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• Timber. Building Materials. Heating and 
Plumbing Equipment lor the Construction 
and A Wed Trades. Northampton 52333 

No. 27,470 

Friday January 27 1978 *is P 











cats fall 

as Bank 


MLR cut 

Debris from the Soviet spy 

• GILTS suffered widespread, 
falls as >th e Bank of Eni^and 
satellite which fell out of orbit stepped in to prevent a further 
on Tuesday is probably on the cut in MLR to-day. Tito Bank 
ground and emitting “ ex gave a clear signal through Its 
tremely dangerous" radiation intervention in the money 
levels, Mr. Barney Danson, markets that it did not want 
Canadian Defence .Minister, said tbe rate to come down from its 
in Ottawa. present 6 j per cent. Falls of 3 

Parts of the nuclear-powered longs and i In shorts were 
satellite had been -tentatively pin- extended in inter-office- business 
pointed near Baker -Lake, a re- an' the Government Seenrities 
mote area of northern' Canada, index dosed 0.42 down at 7&37. 
The source was being investiga- 
ted by -a Canadian and D.S: ® EQUITIES were affected by 
nuclear alert team. the Midland Bank rights, issue. 

The raj’s were dangerous and and the FT Ordinary "dev 
it might require toes of lead closed 7.4 down at 475.8. - 
shielding to remove the debris, 

the Minister said. It was still • STERLING dosed unchanged 
impossible to estimate the size at $14525. and its trade- 
of the object on the ground and weighted index was 664 (06 A) 
? w days beCore 11 could *‘ts highest since April 1676. The 

Mr Alexei Kosygin, the Soviet 
Premier bad sent a personal mes- lo 

sage to Mr. Pierre Trudeau, Can- A rmn foil <9 tn si 7=1 ' 
adian Prime Minister, offering * GOLD feU 52 to 5175 *' ' ... 
complete co-operation in band- ft WALL STREET dosed 9.1 

DSL^saiT 61111 '* matter ’ down .* 7634^’ a new low for 
The U.S. yesterday welcomed ■ ^ ear " 

ft COPPER prices fell to two- 
year lows following renewed 

French disarmament proposals 
which include an' international 
system of control satellites. 

Tanks out in 
Tunis riots 

Tunisia declared a state of emer- 
gency in the wake of bloody 
riots during yesterday's general 
strike. -Several people were 
reported killed and a curfew was 
imposed on the capital. Tanks 
were used ls violence flared in 
protest against attacks on trade 
union ofiices and the arrest or 
union members. Page 3 

Ransom sought 
for Em pain 

Kidnappers of Baron Edouard- 
Jean Empain. the Belgian indus- 
trialist. hive demandtd a ransom 
from his family, who were re- speculative selling. Cash wire 
ported to have received a. letter bars, closed '£12215 down at 
written and signed br the baron. 162245 a tonne.. Rage 29 
Paris police are convinced they - 
are dealing with a professional • U.§. basic' money supply — Ml 
gang whose motives are not —rose to 8337 Jbn. ($336.6bn.) 
political as had been supposed, for the week ended January IS, 

and the broader M2 to S8l2.0bn. 

Salisbury setback S^lton.). seasonally adjusted. 
Hopes that a Rhodesian internal •I®?*? 

settlement might be announced ? ■ *^J5SL1L € ^5? ur 1 Jfw 

in Salisbury before Monday’s 8**23! }? i nI? nSS 
talks between Britain and the tn 

Patriotic Front diminished last- p JJT-jL nni 1 
night after a day of inconclusive 

talks Rack and Pace 3 materials and promote mdustnal- 

taiks. bock and rage u isatton of poorer conntries. Back 

Ship blows up e . . . - 

. w NCB figures . show *a. rise in 
t ?„ a c ri ‘nr productivity in areas which have 
,i,966 tons. ean>in8 “JJ^e tons of adopted productivity schemes 
explosives, blew up. in the Gulf esoeciallv in the Midlands nits 

S’SMS'"*- ItS CreW ° f ^ 

-0 arc missing. pits have earned more than £30 

_ . - . . , - a week extra in bonus payments. 

Imnilgrailt cnecn The last Stronghold of resistance 
Twelve foreign restaurant 1° themes, in. South Wales. 

workers were rounded-up in a 0 S ° t - W nrmnrff?nh & p*™* t0 
Scotland Yard swoop in London’s t * ieir opposition.. Pages 

West End. The men— from 
Egypt. Sudan. Greece. Cyprus- 
and Spain— were thought t0 « * 

have entered the country as ( ^a|lQGrhQ|| 


on target after achieving the guillotine on the committee stage, Hie major 
Parliamentary hurdle, by an impressive majority in the Commons last night. 


SWAN HUNTER, the Tyneside builders, was signing 
shipbuilder, faces the loss of a tracts in Poland, 
lucrative Royal Navy contract damage Swan Hunter’s 





By Michael Bhnden 

was asking 

the con- 1 yesterday that it 
It will ! shareholders to put up £96.4m. 

-.Huuu.w „ _ chances j of new capital in one of the 

The Government seems set to complete the European- Assembly electio ns Bill! because oF * labour"' problems for other orders It is pursuing, biggest rights issues made. 

— -» __■»-■ — - — —• r ... - I which yesterday formally sealed and it bodes ill for union) The news brought sharp falls 

its exclusion from the £115m. leaders' efforts lu find a p-.-nna- in iho prices of all the big four 
merchant ship order for Poland, nent solution lo historic inter- j banks' shares, with Hidh r -~ 

Victory by ’314 votes to 137. debate, but the revolt was -well Unionists in voting against ibeL This further threat to jobs at gjjj 1 pay on lhe Baevs'* w«°Snwn b?«#5 

a majority of 177, did something contained by the stern warning guillotine. But 151 Tories backed :Swan Hirnter emerged a* the - . . - gQ0 thou-ht itJut 3 -, 0n National Westminster 

lo restore Ministers’ bruised to the Parliamentary Labour the Government’s policy. j^oup’s chance to retrieve four ' *bo< at S00 jnli . are thi ou hi : 

morale, after the defeats this Party by Mr. James Callaghan The legislation appears safe I* 1 * 3 Sro1 * ^ Polish contact f ,n - n nuunce I 30p lo" -6Sn P d 

week on the “green pound" and last Tuesday, coupled with a hint although nothin " can becemdn I *»«>«»«* wl V> the refusal of “ 1 Cc . ^ n _: <n _ n 7. unc 5; i p 10 

on the Scotland v * ,J J - 

threatened to wreck — „ cc „ „„ „ clflUOt , - . 

menl’8 devolation plans. Only four Cabinet Ministers the .Labour rebellion was con- ■ worKjn & 

Ministers intend to table com- took advantage of rtie Govern- tained and partly because of a 

pound" and last Tuesday, coupled with a hint alUi^gh MUq t£T te ce^in di^PPeared with the refusal of .°" s t a 

Bill, which that he would consider resigns- in thepresent session, as the past boilermakers shop stewards to S.iIh D r 7 ef ’ n-i o 
ft. Govern. Z?*, ?K ! JSlnV 6 ” U» Navy order obvlouily" »u,.W 

t o rsasi« as 

msnl mnlnnl with Cuisn Hnnlnp J 3rd OD lhe Lljde. Whll h liaS 

two-Jlne Whip, 

promise amendments to the m o n ts 
Scotland Bill that seek to 
reverse some cff the damage 
done, but the prospects of 
success seem remote. 

The handsome guillotine win 
means that the remaining stages 
of the Bill legislating for direct 
elections to tbe European Par- 
liament should be rapidly com- - 

pleted in a further three days allowed abstention without. fear ‘ 0r be seen 

of debate, and the measure of disciplinary action. an aut^-EEU stance would be 

Only 38 per cent, of Scottish 
voters would support tbe 
devolution BUI in a referen- 
dum, according to a poll 
earned out by the Scotland 
is British Campaign. 

Parliament, Page 10 

whicn policy decision in the Tory 
leadership in the last few days. 

When' the guillotine was an- 
nounced a week ago it appeared 
that about balf tbe Tories would 
oppose it on the groundst hat 
they refused to aid the .Govern- 
ment’s legislative programme. 

But since then party leaders 
have said behind the scenes tbat 

ment contract with Swan Hunter. ‘ ,,L * Cl > de ' - „ 

This would permit the ordering becn P‘ ven lh e bulk of K^jns 
of materials for its third through- orders are meet mg M-day. 
. They are thought unlikely to 

Other big banks were reluc- 
tant lo comment on their own 
prospects. i hough National 
Westminster indicated that it 
was not planning a rights issue. 

Barclays, the only one of the 
big Tour which did not make an 
issue in the last round in 1975-76. 
,, , . - . . . . , said that its capital requirements 

black the extra work, but before were keut under constant review 

taking any decision they will . . • - 

ask officials of the Confedera-I The setback in prices came in 

Shipbuilding orders. Page 7 
Japan cutbacks. Back Page 

deck cruiser. The Navy bas been Son of Shipbuilding and Engl- | s P ,,e of a P rom forecast rro,n 
told it cannot do so in the present n eering Unions io handle these. _ B .. 

circumstances. allocation problems in future, j Details, rage an 

Although the Navy would not Mr - -Tames Airlie, stewards' j Lex. Back Page 

confirm this position last night, ronvener. said: “1 do not believe | 

should reach the Statute Book by ^ ed 8* fol^'e Govern- 1 il was beheved i^tbe^dSy if there is any danger io , Midland which indicated rather 

the summer. - wood Benn. the Energy Secre- J ‘ Jle . 1 ^ J ^ D i a cii38 of the contract The Polish order, il should be ! better figures than expected. 

rhJ h Boundanpf SSmmteSon f ?n for^SocL Scotl^ Bill P partlv because ! was imminent. This single vessel solely on the decision nf the! The directors estimated, on the 

C C 0 o^muenrie^ ^ \ T :b I rSe^en^pffiPoSe?"? Sr" P of unaudited management 

and for the ejections to take and Mn. Peter Shore, Secretary from^e i thrnSh it hi never^cen officially Govan is to get three of the 

place by the new target date of of the Environment. SiSli iT I vaflued. ^ four ships lost as a result of the 

May or June 1979. j Two former antl-3Iarkct rebels. fivn? imnmJu Viekers and Swan Hunter each Tyneside boilermakers’ refusal 

. JtoSSrb^lU ^«nu &^^rand°SS’^SS l0 j£3lS! «« a to remm to a* flesiWe work- 

of the Bill on both Labour and voted for the guillotine. R °^fter- a prolonged 

Tory benches would delay its The Conservatives were also ve^erdav includine rdisSssMii 
passage interminably. and divided on the issue, though > clbSet on^ the extraSSinire 
prevent the measure reaching the partly for technical rather than events that led to 2?s 
Statute Book at all this session, ideological reasons. SSSiii JEL J J? 0 ? 

A hard core of 61 Labour MPs The Labour rebels were joined obstacles 1)6105 p,aced 10 Path 
carried out their threat to vote by 61 Tories, the Scottish Continued on Back Page 
against the guillotine timetabling National Partv and some Ulster Politics To-day Page 19 

Ition, but the Navy is known to in * arrangements and to drop a 
inquest! have P referred the Tyne yard gay cUIm ^hich^ is said to be a! 

accounts, that the group con- 
solidated profit before lax for 
1977 would be around £190m.. a 
gain of some 14 -per cent, over 
the previous year. 

The bank said that ils local 
and international business had 

Government to repay 

warns Leyland 

Rail fares report 

A Price Commission report on ft BRITISH LEYLAND has been 
British Bait fares which is' due warned by the Prime Minister 
out next month is expected to that the Government has done 
rriticjse the policy or higher all it- can to rescue the company, 
increases for' commuter fares, and that its survival depends on 
Page 7 management and workers. Mean- 

while, another two BL directors 
Briefly" ■ m m • ' have ' resigned. Back Page 

Nine people were arrested - in- • ROLLS-ROYCE is likely to 
Greater .Manchester last night need a substantial injection of 
after hundreds of demonstrators development money for new 
besieged a National Front - meet* engine programmes over the. next 
ing lit Hyd eTown Hall. • - five years. Page 7 

Water supply systems m many # daVY-LOEWY of Sheffield 
large U.S. cities have excessively bas m a £S$m _ plant contract 
high levels of chemiKds known for Minas Gerais steel com- 
?o cause cancer, the- ILS. Environ- pies in Brazil, taking total U.K. 
nienial Protection Agency contracts to more than £235 m. 
warned. Page 4 pg y 4 

Fhc prisoner u’ere injured -when • 
riot police stormed Madrid’s nnupifilFQ 
Carabanchel prison to break up wvi»r ww*" 

a mutiny. ft 1NCHCAPE reports pretax 

A Blizzard, battered the- OS. profits at half time only margin 
middle west, shutting down ally improved at £34.42m. against 
businesses. £32. 87m. Page 21 and Lex 


(Prices In pence unless otherwise Costain (R.) ' 350 — 10 

indicated) Fitch Lovell 57 — 5 

General Accident ... 224 - S 

RISES GUS.A 264 - 6 

Avery* 16S .+; 9 Harrisons jc.Crosfield 362 — 25 

wusey and Hawkes .. 204 -f 4 Hawker Siddclcy ... 1SS — B 

British Cinematgrph. 59 + 7 Tnchcape 360 — 20 

Caledonian Cinemas... 305 + 15 Marks and Spencer... 146 — 4 

navy IntnL 239 + 5 Midland Bank 370 - 27 

JlaleK Properties ... 36 + 4 Nat West 26S — 22 

umsdalc Universal... 65 + 5 Tate and Lyle 209 — S 

jnd Allen 145 + 10 Turner and Nowall— 211 — 4 

s mall5haw (R.) 23* + 3 Vickers 1ST — TJ 

■fcund Diffusion ... 49 + 4 Vosper 165 — 9 

Turner Mnf 119. + 13 - Yarrow' 2S0 — 15 

. »esiorn Canada Inv... 640 + SO Anglo American 260 - 17 

JVlufail (H.) 262 + 6 De Beer® DM. 291 - 11 

Wills tG.) -58} + 4i General Mining JE14J. — 3^ 

Kloof GoW 474 - 23 

.. . FALLS . Libanon 4M “24 

exchequer UJpc.'SS -..£38 - i Messina 90 - 6 

gxelteqr. 131pc \ Randfoniein £33i - 12 

^relays Bank ......... 320 — 25 Southern Malayan. ... 245 — 10 


THE GOVERNMENT has decided Joans and other public sector tranches and the oil facility is 
to repay Slbn. of its borrowings debts may be repaid before of less direct help to the fund, 
froin the international Monetary* time this year, when borrowings since the money mainly returns 
Fund well ahead of the due totalling S950m. mature anyway, to the big surplus countries. The 
dates. Consequently it is likely that precise timing of repayment of 

tAllt S?Hn nf Iho TT V >r .V. «... . i _ . . 

for its third contract. A period breach of the Government’s in- J continued to expand, creating the 
of negotiation similar to that comes policy and the TUC’s 12- 1 need for more resources. Part 
which has spun out the Polish month rule. ; of the funds required had been 

negotiations now seems likely. It bas already taken one of 1 supplied by profit retentions and 
The boilermakers' decision three other Polish ships : by lhe $30Qm. subordinated loan 
came as Mr. Michael Casey, reallocated when Swan Hunter’s j capital raised in the Eurodollar 
chief executive of British Ship- . Continued on Back Page .market in the past years. 

Midland's directors believed, 
however, that it was now “desir- 
able lo increase the equity capital 
base of the bank." 

The issue will increase the 
hank s ratio of free equity capital 
to deposits from 1 per eent lo 
around 1.9 per cent and is 
expected to improve the relation- 
ship between ils equity and debt 

The issue of 29.987.740 ' new 
[shares is to be made at a price 
of 330p a share. Jt will be on the 
basis of one new share for every 
shares, and 21 

Richardson stays 
as Bank chief 

This was revealed during Com- about SSbn. of the U.K.’s official the first tranche has not yet been 
mous Question Time yesterday by overseas debt may be repaid this resolved. «- 
Mr. Denis Healey, the Chancellor year out of a total of nearly qn.. rnTOrnm . n . '. 

of the Exchequer. sa>bn_ due between now_and the m n r^ U h 

ec^mk^nd^rSScuf^uW^ “™fSean S that the whole of ^S’e^S^hS 

as- ,, £M h fu s aurinsrs ss 

and 1983 b °- ^ ^ “ iS^KuTSu mlffi 

The intention behind the C^vernment clearly w^ots ^S^Sl.notT^^x 
Government's move is primarily 10 take advantage of the current constraint on U.K. policy. This 
to spread the hump of overseas account surplus while it is stiff issue is completely separate from 
debt repayment, as large substantiaL foilow-ing the hve- TepaymenL 

amounts are due between 1979 fold rise in the official reserves . , . ... 

and the mid-1980s. in the last year. r 1 ' part fr 0 ® repayment . economic strategy. 

This proces has already been The new repayment to the of Jeans, the U.K. is also seeking During his first five year 
started. Earlier this month it fond will mainly involve the first [] e ' v sorrowing with maturity 
was- announced that the Elec- uedit tranche of S850m. drawn dates 1116 J ? ea ^«X®P ayt ? eilt 
trieity. Council would repay in May 1976 and maturing in of tbe ea rl y 1980s, where 

before time, a 5500m. loan. matur- I979-8L This tranche -helps the c= “ 
ing tn 1982. On top of this, liquidity of the fund most and . Sin £® j total °* 

S260xo. has been repaid early will enable it to assist other „ • overseas 
since October. borrowers. P ub,lc bodjes - 

It is possible that further fund Repayment of the other Editorial comment. Page 18 


has been re-appoint pd for a 
second five-year term as 
Governor, of the Bank or 
England, il was announced 

The appointment, widely 
expected in the City, lakes 
effect from July 1. Mr. Richard- 
son, 62. was made Governor in 
succession to Lord O'Brien in 
July, 1973, at the start of a 
particularly eventful period in 

In domestic policies, (be 
Bank, has played an important 
part hi tiie adoption of mone- 
tary policy and of specific 
monetary targets as a major 
element in the Government's 

stinl Mr. Richardson has seen 
through the fringe bank crisis . . 

in the U.K., during which he [five existing 

played a centra) role in estab- 
lishing the lifeboat support 
group to avert a much wider 
crisis of confidence. 

He has played his pari in 
the development of co-opera- 
tion among central banks in 
the establishment of respon- 
sibility for international bulk- 
ing activities. 

The past five years also have 
seen repealed foreign exchange 
market crises and pressure on 
the pound, followed by the 
sharp reversal of the past year 
with renewal of confidence in 
sterling— partly as a result of 
the central bankers' agreement 
on the safety net for sterling 

shares for every £500 nominal of 
•the bank’s 71 per cent con- 
vertible subordinated unsecured 
loan slock 1983-93. 

Tbe profit figures indicated 
that after the sharp jump lo 
£102m. in the first half of last 
year Midland suffered a setback 
in the second balf to around 

£ to New York 

.laiumry 26 Prei imix 

s r .rt »I.<MSO-KOO Kt-toto-MuO 

J 1 1 h. ■ 1 1 1 1 ■ 0.05 ).QS im »> Oj 33 -Oi 3 apn'iii 

5 iimui lio O.S , i-C'.fl 2 prriii 0 - 28 -O. 32 |(r«?iii 

ir-iiHUili- ’ O.W-O.Eaint*n< 1.tiW4>.7Spi*]n 

Reed cuts back in South Africa 



REED INTERNATIONAL, which and made it clear that the com- shares at 310c of which Reed 
has greatly expanded its involve- pany wished to disengage itself International’s shareholding was 
ment in South Africa in the past from South Africa.] worth R46m. SAPPI, j n which 

four years, announced to-day The official announcement. Union Corporation holds over 50 
that it is negotiating to sell the recording that the listings of per cent was capitalised at 
major part of its interests here SAPPL Kohler and Reed R56m. on the pre-suspension 
to SAPPL the pulp and papei Nampak had been suspended, in- quote of 195c, while the smaller 
manufacturing subsidiary of dicaled that negotiations would Kohler Brothers, which is likely 
Union. Corporation, and- to to be involved in the deal, was 

Kohler Brothers, another Union News Analysis. Page 22 worth R12m. 

Corporation subsidiary. ' Lex, Back Page Should the talks with SAPPI 

Inis move out of South Africa - — — and Kohler be successful. Reed 

la Reed’s first really significant cover the disposal of Reed Inter- will retain subsidiaries in the 
decision in its attempts to reduce nationars 62 per cent, stake republic — notably Spicers. Pal 
its heavy burden of debt. in Reed Nampak as well as its 50 ladinm. Tension Envelopes and 

Mr. Bas Kardol, the chief per cent, stake in Stanger Pulp the building industry, interests 
executive of Reed’s South African and Paper, an R65m. venture under tbe Twyfords banner, with 
interests, describes the deal as with C. G. Smith and Co. net assets of Raim. and a gross 

purely commercial in its \ 0 financial details have been figure nearer RBQm. 
motivation." announced, nor have any mer- This is despite tbe sale, in 

[But. in London the finance chant bankers been appointed to August, of various other Reed 
director of the parent company, assist with the terms. subsidiaries, including Kean- 

Mr,. x>«vid Cormie. said that However, on the basis of pro- lands, to Reed Nampak. tbe 
tnei£ was a “ complex of suspension prices. Reed Nampak group's 63 per cent owned 
reasons "* for Reed's desire to sell was capitalised at R75m. with the quoted subsidiary, for R8m. 


European sews 2 

Overseas news 2 

American news 4 

World trade news 4 

Home news— general ... 6& 7 

—labour 8 

— Parliament ... 10 

Technical page 15 

Management page 15 

Arls page 17 

Leader page 13 

ILK. Companies 20-22 

Mining 22 

Inti. Companies .,* 24-25 

Euromarkets 24 

Wall Street 23 

Foreign' Exchanges 23 

Farming, raw materials ... 29 
UJL slock market 30 

West German economy at 

a crucial stage 18 

Politics Today on constitu- 
tional reform : J9 

Engineers inspire the 
revival of Citroen 2 


Japanese shipbuilding: too 

late for small- yards 3 

Arson in New York: burn- 

the tax base 4 

North Sea Oil Review: 
problems at Murchison 7 

Around Britain: 
broke Deck .... 

at Pem- 



UJK. textiles 11-14 

JUtpelntrons uw. 
Appahi tm e n IndL 
mok Rmn ... _ 

»wU i inu for Sale 








Mes on) Ma ne rs — 
Money Kota 

Food ■ Macs ...• ... 
FT-uunries ibiQccc 
Letters — 

U Hastes 
X7 saleroom — ___ 

51 Shore Intermix*... 

SO TsoBte ‘ 

Tn-day’s Coons — 










' « 

TV sod Radio ...... 

Doit Trnji$ ... 






csr a 

Cary. & Hew Two. 25 
MU. Wits. W. Areas - • « 
^cWesiascr UHr... M 

A. Anar. Cdd Inv. 2 S 

Batten Book 9 

■rit. bear Corvn. 2t 

rotTvooo intnoi. a 

EasGBi Onto day* U 

Props: Have wharf 4 

Boos Lending Rates 31 

For latest Share Index 'phone 01-246 8026 




Then expert help is needed . . . 

a complete property service 
to industry and commerce 
throiidwut the 

and WestemEurope 



Chartered Surveyors 

3*4 Holbom Circus 
London EC1N2HL 
Tel: 01-353 6851 
Telex: 25916 

ana aStefteKL Wi&mfl S toe 

Mih ip n of industrial & commercial property. . I gents for 
the Stile. I ft ting ami purchase of industrial Sc- comnienial 
property, hwesnndnt, fincmec jz. dpivlopmenl i omul touts. 
Rating SC compensation surivyor& Maul SC machinery 1 1 ihters, 


financial Times Friday January 27 1978 


Three Christian Democrats 
in new Portugal Cabinet 


LISBON, Jan. 26. 

THE PORTUGUESE Prime Tbe major innovation is that his outspoken views on an 
Minister. Sr. Mario Soares, the Christian Democrat, now austere economic policy leading) 
announced his new Government take control of three Ministries eventually to the entry of a 
here to-nighr at a hastily con- —Foreign Affaire, Trade and strengthened Portugal into the 
veiled news conference follow- Tourism, and a new body, the Common Market. His Ministry 
ing consultations with political Ministry of Administrative combines . the former Planning 
figures lasting for more than a Reforms. and Economic Co-operation and 

week The final 15-man list of ^be last named will be headed Finance Ministries. 

Ministers was approved by Presi- ^ Rui Pena. 38, a lawyer. The former P lannin g Minister, 
dent Antonio Kamalho Eanes this 'jY a£ j e V ju be under Dr. Basilio Sr. Antonio Sousa ‘Gomes, goes 
afternoon. It consists of ten >{ orta 34. also a lawyer. The to Housing and Public Works. 
SfitiaiiSiS three Chris Jan Demo- aew Foreign Minister is Dr. Vic- The former Finance Mini ster, 
crats an dtv.o independents. tor de § a Machado, a lawyer Dr. Henriqae Medina Carrera. 

Sr. Snares described his new aged ^ has no portfolio in tbe new 

1st' ba?e with aS personaIities S< f?cni Members of tbe Socnailst Party Government 
the CDS" 1 Christian Democrats), v bo were regarded by the Chns- The new Minister of Agrj- 
wilh the exception of the tiao. Democrats during the. culture. Dr. Luis Sals, is 
Ministry of National Defence negotiations as being dan- expected to" pursue the con- 
which is retained by the army gerously ^ft-wing have not been troversial policy of returning 

Sweden row 
over claim 
linking loans 
and uranium 

By William DulHbrce 

STOCKHOLM, Jan. 26. 
MR. OLOF PALME, the Soeial- 

in the person uf Colonel Mario included in jhe new Government. some of th e land expropriated BaD5 j ad $ te contained 

Firmino Miguel, the Minister in thus removing Obstacles to the since the military coup of 1974 cen f. of Europe's 1 

the previous administration. It eventual compromise. to its original owners. deposits and was a sis 

was. he said, a very different The new Socialist Minister of The new Government will 
Government from the first con- Finance, for example, is Dr. start working to-morrow on their 
sTitutipnal one. and “ the circum- Victor Constancio, 34, a former programme, which has to be 
stances which the country now vice-president of the Bank of presented for approval 
faces are totally different." Portugal and a man known for Parliament before Thursday. 


Bonn bugging outcry revives 


BONN, Jan. 28. 

HERR GEORG LEBER, the in sorrow than anger. Most without Herr Leber’s knowledge 
Wes I German Defence Minister, deputies recognise the services —in 1974. 
is coming under renewed pres- Herr Leber has rendered as a Herr Leber bad known the 
sure to resign, following revela- Minister for more than 11 years secretary was being investigated 
tions in Bohn of another “bug- ^ Bonn, almost six in the and was soon told that sus- 
ging " affair. arduous defence job. Nonethe- picions against her . proved 

•rvic m k. less, the feeling is now strong groundless. She is still in his 

This time not only members that m ct»n. h™™ „= n 

of Ih* nmncitinn „„„ ui«i he should step- down as employ. Btit he was only told 

*°° n 35 3 moment comes when of the bugging early last year, 
down "'’rriil -km he can do so with honour. Bonn was then involved in the 

b ; s Sncia^ Deino^rat Partv i/pDl Tbis week - il has been con- "Traube affair"— when Herr 
and in C n- n*/ 3 * firmed that the apartment of one Werner Maihofer. the Interior 

’ of Herr Leber’s secretaries was Minister, came under fire for 
rree ueniDtrats IFDPJ. bugged by the military counter permitting the bugging of the 

Much of this criticism is more intelligence services (MAD) — house of an atomic scientist | 

suspected of associating with 

New leaders for industry 


BONN, Jan. 26. 


found new leaders to 

two top 


Herr Maihofer told the 
Bundestag this had been the only 
such bugging incident. It now 
transpires that neither he uor 
Chancellor Helmut Schmidt had 
been told by -Herr Leber of the 
incident involving the. Defence 

The boss or tbe. Federation of.^T^ seerntar? 
organisations have German employers -association This matter" bn Its own might 

succeed (BDA) will be Dr. Otto Esser, not have raised a orpat stir Rut 
Dr Hanns Martin Schleyer, who aged 60. a man of Jong jt follows a series of other 

headed both until murdered by experience in tbe chemicals damaging 5 incident? in Herr 

terrorists last October sector. ( He has been acting Leber’s sphere of authority. 

President of the president since Dr. Sehleyer’s particularly the revelations late 

® r German Industry- death. last year of the betrayal of mili- 

f BDIi vs to be Dr. Nikolaus Both men will be proposed at tary secret s to East Germany 
Fasoli, aged 56. He is a leading extra-ordinary. meetings of The immediate question asked 

figure in the ceramics industry*, members of the respective is whether Herr Leber has full 

a brilliant linguist— and a extra-ordinary meetings of control of his Ministry and of 

relative of the writer Vladimir seem certain to be voted in un- the activities of military- counter 

Nabokov. opposed. intelligence. 

Home appliances production rise 



FRANKFURT, Jan. 26- 

domestic Home demand for domestic ap- in the electrical motor sector 
appliance manufacturers saw out- pliances went up by a real 4 per where turnover went up by a 
put increase by a real 5 per cent. cent. In contrast to previous nominal 9 per cent to DM2.85bn 
last fear to reach DM9.1bn. years, large appliances sold Production of electrical heaters 

i£2.23on.l. This year is expected rather better than small ones, rose by 6 per cent, to just under 

to produce further, although Growth in the small machine DM2.Sbn., and refrigerator sales 
somewhat slower, growth with sector amounted to about 4 per grew 6.5 per cent to DMl.Tbn. 

output increasing by between 2 cent., and sales of the large Washing machines fared much 

nr 3 per cent. household appliances increased worse, with turnover advancing 

A report by the Zentralver- by between 5 and 6 per cent by 0.5 per cent, to DMLSbn. 
band der Electrotecbnischcn Overseas sales were adversely _ A* 1 "*" Dicks reports from 
Industrie (ZWEll. the central a ff ec teri both bv the current Bo P n: West German dock- 

association of the electro- ****** bo “. ' ? t th * CUrren . t strike, affecting 16.000 workers 
tcehncinl industry, said that the ® cono ™ lc * lu " ate of weak ; n th e country’s seven largest 
domestic appliance manufac- demand in the European market ports, ended its second day this 
lurers last vear accounted for 12 an< * a J S0 by the strengthening of evening with no sign of any 
per coni, of the electrical sector's the deutschemark against the fresh peace initiative. But- there, 
production. currencies of many or West was an indication that the' public 

This ypjr, in spite of the sales Germany’s most important service -union £>TV, . which is 
increase, capacity utilisation in partners. Exports were Qfganismg.the-strTko, irOTht settle 

the domestic appliance sector wor ^b some DM3.4bn..- a .real 3 ;f0r^tes? than-ti».9 

was expected to remain at an P er U P 1976‘s perfori ori^n^Uy^ilaiiaecI . b r.' t b^ budgCt deficir. It adds 

i ' j _ on raance. imoorts. at the same -umtnw mnna-o 

unchanged 70 to SO per cent., ?f. oce ’ 1 ^ sp £y. ts V a * SlegfiM "Merteff, deputy- fp% 1 

while the number employed in HSfViJ 096 ‘ p€r cent- to dent of the onion, said he 

ihe industry was expected to UM1 - aDn - expected at least “a six before 

remain stable at S4.000. The largest sales increase came tbe decimal point.” 

Democrat opposition leader, 
claimed last night that Sweden 
had been borrowing heavily 
abroad against the guarantee 
of uranium deposits, which 
Mr. Thorbjonv Falldin, the 
Prime Minister, had no Inten- 
tion of developing. 

The charge, made in a radio 
debate, was “ categorically 
denied” by Mr- Falldin, 

whole Centre Party Is com- 
mitted to halting Sweden’s 
nuclear power programme. - 
Mr. Palme said Sweden's 
80 per 
deposits and was. a significant 
factor In the credit assess- 
ments of foreign lenders. But 
Mr.- Falldin ’s Centre Party had 
been blocking plans for 
exploitation of the uranium 
by . the State-owned LKAB 
mining company. 

The clash came as the 
ruling non-Soclallxt coalition 
approaches another internal 
erisis over energy policy. Next 
month the Government win 
have to decide on credits for 
initial construction work on 
the country’s eleventh nuclear 
power statlon. 

Tbe Centre Party has so far 
refused to countenance further 

Yesterday the .Federation of 
Industries handed Mr. Falldin 
a 30-page report calling for 
nuclear power capacity to be 
more than doubled by the 
1990s, -for a 25 per cent, in- 
crease in hydro-electric power 
and for the mining of 2,500- 
3.000 ions of uranium a year. 
This would . cut Sweden’s 
dependence on imported oil 
from 70 to just over 40 per 

The Federation- argued that 
expansion of nuclear and 
hydro-electric power was neces^ 
sary If Sweden was to continue 
fo • develop as -an industrial 
nation and maintain its stan- 
dard of living- Its programme 

EEC Commission borrowing 


* ? 


BRUSSELS, Jan, 26. 

: t 


EEC finance ministers will next sion has after some reluctance SSSo-FiSch^clSSSS 

month be asked to authorise the now settled otr a share-out of top bank official said . --- 
Commission to raise up to Ibn. responsibility between itself and he pointed out that the bank ft . , 

European units nf account the EIB. its own lending ceiling on an> thermal 

loan money, react to tbe European Com- 
raised in in unity borrowing, under yet 

across the channel, geo- 
enersv and North. 

its of account the EIB. its ^ ^ oiT development. ■ 

($1.23bn.j on the international The Commission is to do the, ora -project— half the. total cost, the capital markets would 

capital markets for big energy, borrowing,' and leave the Lnxem- dr 80m. ua. - 

industrial and infrastructure bourg-based bank, whose Board Tbe “ Ortoli 
projects.. • of dii 

As several member 

particular West Germany, have administer the individual loant council oi ■»»« H 13 A n ^ , t T n iw “ th^Bank and the Commission 
insisted that the European The new loan plan, prepared used to top Ul! L?OT Blu Sg eD ,HnT in ^arh other-fT™ 
investment bank use its long by M. Francois Ortoli, the EEC contribution to certain bij, z vs rl;c ^ becomes very 
experience to manage the new Finance Commissioner, covers projects. 

Community loans, the Commis- “broadly similar areas " to those Possible examples 

! i:b 



5TS» hidr w Jf S JS? « a» 

states, in national finance ministers, to tranches with the approwu ot ine auuugi . 

any, have administer the individual loans, Council of Ministers’, could be 

cited by tight." 

Support for Lome pact human rights clause 

BRUSSELS. Jan. 26. 


including an Preparations are already u nder atrocities Q Wnmtt Ud by tbe Amin "nP'saifflS 

THE IDEA of including an 

explicit reference to the respect way in Brussels for the renewal regime in Uganda. r "* the subject 

of basic human rights in the of the first Lome Convention, due But. although the Nwc agreed he ■ 1 b ’ ntttlvcs of 25 Con- ' 

text of the next Lome Conven- to expire at the end of this year, to halt any EEC aid to Uganda *rth ropt^ us oi 

tion — the present one links the It provides for trade and aid which could be used for non- en SSoal. however, that 

EEC and 52 African, Caribbean arrangements between the EEC humanitarian purposes, closer n l - • * *~ 

and F ' ' ' ‘ 


Claude Cbeysson. * producing countries for losses in men is made through the Stabex ^ 

But he suggested that it their ex^rt earnings. commodity earnings fund are to 

would be very difficult politically The idea of usfng the conven-.; M. Cheysson said t0 * da >’ ^ ,C pL t C ev w ® n t ro raise 
and teeboically, to make the pay- tlon to try to enforce respect for felt that some reference should the EEa t ^ C e rt J l inc ^ policies of 
ment of aid funds under the con- human rights in the developing be made in the new convention quest o „ovnm m ents 0 f, 

vention conditional on world was first broached last^ to the violation of human righto, European SO\ 'Cmmcais^ 
observance by recipient govern- summer by the British Foreign -because the emotional Public treatment 

ments of a code of humanitarian Secretary, Dr. David Owen, fol- reaction which such Incidents employment and treatment 
conduct. lowing reports of widespread created in Europe could rob the immigrants. 



Marked fall 
In French 

By Robert Mauthner 

PARIS. Jan. 26. 

undermined by the poor showing : secretary-general, 
of the 

Berlinguer reaffirms demands 

THE CENTRAL Committee 

ROME. Jan. 2fi. 
This latter formula, to which 

essentially ®ntail all-partj — 
to he ex- emergency economic and social 

reaffirm - Its His speech was 

coalition ' parties IS | demand for direct Communist hard I Hue ^ ( as was in ! ne p^'ramme. which the Com- 

latest pre-electoral ' participation in government. P. ect f d V Siterateri hfs mumsts would support dircctb' 

opinion polls, was boosted I today) sig. Bertinguer’s speech SSiv SemSd for Cabinet posi- ^ Parliament. : 

by December pnee index figures.; was directed not just to the f n d 4“ next Administration. However, since il would cnt.ul 
These show a marked slowing of I central Committee but also, Uons in : . . „ an open acknowledgcmcm by the 

inflation. ■ ! ^directly, to Sig. Guitio He even advocated, as an ( . hricll!tn n^muorats that Com- 

Christian Democrats that Coin- 

mairecuy, to oik, uuiuu ^ — _ — , - „ . •• — * r — - — - 

After increasing 0.4 per cent.; Andreotti. the outgoing Prime hypotheses but not a^ubmmeo niunist sup p ur t was essentiaf for 

in November, prices rose only 
0.3 per cent. last month, giving 
an overall inflation rate for 1977 
of '9 per cent., against 9.9 per 
cent in '1976: . : 

During the last quarter 

-Minister, who is now endeavour- proposal’* that, in effect, th® the governments survival, it is 
ing to form, a new administra- Christian Democrats, who nave gtin being rejected strongly by a 
tion ruled Italy for more -than av VQCa i element within Christian 

.o , ror- 

r jjui lux me mi. quAi lci ^ He a Left-wing administration- in mu!a , v;holher negotiated by Sir. 

ia77.]iiftation ran. on an annual ^stiao Democrat Pa^ He ^. hich ^ Commull jsts would Andreotti nr another prime 

— i-—- ! basis at no more than 6.2 per|}5 to ^ee senior iraae a? 1011 predominate. niinister-dcsisnale. would still 

would Imply expenditure of , cent compared with 8J2 per cent.; leaders to-morrow. vet he did Jutt alve a hint of auoear to b? fresh eteitloiw. 

Kr.6-7bn. (£66IM77nmA. a i i n the same period of 1976. Prime i The Communist secretary- ' e | “ e ^ f . he somethin" 0 which Si" Berlinguer 

year on nuclear and hydro- Minister Raymond Barre’s target! general reaffirmed bis demand P°“ lb *5 -ifn enm- claimed "this evening manv 

mwer. «r twice « I of about S per cent, inflation in for an “emergency government” referred to the Christian Demo Uaimea inis c en,ng n 
197R has thus become more to tackle Italy’s mounting crat refusal not only ^jccept Chrts^ 
realistic than it once seemed economic recession and politic Communist P a rtlcjPation »n Jarun* 

despite scheduled rises in rents, ally motivated violence. He Government, bu tire pariys «hlch hn own party ma*mM 
nubile tariffs and petrol in -claimed that the “current ten- ^ -"gg* ^nati^. 1 — n °!tt th^s 

a majority." difficult and delicate time. 

electric power, or twice as I nf about S per cent, inflation in] for an 
mnrb as Ibe present rate, 
already being -challenged by 

Mr. Falldin’s Centre Party. 

Banks’ liquidity 

increased 6% 

! January and February this year ■ s ions’* in the country demand acknowledged 
f Last month’s increase was the! immediate collaboration -anrt a maioritv." 
lowest since December. 1976, and I 

By Our Own Canrespondent 
STOCKHOLM, Jan. 26. 
SWEDEN’S Riksbank (Central 
Bank! announced to-day an : ni^ 
precedcnted increase from next 
month of 6 per cent in the 

January, 1977. when prices were 
kept down artificially by a tem- 
porary freeze a/id VAT reduc- 
tions. Food prices, particularly 
of coffee, fruit, and vegetables, 
which were '.ttaiaiy^ responsible 
for the sharp jump in the index 
last autumn, have remained 
stable for the Tavt two months, 
j -Prices- of manufactured goods 
-are rising moderately after big 
I increases in October and 

Soviet output rises 5.7% 


MOSCOW. Jaiu-26. 

obligatory liquidity ratios of < November, provoked by a sharp 

tbe three largest commercial 
banks. Tbe other commercial 
banks’ ratios will go np 5 per 

The move has been prompted 
by the Kr-33bn- (£3.7 bn.) deficit 
in the 1978/79 budget sub- 
mitted .earlier his month, which 
would increase bank liquidity 
and threaten higher inflation.. 
...The" Riksbank says’ ihat it. 
cannot permit an uncontrolled 
credit expansion to reinforce 
the increase in the money 
, c TSUftPly:. r whtch : will be created 

that alight 'domestic money 
policy Inusf be maintained to 
induce Swedish companies to 
continue borrowing abroad. 

rise in textile prices. 

Better inflation figures have 
gone hand in hand with im- 
D roved trade performance. A 
December surulus of Frs.l.SSbn. 
(about nSOm.) crowned progres- 
sive reduction of montblv deficits 
in late 1977, marred only by a 
large, freak- shortfall in Novem- 
ber. 1- This, enabled the overall 
1977 .deficit to be cut to 
FrsAljBTbrii little more than 
half the 1976 shortfall. 

Progress has been made to- 
wards reducing unemployment, 
though this still exceeds lm. Tbe 
National Institute of Statistics, 
in its latest review, indicated 
unemployment was still the 
Achilles' heel of M. Barre’s 
economic recovers" programme- 

SOVIET INDUSTRIAL produc- Pravda said that all Soviet 
tion increased by 5.7 per cent. Ministries and Ministries in the 
during 1877; an improvement unipn "republics met their plan 
over last year’s - increase of 4.8 targets with the Exception nf the 
per cent, but still the second Soviet Ministry of Ferrous Metal- 
lowest annual increase in indus- lurgy and the Ministry of Meat 
trial output since the second and Milk Production, 
world war. / The final Soviet grain harvest 

The final 1977 figure exceeded figure was given as 195.5m. tonnes 
the r^an target, which was 5.6 and the Soviet Union was said 
per cent, but was still consistent to have a record cotton crop, 
with the steady decline in the previously announced as 8.7m. 
increase in Soviet industrial pro- tonnes, and a record rice crop, 
duction since the 1950s when No final figure was given for the 
Soviet industry grew at annual rice crop but the previous record 
rates of between 10 and 16 per was 2.2m. tonnes, 
cent. _ Pravda said the meeting of the 

Preliminary results which did Council of Ministers noted that 
not break down tbe production despite overall plan fullfilment 
figures into results for heavy the Soviet Union’s 1977 economic 
and light industry - or* give , th? .ppifponance . was , plagued- by ' a 
important figtire for the increase variety of “shortcomings’’ on the 
in labour productivity were pub- part of the Soviet Ministries, 
lishad to-day by the Communist Including the -failure- to enlarge 
Party newspaper Pravda la ’a capacity, finish- ‘cdftsf faction pro- 
report on a meeting of the jects end install needed equip- 
Soviet Council of Ministers. ' ment. 

Norway accord 
on F-16 

By Fay Gjc&tcr 

OSLO. Jan. 26. 

AN AGREEMENT has been 
reached between Norway and 
the U.S. which will allow Norway 
to supply parts for U.S.-built 
F-16 fighters, as foreseen in the 
Norwegian-V.S. purchase agree- 
ment for this aircraft, without 
violating strict Norwegian regu- 
lations concerning exports of 
military equipment. 

After prolonged and difficult 
negotiations in Washington, the 
U.S. Government has issued a 
carefully-worded statement 
promising that ’’every effort will 
be made" to ensure that the 
Norwegian -made parts are 
installed on F-18s destined for 
NATO countries. . 

Though it does not specifically 
say so. the statement implies 
that Norwegian parts .will not 
normally bo installed on aircraft 
ordered by countries at war or 
likely to he involved In war. 

Engineers inspire Citroen’s post-merger revival 


spectacular financial collapse m 
1974 was the symptnn of a deep 
malaise in the smaller-sized 
European motor companies. 
While the L'.Iv. Government put 
together an expensive rescue 
plan for its biggest exporter, the 
"French Gm eminent moved in to 
assist Citroen, pushing it into 
the jrnui of Peugeot rather as 
British Lev I and had been thrown 
together from Britis'h Motor 
Holdings ami LcyUnd Motors in 
!96S Only a few months later ihe 
disease spread to Daf in Holland, 
resulting in yet another 
Gnvcramcnt-barked rescue and 
the sale of Pul" ears to Volvo. 

The fact that neither Leyland 

nor Volvo has fared well since 
then suggests that there is a great 
deal of force behind the argu- 
ment that medium-sized pro- 
ducers in Europe are being, 
forced Into a corner. The battle 
has been going unmistakably to 
the big battalions in recent years 
— Ford, Fiat Volkswagen. 
Renault and General Motors. If 
the trend continues, and the big 
battalions grow even bigger as 
they grow- more multinational, 
what place will they leave for 
their smaller competitors? 

Citroen’s progress in the past 
three years offers. 3n Intriguing 
possibility of survival. Only a 
few days ago it paid back the 
Frs.lbn. loan (£llim.) which it 

raised from the Government 
during tbe crisis of 1974. It no 
longer needed the money because 
it had been able to restore its 
normal lines of bank credit. “ To 
be in debt to the state was like 
being in debt to a pawnbroker.' 
I was not pleased to be living on 
the silver plate of my grand- 
father." says George Taylor, 
president of the group. 

Under Taylor’s stewardship 
the banks have been able to see 
a steady financial improvement. 
In 1976. the company made a net 
profit of Frs.297m. (£33m.), after 
tax credits, and it will be in the 
black again in the 1977 financial 
year, when it will be paying 
normal rates of tax. At the same 



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Copies obtainable from newsagents and bookstalls worldwide or on regnlar subscription 
from Subscription Department, Financial Times. London. 

time, production haff advanced 
steadily. It was up last year by 
S.5 per cent, ro S04.OO0 units (in- 
cluding 6S.OOO small commercial 
vehicles), and now stands at 35 
per cent, more than the 597,900 
vehicles produced iii 1974. 

What is really difficult to judge 
in the case of Citroen is how 
much, of this success is due to 
its own individual efforts, and 
how much to the merger with 
Peugeot. If the company is 
viewed as a single unit. It is still 
only a medium-sized producer 
compared with other European 
competitors. If it is viewed as 
part of Peugeot, the two com- 
bined rank among the largest 

Taylor gives only a few clues 
to how the new scale of the 
combined enterprise has in- 
fluenced Citroen. He himself is 
a living symbol of the amalga- 
mation, for . he came from 
Peugeot along with a* small man- 
agement team soon after Citroen 
was acquired. This team now 
holds several influential posi- 
tions in the top management, in- 
cluding two places on . the 
three-man management Board, 
and the directorates of personnel 
and finance. 

French observers certainly 
Teel that this rather limited man- 
agement change has bad a 
discernible impact on the way 
the business is run. The new 
: team has brought with it a 
sharper attitude to coats— the 
labour force was trimmed by 
12,000 to 52,000— and tighter, 
Pcugeot-style financial controls. 
-Taylor emphasises more human 
issues, the ways in which 
Citroen’s latent energies have 
been re-directed and tbe long 
process of restoring morale to 
the company. 

Of particular significance is 
bis attitude to Citroen’s fabled 
engineering department. For 
many years tbe company’s repu- 
tation has been based on its 
advanced- ideas on car design, 
from front-wheel drive to. aero- 
dynamics and pneumatic suspen- 
sion- But in 1974 it was widely 
Felt that the expense of -this 
innovative tradition had hastened 
rhe ■ company’s downfall Taylor 

says that it was close to bank- 
ruptcy because it did not use the 
genius of its engineers. 

He .believes that Citroen's 
unique engineering has a central 
role to play in the. future. The 
company bas pre-eminence in 
certain fields, such as aerodyna- 
mics and suspension systems. 

Citroen’s engineering 
department has been 
given its head. The 
question remains 
whether a company 
of its size can afford 
this kind of activity 

whicb- it must use against the 
sheer scale of the bigger groups. 
“1 cannot compete with Ford," 
he says. “It makes 5m. cars a 
year and we make 800.000. But 
you don't use the same weapons 
if you. are a different size. Car 
companies are like women. Some 
are fair and some are dark. Some 
are large and some are small. 
So they do not dress the same.” 

Tinder Taylor’s direction, 
Citroen's engineering department 
has undoubtedly been given its 
head. The company has signed 
a deal with Rumania, whereby it 
will design a completely new 
and different car for the 
Rumanian market, and new 
vehicles for France -are in the 
pipeline. A diesel engine has 
also emerged since Taylor 

The question nevertheless 
remains whether a company of 
Citroen's size can afford this kind 
of engineering activity. A simi- 
lar argument is currently raging 
within British Leyland over 
whether it should break up its 
engineering facility and put the 
pieces under ihe control of tbe 
proposed new divisional car 
assembly organisations. 

Taylor's answer to this con- 
nandrum is ambiguous. Hq_con- 
cedes that one of the objectives 
of the merger with Peugeot was 
to combine some resources. For 

example, the two companies have 
announced a joint component 
manufacturing project. and 
Citroen has used a Peugeot body- 
shell (from the 104) hung onto 
its own mechanicals to create its 
new LN model- But the engi- 
neering links still remain tenu- 
ous, confined to a small working 
party on advanced projects. 

The most likely result is that 
there will be a gradual integra- 
tion between the two companies, 
starting in non-controversial 
areas. The financial function is 
already co-ordinated; but tbe 
progress towards combined engi- 
neering will take much longer. 
“ If there is to be integration it 
has to be very gradual, and it 
< depends on the department,” says 

Citroen and Puegeot have in 
some ways been lucky. Part of 
Citroen’s problems in 1974 was 
that it was caught in the middle 
of an expensive investment in 
its new CX model the luxury 
car which was to take over from 
the Fabled DS, at a time when 
markets for big cars were fading 
But the market has now come 
back, and the CX, with annual 
production running at 120.000 
units, has proved a big success 
Nor does Citroen, making about 
the same number of cars as 
British Leyland with fewer than 
half the labour force (52000 
against 130,000), have the U K 
company's industrial relatione 

But the Citroen revival does 
indicate that the merger is work- 
in S- Taylor also believes that 
the success of the Cx has pro- 
vided what he calls the inr£ 

motive” to pull the company out 

of troubie and give the rest oF 
tiie range more exposure 
Perhaps if Leyland could set it 
own locomotive — the new roJ£ 
range-out Of Us factories ’m- real 
volume, it would provide nfi 

;«« K » .tally nSST Afte? 

all. the Mini is only ig years am 
while tbe Citroen JSr"2S; 
going strong, is i n i ts 30t h yo ^ 

PfRvXCKL Tltifi. PUtillxhril (4nii, a . 

«*» and talicUi*. u a £,hSI£ f*"? !»un- 

«ir r ES‘ l P ^? »k« 

Announces that with ctYcct from 1st February, 197S, 
the following investment interest rates w ill 
apply until further noticc:- 


Share Accounts 6.00% r .:u = 9.09°o* 

Deposit Accounts 5.75% r .. ( . = 3.7 \ % * 

Build-Up Shares 7.25% r „,. = 10.98!%* 

Bondshares ( f*h jsmt ; 

3 year term T.UU’Y. p. tl . = 10.6 IV* 

2 ykartekm — 6.50 l ) t , r .. t . — 9.85V* 

R 1 ATI- 1 n S Issl :,Ji ) ,V1 l-RIM* 

RA I.Rl DLLLIi Ki l».7ir-., P.A..DIF1LRLN l l.\LO\ i.R 


Share Accounts 

Deposit Accounts 

Bondshares (6th issue) 
3 year term 

— 3.5u l \. 

p .*. - 


— 5.25‘‘. 

1 p..t. — 


l'- 1 - ^ 

— 6.50. '.i 

p.j. = 

6.iKr 0 



IRAQI' \I s Av-lMf \|. 

untluncei - 

At Cnd ot 5 ycUMXjIlivjliiK ,n; S.3ir'„ . 

■itadrfzyoaevwfcmio: 8.62 ,, ,l 

•Vhoiiwwtai.pii *hMc,ii,,4 iri 


Ajrtl * tommy youiW xixkv. 

AhKi H vu ».l^kc. W . . , 

fUva..U-ua>.'qN l \\ ii-JO, 




, Times Friday Jaimaiy 27 1978 

‘Real progressi on the 
stalled Mideast talks 


TEX AVIV, Jan. 26. 

Bahrain to 
alter dinar 
parity with 
U.S. dollar 


It looks too late for small yards 


TOKYO. JatL 26. 

JAPANESE SHIPBUILDERS Another small yard. Kayasbikane felt the pinch first and are not In fact, since most of the big 

II r J : . t, , 

1 1 !' 

I An official change ir 
Mr. . Khaddam. speaking in a ' of the Bahraini dinar 

I An official change in the parity ap P ear ^signed to serapplng as Shipbuilding, asked its trade large enough to guarantee u life- yards are only working at 50 per 
THE Israelis and the Americans- U.S. officials here were ex- Mr Khaddam speaking in a of the Bahraini dinar to the US. as 50_ per cent, of their union to-day for permission to lime ” employment benefits to cent, of capacity and expect in 

believe that real progress has pressing cautious optimism interview with the Lebanese dollar i>lH be announced by the existing amraal capacity by the cut the wages of its 2.400 era- their workers. the next year the ratio will fall 

jjera made towards agreement about the prospect of renewing weekly magazine A1 Hawadith I Baljrain Monetary Agency an t - n “ J of ev 5 D Pjoyees by 10 per cent, this year. The recession in Japan’s ship- to 30 per cent., the backlog 

oo a declaration of principles for the political talks within 1 Sfc few tu-dav ftrmlv relucted the nossi- i Saturday morning, it has been >ards wtil_ have to operate at well The union, fearing the alterna- building industry has got far could last Into early 1970. 

on a declaration of principles for the political talks within 1 

a Middle East peace settlement, weeks. bility of an 

Mr. Alfred Atherton, the U.S. Israeli concern about the pos- dent Sadat. 

hilitv nf Wme^tinp-with Pr«i ' canfinn9Cl ,n DOIM we, , uw *“* '■ummhi wr«iw' u»e-i 

dent s°rt ^ meeting 'Witn tresi , Thomas reports. Informed sources unless there is a dramatic turn- agree. 

Bahr a in. Doiha bel nw 

reduced capacity tive— bankruptcy— is 

fearing the alterna- building industry has g°t far could last Into early 1979. 

iffff 1 gp- ,'> 5? .ar^ i Bfgun* ^» ag{Li«gig»-« — - mSuTE 5 m irZCZSCySS SWISS \ 8 SiSZS? 3 VRn&W 

(be Israelis for the past week. Mr tLJL °meetins « ^ s i?5 n i„_. sh _^. 1 SDRs rather than to (he day, the Shipfauildere -Assoeia- bp . t lls bankruptcy has instilled priced out of the market and lfl switch lifetime employees to 

t0 worse since the yen’s appreciation The integrated companies, for 
op foreign exchange . markets, example, Mitsubishi Heavy Indus- 

in Bahrain suggest this could be about t^SJTSSPl fortunes. Hashihama was not a major Sinees^p «ZBT« S*tod tfeTare 

«h£ he C nSwh a W s^ “fi ^r 8in Ath t erton ay ' 8 ***** The United Arab Emirates Cur- SK£ J KiKSt r^te^VoTurYencY^out S^havVencoumcred' 

• very good understanding or whal A e Israeli leader expressed J“ d don d ' thit SSS will reS?y BoaS? ‘will aL^nncSice u3i SdSi'dant ^3 B “3 I1 E *! oSnvarff “S i OV 5 r ?, menl officl ? ls }° ?? tab ' y * in ^ Mse - *® 

Israeli views are." his opposition to the idea of * 2r 3 new parity for the dirham on S^nowS^and sized and larger shipyards. In revert to dollar contracts. In Mitsubishi’s booming car sub- 

After a 90-minute meetinc this Washinetan asreemo to sell any summit if Qatar is expected m ® D * ; ■ the first category, Sasebo Heavy 1977, as a result, the volume of sldiary). Smaller shipyards like 

; morning with Mr: Meaahem advanced aircraft t? the Arab -JJJLjgj!!* SaJSi 10 foll °^ sult w5Ul the' riy£. Sr SmIo replaS^ld ones But ^ dU f lrieS bas - aske[i J f s . 6 - 3( * > ' ship export orders placed with Hashihama (and several smaller 

Begin, Israel's Prune Minister, as States. At the same time he said s E$£ >aa * S ,ssued by Saudj The upward revaluation of these {S, fcndustr/ leadere ° esoert member umon for . Peroussion to Japanese yards fell by about 40 ones) are more exposed, and to 
. well as the Foreign and Defence that he had no doubt that the AxablIL currencies is expected here to be overt? n^fnr carry out wage cuts and a jihased per cent to 3.5m. grow tons judge from Hashiharaa's demise 

. Ministers, he said he experts to U.S, would fulfil iis long stand- Reuter adds: Arab hardliners slight, in the range of 3-5 per fnrmah to rescue tho man?«niRi reduction 10 1116 workforce by (compared with 2 An. gross tons the Government’s attitude in 
. be .taking these views to Cairo ins commitment to supply Israel announced plans to-day for an cent Official dealings in these f“ g, ^Jr_ nw , h ?iK ***£ wer tbe b6Xt 15 mon ,ths. the year earlier). The Japan future will be to let the yards 
next week to see what the with new war planes anti-Egyptian summit in Algeria, currencies were suspended od L ® njrru me v The major yards all have plans Ship Exporters* Association go broke and not rescue them. 

Egyptian position is. Mt Atber- Lhsan BUaji reports from The two-day meeting was set Wednesday. B hiobuiJder s met shortly t0 0x1 their shipbuilding pay- (JSEA> recently noted that the The smaller yards would 

ton will go to Jordan for consul- Beirut: A crisis and disagree- for next Thursday. Algeria said c e Jh *^5 after several vards announced rolls. According to a recent drop tn new orders was particu- benefit If Tokyo made a conscious 

■ntinn «i»th K'lnn Unorain .... , j-TZiT: j T Kr, SSUdl risal WhlCD 113 S been Pe- P a‘ Lcl ac vex a. « . .. ..., ■ IsrlV ctPpn lot®* in th® von® T 

=“ ussuhuj-jk: ^T’S.'ZS'&SP s, r w *-?*> 

shipyards. In revert to dollar contracts. In Mitsubishi's booming car sub- 
Sasebo Heavy 1977, as a result, the volume of sldiary). Smaller shipyards like 

'SSL 7i/i C rt n®c ^ SS • Industries has asked Us 6J00- ship export orders placed with Hashihama (and several smaller 
Sm ^,,«trxZ ^ uLSlS.®® member union for permission to Japanese yards fell by about 40 ones) are more exposed, and to 

Egyptian position Is. Bit- Atber. _ _ _ _ 

tan will go to Jordan for consul- Beirut: A crisis and disagree- for next Thursday. Algeria Mid 1 cJitS; *f!5 ! after sevnrai ”*vards"' announced rolls. According to a recent drop in new orders was particu- benefit if Tokyo made a conscious 

tation with King Hussein over ment appears to have developed that Syria, South Yemen, Libya ^“di nyai wjucb has been re » ang for feu^Lscaie reductions survey by Nihon Keizai Shimbun. larly steep later in the year. e ffon to stimulate Japanese de 
the. weekend and will also meet h®tw®®n Svrin unrl .TMJan nur and th® Palestinian TJberatinn I ^ “ ue r dOOUt “ P er cenl - Since H J th® ata>,t hinppe* chinhmldonc 3Qu was down 5S oer cent, in the m,nrl tnr Rehinn Knpte .nil lha 


the. week-end and will also meet between Syria and Jordan over and the Palestinian Liberation , a,ue ? “f 

urith th® American amhsAvaHn® -Dmni/).., umji. DraoniMti®® umitlH ot+®nri Tran ,a *i -‘'U 0 USL 

with the American ambassador President Sadat’s Middle East Organisation would attend. Iraq. I 
in fhe region. ' initiative. . ‘ the leading hawk was not men- ranea rf 

Mr. Moshe Dayan, the Foreign For the first time in two years, tinned.- : bdo.383 

Minister, said to-day that agree- a Syrian offiaal has publicly Meanwhile Arab military ; ^ gj 

in their workforces. Most dras- the eight biggest shipbuilders | na dow J 1 58 P® r cent- in the man d for fishing boats and the 

for the Bahraini dinar I tically. the Hashihama Ship- reckon they will have 25,000 too T P n%c° d ° Ver ^ like, but the home market shows 

between BD0.S73 and building Company said last Mon- many workers by early 1979 if same period in 1976. no signs of recovering in 1977. 

... : BD0.3S3 to the dollar, compared day that it will dismiss all its the world ship market -does noi A more alarming statistic In ‘in fact, the tonnage of ships 

military ; ^ BD0595S last Saturday. The 707 ' workers, in February after pick up between now and then, the industry is the 9.4m. gross launched by the seven largest 


meat on the declaration of prin- criticised the Jordanian attitude sources told Reuter In Beirut . indicated rate for UAE dirhams its. failure to get State or bank At Kawasaki Heavy Industries, tons worth of back orders on shipbuilders for the domestic 
ciptes is within reach, provided which has been favourable that lack of spare parts and , ranged from Dh3.755 to Dh3.7S5 1 help to avert bankruptcy. The some 2,500 jobs could be cut. At Japanese books (at the end of market fell by 75 per cent, (from 

lha Fin>nti«n« Hn Tint srtlfirinllv ,v. Iff. * mnintannnfui havo ®n®n®ri I J .U. r MitniViielii TIbbbu Inri.irtrisc „ MnuvmWX Wn.lri.. * r.,11 i 4..., Wi AAn 

ibe Egj'ptians do not artificially towards the Egyptian leader. Mr.' maintenance have opened gaping \ compared to last Saturday’s rate sbinvard sought protection from Mitsubishi Heavy Industries as November). Working at full 1.4m. gross tons to just 381,000 

(n- tn .until nr itat*.- it X JX-vK-l: Vinl®. i. ffmmt'e sir li^fprlM I DhtOOCt ... . , I. • .. C nnn At] «u:- r....... a_ ..lx . lx,. . 1 ■ 1 

try to avoid or delay it. Adbel-HaJim Khaddam. Syrian holes in Egypt’s air defence] of Dh3^9S7. 

The minister said that if the Vice-Premier and ' Foreign screen and reduced the country’s B 

Egyptians -did not agree to Minister, said the- Jordanian military capability to its lowest I Namibia talks 
resume direct; 'political talks, stand was incomprehensible level since the 1973 Arab-Israeli \ 

then there would be 'Indirect because it did not serve .the war. ’ .. T ,*L, ve western members of 

1 talks. . • Arab interest or that of Jordan". 1 The sources were said to be ^ rounefi are hop- 

Y43bn. in : debts last December, many as 5,000. All this, of course, steam. Japanese yards could gel gross tons), while those launched 
but has decided not to pursue on top of large-scale redundan- through the entire ship backlog for the export market fell by a 
the matter in court and instead cies at the major shipyards In six months or less (present relatively less awesome 31 per 
. reached agreement with its trade among workers from sub-con- capacity in the industry is esti- cent, (from 7.7m. gross tons to 
union on the yard’s closure, trading companies which have mated at 19m. gross tons a year). 5.3m. gross tons). 

■aiiwa. . juau imcirai vi inui ui tiuiuuu. * ^ r ■ _ - rt JI — nnn 4«n,® ,.j*l Ca«*Ii 

{Israeli Deputj’- Prime Minister Last week-end, the government from a pro-Egyptian country and, 1 *".*® iSmfhia anSim^ 

Yigaei Yadln said in London in Amman issued a statement familiar with the Eg)Ptian : f 

iig4CJ lawn aoiu III Axuituuu in Amman issuea 3 souenicui wuumr Wi-tu ixxc Npw Vai-Ic nn ahmir Pehnrarv 

yesterday .the Cairo military expressing support of President defence establishment They*® our p ore i gn staff writes!. 

j negotiations between Israel and Sadat's decision to suspend talks described ‘ the 

, Egypt will reopen next week, with Israel and calling upon the Egyptian armed forces 
AP : DJ reports.].. Arabs to rally around him.. “dismal." 

Owen faces tough Malta talks 

“I ! According to sources in New ^ 

35 York, the meeting would be at 
ambassadorial level and would 
prepare the ground for talks be- ‘ 

tween foreign ministers of the JAPAN 
five and Mr. Pik Botha, their exchange 

Tokyo eases foreign exchange controls 

TOKYO. Jan. 26. 

will ease, foreign payment for imports will be set transactions under the standard to bold foreign exchange of up to 
controls, further ®t one year and six months settlement system. Y3m. equivalent in domestic 

South Afriam counterpart, four iih»raiiKin« fmmrti ®f imlri and respectively, under the new in future there will also be accounts. At present residents, 
II YV CM lUtlifll iVJL ill Lit days later. At the same time. , ^rren^y deoo^ts, \he no limit on the amount of-foreign with the exception of some cor- 

Tf ■ _ the five would hold “proximity foreign currency deposits, tne A present prepayment is in exchange resident travellers can porale residents, can keep in 

talks" in New, York with Swapo, Finance Ministry announced .on principle banned, with the ex- take abroad. At present amounts accounts in Japan onlv “legally 
-BY MARTIN DICKSON - .• . the Namibian nationalist move- Thursday. The ministry officials ception of machinery, for imports of over S3.000 require foreign obtained foreign exchange such 

• ,. ’ menL gaid the • new measures would of more than YIEm., while the exchange bank approval. as that brought back from foreign 

THE ALREADY difficult talks gain international acceptability* gulf separating the Patriotic No oil Drice rise take effect. from April 1. deferred payment limit is four The limit on; overseas remit- travel." 

In Malta next Monday between cannot bring about a ceasefire' Front and 1 the internal talks.; • c ai . months. 1 - tanees not needing approval will Individual residents, if they 

Dr David Owen, the Foreign in the guerilla war and will not. But the dilemma facing Dr. The crude oil- price, currently. Th .® measures would allow Advanced and deferred settle- be raised to Y3m. or about receive Bank of Japan approval. 

Secretary and Rhodesia's give peace and stability to .an Owen can only become more “ frozen ’’ at 512.70 a barreL is I Japanese to. import gold worth ment limits for exports will re- $12,000. from the present $3,000. will be able to hold foreign 

Patriotic Front, are likely to be- independent Zim babwe. ■ Dr. acute, witfr Mr. Smith on th*, unlikely to be raised prior to the , n p to YSm. ($12^00) . without main at one year and six months' The amount of Japanese cur- exchange accounts overseas. At 

came even more problematical Owen pointed out in the Com- one hand and the Patriots on, next full ministerial conference _ overnment - respectively, the finance ministry 1 rency travellers can take .over- present only certain corporate 

the five would hold “ proximity foreign . currency deposits, Ihe 

*nlL-a " in Vn-t- Cnnn- Ttnanu’ VltliCtrV qnnminppri nn 


tuuic even U1UIC piu,nuuo,Ru, yncil UUiilieu uui 111 wvui; — - . . . — , . «» t].h«,™n 6 U»wumcui 

if an agreement is announced naons on Wednesday that the the other urging him to lea P ; gLJJi i£??5EKh 2L °L The standard trade settlement 

from the separate “Internal"/ British Government. which their way. •_ j E^P°nmg ; Countries on_ June_ la, I ^ Tne standaru ttade^ settlement 

' Sena IndSt "ilflTn-l- the liaUtt tor adnaeed and deferred la^r ^ OTl^r Winkle 

Set i°t£e ! PatSotic°fYout, h?s P " Rhodesla ’ WOuld Pat?S5c *TiSt 'u 1 brought AP ’ DJ reports from Vi « nM ' ’ ’ ' " 

M Bi-o<i«da = a «. j.» Kd'SSS loan Somali cantive identified 

ilta to dissociate himself of almost 11,000 whites during ins and that it is difficult to see A big West German soft loan has VU|TM Y Vr lUVUUUVU 

lequivocallv from the Salisbury i®" 7 lb rough emigration— the fair and free elections being ] completed the finance arrange- 

Iks. He told a news conference largest such loss la the held while warfare continues, iments for the £60m. reservoir 

Lusaka this week that the country's history. Official- Mr. Nkoruo’s wing oi the on Kenya’s Tana River, thei A CUBAN caDtured hv Somali, nnsitlnns nur the mountain ei tv 

But settlement limits will no the present Y100.000 limit 

seas will be raised to Y3m. from residents can bold such accounts, 

alone can confer legal indepen- But it 

Residents will also be allowed Agencies 

with central bank . permission. 

- leader of the Patriotic Front, has 
already indicated that Dr. Owen 
will be under pressure in 
Malta to dissociate himself 
anequivocaUy from the Salisbury 
talks. He told a news conference 
in Lusaka this week that the 
Foreign Secretary's position 
towards the internal talks would 
* have to be clarified in- Malta 
1 before serious negotiations could 
begin. If an agreement, how- 
ever limited in scope, does now 
emerge from Salisbury. Dr. Owen 
seems likely lo be under even 
: greater Patriotic Front pressure 
'■■to condemn ibe internal discus- 

There is no sign of the British 
Government doing this. Although 
ii is deeply suspicious .if the 
Salisbury talks, the belief is 

Rhodesia suffered a net Joss 

Somali captive identified as Cuban 

largest such loss in the held while warfare continues. men’ts for the £60m. reservoir! _ mu UADI SHU, Jan. 

5 ts N ^p ra0 ' s . wing of the on Kenya’s Tana River, thei^ CUBAN captured by Somali- positions near the mountain city an ’ assassination alter 
figures published yesterday Patriotic Front, in particular, is niggest water development I forces - m Uj e Ooaden war says of Harar Ethiopia two weeks aeo 

JL^ regarded as vital to a settlement, scheme of its kind in Kenya. he ls a combat soldier wTth three EthiS'ia has repeatedly denied Reuter 6 ' 

MOGADISHU, Jan. 26. 

CUBAN captured by Somali- positions near the mountain city an ' assassination attempt 

Teng on visit 
to Burma 

By Colina MacDougaJ 

creased 12 per cent last year over the past IS months, Mr. 
to total 16,638, while there was Nkomo- has- built up - what ob- 
a fall .of more than 26 per cent, 'tetters believe is a large and 
io the new arrivals to 5,730 — disciplined army, well trained In 

ver the past IS months, Mr. other donore are Britain and the, yea rs service in his country’s that any Cuban military person- 
k?me has- built up - what ob- , EEC, John Worrall reports from 1 armed ..forces according to nel .were in jbe countrv. 

•rvers believe is a large and Nairobi. i Somali . T rtoarters.. who - inter- -The- latest SamaK pstimatessiw ’-'l/iaKion 

Somali _.^orters who ; niter ml 9»fgm.SaaM e^j mates ^ ^VietnaiD aCCUSRtk^jr 
"VS* - ^ up -V 7^)00 OiSan soldiers are Vjeuia ■ ^ 9rdav att . used , 

I VICE-PREMIER Teng Hsiao-ping. 
[third in the Chinese hierarchy, 
- (eft Peking yesterday for a visit 
[to Bunna. He is expected to go 
• on to Nppal early next month. 

Phosphate mine ' ^ “SS.«„. beiug heid rn P 'K »°^p^'~ 

J*S5 1 ‘ nto A.fWkwnt,. observers be- 1o aiL a^eement for a new phos- Orlauda, Carlos... His rapK was 8.000/ ™ “the Wtwmw Reute? VSpom ! Chinew leadership, a trip to two 

cUan ^ s of Phate mine complex to be buitt not Siveu.,, .. . lo Paris diploriiatic sources Han0 i S ch^ lhat cTm- countries on China’s periphery 

in S uimS™ 18 ^ recognition arc slim. -by the Soviet Union in Morocco,: He was quoted as saying he said ro-day that Mr. Raul Castro, bodian border troops have been is probably a manifestation of 

year io aroono Our UN correspondent adds: according to the independent [ was captured four days ago the Cuban Defence Minister, and iold that Vietnam is their the centuries-old Peking policy 

— Bngather Joseph Garba. Nigerian daily al-Maghrib. Reuter reports) with several other Cubans when the Ethiopian President Mengistu country's worst enemy and should of preserving a ring of friendly 

Pnm mice Inn or fnr Prtomnl 1 fmm R.W.t Cnn,«li (ama. 17«l< I ...L..., , v , - , _ -j 

and trying to blame the atrocities 1 “ , 1 ?. Kin ® P 01 J C > ?* l0e . Present 
on the Vietnamese. Reuter reports ! Chinese leadership, a tnp to two 

i -iin.-uui.i imuu, u<( ■» i_-j Commissioner iui cAinuaj . 

'th3l it must wait and see just VhawJilS n» meet l Jii® Affairs and Security Council 
whal concessions the internally- fffr* h®”?* 5S® pre^dent this month, to-day 

hajied nationalists can gain iniMnUir® the att3C ked the proposed Rhodesian 

from Mr. Smith, the Prime Anglo-American initiative. internal settlement, accusing 
Minister. Doubtless Dr. Owen, will want Britain and the U.S. of ambiguity 

The most Britain has said to to delay, a verdict on the Sails- over Rhodesia. He also urged 
date is that any internal settle- bury negotiations for as long as Western powers to take 
ment which excludes the possible, hoping that some way immediate measures lo block the 
Patriotic Front is unlikely to can be found to .bridge the vast investment of new capital in 

Externa] : from Rabat. 

Somali forces attacked Etbiopiin Haile-Mariam escaped unhurt in be destroyed. 

'states around its borders. 

You’ve hearda lotof talk 

Sri Lanka 
with IMF 

Tunisian emergency 
in wake of strike 


By David Housego 

COLOMBO, Jan. 26. - 
BR. .1. R. JAY AW ARDEN E, Sri 
Anka's Prime Minister, con- 
inned to-day that his Govero- 
neni had been in disagreement 
vtth the International Monetary 
‘'and over a package of loans to 
apport measures to liberalise 
be economy. 

He said in an interview here 
bat the IMF had wanted the 
ihasing out of all subsidies in 
•w ember and an increase in 
ice. wheat and transport prices, 
■his was politically unaccept- 

The Government, he declared, 
itended to phase out subsidies 
at ** the timing must be ours." 

TOE • TUNISIAN Government 
declared a nation-wide state of 
emergency to-night io the 
wake of riots during a general 
strike.- Tanks were used 
against demonstrators and a 
curfew was imposed. 

There was no official con- 
firmation of the casualty toll 
hat unofficial reports spoke of 
at least 10 dead and many 

. Shots .echoed sporadically 
through the deserted Tunis 
streets patrolled by armed 
police and military trucks. Un- 
official reports said there had 
been 1 rouble in the provinces 
as well as the capital. 

The official Tunisian news 
agency accused vandals of 
opening fire ' in the capital 
“ causing dead and injured 

As a result of the disagree- -among the security forces and 
lent a proposed package of a • 

. TUNISIA, Jan. 26. 
their assailants." It said 
President Habib Bonrgujba 
declared the emergency be- 
cause of the “ extremely grave 

The one-day strike was called 
by the General Workers Union 
in protest against recent 
attacks on trade onion offices 
and the arrest of trade union- 
ists. ■ 

Most industrial production 
in Tunisia was halted by the 
strike and many shops In the 
dty centre were shut. 

Earlier the Government had 
responded to the strike by 
warning that people in key 
enterprises controlled by the 
Ministry of Industry, Mines 
and Energy could be jailed for 
np to two years for stopping 

WOTk- ' 






land-by loan and- drawings on 
ie extended fund and the 
ftlteveen facility worth 350m. 
pccial Drawing Rights over 
tree years was replaced by a 
land-hy loan of $S93m. over one 
ear. Mr. Witteveen. the IMF 
lanaging director, is due to visit 
Worn bo this week-end for neeo- 
rtions over further support 

Kaunda prepares Zambia 
for its toughest budget 

I should liketoknowmore. 


NDOLA, Jan. 28. 

", . , , I WITH A further series of warn- An IMF visit to Zambia last 

Mr. tljvawardene. who becomes { jpgs about the difficulties the November concluded by giving 
secutive president ' on j Zambian economy faces this year. Dr. fljunda a frank assessfnenl 
ehntary 4 tinder amendments • President Kenneth Kaunda of the country's plight, and 

country’s plight. 

e has introduced to the consti- > yesterday wound up his four-day observers are expecting drastic 
•bon. made clear that be shared « imir of the country's CouperbelL measures in ihe hudeeL 

•bon. made clear that he shared | i 0 ur of the country’s CopperbelL measures in the budget 
to lMFs concern at shifting \ The President's trip concluded Cuts in subsidies (9 per cent 
tavemniem expenditure out of ) his efforts to prepare the country of the 1977 estimates of ejrpendi- 
^Ifare subsidies and into invest- j for to-morrow’s budget — widely ture) are almost certain, leading 
.... •_ expected to _ b& the .toughest since to higher food prices, including 

Tie described his first priority independence in 1964— by taking bread and maize meal, and 

* creating more jobs and said a message of austerity and making it unlikely that last year't 

ihe Government was looking agrarian reform to what is 25 per cent, inflation rate will 
3r this to four krv projects— probably the key political and fall. . 

freleratjon of the M^baveli ini- economic region. In addition, cuts in both 

ttion programme, development , t Uas a iso a n opportunity for recurrent and capital expenditure 
i suburban Colombo and the J nne - political campaigning- a I e PfssiWe. At the same time 
water Colombo metropolitan Voting takes place to-day in the J he Government must make up 
2«ion. and the proposed free coppcrbelt’s Roan constituency J™ the fell in mineral g amings . 

Financial incentives. 

Development Board for Rural Wales 
Freepost Newtown Powys SY161BR 

Wiuired by these schemes and 1 Progressive Party (UPP), led of *®»* um P in m PPer Priw- 
Government was looking for r uxz lil its banning in 1972 bv Mr. Joan Consolidated Mines 


<r" j J 

W and loans. : Simon Kapwepwe, the former * n £ Nchanga Consolidated 

Mr. Jayawardene said that he j Zambian Vice-President. ,T eport . serous 

*8 Prepared lo make the free ! Dr. Kaunda has called 197S difficulties. A seven- 

fade zone an area of nearlv 200 f “ the year of economic take-off" m ®® ber gtmnussiQn is due to 
Hjtare miles north of Colombo— and maintains that an improve- ™ ,n 

capitalists paradfse." He said I ment wifi come by mid-year— a J™*** 0 ?* an ^ companies will . 

to Government had. received a ■ view - net shared by many - c,osur6 .°. r j 

8r Re number of interested businessmen. J?122!2S Wtb 

b^uiries from abroad • These - are frequent signs of unavoidable redundancies. 

Further constitutional chances I strain In the economy, and a on OTHER PAGES 

V hn brought in include proper steadily increasing import pipe- ' : 

pnal representation to prevent j line — goods ordered but not paid International Company News: 

Bf^ve swing in votes that 1 for— is now thought to total General Electric 1977 newta 

Factories on special terms. 

Advice : technical, 


Community and 
Social Grants. 




Development Board 
for Rural Wales 

9 s rer\rtv*d tn a Owns*. ot| £350m^ with some suppliers Piper manufacturers indicted 24/25 
■foremen! at virlnallv even 1 1 having waited toore than a year Farming and Raw Materials: 

indepemience. . for payment. 

Cyprus ulks with EEC 

Ladywell House, Newtown, PowysSYT61 JB 
Telephone : Newtown (0686) 26965 




Financial Times Friday January 27 197S 

Wll Kl( W NF.VVS 

upset by 
car insurance 

By John Wjdes 

NEW YORK, Jan. 26. 
VEHICLE insurance companies 
in Massachusetts have been 
prohibited from basing their 
rates on a driver’s sex and 
marital status, in a potentially 
far-reaching decision by the 
state insurance commissioner. 

This move will strengthen 
challenges being mounted 
in many parts of the U5. to 
the traditional practice- by 
insurance companies of penalis- 
ing the young, unmarried 
urban resident whose car insur- 
ance rales are often two or 
three times greater than those 
of the married adult in 

After 24 days of bearings, 
the Massachusetts Insurance 
Commissioner . Mr. James 
Slone, has displaced II driver 
etai-slficalions hased on age, 
sex and marital status, by five 
new categories which are based 
more closely on driving experi- 

In most parts of the country, 
a driver's premium is based on 
the total accident experience of 
ail the drivers insured by the 
company within his class and 
geographical area. The base 
rate is then adjusted to reflect 
the individual's driving record 
and the ex lent to which he uses 
his car. 

This system Is hringing an 
increasing number or com- 
plaints from individuals who 
recent being lumped together 
with the more accident-prone 
driver and suffering the conse- 
quent cost penalty. The Hawaii 
and North Carolina legislatures 
already have rate discrimina- 
tion based o nage and sex. 

Predictably, the insurance 
companies arc most unhappy 
about this challenge to their 
traditional ways and one has 
accused Mr. Stone of returning 
** insurance in Massachusetts 
to the dark ages or a cartel, 
system with essentially uniform 
rates ami a rating plan dictated 
by a regulator.** 

New bid to ease Senate 
passage of Panama pacts 


lican leaders in the Senate have 
worked out a joint policy that 
appears substantially to enhance 
the prospects of ratification of 
slightly amended versions of the 
Panama Canal treaties. 

Senators Robert Byrd and 
Howard Baker — respectively the 
Democratic and Republican 
leaders in the Senate— have 
agreed to insert two amendments 
to the treaties when the issue 
comes to the floor early next 

They are based on the joint 
declaration, issued but never 
signed, by President Carter and 
Gen. Omar Torrfjos. the Pana- 
manian leader, on October 14. 

This preserved the U.S. right 
nf unilateral intervention in the 
-canal, should its neutrality be 
threatened after 2000, when con- 
trol is to be assumed by Panama, 
and provided for priority pas- 
sage for U.S. ships in times of 

Sen. Byrd took the unusual 
step this morning of testifying 
on the subject in front of the 
Senate Foreign Relations ■ Com- 
mittee, which has been holding 
protracted hearings on the 

His strategy, broadly accept- 
able to tbe Committee hierarchy 
which must release the treaties 
before they can be debated by 
the full Senate, is that no amend- 
ments should be tagged on to the 
treaties in committee, but 
should be held for floor action. 

An overwhelming majority of 
the committee endorsed the 
treaties, but acknowledged 'that 
they would have to be amended 
by the Senate. 

Conservative opponents of 
ratification have promised count- 
less amendments to the treaties 
in what promises to be a bitter 
fight in the full Senate. But 
Senators Byrd and Baker feel 
that the chance of passage is 
better if there is one all-out 
battle on the floor rather than 


staging two such battles, first in 
committee and then on the floor. 

Gen. Torrijos is reported to 
have told many of the Senators 
who have been to Panama over 
the Christmas recess that he has 
no objection to amendments 
incorporating, fee October 14 
declaration. It was not imme- 
diately clear if amended treaties 
would have to be submitted to 
the Panamanian electorate in a 
second plebiscite'. 

The Carter Administration, on 
the record, has been holding out 
for ratification of tbe original 
treaties as negotiated, with 
perhaps the addition of riders or 
some other devices reflecting the 
security concerns expressed by 
the likes of Senators Byrd and 

But there have beeD signs 
behind tbe scenes that tbe Ad- 
ministration is coming round to 
the view that the amendments 
immeasurably improve the 
chances of ratification and there- 
fore will have to be accepted. 

Radical aid reform proposed 


Chile disrupts 
progress on 

boundary row 


By Robert Lind ley 

BUENOS AIRES, J an . 26 
the CHILEAN foreign 
minister, Adm. Patricio 
Carvajal, to-day vigorously 
rejected the Argentine note 
declaring null and void the 
British Crown's arbitration of 
the beagle channel boundary 

The Chilean move took the 
Argentine authorities by sur- 
prise. It had been understood 
here— after the summit meet- 
ing between the Argentine 
president, Gen. Jorge Virtela, 
and the Chilean president, 
Gen. An gusto Pinochet, at 
.Mendoza. Argentina, a week 
ago— that the dispute was to 
he frozen Indefinitely, and 
that, to contribute to this. 
Chile would suppress its 
earlier decree accepting the 
arbitration decision which 
awarded three islets near 
Cape Horn to Chile. 

The reverse in the progress 
of the negotiations on the 
dispule. which the Chilean 
rcjeelioii signifies. Is expected 
to cause a resumption of 
bcligerent statements from 
both sides. These had been 
slopped since it was announced 
that the presidents would hold 
a summit. 

The sudden worsening of re- 
lations seems to have put Gen. 
Videla in a delicate position 
vis-a-vis the commanders of 
the navy and the air force. 
There are already assertions 
that he was taken in by Gen. 
Pinochet at the Mendoza sum- 

THE LATE Senator Hubert 
Humphrey's last piece of legisla- 
tion. introduced in the Senate 
yesterday, proposes radical re- 
forms in the U.S. foreign aid 

These include creation of a 
new Government agency, called 
the international Co-operation 
Development Administration, 
which would assume the func- 
tions now carried out by the 
Agency for International 
Development (AID), other State 
Department units, such as the 
Peace Corps, and segments of 
the U.S. Treasury now involved 
with foreign assistance.; 

It would also set up. a new- 
international Development In- 
stitute inside the Administration 
to oversee activities, such as 
those performed by the Peace 
Corps and to co-ordinate them 
with voluntary and humanitarian 
private programmes in the same 

The ICDA would be indepen- 
dent of the State Department, 
which AID is not. and its head 
would report directly to tbe 

The voluminous piece of legis- 
lation also lays out basic 
standards and goals for adminis- 
tration ‘of ■ the foreign’ aid pro- 
gramme. It stipulates that tbq 
poorest nations deserve the 
greatest attention, that assist- 

ance should ensure that basic 
civil and human liberties are 
encouraged, and even suggests 
that the U.S. liquidate some 
foreign debts, provided that 
recipient countries invest the' 
money which they owe In 
approved development projects. 

In so far as Mr. Humphrey’s 
Bill would streamline and up- 
grade the foreign aid bureau- 
cracy. and thereby underline tbe 
U.S. commitment to external 
assistance, it appeals to the 
Carter administration. But it 
also contains -provisions -phlcfa 


are less easy for the executive 
branch to accept sucb as specific 
congressional mandates. 

With the presence in the 
Senate, at least until January of 
next year after a by-election in 
Minnesota, of Mrs. Muriel Hum- 
phrey. his widow, it may be diffi- 
cult for the Senate hierarchy to 
ignore the BilL Mrs. Humphrey 
has “promised to play an active 
role in the Senate, having been 
appointed to the vacant seat by 
the state governor, and did not 
rule out contesting the by-eleo- 
Jiqn in November. 

Water chemicals warning 


THE U.S. Environmental Pro- 
tection Agency has warned that 
water supply systems In many 
large “UB. cities have exces- 
sively high levels of chemicals 
which are known causes of 

Mr. Douglas Costle. the EPA 
administrator, said that a sample 
analysis' of water in U3. cities 
showed that 25 per cent- of. diem 
had high -levfel£.-£f CardnOgetfic? 
chemicals and. that 21 different 
known or suspected carcinogens 
were identified. 

' WASHINGTON. Jan. 28. 

The EPA said that it was par 
ticularly worried by a group of 
chemicals formed when chlorine 
is . added to water to kill 
bacteria. The use of chlorine 
to purify water supplies is com- 
mon all over the world, the 
agency said. 

The chemicals thus formed 
ate known as trifialomethanes, or 
thms. and the f £RA .is proposing 
'ffiaY-' -cities wttMih--Tnay have 
dahgttrous wat^r- -should instal 
charcoal filtratibd systems forth- 

More Belize talks soon 

GUATEMALA and Britain will 
resume formal negotiations 
about the future of the British 
colony of Belize In Washington 
at the beginning of February, 
the Guatemalan Foreign 
Minister, Sr. Adolfo Molina 
Orantes said to-day. He denied 
Press reports of a secret agree- 
ment for the partition of Belize, 
or for ' tbe construction of » 
S50m. oil refinery in Guatemala 
by Britain and the U.S. 

Reuter . 

Hugh O^Shaughnessy writes: 
The UJC. Government continues 
to trust that a package of con- 
cessions will finally persuade 
Guatemala to relinquish its 
claim to sovereignty over Belize. 
A British package would contain 
concessions of some Belizean land 
and help for some Guatemalan 
capital project. If oil were dis- 
covered in any Belizean territory 
ceded to Guatemala, it is hoped 
in Whitehall that the Guate- 
malans would share any benefits 
with Belize. 

Whitehall spokesmen have 
been at pains to deny reports of 
a reactivation of long-dormant 
Afexican claims to northern areas 

of Belize. The Mexican position 
continues to be one of support 
for any solution to the U.K.- 
Guatemala differences which 
finds favour with the Belizean 

Meanwhile, Mr. George Price, 
the Belizean Premier, left Lon- 
don to-day and is expected to 
step up his search for a firm, 
commitment of troops’ from Com- 
monwealth and other countries' 
which could be sent to Belize "If 
the British garrison-.wece-to with- 
draw. " * 

S. Africa ‘leak’ row 

A group of U.S. Congressmen has 
accused a South African embassy 
official here of attending -a secret 
State Department briefing which 
they received recently on South 
Africa, according to a letter made 
public yesterday, Reuter reports 
from Washington. In a sharply- 
worded letter to the South Afri- 
can ambassador, Mr. Donald Sole, 
the Congressmen charged that a 
member of the embassy informa- 
tion department attended the 
meeting .last week, despite prior 
announcements that the briefing 
was only foe Congressmen 

into fourth day 

President Anastasio Somoza of 
Nicaragua called an emergency 
Cabinet meeting yesterday as a 
general strike went into its fourth 
day and opponents called for his 
resignation, agencies report from 
Managua. Tbe strike was called 
to back-demands for a full investi- 
gation --Into .the 1 murder this 
month of an opposition newspaper 
editor. 1 Dr.’ "Peart) " Joaquin 
Ghampiro. The stoppage, backed 
By ’labour unions and employers, 
shut down most. private businesses 
end dilt’off supplies- of pasteurised 
milk.,- ‘ 

The officially-recognised .political 
apposition has called on Gen. 
Somoza to resign. But the mayor 
of Managua made a national radio 
broadcast in which he claimed 
that the National Guard, which 
-serves as police and army, 
supported the President. 

Meanwhile, eight women, who 
say that they are mothers of 
political detainees or activists who 
had mysteriously disappeared, 
have begun a sit-in at the 
Managua offices of the UN to 
demand an international investi- 
gation into the fates of their 
sons. . 


Burning away the property tax base 

NEW YORK CITY has more 
than its share of problems: the 
much-advertised fiscal crisis, un- 
safe schools, cuts in the law 
enforcement and fire depart- 
ments, potholed streets and huge 
corporations leaving the city and 
taking money, jobs and taxes 
with them. But they all pale 

next to New York’s biggest pro- 
blem: arson. 

In New York City alone there 
are about 20 fires a day resulting 
in property losses worth $1.3bn. 
and indirect costs, from aiedical 
care and the loss of employment 
and business, of $4.Wbn. These 
figures are 40 per rent higher 
than in 1975. 

Power failure 

A 1,000 people have died, in- 
cluding 45 firemen, and 9,000 
have been injured. Altogether 
1,037 fires broke out during the 
night that followed the blackout 
caused by a power failure last 

There are three kinds of arson 
plaguing the city, Arson can be 
committed for profit by collect- 
ing insurance money. It is, 
secondly, a means tn jump the 
housing *ueue, because the 
welfare departments put fire 
victims first on the. list Tor relief 
housing and medication and a 
fire can cut the waiting down 
from montbs to virtually nothing. 
The trouble is that once the build- 
ing is abandoned junkies, prosti- 
tutes and street gangs who use 
the buildings will often put it 


to the torch for fun or cover upflated values. They choose build- 
their activities as they leave tbe -mgs that may have had fire In 
building. The third kind of arson, one apartment only and have not 
pyromania, can occur when been too badly -stripped. One 
ghetto residents want to let off more fire in one more -apartment 
steam. is all that is necessary to have 

Whatever form it takes, arson the total destruction taken- care 
is burning away the real estate of by the property stripped- The 
tax base in large sectors of the building's insurers then write the 
city. For instance there are now cheque. 

4S0 derelict acres in the south ^ mode of muduct in tte 

^hStto'^w 0 -, with ghettos is slowly being checked 

ghetto, now a no-man s-land with th arson ctrikp force The 

blackened buildings, vacant lots ^ he of X f^eeUM?.' Mike 

nF hiHM^np^^nn^tPTi^nt Conners, a former firefighter 

of buildings. One tenant has put tawyer and chief flre marshal of 

a huge sign over the door to i her ^ Fife DepartmenL Before he 
butiding— people still ltve here to(jk Q there were fower tbM 
-to tell passerby tha^t is not M filtmars hals in the five 

a place to burn in spite of its boroughSi Now there ar e 125 

appearance. men who, after intensive training 

Until recently this land yielded an jj equipped with guns, hand- 
taxes and was covered with in- cuffs aTld bright red baseball 
habited buildings. Now there caps, patrol the target areas, 
arc L200 vacant buildings still 
standing. They have- fallen prey . , , j , 

to the “strippers,” who make it Abandoned DUuOUlgS 
a business to take out the _ „ . . 

kitchens, bathrooms, copper pipes Tbe - tdea is- n ° t , new : bul 

and other saleable commodities, pntiols hitherto had only pushed 
The Bushwick section of Brook- the fire raisers to areas other 
lya has 1.000 vacant buildings than those being patrolled, 
and 450 vacant lots. Brownsville, Since _ they began operating in 

Bedford-StuyvescenL East New August m the south Bran* Busb- 
York and even -the Lower East wick and Bronsvtlle— the hardest 
Side of Manhattan have equally hit areas of the ciiy—ttae number 
alarming figures. of fires has dropped 40 per cent. 

The tax arrears maps for these and fires' in abandoned buildings 
areas are virtually all coloured are down 70 Per cent^-this in 
tn and the city ‘planning office a city that had 4-4,467 alarms 
estimates roughly that 30,000 last year. One wonders if New 
dwellings are abandoned every York’s boroughs would now* took 
year. For some years dummy as though there had been a war 
real estate corporations have if these men had started ten 
been buying these abandoned years ago. 
buildings in marginal neighbour* Insurance companies are Of 
hoods and insuring, them .at in- course most involved- , t J -a.roafly , 


of tbe major weekly magazines 
they have taken full page adver- 
tisements saying “I burned my 
business to the ground. Thanks 

America for helping pay for it" 

The advertisement goes on to 
say that arson cost over Slbn. 
last year. It also indicates that 
ove- 20 per cent, of the fires are 
thought to be due to arson, but 
only in 3 per cent, of the cases 
are conviction obtained. it 
explains bow the reader's insur- 
ance premiums are. going up 
because of this, and urges him 
to put pressures on officials to 
classify arson as a major crime 
and push for uniform national 

The professional arsonist is 
said to earn S30.000 or more a 
year. The fire raiser comes in 
many varieties, from the profes- 
sional man who has researched 
his subject and. is paid 10-20 per 
cent, of the insurance claim, 
taking half in advance,, to the 
14-year-old ghetto street hid who 
wiU do it -for six cans of- beer or, 
perhaps, $100. 

Mr. John Glenn, the Senator 
from Ohio and a former astro- 
naut in statements at hearings 
expressly for the purpose of 
alerting the public to this 
problem, said: “These Is in- 
'creased evidence of- the ‘involve- 
ment of organised crime" He 
also said the epidemic Is spread- 
ing from "rundown areas of 
major cities to suburbs and rural 
areas." An insurance expert, 
Mr, P. Fisher, claimed that arson 
accounts for as much as 50-55 
per cent- of fire insurance 


Healey and 
Dell meet 

By Our pprtign Staff . 

MR. NQBUHIKQ Ushiba, the Jap- 
anese Minister for External! 
Affairs, arrived in London yester- 
day. He attended a working 
dinner given by the Chancellor 
at No. II Downing Street at j 
which Mr. Edmund Deli, Secre-j 
tary for Trade, also participated. 

To-day Mr.. Ushiba will meet 
Dr. David Owen, the Foreign Sec- 
retary. and have further talks 
with Mr. Dell before leaving for 
Paris later In the afternoon. 

British officials said the talks 
were expected to cover issues 
raised at the Geneva world 
tariff-cutting negotiations under 

Mr. Ushiba will also explain 
the measures Japan is taking 
to reduce its balance of pay- 
ments surplus. 

Mr. Ushiba came to London 
from Bonn, where he assured 
West German officials that Tokyo 
was doing all it could to cut its 
surpluses. But in a radio inter- 
view he said foreign criticism 
of Japanese economic policies 
bad been “by and large justi- 
fied." Japan had done too little 
in the past to boost imports and 
had concentrated too heavily on 
exports, he said. 

Earlier in the week Mr. 
Ushiba participated m the GATT 
talks at Geneva. 

Davy-Loewy wins £88m 
Brazil steel mill order 

W. Germany has 
large surplus 

By Jonathan Carr 

BONN. Jan. 26. 

WEST GERMANY achieved the 
second largest trade surplus, in 
its history last year, and its sur- 
plus on current account declined 
only slightly agafnsr 19761 

The results have emerged at 
an embarrassing moment for the 
government — -just as .it Is stres- 
sing wbat it has been doing to 
reduce' those-- persistent sur- 
pluses, and why it feels it can 
do no more to reflate the domes- 
tic economy. 

The latest figures, issued by 
the Federal Statistical Office, are 
more likely to be seen as support 
for the view of proponents of a 
bieger West German reflation 
effort — notably in Britain and 
the UB. 

Last year's trade surplus was 
DM38.4bn. — a figure exceeded 
only by the DMSlbn. figure of 
1974. Exports rose 7 per cent, 
to DM 273.5bn. Imports were 
up 6 per cent to DM235.1bn. 
The trade surplus was DM35bn. 
in 1976 and DM37bn. in 1975. 

Last, .year's current account 
surplus -rri the visible trade 
balance less a deficit on services, 
transfers and supplementary 
iterasl.-„wu9-; DMB.2bn— -against 
DMS.5bn. >n*l978 and DM 9.5bn. 
in 1975...: 

Forecasts vary considerably of 
tbe extent of growth of West 
German exports this year. The 
Government's cautious estimate 
is 5 and 5.5 per cent, in real 
terms. l£ut it is at least feasible 
that a trade surplus about a 4 ! 
big as that last year will emerge 
this year. 

transport talks 

By Ian. Hargreaves 

THE TRANSPORT Ministers of 
Britain and West Germany are 
to meet' to discuss common rail- 
way problems after an exchange 
of correspondence which began 
with angry claims that the U.K. 
was deliberately setting its rail- 
ways at a competitive disadvan- 
tage with roll-on roll-off services. 

Mr. William Rodgers, the U-K. 
Transport Secretary, has replied 
to Herr Kurt Gscbiedle. his 
German opposite number, reject- 
ing claims that customs officials 
have acted obstructively In the 
case of rail export wagons. 

But his letter acknowledges 
wbat Hr. Gscheidle had described 
as tbe partial obsolescence ♦ of 
the British Rati ferry wagon fleet 
by conceding that the U.K. 
Government view is that re- 
investment in rail ships is not 
justified by likely commercial 
returns. 1 

Imports ‘vital’ 
to Britain 

By Christopher Durm 

“ BRITAIN MUST import to 
live,” Mr. Tom Harrison, chair- 
man of the British Iru porters 
Federation, said yesterday. 

Launching a detailed siudy on 
the importance of Britain's 
imports, he called for a rethink 
on the industry. 

41 Importing is the most suc- 
cessful activity in the British 
economy to-day." he claimed. 

The attention whicb was 
focussed on certain uncompeti- 
tive British industries tike cars 
obscured the fact that 75 per 
cent, of current imports were 
essential to our well being.” 
he said. 

In the long run, it did not 
matter how -much Britain im- 
ported in fiinished goods, pro- 
vided it carried on exporting 
them in large enough quantities. 
Mr. Harrison asserted, agreeing 
with the study's conclusions. 

Pressure from trades unions 
and manufacturers for import 
controls had to' be resisted. Im- 
porters were not a major cause 
of unemployment, he claimed 
Import protection was expen- 
sive and reduced our competitive 
ability, it also threatened our 
invisible earnings in tbe future. 

Mr. Harrison warned that the 
current fashion For protectionism 
was more likely "to Increase the 
size and length of the dole 
queues than to reduce them-* 1 
The Importance of Importing to 
the United Kingdom Economy— 
published by the British Imr 
porters Confederation. 69; Con- 
pxm Street, London, E.C.rL ?. 


A PLANT contract of £SSm. for 
the .Minas . Gerais, steel complex 
in Brazil has been awarded to 
Davy-Loewy of Sheffield, bring- 
ing the total British package of 
contracts for the project to more 
than £2S5m. 

Davy-Loewy has won the new 
contract for a billet rolling milL 
About £&5m. of tbe content will 
be direct export from Britain. 
The remainder will cover work 
supplied by local contractors arid; 
on site. 

Sir John Buckley, chair man of 
Davy International, said yester- 
day Davy and Morgan -GrehfelL 
acting as financial co-ordinatore 
of a group of European banks, 
finalised the engineering and 
equipment supply package -for 
Aco Minas Gerais SA of Brazil. 

The British share will provide 
22,500 man-years of work in 
British plants and on site. . . 

The £8Sm. billet mllL order 
covers the design, manufacture 
and supervision of erection for a- 
semi-con tin nous rolling mil] for 
billets on a greenfield site at the 
Brazilian complex. 


Total export 

Contractors Package value 
£m. £m. 


Blast furnace 

Duekham— . 

Coke ovens 

' Billet mill 
Davy — 
British • 
Oxygen plant 











Part of the mill will be made 
in Brazil to Davy-Loewy designs, 
but the., majority of the work 
will be designed and made by 
Davy-Loewy, Sheffield. 

Substantial sub-contract work 
for the mill electrics will also be 
placed -by Davy-Loewy ■ In 

The serm-wntinous bilelt ir 
is designed to handle 2m. tom 
of semi-finished steel a year. T 
design will incorporate a seco 
stage of development to raise t 
mill's throughput to 3m. in? 
tons a year. It Is due to 
commissioned late in 19S0..' 

Brazilian steel complex otde r 
worth more than £lbn> are. bail 
shared between Britain, Franc 
West Germany and Brazil, ai 
have been concluded in less ttu 
one year since the origin 


Morgan Grenfell .signed ; 1 
external loan to Acominas • 
£150m. in December, 1976. ] 

.Tune last year Euro-currem 
loans- of 3505m. were raised 
support the project Tot 
external finance is now moi 
than Sl.lbn. 

Davy International is also lea> 
ing a consortium or BntisJ 
German, French and Japanes 
steel plant makers, engineers an 
banks tendering to build an iro 
and steel complex in Venezuel 
which is expected to cost $2,6bc 

Saudi group buys Falcon jets 


THE FRENCH-based Saudi 
Arabian business tycoon, Mr.' 
Akram Ojjeh, who recently 
acquired the luxury liner 
“France" for Frs.80m. (about 
£9m.), has made a Frs.lbn. 
(about £H0m.) deal for the pur- 
chase of an unspecified number 
of Falcon executive aircraft, 
manufactured by the French 
company, Dassault-Breguet ■ 

The contract was concluded by 
Falcon-Middle- East- SA, a Swiss 
subsidiary of Mr.' Oj jehis Luxem- 
bourg-based -group \ Technique 
d 'Avant-Garde (TAG j; which aiso 
bought the “France." 

The Falcon jet has done 
particularly well in export, qjar- 
fcets ; The ITS,! Coast- Guard 
recently ordered 41 of the 2oG 
version known as the- Guardian: 
which has been specially adapted 
for maritime surveillance work. 

Mr. Ojjeh is planning an 
ambitious project with the air- 
craft he has bought His contract 
Is reported to include a clause 
under which he will promote 
sales and the distribution of the 
Falcon in the Middle East He 
has also decided to create, with 
the participation of ,EuroP e 
Falcon Servlce^be organisation 
responsibly , for marketing, . the-. 
aircraft a special servicing and 
“ rent-a-plane " ' network for 

Falcons ofaU.types in the Middle 
East ’■'• - ; 

The Falcon ven.ture is not Mr. 
Ojjeh's first excursion into the 
aircraft field. His group already- 

.possesses - 44 per cent of the 
capital' of tbe small French 
domestic airline, Air Alpes, and 
be has financial interests in 
other regional French air sen 

Mr. Ojjeh has recently said 
that he is interested in creating 
both an important regional 
Fraxico-Saudi shipping company, 
with the- participation' of the- 
Frerrch State-don trolled - Com*- 
pagnie Genarale Maritime, and 
a bi& French, regional aiTlipe. . . 

PARIS, Jan. 26. 

• ANF-Industrje has signed a 
Frs.l75m. contract to provide 
the Iranian railways with rolling 
slock. Delivery will be in 1970 
and 19SO. subject to the signature 
of a French banking credit tc 
enable the Iranian authorities tr 
go ahead with the purchase. Thu 
company said It had also signet 
a contract extending its. technics, 
assistance to the Iranians for the 
operation of four turbotrain! 
made - by it and delivered tc 
-Iran, in 1975. 

New hotel venture 

^ financial TINES .reported . 

~ m - a 1 * 

a NEW hotel management com: 
pany has been set up by Paki- 
stan lnternatioan! Airlines (PIA) 
In partnership with the French 
hotels group Novotel. 

Called Minbal (whicb means 
“spring" in Arabic) the com- 
pany brings together the airline 
marketing experience of PIA 
which has a 51 per cent, equity 
stake in the venture, and the 
hotel management , kpow-how 
gamed by Novotel in' operating 
a chain of bvar. 3 60": Bid els in 
Europe. Africa ' and ..Eoutb 
America.- “Novotel"’ ho wytht* 
remaining 49 per cent. 

initially the new company will 
concentrate on the Middle East 
area where Novotel already 
operates one .hotel in. Sharjah 
and where. PI'A f has recently 
formed two jdiht- ventures with 

local interests to build hotels In 
Abu Dhabi and Saudi Arabia. . 

Minbal has been awarded the 
management contracts for the 
latter two hotels and is currently 
negotiating similar deals for 
hotels in Jeddah. Dharan and 
Yanbu in Saudi Arabia, as well 
as in Bahrain, tn which PIA will 
probably have an equity stake 
in the ownership of tbe hotels. 
Ip the longer term it is in-, 
tended to extend Minhal’s opera-, 
tions to Pakistan and Europe. 

.. The agreement between PIA 
fifid" Novotel is non-exclusive so 
that Novotel is not prevented 
from setting up Novotel chain', 
hotels in the same area as 
Minhal hotels, while PIA Ls not 
restricted »o using Minhai hotel 
management in future hotel 


Japan accepts Canadian terms 


. = -'.T-.a-ES.- 

CANADA AND Japan to-day 
initialled an agreement safe- 
guarding .".the .use * ftf Canadian 
uranium exported to Japan. This 
ends a year-long deadlock and 
opens the way for probable co- 
operation between the . two 
countries in development and 
application of ouolear tech- 

Mr. Don Jamieson, Canadian 
Foreign Minister, announced im- 
mediately after the initialling 
ceremony that Canada was lifting 
its embargo on uranium ship- 
ments to Japan. 

The agreement will not be 
signed until the' legal section of 
the Japanese Foreign Ministry 
has bad a chance to scrutinise it, 
but no problems are expected at 
this stage. . . 

Canada imposed its embargo on 
uranium shipments to Japan tn 
January last year after Japan 
declined to accept a proposed 
revision to a 1959 bilateral agree- 
ment on the peaceful use of 
atomic energy which would have 
greatly re-info reed earlier guar- 
antees against the use of 

Canadian uranium for military 

Japan rejected the Canadian 
proposals on the ground that they 
duplicated guarantee arrange- 
ments already imposed by the 
U.S. — which enriches Canadian 
natural uranium and re-exports 
it to Japan. 

A - further problem arose tn 
May, when Canada demanded that 
Japan seek its consent before 
arranging for the re-processing 
of used nuclear fuels by third 
countries. . 

Canada's attempts to tighten 
controls on the use of its 
uranium were provoked by 
India s explosion of a nuclear 
device in 1974 using a Canadian 

The deadlock with Japan, 
which has continued to reject the 
idea of havtng to seek separate 
consent from the. U.S. and 
Canada Tor ' reprocessing 
activities,., came. in. sight of 
solution last November . when 
Canada and the U.S. agreed to 
respect each other's crueria for 
controlling uranium exports. 

This made it possible for 

TOKYO, Jan. 26. 

'Japan -to- continue dealing onlyl 
with the U.S. on nuclear safe-' 
guard questions while formally 
respecting Canada's right to ex- 
ercise its own separate controls. 

An Important feature of the 
agreement is that the safeguards 
cover technology associated 
with, the Canadian natural 
uranium Candu reactor. 

Japan appears to be deeply in- 
terested in buying a Candu 
reactor and in acquiring tech- 
nology which would subse- 
quently enable it to build and 
export its own reactors. 

•Japan normally accounts for 
W per cent, of Canada's uranium 
exports and is itself heavily de- 
■ pendent on Canada as the main 
supplier for fuel used in its 
nuclear power industry. 

. levels of capacity utilisa- 
tion m the nuclear industry this 
>;? a . r have blunted the effects of 
the Canadian export embargo, 
out some Japanese power 
stations appear to have -been 
running critically short of fuel 
towards the end of the year as a 
result of the Canadian action. 

Finnish forestry losses persist 


ALL THE main branches of the 
Finnish forest industry again ran 
at a loss in 1977, tbe third year 
in succession. The outlook for 
the current year is equally 
gloomy This was the picture 
painted by .Mr. Lauri Klrves, 
managing director of the Central 
Association of Finnish Forest 
Industries, at a Press conference 

The wood, pulp and paper 
sector exports about 80 per cent 
of its production and accounts 
.for about a half of Finland’s 
total export earnings. 

But the slow economic recovery 
in the main export market 

t ^c n ?L e ’, within which 
the U.K. tops the list — ha'v rnn 
founded Finnish hopes for an 
expon-lcd recovery 

Finnish forest industry export* 

s? ^ 2 

ra,e fluctuations. *, " 
crease last year should h a " 
been around 40 per ,. en i 
march the level reached ,n 1974 
of the boom. 4 - 

demand. . the matn reasons i£ 
the depressed state of the fore« 
industry sector are low 

Greek alumina, 
plant expansion 

By Our Own Correspondent 

ATHENS. Jan. 2g. 
PECHINEY OF France 15 to in- 
vest a further StOOm. to increase 
alumina production at its nianr 
on the Gulf of Corinth, air 
George Rail is. Greek Minister of 
Coordination, announced. 

The investment win 
alumina production from ‘ 
present 500.000 tons a veir 
600, COO tons. About 3M.0M to ,£ 
of the alumina now beine n°^ 
duced by the plant is converted 
of. aiuminluTn -j 

Steel trigger 
price delay 

A TRF4qfr^ T0,V ' Jan * 26- 
A TREASURE official iv 

enforcement d„e f o r W St 

Governments steel t r i V 10 

mechanism Hni sUp 88 ^,^^ 

Tr^ur, “’ b nc r ;, "-Jig 

mechanism would hi. p * CG 

^iimo7y d ^e^ h ore CO l h“ e 2; u ‘J 

HELSINKI. Jan. 26. 

high raw material and other 
costs, the high debts ratio and 
weak profitability of the corpor- 
ate sector and. said Mr. Kin**, 
the overvaluation of tin 

Thf$i are all factors withifl 
Finland’s control. But: tba 
Uwvt'rnnicm a measures to stitnu- 
J-'Ue Industry and improve rts «n- 
lomaiional competitiveness ha v ® 
Been too modest, said Mr. KlrvM- 
1 lu, * v *l*u came loo late. 

utilisation* was 

inSU ,0 Pfl nl on average to 

STvs; Ei .** Md iw * rt - " 

Hong Kong 
trade swells 

Hrm H 2 NG . KONG, Jar 
Hong Kong s domestic 
of ¥3.89 hn last year were 
cent, higher than exports 
imports were £5«Ubiu t 
| Per cent Re-exports of J 
! Um ‘ up 1Q.1 per CftM 
] T «ltie exports ruse 8 p 
1 in l “ e face of rising pro 
ijsm and fallin™ demand,. 

Reuter. The EECL 
j accounts fc, r half of to* 

J Ports, recently imposed 
littms on textile import*?* 



• y Jigancaal Times Friday January 27 1978 

— 7 information to shareholders oft — — — 

SKE3>?-SodeA.F&niasnnc&ft Telefonica p.a^ Turin/Rome, ITALY SIP— Societa Italians perTEsertizio Telefonico da, Turin/Rome, 
TTALCABLE — Servizi Cablografici, Radiotelegrafiei e Radioelettrid S.p.A., Rome, ITALY 

The Board of Directors of STET 5 SIP and ITALCABLE have decided, after a thorough review of the cap ital structures of their 
companies, to convene an Extraordinary General Meeting of Shareholders of die respective companies to resolve upon an: 


Increase of the share capital^of STET and of SEP, partly by subscription and partly free, and increase, wholly free, of the share capital of 
ITAI£ABLE, through die issue- and distribution of new ordinary shares each of a nominal value of 2,000 lire; 


societa' / 




The following figures are indicative of the progress achieved by the Group during 
the past five years: 

—acquisition of 3.1 million new. subscribers; installation of nearly 5 milli on new 
telephone sets and of 148,000' new public . telephones; automatic handling of a 
• growing volume of millions of local, long distance and intercontinental calls. 

—the Group now serves more than 10.7 million subscribers equipped with 16 million 
telephone sets, and has some 340,000 public telephones in service; annual traffic is 
of die order of 7,700 million local calls, 2,400 milli on long distance calls, 6.4 million 
intercontinental calls and 7.4 million telex messages. 

—at the international level, the service is well placed in terms of telephone density 
(28:5 sets per 100 population, against a European average of 33); and since 1970 
^■■subscribers have enjoyed direct-cfialling facilities throughout the entire network. 

Underlying these, results is; a continuous, massive investment progr amm e (the 
average age of the Group’s plant is only 8 years) aimed at an optimum balance of 
service throughout Italy, in order to meet the social and economic requirements of 
die entire nation. 

In the five years from 1973- to 1977 the Group’s plant investment expenditure 
totalled approximately 5,300 billion^ lire, of which SIP alone accounted for more 
than 5,000 billion lire. During thait period the Group employed an average of 125,000 
personnel and the investment projects provided employment for a further 150,000 
people. - - . . ; 

As a consequence of the increases in share capital shown below, the size of the 
annual dividend has increased in proportion to the volume of capitalized reserves. 


V ..[(billion lire)’ 


at 31/12 

at 31/12 

at 31/12 

; . 


. 1976 


Fixed Assets 



Property ; , 




Telecommunications plant .. . - 




Other fixerl. assets — 

... HI- 

. 385 

400 ■ 

■ '3,044' 


; 9,800 . 

Inventories . 




Securities and non-consoEdated share- 




Cash and funds with banks ..i. 




Subscriber and customer receivables 




Sundry debtors .... .... » 




■ * , e* 



. - 12300 . 


at 31/12. 

- at 31/12 

at 31/12 

Equity • 

. 1972 


1977 . 







Interest of third parties ~ 




Income for financial year 





• iL848 


Depreciation funds — 




Other funds .U. ; 



' 900 

Financial debt . . 

Long-term ..... 




Medium-term — 





- - 95 

53 5 


Accounts payable 


• 518 

700 • 

Sundry creditors 




■ . ’ _ . m 





(a) The increase in the value of assets as attributable as to approximately 5,300 billion lire for 
new investments and approximately 1,40Q billion lire for revaluation, mainly in conformity 
with the related legislation of December 1975. 

(b) Financial debt shows an increase of some 3,400 billion lire, while STET Group equity has 
increased by approximately 1,200 billion lire. 

Cc) The increase in the depreciation funds is. attributable as to 1,250 billion lire for annual 
appropriations and 360 billion lire . upon application of the abovementioned revaluation 
legislation. ' 

(d) Available reserves subsequent to the revaluation legislation and available for utilisation amount 
to 920 billion lire (included in the item “ Equity ” totalling 1,900 billion lire) . 

N.B.— -The item 46 Fixed Assets” (book value .9,800 billion lire at 31.12.1977, still lower than the 
current market value), consists mainly of telecommunications plant which at the time of expiry of 
the concession (1996 for SIP and ITALCABLE) will, in the event of non-renewal, be indemnified at 
their market value. 

During the. period 1973-1977 STET- SIP and ITALCABLE have, as in preceding 
years, regularly declared and paid dividends, as set forth below. 

' i ’ . 

Dividend per 2,000 lire nominal value share 


1973 General Meeting. Lire 357. Lire 140 Lire 140 

1974 „ „ w 160 „ 140 „ 140 

1975 „ » „ 160 „ 140 „ 150 

1976 ‘ „ » .180 , „ 140 . . . „ 160 

1977 „ - • « 200 ■ „ 140 * 180 

Lire 140 
» 150 
„ 160 
„ 180 

Share capital increases 
Xbifiion lire). 




. of which transfer 

of which transfer 

of which transfer 

from reserves 

from reserves 

from reserves 




.from 225 

from 445 

from 18 

to 260 5 

to 500 15 

■to 24 2 




from 260 

from 500 

from 24 

to 280 4 

to 560 15 

to 32 5 


■ .Since demand for telecommunications services is growing rapidly throughout the 
world (even in those countries where the telephone density is appreciably higher 
than in Italy), the STET Group is still engaged in a major investment effort, as 
shown by the programme presented to the government at the end of 1976, summarizing 
future investments, at 1976 plant costs, of 1,260 billion, 1,290 billion, 1,314 billion, 
.1,352 billion, -1^87. billion lire respectively in each of the years from 1977 to 1981. 

. In formulation of this investment programme, account has also been taken of 
the need to maintain employment levels and to contribute to the economic develop- 
ment of Southern Italy. 

The pace of implementation of the programme is obviously conditional upon the 
ability to obtain the financing necessary to meet that proportion of investment not 
covered by internally generated funds: and, in its turn, self-financing capability is 
closely tied to the existence of an equitable tariff structure. In this respect the Group 
maintains a continuing dialogue with the Government authorities regarding the 
necessary modifications to its tariff structure in order to meet the increasing capital 
and operating costs of the nation’s telecommunications system. Constant attention 
is devoted to financing problems, which to date have been resolved also by virtue of 
the confidence ‘.displayed in the Group by the domestic and international financial 

Furthermore; the difficulties facing the Italian economy in general, and the stock 
‘market in particular, in recent years have inhibited the possibility of an adequate 
contribution of risk capital to the procurement: of the necessary funds: as a 
consequence of the deferment of new-issue operations pending an improvement of 
the stock-market situation there has been a deterioration of the ratio between self- 
financing and borrowing which the Group has at all times sought to maintain since 
its foundation in 1933. \ 

. In this situation it w^uld have been a mistake not to ensure — also by way of an 
increase of risk' capital — the further development of a fast growth sector such as 
telecommunications. This view is in accordance with the directives issued by the 
Ministry of Post and Telecommunications and by CIPE (the Interministerial Com- 
mittee for Economic Planning): and it enjoys the full support of IRI (the Institute 
for Industrial Reconstruction) as well as of the consortium of banks, headed by 
Mediobanca, whose underwriting guarantee will assure the successful completion of 
the proposed share capital-increase operations. 

It is in the context of these prospects of continued growth that the STET Group 
is inviting its Shareholders, who have never failed to demonstrate their confidence in 
the Group’s management policies, to approve the capitaL-increases described below. 
This programme envisages: the increase of the share capital of STET and of SIP 
'(partly by subscription, partly free issue, through transfer of tax-exempt reserves) 
which will be utilized exclusively for investment in telephone-service operations; and 
the wholly free issue increase of the share capital of ITALCABLE, through utiliza- 
tion of part of the reserve created pursuant to Law No. 756 of 2 December 1975. 
Subscription of the new shares is synonymous with participation in the STET Group 
operations, since 1933 devoted to the continuous improvement and extension of 
Italy’s telecommunications service, a vitally important service in the economic and 
social life of the entire nation. 


STET — Increase of share capital, from 280 to 520 billion lire. The proposed 240 
billion lire increase envisages subscription of 140 billion fire of new shares (one new 
share for each two shares currently held) and the free issue of 100 billion lire of 
new shares (five new shares for each fourteen shares currently held) by means of a 
transfer from tax-exempt reserves. The new shares will rank for dividend from 
April 1st, 1978. 

SIP— Increase of share capital from 560 to 880 billion lire. The proposed 320 billion 
lire increase envisages subscription of 160 billion lire of new shares (two new shares 
for each seven shares currently held) and the free issue of 160 billion fire of hew shares 
(two new shares for each* seven .shares currently held) by means of a transfer from 
tax-exempt reserves. The new shares will rank for dividend from January 1st, 1978. 
ITALCABLE — Increase of share capital from 32 to 40 billion lire. The proposed 
8 billion lire increase envisages the free issue of shares for a like amount (one new 
share for each four shares currently held) by means of a transfer from tax-exempt 
reserves. The new shares will rank for dividend from January 1st, 1977. 



Financial Times Friday January’ 27 1978 


CBI seeks pay information 
role for select committees 


A RADICAL new function for powers of the Select Committee He added: “But I wish at all analysis to the select committee. ; 

Parliamentary Select Com- on Nationalised Industries has costs to avoid gening *nto > toe to 

utttee system — which would been brought into Question over problems of norms or any form of what could be afforded . 
.nvolvc one of the committees the steel industry’s problems. of corporatisms to which bodies wages. 

Jeing given a major' role to try- One idea ls that a select com- like the^ Government the jruc Secondly, the body would back. 

* * ** " *v rnojn ntith I v nr SIX- 1 

, A SHARP fall-off in trade in the U.K producersiitoe^ in 
latter half of the year sent which demand «nU“Sed Out- 
i Britain’s man-made fibre pro- away as the yew K .SS* was on 
; duction last year down to ns PM at the half >«ar stage w as o 
; lowest level since 1968, according a par with nine 

to industry figures published 4 per cent- beh jd after nine 
yesterday. months and nearly 13 i per cem- 

_ I The industry, which has been behind at ttayeai pm . 

responsible to "and reportTo/a jhat have existed in toe past and that for example, during the ifire- [fiGITIES TO he published to^ayjS®^^ S°25Jo e £S P cen? to ducere yesterday ?ttribtoeji_ the 

Pact with 





Man-made fibres 
trade continues 
downward trend 



•ng to spread economic under- miltee itself could perform the and CBI try to settle between this with three-monthly or six 
standing and explaining what the functions of a pay body, backed them what the nation can afford monthly progress reports on how! 
tountry can afford in wage rises up by expert research staff. ° n -Pay." its analysis was turning out 

—is being considered by Con- Another is that an outside body This means that the CBI .wants Thirdly, it would provide factual I 
■^deration of British Industry could be set up which would be to awid the sort of pay Boards reports in individual disputes so 
leaders. responsible 10, and report to, a that have existed in the past and that, f 

The ideas involve a new select committee. is aiming instead at a body with men’s recent pay row. there 

lationai bodv belli" set up to The plans are being drawn up educational and propaganda would have been a completely 
tdvise on pay and economic by the CBI as part of its pro- functions, rather than regulatory independent source of informs- 
4 Bairs. It would be kept separate posals for medium and long-term ones. Its primary job would be lion. 

from Government or ministerial reform of Britain’s pay bargain- to improve public understanding Such reports, it is thought, 
control or interference, and >&3 system and are similar to of economic realities and wages c0U ^ be requested by either the 

ffould have direct links with a Conservative Party ideas. . so that a national consensus ^fect committee or the Govem- 

lew Parliamentary select com- Yesterday. Sir John Metbven, could be built up. ment. but there would be no 

suttee. CBI director-general, referred to The body would have an attempt at any interpretation or 

Although no final decisions on the work the confederation is academic flavour, although it Government policy. The body 
tire CBI’s ideas have been taken doing in a speech at ad might have a governing couneil would not. therefore, become a 

ret. they would break new Industrial Society conference in that could include represeuta- relativities hoard as' was being' — the NCB’s standard measure- i 

inraud in political and parlla- London where he called lor- tives of the CBI and TUC. developed early in 1974 at the j meat of productivity— have been ' 

nentary terms and are specially talks on pay systems between Its first task would he to end of the last Conservative' — * — **-—'• < 

significant at a time when the the Government, CBI and TUC. present an annual economic Government's term of office. 






BARCLAYS BANK is taking 
another important step Jo the 
development of automated bank- 
ing services by doubling the 
number of its Bartiaybank out- 

The machines, installed mainly 

FIGURES.TO be published today ■ as muc 5 ^ 2&30 per cent to Queers yesterday ! r; 

by the National Coal Board .^1 ! EoiSpe over thepast few years, decline todMtoctaug during^he 

show a rise m productivity m a; ma riaged to stage a Partial middle of the jeai oy ^Au i ne macniiiw. «amw 

number of areas. ! recovery to 1976. increasing its manufacturers who expenenwea j outsldc bank branches, enable 

Officials are encouraged by the: output From only 562000 tonnes a fall-off in demand ir ‘ customers 10 wlhdww cash Up 
first signs of success in the| in 1975 l0 618.000 tonnes. then? t0 *S0 a day at any time. They 

productivity agreement which is j T he latest figures show, how- .IC1 Fibres claimed toat tncre i^ provide a service which 

ever, that in spite of a good Start were signs i of dernanci i a n 0 w s customers to obtain the 
to the year this improvement was HP again and. toe ! balance on their account and to 

now either operating or being 

phased in all areas except South; lQ me veartnis improvement was *;** •••;“ ~trariim? ; uaiance on ■*-*-“***»*• “**u ra 

''ales. ■ .. not maintained (n 1977. Output that tbe * rj £ult order a bank statement or cheque 

The areas where “significant fe u a g ain to only 551520 tonnes couditionsjwected “ J book, 

increases m output pot _ 33 r cent drop on the 1973 «»*« >"““ 1 ££!5to«J »u"5 Barclays bu ordered tOO mot* 

peak figure of 730540 tonnes. . nrdnrine vr.R machines for delivery from 

Oil ‘must be used to cut direct taxes’ 

PROPOSALS for using North 
Sea oil revenues mainly for 
boosting industrial confidence 
by cutting direct taxation, 
rather than for massive State 
intervention In industry, arc 
being urged in Whitehall by 
fie Department of Industry. 

This emerged publicly for 
the first time yesterday when 
Sir Peter Carey, the Depart- 
ment's Permanent Secretary, 
said in a speech at the 
Industrial Society conference 
that the oil resources should 
be used first “to create an 
economic climate in which 
industry win want to step up 
Its investment” 

Sir Peter’s outspoken re- 
marks reveal the tine, that his 
Department has been taking, 
along with the Treasury. In 
what is becoming an tncrea»- 
ingly bitter battle between 
senior Ministers, on the oil 

“Reduction of the tax burden 
could also be a worthwhile use 
of the oil resources. Lower 
levels of Income tax, and thus 
a higher reward for work, are 
likely to increase motivation 
dud application to work.” be 

This would be a “useful, 
broadly-based means of helping 
to improve our industrial per- 
formance and productivity at 

the same time as increasing 
people’s real take home pay.” 

He warned that the benefits 
of the North Sea should not be 
dissipated in a “ bonanza of 
self-indulgence which will leave 
us in 30 years time as weak as 
or weaker than we are now.” 

Tie said industrial ; invest- 
ment mast be the primary 
target- Because of this, “ fiscal, 
and monetary policies must be 
pursued in a manner which 
offers the prospect or steady 
and sustained growth without 
risking abrupt reversals of 

Sir Peter also acknowledged 
the other side of the potitical 
debates that the Government 

should tackle industrial prob- 
lems directly through .a 
massive expansion, of financial 
assistance to industry. 

Rut. significantly, he failed , 
to spelt out any proposals for j applied for their 
this beyond explaining the | tivity agreements 
Government's current Indus- 
trial assistance sheenies. 

^ .If STS ‘SSKr “fT. 77. r«d“to”>«ec„nfide , . t ort™| 

recorded are North Derbyshire.! production at only U5J40 tonnes U.k. and other European 
North Eastern, North Norting- j was down 25 per cent on the' tortile producers. 

£ “ ^ 19705 output ^ 5Ufr ® -s-ft.lB RSES 

the n chest coal seams m the ! Europe whe? fhtares for produc gg “" r » .Sse prices which 
U £e majority of these areas i g“» Z5£T“ j £» £%*&£% "! MaiOf tOWHS 

mofia 0 : ! EEC cutback. . .i .^Swm ^ie Sn able ro Th „ mchl „ re will be 

the overall vote of the miners.’ Several •• major- European increase f tofitalled »n town* with P«pul^ 

was against it. groups, including most recently spemality yarns hut are still a ttnns of more ihan Rflrtflfl to *ive 

Most of the areas immediately Rheme Poulenc, have announced ra ff to keep pace with cost reasonable national roveraee So 
own produc- plans for a major cutback in. creases in bulk; lines suen as ; far r0VPra ?p has been limited in 

after tbe L man-made fibre production polyester filament. . • ; areas, parti m la r.v the 

lX. r - rT tr nutnilt in 1977. .1- 

Tbe conference, entitled 
“ Towards a Common Pur- 
pose” was connected with 
a new publication from 
tbe Industrial Society called 
“ Why Industry Matters ” out- 
lining ways in which industry 
should improve its own image, 
communications and participa- 
tion. ... 

ballot, and have thus b&n facilities: • " "” T U.K. output flRuret iD 1977 , n0 rth. 

working under a bonus scheme 1 Total losses in 1977 by all -could have been much worse nut; 

for some time. 


Shell to double U.K. 
expenditure on plant 


SHELL CHEMICALS U.K. is Prospects for the current year However, the possibility of 
doubling its capital expenditure are not bright. Mr. Crofton said. SbeJi going ahead with its plan- 
on new plant over the next 12 Latest forecasts suggested that ned £200m. ethylene plant at 
months, to spite of its pessimism the volume of sales would not be Stanlow is still clearly in doubt, 
about trade prospects to tbe inucb better than. that , achieved : ^Another: cracker-iS' al-m being 
medium term. But doubts are last year. - Continuing slack 1 plaarted' for the TfcKl by Esso 
growing as to whether it will demand would make it difficult Chemical, at Mossmomm In Fife. 
hp v- j Press ahead this year with plans to keep prices moving up to an d It is unlikely under curreor 

S'SShiArVmiSf Mr ! or a ^5°“- ethylene plant on line with cost increases and profit marker copditions that both will 

iSmUr CSS - ?! , r - ***** wou ‘d ' oe con- goahe^ attbe saineifirtd-* 

Its recent sales performance siderahle pressure. ^ Shell U.K., she petroleum arm 

has reflected the recession in According to Mr. Gerard Fair- oF the enrapafiv, will : be supply- 
base chemical markets through- tlouzh. Shell Chemicals manag- ing 50 per cent of tbe ethane 
Out Western Europe and in tbe j ne director, the chemicals feedstock for the Fife cracker 
third quarter last year the com- industry now bad to accustom and Shell Chemicals will have a 
Pany produced a pre-tax loss of itself to continuing low growth, drawing right of 200.000 tonnes 

at least in some parts of the of ethylene 

. Demand in July and August is business. Expansion would not Mr. Fairtloueh said: ■ tr For- 

opponent. have declared that re- ; traditionally low. bur last year h e i p tn solve its problems as to ward projections for ethylene 

Fears over 



By David Fishjpcfc, 

Science Editor 

LEADERS in the nuclear in- 
dustry are worried that a cam- 
paign will be launched to delay 
any Government decision about 
British Nuclear Fuel's £600m. 
reprocessing project. This comes 
after the Government’s eo-ahead 
for new nuclear power stations. 

Mr. Peter Shore. Environ- 
ment. secretary, told Parliament 

Justice Parker, on last summer’s 
Windscale inquiry. 

Although Mr Shore gave no 
hint of its findings groups oppos- 
ing the project were convinced 
well before the end of the in- 
quiry that it would find in favour 
of the project. 

Friends of the Earth, a leading 

processing would continue to 
^dominate their energy campaign 
this year, “and our objective is 
quite simply to create a political 
’climate in which it would be 
'foolish for the Government to 
give the go-ahead.'' 

The group is urging Mr. Shore 
to publish the Parker report be- 
fore making any decision on the 
project, in order to -stimulate 
further puhlic debate. 

demand have fallen dramatic- 
ally and If the Mossraorran 
cracker is sanctioned it may be 
necessary for the material to be 
absorbed in the U.K. ■ 

the normal pick-up in tbe^utumn the past, 
did not occur. In the first two 
quarters Shell Chemicals made n 

pre-tax profits of £6-5m. and Conversion 

According to Mr. Derek Shell Chemicals U.K. is plan* _ 

Crofton. finance director, a small n * n fl to double its capital expen- • Hr. Peter Shore. Environment 
profit was expected again in the diture this year to some- ifiOm., Secretary., has approved a r2flm. 
last quarter. This should put last' compared with some. £30m..-iD expansion scheme at the Staveley 
year’s performance on a level 197 7. Much of this" will- go on Derbyshire. Vinatex PVC plant, 
with 1976. when the net income the conversion of an ethylene in -spite of objections oh safety 
amounted to £105m. 



( Incorporated in the Republic of South Africa ) 

Interim Report for the Half-year ended 31 December 7977 


The unaudited consolidated financial results of the Company 
and its subsidiaries are estimated as follows: 

Year ended 
30 June 

Half-Year* ended 
31 December 

1 • 1977 


3 966 







1 590 

i 2 823 

Profit before Taxation 



i 98 1 




2 921 

Profit after Taxation 

1 470 

1 375 



Attributable to outside Share- 
holders of Subsidiaries 



2 914 


Preference Dividends 





2 798 

Profit attributable to 

Ordinary Shareholders 


1 313 

!» 9 673 436 

Issued Ordinary shares 

9 673436 

9631 178 

1 29 cents 

•Earnings per Ordinary share; 

— Including Profit on 

145 cents 

1 3.6 cents 

' 28 cents 

Realisation of Investments 
— Excluding Profit on 

13,0 cents 

13 2 cents 


* Based 

Realisation of Investments 
on average number of Ordinary shares in 

issue during 

the period. 

No taxation is payable as the Company and its subsidiaries have 
no taxable income for the half year. 


Preference dividend No. II amounting to R5600Q f 1976— 
R63QQ0) was paid for the half-year ended 31 December 1977. 

Final Ordinary Dividend No. 46 of 115 cents per share amount- 
ing to R I 209 000 ( 1976 — 20 cents— R1 9260001 was declared in 
June and paid in August 1977. 

Interim Ordinary Dividend No. 47' of 10 cents per share. amount- 
ing to R96Z000 { 1976 — 10 cents— R963 000) was declared in Decem- 
ber 1977 payable on or about 3 February 1978. 


The market value of the listed Investments of the Company and 
its subsidiaries, at 31 December 1977 was R54S66 000 (1976 — 
R42 702 000) compared with a book value of R 17 015 000 (1976— 
R 17 063 000). The book value of the unlisted Investments of the 
Company and its subsidiaries at 31 December 1977 was RB 282 000 
( 1976— R8 296 000). 

For and on behalf of the Board. 

B. E. Hcrsov 
R. T. Swemmer 

Registered Office: 
Anglovaal House. 

56 Main Street, 
Johannesburg. 2001. 
26 January 1978 

London Secretaries: 
Anglo-Transvaal Trustees Ltd.. 

295 Regent Street. 
• London. Wig 85T. 

Europe’s man-made fibre eroups tor the strong export per-; 'TJ?® b3 which 
are likely to exceed tbe £500m. fonnance registered by toe m-;P^ers. 

.. ^ figure recorded in 1975 and the dustry. Export deliveries at 

The Coal Board believes that j European Commission is study- 24L0O0 tonnes accounted for 4L5 
toe agreement will yield to- 1 j n o waya 0 f dealing with the percent, of total deliveries, and 

Borclaycash du* 
give £10 at l 

creases in output of between 10 
and 15 per cent 
However, figures published 
yesterday by the Department of 
Energy show that th® Govern- 
ment is less* optimistic about 
coal’s- immediate future;"' 

The Department estimates that 
cobsimiptinin' of eo*f Wfti -decline 
sliehtly. from 122m. tonnes in 
1977- " (provisional -figure) to 
121m tonnes this year- • 

The Department . comments- 1 
“ Deen-mined output whtoh in 






structural were roughly tbe same as in 
■ 1976. despite the overall fall in 
worrying for deliveries. 

Gar output slightly down 


CAR PRODUCTION in the U.K - was 1527520. compared with] 

in 1877 was slightly .down on L333-M9 in 1976. However In, rnirsj-ripc jw r n m 

1976. However, because 1977. is December the revised figure w;is I UMTFH cn i>Tir.s hiis c.nm 

their useful life, toe bank said. 
They arc to be withdrawn gradu- 
ally' over the next two years. 

Mr. John Quinton, a seneral 
manager, said that in the two 
years since the Bnndaybank had 
been introduced “ we have satis- 
fied ourselves about the mart*, 
flit*** n>lbhi)ltv -»nri rheir useful- 
ness to customers. ** 

Pis$ nsfc 

power productivity ” 

Labour News, Page 8 


Brick output 
declines , 

Financial Times Reporter 
GOVERNMENT --statistics 
leased yesterday show that brick 
production • declined slightly 
towards toe end of last year 
Provisional figures collected 
hy the Business Statistics Office 
on behalf of the Department of 
Environment, show that some 
350m. bricks were produred in 
December, with 292m. delivered 
to building sites. Stocks, how-^ 
ever, rose from S09m. to RfiSnu 
representing about two months’ 
current production. 

Brick production dropped by 
1 per cent, in toe last quarter 
of 1977 and. was around 4 per 
cent, down over the correspond- 
ing period last year. Deliveries 
in the last quarter, were 5 per 
cent lower . than:, ia. the ■previous 
quarter, bull only I - per. cent 
dowir on -the 1976 figurfe. 
to 1977 as a whole, acnduc- 

Total passenger car. production to 386.420. 

plant to gas oil feedstocks at grounds from local councils and 
Carrington and the near doubl- individuals at a puhlic Inquiry 

Ina of low density polyethylene last June Vinatex have hcenltiun of bricks dropped by H pet 
capacity. An extra 70.000 tonnes given permission to double nut- cent., and deliveries were dnwn 
a year is being added to tbe put of PVC to 160.000 tonnes a by 12 per rent, compared with 
present 90.000 tonnes a year. year. 'J976. 

Engineering export orders fall 


THE STEADY downward trend cent, below the 1974 leveL Federation pointed out earlier 

m new export orders for the en- The How of new orders for the this week, all the indications are 
gineeriug industry continued into domestic market, however. In- of a very slow recovery of de- 
October, according to Depart- creased by 6 per cent, during the maud and output 
ment of Industry statistics pub- three months to October' This A decisive factor in the dis- 
lished to-day. was mainly due to contracts appointing export performance 

They show that orders from placed with the electrical engi- by the engineering industry in 
overseas fell 4 per cent, during peering industries says tbe the second half of 1977 was the 
the three months to October. Department of Industry In Trade relative strength of sterling 
As a result, export order books and Industry magazine to-day. against other currencies, 
remained almost unchanged from Total new orders rose by 2.5 “ Certainly the long-term bene- 

the end of May to tbe end of per cent, between July and fits of a stronger currency have 
October. 26 per cent, below toe October aod sales by 15 per cent, yet to be felt and In the short 
peak reached in 1974. The trend of total orders-on-hand term it cannot help export pros- 

The level of home orders also continued unchanged. . pects," commented the federa- 

remained virtually flat at 46 per As the Engineering Employers' tion. 


For a small business with ambition, growth is essential. 

So come to Milton Keynes. We’D find you a place that's just vour-size. 

We have purpose-built factories ranging from 500 to 17,000 square feet, all 
ready and waiting to move into. 

Then if you need more space.later, well probably be able to find you more. On 
your doorstep. 

Or if you prefer, well take the original lease 
off your hands and let you move into our 



f j _ J, off your hands and let you move into our 

i ^ 'ZD > lar ier premises. 

V We’re now building factories up to 

& ^ J 50,000 sauare feet. Andwe have serviced 

S' 2 50.000 square feet. Andwe ha\e serviced 
. j) ? leasehold sites for people to build 
‘ their own. 

rrft-i 'fJssr'V. J.) > • We have housmgand a workforce 

7r~ ) all ready and waiting, too. 

t ^ Andwe think you 11 find our position is 

. j perfect Were midway between London 
and Birmingham, with excellent rail and road 
^connections. (The Ml is just 1 mfle away.) 

Finally, we have loads of experience in moving firms to Milton 
Keynes. And it’s all available to you, for the asking- MILTON KEYNES 

( [ would like to know more. Please send me details. 

[ Naine • Position 






The Proprietors of 
Hay’s Wharf, Limited 

The 70th Annuel General Meeting was held in London on 26th Januarv 1 97 ft 
Sir Dawd H. Burnett, Bt. M.B£., T.D . , the Chairman, presiding. The Report and 
Accounts were adopted and the Dividend was approved. P * 

The following are extracts from the Chairman's Statement and the Ann„*i 
and Accounts for the year ended 30th September, 19T7 3t Report 

Summary of Results 

bef0re MX ^ £2 ’ S78 - 000 cannpated profits of E1.165.MMat 

Comparative Figures 
Year ended 30th September 
Group Turnover 
Trading Profit before Taxation 

Taxation (1 976 - credit) 

Prof it after Taxation 
Dividends - Ordinary and Preference 
Extraordinary Items 

hhSC amounB amibu ' abfe t» 

Premiums on acquisition of shares in subsidiaries 
acquired during the year and goodwfll 2££ff 

Transferred Against Reserve 

(Surplus in 1976) 









2 , 978 
















and ^ im Portant disposals of Jow-vieJdina 

on capital invested and earnings pershare Year further t0 improve the retm 


NCR machines for delivery from 
earlv 1979. Zr Is expected, that 
the new machines will be Instal- 
led mainlv “throngh the wall* 
of bank branches, rather than 
inside brandies or oo other sites 
such as shops, to provide a 24- 
hour cash withdrawal service. 

More Thistle oil for the State 


BRITISH” NATIONAL QiT. Coi^ to' purchase 51 per cent, of any has a 41.03 per cent, interest 
poration has aaihed J access to a oi ^ produced. in Thistle, has provided BNOC 

further supply’ of JVorth Sea . According to .the brqkere with additional voting rights 
.-.j' rtil -/ ' Wood Mackenzie. Charterhouse under the fleld-operaunq apree- 

e ° ,-c ,hn„t owns about 5 m barrels of Tbe »«nts. 

The corporation.* which is about recQverabJe nil The field •* due State-owned Uemlnex 

to begin oil trading operations. t0 begin produema oil in com- companies are subsidiaries of 
has increased |ts supply of crude mercial quantities within the Deutsche Erdoelversurgungs- 
froni toe Thistle Field as a re- next few weeks, posing a dis- gesellschaft. 

suit of agreements with the Ger- problem for Charterhouse. — 

man Demines group and Charter- It has no oil outlets of »ts own. Df.. Vfiiiigy cAAmfy. 

bouse Petroleum Development. Chartecboose has " agreed _a Muuimig ovucij 
The deals complete a series of provision by which ordinary par- f Ar TJoKririoc 
State participation agreements ticipation arrangements might 1 ItUl 1UC3 

with compames in .the Thistle be negotiated in the event of THE LEICESTER Building 
project " it "increasing its Thistle stake Society's 17th branch in Scotland 

Charterhouse has agreed to or acquiring an oil interest else- — and the first ever in the- 
sell to BNOC . the whole of its where on the U.-K. Continental Hebrides— was officially opened 
f ’percent, shade of erode oil and Shelf. - at Stornoway yesterday by Mr. 

natural . gas liquids produced -Demlnex LJv. - Exploration William F. Carrocher station ■ 
from block 211/18 whicb. Includes and Production and Deminex Oil manager of BBC Radio Htohlnnd 
the Thistle if eht:. . It. is" thought and Gas have agreed Slate par- Inverness 
toat the .deal is worth about ticipation terms covering their The Leicester ha* appointed a 
SI40m ar current prices. " interests in the Thistle Field. Lewis man Mr Ales Murray of 
The Department of Eoerey in other areas of block 211/18 Ness as manager ’of its new - 
said that, because ’ of the small and in associated facilities, branch Mr A^Scntt Durward " 
siae of toe com^ny’s interest. Under the arrangement RNt»C the society’s depot v «..n^rai 
the sales, agreement was nego- wilf have the right to buy at manager, wid that the opening 
HS51 P 1a ?® , of *5* norn 3? 1 "■ .Price up to 51 per cent. 0 f the Srnrnowav branch renre 
participation deal which usually of Dermnex’s oil. semed the L<*ice«;ter’«i commit, 

provides. BNOC with, an option. .Ip addition. Deminex. which ment to serve mnreremoto 7iSS ■ 







or the Sa 

: * . ' * 

. : 1? >■...* 

.. ,,f 

Financial Times Friday January 27 1978 ' 


for 67 

Rolls-Royce outlines 

ships won 
by State 

project cash needs 


Spending Strike boosts cost 
opindustry of fire damage 
‘too low’ to record £261 .7m. 

on Cross 

By Un Hargreaves, 
Shipping Correspondent ‘ 

YARDS NOW in the British 
Shipbuilders organisation hooked 
orders for. 67 merchant ships of 
5l7;iS2 gross tons last year — an 
intake roughly equivalent to half 
the . industry’s .total annual, 
capacity, •_ . ■ • „ 

The order book at the end of 
197? "stood at ..137. ships, of 
1.568,014 gross tons, '. valued at ; 
£832m. - Just less titan half of 
these orders 58 .ships of I 
764,778 gjtt and worth £387m. — i 
are for overseas. registration.* 

On the naval side, the total 
order book is for 44 ships valued 
at £644ih. Three -of these ships 
■were- ordered in ' the final 
. quarter of the. year, 

merchant ship orders were up 
35 per cent, on a gross tonnage 
basis on 1976 and the majority of 
the 1977 orders —450,000 grt out 
of a total .QT517.182 grt — were 
taken after British Shipbuilders' 
vesting day in July. 

British Shipbuilders said 
yesterday ibat extreinly difficult 
inarket conditions were expected 
to continue, for a long time- The 
corporation's response was to 
develop a “thrusting, broadly 
based . marketing strategy, asso- 
ciated with a concerted effort to 
increase cost-effective working in 
yards,' so ensuring the tightest 
possible competitiveness.” 

' The next major marketing trip 
by British . Shipbuilders will be 
to India and Pakistan next week. 
This comes after recent visits. to 
Mexico and the Far East. 

British Shipbuilders moves 
formally into its new bead- 
quarters— in Sandyfordr Road, 
Newcastle upon Tyne, on Mon- 
day. The corporation’s, marketing 
division will, occupy ’premises In 
Knightsbridge, London. ’ 

ROLLS-ROYCE has told the 
Government, through the 
National Enterprise Board 
(which owns the company), that 
it is likely to need a- substantial 
injection of development cash 
for new . engine programmes 
over the next five years. 

. in its development plan for 
187S-S2, recently, sent to the 
Government and the NEB, the 
company makes no specific cash 
requests. But it identifies the 
major programmes it expects to 
work on over the period and 
estimates its likely total cash 
needs amounting to - several 
hundred million pounds. - 
! The programmes include con- 
tinued development of the 
RB-211 engine in various ver- 
sions, with emphasis otr the 524 
model with upwards of 4&000 lb 
thrust, and the 535 model of 
32,000 lb thrust. There is also 
a new engine, the RB432. of 
about 20,000 lb thrust, -which is 
a replacement for the existing 
Spey, in the short-to-msdium 
range airliner market. ; 

A fourth venture might be 
the RB-401, a new engine of 
about 5,500 1b thrust, for busi- 
ness jet aircraft 
The 524 model of the RB-211 
is already in production for 
long-range Lockheed TriStars 
and Boeing 747 Jumbo jets. The 
company sees a continuing big 
market for this engine. 

Only limited sums have been 
spent so far on the 535 version 
of the RB-211 and on the RB- 
432, . but Rolls-Royce believes 
that both could become big ven- 
tures and even be vital to the’ 
company’s continued existence. 

At this stage, Rolls-Royce can- 
not say precisely when markets 

The company's aim in sending 
the , Government its five-year 
plan now is to give advance 
warning that it may need big 
sums of development cash — per- 
haps even starting later this 
year— and that it may need the 
money quickly, to get pro- 
grammes roiling. 

It wants to be sure that the 
Government and the NEB are 
not taken by surprise but are 
able to respond quickly. Such 
speed of response is considered 
vital if new engines are to be 
developed on time to meet mar- 
ket demands. 


t hk LEVEL Of Twannfnrmring 

investment in the DJL was THE FIREMEN’S strike pushed 

ridiculously io W sir Fred toe cost of fire damage in Britain 

#1 _i - frt a Tiotir Nkonvil rv 9 7m Irirrt 


Catherwood, ch air man of the I 10 a new record of £261. 7m. last 

British. Overseas Trade Board, I your. 

said yesterday at B irmingham 

This is nearly £25m. more than w- "7 I 1 INDICATIONS EMERGED ye 

l et m , 1 ^ 4 ’ ’ terday that the Government 

when the Flixborough explosion • not -satisfied with the oulcoh 

a ^™ t *l, 0r £36m - of 30 - of he Cross Committee i 

£237m. total 1 A Inquiry into the diseiplinai 

Damage in 1976 amounted to I A procedures of the UJL accoua 

£231.7m. i A , .11 fi A ino hndip; 

Latest fibres from the British 20 - AflliM AJU" — Speaking at a charters 

Insurance AMomataoD show that f v '4* Up V accountant dinner last nigh 

i 4 V Mr. Kenneth Sharp, head of tt 

^tin 10 Government Accountancy Se 

November's £42 7m. was still vice, said that the Cross Cor 

nearly double the average for mittee was “ not as specific i 

number’s figure was not as O' — its P r °P° sabi as might reasonatt 

high as originally feared, how- 1975 1976 1 977 *78 have n •« reaction fc 

ever. The Jong holiday period, - 

when iudu«^o shut down setting up another oommlttc 

SSed to?®. the effects of the strike as the under Mr. John Grenside. Pei 

Without the firemen's strike, firemen did not return to work Marwick Mitchell’s senior pax 

last year’s figures would probably until the 16th. ner . to develop the Cross pr 

have been lower than those for The number of fires estimated Posals was fully understood an 

1976. For the ten months to to have cost over £lm. or more endorsed in Whitehall. 

October the cost of damage was for the full year fell from 25 „®& r - Sharp said that to tai 
£1 85.2m. — S per cent less than in 1976 to 19. In spite of the of exasperation in Governraei 
in the comparable period of strike. The number of fireB cost- with the _ accountancy protessic 
1976. ing more than £25,000, however, was flying in the face of tt 





“British industry desper- when the Flixborough explosion 
ately needs the tools to main- accounted for £36m. of the 

tain its momentum in export £237m. total 

for any of these engines will 
emerge. Much will depend on 

emerge. Much will depend on 
what the world’s aircraft-makers 
do and on what the main U.S. 
and European airlines want 

Rolls-Royce is trying to get 
the RB-211 model 535 into the 
next generation of Boeing sbort- 
to-medium range jets, on which 
a production decision is expected 
by his summer. 

The five-year plan also con- 
tains forecasts of. financial re- 
sults. The company yesterday 
denied reports that it lost £100m. 
last year. It said it would break 
even, against a loss of.£22m. in 

The company also dismissed 
as “ nonsense ” suggestions that 
cumulative losses over the next 
five years might amount to as 
much as £S50m. - - 

Labour News Page 8 

markets,” he added- “ Our in- 
vestment per worker has been 
consistently lower than that of 
all our major competitors and 
the time has come when we 
must catch op." 

In the seven years to 1975, 

Damage in 1976 amounted to 

Latest figures from the British 
Insurance Association show that 
the damage figure for December 
of £33£m-* although lower than 
November's £42‘7m. was still 

Japanese £3,769. when industry 

More investment was a major checked the rise, 
necessity if we were to increase' Without the fi 
our share of world trade. last year’s figures 

• ■ t * . 

British Aerospace to cut 

fees cut 

for every £1,000 of British in- nearly double the average for 
vestment the Americans had the month. 

spent £1*455, the Canadians December’s figure was not as 

ElfiiZ, the Germans £4648, hi gh as originally feared, how- 
the French _ £2,079 and the ever. The Jong holiday period. 

1977 *78 

January's figures will still show rose by 76 to 1,117. 

its labour force by 500 

The British Airports Authority 
is cutting charges at its four 
Scottish airports — Aberdeen, 
Edinburgh, Glasgow and Prest- 
wick — and at Stanstead, Essex 
for light aircraft operators. - in- 
cluding business aircraft, from 
February 1. 


Reliant Motor 

nationalised arcraft manufac- 
turer, is to cut its labour force 
at three Manchester factories by 
about 350 over the next . three 
months because of shortage of 
wqrk. • — 

The organisation has , also 
announced that it is uriHljcely 
to be able to' offer job£ m^all 
the 130 apprentices and other 
trainees who will complete their 
training with the division during 

1978: ' 

■ The State aircraft maker’s 
three .Manchester factories— at 
Chadderton, ’ Failsworth, • and 
Woodford— -mainly manufacture 
Nimrod reconnaissance aircraft. 

including the early warning 
version recently ordered by tiie 
Royal Air Force, the HS-748 
twin turbo-prop short-range air- 
craft, and wings for the 
European Airbus, but it has 
been affected by toe world slow- 
down in aircraft orders. 

The Manchester -factories are 
working on :'4B HS-748s . winch 
have been "developed for civil, 
military - and coastguard usp. but 
the company said yesterday that 
future orders-' for this -and other 
aircraft were -not sufficient to 
justify maintaining the 6£50 
workforce at its present level. 

Though RAF orders have been 
placed for the Nimrod early 

warning version, much of toe 
work remains at toe design 
stage and has yet to_ reach the 
shop floor. 

British Aerospace said yester- 
day. that, although formal 
notices of redundancy had been 
given to 'toe Department of 
Employment and- -the trades 
onions, k was hoped toe run- 
down, could be- largely achieved 
by internal and external trans- 
fers, retirements, and voluntary 
redundancy. - 

Employees win also be en- 
couraged to transfer to other 
factories within the group where 
vacancies exceed toe surplus at 

Alliance will keep 
6% interest rate 


** Nevertheless, the strange 
the solution the Grenside Cor 
mittee proposes the greater wi 
be the degree of Governmei 
and public confidence.” 

— - 6 o /o interest rate Employmenl 

| SE change firOtCCtlOn 

Jeffrey Knight deputy BY ADRIENNE GLEESON r 1 

W retlnocdto^ffireS ANOTHER building society is to per cent tax paid on existing Vnctc loh^ 
Utility for the manage- break ranks from February 1 by deposits at January 31. 

Mr. Jeffrey Knight deputy BY ADRIENNE GLEESON 

chief executive of the Stock Ex* C j. m 9 

change, is to relinquish direct ANOTHER building society is to per cent tax paid on existing lOUx 

respo nsibil ity for the manage- break ranks from February 1 by deposits at January 31. 

ment of the quotations depart- bolding its interest rates on exist- The Building Societies Associa- By our Midlands Corresponds 

ment .to allow him to play a big deposits despite the recora- tion has recommended that the „ Mpr PRrmrrTini 

greater -role in major policy mendation of toe Building rate be cut to 5.5 per cent tax hv ^ 

issues. Mr. Knight's successor Societies Association that returns paid (equivalent to 8^ per cent, fcitou? Goverament^io^lasS 
will be Mr. Gavin Fryer who to investors should be cut ■ gross) from February 1, to ££T er ™S?i,, “ Sf 

will have the title of bead- ef - ^ A llia n ce -RuiM ui g-Soniety^one mirror the_ Jati ,in_ the rate conducted b? the Jhrn 

quotations. of the 10 biggest, bas followed charged to borrowers., . . 'HESS 

The Building Societies Associa- By our Midlands Corresponden 

survey conducted by the Birn 

its even 'larger competitors, Like _ Abbey National, ami ^an^tf ^mpsmti 

director quits 

over programme 

‘Long time’ to Melbourne Concorde 

Humber tolls • • Abbey National .- and .Leeds Leeds Permanent. Alliance will 

_ ; - Permanent fn deciding to.con- hold its existing rates at least r f s - p0 *J!} 1 !!f , t0 a < ? ue f t ?3 1 'i n ^ 1 r 

The Transport Department is tinue to provide a return of 6 unlll the end of ApriL claimed that a total of S97 po 

to be asked to approve a car toll sible jobs were not filled In 197 

of 80p for crossing the £61m. as a direct result of the legisli 

Humber Bridge. - ^ # ^ ^ . _ tion— an average of four to fiv 

Europe move Betting duty £2.5ffil. Up t.™,,., preside. 

The AssociaUop of the British FINANCIAL TIMES REPORTER SiVSnSTbSSu “niSiii 

Pharmaceutical Industry is jom- A a i a «t niriht har 

ii^toe' tadustry trade SsocS- A T0TAL of £23 - 6m - was « 0 l- £9.7m. were down on the previous bam last night that har 
Nnn. 19 etlie. Vnmwsen lected in betting and gambling month, when receipts were evidence was being collects 

of Mr. .Bariy Wills, 36, director 
of product ~ development at 
Reliant Motor, the Tam worth 
manufacturer of Scimitar estate 
cars and three-wheelers, makes 
him the third director to quit 
since Nash. Securities acquired 
the company last year. It takes 
effect at the, end of the month. ' 

Mr. Wills said last night he 
had been unsettled' since the 
takeover and had been unable to 
reconcile hiipself to the pro- 
gramme proposed after Mr. Ray 
Wjggin, former managing direc- 
tor, had left. The other director, 
who resigned last October, was 
Mr. Roger Musgrove, in charge of 

Before the takeover Reliant 
was collaborating with Leyland 
Cars in development of specialist 
models such as soft-top sports 
cars, which would have filled 
gaps in the Leyland range. 

This has been drastically 
revised by the new. management, 
which also reduced the forward 
programme for Scimitars sub- 
stantially down from the 80. a 
week planned by the- former] 
management. 1 

TT WILL be a long time before 
Concorde arrives in Melbourne, 
Mr. . R Nixon, Australia’s 
Transport Minister, said yester- 
day. He was in Britain for four 
day's of talks about Concorde^ 
route. ■ Before flying to ' New 
York he added: “There are still 
difficulties' ' with' Malaysia ovtir 
air rights. 

“British Airways apparently in- 
tends to keep the Singapore 
route for a long period* before 
continuing ter Melbourne. I have 

no idea how long that period 
will be." 

Mr. Nixon did not expect prob- 
lems when the airline decided 
to extend the route. “I have 
,toki Mini Sirs and British- Airways 
tout we will facilitate toe entry 
of Concqrde into Melbourne. 

“Thete “has • to be an 'Agree- 
ment between British Airways 
and Qantas. and between the 
British and Australian Govern- 
ments. 1 believe the terms of 
condition for the route will be 


The Minister did not expect 
problems from environmen- 
talists protesting about noise. 
“We have had an impact study 
done and I cannot foresee 

Mr. Nixon had talks with Mr. 
Clinton Davis. Minister respon- 
sible for aviation. Mr. Rogers, 
Transport Minister, and Dr. 
Dickson Mabon, Energy Minister. 
He talked also with British Air- 
ways officials. 

Hons of 13 Other West Euronean lected in betting and gambling month, when receipts were evidence was being collects 

coratries to ton 7 eSEtcX duties ^ December. .1977, an £13.3m., but up by more than about the impact of legislate 

federation • It Lshoned that the increase of nearly £2.5m. on £lm. on December. 1976. upon the labour market. . 

vtAm VtivAAOan TTAi4nt-nfi An December. 1976. Total receiots for the last He told the Prime Ministei 

federation It is honed toat toe increase of nearly £2.5m. on £lm. on December. 1976. upon the labour market. . 

European Federation ^f December. 1976. Total receipts for the last He told the Prime Muustei 

Pharmaceutical Industries As- 01 that, more than £11.4m. was quarter of 1977. at £79.9m., were the special guest: “ We are nc 
sociations will begin operations iu football pool betting duty, more than £10ra. up on the same asking for a return to the ag 

. ® . _ ■»1kS>L MkHMAlIn A nA n «n>%r>l naKlAj A P 1 Q*7C »|V«*Ia I 1 ). ftp n i r*l-anc 

in the late spriDg The head- which normally shows a seasonal period oF 1976. while toe 12- of Dickens 
quarters will b ein Brussels. increase in the period up to month total for the financial year! “Wc ar 

Judgment in 
‘agent’ case 


At: the same time, receipts in just 
I from off-course bookmakers at 1977-7S. 

month total for the financial year! “Wc are asking for som 

1976- 77 has already been passed | recognition that a reasooabl 
in just over nine months of i free job market offers the bes 

1977- 7S. chance for employment growtl 

Report likely to attack rail fares 

THE JUDICIAL Committee ofj 

Forecast of 31% GDP rise 


THE PRICE Commission is put- 
ting together the final draft of 
a report on British Rail fares, 
due out early next month, which 
is likely'lo criticise' strongly the 
policy ' of increased commuter 

-The report is expected to high- 
light toe unfairness of making 

commuters pay more when rail 
fares rise because they are vir- 
tually a “ captive ” market 
The Commission’s concern at 
this policy has already forced 
British Rail to abandon plans to 
increase some cheaper commuter 
fares by as much as 25 per cent, 
when the latest round of fare 
rises came into force at the be- 
ginning nf this month. * 

The average fare rise was 14R 
per cent but commuter fares in 
London and the South East rose 
by an average of 16 per cent 
The maximum increase on any 
one line was 20 per cent 
Some Labour MPs are also 
said to be unhappy at the effect 
of high fare rises. on marginal 
constituencies in commuter 

the Privy Council yesterday 
reserved judgement in the appeal 
by the Australian Mutual Provi- 
dent Society, of King William' 
Street Adelaide, against the 
decision of the South Australia 
Supreme Court that toe society 
must pay SA3.226 to Mr. Lancelot 
John Chaplin, of Sabina Street 
Salisbury, South Australia, in 
lieu of long service leave. 

Mr Terry McRae, for Mr. 
Chaplin, said that he was an 
agent of the insurance society. 
The society denied that he was 
employed by them and contended 
that he was a self-employed 


A BULLISH view of prospects 
for the economy and living 
Standards during toe next few 
ypars has been projected by 
Sfaniland Hall, a firm of econ- 
onlic advisers and business 

I A the latest issue of its Econ- 
omic' Indicators for Company 
Planning, the firm expects a rise 
in real Gross Domestic Product 
of 3$ per cent, a year on average 
between 1977 and 1982 

A rise -in the volume of con- 
sumer spending of 35 per cent 

this year and of 31 per cent in 
1979 is forecast 

Consequently, In the first half 
of 1979 spending volume is ex- 
pected to be 7\ per cent higher 
than in the first half of 1977, the 
low point of the current cycle, 
and 4 per cent up on the first 
half of 1973. 

Staniland Hall envisages a 
marked recovery in discretionary 
spending in the next 6ve years — 
in particular, with a rise in 
durables, accompanied by a sub- 
stantial expansion of credit— and 

in expenditure on alcohol! 
drink and overseas holidays. 

Over toe period to 1982, livin 
standards, as measured by res 
disposable incomes, are projecte 
to rise by 3 per cent a yeaj 
Ibis compares with a 1 per cen 
a year increase between 1972 an 
1977 and 4$ per cent, a yea 
between 1969 and 1974. 

O A bullish view of the prospect 
for inflation during the next 1 
months bas been set out in th 
latest analysis from Simon am 
Coates, stockbrokers. 



Murchison: drawing on experience 

- 1 

A ; WELL-THUMBED book is 
kept close at hand by Dennis 
Gregg, Continental Oil's vice- 
president and general manager 
of? the Murchison Field develop- 
ment project. Its cumbersome 
title is: Application of Prior 
North Sea Experience to the 
Murchison Project Development 
Planning. The 70-strong project 
tram know it better as the 
•” Book of Errors.” 

This is hardly fair, for while 






year. On the following Monday gist. Sir Roderick Murchison — 
steel was being delivered into is also relatively uncomplicated, 
the yard for work to begin. It The structure is roughly square 
will be interesting to see shaped, bounded on three sides 
whether this almost split-second by faults and on the northerly 
timing can be maintained, for side by the. oil/water contact 
the work schedule is ambitious. This means, that wells drilled 
The platform is due to be from a centrally-placed plat- 
installed on the field by the form should be able to reach all 
autumn next year and the first corners of reservoir with a well 
oil should be flowing by mid- deviation angle of no more than 
1980. 52 degrees. 

In keeping with most of the For a large portion of the 

it does dttajl nia^y of the prob- seem obvious, particularly to assisted by a project services other North Sea projects structure, the pay roue is 
loros that nave frustrated the contractors more used to contractor, Bechtel inter- Murchison has attracted its own around 300. feet deep giving 
development of the first genera- bunding large land-based com- national. Eventually there will set of superlatives. The 25,000- total estimated recoverable ra- 
tion of north bea oil fields it piexes. However, there was be more than 3,000 people work- ton platform “jacket” (the serves of around 380m. barrels, 
also relates the progress that a g 0(K j deal of last-minute ing’ on the construction of basic frame) will be by far the assuming a 45 per cent re- 
has been made in bringing such innovation associated with the toe. steel platform and associa- largest ever lowered from a covery rate. It is expected that 
vastly comptes and costly pro- development of early North ted-'facilities. barge. It will stand in 515 feet peafc production rate will be 

JCCts to fruition.- Sea fields. The oil industry 7 ' . . . f . „ of water, within 17 feet of the 150,000 barrels a day with an 

Conoco is faced with develop- was breaking new technological £ North Sea’s depth record held average rate nearer 130,000 b/d. 

n AalJ in harripK In tp.rms frf the size , UcVeiupUlunt pjan, at the naiohhnnrincr Thretln n 

Sr nent w i * vr d Tr les *« »m. *>*«*>«>» » ■* « t. hoped ar . m 

£500m. which will make Mur tackling many of toe problems seems the regarded by Conoco as a majoT tion agreement will be signed 

rinson by far the most espen- during the construction and Qf ^ , ^ a far erv new-technolngy project. It is this summer it is recognised 

ave smglo construction job that installation stages. Equipment ^ fielS where^S tree that the field will be equip- that it could be 1979 or even 

toe U.S. group has ever under- and designs were constantly Mine cases^pante were nro! Ped with three sub-sea produc- 1980 before the British and 
la * cn - being revised. , ceeding with little more than tjim wells: the 211/19-2 dis- Norwegian Governments sign a 

However, Conoco and its part- But now, with oil flowing conceptual drawings. Conoco covery well and the 211/19-4 formal international treaty, 

hers benefit from the fact that ashore in substantial quantities, has set up a Design Change appraisal well which will be ^noco haooenc tn ho a narr 

Murchison will be the first of companies are- taking more Review Board whieh investi- used to boost oil production, par- in 

toe second generation of North time, to plan second generation gates in a formal way aU appii- ttmlaxly m toe early years mid ^e median line so aSmtoe that 

Sea fields. Hence Mr. Gregg's fields. cations tor ameotom® inde- 211/XM.rtW. anil fie need for 

determination to draw on the And so it was with Murchison, signs. In essence each change waterifijwHon: Bott iwater and . £ e uie ° “Reserves ue 

experience gained by those in- discovered in the Brent Sands has to be justified. The ques- gas will be injected into the ^ N * J 

volved in the first generation- reservoir in 1975. Even when tiou is asked: “ It will inevitably structure to help maintain W ihin|to n )th e roffina^hDlds 
Forties, Brent,. Piper and so the field’s development was alter toe costs and the fabrics- reservoir pressure. t 29-36 per cent, stake in the 

‘ Dn b. . approved io September, 1976, tion programme so is it realty But toe platform will be of Q e \$ as a whole. Working on 

“Some of the important ™«ch of the project planning necessary ?" conventional design. Conoco basis- the UJL partners— 

■ toings that they have shown are had already been undertaken. The platform design and work looked at the possible alterna- Gul f and British National Oil 

_ toe need for the thorough pre- ln this respect Conoco was schedules were worked out tives— aew concrete or tethered Corporation — each have a 27 66 
Planning of the project; the fortunate in having the nucleus before the fabrication contracts leg structures, for example— but P g r cent share of the reserves, 
need for bubstantiai completion of .'a project team which had were placed. The five yards decided that these had not yet BNOC gained its interest follow- 
°f. design work in advance of been drawn together for the bidding for toe main platform beea sufficiently proven. If ing toe transfer of the 
toe platform's fabrication: and development of the Hutton contract were given sections of Murchison had been approved National Coal Board’s former 
'-the need for a well- thought out Field (still to he authorised) pipe to weld as lest pieces. two years later, it might have offshore interests. BNOC may 
. Project management concept,” and toe ILK., portion of. the The order was placed with been a different story. not be the field operator but it 

-said. Mr. Gregg. ' . Statfjord Field. McDermott’s of Ardersier. Scot- The field itself— yarned' after has shown that it" is not pre- 

- ^ese . prerequisites , xnigiit. The expanded team is now. land, na . Friday, July 15 last the 19th-cfintnry Scottish geolo* pared to be a s teftp ra g partner 

in the project either- 

The other Norwegian part- 
ners in the venture (again as- 
suming that they control a total 
of 17 per cent of reserves) are: 
Statoii (8.5 per cent); Mobil 
(2.55 .per cent.); Shell (1.7 per 
cent.); Esso (1.7 per cent.); 
Saga (0.32 per cenL); Amoco 
(0.18 per cent.); Texas Eastern 
(0.18 per cent) and Amerada 
Hess (0.18 per cenL). 

Irrespective of how much lies 
on each aide of the line, all of 
the produced oil -will be carried 

via toe Brent pipeline system 
to the Sullom Voe oil terminal 
in the. ' Shetland- Islands. 
(The Conoco group has taken 
over toe pipeline _ capacity 
reserved for toe transportation 
of 'oil from the Hutton Field, 

in which the consortium also 
has a stake. The way in which 
Hutton is to be exploited is still 
being discussed although the 
partners do have an option to 
buy another share of the pipe- 
line operations.) 

In a similar way, associated 
gas produced from Murchison 
— and 'recoverable gas reserves 
amount to over lSObn. cubic 
feet— will probably be trans- 
ported via the Brent gas line to 
St Fergus. 

This transport arrangement 
could well lead to a unique 
North Sea swap agreement Foi 
one option now being discussed 
is that oil from the Norwegian 
sector of Murchison will be 
exchanged (in some form of 
paper deal), with, oil, produced 

from the U.R. portion of 1 
Norwegian-dominated Statfj( 
Field. It is a happy coincide! 
that partnerships in \ 
neighbouring fields { 

If the deal comes off it y 
be another example of how ( 
offshore producing ‘regime 
maturing. In the North $ 
(south of the 62nd parafii 
exploration is continuing in 6 
different national zones. To t 
south and west the French ai 
Irish have their own offshc 
areas adjoining those of t 
U-K. Therefore, it seems rt 
sonable to assume that over t! 
next few years oil compani 
will find several more fiel 
that straddle median lines sui 
as Statfjord and Mmy~h; B PlL 



Eurobond Executive 

• A successful City taseil joint venture between, three 
prominent banking institutions is extending its activities in, 
the Eurobond primary market. 

• MESPONsmiTY will principally be for die development of 
the placement side of the business in an international context. 

• THE essential requirement is for experience at a senior level 
in cither primary or secondary Eurobond dealing. Linguistic 
ability will be an added advantage. 

• initial salary negotiable to £15,600. 

Write in complete confidence 
f to R. X. Addis as adviser to the bank. 






Insurance Broking 


for one of the smaller quoted groups with a sustained record 
ot profitable growth in the. UK and overseas. Impending 
retirements produce the need to strengthen the Main Board 
of the group. 

• this is a new post with responsibility for the group’s 
financial affairs with emphasis on finance planning and the 
overall direction of accounting. 

• A CHARTERED accountant is required with a record of 
achievement at high level in a finance institution operating 


• terms are for discussion, well into five figures. Preferred 
age. mid-thirties. Future prospects are unusually good: the 
way to the top is open. 

Write in complete confidence 
to G. W. Elms as adviser to the group. 




Company Secretary Designate 


£7,500+ car 

Our Client, a public company, part of a group, a profitable Engineering 
Company, is seeking to appoint a qualified Secretary or a Chartered Accountant 
with secretarial experience, to become responsible to the Board for the full 
Secretarial duties together with responsibility for a wide range of 
administrative tasks. 

Applicants must be at least ACISA or ACA experienced in the Company 
Secretarial function. The person appointed will work with the present 
Company Secretary for a period of up to one year so as to gain experience of the 
annual task. 

REWARDS: An initial salary of £7,500 is envisaged with excellent 
conditions of employment including relocation assistance. A car will be 

Apply In confidence. Ref 614. 

Hales & Hindmarsh Associates Ltd. 

Century House, 30/31 Jewry Street, 
Winchester, Hampshire 
■©Winchester (0962) 62253 

Financial Times Friday January 27 1975 



North Carolina National Bank 

An experienced dealer age 27-31 required to develop our 
exchange activities. A challenging opportunity demanding 
considerable initiative. Usual fringe benefits. Salary dependent 
upon age and experience. 

Applications or enquiries to:— 

Bernard A Furlonger 
Manager, Foreign Exchange & Money 
North Carolina National Bank 
93 Gresham Street, London EC2V 7LE 
Tel: 01-600 0401 


C. £6.000 P-A. 

IniilPinC. Brobei-i/LoH Adluicerc 'squire a verfitile person to dial with all 
th* usual accounting functions undated with a small upending preFsnional 


Far a dlicuwor in oonfideneo contact; — 

T aftt Owx op Chris Barnes, 


Llvjdi Avows Hmh. 4, Lloyds Avenue, London EON 3ES. Tel: Dl-UI 5792 




This group of companies it currently 
Melting to expand its chemical divi- 
sion trading in firm chemicals and 
ctfcicrf pharmaceuticals. The position 
entsib the reorganisation of maricst. 
ing to aeqsire aw products, now 
cusnnmrs and n*w Meat- The appoint- 
mans would suit an individual currently 
earning £1C-£1S.OQO with a background 
in fine ebemicab or pharniMoudeil* 
and at least 2 years of innovative 
marketing experience at director level. 
Far farther Information eomcn: 
ilka No^rartJry on 01.405 0654 
DRAKE P£8iQNNEL (Consultants) 
121 Klngsway. W C.2 


South Europe 

A loading 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 and have had at least 5 years experience in both 
the marketing of international trade finance and credit 

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 toSouthern Europe will be required. 

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: 

(Incorporated Practitioners in Advertising) 

1A Bow Lane, London EC4M 9EJ 

General Manager 


A suitably qualified and experienced person is required 
to be entirely in ebarge of the administration and 
technical functions of the Company, which at the 
inception will be transacting all forms of business other 
than Life. 

Applicants, under 40 years on 30th September 1977. must 
be Associates or Fellows of the Chartered Insurance 
Institute, London, and have at least ten years’ experience 
in Underwriting Departments of a Direc Writing and/or 
a Reinsurance Company. 

Salary will be negotiable according to experience and 
there are attractive fringe benefits. 

Applications, giving full details of qualifications and 
experience, with names and addresses of three referees, 
should be sent to: The Reinsurance Adviser, Ministry of 
Finance. Trinidad House, Port of Spain. Trinidad. W.l. 
Closing date for application is 23rd February'. 1978.. 




T/O £ 4 . 0 m. plus 




Freehold/Leasehold Factories— 90,500 sq. ft.. Plant and 
Machinery. Fittings. Office Furniture. 


Write Box T. 4814, Financial Times. 10. Cannon Street. 
EC4P 4BY. 


1971/1986 UA 15,000,000 LOAN 

8on4t for the amount of UA 1.028.000 have been drawn for redemption m 
the presence of a Notary Public on JanufeT 12. 1978. The Bondi will be 
reimbursed cum coupon No. 8 on and after March 15, 1978. 

The drawn debentures are those NOT YET PREVIOUSLY REDEEMED, included 
in the rang* beginning: 

at 1 21 96 to 13630 met. 

A mount purchased: U A *7 2.000 
Amount unamortircd: UA 10,700.000. 

Outstanding drawn Bonds: 121 and 122. 126. 1?9, 206. 246 to 250 mcl.. 
287 to 289 met.. 323 and 324. 569. 575 to 581 Incl.. 584 and 585. 2734 
and 2735. 27J7. 2745. 14863. 14893. 14896. 14899. 14916 and 14917. 14938 
to 14946 incl.. 14973 co 14977 Incl. 

Luxembourg, January 27. 1978 






: Issued by Roval E«hanao Assurance} 
the net asset value (unaudited) of a 
Participation Certificate as at December 

3 1st. 1977. b»Ji»9 the official rate* g 1 

uchangc. was pound* sirllnj IS. 85. 

8v Order of the Beard. 


Saranatlstraat 14 

January 20th. 197J 



Hong Kong's leading English language newspaper is expanding 
its Business News section and requires a senior and experienced 
• financial journalist to fill a top post. 

A first class bu^ness and financial journalist with a good 
understanding p&. investments, balance sheet analysis, banking 
and economics is needed. • 

Generous salary and fringe benefits. 

Reply with, references to the Editor, South China Morning 
Post, P.O. Box 47, Hong Kong. 

■formerly Norplpa A IS) __ 

US. S50.000.000 9',% Bonds du 1986 
addition to the redemption obiloatlon or 
Ui42.0W.D00 due on 1st April 1978, 
N orpine 4A will redeem at oar a further 
u_s,sz 000.000 as aarmltttd By Section 
; 3tAl of the Terms ana comm<an* of tunc. 
I Accordingly, the ertnefui amount ot 
I Bonds to be drawn lor roormotlon on 1st 
April 1978 Is U.S-S4.OT0.00O a"0 tne orln- 
I deal amount el the loan mmainMij out- 
.'standing after 1 st April I97B "ill 
I u.S vit> 003 000. 

Norulpc as 






i appointments 


i In this area neesed bv leading City 
I Investment Bankers 20 's to £9.000 

I P.a. Man-c* Grs.e Recruitment Con- 
sonants. 8S9 654Z- 


ruaulre traders In Grams. Proteins. 
’ Cocoa. Caflee. Saaar. Metals. Oils. Aba 
I Trainees and Assistants > 9 ' u K.. Euro or. 
U5.A. and Hens Kano. Tel.: Graham 
Stewart 01-439 1701. 








CoDiitiercul & mfivartij 




RcsMoolul Property 




BasineSS & Invefitm.’nt 



Owortaultlrf. Cnrporeuon 

Loom. ProtlucOoq 
Capjdfy. Business 

For Sale/Wanri'.6 



Jiducsuon. tors 

Comrarts * Tenders. 
Pcreoual. RamFUiac 



Holl-Is and Travel 



Book Publishers 



: Premium positions available 

(Minimum size 88 column cm*-) 

ELM per slnslc column 



| For further tlet>uLs mile 




London Stock Exchange . 

Specialising for *eme years in overseas 
markets, wishes to Join member or 
non-mum her house where this experi- 
ence would be valuable. 

If* Write Bex 4.6239. financial Times. 
10, Cannon Streec. EC4P 4BV. 

Classified Advertisement 


Financial Times, 
i 10. Cannon -Street. EC4P 4BY, 

Qualified ArabTranslators 
Typesetters and Pnntlngfor sales 
urer3ture EvniDmon Material for 
die Middle Easr. 
pan-Aran PuMicacioru Limned 
Telephone 01-553 8316 


Monday’s tanker talks 
vital to petrol supplies 


THE OIL. companies believe that 
a meeting on Monday of shop 
stewards representing tanker 
drivers could be vital In 
deciding whether there will be 
severe dislocation to petrol and 
oil supplies’ next week.- 

The stewards will discuss 
Department of Employment 
response to improvements they 
are seeking in a 15 per cent, 
offer from the company. 

The Government has told them 
that the improvements, based on 
increased consolidation, would 
be outside guidelines, although 
Government officials are under- 
stood to be still examining one 
of the union proposals. 

The major oil companies have 
been keeping in close touch with 
each other on pay negotiations, 
and interpretations on pay 
guidelines . thrown up by the 
Shell talks are likely to affect 
any further negotiations at the 

bp. ■« "£ 

Twaco have 

Se°&om"we<to° 3<i »>'’ The eom- 

sss S2T& 

2£“ off If . the Shell .™«'! r ‘k 

accept the Governments ruhn„ 

and decide to continue talk*. 

Union officials think that Jn 
increSS of £2 on the senerui 
offer a new £73 basic w«j- 
providing maximum weekly 
SB? of about £ll5 T would 
have been enough lo allow a 
settlement but that if an over 
time ban developed into a strike, 
the drivers might aim to achicvi 
a new weekly basic as high js 

So far, Mobil appears closest 
to settling a deal, based on 
already existing productivity 
arrangements, without industrial 

The Department of 
issued a statement >1 __ 
that it was watching the 

lion clneely and the liUVMtEMitfg 

would deride what action to is he, 
if any. ir. the ease uf disruption 
uf supplies. . --- 

The Govern ment is understood: 
to have a iramework of 
fiftccncy nbnx bused uo 
mu deliveries to « 
services by using strategic"* 
inhutuin points ready to. 
a number of forms of inr* 
disruption- . 

An overt i me ban and work- j 
rule could «l» l*lrul and 
vupplfe* 1*5 ht'lwwa a quarmr 
a«d a third ulihough some com. 
Panics say the damage. could ba 

M^Lorrv drivers in iha South Cif • 
England and parts of Yorkshire 
arc on the point of settling a 
new pay deal, union officials uy 
is outside pay guidelines. 

[*■ - -V . 

Welsh miners back 


productivity scheme 


Threat by 



By Philip Bassett 

WATER WORKERS, who want a 
.. . settlement Miml ir m that which 
THE LAST stronghold of resis* Wales m mere" president, said ne j oni j ei j i hr firemen 5 ■strike,, 
tance to pit-based productivity was obviously disappoin . [ Create ned industrial jetion yes- 

schemes crumbled yesterday, he still regarded it as a teniay tn avhi**vf their a un. 

when it emerged that South grade step. Bul he accepted he, The tt -:,ler-sup ply industry 
Wales miners have voted decision of the ballot and would! . tVorkcrs haw.- been offered pay 
decisively in favour of dropping be commencing negotiations wiui | j ncr( , aSt ^ within the Govern* 
their opposition to a scheme in a the Coal Board to-day. : cien f 5 io per cent, guidelines, 

pithead batloL Mr. Philip Weekes. the South | The first warning of industrial 

*n,* Ml)t u,,c ri ffw in Wales area director of the NCB/j action by ihe 30.000 workers 
^?lv 13 WS MtS issued 2 statement say3D S 5? came from ilk* National Union 
v ? u f t ; or , 0D iL T !« nJi T? was pleased that the South > of PubliL . Employees- West 

“uf 70 V ceSt of all Souto Wales rank^d-file had opted for, M f idltindsW jter Area Committee, 
out /u per cent, ox an ooum sflme scheme as the rest of .. «« oivi.itmeinncps can 


Wales miners. 

£30 more in pay packets 
as pit bonuses start 


M “Under no circumstances can- 
_ . . . . . .. Britain. i the offer be regarded as fair and 

The decision went against the * i know that many miners reasc>na bio The claim was for 
recommendation of the area have had reservations, but they! ba5 j C £50 minimum a week and 
executive of the National Union are realists, and we will do Jlj the oJ r cr produced only une of 
of Jlmeworkers. wbuai called for we can to ensure the scheme) y, •• -y r Roqcr Poole, NUPE 
a rejection of pit-based incen-. works falrli*. and together we t aS j.j s ia ri t‘ divNumal officer, said. 
Uves in favour of a bonus deal ivill try to avoid the old prob-- Feelings were “running .«** 
based on the average output i e ms." he said. (iremelv Tdch " among workers, 

across the whole South Wales Mr. Weekes added that I Unless* the offer was improved- 
coalfield. ’ hoped they would be able to ; SU bstantiallv his area committee 

It compared with an S3 per start method studies with at; would havy’no alternative but to 
cent rejection of the 'Coal least a dozen collieries within a; recomincII (f industrial action to 
Board's productivity plans by few days, and, as soon asj lhc national executive. 

South Wales miners last. October, standards were settled with focal: \ delegate conference of the 
Commenting on the results. lodges, the Board could begin io) Ccnera j a „d Munieio:il Workers* 
Mr. Emlyn Williams, the South arrange incentive payments. Uninn, 'with the largest single 

! membership of water workers, 
has decided in favour of a sell le- 
nient on “ firemen " lines. 

The demand is likely to be pul 
to the employers ai a joint meet- 
ing next week. 

The firemen were promised 
further rises this Nnvemher and 
in November 1979 to link their 
earnings with those «.f skilled 

The linking of public and 
MINERS IN the/Mid lands and payment in these early stages private sector pay presents prob- 
North-West wiif to-day receive are adding up to fiearfy 50 perriems for the wtfer industry, said 
the first bonus’ payments from cent, to their day-wage of just Mr. Charles Bonnet. GMM u 
locally-negotiated output incen- over £71 a week. i national industrial officer. They 

tive schemes; The National Coal Board will! needed to be 'examined “in the 

Face workers at several pits not hesitate to give the bonus; context of the public sector as a 

have earned more than £30 a Payments the widest publicity i whole." 

utppk pTtra after exceeding the *sced &s it is with the first Full r 

targets agreed between colliery Pu® n ^ TTT dPITI3IldS 
managers and their union branch 3 J. UclIlalluD 

ofRpiaic for the Faceworkers and pro rata i - 

^ S ’ • , - . ... . increases for other underground! hOIDeWOrkerS 

The bonus could be as high as surface workers. ^ 

SS Although the claim for about 

mg to the National Coal Board. dtmbIe the pre sent basic rates 

On-account payments have was devised as a target rather 
been made in some areas already, than an immediate demand, 
but to-day marks payment of the mum leaders have already said 

M S e 5S|SSS t Ss , B £M!5!US 

to M a f pply° tor "fncentiS G^TOrtS^tacoJfe* polky ^S 0 W ** ra “ a J t S , ft!jg2 
schemes have also piled up a limit. .J ow * » S« n e rare , of £10-Ho 

considerable backlog of bonus. They remain committed to a I , a ^ur week. 

In the wake of the South higb basic wage Irrespective of ..J 1 . a « nt , t0 

Wales miners' decision yester- bonuses. For the longer term. I - ^ , Bonl “- the employment 
day. the whole country is now neither the Coal Board nor the|^ ecret ?. r 3'’' _ U3e General 

covered, but South Wales and union can afford" to see the I ^ ounci : _ Mr ‘ ^ en . Murray. 
Scotland have still to sign agree- national agreement undermined G *J ie . ral Secretary, said: *‘ It is 
ments. by the weight of local output- not , 111 interests of home- 

For the men at the face, bonus related bonuses. workers themselves, factory and 

office workers, responsible 
employers or Government that 
exploitation should continue.” 

The report stresses that the 
TUC does not wish to encourage 
homeworking, which mainly 
involves women with family 
commitments, the disabled, the 
retired and immigrants. Their, 
rate of pay is about a quarter 
of the average earnings of 
! women m full-time employment. 
The report proposes a tri- 




By Our Labour Staff 
THE TUC called yesterday for 
minimum wages and statutory 



Hoover recalls 440 

HOOVER is recalling 440 neering Employers’ Federation, 
workers laid off at Its Cam bus- but the location is being kept 
iaag factory, near Glasgow, secret. 

which has been bit by a delivery More than 2.B00 workers are 
drivers' strike in Wales. Still laid off at Hoover's Merthvr 

The drivers have withdrawn washing machine factory and it'n-irrito iff. 0 ! 1 :., proposes a tri* 
their pickets from the factory, is not known when the company j Employment ^wprPtSv^ndnilK 
while talks are held today, and will bring them back to work SS reSm k 

Hoover wants the 440 workers The Merthyr factory has h«n i ti« , . ,, . 

to report for duty today. worst hit lS? the df^oute with ! , 1 7 h u wtL n J”v l,t sbou ,! d mak< * 

Thfi ctTikP hy 47 drivers bfispd uiplrpte halting *it ?■ "• 1 whether hotn^work^rs aro 

Tn ®.5!%. Dy 4 L^ ve ».^“ ?. lcKel ? ““*«• 3,1 deliveries at I employees or self-employed. 

• Mr. .Tack Ashley. Labour MP 
for Stoke-on-Trent South, who 
has pressed the case iti 
Parliament, raid the “sweated 
labour” of homeworkers was “ a 
national disgrace. " Ho was ask. 
ing for a Parliamentary select 
committee on the problem. 


at Cyfarthfa, near Merthyr the plant, Hoover’s biggest 
Tydfil, south Wales, follows Europe. oigr.esi 

their rejection of a basic 10 Many production lines have 
per cent, pay rise offer. The been disrupted by a shortage of 
men are demanding extra pay- supplies as a result of deliveries 
ments involving overtime. being turned away by strikers 
The peace talks are being held who belong to the Transport and 
under the auspices of the Engi- General Workers’ Union. 




Rolls-Royce lay-off warning 


ROLLS-ROYCE's Midlands dis- 
putes were complicated further 
yesterday when management 
gave a warning that unless a 
sit-in at one of the company's 
factories near Coventry is called 
off by to-night more men will be 
laid off. 

The company is dealing with 
three disputes in and around 
Coventry. Talks were still going 
on yesterday to try to reach an 
agreement on an end to piece- 
work at the aero-engines plant at 

The agreement is a condition 
of negotiations starting on a pay 
claim by 2.600 manual workers 
which the company says totals 
at least 40 per cent. Rolls-Royce 
has offered across-the-board in- 
creases of £2 and additional 
differential payments. 

An overtime and. sub-contract- 
ing ban by manual workers 
HlCT^ ene ? production of the 
RB199 and Pegasus engines made 

at other Rolls-Royce plants for 
the Tornado and Harrier air- 
craft, but the Parkside plant is 
working normally as talks go on. 

Two smaller groups of workers 
doing broadly the same job are 
sitting-in at Rolls-Royce plants 
at Ansty and Parkside. The 52 
Ansty shop loaders and the 6S 
Parkside progress tracers arc 
boft in dispute over job gradings. 

Eight-hundred and fifty manual 
workers have been laid off from 

the aero-engine works at Ansty. 
and management mve a warning 
hat a further SO— members of 
wi - san * union as the shop 
loaders, the Association <if Pro- 
Executive, Clerical and 
Computer stair— wm j oin t hem it 
the slt-m is not called off. 
t> ,?° hay® been laid off 

2f fc SUI » l « dispute at Parkside, 
although the men sitUnc-in. like 
the Ansty men, have 

British Leyland talks go on 

RESUMED TALKS were still 
going on last night to try to find 
a settlement to the 12-xveck-r.ld 
unofficial strike by 2.000 workers 
at the British Leyland car plant 
at Speke. Merseyside. 

National and local union 
loaders, shop stewards and Ley- 

mSlil? anaee ^ em °fficials a vrere 
meeting in Coventry over the 

dispute which has stopped pro* 
duct jo n of the Triumph TR7 
since November las- vear and tn 
which 3.500 men hate been laid 


• "op- «»f a return ti» work of 
luou preniroum workers at -lb*. 
tord car r.i,tory at Halcwoodv 
Merseyside, rest vn ;i 
adjourn eel on Wednesdays e&tXL- 
this jnurning. . . . - •'.* 


11 * 

■ Ell 


, British Virgin Is. 



F 1 ^ 13 

Cambodia (Kara 


Cayman Is. 

Ce n t ral African Empire 




' ± + 


K-. . 

Comoro Is. 


71 ^ 



Dominican Rcpubik 



German Democratic Republic | Germany, Federal Republic of 

* * Hr 

Gilbert Is. 




Korea, Republic of 

liwhiHMi wi 


Malagasy Republic 


71 "sT* 




Puerto Rico 

San Marino 



SJoTomfr Principe 

Saudi Arabia 

Sri tanka 

Trinidad and Tobago 

Union of Soriec Socialist Republics | U triced Arab Emirates 

711 ^ 

United Kingdom 

Upper %Wa 

Xfetem Samoa 

\fanetr Arab Rcpab&c | YbncnPeopks Democratic Rq»bCc 

Proportions and shades 
of colour may not always 
conform exactly ro official 
national specifications. 

. ?-*:V i * 5 


Our Report and Accounts for the year ended 30th September 
1977 surveys the progress of our operations in more than 70 
countries around the world. For your copy, send the coupon 
opposite to The Secretary, Barclays Bank International Limited, 
54 Lombard Street, London EC3P 3 AH. 

The Barclays eagle marks those countries in which the banks of the 
Barclays International Group operate. 


Please send me a copy of your Report and Accounts for the 
year ended 30th September 1977. (block capitais please) F.T.I 

Name (with title) 1 J 

Address ! 

Post to The Secretary, 
Barclays Bank International 
limited, 54 Lombard Street, 
London EC3P 3 AH. 

tost Cod< 



Financial Times Friday .January 27 197S 



apologises for delay 
otland Bill yoting 

firm on 

Tories promise 
to ensure 



TORIES WERE incensed by it 
* • * the Speaker strbngly depre- 
cated it . . . Mr. Michael Foot 
sincerely apologised for it- 

Not for more than 50 years 
bad the Commons been forced 
to wait for a vote because MPs 
were still lingering if» the lobby 
for ao earlier count 

The men who kept the 
Commons waiting were Mrs 
Walter Harrison. Government 
deputy Chief Whip, and two 
other Whips. Mr. Jack Dortnand 
and Mr. Jock Slallard. 

Two Scottish Nationalist MPs 
— Mr. Hamish Watt and Mr. 
Douglas Henderson — were also 
chatting in the lobby while the 
tellers stood at the door to record 
their voles. 

Mr Speaker Fitzroy had taken 
a stem view in 1926 of such a 
possible obstruction to the demo- 
cratic process. And Speaker 
Thomas took a dim view yester- 
day of the previous night's 
events when Tory MPs claimed 
that the Government was trying 

for Rutland, donned the top hat Speaker rejoined. But that admitted. But there had been no nA jiAir 
which is needed to attract the would only have caused more deliberate attempt to delay tpe .w 

attention of the chair during a delay and the vote could not vote. 44 We could have done tnat . MT %f 

division. MPs were sitting in the have been taken. in the orthodox way with ■■ . 

Government lobby and not being Mr. Frauds Pym, Tory spokes- order he said, to i an S“t«^ ?Y » 

counted, he complained. man, amid Labour protests, said , r I think you have helped the Parham entaiy Staff 

Amid cheers. Sir Myer Galpern, that Mr. Foot's statement had House enough by now, me 

Deputy Speaker, sent Col. Peter been 14 half admission, half Speaker responded— and the BACK-BENCH Labour criticism 

Tborne. Scrjeant-at-Arms, to excuse.” There had been a issue was laughed off Tor the 0 f the Government’s incomes 

investigate. deliberate attempt to prevent a moment, at least policy failed to make any imjpres- 

Press freedom 

Labour MP, Mr. William Hamit vote taking place, 
ton. said that at lean five MPs 
were flatly refusing to leave the 
lobby. “Cheat, cheat," shouted 
the Tories. 

The Serje ant-at-Arms returned. 

There was a whispered consulta- 
tion — and Sir Myer ordered the 
tellers to report their count. 

10 .58 p.m. Two minutes before 
the scheduled close of business 
and 19 minutes after the vote 
began, the second Government 
defeat was announced: 16S votes 
to 142. 

10J39 p-m. Mr. Jo Grimond, 
poised on the edge of his seat, 
leapt to his feet to propose that 
Orkney and Shetland be given 
the rlitht to opt out of devolu- 
tion. “A damned close run thing 
if I may say so." he added. * - 

Amid Tory jubilation, the 
Government was defeated again 
by 204 votes to US. 

Mr. Foot told the Commons 
yesterday that he had conducted 
immediate inquiries into the 
MPs who bad dallied in the 

They had " apparently been Sir Myer Galpern *. . . order 
engaged in an altercation ... to Serjeant-at-Arms. 
about a subsequent division.'* he 
told MPs. “I think this dis- . „ 

cussion was improperly pro- waiter nar 

To-day, a report by the Ser- sion on Hr. Denis Healey, 
jean t-at- Arms* naming the “often- Chancellor of the Exchequer in 
ders," is to be published in the Commons yesterday. 
Hansard. Senior Tories believe He was joined by Mr. Joel 
that Mr. Harrison, at least, Barnett, the Chief Secretary, in 
should resign as Government emphasising the continuing 

deputy chief whip over this- neet j for voluntary arrangements 
abuse of Parlia m ent." He has enable increases in pay 

been criticised before for bis un- be Kept in line with increases 
orthodox whipping techniques. ^ productivity. 

None of which, oy the way, have „ 

brought the Government any Ministers also contended that 

brought the Government any ' Ministers also contended that 
success moderation m wage settlements 

_ . . i _ played a major role in combat- 

There are demands, too, for ^ unemployment, and the 
a time limit on future Commons canceller hinted that Mr. 
divisions. Albert Booth, the Employment 

Mr. Foot could also have to Secretary, is likely to announce 
resign himself to .the fact that new measures to safeguard jobs, 
the Government may be unable wben - be speaks In the une in- 
to clear the obstacles -now -placed pioyraent debate in the House on 
in the path of its devolution -Monday. 

defeats* ne^monih m^the a categorical assurance that 
° ^ “ there would be no “ Stage Four ” nvn P*y policy was brnsbed aside by 
Tory leaders, with their own .l. rhanmiim- aitiinnoii >u» 

Hr. Hamish Watt . . . queried 
44 all the excitement.” 

Tory leaders, with their own he 

proposals for referenda to that ft was too early to 

lobby. curb union excesses, are not too a _ v indication of the 

They had “ apparently been Sir Myer Galpern •. . . order happy about fixing precise per- f opm Q - f wb ich the 

engaged in an altercation ... to Serjeant-at-Arms. centages to the size of vote GoTerninBnt ^ ^ app i y 

about a subsequent division.” he required in such polls to justify ^ .j^ pajf round— except 

told MPs. 11 1 think this dis- . __ . action. 'for rnlinB out anv return to 

cussion was improperly pro- Walter Harnson. now sit- But t j,e massive majority for statutory controls- 

longed and couid have affected JJng in the gangway between the rigbt giTen l0 Orkney 6 __ ^ , 

the timing of the next vote. Government benches, remained and Shetland to opt out of de- . W** 1 ® admitting that difficul- 

although in the event, it did sheepishly silent. But Mr. V0luti0n wlu ** be eas ily ties were caused to he nsUittM 

nol - Hamish Watt, as one of those whittled away. *• in. the present- policy. Mr. Healey 

Such action could not be con- involved, ’’ said -he could not The Lords— and even more arguai l 

doned and would not happen understand all the excitement, commoners — may- begin to look Tnore ..flexible than that.operated 

again, Mr- Foot apologised. Scottish Nationalists had been with greater scepticism on d preceaing .years;; , 

The MPs might well have been engaged in a prolonged discus- volved Scotland with an English. IAs'.for“-fhe- future, 'Mr.. Healey 
disciplined at the time, the sion with Government Whips, he enclave.. in the ■ftllrftch islands.. -''saijrha.woulffJikeio' see. arrange-. 

- --menrSr iT pdislWe,'. which went 

n # . ... . . further towkrds curfng the dis- 

Poll shows fall m Assembly support 

» * * (hs Inert IhrflB TB9K. . 


to avert defeat on the Scotland 
Bill by such “cheating." 

Wednesday night's sequence 
went like this: 

10.26 p.m. Labour rebel. Mr. 
George Cunningham’s amend- 
ment requiring devolution to be 
confirmed by 40 per cent oF the 
total Scottish electorate was put 
to the vote. 

1IL3S p.m. The Government 
was defeated by 166 votes to 151. 
It had taken 12 minutes, slightly 
less than usual, for the count. 

10-39 p ju. Another amendment, 
supporting the first, was called. 
The division bells rang again. 
Fifteen minutes passed and 
those MPs who had voted and 
returned to their seats grew 

Hr. Kenneth Lewis, Tory MP 

Scottish voter actually thinks 
of devolution came last night 
when a poll produced for the 
Scotland is British campaign 
showed there had been a sharp 
fall In support for an Assembly 
compared with six months 

In answer to the question: 
Ti'ould you vote In faTOur of 
the devolution Bill In a 
referendum, only 38 per cent, 
replied: Yes. This compares 
with 43 per cent In a similar 
poll last June and 55 per cent. 
In February, 1977. 

Those who said they would 
vote against rose by three 
points to 36 per cent, compared 
with 33 per cent, in June and 
28 per cent last February. 

The poll, conducted by Field- 
work Scotland and taken on 
January 13 and 14 showed that 
26 per cent were ** don’t 
knows,” against 24 per cent in 
June and 16 per cent 11 
months ago. 

The Scotland is British cam- 
paign is an all-party organisa- 
tion set up to fight devolution. 

In a second question only 19 
per cent, favoured the break- 
up of the UJL, a large drop 
from the 26 per cent in June, 
1977. Seventy-one per cent 
opposed break-up (68 per 
cent) and 9 per cent, were 
don’t knows (6 per cent). 

This. swing against devolu- 
tion conflicts to some extent 
with other polls of a' similar 
nature taken recently. NOP 

Market Research, for instance, 
found in December that 57 per 
cent were in favour of the 
Government’s plans for an 
elected assembly in Scotland, 
with only 28 percent against. 
Significantly, 46 per cent of 
the Conservatives polled said 
they favoured the ; plans. 

campaign figures arc correct 
there would be no chance of 
an Assembly coming into being 
given the amendment carried 
in the Commons on Wednesday 
night which lays down that 40 
per cent, of the total electorate 
most be in favour of devolu- 
tion in any referendum before 
the Government can set op an 

Sounds of anger . . . but joy in Shetlands 

the lost three years..' 

Support for the Chancellor was 
voiced by Mr- Giles Badice (Lab., 
Chester-le-Street). a leading 
member of the Labour Manifesto 
Group, who emphasised that 
manv Labour MPs welcomed the 
fact 'that talks were taking place 
at the present time on future pay 
policy rather than wait until 

Acknowledging this to be the 
case, Mr; Healey commented: 

ouer-wbo has-Hved through 
the last 34 years— indeed, the 
last 15 or 20~-«an doubt that 
maintaining a level of earnings 
which is dose to -the levels of 
increases in productivity is a 
pre-condition for curbing Infla- 
tion to levels whit* would allow 
us to maintain high employ- 

Nobody in the trade union 
movement with whom he had dis- 
cussed incomes policy had sought 
to deny this view. 

This led Mr. 'Enoch Powell 
(ITU Down South) to interject: 
“It Is total nonsense." 

THE NEXT Conservative Govern- 
ment would act to ensure Press 
freedom. Lord Bedesdale, Opposi- 
tion spokesman, said in the 
Lords yesterday. 

- Safeguards proposed by the 
Royal Commission on the Press 
were too vague and toothless, he 
declared. Lord Bedesdale spoke 
of the danger of having a legally 
constituted Press charter. “If 
Parliament can set it up. Parlia- 
ment can tamper with it. That 
is dangerous. 

“When this party gets into 
power at the next election, we 
are going to do something about 
this. We will rectify the situa- 
tion and ensure that we retrieve 
some of the freedoms that are In 
danger and, In fact, to a degree; 
have already been lost.” 

Lord Redesdale accused Mr. 
Michael Foot. Leader of the Com- 
mons, of ruthless determination 
to achieve his ends on the 
Press charter and the journa- 
lists’ closed shop. 

It was inevitable that a closed 
shop for journalists would lead 
to Press censorship by tbe union 
concerned. The pressures that 
could be brought to bear in .a 
closed shop were enormous, and- 
so was the harm that could be 
done to individuals. 

Referring to new technology 
in the newspaper industry. Lord 
Redesdale said the situation was 
dismal. Tbe price of new tech- 
nology at the Daily Mirror had 
been enormous in terms of stop- 
pages and of trying to get 

Lord Wigoder (L) said that 
journalists, like the police and 
armed forces, were so important 
to our society that they must be 
free to decide for themselves 
whether they wanted to join a 
union and take part in- its 
activities. ■ ■ 

From the cross-benches Lord 
Hartwell, Editor-in-chief of the 
Daily ' Telegraph, said that the 
Royal Commission's recommen- 
dations for a Press .charter were 
over-simplified. He also - dis- 
agreed with its view on editorial 

Although the editor was the 
one who went to jail, on most 
Fleet Street newspapers there 
were hundreds of journalists, 
many of them with, various 
editorial responsibilities. ‘ 

Lord Hunt said that a closed 
shop in journalism would be a 
real threat to Press freedom. He 
and the other members of the 
Royal Commission may have 
been too optimistic in hoping 
that safeguards without sanc- 
tions would work, but they were 
convinced they should be given 
every chance. . 

Lord Cndlipp, former chairman 
of the International Publishing 
Corporation, said that up to 
five vears ago he could have been 
counted on to defend the Press 
against all-comers, but now he 
was a dissatisfied customer. 

The national press, on its cur- 
rent form, was letting the public 
down and therefore, undermin- 
ing democracy. “A daily news- 
paper, which is not published 
every day, and when it is pub- 
lished, is blemished by jumbled 
words and missing lines, is an 
.amateur shorn ination." 

Lord Cudlipp added: “The 
sorry performance of tbe British 
Press in 1977, now going on in 
1978, deprives newspapers of 
their right and duty to criticise 
the industrial horrors of other 
industries.” , . 

For the Government, Lord 
Oram said it was considering the 
majority and minority reports oE 
the Royal Commission on how 
to fill the gap in the newspaper 
spectrum to provide a moderate 
Left-wing national daily. It was 
also considering reactions to both 
reports. , _ 

The Government shared the 
concern about the concentration 
of ownership in the local Press. 
It was giving close attention to 
the Royal Commission's ■ recom- 
mendations for newspaper mer- 
gers legislation, taking into 
account public comments so far 

Meanwhile, the Government 
would continue to apply exist- 
ing legislation in a way which, 
as far as prasible. maintained the 
diversity of the Press, consistent 
with its prosperity. 

Turning to the question of a 
Press charter. Lord Oram said 
that after consultations which 
would include the CBI and the 
TUC. the Employment Secretary 
(Mr. Booth) would prepare a 
draft charter which would be sub- 
mitted to both Houses of Parlia- 

Big vote 
to limit 
EEC Bill 

By John Hunt Parliamentary 

troversial proposal to guillotine 
debate on the Bill for direct t?k?c- 
tions to the European Parliament 
was approved in the Commons* 
last night by a majority o[ 177 
(314-1371 after three hours uf 
heated debate- 

An equal number of Tory and 
Labour anti-Markctceers 6 1 
from each party^— voted against 
the timetable motion. They 
were joined by the ulster 
Unionists, the Scottish National 
Partv and Mr. Gerry Fitt, of tn«[ 
SDLP. - 4 

The Liberals and a majority of 
the Tories supported the Govern- 
ment. T 

The result means that furthe^ 

Commons debate on the Etirny 
.... Aceomhlv Elections Bin 

MPs dispute plans 
for Commons radio 


were predictably enraged yester- 
day by the failure of the 
Government to beat off amend- 
ments which could nnderniine 
the whole concept of devolution. 

They were particularly 
annoyed that a Scottish Assembly 
should have been made condi- 
tional on the “Yes" vote in the 
referendum receiving at least 
40 per cent, support by the whole 

Mr. Jim Sillars. MP for South 
Ayrshire and leader of the break- 
away Scottish Labour Party, 
thought it would be impossible to 
restore tbe Bill’s status quo. He 

was also apprehensively about 
tbe likelihood of 40 per cent, of 
the electorate actually voting for 

** I anticipate the amendment 
being carried in the Act, which 
means that if we achieve exactly 
the same result as the Common 
Market ‘Yes’ campaign, the 
Scot Hind Act will be repealed by 
tbe Government" The campaign 
for EEC entry bad been 
supported by only 36 per cent, 
of the total electorate. 

Mr. Farquhur Macintosh, 
Rector of the High School, 
Edinburgh, and a leading 
member of the newly-formed 

umbrella group of pro-devolu-. 
tionists, said the amendment was 
"an outrageous attempt: ■•to; 
change, the " ruleis 1 as the game 
proceeds." ■'« • ' 

Lord Kilbrandon, chairman of 
the umbrella organisation, 
thought that the proponents 
would just have to fight harder. 
“ If we do a little better than 
tbe “Yes” vote in the Common 
Market referendum, that will 
satisfy us.” 

Indifference, he thought, would 
be equivalent to a “ No ” vote. 

Mr. Hamish Watt, the Scottish 
National Party's chief whip in 
the Commons, was sure there 

would ‘hi a large fibriL-dut ;“to 
ensure^.that England ;do^s .nel 
Impose its will, on 
•Se'dtlani" !’*■ 

fa Orkney - and Shetland” there 
was delight that' a second amend- 
ment bad been carried, giving tile' 
right to opt out of a devolved 

'The Chancellor- gave his hint - 
;df 'an announcement of pew 
measures ; l.safeguaxd : jobs,.; 
wfceh'^fUriher pres;-" 
Jsjxfev .from :tibe ; -Labour back' 
bent®ei» t&T- defemihed Govern^ 
menf actlofi. to.Mfrs-’tlut tW 
TfttEporar^ Employment Subsidy 
<TE5)'is followed by an equally 
effective: successor scheme when 
it' expires at -the end of March. 

Mr. Alex Tulloch. convenor of 
the Shetland Islands council, was 
surprised but “very happy" at 
the decision, while Mr. George 
Marwick, convenor in Orkney, 
was relieved that the result did 
not bring a Scottish Assembly 
any nearer. 


'-"He said: “I hope Mr. Booth 
will be in a- position' in. the very 
near future to make an announce- 
ment about further, measures of 
this nature." 

'Referring to objections raised 
by other EEC countries about 
the operation of the TES, Mr. 
Healey said be was confident that 
suitable adjustments could be 
negotiated which would satisfy 
I the interests. Of all concerned. 


AN ANGRY ROW blew up in 
the Commons, late last night over 
the method- of Parliamentary 
control to be adopted when radio 
broadcasting of the proceedings 
of the House starts shortly. 

- Mr. William Price, Parlia- 
mentary Secretary to the Privy 
Council Office,, .said regular 
transmissions were expected to. 
start immediately after Easter. 

Work on. temporary accommo- 
dation for thfe BBC - and the 
independent- . radio 1 companies 
was nearing ..completion ip 
Bridge Street- near the House, 
and should be ready by February 

.Last night’s- dispute was over 
.the Government's proposal that 
a Select Committee of' MPs 
should be set up to oversee the 
broadcasting arrangements. Mr. 
Price said that if MPs rejected 
this, then broadcasting could not 
start on the planned date and 

further discussions would have 
to take place. 

A considerable number of MPs 
in the chamber objected to the 
Select Committee proposal. They 
wanted tbe Commons to have its 
own broadcasting unit to control 
the material which goes out to 
the BBC and the independent 

Me. Dennis Skinner (Lab.. Bol- 
sover) protested that a. Select 
Committee would inevitably 
mean a “cosy arrangement” be? 
'tween its members, and the 
■broadcasters .. 

• Mr. Price explained that the 
main- reason for the Select Com- 
mittee was that the House should 
not appear to have any. form of 
editorial control over broadcast- 
ing. That was the view of the 
broadcasting authorities, and he 
suspected that it was shared by 
many MPs. But this did not mean 
that the broadcasters . would be 

reports on a difficult 
but successful yean 

Main points 
from the 




§TCf\X&' ' 


for the year ended 30th September 








Group profit before taxation 



Group profit after taxation 






Profit retained 


8,639 ’ 

Earnings (after taxation) per share 



Dividend cover (times) 






pean Assembly Elections ' BiTT 
will now be curtailed to three 
davs— two days far committee, 
and one for report stage an« 
third reading. 

The anti-Market Labour MPs, 
defied a two-linc whip to vote, 
against the measure but tne ; 
Tories were allowed a free vote 
to take account of the deep divi- 
sions within their own ranks.-. 
During the debate, the dinep- 
enccs of opinion in both major, 
parlies soon became apparent. ^ 

Mr. John Lee (Lab., Hands- 
worth) warned that be would; 
consider resigning Hie Labour 
whip and might sit as an inde- 
pendent if the guillotine motion 
went through. 

Angrily, he told the House that 
in that event, he would seek to 
join a *' Kamikaze squad " to hold 
up Government legislation, pro- 
vided that 10 or 12 Labour MPs 
would join him. 

“If I cannot set that. 1 am 
resigning the whip forthwith and 
will sit For the rest of this 
Parliament as an independent 
MP." he said. 

On the other side of the House, 
Mr. Neil Marten (C*., Banbury), 
a leading oponent of the Market, 
made a bitter attack on the Coil’ 
servative front bench for 
supporting the guillotine. It was 
time that people in the European 
movement and the' Tory Party 
started speaking up for Britain' 

Mr. Enoch Powell <UU„ Down' 
S,), made tt strong-attack on the 
Conservative leadership and the 
Government. The Government, 
he said, had lost the moral right 
to ask the House to accept the 

“ But the Opposition, b.v failing 
to oppose it, have cast away tbe 
opportunity they ought to hn 
seeking to lead tbe House, for 
that is the condition of leading 
the nation," he added. 

Opening the debate. Sir. Meri.vit 
Rees, Home Secretary, told I he 
House that the guillotine was 
essential in order to prevent the 
possibility of endless debate. 
Direct elections, he said, would 
now presumably be held some- 
time in 1979. 

The divisions among the Con- 
servatives were acknowledged by 
Mr. David Howell, a Conservative 
home affairs spokesman, speaking 
from the Conservative front 

There was derisive Labour 
laughter as he admitted: ” I 
make no secret of the fact that 
this timetable motion places me 
and ray right honourable friends 
in something of a dilemma.” 

Although he reluctantly advo- 
cated the guillotine, he fully 
realised that some of his anti- 
Market colleagues would oppose 

• The new clause to tbe Euro- 
pean Assembly Elections Bill 
promised by Dr. David Owen, the 
Foreign Secretary, was published 

The clause states that no treaty 
which provides for any increase 
m the powers of tbe European 
Assembly shall be ratified by the 

By' Ivor Owen 


Group profit was fully in line with expectations in the face of 
the failure of the paper industry to achieve its expected 
recovery, the continued slow down in public sector housing, 
and the further reduction in volume in the U.K. quarrying 

The total dividend for the year has increased from 2.43S7p. 
ro3.5538p. per share, net. and is the maximum permitted 
dividend after adjustment to take account of the decrease 
from 35% to 34% in the rate of advance corporation tax. 


—■ Market share has been maintained despite adverse 
trading conditions. 

— Service to customers, particularly overseas, has been 
improved, with storage capacity and stocks held abroad 
being nearly doubled. 

A high degree of success has been achieved in 
satisfying the technological needs of customers ; in 
producing higher quality clays from less naturally high 
quality materials ; and in fuel economy. 


— The Quarries Division has been robust in trading well 
against a background of substantially lower demand. 
The contribution of Baddy Industries, acquired during 
the year, has helped significantly. 

— The Building Division has given a good account of 
itself in difficult circumstances and has expanded its 
private estate development leisure and overseas 
businesses to counter the shrinkage in its public 
sector business. 


With capacity in the European paper industry greatly in 
excess of demand, stocks of paper high, and tile price 
structure highly competitive, there is little prospect of the - 
Clay Division securing significant increases in export prices *’ 
commensurate with cost increases. 

Despite those! actors, the growth of indigenous competition; 
and the relative strength of sterling, we are confident that we 
will continue to maintain our market share. 

Prospects for the Quarries Division remain similar to those 
of a year ago. The Government's intention to allow some 
£400,000.000 of additional work later this year for the 
building and construction industry is welcome and, although 
representing only a few days* workload for the industry, 
rs a sign that It may be beginning to realise that expenditure 
on public works spreads employment far beyond the 
confines of the industries directly concerned. 

Good prospects in thte country for private estate 
development, and further interests acquired on the leisure ' 
side, together with a shift overseas in the emphasis on 
public sector housing, give hope for a reasonably good year 
for the Building Division. 

Overall, prospects for the Group in the current year, while 
not encouraging, may yield a modest increase in profit, 

The 59th Annual General Meeting of-the Company will be 
held at Hyde Park Hotel, Knightsbridge, London, SW1, on 
Wednesday 22nd February 1 978, at 1 2J30 p.m. 

Copies of the Chairman's Statement together with the Report 
and Accounts may be obtained upon application to the 
Company Secretary, John Keay House, St, Austell, Cornwall. 

further relaxation of exchange 
control brought a guarded 
response from Mr. Denis Healey, 
the Chancellor of the Exchequer, 
in the Commons yesterday. 

While promising to keep it 
under continuous review, he said 
that there was a tendency in 
some circles to exaggerate 
grossly, the effect of exchange 
contra!, relaxation. 

Referring to the adjustments 
last October, he stated that 
.liberalising of sterling borrow- 
ing by- non-resident controlled 
manufacturing companies for 
their U.K- business had stimula- 
ted some interest This could 
lead to additional Industrial 
investment from overseas. 

The greater freedom for banks 
and insurance companies to 
retain foreign currency should 
help them compete for business 
abroad and so assist invisible 
earnings. This might also bring 
benefit in the longer run to 
domestic employment 

It was too early for more 
-detailed - assessment, of the 
impact of the changes made in 

Abolition of the 25 per cent 
reouirement would mean about 
£200m. less Inflow into the 
reserves in 1978. but would 
enable U.K. portfolios of foreign ' 
eurrenev securities to be man- 
aged more effectively. 

W ucn l-iaust* IO Uje J5UTO- 

Labour leaders happy 

over Newham ruling Sssarss'JS'ssK 

BY RUPERT CORNWELL, LOBBY STAFF the powers Of the European 

breath^ outccra^MrLcwi 5 spoke of the U.K. unless tthas bee? approved 
yesterday breathing possibility 0 f an appeal to the b Y an Act of the Westminster 
“S5S "mg l 3 l JS, am l 53 ^ £° rds , ^ the meantime, a num- Parliament. 

week s Appeal ber of court actions are outstand- 
Cpurt judgments reasserting the mg, in their unrelenting battle -*r . 

NatiomH Executive Committee's to break the grip of iJt wing wppt’c 

S5SJ& JTJSu Pirty ta cies’ i3tS K . WeeKS 

The key point of the ruling . Lord Denning said, in his OUSiflCSS 

£ y n L °T rd Denning. Master judgment, that .the situation at MONDAY: Debate on cwploy- 

of tiie Rolls, Lord Justice Ortnrod Newham resemoled a state of meni; motion . PH F.EC 

Justice Lane, is its war. The two factions were so documents on excise duly 

i AT i unnroa wewuam resemoled a state of motion Oh F.EC 

h* .ff 8 faclions were so documents on excise duly 

rejection of the attempt by the locked in their struggle that the harmonisation. 

militant moderate faction at NEC had been forced to take T^DaY; Scotland Bill com- 
Newham to challenge the NEC’s action, and suspend the lo^tt n »ttoc. 
right to suspend the strife-tom party officers. Wednesday : Scotland Pill 

constituency party. #Mr. Lewis suffered a second motion on Commu- 

In doing so, the Appeal Court blow when he lost his seat in nily drivers’ hours rules 

has merely reiterated what Trans- Newham ward election The temporary modifications! re- 

port House had always believed moderates are now said' to con- 

to be the position. Had the Wol only two of the eonstitil T, LV R, UA ' : European Assembly 
judgment gone the other way. a enc >'' s nin e wards. committee, 

precedent would have been set! — Pm.uo Member* 

Pav blacklist 

FIVE OF the 19 ' firms black- 
listed for breaching Government 
nay policy have twice ignored 
tbe official guidelines. Mr. Joel 
Barnett Chief Secretary to the 
Treasury, said in a Commons 
-written reply vesterdav. 

which might have invalidated 
NEC efforts to step into any con- 
stituency party's affairs. 

The way now looks open for a 
long stalled annual meeting in 
Newham to go ahead. A new 
executive can then be chosen 
which wilL la turn, be able tq 
select a Labour candidate to re- 
place Mr. Reg Prentice, who. last 
year, defected to the Conserva- 

TiJ?!E!E‘. Wl, ? f iS „ aUo Serial. 

5 0sla °E around 
S20.000, arising from the barrage 
of action brought by the iS 

w l lh Thj s 

least temporarily. 1 

•$* »ES» 2 gr d « n y»* 3 «L 

prmntin! Transport Hons" , ’l" 
pondrns then, from UboTn,^.' 

Unll’rhISr’Labour" R 'S 

« that no 

being considered, had Was 
sented to the judge, Pre ‘ 

Hi-snnnointad at tv* 




^Sonon1?tnaS 0 r 0f ,hc ““'"SSocimW 

will reduce tho^ u i7* baiew W Bunding SocteTV 
Accounts (««b" IS ‘ ra i° atl . Share mi Deposit . 

A Dbdosib) by o. 5 ?i from 
1 st February 1975. 




DlSl'it.- OStlCO' tJfli'.jjLV 0 :!.*'* * ^*35 -A' 

„ »u-Th*r ^ Alnn ” Ihr <w*i>-’UI Wtu-L 

Hbm OH 'cc. Got^v rttwier** 

- ' L Je " * A W* tTnr* trt* rJS#* 


V* -■ • S V« ‘ 

- Jlaandal Times Friday January 27 1978 


Friday January 27 1978 

A new 


By Rhys David 

Textile Corespondent 
IT IS NOT often an industry 
sets the chance of a new start, 
bat this would .seem to be the 
position in which ILK. textiles 
finds itself. After prolonged 
negotiations last year, the EEC 
readied a series of agreements 
with the leading low-cost sup- 
pliers of textiles around the 
wdrld which should give the 
■Tnmestic industry in Europe a 
---h greater degree of protec- 
s gainst sudden surges in 
-i ' levels in future. 

■> agreements— now iocor- 
; d as the second round of 
• . ;.\TT Multi-Fibre Arrange- 
: •:i (MFA)— Will, not .secure 
jiy actual reduction in levels 
of. textile . and’ clothing imports 
Into . Europe, which, have 
reached an overall penetration 
of around 30 per cent Indeed, 
an overall growth sate of 
around & per cent per annum 
will stOi be allowed. The sig- 
nificance of the MFA deal 
which Europe’ has achieved, 
however, ties in the way it is 
framed. The products- where 
import penetration is already 
very high, and the countries 

with the highest share of Euro- 
pean markets, have bad to 
accept very tight restrictions. 
Furthermore, under provisions 
which the EEC has succeeded 
in writing into the agreements, 
it will be possible to put under 
restraint _any product or any 
supplier where disruption, in 
.European markets is threatened. 

The new MFA agreement is 
thus intended to remove weak- 
nesses in the previous agree- 
ment which allowed a growth 
rate in imports to . take place 
between 1974 and 1977 in excess 
of 15 per cent per annum, at 
a time when the European 
textile industry was already 
experiencing the effects of the 
worst recession since The : war. 
As such — and with the im- 
portant proviso that the agrea- 
ments . prove watertight— the 
industry in Britain and the rest 
of Europe does , have the - pros- 
pect of being able to plan 
against a background ■ of 
stability, knowing roughly, at 
any rate, how much of -the 
European .market will be left 
to it. in future after imports. 


The - strong line .which the 
EEC took in the negotiations 
can be traced back directly- to 
the pressure which the ILKiKri- 
dustry has been' exerting Tor 
the past two years for greater 
protection. Britain — supported 
by . France— has played a dom- 
inant role in preparing the evi- 
dence which the various Euro- 
pean textile trade associations 
have been patting to Brussels, 
but of equal importance to the 
industry has been its success in 
getting its message across to 
the ILK. government The sig- 
nificance of this was stressed 
recently by Dr. Brian Smith, 
president of the British Textile 
Confederation. “The major 
achievement during 1977. w» 

The new Multi-Fibre Arrangement should create more stable trading 
conditions for UK textile manufacturers, but the industry still needs 
to adapt and modernise if it is to secure its long term future. 

the acceptance by the' U.K. 
Government, and the authorities 
of the EEC, of the vital econ- 
omic, strategic; and .social role 
of the textile and clothing in- 
dustries,” he commented. 

The industry's case broadly 
has been that textiles, though 
not a glamour industry like 
aerospace or computers, is of 
equal significance to the UJL 
economy. In terms of employ- 
ment the textiles and clothing 
industry provide jobs for more 
than 800.000 people in the U.K., 
and both its output and its ex- 
ports — almost £2bn. in 1977 — 
put it- in the top half dozen 
sectors in size in the UJv. Fur- 
thermore, unlike some other 
U.K. industrial sectors, it has 
an excellent record of labour 
relations and a better invest- 
ment record than industry as. a 
whole over recent years. Largely 
because of imports, the indus- 
try has had to increase its in- 
vestment and output simply to 

In addition. Although in. image, 
terms textiles is- never seen as 
being at the frontiers: of nevr 
technology* it is in fact subject 
to constant technical change. 
The clothing industry, for 
example, now uses lasers for 
fabric cutting and the knitting 
industry employs computers for 
pattern preparation. The con- 
tinued search for economies of 
production have resulted in 
enormous increases in fibre and 
fabric output speeds and in the 
development of completely new 
methods of, producing fabrics. 

Equipping a modern mill now clothing and textile machinery, 
requires very large capital in- and the cotton sector has also 
vestment of as much as £30.000 been encouraged to seek invest- 
per worker, and in fibre plants niebt qid under the Industry 
the cost is even higher. Acl Textiles and clothing have 

'tv,* ;ri j„ 0 ^, also been the main beneficiaries 

hJ^een ^ttog ?a,^ coir,?d^ 

„ .L, ment Subsidy scheme, absorbing 

bott ‘in hU Wb n lt ^S Sm *“*»*“£? 

Brussels. It is not so long 80 far * 

since the EEC was envisaging ^ .. ’ • • ’ 
the orderly transfer of textile jjDOIlSOT 
and clo thin g production out of _ 

Europe to developing countries, „ With the Government in 
leaving the advanced nations to B '£ ain evidently much more 
pursue high technology Indus- wmmg^to act as sponsor, the 
tries. High unemplovment and mdustiy has shown that it can 
the slowdown in world economic 811 lnW *2 VB 

growth has caused this policy ** J * '***? committee 
io be reviewed. In Britain. in ? f ^ National Economic Deve- 
particular-, it is now recognised lQ pment Office, all sectors of 
that it will be necessary to mdu S, are cooperating in 
maintain an important stake ' tte production of a monthly 
across, the spectrum of P&*me survey which 

industry where the time lag 8^ “ at-a-glance guide to 
cannot be excluded from this. *? d othe t trepds 

The Government’s . industrial throughout . the industry- 
strategy has included fou? J”*"*®* ,n “ 

textile sectors among the groups uidustry where tit* time lag 
of more than 40 whose problem*;**? 1 *? ^developments at ( the 
and prospects are - betas Processing chain— 

examined. . spinning-and the end, clothing 

_ .' • ^ _ , sales in ‘shops, can be more 

The Government has also tfran a 

stepped up aid for the sector, 

which has previously had to For a number of reasons, 
rely very largely on its own the industry has woken up 
resources for re-organisation, to the need to increase its 
The wool textile industry was sales to. Europe. Firstly, many 
the first sector to he chosen for of its existing big markets— 
an aid scheme under the 1973 such, as Ireland — are small and 
Industry Act, and has received offer only limited possibilities 
a total of around £20m. towards for farther growth. In other 
rationalisation and investment, traditional markets in the Corn- 
Other Industry Act aid schemes monwe£th there is an increas- 
have been introduced for ing number of tariff and other 

barriers to surmount. Perhaps 
more important, however, has 
been the continued weak state 
of the borne market which has 
shown very little real growth 
over the past five years in 
volume sales of textile products, 
while at the same time accom- 
modating a doubting in imports 
since 1970. 

Over the past two years the 
industry’s efforts to increase its 
sales in export markets have 
been aided, too. by the fall in 
the value of sterling, giving "U.K. 
goods a competitive edge in the 
EEC. In 1977 as a result of this 
major effort the industry's total 
exports are expected to be up 
around one third on 1976. and 
with some success also being 
achieved in holding down 
imports, - Britain's textile and 
clothing deficit will be down 
substantially this year. 

The main worry must be over 
whether this performance can 
be sustained, enabling the 
industry to build for itself a 
position as a leading long-term 
supplier across Europe of 
quality fabrics and made-up 
textile goods. There is -general 
agreement that -exporting in 
1978 will be a lot more difficult, 
partly because of the rise in the 
value of sterling, and partly 
because of the continued slug- 
gishness of many markets. 
Though the past year has seen 
most of the U.K’s big groups 
announce sharply improved re- 
sults — largely as a result of 
higher exports— the middle of 
the year saw a disturbing fall- 
off In demand, indicating the 

continued fragility of “the re- 
covery. Some sectors — notably 
cotton — are heavily dependent 

nn employment subsidies to see 
them through to the next up- 
turn, and fibre producers are 
still suffering from world over- 
capacity and weak prices. It 
can only be partial consolation 
that U.K. fibre producers were 
among the first to tackle The 
problems of cuttins out loss- 
making activities and have as a 
result managed to bring their 
operations back in most cases to 
around break-even, while many 
of their major competitors on 
the Continent are still wrestling 
wth huge losses. The prospect 
of some improvement in market 
conditions, in the U.K. this year 
may also put to the test the 
textile industry’s commitment to 
exporting. As a result of tighter 
import restrictions and higher 
wage levels it could again be 
tempting to divert goods to the 
home market 

There are grounds, however, 
for taking a more optimistic 
view. For all the problems 
posed by the recession, Britain’s 
textile industry has probably 
come through better than that 
of any other EEC member. 
Furthermore, its structure in 
theory equips it well to serve a 
Europe-wide market It contains 
the four biggest groups in 
Europe — Courtaulds. Coats 
Paton, Toolal and Carrington 
Viyella — eacb of which is not 
only verticaUy-i ntegraled from 
the early processing stages 
through to made-up products, 
but also involved across a broad 
spectrum of textile processes. 

In tiie battle for market share 
in Europe, the U.K. industry 
also has the advantage of lower 
labour rates than most of its 
Continental rivals and this 
could make it attractive as a 
source of supply for retailers 
and distributors in Europe, 
seeking goods to replace those 

now brought under restriction. 

The industry is conscious, 
however, that certain inherent 
weaknesses will have to be rec- 
tified if it is to capitalise on its 
potential advantages. In a num- 
ber of sectors the U.K. is bene- 
fiting at present from the 
popularity in men's and 
women's wear of the British 
look, by which one generally 
means country type clothing. 
Like all fashions, however, this 
will pass, making it of great im- 
portance that the industry pro- 
duces goods of the necessary 
design, quality and performance 
to satisfy demanding European 
tastes. This involves a bigger 
effort to ensure that the best 
use is made of design talent 
produced by U.K. colleges, a 
task the industry and the BTC 
has set itself. Another pressing 
need, the industry admits, is to 
improve its garment-making 
standards and efficiency to the 
best levels prevailing on the 
Continent. Here help is likely 
to be provided by a new 
agency set up last year with 
Government aid. the Clothing 
TnHitcfrv Productivity Resources 


The chance which the 
industry has now been given is 
likely to be of comparatively 
short duration. Having pro- 
vided for the industry what 
should be more stable trading 
conditions, the EEC member 
governments will now cearly 
be looking for evidence 
that textiles can adapt and find 
for itself a market niche where 
it will be able to survive and 
prosper -without the need for 
further protection. The textile 
industries of Europe and that 
of Britain, in particular, now 
have to show that against a 
more favourable background 
they can deliver the goods. 

• f nr *. .! ” r t ** V - r> 




Osman ■ 













Van Allan 



Financial Times Friday January 27 1978 . 

Dormr v Y;yelIa, Dhobi. Old Bleach, 
Peter England Carrington Fabrics, 
Evvap red;. Van Heusen, Aeitex, 
Donaghadee, Gainsborough Fabrics, 
Sunrleld Viyeila House, 

C - : c • ♦ " / ■, : •’ r i n n ; c 7 : - n p 

v, C. < j : k i.! - ■ * v -'* w/ • 4 i i 

. > 

i Soilv, 

Viol-ad a'v orders, Quest, 
Quelraya Fine jersey, 

e jenaer. Hirst Oiympix, 

- Rocoia, 


Clothing decline 




Robert Hirst, 


/ ■ 

Fabric. ■ 




AFTER A LONG period of what properly-organised U.K. indus- 
can only be described as com-, try ought to be able to make 
parative obscurity. Britain’s some impact across Europe as 
clothing industry has become, a whole. The industry is highly 
over the past few years, one of labour intensive and has dc- 
the most closely analysed and dined more rapidly in Britain 
scrutinised of industrial sectors, than in. the high wage countries 
For, after holding its own in on the Continent such as Ger- 
world markets up to 1070— many. The UJC with its. large 
covering the large volume of existing industry and its lower 
imports which have tradition- labour rates should as a result 
ally come into the U.K. with ex- be able to establish itself as a 
ports of high quality menswear major supplier in Europe, 
and other garments— Britain The result has been a major 

plunged into a serious clothing effort through the Clothing 
trade deficit this decade. Economic Development Com- 
The gap reached £74m. in mittee and through the indus- 
1972 widening to £172m. in 1974 try's trade associations to 
and even further to £271m, in stimulate an improved per- 
1976. as imports rose to reach formance, with particular 
a record total of £6S3m. The emphasis on raising productivity 
rise has been the result of the levels to match those' of the 
growth of clothing industries in most efficient producers on the 
traditional supplying countries Continent At the same time 
such as Hong Kong, and Portn- the industry has been exhorted 
gal. the emergence of new sup- to improve its design and styling 
pliers, particularly in the Far to make its goods more attrac- 
East and Eastern Europe, and, tive in home and export 
it has to be admitted, of markets. 

Britain’s entry into the EEC 

As in other sectors membership KAcnnilCP 

has exposed the U.K. in clothing 

to competition from much more ^ industry’s response to all 
went producers on the Con- urgings will not have dis- 

. . .. „ . . appointed the - Government, 

The combined effect has been though it may havfi pu2zled it 

enough to set off a few al^nn For M ^ sets of figures pu b- 
bells not only m the industry lishfid withtn recent weeks 
itself but at Government level show> ^ cure -or at least 
as well, because of the impact ^mission-for some of the 
a continued decline could have industry . s ilIs appears t0 have 
on the U.K. economy as a whole. been found> ^ exhort the use 
Employment in dothing re- of ^ prescribed remedv n 
main f very large at 293.M0 Govermnears Act ^ 

people hut has nevertheless de- scheme for c i ot h ln p whjph 
dined by around 40000 over Jg-J ^ “ 
the past five years, while job ^entlting projects which 
losses in any setter are serum would Be i t0 tteir 

-particularly with unemploy- efficiency has only hfflatedly 
ment at L5m.-jn clo thlng their fopJd takers . Original 

eSert is concen n sted .a regions scfieme ^ was 

■With already above average nn- ^ arailSbfe-l£d * be re- 
employment. and on women for ^ k f 

whom alternahve opportunities interesB and ^ sunl llloclte<1 

*” u j ' Knl % r was red ” ed t° ffem. Efen so. 

, but for a surge in applications 

industry was also . considered in December, the closing month, 

°'' h ,l,f. ec . °a schem e would have come to 

?5°™L ■ J 3 ,?? ir*v f .v- ™ en<i with more than half the 
major customer of the U.K. ten- availal3le money sU1I unc lainieil. 

tile industry which employs a 

further 479.000 people, and any Yet while the vast bulk of the 
major rundown could eventu- 6.000 companies within the 
ally work its way back through industry have been slow in 
textiles to the chemical industry grasping the Government’s 
which provides the raw material proffered hand, market con- 
fer, much of th* textile Indus- ditions in the U.K. have 
try’* fibre output^ :v 

samew'lifaie tiicrtfemg^. 
stands out as a sector. Wlifere a 


EMPLOYMENT 293,000 (G.B. onlv l 

MAIN AREAS North'oTEngland. London, 

. Northern Ireland _ 


OUTPUT 1976 £1.750m- - 

TRADE BALANCE .1976 19 T 7 . . 

OUTPUT 1976 








£ __ 



' Men’s, boys’, women’s, girls’ and children’s outerwear, and 
underwear. YYorkwcar. 

persuaded firms to look over- such as Chester Bam e. Aqua- 
seas for sales. The clothing scutum. Daks^impson, tsur- 
trade gap will this year be berry. GloveralU and Michel^ 
narrowed considerably . to in menswear. selling a 
around £150m. and in the third tial proportion of their output 
quarter last year was under overseas, t and a few leaamg 
£27m. — the lowest figure for women’s wear groups such as 
some time. Jaeger. The list of top 

Moreover when invisible now includes ^ mi^ber ofother 
clothing exports are added— group? seUmg in the mid Iffle of 
sales in the U.K. to tourists are rticr market such ^ Ladie. 
estimated at around £240 m. Pnde and Samuel Sherman. A 
wholesale value in 1977, and substantial export busmess has 
sales through parcel post- ahm.hjen built up I 
Britain looks to have been run- °f U.K. sports and 
ning a surplus on its clothing ducers-among them Neibarden. 

trade in 1977. . Umbra, and Highlight 

The switch into export. The industry’s attitude on m- 
markets is the industry's vestment has evidently been 
response to the continued diffi- more cautious and here it would 
cult trading conditions it has seem a waiting game has been 
been experiencing in the home played. The key is the 3IFA 
market For although an negotiations which took place 
increase in consumer spending at the end of last year aimed at 
on clothing made itself felt in establishing a new framework 
the closing months of last year, |.for international trade in tex- 
very little overall growth has -tiles, and it may be that major 
taken place in the market since [decisions on spending 'are only' 
1973, and in many sectors iddw being taken as information 
imports have ' displaced U.K. ,; 0 a future levels of clothing im- 
products. Thus in 1976 im- 'ports : : inio Europe ■ becomes 
porters had 51 per cent, of the ^ ar : 

market in men’s and boys’ suits • So ^ e mov6 . nevertheless 
and jackrts. around 65 per cent : have ^ induding, 

of the shim market, and 56 per aiErliflcaIulJr , effort j by ^1 four 

The m fSTSe value of the .«• FTSZ& 2 TS!* 

pound over the past two years 

Coats. Paton, Tootal and Car- 

has helped the industry find Viyelia to strengthen 

overseas markets and it appears t J ieir Positions in clothing, 
a much wider range of pro- Uwts, Paton has been investing 
ducers has begun exporting. At * n clothing operations with 
the top end of the market there particular emphasis on its high 
have always . been a number of quality women's wear side and 
U.K. clothing manufacturers, a policy of tradingrup has also 

been pursued by Carr^pJ 
Viyvlla. which is parlieuiS 
strong In incnswivir. TwfaJrf 
increased its involvement- 7 ! 
cloth : 11 q with iwa subsfawa 

acquisitions — Trutex the cbw 
ron swear srmip and 
recently Shmina. one of 
most sueeewJul UJ5. ladies *3/" 
manufactitrers iu receal yea*: .- 

Other moves have, *bjo 
inode to strengtiien the ind? 3 *hi ' 
sctruciu rally. Thrwwh djj’’ 
industry’s economic dev^jti / 
ment committee the objective ■ 
of the Government’s indostfflii < 

strategy — a further mcrees* \ 

in exports 10 aroimd film, by-- « 
1980. coupled with, efforts io \ 
hnhl down and if possible push' ' 
back import penetration, have 
been communicated t0 - 

A new body, the Clotting In. , * 
dustry Productivity .Resources * 
Agency, is alsu being set up i 
with Department of Industry 
funding to continue the task of * 
trying to raise levels of effi- 
ciency within clothing.. 

At the Mime time clothing 
manufacturer.-, have themselves 
achieved a new degree of 
cohcMon through the creation 
of a new joint body— the Goth- • 
ing Industry Joint Council— 
which with one major exception 
brings together the associations 
representing the various cloth- 
ing sectors. 

The changes have perhaps 
come only just in time to save 
the U.K. industry front n very 
serious decline. • and danger* 
still tie ahead. The industry's 
commitment to exporting has 
yet to be tested against a back- 
ground of less sevrere difficulty 
In the home market. There are 
also still very many companies, 
including some of the largest 
suppliers to the home market, 
exporting less than 10 per cent, 
of their turnover. The rise in 
the value of sterling will also 
make exporting more difficult, 

As the past year has shown, 
however, the opportunities are. j 
there if the U.K. can continue 
to offer merchandise of a Miffi-V 
ciently high quality and suit- 
ably designed and styled for the 
sophisticated markets of Wes- 
tern Europe. 

iV i) 

Rhys David 

for the weft insertion control- 
led through the warp shed, by 
means of suitable steel guides - 
High production and weaving re 
liability for a large range of yarns 
in the following fields: 

-woollens, drapery, upholstery and blan- 
kets made of pure wool, blends and 
synthetics : 

-plain and check fabrics and table cloths 
made of cotton, flax, blends and synthet 

-cotton corduroy and denim; 

-pure and artificial silk articles; 

-jute and hemp articles; 

-polypropylene fabrics; 

-industrial fabrics generally. 

i: W... 

; . .*tn 



NUOVO P1GNONE div. SMIT- 3’ Palazzo uffici ENI-20097 San Donato Milanese (Italy) 

Tel. (02) 53531 - Telex 31246 ENI (per SMIT) 

From Corah of England 
-clothing for the world 

Both in this country and abroad, more and more people are buying underwear, knitwear, 
leisurewear, fashionwear or socks made by Corah. 

Consistent high quality is the reason, a standard maintained ever since the 
business was founded by Nathaniel Corah in 1 81 5. 

That's why Corah have been principal suppliers to Marks and Spencer for over 50 — s 

vears - do business with many other groups of retail stores - enjoy rapidly \v> 

mounting sales to export markets. ^ fo-'- 

To meet this growing demand, production is ^ « % vFA 

increasing both at the main plant in Leicester V V>'' 

and at the other Corah factories in 
Barnsley. Oakham, Scunthorpe and in Canada 
at Barrie, Ontario. 

Corah success is shown by an increase of 
273% in sales in the first six months of 1 977. 
compared with 1 976, and a turnover running • 
at an annual rate of over £30 million. 

■ Corah look to the future with confidence 
in its continuing ability to meet public 
demand for products that are well 
designed, fashioned to a high 
quality, and offer outstanding 
value for money. 

Corah Limited fir 

Leicester, England. rf (Ji 


r \K\C1 


BRITAIN" S knitwear industry 
has been bucking the trend over 
the past year. Against a back- 
ground of decline in most tex- 
tile sectors, knitwear has 
managed to increase employ- 
ment by around 3,000 to a new 
total of 121,000, and output has 
Increased, too, in volume as well 
as value. 

■ The industry lias been 
benefiting^mainly from its de: 
teiTnined^pusE'into export mar- 
kets While ’Consumer demand 
in the' UJC. for clothing has 
been static— continuing margin- 
ally behind 1973 levels at con-, 
stant prices — exports by knit- 
wear producers increased by 50 
per cent, in value in 1976, and 
were up a further .40 per. cent 
in the "first ten months of 1977. 

The Industry’s major assault 
on export markets, taking its ex- . 
port proportion of total sales to. 
around 30 per cent has come 
not a moment too early, how- 
ever. Britain accounts for 
around 25 per cent’ of the EEC 
knitting labour force but has 
managed to command under 10 
per cent, of total intra : EEC 
trade. As in other industrial 
sectors, knitwear has secured 
a very large share of some small 
markets — notably the Republic 
of Ireland — but a dismal share 
of the big markets. 

In 1975 the UJC. industry had 
only a 1.4 per cent share of 
imports into West Germany 
from other EEC countries, com- 
pared with the 72 per cent 
stake held by Italy, the other 
main knitwear producer in the 
EEC. In France, Britain had 
7.4 per cent, of intra-EEC im- 
ports against 73 per cent for 

The new emphasis on exports 
is the result of the industry’s 
realisation that whatever help 
is achieved from the latest 
Multi Fibre Arrangement 
(MFA) agreement m stabilising 
the home market, imports are 
here to stay, particularly at the 
cheaper end of the market. To 
grow and prosper, therefore, the 
U.K. knitwear industry has to 
expand its overseas sales, 
especially to Europe. The ob- 
jective set by its sector work- 
ing party, as the industry's 
contribution to the overall U.K. 
industrial strategy, is a 20 per 
cent share of total EEC ex- 
ports to 12 Western European 
countries — the other EEC mem- 
bers. (excluding Ireland), to- 
gether wjth Austria, Finland, 
Norway, Sweden and Switzer- 
land. Overall the industry Is 
looking for a go per cent, per 
annum increase in exports over 
the period 1975-80. 

In the home market the in- 
dustry will probably have to be 
content with a holding opera- 
tion. Total imports now account 
for around 30 per cent, of total 

sales, though they are much 
higher for certain products, and 
those from developing coun- 
tries will continue to grow, 
albeit probably somewhat more 
slowly than in recent years, as 
a result of the hew tighter res- 
trictions incorporated in the 
MFA. The industry should at 
least be able to hold back, 
according to the working party, 
imports with which it directly 

specialist shops require. 
Another factor working in 
favour of the industry is the 
continued popularity on the 
Continent of the British classic 
look in knitwear.. It is this 
which 'has enabled the Scottish 
kriitweiir industry, ' which uses 
luxury .'fibres such as cashmere 
and fcuhbswDol to ride'the textile 
cy£le& w;th less discomfort than 
most ’ other sectors. Another 


OUTPUT 1976 
OUTPUT 1977 



121,000 (GJB. only) 

East Midlands, Scotland 


£900m. (estimate) 

1076 “ 1977 

£ £ 

199.5m. 189m. 

2612m. 223m. 


Fully fashioned knitwear, sweaters, pull-overs, T-shirts, 
jersey fabric, warp knit fabrics, underwear, tights, socks 
. and stockings. 

competes — those from other de- 
veloped countries; — to around 
the present level of 7 per cent. 

Significantly, the industry is 
currently running ahead of the 
targets set for it in both the 
home and export markets, but 
the difficulty will obviously 
come in sustaining this per- 
formance over a period. Never- 
theless, the nmens are favour- 
able. In a number of European 
countries, notably Germany, the 
local knitwear industry has 
shrunk in size as a result of 
competition from low cost 
imports, and with more effective 
restraints now applying across 
Europe on imports from outside 
the Community, the U.K. is in 
a strong position to fill any gaps. 
As weii as being the biggest 
in Europe the British industry 
also has the largest companies. 
The three biggest. Courtaulds, 
Nottingham Manufacturing, and; 
N. Corah- account for around 
25-30 per cent, of total output 

I .inks 

These big companies have 
grown through their- links with 
the major retail chains, and a 
number, including Corah, are 
now looking at ways in which 
similar relationships can be 
developed on’ the Continent. 
The industry still consists, too. 
of mgny smaller companies 
which are capable oF taking on 
the more specialist work which 
European boutiques and 

advantage for the industry has- 
been the continued survival in 
the UJC of a strong knitwear 
machinery sector, making dose 
technical co-operation possible. 

There are pitfalls, however.. 
European markets require 
Special design attention and 
styling and guaranteed delivery 
on time — all areas where some 
companies' iii the past have 
fallen down. * The Industry's export performance has 
been based on the extra efforts 
which some of the major groups 
like Courtaulds have been 
making in overseas markets, 
such as Germany, and on the 
decision of a number of smaller 
companies to begin exporting 
for the first time. There is a 
danger that If conditions in the 
U.K. market do improve — as a 
result of higher wage levels 
working their way through into 
consumer spending— this mom- 
entum. could be lost The rise 
in tha. value of the pound 
sterling has already made 
esporting. more difficult for. the 
industry, which in some sectors 
fmch as underwear and lights! 
is working on very narrow 
margins, and this may tempt 
some producers to re-direct 
their efforts towards the home 

There is also the challenge 
which wfil be provided in 'the 
U.K. and other markets by the 
growing sophistication of devel- 
oping country producers, manv 
of which will be paying in- 

creased attention to quality and 
design as a way of penetrating 
EEC and other developed 
markets. The U.K. industry in 
order to succeed both in the 
domestic market and in other 
EEC markets will have to move 
increasingly itself into higher 
quality merchandise. 

These are points which have 
been stressed at a series of meet- 
ings within companies or- 
ganised by the industry's sector 
working party over recent 
months and involving manage- 
ment and union representatives 
and working party officials. The 
aim has been in each case to 
create a forum where discus- 
sions could take place- on the 
significance for individual 
companies of the Government’s 
industrial strategy and on the 
relevance of the objectives laid 
down by the working party for 
the sector. 

Other problems do naturally 
face the industry, for which ex- 
porting will not be the cure. 
Worldwide over-capacity exists 
in jersey fabrics, largely as a 
result- of the fashion swing 
away from knitted man-made 
fibre filament yarn towards a 
soft, woven, natural look, 
similar problems exist m 
another knitwear sector — warp- 
knitting — where • traditional 
markets such as shirts and 
sheets have declined; In warp- 
knitting, however, considerable 
effort has been. made to find new 
markets such as car seat 
fabrics. Moves are also being 
made by the knitting industry's 
research body, HATRA (the 
Hosiery and Allied Trades Re- 
search Association) to find 
ways of increasing Die industrial 
for other knitted fabrics. 
Possibilities exist m a number 
of areas— horticultural and sur- 
gical uses are among the 
applications that have been 
found for knitted fabrics. 

Another major problem area 
is tights, where massive 'invest* 
ment by the Italians, at a lime 
when the market was already 
beginning to decline because, of 
increased wearing or trousers • 
by women, has created serious 
problems for producers in * 
number of countries. • 

In the battle to survive' in the 
face of strong mtcrnaliorHlh 
competition both from the Far 
East and other internatiffi#. 
producers, the U.K. industry hw- 
emerged, however, in swa*. 
what better shape than il e&f ' 
pected at the start of tho Kartil*' 
recesion. The past year has seen ' 
a major improvement in the. 
results announced by mosf'ot. 
the main groups and further, 
good figures arc likely over .tho - :. 
next few months. The challenge.; 
is to ensure this performatiro. . 
w maintained, ; ' 

'. 'V' -i'.CJjfcl 

t •• • 


. Firisacial Times Friday January 27 1978 




80.000 (GJB. only) 


Yorkshire, Scotland, West of 



OUTPUT 1978 


OUTPUT 1977 

£I.lm. (estimate) 


1976 1977 • ■ 

(JazL-Sept) . 

£ £ ' 


212m. - 205m. 


40.4m. 44.4m. 

I ’Tops, yarn and. cloth only, raw, wool and wool waste’ not 

included'. . , ;. 



Wool tops,, woollen and worsted yarn, woollen .and wasted 
doth; carpet yams, knitwear yarns, rags, •• blanlfets, fttrnteh- 
. ins fabrics, industrial dothSL. ■ 

THE U.K, i to i LK industry an “ old-style ” cyclical down- tion and processing .from the like the mid-1980s is the earliest 
has long been mentally and turn. For textile' manufacturers raw fibre or filament yarn to we shall see a real comeback 
strategically tuned to its cyclical and processors, this worsening the High Street stares where for U.K. fibre producers to any- 
sanations, which used to be position has proved extremely their ‘•payback" on such a costly think like the manner of opera- 
discussed in almost fond terms serious: for fibre producers, it exercise is the appearance of tion and accompanying profit- 
and which basically divided into has verged on the disastrous, their fibre braudname on the ability seen ten years ago. 
two segments— the annual varia- As in any industrial sector garments in question. The moves in the EEC by 

tions connected witt the spring/ where high technology is con- when UJC fibre com- some fibre producers who have 

summer ^ . autumn/wtoter stantly advancing, the ability to panies ^ in desperate need of either dosed down or cut pro- 
fashibn-related seasons, and m keep plant and equipment finding the means of triggering Auction 9 t selected plants have 
the broader contest, a cyclical operating to a high degree of an uptarn i n their sales levels, had the effect of taking between 
change perhaps every three efficiency and productivity is jt is obvious that the chances 300,000 and 400,000 tons a year 
years or so. . - • not so much desirable as 0 f * ‘‘miracle" breakthrough of productive capacity out of 

-Now, however, the fact is imperative if an acceptable made even slimmer by the the European fibres market— 
being faced that the old concept level of. profitability is to be overall necessity of containing Aae largely to moves by ICL 
of. cyclical variations has dis- maintained both to provide the operating costs and therefore Bayer and Enka — and in addi- 
appeared, -and many doubt payback for earlier investment lessening the intensity of tech- tion to this there is a substan- 
Whether this is merely a tern- and to fund the ongoing' cash nologlcal development. The ten- tial amount of fully constructed, , 

poraiy delation from the long- demands of further research deney has apparently moved in hut as yet uncommissioned. ultra ‘T 
establishwi pattern. Ratter is and development work. - -the' direction of prudently shed* productive capacity to be added 5^*“ 
it felt that the past mix . of The irony of the situation ding certain speciality fibre and to this figure. 




32,000 ((LB. only) 


N. Ireland, NJEL England, N.W. 
England, Midlands, Scotland, Wales 



OUTPUT 1976 


OUTPUT 1977 

£6O0m. (estimate) 


1976 1977 


£ £ 


2SL8m. 256m. 

IMPORTS* 1864m. 167.7m. 

9 Man-made, staple, continuous filament yams. 


Polyester, nylon and acrylic fibres and yarns: rayon and 
acetate fibre and yarns. 

market offtake variances and. to from the standpoint of the U.K. yarn versions in order to effect mere is anotner (ana, as yet, Antrim Northern Ireland ulant 

an .extent, the adv ert of major fibre producers is that they are a more rational (and therefore little discussed) problem loom- * n S ( J within a year of commercieiS- 

to market flexibility; range now commands over 15 

and, not least, the current and per cent of total polyester fibre 
There Is another (and. as yet. perhaps continuing relative production capacity at Enkalon s 

technological breakthroughs is losing out in two major direc- more economical)- structure, of ing ahead for UJC and Euro- sterling and other -.European textile fihre sale* 

now being replaced as the over- tions. First, It is costing ttem in- production more closely attuned pean fibre makers. This is the currencies. director Stephen Johnson 

riding influence On trading pat finitely more to cease operation to what might be termed an un- strong possibility that American i n such a. short review, to dis- reckons that this will be around 

teams by the more sinister (and of a line of fibre extrusion equip- sympathetic market at the fibre producers will start to cuss all the various develop- 40 per cent by the end of this 

almost^ frightening) considers- me ut, for Instance, than the re- moment • turn increasingly to this side of ments from U.K. fibre producers yeap _ a phenomenal rate of 

turns ' of politico-economic Native cost to a customer in the Looking, at the whole depres- the Atlantic to boost their off- would be impossible, but -one initial market success which not 

stances being adopted by the spinning, weaving or knitting sing, picture, which has seen take. Already, there have been fairly recent innovation which 01 jy spp j] s more revenue for 

major world power blocs.. sector to stop a- bank of U.K. fibre producers settling on instances of U.S. fibre com- stands out as a good example Enkalon but also— extremely 

The inevitable upshot, of this machines. Second, while their a plant utilisation level of cur- panies selling polyester feed of using good technology varia- important the characteristics 

has, .of course, been the almost customers can work within rently no more than 70 per cent, yams to U.K. and European tion to create a means of step- 0 f ^ fjf Diolen yams has 

FOR BRITAIN'S wool, textile strong' export performance .of overwhelming flood of low cost fairly narrow lines of definition when taken as an average across yarn textu risers, and the feeling ping up fibre sales is the so- effective! v provided a* welcome 

industry, skills in international the Scottish wooHen producers imports of fibres, yarns and centred on their own production nylon, .polyester and acrylic is that this could be the tip of called “Golden Touch" range vehicle for some knitters to take 

diplomacy have new become who now send more than: 60:per garments - into • the UJL and operations — and thus can more fibre making, the then a very substantial iceberg based of Diolen polyester yarns from d us t sheets off recentlv- 
alui05t as important as the cent, of .their -ousput overseas. Europe . from mainly Far easily contain the expansion of apparently pessimistic opinion on' three factors— American Brititt Enkalon. The point unemployed circular knittiii** 

traditional w£, of. ^design and - In sn 4 >miss j < j D Eastern sources: worse, this has overhead costs— most fibre pro- expresrea nearly a year ago by policy has been to conch fibre about these is that an ‘extremely machines and to create imprest 

marketing.. Over the part year ernment -g indu«tfriaF -stoaszkv happened during a. period of ducers have extremely broad ICI Fibres that the' picture prices at levels not influenced high filament-per-denier ratio give new ranges of dresswear 

the industry has had to_sur- .. w . a ^ mos ^ • galloping recession and' generously-based back-up would not brighten until the by violent fluctuations in world has enabled this range of pro- swimwear and underwear, 

mount the protocol problems if. .wooi- 

Textile Economic 

involved in persuading U.S. Deveiopmem Committee 

^ which in turn had followed programmes which ' stretch tx\rn of the decade now seems oil prices: the leading fibre ducts to find immediate accept- 


President, Jimmy Carter to suggested ttat toe bestpnwpect 
accept a . -gift of cloth complete Jprtte industry ties to cpnjuw- 
with stripe carrying the initials tog increase 'its share wck- 
J.C.: it has been after the- sup- port mark ets, while at jthe k&iiie 
port of Britain's ambassador In time .stiivfiiug'-to -hold ddwn"to 
Washington, Mr. Peter Jay, in roughly ipresenUereU t tim atone 
its campaign for a reduction. In of toe home market oifit w ed 
tariff levels on U.S. wool textile by- imports,— roughly SO ^per 
imports; in the MiddleEast it cent for fabric. 
h?s been ta^ng_ . yp, Ap-to . it is a strategy, which ta&yroh 
through embassies, attempts by fte goopott wattintte 

producers in Sputh Korea, India 

apd elsewhere to pass off their cnss j alis . wteeh’ ^he EDC haS 
goods as British; an din. Iran been organising; but aMhodgb 
one, of the leading V-K. wool !r . t.TT: , 
fertile companies has recently 
completed delicate negotiations has . 
for the supply of military 

uniform doth. On top of this difficulties an the way of wMw- 
has been the need to keep .an tog toe targets which the J?DC 
eye on the discussions which has laid down. . 
took place in the latter half of Competition from low-priced 
last year in Brussels on a new Italian woollen goods has caused 
Multi-Fibre Arrangement, the disruption in a mimber' of 
international agreement which markets, including the TLK-. 
regulates world trade in tex- where the penetration -has nmfr 
tiles, and this year will see reached 40 per- cent; Despite 
shortly the beginning of the complaints by other Euit®eai 
GATT Tokyo Round trade talks, wool textile producers of 

unfair subsidisation of - tte 
AH this reflate the ever- industty, the EEC- has 

mcreaaog importance to the „ f „ secnre 

woo textiles sector of overaeas JMla ^peemom . on 
markets — and the difficulty at realfetiit prices. ' 
some cases of ensuring that they On exports there are intfuas- 
remain as open as the industry ing doubts' 'among k number of 
would like. The industry now U.K. wool itextSe producers 
sells its products in more than over tte ability of tho/Middle 
150 different countries and last East to- continue absorbing large 
year succeeded . in raising its quantities of British ri&th, parti- 
export sales including raw wool, cularly the medium quality 
once again to a -new record total cloth produced in Bradford, 
of £40(bn. — roughly JElbOm. up - Yetif toe MiddlS East market 
on the previous year. In fabric Aoes decline there is little pros- 
more than 40 per cent, of total P eet of another major market 
output is now being exported, dcveloping to take.up tte slad^ 

- as tta Midfie East itself did 
Pnnutotinn when tfcade.With Japan fen bade 

V\e|IUIdUUXl .. . from the peak achieved in the 

- The success of the UX -wool If 0 s - Jhe industry has 

textile industry -in: overseas }? c m ^ ase lts sa ^ 

markets is based on the very U.S, tlys year, parti- 

high reputation which British wooU ® ns “Pimore 

cloth— particularly the top end J 4 " 50 P£ ^ ^ 

of the market fine quality ?, mor ® ^ sq ' . metres - 
worsteds from Huddersfield— °f worsted remain com* 
enjoy all over the world. It ?* ntlv f; Iy 
remains an important mark of f^ountips U ' K - 

status in a number ofcovm- trade withlreland.and expan- 
ses. including Japan, to •* ^ ed by J* 1 hi^ 
wear a suit made of British L j: tau ^ r , of F9 u ° d 50 P” 
cloth. ' and this has"- been The U.K industry has heen 
an important factor m enabling ? ress ™g for a reductiou to be 
the industry to sell into newly- I?5 0r P orate ^ , in T°kyo 

« markets, such as Japan in 
the early 1970s, and 

what at the time was seen as through every layer of produo- optimistic; if anything — more makers operate very large scale, a nee in mainly clothing end- 

Eugene Dempsey 



more from tte U.S. Cloth 

-c* industry, which would like to 
r«en tly M id die East era coon- ^ accfiss to top quality British 
tries and other oil-wealthy c j otlL 

nations. - made fibres lobby in the UB- has 

' But the industry's big move always succeeded in tte past, 
ibto export markets has also however, in opposing reductions, 
been motivated by conditions. The industry has also become 
in the U.K. Consumers have bad increasingly concerned in recent 
less to spend over recent years y®£rs at. the growth of restric- 
ahd have in any case been tIons - 10 otIier markets around 
Witching to more 'casual forms toe world, some of which are 
of dress leading to a substantial now see ^ n & t o buildup their 
drop in tte number of suks 
purchased down from 7Am. to 

s 7fw #1 .. _-_a dhuws tor U4V1 cl ota is dow vir* 

sw ° At Sffff tually dosed by tariffs and otter 

alone. At tte same time there duties> ud barriers of one-fonn 

been a major increase in or ano ft er hare to be sor- 
anports of clothing and this mounted in other traditional 
bis affected tte customers of markets including Australia, 
the wool textile industry, the New Zealand, and South Africa, 
clothing manufacturers. More There is the problem,, too. of 
than 2m. suits were imported greatly increased competition m 
ihtn tte U.K. last year, many of third country markets ; from 
them at very low .prices from newly-emerging ‘wool textile 
Eastern Europe, giving im- industries. Capacity to manu- 
pnrters a one-third share: of tte facture wool yarns and fabrics, 
market primarily designed --for the 

The industry aw esrly on T* 1 *}" msrkets o£ Europe, 

ii« even to survive a much S ■*£ FuX£ 

b „ being installed m Algeria, 

H present ^si?e and output a Argentina and a dumber of 
ferther substantial increase ® other countries, and major deve- 

S. alre i? djr Iai8e 0VBrseas “f 68 Iopments have also taken place 
would be necessary. . in Eartem European countries* 

:■ The part year gives some indi- which for several years have 
-cation of how successful the been the largest buyers of vhjoIs 
has been. Helped by from Aust ralia, the principal 
ike current world vogue for the wool-grower. 

British look — country-type Thus, although tte U-K is 
^asic dotting — wool tortile likely to remain an important 
Reducers have managed to' supplier to world markets, the 
Btercome the continued lack of EDC is encouraging it to look 
wuatxry in the home market, much more to European mar- 
Though output In 1977 will not . kets. to most of which it still 
significantly above tte pre- has a smaller share than its 
rious year when there was a size warrants. Tims to-Jabric 
Wbsantial recover from tte Italy's exports to West Germany 
pressed levels of 1975, exports ^ roughly six times ttose of 

number of important^ U-K, whiie m yara Franoe 
-5^ mcludms North America, sells four tunes as muchtoWert 
** Middle East and .West Ger- German*- 'M - a ijft ^ 

are well up. Much of the tween ‘ ten 

|***H5e in. Germany baS to one in Italy’s favour. 

fulled from .the continued 


we can again have a viable 

•i • i V f 

John Stuart, Deputy Chairman,lCl Fibres Division. 



- v 

Tte European man-made fibres industry 
hxs beea m deep ^recessioiL How has ICI - 
one of the UK^s largest producers - coped 
wifirfiiis dramatic change in fortune, and 
wiud are the prospects for the future? 
Robert Heflei; Editor <rf -‘Management 
Today’" talks to John Stuart, Deputy Chair- 
niste of ICI Fibres Division. 


Hfefier: The fibremdn^ryinEsrope has lost 
33*500 mffliott in three years. Isn’t that a 
signal to get out of the industry, rathdr than 
stay in? . 

Stnarfc Well our losses have been much less 
tteu oiir competitors’, and if you just said 
‘Shut it down 7 you’d tear a great hole out of 
ICI for a start Secondly, I don’t think it’s 
really acceptable for this country to have no 
mattmade fibre industry. Other ICI divisions 
have experienced recessions tn the past and 
pufied out of them. We have confidence that - 
HhtfisJDdviaoacan do the same. 

HeHer: What practical measures have yon 
takeh'to reduce yonr losses? 

Srimrt: We’ve closed two filamentfedories - 
one in the UK, tte rther in Germany. By 
tesfruct or in g , we’re going to get almost tte 
sanse^ output from our remaining lactones. 
WeVe also reduced tte 13 fectories we took 
oVerwhenwe got involved with the texttrrir® 
business to two, plus one processing factory. 
Altogether we’ve been able to' reduce, tte 
number of our employees - including office 
staff- by about one thud. 

Beflen And how nmdh have yon reduced 
costs by? 

Stuart: At feast £50 milliorn a year - that’s 
why our losses mil be about £15 mill ion for 

month in the UK and £14 million on the 

HeHer: Would you say that, as a company, 
you’re as close to the market place as yon 
should be? 

Stuart: Yes, we regarded this as a key factor 
when we changed our structure just over a. 
year ago. We’ve set up a Textile Centre at' 
Harrogate to match the very successful Car- 
pet Centre which we have had in Germany 
for several years. It is a development unit 
which combines more closely the skills of 

PartQftkcncwTcxrile Centre at Harrogate. 

John Stuart. Drpvcy Chairman l Cl fibres Derision, disaissin&fuwreprocptrts of'thcEumpean icaile industry wiUi Robert Heller.'' 

3 977, compared with the £70 mflliori or more 
which some of our competitors are expecting. 

HeHer: Where does tins leave ICI Fibres 
now? ** 

Stuart: We believe we have taken the major 
steps that were necessary tp make us fully 
competitive. We supply nearly a .quarter of 
the European market for nylon. With a good 
product range for every trade that nylon goes 
into, and we have a sound position in poly- 
ester In addition we have complete security 
of raw material supply. ICFs Petrochemicals 
Division is integrated right back to North Sea 
oil, through our stake in the Ninian field. 
Hello: Do yon think the new Multi-Fibre 
Arrangement wifi produce a healthier mar - 
ket for European textile producers? . 

Stuart: Yes - we bebeye the new agreement 
is fair and provides a fram eworkin which the 

European textile industry will have the con- 
fidence to. invest Even so, the European 
fibres industry still has to adjust its size to the 
present demand. 

Heller: If everything went well, when doy on 
reckon yon might have a healthy, profitable 
industry in the UK again? 

Stuart: T would have expected this to take 
until 1981, but the profit-shock that all fibre 
producers met lak summer, when sales 
really fell away badly, js likely tp force them 
to take action much sooner and could get us 
back above the break-even mark during tte 
next two years. 

Heflen How does yonr capital investment 
programme this year compare with earlier 

StuartiDespite our Tosses we have kept on 
investing - at a rate of about £1 million a 

our merchandising and technical staff and 
has given us even closer contact with tte 

Heller: To sum up, you’re saying that pros- 
pects are brighter and had it not been for the 
measures you have taken, your losses would 
have been many times higher. 

Stuart: Yes. We’re more or less through with 
the cost cutting reductions of the last two 
years and I think these have been seen to be 
justified by results so far ICI Fibres is now in 
pretty good shape to go forward. We believe 
we can again have a viable European textile 
industry. And fibres will again be a good 
business to be in. 

ICI Fibres 



Our exclusive finishing machine 

confined passage compressive shrinking 
machine for tubular knitgoods... and 


shrinking machine range for woven 
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for continuous transfer print the 

machines for synthetic fabrics are 
operating world-widein . 
forty-nine different countries.' 

Hunt & Moscrop (Textfle Machinery) Ltd 

PO Bo* 5 MddWon Mancftesler Mil iGG England 
TeJ 061 W Tete* 66644.5 
■fctejams and Cables Central NSddJetcn Uncs England 

ARIOLI & C. srl 


21040 GEREKZANO (Vxres«) - ITALY 

VIAG-P-CLER1CL2 (SMote Vhratina) 

TeL (02)968.9641/2/3/4/5 - T«tu 37667 AflKXJ 
Cables: AfOOU G8R&BANO ■ 

The world’s largest steaming machine manufacturer. 

Over 500 steaming-ageing machines for saturated and HT- ■ 
treatments sold in the last 10 years. 

The widest range of use: from silk scarves to carpets, from 
scouring and bleaching to pigments curing, from dye fixa- 
tion to bulking and relaxation 

Also producing: 

• Open width washing ranges for woven and knitted 
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• Perforated drum dryers 

• Laboratory steaming machines 

[integrated automation 

for your 



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Mather ft Plan Limited 
General Machinery Department, Process Machinery Division, 
Rodditfe. Mjnchestar M26 ONL 

Telephone- 061-723 26 A 1 Tefex: 6fr74$Q 

Financial Times Friday January 2, 


Cotton is the keystone 

the U.K, are not going to be 
very pleased' if they receive 
many deputations this year from 
the Lancashire - based cotton 
and allied textile industry. For, 
after a period of prolonged 
lobbying by the industry for. 
greater- protection from low 
cost imports, Britain made mini- 
mum growth in cotton yam and 
fabric quotas its touchstone in 
the recent Mufti Fibre Arrange- 
ment . talks. /Without this. 
Britain made k dear it would 
not be able to give its consent 
to a new European Community 
agreement with low cost 

And, as tile recently published 
details of the agreements show, 
the industry appears to have 
obtained most of what it had 
been seeking. Cotton yarn and 
doth are among the products 
where the Community will in 
future impose very severe res- 
trictions on future imports 
growth rates, and Britain, which 
has the highest levels of penetra- 
tion among the Community 
members, has been given toe 
lowest- growth rates of alL. 

The industry is likely to 
reserve final judgment until it 
has become clear bow the new 
agreements wlJl operate in 
practice. Nevertheless, for 

Lancashire textile producers a 
new era may well have opened 
from the beginning of this 

year. The industry has been 

declining '. for most of ' this 

century, from the time when it 
supplied a large part of world 
requirements of cotton goods.- 
With other producers entering 
the market it was clearly not 
possible for Lancashire to go 
on— as it used to be observed — 
making for. toe • U.K» : before- 
breakfast and for the rest of the 
world after.-, but the- weight of 
the industry's submission over 
recent years has been that the 
rate of decline has been too 
steep. Total employment is now 
down to under 80,000 and pro* 
duction of spun yarn has fallen 
by more than half in the past 
20 years, a much steeper rate of 
decline than - in most other 
European countries. 

The MFA agreement will not 
enable ‘the industry to recover 
markets. In woven cotton cloth; 
for example, some fiO per cent 
of the market' is now held by 
imports, and though in spun 
yarn the penetration— around 
2o per cent— appears low, this 
is only, because most .of the 
market available .to spinners has 
already been -lost- as a result of 
the high penetration of^ cloth 
imports. Furthermore, in both 
woven cloth and spun yarn, very 



Spinning - 














Yarn and woven fabrics I 








Cotton yarn and spun 
1HMF* yam 



Cotton and 2VDIF woven 


154-3 m- 


Cotton yarn and spun 
MMF yarn 



Cotton and MMF woven 
fabric • . 



j * MMF, man-made fibre. f 


Yarns and fabric for 

appareL household textiles and 

1 industrial uses. 

severe pressure has been placed the rest is in the hands of the 
On local producers, over recent other three major groups — Car- 
years by the rock-bottom prices rington Viyelia, Tootal. and 

which overseas suppliefs- *““• Through these 

.. . . „ latter two companies Britain 

particularly those seeking to maintlins , ve £. l!Bge share 

establish a position in the U.K. worldwide in the important mar- 
market — have been charging. ket for sewing and industrial 
Nevertheless, the agreements threads. On toe weaving side 
reached with the main overseas P™^«ioo: is .gaio ooncenmted 
f pptiers by the .EEC wilt give ^ ot^edlroups^d oaS 

ML UiUlC OUU/iC . UUU AC L MMUT . _-0- +t-_ 

m concerns such as Vantona, the 

IT -iTM'S*-*'* ***** 

yarn and doth, so. that problems .Under toe weight of imports, 
caused over recent years by the pressure toe sector' has also 
emergence of new suppliers been obliged to invest heavily 
outside previous - quota control for survival, and actually in- 
should be eliminated. creased its share of total UK. 

textile spending from 24 per 
I? pcfriotlllTlC cent in 1968 to 30 per cent, in 

tVCaiilLUUUa 2973. In spinning. Courtaulds 

Equally, restrictions of vary- alone has spent £40m. over the 
ing degrees of severity are being last eight years on new plant, 
placed on imports of clothing concentrating its production in 
and other products and this will 80 modernised mills. Courtaulds 
help the customers of the U.K. has the largest installation out- 
spinning and weaving industry, side East Europe of new Open 
The industry does therefore End spinning machinery which 
have the prospect , of being able, offers a quicker and cheaper 
to plan its future over the next method of producing certain 

few years- against a more -stable qualities of yarn,, compared 

background that It has enjoyed with the conventional ring- 
at least since the war. spinning system, and other pro- 

nvu T - 1 - L, ].« „ ducers too have invested in toe 

The industry has also seen a - auitraient 

substantial measure of concen- equipment, 
tration over recent years as a Developments of this kind 
result of ’ textile mergers, have enabled the industry to 
Courtaulds alone now controls increase productivity at a faster 
roughly half total U.K cotton- rate than competitors on the 
system spinning and much' of Continent Though the U.K now 

operates only* one-tenth of the 
number of spindles which were 
working in 1957, production of 
yarn is still around 40 per cent 
of the total 20 years ago. 

In weaving, the industry was 
forced out of some markets 
such as cotton print cloths 
because of cut-throat competi- 
tion from overseas suppliers, 
and an attempt by Courtaulds 
to compete against the Fat 
Eastern suppliers in toe produc- 
tion of bulk cotton-polyester 
fabric also came to grief. With 
opportunities limited in com- 
modity areas like these, how- 
ever. weavers have moved into 
other markets where a higher 
price can be obtained for tech- 
nically more sophisticated pro- 

Thus, a major push has been 
made in recent years in house- 
hold textiles, an area where UK. 
companies have been some way 
ahead of their Continental 
rivals In recognising the poten- 
tial for easy -care, fashion co- 
ordinated. printed and dyed, 
cotton-polyester blends in toe 
sheet music. 

More sophisticated fabrics 
have also been developed for 
industrial uses, and for safety 
and workwear. Courtaulds is 
hoping to win a major share of 
European markets in a number 
of fabrics, but is choosing those 
that require a degree of techni- 
cal expertise which importers 
will find difficulty in matching. 
The company is a major pro- 
ducer of corduroy, currently the 
most important leisurewear 
fabric, and of woven textured 
polyester, a comparatively new 
fabric which is expected to make 
major inroads, into the markets 
now held by enmnetine cloths 
including wool-polyester and 

tf more stable trading condi- 
tions do now result, therefore, 
from the new Multi-Fibre 
Arrangement framework the- 
industry could be in a position 
to increase substantially its 
share of markets in Europe, 
filling gaps left by wholesale 
closures among local producers. 
Short-term problems, neverthe- 
less. remain, for the-U.K. indus- 
try. in particular the continued 
slow recovery of world demand 
for textile products. 

Of the new quota levels which 
will operate for imports eon Id 
now result in some increase in 

The weak state of trade has 
meant, however, that in both 
sectors there has, been an exten- 
sion of short-time working over 
the Christmas period and total 
employment by the todustry 
showed a decline in 1977 alone 
of more than 3,000. In addition 
many jobs within the sector arc 
now being supported by Tem- 
porary Employment Subsidy and 
toe Government has been 
warned that, unless there is a 
substantial increase in business 
over the next few months, many 
more people could be made re- 
dundant as TES is phased out 

The case for further assistance 
is being considered by the Gov- 
ernment but it has to persuade 
Hip Commission that a new 

scheme, is justified. The itSt: 
dustry i* eoniiitcni. however^? 
that n ha< achieved a better n&. 
inti unship with Government and. . 
that tls problems will continuer* 
to be looked at with some sym- 

The forum in which the in- 
dustry meets -at official JeVtfl? 
with Government and trade-: 
unions— the Group on Develop?;- 
ineuis m the Cotton and Alliofe: 
Textiles Industry (GODCATiy 

is to be strengthened wlrft thtfc- 

various parlies agreeing 10 in-* 
crease their level of represents* 
tion. It has now been recognised; . 
the industry believes, that the-.-, 
cotton sector remains intportonf’ - 
to the U.K. economy a* a whole.?*, 
and furthermore that on 
success or failure depend the- 
fortunes of other part-* of the; 
textile industry as well. 


After making a good recovery 
in the closing months of 1976 
anff early last year, the spfhnffigf 
industry has experienced a fall- 
ing-away in business throughout 
much of 1977 and/ early this 
year, with order books continu- 
ing to shorten. In weaving, the 
closing months of last year also 
saw a marked/cleeline in levels 
of activity, thfadi it is nnssible 
that in both sectors clarification 

Design stays ahead 

IT IS ONE of toe perennial 
puzzles of the U.K textile scene 
that while Britain continues to 
produce talented textile 
designers, the use that is made 
of their skills always seems 
somehow to fall short. 

It is a problem for which a 
number of possible explanations 
has been offered. First, because 
of the contraction of the UK. 
textile industry over recent 
years there is clearly a much 
more restricted domestic mar- 
ket to supply and this has cot 
both the opportunities for 
young designers to - sell their 
work, and the scope for 

More fundamentally, how- 
ever, there is the underlying 
dispute over whether industry 
is adventurous enough in the 
use of designers and on toe 
other hand whether the colleges 
are turning out designers with 
an adequate grasp of commer- 
cial realities. According to the 
industry it is very often difficult 
to fit designers <in and it may 
be at least two years before 
they have bad sufficient experi- 
ence for their work to be very 


Designers complain that the 
industry is not geared to under- 
standing what they are trying 
to do and lacks sufficient flexi- 
bility ■ to change hallowed 
methods. On the continent the 
quality of U.K designers* work 
is recognised. It is not unusual 
Tor continental studios to snap 
up U.K . college graduates for 
contract work, only for their 
design to be sold back later to 
U.K textile houses looking ior 

European style. 

The fault almost certainly 
lies on both sides and it is per- 
haps a source of encouragement 
that efforts are now being made 
to narrow the gap that exists be- 
tween designers’ aspirations and 
industry's caution. “Students 
need to acquire a knowledge of 
toe trade but management too 
should, realise that young de- 
signers are tuned in to the next 
rather than the last fashion 
look. '.The problem is finding 
ways of marrying toes* two ele- 
mcuis. with their widely differ- 
ing " expectations," '• PrOffessOT 

Joanne Brogden, head of the 
School of Fashion Design at toe 
Royal College of Art, points out. 

The need to do so is certainly 
critical if Britain ii to secure 
a wider share of European mar- 
kets for quality textile goods 
and also to win back some of 
the market share lost at home 
to imports from other develop- 
ing countries — a point rein- 
forced by the Fabric Buyers 
Association, representing the 
big clothing and retail buyers. 
“ Our members want to buy 
British goods but in a very 
competitive atmosphere they 
have to choose the best designs 
available from all over the 
world.” Mr. Don Smith, their 
chairman claims. 

It is a problem which has 
been concerning the British 
Textile Confederation which is 
currently working to achieve 
much closer working liaison be- 
tween the colleges and industry, 
and at a recent joint BTC- 
Design Council seminar, Mr. 
Harry Leach, a director • of 
Tootal, suggested as * ineans of 
achieving this much greater 
use of sandwich opportunities 
so that students could see their 
work in a commercial environ- 
ment, and could assess its im- 
pact in factory conditions. 

A -number of practical moves 
have also already been made by 
the industry to promote the con- 
cept of good design in textile 
production, including the 
appointment by Courtaulds of 
Sir Paul Reilly, a past director 
of the Design .Council as 
advisor. The Royal College of 
Art too has just created a new 
school of design management 
and new links with industry and 
increased attention to design in 
industry is being given in a 
number of colleges. Manchester 
University has a new BSc 
course in textile design and 
Design Marketing. Brighton 
Polytechnic has inaugurated a 
four-year sandwich course on 
fashion and textile design, and 
Huddersfield Polytechnic has 
started a degree course in Tex- 
tile Design which includes 
market-orienTated studies. At 
Galashiels, the Scottish College 
of- Textiles has upgraded its 
diploma to a degree course. - 

is currently enjoying a world- 
wide boom in demand for its 
woollen cloths, perhaps offers a 
lesson for other parts of the 
U.K textile industry. As in the 
case of Reid and Taylor, which 
exports the vast bulk of its 
annual output of highly expen- 
sive all-wool twist cloths, great 
emphasis has been paid to 
design, and in particular its 
continuing development 

The . experience '_ of the 
Scottish textile industry, which 

“People come to us for well 
understood and well-loved de- 
signs. but to stay successful we 
have to build on these to pro- 
duce something familiar, yet 
different. This is a test of our 
ingenuity and skill, and it is 
where the designer can exploit 
knowledge and technique as 
well as artistic appreciation.” 
John Packer, Reid and Taylor's 
managing director, points out 
Reid and Taylor has topped up 

its Scottish themes in recent 
years by drawing on new sources 
of inspiration — among them 
Venice and Persia. 

The problem' of making sure 
that Britain makes best use of 
its design resources to ensure 
that the UK. textile industry 
survives and thrives is one 
which both sides— rthose respon- 
sible for training designers and 
those who employ them — now 
recognise much more widely. 
“ If commercial knowledge is 
missing in students then we have 
to instil it into them.” Professor 
Brogden states. Equally, as Mr. 
Harry Leach points out. “ Plan- 
ning and working together must 
start by making the best of 
designers’ talents.” It is the 
cross-fertilisation of toe total 
design package that matters. 

Pauline Long 

75% of the world's weft knitting machines are made within a ten mile area. 


•l • 

; k 

Hie Bentley Group is world leads: in the production of 
. weft knitting machinery and anciDary products. Our 
activities range from precisian engineering of knitting , 
needles to the design and construction of complete knitting 
dyeing and dry deaningmachines. 

Such a wide spread of operations allows us great insiaht 
into the textile market and its condition. 

Our recent acquisition of the Alemanoia flatbed knitting 
machine company dearly demonstrates our readiness 
to continue investment and expansion. 

SS y TteS G,OUp Umited ' Aylestons R ° a d, Leicester 

e trade it's called the Bentley Group. 


The Bentley Group 

BenUey Englneerfacr 

ECTOomicS!. n .pi^ 5 -p rtoaon ^ nmo( , n HTHtlil • 

ibngs. ^ Eenttey-./lf 

The Innovators ^ 


M ■‘-i 

“ l it . 


: Ffiiand^l Times Friday January 27 1978 

' s £';?s 



* -V * 


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j" - - 1*., 1 **-;, 

•; , .t - 

■> _ - 


\ » 

v Vi 


jT is commonly said that the 
only way to run large and com- 
plex organisations is to decen- 
tralise, to push responsibility 
down the; line. The' theoretical 
attractions of sub-divitUng a 
-biff company into smaller, semi- 
autonomous profit centres are 
obvious. But what' is often for- 
gotten are the practical difficul- 
ties involved in making the 
changes. There are, moreover, 
serious doubts about whether a 
profit rentre system is feasible 
for certain types of company. 

For a conglomerate like 
Thomas -Tilling, whose subsidi- 
aries are genuinely separate 
businesses, profit centres -pre* 
sent no great organisational 
problem. But for a one- 
industry company whose pur- 
chasing, production and dis- 
tribution operations are to a 
considerable extent interdepen- 
dent, the choice of organisa- 
tion is much, less simple. British 
Steel cannot be managed on 
the same basis as -Ibomas Till- 
ing— or, for that matter, as GEC; 
for although GEC is ; primarily 
in the electrical and; electronics 
industries, there is not a gteat 
deal vof interdependence be- 
tween, say domestic -appliances, 
turbine generators and military 

' In considering whether or not 
to decentralise profit account- 
ability, the first question for top. 
management is^ria.- it.: feasible?’ 
dm It be accomplished to give 
realistic profit' ^ jrespohsibHity 
without - necessitating- highly 
inefficient ' forms of .ergamsa-. 
tion? -In' :highly - integrated 
businesses, ' where najor deci- 
sions are. fbreed.uin^ds^ the 
hierarchy - by the ; inter-depen- 
dence of - operations, attempts to 
create profit centres have been 
made from time to time, usually 
because top management has 
fallen. in to the trap of recognise 
ingHheir desirability but ignor- 
ing altogether the question of 

A senior manager with experience of British and 
U.S. companies warns that the fashionable cure 
of decentralising profit accountability is 
not always as easy as it seems. 






Cost centra 





r~ i 

and salee 


Frediict Product Product 
A R C 

Product Product Product 
A B- C 

profit centres 

feasibility. Lack of proper 
organisational and personnel 
preparation for profit . centre 
management in the Ann has 
made matters worse. 

.The profit centre concept rests 
oxr the assuniptioa thai it . is 
possible not only to separate out 

the operations of an -integrated 
company into divisions, hut also 
to. measure separately the profit- 
ability of each. The executives 
in charge of the division*' are 
entrusted with certain assets and 
are expected to make the- best 
return on these assets. 

When divisions are interde- 
pendent— in the sourcing, pro- 
cessing or distribution of their 
materials- and finished products 
— -profit accountability has to he 
accompanied'" by sophisticated 
procedures and controls : .ta“' en- 
sure that achievement of corpor- 
ate objectives is not prejudiced. 
The executives in charge 1 - of 
divisions, have to be motivated 
by the system to make decisions 
in the interests both, of their 
own divisions and the company 
as a whole. . 

Even if a theoretically fault- 
less organisation of decentral- 
ised profit centres can be . de- 
fined, it can founder when, there 

is neither the profit margin in 
the product nor the manage- 
ment talent available to afford 
■ it and to make it work. Since 
profit-accountable divisions must 
be viable units, procedures must 
first be established to make 
them workable not only on such 
matters as profit and loss ac- 
counting, transfer pricing and 
allocation of common service 
costs, but on numerous other 
matters which inevitably are of 
common interest to divisions 
and corporate departments 
alike. More vital stU) is the 
question of management re- 

Some of the basic questions 
that must first be answered 

Are there adequate distinc- 
tions between the divisions — in 
products, processes, operations, 
or the means of distribution — . 
to make the concept realistic? 

Can a financial control system 
be devised that will ensure the 
necessary consistency of interest 
between the company as a whole 
and each of the divisions in the 
management of business and 
assets? Should it be based on 
gross book values, written down 
values or replacement values? 

If common technologies and. 
skills are involved, are there 
sufficient reserves of specialist 
and management talent in the 
company to accomplish objec- 
tives despite the organisational 
fragmentation required by profit 

What areas of' interest com- 
mon to ail of the profit centres 
will remain? How are they to be 
handled ? 

What central staffs and/or 
central service agencies are 
needed and with what functions 
and what authority? 




1 -1 1 

II 1 

Corporate } finance 1 1 



Pcmmnei | 



suffs 1 'j 

1 _ 1 _ 




Marketing and 

Product B 




Marketing and 

-j Product c] 

Marketing and 


Is the additional overhead re- 
quired known? Can it be sup^ 
ported by the increased profit- 
ability that is expected to result 
from profit centres? 

What additional procedures 
and management controls are 
required? What form will train- 
ing take? How will the change 
of 'style be managed? 

Decentralised profit centres 
usually cost more to operate 
than n on-decentralised profit 
systems. This is principally be- 
cause of higher manpower, more 
elaborate information flows and, 

usually, as increase in intra- 
company bargaining effort The 
assumption is that this increased 
cost will be more than offset by 
better performance. Improved 
direction of operations and 
speedier response to market 
conditions, coupled with profit 
consciousness at a lower level, 
will assure increased revenue. 
It follows that, to qualify as pro- 
fit centres, divisions need pre- 
cise and clearly-defined tasks 
and products or services that 
can be valued inside and out- 
side at market prices. 

' The advantages of profit 
centres axe that they free top 
management from having to 
make short-term decisions and 
separate the longer-range plan- 
ning from the fire-fighting. At 
the divisional level decision- 
taking is brought closer to the 
scene of action. More directly- 
motivated managers become 
accountable for their own per- 

formance, and are more encour- 
aged to evaluate it themselves. 
.Employees can identify with 
clear localised objectives; this 
helps to develop the esprit de 
corps that eludes the bigger 
monolithic enterprises. 

There is, however, another 
side to it. In the integrated 
company with its operations all 
more or less in the same 
industry, profit centres can 
bring with them many serious 
disadvantages, particularly 
where the organisation is ill- 
equipped intellectually to design 
and administer the new style of 

Besides, profit centres have a 
marked propensity to generate 
more administrative 'overheads 
than are strictly necessary. 
Their managers want to be in 
charge of their own destiny and 
this- can' lead to - decentralisation 
of functions which might be 
better centralised, such as 

employee relations planning 
and compensation policies, 
marketing research, treasury 
operations, data processing and 
property management 

Unwary management is often 
tempted to decentralise such 
functions rather than instal the 
sophisticated procedures which 
are necessary to keep them 
centralised without detriment to 
divisional autonomy. 

Some duplication of effort 
between corporate departments 
and divisions is often inevitable. 
For this and other reasons 
there are frequently trouble- 
some relationships between the 
divisions themselves and the 
** central ” departments. The 
profit centre concept is fre- 
quently conflict-prone and, un- 
less the control system is pro- 
perly planned, the conflict is 
not always constructive. Sound- 
ly conceived, well documented 
and formally issued procedures 
are necessary which can stand 
the course of time. * 

Divisions buying materials 
and services from other divi- 
sions in the same company treat 
their purchase costs as totally 
variable. To the company as a 
whole they are not. Yet risk 
and strategy can often be based 
on this misconception. More- 
over, there is a tendency which, 
unless corrected, causes divi- 
sions to aim at short-term gain 
at the expense of longer range 
profitability. Good, sophisti- 
cated-means of evaluating divi- 
sional performance can correct . 
this (but return on investment 
if used in isolation Is one of 
the worst criteria). Transfer 
prices for’long run supply items 
must be adjusted periodically to 
take changing costs into 
account, otherwise the end pro- 
duct divisions make relatively 
higher profits. 

• There is a tendency for top 
management in making the 

change to maintain features of 
the old organisation, such as 
strong corporate staffs, as well 
as so-called autonomous divi- 
sions. This adds to the conflict,' 
escalates costs and can place 
the best management talent 
where it has least impact. Profit 
centres need an abundant 
supply of good management 
which in many companies is a 
scarce commodity. Rarely can 
the old production centre 
managers be convened over- 
night to pratu-orieniated busi- 
ness entrepreneurs. 

Profit centres need a total 
change in attitude company- 
wide. Top management must 
step back (often reluctantly") 
from close involvement in the 
divisions but must still have 
control of the firm. This re- 
quires a subtle balance which 
evolves over time. 

Open and articulate discus- 
sion of how the organisation is 
to work and how individual and 
group responsibilities will re- 
late to each other is essential. 
With profit centres it is vital 
for all executives to understand 
the new organisation. Many 
companies do not wish to incur 
the cost and effort associated 
with this seemingly tedious 
education. Some lack the 
ability to define the working 

Regular reviews of the organi- 
sation are required as the struc- 
ture evolves and as the environ- 
ment changes. Meanwhile, the 
chief executive's corporate staff 
departments must remain strong 
enough to maintain corporate 
interest when the aims of two 
divisions conflict, hut not so 
strong as to impair the divi- 
sions’ effectiveness. Most im- 
portant of all, the company must 
know its ultimate organisational 
target before embracing profit 
centre management. 

SOft MHes to Tables; The Build*, 
iugof the Alaska Pipeline by 
James P. Rostov. • Prentice- 
Hali, £7. -227 pages 

THE '£8 bn. project has been 
called the. world's biggest indus- 
trial project undertaken by a 
private' group of companies. 
Business writer Janies Roscow 
describes it thus:' “ Technically, 
managed aBy and .legislatively 
the; pipeline has dwarfed any 
other inbdern-day. industrial en- 
terprise.” It js ps hard to fault 
that descriptions sit Is to Under- 
play the pipeline's significance. 

By this summer the line should 
be' carrying 1.2 m. barrels a day 
from Prudhoe Bay, the largest 
oil deposit in the U.S. Together 
with the existence of oil in the 
North Sea and Mexico, it is one 

of the reasonirwtoy the Organis- 
ation . of Petroleum Exporting 
Countries is temporarily finding 
demand for its own oil slacken- 
ing. So the pipeline is a factor 
in weakening oil. prices.. /\ 

As the .book says. Pmdhos 
Bay and the. pipeline, 'haife 
reshaped' • the four -.major 
owners. British Petroijferis^ 
once - the seventh, largest 
oil company heavily. • depen- 
dent on.' the .Middle East, has 
jumped to third place in die 
world rankings. Exxon may 
soon gain nearly half its U-S. 
oil from Alaska alone. Atlantic 
Richfield and SOHIO have been 
catapulted ■ from the middle 
ranks of ' UJS. companies .to 
among the " biggest and best- 
balanced groups in the country.” 

The £8bn. Alaskan pipeline epic 


It is a salutary thought .that 
the pipeline’s total ’ costs are 
larger than the assets of all but 
three of its eight owners. But 
that is the scale of the project 
which has. pushed forward 
technological and environmental 
barriers and which has even 
helped to solve a human rights 

The pipeline scheme coin- 
cided with a drive to settle 
native land claims that had 
stood for centuries. The two 
became linked and the result 
was the Native Claims Settle- 

ment Act of 1971'which restored 
44m. acres of land to Alaska's 
70,000 native Aleuts, Indians 
and Etkimos, as well as giving 
them a great deal of investment 

That piece of legislation, 
environmental wrangles and 
prolonged legal battles frus- 
trated the progress of the pipe- 
line which was at first expected 
to cost $900m. and to be on 
stream in 1972. It was 1974 
before the construction work 
could really get under way. 

During the ten years from its 
conception the project would 
■ employ no less than - 70,000 
people from all over the world. 

Roscow describes simply the 
logistics of the project 
“Alaska lends itself to adjec- 
tives in, streams as undisciplined 
as its own rivers. Yet all of the 
adjectives will very nearly be 
accurate.’’ But coJd figures can 
be as impressive as purple 
prose. Here is what was needed 
for the start of the pipeline 
supply road: “Start- with 

900.000 gallons of diesel fuel— 

400.000 delivered ~ by road, 
‘500,000 by air. To use the fuel, 
bring up 716 construction 
vehicles and other pieces of 
equipment from below ‘ the 
Yukon. Take another 75 pieces 
of equipment out of mothballs 
at Prudhoe Bay, where it has 
been stored since 1970. and re- 
condition it Bring up 600 tons of 
replacement parts. Bring up 600 
prefabricated camp buildings 
and 2,200 tons of camp supplies. 
Do all this in less than -three 

months. Okay, now you're ready 
to start on the real work.*’ 

The real work entailed con- 
structing a 48-inch diameter 
pipeline across a wilderness, 
much of it permanently frozen, 
three mountain ranges and over 
800 rivers and streams. 

Everything was on a grand 
scale— even the mistakes and 
crimes. In 1975 it was found 
that records of a number of 
pipeline welds X-rays had been 
falsified. Some 30.800 welds 
were called into question. These 
were inspected and eventually 
3,955 welds were dealt with and 
repaired. The cost: 555m. (The 
project manager for the X-ray 
contract company died in his 
flat after taking cyanide). 

Rostov's estimate for theft 

and fraudulent billing in 1975 
alone is between 540m. and 

And yet the pipeline was 
completed by mid-1977, the 
deadline set in November 1973. 

The Alaska pipeline construc- 
tion was a frontier venture. It 
not only linked Prudhoe Bay 
with an ideal export terminal at 
Valdez in the southerly Gulf of 
Alaska, it also spanned two 
distinct periods of time. As 
Roscow’ perceptively concludes, 
it was started when the world 
thought its supplies of energy 
were inexhaustible. It was com- 
pleted when consumers had been 
shocked by the 1973 energy 
crisis into the realisation that 
fossil fuels were being rapidly 


* ■ 

* 7 .- 

. '••-sj'. 



Tubeless TV camera 





Improves transfer of heat 

Sharp cut 
in cost of 

of the future 

CONFIDENTLY EXPECTED, to evaporator tube, a further pro- Sofoe of the savings claimed COIUTOTl 
revolutionise heat exchanger cess bends down the spikes include 20 to 30 per cent, in ... 

design in closed-circuit air-con- forming a series of porous space required, 25 to 30 per cent, major savings in tuei con- 

WTTW 'rHW rnnflrmntinn of the ditioning and refrigeration plant tunnels. in weight, and 10. to 15 per cent. sume ° and in maintenance are 

is a s " rta “ treatment for' Substantia] improvements in in porter? . ' reported For a natural sarfred 

_ oerween Jiune. « mnnMTfn* anH nnmlimcor ivihikc hunt orphnnerar norfripmonpo Ttaco^ nn A mprirnn TJofrippra- WSTfihOUSC 

heating system 

'■ recently a lightweight colour 
r ‘ television camera has no tubes. 
' Instead, three opto-electronic 
'. arrays called charge-coupled 
devices, or CCDs, perform the 
; functions of these elements, 

' covering red, bine and green 

They are small silicon circuits 
with a surface area of one-baif 
, by. three quarters of an inch but 
^ ufc, of extreme complexity to 
.•‘provide a sufficiently dense .array 
•a£' : light-sensing elements and 
-t.itfgreonnecting circuits needed 
AfW-image coding/decoding. 

: 30be engineering model demon- 
_V strtkted is for dosed circuit TV 
" agnations and when it becomes 
'tCggmerciaily available next 
* j ■ attractive - points for users 
. unexpected to be its. reliability 
' and ruggedness, . coupled with 
-.low power consumption and 
' elimination of tube replacement 

-Further development is in 
hand and future generations of 
-'.the unit should find ready appli- 

cation In education and training, 
as well as industry. . . 

The image sensor, less than 
three-eighths square inch in area, 
is formed on a silicon chip and 
has a matrix of 512 x 320 light 
'sensitive cells. The chip thus 
has over 160,000 elements formed 
on its surface while the latest 
less specialised integrated cir- 
cuits now being made have 
under 70,000 transistors. 

The RCA sensor has a 13mm 
image diagonal which is compar- 
able in image format to a i inch 
vidicon tube. 

When a scene is focused on 
the CCD by the camera lens, the 
light from various parts of it 
creates thousands'of minute elec- 
trical charges in the elements — 
all differing in relation to the 
amount of light received. These 
charges are rapidly read out and 
processed so that they can he 
reproduced, after translation by 
TV imaging techniques. 

More details from RCA Inter- 
national, RCA House, Curzon 
Street; London W1Y 8EU. 01-499 
4100. - 

tiom outside the U.S.— will oper- 
ate within • the 


L-ess resembling thread rolling bubbles form and therefore the To match these advances, the 12.5m. cubic feet of space, tne I jf 6 ST FBI IT! 2” iO 
HamvwMI or 'knurling." In the condenser heat transfer co-efficient. company has also improved its equipment will heat up the fi.iuafiJi.agj 

r in *hP t ut) es. grooves are produced at Called Thehnoexeel tubes, compressor design — including building in just ..0 m^otes. j ■ • 

i.v e * me ^ 'The grooves are they are used in water chillers better lubrication, increased blowing air heated directly by TJlTr|fk UTll 

This is an imnnrtanr acouisi- ,hen cross rolleiJ 10 P roduce for air-conditioning print with motor cooling, noise reduced by natural gas (and thus with „ p .. th f Jr ^ . 

Jims is an important acquisi- --y-gc in the neaks For the mi fruits from inn tn in nnn tnne ¥> dB and modified valve design Pe r c® nt - thermal efficiency) DESPITE the thousands of 

tion for Honeywell, not only be- Epii{es m peaks * * or tbe outputs bom 100 t0 t0M - SSe of sSto- through high-level venturi, fitted words written each week about 

cause of the excellent reputation Clyde University). to the ducts at ceiling level. the microcomputer, what it will 

of the-Jncoterm product line—---, f-j* a „/ ' Extremely good mixing is mean to industry and methods 

Barclays. Midland and Bank of 141*00 STIR OP hf^JITinP' ' achSST with the new heat achieved since the thermal of using it. trained engineers 

England are users— but because A I CC ; aJJO-UV II VllilUg .. 5ES2L. wtaeS® JOS" it gradient through the 35-root who want to learn— quickly— 

hawSSSI >«>RLD Patents are pending on These gases are collected into been able to hold the cost of its w 5 rehouse 15 onlj 3 h ° w t0 - g ° al ?£ u * incorporating 

i°^ aUe ,4 d m 1116 U ‘ K ‘ a method and equipment for the ducting which' takes them to a air-conditioning plant at last de £ ree s c - ... . .. micros into Iheir designs are 

a t£-¥iS mmnsnv recovery of process .heat and its heat recovery unit and this heats year's prices. . Compared with _ a nmilar 'jarej- finding Ithaiti to ohtain adequate 

The U.R. staff of the company aupjjcaxjon j n the beating and incoming fresh air before the 9 ( s. nn houBe hea , te d by a conventional courses with the appropriate 

60 an , d lncote 5 m h f- cooling of factory premises? Four gases are discharged. Initiall\\ Dt w P ' muiufufturen the S as_fi . red w f te *' ?f|. rern * lhe amount of practical content. 

courses, designed by ap inde- 
pendent software specialist and 
now given tfie backing of 
Motorola for use both in the 

note the equipment both for via the same process heat source, noratine the design is the Carrier E:i2.„ < rVn«rt Motorola for use both in the 

>n field installations and for The main characteristic of the in q 6 as well because, apart from the main y.K. and Europe, is attracting 

rersion of existing factories, system is its simplicity and the 2^ P Sanufacturers i«" ’ T^n ci'vuiation fans. Jbere are no considerable attention from 

, - promote 

will find their' market penetra- oreen “ 

“W£5S&. , sr i « ^ssasi'tadS^sssE ss 

many users of Incoterra equip- 0 f the equipment is derived from w t,ich handle the air (Ebara and Daiken) and the Casaire design. _ __ well 

“5^-bavo it connected to com- several months operation at the “At the plant where the original 

putere from other manufacturers 100,000 square foot plant - - - 

will -glue dt a' foothold at a large operated at Burton Latimer 
number of new sites. Weetabix, which, with Baker 

More from Honeywell pn 01 56S Perkins. Daly Heating and „„ 1U « 


Wall-mounted thermostats con- 

niicro manufacturers as 
as engineers from many 

Further rt » vein omen is include 4 _^t j" V™ nor^inrc companies io tiie field, including 

Board test sales claim 

AT THE same time that -it has 
announced the shift of its Euro- 
pean headquarters from Switzer- 
land to thi* U.K., Massacbusettsj- 
based company GenRad has made 
the pur prist' claim io.thc position 
nf •• nunibe. 1 one ” in the circuit 
board automatic test '. system 
market. - ; : 

Jn a statement last week the 
company said that duringi97£'it 
will instal its 1000th system, * ! a 
._ total that far exceeds that of any 
of GenRadg competitors." The 
statement continued: “This 
quantity dearly establishes the 
company as the world's leading 
: BqppUer of systems for testing 
v. logic, analogue and hybrid 

- The announcement appears to 
be the outcome of a considerable 
“re-think" by the company uf 
its business posture, dating from 
1968" when it was still called 
General Radio and was then 
mainly known ior its quality 
radio/electronJcs bench-top test 
units, notably signal generators. 

Ironically, the. company was 
? backed into" the board test 
market by an in-house require- 
meal — it had . begun to make a 
low cost counter in bulk and 
had nothing with which to test 
it After investing some 50 man- 
years in associated software and 
rejigging its service organisa- 
tion to suit, GenRad now claims 
to be first in the field. 



Stops shock 
by cutting 

Engineering and Stuart Beare ppnt ^ ^ n f nroeegs^ - pimIc _ ousuun — »u imiwnaui uaiu — nresunposes" a basic knowledoe 

asssa- mskK up . 116 1 •TaMJ' 

The ovens are gas-fired and it Stuart Beare Associates, Colston climate Equipment, Highlands Casaire. Raebarn House, Jrom »*- 

is from the combustion gases that Leys, 1. Burnell Close, Bidford Road, Shirley. Solihull, West Northolt Road, Harrow. Middle- 
the waste heat is recuperated, on Avon. Warwickshire. Midlands B90 4NL (021-705 7601 1. sex HA2 ODY. 01-864 02SS. 

Apart from hearing fne formal 
design of opera- 
tional routine-, participants have 


Shreds waste paper 



between ±20 'per cent of atmo- ara P‘ e ^ DrV 

spheric, and relative humiditv ro ent specifics II. v a e. i^ned to 

uo to 100 Der eenL ' show how Jnt0 - 

up to iw Der cent contra! systems. One piece of 

including tne connecting equipment allows a micro system 
cable, the sensor weighs 300 j 0 L *omm'unicaie with another 
grams and. measures 30 mm such, and so on. 
diameter by_ SO mm. It can be By the end of the course any 
lowered on its four metre long control engineer should he able 
cable into tanks to check the | 0 design and lest programs to 
oxygen level. run nn micros and link the latter 

LOW COST should brio? a new. fir at 

earth: leakage circuit breaker WITH AX lSl-inch wide throat, offending material is rejected for 10 VP I OI 
(JSfiCB) within .the scope of xhe latest shredder from Of rex, separation and refeeding. A 
tuspy homes and schools, as well the Fordishrcd 1800, cuts card* power overload cut-out sensor is AVITririTI 

as -laboratories and plants. board and paperwaste into i-inch also fitted. ■ These overload vF A, V Uvll 

B and R Relays suggests its strips at a rate of J ton/hr. of sensors allow- -the operator to . annirwr w hmn 

■us® where power tools are be- continuously fed paper. leave the machine to deal with , “J '* l r • In safety applications the port- to other equipment satisfactorily, 

in*, operated - in damp or Working at a speed of 60 continuous forms unattended. /° able unit can be used to check More from Bleasdale Com* 

hazardous conditions and it will ft./min., the machine will shred Conforming to BS 4644 and fjj™ ™' ’JSSJSKlfi pr P£ es “”*J!?,t oxygen deficiency in areas where puier Systems, 3“ Eastway, 
provide protection for individual a complete file of some 50 sheets, BS 3861 for electrical, and meeb- proceuures. ah essenuai j flert gaa purging jjgg ^ een Morden, Surrey SM4 4HW. 

appliances -or equipment rated including staples, pins and paper anical standards, the machine is SfO and in confined spaces. It can _ 

up'-to IS amps. It incorporates clips, in one pass, .ejecting the powered by a'li hp motor, and ^ 7i ^^ e T v T e -°P ed -^ y scientists at a ] SfJ c beck for excess oxygen in ?. cement b^tKeen tile 

a standard 13 amp socket so that strips into a polythene sack nnerates ff 0m * 13* cnrkeL tiie City University, London. industries such as steel making, Ft ? ann( * 1 . the BBC, 

appliances can be plumed in moanted below the unit operates irom a 13A socket Two versions of the inatru- ; n ceu-aoe works, and *fhpr nrol wtionnotum /ram The Tedintcol 

SSSf* P 50 ^jTS£SSTw!& detects B ^ *• " lake ;„ a 4 t ™ ^ le - portable SS? !IS liqS? P^E^6l/ or 

Should an earth leakage fault overloading of the .shredder Stephen Street, London WIA and powered by rechargeable may present a fire Corporal w^ Ertenial Services 


Automatic deionising 

FOUR FULLY automatic two* Tbe diagram, shows all valves 
•^d deionisers for water flow in the circuit. It indicates when 
rites up to L2Q0 gal/hr have the system is tii backwash, what 
been launched by Aquasiat, They the current state of regeneration 
;are intended for treating make- is. and signals the failure of any 
",®P water to closed-circulation solenoid, valve. Automatic or 
|>'siems. for small boilers, manual, control is available, and 
wwpilal and laboratory applies- 0»o sequence can be stopped at 
boos, and for low-capacity pro- anytime. . 
ydnethm plant More from the maker at 

iv samp control console, with Romney House. Tufton Street, 
P riunie diagram of the water London SW1P. SDR (01-79P 
^ .titcuit. Is used for each system. 3647), 

of- l^kage Aluminium in odd shapes 

batteries, and the other, with hazard. The unit can be taken 03 source material Jor its over- 
more facilities, and battery/ into confined spaces and work seas ^oadcasUi. 
midns operated. areas, when it acts as a continu- 

The oxygen level is shown, on out monitor to provide an alarm 
an LED display, from 0 to 35 per if too much or too little oxygen 
cent in 0.1 per cent steps. It is is present, 
stated to be accurate to within a major application envisaged 
±2 per cent Of the displayed for the larger unit is in monitor 

develop; or if anyone toaehes a before jamming occurs, and the 1EA (01-636 3686). 
live part of the connected equip- 
ment the ELCB will trip out urraniiABinu^ 
and the current will be cut off. £ METALWORKING 
Tripping speed is less than 30 
milliseconds and sensitivity : 
under 30 railiiamps 

current and the makers believe .. . . 

that even small children or the ALUMBAZ is ready to conclude usually covered by a decorative fading .between 15 and 35 per lng the oxygen content of flue 
infirm will be protected should know-how agreements with -handle). Or it can produce c® n t-' oxygen with a response gases. 

there be an incident foreign companies on a process hexagonal windows seamed in time of 5 seconds. The instruments, which will be 

One of these devices in tbe it has developed for the produo four places (hat nan be fully Tb® instruments have a two- available at the end ol February, 

home. - would be protection for tion of special aluminium pro- opened without the need for a J° ne alarm which indicates low ^ ma d e bv Neotrontcs. Build- 
the accident-prone gardener who flies for the building of odd- centre bar- battery, ana which can be pre-set j ng 102. FST5 Site, Staosted Air- 

proposes to use electric hedge shaped windows, or profiles for A recently completed project to indicate high or low levels of port, St&nsled, Essex CM24 SQX 
clippers or an electrically driven other building purposes. was a 'trapezoidal-shaped struc- oxygen. These -indications axe (0279 870182). The-portable unit 

lawn mower, Its method permits bending ture for a shopping centre, made also shown by a flashing display, will cost £ 185 and the larger 

■ B and R Switch Products Divi- the aluminium to form a circle of entirely of aluminium profiles. The units are unaffected by unit’s price will range from £2S5 
sioh, Templefields, Harlow CM20 ap . to LSQ metres diameter, The Alurabaz company is at temperatures from —5 to +50 to £330 depending on the 

2BG. 0279 3456L sealed by one seam (which is PO Box S37, Beersheba, Israel, degrees C, pressures variations optional facilities fitted. 


static and 
transportable units 
from 3KVAto750KVA. 
Baseload, standby 
or no brake systems. 
Sale or rental. 



TEL061-7GI 1434 



From class to 

Financial Times Friday Jana ary 2~ ^78 ,*<] t l 


,© Hanoi 

f * n 

BY ANTHONY MORETON, Regions! Affairs Editor 


THE ECONOMY of the towns over the Vinter months. Even and Esso-— have built refineries That the terminal. can be built .This wouM be a. m £j® f 





f isH- 

surrounding Milford 

iuv» ua over uig luuuujs- b’ch <uua na»c uuui icuucun 1.1141 uui iuuwiAi.Mu ui. , — n r .. . r * 

Haven more important because of the around the Haven and BP has at all is in' no snail measure -to Pem broke ^°c Q 0Bserv ^ C y 

Sg^^ety may be di* ^e ? The^eUte Itself is Seleo^ Z ,**' 5 during T5 ^ dSSTS pro Je ^ Such refineries are. inevit- E? ; 7 

'undfStand why? T^atV tee Dr.Tialsey. is “from tee%Spe iSvtfc %rad£^ aSTto^be Particularly apprenticeships, for ^Tloo ‘ B ° aid ? .refusal would be contrary to the visage rf that some workwijl be 

principal message to be received of a pyramid to that of an elec- imilt^-a £290m plant jolntlv young people, with the result 5l?L no ?i or ® than „ 1, ^ } ajn ^ n f , wa ? set ^P,by Ant of terms of Magna Carta, which undertaken iu Pembroke .-Xtocfc 

so far from the curreot series trie light bulb- This is of course bv Texaco and'Gulf and another, that many of them leave to find theffl - A! most « ! ** men * ment, and is not part oftee allowed every Englishman the itself . 

of Rette Lectures by Dr. A. IL characteristic of ejected t £75 by work elsewhere. * many of. them sejm : skilied with . oaEkmalised ports- imdertafang ^ l0 trade with any foreign ^ terminal itself 

Halsey. Professor of Social and industrial societies, hat in . .. a proportion brought in - from- but a member of the National J^L.h 9 «imAn who could bring Hnncs -ip-., 

Administrative Studies at Ox- Britain the new ciass structure £«noco and Murm. Moreover. This problem is nothing new ^ been su-- Pom Simrtf In effect it^ ?* E« £ ?ni Sullivan has lba * 

ford. Wednesday’s broadcast, is complicated by peculiar B+I Line the Irish shipping for Pembroke Dock: Its heyday °^ edthaT Tree a)mSuction ‘nni ne ^ main J 1S sh - ,p , based. Pembroke Dock is MV 

the third, must have struck national attitudes to status (who company, plans to move its ferry was during a nd after the First ”5 a °I° n Jf l0US ; of , th * been u» lr * n,l ? rtal r , » att ? c ?!S a lovely town at first sight; ;tl»; 

listeners to Radio 4 as especially is grander, a trade union leader terminal, subject to Government world War. Built as a naval P roje . 0 ‘ i- r us type , ua . ^CBprions to that autonomy is b+j because it was he who saw rfJIC i tvar ^ has « decaying: 
puzzling. since it concerned itself or a company chairman ?) and approval, from Swansea to Pent- dockyard it has never really a 5S ra vatc the unemployment that it -needs ministerial consent the possibilities of developing a DW ,~ raacC Some of the smal£ 

with that most impenetrable of caste ■ ■ . broke Dock la May 1879. The recovered from the withdrawal position eventually, because for any investment over £lm. 230-yard waterfront site with J^j neerill£: concerns . which 

social phenomena— status. U « b p e J4if UlkSfiJn^bSt crackers wiU. .at the peak of of the Royal Navy in 1926. The of ^ attracted Jt ^ ^ point W hich has eight ?c«s d f hmterland-He sprung up in the hope uC 

Thus appreciation of the con- S-clI worth reexamining is pro- construction, provide .work for other towns around the Haven by the area, settle down there ■ opponents of the bought ibe land from Richard wofk fQr Celtic S«« oti havfl.- 

tent of Dr. Halseys talks is not duced bv Dr Ha i sey _ jj U p b 0 j over 2,000 men and eventually have been equally hard hit; even wrfaout a job to go to. B+J move Swansea’s MPs, the Hayb Investment and intends to {aken s p #C e m the yard but their. 

?**&*[? m»Sr? dV We SITS} tee change in our dassstnicture give iong^enn. jobs to some 400. Neyland, once a- prosperous For this reason, the ferry. Welsh TUC, the people . of' *und the £4m. cost of develop. uibllllon m the locat. 
un ineir quatiiy. we oave >e* y ppminn»rl for hw rh<» urnwth * = i «h» ■_ ^ , , j , , m TC+7 over 20 VESTS, a i monanarf t «■. 

satisfies at least some of us. And ln factor ics, shops and offices the construction project. fleet drop from over 120 boats ine ^kes 10 hours. leaving only' move. But they ate facing a on the shorter run, tne . yepage 

bro^ca^^t b thev al lr° f .:. l b ink i n S about our society Y et it is the ferry terminal » tpu. .... ■ tW0 hours — the very minimum losing battle. B+I also does mSSm The ferrv itself will contribute: 

Pieces of the puzzle' which is a * iSli tica ! P which is exciting most interest The vulnerability of the Suez — for turnronnd. By resefaedul- not want to stay in Swansea w^ ^ve to add marginally to solving th* 

Sa 5 l P ’• ?L 5^ l utf^rtfchBt!? «nce it is considered to be of Canal and tee -consequent ing its crossing from Cork into because of tidal problems and 50 bis i>W» Jhu ; will «f finding jobs. Its- 

^ jPnjlfln. U Q&YH plov l. _ ^ Jt V - — 1 — — * — L ■ ■ ■< r/ L L - - mliftC .< ® w t — l— I— at On on tn Ppfnfirfltp toportance is that it wilt pro* 

«*, “ ,a that thinKing aooul our society 1 v^t it is the fprrv terminal 
that .l bey -what was once called the study LJ2 l c "JEL “S^TSISS 


^^1?; Or tak. Mother piece, pot 

in p , a fLJ >n ^fArA tfTc often studied hut, I suspect, often 
ample, in a few more or less it, n .. a t.| about Dr -Haiseu talks 

. throw-away lines last Wednesday ‘bout the “iodli dlvEfon of 

iSr. which includ« l tee D £ 

K&Qfit British claSbPs &Dd status- nK-tno^c in the ser- 

$roups may be fairly loose-knit vices of the Samaritans, and the 
. nowadays, the classical working fldd , unreC0 nled by the Inland 
class has -become so tightly Reveaue ." in short he says; 
. bound that it is very nearly a lhere is -jujotber economy of 

“JfJL _ . . , , „ ■ vast dimension.*’ 

There has developed, be 

1 said, “a more homogeneous and _ _ 

> arid people" 
,-ery excited-, 
wonder ^at: 
it the 

ias happen^- 

Leirum set for Ayr win. 

U1U, tt U1UIC UUUUlgCUCULD £U1U . . 1* 1 A-* 

indeed more hereditary working IVInOnllPlIi JTlff 
class. This is not. by any means, uuuuguuug, 

the expanded and immiserated — — — - - . — r ... . . , „ T „ 

proletariat of classical Marxist understood by the Italians, who Leirum and Ballyrourray, are again in impmxjve' style before National Hunt Festival meet mg. Ah J t * 4,„ P< h*iej; from the Henrv Spencer of Retford, sold 

prediction. possibly resard it as of greater well worth considering. . ....going on .to .letter things. subject to plannm 2 permission FOUR NEEDLEWORK ebair P^ l «n^nrrnmT h eRaDhael silver for n7.72i. A lale XSth 

- Quite the opposite. . to h ^portanev than tejwnM. T* «« .Jf- fi* P . ^e»tr«t to Uinm.. Bally. :<*£■* ^ h .. . Se ?SSS SSw L «.« * «* 

This sub-economy 

IT OFTEN PAYS to follow such authority that l not only, block SfpQfitf tbe winning post 
Brian Lusk's Irish raiders at Ayr expect him to defy the formid^ find tee adjacent wooden club 
well’ and his two there to-day, able steadier but also ttf. win stand is to begin after this year’s 
who Leirum and Ballyraurray, are again in impiwswe^tyle oefore National Hunt Festival meetkig. 

T7th-cetttflry sampler fetches 
record price at Christie’s 

contracted, better off. and more economy whose activities are take the field is thaT^ W» tnurray has been having a lean cost wril be met by a the lSth century, sold for £1^00 cartoons ; sow 10 « 

colleerively powerful. But it is recorded in the official statistics, sive and now extremely useful ^ ^ „ nce ra |king a interes i* fre « loaQ of at Christie's, South’ Kensington, d ?| ler ^ a ^ an f ® r diamond 

largely recruited from second ln Britain the extent of moon- seven-yeaMld^Lwaun, who bids winning reappearance ra a ^5^°° T Horserace yesterday in a costumes and A marqmse-shaped diamon . 

,mi »Kin< n c - n ,>n j n K« Fni< M,h nniv for fourth r'nnwwitivp rnurse Betting Lew Board, with the re- tpvtiTivt auction which fetched weighing 5.4s carats ana sex in 

mediately to the miners, or the su 9** c * 

oemg ooiainea. . covers ana wicks, u snug mwu wuw u- iieh hv Rintf 

The cost will be met by a the 18th century, sold for £L500 cartoons sold to the Belgian 5 U 

short-term interest-free loan of at Christie’s, South Kensington, dealer Charaban tm SSiUn. Qf JJ ir,s JSE * t oner in fhe' 
£600.000 from tee Horserace yesterday in a costumes and A marquise-shaped diamond. The bt.fiestpricc m ne 
Betting Levy Board, with the re- textiles auction which fetched weighing 5:48 caretsandsetln ff£* by Si! snini /or 
maiaing £900,000 being provided £21,124. A needlework picture of a ring, sold for £24.000. plus the ^-000 from Spink fur end 
from ‘ Cheltenham’s own 1660 made £1^00, and there was 10 per cent buyers premium, at Pjecv- a J***® 11 r ‘hi„w 

T*Hfn,trnoo anrf AAmmAmt) Inane nrin. nf fl IHfl CnlhPhv’S vpsterdav in 8' JCWeiS ThOmaS ROWlandsUO VkhlCh SOld 

SSf^gS X m0K Clar,ti Or do’lhe"”^' h'«?eaf"ls» RACING had an - off dw - Jgre ; and that n 

Dr A «u* r!M k ;vr,s BYPOM,w,c S3 S?S 

^monat'wortSai” At tea We « tor i.N™btr, went ^ «ntalu S double early season £$££ GrSta 

, ‘ T ,V undercover standing for about in mint condition Museums were 

fn tee behef teat- be 2 JtjSB - ahff" 650 .seats on the act i vc buyers, with the Leicester. CALCROOM 

had an off day--teere and fh« second-Boer leveL The ground Museum buying shoes and the ‘ DHwtllwvni 

to-day's race will take^litrie wn-; floorof-tlienew building will in- Nottingham Museum ' buying; ;BY ANTONY THORN CROFT 

iraaiuonai wording ciass. mine hiuwu» 5 u u U «■ «... "^Itn boat Minihtic hv tho same nmmice 

beginning of tee century over do not know, and we do not » f*™ pro "if: 

Christie's first Bordeaux salt* ibis 
year was the auction of 14 
vintages, from 1945 io 1974. of 
Ch. Trotanoy, a small but 
distinguished Pomerol estate. 

Top price was fur six bottles 

ExrsZ£" riSSS* 

a'dlfreTi tha 'SLA^taSS? "'Sf X “d ' T«»«*Ieng^belting S in |f« n “ tVdtt^Totflffotlow |_'J|lg2 , ” n ^ d,,r 

abom a dal^and .uil falllna. lecture, so far i, that what at ;*£■“*** SSfi Hurt,e ^ i^SSJS%SSSXZ. ledry 

Hite -T airly “ark^ dlriSoa undereSadabte structure 3 * of Wh ° f ou i? h have an^^WiSg ifcSKSSiS*” 

between ruling classes and the society has become a va^t puzzle, doubled that seven-lengths mar- TitRiih^ L.J nn\T4cnrR 

rest, now we have in the middle We knew teat We are now able gin with the minimum of fuss Hugue look like beihg two more DONCASTER 

the semi-skilled and skilled to set out some of the pieces, had Frank Berry so wished, for the Dickinsons. 1-30— Tempting Times * 

manual workers (two distinct Brit it will probably take another meets possibly tougher oppo- At Cheltenham, a £1.5m. .re- . 3-OO-Flymg Hugue 

groups), and the huge advancing Marx or Keynes to put them nents this afternoon. Ncverthe- building scheme’ involving demos. ; 3.36— MIsler Know AH 

armies of clerical and sales together. less, he has been winning with. Ittion oMhe oM Weighing Tgfijtt' ; -ABfr-Tjgpsbenko . 

A Christie’s' ^le of objects ofr V : a.sunguisiwa ■ 

art, and conf mental furniture; Tag 1221 carats fetched £12.000 Top price " a ^f u M* x th ^UJj? 
totalled £79.502; ■ An ormolu; and a circular cut . diamond of the 194a (F-60) *n& thi \Wl 
mounted ebony and boulle weighing 4.74 carats, also rose to £2W1 per dozen. * hi e tm 
bureau-plat .of Louis XV design mounted as a ring, made £S,000. 196fi went for Elw) p«.r s 
but dating trom. the mid-19th 'Sapphires were in particular magnums, ana fi 15 for *r\ i- / 
century and stamped “ C. Mellicf demand and an anusual lot was magnums. The purpose of thr 
and Co. of London," sold to'the a Victorian gold brooch set with salv was, no .doubt. 

London dealers A. and F. Gordon y Greek silver stater or the late publicity for the chateau, rather 
for £3200. - 4th century, which sold for £800. than to dispose of tor 

A set of four Louis XVl-stylo dmible its estimate. only -)J5 dozen standard-sued 

art til ItiUt DUWAflVlJiU U"UU1S T If 

^iltwood faU&uils sort- to Va At Sotheby^ JBelsravia silver bottles were owrM. 
private buyer ; * for £2^00; : ’ .; . and plate broughVm f 65.735 with The^ rest of the salj «JeiHop- 

The same xEaSVttaftE'^hy • 3 highest price. of -£1,600 for a started the rising demand for ihe 

cotipfe of Germanea caddies Md .WOs and _!9TU-thnsr vfntages 

fr W 

5 Nationwide (London and 7.55-gJO Sykes. 1020 Kane on Emmerdale Fa/m. 
South-East onlyi. Friday. 10^0-1051 News for Wales. 5.45 News. / 

t Indicates programme in 
black and white. 

South-East only). 

U0 Nationwide .Goes North. 
6.45 Sportsvride. 

7.00 The Pink Panther Show. 
t<20 Sherlock Holmes Investi- 

Friday. 10.50-1051 News for Wales. 
1131-UM a jo. Sherlock Holmes 
Investigates: “The Woman In 

Scotland — 10.23-1 (US a.m. and 


gates: "The Woman In 11.05-1125 For Schools. 5.55-020 
Green.” starring Basil Reporting Scotland. 8 J0-M0 

•JO sua. For Schools, Colleges. 
10.45 You and Me. 11.05 For 

8 JO Porridge. 
SjOO News. 

9J5 Gangsters. 

Current Account 10J0 Spectrum. 10.00 News. 

5.45 News. / 

6-00 Thames at 6. 

6 J5 Crossroads. 

7.00 Mind Your Language, 
i JO Maggie and Her. 

AGO General Hospital. 

9.00 The Professionals. 

10-50-10.51 News for Scotland. Jiwir rvace a. C^ T A T TUT 'tmTie TT I^5ri” v ’-T'i&an(n[rmshins 

Northern. Ireland — 10J3-10.45 10.40 An Audience with Jasper Ke he 

10J0' Police 5. 

•Wifes lfnadITiV«r. • L30 fftdoor Leajmc 
' 2 J» Women <»nlr. t 2 JS ■’Tti’? An^jy 
Slleiice” sUrrins Richard Aru* borough 
5.15 The Undersea Advmsres ot C amain 
Nemo. 5J8 Crossroads. 6 JD Report 
West. U5 Report Wales. 4J0 Emaer- 
dale . Karon. UJS Report Extra. U.Q5 
The Friday Film: ••Pray far Uie W«d- 

HTV Cymrn/waJe*— As HTV General 
Setvioe “*cepi: UAA25 p.m. Penavdau 
NvavddlOB y DydcL 4A5-4.« Cor Metro 

:SW ■ 

Big guns sink their opponents 

AS THE U-S. Pro Indoor chain- promise was blown away io a games w^ro held in the npeninq 
pfonships reached tee halfway veritable ; storm of- Swedish set, .one by each man. 

Srhonls rnllec-M UUnm vjshmici#. a.m. ror Schools. 3J3-3J5 .. 

1M p?hh£ unf ill W iMi To-night (London and Northern Ireland News. 5-55-6J0 1L10 Baretta. 


IJO Pebble Mill. 1.45 Mr. Benn. FvA 

2.05 For Schools. Colleges. 120 W - Q ' 

Tram: The assassination that JJt? Bovce S^ConcerL 

started World War 1. 3J3 Regional S toSJ^ri 

News Tor England (except ,L21 

London). 5J5 Play School (as starrtng Terence -Ntamp 

BBC 2 11.00 a.m.). 4J0 lt*s ihe -VII Regions as BBC 1 excep 


HTV Wot— As HTV General Service 

'*» stage before 8.440 fans, who aggression as Borg lashed ^ his j n the first of the third rouqd 

braved tee storm-swept streets spinning ground strokes, deep raatc2les vitas Gcrulait is. the No. *■ 

1L21 The Lale Film: “Blue, 
starring Terence Stamp. 

sineAroundSix ^IOJODmS 12J>5 a.m. George Hamilton IV. ««»«: u»Sja iwa. R^iirt We« Heal- of Phiiadephia to reach tee^ and fast, to tiie^ corners. _ .... ± seed, was defeated by. bis 

toid. Sswoll 12J5 Close: Pearcey Spectrum St^lum, the Jite ftomT .; Thfl. ^..friend and doubles Partner. 

SevVfor Northern Ireland. reads a poem by Hilaire. . SCOTTISH _ began 1o .See V&te-omlUQiiR efiS---matah 1 . grapta^lly summed^ up sandy. Mayer, the N». 15 nM). 

553^29 n- k, i M ]c BeBoc .. JgS* «2»*« » - that H.of the superiority.- .. ■:“> '.Mayer won 6—2. 7—5 on fin 

EaS^ (?StSSh JbiE?* - ASS A » m \ «egions as'. London ^ .^Fklscr YhtcSjnmtdk |aoint mnd «aW aftjfr- 

Wolf (cartoon I. 4J5 .lackauory. the following times: — 

AH Regions as BBC 1 except at (Leeds. Mancbesrei . - Newcastle ) : esrept 

Midlands To-day tBinnifigharo); 


•r“ .hA’EWmc mjo Ways and Ueato. JJLOtt 

The first' 'and' ’second seeds, r.' 


5“* f l Ri^h\ C ihan?\ eWfi nT,A Lai® Fltor "TIw Sevvotb San.- JAC a-m. Leacoe. IM Womrodato^ £35 Friday day< both advanced to the last 

cJffi"sSSh m> u-2; asa; »» 

Limw Y 0 «3VsSk- ._ATV’ . • / S-JJT s. "itfHs; Ufe.”fc£ ” ere 


BY jOHM BARftfftt i 

L 20 PJB. 1 TV Knuduk. US Indoor 3 S and, 6 B». SJ* Scene Souih East (made tO lo Ok helpless 

■ ' : ' r - ’ ‘ : : .Wards’- tb at hv found it difficult 
- T ^- Stb.^ptay .someone whose Baffle 
[g* '- 4 - Ti’ Was- so- familiar to him. ' :r< 

_ . Another reverse for the forrn- 

itoTl " book came when Roscoe Tanner 
jan. 26 stormed through the final set to 
boat the No. S seed- Hie Nastaaa 

6 — I. — 7. 6 — t). despite the nsfiin 

it the side- Nastase antics, which began with 
jponents, it 3 queried tine decision on the 
a ace. but Such has been the breathless 
celf m hw advance of tennis in the decade 

Peninsula; West l Bristol) Public 

RORriFR 9J9 jj». tiw Good woni ftrttow«J by Panatta. with some tremendous Borg, launening mmseit to nis teua» m ii>c uewuj 

tug »«. bobS- sSS US’Rrtw He>diin«i; ua p-w. hitting which earned him a 6— 3. left, caugbt the ball in the ?‘nce open tennis was Introduced 

BBC 2 

11.00 a. in. play School. 

7.00 p.m. News on 2 Headlines. 
7415 Discover ing Patchwork. 
7^0 Newsday. 

X.10 Ki I vert’s Diary. 

tl.20 p.m. Border \-w«. U5 Retiy “ — niLUilg wiucu uitu a a — o. ICI L, wujui ure unit ill uxv T , ----- — 

Boo® cartoon, zoo MatioM: “Thq u*n,” ES2, h B— 2 wm in an hour and a quar- middle of the racket and pro- ' n l ®bb that Borg and Connors 

.%5B Beryls Lot. 5J5 r a«w pars. M« in Loodw” ter. jected a doublehaoded rocket have each won mnre ^ aa 

}J » Bcnri-aUi. ms Mr. and Mn. «.» Despite serving five aces in that had landed in Okker's back- 5200 000 already this year, -or 
aj»t. Barter av«* samaurf. . ^ t ^ a ^ U Ni K ht^ira:‘ X> - Fw in Lbr tee -opening sets. Panatta was hand corner almost before he Together with Guillermo VIS? 
CHANNEL Ktsbt.” Du* m-m- Ei^oitne. . CTOptns for his vqIIoot as bad completed his service swing. (Areentine), who last year wan 

u* pjn. cijanne] UndKhM «ews aod ULSTER 1 "! j- It was the shot of a master. more than S75O.O0O from- ’tfie 

uSaa^rs 00 **r uuwhrtme. lb FrWsy with his two-Bsted backhand, and yery first point of the match. Grand Prix competition ^loriS 

8.10 Kilvert s Diary. CBMin. Dowusuiro. Uo Tte Nw « r a.» sSoet- T5i toyTs fierce forehand ■ « ' ^ «w h. il JT T* 

S-23 The SIodm Pregramme: ^iSS S ^ wl T^nighL Connore faces , tec Brian Gottfried, the No. 3 seed. ^ up a *93$ : 

HSfUSJH** tar€POrt aff^a'oSar 1 S 'S-JS* loneBritok Buster Mott ram, who restored confidence in tee seed- of th^ew^WiSiS ! 

9 00 SrIPS movwi B!ai«^v tz« a^». ^STpo^T s^zSb a Dw S” tost to the American .No. l in mg committee with a straight- ^ 0c « cd . ,n . 

u - S ’ nw ud wiite m Frew*. • bao<l mjb Two ai 1030 . iajB soon*- th e first round here last year, forward 6 — 3. i — 6 win against J pnn, , s . p rn . f> - sainn a lS ( xplK 

io” ■nTe'S-ororGBUrtiidw GRAMPIAN-’ -' ll" got the draw. Bvr* P»l«nd-« W.RM, rank. Ranl Puier ranking,. ..sued 

IMS Lflte ® i^.ndS WF^TWARD was, if anything, even more Rannrez, Gottfried’s doubles „ Connors is at the topoua# 

llis Closedown: peter Jeffrey tzs Fridal Madrae: -sm*- vn a.J; wStS^T Sb rue impressive. It. took him a bare PJj*”" tee seventh seed Vilas second and Borg third,;JMi • 

reads “ How Beastly the hound" *tamng Ho bon - Mmton. SJ» jZ 2 k p.m. gob Boaertraos BtnJsisjs. 55 mmiites to dismiss Tom Okker. here, was too strong for Rose- perhaps more interesting Bi-tW- 
Bourgeois Is” by D. H. We 52 ^ ln h ^=L Ht, ^' t SL l i^ s ^ the flyirui Dutchman. 6-2 6-1 and wall, the 43-year-old veteran spread of nationatiiies amWff.-.,' 

Lawrence. T x«^ii^ Vrid^^iin^WjSS? 1 ,t*. -jc£? SSFcSmS he hardly made a mistake. from Australia, and beat him th e top 50 payers with 20 cuttpi ; 

l AAinAN paring Ingrid Bcmoao and Gregory tjo westward Diary and spora Dest Okker -started well and held a 6—4. 6 — 2. A curiosity of the tines represented. iiifi, r 

s-o - "*• cranaim' SS 2SSr*Jff-iJr%JftiC poiD, M ,ead M ta ' ttis earlr match *» tha ' on, y *** •"»"» »■>»■ »he gome Iu« bta^iMhVv' 

S-0 a.m. bchoois Programmes. UKAlNAIM. . Man«snr BUiae.- a/amthf Dtrk Bocanic. i : j; - 

11^3 Felix the Cat 12LOO A Lar MU. Tha Is yoor Rlshi. L55 u^s a.m. Faith for Lite. ” . ■ ' — — — i f? .; 

Handful of Songs. 12.10 p.m. Friday Wadncc: “STa!e Sw«" iwring YORK SHIR F • ' ' ' : : 

Daisy, Daisy. 12-30 Cuckoo to the 5aa ^ your Rutr- -us Cwsmofls L» mu. Calendar N^ws. xjh Sew APPOINTMENTS * " rV'-. 

Nest. t.W News plus FT index. Granada Rcpom. M# KR* Off Boop.' 1WQ Friday Fllni Mariner. "The ,\-J f 


3 Horae .we start burdening 
with spinner’s product (6) 

4 Talked nonsense, making serf 
blnsh (Si 

Iff One nho keeps the wheels 
turning Tor bribes? (7> 

11 Mason in conFusion builds a 

t J 0 Help! 1-30 Money-Go-Round, ibjo Report* Extra, hum Croat FUma Card." SJO Berrt'a Lot US Calendar 

6 Successfully defended us '■» tajg Lot 225 Friday - <* 

pointed out after five ( 10 ) Matinee. Don t Raise Tlie Bndge. HTV • . _ ur. Oaroir: -Manor on tiw Banner.” 

7 Get UP ahout a pav increase Lower The River. 4.15 Horse m 12 J 0 Mh Thu GuikoO Waltz. L 2 D sratThw Charles Laurttra and dart 

p “ the IIouw. 4.45 Magpie. 5.15 Report West Headlines. US Report Cable. 

8 Continental article in dish 


9 Soldiers in bad surroundings RADIO I 

mnkin" mfinee f5» (S) Stcmphonlc broadcast 

. niaKHL. niqnct (a) __ H , a i n r- tji 

EMI music reorganisation 

247m Oaa veers' Sait* Qaartot, fort 1 tSt. >S>. SSSS WeadJcr, jjnsraawuf wire changes have been made b.v EAfj bave^a' •^r^on^'Sositlon ^fn? 2^^l2? I » Aprt * ?? but Hin rCJ#^ f^-5 

noanxieen- jh nog yuartot, pan i ts». **■» uteatoer, wardmuif am hmukh ««« »<•> ue »y uu nave a supervisors- nositinn tr.* « 1 ■ * " 

UJ3 tmcrrai JtPxdiaci. iijn Campowr fVHFi Regional New. .wo Nejrt 633 from March 13 to strengthen its aU music publishm** i/JS ?t v no "‘ c * ct : ut, vv il Hector of d»-. 

SSLWE^ Vfn positton in recorded music. tmaS “Su ^ Wamw. . r , 

WO a.m As fUdln 1 " MB Jioe} jfKdiy Prom, part 1 . Ujfi ftewS- L» Arotoers. 7 J» Pick of the Week f Si. SJfl! 

JJSET tee Board 

Of EMI Music Publish in « Tin *.-iit 

s president -..St* 1 ? rrtc Vv,J,s - 

in plsnet (10) 

13 Quiver in ‘silent remorse (8> pushed (S; 

IS Knew it euuiti be accom-i**-* 2 pr ’‘ l ,s '- *2J»-12J0 mjn. As Sdutbr. pan tJtS Th. Young Idea tS*. U-15 The Finaocral Wortit Tootehl, 

I .a I ttaiim J c - iu «iin Tmiii. in Birllomj.i ' 11M Kin. 

»f Pa the 2S?|J!K 

ispplatod J IEL *AN1 MO'luK COMl'ASV;> 


*■ , ^ 5 / "• Homeivnrd Bound 6 JS News, 1 UJII Today in ParUom-m. - UL« Neva. 

VHF Radios l wd 2 — 6 .B 0 a-». V. nh Rora^M-ard Hound ■ k-ootinurfi JWO For Schools (VHP only) Wfl ibSk-LUIB 

Ua.U.t ’• H in Oml Titian. , . _ . _ ,n imim 

aud 942.VHF S3 ««“ Ski rt “* ** 

21 Dog born before bird 16) 

24 Punish in field of study (ID) 

26 Caught monkey in head of 
land (41 

38 Speech ln the place where 
one may be found (7) 

29 Pledge m returning in ordi- 
nary language (7) 

30 Occurrence i had to follow 
with a note at night (S) 

31 Cold female gets obstinate (6) 

born before bird 16) 543 Bird to shoot (5» w* a-m. summary •« Kay trobortanro ol BciBK stain. W5 SBC MB lobby MB Lortdoo 

ish in field of study (10) ^ Pbui t coming from southern ff-ASSfli «R k£Fv& *SS S?* » Srt£ 

gbc monkey in head o. bord'r (5) »?SU?t^%S2J^?2£: gg- Jgg a -“» «« 

27 Thus a river may rise (4) 
Solution to Puzzle No. 3,577 


1 Ponder over tooth It 
swallowed (S) 

3 Headlong objective of the 
hangman (54> 

3 Comfort as seen between 

. Orientals (4) . 

$ Fleece the little beasts 
family (Sj 

WHBkJBa ••'iSBaaQIlHB 
E G.n-H B Q 
mjs S Q S B E D 

□ass naEcncsBEG 
b n a h a 

Bjn Q U H Q 

. QHnnae BSQQeaaa 
b - B b s h □ a 

B D a Q Bi B Q B 
annsn qdsebbsbe 

H E H a Q D Q.V G 

BEBnaOBB aannnFi 

'!W NDK inr inuui.ui IJC K« 1 T> sow. ii-li twniuz ua. rrcord (Si. «-* cum HAS Home Ran fcit 

Wtwdn iSi Inclutjiiip s^r RacuiK BuHcitD lutuus ado TonJalit's fichifterr Sports- Desk. LS Gom Flaw 

and 8.45 Fsum: for Ttousln. 18.8Z Jimmy sow no rrcord. Loafc Sioo Liaton 7 , to tii 1 

Vonnc 'S*. 1Z15 p.m- Wasnamw Walk Radio 3 VHF only: PM. Open SJO Black Londonf 

12-38 Petk- JtaWl open Houa c IS. Unnoralty. - TiSr Sirnrt njO-Clow- A? 

Including IM Sport* D«t » DavM n a pjlfl A 1 ' m ^ 

Hamilton iS) mctttdins 2AS and 3.« ,,, D 4 . LODGOIl Broadcasting 

Snorts Desk. 4J8 Wasiiorenr Walt us "- 15 "w*- SST FarmlOg Today. 

Sports TX-sk. 4.« JotaSnn «S> lodud- tai/p m rtw Hour, iamfl Ke^ooai , 

ihh cm CMHa n.s* snAvre tvicv \pwl 7 JO Novs. 7.10 Today., 73 U0 ^ amin* Monuaj HQUC. 6 

wJi&jM WbiiilS toNon 7.18 Today- MS Up 5J* a.m. Homing utulc. mo a*.-, i “ 

S to Urn Hour •romland* . WS-.lVHFi «nrst?D. .»«. rcytetrslhoru; and a amrs si’K.-arssiviftaE b»-b wism 

261rt and 97.3 VHF Wood COnTinuin? as rb airm,s snT*l P* Co February J 0n ( srtM, ‘ lM « in «elBSfefl 
ig Utuic. freb a j*.: Director of U.K. records nnn'r. continue as 3 tion-tvccutirv [i 11 * ,l 'vn translocrcd/id?); 

JtZZ: Hons J? 5 “Pera- director of u,-ii«^L" I_ l . s ™ lv r Dnlibh ivvuImmi^ 7 aJm^ 

Parade iSi bib Null Rlehartson can. ««sionai tsmra. sjw Nn»s.. KH.iowy. ‘ l a-. rv. ) v 

ducu the BBC Radio OrcHestra (Si. M5 S‘L T j g" l g £ PariUnwm. ^ N«wr ’Sn Ramon . Lope*, who 

Friday Nlcht is Music KteM (Si VJ5 < l ( * e GIwSt & ifteWta? manaeinc director Of 

Snorts Desk. 1B.BI TreWe Chance. HU8 rZZiZ. 1 N,enumo - natiomtl one rations 

liaK Ufeutw in Capital R&&10 , „ _ ygp At the beeinninc'of 1 

Stow %rue 4SS1S jm .m. onJ nsiVS s r S2SJ£**i 

— m>vn VHF i«KDr ijimm and SC) Show «Sj. 9.0* Michael Aspel (SI. 12.00 vJ® appointment of 

?! "« «« FACTUREH? ln Bi ? Cl, IT MA!«f * - ■ 

™ Mr - P “* 01 ,hfi law A r. M»l tmr'Ojm. • 

r e= , on4i| . appoiniM D-irtno* • 

i » "ST S.”! 

3 Mr. Wilfred June T, T - U K dlvWi ^” W AWfin? CH, ' 

Pnerations. J?" . d «irieri „ nl ron * awouatants. Mr. . Pera^vhiiijffi Jv 

W %*£ » SUS^.Ti.ffiS 
r ' ,u,,h h " 





Times Friday January' 27 1 S 7 S. 

■% *L. Vi. _ j:,..- ■ .* \ 




Waters of 
the Moon 

\* t jjrfUh fA><Odeon Havmarfceri ? or ^SU rish re * 1 L*s* es inter . Berlin their virtue^ and indulge or Jagging hot far' behind was the 
■ •TaeiCftftrtoys (XI “ in * 9 ’*' — discarding or nuhunls- ignore for their defects. Jane response of -the -audience at the 

T^Tibrt ut-r—.L.. ... . . IDE all thi* 'Qllirkv details Of her Fonda ie a Ki>rmn artTPRS nai'fe^A Procii ohniu<~ wfcn hnmnit 

At its first appearance -in 1951 , 
this was the great identification 

^ * >(ABC Shaftesbury Avenue) !{? a11 the Quirky details of her Fonda is a great screen actress packed Press shew*? who hooted JJa* for ih e new poor of the 
ASto ™ J “irtF witb-.fellow^rriter visibly wasting away for want wkb .laughter when a girl threw 2 ,Xwi%av S ne ? he p °D a iy[ 

- (Academy One) Da ? h,el1 Hammett and of her 0 f a great role. She made -a betsetf off a -roof at the urging dSSdto ronnln- their nice ho™ 

— r-r- ■ ttSZJ^JSL- a l®SSfla *«?!. «*« °* *• her ? i ? e of the police -officer who was tup- “"S 

. " Any Jane Fonda film is an SM 8 ?- #f J 2*5 ? l “ {? d ? e ; p6 | efl ? H *»er; who once Suent *5k ^ reduced to 

• ■ ev«nl : and so are most Vanessa “1 ^ h !m!£Sth ? fiSsv ?£ d Sbe tnes * Iu . r ? 1 f J ? if 5 Bu J £uffaVr f^. v wh «« 3 .stereotype staying there, stood for the way 
" Redgrave films. When both *• ™ y H? e ra " material Is Just not pansy (with pinh poodle) walked W e all- felt as we settled- down 

actresses" appear together in “one Cdeing of bi -^ ic dfelailS ' ' V th ^ e - '-Her rage and her comedy across ihe screen' in a scene In to" making our"ow“n“beds" and 
■ movie, it should call for a Heilman’s -.oddly - intense and an d her maryeMous j^sponsive- a park (Giy Lib. please note); doing out own washing-up. 

hamper celebration. The film- enduring -friendship with her ness (she is just- as. hypnotic to and who ooh-ed and ah-ed with j n ists tVie same feeling is 

: goer’s adrenalin flows and he girlhood friend Julia, which watch when Listening or react' dunful . enthllfitesm during the abroad. ' The Dalys and old 

.rooks forward, , at least, to two motivates the plot is .illustrated, mg as when talking or- acting) switchback thrills and rampant Colonel Selbv and posh Mrs. 

• - • , .. ^ ■ _ Vviit- ara ira<ioramniouon anri nor mAl/isivatVia.* #»F ...i ^ . . 

: :r What he. gets m Julio is ope and a lesbian relationship. IWe haberdashery (in one for thd .btoofrand-guts Hollywood and our Avengers and our 1 

‘.a half power-house performances * re supposed to be as shocked scene. a soft os. -haute couture epic there, were- no to-morrow.- days ih Torre mol inos: but ti 

f positively creaks with worthy restaurant where they are .dm in- memory: the petite shrugs and chant .fot.the explosively- vulgar. ence..Of course, lngi-id Bergman. 

‘ “old-fashionedness. but in default' of any -other head-shakes as she walks silently and here, he lets it all hang out. keeping her marvellous profile- ’ 

; Fr«A 7- . explanation df the girls’ strange along .a - beach during. ■ the as it -weije.- .TJhe film is almost resolutely towards us as rich 

Wendy Hiller and Ingrid Bergman 

graphical Kory by grave plays Julia as a -wild-eyed disappointment: but see it for clearly hacked tne story about to Whyte until Helen’s determined are confronted 

g cn .? an t.taKen from her book Sappho of the barricades, all its one redeeming grace, the per- suit its own penned read fiil pur- kindness cracked the icc. 1 conflict betwee 

Penammto} and he has lavished, dancing hair and forthright jaw; formance of Mias Fonda. • poses (the novel's -writer wanted should be-;surpried if Waters of are making ti 

such -redundant care on its old- an d Jane Fonda’s Heilman is so his name, removed ' from the the Moon: did not draw a lot of ? n “ pe°PJ? w ™ 

Mri" to the boarders at the Dalys, we Switzerland, Mr. Winterhalter, genarian colonel, but there's no 
iJIS are confronted with the eternal the Austrian refugee with the real individuality in either per- 

V ^ 

I Oh 

slyie Hollywood production crisply. acito 7 teauti&Ij We Rnh *f Ardrteh is almost ac credits) aiidttie episodes are DeouTetothe Hav market to best of things. go on; but a -Utile of the resent- Hiller Sjvw her mannerisms fun 

iSete WmpariB0 ° ttBt one Wonders venerable - an old Hollywood thrown ' together- In such .a undergo. its tender treatment The Lancasters’ kindness is j 5 ®JjL a g a, t nst the r,L ' h . baS been b^^.n^^kL- 3 rirds^m ".? 1 brid-v 

S ZdSrt what on earth they ever had .in retainer as Fred Zinne man'. HC haphazard way-^ow a- joky it matters little that the tale constantly resented, though their ironed out h-,nd 

ffit -“ e . common to begin, tet alone directed his first film . In 1953 episode vrith two pj^wtUntes, now we once thought Cbekhovtan oEer of half a dozen Perrier- Patrick Garlands smooth pro- nj "™- inn . hr .. %e fnr „.. c 

!oh« Per- sustain, a lifelong friendship.. an d has since bteen. busily turn- a shoot-out in a park— that they turns out on renewed acquaiu- Jouet for the New Years Eve ductmn and Alan TagstV pretty. I jm a pu>houi Tor jins bvr*. 

fonmanees fight Mosmg battle zinneman.,, -eturdv studid^oro- ing out movies at the rate of c ° al d be, shuffled around in any tance to seem more like a serial party is accepted, so allowing realistic sets suit tne middlebrow inon whau-ver she doi*. This 

d feSSKS hS its ^deenSS one a yean attracting interest order- and still not change the story in a women’s magazine, or .repressed reelings to be revealed tale admirably. 1 would say that time I ihmk she is perfect cait- 

SSKEL S S B b iS.R been ml? to m^thf and respect. If -not • exactly impadtmf the film: But the film that it has little in it or and giving Frances Cuka as most of the playing is- adequate - m? in thc part . her radiance 

de^p-frozen sixice the J 950 s. . IJJ affection. P for his rough.and- is ‘Strong op. vitality^-not a profundity. .When the Lrdcm- Evelyn Daly a chance for a drunk but little more, ihougb this is addi lhat clcmenl ( , c exagyer- 

^Starved of good roles for- S^iusDem* w 5 S.*and a tumble hymns to American negligible virtue«i-imd it has a ters’ Rolls skids into a ditch from scene. The final mood is one of partly due to the standard nature ufa!cn indica , e , 

women on the cinema screen, [Sie SSlbut rt aSPhS itl machiimo. The Choirboys -is a host of- exreltent performances the: snow? road, adding Helen, resignation. The Lancasters of the characters Dons Hare. *- te “ " h J“ 

Fnn H a on A Tiprfcn-ou’o 4 i«vp nf lltUC 1 HQTC Ulli It - SJSO uoB. IIS « ifeAM miaVi Pkn^lu.. n . ^ TATiaHn rlnua nfF nhthicip .Tnhnnt' /Paul fr»r PV.’inl nlr* i*qn nliv n min mnn ItOU Itt L'Jl't* JUG liU-Ji 


shots of the Eiffel Tower?. And the Los Angeles poll A. 'who are are ■ mostly. /Unexceptionable— 

.S .-m !*?_««•' “ 3 * tart •&*** «“*«*?.•» SaSSWSSfSA* SS. SSE 

'SSr-Sta' ***»* St John’s, Smith Square 

MMVaSiR,S« OB -her facewmkiff it, asuio- -variously wili faockabout HIM thrown tofetie#. , ' / V ’ ' . 

U' ^narlu MrTnLZrtJl ■•S? ***' 00181 3a ™ F P nd a be forever corrupt -or sadistic— that mspire A ^ 

!hi» 7 reaOl£Sv livin' Pictured in dreamy soft-focus? about as much confidence In the .DroledeDrome opens at the IvrllSlf^ TrOTTl 

aSeSf SeenoTa? haa' The . film-- .IS . overdressed «and integrity .of -the American police Academy Cmdma this week, in a IViUOlV^ lJt W 1 XJ 

nnder-th ought. The .cmematic force as The Towering inferno r^vivAl dedicated- tb the memory 

A11E5 nflluldu !> memoirs ann _.VI /<c _n ,L. «V*. »I<11 Of thp prpal Vrpnch ciruiwritw - . ■ .. . i. _ .J: 

Oxford P 3 ay house Studio 

Music from Surrey The Four Seasons 

me auinorsi aixBum vi now, at • r?-»- xuc uuu u>, uut lu-^ui luu uuc Yt^rtnpraViin urlth ‘ — ,T.~~r" 

the urging of her anti-fascist There are some, films, how- a point -updo - it a mixture of the answer sedms to be: because cultivates 

Tull, .ch, miiMinlul Mn<u» -Mo.. 41..4 m/.a* ultMins uiOhA'iwmlHna Anil .*4 “V s th«v u/Brp Ahlp at a tPChnir-al American 

:fisp performance of the choir- Wesker's The Four Seasons is of the County Council, are not 
d-brass Psalmos by Odaline de a two-bander, but still fits into touched on. What happens to ihe 
Martinez, a young Cuban, who the Playhouse Studio, a room in magic city we never hear : but 
[tivates an open, honest the new Burton Building, only Adam and Beatrice find that thc 

30 ?** 

, .. aa miaaiasii, Jim auunui iiwib n 3 piiiacv 1 1 utility, a viaiun muveu IN III a WOriU U| mmamiC a SCrillUU. »ir. JLIUHL'I! 15 SJipn- 

ka v rtcb Musical life In Surrey, balanced upon the threads of fantasy. The Four Seasons foi- like in his youth uni) slender- 


ndiii ! 


yW {■.£* ■ t\, 


annia vkAn ha flAtd, h<% "IV iu wuusj. u |W u ii.s uiivaun ui IdllldBi. A fie r VUT O OISUKS IOJ- IU»C III UIS VUUlll illlQ Sl-SHUCr- 

e /c!!f wbere tte coni P a ser Reginald spun steel. Martin Hnghes. lows the emotions of two mature, ness, and might do more to sua- 

fj ’ jSSJJIjS' wShln. thl Smith -Brindje is their professor, another Surrey teacher, delivered married people who have left cesl that he has a wife and child- 

h/nitar fn K bJr e 5 nriIS “lil? be e 1 JEC1 . t,n "- . . ^ sol ° P Ia P° P art of Messiaen's their respective spouses to start ren at home. He even cooks his 

S^hL^ls^^R^ubsti^fnv t The only imported performer Oiseaux Exottnues with brilliant a new life together. Their Vvru apfetetrudel as If be were com- 
Th? ’ flHo ?!. fi, 1 ? 2 , Ros * ^ 0p,e ' w t h ?l e vividness, hectic and delicate by Oum and Golden City expands the posing a sonnet. 

Sl-rSiv 1 in -^afl t ^dirmrtion^— * iv £* y - of ,; lhe ^ rns and alW 3 y s hlcid: su P erV> o°tion m trrms of an ideal Helen Atkinson Wood, on ahe 

EiSllSd. imooe^ 'ot£TriuSfr Shostakov .‘ l l ^ h CeUo Con^ planng echoed in the raucous metropolis for a socialist other hand, emphasises Beatrice’s 

Smt mS K i WaS cf r,t ? securely by a ^an skirtings and thrummings democracy. . maturit)'. I suspect she dislikes 

rSniiiis t 233 u 1 « and JJJcaartaaCtfn 1 ra ns hand! Irng of of wmds and percussion. Exotic Both plays deal only in Beatrice: she is much best in 

Hforefi? mfltaSn f JeaSSerS 2 « p «T{ and “ajehed fowl for Surrey, but very imagination. Practical con- the scenes of shouting and bad 

^ndSk>v^l a t the £ 2 “ 8 ly. by, the girl who played welcome anywhere siderations. like the existence uf temper, 

climtai pfeth^bffSfe firS ^ bo ^. Mr ’ B"™***™ . V . ^ViD MURRAY mother people or the requirements B. A. YOUNG 

I W i prospect at r>« «. u 

and disguises,' 

Alas.- one wotad’-Hke-to^Wke-the 
film more than tine does. But 
the absurdities' are laid pn too 
thickly, the wit tdo thinly, and I 
suspect that M,onty Python has 
forever spoiled us for this kind 
of early experiment in. nonsense 



01-836 SI 22.' OtO VIC. 


MMS E2.So. nc glass at xlne. 

Serins season Jan 16-Marxh 2S 


CC. — These theatres accept certain cpwit 
. cards bv Telephone or at the nbx- oBict. 



humour, . Prevert’s genteel coliseum. cr«nt cams at- 2 *o. S 25 ft. 

scrambling of logic lags' far . e £ 3 *SH , ‘^i T ioN^ opera wjV « t r -"S' r 'g nii';i.-rT M 

behind- the fanfitical unreason of Tooibm a Wed. new 7 . so Pwerto; •, dri nk ana smoke in the a uditorium. | 

John j Cleese and company., and iBTbi J % SSSS We ” RTUNE - *SS.‘ 2 lo*.AT?o a ’ hurs 3 ' ; Jl! 

there is. a dreadful feeling of Art li 4 * fwavi \M«nei p*»i a ir is miss marp^e «n i phoinia 

Cl-tE et LU I. CC. 01 - 4 S 7 26 IQ. 

Walkers Court. Brewer Street W.l. 
Twite. NIBIU'V 6.15 ano 10.15 

An _ erotic adventure in fremn porno- 
Braphy, GooQ-looking men no women 
pcriorm various permutations a- the ! 

5 A 1 NT JOAN 
Tonight ALL FOR LOVE 30 . 

Seats available. 

Ne*t Sunday 29 th at T .30 
THE GRAND TOUR witn -sla Blair 
Julian Glowr Dereh Jacob, and 
Timothy West. 


2S 76 1 6 . VAUDEVILLE. 836 S 9 BB Evns. at 8 . 
TIC ■ Mau. rjfa. 2 . 4 S Sats.-SandB. 
i 2S I Dinah Pheriaan, Dulcie Gray. 

Eleanor Summertie'O James < 3 rout- - 

l - Re-enter Aoatna " with Artotmw 7 Wte- 

30 . r -i-rntt n:t Aqaina Christie Is sralking 

the West End vet again mth another of 
30 h’r no.-idlshlv ingenious murder mvs- 

Blair tenet. Fobs Barber Er. News. 

ALACfi- „ 01 -as 7 

Maa.-Thur. 6.QQ. Fn.. Sit. 6 00 »nd 6 40 


. *'1 ./ . ... available dav ot performance 

about-the film as_ ifjjs makers COVEWT garden. cc.~ 2 -to 1066 
were concerned less vrith making iGm-amth am? credit cards us saos; 
us laugh than with introducing - ToniBht-ft^o^f f«i> m.i 


\ Third Great Year 

us ladgh thaii wilh introducing :?4v nOPfm tu* maJ^ RR I‘v K theatre. ■ 01-036 «oi. june tago" ro'iT“occtricb k'.W'cnariVs'w''id“DT«3Go. '“Bniiirni" 

J™ ,*■* f ilE-M Eys a.q Wra. Mat. 3.0 Sat EISA 8 30 in the Chichester Feshyal Tneatres Guardian. A|< scats il.SO Ao*. bkgs. 

us to the npprovhig neiigbts of jiel. martin, julia utton production of Ai a *vch. 

Dadaism: '.But' .there- is. some JSS^-WSS DA X ,D flRT »„ a r h fl e ftOBIN BAY ' R“^HS5 *$8. w emeley T mpihe pdol ~ ; 7 Fen. 25 : 

compensation gl . least IS the Orea™. The Four Seasons. V BRILLIANT musical "OutslandlnB revival ol buoyant stiaw." J ,A J?.TiiJ?45! 1E 

performance^ p^ticularly in J5 u '2- 7 h '? t3 “ .a* s, m^ 'jw's'ide* bv t so^dheim Directeo b» a 1 p a T t pi c 1 ? 0 ^ a k l a no s ^ rh "? s Pf“ 2 c trv' °- tn. 

those: of Michel. Simon as the f4m io h A “ « d^ a ln ^ ^ 1 - MM 2 dav> Mutt ,0 V. iJ 2 .oo a %^ w and T » 

rS S V 1s ,St WS 81-437 1592 E v,-nWTT5' Openno March «? , * 83S aB ”’ 

imperiously Scatterbrained wife. *«'*« * jsfi£ M AMAN i? V^| 5 E n D j0 y h ^r Q ^ nti n I rh S.»A B t5S u ^o^s C3 ' 

S&. J^o b^M M p,'^Vo, 0 E LANTHE - hv°°M M ,f SS; l v KS 5 n ! -»*££”LJ ™1 fg!-"L 

The Bert Comedy of the Year. P «yR AI *!jKL Y ' f i 37 Creor: earn fikg. DR AKE-S° DREAM 

THEATRES Lest 4 Week s Ends F«b 1 ® • 036 396> t6». Sii.J. Torngnt 8 DO. I England s Cieitest Musical Aaventure, 

ADELPNI THEATRE, CC. 01-836 7611 . GREENWICH THEATRE. 01 - 86 A 775 S ^ T °,Tf«r» 5 ”^obo£c'^ ! "^tSAiaa. ' Fin Tlmts. "Manr Merry 

n -X/rTiDD A v v™V ? * l «"*'“ ON : 'c O m 0 efi^ nd ^, 1 a^””- ff5K _ ^2Sf 

D ■■ JYI U ix iv A 1 ANDRAC-Y COMFriv^ t pJilS ES hiM'V en'erla.n'no ’ Pgnrn From F rt ' -5.0 Tie buisal.onaf See Revje ol the 

. D RACY C SS?M? V - S - Peon,e - . THC IDEAL HUSBAND by Oscar wide. I PICCADILLY. 437 4506. Credit ::rs rags.. Century 
IhCTAMT r=r,.-, iTai^F— w,-™ u.Y , »*• J*?«- F !«"l ' Mon -Fn 3 I • Om THROAT. 

md*!™.. • Siit'. thaws- ie cftmo ** Monln in*-wwn;ry. tine iyncooa- 

Daaaism. .But .mere is some Hons. 7ues. & w*d. 7.30 - m. The 
compensation St least in. the Drwn - M ra^ROYAt e ora U R a S m W!S - 

performances: particularly in Titurs. 7 jo n.m. Aciadne -m n*jk». 
those : of Michel Simon as the £ *£/“ , " ff?' nff afe 

PHOENIX. . 01-5 !6 36 l 1 . 

T'nt 8 . 0 . Tpmor. 4.30 £r,g 8 . 0 . 




in the Chichcater Festival Theatre's 
production of 
By Bernard . Shaw 

"Outstanding revival of buoyant Shaw." 
Daily Telegraph 

uas: 2 days Must pro 5al. 

VIClDrtlA PALACE. 01-834 1317, 

T-nt. 7.30. Tsmar. z 30 ft 7.30. 
Evqs 7 30. Ma: Sal. 2.30. 

• A true family show." D. Tel. 
l J st - oats. Musi eno sat. 

WAREHOUSE Dor mar Theatre. 836 6608. 
Royal SnaLeiccaro Company. Ton't tumor 
5.00 Charles Wood's DINGO. '-Br.llianl." 
Guardian. ai< scats Li. SO Apv. bLBs- 

r 3 i .WHfciM 

Yanessa Redgrave and. Jane Fonda in ‘Jufia’ 

Franco ise\ Rosay as his Ay ®- .|&J L v - giSS?- ve - 
imperiously Scatterbrained wife, m ctiben & suiamn. a™ 7 so ' Mai : 

Sat. 2.30. Until Wed. n«t. -OLANTHE. 

Feb. 2 to 8- H.M.S. PI hi A F On E 

PHOENIX. 01-836 8611. [ ^n.ioren ana Seni;r C'ts. nail price except 

Opening March 1 i ?**; Z* 1 ** =>• Pav ai bPors. Enauines 

FRANK FINLAY- in | _W2_1 234. >o»CiceS car nark. 

*1 fc$i Q* wi“' I WESTMINSTER IKEATRE CC 01-834 0233 

KINGS AND CLOWNS I Evgs. 3.00. Tnui- 3 D Sat SO Ann 

Reouceo price previews from Fob. 17. I Tickrrs L1.30 i-i £4 no 8 " D 

WEMBLEY EMPIRE POOL untit Feb. 25 . 

"Steer ssarh.irg SPefUCie.' D. Tel. 
M-jn. to >«l. 7.34. Mats. Weo . Thurs,_ 
at 3. Si IS. at 2.00 5.0o and 8.00. 

Oiioren ar.j Senior C'is. nail price except 
Sat. 2 aid s. Pay ai dunrs. Enauines 
402 1234. ioacioji car uark. 

Festival Hall 

London Philharmonic by david Murray ss mj i 


Though Elgar filled most of music. well as its elegiac tone, viciotisly^ than it did in this beautifully. She did not deny 01 ~ 836 76n ~ — zm 8 

last night’s concert by the Lon : Haitink's performance the first account The rollicking tune of the work its proper rhetoric,, but “s mm s 2 j mSS.fy 9 ?**l 'wendy^hili 

t}ou Philharmonic under Bernard with & full, body . of strings, the. finale was restrained, and the she kept it in ctiol focus; In the Th A ra ™^cANb 3 TTLre^> B i l r^t n ?c B - „ 5 r BEK dojhs 
B altink. the first . work was offered little in the way of point- reflective coda correspondingly playful and fantastical passages, 5 lionel bart s lc s dfrey hare 

j^exander Goehris ‘‘.FugufLonahe ful emphases; -the continuity of sober^no _ retfospective heart- she maintained enough . reserve miraculous ^{Jsical. Fi» .Tim«.- wate«s n df the 

notes of the Fourth Psalm." the Work "wouia not suffer Irom break here. A severely balanced to make it clear Ihaf for -her the " roy hudd-s .co'Mdid D«rfaHnaiKp.‘- now' book 1 ! 

&me readers will have, heard bolder signposting. The condup- reading, all in all. but not yet a heart- of the music lies elsewhere. m»™' " c«i*S( € ?«» 0 . . f r th?'w 5 ^ her. majestyV cc 
lehr’s lovely setting of that for allowed himself to show a very moving, one ' io fls iyrtcaJ introspection. S^aWy' ■ Ev9i " 8 00 glyniV j s oh 

psalm Tor voices, viola and organ much Snner hand in shaping ~ - Haitink accompanied- -her with self lucky td be able to see -it lee heii 

w Radio 3 a fey nights ago; the Elgar’s Symphony No. 2 , though V . "U customary .Faithfnl -tact, and AC fi& b&k, S^rdugh ma. _ "cSffl ewl 

i nr wsi uomrirp or me rear. 1 iTS 7 JW T Vi ul - DRAKE'S DR£AI 

£5 _ Lasi^ 4 Weeks Ends Feb lfi . aj6 39 s - ^? l A m ..Tonigm 8 DG. J En^lan^s Gi vitas: MuaIcjI 

:. 01.836 .ren. GREENWICH THEATRE. 01-8S8 775S | °LAsi 3 PERFS ; ' E* N-^ n, “e«uw'! 

iiic&r "OUT d '°' yn»‘l Ja " 23. Evgs_7.30. __Mars £• i s . I ROYAL SHAxtLpEARECOVPANY in I R E ' ESfinda^j 

Tickrti Cl. 30 ia £4.00 
s Gieilost Mulul Aaventure, 
l, " Fin TlmLi. "Man/ Merry 
E. New,. "Bouniing Vigour 
E S-.andara. 

in me “is 




r rgm X HM MW -HI H I --- r ,nnw»», 

p in . 581 -f-fSajua’S wed. 3 .8 Feo. it 7J s -?a® Book Now: Limitea 

-,> 3 °- sare - Roya* Siiavcspoare ComM n > <n se?i.n 3 wn«k vtaion or.or to World 



• w in tw. w L N™tM AT ?t B ^ o§ c i»d 4 i?oS 3,a ’ 


try N. C. Hpitier 

wj-y.ouiu d ■ xiisma a«v, u*c cuftAt « ojuikih/hj. aw. ur™ 6 u ■ „ „ his customary .Faithfnl -tact, and AC Sow book ing'yh rough 197 a. 

Fugue, which circles around the for him it too was a first per- in -.Elgar a. .Cello Concerio. The alkiwetf her last serene declara- aLd wych. a; 6 ~~ b 404 ~ i m ~a~i? 

•iufiuir. waiL-n cireitts aruuuu me tur aim it tow wap a ujai [/«- -- — = : aiiowea ner last serene aeciara-i aldwych. b:6 W 04 . pitj sse 5332 

same plain chant, is to serve as formance. The heaving, exuber- aristocratic poise of hei phrasing tioii-to count as summing up the! »oyal Shakes p e a re company in 

bridge to yet another' piece-^a a nee of the opening was strongly matched, its autumnal grace spirit of the work. • 
thntertante. Rom anza— stemming controlled, with the whooping ' ^ 

ffom - the original material, horns kept firmly in line, and ' - , - ' 

Gbehr's latest music is no longer the .chill shadowy of the develop-. WlSttlOre Half - • 1 

Serial, though It remains marked ment loomed in sharp silhouettes. 

HER. MAJESTY'S CC 01-330 . 6606 . 

Fvrgs. 8.00 W?d ana Sir 2.00 and SOD. 



ST. "A «w*Hul drama.” E N. 
“GLYNIS JOHNS b'ms brinian'ly ” DT 

I ,?? 5 

PRINCE OF WALES. CC. 01 -S- 3 D SSfll I THF t nriTii- . 

Monday to Friday at 8 a.m j ER ° T 19— |RP5 RI£Nlc OF THE 

Sat. S .30 and 8 4 S Mats. Tnurs. 3 0 . .. MODERN .ERA 

"THE STAGE -,S AGLOW ' ? “uar ^codBir^a hmits what is 

Daily feienraoli. wrmijs.bip on oar Mflgos." erg Ncwi. 

RICHARD BECKINSAlE i v ®" n ' a V drink ail’d smoke in the 

In 1 ; 

ft LOVE {y|Y WIFE 1 "™“ — ... — _ 

- HILARIOUS COMEDY MUSICAL." sun ’ $2%-, iG2s - « Cre^lr Card 
Di retina bv Gene Saks wild ■ BounMul Saij. Mon. 


Invention ani xil v Financial limes 
BOOKINGS ON 01-930 054 b. 

6?6 3C23. Cre^lr Caro 
ssp j :c». Sat.,. Mon - 

First night tonight 7 . 00 . Tomor. Mon HER MAJESTY'S. 

/ ?0 Congreve'} THE WAY OF THE 
DREAM inext Pert. Tnes.l. RSC also it 
THE ■NAREHO'S* «see under WJ and a*: 
PIrad llv and Savoy Theatres. 

01-930 6606 . 

Oo«ning March 2 B 

in Leslie Bi-iCbsMf ana Annuity Newiev s i 
Previews from March » 6 . 

Evgs. 8 0 ait. S-J B . 30 -Ma: wor 3 0 
A New PI 4 V a* A- AN BENNET 1 

by that discipline, and it has. After the leaner textures . of | . | • ^ 1 * . J' ■ 

undergone daring rhythmic sim- the Mahler Ninth last, week, the - f 1 iT* , 7 r\Tl 

piification. in the. Fugue, he Edwardian piusb of Elgar’s -senr- V-J CL L/JL Iv^xJ. diiVJ- LA-JL Z-i\J L J. 

D, reet «1 ay CLIFF3 -,3 -WJLlI AMS. 

best Play of the >»iab 

Thurs 3. 'Fri ba|. £ IS -nd 8.30, 
VERY .FL/NNY - twring New, 

Mary O Mi'lc't sniy>n-h.r tomegv 
Suri-Ar*. tn ana rcliqtDn." 

Doily Teioaraph. 

■ LAUGHTER.' Guardian 

as js s. A »« _»* g S^. ^ I rS AB BfeS ” J 

•' ■ p<r,ea jSsSSSkl Na "~ c i% ;iv ,w * y«g ygwft g. »■:# ^ jt g 

APOLLO- 01-437 2663 . ErtSS BlOD. tygv 7.30 “"L ««■«."« Wi i -45 PAUL RAYMOND a-eianu : ' 

manipulates his three subjects ing : began to. seem oppressive. - - studentnetrats £i'. ■ 

and the plainchant over an even Haitink secured a rich glow for t-,. T>n'MT'NlTr n ' fill! apollo. 01-437 286 s. E¥SS h.od. 

tread for a continuous quarter- it. but be will surely find ways - wUMliNlt tJ li. Lv Mats. * nfl a - 00 

h Tn r ' principle, ft. vnried end Z I^JWffilSrS’SS 

subtle tonal tensions ought to Larghetto needs to be followed A S 35 ! thJ ^ b * ?if‘ S& P r “?™ InVjS ^i«eo?y 

mstam the momentum of the by a Schereo that whistles more gjjy 5 *e &£^mSk^i 1 ntiSSS S ST nS^ ^tt* 

, Wngmore -"Hall od- Wednesday and mannered. \he articulation dirty linen 

EllvahAth Hall • night cdtild have been a snblime of^ _fhe'.' Impromptu awkward M^aa'i^to Yawwav S:M S,, "F?. V flav l “nd 

Kiizaaecn nail conjunction. As things turned Perhaps not Surprisingly; Curzop. satunwy _ ai r - w ana 9.1 s 

Jmrrrcy: at £ 


"IS IRREhlal IBLE." O leiearaoh. 

''A SUPERSTAR." 0 Exoroi* Fully AIR l 

HANS ANDERSEN drink ana i 

■' Dazzling sutcti:;. R'tn Colourful Must- 
cal. Real Family Entertainment 1 E. Ntwt. rtOUNDHDtJSE.. 
Good Seals Available Now ar iheatrc & BHtil! 

Aoents. i a iso at Doont except Sat.) 

CRtulT CARD BOOKINGS 01-7i4 SSfrl _ 

,Ht erot'icSa' ° f CINEMAS 

FlJ d'nn A l^ ^'l^we^udugrHum^ ' AEC -- 1 a 3 ShafTEsBury ave 


_ An61. inp. Ws. ALL $Ea<£ BKSLE 

. It SHE lNOiRBOYS -At. Wk 4 . Sun.: 
J 1.15. 4 3b 7 SO. Ln:e show Tonight 

Victor Hugo's £ SJ * 11 


Pr«entea by lc TlKaira »■ Quat-ipri 2-00. 5 .00 e .OP. y.ila >ho« Sat. tt.QQ . 

Elizabeth Hall 


out- we were treated to the most like ilw mature, Rubinstein,' is theatpc. ci, r in 0 x *«. o?- 

accep table kind of disappoint- an artist who warms slowly to a. Ra .^ film 'ST T St 1 

raeni: a concert which 'might his perfemanoes. -tests the air. I 60 * 8 .« 5 . 

mSSsfiUT- «=^«ja?c 3 aiSsja? i 

MISS ROYAL COURT. _ 735 1745 . . T,H?° 4 S 4 .N 1 T.i.uni's PAcre 

GINDCrt ROGERS Iwnst S. Sat. 6 grid B. 30 . PAUKONE .if uFdnd Prize Cannes ' 77 . 

and Special Guest star . World F:emic.-e«t I a * h MJ MT H.' 4 . 05 . 6 . 2 5 . 8 . 50 . 

A g.REAj'KitNiNGS EnTer’iainment ' - : C r5^ffn haT? ^ C^urt^Rj, 4 T S,’- 13 / 0 63A n?fo' 

WITH HOLLYWOOD 5 FOREMOST I Sff ai»g Theatre Umar;. . l -'■ ur, l “ > ' ,uSe < hj 7 0310. 


have been sub lime, but .which tarts. Ws- wav Eradually into the 
was -instead just very * good music;, as often w riot'' the play- 
indeed. in S caD take the whole of a 


Ticket* ET.50-E530. Instint Credit Card 
Res. Eat in aur lulty licensed Res'aurant 

The Gabrieli began the even- concerto r . first- movement- to SifiTco# I l m 5 £ «S 5 ^ B ^b 0, ’wK 

YEARS."' Sunday Time* 

’V • - • ing. alone with- Schubert’s Death settje v And maybe^e .could take ■»«* »' m * 1, -®«*«wnaL Jmn plow r>ght 

" ani the Malden quartet UR] 6, hi^-bncf appearaoce a# just that: “iirteetion*. a°y«iij9 looc-sammng ana *nd pzincu nave* .n 

? Were the majority of Scar- Instead, we were- presented with m. the Wigmore’s marvellously ? n . va e tB T S T 0 "iT?S n ' Br * b v £ C«iiit W 

5S oo^ P „ s rr; d he una vsnsss ^ ^ T «w f SAJ? .a» 

tyrkpatnet skill which he his the' ensemble s“ff. V ™Sr ”™" 'ATZSZ JTIK "Vj® ' e- > «' V l 

fhtcbhas been happily accepted cultivated for a 0 long— as subtly before the end of the second *■ happy - performance, -""S '".««» Thi s ?°fTlocutioncw 

Hhfli now. and is only just be* musical as -ever, though not movement, joints and muscles l?^ifiL I,eve L t00 ^ l. 0 ^ l _ nl ° . Etvts benSamin franklin 

JfcnutB to be questioned. The always as securely in. control of had- relaxetL The scherzo and ‘ TjS'whleh 11 ^ EveSiNGST^No^ rd H aw^d -ouuaBeowN 6 ^ P^Profognaiv 

reposition land Kirkpartick’s the notes as of tiie rhythm fi na i fr were TOUn a up a tian tjgiOM D« ^ich rt j hr. nwere *oMrtee PrwT^i" rrrm i V'^ h ''i « 

^PPOicd chronology, -.-which- « (v^ieh never, a ters) fin^ smooth spring, every strand ^ Ve jy^h spirits.- ^nd with joy- cam*ridg«. cc. oi - r» gsos Mon ~u mermaib 2 « 76ae“ rmi. ju zsss 

».scd on the order in which the But m the. quieter sonatas _an neatly kruf. not a luminous per- { , T . n % r tian . y b.m Mq ' , q 'avy 8 iQNtWr'if; 

Btiaias were copied out— no unfamiliar Scarlatti and Mai- formance, but a strong, and ■ ••* ■•pulsating muSicS?- Fvq News- |n harS’y neilmjn° le * 

gtographs survive) looks in- cobn "7 waR ' .*5® r JJ* bright one. in larger span as seat T 2?kS e£.oo T 4 m A ts oo - a winner/^oT M.rrr.- 

^asingly unlikelv.- esneciaily and _ beautiful ana K144, _the we]] as in contrapuntal detail s P\nf’ 9 , 'frv?m£n in Tti«^ otwr ana too-vntt aar toe s»« i«mi etss-mso comainM 
«ft^r bearing such a ^de- broad, yearning sequences of the cUarind well-made. cv ?. Ld ^yP^ 1 in JUTIg cgrrER.o i ^ mffWSSSSRi' W ’USHki. 

w»shig selection of the jmnatas ? minor sonata ^87 fsurelyttls It seemed an odd choice of - firite. ffie'muBldd by Tim Kice **"**8 . 200 ^ OM ;rTH«^ 92 ' ^ 

stayed i ast nigbi by George Mai- » a. late work l),.and. a group moment, straight after the last and ftndrew-iloyd Webber based “ !««*«*« IrZS ?” " so" T,m o& ton -, 7 . 1 o rS 255 

»lm. . ■ of pieces in ihe unusual keys chords .of the D minor quartet on the. life of Eva Peron. wiii ■•hilariously fun ny T " n. t ; wand. diSf «>» 

i^Tbe inexhaustible variety of of ' C sharp and F. sharp were and just before the interval to open do Jone .21 dt the London drury lane, oi-stc eioa. Emt lyttelton ;D roKenium Haa« tou t 
«ari»tti's essentially simple all played with a simplicity of introduce Clifford ' Curzoo— who Casido which « l^jng converted "i" 1 ” ^ 0 “ wE 1 "®' v,ma ' un6 rtoi* *f 7 2 s ™ £ u * 0 w 

AOKEOI tVcNINu > txi left I A I N MENT - c „„ . r , ’ 0 ‘ r3rs Ta'lrnha-r, Ctlurl R.-> TuSn i KTA nyiS" 

WITH HOLLYWOOD 5 FOREMOST I S fF Jl»g T tcjlra Unur;. . ,3 - ,tl " ,a:n '-'■ ur ‘ R£ '- IuSe < hj 7 0210. 

«S§k CA N L o5r 0 ^ Wl 1 "S^ L "f nurl „ c S tZjVzn™*-' ^‘JSi^ft^sKSi 

LOSDON VALLAbiuM.-cV 01^7^571 i ™ •%? E& 0 ?i«W JT" “'S? V** lUi - 

THE TWO RONNIES »..»S.' > . n i ! .2. n 1 “Ole i 2. 'HE HiJtNu PtACt l4J. Sud. P t . r |». 

FROM MAv 23 to AUG IB. 1 BUBBLING BROWN SUGAR *-0“ : uD - 5> no -' M P m. 

rvaTr'njc — ; — ■ , , “ Ml ol 1BT7 - ru*.ki«i S RbMA •»>. Italian Dialogue 

Matt yjE* * 0 T - J 37 3fi3S. Eirs. 8.0 fg*. pfcgv i Kgpw o. Mdior .trcoii • iardv ! — c-rm 1 ' >at>-rnie^. 

“jOAN Pi*OWR,GHT * n * 8 30 “WV- CC. 01-836 6688 IwpTnV'A S' j ^ *•*« ,' ** ti^riANl ROCK 'AAJ. 
COUN BLAKELY n i* rfi ' ^■DP- 3!0II i.ZO I 1 ^ -S, s.4u 1 0.55- 

- - t^BSTSSi i 

Dir««e5%V , yRiVc'b F Z?F B ?i BE LL,. S~- S.^»^MAN_ANP WSSSuA 

IIS. Tnur«. 3 0 Salt. 5 0 .nd a. 30 

JOan plow Right 
and Patricia Hives >ik 
By Eduardo cr Fli'oco. 


-ma? i % * i tbs«? kVc ^ oN-vasr? 

AIUNDRED J-m-Jg r-JJV*. Cn», t ! SS-S^tt.'HTL, 

bookings Fcceoteo. Last 3 
ends Feb. 11. 

MiM,uaw uwni'r ...u inr i - V.- . _ _ » 

4 whence dannm* In the ahltrs This GOPDON. CHATER in 

‘ Ehrts " 15 marwHrms -iJs. sSoVcti • TH* ELOCUTION OF 



EVENING STanoard award* OutraBrewiy --unity . Profoundly 

1 he. before Sfinw a/w arguable ‘oo-»rler moving." Variety. 

tltHB E2 5Q. Previews from F<o. tn 

Direr lea ay CLIFFORD w»LL I AM “ ” 1 "f!'i D 1 3N , W F1 L X| •Palish 

Ml .n a clouo at 13, Wim io VUR-Hi'a.). n , A New Frcncn 
eno ■■ S. Tim«. RSC aha ’j? A'dwv'h ' Cemissy O'!*-* 8 ? wl,h hnesae bv Yves 
and Piccadilly rie*tr«. Cvj.i £w ! c“ u j : 45 l ? s /S w ; Pr8 *\„*‘ 2 -o0 

bookings tueoteo. Last 3 wem 6ni»n ! <r,BI 4 3£ - --ID - 

enCs ptb - 11. | LEICESTER sGU A HE THEATRE <930 5£52j 

SMAVf. nr.Tge'TS94 < W A R5 1 £»* 5v». pfOSJ. Dly. 2-00. 

Evgt. 7.30. tNp Peri. Mon i Mai* ‘ a ,£ 2 " JS , L i’ f ' hin - f rl 11.4S 

rues. Thur* zV, .. 0 ' Mai*., n m .Scats eWhu. lor 5.15, ft b. 35 grogs 


.. u *!'• J 6. pf'Mtiev - j rzri* ”4^.--—— - 

H'OTiv Entert aining." D fei. I 09£ON LEILS51ER square 1930 611 1i 

•BMLyJVSP Is? I ■£:** &L w B^r 2 J M E 


“A WINNER." D. Mirrry 

■r and ton-w He near £8 25 Inc S»« l«Wi fit 2 5-53 So Combined Mat iu« i 45. 'sSturjJrt ¥” f inc'''a s"-'" ? n *■ 6 a« 1 2 00 o.m .~ ~~ 

^ Tl ™ ^^^-Ton'i 7°3 2 o 8 S talk op - the ro^~cr~T^ snst Cr. fi " ” ^ ® 

UUOUBjrjgfj g- N. c._w yl d. COUMTRV w '« -i T *» ^xSSFtSlj^ ^ NE I ft T~L,',C. SoTTwTrdo,— 

MO N ^taA"-“Me 0 ft Wed E! IB 7 ^T^r. LADY | . • 5 ^^ A BRIDGE TOO FAR fA 

A OtOI.» l! °M«. F |Sj?- M M l ?rt Inr*?"* bV FeVflMU ,rl " ! b ’' — _?B®“ MON. YlhJCEMILL. Prcos. 1Z.S0, 4.1C. 7.40. 5>e ShM 

Iga- ^nE^^al. aud'tonuml Tdn't a s%NE " Z P.NR pan-her 

f'oa MW »T 2 ?s- L°Su 3 A 8 MAl,:ure fn ' iu,,,n \ • 

® M OHl Vamm» S i * MS . s -°° „ . • . , . 1 * Ron Hutrntitsm ; F” A SaL 12 40 4 4S 8.45 tn'lt’ 

Nud.w*tt tSZSZzv TrtMnnii 1 js*sa \ ^ m «&««» thc pink muMSe 

Mat Thur*. 3.Q0. Saturday” S 30 I fi 30 


Eaaii may « . aookad. Doors open at 
170 4 JO 745 Lare Shaw* F,ih & 

4m» Dut-rh It IS. 

•U“"*y*L “ 1443. Cv« 8 00 ' 

M4t < Foes 2 *5. Saturjars $• -ync 8 


0:IL0N MARBLE ARCH- i72S 2011-2 1 
AUDP.BT hOSE AAi Seg aragi w£, 
2 30 S 30 a.30 Sun 4.30 8 tl" 

lale su.-w ,fri Sal 12 00 p.m. 

p-.INf'e ' CHARLES Leu So 437 61 B|' 
SALON KIIIV XJ Sep Pent. Diy- 
-int Sur.l J.hS 6 IS 9.00- Me Show 
F- ft Sat 11 SS. 5cats Bkttie li?3 

■ t, a coumiiaii, uuiyit — t * ; , _ ,7 , ,v .. . T ; — — — . . ; 7 .J* — 

™ary farms was stressed- bv regsitration which enabled them amved on stage, like- some into a J full-time ■ theatre and 
-fforge MalL-oirri’s stirvev and bv to speak directly and powerfully, mysterious agent of Radio 3 Con- reverting to .its. original name, 

'flic ■ . * ‘ .. _ .* . >.l! ' ..ta* AMff -ft n All w Afte'aM G*J«ITNnJ' fYlL^ZhuA 7 ft 

perforraanw, but stylistic 

aifw vu; sv: i*aviv 

5 ™.ww»ces rarely, seemed lo‘ cor 
**pond with - chronology. 


OP Jg?P COTTE5LOE Mnall audnonu-nl Ton-i B . 
S36 BZ4S. Man ta Thun. Tomor. 3 & 8 HALF-LIFE b» Julian i 
*15 "ana 9.0D ! MUtneU ; 

rwlitnt cheap seats all 3 tn mum I 

HE - AGAIN .Ut Siir -Thw. 1 .30 S 3& n « 

**I ; F" ft SaL 12 40 4 4S 0.45 inJf' 

• have I wen, THE RETURN Of JHE.PINK pan-th e „ 

Car o«fk. Rwjiunn, 32a 1 nn Irish pl»y that niitsmn :'me • Mien . >Ut Sun -Tnur S 25. 7.30. Fri a el? 
Credit card &k«. 92B 3052. utWfhited Ploasor*." Gdn, . 2.35 6.40 10.40. ■ r - 4 “I- 

;.-S • 


The German Economy • By ADRIAN DICKS in Bonn 

Financial Times Frida? January’ 271^ 

Telegrams Flnanflmo, London PS4. Telex: 886341/2, 883897 
‘ Telephone: 01-248 S m 



m ■: , 

V '•-'■Si* 

• — -ssg 

Friday January 27 1978 

Repaying the w 

■ 1 "* there is 

rund = 

Its'. ••• 

W EST. GERMANY will **ers. the burden of the annual chronically under-employed oFGNP. This compares, accord- 
feel entitled to its due report :s that any fresh Grid* building, industry had begun to ingto the Germans, with a U.S. 
share of the credit if . e . ,sms that the Federal Bepub- feel. the .benefits of the DMlGbn. deficit equal to only cue per 
there is any acceleration in the Jl . c 13 DOt “doing enough” for < about - £3.9bn.) medium cent of expected GNP in 1973. . 
measured pace of the Indus- , e ' wor 'd economy. — such .as term investment programme- - In addition, Bonn still has 
totalised, countries’ economic !? 3 *. w J e ^. s *PPeaJ from Mr, launched last March. /There was hopes of enacting- an energy- 

. . ."-j. w :-mjaaw:. 

XTTTtty * yipTmitMn . ..-j. . . . , vwiimoui nrui nu L ; — 7 w w JAbLVis cui^ 4 ^» u b vauuai" c^wcuuuui c, rna 

YESTERDAYS announcement depends largely on technical feel it is to blame. For Bonn central ..feet of current to. a wish among consumers to well as a series of measures to 

that Britain is to repay in ad- considerations. believes it has done all it can. " est German thinking about beat the risp -in standard. value make it easier to start ;0 rf 

vance part of the $4.9bn. which One of these is that a sizeable and should not be expected to ^ cc 011011 ^' Is the sharp re* added tax rates' to 12 per cent businesses, and to . assist smaller 

it owes to the International Pf 6561 ^ sw ? Ue f deliver more. With an economy of ■ srov ' rt}r expected for on January i. 'finally .there is and medium-sized companies 1 ^. 


■ A' 

expected for «nme time The ■ nr^r “ 1 ■ ita activity on exports. West me rmance tor, as yet unconfirmed by the The projection of 3.o per cent. >. , . ^ ^u m L ai , 

expected for some time. The essentiaUj short-term character, Germany is as much a passenger Mmxster - was still maintaining statistics, that bank borrowing growth' Is, of course, based on Count Lambsriorff : powerless against the exchange rate. 

TV:?*? 1 * 0Ut * * in thetrain as in SieSg tbefeasibUityef the 4.5 per has been sharpTonST^ the assnSpSontbat VlloftlS ■ - 

fk*Li/ act 111:11 Fund needs reversed if the economic situa- seat of the locomotive wnt - °bjective which the pack- crease.- ' - ■ will -have some effect. There- . - 

further resources for lending tion takes a turn for the worse. That, in short is the mes^se ? ge of tax ^ ^ other stlran ’ *** authorities have been are .those, such as the German Many Germans would asree. Yet members jobs, as West Gena*!! 

22SSL LdZSLS 8 £3L*jm * the w«* &££> •*.» 58^'--.3s!^'. , “ , “i n “ 

while Britain's res 
foreign exchange rose 

reserves of It would be rash to repay I : ,uv * u t£ essase 

ose last year medium-term credits ont of i ^p ntalned re the West German 

The amount to be repaid now is terms are unfavourable, this 10 . rr 
about SI bn. and will consist may make q case for premature °P ,mon m 
mainly of the S850m. first credit repayment ' This course has F^? oeuvr f. 
tranche made available in the already been chosen in the case lnffly s™ 311 - 
spring of 1976. of three nationalised industries For the 

. Straightforward as this opera- a ? as ' 

opinion SS^ttfe^wcir'S even muat J,e regarded 35 Ierels since the' mi‘il960^"but i*’ Per cent average dilri^ union side withdrew from to assume that the end of Co£ 

?rn?J manoeuvre has become alarm- “ “*«»•«■ Tt would has also avoided rigidity in the &°th 1976 and 1977. More to the the Concerted Action meetings certed Action means the end of 

This course has j cmalL imply an actual Increase of out- use of its “experimental" Point in -terms of West German i aKT cummer to uratest aeains't the. social censensus in West 


last summer to protest against 

tion may be. its purpose may be well be repeated. Even as it is. I.?® 

.c the re nav merits sn far cr-hc^niar) I ule 

misunderstood in one of two the repayments so far scheduled ^ ^ suddenness of last in vestment programme, which is so “ e assurance of moderation tSJKlity of the new Vnrkers’ period of separate meetings with 

opposed senses. WTiat needs to ^ t l when real estimated to h^e yielded onfere ^ the future, if -unemploy- i^Mtion lMSti^ungl Herr Schmidt and with ttS ‘ 

be pointed out, therefore. i« not J 3 " h “ lf those scheduled for dj ^ ^® k Sr* growth of ojy 2.4 per cent was worth. DM^bn. last year and is ment is not to rise further.-. .. Jet Sh comes into full effect Economics Minister, Count Otto 

so much what it is as what u is ^ action - coSereni ofrenr^n EOT ?- wi ^ expeeted to Provide DM6. abn. „Af a result, the Economic Jn jX iT^L The St Lambsdorff. may now be the 

not. In the first place, it does r?u rence °r Te P resen- forecasts in the 197 1 economic more in 1978. Ministry experts have now 7 *«.„ « harri onlv available substitute Y*t 

Z IS. 1 ZZ, e :2Z?: Commitment Gov^V^„S° y ™n“s «' WJSS SSS/SSS. J?' of tax cuts |^ red tiie backing Pf the. . worT^oliticaf compromise be- everything pcunLs tu the unions* > 

Es SSSS s: -s 

used to the rauntiy's best today's announcement is that it may. prove hard to replace. In There is some evidence-at wrih mhi“ , wJ vS? 0 *' “rise ^by morTSSn 5 5 m? in?' arous€d P erfectl y « enulne an ^ r - " ot R’ven whit some - 

economic advantage There is intended f «e the Govern- Edition a wave of industrial least in the view of manylop tifte y^ar^d tha?nrofite None ^ less - ,he ™P ressi ? n “P*'*-? Sf 1 : 

such a debate, and Mme^of the menf frora its commitments to unrest, of which the dock strike officials in Bonn-that the posj the ftdeS bs g!5S scnw VS SS is alsn widespread that the turbulent spring, to risk their 

possible alternatives— lW in- the Fund and leave the way open » the most serious manifests- tion altered for the better dur- by fres^ wha? faster— b? ill^ce^T— Deutsche Gewerkschaftsbund pro>ponty U i^ 3 fact of West . 

creased investment abroad and for an electioneering . Budget, tion so far, ought to remind the ing the final quarter of last regional andEaiSLwJiw in order to encouraec huJilrAja! (DCB>. the trade union federa- German s.ociet.. that a feir of 
debt repaymernltend to be un ft to ^at even in West Ge^ year. New orders for capiS S SSt ^ ««■ waj glad of an excuse to .nflation^ common to all groups 

popular with the trade unions ^ room for considerable^ re- many, freedom from strife is goods and fixed plant from West should help to StTSS totS In practice, as senior officii leaTe the GoilCerted AcUon and classes *. |1 ... 
and the left wing of the Labour ductlons }n the spring Budget never to be taken for granted. German business were markedly public sector dS in Bonn priTOtebr foruin - • * Wages will be the critical 

Party. But the IMF repayment «*" w 1 ?. 1 " the limits set by the For Bonn’s fnends and part- higher than in the summer. The DM52bm. orabouftourSr^t may be n" a SMed by Professor Karl domestlc factMr ,n lBlS r h J ** 

is no rebuff to them. undertakings given to the Fund. , . * or 1100,11 ™“r percent ^ -™ na ™ ,n <***'* Schiller when he was Economics German economy. Interna- 

But the repayment of the first I W feED JUI A MV ■ pea eAb ta ai w ' ■ ‘ V ^ the conferences had tiqnally it is the exchance rate ^ 

is no rebuff to 

Concentration this issue. 

a _ The Government becomes free 

“ m ® t co T entators of its commitments when and if . 
imnnrtsn? !° H at * lch 2 reaIer it renounces tlie standby credit 1 
“P°^ Ce ^ dab t ^payment which it chose to keep on in - 
the °“ d to ™P^ V October even though deciding to 1 

SS^Th* l!> ■ pr 5l?K ly “ navold ' make no further immediate - 
able. There is.Slbbn. of public use of it. The next occasion for 1 

i debt l T C u 0f 11 re^osidering this choice would 1( 

incurred on terms which now normally come in May, after the 1 

look unfavourable! falling due Budget. And. thoughthe Govern- , 

iq-hJI tU c rit> * the yea r s Qient raa - v then decide ' to \ 

ui , 8 \T‘ ,? l( l of Jt can P rob ' renounce the standby, such a 

ably be rolled over on more decision could be tailored more 1 
h e r 0 t f n,, n sooner or to the convenience of the Fund 

renaVrl mft l ° *“ tha ° 10 itS 0Wn - 11116 Sjtron S SU P* 

repaid out of the official reserve port which Fund officials have 

°f ° ut °f PVments sur- given the UJv. sihee the Govern- 

F. 1 ”*®* vhlc ? ^ ortb ment agreed to its recipe for 

should Pro^de for several years financial recovery has been a 

P T ? clse manner in major factor in bringing that 1 
which the job is tackled recovery about 

(IIS Should; Re stresseAVriiiT^; become increasingly large and that will cause the most ptob- 
^tm^SaSib?TtoW^ :n,nwieldy - Th ^ e was Httle Jems. Even if wages were to be 
sent the two ?d« opportunity for real debate, and frozen, as the Government’s in- 

with ^target M?tote5S tbo DGB ' S mild-mannered preri- dependent board of economic . 
to keep it SsteS.theGov- dent - Herr Heinz Oskar Vetter, advisers rather unrealistically V ’ 
eminent prete to Sve iL 1,35 ““^plained that the meet- they -should be. a - 

r s e^ve US- , u..j ?—+ further cl »pn n<#» tn thn rVMat*L- 

Export Orders to 
Industry r\ 

The Rise of the O-Mark 

TRADING fWRTWRS 3 ““*"*=’* 

80‘- t - 1 

W | 0 *lbn. 

197 S- 1 N 

Trade Surplus 





sent the two opportunity for real debate, and frozen, as the Government’s in- 

with T toreet the DGB's mild-mannered presi- dependent board of economic 


Greece’s EEC 

Unit Labour H 
Costs I 


opinion on what the economy 1nss had turned into an occasion further sleep rise in the D-Mark, 
can afford, and to leave it tothe for everyone else to preach eoming after last autumns, 
good sense and conscience Of the rastraint io Ihe unions while m^ht in the view of many 

w«e negotiator's to bear this in decWnin S to listen to their case. prove 10 iH * tbe . 1ast 

mind.) The chances are very slender straw. Such prophecies of doom 

Yet for a start the union side that Herr Vetter. Jet alone the bave tw?n m3d6 hefore. of 
in several major jndS« h« hMds of most of the ^dividual course only to be proved wrong 
asked for’ considerab^ more uninns - wiH return to the Con- b y tb6 relative price in* 
than 5^ per cent. The dock and certed Action framework. elasticity of many kc)- German 
port workers. went ou strike on Fnr s° rae rears, the unions’ “mmn^ni^n 

Wednesday tor rS - 'pert- cent- Presence there has embarrassed SJrf. S2? aa ii-SI5? ani S'h ,, I 
baring rejected ^ ahr'arbt«ator-s their leaders, not only with the SnSS-JSS!. s t ’ ^ haT 

award of 53 per cenTIG-Mefali; rank and file, but espedally with Sa n °'™ jS? “r ifi!? 1 ™ " 
largest and most pow erflB'tif the the younger, better-ediigated ftirrh(4l f 
West German Tinian s, js demand-- 8 e Deration of permanent union- miSaI. t 

mewbers officials who are also responsible v J2 pnt mnfidS 

. w . 14 4V4;iio lucuujcra «TUU aiou icppunaiULt; VActmant m 

in . ^L m “ cb of Se_mUit.ncy evi- ^ 

the engineering/industiy and dent Tn the W«e ciain» and ? an * * 

has- not -even $^own much will- rhetoric of this year’s Pay^ ^ Sst pre^es°at ^ 

ingness to listen- to the piteous round. . ■ cost pressures at home. 

' Growth of GNP mo PRICES 


cries of tiie hard-pressed steel v«* ■* „ , , West Gennany can limp along 

companies. ™ J e i fi unions ; « levels, on home demand, and to judge 


JOINING TOE EEC, as Britain and political interests at stake, 
learned by bitter experience, is Germany does not want the 
not easy. Now it is Greece’s Greek entry negotiations to set 
turn to undergo the frustrations a precedent for the opening of 
and uncertainties of long drawn its frontiers lo a new influx of 
out entry negotiations in Bros- Mediterranean migrant workers; 
sels. and Mr. Constantine Kara- France and Italy feel the same 
manlls. the Prime Minister, has about- agricultural products like 
decided that the time has come wine and olive oil. There can be 
to do something about it. Dur- little prospect of serious pro- 
,n? - ”k tour a£ European press in the Greek negotiations 
capitals this week he is not seek- before the French mid-March 
mg to achieve any dramatic elections are out of the way. 
negotiating breakthrough. He is. and a change of regime in Paris’ 

’72 '73 

point but both. tbaFfte ranee ieadtao trnIL» n a r*!!L nUTS - ** «poHs to the economy. 

of .figures- wlSilS^h. ^^ lV4 ha^^ec^mTYhL l“2 En «™ wth depend 

raemtakespjace lioarrew, andexpensive in the world* -They the ^D-Mark. 1 ra *.lf- Cf 

also thav fafctoncagy seen, gnod -are aware, too. of tS -threat which '* ■““**? 

sense ha®;- "usralfer- -preTailect--thi5_ pZZpS ’tl iSl ^1 ,6e,S P ° WerieSE ,0 

rate of ” 


can be fun 

however, asking for a general could complicate matters still A reader has just sent me a supp . ,y its un, '^ lj 
undertaking from EEC leaders further. Italy, meanwhile ha* . SeDt . rae . 8 troni ^ doorbells. 

undertaking from EEC leaders further. Italy meanwhiTe has 1 rae 3 

KViiT prftrt ahetd Wlth its 0Wn Government crisis to ^vToTtoo^tovol^ ea ' S h C r Videomaster has banished the 
tlie talks with a greater degree attend to. drive of those imolved in what Brrrine dina^ nn o and h,.. 

of urgency than hitherto. On his Greek officials have some- We are aI1 told l« the vital task frn _ f' • ap ? 1 

first stop, in London, he seems times expressed suspicions that of boosting British exports. It nfFa ■ e . <aoo ynell- world and 
to have successfully extracted tlie Community is going slow comes from the Department of o7 J 5 “ ltS P ace a c 110166 of 
Sn««S» a< “ r ” Ce fn>m Mr ’ tbe , , a,m of “entins the Trade’s weekly magazine and ln ® frora TwtaWe ’ 

C *" ash ™- 2S5 — I- the pngnmme of « 

makes plug-in television tennis 
and soccer games, has just won 
a order from tlie VS. to 
supply its unique range of elec- 


Tenth member 

negotiation with Spain and Por- Tu«d^* e ‘hd a 2 Flas ’ ** Marseillaise and 
!“ sal . J, ater . on “ a proposition ^ Deutschland uber Alies — te 

Mr. Karamanlis's impatience resisted. This is unlikely, given a wa * of foUowing up what the knob allowiim all ■uSTh-rf-I™! 1 brewery. Ail bad been reportec 

is m many ways understandable. lhat “ost of the Nine view the magazine described as the sue- ^ be p [^® d U stolen over the' Dast vear anr 

It is now two and a half years “J? of th6 other two countries cessful IMnonth run of the P ^? t0 10 W 'ItX I JEL5Z h J 

since his Government applied "’ ,th Iess enthusiasm than export year which officially 8 The World 15 “° w ' J - li P 1 bad 

to become the Community’s ! b f- v d ° that of Greece. If any- Sled on^ DM^rSL J "” ,r 0ySler ’ ' settled all claims on them, 

tenth member, and 18 months Jb'^ the intention is likely to ■ — . - But the police are highly su& 

since formal negotiations started ”5 q “? te ? he reverse— to push Ane fact that 1116 * vea r for ' ft pieious about the way so manv 

in Brussels. And yet litCJc of ^ Spanish and Portuguese export promotion purposes con- Smelter Shuffle “Jim is working on a Eah- “stolen" cars have ended un 

substance has so- far been ’resotiations still further into sists of 19 months is in itself . ■ . - . Backbencher pact now I” at the same spot and su*™*.* 

fettled. All the main elements a P- v case, while an eye^pener to me. But the betwee ° Babram 0nd . organfsed finri TW ZT*' 

of the Greek negotiating post- ^reraanlis is pressing for mo st strlkin- feature of the con Dubai 13 one of the -facts of life aucL_ They hi elieve 

tion are now on the tabic, but ' mraedia ie entry, Spain and r erenee «„,%»,« fr3n «* rtF down l» the Gulf. Bahjfaitus < n d Ama „>i th ttc ♦ L a f “““ble to keep up 

the response from the Com- Portugal are in no such haste. [*™" ce ttas ^e-frentic pace of consider themselvexthe pioneers P’ S ’ fc eir Jure purchase payments. 

muniiy has been minimal. ,ta,L of industrialisation whife Dubai 2 lDWer fad may ^ ve been to drive 

Following i he success of rhe IRpsnnnsihilitia* II started at 9.15 with a' full fill \ flUrc tirifh .*1 ■ • consumption requirements, their cars into the canal nmi<» 

couple of years Sweden too has I 
experienced inereasing political 
and social ferment and a tough 
struggle to preserve standards 
. of living. 

One indication of just how 
tough that struggle has been for 
many people emerged from a 
Stockholm canal earlier this 

The city police have just 
found 13 cars .sunk-in the canal 
alongside an abandoned 
brewery. Ail had been reported 
stolen over the' past year and 
the insurance companies bad 
settled aJl claims on them. 

But the police are highly su& - 
pieious about the way so many 
“ stolen " cars have ended up 
at the same spot and suspect 
organised fraud. They believe 
that owners, unable to keep up' 

muniiy has been minimal. * 4 “‘ u of industrialisation whife' Dub J “ USIT lower rael ma y N y e been helped to drive 

Fo *!?£P J h * «"7*V* rhc Responsibilities . 11 s r larted at 9 - 15 ««■ a ' ful1 follows with something Wgaer ^ requJrements ’ ^ eir «■» *«p the canal. Police 

anti-EEu Panhellemc Sonalist Th N| . . 1w w for registration and coffee ^ beftpr e w The Dubai smelter will also <*iTers are now investioatine 

Movement led by Mr .Vndreas ™ ^ l ° -mins down at 10.15 t ^ t produce 25m. gallons of water other likely underwateTS, 

Papandreou m November’s elec- refuse to be hustled into admit- t0 a n ovv -up Du t e of Kpi „. , n Bahrain, for example was Cret da ilv and rpnr^ntc u,h B * and baii^vo th B< ,.? Llles 

IWIU Mr. Karamanlis believes tuns new members before the l c tJfp on 2L^ “ I off the ground withlbig 120,000 l - Z ■ 100 oars 

That the need (or pmercss h. implications h,vc Keen fullyfv i 1 the , ronferen “ 0 P™- ton aluminium better and elaI ® e < 1 first mdustrial "V hare disappeared in , he 

Brussels has pronn evjn n.nre JLd. Thev ha^ howev" T ™ Picked ta LhSSk as Pr ° je,!t ^ enible 100 

urgent. He wants the negotia- now harf ', n . ' / and shop floor delegates from ,, enera . lo ^ P« r <* nL utilisation of local oil — 

lions completed hy this summer, tn consider th<» al ^ 0Te r the conntry moved to to build" uo^wh at Wb l n and gas. Instead of being waste- a f * . ' — 

leaving the autumn fordrafting aad it \ h e of \toens bar ? 0r ^ “ inutes of P re ‘ be a highly aucce^vamu? ^ flared the S** Will be first All Change? 
t^TZIrT !0r ^ ti0n i s0 if they hare Z used thal time ^ drinks followed at 13.00 Much to their C “SlS- <«ed and then ied to fuei the Belize might be to 


in the 


1 he l^vuisoinest and 
best built town in all 

pan of England’ ■ 


■ ^ Cnm ~ ■■■ ■ 
f^T IQin? a,tcr a d ^usLi lm <* andlr.t r‘ ,U 
whole areas, £ lrj 6 K had doimved ' 

many people 
a far a wav 

. oou negotiations have advanced too int^r ^ umi ^f um Bahrain,' having waste heat from the smelter will Place about which w/ tl vay 

“uoh . iS o,mos. SSS&3&--S 

“ue U,, h r ^e ,S, tad “serious SZ » 'MO.^owontererpart jesm Swedish far iT SSSSi S nfl'4' 

second thoughts since they first clear. That being so there is ** 2 ? m ? nths 4 ^ng-et that for Dubai Aluminium. Swedish fare Well naxnes of some n7*h! 1 J* n ,be 

0tb % S ^ t* r ^ out thc ^ 67 VG ' AU f 3 not Ios t however as one For years Sweden basked- In and ^8es «Mch euri?niW 

the rush to welcome Greece into talks any longer than is re&llv • • of Livingstone’^ at*hipwimf>nt* in ■* , , , - grace our Latin oily 

the fold in the aftermath of the necessan'. if the Nine have Take VOUr pick that of t&ng BahJJSis to ran ® rtpuUt, ®- n ^ colony.- Double^ Head 

restoration of democnor in doubts about further enlarge- your ™ • th e key jobs in the smelter most prosperous sodal Strike, wJhln« t£* 

Athens. It is not lust that Greek ment after GreAfc mini th A » t..,. * T .. .. . ont»mncu cracv ln the world where hieh Teakettlp r a » s*. °. lr ss. 

h> p«S y »l5 SteTfeSSirfiT- Man >' 

■ [rt lh ^ ^ d «-ir*U Se ^ortluimpinn eiiir. 

have been « D lacerf hv .* «ach used to mm 

have been replaced hv more ™ " cuach us *fd to travel 

and Birmingham an: 

HmZZSr now on,y abou{ « hW s;* y- 

It offers the idcal^m^re 1 pi l rcd voitlin&« | Q devefoo ' ~ • 
ejccllem labour rclaiiorw^fs"^^ iae & . 

restoration of democra^ in doubts about further enlarge- J r ' ' th e key jobs in the smelter most 

; n ,r S ’2kT EJS 51 ? *“5?^ cT"L aft , er G ^ k ' entr y- the - v to prove that T am second enterprise. cracy 

22’ * hat - . s . Urt fa ?“« now, to none in my admiration for. The Dubai t« «i«cr **“* 

J»avechostfn to share «n its SwS'^h* 20 <tVm mta ^ 

just to. prove that I am second enterprise. cracy in the world where high Teakettle Camp, Mountain Cnw 

to none in my admiration for The Dubai smelter is wing "* “™* T"! “Si Ea " cin ? Pool' 

r. -1’ , JO . V ‘ ra ctog tnem now, to none in my admiration for The Dubai i* naintr s^aaras of living went Tiand vay and Dancine 

iwlSmvflJ ^P 31 "' threatens to rather than waiting until they exporters let nje quote a fine built on the basis of a' projected la hand wIth high -taxes but for e^^hple. Why, they S sound 

Zorl IS wi r r h sna i e „ entl ? British Ingenuity. A superb social dices' of ail ^ ^ BfI ^ than Neasden° Und 

me Lomimnuo and iu loatitu negotiations with Spain, and small. British company called sumption in the lMTS-btsely Wnds. Nothing lasts tor ever. 

Videomaster which. Inter alia, because of the expected increase, however, and over the past . U 08(2 )'!)£>*• 

rcquirenwnb Sour for ** •■*“'1*2? ~ ^ ' 

iupplcfteniir.g U, v . l0wn - s «ld 

tions. There are hard economic Portugal. 

'ver ^ 

v c * ‘'"'itempi.Vf, ,\ \7 jjp iV 


Times Friday January 27 1978 



0:&^ ■ 
cy»^nV;V * “ 


Vl+F. »1 u*v- • 

»!& :: : 

cifi’T.':*,'.' . . 


pijTf^-rijje *» . " 

INSTTrUTE for Consti- 
fVt^oWl Studies set up the Com- 
■-^V^ttee chaired by Professor X 
iSv.irith a brief to take a funda- 
ggshnttl look at the U-K. constim- 
v^Aonal system. For too long, we 
constitutional reforms have 
:-: approached ad hoc, with- 

regard, to their ■effects on 
.evolution of the system as -a 
i^^whole. As a result parts of our 
HT-systean seem to lack a rational 
j~7Jbsse! Conflicting objectives are 
’'pursued at random; and even 
particular objectives are pur- 
’ sued in- contradictory ways.” 

. So begins the report by the 
independent commission • on 
constitutional reform which it 
was necessary to set up when it 
became clear that Parliament 
was incapable of - reforming 
itself. The Teportitook two years 
‘ to complete: The composition of 
the commission was designed to 
combine the experience of 
academics with, that of practi- 
tioners in different fields and 
to embrace different political 
viewpoints. Funding came from, 
among others, the Lererhulme 
Trust and the IWolfson Founda- 
tion to the tune of £95.000, 
which was. regarded as cheap 
at the price. '!■• . 



. The above -fs, of course, non- 
sense. There is, no- such com- 
mission, or at least, not yet. But 
there is a precedent. My open- 
ing paragraph is taken, with 
only slight amendments, from 
the foreword to the report of 
the ownmittee chaired by Pro- 
fessor J. E. Meade on the 
structure, and reform of direct 
taxation end - set up by the 
Institute for Fiscal- Studies. 

' The origins of that committee 
are interesting. It was 
established after calls for anew 
Royal Commission on taxation 

had been turned, down. The 
aim was to go back to first 
principles, look at the system 
as a whole and produce a frame- 
work for reform: There was a 
certain amount of co-operation 
with government, though with 
the civil service rather than the 
political or ministerial end. The 
aim now, after ’publication this 
-week. is> to keep in being a 
smaller tax reform ' committee 
which will take account of reac- 
tions to the report, answer 
criticisms and continue more 
detailed work. .. The . original 
committee will believe that it 
ha$ succeeded if the .-report 
manages ta stimulate -debate to 
; the point where sortie action 
is taken, although not neces- 
sarily directly along the lines 

proposed. There is jio claim 
to a monopoly of wisdom, but 
there was— and is — a - belief 
that in the face of ^government 
inertia, somebody had 1 to Show 
what might be done. . 

But in the case of constitu- 
tional or parliamentary reform, 
has it yet come to that? The 
answer seems to lie somewhere 
between “ yes ” and ** not quite." 
But even if one prefers the 
latter response, it is possible 
that the situation will get worse. 
For it can hardly have , escaped 
general, notice that practically 
every item that nowadays- makes 
the political headlines, or- even 
the political news, has .some- 
thing to do with constitutional, 
or institutional, Tef orm. And. 
equally, it does not seem' likely 
that Parliament is capable of 
coming up with considered or 
comprehensive solutions. 

Take, for example, the case 
of the Select Committee on 
Nationalised Industries’ reports 
on the British Steel Corpora- 
tion: the argument is osten- 
sibly about the extent of ' the 
Committee’s right to rrrt urina- 

tion. In fact, it goes much 
further. Even if the Commit- 
tee had all the information it 
required, how far would it be 
able to interpret it? How far 
would it need to employ al! 
sorts of specialists to help it to 
come to its conclusions, and how 
would it pay them? Again, how 
could the demands of special- 
ised committee work be recon- 

parliamentary procedure. 

But the powers of Select Com- 
mittees are one example only 
Almost all the business uow 
before die House involves con- 
stitutional change in one way 
or another, whether it is the 
Scotland and Wales Bills or the 
Bill for direct elections to. the 
European Assembly. The ex- 

it is possible tn argue that all 
this means that change is taking 
place. But it would be very difti- 
.cizlt to argue that it is doing so 
in any systematic fashion. Even 
if one leaves aside the fact that 
the great majority of MPs are 
Against the devolution Bills on 
their merits, and accepts that 
some of them are supporting 
them for reasons that have 


tjie Scottish electorate approves 
of the idea, and there wilt be 4 
special provision for Orkney and 

It is not only the Labour 
Party which innovates in this 
random way! It was Mrs. 
Thatcher who said one day on 
television that a refendum could 
be used again to put a single 
issue tn the people. She could 

oiled in terms of time witb the 
more general duties of an MP? 

There is no evidence avail- 
able at present that Parliament 
even wishes to answer those 
questions. Indeed there is not 
even agreement that a problem 
exists. Instead there is an 
argument about how. far ail- 
party committees should have 
any powers at alL It is held by 
some— -Mr.' Epic Varley and Mr. 
Michael Foot, - for instance — 
that such bodies deny the very 
stuff of politics: namely, a 
debate between adversaries 
across the floor of the House 
of Commons.. It is not a sub- 
ject on which one could auto- 
matically rely on Parliament to 
come to a very sensible conclu- 
sion, despite the existence of 
another Select Committee on 

tent of the change goes beyond 
what was contained in the orig- 
inal Bills, though that itself 
was large enough. Ways have 
to be found of getting them 
Through. The guillotine has be- 
come a way of life. Same clauses 
go through without debate; 
others are amended almost at 
random,- No one is quite sure 
what the House of Lords will 
do about the Bills. It would 
have a proper case for subject- 
ing them to the most rigid scru- 
tiny, but will it dare? Besides, 
the House of Lords itself is up 
for auction. The Labour Party 
may be about to produce a 
manifesto promising abolition; 
the Tories might (just) come 
down in favour of some form 
of directly elected second cham- 

nothing to do with devolution, 
it is impossible to *ay what sort 
of mish-mash will emerge at the 
end of.-the day. It is a situation 
which Js but of control. 

No one knows either which 
further devices the Government 
will be obliged to introduce, or 
bow to. if it is to press on with 
the Bills. The referendum do 
British membership uf the Euro- 
pean Community was said, at 
the time,' to be a special case 
(though in fact the need for it 
aruse solely from conflicts 
within the Labour Party’). 
Then, however, there was the 
promise of further referenda on 
the Scottish and Welsh Assem- 
blies. Now it seems that there 
are to be two new rules: the 
Scottish Assembly will be 
created only if 40 per cent, of 

well be held to that if she ever 
has to do a deal with Mr. David 
Steel and the Liberals after the 
election, although not on the 
subject she originally intended. 
Mr. Steel has now said publicly 
that the price could be a refer- 
endum on proportional repre- 

- One can see that that could 
become an attractive idea to 
politicians. It has becinne part 
of the conventional wisdom that 
the next Parliament will again 
very likely be hung, and that 
the demands for PR will there- 
fore grow. But how would Par- 
liament implement it? There 
is the established device of a 
Speaker's Conference, yet it 
does have drawbacks. It takes 
time. It is intended to still 
public discussion while it 

deliberates. It creates at least 
the suspicion that its member- 
ship is loaded. Why nut. 
instead, ignore the conventional 
procedure and appeal direct to 
the people? In other . words, 
there would he simply one 
inure innovation or improvisa- 

That could happen, and if it 
is the only way of introducing 
PR. perhaps it would he worth 
it. Bin one cannot rely on it. 
And at what italic, one wonders, 
will people conclude, that such 
innovation is giving ad lioccnj 
a had name? Will they 
demand, one day. rather like 
the Meade Committee, that the 
system should be looked at as a 
whole and given some sort of 
rational base V For instance, 
would it be too much to ask that 

reform or abolition of (sayt the 
House of Lords should be 
treated not as an issue- on its 
own. but as pari of the wider 
question of the workings of the 
entire constitution ? 

Enough money 

There is no sign whatsoever 
of such demands coming from 
the present Parliament, nor 
probably from the next. And 
that if. the problem. According 
to our unwritten constitution, 
reform must come from Parlia- 
ment. Parliament needs reform. Parliament will not reform 
itself. Indeed ii« Members will 
not even vote themselves enough 
money, or adequate facilities to 
do their job. 

But iT Parliament will not 
look at the system as a whole, 
and cannot even see. for ex- 
ample. that direct ejections to 
the European Assembly might 
usefully have been linked to 
the reform of the House of 
Lords, who will ? There is. of 
course, the Press,- and it has 

been interesting 10 hear swa sec- 
tions from within the media 
that editors should get logptr.K'. 
agree on the hie issues of the 
next few years, and pliii them 
until such lime a.- government i 
comes up with satisfactory *i-u-i 
tions. But do we really wans re- 
form by the Press? 

Single issues 

There are also the itnivcr«i-i 
ties, the specialised institutes; 
and tiie pressure groups. Per - 
haps a British or a European ’ 
Brookings, such as has recently, 
been canvassed, would help in 
the end. however, they rend to 
concentrate on single issues.. 
London is lirtcivd with com- ■ 
mittees callmc for rerorni un ; 
this or thu 1 constitutional' 
matter. Bur ii seems in me that 
(say) the National Committee- 
fnr Electoral Reform is quite a-- 
irresponsible as the political • 
system it arracks because 11 
confines its campaign to a single ; 
from. Jt demands PR. but 
assumes that that would he 
enough and fails tu !ouk at the 
possible consequences. 

What one would like to see 
would be th«.' reformists getting 
together, and indeed it is 
surprising that they have not 
formed sonic sort of umbrella 
organisation. They might then 
toll us not only which reform* 
are desirable, but how they 
might relate to each other anil 
huw they might lie introduced 
1 leave the thought that the 
equivalent of a Meade Commit- 
tee un the constitution might be 
the best way forward. ]i would ■ 
not cost very much. it 
could bring in politicians, 
px-politicians and outsider.*- and. . 
given the right chairman, it 
could certainly concentrate the 

HZalcofm Rutherford ; 

Letters to the Editor 

■ j- 

rubber - 

From Mr. R- Holland 

Sir.— t refer to David War- 
burton's' .letter (January 24) 
where he argues 1 for subsidised 
North Sea chemical feedstock to 
supply a new synthetic rubber 

The’ issue is not simply 
whether the Government is pre- 
pared to forgo some royalties 
a ad. petroleum revenue tax; it 
concerns r fundamental economic 
pfinrtpte$ n and our international 
relations -r^ith our trading part- 
new Iri Europe and in the Third 
World. . • 

If the plant is built and 
subject to subsidy there- will be 
a positive employment effect in 
the t’Jv.. and a negative one 
either in Europe or the Far East 
We would in effect be exporting 
unemployment which, in an age 
of international trade unions, is 
not something that should be 
advocated by an officer of a trade 
union in this country. 

Furthermore, the subsidised 
supply of feedstock could alter- 
natively be sold at market price 
in the Ojv. to another organisa- 
tion that itself would be provid- 
ing employment without contra- 
vening the competition policy of 

the EEC. or it could be exported 
again at market prices providing 
revenue that could be employed 
far more effectively in cuz?e n t 
job creation bchemes or retrain- 
ing programmes. 

-The route from butane to 
polyisoprene rubber Is relativeiy 
inefficient as both dehydrogenisa- 
tion and methyl ation processing 
stages are required. The produc- 
tion of 1' tonne of polyisoprene 
needs an input of between 4-5 
tonnes of butane. If the plant 
proposed to produce 300,000 
tonnes . per year requires an 
Input of 15tn.-l.5m. tonnes <*f 
butane, the subsidy required to 
operate "competitively” lies? In 
the 'range of- S24m--$60ra. .-per 
year (£125m.-£30£m.). ? 

' In sterling terms, the taxpayer 
would have to pay (annually) 
through the Governments sacri- 
fice of revenue, the equivalent 
Of between £8,200-£2t),500 to 
maintain each job.. /If anyone 
can justify such in extraordi- 
nary .uneconomic-' venture in 
your columns it can only be that 
they hare in mind the interests 
of only a small section of the 
community rather than the 
nation as a -whole. 

In additiph. as in the refinery 
industry. ^ there is a growing 
possibility of a continuing and 
growing- surplus capacity in the 
petro-chemical industry, particu- 

larly from pTant. currently under 
construction outside the OECD 
nations especially hi the member 
countries of the Organisation of 
Petroleum Exporting Countries. 

There is no guarantee that the 
U.K. plant conld operate at full 
capacity even if it were to be 
subsidised. The losses would 
only he exacerbated if natural 
rubber producers were to embark 
on a price-cutting exercise them- 
selves. Any attempt at commit- 
ting the nation to such an 
enormous long-term subsidy 
should be firmly resisted. 
Richard Holland. 

30, C rapigny Road* ■ 

Change in South Africa 

From the Director of 

South .African Embassy. 

Sir! — Tour correspondent, Mr. 
Joe Rogaly. attempts to explain 
“ Why South Africa is now a had 
risk " in your edition of January 

As this is a matter of consider 
3ble mutual interest;' it is 
'• regretted that he. resorts -to base 
• political special pleading and the 
vaguest of generalisations to 
support his . negative thesis. Ii 
is simply not good enough to 
blandly state “that South Alrica 
has become- a poor political risk 
should be pleth to all.” and that 
. " the outlook ovec the nest . Pew 
years limst- surely be for an in- 
crease In civil disturbances, an 
increment In the number of acts 
of violence against tbe State and 
the continuance of the policy of 
repression " . These primary 

assumptions your correspon- 
dent su blithely' takes for 
granted, are at- the very least 
most arguable. 

It is. I presume, common 
cause that the Christian Coneern 
for Southern Africa is not exactly 
well-disposed towards South 
Africa and for Mr. Rogaly to 
summarily accept their premises 
and the resultant a raiments 
without appropriate scrutiny, 
must necessarily affect the 
credibility of your reporting on 
South Africa. 

The other side of tbe coin is 
presented by the major article 
by Mr. Aubrey Dickman, Anglo- 
American’s economic consultant, 
in the recent edition of 
. ••Optima.” 

< : Mr. Dickman states: “ The 
f question for foreign investors is 
", whether to help tip the scales 
in favour of expansion, thus pro- 
noting the efforts of those who 
are endeavouring to extend the 
■ benefits of the free market 
"\ economy to all population groups 
- and, by so doing, ensuring the 
profitability and security of their 
own investments.” 

According to Mr. Dickman. 
black real (adjusted for infla- 
tion) per capita wages grew in 
the 1568*76 period by 6 per cent 
‘ a year compared to l per vent, 
growth for whites. In current 
prices— not adjusted for inflation 
. — -black wages (excluding mining 
’ Jnd agriculturelgrew From R573 
. in 1970- to RL345 in 1976, whiio 
coloured and Asian per capita 
hicomes grew .. from R957 to 
R2D0S; white wages rose from 
*4.178 ’lo R5.725. Using after 

tax - figures, which he describes 
as more meaningful. Mr. Dick- 
man says that the ratio of white 
to Asian and coloured wages 
dropped from 3.1-to-l in 1970 to 
2.7-to-l in 1976. In terms- of 
African wages the ratio fell from 
5-2-to-l to 3.940-1. 

He adds that, according to 
research by Dr. Jill Nattrass, of 
the University of Natal, the share 
of blacks (Africans, Asians and 
coloureds) . in the net national 
income at current prices in- 
creased from 26 per cent in 
1960 to 32 per cent in 1975. 
African household incomes (re- 
flecting perhaps greater com- 
munal . habits) are well above 
the various .tnintmums deter- 
mined by university institutes. 
The current recession as a result 
of Inflationary overspending (In 
part on the improvement of 
black living standards) has 
meant " severe" costs to blacks 
as. they adjusted to the sacrifice 
of growth. 

Growth. Mr. Dickman clearly 
believes, is the key to both our 
social and economic problems, 
but he warns that growth will 
have to come before further 
redistribution of income from 
white to black is possible. 

Mr. Dickman concludes that if, 
“ in currently fashionable par- 
lance . : . growth with redistribu- 
tion is to he achieved; growth 
will have to come first before 
further redistribution Is feasible 
and this emphasises once again 
the critical role of foreign 

in summary Mr. Dickman 
shares the view that the economy 
ha* immense potential. He secs 
;thc black market as an area of 
vast opportunity and feels that 
foreign investment will not. only 
be well rewarded here but, 
through the impetus it creates; 
will be a constructive force for 

The positive initiatives by the 
South African Government to 
accommodate the . legitimate 
grievances and aspirations of 
the South African peoples, must 
be included in any sensible dis- 
cussion oa tbe future of South 

For your correspondent to 
ignore these very important con- 
siderations is to ignore the total 
.reality of South Africa and must 
make nonsense of his very as- 
pect pamphleteering. 

Chris van der "Wall. 

Trafalgar Square. IV*. CJ?. 

New base date 
for gains tax 

From Mr. S. PewirtH- 

Sir, — -Mr. Jack Bennett advo- 
cates (January 20) the adoption 
of a new “ base date " for capital 
gains tax purposes. 

The original date, April 6, 
1965, coincided with tbe date 
upon which the existing tax . was 
inflicted and relates to the dis- 
posal of assets in general, subject 
to Optional elections. The adop- 
tion of. another date for Stock 
Exchange investments might not 
please owners of other assets. and 
any' alter native date' must surely 
be universal. 

As a manager of investments. 
I- find that I can still use pre- 
6/4/65 costs in some cases to 
advantage, but would probably 
not carp at the adoption of the 
peak index (but which index?) 
date on September 14 last, 
though I doubt whether the 
Chancellor of the Exchequer 
would agree. 

As It is. 1 spend a fair amoum 
of my lime which could be put 
-to. better use. in calculating 
gains on the disposal of shares; 
as time goes on and companies 
get taken over, have rights. issues 
or -Preference scrip issues, etc., 
these -calculations become more 
tfihe consuming rather than less. 

If. tbe inspector of taxes checks 
them again it also adds to the 
cost of collection. 
r.M fully support that suggestion 
of the uuit trust managers, that 
unit trusts, and investment com- 
panies for that matter, should be 
exempt from the tax so that the 
unit holder or shareholder. If he 
is liable, is taxed, if he must be. 
when he disposes of the shares 
and is outside the exemption 
limits. Tbe loss to the revenue 
would he very little indeed, as 
tha suggested alternative of in- 
dexation would virtually elimi- 
nate the tax altogether. 

S. W. Pen will. 

158 , Fendtarch Street. E.C.3. 

time. Also, in tbe year ended — they hate put a Laboui 
March.' 1977 the fund's Invest- Government iritu power. Sittct 
ment income less interest pay- last March they have kept Mr 
ments and management expenses Callaghan in power' and theit 
amounted to £64 .Tin. or only 6.3 claim to have " moderated ” its 
per cent, of the mid-year value of policies has been all too often 
its investments. repeated by the political com 

In a note in the pension fund's montators. 

1977 annual report the actuaries The facts, nf course, are tha! 
say that: “In the present the present Government had. h> 
economic conditions it is very last March, completed its 1974 
difficult 10 form a view us to the manifesto programme. To theii 
future outlook fnr inflation and credit, the Liberals opposed such 
investment returns.” This slater measures a> aircraft anti ship 
ment provides complete justi- building nationalisation, de- 
flation for a serie* of valuations scribed., by Mr. Richard Wain- 
of the fund - on — alrernalive.wriahii.2SL" ’jne of the.- greatest 
assumptions - and T urge’ the Post follies of -ail” the Community 
Office' Board- to -caU^for'-tfaeui-Land-^'Act described by Mr. 
without delay- Jeremy Thorpe as “a further, 

The Post Office fund is only one attack on the freedom of thej 
of the man*-', large and rapidly individual." and the various 
growing pension funds in the measures to strengthen trade 
public sector. In view of the un »°n power and . closed shops 
impact on Ihe-public bodies that which, as Mr. Cyril Smith said, 
have sponsored them (and on the showed that Mr. Foot was “ytr- 
public who bear their cost), bas ruallv a slave of the trade- union 
the time not come for the movement. ' The Liberals "nave 
Government to establish- an in- shown no sign cf using theit* 
dependent commission charged l ,ac t t° secure repeal or satis* 
with the tasks of < i v specifjing factory amendment of such 
each year the range • of measures. It has not been the 
assumptions on which the public T' lbe / a,s e . w . fa< ?. have P re ventert 
sector pension funds should be father Socialist excesses in the 
valued, and (ii) staling the P as L jea . r ; ^i 1 J 6 
reasons for those assumptions? ij J^ 1 ® " a j 3 * 

Such an arrangement would Sl .«? ,ford v Ashfield. 

lead to uniformity of policy in an ?. u * depriving ih e Government 
area iff ’ public 'finance "where ^ ^»Mheir ma-Jonty. 

The-Laboutv- Pam’ has made 

GENERAL-' .- . r . 

Mr. Derts" Healey, -Chancellor of 
he Exchequer, on two-day visit 
o Scotland, addresses Newspaper 
*ress Fund lunch, Glasgow, and 
.ater speaks at Edinburgh Labour 
’arty dinner. 

Pay negotiations Marl For 
•ngineering and technical staff in 
•lectricity supply industry. . 

Mr. Constantine Karamantis. 
tlreek Prime Minister, visits 
iuropean Communities Commis- 
‘ion in Brussels during tour of 
Miropean ca pit air to expedite 
•ntry of Greece into EEC. 

CBf Economic Situation Com- 
mittee m-'ets. 

To-day’s Events 

Mr. Edward Heath MP speaks 
at Leeds Chamber of Commerce 

Mr. Robert Sheldon, Financial 
Secretary, Treasury, is guest 
speaker at Manchester Chamber 
of Commerce lunch. 

Resumption of talks t which 
ended inconclusively on Wednes- 
day 1 between management and 
senior shop stewards of Ford'* 
Halcwood plant in effort 10 
resolve strike 

Team of British .shipping execu- 
tives end four-day talk- in 

Washington un world -hipping • 

London Chamber ol Commerce 
seminar on Commercial .\rbitra- j 
ion. (iH, Cannon Street. EC4. • 
2 p.nt. j 

Hou^e of Commons: Divaie 
Member- Bills. 

John Brown and Co. thaif-yearl. ; 

Associated Engineering. Savoy 
Hotel. WC. 12. London Inter- • 
continental Trust. » London Wall : 
Buildings, EC. 12. Williams - 
i.fohn). Cardiff. 12. i 

variety has iittie to cdmmehd ft. 

Tt would also stimulate public l\ r cle R a n r n ! 

discussion of these important f®" Ha .^* a ^ d - '5 s sen.ral 
matters and so increase public £?£r? ta J£* i t ' s w * Y£°; 
enlightenment in regard to them', general e“So? That mean.l 

Raymond Notts ge. 
Hamilton. House, 
Mabledon Place. ti’.C.I. 

Holding the 

maintain in e a majority in thej 
House of Commons. That is ] 
what the agreement with the 
Liberals is about " i Llandudno. | 
Mav 27. 1977). Mr. Michael Foot 
confirmed this view- “If we hnd 
ntu made an arrangement with 
tho Liberals we would have 
thrown away that chance rtf 
getting a real majority not 
merely for months but maybe fnr j 
years " (Labour Weekly. June; 
IS. 1977t 

From the Prospective Liberal 
Parliamentary Candidate Jot 
F amham. 

Sir.— Sir. Michael Min ter. n! Finsbfig, - - 

January 25. finds it disconcert- ffmwe of Commons 
ins that the Liberals have s.W.J. 

“saddled the country” with 

another few months of 


They haven't For tbe first time 
In history a Labour Government 
has been induced to produce a 
Queen’s Speech with no 

Socialist measures. The pact ” r - ***"“■. w “ 

dates from March, 1977. Since 

A proper 

Sir. — L refer to the hilarious 

P.O. pension 

From the Director-General 
.The Royal Institute oj 
Public Administration. 

.-Sir,— l was pleased 10 learn 
iroa your correspondents 
(January' 23) that actuaries can 
and do make several valuations of 
particular funds with alternative 
assumptions, and that some of 
them report these figures to their 
clients. That this procedure 
'should be applied to the Post 
Office pension fund is. I submit, 
urgently necessary. 

In their 1976 valuation the 
fund's actuaries worked on 
assumptions that could . well 
prove to be over-optimistic — 
among them the following: (a) 
the rate of inflation will decline 
to -$ per cent, by 19S1-S2 anfl 
thereafter will remain constant 
at 5 per cent, (b) the fund's in- 
vestments will produce a real 
return of 4 per cent, per annum. 
' In this and most other 
countries the annual rate of in- 
flation has. not been as tow as 5 
per cent. for-. some -considerable 

then inflation is down from 19.9 letters (January 24 1 from the 
per cent to 13 per cent, (so far), departing Tory agent to the Isle 
MLR’ is down from 10 s per cent, of E‘v and from his nrospeclive 
to 6? per cenL. mortgages from candidate who appears to be 
11.25 per cent, to 9.5 per cent., remainine m-situ. 
sterling is up from 91.71 to $1 92. 1 particularly liked Dr. Stutia- 

and the reserves are at an un- ford's reference to my von - 1 
orecedented oiab. -titueney’s voting figures in thej 

In addition. Harold Lever has October 1974. election: fc On!y a 
been given specific respon- handful of Liberals had a worse 
sibilitics for small businesses result. As filP Liberal stood 
and tbe October miei Budget had - • end *06 were defected, tne 
some comfort tor us' sraal) poor mens band should be put 
businessmen. The Queen's display 

Speech promises help tor the element rreud. 
young, the self-employed and House of Common*. >>■ 1 . 

small businesses, three sectors 

steadfastly ignored by previous 

governments. t j c 

Not a bad impact for 13 MPs lEftOGrtS Ol 
in ten months. And the only way ,, 

to avoid wild Socialism on the TPXtii£S 
one hand, and confrontation with * — 

the unions on the other, is for the front the Chairman, 

Liberals to go on holding the The Tertile luchtatry Support 
balance — whatever the party In Campaign 

Petpr G. Eaynes. 

Kedesdale, Wellesley Road, 

Rns hmoor, near Famham, 

Sir.— However delighted every- 
one is iikely to be about the 
large power station order from 
Hong Kong, let us put 2.000 jobs 
so created into perspective. Over 
the last ten years Hong Kong 
has played a key roie in the ioss 
of 300,000 UJv_ textile workers' 
jobs by swamping oor own raar- 
DHCtS her alwu r0 , y Priced goods. 

* Let us hope that a consideration 

.of their consciences and helpl 

a from our own Government can ! 

former London LlberaJ PaVlia- secure further orders to remedy) 
mentary candidate (January 25) unequal slate of affairs, 
is right. Every time the J. G. Bridge. 

Liberals have held the balance Thomcliffe, 115 U'tndsor Roc . 
ol power — in 1924, 1929 and 1974 Oldham, Lancashire. 


'rani Mr. <3. Finrberg. 

Sir.— Sadly. . Mr. llin ter. 




Interim Dividend 

The directors have declared an unchanged interim 
dividend for the current year to 30th April 1S78 of 3p gross 
per share, subject to Jersey income tax at the rate of 20%, 
payable on 31st January1978. Comparable figures for the 
previous year and the yield are shown in the table below. 
The net assets of the Fund expanded from £1,563,869 on 
30th April1977 to £2,130,300 on 31st October 197 7. The 
capital performance of the shares calculated on a per unit 
basis is set out in the table below. 

Interim dividend foryearto 30 April 1978 {& '7 7) 3p per share 

Final dividend for year to 30April1977 4.25p per share 

Total dividend for year. 7.25p per share 

Dividend Yield 8.53% 

(based on historic dividend and current offer price of 85p) 

Capital Performance 

1 January 1977 to 31 December 19 77, 

Offer Price of Shares — 3.2% 

Dow Jones (nd. (ndex “ 1 7.3% 

Company background 

The Company provides residents of the scheduled 
territories with a diversified and actively managed portfolio 
of quality American securities. Portfolio strategy is supple- 
mented by participating in the sale and purchase of US traded 
■options with the aim of reducing risk and/or increasing 
yield. The Company also invests in Schlesinger American 
Options Limited, a Bermudian investment company with 
similar aims which is designed for non-resident investors. 

Shares are issued -and redeemed at prices based on net 
asset value. The shares of the Company are listed on The 
Stock Exchange in London. Shareholders receive the 
Schlesinger "PIMS" Service. 

A copy of the full prospectus of the Company, the 
PIMS report and the latest report and accounts, on the 
basis of which alone applications for investment will be 
accepted, may be obtained from the Secretary, Schlesinger 
International Management Limited, 41 La Motte Si, St Helier, 
Jersey, Cl or from the Secretary, Schlesinger Investment 
Management Services Ltd., 19 Hanover Square, London 




Financial. Times Friday January 2i 19 r$ 


British Sugar on target with £20.5 

IN LING with the forecast made 
at the -time oF the July. 1977. 
rights - issue, pre-tax profit of 
British Sugar Corporation jumped 
to £2047 m. Tor the year to Sep- 
tember 25. 19 ii. compared with 
£14.6m.. on turnover or £26S.27m. 
against £2C6.92m. 

Stated earnings increased from 
131. 9p to 169.2p per £1 share and 
a Anal dividend of l3.SI24p on 

two rights, raises the total to the 
forecast level of I9p (92»pj net. 

The directors propose to sub- 
divide the £1 .shares into shares 
of 50p each and subsequently to 
make a scrip issue of one 50p 
share for each share then held. 

Looking ahead, the directors 

say that the company's low cost 
structure compared with its U.K. 
competitors and 3ny of the Con- 
tinental producers, will allow both 
the company and Its growers to 
prnsner when true market forces 
within the EEC are allowed to 

Confidence in the future, they 



British Sugar 

Page Col. 
20 1 


Inch cape 

Page Col. 
21 ' 1 

Brooke Tool 



japan. (G. T.) 



Country & New Town 



Lonsdale Universal 



Cowan, de Groot 



Lovell (Y. J.) 






Macarthys P harms. 



Derby Trust 



Piatt (F.) 


6 " 

Eng, China Clays . 






Fitch Lovell 



Smith (David S.) 



Guinness Peat 



St. Kitts 



Hambro Trust 



Watson & Philip 



Imry Property 



Worthington (A. J.) 



for the six months to December 
31, 1977. 

The interim dividend is raised 
to Ip (0.5p) net— Abe previous 
year's final was 0-5p per 25p share. 

Peat up 
so far 

add. can he judeed by the group’s arranged with Manufacturers 

recently announced £70m. capital 
spending programme over two 
years. This will complete the 
capacity io produce 1125m. tonnes 
of sugar in the 1979-80 campaign. 

Profit for the year was struck 
after interest of £2.54no. t£3.35m ). 
bul subject to tax of £l.34m. >. The amount retained 
improved from £13.17m. to 
£ 18.54m. 

Nu provision has been made 
Tor deferred tax following the 
review of the tax position, which 
demonstrates that the company 
is not likely to have any liability 
to pay corporation tax in the 
foreseeable future, the directors 

Pre-tax profit cm the current 
cost basis Is reduced from 
£20. 4 7m lo £1 0.44m. 

As at September 25. 1977. land 
and_ buildings were valued at 
'£71 74m. and the book value of 
these assets was £23.5fim- This 
rcvcki a linn has not been incor- 
porated in the balance sheet. 

Sales of 4 ugar were just under 
fiOn.UOO iTTO.iJOO) tonnes, while 
the group committed nearly 
£:.l()m. to fixed capnai and at the 
year-enu u-.ed an additional 
£20m. m working capital. 

Hanover Trust Company. For the 
first 12 months it will bear an 
Interest rate of 7j per cent 

of the domestic side, which is 

being squeezed J>y lower con- modify”' processing operations. 

IN THEIR interim report the 
directors of Guinness. Peal Gronp 
slate that results for the year to 
date are comfortably ahead of 
'those for the same period of 
1979-77 and the overall level of 
activity. In the various markets 
in which the group operates has 
been generally, good." 

The Interim dividend is stepped 
up from 3-5p to 4A5p net per 23p 
was 6.45205p. 

The international projects 
division, which includes the cora- 


■ - 






of sponding 








Anglo American Gold 

... W,6 S5 cents 

March 17 




British Sugar- ... 





Brooke Tool 

...... -1. 

April 3 




Country & N. Town 

int 0A 

■ — 




Cowan De Groot 

.inti 0.72 


Qm . . 

. — 



.inti 2.11 

Aprils • 


■- — 


Derby Trust 

...... 7.13 

Feb. 28 




Edinburgh Am.. Assets ... 1.1 





Fitch Loveli 

.inti 1-S4! 

March Si 




Glanfleld Lawrence 

1.25 ' 

March 6 




G.T. Japan 

.int 1 

■ March 6 


— • 


Guinness Peat 


March 20 

3 j 


Hales Properties 

.bit 05 

March 10 

0.73 ‘ 



lmiy Property 

Jnt. 03 

March 3 




Inch cape 

.int. G 

March 31 




Lonsdale Universal 


April a 




Y. J. Loteil 


3.4S - 

359 - 


Macarthys Pharra. .. 

.inti L3/ 

.April 8 


- — 


iHanson Finance 

.itiL 13 

Feb. 24 




Midland Trust 

.int 132 ' 

March 6 





.int 0.66 

March 6 



1.64 . 

R. Smallsbaur 


April 7 




David S. Smith 

.inti 133 

March 10 


— . 


Throgmorton Trust . 


March 23 




Vantage Securities 

- 0.35 

■ — ' 




Warwick Engrg. 

.inti 0.33 

April 6 




Watson and Philip .... 






A. J. Worthington. .. 

.inti 0.31* 

Feb. 24 




Dividends shown pence per share net except -where otherwise stated. 

* Equivalent. after allowing for scrip issue- fOn capital increased 
by rights and/or acquisition issues. J Final l_75p net forecast on 
capital increased by one-for-five rights issue making 14.75p. 5 Gross- 
on capital increased by rights issue, ff To reduce disparity. II 0.0472p 
final forecast ** South African cents throughout 

De Groot 

progressing weU, they add. and 
the recent - successful : acquisition 
of Willows Francis, will make an 
important contribution to the 

sumer spending. The toy division, 
which accounts for just over .a 
third of profits, has shown volume 

growth of about 5 per cent- ahead 

of the Christmas season. Since group's -chemical activities. 
(o3 per cent of profits) gaming - - - -- - - - - 

from Hong Kong, margins are 
likely to jump dramatically -as a 
result of an . improvement of 
about a fifth in the exchange rate. 

So. given lower borrowings — 
stocks are at a lower level in the 
second half and interest rates, 
the company looks well placed' to 
WITH TURNOVER ahead from achieve around £2m. for the year. 

£11 : 73m. to £l5.65m taxable profit On average capital this leaves the 

Macarthys near £1. 5m. 


£96m. rights from 

Midland Bank 

on tli«? existing raptiri arid intend 

— a.I f!n > 1 1 1 VV. I m 

Underwriting has been- com- rtcommmt a tJIYUJeniiin 
pleted for a W*'* ™ Iasi WV 1.5* 

by Midland Bank, -Sonri 29.99m. 
shares are being issued on «he 

basis of one new share for every foP Vhe year of H.7Sp 

five heki ai 330p per share. 

Holders of 7j per cent. Con- 
vertible Subordinated unsecured 
Loan Stock 1933-93 are being 
offered 21 new shares for every 
£500 nominal of stock held- • • 
The directors estimate that 
consolidated pre-tax profits 


the Bank and its subsidiaries for stances ii expects to at tow fflfcin- 
the year ended December 31, were tain ifie rate of dividend for 
of the order of £l90m.‘ compared "lyys on the incmiked capital 

* in n ii .1 _ > ■ 1 • ■•■iM h n cfl*! * tit 

with £l66.4m. for the previous 

Full details will be senl-in 
shareholders on January 31. The 
latest dote for acceptance be 
on Tuesday February 21 and 
dealings are expected to start on 

See Lex 

Guinness Mahon. and Company 
continues its steady growth, and 

£ofit?°for d ufe r |2? ed S ai'’ U>“ wrra . ■h.tealieg diBrihrtioo 

directors. • 

First half downturn 
by Fitch Lovell 

cent, during 


of Cowan, De Groot climbed from shares on a p/e of 92 ( full tax interim statement Apart from in- October 31/ 1977. 

,nn.r» .. Mc« no s_ .l. i oharop) AI ?4n u'hilp thp viplri ic ain.,;... ika, nntli.. ... “ nnm. TVu- pul in mar 


£719.348 to £352,168 in the 
year ended October 31. 1977. 

Directors say all four divisions 
continue to . trade well and the 
strength of sterling allied with 
lower interest rates should be 

The year should be one of con- 
solidation involving integration 
and improvement in the various 
relatively substantial acquisitions 
made in the past few years. 

The company has arranged a 
further loan of £lm. from its mer- 
chant bank. County Bank, with ArulLR 
the proceeds to be used 

eh a reel at ?4p while the yield Is 
4.7 per cent. 

gross trading margins showing a £70.000 to £168,000) and veterinary TURNOVER for the *« 1 Cf.IL .. ni „.-i fr^ 

0.7 per cent reduction Macarthys supplies (profits up 41 per cent. October 29. 1977. of Fitch. Lovell tte penod and hisii M >- ml few 

Pharmaceuticals reports taxable to £162.000). The later two areas expanded by 20 per cent to t ts 7“ f ° fn r ri 3 

— earnings of £L47nu against have increased market share as £246. 14m. but pre-tax profits .felt of 1S . 

In common with the merchant £L22m.. on external group sales competitors have gone out or from £3.41 m. to Sf-JSSSlnn of 1 meat was 

_■ 4.« r*..z L-_ n . P— am Ol ? ru>h nan* Ct?l Q7wi bn hirdnore in ftVin nnct Ham tMMhtf OrO chrtwn fO M flOWTl tTOTIl i.9fp COIl-SUITl pllQIl Ol UlL Jl VVaj 

- As a . mull the itu-i'frjr division 
benefited, from new store open- Mr. M. G. Webster the chair- made a mm . while a ff»j gnvum- 
The cut in margins was a -result ings. Meanwhile tbe manufactur- man. says that in looking at. the ante irom th 1 toner ni »njrartnnn„ 

banks, the Guinness Peat Group up 24.5 per cent from £S4A7m- to business in the past two years are shown to be down from 
has Issued a suitably tactituro £43 .35m. for the su months to while the retailing division has to 2.07p per aop share. 

returns to 

dicating that profits- are “ com 
fortably ahead " investors will 
have to await the full year re- 
sults for a' better picture. Last 
year Guinness's profits were 
boosted by - the decline in sterl- 
ing, so it might be expected that 
against a background of sterling's 
current strength and weak com 

me cut ui Him gins ™s«iimiire iuv ui»uuiowiui- uwu. — - --- . . . u i_ ,i l., . 

of there being relatively- few sig- ins division has solved its preb- full year results one must : .remain, division vys not p»'j "1 cju- 
nificam price increases in 4ems over faulty ampoules and as always in the food Industry, price competition on •.■o<ak<d hams 
medicinal nredu«n« durine the eve droua. which halted oroduc- very cautious. Since the half year from Denmark (as a result of Bf.r 

medicinal products during the eye drops, which halted produc- very ... . 

period, the directors say. How- tlon last year, and profits here end competition In. food re tailin g 
ever the pharmaceutical tnanu- ak up from £4,000 to £71.000. The has intensified 

factoring, retail, surgical and 
veterinary- divisions ad recorded 
improved results and overall 

shares yield 6.5 per cent . at J02p 
(up 2p). 

taut commodity and trading 
operations might be finding the 
going tough. However, the cur- 
rency turmoils have helped 
half Guinness since commodities pro- 
f or deficit which left tbe full year loss vide a useful hedge and the 
at £239,000, Denbyware reports a group insists that it is trading 

A £645.000 second 

modity prices, Guinness's impor- sales growth has continued- to be 

— — -■= — satisfactory during the last few 


The directors expect per- 
formance in the second half to 
be similar to. that achieved in the 
first six months. Last time full 

9 comment 

British Sintur*- profits, up 40 per 
cent., are in lino with the rights 
issue forecast However, on a 
current cost basis following the 
H; dv guidelines the pre-tax figure 
emereeji as £l04m.: unfortunately 
there is no comparative figure for 
1978 CCA profits The company 
has also taken the opportunity to 
stop providing for deferred tax in 
line with ED 19. This has the 
offer f of boosting afier-tax profits 
for the year from around £10ni. to 
£19m. On the new lax accounting 
method the shares at 490p are on 
a p c of under 3. against over 5i 
on a fully taxed basis. But the 
yield is fairly modest at 5.9 per 
cent., while the company operates 
in a highly political environment 
and its growth prospects are 
strictly limited. 

year profit was a record £2.S5m.’ 

Stated half-year earnings per 
20p share were higher at 6.6p 
(5.4p). The net interim, dividend 

SEET rises 
£236,000 at 


and this further 
confuses the current situation. 

Nevertheless the Interim divi- 
dend is lifted from 1.76p to 1.93Rp 
gross per share on capital in- 
creased by last year's rights Issue 
and a maximum permitted toial 
is intended. The total for 1976- 4 < 
was 5.57605p gross and pre-tax 
profits came to a record £9.0Rin. 

The half year result is subject £225.060 taxable profit forthe six volume and not price levels 

to tax of £443.127 (£374.060) and months to October 1. 1977, com- which are the key to profits. 

earnings per lOp share are given Pared with £406.000 previously. Elsewhere the merchant bank has ine net imenm unriuenu !N . r^p Centember tore- ±’ l ' p „ n 

at 3.46p against 3.16p. Mr. G. R Robinson, chairman, been having a good year and the is raised to l-5p ftp) -to reduce * urofii of Scottish. P ^ fll 

The interim dividend is up from says the pottery manufacturer elc on iy dull spot appears to be in disparity. The final last-’ year was *£eli,h Ins EuranMii “ 

0 aap to Q.72p net per share. Last « still in the process of carrying ^ associates-interim profits of £2-93p. nnBT?r„!r 

year a 1.173p final was paid on out the remedial action referred Esperanza Trade and Transport **-- “ rfed from ^S.OtHT to » 

(Guinness has 

Ext-’m.-il sales 
Op-tai Ln« profit 
Dvp reel a lion 

record taxable profits of Ufim. 

• comment 

Grow-th has been steady if not 
spectacular at Cowan de Groot 
over the past 10 years or so and 
a similar trend is noticeable this 
year. First half profits are 18 
per cent, higher on a sales gain 
of 33 per cent; the slip in margins 
From fl.l per cent to 5.4 per cenL 
reflects problems with 

to in his annual report and 
results to' date are more . oC Jess 
as anticipated. The second half 
of the year should show further 

The U-S. problems are steadily 
being resolved and the situation 
there is close to what was 
expected. The rest of the group's 
tableware business in the U.K. and 
Canada and general exports are 
also as expected. 

As -a result of .improved 

a one fifth stake) 
fell by over a third. The group 
is probably heading for attribut- 
able profits of perhaps £Sm. 
(against £5.9m.) but a yield of 7.4 
per cent, at 206p indicates the 
market’s continuing' reservations 
aborit the quality of the earnings. 

AK.-ncy ere. . 


p - l.ij ..... imeu irum mm.wvi iu foiil.OfiD 00 

For the half year the net out- tllr11AV , r .r rsim cnmnirpri with 

S&'SWJBT&S jsa — 

shown at 1976-77 year end. 


renecis nrooiems with price con- . **■*"“* — _ *T.' “ 

trol restrictions rather than cost S m y !^ c and e £« l £ e “f* 

measures, stock levels and 


facility of 

pressures. The Horwood acquisi- 
tion accounts for about £im of 
sales and £75,000 of profits. That 
leaves liltle extra from the runm 
of the business with the industrial 
side (lighting equipment for 
local authorities, etc.) of the 

expenditure are now under better 
control and should improve 
during the rest of the year. Mr. 
Robinson says.' ■ 

The half year result is. after 
exchange losses of £37.000 

Interim by 
Country & 
New Town 

Volume sales at Maearthys 
Pharmaceuticals increased by 
around 10 per cent (turnover up 
244 per cent.) in the first half 

We rays* Textiles: .disposed of on Ex^ntinna] <Mms+ 
April 28. 1977. ux 

*. Mr. J. .R M. Mackenzie, chair- _ 

man, says the second half has Extra -ord. credits 
begun well for the group and. the To minorities 
re-equipment of mills -continues. Pret dividend 
The new steam generating plant 0rd - 

at Kenneth Mackenzie Holdings 21^1^ 

while pre-tax profits rose 21 per has been installed and tlje Black- a .\oo-food companies. 

Coontiy and New Town Proper- 

cent. However the performance of 
the main pharmaceutical distribu- 
tion division has been disappoint- 
ing with profits up only £36.000 to 
£L16m. Sales pressure on this 
division has increased as a grow- 
ing number of smsll pharmacists 
(disappearing at the rate t>f 250 year, 
a year) have; been taken over by 
larger concerns which in the main 

Mo nr 
1 WJ 
4 or: 

2. Mi 
»9 . 

t profits 

iroiHiM sL ,l .‘* r .dies) wh.*n ripprppMxl 

Robirch's o' *fit co 'i' '"d'Wi hy 
f 200.000. The fall mi P- frill* 

would have been even mere 
marked but for a line perf.ii tr- 
ance from the reia •iiixifrn 
which almost dmsbletl its conlrl- 
huri'tn. The ■if.iup'- asjre-'lve 
Keyni-iike* advert isi'i ■ caaiptii^n 
v. hi'h preceded Tt-sc*- ew.n .cut- 
price e.xnipa'Cn tnav l -r (f hrij*<-d 

the rei^riim* nulk-is m- - 

ket share over tlic t>eriod, but 
trading would have .nor? 

diric iu ■‘•mce tl'e-i jriei; 

i.iio war intensified. I’oulicv food 
*:»■ nianufaminnu. hi.wrwrt. may. m**v 
bcnctii From ‘owi-r f«’ori . jiru-r: 
■itit trading u» , o« ra!: / v -’5 ron- 
t.nue to he .-Jifli -uU f - fore 
vet. The shares it ."*?■ y:tUl il 
per it'll, on force i ,- d!’ ilenri*. 















S 93 



burn . Group Is planning further parent company costs, 
reola cement of existing looms 00 dis t >osal of PropeniM £174.000 

s «£5S.000‘: devcloptncw- and reorgaolsa- 

t03Chtnes._ ■ tiotl expeDdttore indudtns Hnanclnc costs 

-Tbe intenm dividend is stepped £932.oov <I47 i.omi anu other ttenis 
up from 0.6p to 0.66p net per 20p>. t Loss, 
sbve. A L04p final was paid on The poultry division was hit by 
full-year profitr of £862.000. last a bigh , eve , of production in the 

D. S. Smith 
ahead at 

industry at a time of. increasing 
food prices, coupled With an un- 

A two year unsecured loan electrical and. harduare division (*34.000 sains! and came on^ .ties^ ‘pay an interim dividend have their . own; distribution out- 5S5sr!t^ovei:Z.«— 

fi _ e ___a - orpr nt / m (M .ism i 37 fa uPq # « « •• . .-1 — — - — »« — -- » .w. ■ • 

£lm. for Cardinal 
Tnuri has been 

(53 per cent of profits) gaining 
group importance at the expense 


1977 results 

| Turnover 


1976 I 



10.999.200 1 

■ Overseas 


33.573.000 1 

1 prolil Oe!orc-Ta:< 


2.097,100 1 

■ Proi'i after la'' and ■ 

i e' I'aordinar*- iiems - 


595.100 I 

H Pershar-5: I 

9 Bai.c earnings 


8.62p 1 i 

i Divofncls 


3.50p I 

K r langiMe asieis 1 

1 !at:er ceducisng mmorily m 

^ :n!e:**i~t 

1 1 2.84p 

88.32p | 

t' 1“ Tafe ^ s for the first "time ever, as a result lets. The rest of the group, bow 

St.VkL. of a significant recovery in. tiie ever, has In the first half more 

total lo« included non-recumng reveru , e position. Pre-tax profits than made up for this sluggish 

ic of 3*53.000 ivfire reported yester- performance. Volume gaitw have 

•JEPJa da y for tbg' Six months to July, come from retailing (profits up 

at , compared With a £70,000 less for 76 per cent at £325,000) surgical Retained 

fast^year S ' 3069l8p ^ paid the comparable period. The 

Prom before lu 
Net orofll ... 
Minorities .... 

• comment 

mw»P A e' 



Seii-catenno holidays are on ihe increase throughout 
tiie world. Most seli-calenng accommodation is provided 
bv caravans cf three types. In each, Cl has a major stake: 

TOURING CARAVANS; Best-selling brand in the world is 
StTile, made by Cl and sold in 22 countries. Other UK brands 
ore E-jroca. Eccies and Fairholme. Prices start from under 

it. too. ' 

STATIC HOLIDAY CARAVANS; Seven million Britons 
I 'C-if iet*- -jech vear m siahe holiday caravans, self-owned or 
reniTCi. Oldes t and best-known make is Bluebird, anolher Cl 

MOTOR CARAVANS; more than 3 camping vehicle, a 
family cam, 'all. Ci's MbiorhomeJravelhome and Highwayman 
models oommate the market, making Cl Autohomes Europe's 
largest producer of coachbuilt motor caravans. 

For t-fc.jirti •nf.r-rnaiion i'ck Inc acpropnrue tor and 
:?;^n :-ii men tc- Caravans I n ternational Lid. 
Emson Close, Saffron Walden, Essex CB10 1HW. 


I I 

□ .*.0* 


interim dividend will be t)-2p per 
share. Last year a dividend of 
0.65p was paid for the full year. 

Latest results from Denbyware - Yesterday, Mr. Gerald Newton, 
are more encouraging than they t “ e chairman, confirmed that the 
look if set against the grim figures ever, by the end o f t he year 
of the second half of the last nnprovements at the Civil Service 
financial year. Then, losses- of dtore-In the Strand should permit 

Sound Diffusion to repay 
£2m. short-term loans 


5 L 095 - 3 JW expected decline in consumption. 
— 1,119-. Current Trading indicates that the 
55 second half will show a move into 

85 The agency, first hand wholesale 
12s and market sectors further im- 
ptoved profit despite fluctuating 
commodity prices and adverse 
trading conditions. . 

Exceptional- items included Ihe 
cost of the experimental launch 
of further processed poultry- pro- 
ducts. £382.000: the cost of with- 
drawal by Lovell and Christmas 







PHOTO-L1THO printer- and 
carton manufacturers.' David S- 
Smith ( Holdings) report .* pre-tax 
profits ahead from Wl.'i.ObO ;o 
£672.000 for the six months to 
October 31. 1977 

Changes in demand, created l»y 
market "fluctuations 'and other 
Factors produce difficult condi- 
tions. state the dirertprs and. as 
anticipated, lower interest rale* 
will reduce income Trom short- 
term deposits in the second half. 

Nevertheless, trading profit 
should make good the difference 
and the overall full year result 
should be in line with the pre- 
vious yenr's £1.21m. 

Although half-year sales 

crou P „ trading, advanced" From ES.lm to £3.73m.. 

£645.000 were incurred, . due to 

the store, to obtain a' “market 

problems in the U.S. operations. rent 

Admittedly, some £735.000 of non- Mr. Newton also announced that 
recurring costs from the eiimina- discussions have been held with 

tion of certain product ranges, British and Commonwealth Ship- 

and compensation payments to a ping, which holds 29.7 per .cent. a ghniiar amounL 
senior executive distorted the true of C and NT’s shares and 81.2 
trading picture but even so the per cent, of the Loan stock, which 

Sound Diffusion yesterday were available to It at par because 
announced a deal whereby it will of options. The stake represents 
repay aboul £2m_ worth of short 12.7 per cent, of the issued share 
term loans at a discount of Elm. ' capital. HFS has options to sub- 

121 1.000: and the cost of dosing 
retail- branches. £139,000. 


fall in profits 

As a result, the net assets of scribe for another 125,000 shares clonal items of 6.6 pet cent. I rum per 

bat this is deper' 4 -*-* - . . . 

facilities granted .to 

• Mr. Charles Stonor. chairman, fu^on by HFS -being utilised. 

profit margins have been some- 
what lower because of cost ?n- 
- creases, the directors add 

After tax of £349,090 (£320.000) 
net profit advanced, from £295.000 
before excep- to £323,000. with stated earnings 
20p share higher at ri Op 

thecompany win be mcreased by birt this isde^ndem on luring p^thi^ vel , reflects ^edeoressrd (5.5p). The interim dividend is 

m Sountf L>«f- -trading conditions in whWi Ihd lifted from l.lp to 125p net. cosl- 

prnnn nnci-^M c. r . reo An.i . p-n 

'Sion Dy nro oeing unttsea. group operated dunng tbe first inc £68.000 (£59 00u)— last year s 
I'liiuix uui even so me iierceiu. ui uir uwn «oc», whico ™« Pr rf av that the "deal was bound Diffusion also announced half Food volume sales in final wm* twtum * 

recoverj is respectable enough, could lead to the formation of a SvumSSf to both fSS The yesterday a joint venture with ° 1UIDe S ^ e8 ,n final was L3 ? U P- 

The recovery is mainly due to a new C and NT subsidiary, based g Mhe funds would be able Securlcor. The two companies 

““ in Amsterdam. SSSi&hS »re to Participate equally In ', 

iraaiuonai earner, tame- 7^15 subsidiary- would consolF declined to name the lender say- new company called Secunsound 

all C and NTs 


uhtrh P a^mmt' date al * ^ and overseas ing that he. did not want to draw with an initial capital of £10.000. 

«, r » ar °V nd 57 pe I Property subsidiaries, in many .of undue attention to the 'deal. 11 trill develop electronic Systems 

. ir l i i m Ty p r S3 r proved uhich B and C has a minority The Hra. cost of the repay- to combat attacks - on security 

m ^ rk , e ! .Tff. _. furn _ t .° r f Stake or is a joint partner. The ment has ben financed by Houston vehicles carrying cash. Mr. 

,4.. I 1 !® capital, consolidated company would have Financial Services, an affiliate of Wardman says that the size of 

s ; ,- y assets of about £25 m. in the last Houston International Bank Lux- the likely turnovex. meant the 

venture mto distribution of U r S baUnce sheet the boob value of embourg. The hew loan is for a project bad very good earnings 

furniture m tbe L9fo-«B financial c and NT’s properties was £27m. maximum period •• of 15 yeart potenti.1. 

year, still remains at an histone- _ . ..1 .. ., wtth renavment instalments com- On 

ally high level of £4.<m. Borrow- . 1 
ings have not been reduced since ^ t 

the year end: at £3.7m. running s “ eable property 

at over 100 per cent, of share- P an - V 'rineh would be 

Restraint still needed 

ireaSle SSi. 1- pSpESTS^ 2**Z*Z?* right to acceler- to .^old end of' ^ 




interest financing and M-ould have greater 
“muscle" -'- -*-*-'-* — * — 

'gplf. ate repayment. 

Mr. Martin Wardman, a director 

Jess than the corresponding figure 
last year. .Trading conditions as 
regards new business had “re- 

charpes are expected to he around f " Sn8nce for mained difficult m the U.K." but 

a tenth higher to £318.000. At further expansion. . Houston Financial Services, Mid w nQW Parting to show “a 

S«p the shares yield 9.8 per cent. The new company would con- vestgrday tha t as_ a rirault of the signifies, improvement" Shares 

fully covered on a maintained trol all the company's properties 22f t «?r*So2n l 2?'jSi n lTiJL2lSl5» Sound Diffusion rose 4p yester- 

dividend, while doubled first-half and property imerests in France, n i£&Z3!g£X£ day to 49p. 

earnings would give a prospective Belalum and -Holland. Australia, IT, of Sound 

Cana rid and the U.S. In the U.S, DU f' u,Dn S 5®?“ 'ts hor- lVfTTT ^ 

For example. C and NT and ^ confidence A. J. IVULL^ 

B and C each have a 20 per cent. »" So^d Diffusioo had been a. J. Mills (Holdings) has an- 
stake in Commonwealth -Realty shaken a few years ago but was nounced ... special interim divi- 


at the 

h*ino 5 VUIU encJ of 1976. 

owng blamed for faster house Total assets of Leicester Build- 
price nses.aays Mr Ralph Stow. t nR rose durh^ Ihe vefr 

f 1 ?. ? f . 5^?.’^ n . h a . ra by ?4.S . per cent, to £1 libn., 

inflow of 

and.Gloucesler.jvho lB also chair- Uianks'°to a*hea»hy net 

p/e of 13.7. 


Pre-tax profit of G.T. Japan 
Investment Trust more than 
doubled from £82,161 to £167438 

Trust Philadelphia which 
assets of around S36m. - - 

Statement, Page 25 

now coming back. dend of 

Houston' Financial Services has the year ^ ... 

subscribed In cash for 832,600 5p The total in yesterday’s report t0 J a 3Kse,s . to , f3045m. Mortgaze 

is incorrectlv stated. advances during the year rose 

shares in Sound Diffusion which was incorrectly stated. 

Reports to Meetings 

£50m. property sales for Trafalgar 

sat esaaw 

maximum loans against incomes £l95.5m. in i ■)?« 1 

?cnie Mas 

from ras-sta. to" oil i 

SftJS.SLiP-ffL'WH- - -' a 3 " h0U8h “ ,h ' s il 

1.757 pinakine*toti]fm- SSTfSUZT ! 9T7 - «« « 

-ft? U%F'S&,»5Z£* -S-K'nu'S 

Port Elian 

inflow— up from £43.5m. l0 £9 7 3m. 
last year—went to boost liquid 
which finished 1977^ at 
(or 24.9 per cent, of total 


£4(lm. to £50m. For the rest of 
this year, a return to profits at the 
Daily Ex pres-, continued con- 
fidence m the role of the QEII 
within the group, and 3 probable 
-scrip issue by the end of the year 
were amon^ the topics discussed 
at yesterday’s annual meeting of 
Trafalgar House by the chairman, 
Mr Nigel Broackes. 

Beaver brook Newspapers is 
making a profit. Mr. Broackes 
claimed. “Jlr.. Matthews is win- 
ning." At the Dally Express, 
revenue and circulation have 
both stopped declininz over 
the past six months and the 
position has now been reversed. 
The Evening Standard is break- 
ing even and causing no' worries. 

Clarifying the group's new 
policy with regard to properties, 
Mr. Broackes said that it had 
been policy Tor several years to 
sell investment properties, but 
tiie market had not been attrac- 
tive enough. Now the company 
was able to sell at prices which 
w ould yield buyers between 4 
per cent, and 6 per cent., and yet, 
because of the group’s own un- 
used capital allowances^ Trafalgar 
would not have to pay lex im- 
mediately on the gain. 

“We don't want to tie up a lot 
of money in completed properties 
and merely collect the. rent But 
that does not mean we shall be 
petting out df property. The 
Change n that our properties will 
now be held as trading, stock 
rather than as long-term invest- 

In addition to the sale of Bil- 
liter. Buildings and Leadenhall 
House, which Mr. Broackes con- 
firmed had recently been sold for 
just over £40m., there will be 
further sales of about £40m. to 
£50m. in the remainder of -the 
year. Thereafter the -company 
intends to continue to -develop 
and sell perhaps £30m. worth of 
properties each year. 

On the shipping side,-. Mr. 
Broackes was adamant that there 
is no prospect of the QEII being 
scrapped. But it is unlikely that 
there will be any further invest- 
ment in new ships either for pas- 
senger -or cargo use. The re- 
placement cost of the QEII would 
be £ioO'm.; it is in the hooka at 

Another area in which ' there 
Is Unlikely to be any further 
expansion, “although ve will not 
be doing any less." is hotels. Mr. 
Broackes said ’ that while • the 

hotels in the centre oF London 
have been a success, the 
economics of hotel operations are 
generally not attractive. 

Mr. Broackes also made it dear 
that the company was not con- 
sidering buying the Savoy HoteL 
“-If yon have the Ritz, do you 
need it?” 

Trafalgar is also looking at the 
probability of a scrip issue by 
the end of the year in. order to 
reduce the discrepancy between 
equity capital and reserves. 

See also. Page 26 

FIRST QUARTER profits of 
Proprietors or Hay's Wharf show 
“a useful increase over profits 
earned for the 1976,' December, 

The Improvement has been 
brought about in the main as a 
result of tbe action taker, to im- 
prove liquidity by the sales of 
low yielding assets. 

THE' CHAIRMAN of Matthew 
Brown. Mr. Cyril J. Ainscough, 
told the AGM yesterday that the 
company was "making sound 
progress in all its activities.'' 

Beer sales in the new financial 
year have risen in total by more 
than 7 -'per cqnL while- the com- 

pany’s own brewed draught al«$ 
and lager are up still more on tbe 
same period last year. 

Mr. Ainscougb added that as 
beer prices have been unchanged 
for the • past nine 'months, it 
would be necessary for the com- 
pany to increase prices in Febru- 
ary after which' it was intended 
that these should remain 
throughout the summer. 

With the strength of current 
salra there was. good cause for 
enthusiasm for the company’s 
long terra prospects although he 

£»f* St «, that there could he no 
better than a- modest profit in- 
crease at the half way stage. 

SHAREHOLDERS in Ranks Hovis 
McDougall were told at yester 
day s AGM by Mr. Joseph Ra n J 
profirs for the first 

!£*.*£ to* current year would 
be below tnose for the com? 
ponding period last year. SEES 
** » n» loses «5ah5 £ 
the bakery division as a result nt 
the national bread strlkp 

mure modest srafe— a 
S!* Jr 0 !" K54Rin to £33 84m. 
Portman s niorigact- advances. 

™S*,*5S r j relatively sharply 

- 3 - a Per ernt in f 33.5m.; anti 
roiai assets inrreAtnd bv 21.4 per 
eent ro almost t mrUi * ** 


The Treasury have oivnn 


oo»pX" V Tvit* TT ,0 b7 .h. WU..U.S 

financial years endln, on th , ^cS'^""' 5 fS ' ! ' 1 ' 

rr f!8 

MEPC Ltd. Manchester £494.752 

Nottingham Brick C Q Ltd ^ ° n ' Wl «2.75l,w' 

Frederick Cooper (H,d« ) Ltd 1 °?^ 

Serck Ltd. d - Wolverhampton £86.515' 


Associated Engineering Ltd. 
ICL Ltd. 

Wilkins 8 Mitchell Ltd. 
Record Rfdgway Ltd. 
Caravans International Lid 
Crystal^ L f< J. 

BOC International Ltd 
The Phoenix Mmin C an d 
Finance Led 

!?. J ' Pyke ‘Hidgs.) Ltd. 
Weecham Group Ltd 

Norfolk Capi Ql Group Ltd 

Manchester Garages Ltd 

English China Clays Ltd. 

S. & W Bcriiford Ltd. 


Leammfc 0n 

So; * £5 S3?. 77 1 

London. 5W!5 £ 5 . 75 ^ 55 ^ 

317 77 

Sattren W.ndcn 
London W) 
London. VVb • 

t579 523 

76* 77 

2 :&;? 



Lcnd-.n Wl 
LcinjJ-vi. Wt 


LondCifi. S’.V7 


PttbZik kerf by , L ° nd0n - FC3 £-»J 

— Tnm "* ei bv the Act 

£IS >S? 
. •-■•5S0 


£8 672312 


31 JJ8 
309 .f 7 
il 1277 
30 9.77 

t - 

i I ■ V 

Ii I s 4 

T t 


.f %. i 


rc-spoct ot tasi ywr «* 
on the capiti>l increased by the 
This trill make t«tiil 

net ( 13.62 3S2p I and *2J484Sp 
cross I I9.424S4P). The -Treasury 
has given permission tor tnc 
approxiraalely 13 pt'f . cent in- 

The Bank that til the 

absence of unforeseen circum- 


. Midland says that to consider- 
ing last year’s profits that it 

should be remtmbered that In* 

teres t rates fell to a low level in February 1 <r«ii paid) 
the second half— particularly by Tlje Bank's advisers are 

comparison with the high interest Montasue while the l.«ue 

rates prevailing in the previous underwritten by Caaenove and 
two half-years. Comuany. 

Tbe directors have declared a ^ - pj y 
second interim dividend of ~25p 



1 1 

1 i 

'f,. ' 


i ; '-'S'*' 


: : % - 

iv * 

i¥ - 

* ■ ~'t . 

1 : 

; ; Hnanclal Times Friday January 27 1S7S 

Reduced margins hold 
Inchcape at midway 

SEVERAL ADVERSE influences, 



improvement in 1978 


. „ ... losses together with group relief 

jnciuamg a reduction in trading DAABn MKTFMC6 are available against certain sub- 

P JY re^rttons BOARD MEETITiGS sidiary profil ° They My thc 

in Nigeria and Malaysia. meant Tfao following companies haw notm.** group i? now in a much healthier 
fljjat^PK-tax profits of inter- *«« o» Board » ibo st«k state and the* look forwani to the 

national merchants Inchcape and ££*“"«■ Surf * meetins* m nsuaiiv fiuu _„ w s. h UU j et nonfidence 
Company were only mareinally tor ,he ww* 01 easUerum aiv t . ,muTe " n qujei e 
improved From jr-Lf 7k denda - indtcaUons arc cm avail- 

pm ro abltj whether {UvWwds concerned an- 

134 . Vim. for the hall- . year to interims or finals . »M the sub -divisions 
September 30, 1977. shown below are based, mainly on last 

The directors state that in most yeas ' s unetilble Tn j., v 
arefls in which the group operates, llrt0 rtm^ob n ^r£I wfliiam Coo* 
trading conditions -continue fair isheneui. cow FieWs of south Airica. 
although adverse .factors will also H*mi*iBo*ICrtinn- 

affect the second half. Having Wwl »~ c Pi!* 

regard to these and to the heavier FttTU ” g dates’ 

tax charge expected, they feel that consents! Mar. n 

the full year results will be Cup* Allman latcraathunl Mar. :i 

reasonably satisfactory. iia*cM /jobn> - - ij 

For all the previous year, they w gJ 1 £. w,> ft 

reported a record 173.38m. ace Machinery ....... ; F»*. i 

* U Thp 6 ' iniPrim I. Ete C IS?rr» ..... — £«■ 31 BUILDERS. DEVELOPERS and 

aliped ul lwn 4^ to So nit idwiiTtiS-l- s timber importers Y. J. Lovell in- 

-3^ oSffi? thf directors SUrttn£ ^ V' ■ . , VVb ' 1 *>»«“ *rom 

announced that they, expected to 

Earnings per share are given as 
125.6p (22 4p}. 

£1.7m. for 
Y. J. Lovell 

recommend payments for the 
current year of not less- than 15p 
(equivalent 10p) per £1 share ^ '-. 

First half profit is' subject 'to 
tax of ft 3. 44m. (XlS-Sm.) and after 
minorities ' interest and pre- 
acquisition profits .of £L33m. 

<£2.9lm.), the surplus available to 
Ordinary holders, before extra- 
ordinary . items, expanded ' -from 
rr B.i Sm to flfl.SSnt. . , ■ 

As already . announced, the SCOTTISH-BASED food distribu- 
group's interest -in the Nigerian t0ES Watson and Philip expanded 

Peak £1.2m. 
by Watson 
& Philip 

£ 1.53m. to a peak of £1.73m. in the 
September 88. 1977. year. At half- 
way -profit was £99,000 ahead at 
£711,000. “\- 

Turnover for the year climbed 
from £4 7.34m. to £54Lllm., and of 
profit,, the building and allied 
trade operations contributed 
£lJ3m. (flJiSm.l, and timber 
£0.75m. ( £0.6Sm.), while losses of 
£174.000 (£84.000) . were incurred 
establishing, associate companies 
overseas. . 

Directors say that 1978 has 

subsidiaries has been’ reduced pre * f ®f fr?® -S 864 -*® 0 t0 3 he mm reasonably ■ well, but In 

in accordance with the Govern- 2"? "£"5 ,£^ ^Tof lhT MntinidS’ pressure 

mem’s recuurements. from 60 ner ended October 28. 1977, on higher ’*f w uZZ: ZZ* - 

of £57.74m. 

aeainst on - margins they are taking a 
cautious view of the- probable 

mem s requirements, from 60 per 
cent- to 40 per cent with the J“™° ver 

diaries. However at the same com P* n 5' has had a successful Group properties were revalued 
rime. the 1 Nigerian outside year but trading was becoming at September 30. to £8.1m. uith g 
minority interest to the post-tax ™ ore difficult towards the end of OAm. .surplus arising. . . 
profit has been excluded. - aS,v,«c Earnings per 25p share are 

Pretax, profit for the half year ^^^tinued te ’ >,tlI,s conditions up |^ 2i.9p to 22. 5 p and 

is some ,£3m. less than It- wonld a z«>vp nnai aivroenH "Msi* uir 

have been if. the translation into tn A ^f! 3l ih? a r..u S thi wtal to S£9p net against 3.4Sp 

sterling of overseas results bad benefits, ofthe , ast - . 

been made at the same rates of W S SZ 

evrhanffe an thane anolvfn? for m the P 8 ^ and he is 

th« ; oa r PP «^ Si satisfied that the combat year Tawm . 

should show continued progress. 7™ IB « aro ? 

Tax took £577,000 (£421.600) £££ ^ 

leaving net profit ahead from Taxi 

. _ £443.000 to £398,000. A final divi- Net profit . 

• .- dend of L667S8p net raises the K! r ' — : 

imry ID total to 2.43044 P f 2. 17602 p>.. paid gj,"* ; ; 

p. from stated earnings' of 72p 

profit-pays ffl »> JSJS fist ™ te « er 

at £502,000 (£3604100). 

a 2 -TOp final dividend, lifts the 

the previous 

See' Lex 

year, say the 



- wofl 

.... - 1.278 

t AdHaaeet ler EP IP. 


. 14 
' 239 

With terminal losses in Belgium 
taking £64.000 Imry Property Hold- 
incs achieved a pre-tax profit of 
£193.000 In the half year to Sep- 
tember 30, 1977, and the directors 
say the second half should show 
an increased profit 
Last year, losses of £186.000 in 

Brooke Tool 
back on • 
dividend list 

Hambro Trust 
has £120, 000 
at halfway 

DIRECTORS, oJ'^ambro-Tnist say 

~ Wt a MMf dec, of 

First-half tax takes £12 9,000 ; nK3 ^ fr^m £Si 900 to £I61,7tH) cause of dividends tram other in- 

( £117,000) and extraordmary for lhe year to September 30. ~ ' ' 

debits of £20.0«l (£200,000) have 1977 Dividend is restored with a 
been transferred to reserve. Out- payment 
goings in respect of properties in M halftime profit had recovered 
the course of development less f Tom *5,400 to- £52,300. The year’s 
tax relief not charged against resu]t is sn bj«ct to tax of £9,600 
profits came -to £17.000 (£34,000). (£2^00 credit) and after interest 
Id the last annual report net of £116,400 (£130.7001. '. The 

profits of £150,000 were forecast attributable profit is flfiUOO, 

for the year -as were dividends of while extraordinary debits, of ceipts- are not -expected to show 
l.fip net pec 25p share payable in 135, 000 last year produced. JtToss .any. increase and about half the 
hvo halves. • ■ of £22^00. 1 ” .y available Incofne'at Deceiiiber^Sl 

The interim payment is nojv de- Directors say. they comader.ft. vifill .bp carried forward and 
dared -at 0.8p. The last payment unlikely there Will bp .atiy.furAeiS applied? to the final dividend. A 
was 03p-uet for 1974-73. tax liability, gjj qatried tOTOar3;>^x(;'j.3-2p , 'tinal' was pajd lost -year. 

vestments.. The. total available for 
Ordinary capital u> £120.000 com- 
pared with £79,500 last year. 

On Wednesday Hambro an- 
nounced an increase in the 
interim dividend from 05p to 
O.tS.lp net. 

They say the second half re- 

China Clays are not encouraging, 
thc current year may yield' a 
modest increase on last year's 
pre-tax profit of £S0.4Sm.. Lord 
Abereonway. chairman, says in 
his statement with accounts. 

He says that he wishes he could 
express the same confidence in 
the short term future as in the 
long' term, but says with the 
soundness of the group’s business 
and the resources of employees 
the year may turn out better 
than the portents of likely de- 
mand and general ‘ economic 
climate may now indicate. 

On the day side of operations, 
he -says the group sees Jittle pros- 
pect of securing increases in ex- 
port prices for either filler or 
coating clay for the paper manu- 
facturing industry. Nor do direc- 
tors anticipate any great advance 
in volume, although some im- 
provement is hoped for. 

The other industries using its 

china clay show only slightly 
better prospects of requiring in- 
creased tonnages, but ECC is con- 
fident or maintaining its market 

In the current year expansions 
are to be carried out by group 
production companies in 
America, Italy and Australia. 
Anglo-American Clays Corpora- 
tion has entered .n joint venture 
with Flintkote Corporation to 
produce a calcium carbonate 
paper coating pigment. - 

On the building side, it's main 
work of documentation on public 
sector housing is completed, and 
although there is an appreciable 
amount 'of construction work in 
the pipeline there is little hope of 
ECC again finding major outlets 
in the ILK. 

.To compensate for this the 
group has shifted its emphasis to 
the West Indies and more re- 
cently the Middle East. Already 
900 low cost bousing units are on 
order or under construction in 
Trinidad on a consultancy, royally 
basis with full documentation. A 
smaller scale operation . In the 
Middle East has also been put ln 

The quarries • division, which 
last year- had invoiced tonnages 
only two- thirds as high as two 
years before, has sought -to main- 
tain its prices in a weak market, • 
and if .this continues the division . 
should, continue make a useful 
profit contribution, Lord Aber- 
conway says.-. . 

Negotiations with British Rail 
are underway fpr extension and - 
modernisation of Associated 
.Asphalt's London depot, and in 
the Channel Isles bulk cement im- 
port and distribution facilities are 
to be constructed. 

In the September 38. 1977. year. 
Kquid funds of ECC increased 
£l0.62m. /£7-3Im.) and at balance 
date net assets of thc group 
stood £13m. higher at £47.9ra., 
with short: term investments aod 
deposits and. cash, at bankers at 
S. 4 m. i£ 5 hl)_ v -• 1 :r-.. .... 

Group ■ ■’grojpiftS.e'j.'*' were- * re- 
valued. . at. October. 1. . and. the,. 

£28m. surplus will be reflected in 
this year's accounts. 

Meeting, Hyde Park Hotel, SW, 
February 22 ar 12.30 p.ra. 

Statement, Page 10 

up 36% 

ON TURNOVER 25 per cent, ahead 
at £26m. pre-tax profit of Lonsdale 
Universal climbed 3fi per cent, 
from £0-9m. to £154m. in the 
September 30, 1977, year. 

At half time profit was £134,000 
higher at £585,000, and Mr. Alan 
Edwards, managing director, says 
the group is Strongly based to 
continue its progress in 1978. 
Apart from the expected poor 

results From the retailing and 
board packaging sectors all other 
groups improved. Office equip- 
ment aod stationery increased its 
profit 75 per cent, to £0.75m_, lead- 
ing the way and reflecting the 

previous year’s investment pro- 

The result is subject to. tax of 
£281.000 (£337,000).- and after 

extraordinary gains of £6.000 
(£32.090. debits) and Preference 
dividends, attributable profit is 
£948.000 (£324.000). 

Under the provisions of ED 19 
earnings per share are given at 
13.9p, while under the “liability** 
method at lO.OOp against 8.19p. 

The final dividend 7s Increased 
from 2.8S25p ner per 25p share 
to' 3^404p. taking the total to 
4.6324P (4.1475pj. 

Derby Trust 



After interest and management 
expenses, pre-tax . revenue of 
Derby . Trust advanced from 
£467292 to £530.330 for 1977. 

UJv. - tax took £173,307 
(£172,269) ’ and overseas tax 
£14^205 (£12.0331. leaving available 
revenue up 13 per cent, from 
£302.990 to £342.818. 

A ' final dividend -of 7.13p 
(6.721p) : net. steps up the total 
to T3.429p fll.8?p) per income 

On^ December 31. 1977, the 
X0.4m. -'deferred income £1' shares 
became income shares of £1 each, 
but-ohl^ rank for dividends 'in 
respect 6f- 1978 and afterwards. 

■ : ■ Net assets are shown as £3.45 
(£2.-401) per 50:> capital share, at 
December- 31. 1977. 

December, 19S0. Of this £*m. has 
already been paid. 

The St. Kitts-based company U 
also to be liquidated and distribu- 
tion of its assets (mainly the 
compensation installments) will 
also be distributed. 

JsL Kitts London's shares will 
continue to be listed until the 
final instalment of the compensa- 
tion is received. 

F. Pratt 
slows to 

A SLOWDOWN in taxable- profit 
from £526.130 to £261.879 in the 
second half left the full-time 
surplus for the year to October 
31. 1977, at F. Prett Engineering 
Corporation lower at £706.525. 
aeainst . £938.380. Sales were 
ahead by £2. 7am. at £17.47m. with 
direct exports increasing from 
£2 2m. to £3 8m. 

The expected improvement m 
the second six months was held 
back by continued difficult 
trading conditions, especially in 
the constructional steel division, 
the directors state The order 
book at year-end was better at 
£7.5m. (£5.7m.>. 

Although these difficulties have 
persisted into the current year, 
there is now evidence of improv- 
ing business, the directors say 
They therefore expect, as the 
year progresses, a return to the 
more profitable trend which 
existed up to the beginning of 

Tbe net total dividend is lifted 
to a maximum permitted 4_S121p 
(4&>26p including additional 
0.0442p for change in tax rate I 
with a final of 3.l6S9p 



li.iG9.Sll M.rtxMS 1 

Tradiox proft 






...... . 419.S9T 


Pre-la* profit ..... 

- 7»J2S 



....... iS.9IS 


.Wt profit 


S37 SIS 









Ord. dividends ... 


»3S VOS 

TO reserves . . . 

._ 406.44B 


Cmlln. ♦ including CKt lor prv- 
vtons rear’s tax adjustment dividend. 

St. Kitts to 

Following nationalisation of its 
principal asset. St. Kitts (Basse 
Terre) Sugar factory, by the St. 
Kitts Government, SL Kitts 
(London) Sugar Factory is recom- 
mending members' voluntary 
liquidation in order to realise the 
value or Die assets. ’- 1' 

-Under '- lhe nationalisation 
scheme, compensation of £im. was 
payable fn .instalments, up Jo 

A. Worthington 
does better 

'Textile products • group 
A. J. Worthington edged pre-tax 
profit £2.700 higher to £151.200 in 
the September 30. 1977, six months 
on turnover ahead from £0R6m. 
to £0.9m. 

Tax takes £78.624 (£77.220) and 
earnings per share are stated at 
3.55p (3.4S3p). 

Directors expect trading condi- 
tions to remain much as they are 
for the end of the remainder of 
the year. Profit last year was a 
record £311.615. . 

The inierim dividend is up from 
D.273P net per 5p share to Q-307p. 
A final of 0 472p compared’ with 
0.429 p is expected. 

jvar Frt-rtous 
•> tided Financial 
31 ir.77 year 



( Incorporated in tke Republic of South Africa 1 
Issued Capital — R597.5O0 in 11,950,000 shares of 5 rents each. 


Quarter Quarter 
eeded ended 
3l.JJ.77 30.9.77 

Operating results - 

Development— metres 

Ore milled — tons 

Fibre produced— tons 

Percentage fibre recovered 

Revenue per ton ?52B.4 

Production costs per ton 

Selling costs per ton K9BS 

Financial Results 

Operating profit 

Profit after tax from non- 
. mining subsidiaries 

Add: Interest received (paid) 


Profit before taxation 4.62S 

Provision for taxation 

Net profit after taxation 

Capital expenditure 1.319 

Prospecting expenditure ... 139 

Loan levy 73 


1. Consolidated results are given, as information relating to 
tbe company only could be misleading. 

2. Financial results are based on actual fibre shipments which 
vary from month to month and do not necessarily bear 
a pro-rata relationship to production and sales for the 

3. Operating results relate to tbe activities of group mines 
only, while financial results reflect sales of fibre from 
group mines as well as sales of other producers. 

4. Dividends Xos. 52 and 53 of 24 cents and 2S cents per 
share respectively, were declared during the year. 

On behalf of tbe Board 

















R 52 6.4 

R 532.0 







USB 5 

R9B :i 

R93 0 


































Registered Office: 

6, Hollard Street, 
Johannesburg 2001. 
26* January. 1978. 

C. H. WALTERS l ni „ AM 
W. T. P. MOSTERT* D,rect0rs 


Every Saturday the Financial Times publishes 
a table giving details of Building Society 
Rates on offer to the public. 

For further details please ring 

01-248 8000 Extn. 266 

■ : ’.r.i 

Salient Figures 

52 weeks ended September 25 

• - - ' 






268,267 206,924 

Profit before tax 



Profit before tax 
as a percentage of: 


Average capital employed 20*6% 





. Net earnings per share 



total dividends per share 



Comparison of 
historical cost 
and current cost 







Profit after tax 



Net earnings per share 



Dividend cover 

5.2 times 2.7 times 

Net assets per share . 




the financial result^ were better by almost any 
measure and represent a milestone of record on our 
way to adequate returns on the assets employed in 
_ the business. At £20,468,000 the statutory profit 
before tax was marginally ahead of the forecast made 
: at the time of the interim results and rights issue; a 
40% advance over 1975/76. 

The Directors recommend a final dividend of 
13.8124p per share net of associated tax credit, 
makingthetotal net dividend for the year 19p per share. 
This year we have introduced two innovations. First, 
wetiave made no provision for deferred tax. This 
follows a review of our tax position which 
demonstrates that we are not likely to have any 
liability to pay corporation tax in the foreseeable 
future. Second, we.have included a statement of 
current cost profits. It gives a more realistic 
assessment of the profits in relation to the underlying 
assets of the business and shows a reduction from 
the statutory profit of £20,468,000 to £10,443.000. 
principally due to an increase in the depreciation 
charge. The revaluation of the assets employed in the 
business, on which the extra depreciation charge is 
based, is not incorporated in the statutory balance 
sheet. Even on the more stringent basis the dividend 
is covered 2.7 times. 

The achievements of the year were considerable. 

. Sales of sugar advanced from 770,000 tonnes to just 
' under 900,000 tonnes. This was achieved in a highly 
competitive market. 

Strip Issue 

In the year under review we committed nearly 
£30,000,000 to fixed capital and required an 
additional £20,000,000 in working capital at the year 
end. Wewere encouraged by the response of 
shareholders to our call for a "heavy” one-for-two 
rights issue which raised just over £18.000,000, 
made more onerous in the market by the decision of 
the Government not to take up its rights, which 
reduced its shareholding from 36% to 24%. 

We are proposing to bring our issued capital more 
into line with the underlying asset base by a one-for- 
one scrip issue, thus capitalising £15,000,000 of 
reserves, and to split our shares into 50p units with 
a view to making them more marketable. 

Prospects for the Current year 

The crop this year has reverted to a more normal 
pattern. We were encouraged to receive continued 
support from growers, after three poor crops, which 
enabled us to maintain the same acreage for the 
current season. The high sugar content and almost 
absolute absence of disease will compensate for the 
yields being still somewhat below average. The 
income from beet this year should give the growers 
reason to be pleased that they stayed with the crop 
after the three bad years. 

The Company receives no subsidies or aid either from 
the UK Government or from the EEC. The distortions 
created by the large gap between the green pound 
and the market exchange rate of sterling has put the 
Company and its growers at a disadvantage 
compared with their main competitors. The current 
year is bound to be tough for both the Company and 
its growers under such circumstances. 

Position of Strength 

The British consumer requires a secure source of 
sugar at economic prices. The Company is a low-cost 
producer of sugar when compared with any 
continental producers or its UK competitors. This low 
cost structure will allow both the Company and its 
growers to prosper when true market forces are ' 
allowed t6 operate within the EEC. The Board is 
determined to maintain the Company's relative cost 
structure Its determination on this issue and its 
confidence in the Company's future can be judged by 
the recent announcement of a two year capital 
programme costing £70,000,000 to complete the 
capacity to produce 1,250,000 tonnes of sugar in the 
1979/80 campaign. The perseverance of the 
Company and its growers will reap benefits in future 
years to the mutual advantage of consumers as well 
as growers, employees and shareholders. 

Balance Sheet 

Share capital (authorised, 
issued and fully paid):— 

1977 1976 

£000 £000 

Ordinary shares of £1 each 








Deferred tax 



Deferred credits 



Loan capital 






Fixed assets 



Current assets 

Stocks of consumable stores 



Stocks of sugar and 

other products 



New sugar beet crop 




21 ,338 


Bank balances and deposits 




67,382 42,879 

Current liabltities 





23,314 21,060 

Bank overdrafts 




Final (recommended) 





Net current assets 

40,661 20,643 

133,529 89,375’ 

British Sugar 

Corporation Limited 




But better times are 
ahead for Amgold 

Brittains gets 
£2m. boost 



Equity Capital for Industry is 2976 levels, short term borrowings 


around dm. of 
medium term debt. 

. “ u “ me move is -ueugrrca to pro- - M .,_ nrn „„ ...,.,.1,1 .i,,,.* 

pany. Anglo American Gold By now the rising tide of gold the plant, which will give a major vide ihe additional capital needed SH •»« nTim* the 

Investment Net profits for 1977 mining dividends is flowing stimulus to the local process f or a major investment pro- JJ”®" tJco £5 , tioSd 

have come down to R4l.3m. through to Amgold and the engineerlng mdustJT. win be over gramme, directed towards the K3^5 tamrn rate snK 

(£2-L7ra.) from R45.4m. in the current Ualf-yrart results should WOOm. <faU».). modernisation of fte paper a rigfaSS, ^ecS?y s^ the 

previous year and a reduced final matte a bright showing with the * 

LOWER profits, but with the ject to a time-lag between the posals from Standard Bank and equity Capital for Indietry is 19i6 lepls. shorttera 

indication of better times ahead, declaration of dividends on its Its local subsidiaries to association wafariiu 

come from the Anglo American investments and the eventual with LDC, the local associate of capital for Brittains., the fate fiord whue theretvas arot 

Corporation group? major South appearance of such Income in the United Dominion, and a leasing store-based paper group. wiSTa market valuauon 

African gold share holding com- investment company’s accounts, specialist The capital sum on The move is -designed *" " m a SUKK marKet ' aiua uon 

.... 4 r-.M n.r now Ihp Heine* 11^0 nF mid ihp nlnn I u-tliph will sK'B H manor T-iHu Tkn -.ddiliAnal (Fa-nil, 

dividend of 85 cents (50.6p) prospect of further good tidings 
• makes a year's total of 165 cents in the second half. Amgold lost 
. against 180 cents for 1976. 2 to £15* in a generally weak 

i&tt 197* share market yesterday. 


■nvestraenl Income 45.15? 45.930 

337 ' 1,788 

Messina omits 
its interim 

rK a rights issue, especially since 
activities and expansion of the ora dose to nnr mii» 

plastics division, ft will also ex- *3J*“ 


to see 

" Iscor develops 

-•Tderwn'irs commission.. W7 77 » nn 1 /Inruvrif 
\d ministration expenses ... 1.016 - 1.256 V,vd.A ^JvIJUaH, 

! merest paid I.SS9 37: ___ . . . _ 

.'merest ... 

surplus no realisation of 




He added, “it is important 

THE WEAKNESS of copper prices initial introduction wa£ arranged 

ssfff ssss f£.s a* at of 

South African and Rhodesian As a result or the package, moderni^tion 

copper mining and industrial vnj vvill be entitled to between ^ aram ®- 11 . . wiU help • 

.il *2 FFto'S'ifFSI i^SSSSss zSsFE tt* 1 

... „ «j« sel^t blend unking cod deposit 3?'^'?^ the liSeM jJSFKS of ■" Ntllira L ^S 

, .n e.-ssr^hss.^ saSSsSS s rss s » £- 6 fs 

! §&£ ^sr€JS 

Financial Times Friday January 2? 19 iS 


First major step in 



Reed International’s purchase pany in November, WT3, w-k f^3t ^mpor inlwreis^in 

of Nampnk. the lareestM ctasms cause of »"*«««*?■ _“£“ “? £Kr and S: The Heed 
company in South Africa, was prices for its Initial jv- per jp lt off. will eifub- 

completed to January 1976— well stake: 34.25 a share to SL Hes-s ■ Corporation's dnmm- 
after Alex Jarrett too£ over from the paper company «*“«?*£ itfthta nertor. The other 

Lord Ryder as chairman of the cent, holding, and Ka n a. 3-40 10 * in thp bnrinewi nre 

company, lt was a deal that went public shareholders— a sum tote! those of Anclo American, through 
through In the transinonai period of £25m. It also undertook to JJJj Rarlow Rand 

before Reeds, new top manage- buy a 10 per cent, stake from whij . h te cw»tiy bought nut the 
raent fully realised the u deep the then chairman or Nampas, ^ African paper interests! of 
financial waters into which the jjp . Oscar Fruman. nvo years ( .sfantUni; U.S. partner, 
mum-national paper company was hter at a price of US* ? vvevertuuser. 

sailing. ■ . Mr . Frnraan exercised hii ri^rir ^ ninn Corporatta£ , WO s Mvrlf 

Yesterday Nampak, one of the l(J ^ other day. at a embroiled, in a major takeover 
.last building blocks m. Reetfs advantageous price to himsell— vears a „ 0 ln which 

^ambitious expansion, was singled the market price for Nampak was p ic?WB tlf south Afr:~r, anil 

out as tiie first major disposal m Rajjo—ajnd at a cost to Reed * Afrikaner Group Hcneral 

^mtfptKtins expenses 
Prori»1»n asalnst Il-aqs 
before tax 


Pmfli after tax 


second half of 1977 along with 

he recovery in the gold price P^opmem of the opeD-cast mander h. p. p. Grenfell, said «-™» « “SSnbmo^w ™ ted ^ then >’ and the James 

ne recovery m uie roio pniv. mvne which will treat some 13m. that the group's performance in snares or a, ana xaw,uuu L4 per ju e jii nenslon fund. Thic amnnnjc 

pomtrng to better things tons of raat erial annually for out- Sf firet Sum S Senurent “?. L Convertibles Secured Loan JNeui pensl0D iun<L Thls ^onis 

cn the resumption of share nuf Q r 2m, tons of blend cokme i™ that than ie 199o. 


ias been the resumption 
lea lint,' profits. 

put of 2m. tons of blend coking year has confirmed that there is 
coal and a Further quantity of jjttle hope for improved results 

to. 2,118,758 new Ordinary shares 

ECI will subscribe tor £500.000 

hiuim pruiiui. coal and a funner quantity or i itt i e hope for improved results issned rinfinarv share 

Investment income in the first fuel for power station usage, was the fill period. Apart from «* Pr^erence shares (as well SJfeS w taSSS d Sto? Shto 
ilf of last year dropped 20.6 sta rted to 1973. Since then, delays {h e Rhodesian Olangula, the as tor the whole of the Con- 23 creasea Dy me n&nrs 

ir cent, to R21.3m.. but it in the project, which will cost irou P ’ s mines are operating on, yeruble Secured Loan) But exist- “ UB - 

-.eked up in the second half with over R200m. (£118.2m.). have been br near, an unprofitable basis. “5 shareholders and holders of ______ _ • 

.he result that the year's total caused by Iscoris shortage of Failing a substantial increase in fh® 10J per cent, Convertible De- 11/ 1 1 IrmcAn 

»f R45Jtm- was only R1.7m. down funds, in common with other the copper price, therefore, the benture Stock 1991-WTof Brittains .▼ * 

>n the 1978 total: it must be primary steel producers. . contribution to profits by the wifi he offered an opnortunfty to TAyf a A_l_ L i 

Match holders 

current financial year, which ends Originally Reed Intended to put peted for control This was pit-. 

to March, Reed^has sold bits and aI1 . its 30^. African huslneffics te , for contr0 L General 

pieces of Us business worth a iirto -Nampak, but in Uie event ^rfnin^’N .suw-ss in gaining eon- 
total of about £30m- jx the lt 0IfIv SO ne halfway in doing trn[ 1Hlt ^,0 prosiuii-tivc owner uf 
negotiations for the sale ofgeefl s th1 Tjs f autumn it sold Nampak ^ amp3 k Hrmlv into Afrikam-r 
major South African interests to ^ ts of t h e external interests hands. 

Union Corporation are successful, j n best with Namp a k»-con- inicrnatnmal is IcO with 

and if Reed gets a wod Price ana slgting of four packaging com- African interests In build- 

is allowed to repatriate -the pan jes and a company making j Q » products— those of Twyforils 

on favourable terms, it may f 0r scientific recorders. and Key Terrain, which it could 

double that figure Th e terms of this deal trans- no t readily merge into Nampa V. 

As the news was announced the ferred RSm. of Nampak's liquidity aD d its paper me rch anting m- 
South African manage men t of j 0 Cdrp. They were, care- tcrests— chiefly those of the Ree»i 

Reed Corporation were stressing gemtinised in Johannesburg subsidiary Spicers. Tlii'W busi- 

tbat the deal was purely CQ!a ’. because it was well known that nesses have a turnover ui South 
mBrcial.” Buf at the J^enr wanted to use the money for .Africa of about £30m. our of 

company’s head office in. «cea- another 0 f Reed's many cash- Reed's . total turnoi er in South 
dOJy, the line between com- h - npp v projects, the S ranger pulp Africa of £33finL Asked whether 
merdalism and politics was -vUnaner venture. Stangcr was these interests would be up tor 
blurred. “It was no secret, said five ago “back sale. David Cormie rcpliwl "I 

David Cormie, . the finance. _u_ W bien we were build- don't know: lets do one thing 
director, 44 that if a suitable . mills anywhere anybody at a time.” 

opportunity arose, K f ed wanted them " as the finance In both Johannesburg and L**n- 

Interested in withdrawing from director nut it. lt is- a joint pro- don there was total silence yester- 
South Africa. The Reed manage- ^th the South African sugar day on tile terms Reed might, 
ment did not “tend to invest -Q—p-py q_ q. Smith. The idea negotiate fur its sale of the South 
further In South Africa and m to use the steam from the African bn-sines'se*. 
su ch , a situation the Jntereris of . ar mlu Md the unu sed parts The market value of Keen's 
and^IocaJ management ^ sugar cane to make coated holding in Nantp.ik war. R4irin., or 
clearly diverged. papers The plant came in stream about £27m. But j»y sperul.itiun 

The deal- . makes conMnercial second half of 1976. with on the final amount is tump lie:: ted 

sense in that Reed can only sell ^ usua j start . U p problems, and by the terms on which * nma 
businesses that are sellable. Yet iat0 a rn f » ngr market The total Corporation will take over the 
in Industrial terms the offer to investment in Stanger to date is lass-making and almost exeiu^ivvLv 
sell Nampak does not conform about R70m., mainly financed with debt tinnnreri St auger ivpcr 
with Reed’s stated strategy of con- ; n nng guaranteed by Reed and mill, lt ut also difficult to see what 
centra ting “on the mainstrMm or. gmitb. In the six months to proportion of the cash Reed will 
Reed's business.” Nampak is a September 1977 the mill - gen- be able to take out nf South 
successful and profitable packag- erate d a loss of R8m., or about Africa without differing Hie 32 
Ing company, and packaging- is, Itfi ,j e bt is, counted as a per cent, discount on tho 

and will remain, one of the main contingent liability in Reed Inter- securities Rand, 
thrusts of Reeds business. To national's balance sheet. Reed's management ik clearly 

this extent the decision to seu Given its unhappy record to hnpcfui that a way round fhi.% 
such a company seems a clear ^ dearly advantageous problem can be found and tlias 

reflection of Reeds view, of lq^ p^ed to be able to package Reed will emerge with « Mini n«»t 
economy _iii- which; Jt. operates.: - . stanger with Nampak— ^the one far sort of the £31m. that it pant 
Reed baa run Nhmpttk for otdy. making the other palatable. Union for its 62 per cent, stake in 
two : years; i Its bid for the com- Corporation Is a mining, finance Nampak. 

CLARK TO WEN of son * e being in: or is required to pmvh.ise »iie 

rh2 erS rf,™ l ?!?«ti!lS * * * I ~ The “convertible secured loan Dteeussions are known to- have W EVTOUft ! C . < Me5nwhlle. paj-Tnent of interest puiSsc h »Sw'1w a £?4m f ? r |iI» , I 1 . 

UaSs of major oil group’s! D AM ^n’r tlw. ' Hudson. Bay Mining and Smelt- IjiSSSSf? ^2^.F3S 'OnF'E In ^Unusual ending to a bid due for half year ending Ebtopprilsr in ca^nnd P..r«!y in 

IVlr. John Finley.' the Exxon 
■xecutive who is becoming presi- 
lent of La 

S’SSL r 77. . vSSrrt&f lead-itoc *" deposU and wi » he convertible between not anxious to pre-judge the Issue S'" bid" tor ^"Stolkl^tTa - .ShouJd the scheme proceed tax. were £l.95m. and tm-.r proms 

ustify a. major expansion But f UD P 5G r , THE 1 ,^ r ^ °r m C |m ’m 8 60 mlles a wav from the centre of , 1 -S 1 J ind 19 ?°’ at 52£°! tfl3 J ee S* fore *Jj}* details are known, pr i v fte company set up by five appropriate amendments to its before taxation for 2976 £4Uti,rtyi' 
h? invertmenfwiU SSthToade If Is th ^ < ^ DS ? Udat « l Gold Reids operaci0 ^ at FUn Flon in Ord^ary shares of^Bnttam for The Wilkinson Match ^ and Win tour dir^ors nith the toten: provisions foUoiriog that terminal 

ie results 1 of Vn* explosion pro- . R R e “^“ ^^7%' sellers are Free- £ n ** h *W A . ^ through SSTtSover VVmtour Siterest payment vvlfl be put Rrr/m vr .- 

'ramme. lasting 30 P montbs and Ren J? on r BeU «w» Tasmania. Net p0ft Exploration and 12 financial adnsers Hambros Bank, stalkfast - won irrevocable before the court for approvaL (. ■* v 

'osting S7m., are not satisfactory. Deremher ^^have advanced to Beth-Canada Mining. Hudbayisto ?M5^when Pb it be^'firmlVy ^ acceptance by Wintouris Board As known the directors will not DIAMONDS 

Despite the tentative rature of Pfo^m /iiiETl from an pay a ro - valty of 25 cents for renavable 1 ' 5 j? PQ^on <* fwhich controls 17.17 per cent make the scheme effecuvt? if this The offer by Chirk Diamonds 

■he plans, the declaration of in- usiSulwrro ind every ton of ore mlned - Howvrar ECT-i subscription is m, " orrty ^ ol l ers - n of the shares) of its offer (worth risk of ACT assessment cannot be Pensions tor the 3.67.7 per cent, 

ienrion suggests that Exxon has f h d l U ( ?i d ri *^dend boJrted ro co?dkS on the wmo S of , Aceountanto Coopera and S2]j> in cash but with a share eliminated. Preference Stock of B ritr.h 

nommnni," h»w «i«w the lotfriin "- ,v, . dend 15 boosted to two by SJ' ^rouD £ f bnmd stxU .^, ** alternative also available) late:io luveslmcut Trust winch was 

two transactions ny xne ? roup^ _ n f nrenanne a fall reoort on nnn>mh«r after CJark. hart marto. • _ . _ • declared unconditional *m 

December 12, 1977 will remain 

Listin g 

Exxon plans $l.lbn. Chilean expansion SC 

"emembered that such income ' The problem has been solved by mining side of the business is apply for the remaining £im. of 

ioes not accrue evenly through- inviting a bank consortium to unlikely this year to compensate Preference shares on 1 , the same 

mt the year. arrange leasing facilities for the for losses on the industrial terms as. ECI, which will take up 

As with all investment com- beneficiailon plant portion of the interests, he added.' Messina feD any shares not applied for. How 

lanies. Amgold’s revenue is sub- project. Iscor has accepted pro- 6p to 90p yesterday. the application is to be arranged Final details of the • deal 

has not been decided. whereby Allegheny Ludlum 

Lasting will be sought for the Industries Incorporated, the U5. 

Preference shares on the' Stock specialist steels group, is to gain 

?® but the Convertible voting control of Wilkinson 

— - loan -will not be- quoted, jviatch are still being formulated. 

iXXON MINERALS International, terested and announced its offer (5.12p) a share. The shares were coUlrtJbl^'bSmeen 1981 ^ and £ ^aiShSdS 

i subsidiary of the giant V£. oil in December. The contract just £10{ yesterday. 1990 tori usive into Ordinary shares bef ^l KrSdofriertSSShto? 

lorporauonjExxon. plans to spend signed m Santiago provides for * ★ * ' of Brittains at the rate of three apnrowai^ at hSd 

•l.lbn. (£o63.3m.) expanding La Exxon to pay the sellers more _ . .. . -.inino in Ordinary shares for each £1 pre- t0 held 

)U>putada de las Condes copper than 886m. in cash next month Th e South African mnung in- , share. probably m March. 

nine in Chile. The scale of the and the balance after the audit- vestment group, Mrfdle H»fr \jnti! the converalon rights haVe J* the meantime, institutional 

n vest ment was disclosed as Exxon ing of La Disputada's books has watererand (Wertern Areas). expSS SI Preferenra Shares wiH ^are^Were in Wifldnson, 

^ COmP, '' ei cMa holds h, S Mr “X a ..”?ec P eCr ‘ . **§* S( « «h°,' 

\ n h% ro m r i„ s r? s m ^-nf 3 s Siby , h e •msrSLSIU^ S KSStJHES 1 JSiMft SSSS?" A ?SS-Sffi mW-J?* “ »■ 

Reed’s retrenchmenL . In the £g m 

Mining and Fitleral Myabnu com- 

Renison’s tin 

DisputadaT^sa'id^pre- nrnfjf HoOSt 
rveys indicated that F lU1U uuusl 

ccepted the commonly held view ;«> t 
■ f copper shortages emerging in J y^vt- 
he 19S0s. However, the group is The previous year's interim was 
cting against the recessionary S3 cents, equivalent to 17a cents 
rend in the industry which has on the capital subsequently en 


nnYi inTEwiho arankhinn «F of P re P arin fi- a ftHl report on December after Qark liad.mada w/vApnAc/cirv 
?ivora^o Ud ^nnfr a< ^»'i lU0 !!oar True*Temper; the ABegheny sub- two offers,' the highest worth SSp' NORCROS/S.I.fc.V. 
oivercote raper juui.. near Hr. imiirin.. - . .. - . ; 

Oxfotti from Oxford Univendto *>*ary be acquired by WUIon- m rash. • f . . . Noreros has subscribed at par open at least until February M. 

Brass fnr ft 7m to he toiunreff *° n ,n exchan « e foT sufficient This did not deter aark which for lWo thirds Q f the share rapiial 1978. 

>en manifest in widespread pro- larged by the one-for-one scrip bv^mi bsue nf" Ordinuv^ shares shares -to- give. AUegtieny more had akeadju^oa accepUsfces^ ^ r ' 1 * ' 

luction cuthacks. made to June. A final for 1976-77 THE COST of the No. 3 shaft by sm issue of Ordinary shares ^ cenL f ^ %V UkiD- options over 33 per cent of the Tranced 

ta*,***. “| h J ix r m ^ oE ***., it .N-d ig**m m 'av. Wi 

Aeceptancca of the Pretoreitv*- 
offer have been received m 
S.ULV^ with an . issued share respect or £1,362,439 nominal nf 
capital "of Frs56nL, manufactures Stock, representing 75.35 per cent. 
’ * ' ' * 1 windows, cur- of the issued Preference stock, 

steel structures 

new company- in 

tv||U11 ijunnivna. iuoug 4U rt UUbU ^ iM _, t ».■••***«•! -• . ^ — - - man ■ nor »*nnr rvt rna ivncm. uuiiuiik uvrr ( u uci Lena, ui uik X’^vAJh.. 

La Disputada has two main of 32.3 cents was declared on the development at the Anglo 
leposits. The latest figures show bigger capital. 0811 . Corporation s gold 

hai one 

onnes grading 0.72 per cenL 

The Chilean Government opened *h« — — 

he mine to bidders last October. oart hSf-v^ aTouS to 2 607 yesterday ’ 

:xxon was the only group m- f 0 a f ne h s cim^Sred with & u . Hte explained that capital costs 

a vpar aeo had risen at a higher rate than _ _ 

y 88 * orginally forecast and warned that SECOND f® nt *? - . _ , _ . , .... . 

additional funds would be re- RRDAnMOTTNT 11 CDn ^ aI ^ - Dews officim esn- the shares to Clarft. tors ana worK-m-progress. sidiarv of 

aulred from shareholders, nrob- i mate of £1. sm. pre-tax profits for - ... 

ROUND-UP 4 ably in early 1979 The shaft will The * of . Second B™»dr year ended October 31, 1977. C.AR I IOT /TYNESIDE (Europe). 

nuunu di • U’bunt Trust, the investment trust, volker a civil enflowrbur ' * , ci5,uc M - T MFYFR - Th ? t consideration m bring 

A $35 m, (£17.9m.) eight-year be , /f M ^ J }. 1981 ' eompany now subject to voluntary group based ip ; RottenSm. had The tax problem outlined by JJ,* Wy ^ Heyer SSJS 11 - S £,“ e 21 l':‘-T u new 

loan isbring raised by .llarcopper Mr - Etl3ered P e did not specify liquidation- proposals from the |g ke f for the estimateas one of the Boards- of Cazllol Investment has entered 'into^^n ? ares , in f OI hergi» which have 

in ing oF 5 the PhUipplnra to an amount. ,sa>1ng_ that the extent unit trust group Chieftain,' yester- ^e conditions of the bl<± Jriisl and TyneSrtte Inwatment wiUi the shareholder n ^ * 


J an. ES 

Ihl'. i 4-1 ui «rek 

LraiMLItlV- . E £ 

■spin t4.w5.UlV 

•uhlw ♦ 2.601.082 

i -via 1 i>ci*t»ir- -i.aca.a5rt.ono — 

brnki-n t»'2.29H.100 + 135.405.76' 

H«iw i Ollier 

•\ O 

hwi. So -unrip*., 
.ilrnivl iOiln-1 


A HtlH'rirnL 


.-16.114AQ»B4 - 


1.470. c 51 .(V? 



. u-.'.-Wto.^rr 

+ 13.f37 . 


+ 19.&3f-3M 


- 4.7&S;; 

ISSt K OKPAll lMfcM 



I- m-l. .. . ;7.t>7if.UOO.lXM - 25.auO.OQu 
In I'lr -n jI i<in..iV ( MniV. 14 ■- I'.M-J.Hi’ 
tullnua*^ U,'j4. 24,fVn>,«Si ^ 19^36.554 

!.*u. EVMo. .. 

UhlT li.rtl . >1‘ 

nhv* uni !•.• 

.. U.Olf-.Kw 
. *.?<C,3iV,7a3 * 10X22.CK3 
. 1.0U?.779.Un’ - 14.9T7.05U 

i.9i»AXV.OOO - 2S.lXM.U0 

oenems 01 mercaaeu imiuucuuu n al estim a te ofESOm Mr Denis Ior Xim - easn. in tom proms 1“"^, that its own nffprtwac less attrap- _ . . .. , PHTHPDf^TI f 

and of the new concentrate leach- Ethemtoe the chahmwn toldtoe were «88-«», but had risen to before the full Takeover Panel, wt ito _own offegvras «trac The Noreros subsenpuon of * UltltKOlLL 
ing plant. Output of tin metal aSurimeetine ln Johannesburg £200.000 by last year. headed by Lord Shawcross. The JJJ SJLJJJEJJ". TXwal ^it FV ^? 4 ^ has been AND HARVEY 

J * r~. *>-- annua '. “meting in Jonanne^urg BritUins J : borrbwing in the tost Panel's executive has ab^dy ^nel ™de by E^m. in cash and the Subsequent to the . annnuntv- 

finanC ' a * 7eiI were unchanged on g.«n D. E =^ea<. to .he deaL »■ S' ffiKS ££■ JUTSS 

SECOND 7 sen, to shareholders yee.erfey. M S'S.WtfS f™' 

BROADMOUNT lr contained Devv ' s official esti- the shares to Clark. Treatments a wholly-owned sub- 


Achcson InduMricx 

flnam-e rt»y ptotfm p n ? f ^ the requirement would depend day announced that it 1 has been _ 

tonnes ore reserve at San on the ,evel of ^ bui h° n P™e- having discussions with various proposing a two-for-one scrip The ffigh |3ourt has rrot and ■Oiekeu's** Maud ajs* ^Timber 

Antonio. Placer Development of With an extensive capital pro- parties on alternative proposals. issue which would value- the bid yet ■ been asked to approve the under which MLM has been 

A. part of the deal Dew te Trrit h hjtfll m- aTBStJ^&'aSSSSSrt 1“"“ t0 “»*• " ftlT «- 


* * * In costs. In the last two quarters, 

Australia's Endeavour Resources when there were no uranium 

Saaiplaas is vulnerable to bullion I ^?^? rs . tl ? an the scheme -which volker has already 4 ’ received on January 30. 1978. as previously 1078. ** “ n| ' lu ' tinue brtweeBii«jnw c Triut and 

Price movements and any increase I am nas put up. acceptances, representing 54.7 per hoped. • ... The companies trade as timber London and Sl Lawrence l'm-svi. 

' The directors, .through their merchants and as retailers of ment but cc L - ^ WT ™ ce 

However. further information ^ Dew ’ s [5^^ capital, 
ion the alternatives must wait 

has sold its Austral ian-Thal Tin profits, the mine made an operat- *he Board considers that it KUWAIT BUYS 8% 
subsidiary to NL Industries of ing loss. has arrived at the most beneficial f-|f? r/tav a vai AM- 

New York for Sl-lm. (£567.000) .. t • . . . , solution for all shareholders— and ivial/i i ftLAM 

cash. Endeavour will provide *,!? *51^f r v£ V o?t2 i 1131 iS not Ukely t0 ha PP® n before The Kuwait Investment Office 

management sen-ices for at least S Jt J anuar y 31. when proxies in re- has emerged as one of the institu- 

two years for Australian -Thai mar '* e t an — closed yesterday at sn 0 nsp to rTitoftaln’s «ill for an tions which bouerht McLeod 

which mines barite ore in II” 1 u from 1977-78 1 extraordinary general meeting are Russel’s 32.8 per cenL stake_ln 

Southern Thailand. Endearour is 
raising its authorised capital to 
SA30m. in 60m. shares of 50 cents. 

At present there are 36.7m. shares 
in issue. 

peak of 126p. 



* + * 

In New York y ester 1 

5ARCO, the international cot.. __ 
producer which recently received Realisable— 

Ore Troatruent ttosnlu 



On? milled iTOnnesi 



Average capper grade 


1.034 c 4 

Con ceil iraies Uonnest 



Grade ‘cooper) 




Capper itomtcsi 



Gold (grama) — 


IK .62? 

Silver ignuns) ........ 



due in. Chieftain is confident Malay alam Plantations.- The 
that it will- receive proxies for the K.LO. has bought S!09 per cent 
10 per cent, of the equity which ■ of Malaya I am as a cheap way of 
it needs to be able to require buying a stake in Harrisons and 
I that an extraordinary general Crosfield. H and C Is offering the 

equivalent of one H and C share 

| meeting should be held. 


Systems Designers mid .the 
UK.G27 1 National Enterprise Board have 

for every 11 MaJayalam shares in 
its current bid for Malayalam. 


The Midland Bank has agreed 


Signal on interest rates 

completed the agreement K 

announced on October 30 under i^ri 

shares for £182 00? in°S5fiod 3oInt international operations 
te . with the development of its own 

PrayMe a £300.080 branches abroad. 

£“ faclllty . wb ' ctl coulci _ be The other shareholders, Over- 
caned upon m stages over five sea -Chinese Banking Corporation, 
years - Great Eastern Life Assurance, and 

vn T vtd /raiTAx/ Overseas Assurance Corporation 

VULKER/DEW remain unchanged. 

Bank of England Minimum } per cent Therefore the Bank the same number of houses. °ffiri^. offe i| document tor Midland intends further to 

Lending Rate 6i per cent, of England probably felt that there R an k haimn-t v»n. 9 inne Volker Group V £7 J)5m. develop FOCLs role in the Singa- 
pore January 6, 1978) was no need to reinforce the sig- *i e T !!? *** CJUh b,d for G- »» ™ P° re toance lndustr i r ' 

The authorities gave a signal to ^SSkSffS 

he London money market yester- rfjHons m the market and the ® ovenim e n I disbursements over 

lay that U*y rtoao, iSVSf IS' ‘USi, hSd aT^t^fal] 1 * S 

1 change in Bank of England _ vpn i_ t tn ii ia T Mi Jt cnet l ue r- and. a slight fail in the 

, linimum Lending Rate Urn »«k. S ^ (Sriytoe'SS 

This was the second obvious out guidance from the authorities, take-uo of Treasury hiHeirnd ^ 
pportunity to send a message on Day-to-day credit remained in wi made of Sie^xce^ 

nturesr rates on consecutive very short supply,, and the SSK3B hS™ mu borreSSl 

ipportunity to send a message on Day-to-day credit remained in was nude of toe exran! 

nturesr rotes on consecutive very short supply, and the tionallv la^e • excep.| 

lays, but although discount bouses authorities . gave the signal to the on Wednesday' 
juying rates tor three-month market by lending a small amount 
i'rcasurj- bills had pointed towards for seven days at Minimum Lend- Discount houses paid 6-61 per 
1 cut in MLR since the beginning mg Rate of 6) per cent, to eight cent for 'secured rail loans for 
»f the week, there had been or nine houses. Further he|p was most of the day. In toe interbank 
10 evidence of any pressure or given by lending an exceptionally market overnight loans rose to 
:ntousiasm for a fall of more than large amount overnight at MLR, to 8 per cent, at the close. 

Jan. ie 

19 1 : 



of depwila 





lM»‘ Alltb 

Fi Miree 






Bills 4 

Bills « 

Fine T ITU If 
Bills 4> 






66 ls 


riit.nui 4 icv... 







Jan nr 


6 I 3 

61g.63 t 


6 U 612 


6 .i 6 ti 


ESs- 6 14 


6 ?s 

STg -6 



n-i itxiDito .. 


6 ti-fiJfl 

flia -6 

B3 S 


Tirt* nicnlhn. 

f ;- 6»8 


6 W-Gi« 

6 ia -6 

6 I 4.012 



6-6 w 


•IK ni.mrlt* 



fiaa- 6 >g 


•me m»n:h.... 





V 3 


me war. 

61 . -«r*- 

77 ;; 

7 • 





»e lenir 









Notice is hereby given in accordance with the • 
Society's Rules that as from 1 st Feb. 1 978 the 
following rates of interest per annum will be paid 
on the various types of investment account:— 

OrdinaryShares 5.70% Equivalent 

Monthly Income Shares 5,70% t0 ’ 

6 Month Term Shares 

2 year Period Shares 

3 year Period Shares 

Subscription Shares 

6.20% (where - 
«;««, income tax. 

is payable 
7.00% at the basic 
rate of 54% ) 
7.20M • 







Local auUiorTTk* and financ* botues sown notice, others seven dars' fixed. "LonseMerm local authority mnnsnse 

□ie noRitnally Uuw.- j-rare «lur&i «r cent: 'our yenre KUit-lo) ifcr CMit.; five years lOi per «ni. ® Bank bill rates In abb- 
r-f twins rales, lor gnme paper. Baying rare tor four-mumh tunt; bills per ccol; foor-moath trade bills Bl-W per 

Approximate selling rare tor ane-monin Treasury Dills S2ls* per cent.; nnHUOPCii saiuaMsa per gjul: aim Utiw-oiontb 
ille-jj per eeni. Approxioiaie selling rare tor one-monih bank blits Si per rum ivro-monih S-€Li„ per cent.; ^tm three-oronfi, 
Per cem. - One-monih trade tilts #2 dot cow.; rwo-monih SMl per cent.; and also three-maom M-« per corn. 

Finance Hauu Base Rates ipuhhshert by On? Finance Korea Assodaiioni si per cent from lamurv L ig'rsi Cioartan 
took Deposit Rates ifor small suma a; sewn days' notice > 1 per emt Clcarlns Bank Rues tor loncUna 01 per ran? Treareo 
tilfc: Aicrast U-mlu- ralca of discount 5.7747 per cent ^ -reasur* 

Interest rates paid on discontinued previous issues of period 
shares will reduce byO.5% net. Rates paid on aeeoynts 
subject to basic rate lax will be reduced by 0.5% pja. 

176 London Rd. r North End, Portsmouth. 

Member of Building Societies Association 
authorised for investments by trustees. 

a<? ^ rs -T 3 i^^^ genUy P ursu,ri 8 and DIY priid'ucto ‘ from pe^rd^nVdariStion^ ”f J Certain raS 

%£&ssr * stockton - on - Miffi'r&ssw 51 ?- 

proceed without risk of liability Tp the event that MLM decides -special VoSmLtonnr^ b f 0 lhC 



■ ■ - 7 % Guaranteed Debentures Due March 1, 1979 
10% Guaranteed Debentures Due June 30, 1979 

NOTICE IS HER EBY GIVEN, pursuant to the provisions or fho TnHsni... . , , 
Marctil,. iMS among Unexcelled international, N.V. itoe^ "Smn ! IS?"?nmSrftoS a, ! ed ^ nf 
Twin Fair, Inc.l. as Guarantor, and The Chase Manhattan Bank . lnc - inow 

Trustee .the ■Trustee”), that the Company^ wSl iSSttSi {nt " ■ aw 

Due March 1, 1979 l the "7^ Debentures”) on March 1. 1978 ithe -Rpr!pmof??^TC? 7>eWntui-»vi 
of the principal amount thereof Uhe “Redemption Price -itoeethSp ^lH^ * at 100 
thereon to the Redemption Date. ■ ce } to sether with Interest accrued 

NOTICE IS HEREBY GIVEN, pursuant to the orovlsinnc nf *i, v 
January \,mi among Unexcelled IhtemationX. NAI?Une!SSiSi Sj.^SS? 6 ^' d » U * d ^ o! 
as Guarantor, and The Chn»> UinhsM-m . . euer ?» Jn ^. 1 now Twin. Pni r ■ 

the principal amount thereof', ithe' ‘‘Redemptlon'pilce^* tSSh^lPlL 0 ?, D f Ut " r ni ” lOQXvf 
thereon to the Redemption Date. J “^etner Willi interest ihxTUcd 

MS 1611 * 1 ?*?® 78, * 7 ‘* UPbentures and all the ni<- rv»iv>, » 

thereir Jhecomc due, 
m 1 the 7 ' 6 11311 10 Debentures will ! a wuc4 ititevest la 

the Redemption Date. ^ * IU to accrue on and after 

Payment of the Redemption Price, together with -i 

o tfiII no maria Hnnn nran#.Mi< i: i® . «* 

SSSiSSST 8 ** &e RcdemptlonDate A]%t 

The Chase Manhattan Bank 
( National Association) 
Corporate Bond Redemptions 
1 New York Plaza. 14th floor 
New York, New York 10015 

Pierson, Heldrins & Pierson 
P.O.BOX 243" 

Amsterdam, Netherlands 

Chase Manluittan Emk 

RoS"i'«“ E 

p r r^ 4 No}rc £ JD^;J' llXtm ^ 0l ' l 'SC0isp 
Luxembourg i 

, . Tbe Common Stock j S traded 

of the Common — aea 

19,1976 ranged 

Until the close 

their 7-, DebentS^s SSSSFSSS h 1971 
agents whose addles “e SSv' 1 

Dated: January 37, 1973 

s ips3KK“ 


G! . 

Vis * 


' •••fV.“ -■ 

iltaarteial Times Friday January 27 1978. 



Dow falls 9 on institutional selling | £ & $ improve 


-Inn. 25 . Jan, 2r> 


-Tift', UALF-J1KARTED recovery of the dollar, which firmed PARIS— Bourse prices displayed Engineerings had GHH DMIBO sure aiu 

- anempis or ihc pisi few dajs slightly in Europe and rose in a firmer inclination, helped by cheaper, while Kaufhof. in Stores, to 207. 

: On Trail Mrwi finally gave way New York to-day . apparently on the slower rate of- Increase for shed DT1S.50 HUNG 

. The U.S. dollar gained ground 

NEW YORK. Jan. 26. asains: other major currencies in 
the foreign exchange market yes- 

x.- h 1 9?? sire and receded 6 points more taining its overnight level & fn 


-Goh1 Bill II. ti 
i.K tine own*.’ 

Orew 1* 173 175% S177-X77S, 

Upeotaf .. 
Moral nefis'ii S156 0 J Ml 7.00 

* soil "«V lira ium IUTIU.I . S|I|WHIIV Ull UIV oiu**ci imc w luuuac IU 1 Kiea L/.Uw.ail numi KUNG — 'Market lost fur- Th» nnunrl AiunAH i» k.-» 

*"■ « institutional wiling to-day. shori-covering. gave no real indi- December retail prices and sup- Public A ui ho raj Bonds wore thcr ground in fairly quiet trad- „ F t £ hIIy ^ ! 

r with slocks retreating sharply in cation of reaching a bottom. poned bj* institutional investmeni steady and there was no net ms- fell tn a tow onSi It iuJ£ 

i *i‘»< crate ’ activity. Among Institutional favourites bnyjpg. Bundesbank intervention. Hong Kong Bank declined 20 i 9470 in fhi mnfninn 1 ? i™K5i 

llio Dow Jones Industrial under pressure, Sears lost 1 to Aquitaine advanced <4 to luc-miiuw , • cents to SHK36JS0 on overseas ,r* J“'"L «, n ! 1 0 - rD, . n '’,U-L j 1 proved . 

; Average fell 6. 10 to a new low 524i and Eastman. Kodak declined FrsJJlT. BSN Gcrvais Danone JS.5 selling. while Jardine Matheson d :. #1- S iwa imSP'* ™ d 

terms of the dollar at the close. 

tvb ml rfm dmaM 


IC90.261) £90.783 i 

Jill em'otls ’ti !»175.B0 !SX77.60 

'£90.096, |i£90^2?i 

(imit Cutn. .J : 

dnnir*lio«lH , ! 

Kni^Mnmil.. S 165% - 107 5a 31851,-18' 

XewSoYffn*. S54la-56ls S54%-b61g 

£28-29) <[£28-29j 

Okl 3ov'rsn».s35%-55A, 933% .55% 

n£27ia-28iji ; i£27lst-26 1 : 

25JLH - 

<\mons insuiuuvruu w*“u‘iics uu.'ms- ounacAoaiiK intervention. nous nong cairn aecunea 20 1 oim i n (h« mnniinn t. imV«i 

istrlal under pressure, Sears lost 1 10 Aquitaine advanced i-H to vucimniM , f - . • cents to 5HK26J80 on overseas «i I n 0 - rD, » n '’^,-^ i° pr0vet ! 

. —««,v - IV « new low 524i and Eastman. Kodak declined Fre.817. BSN Gcrvais Danone 18.5 m cnis S TSre roioriad a rL„ n?,T£ «Un>6* while Jardine Mathesoa iniSerf d »t #1 1 S SimI’Sw?’* tjj! 
■ [or the year df 763.34. and tho | to MSJ. both new 1877-7S lows- W FrsJ44, Ourefour 12 to ere d9d afler ^ uiel - shed 30 cents to SUKllOO. Hong 

I NYSE- All Common Index IBM Toll lfi to sarti-McDonaM's PrsA412. and Mkhelin "B 38 Urtfccer *»,«-,» n. rt «n, , Kong Land and Swire Pacific lost Cl, S!sSfl*SE ^ „ 

” retreated 40 cents 10 $40.07. white if to $44*. Dinar li tP«3» and » Fre.1,090. Poctoin, however, a a _ n d d ?„ JO each to 8HK6.60 and 

y 90S E-System* l* to $20 J. ‘ declined 3.8 to FrsJB. SrfinSn.S* bnner- 5 HK 0 . 6 O respectively, and Hutchi- l*t-h ncb *2 se ° 1 . ,n 

eased - General Electric eased i to *45* The gold-linked 4.5 per cent. ff jaS <i r{ 2? t f? s ?S2SSSS , ,i ie «« J^npoa were 5 cents down hteiSS^rtSSi, 

^ ESS- ^S^^FSSi£Si fSSFSrM^ *** * h igr ?SS n f s o e S! 

atlona ^ $14 ^fiex^reDortiili a sham *BiTscvf.c_i^i . Ab ^ “? — °' 1 bfi,ow Ic 'cl touched at 

[to lB.60m. shares from yesterday's despite .higher fOurtteqvarler and Government Loan came back 1SJ 
,18.69m. annual profits, white" Monsanto further to Frs.776. 

. Same analysts. said expectations lost $lj after reporting a sharp BRUSSELS— Local shares nre- 
1 of a Sharp rise In the weekly U.S. drop in fourth-quarter net. sented a mixed appearance foflow- 

! money supply figures, due after .Sun added I at S38L®? higher inc another thin trade. 

, l he market closed, contributed to earnings, while BectonDfeMnson, Solvay added 30 at BFrs 2.485 
] U>e fall Howsver. other analysts which is resisting a -take-over an< j ViefUe MoQt**ne 2<P at 
commented vbat they expected attem pt by Sun. rose If to $39}.. BFrs.LS62. but Fetrofina receded 
only a moderate Incase. : THE AMERICAN S2 Market Value 


G^flH C-Nos.... i 


Eirugemoil.. <181ia-163is SieSii-lC^ 
1 £03 -94 j ■ ;i£93Ia-94V 

X’a Sntr'gn* SS5-57 S66>8-07 >i 

-(88814-2914) ([fiaais-kSO; 
Old Sovrans &A446 S54G-&6G 

iJJfi't Sfilii :,X874 4 -2£ 
S20 Fugles ... 5258^-2613^.5259 U-263 


MirtiS Kate*. 

Day'* j 

Spread l CUwe 


- _ _ ' Qmn 

...' Siedks Ctoslna oa 
tndto jjrtee 4 r» 

trw mam rs . -j 

BY«oa DicWwon _ iir.JdB is* +U 

Athtaie IS - 

newVU-Packmrt . ... SOQ.MO er: -1 

. Setrt Kartudc SOS.9K ' £ti -I 

Exxoa - 3KX» 4<i -4 


Pon>- MW« 74 — 

1 Dlnial EmiJpmtnt J44JSB l 41 — li 

' Jotuu-aiurlUc ..... 14.W0 - t&i 


ETSLS2 l J xpecied the’XmeriSv BFrs. 1 ^. but rm&i receded fuRh^ S Vr^ MerSuM Electricals Sn>?£ lnpmSSSn in iffin S5S* «SP«- ? 5e d 0 “ esl i c foreign exchanges 

terenaurgr**# ssns sasar** aad 20 to a? yaast-fts^ areas jssstjss, i s : — 

■ Reserve Bank of New York a moderate business. Volume GERMANY-- Share prices re- b ‘LaSk md S d hSfcpr Smv rlsin^ Y^ ^, te>k n fln i d 1 °m ,n the u - s - 6-49 per cent from. 5 per cent. amv! 1 - 

: reported that - the -narrowly Alim, shares f? 5fim T Lanais aim tyr. rtowever, gp ny.ns mg Y 30 to Yl,790. TDK have created problems over the J«. 26 B*t»; Dav's> 

I dSliSmMrr^rtZyifii l j treged^n profif-tato» relinquished a little ground des- Bertrtnta: Yto to Yl^OO and publication of the trade figures. si *v& ' 

. wpw ■ ■ !■■■■ i came back DMS..0 in plte a proposed higher dividend Nissan Motor Yl 8 to ^T15. which are experted to show OMRBra^v dittc - 

niocn*v*c i/niw crArve ATftiCB UADiteTC Electricals foll<nnug denials that and capital Increase.- AUSTRALIA — Stocks were another la rve deficit Tr th« mnnai- CURRENCY RATES XrvYm...- flisi.s 4 £ 0 -i.iiS 45 .i. 

IURSDAY? ACTIVE STOCW- OTHER MARKETS u plans to mike a bonus share Swte^ir rose 17 to Sw.FreB32 easier -for choice. uriihsentlmS SKT 'gSS * “^SbitehS JS ^“^ZT %SS£z S FtSiSft 

.. . Sjjgw ctosto a on J/S, W ^f an it,F??. G t ,g ^ 25 J° Consumer. Price daj' after London had closed, are Drains? . Dnl?^ 7 ij j t 

W - **? Panaria Imvw 100 tote t0 affec - t the J ^LAN— A further decline m figures- not weU received, these two Eigto i Acoom ir t\ H enh«*.cu 9 n 

Sgrgg » - rj L^aDaaa lower oarkeL - .- share prices occurred, as dealers JBHP- lost 4 cents to SA5.32. factors may have put heaw ores- ^ Juun-B . Jimuinigr Kranbiun..., a >4jjB«4.n}H 

aoa Picwmon - g» -^U Canadian Stock Markets- were Uocchst led major Chemicals -as awaited with caution ihe outcome while Carlton United Brewery sure on the dollar Announcement — . —— i- g— — r- - •• • : « 

sVu-pMkmrti ... cwTmq- k: broadly lower yesterday after a nmcb as DitLIO lower, while Mer- o£ political negotiations on the declined 5 cents to SA1B5. atyer of the trade figures on" Monday ^ilio ? 6 ii"u^ — ■ iin'Tsati 

“ Kxbac * — *"■“' Zl falr iLi! sht htt’rfness.^FoUowing lost D3BM in weaker Annatton of a new Gorercrnem. 7 cents to SA1.85, and Reekftt and will now coincide with a speLh ttmlT:: lJItli i.'lieSs S!fc;:.”.".”: e iSiffi | 1 

- — fSa£ S! rl » trading session to Toronto . , „ Against the trend, Olivetti Pri- Golman 20 cents to SAS.60. ANZ by President Carter, in which he *«•■»*«*.» ' — ia.635o v»Ha si : 9 . 174^.22 a 

f SS IJ - ? hort » B<fb y JffiL l 5 S s ^.JF a ^” 0 ft^AiS t 7 ® 9 receded 4 _ce D a to «A3J5 to is expected to point out the need ft« 22 S •££■ 

Canada lower - 

Canadian Stock Markets- were 

Bnecial * 
Drawing > 
aigto 1 
J/uiiiarv 26 , 

Dim ot 

Jnnuar>28- Kranklurl ..._ 
. . _ Lirtio n 




point out the need , 

rose $8D0m.-in the latest report- ceded 10.9 to LS&L2 and Metals Among Banks, Deutsche. Tost in places, lifting the General In- In' the' Mining sector. Central I messace.’ 

I.. 1, ,hA trn nn (k. nVOOA h„* DMin. Vanli. fUlt AM .k.... .k. 1AM I ,T , I UJ ®5 S “fa e - 

llaiaii iim..... ] 

tog week, while The broader M2 and Minerals 12.3 to 810.A On the DM2J0. but Bayern Vereln put dex 0J3 above the 1978 low to Norsman eased 10 cents to The dollar's deorer-intinn on 

measure increased by fiAba. Montreal market. Banks Aed 2.86 on DM2 and Bayern Hypo, were close at 94.S9. However. Banco SA7.70. while Hamersley lost 5 Morgan Guarantv inm nv Su 7 r " r k " aic 

Analysts added that the action to 2SL38 and Papers 059 to 9L37. DM1 firmer. . Atlantic remained under pres- cents to $A2.T5 and CRA 3 cents rowed to 4B6 from 4M pe“cenL 

-•• ----:— i. - -••■■■: -• ; to «A^20, but Oakbrldge rose Gold fell S2 to SI 75-1 751 on -mnc.... 

fell $2 to S 175-1 75 J on s,r »- trine.. „ 


2J.X .SkB. ALL C03QS0K 

Bins and Falls 

. Imn. 25 - Jan. 25 Jan. 21 


Jaa. • Jaa.; Jan. ; Ju. 

Jfi ‘ 2 a V 24 ‘23 

I Jan. I Jan. 1 Jau. - Jan. : Jan. I Jan. 

i 28 a ■ 2 s . 23 ■ aa i w > tosh 

: High low 

43-07' 48.47 *9.40 4SA8 57JJ7 , 43-07 

f ' 1 • tAtlTJl .*26 175} 

Cim.inl 1.S05 

liuea 444 

Hill* . 908 

L'nr'atKeftl 453 

Nr» 8 

Jiftr Lctra 74 

afresh by 4 cents to $A1B6. • 

, AmpoJ Exploration picked up 4 


fit ‘fig Sa^ion f °S^,^ w 

584 684 profit-taking. Heavyweight Rand- PBanfcfurt..| — I 2.10&548 1 4465-75 6J&X6 
^ S04 fontein fell 50 cents to R 62.73 S«w reck 47A2-37 ' — I 2 LIS- 16 3L0640-C61 

i? il while Vaal hdkin flnk Pan* 1 zaAb-K, .1.705&.71B - imbimm 

39 89 down atMLB ^ Bnoaate.... 15.474=1 32A660 1 RM-flS ! — 

londjo ;4.Ui-12l3 1 L^SO I 9^21* I ffi.M-TO 











40.1677 ' 











\re Ynra... Bi a 'l.S460-1.aS45 . 
Uimirenl.... 7i 2 2.1670-2.1860^1535-2.11 
Arauerdani . 41s' 4.584.42 ' 4.4Ui4.4 

Bnik^ls.. .., 7 l s 63.50-85.75 I 65.80-65. 

«nhaKDU 9 11.143-11. 18 (1L16M1. 

Knmblurt... S • 4.0B; 4. Ki i 4.1U-4.1 

U»t>o n ! U 78.00-78.78 ' 78.08-78. 

3fa4nd ' 8 .180.40- 157.29.' 157.06- 167 

Milan ■ 111a L688-1.684 ' l.«=5-1.6! 

C»iu. B 9.B8-10J2 10.00. 10 J 

Paris ■ 9ls' 9.1744.22 9 . 204 - 9 ^ 

SirvbhfJm..-. S ’ S.08-8.08 9.0B4.D; 

T.«jtw 1 . 4i« 48M7B 4905-471 

Vii'iuu. ; 5 la 29.40,29.60 2BJ8-2SJ 

Zurich ■ 1i £ fi.B23.86i 5-8M.BI 

0 »lu 6 

Paris : 513 

Sirvbholrn..-. 8 

1 .414 

Vienna. ! 8la 

Zurich ■ lia 

10.00- 10 J 


; Rales elvcn are for convertible Iran 
Financial franc SJ.OIM&go. 

cent. dwwI'Mta krone 5.66383 ' 5.72108 OTHER MARKETS 

53 on S,H “ »rine....i 2.40216 : 2.42735 ’ Notch Kates 

‘ : -Vij; iMit im. 1238^-1235.4 .Inn-utina^ ] 150-1 

AuMralta— 1.7000-1.7171 Austria ; 29-S 

DA-ra-o *' BnudL • 51.49^1.69 Bel«nnn...l Bli-Bl 

HATES Finland....' 7.80-7.81 | Brazil- f 5331 

Greece. 69. 104.70.908-Canada JA.U5-9. 

P«nk 1 UrusralB 1 Londun Atmi'd'm ' Zurich - UuogKongj 8A65-8^J !DenmarC9llJEril 

Iran 152-168 France 9.10-9 

4466-76 1x4646 I 4.101-103 1 93J0-15 iTOLOJO ' SS^JSs- - 4 

2L13-16 3Jte4iW610'1^4SXaiXl 44.10-15 . t0J0-40 

- HA3&464 9JMOE040 2U8.7.9A 238^5-0^5 IASj HLaf 1 , 1 "^ ’IStl 

6-91-83 ! I (SJtfLAfi ■ Te aSZM I.BaiM.aiDEJftpyin...... 46G-4I 

}_20*-2I A I €3.60-70 ! _ i .' ixS* Saudi Arab‘s 9.69-6.79 j.Verherrod 450-4 

tadiHinaf ...[ 78J.H 772.44 77UJ7, 770L70, 77SM 778.87j 
H-mclTB.v' raJ»' »A8! '88A* 8Aui 8S.SB SSAS. 

Jan. Jan. - 

st a 

H’mcVTB‘1*’ S8A& 88 A3! 88A4) MAft 82.69 SSA&, 
Tnn.pon^..- 2MA6 1 UMi! 218A11 210.86 2TL«j 

" v: • i ' 



1 163-91, TSSJE.' WS3S U6.06 186.47 1 17.5 1 - 
171A4- 17276- T73JJ1 175.14 U7jtS 1191-77): 

15102 (Zb; TO) 
185-80 <2&;10> 

&!&?> T0B0HT 6. dompodtc WMJ BH9A 1S10A W10.4. . 1867.4 '13.7; 961.0 (26/10) 

were quietly steady, while De Zurich J. 

Beers rose 10 cents to K5.65. 

Other Metals and Minerals were c- 

nato | y_dightly _ higher on balance. . . 
although Platinum shares were 
mixed following recent gai ns . 

.bet aa=53Sa .®5 

C3A0-66 14.4246 ! 16A3^3 

— i 4 .« 54 li - 3 -feMB 

L972&40 ; 4LS52-912 6J>460-Ci5493A423-E534B7A6449I ! — 

UJL S in Toronto T.S. S= 110.7 1-74 [^«mii«n cents. 
C a n a dian S In New- York =90.28-50 .«nts. Cjs. S in Milan SB7.00-50. 
Sterling In Milan 1^3200-1595 Jo. 

S N lfnCB....iL6848.1.70i'l|F«>rtuiB4l... 83-Si 

CJ> ! JspaiuT!.....; 180-11 

Canada iSwitz’land S80-SS 

cm„ • Ills. iao-i. 

U^. cents. 90A6-90.89 j Vugualai-ia. 57 -fit 

Kate given for Argentina is a free ra 

2tt X - 2ttAT 216.4 j- 21LG : 2164 &;WEf 
IT2-Z mr 206 ! 312.1 214.4 1 

168.1 (224i 


haw ii> ww»-«- -waii—w »mro awpwtf T 

. ' . , Jan. DO ■ Jaa. U 

inL dlv. y*lU* 1- r 

Jaa. 4 ; Year ago |4flp«a.) 
5.80 . kM- 1 ■ 

Kwv- rtJMU 1/T7-7H 

toua - glgb -Lott 

vnu . High lank 




fthree monti 


‘.Tan. Jin. ' Jan. ■ Jan. ’ Jau. Jan. 
5 ■ S I Si I IS ■ *J u 

1 03 >ou * n * g ^ S p a™ 31J&. 94 IGJ4X> . 34.3*; 4 W 3 B >K.*i 4 lc« 6weflea t 3 9U»~ S3S 

■ • - S#l-ie; HB.*: raz-v. -aa.ili 

Betein- cr«« • 91A2 » U -^ Switeri'd. 31J.2 i-r,.S «S 

Daaaafkrri ; «bJ0 UA ~ 

B—nn, uii‘ mo 101 ; u^a ^ai'k lct&c£s asd base duus 'all base values 
Aura «!» 100 eug SYSE All Comowo-30 

IctXKzs asd base doles <ali base values 

fl'»mjv»i 1 e 

cj u». n«gu ; igja . napi , — ■S.1'71- /10A- lw * eacep; ms- Ail common— Jd 

— — * — ■ — '■■ " ■ . — ■ - 1 ■■■— 1 n ■ , mill -r — 1 & 04 S ' Spa .11 j, 7iyi SiltSlidl UX Pmts— 13 Hvl TorunU 

:iil lustrum 97.47 66.59 99,22 99.20 96A4' 39.16 116.22 9747 1RM| W QvOMnj^ K*-B oWA ^ ^ Mna , m u;5 , 

! , (a 'bill (s6*lrf8} OHl7S)t{HW’.32| n— ot- an k 1 eng - ‘li*- “Eadadlss Posds. 1 04 Irdwruli. 

fi->«niv«Mt 88.56 19.59 69 J5 89.74 89.19 »J» 187.00 68A8 . ISA W HoUrad !«,. «« tL ' 6 ^ _£i « 489 lads.. « tuliuw. 40 Finance and 

.5. ! 771 sc 1'7«! lU 1,TW a«32i « Tazspon. «'?Sjia=cy A3 OrtL 

— — ■ — ‘ "i 1 ' "V ' J r‘ Hoag «.M,r 1BeateB SE 29 . 55^3 Couertajoai 

«» 4 i! so pc -** 7 / ■h'JfSE IS 73. it* 1 Pans Bcorao 1361. 

' Jaa. 35 ' . Jau. UJ : Jan. }1 ' tear atfo itporoaj WT c A Coomcrzliank Dei. 1553. fH' Aaisux- 

Jao. 35 ' • 

tear ago ttpgnaj 

lnd. : dir. %-icM ? 

IihL P-K Halt* 
lj«up fuff.’Bi-ml .rirld 

» . an s sne 91 . *. ' soiius. - ir^nsuiaia- 

,, efts SiJ .6 , «. * m radi w ttSwSi « Ftaance aim 

..IMS '^u 15 Tnzsoon. «'>Sya=cy A3 OnL 

M 482Z7 .40&-.I f p > BeWan SE :i.-U*63 «— t Cootsham 

■ \ «a il : so pc 7 * 7 / h'^ SE I S 73. lt*i Pans Bcorao 1361. 

. -7-1 . seas X4J1 -*-X Cmuicerzliank Dea.. 1553. (Hi Aaisux- 

. toSsrerii* tsrt. *'»U«r K Seng 

(it. 015-57 /.Ml 3^49 Baci Zl 7 -A. M.Iar. 5.ST3 (O'. Tokyo 

.. HSAvi M an Sl- * SE 4 1 -SS O. Stray*- Tunes ;»>. 

k . C ;ci ec. uicjac-ei se :: sj. 7 .--!ii^i 

’• *s— and Ion- far-MTH CZlr. 5fo*fc.i[m ' 

ladut^vi! M fc. M-S-TS3 Part Croy. 1 t n. • ••' 
i«. tannora:,. 1 

4UWU 490A— 5.0 »1B 


Inv. 9 Prem. at SU60 lo £—7St% (77‘' r 0 i 
Effective rate (»t S1B525)— 32^ <33|%) 


AL4a«s Late*...-..; 91 < SB 

AddrvMkjqrapb 14U , 14 »i 
Acsna l.ifr (t Law; 51»p 419* 

Air PImOM* | «■••• ( JSlf 

Auw —> «W ' *»»8 

AiaauAluniimu'r; tt*i . MU 

Atwa — »9* • W, 

Alirglieny Ludl.. l8r« ; M?i 
Altec tonv tV»e>l tOl* 19 »a 

AiUM OrtoiLnU 47Jg 571a 

Allied SU.W... f? 1 * ! IS‘8 

! Guttling liMHS.. - 481| 4BV* X*bnaMan«4lkf... ZBJ| - OH 

I'PG* IntVtlon* 43>n 4fil| Juln»*n J.'hnmn 6J 5 * 705* 

IVum c6u ' *61*. (taBaim UhMiom Mi$ : 269* 

L'iwIkS* 1.„ ... 2^18 i **;* J vyltaiwkKtui V Wig • 503* 

UiwaBaurrOaet; 4 lit ; 31*b li.MatiCorp. X8 . 264 

C mmtrtn* kr aptx- 54i* .MU KaUatAiuroini'tn ®8U 28»« 

UmvWrwfK^ ; iSU >B** KMaei loduaMMe , JIb 

. _ kaWarbMaiM. STIa [ 27 

I C mmc i n* toqptx- 54>« 
Unrt.Wn*5n._.; 18 If 

Qiat-. uaifli-Mu 

Dan kkhintoi. Mi* F Wi 
IkM.-—.-: 22 >| 1 X5?| 

tM Unite sai* ; *54 

Dettooa **8 bU 

Allied 5ii«» »U >V>8 Htniali' Intar.k.' MlU ■ t7fta 

•*•••■ 1 M*» I89mSSL-; .§»« i It>U 

ABAIL-.. ...I |6 -. » WauwodSAcmrti, 27l| 27Ja 

AuirraA M *Sa, Wrt^ho,. «* \ . UU 

Amrr. Airline .. } 10:* H i IkgHei Jwoip-.- *1 ; 42 i* 

Amar. Hn*n.»»-. 39 '5 BB-'» IHawy iWakj.... 55 ‘ M*g 

Aim. Bwaloi. jjk : 451* lln«rlU|Mi.... 40 ; 401* 

KahaiAiumifli’n «8U 283« 

Kaiae* Imhjttmt- . 47 B 

K^r^ieee , 271* 27 

JCgy-.-— 7iJ i 7 

knuMw-on : »h ! *25, 

Kerr MrOte— 44*4 < 45 U 
KkldeYaiinw Si- ’I “8U 
Klmt«>reC»aikJ 42 4 4*U 
«Wl — 

Stan 48t a r«IU 

«ev*.* 40 U 

9fm*u ileus 29U 
keyooJ.UK.J^.. o2U 
ttk**nai Harrell. 21 :* 
Krekacii Innr_ 2a U 
ttohm t Baaa...' 29* 


2fli« ift'lk- 

04:^ j Xcrea. _.• 

,22 U l&qau. — 

995; IZniih Uadin.— . 

#VV_ t 

BAi-F- - 


•Saw iU|v- 

m«t. Vcimm* 

■'-Mi buHir: — 
U*tr.i«r (weif-.M, 

Ltensg — 

ifctnai-Ue evil.,. 
w>n->'ucr Karo, .. . 
uvcketUJl f*m 

UovalDaldL j OSS* 86*3 

tf« 1 127* 12 i| 

29H 29 j 4 i L] JxTrw4|,l*» t94/ { • f94 ( ^ itiivinBnrm-.^. 

j iS».Tnra*JSJi/Ir . t 8 J >3 tBlSg ^ Lwt 56* W « 0*7 «:h. 6.4 1 % ; 6.43 { 

Him lu*» 

I^Tler byatem j,.- 
3Wmr 3larea_ 

tfuJeeHtomie. «7*i 

& S atficr: s* S: 


H*f ]a n g — . ... 
H narim T , 

Hnw.*- — 


Sufi nrnf 

Katstell L. 

SauHio* w_i 

2d5 -2 Zl. 

140.7- 14 17 

IZ7&-1.1 lb 
S92 ,1 20 

314 -2 20 

1=6 - 

2.4.2 -1.5 Id 

76.2-18 - 

313 -Lb 1» 
^63 -1 : Id 

1.6.a I H 

310.1 -2-9 At 
2=0.5-13 20 
136 — O.B 4 

221.2 — 1J0 12 
225 - Z 22 
235.5 - 2A *8 

128.8— L7 26 

«*3.B 4 

127.5-1.5 10 
148.7-1.8* 9 

IS 1.8 '""hi 320 

2k. 4.4 ^04 

17 6.1 — 540 

lb . oM -1 mum 400 

20 3.4 ,,,, Mnw" Knm sl5 

ZJ SJc fun KMIr-.k.. 509 

_ litis 196 

Id 4.0 *■ '1**HN-.. 4S6 

_ • fl;ai»-r..*s 3 I 6 

1» ’'4,1 Ilell '30 

1.4 AL'MIL :a<wii 

2J Atuv Au--1:-Jiia. ;. 

*®*i® 7*2* | -Kll-I- M i/J i!K.. 

20 J 2.5 A’-ie-- >1 'ita- 1 r In* t ' 

III, 1. 6 J 

i.A.L. ^.70J 

4^1 huh i.iai.l'k 1. aO 

332J-U.5 20 

1.3 I 41'h.hI 11 311 

2.9 j au:.jlii 280 

5.2 J Kyain Ceramic-.... 2.*»0O 
3 .b! 'Idiiuliii* lu.l.. o75 

6.2 ( fiUMiftslnditu.. k79 

h!s j 1 2*»“'4ii»|iiHwv* 1~4 

3 I 9 j Uiisui-ntu tVifp. ' 418 
3 ^ 0 1 UibidlCG...... 3i7 

3 I 0 J Miuulioabi - 516 

— i. 810.5 -3 J 80 4k8 iWrt Urtw-.-LcM- 

.Vnerr. Airilne.. •> 10.* 
Amar. dranla-. 59 ‘j 
Aii:rr. 8h»l»i. =49* 

.llMiT.ltB-.W 56*4 
liUT. i V»nanrai a4l* 
Aiuct. E'4. h*., B‘l 
AlMM. K»|tva-...- 59*1 

s as teffstr 

•4 If j B4*t 
83;* . 83*1 

1km Vbeztrta*].^. MJ| 
Unatr„„ M ... 5#I« 

Da ftnt ..... 105 ; 0 

ItjTM Iwluatile, 1 * 1 - 

SmW Pi> - n«T ' 18J* 

BmAirlino 75, 

AuuT.H.uiM-l'nai' 97*8 

Anivi. Mv .11 e< ...1 17U 1 1>4 

AiiitT. llnlira.. ... 
Aliwl. N«1. r 

Aiuer. Maiwarri .' 
Amci. Mim.. : 
■Cum. Iw. A iri.j 
Anunefc 1 

AMF.._ 1 

am«». ; 

,C|Ul«% - 

UbbyO^J-'oort™ K 1 26 

LtogeU. Gi«nSk_' Mu* i .28** 
UlS’fMh— WJJ J 39J« 


a*hnab«»er»;. 66** 


Lnwtbar lurt*... 


*rt* Pkpar ' 


n-ydt' Oner 1 m 

SeaBMra Kedak^. «5»* 

Una 1 riant Lmij lei* i 19:< 
rnafitauaUwi...j 81 >{ SlJa 

Letbriaoi 351| j 53 r* 

Luo»>Sli.-roa 13i« 

L'KtaK'uuust'ikii. 6l* . 61 - 

llaoJluian..^.— XO 1 9«* 

Ua^r K. IL B*J, 5513 

Mira Hanover. e23* | 32’j 

Uapcv — . — 551* ; 36 lg 
M«aal*oa Oil—.' 48T* j 44 
Uartoe KkUaiaci «*, 5 . 13*s 
Hanhafl PMJ..J 50 2 S« 

I S a Um 

il U. 4 n .• 

» nso.VeLOaa 
KUm_. - - 
Kmenoo Kitniiv 

VmeryAIrFi'gbt' 572* 

An,:** Hiv kink- 
AilhniHi Uue-fa. 19*1 

.iniiuStm. 68 

A.svA • U2 

Aui , iii ,, .*ii:i .... 8*; 

Aaarxi 1 15>| 

AiiiUn.l Oil. MM 

An. Illi'liliebl.,.. 45 . 
AiAuLMU rrii. . aBa* w.j 17** 

Ann Cniltkli.. ‘ 44i* 
All Ga< Kmi.. SSi* 
H*uk Ainotira— . ZKi 
Uuumti.51,1-. 351* 

Matter On 67U 

Ha«K-r Traiunol. 651* 
Brain i< l'iw». ' *■ 

Ur.i>uilh.*tieMdu 39k 

1VH A IWeiL 16 

IVn-Ux 54fi* 

Htligurt lVn»*8'- l-i 
in-rmeiirni S»r«. 22'r 
Ik k a. Ktvkcr.. 1 15 
h-«nt: - B5J 9 

51i* . 519* 
55i* 44a* 

S7U 671* 
451* i 351* 

92 ni* 

4BU 48 
15 . IS 

54a* : 441* 

Smt*rt.„. ' 982* 

ILMJ. 41 - 

UngeHnid 843* 

Swnw* 967* 

KiAyl 19a* 

Krtoa.. 43% 

PtetvctatU Camera . x5i* 
(Vd.Oret.6mW *a:j 

PlmUMie Tire— 161 * 

Pm- A*L BbKuo.' 46 1 * 
Kiwi V*n M — j 17 
PHmkPtv 19>a 
ftartdt f\aa«r. N .| 50t* 
fl»4.. j 46>* 

91 :{ 81 a* 
fSS* 53 r* 
16i* 15i« 

61 * 612 

SO j 94* 
563* : 3s ia 

|S*aCnaumert_t fcjsj 

IS;, j 161* 
k&M 45a* 

Uar Oeoe.dforfi 25l* 1 258, 
36CA— — «. 3J1| , 34 j* 

ttcUenna: 953* ; 94a* 

MdUooaeU - *49* j «4>| 

HeOnv HUi ‘ ,171* 1713 

Uemorex r ***r ' >9 

84% j 65% 

Merrill terwiu M !«% 

Sqm. ...— * 9o.i 
iSeartefOOi.c.^ 13 

Scan kr«rajee_. 24;, 

SKliCO 341 * 

Stall m; jt9:; 

sbei> lnrapnc... 58=j 

a'igne.. ■ £822 

if-Stataccrp 362, 

Wmpudry nr.. 12 

iriUftCT 19;- 

S»iU» Khat. 46i* 

&4IRI,. ' 2 

aouthdotru U-'i 

tautownCkcKd. 53H 

tamta m Co 17% 

t*kn.Kt*. Bee.-, 89 

a ? - * iAr-Aun riqi« ' 10 2 * * 10 % 

iA^iAwLag* &*a 5J|g 

..-j , A-cao.V.inumiur it 6 % 27 

M r. I Alfif-e Sue: -l-.., : 14% 

?Z:f -Admiue 1»7% ■ 37% 

±S:* - Banker M/vztme. 17% 17% 

12 - t tank Sen tangfa 18% 18% 

, duk: tec-xa. 6 % 16 % 

! ta': Te^p't^ar— ’ 52'£ 53% 

20 :, ; 4?* '‘•nev Irais.. 812 b 21 % 

40% ;dPC4=ai% 16% 16% 

15% (Omasa 14% 14% 

23% ‘test =3Ja *325 

e 6 % ilaiurt Htwr t25% 35% 

£9 . . Ctal/4 kVCUSf.. vie “ j: 
38% .LwiiiMVUej 11% 11% 

28% jCurfrr^Un^l^-x 25:; 241s 

36% jc-acaroaln-luac... tlosg , lot, 

ntovkaet pm !>!,. 89 -UJ5 — 

KHD 168.5 

Snip}' 98 -I 

Linde. k- 239 ~3 

La* of-nuiDm Ac 1^45-5 

LartNum .115 ... , 

MAX. 2=3.5 — 1. 

Uasomnurtn — 168.7—1 

Kriai'W* — . 235 — 1 

Uuuu!u9=eT Uii -k. 516 —4 

Xr. Jr-n-,1.1. • %} 

t'reuueg Dm IX 118-5 - 1 
U2Min VlebkLieet. 199.5—2 
Xtadiis 264 -0 



2t3.5 -1.5 
168.7 -1 6 
836 -1 
616 -4 
lal -J.2 

118.5 - li 

199.5- 2 
264 -0.1 
297 —3.7 
250 — 5.5 

Ibrwn Aii .— 1 120 —1 

_ -SfM/n MilniNii.. 567 
12 3 n 'iMii lUitok,.:. 713 

_ J I 46J 

16 3.3 >*nji* Kuwrai .... 206 
2 o 1.3 1 * | iia» Hrerai'-... LOOO 

1 3^0 naO 

_ CtMlH, Marine 2.2 

10 v 1 taieda Umnioa 310 

J2 17 run 1.500 

_ _ Iran 126 

7 a>9 loan, Mamie... .. 493 
16 4!tl! lo **0 b >0 1 1**1» ■» 1.130 
20 a B - ,t,k .T»» taujw, ■ cz6 

16 2.7 1 taiu^Ulniir*.. Lc2 

17 *.4 l<WV- — 131 

11 4.6 1 6iki»a n«4ia 805 

18 1.7 Ani}«.- fc\gnmiSflic-....i..'. 
IS 1.6 1 4«W IVsnaeum 

12 3 A)| 'w- Miiien*.... 

Id 1 ^ | .Uei/i IVi 1 %, j. r ril ... 

to ti. i to-imisim— ... 

A.O . Alrt. Fomi'Miirai Inr^j.. 
30 . 1-2|XX.I 

13 l.j . .imlimL-r, . . _ 

“ “ ‘Au-l. 1 »n 11 ,-i, 

10 4.8 1 Hiu*. ji -u. |, |l( 

la z.9 ■ aotic,i; (.•■wer — 

la jc 7 I DnAeD Hi » t*i"iriM4rv... 

35 . 0.?! UH bnuDi. 

20 1.7 CatUi-o Cnued llirun i- 

Id l»e C.J.Lbira 

12 4 2 CSK.S!|_ 

Id 1.6 uCiK.ta-unlWl- Aw.—.—. 

14 2x Monteinrt .Si, T..'".... " 

?? hi. ^omkjocaiiiim ; 

11 ,7 • CoeUiii AualmiM I 

; J.47 -cull 
:0.£b ... . < 

1-89 40.06 #.12 4.2 

M,/| i!K.. 3.80 j+o.01; 1.18 4.: 
e-tu iliiiein : 1 1- 1.69 +0.04|j. 12 I7.f 

yr u.*e 1 ... ;j. 14 j*. 

. »M> Atiiin.oc.. 2.75 -0.05 -jJW 7 J 
iniiie iiMii ••!*..- 2.23 ,-0.17 .!« 8.C 
■*« •••r r*H. .. . a_ij, . j. 0 Q*’ loss 1 

WifliOP 1.85 !m 

• ••* •• 3.65 — 0.ID! 

: 1 . 1.65 —0.0 1 .LW.E 

Vol. Cr.l2a.0m. Shares 33 Gtn. 
Source* Rio de Janeiro SE; 

15 U .6 
12 l.i 

16 3-1 
4a 1.7 
12 2.9 

,i pumoi litiKao :sl:.— 

H - 

aj 1^3 

AO 1-1 1 daima.*v..;,;. 

7“ ** 1 ; Ui«Ai-i • 

1 - f 4 • !■*■•'■ '"'’r* « 

a l ui , 1 nu, ‘ t »144* — 

*" *^ 1 1 Minina* ln*n>ir.^ ■ 

' liaJci .IVHV7I : _- 

*■5 • s- 

12 2’l -JJ* 

. 7*±’.\cw-. 

an Sinilli ■ 

?*? Irvlinl 

'jen- In.4 

19% •• 1%^. Par.JL' 171 

Soot Sera XVdfic-‘ 33.** 


Men, Pwrotetna .> 34 I *5% 
UU1L. — ... 28% | 96% 

Bjiv ca*»*dr.... 1 Mh 

K.qik'll M*"*"-' *£-* 

U'U WnfWT mid 

)Tr*u!:f lm ; 10 Li 

Itanvu ’A*-- .. 1 13 
Urv-t-k 'lir«... 52% 

Mr!!. Hri. AOB.. . 161* 
>l:,k-k«a\ • ilaak..; 8 B-’, 
llnmaeMk. — 13% 

Uurvnn* Kne. — 19j® 
liuiiit 38 

Hlihmi tteli-li.. .. bla 
M: it! mill* "I Nil'll ^® 7 fi 

btiriini,li' ’ 84% 

i «m( 8 wuSi-uti.. 68 % 
t. tuvliaii IWll«' 15 

1 inti litiiiiojph. ; aoi.t 
i in iTi-iii ... . 28 1 , 

l *iT«-r V»««l**«l iS** llviitl .• 17% 

• 1'iwrt* 49% 

I |i? . 4b% 

1 ■laiu.-krk-*: . 395* 
vr;iMi | 

I fti.lih'.i** L. 

Ici-IM A4r.*l»11 • . 30'A 
Lhaar-Uautaiun 26 % 
l%->i; Hk, NT. 38% 
l'b*«e!«»l» I*HM .1 x07| 

I'aaBiacrifruL-- 35% 
kb*»ipi Uiiilae..^ 48% 

(Jnraiaifciv.a 1 “% 

CLn-kKr.. 18le 


|; • 81 % 

Pom H(*u» 4i% 

PetemtM 3Mk~~ 17% 

fosSwo. — 30a* 

Piumtta Hint—', 7s* 
Ptieenri Slocml 10% 

fnmwt.. kn% 

r'eqw, iDdoKriaa, 9% 
ilAJ«.^.w 11% 
(tenseu — 35% 

iien.ATwr.lo—. 91* 

GALA 88% 

Ihn.cwue..... ! 1J% 

uemps-uunice....' 41% 
(%kSh«iin..; 45% 

Be— l Ptada — . 99% 

UU1L 98% 

HlnaMttwllttf - 46% 

MtahCerp- 59% 

Muumnta....— : . eo% 

Bag?* * — fi 1 * 

UtXWHl MKMt,-, 0 

XeURcou.— H 

46% . 47 
567, ! 60% 

eo% si;* 

B % i 41% 
! 36% 

NakoUtamluei ' 

Aufcarat Ua ■ 

Nat. UnriHera...- n 
>*eu !Wm XnJ-i 16% 

Wkwal dieet — ,.39% i 62% 

> eli% m a - 

l-VOL .... 

I Neptune Imp— _ 

' 39% « 40% 

xim» 27i, 1 37 % 

15i. UeMBkl UecackJ 68 
uni' Oeik. I*n1k I'ULk 391* 

n..f mw**. — * »% 

91 t-cn. Tek 19ert— 1 28% 
3, ; . t»en. Tjre— i — j 23% 

ni' ,.-j 8% 

40 B "<S 9 lk HkMc,... . 84% 
651, Uenji' Oil..., 157 

314 iriume * *4% 

*5% EU*kl;idi X9i* 

*vU Oca klrear Tire 16:* 

1 (jintl- 27,* 

»■% * 6 % 

*7% iOl, AIDui Par Ira /*, 
v 0 % |(iit.Niwliliw...' 86 i* 
46** 12% 

»"> gOHlead Kfcj 2JS* 1 21% 

:»St i fl5 

Ww*«| iq% 1 KD, 

^rrotSUeraL.— 24% 
S’« l Uau-ttare* 24% 
Spwtr Hctcfa. — 16 

SpCjiykaDd £4% 

,<rrrflfr 2^ 

Sraodam Bund, 4b % 
tsU-OiKiliKirnla »5N 
suL OU Indian*. 45:, 
Sid. Ojl OMO— 65% 
SluUT CtasMai. a7% 
Sterima Unu — 13% 

^wtfeUwZ— 45% 

soaOCk.— 38% 

dradataand an 1* 

rivnKot _ 18), 

IccbniopJor^— . 101* 

Tettreolx 1 *4 

feieHyn* 64% 

leW»— — — — . 3% 

Teiwv>. £8% 

47 G*n. ^sper f 1 . 1 — 63% 

2 Ler.itij. VKeete- 3.1s 

20% juine AiMa- 9 
254 * 

*7% j Chimin 20% 

ffj iC-imiirai 25:* 

33% {ran* uulrarax — 22 
48-1 | CcotuserOea... 16% 
j Coaele Btkmb 7% 
*4% »*>smin i;-c6 .— Z-i 
*4*7 ! Ura:«cc l!;*.w . 55 

16. : Ihrr.-r M:w> 76% 

J .Lta* Heuurfas: S9 
*3% * D.-tb.sic=i ?ra«, 21% 

f 6 *: ?UferM? 14% 

4| jfica'w Arte 17% 

line ..... 

k tc\— — . 

I’errtuA 4’eJ 81 
v*<rok mazer.. . 

17 3.4 
11 4.6 

:J-k3 -«UI 
r0.99 - . 
:5-2 (LM 

n.85 -0. q 

:5A 0 -L37 

»4.45 » 1 .O 8 

:4.*0 -0.03 


rl J5 



r 2 -lt) 


12.15 -0A.5 


- - - OSLO 

l T5w 1 '* or ; Utw. 
hrenei 1 _ { j 

-la? ■ Uvr-rtrn cauia 103.01+0.5 i lo 

-1.05; ■ 5 *«‘C«nl.. • 60.7S 1 — 1.75 4 

, .re>UU«nh ,14 i u 

-0.03 ' * • 330 : + 6 M 6 

*»ttt*aiaei. i t £ )+ 'i u 3 

-*‘«kHi>lna.r. ■ 180.751— 0.25' 12 s‘ 

| ^■re brand. 87.51 ' 9 10 ' 


175 -OJ2- 14 4.U I 

114 -2 12 5.2 1 

305 20 3-31 

211.5-2 : 10 2 A, 

Source Kikko Seearities. Tofero. 


5 * 6 * AC1I7..- IM . 

I 2 : Il'IriiMUa 

1 UZ Nana uruveu H’ ':n.ei>r 


5T0 ' k>U awruli 

Pbjover Ccnsn-ie . 

Kwkitr i Lulatu 

H. i— 

iTT; ooulhinoU jiirnn-i 


Price • ♦ w • t re'. 1 UL I JSfS lSli — 

— Xei i 

-f-or IJtv. l'W. j 
— % 1 % ! 

I to id (Ft. A.'. 

105 '+0.7 24 I 4.6 
tzn+o* — : — 

AitaJ 1590 -Zj , — • — 

oq.HrK.Unib 1.428 60 4.2 

wamrfB" 1.720 -5 .112 6.5 

-'.tLlLL'emenr — l.,40 —18 . wo 7.9 


Western llinui» i^iit-nin 
wderriG ..... .. ' . 

TO. i9 




+a.01t-Jan. 26 

East Driefomeln 

- U Eteburg 

, . , Harmony 

: Kioof ; 

-4*,{!st. Helena , ~ 


5 20 

+ or 



TO. 17 
• 1.^2 
el .85 




— 01 


Z* iSomtt VaaJ 

Com Fields SA 

• nn* : L:njDn Corwration 



a. i6 



' De Beers Deferred 

■ — t BijroomltndH .. 




j^jEas* Rand Pty. 


tO. *5 

! PresMem Brand 




J1+:; ! PrgfiMent Sieyn 

12. Wl 


1 Welkwn . — .~... 



1 1^6 

‘4 JH ,West Driefonteln 

-_:rrr i Western Holdings 


A*«rem BnkiFulCC. 333 +0^ A22A 6.8 Hg*" *" T-,*gg 

AMKV. 70.7 -O.l A* 44 , 6.6 “Into 

Anao ttat 'Fun- 67.7 22i 6.b Pf* 1 **: 6 , 0 X« 

nl.+nkort .F a 12 — O 1 ’ 23 a.7 f '2ZS 


Mubrrii leiMTJrt* 

■*5 - ; - : 

—16 177 : 7 J : PARIS 


Mubrrii ■'leiierjd* *g ■ n~y m , 73 Uwavru..—....... Ii32 '.+ 2 8 J 1 *" , — — — — — 1 De Beers Industrial 

KuenrriFlwZ. X 55 li i|7 ! 1 1 Holwken. 4.600 —4) 160 ’ n. 8 1 •«*«*<*.. 780 -10 +% J.b Edgars ConsoM. Ulr. 

EomaN.V.wero* tzl *u 3 ?A 'nttrr.vm. 1J0OO -25 I4o 1.9 • IJrwraujiA. fir 298 .-2 31.1b 7 1 1 Edgars Stores 

EoroComT.:KLW 6, _ .9 4^ i 1 d«*l«tank 6.1o0 363 ^i 3 ***™?* : - 6 -? ! \ V - 

Eicvrooel 6 , OBJ L 43 0 7.1 ■ 

Fabriquc Nnl 4,n70 1 17u . 6.7 1 

i.b,lnno-Hm 1.880 i+30 130 63* 

Uerai-iu..- l-*32 ! .+ 2 ttJ • 

Anglo- Amcr. Industrial^™ 
I Barlow Rand 

0 : v.. if iu. CXA Investments ...» ti .05 

Currie Finance 
De Beers Industrial 

fc 5ii ■ *2. :8. % 180% 

a7% 38% . 

w% • 14 ice, Aa: 

45-| *6-j I i, taut IVakiat 

38% 38% ]Gul!O^Ucia- 

ag% 42% ; Hum s'a Lxz 

*8*4 , 19 j Be Jtage- .... 

10% ( 10 « Home UL *A~— . 

8*. I J*, jHsnosBiylirt 

£4-; . 63-* 

Hc:'^Oi:4Gai 44 ij 

EuroLVunT K ;FLUr 

8 U. 71 C s i P 6 U*; 
Hi idee D. (F.iOO ) 
I H C. HoUacrt_.; 
BUS {FU3ki— ..' 
Int, Mulirr lA,’ 
.\aai-.1en JF!C«— ; 

39 J! —0-3 
lw5d -u .2 

b .6 La Ucnrale BeJet . 6J830 
3 .- j Pan HcAUnjs...., 2.auj 

25.9 — J.l I42e 7.9 1 ?“ l ? , “ 1 r* ^’2?5 

.. .. 263 4 ^ | AN Lmwle. a.40 , KJ5 6 ^ ) Ever Ready SA 

J .‘,rj"i 5 j 5 3 'a { Auu;i«ine..— . . 317 ,;-7.9 34 ; 1 6 J Fndcrale VoUcabeleiulnu . 

Alt'- A. I c,t 490 1LH <3 { Greaiennan3 Stores 

—g^" 1 17*l' J 6 1 o54 >b 51. -t 9.0 < Coardlan Assurance ,SA) 

I3 l m I'l ?*«» BelgUiur 1.865 -10 H36 7-3l^T -* 

40 1-0 1 18 9 0 AAB6 i-r30 :A M. 8.0 ' 

w:i • trt ■ 2 fi jetton mm-M 65 162 . 6.6 t ‘ 

g Jfti&aa '■:&* 'liUST. 


t L.I.T. -itcauci ., .. 

16% j 16% 

&MKXB6 U'catotJ 275* 1 37 % 
\uUtSaf-Ota-, VtZ i 37% 
Mao tiratea INni 96% 1 26% 
Ntb*rert *3% 1 



I let,, Insirn 


8 % .... — .. 

*6 f lT.l«rjr I?:! — 

101.8 +0.5 46.2 
.MULndlM'VAi 51.8 +0.8 20 

SSI^CU 918 

n*X | L'b. Slln. flit j<... 730 
a, 'MUe Mnnia»nr 1,362 

I ® 0 olub M e, 1 ne.-. 

& j a. 2 1 Cr ***}?- :Yr ~ 

2b9 -6 

816 3 


Bw bjj . L.TA - 

2/.. 1B.6 McCartiij- Rodney 

5 %2 t.i XedBank 

18 5.4 DK. Bazaars 

319 3.2 t.5 2 J) j Premier MUUng 

xsjffitoairiie l; uom io:i . So . u I rw«£»«-i?y w«_ ±» . .: . 7 - 3 j : 

11.3 1.6 1 1. MO 8 ' Pretoria Cement + 3.35 

(Trtsf ftifi 31 

I Xihw«« Bnwow, ; M 



S*s S 0- * 58 

V% ttaencaaSlup^. 
fOri LlHMUCunuBb.*. 61 
??'.* OwtnulutwiMk..- ’911- 

ll * ua, 84 % 

» WtabMft • 19% 
W iVa.iNn.2bU...- It 

: trim wro n .1 

39% iiiniunMins... 
*Wr IttuUtllL....— 
61‘a HtiKwiva.....^. 

K*nm UuUtut— . 37% 

Utratodfiir— 10% 

HtntoUypp 42% 

Bain H.JL— 35% 

H duBta n. ^.... 88:* 
HritUt RrUKl' 87% 

Kodday luu... > 14*, 

U aw * l 8 — i 35:, 

L'la . UiUovji . ; 181; 

1 S0% I 20% B,wOniiiw,' *2:1 

iiuinirauiw..' 13% »*Je HaniVkAMv 11% 

Uk«cmk..... nu .) «5 % 
t-ripie limn...,] 19% 
kiiina* Ataman..; iqui 
L-JnnsiiaUaw: 2% 
L-JiiHJ-ia 14% 

^v<m.iuaiUv;iAml 18% 
1 3411 . 1 * 1 Kftg. 32% 

HtltiW (BJjw' 

IN' A 

liwWip lM J .. . . j 
IflMOd SHiliwki 
lb*U>«. .-.J 

inf • 7% 

86% . 86% 
12 % 1 «.‘, 

11 11% 

?« % j 26 

07% 69 

37% ! 3?» 

10% : 13% 
42% 41% 

35% 30% 

29% : «% 
67% 60 

14*, ‘ 14.% 

38% ; 37% 
43% i 43% 
U% 11% 

* 2 % . 225, 
23% , 243, 
11% U 

12 ! 11 % 

2«% J 24% 

Te»« 1‘iUbirt. 
Time iv. ...... 

Times Miner. . 
1 :iRA*n.. - 


Tti4»tm-Ta . 

19% ;jeas:\d.tii>. 

56:. : L'ia'(v\vPlreLi 2 < 14% 
25% 1 karaft &-r*;r« 15% 

47 v 1 wkir.'l Fiale-r* 7% 

54 % ,:.<avtx:i-K . rS,4S 
14 ° s rl.'t.ii'.J 8 -«**l 16-: 

191- itasey feisura Is'; 



E^:r':.T a ;t " “ i “ — 

illjli.e .us.i.T.e ; 1 ~~ 

; 115.5-33 , >- — 

aS-l-S-I Aluminium — 1.310 -15 

u>alUi..c.. M«Ki 127.6 +QJ9 ASU • 7.8 mwj-a' . _ 1.690 -5 

railSi>iuiZ.... l -2M —0.6 29 , 7.0 J L' 1.165 T 25 

1 *-2 3Sn5SS»„ SS +« 

Ui.p Kar-H dsM. 90 30 0.8 Lie. I_w 631 -3 

feSSSLiraV l fi-2*2-2 ‘“f.M v^.lr^lw...:: 2.340 ,10 

tifcsncta-.lnuiJ; 45.7+0.9 20 1.1 1 Kiwtnmu. L750 —10 

ne-ttanJ n.tam: 407 —2.5 32 3.9 lp|S« 755 . + 5 

-i 154.5 +0.7 ,A54 I 4.4 

Traila lut, 34% 34 S* J 2- **"»»-■*»** 

Tianrnav id ra. 

jj;_ ' .v-«irta ,4wi . ' 20% 

23% I llmirilm 27% 27% <3unalteixi. 17% ' 17% 

60% 1 rm' jrti.MMi 16% 19 . 25%- 25:« 

Sir- ■ _ IV-. 1R 


Gftn.Occi 1* male 

rjl'et. Jacquea tfc,;e>.._ 

i Uderge-- 


95 rl 

6 «!.3 

10 2.9 

525 +0.7 12 22.6 [ Pnnea Boldines 

.47 -g ic.ut . 6 ! Rand Mines Properties ... 

95 rl K. ill 14.8 Rembrandt Group 

T8C-+1 B.2t * s { Retco - - 

SQ.'.ni a . iSue Holdlnas 

II * 8 i C C - Snaar 

to “tl ai'it I s * Bre «* rtes 

2? — }1 “f jTiaer Oats and Nat. tflltz. 

B3 +3 
159 .. 
481 -4 

; Uwrad L. GO - 1 1 3I.ri> 2 6 ' Twer 1 

■?. \ 1 ■ 650 T 10 59.- 6 1 1 r n-lL 

'2 ^ "* — ■ f-M +33 i ( .3S 3.c ; cT, 

UiiJT* Far H ■teb. 
Vihmftilv.lnuu ; 
WkMlanJ -ii. banf. 1 

22 l^Mfort Hennesri .. . 321 +4 ‘12 - jq< accuiriii 

*j* ’ * 5 . .Uraiituev — 13a«d -3 S 5 * 3 ! 

f* • |-5 ; !> r ! Ua '' 137.4ro.- , 0 ^ 14.6 ! 

67.1*0.1 7.5 Ujl SPAIN* 

10 4.9 , I'fcnuu-lti.’tanri... 190.liai2J., 12 63 ;, 

= • 3-3 . •'wiseol-Ciirwau. a 64^ + 4.6 . 15 . ge | JalbaTV -6 

30+ 0.6 itoJam 95 -3 8 - - ■ AslamJ ...... 

55 0.6 f« wJi..'- 298.1 !... Za.5 8.3 . S 

40 5.0 •»««>•* — 480.1+0.1 54 o.u 

iVm. ua, 83% . jjajfl 

IViBvUtMqtL: U% 19% 
PMa.iNn.SbU...- |t 21% 
l%AAn>"*«-iA(r 5 5% 

liViLa UannlAu. Ji% 2 221 , 

tobntv K% 21% 

Pen. Pw.* ia Su* ■ 22 % 

CtoWJA' j.‘S*f 

renn r .+,.; ni* : t9 
.. "7% ! 7b 
Pifpm»Ua*L-..„! 33% ! 33% 

Pepfaco ... .. 

«*- 1 r.u.9 as 

•gfi • a8bl>ht«n bro. 21% 

ffi= [L'VL r , 21% 

i r.UMv 19% 

l *«* - v so*. 

“.*» faitewAV- 63>* 

S'* t'mon Hhrov ...j 13 
Ln^-u (iariJde.... 39 
_2£ L'nJba mitaii; 6:, 

S = CntaD flilChIHL. 451 , 

tawoltaafajj 4S% 

l\na.U.:liu- 15:-. 
' OiM+iat Hf.: 11 4.90 

Pa.-ii- vuj .. . S» 2.09 

■ Pl'riwt ;1* write 1 ... 765 . 
ll.rfiu.tti iixWi, 90.250 

—10 • 10 4.9 iVrcuU’Ki.’taiai... , 

■ + 5 a . 3.3 j i*HiaL<ot-Ciu=i«u.. ^64A+4 k ! ifi . 1 Januaty 26 Pu cent. 

*1250 jBb j.b rojain 95 38' — 1 Aslaod — US — 

o-v .roll. ..... 8.925 -2a 55 0.6 l^ito rewiu?...- 298.1 i... 2s.b 8.3 . aoS2i« Ti'aM,- + f 

—25 40 5.0 480.1+0.1 24 o.u U,W0 SI “ 6 

fMiinlirli.lJj: l.aSO 10 2U 1JS tenKawn 51.4+ j.4 9 18.0 j IfES %£. ~ 1 

Ntbi+.Ki, til.... 3.700 - 6 n 3&.S -2.3.«-afaiii 112.S +0.7 .lwfi 12.1 cSSaL 5S ~ 

Ou. Klx 3.3Z6 -15 -ib.& 5 . T. — 1.62J .+40 I 59 £3 iSS Sh iTiliifl) ufl “ 

*nL*H, r.tx 3.455 +16 14 5.7 [ *•»= *05.342.3 1 2S.S 12.4 1 iSS SSSS « 

5} I* K . IDi 287 ' ‘V2 ' 15 ’ 5^1 iNW»e«iii«Sfc... 503 +3 2 1.73 4.4 i 7, nog, 

% 0 d 0 fciFr;«du 4 *^M r +20 ; 26 : 1.0 1 lheo»ra- Bracit.’ ; 1265 4 1 . 8 1 15.B } 1 A f ^taL^wSwinil^. 

7-5 1ZJ 1 SPAIN * 

Securities Rand USJSQ.771 

**:» . FacAJV:." i8‘. ; 59% 

iv-tn iv*v :z ■ a 2 % 

*22 J reimr 13% il4% 

fjtJ t ver,»a* u%«, s.. 4.50 ;*.3Q 
J; 1 * J r««u«< 3 mi . 0.94 0.95 

*2 l *taor 19% | 19% 

*2r* »«ra«Crrsrra|*6 10% lO% 

fPrirt tlbii 

25. i iJOitaePturBeer. 140 L40 

H z.‘* I Jbmrt.* 84 t7\. 

7% iilMKa*. — Kz 9 

7f* teAipci^.. 26% 25% 

lO-a J tUi. c Cki. 26% 26b 

26% liijmlrert-^. 15% • 16% 

fW—'+ l l * 

HWi— ...^ 
Ptatpa Dbttjbv. 

riitadrtphbi 8%. . 18% __ 

*?}* ttdlfp srrra^j - 56% ! n7% J i‘». a, 

SJJ fth . 2 >% } L‘. T*ii 

« s * nuxb— +•- 68% : 39 ‘ CT ini 

15 80 * Wi,’ ’ ioii 1 vif+tnu 

7 % Ruhml— mwj ,; 1-23% ■ 23 % I'VibiN 

265.87 «"«»*« al>Bi 17% 17% )vm5? 

21 -Waraar. 

281; rtA.nM.1..^ 1 2*%., 23% g«|* 

39 % htiranc Fwe.-. ! i»u . is% Wr.taR 

4X1, HWI Ift-DWIKU) w«a 1 26 

l&J* **r.«er Oaai 79% ; 81% W.-rim 

401* i*ubS*ri^W4C*.- XU* 22% 

Ki, IM., 86% 1 85% 

7% I'pt** j. 18% ; 13% JJ.r*i*li 

89% OirtkMUslk.— .. 21% 21%* 

x% UarAi Amenurn.. -6 & . Wtofyr 

67% IWtvtbHO 29% *0% 

, 11 . IlHll 1 X4 1 84 la Walkm 

V»uu*i(ALmi t^-c 15«,'Hih Kurtii. , 

i>-ia.'. .... ..’ TO.I, 
. 45 ■; 

Auiuui F.„r*. . *5:y 

I^Bavt Nau Uaa.J 48.* 
I'+m' 241 * 
, •rfUlWriia! 4?iV. a! 
|j *|m iHill.l S8% 

SyOhul Daw : . . 45 
If«bia«.,.,i «g% 

14;. tniurcrot BataO- 7b , 

87 ; j XtOI ... **445 

,<j , Int:. llirum.. . , a«i 
-38% J lull. Hai»T»tei-. . «*as . 

6% I KIEL MinXt’taTC 39% : 
2x:.- ‘Iron: MulT;|.Mb. 41*,: 

15 1 * : 

■ inn. r«*«r-w .. ■ a»*i 
3Uu I IlNI —t. . ao‘« . 

«2u . lau Mactih*-.^. ; 7% . 

flol.'lto.hTeJ.'.' 28% 

m‘i I ureal — — — .. 
l&fa (bwifcft. M . 

: m# 1 IP tntaaatfcoaf. 
1.48% .J mftaJMe-..— 

451, 46 

4S% 45% 

; , ... CnwTai-r +— .1 7% 7% 

t- ;&'* i5*’ 1 Brand, .-.. 7% 7% 

* ®**» 3* l ahrvl Cc+p US, : 20!, 

*P* i putaro-rT—. as% . 26% 

U% j 19«, CeLOy^wwr »S% 21% 

iJ 1 * : « L^.tau*. ZX 22 

56% ; 07% - 61% • 39% 

fc% . *<% UMwiMpa..: 32% 32% 

55fl, : 3 ® j CT lufiLftarak.^, 16% 18% 

WJ, loS* I Vt^uta 10 m-. Mb 14 

» * *3% ,‘WaVPtaa »% 1 Ml, 

17% 17% jlTaraei t'.mmu. 29% 3c% 

• fimw-lainleil 271, C?% 

3 *%., 23 % nKU-SUu'irfKl leu 18 % 

tali', I 3 I 4 WriWfiiF.'— ..' 24J* 94% 

cU. : 2f* S'rtfitt &hui. aOb 30% 

79% ] 81% ••tun*. Aw] ff-’ W-* 

fcUa - saia neWDlrea.. 16% iwt 

*6 la 1 85% l'»ri 18% 

15% : 13% Wpilaieo- 2* 26% 


IV. T 1 4 if; Dtp. VfiT. 
Kiwi — ■ i i 

55 cJ.6 ***- jl0 ren:iv5..«- 

£0 5.0 *4ak«ule 

2U 1 j nbiw Fc.i-vn .. 

A :nb.n: a: 1 u*u— 

duneWW^.3 ^ 428b -1 lS.ABi Uu. Pmvc^rto— , 502 .+ 12 26 8 . 6 ! Llrt *w»'— +— — . 

Dansfce ttcuk — 1 1291 .' + 1 , : 11 B.a J ^MitalleiCisnOC! 305 ; ' b ■ L5 “ 

u*i-.'U4ta:tab- 242% 22 ^ j nairer iCujF.lX.I 374 .+4 14 * 8 1— %J1 

rinamiunt+tw.' 113% 13 11.3 | -IwlamlnF.lSUi...; 852 '+17 3.37 3.5' STOCKHOLM 

For.Orjqserier... 3sw% - j, , SHin Bank fK.iac! 428m- +10 ‘ 10 4.3 

For.Ptpr 80 . b 104} ‘ i*'** SKe-F.-SC!.. 55.000 i _.■ 40 , ZAll 3 — *1 

S««teiabanL. — 252% — 11 ■ : L'nlon Bans 3.845 ;-rS 1 ifl 3JI 1 * BI3 - 

y**?y* l< " lt *’ 12 ‘ 4J i '-orieh low. — : 11.650 + 50 1 40 : L7i , c tli| A!" 

Aonlhabe.; ; 256% 12 '4.7! i - ! t Alla ianirlKn 

— « — ‘ — j Banco Popular 

1 Banco S a n iandCT (3301 
(Bacco UrqaiiO flJUS} 

i Banco Vizcaya 

Trice -u., in*.-, lul. ! ““ — ■ 

Krone ‘ H te ‘ t |SSfS«nr= 

Tto —1 IZTi - 

,~J , S ■ Draeados ” 

28% 29% ;W0*kMO«w ZH; 21% piiwriww. 20+1 

1%. li, UapklAnmwrn-; 6 & , ; 86%; 20% 

89 , 67% jWtettaoo 29% ■ 30% }miMUen.insL.' 20% 90% 

III* .■ 11% ! KCA.,- 1 24 I 24% tWUUaiuCo 38% . 18% 

*7% 26% ; te»oKte Wtat—I S4% - 24% .ItfbMasa £%cl+ 28%: *8% 

j Arnffira hear::ce> c % 

*1^ wui .V t3 

?*:• I stew Uaka. — 16% 

J"* 1 luartmi.Misn 4.45 

}?. igiuaiUli <2% 

if}* imasr 4 00 

s -bK: irtataJa-. *3 
reu ! s»«pV8aA Iim. 2.33 
IrtaeM.-aca.ta.^ 38' I&jz 
\ Ira»i%aP.;«Li 15 

-i 9 -: 

JlnwnGaa. 10% 

lo'l' * hri Pl'A *. a.9 

24% « «« t',« !.•+* 31 > 

* 0 % iVeKumre.... ; 13% 

FiiwbiKnU^M.- 1 x 5 % 

Fnr.tteqaerier... 328% - 

For.Ptpr 80 - % . 

aaadfciabant 132% 

u.artjruHuKi*.. 251 ■ 

AiKi! Kabei ■ 256% ’ “• 

Mndatrft—^ 88 — 

PriraftaijS ! 135 tj 11 

r V iP in ri » ali— 148% • j, 

399 b. tarecuMB. 370 Z. 12 
nuparUb. — ’ 193% Zl—.. 12 


11 7.t‘ 

12 3J 

HiW ' + cr Dip. 
Lin* — ; Lire 

• Aita larociKn lbl 

ASM :Kr^. :• 94 

ALuwCe*wrKr^r ■ 122 

ai.ieml ..... 80 

iv. YM. taicra 1 18 

Ire *T [Gmnlo 405 

17 B — 1 6.6 3 . 1 ' nr 

,|f*«“f.s! | S-llE^AScunesas.:": 

,®2 ■~~ A ‘ ' ’ l6 ‘? 8-5 ■ Exai ffio ■nmo — 

118 —5 4 aj Fecsa <l.M0i 

•06 ... 12 oJi rVMBa 

I Gelin.'ou 

Au’u .... 184. -—2 — — I am’.in ■rikil 

Iuwdm J+k:..... 988 -15 . 120I2J t’R«irS'.K:A 

HTTM M * — 400 B - I fejlae.te **8 p m ,.,. 

Ylcr* N A 1.B25 -10 ISO 7.8 Facmts. 

-■ Hnv._» ...:1.51S.S~9.5 ISO H.9 j Gran+ta Hree 

. *' r ^» ■» ««> 1 1 BUS — 133 ‘ — — dan-tt-mironki+i 

*■ ' — l i lUu+BMll / 10.203 —50 ZOO 2.0 4 Slentan 

“rr^HTi irr : 1 1 raiw-ie* i<a.s-o.s — . — yuou*. 

i2S2S2? ,L- "* ,, *e, :3i.20a -iso i^w 3.9 ! 

— — 1 -* . «S : 5-4 . MkWnll+r, 341.6 -2,6 - - - f S.K .K It K 

5 2? ~~ 2 w «5 IthHlihir ■ 769 +4 - - [ a*esi1 fciRKKda... 

•**¥•—• ~ ’ r,. ^e” 1 * l**- 2.025 +5 110 a.S lan.iuik *trKrr<: 

JSJ ! T J ; £ 1 !■§ «««1 dps ,1.024 J —0.5 , 80 7.8 LUietasB 

1+tHwwr- 226 +1 ’ H ■- 6^ I .-tab 44ft +2 IV« -V. ” 


E«.:e-8 r „ ,\ 230 

s; ; }*■“•+■ 

18% . 18% j .AM* 

i Traded. tKav aura. 

200 —7 

133 • 

10 5J3 ' cal. 'Preefados 

a.5 Hjg'.r.raoo vela 20002 uaoi 

3 4.7 . Hidrria 

b 1 3.6 . na.-njGFro 

S3 — 1 
30 - 

*£* + “ 
78J0 __ 

MB _ 

US ^ 

5^: +l» 

-r- > 
A , 

JLM ** VlWraw 

— — 1 ^aeol k:nki:da^. 

110 5.5 landuik "IThm: 
80. 7.8 [ L'd-ieceiR. 

— I — I Vnini :Kr. K:«„ 

81.5-5:5 e S.S ; JTjma&amr X26 _ ■ 

51 J -3JJ - ! £ tan ? • 77 — j • 

2 M I 4 .« b. 6 iP»w 5 j™ REiulda^ 60 4 2 jn 

126 -:. .. . 8 6 5 INiroliacr 13 ,- 

gti n & in 2 rtftroivot ... lllltlllllIII inc 

1 *. + :- 

Si 1 1 ™ '5 £ 

^.S — ,'MBCC* — 3110 T | 

^ . §■? ■ Lfltott Elec. a • 

T'iTncs Friday Jafluary 2T 1078. 


GHH hopes to maintain 
dividends this year 


GERMANY’S largest great. 

would benefit from the fact that its 

hgineering group. Gutehoffnung- undoubtedly be a rise in the dependence on. exports had 
huette Akdenverein (GHH) is share taken by local subcon- lessened in the five years be* 
autionslv hopeful that it can tractors in each large export pro- tween 1971-72 and 1976-77, 
laintain'in 1977-7S the DM6 per jeet,- Herr Lenn'ings added. declining from 5S.4 to 49.S per 
<M50 share dividend which will As GHH sees it, such adjust- cent of total turnover. 

' i e proposed to the annual men is to its terms of business Of these, the share taken by 
-'■eneral meeting for 1976-77. Dr. are part of the battle to remain other industrial countries had 
■ leinz Kruemer. the finance competitive, as is also the con- fallen from 68. to 50 per cent., 
• jrector. .said here to-day. tinuing role of barter deals in while that going to OPEC Slates 

: xhe dividend proposed for last its trade wilh Eastern Europe, had risen to 23.7 per cpnL from 


SEC holds 
fire on 

By Jurek Martin, UJS. Editor 


General Electric chief hits 
at tax proposals 


NEW YORK. Jun. 26. 

A SHARP ATTACK on President he pointed out that “no other pared with S292.2m. or Sl.29 a 
partor’c nmnosals to tizhien uo country in toe world . a thn narlnrinnAM 1 

Eaton lifts 
to record 

By Our Own Correspondent 
NEW YORK. Jan. 26 

WASHINGTON,- Jan. 6. Carter's proposals to tighten up SSsoura ta'come' before it . Summarising the performance EATON TORPORATlON. the 
HE SECURITIES and Exchange on the . taxation of American STmSSS. and some, such of the company’s main sectors, jnicnwiiondl an( [ 

Commission has .decided to corporations’ Toreign earnings ^ France and the Netherlands, Ms. Jones reported that con- eifl !ipmrnt pustu-d 

give only a fairly modest regu- was delivered to-day by Mr. d0 not tax rr at all." Burner products and semccs had » r 

latory nudge m the direction Reginald Jones, chairman and Despite tbis criticism, Mr. sales well ahead °f 19/6. with “p 1 .1 * 

of a national seainties market ^ief executive of the General fuU of praise for the nlajOr appliances andaircond- ^ WU1 . 

in the U.S. its keenly awaited Electric Company, when he JJJr - m Jhich the Carter White tioning doing particularly will, nw rworo i 

•mliiw Wnmimunf nn iha cnh- j _ ... ;n«M,ca ' . ... .... , nTArllli'ls Hn Cl D3ID. 

lent is unusually cautious in up a per cent, xo uaiizrm., ana qualified optimism tor jsth 
- vine to predict bow the second new orders during the business partly bn the recovery in orders 
'aif 0 r the current vear will year up 16 per cent to DM for capital goods that bad taken 
-evelop Herr Manfred Lennings. 13.5bn. Productivity measured place during the final quarter of 
he chairman, said he would “by by value added per employee last year. Among the major: 
'.o means exclude the possibility rose .15 per cent from DM.46, 500 areas of the group’s business 
hat domestic demand for capital to DM53.500. which the chairman said could 

nods would increase slightlv Overseas and export sales look forward to a profitable year 
urin u 1978.” This would depend, were down 10.8 per cent, from are some branches of plant con- 

over me 

& .SBSKS* or E2SS& *? £,*"2iSS S3 oS’SSS tS^», •»-: ■»£• WJf.’es- 

■r,.fd” ™ ani?*provememfn the' a deveTop. ,nd* The op£“ ^det^ hSplt c£ T^Seral Eleetrie's un- Technical system, and S2.1to. ram.mre.1 LJS.S1V™ 

«.ut n .n. nnnArinnnn i n b-hinh mem thai Hen- Lenmnes said rial vphtptps — whem the n«t «ui.. t« A~ine tK.h hv indefinite deferral of tax on cor- in 1977 General Electric s un xeennicai^ . «i,„ Eatons fourth quarter tnm- 

. Herr Lenmngs said that with 
he recent revaluation of the 
feutschcmark against most other 
urrencies. *‘our cost level has 
cached the point where it will nn 
anger be accepted by foreign 
ustomers." GHH had moved over 

Higher Siemens earnings 

ustomers " GHH had moved over BY JONATHAN CARR BONN. Jan. 26. could see no reason whv two doing ail it could to t 

•jraujs sr b spswjsrast -a . SSeSSSS 5 ^ 

The GHH chairman admitted. 1976-77 business year up to cent, againht 2.9 per cent in the f 

ow-ever. that it was not vet pos- DM659m.. from DM606m. previous year. ; The company if im P lemented b > 1 ly|.(|||6S 

!ble to measure the precise Because of the new corporation gives as one reason for the re- »,3. ei S Mntmvmiai 
mpact on group orders of the tax reform, this means that West duction. the consolidation for the Jr a r -«tri<. 

ollar's decline. More and more. German shareholders will receive first time df the power station J* 1 “x l ai JT m. by STEWART FLEM 

he GHH companies arc concen- DM12.50 (DM8 plus DM4.50 tax construction company Kraftwerk i wS hi J r 

rating on a few very large creditl on each DM50 share. A Union (KWU1 in its results. 5u tl0D M !iii t3 i, fhl THE SHARES of Mot 

xport ardors whose circum- total of DM257m. will be required Siemens now wholly owns ff*: J?® fourth largest U.&. 

tances are ail different, he said, for the dividend payout KWU, having acquired the 50 per policy statement said tnat tpe company, slumped on 

lut because of this, competition (DM254m. in 1975-76). and cent stake previously held by Commission did not want this York Stock Exchan 

or each order was increasingly DM154m. will be added to re- AEG-Telefunken. to -be construed that such cur- when the company an 

• rent restrictions might be 54 per cent decline 

allowed to stay on ■ exchange quarter earnings. . 

Firnlrpro nnotatinne ar,rt rmnta- veto these DrODOsalS. whit*, he tricaj equipment, wet earumsa . uiao inienwuuMi. w 
Son fS°^n renortfid said “viraddMrSlv add to the of SUOSSbn. or $4.79 a share subsidiary, reported higher earn- 

2SWST f0r 9X1 rep0rted £ teta £ a! n per cent .up on Mi ings. but the «np»£ 1 iwg; 

The SEC also said that, on the the - competition for export busi- 8930.6m. Sales for last year were ments 
basis of present know led °e it ness." The Government should be about SI75bn., ■ an - increase of abroad showed bi^her sales and 
coSd see P nTrea^ whv mo d<Sg i I it could to aid the sue- 12 per cent, on the year before^ «S , £toS^Ste if 
other facilities— an inter market cess of foreign subsidiaries of Fourth quuter earnings mte Exults had ! « ci “ ded Te^efunken 
order routeing system and a U^. corporations, he said, and S332m. or S1.46 a share, com- toe holding in AEG Tplefunken 

universally available message — ; — ; 

switch enabling "dealers to . _ 

f ]\jqiis jjito fall weakens shares 

A cost reduction ornemnunp 
and foreign radiance 

pany says ii will try lo rpdnn* 
tills* rate during the eoniin- 

)t be implemented by ! Monsanto tall weakens snares 3ssa,ra'^j3 

e controversial issue ■ vear, especially boa' y ditty 

iard trading restric- R « ctcwart rauns NEW YORK. Jan. 26. truck components, i»;1it'.r.Ui) 

s SEC deferred any BY , Uf, trucks and power trails- 

itil September 30 at q^E SHARES of Monsanto, the quarter earnings -per share were. Union Carbide s shares fell « mission systems. Eaion is 
iert. Although the fourth largest U.S. chemical 58 cents,- compared with $127 to on its figures which. were reputedly still in the market 

NEW YORK, Jan. 26. 

‘Satisfactory’ Holderbank result 

- ■ Separately. Union Carbide, to 

mi luc jcm — . — . . j - ..«■ ^ 

share) compared wilh earnings n'Tfffl 6 

of $366.11 m. ’ <$10.05 a share ) in CglJ a fhare) {« 1976. In the 

(SrF-.LS a snare; 111 i»i«. *11 1 1 1 

fourth quarter Union Carbide’s Ashland aSKSSlCOnS 


ZURICH. Jan. 26. 

niuuiu Huuimij, iviu second largest U.S. chemical- com- xv< • • . . "1 " eincim ;ei « . 

porters that when the Sep- pany reported virtually un- The^ Cdmpany said that- fourth ^ are !% LCa jj3 S t 51051m CSL 69 a COFCO IH^CrCFt 

temher de^me ^e ro^d ^ ged f^rtlHittarter earnings quarter Srnligs were bit -by ASHLAND. Jan. 2>V 

riude that SJbs Sd i “JO* The company, suffered^ a^ 34 MR . 0 R1N E. ATRINS,.chain.nn 

S immediately, or should Monsanto and Union petrochemicals, including styrene tents a share loss on foreign and ‘ chief executive of r«t 

“ Queu uuiuBuwisvi ui auyuiu hnvn raiffomd harilu m mniMundr nnri nhr>nn It .inrlpfl .... nn.. in lha .... . . . ■ . . ■ .. j...-. ...... .• 

THE SWISS cement industry subsidiaries and affiliates despite that the Spanish company would 
lOlding company, Holderbank the state of the consthxction take over the Basle undertaking, 

■’inanciere r:i anis 0 r Rlams industry. A marked rise in turn- John Valentine Holding, from its nnt to abolish in one Eel! swoon ■vc.v scuiuia mi iwv miuui.vui Kuij w* i“uvwuj, *■“« v-i. loss 1 nr uus yeat. doninc its iniorcsi in PCiimnn 1 : 

xpects a “ satisVactory M result over and an improvement in Swiss ^parents Sandoz AG and such restrictions as are etn- land the associated low bade on orders In the fourth Mr. William S. Sneath. chair- anv s t a b e \ n Commonweal \i\ Oil 

or the oast vear. This is slated P rofits has been recorded in the Globus. • S5i«i In Ru e aflo^f ?he New utilisation of capacity and weak quarter to adjust onventones. raa n. said that 1977 was a year R e ’ fini „ g Company. 

the companv's Board in the an ^ * n lbe Middle and Far a spokesman of the Sandoz York Stock Exchange which addition, it continued to jp which operating matins Ashland had an notion 10 luy 

irospectus for’ a Sw.Frs.60m. East, while companies in Canada concern said to-day that the first prohibits member firms from Monsantos fourth garter report losses in its European were under pressure. The [^ a controlling interest in Common- 
£15.7m.) bond issue being and s 9u‘h Africa were subject to payment foreseen in the Decern- handUn" off-board transactions. **“«* share by te ^ le operation* Low shipments was strong resistance in world WC2l1h fnr gsom.. hut it .■xniroJ. 

■ffered from to-day to Feb^ recessive tendencies. her takeover contrart had not ThSe who wish to fe^in such sauprise, however, and toe.share ° f polyester^ filaments _also markete to price increases we nne xerciscd. on Nnveiuher Si. 

uary I. During 1977. Holderbank been made by Playa del Rey. ” “ “ 

: Hniderh-ink which !a*i vcir strengthened its participation in 

1*1 . net turnover of the Amylam eo.w m; Bunde . Gedit^UISSe claims “Mirrin.-X.yuch. WUT speedily .T .**“ —?.? ‘ 

iw.Frs.l.SSbn.. says that sales. Ce 4 ment Gompanj. the prospectus TTnunr r,n ->b acquire even greater domlna \ 

ash (low and net profits a ll l l otes - and took up a holding in rta1! , n , T JS 8, tion of the markets than they .. .-r r-:.-. ' s . A -.?. •• «■ >. 

^^ c sSn 3l nT iH i r^ ssffi'a ssssr'® Papermakers deny ch'atges 

Wiss franc figures will be . . _’ . _ aeiinat S FinanranSf try a - rgu£d ! ha , f «*? r J ° 

iffected by the decline of the John Valentine Sale Keslr werp orioinallf^nwiH ^ *n/ Particular, with- BY OUR OWN CORRESPONDENT NEW YORK,* Jan. 26. 

■gainst the? Sw°ss°currencv! nCieS falls through Sw°Frs?7bn iSS® 1 a ! 2g national 11 market* system. FOURTEEN papermakers, in- quoted to buyers of the corru- 

mm, ;e S? rd ,0 « h . drvrlnp. THE SALE .r the John V.len- MSSiniiu JS? T L?' tS* EZ SK a,C tot to 

pent of business tn various parts line fitness clubs concern to the told an extraordinary meeting SXlness The SEC^ delaj- P" 1165 “ . 1 “ d ° s . try * h . ave took steplfei enforce compliance, 

.r the Holderbank group, the German-managed company Playa that this level was clearly too before istikelv to bei b ? en charged with filing prices u coo ^ c Sd, the companS 
ompaoy sa>^ that there has riel Rey S.A.. of Las Palmas is high. “® ra J ore - 13 i0 De wel of conjugated cardboard con- ^ Eolations 

/ .. ” ~TT77 .+• * «*: ^ • ' 

Papermakers deny charged Me share of 

BY OUR OWN CORRESPONDENT NEW YORK,* Jan. 26. passenger car 

market slides 

»ecn a slight improvement m the not now to take place- Only .last 
inancial results of European month it bad been announced 

CSR Limited continues to seek 
opportunities to widen its 
strong resource base 

Extracts from CSR Limited's report for the 
half-year ended 30 September 1977 

The CSR Limited group consolidated net profit before 
extraordinary items for the half year ended 30 September 

1977 was USS27.4 million. This is Sfi higher than for the 
corresponding period last year (calculated at the same 
SUS' SA exchange rate). 

Notwithstanding the present relatively slow economic 
growth in Australia and abroad. CSR remains confident of 
future market prospects for the basic materials which it 
pi oduces. CSR continues to seek opportunities to 
strengthen its already strong resource base. 

The business environment 
There are encouraging signs that inflation in Australia is 
moderating. World sugar prices remain low but a new 
international sugar agreement will operate from 1 January 

1978 for a five year period. The long term sugar contract 
with Japan has been renegotiated on satisfactory terms, 
including a one vear extension. Industrial relations at Mt 
Newman in the Pilbara region of Western Australia are 
now much improved and record iron ore production rates 
are being achieved. 


Total raw sugar production for the full season is likely to ba 

942.000 tonnes (952.000 tonnes last year). Record 
crushing rates and increased efficiencies have been 
achieved, reflecting extensive plant improvements and 
expansions made in recent years. 

The program to upgrade plant and operating efficiencies at 
CSR's six sugar refineries has continued as scheduled. 

Building and construction materials 
Sales were marginally higher for the half year to 30 
September 1 977 compared until the same period last year. 
The main factor affecting sales was the generally 
depressed level of building activity. 

Minerals and chemicals 
The Mt Newman venture (Pilbara Iron Lid . 68% CSR. has 
a 30°„ interest) shipped 12.9 million tonnes of iron ore in 
the half year (16 million tonnes in the same period last 
yean. However, record output rates are now being 
achieved and averaged 3.4 million tonnes per month in 
October and November 1977. Construction ol a heavy 
media separation plant has commenced at the Mt 
Whaleback mine, which will permit the upgrading of 7 
million tonnes of ore per year. 

Buchanan Borehole Collieries Pty Ltd (92.65% CSR) 
shipped 552.000 tonnes of coal in the half year (422,000 
tonnes in the same period last year). Expansion to a 
capacity of 2 million tonnes of soft coking coal per year has 
been completed. 

The Gove joint venture (Gove Alumina Ltd . 51% CSR, has 
a 30% interest) shipped 1 ,014,000 tonnes of bauxite and 

165.000 tonnes of alumina In the half year compared with 

925.000 tonnes of bauxite and 162,000 tonnes of alumina 
in the same period of 1976. The plant al Gove (Northern 
Territory) will be modified ata cost of about US$30.8 
million to produce sandy alumina, which is in greater 

• demand than the floury alumina now produced. 

The acquisition since the end of the half year of a majority 
interest in AAR Limited represents an important step in 
improving CSR’s access to basic resources. Development 
of AAR s Hail Creek (Queensland) coking goal deposit will 
be a major priority for CSR in the next few years. 

KLM out of 
the red in 
third quarter 

By Charier Batchelor 

AMSTERDAM, Jan. 26. 
KLM, Royal Dutch Airlines, 
increased its freight and passen- 
ger loadings in the third quarter 
oF this year because Df the U.S. 
ports «trike and problems at 
some European airports. Net 
profit in the October .to Decem- 
ber quarter was Fls.25.7ra. com- 
pared with a loss of Fls.18.8m. in 
the same pariod a year ago. 

Tbis brought net' profit in' tbe 
first nine months oF the year 
ending on March 31 to Fls.172.5ra 
compared with FTs.94.Stn. the 
year before. Income continued 
to rise at a Faster rate than 
costs, tbe airline reported in 1 

Revenue rose 12 per cent, in j 
the quarter to Fls.B66m. while 1 
costs, including depreciation. I 
rose only 6 per cent, to Fla.636m. 
Revenue in the first nine months 
was R per cent, higher at 1 
Fls.2.ISbn. while costs were 5 
per cent up at Fls.l.92bn. 

Net profit per Fls.lOO nominal: 

By Our Own Correspondent 

therefore, is likely to be wel- of ^‘"co^catod "^rdbo^d Hj. co ° victe t ** companies NEW .YORK, Jan. 26. UAL D3VS more 

to* tore S? I* J&TMIE ». ■ 

tion.” Mr. Williams said, "that 5?^ Mountains for the past IS ea ch. - into tire newTei^th itTcar ® p l e A r ?\ in ? lo ?\ L ' n, * ed 

exchange-based restrictions in ^ firms have- already c&i4>q in t-h<» final Quarter of 1077 (UAL) is raising us quiirtcrly 

the context of a- national The indictments have been denied the charges. And said that nBar iv 14 per cenL and divi ^end from 15 to 20 cents a 

market S5« «S- Srappre- handed down by a Federal Grand they will fight the case. A spokes- SfabmS ikilfto sh *^ 

priate.*' but he flatly .refused Jury in Houston, Texas and the man for International I^per said veh lcles nrincinaliv the Jeea T*^ company announced in 
to say when he thought they companies named. include Inter- the company , believes .that the eomuaiiv's toanrial remits Ghica 8° a n operating loss of 3 

■would formally be ended. « national Paper, - Continental charges-.; are-: unfair ; and unwar- wnts a sharc for thc final quarter 


Ashland Ou had prnviri*-.f 
crude oil Tor Con»inonv-e::!:li 
Oil’s Puerto Rican refiners Vr. 
Atkins said that Afhhnri'* 
M endeavour in operate the Cum- 
monweal rh Oil facility will h* at 
best deferred, and nvoltyhjy 


• would formally 

for the final quarter 

m«s HMUUU UI a uauuuai ciu- American Motors wll coon haso oo.ju->,uvni previ- 

market syaem. the SEC sug- Tiototlons. ployees were amongst the 26 SSf^Joice hut re iu ousy - on rev enues of S825.7in. 

gested thaT further study was The 14. companies had sales executives indicted. - • a S ainst S744.4m- in 1976. 

still necessary. These include of the products totallii^ about The spokesman added that JJJf" Operating profits for the whole 

both basic issues, such as who S22bn. in 1974. The indictment there is Intense competition In JX? P roducer * P fob ‘ of 1-977, however, advanced from 

would regulate the market to charges that the defendents dif the market and that customers aD ^„£“°!f 0 e ' . ^ S19m. to S92.9m.— from 75 cents 

financial factors, such as the closed and received . from each have received exceptional values _,M* e s marKe t snare j 0 $3.72 a share — on revenues 

use of put and call options, other the prices charged or over the years. ger car market has up f rom g2.93bn. tu RS'Tbn 

and technological develon- - faJlen from 4.8 per cent. jo.197o Net fi-ures for 

5W_Sft : - : V JSS5f P*a«U exclude, nninrtS 

raents such as the creation of 1 . ■ -- psiiuua cAi.iuutr’s an OYI r'lnrdin- 

Bell Canada slowdown §££££' ai 

which time lhe industry is 11531 falling short includes investment t-iv rr „ f i 1TC 

wpeced ,0 come U p wiffpro- BY ROBERT G1RBENS MONTREAL. Jap.. 26. equal to S1.70 '? SU."* 

The SEC made it oulte clear CANAUA- .$** largest Regulated telephone earnings in order to break even on its Ueuter ’ 

that two precise fonns of Canad,aD communications com- ip 1977 fell to $C4.73 per share car manufacturing. p ~ 

national market had been ruled E^^ Pd ^? ^ScS at in 0a ^ y C o l S , from SC5 ’ 23 in 1076 of ai q™ SEt the ' I ° arter was investment plans 

out: the first would have been orlc^K f sl ° wdowa ^ 8 rowth of • ««» « share cum- NEW YORK, Jam -n 

simply to modify and unite the f 3 long-distance and local service ® 1 - 2m : . or ,5 cents a EXXON CORPrmvnnv 

existin'* exebanpp warirptci a sbaro- against 3C2S9^m. or revenues. ' share. However, the 1977 fi sure inmmnLi ^ has 

Bell Canada slowdown 


cnirt urniiM tuuuu 4U«i ici bhiujuss wac — - Snare. ' . * — lur ina 

the needs of a s i a r?e a^d SCL67 3 ^ SC1 ' 56 - on Unconsolidated return on Sales f6r the period were Slfibn Sp’" . 19S , 1 - «ncluti<K 

diverse a counter JF& U.s! of SC936m * a 8 aiost "W Mmmon equity was S559m. compared with S55Sra in development “f-Il't!. 1 '* 0 ? an ‘ l 

from Fls56AL 

The figures for .1976-77 have 
been adjusted to allow for an 
extension oF the period over 
which the company is writing off 
some of its aircraft, and for 
changed accounting procedures 
apnlled to some leased aircraft 

Traffic rose 19 per cent, in tbe 
quarter while' production was 7 
per cent, hieher. Passenger traffic 

uiamcL system, which would anf i n k n „. ■ * * ~ a — s<uuemng ties. 

take care of all orders, whether 30(1 Queb€Cl phone rates, . -equipment. A p_bj 

from the public or from market * 

“■}» Th i s> , in e s® nce * 1116 U.S. QUARTERLIES 

SEC deemed too extreme a 


both on existing exchanges and -mini Quarter wtt ins . . ****** r«T 7ZZ — — — !__ZZZ 

00 the manner in which S .. s ° Mrt cr iwr i«6 Fooriti Quarter 1577 1974 Fourth „ 

securities trading is now Revenue 965.9m. 885.4m. p-verme 'HI 11m m s. s “««> o«»mu- 

conducted. " Net profits 6^2m. 7.01m. “gj™. 290.4m. 259.Sm. Net nrnfi. . 

cirr. 1 9Q 1st Profits — 5m. 9.4m. Net nroflts audit. tueL. «« profits 

phone rates. 


gardening ties. 



Fourth Quarter 


Fourth Quarter 

Fourth Quartet- 

On scheduled flights rose 17 per SE ,^s basic 1 philosophy, on persbare... 1^9 1-33 Net pg r sh2 [re - 0 .86 

. r . . , I tho ntnor han/I ui> tn .bmo. "*w Months ■ 

cent, while freight and postal 
traffic were 30 per cent and 11 
per cent, hisher re^nectively 
Charter traffic fell 26 per cent 


European Investment 
Bank goes well 

By Mary Campbell 

the other band, was to xecog- J* 1 "* Momhl „ Q . oc . v*a, ■ 

nise “that the nation's securi- : -jtSJJ* Revenue 7666m. 708.9ra Revenue 1 rih _ Revenue •VNlin -. t ■(„, 

^ lVs S 

1.4m. Net profits 36.fini. 

1.60 Net per share... 2.71 


23, ®“; N !ft per share... 
1.80 Vear 



• 0.45 




means of achieving the goals CTTY INVESTING 

of a national market system ■ — 

may be developed.” The Com- F “ rU ' »J7 

niission’s own pereeired role R< , tfpnil(S .- ' 

is more that of the. rough 

architect, drawing up a frame- 

work in which the securities ^®tper share... 0.7S 

industry could make c-.olu- Revenue S.lbn. 

tmnary changes. vm nrnfits ...... R5Rm 


700 . 1 m. . FBm1h 0uarWr MT 7 1 W 76 FourUi Quartor 

^akc Rev c°ue 72.7m. 71.9m Revenue 

Net profits 13.0m. 14. 3m' Net pro 


2.5bn. Net Per share... 

14.3m. JJ et P r o fl ts ... 
0.54 Per share 


SferSa^w^ S unThXd! McTtonn*}} SSHfifSt:: - - IS & ."2* “Ss ^Sw*""V 

oeak order book' g ^^aofic cgrT^ ~ 

offering traded at 97J/S after a McDONNELL DOUGLAS, the fm o^rter ^ ^ INCORPORATED 

99 pricing., there was aerospace group, boosted net Sec * d ° I,art * r - s 5 ThM Qumn- 5T- 

very tittle dealing in the issue, revenues from SlQ8.86m. ln 1976, t-^L Revenue 212.5m. 1655m » 5 

In the sterling sector, the equal , to S2.S5 a diare. to orofl m 5 K S e ! profitS t. - 14 - 3m - W^m 5®! enue * 305 Jm. 

European Investment Bank Si22.96m„ or $3^0 a share In share iffl ?®S» ^ per share 0-« o.48 2S profits v -‘ S-dm. 

offering which closed yesterday 1977. Sales were unchanged at 68 0 93 „ *5* P e LJ hare 1.38 

was said to’ be well oversub- S334bn. for the year. Rev?mm 973 7m 823m. 5!!®^.* 568.3m. „ 

scribed. The results reflected a furtber Nel profits ‘ M& 22 S"*® 1 ! 60 - lm - *>Ani IVt*™**. S1S - 9 *- 

A particularly interesting point quarter upturn in net -profits per share 60 3.05 LS3 Net per share ? ' 18 1-4S -S 21.1m. 

about the subscription, however, from S2S^7m^ or 74 cents a mTdVvhav “ et P® r share 3.10 

was that it contained very little share, to‘S3426m.. or 89 cents: on R-R. DONNELLEY AND SONS MARATHON OIL — 

interest from U.K. (nve«ors— sales.up from $9$8.6m. to $Llbp. -5^3 77ZZZZ — ' — ^ — "ZZTZIZ PFIZER INC. 

issues by the ELB are among the In. New York yesterday, the s ? n Mangy 

few external offerings in which company said its firm order back- Revenue 189.7m-. 184.7m. Revenue 1 -?hn « 

Net per share... .3.01 
Net share dll... • 

“ Restated. 

1.29 Net per share — 2.14 

F—rth Quarter 1977 1071 

1.98 P^ts 
Net per share 


TAW Qiuner md 

1WT IWti fourth Quarter „„ 

*£•£!■ *M». ^nu.- «,-> 5m 

-il-nm. profits ip- m M-r., 

0-S9 0.83 ^t^per share... <147 

L59bn. 1.5b n. jjfvenuc -j 54 tl „ « , 

4» : 

1.59 bn. 


«bT 14 am. 13 n m 305. 

1S -|S; ^ et P er share 0.52 n?c ^ et Profits -9., 

0:93 Vur 

Net per sharp 

Revenue 7945m, swim w» Hanuti w 

60}“: *t 5!™"“. 818.9m. 

2®-^“- Net per share 


PmmIi Quarter 

i/T '• H Jb 1 O'Connell Street 
\.AIb Sydney Australia 

Exchange rate: 9 Jamary 1978 SA1 = USS 1. 14 

British investors can put money log as of December 31- was Net profits ... 15-fim. 

free of dollar premium. This S4.6bn, compared with S3bn. at Net per share yOM 

suggests that the future of the the end of 1976. Total-backlog vw 

sterling . Eurobond market will was. a record $7bn„ compared. Revenue 661.8m. 

have to be based on non-British with the year^arlier -total. bagfe- Nei .profits. ... 49.2m. 

subscriptions. log of'¥5.9bn'.' . Net -per share 2,64 

15.6m. J3.6m. Net profits ... S7lm* 

. 0B4 0.73 Net per share laq 

. Year * -oa 

661.8m. 5S4.5m. Revenue 4.65hn 

49.2m. 41.7m. Net profits ... 196,&m' 

2,64 2^) Net ‘per share 6.54 

i-4S jJet E^ 8t fv, 21 i m - 19. Sm. Avenue ... 

helper share 3.10 3.93 Net profits 

PFIZER INC ~ — NL t P ° r Jtha 

Foann Ouanw UNION OIL 

59.2m: Nei 'profits 802.3m. F * mh QoxrUfr 

»» r " 

S Foonb Quarter 

395.9m. r,„ 


1.32 profits .. 
^tn 1 P yr Share 
799.3m. ,35" 

19.8m. avenue 

2.93 ‘0, et Profits . 
per share 




1 TH 

nfS* 1 - Revenue 

m t x h profits 

b 3 - Not per share .. 

u <n °-« ivr ; h , u . 

Vi'L* ■ 

f , Jj-.U 


HI llii. 


i J'.l ' 836 

.ii k.* 


Financial Times Friday January 27 1978 



Steel downturn hits 
Ahlsell earnings 


Trust Bank rights issue 
will double equity 




by KDB 

STOCKHOLM, Jan. 25. . 

AHLSEI.L, the Swedish building More. remarkably, despite the 

material wholesaler and steel low level of activity In Swedish , the BANK HOLDING Group issue free of charge, but 

filockholdinx group, reports a 20 building, the group's piping. Bankorp. which has 60 peT cent: second Jpg of the operation „ . . . 

~ *■ of thP Pinhattied Trust Bank and scheduled once tt is known what than loan capital or conventional! cKDB) expects 1978 net income 

tbp hankine arm ot the Sanlam P crceala Be of the Trust Bank preference shares, neither ofjto-rise to between 670m. -and 

: is the banking arm ot tne aaniam „ n thoir rtohts which would have deeeared Trust I «anm fmm w)7ni in 1BT7 Kim 

per rent, fall in pre-tax earnings hratins anfl ran,tary 

a to be seen to bo putting new I HONG KONG. Jan. 26. 
is equity into Trust Bank, rather | KOREA DEVELOPMENT Bank 

Kr.40.3il). I £4. 5m.) 

.. division, which accounts for over 
half of turnover, maintained both : 

The. low prices prevailing changes in sales and profit per- j Trust Bank shareholders pub- 
througbout western Europe form an ce during the remaining : lished to-day, it ha$ been an- 
racunl that the group's steel trad- four months of the financial year. 

nounoed that the offer will con- been to transfer 

•uMi.b uiui me siuuti a o usb- lour m smuts wi we a nww i jrat, i — — — , rr-v..^. re win uh mcir iuuus ui wiuiui- 

ing failed to cover Its costs, but This implies earnings for 1977-78 1 riat of 50m. 11.5 percent, ramula- « nl4m T * a Bankorp into Trust ^nces in which ordinary divi- 

managing director Sven Ostlinjz of around Kr-53ra., . compared tire preference shares, auto- .£? dends are improbable, 

reports that losses were limited with Kr.67ra. for the . previous J maticaily convertible into Trust 2f^^, to The 1984 conversion date has 

by switching out of the normal financial year and a turnover of ; . or *V2ST y ,.^ iares I**" cbosen because Trust Bank 

commercial grades. • Kr^.Ibn. December. I9S4. with an option beleSs tiwn Rgm to the Krtent ordiaary shares, now 40c. are 

e 1 to convert m December of 1982 that the Trust Bank ana Bankorp » g^pecied to' nay a Gvidend 

or 1983. As Trust Bank currently minorities exercise their rights. & en But the option to 

has 47m. ordinary shares In issue. The choice of the unusual convert .earlier has been sup- 

its ultimate equity capital will designation automatically con- plied in case Trust Bank recovers 

more than double. vertible preference shares, ts more rapidly than now seems 

Bankorp will underwrite the beiause Sanlam and Bankorp bad likely: 

Trusts lift dividends 


REPORTING their preliminary Thus compares with a 1&2 per 
1977. results this week, three cent, drop in the Affarsvarldcn J 
Swedish investment trusts have General Index for the Stockholm ! 
shown slight increases in opera l- Exchange during 1977. Income 1 
ing income and propose to in- from dividends and interest rose ! 
crease shareholders’ dividends, marginally, to Kr.41.5m. and the 
The values of ail three share Board proposes to increase share- 
portfolios, however, felt in line holders' dividend bom Kr.7.25 to 
with the general . decline last Kr. 7.50 a share. 

year in prices on the Stockholm The Providentia Board recoin- 

Stock Exchange. mends a Kr.l increase in div'i- i appliances, has aunoraiced a 

EW advance 

TOKYO, Jan. 26. 

MATSUSHITA Electric Works, 
the manufacturer 


- nas Mr. Kim said that the bank’s 

R25m. from ^ d t l r * 5 i?Sre!mf 1 ® rowth w0uW *&• coa ' 

- return on their funds in circum- 1 expansion of the South 

Korean economy, which he said 
would show real growth of at 
least 10 per cent during 1978. 

The bank, which acts as a 
channel for funding major pro- 
jects and corporations in South 
Korea, has no immediate plans 
to borrow large amounts of 
money from foreign commercial 
banks, be said. Instead. Korea 
Development Bank is trying to 
borrow $110m. from the World 
Bank and $50m. from the Asian 
Development Bank (ADB). In 
addition, he said, the bank re- 
cently borrowed YlObn. from 
Japanese lenders, and that it 
expects the Bank of Korea. 
South Korea's central bank, to 
deposit another $100m. in the 

As of December 31, KDB’s 

Island Dyeing falls 
back in first half 

HONG'KONG, Jan. 26. 

of electrical rsLAXD DYEING and Printing turn on the strength of the 

Av-O «... 2 1ATC .M.S • k'nnn ilnltuv TCdUCCd 

Sm . KmSJSSmuS WrjKTS- iiKm£ ST T&SSSniM of-mi. ~fS a-w — -« uw * 

»“*“■ taS C fcSk* S53BS- 5SL Anuncto. ? ed.J i vid«.aofyiO : f»l|»-« l*L J|^ ta ^.S^ ta 7,. , SaW , S^S , £; 

The largest, Custos, show's a Interest rose by KrlLlm. to : has been declared. I although no dividend was paid' rent low level of inventories in 

‘ because of uncertain demand. Europe and the U S. after good 

from Christmas sales. Island Dyeing is 

15.7 per cent, drop in the value Kr.44.6m. The Board 
of its stock exchange invest- to pay shareholders 
ments to Kr.S23m. (£9i.5m.). share against KrJ}.25 in 1976. 

! Shiseido makes more 

Country and New Town 
Properties Limited 

j|j Interim results 



in The estimated unaudited result for the half year |E] 
in ended 31st July 1977, with comparative figures forth© kji 
js corresponding period of the previous half year and jjs 
1=1 the final figures tor the year to 31st January 1977 are 












































as totlows:- 

Group Result before Taxation 

H*H Year KahVur 
31 7.77 31.7.78 

£000*1 £ 000"t 

253 (70) 

Provisional charge for Taxation 



Group Result after Taxation 



Minority Interests 





Preference Dividendtias r . J . 
been paid 


“ 1.4 


i— IE1 
ai.ijr h= 
aw, ]u] 

m is 

79 IS 



TT is 

The hall yearly figures to 31.7,76 have been restated 
give effect to the Board's decision to write off the expenses 
beiore taxation relat ing to properties previously held tyr 
development and which are included in the figures tqr the 
year to 31st January 1977. ■* 

Provision has boon been made for a revenueJoss for the 
half year of £59,000 attributable to the Arnhem property in 
Holland Is reflected intheligures shown above. This property 
was sold on the 30th December 1977 at written down book 

The tax charge has arisen entirely overseas. The 
disproportionate level of the figure to thepre rax profits 
reflects the lad that no offset ot the charge may be made 
agamst the provisional tax position existing iii other parts 
oi tho group. 


1 . The improved trend shown in the above 
statement has been maintained in the second half 
ot the year, and it is hoped, alter taxation and 
minority interests, to recover the loss sustained in 
the first halt. Nevertheless, the Directors consider 
that the financial position of the Company warrants 
the payment ot an interim dividend oi 2% (0‘2p 
per share) ort account of the full year. 

2. Major improvements at the Strand Store are 
progressing very satisfactorily and will in the 
main be completed before the end of the year, 
after which the Store should be capable ot 
supporting a market rental. 

3. With the objective of securing long term 
expansion, the Board in conjunction with 
representatives of the major shareholder. 

The British & Commonwealth Shipping Company 
Limited, which has minority interests in certain 
of the overseas subsidiaries, have been 
examining proposals to reorganize the Company's 
overseas interests into a separate self-financed 
group. Such reorganization would create a major 
offshore property investment group with greater 
flexibility In arranging the necessary finance. 



Setback at Mutual Maritime 

jA SIGNIFICANT fall in profits company expects to make a profit 



. Turnover was down - _ , 

! HKS73.94m. to HKS56.71m. and 40 per cent. owned by C. Itoh. of 
SHISEIDO, the leading Japanese ; the company blamed the down- Japan, 
manufacturer of cosmetics, baa 
reported a rise of 9.7 per cent 
in net profits for the year to 
November 30 to Y9-S80bn., from j 

YS.547bn. j.. . 

YSKSMta fw fte 5 '“ r ,0 MlTCh 31 hM ."u£mii* w Hrn'J ship- 

to Y250571bn. from Y22SS40bn. j bgen forecast by Mutual Mari- pmg concerns, most of its vessels 

The dividend is unchanged at;., - __ are on charter to Japanese com- 

Y10. ‘ ihae Holdings, a shipping eon- paulwr - and ^ ere ^neem in 

For the current year, the com- < * ra combining local ; and the colony that the trouble-hit 
pany forecasts net profits ofi Ja P aaese interests, which made Japanese shipping industry jna? 

Y9.6bn., on sales oi Y26Sbn. ?a. net profit of HKS3 12m. in 1976. ask for a renegotiation of con- 1 

’up from HKS5.49m. But the tr A t ^ a i 0r partner in the forma- 1 seen as rising to £11.6m.. 

tion of Mutual Maritime in 1973 ! which would constitute an in- 

! was Japan Line, which is cur- 1 crease of 40 per cent, on 1977. 
rently seeking a debt reschedul-1 The level of earnings and the 
ing which could involve fleet j mobilisation of capital have 
reduction. I resulted in substantial invest- 

* * * Iraents in equipment and research 

HONGKONG LAND’S wholly- ! (particularly in the fields of 
owned subsidiary Hongkong ! electronics and solar energy). It 

CLAL Inds. 
growth seen 


By L Daniel 

glomerate of- 32 plants. 

•si diaries of or owned by CLAL 
Investment Company — expects 
its sales this year to rise by 
57 per cent, to the equivalent 
of £116m., with most of the 
expansion foreseen - in the fields 
of metals and foodstuffs, while 
output of its textile plants is 
segn as unchanged.:: 
v £ttraings.‘- (be few. . . and 
rights" of minority --^haneholders) 


Hydro Quebec loan 


THE S1.25bn. eight and a half diminished appetite for Latin 
years loan for Hydro Quebec. American credit Is clearly 
carrying a spread of 5 per cent, shown by the increase in the 
over the inter bank rate, was amount of the loan to Panama, 
signed in London yesterday. The from Si 50m. to 5170m.. due to 
seven leading Canadian bonks oversubscription of management 
are joint lead managers with positions,. Lead manager is First 
Bank of AkratreaL acting as agent Chicago - - . 4 ]■ 

and co-nrdmaUng bank. The pro- Meanwhile. Libra has airimg«d 
ceeds will help finance the a $15m. private placement for the 
James Bay hydro electric Argentine state oil company, 
project. Yacimientos Petrnleos Fiscales. 

Proof of the market's nn- Terras are undisclosed. 

Land (Hawaii) is to purchase the 
Davies Pacific Center, a 23-storey 
office-commercial complex in 
Honolulu, frera Theo. H. Davies 
for an undisclosed cash. sura. 

l will also enable CLAL Industries 
to acquire new enterprises, in- 
cluding Government-owned ones 
which the Finance Ministry may 
decide to offer for sale. 

This advertisement issued in compliance with .the 
requirements of the Council of The Stock Exchange, 
tt does not constitute an inurtation to any person to 
subscribe for- or purchase any Preference Shares. 

George Whftehouse 
ffiftaeore^ IMsd 

{incorporated under the Companies Acts 1948 to 1967) 

ISSUE OF 296,752 11 PER CENT. (NET) 

The Council of The Stock Exchange has granted a listing 
for the above-mentioned. Preference Shares. Particulars 
of the rights attaching to them are available in the 
Extel Statistical Service and copies of the Statistical 
Card may be obtained during usual business hours on 
any weekday (Saturdays and Bank Holidays excepted) 
up to and including 24th February, 1978 from: 

Le Mare Martin & Co. 

Regina House 
5 Queen Street 
London EC4N 1SU 

27th January, 1978 

The Bank of Tokyo, Ltd. 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Series A Maturity date 
30 July 1980 

: : In- accordance: with the provisions of the Certificates 
•- of- Deposit notice is hereby given that for the 
at month interest period from 27 January 1978 
to 27 July 1978 the Certificates will cany an 
Interest Jute of 7 n lu% per annum. 

Agent Bank 

The Chase Manha ttan Bank, N.A., 





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This advertisement is issued in compliance with the. requirements of the 
Council of The Stock Exchange. It does not constitute an invitation to any 
person to subscribe for or purchase any Preference Shares. 


(Incorporated in England under the Companies Act 1948) 

Issue of 514,285 10 per cent 
Cumulative preference Shares of £1 each 

The Council of- The Stock Exchange has granted a listing for the 
above-mentioned Preference Shares. Particulars of the rights attaching 
to them are available in the Extel Statistical Service and copies of the 
statistical card may be obtained during usual business hours on any week- 
day (Saturdays excepted) up to and including 10th February, 1978 from: 

Flake & Co.,. . 

Salisbury House. 

London Wall. 

London EC2M 5QS. 

27th January. 1978 

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i« .i: '. *— \ 

_ ^JsQlaM 

Anglo American Gold 
Investment Company Limited 

(Incorporated in the Republic of South Africa) 


Final dividend No. 60 'of 85 cents a share (1976: 
90 cents; for the -year ended December -31 1977 has been 
declared payable to shareholders registered in the books 
of ihe company at the close of IRu£he64<6fi February .10 
1973 and to persona presenting coupon No. - 60 marked 
"South -Africa ’* detached from share warrants -to -bearer. * 

The transfer registers and registers of members Bill 
be closed from February 11 to February 24 1978, both da vs 
inclusive, and warrants will be posted from the Johan- 
nesburg and United Kingdom offices of the transfer 
secretaries on or about March 16 1978. Registered share- 
holders paid from the United Kingdom will receive ’he 
United Kingdom currency equivalent on March 7 1978 
of the rand value of their dividends (Jess appropriate 
taxes j. Any such shareholders may, however, elect to i<e 
paid in South African currency, provided that the request 
is received at the offices of the company's transier secie- 
taries on or before February 10 1978. 

Holders of share warrants to bearer are notified that 
the dividend is payable on or after March 17 1978 upon 
presentation of coupon No. 60 (marked “ South Afriea ") 
only at the offices of Barclays National Bank Limited, 
Stock Exchange Branch, Corner Main and Sauer Streets. 

Johannesburg 2001, South Africa — Union Bank of Switzer- 
land, Bahnhofstrzsse 45, Zurich, Switzerland — Credit du 
Kord. 6-8 Boulevard Haussmann, Paris 9e, France and 
Banqne Bruxelles Lambert, 2. Rue de la Regence, 
1000 Brussels, Belgium. Coupons must be left at least 
four clear days far examination. 

Note: Proceeds of dividends in respect of coupons 
marked “ South Africa ” .may. at the request of the 
depositors, be converted through an authorised dealer in 
exchange in the Republic of South Africa, into any currency. 
The effective rate of exchange for conversion into any such 
currency will be that prevailing at the time the proceeds 
of the dividend are deposited with the authorised dealer 
in exchange. 

The effective rate of non-resident shareholders’ tax 
is 15 per cent. 

.The dividend is payable subject to conditions which 
can be inspected at the bead and London offices of the 
company and at the offices of the company's transfer 
secretaries. Consolidated Share Registrars Limited, 62 
MarshalZ Street, Johannesburg 2001, and Charter Consoli- 
dated Limited, P.O. Box 102, Charter House, Park Street, 
Ashford, Kent TN24 SEQ. 

Subject to final audit, the abridged consolidated Income statement of Anglo American Gold Investment Company 
Limited and its subsidiary' companies for the year ended December 31 1977 and the abridged consolidated balance sheet 
at that date, are as follows: 




Investment income 

Interest earned 

Surplus on realisation of invest- 

Underwriting commission 


Administration expenses 

Interest paid 

Prospecting and mineral rights 


Provision against loans and 
investments (see note) 

Group profit before taxation ... 
South African normal taxation ... 

Profit after taxation 



No. 59 — f interim! of SO cents 

per share 

:<u. 60 — i final i of $a cents 
Per share 

Transfer to general reserve 

Unappropriated profit from pre- 
vious year 

Unappropriated profit, December 
31, 1977 

45 169 



47 663 

46 930 

48 795 

Issued share capital 

Non -distributable reserves 

Distributable reserves 





21 952 


29 630 

29 630 

51 582 












General reserve 

113 000 

108 000 

Unappropriated profit 

4 079 

3 793 

41 60S 

41 507 

45 366 

17 562 

19 757 

18 659 

19 757 


39 514 

5 000 

5 500 

Represented by: 

Listed 1 investments — market 
value R760 81 1 000 ( 1976: 

R612S39 000) 

Unlisted investments— directors' 
valuation R5 2S9 000 (1976: 

R4 455 000) 


Current assets 


Cash on fixed deposit and at 



168 661 


184 731 

147 581 



4 955 

12 836 

190 026 

160 757 




4 079 

3 441 


Current liabilities 
Shareholders for dividend No. 


Short-term loan 


Net current liabilities (1976: 

14 586 

11 798 


16 270 

14 644 


18 659 

17 015 

19 757 

5 431 



Note:' Prevision has been made against loans to. and 
investments in, the group's Interests in Australia. 


22 365 


168 661 

163 375 

Equity earnings per share— cents 


~ 206.7 

Dividends per share— cents 



Net asset value— cents per share* 


2 882 

Head Officer 
44 Main street. 
Johannesburg 2001 

January V7 1978 

' Includes listed investments at market value and unlisted 
investments at directors’ valuation. 

By Order of the Board. 


per H. J. E. Stanley 
Companies Secretary 


Trafalgar’s ‘4 to 6%’ teaser 

>'raFa!gar House's annual 

■ meeting in London yes- 
ids; provided property analysts 
fh plenty of imaginative hints, 
[ few solid facts. A positive 
(hestra of sli denxles will be 
tober crunching their way 
tougb Nigel Broaches' com- 

. -nt about having waited to sell 

■ Jestment properties until the 
, ,rket gave a buyer a yield of 

"ween "4 and 6 per cent.” 
'How can the analysts recon- 
:• that yield range with con- 
nation that the sale of two 
1 jy of London properties, Bil- 
i Buildings and LeadenbaU 
1 use, will , bring Trafalgar 
:und £40m.? 

! i'he answer is that they can- 
; \ yet. 

1 .'rafalgar plans to publish 
i tails of the sale of the two 
:.ldings within the next few 
■jks. Until then the market 
U have to content itself by 
iculating on all the possible 
jld variations it can weave 
of meagre facts. 

;, .i Hirer Buildings will produce 
.2.2m. rent this year. And at. 

. £15 a square foot. Leaden- 
il House (the kind of property 
It would appeal to Norwich 
:inn) would have a rent roll 
.just under £1.7m. Trafalgar 
jres Leadenhall with two, 
-ighly equal partners — the 
j»wn and Church Commis- 
ners — and so it could be that. 
■Trafalgar’s share of the two 
jts is around £2.Sm., £40m. 
•ceeds would represent an 
jrall yield of around 7 per 
it. But things are not that 

There are too many missing 
pieces in this financial jig-saw to 
give a clear picture. Without 
an accurate rent roll for Leaden- 
hall: without an exact figure for 
Trafalgar’s share in the block; 
without knowing bow much, if 
any, equity in either building 
was bargained away when the 
schemes were financed; and with- 
out an accurate figure for the 
group's net sales proceeds, any 
attempt to use the sales as more 
than a very broad guide to yields 
would be misleading. 

That said, confirmation of the 
sales, and Mr. Broackes' forecast 
of a further £40 m. to £50m. of 
investment property sales this 
year, do underline the current 
strength of the investment 

The group has now identified 
two of the three .buildings 

making up the £61m. of proper- 
ties that have been sold, or on 
which terms have been agreed. 
By a process of elimination the 
third block looks certain to be 
one of Trafalgar’s City develop- 
ments. The Whitbread scheme 
is less central, larger and so less 
likely than -the 150,000 square 
feet Wine Office Court develop- 
ment Wine Office has been pre- 
let, ahead of next year’s comple- 
tion, to accountants’ Touche 
Ross. A rental of around £lJ3m. 
a year would imply, at £20m„ a 
yield of just over 6.5 per cent 
And for a block of this size, 
uncompleted, if pre-let such a 
yield would be very impressive. 
But again there are no hard facts 
to work with. Trafalgar will have 
an avid audience within the 
investment market when it 
finally reveals alL 

if -Isj. ; jj0 

;.JJ- j. , iJ „| 

. l a • - • • ••«••• . .. wufa a. 

Haslemere Estates’ refurbishment project for 
The Equitable life Assurance Society in 
Theobald’s .Road, W.C.I, is now three-quarters 
let. Walker Son & Packman and Savllls, joint 
sole agents, had been asking around SI a sq. 
foot for the 21,000 sq. foot Georgian row 
facing Gray’s Inn. In the event, three of the 
four office conversions have been now let for 
just under £6.50 a sq. foot and discussions are 
in progress over the remaining space, 8,095 
sq. foot of offices In number 12-14 offered at 
£50,000 a year. 

Reddie and Grosse, the patent agents, 

advised by Farebrother and Ellis, took up 
their 6,675 sq. foot offices in 16-18 last year. 
Now Chestertons have completed arrange- 
ments for the underwriting agents Hinton, 
HB1 and Coles (Agencies) to move into the 
&254 sq. foot at No. 20. It is understood that 
No. 22, the house where Benjamin Disraeli 
was born In 1804, has been taken as the London 
office of the U.S. group C.TX Dominion Title 
Insurance Company. All the space has gone 
close to the revised asking rents of £6^50 a 
sq. foot on standard 25-year leases with five- 
year reviews. 

EPIC bails out of Brussels 

Shareholders of Estates Property 
Investment Company were able 
to breath a sigh of relief on 
Wednesday. After nearly IS 
months delay the EEC finally 
agreed to lease virtually all of 
the conference hall centre 
planned for EPIC’S Brussels site. 
This fulfils the prime condition 
of EPIC's 1976 agreement to sell 
90 per cent, of the site to a 
financial consortium led by 
Belgium contractors Ed. Francois 
et Cie., and Delens. 

EPIC now has to hammer out 
a price for the site and bring to 

an end its one, embarrassingly 
expensive venture on to the 

The site is just 300 metres from 
the EEC headquarters at the 
junction of Rue Proissant and 
Chaussee d’Etterbeek, overlook- 
ing the Parc Leopold and Place 
Jourdan. It was bought at the 
tail-end of the Brussels office 
development boom late in 1973. 
When the city's office market 
crashed, and when sterling began 
its nosedive, the office scheme 
was shelved. The present plan 
for a conference ball emerged in 

Brussels cost EPIC two succes- 
sive dividend cuts and added 
£109,000 to its net Interest costs 
in 1975, £260.000 in 1976 and 
£303,000 Last year. The site is 
not separately identified among 
the group's £2.2m_ of develop- 
ment properties, nor was a 
separate Brussels element identi- 
fied in a £lm. provision against 
these properties in 1976. What- 
ever the eventual sale price, 
EPIC will be able to partially 
offset book losses by drawing 
back some of the £703,000 un- 
realised exchange losses charged 

since 1975. Finance for- the site 
was in the form of Belgian franc 
borrowings in Britain, and 
although the exchange rate at 
the lime of Ihe purchase was 
around BFr&96 to the pound, 
subsequent provisions take no 
account of the recent revival of 
sterling and the franc's decline. 

Price negotiations have not 
started, but EPIC hopes to 
repay the £2.5m. or so bank 
borrowings on the site without 
having to make further balance- 
sheet provisions. In anticipation 
of a dividend boost once Belgian 
interests costs are stemmed the 
shares gained 9p on the news, 
closing at 86p yesterday. 

In Brief . . . 

chairman of the Scottish Liberal 
Party had some acid comments 
to make about the Department 
of the Environment's "scandal- 
ously extravagant'* behaviour 
this week. Having sniped at 
“the massive and largely un re- 
ported growth in slate bureau- 
cracy in Scotland " Mr. Bruce 
saved his big guns for a broad- 
side at the Property Services 
Agency’s “ developers' friend ” 

Financial Times Friday January 27 1978 . 

image. “ In Jnd atv’mSiiood 5 lime got 

it sri pS® ss. to 08S.OOO, - _ 

addresses in the ^centees, # 

ing as the property speculators 

friend and, being such a MR abbOTSTONTD • Agricuttral 
buyer, helping "to Increase rents- p^p^ty tjnit Trust totalhe 


letter from ThS sbo« ttat "“n™ tmwM In 


tops the £1^15 Jy the «-a«nd. a IU 
list with 592.000 square feet of per cent, rise 

new Government lettings In the j,j one 0 f the Sb [. pr ^JJjS 

past four years. Some 204.000 funds covered in in* report 
square feet was taken in Glas- ma{C hed the SI-S per cent, rise 
bow, 64.000 square feet m Dundee in t ho FT property •-hare «.iiu* 
and 129,000 square feet m index over the year f u! . 

dcW a Il'-OflO stake to » 

some relieved developers, and Welfare Life Property earn* 
some very cheery portfolio mana- third, with 3 5 er ff; 

gers in Scotland looking fonvard increase to ® Jj 1 ' 

to hefty Government reversions provident Mutual Property 
£ the 1980's. Trust at 3fi.l per wnt j»pd 

Pension Fund . Property Unit 
0 Trust with an increase or 

per cent. 

BtBA is alive and well and Bottom markers were Bnrrlay- 
movixtg to Conduit Street, Wl. trust International Property 
The fashion and cosmetics Fund, rising just 4.fl per cent, 
business that grew to fill British | n 1977 to give a £1,000 invrttnr 
Land’s Derry and Toms store in £1,049 and Confederation Life 
Kensington High Street, and with an S.7 per cent, increase to 
which subsequently toppled into £l.0S7. The average for nil funds 
the arms of the receiver, has was a 22.6 per cent rise to £1 .—■*». 
been picked up; dusted off and gj ^ clear i- no qnide to per- 
given a new home. forma nee. The tables show that 

A Liechtenstein registered Legal and General's Propmy 
nominee company, believed to pension fund <5th 

provide a publicity shield for an « the. year-end, yet it came 20th 

Iranian controlled cosmetics out of , ^ -T^TsSrrr ia to 
group, bought Biba’s inter- mance terms PFPUT is shown to 

nationa 1 trade name and good- be worth “^n^hu-SSS 

will last July. The resurrected 

s&rajs FI’SHST 

Moxey. has now acquired a head- funds at £3»m. apiece, 
quarters building. Levers, act- 0 

ing Tor unnamed clients, have 

. sold Biba a 2.000 year lease on pmnnrtv Denis appears on 
the 7,000 square foot showroom Property weais appv 

and offices of 22 Conduit Street.. ra S e 


for Industry 

BRISHT0N (Hove) 

New Warehouse Units 
from 9,000 sq. ft. 

TO LET— Available late !978 


from 5.200 sq. ft, 


ENFIELD, Middlesex 

Single Storey Warehouse and Offices 

50.750 sq. ft. TO LET 

Rene £1.20 per sq. ft pa. exd. 

H0DDESD0N, Herts 

40.500 sq. ft. 

Prestige New Warehouse/Factory and Offices 

PERRY BARR, Birmingham 

9.!20 sq. ft. 

Modem Factory, Office & Storage 


Multi-Storey Factory Premises 

75.000 sq. ft 

FREEHOLD — Under £5.00 per sq. ft,- 


4.350 sq. ft 



Proposed Ware house /Factory 

61.000 sq. ft.— May divide 


Ch arte re d S urveyors 
1 Snow Hill, London, EC1 
01-236 3000 Telex 885485 
Manchester, Leeds and Brussels 

eVuEWF-i: • <-• v •— -v- 

— il 

: . VVfestEnd 

-^Euston Street, NWl | 
Headquarters biiiidlng. 
33,000 sqft. 

Tottenham Court Road, WCl 
Air-conditioned office suites. 
4,500 - 30,000 sq.ft 

Maltravers Street, Strand, WC2 
Modem air-conditioned offices. 
7,000 -14,000 sq.ft. 

Grosvenor Gardens, SWl - 
"Air-conditioned offices close to 
Victoria Station. 10,000. sq.fL 

Buckingham Gate, SWl 
Refurbished office building. 

11,000 sq.ft 

Hollarid Park, Wll 
Refurbished air-conditioned office 
building. 10,000 sqit 

Two of the 

at the touch of a button. 



: ’ :‘ V j v A\A!ai^Atinn^<^ebutiding.Cen^ 

position. 1 6,200 sq.ft Immediate occupation- ' . 

^ V 

Tol worth, Nr. Surbiton / 

/ 23,100 sq.ftin multi storey building, opposite / 

»WCl ■■ B.R. station & adjoining Kingston by pass, 

uites. Immediate occirpation. 

Windsor, High Street 

ad, WC2 Self contained office building features ancient 

[ offices. internal well 7645 sqit Immediate occupation. 

Twickenham, King Street 

Vl - • Newoffice bitilding. Prominent central position . 

-lose to 26 50/813 0 sq.ft Immediate occupation.. ■ 

? r ’ Sf Albans, Herts. 

[ First phase of a new development 11,2 50/ 

ing. 23,000 sq.ft approximately central position. 

Occupation mid 19 78. 

Lambeth, SW9 

med office New air conditioned office building 54,700 sqit 

Central position. Immediate occupation- 



^ \7 Chartered Surveyors 

103 Mount Street, Lori£kxiW1Y6AS 
Teh 01-493 6040 Telex: 23858 

new single storey 

sq. 125,000 ft. 


Prestige office block 


_ Apply Box T. 4813, Financial Times, - - 

10, Cannon Street, EC4P 4BY. 

P. f-: * 

is I s 

; i 

! ? - » r 

1 ; '■ 


rv. -- V\ • 

>:v*> ?• 

Lt T fy'Ai." 

; j o ; 

b' • - * 

jS—tr.-'v -.-r, ' •' 







193,000 sq. ft. FOR SALE 

ir Close to North Circular Road & City 
■* Modern Offices - ★ Fully heated ★ Good access 
★ Ample loading bay facilities ★Car Parking 

for details apply Sole Agents: — 




TEL: 01-499 9452 


Clients require 

40 - 50,000 sq. ft. 


Vacant Possession 
by late 1978/79 





Comprising: Four Farms: A Smallholding: A Cotraoe and Land 

ABOUT 1,073 ACRES " 

Together with 55 Acres of Woodland 
(unless previously sold) 
at the 

ON FRIDAY 5th MAY, 1978 at 3.00 pjn. 

For Illustrated Brochure apply to the Auctioneers: 


Station Road. Otley, West Yorkshire LS21 3DR 
, , Te, «Phonc: Otley 332T (6 lines) 

also at Ilkley, Keighley, Skipton. Knaresborough. Leeds. 
Ripon and Harrogate 
Solicitors s Messrs. Hepworth & Chadwick 
... „ Gui lrfford Chambers. 

* n - The Headrow, LEEDS LSI 5JP. Tel: 30391 

^Parking ^Central heating :r-Lift 

16,467 sq.ft, 

Green & Smith 

^oncory Lane London WClv\ in 

01-405 6944 



Chartered Surveyors Property Consultants 


Small Office 
Suites to Let 
6 or 12 months + 


Prestige Office 

7850 sq.ft. To Let 



To Let 

D 0 NMIS 8 NS 

70 Jcrinyn Street 
London SWl Y6PE 
• : 01-9301090- 



Prestige Office 
Suites To Let 



Shops in 
prime position 

t S- e : Ftiuaic!al Times Friday January 27 1978 

48 — So QknwnQSbtreet 

7 - - Approximately 28,000 sq. ft. 

Cousort House contains every modem amenity and has been 
finished to the highest specification. 

One of the last remaining new self-contained hanking and office 
buildings of its size now available in the very heart of the 
financial district of the City of London, and situated within 
. . 500 yards of the Bantcf England. 

Further particulars are available from : 

the joint sole lettingagenla. 

ttHltr! , 

mi a ■ i i ■ b ■■ i mi b'i «x i bo 

i;T| ! ! 1 i I \ Si 

HIUMtl 1* 

" Richard Main & Co. 

Chartered Surw i or* 

OL-623 (Hi a 5 

Cannon Stiver London ECiK j.l\ 

Hampton & Sons 

SUiuht* HalL 
London. ET-4R JTD. 

A Dev ri o pm ent by Cprnpm StarJet 





49,000 sq.ft. 

Hill* ,, 





i b . , .■ 

J , jj j, . ' 4 

JV, , • 

. ?, --J-j J J J l “ £ vi , i : "" " - •—hiSlL.j-j . 

J* I* t • j ■ : •' 

,. , i, ■ ' n ; ;-{■ ; v, 

4- ■— A—J V— T— y — J • -w'.-JLl ^ ^ 

. . —■ 4 ■„ -V "" 

•••*■•**** ■■**%** ^ 

t: •» . | 

For iull particulars of space available 

Bp”*°P Anrr, □□Grimley&Son 


Hey wood 

: .V-> »i M ) >nri t ,- -g-jxiTSSX 

021-23(^^236 u «» is - **’ i* 

061-834 8384 Teles 667262 

Cromwell Road,SW7. 

TWo Freehold Office Buildings For Sale 

104-106 Cromwell Road I 114 Cromwell Road 
9,460 SqFt. j 6^100 Sq.Ft. 

Suitable for refurbishment jOfficesand Residential 

_ SoleAgents 

. UKStertOOS Ck*tte&Bmt$on 


‘75 Orosvenor Street, London, ^VlXOJBQl-4990404 
'and in the City of London ■ Kensinpton Hyde Park ■ Little Venice - Chelsea 



Approx. 2,500 sq. ft. 


Hampton & Sons 

*01-236 tt3l 
9, Dowgate Hill 
London E.C.4 


In suites of 387-660- 
2068-2298 SQ ft. 
In suites of 1450- 
1682-2046-2500 ^ <•- 
10,000 sq ft. 


I Pul* lot-a— w’r c;. 

Tel 01-499 6066 


Close to Heathrow Airport 




1 0 /4O 9 0OOsq.ft. 

Ample Car Parking 
Fully Carpeted 


Sole Letting Agents 

Hillier Parker 

May A- Rowilen 

77 Grosrenor Street, London WlA 2BT 
Telephone: 01-629 7666 > 

and City at Landau, Edinburgh farts, Amxta rd am. AostraHa 

Major single storey 
Warehouse &. Head 
Office Complex 

24Q000 sq.ft. TO LET 

including 60,000 sq.ft, of Offices. 
Good Height -AH Amenities 

Edward Erdman 

26 WEST NILE STREET GLASGOW Cl 2PF 6*1-221 8345 

For the Company 
that prefers to be 

But not look it. 


Owr 20.000 sq. ft. of air-conditioned and carpeted 
offices on 9 floors. TO LET 

34 Bedford Row. London WC1 01*404 5791 








Apply Joint Agents 

Hillier Parker 

May K Kowdana 

Grasvenor St. London TWA 2BT 01-629 7666 

City of London , EC4 | 

New air-conditioned 
office building occupying 
a prime location with 
commanding river views 

70,000 sq.ft. 

with superb amenities 


Joint SoleAgents 

32 St James’s Street SW1A IHT 01-930 9385 


May & Rowden 

39 King Street, London EC2V 8BA 01-606 3851 

and Lcrdan'.vt . Edinburgh Pan’s Amstprda'n S.dn-y Melbourne Brisbane 

INTER-rm & 


3 MA»K>R 


fiinl' te' ? national 

l Mt , > ™ • MOTORWAY'S 

APPROX 400,000 SQ FT. 
(40 000 m 1 ) 

ON 30 ACRES (l2ha.) 


g; ^ ! / k 

1 / 

/ mm \ \ 



Full particulars from the Sole Agents 

May & Rowden 

77 Grosverror Street, London W1A 2BT 01-629 7666 

•nd City of Londsn ■ Edinburgh Paii»-Anateidan>.- Sydney- Melbourne -Brisbane 


Join a top International Company in one of the best buildings in the 
city when they move into - 

Eleven Albion Street 

IBM will have surplus space of 29,400 sq.ft, to let on the 4th and 
5th floors 

* Full air conditioning throughout <c Five high speed lifts 

❖ Self contained units from 5,000 sq.ft. * Immediate occupation 



cd Kina Sl’fiS? L 05(55 IS! 2^P 




; Cc*Tc»cCtaJB 3*rrifigriaT'.5^ 

021*233 iOOl 


Financial Times Friday January 27 107S 


! Fetter Lane 


_S, tbe U-S- combustion 

Engineering group that recently 
took the whole 95,000 square foot 
office block at 100. Fetter Lane, 
EC4. Is already spilling over the 
foad. Underlining tbe shortage 
of big office units now available 
jn the City of London, the group 
cas now signed to take a sub- 
lease from Navcot Shipping on 
fin additional 28,500 square foot 
ctf air-conditioned space across 
from its new headquarters. 

: Debenham Tewson and Chin- 
' nocks, acting for Lummus on the 
: loo. Fetter Lane deal, negotiated 
i i concessionary rent starting at 
: ground £6.25 a square foot and 
rising to £8 before the first full 
, rent review in 1983. Richard 
, launders and Partners and 
Anthony Lipton acted for the 
; 3ank of England, which had 
‘■:aken over the former Slater 
ijValker development. 

: F The new letting, at 43. Fetter 
\ Oane, helps to confirm rents in 
1 ;he area between Fleet Street 
jnd Holborn. Lummus. still ad- 
vised by Debenbams, has taken 
•he extra office space for rather 
■ess than the £7.50 a square foot 
Asking rent. That matches the 
■‘just under" £7.50 a square 
j'oot agreed by the Post Office 
vhen it recently took a 37,250 
quare foot sub-lease in Uni- 
■ever's neighbouring Lin las 
^fouse, Chestertoos advised 
■'Javcot on its sub-letting. 

But the near £500,000 sale by 
Jones Lang Wootton of the Insti- 
tute of Directors’ 55-year lease- 
hold in the 10,000 square foot 
building helps to pay for the 
Directors’ new HQ in the former 
United Services Club 

Partners become one of their 
own City Floorspace statistics 
this week-end when they .move 
offices and postal districts, from 
4845. Eastcbeap. E.CL3. to 27-32, 
Old Jewry. E.C.2. Saunders are 
taking a 1.650 square foot sub- 
lease in the Commercial Bank- 
ing Company of Sydney's build- 
ing for around £10 a square foot. 
St. Quinton Son and Stanley 
acted for the bank. 

The agents can well afford 
their new space having sold the 
freehold of their old 3.100 square 
foot offices to New Court 
Property Fund, an arm of the 
Rothschild Property Unit Trust 
for Pension Funds and Charities, 
for around £700,000. An as yet 
unnamed overseas bank, repre- 
sented by Vigers. is to move into 
the old offices. Rothschild 'was 
represented by de Morgan 

toWN AND CITY Properties 
;Qd its funding partner Legal and 
.leneral Assurance, were for- 
mally reinstated as developers of 
he £24 m. Eastbourne town 
ientre development this week. 

• T and C had been working for 
tears on a two-stage development 
»lan of a 10-acre site in the town 
before Eastbourne Council 
Jropped the idea in favour of a 
lingle stage project. Last autumn 
die council called in John Laing, 
!nd the contractor, hacked by the 
rhell pension fund, considered 
lie Council's idea. Earlier this 
nonth Laing announced that* it 
yas impractical to do the work 
it one go. Eastbourne, faced 
j.’ith a March 14 deadline on its 
’ompulsory purchase powers for 
be site, turned back to T and C. 
, T and C’s initial plans Involved 
325.000 square feet shopping 
fe ntre in the first stage, followed 
r.v another 140,000 square feet 
covered area once the initial 
wilding is operating successfully, 
fey to the success of the scheme 
f the continued support of the 
raditional “anchor" stores. The 
trie up planned before East- 
journe's temporary brainstorm 
hakes a strong team: Little- 
j-nods, Marks and Spencer. Wonl- 
Jv-fis. British Home Stores, 
loots and Ibe Co-op. 

. SLIP of the typewriter in 
Monday's paper transported the 
Allure home of the Syrian 
Embassy from 8. Belgrare 
jquarc. to Berkeley Square. The 
yrians lose their nightingales. 

THEATREGOERS in London will 
soon be used to scrambling over 
builders’ skips. First the 
Criterion — where Trust Houses 
Forte's 175.000 square foot addi- 
tion to the Piccadilly Circus 
theatre is due to start shortly. 
Then the National Theatre — 
where John D. Wood and Gerald 
Eve are looking for a replace- 
ment for Reuters as a prospec- 
tive tenant for Associated News- 
papers' 200.000 square foot specu- 
lative office scheme. Now the 
Old Vic — where Lambetb Council 
gained a two acre housebuilding 
site in return for a 150,000 
square foot speculative office pro- 
ject on the former David Grelg 
headquarters building, opposite 
Waterloo Station. 

Both Associated and Alan 
Pulver. whose 5nowhall Securi- 
ties is developing the Grieg site, 
expect Waterloo rents to top £10 
a sq. foot by 19S1-82 when both 
•schemes should he completed. 
And both Associated's agents, and 
Churston Heard and Edwin Hill 
and Partners — Snowball's joint 
agents — are trawling the market 
for prelettings. ■ 

Associated plans a straight- 
forward four storey office that 
won't either embarass the 
National Theatre's architect nor 
entirely disgrace the designers of 
the London Weekend Television 
building, its other near neigh- 

Snowball on the other hand is 
risking the wrath of the 
modernists by sticking to the 
pseudo-classical facade of the 
existing building renamed Water- 
loo House, and. for £5.5m., slip- 
ping a net 105,000 sq. foot of air 
conditioned space behind. 

The site for the new building 
was acquired in 1973. and a delve 
through the records suggests that 
Snowhall may have paid up to 
£3m. for the land. It is not sur- 
prising. therefore, that the group 
is seriously considering selling 
the scheme to an institution. 



OFFICE Building 

10,000 sq.ft, approx 

a self-contained and air conditioned 
building in Austin Friars 
London EC2 

• 1 minute from Stock Exchange 

Air conditioned 
Vaults and strongrooms 
Panelled Board Room 
Dining Room and kitchen 
Executive Offices 
Automatic Lift 




Staples Corner NW2 

72,000 sq.ft. 

To Let 

Modern Single Storey 
with offices and large yard 


Headquarter Complex 

Join: Sole Agents 


01-930 1070 

Estate House 
1 30 Jermyn Street 
London SW1 4UL 

SO High Street, Dudley 
W. Midlands DY1 IDE 
Tel. Dudley 59541 

Office Factory & Warehouse 
140,500 sq. ft, 
on 3.7 acres 


Tel.01-534 8454 



There is still room to grow in 


We have approximately 300 acres of land available 
for industrial development 

We are prepared to lease in blocks of .four acres 
or more. 

The land is well located and serviced by road, rail 
and sea, with adjacent port facilities and ideal for 
industries not suited for town or industrial estate 

The. local authority is sympathetic. 


Write BoxT.4812, Financial Times, 10, Cannon 
Street, EC4P 4BY. 


Units from 6,000 sq. ft. to 180.000 sq. ft. 

Tenants’ special requirements can be incorporated 
at this stage 

Joint Sole Agents for General Motors Limited: 




23. Bertel*? Square, 
London WlX SAL. 

01 -STS 9030 (Ref.' ELS) 

115. Belter 5»tn-ri. 
London W1M SAY, 
ui-835 roe. 


BAKER STREET - isso sq. ft. 

500 sq. ft basement storage 

CRAWFORD STREET - sso sq . ft 

47 Great Russell Screet, London WC1B 3PA 01-637 4577 

Self Contained 



Total floor area: 20,000 sq. ft. approx. 
Amenities: Ample car parking, full central 
heating, fully partitioned, automatic 
passenger lift, superb natural light 
Lease: 20 years, rent review every 5th year. 
Further details apply Sole Agents. 

56/62 Wilton Road. London SWTV 1 DH 










New Factory/ 
Warehouse Units 

5,000 to 100, 


Richard Ellis 


01-4934371 I 

Chartered Surveyors 

FART OF BOVIN GOON AIRFIELD. 105 ACRES lor llterei boots) of 
•Agrttolrui-M U"?; nclueing *npraK.nut«v I'S ACRES of 'valuable concrete 

: i 

. .1 


runways, 4 ou*dmys and moaorn Brain Mors, mm aa. It. -x 60 Mi 

at present for agriculture! piirmH and onrare aircraft us*. AIM 
occos.onaily Isr po-korane. driving tuition, otc. 

Tbe onuoertir has in tbe mst been rbe sue of hinting location*, 
recreational activities. temporary storage, etc. This boldine wouhf be ol 
Interest to so imoghsative Entrepreneur who could exploit rt to its full 
potential, sublect ta planning oermjssion. 

m Presold with owes* on are invMed on ; tbe basis 

oi £i&a.ODO lor the whole 

The Financial Times is planning to publish a Survey on Industrial Property. Tbe provisional 
editorial synopsis and date are set out below. 

1 I 


' i 

• I 

DATE: Wednesday, 15th February, 1978 


Humbert, Flint 
Hawfence A Squarey 

Hemet Hempstead 2. miles: London 25 m l/eu access 4 jprir. 




Production 79.000 iq. ft. - Offices 
3.900 iq. ft with ancillary areas 
of 1 .000 sq. ft. Sat in 1-eehoJd site 
of 5.9 Antes pv £19.500. 

Contaci i »» •. ..cuts:— 

Storey Sons & Parker 
HI g ham House. Nvw fir.age Street, 
Newcastle upon Tyne. 
Telephone: 0612 26291. 

G. F. Singleton & Co. 

Uoyds fc» nv E . 15 ...**. 51. Ring Street, 

Telephone: 061-832 8271. 

COVENTRY. Detached block of 
four modern Freehold Retail 
Shops with residential flati above 
each and lock-up £areE«. near 
Walcravc Hospital. Each let on 
F R. & I. seven year Lea sn 
expinng March 1973 Present 
total net income £3.^S0 ' per 
annum T.P.R. Notices served 
under Landlord and Tenant Act 

COVENTRY. Detach ad block of 
four Freehold U. F Flatten, near 
Wholesale Marker. Rc-icgistra- 
tiora due July 1973. Preserve total 
net income £1.152 per annum. 
T P R and 12 lock-up garages. 

Full particular* from : 

125-131 Nrw Un : "*i 8'w* Cnvmlry. 

Teh (02031 21577 

King & Chasemore 

An Important Portion** of 


Comprising nviMlr 


Some W ts> Acstlrnoa. ■ uodari'jn 

L<- to leHW„. lO, 

For Safe by Public Auctum «n 17 Lon 

i i i ii ■ ‘i»’ J i 

an Thumday, t6th February. 1978. 

Cuft sitting w-t P-r.w.iivs/n 

Fc<r ilfuitrar— 5 rnrt'culan Sfn'v 
13 Carfax. Hon ham. West Suncx. 

Tell (0481) 6444-1. 

2/3 Churchill Court. 112 The Street. 
Ruslmgton. We«f 5u«te«. 

Teh (0*062) 71971. 

Detdiii: HUMBERTS. 6 RoaieUnd. St. Albaiu. (07171 61226. 


Industrial property has outpaced offices and matched 
prime shops as the most fashionable sector of the 
property investment market over the past year. Invest- 
ment demand has spilled over intn development activity, 
and new building of faclnries and warehouses has pro- 
vided a badly needed lifeline Tor the contracting 
industry. But the sluggish pace of industrial recovery 
in the economy as a whole casts a shadow over the 
industrial developers. Could the enthusiasm for indus- 
trial property survive any further delay In the Jong- 
awaited revival oF industrial activity? 

of the relatively stronger demand for modern motorways 
linked storage space. While consumer demand remains 
buoyant, and industrial activity slack, warehouse 
properties will continue to edge ahead of factories in 
rental, development and investment temus. 

i , 

a. The Land Crisis 

Property legislation has severely reduced the supply 
of suitable industrial property development sites The 
price of freely developable land is rocketing, and the 
rising spiral of land cost s threatens to halt tbe indiKtrial 
building boom. 

a. " London 

Industrial development sites in the capital are com- 
manding premium prices. Proposals for revitalisation 
of inner. cil.v areas may eventually help to ease ihe 
scarcity problem*. Bn! in the meantime local planning 
delays endanger efforts to bring blue-collar jobs hack 
to London. . . 



London's docklands are the largest inner city wasteland 
in Europe. After twenty years of delays there are at 
last signs that the immense potential of tbe area will 
he realised. 

h. Building Costs 

Contractors, anxious to keep their work forces together, 
have been paring profit margins to the bone in their 
efforts to win building contracts. The builders' subsidy 
has artificially reduced development costs and kept 
asking rents for new space unrealistically low. 1R~S 
could see true costs flowing through to rents. 

c. The Contractor Developers 

c. Manchester and the North West 
Despite local and national efforts to revive the region 
industrially, only Greater Manchester retains the spread 
of business to ride out the recession. 

Office sites 



Ext 328 

Cm«f Estitn Surveyor 

PO Bo* 3 Penrborough PEI 1UJ 

Civil engineering and contracting companies are increas- 

)f f 

ihgly willing to lake on the role of developer. Inter- 
national contractors’ strong cash flow enables them to 
act as both development and investment holding groups, 
and property investment is becoming an increasingly 
important revenue source for leading companies in the 
building sector. But not all builders’ property operations 
have been a success. 

d. t The North East 

Advanced factory building by the British Estates 
Corporation heavily subsidises industrial users and 
threatens to squeeze the private developer from the 


ABLE. O. Pater*'*! Ltd- SboDflttcrs. 
Si. Stam'ard Hill London. N.1G. 
01-807 5252. 


5,200 Sq. Ft. 

Gracechurch St. E.CJ. 

' Lift. Heating. Exc. Cond. 

01-492 0954 

16 Berkeley St.. London WlX 5AE. 

BROOK STREET. W.l. aptmlCe Cl4rln3e-» 
tvl'-conlained o’lite Mlkiine to let. 
Reasonable rental. Ref DGG. 01-734 

1 304. 

Recent st.. j».i until nnucm oftne 
Suita 2.000 m. H. Prestige enrranr c 
hall. lur. cji_ MTlerag*. Oasis A Co 
637 1061. 

Three self-conta nM suites 607. 5.500. 
5.JOO <a ft.. Immediate (Kruoatioi. 
Full range ol facilities available includ- 
es 24. hour hNeohcnc tele* 

secretarial smriret For further detail* 
contact Marketing Department Ol -«eB 

common areas. Souttiamoton Row. Phone 
01-600 1797 Rat JBH. 

SECURITIES DEAL ER5 To let suoerb small 
cite oTHe fully eguloiMKl. complete w th 
Sloct Excliange T V. Ker Bhon* rtc. 
Term by arrtnpnnoat. Phan* Ol -628 
5329 or 628 9279. 

EU5TON. N.W.1— ModcrnbM Oeadanarters 
building 17.500 so. t. aporoV. Oflices. 
Want Industrial, warehouse. Fitted ear. 
pets, right 4 Rings, lift, central healing, 
car parking available- Rem £55 000 
o*: earl, or lor sale freehold Sa'e 
Agents D. E. A j. Lew 01-910 1070. 

Thr®«-Year Old Factory 
■ 14,000 SQ.FT. 

muiulactairms space and I.7S0 u|. ft. 
oflkei.- Centrally heated. Occupying 3.6 
acre me with paved ear-parking and 
enclosed yard areas.; Room lor expin, 
sion. Ready earl/ occupation. For 
Sa>« Freepuid on the' instructions of 
th* Liquidator. 

Frier on inppticottofl 

Neales of Nottingham Tdb 53511 



Station Rd.. Edgware. lock-ap shop 

.... Si.* 

plin two s/C flais. shop let on 21-yesr 

Irate at C 3.800 p a.a. I Review 
1984.) Flan each let at fJSO p.a *. 
Would suit small pension fund or 
charity organisation. Prit* £4/. SCO. 
119 Station Road, Edgware. 

Tel.s BI-952 01 IS. 

HI6HAM5 PARK.- E.4. 11.580 «a. rt. 
aingle storey factory to let. modernised, 
hcatingriighiino- Immrdiaie possession. 
Junes Lang Wootton. Ol-biHj 4060 cat. 

these and tiavu a wide mint non in rna 
pritC tango £5 o:u re £J5 On * Uetsi.-i 

trom Pcppl.ill CO.. *i_Cli' Kn'Q 

l 7 .SI 77, 

aopeoe. 2 000 sq. It. Nth London. Re- 
mcinoer used lor cngmeerir.g. Already 
powoed. in a I>0 htalto. VjiMB sHn«. 
joint temure preferred bur straight id 
considered. Suggestions mease to Box 
j.aaiA Financial Times. >0. Cannon | 
Street EC4P 4BY .. 

TO LEI — 8 mile* FolLestonc. Clear usace 
and substantial head room. Ashfora 
10233-24561 >. 

GREENWICH, S.E.10 — New single store- 
yiarelML-sii'lactorv with oh«cs. 15.000 
*4. K. aonrox. lo let. Immeaiare posses- 
sion. Apply; D. E. & J- law. Eataic 
House. 1 30 Jermyn Sir, -el Lonaon 
SW1Y 4UL. Phone 01-930 1070. 

HOODE5D9N 14 000 W l» laf.ory 
23 OOO sa It. warehouse. 30.000 sa It 
warehouse 40 SOJ so H. w^rohau^e. 
BiShOPS Stortlorl 5.600 JO 000 lr It. 
lortono'ivarefroiites Harlow 50 OOO 
in M. warehouse Wane e. 
Waters. Tel. Harlow 39191. 

Street. Bath. 022 S .'bha? 

Idle* JJ972B. 

FREEHOLD SHOP Inresimon:. N.» H amnion 
n—iet oi! loip lease (25 wa-*..- rack 
rented al £4 C-00 t- .1 «i,l on > 1 a 1, 
rent Imlc* S years Pu'» LSI 100 
S.T.C. Atniv P»nH-w 01-1.23 

IS5' ref. JMM or PS 

WEALDSTDNE HARROW. well sw.uied 
shop investment in prime PO* Iron on 
F.R. 4 » lea-o, nro.-a-ihn L- OOa »'-\R 
with 5-r.?ir mvi.ioos friH-r.ji.' t5 2 Si'O, 
11 Green Wjlk. wwc pi 2?J MSI. 

RUGBY- Crni'.ii rh.-.p mennw P*mt 
£4 025 f r.,p- OIS y; OCP -- non W TUT 
& Assoei.i'ei 29 Recent sneer. Pu-jpf.. 
lei 7JII7 

FREEHOLD — tl 200. i:snf Hals pmuec-. 
Ihn qro-jnH rents ol El 20 nnr anitiiM. 
Kew rnd»nrn Full parti'nlars Irum 
Aecnuntabili*., ia Mn> *a. Harrow. 


JACK MEMDOKA. F.S V.A. .re*s 'Or 

gt iuioj I nv— - mu Si., o. O'* • e% IihSi l- 

trial Prop** !%e> LC< Odn St IngUnl. 
Irem 120 000 ;*> t *■■■ Dv :• '.PO 
Bi.-'hi-witon Se.m H->«c 102731 




This business n ti wared in West Central Scotland, seltine to retail putters 
throughout Scotland Projected tnmo-e- in eneets ol £750 00B O d yila*> , >ih-d 
CMKtrn growth potential. F-eahold -a-ehousc p-tnmti lop-.pnHl :-.-i 
to nsconiMd offer* based on nett asset *aluc on t due 'o be 4 .. t .j 

Sal* by share tranifor, probib'r berwatn M60-''9Q Om ‘ 
Schedule of ncrtlcu'nrs ore nv 0 loMe juol ry ref __ 


( Business Trwsfcr DhHajon}. CMt'-^Chambgri^ 9J Hope St.. G'a'.sow G2 tU3. 

Aoart merits- Flats Sal* or Purchase Con. 
sun the Specialists. Frank J Raybeuin 
6R. B abhor o mb* Road. Rahb icnrtihe' 
Tomur., Phony Torauay 3037S-B 


d. The Traditional Developers 

Thi? industrial propprly development groups have been 
riding the crest of a stock market wave for eighteen 
months. There is more to go for in the shares, although 
properly legislation casts a long-term shadow. 

c. Scotland 

North Sea oil sparked massive Industrial building pro- 
grammes that Treated a supply of modern space now 
overhanging a disappointingly sluggish letting market 
f. Glasgow 

Glasgow has attracted a fringe of successful industrial 
developments. The City -stands out in an otherwise 
depressed industrial market. 



a. Industrial Buildings Past and Present 
Factory and warehouse design has come full circle. since 
The first industrial revolution. From hastily converted 
buildings to purpose-built mills and back towards the 
most flexible factory/warehoiise/parr office structures, 
and the shape and standards of industrial building have 
radically altered over time. 

p. Northern Ireland 

National Government efforts to maintain the Province’s 
industrial base in the face of local conflict hrve spawned 
a rash of new. and too often, empty industrial buildings. 

h. The South East 

Outside London the motorway-linked industrial com- 
muter areas have been the scene for the most active 
faclory and warehouse building in recent years. 


■ Tuesday 21st March, 1978 at 3 p.m. on site 

liTDAi/ mmwjf 


Apprommai-;, i5 V S UUU turnover. 

5ound rfiit->b>i»-i an4 

UKr"!* - "*- 

Wr'l' Bn £ i?>>, finanekrf Timat,- 
I'T. Ol-i.w Irrrrl. 1C 41* 4.17 




Spanish Pc yen, Ce>. with Alien 
on thu On, .j wt S3 , ¥1 | wd lt 
"■Ihs Cb as 

co-iu8n.,a la- 
-j»n anb 2-.>^ip*r 

L-ijui' .-i i/i 

sine: .«B8 lr,r r,. Su- ,«:«■, \ 2 

Chartrr<-d -,|rf tr. ■ 

^ »r ^ : 


Industrial Buildings of To-morrow 
Industrial buildings have to mirror the changing needs 
of industry. Will to-day's industrial estate be ah aban- 
doned relic by the end of the century? 

I. TIio New Towns . 

New Town Corporations, although now facing a gradual 
run-down, have an exceptional chance to take advantage 
Of the shortace of industrial siles by releasing land for. 
private or joint development. 

i ; 


fi ' 

r ; 

a. Finance 

Moves inwards financial recovery have yet to be matched 
hy a similar recovery in industrial output. Until industry 
follow* the City out of recession factory building 
remains a speculative business. 

j. The South West 

Motorway and high-speed rail links have turned a one- 
time backwater ‘intn a .selectively strong industrial 
property market. But here acain The lack of suitable 
land for development is slowing the pace of building. 




b. Institutions 

The institutions funding industrial building strongly 
favour warehouse rather than factory schemes because 

k. Wales 

Government-sponsored industrial huilding programmes 
have undermined the- private development market; But 
selective schemes show that the IVolsh market ie still 
alive, if struggling. 



Publication dale is 15th February and copy date is Rth Fchruary. For further details and advertising rates contact: 
Terry Druce 01-24$ $000 e«n. Tlflfi or 71 16 or write to The Financial Times, Bracken 1 

London EC4P 4 BY. 

House, 1(1 Cannon Street, 






For brochure & further 
information contact: 

Prime main road location. 

io 22 7 ?° ps - 

10.767 m2 (11 5.900 sq.ft.) ' P k 9 f ° r 73 cars - 
25.07 m x 80.36 m (21,686 so ft 1 
Restricted/Business' ‘ 

p a - < on moderate rentals) 

5Q.i deposit, balance 3 V rs. at 10 v,% p . a . 



tiSFZ'l j *-‘ Ltcws*.i 

, ' 4j3 OLit’iS'.n^n* i 

Pilhi,- q ( a . 1 -III*'-, Hai|.I|Jl|ll 

rv- ,r ***•* 

C’«I ii-ai.-tUnai. *i'l 

a ‘ ‘■■•v :-r rft.k 

- it » a 

.lOkj-. c-i J,-." 1 Lili "rn -N** 

SM BU rCf , ‘ V 

l 7 



Tht twntan ud jnbUcatian of Surveys n me Financial Timw are nOloev tn CMW* U tt» (UsenttW Ol PM EfflWr. 

327 COLLINS ST ME LBQ URN E 62 0181 


■ jy=sSJ T c>4- 

5hA2 , a? R ^I n *W‘TrtH V 


. ' 


.'•u-’- - *■ 


t* • i . - 

Financial Times Friday January 27 1978 

r* \§ 

** | 


* m •* r 

bacon prices 

1 X T XT' ' 1 1 "■ O L 

i Fresh fall holds firm on sreen 

| V JkJftfl JA*h>V>N^ .1 >-■ ■ tl MlM. WB ■ 

1 ft I 1 J ft 

in metal 

pound devaluation 



By 'Our Commodities Editor 
Copper prices sank to two- 

U.S. to attend new 

By Our Commoditi*! Staff By CHRISTOPHER PARXE5 

WHOLESALE BACON prices have ■ 

bveft re4«ttd by British. Irish and! THE WAR OF NERVES over 

cocoa pact forum 

■ ■ .-.*** 

Ulster suppliers, but it is unlikely! Britain's request for a 7i per 
that the lower prices will be: ctnl - devaluation of the “gwn 
reflected in the ghapti next week. Pj™ d *» UI,res ' , "' l>d h<l 

PMC. BnWs hlRse.1 carer, Mr. John SilMn. Minister 

lias reduced Its first-hand price of Agriculture, hud still not 
to £1,003 a tonne front £1.080. The decided whether he would carry 
new Irish ond Ulster prices are through his threat to boycott a 
a ho £1,005 after reductions of £13 hey meeting 0 f common Market 
aud ££5 respectively. Fisheries Ministers in Berlin 

FMC said its lower price } t0 *| ay - . .. . « 

reflected on - oversupply . »ima- «' ' he 

• H h ., 1. ■ 3 I to the West (isruun. Belgton jnti 

uun whh ihe Patch Dutch Governments, which- were 

Danes incrtMing huppiley responsible for the impasse. 

itaem^poMnstpa.. demand CDU , d n#l rulei #U1 a 

: IwMninule dash to Berlin. Bui 
The company said thdhicrcawo | jj nec t%. 0 hours of talks yes ter-, 

r Zt W m thei day be tween the German and 

t h n e . P f°gg fl ft: r of * cot - -! British junior foreign ministers 

graen £ rate. • . had failed to find a compromise. 

Discounts hav* trimmed _the : the possibility of such dramatics 
price of UJC. supplies to ^950 > appeared remote. 
r ? c ^" tJy ' l J SIT i ln a statement to the Commons 

a ffS 

S5S re around flOofl’a tnnne. | g«g*» 

If any retail price euts result the devaluation of the British 
they will probably be eoneen-, » green pound" was .finally 

t rated on middle and gammon 
cuts, he added. 

approved he “should not feel 
able to take part in the discus- 
sion of other issues.” 

Herr von Dohnunyi, West 
Germany's deputy Foreign 
Minister told Mr. Frank Judd, 
his U.K. counterpart yesterday 
that Bonn would not he in a 
position to lift its reserve on the 
deviation until January £9. 

Mr. Silkin took this to mean 
that the embargo would be lifted 
then. Such a move would permit 
the planned devaluation to 1-e 
processed in time for ?he 
February I deadline. 

“For my part, I intend to 
attend the fisheries council on 
January 30.” he told the Com- 

He told a Commons scrutiny 
connuittee on Wednesday that if 
his last deadline was not met 
he would scrap the devaluation 

Sir Henry Plumb, who yester- 
day was elected president of the 
National Farmers' Union for the 
ninth successive term, said of 
tbc wrangle: “I am fairly confi- 
dent that - this devaluation will 
go through. 

“I Cannot believe that the 
Commission will allow a prece- 
dent for a country to be denied 
ihc right to devalue its green 
currency, nor that any country 
in the Community would have 
the nerve to attempt to veto 
such a devaluation." 

Margaret van Hatiem adds 
from Berlin:. Mr. Finn Gunde- 
iuch. EEC Agriculture Commis- 
sioner last night, delivered an 
indirect, but unmistakable attack 
on the British bid to devalue 
the “green pound." 

At the opening of the 
Grunpwoche agricultural show, 
he said: “1 should like to stress 
that my position is that we must 
negotiate all important aspects 
relating to farm prices and other 
essentia] topics in the community 
context— * that means at the 
annual price review." 

"1 have always stressed that 
the elimination of green 
currencies can succeed only if 
we allow a proper transitional 
period. Otherwise the con- 
sequences of such a move would 
conflict with the requirements of 
our prices policy," he added. 


Coffee ‘squeeze’ fears fade 

year low*, on -the London 
Metal Exchange yesterday 
following another bout of 
speculative selling. Cash wire- 
bars dosed £12.25 down at 
£622.25 a tonne. 

The resumed fall, after a 
relatively steady day on 
Wednesday, was triggered off 
by the weaker lone in the New 
York market overnight that 
brought more selling by specu- 
la toes. 

ft is thought likely thai 
othelr U.S. producers will 
follow Lhe recent move by 
Keunecott to cm its domestic 
US. price by 1.56 to 61-50 
cents a lb. 

’■ Sentiment In the copper 
tnarkel was also affected hy the 
trend in other base metals, 
notably lead and tin, which 
suffered further heavy losses 
on renewed selling pressure. 

Standard grade cash tin 
closed £95 lower at £6.005 a 
laune, calling its premium 
.over the three months quota- 
lion which lost £50 to £5,985. 

The market shrugged off a 
rise in Penang overnight in 
the face .or trade and specula- 
tive selling. 

Cash lead lost £10 to £306.5 
a tonne, wiping ont the gain 
of £5 the previous day. 

Bene wed speculative selling 


!A NEW advisory group on the 
■ world cocoa economy, which 
f offers the U.S. a “back door” 
membership of the International 
Cocoa Agreement, will hold its 
[inaugural meeting in Berne, 
•from January 31 to February 2. 

I Mr. U. K. Hackman, executive 
'director of the international 
! Cocoa Organisation, said yester- 
day the advisory group would 
'give an opportunity for a free 
exchange of views between ex- 
i perts from producers and con- 
sumer countries, free of political 
complications that often in- 
hibited delegates at the Agree- 
ment meetings. For example 
' advisors to official delegations 
will 'be allowed to speak freely. 

!. Mr. Hackman said it was im- 
[ portant that the U.S., as the 
world's biggest consumer, should 
I not be excluded from discussion 

on the future of the cocoa 
economy and 'should have an 

opportunity to state its view 
rather than being left out in the 

He conceded that the group 

might play a preparatory role in 

the negotiations for the new 
Agreement to replace the 
present pact which expires in 
September next year. 

The items on the agenda at 
tbe Berne meeting would include 
a review or tbe recent develop- 
ments in the market, supply and 
demand, substitutes and the pos- 
sible co-ordination of technical 
research, he added. 

Mr. Hackman, commenting on 
the recent market price decline, 
said that the ‘‘bear raid” which 
had stmed last month must end 

He stuck by the forecast of 

the International Cocoa Organi-' 
sation this month that output 
during tbe J977/7S season wouic 
exceed consumption by qhJ> 
39,000 tonnes, despite higher sur 
pluses being predicted by oibe/ 

The Economist Intelligence! 
Unit in its world commodity out 
look review out yesterday 
forecast a substantial world 
oversupply uf cocoa of up tc 
100.000 tonnes. 

ln London yesterday cocoa' 
prices fell tu a lfi-monlh low on 
tbe futures market. The May 
position closed £15.25 down at 
£1.477 a tonne. 

The March position remains at - 
a substantial premium, but the 
nearby supply position i5 
generally easier and this bar 
been a major influence in bring-' 
ing London values down. 

Farmland investment outlined 


surplus -i * YR,C ”* RDM00N6Y . 

p j j COFFEE PRICES fell sharply on Wednesday’s rise had been 

torecast ’the London futures market encouraged by reported buying 

. i vftKterdav us sunnlv "smieeee" of January coffee on behalf of a 
CONSUMPTION OF primary leading Central American pro- 

minium in the West rose by M ; WednSdav ^nd^ 1 ^ * S uce £ Th - e P£? duccr has already 
per cent, last year to ' U.4m. 0 V d ^' .a k bousht significant tm an titles of 

n * January coffee declined by January delivery coffee and has 

tonnes, says the latest issue or -£M8 al nm a toime in ^ lel it ^ thal jt pJans l0 

Aluminium Trends. . absence of significant buying accept delivery. 

Aiuminium Trends estimates j interest and other nearby No buying from ibis source 
that production .of primary 1 positions responded in sympathy, was in evidence yesterday, bow* 

aluminium rose by 10.9 per cent. I The March position ended ever, and Wednesday's "panic" 

to 11.35ra. tonnes. ; £41.5 lower at £1.756 a tonne reaction tended to recede. 

I was responsible for the de- 
cline, desoil r some trade huy- 
; ing at the lower level and 
January position could increase . reports of Eastern European 
over the few remaining days in inquiry, 
the position so 1 alleviating the: • Experts, from members of 
apparent tightness. Intergovernmental Connell of 

In New York, meanwhile, j Copper - Exporting _ Countries 

aluminium rose by 10.9 per cent. I The March position ended ever, and Wednesday's "panic" 
to 11.35ra. tonnes. ; £41.5 lower at £1.756 a tonne reaction tended to recede. 

After allowing for a net import I after ' risia 3 to *1*820 a tonne al London dealers said that 
from the eastern Woe of lOOJKJO | one tendering of coffee against the 

tonnes, there was an apparent! : 

surplus of 50.000 tonnes. ’ . « 

Cyprus-FUC pact hopes 

19S0 to 14.9m. tonnes, while it [ BY DAVID BUCHAN BRUSSELS, Jan. 26. 

prima^ alSium^vfiir Si ^ THE EEC is reported w -have to the EEC That lapsed at the 
affected adversely by ihe world a “conciliatory line r at end of last. year 
economy growing slowly with a J-Mumed negotiations on agncul- Un sheny. the Cypriots are 
possible fall in activitv next year. imports from Cyprus. worried about having to sell on 
The muHinc mt thm . C<»i»«nll» ofllcials nil 1.1k* thj Brtmh »,,!.« al a rn.fl.fl.uii! 


BRUSSELS, Jan. 26. 

The magazine says that . Jf*? re f Terence nrice 

priaaar> aluminium consumption an asriculturgl dause within Thev fear ^ . .. ^ueeze 

»"" ■ •» ^ “?»” •‘■Sr^SJSS' 12 ?' 4 M%SEVS 2 sss- 

• deal Kvorianou last year sports the issue is the timing of 

1!1 ^- - idm^bcd L " uMrecptab; e “ reductions, which the Qom- 

There will be a surplus vapa-j ' . P - ' mission wants to set when Ihere 

eity worldwide. Capacity- ntilisa* „ 1 h * . problem arose when are .^hortagw' Inside* the fiom- 
tion toll have lo be reduced 0 lhe wwity markel. 

about 81 per cent, next year and;® T1 i ,s ‘ , Blarket ended. pEC offieialx recognise that 

S3 1 per cent, in 19S0 lo prevent It exports oyer SO per cent, of the^ isfuod’x political - problems 
a further liuild up of stocks. . (the agricultural products it .sends have noi made it easy;. 

traders said some exporters im fCIPEC) began a two-day meet- 
producing countries have [ ing In fttrls yesterday to define 
followed the market down over a common stand for the Third 
the last week by offering coffee 1 Unclad preparatory meeting on 
at lower levels while others con- 1 copper to be held In Geneva 

tinue tn hold ont for higher' next week, 

prices. Plans :io create a buffer j 

But they said that exporters stock of lm. tonnes, and Chile's ; 
who have shown signs of lower-: refusal. lo cut production are • 
ing prices, have not been keen also likely to be discussed, 

sellers and in some cases havei In Lusaka, it was reported . 

not followed tbe market all the; that Zambian ■ copper prodne- 
way down. > tion fed sharply last 'year to' 

.Sales of Mexican coffee have' an_estfnutied 650,000 . tonnes^-., 
been reported at under S2 a - Its lowest level for o\er a 
sound, while Honduras offers deeade — compared with about 
have berc made at around March \ 711.000 tonnes In 1976. ' 
contract levels and Guatemalan j 

sored, however. I U.S. OptiOnS 
that no offers at present market ■, . 

levels have been reported from mjlXK6t 111311 
El Salvador. Other producers; pi«n 

said to be offering coffee include' WASHINGTO N, Jan . 26. 
tbe . Dominican Republic and; THE - Commodities Futures 

Peru. ! Trading Commission has 

•Ai talks in London Inier-;approvedprei:mjnaryreguJaiions 

national Coffee Organisation deie-. which will aHow trading of 
gates said interest by some coffee : commodity options on regulated- 
producers in the use of a buffer: exchange* :n the U.S. 

INSURANCE companies held 
270,000 acres of agricultural land 
in their investment portfolios at 
the end of last year, which was 
0.6 per cent, of the total of some 
44m. acres. 

Over tbe past 10 years that pro- 
portion had grown from 0.2 per 
cent, and insurance companies 
had made net acquisitions of 
nearly 187.000 acres. 

The growth was broadly in line 
with the rise in funds available 
for investment, the British 
Insurance Association said in 
evidence to tbe Nortbfield Com- 

The association said that there 
was considerable misunderstand- 
ing over the extent of ownership 
of agricultural land by financial 
institutions. It had over 300 

members, but only 20 companies 
had investments in agricultural 

Nearly 200.000 acres was held 
by life companies, nearly three- 
quarters of the holdings. Other 
insurance funds, such as general 
funds and staff pension funds 
held very titrle. 

Eacb company makes its own 
investment decisions and it 
would be misleading to 
generalise Dn reasons for invest- 
ment. the association saidl 

But it is clear that the com- 
panies that have bought land 
have done so because they 
regarded it as sound investment. 

Most companies hold offices, 
shops, factories, warehouses and 
residential and agricultural land 
would be a logical extension. 

It was thought unlikely (hat : 
such holdings would represent'' 
more than a small proportion of 
a typical portfolio. The assucia-; 
tkm fails to point out that there. 1 
are a few life companies offering 1 
agricultural bond investment.’ 
where the underlying fund isj; 
mainly holdings in agricultural! 
land. • 

It rejects the suggestion that 
institutional holdings are concen- 
trated on arable land in eastern- 
counties. It shows that holdings^ 
are spread throughout 35 
counties of England and Wales 
and 10 counties in Scotland with 
about half tbe acreage being 
arable. Abrut 225,000 acres worei 
let to tenants and 45,000 fanned 
either in hand or in partnership. 

Egg fanners warned of glut threat 


stuck to intervene direct!:, ooj Mr. WSBan?. Bagley. eommis-' 
world coffee;. p-.^r’a^s. raided %‘sion ‘fbfflfean: ' said he' 'expects, 
number nS iecnmcai w.ri«dera ; ito haV?* final resulations ready 

linns yesterday. 

in three to four wi-eks. Reuter 

THE BRITISH Egg Association 
has warned poultry fanners that 
they must either stop expanding 
their laying flocks so rapidly or 
face gluts of eggs and falling 
prices in the next year or so. 

The association says egg pro- 
ducers have been buying 6 per 
cent, more chicks than normal for 
the past three months. 

Similar expansion in the EEC 
is expected’, to aggravate any 
problems, in Boutin, since q|ber 
Common' "Starkef countries will 
be looking for 'export markets 
for their surpluses. 

In the recent past tbe Com- 
munity has relieved pressure 
caused by over-production by- 
exporting to non-EEC countries. 
But now the U.S. has stepped in 
and taken over many of those 

produced 10 per cent, more eggs.| 
But production fell in France, 
Belgium and Denmark. 

The association says these 
factors combined “indicate that 
unless caution is exercised in 
future (chick ) placings, 197B-79 
coaid be an extremely difficult 
period Tor. the industry.” 

British egg output rose 2 per 
cent, last year. Dutch farmers 

However, the number of egg- 
laying chicks hatched in the 
EEC as a whole rose about 3.5; 
per cent, last year. Tbe rise in 
Britain was 4 per cent- overall.; 
while in Holland hatchings, 
jumped almost 18 per cent. \ 

Iran is the EEC’s biggest 
customer for eggs at the moment, 
but most supply contracts for 
traditional buyers are smaller 
than last season. | 



w eartr iraaiia. M the alurapcn. com-* 

COPPER— Weaker on ihr LOalon Una: 
l.Tt'haftft- ■<' «rm!Hii , n< ri'mai&rd dr- 
pri-«iuHi. .xiirr ranine (V*m Mt to ttO 
nr Guruit. !Uc oner or onward mr.oi 
siahilmhi. ciurtiu wllm* prrJomlnafrd 

lower, olisnmg «se|f will) London, 
u&rr* Ota ctadn* price on nr Kerb » 
£635.3 Tomovrr: ULMO -iMinra. 

ftoulaanuitnl Mrtfcl Trudies rcmwrd 
:tuf in tb* niomkiG rash wirchar-* ir-iib-d 
*i S ftPJ. ihrcx nuurbs nsi. JiJ. r.: \ 
SXj. Wju X. »L3. *. Cilbodcs. «.-ash 
XfilS. Ihrw months £«S5. Kt*rt»: Win-ban. 
mm tnowhc xski. aij. 37. 3TJ. 37. 
Aftrnwen; Win-bars. Ihrrc imwlb iWfi. 
37. 36.3. as, Si. 3 . Cathodes, (hire month* 
nU.i, Kerb. Wirrbsr*. llliw mumhs 


TUI- LMK aramd ahtwaaft tbr marfc-t 
y.-u erartbodowed by other metalc. The 
KoM wan Wither ovenUBbt and forward 
mrtal Hartal » london at «.01 j . hafarr 
brtnc taken down by trade srWnc in 
DJM Fresh buna*. laremi in 
cash me: 4!. Took dir oner back 19 M.-hW. 
m the anmnofla the price aUWrn baot on 

a.m. 4> i-r 
t tm. ui — 

|*lll. l+w 
l mdHrial , — 

X , X ■ X ; £ 

Wireban . _ 

6ia.e-a-is7s asa.s >.»» 

j r«allw.. 6S8.W ,-12 

>r*i t'm'nt b23 -J3 . 


La. I- 613-5 ,1» n tltMF-U 

.- :-.tum!i«.. KN.5 S.B-IJ5 6*4-8 !-115 

Si-ni'm'M 61 S -M 
I 5? nil-. . . 60-62.6 . . .. 

LA. hoDldar.on. and ondrr the :sed'm-r 
of a oroagrr swon.1 -rd p-rtnrma ru-a 
of oUn-r nii ! art. to 4 .-low- nn :fw K’^b 
of O.MIS. Turnover, i.ic:. loan-.-* 


a.ui, 4* ,,r t‘- MI - 
•IITM-lt: • — I an!flri*l — 

Valaei Ji^id r.radib unal rmowvd Irory 
Odt; ^:L:;b pros." crated la-.c iicatdinun 
ahd kuL .Lis*. rr>ir, Gdi ani Dufln*.**!s; V -{- <t ' Hi.-iuma 
• im \ \ t-:..— — • 1* ui# 

High tirade x . X t x 
Lmi bO5S40 -S7.S 6000-110 -VS 

s uMottn. soBft-nsi -n.s amo-cm-^s 

Seutrni't.. 6040 -60 

luhT... 6035-40 -SS 6000-10 —OS 
ooMUba..! 69B5-BQ -50 5SB0-90 -SO 
SeiUrm.i.-. 5040 . -60 
suaim K..XS1644 . Cue — • 

.VwYork. 540.0 .... 


Uan-.l.. IU7 5SS.0 - IB.S I5M.0 SS.B 

\U* 147U-7LD -:5.»LSiSJ-l47S 

-o:t K53X60 3 -15.28 1430.0^7.6 

«ir}4 . M4SX-4S.9 - 5 0 I4B7J.45J 

Or r . . «au.:5.9 *-:w r«a.e-2fl.o 

Masco 148X0- ULO -5.0 tCSa-OSOJ 

u« r .. iMCLO-fSJ -0.30 w asj _ 

Sa>»- _’iu UK* tots rtf- 1 'nnnis 
IntenaiioMl Cocao Orpaoisaun il'.S 
wii* p^r poand Daii'y arc-.-. Jan. 2i. 
”0JT7 .L-Oja*. Snalt’^rfor once* Jon. 
r-ijay 11 .race r.ii-i *!».4Si: 22-day 
arcracr 137.10 -ISTJSi. 

Ui. Index Limited 91-351 3466. 

29 Lamont Rmd. Loudon SWIO OHS. 

May Cocoa 1.472-1,482; 


The L.M.E. provides a medium for investment iu Cupper. Tin. 
Lead. Zinc. Silver, and we shall be pleased to act as brokers 
for private clients, stockbrokers, financial institutions, metal 
fabricators, metal stockists, etc. Option trading also available. 
Contact R. J. Wylde or I*. D, Crabbe for further 


1 Metal Brokers since 1794) 

Market Buildings. 29. M incing Lane. EC3R 7DA. 
<11-6361881. Telex $87700 

U ora in* Standard, rath l'. 040 V. 
ibrcr monon £iw». ts. n. «. nicb 
unde, wsb SC.B20. -JS. ■». 48 Tftrr- 
nmitto ij,95j Kerb. 5r*B04>tl. :«r«* 

numba oj. 10. .vnenwr. 

Smnddnl. thii-e muaitu li.MO. to. js.w* 
X5JS5.. W. SSL K*^b: Standard, tbnf 
awtths ajw. to tj 
LK ^-Uwcr (nr'Jur boll 
Ubb. short- ch*rtisi and tiaMMSioR 
bQQSc uUins (HunrC lanranractal diwn 
Tbc -puce leil from jSU to f3!i per- 
mwtet tut then held fertvceB c:o and 
ni4 for the rest of the day. Thnc o*« 
anas trade bi-dsi* rorn-hm ai ihr io*vr 
level* and Bavtern bloc ena»>7 re- 
parted. Tb*- ylnsc os me Kerb was war 
ihe OajT* low- u £na.S. Tartmr:: T*M 

April previous tn ar.ns uf au.-onoi »r 42 6. 1IM-120 Jbv XLO tn 41 128-169 lb* 

mat Cwnman wheat— 20. 9.r4. 6 .14. K.9 In 9 9. 

O.r.4 <47 29 n:l oU. "ill*- Dtn-am wtoaai— Haras: Kiuclt*h law leachi 17B.0 to 
114.22. ml' miWi: Rye— 74.61. nils 

Barley— 77 'ij. a:I* *san)r*: Oats PartrMaes: Vonnc «ea(.-b> ITn.o in 
— •*anh->: Ma«e (alher than 196.6. 

hybrid for seeding)—^ U.<. nil ml 0.1T Pheasants: Be»l -per braev. 306 6 tu 
■sqm. <: Minn— 73.*" r. H 'samr ' Crain 32u.n 

wrshunt— IS ii mi -TH.-I nils- Also COVENT CARDEN i Prices in sterlins 
for i iDurfl When or mmed wheat and por paefcaae unless sianrd»— Imported 
nw nour— ikj» isamr : Rye Roar— produce: Onuuos— Span!*; Xaveihu* 
115 46 <»ani--. 2.S0-S.Q6. Navels 3.00-1.36: Jafla: SjO-3JS: 


U.S. Markets 

Pneas per tone mace ottarwtse 
aiared. ■ 


Ci-prtoi: UvaJs approx. 19 kilos 54'SBs iinmioiuiu.— ,£5K> 

S 84CU9: . KaSTtlan: -.-Baladi 2.TM96: Pros ilarkec umi *8H>1 
Uoroccao: '' 3-90-XM. L*mwis— Kalian: l oppomritW. Uaral^e. 
169-120 Cypriot: Crape- minih.' .to. ov ■**£»: 


Cocoa— March 134.13 ilU.OOf. Mar 124.45 

__ ‘ 1126.25.. July 120.73. Kept. 118.39. Dec. 

! . . M 115.66. March 113.60. May U1.83. Saks: 

Jail. &■ -}- i«r Month sai 

U»P — *gf. Coffee—' -C- Contract: March 190.00-36 

>494.50 •. May 174.00 asked H7S.Mli, July 

- — *.aOK£ asked. Sept. 136.30 asked. Dec. 

HI M asked. March 137.37 asked. May 
JfiRO W-M-as-W- »»■ 

*P,vL- . .. . Copper— J a5, 36.70 i 37.00i, Feb. 36.70 

,,3r - a «>- -March 5TJ0. Mar 5S.2D. July 
Sept. 60.10.' Dec. 61.30. Jan. 62.00. 


V.«. | lnifl*.JaT , » Pirt-..<..i 

4.h0-i.E6: 3rt Iba 72-ion Srannj- SBirth Free Market -Wn...* 182-2.0 ' V. .73-2.3 

:i 36-3.00. UoWen Delicious ■ Red .... rinilIll , r ^ l , w , Qf - i 

fgrsj^s. *2? sssrnJ£ ‘STSS^SSiM-utB 


'Cold — Jan. 175. N iT76.20i, Feb. 170.20 
• l76.6Ui. March 177.30. April ITS. 70, June: 
131.40. August 154.10. Oct. 1S6.6V. Dec. 

Rsbcsas u-n Sra: oo spends in faro 
nl 4.002 C^:au 5 . 3.7 Kerjs- aajes. repors 
D: - « : Ear^r.aa: Tb<- ».-:sh: of trade 
v.-LiSi r a:ci*d :i.3M User and fa Jure 

ui ioSts- nwrc Wednesday 

ss pas-:ifl2 caosnf £123 fd-1 on 

3aj. Oihrr posmocs ZZC *o i« tPMer a>. 
cTose. Ora.rrs us {aQ as natural 
:« a'.rrinvnu :ba a . drk<-lop*d tn 
Wodn^kda: :! refr-cf^o return :■> 

brarih senr.-nren;. 

Man'll - 45.B3-46J0 

Apni .... 46.0S-4IL55 45. 1045.25 

sj-r Jnc 46.33 45.66 45.93 4SJ» 45.9545.45 Hnnsorlan. Red Delicious 7 mi: Danish 

Jlr Sfl., 48.M-46.40. 47^-46.80 48.45-47.30 Per pound Maclmosh 0 1W 12. Spanan 

rn'f-LVi- 50. 73-50.75 49.60 45.70 50.40-45.75 0.11-0.13. Pears— Italian. Per pound 
Jnn-llr* 5U0-5XJ5 51.40 51 jO 51.9&5L0Q P<i.-%ai.Tasfanc 0.00-0.12. Plums— S. 

Afir-ine 53.55-3ija U.15-53.25 S5.55-53.20 African: San la Rosa 12 13 lbs. per pound. 

4:v 55.15 35Jft M.75-S4J5 55.00 54.80 8.24-0.25. Cranes— Spanish: Almeru* 2^ 

New York prime sieam 22.25 

a.iu. 4- «*t “ <+■ >*• 

UCAD Offk-k; - '■ LonfOrtad — 

Yrstmlnv'- +m Bu>iue«9 

■ - — IWinr 

£ pe. I mute ' 

Sale*- 392 ■ 63! > !>.;• i»j JS T'ifnjpk. 
Phynieal dn-io* >bjyi r»- were- 

Sg* 11 . ’• llltg>: Mari-il 41,7511 '4« 3»: p eT pound o' m. Tomatoes— Per 6 kilos. 

April 46.73p i same t. 

Canary: r. 504.20. Capsicums— Canary. 

Mnrblmr Cash fJOT.j. nr. lhree aantbs 
XTO. KA 13. 12 3. 73 13.5. 14. Ui. 
Kero: Cash COS. three nnmhs JQli. 13-3. 
12, ^(Icraogo TSwc* mouths £312 — 
Kerb; Three months m * ia.3. «. :o. 

fOfC— Easier Sal thr latis mr-' « 
so marked a« m aibcr metals, runhrr 
-ttathtalBn pustii- fl jkc loruurd proc dm a 
Arm 1330 Ift 5247 pmnurkei. but the 
markht did not touch wch a hm aw*. 
In tbe ruicn the price dashed la a 
hah » i hr atttrmoa of £35 -3 bat idea 
teO Uadi oa ibe Kerb so tlour a: 1212 
T un a v e r. 3JM0 tooars. 

J»BafT.-.. Z3:8J-2B50.8 153.0 2-70JI-2II70 

Uar.s I75&J- 1757.8 41 S 1820.0-1735 

Mar ImU-I638JI 32.5 I63Z0..MJ 

j«lA - . ISUJt 1585.0 56-0 IBBU-AIO 

Septet *■ 1550 J-1540J *7^ IS70JI 1551 

. 7*800 S3J 1520 Jl .500 
Js^-uara . . waB.friSWJ 20.0 


Cucumbe r s Canary: 2.M-2-S0. Oolau*— 
Spanish: XOO-U^O. Caul ifWsrs— Jersey: 
6.30: French: 6.M. Pot wees— Italian: 

lime — 

—Spanish: 19 48s 3.80-3.34. 

».iu- ,+ ui pm -J- "i 

X15C ' OltkTal ! — UnnSim] — 

luxurious v ” 
0mufjmr Drive Service 

ring 01-262 3134 atid 
ask £rViel&r < Britui^ 

£ ' £ - £ £ 

CHb..^; S4&.5 ;>U| M9-50 -7.75 

imocthk.. WfrS .75 -* Ji 2SA.5-4 -l.M 
radm.. .' 24&.S ,-ajk — 

PW-ffni 30.3 31 

ba;?-. 4.429 4.4T4'. :■<, of T*r i>n.-:e< 

ICO Imficatar ericas for Jaz^ 23 <L*J> 
cesn pry posh! Cafombua MjW 
Aratlcas 293 09 •sasy*. unuasiM 
Arabia* iJi«5 -sasne-: other mild 
■Inaras <104 a»;: Robunas ivtio 

■sain Daib eTcraae 191.42 tsai^g. 

LONDON ARARICAS— iiui: »Ub Sasdv 
:C«esi. report!. Dreaci Burnham . Mar- 
ie: traded fcu Iks m aRenoan. and a: 
das* seas n&Jban&ed ip K IcK.-r M das - . 

PrtH* 'tn order buyer, srllcr. cheasc 
iasiami— fiprj 239 90-^9^3. -R23.2ia.n0- 
29X55- June :U-2j-:9S J ■. nschansed. 

ade. - i »t *v - P.7.7. 
BJ-7M et: Or::. -0.73, 

23, d«-. :«rjw-iff.m -1.3*. ml; 

Peb. I5X!9iI0ARO. -193. mi Sales: 

:z m*. 



Auausi .. 
fl^vulrv . 


ID4JMA-3.0 105.03 

Zm-.- ...... 

■J mooUM 



—1.75 £285.873 



l uvnm - I'hli", ...... 



f SOD 

-5.0 6565 




IjiumkI UreuiKrr.. 


-1.0 : 

I > Um Malaj-sn 

KflQp ■ 



Liqini PnilUp. ...... 

Sunhno 'US.i.... 

S380 v 



-1.0 8249.15 


Hariei KKC 

Himm Fnrnre*.. 

■ £73.45 

-0.6 £70.45 

SPIaulnum— April 221.3fr22-J.Q0 1 221.001. 

July> 1 227. IB 1. Oct. 230.08. Jan. 
234.5fr2M.76. April 237.90-233.16. Sales: 

'Silver— Jan. 496.30 laK.SOi. Feb. 496.S0 
>303.401. March 500.00. May 307 JO July 
314.50. Sept 32! JO. Dec. 532.20. Jan. 337.00. 
March 544.60. May 532.20. July 550.90. 
Sept SB 7 70. Sales: >5.400. Handy Harman 
Spot -497.28 (302.38 >. 

• Soyabeans— March 589-570 •A721I. May 
377 -jii J 1 580 1 . July 382-583. Sept. 371 i. 
Nor. 58B5-a>8. Jan. 577. 

Snjrabean Oil— March 26.20-20.15 ■ 20.67 >. 

104.1004.5—0. 15 194. 70-04 JO Primu 

IDLBfrOJ -0.03 105. ID-03. 30 

: 33. 70-85, H -0.40 105. IB D5JI0 OnlMi 

1D5-0&O6J -0.25 
lC5.n-K.O -OJ3 (05.09 
!0&JU-B6.D - 1.58 

efl-ruun-.. .iwaaraiv.D - a .90 .'1^!! Fuiuiv M«v £1.477 -15 'rati 748 I Sugar — Xo. 11: Marvh fl.4frB.47 t9 .301. 

SilKff. 89 Ml of IBB lORnct ' -JVr.POUreT Conlerraw- O.M-P.j4._ComKc- 1 .jre, l-«iture».... W ® I May 9.7K-B.79 «9.71i. JuU' 995. Sr-ot. 10.11, 

dhiiiueni X1.SS9 

Supar — No. 11: March fl.4frfl.47 tfl.Sfli. 


LONDON DAILY prjce for raw su«ar 

(1.14-0.16. SprautS — Per pound U.BM.Ilii, Man-n ’"'h ic. . ... v , , n.i 1*21-1113', Jan. 10.15-10.76. March 

Pcria f tto 1 ^o.Tno bS RhSfrirt-pI? r S!^ 11,1100 V- Ind«:.: ikji* ZV.ieiX 10.7frlB.74. Mar Sales: 2.SM. 
fl-Sfrt-OB- Rhubarb— Per pound -X4A7 Tin— a3a.Bfra45.60 asked isamci. 

rnuuiminii Rubber kilo 45.Su 4S.75 l- •■Wheat— March 269J-270 U73Ji. May 

“ duDgr >. E nsiand ami Wales^Canlr Xomtai. rymp»tefl. aSdler*s mou- 

l4snttnx~ Cash I?A». 45 3 48. Ihree 

notdha C4S. 4f. 43.3. 48. 48 3. M. 49A. 
«•. 4W. 49,73. Kerb: Caib £&- ihrw 
BMBOUi BSD. 35 22. 3S. AfTcnUBfr Thrrr 
OS2. SI. 3J-* 54. 54--, 35 

Wi. Jj.S4.-iJ.jli Kr»: 77ir« iMVhi 
CD 3S. 22.2. 51 

2 Cpms prr » ■»« ffmwH 

naoncwl line . IM per pnW. 



Slitter Mill 1 4"-p an «nnf 5o»*r 
Mr 8001 ddhcri m the Leadse bollian 
wtartel yrar.-riay ai ?36.;3fl. 1*5 

L-mtatkhii of ibe ftino Icitii *=«■ 
at .dk. do»a J4u tSTcc-mamh So:«r. 
down S4c; ais-ouens 2!?.fc. tors ?Tc. 
and 12- mo mb 33s.ii:. flow 2 be. Tbe 

matal opened v 2ST21-23B3D 
amf elated «r rM>U Sir* <46 8 on e ■■ 

10 l‘J hator arj old dap 
Uradr CXinrecly 

a!:-«2». H:4-:u.a^y ho Miters in Did crop 
73 '-..ti.n * b-'.-e Mh.>> 
fW.l-IaSsTs 3:a=--i--J :-■* Hl>rs. not 
c.'Jfl 2 *5 r.-caer. - »|J .-rnp 

Tas-J «i-*!v- juppor! 

a -.2 YiTJi Aji.l-Ju:-: t'-'i b^ih-r ai*a.t: af 
«*(•’■ ■Si'Srl SUeJ- a: VI ti’aher 

\m- ua;» 3C--: i-Jhesci uhfet -.-L'li-d 
ivih a: “ b«frt'?r *h:'e mv trap 
Jc*r2 9«:u.-?a uuJMSicd and 25 
biii":. A-. ; resdris. 

-lure* I 

Y« , 'iby , t 

t'-.u.m. * » 

f irnn. 



LONDON— Dull and fraiurrlnt. repors 

fl*ent» pi-r Kilo- 



+ w'. LlaBi . Hr 



1 — 1 ~aiM0 : — 



! I 




lHUtiwr • -fur 

i Osd — 



~ -04S 















82 M 


Jan. «-E Jan. Vs M-rafli ag<i TraraS" 

227.08 231,48 235.55 2E2J4 

(Rasa: (ill* L i*3t=i6ei 


3»n. 36 J*ii. eSUwauTagi, Trar ac-i 

} 307 J R 1398.8; iAvifiT 1618 . 1 
’ (Baw SdBMffftw DL 1081=186) 


' Do« '. _ Jap. i JaiiT". II^IL If 

Joses ; lie 

Spot— *J«W.»5 p -X-tS 

ft moM bfc .; 880.«fip -TJft UOMp — « 
3 noothk.: 264. dp -» — 

3 ntftntlq.. 274 J>p —1,6. — 

lmb— 1 Tarnavcr JUO iS5> loo of W.6W 
ounces. Moraiocf Tbmt reonths a-5 !, 
iti.l 60.4 UL 1. 6T4. -iOJ 1. fJJJ, 614. dJ*. 
Kerbs: Tbrrr nombs 2BSJL MJS. £3.7. 
frfienoan: Three months JoC-2. fiSJ. fLi. 
»A. 5IA Kerbs Three aenUu 238.4. 
9. SIJ. . 

Victor Britain i$ the chauffeur drive service 
of Avis RentaGar. 


DUMOBff JUT E - r i yw . . hat 
Fncdi-Bto'tor RTC afloat and u IfiO 
v. an d l UK. far Jsn.-fcb. 4 hmmbi. 
Ofadtt iwtadmft- Yam ami 
ctatt auiSL bat prlcaa firm. 

mum done — Wheat: Mar. (5.884)158, 
May 16 61 4* 3 0. SfpL SL1U385. Noe. 
«R5frSt2a. Sales: 3L laiRf: Mar. rj.LV 
7193. May Z tMTijO. Sp 3». 7>AfrJ0Jj. 
Xcv. CS6S1B. Sa^s- XS 
iMPORTgn Wheat: CWRS Xn. 1. :3i 
ee.- iesL. Jaa- Teh.. March 1S4-0O Tj* 
ban-. U.S, Darfc Narihrrn Spri:. No. i 
If =r- orsL. Jar.-. c e 1 :.. March iS7Jj 
fraubl^aem &si Csuu L'S. Hard 
Wirt: -frc.-barj wcs.-icd. Auatfaltsfi 
urhea: ss&n^el. EE-- u.W ur.nueed. 

Maize.' '.A -lren^ Ja= aSft«. Feb. 
fTSJfr ‘iarefc sing?' 1 war-.-hiriTieni Ea« 
CiifZ- S. Uru p . 
uria: lixi-Ti 

KCCa— E a-lara mim ar-se* Jan. :* 
Ddkar amOma wtaak Sud'Ji £38.«. 

Feed wtaae: EaaSi La-rsla £77.; C. wni- 
liwr 17745. Feed tar ter : Sotfh Ldcols 
138.88. K iWtrt Sn ia. 

n srdtr mrat fcw ftm Fab.. Mar. aai 

*.-]«* ham u-cnre_D.jr . 1 » 

*>U--< 1 . I23.K-78.SQ iltEfr :S.7& I23.H 1 59.0 ■' | YcTrtfU.V + -r Sniinfrto 227.08 231,48 235.55 262.24 

Mai .. I24.WJ4.J7 124.9B- ISS.4 T, iv«»% W,-4 1BjM . Yul*' L~ifi5=1«i u/.Msr.Kisjjs.sT.ra^i.ra 1K.5 — 

fat.. 129.20 £8.5flE»J3-23.;513a.23- 123 8 .. i REUTER’S 

lire.. 151.00-31. Id U2. IS 52.2=i 1S2 00 150 S '**!••« 352.0-575) tIJO — 

«a:.-f: . 134.89 ii.M ISM1 36 JW 11AM 15SJ Msr B32.S-36J1 +0.S0 - Jan. 28 Jan. ca MonUi au> tmrae>r 

Mai . . 137.39 57J8 138.25 SB Afl 15! JU 1376 J«*F- K1.0-56.D - —— — , , ZJ- 

iMstar ...J256.MD.0 tlif - 1307^-1398.2! 1417>d ' 1618.1 

bale*. -..4- «- L0i lots of J lnnnea. IieiTinhei . (22B.0-4IUI +1A0 — * " «' py s y ~ g , , ■ " i .' i 'S ■ ' ■, * ~ - 

Tjfr ard Lyrf rX-febnrry ur;u- for Mau-li .. ..{237.042.0 -rl.50- — wranMc is. nn-lM> 

kranuiucd b«is while sutur uaa EJ4J40 \i«v H3SJ44.D ,+l.SO' - - rmw inu» 

-samo a losne in tame iradt aud UTS Jnly ..^... J38.W4.0 tIJO - JO "tS 

' tareenmel^lwlica- J fTw" ‘ ■ S* E -l* pT ’ 

tor ortor.: fL->. can per uuuad lib and SY6HEY CREASY fin order borer- JWW * ? - *<50 ■ 

s'DWVd Caribbean oursy Jat ’j Dally setter, business, fiale&t— Mtcrao CnMraci: _ . ' 

ar ler 9M (9VT,: Wo »««*• W March 328.6. 3484. 340J-33.Wh Utot 3CA Sp«L __ -548.0 1SM.B< 34 1.7€389^4 
{8.751. ™ 5 0HJI. 344JW4M: Jay 331.2, 33£0. F.itora.-3g^65 : 336A4433k54 382.7 8 

e»c IMPORT LEWES-Effrefree tfrtay «•* sue U^u. n»»taM) 

far detuiurr-d aui pear denatured ustr. “ j3 a - 3w.s-aw.o. March ^.a, 

is a cm- •<! J«juw par MO Stiffs iprevtffos ^n¥ SLI! LS^w J5: MOODY’S 

tritL’pisi. WUifi! '*2 79 ;7i 11 . raw" JwJ, o®-0i lffl,WS?.7. Sai#$. 3-3. - ■ - 

IflJj ruJmv. - - ■ • *R A o FORD— QWet »nd Brices offered , Jan. ; Jan. tfe«i 

and takeu are tow in relation to quota- Moody •« , :e ca ■ •qj- h^-- 
. « . w lions, markci sources said. ■ ; — - • — 

MFAT/VEGFTARI FS * rfptofnnuntc .902,6 001 Jaa9^ ?83.P 

‘ wEIADLCa LONDON PALM OlU-Close: Feb. fDncMtar «Tnflt=lM: ' 

SMITH field aenre per nnuni.— ffaef: 37AOOdM.aa, Marsh STfl.DfrSSflJW. April - ■ — — 

ftatfU-S i:Ce3 iifrs 4^D u, «J: Eire SiS-S®" 2 * 1 ®-®- Ulor JBO.0fr37O.08, Jane SW-W* ‘ MO » j# 9. 'nreooaners =1.0 STILOfl. July StfJO-270.00. AasOH 3M.B8- rnTTfllV 

I* SPA. 77B N. Sept . SHB.BO-270 IM. On. 360.08-2:0.00. I I Ui> 

Veab Eraiisb boblut-s ran to S4.&; ★ COTTON, UvumbI Spot and shipment 

Dutch fcfiS? and ctl- 84.0 •.» fc.3. GRIMSBY FISH— Supply hot. demand «4e* amounttd IB l^Sfrtssnes bnasma 

L-onur.t cif Si. Lawrence 4M1 'Sami--. 

. All cans PIT pound <-n -warehouse 
sunless otherulsc slated. -Js per trpy t 
ounce — 100 aiince inis, t Chlczan loo?e [ 
is per ion lbs— Dvpi. uf .'n. ptM-s pr-> j 
noas day. Prime Steam r.o.b. NY bulk \ 
fault cars. T O-ms prr 3n lh bushel e*- :! 
warehouse S.iiOB bushel lots. 4 per 
iroy ounce lor 50 ounce IITIIIS Of W-9 tx*r 
cent, purity delivered NY. ' Cents p,-r 
iroy Diuu-e ei-warehouw. r Now '* 8 " ‘ 
contract in Ss a start lOn lor bulk loin 
of too short tons delivered r.o.b. car* . 
Cbkaio. Toledo. SL. Louis and Alien. 

Cents per 69 lb. bushel m store. . 
‘t Cents per 34 lb. bnshcL TT Cents per ! 
«£ lb. bub*] cr-warebOttsc. Si Cents per : 
38 lb. bushel, ex-warehouse, 1,000 bushel ■■ 

U»«w» ibswa-jesinj 


Australian food 
exports to EEC 

■bn. ; J*n. 'll-inuTTw 

:ft Ea • tjr H4<- 

.'ipb> Cnmmtc -902.6 001.1489^ >83.0 
fDPoedbw CwBtaiBT ' 

EXPORTS of Australian food- 
stuffs to the EEC Fell by almost 
80 per cent, over the past four 
years. Mr. Peter Nixon, Austra- 
lian Transport Minister, said, 
Reuter reports. 

EEC exports lo Australia 
during the last few years rose at 
mice the rate of Australian ex- 
ports and in 1976 were 60 per 

Park: Cu£lf*b. oadK 100 lbs 3tA ta skinned doebsh medium £7.00. 


- - -4 



British Funds turn flat on offerings in unwilling market 

Share index falls 7.4 to 475.8— Banks weak— S.A. Golds react 

Account Dealing Dates 

'First Declare- Last Account 
Dealings tions Dealings Day 
Jan. 16 Jan. 26 Jan. 27 Feb. 7 
Jan. 30 Feb. 9 Feb. 10 Feb. 21 
Feb. 13 Feb. 23 Fob. 24 Mar. 7 

last Thursday’s 5.031 when the 
Ordinary share index gained 
nearly 10 points. 

Gilts troabled 

■ “ New time " daalinss rpu take piece 
frem S3Q a.m. two business days earlier. 


The recent uncertain mood in 
stock markets deepened yesterday 
and uneasiness in the dominant 
British Funds sector was marked 
by losses to J in official trade 
which were extended by l more in 
inter-office business. Yesterday's 
falls took the Government Securi- 
ties index down 0.42 to 76.37. This 
is back to its mid-December level 
and nearly 3 per cent, below the 
January 3 index (7S.3S) when the 
market looked poised to attempt 
a repeat of its strong perform- 

\ The marked reluctance on the 
pari of buyers followed misgivings 
S which arose following reports that 
» the announcement of the latest 
I U.S. trade figures had been post- 
, poned from yesterday until Mon- 
. day when President Carter is to 
- hold a specially convened Press 
■ conference. 

Potential equity buyers, scarce 
lately apart from the more specu- 
lative element, were put off from 
the start on the announcement of 
Midland Bank's £9ti.4ni. rights 
issue which left Bank shares very 
subdued with losses to 27, as in 

Another weak area was pro- 
vided by the shipbuilding and 
aerospace concerns which dosed 
at. or near, the lottcsr levels of 
the day with falls to 15 on dis- 
appointment that the interim 
compensation, payments for the 
nationalisation of the industries 
seem to bear no relationship to 
the ultimate compensation valua- 

Interest in equities generally 
was again very restrained and 
prices moved progressively easier 
in the continued absence of sup- 
port. Down 3.9 at 11 S.m., the 
FT Industrial Ordinary share 
index closed at the day's lowest 
of 475.S for a loss of 7.4. Falls 
in the index constituents rarely 
exceeded fourpence. but Vickers 
and Hawker Sid del ey reflected the 
compensation announcement with 
losses of 1 1 to 187p and S to ISSp 

The falls. rises ratio in FT- 
quoted equities widened to 11:4 
against Wednesday’s 4:3. 
Numerous losses in the FT-Ach/- 
arles share indices averaged out 
at about 1 per cent, with the All- 
share that amount down at 209.33. 
but the Bank sub-section dropped 
nearly 7 per cent, at 1S7-64. 

Official markings numbered 
6.012. only slightly below the pre- 
vious day's 6.2S3 but well above 

British funds appeared dis- 
tinctly troubled in the inter-office 
tradin'* and dosing losses, which 
had ranged to i among high- 
coupon longs and 1 in the shorter 
maturities, were extended by. ! 
further at both ends of The 
market For most of the day 
dealers were required to absorb 

stock because buyers were ex- 
tremely nervous, but at the lower 
levels the market had looked 
steady until encountering the re- 
newed offerings, sometimes size- 
able. in the unofficial dealings. 
Sentiment which has not been 
too sound recently was addition- 
ally upset by U.K. political un- 
certainties. the troubled U.S. 
economy and yesterday's effective 
allaying of hopes about a cut this 
week In Minimum Lending Rate. 
Continued tightness of money was 
another adverse influence. Cor- 
porations were not immune from 
the malaise and the recently- 
issued Kensington and Chelsea 
llj per cent. 1985/87 fell ! to J3. 
in £l0-paid form. A more detailed 
assessment of the latest develop- 
ments in the peace talks left 
Southern Rhodesian bonds slightly 
reactionary after Wednesday's 
mark-up: the six per cent. 197S/S1 
slipped two points to £93. 

Still highly volatile after the 
previous evening’s late shake-out. 
the investment currency premium 
fluctuated between 781 and 751 
per cent, before settling at 73? 
per cent, for a net further loss 
of I{ points. Business comprised 
both institutional buying -and 
selling together with a good deal 
of book-cutting or position 
squaring. Yesterday’s SE con- 
version factor was 0.752S (0.7330). 

The surprise announcement by 
Midland Bank of a proposed 
£96.4m. rights issue had a 
depressing effect on all the major 
clearing banks; Midland were 
marked down to 3S6p and con- 
tinued to drift lower to finish 27 
down at the day’s lowest of 370p. 
while the 71 per cent. Convertible 
Loan 1983/93 ended 5} points 
easier at £85 j. Barclays recorded 
a sympathetic loss of 25 at 320p. 
while Lloyds and NatWest. both 
at 26Sp. finished 20 and 22 lower 
respectively. Meanwhile, overseas 
issues gave ground on investment 
currency influences. Algemcne 
shed 31 points to £99$ and Hong 
Kong and Shanghai cheapened S 
more to 243 p. Discounts ended 
easier in places although L’nion 
held steady at 470p following 
comment on the excellent results. 
Manson Finance, a penny easier 
at 49p in front of the half-yearly 
results, picked up on satisfaction 
with the figures to finish at 50 ip. 
Elsewhere • in Merchant Banks. 
Guinness Peat improved the turn 
to 206p in response to the en- 

couraging interim statement. 

General Accident, 8 down at 
224p, led ihe retreat in Insurance 

Richard Costain lost 20 to 260p 
in a dull Building sector where 
Taylor Woodrow shed 6 to 4d0p 
and Tarmac declined 4 to 137p. 
VP Cement were a like amount 
lower at 23Sp and London Brick 
eased 2 to 7Ip. Acquisition news 
failed to inspire Montague L. 
Meyer which softened a penny to 
85p. Sharpe and Fisher, on the 
other hand, found support at 50p. 
up 4. 

1CI cheapened 3 to 345 p and 
Fisous 5 to 386p among irregular 
Chemicals. Allied Colloids gave up 

nervous in front of to-day's first- 
half figures. Among Shoes, 
improvements of I*. and 3 res- 
pectively were seen in Stylo, 48p, 
and w, and E. Tuner, 32p- 
Disappointxnent with the size of 
the interim nationalisation com- 
pensation payments prompted 
marked weakness in the com- 
panies concerned. A fair amount 
of selling developed, in some, or 
the recent speculative favourites 
and Vickers react4d to. close near 
the day's lowest at ISTp. down 1L 
Yarrow dipped 15 to 2SQp. -while 
Vosper finished 9 cheaper at 165p, 
after l5Sp. Hawker Siddeley were 
similarly lower at I88p and Swan 
Hooter 5 off at 149p. after 143p. 









Xcwall* at 2Up. lost 4 of the 
previous day’s improvement of 9 
which stemmed from Rhodesian 
settlement hopes, Beecham, 650p. 
and Boots. 215p, ended 5 and 4 
down respectively, while the un- 
certainty surrounding the Airco 
acquisition left BOO International 
a further i§ cheaper at 71$ p. 
Elsewhere. Caledonian Associated 
Cinemas moved up 15 more to 
365p on fresh speculative demand 
in a thin market and British 
Cinematograph Theatres rose 7 
to 59p for a similar reason. Still 
reflecting investment comment, 
Boosey and Hawkes added 4 more 
at 204p. Increased annual profits 
left Lonsdale Universal 5 higher 
at S5p, but Cowan De Greet 
slipped 3 to 74p on disappoint- 
ment with the first-half profits 

Turner Manufacturing featured 
lacklustre Motor Components with 
a rise of 13 to I19p on revived 
bid hopes. Lucas Industries, how- 
ever. continued to decline and 
closed 4 easier at 253 p reflecting 
further adverse Press comment. 
Blnemel Bros, shed 3 to 62p, while 
Associated Engineering. 119p and 
Automotive Products. 98 Ip. lost 3 
apiece. Distributors continued to 
attract a good two-way business, 
but sellers attained the upper 
hand and prices were often easier. 
Glanfleld Lawrence closed 2 off 
at 36p following the results. 

Apart from a fresh speculative 
gain of 10 to I45p, after 146p. by 
Mills and Allen International, 
Paper and kindred issues bad 
little to offer. 

the trading statement which 
accompanied disappointing in- 
terim profit figures. Pride and' 
Claris currently in receipt of a 
bid fora Inchcape, dopped 11 to 
525p to match the latter’s cash 

Western Canada Investment 
moved into the spotlight late in 
Trusts, rising 80 to MOp on the 
bid approach from Scottish. 
Eastern Investment Trust. Higher 
interim earnings lifted Hume 
Holdings A 3 to 73p. 

Shippings had an easier bias, 
although Lofs moved up 11 to 
39p against the trend. 

R. Smalls haw (Knitwear), 3 
better at 23*p on the increased 
earnings, provided the sole note- 
worthy movement among Textiles. 

South African Industrials had 
easier features in Primrose. 4 off 
at 3Sp, and Gold Reids Properties, 
5 lower at S5p. 

Falls in Golds 

Government ***■- 


IbAdwIb* UMMsev ... 

GoM SItaea. -j 

Old. Die. Yield — 

Huttings Y’lditftilbO 

Iftls Untie fBOC) t“1! 

UemLinj.'s mart**- 

Equity turnover ; 

gq liter hinpsim »«**[• 

76-37 76.79 76.6 7 7 7-00 77.23 

80.471 80.66 SO-™ 60.W& 30.9;. 

479.0 483.2 493.4 496.6 487.6 

1M7 ; lei-ft W9.9 1Si ’ S 1478 

B.64 ; 9.57' 5.57. 9.54 3 53 

IT.lff 16-97; 16.99 169° 

8.25' 8.3* 8-39 6 39 t ‘ i3 

6.01 2 1 6.2B3 •.112 5.404. 5.224 

_ ■ 8j^v 85.6T 66.OA OB.OV 

_ | 14.265 16.325 14,779 16.004 

77.35- ftona 
0087 6B«2 
486.0- .590.7 

fl.96 9 78 
36.09, 17.7S 
ASS ftOe 
5.031- 7.978 
95.66 WfcAl 
15.085 »,»T 

"■ 43-; U am. 4i>.6. NOOB4WO. i am. 4S9& 

10 am - ^ :w 47S.9. 3 JCT.*. 

i M ar» 1 7: 

*&!&*&*«• •• 



; Hish 

1477 Z* Si net- 4."nt|'ilall.*n 



Iliah >•»» 



nadSccL..! 79.05 
00 l309> 

*** "*'■■•' ’ JVS 

Ind-Orf...... M9.2 

Gold Mines, 



,4 li 

■ 1 ?■ 

. 137.4 49. 1U 

(H 1 «■' | W’l'lSt 

150.4 50.S3 

‘(25. 1 1 • ,,’USI 

. 549.2 49,4 

ll4 *«-i 1' l> l* *Ui 

‘ 443.3 43.9 

ffiS 7si -n W-'l‘ 

|uiiiiBtn#<'... v 

Atilt*.. ; 
JVtii- ■ 

lu-in-irwii*.. . 





66. 1 

180 6 





. > 




.r * 

4 at 6Sp. but Crvstalate edged for- 
ward 11 to 251p. 

Television issues were notable 
for a gain of 5 io 125p in LWT A. 

Sound Diffusion higher 

Fresh scattered losses in the 
Electrical leaders included EMI. 
3 off at ISSp, and Plessey, 2 
cheaper at 91 p. Elsewhere, news 
of the financing arrangements 
with Houston Financial Services 
prompted renewed firmness in 
Sound Diffusion u blch rose 4 
more to 49p. Revived hopes of a 
counter-offer left H. Wigfall R to 
the good at 262 p. after 265p. 
while bidders. Comet Radiovision, 
firmed 2 to 109p. Buyers showed 
interest in Allied Insulators. 2 
better at 67p. and Audio Fidelity, 
a similar amount higher at 34p. 
Still reflecting Rhodesian settle- 
ment possibilities Slocklakc 
hardened a few pence more to 

Leading Stores continued to 
drift lower on sporadic offerings. 
Gussies A were 6 down at 284p 
and Marks and Spencer 4 cheaper 
at 146p. Burton Ordinary shed 7 
to I32p and the A finished 3 off 
at 122p as did Dcbenhams at 102p. 
Elsewhere. Hendcrson-Kenton. a 
penny easier at 79p, remained 

Elsewhere. Engineering leaders 
were inclined easier on light sell- 
ing and lack of .support. GKN. 
267p. and Tubes, 388p, gave up 4 
apiece, while J. Brown eased 3 to 
247p in front of to-day s interim 
results. Davy International eased 
initially to 2S3p before moving 
ahead on buying -interest stimu- 
lated by news • of tbe £S8m. 
Brazilian contract and closing 
with a net gain of 5 at 239p. 
Averys advanced 9 to I68p on 
speculative demand, while Brooke 
Tool improved 2 to 24p in response 
to good annual results. 

Fitch Lovell figured prominently 
in Foods, closing 3 cheaper at 
57p, after ofip. following kiterim 
figures which failed to come up to 
market expectations. Tate -and 
Lyle, at 209p, gave up 8 of the 
previous day's rise of 13 which 
followed the preliminary state- 
ment. Having improved to a 
I9i«-7S peak of 510p on the pre- 
liminary figures - and capital 
proposals. British ' Sugar closed 
only 5 better on balance at 490p. 
A. Flsber eased a penny to 12p 
following the interim report 

Oils drift lower 

T. & Newall easier 

Miscellaneous Industrial leaders 
were around the day's lowest 
after a quiet session. Turner and 

Leading Oils drifted off on lack 
of support and the occasional 
selling order. British Petroleum 
gave up 4 at 796p. while Shell 
eased similarly to 500p and 
dollar premium influences left 
Royal Dutch li lower at £3S|. 
Activity in secondary issues was 
also light Oil Exploration met 
with sporadic selling and reacted 
4 to 230p, while Tricentrol finished 
a like amount down at 150p. 

Property leaders opened a 
shade firmer before easing in line 
with the general trend. MEPC 
ended 3 lower at lSlp and Land 
Securities a penny cheaper at 
221 p. The trend elsewhere was 
also towards lower levels, par- 
ticularly la the late dealings. 
Among the bright spots. Hales 
Property responded to' the in- 
creased dividend and profits with 
a gain of 4 to 36p. while satis- 
factory interim results left 
Midburst Whites. 36ip, and 
Country and New Town. 27p, up 
a penny apiece. On the other 
hand, Scottish Metropolitan eased 
3 to 109p and - B. SunJey were 4 
lower at 220p. 

Inchcape came under selling 
pressure and fell 20 to 360p on 

A combination of the fall in 
both the -bullion price and In- 
vestment currency premium led 
to sharp losses in South African 
mining Issues. Prices were fur- 
ther weakened by tbe decline 
m the securities rand following 
a report by a U.S. Senate com* 
roittee stating that further U.S. 
investment in South Africa 
“should be discouraged.” 

Golds opened substantially, 
lower reflecting the steep fall 
in the premium late on Wednes- 
day. and tost further throughout 
the day as the bullion price fell 
away prior to closing $2 down at 
$173,373 per ounce. 

Losses among heavyweight 
Golds ranged to £19 as in Rand- 
fontein, £33 jl. while West Driefon- 
tetn relinquished a point at £18. 
Lower priced issues showed 
Libanon 24 off at 494p and Kloof 
a similar amount cheaper at 

In marginals East Rand Pro- 
prietary dropped 30 to 386p and 
Durban Deep were 22 down at 
328p. The Gold Mines index 
consequently lost rather more 
than tiie previous two days' gains, 
falling 8-3 at 152.7, 

Financials fared equally badly. 
Anglo American Corporation 
dropped .17 to 266p and De Beers 
and Union Corporation were both 
U "• easier at 291p and 253p 

Platinums drifted in quiet 
trading following the recent 
spate of hectic activity. Rusten- 
burg gave up 4 to 92p and 
Blshopsgate the same to S2p. 

Tins lost ground across a broad 
front Following the fresh weak- 
ness of the metal price and 
investment premium. Geevor. 
4 5 Op. Malayan Tin. 2S5p, and 
Southern Malayan, 245p, were all 
around 10 lower. Coppers were 
featured by Messina, which fell 
6 to flOp following .the passing 
of the interim dividend. 



First Last Last For 

Deal- Deal- Declare- Settle- 

ings loss 

Jan. 24 Feb. 6 Apr. 27 May JR 
Feb- 7 Feb. 20 May II May 23 
Feb- 21 Mar. 6 May 25 Juu. * 
For rote indications see end of 
Share Information Service 
Money was giren for the call 
of W. E. Turner, Norfolk Capital, 
j. Brown. Ladbrokc, EscaJibur 
Jewellery, Fltzroy Iuv., Da%en- 

ports*. Brewery, . Cutis. Geld. 
Fields. Onue- Developateftts, 
Burmah Oil. Vickera. SellatwurL 
UDT, Redfearu Glass. BAT 
Group, Burton A. Brittania 
Arrow, Sanderson Kayser, 
S. Osborn. Bam fords. Town aud 
Cltv Properties, and Invergorden, 
while doubles were arranged a\ 
Talbex, Chazirrhall Funuce, 
Levrx, British Laud. Inven 
gordoii. Tow n and titty, Britannia 
Arrow and Hestair. A short-dated 
call was transacted in J- Brown. 

r .■ 


/ - 

v; * 

* . * 


attained nevr J«8l*s and Lo»*s 19« 



Tr-c anile 

SHOES 131 
jim, turivr iW. ing ( } 



Allied Plant 
Bctt Bros. 




yijrpc and Fisnef 
Ward Hiags. 

War dir iBJ 



Allied insulators Sound Diffusion 

Best and May 


Aswd- Brit. Eno. Jenks ana.Cattcll 

BartP n hlcuflltt 

Brooke Tool 

FOODS (11 

Br.t. Sugar 


Brent Walker Nor.ulk Cap. 


Bntialr Cosmetics Hay fHorman) 

Black iP.) Lonsdale Unl-crwl 

Boov?v and Hawkes Msn«w«it Seit. 

m.v and Gartmore N.m.C luts- 

M a,e fi< ln<r% ' RUBBERS -41 
Sertam Con- Brattwall 

Bird .Atr-cal M , NES s -.{" K "“ 

E. Rand Con-- Ht'-aLOiB TM» 

1 ; 




Exchnani-r lO'jn Trcasur, tfl- ix . 

' ,99S«£30P. V > TOuj tiM«.a«^ 

Bard ij.l shipping «2) 

Rcarlon Smith Brjidirt Smith A 




Carpels In: nl 



Bril. Cmc. 

Canmnd fW.l 
Ctumberljiti PTupps 
Goldman (H.) 

Norton and Wnohf 
Stao Furniture 
Stcrlinq Inds. 
Wills iGeo.l 
Dovrtv Harrison IT. C.) 

Gates if. G. 1 


Wilson Bros. 

PAPER* «) 

Brunnmo Gro. CaowaV. 

Do. Res.-vtu. Mills and Alien 


Churdiburv Est. Warntord In*. 

Land ln»st. 





s- • 


Brush Funds 

Un Dawn Sam 
- *1 5 

Carpas^ Dam. and 
Forelga Bands 




Indimrlals ... 




Flnaasial and Prop. . . 














Recent Issues 






M4 U26 


•a r * 




J .mi' 


. ! 

i 'l 


Bondholders are hereby informed that FFI0.Z77.C00 cf the issue -due 
for redemption on 1st March. 1973 will bo redeemed at par as tram 
1st Match 1 97B. 

FollawinR a draw bv Io*. which took place in the presence of Madame 
Jeanne MOUSSE, huifsicr, the tollowino bonds have been selected lor repayment: 

NOS. 37505 10 37S17. 37S!2 to 37557. 37593 to 37605. 37619 to 37620. 

37632 :o 37644 57652 to 37663. 37679 to 37660.' 37793 to 37829. 37660 

to 37066. a 35 10 to 43813 43B63 to 4 3689. 43933 to 43962. 44003 to 
44004 44027 to 44036 44038 to 44044. 44095 to-44114. 4411-8 to 44122. 
441124 to 44127. 44130 to 44152 44158 tO 44167. 44173 to 441B2. 

44235 :a 442411. 44338. 44 55T to 4J3EZ. 444S3 to 44698. 44631 to 44603. 

44830 to 44B58 44692 44909 io 44924. 44982 to 45131. 451.S9 to 45227. 

45260 to 45294 45353 to 45359. *5363 tO *5397. 45496 to 4S481. 45485 

to 45593 45610 to 45709- 47710 to 477T9. *7750 tO 47609. 47816 tO 
47319. 47822 to 47852. 47854 to 

47926. 47938 to 47965. 48017 to 4.S079. 

48066 to 4B098. 48105 to 46237 43262 46268 to 46280. 48256 to 48311. 
43315 to 43318 43322 to 4B3S9. 48424 rfl 45439 48510 to 40553. 48574 
tO 4S579 48623 to 43645. 48647 to 48659. 48663 to 48672. 48679 to 
*6790 10 48799. 48B10 10 48614. 48830 to 48832- 
4 3837 :o 46863. 4C9T3 to 48963. 4B979 to 49Q03. 49044 to 49070. 49079 
to 490SS 49093 to 40004. 49105 '0 49366. 49381 to 4943Z. 49434 to 

49437. 494 5 £ »o 49*65 49496 10 49528. 49579 to 49S90. 49595 to 49620. 

49634 to 49577 43689 to 49869 49900 to 49917 49919 1C 49992. 50003 

to 53009 50090 fa 50109 50210 to 50322. 50352 to 50382. 50413 to 

50450. 504S3 to 50*87 30*90 to 50512 . 30523 to 50559. 50575 to 50729. 

50?es to 50241 5QE51 to 50919. S0922 to S092S. S09S7 to 50974. 5101S 

to 51102 51123 to 51167 51 17 b t0 51209. 51260 to 51294. 51320 to 

5TS29. SI 394 to 51479. SI507 ro 51548. 5155Z JO 51557. SI 563 to S158S. 

51S69 ta 51744 51831 to 51850 51889 to 51397 51913 to 51935. S1SS3 

to 52 532 52635 10 £2659, 52635 to 52690. S2692 to 527QB. 52725 to 

52611. 52845 to 52853 S2862 to 52954. 52963 to 5303*. 53068. 53071 

to 53134 33156 re 53157 53160 -.0 5319*. S3200 !o 53214. 53226 to 

93236. 53524 to 53540. 5S129 to 55131 55157 to 55166. SS178. SS6S7 

to 55676. 556*7 in 55702. 55704 to 5S823. 55832 ta 5S986. 56064 to 
5SS99 56175 ta 56729. 56390. 56453 to 56307. 56510 ta 56S27. 56529 

10 56541 5554 5 to 56597. 56601 to S6680 56632. S66S4. 56686 to 56707. 

56728 to 56734. 56736 56741 56745 to 50747. 567S3 to 56797 56312 

to £6827. 56S39 <o 56852 56869 io S687G. 56879 to 56B94. 5669* 10 

£6933 56907 to 56012. £6929 to 56946. 56949 to S69&1. 56957 to SW7C. 

56982 10 36986. 56997. 57009 la 57019. S7022 to 57112. 57125 to 57170. 
57241 to 57748 5?2£9 ta 57263 5726S 40 57307. 57309 

. ... 57309 to 57322. S5374 

ID 59554 SSL!* Io 53613. 53620 to 58643. 56646 to 58967. 539SO tO 
59005. 59079 :o 59292 59299 59313 to 59327. 59S33. 59SS3 io S9373. 
59881 to 59955 60001 ta 60015 60242 to 602«4. G0247 to 60270 63*74 
to 63B75 64391 to 64436. 64460 to 64481 6*494 to 64500. 64S1 1 to 

64519. 64530 to 6454 S. 64551 to 6455S. 6*564 to 64625. 64636 ta 64653. 

64656 to 6*661. 64666 to 64704. 64711 to 64717. 64719 to 64724. 64726 

to 64793 64810 id 6S109 65113 to 65123. 65132 'o 6S166. 65168 ta 

G5260. 65271 to 65310 65371 Io 6S3BS. 69431 to 6S460. 65466 to &S4.72. 

65476 to 65*94. 65500 lo 65538. 65520 to 6SS89. 65623 to 65675. 667S3 

to 66842 66926 la 66972 672 52. 67926 ID 679B4. 6N51 to 66266. 68269. 
68367 to 693B9. 65’ 75 to 69201. 69214 ta 69228. 7S239 SO 78370. 78578 
to 76303. 7561 4 to 78916 78926 78939 ta 70940. 73949 io 78951 78956. 
78970 to 7B972. 78999 la 79002. 79004. 79013 to 79014 79021 to 79042. 

790*4 to 79058 7906 B ra 79070. 79072 to 79092. 7909S to 79107. 79114 

ta 79126. 79134 ta 79147 7,165 ta 79169. 79285 to 79238 79324 ta 

79343 79364 to 79365. 79*02 lo 7940B 79439 to 79441. 79444 to 79*75. 
79494 79705 IO 79706 79712 to 79756. 79760 to 79772. 79705. 79790 

to 79795 79797 to 79305 79B21 ta 79830 80051 ta e0079. 80081 ta 

C0093 60104 fa SOI 1 5. 30128 to 80130. 30134 IO 8014S. 00191 tO BQ164. 
80167 to SOI 76 80195 to S0200 80203 to 80212. 80217 to 80226. £0276. 
602 90. 80212 to 20324. 80337 to 80362. 60364 JO 60365. 00368 to 80372. 
80376 ta 80393 80396 ro 80421 80423. 80427 to 80429. 20444. 20446 

to 80460. 0046 3 10 30466. 80474 ta CO 47 6. 80488 to 60491. 80499 to 
80516. 30518 to 30522. 80524 B0523 to 80556. £0562. 60670. 80572. 

SC590 lo 60391. S0593 to 30595. 80597. 60604 to 80606. 60733 to 00755. 
60776 -.0 807 SS 007 B 8 to 30796. EQBfcS to 60865. 8Q922 to 80976. 80941 
to 31001 61054 to 910B2. 01123. 07162 to 01167. 0! 209 IO 813*7. 81357 
TO 81363 G1370 la 81372. 31375 to 81392. 81*05 to 81414.81426(0 31431. 
31436. 81438 to 81441. 81448 to 81481. 81532 to 31 SOS. 01522 ta 61531. 
81539 :q 81542. 91556. 81558 to 01 SS9. £1561 ra 81565. 01574 to 01575. 
51578 to 81590. 015QS to 81593. 31602 to 8J&13 81616 ta 81617. 81652 
10 81692 91708 to 91711. 31718 lo 81727. 01876 to S137S. 61893 to 

31908. 81910 IP 81925 B19S6 to 81967. 81975. 8197a to 01980. 81997 to 

82005. 82010 la 82011. 82015 a 92019. 02040 to e204£. 82040. 02OS2 !o 

82053. 82056 to 62081. 82034. 82091. S217S to 02195. 82198 to 02295. 
S229& -.3 B23CQ. 62303. B2J0S ta 32324. 8238S to 62393. 62433 to 82436.. 
82462 to 82463. 82497 to 82500. 02506 to 0Z5S1. 8ZSS4 to 82561. 82577 

to 62601. 82615 to 82641. 02B46. 82648 to 82650. 82716 ta 82725. 8273b 

:o 82742. 8Z75G :a 827P0 92B06 ta 82800. 82817 to 82*45. 82850 to 

02874. 82837 to S29&6. 32985 to 02992. 82994. 83000 to B3Q25. 

Redemption will take place as from im March. 1970. coupons tor 1st 
March. 1979 and toilow'na attached, at the fotlowloq banks: 




1st March 1974: No. 3dE66 to 3*367. 

1st March 197G: No 73Q3Q ta 73031 74396 to 74400. 74589 to 7*593. 

74595 to 74597 74633 ta 7*629. 7S206 ta 75207 7*5238 ta 75290. 75820 
Id 75325. 76866 to 76B73. 77:es to 77295 77300 to 77203- 

1st March 1977: No. 3965 lo 3966. 3998 lo 4007. 40*7 to 4051 J121. 

9436 to 94ZS- 94 36 to 9*87 9*92 to 9493. 9SI6. K1S ta 9S27. 9046 to 
9847. 9359 9870 to 9571 9001 9386 :o 9900. 9934 ta 9935. 9936 10 
9995. 10015 ‘.0 10016. 10020 1 02 TO to 10219. 10431 to 20436. 10464 
TO 10513 10569 to 1QL-78. 10729 to 103*3 11026 ta 11055. 11066 to 

11070. 11085 to 11006 : 1093 to 11094. II 151 ro ni = z. 11 155 to 11IS6. 
11317 to lisil 11056. 11676 rs 11877 11094 to 11.896. 12220 12SS7 
to 12579, 12644 ;o 1 2662. 1270* to 12707. 12811 ta 12015 12836 ta 

12844. 12896 «*l 129C9. 129S5 la 12962. 12993 to 13001. 13199. 13274 to 
132B3. 13S03 to 1 3807. 13811 to 1381 5. 13045 to 13915. 13946 to 13955. 

14031 to 14055. 14036 '.a 1*090. 1*182. 1*220. 14230 ro 1*235. 1*292 to 
14293. 14306 <0 1*315. 1*3.23 >B 14324. 14343 10 14344, 14360 ta 14372. 

14450 to 14*99. 14511 ‘3 14525. 14619 to 14623. 14740 to 14749. 14770 

la 14772. 1SS01 ta 1SS03. 15S74 la 1 5583. 

Lasemijcurs. iztn January. 1970 The Pafmo Anent 


9% 1970/1982 
UA 1 2.000/100 LOAN 

Bonds lor the amount ol UA.S35.OOQ 
have been drawn on January 12. 1978 
In the presence at a Notary Pahitc for 
redemption on March 16. 1978- 
Tho foil owing Bonds will be rctm- 
Barjcd coupon due March 16. 1979 
attach edr 

3299 to 3337 loci. 

3339 to 3570 InCL 
3075 to 3C48 ind. 

Amount Purchased In the market: 
U A. 245. 000. 

Amount unamortlscd: UA. 7.200. 000. 
Outstanding drawn Bonds: 

2083. 2086. 2080 and 2089. 2175 to 
2177 hid-. 2225 and 2226. 2231. 
2281 and 2282. 2294 and 2295. 
2307 and 2308. 2328 la 2330 Ind.. 
8808. SCI * and 8614. 9628. 

The Trustee. 



Janaary 27. 1978 


Xo. OOMte of 1977 

Chancery Division Companies Court. In 
CnjrTED and in the Matter of The 
Companies Act. 19*3. 

Petition for the Winding-Up of the above- 
named Compaor by Ute' HUh Catm at 
Justice teas, an Bio 30th day Of November 
1977. presented to the said Conn by 
■LTD EXCISE of King’s Beam House. 
S8-11. Mark Lane. London EC3P HIE. 
and that the said Petition is directed 
to be heard before the Conn si nine at 
the Royal Conns of Justice. Strand. 
London WC2A DLL. on the fitit day of 
February 1913. and any creditor or 
contrlbmory of the said Company desirous 
to support or oppose the malting of an 
Order on the said Petition may appear 
at the time of bearing in person or by 
bis Counsel for that purpose: and a copy 
of the Petition win be furnished by the 
undersigned to aoy creditor or contributory 
nf the said Company rcaulnns snob copy 
on payment of the regulated charge for 
the same. 


King's Ccam House. 

39-11. Mark L ane, 

London ECSR THE. 

Solicitor to the Petitioners. 

NOTE.— Any person who intends to 
appear on tin* bearing of the said Petition 
must serve on. or send bF post to. the 
above-named notice In - writing of Ms 
Intention so to do. Tbe eolree must state 
i be name and address of tbe person, or. 
if a firm, tbe name and address of ibe 
firm, and must be sisned by the person 
or firm, or his or their Solicitor fst anyi. 
and mum be served or. if posted, must 
bo wut by p*l ill efficient time to 
reach the above-named oot later than 
four o’clock in tbe afternoon of the 
"rd day of February 197S. 




Fob. Mon.-Fn. 0 3D-S SO. Thurs. unt.l 7. ■ 


Upper Bone street. HI tickle*. 
Laiceatershire LC10 IDG 

THACKERAY GALLERY. 10. Tffackerav 
St_ Kensington So.. W.8 01-937 5803. 

FOX GALLERIES. Of brie Mini- 
mal tr* British and ■uroocan Arturs 
tram 1700-1965. S-& Cort. street. 

London W.l. TC( 01-734 2626. Week- 
, «<m IQ-6. 54to IQ-1. , 

Notice i* hereby gtnen that rite rate 
of interest on sh^re and deposit accounts 
IS reduced bv S**-, as Irani 1st March. 
1970. Accounts opened on the basis of 
a tired rate (or a 01 wen Period and Sell Share, are not aflreted. 


General Manner. | 

SO. Ota S3 or 1976 

Chancery Division Companies Court. [□ 
the Matter Of L. V. * M. THOMAS 
f B0ILDERS1 LIMITED and to the Matter 
of Tbe Co.-opMiles AcL 19C 

Pet i I Ion for tbe V.’lndiiu-Cp of tbe above- 
namr-d Company by tbe High Conn of 
Justice was. on the irth day of January 
19TS. presented :o the said Court by 
AND EXCISE of King’s Beam Hons..-, 
39-41. Mark Lane. Loudon ECSR THE, 
and that the said Petition is directed 
io be beard before tiio Court sitting at 
the Ron! Courts of Justice. Strand. 
London YVC2A ?LL. on the i<hb day of 
February isrs. and any aeditor or 
contributory oi tbe said Company desirous 
to support or oppose the makiou of an 
Order on tbe said Petition may appear 
at (he ditto of heart ni in person or by 
bis Counsel for that purpose: am a copy 
of the Petition win be ftirnlshod by the 
undr reigned to any creditor or conrribniory 
of (he said Company reqmmts such copy 
no payment of the reeuiatcu darso for 
the same. 


Kina's Beam House. 
a9-4t. Mark L ane. 
lumdoii ECSR THE. 

Stiicilor lo tbe Petitioners. 

NOTE.— Any person who intends to 
appear on the bearing of the said Petition 
must serre on. or send or post to. the' 
above-named noucc in uiitins of hi* 
Imentiou sa ta do The nouce must state 
titL- Dame and address of the poison, or 
ir n firm, the name ana address uf the 
Finn and musi be . signed by the pereou 
or firm, or bis or thefr Solicitor Mf anyi. 
and mue; be seried or. if polled, most 
bt sent by post is sufficient time ta 
reach the a twee- named nor later than 
four o'clodc in rite afternoon of tile 
ITtti day Ol February UTS. 







1977-78 1977-78 



marks price (p) 

on day 







- 3 



i Barclays Bank ... 














Rank Org. 

25 p 








S) • 





Midland Bank ... 







Swan Hunter ... 




- 3 



BATs Defd 







De Beere Defd. ... 







Reed Inti 




- 1 







- 4 



Shell Transport 




- 4 



Tate and Lyle ... 




- 8 











£1 : 

- T 

796 . 





Xlese indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 



Pmw =— J! S“ 



fiUr'o Low 

i • F.P. — 470 , J62 EK&O ( KOiO. 

104 ,r.P. 20iM» JOB Farmor (ti.W.l. 
32 . F.P. .27. 1 . 6OI2. 63 l.M.I 


! Central it Sheet-wood K)5 Unm. La. 198i.._ 

3t is C, mix plan Reg-U^S 193 b 
apt*: HduH now Variable 10H2- 









1315 KJ*. 

. F.P. 
62 ■ F.P. 
10 1 nil 
1.76 ntl 
. . nil 
7lz; F.P. 
' nil 










SllV 24-Z 
16.1227 1 
' 6,r :0 3 
23,1' 27.-2 
24.-2 I0i3 1 
13,1, 10-2: 
24il 6.-2; 
14*9.-12 K7il! 

6t 10.2 
■ 12-. — ; 
17,2! 5.3 

25/12 IB/ll 




Ls . 

es • ; 

63 pm' 

16.1 3/3 
16/12- 27. l! 
Will: 16,2! 

12; Ik : 18, l 1 

3.1 27 11 


90 l 
15 . 
£93 : 

44 ' 

SHOW loco Mote* 1964...- .. . 

St»i« Do- Deb. 1992. 

114 Kmuiiwion * theism llKBWtf...:.... 

«9ta Do. Do. Variable T2 

99lj Leeds Variable 1962. 

100 ig' Leicester Variable 1982 

101 ij., UOte! Ujb Kept W Mor i» 1962... 

102*2 98 lei. Helene J 1*$ Red. 198b 

8964 896 'Shell loti. Fin. >iV. 8 ,*% Gosr. Kows 1900 

I06p 99t>3we/ Furniture 10? Cum. Prof 

1100 ,; lOOvL Temeritte Tariabto 1985- — 

loin BTjf Do Red '8<L5 

j iCTpj IC6r^ Toet Tnu Ifcf 1C^ Pref 









l.'e a unc. 1977/3 

Dates ! 

- ; Higb { Low ; 

6 loot 

Closmu' . 
FHw» ’+ * 

. . Pi 

— 1 

ZZpoi ArliogluB Motor.... 

6 gij! Briri part Gunrtry 

Sj jUahlefurm 

08 jCbrisry Broa 

Wpip Own nr. Bank of Australia.. 

ILtpai | Klber IndusirtaJ ... 

125a t Joimmn £ r 

M lJobnaos Fiixb Bwwn 

71 - 'Kenning Jidior... 

26pni'LJf.C. InternatiDoa] 

4apnt'Na4ional Bit. of Aurfmlaria.. 

Bpmi SelH f Jaa.l 

24 Ihireua W. !.„. 

lDpmlPreedy (Alfred I — 

aTLt'R.c.f... : 

8 * ;U«wd Rkljnety.. 

!l ‘.diuria (ISeol 

237 -L'td. Srieattfir : — 

36 i ir 11 llama rJ. Caniiffi. ; — 

26pm • 

37 ...... 

73 ' — 4 
45 -i 
40pui — 4 
18 uni 


61 .-=1 



90 pm— 3 

Spra _.... 

' 3a ; 

28pm' >.... 

4o ; 


14 ; 

2B8 ■ 

42 I— 2 


tish Government 










Under 5 years 

10 Ml 



5-1 ByccL. — 













All stork* .. 



ROPuacubou datr usually last day ter dealibs trite of stamp -luty. b Figures 
t»»e*i on prospectus estimate, a ASSPbied dtwdwd afffl rieki- u Forecast dirnienn 
cover tusefl on previous year's earnings, t Dividend and iield based on prospectus 
or other affinal eanmatey for 1K9 t» Gross, i kijutw sjewmed Cneer .Uow^ 
for conversion ol shares hot now radRIns fnr dmdend or tanffiag onlv lor raatytclcd 
uindeods. f Placing once ro public, vt Pence unless oiberwise indicated. I issued 
by lender. ; Offored io holdere ol Ordinary shares as a - ns nr*. " Rutnr* 
oy way ol eapiralisauon. rt MUtimoor usader pries. I# ReJturoaiiced. V Issued 

_TUur».. Jen. 36 W,„. r,,^ 

l-H... J »». ■ l Bn.' 

in connection with reorgautainon owtser or tafce-nwr. Il'j teffodotsum. _□ Issneu 
in former Prefcrmcc holdfra ■ ABatmenf letters ter fhljy-piia). • PnrrisliMii 

nr osnlr-nai** allomiem Ipitere. R’ltb warrants 

16 20-yr. Red. Debit Loans (131 

16 Investment Trust Profs. (15) 
1? Com!, and indl. p re f s . ( ^ 0) 

Index : Y i*t,i 

l jllT V ■ i 1.IB. 1 teri ' 

- S 'S- , ■>«»■ Witt 


w.” ““ aa, " r 

™ p 

yield. High i'ZZTZ: — * ' i 53 7<S.4di« 

CjV^3J ] (jr* 


DifCW 9. 
PJOL5D 33 



Lloyd's Life Unit TsC Hnfrs. Ltd. 
‘n^.GteehewftdLAyleabcrr C6S8S41 
ftqaltv Arman. - |M12 1SU| . ..J *23 j 

SJ-* C, Gravpf fcWJW 


1 Royal Exchange Aw.. London EC3V 3LU Tel: 0L-2ST. 1101. 
Index Guide as at 24th January, 1978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capita) ■' 135-00 

Clive Fixed Interest Income 124.73 

CORAL INDEX: close 474-479 


t Property Growth I . SJ'fc 

Cannon Assurance 4^‘n 

* Addrrsii kb.ivn imJ.: Insarinci' and imnr ’.‘-m l Tubs- 


( Arana L'sitr) 

Fund atim Tftz 
(Aeam UbKii . 


A B N. Bank 

' Allied trteh Banks Ltd. 
American Express Bit. 

Ar.ira Bank - 

A P Bank Ltd 

• Henry Ansbachcr 

. Banco de Bilbao 

! Bank of Credit & Once. . 

Bank o£ Cyprus 

Bank of N.S.'W 

Banque Belye Ltd. 

- Banque du Rhone 

Barclays Bank 

‘ Barnett Christie Ltd.... Hnldin^s Lid. 
Bril. Bank, of Mtd, East 

■ Brown Shipley 

. Canada Permanent AFI 

Capitol CSC Fin. Ltd. 

' . Cayier 

i- Cedar Holdings 

■ Charterhouse Japhct... 

C. E. Coates 

Consolidated Credits .. 

Co-operative Bank ■ 

Corinthian Securities... 

C rad it Lyonnais 

The Cyprus Popular Bk- 

Duncan Lawrie ... r - 

Easll Trust 

English Transcont. ... 

. First London Secs .. . 
First Nat. Fin. Coryn. 
First Nat. See?. Ltd. ... 

■ Antony Gibhs 

Goode Durranf Trust... 
Greyhound Guaranty... 
Grind Jays Bank 7 

■ Guinness Matron 

■ Hambrofj Bank 

■ Hill Sarnuc! ? 6* 'V. 

t\ Hoare &■ Co .... '• 
Julian S. Hud re ■ ■ 7- c", 

llonnkonK & Shan aha: ti-':, 
Ind-stml F.J., of Sim!. 7 ^ 
Keyscr Vitamin .. 6| n ;. 
Knowsk-y & Co. Ltd. ... 9 e o 

Lloyds Bank di 1 ;, 

London & European ... Sj°T> 

London Mercantile 6 

Midland Bank 6'<t; 

■ Samuel Montagu 6?% 

■ Morgan Grenfell fi»*& 

National Westminster rij*?, 
Norwich General Trust 6*5. 
P. S. Rcfson &• C.o. ... 

Ross minster Accept' cs 6? <7, 
Royal Bb. Canada Trust 6«*r, 
Schlesmcer Limited ... 6;*V. 

E. S. Schwab 

Security Trust Co. Ltd. • 

ShrniCy Trust 9 : ‘7> 

Standard Chartered ... 6 :<r . 
Trade Dev. Bank «ii*' r -> 

Trustee Savings' B:.nfc 
Twentieth Century R*- 7 i ‘V, 
Uni led Bank nf Kuwait filf. 
Whlteawar Lsidlaw .. 7 °r, 
William*; & Gljm’a ... 6i*$, 
Yorkshire Bank 6**7 1 

of c- A£i-v.piJCB liVff 


• fijy dfiwsif# r- :-nJ«::S dfMKfM 

• itbr AMM» cm OTHF vt flAc-M 
•ac under ?.' Jp up «o II3.0B® aj’. 
Aid *»i«r C.'JH dl'i. 

: r*n J.-wrtUr. aver f|j#i S‘» 
l Siiusi! di’inniif <*- 
r R*»- abo Weil-* klcKBt tm. 

'•■Jar . Ra’i* fi*r T>n» 

D-W‘ , '> oV«V rt.WI ttrSTllab'C. 


.33 ^207 ir»b 


Jan. 26 Week ago MaMb a;o 
r i 1 


Dtmifh A.l per vm 
smith A.l per ton . 
IrieM Special per ton . 
Uteri A.l per un r . . ■■ 

xas «r 20 ih* ' - ■ ■ 

Er.plteh per cast* ....... 

Dam^h salted per cwtf.. 

lP.W-llflj 1094-1103 

flSOS hJ-03 
70.13-71 « 70 1 3-. 1.60 

NT, riei tonne 1.210.&J 

English chedtlar trad 


English cheddar 

*ht tonne 


Home -produce: 

St» 4 

sue 2 

Lid! 30 


Scottish kUkd sides l ex. 

KKCF1 *- 4G£-£; 

E*cc forwuarrers ss.o— ss 


EnglKb 4SB— o2 

N7.PLs.TMs 43.0-471 


^ Enjtnsh ewes ^ 

PORK <ah weights) S2CU-42I 


Cratter chickens .■ W 0—34 1 

* London Egg Ewhanpe price per 
'For delivery January 2S -February 4. 

350- 4.40 3.9-4 40 — 

4 30- 4 SO 4.30* 3.00 — 

Jan. 26 Week ago Month aga 
perpuund per pound per pound 

45(U_49 r ? 4RJ— 49.3 46 0— inn 
33.0— SO 0 32.0—540 3PP— S-J.O 

4S 0—52 0 4TJ0— 54.0 48 0— 35 0 
0—47 0 46.0—48 0 47.0—46 0 

32CW42 0 32.0^*2 0 3^0—42 0 

WO— 34 0 30.0—34 0 30.0—34.5 
price per ’20 cccs. f Delivered. 


-cj; 4 jo 

CnD Trusts (y) 


-ail mo 



^ . . . , . T^Z. * V Wider Growth Fwrf 

rCUCn URl Admin. UL {uni XuVSesSt ECOUaK 
•lVtemulaS(..lfaKScMr ctt-Msec imba... .*i 
PsUsscVotU pu eut-fth VR atMLlaa JHJ 


SVJc vz dqr.d mcljde 5 premium. «ceptwli« 
ztivi ». si<S are in p**c* uiuacm qtbarwli 
sc'.ed .J :>Hds % :mc.wn In Last eolmn 



I 2S7Jj 

Friday January 27 1978 



! 2 



night issued a blunt warning 

to British Lcyland that It must 
now solve its own problems. 
“Do nor look (o the Govern- 
ment for any more solutions. 
We have done our part. Now 
il's up to you.” 

The Prime Minister, in a 
speech to Birmingham Cham- 
ber of Commerce, gave his full 

personal barking to Mr. 

Michael Edwardes, the British 
Leyland chairman, who has 
been faring criticisms from 
both the company's manage- 
ment and anions. 

To all “ the critics snapping 
at his heels." Mr. Callaghan 
said: ** Give yourselves a 
chance and give Michael 
Edward es a break." 

Patting public money Into 
British Lcyland had been an 
“act of faith," the Prime Min- 

ister said. ** So far, the results 
have been disappointing." 

The Government had stepped 
in because there was no other 
alternative if a major part of 
the British car industry and 
thousands of Jobs were to be 

“Are we going, to be let 
down?" he asked. “I make no 
threats about withholding 
funds if targets are not met 
That kind or language can lead 
to bloodymindedness. 

“Bui 1 say to everyone in 
Leyland tbai the way Nemesis 
will come is when von have no 
customers left to sell to. The 
country has shown -faith in 
Leyland. Now it Is up to Ley- 
land to Justify that raitb from 
top to bottom, management 
and workers." 

Speaking of the economy. 
Mr. Callaghan" said that the 
Government intended, over the 

next Tew months, to take 
further decisions to stimulate 
industrial recovery and econo- 
mic expansion 

The spring Budget would 
play its part, and he saw no 
reason to discourage the expec- 
tation of tax redactions. ' 

Mr. Callaghan stressed that 
the tax eats were the only way 
of dealing with one problem 
of incentives, by widening the 
gap between take-home pay 
and social security payments. 

He warned that the pros- 
pects for Britain and the rest 
of the world would depend 
critically on the U.S. economy. 

** We shall aU be in the soup 
together if the" world's trad- 
ing system is disrupted by 
remedies that involve deflation 
in the American economy. I 
hope that America's economic 
policies will encourage growth 
in the world economy." 

Two more Leyland 
directors resign 


Leyland Cars, due to be announ- 
ced next week, will go ahead with 
a completely new management 
team at the head of the company 
following the resignation yester- 
day of Mr. Keith Hopkins, 
director of sales and marketing, 
and Mr. Geoffrey Whalen, direc- 
tor of personnel. 

Their decision to leave Leyland 
Cars comes only three weeks 
after Mr. Derek Whittaker, the 
company's managing director, 
announced his resignation. 

AU three are staying to the 
end of the month to help with 
the reorganisation being carried 
out by Mr. Michael Edwardes. 
the new chairman. 

The departure of the three 
executives most closely associ- 
ated with the re-grouping of 
Leyland Cars into a more inte- 
grated company suggests that 
they are unhappy with the 
emphasis Mr. Edwardes is plac- 
ing on a decentralised structure. 

Plans for .splitting Leyland 
Cars into product-oriented com- 

E anies. one of which will be 
ased on the former Austin 
Morris business and one on 
Jaguar. Rover. Triumph, clearly 
mean alterations in the role of 
services such as marketing and 

A fierce argument has been 
going on within the company a* 
to how far these services— plus 
engineering — should be split and 
given back to the operating 

Some senior executives on the 
Cars Organisation Committee, 
which the three men have been 

Mr. Keith 

Mr. Geoffrey 

advising, support the concept of 
a -fairly ceatralisad structure, 
rather than the decentralised one 
proposed by Mr. Edwardes. 

Mr. Whalen- hinted yesterday 
that a measure of centralisation 
will continue in industrial rela- 

“ 1 am glad that the work on 
which we have been so heavily 
engaged— the job of improving 
industrial relations and produc- 
tivity by means of simplified 
negotiating arrangements, logi- 
cal wage structures, improved 
security and an incentive scheme 
—will so on with the full support 
of Mr. Edwardes and. of course. 
Mr. Pat Lowry" (personnel direc- 
tor). he said. 

Despite these hopes Mr. 
Whalen, 42, was clearly faced 
with a changed and possibly 
reduced status. 

The same applies to Mr. Hop- 
kins. aged 49 who has had to 
try to sell Leyland cars for the 
last three years against a back- 
ground of continual poor supply. 

Three temporary appointments 
were made by Leyland last night 
to AH the gap left by the 

Mr. Trevor Taylor, director of 
sales, becomes responsible for 
co-ordinating sales and market- 
ing. Mr. Bill McLean, director of 
employee • relations, takes on 
responsibility for personnel 
policies and planning, and Mr 
Gordon MacFarquhar. staff direc- 
tor of organisation *nd manage 
ment- planning, take* on em- 
ployee services and training. 

These positions will, probably 
change again after the announce- 
ment of' the company's new 
structure on Wednesday. 

Mr. Edwardes. who has kept 
the National Enterprise Board. 
Leylamfs main sharenolder. and 
the Department jf Industry 
closely informed of his plans, is 
then due to tell the trade unions 
what be wants at a conference 
in Birmingham. 

The plans will then go to the 
Leyland main Board, the NEB 
and the Government lor ratifica- 

•Leyland Cars has rejected 
complaints that it uses its size 

Hopes for early 

settlement fade 


SALISBURY, Jan. 26. 

.PROSPECTS . that a • Rhodesian 
internal settlement might be an- 
nounced before the talks in Malta 
on Monday between the British 
Government and the Patriotic 
Front nationalist alliance 
diminished to-night after a day 
of inconclusive discussions. 

These were marked by the 
appearance of a potentially dam- 
aging hesitancy on the part of 
Bishop Abel Muzorewa. 

The leader of the United 
African National Council appa- 
rently questioned several issues 
at this afternoon’s talks, raising 
a potentially particularly difficult 
demand that the final constitu- 
tion be drafted by an all-party 
committee before the establish- 
ment of an interim government 
representing the four parties to 
the discussions. 

Earlier, it had been reported 
that agreement in principle bad 
been reached on all major 

The question to-night was to 
what extent the Bishop has reser- 
vations about the agreement and 
to what extent he is concerned 
that there could be a divergence 
between what is agreed “in 
principle ” and what finally 
emanates in detail. 

The major points agreed are 
for a one-person, one-vote 
franchise from the age of 18. with 
separate voting rolls for whites 
and blacks for the first ten years 
(or two elections,. whichever is 
the longer) of “ legalised inde- 

Several safeguards for the 
minorities (300.000 whites, 
coloureds, persons., of mixed 
blood, .and Asians) have been 
i agreed,, including a Bill of 
; Rights, pension, property and 
! job security, dual citizenship 
' and an independent judiciary. 

These safeguards are to he 
enshrined in the constitution in 
entrenched clauses which can be 

and power unfairly. The Depart- 

ment of Industry Issued a state- 
ment last night, after corres- 
pondence with Mr. Bob Gryer. 
Parliamentary Under-Secretary 
for Industry, which says that the 
company “make every effort to 
avoid imposing terms and condi- 
tions on either small firms who 
are supplied or who buy from 
the company." 

Citroen revival. Page 2 

i ' 

Japan’s shipbuilding 
cuts may hit Europe 


could face difDcnli decisions 
on (he future size of their 
operations as a result of plans 
by Japanese shipyards to scrap 
»:p to half their capacity by the 
end of next year. 

Japan's shipbuilders now 
ha\e only 9.4m. gross tons of 
orders on their books, repre- 
senting only six months’ work 
at present output levels. 

Although the European 
industry and Government offi- 
cials were expressing caution 
yesterday about the precise 
nature of the Japanese pro- 
posals, they were prepared to 
admit that Ibe cutbacks. If 
carried out. would be or the 
utmost significance for West 
European shipyards. 

Viscount Etienne Dai ignon, 
the EEC Industry Commis- 
sioner. has outlined a plan 
involving a 46 per cent, reduc- 
tion in the Community's capa- 
city by 1980. Thai would result 
in the loss of about 50.000 jobs. 

Until now. however, (his 
plan has been regarded by 

Continued from Page 1 

poll win 

shipbuilders as one of Viscount 
DavJgifon’s theoretical excesses; 
an argument bolstered by the 
observation that until the 
Japanese, with half the world ! 
market in merchant shipbuild- 
ing, cut capacity (here was 
little point in sacrifices being 
made by Europe. 

The direct result of these 
altitudes within EEC Govern- 
ments and the industry has 
heen a profusion of subsidy 
and soft credit measures in 
the race or heavy competition 
from low-cost shipyaros in 
Korea and Eastern Europe. 
These measures are estimated 
by the EEC to have cost 
member States £380 m. in 1977. 

If the Japanese are in earnest 
about their targets for reduc- 
ing capacity, there will be 
great pressure on the EEC to 
respond in kind at the next 
meeting or the shipbuilding 
working party of the Organisa- 
tion for Economic Co-operation 
and Development In March. 

Too late for small yards, Page 3 

Weather ? ! 

RAIN moving N. and E. 

Normal temperatures in S., bul 
cold in N. 

London. SJL. C. S. England. E. 
and tY. Midlands 
Cloudy with rain at times. Max. 
6C H3Fi. 

E. Anglia, E. England 
Sunny with ram later. Mux 6C 

Channel Is., S.W. England, S. 













B. asms 












li Hour 






‘C *F 
' -J 
S 13 » 

c n a 

la » 
K 4fi 

4 at 

5 41 
G 43 
4 » 
G 43 


S A 
So— 4 
F 3 

IS 64 
K 43 


SO 1 M 
y 4 =»» 
sn n x 
3 37 

c ; 

Sn— ? 

•-•1 10 

n .v, 
s ,:i 
n i: 

, Montreal 
. Melbourne 

jiUusko L. 
. Moscow 
. Newcastle 
'NVw York 
j Perth 
I Rio de J'o 
i Rome 

. Sydn<r 
lTi-1 Aviv 
; ZunWi 

“C -v 
R - 3t! 
SO U K2 
C 3 « 
C 3U SS 
S 3 R 
S 7 -Jo 
C — Z 27 
P 3 57 
C 1 54 
C a- 43 
Sn— 5 21 
C 7 43 
K 31 SS 


C -3 23 
S 29 S4 
K Id 59 
S M S6 
sn — 1 13 

Ram, then showers. Max. &-7C 

N. Walej;, N.W. England, Is. or 
Man, N. Ireland 
Cloudy with rain or snow. Max. 
5C (41F). 

Lakes, Cent. N. and N.ET. England. 
Borders, S.W Scotland, Glasgow, 

Sunny, rain or snow later. 
Max. 5C (4lFi. 

Edinburgh, Dundee, Aberdeen, 
C. Highlands 

Bright, some showers. Max. 
3-!C (37-39F). 

Outlook: Wintry showers. Some 
sunny intervals, colder, night 


Ron taunt- 
Capo Tn. 

BJ id-day 
"C *K 
C 13 Sa 
17 63 

9 46 
5 41 

10 SO 
4 38 
16 61 

C 23 73 
C 14 S7 

Dubrovnik S n 54 
Faro S 13 SB 


Laz PttfiS. 









•C “P 
S 9 43 
F IS 64 
S 5 41 
S 14 37 
F 17 63 
S 16 61 
S 24 n 
P 16 50 
s 13 S3 
P 12 54 

K 3 
r. 23 
H s 
C 16 

i- ;i 







































Sn— 7 
C 6 

Tnwrut-as - 











■41 j 





Sn n 
C 2 


S — Suudjt 

F— Fair. 
Sn— Snow, 

R— Ram. 
U— Cloudy. 

SI— SlccL 

of Scottish devolution. Ministers 
accepted that tactical errors had 
been made in the handling of the 
Bill that would be dtfficult to 

If not corrected at Report 
stage in two or three weeks’ 
time the defeats could make 
creation of a Scottish Assembly 
unlikely. Such a failure would 
gravely damage Labour’s elec- 
toral prospects in Scotland. 

The view among senior Minis- 
ters is that a-direct assault on 
either of the major changes in 
the Bill, making the referendum 
conditional on a 40 per cent, 
vote of the total electorate; and 
the right of the Orkneys and 
Sbetlands to opt out of a devolved 
administration, would be doomed 
to failure. 

Instead, the Intention is to 
draft compromise amendments 
to meet . some arguments by 
opponents of thd Bill. 

No decisions have yet been 
taken, but on the amendment of 
Mr. George Cunningham. Labour 
MP for Islington South, requir- 
ing a 40 per cent, vote in the 
referendum, there could be a 
reduction in the figure or a for- 
mula that would give West- 
minster stronger powers to reject 
a referendum based on too 
derisory a vote. 

The difficulty facing the 
Government became immediately 
apparent yesterday when Mr. 
Cunningham's supporters made 
clear their determination to 
stand firm. Many Conservatives 
who abstained on Wednesday 
night threatened to support him 
next time if the Government 
adopted strong-arm tactics to 
overtnrn the Commons decision. 

After the Cabinet meeting Mr. 
Michael Foot Leader qf the 
Commons, offered an apology to 
MPs about the allegations that 
three Government Whips and 
two other MPs had sought to 
■prevent the Shetland division by 

The five, who will be “named 
in to-day's Hansard on the 
instructions of Mr. George 
Thomas, the Speaker, are Mr. 
Walter Harrison. Government 
deputy chief Whip: Mr. Jack Dor- 
mand and Mr. Jock Stallard. both 
Government Whips: and Mr. 
Douglas Henderson and Mr. 
Hamish Watt, of the Scottish 
National Party. 

Mr Foot sought to defuse 
Opposition fury by saying that 
discussions between Whips and 
Nationalist MPs “were im- 
properly prolonged” and could 
have affected the timing of the 
next vote. 

“I apologise to the House that 
this should have occurred and T 
trust that it will not happen 
again,” he added. 

amended only by 78 of the 100 
Members of Parliament. 

It was agreed that a maximum 
of 100,000 white voters would 
elect' 28 MPs and 3m. black 
voters the remaining 72. 

Thus, any amendments woula 
have to. be acceptable not only 
to the 72 black MPs but to at 
least six whites. 

Agreement was also reached 
on the composition of an interim 
administration to pave the way 
for legal independence. 

The three black leaden and 
some of their top lieutenants will 
replace members of Mr. Smith’s 
Government during the transi- 
tion period. 

It was not possible to agree 
on the duration of the interim 
administration — the whites want 
at least two-years and the blacks 
insist on a maximum, of nine 

Experts from the four delega- 
tions have apparently decided 
that there were so many 
imponderables that ft was prob- 
ably better not to stipulate any 
definite timetable. 

But to-night. Bishop Muzorewa. 
whose agreement is crucial to the 
whole package, was expressing 
reservation on some issues. 

these apparently included the 
wording of the separate voting 
rolls clauses, but more impor- 
tantly, the idea that the interim 
government be set up as soon 
as possible. 

The bishop suggested that the 
“in principle” deal should be 
spelt oat . in detailed terms be- 
fore be and his party colleagues 
finalised the agreement and 
joined the interim government. 

If the Bishop maintains this 
position, it would delay the talks 
seriously, to the extent that they 
would lose momentum. 

- Owen faces tough Malta talks. 

Page 3 

EEC plans to aid 
the Third World 

r,- , T . M 

?■■.?/■ v 

— » .'*«# 

v- i ; 


BRUSSELS, Jan. 26. 

A NEW strategy to encourage 
European Investment in raw 
materials industries in the Third 
World was proposed to-day . by 
the EEC Commission. It plans 
to draw up formal EEC agree- 
ments with producer countries 
and provide investors with added 
protection against non-commer- 
cial risks. 

Its aim is ro assure the 
Community of more stable long- 
tsnp supplies of imported raw 
materials, particularly minerals, 
wbije promoting the 'industrial- 
isation of the poorer producer 
countries and strengthening 
their commercial and political 
links with the EEC. 

Mining sector 

The proposals, unveiled here 
by M. Claude Cheysson. Develop- 
ment Commission, are designed 
to meet developing countries' 
demands for an increased trans- 
fer of financial resources from 
the industrialised world. M. 
Cheysson hopes that they will 
form the basis for discussions 
in the stalled North-South dia- 
logue and similar forums. 

The scheme, on which EEC 
Governments have to express 
their views, exists at present 
only in broad outline. It envis- 
ages the negotiations by the EEC 
of general agreements with pro- 
ducer countries, laying down 
basic guidelines for the treat- 
ment of investments. These 
could be supplemented by speci- 
fic measures for -individual 

M. Cheysson emphasised that 
the proposals were intended to 
complement and not replace 
•national guarantee schemes and 
added that they would provide a 
fresh incentive for EEC direct 
Investment in the Third World, 
especially in the mining sector. 

He said that only 13.5 per cent 
of EEC mining companies’ ex 
pioration budgets was spent in 
developing countries between 
1973 and 1975. compared with 57 
per cent in 1981. 

M. Cheysson pointed out that 
private direct investment by 
American and EEC companies in 
the Third World had been 
stagnating in real terms for 
several years. New investments 
by UJ5. and EEC companies in 
1976 amounted to S1.8bn. and 
S12bn. respectively, about the 
same as in 1970 after adjustment 
for inflation. 

Only Japan bad increased its 
Third World investment in real 
terms, from $261.5m. in 1970 to 
S58Sra. in 1976, although the 
latter figure was still lower than 
the $9S7.2m. invested in 1973. 

The general agreement would 
set standards to be observed by 
European investors and host 
governments in the fiscal and 
legal treatment of investments, 
the transfer of Income and 
capital and similar questions, 
while also establishing proce- 
dures for settling legal disputes. 

In addition, specific agree- 
ments are envisaged .'or indi- 
vidual projects on a case-by-case 
basis. Eligible projects would 
have to meet criteria laid down 
by the EEC. involve companies 
from at least two EEC countries 
and entail a substantial capital 

The EEC could also insure 
large investments, not already 
covered by national guarantees, 
against non-commercial risks 
such as war and expropriation. 
Although the mechanism for pro- 
viding such guarantees has not 
been worked out the Commission 
believes that they could be 
financed initially out of pre- 
miums paid by investors. 

EEC borrowing plans. Page 2 

Continued from Page 1 

Swan Hunter 

outfitters refused to lift an over- 
j time ban imposed to support a 
[long-standing claim for pay 
! parity with the boilermakers. 

All other stewards represent- 
ing the 10,000 Swan Hunter 
manual workers gave the guaran- 
tees sought yesterday. 

Mr. John Chalmers, general 
secretary- of the Boilermakers' 
Amalgamation and chairman of 
the all-union national committee, 
said he was “broken-hearted” by 
the rejection of confederation 
officials’ joint plan for restoring 
■ peace. 

Recriminations on the Tyne 
could make it doubly difficult 
for union leaders to set up a 
working party on Swan Hunter's 
pay problems, under an indepen- 
dent chairman. This is an 
attempt to stop leapfrogging pay 
claims by establishing a common 
settlement date for all 10.000 
manual workers, and to end rows 
about pay differentials by devis- 
ing a commoa wage structure. 

Last night. Swan Hunter 
draughtsmen gave a warning that 
they would not hand over plans 
For the seven Polish shins 
originally earmarked for : the 
TYne without the promise of a 
secure future from British Ship- 


Mr. Michael Casey, British 
Shipbuilders’ chief executive, 
signed the final building con- 
tracts yesterday in Szczecin, 
naming Govan, Robb Caledon. 
Smith’s Dock and Scott Lithgow 
as the yards for 23 of the 24 
vessels involved Ln the order. 

The last vessel, a 4,400-tonne 
bulk carrier, has not been 
assigned to a yard, but the pri- 
vately-owned Ailsa company of 
Troon is hoping that it will get 
the ship after a promise last year 
by the Government that the pri- 
vate sector would not be ex- 
cluded from the order. 

This position is complicated by 
the fact that Ailsa’s shareholders 
are canvassing the Government 
to buy it out and make It part of 
British Shipbuilders. 

Even with the building con- 
tracts signed, British Ship- 
builders remains free to 
renegotiate the placement of 
ships with the Poles— a freedom 
which will be useful should any 
yard fail to keep to its promised 
delivery dates and which mav 
still be used to bring Swob 
Hunter in on the deal if its 
labour difficulties can be 


Midland jumps 


rights issue gun 


The discount market has be- . . q 

come accustomed to signals (|j(|g\ ieil 7.4 to 
from tbe Bank of England be- 

fore Thursday afternoon, but 
the Bank took its time this 
week. The forces acting to- 
wards a cut in MLR in any case 
had seemed slight, and senti- 
ment ln the gilt-edged market 
continued to deteriorate yester- 

Midland Bank 

Commercial Union took just 
over three years to come back 
for a second rights issue last 
November. It has taken Midland 
Bank just under three years. 
The last. time Midland waited 
until its full profit figures were 
available before pushing the 
rights issue button; this time it 
has announced, the issue 


midland bank 



1975 £S2»«9bBhw* 

sSflm Eusobood 



1976 St2Sa£«atoO£b 

1977 s]25«Embsadi 
1418 f 96 4« RiOlli Usue 




Free Capital 

Ratio^ S 


2 ^ 


;-k * 





1 * 

s. ■***" 

^s>>.Frefi Equity 



12 '73 ' *» ’75 ’76 

’77 J 

pre-UK List yean, still laaktn* 
-.nit! prosres* whit* tfi? 
■:cti\ dins hasinl in Un«g Kohg 
ha vi? ulsu .shown growth. Mtap- 
tmii* tin' u K Mibsidiana; 

i ^ 

tilin' n»* 1 sm»ni«rH 

vri ui'ti iik’IiuIl- Barn Dawes 
insurance broking and Mann 
Kserton m motor distnhuliov 
have put m solid perfonnamv* 
The weak spots appear u> have" 
tuvii N igeru aOd Malaysia, both 
stiffen n ■: from price restnetinav 
uhicli have nffccMd fn cheapen 
motor trade intettttB.- There 
has been in* real;. improvement 
tie re in ih«? second half. What 
all this mult! add' -up ''to J# 
around £?5iu. pre-tax. fur th4 
vear as ,i whole, .with .eermnjS 
uf perhaps -l7p a riwrc giving * 

prospective p/e 

Of.. TJ5. That, 
and Hu? yield of M per wittE 
are satisfactory enough, but 2* 
may be some time before an# 
value au-im ftllacbtt 
h*‘n sterling hvtigfl . 


too at Just under 2 per cent., 

scarcely before the ink has dried ’ have bccn | laa ied up in line premium v 
on the 1977. profit estimate. with the norm. l " 

The issue was unexpected and Midland’s recent above aver- characteristic's, 
the timing poses a number of ag e performance has been 
questions. Maybe Midland was largely due to the improvement 
keen to jump in ahead of an- of its non-banking interests, 
other -possible clearing bank' such as Bland Payne, and Uie 
issue — prior to yesterday Bare- -.real question now is whether it 
Jays seemed the- most obvious can continue to out-perform the 
candidate Since if had nor par- .others. It has been aggressively 

ticipated in tbe 1975-76 bout of building up its. U.K. market far 

bank equity raising. Does Mid- ;S hare by undercutting its rivals. a*J- *d au advamed ft 
land’s move indicate that- it -but it is still unclear whether °f ,ts ,na,I1 s - Atncau 
expects a surge in balance sheet increased volume will offset the interests, 
growth over the next year -or lower margins. Meanwhile, it is These are a fill per cent hold- 
two and, if so, where does this expanding its international ing m Reed Nainpak a quoted 

leave the other clearing banks? banking business but here mar- company acquired two years 

Reed Inti. 

Reed Internal tonal’* retrench*; 
ment continues apace. Disposals 
an far this financial yen', 
amount to a round £3Uni.. and -it 
now emerges that 

Whatever, the answers, bank gj ns are also slim— -especially a gn at an overall cost of Ellm, 

shares fell sharply on the news i n the Euromarkets. and a hah share m a loss 

—Midland dosed 27p lower at making paper null. The toiler's 

370p— and the sector index fell JnchcaDe gross assets >'[ about film, ate 

by 3J per cent largely financed by debt, half 

Midland’s move has been ln cbcapes modest o per cent of whleh iS ; ^, ari -, n rpcd by Reed, 
accompanied by a modest boost advance to a ■ »»;he current market value of 

in dividend, and pre-tax profits d S2?? 1 fti h « Si 

of the order of f 190m. (against £ L? ?? 

£ 166.4m.) are slightly better ~ ^ ut 

than expected, given the current bettcr tha " U lo< ? ks ’ A ?\ e , 
depressed conditions. However, 

like Commercial Union. Midland ® 

is a large financial institution W|th the rales used la:,t Ume ’ 

whose balance sheet ratios have 
been under pressure since the ,. uCIll . 
early l970's. . Uhtil now it has z. 

the Rcedpak holding is around 
£37m. Su ii seems more likely 
than not that any disposal will 
result in a net bnnk loss, even 
though the proceeds may tint 
necessarily have in come nut 
via ihe blocked rand discount 
which would take out a iurflier 

and given that December 31 

chunk. However, any um will 

arc consolidated ^ a ouart£ bc n,odcsI in ,he CQ,Ucxt of tin- 
had one of the weakest bank 3rrears ) the impact will be fairly S™ u P’s net tangible assets of 
balance sheets. The need fur to £6m foJ IWT.tI m a £23ttm - nr »■ 
the issue to some extent refleers whQ i e Secondly the imoortant P‘ irtant is the potential impact 
the. excessively high prices Sian subridiari^ as welUs flow “ Rcedpak. 

Midland paid for Montagu Trust, j^ ino in more con ^_ although very profitable. pr«i- 

Uo “ s - ^ avo been ^ ,red t0 ^ ° nI> H d,Vid - ml 

U ? S status of 40 per cent owned iu«muv-and on the gearing 

been the greediest UJC barfk in associates This has hit the ratios. 

S. rou P figures, although As a result of currency move- 

haiF °Z. er the last tW0 and 3 the former local minority mentis, a scaled-down inveM- 
3 years * interest has also been removed, ment programme and the di*- 

The position now after two and net attributable profits, on posals so far, Reed’s total 
rights issues is that Midland's a slightly lower tax charge, are borrowings may have fallen to 
ratio of free capital to deposits up by 22 per cent under £4QQm., compared with 

is 4 2 per cenu probably above Trading has remained gener- about £435m. last March. Mean- 
tire average For tbe cTearers. A ally healthy, with the important while the shares have at last 
feature of Midland has been the Middle East area (which con- pulled out of their nose-dive in 
low free equity ratio and that tributed £18.2m. out of £73.4m. the past month or two 

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