 41994 +3939 45874 47794 

159-t 3842 6036 8194 10142 12114 14242 16442 18642 20994 23401 25536 27S59 29474 31594 33774 35942 3S1+2 40074 <201+ 439*2 45S94 47814 

1B14 3874 6043 8214 10174 12174 1+274 16474 18674 21014 23414 25542 27574 £9494 31614 33794 35974 3E174 40D94 *2035 +3974 45914 47836 

16*6 389 4 6074 8236 10194 13194 14278 16+94 13694 31036 23436 25559 £7575 29514 31536 33814 35934 £3194 40114 42042 +399+ 45936 47842 

1«? »1 4 6094 B2+2 10214 12274 14294 16514 18774 210+2 23442 25574 £7594 £9536 31642 33336 36014 £3214 40135 4307+ 4*314 459+2 47374 

167? me 6114 3274 10236 12278 1+31+ 16536 18794 21074 23+74 25575 £7614 295+2 21674 33E+2 36G3G 3E236 M 1+2 +2094 +*035 +5974 +7394 

lEI 22® 6136 8278 10242 12294 14336 16342 18a14 21094 £3494 £5594 £7636 29559 31694 2287+ 36C42 33242 40174 +2114 4*042 +5S9+ 47914 

‘IU 3974 6142 2294 10274 13314 1*3+2 16559 18836 21114 23514 25814 27642 29574 21714 32894 35074 33274 40134 42126 *4074 *6014 47936 

2155 5221 6174 8314 10278 12336 14374 16574 1SB42 21136 23536 25636 27674 29573 31736 33914 36C9* 22278 4C214 +21+2 4499+ *6036 +75+2 

1742 4036 6194 8326 10294 12342 1+394 16575 18374 211+2 22542 25642 27694 29594 31742 33926 3611* 22294 40236 +2174 44114 460*2 +7974 

1774 4042 B21+ 83+2 T0314 12374 14*01 16594 1389* 21214 23559 25674 27700 £9614 3177+ 32942 26110 16314 4;-£4£ *2:9+ 4*136 46D74 +7994 

1794 JO 74 6236 8374 10336 1239+ 1441+ 16614 18914 21336 23574 25694 27714 29626 3179* 33974 361+2 £3226 +027* *2214 441+2 *6094 4E014 

1814 ft® 4 6242 8394 103+2 12401 1++36 16636 18936 212+2 23575 25714 27736 29642 31814 33994 2617* '£7*2 +0272 *2235 *4174 46114 +S036 

2HS ill 4 6274 8401 10374 12414 14442 16642 18942 21274 23594 25736 £77*2 £9674 21836 3431+ 351“* So 37* 4229+ 422*2 4+194 46136 480+2 

1842 41 36 6278 8414 10394 12*36 1449+ 1687+ 18974 21273 23814 25742 27774 29654 318+2 3*038 3671* ==294 40314 4227* +4214 461+2 <8074 

2S 74 414 2 6294 8428 10401 12+42 1+514 16694 18994 21294 23636 £5774 £779+ £9714 31?74 3+0+2 3G3£6 28+E1 +C225 +2273 +*£36 +6174 4B994- 

1294 4194 6314 8436 10414 12+7+ 1+536 16714 19014 21314 23642 2S794 27814 29736 £1354 ’+G74 363*7 tS+l* *33+£ *£29+ +*£42 46194 +B114 

1914 Wlfl- 6374 £442 10+36 13494 1*542 16735 19036 21338 23674 25814 £7836 £9742 3191* 3409* 36.-7* 28423 +C374 4231* 4*£7* 46214 +8136 

1936 4238 6394 8474 10442 12514 1+559 16742 190+3 213*2 23604 £5836 27842 2977+ 31936 3+114 36394 3S<££ <0394 +££36 44273 48236 431+2 

Accordingly, on February 15. 1978 the Guaranteed Debenture?; so designated for redemption win become due and payable, 
npon presentation and surrender thereof, at one-hundred percent flOO^) of the principal amount thereof in United States 
'liars, at the ontion of the holder, either tn\ at the nffire nf HanVaiK- Tenet- r-ee-eeee f'r.ee.-.enie Tn,=f Division. One 

country where 

_ , _ — - — „ — Company in London, at the- Main Office of Bankers 

Trust Company in Paris, at the office of Banque du Benelux S.A. in Brussels, at the office of Bascule du BeneJux-La Luxem- 
hoorgeoise, S-A. in Luxembourg, at the office of Deutsche Unionbank, G.m.b.H. in Frankfurt 'Main, at the office of Bank 
Mees & Hope N.V. in Amsterdam, at the office of Credit Suisse in Geneva and Zurich or at the office of Ear.cq Naaionalo del 
Lavoro in Milan and Rome. 



TJ* J following are the serial numbers of the Debentures bearing: prefix M which were called for redemption on February 
lo. 197i but which have not been presented for payment. These Debentures should be presented for payment with oil 
coupons maturing after February 15, 1977. 

- IU270 1713 4113 7180 7213 8170 9080 1+054 15413 15+57 21070 25C29 20139 55603 26G70 +9+92 
1539 1903 4157 7203 7403 9170 9967 15+03 15+30 15+70 25613 25657 33057 35613 39229 *9503 


Dated l January 2 6, 1978 


CONOCO EUROFINANCE N.V. 

Ej BANKERS TRUST COMPANY, Trtistce 


X' 






30 


Financial Times Thursday January 26 1978 


I \R\1I\(. AM) RAW MATERIALS 


Market for 

potatoes 

recovering 

6/ Our Commodities Staff 
THE NEW support buying pro- 
gramme announced two weeks 
ago is already having a distinct 
effect cm the potato market. 
Fanners' confidence has im- 
proved. they have slowed down 
marketings, and prices have 
begun to climb again. 

in some parts of the Eastern 
region, red-skinned potatoes have 
been fetching £60 a tonne. Else- 
where. average priees are still 
hovering below the guaranteed 
level nf £45.75. 

Retail prices are generally un- 
changed at between 3p to fip a 
pound. 

However, the Potato Market- 
ing. Board warns growers in its 
latest report that buyers are 
showing " some resistance ” to 
the new .higher prices. “ Pro- 
ducers should be cautious not 
to create a situation of over- 
supply," it says. 


Firmer demand 
for wool ahead 

CANBERRA. Jan. 25. 
DEMAND FOR wool could 
become firmer next season, 
according to the Australian 
Bureau " of Agricultural 
Economics, reports Reuter. 

The Bureau bases this assess- 
ment on indications of more 
expansionary economic policies 
in major wool exporting 
countries, continuing low 
supplies and the possibility of 
some increases in man-made 
fibre prices. 

In a background document 
prepared for the National Agri- 
cultural Outlook Conference tbe 
Bureau says a fairly quiet 
market is expected fur the rest 
nf the present U977-7SI market- 
ing season. 

According to the document raw 
wool stocks fell sharply in 
consuming countries during 
1976/77. Trade stocks are thought 
to have continued falling this 
season while producers' stocks 
have risen. 


IMPALA FOLLOWS 
PLATINUM RISE 

By Our Commodities Staff 
Impala Platinum confirmed 
yesterday that it was following 
the move by Rustenhurg to 
increase its producer price for 
platinum by S25 to S205 a troy 
ounce, effective immediately 
Like Rustenburg. it is also 
raising the rhodium producer 
price by S50 to $500 an ounce. 

Reaction on the London free 
platinum market was subdued. 
The dollar price was unchanged 
at the four-year high level nf 
$217. but the sterling equivalent 
was cut by £0.15 to £111.25. 


Ban on U.S. trading in 
London options planned 


BY JOHN EDWARDS, COMMODITIES EDITOR 


is little 'London traders can do 
to protect their reputation, 
although they have co-operated 
with the CFTC as far as possible 
in their efforts to control 
fraudulent activities. 

At tbe same time, tbe growth 


A BAN on trading of the so- defined, 
called London and dealer com- In any event, London trade 
modify options in the ILS- was sources were convinced last 

recommended by the Commodity night that the proposal by the 
Futures Trading Commission CFTC would be the subject of 
after a meeting in Washington fierce legal dispute, with leading 
yesterday. U.S. commission-houses expected 

Mr. John Rainbolt, vice- to apply for injunctions prevent- of the U.S. options business in 

chairman of the Commission, ing the Commission from apply- recent years has brought a big 

said tbe proposed suspension of ing the ban. inflow of extra funds into The 

trading in options should be London commodity traders London markets ih the form of 

maintained until such options have a mixed view of the latest premium money, even though the 

development. There has been volnme of options represents only 
considerable concern recently a sma ^ percentage of total turn- 
about the bad name being given 
to the .London markets by the 
a biinch of crooks " 


over. 

London dealers are anxious to 
retain respectable trade business 
but recognise that private 
speculative option trading will 
probably revert to the planned 
□ew U.S. option markets in due 


can be offered in the U.S. in a 

safe environraenL 
The move came soon after the 

arrest in Florida of Mr. Alan __ ___ 

Abrahams, alias James Carr, activities of 
president nf Lloyd Carr, whose m \h e U.S. 
activities seemed to bave finally 
persuaded the Commission that Scdllddls 
it has not the staff or resources 

to regulate commodity option Commodity option trading has course, 
tradin'* in the U.S. effectively. been banned in the U.S. for some Meantime, however, the U.S. 

Mr Rainbolt visited the Lon- years now following previous future trading decision may be 
don ’ metal and commodity scandals, so U.S. companies have viewed as a political move to 
markets this week to advise them turned to selling London options, force extra funds put of Congress 
of the proposed move, and one using the reputation of London to help provide the staff needed 
major concession is that there to give an aura of respectability to regulate option trading. Mr. 
will be no ban on trade options, while in some cases charging Bagley. chairman -of the Commls- 
as opposed to private speculative excessive commissions or not sion, last year said it was impos- 
dealings. It is not quite clear even' bothering to take out sible to regulate . with existing 
how the difference between trade options in London at all. staff the option traders who “ lie 

and speculative options will be In these circumstances, there by day and fly by night." 

Fanners’ land fears dispelled 

BY CHRISTOPHER PARKES 

FARMERS need have no fear special committee investigating more funds at their disposal in 
thai they will be “swamped" in land ownership, told a meeting future, he warned. Land 
ihe near future by pension funds, of farmers in Spalding, Lincoln- appeared to provide a sound 
insurance companies and their shire. hedge against inflation with fair 

kind buying up agricultural land. But the financial institutions longer-term profit prospects, and 
Lord Norlhflcld, chairman of a were likely to have considerably it was as well to assess now the 

potential future impact of these 
new buyers. 

According to figures produced 
by Lord Nortbfield, the “new" 
institutions — he was excluding 
. BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT * the Church, the Crown and other 
MRS. MARGARET THATCHER’S based on fact. Apart from the traditional institutional land- 

. , M u . p.Kmnrc problems of the pig industry, owners are now buying some 
speech at the National Farmers pnmas> « P ^ QJ) t * 10 t0 20 per ^ of ^ 500>00 o 

Union annual dinner was given ^ MCAs are calculated acres of farm land coming “ 


Thatcher welcome muted 


a warm, but not particularly than ^ pound" itself, to the market each year, 

enthusiastic welcome. Apart from no livestock farmers are in “If they chose, the institutions 
claiming ibai the devaluation of d C8pera t e trouble. What annoys could buy up the lot," he said, 
the "green pound” was due to f armers j a C f, a t they have not “But in reality the chances of 

her party’s efforts, and routine tj ene fited as well as they thought theifi swamping us are nil in the 

attacks on the Capital Transfer tbey were to from Com- short term." 

Tax. It was no more than a mun jty entry The main worry of the 250- 

pnlitical attack on Mr. Silkin and She ^ not say muc ij t0 strong audience in . a packed hall 
Labour generally. which eo ij g bten them as to how Con- was that the ■ institutions, face- 

appeared to weary her audience. se rvative policy was going to toss and all-devouring, re- 

I would consider, mainly Tories d|ff er from that of ‘the present presented unfair competition for 
anyway bui with no particularly Government Except that she was traditional landowners 
warm feelings towards the Tory gainst m0 st capital taxation and, ’'They were accused of " Meed- 
Party's agricultural policies. 0 f course i an d nationalisation, ine " the land and not plough- 
Some of them might well have There was no word at all about ing back profits, forcing up the 
remembered that the “green a . SU bject which exercises many price of land to artificially high 
pound" over-valuation began in f armers . it concerns the security levels, and benefiting from an 
1973 when the Tories were in 0 f t enure given to both tenants unfair taxation system 
power. At that time, their am j heirs, Many farmers, as Institutional buyers have been 
Minister, now Lord Godber, gave { discovered when talking to them particularly busy in the eastern 
no hint of the position. after her speech, are convinced part of Britain and are especially 

Some of Mrs. • Thatcher's that the Tories intend to modiry attracted 1 by the ' farms of 
remarks about the ruin faring the security given to tenants and Lincolnshire. Norfolk and Cam- 
livestock farmers were hardly their families under statute. bndgeshire. 


on 


‘Squeeze 5 
fears boost 
coffee 

By Our Commodities Staff 

FEARS of a “squeeze" on 
nearby coffee supplies sent the 
spot January position up by 
over £ 200 a tonne yesterday. 
A major producer which has 
bought coffee for January 
shipment made ft dear re- 
cently that it plans to take 
delivery of the coffee 'and a 
flurry of buying yesterday 
afternoon was assumed to 
come from that source. 

The market responded with 
wbat some dealers saw as a 
“ panic reaction." By the close 
January- coffee had climbed 
1207 to £2.156 a tonne. Other 
positions moved up. In sym- 
pathy with the March quota- 
tion closing at £1.797.5 a tonne, 
up. £51.5 on the day. 

The situation is reminiscent 
of similar events late lag* year 
when BraziPs controversial 
poliev of “ support buying " ' 
Renter reported- late yester- 
day from Mexico City that 
Mexico's 1977-78 coffee produc- 
tion may be nearer 3.5 m. 60 
kilo bags than the 3.8 m. bags 
estimated on January 19. How- 
ever, the final figure win not 
be known until completion of 
-the harvest 

Sr. Daniel Morales, the Insti- 
tute's commercial director, said 
the- 3-8m. figure reached at a 
meeting between Institute 
experts and producers should 
be seen as an absolute maxi- 
mum Mexico's crop target for 
1981-82 was about 5.5m. bags. 

Metal prices 
slide halted 

By Our Commodities Staff 

THE RECENT fail m base metal 
prices ou the Loudon Metal Ex- 
change was halted yesterday with 
lead and zinc rallying quite sub- 
stantially, tin moving up slightly 
and copper ending only margin- 
ally lower. 

The upturn was seen as a tech- 
nical reaction against the recent 
sharp fails and was also encour- 
aged by the emergence of a 
modest amount of physical de- 
mand. 

The biggest rise was in zinc 
which ended £9.75 higher for 
cash metal at IJ51.25 a tonne. 
Cash lead rose £5 to £316.5 a 
tonne while cash tin closed at 
£6.100 a tonne, np £32,5 on the 
day. Cash copper wi rebars 
slipped another £1.25 to £634.5 
a tonne. 

In Tokyo meanwhile smelters 
estimated that deliveries of 
Japanese electrolytic copper 
rose to a record 96.208 tonnes in 
December, reflecting improved 
demand from local electric 
cable manufacturers. The pre- 
vious record was in November 
when 88,893 tonnes were de- 
livered. 


KS- 


AUSTRALIAN AGRICULTURE CONFERENCE 

’ • 




grain 
expected to fall 


r -a 


CEREALS ARE in plentiful 
supply but it is estimated; given 
normal weather, next year's final 
world wheat and feed .grain 
stocks will be only slightly 
higher than those available 
before cereal prices rose in the 
early 1970s. This ' was the 
message of Mr. Rob Tazetaar, 
EEC Commission principal 
administrator, when he addressed 
the National Agricultural Outlook 
Conference here, Reuter reports. 

Such a modest reserve could 
make it difficult to cushion thq 
effect of a poor harvest in. one: 
or more production areas, he 
warned. 

The Australian Bureau ’ of 
Agricultural -Economics agreed 
that there is likely to be some 
reduction in world wheat stocks 
ih 1978-79, but thought the 
present stockpile would provide 
a significant buffer against -a 
shortfall . in production and 
spectacular short-term price 
rises. 

Trend level 

’The most likely outlook for 
wheat export prices in 1978/79 
is that they will average slightly 
over SA100 a tonne fob . for 
Australian standard white wheat, 
compared with an average of 
about SA95 in the previous two 
seasons, tbe bureau said. - 

This outlook assumes wqrld 
wheat production 197S-79 will be 
slightly below 400m. tonnes, 
against 384m. in 1977-78. while 
world consumption Is expected 
to be at about its trend level of 


some 400m. tonnes. . 

Sir Leslie Price, chairman or 
the Australian Wheat Board, also 
thought export wheat pnees 
■ would be slightly higher on 
average in I97S than in 1977. 

Turning to the negotiations 
being conducted for a new Inter- 
national Wheat Agreement the 
Wheat Board chairman said the 
Board, in its advisory capacity 
as the marketing authority, had 
expressed serious reservations 
about suggested formulae for 
conditions under which Austra- 
lia would be obliged to put 
wheat in stocks or hold it there. 

* Australia could thus have 
. wheat in reserve stocks but 
would be unable to release it 
onto commercial markets in a 
year of reduced production, be- 
cause the release would be gov- 
erned by movement in the world 
wheat price rather tban Austra- 
lia’s own supply situation. 

Sir Leslie said the Board 
would be unwilling to support an 
agreement which could lead to a- 
redirection of trade in this 
fashion. 

He said it would support a 
rigid maximum and minimum 
-price discipline - for export 
prices under an international 
agreement as proposed by tbe 
EEC. if it could be proved it 
would be more successful than 
in previous agreements. It would 
support a reserve stock system, 
as proposed by tbe U.S.. if it 
could be assured that it would 
lead to price stability. 

M. Etienne Caen, research 
director of Louis-DreyFus et Cle, 
told the Conference he believed 


CANBERRA, JatU 28.- j 

the likelihood of China fata-vett- V 
ing in the feed groin market* 
within a few years was some* 
what greater than that of india;}. 
doing 88- • ■ 

It is unlikely any large amount 
of foreign currency could be^j 
made available for India -'4 ihI 
import feedgralns and meat; cbd*£ s 

sumption there is very toiic-Rut . 
expansion of China’s .. domestic . 
gram production looks limited 
and meat requiremeuts. 
especially to the big indu$tt»r 
centres of the East Coasi, was' 
likely to develop, he said. 


Potential 


More promising feedgrain roar* - .-• 
kets, particularly for Australian 
are Japan. Taiwan, Korea and-.:' 
South-East Asia, which offered f 
enormous potential, M. Caem 
added. 1 

Indonesia was once a modest 
maize exporter but no ictngCr 
appears on the market and is . 
even making sporadic imports, 
he said. 

• in Washington meanwhile. 
Blr. Bob Bergland. U.S. Secretary . \ 
of Agriculture said an inter- . 
national wheat agreement could ' 
be in place by July I. . 

Asked at a Senate agriculture >■ 
hearing about the likely price : 
range in such a pact Mr. Berg-.---' 
land said he believed the lower x._~ 
limit would be somewhere 
above the U.S. loan level — now 
$2.25 a bushel. 

The upper limit might be 92 ' 
above that, lie estimated. . 


,:->3 ka* 


EEC may undermine 
sugar agreement 


THE EEC is a major threat- to 
the effective functioning of the 
international Sugar Agreement. 
Mr. J. G. Campbell, general 
manager of CSR’s sugar division, 
said in Canberra, yesterday. 

He expects efforts will be made 
this year to negotiate terms of 
accession for tbe EEC to the 
Agreement. If the EEC joins the 
Agreement, or regulates its 
international sugar trade in a 
manner compatible with the 
Agreement’s objectives, there 
could be a reasonably rapid 
stabilisation of prices within -the 
Agreement range, he added. - 

Control of prices by the Agree- 
ment will be leas certain if 
neither of these happens because 


it will depend on the size of 
the EEC exportable surplus of 
white sugar, be said. 

Turning to medium-term pros- 
pects. two to five years ahead. 
Mr. Campbell said there were 
reasonable prospects the Agree- 
ment would achieve firm control 
of the marker at an early stage, 
maintaining prices at levels 
reasonably remunerative to 
Australian producers. 

On longer-term prospects, Mr 
Campbell said fructose glucose 
syrups have had an effect on 
world sugar trade and pose a 
long-term threat, particularly if 
thd industry is not successful 
in beading off periods of ex- 
tremely high • prices. 



Soviet cotton 
crop a record 

By David Satter 

MOSCOW. Jan. 25. ’ 
THE SOVIET cotton harvest 
came to S.7m. tonnes in 1977. a 
new record and a considerable 
improvement over the 1976 har*' 
vest which was only S.3m. tonnes. 

U.S. agricultural experts 
attributed the good crop, which 
exceeded the 1977 plan target by 
5 per cent., to good water sup- 
plies and favourable weather 
conditions at harvest time. 

The 1977 Soviet sunllowcr seed 
harvest is expected to total 5.9nt. 
tonnes, an II per cent, improve- 
ment over the harvest in 1976 
but still below some harvests 
achieved during the 1971-75 five- 
year plan. Tbe 1977 target was 
75m. tonnes. In 1973. sunflower 
seed production reached 7.4in. 
tonnes. 


w 


:* • - 


COMMODITY MARKET REPORTS AND 

BASE METALS 


PRICES 


4 g, «, 4 s s. Cathodes, cash Moraine: Standard, cash £11,100, £6.083. far Jan. shipment- 10-oz 4Wnch HO.ST. March 72.85-7X23. May 75.15-73.43. Sept n/AflT EIlTITDrC 

j !4i. Thrw monite £637-3. 90. three months £6.040. 33. 40, High 71-ox £7.79 per 100 yards.- Feb. £ 10.47 and 79J0-79.B0, Nov. SUM only. Sales; 88 WUUL HUIKW 

... — - — Grade, cash £8,100. ..Kerbs: Standard, £7X7: March £1058 and E7.9* "B" t wU la _ LONDON— The market showed little 


47. 47.3. 

16235. I 

rnpppp rhammi in niitoi Kerbs: Wlreburs. ihree months K4S 5. 49 

(.upper — B arely chanfwo in quiet Afternoon* Wire bare rfarce rflonvhi. 

irjJint on Hit- Lun.lon Mi-lal Exrhnnsc 49 45 , 5 . 4 s KiTfcm: Wfrebars. three Standard, three months £6.040. 30. Kerbs: shipment periods. 

gf £fS. "tSMs s-jtt as 1 fr- — — -* * *■ 

TSA 5BV=S/5S£B S SM5 COFFEE 

v- — — — *- — ”77 to £323 on the pre- 

arrracied proflt-takJmt. Robusus cause lid at 
price reacted to 


farmer oiR-ninu on Comes look lonrarrt h, “ In the Pt>nmia market How- “* . J 

metal back up to (s.sa before ih.- fresh mcSs mcU1 up from nl7 10 

pea-sms* nf the dollar caused thi- ortre 'interest ^wi*?**? r arkel - a 5!? 

10 fall back to fb47 on the late kerb. la™ ™ however, apd the price 


■B" twills lots 

respective IN _ 

and cloths per cent. Jan.. Feb.. Mar. 84.00 Tnbnry. 

U.S. Dark Northern Spring No. 2 14 per 
cent. Jan.. Feb.. Mar. 81.25 transhipment 
East Coast U.S. Bard winter ordinary 
unquoted. Australian wheat unemoted. 
EEC wheat unquoted. 


PRICE CHANGES 


Prices per tonne -mains otherwise 


• Pence per kfloi 


Turnover 25.450 lonm-s 


otppEi: 


ft. m. + »r7 Ji.lii. i+ii 
• nil ml ! — : Uuunli'ini j — 


knrh^twfnrA ii* M l!SiiS in "ttoTafaSSoan mwa prior to dosing morning in light volume reports Dreael 
m 0 7?,” ar *®U-3 “ the 'ale kerb. Turnover Burnham Lambert. Later, aggressive 

in thi ■ afternoon prompted a downturn w 4 ™) tonnes i— .. ,.j . 

to Etj.oio prior to the dose which was 


S. African unquoted. 
Barey: unquoted. 


£t>.ui3. Turnover 945 tonnes. 


Wire bars! 

I. 

etn»nii».. 

eciti‘iii a ni 

Cathodes 
1 1 h 

? '■■••:itli>... 

Miil’n‘ni 

l'.-. Mill.. 


r — 


LB.VD 


s.ni. ;+ ot 
Official j — 


p.lD. 

I Unofficial 


655-6 -.25 
6 dB 9 ,25 

636 1 


634-5 1—1.25 
647.5-8 !-l 


TIN 


11 . m. 

tlUlidil 


1 + nfi thin. lt+<ir 
1 — j Untiilk-IM | — 


i?b Grad 

i.^u.Ti ! 6090-100 tI7.6 

> ninnth»J 6095 65 j + Z0 ]605 5-6 1> 

6100 “ j MonUng; Cash £317. t7JS. three raontbs 


Cash „...! 

3 months.. 


624.6 5 -.55. 6Z3.5-4.B>-1 

637 B 683.5-7.5-1 

625 -.5 - j 

60 62.5 ! 


tltie 

6090-TI0,t-3L5 actt'ini'ml 
10 A.Y.S|im .i 


K i L- 
317-.85nh5.62j 


rise which took the premium over March Hertford 70.10. 

_ to *360. Values were £12 tr £207 higher Tbe UJC monetary coefficient for the 

after a hectic and Irregular dose. Dealers WK g beginning January 30 wiU remain 

v | £ said that with January so near to oxpiry unchangsd- 
316-7 '+b and the owm Interest stlU so large, mount- EEC DAU-Y import LEVIES— The 


AnsJmilAD 
GrenBv Fnoi| 

Vixnenlat 

C’Uwe 

f nr 

ttusinesb 

Dnni- 

Vhuich 

1 

281 J)- 55.0 


234.0 

M*y 

232.0-54 J) 

-Ifl.S: 

233.0 

July 

230.0-34.0 


232.0 

1 tabiher 

2Sb.0-5u.fl 



— 

Dec®mn«.... 

24SJJ-39-0 




-March 

256JM0.D 





Muv 

287.0-42J 




July „■ 

237.0-42.0 


— 


Jno. 2t 

4- or 

Month 

137-1 

' 

»t£0 


Sales: 7 t5> kUfl Of 1560 kUoa. 

SYDNEY GREASY— Close <in order Lead Caeb 


Hecols 

Aluminium £660 

. Free Market (eiaj 3660-70 
Ctippereaab W. ban.Cb34.5 
3 nkiatba do. do. B647.7o 

Cash Cathode. K624 

0 month* do. do £657 

Gold Troy oz-S 1/7.575 

16.5 


317.35 +5J5 - 


•31L33 i 


322 5-3 +6 2S1 32 1_ > 2 + 4.76 *°g fears of. s po! tightness caused a rush following EEC levies and premiums are buyer, seller, business, sales)— Micron 3 monrtu»_3!r™.S3Bi!7H 
■ of trade buying. — — ■ — * — • — -- *- — ■ — -- — - — — — ■- -• — ■- — - — — — — — 1 ^ 


COFFBH 


%r.!tls.iTn.i'Hd Mi-lal Trading ruporti-d 
tb ii hi ihc ninmmc cosh inn burs irad.-d 
ji fifj i. "'ii. thni.. mnnths Ciil9 4S. 47.3. 


Veacertlay ’a i 
Close j + or 


Spur tonne 


tu» -£3 

liuiet" (cfrt_ Jyil 



— J.O t67Q.b 
1—1.0 E6U6 
1.0 «]&3.07& 
+ 6.0 ig367^ 
+4.7&1M72.75 


bmnnes* 

Done 


effective . for Jan. 36 in jolts of account contract: March 338.5-338-7. 338-8- 338 J. ea: NLcXet 

per tonne. In order enrrent levy pins May 342 .9-343.0, 343J-343.5. 74: Jnly S4S3- Pree' Market (cfrt-Jff 182-2. 01 lii 75-2 0 

Feb.. Mar. and April premiums iwtth 549.8. 350.0-J49J. 18; Oct. 358.5^53.7. 353.7- ’ , 

previous in bradwui. Cmikw wheat— 352 95; Dec. 3H.7-35B.0, 3S8F-357J. 43: t ytm up Pry we.. l.... M ...r88.a 

S7.S9: nfl: ml: nil <8?JS; nil: ml; nU>. March 383.IWIB3J. KK- 1-38 1.5. B; May + 1 ** ^ 0.IB't»a.75 

Durum wheat— 114 J2: re« nil (U«S: 3644489.8. 364.8-363 J, 8: July 368^-369.0. QuWtajlw (76lb.|. !olZ&-JU 

rest on). Rya— 74.61; rent nil 174.61: rest US.O^ga.O, 14. Totals sales: 328 silver Troy c<r. B57.7p — U |250.d|. 

all). Barley— 7705: nil: ml. nil 177.35: unrr/itrrmnirr J months. : 281.5 


l.C. Index Lint Hen fll-35l 3466. 

29 Lamnni Knari. Lnndnn SW10 flUS. 


>"i. mi hv. 6035-40 10 6030 40:-*- 7A 1B5i I9 _ Ailernooci: Three moil lbs £Kl.’ 

S-ll h-'iih .- 6095 » 3& - 21.5. 23. 24 345. 24 23.5. 23. 22J. SI. January— [21 H^-2 1 M.O *OT7-0 tun. tiariey— »r Ja: ou: mi. mi mag; MC4T /lirrCTADf TC a i— i^r»aoo.»i 

-nulls h..,.S1628fa .5788, - j ...... 21 J. Kelts: Three months £3*IA 22. Mareb i!22 , aiaS - S + 3J’ , S, , aS , tiffi “‘I 1 nil: aU1 - Oat8-«8.5«: rest all MEAT/ VEGETABLES jCbblOO j+5f. k Jcft.BM.j 

'••■"'I'"'-:..— ... ■ 540.00 -2i 3 ZINC— Rallied stromsty. Forward metal nifft jSo Tm«! iSSbUIU - nal " ,h ' onvusis. — n.. J 

22S, Isom wSjmhd 

SSflFniSfSg? d S: x-iveuii*, ..iteso. 0-i5&a.0+23^! 1MS-6-1&50 


One moiilh Gold 178-173] 


IN 


COMMODITIES 

the 


INVESTING 

A one-day seminar on Thursday, 2nd February, 
London International Press Centre 
Write or telephone for o brochure: 

CILART ANALYSIS LIMITED 
194-200 Bishnpsgalt!. London. EC2 
01-283 4476 


at 




Options in '78 

TO TAKE OR NOT TO TAKE? 

Call. Put or Double. Which one? Which market? After 
a brief introduction to the subject of option trading a 
regular feature of the C.C.S.T. weekly Market Report will 
he the making of specific option recommendations. Free 
copies of the next two issues will be sent on rcquesL Ring 
jl-480 i!S4l. or write to: 

CCS.T. Commodities Ltd 

Walsinghum House, 35 Seething Lane. London EC3N 4 AH 


FINANCIAL TIMES 



1 9>ILVEK 

Bullion 

f urj 

LJJ.K. 

+■ nr 

1 

lixiusi 


I.IOW 


■ irov >tt. 

pTi.-lna 





TO-DAY WILL BE APPEARING 
ON PAGE 13 


EUROPE'S BUSINESS NEWSPAPER 


PERSONAL 


!■»"' 5v Lf sss 

SuVlgatiOR so: 'The Sccrewre- ^ 

tewffisatw" 


CLUBS 


EVE. 1#3. Wreal. 5679. A la 

Carte o> All-in Menu 7nr«e.5<iectacuiar 
Floor Smm 10.45. 12.45 ano 1.45 and 

mujjc or Johnny HawkMoOrtll A Fnertd* 


(ARCOVtl. eg 0«an street. London W.l. 
NEW STRIPTEASE FLOOR5HOW 
the Cheat British strip 
S how at M'dmqhl *1*0 T a.m. 
MOQ.-Fn. closed Saturdays. 01-437 645S 


maud from most Quarters coupled wUh 4HO unrr...." 14B0 !o-152o!o + IE.b! 
bear covertnc. In the aHenmon the i™ji + 


price strengthened further to £257 follow- 
ing the upturn in copper but then eased 
bach to finish at £235 on the late kerb. 
Turnover 10,475 tonnes. 


„ , _ _ _ _ Floor levies— Wheat or mixed wheat and 

Sales: 3.018 14262) lots of 5 tonnes. ry Q Ihwr— 133.70 033.76). Rye Hmm-119.46 

ICO ludkwwr prices for Jan. 24 tU.S. oig^Ki. 
cep ts per pound ir Colombian Mild 



41 XU 


Officul 


Jwh 1 248.5-9 


+ I..RJ? |+ « 

— ! Imnfllcuil — 


L- 

-I- 10 1 


£ 

E51-J 


L* 

‘+8.76 


Arabians 205.60 i’200.30i: unwashed 

Arabicas 215.60 1 219.00 1; other mild 

Arab leas 20467 I20S.50): Robustas 178.56 
(170.50 1 . Dally average 1V1.ES 1 193.001. 

LONDON ARABICAS— prices were 
5 nnxithji.J 252.75- ,5'+9. 12' 255.85-^ +9 )Z Irregular and early losses were recouped 
-'mem 1 248 1 + in ! — I • in ^ affornoon as local trade buying 

IVnTwe-d ■ — sOa-Ai came Into the market Drexel Burnham Febnutry — 

ixn. west| _ . 50.0-31 I Lambert reports. Values at the dose Apni 

Morning: Cash £249. 0.25. 49. three were 50 cents lower to Si. BO higher on Jmu. 

months £252. 52-5, 53. 53-25. S2.75. 53. the day. Prices ■ In order buyer, seller. Aocusi—,... 

Kerbs: Three months £353. 32-5. 92. 5L change business;— April 208.75-89.00; u -toLer 

Afternoon: Cash £252. 51,5. three months -0.46: 211.56-08.50. June 188.00-98.73: uevmiwr,- 

<254. 56. ST. 55. 35-5. a. 55.2. Kerbs: +123: I9a.d0-H.00. Aug. 187.ft5-8B.00; FoLruarv . ... 

~ +1.M: I88.73-M.23. Oct. II3.0O-7S4M. 

4-0.77: 178.50 only. Dec. 16400-70.00: 

—0.50: nil. Feb. 1S.00-45 00f - +L00: OIL 
Sales 78 ( 60) Iota of 17.250 Wlos. 


SOYABEAN MEAL 


jUfrlMl'j*-!- IM 


Three months 1233. 

* Cents per pound, t On previous 
unofficial dose, x SU per DlcuL 


llUtlllBI 

Dime 


j£iiert>wiiie 

106.01-16.0—4^ 107^146.- 0 
I u4 2 «-l 4.6' — L30( k6.6J-L4.ffll . 
IU4.S >-L4JIi — 1.0&I I06.0w-04.6Q 
k4.8-Mi6.8k- 2J0 (106^04)5:00 
I u4.53-l 6.5 — 1.7h - . 

L4.6i.>.6.0;— 1.0 105.00-84.80 
UiB.O Mig.ol— 0.75i - 


Sales: 158 iIUi. loot of 100 tonnes. 


SILVER 


SUGAR 


Veal: Dutch bhuls and ends 94J) to Oils 

96J. Ltcoout iPbfll 

Lamb: English small 50.0 to 98.0. Groumlnm 

small thigh quality) . 80 Jl. medium 47.0 Linseed Crudeioi _ 
to 52.0, heavy 36.0 to 48.8; Scotch mediant Haim Malayan—... 
448 to 52.0. heavy 36.0 to 46.8. Imported 
frozen New Zealand PH 43.0 . to 43J). 
yls -U.0 m 46.0. Seeds 

Pork: English. , under 100 lbs 32.0 to Copre Phil lip.. 

42.0. 100-130 lbs 33 Jl to 41.8. 120-160 lbs dovmbean iOjS.).... 
34.0 TO 3S.0. • 

PartrWws: Young (eadi) 178.0 m 180.0. 

P Iimwiw : Best rncr brace) 300.0 to 

32.0. 

MEAT COMMISSION— Average fatstoefc 
nnres at renrrRematfvp markers -ifi 
January 25. CB— Cattle flZ.lOp per kgj.iv. 

1+2 221! IIJC. — Sheep . 130 2p per 

ksesi.d.c.w. < +1.1); CB— Pigs 60. Ip per 
kg.l.w. . C+UO. . Engl and . and Wales— 

Cattle numbers down 5.0 per cent.. 


vbaSi +6.0!sb57.5 

row ,£597 

$Zd7 vU63 

*WO? |._ >503 

i 

I 

*5523. i-2-5;S3B5 
»23BJL: (-1.9U240.1& 


Sliver was fixed L8p an ounce lower for 
spot delivery m the London bntllon 


RUBBER 

EASIER opening 


average price G2.61P f +2.45i: 
numbers ^up 16.4 j>er cent.. ^ 


Graina 

barley BBC J . 

Home Futum,...'£7z.8a 

Maize ..J 

French No.d Am B9B 
Wheat j 

saifissss"!’ 

NmtiLli Mitiia-j .1 LS3.6* 


b.m»: Sheep Coeoa Citupmaou.... El. 693 I— 14 n, _ 
price 131. Ip Future Slay.'.™. Kl.432-' '-.l 75 'i*i as® ■ 
-7_per cenL. Coffee l-utiire,... ‘ f-*'™i-».B».a 


i.86jE70.25 

!bS4 

| 

1 'E90.5 



and 12- month 548.7c. down 2.8c. Tha Ke. i 
metal opened at 25S-2S9D i5«C4-504c> and 
dosed at 2SSJS239.20 (SM^DSSc). 

{Rates given are far convertible francs. 

Financial franc 63.4S-63.65. 

Rale given for Argentina is a free rate. 

Six-month forward dollar O.GO4.T0C dls. 

12-ni on th O.TMJBc tUfi. 


No. l 
B.S.S. 


Yeaiwday’sl Frevtoas 


dose 


close 


- | 46.aMa.QH MJW4J0 


Feb 

March.. 46.18 -45.251 4t56^fi.7(S 45.2B 
AitJik 46.B-46.u 6I 47.IU-47.44 46.M-46J6 Lnmiii. 


47.85-46 Mi 4d.a0 4r.5a 
4d OS 4S.7o| EO.S^aD.M 


1 51.46- licl 52.68.53^61 
66.16 54.DQ-54, 1 111 

34.76- 4.86 5a.5«'.&6.6a 
w6.SQ-Bfi.40j S6.85-5J.C® 


Btwunss 

done 


per cool, price 58.7p ha t/."" — I +5 - 3 l’ 1-0.261+7 

anwacmu rauuwiu* me amNuimmain ui ***£■ U -£- n,onc, jrv .-Sr^or OfclWj....^“'| ' bii* [— .“y- 

a snap tender by San Domingo far compensatory amoonts far period Wimicoib kilo "1 LO LlOb 

Iona Of raws for XXt by 1 ^ ^ ” 7 " -U— ' ~ 2 - 7 ill 

ead-Feb. Losses of up rn ! 1 S pHnni were P®?®® ^ Draowsi. Ftmij or diUM lunmim i *■«» 
recorted before sban-corcrlng developed (32 40): doiL^c^CteniB 1 S^rf d# £ Seih»ra Qu aTd . 

which enabled half the loses to be Greuu bacon ride* £188.83 per tonne ■ f*™* " E* tank Lo ndo ^ 

b, tbadoR^repotc C. eAMe . „ „„„„ jg ?S£j£Tt Jfe 

^ , per package except where otherwise TJ — “ MarcJl - u Jan.-Msrch. : 


48.40-47 66 
50.86-48 JO 
51.83-01 20 


Oct- Dec 
Jan-Ur. 

; . : I A pi -J Hi: 

5L« ; 257.7|> 256.4 1 1 j+0.6 'oi;'|w. 

• montlw..' 281 JSp j-]JI6 262.55p +0.6 *** ^ 

i nuintb a6G.8|. ' — 1.8 — ! 

i ■niirti htt. i C l 6.4;- 1—1.4 — | Sates: 60S »497) lots or « tonnas t 

y ai 5 tonnes. 

LME — Turnover SS (181) lots Of 10,560 Physical closmg pnees i buyers) were 
ounces. Morning: Three mouths 262.5. Spot 45.5p <45.751; March 48Jp (47J5) 
2.4. 1 Kerb: Three nmnths 20. L. April 4«."0. 

ARernoon; Three months 262.7. 2.8, 2.2, 

IS. 2.4. Kerb: Three months 262J, 2.6- 


Suawl 1 



Frei. 1 

IntenUy » 

Previoon 

HuBinaw 

Lntnni. 

L«nn. 

IWSO 

Clone 

Done 


oAflnvIsN 

statedV- Imparted prod tea: Orango*— xPer 
S Paula: NaveJJnas 130-3.00. Navels 3.00- 
3.30: Jaffa: 3-58-3 .55: Cyprus: Ovals 
approx. 16 kfloB 54/nh S S43 31: eamian: 

BsladJ 3.80-3.00. Lemons — Italian: 

3.00-3.30: Cyprus: SfflH.M. Crapcfntlt- 


6 f*jr tuune 

66.2 j- 56-06 Jtaou,.. l|3^6-18.70iia.S»-aiJail2a.40-l8JJll “ kilos 8-40468. 20 Wins YsA- 

54 .W e4.4d iLty,.... l.4J^4.i7 Ii4.»d-d4-tt]l<6.3a-k8 7 j S- M: » Wins 2.8M.M. Sourt- 

Am; K/.24-.?.2aii7.Bu-*7.«a»ffj|, 28.75 SPtnla- aflfirox, 40 Ih 4JW-L30. Clemen- 

uct 1 28.65-28. 7a ■ ' Jd a 11 **— Mwoccan: 3.M-8.W. Satsunws- 



COCOA 


GRAINS 


--i- j_ Delicious 2.8M.M. Stark crimson ;jwL 

imSSo ciide^ 

't2' to e s&i or b ™«« k ***'* arruaffSki’isrD sssi ^ 

InisniatiMUl Sasar Aarecmcst-Indlta- KJ* 52S& St S, t S; ?“^ ar1an: 

. -- i-_. ,»f n r«h .na nefl DaiMnous 7.DD. Danish, per pound 


___ . GRAIN FUTURES iGA FTAl— Barley f-. pricaa (U3. com per pound fab and n T™i 

a. . options were quiet with an easier tone Caribbean port):, fan. 54: d«ll» ®-tt-8.13.^Smrun fl.ii 4 j. 13 , 

S 22 aw»u*h in early tradlffl S^sJW^fSJOj; ^day average 8.7S 


ihroushout the day closing with modest March barley did show a rise of 28 i« 711 

0rert0 “ daT - repom of 35-40 po 1 ^ were ' priU per tonne 

GDI and Dnffns. registered during the session, but some gtgtedl. 


COCOA 


"jte»Wrd»> ’»] 


+ or I 


II N«k9 O’mr’t! 

— 1 

1—9.0 ! 1 574.0-57.0 

1 .ifnr-b 

1547-0 48,0 

B M*v . . 

14:2.0-92.6 

-3.0 ■ 1503.0-480.0 

9 JhIVttvtt 

I470.O-7IJ 

4-4.5 1 460.0- 60 J] 

J s0iit T#TT 

W49JI-S0.U 

—3.0 : 1461.0-40.0 

a !hs 

1424.0-23.3 

-4.0 ' 1458.0- 18.0 

tliirii 

imft.fl-iD.fl 

—8.0 1417J1-395J) 





0.03-0.13. Plums— S. African Santa {< 05 - 
ipMesB otherwise P 1 * ? oermma b.7M3s. Cnp^ 
— . ,- », 1W . iwwiwwe Spanish; Ataeria JLfflMAO; CalUor^nT 

ffuatnetA short -covertnc on the close doe to » EEC IMPORT LEVIES— The following' * En,pL T^ poatld 0.40: s. African: 
Ihine steadier physical market meant ihat inuair levies far white and raw sugar are Alwonse a-00. Apricots— 5. African; per 
values ended 10-25 001 ms lower. The FOB Q ffeetive for Jan. 25 fa -iniW of account PS? 1 " O-SM-**- Peaches— s. African- 
market has been outer with 3flay trading p^ r mo idios iwftb prevtoos in brackets >. Neaariwas— s. African: 2 . 80-340 

. at rtfl-W far a 2.000 tanner and Aoril tvniv sugar tdenarared and boo- B a na n as— Jamaican: per pound fl is' 

-S.O 15M.0-48D.il trading ai 73.00 far the smaller boats denatured 1 34.31 (Mlfii. Haw sugar 19^2 I° I ^a Mes ^2 r 8 Wins. Canary- 15tM on' 

' “ • aud 7B.OO for the larger ones. The wheat { 19 . 451 . Cnpsfcums— Canary: per 13 tb -, j,,. 

complex was emremely dull with buyers jl faraelj: 13 lb 2.40. Cucumber*— c.inTirv ^ 

dniund JS tower and only scattered setters 2.D0-2.3H. Onions— Spanish: 3 00 . 34,1 

down lo S.4M nn March, yet the close was • COTTON— Liverpool. Spot and ship- CnUflowcrs— Jersey: ft.no: French a Hn' 
firm. Adi reports. mem sales amounted to sor tons tow- Potatoos—ltallao. 10 lb 5 40: rimary- 


Sales: 4.414 >B.d38i lots -jl IB tonnes. 
Imorsatimal Cmm OrwuiisaUon 1 u 5. 
cents per pound* — Dally pric- Jan 34. 
ISO 32 (130.G9>. Indicator prices Jon 35- 
lJ4«y orerase 138.46 <137.301: 22 -day 
arerage 13T.S8 (138.18). 


JUTE 


DUNDEE— Firm but oukeL Prices at 
C£3 for BTC afloat and at. £2S0 c and r 
l-.K lor Jan.-Feb. 
floods sttady. QutkftUons 


WHEAT 


BARLEY 

M'litli 

Ttwtorlav'* 

IVI' 

+ it 

Ywiwtov'i- 

■llBB! 

+_>■' 

Mur. 

M«i 

XI*. 

Xuv- 

84.1b 

ae.oa 

83-75 

□5.95 

+0JB 

-U.10 

-O-jg 

73.95 

7&.30 

79.35 

8 1-BO 

—0.20 

-OJM 

—0-26 

-0.10 


uut the total ( or the week to 1.402 tons. 25 kilm S.S0. 
reports F. W. Tan^reaila.. Renewed E r*fl fob vrednee: Pouuocs_pf. r 

premure for siippUw concentrated on While*/ R*-da 1.30-1-80. Lruuccs— n.- 
Middle Bast vaBeOus. Muwdlaneoui indoor l .oo-ijo. Cahhanot-pe 
purchases urcro made — * - *«■•■-.- 


financial times 

Ta«T m> i n „. >41 


-‘art 


23L43 1489.36 


. a 35.05 j 861.58 

(Rase: i,^ y j 


iteaswu, 

REUTER'S 


J*n. 85 


i 1 ear iu" 

1398.2 1 

i J415,7~i 

(1613.8 

l=l«i 

««»: Senetnbnr is. ica 

oow JONES 


Jones 


bpul... 

Future 


4*11. 

Si 


Jau. 

A 


iiuuturfsr 
■mo . 1- .1 


fAvoraae ik2^*a.* =IllBJ ' * 



•nrtwiYihM n.TSn = lnn - — — 


? mnn 0 01 Rootronrs — per 2 s lb I) A. A.* 

ithom .manv lb jlaM.n. 0 «S CRimsby FISh-$«*,. 

Nah«< 8 temaud an ad. Pru.v, 


HIDES— London: Somewbal 

Ox 31-354 Wlos withdrawn 


ind SI. £280 c and t Business done— Wheat March 8355- 20-304 kilos &lp: 22-25. klUa iwti. y-nwr pouon a.isjj.oa. Pa^. “t'^a.ao. best ”s»Uir'^!r‘- ,D - medium 

shlpmem. Calcutta 84.15. May 86.6Mfl.00. Sept- S 3 - 50 - 83 . 73 . cows withdrawn HJJO per kilo. No calf jfafr-w « lb O.SO-t.nq. Tnrr.i PI Z* fanned do^l G 70-0.30: lana. 
Uons c and f UJL Nov. 85-78-Bia5. Salos: 40. Barter: offered. 38 “ **«•. Rhubarb-per pound ot| r Mlef ^ oo' 1Wd ‘ Bn ' £ ^“' 


—per 34 tb 1 00-1.40. Cclorv— NUrL. _ 

L Ofl- Swed M— pgr bay. Devon” o'lEo g,a «: unpru^iJJ , ,,a 's !?,' -'une it' s-nJ^ 0 . 
I?S ,l * 8 1n l,e I!J ,l,UID * 11, Der ^ 0-U. Cox's O lt n.lULaSo- Sr 1 * l «to 13.flu.ui ^|) 

•WHO* mivA. H24 Bramfleys fr.114.18. medium llaiHlocfc is u*u 

41ZP 9S UK PPWKit ConfpfBnc& 0 . 0 H H. CmtotVff ^11 e? ^ 




small fi.iw; | 


U.S. Markets 


Copper and 
cocoa slip: 
coffee firm 

NEW YORK. Jan. 25. 
COPPER eased on t-bjrti^r and stop-lux* 
■ellitui at the- close, silver held steady 
on speculative buying fallowlDp the wcak- 
oess iu the U.S. dollar. CulTee dosed 
hrm on trade buy ins and commission- " 
house shart-coverins. Stwar cased on 
local and computer aelllnt: prior to the 
U.S. statistics. Bacbc reports. 

* 133.85'. May 
1S.J3 ilaB.JtJ,. July lU.ji Sept. ISlI flfl. 
Dec. Ui.no, March 113.13. May U3.-MJ 
Ecitlemetits. Saks: H53. 

Majr 1.K.U0 1 174 .98'. July 144.75- 

r- 50 - Dcv - «■ mSS 

M3> unt,Uu, '-d. Sales: 528 

— Jon. 57.00 ■ j7.5ui. Feb. 

“I. 1 ™ March 37.60. May 3i».eo. July 

6 >'i 60 ' D ' ?C - Jan - W-SU. 

in*JS - f U, , Maj “'*■ Jnl *' *^-30. Sew. 
M-10 settle nicuis. Sates: 3.7TO lots. 

V “to? Sfl-'O-afl 37 (SA3T1. 
way 37.30-a, 4D loi _2i »_ Jiik- ;■> 

m C, ‘ S'?* 5Bi:l3, Mar.-h 

w.ooo Vte!: 50, J,,lr saJ « : 

< J ‘ 7,5 W ’• Feb 178 W 

131.90. Aw. 154.60.' on'. n|yj ^^'iwsn 

^OflS'lots”- Mj ' B0 SC,0 ‘ a "e«M- Suteu 

S. hjcaB0 lnos - Cu.TT. traded. 

Slu 

n.iH ,a, ? e— ^ March 22ii;.»w .r« 

^rwss^-“^^- a 

SPIatjnum -.April 221.RI-22s.3ll (■••iLrtfl) 

July 1221.10., Oct. 

tJ*S luis" 1 ' SX, ' W ' Apnl Saji’s: 

5a2 w '3*HlWi. F.-b. :.MJn 

W4 10. March SSIJMl May ssq'ji jute 
^30- Sew 373.00 

■d! — wn. 

»» 

*»«. »«. *» 

.iftf* Meal - M.,r.h 

^70?ik'jl 31 *155 j«u*. .lttl »• 

A«K. 2 * ■ J,,li =■»»»-- 

^ 0tL 

Oh iib^i “ k,,J h«n, . 

™ &;■ W 
jjfsss? sar^i -■■■ 

-s? ■tfsns.r. - ' 

- wi- ! D ,uuv ,Wa ^ Omasa ftw» . 

,inS- rt V. <h M Prtilca-P£ . . 

wn. rt.'i. sit-.itu i n b NY. W* 

w"r.-iu-u r, ‘ -* ! VM5 > Prir Sd'to bnSrt** 

'£ JK £SS0JS!- 

o! inr "' k“ Ss j sh ‘ ,M "fa far ’ - -* 

,- hl *™r Inna drittFi.rvd - - 

*-hi..iRn. TolnUi. St - Louts aud'-Ataffi" 

n, f .it, id ummel . 

Is ; ! T r lf> ^ 

j’ 1 '’"•‘■•I -•* -.arehimg.. WCt BW.-jtOg 
• , -*t‘*li-: '. V k.-y Li- house.' 4.0 


‘jr 





The Financial Times 


.jv£* . «* -*;V' >.r£&< 5 ^ 1 -“.t . .. 

• -’?-*«•-.• :■• v -.. -•*>«-'*•■ ,*•->■*•• 

••. ' '.< •' *■ ^ .it ; . ••• '• 


s 


' " ' - 

■-...*. ... — &&&-■•’. '. r .-. -> - • 
•■■*■-•■■ . .-••-• .>• >..'r r ^ -**•'■ v 

._... .. r*= - *>-• . _ 


. - r ET”. ££; ^ 

• • r >: * ~ •■ -■■. . .- .-. . 
•. r:c 




v . * .' - • ? ».*^c?3sc3€.<^'? v w» - . —‘ $3* 

•'*•- A * ■•; . M 
;. . v • -}fJ- ' 



•? / .A -?: .; •• v-V i- 



-.■•-v^.V.. -v. 


•>\ ; >\ v . ■/*' •/• .>£&-'•: 
' - . V .4 * . ” •■' / 4 




v - 
-V’ ■ f 




/* 


j- ■-• 


Meet the 


Irresistible Force 


Massey-Ferguson come up against some tough 
jobs around the world. But with dozers like the 
MF D400C, we can take them all in our stride. 

Our engineering expertise makes productivity, 
reliability, fuel efficiency and low noise level all part of 
ourMF D400C 

They're also qualifies we are building into our 
range of more than 40 different industrial and con- 
struction machines. Qualities that have made us a 
world leader in this highly competitive market. 

With such technically advanced products, backed by 
long-established servicing and distribution in 190 
countries, it's small wonder our ICM business has 
grown 60 per cent in the last two years. 

It all adds up to an irresistible 
argument. When you have a tough job 
that needs to be tackled efficiently, you 
must consider Massey-Ferguson. 

Massey Ferguson 





32 


Financial Times Thursday January 26 3978 

1 1 mi iii — ii i in 


skx'k i:\ni\M.i: report 


technical 



Equities well above worst with index 0.2 off at 483.2 


Account Dealing Dates tendency which was later 
Optiou aided by indications that the 

•First Declare- Last Account authorities would not be averse 
Dealings tions Dealings Day to a ana* 1 ™ l 
jm, 16 Jan. 26 Jan. 27 Feb. 7 m ~ tomorrow. The bulk of 
Jan 30 Feb S Feb 10 Feb 21 1 ira de was transacted in 

J5S „ pi,, J£r - the morn mg and lack or interest 

Feb. 13 Feb. 23 Feb.24 Mar. , j3[er [rimmed lbf} „ ains anionff 

* ■' New time - dealings m« take place hiijh-COUPOn longs from J- tO J. 
Tram VJO a.m. two business days earlier. whjJ( , [he shortS| fractionally 

Stock markets had a more e3S j er at one stage, closed i'a 
colourful trading session yester- below the best but with gains to 
day. British Funds perked up about i. After the official dose 
after the recent dull spell and 0 .f business the downdrift con- 
helped the equity leaders to stage tinued. taking a further J off the 
a useful rally. The Funds tended longer maturities. Corporations 
to ease initially, but rallied in a woro idle but Southern Rhodesian 
small turnover to close with gains bonds responded swiftly to the 
to around J in the short-dated sported breakthrough in the 
slocks and to I in the longer t . urren t peace talks with rises 
maturities. The Government extending to 6 points: rhe 21 per 
Securities index consequently cpru _ 1963 TO gained that much to 
picked up to 76.79. recovering £70 and t he 6 per cent 1978/81 
0.12 of the previous three-day j uo>pc d 5 points to £35. both 
loss of 0.69. attaining new peaks. 

The absence of a Bank of sharp reaction -occurred in 
EngJand signal to (he contrary led {he , nwlraent currency market 
to a hardening or recent hopes wheR a recent institutional buyer 
for a small cut this week in the uneX p Mte< ||y turned seller late, 
key Minimum Lending Rate, but The ^ ovp surprised dealers and 


the results, dealings in Bain- to the good annual results. 2 Sop and Robert McBride 15 to 
bridge were resumed following Buying interest revived in 340 p. The labour dispute con- 
the agreed bid from Winn Indus- miitehmw ^ tv... - n nH at tinued to depress Hoover “A” 

tries, the dose of 43p comparing ' to , *: which softened 5 more to 345p. 

with the suspension price of 35ip a lS2p wh!lc demand was also seen mawr 

■ After moving between extremes £? 3ten * nd -SSS &m 1St6 an “. L } ,e recover 

of 350p and 344p, IQ settled 2 „ te f at and nl! Tate and Lyle stood out in Foods 

harder at 348p. Elsewhere in Harvey,, up z more at 69p. un witil a rLse of 13 to 2l7p in active 
Chemicals. Hickson and Welch * . other hand, increased na - trading, partly encouraged by 
dipped 10 to 530p. mirroring the ™ e ^ r u ee ^ r ?i.i s ed 1° **i!LJLa* bear covering after better-than- 
ehalrman's bearish remarks about 3 cheaper ai espected preliminary figures. Con- 
current year trading. '“ p - f- ” ■ ”°® d fectionery issues remained pro- 

shed 4 to 42p along with Matthew m j neQ t_ Jamesons Chocolates. 
Fortnum & Mason up H^ whidigave up eto W^but T2Pi and ,%eedJera, COP, rising 4 


Davy International became a 

Apart from UDS which edged steadier market at 234 p. up 2. actJve improving afresh to 40p 
forward a penny to 94p, leading alter the previous day's fall of following Preds comment before 
.Stores drifted lower on further 12 on disappointment with the dosin'* only a penny better on 

small offerings. Gussies A shed interim figures. APV gave up 7 the day at 34p after the company’s Pla tinums active 


and gave up 6 further to 3Wp. 
Interest in the more speculative 
issues was at a fairly low ebb. 

Investment Trusts were 
generally better where changed 
and Cumulus Inv. edged forward a 
penny to 30p. while Argo luv. 
put on 2 at 120p. 

Shippings were noteworthy for 
a rise of 12 to 197p in Common 
Bros, following small buying in a 
thin market. 

Carpets International remained 
unsettled, losing 2 to 45p for a 
two-day loss of 10 on the depres- 
sing trading statement and likely 
final dividend omission. 


this had little impact In the gilt- - honI . V-u trine nrMprf m 

«*“? "!"»:« " h ‘t J“ d «»«■'!,“ 

j" d «?= “SiS: t0 ,a “ ° ff ,n “* hoSr or S™SS. 

vnter-ciRice trade. after having been as high as 83i 

Equity issues were also on oner cen t. j n j$, e morning, the rate 
in the early trade, but a fall of fe]1 l(J — i per cenL for a net ]ass 
4- 1 at ihf II a.m. caIul3tion of ol - 4 j po j n ts. Yesterday’s SE con- 
thc FT Industrial Ordinary share version faclor was 0 .7330 ( 0.7341). 
index proved to be the low of the 

day as a subsequent rally left a TT n ; nn DisrnilTlt down 
net loss of only 0.2 at 483.2. umon WlbCOUUl UUUU 

Changes in the index constituents Despite the excellent annual 
were again narrowly mixed, but profits and the proposed scrip- 
Tatc and Lyle provided a par- issue. Union Discount fell to 46op 
ticular firm spot at 217p, up 13. before closing 5 easier on the 
fallowing results much in line day at 47Qp. Other Discounts 
with expectations: the shares, one performed similarly with Alien 
of the worst performers of the Harvey and Ross 500p, and GiUett 
index stocks last year with a fall Brothers, 25Qp, both 5 down and 
or over IS per cent., arc standing King and Shaxson 6 off at fHp. 
20 above the 1977-78 knv. Elsewhere, Hong Kong and 

Overall, the generally easier Shanghai Banking reacted 7 to 
tone was depicted in falls out- 2.>lp after-hours in line with 
numbering rises in all FT-quoted investment currency influences, 
equities, by four-to-three. for the Midland receded 3 to 397p among 
first time in six trading days, home Banks, while in Merchant 
while the FT-Actuaries All-share Banks. Guinness Peat lost the turn 
index came hack 9.4 per cent, at 203p in front of to-day's interim 
more to 211.71. This reflected a results. 

Kwer level of interest being The volume of busjness in 
show n in the recent ly-ilrm second- insurances again left much to be 
line issues which generally Tailed dej5 j red and prices drifted lower 
to respond with yesterdays on j ae |j 0 j interest. Phoenix ended 
tendency in leading shares. Official H dottn ai 4T2p and Royals 4 off 
markings totalled 6J2S3 compared at 4 Q Ur1 

o’^V?il'n“X IrSOt Wff 5 '-' S Br.w.rl« presented a n eas ,er 

0, U t e Ed d n edHni S ware leered by 

a marked weakness in the invest- 1 of the pre ' 

ment currency premium after the ' ^ us d,,ys ri f c ° 3 ’ . , 

recent strong rise Buildings plotted an irregular 

course. Mears Bros, fell 6 to 22 p. 

Fiinris qfpaHipr after 2Ip. on news of the sharp 

rtliiua siedlUCi contraction in profits, while 

Reassuring comment on the Richard Costafn gave up 6 to 
short-term market trend imparted 270p as did Taylor Woodrow to 
steadiness to Gilt-edged securities. 40Gp. Tarmac cheapened 3 to 
Opening quotations were margin- 14 lp. but Burnett and Hallam- 
ally lower, but slightly above shire gained 4 to 174p and 
the previous evenings late JCEG moved up 3 to 30p in a 
levels, and the efforts of cheap thin market. Blundell Permoglaze 
buyers soon instituted a firmer hardened a shade to 67p following 


bid dental. British Sugar held at 
4S5p awaiting to-day’s results* but 
Avana eased H to 33|p and Asso- 
ciated Dairies 4 to 229p. Super- 
markets were modestly lower 
after an improved business. Tesco 
finished a penny off at 42Jp. 

Prince of Wales rose 5 to 105p 
in Hotels and Caterers where gains 
of 2 were recorded by Savoy A. 
70p, and Brent Walker, 50p. 

Publicity given to a country 
broker’s profit predictions directed 
fresh selling attention to Lucas 
Industries which closed 5 cheaper 
at 257 p, after 253p, for a two-day 
loss of 13. Turner Manufacturing 
fell 4 to 196p as bid hopes faded, 
while Associated Engineering. 
121p, and Kwik-Flt, 4Sp. shed li 
and 2\ respectively. ERF. how- 
ever, contrasted with a rise of 
10 to 161p. after 169p, on buying 
in a short market. After the 

recent strength, conditions in 

Distributors quietened and the 

4 to 290p and Marks and Spencer to 20Sp in a restricted market, moved ^un^^to^l^? 

cheapened another 2 to 150p as while Redman Heenan eased 2 to b ’ ut , 0&s& . of J t \ cer g seen 7 in ' 

did Burton A to 125p. Elsewhere. &6p foUowing the chairman s H enlys. l25p. and W. J. Reynolds 

siJeculative buying lifted Fortnam bearish remarks at the annual 27!p.- Charles Hurst, at 90p. gave 

and Mason 25 to 390p in a thin general meeting about trading jn ^ the previous day's gain 
■ — n- — the first quarter. Among smaller- 0 j ^ 

rn ri S 5 r tn*in Details of the Proposed 200 per 

grtsf s;.- tfttaras ygs 

tease 1st 



market, while Status Discount the fint^quarter. Am ong^ smaller- of 
touched 137p on the doubled 
annual earnings • before closing 
only a penny dearer at 134p. 

Alfred Preedy put on 3 at S4p. 

Earlier losses in the Electrical th - «~u K . «u «iiri«rnui- 

leader, were reduced by a few disr^.ieL nrevlded a fi S ln 2 s. MrCerquod^e ,hed 4 to 2«p 

pence or S e. CKC .ouebed 26Sp f 0 '"^e r an d Ne^Sl thlch hare 35 did Jrlrcrson Sm “ rf " 10 1,J °P- 

SrSSLJ'ffi ™ “IE Estates Prop, higher 

ssatTn tg£ s — - - ■ 

38-P- f.®'® “ p , . 4 balance at 215p. after 2lfip. Glaxo Jhp 


while Bacal were sold down to 
203p before closing at 210p, for a 
net fall of S. H. Wigfall, down 2 
more at 256p. encountered further 
profit awaiting further news of 
the bid from Comet Radiovision, 
w hich eased a peony to 107p. By 
way of contrast, demand iit a 


Properties shook off initial dull* 
as buyers sbow-ed interest at 
... . bo 7 k -o-u , the lower levels. ME PC eased to 

rallied from 587p to .iflfp for a I2£ln before ahead tn 

in the Airco situation. Elsewhere. ^ 

EledricaJ and Industrial Securi- ^ r ^ ne ^f Q we ™ °“** 

market none too well supplied 200p ^rose 3 ^anS^^espec^veW disclosure tiiat the company bad 

vritb stock lifted Souod Diffosioo StaiSSJl wSSttS ™“i™ d EgC* for 

a to 4ap. while Stocklake rose 6 speculative demand in a thin lls Brussels project. Buyers again 
to Sip on Rhodesian settlement mar ket left Caledonian Associated showed interest in Clarke NlckoOs, 
hopes. Cinemas 15 up at 350p. Plastic UP 2 further at 76p. whUe Slough 

Tubes, which eased to 388p and Construction added 7 to 72p Estates closed similariy better at 
picked up to close only 2 cheaper following buying in a restricted 123 P- after touching 120p. 
on balance at 392p, reflected the market and. reflecting Ihe return A . fte L a reasonable two-way 
trend in the Engineering leaders, to profitability, Tranwood trade, British Petroleum closed a 
Elsewhere. Bullough featured with hardened a shade to 5p. De La few pence dearer at SOOp, but 
a rise of 12 to 136p in response Rue, however, lost 13 more to Shell continued to move lower 


Although activity and price 
movements were by no means as 
strong as the previous day 
Platinums continued to attract a 
good two-way business. Profit- 
taking was only partly met by 
fresh buying and resulted io 
Rustenburg closing 2 off on 
balance at 96p, after 95p. 
Bisbopsgate gave up 4 at 86p 
despite fmpala Platinum's pro- 
ducer price rise to 8205 in line 
with the similar move by 
Rustenburg on Tuesday. Lyden- 
burg eased a penny to 68p. 

South African Golds were also 
quieter than in recent sessions 
but prices began to pick up in 
the late trade 

The bullion price was finally $1 
firmer at S177.375 per ounce and 
the Gold Mines index improved 
for the fifth consecutive trading 
day to register a further 1.1 gain 
at 1GL0. 

.Among heavyweights new highs 
for 1977-78 were seen in Rand 
fontein. a half-point higher at 
£341. and Free State Geduld, } 
better at £14J. while marginals 
were featured by a heavy 
Continental demand for Durban 
Deep, 30 to the good at 350p. and 
East Rand Prop, 26 firmer at 
41 6p. 

Financials were quietly mixed. 
General Mining hardened j to 
£15} and Union Corporation 9 to 
264p both reflecting their interests 
in Impala Platinum. East Rand 
Consolidated attracted speculative 
support and rose 21 more to a 
1977-78 high of 24p. 

Reports that an internal settle- 
ment is imminent in Rhodesia 
lifted Falcon Mines by 5 to 195p 
and Rhodesian Corporation 3. to 
a 1977-7S high of 24p. Wankie 
Colliery hardened a penny to 39p. 


KiWmiM'" 1 ' 


in-ink-iruo i'nlnwrv ... 

(ink! 

Or.». IWv. 

fiu'iiiXi;* ' , "1« lllll|, i" 

p»K linii*' cn«‘ i’ll— - 

(liniink> 

K.|iinv ninh-uT Xm.. 

kiinili 

10 J.m. 4SI.4. 


Vb.TIl 

7«s.o" 

"77.00 

777-S 

77.36 77TO 


BO.btV 

fill. 70 

30.95 

80 92 

80.97' 80,03 

«9.S# 

4Q5.C 

4fi3.4 

401: l’ 

407.6 

466.0 4783 

WI4 

lbl.O 

159 9 

152.2 

14 7. d 

M7.3. 143.I 

10E7 

5.57 

B sT 

r» 

5 53 

3.56; BR5 

Sfl 

16. 9* 

Ib.99 

ItVJO 

16.5J4 

16.U9i 17. IS. 

18-18 

3.55 


3.39 

U-4L* 

8 39^6^6 

7 AO 


b.i iii 

5.404 

5.224 

h. 01 16. 12a 

6R74 


ti .1.1)7 

50 03 

SSl.Pl 

M.94 

SB.4J 

— 

lii.325 

14.779 

16.00* 

IS0B3 13.YW 

13.138 


: ;i III. 1^-7 . ^' , " u 5 . „ 

4s i .: i> in +»i “ 

Latctt Imlea 04* 80ja ‘ 

wJTEi* SR .Wtmiv Juh-U-v I*-- 

highs and lows 

H«i!i 


> i I pm. O] 7. 


h;d. u,-j. 


>25.' 1IQI4 

S.E. ACTIVITY 


Hi*b l*"* 


Fixnl im- 


79.85 

8X.27 


|,Kl. Uni.. ... ; &*9.2 
iia.ii 


fi.,1,1 Mine*. 


174.5 
• l-.U'i 


011.45 

!■» I! 

60.49 

l4.lt 

357.6 

,IJ It 

95. 1 

<1 _> 


127.4 

150.4 
..5. 1 1.4 r 

549.5 
tUl* if 1 

442.5 


[.•» 

C9 18 
I . 
511.33 

I .V:» 

41* .4 
|-_r» I .CL-I 

45 » 
.L- - !■* .1- 


i,nr I*luoi_! 

i ■ ■ ■**• 

s' Ilinl IVt*. , 

r.4ai- 

lilt S.\s*r.l„. 


J*n, 


£t"J 
209.9 
00. 1 
145.0 

199-B 

188.3 

55.2 

127.8 


Jin, 

2« 


199^ 
I 209.3 
i 09.2 
:• 139.0 

19V4 
1BL8 
! 47J 

.1224 


RISES AND FALLS 
YESTERDAY 

U« Dawn Same 

British Funds 5b 3 15 

Corpus^ Dominions and 

Farcin* Bands ? 6 53 

Industrials — 315 4U> 8S3 

Financial and Prop. ... 11M 123 294 

Oils « 13 U 

Plantations 1 4 22 

Mines « 36 43 

Recent. Issues i t a 

Totals .• 539 601 1342 


dealing dates 

Fir it La>t Last For 
Deal- Deal- Declara- Sellle- 
ings ings lion ment 
Jan. 24 Feb. G Apr. 27 May 10 
Feb. 7 Feb. 20 May 11 May 23 
Feb- 21 Mar. 6 May 25 Jun. 7 
Stocks to attract money for 
the rail included Mount Lyell. 
Jessups. Bumiah Oil. Armour 
Trust. Manganese Bronze. En- 
glish Properly, Ruslcnhurg Plati- 
num. Town and City Properties, 
Consolidated Gold Fields. Oil 
Exploration. Bound Diffusion, 
Swan Hunter. Fraser Ansbarher, 
J. Haggas, Lex Service. East Rand 
Cons^ Tricentrol. CGSB. K. IV. 


OPTIONS TRADED 

M ouluorth. Highland Distilleries. 
London and Northern. Rowitusoq 
Construction, Berkeley Hanbo,-' 
P. and O. Deferred, Pauls amt 
Whiles, Tricoiille. Spong. Hay* B i 
Wharf, British Land and Loadog V 
Brick. Puts were done in C. E.-' ! 
Heath. GEC, Glaxo. S. W. Wood ' 
and Berkeley Hamhro, while 
dnuMi's were arranged in Booker 
McConnell. KCM. Talhcx 
Propeny. Selin court. StaBes Iul, 

F- tV. Wool worth. British Land ^ 
ami Pauls anil Whites. A short* 
dated call was traded in High - 
land Distilleries. 

For mtc ntdivations see end oj ' 
Share Information Service 


NEW H1GNS AND LOWS FOR 1977/78 


The lollowlng securltlr-* Quoted in in? 
Shar- InfomuTiDn Service vnyrrlj* 
attained new Highs and Lows (or 1977-78. 

NEW HIGHS (89) 

COM 'WEALTH & AFRICAN LOANS i2i 
S.Rhod. 7> pc‘ 65-70 S. Rhad. £>uc '76 81 
FOREIGN 80N0S (Tl 
Japan boc '83-33 

BANKS (21 

Commerzbank Doursche Bank 

BUILDINGS ifi) 

Bainbridgc Hov’oham Res. Vtg. 

Erith McNeill Group 

Hevwood Williams Sh.iroa & Fisher 
CHEMICALS i31 
CrvstJiate W.irdle (B.i 

DRAPERY & STORES (8< 

Allied Retailers Peters Star-*s 

Cusiomaatc Preedy ■Alrr.-cfi 

Gnjenlield Mil let ts Status Discount 

Midland Educational Vernon Fashion 


Srnrl.house 
Bullough 
Jackson ij. 4 

Lovell iG. F i 


ENGINEERING >S> 

wllisier 


Taylor 
Whit chouse iG.) 


FOODS <2) 
Panto 


P.J 


• HOTELS 121 
Leisure & General Prince Wales Hotels 
Norfolk Can. 

INDUSTRIALS 1231 
Allied Polymer If --n nea r S male 


Bar Oct . 

BiacJ' CP.> 

Boosev S Hawkes 
British Cinema 
Brittains 
Capian :*roMe 


Nell A Snenccr 
Norton A Wright 
Orrev 

Plast.c CorestrLtdon 
Scottish Heritable 
Shariu Ware 


L ni pies 5 Ser« ices Sicbc Gorman 

E*ipi Skeuniev 

Hiilam Slemh Weiuo 

HiIiiij Wood Mall fruit 

Hay iNormjii' 

MOTORS tS) 

ERF. Quits iM A JJ 

Aitmdton Mctui 

NEWSPAPERS ll) 

Weh-.rpr* Puhs 

PROPERTY iS) 

Carding Group Gronn iK.i 

Clarke NicSnllt Mountrtew FstJT** 

Esfj. Prop in* 

SHOES HI 

Turner 'W C 1 

SOUTH AFRICANS Hi 

EdworLs 

TEXTILES <21 

Hichams Tr It. lull* 

TRUSTS 11 U) 

C.inibrun G?Ml. Jvxs. La nr-. J Ld"d »«t. 
Cumulus In. London Auit. Inv, 

F jndmvcr.r Inc N Y A Gartnioro 

Gre-,hani HAiiM* lltMn’ll 

Int. Pat. Sets Pari place tnw. 

OVERSEAS TRADERS til 
Nigerian Elec. 

RUBBERS <41 

An'ilo.lndon.-'.ian CradMjll 

Bertam Comid Pumat-on Hutgi. 

MINES <7< 

Grootvle- F S Gudu'd 

U-Jio East Ran.1 Com. Id. 

Wmk.'Mnak Rhodesun Coro. 

W,:. N>sei 

NEW LOWS (2) 


Bor ; I ,J > 
Zambia Copeer 


HOTELS ill 
MINES <11 


NOTICE OF REDEMPTION 
To the Holders of 

AUSTRALIAN RESOURCES 
DEVELOPMENT BANK LIMITED 

9 5 /£ % Deposit Notes Due 1983 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Notes of the above-described 
ir.-tic, Morgan Gnaninfr Trust Company of New York, as Fiscal Agent, lias selected for redemption 
on March t. I'TTS a; ihe principal nmoiinl l hereof, together nith ai-rmeii imerr^t to said dale, through 
operation of the Sinking Fund L .S. 51^200,000 principal aniounL of said Notes bearing the following 
numbers: 


73 1933 3*H1 5938 8T34 
r.t M)CZ 5967 ai5ti 

lv3 2037 4075 5939 SICJ 

111 20A.7 -Jung 6044 BIB'.i 

114 211C 4120 C05H 819:1 

115 2t.%4 4145 W.I5 B252 
139 2L’Ufi 4205 BIST B254 
173 2222 4215 01811 R2G2 
IM 22.T6 4202 Cl 94 82HH 
S4H 22.111 421*1 0195 82!*7 
279 Trisa 4nnc T202 B328 
Sim —tllO 4:<24 0240 8.131 
2l‘T 21*40 4::R5 U2-.IR 8383 
PUS 2570 4400 H337 8435 
?t«1 2400 4413 C.T75 8437 
35T 2420 4-151 C41U 8441 
4l*4 2473 44S2 6440 8455 


NOTES OF UJS. 81,000 EACH 

9948 11*192 13651 15037 17124 18936 20257 21503 22B40 24517 26S33 2837Q 

1WJ19 11093 13858 15035 17188 18937 20274 21525 22845 24531 28585 28383 

10048 11704 13728 15140 37197 18952 20M7 21561 22903 24572 26804 28440 

10085 11751 13733 15175 17204 18953 20384 21585 22910 24596 26608 28446 

10121 11786 13737 15187 17228 18978 20309 21605 22919 24613 26613 28466 

11)145 11794 13739 15245 17241 19011 20336 21609 22939 24641 26637 28472 

101UO 11803 13786 15259 17264 19018 20360 21639 22945 24659 26656 28482 

10169 11822 13781 15328 17307 19076 20382 21874 22990 24677 26657 28516 

10193 11828 13831 15350 17370 1U093 20392 21692 23000 246B9 26659 28531 

10207 11881 13880 15413 17371 19124 20402 21704 230GO 24715 26681 28562 

30233 11893 138B3 15434 17374 19134 20431 21713 23083 24743 28702 28590 

10=72 11901 13901 15436 17430 19134 30447 21732 23085 24776 26715 28620 

10280 11974 13973 15521 17453 19191 20464 21748 23092 24809 26752 28683 

1(1300 HMD 13995 15534 17465 19201 20476 21798 23102 24825 26774 28694 

iai*J7 11903 14017 15539 17518 19216 20497 21825 2310S 24849 26805 28706 

10369 12031 14023 15580 17548 19220 20507 21827 23122 24875 26833 28733 

10.183 1=099 14046 15605 17572 19240 2051R 21848 23134 24899 26856 28757 

10415 12135 14051 1S633 171528 19230 20521 21894 23180 24917 26837 28780 

1(425 12140 14058 15630 17605 19284 20535 21898 23209 24972 26873 28828 

10477 12155 14063 15661 17666 19295 20557 21925 23212 25008 26892 28832 

10510 1=205 14060 15719 17713 19346 20568 21927 23218 25040 26905 28845 

10525 12245 14068 15736 17747 19386 20363 21957 23272 25067 26952 28889 

Wilt* 1=262 14098 15767 17762 19392 205H6 21973 23282 25119 27004 26924 

inS'jU 123(16 14119 15798 17708 19415 20617 21986 23310 2S147 27012 28959 

10607 12SM4 14120 15874 17792 19440 20624 22003 23315 25157 27030 29005 

10.16 1=33.'. 14154 15699 17805 19446 20843 22043 233M 25191 27032 29023 

11*33 l=:i!*:l H169 15932 17852 19453 20658 22051 23371 25238 27051 29040 

l«7l»2. 12410 14204 IWm 17876 VM87 2U7CW 22043 23388 25255 270^7 29055 

1UTH7 12421 14233 16021 17905 19513 20734 22678 23444 25303 27143 29060 

10779 12443 14251 16036 17032 19516 20743 22080 23453 25314 27155 29095 

liwis 12474 14272 10030 17SHK1 19519 20751 22089 23476 25346 27160 29121 

Jil**47 I252D 14280 IiSfWil 17?6C ■ 19S20 20764 22092 23507 25396 27212 29162 

ll'!«n 12353 14288 160114 17995 19569 20767 22131 23534 25422 27238 29217 

108!'5 12006 14299 16154 18015 10572 20804 22144 2.T578 25427 272*2 29256 

10914 12(516 14328 10165 IU027 19573 20842 22173 23613 25479 27299 29289 

10951 12066 14345 16187 1H037 19613 20869 22185 2364 2 25508 27312 29335 

11**7 7 124HA 14284 10196 18058 19625 20875 22192 23865 25513 27343 29381 

11010 12091 14442 10270 1*992 19C53 20889 2 2233 23736 25570 27409 29362 

11022 12788 14444 18274 lMM 19698 20946 22273 23733 25S7S 27437 29382 

11072 12790 14445 10.121 18154 19707 20955 2221*2 23763 25586 27441 28393 

11083 128=7 14526 10339 1B17B 19721 20957 22293 23802 25667 27509 29429 

11084 12844 14535 ltLHiU 18221 19737 20958 22326 23819 25681 27511 29474 

11095 12891 14560 1C403 18222 19760 20960 22360 23829 25709 27338 29S22 

11105 12899 14694 16444 18260 19782 20966 22380 23851 25777 27547 29542 

111 in 12909 14021 10463 16305 19792 20974 22381 23902 25781 27566 29597 

11118 13P25 14642 16434 18315 19803 20986 22393 23913 25854 27612 29617 

1I1U9 12-454 14665 1 H493 183=8 19836 21014 22439 2.1947 £5875 27665 29G4S 

11171 13012 14684 16524 18390 19845 21047 22447 23961 25888 27871 23667 

11173 13053 14705 16500 18397 13888 21050 22479 24013 25900 27697 29674 

11213 13068 14718 16580 18406 19898 21078 22486 24038 25954 27723 29678 

11=53 17113=4 14735 10015 18409 19910 21107 22507 24047 25988 27782 29711 

11382 13170 14736 lGh23 18410 19925 21115 22553 240G5 36062 27796 29760 

1 1284 I3=4n 14743 16662 18486 13953 21191 22555 24135 26067 27833 29762 

11389 13252 14753 18083 184SS 13384 21160 22559 24161 26113 27895 29797 

11301 13254 14762 16714 18566 20008 21202 22374 24169 26122 27900 2979R 

11305 13=59 14763 16733 16572 20013 2121.1 22601 24139 26146 2800= 29318 

11337 13204 14764 16751 13539 20037 21221 22609 24204 26158 28006 2987S 

11241 13278 14769 16791 18661 20051 21261 22821 24219 28207 28016 29897 

11344 13315 14793 16844 18666 20074 21254 22623 24233 26227 28083 29914 

11378 13321 14734 18B55 3E690 20086 21283 22640 24307 28256 28091 29917 

11390 13=38 14607 16656 1X695 20104 21239 22661 24329 26200 28115 29919 

11419 13347 14843 J6806 18744 20113 21351 22609 24373 26301 28119 29939 

114=5 13362 14846 16915 18771 20114 21300 22078 21378 26333 28172 29943 

11481 13387 14864 1U522 16702 20133 21301 £2681 24393 26347 £8162 28898 

11487 13399 14802 16059 1R79S 20135 21304 22697 24396 26387 28201 

1 141*0 13438 14813 lf.006 18805 30140 21415 22730 24403 2 S3 95 28246 

11525 13473 14921 1848K 1H837 20172 21432 22754 24415 26440 28267 

11581.1 1.1523 149B2 17004 188a3 20204 21447 22771 24416 26465 28268 

11584 1.1527 151CI 17063 13855 20218 21454 22785 24435 26473 28310 

1 1602 1358 L 15049 17U84 1K880 20247 21459 22793 24437 26496 28343 

1164V 136=7 15053 17097 18918 20240 21499 22824 24453 205=7 28355 

On March 1. U'TU. lli»- Nnl.-s il* -innate*! a Imre will Ihtthiic due and payable in Midi roin or nir- 
r- ti-.-y nf tin* l nit*'*! Strip*- nf America a.- at tin- time of payment shall lie legal lender for the payment 
of pisblsr Jinl jir'v.ile ilrlite. Sai*I Notts will be paid, upon presentation and surrender thereof with 
all «-n:i]iiiiis .ipprri.iiniug i herein nmiiiriug after tlie rnlempliuR date, ai ihe option of the holder 
cither '.a* al the corporate Ire hi office of Morgan Guaranty Trust Company of New York, 
] 5 Broad Street, New York, New York 10015, or ibi nt the main offices of Morgan Guaranty 
Trii-t Company of Nnv York ill London, or Commerzbank Akliengesellsehaft in Frankfurt (Main), 
or Credit Lyonnais in l’aris or Krcdirttank S.A. Luxeiubourgeoisc in Luxembourg, or Societe 
i .I'juTuIr <!#■ ha:iqne 5. 1. in Bm-sels, or Swi<> Bank Corporation in Basel or Union Bonk of Switzer- 
land in 7uri*:h. Coupon* due March 1. 1978 should be detiirlie*] an*i iiiliertu! in ihe iwual manner, 
]’a* rnviiti at the oflicc< referred to in lb) a bom will lie made liy check drawn on a dollar account, 
or j*y a tran-fer to a dollar areount maintained by the payee, with a New York City banJc.^ 

Oil and after -March J, 1978 interest shall cease to accrue on the Notes herein ' de si gnated for 
redemption. 

Following the aforesaid redemption, 5^.400 : 000 principal amount of the Notes Trill remain out- 
standing. 

AUSTRALIAN RESOURCES 
DEVELOPMENT BANK LIMITED 

January 1978 _ 

NOTICE 

The following Notes previously called for red cm pi ion have not ns j-et been presented for payment: 

NOTES OF Uj?. 51,000 EACH 


4117 

2500 

44V* 

MSI 


-»:*o 

Im 

4555 

0475 


5*W 


457:* 

00(17 


SH 


•n>4:4 

0512 

8523 


2I-I2 

-W51 

l'<0. r H'. 

H527 


LT.I4 

4CW 

«or:» 


6')il 

27iV. 

47=7 

*4.:*ii 


*s:i 

=72*1 

47p*l 

til .75 

nr.:*2 

I. ifl 

27c 

47I..1 

•5ii7‘i 

8044 

7u7 


4 TUI 

liliHI. 



2702 

4UH1 

07 =1 


T4K 

2H=4 


6751 

1731 

Ti.l 

265sl 

4H=5 

fl77«l 

8733 

Tii»- 

1!.»77 

4S4.1 



7» *7 

2H:*T 

•ISM 

ennr. 

87SM 

7115 

IS'HHi 

4f.7ll 

6HUK 

w*i.a 

H-A 

=Hia 

40111 

Main 

3JIT4 

r.m 

=:w= 

4mi'4 

0 , *7!I 


M-H 


■IjiTy 

fi:*J*5 

8**~ 

KM* 

MOl 

4037 

7011 

8944 

pifi 

51L14 

5**00 

7040 

8.:**;'.* 

Sl.i7 

:ww 

0*172 

7007 

■ii*47 

■45'i 


OHM 

7144 


pna 

■1i.W<i 

5127 

71SU 


fb-'S 

aoit. 


7=41 


in»: 

niM 

5170 

7243 

5115 

imv 

.111*2 

51 05 

7=03 

**135 

1**72 

3=10 

5272 

7284 

!H4S 

11U= 

a=*vj 

5270 

Tj2» 

1*167 

11 :« 

3-J7F. 

5‘j=r 

7342 

024 r. 

1IP4 

W47 


73S*1 

1*202 

1 =='.' 

53*5! 

o-i i:: 

7208 

832= 

1240 

a:<iB 


7140 

sar.1 

124. 

:a«:« 

5452 

,4li!( 

9357 

law 

.HI! 

5407 

7502 

3300 

1 20Q 

54 CS 


7535 

WI76 

i=:^i 

34fli; 

5513 

7078 

933n 

1.147 

J4H7 

5575 

7302 

0430 

ljf*3 



7673 



35.10 

5*HB 

7678 

1*467 

1+1 : 


5007 

'.(*H4 

!'4HR 

14TP 

■JI35 

5050 

771*0 

0504. 

3 MB 

3*W5 

5726 

7776 

H551 

1547 

3706 

57fl» 

7818 

1*0711 

1551 

=734 

5m*3 

7**50 

JW5 

3R2h 


5816 

78W 

IM'49 

.1*42 

3704 

SS19 

Tana 

3007 

u;;u 

a.'.rj 

5U3H 

7-154 

9723 

into 

3353 

5005 

TW* 

V744 

1755 

3867 

5SM 

VOliS 

3824 

1725 

3S77 

5803 

«H1« 

1*8411 

1£J. 

.1017 

:■:**■+ 

3033 

93 1H 

IHiC.I 


5**7I 

8*137 

31*41 

1V1*.» 

as*B» 

t*W» 

him 

SM3 


157 £24 £80 

158 =33 304 

179 23ii 31.* 

£10 243 3<t> 


317 

327 

340 

958 


*77 

989 

1013 

1034 


1037 

10+; 

1061 

1110 


1142 

1163 

1130 

1216 


1230 

1=31 

1=36 

1233 


2307 

4677 

4678 
5423 


5637 

GG61 

13525 

22833 


22892 

2=025 

22930 


22962 

22994 

23010 

23036 


23042 

23054 

23109 

23117 


RECENT ISSUES 


EQUITIES 


kiJ. 


I*aue 


I =.3 t i = £ 


1977/8 


n r i 


■ >*' : 

[Bull ' Umr | 


i; \ F.F. — ; *iO . xii EWtiOlHVU 
104 I P.-P. 20.1 125 i 109 Farmer 1S.W.1.. 
52 ; F.r. 27.1 | 601; 63 I.JLI 


stork It|s+ on - ! I 

P fc 

HVI^L' ;<W5 1 F&> - 5.B 1 , - I 


..1445 1 F2» • - 3.8 — 

. >185 >J.Vr 2.3 9^ 7.1 

I 60lj 8.7 8J 6.5 


FIXED INTEREST STOCKS 


4 » O 

s 3 

— -X 

Iji 

£100 




CiHiia 

fU*. 


£XOo 

IM*. 

27(1 

C99 

K60 

iii 

ClJx. 

P.K 

— 

• 10u 

f.p. 


»10j 

KJ*. 

— 

flJU 

eio. 

84/5 

6100 

K.P. 

— 

£100 


— 

Ll JU 

F.P. 

— 

■' Uidlr 

F.P. 

3/5 

Cd8i» 

F.P. 

5/U 


F.P.' 

— 

- 

y. 

37--1 

V995* 

F.P. 

— 

L99»* 

ULQ 

28+ 

- | F.I'. 

6/1 


1001-; 100l2Agric Hurt. Variable 1883. 

lCCJ^l dh .Hath IU% I** 

90 90 ICentimi A tiheeruoul 10% Uur. La. li«l. 

bJUJ * lp Grampian Hc^.lujf^ 1935^. — 

93 • S6l3|Bo(U]FM<w Variable 


I ncn bj% Nutea 1*4— — 

Uo.U*Ueb. 1993..— 

Kensington A Chelsea 11^% 

Lk*. 1 >ul Variable 'ta. 

Leeds Variable 19K: 


5Mi« 

8961* 

16 Je 
lou*. 

IU.I 
IW 
101 >: 

t>.(? I ? Rr i -i . H eienr 1 1 He. i. las 

S96 ;-*Ihh i Ini*. Kin. N,V. Cimri Xmc** l*» 

I'.ASt* 99(j -tas* hnrniiure Pm.... 

'w,;. Tamesiile VariaMe 1983 - 

m** LH, nw«Li) 

10/ 1 1 105k fork Inner I0J 1'rei 


.-jo ■* 

?«l4 

im 

9M7 8 
991* 

UkUe. 1 Lev-ester Variable lati 

|iX>la!ui.i Kent Water 1% 19Ki 


! 10012' . 
.'.102 i—ij 

•j BO 

I 61 l+>« 

> 981-1 

. S98U 

. 598 1* — 

- 13121-Sb 

. loOV 

100 ...... 

100 . 

. 101 t-l 

ioii«;- u 

. >96i, 

.106 i-rlta 
lOuTg . 
mis. . 
106|>: ».... 


“RIGHTS" OFFERS 


labile 

I'rl-e 

Pi 

= £ 
a — 

£ - 

lAtett 

UenuncL | 1877/8 

Stock 

Ciotlne 

Pru» 

f 09 

< * 

j '■ Hlfljb j Low 

p: 









2d 

K.I*. 

10/12:27 1 1 .w 



37 



F.P. 

Bill 10/3 79 

65 


77 

—a" 

52 

P.P. 

23/l! 27/2| bl 

38 

CnrMy Hnn 

48 

ldj 

1 *j 

□ 1 
ail 

24/2110.3 52>i 

15(11 10,2; 2ipm 

36^m 

Lkunm. Bank ot Autinula...... 

44pm 4- 1 

1 2 ia 

F.P. 

24.1; 6/2. 13 

I2&6 

Johnson iikmci,. 

121; 


6lS 

10 

*A*.n 

84 

F.P. 

Oil 

11I1 

nil 

6/1 ia/2j j&fa] 7i iKnimas JluPe 

1(2. — ; 0I11W SSptn^LJl.C. Iniernaiirjual 

17/21 3,3* ftjptn! 4Af.io*.s«iurtml tJk. ol Airntmlasia... 

SB | 

82 _l s 
28 ,.ea!— 1 
53pm' + 3 

ids 

F.P. 

23/121 ie,ii 




ob 

nil 




3a 

F.P. 

lam s-3! *u 

37ii H.C.F 



Jo 

F.P. 

10(lk| eV-l* ju 

84 


88 


10 

P.P. 

IB/Ill 16/2' 13 

11 


14 


16b 

30 

F.P. 

F.P. 

12/lkj lt).l 33 
5.1 1 27 1: 4 4 

257 

36 

U M . + J C* * 1 LTi<' n . n . .......... ul 

Williams (J. CaMilti. 

288 

44 



KcDUiKiamin nale unitail.v I art rtay tor aeallrm tTee « stareo 'iiio. D Kiaures 
oased on orcsoenus esumaie. U AssumcO flinurufl am e»M a Forecast dlvr/iend- 
cover based on oreviouy year’s ranunss. r Divulend and riekt based on omspeclin* 
nr orBor nfflcial esrrniaje* for IBT8 u(ims * Mtrures assumed : Cnver allow- 
(ur conversion ol sharvn not now rnnkink lOi dividr*« or ranking only mr restricted 
nmoends 9 Plaring oncp to public. • i/t Peace uniesa ornerwue mnicjTrt , Issued 
hy lenoer. ,i iiflenjd to holders ol Ordinary shares d i " nanis •* RikBis 

oy way nl caniialisatinn. H Minimum lender once, a ReintrodncM IsMi-d 

in cunnemJon wiih reuruanisatioi* merger or take-nyer. (Ill Inrrnouconn i Issued 
in Former Preference tolricis ■ AlkxmerTr letters lor fuliy-oaidj. ■ Provtsionai 
or uRlF-mM allouncni leitera. * With warrants. 


ACTIVE STOCKS 


Stock 

ICI 

GEC 

Burmah Oil 

Beecham 

BP 

Distillers 

Land Secs 

Midland Bank ... 

Nat West 

Rank Urg. 

Shell Transport... 

Tale & Lyle 

Assoc. Dairies ... 

BOC Inti 

Bowaier 


Denomina- 

tion 

£1 

Zap 

£1 

— 25p 

ft 

.... 50 p 

aOp 

... £i 

£1 

2.1p 
23 p 
£1 
35p 
2jp 
XI 


No. 

of 


Closing Change 1877-78 1977-' 


marks price (p) 

on day 

high 

low 

12 

S4S 

+ 2 

446 

325 

ID 

271 

- 3 

2S4 

163 

9» 

58 

- 1 

83 

41 

•8 

655 

— 

693 

372 

8 

800 

+ 2 

066 

77fi 

S 

170 

- 2 

193 

120 

S 

222 

+ 1 

231 

137 

8 

307 

- 3 

402 

24.1 

8 

200 

— 

300 

205 

8 

21*0 

- 2 

276 

128 

S 

504 

- 6 

635 

454 

8 

217 

+ 13 

270 

188 

7 


- 4 

296 

141 

7 

**73 

- a 

S3* 

62 J 

7 

176 

— 

2*23 

160 


FT— ACTUARIES SHARE INDICES 

These, indices are the joint compilation of the financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 

Figured is parentheses show number of 
stocks per section 


49 


90 


CAPITAL GOODS (IM) 

Building Material* (27). 

Contracting. Construction fZ8)_ 
Electricals (15). 


Engineering Contractors (13). 
Mechanical Engineering (72)., 


Metals and Metal Forming (17). 
CONSUMES GOODS 

(DUHABUSKSI) 

LL Electronics, Radio TV (15) 
Household Goods ? 12). 


Motors and Distributors (28)., 

CONSUMES GOODS 
(NON-DUHABLEK170) 

Breweries (10 

Wines and Spirits (6). 


Entertainment, Catering (18) . 
Food Manufacturing (221.. 


Food Retailing (16) 

Newspapers, Publishing (13> 

Packaging and Paper 1 15) 

Stores (38) 

Textiles (25) 

Tobaccos (3) 

Toys an d Games (8) 

OTHER GROUPS 07) 

Chemicals (20). 


Wed., Jan. 25, 1978 


Indei 

No. 


211.07 


192.63 

34035 

455.82 

295-86 

16534 


164.48 

191.68 

23135 


174.21 

11634 

199.68 

221.79 


243.11 

261.10 

193.78 

200J25 

34003 

33221 


Pharmaceutical Products (7) 

Offi ce Equipment (8) 

Shipping (10)_ 


Miscellaneous (54)-. 


INDUSTRIAL GROUP (4881 


Oils (4). 


5W SHARE INDEX 


FINANCIAL GROUP (180) . 
Banks (8) 


Discount Houses (10)>__„ 

Hire Purchase (5) 

Insurance (Life) flO) 

Insurance (Composite) CD - 
Insurance Brokers (10) 

Merchant Banks (14). 

Property (31) 


Miscellaneous (7i “ 

Investment Trusts (SO) . 

Mining Finance (4). 


Overseas Traders f lfl) 


ALL-SHARE INDEX (673)__Z~ 


18930 

177.93 

227.13 
104.02 
19225 
255.62 

256.13 
13338 
478.95 
203.66 


20682 


450.07 


22732 


173.95 

20125 

22139 

164.15 

144.71 

136.44 

318.92 

8286 

2SU2 

109.87 
191.90 

9324 

284.88 


211.71 


Day’s 

Change, 

% 


-0.7 

-0.7 

-12 

-1.0 

-OR 

-OR 

-OJ. 

-1.0 

-1.0 

-OR 

-12 

-03 

-0.9 

-12 

-0.9 

-0.7 

+0.7 

-03 

-0.7 

+2.0 

-0.9 


+03 

-03 

—03 


-0.4 


-0.4 


—0.4 


-0.4 

-0.4 

-L9 

-1.1 

—03 

-0.7 

-0.7 

—1.3 

+03 

-03 

+03 

-1.1 

-10 

-0.4 


Est. 

Emingx 

Yield** 

(Max.) 

Corp. 

ItaSK 


16.72 

15.93 

17.04 

14.63 
19.83 
17.42 
19.15 

1733 

25.44 

1739 

20.79 

1555 

14.60 

16.76 

14.87 

2038 

1366 

9.60 

19.96 

10.12 

1953 

21.27 

19.64 
16.47 
19.35 
10.74 
19.86 
2056 
1555 


1620 

15.47 

1620 


24.49 

1128 

1332 

2.77 

2321 

323 

16.72 

16.92 


Gros 

Dir. 

Yield's, 

(ACT 

atMM 


551 

5.49 

3.72 

3.87 

633 

623 

831 

4.84 

359 

6.74 

'639 

5.71 

5.97 

5.68 

6.58 

5.48 

452 

3.67 

8.79 

4.18 

7.44 

7.93 

5.71 

5.65 

6.55 

3.87 

4.63 

6.11 

6.02 


558 


435 


5.41 


5.04 

5.C7 

7.45 

4.77 

5.73 
5.S0 

4.29 

5.6S 

2.73 
7,18 
4.80 
628 
6.71 
536 


Est. 
PiZ 
Ratio 
(Net.) 
Coro. 
Taxi * 


8.46 

B97 

8.54 

9.84 

6.90 

8.24 

6.91 

833 

936 

7.64 

7.21 

9.29 
103C 

8.95 

10.21 

6.99 

10.64 

15.65 
7.20 

15.48 

6.49 

627 

6.74 

8.25 

7.29 
11.94 

6.53 

5.76 

9.12 


8,74 

7.86 

8.60 


6.23 

13.11 

11.01 

67.63 

6,03 

30.97 

6.96 

7.50 


Tues. 

Jan. 

24 


Index 

No. 


21260 

193.93 

JM.46 

46032 

293.24 

16656 

164.65 

193.54 

233.61 

17526 

117.72 

20019 

223.77 
246.13 
263.34 

193.77 
20166 
337.79 
132 65 

190.65 
177.99 

222.65 
104.97 
39234 
25557 
255.40 
13411 
4HW6 
204.18 
207.59 


452.06 


225.19 


174.72 

202.05 

22580 

165.59 

14339 

137J7 

321.01 

83.98 

25038 

an l b 

19134' 

9433 

2?7.n 

212. H 


Mon. 

Jan. 

23 


Index 

No. 


213.22 

194.89 

344.02 

46179 

30114 

16739 

164.29 

29536 
23550 
178 51 
118.65 

20148 

22250 

24758 

263.84 

1W56 

20350 

339.24 

13339 

193.44 

17S38 

224.12 

104.75 

19299 

256J7 

255.77 

13457 

481.92 

20519 


20863 


454.76 


22936 


175.87 

20436 

22535 

16932 

245.42 

137.98 

32161 

8436 

252.57 

19MB 

190.93' 

94.85 

28733 

21359 


FKED interest price INDICES 


Br 

itish Government | 

Wed. 
Jan. , 
25 

Day'y | 
Chen sc | 
% 

xd ndj. 
To-day 

s*l adj. 

1877 
to date 

1 

2 

Under 5 years .... 

5-15 years __ 

IM.03 

12318 

+0.08 

+0.31 

021 

0.40 

3 

0?er 15 years „ 

““ 

o.%- 

4 

5 

Irredeemable*; 

145.99 

120.42 

+0J0 

+0.21 

— 

113 

000 

— 


’ Oil 

0.76 


Fn. 

Jan. 

=0 


Index 

No. 


212.82 

194.07 

30.70 

460.42 

30136 

16734 

164.41 

19SJ6 

235.00 

178.91 

118.65 

20177 

22422 

24857 

264l87 

19(61 

203.90 
34039. 

133.91 

192.89 

278.78 
224R3 
104.82 
192.93 

256.90 
25559 
132.63 

481.79 
29533 


^864 

45755 


229.58 


176.24 

203R0 

225.15 
270 22 
14621 
238.14 
32434 


8394 

25521 

109.64 

19135 

9S.09 

21381 


Thurs. 

Jan. 

10 


Index 

No. 


211.36 

191.08 

33622 

46025 

299.48 

16638 


162.79 

192.98 

23238 


17828 
117 JO 

20028 


22234 

24831 

26331 


mn 

2BL52 


33159 

13329 

m*8 

177.87 

22424 

10419 

19115 

25502 

25321 

13208 

48136 

20195 


20697 


456.99 


227.96 


174.47 

20155 

222.69 

36776 

14530 

217.96 
32133 

82.96 
29834 
1091 4 
19032 
9431 

MV. 

212.15 


Year 

■K0 

(appmxj 


Index 

No. 


14632 

12560 

19549 

292.96 

188.07 

13023 

12817 

13135 

14764 

137.87 

8529 

145.03 

15AM 

162.75 
ZB&OO 
158.90 

138.76 
207.42 

98.81 

12032 

23435 

213.83 

82.02 

15453 

215.77 
1.00 
8931 

42124 

15275 


1S211 


448.46 


17521 


12925 

1552$ 

17139 

10768 

107.78 

10471 

23242 

6470 

16698 

73*79. 

1S9.P 

860 

22899. 

163.88 


FIXED INTEREST 

HELOS 

Br. GnrL Av. G ro .a R,. d 


Low 

Coupons 


Medium 

Coupons 


High 

Coupons 


5 years . 
15 years. 
26 years. 

5 years.. 


15 years. 

35 years. 

Irredeemables 



1 

W*Hl ! 

Tli to. 

■ Year 


Jan. : 

Jan. 

u> 


Ci 1 


wppwJ 


745 

7.99 

176 


9 56 

959 

un 


10.16 

10.18 

1 in 


971 

9.74 

H.1S 


10.53 

’ 10.56 

12A 


10.66 

10.68 

2M*_ 

— 

IM* 

11.46 

1051 
1150 - 

M.U 


1151 

1135. 

K Jf .. 

— 

16.68 

! 2252 

2Uf 


1V(* I ■ inn, vj. 

Iinle* i I i(i,i 


is j-^>r.Kea.lJeb.4 l Lua I i s> «ia 

16 Investment Tr Us( 1-refs. n 5 

17 Ciimt. and in«H. Prefs. f^n 


63.25 j; 1 1.74 
57.10 j 12 3J 
78^7 11.51 


I'lli'-ilHl (.\|rt,t.(M V | , ri .i_, ... ■ ; 

- J I J ?i‘- . J “«- ; *H1. , iw. ! *&_ 

! 


00.44 w. 07 64.26 0.1.22 fJ.'e ba . iS \.pQM': 

^ -60. a. J? 57.57 ST y; 57.5; 37. M . S7.«?i 
•8*7! 73.5-S Toss 7d.4„ :a.hV. 7«.4 S ; 


„ t Radcm pLleo * rigid. 1 ^ 

sj g; lx : 






/ 







*V' •’ 


_ -.-. >oancial Times Thursday January 26 1378- 


Thursday January 26 1978 



lg claims are being made for the medical equipment, or health-care, 
try since export possibilities began t$be explored. Some forecast 
by the eighties it may be one of Britain’s biggest overseas earners. 


./ARKABLE transforma- Stcs. Barf>ara Casfle, as Sta^TSaucUa Axvfoiaxi investment wfil 
*vS ' taken place in the 1 tax; for Health in the incoming^he speed -with the bealth- 

equipment business in Labour Gevemment in ' Iffj&f ;- care industry., 
t two or three years. ' soon became aware "that-M^:. DEBS sponsorship, of its 
highly, fragmented asso^ hopes of -seeing J 'lte supply . industry also received a 

of products— a - modem “ vice, expand depended' cxti&aSSyi .testimonial' from ■ the . Cabinet 
..it is . said, boys about pry a ■H* eJ , fced inunro wgriBiw .-fo-.- - 

jparate items apart from ^ ecorioiny as a whole. -'£* 

® M d fo od-— whose : 

wgts constantly 9^^ -nkend to Mci 'wtMflHr xt endd: 

: thf°NatS nSS? " ,1 * T“i 
“ las coleseed int 0 , ““ 0Ils econo^c. Perfonma^, |_J Vt\A 

and headline-making : With Dr.. David Owen r .88 8 

r. It even- has a* n etfr neurosurgeon and : tfcea ; ;-'he£’ * v~r- V/ 

the healthcare industty. deputy: — Mrs. - Castle ** pifietf' : 
ng to Dr. Fred Wrigley; tb the forefront of the Depcrfjp ; 

Its * captains," it- is- the. ment’s tJunking ” the ; subleoto M -j V . : . ; - ' . - • ■ 

growing. U.K. industry sponsorship olf tfae beaMi-cffl^i 

Others assert confidently,iadustry. She upgraded --'mp- -■ ' “1 

; side 10 years it could embr yo ude ac ti vit y eh in the -. • • • ■.# I 

tain’s biggest industry past- had even been pursued.' . 
gest source of overseas clandestinely under regimes/ v ■ 

31 hostile to the whole idea, into-:. - " ' :■ 

l . an “ industries and exports dSWk.V- ' • - w ... 

Ogmsea • Stan ~ with -tts own Under Seere.^; 

due to this trtnsforma- taiy in charge. TbeseVttfr - 
u bA found in a recoem- Ministers, and their sncceeSonT-' 
at exporting, not NHS «hbartced on a series of-oveao-; 
j, was the key to sqcces. seas visits, iriahdy to oH5>'rbd^^-_ 

d long been recognised " mg . countries which ^ ien , “ e 

pharmaceutical; corn- special interest in ^3endfog »| Lt> 3J in ^ Tank reported on 
the majors among which revenues on ' healthcare 2™!? 8 ‘?!5 rs ^® c $ v l? e ^ i~ 
inlti-national groups. It duals and services. ■ v :' f f*23E? that^ the 

n hwn nwimi-axi bva ... . -DHSS already had what is 

renreneurs in the medi- '^ be Wi® **s apparent .^tailed a strong "product eon- 
pment business such as i ? ea<illlMlS greeted fe^centration unit " for the support 

the medical tubing sub- Year by proclaiming that .of its suppliers. Its statistics 
of Smiths Industries. It Britain hod secured a contract make a striking. . comparison 
rtainly recognised bv to manage the amstroctBon^and: .between DHSS and the Ministry 
licb embarked oh invest- runnfing of two new hospitals m^of Defence. At Defence in 1976 
n overseas sales arid "Riyadh. Dr. Fred ^Wrigley;'* staff of 380 spent £3.5m., in 
in North 'America chairman of Umedco, the jodaKWPdrt of exports worth £640m. 
an • enthusiasm . never A^ied lnvestaente — NEB cosh-,^ Health in 1976 a staff of 19 
bed before. pany which -yvfll manage Uie--^ 36 ^ £200,000 in support ^ 

3 all. It was recognised contract, expects that between ^#xports worth fSlOra; ... 
Deparonent of Health. £l00m.-£150ta. of ! be £250m. ? This small staff is active in a 


surprising diversity of ways, 
some of them inordinately time- 
consuming and inevitably slow 
■to pay off. -■ They include minis- 
terial 'goodwill- visits such as Ur. 
David - Ennals, Secretary for 


the “twnfiSng" arrangements Goundl (BED9C): Whoct began 
envisaged b^ween U.K. regional .as an organisation primarily 
hospital arimorities and over- concerned with hospital design 
seas, countries, whereby British and construction two years ago 
heaffls-etrrf'-f management and refocused its si^its maxedy 
technical; expertise might - be on beaihltcare eqa^Hnent Dr. 


By David Fistdock, Science Editor 


Health, made to Nigeria - in' 
November to promote the train- 
ing of. -esgineera and para- 
medical staff in .-health-care. 
They include intergovern- 
mental .activities aimed at low- 
ering trade barriers, harmonis- 
ing - standards and safety 
criteria, etc. An example is 
their negotiations with the TJJ5. 
Food and Drug Administration, 
which will shortly result in the 
first FDA inspections of British 
manufacturing premises for the 
purpose of qiiaUty assurance to 

tf-S? s tandards. 

They include the initiation of 


transferred* f Expeditiously to 
small nations with embryonic 
health seraices. The first, 
between WQjsex Regional Hos- 
pital Authority and Kuwait has 
been launched, and the DHSS is 
hoping to arrange another with 
the .United; Arab Emirates. 
They indndg liaison with -other 
government : departments, such 
as Defence <as in the case of 
the big Saudi contract). Indus- 
try and thKjForeign Office. 

DHSS support is also apparent 
in the refrofemtioa of the mam 
trade association, now called 
the British HeaUhnCare Export 


Wri^ey became its new chair- 
man, anried wMi a departmental 
promise to underwrite any 
deficit in the subsequent three 
years of operations. 

One o£ the -BHECs problems 
is stiU the wide divessity in 
size of Its members, .from indus- 
trial 'giants such as EMT and 
Vickers to dozens of companies 
whaoh have trouble in raising 
Hie £250 subscription. Dr. 
Wrigfeyh ambition to hove an 
Mwiiai income of £90,000-^300 
members paying £300 apiece— by 
the lame the DHSS period of 
ubderwitrug ends mast still be 


counted comparatively modest 

Yet BHEO pfaimne ^ can— or 
soon wsH — offer services 
undreamt of by many snail 
medical suppMes companies 
only a year or two ago. For 
example, it is setting up servic- 
ing schemes overseas, whereby 
small companies win be able to 
use the facilities of hater- 
national groups such as EMI 
(with its chain of bases -across 
North America) and Inter- 
national Ae-raddo (Middle East 
and Africa). It Is negotiating 
with Bowrings an insurance 
package tint will protect -small 
companies against crippling 
damages if sued over the 
reM ability of their products, a 
notorious risk nowadays in 
Iitigous societies such as the 
TJB. It is working hard oo the 
problems of more harmonious 
rotations between the industry 
and the DHSS, over such 
emotion-charged Issues as cen- 
tral purchasing of equipment 
and the official evaluation of 
new machines and devices. 

The health-care industry 
itself, although still fragmented, 
is becoming much less so- The 
success of the TIMI-Seanii«r com- 
puterised X-ray system ha& been 
a tremendous boost to the 
morale of the industry, and has 
helped greatly to publicise the 
fact that the companies achiev- 
ing the greatest success are 
those with at least .one 
speciality to offer. Other out- 
standing examples are Fortes, 
specialising in anaesthetic 

CONTINUED ON 
- . NEXT PAGE 


TABLE 1 

U.K. HEALTH-CARE 
TRADE 

(£m. 1976) 
Exports Imports 
Pharmaceuticals *452 140 

Medical 

equipment fl56 98 

Consultancy 20 — 

B uilding / 

construction 70 — 


' *Drug Industry estimates that 
an additional £100m. may have 
been earned as “ Invisibles ” by 
overseas subsidiaries. 

tUnder-estimate — EM-Scan- 
ner earnings may have been up 
to £24m. higher. 

Source: DHSS ' 

TABLE 2 

U.Kl HEALTH-CARE 


EXPORT 


(£m. 1976) 



Equipment Drags 

W. Europe 

6A8 

198.1 

N. America 

*34L6 

83.7 

Far East 

152 

562 

Africa 

5.0 

13.4 

tOPEC 

19.8 

70.0 

Latin America 42 



*Under-estlmate i 
Seamier earnings. 

tineluding Nigeria 
Source: DHSS 











34 


r 


[ 


p pmwtaT ~ TKnes* TUttrsday ; jaaBMySft- Hat; 

MEDICAL EQUIPMENT II 




Market leaders in some 




equipment. 


Recent innovations in the fields of 
B abycare, Intensive Care, Isolation Systems 
and Clinical Chemistry, have ensured that 
Vickers Medical is maintaining its position 
as aleaderin world markets. ■ 

Experience, over many years, in 
developing and evaluating medical 
equipment^ inclose co-operation with 
internationally known Paediatricians and ' 
Neonatologists, now enables Vickers 
Medical to offer a complete range of 
equipmentto assistthe recovery process 
of the sick neonate. The range includes 
nursing and transport incubators, ventilators, 
humidifiers and resuscitation equipment 
In intensive care, Vickers-Medical 
offers a sophisticated range of oxygen 
therapy equipment; from the controlled 
ox\'gen intake Ventimask to hyperbaric 
oxygen systems.This year Vickers Medical 
has introduced a range of digital infusion 
pumps andblood warmers engineered to 
high standards of quality and safety for use 
in intensive care, renal andpaediatric units. 

After producing the world’s leading 
system of patient isolation for both 
containment of infectious disease and 


Immuno-suppressive therapy, Viewers 
Medical is proud to introduce a new range 
of transit isolators in both stretcher and 
aircraft versions, for the transferof highly 
infectious patients. 

Finally, the discerning approach to 
clinical chemistry features Vickers 
Medical’s advancedrange of highly 
automated discrete analysers and laboratory j 
data-processing systems for continuous 
flow analysis. Each, of these has provedits 
performance and capacity in leading 
hospitals and laboratories throughout 
the world. 

For further information on the market 
leaders please contact: 

InUSA/Canada: 

Vickers AmericaMedical Carp., 

P. O. B ox 101, Highway 22, 

Whitehouse Station, New Jersey 08889* 

(201) 534-4187. Telex7104802822 

Rest of world: 

Vickers Limited Medical Engineering, 
Priesdey Road, Basingstoke, 

Hampshire RG24 9NP. 

0256 2914L Telex 858697 - 




FASTER-GROWING than even 
the health-care industry' itself is 
medical electronics,, the applica- 
tion of electronics to diagnosis, 
patient- monitoring, prostheses. 
medical research and so forth. 

Dr. John Powell of EMI, a com- 
pany with diverse interests i& 
electronics— spanning defence, 
security, automation and medi- 
cine — forecasts! an explosive 
12 to 1? per cent annual growth 
for medical electronic^ up to 
1985. He speaks with, the autho- 
rity of a managing director 
whose activities . in medical 
equipment earned EMI over 
£100m. last -year. 

In the public mind there is 
no doubt that the most dramatic 
impact -of electronics on health- 
care is to be found in disease 
diagnosis. As defined :hecently 
by two American professors, in 
an examination of She impact 
of microminiaturised electronics 
in medicine, the ideal diag- 
nostic instrument " provides 
definitive data on the patient’s 
condition, causes him no harm 
or discomfort, and is con- 
venient, reliable and economical 
for the physician or his medical 
associates to operate.” 

The mini-computer has 
already transformed one long- 
established technique, X-rays, 
into a far more revealing 
method of diagnosis. Similarly, . , , _ „ . 

the gamma camera has become also has no rival In the fiiag- so-called multi-phasic screening from about a score of mode 
a more powerful tool with the nosis of lung disease and exam- —-the screening of groups (such available, in Bnlam. Nevertb 

addition of a computer, as inatiou of the skeleton. Ultra- as businessmen) for diseases, less, the technology is stt 

Elscint, an Israeli c ompany , has sonic investigations’ are dearly using a battery of different -tests, novel enough to require ui 
shown in equipping it with vir- preferable for obstetrical use Although it has -never been remitting vigilance to safeguar 
tually real-time imaging. The because they hold no -known available under the NHS, multi- patients whose lives may we 
computer is in. process of trans- hazard for either mother or un- phasic screening has been pro- be depending upon an implantn 

forming another technique, born baby. In other parts of the moted enthusiastically by pri- picre of electronics. Last yea 

ultrasonics, whose results body, such as the abdomen, vate ventures-— at five times the one of the pacemaker manufai 
hitherto were far too am- Kreel and Metre conclude that cost of sim ilar NHS services, turets, called Devices, favour? 
biguousv It may yet unlock the relative adva n ta ge s ' of the It includes such checks as blood hy the NHS, ran into troubl 
others, such as neutron two techniques depend more on tests, chest X-ray, lung function, with what turns out to be 
magnetic resonance (NMR) the specific circumstances of the ECG, blood pressure, vision and manufacturing flaw in a rant a 
spectroscopy, still in the patient and his illness. - . hearing: ' Jum capacitor in its integrate* 

“This brings us back to the But a recent study in London circuit. As a result,, it has with 
highly- contentious question of of patients aged 40-64 revealed drawn from tbe pacemaker mar 
costs. To-day the cost of equip- no differences in health between heL One -consequence has beet 
ment for CAT-scanning is about those who' had been screened a hold-up in the. assembly o 

Computerised axial tomo- ten times higher than that for in this. way five years earlier, long-lived (20-year) nuclear 
graphy (CAT) scanning with, ultrasonic sc anning . The same and those who had not As powered pacemakers for tbt 
X-rays was made possible by disparity is present in the costs The ‘'Lancet concluded, this NHS by British Nuclear Fuels - 
the extraordinary data process of repair and maintenance. But should “dampen the ardour of which was using the Deuce? 
sing power of modem elec- the gap is going to narrow, as those whn argue that the NHS circuit. 

tronics. CAT-scanners have ultrasonics make greater use ought to provide regular check- Other types of prosthesis, ini 


Svnicaid’s Multiplanar ultrasonic scanner , which can provide the doctor with a } 
3-D image , has proved promising in the early detection of cancer of the pancreas ' 


as well as in obstetrics. 


research phase. 

Imaging 


1 ] (brought home to the doctors of electronics to automate the ups for adults who feel perfectly planted or not, designed to r<> 

W IVrfYwl IVKrUlwCII I I** 18 * “imaging” can be vastly process and accelerate, signal fit* and would not otherwise be place or augment some naiura. 

I ] superior in performance to processing. . 

their traditional methods - of The latest developments from 


ibis 


Ibis Medical Equipment and Supplies Ltd. 
Comprehensive Equippers of Overseas Hospitals 


Suppliers to: 


The M.O.H. Saudi Arabia 

The M.O.H. United Arab Emirates 

The M.O.H. Qatar 

The Bahrain Defence Force 

The Abu Dhabi Defence Force 

The Dubai Defence Force 

The Hamadan Hospital Iran 

The M.O.H. Kuala Lumpar Malaysia 

The M.O.H. Sabah Malaysia 

Nigerian Army Medical Services 

Nigerian Air Force 

Kwara State 

(Hospital Equipment Bloodbanks etc.) 


Oyo State 

(Hospital Equipment for Teaching Hospital) 
Plateau State 
(Mortuary Cold Rooms) 

Benue State 

(M.0J3. Hospital Equipment) 

Anambra State 

(The Teaching Hospital Enugu) 

Imo State 

(General Hospital Oiverri) 

South Eastern State 

(Calabar Specialist Teaching Hospital) 

Mobile Medical Units Supplied to Qatar, 
United Arab Emirates and Nigeria 


Advantages of The Ibis Medical System: 

Ibis Medical can provide positive specialised assistance at the design and 
planning stage of projects to assist clients in finalising their plans. The full information 
available describing the equipment and the services required to operate it is of 
considerable value to the client’s technical staff. 

Standardisation of Equipment 

The complete packing of equipment is based on the principle of standardisation. 
This extends to the adoption of colour schemes ensuring that all items in a depart- 
ment are colour matched. 

Equipment schedules are prepared by fully experienced staff using computerised 
systems and backed by qualified medical consultants. 


Ibis Medical Equipment and Supplies LtdL. 

P.O. Box 15, Kendal, Cumbria, England, LA9 6DU. 
Telephone: 0539 24433 - 

Telex: 65129 



THE QUEEN'S AWARD FOR 
EXPORT ACHIEVEMENT 1977 


function. Have also discovered 
the tremendous Dower of the- 
circuit^ Optacoa - 

find that it can be quicker and a Td the w"k of I^Feter fS ‘ • ** t UA Invention, i,- 

much less uncomfortable, and a t King's College Hospital, in Much of the electronics used a nucronuiuaturised electronic 
sometimes less ' risky, than investigating and— still more medical instrumentation is camera that translates an optical 
“ invasive” methods of invest!- significantly —monitoring .. the «f a comparatively simple kind, unase of, say, a page of type., 
gation. Yet the question progress of circulatory disease and for this reason .tends to be J” 0 J ,J a F Hn * ge rha * 0311 . he 
temains: are these new instru- by doppler ultrasonics are eschewed by the big research- . f re ®“ finger tips of a 

ments, costing up. to 8800,000, already pointing the' way.' The based groups like GEC and EML bund person. Thousands of these 
really worth all that money? researchers’ aim is to develop a which see thetir future primarily ^ instruments are now. being used. 

A warning that the new tech- 3-D reconstruction of the ultra- in engineering complex systems, worldwide- An implantable 
niques must be used, intelli- sound image . for the doctor' to The smaller medical equipment hearing aid for the profoundly . 

gently to obtain relevant inf or- view. Sonicajd’s Multiplanar companies provide a wide ** ea *^. under development in . 

mation about the patient, and scanner takes the technology ' variety of “ black boxes * which o.S., designed to replace 
not merely to satisfy the curl- part-way towards this goal. the doctor can assemble to pro- uatiiral signals that stimulate 

osity of the doctor, was given The U.S., which has provided vide patient care as:he sees .fit: auditory nerve, 

last autumn by two UJC by far the biggest market for But one ubiquitous instru- ™ Britain, one of the most 
researchers with long expert- CAT-scanner sales so far, is now ment which is evolving into a successful applications of elec- . 

ence of their potential. They the market most insistently system is the. coronary heart trenic prostheses has been to . 

stres sed that for the great questioning the 1 .cost-effective- care monitor • for patients severely disabled — such as _ 
majority of patients most inf or- ness of complex' electronic recovering Tfrom a -heart mal- those paralysed in ail four 
mation about their illness is systems. Would-be purchasers -fnuctioni .The aim is to avoid limbs. Possum Controls, devcl- 
still obtainable by taking a case must show a “certificate of the .need to have someone con- oped originally from work for 
history. "The doctor who does need” before they can use pub- stantl'y watching an ECG display the Spinal Injuries Unit at 

not speak to his patients or rela- lie funds to jpurchase a CAT- for signs of .trouble. This can Stoke Man devil ie Hospital, 

tires but relies on tests will scanning equipment. One result now .be' done, more- reliably than ■ claims that about 2.000 severely 

often miss a diagnosis,” wrote has been a sharp fall in sales 'by a nurse herself, by program- disabled people are using its 

Dr. Louis Kreel and Mr. Hylton of the EMI-Scanner last year, ming -a .mini-computer to ana- electronic systems, mostly 
Meire, of the Clinical ^Research after four years of meteoric lyse -each heartbeat and the supplied in the past five years. 
Centre, in the British Medical growth. The manufacturer, how- frequency, and to bring to the Th e Possum syste ms enable - 
Journal Usually the scanning .ever, remains- confident that it .attention of medical .staff any them to read, write, and operate 
techniques cannot answer such is only a hiccup of the kind significant aberration. domestic equipment such as - 

questions as “Why so pale and that every other major techno- The cardiac pacemaker, which TV sets and telephones. One of - 
wan? fair maid?” But it can logical advance has experienced injects synthetic electronic its latest innovations is a 
answer: “What is the size, when, after the initial surge of signals into the nervous system remote-control ' system of 
shape, and position of a mass in enthusiasm, the cDStomer begins to replace or reinforce natural operating all these through an - 
the pancreas and is It solid or to ask: “What is it saving me?” signals, <is an excellent example ultrasonic transceiver wstem - 
cystic?” Nevertheless, one market for of the. confidence doctors have developed with the help of th« 

In less than five years X-ray diagnosis which looked highly to-day in . mjcroxniniatnrised charity Action Research for the 
scanning has revolutionised promising ip the 19©)s already electrohles. .About 6.000 heart Crippled Child, 
neuro-radiology — examination of appears to have failed tbe test pacemakers are implanted each __ ? i 

the brain and spinal cord — and of cost-effectiveness. This is year under the NHS, chosen David Fisfalock V, 


Vistas 


CONTINUED FROM PREVIOUS PAGE. 


accessories ; Spembley Products, 
specialising in .equipment for 
cryogenic surgery; GEC, 
specialising In conventional X- 
ray equipment; Possum Con- 
trols, specialising la electronic 
aids for the severely disabled. 

Acquisitions by such groups 
as Thomas Tilling have helped 
to reduce the fragmentation. Its 
Interred medical product and 
services group, including such 
well-established names as 
Hanger (prostheses). Cape 
(ventilators) and Penlon 
(anaesthetics) among its dozen 
component companies, expected 
to exceed £60m. in turnover for 
1977, Mr. John Poole, Inter- 
Med’s ' managing director, 
believes Tilling now has a 
“prefly secure base for growth 
by investment” in it present 
acquisitions, but also expects to 
make more acquisitions — pos- 
sibly in North America — this 
year. 

EMI has acquired Nuclear 
Enterprises, primarily In order - 
to add its expertise in com- 
puterised ultrasonics to its X- 
ray technology, so expanding its 
interest in medical diagnosis. 
Vickers, haring failed to sell 
off its ailing medical engineer- 
ing division, decided instead to 
try once again to make it work, 
plans to use some of the cash 


it expects -from- the Government .by Frost and Sullivan,. Is ex- 
in rompensation for. nationalist pected . to double its spending 
Ing its aircraft and shipbuild- on clinical ‘.laboratory instru^ 
ing activities. Under a new man-, meaty between 1975 and 1980. 
aging director, who has striven -by which time tile market is 
to tailor sophisticated products forecast to reach £l00m. a year 
to markets rather, than vice DHSS’ research' has pinpointed 
versa, the venture^ is beginning -proposals for 8& new hospitals 
to look set for success. Not‘among ' OP£C members," ' with 
least, the National Enterprise^brer 50,000 new: beds planned 
Board has taken a keen interest-for lOSO.The Comeccm countries 
in promoting ventures with the 'are short bf ioreig^ exchange, 
financial and managerialbut.wantto license manufactur- 
strength to undertake major- mg technology, as Portex has 
health-care contracts overseas- S hown .wJth 'a £L25m. contract 
Contracts for constructing -for. automated machinery to 
and equipping complete hospital make ; disposable plastics, 
complexes— turnkey contracts— ; iV.rtAtifixxa 
have become less popular withrlJlCvIfllVc 
customer and contractor alike But an incentive that should 
since the 1960s. The trend latelr.not. .be"' overlooked is « im Port 
has been .to sub-divide the substitution “—the goal of Re- 
package— design, constwctimvjilacing. the'iaige NHS imports 
equipping— as a protection :(»» Tafile 1) of medical equiS 

against exploitation. Even ao, ment.wlth. honie-made products 
the packages offered can evolve; For example, in -spite of the 
into major managerial commit- reputation of its own X-rav 
ments. And some see tile Saudi 7 equipment, the UJC still im. 
contract for Allied Investments .ports - heavily from . Picker. ^ 
as heralding the return of the: U.S. and Siemens in CwT 

turnkey project many. The DHSS is tiying to 

What are the incentives that isolate other imbalances snlhat 
drive industiy to coalesce and to it can prime the BHEC with th* 
fight against strong inter- statistics — although it still badlv 

national competition from the lacks ibe. sophistication in in. 
U.S., West Germany and else’ dustry- statistics enjoyed by sav 
where? Europe alone, accord- the Industry or- Energy Denarr 
ing to a recent market survey menli. • * 


f 





This spring one of the most 
contentious issues between 
“d the healthcare 
^ resolved, when 
JR'S Sahnon reports to 

WMldwnrl S0 ? Ply S0ard •*»«* 

puSaS?* 0 ?* a common. NHS 
authorities 6 

DHSS it ; The a ™ the 
^ ,s -tn secure best valua 

sspi!? it; 

De,ng s P e “t hi this sector,- . 

care induct 1 ™ faSurc rhe Wth- 
HZ 1 P* *Z now supports the 

ridcd ti ,r a ? U 2 ply «•***.' 

It wonifi 31 ?* f J x y represented. 
Board' °-°^ tQ Ihp- Sjinpply 

if Sfl AbDV0 all, ipertaps, 
Board to h exprct tiie .. Supply 
cane that b J s ^Pathotic Jolts 
at hum. ^luecaiajj.,. prices 

customer m™ n not liSt 

be aC H«J ■ not ^ressanly 
interwL m m tho national 
ments m« W - anj ove rseas govern- 

S K n " or v «y closely the . 


,v 









Ttaes Thursday January 28 1978 

MEDICAL EQUIPMENT III 


55 



/ 

/ 

medical 
relatively 


1 PHARMACEUTICAL research is wholly owned Swedish sub- 

* t risky business. Companies esti* sidiary in Gothenburg, called 
‘mate that only one compound Mcdlplasi. which manufacturer 
'in 9,000-10*000 isolated has a plastic devices, tubes and 
. chance of success and it can catheters for hospital use. But 

how take as lone as 10 years the plant is small and the 
v.'fctr a candidate drug to proceed activity holds no major place 
??from discovery to its initial in corporate thinking. 

^market launch. Has the apparent reluctance 

* The attraction of dilating the then of UJC-owhed drug com- 
frisk hv diversifying activities S*n»es to diversify in a big way. 

* into other areas must have into medical equipment been a 
occurred to most pharmaceutical wise choice, or hav e they been 

"companies, and many have con- missing business apportuniti*^ 
tvidered in detail plans to enter which their competitors in the 
mother sectors of the health care VS. and in the rest of Western 
industry. But tlie results of Europe have been only iKio 
-such studies have hardly been eager to take up? 

^consistent In the UJC pharma- p 

•cemieal companies have tradi* ,\T|AnfllR9 
iionally taken very little part 
fin allied areas of the medical The market 
equipment industry. Companies equipment is 
Trith a presence in this market, small compared sfrith pharma- 
such as filaxo r have often beerr ceaticals. Last jbar exports of 
there for many years and first drugs, for example, from the 
entered the field more by hi*' UK. totalled an estimated 
'tnrical accident than by cons- £S48m. compared with overseas 
eious corporate decision. Other sales; of. - medical equipment 
pharmaceutical companies, like amounting to some £245m. In 
Beechnut. have plainly decided the U.K. spending on medical 
that for the moment aH their equipment in the year to the 
resumes will he concentrated end of Id arch, 1977, by the 
on doing what they know best. National Health Service was 
namely the research and devel* some £245ni. At the same time 
opment nf prescription drag*. A spending on drugs and dress- 
direrjrinu- into other medical jngs for hospital use came to 
supplies wonld only waken a fjMra. But by comparison the 
rewwrh activity, which by its ^ f 0r prescription drugs from 
rery nature must be dedicated general practitioners totalled 
ad single-minded if it Is to £534m- in I97S— the latest 
BMweit - figures available. 

Even a company of the com- Companies in the field of 
rtexity and diversity of medical equipment in the U.K. 
mpenal Chemical Industries have usually entered the sector 
las made little concerted effort as a result of their mainstream 
a enter areas of the health activities. A company histori- 
ans industry other than «illy in textiles, such as Smith 
toarmarcuticals. It once studied and Nephew, has concentrated 
be feasibility of bringing its attentions on the area of 
ogether Its plastics and medical dressings. Engineering 
drarmaccuticals resources to companies have tended to 
uch an end, but little came of dominate those entering into 
he study. It does have a medical electronics and 



The Tomoscamtr radioisotope seaming «mf 
developed by JL and P. Engineering (Reading), 
demonstrated 


the Royal Institution, 


machinery, while tt was 
chemically bused companies, 
who entered the field of 
pharmaceuticals. 

This traditional analysis of 
the* industry is changing, but it 
is taking longer tu do so in the 
UJC. than in most countries. 
However, Dr. Fred Wrislpy, 
.chairman of the British Health- 
Care Export Council, and for- 
merly deputy, chairman of Well- 
come, believes there arc definite 
sectors of medical equipment 
where U.K. pharmaceutical com- 
panies could profitably be devot- 
ing their attention. 

“Automated chemistry for 
diagnostics should bo a natural 
field for pharmaceutical com- 
panies," he says. “ Many have 
looked but none appears to have 
taken the plunge." He suggests 
that It is uncertainty about The 
U.K market at a time of limited 
NHS spending on new hospitals 
that is holding drug companies 
back. It is now possible, how- 
ever, ' that some Government 
backing may be available for 
new- development projects in 
this area. The Deportment of 
Health has started to realise 
that overseas countries wishing 
tu tray integrated packages of 
medical equipment can be more 
easily persuaded if the equip- 
ment is already on display and 
in use in British hospitals. 

Britain has no major presence 
as yet in automated chemistry, 
that; is in the manufacture of 
machines that can automatically 
cany out a wide range of diag- 
nostic tests on body fluids such 
as blood. Pharmaceutical com- 
panies arc ideally placed to 
offer the basic chemistry for 
such machinery, says Dr. 
Wrigley, but as yet there have 
been ~no significant takers. 

On the other hand as U.K. 
drug companies look at the ex- 
perience of some of their rivals 
around the world, who have 
made big strides into medical 
equipment, they may well be 
thaxdcfitf for their caution. 

One such U.S. company is 
G. D. Searle. More than 10 
Tears ago it made The critical 
decision that as a research in- 
tensive pharmaceutical busi- 
ness, • it had to diversify into 
other areas of health care. To- 
d*y it is m the process of dis- 
posing of as many as SO bust- 
hemes. with sales of some 
SUXfcn. a year and the axe is ex- 
pected to fall mainly on the 
hospita l and diagnostic products 
sectors. 

■ The reasons for the company 
embarking on the process of 
diversification were explained 
by Mr! Daniel Searle. chairman, 
at the last annual mewing. 
M Pharmaceuticals offered a tush 
rward hnsed on the usual finan- 
cial yardsticks, but the risks 
wert also high. Our product 
:ifae was too narrow and ton 
dependent on the next break- 
through from research and de- 
velopment. and we were wide 
open to the risks of technologi- 
cal and regulatory obsoleprenee. 

“We knew, however, that if 
Wft diversified into other areas 
of- health care, we would have 
taacttl* for a more conservative 
return, on Investment because 
other health care areas simniy 
didn’t carry the high .risk/ 
reward profile of pharmaceuti- 
cals alone- Bui diversification 
would reduce the overall risk 
factors. Wo felt it was ia the 
company's best interest ... to 
give Searle more stability 
through a broader line of health 
care products," 

But the process of transforma- 


tion was not a happy one. At 
!ht* annual meeting Mr. Searle 
admitted: ■■ We did not achieve 
a perfect batting average ai this 
diversification effort. Conse- 
quently there i? some more 
pruning sr.e fine tun : zc s?i*! to 
be done.’ - Spelled out. that mes- 
sage means that this year the 
company is bavins to divest 
several bti>ines=3? as pan o£ a 
scries of cash strengthening 
moves wh:eh could help 1977 
earnings by as much as S95m. 
The businesses to be shed are 
erpectci to came chiefiy from 
the hospital and diagnostic pro- 
ducts sectors. Searte has gone 
through precisely the problems 
of diversification envisaged by 
some more cautious companies. 
Ironica-ly, Mr. Donald Rums- 
feld. the president, said recently 
that Searle would row concen- 
trate management efforts and 
financial resources on its pri 
nary a.td larger business areas. 
Pharmaceuticals would not be 
affected by the divestiture plan. 


often very different to those re- 
quired by the medical equip- 
ment sector. Ba* it is also clear 
that such obstacles are unlikely 
to halt a growing integration 
of interests. There is an old 
adage in the drur industry that 
the riskiest places to invest 
your money are slow horses, fast 
women and pharmaceutical re- 
search. As long as that holds 
good, there v.-.J! be companies 
seeking to diversify. 

Kevin Done 


oHi 

Q 

iwvii 

O 


The BOC Symbol In Hie 

world of neoif I cire 


•Anaesthesia 
•Intensive care 
•Physiological 
monitoring 
•Resuscitation 


Orthopaedics 
Intravenous therapy 
Hospital pipelines 



Forltirtheririforirah'on.pleasQfniintiTecoLiponandsendto: 
ITi&Comrntinlcations Manager, The Medfehieki Corporation Limited, 
Hammersmith House, London W69DXTekOH7482020Te!ex:934664. 


Ten me more about Medishield, 
Name 


-Title,.. 


Organisation. 

Address-™ 


i 


I , : . : — 


FT 1/73 


Expanded 


Aastiter U.S. drug company 
which fcxa rsp.dly expanded 
hospital products operations is 
Picer. In 1976 it achieved 
sharp sales increases in areas 
such as orthopaedic, dental and 
raeciEti speciality products and 
sales of diagnostic instruments 
rose sharply. Towards the end 
of 1975 :: also entered tie high- 
technology area of electronic 
body scanning, an area that has 
appealed to other pharmaceu- 
tical companies, but which in 
the UK. has been dominated by 
EI1L Last year Pfizer was con- 
fidently predicting tiiat new 
product development and 
further acquisitions throughout 
the hospital prod a c 3 operations 
promised rapid growth. 

But here again problems have 
emerged. Certainly in the US. 
the market for medical elec- 
tronics equipment has declined 
dramatically. US. orders for 
scanners ia 1976 were around 
509. but last year they appeared 
likely to be nearer 300 and this 
year the market could weS be 
reduced to 28U. 

And yet the attraction of 
other areas of tire health care 
indiistiy for pharmaceuticals 
companies a undeniable. One 
of tile latest converts to this 
way of tizxkr.es as a leading 
S'Atiss company. Ciba-Geigy. It 
:s m the process of acquiring 
an &£» per cent, stake in the U.S. 
Alzt Corpora liar, a; a cest af 
.^"■e SSCCn. Aha is a Califor- 
nia undertaking which specia- 
lise,-: in the technology of de- 
livering oruss to the body. 

C:ba Geigy has . r.o other 

interests in this field, but it 
apparently believes that new 
drug deCiveay systems, which 
apply a drag far mare accu- 
rately and locally than trad: 
tiana! systems such as swallow- 
ing nr injection, could help 
overcome smutting difficulties 
with the reguiatoiy authorities 
over the httroduction of new 
drags. if. inr.Bad of floothns 


the body, a drss is applied 


Easily, «a!d prove far more 
ageeptabie to regulatory 
•smeies. 

The dancers for pharmaceuti- 
cal companies entering other 
areas of- health care dearly 
cot be underestimated. 
Despite superficial similarities 
:fcc skill.', demand? and organi- 
sation of the drug industry are 


Some more words about 
health-care 


thelnterMedgros 



Gripe 

Lung ventilators for anaesthesia and 
iutemhe care; C.S.S.D.; emergency 
equipment: Jiftpizal plastics; zcard and 
general hospital equipment; storage and 
handling y;t:cir>:. 

Cape Eogincermg Company Limited 

Capecraft Limited 

Cape Road, Warwick CV34 5DL 

T-n gTanH 

Tel (0926; 464=1 Teles 31475 


Xntermedco 

Distribution of medical equipment and 
supplies ana veterinary products through 
24. branches in the southern and western . 
United Stoics; manufacture and 
distribution of plastic optical lenses. 
Intemaedco Inc. 

Suite 149, 9219 Katy Freeway, 
Houston 77024, Texas, U.S.A. 

Tel (713; 461 9660 Teles (23c) 775511 


Penlon 

Anaesthesia andnsi'scitatUnt equip - 

3KC-::f :r hospitals, military and 

en:-: v gct:r: v. sc; hag z cntUctsors and 

a r .-'z:j:cd ejuionunt.- 

Penlon. Limited 

Rails;, ■ Road, Abingdon, Oxon. 

‘0x14 3PH England 

Tel 0235) 24042 Telex 


Dent &HelIyer 

Manufacture of autoclaves, bedpan 
t. asher-disinf esters, conz'eyoriscd 
instrument stasher, hospital sanitary* 
t:are}erC.S.S.D., T.S.S.U., 
laboratory, piusmtacy, shuecroom; 
planning; supply; installation; 
commusix!:;:?. 

Dent & Hefiycr Limited 
Walworth Road, Andover, Hants 
SP105AA England 
Tel C02S4; 621 ix Telex 47430 


Kellie 

Artificial limbs and lUnb-fitting services; 
orthopaedic joints and appliances; 
v'hedchairs. 

Robert Kellie & Son Limircd 
Rutherford Road, 

Dry burgh Industrial Estate 
Dundee DD2 3XF Scotland. 

Tel (03 82)816722 


Spencer 

Spinal and abdominal sttppcrts; 
mastectomy prod: lets. 

Spencer 'Banbury; Limited 
33riL2nnia Read. Banbury, Oxoa 
0x16 ?D? England 
Tei '0295)57301 


Vessa 


Hanger 

Artificial limbs and limb-fitting services; 
prosthetic arA arthotic clinics and 
tcorkshop esitipmens; design, cqtiipfnng 
of TehabHiiution centres and training of 
personnel. ■■ 

J- E- Hanger & Co. Limited 
Roehamptijn Lane, London 
rt*vi5 ypL England 
Tel Cox) 7S9 6555 Tides: S969S3 


JLsl Maison du Medecin 

Distribution and servicing of sophisti- 
cated medical equipment through iz 
branches in France. 

La Maison du Mededn SJ\- 
300 Rue Leon-Joulin 
(Route d’Espiagne) 

3 x 076 Toulouse Cedes, France 
Tel (61) 40 22 S2 Telex 520913 


Artiy.-ial times and ':imb-f.n:ug rcrvicesg 
complete range of both manual and 
electrically powered t’.lteelchjii c. 

Yc4sa Limited 

Paper Mil: La nc, Alton, Hants 
Grja 2PY England 

Tel '2422) S3294 TelsxSySjiS 


Viennatone 


Microflow Pathfinder 


Ingrams 

Hearing aids; audiohgica! equipment; 
optical service:. 

Ingrams Hearing Aids Limited 
Tubs Hi!! House, London. Road, 
Scvenoaks, Kent TK13 2ER 
Enfii.irrd 

Td 10732) 591 9 1 


Air filtration and contamination 
control systems for the medical, 
pharmaceutical and industrial fields, 
.Microflow Pathfinder Li mited 
FJect M Ui, Minley Road, Fleer, 
Hants GC13 Sro England 
Tel (025x4)28441 Telex S5S166 . 


Hearing aids; atMiacficai cstnpmcnt; 
bio-t cctric artificial limbs. 
Vicr.tii-rone Gc*.m.b.H. 
FriVreisassenS-sc, P.O. Be:: 4c, 

A- : i»l4 Vienna. Austria 

T.: z 22 2 ; 92 7 - 6 s Tcic:; 12865 


Nunc 


Sterile disposable plastic equipment for 
laboratories, hospitals and for cel ■ and 
Tissue culture, 

A 'S Nunc 

Postbox 2S0, Kamstrcp, 

DK-4000 Roskiide, Denmark 
Tel (03) 359065 Telex 431 15 



InremaiioEal Medical Supplies and Services Limited, Lichfield Road, Stafford sriy 4>rr, Lr-c'.and. 
Tel : 07S5 44136. Telcc: 36677. 

A member cf d:e Thomas Tilling Group. 



r 


36 


6 . possum & 


I AM ABLE... 


electronic Aids manufactured by Possum Controls limited 
bring Independence to severely handicapped people. 


These aids cover: 


(i) HOME ENVIRONMENT, releasing people from Hospitals 
and Special Care Centres. 


(ii) COMMUNICATION to non-communicant adults and 

children via typewriters. 


(iii) EDUCATION possibilities for both physically and 
mentally handicapped adults and children. 


(iv) VOCATION AND EMPLOYMENT potential for severely 
handicapped people. 


(v) Diagnostic approach to learning for adults and childr en 
with perceptual problems by means of TEACHING 
Programme. 


(vi) LEISURE — Page turners enable severely handicapped to 
read books and periodicals. 


ENVIRONMENTAL CONTROLS— Give control' Of alarm signals, 
intercoms, door locks, television and radio, including channel 
change beds, page turner?;, lights, heating, curtain controls. 
This also includes TELEPHONE COMMUNICATION with 
memory for programmed numbers for Doctor, Home Help and 
others. 


TYPEWRITER CONTROLS — Written communication using 
electric typewriter with built-in calculator and word store 
systems. These enable communicant and non ■communicant 
severely handicapped people to COMMUNICATE, become 
EDUCATED, and also become EMPLOYED in the community. 
Various adaptations to our equipment have enabled severely 
disabled people to be employed as Accountants, Sales Managers, 
Solicitors, Artists. Draughtsmen, Demonstrators, Computer 
Operators and Programmers etc. 


BASIC SKILLS TEACHING MACHINE— As well as typewriter 
systems widely used in school, we h3ve developed special 
equipment for group or individual use In teaching, l earnin g, 
perception together with programmed software for use by both 
teachers and students. 


PAGE TURNERS — Our page turners enable severely handi- 
capped people to read all standard sizes of books and can turn 
pages forward and backwards. 


OPERATION — of our equipment can be achieved by severely 
disabled people by suck and puff on a mouthpiece or via a 
large variety of micro-switch devices and actuators operated by 
some individual movement of a limb or the head. 


WIRELESS OR REMOTE CONTROL— which releases the dis- 
abled person from the equipment is a feature available on most 
of our products. 


POSSUM EQUIPMENT is suitable for all severely physical lv 
handicapped people including those suffering from multiple 
sclerosis, muscular dystrophy, rheumatoid arthritis, spinal 
injuries, polio, cerebral palsv (spastics) and many others. 

The POSSUM PSU 3 environmental control and POSSUM 
typewriter systems are approved by the BRITISH DEPART- 
MENT OF HEALTH AND SOCIAL SECURITY, and are issued 
free of charge in the U.K. to people meeting the department's 
criteria. Application for these units should be made through 
the patient’s GP or Consultant to the Regional Medical Officer 
POSSUM is active in the export market, and is interested in" 
hearing from potential agents anywhere in the world. 


POSSUM CONTROLS LIMITED 


11 FAIRACRES INDUSTRIAL ESTATE 
WINDSOR. BERKS. 

Telephone No.: Windsor (075-35) 53555 Telex: 83300 


Providing an adequate level of Health 
Care is a major problem in most 
countries around the world. And, 
when budgets are restricted, the pro- 
vision of advanced equipment and 
services seems difficult to justify. 


Therefore when ways are developed 
that can reduce expenditure whilst 
maintaining patient care. Health Econ- 
omists are certain to be interested. 


i i 


When surgeons use DEXON* sutures 
in their operative procedures very 
significant reductions can be made in 
postoperative expenditure. These pot- 
ential savings have been proven over 
many years. 

More recently a new simplified sutur- 
ing system called the 'S’ Range has 
been introduced which offers further 
opportunities to reduce expenditure. 

Finances so released could be used to 
improve levels of general health care 
or to provide the type of facilities 
described in this Financial Times Sur- 
vey. 

More detailed information is available 
from Davis + Geek. A Division of 
Cyanamid of Great Britain Limited, 
Farcham Road. Gosport, Hampshire 
PO 1 3 0 AS, England. * Trademark 


Financial Times Thursday Januaij 20 19f8 

MEDICAL EQUIPMENT IV 




“ ^ ^ 



^ * 


THE DESIGN, planning and 
equipping of a hospital is one 
of the most complicated opera- 
tions in the making of a public 
building. 

Over recent years the Depart- 
ment of Health and Social 
Security (DHSS) has built up 
a formidable research- and 
advisory staff in which archi- 
tects play a role of paramount 
importance. IL is these, 
members of the staff of the 
DHSS to whom E owe the 
information contained in this 
article, although any opinions 
expressed therein are my own. 


The Department, through the 
Regional Hospital Boards, 
issues, inter alia, precise 
manuals of advice on all aspects 
of design which are passed on 
in the dialogue which must 
ensue once the selected archi- 
tects, or in some cases the 
Department’s own architects, 
have been commissioned. In 
these days of swift advances 
not only in building, hut also 
in medical technology, the 
architectural skills are tightly 
and inevitably stretched within 
their own compass. 


Each year some 13m. people 
go for treatment in our 
hospitals and 'another 750,000 
work in them, so apart from the 
planning and layout of the 
building, many other needs 
have clearly to be considered. 
Of great importance is the 
internal atmosphere in which 
patients must' be given the 
most comfortable surroundings 
possible in order to play a part 
in encouraging a. feeling of 
confidence during their stay. 

Another heed concerns the 
outside world by ensuring that 
the impact of the building on 
its environment should not 
necessarily dominate it but that 
ft should be enhanced by the 
sensitive selection of materials 
and the careful treatment of 
the hospital site by tree and 
flower planting; and laying of 
lawns and carefully designed, 
paved areas. ' ’ 


hospital designers must face 
the facts that far less available 
capital will in future be allo- 
cated to .the development of 
whole, hospitals; emphasis will 
be on the integration of health 
and social service resources 
and the maximum use of exist- 
ing stock. There will, however, 
still- be places where new build- 
ing must be the only answer, 
but" even then such buildings 
win have to be relatively 
modest 


Project 


But it. Is the complicated 
internal arrangement of the 
hospital itself which planning 
skills must provide, and this all 
has to be set against the curtail- 
ment of public expenditure! 
Against such a background 


The DHSS, in order to antici- 
pate the restrictions of the next 
few years has as a research 
body planned. and designed a 
“small -intensive, use? project, 
self-contained in the first phases 
but capable of expansion; this 
is called the “Nucleus Hospital.” 
These designs for the first 
phase' of about 300 beds will be 
devised, to expand to as. many 
as 900 beds, with the utmost 
economy in capital and miming 
costs, limiting provision in the 
first instance to what is needed 
to sustain the essential services. 


One of the principles govern- 
ing -this nucleus is -the achieve* 
ment of space economies by 
multi-use, 'comprising the 
clustering of departments, 
avoidance of the use of fixed 
specific equipment where - pos- 
sible and of provision for excep- 
tional demand. In addition, the 
theoretical designs tater for a 
reasonable range of sites in- 
cluding those on sloping ground, 
planning- for two 'storeys (with 
a maximum of three) making 
most use of natural light and 
ventilation and providing for all 
fire escape requirements. . 

_ Hie work cost for -first phase 
nucleii is limited to £6m..and 
-this must- -assume that a large 
number of adequate services 
would be provided separately 
from the nucleus contract, such 
as laundry, pharmacy manufac- 
turing; sterile packs production, 
laboratory, stores, garage .and 
maintenance, administration, 
works organisation and staff 
training. 

The building shape is deter- 
mined on seven basic principles, 
the most important oE which is 
to keep in mind the need for 
growth both phased and uhfore- 



seen; this means that the plan 
form must be open-ended. -The 
nucleus hospital Is thus based 
upon .* central spine or street 
,wbich can be extended'in either 
direction. Attached to either 
side of the street are intercon- 
nected cruciform departmental 
blocks with the hollow spaces 
between the-arxns forming 1 court- 
yards. "The remaining principles 
move through departmental re- 
lationships. safety measures, 

economic considerations and_on 
to engineering service provi- 
sions towards the end product; 
‘■a building form flexible enough 
to blend into, not dominate, its 
environment; domestic in scale 
and with an overall geometry to 
give visual . consistency . .to a- 
.wide range of functions ” 

Great importance . is attached 
to the treatment of interiors. 
Interior design, it is agreed; can 
have a major influence on 
patients, staff and. visitors. To 
.ensure that everything can be 
done to humanise. the public and 
ward areas a team of interior 
designers work with the whole', 
design group. 

Starting with the main 
entrance, which should have 
much of the character of an 
hotel foyer as it will be .seen 
by everyone at one time or an- 
other. the greatest care is taken 
•in selecting the colour of 
materials used in furniture and 
carpeting for here many people 
will be congregating for varying 
periods. The information desk is 
in the entrance hall, with shops, 
bank, post office, coffee and 
snack bar adjoining. . - 

Comfort and colour combine 
to give confidence and- dear 
directional signs aid easy circu- 
lation for visitors to the wards. 
The same colour and comfort 
principle also applies to the 
“soft” areas of the hospital 
where visitors wait to- see 
patients, to children's- rooms, 
dining rooms and to some of 
the ward and treatment rooms. 
Children's wards will be treated 
with particular care and a cheer- 
ful atmosphere created with 
bright colours and with both 
pattern and .colour . in cubicle 
curtains. 


The •’hard" areas comprise 
all those parts. of the hospital 
which serve a clinical or indus. 
trial purpose and Include treat- 
ment and utility rooms and 
theatre suites. Hero the decora- 
tive treatment will maintain a 
careful balance between a cheer, 
fui and pleasant attoosphere for 
the patient " anti:-. the clinical 
needs' -of treatment. • 

The unifyingelerhent between, 
all departments is termed the 
"harness zdne , *-':or ? harness 
street" as wide as i village 
road, serving to .'connect both, 
horizontally and . vertically all 
the most widely used parts, of 
the hospital. . It aholudes. all 
stairs, lifts and ramps,.pfovid. 
mg a circulation - route Tor 
pedestrians and wheeled traffic, 


Modified 


The 1 spatial requirements for 
the movement and turning of 
-the beds and trains . of supply 
trollies need special attention, 
but the large scale . of these 
areas can be much modified by 
colour, pattern and texture, and 
most important by lighting, the 
whole effect of which must be 
worked our in parallel with th- 
detailed planning. The staff 
dining -room will he placed so 
as to make the bcist use of 
views tu the outside (where 
such are desirable! or into well- 
planted internal courtyards. It 
will thus be realised how impor- 
tant is the rale of the interior 
designer who. if brought in too 
late, will miss much of the 
■opportunity to exploit his skill. 

It can bo appreciated that the 
humanisation of the environ- 
ment. both inside and outside, 
can help in a major way tn 
create confidence in both 
patients and visitors and indeed 
in those who live close to a new 
hospital building. Throughout 
this country numbers of new 
hospitals have been erected 
which combine these humane 
and aesthetic virtues alongside 
the sensitive attention of both 
medieal and nursing staff. 


H. A. N. Brockman 


Courtyard tpith trees and pond at West Suffolk Hospital, Bury St. Edmunds. 


Britain provides the 


new 






THE DEVELOPMENT of field— -is to become established At InterMed -the development ment in the- production, of gases 
medical supplies and equipment and accepted procedure as emphasis lies towards exploiting for use id hospitals and the 
is undertaken on a number of quickly as possible, commercial existing technology — adapting manufacture ■ of . equipment -to 
very different levels. The in- targets are essential. In this To-day’s methods more effect- enable those gases to be admin- 
dustry itself is remarkably respect the British Healthcare ively to the demands of the istered--to- ^he patient, .anaefr 

diverse, with any number of Export Council is an important modern medical world* ” The" thesia and lung Tunctrion eqmp- 

small independent companies guide and mentor. The BHEC company's spending on research ment together. With, hospital 
rubbing shoulders on competi- is not involved in fostering new and development amounts- to- pipeline . gysfe^x rsfiti account 
tive terms with the medical technology in the direct sense, something like -5 -per .cent; .of for- .-the ineibr . part ■ of ■ Medi- 
di vis ions of same very But as a platform for display sales in laboratory and rehabili- shieilFs -business. But its expan- 
prominent publicly owned cor- and introduction it provides ah tation fields, with a slightly sion-. into ^electronic tech nology 
porations. At the same time invaluable service. lesser amount (some ? per cent- h as been rabid. It . is also 

vast quantities of important year ^ gHEC staged 14 of sal ®s) . going towards the flevetoping an^extending inter- 

research work is earned out in exhibitions 0 f British medical development of new hospital ests •' in orthopaedics and 
hospitals and universities. expertise in a series of trade equipment. Here research is therapy. ... . - 

At the top of this somewhat displays that ranged from Tokyo ^ eui g undertaken into elec- --- ‘ - 

untidy structure sits the Depart- to California. The DheCTs ^ ronic controls and safety J_j2iUll CBCS 
ment of Health and Social exhibition in Dubai attracted dCT ? c ^ s - A portable system for 

Security whose scientific and the largest number of individual artifi cial breathing which can be The backroom boys at Pye 
technical department acts as company displays; oil revenues usea “ ambulances as well as of Cambridge have been equally 
something of an unofficial have turned the Middle East hospital intensive care units re- busy. The launches last year of 
liaison group. On a budget of into a major battleground for ““tly earned for Interfiled' a a number of new medical pro- 
around JE2m. a year, the DHSS Britain’s medical salesmen. Design Council award. .ducts included a fully portable 

is able to promote new medical __ The main medical concern of i?**!* 17 °P erat f* syringe driver 

developments — mostly by acting 1*31 111 PS the central research laboratory . 9“ be_used for continuous 

as a customer and putting up of EMI lies with .extending and dre gs while the 

the money (in other words buy- The frailties of the human developing the uses of the com- P a P eDt hves a normal life, 
ing) pilot schemes. This is one body recognise no frontiers, and panys successful body scanner. .Zi dynamics— *he pye sub- 
instance where State money is export markets are probably Forms of cardiac scanning are Sjt j 4ar y involved in these medi- 
spent with great care; the DHSS more important to the manufac- under development for example. 031 ' ? e ve — h . as a . lso 

stresses that financial arrange- turers of medical equipment One of the many problems yet recent] y produc ed a n induction- 
ments are never entered into than are borne markets. The to be entirely.solved in this field monitoring system that for 
until the commercial future of major manufacturers in the UJK. is a means of speeding scan if 5 * t ^ e com '^ nes in one 

any research project is clearly are companies like GEC, times to a point where they are p0 “P 11 a foetal monitor 

defined. . Vickers, British Oxygen, F.vrr quick enough to monitor heart . intJuc tign pump, thus heip- 

* goal of new and Thomas Tilling whose pulses. - Technology com pie- gj* *° elmnuate some of the 

ter what the mvdical supplies division (Inter- mentary to the scanner comes in ^ l ^ ert0 nec *f- 

Med) accounted for just over the form of ultrasonic systems. “Jr* J:. 1 rery - wa ? s 

5 per cent of total group profits By sending sound waves through WJ J® neve ^ induction was used, 

before interest and tax in 1976. the body — to be picked up as Wew fonn s of cryosurgical 

Since its parent company has ecSioes — ultrasonic systems eli- equipment are about to be un- 

been remarkably acquisitive in urinate the. X-ray element in- ° y SP^mbly. a company . 

recent years, InterMed might be volved with scanner equipment ™ at 15 o f the British ind ,1 
something- of a special case. But Something like £I2m. a year i,. “7!!!!! 

the company does display all is spent by EMI on medical Lrgery in^ynae^gy h£ 



a world of service to hospitals 


instruments, portable sterilizers, tioposi Wes andxuruiries requirements— in 


> be .widest possible- ran^c of surgn\al supplies. That iray, almost all of a 

hwpi^’s-ncwfa are avai table ftoan ppc^ourcc^aadifwehaven’ t got 

It wc will find it fir youu .'JbatVw^ Surgical mean by 

dr-nrarijHl^wi.n-M-v-c - - 1 ‘ - T- 


dependable services. 

Please address exportenqmries to Mr. Geoffrey Dean 


, limited ■ 


FINE SURP.K3 A ^INSTRUMENTS 
& DEPENDABLE services 


. ‘SeSaaiZajw^IhgmiiBn, Essex, England, and in Mandtrslrr, 
Birmingham, £^rpoolaadGIajgpu>. Telephnne: or- 59 3 7SJJ . Telex: s 4383. 
: r ■dgentfinonrNjcaunlrieT. 


Since the ultimate 
technology — no matter 


Britain's leading name in high-quality sterile air equipment and facilities. Units in 
use throughout the world at hospitals, research institutes and in the electronics 
and aerospace industries. 

• Horizontal, vertical and recirculating laminar flow cabinets & workstations 

• Radiopharmaceutical cabinets 
0 Mobile laminar flow enclosures 

• Transportable sterile laboratories 
<1 Prefabricated modular clean rooms 

0 Temperature/humidity controlled sterile suites with furniture, Actings' & clean 
room clothing 

• Envair's contract service scheme is available to all laminar flow equipment users 


All units are designed to comply with BS3Z95 and US Federal Standwd 2098 and are fully 
tested and certificated. 


iENVAIR (UK) LIMITED 


For further details contact 
EPJVAIR (UKX.IMITED 
. ork Avenue Broadway Industrial Estate 


Hssl^adai* Lancashire BB44HX 
Telephone: 070 62 28416 Telex:63 107 BUSMC G 


Showroom at British Hospital Equipment Display Centre, 22 Newmai Street, London, WT. 


Specialists in ithe design and 

. 7>. . manufacture of Ultra -viohn 

diagnostic, therapeutic and. monitoring equipment 

Suppfiersof: : U^^erfciai^amps, Kromayer 
U.V !.amps, Kroma'yeTU'.V. Applicators. Alpine 
U A- . Suniamps^U, v.; Fduorescence Lamps, So i lux 
-.-• . Lamps, U.V. Water 

::>l cvt '• Sterilisers.. L 


Half a Century in 
Metfcafiamps 


the signs of diversity shown by research of one kind or another. >, A * ' _fTV- v j. 

the el equipment industrj Medishield. which is pert of the T 

at large — in short a basic British .Oaygsn organisation. JSJuq -is atout to estend tte 

operating structure that, com- has rtepped up its development of pnSdurt thmSh a'S rtdt 
bines intense specialisation spending m -recent years from * f "1 

with low-volume output ^ouud 3 per«nt o£ sales to S£ r f u, i^UhSSta and 

small equals relevant; Inter- about 5 per cent. cryogenics 

Med’s operations break down The bulk of Medisfaidd’s pro- ^ . -» !nir _, 

into 13 major activities spread duction is concerned with medi- research q-JAbto 
among four separate divisions; cal gases and in this reject its JSiStotoSSjSS 
no one single operation employs newer developments lean to- ^ ch d ot h 
more than 300 people and most wards anaesthetics. The cbm- £d 

of them far less. pany has recently introduced *" 

Couple this Immunity from JlS^ therapy. The new technolog^ 


♦w- nf adds -a new dimension of sophis- wwvmwosy 

the pressures of economy of ^ consists of a long needle probe 

scale with the sort of high re- which allows a high degiWTf 

turns on capital employed seen t**™ monitoring respired V s LT 


i capital employed seen accuracy in isolating nerve fibr es 

in some quarters of the industry £2" which it then freezes by encap- 

— at InterMed these are far paiv also has idtrasomc projects sulaHna in a baI1 af > 

higher than the average for the 011 stocks. It h^es to launch evstem hao 

Tilline vroun as a whole— and commercially a system for use The system, has genera- 

it is easy to see why the myriad w* 111 lower Umbs^-work on ted excitement m the medical 

of smati^ independent ctmSSes J* icfa »“■ beeQ S - fr £ n ° R ’ 

in the industry n'ot'only survive through the use of the DHSS destructive. The freezing at a 

as coZeSl eSSti^S P« «P a ** 

achieve recognition for pushing P dot machine- K J ^, 1 ***** a relatively 

forward the frontiers of medical Because, of the parent com- 
technology, pany's long-standing involve- 



short interval 

Jeffrey Brown! 


”^yUmel B d« trfalEMate 

Ipswich SP7 6BO . : . - > 

SSnSK””* , 

PIPED MEDICAL GASE^vtk.^ 0 MAMTm 
PRESSED AIR SYSTEM^ t~ UUM AND 
HTM 22 STANDARDS 5 T ° THE O-HSS:- 


















IN BRITAIN the constraints to 
free trade in medical equip- 
ment imposed by a lack of uni- 
, form standards may be more 
imagined than real. This is dcs- 
pile a proliferation of different 
models in some technical areas, 

• all designed to carry out sub- 
stantially the same job and all 
claiming to suggest the 
optimum solution to hospital 
and patient requirements. 

In international trade, how- 
ever, the lack of universal stan- 
dards and varying national legal 
requirements often presents a 
real impediment to world trade. 
National requirements may be 
, met by near duplication r*I other 
countries' equipment, white 
. some countries simply refuse to 
accept supplies of foreign 
medical equipment. 

Often the only exceptions are 
1 in areas where one country has 

- an undisputed technical lead 
.'■* over other nations. A case in 

point is the EMI brain scanner, 
exported to many countries 
' where its usefulness could not 
b£ matched by other equipment. 

The absence of absolute, 

• dear-cut standards covering 
every aspect of a design even 
m national markets, has given 
designers scope to meet a spe- 
cification with a degree of 
flexibility. Thus m Britain 
there are 20 different makes of 
electro-cardiograms, supplied by 
15 U.K. manufacturers. All 
meet standards laid down by 

- the health authorities and many 
will provide ibe medical staff 
with advantages nr different 
characteristics to suit “ per- 
sonal" needs. 

In international markets, 

however, these variations may- 
make it even more difficult to 
get equipment accepted. 

Manufacturers of medical 
equipment, rather like manufac- 
< Hirers of mining equipment, 

* ‘-often have as their major cus- 
{ ! ;tomers, pubiitf* corporations, 

{ which are often tempted fo 

write their own specifications 
and standards, as a result nf 
their powerful, monopolistic 
position, v 


Tliis may well have the 
effect of distorting the market 
piaee at home, let alone abroad, 
as wan pointed out by Sir 
Frederick Warner in his recent 
report on standards and specifi- 
cations in the engineering in- 
dustries. published by the 
National Economic Develop- 
ment Office last year. 

But even specifications writ- 
ten out by major public corpora- 
tions may not be open to simple 
classification, so variable are 
the terms used to define " stan- 
dards." 

A majority of standards in 
the medical equipment field are 
voluntary, a description which 
reveals much about the atti- 
tudes of national governments, 
including that in Britain. 


Consent 


Other standards can be 
mandatory, or contractual. But 
voluntary standards incorporate 
technical descriptions of one or 
more aspects of a product 
■offered to producers and con- 
sumers for the protection of 
both parties. Adoption of such 
standards is usually by common 
consent or by implication in a 
purchasing contract for the 
equipment in question.- ' , 

Mandatory standards, incor- 
porated in legislation, are not 
often favoured in British 
medical practice. There is the 
difficulty of changing laws and 
regulations, as technical develop- 
ments progress and ouidate a 
“ fixed " standard. Mandatory- 
standards thus may act as a 
brake on progress and increas- 
ing reliance is placed on the 
principle of “ reference to 
standards.*' in which legisla- 
tion is written in general terms 
winch remain fixed while the 
detailed methods of meeting 
these requirements may be 
embodied in standards which 
progress according tv normal 
practice. 

As well as different types of 
standards, there are different 
interpretations placed on tee 
wool itself. Thus it can vary 


from a simple general statement 
about some feature of equip- 
ment such as maximum tem- 
perature or maximum radiation 
emission, to detailed product 
specification. Most standards 
would fall between the two 
types, but dn nearly all cases 
specialist knowledge is required 
to interpret a standard. 

Similarly the sources of 
standards are various, from the 
International Standards Organi- 
sation and the International 
Electrotechnical Commission 
covering electrical equipment, 
through to national standardisa- 
tion bodies such as the British 
Standards Institution and pro- 
fessional and independent 
organisations. 

It is this proliferation of 
standards and varying national 
approaches which hits inter- 
national trade in medical equip- 
ment. Quite simply, the manu- 
facturer who cannot afford to 
make different versions of his 
product or does not wish to sub- 
mit his ideas to type-approval 
and certification procedures 
may find himself cffectivcly 
barred from certain markets. 

Vet the manufacturer who 
can afford to take these expen- 
sive steps towards international 
marketing, must reflect in the 
price of his products at home 
and abroad the cost of research- 
ing and meeting demands of 
the markets he wishes to enter. 

These real problems proride 
food for thought in the 
Brussels headquarters of the 
European Economic Commis- 
sion. The EEC now has a major 
programme underway aimed at 
eliminating technical barriers to 
trade. This is conducted under 
Article 100 of the Treaty of 
Rmne. 

On a larger scale, the General 
Agreement of Tariffs and Trade 
is working towards mutual 
recognition of standards .and 
certification schemes. 

Positive steps here may yield 
results. The hupe is that 
governments may be able in 
replace local standards by 
international standards. 


In the International Elcrtro- 
lecbnical Gimmiltee for 
example, Ihere arc now 22 
groups working on medical 
electrical equipment under the 
auspices of Technical Committee 
No. 62. 

For non-electricai equipment 
the International Standards 
Organisation is working towards 
producing medical equipment 
standards in Technical Com- 
mittees Nos. 75. 76, S4. 121. 150 
and 157. 

Within IEC-TC 62 at least 10 
standards are at the -stage 
where the final voting for tbeir 
acceptability is now taking 
place. Publication or these 
standards could be expected 
within two years. Some 
authorities in Britain's Depart- 
ment of Health and Social 
Security suggest that the impor- 
tant standards for medical 
electrical equipment will have 
been published by 19S5. 

Europe appears to be well 
ahead of the rest of the world, 
even accepting the work nf the 
international committees, in 
moving towards a general com- 
mitment to standards. The EEC 
has two directives concerned 
with trade in medical electrical 
quipment. These arc- at an 
advanced stage, and are await- 
ing only the publication of 
appropriate IEC standards for 
their formal adoption. 

Acceptable 

The firs* directs that member 
Slates may not prevent the sale, 
free movement, and use of a 
list of equipment if it complies 
with the forthcoming IEC stan- 
dard “general requirements for 
safety of electrical equipment 
used in medical practice." A 
manufacturer's declaration is 
accepts hie as evidence of com- 
pliance with this standard. The 
directive . covers equipment 
wh:ch does not pose a specific 
safety problem 

The second directive in draft 
firm imposes the same require- 
ments .in member state-* fur X- 
ray can: patent emitting radia- 


tion in the energy range 10 kV 
to 400 kV if they comply with 
IEC publication No. 4(17 and 
the IEC general safely docu- 
ment. Again, a manufacturer’s 
declaration is evidence that a 
maker has complied. 

These basic provisions should 
remain unchanged, even though 
the publication No. 407 is 
being revised. 

Developments in the U.S. may 
pose a threat to world wide 
acceptance of standards, where 
different standards are now in 
force. In Britain, health auth- 
orities regard this as a real 
threat to the further develop- 
ment of world trade in medical 
equipment. 

Lynton McLain 


Above: Vichers (Medical) containment bed lor patients suffering from 
contagious diseases. Medical and nursing procedures are carried on from 
outside. Beloiv: The company's Aircraft * Transit Isolator . for patients with 
highly infectious diseases u ho require long-distance transport by air. 


7 The award of the biggest-ever 
contract of its kind to Allied 
Medical and its associated 
company Umedco made headlines 
in the business Press. 

Understandably so. 

£250.000.000 to staff, equip and 
operate two hospitals in Saudi Arabia 
was good news for British medicine 
and the medical equipment industry'. 

Butthere is more to a medical 
services contract than to any ordinary 
commercial transaction. 

Besides being expected to supply 
and maintain todays mostsophis- 
ticated medical machinery, it means 
being entrusted with a factor infinitely 
more complex and valuable: human 
life. 

Perhaps never since the inception of 
Britain's National Health Service has 
there been such a bo!d,concerted and 
urgentdrive for public health systems 
its thatunder way in the Middle East 
Only the very best in medical and 
managerial skills is acceptable. 




There is intense international 
interest and competition for 
a role in these vast projects . 

Allied Medical and Umedco 
are in a unique position to meet 
the demand. 

They have the advantage of 
almost 30 yea r>' e x pe ri e nee of the 
world's best-known National Health 
Service - Britain's - and this experience 
is now at the disposal ofother 
countries. 

They have a special relationship 
with manufacturers of everything 
from basic hospital requisites to the 
most technologically advanced 
equipment- and have developed 
precise monitoring systems to keep 
supply lines flowing. 

They have also proved their 
capacity to listen, understand and 
cope with the particular problems and 
aspirations of a people thousands of 
miles and another culture away. 

In business,thafs important 

in medicine,it s vital. 


Ad/M 


Allied Medical Gmq> 

Portland House, SLig Place, London SW1L 5BH- 

lcl: 01-82$ 1266. Tcic,\:91509S Allied G. 






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IS Gres', if. or Gardens. London S W] W ODZ. 
TsL 01-730 451!. Telex: $8144*0 L'medcu G. 


Financial Times Thursday .Januan* 26 1978 


MEDICAL EQUIPMENT V 


Standardisation proves 
an elusive goal 











Davoi care for life. 


E v cuing Tor :hc continually evolving 
rwi ol th-! mcdicJ proioi^ior. 

Ar i ihjt means »we jrc helping 10 
cnyjrc the tcit L-VJLmcnL fin the 
pnunt. Fo' o-cr 100 years we have 
been combining cpcncncc with the 
blest rrcdical and rnatenab technology. 
Careuil'y dtiijnuig products that are 
inirinticaJU u!-;-. dependable and of the 
hi^hi-.i quality Pre-ducts that alto 
Increase tiovpn.il oilioencv and reduce 
operating cj'.is. 

Wt pr-:du:c a comprehensive 
range ol im-l -ui. , quality disposables, 
av *iHl as j * i-le - jricty of general 


hospital care item}- Here are [tut a few 
from our 3 00 -strong product range; 
surgical suction instruments and tubing, 
irrigating syringes, Un-Meter urine 
measuring units, speciality oesophago- 
gastnc tubes, -xtomy does and appfiances, 
Maricx mesh. Carolonanthcmbofam 
stockings, ca ihoicrs and prep razors. 

For the complete picture, please 
send for our detailed catalogue. 

Dependable quality health 
care products. 


Davoi International Limited, Valley Bridge Road. Chcton-cm-Sea, Essex CO!5 4AF 
Telephone: 0255-28231 Telex; 98576 


Weve solved the problem 

You probably know ail about the problems of obtaining 
medical and surgical supplies. You may be able to find some 
items at local sources but knowing where to turn for specialist 
equipment is not always easy. 

John Bell & Croyden have solved the problem. Wherever in 
the world you are. we can supply you with a sophisticated 
range of diagnostic and surgical equipment. And because we 
hold extensive stocks of most products, we can ensure rapid 
delivery, whatever the size of your order. 

Our reputation as one of Britain's largest outlets for medical 
and surgical requirements plus health and invalid aids has 
been growing ever since our formation in 1908. But you do not 
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service at your fingertips. Please write to us or telephone for 
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Invalid furniture ■ Orthopaedic beds * Commodes • Dressings • Surgical 
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Surgical instruments ■ Professional dies&ings • Diagnostic equipment 
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Manufacturers of X-Ray Protection 



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Financial Tunes Thursday January 26 1978 



MEDICAL EQUIPMENT VI 


Singled out for NEB backing 


EXPORT POTENTIAL In the 
field, of medical equipment and 
supplies has been highlighted 
in recent months by the 
National Enterprise Board's 
singling out of this activity as 
suitable for encouragement with 
its investment backing. 

Indeed, the State-owned NEB 
has lately placed itself at the 
head of a City consortium which 
has made an £8.1m. take-over 
offer for Allied Investments, the 
nursing homes and hospital 
supplies group which already 
has some big Middle East con- 
tracts. 

The NEB will have a 70 per 
cent, majority stake in the bid- 
ding company, the newly-created 
United Medical Enterprises, and 
so will in future — assuming the 
deal goes through — be in con- 
trol of the. Allied Investments 
business, including its major 
new £2 50m. contract to equip 
and supply two new hospitals in 
Riyadh for the Saudi Arabian 
Defence Ministry. Allied will be 
the vehicle for the NEB-spon- 
sored export drive in this whole 
field. - 

In some quarters surprise has 
been expressed at this move by 
the NEB. in view of Allied In- 
vestment's known shortage of 
capital, its recent difficulty in 
obtaining payments on a Middle 
East contract and the fact that 
its latest accounts were qualified 
by the auditors. Not for the first 
time, the question is beard as to 


why the NEB has backed one 
company in an industry rather 
than others. 

If the State wants to put fur- 
ther impetus behind the medical 
export business, then why. it is 
asked, does it take over an 
existing company which has had 
to grapple with certain prob- 
lems? Why does it not proceed 
in some other way— and perhaps 
even set up its own operation 
from scratch, drawing on the 
State's own long-established 
National Health Service? 


Difficulty 


In brief, the reason why the 
NEB and its City partners in 
this venture, Commercial Union 
Assurance, Orion Bank and 
London Trust, which are sub- 
stantial shareholders in Allied, 
are seeking to take the company 
under its wing is partly because 
Allied has made a speciality of 
developing packaged hospitals 
market, particularly in the 
Middle East and partly because 
its directors welcomed the link. 
The medical exports industry 
generally had been made aware 
of the NEB’s interest in giving 
equity support in order to pro- 
mote medical exports.' 

The eventual' takeover bid, 
some months after a first 
limited Iiok was forged with 
the NEB, was probably related 
to Allied’s existing circum- 
stances and to its need for more 


capital, particularly if its export 
drive was to be intensified. 

- As to the alternative idea of 
a State-created venture to pro- 
mote medical exports through 
some body which might- be set 
up with the help of the National 
Health Service, the NEB is be- 
lieved to feel that such a pro- 
ject would have taken some 
three years dr so to bring to, 
fruition. 

Considerable interest ob- 
viously attaches to why the 
NEB has felt such an interest 
in the export of medical sup- 
plies and skills and why it has 
proceeded just as it has. Cer- 
tainly there seems no doubt 
that there is substantial scope 
for increased medical exports — 
of equipment, continuing sup- 
plies ' and expertise— particu- 
larly for the establishment of 
new hospitals in developing 
regions, notably .the oil-rich 
Middle East. 

U.S. companies, such as Hos- 
pital Corporation of America 
and Whittaker Corporation, 
have been active in this, direc- 
tion. but British medical exper- 
tise has long had a particular 
appeal in Iran and the Arab 
countries, whose use of London 
hospitals and nursing homes in 
recent years has become legend- 
ary- The further scope for 
Britain should thus be consider- 
able. . 

There can be little doubt that 
the contracts already gained in 


the Kiddle East by ‘ Allied, tion to express its Interest cent hoidin,, a^d^e thw} bg 

whose chairman is the former Members were made aware that institutional shareholder? m 

British Rail chief Sir Richard the Boards backing might be Allied, with 30 Percent, be- 

Marsh and whose managing available, through means mvolv- tween : Uiem 'W --Staking *? 

director is Dr. Michael Sinclair, ing equity, investments, to help ?«reed 55p A J jhare : bid in cash 
have increased the attraction of a company in this field to im- ^ A| b ed- 
the company to the NEB. The prove its overall performance 

recent clinching of the big and export potential. “ despatcnea . m - near 

Saudi Arabian deal, which had Negotiations took plare with tuwe. . 
been under negotiation for Allied and in Iteh 1977 the An 

some time, probably, in its turn, NEB bought, for £*50,000. a P « it m-it - medical 

received nothing bit help from 55 per cent stake in United should aeU off itt M- «Pgg 
the public statement that a Medical Company International ^messes, ^hlch ingude nur^ 
British State-owned organisa- (UmedcoL a new subsidiary of ujB 1 ““ 525ft 
tion, in the shape of the NEB, .Allied, which it was intended 

was planning, with other big should aim at package deal eon- would be odd if a Bririsft State 
shareholders, to put its weight tracts for equipment of new concern Jhe medicaMn 
behind AlHed through a bid for overseas hospitals. The NEB contToUir^ pmale medicar in 

agreed to make available a fur- terests in Britain. . 
ther £ljm. for the development The scale and precise direc- 
of - Umedco and stood ready to tions of the NEB’s hope»— and 
take up preference shares those of its institutional part- 
------- - - against the injection of more ners j n the new United Medical 

export, trade developed a year ^ Enterprises— for taking Britain 

or more ago when the view Later in the year, it became further into the stiffly eom- 
formed that it would ^ useful ^awa that Allied was in need petitive world medical supplies 
fo. the Board to devote some. of more ea pital, was experienc- business will doubtless emerge 

i fipi 0 h ^Th ^ in collecting sums more f u Uy as time goes on. 

effort in this field. The NEB _ [0 £lm at one time^-which 

sees plentiful advantage in j t regarded as due on a Middle A L aQ J 
British companies gaining con- East contr act. and that it bad AIHMU 
suitancy contracts for the equip- a £500,000 loan facility Evidence that medical equip- 

SSTSStt tSSET"* *“ merit his proven . mvAnS 


it 

The NEB’s thinking on medi- 
cal exports as a fruitful area 
to support in the interests of 

fd i 

or more ago, when the view 
formed that it would be useful 



• largest shareholders, among.. Tilling owns medical 

A year or so ago. the NEB wh ich Commercial Union, Union supp | iefi businesses at home and 
was in touch on the subject with 411(1 OrionRank each have a a u road including International 
the British Health Care Exports holding of 15.32 per cent, while Medica j supplies and Services, 



the British Health Care Exports holding of 15.32 per cenL, wnne Medical supplies and Services. 
Council, the industry’s associa- London Trust has 14-5 per cent >n<J the turnover of its medical 

- wMd X SSS5 , J up 1 and «g»* 

was managing hospitals in Abu m 1913 t(V in 

Dhabi and Sharjah in the Middle 19 ‘°- 

East, was negotiating for the JJJ its activity Ren >ra ^ 
larger contract in Saudi Arabia. TilUng s chairman. Sir Robe^ 
This was eventually concluded Ta.vlor. noted in his annual 
at the New Year; it provides for statement that. the inte ^ 
Allied to set up two new niili- national increase in private ana 
tary hospitals. Allied is expec- State medical facilities provides 
ted to receive some £40m. in opportunities for this (the 
management fees over a few medical supplies) sector, where 
years. The rest of the £2 50m. sales and profits advanced enn- 
value put on the contract repre- siderably.” 
sents equipment and supplies In the orthopaedic field, the 
which will be required; of this J. E. Hanger company had 
perhaps £100m.-£150ra. could lie raised its exports by 30 per 
speut in Britain: * cent, in 1S76. while Dent and 

Once the Saudi order had been Hellyer. specialisms in hospital 
won. the bid talks speeded up. sanitary equipment continued 
On January 9 it was announced to concentrate on growth oppor- 
that* a new company. United tunities in overseas markets. 
MedicaL- Enterprises, in which Da»1 

the NEB would, have a 70 per . Margaret K€lfl 


BOV. 


The EMl-Scavtier operates on a revolutionary X-ray principle known as “ computerised axial tomography ” 
(C-lTy which takes pictures of the innermost parts of the body more revealing than any- known before ... 
This scan clearly shows the backbone and rib cage, the heart and the aorta (main artery). 





Which? approach 


such work reasonable priority. 

But it has great hopes of a 
new scheme it launched only 
iast year, for producing expert 


no more than about one month. 
The experiment began, in terms 
of the department’s first ap- 
pointments of staff to the 
centres, just a year ago. But 
already the DHSS is looking for 
further centres, for example to 
evaluate anaesthetic equipment 
First reports from its centres, 
on individual models, are ex- 


WHATEVER THE outcome of the problem into perspective, in finding those willing to give new model as it appears, taking 
tbe Salmon Report, comxnis- According to DHSS statistics, 

sioned by the Secretary for there is a total or 49 models 

Health last summer and of cardioscopes on offer in 

expected to be ready this Britain from 19 different stip- 

sprin-\ the task of any central pliers, to fulfil an annual NHS and timely Which?-style evalu- 
purchasing organisation for the market for 1,500 of these instm- ations, to aug m ent the surveys 
National Health Service must ments. Again there are 37 dif- it already has in hand. The 

depend crucially on a product ferent instruments for surgical heart Of tbe new experiment 

evaluation svstem accepted bv diathermy on offer from 13 sup- , is to select centres of special 

all parties as expert and fair. Pliers in the U.K.. io meet an expertise in one specific appara- 

The problem is not a new one annual NHS market for 250 tus, to provide staff and special pected this month, and will be 

for the Department of Health, instruments. And again, there test equipment, and to set it up submitted 

which has been evaluating some are 26 differeot models of as a permanent centre for the 
types of product for many years, defibrillator on offer from 16 evaluation of all new models of 
But it is a large and complex suppliers, to meet an annual that apparatus, 
problem, and one that is worsen- NHS market for only 700. _ - __ j 

ing with the growing diversity How is anyone — even ah DCWlluCrCO 
of equipment available, as well expert in the use of one of these Ag # start it ch0se four typ^ 

i ns tru merits— to make . a sound 0 f instrument in general clink 
choice of the best way to invest cal . USCi on which ^ NHS 


as the growing numbers of simi 
lar products— of foreign as well 
as . British manufacture— on 
offer to the hospital authorities. 

A few figures will help to put 


public monies, in instruments 
that are now well tried and 
proven in clinical practice, but 


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An international medical consultancy company offering the following range 
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Consultancy, training and feasibility studies. 

For further information please contact: 

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spends about £3.6m. a year in 
total, and where the doctors and 
surgeons can justly be said to 


for which prices may differ by . be « bew ildered by choice.” 
a factor of five? Neither the The four are electrocardiogram 


(ECG) recorders, cardioscopes, 
defibrillators and surgical 


to the makers or 
agents for comments. From time 
to time the department plans 
to publish summaries of groups 
of equipments in its own journal 
Health Equipment Information 
—the first, it is hoped, early 
this year. 

Evaluation per se Is accepted 
as a necessary and indeed valu- 
able service that the DHSS can 
provide, of value not only to 
the NHS but to companies with 
export aspirations. Where the 
health-care industry appears to 
be more apprehensive is over 
DHSS proposals for “limited 
lists” in which the NHS would 
attempt to restrict the 
range of models its hospitals 


DHSS nor the suppliers are 
happy with present arrange- ^ 
ments for official evaluation of dtathennfapparatus. 
med 1C al products. Although In each case the DHSS has 

!SS? bCen pinpointed a centre— such as UW|UUSia 

ned out— 34 have been reported R e aj 0na j Engineer’s Depart- could purchase to a specific 
since I9» 5— the DHSS is ment at Oxford for ECG (small) number. The evaluations 
often criticised for taking too recorders, and the Area Medical would be used to compile these 
. re P° r ^ s Aie 0U J‘ Physics Department. at Cardiff limited lists of best buys, 
of-date by the time they reach j or diathermy— and chosen the But what, asks the industry, 
prospective purchasers. standards against which the pro- 

For its part, the DHSS admits ducts are to be evaluated. It has 
that it has found such surveys set out deliberately to adopt 
<pf items of apparatus extremely standards it believes will be 
difficult to carry out. It must accepted internationally. Groups 
first determine by what stan- of hospitals or, in the case of 

diathermy, a group. of surgeons, 
have agreed to participate in 
user trials in each case. 

The DHSS expects its new 
centres to take two or three 
methods of testing. It has .had years to evaluate the full range 
difficulty in finding places will- of each apparatus. But once this purchasing policy, 
ing to carry out the exacting has been done, it hopes they _ _ . 

task; and still greater trouble will be able to evaluate each JJ.I 1 . 


dards it will evaluate .the 
apparatus, itself a troublesome 
and time-consuming task, ‘be- 
cause it often involves develop- 
ing bolh the standards and the 


if there is little to choose be- 
tween many models? Are some 
to be discriminated against in 
compiling the lists, for example 
because they are imported, or 
because the government does 
not approve of the pay policy or 
the manufacturer? This is the 
kind of problem the Secretary 
for Health is expecting the 
Salmon report to resolve in its 
recommendations on central 


& 
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THE NA/fiE FOR F»N£ MEDICAL PRODUCTS 



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a L>iadenhd)l Sleiiing company 






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umitesa 

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^•Telephone wWs^J lnllSlw « Luihkw IZC:V5DN. 

J^^^NIi.!l,, fc |RiTifcG ron p,‘ 


i i 

Si Ti 


i :%-! 

k..^ v 






* .‘i 




39 





U fj &* 

^ A 


Financial Times Thursday January 26 1978 


AUTHORISED UNIT TRUSTS 


OFFSHORE AND OVERSEAS FUNDS 


Ab*y VbK Tst. Mgn. Ltd. (I) ID Rritusla Trort-Coot tamed 

Tl^O.GriehawRd .Agtasbuiy. 02865941 Woltealomnl VT791 «3‘ 

JM.1 M.S-OS 387 PrwrtjrSharw ...MB 1! 

Abbtt'jiKBBMt—j-teB 40ja-0jj S.44 ShieW-.^_, 451. « 

AWmrtav.TM.Fa..lS5 34 ti +0l| 028 Stains Chan f>e 292 J1 

AbbeydS-Ta [44.6 47.4*4 -Q.4{ 172 UalvBnwKy 30 8 33 J 


, ,, tax. Gartn *we Fund Managers V UKtf) 

7. zJ7 aSt.MarFAxe.EC3.46RI>. 01 3833 


Allied Hftmbre Group fa) <g) 
Hasbru lire. Jlunna. Brentwood. Essex. 
01-588 2851 or Bnotwood 102771 311438 
BalaOCrd Fonda 

AlUld 1st . .. -MSO 69 41 -0 « 5 

Brit. IaO. FuiuL W0' 414-0.7 5. 

tilth ft Inc 365 39 7c -0J 5 

Heel. ft Imf lfcy» MX 34 Q -0 i 5 
.Allied Capital ... 69 8 74.6 -OJI 4 

ftitobrnhund .. 293 A 110.6 -09 5 

Hunbiu Acc. Fd. _ fU42 IMlJ-l.zl 4. 
loroflw fundi 


The British life Office Ltd.* tai 


-0Jt( 3.94 WAinerican TVi .. 
-02) ASB BntnhTs.iAee.1. 
-DJI 2 88 Commodity Share. 

tu Far East. Trust 
r M 121 High Income TO. 

v <J> 1 i.c >sm p Fu ml. 


RrlianceHee. Tunbridge Well*. Kt 0BC22S7I In*. Arenne* 

BI. Brlijth Lite,., . 148.4 513-051 146 Inti Exempt Fd 

5.22 UjInLLTsuAccj 


Bi. Briu Kh Life 148.4 51 

BL Balanced* 458 . n 

HL Dividend* „_ u 441 47. 

'Pncvn Jan. 25: Next dealing 


24^ -03 

g “* *0.1 

-OS 

— 0.1 

- 0.1 

+ 0.1 

- 0 . 0 ft 

- 0.2 

.. 


1 WHffl Perpetual Unit Trust hfngmt.c (a) Artmthaot Securities (C.I.) limited First Viking Commodity Trusts 
01-2833531 48 Hart Si- Hntlcj’oa Thame* 049I2OKS R.O. Bo* 2W. St Heller. Jersey. 0534 72m & SC CeorseV; St, Doustei-loJi. 


’King & Shaxson Mgrs. 


Sehlealnger Inlemaitoual Mngt, 


>0.7 553 . 

iH Broun Shipley ft Co. Ltd.? 


High Yield Fd [675 72 41 -Oil 773 Financial" Ss.l W3\ -0.1 4J1 •— rr' 

Hteh Income..- feO - 66.3 -D.J 6.79 OnenC. I ZZlfiSo 19.1-02 421 £5 £??■* ™ nm 

A H-Eq.lne PT6 4C2b( -oil usa *!ir™nb actual M2 46J -0.7 saz IRn: — R5; 

IXemKlam made Growth Inttme 65.6 WJ -05 5 02 D^Amna rnllj.JMl 

2J.M +0J| ‘243 “$22 S-S iS’i 3-P? _ N**C dealing 

Sge*.<tf Atnrnc8.. M ^4 _47^ +DJ| 3ib £52 *35 -InS iS Grieveson Manage 

FaciflcFlmd &X - 3Z9j —1 3.83 wS 3u 360 WGrrehnmSLECT^ 

Performance —p4-6 UL3 -05 4 00 Bar'ctn.Jan.25 

35.6af-il.il 4.91 Recovery — — _..{223 2L7 5.61 1 Arcum. Unfta)_ 

. 443 5JO Exmpt.Jan.10 B9Z . 6L7| —.. 5 61 Blgn.HYJaa.18 

935 -0.6 481 lAccum. Unite). 

-01 5A8 Canada Life Unit Tst. Sfagrs. Ltd-V 

n« TSj 5S Z^Higb SU Totten Bw, Herti Bar 51 122 ctSr^a) 

CM. Gen Dll*. — D6.4 3BM -031 419 lAceuin. UniUi 

Anderson Unit Tntrt Hnugas Ltd. ^^^-£9 ^1^1 VS 

158 Fen church SLEC3M&VA' ■ 8299231 Do. Inc. Accum— -K45 :4W0-O.4| 7.47 • 

AmtesonU.T. |«J7 . 4M| «7 . • Guardian Koyal Ej 

. , CapeJ (James) Mngt. BiLf RoraiEvdianae.ECSPa 

Aashaeber Unit Mgnat- Co. Ltd. 100 o« Broad sl,bc 2 nibq oi wbbcho i«iGnanllilllT8L-|8bd 

1 Nobles. H3V7JA. 01JB38378. pudlnl-. gM Kj | 3.66 a*-.,! 

Inc. Noathlr Fund .{165.0 ■ DSfl US X«»£E? P*° * I'M! -a, I 7 87 HeuOerwm Admlni 

Rrtees on Jan. J8. Nan dcwOiig Feb. 1. /Tender U.T. Admin, 1 


High Income 

AH-Ea.lne 

IsUTfutemal Fttate 

WsroaUonnl 

SacdaUat Fouda 

Email er Co.'s Fd. 

andSnrir Co'sFd. 
'RcW«7Sit9..^. 

- .MetMiD tCdtj-. 
Overaea* Earn lags. 
Eaanpt. Smlr. Go's,. 


m y 

IS 1 . 11 !'!! 


4 20 Mngt*. FnundeniCt, f£2 
525 BSlV.il.iJan.2J .,.017 6 
420 Dn. 1 Apc.iJiw. Z3....P67J 
Oceanic Trapti uu u) 

773 Financial. m.l 

679 Cnneral-. _^[MD 

6JH *Imw1b Acnim.™ .H42 
Growth Incmne 1 35. 6 


i-8 ^ I ^^tedeS D date^ N f 

3AS Piccadilly Unit T. Mgrs. Ltd.V taifhl i5a*t«ml.T«.a. n«.o Ui0| „ 
Wardc’te H -c .596 London Wall EC2 0380801 ' . ‘«™t «b. Jan. 28. 


..... | 3.44 0824 4882. Ldn. AgU. Dunbar & Co, Urf, 


Njfxl dealine ilaie Feb «. S3. Pail Mall. London SW175JH. 

Salt ftuni.Tn iCI 1 . HK.O 112.01 „...J 3J5 Fist Yifc cm. TB. ._|40A * 

«wl *ub. Jan. 26. FsLYk.DMDn.TEt B78 * 


1 Chari ne CiUui. Si, Heller. Jeeser- . 41,La WMieSt. St. lleller, Jener. 0S34 

„ ^ _ 1 Thoma* Street. Douctei tele trf Man S A LI [790 84 jd | 


01-UJ07G57 GiH Fund (Jersey i.|i6J;g 


a ^n't L u Fjtll-J InCnfnr . 33B 
-OOft 3 79 Small Co'sFd — .418 
-0 2 557 Capital Fund . 509 

ux InL Err.*. ft.iTsset* . 48 6 

Pei< 41s Fund . ...399 
Gibbs (Autocyl Unit Tst. Mgs. Ud. Accumlir. Fund . to j 
23. Rlouiffeld SL. EC2M 7NL. 01-383 41 1! “fl 

laiAtl.Inroaitf*. ,—140.8 43.71. ..] 820 American Fund. 15.0 


23151 ... | 
2M.4J 1 


01 -8008330 HiAU.UtftBlilt-.w7 405 , 
taiA.il. Far Easr_ (19.4 20 1 . 

DodtPg *Tues. mVe< 


443 -0J 260 

54 3-05 309 
52 1j3 -0.1 4 80 

41(3-0- .354 
• wa-04 4.22 

M 4l - 0.9 364 

245 ... 3.00. 

234j -fll| 3J0 


Australian Selection Pond NV 
Market Owortuuitine. c.'n Irish Yount: Be 
Outbwalic. 177. Kent St . Sydney 
YSS1 Shares. ... m.'IO.M - I — | — 
< 'd o*jct value Jan. 5 


FB. \ it cm TB. ,_H05 42.61.... I 6 aO Gill Tnut (Lojl 1 ,117.40 

FslUlDMDp.Tei |875 925| -t-20| 0JD ImL Gwt Sees. Tkc 


.< Ket BK>ct value Jan. 5 

Basque Bruxelles Lambert 
i Hite dc la Regence B 1000 BtubmI* 


Fleming Japan Fuad SJl. 

87. rue Notre. Damn. Luxembourn 

f-lmg.Jan.M 1 JLIS37.93 | [ 

Free World Fund Ltd. 

Butterfield Sldg_ linnulfori, Rcrmuda. 
NAVDw.30 | SCS164 9S | . 


First St erllriE.. 

Firaiutl 


39 16.4 

78.74 1792 


— 10.75 sau l as.a 

110.75 GiftFtt. 25 0 

IntL Fd Jersey .-960 
.. ..] — lutnLFd l -^mhi y ,,,[950 



1-0.11 4 31 

-oa 43i 


l 

W 'fS^an=z 

Pwfonnaa« 

A9X Recormy — 


GoreCt (JotmiV 
77. l^Hidon wait E.CJL 

2 as S-hldr Jan. 20 [1236 

im Do.Amun. Ynil. ll«a 

am Nest dealing i 


440 ] ,..J 5 JO Exmpt.JaB.IO. 

«3-om 4ja _ 


ojq Practical Invest. Ce. Ltd.V Lvttc) . _ . " . „ 

44 bioniiuburv s*j. wcia 2RA ui-eci88S3 Bk. ** uujooii & S. America Ltd. 

Praciica! Jan. 18 11395 138 71 ‘LSI 4.15 40-00. ®M»r. Victoria Si_ EC4. 01-E3023LJ 

Aeeum. fmte _{194.9 207 1[ +27| 4J5 Alexander Fund . | SCS513 J*fl04l - ” aim 


Kents. Fund LF ...11,959 2,0201 +l| 827 G.T. EKanagement Ltd. Ldn, Agttt. 


Park Hac. IB Finsbury Circus. Lon dun Ed KB Japan Fund 
Tel: 0IB28 8131. TUt: 888100 K B. cTtiatr, 


Kleinwon Sen son Limited 

20. Fenchurcb St. ED 
Eunnsc-a. Lux. F | 1.016 . 

CvhdwjiIim.,. B7B 61.6 

no Ac cum .... m.4 75 J 

KB Far East FU. . ... j JUS9.41 
KBIntL Fund „..J SU 51054 


51CTL53 

no7i_ 


aicmwvi -U949 207 1[ +2.7J 4J5 Alexander Fund . | JVS5.93 J+flOq - 

Ol-Sw'-ftOi NeL au«rt vfiluo Jan. «a 

130.9 | 211 Provincial Life lav. Co. UdV 

ffiJl | 2J1 222. Bishopseaic, E.C*Ji. 01-3476533 BarC ^ S Un ' COrn lnt ' Ch - is > LW- 

Ftbm - Prnbllc Caita „ 173.4 7S6( -Oil 3 47 1- Charing Cross. 5L Heller, J«f. 0K47374I 

t Co. Ltd. High Income (1D7.9 UiS -O.q 7.47 OwreM»l2www-gJ 535m .. -J 9.7S 


1478 15J1 'J 

inf day Prt. i 


|PS -- -V — - Pnhti'VAto—r .mw ,7061-011 347 I. Charing C7o«.SL HeJ)er, J Ky. ^ usn am Bt of Banmnla.>roiit SL. Hamlto.. Btnda. PO. Box l&s. St. Hd, nr. Jersey 053437581 AUaa D Fd.Jaa“23Zlll'5i2»r'*"lkl !. 

Griereson Management Co. Ltd. High Income 11079 US.6] -D.q 7.47 -Egg... BenylJcF. j B7J3 J ,._..| Lffi UosrdETjtO'!»as_l47 2 «96| | 3.« narlineFtad £*171 .. 

?I SBCmhamSUBCSPSIlS. 01-8064433 PrndJL Unit Tst. Mngrs.v iaMbXC) G ' T>± IsCSMJ -IbU.I 0.78 New dealing date FrtTlfc JapaSti J«L 13... (iUS536 5.93d! - 

•! ssrjcrj'as- i^i.^ii-s. 1. SW r*™.ii^, Ul . J 

Iott 717 _ 1 1 1 ThomasX, ttou GteL 1 aM. 0631 C.T. Asia F SHgJJg 7JH I 2.00 7 "» duHhone. p.u. Box m 1211 Ceneva H 20, Cannon SL. EC4. u 

3M Quitter Management Co. Ltd.» S5*?5S wS-®”- S'! ^*3 — JiS c.T.BoodFUmi_rsusiii>4 " | sj» uoyiUinL Grown, ,|srm» »3+ E54i | Detalomb |DM268i ajrt ... 

167.3 2W TheSJk.E*rhan,«..it2K;HP. 01 <004177 la hlSiU ~ G.T. Management aerwyl Ud. - LhV»fclnL Income. |SF3&» 650 TotavW.Dw.a-1 St'tf29J& | 

SH -a-w r?? 3nadrMitecnn:e..|lZZ9 125 9nJ ...._| 7.47 d£ L (*M* n Tst _ tS.U 5JJt3 ™„ 8.60 ^ M * G Crou P SuiinvCSt 1 Jersey) Ltd. 1*1 


3UBBBement latenuUmal Lid. 

cio B’-:. of Bermuda Front Su Hamlin. Bind a. 

Anchor ■B’i.imlS. _ra;S077 tKrf 1 2.00 

AcchorlnLFd PLS37S 3BS9 j TIE 

G.T, Bermuda Lid. 


Signet Bermuda 5US4Z7 I 4 1; 

-LtUTondsiDWi... U40 19.40| , .] 8 

"KB act as London paying agenis ool)'- 


. Schroder Life Group 
Dl-fi£)&OCO EmerpriaeHiiu.se. Purbina utn 
4«2 IMmuiiHud FumH 

423 £Equit> 102 4 106 S 

423 SEquiw... U2.8 120 0 

1.48 HFUcil1nTOK.NL — 140 8 149.7 

l/la SFixr-d Inurosl 1020 1085 

063 LMmuccd 12L6 129 3 

_ {Managed 1075 114 JJ 


Uoyds Bk. iC.U V/T Mgrs. 

P O. Box 185. St, Hriicr. Jersey. 


* w J- Hemy Schroder Wagg & Co. Lti 

120, Chcapsldc, E.CJL 01-983401 

CbeaplJanJH 1 SYsiOKl |*0iq 2.7 

TrnflgarDcc.31 i SCS109.74 I.. I _ 


40 JB -0.1 

si-ji 


G.T. Mgt. (Asia) Ltd. 


„ , „ , _ . 053437561 Aslan Fd-Jan a._ scmn 'ill 

lu 5«7PW F - OTJJ l LOB Uoyds'PA.Os«.M47 2 49 6[ | 3.03 DarliaeFiid SAL71 L8 

5“ G.T.SFd. (SCS64J -OB5j — 1 0.78 New Ck*W dale FebTlS, Japant'A JML13-..1SUS536 5.93: 


204.1 

16L9 

167.3 

81.7 

842 

70J +01 
73.9 -rD.) 


Quitter Management Co. Ltd. 9 S5 1 *5S.MEL E * t 

269 The S(k. Exrhanpo. EC2K IHP. 024004177 

294 GuadraniGcn Fit,.|ib9.7 112.7] I in Do! Inti. Income..— 

2.94 Qnadram Iacnrce_.|l22 9 125 9nj I 7.47 Do^LoJMuTkL 


Guardian Royal Ex. I 

Hoj-aJ Bv change. EC3P3PN 


AdmlalatntiontWlz » 


Arbuthuot SecuriBes Ltd.' (aKe) - . .. .. M M . Broonwod. B>«n 

87. Queen SL London EC4RJBY 01-238 5381 ^«41ol Lmt Fd. Mgrg. Lldf (ahe) JgJAWnUiUu. 
Extra Income Fd. .-{ILLS I22« . ..[1020 Wilburn Houae, NeweaWle-HpaalkDO . =ll» 

Hllfi loc. Fund -442^......} 8.93 Garbo I U.4 6&9I [ 4 59 J&SJfjES 11 — 

6tAeemn. Unilau.—JS.O Mi J 8.93 Do. Afcum Unite ._[75^ 77.* 459 

(SSX Wdnrl Ute-lKO '9VM . ..J MS Do HlldlMeld kio 43*. — 7. lift fgJSSFJfliL 


Premier U.T. Admin, Rayimgti Rnad 


LDl Reliance Unit Mgrs. Ltd.* 
jm Helt6nceHftc..Tunbr1dgeWcHft.KL 068322271 

«»U SBSSa?fc^.“B!J .SSJ^oaI rs 

428 SeklorrteT. In' 1 .[410 43 9j -0.4| 459 

Ridgefield Management Lid. 

7U Box 4 IP. Bark H». Maacbar. 061 2338521 


Do. Inti. Income — l 

JQI 5S » ■* Quws." Tower HIU EC3R (8*. 01401 «88 

Bishopsgate Commodity Ser. Ltd - Le Pon«, (^nS^owiisim AuSEx.jSia 24 "®'^' Z ;^ aeri ‘^2, 1 S ,Tst , 

P.O. Box 62. Douglas. LaJW. 08244S38U J 144 WS&SzxSw SgSSESt“-'B'g 3 

ARMAC^£«o.3 1 SLsatM l—.j -6 - fe 0 , 95 2MJI- WMd :fiS3 11*3 933S IUH 

CAKHHO-JM.3_ il.SOl J - Anchor InJsyTBL.|221 23M i 3J9 lAccum Uni is- hss.7 165.71 93J3 . 

COUNT’!* Jan.3 — | . EL3BZ J ™.J L- Cartel ore Invest. Ltd Ldn. Agts. „ , Sana vest Trust Manage 

CrldnMly Issued at *510 and -*tlJ». 2. SL Mary Axe. London. EX3. 0^833931 Samuel Montagu Ldn. Agts. 48, Athol Street. Douglas. It 

_ ... ^ IM.Old Broad SlL.RCJ. 01-MBW84 TheSilverTrua .-_-|?Bj»_ 1 


SJ» UojndslnL Growl h.ISFMJI 
Lloyds InL lncome.|5r%ff 


ITS Dekalonds |t>S2tBl a 

6-30 TofcsvTid. Dec. 39-1 SUS29J6 


3J0| .... 

* I 


Suriovest (Jersey) Ltd. (Xl 


2118B ig^ap-Aceum. 


’ 0TJ72373M Ridgefield LlLUT.|82 0 88.0x01 | 286 ****^__ T 

295} 192 Ridgefield Income. [95.0 lOloj J 9.07 P-O. Box 50R Grand Cayman. Cayman I* 

35.4 -oi 1“ Rothschild Asset Management (g» cffi^MoTHolw S5f 7 1 — ' “ 

iSJal +0 4 269 72^0, Gatehouse Rd . Aylushiirv OS96SM1 Nippon Pfl. Jan. 25.tt4.KGB 130|-0.06] 0.93 
264 -01 347 N C Eouity 6> nd - B58.0 l£a<H 309 Ex-Stoek SpUL 

H3 rSi US ^ m ^ Brtamua TSL MngmL (CI1 Ltd 

.... fg KC IntL Inc. 73 S 76^^05 210 30BattSL.SL Heller. J««y. 053493114 

i53 N.c. IntL ACC 73 0 77 6) . 2JU QrowtblnvEst B2.9 »id 440 


♦tfecum. llnjlsi 5! 

- tVdnrl Uts. S 

Preference Fund... S 
* Actum. Unllav — S 

Capital Fund* 11 

Commodity Kundtt E 
( AccixmCmitJOtt - 73 
, 1106 WdrwKU .m « 
FlnAFrop.Fd.rf 13 

iGlonta Fund » 

■ lAcrtun. Units! 44 

Growth Fund ... 33 

(ACCWB-UnitSI.^— W. . 
looleti Gth F4- mi 
'Eastern 4 LntLFd. 105 
-18%- WHrwLUlAl li 

Forrlcn Fd.— ' 63 

iN.-Amer. 4 hLFd. M 
W *Mon . "Tues. 

Next, mg**— tj*c. 


-High Vield k 


1200 Pn. Ace um. United 


Next dealing date Feb. L 


(Cline. 4 Assets . 
(gilateroaiionnl 


|-g Charterhouse Japhetf _ 

cm LPaLmwMRerltow.'tXA. 

3 05 CJ. IWcrnall.. 1204 

5.0 Accum. Unite..—,. 235 

3 43 -CJ.lDCom- 96.0 

320 CJ. Eure Fin 24 4 

}M Amo. Unite 282 

5 U CJ. Fd In v. Tst S2 

im Accnm. Units 28ft 


( K iNtb. American . 
NA Cross Jan. 30. 
Ql-MRUn OUftNol 


.American lnd.Tst 

Copper Trust 

Jap. Index TsL 


i.Tst..l£685 b99J+0 07| 1 

r-Jg m»| = 


Bridge -Management Ltd 


Sarin vest Trust Managers Ltd (X> 
■48, Athol Street, Douglas. I o.M. 0 



Rd, H.Kong Apollo Fd. Jan. IS. ISF45.48 

. — J 320 Jnplest Dec. 31 HHU46 

. J — 1 27 Grp. Jan. 18- , EkSUM 

| — tl7Ji 

1 — 111 Jr, 


W Wld Jon. 20 


K.C. SmL Cl Fd.| 


Brttsuuua Tst. Mngmt (CD Ltd p o Roirc. Douciar. 

30 Bath SL.SL Heller. Jonwy. 053493114 Inter natio nal Inc.- [21-9 23: 

Growth Invest B2.9 355ni I 4.40 Do. Growth 154.8 M3i 


117 Jersey Dec 31- £450 5LK 
J17JrayOi4-a'.t«cni O0C2 U. 


01-3385454 The Silver Irusl.^-pB 6 
SOI Richmond Bond 0f7. 19L5 

IS Do- Evergreen 2385 

Do. Platmum Bd. . - 105.4 
££ Do Cold Bd. |97 4 



DSMSsoii M array. Johns lone (Inr. Adviser) 


us s«zjir*aH « r i TT l 

417 -. SB "— Ja Hamhm Pacific Fond Mgmt. Ltd. '| ( ™z| — 

> Unminr^t _fs523 9-Sil “,~.J — 2110. Connaught Centre. Hong Kong *NAV Jan. 15. 

14356 UnivBL*T»LStg.__lE230 I 1 - 00 Fee East JanJS I9.47 9W-0J4I 

3 72 Value Jan. 20. Nexx dealing Jan. 30. Japan Fund— pUSSftl 5.92} .] — Neglt SJL 

Butterfield Management Co. Ltd. Hambros (Guernsey) LldJ Bouierard Ro^-a!, lujxembcarc 

P.O. Box MS. Hamilton. Bermuda. Hambro Fund Mgrs. (CJ.) Ltd >A JJan.30 1 SIS9.94 J 1 — 

i 1066 Buttresx &pufy — gJ3 L9« — J 2.09 p.o. Box 86, Gserascy 0481-38521 ft'nrit Ltd. 

3OT Frkei , ffj55i79n?e*t sab. dv Feb. t HtoLBond H E^IBLIT '" '( H50 Bank 01 B^nnuda Bldgs. Hnmtlioa. Bnnda. 

Capital International SjL - SSlt -"■} jm SAV3mL ,X 1 054 1 -™ 1 ” 

307 idBHAMff- intsavings-B' — scso.91 ii3 ''-'I 2 so Old Court Fund Magrs. Ltd 

107 CapBiUoLFUnd-.l 5US1S2B I 1- Pnef* on Jan. l£ Next daaUng Jan. a. p.o. 58, SL Juliana Ct_ Guernsey. 048128331 

Charterhouse Japbet Henderson Baring Fund Mgrs. Ud Eu.ft. Dec so k9 & szij 2S8 

'8252 l.Patern03teritow.EC4. 01-3483000 PX> 0OT N4723. Nassau. Bahamas |5SS J “- 3 -- gs", 5 “J3 — *** 

3.79 Adhopa- — — .. 10801 JO 3L« — .. 566 Japan Fd.-.., 11325 14.451 J - FiDct-io" feLS mS Til 

720 AdivePbuT— DIW.W »« 5»- on Jan. 11. ffext dealingdme jfan. IB. « a - O0 Fa.Dec30_lMZS 1SL51 3.» 

g2?!S? F "~~ n waain zUq-(UD 6io HlU-Samnel Sc Co. (Guernsey) Ltd Old Court Commodity Fd- Sign. Ud 

eraser Fund JCSLC iSjU'S To. 8 LeFbtivre SL. Peter Port Guernsey. CJ. P.O. Box 58. St Julians Lt, Gueraacy 0483 28741 

Hispmjo^ |W5«J1 «7M-0-30j L94 GoeaTteeyTtt _[152J lttfl -L3j 33S O C. Corodte T«. • ■ ■ ■ ■ [L5.4 lStg ... .1 171 

CuuhfXL Ins. iGuermey) Ud. Hill Samnel Oversea* Fund SJL 'Priam on JanTis. Next (Saiing’ jin. 31. 

P.O. Box 157- St Peter Part, Guernsey 37 hq* Notre- Dame, lanembaaxg t Price on Jan. 23. Next dealing date Feb. 7. 

Intxd.Hait.Fd. S163.0 I77Jfl 1 — imcisn 16JW+0 OJt 

HI ' I«ten»an»I neiSc llngt LM. 

SSato-J^iT^Sa' B * hi u*l — I. _ s SS3|‘ ^ _ . »“"«*ji»a . 248] ...:..] - 

w Deutscher Investment-Trust j f.t. Managers (Jersey) Ltd Property Growth Overseas Ltd 

P u n tf a cfam BSBtebergaaseSlOflOOOFVaiiMart po Box UH, Royal T*. Hxe.. Jerw*0534 27441 28 Irish Town. Gibraltar. iCIbiSlM 

BB2 MM n« J _ ■ JSSewSIlBSiB Ml - Dollar Fund ..I SU99036 I I - 

Int Remcnfonds _lram» 7S5tt .—3 - 3U S5i mb. day Jai 3L ' Stef ling Fund j 02901 1 — \ - 

458 F± JardSne & CO. Ltd Royal Trust (Cl) Fd Mgt Ltd 

, 4fl>h Floor. Connanglu Centre. Hong Kong FO Box 104. Koval Tst. Hae, Jersey 00427441 

2.93 A V Jan. 19 pUSllff JUS .— I — Juntine Ertn. I^Tlan : • £ 


TSB Unit Trust Managers tC.I.t 1 

Bagnfclle Rd. . 5ft. Sai-iour, Jersey. 05341 


♦0.6 gu tSStStratac — 

+0A 3rt "For tax exempt fund* only 

+0 6 IS mo Samuel Unit Tst. Mgn.t (a) 


4.D0 Rothschild * Lowades w grot- (a) 


mreejEOBCCi Tu. .t 

uSvri.Wr.Kt. — f 


■HopeSLFd. I SUSZ7& 

'Murray Fund 1 SUS8.99 

■NAV Jan. 15. 


Sl SvrilhifiH Lane. Ldn. ECA 01-6284356 UnivaLSTH-Slfr-- 
«™ci Exempj- J117 0 U4 0| .. .| 3 72 Valao Jan. 20 
Price on Jan. 17. Next dealing Feb. 15. Butterfield Mai 


Price* Jan. 25. Next -dealing Feb. L 


j2 >xux oxnuici um* 
3 72 45 Beech SL.BC3P2LX 
(bl British Truxt 
Igllnll Trust 


Rowan Unit Trust Mngt. Ud. 


Cily-Cate Hre.lMnsbL-rj- Sq . D-t 01-6D6 1086 gottrexx Equity — 


Value Jan. 20. Next dealing Jan. 30. 
Bntterfirid Management Co. Ltd 
P.O. Bax 105. Hamilton. Bermuda. 


Negit SJL 

10a Boulevard Royal, Luxembourc 
NAV Jan. 30 | SUS9.94 J .. 


ft&s-l*;" CW®'***” Tn«s* Manager* Ltd.T(aMg) 

St, EC4B IHR.- . ««■ 3^ SmS££2r£ 

Atn«TCan -_|ua95 ZIft4 +0 Jj Z70 (bl Income Trust 

Archway Unit Tst- M^. UdTJaHc) f& ST* 


Roumn Ad. Jon. 26 [to 0 
Roman Sec. Jon 24 363 5 
Rnaan Hy. Jan 19.. }53 9 


JI7, HlgbHoUxjm. WaVTNL 0 

■Archway Fuad-.- J77-6 82A I 5.96 

Prices at Jan. 18. Next eub. day rat. L. 


Hnau'i Hy.Ja.i is*.. pJ 9 
2-sfi lAecutn. (.nitei — [73 9 
5” Rwn.Mrin. Jan23. . 714 
l" lAccum. Unhai — IE7 2 


- 625 -t-LO 2 00 

171 5 380 

56.8 . .. 720 

77 8 7 20 

756 387 

9L6i . ... 307 


area Equity — g.03 2.9U — J 

ttrea*lo*-«oe-. £00 1.9J| . ...J 

Prices at Jon. 9. Next sab. day Feb. 1 


u«m. MW fav IZ «***"*- 

InteLV (aXg) 

Confederation Fluids Mgt Ltdf (a) 15. ciirtetopfaer Street. ECJL 

50 Chancery Lane, WC3A1HE 01-8(20202 Intel, lav. Fund. 189-2 95.9*4 

Crowth Fund- |«U . 4J9 - VotUI (a 


.Barclays Unicorn Ud. teHOflc) Growth FunCL___l«)J , 42JJ 1 1 4J 

tlnleoreHe.252RoadbfdRd.El. 01-8345544 - ^ 

unicorn JUnoica-.BB. 6 3»7] +0.2] 2.77 Cosmopolitan Fuad Managers. 

dS aSiSSIZH J4.9 4B8U iS J lift Cc4*hall A«e.,l/»(&oS3iniX 828 BE 

. nScSBte&IZ: MJ WI-S4 4fl C08mopoln.Ctt.Fd.p7Jt 1M —I 491 ^ 

Do Kr erupt Tax. 187J2 311., — sj S.96 Kev 

Da Extra In com* _ 28J 90.4 -01 7.95 Crescmt Unit Tst. MgT*. Ltd W(g} Key Fixed Int Fd. 

gssrfi— &£ 5“ 4 ^^ E ^r h3 - is 

Do.Geoerri X2 xji-ai 097 K-i . SfS -0 - 2 ^ 5-Js Klelnwori Bex 

g^SSSfcrS.9 1|^07 trn 

DI9 u .„_. 3M '- reg . *™ IVW - i -n«-Z -D Jj 4J5 KRlMf Fg^pe. » 

DxrSh^.I? m 2 M -oi L fji6 IHscrethmary Unit Fund Managers 

S?.*»dfea5V « VS 

B-tet.In Pd. Inc KL3 -oJ 4.62 Disc Income (1583 388J( 1 5.1! 

Do.AeciItt.-_. 61.9 7L.B1 — 0 J 462 — „ . „ -1 « . . 


Key Fund Managers Ltd UKg) 
25. MUk SL, BC3V 8JE »l« 

1-* 76.il -oa 


52 


-OJj 7.87 Royal Tst. Can. Fd Mgrt Ud. 

Jernyu Street S.W 1 ' 01-82 

oi=T7^. SSSBSfr^iJK 7^ ::::( 

Save & Prosper Group 
‘Mg) 4. Ureal St. Helens, London EC3P 3EP 

O1-6067D7D. 88-73 Queen St, Edinburgh EH2 4NX 
-0.«l 387 Dealings la 01-554 8889 ot 031236 7351 


Inc. Fit Jan. 3 

IntL Fd. Jan. IB 

Sm.Co.Fd Dec 80 _ 


169.U — 
KM 


ftJo Save & Prosper Securities Ud? 
7 95 - bttnulwl Fundi 
1X91 Capital B2.9 353aS -021 


m3 —} 0 st KWn ™ 1 Benson Unit Managers^ lae<wie 

472 ... J 766 20. Fpochtuch Si, EtIS. 01-038000 Hieh-VIrid |55J 

4U| -03( 435 KR Unit Fd Inc. _»*7 9L7| — .1 4.45 

adRotem ♦ UU "“ H ^ EK7 

“ L fc C Tnwl MMttgement Ltd* Income IMS 

■ 0 , Jr? The stock Echange. EC3N IHP 01-588 2800 DJL Fends 

1 515 LAC Inc. Fd. B340 138.11 | 733 UK Equity -=.-|41.4 

■ im LAClnUi Gen FU.|B»3 89.9] | 331 OfBress FcndMxi 


Tik t-apiUd 

659 I.-Tl- 

- Unlv. Growth 


59.41-0.4] 6.42 


•W 4 I 


Baring Brothers Sc Co. Ltdp (aHx) 

88. Leaden hall Si, E.C3L 01-5832S 


JE. F. Winchester Fund Mngt Lid 

OM Jewry, ecs 01-8002167 Lawson Sees. Ltd Wage) 


733 UR Equity _=.,|43.q 

331 Omwn Fcndtai 

Europe ■ .178.7 

Japan 1763 

3911 tfST. *639 


86.6] -03] 438 


a— * d^t iw. m^L lul 

nn-. tSSSSStk w '-TS 1 


01-5883830 Creel Winchaster..U8a 19L7* __.[ 772 63GwrgeSt- Edinburgh EH2UG. MI-238 3B11 

el3| 391 GLWlncirer o9m4mZ . 2tM -1 538 *Raw Materials _B33 363 .._.[ 7.78 Stdae Fund* 


833] +0.6) 

az.3 +0il 

687] +0.6] 


041-221 5521 Jersey Fund _.|44.7 47 lxd . .. | 

1 Guernsey Fund — -H8.7 47.M - I 

[ ”™'J Plicei on Jan. 2a. Next sub. day F^b. 


Tokyo Pacific Holdings N.V. 
Inumls UBiugemcnt i.'o N.V.. Curacao. 
NAV per share Jan. 23 SV&4L45. 


Tokyo Pacific Hldgs. (Seaboard l N.\ 

InUnui ManSEcment Co. N.V . Curscjio. 

NAV per share Jan. 23. SUS3U32. 


■ I Capital International SjL - 5", l ^ u '£t-a : ^ A ¥, 

3B7 37 rue Notre-Ciwae. Lnaemboarg. int fsrings B' Kso.48 "-’l Z! 

. ...| 307 CopgiUOL Fund- .] JUS1SJS 1 1 — Prices on Jan. IS. Next dealing Jan. 25. 

id. Charterhouse Japbet Henderson Baring Fond Mgrs. Ut 

01-6208252 l. Potcrueeter Row. EC4. 01-3483000 PX3. Box N4723. Nassau. Bahamas 

[ 3.79 Atflropo— 1WMJB SLW _.'.[ 536 Japan Fd.—.. 11335 14.451 J _ 

... .| 730 Adi verbs [mio.w 5fl48] I 536" prices on Jan. 1L Next dealing dale Jan. 9 

E«>d»L- ESS-?! vJ * ^ , .a 


Tyndall Group 

P.O Bov 1256 Hamilton 5. Bermuda. 2-1 
Overseas Jan. 18 .. BLS8.9I lffjri . , I 
lAccum. Units > BLSLSl lUl 


ft 45 3-Way InL Jan. lA'-fSCS/OS 

3^13 2 New SL.SLHelier. Jersey 


l SS : ::| i 

MtSl J - 


Ftmdisl— DR2I JO HMf-OLlrt 631 

EramFund.-., WJS282 VW ...J — 
Hlvptlipf j |SU54451 4tX(HL30| L9 

CunUO las. 1 Guernsey) Ltd 
P.O. Box 157. St Peter Port Guernsey 
Intel. Has. Fd. ]1633 1773) ,, j -1 

Delta Group 

P.O. Box 8012, Nassau, Hahsmas. 

Dritalnv. Jan. 17_.|S20 L26) . — ]. — 

Deutscher Investment-Trust 



Victory HBe-.DouRlnjLlsJeof Man 

MapUrdJan.lfi-Tp273 1343) 


TJtd IntnL MugmnL (CJ.) Ltd 
14, Uni caster Street, SL Holier, Jersey. 
UJLB. Fund -| SUSU0 | | 


B. Blshopcgate. JEG2. 
BtatePr.-*Jan24_M8.1 179.1 

AccUte.‘*Jan. 24_,pgJ 2113 

B'gtaie Int Jan. 17-0552 163.0 

(Arcun-Uan. 17 [167.9 178.7 

Next xuh. day Jan. XL "f 


l. I ^American FU.. 

01-5888380 rtAcentt Unite) 

| 234 Equitea Secs. LtdfUUg) '‘High Yields 

US ■ 4 1 Biihopsgate, EC2 01-5882851 ^xc^i S» - St"' 

i |« Progressive (623 ' 663( -*3 431 D«si- *««>- Ttnw TtWed. minrs. -ri^n. 

* v “* Legal & Gener al Tyndall Fnnd¥ ■ 

-Equity A Law Un. Tr. M-9 (aXhWO ie. Canyngc Ruid. Bristol. 027232241 



218 +0.4 037 

22.7 -o.fl 037 
54.1 .,... 1030 


774 Commodlt- 1671 

3»Z Energy £13 

382 FI nanrial Secs. — [66.9 
lul Hlgli- Mlnlmnm Ftuuhi 
On §*S4«jal4niaL — gM 


avjbh.iv IMAUTI mu — I — Jardine 

Snaw i Dudley TsLMgUrsy.Ltd 

P.O. BoxU SL Heller. Jersey 0S84XDGD1 j^Sjae 

EJJXC.T. (ia.7 1294 1 - Jardine 

e . r- Mom v u r saj... NA 


United Stales TsL IntL Adv. Co. 

14. Rue Aldrlnger. Luxembourg. 
UJ5.Tn.Im.Fnd.... | SUS953 |-032| 0< 
Net asset Jan. 24 


• — JJS R-Tl lnfL Usy.l Fd. ! 




Select Income 153.4 51 

3030 Scothits Securities LtdV 

™- Scotbils.: 1373 40.1 

■ - Srotye:d.__L BtTft ^ 

’ Scotehares Si. 51 


5r5? -0.^ 


Bridge Flrnd ManagertfOWc! AsnenttainRd,HJ*hWycottb*. 048430377 DiaJan. 12 S63 99.4) .._.] 4.«. 

King William St, BC4R8A& 01-6234851 Eqully&Lair — -,(633 66.4] -33| 434 lAccum. Uni ^73^- _...] 4.92 


Scot. Ex. Gth*Q [2033 2183)4-9.4 

Scot. Ex. Vld-<ft -0733 1763] i-LOj 

•Prices at Jaa. ff"“ “ ' 


EJJXC.T. |1£L7 1294 1 — 

F. St C. MgmL Ltd Euv. Advisers 
1 ■ X. Lenience Pounteey HIU. ECffi OKA. 
01-028 4880 

Cent. Fd. Jan. 18— ] SUS437 I .'—4 — 
Fidelity MgmL & Bes. (Bda.) Ltd. 
P.Oi Boa 070. Hamilton. Bermuda. 

SUSM35 ] J — 

SUSU37 ( J — 

SUS37.72 .....I — 

$L'sn.9o -ara — 


?-?9 R-T.lnfLFd. 


Prices at JflEL 13. Next dealing Feb. 15 


s. g. Warburg & co. ud 


Save & Prosper lutenutioaal 
Dealing la 


30. Gresham StreeL EC3 01 

Cnv.B<LFdJanJN — [ SUS938 1+0 C 

EnKyJnUanJM SUS1532 +01 

GrajSFdJJecSl _ SUS6JB I .... 


Bridge ttc.* 1 -, 1 

Bridge Cap Inc.f~ 
BndgeCap.Acc.t_ 

ISSHSrS!; 

Bridge IntL 

Prices Jan. 24/3 


153 37.9 +U 

133.0 142.IM +3.0 

35 14 fi +03 

M.7 15.7j 403 

Dealing IJies. fw 


Vjn Frmmlington Unit Mgt. Ltd (a) IM o+umiuea •<*» «a6“ 

339 5-7. Ireland Yard. EC4B5DH. 01-3488071 (Incorporating Trident Trustei 

556 QfflitalTW. B898 12451 IB Z Duke SL. London WUIOIP. 01-4885081 140. sJuth areet. Dwfcing. 

938 InL Grovuth Fd. [96 ft 102W 249 LeoAccum 80.7] -03| 491 Am.Gra*th ._»» 2 

Do-Accum. fwa W-— Llayds Bk. UuK TaL Mogrs. UdV (aJ I 

01-831288 %s£ u sJ?~sM ^ 
Pi xham End. Dorking. 0306SI55 Flrxl M98 wO -aa 410 Inc. UNaWdrwL-— (3L7 P 

saas=s« - . mji a b l!-ii A e«s=n 1 

G.T. Unit Managers Ltdf : • . . ^ ,§5^1 f§ pSf Y 2. r r?i.TS.d.”BI 5 

18, Flmfcury CIreua BC2M TDD 01-8288137 I 

CXOternc p<9 903 ...J 358 =03 739 T*22=k l 5 


•Price* at Jan. sS- Nest sub. day Feb. 8. 

Schlesiuger Trust Magrs. Ltd (aKx) 


Briteonia Trust BbugemenHsHg) Friends' Ftovdt. 1 

a^m^n tandlnt*. U^o PixtamaADorklnt 

u ui^aaueuinNW p*,. uj^tei 

SSSiic^zzzm. • & 31 8 s S 

S, i Qd_ G.T. Unit Managers Ltdf 

&Z ^ ?3 ^ T F ^ a, ™|f 21,7DD 

423 -ft3 932 ” 

TIM GT.Ine-Fd Uu p 

-Zl-?* 1 -0-4 43* CT U K & ri+n . R5 


■0306)88441 
I -. I Z93 


Kemp-Gee Management Jersey Ltd *£2££2E1SZ* 

1. charing Croac, SL Heller, Jersey. 0534 73741 Dir. Pxd. Int "i »3c 9.92 

KempCee Capital. J87.9 9851 J - inimut Grri |i.is ftM 

Kanptiee Income -)67.9 708) ,._.J 784 FarSaatera-J §254 353B 

Keyscicx Mngt. Jersey Ltd ii» 

PO 00X88. SL Hdier, Jersey. lEoq 01-80870781 smitam-daemlnaled Fund* 

Fonaetex [FriMft UH >.„J 3.00 channel CUpaalft_lzi75 2Z93W 

Keyaeiex tat*l E5J0 b.45] J 455 Channel Itdnndsft_|1463 154JM 

Kejteelex Europe— £3.8* 43SI J 388 Comianditv** *-_- n ri 7 m3 

Japan Gth. Fund— 20 08 2LftS ... J — St. Fxri. Int—ri cZ.7 1298 

Keynelex Japan — £7 82 15* . ...J — Prices on *Jan. ST— Jan. 25. < 

Cent. Amt* Cap — | £13834 |+o!Q[ — (Weekly Peelinga 


m iian »4»r3ior.FdJan.IB 


+05] 7.06 Warburg Invest. MngL Jrsy. Ltd 

Jay. CT 0534737' 





World Wide Growth Mimgwmit 
“jan. Jfl. 10a. Bonlecerd Royal. Luxembourg. 
Worldwide tlth Fd] SUS1Z96 |+DJ04| — 


INSURANCE, PROPERTY, BONDS 


<29 irtaL Growth — 

351 lav. T*L Coita 

x 13 Market Leader* ... - 

S« *NU Yield' 

MftGlftThuU- 


kn GJ.Oy tac 

g.T. Inc- Fd Un — 
C.T. U-S. ft Gen 

*8 WSSL %£z 

eaa C.T.lnlX Fond 
f® G.T. Four Yd*M._ 


11 


Fourth (Xxlacl 1"Z. W3 . 633-03 739 

Do(Aecum.l_tg5 7»3-B^ 739 

XteyiTa life Unit TsL Mugra. Kid .sjc.m.cm uz -!R3 


438ct-0) 
25.6] .... 

27® 

SS ::::. 


339 I Abbey life Assurance Co. Ltd 


Crusader Insurance Co. ltd, 


^12490, Gatehouse Rd, Aytoabury. 


Nest scb. Jim. Z5 l 


1 -3 SL Pnl's Churchyard, EC*. 

Equity Fttnd PU 36.4 

Equity Acc..— 298 Sffl.ts 

ProportyFd 1387 1465 

Property Acc 1445 1523 

Selective PU ad B35 87.9 

Convert! hie Fund _ 1278 • 1345 

VMCTwFund.. U88 1253 


M & G GroapV 


Scottish Widows* Group 


01-3489111 Viucqlu House, Tower PI, EC3. 01-8380031 Three Qnay*. Tbner Bill EC3R 8BQ 01-010 4588 PO BacBO^ Bdinbcrsh EHMSBC. 091-050800 


Gth. i T or, J«u.3_[' r £, 9 72.01 — | — Pen. Pension"**— .12345 — 

Eagle Star InsnriMidlJUid Ass. Co nv. Deposit*, — u&s 122 . 

1. Thread needle St, EC2. 01-5881212 

EfteieDihLUn^.bOA a S&-a 3 SM »« - 

Equity ft Law life Ass. Sec. Ltif cut Bond— _co79 U3.' 

Amersltern Road. ffiRh Wycombe 040433377 ISA, ,S J 

Equity Fd. U07.4 U3.M -0.9) — IJJSSSnSil" JS' 

PropStyFdL 10L6 106-9 .. iS» 7 'S' 

Fixed Interest F._ 1125 mflrijjj - Sit - Ui S" 

Gtd-DwxxwFd.— 77.6 • SKS UJ - KSSKmm -'sH « 

Mixed Fd 1065 112 1 -0.41 - ^SSTSfE. . • SJ S' 


“ LThreadneedleSt,EC2. 


Eaale/Ifid. Units ,b0.4 

Equity ft Law Life 


Equity Aceom. , 


IM M ft G Grtmpf (yXcHx) SSSSSf* &C 

Ttuee Quay*. Tower BUI. EC3R 6SQ. 0MM 458S (AccunLi 

Sea ateo Slock Exchange Dealings. Inc ome 3 aa.a4 


1515] +l.q 42z J. Eeary Schroder Wagg ft C®. LtiLV Sdecrt vt-' 


£S ¥G. ft A. Trust (a) (g) / sSfSto! 

.» 38.4-03 *28 5, Rayleigh Rd. Brentwood '■ 18877) 2 27300 Moni na 

0 29JJ+531 L96 G.ft A. plJ / 3J.q -0 3 *5* t AcruxxUnlte J 


(Ac cum. Dulls)—.. 

Commodity 

(Aonna. Unite) 

Compound Growth. 


LEADERS AND LAGGARDS 


Dividend 

lAccum. Unite) 

Ennipcm. ... 


Income 3an. 24 
0 88 (AKroa-Uclte) 
058 General Jan. 25 
270 (Aecum. Units) 
270 EnropeJcn.12 
503 tAcnnn. Unite) 
513 -Fn'ChrJan.a4 
$ 78 ■SpccTK.Jdn. II 
419 “Srr o+rry JanJ) 


01-2103434 

.,_ 14* 


1% ».i;: 

9Man.Fa.Ser.4- 


p5&B&3M S3 :d = r 

Price, at Jan. 21 Valuation* nernmOy Tuen GrttbxmLileAm. Soc. LtlL^ 
Albany Life Assurance CO. Ltd. a Prince or Wale* Rd, b ‘ mouth. o» mass 

lUHMimM.vi. A^aSiuTf 


i2s.g . — — 

134.71 _ 


IwRylebl L— 1993 

In V. PI y. Series 2 W5 

lnv.CashJan.20_ 
EiW.Tr.Jnn. 18 „ 
JKjgd. Pen. Jan. 1S_ 


Ex. xteid Fd. Bd.* - 
Recovery Fd- Bd-*.. 
American Fd.Bd.-. 


General fwtfofioLlfe Ins. C.ltd-V '"gricL^-iixL 


PO Bartholomew WWallluun Cnai. WJC31B71 
Portfolio Fund— . | 129.9 J +3.7] — 

Portfolio Capital „ku 49Jj +0j] — 


+1.4| — 
“Jan. 20. 


Tor lax exempt funds only 


IS, 


usnaced Bd*“_. 1228 129.C ..I — Stlv Life Asaunnce limited 

SSITbfiIK' r miST 1 * 

Recovery Fd-Bd.*.. 623 654 +LB _ -0-4 — 

American Fd. Bd.-. =9 45J +05 _ -4-1 — 

Japan Fd.Bd. • 42D *92 +1.4 — — GS? gM . — 

°» ’***- I®- “*J«L 20 - |£E ?Ss!±=B? - 

iS! ^, = 

125, High Street, CtuydosL 01-0850171 Solar EquterP 0546 m3 -V5I 

Coov.Dep.Fd ( Z2&5 | ,._.J — Solar PrrUat. P 


2 Ml 

2 65.1 

• 

0 «4J 

“Jan. 19. 


Merchant Investees Assnnmcef 


Canv.Dep.Fd MtLE | ,._.J _ 

7117083 BSownrMrtr. B MS.9 | j _ 

1 Her. inr. Han. Fd XC4 0 - I — -J — 


PEquIteFd 
VFiMdlnl J 


| lAccum. Unite), 
i Bora Yield 


Urt fftllovrinv table shows the percent aoc changcsr wMch have take* place (^SumUmtir — ' ^7 if2 

afore Da cumber 51, 147b. W Um princiwH equity aectian of the PT Actuvrie* Snare KurlKtera_ — I. >7 9 41 

Indices, h aria ceatzias the Cald Mines Index.- Fund of In*. Tate “ 569 ' 6L 

JAcemn Unite)..... M3 73 

riUNAB Con* Goods 'Nwa-dui.t Group ., + 4166 RS^.r-r.- S5 

Jtochmu Bank, + J7J8 fg-Wm--.. ^0 

+ 83.94 Packaging and Paper + 4736 lArnrm lintta, lfcl 1 its 


$Q Scottish Equitable Fad. Mgrs. Ltd* KMUo^FdAc. 
3 M 38 Sl Andrew* Sq, Edinburgh (Dl-HOBlOl WutLManJf'ilAon. 


- teniwwr ■» oev. uic rum. am:, lut S^i S 811 "- 

— Weir Bank. Bray-tm-Thanwa, Berka. TeL3«38( FropPerk 


income Unit l 


IS Acc-jm. Unite. 


ss-d 


Contracting and Construction .. -719940 Con* Goods <NnD-dui.t Group ., + 4166 ^? pgral 

Hire PBrcaaae +18638 Merchant Banks + *738 

Office Eauipmcm + 83.94 Paekagteg and Paper + 4736 (Acram.'S, " 

Elect route*. Radi* apd TV + 82.92- Dlscocmi Houses + 4637 Japan Income'" 

Property . ... ..+ 88.44. HpOKhold Coeds + 4606 lAiCum. Ihritefl.” 

Engineering Contractors — , — ... + 8ML Toys and Caines — ,.. + 40.M Magnum--. ' 

Building Materials . + 7634 All-Share Hah-x «... + 3937 — 1 

Electrical* + 7353 580 Share Hide* + 39.64 1 

Stare* + 7254 Banks — ,.. + 3855 Sjggawill? 

Consumer Goods ■ Durable) GrouD + 67.« Mechanical Englncerlos + 35.73 rAceunTunitei _1 


734 .. . 
170.4b -O. 

2635 -0. 
1067* -8. 
173 7 -0. 


3 fr Dealing day Wednesday. 

441 Sebag Unit Tat. Managers LtdLV (a) 

44J F03ox51!: Beklhry. Rse, RC.4 O!-3D05OOO 


Inv. Acc— 
FioRLAk. 
LFenAce 
Cld JIocl FViuAcc. 
IntUSiLPnFdAce 


Flexible Finance . 
LaodbankSeea — 
Landb0akSc& Aec 
G. &B. Super F<L-. 


Man. Peru. 

Equity Hens. 

Copv. Dep. Pena., . 
lion. Mkt. Pens 


Sun Alliance Fund MungnM. Ltd. 
Sub Aliiaace Bouse. Bonham. 0BB1KM 
Exp.FdJte.Jan.ll-pn.4 U031 ,„J — 
InL Bn. Jan. 17. J 33859 | — 14 +4UM 


S iSUESSiffi:.®!' 

-0.1 8i7 Security Selection Ltd. AMEV life Assurance Ltd.* FtodimJlep-™ 

txo li 15- IF. LLicrlo's Ion Helda, WC2 01*3W»9 

-01 in l : cri Gib Ts*. ,\cc — 133 2461 [ 383 ull 1^3 “" Z 2*“5!3? ,p 

. 441 Unvl Gth Tst Inc... 1203 215, | 353 XmE^KvIuI lal MUZZ ~ 

94 $|j Stewart In): Tit. Managers Ltd. (a! amev Med^aJdioL7 lmj ..... — Giit&tod-Z — I 

CmarloJStt Se .. Edinteacclk. 031-083271 pieripte^ 1&A l«3 ~z] Z 

Ste^rdCTi 1 j ^37* 571) | us Arrow Life Assurance ?Spi^a«£Z" 

tor ArcUB^L’dite— -§7-3 61 a ...... - 30 Uxbridge RttMLWlS. 01-748 B1U Pftn. Man. Cap — . 

2g Withdrawal UnHS-MU 475| J - SeI5tt.Fd.Cp.UnL.ia5 65Ji I _ gen. M»ru A«. 

^ Stnrtrt Brttteh Cxplial Fund SeLMk.Fd.Si.UnU. 197.7 1033) ^n. Gill Eds- Cap.. 

J-y i&SI ::::::! i“ Barclays Life Assur. Co. Lid. 

“-3 «™ Anim.ce Fttnd Mngt. Ud. Jits 124 3 + 13 *^ He,rt » 01 


FropPetACC 
Mrue Inv. n»j 


8^ Security Selection Ltd. 

iRuin llnania'f fMI IKaM. 1TA 


Fixed lHUDep E 


Camial Goods Group 

Insurance (Life) 

Insurance (Compos he) 
Financial Group 
Newspaper* and Publishing 
Food ReinHIng , , 

Wines gtuf Spirit* 

Meiers and Dlstribwon 
Enieruwmeai . and Catering 
Breweries 

Metal and Mnat Fanning 

Indusinal Group 

Textiles — — 


241 Stewart I'nJt Jit. Kttnagers Ltd. (a! 


+ tun Oversees Traders . + 3655 Second Geo 1162.7 

+ 5L64 Other Groups + 34.0 tAccwn. Uoitsi B43J 

+ 51.62 Gold Mines F.T : + 33.97 Special -.-- . — P51| 

+ 5852 Insurance Brokers + 3154 ‘r uxnm UBmi 

+ 8857 Food Manufacturing .. + 3058 ^reteilaed Fnntt 

+ 57.03 Chemicals + 2S32 T™** Wf J 


- 0 . 

IM oi : 0 - 
mi) +0.1 


445 4S,CnarIoite Sr.. Edinburgh. 
445 Stewart Ann ■'.« Feed 


,__j — Oversea*— 

J — Gilt Ectortt._ 

— --j — PttLFXDep Cap — 


+ 56.78 Invcnmeni Trusts + Z2J* 

+ 5350 Shipping + 2135 

+ 5150 Mining Finance — + 11.73 

'+ MAS Tabascos . + 859 

+ 9953 OUs + «M 

+ 48.14 I Pi-rci-maw* chanBrs based on Tuesday. 
+ 47.99 January 24, 2977 lndiois. ’ i 


Royal Exchange. ET3. 01-2837107 

Property Bond* _.p57.4 16X9J — J _ 

Haiibro Life Annruee limited V 
7 Old Park Uu. London. W1 01-4990031 


N£L Penstocs Ltd. 

Hilton Court. Doridcg. Surrey. 

NnlexESquCap HOjO a 

NcltxSq. Amm. .|1UD U 


01-40900X2 Neleac Honey Cap. _ 

— Nelex Moo. Acc. 

— NeJex Gth Inc Acc. 

— Nelex Cth Inc Cap, 

— Next w 


2.7 6 

S3 6 

75 S 

75 5 

. day Jan. 


55-a ---I - 


Sun Alliance linked Life Ins. Ltd. 
Sun Alliance Eouau, Horsham 0*080414 

&mKy Fond nan a laasi-aai _ 

Flxea TnteniaL FU- 
Property PUnd__ 


H=3 = 


TBpfmrtminl Fd. 
Deposit Fund- 
Mim afodFund 


Standard Lai j 153 7 

Acrua. Unite _!373 


Accua. Unite _]573 6161 

Withdrawal UnHS-WU 47i| 

Steuxrt British CxplQ] fund 

-Stendairi 0305 14LB| 

A cram. I nSu [147 8 159.3) 




J — PfeuFJJDepArc — . ... _ „ 

Pen. Prop. Cap. 1952 2055 — 

Pen. Prop. Acc 2475 2605 — NFI PCnSMIU 

01-7499111 Pen. Man. Cap. . — ,. 20*6 2154 — Gra«ehnrr+.« 

fiSJj I — ftm-Mnn-Aec. 2595 2730 _ 

U3j} “J“| _ Pen- GUI EdK- Cap. . 1303 157-2 _ 

^ 1 Pm. CTH Eda. Are.. 135J J4S5 — Prices Dec. 

p£51aS— i*l So ■ Z Nwwlch Unit 

of Ctak Benefit SJLty SSSl^ 

-05 — Euston Rond, London. NW1 01-387S090 EqolwFuxxl— 

— Hearts of Oofc J37J 35JJ | — properly FUnd 

lijj Z Sanmel LHe Aasur. LUL 

*01 — NLA Twr, Addlscombe Rd.. Oroy. 01-888 4355 VoTSnlLJmls 

:::::: - tSSS^Sf 2jd& MHz PhoeuixA^ 

f W II ^ 


Dealines C2905941 


35-31 ... | 4 57 
65® ..„ I 456 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Avt*, London EC3V 3LU. Tel.: 01-283 1101 
Index Guide as at 34th January, 1978 (Base 100 at 14.1.77.) 

Olive Fixed Interest Capital 135.06 

Olive Fixed Interest Income 124.73 


ZESSJtttiss — !En 4S3~S^ i«m Vbfce pws 159.4 1 - Barclays um absut. co. 

^SSadjfia*, -d'I Sun Allien e? Fund Mngt. Lid. 

tAm^Vmiw 1 — mo }Sa ■ ~ j 22 Sub Alliance R« . Horstcm. 040364141 R.-inliy 

Kst.\s£bdBi aid i& ss fesr- 

“■ «« sgizjtr- *arL.-. ^ 

GronthUnlu 1505 5321 1 3* D t 5 :^. OS8e !^ , 

Mayflower Menageuxnit Ool Ltd. Tem« Financial — *36 
14/18 GrtMfuun SL. EC2V 7AU. 01-a3SflCB9 gSg^g- j^ s ^'g -04 5^ 

General Jsn. 24 — 171 Z 743 -J 575 terjei GUI Prod.- EhS 127g+i)j 383 

Mereuxy Fund Wfenagers Lid. TareSlSillL" 'E? 2*« “ 0J '51a Tfeehive Life A*sur. Co. 

30. Grexham Si, ECZPZEB. - 01-600*555 Do. Rein .Unite 11". 5*8 Zfc'7l 213 TV. Lombard SL.BC3. 

Mere. Gnn. Jan. 25. [172 7 183 7] *56 Tnrsertat _E85 3014 3J6 Black Horae Bd_| 13251 

Acc. IHx. J»n_ 25 — Z21-* 2»a 456 Target Pr. Jan. 25 ..Jl554 163.63 459 »*»“"■*« I 

Mat InL Jan- 23- 56J. 59.7M — 153 TgLinc. (29.1 3l2 ,s.m Canada Life Assurance ( 

anj 20«|:“ «g Coyiw&wihFi'rflEB M5I ^b"3 397 

E«“f j® 3 4,S Targes TsL Mgra. -Scotland) (.Mb) 8SUUahd 3& 

KSlS Ltd.¥ (a) laAttolCr^L^n.! MI-M1B Cannon Aonnace Ltd-f 


3LHre*hsmSu ZGZ 
Tttgrt Conaxplity Ri 
Terg« Financial—)??. 8 

Target Equity 137 9 

Tercet Ex Jhcl 25.. 1213 5 


IW’S id jj 


127 9j +U 
TLt -0 
24.4) .. 

... 

163.63 .. 


t Currenr tznit value Jan. 25- Hi 

4 t« j 'Beehive Life A*snr. Co. Ltd-M pL. 

218 l 71. lombard St, ECl. 01-6231288 Pus 

336 J Block Hor-'-eBd 1 132J1 ] J - 


New Court Prop e rt y Fnnd Magrs. Ltd. 

SLSwtthlnsLane.LAmfo0.Rr4. 01-6394336 
N.CI-Pr.F. Dee. 3C - 0143 12LM — 
Next sub. day March IL 

NFI Pensions Mnngwm»wt Ltd. 

48! Grececbnrrii St. EC3P3HB. Di-6234300 

Managed FliuU 3515. 157AJ | ■_ 

Prices Dec. 30. Next dealing Feb. I 

Norwich Union Insurance Group 


Sim Life of Canada (UJL) Ltd. 

2.3,4,CocksparSL.aWlYSB& 01-880940 

McpIaLL&th 1 1935 | ,,.J — 

acpteLL Mnn gL- 13B5 [ ] — 

tUpteULSMy. 1 UU J J — 

FenjnLPn.Fi TOOL I — 


Managed Fuuii — 3515. i57Aj .,.4 ■- Target life Assurance Co. Ltd. 

prices Doc. 30. Next dealing Feb. L ■ Tarem Reuse. Gatebeose Rd, AMm, 

Norwich Union Insurance Group ® BC ® L AjtatayiiBBjSw 

POSex4,NmtchNR13NG. 000322300 KSSSdto 


Prop. Fd-Inc. 
Prop. Fd. Acc. 
ftvp.FU.Inv. ^ 
Fixed im. Fd. 


— Money Unite 


153 T*L Inc (291 3l2 

,_TJ rs TetPrei 347 S3 

I 4 « Coyne Growth Fi-P£ 8 19JS 


'Series A. — 

InL Ser. A 

Cap_ 
Ace. 

Pns.GZd.Ccp. 
Pns.G«LAcc. 


125. 

1M.4J+0AI _ T+SdSLFd. 

Phoenix Assurance Co. Ltd 

4-5 , Kina WilUnmS*, KC-IP 4 HR. 01-638 9OTB Il-.rf.PlanFmi.Op 

Wealth Ah _.|UU 1105J-05[ — 'lilt Rci-.jtec. 

KbT.Ph.AsB. 1_ 7X7 | I — GUtnen-Cap. 

EbT. PlLEqJE. (78.7 743 4 - 

Prop. Equity & Life Ass. Co.Sf Trans international Life Ins. Ca. Ltd 

1 19, Cnroford Street, W1H2AS. 01-4860857 2 Bream Bldss,EC41NV. - 01-408840 


— .4 — ReLPIaaAc.Pen._ 

| HeUTanCspJtei-. 

„ RyLPlanMn-i Aec. 

01-6389878 ReLPlanMan.Can 

-051 — GlItRci-_Aec. 

j — GUtPieiLCap. 


xm Canada Life Assurance Co. Imperial Life Ass. Co. of Canada 

397 26 Kifih Sl. Patten Bar. Herts. P-Bar 31122 Imperial Bouse. Guildford 71 


^ E 


— Tulip Invest Fd. 


Grib. Fd Dec. 3 I 

nemradJMc. e„] 


| 4 — Crirtb. Fd Jan. 20L.R 

J -..J — . Pens. Fd. Jan. 20_ p 


71235 Property Growth Assnr. Co. Ltd.9 
1 — Leon Honae. Croydon. CR9U.U 016800000 

4 — Property Fund ] 170.0 ( .] — 


Man.BoudFd.__ 

Man. Pen. Fd. Cap. . 
Man. Pen. Pd. Acc.. 


Unit Trust managers Ltd.V (B) Target Earle Q2.S 243s8 +05J 140 

Qmrtauod Houae. Silver Street. Head. Target Thu41e. — 139.6 -3.6) -051 553 

Sheffield. SI 3RD. Tel. 074279042 Extra Income Fd- 1635 fc5.l| -05) 977 

teSS^I? • SS %i\ 13 T«des L'nicn Lhsit TsL Manager^ 
Growth. B * 357] -O.'J 3^3 100. Wood Street. SL’Jl 0163S8011 


CORAL INDEX: Close 481-4S6 


INSURANCE BASE RATES 


t Property Growth 1 Si% 

Cannon Assurance 4i°& 

* Artrircm shnire muter Insurance and Property Band Table. 


K-5 Ja -8-1 8S - ™« , JaB.a B13 546] | 4, 

D&AccTuk to* 32 "I" 376 Trannatlcnfic and Gen. Sees. Cc.V 

tarerne 5=3 -OJ 6.01 016SS-«vLoedca Rd. ChelE»'ord02t55U 

g^a-— i « i gss.se 16 ' 

i 1 ^ ftssss* 11 ' 

— HfiTB iiH f m Idctnaa. faisu 

m^r.Ti sis J^SttcSisP 

•Prices at Dec. 30. Next dealing Jan. 3L 
minster Fund Managers fad , itcccaL'nits 

MiasterHse, Arthur SL E.C.4. 016331050 fAS^L^teV 
Woawcliin.18. — gji 365) .. _| -5.C7 Marlboro Jan. 

Exeunt ^e. 30. ».6[ | 5-46 lArean. Celts 


cB I. CJympieWy, Wembley HA90NB 01-9028878 

*77 I Equity Units KZ6A3 — -0JW — 

.. | Property Unite B49 — — 

11.73 -fUB — 
1323 ._ . ~ 

3353 -OBI _ 

3159 — 


— Property Fund | 

Unit Linked PtctMte Property Fund CA)~[ 

MaS4S^d -|«J 1905] J - jfintajlfwJ 

Fixed UA. PU. N5.0 10dS ,| — Agnc.F>n d^A)_ .| 

Secure Cop. Fd. R5.0 3SB.o| I — Abbey Nat Fund 

Equity Ptml (53 l»3l 4 - Abbey KaL FcLtAj., 

Irish Life Assurance C*. Lid- IcvS^SSfu^ai” 

11. Finsbuiy Square. ECU. 0I-6S8B253 Equity Fund ! 

Bine Chip Jan. 1S_ M2 72.91 4 5X0 Equity Fund (Aj 

Managed Fund K14.7 226-ffl ] _ MnngFjmd^ — , 

Prop.Ws-Jan.4_-p5.« 13.U ... J — Money Fund i Ai — 

Prop Mod. Gth. l]79 2 168X1 J — Actuarial Fund 

ft ShazsosLid. ^ 

52.Comhfll.EC3. 01-623S433 <S: viro Annuity— 

Bond Fd. Exempt ,1133.90 116X0] ,_..| — «lnnned.Ann < ty._.. 

Ijnfhan Life Assurance Co. Ltd. vaii WroiberCap. 


J - 

:::::: = 

, ,4 - 


BASE LENDING RATES 


A.B-N. Bank 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank 

A P Bank Ltd 

Henry. Ansbacher ...... 

Banco de Bilbao 

Bank of Credit & Crace.f] 
Bank of Cyprus 


1 Hill Samuel § 6}°g 

■C. Hoare & Co t 6 *% 


BI-SSN'erLocdcnBd. Chelrai«rdKMS5l8SI 

Barbican Jec. 19 (76 8 8121 . I 5X2 

— ■ i ufl 3 122.3... J 5X2 


Hisstcr Fnnd Kanagers Ltd. 


y If ^d^Trty 

H" ” II 

SeS“' sji 

gl*« 

S3 |g £&e c &f 

II” n 

S| .::r ig Csjdtal Life Assurancef “ — 

45 93*10 5.95 awirtun House. Chafiel Ash Wlon 000228511' Caab 

464 +11 5.95 Key Invest. Fd - — ■ - 1 102J3 I I — Do.Acnun. 

62.3 ..... SM PacensataErinfFd,} 100X7 | — J - ■ EquHy Initial 

«? :r IB Charterhouse Bfegna G*V FhMjw Sa: 

77 i] ,05 18. Chequers Sq s llribrMseUB8 INC fiaim Do Aerum.~— 


Bank of.N.S-W 65 °!; 


Banque du Khone 

Barclays Bank 

Barnett Christie Ltd,... 
Brenuir Holdings Ltd. 
Brit. Bank uf Mid. East 

■ Brown Shipley 

Canada Permanent API 
Capitol C & C Fin. Lti 

Cayzer Ltd — 

Cedar Holdings 

■ Charterhouse Japbet... 

C. E. Coates 

Consolidated Credits— 
Co-operative Bank —* 
Corinthian Seeurities...- 

Credjt Lyonnais 

The Cyprus Popular Bk. 


Julian & Hodge ...... 

Hongkong & Shanghai 
industrial Bk. of Scot- 

Keyser Ulimann 

Knowsley & Co. Ltd.,. 

Lloyds Bank : 

London & European... 
London Mercantile ... 

Midland Bank 

[Samuel Montagu 


WLA Unit Treat Mgeomt. Ltd. 

Old Queen Stmt, SWl Haiti. 016337333 VanHvJia.2Q__ 

ULA. Units ]3t» 3U| .„ ..( *41 

I ACC.UZL L AJ Jfl ■ 

Afotual Unit Trust Managers? (a)(g) widemr Jos- 19 

IS. Coptlujl Ave, EC2R7BU. 016J64W3 


KBttalSre.Kus.™ SQJ 530-6.® 545 

Kaiualtae-Tri 11X 7U+-PJ 7.S Ba,Anm 

Katuai BireOi?-. 46.r:-C7; 5M TVndaH ManaCm Ltd.0 


' 1805 

40.0 

23.0 
value Jan. 2) 


LaogbwiiHs.HolnibroekDr.NW4. 01-2035211 Sndoi?rjLUt3. 


vnSpCSP, Man Fd(74J 783 J - SS.^kM_ 

Legal & General (Unit Aiour.) Ltd Man. Pen*. Cn. ut 
RtaBsmod Rouse. Klngswood, Tadworth. 

Su»>»ffKT20aEir. ■ ftnrtXb Heath SMS6 PTOpJ¥Hattp.Dte. 


\ - SSEKSi