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77 Gtosvenor St 
(London W 1 A 2 BTJ 


No. 27,472 

Monday January 30 1978 


- “ 'imwjfcw 



Encineerinc Co L*j 
gei Leamington Spa 

Wjft England 
ia M' - no? 

Teh 0926 - 22471 ' 



70 freed Campaign 




to boost 



launch a big publicity campaign 
in industry to persuade ail sec- 
A helicopter rescued 70 passen- tors to go along with its icd;i6- 
gers who were marooned y ester- trial strategy plans. Companies 

day in a train snowbound in “23* .JJSL 1 ! 

mil,,--. corporate planning ana union 

v cntl and since Saturday _ after- igyjjers and employees will be 

noon. The passengers, mdud- urn^d to co-operate in produc- 
ing a man w'ith a broken log, tivity improvements, 
huddled into one coach for <rb 0 Prillle Minister will chair 
warmth. a meeting of the National 

Sixteen people stranded In Economic Development Council 
their cars, who took shelter in this week at which some of the 
a bus caught in a drift at the Government s new industrial aic. 
Ord of Caithness, were picked b® unveiled, 

up bv -helicopter. A man was Th° JJ^Ill stress that Gm-*> 
found dead after leaving his car support the commnmrations 
tn walk to safety n^ar lSvs. four exercise, but are- mal prepared 

miles from Inverness. in Itark^Pa^c 

Glencoe. SO people, most of them planning discussions. Back Pa^e 

skiers, faced a new ordeal in an m ou< COMPANIES claim- that 

hotel after boins rescued from , he coul( j lose considerably if 
their cars: the hotel is running lhev ^ forced to cut back 

out or food and water and the exports of North Sea oil in 
electricity has Tailed. . favour of U.K. refineries. Trade 

The air search for missing union leaders have told the coin- 
motorists was called off as dark- parties and The Government they 
ness fell, hut around teams were want at least two-thirds of -North 
still trying to reach motorists Sea crude refined in the U.K. 
trapped in 15 foot drifts near Page 4. 

Caithness Over-capacity tn European 

The north of England and refineries is causing the EEC 
Wales were hit by snow and the Commission anxiety*, and it is 
West Country suffered calcs. preparing measures to restrict ml 
Auroud, snowstorm* in awnzer- refinery expansion and penalise 
land cut Alpine rail links and companies or countries which 
marooned a trans-Europe ii>nuie its guidelines. Back Page 
express. Thirty Inns nf emerg- , .. . 

enev food supplies were llnwn • BNOC would lose many of Us 
into snow 1 mu ud Onuinnati. Ohio, rjiles under a Cjmsenmtive 
in America*- nmt-West At least Government the Shadow Energy 
12 people were reported to have spokesman. Mr. Tom King* has 
died as torrential rain flooded gw* Th ? Conservatives see 
.Urge areas around Pretoria. BN OC\- rolejw that of advisor. 



Leyland Cars’ £100m. foundry modernisation programme is likely to be 
tbe main casualty of the review of capital spending initiated by Mr. Michael 
Edwardes, the new British Leyland chairman. 

The company is determined to and management in Birmingham eluding :l* equity requirement 
keep a full model rangp from on Wednesday — will be to launch and further loans, to within tbe 
the Mini through to me luxury the ADO SS and the LC10 as broad sum of the fS50m. which 
Jaguar, but a fundamental re- quickly as possible. still remains of the figure which 

assessment of projects seems The decision to make styling the Government was com mined 
certain to lead lo further spend- changes to the small car will now to provide the company with the 
ing cuts. make it difficult to get the Ryder proposals. 

Ambitious plans for :be pro- vehicle un to the market until But it also has a contingency 
posed new middle range car. well into 1SS0. Pressure will plan to ask for more Stale funds 
tbe LC10. have been trimmed, also be on to achieve ibe planned if its performance improves suf- 
Two derivatives of the basic introduction date of 19S2 for the ficiently to justfy further ex- 

model. the LC11 and LC12 are middle range car. penditure. 

likely to be shelved, at least lo lhe _v , on ;enn t0 red uce its Under the Edwardes proposals 
until the company can he put on Vl! ^e4bimv to competition 8° lo li *e NEB shortly, and 
a stronger financial hasis. Lc>"and is likely ro push through the Depart! neni of Industry later 

Spending on the project, the facelifts Df its family saloons, in the inonih, investment is being 
replacement for the Allegro and particularly the Marina and re-phafieu so that the heaviest 

Marina, is nevertheless expected Princess, which are due for spending comes in the lssos. 

to be far higher than the £250m. radical styling changes. Meanwhile, anxiety persists 

allocated for the proposed new among Leyland managers over 

small cur. the ADO SS. organisational changes which Mr. 

The project review has been Shftrtfsil Edwardes is planning, 

prompted by the lamentable per- ° ^ 1 These are thought to include 

fonnance of the cars group in One of the main reasons behind the disappearance of Leyland 
the past three years, and by fore* foe economy drive has been International in its present form 




PETRQI POWER . . . COAL . . . 




By Stewart Fleming 

ket over the next five years _ Government-backed resale three Md Track and Bus. 

The foundry modernisation years ago. Howjsvcr. it has been argued! 

and expansion' program me bad Eceau?* of this shortfall, Mr. that this could seriously weaken! 
already been delayed, partly Edwardes now accepts that the LeylaBtT* position in certain! 
because of objections from the group ns a whole will have to territories where the ability Df a 
National Enterprise Board. Ley- ask ihc Government for another single marketing organisation to* 
land's major shareholders, about injection of money in the .shape offer a fail range of vehicles is 
the level of spending. of up to £4GG:n. worth of new a p important advantage, espe-j 

The company now seems likelv equry. _ - #>r 4 „„ 

tu cut expenditure bv more than This request is a radical change : 

ciaily in selling to Governments.; 

NEW YORK Jan. 29 
AIRCO, Ibe U.S. industrial 
gases producer, is expected lo 
re-affirm Ibis week ibal it is 
still looking for a rival bidder 
to BOC Lnternaliuual, in spile 
of BOC’s announcement un 
Friday that it will not press 
its bid in Ibe face of opposi- 
tion from Aircn's Board. 

Last week, BOC announced 
an overwhelming response lo 
its S43-a-sbare offer Tor the 
LSbl shares it needed to 
increase ils stake in Airco 
from 34 per cent, lo 49 per 

Because of ibis response, 
BOC said it was asking the 
Airco board to waive a pre- 
vious agreement and allow 
BOC to bid a total or S260m. 
for tbe outstanding 51 per 
cent of Airco. 

On Thursday night, Airco 
made it clear, following un 
intense Board meeting, that it 
was fiercely opposed to tbe 
BOC proposals lo go for foil 
control at $43 a share. On 
Friday, BOC said il was with- 
drawing the proposal in view 
of Lhe Airco board's opposition. 

Neither side, it seems, 
expects this to be the end of 
Ibe affair, however. BOC’s 
retTcat has tint «uoihcd the 
Airco Board's anxieties. BOCs 
nioi e Is seen ns a tactical deci- 
sion iu response to tbe pres- 
sure from Airco. 


THE 10 per cent, pay guidelines 
I will this week be exposed tn 
Isonie of the most concentrated 
I bargaining nf ihe annual wage 
I round. Most of the pressure 
v.tU come f rum public seci or 

Pay negotiations on behalf nf 
! groups including power workers, 
miners and manual workers in 
the financially-troubled steel 
industry will take place in the 
nest few days against a back- 
ground of threatened industrial 


half by dropping plans ;n build from the original proposals of *1. 'j' O 

a ferrous factory at Welling* I-ord Ryder, the architect of the o i!S el h?.7 K.0CO2IUSC 

borough and an aluininiura fat- rescue plan, v.ho foresaw Leyland .V ^ i^ S nfS.a! 

lory at Leeds. bein; financed a Ira nsi exclusively 'he issue ihuatrai^ the practical 

capital oKsoutit Atrica. To-day's n.onUoring offshore development llf ‘'^r. ' R '° d^entrnHsntinn 
weather Back Page 1>s,,efi - PaRc 4 out lining his plans for Lhe future Leyland hopvs :»» keep its total P- ans -j 

. • SUNDAY TELEGR-VPtt ftilrd of lhe group to union leaders cail on Goveratr.^nt Snanco. in- LtwcriPiMie^ Let 

Caties may eet 
powers bae 

Leyland Page 12 ; 

tn appear for tbe sm»hd twos 
running because **f a SOt..\T 
^ ... dispute. Journalists un provtmtai 

Tin- Prune Minister has -appoiattul and local newspapers are due to 
-- i :rv»up nf Ministers within Inc begin industrial -aetinn to-d-jy 
t’abinet to co-ordmnle piaus following breakdown of pay talks, 
ii* r .-tviug back tn rities respt*fisi- y age 3 

'unties lust under the 1^4 
Gsiuservtmvv local novermueni 
rtvirganisatinn; Page S 

More than 500 
churches shut 

• BAHRAIN. Qatar and the 
Untied Aral) Emirates reviaued 
their currencies at' the week-end 
against the dollar by between 0.5 
per wni. anti 2 per cent. Page 2 

In the Iasi nine years 552 Church 
oT England churches have been 
declared redundant. OF these. 
253 have item put to nther uses, 
12B have been preserved becanse 
of their historic or areliifcctnral 

Alfred Herbert 
seeks! aid 

.ILFRfcll HERBERT is to ask 

importance and 1ST, iiavc lH*en ^ National Enterprise Board to 
denmlisheU. the Church Com- provide several millions of 
misstoners said. pounds fnr new investment. The 

cf>mpany was rescued two years 
Rhodesia pact uco by tbe Government, and in 
» Uh> first half of last year made a 

CntlCISea profit, afler five years of losses. 

Dr. David Owen, the Foreign Back Page 
Scrretary. and Mr. Andy Young. _ 

Commons Select Committee on 
Nationalised Industries to give 
more details of how the cor- 

{□A-arth a Rhodesian internal 
.settiemeni as lfc»*y left Heathrow 
for Malta tnr talks with the 
P.flrinUe Front nationalise jJii- 
..nee. Back Page 

Scots threat 

Leaders nf the Scottish National 

pora tinn's financial situation 
deteriorated last year. Ministers 
are worried, however, that their 
plans— not - ypi finalb^d— for 
rescuing the steel industry will 
he circulated in and outside the 

Party are threatening to vole Cwrauionk and provoke hostile 
acxisisi the cniirv : deY«dution reaction from the unions. Page 4 
Bill at the third leading stage if 

it contain.- a “ loaded " referen 
rium clause. Back Page 

Ships for 

on w grounds bj-low U» Xa'dori'n” *S!!d^-“" 
»'» is t«« be introduced ., n i rp i f rtr stock 

1,1 !,,,,v,nvv 1,1 * hp CnnmwnA \ fitraU ! P y f m 'donut 

Briefly ... 

bill io ban compulsory retire' 

off shore 
as part 
dominate the 

l-.aiiy phuiogrnphs or drawings naval market, estimated to be 
cl hovi* Gottaee. Wordsworths worth up tn film, in the next 
h-i.i:e in Grasmere, arc being ten years. Page 25 
viucbt by the tnisiees lo restore 

# RATE nf increase »n the cost 
Tlniiisands of »M»ts and rats n^nth”^ 

.waits.- i.u-> .in inuan^i^rin« j anuar j- price index, helpcdi- 
‘ira.M- anil w aterw a> s in Lincoln- hj . ,j IC High Street prices war:T 
niriV ' rose only 1.91 poini> to 2fiS 33 1 

Law Omul if allow doctors to help Page T 
>iu.'uii4hii' patients in die peace- _ . 

iiiilv, a church ii( Scotland fi B.tRCLtl CARO has hv*en 
iiHitister said.' j;ven a itea»liinc of 'nid-Krbruary 

. . . .. .. Il* resolve ils long-running dis- 

t lain o> ants have wnticn tn lhe , i;lU . u;lb , he Eurocheque infer*. 

.»j! r.iig .heir .'c*ii.*ce.s in .,.it»'naS cheque guarantee 
" ,r , , ,!, V , ur - r> ^ r 1 hapniar, \t present Barclay cards 

■ ltih .J»:m e have a dual rnlt— that nf credit 

t'arliiN Rcnicm«iin o! • Argent i mi eanl ,»nd chi^jae guarantee card 
wi-n :h»* Btii/iiian formula onu — md West Germ un and Benelux 
pr:\ motor race tn .t banks warn the dual [unction 

i-'.-rrjn S|»ru if purls. Page 10 enitci!. Bark Page 


thi‘pr;p tti'h** ... 2 

World trade news 2 

Hume news— general 4*3 

— idbfiur 5 

Manage mc» i page 

Technical page . 

Arts page 

Leader page 

L’JL corapanlRi 

international companies 
Foreign Exchanges 
Mining Notebook . 








( 'nscrambnns Ley laud 

The EEC am) job 




Japanese- banking and 
tixumce 13*20 

B»aE<um Npnr 
— • -’v'Wnj*- 1 ' ni “T 
Ciuhivic » Tmtars 
1,1 "''TtAkHnmt Gindr 
rSMtey .^n- ^..... 
inwi . ; 


LoOlt^rfJ .. ... 

Mm 4«J HMhit 
iMrllamru Diary 





1 f - Vi«f MmimUm .. • Zt-3* 

*3 Sesrl 
n EveHH 

H TYMt nuno 
.9 Unit Tritttv .. 
It Onto . 





W«rW Cettk loa. ... 9 

Bow LtMflav RjttM S 

mCvwMe AC*. fff 

Tritfm Teteftu« 23. 
AUlctf brut 5ww 9 

jalw liw* A Ok 3| 

foi iah'ST Sfc.:*v Imicr ‘jtlM-’iC OM'-nS SttiB 

Growth rate may fall 
short of forecast 


THE IMPROVEMENT i:i the isa Budge! suhraissions from the get. There are, however, several 
rate or economic growth this Trca*-ury. No date has been in»*rc bullish forecasls. ; 

year might fall short of the fi\?d but the Prime Minister The changes in most forecasts 
increase forecast by ihe Treasury- referred to an “April Budget” since last autumn involve a 
Uutrautunm unless further fiscal in h:-< Bn=:>n speech on Saturday, downgrading of the expected 
action is taken i number the Treasury rii * ,n exports and investment 

into. . . „ The hone is that this should be Last, October the Treasury; 

--Senior official-* in Wmtehail ^ u g, C ie"‘ to ston the rise in un- publicly assumed a 10 per cent.' 

B« known to be concerned about ugjp^vnieat nse in carnin as in the current; 

the adverse impact of lhe $:**\v J/ * ' . .. pay round in its forecasts. Ils 

growih of world trade and the There is no dispute that the j a i es t internal estimate is a 12-14 
rise in *<trtriinn on the expansion economy ;* recovering nut the per cent pjse. While this 
Of exports and output laicr this condor. Business benool relieves impijes a shar;>er iccrease in 
year and next year. x rOH o-i 3 - S r a * , ^ e . 10 " W nKjre consumer spending than pre- 

Tbis has uddernnned some of i-ii” pw cen »- viously forecast, a significant 

the earlier projections and vM! _ _ part nr this might leak out in 

be reflected in new official fort- Injection form of higher imports, 

casts now being prepared. 3 . . On the other side, the earlier 

• • Gncsequcntly the main impact T '*'n moaths ago the National Treasury assumption of a 9 per 
of large tux cuts expected in Intitule projected a rise in c en t. rise in world trade in 
the budget might be merely to Gross Domestic Product of 3: manufactured goods this year 
ensure that economic growth can cszl i 3 *^ e jvar tu the contrasts with recent estimates 
fo»: sustained ai about the pro- f-econd baLf of 197S. but this 0 { nearer 5G6 per cent, 
viously projected rate of 3j per ashamed a Elba, tax cut this The favourable price implica- 
cent.. rather than to provide a s^-ring. On iincnznged policies tions of the rise in sterling 
boost to a sianincantiy h^her ‘be r-se vvottid be smaller and should not significantly affect 
tide of expansion. changes since November would the current account surplus this 

it is also rci-npniKwi in White- le:id :o depress activity. year, but tbe unfavourable 

hall that il would be difficult for City stockbrokers Phillips and volume effects and the slow 
ihn economy to grow much more Drew have projected a groAtb growth of workl_ trade are pro- 
than 4 per cent, a year at present rate of per cent, between the during same fairly pessimistic 
ia .view of trade, imlation and icc-and halves of this year and projections for the current 
"•nduclivitv conatraints. next vear. slowing down in account from the summer of 

Mr. Denis Healey, the Chan- early 1979. even after assuming 1979 onw ards, 
cellor of the Exchequer, is rerc:v u nc: £2.5bn. injection in the Bud- Lnmoaro. 

For this rca.xou. Airco Ls 
expert cd to make il dear ihal 
it i.x continuing with Us .search 
fur a third parly Hi make a 
rival bid and to announce that 
il has hired investment bankers 
*lv help in the search. 

Bulh cocipauies seem tiv 
recognise t hut ibe antagonisms 
fostered by last weeks bitter 
argumeuis t-nnuul simply he 
forgotten, particularly if Bug’s 
successful lender offer lo 
increase ils holding in Airco 
io 49 per cent, stands. 

In the event that BOtTs posi- 
tion is si rengl honed, both 
.tlr. George Itillou and Mr. 
Richard Giordano. A iron's 
chairman and president and 
chief execiillic. might expect 
to come under pressure lo 

Both men have underlined 
their opposition to RO(*. by 
announcing I heir resignation 
from the BOC Board. 

It Is accepted, hnweter, thai 
the critical issue u’ii! tie 
whether Airco can find a ihird 
parly ready to launch a 
counter-bid to BOG in Ihe face 
of BOCs powerful share hold- 
ing in the company. 

The timetable for a week in 
which the future of the pay 
guidelines will come into sharp 
focus includes: 4 

TUESDAY: Rail unions meet 
British Rail to seek substantial 
wa;e increases from April ; 

Representatives of 40.000 gas 
workers who have rejected an 
8.9 per cent, offer return to the 
employers for further discus- 

WEDNESDAY: Leaders of the 
Iron und Steel Trades Confedera- 
tion. who have so far been offered 
increases of uniy 6 per cent., re- 
turn to the British Steel Corpora- 
tion amid warnings of possible 
strike action; 

British Shipbuilders are due to 
repiv to a national ciaim on be- 
half of S5.00Q shipbuilding 
workers. Negotiations have tradi- 
tional!;. followed those in the 
engineering industry but arc now 
cimipticatcd ii;. the foe. Ihal ship- 
build; n j natioDalised:. 

The ’r.jkei- .driver overtime 
ban which cm Id !cnu in a serious 
leiluciinn in p?trc: supp.ies is 
rlue in 'tart. 

THURSDAY: Talks resume on 
ihv eii*<:i'-!i-i;y supply worker 
claim f«»r substantial increases. 
UnnRicial groups hi*? demandrng 
4h per cem. and unim leaders 
have warned of ;• “bailie” if 
they are nm offer vd more than 
10 per cent: 

The National t'n.-'n of Mine- 
worker*. which is #;:IJ pursuing 
a c'aim for new rates nf up lo 
£135 per week despite the recent 
breakthrough on local produc- 
tivity deals, meeli the National 
Gual Board. 

FRIDAY: Further talks on the 
engineering industry national 
pay claim. Union leaders have 
rejected as derisory an offer from 
the Engineering Employers’ 
Federation which would increase 
the national wage bill by 2: per 
cent Tne collapse of ihe national 
agreement and some form of in- 
dus'rial action are hofn possihle 

if there is a furtlier failure 

The power workers’ negoi 
tions are . particularly iniportit 
with the unrest of men in so; 
parts of the country bavi 
already been demonstrated 
unofficial action at the end 
last year. 

Union leaders represent! 
the 96,000 manual workers 
the industry expect lc» recei 
a detailed response from I 
Electricity Council this week. 

Discussions are certain 
include the possibility of a p 
ductivity agreement, allbou 
this is complicated by the pou 
workers’ belief that they shot 
be rewarded retrospectively J 
labour-shedding which l 
already taken place. 

Unrest among the pou 
workers is being increased i 
the extra money now' beginnl 
to be earned tn producdv| 
bonuses by the miners, wj 
whom they idxnlify closely. ] 

However, the National Ci 
Board is putting much hope i 
the belief that the r.wJ 
neqotiaied incentive scheni 
will rake tiie heat out of i| 
big dire r pay ciaim which lh 
face this week. 


Page 10 

Sadat to warn Carter on threat 
to Mideast peace initiative 

PRESIDENT Sadat of Esj-pt writ 

Euvatiu” lead 

CAIRO, Jan. 29. 
steadfast - States in Algiers 

*TW* C w. P iisidJw:o3d fo ! n the .Wtie.v s;;d = week-end meeting u.s. visit at Ihe Presidential 

main message be -viT! wsth with King i’.uwc.s Jnrdan. retreat at Camp David in 

him on a scvcn-naiion i-rjr here will bo looking Maryland. 

Sturts on Thursday. He will visit far con£r::iaiio3 of their views cjffiriaJs said this would 

Morocvu. the U.S,. the U.'^-.'Wes; that Mr. Begin :s personally re* enable President Carter and Mr. 

German v, Austnu. Romania ar.d sponsible for "he decree of Sadat to review “in peace and 

France.” Israel: which quiet " ihe next stage in the 

It tvas emphasised h»»rp io-iiay ha.i beer, evpcneaced. 

that despite reports of progress _ , 

frirtp Jerusalem on the hefttsd* £jiC0Ur2gea 
the- seenes cunstdtaDons and the 

Mr. Sadat »■*!! rai^e with 

Middle East peace negotiations 
and would give the U.S. a much 
better idea of Mr. Sadat's long 
term strategy and intentions. 
David Lennon writes from Tel 

Israeli Cabinet's ’.o ** p- w i*s: Carter his request for .\vii7'Tbe Israeli" Cabinet deri- 

sume lhe 


Cong regional of 'Israeli fortes' from ihe'sinaT 
Palestinian,- to seif-deformir^- Farei-in Re^tions Cmiimitiee m Israeli officials remain opti- 
-KticsnntiiD. i - ;5 effort lo capitalise tin tne Rustic about the prospects of 

w'p e-Ki hv M>cia> who S'-T =«* h' r ’ pupuiar:;;- follow- renewing the suspended political 

hi.ri in a hi> Visit v, Jerusalem. committee talks. At the same 

have seen h.m .n tea pail Caap.e * . __ .... ih«v i c ««i 

Offivisls m Cairo have been time they say Israel has bad no 

Of days to be verging or. d:‘i?5r.i- 


Israeli Ciiinrn:! aia »*» r-*- “-c — - - _r « nn ,i-T n . 

lar Mr. Mmiaheui Begin. Israel * r.rafc: that i: would not attend «° a nf Pnnciplefc. 

Prime Minister. ik* .sccallri anti-Sadat summit Iraq problem Page 2 

Despite a settlement wi 
the pay guidelines by ft! 
tanker drivers on Friday, i 
w. irking for BP, Texaco 
Esso plan to go ahead with 
overtime ban from WVdne: 
in support of 3t) per cent 
claims Shell drive rs meet to 
fo decide whether to join 
action, which could reduce 
plies to garages by about 

As well as this week's negi 
lions, il i-; now clear that 
offer wilhin the 10 per c 
guidelines io 30.000 w 
workers has been rejected fc 
majority of the three un 
involved. The union side 
nnw return lo tbe employers 
seek an improved offer. 

Some of ihe water workers 
demanding a settlement rela 
their pay to industrial work 
on ihe lines of the agreeir 
which ended the firemen’s str 

The National Association 
Fire Officers, which has b 
negotiating a settlement of 
sort since tbe award to the : 
men. will go to the Home Ol 
this week and seek assure; 
that it — like the Fire Brigs 
Union — will be qua rant 

asamsr future pay policy. 


10 years of growth 
as specialist 

in Eurocurrency financing 

OuririQ’ ye^.^ hsve'granted 75S mediam sod long tenp. loans' 

• ’• ; ' in<.)uro,vvn riamft'.wirh a cdunte^ ; a!ti&bi atout US.^ZbiHsoiT- 

Vtiip mama^ArcG -Managed : : , 

y : totairfna approximately: -US'-S ,83 bill ion: ■ ’’ y . : : : 

Share 1 x>kjer5 

‘Ocedl ta»'?'«ai'-eert-a*errin - ueinsohs 3ank'AG " -Miciaod BShk tec 
■j ; TSocnVrte.GsrjSrale Sca*-fe , 3 «'iera:ea‘e Barque - 

■ Bar^'ue curopeenne de Credit {BEC] -■ . ' 

eouievard efti SporerathteQ, B : t 170 Bruxente( 3 etgii^ 5 Tflte 5 hoflo 6 S 0 . 49 . 00 ,Tejex 23 S 46 

Financial Times Monday January 30 1978 

C partners move to 
ate U.K. in fish talks 


shov' Common Market, fisheries 
“ pn»C n M i:crK who met here this 
‘■ appear io have reached 
S 7 i<D4ie^(anrtujy which excludes 

3j Aihr' ‘ 3 ' n negotiations for a 
j?r ■’ii:u>ii H.*h4 r ii.--s policy, which 

1 * , ‘ ■A>?s !r J:iii : in Brussel.-, to-morrow, 
r Ansia De«f.u? carli-.-r suggestion* 
* . R ,' 1 l 1 ."-' tnjgln not j I tend. .Mr. 

btr I 1 Gilpin, the British Minister 
. Burn "-iiriruliuiv and Fisheries, is 

in to-morrow's talks, and 
■Bnu, ; Britiih are optimistic that a 
^Rmii/lvifiynt of their differences 
L?[®"r'h ^hor mvinher states will bo 
~ am ich«l this week.] 

*Co“«TIie minis'ci-j took advantage 
Camr ’hc ! r prr?.?:uv in Berlin for 
“ Green Vs" cel; " — the ugricul- 
n°a?y 0 ?R ‘l food fair organised by 
p*ue ‘ eriiian Government — - 

•Davy hold a two-day informal meet- 
Detwir on Friday and Saturday, at 
p ecca K'h an aH-oi.M effort *a» made 
•Down solve aroMein* relating to 
Eswulan-J. ;,nd thus to neutralise 
emi -‘^'n * only al'y in the dispute. 
•Fnch *.f r Silk:n nnd boycotted the 




meeting after German. Dutch 
and Belgian agriculture 
ministers failed to meet his dead- 
fine for approval of Britain's 
request for a 71 per cent. devalu- 
ation Of the ■■•■ii'uen pound." the 
exchange rate oy which British 
agriculture prices are calculated. 

One draft resolution agreed by 
the other eight ministers, to be 
presented the Council or 
Ministers tomorrow as a Com- 
mission proposal. does not 
specify which i»oals would catch 
how much or where. 

But it docs recognise what 
Mr. Finn Obv Cundebch. the 
EEC Commissioner for agricul- 
ture. described afterwards os 
“the natural preferential rights 
of local boats.” 

There is no formal recognition 
or permanent preferential rights 
within a specified coastal zone, 
but Ireland's right to an increas- 
ing share of whatever stocks be- 
come available as conservation 
measures lake effect, is conceded, 
he said. 




BERLIN. Jan. 29. 

The Irish position in this 
week's negotiations is still some- 
what ambiguous but Mr. Brian 
Lemhart. the Irish Fisheries 
Minister, indicated yesterday 
that the proposed plan may be 
acceptable if it provides ade- 
quate I'uciigmtiiin of Irish 
coastal rights. 

He added that Ireland would 
nor support Britain in any bailie 
for similar righls in the North 
■Sea. “The British case in the 
North Sea is nothing to do with 
us — they will have to argue that 
one out for themselves." 'he said. 
Christopher Parks adds: The sug- 
gestion that Ireland had been 
“ bought off " with special con- 
cessions at informal ministerial 
talks m West Berlin was 
shrugged off by the British 
.Agriculture Ministry to-day. Toe 
Ministry also remains confident 
that enough political will has 
been generated for agreement on 
a common fisheries policy to be 
reached this week. I 

•Guinn 0-V Oc . 
Johns r ' - ■ 


ckers settle 
"or 6.4% rise 

>>■ Adrian Dicks 

‘ BuXN. Jan. 29. 

• -CKERS at West Germany’s 
1 avera en .T.cjvr pnrls will go back 
■ house wo-!- to-nioiT-jw. following 
J Is onl H.meni • • v . ■ r ihe week-end of 

‘ iug t- IJ -'- di-nuic lhai brought the ■ 
nubii out on strike last • 

" u ■ dn-'-silay. 

! Fee •■fii.-i*-. jtly nu-diarion by the 
woulr ,-,i Mayor of Hamburg." Herr 
'rid of ,:-!-rjjrich KluSe. the two sides j 
mg 1 ep’sd a *5.4 per cent, pay in-; 
■bulk frnm February 1 — worth 1 

bill V -u; 7 ;icr n nl. in a full year. ’ 
wa- r ‘he settlement the first in j 
Th* • j ear's round of pay negotia-f 
aaliot it'. ■•r.-J comfortably exceeds! 

"5 per cent, said by the; 
__ remittent last week to be the 
-iii:- We m.ixlmum. 

• 'he 





ROME . Jan. 29. 


;jirrnc;pul •' industrial ; 
plovers' associations said the 
•; emnlojer* had given too: 
ch av’ayi and expressed the' 
sc i hat ihe dockers’ settle- 
ni ■.wuld no» be taken as a. 
rodent in other sectors. 

I:.-* dockers' union had 

finally demanded 9 per cent.. 

1 had rojocted :*n arbitrator’s 
ird iacrepted by the 

Woyers) of un extra 5.3 per 

Party firmly rejected lo-day in- 
creasingly strong Communist 
pressures for direct participation 
in the next Italia □ Government. 

The ‘‘veto’ was contained in 
an article in the Christian Demo- 
crat newspaper. II Poimlo. and 
represented the long awaited 
Christian Democrat response to 
Communist demands for a direct 
role in power. 

These demands were reiterated 
yesterday by the Communist 
leader. Sig. Enrico Berlinguer. 
at the end of a three-day extra- 
ordinary meeting of the Party’s 
Central Committee. 

In his summing-up speech. Sig. 
Berlinguer’ iraflinired that the 
present economic and social 
crisis afflicting the country de- 
manded immediate collaboration 
of all the democratic forces, 
including the CummunWs. This 
hard-line approach was approved 
unanimously by the Central Com- 

Sis. Andreotti. the Prime 
Minister-designate, is to hold .*< 
second round of talk* with 
political parties this week to see 

whether a compromise is still 

While there have boon signs of I 
possible agreement on an eco-! 
nomic and social programme, ihe. 
developments of the last 2-1 hours 1 
reveal an increasing deadlock on l 
the crucial political issue. 

The Christian Democrats to-da;. j 
■■verc already accusing S-.g. 
Berlinguer uf malting in his 
summing-up speech, which in- 
cluded a reference to the need 
for more realistic lahour: 
relations, hinting at the concept 
of a social pact, the basis of I 
an election platform. Sig. ! 
Berlinguer has made similar' 
accusations against the un- 
compromising stand of the 
Christian Democrats. 

Although Sig. Berlinguer 
reiterated the possibility of 1 
forming an alternative Left-wing! 
administration, it is now heeom-! 
ing clear that unless a cum-j 
promise is reached on ihe key ! 
political question ihcre will be; 
an increasing risk of fresh' 
elections — a prospect, for aj 
variety nf complex internal 
political reasons, lhai is now- 
being resisied by ail the Italian 
parlies. ! 

By Robert Mauthner 

PARIS. Jan. 29. 

d’Eslaing’s speech last Friday 
— -in which he advised the 
country un “the right choice” 
to be made in next March’s 
general election — has at read} 
made a hig impact uii the 
election campaign. 

Even normally hostile com- 
mentators have admitted that 
the President's speech, in 
favour of the present coalition 
parlies, was one uf the most 
effective and forceful which 
he has made since his election 
in 1974. 

Whatever direct effect it has 
on the voters' altitudes. U 
seems probable that hu> 
descent into the political arena 
will lead to a dosing ut ihe 
ranks in both the coalition and 
Left-wing opposition camp-. 

One of the must significant 
early reactions has been lhai 
<tf 34. Jacques Chirac, the 
Gaul list leader, who stated 
unequivocally that he was 
“ fully satisfied " with the 
President’s speech. 

It ran be expected, there- 
fore. lhai the coalition parties 
will now make strenuous 
efforts to patch up their latest 
quarrels, which have seriously 
undermined their chances or 
winning Ihe election. ’ 

The emphasis placed by the 
President on the divisions of 
the Left has also stuns M. 
Gorges Marchais. the Com- 
munist leader, info tnkivs a 
superficially more cunriiiaiory 
line toward- iiis erstwhile 
Socialist partners. 

If the Socialists and Com- 
munists obtained a parlia- 
mentary majority, the Com- 
munists would definitely parti- 
cipate in n Left-wing Govern- 
ment. and the common pro- 
gramme or the Left would be 
applied. 31. Marchais stated 
categorically at the week-end. 

But this disarmingly simple 
statement has not succeed edit! 
clearing up ihe ambiguities antt 
contradictions of the EdflK 
munist position. Only ihree- 
weeks ago, 31. Marchais an- 
nounced that ihe Communis Is 
would agree on a joint front 
wiih the Socialists in ihe 
-eco lid round or the election 
only if they obtained substan- 
tially more than 21 per cent. 
«»r the total vote in the first 

Editorial comment Page 12 

Bahrain, Qatar, UAE revalue 


BAHRAIN. Qatar, and the United 
Arah Emirates (UAE) revalued 
their currencies over tbe week- 
end against the dollar by 
between 0.5 and 2 per cent 

The revaluations were some- 
what smaller than had Seen 
expected, and the new rales 
virtually realign the three cur- 
rencies which had hecn drifting 
apart in recent months. 

Oniuu Thomas irritex from 
Bohrufr:: The Bahrain dinar was 
revalued by 2 per cent, against 
the L : S. dollar at the opening of 
business in Bahrain on Saturday 

when the Bahrain Monetary 
Agency ( BMA) announced a new 
selling rale of Bahrain dinars 
0.3S& to the dollar. 

At tbe saute time the BMA 
said that tbe par value of the 
dinar would in future be ex- 
pressed in terms of the Interna- 
tional Monetary Fund's Special 
Drawing Rights fSDR). 

Celia Mav writes from Dubai: 
Tbe half per cent, revaluation of 
the Dirham against the dollar, 
which brought it into line with 
the currencies of Bahrain and 
Qatar, was in general viewed 
with dJsappoinment in the UAE. 

The new rate of Db3.8S was 
announced by the UAE Currency. 
Board on Saturday morning when 
dealings in foreign currency 

were resumed after a one-day 

By the end of Sunday morning 
dealings in tbe banks had 
steadied to Dh3-8T9Q to 3.8795. 
The agreement with the Govern- 
ment of Qatar and Bahrain led 
to speculation that talks on a 
common Gulf currency — which 
has long been mooted — would 
open again. 

In Doha, the Qatar Monetary 
Agency (QMA) announced the 

revaluation of the riyal to 
3.S770/3.SS0 to the dollar from 
3.94T880/3.351 | W7 — by 1-3 per 

cent The Qatari riyal and the 
UAE dirham have been on a par 
for many years and tbe Bahreini 
dinar has traditionally been 
worth one tenth of each of the 
other, two. 

The three countries appeared to 
have acted in concert but officials 
in the area would not confirm 
this, saying only that they had 
been in contact over the currency 

Zulu leader criticises Kruger 


CHIEF Galsha Buthelezi, leader 
'of the largest legal mass move- 
mem of blacks in South Africa, 
the predominantly Zulu lnkatba 
organisation, to-day appealed 
! for unity amnng all the black 
tribes and movements in South 
'Afrit. a to fi^bt for “liberation.” 
Addressing a chevring crowd 
| of 9.000 supporters at an open- 
air stadium in Soweto — the first 
such meeting to be allowed in 
; the township for almost two 
years — Chief Buthelezi rejected 
i the advice of Mr. Jimmy Kruger, 
| the Minister of Police, to restrict 
I his organisation to Zulus, and 
! the ins; rue lions of tbe local 
magistrate to speak only on the 

subject of the forthcoming elec- 
tions in the Kwazulu homeland 
and launched a wide-ranging 
denunciation of the govern- 
ment's actions since the out- 
break of the Soweto riots in 
June, 1976. 

At the same time he appealed 
for support in the elections in 
his homeland to endorse bis re- 
jection of independence For tbe 
homeland and his Insistence that 
South Africa sbould be shared 
by “ all the people of various 
racial backgrounds who have 
contributed towards her develop- 

Chief Buthelezi. whose Ink- 
atha “cultural liberation move- 
ment” bas adopted the colours 


and uniforms of the banned 
African National Congress, and 
has formed an alliance' with the! 
Coloured Labour Party and the 
Indian Reform Party, said South, 
Africa bad reached a cross < 
roads, with the white electorate! 
responding to Mr. Vorster’s call 
to the white laager in the last, 
general election. 

He appears now to be deli- 
berately challenging the authori- 
ties to ban his organisation, in 
the knowledge that he.bas over- 1 
whelming support in Kwazulu. 
and is also one of the homeland ! 
leaders which the South African ! 
government recognises as valid 
spokesmen for tbe majority 
black population. 

* v- 

! Tunisian union 
; leader held 

By Our Foreign Staff 

’.IR. HABIB Achour. the leader 
• ••f the Tunisian Genera! Union 
■ ■•f Tunisian Workers tUGTTi. 
; wa* arrested nn Saturday night 
in a uidescale security crack- 
j down following riots on Thurs- 
i day in which over 40 people 
; were officially acknowledged to 
■have been killed and over 300 
, in j died. 

ri-'.xEl? .’. fiots occurred both in 
'flSfrffr*-: the capital, and other 
I -mayor ‘urban centres on the day 
! Mr. "Achour called for Hie Erst 
| day-long general strike in the 
history of Tunisia since it 
, became independent in 1956. 

At least sev-.-n other members 
: of the l” -in <111 her executive 
.bureau uf the VGTT have been 
taken into custody, according to 
th? Tunis Afrique Presse (TAP), 
. lh-: government new* agency. 

Mr. Dhatii Hannahlia. the In- 
terior Minister, said on Saturday 
'ha; 40 people had been detained 
after 3 swoop on UGTT head- 
quarters In Tun isl££t£Z&f ^held 
after a raid on a 17GTT office in 
■Soiisse. ' 

Seventeen big companies 
in U.S. s paid no 1976 tax’ 


SEVENTEEN major U.S. com- 
panies paid no tax at all in 
1976 and 41 others paid taxes 
amounting to less than 10 per 
cent, of their worldwide Income, 
Congressman Charles Vanik 
reported yesterday. 

For some years now Mr. Vanik 
has published aD annual league 
table of companies that pay little 
or no tax which reads like a guide 
to corporate America. 

He said yesterday that the 
latest figures are a further indica- 
tion that many large companies 
are paying a smaller proportion 
of their income as tax than five 
years ago. and that — by contrast 
— individual taxpayers are pay- 
ing an increasing proportion of 
their income to the Federal 

Among the companies who 
paid no Federal income-tax in 

raTOr^^^^re"-’*m2jor S sfoe! 
producers Including US Sleel 


and Bethlehem Steel, Generali 
Dynamics. American Airlines, i 
Chase Manhattan Corporation. I 
Singer. Phelps Dodge-. Eastern \ 
Airlines, LTV, and several public 
utilities. j 

..Companies which paid an! 

effective tax rate” of leas ."than 
;10 per cent, on tbeiccgcpiffgsih- 
■cluded- Mobil (4.5^ per. -cent. K 1 
Exxon (8 per cehLl, AT- and- T 
(9.5 per cent.) and Gulf Oil 
(7 per cent). 

As he bas in the past, Mr. 
Vanik stressed that none of the 
companies concerned bad done 
anything illegal. Rather they had 
been able to take advantage of 
a whole range or tax “breaks.” 
credits and exemptions passed 
by Congress over the years. One 
of the main ways of minimising 
U.S. tax is the use of the foreign 
tax credit which allows U.S. 
corporations to reduce their L\S. 
-taxes by the amonntfof’ tax they 
pay abroad. . « ... 

Iraq poses 
problem for 

By Our Foreign Staff 

THE GROUPING of Arab coub* 
tries opposed to President Sadat's 
peace initiatives towards Israel 
appeared yesterday to be 
having trouble in convening a 
conference scheduled for 
Algiers later this week because 
□f ' continuing differences 
between Syria and Iraq. 

High level talks between Syria 
and Iraq, due to be held in 
Algiers yesterday, were reported 
to have been postponed indefi- 
nitely following a brusque 
announcement by Iraq on Satur- 
day night that Baghdad’ was 
“not concerned" with the 
Algiers summit. Iraq; -walked 
out of the meeting comprising 
Algeria. Libya, Iraq. Syria. 
South Yemen and the Palestine 
Liberation Organ isatior. (PLO). 
held in Tripoli last month 
because of disagreements with 
Syria over a hardline approach 
to the Arab conflict with Israel. 

Iraq's decision not to attend 
the Algiers summit led Syria, 
according .- to sources in 
Damascus, to change its mind 
about, sending a senior delega- 
tion to Algiers. Originally it 
bad been announced that Major- 
General Naji Jamil, commander 
of tbe air force and a senior 
member of the Ba'ath Party, and 
Mr. Mohammed Haidar, and Mr. 
Mahmoud Hadid. both members 
of the party leadership., were to 
have left Damascus For Algiers 
yesterday- The despatch of this 
delegation 'has now been, can- 

The differences stem frnm the 
Fact that Iraq insists on a Syrian 
denunciation oF United Nations 
Security Council resolutions 242 
and 33$ adopted after the 1967 
and 1973 Arah-lsraeli wars. The 
two resolutions are widely re- 
garded as fhe basis for a settle- 
ment of the conflict. . 

Hswn« Tivu. rrtriiMKd a»ily iwp Sun-’ 
ii-» and V S mfiM 

tail 0*1 fjir nip rvr n-num. 

Vsw Vorit -V Y. 

* 4 inn<! . t.ij, ftnwa-'- otfS'Rr ' 







« ’ 









s ■ 

; i 

1 ■: 
:r t. 

























Australia’s largest ever 

a resource development 
reject is entering its final 
lanning stages —the 
3,000 million North West 
ihelf gas fields. 

Huge as it is, the natural 
as.prpject is only one of 
ever a I projects that will 
ike place during the 
980's. A further $7,000 
illlion will be invested in 
on ore, alumina, nickel, 
ranium, coal, mineral 
ands. solar salt— and oil. 



• Much of the plant, equipment and 
services will have to be imported from 
recognised and proven overseas suppliers. 

• Some of the plant, equipment and 
services arc not currently available in 
Western Australia but could be. 

• Some-of the plant equipment and 
services are available in Western Australia 
and could be expanded with input from 
experienced overseas technology, and 



The Western Australian State 
Government offers you a climate of 
encouragement and assistance. The 
Government’s policy is to stimulate joint 
ventures and licensing agreements for 
local industry with companies from 

If you wish to participate in the 
development of Western Australia’s 
resources your.point of contact in 
Australia is The Co-Ordinator, The 
Department of Industrial Development, 
32 St George's Terrace, Perth 6000- 


The Co-ordinator of Development 
Mr. E R. Gorham, will be in the UK and 
Europe as part of a seven man mission, 
led by the Hon. Andrew Mensaros. 
Minister for Industrial Development, 
Mines, Fuel and Energy. ; 

Mr. Gorham will be available for personal 
appointments in London between 
Monday 13 February and Friday 17 
February. For an appointment contact the 
Agent General for Western Australia, 115 
Strand, London WC2ROAJ, England. 
Telephone 01-240 2SS1. Telex 25595. 


* ^ 


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& ' i 


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A-L fcl. - . 








•» I* 

LV’-Ki^x 3 

i ' ■*- 

»- ;• - 1 ' 
V. ■ 

EEC not 

N * . . , convinced 

•American pulp producers byFnkuda 

Britain may aid Caribbean 
export promotion project 



.,■**.*« rr^rss 


THIS FRENCH government has 
agreed lo support ami-duinpma 
aJIeuanonx against Nnrih 
A men can suppliers at the wnod 
pulp used for mukinK fine papers. 

The rase against the Norlh 
.Americans will he forwarded lo 
Iho F.urnpran Commissioners this 
week. Tiu» French Government 
has decided to act after viynruus 
protests were n>;«lc hy pulp and 
paper manufacturers in France. 

They are aiuvmea because 
eh rap un ports from Canada 3nd 
Hie U.S. have depressed price 
levels ;i nd made their operations 

The French Government has 
already required pulp importers 
to lake out licences and to 
declare their prices. This 
measure, has not. however, had 
any effect in stemming the flow 
nr transatlantic imports, or 
raising prices. 

North American producers 
have been nhle to ship targe 
(piantitias of bleached and un- 

bleached sulphate pulp into 
Europe because they have 
surplus capacity caused by lhe 
relative depression of’thvir U wu 
home market. 

The shipments have enabled 
them to ran their plants at about 
90 per cent of capacity. Scan- 
dinavian producers, on the other 
hand, have lost, about 25 per 
cent, of their market share in 
Europe, mainly because they 
Tailed to match the price 
reduel ions. 

In the UK. the depression or 
prices has generally been wel- 
comed by paper makers, wbo buy 
almost all tbeir sulphate pulp 
from abroad. The only UK pro- 
ducer of chemical pulp is 
Wiggins Teape, whose factory in 
Cumbria makes kraft liner for 
the packaging industry. 

In France, however,, a large 
proportion of the pulp used in 
the paper and board Industry 1 is 
made from locally grown trees. 
In 3976 French pulp production 

was 1.7m. tonnes compared with 
imports of 1.3m. tonnes. Home- 
produced bleached sulphate pulp 
(the grade most affected 
by American competition) 
amounted to 700.000 tonnes. 

The dumping allegations have 
boon made by seven major com- 
panies belonging lo the Federa- 
tion des Syndicals de Produc- 
tcurs do Pates pour Papier et 
Tex tils et Artificials. 

They say the American im- 
porters are undercutting the cur- 
rent “official" price of around 
$330 a tonne by about $60. In 
some cases it is alleged price* 
for bleached chemical hardwood 
pulp have been down to $255 a 
tonne and for softwood down to 
S290 a tonne. 

The British Paper and Board 
Industry Federation said that it 
would be studying the French 
submission. Its initial reaction 
was that nothing should be done 
to raise tbe general level of pulp 

By David Buchan 

BRUSSELS. Jan. 29. 


remains unconvinced that the 
Fukuua Government’s recent 
reflaiionary package will reduce 
significantly the EEC's trade 
deScit with Japan, which grew to 
$i.7bn. last year. 

1 Mr. Nobuhiko Ushiha. the 
Japanese external economic 
affairs minister, was told this 
yesterday by EEC Commission 
President Roy Jenkins wbo went 
' on lo warn the Japanese minister 
that EEC Foreign Ministers 
: would again take up the issue 
of trade with Japan when they 
next meet on February 7. 

EEC chemical industry seeks 
exemptions from tariff cuts 


THE CHEMICAL industry in the pricing exercised by some-coun- expected tn he 1 included on- the 
EEC has compiled a list of sonsi- tries producing vital raw list of sensitive products. tariffs 
live products, which it wishes to materials, such as phosphate can be as high as 16 to 1$ per 
exclude front tarriflf reductions rock. Rack is sold at one price cent, 
negotiated under the final phase to domestic manufacturers of 
of the long-running Tokyo Round products such us fertilisers and 
of The GATT talks. at a higher price to overseas 

The process of whittling down manufacturers, making it. difli- 
the array of chemical products cult for the EEC industry to 
produced by the industry has compete with imports, 
proved long and controversial. There is equal concern over 
But a lengthy list of more than some petrochemical products, 

60 products has now been pro- because of imports from the U.S. 
dneed and submitted tn the Euro- which are based on favourable 
pean Commission by CEF1C, the ene . | 7iy an< i feedstock supplies 
CnimciJ of European Chemical available at prices well below 

ln ?t ,S i? JrlfL certain manufac^rers 

whether any of these products 1 v^fferi n " from™! 

will become a matter of negntia- 
tfnn. In its initial negotiating “ft*?** 

offer, tabled in Geneva ten days t in 

vwr uim.hi nn P nc, °S ana US. imports, the m- 

*■ rhiT iw ,n° dmury is worried that markets 

exceptions from the awraw tn- TOllId ^ further damaged by a 

ditrinal tariff cm oi 40 per cent. ,, rowin ,, j n n HX 0 f low-cost im- 
or more that the talks are aim- po rts from Eastern . bloc 
mis at. The Community made tt nntUueers 

clear, however, that it reserved is feU , hat ^ EEC * S pn> . 
tlie nsht to make exceptions rt .d;ires for anti-dumping 

later on. In the light of the negn- measures must be improved, par- 
tiatmg positions uf other partici- ticularly in relation to import 
patiK — .lapan. for example, has fmm ihe Comecon countries, 
ewepted certain chemical pro- where the domestic selling .price 
ducts from its negotiating offer, can be arbitrarily fixed by state 
The European chemical agencies, rather lha» determined 
md«»Mry..,is cfinrej-pe^ that its by Market force*. K 

nositiun in dnumtic markets Tiirtifs .ire alftady non-exisrenft 
could b«* further undermined if in the EEC on some sensitive 
concessions life made on EEC products, such as SBR,- (styrene 
ex»e-u;il tariffs without eurri’v butadiene ruhber) and mi mi~- 

ponduii* reductions in other of the aromatics..* s-ticli as 
cm mines ?>araxlylctn* . 

The most sensitive areas Where tariffs nn/hemical pro- 
declared b> the industry are in ducts do exist In /lie MSt.. they 
ferHIisers and |«M r ache* u: reals. tend l#» ho of IV order of h In 
Chemical companies are con- IS per cent For s-nine cum 

asiic/ whi 

The EEC Commission does not 
'see Japan's announced plans to 
: raise growth to 7 per cent, as 
helping much to redress the trade 
imbalance. Spending on public 
.works is considered unlikely to 
suck in many European imports 
But Mr. Jenkins argued that 
it was psychologically just as im- 
portant for Japan now to bg seen 
. to make a specific Gesture 
.towards Europe. In particular, 
‘he urged the Japanese to think 
of buying the A-300 Airbus. EEC 
.officials see a potential 20 Airbus 
: orders from two domestic 
Japanese airlines now m tbe 
market for replacements. As a 
I multinational French-German- 
! Dutch project { with Hawker 
. Siddeiey as sub-contractor), the 
r Commission is keen tn push the 
■ Airbus 

THE BRITISH Government is 
studying an ambitious transport 
and marketing project which 
would assist the countries of the 
Caribbean to realise their export 
poremial. The projeer was dis- 
cussed by Mrs. Judith Hart, the 
Overseas Development Minister, 
with lhe governments of the area 
during her recent tour of Central 
America and the Caribbean. 

Tbe project, which could cost 
between £20m. and £30m„ would 
involve the formation of a Carib- 
bean export promotion agency 
which would ensure that pro- 

ducers of the region were aware 
of the opportunities for export 
and had stocks to satisfy buyers’ 


The scheme, which has yet to 
be worked out in detail, would 
embrace tbe improvement of the 
transport facilities of the region, 
including its ports and airports, 
air and shipping lines so that 
the access of export products to 
tbeir overseas markets could be 

The project is likely to form 
part of the big multilateral aid 
effort which is being set up by 

a group of prospective lenders 
lo the Caribbean which include 
the U.S.. Canada, Venezuela. 
Mexico and possibly Trinidad 
and Tobugu. 

As the aid effort is being put 
together the interest of Britain, 
which did nnt participate in the 
original launching of the idea, 
appears to be increasing. 

A conference was held in 
Washington to discuss tbe idea 
in December and it is to be 
examined again by interested 
governments and financial insn- 
tutions in April. 


By Paul Lendvai 

VIENNA, Jan. 29 

Mauritania $360m. mining loan 


PARIS. Jan. 29. 

MAURITANIA’S Slate-owned 
raining company announced at 
jthe weekend that It had Jbeen 
-granted a S360m. international 

• loan for tbe exploitation of new 
(iron ore mines in the north of 
!the country. 

| The loan was granted by a 
group of Western and Arab 
; hanky and finance companies, 
! including the World Bank, tbe 
| U.S. Exim Bank, the French 
Caisse Cent rale de Co-operation 
[Econamique. the - European 
Investment Bank and a number 
I of Arab development funds, 
| after two days of negotiations 

• here. No details of the terms 

of the loan were given after the 

Representatives of the mining 
company, Societe Nationale 
Industrielle et Miniere fSNIM), 
told the meeting that Po lisa no 
guerilla attacks had prevented 
it from meeting foreign orders 
for iron ore. 

In January- it had exported 
only 300.000 tonnes to Western 
Europe and -Japan, and there 
was no certainty that the 
February target of SOO.OOO 
tonnes could be met 

Mauritania's economic situa- 
tion has been seriously under- 
mined by the Polisario operations, 
which have been directed mainly 
at the railway line between the 

northern mining centre of 
Zouerale and the -Atlantic port; 
of Nouadhibou. i 

Iron ore exports account for 
SO per cent, of the country's 
foreign exchange Income. Pro- 
duction last year fell to Sfira. 
tonnes from 9.6m. tonnes in 1976. 
largely because of the disruption 
caused by the Polisario guerillas, 
who are fighting for an indepen- 
dent Western Sahara. 

The new open-cast mine will 
be situated at Guelbs in northern 
Mauritania. It is reported to 
have reserves of some 2bn 
tonnes and it is planned tn bave 
an annual production of 6m. 

AUSTRIAN Chancellor 1 
Bruno Kreisky will pay a rwo-d 
working visit lo Moscow m 
week in a bid to reduce i 
rapidly growing imbalance in 
lateral trade. In his project 
talks with Soviet Preoi 
Kosygin, he will present 
entire list of proposals 
major projects, including jo 
ventures in third markets T 
Austrian deficit in trade w 
the Soviet Union reach 

Sch.3.5bn. (about £120m.) I; 

Economic experts predict 
that if the trend continu 
Austria's deficit ris-a-vis Most 
could reach a staggering to 
of Sch.5bn to Scb.9bn. hy 19 
■As the deterioration of the tra 
balance coincides with a ra) 
rise in overall trade defii 
there is growing concern abc 
what used tn be an import; 
prop to exports. 

During January - Noverab 
last year. Austria’s trade j 
widened by 33 per cent. 

S eh .65. 6 bn. compared to t 
same period in 1976. As tourl 
has also failed to produce 
appreciable increase, the c 
rent account deficit also jumpi 
from Sch.25.2bn. to Sch.-Hbn 

• The Soviet Union has a marl 
! shire of 3.4 per cent, in Austri 
j aggregate exoorts and uccoui 
for 3 k per cent of the impoi 

rerned at. the practice of dual tnodity plasti 

rtiich can 

Maputo port protest 

.TOhAx^ESWJRG. Jan. 29. 

of C t im in free has com pin fared" its members are being 
cnerccd by Smith African Rail- 
ways into irony the Mozambique 
port of Maputo Ainndim: u» a 
■»«»ra! Press report the National 
i NMirintmti uf Chmnlkrrs uf Com- 
merce has bi-rn asked lo talk 
with railway nfiici.'iis ].-> win free- 
rimii i»f choice (er Snuih African 
exporters to use Maputo or 
Smnh African ports; 

Smile Suuih African exporters 
l».i\c reportedly complained 

about - ships allegedly leaving 
Maputo naif eiupty because uf 
1'iadinn delays caused hy vratics. 
Fork lifts and harbour tug> being 
out of notion 

A railway spokesman said it 
was anxious for exporters to 
continue iiiing Maputo. General 
Manager Kolnis Lmibscr said he 
wants* tu >!mw lhe world that 
.Smith Africa can be friendly 
towards Marxist oriented states 
and does not want Mozambique 
tii htromi* dependent on Com- 
munist blue finance. 


Contract s 

• l»eere has agreed tn sell 
irai-l til? and oilier farm iinplc- 
n:e::ix for the first time u» China 
Piq ihe company declined in dis- 
efim* any details of the traits- 
jctum beyond saying that the 
vile would total about SI m. with 
sh.-piucnt scheduled for cum- 
i-letmn by May 1. 

• Ilm-rni-r WaJiJorf division of 

• 'hjiupinn Imoriiational has 

.1 S15m. order with Oy 
T.itii|M*lla for a high output kraft- 
!.»:»■ r machine in lie installed in 
ir Missimia Mill, in Montana. 
!>- ! n .■!'> wilt take plare in 1979. 

• Tu.» Stl.Sm. orders far 
a '.v.ioceii medical diacm>*-tu* 
•••fuipioen: have In-on lt-wived 
lie \arh*ar Enterprises front the 
Miiu-invs of lif-altk in Iraq and 
Abu Dhabi. Vine ultrasonic 

anners will be «;iipp|i«*d in 
Iraq, and two gamma camera.-. 
..long with equipment Tor func- 
tion uptake studies. t» Aba 

• Morgan and Grundy has won 
a roOS.iKH) contnict lo supply 
laboratory furniture. Tutne cup- 
imurds. service fittings and ancil- 
liary equipment for the Medical 
Faculty of the University of 
Riyadh and will aiso supervise 
the installation, which is due to 
commence in lhe autumn of this 

• Telephone Cables, (TCI.) a 
GEC subsidiary, has rontracicd 
to supply coaxial telecommuni- 
cation cable for installation m 
Egypt far two separate projects 
heina undertaken by Standard 
Telephones and Cables . 

• L, M. Ericsson has received, 
two orders tutalling P9 ri. from 
the Ministry' of Communications 
in Oman, intended for an expan- 
sion of The telephone network 
which was previously installed 
by the company. Deliveries will 
be completed in lhe next two 

lA/orld Economic Indicators 


The rigjit way to go about 
your business in winter 

Dec. 77 

Nov. 77 

Oct. 77 

Dec 7* 

U.K. Cbn. 

















Germany DMbo. 


25 A 








21 JO 


" " 





- 33 

France Fr»J»n. 






' ' ■ 






v" . - - 


+ 1.659 

— 2*665 

-r 0.127 



Japan &n. 






L " ■-’V' ?. ■ m ? 







fc.-fr/. *• .r 

. - • ■" v! 

' ' *- \ 



- MV 



^2 * ' * ' 

Nov. 77 

Oct. 77 

Sept. 77 

Nov. 76‘ 

. > y 

HolMuf _ 






. Imports 

9 546 






- 0.0*4 




■a?*' ’■ 


.zUfw bn. ‘ 









W - - 

- 0.014 

- 0.463 


- 0.624 



1 19.338 









• J 


- 10.652 


ft 562 



U.S. Sbn. 






. *. 

. fcrwrh- 

= 1086 






— 1.052 



— 1.657 | 

Fog, rain, ice, snow . 

Yei, throughout the winter, the regular 
Inter-City trains earn. - you to your distant 
business meetings at up to 125 mpb. 
Smoothly and reliably. In warmth and 
comfort. In the restaurant if you’re hungry. 

VThen it s foggy, your driver has an 
advanced system of signal lights shining dear 
to tell him what's ahead. 

On ice and snow, the train follows the 

right lines as surely as if it s on rails. Guess why! 

No train is ever diverted to an our-of- 
yo ur-way airport because of the weather. 

And next time you hear someone talk 
about Motorway Madness, remember it 
doesn’t just mean the stupid things other 
people do on motorways. 

It could be the decision to take the 
motorway in the first place. When it’s the last 
place you ought to be. 




. feraDcial Times Monday January ' 30 1&7S 

C S' " - V- * rr 


U.S.$ Bonds 9% 1985 

. S. G. WARBURG & CO. LTD., announce that Bonds for thc.nominaf amount srf 
U.5.$900,000 have been drawn in the presence of a Notary Public, for the redemption instalment 
due 1st March, 1978. 

The numbers of the Bonds so drawn are as follows: 






. 69 








. 189 

204 ■ 

21 7 


. 242 

• 253 

- 265 










































S 97 



97 Q 

984 . 














. 1235 

















1517 - 








■ 1646 













184 ® 















1 2056 












































• 2664 



Z 7 QZ 









2 S 05 






























34 74 












as 24 

3 B 3 S 












- 4-006 

401 B 







41 10 









42 IS 


. 4243 








435 A 


4291 • 

44 Q 2 

. 4415 








































J 9 J 5 





• 5067 
















528 1 



• 5327 



























563 f 











581 ? 










59 6 S 










































G 805 












7 Q 72 











72 S 6 


731 T 





























7932 , 



a 033 




S 0 S 5 


SI 10 






l • 









834 7 





























S 718 




8767 . 



8804 ■ 



8843 . 




3891 - 

S 9 Q 3 - 


8926 - ■ 



£965 * 

.. 3979 



9014 . 



90 St . 

. .9064 

■ 9077 



. . 9113 . 





9175 1 




. 9224 











































: i 




9 S 60 















10329 - 











1 0549 





1 0 S 7 7 








10975 - 

109 S 3 - 

-11001 ■ 

-1 1 04 3 

1 1 026 

1 1037 






11111 ■ 


1 1137 




1 1136 . 








1 1270 














J ‘ 



115 T 6 










1 1661 


1 1636 



1 1721 


1 1 74 G 






1 1809 


1 1832 

1 1845 

1 1857 


1 1881 




1 1931 





1 1992 










121 16 



















1 2091 









1 2501 








126 S 2 


12 G 38 









12 B 24 

1 2848 





1231 1 

1292 « 














1 3006 








.13692 . 


13717 ' 



1 37>2 

13794 . 




138 J 1 - 


13867 - 


1 3891 

13 <B ?4 





13966 -■ 






14039 . 




1407 T 

14090 :. ' 


1 <M 2 B 

14141 . 




1 * 

141 S 9 



14223 ' 

1422 S 










1442 T 


14444 : 



' T &483 




14542 ' 










1466 & 

1467 S 










T 478 S 



14 S 25 
















On 1st March, 1973 there will become due anti payable upon each Bond drawn for redemp- 
tion, the principal amount thereof, together with accrued interest to said date at the office of;— 


30. Gresham Street, London, EC2P 2EB. 

or w«th one of the other pay >hg>derqc n^metf on.the Bo^dsy-: ■■*?+ 

(merest will cease to accrue on the Bonds called for redemption on and after 1st March, 
1S7S and Bonds so presented for payment must have attached all coupons Maturing after that 
date. _ 

U ^.$7 ,800,000 nominal amount of Bonds will remain outstanding after 1st March, 1978. 

The following Bands previously drawn for redemption on dates as shown below, have not 
yet been presented lor payment. 

1st March, 1972 
4608 14225 

















1st March, 1973 
. .5223 . . 

■ftt March, 1974 
988 . i .1216 
5535 : 637tt’ 
8357“ 8480 


JIJ 509 



30, Gresham Street, London, EC2P 2EB. 

30th January, 1978 

This announcement appears as a matter of record on//. 


U.S. $30,000,000 

Managed by 



Provided by 

ank of Montreal 

tematfcnal Energy Bank Limited 
G Luxemburg 

inque de I'indochine et de Suez 

, First National Bank in Dallas 

! Republic National Bank of Dallas 

Banque Francaise du Commerce Exterieur 
European American Bank and Trust Company 
st International Bank in Houston NA The Riggs National Bank of Washington D,C, 
:nco de Bilbao Bank of Ireland 

ptal National Bank of Houston Coutts and Co. 

I Samuel & Co. Limited Lavoro Bank Overseas N.V. 

Union Mediterranean ne de Banques 

- — Agent Bank 


tty 197$ 

J i* 

oil groups. Viillers will 
ST to Commons inquiry to-day 

: i 

North Sea 


By Ray Defter and Kevin Done 

MINISTERS arc hoping that the and further recommendations that further delays in reshaping wan* . of 5t T ^. n1 ^' 

Government’s tentative plans for from the Treasury, the Depart* British Steel will only serve to porauons row* ros*®* wr toe 

rescuing the nationalised steel went of Industry. deepen its difficulties, half y w ^ure i^ru. 

. industry will not be jeopardised Mr. Gerald Kaufman, Mr. The corpora** 011 will lost* some * •*£ 

by the expected prilling to-day Varley’s Junior minister, has fiHHhn. this year and ‘is unlikely lost Ea a uumt , uwnor OE 

j of Sir Charles Villiers. chairman given the Cabinet options for to get back into profit before JJJJJJ. J®* 1 - .VJ JL-eSK 
Df British Steel, by the Commons reshaping the industry by 198&S1 at the earliest. SSfne^ t!nSd£ 

} Select Committee on National- reducing the 206,000 labour force British Steel is expected tp tonbv.tiiusiQcr oi itwy wit.M- 

icoW InrlndriAC rtf plncin. wnulro n r miMlnn tnu. mmp fl hrt hnlWDCH 0 tOIuJC, 

figures to the Government 
mg that they could lose tens «** , -- =- - 
millions of pounds if they ares British 

I forced to cut back exports of j deterioration last year. 

t7‘ b rkble~to 5S.“BiTS? ^Jawks in the cabinet wont WJjJ 

awaited major statement on the to S that figure cut by some *««» «J»« PanM the 

iNorLh Sea oiL. . . The MPa are also pressing SS hundrefls of mmlws of pounds Previous year. 

The report is being prepared ;for all correspondence reteang common before March. ~ " * 

sequel to the first meeting. lastUary. and Sir Charles, 
week of a tripartite group in- 1 shown to them, 
volved in oil- refinery policies. 

Since these result*. 

Trade union leaders told 
{Government and company repre- 
sentatives at the meeting that 
they wanted to see at least rwo- 
! thirds of North SesrScrude oil 
heinz refined in the U.K. This 
would encourage the maximum 
downstream developments based 
on North Sea oil products, they 

In rect-nr months, however, the 
| oil industry has been usm^ less 
i than 60 per cent. oF North Sea 
I crude in i»s U.K. refineries. The 
I rest has been exported 

The companies maintain that 
this practice is in line with exist- 
ing Government -qHidelin«?s. 

The ■ cp m rovers} 1 concerns- -the 
- refafiye. -values of different types 
I of erode oil. Nnrtfi -Sen oil is 
regarded as a premium crude. 
Ifieina reasonably light with a law 
sulphur content 


Therefore, the oil industry 
argues, it should -be used only 
as a replacement for imported 
premium crudes. 

Companies are about to pro- 
duce figures to show that if they 
axe forced to replace imported 
heavy crude oil with North Sea 
oil they could lose between 27 
and 50 pence per. barrel on 
refined products. 

Stockbroker* Wood Mackenzie 
{have calculated that* ti»> eco- 
nomic penalty could amount to a 
loss on the U.K. balance of pay- 
ment? :ijf sdrne £36ni. .this year. 
£103(n: in 1979 and £152 in. in 
UJWfc.’. 1 * . 

EE€ may impose oil penalties 
Back Page 

by the Petroleum industry Ad-Uo the steel crisis between Mr. g^ e MSst^s"hope that the actio^ UU 0f 5110115 GoverruneQl 
visory Committee (PIAC) as a I Erie international slump, which is '.The proposals before the 

causing almost ■ every major Cabinet range from a relatively 

.... . . . ... . producer tn lose money, has modest closure of plants with 

Although the bearing will be passed its lowest -point the toss of some 10.000 jobs to a — — - ---- .. . 

in private. Ministers are worried There is also a feeling that a crash closure programme which One 

ihat enough will be said for - spending" Budget in March would chop 30.000 jobs in two is for radical reductions In in- 
versions of the Government's wi«i5SStl» «5*tooowicoSSS - vost5 f lcot *° n#w «ee»®**tes 

options for steel to circulate quickly enough to be reflected . The most drastic options open ^ ■ . 

,ns j£e ouls,de Gammons. before the summer in sientfi* to the Government include refus- /■“*** ! p ™*35 

The Government is particu- cantly higher steel sales. tag necessary new investment line require nearly £3bn. of new 

larly concerned about the for several old plants including investment in the next five 

danger that premature disclo- nplsro* Shotton, North Wales, and Shel- years. ...... 

sure of half-formed plans might ucm “ s ton, Stoke-on-Trent. The Cabinet aso is most likely 

provoke hostile union reaction. They argue that it would be World steelmakers' figures to fall on the Huntwstco inte- 
The Cabinet committee on the disastrous for the Labour Party show that many other major grated steelworks project on the 

British Steel crisis has a range to make swingeing cuts in British producers have been doing Clyde and on ex p an s itms to cost 


equallv as badly as tsmisn aieei. i^op. si-unmicu iv« utc.kvmuii 
negotiations between the cor- General Election year. In the first half of last year steelworks at Port Talbot, South 

poration and the steel unions. Other Cabinet members say British Steel lost £23 on every Wales, and Red car, Teesside. 

of proposals before it based upon Steel early in what may be ..a equally as badly as British Steel. £2bn. scheduled for the . coastal 


by manufacturing sectors 


Tories plan 
cur hi 




By Our Energy Correspondent 
I THE BRITISH National Oili 

performance of manufacturing 
sectors covered by the working 
parties of the Government's 
industrial strategy are shown in 
the accompanying Department of 
industry table for the past two 

The groups listed account for 
nearly half of manufacturing 

The nmtn interest lies in the 
relative difference in output and 
employment during the two years 
from just afler the low point of 
the recession. For comparison, 
total manufacturing production 
rose at an annual rate of just 
over lj per cent, during the 




Sector Working Party ■gg g J 

Annual percentage 
changes ins— - . , 

*" ' " 1 . .' "Employ J Pwiiefra- 
... Output* ■.'inentjr.V don't' 

Food and drink 
Specialty chemicals 

Iron and steel ' 

Ferrous ' foundries 
Non-ferrous, foundries 
Machine tpoftt'-.' 

Pumps and valves and fluid power 
Industrial engines 
Textile machinery J 

. , Construction equipment and ipaBfle cranes 

The rapid growth of tiie elec- Other mechanical handling eqtBB&ent and 

industrial trucks 

tronic computer sector (notably 

ICL) and the serious problems Office machinery 

^ u Muling, printing, space- heatin 
re higftlighxed^yffij^hle. The 
ril-^'-mi^t-in-Tnany capital 
goods sectors producing various 
thlnery at 

Corporation will be slripped of 
many of its roles if the Con- 
servatives are returned to power, 
Mr. Tom King, Shadow Energy 
Spokesman, said at the week-end. 

The corporation's task, under 
la Conservative Government, is 
(seen.- hsi Jhat of. JxrL .adviser. 
| monitoring development. c(epfe- 

i taring, 

airconditioning, food and 
processing and packaging mabfifiiery 
_ _ . Process plant fabrication and 

types - of machinery and tools constructional steelwork 

sluggish nature of the Automation and instrumentation 
S*,? 1 * S IS H “^y «l«ctrical machinery and ' 
n 'tlZFS! inthistrial electrical equipment 

in exports towards the end of Telecommunications 

the period. Electronic components 

Similarly, it would be mislead- Electronic consumer goods 

ihU? Electronic ~7~~ 

triaf strateS' P itsehj ™ Radio > '* hr and . electronic Sowis 

~4i 4-H 

effect the sector. working parties 
might have wiimardly have 

w«r£ t -5«“ 

feWlApmAht issu^. Hosiery and knitwear 

Mr.King. speaking at a Bridg- *^ ****•. .... ^ Clothing 

water constituency Conservative ^V‘®[ wa s provided by the p,p, r arK j 

Department of Industry in a Ru CL, r 

Commons written answer to Mr. — — — : 

Jeff Rooker, a left-wing Labour * Based on Index of Industrial 
MJP. In - - - 

meeting, blamed BNOC for 
delays in offshore exploration 
and development “BNOC, while 
operating on the one hand as a 
commercial oil company, is 
increasingly assuming the role 
of a full-scale regulatory agency. 

“It is also intimately involved 
in planning, ordering, financing 
and selling. We bear a lot about 
the evolving relationship of 
BNOC with its partners. Jt has 
indeect evolved — from Big 
Brother- to Godfather." r . --I 
• Toe gradual supplanting bi the. 
Energy Department by BNOC 
raised worrying doubts about the 
security of Britain's most valu- 
able natural resource. There 
were signs that the corporation 
was anxious to divorce itself as 
much as possible from govern- 
ment. r ■ 

Referring to BNOC s .conflict- 
ing roles- — as- an effective regu- 
lator and operator — Mr. King 
said that the Conservatives 
would undertake a thorough re- 
view of the organisation. The 
task of regulation would be 
returned to governmenL . 

M We musr be able to attract 
to the important work of regu- 
lation people with real experi- 
ence in the oil industry who at 
present flinch from the prospect 
of leaving their employers for 
such a suspect competitor as 
BNOC. These changes will do 
much to remove the bottlenecks 
and get the North Sea goifig 

Viners seeks 
more staff 

VINERS. Britain's largest manu- 
facturer of cutlery and hollo- 
ware, is looking for 32 skilled 
and semi-ski Ued workers, and 
nine qualified engineers. 

The need to recruit more 
workers for the Sheffield factory 
has been brought about largely 
by Viners’ booming exports. 

Mr. Brian Viner, deputy chair- 
man, says: “We are firmly estab- 
lished as an international com- 
pany and, as such, the ups and 
downs of -any individual -market 
does not affect us quite as 
drastically as many other com- 
panies in the industry. 

Texas air route 

the U-S. airline which has been 
awarded the route between 
DaUas/Fort Worth in Texas, and 
London, will start flights on 
March 1, flying non-stop. The 
airline would like to operate 
into Heathrow Airport, but 
under the Anglo-U.S. bilateral 
air agreement .it -is expected that 
it will have to use Gatwick, 

7 2 * 



, + 35 

+ 1 


'.+ J 

- TJ 

+. * 



. + 

+ H 


+ <* 

- H- 



+ 2J 


4- 7 

+ 2i 



- 1} 

+ 2 

+ 1 


- 4} 
+ i 


;; +7* 

-hH ■ 

; -H- 34 

. •—‘■1-7 


+ 2f 

• • + li 


BP meets 
to decide 
on plant 

i •> 

By Arnold Kransdarff 

THE ' MAIN board of British 
Petroleum meets this week to 
decide- whether to carry; -out a 
threat, to close the company's 
high-technology investment in 

It has already completed 
feasibility studies tuto reiucaung 
the project, itaiprotein. a £40m. 
join! venture with A NIC. a sub- 
sidiary of ENi, the Italian slate 
ml company. 

For about 18 months, their 
proiein-from-oii factory has 
stood idle because the Italian 
Government has suspended a 
1972 decree allowing production 
and sale of Topnaa. a brand- 
name animal feed substitute for 
calves, poultry and 
BP has said that irwannot con- 
tinue financing a~ non-productive 
investment costing £10m. a year 
to maintain, and last month told 
the Dalian Government that it 
would dose the plant if it did 
not get production permission by 
the end of January. 

The political crisis in Italy has 
now complicated the issue. With 
the resignation of Sig. Giulio 
Andreotti’s minority Administra- 
tion. there is no Government to 
give the go-ahead — although a 
spokesman for ENI in Rorae said 
he understood that the former 
Minister of Industry, Sig. Carlo 
Donat Cattin. was acting in a 
caretaker capacity and was 
{-empowered to lift the suspension 
decree- Issued in 197^. "' 

Production, seasonally adjusted. 

an article in last Fri- Change from fourth quarter 1975 to third' quarter 1977, expressed at an 
day's issue of the weekly mag a- annual rate. Source: Central Statistical Office. 

zinc, Tribune, he quoted the f Employees in employment. Great Britain, Change from November 
figure to support his view that 1975 to November 1977, expressed at an annual rate. Source, Depart- 
the industrial strategy had ment of Employment. 

failed. J Imports as a percentage of United Kingdom demand, I.*, United 

The figures for import penetra- Kingdom manufacturers* sales phis imports less exports, m current value 
tion should not be viewed on terms. Change from year ending June 1976 to year ending June 1977. 
their own since What matters is Source: Departments of Industry, Trade and Prices and Consumer 
the relative balance between Protection, 
the growth of imports and 

dustry's iucces? in increasing its production groups nearest alify, chemicals working 1 party is 

ffiyUSSSSi.* - “ S S*““2S*^*PJ2S , »» gwww* 

occurred since mid-1976). 0 [ th e sector working parties. - naia. 

Mr. Booker asked for these in several cases the match is It- has also beep, necessary to 
figures, but they were not avail- fairly exact, but in others the group together some sector work- 
ab,e - nearest approximation has been ing parties, such as pumps and 

The figures are for the Indus- given — for instance, the speci- valves, and power equipment 

Powell and Tory Party differ 
on Europe and immigration 


POWELL made Mr. Powell criticised the the most uo-Tonr thin? that can 
that formidable party’s policy on Europe, and in be imagined." * H 

er Europe and- particular Its support which In Kensington a fortnight ago 

clear yesterday 
differences over 

immigration stand in the way allowed the guillotine motion to Mr. Powell intrigued observers 
of the increasingly rumoured succeed last week on the direct by his -apparent 'acquiescence in 
reconciliation between him and elections Bill. an EEC consisting of coljabora* 

the Conservatives. Describing himself as tion of independent nation 

In an interview on ITVs “congenitally" a Tory, he said states. 

Weekend World, the former that the essence of Conservatism That had seemed not too far 
Tory Cabinet Minister, now an wa^ to uphold the nation. “The from the mpre hard-headed Drae 
Ulster Unionist MP, praised his EEC in its present form is 'the mafic approach to the ' Co m- 
old party for the “process of most direct confrontation to the raunlty now shown by Mrs 
self-education" which had led it concept of the nation . . . it is Margaret Thatcher. s ‘ 

to its opposition to the Govern, 
meat's devolution proposals. 

Health risk 

But this is only half the 
problem because a vital com- 
mittee has still not made its 
recommendation. Early in 
December, the then Minister of 
Health. Sig. Luciano Dal Falco, 
appointed Professor Chnmino, 
president of Consigiln Superior! 
Della Sanita (the Higher Health 
Council), to investigate the 

Two sub-committees were 
formed, one to look into possible 
cancer-forming properties of 
ropnna, ■ the other into- its sup- 
posed. toxicity. - S 

reported back on 
January LS—they were said to 
“ e favourably disposed towards 
roprina —but the main com- 
mittee was still unable to reach 
agreement, and a decision was 
postponed until February 14 - 
L2 days after BP is supposed to 
dendewhether to quit. 

t Thursday's Board meeting, 
directors have to decide 
whether to wait for Professor 
Cimminos decision and. assum- 
.£? VOUTaW * response. 

5 be translated 

into the immediate lifting of the 

V ... 

authors wanteo 

iff?.-*-. 1 **■!* ort’Uabw socks SJWW» 
dmut Union. non-ticxlM. 

d wart*. 

- w * awbors welcomed. 

ft «* 

aia w. 34 si. New YorK 10M1. 

But be did nothing to quell 
speculation that by the next 
general election, he will be 
giving the electorate— not only 
in Scotland— different advice 
from 1974, when bis call to Tory 
supporters to vote Labour was 
credited with having tipped the 
scales against Mr, Heath. 

Mr. Powell said that sugges- 
tions that the Conservatives 
would curb sharply, or even halt, 
new immigration into Britain 
showed how they still missed the 
real problem— the likely future 
increase in the immigrant com- 
munity in the UJC 
He re-iterated his call for a 
policy of voluntary repatriation. 
Otherwise the rise in the immi- 
grant and immigrant-descended 
population “ could not be accom- 
modated within the- nation and 
society without destructive 

Tragedy can only he avoided 
if the prospect of further in- 
crease can be avoided. This 
could only be achieved by u the 
moving on,_ the transfer”-- of 
some of those who were here. 

An Invitation tolfea. 

And an infomialive discussion about induslrial settlement 

in West Germany. 

—\ . 

r WJ, uui y til U 1 vj TO-Qdvise the busnoss aannusrlnlrtnri*^- ■ t 

«mmurity <W ottnaa^inveshne^ ^ 



WT- Hesssche LorKfawnfvvicWungs- und Treo- 
D ^200 \Mesbaden,Tel = 06121/774200 

In London pleose conlacf; 

Mr. Znhn, Telephone*: 235 0651 ■ 




5 ,• i 

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■* .- 

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. . V :« / 

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# 5 . 


Financial .Times Monday January 30 .1975 


team will plan 
return of city powers 

to be 


THE PRIME Minister has formed 
a group of -Cabinet Ministers to 
co-ordinate plans, for giving back 
to the cities responsibilities lost 
under the 1974 Conservative local 
government reorganisation. 

The move, which Mr. Callaghan 
announced at the Labour Party 
local government conference in 
Bristol at lbc week-end; is an 
attempt to heal the rift between 
Cabinet Ministers over the pro- 
posal for change. 

The lack of more immediate 
action disappointed many con- 
ference delegates. They had 
hoped a firm timetable for 
change would be announced. 

The nine major cities — with 
a combined population oT almost 
2.5m.— which lost responsibility 
for education, social services, 
transport, and planning under 
the Tories are Bristol, Hull, 
Nottingham. ■ Leicester, South- 
ampton. Portsmouth, Derby, 
Stoke and Plymouth. ' 

Cardiff, which has a popula- 
tion of more than 2 00.000 and 
would have qualified, if not 
generally included in any pros- 
pective change because of the 
implications of Welsh devolution. 

Under the Prime Minister’s 
initiative Mr. Peter Shore. En- 
vironment Secretary, will work 
with his. Cabinet colleagues in 
Education, Social Services and 
Transport to .-establish which 
powers should be returned to 
particular cities and how this 
should be done. .... ' 

Mr. David Ennals, Social Ser- 
vices Secretary, and Mrs. Shirley 
Williams. Education Secretary, 
are opposed to short-term 
changes because of their disrup- 
tive influence on' vital public 
services which are only just re- 
covering from the re-organisa- 
tions of three years ago. 

Mr. Shore first canvassed sup- 
port for short-term . changes a: 
last year's conference. He said 
at the week-end the Cabinet 
review would' include further 
talks with' the local- authority 
associations and other interested 


The decision last week hy 22 
smaller towns with populations 
of 100,000-200.000 to join . the 
“big nine” in .seeking their 
powers back appears to have per- 
suaded Ministers that they 
should adopt a gradual approach. 
Mr. Callaghan said: We are 

not dragging our feet hut we 
would sooner take a little extra 
time and make sure' we get it 

But Mr. Bon Hayward, the 
Labour Party rch era! -secretary, 
left the conference in no doubt 
that the mood of the party was 
strongly in favour or 'Change to 
counter the “sabotage” of the 
Tory reorganisation. 

Earlier Mr. Callaghan had 
given the 700 conference dele- 
gate^ -mainly rank and file 

Councillors told how 

• *- iLt - 

pant to regain control 

Labour councillors, an optimistic 
message on the future of bofh 
the country and party in what 
may be an election year. He 
.said the era of public expenditure 
cuts was over, and the public 
could expect better services as 
we}! as a higher standard of 
living. . 

The longer an election was 
held Off the larger would be 
Labour’s victory as the result of 
its policies became dear. 

Mr. Callaghan, who was jeered 
outside the conference by a small 
group of National Front sup- 
porters, attacked the “poisonous 
issue of racialism.” 

A document being considered 
hy Labour Party’s National 
Executive Committee and r&- 
leased at the conference is 
critical of the present role of 
the police in controlling racialist 

The document suggests a num- 
ber of reforms to make racialist 
demonstrations less effective. 

Mr. Shore made it clear during 
the conference that while the 
Government hoped for single 
figure average rises in rates, 
many authorities would have to 
make double figure rate in- 
creases to maintain services at 
current levels. 

Miss Joan Lestor, chairman of 
the NEC, warned the - Govern- 
ment not to give tax cots in the 
Budget at the expense of public 
spending. She told delegates an 
extra £lbn.-£1.5bn. was heeded 
just to restore spending on public 
services -to.': the level planned 
before the cuts. 


By Peter Riddell, 
Economics Correspondent 

[THE RESULTS of an unprece- 
dented attempt to broaden the 
range of research 1 and analysis 
available to MPs when scrutinis- 
| in 3 Government departments will 
1 be unveiled to-day. 

! An all-party Commons commit- 
; tec has received mpre than.. 15 
; background memoranda on the 
1 recent Expenditure White Paper 
, from many sources, including 
’most or the main academic and 
rCity commentators on the 
’i economy. Both monetarist and 
; non-monetarist views are repre- 
, semed. 

; The impact of this preparation 
i will be seen this afternoon when 
• the general sub-committee on the 
i Expenditure Committee, chaired 
I by Mr. Michael English, a Labour 
i MP. will start a series of sessions 
i with senior Treasury officials on 
the economic assumptions and ex- 
, penditurc plans in the White 
i Paper. 

| The papers include submis- 
sions from the London Business 
! School, the National Institute, 
i the Fabian Society. Professor 
; Robin Matthews. Sir Alec Cairn- 
cross. and City brokers W\ Green- 
. well and L. Messel. 

Mr. Terry Ward, of the Cam- 
bridge Department of Applied 
j Economics, the sub-committee's 
■ special adviser, has written both 
•his usual memorandum on the 
•White Paper- and another. 

1 reviewing the other papers. 


Provincial journalists begin 

action over pay dispute 


JOURNALISTS in provincial and 
local newspaper offices are due 
to begin industrial action to-day 
following the failure of talks at 
the week-end lo. resolve a dis- 
pute over their annual pay 

The proposed action will in- 
clude a ban on night work and 
the handling of advertising 
features, withdrawal of the use 
of private cars and an insistence 
that -all materia] from non- 
jotzralisis is processed by boruz 
fide journalists. It Is likely that 
the' action will cause inconveni- 
ence rather than prevent news- 
papers from appearing. 

The National Union of Journa- 
lists. last week accepted a 10 
per cent pay offer worth £7.09 
per week on behalf of its 8,500 

members working on provincial 
and local newspapers— provided 
that employers withdrew a clause 
from the agreement restricting 
further pay bargaining at local 

Talks at the week-end between 
ISTUJ officials and representatives 
of the Newspaper Society, the 
employers' organisation, failed 
to reach agreement on tbe 
disputed clause. 

Local negotiations on self- 
financing productivity agree- 
ments would be possible under 
the employers' proposals. The 
union says, however, that accept- 
ance of the clause would imply 
recognition of both the Govern- 
ment’s pay guidelines and the 
right of the Newspaper Society 
at national level to restrict the 
content of local negotiations. 

• The Sunday Telegraph failed 
to appear for the second succes- 
sive week yesterday because of a 
dispute over a replacement tying 
machine Involving members of 
the Society of Graphical and 
Allied Trades. 

A management statement said 
that notice of installation of the 
machine was given to tbe chapel 
(office union section) in December 
and no objection was raised 
until the night before tbe paper 
was dae to go to press. 

Last week discussions took 
place with the chapel and 
SOGAT London Central branch 
officials as a result of which 
assurances were given that 
normal work would be resumed 
on Saturday. “ In spite of these 
assurances the paper was again 
stopped." management said. 

South Wales lorry drivers 
start all-out strike 


DISRUPTION to industry and 
commerce in South Wales is 
feared as a result of an all-out 
strike by local lorry drivers due 
to start this morning ' 

The action was decided at a 
mass meeting of members of the 
Transport and General Workers 
Union- in Bridgend on Saturday 
night, in an effort to break the 
deadlock in pay negotiations. 
The strike call involves some 

2500 lorry drivers employed, by 
Independent general haulage 

The union is demanding that 
the pay rises of the past two 
years, which were subject to the 
Government's guidelines, now be 
consolidated into a new basic 
wage to provide the basis for 
meeting its claim for a further 
10 per cent It would bring 
drivers’ pay up to £53 a week. 

The employers offer is 10 per 
cent, only as a further supple- 
ment to the three-year-old basic 
wage of £40 for a 40-hour week. 

It seems that companies 
employing about' 1,000 drivers 
have screed to the union's claim. 
Mr. Hubert Hewitt. Swansea 
branch secretary of the TGWU, 
said the employers in other parts 
of Britain have accepted, the 
union’s demand for consolidation. 

Drop age 
bars, Civil 


By Our Labour Corresponden 

yesterday urged to drop imi 
diately its policy of apply 
age barriers on entry to exc 
live officer posts. 

The plea was* made by Li 
Howe, deputy chairman of 
Equal Opportunities Comr 
sion. following a recent tribu 
decision that the Civil Sen 
Department’s policy of requir 
all applicants for direct en 
at executive officer level tn 
less than 28 years old con 
tuted unlawful discrirainat 
against women. 

The department and the C 
Service unions have been gi’ 
until 1980 to develop a n 
discriminatory method of 

Lady Howe said that 1 
aspect of tbe judgment— wh 

she described as “ one of 
legal milestones on the road 
equal opportunities for wome 
— caused the commission c 
siderable concern. The dep 
ment seemed unready to majt 
start in changing the rules ; 
was continuing to use disrri 
natory age limits in advert 

“The Civil Service Departm 
are dragging their feet inst 
of trying to fulfil the spirit 
the Government’s own iegi 
tion.” She called on the dep 
meat and unions to agree " s 
major gesture of goodwill ” 
drop age barriers immediate! 

LABOUR councillors in . opposi- 
tion were yesterday advised on 
the tactics to. use to regain 
P 'wer — including - manipulation 
o r the medio — m an official docn- 
n-*ot presented to the confer- 
o ' -o: David Churchill writes. 

The document spells out the 
d mage .done in. last .May 3$ local 
e actions, which left Labour - in 
the minority in both the metro- 
politan areas and counties 
throughout the U.K. 

It says councillors can either 
seek to wield some power 
through collaboration or “ran 
take up a position of uncom- 
promising opposition where 
every opportunity is taken to 
'attack the controlling group." 

Bat a policy of confrontation, 
“works only if the media actu- 
ally reflects tbe image of an 
alternative government- with 

clear policies of its own "Which 
is constantly discrediting the 
group in control.” • 

The document points out that 
In the battle for media atten 
tion the controlling g ro u p on 
tbe council has many advan- 
tages. To counter these “means 
morfe . extreme opposition . and 
ftrffltr sensationalism." 

: It says: Newspaper* _ will 

always be interested in good 
quotable criticisms of the coun- 
cil—the more extreme the 
better.” But such tactics coaid 
make the price of good cover- 
age purely negative, or popn- 
iarijst politics. 

The document also warns that 
one of the dangers of concen- 
trating on constructive commit- 
tee work is the threat of cap- 
ture or emasculation by the 
political group in control. . 


Regional aid warning 

The European Economic Com- 
munity wlH be warned to-day not 
to ignore tbe social and economic 
problems of declining industrial 
areas in outwardly prosperous 

Councillor Jack Smart, chair- 
man of the .Association of Metro- 
politan Authorities will outline 
the case for pans of Loadon and 
the West Midlands to receive aid 
from the European Regional De- 
velopment Fund. He will tell a 
Burdeaux conference of.' Euro- 
pean local authorities lhat-'EEC 
aid should be directed to areas 
in greatest need to meet specific 


been formed to carry out a £30m. 
housing, industrial and commer- 
cial development • scheme in 
Swindon. Edwin/ Bradley of 
Swindon, Barra tv Developments 
and Costaln Hqtncs have been 
granted outlina planning permis- 
sion to starj 1 development at 
West Lea Qown. The develop- 
ment will iavolve more than 450 

Gas request 

Reflation doubts 

The financial outlook in the U K. 
should continue to improve for 
some months, though the scale 
of the coming reflation and. tbe 
performance of industry could 
cause problems. Dr. David 
Lomax, economic adviser to 
National Westminster, writes in 
The bank’s economic assessment, 
published today. 

The domestic gas price in 
Northern Ireland is two to three 
times higher than in the rest of 
The United Kingdom, according 
to the National Consumer Coun- 
cil. which has written to Mr. Roy 
Mason, the Northern Ireland 
Secretary, calling for the early 
construction of a natural-gas 
pipeline from Scotland to Ulster 

Bill criticised 

Swindon scheme 

A consortium of contractors has 

The definition of estate agency 
in the Estate Agents Bill which 
is to have its second reading on 
Friday, goes' far beyond the 
declared purpose 
posuls. says the 
Committee ' of 

i - i 

, riaim-ii V- 

cksS announcement 

GE.C. and Vickers, former joint owners of British 
Aircraft Corporation (Holdings) Limited, wish to advise 

of the pro- 


n *4, 

Dfls. 60,000,000.— 

6i% Guaranteed Bearer Notes 1972 
due 1976/1979 


T bird annual redemption instalment 
(Redemption Group No. 2 and No. I 
fell due on March 15. 1976 and 
March 15. 1977 rcsp.j 

As provided in the Terms and Conditions 
. Redemption Group No. 3. amounting to 
Dfls. J 5,000.000. — , has been drawn for 
redemption on March 15. 197S and 
consequently tbe Note which bears number 3 
and all Notes bearing a number which is 4, - 
or a multiple of 4, plus 3 arc payable as from 

March 15, 1978 


Aigemene Bank Nederland N.V. 

. {Central Paying Agent) 

Amfierdam-Rotterdnm BankN.V. 

. Bank Maes & Hope NY 
Reran, Hearing & Reran NY* 
in Amsterdam; 
lamd Fitres & Ck 
in Paris: 

■ Sms Credit Bank 

Algemeue Bank Nederland la der Schweiz AG 

in Zurich;. 

Afewnene Bank NerfedanX (Geneve) SA 

in Geneva; 

Kredkabnuk S.A. Imxembowgeoise 

in Luxembourg. 

January 23, S97S. 

Minister for Industry of £61M. as a preliminary payment 
on account of compensation for the nationalisation 
of BAC Was not negotiated with them and cannot b.e in 
any way regarded as related “to the provisional valuation 
placed on each company? which Lord Winterbottom 
for the Government promised in a statement in the 
House of Lords on 17th November, 1977. 

The 1976 accounts of BAC show that the 
company’s outstanding orders were in excess of £1,000 M, 
its sales £483 M,including exports of £270 M., and 
profits before tak of £40 M. 

A statement that the Minister for Industry 
Mr. Gerald Kaufman made in Parliament “that the 
payments authorised are derived from a preliminary 
view of the Government’s likely negotiating positions” 
would appear to indicate an attempt at confiscation 
rather than nationalisation based on fair and reasonable 

Shareholders maybe assured that G£.C.and 
Vickers will pursue to the limits that the law allows 
fair and reasonable compensation for their 
dispossessed shareholders. 

Issued jointly by: 

The Genera! Electric Co. Limited, 

1 Stanhope Gate, London W.I.. 

Vickers Limited, 
MillbankTower, London S.W.L 


i ■ 

■ • - 

’ Financial Tinifis Monday January 30 197S 







Control in a Better pictures in prospect 



for ships 



>uts risks on rigs 

[VEL MEANS Of providing 
.ant protection on board the 
iislvc North Sea platforms in 
; event of a blowout is pro- 
ved by Rig Design Services, a 
•>. group, which in the light of 

• recent Norwegian incident 
idly needs to underline the 
ient need for operators to be 

to rely on other emergency 
■Vices than those in proximity 
Jh6 blowout, or that have to 
;ie by sea or air. 
itandby Offshore Systems is a 
■tns of giving immediate and 
(tinned flooding of the jacket 
’ well bay areas to keep down 
Iperatures. thus securing the 
insure containment capability 
he wellheads and maintaining. 

structural integrity of the 

, Whatever may have caused the 
Vout. the basic problem - is 
immediate release of hydro- 
'ions at high pressure and 
iperature and thus in an 
ily inflammable state. What 
; more. where ordinary fires 
‘j to exhaust the sources of 
ilr energy, a blowout just 
;ps going. 

• he developers of tbe pro- 
"ed SOS point out that because 
: heavy capital investment. 
,bore fire-fighting vessels are 
,igned as multi-purpose units 

could be many miles away 
n an emergency. A U.S. 
il-submersible fire fighting 
sel costs - $40m. and- doubles 
‘a diving- suppo.rt vessel. At 
! same time, the latter would 
I do more than seven knots in 

• •foot seas. 

ut in the North Sea. during 
ter. -seas are almost continu- 
i lv above ten feet. 

1 hould there be a fire, it' 
1 ears almost certain that 

1 ears almost certain that 
ore the vessel could get to 
. ; rig. it would have collapsed 
l extensive damage have been 

1( e to the field — as happened 

to one platform in the Gulf of 

Another solution, i.e. to pump 
large volumes of water on to the 
platform, typically at rates of 130 
tonnes per minute, could well 
precipitate disaster on a dam- 
aged platform by overloading it 
to collapse. 

At the same time, the water 
could do irreparable damage to 
the electrical, electronic- and 
other equipment on board. 

The SOS system guarantees 
continuous operation by having 
its power source off the tig— on 
an installation built for the pur- 
pose. or a vessel or again on a 
secondary platform connected to 
the protected unit and used for 
accommodation, etc. 

■ It would drive submersible 
pumps on the rig legs installed 
so that the water intakes are well 
below sea level. 

The pumps would be retriev- 
able For vnainienaoce and pro- 
vision would be made for addi- 
tives to the delivered water. 
These would normally be. oil dis- 
persants which would be pumped 
over well heads and platform. 

The remote power generating 
unit would be linked by separate 
cables to each pump and -the 
piping layout would be designed 
to suit the particular platform, 
giving complete drenching of the 
most critical areas. Floors in the 
cellar deck would be. designed 
to provide water run-off and 
guidance to other important but 
less, critical areas. 

Developers say the cost of 
their svstem is small compared 
with that of a specially built 
fire fl n hter. SOS was originated 
by Offshore Emergency Systems 
in conjunction with the big 
llannesmann Group. 

. Rig Design Services of Port- 
land House!. 4 Gt. Portland Street, 
London WIN BAA (01-637 7551) 
have been retained by OES to 
carry out development and mar- 
keting of SOS In the U.K. 
Patents are pending. 

TNTFGPATTNn - pash control IT SOW seems very likely that speech, new well established- In programme editkjg ibr tape 

LnJ with in the next few rears dieital Essentially the audio or video Is not, of course, physically cut SIEMENS has developed a micro-, 

S3TKS3B ~ %js stum 

?^^1!i?due^ D hv 0 AddxesSJ : ™ re Wltl, ! n P fofes ' the momeut-by-raoitfent am? It- analogue recording this can only aimed at both conventional ships 

being ralrod ““5 Br a J 0 h “ s,onal br0adcas ' an S - organ isa- mde of the signal.. The pulses be done a limited- number of Mid liquid gas earners, 

vfotilintini* Tjindnn Tam.arv 2 S Hons * will become the norm. go on to tbe tape and on play- times before the picture quality Abie to monitor over 2.000 

to Febmry 1 ’ Janu ^ a Latest advance is by lBA back art Processed In the oppo- becomes unacceptable, restrict- measuring points for tempera- 

Smsi =S=l ' M r.. — - 

Send for detada 


Picks out 

It remembers menu items and follows onlv a emnle nfmonths P ickln ? U P noise because they machine made by Bosch-Fernseh; .will report any equipment m*}- 
pricos perfSms arithmetic. Sg? simna^nnoiSmJllt ean aIw *> 5 * constituted experiments are being conducted W|an within the system itself- 

and places 

applies taxes, and accounts for f ro m the BBC and 33! concern- eX2 u t H* lea '"‘ 118 noJse on Jf non-seemented ■ Sony Alarm annunciation can he by 

cash. It maintains an inventory i„g digital sound recordin'' each time. recorder, - conventional panel lamps. W 

record, and even monitors « * “ , n ® - The achievement is important No bit-rate reduction of the cathode raj- tube display or by 

employee time-keeping. . 5“® advanta 3* ls * he s *me in for broadcast work where tne picture Information has been char* recording devices, and 

One system has a central D o l .n ca *es and Is anal agous with major proportion of the total necessary and major changes are -these can be duplicated at key 
master terminal. This is a key- b “™ obtained by pulse picture degradation is still unlikely to matte . the system points in the vessel: 


boa rd/disolay unit which may be r* ipcmi in uje accpuntea tor py anauM 

used in ? itendSSne situation oc lele P bone line transmission of tape recorder® (VTRs). 
can be Baked to up to five 
remote, terminals. It interfaces - 

with a tab printer to wrjte bills 
— in, for example, a bar environ- # CC 
ment, this type of system can be 
used to control open accounts Vii 1 
while detailing each drink round || S 

In an alternative system, the 1 

master unit works with five 211 . J 
remote scanner terminals. These 
collect order Information from NOBEL 


Sun power 
in Bahrain 


PRIZE winner 

lu*- dCLuuincu tui ujr «ui4uwuv viuw bunduic ivr .*.ioLi ana obwvAi pi^-. qi j- -h a monitor 

Of tape recorder® (VTRs). ■ standards. Mora on 01-SS4 TOIL ^sS^wlth either aSrtowe or 

digital outputs and consists 
- basically of a central station with 
. onuMiiknnavfAkif ' ’ one' br more substations. Each. 

0 COMMUNICATIONS ■ substation is mounted near to its 

senabrs to reduce cabling and 

Improving internal links 

INTERCOM EQUIPMENT that At the same thne. if the caUed station over four wire links, 
will give full voice-switching with station ls busy, the call station ■ Heart of the system is the 
intercommunication for up to six will . “ camp-on 7 and recall as company's 210 microcomputer. 
Sir locations can provide convenient soon as the conversation at the consisting of processor, inter- 

Improving internal links 

pencil marks on preprinted menu George Porter of the Royal lnsti- internal links for offices, hotels, called station is terminated. - facing to peripherals and sensors. 

f0 ™} 5 - ~ .. tution is to be a speaker at the showrooms, etc« without the An optional handset can he and- memory. Programs-— to meet 

The company says the systems Solar Technology Conference to need for 3 central exchange. provided where private conver- -a particular vessel’s requirements 

can save the restaurant staff a he held in Bahrain from April 24 Teletronlcs describes this as salion ls essential and all six —are held in programable read- 
lot Of Jjotfier m trying to to April 27. 1978. a “ super? elective - system in stations are powered from one only memory while variable data 

memorise prices or cones; they The conference is associated which aU six stations are masters, main s link. including measured values and 

compute charges quickly and with the Gulf's first solar tech- each able to Initiate conversa- r 'Communications distances of adjustable limit information are 

accurately, ana provide for nology exhibition, Soltecb 78. turns with- any other. The up to 400 . metres between dealt with in a random access 

management a range of ui forma- other speakers include Dr. stations provide hands-free con- stations are possible. store which is battery buffered 

uon concerned with cash, stuck L, O. Herwig of the US. Depart- versa tion and one-touch opera- * Master station designation of to .retain data even when the 
control, sales reporting, and other nierit of Energy ancT Mr. Andre tion. ... VM-220 and the design is a pro- system has been shut down, 

analyses, at the tpuen^ . piucbard of the French National -When a master station- ealla, dltet of NAfibmU PanafiOUic. More fregn Siemens House. 

uetaiJs from tne maker. May- centre .for Telecommunications the recipient can- answer rraine- More frorn TeletrohlCs ' af '9, 1 Windmill Road, Sunbury-on- 

n^ A HM U ®irT The «nd "the diately' -wHhoor-'flie- - - need to Cohnaught Street. London. WA: Thames. Middlesex TW16 7HS 

Herts^ hpj <e.i -ajx). Americans are strong rivals in depress a button or turn a switch. - 91-282 3121. "- F09327 S5691). 

__ . - solar technology. ' ' - - • 

with plastics injection moulding 
machines, three new robots have 
been added to the Tange of six 
machines already mode by Star 
Seiki. of Japan. 

Pneumatically operated, these 
mechanical handling- deviate van 
be installed on injection moulder* 
with capacities ranging from 1$ 
to 1600 tons. , 

Sometimes referrnd to as a 
- plck-and-place " machine, the 
robot handling aid picks the 
plastic component but of the 
moulding machine, and places it 
either within easy reach of the 
operator or passes If to 3 second- 
ary automatic operation. Move- 
ment of the robot is controlled 
bv connections tu the injection 
moulder, and among the advant- 
ages claimed are reduced cycle 
time and labour costs. 

A range of conveying equip- 
ment is available to operate in 
conjunction with the robot which 
can be equipped with suction 
units, pressure cylinders- aod 
fin cer cylinders. 

Marketing in the t'.K. is by 
Cole Equipment. 7 Airflow Way. 
Chrlstchurrh. Dorset BH28 3TB 
1020I5 6711). 

XT o C’i* O YV #1 Regional speakers Include Dr. 

JL 1 dM aiiU A. Kettani of the. University of A PROCESSES 

_ Petroleum and Minerals in Saudi 

ZUHIiNr Arabia. Dr. M. A. S. Malik of the TJ'wto nrkv*rkfi 

UlilvL Kuwait Institute for Scientific JtLVJiDOratJ 

TmT-vr-T-r-vTi*- c-j-jk Research. Dr. A. A.. Sayigh of * 

gsaSsRB a 'ffsw-J coolers 

KKl SSLVL & Energy Seeeareh CraS in Iren. 


£? a ™»^,l /r SS^ e Companies who have already' TO MAXIMISE Ihe efficiency of ford, ° We^t - Yorks, 

Ing solutions: and the' system in their own moisture, which 
can be adapted for use as a con- , flashes into steam, 
denser in refrigeration cycles.’ So far as is known, this is the 
The tube bundles can be sup- first time infra-red processing 
plied in materials to suit the has been used in this way. 
process fluid. - Apart front its application to 

. Details from Davenport Eogin- improving feedstuffs, the equip- 
eering Co, Harris Street. Brad- ment is used to process the 



J JTgLric S S’auSTSSi confir ? ied xh - eiT participation ui.Jieat. transferee Spooler (0274 2®filfc. 
data at speeds up to 9600 baud. ^ .-^uoa includ4f;Exxon^r- - m»f i of •rfbB^.cvcuit'WpQra- 1 -sir* 

Quiet enough for operation p^ er 



slore active filter 

office^ U prints tines of Fers^^rornl^Ui. 

132 characters formed on a £ 0 ^!^ ^ni^mustn^^ateRfHa 

dot matrix. Paper handling is LucaSi Sun Systems Inc.. S. W. directions. £ - - J 

traction mechanism. Hart and Co. aod Helios Inter- These small package water OT TGfiflS 

adjustable for paper widths from na ttonal- The French Govern- cooling towers are available in AV«V'tffi3 


BDI 5JD adjuncts used in brewing, which 
can include torrefied barley, 
■ *; broken rice, maize ^rits. etc.. 

_ - The method and machinery has 

P 5 ijbften under development for .five 

• Jt years ^nd. Liverpool., University 
- ■►has been 'involved - in tests of its 

► has been 'involved - in tests of its 
r products. Inter alia, investigators 
Slave reported that maize 

■‘1CIFICALLV for effluent and 

‘age treatment, an injection 
i tided plastic Alter medium 

£ been launched by Acalor 

,i or use in percolating or trick- 
filters, gas wash in a or 

Sorption towers, and., related 
S# :ems. the random packing 
j lerial is comprised of serrated 
(tigles joined to form an open 
lied spheroid. It is resistant 
| ^crashing, and the serrated 

edges interlock to provide 
stability and to distribute the 
load of the filter bed. 

Called Biofll. tbe material is 
self-distributing in filter beds or 
towers. It is stated to’ be more 
efficient than the conventional 
gravel, and this factor can be 

four to 151 inches. Up to five ment is taking a large stand- to a new range In sizes from 0.6 A BLAST <S infra-red- radiation digestibility can be improved by 
part carbon interleaved station- s how the work of an official to 2.8 .sq. metres.- Part of the -is used tn< ; * . cooking process 6JB per cent, and that of barley 
ery may be used, fed from below group of 12 nationalised and packing in this design has been primarily for. grains which in- by 4.5 per cent, 
or from the rear. private firms in the solar field. replaced with a bundle of heat creases their digestibility to such ’ With the imminent devaluation 

The whole of the printing Soltecb 78 is sponsored by two exchange tubes, through which an extent that feed costs could of the green pound, widespread 
action is microprocessor con- national oil companies, the tbe process liquid -.flews. They be reduced jypically by about 30 use- of the process by feed corn- 
trolled and is bi-directional, Bahrain National Oil Company, are cooled ' by a cascade of percent pounders coaid help pig and 

obviating the need for carriage and Petroleum • Development water. The process has been called cattle breeders to temper the 

return after each line. Oman, the Saudi Ministries of The circulating water is main- ** micronising ” and it consists m wind to the shorn public lamb 

Character sets (64 and 961 can Petroleum and Minerals. Elec- tained at an even temperature exposing. the grains on a cos- by keeping prices steady. A 
be provided in several national -trinity anif-. Industry and the by the evaporative effect of the veyer befETp a battery of - 48 price reduction would seem too 

used either -to .ted\»SSL.thg total 
volume of the filter bed. or to 

increase its Loading. • 

More from- the maker at 
fi- Crompton Way. -Crawley, 
Sussex RH 10 2QR (0293 232711. 

More from the.. w edBipaa^i fc at 4 ^More £npai -t 
Hawthorne Road. HftPnisersJra P.O'^j 

sex TW18 3BJ (Staingg 61 mV Bahrain- •»' / 

^SbUech toratinc 
il^ginma. SJSpic 

'iT.J UB2*3>r 



f. and*wt 

t heir - o u t 
S cool^ ^S0|eff 
1 plat- - tiidflgto ! 

as infra-re d, p - the process from Dr- Livingston 
bn<ffBHfcIfins is>Uf cA‘ r ';-F Feed Formulators. 
ri^*from wtte XorthaMerton (0609* 5391. 

LATEST VERSION of a digital 
temperature controller and pro- 
grammer developed by Want- 
gate Engineers (1976) for its 
range of vacuum furnaces is to 
l>e marketed us a separate pro- 
duct. ' * “ 

Major features are a program- 
able rate of temperature rise 
and fall which cun he set 10 run 
over a period of several hours; 
a dwell time at temperature; an 
indication of elapsed time: and 
a four digit set temperature 
with a control accuracy of piui 
or minus one plan- in Ihe last 
digit (absolute accuracy :s de- 
pendent on the thcniti'cmrpleV 
Up to five control ciunnete 
con be fitted, for a range nf 
temperatures from - 199.9 to 
4 -USOO degrees C t depending on 
choice of thermocouple >. 

More from, the ; maker , a t In- 
dustrial Estate. St. Ives. Hunting- 
don. -Cambi.- PE17 .4LU itHSO 
63984 ). " ' - - 



Ministry of Agriculture and Natural Resources 


and the Environment / 


Ministry of Agriculture and Natural Resources 
jnd the Environment.. i . 


rfhe Government of The People's .Democratic 
1 Republic of Yemen iPDRY) expects tp enter into a 
■ttan Agreement with the Kuwait Fund for Arab 
Economic Development in participation towards the 
’lost of construction of Rlyan Airport near the City 
)f Mukalla. 

Bulk Sugar Terminal 
— Port Louis 



Bulk Sugar Terminal 
.import Louis 



Lotteries and Amusements 
Act 1976. 

• The City Council are review- 
ing the arrangements for the 
operation of a Civic Lottery in 
their area. 

• Persons or firms interested in 
operating a lottery on behalf of 


! A6NIW GALURY. 43. OM BMCt $*.. 

i ■ 105th ANNUAL 

_Fet>. Mon.-Fn. 9 3Q-S.3Q. Tnars. until 7. 

FOR GALLERIES. Exnluttion of Bn« M»t- 
inas bv British anif_ EunmtJn Artist* 
fi-Oil 1700-1365 5-6. CoHt Stnurt. 

London W.l. Tcl, 01-734 2G26. WHL 
«avt 10-6. Sats. 10-1 

~z ~ " —■ , OMCLL GALLCRICs7~ Fiih; Bfirlsn am 

che City Council can obtain : L r,ncfr modern paintings and 
details -of the servirec whirh f EPS! JSSS*. 

1&NTRACT jfo? 17C 

. Qualified Internationa] Contractors are invited to 
r>id for the construction of the Airport. 

lender Documents can be obtained as of 1st of 
■'ebruary. 1978 against a non-refundahle charge of 
J.S.S30Q l U.S. Dollars Three Hundred) from: 

Civil Aviation Department. 
Ministrv of Communications, 
Aden. P.D.R.Y. 

Jr from : 

Dar Al-Handasah Consultants 
iShair & Partners) 

itt London 

91 New Cavendish Street, 
London W1 M7FS 

74 Beirut : 

Verdun Street. 

Dar Al-Handasah Bldg., 
P.O. Box 7159. 

Beirut. Lebanon. 

Tondtrs doting a c 1.30 p.ra. on Wcdn«cUar. 29di March, 1978. arc invited tor. 
(he followi.>g world fo- (h- Bulk Sue*'’ Terminal at rtrt Loon. NiunUus. in 
accordance with the Specification and General Conditions of Concradt far 
Contract No. 170. 

The Contract it for the detign. manufacture, setting, packing, delivery . lew 
store at Port Louis, and insurance .and warranty of two (2) oil.iipmersed 
natural cooied 1.000 ItVA. 12 kV/4lS volt 50 Hortz transformer*. 

Specification and General Conditions of Contract m*» be examined at tbe 
offices of the Consulting Engineers. Macdonald Wagner A Prtddlc Pty. Ltd., 
at Port Louis. Mauritius, and at North Sydney, Ni.W., Australia, and s>so 
at che Mauri (in High Commission. 32/33. Elvaston Place. London. 1 SW.7, 
England, and the Maur.t w -Embassy, fig Boulevard de Coureelles, . 73017v. 
Parts. France^-- ■ ,Zi . " . ' • • • 

Secs of Specrftcatidn and Genertl' Cpnditlons of Contract for us&aivos . 
registered nT'Tdauriciui nay be efifaSaeV. from Macdonald Wagner rt yiddte- . 
Pty. Ltd., r&ogert Automotive BuWmgr Cnr. Edith Cavelt & Mere Krulpjayrt 
Sereett. Port Louis, and fo' compsnlei ’ registered in all ocher countrie*' they s' 
may be obtained only from Macdonald Wagner & Priddle Pty; Ltd., i Ofl.' Mifltr 
Street. North Sydney. N.S-W 2060. Australia. Telex No. 20836. ' The 
non -refundable charge for each-set of documents obtained in Mauritius Is 360 
Mauritian Rupees and 50 Australian Dollars in Australia. 

Envelopes endorsed "Tender for Contract No. 17D. Power Transformers. 
Bulk Segsr TermiruJ — Port Louis** -and containing a Tender, accompanied by a 
Tender deposit are to be addressed to the Chairman, Tender Board. Ministry 
of Finance. Port Louis. Mauritius, and lodged In the Tender Box, ac the CMef 
Cashier's Office. Accountant General's Division. Treasury Building. Chautsee, 
Port Louis. Mauritius, or posted from overseas to reach the Chairman*. Tender . 
Board, .Ministry of Finance. Port Louis. Mauritius, on or before the closing 
time and date. 

Tenders dosing at I JO p.ra. on Wednesday; 29tfi March. 1978. are Invited for 
tne .oilDwmg works wr t:«e bulk Sugar terminal at rort Louis, Mauritius, m 
accordance with tbe Specification and General Conditions of Contract for 

Contract No. 17C. 

The Contract is far the dosifcn. -manufacture, testing, packing, delivery into 
store at Port Louis, and - insurance -and warranty -of 22 kV high voltage 
lwitchgear and metering equipment 

Specification and General Conditions of Contract m*y be examined at the 
offices of thr Consulting Engineers Macdonald- Wagner & Priddle Pty. Led., 
at Port Louis, Mauritius, and at North Sydney. N.S.W.. Australia, and also 
at the Mauritius High Commission. 32/33. Elvaston Place, London. S.W.7, 
England, and the Mauritius Embassy. 68 Boulevard de Courcelfes. 75017, 
Parb* France. 

details, -of the services which 
be required from:— . _ 
City Treasurer. 

: ” cl P-.O. Box 

The Council House. 

* * '-'College Green. 

' i Bristol BS99 78 L. 

Applications must reach the 
City Treasurer in an envelope 
marked “Lotcenr Scheme" by 
not' later than the 6th - February. 

40 Albemarle Street PlccasMlV . W 1. 


1 *?£.**•• RfOrntSlrrel-TW Mil. a i* 
i E?^ c K 5**nu. ThttM SncctMuNr 

| Floor Shows 10 45. 12 45 a no 1. 4fi jno 
, music of jatmnv Hawkcsworth & Friomn. 

Dup, Strut*. London W.l 


Mon.-Fri. Closed Saturdays. 01-437 6400 


ll3e.W. ff Specification and General Conditions of Contract for companies 
p in Mauritius may be obtained from Macdonald Wagner A Priddle 

a*-*"- ••• « •■m ibiuo ■■■•y vs WUL4JMLW 'rum nsuonuq VYl^ncr A mNIB 

Ltd-. Robert Automoc^ BttiMmg. Cnr. idilh Cxt*\\ & Mm ftaneiexpy- 
set; Port Louis, and fo- companies registered in all other roomvies they 

**■ 'cjisirraq m Diner ^Quuu ru utey 

may be obtained only irom Macdonald Wagner & Priddle Pty. Ltd.. 100. Miller 
Strwt North Sydney, N.S.W. 2060. Australia. Telex No. - 20836. Tbe 

,’.a n. u«Vi «BKrnii. inn no. 4U0JU. IOS 

non-re fundable charge for each set of documents obtained in Mauritius is 360’ 
Mauritian Rupees and 50 Australian Dollars in Australia. 

Envelopes endorsed '“Trader fo.; Contract No. I7C, High Voltage Switchgear: 
Sulk Sugar Terminal — Port Louis" and containing a Tender accompanied by a 
t* 1 **' deposit are to be addressed to thr Chairman. Tender Board, Ministry 
of Finance. Port Louis, MauriDiis. and lodged In the Tender Bo*, at che Chief 
Cashiers Oilier. Accountant General's Division. Treasury Building.. Chussee. 
Port^Lpuls.- Mmrftiui. or potted from overseas co reach the Chairman. Tender 
Board. Ministry of Finance. Pom Louis. Mauritius, on or before the ctesln: 
time and date. * 

The Tender Board dees not bind itself to accept the lowest or any tender 
and will not assign any reason for the rejection of a tender. 

Ministry of Agriculture & 
Natural Resources & The Environment 

The Tender Beard does not bind ioelf to accept die lowest or any tender 
and will .not assign any reason for the rejection of a tender. 

Ministry of Agriculture & 
Natural Resources & The Environment 


-at-.-f ■ ' . . RSU*I4/W89 Loan of UAJT^OO.OOO 

m sS^KSST 1 ? a t l Bonda f or a l0Uil amount of 

w- dr y in Janua Ty 16. 1978 in tu» presence 
of a Notary Public, for redemption on March 12. 1978. 

wa ^iv DW1 s. n i, ^A l.OOO Bnnds will be reimbursed, coupon 
No. 5 attached, as from March 12. 1978.- 
■ - - . - 1750 to 2089 inclusive. 

Amount subject to redemption: UA 340.000. 

Amount outstanding: UA 15,640.000. 

Outstanding drawn Bonds: 

Tender Documents should be simultaneously 
•eturned duly completed to The Secretary- Central 
Tenders Board. Ministry of Finance. Aden. P.D.R.Y. 
)n/or before April 15. 1978 and as instructed in the 
Tender Documents. 


9217 to 9222 incl. 
9276 aod 9277 
12689- ■ 


January 30. 197S. 

9152 to 9183 incl. 

9199 lo 9202 incl. 
9240 to 9256 incl. 
9319 and 9320 

12931 to] 2934 incl. 
The Trustee 

IntemattonaL Mutual Eaad 

Labour organization “ Vinoproduktr-Cemovsko polje," in 
foundation. Titograd' • 





1 ^ ^ I A Aral Dividend of onm f 

I ISJgjy.iO -net . lev -14A.S— holders 1 
*vi*h u ton ic tfeclarat-kinl per unit lor the 

I ! 

No. 58G’3ZiT9 c??2rt^yj' ma " n *" s »l«e S.A.. ! 


No. 58G>SZi19 

1 z rue Snint-vieGor. . . 

IZii Geneva 12. SwReeriaM- - 

FRENCH institute 

tvwjmg Ciiw, in frgnch Lausuige. 

^ ‘ , “ t * en «Ml TuniUuon.. fiuj'sir*- 

The Azorean Regional Government is soliciting proposals from 
qualified firms for the conduct of an in-depth air transport 
sector study, including a current assessment and the develop- 
ment of recommendations concerning the future development 
sf air transportation policies, plans, facilities and services 
-equired to meet the needs of the Azores archipelago for 
;afe. economical and reliable civil air services to. from and 
rfithin the Azores. The study will encompass all facets of 
:ivfi air commerce, passengers, cargo, express and mail, and 
vill include consideration of all required facilities and services 
ccomplished by either the governmental or private sector, 
■cope estimated at 30 man-months. Proposals due February 
:8. 1978- 

oterested firms may obtain a copy of the request for proposals 

The works shall be partly financed by Intemationsi Banlc 
for Reconstruction and Development from Washington, which 
means that al! Yugoslav enterprises, .as well as the flrras- 
froro member countries of IBRD and Switzerland may take 
part in the bidding. 

Glunt Supply Commission invites 
sunders from U.K. nunufaerurm and 
suppliers for the supply of the follow, 
mg items, which . should bt wholly 
produced or manufactur'd in the 
United Kingdom: and payment of 
which shall be made through the U-K./ 
Ghana Loan. 

a#jwwr announce 1 


■ J** 1 ”" J° r Horn* Pome 1 no Station, aesora- 

FcTrua« m r 25!h » •*' 

rchruary. Courses commence 2Qtt> 

Ire to the following ^ndmoM:— ; *— — — •"mmmmmmm 

1 DEPOSITS; | No 001.-7! OT 1875 

Si™ •WSSw.-SW" 1 ' 

■ WVsrKri* M .Mr. ! . 1 J^SSSS/TWi 

The annual processing capacity of the wine cellar will 
be with the capacity of 15.000 tons of grapes. The facility 

shall be located on Cemovsko poJje near Titograd. SR of 
Montenegro. Yugoslavia. 

Bid is to . be in accordance with conditions suited in 
bidding documents, that can be provided on February l5 r 1978 
or after lhat date, at Labour organisation " -VinoprOdukt 
Cemovsko polje.” in foundation. 81,000 Titograd, Tuski -put 
10. after paying off. the - amount of Din.3.00ff by local bidders, 
on giro-account ^o. 20100-601-13997 with SDK Titograd; or 
the amount of IJSS170 paid by foreign bidders on foreign 
exchange account or Agrokombinat “July 13,” Titograd; No. 
20100-620-37-7 100-000-5 with Investiciona banka (Head Office) 

1. Maize Shelters 

2. . Mobile Maize Shelter* 

3. Threshers 

4. Mobile Threshers ■ 

5. Single Row Seeders 
6: Seed Dibblers 

7. Seed Cleaners 

8. Seed Treaters 

9. ' Groundnut Lifters t - 

10. . Groundnut Threshers 

^ -two - cent, o, — cto, t D a ;;^ VJSS I 1 

Final grurarXae: oI T«c Companies ACt. IfWjl l 

. §St ,fiv 0 «r ceno of final award. . NOTICE IS HFHEBY r.TVFN 

lyhs KESi 


M Cramunn 
w*" SVH7 2jp (SA£) 
w* »» (Ext, 45) 

A-J?»nS»!? r -. c) SL£ av •* da,ay ' :a ih, ; said Coun° fl S l 

"-^'^r.S^davs, irom ,a„ *^6 BggpW™. SRjj f 

wi " Be accented until end rh ^t Ihe uM P.-..ri m 

1?3- sy w fl DrWn ° ' ,ours ^ M *ndar.:«; he heard toioiv, rhe^ coin JSM 
c-ihritirSf .tore, • hc ."Wft. c«m or w 8 "^' 




-IK. Ridgecs 

«i5r i iff a, h JS?S . advertise 

, S%lSW?.'lffil!5,r. ^Sr>"“ A r 5 ,L U w ,S' Siff « TE: 

jfsgF; fL sri -SsS 4 ^“ s,riu 

Kr-^S? n *3l_ oB SL ?"«*. “d "ndcwisiua! 10 anr ^ ‘he ; Rewd. nrinl Pnjiv rrv 


r.‘r v's-friinit 

Presidendia do Govern® Regional dot Azores . . 
Departarnento Regional de Estudos e PlaneamenTO 
Rua de Jesus, 177 


It is envisaged that tho works are to be completed up 
to August 1. 1880. , 

Bids shall be received by Labour organisation “ Vino- 
prodfffct Cemovsko polje” in. foundation .up to May 15. 1978. 
until Id-o'clock. . . 

'Intareind. lumiteuwi, Hpplkrs. j 
etc., may obtain a «[ of tender docu- j 
menu for a non-refundable fee of ; 
475.00 (te*cnty-(iv< pounds only l : 
from the „ Ag- Purchasing Liaison II 
Officer, Office of the Ghana Supply t 
Commission. 58-59. Berners S^rvec, i 
London wIP JaF. from dw 24 sh : 
January. 1978.- ! 

-tofrwondHw to-hU ™ ’ 

£j£ r , eneiosod en«woi« ioT I 
-Place Jtar getU an tho Booh eondnw 

Al-HIIaz Square, ” ■ 

Ktna'S Beam Rouse . . 
»4I. Mark Lane. ' 

Loadno EC3R HTB. 
Soflrllor to tho P. t ,i.on.-rs, 

** Wd Pen.^ 

. ;Bid opening shall be performed en -the' swue day,- at 
11 o'clock, in the offices of Employer. T.;;. ' - 

\ errCmer dn'chanma ior'p»4 Ylannlcar t,npoaT on ate bvanni-oi-th® utd 
r ~ -'*?5S?5S5 0l " fi.TVe Ob. or sontf be -S!?, 

J^wns. Protideiuin 

rapaclti . Cu^hum 
Sate Tf-wSl 
Kdiiiaittm. xtoion 
2S*2«A TpM,.m. 
rWteiwr. Ganfi'Bjw 

All neces5ar>- information may be obtained from Labour, 
organisation “ Vinoprodukt Cemovsko polje 2- in,, fonn'datiaii; 
Titograd, telephone number QSl 23-133 dt 031’ 22-332. ot:*y 
telex. No. 61165 YU A GRO. 

Jandmo-doly datfjrletw! and bwiOK j tS> 50 'pd {Syrian po 

'GharTi - - Supply yJSnmisiM MK. i - ^ 

r»ADEP 0005.TdwId>. addreej«3». l-l!Sa2a-^ ^SenttS^SSdm?o. ,l, ©,r lhl 
^tWr -Maoiglng tof^Kor » reaeh^®€ on* ,1ml 

•iCb'uimTpTon not-lotor then 3. 00 p,m^ I.T*** wtli be ycee 

1 on l4t>t/Marcto- ; -fJ78. W deposited 

."Tin to the Tended Bojr not • Ucv . titet 9* Gweal M 

3.00 p.m. on the abova date. ' ' 

r.ti k as-j 

.b* — -a— i 

Pf* 1 *^"* avanowo 1 ' 

«■» we «nate twuuw cm. extry 
a-r.-fc- tp - . 

Class [lied Adverflsement 
Manager. . ; 
Financial Tim^s, • • ' 

Can««n Street. 

irtb tur OI February I9rj \ ' ' • -* 

A ■■ 

Financial Tunes; Monday January 30 1978 

Pj^r^MgliNE RY 


excellent condition 0/2QQ0ft/min 

. variable speed 10 hp per block \ 1 96fi). 

BLOCK by Fanner Norton « 1972). 

by Farmer Norton ( 1972 1. 

SLITTING LINE 500 mm x 3 mm 
x 3 ton capacity. 

ROLLING MILLS Ex .6.50" wide razor 
blade atrip production. 

rod and tube draw in p plant — roll - 
forming machines— slitting— flattening 
and cut -to -length lines — cold saws — 
presses — guillotines, etc. 

by Noble & Lund with batch control. 

1970 CUT-TO-LENGTH UNE max. 
capacity 1000 mm 2 mm x 7 tonne 
coil fully' overhauled and in * 
excellent -condition. 

DRAWING machine by Farmer Norton 
27"— 29" — 31 " diameter drawbacks. 

LINE by : A.R.M<- Max. capacity 750 mm 
■ x 3mm.. 

and 1000 lb spooler — non slip 
cumulative type with double tiered 
22" -dia. x 25 hp draw blocks. 

—pneumatic single blow. 

1.7000 mm wide. 

965 mm wide. 


6-ton capjactty lattice jib. 

and cut to length line with flying shear 
and capstan for handling 2 ton steel coil. 

rolls x 75 HP per roll stand. Complete 
with edging rolls, turks head flaking- 

. and fixed recoiler, air gauging .etc 
Variable line speed 0/750ft./min. and. 

( 1973) by Thompson and-Munrae. 

AUTOMATIC 21" rebuilt and not 
used since. Wil It urn and index to 
makers limits. 

AUTOMATIC Extensive equipment. 
Excellent condition. 


Bed 40" x 36". Stroke 8". New coiid. 

200 TON PRESS BRAKE r x i" by 
Sedgewick: Air brake, air dutch light ' 
gauge. Excellent -condition. 

MACHINING CENTRC. Capacity 5 ft. x 
4ft. x 3ft. 5 Axes, continuous path. 

SI automatic tool changes, 5 tons main 
table load, Main motor 27 hp. Had 
less than one year's use and in almost 
new condition. For sale at one third 
of new price. 

68" xl5'' 16-1600 rpm. Rebuilt. 

Model NDO. .14’ dia.. x 51". 
automatic truing. Excellent. 

38" die. x 10 fee* 4" hollow spindle. 
10-710 fpm. 27 HP. Excellent. 


. 1961 iwf 1963. Excellent condition. 

V’ and DSSD. . Excellent. 

Type 1460 60" swing. Excellent. 

Table 60" x 18". Excellent cond. 

91MLT. Retractable Table 36“ dia. 




P.O. A., 
P.O A., 

i 0902 42541/2/3 
| -Telex 3364)4 
0902 42541/2/3 
Telex 336414 
i 0902 42541/2/3 
Telex 336414 



P.OJL 1 

1 0902 42541 /2/3 
Telex 33&4I4 



1 0902 42541 /2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 



0902 42541/2/3 
iTelex 336414 


0902 42541 /2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 

P.O, A. 
P.O A. 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
1 0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
1 Telex 336414 
0902 42541/2/3 
Telex 336414 



0902 42541/2/3 
Telex 336414 


; ” dia. New condition. Excellent. 

2V dia. Mimetic chuck. Excellenr cond. 
Capacity 3ku. ins. .Max. weight 
1.25 oss. ■ 

PRESS Type K 100 stroke H“. 

Brd 12" x 15". S.P.M. 70. Air dutch. 
Donald. Model KJ8. 5troke 2". ' 

Bed. 17" x IB". S.P.M. 40. .Excellent. 


rede and tube drawing' plant — roll 
forming machines— slitting— Rattening 
and cut-:o-lengih lines— coW saws— 
presses— guidelines, etc. 

P.OJL 0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
P.O JL Telex 336414 

0902 42541/2/3 
Telex 336414 


01-928 3131 
Telex 261771 
01-928 “3131 
Telex 261771 

. -l.i'f -. - 

Telex 2«77I 

01-928 3131 
Telex 261771 
01-92* 3131 
Telex 261771 

01-928 3131 
Telex 26177 1 

01-928- 3131 


Telex’ 26177-1 
01-?28 3131 

TWex 26177) 
d 1-928 3131 
Telex 261771 
f 01-928 3131 
f Telex 26177! 
01-928 3131 
Telex 261771 





01-928 3131 
Telex 261771 
01-928 3131 . 
Telex 261771 

01-928 3131- 
Telex 2617711 

01-928 3131 
Telex 261771 

P.OJL 1 

01-928 3131 
Telex 261771 

asm Me 

Dfls 60,000.000 - - 
61% bearer Notes of 1973 due 1977/1980 



(Redemption Orcmp No. I 
having felten due on March 15, 1977) 

As provided in the Terms and Conditions 
Redemption Group No, 4 amounting to 
Dfls 1 5.000.000 has been drawn for redemption 
on January 16, 147S and consequentiy the Notes 
belonging to this Redemption Group are 
payable as from 

March 15, 1978 

Amsterdam-Rottardam Bank N.V. 
(Centra! Faying Office) - 

it: Amsterdam 


Basque Geitrale do Lmaaboorg 5-A- 
irt Luxembourg. 



Supermarket war cats increase New Board members for Plesse 


THE RATE of increase in the 
cost of the Financial Times 
grocery basket dropped this 
month, after sharp rises in the 
previous two months. • 

The High Street price war kept 
the rise in the January price 
index to only 1.91 points (to 
268-33). a rise of 0.7 per cent 
la each .of the previous two 
inoaths the rate of acceleration 
was 1.6 per cent. 

In spile of the slower rate of 
price rises, the index reached an 
all-time high since it s launch in 
1971. The y^ar-on-year rise, 
however, dropped from S.S per 
cent, io December to 6.9 per 
cent in January. 

The FT Grocery Prices Index 
is not seasonally adjusted, so 
that this month's rise owes much 
to the increase in fruit, and 
vegetable prices usual at this 
time of year. Potatoes, cabbages 
and lettuces were all dearer, 
although the increases were miti- 
gated by slight falls in tomato, 
apple and cauliflower prices. 

Much of the overall drop in 
price increases was attributable 
to the widespread coffee price 
cuts made earlier in the month 
by most • big supermarkets, as 
their stocks of higher-priced 
coffee were exhausted. 

The general drop was 20p for 
a four-ounce jar of instant coffee, 
pushing that sector of the basket 
down almost a full eight points. 

The slow-down in price rises 
would have been more marked 
but for the effect of the extra 
lp put on a pint of milk at pie 
beginning of the month, bringing 
the official selling price to 12jp. 
This forced the daiTy sector of 
the index up by more than fire 
points to 148JB2. 

As the. FT shoppers monitor 
the same goods in the same 
shops each month, cheaper own 
brands recently introduced by 
some shops are not reflected. 

The outlook for a further 
slowing down in price rises in 
the shopping -basket next month 
is quite good, as supermarket 
chains rontinue price-cutting. 
Earlier this month Sainsbury’s 
announced Its “ Discount 78 ” 
price-cutting campaign in 

response to Tesco’s “Checkout*’ 
campaign. Other supermarkets 
are likely to follow suit. 

The Financial Times Grocery 
Prices index is copyright and 
should not be reproduced or 
used in any icay utidumt con- 



December 97 



Dairy Produce 



Sugar, tea, coffee, soft drinks 



Bread, flour, cereals 



Preserves and dry groceries 



Sauces and pickles 



Canned goods 



Frozen foods 

- 40.87 


Meat, bacon, etc. (fresh) 

- 183.37 


. Fruit and vegetables 









INDEX: 26833 

1971: Feb. 100; Mar. 101 J09-. April 70273; May 105.75; June 108JM; 
July 10734; Aug. 105.40; Sept. 105.26; Oct. 10435; Nov. K&48; 
■ Dec. 10836. 

Mr. Alistair Frame, deputy chief 
executive of Rio Tinto-Zinc 
Corporation Limited, Mr. Raymond 
Pennock, a deputy chairman of 
ICL and Mr. Frank Chorley, 
managing director of Plessey Elec- 
tronics Systems, are to join the 
main Board of the Plessey Com- 

Mr. Frame and Mr. Pennock will 
serve in a non-executive capacity. 
Mr. Chorley mil continue as a 
full-time executive. 

Mr. Frame, 48, has been a 
deputy chief executive- of the 
RTZ group since last January. Mr. 
Pennock. 57, became a deputy 
chairman of id in February, 1973. 
He was appointed chairman of the 
agricultural division in 1988 and 
joined the ICI Board in 1972. 

Mr. Chorley, 51, was appointed 
managing director of Plessey Elec- 
tronics Systems in June. 1976. He 
joined Plessey as managing direc- 
tor 'of the avionics and com- 
munications division in March, 
1974 from the GEC group of com- 
panies where be had been director 
and general manager of the trans- 
mission division of GEC Telecom- 
munications. ' 


1972: Jan. 109.18; Feb. 109.10; Mar. 10934; April 10 a.04; May 10936; 
June 115.97; July 111.97; Aug. UL40; Sept. 112.14; Oct. 113.15; 
Nov. 17: 1143; Nov. 78:- 114.49; Nov. 25: 1I4J2; Dec 2: 114.72; 
Dec 9: 114J5; Dec 16: 115.77. 

7973: Jan. 77736; Feb. 17935; Mar. 72033; April 12330; May 12537; 
June 12831; July 12734; Aug. 12639; Sept. 12939; Oct. 13333; 
Nov. 13533; Dec 13836. 

1974: Jan. 14M1; Feb. 14132; Mar. 74236; April 8: 14333; April 2?: 
74234; May 745.17: June 147.97; July 14632; Aug. 14535; Sept. 
. 147.6; Oct. 1503; Nov. 15639; Dec 159.15. 

1975: Jan. 16234; Feb. 167 J7; Mar. 17330; April 178.49; May 183.41; 
June 19332; July 188.45; Aug. 18933; Sept. 186.64; Oct. 189.79; 
Nov. 194.78; Dec 201.90. 

1976: Jan. 20833; Feb. 21131; Mar. 216#); April 222.43: May 226J8; 
June 22232; July 216.71; Aug. 22134; Sept. 23034; Oct 2373; 
Nov. 24133; Dec 24432. 

W77i Jan. 25133; Feb. 253.96; Mardi 25£27; April 25832; May 26334; 
June 26638; July 25838; Aug. 25M6; Sept. 25631; Oct. 25738; 
Nov. 262.10; Dec 266^2. 

1978: Jan. 26833. 

Mr. R. S. Haddow. has : been 
appointed to the Board of the 
Formerly president of Amoco 
Shipping Inc™ Mr. Haddow became 
shipping adviser to the Burmah 
group in April, 1875. He will 
retain his existing responsibilities 
as chief executive of Burmah Oil 
Tankers and president of Burmah 
Oil Shipping Inc. 


Mr, R. L. E, Lawrence, vice- 
chairman of the British Railways 
Board, is to become chairman of 
to succeed Mr. H- L. Farrimond, 
who is giving up the post of part- 
time chairman on February 25, 
but will continue as an adviser; 
particularly on overseas develop- 


NATIONAL has made the follow- 

ing appoin tmen ts which arise 
from a‘ reorganisation of its 
operating companies into four 
product based divisions, Ardrox; 
Metal Finishing; Food Beverage 
and Institutional; and General. 

Mr. H. W. Cross continues as 
group managing director and 
chief executive. Mr. H. A. Holden 
becomes deputy group managing 
director and chairman of Ardrox 
division with Mr. K. M. Jacobsen 
as deputy chairman, Ardrox. Mr. 
D. James has been made deputy 
chairman. Metal Finishing, and 
remains managing d irector of 
Pyrene Chemical . Services. Mr. 
Cross is chairman of Meta] 
Finishing. Air. S. C. Cuthbcrt, 
while continuing as group finance 
director, will be chairman of Food 
Beverage and Institutional and 
Mr. C Aberdein is Its deputy 
chairman. Air. C. R. Gulliver has 
been appointed chairman General. 
Dr. B. J. Ridgeweli becomes 
corporate technical manager and 
Mr. E. F. Woodhouse continues as 
corporate planning manager. 

The appointments do not 
involve any changes in the com- 
position of the mam Board. 


Sir Edwin Leather has joined 
the Board of RICHARDS 
MULLING, Canadian associate of 
Hogg Robinson Group. 


Mr. L. F. Bradbury has been 
appointed sales director of 
of the McKechnie Group. 


Air. Richard ilL Holloway, a 
Board member and general mana- 
ger, has been appointed managing 
FINANCE, the UJv. leasing and 
asset financing subsidiary of 
Chemical Bank, New York. 


Mr. Peter Woon. head of 
information division, BRITISH 
is to take up the post of editor, 
news and current affairs, radio, 
which will co-ordinate the output 
of the separate radio news and 
current affairs departments. 

having overall editorial respi 
hiifty for both. 


Air. R. W. Batson has 1 
elected a director of BA 
Of Baker Perkins Holdings, 
continues as manager of g 
personnel services of the pa 
company. Mr. S. C. Hargre 
group planning director of 
parent concern, is to relinq 
his seat on the subsic 
company Board. 


Hr. Ian Barclay has 
appointed commercial directi 
ALV1S. of the ■ Ley land Sp 
Products Group. 


Mr. John A. Kendrick has 
appointed finance director 
of the Simon Engineering gi 
He succeeds Mr. G. W. tunes, 
retires on March 3L 

Mr. R. A. Rowbolham 
become chairman of the F 
the retirement from that pos 
of Mr. C. S. Rowbolham, \vh( 
been elected the group’s 


Mr. E. J. Garner has 
appointed to the Board 
GARTONS. He is man; 
director ot Peter Darlir 
Partners, a subsidiary. Mi 
Blyth is now company seen 
of Cartons in succession to 
J. Sellers, who has transfern 
other activities within the g 

Air. R. Perkins, man; 
director of Ransomes and Re 
has been elected president o 
second year. 


Mr. Julian B. Moeller has 
appointed president and' < 

executive of TR AMEi 
a subsidiary of Simon-TR 1 
ings. London. 



Heathrow nonstop to Miami in DCLO super- 
comfort The fare’s the same, so why go the long 
way round? Take the sunshine route: National’s 

We fly wide-cabin DClOstogiveyou more 
comfort' more leg room. We serve a choice of menu 
and French wines. 



January 23, J9TS 

L . - | 

■ .v , 

1,^ ;J\] 


.1 j 


x „„ 




Airlines Inc. is incorporated in the stale of Florida, U.S 

Financial Times Monday .. 


French Kier tots up 
iearly f 15m. 

£ 6 m. Tilbury £ 3 m. to Norwest Holst 

' .A • i ■ SUBSIDIARIES . OF Norweat Shopping Centre at Farnborough. 

contract in Kotat bare been awrided -con* Bofet England « to 

£ 9 m. London office block Nigeria m 

1 ^ It* • Amalgamated . Developments (£400,000), and has several inner 

A CONTRACT valued at over is for warehouses at Dunstable THE OYQ State Government &‘*2SS? jobs Nindudirig ™SS 

S9m. for the construction of a for Britton Estate. Nigeria has awarded Tilbury Con. fi™* 1 *? 1 ? ^ Allied Breweries a r Burton u<»n 

nine storey office blockand Refurbishing of offices for trading Company (Nigeria! a J J**®* "" (£200.000). 

“‘firhnm iti T /lurP r Tbimflc QtruPl a ' . CR m paAnfidmih. StOrCj rCiniOrCed COnCIPtC CUT Rrn fhf>ro fnr n f.okt* OVCfl priljt "j 

f INSTRUCTION OF an exton- Work will include provision of 
!. C . to the north and west overrun tunnels and ventilation 

r ttgars of technical block A shafts. . work on the project to be 

? .London Heathrow Airport at Kier has gained two contracts, known as St. Magnus House has 
C :ost of £9.7m. is to be under- One. worth £763,000. is for West j Ust begun and will be completed 

£ .en by W. and C. French, a Midlands Gas for a computer i D March, 1980. 

■s mber of the French Kier suite at Wharf Lane. Solihull and Architects are R. Siefert and 

i, JUp. This is the largest of the other, valued at £647.721. Partners. ‘ . "w r • . « . 

i. ‘eral contracts awarded to the is for 61 flats for elderly people V Qripf"V itfYI* 

pup totalling nearly £ 15m. . at Linden Road. Bedford, for the » €M.n.M\s\>j A\#X 

■ the hangaT extensions will be Hanover HousingAssociation. \T|F£ ***■**,<* nf T 
i| jut 105 by 3S metres with an Foirr more contracts havej gone VV 1111 00 V 21 I ■ 

■, trail height of 31 metres and to Robert Marriott of Rusbden, r *7 

;} -luded will be plant rooms, North ants. These a [e for an » - 

ilities for cranes and other extension to a block which forms ilOSTlP SI II ft THREE sports centres are t 

i' -vices. The work will take Part of a warehouse at Mansion HIJU. constructed for Leeds Citv C 

1 ' rears. . Close. Moulton Park. Nortbamp- 

; s ^° t abroad 

‘ SiWer Band Club, Corby 

inc sinews 

F . of industry . 


" ... ' precast cooc ret? ■ 

. structure?' 

CREN&O* COMf BE \ r CO LTe. 
'.■'-•Theme Ita. Icvtr) CioTKK.iv 
• A'^bur,-,. Bwtv 

Tpl‘ lafsi Crijrtdon Hi 


about £600,006 


non to extend the Kingsmead schemes. 

Ghana water supply Offices at 

CEMENTATION Construction Wa and Bawku in the . upper (rvitWl O U 
has been ■ awarded- • contracts region of Ghana- Cementation Mut TT 

a large 
coal plant 

worth over £2m bv the Ghan 2 is aIread >' working'on a contract a > . j. 

sss^ragajs Airport 

K- « — - *ss rr«£Krsr -swas. <*.«*. 

Work "has already -beeun on national Development Agency has won a series of contracts In ' *!2ELJ n r5w« C k 
one Stre the Fl|2vl5?Sn5! and the work ttil! incU,de eon - the *orth worth' about nSnu 

nSrth?ast e ^? the e -c^„?iM C 5 wver^ a wid^range of acHvity g»«K2h£Sl 

; — “ ton for Roberr'Horne and Co 1 nearly project oy me umaoian inter- Back in the U.K.. Ce 

■ r tf. and C. French is also to frT3 5^5 ■ for an extension to The dnrOSfl Work "has already -besun on nationa l Development Agency has won a series of co 

;Hld three blocks of flats at S bI Club Corbv aU1 one ?Stre the^ fIISvIU? C eaSS and the work uiU incU,de ^ the North worth' abo 

9 contree Estate. Dagenham, B f a “ a an «Snsion to an ^rth? 3 st oF the Inf it is struction of four reservoirs, a covering a wide range 

1 -ex. for the Greater London block s? Kette'rin" For W0RK in Trinidad and at t n s^rt -Sra nr. The water treatment plant amt a ltera : from further work on 

incil Value of this contract ^oraton Baker and cI ffM rSv -Newcastle-on-Tvne will bring in SS' snoots tions to two pumping stations. - ber ; Bridge, anchoragi 

I. !“ 5 f 6 „ Srfb? ™ av r °rem e ^ rlVT^T^'^Te T »= •“« “ « Bolgalanga. acrW maf. in the »e 

uharles Band and Son has won huncalov.’s for old people and 0 p.rr® cu wr _ n ;_ ;r,Hhh«an\ Huoslet centre south of.ihe city 
•: t2.4m. contract from the Tyne three wardens’ houses at Black- h K eor ® e centre. _ *11 I 

*. d %ea t‘ Passenger Transport thorn IV Norm. Northampton for In Glasgow, Lainr is to tf OlinPlI BllflllQirf 1 ' 51 W5I TYIC 

^cutive for the construction of the Northampton Development £|JJ£* Jlr" of modernise St. George’s Cross illHldC €t Tr di lift 

-.James Station. Newcastle. Corporation (£431,000). TrtntdS and Station for tbe Greater Glaisow a m ' ■ 

!l Toba -°- 18 Passenger Transport Executive CONTRACTS worth almost structioo. they include 

* : Phase i ■ n e at a cost of £510,000. while, down £2Bm. to buiid council houses at four-bed houses, and tw 

SDOrt? Comnlev reaSraTS^in. in the south ’ at - <ho ^tiona 1 Gas Bolton, Lancs., and Pui-hcilffe, ' S*®T^ eil Rats - Work 

; ZtIII* orders tor JdOWGV S miction of si* netball courts s }, P * e ' ^otts.. have been obtained by 

now over £54m. . M 

Back in the U.K.. Cemenlation : 

CONSULT ANCY and enuiMnapf. 
services- contacts for thr desiga;^ 
of a ne» nuilu-iriiltion pound. : 
coal preparation piaol iff In®*'.-; 
have been awarded ta, a:DiV... 

Intcm-itiotial fompanjr, 

James Station. Newcastle. Corporation (£431,000). 

•” Council house awards 

io upenm: -■ coal m*r y.*ar Anproximatelv 

over the *»•« . fcu * h lVl . , i !:i monos »-f ookinK caaLipee. 

’ fourfocr bl ^ l. Will tat* a ;;;: ir -air V 

«ta« fwcttai, they M*. w 'SSST&i '%*?$>•*> MM 

T) SDorts Comolex reouiresthe coti- in the sou,h - at Iho Xational Gas Bolton, Lancs., and »>«■ Wo* on the Completion if duo in Apn, a. >“ 

: 2 fm. orders for Bowey “°I r £ S ^ 

! gmiACT, wotut „ nnthenano for ^ D ep artra en, WnrSXth^ ^ 

. r hed to nave been wen_so.far of the Environment (£301.872): una ,“?_° p _« ^ For the London Borough of For Bolton Borough Council it 1979. (t includes, one-bed flats, row. „ a . 

s year by the. Bowey Group. Work has already started on a wtaM^Tto bind six facToriS Lewisham, 

• Major jobs . include the con- community centre at Boulmer, ^ t° ouiia six factories a housing 

.■uetion in Crook. Co. Durham, on two advance factories on a r nr n Thl nm Was startec 
i.;37 dwellings for Wear Valley former railway station site in ro }*5 “ ?’ I i ed 1 ? t * t ? e tor in Vea 

?.,stnct Council (£436.000). ex- Alnwick for English Industrial ?'1?J e cw- d 1 E V at f tract is w< 

Newcastle office 


iv an ov.»rhi;.:il r.-»ii syiinm w #. ■ 

jpid loading hunker inetiiiitioi* 

. ™». c.i- niunii> iui c.n&iian inuuMinu o_„*w ciioHt , _ j *, " ■ tract is wo no t^ou.uuu. tt • . - ■■ v -a 

a telephone exchange Estates Corporation and a hous- Sme ^£753000 d 1118 ontr ct Engineering division of John H-TrbC^ai’Ql Jq hATSif'AFV 
S-M®- Newcastle upon Tyne ing scheme for aged persons in ' alue IS £<o3 ' 000 - Lainf Constroction is to carry laUUfdlUiy 

I r -1.000) and a housing Byker for Newcastle upon Tyne out two projects to improve * ■ r 

. velopment in Boulmer, North- Housing Committee. Thames tidal defences. A LABORATORY /or -the be singlc-stnrey entrance accom 

_ L 3 m. worm SS2Sl££ sssisJir 1 fadllties “ d 3 

fomes in Scotland to iUillpr 

t. Lvf Hafl Road, by Ruttee and Ken (Slowlem face brick cladding and alarm- 

r M7cu-o „* n. . „ . „ . - , . Northfleet, Kent, with com pie- Group). This follows the corn pie- nium vertically- slidinc windows 

)LSES at Rosemarkie. Ross by Ross and Cromarty District thi i i tion scheduled by the spring of tion of a residential block for Work has just started and will 

j ’ P 1 * hospital b>v Rattee and.-. Kelt take -two vears. ITic architects 

The second contract,- worth last; year and -the eoasmirtioa of areCusdm Burden and HowitL 
£LSm.. is to construat ■«- 2.3km. the hospital itself by ^ihe ..-U-.c 

Sale. Cheshire. 

i-nmuMKitmiiig of th«> plapt 

•- rsjwa oi nubeiiiariue. nuss oy koss ana LTomarty i/istrict -ip| « 1 
,i<d Cromarty, and at Banchory, Council and is for 33 single and MIIPkIPV 
ncardioshire. are to be built 2-storey dwelliogs. JLJ U VXUL V J 

der contracts worth over , AtBanchonr. h^ses and flats 

1 «” .. . . suoos yarn. Awaraea oy me awaraea to MUier uucKiey «m- Dartford Creek and Greer.hithe. be of six s.brei-s with S roof plant 

'iiuprt a trI^?L e Hanover Association, the contract structlon. Completion is expected before room, ta nk room s _ a rid ‘ cool] ng 

i^ .uea at __95,000 was awarded is worth over £163, 00Q. The largest, valued at £1.4m„ end-1978. tower platforms. There will also 

r t" — — — — — — : 

of pollution 

ill! in ^ 111: t 7 -*, V,1 ' . ' i . . ii i* iT-if;; 

; 1 1 1 i 1 r, i l ; ! 1 ; ! , 1 < ■ 1 • ■ 1 • • • V: r > ” : i ; -r. Ty n ^ - 

- - 1 i 1 l ri ; ■ ’ > - > m ■ 1 ‘ ' i ■ ‘ * 'i i ' i ^ rJ U i a) IVl 1 . SV: ' ri 1 1 ' I II Li 1 - - 

* I ! i ^ ! I * • • 1 M ; T • J • =■. 1 : - 1 : 1 II n \ i ■ » ^ » i t j 
1 W STCitiiimO ‘ 

r 1. 1 imii I ' ■ 


. .. : LV.Kar'i lltH',!’,:- 

nl Muni; 

WATER treatment specialist 
Degremont Laing has been 
awarded contracts worth nearly 
£400.000 to supply processing 
i plant for two paper mills^— one 
• in Nigeria and the other in the 
| lf -K- 

; The larger, a 12-month project 
■ valued af'arttutfd £2S0:000:"rs for 
ithe^ae^iyh ! an®'swpplS'N^<equiiJi' 
menl to treat’ river, water for use 
in .odwswrat pjKldiwtjoi): aj^-yja 
Nigenan Newsprint Ma^^Tactu^ 
ing Company's pulp and paper 
rail! in the Cross .River Slate of 

Engineers for the project are 
Parsons and Whittemore Lvddon. 
of Croydon. 

. The second award is a £125.000 
package contract to design,! 
supply and. erect a plant to treat 
effluent 'from the Wycombe 
Marsh Paper Mills (a subsidiarv 
of Bunzl BUp and Paper) at 
Higb.^vycombe. Bucks.- 

V^\ \\ . .^1 n I ; ! i . 1 1 1 1 m W ♦ r. ;• .i; “ V---;::;-' :.' ■■ +’-i -i - •->:*, ••- liiiv- -i 1 . 1 ! 

gr:z- ^ ^ ^ -to?; v 

. - ~ * : • “ = ~ ?£::? ^- V- . . ~ - - 4 f 1 • ■ ' ' i "'.5 Mi''!'* •' ''l ; !*' - ‘T’-*- - - ' i li ■ or ^ ■■’?.' ~ : ' ‘ 

:: VV.'-. -A ::: r, r. i ;v. ; r. 1 m 1 ' *;l\ M ' ,V.’, dt t : : ill ) H ^ 

• - 7 - I- V , ‘ JJ V. ■ -HlHlI 

. - -. - - ' v •' . ■ hiiit m,'- | i 

• 7 ^ -S' V; -.-Pi MUii* 

*• %• * .^■ i nH^^^HDQ 3 nllPkri 4 l<r^A . - i. ...... miti' 

tt:- f 1 ’ •' •• •••;'■••,. j ’ I •** ’ - * v«.‘. • •Miituiii-.,ru»»«iMuOt‘*** ,, ' < ‘ 1 * 

Sk -mM 






4;1 u;^”UUUU”\UUU:--*’tUu*^ 

ty yn 11.1 yi.iinrin>«, IKJI11 

:i i I'-i- i : .ni« n ; i,.--' ; i! J Jill 1 1 r- 

ii’r'wAgii kJ'i l( : 

|cv,ui i;;U S’.U ; nils »*r ; ,t{ i 

1 iutiti i ■’-iu : ! i 5 iUUtui 1 .: :U 1 : : s i iili ih« I 

: : ::: \\\ \ \ \ ; : : ;;; :\\\\\ ;:y ijS ^ jli lii 1 

-CTJ.K. Construction and Engin 
eering Company has been 
awarded a contract wqrth about 
.£600.000 for the fabrication and 
erection of pipew-ork for Imperial 
Chemical Industries - Organics 
Division at Grangemouth, Scot- 
land. This is Stage rhree of the 
construction of ICI’s pyrimidines 

® Costain construction has been 
awarded a contract worth almost 
£400.000 by the London -Borough 
oT Harrow to build an extension 
to Ben Hey Wood High School' at 
^ranmore. ?.Iiddx. . 

The company has also been 
awarded a £250,000 coatract to 
build a geriatric ward and plant 
room at Stratford-upon-Avon 
General Hospital for the West 
Midlands Regional - Health 

0 Precast concrete frame struc- 
tures— two for oflice blocks and 
another for a laboratory block- 
have been ordered from Bison 
Concrete. The office blocks are 
for Basildon Development Cor- 
poration and For Ideal Standard 
at, Hull. The laboratory is for 
Allied Colloids at Bradford 
Total value of the orders is 

9 Lesser Construction has been 
awarded a contract worth about 
£0.7ra. to design and buUd an 
extension to the Peterborough 
(Norman Cross) Crest Motel, on 

To make the moat of increased production, you’re/ 

rapidly goingto need a modern, weli equipped- - 

warehouse. The timing has to be right and, of couwi 
50 has the price. • 

HappUy Atcost can help on both counts. ' VV , 
As Britain's.biggest manufacturers ofprecast/' ‘ 
concrete structcrai framed wr can meet vrrtua3hr= 
any mdrvidual buildin g need - but at prices which - 
Fully ret.ect all the benefits of mass -production. 

And the Atcost ^stem speeds const ruction 
Lutting costs even further. Getting your warehouse 
working even sooner. 

For full details, post our coupon now. With the 
economy picking up. there's no time fordelnv 

I VO a builuinc pny.xt m imr.ij. 

PlMM«H,d mi- li Ir-mrurr on Uaroh-.,,ini-C Fa. t-ri.-, r- nniors Cl 

Name - Pasamn 


.Address ~ 

the AL The work, to be com- 

oleted earlv next venr inHurlao 

pleted early next year, includes 
a two-storey block of 48 bedrooms 
and 16 suites, and a single storey 
facilities block— the existing 
public areas remain in use until 
the facilities block is completed 

U> ,lS - ■’T" 

SCOTLAND MunroRpad. 

Stirling FK 77 TA. 

Stirling &29U 

' -itfif c . 

|H«5»MMlSi - - ■ • -J,' 

liinmiinry • ;••;•.•' y 

liirtmntiB ' - • 

Sf iiiiniiu;- 






; j«‘l i- 1 *:? 1 * : 

;4 ’ : - - “ 'li»: • ; M ' iVi; I '7-^' - 

LC 1 3 iT^ RTTmvi 1 

Trollope & Colls 

Citv Builders 

for '200 years 

1778-1978 . ] 

Planning on returning to Now Z^iand ? then w e 
would like (Q talk to - you if > 1^1 art, a eomrnmciisfe 
orieniated vructural engineer, arrhiteS^r^niif 

SiW ■ 38 ™, raI PoSliioM' available to suirably 
SSiW - " wlw -- e *l Aenronst rate SS*. 
mem aridperformancainihelr pam cllto[ fi S - 

We ore a dynamic company, a leadt, ip nf 

management and pmtftt control i a SSrio R 
I?r Quatitv spaed i n !5ie S«S*- 

tion of major buiiding.:projecti. Wofler.aUv'e 

opp^ni^o^n'^'. 1 , ^- 1 " bvnt-1.15 ard th B 

,0r «iteiejns. co -ordin jjipVi ^r. V w ' r,,, 

thiril ®f will. 3 sound wor^-1 1 ; ldh,, ^ v **? n «*** 
*“ r . eco « , '"akaiing ach.Cvu^h, ’ ^ Wlta,nMiv ^ 

nf w au r ld''llfc f j F -^nw>V t . *f >ou 

City of London • 
riu.iiiviiii Publu- R-i. l( ,. 

RiirniiiiKii, .Vl-,cr:j.,n- 
rtrL-ni'fl. <!>%,- 

f- -,r Bioa.i St. 

I-.M'Ji'll | || ,-.- 



vl Vr 

V V 

* ^ 

. * i? I 

Financial Times Monday .Tanuaiy 30 197S 

THE CONCEPT of management 
development has been accepted 
by jnq$t L\K concerns during 
the last decade or so but execu- 
tives at Taunoy's . factory near 
GiosgoW have started to experi- 
ment with the much move novel 
idea of employee development. 
So far their scheme seems to be 
paying off— interim. of both pro- 
ductivity and industrial 
relations. . . 

yfay the individual approach 
comes over loud and clear 

rx 7/' "tr *’ * ‘j 

4 r.iT- ■'T a * 4 ® 



Tannoy is best known for its 

loudspeaker systems hut also for of it— -the line operators. . " ... 1 job within their own grade, 

hi-fi equipment, most of which “We shouldn't have one cn- : The key factor 111 Tannoy S new philosophy Every effort is made to accom- 

is exported. In order to moor Sinrer telling another how he „ 1 modate employees who want to 

Us long-term expansion plans, it thinks the operators ought to 1 $ that its ZUU employees Should take 3S DUICQ move, although individuals 

moved its munufauturm? opera- be doing their jobs." Mr. ., ... - ■ sometimes have to wait a while 

lions from London to Coat- Hughes says. ‘ It should be responsibility 8S pOSSIDle tor tneiT OWI1 WOrk, for a transfer if there are no 

hndee in the heart of Scotland's up io the operators themselves. - . . , immediate vacancies or if they 

industrial “When we first came to Coat- ^eiT OWII Careers and theiC OWD day-to-day are desperately needed in their 

years ago. And the move gave bridge we made as few rules organisation current capacity-, 

the company the opportunity to for employees as possible. We ® Discussion on the technical 

take a completely different wanted people to make their . and organisational aspects of 

approach to the management of own rules as they came and principles are also written into - Managers apart, there are jobs is carried out by about a 

its workforce, which it had been joined us. What we ere trying. tbe agreement They are fair- three grades of jobs at Tannoy dozen work groups— one for 

wanting to do for some time. to do is to match the growth ness> security and individual — cleaners, operators and skilled each manufacturing subsection 

The key factor in- Tannoy’s rate of the structure of the fulfilment technicians. If an individual m the factory. These groups 

The work improvemc: 
scheme is being monitored ! 
i Mary Weir, a sociologist frt 

• ; the Department of Employee 
Mr. Hughes says she acts as 
?■': catalyst and an arbitral!; 

gingering people up if 1 tl 
vi thusiasm flags and perhaps he, 
^vSsS^i jfr-'-fJ ing to avein any major disagri 

V" L ./; : 

Tenney's policy also has i 
full support of the union; 
Tty witness the four princip! 

written into the union agr>; 
ment. There is a closed sh! 
>«<; at the Coatbridge plant a' 

it should he pointed out tl : 
there is a traditional a; 
separate structure for hard b : 
gaining with union sh! 
stewards. At least three sh ! 
stewards also sit on Che wc: 
improvement committee-! 

— they are not elected in the n 

i — general manager of Tannoy’s Coatbridge mat way then they are co-opt r 
rehiteet of the company's work improvement Meanwhile Mr. Hughes sa 
scheme. that Tannoy’s productivity Y 

risen considerably since t 
lor management to be firm and ramp any moved from Londt 
serious diffi- authoritative within its own J 1 ? estimates that the 200 -stro 
groups some- domain. ,a i our force ^ producing aim. 

accept the “ The work improvement com- as mu^h as 3M) peoi 

Mr. Jim Hughes — general manager of Tannoy’s Coatbridge 
plant and chief arehiteet of the company's work improvement 

labour force is producing aim. 
twee as much as 300 peoi 

national is that «ls 200 and hire dozens of operators as bvi enou gh: just rewards he or she receives the required improvement committee. The^ refuse t0 accept the - The work improvement com- ™ asmuch as 300 peoi 
employees should take as much soon as we arrived. . f .^ e £ orXs b y training. When this is com- committee is made up of repre- responsibUi1 y th at has been mjneesavs y^Tor no to the d ' d ,n u the o!d plant - He aD 

responsibility as possible for The appointment of super- emp!o yees: no discrimination JJleted the promotion will bring sentative.s from each individual - ven ^ -For example. “commS'dauons put up by *e improved oujut * 
their own work, their own vUors provides one example of on tbegrounds of age, sex, race an increase in pay. work group, plus four manage- smokiag is not ajjowed on th e the man- !3 01 be p “ l down t0 J the lnt 

careers and th^ir own day-to-day how this policy works on the or religion: high safety “Each person has his or her ment; representatives. It has fact floor but a special area wSt* has the m onev“ duCt,on of *? ore - moder P Mu 

organisation. This approach has shop Boor. Ar the outset the standards* and job security. own growth needs." Mr. Hughes the power to back work group has been « ide where M r 4n Q he, ' L iJ we pent - at the n me of the mo 

couraged in other companies— vision and how much of it there b^s he is wrong without Hon. And there are those who 

’* provided nhc atmosphere were ought to be. fear of recriminations. 3 ust t0 P uL ” To ob- 

right." - ■ . _ - ^ , . . tain some idea of likely demand. 

This principle is put into n - , - . ori ncioles if the and 10 eacoura S e pe°p!e to con- 

practice in a number or ways: KCSISt SUCe ful- sider the idca ^ has 

everyone on the shop Boor I a,read 5 r asked everyone which 

camps his or her work so that * .“5*“ ““I 1 .*SE?SS£ 1?M ^ey would like to 


work ^oups are pow sayiug 52L JS£ 

__ an addlUona] expend!- that ■■ people in aw new faetc 

* TSJ^SSTL "ZT ZZ, tore. are Ilkel/ to be Lppier th 

Perhaps the most radical of «*» so me idea rtf Ukeiy dem^d. of ^ttlrs from action bemuse the net result 

Tanat^s four principles is the ^ i»b rotation within grades to of the scheme is that smokers » 

most important in one that has been establish 

practice in a nuraoer oi ways; xvcjulouvcs , rrmrprnine individual ful- s i der . T ^ e i ^ ca 20111 pany 3 a u whether a TV- team Should be are having more breaks than to sa>* no dearly. Managers forten years. w . 

everyone on the shop floor - one raiicermng indnnau^ tui a] ready asked everyone which non-smokers must not pretend they are going The company is expected 

stamps his or her work so that There was a certain amount other jobs they would like to ^ Therels^^ork The management savs it Ls up 10 S*ve an idea' further con- ^ke on more people in the m 

anv errors can be traced hack of resistance to the ideaatfirsL defines it as follows. The pnn d d has a list of the replies. at the factory. There is a work ine management says in. up _ know full future. It is perhaps a tnbt 

”onctmo^ The operators demanded more ciple .of individual fulfilment Hughes admits that the pup for managers as well as Jo the work groups to sort out even going to Tannoy’s whole approach tl 

emplovees are brought together supemsors — apparently just expresses, qut recognition of the hard b bave j ob niobi-J? 1 °^ e l ero P l0 y ees - T^Js has themaner. entertain it. For example I man T existing employees ha 

to meet major aistomeraso that on grounds that they had umqueness of- each employee y dowT , w -ards. He insists that discussed such things as The work groups say they do ^ asked for their husbands 

hev ean h^S JIa been used to more supervision and the wish to provide, as far ^ ere is no stigma in going managements response to a not want to be responsible for »«* bare 10 hraiteuon in wives tQ be considered for jc 

their requ^emenS^^ The in .other companies. Kit the as possible, the opportunity to down a g^ de says the com- f ? r b f ener t education preventing* their workmates « a at the Plant-even though soi 

Sitire tebouf“Eh* including Tannoy management stood; firm use and develop their indmd- i S doing its best to per- and t P Jning for technicians, from smoking. They think it *ouM P«t our customers at a f ajready have jobs el 
ftJSJS and insisted that the matter be uaUties through, their work. i, »nd the method of choosing might cause bad feeling and Disadvantage. _ where. Yet an increase in t 

must not pretend tiiey are goiog The company is expected 

certain amount filmed. The union agreement allowed to come in and film life no^mojers. ,o give TSlIw ««J take on moro ^oSe ^ Se m 

the idea at first, defines it as follows. The pnn- dQ ba5 a ^ of tbe re plies. at the factory. There is a work The management says it l up . . when they know full future. It is perhaps a tribt 

demanded more ciple of individual fulfilment Vr tr, a Hmik that thp group for managers as well as to the work groups to sort out . to Tannov's whole aonroach ti 

entire labour Toree, including mamscBHii mwniuiu 

managers, ,is divided into small aQ d insisted that the matter be 
work groups which- meet once given some thought. - To-day 

ilities through, their work. people to speak up if they and “e method of choosing might cause bad feeling and 

“ In particular, it is important f ee j j obs ^ becoming supervisors for the shop floor, they want a ruling from the top. 

Hild have no hesitation in a f ed fo £ their husbands 
toing a recommendation that ^ 1 to . be c °"^ dl Tj? ? r j 2 
,„,d pm our customers a, a 

T4 - 

and organisation aspects of their the factory, but their, maober the establishment of suflaciently or family difficulties could cause by haring to attend regular unresolved. management and the work un- “People say that our systi 

jobs* and the company lavs bas been carefully worked but flexible work organisation to ^ employee to ask for a down- work group meetings hut they M r - Hughes says this fear nf provement committee would be. j S working because we only ha 

CTeat stress on voluntary iob and there are still only ft Jew allow people to move towards grading, which would mean a seem to be in a minority. Mr. taking authority is a “constant It is possible that it could 200 employees here," J 

mobility both upwards and of them. - ■■■■>?'■ the type of job and style of pay cat So far it has not hap- Hughes claims that one problem theme." But although it dls- undermine the whole system. I Hughes says. “They add tl 

downwards— within the orgaru- ‘ This principle thkt ’^R^m- superrislon which they prefer.. pe n «L is ftndjng the time, to deal with appoints him, he feels the pro- do not think It would, but there we won’t get away with it wh 

satioa. ^ • ■:! r «-*- >■*;;. phivecs- sbo^^'be liw^^in This implies continuing educa- it should be added that people aff thg; recommendations that Wem can be overcome —-given has pot been a- major 1 disagree- we grow. Well, perhaps • 

Mr.’ -Jim Hughes. ’ general the decisions that affect'^teir tion and txainiUg; _ ^ are free to ask to do a different coine before the work improve- time. He also thinks it is vital ment vet." won’t But at least we're tryim 

manager 'of the Coatbridge jobs is written into Ta^oys “ It is essential that flexibility- ■ — ■ — .■ **"‘" 1 11 **"* 

plant and chief architect of union agreement with ‘ the is established as a vital cbarac- 
what Tannoy calls its work Managerial. Administrative, teristic of our organisation and 
improvement Scheme, insists Technical end Supervisory _Asso- it is agreed that reasonable 
that workaday decis ion-making nation — the while-collar section transfer between all grades 
must he placed with the people of the General and Municipal an essential, continuing condi- 
who are going to feel the effects Workers’ L : nion. Three. «ther lion" 

Challenge to traditional beliefs 

DEEPLY entrenched auinuk’S —induing that on job sccurity. World War. The management 
towards- job security must be " Anyone wl\u chailcog o^& e and workforce, 

Grindlays bank on? 

y same and only" a small number 
ip of expert adviser? had had to 

uht th; The switch had 

^completed within tltree 

Lady Scear said the way. to ihat employers mi/t resist oxei 
increase job oppnrinntties u'as manning and she called for Duicn/Shell . group ske^ca i«o 

_ .w - j nn^ihlf* scenarios for CJV. 

to make manufacturing industry a 10 u-hcr approach in industry Possible ^arios__ ror 
more efficient and more profits generally. ■ ijhe said, for employment m the lss y- ■ 

more efficient and more profits generally. • Jjhe said, for empioymem in me ■ 
a hie so that extra money would instance. ihat,Tailing enterprises It*, of 1 * 1 lhorc would be a 
be available to develop labour- should think about switching flourishing private sector 3-d 2 
intensive service industries. She their area pi activities to some- confident public sector, suoject 
added, that this would, mean rhmg completely different. to the normal eommorcia. 
putting more resources into She. .citwl one case where i;®*dplines. ComparaWe skilLs 

manufacturing while . at' xht* ' cari^titciotv'Jiad gone* ov^r 

same tune changing certain entirely to the production 0 f ^oth sertors, revi8 ^. , * 0uld 
traditinna! and a!t:tnd**s small'. irms during the Second be^taxed away and ihey v . ■ ujd 

r. -reflect different levels of skill. 

:/?*■* S 

• zs e- 1 ! 


MevtingFhini Trust Houses Fenc Lid Tl 75 Usbriiijie Brad London W5SSL 

*Aie added security and attrac- 
tive pension arrangements of 
the public seetbr might be 
balanced hr forms of profit 
sharing in the private one. 

.The other possibility was 
What Mr. Pocock called North 
Sea welfare. This would con- 
sist of a patchy prime sector 
and- a public sector that 
'‘would be close to on agency 
for providing mass employ- 
mem." To make this system 
even “half workable" public 
Sector- employees would have to 
accept lower rewards than 
people in the private sector. At 
the bottom of the pile there 
would be significant numbers of 

The Grindlays Bank Group has come a long way from its beginnings 
in the 19th Century. In 1977 we are a major international bank 
- a world leader in certain areas - but we work hard 
to preserve the traditions that put us where we are today. 
Although the Croup is now represented and active all 
around the world, we have not forgotten that it is people who 
make our business: our own specialists and managers in head- flffi ce 
^Qaii^br^nches wotking alongside other people - our custhmer^O 
j> <\SE3Pnie success of this team effort can be seen ^ tijese ; . 

Vyj pimples of the Group’s activities - as they happen. ' 

. 5nu\ \ They are toe^resuit of peopi^’f^fforts/' 



That is what Grindlays banks on. 

iL n 


# 9 


• • • . • .• v , > » -■■A.nV' 

• ■ . •• -'j 

Sue Cameron 



• _ a 




Two of our corporate banking team in 
London disc ass the financing of a project 
in the Middle East with the Finance 
Director of a leading British contracting 


We have arranged ECGD export 
finance facilities for British equipment to 
customers . in over 55 countries. 


Our foreign exchange dealing room is 
one of London’s most active in the major 
currencies and also provides quotations 
in up to 40 other currencies. The Treasury 
is also active in the eurocurrency and 
sterling inter-bank markets and in 
particular offers a service in a wide 
range of money market instruments. . 




23 Fenchurch Street, London EC3P 3ED. 




Labour markets 
and the Budget 

Financial Times Monday January 30 197S 

Time top clubs installed 


not exclusively the contem- the House i 
3Y SAMUEL BRITT AN porary prerogative of the husi- ' n a commercial 

jijffc and the legislature The effected 3 consJt 
HE YEAR jn the last cycle most a reasonably long period. The “ irt _ of attitude. Goo 

DEVOLUTION, it appears^ is add would not be sent away, selves as absolved from under- {JAHXG BEEN at the • Hlland club had a synthetic grass pitch. Written that ** Brian Clough buys 
not exclusively the contem- Bui ihe House of Lords itself taking such an invest isacon: 1 W r^.T 3 r r Cig ^ ensure play on a the best^ players, trains them 

This would ensure play on a the best players, trains them 
perfect surface whatever the hard, -and allows them to uw* 
elements. their brains." Personally, 1 Hu 

• The initial, cost of installation oat feel that this dues him 
is -about £300.000— rather less justice. His outstanding ability 

* MS ^ seasonally adjusted three rnonths courts too hare caught the ^ S 

1 1072. when the Heath ev dent of *** Reid Mbtffi as the S*d faith, provided a suHIcient TJ^STUSt Sf Whom JUT'S TJftlTS fi 

iovernment went in for its fn toVflrJi h:Sf of 1971L Kite * d ?* , f ^ "good old days. . .when in- ? round on *’*«»* « refuse to gg \™ S»£iilS£ wt brealt 3 l* 3 "*?* Sa * ur ^ v ' *>«t. but he acquires those whu 

liggest ever exercise in deficit fluctuations its trend since then Lords . declsl0 ° f fo “ r related habitants of these islands felt st0 ? the actions proceeding :n ^ SldwdiSSrt ftmaSS HSiSJ a S t£ y IT ? P !?£ %L U s,Dt L nU> lus existing team, 
nanciog. backed by extensive has been rising; and it now appeals- concerning the proper atl innate superiority bv er th ose England. The Howe of Lords l^JcSbv AwSSSS „ pri S L“ Ttat »■ *lttt wpu and Omt « 

ioney creation. The comparison stands at about 160.000. forum in which personal Injury unfortunate encnSh to hiton- W* °° «*ch embarrassment. It the weeK *' j£SJS f* Forw aro at lho l0 * *8 

'« far from just academic. For But probably the best single claims should be tried. to o[he? ra«"^I^eari tte investigated the juridical, as ^! raeeun „ {vith - rnTA4 . v . ' . ^ 

K^ f m ^m e d nf| M i,d 5 di? In 511 f O“ r «— <*• formula became SjK JW-t ftom . «-* n p- 5ire«*h of™£ ^ area ' 10 

fccause or a technical mis- charges-usually known as J™*™ sustained tbeir in- England was the natural forum. ‘ “ r?vlSr Pelr . r a long time for people to realtf 

alculation about the effects of labour turnover— shown for June® in the course of employ- the plaintiff should not he B-ngjand rather Jiaa in •*£“**■ .most J^Pvoved . ... that u world-class goalkeeper is 

ompetition and Credit Control, manufacturing industry in the ment ltt factories m Scotland, driven from the judgment seal Gotland. ?h ZmSF ? I n ■^ st sl S e ™ 'v - * WLLtK worth a large amount, because 

aleulaiion about the effects of labour turnover— shown for iff the course of employ- the plaintiff should not he gland rather than- in Jmproved 

omopiiiirm .-in* r.™»ri»i r.nnirni. manufacturins industry in thn ®®nt in factories m Scotland. driven from the hiri*m»ni bcotiaad. a . na currenuy»__tne best side m 

the country still . with a chance 
of the never-attained treble, 
promised to be the lie of this, 
or indeed any round. 
Unfortunately the game had. to 



. was common sense, it has - taken 
a Jong time for people to realise 
that u world-class goalkeeper is 
worth a large amount, because 
■be wil normally save more points 
than a great striker wiU^&rn, 
Two more Interesting dauxii 
buys have been Gernmut a Ban 
i halfback who had started to ge 

e postponed because of heavy SSmS!^ 1 * 3 off * he boiI ^ith Derby:Coon& 

atn. although the last thing more postponed fiMutcs. OTW i a rfianundnhi* k M 

and Needham, a dependable, but 

i m lac uiuour ilia reel, ana mbuuus auu'JL muuuqs waeu &• , j , .. , . , _ . - . — ; — o--— ... . . — 0 ■ . , . ,1,. . .. a«w m^unauH;, mn 

erv much -underestimated the jobs are hard to get. England. .None of the four dragged away from the natural civil matters, the Law Lords did either club wanted was to find ■j.-ThP greatest boon Is that a hardly exceptional centrfr back; 

ecorery in employment that was The chart shows that engage- a . ct,ons . hafl 3n >‘ otber connec- forum. A gloss has been put not need to have Scots law ■ ® m ! e I vl ! s a P° s5ible back- stadium could be rult> Another featuro of a Clough 

1 the pipeline without its efforts, rnents have recovered sharply ^ on with England. The em* upon the phrase M some ’ reason- proved like any other foreign fixtures. utilised instead of standing team is that its members' ait* 

:s a result ii was though! that since the winter of 1876. and ployers sought to have the able justification."- in last law. but were entitled' and nf S.® v 4 =,t r^HSi c ? A ^ use,i M Si 5^ ■ r?n e ,hS almost invariably brave, which 

bere was no inflationary danger discharges have at least levelled actions stopped in England, week’s decision. The employ- hound tr> rake mdi> ; ar nnrre nf nff n r n h .' ,»h ^* D cal!ed ^ - f, > F ^ SS ^ J! ihey uaoally win that 

•1 giving a lar-e stimulus to off. The labour turnover series forcing the employees to sue ees had to show nor 3 a “ un “ 10 ^ in coodmons «uch only a limited amount of punish- s<k50 baU. They arc also pro- 
pound. whatever tbc financial only goes up to the first half in Scotland, tt the fiSl hurdS rlason for cnmin- nf rhp . But °^ e htW the ^ Je ^ud heap at Old Trafford. tuent from water, ice or snow. pare d to cha^ anything, even 

rcss or backbenchers said about of 1977. Bui we can get a clue H! ^ ft il? S o tv, 1 SJ2S S £*£ f J ud » es 10 England are going to which are unsiutabie for hfgh- . What is the mam reason when the odds are against them; 

,ie monetan- aggregates, it is to what has happened since from succeeded m directing the border but that if they bad handle the problem where the 3« u ty soccer, once again sug- far the success of Nottingham They have character, and ebarar- 

•rribiy imprirtsot nnt to make the inflow and outflow of people btigation north of the border, brought their actions in the pafurai forum for a piece of Sesied that it is time every big Forest? It has . recently been ter counts. 

. mistake on this score aeain. from the unempfoy ment register _ . bcottish courts they would have litigation is not ScoUand but a - 

t - Unfortunately the indicators As one would expect, the XnP flflVlPP teen -deprived of a legitimate, foreign country with a legal -r — V- - 

•out the labour market are eon- number of people leaving the * personal or juridical advantage S vstem that is very different JVI mt/iKlAwM -IVw-m 4-ls T? A 

ilovrn >nf 3d L J° n,rad ' l,or y- r e f 15!er . . ha \, been . roughly Why did the separate work- that would be available to them from their own. j_^| CW Df O DlClTl TOF Ill6 

sightly, on a seasonally adjusted recent months. But the Merest- fJf Fn S ° m bn ° Now tliat Britain is a party ■ - * 

a si s. since October and v aC an- mg aspect is the rise in gross hi!? ‘ to the Rome Treaty and a FOOTBALL ASSOCIATION top .This will set a new problem visiting fans. 

i^. we . J ‘ ♦ Eu ! Pi? 1 onIy 5^ v ^] ents ' , A Httle under partner with other EEC coiitt- spent a lot of time .and A>r. the FA who have not grappled One thing they will not be ablo 

i 1 difficult tn sort out the te:n- 360.000 people were join fog and through either his trade union v^OQQIlIOIl tries in ah economic union with lastweek investigating the with the disciplinary problems to do is sentence Suuthanrpian 

^ra^ disiortmns brought about eaving the register in April, or professional association, con- a single supervisory court to i£Y^ lon °l **&}*&* S ltcb iD th . e P°sed by visiting teams' fol- to play all their ties at home. 

iL. J0b cr ® aUo ° measures. 1977. but nearly 390.000 were suited solicitors advising those The advantage must be a real . * 1au . {f . U . {II hav _ thlrdround FA Cuptle against. lowers. It is an area already Rovers' 2—0 victory . un» 

mnl ^ihnn 5 ! th* ^ s ‘° rae , lbm 3 d01 ?s 50 in December. This organisations. one. The plaintiff’s -own belief } t u • ’ , e „ aI H . orJd Sf n 5S? sl 5 r ai >- Leeds were charted by the European union. Southampton. Cup-winm-rs in 

inorw th r L - SeaS ? naI p3ll ^ rn - aRain suegests that labour turn- T . . . . gm . JO/lc for rather the belief of his I froro staging ties for ; which has imposed .strong sane- 1976. was a major aurpri.-e. sinre 

Another uuuonary sign is that over has risen again. The adnee was that damages . . .,■«!»*«} VM nn * which accords equal recognition three seasons. .. ttons on British clubs notablv Sbuthamoton have proved that 

ijusted employment in produc- These indicators are far from might be higher in England- ^ unsubstantiated honest^ 10 the fuiIy developed systems That invasion came 'when -Bangers. Leeds and Manchester they can P com pete with the' best 
*?" ' l dus i ry feil ba «* slightly final. But it is extremely Until at least 1972, when Scot- J" *%$£&■ ? of Western Europe If a claim Leeds, two down, were on tbeir United, for misbehaviour 'by in EnSLd in cun cc.m petition^ 

The advantage must t 
one. The plaintiff’s -ow 
for rather the belief 

'three seasons. 

ttons on British clubs, notably Southampton have proved that 

. .... dui ■(, i> u&ireineiy ms, wueh ouui- __ l- i-__i oi >» s-ncm ■“ *» , ,F u wnu. y*ci c uu meir unitea. tar 

ijiJfeen -lune and November, important that the Budget tlsh courts were enjoined by art .j c iL ® r ♦ egal arises in an EEC country which way out of the Cup. and home their fans. 

I ta^ i Ti l ?u5i« w ^' er ’ Iends t0 be ‘ :h0LIId lake int0 account the the Court of Session in Edin- 1“ advantage w-as js naturaI forum for the fans apparently sought to halt ; Mr. Law 

= *‘SS."SSSE indtau., bursb to take account of awards S2!Bf2J5 Jfifl “ k 2! «>im. then that couatrys murts So«lh ? n.plon ? 

.eas, two down, were on weir United, for misbehaviour by in England in cup competition, 
ay out OF the Cup, and home their fans. It showed that Rover have re- 

ns apparently sought to bait ; Mr. Lawric McMeneiny. habilitated themselves after ^heir 
e match. 'Southampton's manager, has been nine-goal defeat at Tottenham— 

Oo Saturday, on the Bristol quoted as saying that the mis- and will leave nn excuse for 

',e indtcat0r is ? nd n0> J ' ust Wh * 1 ™ n ™' e made by EngliTcourte in Sm- EngIish courts wouW have been .houTd^ndle ib dispute * 0o ^ urda >‘- the Bristol quoted u saying tiiat ' the m^ SF * will leave nn ex™* or 

te behaviour of vacancies over forecasts say it ought to be. ^ble easel a^rds of sufficient before 1974. but since aa " a ‘ e ^ spUIe> goers' ground, some 200 --creams should be jailed. That Southampton If they now fail 

■ — — , H»mn«jr«.Q fnr inrfnc+Tiai n.^iHontl the House of Lords’ dCcisiou of ® ut what about non-EEC Southampton supporters" in- possibility, of course, would deal to buckle down to maintaining 

, I okniiiN TunnAimH MaMiifnAfiuuH/i aamages tor lnausmai acaaents ^ thal is no l0nger 5U . countries' courts? Should tne vaded the pitch when their side with any offence against public their league position to regain 
Laoour turnover in Ivranur0crurin& ahn ®? t * 1 .'" T *r a e y bie 5 er ThP u m ,» nr r mjfl a PPiy * n ^ose oases. two down, four minutes 'order, but it will be interesting the First Division place which 

U ? wwtbn w q»- h-Mi-i vvi-kh q in England than in Scotland — ine House or Lojd* wa* im- particularly where the legal si's- “ 0I1J u f 1ie - pi »y was held up to see if the FA breaks new many outside Hampshire feel 

. I /T four quarter hovmg wanes I and the iegal process invariably P™ ssed the obvious con- tem be regarded as not «r«e m jnutes. and fighting broke ground in this case of apparent they richly deserve. 

. mrKM.w or k-mi'I •.■rr.Ks 


■ DISCHARGES (and other losses) 

\x/ r » j*. 

was shorter and less costly venience to a trade union with i { ^ llv developed • May it out on toe terracefi - 
ir I England. The ,S?.not b. .taildlon. 

. 'interference with a match by 


was, oppressive. Moreover,- the- **. ba ^«? 5* En^and, wtatn- ^ ' ro1& : to •' * ^ v'*' - f ; 

employees, it was claimed, had the union s headquarters were. a do«t? One cannot help feeling with manv' otfier‘-«rrors. -Surguy had kicked two with Knowles. Kinc. Tinker and 

failed to show any reasonable But if Scotland .‘ was the that th*> Scotland vs Ensland a “ mtJOas . clubs . Walsall feel that- penalties after half an hour. MacDonald well supported by the ' 

- .,«* .. « « .. . . l,iai u,c Mtvunnvi W4a r/lPV flPO (PI enmo enff nf rvkee T«k. A ^. » v . . « . 

u uvuuaiui ujc inai uie bcoiiaiiu vs. Lnsiana ~ « r r — «_ mwm m.u 

justification for choosing to natural forum, then the plain- issue was resolved more in JK of Ru *w-tte,n Johnson squeezed over from others, began to win bettor pos- 

litigate in En 8 ,a„d. VjU eou.d not ,«*i* loin* S* Borneo, SSfSft M%iJ > W S fclrSLSf S2?$LX* Mt S °‘ D 

Until very recent times elsewhere tor advice as a justt- over devolution titan with an eye table and see no way of joining penalty to give Northampton a Edwards cut through and Wal- 


l»1ut’ ««i rt tepMumi UI.MI., X..I Kl 

„ — — - umie-ano see no way ot joining penalty to give Northampton a Edwards cut through and Val- 

English judges turned uo one ncation for litigating elsewhere, to -comparable problems un- it under the present system. lead of 13 paints. ^atl produced a well-organised 

away from their courts who The lower courts in. the four affected by insular politics. Hard * r * ue lhat lhe prese^ : Thal wag f ar too much t Q short-kick move, hut Evans 

could show any connection be- appeals had not attempted the cases, one is reminded, make retrieve, aod when Go Ids wain could not unite hulrl the final 

tWeen “* “* En8la " d - i " Vid,0US and impI>ssiWE tad ,SW - 5,*^ ST » P W,i«ll <». «» after » 

1966 ’67 

•70 ’71 ’72 ’73 ’74 '75 

(entitled to pursue his remedy Scotland. They regarded them- T»e aifai* sw .wm/ac. 

I"" ' ' 'a’CSOI.'. , I./TJ ,nt— ..v.t^a j.— --. .- .. - 

*.Wah?an gave evidence of The' RUGBY UNION 
SSTMrT^PI^ .. ' ■ it ™ ROttlNS 

against Northampton. They -lost 

S-16 in marshy conditions, but . 1 - r "- 1 - >■ — • 

scored their soc.ind try on the 
stroke of full-time after thought- 
ful play from Tinker. WelMcr 
and Edwards. Broadhcnt was 
again the scorer 
Northampton’s experience and 

f Indicates programmes in 
black and While 

BBC 1 

8.1W Terror International (in- and Weather for Northern Ireland- ANGLIA : 

vestrgation in two parts England — 3.55-6^0 p-m. Look us pD ,. Ant tUa News. ZJB uouse- 
fnto terrorism) East (Norwich): ' Look North wny. 25s Tuadana. 3Ji xrnie. s^s 

9.09 News (Leeds. Manchester. Sewcastlel: ,> fla ‘I?2? •' n * lu - 

; . iue Key rn roe game was wnen their No. 7especially was trouble- thev are to much further 

ANGLIA ktv We ** — ** htv Gewrai semev and bow Northampton scored, some to Northampton’s defence, in the euniaeritinn \rimittertiv 

"iS i?Sie Bo sS “ t?pffi^ t tte t brew^d l ri2 ? h am !! t0D Jones S? a sHppcd in J° the condition.s were' dreadful. 

SSHK wisst SCOTTISR one kicks better than he does had ^fine Stc?SaS C Pax?s • ?JL ed ^ ' 

».«0 IMJVVJ, (Leeds. Manchester. Newcastle »: yowwopr. , *.»■ .w .viana. -JW > Ii^w one hws .qbhct um wouca t .,,1 J, (top nntnH -loiincr Paw’s- .I ------- ...... 

*0% T^rlSdS* 1 Film: P “fte mSST W ert # tSUS?^ B TE ^ “ SSSSSS.Sm'S^ Luaer “the llSTa^dTlS fa " Snore Vfcula?e in their . 

Ja-SB a.m. For Schools. Colleges. *0-°5 The Monday Film: “The Points West (Bristol): South To- Refl^runo. Aum. ■ mthot A»k CT . sas u«v«- '» *»« nw.uiu m.u «..r t footwork sot him and his n '\7v *“ ‘ , -“ 

b.45 You and Me. HJZ For Night They Raided Minsky s day - (Southampton): Spotlight :.. . aTV . .. «ur caaiien**. mo Scotland xoov ajo good striking of thp booker ' 0 . f S g*^ ra , th ^teniaz p fK .• , , . 

W. Colleges. — ,2.4. *». South s, (Pl^oath). . Watolt . mSS^^'SStA fiK 

’in*. 1.00 Pebble Mill. IAS Burt. BrUt Sktanfl. , n ; -r> 

91 For Schools. Colleges. 11.40 Vl'eafJ>er/ReffH>Aa>>New'S 

Suss of PraiM? 1S3 Regional All Regions as BBC-T except at 

BBC 2 

bus for England (except tbe following tinies: — 

Sudani. 3.55 Play School (as Wales — 1A5-2.U0 pan. Pili Pflla. 

,BC-2 11.00 a.m.i. 4*P Barbapapa. 5Ji4k30 Wales To-day. 6.50-7.15 
£5 Jackanory. 4.40 Hunter's Heddiw. it. 40 News and Weather 
’old. 5.05 John Craven's News- for Wales. 

«und. 5.10 Blue Peter. Scotland — 10.ftfl-T0.20 a.m. For 

1 5 AO News Schools (around Scotland). 5-55- 

5.55 Nationwide (London and 6^0 p.nn Reporting Scotland. 1M0 
» South-East only i News and Weather for Scotland. 

6.2fl Nationwide Northern Ireland — 3.31-155 p.m. 

•6.50 .Ask the Family Northern Ireland News. 5-55-6.20 

.7.15 Blake's Seven ■ Scene Around Six. 11.40 News 

it A0 a-m. Play School 
. Pili Pala. 300 p.m. W’ord power 
6.50-7.15 3-30 Children Growing Up 

id Weather 4.00 The Object of the Exercise 
7.00 News on 2 Headlines with 
a.m. For sub-titles 

and) 5.55- 7.0S Ancestral Voices 

illand. 11 A0 7M Newsday 

ir Scotland. 3.10 International Cabaret 

53-3^5 p.m. 9.00 Americans, part 3 

s. 5-S5-630 9.60 Marie Curie, parti 

11.40 News 10.45 Jus) a Nlmmo 
11.15 Open Door 

• 11.40 Late News 

j 1L45 Tele-journal : - 

ATV Nnndetk. Z2S -fidanM .jo Ramw- Piimr^lInbUfr«v -itiBWers. 12J90 
ban ^mor*aJ L»V4 i ,..C>iBU. 1 Xi®7iaA«.* 1 »c BoUio^ 
SOS JiURdU Cteltaise — AM — AXIL Craod;'«s^W.*0«»I:^^l5ii8S^p 

Toc&y. UJQ Left. nunr«e» - 

1 U0 Bless nils Hoo*. * Ujr'A':PrM« * SOliTHERN - ^ 

Mlolster on prime Jllnisters, IM0 Some- ^-4 j^m." farm Proaxess. UD 

thin Different. . So inborn Sews. 2JB House party. 225 

RORDFR - ’Monday Maiinee; "Ordsre are Orders" 

■ i T. 1 - - ’ *, * nsntts MarsM Grahame. 5A5 Mr. atW 

oi ^ 30 Sd? Mrs. tM Day- br Pay. M30 Afloat. 

Border News. MO Houaepany. 2^ Mon- si 9 ? sooibcrn Sewt Extra- ii-i» Bill 
day tuoaeet "Tlw Girt Mon- Utohr 
To. . . .- 505 GamocK Way. MO • 

Lookareund Monday. US L'olYendty Cbai- TYNE TEES 

9amr- U.-4 fim^ erwress. Un mepensive -'but iinderet^dabie- Mitid^^ beaten: - Their pack, MacGuckian. 

■ Souttuun News. 2J0 House party. 225 ’.*.•• • -* ■ - ~- 

Moodar Maiinee; "Orders are Orders" _ ■ . • 

Connors regains indoor title 

ien«. woe Border umm u-ts pitm. »,m. t&c Good woni'^oUcwBti m FOR THE SECOND time .in three got to-bedabout A a.m." Connors faltered only once. 

North East News Head tinea. iz» P-m. vears. Jimmy Connors has cap- be confirmed .later. “But that Serving for the match at 5—2. 
EU aSE*". ■ 4|" ■ 222- tured the U.S. Pro Indoor title.’ was early enough. I felt rested he was broken for the first time. 

CHANNFI g T ory 3-M^arwntiM SownT^ ts with its first prize of $34,000. —-though I don't know what But this was merely a postpone-' 

1 is b in rh^nCi 1 n#v«i and uuk- Ra*c*Js. 515 university ouiian^- and those valuable points to- would have happened if we had ment of Tanner’s end. In the 

WMtto'd w£S£^ lEJS Mfljionb em Uf «. M MMCW iu> wards both the World Series of played five sets.'’ next game Connors was thump- 

« a smun M-AamS- Tennis and the Colgate Grand There was'never any danger in? back those big serves and 

u*^£S2r a£ff aUS^Ji 2TKJ* otaM CUcon> ’ " h,C H.* re B UQtled for lhe of- that Although Tanner held forcing^ more errors from 



X Ir.™* SSwfc »«J “sSat^ay^M.lS »«-6^»pii?«W‘ - . , first time this year, . - 

9J0 aun. Schools PrORrommes. siabi movw : ■■ Picrahr Mutnny dmh/.’ in cfFR In ld7fi. Connors heat Biorn- 

12 A0 Noddy. 12.10 P-m. Rainbow, ujs ajn- chwwwl «awrte. Jowvod lar m j 

i*«a Inrfnnr i j>aaut> i on N'oivti News and WeatHer In French. L20 v^a. Lmc&mne. abo See Yoo Horg tor toe line, last >ear luck. 

SJf FaTiS DtiM Monday. 2J8 Monday u.uto "Q.ecs- Stockton outlasted bim Id five 

plus FT index. 1^> Help. 1.30 GRAMPIAN- • - point martin* Stanley Baker and te . hl T ,. p . ff , rf »„ v before i 

About Britain. 2.00 After Noon. aum. fm Ttnme IZ30 *m. Brtna Awnony sice). u» umcr Neva Head- s^, but >Mterflay. oetore a 
SJ» Mondav Mdtirtee: -Border a Child. 0^0 Grampian Nuws HeadtWes. Jloen. 5J5 UnlVcrsrty CnaQonflc. «X0 record Phtldelpbia CrtXWQ Ot 

River” 3,50 Couples. 450 Clap- t2J5 Monday Merltwe: -Thr Froaeo ulster Televlstna New*. M5.UD9Qoare> 15.673. he regained the title with 

gr Jr 1 ' Limit*.-’ Starmst The Crazy Gan*. SOS and Down. *J» Report*. BJC Two al 7PcK ,.i c_o ft A g B w i n 

perboard. 4.4a .The Flockton Un,v-r*ity Ctwlliw. M0 - CrarapUa 10JS. MJS Monday Morle. faUowsd bjr J 

Flyer. 5.1a Pauline s People. Today. li# Eicctne Ttwatre show. Bedtime. against the No. IQ seed, Koscoe 

5A5 News 4.*# Hein 1 i0J» Reflections. MJ5 u/ccTWADD Tanner. 

3 ' 6 SSB SIS. " 0,t C *™:" ^ ™.e l, S?Sf- , S|g ’'Connors 

KS Ooo’ononiB Knoofc, GRANADA hftS in 



Flyer. 5.15 Pauline's People. 
5.45 News 
6JW Thames at 6 
8.40 Help 

6^4S Opportunity Knocks 
7J0 Coronation Street 

8.00 Miss Jones and Son 
8-30 World in Action 

9.00 Hate 11 
10.00 News 

Tanner’s lunging racket. Tanner's 
sole consolation was a cbenitc 
for S 14,000. 

It has been a pood week. We 
have bad a record attendance 
of S5.92S (some 4,000 more than 
last year! and. except for 
Guillermo Vilas, every leading 
player took part. 

VJ t\n I - l/n Mooday 

12- JO P-m. Al) StMut BabiA L» Dodo. KVui 
2JS Monday Mattnw: ymiretitsem'p tTart i 

WESTWARD . - 1 The impressive thing about the six points to break the Connors This win has taken Cunnnrs’s 

i2J7 p.m. co* HfflMjbuD-6 Btt^days. wa not that Connors serv e in the 35-minute opening January earnings to innri* thin 

Mw^y^attoeoT” McVUUjd and Wifo! tamed Tanner’s mighty hittinp in fvp remorsel^^tmrocv'^the S200 : 000- 'J l95 -p 00 . ,roril tournj- 
5-i5 Uoivcraiiy QudkcwK. « w«i- i hr/ 54 min> for this was his T^nbrsetess accuracy of the rnents and a further SW.-JH) nr 

12th victory in 20 meetings since Nos-is^ Wring.- and by so from exhibition matches. 

2-22 ana son creek." sas Uniwreity cuiioasc. i^o 1 2th victory in 20 meetings since T “J SD ‘ rom exmoiuon matenes. 

I'SS ri or ifi l ° ActJon L»Tt Nijot uovia- ■■PteTOiP Siomnr. their junior days, when Tanner gomc ioose sbots of hls own * ' The doubles tiltc. w orth 

li-oo Mynenr Morfc^McMin*H -«d yfite. pa*d" atartM z»* z*« Gabor. I2J5 *j». used to win.. Connors’s greater pace never 811.500 tn the winners was r »- 

+io2o -Thn 6 nir. unman »• r.-i V „ i,- a-m F * Jl “ ' u ™‘ But few among the packed a I lowed Tanner to develop those talned by the South -\fni-«n 

Holidaj stJri^' Grew" «Z YOlUiSHlRE^ ot thE . s P e 5T u1 ’! hruhiins rallies which had helped holdj-rs of the Masters liti.. Hoi. 

ftPSdSHg Hepburn S=nS“ , «S ^ S.^S■ SS? . u .» SS.^aS^SSTB SSVSSStJSnSS Edd™ K LT 

w» E? SL£ ffidUS ^ arss » aurts? js sss? ..saw’&Jass sssf CSJ" 1 - *«" ** 16 n *y ^ STor oil S 

Geoffrey H ins I Iff e from tt* Monday Film - a pine Madness." Btsrrti* ArtBur AA?y and Richard Mur- lowing his serai-final Saturds\ aces he delivered were not Americans. Vitas Geruluitis -md- 
Peter de Rosa’s A Bible siamwi soan Conucry. dock, sas university a»ttens^ (m» night, -which did not end until enough against one of tbe game's Sandy Mavcr 6 i a.-i V 

m, sy r ^sli.! ,rTw i2u. ^^srts^.sr.ossssssf. ■ minns. - 

All LBA Regions as London x^yaaroo >- dj-cu. 2j»-i25 HamMoa. Beroni VengEUce" surtin* Chuck 
except at the following times:— umjs v Drdd. umdd Vr wniiaoa. conuare. 

ACROSS 29 Hypocrisy indeed can be 

Buy wa In a bag (S) P™** 1 off & 

Refrain about the ancient god DOWN 

{?'. , 1 in Kfd 0 l To shoot her might cause com- 

Had a good nn-Bl in bed . mo(lon (g) 

. . . K!4 „ 2 Rare cents for cravens f9> 

"c had the gaiel) at his ball ^ j Qc n nes ca (j 3 (g) 

•®> . -tV .. 4 A trip with ihe marshal in 

A d 0 per coni, chance smooths ^ copSe {7) 

things gui (5 1 6 plant lhe ancients considered 

Looked after by the self- a cure { 0 r insanity i&) 
centred (B, 3) 7 Hamlet character shows no 

Fashion can he found m any surprise in proportion (5) 

man’s name (6) g“And catch with his 

Sums fur doctor among rcia- sacce8S >.«. (Macbeth) 1S1 

Spends 10 lbs solutions 11 io ,ho aner ' 

nl yam sounds severe (6) « Proposals before m OUTtnUi 
Free entertsinmem d«raned up ^ ^ ^ #( 

ire hear, for the management impU | sSo n (5. 4) 

y n fionrwi hBcnnifs 18 Games in dad’s day (8) 

!Tembe f r or a fraternity (5) 2° Favourites come up apace (4) 
were his looks, sharp Th fi w rcle bas a ^ 00 

U ” a ~ ■" a» A«* 

Cherub or possibly a pamphlet can 6late l 6) 

rSi 24 H _ ere we hav ° time to muse 

\'.W. dialect to immerse about _ (51 

i hundred (G) 4 r 1 Time for tea? No coffee (5) 

solution of last Saturday’s prize puzzle will be published with 
iuuucs of winners next Saturday- 

RADIO 1 «■> 

(SI Sur^Mkoatc MMan 
M4 •■m. As Radio 2. TJ12 Xm} 
Edmunds. 4JM Simon Bales. 1U Paul 
Buraeti Indvdtnx 1300 P.m. Nev^Ocai. 
2J6 Tony BlacWmrn. oji Klfl Jensen 
(nchuUoB SOO New«j«ai. 746 BBC 
Northern Radio Oretestr* (Si (Joirta 
Radio St. U.S2 jolw Peel (Si. 1ZJ0- 
12-85 ajn. As Radio 3. 

VHP Radies 1 and 2r U0 a-m. With 
Radio 3. lacluding 1.53 emu. Good Listen- 
ing. U.82 With Rail a L 12464245 a.m. 
with Radio 2. 

RADIO 2 « d W 

64t aan. News Simmsrs. 8-82 Rav 
lUure <S' with Tbe Early Sbov. imdud- 
Ins a.15 Pansr for Tbousht 142 Turn 
Woaan. ucludine « ST Racial} 
Ballelin -and 6.43 Pause for Ttnuetir. 
10.02 .Jimmy Yoons <3>. 12-15 p.m. 

WaAgoneiV Walk. 12J6 Pete Murrays 
Open Kouv* <S> mcludiiiB 1-3 t-A Cup 
Draw— fiilh round on* Lie Snorts Desit 
2J8 DaAid Hamilton tS>. mcludins 3.U 
and 5.4j Sports D*k. 4JJ Wa sooner*. ’ 
U’i6:. 4.45 Sports Desk. 447 Jobn Dtmo 
tS) IDdudms 3.45 Sports Desk.- 443 
Ssrtrta Desk. 742 BBC Northern Radio 
Orchestra <Si. 7J0 Alaa Dell: TM Hie 
Dance Band Dexa, S.63 The BJ: Band 
Sound iSt. 442 Humphrey Ln(aJ:<ra with 
TBd Best ot Sax* on records rS>. 

Sports Desk. UJC Ton*re Gat To B« 
Joking. IBJfl Star Sound. J142 Brian 
Matthew with The Late .Show. X248> 
1245 a.m. Kcitl. 

RADIO 3 464m, Stereo & VHF 

155 ajm. Weather. Tffl Kcwa. 7® 
OTcrmre ts>. in News. 845 Mamins 
Concert (Si. 840 Sdm. «45 This Week’s 
Composers; Frazl and Moesaa «5t. 4.45 
Talking Atwut Music i«i. I0J5 Baeb 
hannlchord reeftar *S1. 1045 Academy 

or si. xutMHhhndb- san i tst. 

U45 Id Short tudkl. U45 Aesams ot 
St. Marti] Mn-t he- Fields pm 3 (St. 
1245 pan. Feadve MadDKjds <S>. 140 
New*. 145 BBC Lunchtime CotbM« iSi. 
249 s: Albans 77 IS). 151 Uulaee 
Musicale iSi. 150 Haydn String Qcsnete. 
438 New Records ot music by Gtmenea. 
Villa-Lobos fS». 5.15 Handstand (Si. 
545 Homeward Sound ts>. A.05 News.' 
*-18 Homeward Bound fconttnuedi. t30 
Lifc-Unes! Home and Fanny. 7 J0 BBC 
S^.-otusB SymphODr Orchestra, curt is 
Haydn. -Mahler iSi. 8J5 a .rew in Cairo: 
•’Salaam"—' "Shalom” Hal} Dy Michael 
KlkWai. 8.25 BBC BontUb 'SO, oan !■ 
Ravel, Du-b»S5> <Si. v.15 Pictorial 
Calendar: Terence Tiller ■ poetry read- 
!n»>. 445 Janavvk; piano reustc for lef» 
band, lilt Plabuonx anc me Rise ot 
European Music 'St. 10.05 Musk? In dor 
Time by Andncaaen <3 j. na News.. 
UJ8-UJ5 And Tonight's Schubert Song. 


434m. 330m, 383m and VffF 

J Medium W«vc only 
6.15 a-m. Nens. 6-17 I- a ramp B'wfc 
6J& Up to the Hour. 642 iVHFl RegkMial 
News. 740 News 7J0 Today.- 7JS UP 
to the Hour (continued) 7.52- tVHFi 
Reuional Neva. 8JJ0 News. 8J8 Today 
hwludlns news headlinrrs. voather. -papers, 
sport U5 Ray Gosllnx ulth Ihe BBC 
Sound Archives; 840 News. VUS Start 
the Week with Richard Baker confer 
from 8.451. 00.00 Revs. TM.B5 Wildlife. 
lflJO Sally Setnee, UO-45 Morning Story. 
IU.00 News. 0145 The Kisbt ate East 
coast Sank. PL5B .\jmoun cements. 3240 
News. 1242 P.m. Ytn and "Youre. 12JT 
Top ot the Form. 02.55 Weather, bra- 
gremme news VHP (except London add 
SEi Retdaoat Nows 140 Tbe world at 
One. 1-SI The Archers. 245 Woman's 
Hour (-from 2 jM» Includlns 240-242 New*-" 
t24S Listen with Mother. 3-00 Notts. 545 
Afternoon Thcatr o 'Si. «Js Story TJrn* 
540 PM Reports. 540 Serendipity. tSJS 
W«lhCT. BTOAOinjaw wwa (VHFi 

Restodal News# b-H News. 640 What 
Ho: Jeeves. 740 NOW*. 745 Tths Artbi-rs 
7 JB From Out Own Corenpondetu. 745 
The- Monday Play IS/. 615 Spcakltia 
for Myself. OO Today In Synod: Report 
ao Ihe General Synod of bte Church or 
Rh gland. W5 Kaleidoscope. 4J0 Weather. 
U40 Tne World Tomghl. 10J8 Through 
African Eyer Bridget Bloom talks to 
both black and white people shorn facial 
conflict. 12-BO A Book at Bedtime. 1L15 
Tbe Financial World Tonight. 1J0 Today 
In Parliament 1 , 11,45 Neirs. 

For Schools (VHF only) 945 a.m.-12,0C 
and 24*440 dan. 

BBC Radio London 

306m aod 94.9 VHF 

648 ami. As Radis 2. sJO Rush Hour. 
9.00 weekly Echo. U0 London Lnt. 1 
1143 III Town. 12.01 pan. Call Ul 243. 
500 Showcase, (43 Home Ron. Ufl Loot:. 1 
Stop, Listen . 7-35 In Town faa 11.0 a.m... 
a JO Brea krh rough. 10,83 Late Sight i 
London. lZflO — M Radio Z 

London Broadcasting 

261m and 97.3 VHF 
540 a-m. Moriiiny , aim»lc. 640 AM.-, 
non-stop ' news, -crevel. apon. revtcm 
. Information: U40 Brian Kaji-s. 148 p.m, 
LBC Reports - In eluding George Gale's 
3 O'rlock CalL ' 840 After y— K-Jrt tan 
Gilchrist. 94B-Z40 turn. NigntJJne. ^ 

Capital Radio 

1 94m and 95.8 VHF I 

640 a.m. Grdtuun Dene's Ereafctosr 
Show <S). .940 Michael Aspel <S>. 1240 
Ciave Cash with; Cash an De0»erv iSi. 
J4B p.m- ROfler Scott with hts Three 
O'eJocfc Thrill 'S', 740 Laotioo Today: 

iSi. 7J0- Adrian Love's Open Line. ■ Si. I 
940 Jonathan King tS * U40 Tony. 

-Myall's Mstfi: KIlRltl 'Si 200 unJ 
Peter Ymmas Xlaht FUaht > Sj- ' I 

Allies for Packer 

after watching two <ia>» or 
the fifth “ superlests ” in. Perth 
1 have come to see the last four 
days of the fifth Test between 
Australia aod India, still certain 
thal Packer's programme will 
never threaten Test cricket. 

1 also noticed in Perth 3 far 
different attitude and atmosphere 
Inside World Series CrickeL ’ 

Their two evening matches 
under the floodlight at the VFL 
Park in Melbourne were more 
successful than any of 'WSC's 
other matches. The organisation 
and the players are buoyant, and 
although this represents a tiny 
success judged on the capita] 
invested or on the crowds 
attracted by official Teat matches 
to the Melbourne Cricket Ground, 
it has enabled the Packer lot to 
believe in themselves at last 
. The news that businessmen in 
Perth and in Sussex are deter- 
mined to put together their own 
professional sides which would 
challenge Packer’s players, com- 
pounds the threat to established 

'It is not impossible- to see 
some sort' of .super league being 
formed.-. Packer. would obviously 
welcome any such groups, 
because they would bring coin- 



petition to his own players, who 
are involved In a seemingly 
sterile form of cricket, where 
results matter only to the win- 
ners of the prize money. 

I understand that there have 
been talks about a transfer 
system, as in Soccer. 

It seems likely that the new 
matches will be -ond-day games 

UI 2? er t floodligbts where pot 
stble. I was told that matches 
between groups would consist of 
three One-day games on succes- 

t0r Pr “ —w of 

Two Sussex businessmen have 
apparently arranged to use a 
amuty ground in « Central 
Southern England.’* and I beard 
that they will try to attract 
players who have good county 
records but have just failed to 
make die Test side. Apparently 
their cricket will first be tele- 
vised by Tfident Television 
which owns, among others. Tvne 
T « c « *nd Yorkshire Tel^ision 

Night Nurse 
back on duty 


NIGHT NURSE "a\ clear warn*-' 

Y^Ki? 0n « SW ,^ Wil],m mi 
A?.. k K hl - P Hurd)l ’ »»H Saturday 
that he is swill the one tln-i A) 

S5JJL 5^‘ot f‘»r this year's - 
Champion Hurdle. 

Showing all the wiirw which ■ 
has been the haU-mark of hi* 

“T?' ^ ’P ht ^ lirM ’ «Pt up in 
the final three sin do to wear 
I do ^; n j Birds Nwl who hud 
looked all over the winner m ih^ 

last half*tmlc. ^ 

*hiV l o° u 5 h J have doui*i 

that Birds Nest frated fiv R.ib' 
»«U In front of his ' 
CnampioQ, Salmon Spray) is 

vKfh, M ta,CTt *S? hurdler thaif 
Night Nurse, there In no esrapuiif 

tbat h& hi'couHV ai f, ; 
almost unmanageable r id« 
* h ^ 0 u Kh- hansine when 'drived* ' 
h?m iifce proven tiiia 

tand,n i! the tttYdtUiJ • 
crown. i ■ 


5’Sir2 ,c ^ an * cwbtiiw 3 

. 2.00— BurkH Head ’ - . 3 
— Rotoraar Boy . ; * 

•|.0V— Alodettr Fi* rM^ «»» 

•j-39 — Pa Saroe*- - . u ~ 

4.09— Cannon of oUUon''* 


* Ils : 5 1 ; : 



Financial Times Monday January 30 . 197 S 

Festival Hall 

Polish Radio 



If the extent of a conductor - '? content of this famously whila-l 
gyrations and gesticulations on rating piece. j 

tlu* rust rum could measure the The approach of KOiistanty ! 
quality of an orchestra V perform- Kulkn, the young Polish violinist, j 
.nice, then the Polish Radio to (he Mendelssohn concerto! 
Symphony Orchestra would have seemed to stem Trent ari anxiety' j 
hit the heights last hTidav. Jem to avoid the suggestion of mere ■ 
Muk>ytniul. displac'd some con- .superficial prelliness which van! 
inrtsnns not even anticipated hv attach to this work. ■ Rut his! 
Hoffnuns. and his actual mileage heavier and more urgent w^v 
—in steps backward, forward and of playing it lending the finale 1 
sideways — must constitute a ilic impetus nf :< cavalry charge. 1 
track record. was not persuasivt. 1 .Admired! 

To nu avail, however. The a .security of technique which j 
orchestra's perfcirm uf might be belter displayed in a; 
Chaikovsky's Fourth Symphony later period of music. . 
was among the dullest and least Indeed, it is announced that 
differentiated I have heard. Mr. Kafka is to play' both 
scarcely making impact until the Szymanowski's First and Second 
i.j mbal-clash which opens the violin concertos elsewhere on 
finale. The brass appeared tu the Polish orchestra's tour of 
have been beaten into subum- Britain, and that the orchestra 
slon in advance, and the first is to play Shostakovich.' . Why 
oboe's introduction to the slow then this over-conventional pro- *>£> 
movement f which can be u rammP for London, allowing 
phrased so individually and so' only the unfortunate compari- 
beautifully) was delivered like son of This orchestra and con- 
a string -of sausages. ductor with those of the hichest 

The overture to Glinka's celebrity? j 

Rualxm mtd Ludmilla was raced Presumably the orchestra's! 
headlong, perhaps in emulation London impresario had advised 
of the current fashion «»f Rus- that, while the provinces hunger; 
sian conductors. But with blobs far orchestra! concerts, London ! 
from the woodwind and snatched is so over-stuffed with them that! 
tone from the strings, the effect only the mosr desperate box-office j 
was both to emphasise the bait can attract an audience. The 
orchestra's deficiencies and to sad thing about this reasoning ! 
minimise the genuine musical is that it may well be true: 1 

St. John’s, Smith. Square 

Elizabeth Hail 

Beaux Arts Trio 


j I have heard the Beaux Arts plays not on an instrument of 
iTrio often, but never in more Haydn's day but on a modern 
[splendid form than yesterday Steinway grand: warmly m cora- 
| afternoon. The opening perform- mand of the Erahmsiun surge 
lance of Haydn's G major Piano without ever submerging his 
: Trio (Hob. XV no. 25). sustained partners: and capable of ehang- 
'so rapt and enchanted a level i rig the very timbres of his tone 
!of musical discourse, that one colours in Dvorak so as to put 
j feared a peak had been reached to Might Alec Robertson's charge 
' loo soon from which the rest of That in ihis work the composer 
j the recital must inevitably "has nut on . . . rollers stamped 
i decline. Not at all: though' the with the name of Brahms." 

1 requirements of greater physical In the first movement of the 
: robustness and an enlarged scale Brahms trio, the opening paees 
or dynamics in the Brahms C always appear to lie awkwardly 
minor Trio. Op. 101. and Dvorak's under the hands of each instru 
: F minor Trio. Op. 65. occasioned ment. and even this super-sen- 
j passing touches of wiriness from sitive attention to dynamic mark- 
] Isidore Cohen's violin when ings was unable lo make all iho 
! climbing m oHfesiina. the inti- varieties of rhythmic figuration 
I mate, civilized surd passionate “ fit '* with complete comfort, 
communication which is the But elsewhere, notably in the 
'essence of chamber music was Andante grazuixo. ■ the material 
i invoked throughout, and on sounded supremely apt to ihc 
■ familiar music shed illumination instruments. One of th e most 

& [of the rarest kind. To hear the treasurable features of the play- 
s' equipoise of instruments even in? was the perfect purity of 
T I in Brahms's thickest first- accord in unisons and in melo- 
j movement textures, you would dies set apart by thirds or sixths. 
„. i think the Elizabeth Hall acoustics and then the blossoming of indi- 
?£| [were entirely unproblematic. vidua! personalities when melo 

! Singling out a member of a dicimUations take over. . This i 
- t closely attuned ensemble is al- a gift on which Dvorak', 
l ways an invidious business. Even lyricism thrives: the penultimate 
iso. it soon seemed apparent that nzetto inexact bars, in major key 
the very special tone of these of ihe last movement carried sf 
I performances was being set once rich and heart-easing a message 
j again by Menahem Pressler. a of contentment that they all mu 
i protean chamber pianist, so light obliterated the effect of some 
land iridiscent in Hadyn that Tor note-spinning curlier on in the 
' the moment we forget that be movement. 

Orange Tree, Richmond 

Avril Carson and Judi Ddnch 

Saltarello Choir 1 A,dwych 

Cast Off 


Our most adventurous amateur effect catalogue-making. 

choir, the Saltarello, included a interesting, imaginative pieci 

The Way of the World 


Staking conflicting claims over confirmation of her mission thai 
I a patch of land. David Cretan's when declaring she is off ti 
B*ryl Reid's i characters are a comically Aj a p] es { 0 s tudy poverty’. Th< 
lc of a band- ‘remote bunch. The ! interests of ^ itself . as we il a 

-t vc Is in the a rather genteel trio of raeths b?i inhabited . is neV c 

rcsains-lable. .' drinkers are Protected by an destrrihed the , (]ol aJon , 

mittee to release the site for the planning committee and u 
office development. She rejects the office of a condesceDdin 
“everything bourgeois" and goes manager of one of the competin 
to live with the tramps, setting firms. The latter character i 

The structural mechanism i 
complex: but the effect in pci 
fomiance is refreshingly up 

1U14IIL ime SUiSl'U-sciKcmJ, fUHis- —.-..J, — — r- V. Tu_ 

their thing of the witch blended with wood. before doin e the h* 

and her social charm. The servants l None of this is presented with thing by asserting his paterna 

techniques without over mio to a strong arennnt of Sehuetz's 

mmliino tii l.h*i nuw - rVuntr-^ti ML more I 3b taB lii.C 

climbin'* tit [hp pw J oauikii'iiiK ViKiJntfidir - -^c more *rt“P 3i? tne lii.c One r*i uS?' JOJ& cs ihv play, urf 1 ail pi*v77_ Ihsir mciiiur? oi 

of miHLIboH .-Ji'oiio II.- sound- rciW with rtmfldcntc' and- sttfe. : Thi"° rouft; mms w -- g 

' * “ ' — LadJ. Wishfoil at her toilet, mature. adult. experienced where Congreve has firmly left 

Elizabeth Hall .»"»**> proposal lo MilSamant. people rather ih;r. the tupeuusi 1 

■ Elizabeth Hall ENTERTAINMENT 

3. A. YOUNG a pain when asking for divine plight. 

Monteverdi Orchestra 



01-836 5122. OLD VIC. 


Not :« note of Monteverdi m Handel's *l>ljf has always! 
hss eponymous nrriuu-lraV lenih seemed pcrfotfly suited to 
anulveiwy concert on Friday Gardiner's thrusting, forward-! 
n.ght; instead of early baroque, moving beat, and the Conceno a • 



Opens 30lh January at 7.00 Evas. 8.00. 
Mat. W.'rt >00 
Tickets £2.50 me alas', ol wn«. 

5 onr .3 season Jait. IS-Mareti 25 
In JCB . 


928 7616. VAUDEVILLE. S26 9988. E»SS. M -I 

Mars Tues 2.45. Sats. 5 and S 
D.nah Snindan Dulcn Grav 

Eleanor Suoimcrflelc James Grout 
■Rc-enier Agatha ailih another wns 
dun nil hit Again a Christ's is Stalk >n 
the W«: End vet asam *»t!h another c 
nj- hendisn'v mgenius muraer mv! 
teruji " Srt', Sartor E*. News. 

C.C — Ties? theatre-, attest ftr.i'r credit “ — - 7 

cards Ov -r'eohDnc S' s: the Os« olfice. FORTUNE. 835 2235 fc-m 6 Tvu--i. 5 






' COLISEUM C'lat :t'35 Or -240 5258 
Retcrvatkins 01-536 1161 ' 

Sat 5 0 an a 8 0 

Mur.tH P3/I5W -S MISa M APPLE in 
Third Great Yen 

Tanq-ll nAMLt I 7.30 
Seats aaaijatie 

Seats aaaiiabie _ 

Sanaay. Feo. 12 . at 7.30 
w<»b jiki Dench. Michael Wi'jiams 

°n WAREHOUSE. Donmar Theatre 836 660 E 

Tor»Or b f'l. 7.30 Carmen. WjS. 4 r.*BRirK THEATRE. Dl-BJfi 1601. 

SK 7 30 PrgyMo. Thurs. 7.30 la:: .G ARI Rll CK THE A TR- S..T '15.-.6 3 d 
oerlorir.a'-ite o* O'enem in the uncer- maRT n" IL'LIA SUTTON. 

J =/. J ERIC FLYNN' lit VpplN R T AY 

8 0 Opens Wed. 7-0 Suts 7uC*-Sur. 8 0 
A DAY FOREVER Bv M rhael Sham. 

240 1066. 
836 6903.1 1 

C FLYNN ir ■.,pCp"J 

-■ bpilciaVj. iftbSici 

PALACE. .■ .• .01-437 68 S*. 

Mon.-Thur BOO. Fru Sat. 5 30 and 8.40 

Rovai Shakeseeare Campanv. Ton-’t. 8 O 
Chari > s wood’s DINGO Brilliant. Gd< 
All seals 61^0. Ad Bkgs. Alclwvch. 

Tonight & Frt. 7 30 o.m. La Fllic mat : 
■.ardcd Tamar.. Wed. i Sat. 7.30 p.m ’ 
The Dream. MonoTonn and The Four 
Seasons. SaL 2 o.m. La BavadErc. A . 
Month in the- Countrv enq Elite Svnco- ; 
aatiem- 55 Amotn’ seals lor all pens. • 
on sale Ire-n- 10 a.m. er. day pi oerl. | 

•• GO TWICE." Merle*. P«in*!l- 


X- ’ 01-33S 8611. 

Opening Marcn 1 
The Leslie Brlcussc Musical 
Directed b» Mei Shapiro 


’Sneer sparkling spectacle " D. Te 
Mon. te Fri 7.45. Mais. Weo.. Thurs 
at l Sats at 2.00. 5.00 ana 8 □ 

Children ana Senior Cits. Halt price erctc 

□ream. Moncnooes and The Four _ . i....... 8 <5 . Reduced Brice previews trom Fed. 17- j *»» 2 « doors. Enoulrit 

sous. SaL 2 p.m. La BavadErc. A GLOBE CC 01-437 ’ . 592 Evermgs 0.1 p 1 g 0 2 1234 Spadous car park. 

’amanda* b’arrIe - john GiVNT?N . P L C ,S A ?^ Y - Z V C h iv. - 

but a later ftcu re— -Rameau, ia the hichly muricairCeil Brack) daj-’s pcrfrifmaticc of ihc peuulii- Hand el orator:** i the* work is 
The place where Ik f rt^ixffuIJy ui the Concerto for |0boe d araore m ate of his English oratorios. Yet over-rated: that there is too 
belongs, beside Bach and and ihc aurmUye ‘ of if m this Handel of eld age the heaw ar. abusdasce of slow 

fcjndc . _ .! 1 burn i Ifor James) instead or musical language of a character music: that ihe Ilcmaa and 

In 187a liardifior nrescnlrd uu* usual trumpet in Inc Second striving to be absolute for death Christian worlds are 100 
the find-Hver (and •»> :ar thi 1 Era nuen burg. . pieces. i-- refined to an almost uaoear- ?th«'Kst!es!!v aenicred: ana tnai 

A*e.. E.C.l. 837 1672. Until Fed. 18 
n Gilbert 6 SolHvu. Evs. 7.30. Mat. 
Sats. 2.30. Tonight. Tomor. & Wed.: 

In the SECOND 1 EAR ql 
The Besi Corner* el the Year. 
Lasl 3 weeks Ends Fed 18. 

I3LANTHE: Thors "to Fed ' 8 H.M.Sl ! GREENWICH THEATRE. Ol-eSa 77SS. 1 
PINAFORE. 1 Preview Wed. at 7.30. Ocens ir.ur 7 0 . 

— I 5dd evgs 7 30 Mat. Sats Z SO THE 

PICCADILLY. 437 4506. Credit care bkgs _ . 

"26 3962 From TtiDis. Eh. 5. Sal. __ 

4.45 and 8.15 >8 Fes. at 7i .WESTMINS 1 ER THEATRE CC 01-534 02E 
BEST COMEDY OF THE YEAR . Svfl* 8.00 Mai Tnurs 2.0 Sat 5.0 & 8 . 
Evs SID. Awara and SWET Alvaro 1 SO *0 64.00 

Royal Shakospaare Campanv Id PAUL JONES in 


by Peter N«hcls ; Engia-o’s Greatest Musical Advemun 


GANZA. " S. Times 1 Retrains " E News -‘Bouncing Vigour. 

" — . E Standard. 


? P E^H^ 0 AN^*^r Z vy,d, IHE «. 0 _ 8681. ; 

A DELPHI THEATRE. CC. 01-536 7611.: 
EvRS. 7.20 Mats. T-.a-s I S. Sats 4.0. ■ 





B3 Dk;i.G5 ON o:-556 7611. 


Cl -933 9E32. | 

Ergi. e.O. Mat. «t a-,. 2 20 5au. 
5.00 ana t- 15 



Sat. £.30 end 8.45. M*L Thors. 3.0 
□ally Teiegradh 


WHITEHALL. 01-930 6692-7765. Open 
Mon. Fes. 13 Evas. 8.30 Sat. 6.45 i 
i 90. The Sensational Sen Revue ol th 

Now uve on Staoxi Book now. Limit* 

■' HILARIOUS COMEDY MUSICAL." Sun. ‘ Season. 12 week season onor to Wori 

V!?h :i suite of l lie ravivhinylv 
d:» nil's 1n«ui the "i’Fr.i. 
..nd with jtiuiher 'ct fm:n ihe 
bonor-known Hipiiolnw rt 
Anew. Though the pc-tuvi irmly 
Thvibmic Riqoduur.s and f.»ntre- 
danses caused the must excite- 

Barclays Bank 
sponsors 'The 
Bov Friend' 

crowded anti The Marlowe Theatre has: The 

Romans in Theodore end *5* way. « i».aw 1 cca svem- 

! Seyihia n- m Ipfcknie « " J, ^j 

.Tosmde may serve a nut ? e -* a -~**-- ->■ 
sunilar dramatic function: but jr. rh-r'e. Varn 

Handel's paean? are joyously Socif..- !l > c - a “*-. ,es rsm- 

I characierisi'd? and Gluck's hardly 

at'alL • t- 11 coacutior* readings or 



B3CV.IJ.G5 QN 01-116 7611. 1 'WO B..--OH j» n,un c - '• ^ 

— - — — — — rafliati^— -jnassa.iiaal- . 

ALBERY. C76 -3BT8. C.-fS'! .'a-a bfcgv. -' V.-cnSv Hltci j :'r- -:r pii - : 

536 3962 5a:. s . Msn -Fr; 7.46 indvea ' Gon. 

i Directed Or Gene Sabs «*i:i ■■ Bounuiul ■ Tour. 

■ ‘eJiUon and wit F-nanuai rmei -- - — 

,NST ^^, C ^ fl ^? £ w D . 2 : Jl ES i , J.* CABD WINDMILL THCAIRE CC 

BOOKINGS ON 07-930 0846. 

' - ‘r r QUEEN’S THEATRE. - 01-734 1 766. ; 

Her a .erv .r ..r p.i-.r*n a -ite Bi0- Sal. 5.0. 8.30. Mai. Wed. 3.0. . 



Piayera London ct.tiu awaro. 
The most notable ncat-ical 
this country tar n good many 
8 . Levin, Sanaa y Times. 

Twica Nlgntlv a: S 00 ana 10.00 
OPEN SUNDAYS 6 00 and 6 . 00 . 
PAUL RAYMOND presents 


" Tates 10 unnrececeniw Mims wh«i i 
se-missiB'e sn our stasei." Evg. News 

Y5V may grink and smoke in In? 
Auditor, urn. 



9 p.m- Ti p.m. 'open* Suu. 
UL RAYMOND oesents 

■v Times • WYNDHAM’S. 836 3028. Credit Car, 

■ caiikmg 936 3692 <e* Sat.i. Mon. 

Cl -734 1S93 • Tnurs, S. Fn. ana 5it 5.15 ana 8. 3D 
c... . • - (HnuMniNi v mrH 

VERY FUNNY." Evening tiews. 
Marv O'Maliev's smash-hi! Comedy 

u nwvrii nc A&iva mi rta mis ! in Leslie Bncussc me aMnonv ihchIci'i _ EROTICA .. ONCE A Catholic 

A ROYAL 5HUC6SPEARF COMPANY <n TRAVELLING MUSIC SHOW ■ Fully AIR CONDITIONED. Y«l may i Surfthre SOnjOdv on We and religion. 



T aright 7.20 Counc il THE WAY® OF j D.rretM by BURT SHEVELOVE ! 

THE WORLD IV. -th A MIDSUMMER Previews Irom March 16. 

NIGHT'S DREAM fTues. Wee- m. A e.l. — . - -— — 


■ Thu-s.. F-.I. SSC ai» at THE WARE-. Mon to Thurs ?C Fr:.. Sc: T 33. 9.10. 
HOUSE vm imS; a: savov , • THE ROCKY HORROR SHOW . 

Theatre. , NOW IN iT 5 ?tn ROClLlNG 7 cAR j 

l 171 ■ : LONDON PALLADIUM. - CC 4 37 7373-! 
EVS! ’ ein^JS - S ' ! NOW UNTIL FtB 25 ONLY 

.*nd the susprnsion-ladun thaia theatre's productions of -tatephj classic; 
cif lyru't.Mn for Polyuinw sn ai:d ihe .-Araosinp T cell n ? ro fo r! EUJfivi'i 
Birtvnrfcx Drnxmrotil in 1975 and I97fi. . ‘Ucpk, 

Joseph classical and opera srrx roles-. 
imirororlEWau-pTi Harrhy. And also, per - ■ satmainenuy j*al« ' w 
I97fi. : tepis because he tfci9 occasion w . p u . .i n ^mpl it ud e 

- ...» , j. _^t*Lhe in 3 car- Key profimoit^ of toe - 

! — er,rk SS2SJ” a* jsaaagL • - M a K S s^oiTSKSkE with 

REGENT. CC. 01-637 9862-3 LAUGHTER' Guardian. 

M.. T.. W. anti F. S.C0 Thun. 1:4 Sai ; 

SEXUAL ptRVtl?Elrir fl ' < IN CHICAGO ! Y ®“NG V 'C Old 1 VIW 928 6563 

AND DUCK VARIATIONS » Tonight 7 45 SlODpard 3 THE REAt 

* tad MW ; INSPECTOR HOUND wltn Tcrenci 

; The talk .3 a.rr, mmAm .hire F ™bVs seaside postcard. 

I Yob *»iii nave a eoaa time NY Div. Nem, ■ 

! '■ Talented eroticism.’ Daily Tel Student YOUNG Vic STUDIO 928 636T 

I IVnp' , * r T,!fceU •**■' 7 i0 a ’ ,n ’ Dain.y AbU s GONE IN JANUARY 

■ - oc - Tomer ana Wed. at 8. 


the uniear-kcy profundity of the "Per*eti. *. »»9 a 1 tr.nrai.- e h»w. 
Chrlytian arias and choruses. The £1 - 

« ! tvfik. 7.30 Mm WW “i Ml 2 45 1 

•S Sarah Ber-*haret_.r_ MEMOIR I TOT4MY STEELE : u “ 

ECTOR HOUND wltn Tcrenci 

"A SUPEF5TAR D. £«prm ‘n 


r.RACKh’V HOLSK. ill. C-^N.NON S1BKE1. KC4P 4BY 

Telex: Editorial SSC341/2. jtSSfij; AdirrH-emenUi: 8H5033 Telegrams: Ftpaniimo. London PS4 

Telephone: IH-2W «W0 

lor Share Index nnd Business News Summary in London, Birmingham. 

■ . Lm-rptHii and Manchester. Tet: 246 8036. • 


Evenings e. Set. 5 e .'3 5.30. 
world Premiere st 

World Premiere Sf 

By Peier Sinn. 

See alse Theatre UotiaYs. 


ir.c Ccrci'ul jtrertion ta appo^gia- arts theatre. 

tors? i though s row key cadon- 
::sl Gne= were *isll mining) and 
/jr.-rted rhyjhijy 

o:-E36 21 12 

dirty linen 

" H.jf si- ... i«e sur.daw T 

Var.dav Thursa*, 9 3S Fr day a-d . 
S«urtfnr a? 7 4W j-rj a *5. •• 


GINGER ROGERS , Best miclca: e* 1977 

•SonSld ptonhor : -ISi 5S£^S«S “2i2L^!L«J= 


ROYALTY. CC. 01-405 8004. 

Mdnd«v-Tnv5(Uv Evenings S.03- Friday 
5.30 af>3 94S Saturday S CO and 8470. 
Lcnoon's tntiis vote 
Best musical e* 1977 
Tel. beds, attectec. Major :-«n: earns. 

r 1 ABC 1*3. Shaltesnurv Avc. 836 8B61 

lost- .5. j SCO Fh-rls. ALL SEATS 3KBLE. 

... on “ 1 1: THE CHOIRBOYS iX*. Shirt Dowd iU> 
01-403 8004. v/k _ an0 Sun 1.1 3, 4.10. 7.50. 

8.03. Friday- a . THE GAUNTLET 1 X 1 . WK and Sun. 
C3 and 8470. Z 0 0. 5.00. B.CO. 

Tute. 465 24-13. Taylama’ PADRE 

PADRONE iJti. Grano Priec Cannes ’77 
- a:n MONTH! 4.05 . 6.25 . 8^0. 


Amsterdam; H.O. Box IriMi, Amstcrdmii-C, Manchester: Queens Buu<u*. Queen Mreec. 

B’;* £‘Si*. the ">vo.v. moved ine 

ASTORIA THEATRE. Charing Crow Rsart 1 
01-72e 42?1 . Nearest Tum- Tottenham ■ ; 


Mats. Thurt 3.00 Sat. 5 00 . 5 36 

CLASSIC 1. 2. 3. 4. Onioi-d St. lOpp, 
Tcttchham Ceurt Re. luuc.i 636 0310 

l elex 12171 Id: 240 j.'i? 

Kiriniachum: Qcorge :ioinr. Giurgr Road. 

Teles SSSSSQ Tel: Q2I-LM 0322 
lUiitn: PrevshaBS 11 -'104 IlL-iissrtUce MU. 

Tries 8S69M2 Tet: 21003U 
BrnvtHs: 29 P.w Dunif. 

Telex 232S3 Tel: 912-9027 
Cairo: P.O. Bos 2040. 

’Id: 32&10 

Dublin: S Khzwilliarn Square- - 
Teles S4X4 Tel: *93221 
Edlnburuii; 3* George Sticel. 

Telex: 724W Tel: U3I-S2R 4120 
franKlurt: On Snehsenlager 13. 

Telex: 4IG263 T«l: 55572l> 

Johannr«-barR: P.O. Box 2138. 

Telex S-6257 Tel: KIS-7A45 
Lisbon: Prara da Ateoria 5S-1D, Lisboa 2. 

Telex 12322 Tel: 392 508 
Madrid: Hspmndeeda 22, Madrid 5. 

Tel: 441 9772 . 

Telex 966813 Teh.Ofil-SSi MSI 
Mosciiu': SadnvD-Sinoirrhnaia 12-24. API. 15. 
Telex 79M Tel: 234 S74S . 

a 1 -... t’^.l . w- ni...» "x l" ihlllA 

Telex 79M Tel: 234 S74S # 

New York: 73 Rockefeller Pia/x VV. JtWI9. 

telrx 66290 Tel:-(212) 341 4623 
Paris: 26 Rue du Senffer. 75M2. 

Telex 220644 Tel; 

Rin de Janeiro: Avenfda Pres, \argas 418-ltf. 
Tel: 23‘l 4848 

Rome: via della Hereede 55m 
Telex 61032 Telr 678 3314 
Stockholm: c'o Svenska Oak blade I. Raalambv 
WRvn 7. Telex 17S0? Tel: 50 60 88 
Tehran: P.O. EOS 11-1879. 

Telex 212634 Telr SS2 698 
Tokyo: 8th Floor, .NtEwo KeQai Sbirabuo 

I4M6S COS5INS in Bcrr.arr Sham s t. Last 3 oavl 1 ONE ON ONE IA., 

WPERMAIll. D’-eeied bv progj ' 7.45 : 55. 6.05. B.1 5. Late &ho a 
. CLIFFORD WILLIAMS. | iat i- a- i p.m. stereo Sound. GENESIS 1 U 1 
:idua ol isv trom eeginmrg ;o erit.- white ROCK >U'. 

S. Ttmi-s. BSC aisc ai Atewm jnd 2 . THE HIDING PLACE iA». Sep. Perl* 
i P':-B-»’y 7-r-I-ej. C-rtlt c*f« aaailnBt 2 OC'. S 00. 3 00. Late Shaw 11 p. m ' Last 2 Wceic*. Scjsan en^s - FELLINI’S ROMA «Xi. Italian Dialogue 
Fe 9. 11 — En?-ish Sucrimes. 

. SHAFTESBURY THEATRE. OT -8 3G 6596 -7. ROCK* . AA^^Pra^*! slf 4.1 O^BlS 

5ss. 8.00. Mat T-tur*. ^.33. Sst. 5.00 3 4C. JOSS 

Iter care for the Sr.:>h and ihej * 

itiiour i»f ubLh ivor 'L ■•.:1b her 
ri't a: maWn? a 

disjrinner.iia a pi^iocaie emo- 

*"-—hr>ed ane 

loo-pr l- t ;. « FA r .O 


IWI'Sal .'HM'iM -nel-staihBrng and 
hrart-inun-.s;rg,- jrr 


and P.-.r-'M H.'.vev ir 


oy EJ-j.iii-l 'J' F-’ p:>r .?-”?■ . 4 WIZARDS -Al Progs 1.00. 3 ClO 

Dir-ilM av FRANCO ZcFFIRELL! TICKETS v13C-i4J)Ci ■ 5 03. 7.00. 9.00. Late show every night 

’TOTAL TP1UL.PH £ Nt US AN; PAUL JONES . i 1 p.m «T niBiu 



YEARS ” Str-aae T-mcs . Many MCIT’I Retrains. ’ I.eniiJ News. PARDON MON AFFAIRE iXl lEngjish 

; V'g* 1 "’ Evening Su-oarV. • s u c-:::ics». ’A sparitiino New Fron’h 

IAY FAIR. CC 529 1336. 1 ^M£'-»4u!ar Pretefitatlon." stash- 3‘ r - . Cornea*. Directed with tmMSe by v«s 

Oncns Tucs. Feb 7 ;» 7 0. Sur.i e,-gs. ! i 1 ] 3 7 2 3 Pr - r - e . ,!s - X7.75. I*iar: Creel* - Rgser*.’’ Sunaay Express. Progs, at 2.00 
Mon. 10 Fn a* 8 0. Sat 5 30 ar.o a— S. * - JfB Reservation*. j inot Sun 1. 4.05. 6.15 ana fi JO. 

4 WIZARDS -Al Progs 1.00. 3 00 
1 5 03. 7.00. 9.00. Late show c»crv night 

’ronti 2e*!ure tiut ID no way] along hv ■: reimi.gsfrt-d The Sheer 
j;— ,._k.r ,U, „» ,L,4 1 verve and cpettlci" "1 ■» ' Sun Te'. 

1 was Pt-»'!IMI* MW 4S in 1* earned IT FILL THE L Yt}|e FOP 4 HUNDRED 
npg hv ■! reinv.Bpr it-d tsy The Sheer - YEARS ” Sur.-iay T.mci 

difrjrts ihe nhspolines? uf the 
phrase. There was an cd^e 
t> I he hi ah jiotes. once nr twice 


■■ Staeaenmiv v^-fi.e." T:tnes. i 

Perlru-meB witfc a .ervr rare • in British , 

may fair. 

unec^-cr-ab-e. that this artist I 

Building. 1-9-5 OlottKhL Chijuda-Lu. 
Telex J 271 (M Tet J4l 292fl • 
Washington: 2nd Flour. 1225 E. Street, 
N.\V m Wash in Etna D.C 20004 
Telex 440225 Tet (202) 347 S67g 


BY Ste-.e j Soears 
“ Outrageously <i«iny P:plc 

mQVina-" Variety. 
Previews iron Fes isr a; B.O. 


Blnn Ingham: Cearge Ilounc. George Boad. 

Telex 354650 TeL UEMM 0922 
Ivdinburslu 37 tirpn.'i' Sired. 

Telex 7S4S4 Tel: 031-226 4139 
frank furl: lw Saciiwnlsser 13. 

Telex 16263 Tet 334667 
Leeds; Permanent House. The Headrow. 
Tel: 0332 454969 } 

Manchester: Queens House, Queens Soeel 
T dex 666613 Tel: 661 -S34 9381 

reraed the advantage uf the 88 •"“SfE ?-" 1 ® fW * 8 - I • w stf-? j SMJrs B 

ma=:c. Ditfyiaas. Johanna year P: ° ,Qun2 "' # 

Peter? was eloquent in ber , e™~ *«=. f« m * a.o. L fag^gSs . " ° 

wirhe.iif alwnrs tni?& — : ;Stbanb. oi-sss 26eo. Ewni 

I*..eauans w envu » r 4 MgamciErcc ~ o a t G~&g ec - m ; MERMAID, jas 76S& Rr-.i 248 2855 '• m»l Tn<.«. 3.0 o. Sahmiavs S4 

muatCT-nz a suffictenj? ’full CAM ^.*®* m"- s °, ta ; Mon-sat. mji »m inn n;. . no sex please— 

ew «1 nr Inno ts-hirh eftn- 7>ur.. B P3. FrL gg 5.«a. B^Q. : DAVY JONES. MICKY DOLENZ Wt'RE BRlTlSM 

si*ei. or lone o.. vmcn -d con- m ■ m hai'P» m-usons the world's create 

vw then:. There was more .of pu ^?rdc Ie^t year b j iau ghvlk maker 

iba: in Helen Atifield’s clear * 

F , SNAW 01.386 1394. LEICESTER SQUARE THEATRE i93n 52321 

N , Mats- Yd* Thart Fr,. 2.S0. Nd Pfiri.. |TAR WARS iUl. 5w. progs. DlV. 2 .DD 

. . . ■ ■T a T. l ft= l r r t -^ u ? F 30 : ,S ’ 7 * 8 - 3 S- Scats hlctlo tor S. 1 S & 8 35 


j ... BY J. B. rnesuev . MANY PERFS HURRY! OR 

B.O. ‘ Highly Entertaining. “ p, TO, i — 

-STRAND. 01-836 2660. Ewnlngs 8 0^ j N dccp K: S , 1 er T IM0 611 U 

«», 1 * L Tl ' art J> D 2-?^!V'^ 0 4 8 J0 - 1 be isonS. " ‘SSi4 W S2 en “2i 

Tdex 666613 Tel: 661-S34 9381 
New Yurie 75 Rockefeller Pten. N.Y. 10019 
Telex 413023 TeL- (212) m 6300 
Paris:. 36 Rue du Seutfcr, 73002. 

Telex 220044 Teh 236.86.01 
Tokvo: Kasahara BaOdins. 1-6-lA'Udukaiida. 
Chiyoda-hu. Telex 3 27104 Teh 295 4050 

vw them. There was more .of year" 

iha: ip Helen Atlfield% dear .-g8 Stt&gSBgi 
cer.traito — #he made cjuch of criterion. cc 
Irene's. “Defend ner. Hea\>en. s ?&i5-^ 8 i?Li!»s ,,ur *' 

Philip Lancridge, in robust '■ imoccraa'* 4 inr:-r " Sun. ' 

in HAf B* ^’! -IL SON’S 

■•A WINNEP." D Mirrar 


1.20. 4.30. 7,45. 

Stall ticum Ll 2S-C5 £0 C:-nslrw ! ST. MARTI m. CC. 83S 344’. 8 - 00 . : 
cjinncr-thwr? |i;fce! 65.55 ! M »t. Tuat 2.4 S- S»urt»w -S and 8 . • 

. Manila Arch. (723 201 -1 



•• imwectaa'- . * ma-yr Sun. Times, j ouvier looan uagei: Ihur. S Fn. 7-30, 




. ? £I?X. CHARLES. Leic. So. 437 gifl, 


' er 4 ’ S- 4 5. 6-15- 9.00. cpj*: 

Fr>. & Sat. 11 . bs 

>■ 9.00. Lat? fihaw 
seat* 8 hb“ L.?a 


Ottiics siblalnasir from newsasenbi and boohstaibs worldwide «r. cm reflribr subneript'roa 
Crum SufeurUitHm Department- Fnianttal TlmeSi Union. 

*.. — » 


i Telegrams: Flnantimo, London PS4. Tetae 886341/2, 88389? 
' Telephone: 01-248 8000 

Financial Times Monday January 30 1978 


the creation of a single Integrated car 
business as a separate profit centre within the 
Corporation would best serve the interests of BL 
in the future. We recognised the strength of the 
arguments which have preserved the separate 

T rfww iwli miil 

Monday January 30 197S 


since the merger-— the need to preserve the dis- 
tinctive product identity of the “specialist” cars 
and the loyalty of employees at ail levels within 
-these divisions to the old company structures. BL 

cannot, however, compete successfully as r a 
producer of cars unless it can make the most 
effective use of ail its design, engineering, manu- 
facturing -and marketing resources. BL cannot 
afford to derelop, produce and market competing 
models, it most use the minimum possible number 
of different body shells, power and transmission 
units and components. ■ Manufacturing facilities 
must also be deployed flexibly. We do not believe 
that these policies, can be satisfactorily Imple- 

mented with a structure under which Austin 
Morris. Rover Triumph and Jaguar are separate 
entities. Under the product-based approach the i 
task of coordination between the various car 
operations would, as now, be a matter for the 
managing director, the corporate staffs and com- 
mittees. We do not believe this arrangement has 
worked satisfactorily in the past and it would be 
even less likely to operate satisfactorily if, as we 
believe is essential, the car divisions were genuine 
profit centres.” 


DURING the last week or two sent circumstances, however, - 
an apparently contradictory news can mean exactly the oppo- - - 
trend has developed in the site of what it would have meant ’ 
securities markets. In the real to. say, 1976. . 

world there has been growing The dollar situation is the / 
, confirmation that the Govern- clearest example. In the past, /" 


world there has been growing The dollar situation is the ' A M0NG Austin Moms— one for ones and the division s perform- Keith Hopkins, sales and m*r : investment is allocated within more easily see the objec 

MrSrmatiM that th^ Govern- clwrast ev^nle In the nSt /\ have s ° ne v™* wrth 036 5°^ and the other ance suffered as a result. Yet a ketipg director, and Mr. Geof- the organisation. they are aiming at They 

Of rMirata are mSet has had ***».*** * f BntJsb *** f ? r P°™ r * rain transmis- good deal of progress tovans frey Whalen, personnel direc- Three central points have tend that Leyland Carer 

uroducii^ tfreir desSd resulS St Ue resuli of excSsife land stnce the creation of the slons. The idea was to put more integration was made-in pro- tor— have all resigned. But even been made against this type of developed as a truly integi 

Inflarim rr«^r creation inside company in 1968 most people management effort into manu- duct planning, in component within the Cars Organisation structure by its critics. organisation, and that i 

“ he S SJS3E would oul industrial factunng (which certainly standardisation and in market- Committee, which Mr. The first is that profit centre belter to place the emKJ 

front abatf^^nd^he outlook * in rfto taw Sdto relations and weakness of needed it) and let the product ing. Edward* ret up to look at the organisations inevitably cost the old companies which p, 

is for rllatfvHv subdued Swflf £*£? naitof tS ex^Sive lhe Product range. But it Is ffmrfons get on with the job Nevertheless, it was clear to structure of Leyland Cars, there more. Both the AM and JRT car can understand. 

nS r SSS St Nation o? STus arguable that ah equally .serious of .designing and selling the the Government and the have been strong doubts about divisions will have their own • Leyland lacks managers 

iJSL f z„ 9h ^nvildhr disao- it is the lit P™Wem has been tHe continuing vehicles. At the same time the National Enterprise Board dur- his ideas. marketing staff, their own have the skill and eloeri 

JSSSp rirenLmeS? SvefiMn^d uncertainty over organisation, corporate staffs at the centre ing 1977 that the Corporation as The objection is based on the engineering and their own to manage larre stratum 

fom ^ave sretche?aS^ of' M £ hit Several different structures have were enlmged. ^ .a whole, and Cars in particular, belief that the motor industry plSduct development To some • Severe can SS 

a mtm^^SosioT Yet the ZL>£ ttTSte of*e tou£ been «ed and none of them When Lord Ryder came on was not achieving the improved lends itself to functional, cen- extent they are bound to be with the original marques 

a uii/uciai* UA^IUOIUH. m . ci uig uic taiuc i/i uuc uuutu, , 

market In Government securi- and the Bank of England and Jjf?* jjjjjf? 

ties, which one might expect other central banks which have jj*®* JUSf** 

would welcome these develop- offset these outflows through SS5l_t n™ 

meats, has displayed only sullen their interventions in the cur- 

Inactivity. rency markets. In these circum- an ° ther apheavaI » “offer way. 

stances any action on the part Three years after Lord Ryder 
Two reasons of the Federal Reserve Board to introduced a centralised struct 

; There seem to be two reasons tighten domestic credit will ^ e ho i,° C Jai- 
lor this: the technical condition help to stabilise the credit sys- “ d t, ft 

of the market itself, and the tern ail over the world: yet the mined to unscramble it. Just 
welcome unfamiliarity of the market reacted last week as if as a ^umbec of able senior 
economic background. The mar- a rise in New York rates would execufivdwes^ned. because they 
ket is at the moment over- inevitably pull up London rates disagreed with Ryder, so now 
bought; the investment instilu- in its wake. ' The truth is quite another group of managers is 
tions. after absorbing the un- the opposite: in any but the trooping out because they do 
precedented flow of new issues shortest run, a stabilisation or a not like what Mr. Edwardes is 
. in tbe long bull market of 1977, reflow of dollars would help to ‘ ’ • * 

is now somewhat*. overloaded’ relieve the pressure for official rt is easy for • outsiders to brought closer to the sourc 

with Government stock The funding in London. criticise ibisr chopping and . Ups and downs at British Leyland: Mr.. Michael Edwardes (left), the new chairman, has plans for decentralising Leyland the product. This also app 

reason - is straightforward ° changing, but the size of the Cars and has brought in Mr. Ray Horrocks (second from left). ex-Ford and ex-Eton, to take a senior post In the new structure. to overseas sales in the m 

enough* over the three months The Chancellor - task must - -not be under- Meanwhile, the- two top meb appointed by Lord Ryder, Mr. Alex Park (right), formerly chief executive, and iHr. Derek markets. Thus Austin Me 

or a little less since sterling Again lhe rise in consumer esti ™ a ted- Unlike Ford U.K., Whittaker (second from right), managing director of Leyland Cars, have resigned and will leave at the end of this month. could take over responsib: 

was floated, the enormous in- spending in Britain has led a British Leyland was born out £ r European market 

:flow into sterling between July number of commentators to °* 3 J! u f nb ^ of ® ei jS ers none the scene, he and iuk committee performance which the Ryder rralised organisation because of duplicating activities which , . ause of l h? prepogdera 

and October has continued to forecast a sharp rise in the ,, ^b vcb .'had • been properly considered the.: possibility, of .plan had envisaged.. So they the scale on which it needs to could be centralised. lts „' ces in 

; trickle through to the domestic demand for bank credit; but ft has note-been easy* separate: profit ::eentres .for did what Lord- Ryder had done operate. -In most of the worlcPs The second is. that in. a com- , y 1 JRT takcs .respo 

money supply. The marker is this ignores the ‘aftermath of **-viecflidtees^e:*na«ff/.fnp:^,uMaia Morris/- ^^over■TEhm1pto: , three years: iearMer^awwinted. large: motor companies ^his tf. plex industry,: in" Which, it is ■ .V, .? r America. E 

which the company grew rs 
than with Leyland. 

• Smaller units make it e; 
to identify where the i 
trouble , spots are in the ■ 
pany. Given that Leyland. 
big, sem f-unlfied orgaoisatir 
now in a moss, it is bette 
break it down and deal with 
problem piece by piece. 

• Integration of major i 
ponents has nor gone so far 
production facilities cannot 
re-allocated quite easily to 
car manufacturing divisions. 

• Marketing should also 
split so that the salesmen 
brought closer to the some 
the product. This also apr 
to overseas sales in the m 
markets. Thus Austin Me 
could take over responsib: 
for European market 

r* -C — UMV — V — _ . t , - — T - — -.s— n '"“O'- lUMUOUJ, IU . U ,„I11 A U ” 

.being asked to fund not only the the long recession in<he.UiC ejawBnniusv'itfi s^BLaodrhenceigtjj ‘J^guaj, b«t: t» ariud^l,~ new- chief, executive: . ^he prefdtred system of manhea-. necessary to , seek large scale wm 5,611 019 otliers product 

'Government's much reduced consumers at the moment can -centralisatiOH.T-of o certain- tjjg-f^aStHis’set oiit^ln ihe'iHsif ' Mr. -Edwardes has tackled the'* menL -This 'way, rhe <Jnmpanies economies of manufacturing for Jjf 1 * nd Truck and 

borrowinc reauiremenL but the An>n><« » ri«« in aaendine out functions (which was, after * Ka n- orsanisational issue as a too -arsne. they aTe able to achieve rita! eommmerirs- tho entit into ai ' ,s,on w, ‘ la Ke Oh its j 

borrowing requirement, but the finance a rise in spending out functions (which was, after ^ x of the ^ a - organisational issue as a top -argue, they aTe able to achieve vital components, the. split into take on ,ts * 

’ enormous rise in the reserves, 0 f higher real incomes and a fj*-, 01 * ma, ° awunent.for the rfagl# i ntejmite(i structure was Priority. He has made no secret design, marketing and manufac- a number of separate centres „ „ , saIes - 

or a large part of It, and the rise in their liquid resources. 1968 merger) with the need for g-seotial of his preference for a highly turing economies by spreading will complicate the business Mr - Ed *ardes seems to h 

Ipace has been excessive. while the rise in turnover will operating unit* which are small ‘ decentralised structure, switch- all these costs over a wide rsiher than simplify it- None of tho argument 

Even if the situation were actually improve the short-term p “°uRh to be managed Under the Ryder plan four pro- j n g ail responsibility for day to- range of product and by mak- the businesses can ‘be self suffi- s0rne ceniral service under 
i totally calm, this would produce position of the company sefctor. eff f£ tlv ? ly - ^ ’ flt cec “ r f s for the corporation day decision making away from lnr. their, vehicles and compo- cient; they depend on each vice-chairman \ 

jthe normal symptoms of a In the U.S. this unwinding The first step after the 1968 as a whole swere set up — Cars . t he centre. This will mean nents on a very large scale. other for manufacturing of some Wl11 ho , ld central Be 

1 the continuing dollar crisis, and securities market balances the k 
: there has been recent evidence day-to-day situation: - but the !ntnwntivi : 

: of a quite sharp recovery in underlying economic signs con* r n “lifi ° 

consumer spending. The market tinue to point to a fall rather i Trurfc 
“seems at times to have res- than a rise in interest rates, m 
’ponded by shying at phantoms, provided only that the dollar j nM Bn „ , 

responding to these develop- situation does not further 1 . ° * over ' 

meats as if we still had a weak deteriorate and that the Chan- . 

he. (which caused several managers and Jaguar/Rorer/Triumph products, being taken at the organisation. -W 11 a,so be an advan 

.^v,er-Triumph and. Jaguar. 4 they. are already known as Ail centre. In Ford of Europe, for The third obiection is fhat e “Sineering facility for deal 

ig^K* teaw). anoti^rfioiLLpjy^psial^jand.fRtT wi$Wjj£eyland) plus a exapiple, -the niaiq operational . Ln V jand has •already beeun ro wilh the I°n«‘range mo 

decision was the ^ retention of par's and components organisa- Board is. composed., of wmerfie as an , intecrai ed nrL*a n developmenu and franchis 
" International ipcjfide foun- . presidents responsible for all i SHtioiT . Somemajorcomponents, j^^ments will be goven 

ti- proftt centre. Jame argued that-; dries. Consideration is even significant . , activities*. r .fcom. stidv-us eearfaoxes Sorinto both frD . ra lhe centre. 

** since Cars and Truck- and "Bus being given io. Che idea of marketing ‘and product "develop-. tjj e and JRT-TMges. Engine According to the critics. 

wbre supposed Id be designing separating Land-Rnver/Range meat to finanre. engineering or has hfien broU eht^to- lo ^, lc of lhe vo,um « busir 

. and making cars for world E°ver production within the component supply. The factories gether nne man gj 1 s will force him to centra a 

in France 

demand which was posing prob- tation of an election Budget te desiiJmto Md sritinl 11 probably better to A * '■ . TJ® P rnfit C0U «PI from one office blbct in the Mid- subjected to quite unnecess 

len* for auUrorfae, In pro- s „ to his food. Argument {gfi S',~ S* 

^ - • ^lVjj£!«“ dC0n,p0 “ na wSSbr was working rogpc -. a chief executive is to be given Z^benbSS^lSS^ centralisation will have to 

Am -f wr? • ^ -1 l-: S' * w ,r r. • ‘ - Profit responsibility, be has to _ ... handled with grear skill and ■ 

la ffi S WK-* Trnr Ofdece.n- begivea manyof the. back-up inter-reiationships between : 

«>ofreptRof L ^and^^ers Was tralisatitm vras fext aired hy' Services which wake it possible advisory Board of semor opera- new un j ls defined very cleat 

v divisions, was to . take sound, but thatjthe ir^hleraCn- Mr. Edwardes, a fieixfi argument for .him to. do : the job satis- ri 0fla i managers* . app^er. to ( n the .present climate of i 

• . »-i charge of all the Corporation's tation was tod hasty, too drastic, has raged within the Cars DiVl- factoriiy. ■ He will" want to have^ ^ hare reject^^..^«a of these^ certainty morale is inevitably 

m §j overseas selling and manufac- and badly planned. Severid sinn. The three executives more control over the design segments on • the following ‘ a j ow e ^jj- Levland’s ha 

■ y|| fl dr" turuig activities. executives , were promoted into chiefly Involved in bringing to- of his product, more say in how srnunds: - ■ pressed managers must f 

this organisation was jobs which were very much gether the present structure^- it is sold - , a band in negolia- • In their - view, smaller vently hope that this latest 

. . mocuflea. Two volume manu- larger in scope and respon-- Mr. Derek Whittaker, managing tions on wages and incentives organisations are easier to man- organisation can be made 

IN PRESENTING his voting Prime Minister elected on a factuiing divisions were split sibtiity than their previous director of Leyland Gars, Mr. and a direct influences on how age. because the ■■ executives can last. 

.-ecomniendations to the French quite different one. M. Giscard ‘ ; _ • . • • - 

aeopJe for the forthcoming d’Estaing’s only hope might be " " " ~ . ' " V " m » ■ 

General Election. President to give a Left-wing Government ■■■■mb flB ■■■% MM M TWPf a a 

discard d'Estaing has delivered enough time to run into serious HfflCTni A HI Ml mi III 1 IT laiT P P 

i speech that has been widely difficulties and then call another |v|C|V - J4I«EJ IYIff4 I I "Hal 

icclaimed as his best since he election. But it Is still far front ■■■■■■.■ ■■■■■■ 

.ook office in 1974. clear what a Left-wing Govern- Rjo hanfif .debate did he, bother to rein- fi — , . sheds and garages. It’s no fun 

u;. dent WQUlu lOQk URG. • - ; O * * /(rtrrp hie caqa .hv mmfmn ntVip^ ’Hi /STV l hoinn A . 


meat would look like. - ^ 

M. Georges Marchais, the 
Communist leader, in another 

hits Davos 

His lengthy analysis of the ° " -'force his case -by quoting other 

right choice" for France in „ M ‘ Georges Marchais, the fflsii/rtc .expert's Inquiries ' against 

he crucial mid-March poll. Communist leader, in another HITS OaVOS - sieghart's views, adding that the 

elivered in Burgundy at the , ae ^ t After a lifetime of back-biting R °y ai Commission's opinion is 

nd of last week, has impressed rommlSIt fnuu feUow astronomers, Sir .universally shared fn the 

lany of his former critics. In l f Fred Hoyle is used to criticism. B 1 p ! ush scientific establishment 

sheds and garages. It's no fun 
being a chicken these days. - 

lany of his former critics. In 

ment would include Communist 

Mij-ictpr® * nrosopct that- M iu utiuttsiu- - ----- 

ractice. his remarks were v T ha« Jiri h P w-miiri" But seldom can he have suffered eit ,J 4 / 

cvnted as much m the "wrong S|l n ™ d Th “ such an onslaught as over the Bather surpnsingly, slightly 

noice" as they were to the T t u^ SnSaiUt^ and WMk-end ' la normally " lore common ground emerged 

ight one. A contra! theme of . .f? c S ,, sedate Swiss ski resort of Davos, during a np-marmg debate on 

is speech was the threat uf Tn^^nn fi a where over 500 European chair- the futur u e of the market eco- 

:onoraic chaos if the Left were fi J? and chief executives were between two other 

. win the elections. By issu- hav^tn assembled to have their h . 0,ders of strong and opposed 

■S such a warning, however, he ‘hnrh ??h«°Sow Intellectual batteries recharged ™ews,,the ebullient Franz-Josef 

is pinned his colours much iTLJ!!!!? by top politicians, economists Strauss and the soft-spoken 

is pinned his colours much 

ore firmly than many people SJI,™ w nr L\>rf^°^2 S and scientists. rprmer Dutch Prime Minister, 

.d expected to the mast of Die 3 %.,? Ie 22! The object of this vitriolic ^° P van deri ^ Strauss 

,.in S Centro-Ri^ht Mlllln. lnte ^ di vLsi„ nM «tthouS attick was HoyleJ forceful den 

“"' ow :sss a^BTSS- J5SS 

At the same time, he has tried iu i QCe ^ claim that the safetv risks nF , °ciajist ca. e to the contrary. 

former Dutch Prime Minister, 

At the same time, he has tried i* doing less damage than the d ^ ira ^ the ® a ? et y of h.if S a ,, 1 ° L- ^ 1 n . : 

clmfy the constitutional rift between Centrists andCaul- pMontem, had been grossly {hJ ir llle ;,,^^^^ Jg r 1 . , ! !!l- 
le of the presidency vn re- lists on the Ri»hL Presidenr exaggerated. In front of a attacking 

onse to Socialist accusations Giscard d’Estaina, b.v comine Padwd aiudience, Paul Sieghart, Con ? pan . 16s for 

Festive isle 

jflt Adventurous travellers who Eeel 

/rj> ^ ey are running -short of remote 

“jrA and exotic destinations will be 

glad to hear that Christmas 
g I Island, bang in tbe middle nf the 

^ Pacific, may soon open itself up 

The main attraction of the 
7/rV island, discovered by Captain 
Cook on Christmas Day, 1777, are 
~ its birds, which include colonies 
^ / of “HH 011 ? of sooty terns. But 

^ Jf m/J / none of the island's few recent 

Jljmi visiters has failed to be im- 

<***&* / I 1 y pressed by the gaunt remains of 
" _ Britlsb and .American military 

“ Oh this rente the rise In occupation, for it was from here 
Fares Is academic! ** that Britain! exploded its atom 

: ^ bombs’ In the 1950s. 

This affects everyone i fl the .^ er . e ^ flocks of omitho^ 
business, -ineluding- those small ■ 5 V. who 

onse to Socialist accusations Giscard d’Estaina. hv comine patlwd audience, Paul Sieghart, md „,„- e roinpanies for “ — - bombs in the I9o0s. 

it he is acting as both referee down so firmly in favour of **** cnisadins British lawyer. J? - 10 e*«ssive bureau- eyeryone ifl ^ are flocks of onutholo- 

d captain of one of the teams the governing majority, ■ is ?° w tartly that ener Ky Thmv-, n » nn ™,, *, business, -ineluding- those small ? n Ul “? V' S ' j who =^uld 

the electoral contest The dearlv hoping to restore greater field W “much more complex -,15??, *1® normal dUplomatic sc8ls operatorE hi 0Wn t0 ^ presumably be lured .to Christ- 
sidenu in M. Giscard unit" « SST' iSFSS Md **»» astronomy." ^ds,. their ^.dtuS Sligenteia as end- ‘ s5and - w u,0 “S h «" ^d’s 

;staing*s view, is nor a party lists.". under M. Jacques Chirac TuralDg the screw, Sieghart L ars ^ h Bst w0 {Jf *?v h ^ served of-lay-hen-proces^rs: • Jj ^ 48 beds A 

der or partisan lo one side, hare long been pressing him to recalIed **•« mother of Hoyle's * - JJ e baa beea g? v * These, are the people who I?? ar ^ eeU J l ir ls now 

: he “cannot remain indif- make iu5 such an exnUcit com “comforting theories," con- ^? et1 , ln recent years: The slaughter the hens which have being p,anned by. Air Tungaru 
ent to the fate of France" niitmeS ^ M ' tinuous creations- of the «"»»» ««■ rested in ton^uafve "their u^uIneL in the of Brtfain ' s ^^.to-be-indepen- 

1 would be rightly denounced universe, had eventually been on a P°hUcal and moral crisis, crammed cages of egg factories dent Gilbert Elands, 

lacking in courage if he did Six weeks overtaken by the more ^ „ ,. StTau *?;. society Tbe unfortunate -.birds, provided — ■ - — — - - 

speak nut. The ' Question u w«r u ? ns !! t,ing “ w * bang " theor >"- Th? nn ,‘ l seased * ^ den U ^v they are still reasonably present- 

tSf" 11 another one 

ncois Mitterrand the ® UnS *7* * ary ' abouI fasr breeders. Sieghart hu «e inequities" which had ing fowl. From, there it is fcui pT inftin 2 habits in the bars of 

Ulisi leader who* could weti ^ k f. t0 3° also claimed that Hoyle and the Provoked the present situation. a shon step to subsequent re- Ireland's County Uay« 

France’s next* Prime Hnnhi^H f™?** r^JviV"? rest nf the breeder lobby were PubIlc, - v - at least, there was not ■incarnation ^ ^ delicious- are the source of endless myths 
ister Prosidem cSard 1°“^ °!^ en 5 ending, but rarely ^ fav- 

who could well until the elections, and the un! ™ n'^breeder^ 
France s next Prime doubted impart of Friday’s J£ 
ister. Prej-tdeni Giscard speech may well have been S^d ir enerev ■ 
damg has. however clearly dissipated long before then. On 1 t J 

assembled representatives of tasting, coq-au-vin. 

vered allegations ’hat he ,hn .nther' hand: ’he President * N«r. were the- dangers- nf 
ht use the powers o[ the obviously Eelt the time had P lu l° niura purely -direct. . Sjeg. 

. Malian hra business. 

and apocryphal tales. My fav. 
ourite is that of the Englishman 

The NFU claims that the m a fishin 3 holiday who PUIS up 
small firms who usually handle . ,n a P u b in wildest Mayo. At 
this. business. cannot afford tbe a a -™* the bar is still doing a 

ias now nmuy siaiea. is uui m rh xac w aq airpariv «,ei nanonai uqniniissiou ui vunsis, w -. T": ■ ■: * M4 “ 

ie question. ® rea ‘f;, ^ e1 ' Q f a hard-hittina report Pluto- 15° J oyer f throughout Europe aot be bothered with the trade op ? n ,n Mar ch was the reply. 

corned the speech, claiming. .. - - r-jKoric u-hinii bas just been • sounded by the unless farmers can let them have But the majesty of -the law 

' making such a statement, that it is .iu^t what the Gauirists n , . ^ - k ’ nn H ^bonal Fanners’ Union which ^500 bid birds at a time. This, is now cracking down in Castle- 

:,sc ? r ? dEsraing is. presum- have been saying al! along. All ^ S ^ » worried that an. uncontrolled Iff turn is thStening ae %maJJ. bar. County Mayo, at lea^The 

intentionally, drawing is nor .ret lost for the Govern- J* h# b,ac! * mar,wt boiling fowl is scale egg produccre. District Justice has just caused 

,t J?. n °[ *"*?*■ En cu2hvoter» may once au _^ va _p P *• mst likely consequence of What Is even more serious, ■- storm by cutting the extension 

r U if! e lnm3 to 1 jSin? n *%a ^! s ! denr f vKSTlftem ^ and ■ -’1™-' ' ^L* tb e Imest set of ; vAilings from the the NFU thunders, is that a to licensing hours bach to mid- 

^ . rrtk o l'L wm M ‘S ““ ^ Brussels. black market trade in endoWay night- Ever flexible however 

mLlZ p'? -u 0 i he - ! - ast rhrlaien/d .would, be The E£C has apparently hena could develop with people local publicans are mounting a 

E"'' ' hp n P’ nion . d ’ . tightened up. the health and not. bolding a Common Maritet .campaian. ad vising drinkers "to 

in which i President doMs consisiem-iy showing the Hoyles reaction, to ail -this hygiene -standards Of aU preml- licence.- buying birds directly start a half heur early " . 

v a ip SOin? he SC<>, ! , ? d fac burn. . eceu- nther- ses. where livestock, including from the farm and .iilec-jily - . av ^ 

a ‘ 1 an ? a tile. yorldly. ..Only . very— late in— the.. chic k ens- ajp_ slaughtered. slaughteiins them in garden . C/0SC1 D&JT 

150 3 000 new accounts have been 
opened with the Leicester Building Society 
during the last twelve months. 


. Becau$e here’s such a good range of : 
mvestment and savings schemes. ■/ -i. : . 

Because it’s one of the very- big,! veiy ^ ’ 
experienced building societies, whose. .!• 
assets are now over £1,000 jnflliogDLV ' 
t wnvc oioat ^there are. -y t 

1,400 branch offices and local agencies _3 - 
throughout the UK. .- -iV ■ 

Now you know why, wMy'not join thi ’2 
Leicester Investors? ' “ - ^ 

Buflding Society 

Live where you like, but invest in the Lek^ter. 

JfpiU ’o-a 

Financial Times Monday January 30 1978 



Monday January 30 1978 


and Finance 

' feu 

Hopes that Japan would achieve a reasonable balance in its trade with the rest of 
the world have been confounded by events, but some striking changes are underway 
.in Japanese attitudes towards overseas lending as well as foreign exchange controls. 

will be remembered as the year 
when almost everything went 
wrong with Japan's economic 
plans. The year got off to a 
confident start with the Govern- 
ment announcing a 6.7 per .cent, 
real growth target (nearly 1 per 
cent, up on the. growth rate 
which was forecast — and 
achieved— in the previous year). 
Japan’s foreign trade partners 
were duly reassured by this, and 
by i balance of. payments pro- 
ject ion which ' had Japan run- 
ning a 5700m. deficit on current 
account (for the fiscal year from 
April, 1977, to March 1978). 

In May, when Prime Minister 
Takeo Fukuda represented 
Japan at the Downing Street 
Summit, optimism' was still the 
official line and the line was 
still being bought by ' other 
governments. Just how wrong 
the optimists had heen became 
clear during the months follow- 
ing the Downing Street Summit 
.when Japan’s rate of domestic 
growth slid steadily backwards 
and the surplus on current 
account began rising uncon- 
trollably. - -• : r . 

At the end of 1977 growing to make efforts on its side to 
international unease about stem the flow of protectionist 
Japan’s economic performance legislation which at one time 
. T „ . . looked like being unleashed in 

led to a senes of exchanges be- ^ 197S sn ^ fm of 

tween Tokyo and Washington in Relations between Japan and 
which the latter . called for the EIEC, which was forced to 
sweeping changes in Japan's play the role of onlooker during 
economic policy, including far the bilateral talks between 
more vigorous attempts to re- Washington and Tokyo, seem to 
flate: the economy, and a com- - 

until the home market becomes 
a bit more promising. 

The Government hopes to put 
life into the economy by mount- 
ing a heavy' public works pro- 
gramme. (Expenditure on this 
during the 1978 budget is due 
to excede .the 1977 level by 27- 
per cent). It is also in the pro- 
cess of- introducing an invest- 

to achieve a 5 per cent, growth 
rate in 1978 instead of the 7 
per cent, the Government has in 
mind. One of the best known, 
the Japan Economic Research 
Centre, is forecasting a 4.4 per 
cent, growth rate for the com- 
ing fiscal year and a trade sur- 
plus of just over S16.6bn. This 
would be little changed from 

industry are filtering through to 
small industry in the form of 
cancelled or reduced orders and 
are producing an unprecedented 
stream of bankruptcies (18,000 
cases during 1977). None of 
this, as yet ' is leading to mas- 
sive unemployment of the type 
which might result in a 
Western economy. But Japan's 

change controls in- general are 
changing rapidly. Japanese 
banks, which were subject to 
tight official' controls on their 
overseas activities until a year 
or so ago, are now being encour- 
aged to play a more positive 
overseas role, including greater 
participation in long term syndi- 
cated lending. 

The ' original forecast of a 
8700m. current account deficit 
was replaced in September by 
the promise of a $6.5bn. surplus, 
but this also had to be scrapped 
before long as the rate of 
increase in exports continued to 
run far ahead of Japan's 
stagnant imports. The sharp 
upward movement of . the yen 
which scl in from September 
onwards seriously damaged 
business confidence in Japan 
ami set back recovery hopes 
without helping, -initially, to 
correct the balance of .payments 
surplus. ' -' 

mitment to reverse the trend 
towards an ever large balance 
of payments surplus. TSie result 
was the now famous “Strauss- 
Ushiba Agreement” ofi-Jahuaiy 
13. : (between;the U.S. Jresidep.- 
tial Trade Negotiator Mf^obert- 

Strajissjmd Japan’s Minister of . . . # 

: External', Economic .Relations 
lit Nobuhiko UshibaJ in/which, 

Japan undertook to aintfior a 7 ■ ■ 

per cent, growth rate in fiscal 

1978 and promised to make ' _ „ 

vigorous efforts to reduce its he less cordial. The Foreign 
• -• Ministers of the Nine are due to 

_ . .. discuss the Japan trade problem 

Before giving th(« under- Qn Febrnaw 7 and s and m , 

taking, to the AmeniaM t e use tbe occasion to Try yet again 
Japanese toernment had made concessions which 

the difficult decision to enlarge T f , unabl _ to & ive 
the 197B bud get aefldt. to .the of 

n? ' enas Trf nravidl for a however. the . prospects 

have some chance of putting life JJJjk S 5S? a ^ h ^an 

had, into the domestic economy. ™ 


Whether to-day’s relatively 
hopeful mood will be justified 
The Strauss-Usliiba Agree- by actual performance depends 
ment, which also incorporated heavily on what happens to 
earlier undertakings by Japan Japan's domestic economy, 
to cut tariffs and liberalise farm Japan’s imports, which still con- 
imports has provided a more sist mainly of fuels and raw' 
hopeful start to 1978- than materials, cannot be expected to 
seemed possible a month or two siart growing substantially nntil 
ago. With the assurance' that the level of industrial activity 
Japan means. to da its utmost to picks-' up.' *N either ran Japanese 
promote domestic demand rntaft»anie» afford V-' stop ex- 
year toe’US.isappai^tlY.BM^^ Ttir all they "are worth 


by Charles Smith, Far. East Editor 


ment tax remission scheme 
which will provide' a direct in- 
centive for industry to invest 

These and other measures 
are being implemented by a 
Cabinet team which is far more 
convinced of the need to reflate 
rapidly-antT fart'le^s worried, 
about the inflationary conse- 
quences than the- Cabinet which 
held office up to last November. 
Even so, and despite the con- 
sciousness of having its actions 
closely watched by the rest of 
the world, there are doubts 
about whether Japan will 
actually be able to pull off its 
1978 growth targets, or even 
come anywhere near them. 

Most of Lhe private economic 
forecasting agencies, in Tokyo 
(whieh were conspicuously 
more- successful " than ’the- : 
Government in forecasting the 
economy’s- :-fr77 performance) 
are saying Japan will be lucky 

the current year’s probable 
$18bn. surplus. 

The reason why many people 
find it hard to believe that 
Japan’s economy can pick up 
speed rapidly in 1978 is that the 
economy remains saddled, with 
a problem of massive over- 
capadty resulting *, from: . .the 
implementation of over -ambi- 
tiouff' capital investment pro- 
grammes up to and for a year 
or two after the 1973 oil crisis. 
The Japanese steel industry is 
currenly operating at a little 
over 60 per cent of fuQ capa- 
city.' The situation is far worse 
in shipbuilding, and probably 
worse still in most of the dozen 
or so major industries which 
have been officially designated 
as being in a state of “ structural 
recession.’’ (The list includes 
textiles.’ paper and pulp and 1 
non-ferrous metals including 
ah) minium. T - - 

' The problems of large-scale 

big' companies are sounding 
more unhappy about their 
obligation under the life-time 
employment system to keep 
surplus workers on their pay- 

This unhappiness is translat- 
ing itself into a pronounced 
sense . of ' insecurity, and a 
corresponding unwillingness to 
spend money, on the part of the 
general public. 

The question on how to break 
out of Japan’s triple predica- 
ment of depressed demand, 
under-use of industrial capacity 
and chronically unbalanced 
foreign trade, involves factors 
which go well beyond the scope 
of a survey on banking and fin- 
ance. Within the scope of this 
survey, however, there are one 
or two points . about the current 
situation which ' deserve under- 
lining. One . is that Japan's atti- 
tudes ' to overseas lending and 
to the question of foreign ex- 

An other striking consequence 
both of easy money inside 
Japan and the balance of pay- 
ments surplus, is the current 
boom in foreign yen-denomina- 
ted bond issues on toe Tokyo 
capital market. Looking slightly 
further ahead, Japan’s new- 
found foreign exchange afflu- 
ence could be toe cause of a 
wholesale liberalisation of 
foreign exchange controls and 
of a sharply stepped up official 
foreign aid programme. The 
government promised both in 
the Strauss-Ushiba communique 
(as well as at various other 
times and places). It is now be- 
lieved to be readying itself to 
announce a “study group" to 
consider the question of ex- 
change control liberalisation. 

sided economy in terms of i 
relations with toe outside wor 
—overwhelmingly competitr 
when it comes to exports b ; 
somewhat bashful about acqu^ 
ing a visible overseas presen' 
as a foreign investor. This sb 
□ess is apparent in Japar 
minimal manufacturing pi 1 
sence in Europe (only about 
per cent, of the total of $2.8b 
of Japanese investment 
Europe is in industry) and evi 
jn the U.S. 


Japan’s current situation; 
featuring a saturated domestic 
market, worries about barriers 
to foreign trade, and a lavish 
supply of foreign exchange, 
might seem to provide the ideal 
starting point for a big expan- 
sion of direct foreign invest- 
ment In reality nothing much 
of the kind is happening at 
present apparently because 
Japanese business feels too 
demoralised by conditions at 
home and too uncertain about 
the reception it might get over- 
seas to commit itself to major 
new projects anywhere. Japan 
thus remains a somewhat Inp- 

: Sooner or later it would see 
that the Japanese motor indi 
try, for one. Mill have to set i 
plants in the west while oth 
Japanese industries rangh 
from electronics to n 
materials processing may fe 
motivated to establish the- 
selves in developing regio 
such as Latin America. Wh< 
Japanese industry does begi 
significantly, to international! 
itself in this manner, Japan w 
be in a better position than 
is BOW to" contribute direct 
to world economic recovery- 
and that in turn may help 
start Japan's own dornesl 
economy on a new path 
moderate sustained growl 
Japan cannot acquire an inti 
national economic presenc 
however, in a hostile enviro 
ment— which is what it h 
been facing during much of tl 
past year. It follows that inte 
national attitudes to Japan, ai 
particularly attitudes in Euro] 
and the U.S., may be as impc 
tant as Japan's own efforts 
domestic reflation in belpii 
the country to emerge from i 
current problems. 

Nomura Securities 


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•Financial Times Monday January 30 10 *S 


.X 1 


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* i 

! \ JAPAN'S DEFICIT on invis- 
j ; ibles and transfer payments 
| used to be enough to cancel 
! out its visible trade surplus, or 
•at least to. offset a significant 
I portion of it. .'That situation 
, ceased to apply in 1977. Last 

■ year's trade surplus of §17bu. 

■ was vastly more than the esri- 

• mated $6.1 bn. deficit on 

| invisibles. 

1 Because, of the difference of 
j scale of the two items it has 
< ceased to make as much sense 
| as it did a year or two ago for 
{ Japan to defend its overall p®> 
i ments performance by drawing 
{ attention to the deficit in in- 
j visibles. However, -in absolute 
j terms. Japan's invisibles deficit 
' is still large and it is large, too, 

• by .comparison with the perfor- 
: mance of most Other OECD 
; member countries (apart from 
; Japan only West Germany is 
1 deeper in the red on this 
' particular item). ■ 

The - -invisibles balance also 
J , becomes a talking point when 
the focus is shifted to Japan’s 
balance with individual coun- 
tries or regions. Thus Japan 
claims to have been in net cur- 
rent account deficit with the 
U.K. up to 1976 because its 
visible trade surplus of $616m. 
was offset by an invisibles de- 
ficit of $l.48bn. With the U.S., 
Japan ran a visible surplus of 
$5.5bn. in 1976 but it was in the 
red on invisible transactions by 
just under S2bn+ -so., that its 
overall surplus' Vftfi “ ! ther U.S. 
Cams,: tPv^only;”.' S3.5bn^ . ' 
Japan's argument that .it is in 
current account deficit with the 
UJL because the deficit on in- 
visibles has been poorly 
received In Britain. Britain con- 
•‘•nds that payments to it by 
Japan under the headings of 
transport and investment in- 
come in fact represent remit- 
{ [ tances through London rather 
j , than payments which remain 
! | permanently in the U.K. In the 
‘ i case of transport payments a 

imported into Japan in non- 
Japanese ships (partially offset 
by the money Japan earns from 
the freight on Japanese exports 
overseas in Japanese. ships). It 
includes charter payments by 
Japanese shipping companies to 
their own oversea subsidiaries 
and affiliates, many of which 
may have been set op specifi- 
cally in order to own ships and 
charter them back to their 
Japanese parent companies. 

To that extent the chartering 
element in the transport deficit 
represents an artificial outflow 
of funds. But it does not follow 
that the overall pattern of In- 
visible payments is being dis- 
torted. Money remitted to over- 
seas affiliates of Japanese ship- 
ping companies remains outside 
Japan unless remitted back In 
the form of dividends, in which 
case it would show up as a 
-credit item under the heading 
of investment income. 


Japan's deficit on travel re^ 
Sects the fact that more and 
more Japanese people are 
travelling abroad, and spending 
more when they go, whereas the 
□umber of foreigners visiting 
Japan is rising less rapidly. The 
number of overseas departures 
by Japanese passport holders 
was 2.5m. in 1975. 2 An. in 1976 
and . 3.15m.' last year. „ The. xe- 
laxafiou,; pf .'.prSviously. .rigid- 
nties on the amounts df money ; 
departing tourists could take . 

witt them has helped boost the 
travel' deficit On the credit 
side, there is no reason to ex- 
pect change unti l an< * obi®!® 
Japan’s neighbours in Asia 
(especially, but most improb- 
ably. the People's Republic of 
China ) start to relax controls 

on overseas travel. 

The inveslmeut income item 
—formerly a minus but very 
recently a small plus — reflects 
a . considerable variety of 
different types of flaws. In- 
cluded on the debit side are in- 
terest payments by Japanese 
companies and banks on Euro- 
dollar and other overseas bor- 
rowings. On the plus side Is the 
interest income earned by Japan 
on; foreign borrowing in the 
Tokyo capital market and profit 
remittances from Japanese 
foreign investments. Japanese 
banks have recently been reduc- 
ing their short, term overseas 
borrowing, although they re- 
main in net liability to the tune 
of $12bn. Euro-bond issues by 
Japanese corporate borrowers 
are also expected to fall. Both 
of these trends should point to 
a decline, possibly permanent, 
in the outflow of investment in- 
come. On the plus side, sharply 
increased foreign borrowing in 
Tokyo should produce a signifi- 
cant inflow of interest revenue 
from now on. 

The income from Japan’s 
direct overseas investments 
should grow too. but perhaps 
not very rapidly, at least in the 
next few years. A lat-.Cer part of 
existing overseas investment is 
in raw material development 

ventures which are slow to yield 
a return on capital or in over- 
seas representative offices of 
trading companies which may 
initially run deficits while serv- 
inu Japan's ' more general 
economic interests. (The cost 
nf setting up such, offices 
appears as ** other ” payments 
in the (able.) When Japan be- 
gins to invest on a large scale in 
overseas manufacturing (for 
example, cars in the U.S. or 
Europe) the profits should start 
to flow in but that era has yet 
to arrive. An official view 
(which may be deliberately 
modest) suggests that Japan 
may not start to earn a really 
substantial income from its 
direct overseas Investments 
until the turn of the century. 


Hie Ministry' of Finance ex- 
pects, Japan’s 19?S deficit nn in- 
visibles to reach S7.5bn. and is 
certainly not anticipating a 
rapid decline hereafter. In the 
long run. however, ir would 
seem that Japan's invisibles 
deficit must be regarded .is 
being less structural in nature 
than that of West Germany 
(whose constributions to EEC 
running costs and remittances 
by guest workers constitute 
two special kinds at outflow). 
Japan it would seem, could 
ultimately find itself in rho 
position of the U.S nr U.K, 
— the possessor of a hand-mne . 
income from its overseas in- 

, Charles Smith 

How to throttle 

x- 1 

1977 was anotner record year for 
Nikko, with operating income and net 
income after taxes being ¥48,856 
million (USS1 64.05 million) and 
V24.211 million (US$91.21 million) 
respectively. Net income per share 
increased to V30.03, despite the prolonged economic 
recession in Japan and abroad., . * 

The financial position of Nikko', a leading investment 

banking firm in Japan was further 
strengthened, and operating efficiency 
improved. As shown in the following 
statement, stockholders’ equity, the 
most important base for Nikko’s future 
growth, increased 1 8?o over last 
year to ¥138,294 million (US$520.98 million). 

Annual dividend has been increased by ¥1 .00 to 
¥6:00 per share. 

* iri Iare» pogioniQf.tbe debit shown 
! Li the Japanese figures consists 
•i.of.-.pfWliepjts; ifon-shrp: charters 
C !• (.which ultimately end up with 
jj j Greek or Scandinavian ship 

| owners leaving only commission ;• 

jor service charges for the 
'London brokerage firms which ______ • . 

have arranged the charters. SINCE THE . fearsome . price aroused bitter resentment The basic idea is that public 
Tn the case of investment in- explosion which followed the oil around the world. works spending will lead the 

come the Japanese figures trlSiS of late . 197 i<L Japanese Neither the slump nor the recovery in the first half of the 
include interest payments on economic policymakers have resentment is likely to make year, while private inventory 
Euro-market borrowings which, concentrated on choking the life Japan abandon its concern with investment and capital outlay^ 
again, may be only passing out of inflationary forces. . keeping prices under control— will take over in the second 
through London on the way to ine figures tellan impressive certainly not while the man at half, and consumer snendin? 
.their, final .destination. Britain success story. From a dizzying the helm is Prime Minister will gradually be stimulated as 
Jclaiffis'_tiikt r .i^.,?,jreair surplus P®“ of P«7 c® 11 *- in Takeo Fukuda, who. as chief of wages and employment levels 
an'lnvlsibl^' with , -Japan is of f eoraary. 1974. wholesale price the Economic Planning Agency improve, 
the order .Of. £250m: per year or Ration wufowo tq_ 4. Iper (EPA), was largely responsible The EPA is predicting that f 

less than half the figure claimed cent al encf-1975. before rising for the past few years* anti- 
by Japan. Japan's view of the to 6-1 P er c® n L *t end-1976. inflation policies, 
matter is that the ultimate tiie * as * y®* 1 — when 
destination of funds it remits to ^ powerful effect of the sharp Prpcciirpc 
London is not its concern. The ^ 7“ was combined / 1 CMU1W 

argument thus seems to be con- weak world commodity 
cerned with definitions rather J^ces the wholesale price 


Statement of Income J ( Balance Sheet PateT) 

Year ended September 30 

Yen In Millions 



Interest and dividend income 
Profit on sale of securities 
Gross revenue 

As of September 30 

Yen in Millions 

Operating Expenses 
Selling, general and 
administrative expenses 
Interest expenses 
Gross operating expenses 

Operating Income 

Non-operating income 

Income before extraordinary 

Extraordinary gains (losses) 

Net income before income faxes 
Provisions for income faxes 
Net income 








Current Assets 



Cash on hand and 



in banks 


¥39,388 . 


106,829 ■ 

Short-term loans 


44-, 151. 

Securities owned 



Securities held as collateral 



Other current assets 



Total current assets 





Fixed Assets 


1 41,441 



Total Assets 





Liabilities & Stockholders’ Equity 




Current liabilities 





Long-term liabilities * 





• 10,877 

Total liabilities 




40,577 . 

Stockholders’ Equity 

Common stock 




(5,672) ■ 

Capital surplus 





■ Earned surplus 



Other stockholders’ equity 




' 17,750 

Total stockholders’ equity 



Tolafiiabilities aid 




stockholders’ equity 


323,282 . , 

An interfiled approach -o investment and finance. 



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crx«;as;'Rep>ese ntatiVC • Offices: Zurich. Pa»fy.ffc;fnit , . 

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f tn :)J ii'A ' .T h ?■ N I kko‘ 5 iK u Ci I i cc. Co. inl<:rrwUiooa!/Inc.':>l : ;vv. 

'’■■'••k' Ociis&ii Capiri! CoiporjUcin 

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£ V * 0 rA c ; Mu C.-- r.i: tV-- cr— The NiUco 'tuirmlmurv:: 5-A. 

fti - jNilAodo timitjda 

But both the domestic and 
the' international 

all goes according to plar, 
wholesale price inflation wxf 
rise 2.7 per cent, at the end »f . 
fiscal 1978, from 0.6 per cot 
in March this year. 

Consumer price inflation is 

than concrete facts— which mdex was actually 1.5 per cent appear ro have ronrinerf I 07 ** 3 * at 6 8 cent ~ dftrn 

means that there is no way of b^ow yeax-earlier levels.. rrolfcymakers that reflTtmn^ Crom 76 

settling it With a time-lag of about six ^ noJ ^ “23 ^ te based on 

-auth,. wholesale ^ S„ K ,”L t ^S S 

Fruitfully stabUity has been reflected in a Sfeeauo price stSilltv^or areas: overseas prices andthe 

1.1U1UUUJ slowdown in consumer pnee icr . . P nce JiaDUiiy f°r ♦>,„ 

What cain be discussed rather inflation, . which at 

more' fruitfully is the make-up November was running at 6.2 ™ ec^omv and 

of tbe Japanese invisibles per cent, already well below “I 9^ hikes io be 

deficit and the likely trend of the Government’s downward- ft®: achieved 1 be 

the time being. The Govern- yen , exchan * e rate - the orM 

* meat’s “policy target” for ^Iw-denMind situation inthe 

’ the level of age 
negotiated has 

payments and receipts under the revised forecast of 7.6 per cent. !** *?*. -5 * 16 h . e j. p °/ a £?tj Dna ^ 
various headings. The major for tbe end of fiscal 1977' in J?"*** ^provjdmg for a 20.3 per Japanese Press reports we 
deficit- items in 1976 and 1977 March. cenL Doost ln overall general said, the assumption for tbtfen 

were on transport, travel and What the figures' do not' tel) accoun * expenditures. is 240 per dollar, which aka - 

“others” with a rather small red of course is that the inflation The deficit financing ratio of reasonable but which hasgot 
figure on insurance, and with battle has only -been -won with budget has been set at 32 been officially confirmed, 
investment income yielding a the aid of three years of con- P?r cent, above the traditional As regards supply-deund, 
surplus (on a global basis) in servative economic policies, 3® P er cent, ceiling for the first the current capacity utiliston 
1977 after running a small deficit which have also led to a severe time. , rate of industry is belov.80. 

in 1976 The transport deficit is slump in domestic demand, and Interest rates, already low. per cent., and Governwr 
made up of charter payments soaring trade and balance of will probably be cut further, economists admit a gap willtiii 
plus freight charges on goods payments surpluses which have _ • CONTINUED ON NEXT PAGE 


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FStetiictal Times Monday January 30 1978 


causes concern 


Group in 

WHEN THE U.S. started to 
apply pressure on Japan late in 
JOT for a series of basic econo- 
mic policy changes It focused 
mainly on two issues. One was 
(he rate of growth of Japan's 
GNP in 1977 which the U.S. 
wanted set at a considerably 
higher level than Japan seemed 
t.i have in mind. The other was 
the rate of reduction in Japan's 
current accounts surplus. 

On the first issue, judging by 
the contents of the joint declara- 
tion iss-iied after this month's 
talks in Tokyo between the U.S. 
Special Trade Negotiator. Mr. 
Robert Strauss, and Japan’s 
Minister for External Economic 
Relations, Mr. Nobuhiko Usbiba. 
tt would seem that the Ameri- 
cans more or less got what they 
wanted: Japan's commitment to 
: a 7 per cent, growth rate (even 
though Prime Minister Takeo 
Pukuda prefers to call it a 
“policy target’"! is in line with 
Washington’s initial demands 
and is greater than the 6.7 per 
cent, growth target which was 
being contemplated in the first 

The situation on the balance 
rf payments is significantly dif- 
ferent. The Strauss-Ushiba 
Declaration does not mention a 
large; figure for reducing the 
rurrcirt account surplus in -1978, 
a!:!it'ii;:h It docs state that the 
Mirplui will be “considerably 
rodutvl through the expansion 
u! domL’£-i’c demand, the effect 
.7i yea appreciation in recent 
u- • • ns hs . and a senes of new 
measures lor improving the 
a .'jess «»f foreign goods to the 
Japanese market.” Neither does 
u vuramit Japan eventually to 
eliminating its current account 
Mirniits alicgrther. although the 
l S. originally. r hoped for such 
a iviniiiiiiinent. It speaks instead 
o l “all reasonable effort* tu 
icihiee the current account sur- 
p’n*. :::;mne at equilibrium, 

wall defies: aveepied if :l .should 

Vhc wording of the eommun- 
iqio appears to represent an 
iv.»*us piece of diplomatic 
nn , r»'g , i. , y hridcuig a quite con- 
f.j.d*rable gap between the U.S. 


Current ba lance ; ^ 
Trade balance 

Imports . ~ ~ 

Invisible balance 
Long-term capital balance 
Basic balance 



(April ’76- 
March '77) 



— 6.5 


137 < 

(April *77- 
March TS) 

IO _ 

63.0 _ 
- 6^5 

" 5J) 

(April ’78- 
March ’79) 

: djj - 

Latest official Government estimate. 

and Japan over where the 
Japanese balance of payments 
should be headed in the long 
run. The Americans, apparently, 
continue to maintain "that Japan 
should ultimately bear its share 
of the burden of re-establishing 
an equilibrium in international 
payments by running a deficit on 
current account. Japan,' on the 
other hand, feels that it is right 
and * proper that its current 
account should remain perman- 
ently' in. surplus, given that it 
runs a permanent deficit on 
capital account 

'7a' Deficit 

This point of view was clearly 
expressed by the Director 
General of the Ministry of In- 
ternational Trade and Industry's 
International Trade Policy 
Bureau, Mr. Tushihiko Yano. in 
a recent newspaper article. 
Writing m the English-language 
Maiaichi Daily News. Mr. Yano 
said, ** With regard to the ,pruh- 
lem of reversing the .current 
amuinl balance into a deficit it 
is exircmi-ly difficult for Japan 
to do, if not impossible. H 
would b»‘ an unreasonable re- 
quest." Tie went mi f 6“ argue 
that tbe^spgnat posiuoirtdf^ihg 
U.S., resulting -from th« inter- 
national position of the dollar 
and a permanent surplus on 
capital account, hard for 
Washington to -understand 
Japan's position. ^ 

Japan's contention that it 
must continue to be allowed to 
run a surplus an current 
account carries the implication 
that it must be permitted, to 
continue running a visible 
trad? surplus of well over $6bn. 
a year into the indefinite future 
(given that the invisibles 
account is always in deficit by 
at least that amount). This in 
turn translates into the conten- 
tion that Japan must remain 
permanently in very consider- 
able surplus on its visible trade 
with other developed regions 
such as Europe and the U-S. 
(because its dependence tm raw 
materials imports. pulS. it’ into 
permanent deficit with, regions 
such as the Kiddie East, Austra- 
lia and Latin America). The 
implications of all this may not 
have been fully grasped by 
European politicians who 
habitually make demands on 
Japan for the balancing of the 
Japan-EEC trade account. 

The question of whether 
Japan should, in principle, run 
a current account deficit or 
surplus represents one has: of 
tj* o debase over it.- fure‘sn 
internal ioriai payment? per- 
flgrnMiiL-c. The other half s? 
cMiiVntd wuh what has actu- 
ally been happening to the 
balam-6. of payments during the 
past yeir and what the govern- 
ment plans to do in 1978. At 
the. beginning of last year Japan 

published a set of predictions 
which included the forecast of a 
8700m. deficit on current account 
in fiscal year 1977 (April 1977 
to March. 1978). In September, 
the forecast was revised to a 
surplus of $6.5bn., and revised 
again to a surplus of $10bn. 
shortly before- Christmas. The 
latest, off the record, statement 
on the subject by a government 
official is that it is hoped “ 
that the current account surplus 
will be a little over $llbn. for 
the fiscal year but that a figure 
of over S12bn. is a strong 

The reason for the huge 
discrepancy . between original 
forecast and actual perfor- 
mance, apart from official 
wishful thinking (and, in the 
case of the September forecast 
of $6.5 bn.. conscious inability to 
face-up to the true situation.) is 
that Japan’s plans for - its 
domestic economy went badly 
astray in 1977. Domestic 
demand was supposed to grow 
strongly, producing increased 
demand for imports and taking 
the pressure off industry* to 
export In the event, the 
economy failed to grow as 
intended and it was exports 
which grew Tapidly and imports 
which slowed down. 


The Industrial Bank of Japan maintains a London 
Branch office which undertakes a complete 
range of banking services^ In addition IBJ 
operates IBJ International Limited, a wholly- 
owned merchant banking entity which arranges 
term loans and provides underwriting and 
advisory services. 


The Industrial Bank of Japan (Germany) is a 
majority-owned subsidiary of IBJ, being jointly 
operated with Deutsche Bank AG. it offers full 
banking services with main emphasis bn loan 
and underwriting businesses. 


The industrial Bank of Japan (Luxembourg) is d 
wholly-owned subsidiary of The Industrial Bank of 
Japan (Germany) working in close cooperation 
with the parent company in providing medium- 
and long-term loans and handling securities 
transactions on the Euro market. 





ri".4n wen if the 7 per cenr. 
tar’! is min tax though this Will 
obvijsjy vary considerably 

tri’Dimiusiry to indu-iry). 
i , 

As as for wane hikes, the 

i-i.:rc guessing on the em- 
ji'.vr*' side is for a nation- 
\i hi elver age of about ft per 
cp.-iUr 7 d h f ceil I- What is 
Mail*’ ear <> llul with bank- 
rupt; . ai all-time highs. and 
uu.'ii • yine nt over 1m. and 
risin in- ui»;«*'is are giiing id 
It? oariis i , H!icp*i’.i , d w /.U 
empl nent Hires* rot Iter 

Ilian lit Jiisth wage increases. 

A I .tlf. the pvti.v iorccasii 
d-t f look diHinsIt l<> nwi, 
«rl’» in I lew «»■' the fact ;o-t ;jl! jj>nvale sector 
econ s*s b< t'jA’e the tinvent- 
nwn sn'tvlfuic tun tn:i.-h *»'.t 
the if i-:r.iT’iin. and w;l! fall 
far m of its 7 per cent. 

F. An's rials hove three main 

cnnoprfts on the prices front. 

' One' cittieirn is the possible 
emergence this year of bottle- 
neck inflation in areas related 
to tin* Government's public 

works programmes. 

17 PA officials agree that whole- 
sale prices in some industries 
need to he raised somewhat to 
ensure adequate levels of profit- 


But they will he keeping a 
close watch on prices uf key 
public works related materials 
such as cement, stpt-1 and timber 
product'., to guard against any 
excessive profiteering. 

The second concern is to en- 
sure that the beneficial impart 
or the higher yen is fully passed 
on from the wholesale to the 
consumer price level. Given the 
horrendous complexity of the 

Japanese distribution system, 
this i> no easy task. : - 

But the EPA has about 1.400 
“ monitors ’’ around the country, 
whom it employs on an 
occasional bails io check c<n shop 
prices in their areas. O' her 
Ministries, including those of 
Trade .mil Industry and .Wirvii-- 
ture. a* well as local Government 
suthnrii’es. have similar 

The third concern, which i« 
linqger-ierm. is thr inflationary 
jmp-'icatious of the hare and 
tepidly growing amnuJi: .if out- 
stWlriing Government debt, :r«ft 
ut which is in the hands of the 

The danger is very real, hat 
not in fi-cid J97S: the pol ky~ 
ifi&kcrs will not have to address 
themselves to it until the hoped- 
tijr revival in private demand 
finally takes place. 

Simon Tait 

The.' Japanese- - Govemmam’s 
official forecast' for fiscal 197S 
is that the trade surplus will be 
cut back to $13.5bn. and the cur- ' 
rent account surplus to S6bn., 
while the basic balance of pay- 
ments (including capital 
account) will go into deficit by : 
about SI bn. The strategy for 
achieving this id the same 
strategy that was attempted in 
1977. In other words, it is hoped ; 
that exports will slow down and ' 
imports will pick up as the re- 
sult of -a sharp - recovery .in 
domestic demand, rather than as 
the re'Ulf-of dirw'f &ctidn by 
the government to stimulate im- 
ports or restrain exports. 

If the .economy does grow 
faster this year and the trade 
surplus still threatens to be ex- 
cessive. the Ministry of Inter- 
nationai Trade and Industry, 
says it :s prepared to consider 
emergency imports of raw ‘ 
materials and fuels. Such im-. 
ports, however, would come late 
in the year and would not make • 
much difference to sales of 
V,'e«tera manufactured ' ..goods ’ 
l v.hitli, with temperate zone! 
sgrictuliurai products, are what, 
the L".S. and the EEC appear to 1 
be mainly worried about). 

In taking its stand on the' 
prime need to promote domestic , 
economic growth and the secon- 
dary riatus of the trade and 
balance of payments problems, 
the Ministry of International 
Trade and Industry is talking 
sound economics. Whether it is 
also talking practical diplomacy ! 
i> cnothpr matter. In reality 
both M1T1 and the Ministry of 
Foreign Affair? are probably 
weii aware That Japan will have 
io take direct action in 197S to 
placate anxry trade partners. 
They alro probably realise ' 
tie t the forecast for a S6bn. ■ 
curren: ax-ount surplus in the 
Government's official projec- ; 
lions cannot be discarded as 
lightly as the S700m. deficit 
forecast a year ago. 

In addition 

IBJ maintains representative offices in Frankfurt 
and Paris which act as information centers, 
providing access to the comprehensive knowl- 
edge IBJ has accumulated in serving Japanese 


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Financial Times Monday January 30 107$ 

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yen poses 


LAST YEAR'S top news story In cent, reserve requirement on yen has risen sharply on the per cent, of 200-odd respondent 
Japan, .according to a poll of increases In non-resident .“ free London and New’ York companies reported ujii* 
. newspaper editors, was the yen " accounts. Exchange markets, and the Bank exports would bo below the 

1 sharp rise in the value of the The most effective of the two of Japan has appeared unable break-even point with the yea 
i^en. measures was undoubtedly the to resist the trend when the at 2*10 to the dollar — but 91 per 

i Many newspaper readers ban on buying the securities, Tokyo market opened the next cent said they would hav* to 
1 probably found the yen’s for- into which well over Slbn. of day. continue exporting to stay in 

i tunes considerably less exciting "foreign money had reportedly ‘ILwas recently disclosed that business, and would try to cope 
; than the story which the editors flowed since early October. the Bank of Japan has had an by raising export pricer where 
placed second — the Red Army But taken, together the agreement since late last year possible, cutting costs, ana 
. hijack of a Japan Air Lines measures did little to curb with the New York Federal developing new products. 

; DC-8 over India— but by all speculation in the yea. and Resent under which the U.S. Japan's most effldent-jMtpopt 
'criteria more durable than sheer pointed up some technical bank is prepared to intervene industries— such as vehicles 
I ; drama. the editors' choice was limitations on the Bank of in~theNcw York market on the steel (the major Arms); home 
I wise. Japan’s ability to control the Japanese Bank's behalf, electronics, and ships— might 

The yen's appreciation against exchange rate. -Japanese foreign exchange well bave room to absorb' the 

5 the dollar of about 22 per cent. These limitations relate to the bankers believe the system has effects of the higher yen, 

1 during the year was much nature of the. forward exchange already been used on a small p rofit margins mikht 

{ sharper than the government market in- Tokyo, where quota- scale— probably only a few trimxned— in others, miMriZ 

; had foreseen. lions often depend mainly on million dollars worth of yen competitiveness factors™ 

; Its deflationary impact is a market sentiment and the sales. quality, unique products— micht 

>nia4ni. .,h-n,<n^ kn 9 n fu>ina tori ivimmomll ilpmanri ' Tho ghilifo tn intftPWnii ill _ _• • _ WI1 

; major reason — though by no anticipated commercial demand The ability to intervene in allow rise in -fcneiim 

means the only one — why real fdr dollars, and are often in New York could be a powerful curren cy selling orice awiaeSj 

means the only one — why real tor aonars. ana are oiten in New \orx couia oe a puwcnui currency selling price oversea* 

; GNP growth will fall far short asymmetrical relationship to weapon for the Japanese - • . . ;. ^7 

'of the targeted 6.7. per cent, in Japanese interest rates (which authorities — but ir should be w 2®^ 

! fiscal 1977 ending this March, are fixed in a more or less rigid noted ihat the system does not 0 

t And its effects in fiscal 1978 and structure, in which it' is diffi- represent a willingness by the J® 

; beyond, both on the Japanese cult to change one without U.S. to support the dollar tel 

/economy and overseas, are ^an«ing others as well;. against rhe yen nn its own IfSXJ 

1 likely to be far-reaching and 0 _ account (as would be the case. £JS 2 

! profound. Securities for example, if the two central 

Before trying to assess them. hanks agreed to activate their f j jL the overall 

jit is necessary to look at what Before the t November 1/ swap agreement), but only to ^ demand »n 
! happened last year, and why. By measures, for example, act as an intermediary for the ®* °^. and ,n Uie wae*tie__ 
I almost any reasonable standard, forei 3 n investors were ot ten Bank uf Japan. It remains to cranDm - • . 

■the Japanese currency looked ■**** 10 make Promts by be seen to what extent, and at But lower import costs are-- 
I undervalued at its end-1976 ex- buying 60-day Government what exchange rates, the New already making themselves 
: change rate of *93 to the dollar securities, paying about *1 per York Fed will be prepared to for example, in reduced prices ' 

• Rnth and cent - per aiiiium, and taking carry out this role. for key oil products, and tin-'' 

Both thespeMand toeMtera ^ vanwse « f: forwani dol ^ ^ ff f % effect ia sp«adin S . 

3LS Sd the discolllltt which :^«rere appreciation of- the Japanese n ^ - ; 

iSingof o&r^p to tfat ****** 35 a whole ’ Revaluation v - --t ■ 

■ time, when the yen was -still treB | e the^l per cent: return^ current account payments . ; - '• 

1 hovering in the mid-80s the Aft* r 1116 m eas^7es were balance in particular, are hard Imports of manufactured . 
i rise had been relatively orderly introduced, the ban on securi- to quantify— and will of course should, of course, also become 
i __ i t may or may nol have been 1165 initially had the depend on whether the rise cheaper for the Japanese cob-. 

| already more than the Japanese (by J e ®T° s t continues f,r nor - “»?• J " many J**!* - 

I authorities had bargained Tor mod for forward dollars by To take the payments balance Profits from Ihc y P n revaluation 

I hut they seemed to have non-residents covering such question first: some of the less m,sht wcH be POcketei , 

1 accepted it as an inevitable con- Debases) or widening forward competitive Japanese exporters at . various stages of the 

sequence of the continuing huge doltar discounts sufficiently to i ook suro t0 he effectively shut notoriously complex distribu- 

1 ‘surplus in the current account enc °urage new inflows into free our of overseas markets by the , d “ n !S >’ SWm * with consumed ;■ 

t ; balance of payments. >' en accounts, despite lower yen \ strength— typically small t0 P*y t raac h the same as . 

Subsequently, however. interesl P aid on I !hose accounts an q medium-sized companies in ^ r °T e VJ J drasf,c overhaul ot'-. 
'/ftflewng -sharp criticism nf the as . a re ^ a l! of j h , e industries competing with low * no distribution system is much 

j Japanese surplus at the annual V“rement. 1 * 1 1 * 1 labour cost operations in less f. a * !er S5V,rt than done — bur the • 

.meeting of the International Discounts then narrowed— developed countries. Parts of ‘-oyernment clearly needs to 
Monetary Fund in Washington, however, they have since the textile industry, light * tr,v< : , to t exrr »ct Jhe maxi mum 

' the rise appeared to get out of widened again, sufficiently on consumer goods makers, and l,0SS V , c • betiettt fwui lhe ?•» 

,hand. occasion to attract inflows into also, small steel firms, could be revaIuat 'on in terms of lover 

I . free yen accounts, and the prob- cases in point. prices at the consumer as veil 

‘Intervention lera wiU n ?i go t aw ? } withuu j The Government is planning aS lhe who,esaIc le '' eL 

UUCl VCUlIUil greater , liberalisation and financial assistance and other Tht * n»ain danger for the 

j Despite heavy intervention in sophistication of the Japanese measures — such as recession economy as a whole is that the 

the Tokyo exchange market by financial system. cartel arrangements — to help Government's plans to bxwt 

j the Bank of Japan, for the The effects of the yen's support such firms which might domestic demand might pore 
j stated purpose only of smooth- appreciation on the Japanese be in danger of bankruptcy. But 100 weak, causing the paynenis 
ing out “erratic fluctuations ” economy as a whole, and on unless and until the Govern- surplus. to remain high ornrea 

in the exchange rate, the yen the current . account payments xuent succeeds in strongly t0 increase, and creatie a 

surged to around 290 . to the balanee in particular, are hard boosting domestic demand, vicious circle in which a fitter " 
dollar by end-October.' hit 240 qwanfrfyj^ansc! wkl of- course many companies, small as well riSe in the yen would frther 
; in November, and touched 238 depend ' on "wfietfaer tfie rise as^* large, wiir undoubtedly depress domestic demam 
in December— on January 4, continues or not. continue to export at reduced At present, bets are bdaeH 

the first day of 1978 trading. It also became apparent that profit margins, and even at a on whither the vpb ™ hrZ 

the yen rose again to a new all- the ability of the Japanese Joss, because this will be far— but it is hard tn fid anv 7 

UUL .( IW1 guthnnfiM tn nnntwil tkn .V. .1. » ** 13 W 

ment by the U.S. Treasury of increasing internationalisation In a recent survey by the exchange rate 
its readiness . to intehrene of the yen. On numerous Shoko Chukin, a semi-official * 

actively to support the dollar, occasions in recent months, the bank for small enterprises, 86 
Apparent efforts by U.S. Gov-'i T " “ — — 

currency from its resent 

eminent officials, most 
prominently Treasury Secretary 
Michael Blumenthal to u taik 
up" the yen while 4 * talking 
down" the dollar.- appear to 
have played a significant role 
since the beginning of last 
October in encouraging, specula- 
tion in tbe yen, both io the form 
of commercial leads and lags, 
and of short term dollar in- 

The temptation to blame all 
their currency troubles on UB. 
politicians and international 
speculators proved hard for the 
Japanese to resist. 

Bank of Japan Governor 
Teiichlro Morin aga, who is, to 
pnt it mildly, normally highly 
reserved In his public state- 
ments, went so far as to term 
** indiscreet ” some of Mr. 

A few words 

aboat Tokai Banks expanding 

rateraational operations. 

As you might know. 

Tokai Bonk is one .of the _ 
i leading banks fn the world 
uiith over 15.000 employees ; 

and 200 offices established ' 

v in Japan itself. 

It probably doesn't surprise 
you we're modem 
progressive, and one of 
the first banks in lhe world 
to utilize on- line 
computerization in our 
\ banting operations, f 

f What may 
\ surprise you ' 
i is our convmtn t 
\ to intemattonc" 


(as of March 31 ) 

Total Funds 




The Chuo Trust & Banking 
Company is one of the fastest growing 
trust banks in Japan and offers a full 
range of banking services.. ■ 

Our financial specialists will advise 
-you on all aspects of medium and long 
term loans, securities investments and 
international capital transactions. 

For business with Japan, choose a 
reliable bank. Choose Chuo Trust. 

Total Loans 



1972 *73 *74 '75 '76 

Head Offfee/Foreign Department? 

7-1, 1-chome, Kyobashi, Chuoku, Tokyo, Japan 
Tel. 567-1451 Telex: Tokyo 252<J300 
New York Agency: 

One World Trade Center, Suite 7923, 

New York, N.Y. 10048, U.S.A. 

Tel: (212) 938-0200 Telex: 222537 
London Representative Office: 

7 Birch in Lane, London EC3V 9BY, U.K. 

Tel: (01 ) 626-0231 - 3 Telex: 8812700 

Blumenthal’5 remarks about the 

And recently, Prime Minister 
Takeo Fukuda said substantial 
speculation had been involved 
in the yen’s “excessively sharp" 
appreciation, . which had 
“played havoc" with the 
Japanese economy. 

The merits - of Mr. 
Blumenthal 's statements can be 
debated ad infinitum, as can 
their true effect, in -relation to 
[ tbe fundamental balance of pay* 
ments factors militating in 
favour of a stronger yen and a 
weaker dollar. 

What became dear was that 
the Japanese authorities were 
in no position to control the 
yen’s sharp upward movements 

Dramatic tightening of foreign 
exchange controls, for example, 
would bave meant reversing tbe 
whole process of liberalisation 
to which the Government has 
committed itself, and would 
surely have provoked fierce 
foreign criticism that Japan was 
attempting to keep die yen 
under-valued. (There^were per- 
sistent . rumours after the IMF 
meeting that some sort of 
“ understanding ” had been 
reached in Washington on how 
far the yen should be allowed 
to rise.) 

November 17, the Govern- 
ment did finally act by imposing 
a ban on further non-resident 
purchases of short-term Govern- 
ment -securitiesi- .and-a 50 per 


/ .At present we have over 
" 28 offices and affiliates 
around tire world, and 
we opened in Toronto. 

And recently 

V opened in < 
Hong Kong.. ,/ 

Currently we ne serving 
the world through loons. 
.And also lending 
something us uaiuab/e 
as money. Flnancfo/ 
odvice gained through 
wer JOQ yean 
of banking 

l experience. -ft* 

’ V- :• 


V, •: • : . 

/ So don't iust 
think o( us as 

*'toponeseBarik. v 
Think of us as a ^ 
bunk that serves % 
Japan and \ 
the world. / fl 



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Financial Times Monday January -30 1978 


1 ? 

for a 

THE PERSONAL savings . ratio Japanese is that there is a need as possible, but usually they 
to net income after tax has for them to save because or the still have to borrow money from 
remained extremely high in lack of welfare services. A. banks and financial corporations 
Japan. though it has declined questionnaire conducted last for more than 7o per cent, of 
from the peak uf 1974. summer by the Saving Promo- the total amount needed- 

According to a Prime Miiws- tion Central Coro nalttee revealed In ‘addition, there is a tradi- 
ter's Office survey, the average some nf the mo tivatlpn behind tion of thrift aid ’ saving in 
savings ratio, (in ' this case, savings. The predominant 79.6 Japan. For a long time, the 
savings include everything per cent of those questioned Government compelled people 
except consumption— 4hat is. replied that they were saving to work bard and catch up with 
deposits. in hand, repay- against a rainy day and Ulness; more industrialised nations. The 
merit of borrowings, etc.) of all 54.2 P er cent. for children’s money saved was invested in 
working households was 22.6 education and weddings: 38.5 plant and equipment and coo- 
per cent, in 1976 compared wifb P« cent, for their ; old age: tributed tremendously to the 
24.6 per cent, m 1974 <\ u and 32 per cent for the pur- rapid growth of the Japanese 

official of the Office said the d**** 01 land ««* homes as economy, 
fisure for 1977 will nmbahlv wcl1 for expansion and re- Even though the demand for 

2r«!r <* *>*>«■ - -- • 

higher than the 1976 figure and So. If the welfare system were gjh *5® promoting SvSes 
explained that the falling infla- fnUy equipped and people did dSSorf’ JSfh 

tion rate increased i^tena not bavc to worry about illness {j^Sg*** *£££ 

incomes for households. This ™ ° ld age. the Japanese would Im to YSm are 

^ ^ "re saTC -■ ** - .sot Wi&ys 

thesayingsrate. . qo. now. . taxed - separately from other in- 

The savmg ratio rose con- On the other hand, in Japan comes, 
sistemtfr - for the ten years to payments for social welfare 

1074 from J 7.2 per ‘ cent.' in services are considerably p^erfo I 

1965, except in 3971 when- the smaller than in other developed v ,,f '*** 

ratio was a Utile lower than countries. For instance;- the The Government is parucu- 
tbe preceding year. ; But -after ratio of personal taxation and Iarly- -promoting postal saving 
tile Japanese economy entered, sorial welfare payments tu deposits. They amounted to 
the recession In 1974, the real total personal income was only Y 30,02 Tbn. at the end or last 
wage growth declined and 121 PPr cent, (in 197a):. in March, and are directed by the 
affected the savings ratio. , The J *P an * while it was 35.1 -per Finance Ministry to housing 
real wage index increased only cent - 119741 to 'Vest Germany, construction, improvement of 
2JJ per cent, 2 6 per cent and 33 - 5 Percent (1974) in Sweden, environment, education, wel- 
3.2 per cent* In 1974 1975 and 3,1(1 211 P** ronL f 197 *) io fare, finance for small indus- 
1976 respectively, 'compared ^e U.K. tries, and agriculture and 

with a iiimn of ti nnr ennt in Another significant reason for fishery. 

1972 ** the hifffi savings ratio in Japan The outstanding balance of 

is. that many people want to buy deposits in: postal- savings 
Pifmocf . .. r theiroyp ; accounts- represents nearly ; H 

Digital : u: ‘ : c* ’.i -..Tte’SPtX survey showed jiliat per .; cent of all deposits, in 
r,, rt 41,^ 27.6 per. cent, of those ques- Japan- •. More significant is the 

in ^ rL n« r toned &ad plans to buy homes fact that 99 per cent, of postal 

2 ten years, and 53.7 per savings are personal savings. 

cenl - P^ned u> buy them, at Corporate deposiiore put their 
somct todeflnife time in- the money into banks because the 
^second place are the \\est future. Only 16.7 per cent, had ceiling, for a postal saving 
^? ,ans ***■? P er ce P t * .to no plans lo buy homes. account is Y8m. 

IS7o, according io The statistics Houses in Japan arc : ex- It seems clear, to observers 
iiio.isned by the Bank of uvmely expensive. Even a that consumption in Japan will 
Japan. The corresponding typical small apartment in large not increase rapidly any more. 
3niish figure was 9.S per cent, cities, measuring . 8.3 by .- &3 as most households have already 
10 lfl74 - metres (including a balcdny) bought such durable goods as 

The strongest motivation for costs Yl Jim. (554-000). Sofaosj electric appliances, furniture 
such high savings among’ the Japanese try. to. save as niujfb and musical instruments.. The 

increase in sales by department 
stores last year was (he lowest 
ever. Therefore, the Govern- 
ment is promoting savings which 
will eventually be spent on 
large-scale costs such as the 
purchase of land and homes or 
weddings and education. 

Weddings represent large- 
scale consumption in Japan- 
According to Sanwa Bank's sur- 
vey, the average expenditure 
for a wedding including cere- 
mony. honeymoon, bask- house- 
hold necessities and wedding 
gifts amounts to Y3.3m. And 
61 per cent, of marrying couples 
are financially supported by 
their parents. 

Education is also very expen- 
sire. Entrance fees to private 
schools are particularly .expen- 
sive and are usually shouldered 
by parents. Living costs for 
college students are also usually 
paid by parents in Japan. 

Some economists say the 
savings habits of the Japanese 
will not change unless the social 
environment and national 
.customs change. The Japanese 
Government through postal sav- 
ings has depended heavily on 
hi£h rates of savings as a major 
source of funds. An over- 
whelmingly large portion (69 
per cent.) of the saved money is 
placed on bank deposits and on 
deposit with the post office in 
Japan, compared wiib 36 per 
cent in the U.K. 

Only IS per cent, of savings 
is held, in ..stocks and bonds, m 
Japany v.-aile ih ihe-'L'-K' inis'- 
accounts for 34' per cent, of'sav; 
:nqs. Similarly, insurance and 
pension? account for only 12 
per cent- in Japan, against 30 
per cent, in the UK. 

The outstanding personal fin- 
ancial a-sse:? per person at the 
end of 1975 in Japan amounted 
to S5.::T«. which was still lower 
than 51 i.7(i5 :n the I'.S. and 
85.470 in West Germany, bin 
higher than §3.752 in the U.K. 

A fsuko Chiba 

: P‘r MI 

p -?*•- 

( -• - — . ; 4 IP|. * a nr .(1 
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■ - •>* ; 

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combines tradition with progress. 

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Vereinsbank is one of the major banks in the 
Federal Republic of Germany. BV - a bank 
with a tradition dating back to 1 780 - has 
considerable, experience and a wide range 
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Branches in New York, Chicago, Los Angeles 
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A Euromarket subsidiary in Luxembourg. & 
Representative offices in. Caracas, 
Johannesburg, London, Paris, Riode Janeiro 
and Tehran. BV has been represented in 
Tokyo since 1969. 

Bayerische Vereinsbank - full service 
in our new Tokyo branch. 

Covering the important Far-East market is ; 
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little bit nearer. To give you the qualified 
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efficient and comprehensive international 
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Talk to us, we’ll gladly advise you. 

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please contact: Head Office Munich 

Kardinal-Faulhaber-Slrasse 1 
c . : ‘ r 0=8000 Muhchen 2 

-..Telephone: (0591 34 22-1 
Telex: 52 33 21 bvmd 

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Bayerische Vereinsbank 
Tokyo Branch 

Togin Building, 1-4-2 Marunouchi 
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Telephone: 284-1341 
Telex: j 26351 bvtyo 





A slow decline in 

BANKERS SAID the boom in 
Japanese corporate borrowing 
oversea;, would nut outlive 
JapanV sudden switch Crow a 
high to a low interest raiv 
market. They were wrung— 
and they were right. At last 
count. 19 companies intend tu 
make public or private offering's 
•>n international bond markets 
between January and Man-h- 
and }f the estimated $50Qui. >un« 
*°r ill 18 corporate bund issues- 
i> reached, it wiU prep’ up 
Japanese corporate . borrowing, 
abroad at roughly the levels of 
1976 and 1977. That is why the 
dire prertietions nf a "yen 
idiift ” back to domestic 
tinanring were wrons. 

Conversely the shift maj 1 only 
bo delayed. The. basic lending 
rate uf the Bank. . uf Japan 
i l>OJ) is now 4JJS per cent., and 
prime rates are lower than all. 
but the Swiss (and still compe- 
titive with Deutschmark yields). 
Just abuut every foreign 
market has been priced out 
Japanese companies’ siijhtN h>- 
<}can?r yen and tower interest 

rates inside Japan with the 
exception of Switzerland and 
Gerinany. And not surprisingly, 
Swiss iranv bonds aecuunt for 
12 of the 19 planned issues xo 
the first quarter of 1978 along: 
with, two DM issues and four 
ICtirodoliar issues. 


- Then 1 is active interest in 
raisin); funds abroad, but it may 
decline if and when the BOJ 
asain -reduces the official dis- 
count rate t expected in laie 
February or March). Fur now, 
companies will go tin bornm'ing 
the funds they use primarily tn 
finance uversea.s expansion, and 
the relatively strong programme 
«f borrowing \n January- starch 
2978 can be taken as a si^n of 
plans to invest more abroad. 

The single most important 
change tn Japanese horrowhic 
habits in 1977 was the mid-year 
exodus . from l he I'S. market. 
Four Japanese corporate equity 
iwUBsf .Net a brisk pace in early 
1977 after the Kmsshing success 

of Honda's December 1976 issue 
for $50 ni. Moreover, the 

boxrbwrer.s — Wacoal. Makita 
Electric. Kubota and Trio- 
Xonwuod — managed to serene 
by with lower discounts from 
the Tokjo Stock Exchange prices 
than bad Honda. But if Honda 
started a trend, thy car company 
also ended one: its S6Sm. equity 
issue (American depossiaiy 
rights) last July was the las; 
ADR of the year, and according 
to/ J apan g Finamx- Ministry. 
tiUSM have been no applications 
for ADR issues so far in 1976. 


mutual tads 

4 SAM(J?AI PORTFOLIO, a timd und?r Swiss law. is sponsored 
and mlnwad by a^grpyp of toadinfi Smu$s private and com- 
I merciaibi&is with investment advisors in Japan 

CM-- J: 

For detalred «tf<»mabon vynriio to 

GsmvKt^S.A:, la did,- 1211 Geneva 1 1 

Shnilarly, tiiere have been so 
U-S, bond issues by Japanese 
companies since Mitsui's August 
offering for $50m. tin three 
tranches). Mitsui and four prior 
borrowers in 1077 raised a total 
of 6650m., up by half on Japa- 
a*Se borrowings in tin* V.S. ;n 
1876. but here again there are 
no. known plans for raising 
funds in New York this joar. 

Instead, the fucus in 1MTS S 
on ..the Eurodollar market 
(Aiding i, the DM anti Sf 
markets (rising), and the Enro- 

**mn Dollar market t booming i. 

The Asiadollar market dues 
cot Stand alone. But what has 
become known as the Eurna: ;an 
market — simuluneous fanu- 
tatting on the two mnrkvi> — 
•nKAcs firmly entrenched, hi 
sheer numbers, Euroastan p;ace- 
menu accounted t»»r eight »i inv 
68 Japanese corporate heed 
tomes abroad last year, and 
Hised 8230m, (over JU jier cvs:. 
ctf the tmal;. The pioneer issue 
Its! April in Lu-vombour.Q and 
Singapore by the Bank i«J Tuiq,** 
for- Its Curacau «ubsidiar>. and 
JUaragcd by S. ti. Warburg, 
broke (ho ice fur a flurry o; 
tohwfr—fnur of them ( worth 
WOfim.) jn November alone, ll 
iv. impossible to tell just bow 
touch of any issue was placed 
Jfl.A&fr, bot inlere.’l was stiE 
predoauiumJy in Europe. 

Swiss franc Issues were popu- 
Ur throughout 1977 but J«»okcd 
topedgOy attractive at year's 
end— for obvious reasons. S> :ss 
totorttt rates became the only 
OSes . appreciably lower than 
Japan's, and the franc was the 
only cntreacy to match the yen s 
strength on exchange markets. 
IhttS,. the planned Swiss fras; 
fJWWji in the first quarter nt 
■?W. (worth ^bott-SSOfluu wit! 
amount to over half the tidal 
S£ 1.163m. 'placements last y rar 

f 84 B 0 . 7in ; >. Among the 

names who will i^sue as £w:t:cr- 

lasd this quarter are Citizen, 
Asafct ti.ass ar.c Sumiiomu 

The D?.» market it'J! entices 
Japanese rorporetc borrowers. 
:itclud:r.5 Fty.liu (u'.ar.:»ed for 
th;s quaren which Sses :t as 
par. o: an oil-nut effer. to buiid 
and mil cc=au:ers :n Europe 
{ possibly tr a tie-up With 
7 be r. L^saer of DM 
is.-::es. hr-v,evrr. declined in 
1S«77 tv :rnrc the previous 
year’s 14 ;;su V.r.c-tner com- 
panies w:i* canttr.tie *.a raise DM 
funds :: »he ini&re*! rafe differ- 
ential ber.% ei-r. Janan and Ger- 
many act* i-erwuily out ci 
whack is a-tyh-.-dy's auess. 

Tie Eurodollar marker re 
ntatni the bulwan: ef Japanese 
corporate Snane.ns abroad, but 
this mxili change. In 1977, 
Japanese companies raised 
StiSar.i. on lh-‘ Euramarket, pius 
whatever pareian <75 per ccnt.?j 
of. tic Eurasian piacemeati 
w ere jakvn vp by European in 
vaster*, it i.- tncreiorc about 
the siae cf the Sf tnil DM mar- 
keti- uuntbined: one estimate, 
ij'iever. . Eurodollar uy Japanese com 
pann-s w::! even reach one-fcaif 
hi Swirs franc A rties la 1&7S. 

. • ,%V.V.VAW.V/.V,%tiV.V.%V.V.%ti%V,V.V.*.V.V.VV, t .*.V.V,V,. . 

• • 

• • 


in Asia 


Likewise, ai’h-Pu^h Japanese 
i’ompan:c-.-. haw* p-ans w L’u"s* 

t:iwr .'si-iviaicnT’s :a lue L'.b. 
link year :!» marrtei for rnisio^ 
equity affenagy up aiu-r 

jiuifsia'.*. :as- ---'Utf. S:nee then, 
for Etiropcon Dtpoaiiary 
Bi^htij < EUK? i have ct-sw at 
regular -.nrvrvais including 
Siaiuey Hlee-r.c and Nippon 
Chemical .n bk’p’vci- 

tier. y.P. L.rrpr.raftQa> and 
Kc:ua:su :n October, 

and K'-Mit: hireku ■ Photo and 
Diiwa Sfcikv i -u rCcverabcr. 
There are ADR% planned thi? 
q-jarier, but one EDR oy Seuio 
Trenspcr-sccr. lunfi-i-riTitren oy 

The tiesd erf !:nk:RC more 
issuers *.u company equtty con- 
tiJiaed Li 1ST?, notitbiy for 
■private issues £ur> 

ssarketi Twelve of ;h« 43 pubtic 
iss'ics were convertible, as were, 
17 af the 25 private placements. 
So 43 ?<-r coat, o: i=suej ia 

id< ' were made convertible— 
compared w-.ih only 3(1 per 
cent, is 1976 and 15 per cent 
c \vaz srariisr. 

Douglas Ramsey 

Banque Nafionaie de Paris, France’s 
leading commercial bank/ has an internaiional 
network extending over sixty-eight 

With branches and offices throughout Asia,. 
BNP is ideally placed to meet your business 
and banking needs. 

Wherever you do business we are there to 
help and advise you. 

as: * : :H: 

s? :::: 

•• »*■ 

Banque Nationaie 
de Paris 

BNP Heed Office 

16, Boulevard des hdiens, Pa™ 75009. Tel: 523-55-00. TU:280 605.- 2000 branches in France 

Hong Kong 









UK Subsidiary 

;3anque Nationaie de Paris Limited 10-15 Mincing Lane London EC3P 3cR Tel: 626 5678- 


The Bank with a world of Experience 


Total Assate of BNP Group as at 3Tst December 1 976 FF. 206 fiOOfiOO fiOO 

*••••••••• « • • • ■ • m • 9 «tiit*««ste»*ss*s***s*** •? * 




FiiianciaLTlmes Monday January 30 197S 



(Yen bn.)' 

Ban k 










'played a key role in the financ- 
ing of economic growth up to 
ihe 1973 oil crisis. What they 
did. in simple terms, was to 
absorb the saving of indivdual 
wage earners and lend the 
proceeds at a comfortable 
profit to private industry as 
funds for capital investment. 
To-day banks are not doing this 
any longer — or at least not to 
anything like the. same extent 
as in the heyday of ultra-rapid 
growth. During the past year 
both deposits and corporate 
fund demand have been stag- 
nant and the interest rate 
differential which made it 
profitable to finance Industry 
with funds accumulated from 
private depositors has largely 

The banks are thus in the 
process of adjusting their ideas 
about their role and function 
in the economy. Greater 
prominence is being given to 
consumer lending and fewer 
services are being offered free. 

or at minumura prices. With 
regard to industry ihe banks 
have begun to assume the role 
of shock absorbers, prepared 
to write off losses when a 
company tor sometimes a whole 
industry) runs into trouble. 
They are also, increasingly, find- 
ing themselves willingly or 
unwillingly involved in the 
business of advising corporate 
clients on how to extract them- 
selves from loss making situa- 

The biggest -headache of the 
big 13 “city banks” with 
nationwide branch networks 
which make up the core of 
Japan's banking industry bas 
been, for the past year or more, 
what to do about the disappear- 
ance of their profit margin on. 
the management of borrowed 
funds that has resulted from 
the government's interest rate 
policy. The government an- 
nounced three reductions in 
bank rate during 1977 the third 
of which, in September, brought 
the rate to its lowest post-war 

level of 4.25 per cent. Com- 
mercial lending rates came 
down in line with the bank rate 
cuts but deposit rates (the rates 
the banks have to pay on their 
borrowed funds) came down 
more slowly and by generally 
narrower margms. 

As a result, by September 
last year, there was a negative 
margin of 0.75 per cent, be- 
tween the short term prime rate 
(for one year loans to first class 
borrowers) and tbe one-year 
deposit rate: On an overall basis 
eight of the 13 city banks -were 
still reporting a narrow positive 
margin on the management of 
their borrowed funds for the' 
six months ending September, 
but five banks, including Dai- 
Ichi Kangyo (Japan's largest) 
and the foreign exchange- 
specialist iBank of Tpkyb, i were 
reporting negative yields'. The 
□umber of banks reporting 
negative differentials on bor- 
rowed funds is expected to grew 
during Lbe ; current (October to' 
March) busfdess term. - 

A shrinkage df the bank's 
earnings on borrowed funds has 
increased the need-tor them to 
make more profitable use of 
their own reserves. It has also 
led to a search for other sources 
of revenue -such ife increased 
commission earn tags, Japanese 
basks traditionally provide 
many more services free or at 
nominal charges than- Western 
batiks but this practice is start- 
ing to be eroded in the face of 
the earnings squeeze on depo- 
sits. Dai-Ichi Kangyo Bank and 
Mitsui Bank both recently an- 
nounced increases -in their 
charges on remittances and are 
expected to be followed shortly 
by most of the other eleven 
city banks. This may be tbe 
start of a process which will 
raise commission earn jags well 
above their present modest 
share of five per cent of the 
bank’s total earnings. 


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•• lm»k. yi t. *,i.-w .*:j m UfciMi ' - • • Jj.-viS i- 1> i" ; 1 f. «. j&t, i m u ji Kil lu.-i-jit; mV fim w mii» " 

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OH»* ]ai>s.Iiria .wt-JiblS? CitlaAOOiC TPUSIH1I Ta*»0 

Another source of' increased 
revenue could be over-the- 
counter sales of government 
bonds. The city banks have 
been campaigning lor the right 

to start such sales for well over 
a year and seem, likely* to be 
given the ga-Ahead. very shortly 
by the Ministry of Finance, de- 
spite opposition from the 
securities industry. ■ 

Diversifying their, sources of 
revenue represents an urgent 
short-term priority for tbe 
banks in the face of the squeeze 
on interest margins. Diversifi- 
cation of lending is a longer- 
term problem but could prove 
to be no less Important given 
the apparent permanent decline 
in Japanese industry's require- 
ment for borrowed funds: The 
banks are meeting this chal- 
lenge by emphasising bousing 
loans which currently account 
for only some. 10 per cent. -of 
their total lending but are ex- 
pected to grow fast Interest 
rates on long-term - housing 
loans (up to 30 years) were well 
above those on long-term loans 
to industry before tbe 1973 oil 
crisis but have now been 
brought down to roughly the 
same leveL- 

Dai-Ichi Kangyo 






TaiyO Kobe 


Hokkaido Takushoku 
Bank of Tokyo 

S78J2. - 2.1 
326.8 - 1.8 
327.2 - 0.4 
3184) +■ 1.4 - 
31&2 - 0.5 
235J - 1JS 

218.7 - 1.4 
222^ - 1.7 

259.8 - 1.4 
140.1 - 1.1 
II&2/- 0.6 

95.8 + 2.3 
236.0 — 3.7 









- 7.7' 

- 3.4 
- 12.6 
- 27.6 

12.8 - 3&6 




5 + 












+ 9.2 
+ 12.-1 









‘.4.0 - 7.3 
12.5 - 9.2 
1U.« -10.7 

12.3 - 3.3 
S-3. - 4.7 
5.9 - 2 i 

10.4 - 7.3 
4«2 -IU.8 
5-0 - 8,5 
2.7> -12.S 

2.4 - 4.4 
3S.0 n 


3#&6 - 1-1 

249.3 - 5.8 

1173 + 11.4 

I3S.5 - Gj 

Among the burdens the dty 
banks are being called uppn to 

assume as Japan’s economy, re- 
mains in a state' of suspended 
animation is the absorptfoiv of 
rapidly -increasing amounts' -of 
Government bonds. The city 
banks have been called upon in 
the past two years to take up 
about 37 per cent, of the annual 
Government bond issue, the 
total amount of which has been 
rising in line with Japan’s in- 
creasing reliance on deficit 
financing as means- of balancing 
the budget Absorbing Govern- 
ment bonds changed from being 
a painful obligation to a wel- 
come outlet for funds duiipg 
2977 as lending opportunities 
dried up- elsewhere. It could 
revert to being one of the less 
welcome .aspects of tbe city 
banks’ privileged position as the 

pillar of Japan’s financial system 
if and when the economy starts 
to expand again. 

The task of propping up ailing 
companies or industries is 
another essential ' city bank 
fraction which has become more 
importaAt in the past year— in 
some cases in fairly dramatic 
circumstances. The city banks 
wrote off a total of Y191bn. 
worth of debts by the defunct 
trading company, A taka, during 
1977. They also agreed to 
moratoria on interest payments 
by a handful of other major 
companies. . Writing off losses 
and stretching out debt repay* 
ment schedules will apparently 
remain part of the day’s work 
for all major banks in 19TS 
although there are no signs at 

•*:.* *-■ 

THE MARUNOUCHi offices of 
the Dutch bank, AJgemene Bank 
iNedertand: were besieged re- 
cently by banueritoting pro- 
testers. An uniikely'way for the 
quintessential^ polite Japa- 
nese to behave' in the heart of 
Tokyo's banking district ? . And 
toward a foreign bank to boot? 
Indeed, but ABfi-fa. just one, of. 
several foreign BSnks piqjtqjted 
in the -past year. In- most cases._ 
kos strikers were' workers made 
redundant by small - and 
medium-sized / corup^nies^-thfe 
sort of companies , which made 
up the core,of Japan's estimated 
18,741' bankruptcies in 1977 
which went bust with . an. esti- 
mated .aggregate of Yen3,000bn. 
(over .- ffiObn.) in outstanding 

If is not rare to see. workers 
made redundant . take up their 
positions in picket lines outside 
the big Japanese banks which' 
can make or break mast" enffl- ' 

because unwritten rules keep 
Lhem from, attracting clients 
away from the Japanese banks. 
Consumer finance was alio 
taboo . until recently, * but tbe 
arrival in 1977 of a strong 
foreign competitor (Avco 
Financial Services) has set 
many - foreign managers to 
weighing the - possibilities of 
gomgi.inte-'thia/tppe of lending. 
4^rtadnly<<f-aH-M'lheu-.bafilcs are 
faced' with- a depressing one or 
two years ahead of them and 
more diverse operations seem 
the only way to avert the worst. 

■ If foreign bankere.are now ill- 

ing than yen, and at cheaper 
margins, and with tbe very real 
prospect in sight of massive 
doliar-loan repayments in 1978. 
So the profitability of loans has 
declined — perhaps sharply— 

despite an overall increase In 
outstanding volume. 

Foreign banks, in fact, are 
caught in a squeeze, between 
tfie yjMi'k' rapld risfe tt>y‘ o!yey 
20; -per cent . 4a * 1977). tod 
Japan’s record" high ' level ”6f 
foreign exchange reserves 
($22JJbn. at December 31). 

There is no shortage of dollars 
in the Tokyo market, and as a 
result riie lending margin over 
tbe London interbank rate 
(LIBOR) has receded steadily 
frer-i over l- per cent in early 
1977 to the prevailing five- 
eighths in. January 1978. What 
is more, there are rumours of 
a combined attempt by several 
Japanese companies ui cur the 
margin over LIBOR to half a- 
percent-na level .which few 
foreign bankers reckon is pro- 

the moment of another catas- 
rrophe on the scale of Aiaka. 
It w a burden that rhe banks 
are apparetHly it ell able to 
carry, given rise massive size u£ 
Lbctr reserves, but the pffett on 
their profits presvuuobiy 
remam rather negative. 

The 13 city banks represent 
the apex of a Japanese banking 
system which aLu mclurkv 
trust banks. !or.^-icrai trcdit 
banks (specialists m lomt-icrm 
industrial financing with the 
exclusive, right to issue bunk 
debentures) ami local hanfcs 
(whose husincss territories ate 
usually confined b< one Japanese 

The economic antu.'ucnts in 
favour simplifying this i-umples 
structure either by abohihinj 
some of the dtsnnri:«*ii.-» t*ciween 
different kinds of biiiks ur ‘ 
merging bunks within the 
various calrgor:c> arc generally 
held to be qmie sh-eng. But ibe 
actual prospects i»l any ;najur 
structural changed in the mans, 
try are limited. 

Two of Ihe existing 13 city 
banks arc the l*c*u!s ef iu.'f> A *rs 
which have g.-ner.Ui-d enmi-Ji 
pruhlctus* m hum in : 
rclai.’iNis and sjn'i'ig |irehicinr.)5 
to make the rcuiu.iimg 11 ciiy* 
banks wary aliuu; : nil awing : 
their example. The Ministry o,_. 
Finance, which exerts clnsr. 
overall control over the bank? 
mg system. cutiM iirob.ibP 
induce further mergers ainonf ‘ 
the city banks hi ui.cnns ita; 
carrot »f a favnraMc iv 
arrangement of the mergid 
bank’s branch neiwork. Tiia 
Governmenr however, scvms se- 
f#el that, if Japan's banking 
system is far from ideal, .t ii 
at least coping reasonably well 
with the various problem* fac- 
ing the economy at present 


pames: but it is an ironic! sifeilf- 
poatT of. the growing foreign 

presence iii Japanese banking 
that the protesters ard starting 
to aim at the non-Japanese 
banks which, withdraw financial 
support from ailing industries, 
thus helping, them to .the. brink 
of bankruptcy. 


TPhe banks themselves- have 
begun to protest, too, at tbe 
glfjpmy outlook for leading. to 1978, but none of this 
has, deterred newcomers. In 
‘January. . the Bayeriscbe 
Vereinsbank became the 58tb 
bank to do branching operations 
in Tokyo (compared with only 
19 back in 197 U. Before that, 
five banks opened branches in 
1977: \Vest{ieutsche Landes- 

bank. Credit Suisse, Commerz- 
bank, the Development Bank of 
Singapore and the National 
Bank of Pakistan. Others arp 
about to open, including' Mid- 
land Bank. 

But- there . is almost ho 
Torcign presence on the deposit 
side. Foreign branches account 
for Less than T per cent, of 
total deposits in Japanese banks 

at-ease about riieir profits 
1978 arid 2979, it is a new 
phenomenon. Between' 1971' and 
1976, the outstanding .volume of 
loans made by the foreign banks 
rose remarkably: from T723bn- 
at December, 2971,'to Y3,5l2bn 
at March, 1977. The most recent 
■ balance ^heefFfor -.the ‘business 
' term hf TaiSt Seirtfeinf&&r, show 
they ■ h'acT Y3;637.5bh:-' ta loans 
under ' management-^-and ta 
most cases profits .rose even 
more steeply over the period. 
First signs of the- squeeze on 
bank, lending are possible 
detect in tbe ld/7 performance 
of many foreign banks. The 
biggest. Citibank, '’witnessed 
sligut decline in- outstanding 
loans* but remaias a major force 
even among Japanese banks with 
YSOlbn. in loans: 

Taken together, the big three 
American banks aceotot -for 36 
per cent. (Y1.300bn.) of total 
foreign bank lending in Japan 
in contrast, the three German 
Gross banken — Deutsche Bank, 
.Dresdner -Bank and Commerz r 
bank — together' boast .half as 
many loans as -Citibank alone. 
Many smaller banks, however, 
boosted, (heir loans under man- 
agement. during the year to 
September, 19V7, so' was the 
downturn really risible? ' Tbe 
answer is yes, although it is 
hard to quantify because there 
are no published figures on tbe 
relative shares of dollar and 
yen -lending in the foreign 
banks' Joan fortfolios. But as- a 
rule, ip- 1977 many banks were 
forced to do more dollar lend- 


c s. 


Rankings of the foreign bunks in Japan according to outstanding ' 
I oang. at .September 30 (figures supplied in advance, will be 
0nbIished next week). 

Outstanding loans at 

New (old) - 30.9.77 ' 30.9.76 

ranking ■ Bank name - . Ybn. Ybn. 

1 <1) 

Citibank - 



2 (2) 

Chase Manhattan 

404.6 . 


3 (3) 

Bank or America 



4 (4) 

Morgan Guaranty 



5 (5) 

Deutsche Bank 



6 (<f) 

Manufacturers HanOver 

123.5 , 


- 7 (8) 

Chemical Bank 


. 8 (10) 

Bankers Trust 


9 (9) 

Dresdner Bank . 


*23 . 

10 (7) 

Continental Bank 



11 (U) 

Algetnenc Bank Nederland . 






14 (14) 

National Westminster 



15 (19) 

Lloyds Bank International 



16 (IS) 

Soclete Generate ... 




firsf J^Uonal Bank of Chicago- 



IS (na) 

..Weatdeulsqhes Landesbank 

60J2 - 


19 (IS) 





20 (17).- 

-Union Bank of Switzerland 



- ' * , Oid ranking is for 30,9 J6 biisinMs rerolts. 
Source: Bank fiepbns.' - 

And the right connections ire particularly important 
when it comes toarranging international corporate finance and 
foreign exchange. - . • • ; . 

life eas^OTthe^ a centur y of experience in making 

i . , F or j» stan ce, we have branches and connections spanning the 

length and breadth of five continents. 

And we have a reputation for "being one of the world s 
leading specialists in serving the needs of international business. 

Once you ve got Bank of Tokyo working with vou, 

SS^SS5SS , ^ , ^ c ^ bea,, ^ s ? nootea ^ • 

. . 



. 'l l 


• ' T - 

X. \ : -.. 

your international contiGctidR 

■ ■ §i- 

" Vi %. >3 

e v- -At 


h^-sg-. ’ 


? - 

r financial Times Monday Januarv 30 1978 


** ifTVl 

e 1 1 / i. - 

%. *■ -is** * T " 

: i. r=-«? ?\#*\ -' U ' 

. Jfc £ S V. -•• >: C • • 


2 . * * «■ 
^ > 



JAPANESE BANKS' overseas brought a clampdbwo by their Tokai Bank took part in a and Mexico are good examples | 

activities picked up during last, own government. . But the ban $50ni., seven-year loan to Pub- and have big borrowings from, 

year after a three-year lull was lifted over a year ago; and lie PoweT Corporation of Oreete. Japanese banks. Bankers sug- 
fol lowing the oil crisis in the since then. Japanese banks have and Bank of Tokyo, a S125m.. gest that Canada and Australia, 
autumn of 1973. and are ex- joined various multinational seven-year loan to the govern- resource-rich nations may also 
peeled to become more aggres- syndicated loans and formed meat of Tunisia, to name a few. become borrowers from 
sive this year. syndications among themselves. Outstanding loans by Japan- Japanese banks. 

As described in another A big departure from their ese commercial banks, according one recent phenomenon is , 
article in this survey. Japanese operations in the. early 1970s is to the Japanese Finance Min- tf, at Japanese trust banks are I 
companies have been extremely that the banks are now lending istiy, amounted to $9bn. at the becoming especially aggressive 
cautious about investing over- increasingly in the yen. For one end of last November, and ^ offers nc lone-term ven loans : 
seas since the oil crisis. The thing, the Japanese government roughly* a half was lent to de- tD overseas borrowers Last'i 
foreign operations of Japanese is recommending that banks par- veJoping countries. , hsnks mu 

banks are closely tied to the ticipate in yen syndications as Japanese banks have recently j_ 0 J htir 
oversea* activities of the rest much as passible, to prevent a become cautious about lending „ ® „ it®, 

of Japanese industry, so a reduc- repeat of excessive Eurodollar because of the well-publicised ha 1 

tkm in fund demand in that borrowings by the Japanese questions about the creditor- } 

area directly affects banks’ banks to finance their dollar thiness of some of the borrowers r? Jr® if 11 **; \ 

activities. lendings of a few years ago. The who are .applying for syndicated J ea f ed Mitsubishi Trast and . 

In addition, the Japanese remembering their loans these days. Increasingly. Coloration, “1 

Government had banned various earlier experiences,, are more requests are coming from de- , ^ banks provided a Y 20 bn. 
banking activities since 1974 — than wi l li n g to cooperate. veloping countries which suffer t0 Hydro Quebec of 

such as short-term lendings by x : ‘ r from unfavourable payment bal- 

Japanese banks’, overseas JuOaitS antes. An executive of Dai-Ichi 111 anftbercase, two trust 

branches to Japanese-affiliated As a result nine yen Kangyo Bank, the largest Bank banks, Mitsubishi Trust and 

companies abroad, syndicated syndicated loans were extended '* 11 Japan, said, "In some cases Banking and Nippon Trust and 
loans by Japanese banks to last year to banks - in Peru, >‘ e are forced to participate in Banking Corporation, joined a 

foreign borrowers, bond flota- Mexico, Brazil, Iran; Denmark Syndications asked by the gov- $425m. ten-year loan for 

tions . by foreigners in the and Thailand, as well - as public enunent. 1 *- But as private m- Mexico’s National Investment 

Tokyo market, and so on. - corporations in Brazil, Province slitutiops,- there are limits to Bank,- of which 345m. was. 

Moreover, Tokyo froze estob- of Quebec in Canada and Mexico, how much the co aim e trial banks financed in yen. j 

lishment of banks’ overseas and The largest of th"dm : was a can prudently lend to 'develop- • t 

joint venture banks in which Y25bn. loan, worth' $I04in.. to iQ 8 <»uritries ; with doubtful SflTP 

Japanese banks shared more Petroleos Mexicanoa,^ the credit standings. 

than SO per amt., as a principle. Mexican nations oil corporation, One executive of the Bank of One executive of Mitsubishi 
for a year to last March. / signed late last month. lenders Tokyo (recently the most a g- Trust and Banking said the 

The restraints have come off included 16 Japanese hanks gressive in syndication, parties- long-term yen loans made it 
one after another, and Japanese headed by Bank of Tokyo, the pation) noted. “We cannot lend possible to u operate pension 
. banks have begun to expand lead manager, and two Japanese money to countries which have funds in a safe and profitable 
again. Their overseas branches, life insurance companies. The already borrowed excessively, way.” He explained: “In the 
for instance, increased by 17 in loan was for eight years, includ- but we will lend to those coun- case of yen loans, lenders don’! 
the 17 months to last November ing a 84-year grace period. The tries which are able to repay b aV e to shoulder the exchange 
(to 118 in all). They are almost interest rate was set afS per and also have significant namrai risks and that is very attractive 
ubiquitous now— 48 in the U.S., cent annually .during -the first and .manpower -resources, even j 0 

41 in Europe (of which 21 are.: five years and 8.1 per dent, for jf thei^ ^ba&nees are Io theirfia off fund raising in 

in London). 26 in Asia, and Utetetnainder. Tl*e OQjl mpany JL -w the Euwfeonw* market?* \T#w r 
ihrpc in Latin America. planned to use the proceeds to ra^JJfcial suggested Singa- ve iiicle was invented by two 

Japanese banks arc organising build pipelines and refineries. jx>re and Korea as two coun- Japanese banks last year Dai- 

syndicaten loans to overseas Japanese banks have also par- tries which fell into this i c hi Kangyo and Sumitomo 

borrowers again. More than ticipated in dollar-denominaied category. Bankers are particu- launched a previouslv unheard 
three yoars ago. their aggressive loans. Nippon Credit. Bank lariy willing to make exceptions 0 f instrument, the floating-rate 
tactics set off a red-hot competi- joined a SnQra., seven-year loan for * countries which have Eurodollar ’ certificate of 
tivo battle which eventually to Karun Argo-Industry of Iran, resources Japan lacks. Brazil deposit. Unlike other inter - 1 

national banks, most Japanese; 

T"l ' • iv. banks cannot issue floating-rate: 

nrpl cm notes under Japanese regula-: 


banks have jumped an the 

_ r ; .. .. • . . bandwagon and tried out the 

Whether your market is Japan or international, you'll want to 
know us— Toyo Trust. We're one of Japan's major trust banks, 
offering full banking services in Japan, especially long 
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level of yea overseas borrowers sought float- I 

SOT This i ru !nnoor.fnrm >nnnai' 

a major shut out of impact and indications are an pullw ^em^ee^uKof.* Wnd -i 

loans, .by Japan cirporale f^anpe-r.-Ui- of :»*• Wppf eaUpfo. the uhi, had- becernc- tW-reaSiDgry- 

borwwci^nd- Uii^ has gut V,S; -doRir would m Ww banfo.„wtil have- jnain- vexma-^nee mdre and- more : 

many foreign bankers worried machine in motion. J !alned their 1876 level, oi yea overseas borrowers snugbt float- 

smee demand for yen docs not .\U told, ihe foreign banks in \ n BaT ev . en ing-rate. longer-term money, 

look like picking up for at japan have about J6bn. in out- 1S 1 y to continue in 197S on the other hand, long-term 
least another IS months. standing impact loans | 0 since - Japanese banks can com- credit. Bank of Japan and 1 

The boom in • impact loans Japanese industry. It is estl- ; f j 110 ?* effectively. They Nippon Credit Bank, which are . 

reached its climax in 1975 when mated that in tisicaJ 1977 (to tins ? c,w , v f. *° P a - sunstantia.iy allowed to issue notes, are, 

the foreign banks % lent about March) scheduled repayments , s * or .tiieir l“an capital (out piarunns to issue floating-rate; 

£lbn. in foreign currency (usu- will amount to 5S50ra.; on- top aepqsiis) than du the notes dollars in Europe and 
ally GJL dollars) to of this, one analyst reckons that forei sn banKers. The latter are Singapore soon. j 

The Tqyo Trust & Banking Co, Ltd. Tok>o, Japan 

bitor national Department: Address: 2-5. V-chone. P.Tnonbasm. Chur-i u T o»yo. Jap^n 
‘ Telephone: 03-27T-78S1 Te«* - J22123 TYTBKIJ 

New York Branch- Address. 140 Bropd.-.-av (37: r. f « \^w York N Y. 10005 U.SA 
* r Te^ohone: ;2’.2) 480-1224 7.;!^ 222675 -TTBCUR l 

London Representative Office: Addrecs GblKr Hoi-ss. 55 Bastrcjhall Sireer. London EC2V 5EE U K. 
r ^ Teienhonc r.‘ -606- 247 d'OV. :e < 5356: & TYTE \ LON 

Hor^^ng Rfnire^tatiTO Dff'ce- Aritf-eis: 2&*h Hc-use -6-20. Ch3:-.-r Roac Cerrai Hang Kong - 

Ts-epnccs To’i-v 35733 TYTHr; 1 

NYK’s Full- 

XSg&r 10 ^'Encouragement 

More importantly - tor the • , . .. ... ^ *y cT,U! 

Z!£ n . TW , tbeir latish entry onto thei 
reermn-e to thelocal-and more imernational scene. Mitsui 1 

levels, many Japanese L - om . panics to prepay tiwir impart is simple, diversify. The open- tions> a7Jd , or mQSt ^ ef: 
panics will want to prep«>- their loans and turn round to borrow ■*“5 of several foreign ex cnange Japanese banks the figure is . 
dollar loan* ami lake the ex- hack The money at tivday s lower ilealin- room> in 3i)< < ha.< finely ^ [ower The sole exception: 
change rate gain themselves: interest rales. But some of this given furej 3 n banks toe clout , he of Tokyo / ^ 

for instance, a loan for YlQra. kas happened. More often, the with which to press Jor a more specialised foreign exchange, 
made in dollars in December rompamrs are flush with fun^ internarmnal market to Tokyo. ^ whieh ^ sotBe & p | r 
1976 could he repaid Fully jusi WV. low capacity- and dealers say toeir profit last L f : earnings come from 

one year later with. only YSm. utilisation rates m »dum|r.TO r rnay ^Il r^up ^me of abroad ^ J, ; ^ 
because of the yens approcia- which make nen’ investment nn- n* cast* f hank lending a, ^ banking 

non. Some banks have been active. So the flood of pre-lower margins Bui exchange total earning of 

cautious not to let companies an f d Japanese banks will not exceed; 

write a prepayment clause into w*n probably not be placed, industry, and a dan s e.ous cen{ or 30 ^ 

their impact loan agreements th i' foreipi banks with due a t tha.. As it is. .ending Iooii ; n g we ij ;he future ' 

hui it is an exception to the a papmg bole in tbeir bread^nd- doolie banking wdl re^ 

rule. &> companies are legally ballcr business forri^ hanks ha^v bSn -rf as their fflajor ^siness. : . 

eniitled in most cases (o prepay: It ns impossible to quantify J^ [e d Vo ra deb* dJ V« despite that concensus. - 

and since foreign banks rely on risks being run by foreign there seems very little doubt N 

-in pact loans .lor about half their banks on. the impact loansilh^-'^^L 1 ^.^ 1 ih^^F'na^ce a ^ nii * ‘^e direction in which. v 
■nan portfiUios. wholse*a!e rc- have roneludcd at marginal things are heading— the ubsqui-- ; 

payment roMd- speJJ disaster. nf* over Libor, but the risks ^ Htoroational Sntane S *«■ Japanese banks are almost- > 

But will ti»e companies pay? are there. Some bankers ”id?- S?d£5 » become more ubiqul-i \ 

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Financial Times Monday January 30 197S 




















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SINCE EARLY in 1976 it has for the volume and profitability TL^ppcc about the future course above present levels. Holders 
been de rigenr for Japanese of exports in 1978, this level of of the bond market, and, at the would do well to ™ownther 
Government spokesmen to speak- discount was remarkable. It has time of writing, secondary mar- the experience^ or J which 
of the reflahne **“ interesting to note that ket prices are anticipating a demonstrated that the Japanese 

“ tfl33S»l - January further cut in both the official bond market can be remark- 
the e con o my through a combnh nUy was led by the discount rate aod in long-term ably illiquid, 

ation of liberal, fiscal and depressed exporters as the interest rates thence the future Returning to the equity mar- 
monetary policies. Yet a glance threat of imminent American issue prices of Government which has, at the time of 
behind the smokescreen of protectionism against Japanese bonds, and corporate and bank writing, itself returned to with- 
“massive public works pro- goods appeared to have been debentures). in 6 per cent. of. its all-time 

grammes” shows the very differ- roUe ? back b y toe amicable ^ ^ were oriainally ex- high, it w obviously tempting 

ent reality of policies dominated to the trade negate- ^ in j anuaT y but, because to conclude that the general 

. , • ” , . tions between the two countries. ^ I hp nr j me rate ratings of stocks— end m par- 

Inteosifttog concern over the fo ^erica, they havTS*n de- ticular_ the internationally very 
and tiie Ministry of Finances corporate eanriugg in layed. It is probably true that, low 1.7 per cent, average yield 

determination to return as fo e CT ent of economic recovery if Japanese interest rates were —do not adequately diswunt 
quickly as possible to the bal- prorong uns usta inab le did not re°ul3ted purely by market the risk tliat the latest package 
anced budget. lead to a more general bear forces, they would already be of fiscal measures tamuonl 

To take fiscal policy first, market in 1977 because of rising lower, but this is not the case, by the Government vui, like 
study of the receipts and pay- levels of liquidity in the eco- Under the circumstances, there- all their predecessors, mu to 
ments of the Treasury accounts nomy coopted wife fee reduc- fore, “it is relevant to enquire restore Japan s economic health, 
indicates that total disburse- tions in interest rates daring whether, in the eyes of the This is indeed the cas^yet 
ments during the year to March, the year. BasicaHy, fee savings Government, further reductions stock prices have neittremafc- 
1977, rose by only 9.3 per cent ratio of fee private sector would have any beneficial eron- ably firm despite P^edictiMs 
compared with a rise in receipts remained high while fee omic effects. from virtually all non-offiaal 

excluding those from bond demand for those funds from The experience of the past 1' SitfaJS' 

issues of 10.2 per cent; in fee the corporate sector stayed two years indicates that the cost n23?2 

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issues of 10.2 per cent; in fee the corporate sector stayed two years indicates that the cost fjL 8 ® CNF oSwfe '2 
{“ • 1S77, dressed: although demands of money is probably no longer 

following Premier Fukuda's un- from fee pubfic sector continued a relevant factor in promoting fiscal 1J,J 1S un «»* 

fortunate promise to achieve to ^ 0iW .mptidiy, their import- private sector investment, given ame - 

.real GNP growth of 6.7 per ,fo (relation to total money the - substantial deflationary gap __ a _ 

“pp'y « sbu «>» asaiscaa am «i S te m to Rationale 

by 14.1 per coil against an in- b7w«rtern standards. economy. At the same time, v 

crease in receipts, less Govern- 9 . r. lending margins are already a possible rationale is that 

ment bond, issues, of 42.2 per _ under severe pressures even investors consider that the Gov* 

cent. The fiscal conservatism was Potijiprc In the .case of the major eminent must succeed in stun* 

fully matched by fee slowdown ■ l «*uugo cjjy banJks, and the situation ulating domestic demand simply 

to growth of money supply. (M2) Under these d renmataac ea among fee secondary financial because the costs of failure - 

twfehn nominal and real terms anHin ^atoiwiW n »,v *mAi. institutions in which . - Japan would be too high in terms o t% 
ttrot^ut 1977. Under fee cu> tinn ^ invmMna ^ abounds is almost certainly appreciation of the current - 

femsfances iflTM surprising tbedSwS worse. This is not a healthy overseas protectionism, cor- 


JVm MITQIIRICUI DAAIK InaUllwjrrwtcItieBOf tfwwarld 
^ IflllWBWIU DMIl FI international Financial Consultants 

LONDON BRANCH; No. 6. Lombard Street. London EC3V 9AA, England Tel; 01-623-9201 Telex: 886409, 888230 
Cable Address: B1SH1BANK LONDON 

&iu^fances J 'i fTs" no C Surprising feedm^^^ worse * This a healthy overseas protectionism, cor- - 

that fee ex^rt-ted economic re- securities j nar j cet showed a state o f affairs when financial por ate bankruptcies and unera- ■ 
coyery of 1976 failed to be sus* STS tokrnto » institutions are also bearing the %ymenl. Thus, even if the" 

tamed by improvements to con- X^2k2£ hruat o£ M unprecedentedly proposed reflatiooary measures’ 4 

sumw and business confidence ^ level 01 cor Po rate bank ‘ prore inadequate, others, includ* ’■ 

m 1977, or that manufacturing «ctore at devels winch appear ptcies _ ^ ot h e r words, if the for. ma iar tax reban-s will be - 
influfflj continued to look to ^ Mmost elvnjs coveruniem vrishes to reduce broush in unUl Sfc prop« 

overseas markets to sustain its plated) untobflaMy Jug* to Iending rates further , it wfl l be dSree of "tin ." is ^ schi™ei 

operating rates. toreignobsery^ obliged, to take the electoral* gj vlidity bebind .to 

The failure of fee Govern- ^ „ OTerscas unpopular step of cutting de- arguinent> as fe ere j s hohind •' 

meat io close fee deflationary opuu<m has totfej mflurace on posit mes also— and possibly the oppos i ng ij ne that, bv fail- 
gap, created in. fee aftermath, an se ctors. By con-, by a larger margin than the fog to reflate while exports and -?] 

of fee oil crisis led directly to trast V. fo J®2* 1 seffling can bare reduction in. lending rates if corporate profits were booming, 4 

® erv * ces ' Orton Bank. Orion Leasing Holdings' Limited .In London, Libra Gankin London, Australian irTtOT^onaJFLnairaCbrporaiiofvAi Mouxunw, Tbai- - conse< l u ^ I ^6'-'til. Upward pressure .-su- . . rnj1 „ r11jLT1 ln n «^ io) — - - 

Mitsubishi Investment CorporaBon in Bangkok, Diamond Lease (Hong Kong), Orion Pacific. Liu Chong King Bank In Hong Kong, P.T. Indonesian Investments VaternaBonat Qn the currency, to fee dismay ulv£ ' sr ? ES “ nave^conceini^ea renucnon in omciai luierrer chances of success arc marginal 1 
i n Jakarta, Ayala Corporation, Ayala Invastmen & DevBloonie.n Corporation In Manila, Amanah Ctiasa Merclianl Bank In Kaalo Lumpur / ' hath Japan^e industry and iSlS^bS^SwS * o£* Almost certainly, if the C«+ 3 

*he 1974 and again, in fee case of to discourage overseas specula- SHwnent fails, fee implications '■ 

us i af? 1 ^ the espori-reiated blue chips, in tion in fee yen rather than in ( or Japanese mdustrj- and - 

U.S. dollar dunng 19T7. mu, bmps. ^ hope ^ promoUng domesSc bence the stock market .will be 

The developments outlined c . . Q , . economic activity. In fact, catastrophic. However, the 

above provide fee due to stock • “ U U" US uq uituty oeipea a^ofoer cut 1 would be tanta- tiovemment has not so far ac- : 
market belmviour during last mount to an admission by the tu *^y Pursued any serious^ 

m m.m ■ ■ year; fee reznarkahie upsurge in jj? SSrvS Government that its latest round reflationary policies: it .may be:;- 

lAMAAfkn ■■ mh lAIMAflO V m lAnBIVI corporate profits (admittedly 1116 market, ^her® of fiscal measures for stimulat- premature to wTite off to ad-.- T 

^■1 I HRRS S n II W IS Hl RSS «A/|TI| ■ lana il from low levels) which lasted F 6 ™ s ab0 “ < SP WB, !i“T , S tog the economy was not work- vance the potential effects of Ap- 

UUVVUWllll IIUulllVUU VWIUI Wtipoil f: , untfl ;mM-1977 ^was .basreaHy !L a in g. Jf this proves to be fee switch in favour of genuinelr> 

. I H rn : V . confined -to those industries J ca3e - yen has, even at cur- expansionary programmes. Jap-?1 

depen ds on the company you keen. kk nsce:- 

Successful business with Japan 
depends on the company you keep. 

, *115 UIC M.UUW 1 UJ Wlto UUL WW*A- f VUI-VUJ V 4 H 

“ ucn ing. If this proves to be the switch in favour of genuinelf : > 
;d , ^‘, fee yen has,, even at cur- expansionary programmes. Jap- ?.1 
to * rent . .'levels, .^further.; upside anese investors are certainly not _r> 

SSJ'S! *J5 Ofayerseas investors. Predictions. As long as they to 

rpfo'tmf «,mn9fj>nz ami crT.Rj.nn_ — . . . , 7 — T • ut. lutcoiwia. pituiuiuta xxa lUliy as mey UO 

? ?i 0St ^ aT It is unlikely that interest rates not become disillusioned, tto . 

7 ^ 6 mi ° f -- the VS? 1,1 Ji Pan. can be reduced much relatively high ratings of Jap* ' 

}? F . rom overseas r investor’s farther without causing severe anese stocks in general are sus* - 
tnese^sectors md come to be viewpoint, fee gains from bond, damage to fee already strained tainable, despite their unattrae- : 

regarded in 1976 as fee high investments were in most cases financial system, and .this must tive appearance to outside ob- 

growm export-related blue compounded by fee appreciation place a ceiling on the potential servers. 

chips, and feeir stock prices of fee currency. This has re- upward movement of the bond ' i: 

surged accordingly as- they suited in the generation, af hul- market in yea terms not far Anthony NewSOIIlC ■' 
attracted both domestic end 

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foreign purchasing. Last year 
revealed, however, fee poten- 
tial. fragility of earnings of 
neariy &0 these companies in 
fee face of factors beyond the 
.control of feeir mana gements: 
such factors included protec- 
tionism (os when, early in fee 
year colour television producers 
were forced into “ voluntary” 
cuts in feedr exports to fee 
UJS.) and, of course, fee instabi- 
lity of foreign exchange 



bank. Limited 

Head Office: 5-1, Marunouchl 1-chome, Chiyoda-ku, Tokyo, Japan Telex: J24275 

London Branch: Prince: House. 95 Gresham Street, London JEC2V 7NA 
Tel: 01-606 9231,6 Telex: $$3317 

Although in many cases the 
profit figures published by fee 
export-related blue chips during 
197 Showed little influence from 
fee strength of fee yen (much 
of which only materialised very 
late in the year) fee movements 
of their stock prices illustrated 
very clearly the old adage that 
stock markets hate Uncertainty 
above everything. Thus, during 
a period when the indices 
fluctuated within a moderate 
15 per cent, range, the prices of 
many of the best-known 1976 
fliers fell by as much as 50 per 
cenL (The performance of some 
of the weaker electronic and 
automobile component manu- 
facturers “discovered" by the 
market far the first time in 1976 
was even more disastrous In 
1977 though fee justification in 
many of these cases was rather 
more apparent) 

By the end of fee year, 
when the selling of every- 
thing connected wife exports 
reached a climax as trade 
relations between Japan and 
America appeared to be 
deteriorating repadiiy, fee some- 
what anomalous situation had 
developed where some of 
Japan’s best companies in terms 
of international competitiveness, 
technological leadership, finan- 
cial . soundness and so on, were 
selling on . price/earnings ratios 
of as Httle as a half of those, of 
the admittedly distorted market 
-averages. Even after allowing 
for considerable uncertainties 
surrounding the outlook hath 


Foreign Exchange's 
International Finance 
Securities Investment Consulting 
Agency for Foreign Stocks listed on 
■ Tokyo Stock Exchange 





International Department 
Yaesu 1-chome, Chuo-ku, Tokyo ' " 

London Branch 

GaitiBn H ouse, 18 Finsbury Circus, London EC2M 78 P 
New York Branch 

One Worid Trade Center, Suite, 3925, New York. N.Y. 1004^ '^ ? 
irfk 9 ci- 1,0 R «P r esentative Office ‘ 

15th Floor, Hutchison House, 10 Harcourt Road, Hong Kortg -r.-Vj. 

Financial Times Monday January 30 1978 



A LOT of unnecessary fuss is 
being made over the objections 
the European Commission has 
raised to two of Britain's indus- 
trial subsidy ' schemes: the 
temporal? employment subsidy 
and the offshore supplies in- 
terest relief grant. It is unneces- 
sary, first, because the Commis- 
sion has not been asking — as has 
been suggested — fnr the two 
schemes to be wound up; and. 
second, because what it does 
want is certain modifications 
which — on any . dispassionate 
view — would seem to be not 
only fair and reasonable hut 
would probably he in the British 
' long-term' interest too. 

Neither can one say, as the 
_ Rime Minister implied, in the 
Commons the other day, that the 
‘ issue has become a confronta- 
tion between the Commission's 
out-dated, view of. the role of 
competition in a market 
economy and the politicians’ 
need to temper' the impact of 

- adverse economic circumstances. 
On the contrary.' the Commis- 
sion has always accepted indus- 
trial subsidies as a necessary 
instrument of national (and 
Community) policy. 

- Indeed, the Treaty of. Rome 
specifically provides for such 
measures to. be taken in areas 
of severe unemployment, at 
times of serious economic dis- 
turbance, or to promote the de- 
velopment of a particular indus- 
trial sector. The one big pro- 
viso— and this is where the 
Commission ■ comes in— is that 
■such measures should hot have 
effects which are incompatible 
with the idea of a common 
market, such as subsidising - 
exports to. or discriminating 
against imports from, other 
members or by exporting un- 
employment to other parts of 
the Community. • 

The Commission has not de- 
parted from this— on the whole 
— permissive approach in spite, 
of the proliferation of aids iff 

all Community countries since 
the onset of the post-1973 reces- 
sion. It bus- not generally ob- 
jected to aid schemes designed 
to boost investment, industrial 
training, or the restructuring- 
of especially hard-hit sectors. 
Nor, in particular, has it 
opposed the introduction of re- 
cruitment for redundancy-avoid- 
ance measures. including, 
among many others,. Britain's! 
temporary employment subsidy.. 
As originally conceived in the 
summer of 1975, this scheme 
could be defended as a rela- 
tively inexpensive and short- 
lived way of keeping people off 
the unemployment register. But 
since then changes have been 
made. • • 

Nat only has the scheme's 
coverage been extended from the 
assisted areas to the whole of 
Britain and the threshold of 
impending redundancies in each 
firm been reduced. . from 50 
workers to 25 and tbento'JO. but 
the rate of subsidy has been 
doubled to £20 a week for each 
retained full-time employee and 
the maximum period of payment 
has been extended from six 
months to s year and then to 
18 months (albeit at a lower 
rate of £10 a week during the 
jfinal six months). These changes, 
and particularly the last two, 
have considerably increased the 
risk of saving jobs in subsidised 
companies, at the expense of - 
sales, and thus output and, jobs, 
somewhere else. 

If- job displacement were 
limited to this country, the Com- 
mission would have no standing 
in the matter— for it is no: part 
of its job to dissuade, govern- 
ments from being silly if their 
actions create no Community 
issue. But it is extremely un- 
likely that the subsidy- is not 
having an effect upon intra- 
community trade. In the -first 
places as -an official study in the. 
Department of Employment 


August IB. 1975 - March SI. 1977 



% Sector 

. - ... 

-- covered 

Labour force 


Clothing and footwear 

M 4333 








Timber, furniture 



Shipbuilding . 

- 4,064 


Other manufacturing 



Manufacturing , 



Other industries and services 






Gazette' noted tea year, the 
longer the subsidy is paid to a 
particular company the greater 
arc the chances of displacement 
occurring. Secondly, as the table 
shows, about half of the pay- 
ments have been going in just 
two sectors, textiles and cloth- 

Throughout the Community 
these two industries have been 
particularly hard hit by the 
recession in demand and the up- 
surge in imports from third 
countries, and the Commission 
has been struggling hard to 
prevent the profusion of 
national aid schemes degenerat- 
ing into a Dutch auction. The 
scale on which TES is being 
paid is oo an altogether differ- 
ent-level; however. At some- 
thing r Hk* . ;£100m. - ■ in • the 
current-- financial year, if. must 
far outweigh anything the-, two 
industries are getting from 
other U.K regional and sectoral 
aid schemes. - By last March 
about 13 per cent, of their em- 
ployees had been covered, as 
against 1.3 per cent, in The rest 
of manufacturing industry. And 
because an unusually high pro- 
portion of their workers are 
women on relatively low rates 
of earnings, the subsidy has 
represented a very-large -slice 
of : - their _e.m players' - payroll — 
the ~ Cpm mission.’^, isstunaie^ is 

— i. .. . 



." Off.Supp. 
















Tempo rary 



Off. Siipp.: Offshore 
Interest Relief Grant. 


to live with if, as is hoped, the 
new. multi-fibre agreement 
brings a greater measure of 
stability ajid if. too, consumer 
demand begins to recover. Nor. 
if- the Government chose, would 
the Commission's proposals 
rule out alternative? such as a 
special recruitment subsidy or 
a scheme to supplement the pay 
of . workers on short-time as 
operated in other Community 
countries, provided these were 
not also gradually turned into a 
semi-permanent employment 
subsidy as TE5 had become. 

The Community implications 
of the offshore supplies interest 
relief grant were also hot fore- 
seen when -it was introduced— 
by the Heath Government — in 
November,. ,1873: At that time 
the- offshore supplies sector was 
not particularly well developed 
.anywhere in -the. Community, - 
and the scheme was designed to 
help British firms which, 
because they were supplying 

" operators in the U.K sector of 

anvwhe-e between -»n ner rent the ■ continental shelf, were in- 
m 40 oer cen- eligible for ECGD facilities but 

p _ ' . . which were competing with 

The Commission has accord- us _ ^6 other companies that 
ingl% proposed that three Had access to loan finance at 
manges be imade if the scheme preferential rates from their 
is extended beyond its present national export credit in- 
tenmnaupn date of March 31 or stitutions . The scheme accord . 
if it i* replaced by a similar ^ offered them an interest 

' P * ym *T relief grant of 3 per cent a 
should- be limited to six months r for fo e5 ght yearfi 0Q 

m the firsx instance, with- to -finance .the 

possibility of. a further . , sox «xd testailafion of 

moiUns- at a.lower (iiraphiients 

organisation plan- is made or.if „„ fiervices ■ hfi UK ^ 
there is a prospect; rf providing - 

other employment for the ein- The growing importance' of 
ployees concerned; Secondly, a other Community suppliers and 
way should be found nf avoiding the growing size of the U.K. 
an undue concentration on any continental shelf market (over 
one sector. Finally — a point the £500m.. worth of contracts had 
Commission generally makes in been- registered for grants under 
these circumstances— it wants the scheme by last March) have 
to be toid in advance about any changed the situation dramati- 
major cases. cally. The Commission is pre- 

- None of those points seem pared to Approve of the scheme 
objectionable;, in. principle, nor either_as an aid to the pur- 
sbo'jld theyije particularly. hard chkidrs -dr ‘ an' -'aid - to'-the- 
.v : jJss'J 7“8: 

■ M Mil I I f 'I F ! 1 ... ... 1 ■ ■ ■■■■— ■ ■ > ■■ 

Term .Kir* 

A successor to the Temporary' Employment Subsidy is being devised by Mr. Albert Booth ! 
-(left). Employment Secretary, to meet objections raised by M. Raymond Vouel (right), the ! 
European Commissioner for competition. 

suppliers, provided in each case 
the discrimination in favour of 
British supplier! goes (by 
making them eligible for ECGD 
facilities, perhaps?). 

- The Commission's insistence 
should surprise nn one for., if it 
docs not dig its heels in against 
the more blatant instances of 
intra-Community discrimination 
— as it has done on many 
occasions in the past against 
France. Italy and several other 
members — there would .be no 
end to the erosion-'-oMhe 1 com- 
mon market concept 
It is true that the Commission 
has been fighting something of 
a rearguard action against pro- 
liferation of national aid 
schemes— and not a particularly 
successful one even before the 
world trade recession added new 
pressures to those generated by 
the earlier .progress towards 
trade liberalisation, both within 
and without the Community. It 
has drawn up guidelines For 
Tegiofia] aids, sectoral aids. 

environmental protection aids, 
small business aids, and so 

It has developed a system Df 
scrutiny — which the U.K 
Government and others gener- 
ally observe. It has repeatedly 
pointed out the dangers of look- 
ing at industrial subsidies only 
from a national point of view, 
and thus risking costly rivalry 
and the reciprocal neutralisation 
of' national efforts. And it has 
tried to - persuade member 
govemments to concentrate upon 
aids which are appropriate in 
form and amount to the scale 
of a particular problem; which 
are temporary and digressive 
so as to avoid merely protecting 
the status quo; which are 
sufficiently selective so as to be 
limited tn companies capable of 
getting back on their own feet; 
and which are sufficiently trans- 
parent sn as tn reveal the tiue 
cost both to the employers and 
governments concerned and to 
the rest' of the Community. — 

At the more technical le\-r 
tlie Commission has at lai! : 
cracked the problem of devisin 
ways of making all forms rj 
aid. including the more opaqu]‘ 
forms such as tax concession-i 
loan guarantees, and equift 
purchases, sufficiently measu 
able to be able to set aboU 
assessing -their impact sector b' 
sector. More Important tba!' 
that, it is now dawning onth 
world's.. major trading: nation 
that unless some kind .ot inte' 
national Queensberry o' 
industrial subsidies are thrashe 
out during the present GAT 
round or under OECD aegis, tb. 
world could easily slip into 
protectionist abyss. And tk, 
trigger could well be the U.f, 
Trade Act of 1974 which, in th 
absence of some kind of col 
cordat, will from next Januai 
make mandatop' the impositio 
of countervailing duties on a 
U.S. imports receiving a pri 
Auction or export subsidy in tf 
country of origin. ■ . 

Letters to the Editor 

f a gas turbine on the back end. As current EEC law. before it is prer.e. This rubber ran be sold 

Unions Hamper Ibis willnolbe well into 1 B #0 fuilv implemented, which will only or. the basis of direct 


From the Owirmnn. .-lerou-. 

'r vliwal-.'ThHtifb British rirguiirc^is ers.R'jr ‘ti? .’fir ;p!fcP" OV W| 
‘ n EEC niiurs: frVwr-S inf— the open 

and it takes five or six years tn make the situation less destruc- replacement of natural rubber, 
build a power station, fluid. bed tive of bus and couch sen-ices, and indeed one objective of the 
boilers of SBOMW cannot possibly Your readers should under- proposal was to ^displace ver> 
become a reality until the late stand that the consequences of large quantities of imported 
„ , , . 19S0s at the earliest. EEC regulation 543/89 t an :n no rctural rubber from the West 

Sir,— \ ou conclude your leader * vin- way bo blamed nn the industry Europscr. mcrkei i«w just the 

ssr* s,rivm *»•-" l k ■ 

have the dauotiurf- Of pro- , . kHvc^madv little impact oh 

burea\icraey. we shall continue ir.r.rkct ?▼*;-« for jiolyi*K.prcni 
in ouv endeavours in obtain r.:.*, :o be close to that of r.aluru? 
improvement in this l;;u Mean- nt-Vvr iir.vr v.r.-.h i: ;«n-sesM*s 
while, w shnl! give the pub!:- n-5 '•■rbr -.i! ;.dv; r.igpCi i the 
the best ser-’.cc pos'ib’.c. r«->u:l wou.d -:v a lower:?.? of 
jeel to th» restrictions imposed tfea rriic -:f r, rubbers over 

tha< wr.ich v.-npid prevail in the 
a vencr of V K. psant. Most 
na'ura! rubber comes from 
.■.mailhojderi. whose cost struc- 
ture :5 such that they L -an pro- 
duce. aiben unhappily, at very 
in-?- prices. Not so for tba 
synthetic - rubber: price erosloj 
t-i3ri|ng -from curreiif- levels, 
would -c- eajnatiy- r.vake -the: .UJ^; 

uhecon'imiv al Jiy. realistic 
price for the feedstock. Given 
the wey last natural rubber 
product; on marketing works, 


Delays at 

vidin? a lot .more jobs over the 
nest few years, just to stop un- 
employment getiing much wor.*e. 

There is a big opportunity in 
one particular area ot making a 
significant improvement in em- 
ployment and increasing pro- - . um , n us 

ductivity at the same time, which From tfr. U Umrchonse ic n. 

°n n rf m a n d 11 u ' Sir.— "'hile l sympatotse with Sordiriu Vouxe 

S£5' SS , cs “■ f!ews - 

vital area of nur economy, nca^y Hea ^, rilw „„ januan 20 . si mi- . 

tho muntrv is Iar prolflcftis occur elsewhere.. 

^ Views on.. 

n^blnr^onhavi <*«*• fi « l ?° minules ^ vP^nblOnb 

long' standing unfilled vacancies JJJJ* ^ From Mr. J. Human*. 

fbr skilled Workers such as «»»£ l ? t ! b «‘i d,nB 

To-day’s Events 

on Page 24. ' 


D'Oyly Cnrte Company i 

lolanthe. Sadler's Wells Theatr' 
E.C.I. 7.30 p.m. i 


Prime Minister meets Scottish 
Tl'C delegation on devolution 

Dr. David Owen, Foreign Sec- negotiations for a five-year general Arbitration at Baltic Exchange, 
retary. .holds meeting in Tilalta trade agreement with EEC. Photography at Work Exhibi- „ 

with Mr. Joshua Nkemo and Mr. Shop - stewards representing tion opens. Harrogate Exhibition “ „ L n j , 

Robert Mugabe, joint leaders of Shell tanker drivers discuss im- Centre i until Fehruarv 2). Royal Ballet dance La Fille m. 

the Patriotic Front, which is not provements tiiey seek in 13 per PARLIAMENTARY BUSINESS S'’n dee ' Covenl Garden. W.C. 

a party to ihe Rnodesian Gorern- cent, pay increase offered by House of Commons: Debate on 1 sn p m - 

m'entd talks with internal company. employment Motion on EF.C .Ml'SIC 

na i?Sr. a r- 1 ” roups V- i- Petition signed by more than documents on Excise Duty -Paul Berkowitz gives Moza 

KEC F Phenes Council meets, im. people urging voluntary Harmonisation.' .piarin recilal. -St. Lawrence Jewi 

Brussels retirement for men ar age of 60 House of Lords:- Domestic Pro- nexr Guildhall. F. C.2. 1 o.m. 

In obtain, a sum>ib«e and Tn-.*' 

Euro-iean tivn ' in v-Tt:id' "beI;^i 

There is asreeincnt at national way to welcome foreign guests. Urat the Governing 
•ver ihat J subject tn local Airporis ,su.-h a s Charles do make it. it certamlj 
1-J nr .A Gaulle. ScbiDol and Frankfurt all ituirameed cost.” T! 


. have 

that the Government wants ;r» created i.atfO permanent 
is not "a jobs For the record, every 
The contrifcu- 20Cv?00 tonnes per year of 

un n 0 io sisian ce. r am'cimfidc n t seems tb be the only airport or which he must exercise if he p w s- :pn 
that ttlth more flexihiiitj- from which is permanently iielng eontiacts-oni.oLhow^-isSatmn- , \^ S r: :t. 

people could be employed. . 

In addition, creatw- emphasis there, 
should be placed on mobiliTj’ of jj. 
labour. For instance, in »wr so. Yoricij, Grwe. 
works at Saffron M nldcn. Essex. Hor.t/nrth. Leeds. M’. 
wc have a number of vacancies 
for which we can . find no suit- __ __ 

able labour. 

W. A. de Vigier. 

S. South ttlior/. W4 

*»i» Tj:re<-?nri. 

volumes it must be bell to work - deferred pensions he has to pro- Priidacs-r?’ 

,,rc0 Rfscirch A^voctatior.. 

the union side, mas£- -more built and with ^rh_ h^h ^roofs iip to pt*nsuwah!i- jae the ~ L>r , A >c - U . 

vide fur iho-u 
-lesve him. 





Energy planning Con/ederntion of British Road 

.Passenger Transport 

v his actuaC' 1 ) Br:cfi£r«Gr?nbury. Hertford. 

has to guess whether it :s going 

to he cheaper in til? long run 

to do the inilatiun proofing h:o:- 
self, or increase the pension ay 
• exactly S; per .-eni. a year, vr 
hay a premium to the 
" acheme and limit his ircre^se^ 
t0'5 per cent, a year. 

*-■ On top of that the employer 
for his aetuar}') has to gue?a From ;Vr R. Attains 
what is going to happen to in- 

U.S. monev 

vestments in the future when 

Sir. — FtirtTvr \\ ^>y totter of 


..these depend on future economic t?r>- Sr> * Tm " !!k ‘ Ilsons 

r Conditions and decision? by 

the fc:;ow:a 2 day. 1 feel 

Sir.— In. the vehicle fli-et govern inents on all tilings affte!- P S? r • *iSp?^2 3r •£ 

management- supplement (Liiii- W htistncssHK. t Iri Bn! 3 view r s n.-irJsjrc sveem lo Enancp 

Vf coins’ too'bic'too quickly, as He saj-s the only teulne issue who are interested in the hi> - :}icie were ih? only influences 
the Central Electricity Genurat- at stake is road safety, indeed, mated costs which we have caicu- n . Tfc l ,- rc>; , h cr. a wider 

«- • • — ■* *»»•*■ •* rhn *»t«* n>iwinn »««*»- *■»**»* ?ur them oa oiucicst o: rr. 5 would in 


:ns Board AOd the boiler industry this is the only genuine issue, Uted f 
did for the 2.000KW stations in but ft is in no way at stake, assumptions, 
the 19S0s and also demonstrated There » no possible benefit to j. c. S. Hymans, 
the . MHD .(magneto .hydro- road safety in adopting the EEC .Hymans Robertson and Co. 
dynamics) disaster a rela- sjstctr,, which is oased on ^Kiai ^.Baraiolomew House, 
lively large scale. - . theory, rather than the actual- go street. F-C4. 

The late Professor Elliott, the needs of the situation. . 

actual inventor of -the shallow Mr. Hargreaves limits his’ 

fluid bed for burnim: coal and comments on passenger transport 
pressurised fluid bod, was a sr«t to coach journeys. The fact is 
advocate of getting small demos- that many bus journeys, parti- 
stratum plant workinc correctly cularly in rural areas, will also 
before goittc terser tt.js rswn- ho affected. <*ither direi-lly nr , wl LU OP 
tial that the ensincerins detail is indirectly. Regular bus services lilUUCI 
correct fur specific performance with a route of less than 31 _ 
and reasonable life tu- be miles arc excluded from the - 1 r, W Vr r- Alien 
achieved Nowhere was ■ This scope of the EEC regulation, but ; Sir.— .Mr. D W»rbur*.-.r. ha- 
belter demunst rated than oa the in rural areas driven; on these commented (January 24) nr. 
corrosion problem Of tube SUp* services normally cum tunc duties. ’Pp^ reporl?* <if the abautfore 
ports on the Masnas reactqrf. oh dlhor routes within its scope ejenr of a major r r-T.SRe::.: 

As far at fluid beds are am- This affects their entire schedule .rubber project which had ’.we 
eemetL 1 think Mr. Fishlock's for .the week. . .. . promoted a- tsjrt of s hr i-.K 

analysis is entirely correct in -The. bus. and coach, iadusiryijudustriai Ftriitcy' 

statins that the smaller cermner- bps. as indicated, assessed the- Thoe reports suafie-s that the and the Fedc-a: Reserve 
rial and iaegst favtorv holler will cu&f of. th" EEC rogutetion at reason for abandonment :s that -^.s* !n:erv>r ”' |J * := .-j.t attempt 

be the flm application simply £S0m. a year, but only a» a. curnmt prices fur the .North Sea :*> rour.tcroc*. vjc.-. -,cnd;nc. 

beenuse demonstrations on this hypothetical figure to maintain ^feedstock tbuiane) arc t«j biga-- If >«»•'?« praeswa* example is 
sc.ilc have already-been achieved, all existing services at tbeir for the project to be viable. I 
Tlie large boilen* for- utititj- present level. That will not be hsve'qo knnwlrdpc wh“6er o.* 
ore are another manwslfoccihcr pnsxible on economic srounds-i-' aot thiv wa* Thr- main ri-aira. 
and would probably bo based on oveti if Miffieient qualified- but there \k .-mnsner »-*?«! 'to 
.» prvKsnviscd system with a corn- drivers w’eire available. The be reckoned unfc 
uinwl uvani and qas turiupp vetpa’ cwst wiii iherufcire be- This ' project emheted con 
eyrie Tht* vtatMltty of. such a offcel by unavoidable redUL-iioiis structicn of a pj-^ni irs:h 

.-r»*w»e ty :ho «:ffi-rence. that 
■siRbr.. If. however. L'.S. bank 
ler.diEC grew by SlOObn., and 
'he fundi so lent were converted 
into forcisn earrency. then 

f'»rei4r cnnlTat banks, could find 

ti"vn;?rivci accuniutetiRC -^lOObn. 
Thi-vp wnald lend to be 

reinvested U.S Treasury debt 
r.r.i »he . I'A may 

*-ipr'y t'v:-’C :«.* -n::ch to 

i'l'RiraL r/ju'-’a. i- was 
f-r' r.i'i-d-'d. In :r.:.* very 
- ro.-c ■"-? US auth'jntto 
erd :<r* • iiisl-i'* SSttbp. 
tr- *":c dvr.&ftsc n«:r'.;cf cad a 
breed's v d*£!:ed ernr-h < in. 
?!»*» j'i.'rr.o’ r." a: .»y. the 

FtiJcra; Up-— rre to ra:s? interest 
.-■••ois vv-.fld Srow by ?UQbn. 

jjs'i lundita ■■Jut: *d. be 
y«!*?v ri-.-rfv-e’j •:? the money stock 

recuurad -:t 

w .n‘:«2 “"ii an evr 

i-hojid be, remem- 

).■ i~ yeir.' despite 
■: h..r/j T-urebases 
Tr;*‘-::-v ?>h’ -^'.r.TJated 
r ■sKiSn.. the 

. v ., r . ‘he M2 

'■jcsiri8 wlU- not- he-jjroven until m service- We are Mill hopeful anafial - t?apac 3 ty Gf .">00.00^ ^ S 3 per cent. v 

GriinihupBoiaoJiiy h«s been hwcwr that. we . ran. nblnin-. 500,000 tonnes, ihe pn*duct.{/eiaa. S. 0.^ .Attitinis - 

tritf kUuJto' fium the the ISnliielic riioBer” prnylso^ ~lx Lcruiav. alretz. £-C J. 

lTc^iOly r peeler ably with lui-ifier 

This announcement appears as a mailer of ‘record only. 

t.-' t: .j- -. 







Managed by 

and provided by 








Basque de p.uus et oes pays-bas 








DCCCMBUl 1*77 

I Confidence at Trident TV 


decl^w^I^TTO.V over the future 

shrt\ oroadcastina is ursen riy ncrd^.l Cn/tDn HACrTliinc 

prof wake possible forward BOARD IViEEl INGS 

n S in television. Ha-.rewr. # T ’«« ftMtuuliis ha-.c notified . FUTURE DATES 

su ruing the nr esc nr ITV strut- ^"'2 Ul Lo, '. rJ , "'-‘'“'■w '« '<•* S'oiJ- laiennu— 

re T J , T I ... >■*» ■« ‘ii'.uius jiv iu'\-r Ferry Firbcntic 

Albr. ronlln Ufi TndtMll 1 elrrisifill s held for ilii- piirpov ...r coiKirtiTtru dm- Loasion 

0 companies. Tyne Tce.< .Hill ■«*« •'•■h-i.i a-tio.-i.'n* arc not avaii- r;iui<.d Dcraimoha Trust”" 

•.Vcs’rksbire. will shortly amilv fnr -"'t*’ uh s , ' , ‘ l ■ •ifri'-n'l' ■*««•: -.-nurd an* viiiropUai .. . ... 

esh rnntrurtc .,„h ih.iv" *••■■ -niRr nr rui.i’- ^aid ihv sub-di-tsioos Final*— 

Anciqnd on uioir r,c"A ^vith cr.n«: ^ un^uu ^ ^ ° n ”” 

■BXT -nco - •'l *'■ E. Ward Thonr.i.-.. to-day inter. iirMs.-diT Frop-ri '"" j„n.’ ai 

ETROUp chairman, assures mem- Interims— Er.i > Kinlos lluldia;?. Laac.uhtr..- anil Losdoa Ins. T.,:. leh. 1* 

Eirrrt'S. n.Hri.ind •.'..■■m- Y.l Irani sornmervillo. Syndicate !*>o. It 

Sterling ■.V.-di*. !:•••■•«■. Turner .red N'c ..rll .. . Mar. J 

-Bn, He says that the riiretiors have Finals— iina a rd M.f..hni-ri. Woodiiousr .nm r.itson . . i-ch. » 

■Hrinrne their utmost to impress on ■■ — 

.£[■"« Government and the IBA iho 

•Carr P orlan . c * of fHoti 1 *" nev> v u- Truism Films" first full-lonmh In the meantime, thn Slock 
acts without delay, as ud imr fc.iiiire ■■The Four Feathers."" Exchange is continuing to invest i- 
•Com tensions and prolonged un- which receive .i rood reviews in ?ate allegations of share riq-jinc. 
c«mK a,nly CJ ? n on, - v irr, i' ?ir invest- ;tiu l.S. v ai be released Tor o rising out of possible abuse of 
-• -n*. decisions, programme per- cinema distrihulmn in the U.K. the mechanism of " nui-th roughs "" 
CoralT lliancE anrf “Crvice to the early in HiT.y 111 October. M77. —agreed deals between buver 
Oaojs'vws. Trident Barber Distributors was and seller channelled rhrouzh a 

, n ™Afler payment nr £S.7m formed p.s a iunt venture ns part jobber. The deals in question 
r ,; :b Jo.5&m.) Exchequer levy, taxable nf sroiijT* .'evelnphig: interests invsJye around ten 
ofit for the vear fn Scot ember ,n J- 11 ; *'' ni industry. securities. 

iS77 expanded to Mm. E ;:'” h e r of “ r'jrnihcani 

g™”4.83in.». Turnover was ahead ,n Austraha did rot 

‘am £47.1Sm. to,.' ™ d ^'dine problcnw 

EMI ported on .January IS. The- net ^nvcle.l ? f lh ,L A, J? lra l,an V wCllS 

*£'"-* vidend is .stepped nr- Jo SjfSfp ho-. ever, the •! ’rector s ^ 

ssS-'»w Stone set 

*j'“^'Vorkins capital at year-end m 

Babcock' & to improve 

t d short-lerm depudii up £4.:i-):u. r r O 

l-aTm.i. VVllCOX I LN. THE CONSTRUCTION division 

Future capita! spending at ‘ companies of Vcctis Stone Group 

Ptember 30 amounted to £U.n5m. should have a better first hair. 

J.h3m.) of which £l.Sfini. JJHI UlaoC says Mr. d. A. K. Collins, the 

rip 0.72m. J had been authorised buf Buhrock anfi Wilcox, through iu chairman, and with the group 
■l contracted. US. hnldir-c company. Babcock havin’ had an improved iirst 

inii-r.iirtiKjii Prop-riy 

GiltefCreased by two-for-Hve rights 

*J“^'Vorking capital at year-end 
Firiov.ed a rise of £o.S4m. i£U.i , 7m.» 

th overdrafts up £71.il0ri ilfUKni. 

_d ‘shr»rt-lerm depudu up £4..‘i-):ii. 


t 1.07m.). 

Future capital s; 

_ Future capital spending at 
‘“ptember 30 amounted to £2.njm. 

1.03m.) of which £l.Sfim. 
Tl 0.72m. J had boon authorised bur 
■t contracted. 

Babcock & 
Wilcox U.S. 

Financial Times Monday Jammy 30' 1978 


mated Security 
up new business 

. T rcror Humphru’s 

>Ir. Peter Macadam. ch :irman «f British -American Tobacco. 
Full year results are tiur to be announced on Tuesday. 

Bond St. Fabrics outlook 

When VAB ProducLs declared 
in 1970 that Its trading sub- 
sidiaries wore insolvent, few 
could have guessed that 
Automated Security Holdings — 
soon to become one of the largest 
burglar alarm groups in the tTJU 
— would rise from its ashes. 

To-day shareholders in Auto- 
mated .Security (ASH) will meet 
to decide on whether to 
implement a rights issue to 
provide cash for ASH to go ahead 
with the acquisition of the 
security division of Brocks Alarms. 
This will virtually double the 
number of intruder detection 
systems under its control to over 

When that is comnlete ASH will 
rival Chubb and AFA in terms of 
pure security systems which take 
in everything from a simple 
hurglar alarm to a sophisticated 
electrical svstem monitored full- 
time by ASH. But until the group 
announced the deal on January A 
ASH was a second-line stock 
barely known in the Stock Market. 

The group's foundations have 
two footings. One was the quoted 
VAB Products which was used as 
a shell, and the other was a small 
security alarm manufacturer. 
Modern Automatic Alarms, started 
by Mr. Dennis Smith, an es-Chubb 
man. in 1964. 

VAB wa- a general engineering 
outfit with interests in curtain 
raiK plastics and burtons. 
Throughout rhe "sixties it 
reported more losses than profits 
and in 1969 the quotation was 
suspended and wa* finally 
cancelled in August 1.072. 

But financial reorganisation was 
at hand. A one-time conglomerate - 
high flyer. Heenan Beddow, came 
in" the scene and .underwrote a 
£370.000 rishrs issue. Perhaps not 
surprisingly 5B.1 per cent, of the 
issue was left in the hands of rhe 
underwriters and Heenan Beddow* 
finished up with control of VAB 


— a company with £380,000 cash as 
its sole assets. 

The next step was .in March 
1973 when proposals were drawn 
up for Modern Automatic Alarms 
to be absorbed Into VAB at a 
cost of 3fcm. VAB shares. By July 
of that year Automated Security 
was born, Mr. Tom Buffett, a 
Canadian engineer witb a Swiss 
business degree, came in from 
Heenan to head up the new group 
which at that time was making 
profits of only £56,000 a year. 

In those early days Modem 
itself was financially hanging on 
by its finger tips. Like many 
small rental operations Modem 
faced cash flow problems as it 
.expanded its rental base. Also it 
relied ’too much on short term 
debt to finance long term assets. 

In its first year .of operation 
under the Automated banner, the 
group's profits were £56,000—. 
just 4.5 per cent, of turnover. 
Over the following two years the 
management worked hard <*t 
improving margins. By 1975 turn- 
over was a rhird higher at £1.7m. 
arid pre-tax profits were nearly 
£0.25m. — showing a margin of over 
14 per cent. 

Having established a reasonable 
level of profit ASH went all out 
for sales growth and decided to 
come back to the Stock Market 

In the summer of 1976 Auto- 
mated was requoted but the shares 
stuck at around the lOp mark for 
many months. Only in 1977 did 
the market begin Lo latch on to 
ASH's potential and the shares 
rose steadily to close 19/ « at 43p. 

Now news of the Brocks deal 
has sent the shares even higher 
over the past month to 58p, 

ASH"s profits performance has 
been impressive. 1c 197G pre-tax 
profits climbed to £335.090,' a 
return of 50 per cent, on -share- 
holders' equity, and the estimate 
for the year just ended of not 

less than £450.000 in the offer 
document for Brocks looks on the 
conservative side. 

The integration of Brocks will 
obviously be a turning point in the 
company's future. It will double 
the number of systems to over 
40,000 and give plenty of scope to 
rationalise the branches. Brocks 
has 19 branches compared with 
ASH's 14. After the re-orpanisa- 
tion, towards which Brocks will 
pay £150,000. ASH estimates that 
it will end up with just 22 

Automated's first move will be 
to reduce Brock's overheads. Both 
groups have a similar number of 
systems in operation but Brocks 
has been working through a third 
more outlets. Tob many of these, 
in Tom Buffett's opinion, are at 
the “ nursery '* stage. 

ASH appears to run a much 
tighter ship all round than Brocks. 
Apart from the number of 
branches. ASH also concentrates 
on supplying a higher proportion 
of its own. manufactured equip- 
ment than Brocks, which up to 
now has tended to buy in its 
electrical gear. 

That, together with a different 
approach to manning levels and 
pricing policies, has made all the 
difference to the fortunes of ASH 
compared with Brocks' unimpres- 
sive record. 

It will take time for ASH " to 
digest Brocks and not much is 
expected from the acquisition in 
terms of profit In the current year. 
The following year could be much 
better, but it could lase up to 20 
months to get the Brocks side 
operating at the sort of profit 
margin that ASH is accustomed to. 

The merger .with Brocks means 
that;, without any growth from 
new systems. Automated will 
immediately become a company 
capable of producing £lm. pre-tax. 

'i/'V. 1 ^ es running 20 per cent. up. 

Television contracting showed n 
Oil! r ofit of £5.4!*m. nn '•nle- of 
'-"J : - 9.96m. but television rem-.iN 
Tin d sales recorded ;< loss on 
32110. rnover of £7.4om. Other nper:i- 
*ns. inciudine mlere.-: earned 
leisure park*, achieved a 

■ ofir of £1.9m. on turnover oT 

. .I3m 

SE Council 
to meet 

and future years. 

m >3 re 

•vere ih^.t 

tit i;. 

• ; en- 

vj iyvcf! 

A-j rvporiCfl cr* 


-ii- 2'!. 


proi:i jd 




to 1441-Si 


c year 

iri September "t> 


vi rh 



;i-* :i 

loss of 

£l. T .7.nfin. Tb 

t- riivi •- 

-r A is 

Brasway on target for £200,000 

; -e.7 extended, and the director- v.ill riso he d-.*«.-id«*<i i* bother or ..., p P , T1JIV , 1PI . u . - - 

f- .. peer the leisure division 'n mu 10 puWi-h details of Ihe ^ „, n e , f I l ' K4n - »'*" signed ».•<•!« the Hoard. * 

•I nirihute >u b- tart; ia fly in futiur rennr:. which *.a* rnsiicalert last !' 1 '■! «•.;'/'? v p recta. cd ^ inc( . nri .r.|>.Mr.i;' - . * ii« -..eeisr.s. Birmingham, l ebntary 

T - suits. sprm;. ^ 04 “ 0j 'i ! h,s, 2 nc va ue been m...le pi ;?! the po« n. 2» ct neon. 

L— — i, JB.fiOO* and the depreciation 

nie estimated value at the year ' 'U-^d! * ' :ir end " 


Ir.ier^i Minimum Life of 
payable sum bond 

charge m the account- is £i59.60u. 
whereas the charse based on the 
current cu-i contention esti- 
mated to be £2«2.fiuu.* 

Net moneiary assets show u I-i.-v 
in purcha-ing power dunna the 
year of some £34.000. 

Dearsson off 
to better start 

THE cu.vci-.i yi'i b: 1 . ’•larte; 1 • 

k at 

(telephone n timber ■; 




ptiremiidc:- > 

Barnsley Metro. n>22n 2- 

: -;.e-<r 



Foolc c'0‘20l“ .31 >1 • 


: -ve:ir 


Poole (02018 .3171> . . . 


! -> r-ii r 


RedbridEte iOMTs J 02<i, . 




Thurrock i fl'17.3 1122 * ... 



Thurrock 1 037.1 .1122 » . 

.. . tn 


Wrekin i0»ri2 i . . 

7 j 

• .v*m r 


M : rckin (00.12 30.10.1 1 . . . 



I* in 

Wrekin 1 00o"2 30.103! > . 





Deposits of £1.000-£ 25.000 accepted for ris- il ter:.: .-.f * 0 

years. Interest paid gross, half-jet". ly. I.":«.e% lor i*. 
received m*t later than K».£7:3. 

Terms iyear-i 4 5 o 7 R ’O 

Interest % 9- V) 10s t«» • V, n r, 

Hates for larger amount- nn r^que-t. IP. - '-*:*? it s to -i-d i-:r!r. r 
iRfnrniation from The '"hii'i" v r,. 

Limited. 91 Waterloo Bond. London SE! P > >1 1 -r - 
E:ri. 1771. Cheques payabie to i F.n_,a:;-i. c Fj i." 

FF1 j* the holding efimpj ny fnr ICr*! ■•au rCl. 

11 Engineering 

Shareholder' in Associated 
Kname-rlnt; wero told by Mr. 
lohn Fere u -on. the chairman, At 
the '.CM i ha i overall, prospects 
the current year arc for some 
y.-o*v:h over and above the rate 
or" nilAtion. particuldrly in the 
turbrne components and replace- 
ni-'n: part 8 division, but much will 
}do:>- -id upon the level of demand. 
: |i ! :e u.-'-Tee of disruption in in- 
di-fry and the country in general, 
arid the economic and monetary 
policies of the Government. On 
’hot basis the directors expect to 
:.•£ abb 1 to report a satisfactory 
me.-- 1 :: e in profits for the year. 

IN LINE with expectations, pre-tax 
profits of Brasway came to £91.401 
for the half-year to October 29. 
1977. compared with a loss of 
£4-4.430. on turnover of £3.43m. 
against" £7.68to. Tax takes 147.000 
l £23.104). • • 

So as to conserve resources 
there is no interim dividend but 
there will be as generous a final 
as possible. Last year there wap 
an interim of 0.3p net per lOp 
share but no final. The full year 
loss was £549,000. 

Mr. R. A. Swaby. the chairman, 
says that there is little doubt that 
the group will achieve the profit 
target of £200.000 for the full, 
year and is well on the way to a 
complete recovery. 

The scrap processing division is 
only just covering costs at present 
but this time last year it nvif-, 
incurring losses of a worrying 
nature.- Prices are at the bottom 
nf the spiral and the division can 
look forward to some reasonable 

Export tonnages are increasing 
monthly and once demand for 
scrap from abroad Improves 

Brasway will be well placed to 
take advantage of the. market 

The tube division- continues- 1» 
go from strength to strength and 
the directors are confident of 
achieving record production and' 
sales figures from - January 
through to ApriL The mill is now 

running at full capacity and an 
order has been placed for a 
further mil! which should be in 
operation by September /October 
of this year. It should make 
Brasway the most competitive pro- 
ducer of electrically welded tube 
in the UJL and possible Europe, 
says Mr Swaby. 

World-wide specialist printers 

Year ended 30 September . .. 

1977 1976 

£000 £000 

6 roup turnover 52,409 45,043 • 

Profit before tax 3,032 1,046 

Profit after tax 2,213 788 

Earnings pershare 43,31 p T5.28p 

Ordinary dividend 14.24p 12.75p 

Rates nf deposits nf £1.090 
and upwards for w/e 29.1.78. 
7-day Fund % p.a. 

Mon. 6.137 

Tues. 6.107 

Wed. - 6.131 

Thur. 6.121 

Fri/Sun 6.106 

3-Month Fund 

Wed. 5.625 

Jr :T M -V 1 l E 

Floating Rate London-Doiiar Negotiable 
Certificates of Deposit Due January, 1981 


>; : • V. 


1 mp 

Year to 3.6 Sept. 

Year to 30 Sept. 
£Q0G r s 





Pre-tax Profit 




Earnings per share 


h. i r 

\J / S.-- 


^■*•*21* - 

Dividend per share 



■*— . Uj- 

*§6 ! 


Net Assets per share 


nr ^ 
! 'j 

'.."V ~irv.i£ : 


f •« r VMS, 

In accordance with the provisions of the Certificates, notice is 
hereby given that ior the initial six months interest period from 
January 30th. 1 973 to July 31st. 1 978. the Certificates will carry 
an Interest Rate of 3% per annum. The relevant interest payment 
date will be July 31 Si 1378. 

Credit Suisse White Weld Limited 
Agent Bank 

Mr. Alastair McCorquoda/e, Chairman , 

Satisfactory profit performance. 

sfc North American companies have - 
progressed and continue to do so. 

$z Confidence in Company's ability 
to improve its level of profitability 
given no major change in 

: '*• T'.-- ^ Co flies of the report and accounts may be obtained 
••hJS.S from: 

r. • 

if $6 The Secretary. McCorquodaie & Company Limited. 
.... . V' P.O. Box 661 McCorquodaie House. Telford Road. 
*-> Basingstoke, Hampshire BG21 2Y A. 


The Long-Term Credit Bankof Japan Finance N.V. 

SjBJHH)4NM)Gu«rantrtfdFtOflUneKiUe-yoieiidue lflsa 

In accordance with the. provisions of the above Notes, Bankers 
Trust Company, as Reference Agent therefor; has established 
the Rate of Interest on such Notes for the" semiannual period 
ending July 27. 1978 as seven, and. fifteen sixteenths per cent 
(7 l * te r i) per annum_As calculated in accordance with Clause 2(d) 
of such Notes, the Interest due on such date, which will be payable 
on s linen der of C oupon Not 2 of each Not e f the ‘Coupon Amount"), 
amounts in United. States Dollars to $3931. - , 

Reference Agent . 

DATED: January 25, 137S. 

. .. V, r.- • 

Demand for TV advertising on both Trident first feature film ‘The Four Feathers' =nd a 

TV stations, Tyne Tees and Yorkshire, rose successful first 10 months overseas se es 

by 30% over the previous year ended 30th drive by the recently formed Trident Ar^iia 
September, making TridentTelevision the Sales organisation. 

in y„ r ; highly s.ti.l.ntoiy . SSWrES3S2^SS3Sto£fc 

results. _ . . progress. 

Other highlights of Trident s year included 

ine acquisition of Windsor Safari Park, now Mr. Ward Thomas, the Chairman, says m his 
undergoing a major re-organisation and ^ Annual Report. “1 see 1573 as a veer of 
extension; the completion of Trident Films' continued growth and increased profit.' 1 

Annual Report available From: The Secretary , Trident House. Srool.s /.«*»:, :v?- 2~:i 


'■ ,-^Zi, -t ' v . 


ision Limited 

Turnover { nc: ofVAT) 

TToiiE before tran>fer 
to unrealised gross prosit rescr.’e 

T raiksfcr to unrealised 
gross rrofi: rcacr/c 

>.\*r profit before Lixution . 

E'ctwcrdinar- items 
Ejrninct ccr share 

1977 1976 IP77 

2^ to 28 weeks to 52 week, :o 
15.10.77 • 16.10.7o • 2.4.77 

£ £ £ . 

30.317,413 25.174,974 52,715.209 

3,690,997 1,604,294 4.503,971 

S2.916 400,357 S0S.Q56 

1,608,081 -J. 203,937 3,695,915 
g 68.000 650.000 2,054,338 

740,081 553.937 1,641.527 

lO^Sl — 6^261 

750,362 553.937 K647.788 

S.59p 7.09p 20.98p 

i The Directors havedeclared an interim dividend oi' 
2-9p pershare net (1976- 1-8 p per share net, . 
7-8923p per share net for the full jear)l - 

f Turnover and profits increased in the first half of the 
financial year, despite continuing. depressed consumer 
ripmantf. 1 

Since December there has been a substantial increase in 
the level of business arid for the full financial year the; - 
Directors expect a satisfactory increase over last • . 
years record profits. . 

In view of the substantial expansion programme, the 
Directors expect a dramatic improvement for the 
financial year 19/8-79. provided that gpn^nat . . .." 
consumer demand continues. /!*•.. ‘ 

w ‘r 


i, -- : 

*• '*■ 

i ^ " ■ 

il $ ; - 

5 • 

I % ' 

3 ". 

\ v.;\ 




Financial Times Monday January 30 1975 

Pending dividends 



growth rate at TDK 

“■7" ' ■" BY YOKO 5HJBATA TOKYO, Jan. 29. 

more Important* coirfparfy JAPAN’S TOP manufactur er o f and magnets (these products are during the same period.. Non* 

the next lew weeks ti.-t Riven In the following table. The dates £. rnle and m “SnetJc tapes, TDK used for hi-fi loudspeakers and consolidated net sales went up 

shown are those of Jast year's announcements. except where the Electronics, has announced a rnJxu electric motors lor cars), by 16 per cent, to Y95.76bn. and 

Id. * *yii«uinii iiui j'cor. rmmu 

proht figures usually accompany final dividend announcements. 

niriit last 


aUhikiu and 

witson.-JX'b. 1G Filial ; 

. ftrs....Fi-b. ? set*, iar. i.m 


Kwltarws l i-*i i Final ui 

AHlr and ■■ ■ 

wjhors Mar. II Final 11.2 


• Hi-pbum Mar. * Final 2.5M tat. 

•HAT JiKlv .. Jan. 31 Final 4.72a . 

JiTK .VI ar. I Final SJ4 


Cualrast . FHi. 10 Final 1783 
■Urn Unkalon ...Feb. 21 Ftual nil 
nrlllkh Vila .. Mar. 3 Final 1-S5 

Vbvtb -Frii. k mnai r.«73 


RoadsiDw Mu. ID Final --6 - 
•Ciunii Bank 

of ACat . >Vb. 13 lnr. l cvms 

I’nioa-.M jr. l Final 5 881 less. 
Carah ........Mar. 4 Final.?” 

•nsr-ian Jail at InL 1.1873 

Dola. tr Feb: Iff Ini. 3JS3BS 


Corea.. .J-vb. 17. Final 1.9 
Dr^ta. .«..Fct».' 8 Im. S 

soon ii are rnose ni insi years announcements, except where Uie ■‘ UJUU1, « U ■* “jhu eiennc motors lor cars). Dy per ceni. to iraa/reon. ana 

furtneomin}; Board mootings (Indicated thus*) have heen officially strong set of consolidated ousi- Sales of these -items grew by non-consol idated net profits 

published It should be emphasised that the dividends to be aess ' resn * ,s *? r fiscal year 20.7 per cent. Sales Df com- jumped up by 34.4 per eenL to 

ilccl.nrud wifi not necessarily be at the Amounts or rates per cent ended November 1977. ponents and memorv devices Y&i5bn. 

shown m the column headed "Announcement last year.” Preliminary Consolidated net profits in- declined by 1.0 per -cent., and >T i)K'c mit , nn i- fnT , thQ „ nrram 

prohi figures usually accompany final dividend announcements. creased handsomely by 23.6 per ceramic capacities segment de- ic e 

« .are- Egfe* ^ 

« F.„ai ; v£\hv ' yi^ u ? ES?™ 1 rccovery in 1116 secoad 

Afl«lo-Aaii*nran ■'M^rcauuh- to *121.72 from the x 102-56 of competition in the serm-conduc- „„ , , , 

. Ssts-.-Fl-ij. 3 set*, iar. i.m - inv. tst. Mat. h fiiuj o.*s the previous year. lor industry TDK plans to put further stress 

'■' m >S tr w U4, 2 Final i si ^ STilSP Sales of magnetic recording A favourable profit perform- on^sueh product lines as mag- 

ahit and - • M{ « p.-h' u Final ^875^ tapes . maintained substantial ance by overseas consolidated netic ..recording tapes of both 

wjhflrs M*r. it Final 11.2 h* i Sev mi tl growth (up 31 per cent.), and subsidiaries was another factor audio ar? d VItieo application, 

mpbun. Mar v Final tat. -*'**■ 1 Fuul a a accounted for one- third of total eontrihutlm; to TDK'S good finite magnets and components 

•hat JiHis. .. Jan. ai Finai.'i^ ^^mandoi ...ti-b. 21 4.c33 sales, thanks to a rapidly expand- results. Overseas sales went up for V?® 5 - 

nTF Mar. i Final S.M Ransoua-s sim log marker for easseue tape bv 25 per cent, over the previous ' 

ouairaw Frh. jfl Final 3.783 ^ fSS i j S ** ks - car STercD and radio ve 3 r and accounted for 27^ per 

■urn Enkaiun ...Frb. 21 Final mi River am M«v." cassette tape recorders. eent. of total turnover. -T^OfTIICCO • 

nrinsh vim ..Mar. s Final us -Tnut . FVb. 17 Final a.s Another third of TDK's sales TDK also announced the results JL/vSiUodu 

■ Ftiui run . , 9 w e™ Provided by ferrite cores for the parent company only ■ .U. 

resting time ahead for 
platMum price 


uua^onQMCQ ne\ proms in- declined bv 1 0 per .rent and . . . AS FORESHADOWED here last Slid Britain is naturally deemed ing for extensions of its fin 

creased haSraely by 23 6 per cerarahf d£ -TDK s outlook for the cpnem Monday. South Africa's Rusten- to be the place for this to be adjacent to the big deposits < 

cept to YU 112bn over the ore- crcas™? i ner reni^riflppt fisca . 1 - f e 4 r ,s ralher glpomy. bur? and impala soon followed sought. Magnet hasU-S. farm-in Denison Mines under the gui. 
vious year on sales, of Y104 6hn particularly in the fcrst half. The the free market platinum price partners to bear part of the ance of that company's Mr. Frc 

^D l^S^- cent ) 4 , c™***?' however. expects upwards by hoisting their own financial burden. And a first well Jowsey 

nef oarniSes ?ec share iJm moderate recovery in the second quotes from 1SI8O w*2Q5 lan ounce, on the main prospect is already Unfoi 

ne LL a Jl n iS g ! per &o ar e. wkhj up ment. coupled with stepped-up a far cry from the $162 ruling in progress. borehol 

_ „.. n i na , ___ - . — -- - ■ r - iiioactau- ivvruvciy iu me bcvuuu t”""» kii.vihiu, uii ine nuuxi pn»po:i u wicauj Unfortunately, putting dOW. 

ne Lil a Jl r liS g ^ per sh fl re_ went up ment. coupled with stepped-up jj a |f a far cry from the $162 ruling in progress. boreholes costs money. So Cant 

to xl -1.72 from the x 10- 55 of competition in the serai-conduc- ' „ . . p .. . onl? a month or two back. Mean- Interestingly. Magnet is soft- is currently reported to be figD 

the previous year. _ lur industry. TDK plans to put further stress while, on Friday the London pedal ting on its uranium search ing out the best way of raisin 

Sales of magnetic recording a favourable profit perform- on - sue r 1 product imes as mag- - fixing ” price reached a rew i n u-hich it has Esso as a partner, fresh funds of- around Sl-ar 
tapes maintained substantial ance bv overseas consolidated netlc\ .recording tapes or both peak for the receni strong for- Mr. Burns says that none of the (£0.7m.) in order to continue i' 

growth (up 31 per eent.). and subsidiaries was another factor aud,b ant * vldeo application, ward movement of S220. company's own money is being Programme of deep drilKa; 

accounted for one-third of total contrihuiim; to TDK's good ferrite magnets and components Where now ? The market is S oent or, this venture. Oil and Another three holes are plann^ 

sales, thanks to a rapidly expand- results. Overseas sales went up for VTRs. • “*® cr *“ ed ** ‘ .v??PP y but ten “‘ gas are reckoned to be more to “probe the large areas i ( 

•Ikurty <imip, , r Fel>. 7- lor. ijm. 
CvUU'S Fr OO. 

IttY. Frb. S - llil. U j 

EMI Mar. 3 lot. 3.41 . 

FtfliW .Mar. S Final a.Tlli 

For* i an and • - 

. Cnhuual Tst. . Fi-b. ‘IS FlUl 2.D3 
r.iUoir Bran 

rusroam y-cb. 33 Final a.125 
■Hartf and Co, 

iTunu.. JfW. 3 Int. ml. 
JobDvin and 

Finn Ermio-JIar. 4 lot. 4.ffi3l«r. 

‘IfJ Vrh. 23 Spc. mr. 8.7M33 

*1mprrlM Gp. ..Frh. 7 Final 3IJW 

Ransomrs Sims 

and JifffrtcS.-.Frb. 3* flail 5 -Ha 

Ri-n:oW jfar. l Final U 

Rtror and Men.-. 

■Tnm . Fob. 17 Flail 4.3 
Rarol J3utch 

Petroleum... Mar. 19 . KiDOl FlsJJO 

R wd loscc. —Mar. 1 Final SJB6 
Srot Utd. lav. . Ftb. 5 Final 1 ’ 
SuUswtctc ' • • ■ - - 

ForbvS Frt>. 2* Final &tt lest. 
ShrU Traaopi. .. Mar. Id Final 8.778 

siotili-y Mar. 9 Final 3.173 

•St«ltaK TM. Wh. I Ttnftt 3-35 
Son ley t R. i - » 

Inv. Tax. ^Fcb. 17 tnC l.«63?j 

Dcn.-ldpmnn . Mar. ID FImI 1.SS23 
Tran Douse 

Forte Fob. 9 Final i.u 
•Turner and 

Nr vail... Mar. 2 FtB» 3.4387 

l-nil.-ver Mur. 1 Final 7.81 

t-nloo Coran..' Mar. l mt-dlva. due 
Cnlicd BBcutls Mar. 8 Final 2 8806 

•UDT FeD. S Igt. dOC 

UMinl Real. 

Prop.. Mar. 2 IA. U5 
Wa^oa Finance . Jan. 28 Final 3 75 
VTOolworth' . . 

« F. V.1 . Mar. 9 Final 5.723 



STOCKHOLM, Jan. 29. 

■ ..- *n* . to consolidate. The main i ucra tive tarcets Present London favourable but uatesred ground- 

' * • ■ . dnvme force, Japanese demand, price of Magnet is 19p. Spargos, the company’s consulting ge 

has now been added to by buy- whose chairman Mr. H. David logist says. So sbarebolders mu: 
' IJCOTSS2 • PTSumablyln Kennedy provided the nub of the continue to keep their finger 

anticipation of the U.S. adding j uni o r exploration case put crossed. Friday’s London quo'; 

Vi . 1 1 meia t0 StrateRlC forward here o™ January 16. have 37 P To 45 p. ... ! 

'■ stockpile. i mnrDV£!f i to iso To continue on a cheerful no' f 

ff B ut the near-term crunch for Canadian mining buffs may appri 

Uxe free market is reckoned to Pramnm c'aTe the following satirical pr>- 

bu rz„v u* w«« fe e coming along at the beginning v _ dictions for 1978 for which I a'. 

By buy i-iawtin Q f February. It is in the early In October I was. writing here indebted to the company's live, 

- FRANKFURT. Jan. 29. . part of the month that supplies about the outburst of Johannes- weekly the Northern Miner. A, 
nFCUSSA the Frankflirt.based of ^Tjtract metal flow to Japan burg sner illation in the shares of ^ ye1 unn araed potash compar 

from South Africa. If the Japanese the Consolidated Cold FieWs is preparing a take-over bid f«. 
metal» and chemicals concern, nevertheless continue to buy on *reun comnany Gold Fields Saskatchewan. A major mlnir 
appeals to have done reasonably the open . market as they un- Properties. It was sparked off by concern is lining up^ a fleet i 

By Guy Hawtin 

.. FRANKFURT. Jan. 29. 

pbvi imin atjv « mirM (nr- v.*m- ...v,.. _ h _ y me open . mar sei os incy un- rmppme-f, n was sparKea on uy concern is lininc up a fleet i 

row hir weM 3 - vear when chemicals expectedly did at the beginning rumours about the uranium pnssi- heavy duty trucks to move i 

1077 released by Staterpretag, its two shipyards to the new- state profits' have been particularly of January then it is considered to bi>ltie«i of the old .clo*ed-d n wn 0 re body out of Ouebec 

the Swedish state holding rom- shipbuilding rompany involved a hard hit. While tbe Supervisor!’ be a case of "S230 here we come."’ Luirmards VIei mine. The only Environmentalists will demat • 

pan^' show a mss of Kr.i.aSDn. loss of hr 250m. More than Boarfi is recommending a lower And another producer uriee rise imricff advice that could be that the area around Toronto 1 

{£165m.) on the consolidated Kr^OOm has been debited for dividend for the 197B-77 business will be in the pipeline. Meanwhile, nff«»rod wqstn“ge* nut before the Kin® and Bav Streets be returnc.’ 

account. A loss of this size was the writing-off of the ambitious year West German shareholders watch this space. b««M>le burst*" GTri> were then to its naturai state. The Montre 

predicted by Mr.. Per Skold. the project to establish a new steel. caD Jody forward to getting con- „ . _ _ ttmtd hi London. Tbev are now stock Exchange wiU requi i 

managing director, in November, mill in northern Sweden and the side fab iy more* as a result of the Beating tire drum RSn. still twlre <he level »hat they financial statements for Decernt*- 

when the eight-month results transfer of the XJA steel works Federal Republic's corporation n, e publicity drums are cer- wprf> at Time ,afrt vear ‘ 31, 1980. showing ten years .« 

were published. , to the new Swedish Steel ^ reform tainlv Iwing beaten to hot up the Last weete l & e comnany con- steady dividend payments befq-l 

Earnings by the 30-Odd com- Company. . .. , . , - _ 1M . feverish search for extensions of tinued to be non -committal. In listing new mining exp] ora tin 


■ Board nwctiqss initmatoO. t Rlnhts | warnings Dy Tne dU-Odd com- 

ism-j sincr raadf. . tTa* fte* >. sscriplpanies ' under the Stats/oretag 

Mar. P. Kin. S.2MR (cst. ttsoe sino- made frm rwtfrves. 

Total sales 

"a statement from DecTissa’s f^erish search for extensions of *° benon-remmittal ln ]isting new mining exp] ora tin 

A »he oil and eas finds off Austra- lls half-year statement it merely companies. 

Public Works Loan Board rates 

Qoou I«m repaid 

t*y EiPt bp BUT maiarily 

- HaiMlWta loins X* repaM 
by EIRt by ERS mtarip 

Up to 5 


• si » 

- n 



• MS 

Over 6. np to 10 

' 92 




10J . 


Over 10, up to 13 





it> : 


Over IS, up to 23 

: ioi 


. Hi 



' 11} 

Drer 23 

: Hi 






Kr.766m. The slide is* attribut- group structure, in particular the Sg* M per DM50 n0 ? ia , a «l4«^' hnponwit role of junior explore- in PW«a a ” d t ^ sh ®^ native peoples in the Antarctic : 
able almost : entirely to the disposal of the shipyards. Turn- compares with 1975/76 s ijod companies to a 37-page anaiy- holders would be pdvised as soon that they won X be corrupted 1 

decline in the international m’ergrowth in the remaining DAI9 P? r share. ,. sis of the potentialities compiled as any decision had been made. Canadian development. Each pa 

SSS-'li theVoup"minteS S&JSC V« % ^ Ho^er. although the tax ob. g Jtock brokers Lai qg aqd ; Mck- 'WS 

f°r c3 ' **$%?*}■ slee l an ^ c ^ erni " Statsforetag anticipates some distributed profits has been ite bravin® London’s winter drillmw? had started at the other square niile nalch “ to assure th 

cal companies. • growth in sales this year, but creased West German share- wea{ ^ er- a stark contrast to end nf the Ropf on the Ea*t Band he be left alone to siilfer in tl 

Over half the Kr.l.5bti, loss, this is not expected to induce any holders are now allowed to offsei p er th* s sear inB summer heat, and that work would he «-nn- old-fashioned way." 

however, steiiM from factors improvement in the underlying this againsi their personal Western Australian Minister for tinued "n the Woat-Panrf where 

which will not be repeated. Thus profit situation, as lone as the income-tax. As a result they will industrial Development, Mines, Lulosard* is situated. It was. * *. * ' 

devaluation of the krona last market for its four major com- be able to collect some DM13.28 Fuel and Energy. Mr. Andrew hnwpvor. too wd* to give anv Remember^Tasminex which v 

per DM50 share. 

* Non-quota loans B are 1 per cent, higher in each case than non- 
quota loans A. t Equal -instalments of principal. $ Equal repayments. 

" Effective from January 21. ". -. 

+ ★ ★ . * 
Remember Tasminex which v 
going to be “ as big as Poseidon 
and the shares of which had; 
brief moment of soaring glory w: 



year cost the group over panies remains low. per DM50 share. Mensaros, is here heading a inis- indication of re*nlts. D ? as * v- u 1 

• " ; sion which was being joined this But ef> ort rumm,rc die hard. So 

: ■; : : : ' week-end by a group of down- johnnnwhurg is stm ta'kma h^-k S ?970’ We?Mt Isnotv 

• -. under businessmen involved avidlv about Luinae«^'s mineahig ^ wew. it s not y 

T- W -- . - the oil and gas projects, tonnages of uranium and gold- STJ£ "HE 

Hi A yvMAWT J Tp__ ^ Also Shivering in London are bearing ore. So It is concluded. JJ® £2l?2 l ||SL 

Il/I ATIPV QTIn V PlBCirSfJPC Messrs. Alan Burns and Derek iT \ ihe words of that city’s 2^ aB JjL*Jl l l 1 

IV JLU 1 IC T M.1JIU. ■ ^ B £a 9 flHCil GaScoine of Magnet Metals which. Financial Mail, that “for The®*'®" ^ahl^ h e d aTnodestta 

• ^ • as outlined here on November faithful there is considerable ^ f 

2L is one of the . junior mining speculative anneal.” Thus for operaTion in Tasmania. 

Ban k pf Ezigland Minimum on MLR. • most ' of last week, although concerns' which Is. pinning its holders who did not get ou* last It may be only a small prodnc 

.Lending Rate si -per; rent. • . A mood of caution seems to be trading was rairiy thin. - Centeai prospecting .popes' Op. Australia’s yMr f here could .stUt-be another at the moment but I h^r that « 
( sin ce January 6, 191$) 7 permeating - -Tbs • market, - and. onnkg-ltr Eurooe, and possibly, the PKrihIW«.|SbeTf.Ji*h^re ^Dte.'cur- chance. " Australian offshoot of Canad; 

„ , ri- ahsirf although a further cut in interest Ui>. Federal Resene, intervened rent pilUatlon is retkOnecT to have, ..... McIntyre Mines is interested 

rates remains likely, the trniiuc to limit Die fall. A larger than they say. ’‘strong slmnarltJei to n ■ acoulring a stake In the proper 

of any move b very much in expected trade surplus for West the early stages of exploration of U»T19019I1 Capers and putting up money for 

more aubcuir to preaici. MarKei doubt. The longer term picture Germany in December oniribuied ihe North Sea.” What happened to that Cana- further exnloration and devela 

uert wirij wdhocti is eren more 0 f a mystery, to the dolLr'* weakness and tho They are not looking for money, dran uranium seeker Canuc Mines ment. This prospect is at Hw ! 

inai a rail in Bank of England a |;j,ciu®h a firming of rales seems currency also depressed by Magnet gets that from its peat about which you have wrltien sufficient to pin a value of aroui 

Minimum Lending "ate wou.d !o jjo ^encrsilv expected later in expectation.- of a growing trade operations as explained here from time to time I am asked. 2R ren«s on Tasminex shares*. 

■ w .— m the oil and gas projects, tonnages of uranium and cold- . 

(% m --.w-r 1 AJso shivering In London are bearing ore. So It is concluded. rii! 

VI AHOV QTIn Sr V P 4^ Q ITS C! PC Messrs. Alan Burns and Derek iT \ ihe words of that city’s 

1 T Ilf llC ▼ AllU l^rl B/S.1 . GaScoine of Magnet Metals which, Finnnrial Mail, that “for the V*™ 

■ T . as outlined here on November faithful there is considerable flow - V 

r ... - 2L is one of the . junior mining speculative anneal.” Thus for °pe™Tioi 

ik pf England Minimum .. ou MLR. • most ' of last week, although concerns' which .J$. pinning its holders who did not get out last It may 

idjaf Rate -per; cent. • . A mood of caution seems to be trading was rairiy thin. Central prospecting -hopes' Op, Australia’s yPar rhere could .stUt-be another at the m 
since January 6, 191$) •- permeating - -the • market, . and. onnks In Europe, and possibly . tup I'torthlW^.'pbeTf. J\‘ticre ^i&.'cur- chance. “ An-dralit 

V.P 2P J : 1D> i:s - Fiiirri 1S.W. 
F.r.27 1 Kir rj I.R.I 

- Ju.'r*S“ Hail. ,-i ... . 

ill .HU';; Mn 5 ~ „ . ■ .... ;u uc -cuu CIIJ ioiki liiievatuni.- ui a tuning wouc ” 1 "-- » «“*»■ 

irri >s.\v, '..*125 .... -,?.M 2jut.i occur onJanuar> 6. but there hs» lJlt , vear defier! in ihe 1.5. before. But know-h 

l Ws-iv cMt- V.9 a J 6.6 be ^ n li.riie enthusiasm to reduce The relatively high cost of day- Postponement of publication of 

- r-- 11 aR . am , ov * r ll ? e re s! of the jo-siy money, has not encouraged the L'JS. figures* until to-duy helped 

month. A signal was giten iy ^ market io look for a fall in the dollar. -,ince President Carter _ 

ibi- authorities on January 12, ao fi h as produced littie is expected to make a plea for INSURANCE 

e ' ea though buying rates for incentive for the discount houses reduced energy consumption to 
EREST .STOCKS -. three-month Treasury had 10 currj- any mare Treasury bills coincide v.nh the rescheduled 

y- -' above the trigger point for (ban they need for normal market announcement, and the trade T\ _ 

■ a cut. . in MLR Uuoughout tne operations. . . , , ; figures kanouid underline -his £V1V1(C' 

?* 4'V f v6ek '. .. 4 .. . The KteniRg nie.ssa^e. " 

before. But know-how is needed The ansu-er is that it is still lonk- Melbourne. 


T-:- *J,- 

1 100 - • -.- : Uf'lt l |V, 5.tL'’- V*-n. la« ie-'.f. 

XADl; r.I*. ' 4:2 . Sf^S* 'V. ham tl.v l:*S 

ilou V.l’.-ian : (p iV I Yuli*! X U'« l n». lui. ittl... 

.vus L6 j* ! AS 
U^O : v.l*. . - 
>lJ t -. : KJ*. ' • — 

swa ftp. I- - 

ilJuVIO J44 
K1X V.P. - 
« Ju - : - 

it A. n* - 

UKte- . . 

inii 4 - 1 2 
, 90 

Reinstatement includes inflatioi 


Fit*' ?4ttf i«i*ii!|-*h l.'rc-l-i' le.v - 60:4 -1< 

; « • ftit H.-mrm* V»rtal«iv L'k 2. *\. 96 i c . ... Jt W3s even suggested that . 

. Wh I'l l' s«i. , hvtm 1«W. - SB6'*. — , may have remained at 6i per < 

si*i4 fcteu to** p 1 *- ^ . — 'riUtout any guidance from 

!»•>. I'*4 Krti*iniil.-I»\ t |c ,m ll;k 1-1 . . 12*4 - «• amtinriiies. 

, HMr- 1 **; • »>-•• I*-. Vi,ro.h»r va 100J* awiiormre 

ia> : iai««i> Vannivt. ijKu.. ....^^.100 . j-i signal that the Bank 

' ire ■- icyij; uvraiir\iirti!-K- 1*;- too . England did. not wish to see 

neat p.p. . S i 1 toiij lent- u\i kem Wa»«t «\ wr.. 


• Kt'lj 


' SJs-lj 


. .1 



■*: l r 


^.l , . 







6 7 

j lViji 


^ - 91# 


ror whs pointing .towanre a imporancc in future, than over figures, widened to 4.09 per cent. 

possibly cut of i per cent, from the Iasi year or so when the from 4/»l i«er cen’. on the previous T -v oritaiv thprp »«■ nn «ian. /renorrerf in The Timet: for destruction the necessitv 

?nd avna ' pr0,i;s „ F r r % %'r S jSSS? SoTu StoSST 'to St producing^ Al, 

*,a*umml!2 ;l»»MLR “A&ta^owt »»4 Umon siSai {»»«««« »"«, «* ""’•g'f'n mToMIpSS. 1,,,dl0ni ^ ml^SKJJto tafldiS! 2 

may have remained at 6i percent. Discount both produced record SL947fl-.^l.94Sti compared with te ° ant aodtheir lawyers to draft tenantobligadons^ ,he nhllllSno 

without any guidance from the figures fcst year, thanks to the Sl.9S29-sl.R33U at the end of the agree the various clauses of By the releranl clause the fire regulations, of Ob^mng . 
auihoritics. exceptional Conditions for making previous week. The pound's particular contract. Of lessee convenanted to pay to the industrial development certi, 

:\ signal ' that the Bank of capital profit? as interest rate-, trade-weighted depreciation, as course, all lawyers have a num- lessor m each year a sura equi- rate, getting competitive teude 

England -did .not wish to see a feli. Alexanders' profit was about calculated by i he Bank of England, her of drafting precedents which valent to the amount which the from suitable contractors a? 

f«U in MLR was given on Thurv eight ■ times higher than the rose to W.3 from 66.1. j are frequently used, so that to lessor shall from time to time then waiting for the chosen ct 

day. which caused some dis- previous year, while Union dis- Gold rose S3; io $176-S176i. the layman one lease may look pay by wav of premium for keep- tractor to do the work of xei 
appointment in the gilt-edged played an almost uncanny ability Invest ment demand for the very much, like another.. But if ing the demised premises . statement, 

market, but little reaction in the to hold the right investments at krugerrand,. • pushed up the comparison: is made- of the in- Insured for the full cost of Taking all these .factors in 

money market, except to push up the right time. domestic premium over gold con- surance clause? -in a dozen leases reinstatement against' loss or account, he concluded that 

the rates for Treasury bdl* to. Tne U-S*. -doHu.-tar sroond tent to around «: per cent- from ta y Pn a t- random most probably damage by fire ” landlord must cover himself f. 

tdiahtly- above the trigger point agamxtotbcr major currencicsfor 3.SI per cent. half. a. dozen variations will be The words in dispute before the full cost of reinstatement. 


IM 1 

a ; .1 

y IV 41. 1 Z4 2 IC SlV .VbBAl-u SMur X22 -I 

; - .1 Ib.lSZ't f» lit? Kc#*in liuwirj *7 

I r.r 6.4 iO,i 14 in t'aMeumih 74 . . 

' *’.1’. Ja l lur.-ij !'*»•.. *3 . 

! ’ fiU H ZU<4 ■ ?ila H»nk AuUtata 40»wu .. 

• ill* ld>l 10. k £wnt) ni M»i .... IBinu .. 

MM*. 94.1 6 2 1.1 Olaa X Horan. . \ 19Sj 

.r'n>t(' rt V b is ’ :4.-4iiiionFifT?! Pn*-n • bl 

I P.K • 6 1 40*14 «ie 3 Kemnac MiW... 62 : s -1 

1 in* l,k' - ; iri'U: LUX. 26|Ji< ..... 

: ni< ) 47 2. A5|in, )^in >auvui UV. «i AmiialwM -i Wjnti - 

nil dfan \nll Jo*.i 8wi» aa.'ia: it* w»,.». nm* w. « — - 

fail. 2> 




t.! ,1,-p'nilB 





Ltat Ault- 
Sts “Sain- 
Vr, 1 . 

tl^p »!Ts 

t yrrpwiv 







H-.iIf * 

Fine Tr»li 
b<ii. 4- 

Oureitfte • ■ 




7 st 

6 61;- 


; _ 






— • 




J •— 

7 oath or 
lt*Y * 0”« 



__ - 

6 1 


61;- 61; 


6j« 6 -, 


6-. B'-z 





6!;-6 - 


Tv-« Bn-nlli- 

6 6 : 

6 6.; 







6v.-63 a 

nitre u»>m!:-. 

6 .fti« 



f* ; 4 

6 J t 

S', j-6 


6 ... -6 : -, 


ta.4iil>*. - 

6 - 6 i . 

6»f-6 . 

65* -6^* 






. Slsf-Ai* 

\’taeu.*ui: . 

6-i6 t 

6-1 71. 

7 ->-6-r 





OfMTtar . .. 

7 6 if 

7t t 74- 








r«n \rera . 











Local ■aUiAtKa and hnasce fios.‘« ki.'s cc;.:?. oiKn fctea days’ tai-d. • Lon^r-irnn toou aaUiornv martgasc 

btyi'i. dp 

Sfla-J.Tv j»«-r rcot. Aprmslmara scl.uu rate far ocp-i 
wwoUi a v.r «». Onr-wnma tradf MBs til per cvr. 

.PIOSBCV Hdum Bose Rows ■pabltthrd bv fte Fsa 
Rook Doposli Rotes 'lor .«nuul muts at days' r 
nqsi M-'tunn lender rates of dis ced per eer.-. 

half. a. dozen variations will be The words in dispute before the full cost of reinstatement, 
discovered. the judge were “tbe full cost of a date at least 18 months on frc 

-n,„ u nr 4W Q reinstatement.” The lessee the time of catastrophe. Ho 

nar^pc l- i^ G ° hp 1 h»r»ain ar ?u e d that the amount of the ever, because the catastrop 

miMt e hiw insurance premium should be could occur on the last day 

S twi e ic based tfa e reinstatement cost the year covered by the annu 

rail ihf calculated as at the appropriate premium, reinstatement cou 
fhlo hi h? £f renewal date. ' be completed as late as 2} yea 

If™!*!, ? 760 l h J >Uoh 0° the other hand, the lessor from the . date on which t* 

jTTfiL.. i Dd w,™^r si0 S2,;. s a id that the insurance must be annual premium was payab 
^ . J ilf ^ or a sum whicb would repre- And he ruled that since this lo- 

point apart, the obligation to in- SBn j th e cost on the date that delay must be within the cc 
sure may be, and often ts, set on reinstatement coni d reasonably templatlon of the landlord ai 
the landlord but; equally may be be expected to be complete. tenant,, it was reasonable for f 
OIL . The - Jesso* said that there fendlord to fix the reinstateme 

obligation is the- inevitably must, -be a delay .sum - insured-- accordingly, 
the cost may be* cWfgeaDle is between loss and reinstatement which event the tenant must p. 
whole or in part to the tenant: if B0 that even if the loss were the premium appropriate to th 

ml ^ - 

3 3 


ISt-iu IWIt- lAltredi 

f.r. . w t 

a s 

r.l*. Ifiric 


nA KuHrv at 

IM*. 19 11 



11 iiku.i,... 

r.r u ti 

16 1 

Sil l t,i. Svaiita-.. 


:» VViiiwin* »J. CantUO..—. 

Ikui* - 
'Son. 27 Hair* 

SUHi« Bales 


Sues Haia 

.\r»*^:rsa. 19<S.7.T243e^rrrn^3a. USO-ISS'ttfi rtj’.v nMMlb- tar 4* tli*a liw a! sump *ny. I> F:siut>--s 

iuh ,i uii b ,\«nnwl divnicnj an3 '■wli a Farisran dirulrnil: 

.»nr Ijjs.-iI <m dp - * was spar's i-anisia:*. r UivMiad mi yk-U Bastfl or prospectus 
>i ii.S.-s I'ftiui i >imuir% hr 173 •jitiw.'* i lltntn asMiWCd. I Cover allow* 
rer - ■ nvir.ioii a( siiHi\-9 nvi ixrv H**ina in- tiividrad or nuSing only lor luinaeil 
j., iti-iW- ; I’lat-.n* urstfp !d lurtili.v M Piu.t. utilcx, OmK-kiw mdiesrifl. * Ibthil 
■:> i -irt-r. t iflcrnl ip tsoW.’n d . Ortmary sksr«-s a; a ” TiAhT*.” •* Rtsaia 

»*: 1.4) o( ejiniaUsp!|oii. ' Minimum renger- pra-r. u. !<>' nil ratal ttl. ■' IsxiMtf 

ir .via. ..non i.-iiii r> jrs.tntta:«iu nurse r or (afcctiwr. : * luir-utiKtion. ~ is^mC 
-o ’.>jrr?r l*rv».'rrtici- haldrac. .ftAUBOurn, l^un lor ntfcr-pjtfi. • ProvutotuU 
nr r.iirll a*ud oitaum-m irtiurs. * Wllb warraus. 

sijt-pd : r,*o. I.7DC4-I- Ji3ta-rrta.._. 2H-30 

_ L - ' ~ ’ Kik/L t!.i3 !'..?S be.jjicr .. E!:-Ai tio. 1 y-jHim 

XwrYoni 0«<LtiM9l.sS4eijCD.L!!UO *£**}■ - "" •» ,. B *L 

tai,^l fl3Z.15M-2.16SD Z.U&2.H75 ES2» .aJW;4S*1« ^ZU; 2.U1 ' - 


k «i% *HU1 Samuel 5i% 

1 itaie* *ivw »r* fw enmerauv francs, 
nnaactal True C3.33-rO.7jb 

*»a:r dvr= Ter ArsrnLna a tree ^aie. 

i i j J' 
\J- **** 


Allied Insh Banks Ltd- *}•% 
AteiViraq Esprcas Bb,. 6i°!i. 

Amro Bank 

A P Baak ittf. «iRi 

Henry Ansbachw 

Banco de Bilbao ...... 

Bank pf credit ft Cnwc. • 6 r -*fc 
Bank of Uyprun 
Sunt or KS-w: *1*7, 

Rinrjuc Beige Ltd. . fl)‘u 
Banqiie uiu Rhoor -7 
R:j relays Bank ......... 

Barnett Christie lAH.'.l S:% 
Rr*'m:ir Holdings I ,*d . 7 ■*’„ 
Hi it. Rank of Mid, Kast 

■ Rnnvn Shipley Bj% 

Onada Permanent AFL 6|*7» 
Cjpilol C & C Fin. Ltd. A % 

Caymr Ltd : 7 % 

Cedar Holding* ; S % 

M Charterhouse J*ph«... 61% 

: C. E. COJWw 7i% 

'Consolidated Credits... - 7i n i 

• Co-operative Bank ^ B^tfi 

^Corinthian Sororities. J fltT, 

Credit Lyonn.iis 6i% 

J 'rhe<5ypru9 popular Bk. *1 % 

t- lrnnean laiwne C 64*% 

fEflRil Trtttt *5f*t 

•English TratisconL S % 

c. noare ft Co- .. 
Julian S. Hod fie 

Hongkong ft Shanghai 8?% 
Industrial Bk. of Scot. 7 % 

6i<K Industrial Bk. of Scot. 7 % 

tHRi Keyset UHmann 61% 

Knnwalcy ft Co. Ltd. ... 9 % 

d.% Lloyds Bank Bi% 

. London ft European... 

6 1 *7» l A*ndon Mercantile 6; ^ 

fl)«'b Midland Bank ...... .. 6-:Sf> 

7 «Vi ■ Samuel Montagu 61*^ 

fi!"5 ■ Morgan Hrentell 

National Westminster 6*% 

7 S* 1 ., Norwich General Trust 
8?% P J?. ttrfsan ft Co. .. 

Bj% Ruasminster Accept ’rs 6'T» 

6|*V» Royal Bk. Cumda.Trust 

9 % Sch lc .singer Limited ... B ,a « 

7 % K. S. Schwab Si«i& 

S % Security Trust Co. Ltd. 71% 

m Sbenley Trust 9=^ 


l^aujuuii ■ 

t ranlriurt Apt* Y tl 



i kWjro im: «•' 

Z. -ti-Is.*- wi-W 


2 a^<._U L7-£i xla; 

. _ 

r.-i-^-i , r- 


- — 



».lU!2i; LWIW 

w-i e: - 

. i . Jon. fc? 

Jan. 26 

Lim> i bum'll. 

1* ^wwillrt 


• -‘life 176?: 

S 175-175*; 

... .. HlVfei| 1 .61- 

S 1755;- 176:» 

M'i-oiiu^.*; L- jl ,b 15 

i 176.0 J 


An*-ro’nIi'.'L‘ •'1176 4 ■ 

? 175^0 


«0 098- 

». ,CTJ. . 

bniKvnwi.. 41663,. 186-, 

S 1853*. 1873, 

rl3*6 1*7 

155 '-,-36 >4 

S*« Si. c"“ j-6 8 


*->6!; V9*S. 


Ul-i ;54U £6;- 

i 5354-553t 

■at:* -26^ 




K'n'srw:«.. a tl!U..l-ti' 


■«5U &4; ; ' 

£93 94. 

>'u.^rr\-n. Sb 5J 7 a7:-. 



^'ir «:i- Jfa4l4--6!s 



9CL tafii rs ... 49=85; -Z61 Si 





insurance may have lo beta ; Kiiding'custST“to ’’continue “to Air hnllflaVS 5 

individual or. more often, in joint r j se : for this reason some reason- UUllliay 3 . 

names, to protect under one con- a b] e assessment of future infla- 

tract the interests of both parties t ion must be made in fix in a the TUDQ QOluIIlg 
Another variable is the scope reinstatement sum insured on ^ ^ . i 

of the insurance. Some old which premium' would be pay- 4^0 /l^m 

leases mention only fire insur- able. 

ance, though modern practice i* With the argument put t^is THE AIR Travel Reserve Fur 
to list specific perils— damage way. even before the trial, one Agency, set up to protect holida 
from impact, aircraft, riot, storm would not have given very much makers against losses arisii 
and so on which must be covered for the lessee’s chance of sue- from the collapse of holiday-toi 
in addition to fire. Bui how many ce ss. and in the event the iudse operators, has funds approach!! 
leases get down to detailing the had little difficult* in finding for £9.45m. at March 31, 1977, cot 
kind of material damage covet the landlords He emphasised pared with just over £lm. at 0 
that must be boug&J— full re- that one must take tne worst same date in 1976. 
restatement or sometning less? possible case into account in Tbe aeency report for the ya 
Ten days ago Mr. Justice firing the reinstatement sura to end-March. says that at th' 
Forbes bad to adjudicate on a insured because otherwise, one date, the major liabilities pla<h 
dispute over the scope of the would be: under-insured in an on It at its formation in Iff 
insurance clause in a lease and inflationary period. (after the Court Line bolida! 

bis judgment in the case of The judge reviewed the prob- group collapsed) had larg? 
Gleniffer Finance- Corporation v. iems that would face tbe land- been paid, with only small- li 
Bamar Wood and Products lord after a property's total hilities occurring in 1976-77. J 

Tfuse certificates have been sold. This amotxncement appears os a matter of record only • 

1 11 '! Vw k. O.OV^Uf, -j.. j.23.i>.55 1 .U 1 

’.■jiJc-.ii S>o«m O.G^in-fl.Ds.-,i;, U.lO-OjiO , .rii 

Uiw*M.;ti.. W7.1« l -Hk JU*I743 u:«.«e . - 


I'*. * ;ti l>.r.inii> !a )i :%<£**,( i ^ >-' -* ■ .is;:-. 
f iiiifciii:i S *ji tor M. j- 

S«n! S 4 J SX:|ss S ; .'Aii. 

A if-' 


Jiiv-llv ,-. [rid 



5-25 ■ . l'Li 

1 ..|i 



23*-51» -me di» 

J l-|rt 

falf 1 '**! .... 


+WJ t\ -j K 

42o-7zo«. <::• 



420-52O v. am 

.11 :1a i. .. . 



5&43 iindb 

' K > 


7 ; >fn 

1‘iWia .... 


J 4 » n:* 

13-14 i . tit! 


-a-a - ‘t 

IL 15* i/it .li- 

' i-.:ne . 


-lu •!., iM* 

10 SO^Ridja 


■1 1? r. i-n. 

5!?-47» t‘.pn.. 

Standard Chartered ... 6*% 

Trade Dev. Bank - 

Trustee Savings Bank 
Twntioth Century Bk- 


itac-nr-Kh {in«ird tiUar h. 4>0 .mc to 
!:-.n .mh ^.CC5Sc £ ]s . 



U.S. $15,000,000 

United Bonk of Kuwait fii^ 



D> bu:>Ar 

tV. lirOJUj 

1 First Nat Fin. Coxpn. 9 T. 
First. Nat Secs. Lid. ... S % 

[Antony Gibb* 

■ i iiHhfe Durrant Trust... . 7i°„ 

;i.lre> hound Guaranty... 6i*V$ 

Whiteaway Laidlaw ... 7 % 
64% Williams & Glytfs ... 

Vurksbtre Bank 6?*V 

S % B itftnhfre el - dm amhmu aouscs 
• CMHWM. ■ 

iww.j’- 1-iaoMh dCM3K» 

^ ’ll 2|-.. 

S % I 7-day ftatuidit ui tnsrii of 
ciir ami v o ter y„ up to R3.M 
ami «tr £a.iw «■:. 

tl i « : lan-iirMim.nrr iijmIv.-. 

WlnTtlrrm.. 6.-S-6 ; . 67 . RijJSli 6l|-iJs 

‘1 din aHTlir 6»i-t 1 63|-1lj . 6 '5-7 '-5 , 4 : '-5v ^|j 

Brmh. 6*-69| . 61, 7 : Mil fc-ti - **f*? r t 

a»Wi 7 -7- - 1-r.ln. 7?4-a f!*« < 2L ^ *«J?2 iXiiL 184422 

ZavmProkB dapoou ««*?“ two-car 9i- iv* xs t ssi: ffwQ i 
MMMaTh ITc-rit in.-t ccbl; mK-i-meec V--:: w? ccar.: Bx-Bwao al-l-’t oar lhri . 

WH.: onr T#ar 131-I'Jt W vrni __ until -ui-iipr 

■ toottarrci KorataDar OcpaKr. Wj Ttxr* W >rr cu^.: ttftt »c»s it -51 “ 

DM i.m. . toor vam wd nrr ~rr - want «.«* W 1 11 : 3 0,1 " 




3 -i'iim, L 7 

Ooii o 
Aggro * 

i inner. Zl~ 

Three Year Negotiable Floating Rate 
U.S. Dollar Certificates of Deposit 



Ea«*?‘ two-car w-JCJ'aer cssi: iSr«Mariwi] «*f ik«j 
ccbl; ifirM-flMCB w? ccar.: «a-ma=ui 'Jl-I't wr h “ I1; , r . 

6i*Vi < Drtaoa drown* 4 - 

rvri itm.. tar yem aj-al un arj,; five wars aer i-Xi. 

as. 7165 
2-567 Id 

Grtndbys Bank aw 1 ® w swu=a luL 

| Guinness Mahon 64*7, 

iHunibruK Bank ......... 

3 7 -day di-ixeiin 3STi. Ka!. r. for Ti m 
Orpin* » rnrr FIM9 aniwlablc. 

msiSMUi eb.709 or r ton.: ihn-» -mcaOj ?.ii.ris oc 

OR- ciiji.: one-year * 70-7 iO wr eC- 
*■ Rotas »rv irfsinioal riCljns RSS 
. r twfwrai nut ora coll iw, C-S- CsZax. 
dan* notice ter rvpam ana Says Bias. 

5fi Caraiiin dc: an: la-o 

-.Hi'li !- -rt i« 



Hill Samuel & Co. Limited 

Salomon Brothers International Limited 

25th January 3 978 

New Issue 

January 30.^978 

This advertisement appears 
a3 a matter of record pnhr. 



DM 200,000,000 

• Financial Times Mondav January 30 1978-^ * 


The tallowing is a record of the principal business and financial Wtotmto inr«t> Db. ** ■ " 1 r *id^- J fififl 

engagements during the week. The Board meetings are main 1® 

for the purpose of considering dividends and official lndieaSoS ^ ^ - “*■" 2 ,ec 


are not always available whether dividends concerned are. interims ,arB 

-tam “■* aw based “■***»•« 1451 cB? ansrs^&sjf ft 

.vears timetable. ■«*-•*». W i*ra T " B ,ao - 4a ^- 

n-Mcr.^-WS^'. ™ a-w^m»rt5a ®: «. s*^ ,.7 S * «£?* witT,wcs “ 

DuDte intenitiorai. LtCvcb. Lircaonn*. Bob W. 34- w S.Ibc. itsoc (fmhr. «SiBtfat« Ln. 4se 2 pc a.i*.| T»itlU'» - * 

’fej«D Kamo- trv&vasc. "i’is.'Kr; mg grsB&gtfe, i.»« *«r»„ sssfasss 

Gi:e usccr Ln. soe Dawwt) iztoeB®. Rttf. >®M £ 9-5300 Kltw Kalins Ri.W« £--Ntr» 

_ intnns : 
FUUJIS nirffli. 

Gaunt (Rourt-mei 
bODtnmrilic iwm.) 
Sterling CretM 

Gire ustcr Ln. Soc Onmni iZtoeB®. Km. l’3.*7a £9-5300 KliM Koit-n Ri-Wcr CitJtra 

Gvnar ScotMalr Ln. «>hk g«jaw A.BSixPt. £*25oe Maljyva p.itii-w 

ernes Group spePf. ana SacBPf i.?Sk 2«ntn Brews Do. iliac • steffiirra Gro- 

O-lHKt . DyouiTt . 5'mcPfl. 1J25PC 1 **:«*"• -- »Sat. Jb<b . -DtviDffcD * rimHLSI / 

& STTSsp .-WVIDffHO A rNTtRtSI RAYMtwTi*. - 

GaM^yan. Invtrt. t*. Ob. SJnc 

DividCNO x iMTFtKr Co m ing Hldsi. 7pcW. 2,7 k Of*ytto Comd, TW. Dp* ZwC 

^fl578 U, 6.-D C Mart9W * ,3BCfc “- "■* *«*■ <***» 

Dons- Kartnar Bow! AMMOb. ‘ ^ 

DnvifaA rnrK/L Til Rh. ) Lne . ^ 5#vi LP^wfC K.3i) 

St3^*CBe i ^7 , 79-Bl 4toc Blswmrvltnpir Guld fcliMjno )7-64?Ua - 

dSSS JBSbSi »S3i ' aSwe _ ■"■J*- 

E4 Jt Cimbriiwcsnrr* 12-'wcBas. Bod. Hu ° . P. 0 P & _ B _ 3,J vr *t-Sw> 

OFf ering Price: 


6'.'4 s /o p.a., payable annually on- February 1 
February 1, 1935 
Frankfurt am Main 

povy Cietnca: 50 cts. 

Edbrp 2.02 b 


investing in Swcbess 
icrJss ana Catteil 

Deutsche Bank 


Banca'Commercfale Italiana 
Banque da Paris et des Pays-Bas 
Union Bank of Switzerland (Securities) 

L-miied * 

Banco do Brasil S. A. 

Merrill Lynch International & Co. 

Westdeutsche Landesbank 
Girozentrale - 

lmwJSTTB " a, i5S. 0^6 b l St 5£%Jir i %oc f & a ’ ZjTJ 1 “ iitK G^STeK^SOitXllsn. tna Mnk Svq. 

:l Tff.Wy J3 ;o; 19Bt 6^pc . 1 Kg t *1923 cAttcL witB Accept. Cqrf*>.) COMP4N) MCfllfuSS-* 

WTO o^n. - ttfc. ^ 

Tor Tw 7 si“* «^SS*n.rr 1 9 .“« R^BS-BF 4 >«k ^^D^TTt ** ■ ’ 

iff. P*® T *t Pt>« 2 2 :- 9M 2 Lac iKWvbl ChetnAil Inds. SocPt. t.TSot. Fin*-.: 

iai. ura. ill -=4 Fc 8 m,n ril <oni nUu SJ .33 *« — 

eo. 2^ TA 3: ^ W - ‘ ° 

?S2±'W8mn. tn ** XX* 

<J» Lfl. ShBC f^-Ln ”5* ^ ?i«efM J a jtpf l t*-,. _ 

^ SecW * Orwr Ouse* Wabr Autnontv s?joc Rim. Vri>t**n \ty*j s^la 7 (tA ‘ 

ew^Z?!* 78 24 ‘" C G^rtt* 6o6*°St*Wiiwi. tna Rvfuacc sm. * -*? 

Ln. aSt BOA. T 929 (AS«L witn ACCCfil. Caif.l „ COW! RANI _ bUttlMGS-- 

A"- ?"?„ 3 DC Oa'inu cv t* 7 . JUrbwlanH^ * •* 

5 r L. J il! c Mar™ tZMPcsn- Ra. 1*2 ?a t-j woo VC. •* ' 

iSirirSoZ'ft «t» C 7 n«i£ S7 FSM Ineonn IWPwW Chetfiiw'r Inds. SbcM.~ iTfSac. . 

IWjBrt HW^ B Cfrs- 3 . 4939 B Mnc. usp. Units 7 4n ,BW,ne hu ““ IK ™ Lns. Z-U Jnd STM a«nuur frust 

dlstsa. a. 0.7059= .. «. 27:3777 _ WAsDcPl. 3476ZSPC _ . ti£g n V^S2i ‘SS* 1 

AtahH Bank of Kuwait (K.S.CJ 

Amsterdam-Rottardam Bank N.V. 

Banco di Roma 

Bank fur Gemei n w ir tschaft 


Tha Bank of Tokyo (Holland) N.V. 

Banque Franpalse du Commerce ExUHfeur 
Banque Intematkinala a Luxembourg SJL 
Banque Populaire Suisse S A Luxembourg 
Banque Worms 

Bayarische Hypotheken- und Wechset-Bank 

Joh. Berenberg, Gossler & Co. 

BerTmer Handels- und Frankfurter Bank 
Chemical Bank International 


Compagnie Mon^gasque de Banque 
Crfidit Industriel et Commercial 
Credit SiHsse White Weld 


Daiwa Europe N.V. 

Delbruck & Co. 

Dewaay & Assoctte International S.OS. 
Dresdner Bank 


EuromobiDare S.pJL 

CoKbugma Europoj ImBmublDam 

First Boston (Europe) 


AJgemene Bank Nederland N.V. 

Amhold and S. Bletchnieder, Inc. 

Bank of America International 


Bank : Gutzwfller, Kura, Bungener [Overseas! 

Lmtifed • 

Banque Are be et Internationale 
dlDvratissement (BJLLL) 

Banque Gign&rale du Luxembourg SA. 
Banque NaSonale de Paris 
Banque Fkrthschad 
Baring Brothers & Co_ 


Bayarische Landesbank 
Bergen Bank 

Caisse des Depots et Con signati oOT 
Citicorp International Group 

Credit Commercial de Franca 

Credit Lyonnais 

Credi ta nsta I t-Ban kvere [ rt 

Den Danske Bank 

aMen Akdosobkab 

PyrtsdT-Suda iperi kan tsche Bonk: 

AWit flgww Iwnilt 

DG Bank 

Dwtaefw CwnMansdaftriianK 

Effectenban k-Warburg 

European Banking Company 

Robert Fleming & Co. 


gramhote und Bank der ostarreJchbchen Ggldinan Sachs International Corp. 


Hombros Bank 


HIU Samuel St Co, 


ISSfili von Japan (Deuttchtend) 
Kidder, Peabody International 


K redie tbank N.V. 

Kuwait International Investment Co. s^.k, 
Lazar d Freres et Civ 
Manufacturers Hanover 


Samuel Montagu & Co. 


The Nikko Securities Co., [Europe] Ltd. 
Den norsfce Credi thank 
Pierson, HeMring & Pierson N.V. 
Rothschild Bank AG 
J. Henry Schroder Wagg & Co. 


Skandinaviska EnsMIda Banken 

Society Gendrale 
Svenaka Handois banken 

Trinkaus & Burkhardt 

J. Vontobd & Col 

Westfalen bank 

A. E. Amec & Co. 


Banca Narionale del Lavoro 

Bank Jutius Baer International 

Bank Macs & Hope NV 

Banque Bruxelles Lambert SA. 

Banque de ITndochlne et da Suez 
Banque da NeufEze. Schlumberger, Mallet 
Banque de TUnion Europdenne ’ 

H. Albert de Bary & Co. N.V. 

Baywische VereinSbank 

Berliner Bank' 

AJitiengawflieftaft . 

Cazenove & Co. 



Crtidlt Industriel iTAIsaee et da Lorraine 
Credit du Nord 
CradHo Italrano 

Richard Daus & Co. Bmildera 
normals Hans W. Petersen 
Deutsche Qrozentrale 
— Deutsche Kommunalbank- 
DfOon, Read Overseas Corpor a ti on 

Euramerica Fa i anz ia tl a bitemazionale SLpA- 

European BradBan Bank Limited 

Geftta International 

Groupement des Banquiere Prives Genera is . 

tohmorbow ' , &6BSP Mirtlri’ •fSstnto^* Shod 

^CSsTSSt’si* *. 

^Wt. w.7. « SSSf'STj Tst * Db - 2U0C 

Mt&ga- ““»»»- 12 ks*j.s.? j ^v^. 7stc 

IS^r^ustoes T.0B45D . 

I DC Osoom (Samuel) oa. 3 -toe 

S'i.p. Iiraei . Elcctr< Corp. t£a .10 
=<xpct-v jamajq, puene Service Do. 3 'sac 

k-nultim Ti-uit 

(•ftsi lau t 

j on man Mattbcv - 6 .JiOSo " ?V* ■ sr ?, 5 .®-, t J ‘ f> ‘ ■ rKr ' 1 

KeanarUi Do. 2 pc *:£. .•«?.« L,t v 

Laird OB. 3 toe WcoOjT. — ; 

pnaric 12 toe Bos. Rea. 1 ^ 79 £ 6 .f 200 oivto: u & iNier.**,» ) | AiM(Nl 3 m 

Law Debenture Con*. SbocPt. 1 . 9 i&«x a*, .-to vr.iwi it. 7 SA 8 p 

Le^Uton) 5 ocPI. VTleC TacPr. Ato. y- 

Lewis- (John) Props. Do. 2 oc Na«.ao 3 V> idjJp -me. Nts: 

LfteSn 13 BC Red. 71 MJ 0 «Tmc d.fclw. 01 u.u»r (a ir. ™DM HiJim. 

Loncoo Lana Prop. Du. 1 toe a.icmji.*, u'.lk (..-■. 4 -A 78 4 >wc 

Handebbank N.W. (Overseas) 

U mil ad ' 

E.F. Hutton & Co. N.V. 

Internationale Genossensdiaftsbank AG 

KJobonhavns Handebbank 

Kradietbank SJL Luxembourgeobc 
Kuwait Investment Company [&A.KJ 

Lazard Bores & Co. 

, March, Brick & Co. 

Morgan GranfsH & Co. ' 


Nomura Europe N.V. 

Sal. Oppenheim jr. & Cia. T 


N. M. Rothschad & Sons 


Schroder, MBnchmeyer, Hengst & Co. 
Smith Barney, Harris Upham & Co. 


Socttte GOndrale da Banque SA 
Swiw Bank Corpor a tion (Overaeas) 


UBS-DB Corporation 

M. M. Warburg-Brinckmmin, Wirtz & Ca. 
Wood Gundy Limited 

Georg Haucfc&Sohn 

Ibero-Amerika Bank 

Istituto Bancario San Paotodi Torino 
Uemwort, Benson 


Kuhn Loeb Lehman Brothers International 
Lazard Brothers & Co. 


Lloyds Bank International 


B; MetzIerseeL Sohn & Co. 

Morgan Stanley International 

Lrmhatj ■ / 

Norddeutsche Landesbank 

Orion Bank / 


Rea Brothers 


Salomon Brothers International 


Seiger & FriedJander 


Socteta Rnaiuiariu Assfcur ativa 
RAS Group 

Strauss, TunriuiH & Co. 

Trade Development Bank 

London Brandi 

Verains- und Westbank 
A W a n gaai B ac h i fc 

S, G. Warburg & Co. Ltd. 

Y^aichi International (Europe) 

Ictereurooeaa Prccerty Owv n Owen 6:>ocpi. 2 Z 7 Spc. Dos. SAa-Londoa lmo Prop. Do. 1 toe a, n^u. <*-4 78 4 *wc 

Alliance Tst W, S*. “ j ^* 63561 f*«Wj 9 Or* iStSp B (llK^?uBB. Oisnm. fcSSooofiun 1 PotlU^to^RM. V 2-78 e™pi.l»» ^-^U=^‘hca* H.a. 7 ft •'-'■&'• 

Allied Polymer Ln. 5« ° M15o an vr. enand 20-3,771 -4&5Z00 or-i-ii* l>in»i Til. .'p. . - 

Anglo Noraie Shimina 1. 3 toe R L r F r Plate ana G* n * r -» l Invest-' r*t. Db. MetropoUlan Water Bid New R-»w Spc {] c-vi -M.Kni :# 1 J.S.J • 

Aurora 8r»W 4 m 3 , Db. Hrpc BrwM-ou.-ne UaiBa;. kco. 30 7 ad toe - 

Aim run SpeBcj, 79-az x~- San gen Group T^jp Monies- irmsst T«. 0.6p Ch.ift-j.ves bo.Lrt«*. k%v 9 s-ra 4 «noe 

Beattie Cjamcio sa-p* iTinr ScHwtiiger American Imremv Pig.Pt. 3 a Ngwc asu e ana Gatesnoan- water 2 ana li» <LsUc.s Kea »-3 ?U b'luc . 

Bftitalls 5 -pePT. T. 92 SM CJamesi Engineering S'lpcPL. Ztoc iCans.) 3 ‘.-PC ( 30 - 91 ) 3 d ano Ca'- iW ^a;oci Muxu-wi j dHMlp !\#r- 

Bewr Jenson inn nu,L, >il ta • e 2 ‘ s 7 Sw a. 6 sk*h 0 PI. 2J7SvC te c. Db. £ 7.07 C tv ai - ngr m.i. I..\MjTp 

Blstiwsoate Tst. sorPt. iviiT 306 Srunkii Hlass. Db. 31 iik NgweasWe-unaer-Lwiw iZ'-scBai. Rea. Lovrrv »m D ; inn Prors.^&o 

a suing ten Textile mSm KL , .„ Sia^t and NriUiew Assoc. SkPcPf. UZSoc TiZ -78 £ 6^200 £«-an vV'ir« .'‘.pcSci* .; t . a . 9 9 .*a 4 *« ti(S. 

|Glto" TextlteMTusT^^Jr'^- x S?,*" '«>«**». Dos. S>4 and Stoe. L?S worm^ Devon IStotBos. Rco 1.2 73 U. n.i ibw H I -abu . 

Brascan Class A Cn, 2; ™ >W aoc EE.S200 Cm.- <Oir-o! lu 

Erontnall Beard 0 746 n Smitt tW. . H.l and Son CHIOBS.) A Or). «0Ttti East. Lmcoimturo enter Boa ra Dj-jn'ra-ae Kii.-tvr Litarot 0 523 ■ . 

Britisfl Columbia EJee Pm r.M.1,1. D ^, 5 i b ?t 2 ? f,ne - dlsttin. ou. vr. to Stoe Red. 82 -B 3 9 '<OC Duo‘v» -i.rh.0.-. Re.i -i S *J 

(8r.) h/M ftS'lPS P 29, 'T?’ • ■ Norm ol Scotland Mroro-Eicet.-e era. Dj..fcr-ii..e KM. ifl 7 e a^« mb.' ■ 

'Br.J " as ‘ " ‘ Dl£ 1 486 Star iGrcat Bntainl Db. 3 DC Nortn at Scotland i-ac G>a. UHm -J yrt.Bc* i.n. 1 j :a 4 *i-uc .'.T®*. 

Bnt'sil Ln. Car Tanganyika Concessions 9 ncPt. 22&PC 77-00 tbpc ?• tnyvaal Cuiv M.m , ^ .0lJiS0T» J '. : . 

British Petroleum Birh JSaf awM Tam«ic Ln. 4 toc • - Outvncn invest. Tft. SptPr. l. 7 Sdc- sit«C tl-u:i iC.. a.m! ilm. su:*o. d-s!Bn> Blwd'" 

3 . 1 5 oC ■ a,S!K ' qBCPf - Teacher (Distdiers) tn. Sac • Pr. 2.1 PC. - 7 »aixPt 2 . 71 ZSPC. Ota, 2: u.C 44 a an -r. ennen 31.3771 ; . 

3 rlxJon Estate Ob Ice Tecjlemlt Db- 2 toe _ 2 -\ and 3 toc ►an-U.m. kcv. 9373 J-wix . !KT: ' 

capital and NatTa-iai rs- SdcPi 1 »« I w '‘ '«ws- tA 2 toe Oxford 7 L.Dc Reg. 197a 3 tot $*teih.-ap c.*ji. k.-p. 4 *enc. : 

Cbs. 2 1, iiu 2 :-n= r.raac. Tncentroi Ln. 3 i;pc Oxitardsnirc U'socBds. Ped. 12 75 nc»r f ai s-v^—nvng lUacKliUer a. 7 J 2 b# "V 

Circle Eng'g. 1 ciwg* , n Trust Houses Forte Ob. 3 . 7 Soe '£ 6^200 L. ‘j'-, 3 -.Sai M.-a. *3 S 7 a a L 

of 0 . 02 OSo 01 w enuM Tstr LB - ^UdC . - Port o' London Authority b toe 7 b- 7 o Go<u..'. a . Sto ....„ 

Carlicl IWHL Tst 31 377 )- U.D. 5 . Group Ln. JJ.DC 2 'dX I..,,-; T,[ u. 713 i‘» fr. 

Central Mlo. ana Traami Ln. a™- Ultramar 7 ocPfd. 5 -bpc Prteun. lAltrOdi 0 5 . So m-u Mili-i Kca. 20 ? 73 6 -woc 

Combined English stores ?^u:Pr Sffj P—j jfS** Ob*. 3 t« and 3 '*pc Romney Tst. Db. 1 ijoc. Dbs. 1 r s one Mh«*ii lr.|*r 3 .>i ‘.*>3 • -• 

Cook ^ K iTi « 7,J5K Si!S!. E ®' La. Spc 2 b« MoiHoertii. .-t-.-.r Grid Mmt.-.a 4 4 .! 193 M» 

Country IM Nm _ Westbrlck Products O 3 o RoxcKirougn 12 -totBas. Rea. 1 - 2:70 Hnansi.a. , *1 e >B 4 «mik -t - 

Croda FreS WeMcm Ground Rents Ob. 1 -toc -£»J 20 C 1 h.-w.uc y.-rr.'-l u aiip ?■ 

CrYstalateBDcKL^i 6 ^ amP, ■ 2 - t,(X: Whit es (Timothy) Ln. doc 5 * ,, 0 !f! ! 2 i“ ,c 5 ^ Bca -. H?* 7 B £ 6 .a 2 dO U>.c«-«r yurc I'^cSds. Are. * a 73 4 'imc t 

Drcca Ln. Jm WcBsetov-Huabas . 6 pcPI. 2.1dc Ohs. 3 la Saowe" iCtocBds. Rod. 1 2 ‘ 7 S fcb .3200 Lana-an jr.z u-.--i.-v-' l.i O.iSIp . .... 

Derby TSispcB^s. Rea. 6 ',dc and apc - SijocPf. 1 . 92 £oc. 7 <:pcPt Loth.ji v-tucKd-.. sri. -i s-Jj -I'kBC - — 

0 2 C 27 SDe tW^, ■ , fNoa,o abdoii 4 J 5 ocPf. WEDNESDAY, FEBRUARY T Scottish’' Agric. Secs. Cora. taocOb. 1 99 3 Middle 1 A 9 waiFi*ri»s y <wn(n» '* 4 nd) 

°SS°" l ‘m Pt ‘ 1 ’ 4 *’ rawnwav* Y | b««. l *TVmrtT t, Crosby r TA«»aw»ort: wo Trading 7 dcP). 2.459c m-£*V >U |.“i- 

Duple lnteroaj) 3 oi n^4n^ teuare E.C., 3 J 0 vra,Dy Wror TtpcPi. 27625 pc hwvn K.-n |>V 7 U »>k 

Dnoort DbsTzb and inc RkJiard#. Aberdeen, 12 Slaugh Estates docPf. 1 . 4 pc. Detf 2 ; NUr.-.-l-jn •irfcB.m •;.« 9 8 73 e'uur .S' 

Electra im. ht iff BOARD MEETINGS-— and 3*K u-xOdi Red. *< s 7i 4*.*ct S - 

Eiswrlck-Hoaoer oS ^ riruii: saup\ Wiat» iZtocsov Ren. ?' 2 ' 7 s t-i--.Ui.iQ mi, -i .mBcn Rea. ^ 

tngliSh ana C.aif«h ■ — A.C.E. Machinery £ 6.5200 O-i 1 . 7 S 

* saw tJT : 'partse* M ^ « •»’.■ — m 

“SflSza'Sc ^I^SaDfciy 31 ^^ SHTi r ^ h,fl l , l • ' 4 K? S, , ^^ 2h ' SC , a7H " a79 ■ 

B 0 -B 2 ^ 1 .S 75 BC. umlv S’ ” SiC “ r,tl “ ' -TB Lb.slv\) b.n«rcs La .».< 

£ 0-81 %.7&Sr Imsac tlftie. SB 9 to*i Mrtflf Securities ^£ 6 . 5200 * ^ 8Ci - RM - *‘ 7!l 

■SB» 1 ^ ca»»^ Bds. Ibi™ f,ne ’ dlstnn - “ - ^ f 

iSr'i 2;, PC Ser ' ** 0ce 1 * 86 Star (Great BnUinl Db. 3 DC 

flnt'sji Ln. « x CoowsIobb 9 pcPt. ZJSpc 

Brm^ Petroleum 8 o=Pt. 2.3 =c. 9 «Pt. { 5 e^ L ,S.*wlSS» cn. Sac 

StKPt - ’• ,SaC - tft - 2l «* 

!sr§. 0 i n o fi 4- ='ffs 

vju-l.oi Invest. TsL 2 iiSr ' u.a.b. Group Ln. I^iK . 

Central Mlfc ana Traaum Ln. a™- Ultramar 7 pcPld. 3 .SDC 

'Ssranwt-aUf*- ^ 25k S£S£t< 3:we 


*, Crtubv S ^ 1 Transport ana Trading 7 ocPt. 2.459c m'-l-uh I.Se 
71 -ptPr. 2.625pc M-,Mn ij , 

This week in us3oa v™™ v^ea.* %'^r^ > 

Parliament tear ano akoc - umnn 20 ^^^ i QKAPr . ,.^ DC ’vv' i,!;v,nv h '’' 1 

M. lUriiUCUL "£"*,£»»•*» .njt spew. ,. 7 S 9 C ' «M«M S'.*" -ms Ol'hil’ 111 v; i«,( e 1 .* bj -1 

to-oav l£tn. a SS„ a l,V' 7S “ ■' ®ffi EM BUSS’ eSS’vJKSB! * Tn "'" j 

mSf? DtlBte r2 SS’» , S« M * -si* H*—. «.v ,. s .„ .„,S8ffSV*nW» , «R^ MW J.J 

employment. Motion on EEC fit , ?2B eB ? 5 - - 5at V 2 * 78 *&««> w“c^upc «« 7 * aw R ,; -J. rur ’ '-'"fc- «*•« .’«n j-jT ■; 

SSSSd^ . “• DUty 1 3 7 a S*wi.S .f,;^ 

[and -Magistrates' Courts Bill. — - ' — . .or* 4 . 4 p. s-wpi.-. t.orsor . , .7-??* -7 ' ' cj" , ; 73 ,.•* 

sjdrov 7 l;pCP». 2 . 625 pc Ntfeum Ij ^p. fir-, h.'n t- 3 ' 7 'J f.' 

Slough Estates docPf. 1 . 4 PC. Dtrf 2; NU»..-..|.jn s-^ .;..j 9 0 73 «W , 3 - 

• 3 ij and 31 iPC ‘i-.i-.Odi Rvr. -. s-.V 4 *,*** m . 

SOMh Wight iZtocBoB. Red. f' 2 ' 7 s O' mi, ■r-.otBdi. Rw. 

AD. 52 DO . 4 'l.i's 

• JSSF"* 1 ' 7pePt - Z.45 bc Pvd'v -‘■.rcb.i* Ker a 5 7a 4 »'«bt A 

Spillers 0 .B 25 D Cr.-tl f.-.l.pi.vt I . .01 

Standard Tst. Db. 2 tot -• (so ts »9 •>• .*. P.i- c.b >19 71 4 *„j»e ' 

SLirfing l 2 toe Bds. Red 1 2 '?B 16.5209 b<m: Plr.-n ' 

porl j 2 toUW 3 - Red. 1 . 3.78 fcb.S-vv> b-nitrev La .»,» 
s *c^ 5 nn e 1 ZtoCBdS. Red. 1 2 73 5 lu.’nnbur* m.„ Un _ Ken ‘J H 7 B 4 VK il 

:sg*gg.n IZtocBd, Red. , m i ° 73 ' i ° • ^ 

rJ? 4 2 n°° 7 pe Red. 79-30 3. -pc nr - 30780 M 

Thud e Bar hum r.» r^n. * -.. - n . ... .. _ .. 1 

DIVIDEND A INTEREST PAYMENTS— : -*Sa , »S? ,n f***®**^ «««• 1 ‘ 8 : 7 B Srutn 'Crau. 1 L-.'.a 
*%lfS ^,* 3 ^ 11 ^ 8 N fe. ££% Rto. 79-30 scot S 5 T - — 30780 a 

iBbspeSl Db. 3 pc '• *«-k ts- nr* 



and company, limited 

lord Aberconway's Interim Statement 


■MlM«MaiMi Nsa 


Dfls. 30,000,000.— 

654% bearer Notes 1972 
due 1976/1979 



joint and several co-debtor with 

Holland Amcrika Lijn B.V. 
(formerly N.V . Nedcrlandsch-Amerikaansche 
Stoom vaart-Maatsohappij 
“Holland-Amerika Lijn") 

Following a change of structure of the Holland 
Amcrika Line Group the undersigned. Hol- 
land Amerika Lijn N.V.. incorporated under 
the laws of the Netherlands Antilles, has 
become the parent company' of this Group. 

In connection herewith the undersigned has 
accepted joint and several co-debtorship for 
the liabilities! of Holland Amerika Lijn 
Holding N.V. on account of the above notes. 

The Terms and Conditions of the notes re- 
main unchanged and payment of interest and 
redemption of principal will take place as 
agreed therein, at the offices of the paying 
agents, namely: 

in Amsterdam: 

a ^“dKMeH&HopeNV 
A^erdam-Rotterdam Bank N.V. , 
Aigemone Bant Nederland N.V. 
Piersoiw HeMring & Pierson N.V. 

_ , ™ Keniburg: 

Bank Mees& Hope NV 

in Luxemburg: 

Basque Generalc du Luxembourg S.A. 

Holland Amcrika Lijn N.V. 
30th January. /V 73 



do 5 a V OT1 t0 en able us to continue nur work 
sufferers and to co ntiau e our commitment to find rtte cause ■ 


Please help— Send a donation today to: 

Hoorn F.l, 

Jr^CSlf S ° d ' ,y al “ d Ni 

London SW1 1SJ 

SS T w 1, We havc ha,:i to c,ow do «n to a 
SitJ « basis our facricatinq 

SatfSms Clydebank for modules for offshore 
^“°™, Nq new Cfd ers on acceofable terms 
were -forthcoming and u (S unlikely that any 
will be within the next vest or so. . " Y 

same^S^h" Um ^ d n * e<p * ct much th = 
S„ P c r0 l,; h,S h ,;: iJr M-to. fur 

- Dfls 60,000,000.- . 

6|% bearer guaranteed Notes of 1972 
due 1976/1979 . 

• of 

Curasao N. A 


(Redemption groups Nos. 3 and 4 
having fallen due before ) 


. Notes belonging to Redemption Group No. 1 

will be redeemed on and after 

March 1, 1978 

t ■ 

in accordance with drawing effected on 
January 12, 197S pursuant to the Terms 
and Conditions. 

Paying Agents: 

Amsterdam-Rotterdam Bank N.V. 

(Central Faying Agent) 

- Pierson, HeMring & Pierson N.V. 
Algemene Bank Nederland N.V, 

Bank Mees & Hope NV 
in Amsterdam ■ 

t Banque Generate du Luxembourg S.A. 

in Luxembourg. 

January 30. 1978 

■ second reading; State Schemes 
Premiums (actuarial tables) 
Regulations. 1977; Foreign 
Boycotts Bill, second reading. 

penditure General Sub-Com- 
mittep. Subject: The Govern- 
ment’s Expenditure Plans I97S-78 
to 19S1-S2. Witnesses: The 

Treasury. 4.15 p.m. (Ropra S). 
Expenditure, Education, Arts 
and Home Office Sub-Committee. 
Subject Administration of the, 
■Prison Service. Witnesses: 
National Association of. Proba- 
tion Officers. 4JL5 p.m. (Room IS). 


COMMONS — Scotland Bill; 
committee stage. 

— _ LORDS — European Patent 
Organisation (Immunities and 
Privileges) Order 1977; inter- 
national Rubber Study Group 
(Immunities and Privileges) 
—i Order 1978; Theft Bill, commit- 
tee; Industrial and Provident 
Societies Bill, second reading. 
Participation Agreements Bill, 
second reading. 

Nationalised Industries, Sub- 
committee A. Subject: National' - 
Freight Corporation Report and 
Accounts. Witnesses: National 
freight Corporation. 4 pjn. 
(Room 8). 


COMMONS — Scotland Bill, 
completion of committee stage. 
Motion relating to the Com- 
munity Drivers' Hours Rules 
(Temporary Mddiflcations) Regu- 
lations. [ 

IXMtDS— Debate on alternative 
energy sources' 

Science and Technology. General 
Purposes Sub-Committee. Sub- 
ject: Durability and efficiency of 
electric light sources. Witnesses: 
Department of Industry 10,30 a-m_ 
(Room lti). Nationalised Indus- 
tries Sub-Committee B. Subject: 
Electricity Council Report and 
Accounts. Witnesses: Electricity 
Councii 10.45 arn. (Room 8 ). 
Expenditure, Social Services and 
Employment Sub - Committee. 
Subject: Employment and Train- 
ing. Witnesses: Manpower- Ser- 
vices . Commission i30 pjn. 
(Room 15). 


COMMONS — European Assembly 
Elections Bill committee stage. 

The economic drmate worldwide continues 
to give little cheer, and the markets' for some of 
the Group's products, notably machine tools 
and plastics machinery, remain dun. On the 
other hand- there is now a fair prospect of 
reasonable economic stability here at home 
continuing beyond the end of ouf-financial year 
rn March, and, as stockholders already know, 
we started the year with some strong order 
books, especially at Constructors joluv Brown 
and for gas turbines at John "Brown 
Engineering (Clydebank): these factors, to- 
gether with some most welcome improvements 
elsewhere in the Group, show every sign of 
producing anothergood result overall. 

"I " 1 »>■ ^"awuctors jonn- Brown \„ r ‘ ‘ UUI! ’ rem lined very difficult 

l n « io \ 93 s turbines at John Brown ? n ^ed and there are lew sr Qn , 0 ; ,nproven,en- 

.Engineering (Clydebank): these factors, to'- » n demand. Hnwever Icr ron 1e Snrnd.S 

SJSJ ? 1 so T ^ oa welcome improvements . hav f 'mproved our mart*, P ™' 1 “ 

elsewhere in the Group, show every .sign of hdVe a,so achieved modwt h u i useful im 
producing anothergood result overall. : - . Yemenis in our ierK 

Given^ no unforeseen setbacks; 'the Group jn^w o i^th^oro w al 11 1 1 Acwdmgiv. and 

K2ri I™ rof Year t0 31 « March 1 978 John Brown 0f lb * 

■f 1 ° 0 ?m in C f d £20n *‘ *-ast yaar's profit- was ' encouraged to se^I iu.ttor v : r - < **.-w<i .are 
ln 0“r? ccou . nte fortheyearweshall be ment of our ? rcf * l-b,c dew, °P- 

Z£l?tLZT S r^ ? T ° n,v 8 ^h .taxation 
liabilities as are Iikefy to arise in the foreseeable 

IT®' , th li r Ml,nent is to ,ine with, the 
proposals of the Accounting Standards Com- 

m re,al, ° n deferred taxation contained 
intheirrecent Exposure Draft Number TB. 

The maximum total dividend forthe vear to 

P8rmm “ i S S5 

rules for dividend restraint and under current 
r«es of taxation i, 8.71 2p. on each Srf 

pHH'Si : 

prodiTcte h o r f e v arke, ' s for tha . 

r.nntiniuw j..m . . Tuoif. Lintilod hai<r< ■ 

u"V S ' 712p - on each wit of continued dull an*. . UnMod hav ° 
vu-uuT stock. The cost of such a dividend tough overseas vuh T* beconw csp-xialiy 

disparity between the inte^ and Vn™ 
dividends, your directors have decided to pay an 
Interim Dividend of 4p. on each uni/ 
Ordinary Stock: and this will be paid bn Brh 
April, in the new fiscal year. P 00 6th 

we expected. Constiuctore John Brown 
Limned will have had a good year,, successfully, 
handling the largest volume of work in its 

history as well as further strengthening h> 
manaDp.mont ■ . . TO 

rising pound. The roniMn^i Vouaht h Vthc-. 
cope reasonably wo ,i la ■ 

conditions, and has -imlnwi J „ . ^ d, ^ ,cult 
its overseas subsidiori*' .'. d ; ,OSWifr °ni ■ 

stockholders last July aVI'V'’'’ ^DOrted r n , 
piofitis expected this \ ul ,|7, P»owfnautn 

M = F Ia m B, r ?>*• -■* 

LORDS — Gun barrel Proof BUI, 
third reading: Medical Bill, third 
reading. Judicature (Northern 
Ireland) Bill, committee stage 


COMMONS — Prh ate Members’ 

to hear Howe 

Chancellor of the Exchequer, is 
to be the chief speaker at the 
annual conference of the Con- 
servative -Party’s Small Business 
'Bureau. The conference [s to 
be held on March 1 in Gaston 
Hall. London. 

Other speakers .will include 
Mr. Reg Prentice, the former 
Labour Minister who ts now a 
Conservative MP, Mr? John Nott, 
the Con serv- rive trade spokes- 
man; ‘and Mr. Tom King, the 
party's spokesman; 

'Zzzjrx zszte*"'!* ’ sf. (in ■ 

Jjg-- homZS^ 

=of , ew SSrrfe' 5! - 


kt.-kSSSSkk 'rrrrrrr 5 ^ : 1 

Sto™»Vto^VJE3L , S to ? 

team performance. However al I f " round 
and ship the high number Hr’ tQ raa / 1lrfactu r e 
Yoar will h a v7^SV m 9 a aS,Urb,neS,his 
men in the Clydebank Wnrko 0 ! ^ BemBnt and 
effort and co-operation 
Referable admiration and C0 - n ; 

current -predictions ..HiiojW ,h r l' ® ur - : - H 

r k "" ,s Ual » » be " j 

worldwide econoiinr ^ ch *tod on ST 3 

economic Climate hen-ot homo. up0 " ;| 

The Annual Genp-il ’ - : 'V- : ‘J 

value of -the pound Sn„' bl ® Jncreas e h the £"* n^V sixtv-f,fth hirth^av At n ^ ^ • -3 
currencies, and irtSriS WfS? « hCT major ** meeting l shal , rS ‘“rem iL 't'* 1 * *?'* A 

not help our gas^M?.ra ? eUSdonar -do«s ?“•*» succeeded J 4 

: » xHi..... D ne business and «»:n Sanders. wh«. . lw,r - Jc! hn Mjvhrw — 7s 

it more difficult next Year r«^, and wf,lmake 
orders we must have^n «i! ake ,h f .wpoit 
capacity. IO OUr 1978-79 

Sanders, who will combine ih2 - h 5- " 

present pos«t,on as cSV h '’f' 51 ’ w,milia v 
leagues have My «i- # 

As 1 foreshadowed 

my last Chairman’s 

wmcTlwii? happ 1 f y ne d o° of-^h ° n * 5 * 
me by okpress-nn ,h • , n, ‘ * 1JVtS honoured - VT A 

mo.the Company's firs[ Z™Z°\ 

Financial Times- Monday January ■ 30 - 19TS 




Feb. 5—9 , 
{T c b. S— 10 
FPh. 13—14 
Feb. M— 16 
Feb. 1-1 — Ii5 
Feb. 15—16 
Feb. 19-23 
Feb. IS— 23 
Feb. 20—23 
Feb. 20—24 
Feb. 21— 23 


.... international Spring Fair 

.... MicroK.vsieJns 78' Exhit. & L'onremire 

.... Swimming PdoI.& Allied Trades Kxbo. • 

.... National- Oftlcc Reprosraph it Exbn. -•», ... . 
.... Licensed Ilutel Catering Kxbo. 

.... E1A Engineering Exhibition' 

.... International Knitwear Fair 
.... Ini. Men’s & Boys' Wear Exbn. . 

.... Spring Flooreoverings Exhibition 

.... Furniture Production Exhibition 

.... British Growers Look Ahead Exbn. and Conf. 


NLu. Exbn. Centre. B'ham. 

’ west Centre Hotel, S.W.6 
Melropule Centre, Brighton 
Wembley Conf. Centre 
- Mctrupole Centre. Brighton 
Earl’s Court 
. Earl’s Court 

Metro pule Centre, Brighton 
Nat Exbn. Centre, B’ham. 


“eb. 4 — 7 

<>b. 4—7 

•eb. 6—10 .... 

r eb. 7—11 .... 

‘ch. li— IS .... 
’’eb. 13—17 .... 
"eb. 13— IS .... 
■'eb. 14— IS .... 
>h. 19—21 .... 

■’eb. 21—24 .... 
•eb. 26— Mar. 2 
’eb. 26— Mar. 4. 
eb. 28— Mar. 3.. 

. Knitting Industries Exhibition .-* • Paris 

..European Men's Wear Show Parts - 

. British Trade Fair Abidjan' 

. Engineering & industrial Equipment Exbn.; Dublin 

. Int- Confectioner; , Chocolate, Biscuit Exhn. Paris 

.. Israel Fashion Week . ; Tel Aviv 

. Int. Machine Too! & Foundry Exhn. Johannesburg 

Business and Micro-Graphic Equipment Exbq. , . Tokyo 

. International Hardware 'Fair Cologne 

. Offshore South-East Asia Show Singapore 

. International Spring Fair Frahkrurt 

. Middle East Transport Exbn. and Conf. - Dubai 

. Int. Tunnelling Industries Exbn. & Conf. ’ Basle 


ch. 1 

eb. I ; 

cb. 2 

eb. 2 

eb. 6 

3b. 6 

•b. 6— 10 

»b. 7—9 

2b. $—9 . ... 

»b. S-10 ....' 

■b. 13-17 .. 

ib. 13—17 .. 
lb. 14 

ib- 15—19 
ib. 15-16 

*b. 31 

:b. 22 

•h. 22—23 .... 

•b. 23—1*4 

■h. 24 '.. 

;b. 26— Mar.. 2. 

•b 27 — 28 .... 

•» 27— Mar 1 

— -ar. 2 . hW4i»i 

British Council of Productivity Associations: 
Unfair Dismissal 

Department of Industry: Bulk Materials Handling 
Hogg Robinson (Pensions Management): Contracted 
Out Occupational Pension Schejues— revised 
administration and pay role procedures ’• 
Bemdtson lnL/ORC. (U.K.): Management-^Pay— 
Productivity . .. . 

Chart Analysis: Investinc in Commodities.. . . .. . 
Coven try.. Management Training Centre: Strikes & 

. . - Industrial Action 

Business. Perspectives: China - and Britanur-The - 
Prospect for Trade ';Y : 

Urwick: Management in Research. & Development 
Executant: Prodaoer Risk Appraisal . *• • 

Imperial College: Management Science.-, .in 


London Chamber of -.Commerce and Industry: 
Social Sen-ice and Infrastructural Develop- 
ments ffi Oil Rich States 

Kepncr-Tregoe: Decision Making for Spnior 

Management . 

Abraxas: Syneclics— Innovative Skills 
Society For Long Range Planning: Self-Denial 
To-day for Prosperity To-mbrrov.’— Crisis nr 

Oyez IBC: International Tendering - 
Management. Training Consultants: The Skills. or 
Interviewing ‘ 

Building Materials Export Group: 

Export Markets for the U.K. Consirnbttpn- 
Industry : • : - : ‘ : • Z? ■ 

lnb'ueon. The Practical Implications of-'-rjhe' 
Consumer Credit Act - . 

Henley Centre for Forecasting; The Fuluie of the 
U.K. Properly Markets V 

Institute of Personnel Management: Employment 
Law in 197S • 

Financial Times: Business with Spain 
European Study Conferences: EEC Competition Law 
Thames Polytechnic: Bigness Trends in France 
British Transport Staff College: . rinance. & 
Accounting for Management 
Financial Times. The Banker.- Ini-eslnrs Chrohicle: 
World Ranking in 1P7S ... • 

AM It IntemationaL Cicutinu Business Growth , in 
Europe . . 

Inaiiiutr of Director* Annual Goo ven t lur.- - The 
Slate' Si Hie Individual 

McGraw-HBl: Corporate Frand - - -* »■ -•■* 

MetropoTo' Hotel, W.2 
Runcorn, Cheshire 

Royal Festival Hall. S.W.l 

Cavendish Centre. W.l . .. 
lnL Press Centre, E.C.4 



Raya] .Lancaster Hotel, W.2 

Russell HoteL W.C.l 
Exhibition Road, S.W.7 

Farnham Castle 

&a, Church way. N.W.1 

15. Bel grave Sq.. S.W.l 
Inter-Continental Hotel, W.l 

>r . . 

. Leicester 

.-w.~Y Cavendish Cenlre,..W^v’. : 

Hilton Hotel, W.l 1 

r’.mraler Cinema. S.W.l 



IJ -ya! Lancaster Hn'el. W.2 

1»: i-trord 

"'•■king | 

Gm-wnnr Hoiim<, W.l 
-''S’ilisttWMRasrer. HmL^S-W 1- 

i-. • ' -.5- t" -O -j 

ir»:.-.VA^. ; r: HjK. SAV.7 I 

•wyarswAttiTWOTW* j 

Yards to 

By . Ian Hargreaves, Shipping 

consider building offshore patrol 
vessels for stock as part of its 
strategy to dominate a sector of 
the naval market estimated to 
be worth up in film, in the next 
ten years. 

A review of this market by an 
industry’ team led by Sir John 
Rix, chairma n of Vosper Thorny - 
croft, the South Coast warship /. 
builder, is virtually i-umplete. 

The report is Sir John’s Jinal 
contribution to British Ship- 
builders. He will leave the 
Corporation on Wednesday to 
return to the private sector. 

The report, which gives an 
exhaustive account of - future 
market opportunities and an 
assessment of competitors. will 
not be published but will be 
considered initially by the 
British Shipbuilders Board and 
then by the Department of 
Industry and Ministry of 

Its objective is to provide the 
Corporation's warship builder? 
with a springboard for gaining 
■supremacy- in a- field where there 
is tough competition from Italy. 
France. Germany and Holland 

There is not likely to he much 
argument about the fact that 
the market for patrol % vsse!* 

■wiil be stimulated hmh by 
changes in international f>hi.T? 
limits and increasing -'IT shore 
activity associated with the oi! 

' But :t would still he a big step 
for British Shipbuilders to. build 
a. stock of sulL vesjols' the - 
strength of ' this _a paly si.?.-. Sorb 
-a -policy v..t.u ’ i ‘ . ib i’.oii'j Vrra iaiy ; ; r 
'have to bt- Snaticcd by oriflr.arj 
eomreerriai onrrowine. 

The derwinn is likely tr. be 
:r, Succeed b\ v.hti are ^i*’d to 
he isasiinan: announce men's b> 
Mexicj and Argentina of th*sir 
"pqulremenls for onshore ratrol 

C-ne . untender for the*.' r-rderi 
s the ;*s:and-ciass vei-el bu;!i 
•>y Hail Rasjeil >'f Atvrieen. 
Vickers is also active ir Smith 
America or a iW.tu: 

j.-der for c-'*ms::;-p frr.r.i Ft/.ta- 
dor. Yosj-tfr Tf.arr.y v^H us\ ■ 
by abk* '.r, /mm-i-A* - -irn — 
clerton i<i a LwCtu. ■.■-r.i-j.i 
-L'lp.y fust 

jiii :. : &sc hrids he ir been JhiS cw.ouiircnwKl oppeurr or a n:ci:cr *>f tisfr, 


U.S. ,S 50,000,000 

9 V 2 per cent. Guaranteed Bonds due 19S7 

jointly and severally guaranteed by 












AV-ij DH-jH Investment Compaity 
A’ahb hank of Kuwait (K.S-C.1 - 
.Vjrmcnc Bank Nederland >’,V, 

\. r. Arms &. Co. limited 
Amcv Rank Unirted 
. Bank N.V. 

AudreaenN bant AiS 
~ Arab Finance Ci^rorjijnii &A.L., . 

:• ‘I lie Arab ami Morgan kii entail Finance 
komrany Limitad 

Bachc Hal-ev Sma.-t Shalds Incorporated 
iUrwa ComnMrciale liaftana 
Hjnia del Coiurdo . 

Banco- di« Rama 

R.rnk Id America 1 imiif J 
bank Juliirt Hjct Inrernatiarvl l.imiieJ 
Hank vim. -wilier, Kur/, Bungenct iPicW 1 ) 
I.iiuitrd l eu Inicmrtwnul Lid. 

Hunk Mce% A. Hone NV 

H. inkers litiM IniemaUmaT Limited 

iKrujiie Bntvcllev l.imhen S..\. ■ 

P.;!it;ue Kurupcrnnc lie T-ukvO : 

U.uir.tie Fran^iKe du 1'omnwrfc Lvlciieur 
n.inqnc Gcncrale dll Ltuanbonrs S.A. 
baiHiue «ir rindochine cl de Stic.' 

Huniiuc Inlematmftjile it Ltnmbaurg SA, 
Ibnijix Key vrr Ullm^ba <n bubiie S-A. 
Bamjre N'alfoflnie cfc Pariw 
Bumiuc Jc Soufii«, ScUumbcrgcr. Miltft 

- Banque fXvidcniale pour I'lndtbtrio 

vi ta liimmeu-e 

Barque ds Paris ef ,d« Pa)1>Bn 
Baisque Populairt Suase SA, laucmbours 
: Kanquc- ’Roib.vchild 

- Kanque dt f Union Emop&nnc . 

, I’-anque Worms , 

- I'lyvrfwbo.HvpotbAvn^nnd WtcSscWSanl: . 
lk>>w«h6 VenbntMink; 

iv lirrpen Rank 

: Itartmer llandels-ani} Fnailfoltr Bank 
: Ib'yth £avunw £Wten A Co. 
inirrBahmal Loaned 

! ... • . . . • 

\ -C.irt«0ws £ Co. 

;* c«m >hatwtun l i m it ed 
< Cbn^ianu Bank Og Kreditjahrt 
' tompagnre Mmrfgwpw dfi JBattquc 

Countv Bank Limiicd 


Credit Vnmnvoti.i' rtc Fi-amft . * 

Ciedil ImbiNtrkl ct L .unmrrcial 
Credit du "Ncr.1 

‘Credit Stii-ac White Weld Untiled ■ 

C redits Italuuio lL'ndtrwniert)^S.A. 

Den Tbisike &jnk af lx?l Aklkselaluib 
ltan Nw.-kc Credit tank 

JkniKlw Ciir.venir.ik: - DcuivAc ' 

. kummunaikank - 

Un;iay. A. Assov-itS Ir.i.-rn atOmd S.C.S. 
tK~> (kink-Deulwhc Ci c novsottchuf tvur.t 
Dillon. Rcinl Dictwai Curpqratm 
DrcMlner Bank Akiirnnevdlkti(*(i - 

FcrpniivhiSruie !ip.A, CiuttfCpneJEuropca. 

' InirrmubiHiiiP ' 

l.iittRiTtner-. Sr,u.dica v voporuioa 


Fit si Hilton ffnt»vpct t united .*■ . 

Fir\t CI'aiiw 1. mr 'fd . y 

Kohcrt FlcKunj: & Ctf. I 'railed 

-\otixty fthta HoMinm Lid, 

Cihuaciilroic and I'-uA i!er . .. .*•. 

■ dKtrmicbiwnrn S.reniavvsa " '- = - 
Ciccciu-hiclds Ituurpnruud 

Hs^ivlw Landcsiank-- CiirobUir^e* 

HiH Samuel <L C’*i. timird . 

KF. fiutfon * Co. N.V. ' 

. Imeniman-lkmque ,v 

Kemall b-Oske -Punlki 
KidtenhaVu Hamfcl>hant -/ ■ 

K tain* on. Rumoa Lrouied 

. Kaedtcthaok N.V. 

KredtCtbaolL S.A. LuTcmbourgedife 
Kuhn LoeblThmnn ftnehen (ncnuik> 
Ktiwsjl Foreign Tiadiac. CoMtutinj; 

S, invcdmcQi r<v (S-N.K.i ... - 
Kim ak InicnunVnul Finaoae Cn.- 5.A.K, 
*.KIR-Oji ... 

Kuwait Intrmatrana! Tnvcdment t'n sj.L. 
Kuwait Imciimcm Ccunf-as}' l$,AJs.J 

F. \'an Laniehe: 

L'rzard Fictc*- c: Cle 

Milei'A Wr.r J--:err'r.rr^:: 

l-itk'-i .MuYirMOidniii -t rcrr.-.r/.er 1 

I ;m:l7il 

klcrnfl*i Inters, iiar.ei & O’. 

K.mnel ^ t j. I 

.Mprpa CreMett «k to. Lsmiisd 

Nv-bilt. Thru-i-iffi Lir^tsa 

Thr Niikn Sc:.'i';j.ev Co.. lEidorc: idd. 

N-i-prtS F>i:i*re-f» Basl S.A. 

■N.WttSA Burets S.V. 

Oi:.:n B.i nk ?.ins:rd 

1' i N.V. 


IVi : : p-r.lli 

3‘riiarhimkcn .\kucKr!iiah 
Btiihyr.'iiiia AG 
S .M. Koihsi!::Ji; & Sa.-. r . i. ; r.;:cd 
jlimu .t Fdnua. 

V.kwfira Eu4hen !wspa’. Lt.^'.ed 
S..-r»dip:".':ar. Bank Lj,”r*r.: 

■Vii; .wrs .C Chxnced Llriired 
J. Hmr ; - fchrader W«s X Co. Li-itrl 
Javph &K-.y A Cos»p-=" 

Nk-nidnavi'ik.i Fs'.k ■:»!.. 

iiibiib S.'.r:>=.-. Hm na L’-pit^n a. Lr 

‘ ]n<:nrpvi:r.icd 

Jo.irir CsMr.wr £z 3arq:tr 

Sticic:. 5 GinL'i'ic 3dri- LLxJxd 

Siv-iete Lrar.saue 

touLb*. lurshud & Co. 

Skcn«kx jHaadrMnsLca 

I. ardn Bank of Fir.’^d Lid. 

irnri A Bsrj^jis’Aahcj Jf.'iTpdizS « 


Vcieoa-mul H'f«i"ask 

J. Vpirtobei &- Co.. 

S.G. yfjhnsfi i Co. Ud 
.M’mdez^ahe C&ra££&r.Je 
Dfion VI User le'.erwujast'l . 

Wood Gandy Lbritri 

Vaciiiahi inictn-ncz*- L br . i ad 

JM of Ouse hands having teen sold, this ennonctmtnt appears at a matter of record ottb. 

Hydrocarbons Bank Limited 

(Incorporated with limited liability in the Cayman Islands ) 

U- S. $ 75,000,000 
Guaranteed Floating Rate Notes 1982 

Guaranteed os to payment of principal, premium, if any, and interest by 

Ente Nazionale Idrocarburi 

(A public corporatism of the Republic of Italy ) 






credit suisse yvnnnE weld i.diited 


isrrrtTo banc a Rio san paolo di torlno 



/Uhl: Bsnfc of Kuwait iTCS-C.) 
A!;eawnc Bank NeJcrlard N.V. 

.; E. Amis U Cm. Limiied 

Andrcsfiis Uunfc A S 

AijH Fiiuj;ce Corporalion S-AX. 

7. if Aran and -Morgan Grenfell Finance 
Cumpany Limited 
Ej ihe Habcy Sloan Sbiekta 

Ifcint J drills Baer Iniernalinnai Limited 
ii .nra Cwirnsrci.ile luliuna 
i^nei del Gouardo 

Nx'kmale dcifAprieollurA 
U>ne.i Narionsle del Lmoro . 

B. ncj de!hi Siiuerj llaliao.i 
luioi Ambicsiuio- . • . ; _ • — 

di Sanui Spirild 

Credit Indusiriel tTAl-uice etde Lorr.ilno 
Craiit IndaMrid el Commercial ' 
Credit du Nerd 
Credits ludiano 
Dniua Europe N.V. 

Richnnl Djus & Co. 


Den D&nnke Bank af 1S7I Aktieselskab 
Den Norike Credilbank 
JX'insche Giro/cmrule 
-Deuiscbe Kommunalbnnk- 
DG Bank 

Oi-uLMThc Geruii«nvharb.baiit 
Dillon. Read Oiervrus Corpora Liofl 
TXi minion Sceuriiirt Limiied 
Dre?.cl Burnham Lambert 

j: ,ii,u L'rquijo Hispano Americano Limiied Euramerica-Finunziuria Jnlcmasoittile S.pX 
ii -p!: Gaizv.iller; Karr. Bungencr (.Overseas) Euromohilure S.p.A. 

i i-sv-J - - • 

Leu IniL-mjiional Limited • 
r.i: .Men & Hope NV " - ’ 

Ljr.uuc Europeinne Jc Tokyo 
Ji.r.qui Frjnrahe du Commerce E\ieri«ir 
K.n^ue Gcnerjlc dii Luxembourg S.A. 

!: , r, de rinjorhiac n de Suez 

=:. -que Imcrr.aiion.iie a Luxembourg S~A. 

~ :q'M Louis- Dr.-; fun • 

b.'iiqiis N jiionjle ae Paris 

!<.,■> qne dc Neuiii.Tc. i^hiuciDerger. Mullet 

ri. i no ue chr Part* el des Pais-Bas 

'Europanners Bank I Nederland/ N.V'. 
Eurnparincrj Securilies Corporation. 
European Arab Bunk J-imilcd 

Robert Fleming A Co. Limiied 
J-liM Bndon CLurr.pc^ 

Lint Ilea 

First Chicago Limiied 
Cudina imemuiionai UJ. und Bank dcr U Ferrer sehischen 
Sparkasien AkucnpeseWNOhaft 
Goldman S.ichs lmemauonal Corp. 

■1 ...".1 "Btr|. t ” in * 4,1 ' l-aiiuio Baneano ilaliano S.pjk. 

si.fiVer H jtijei- und Frankfurter Bank | uli ™ i "! crn;, "°^' Hank Li f. ,e< ? 

J: -h F.t-:nian Dil.'wn At Co. Jardmc Fleming & Company Limued 

h.-. :r Bank HuRJei- und FruniJuiter Bank 
1 ; -h F.!-; man Dillon At Co. 

. .MS I i. 
l: ••• Ti Lsm'ied 

• ..'e dr* Eimqucs Pi'r-uleires 

• J. C j. 

. ' i < Lir-.rar.i: 

• - ' u '■Lr.i: iiian I imiied 

v . ti..-.. «S>pL ■*; KriJiikav-e 

■' ' 1 n: ’. me.'! Cuotp 

» M.",;:. u'Je de Banque 

> - Limned 

K a p*allts-Os«i e-fankki 
Kidder. PeaVody Inicrnaiional Limiied 
Kj'pbcnhai-ns. Handelsbank 
Kleiniturl. Bcn-uin Limited 
KrcdidKink N.V. 

KrcdistKink S.A. l.uv.-inbourgeoi'C 
Kuhn I.mcH Lehman Mroiher* Imemational 
Kuwait Financial Center S.A.K. 

Kuuait liiternalional Finance Co. S.A.K. ■ 

• L-KIFCO” • • - 

-uj -olJi-li - 1.'. rein . Jyiiv.ail (nierraiion.,1 In'.osijncnt Cp. S^A.K. 

Crr, : Co r.m-. .*urwJr? , i:KS r! choi • ' - * 

Xayard Brothers & Co., Limited 
LJzard Freres A Cie 
Lloyds Bank Inicrnaiional Limiied 
London Multinational Bank (.Underwriters) 

I imlicd 

McLeod, Young. Weir International Limited 

1TCB Asia Limited 

.Merrill Lynch International A Co. 

Samuel Montagu & Co. Limiied 
Morgan Grenfell & Co. Limited 
Morgan Stanley loteroauooai Limited 
"Ncdcrlandsche Middenstandsbank N.V. 
Nedcrlandsc CrcJieibank N.V. 

New Japan Securities Co.. Lid. 

The Nikko (Lu.\emhourpl S..\. 

Nippon European Bank S.A. 

NorddeuLscbe LanJesbank. Gicozentrale 
Snl. Oppenbeiin Jr. & Cie. 

Orion BanL Limited 

Pier-om, Heldrins & Pierson N.V, 


Pri’jibanken AktieseLskab 
Rothschild Bank AG 
N.M. Roihscbild & Sons Limiied 
Salomon Brothers International limited 
Scandinavian Bunk Limited 
Scbroden & Chartered Limiied 
J. Henry Schroder Wjgg & Co. Limiied 
Skandinaviska Enskilda Banken 
Slaienburg's Bank N.V. 

Smith. Barney. Harris L'phum &Co. 


Sbciete Generale 

-Sbcieffi Sequnnahe de Banqtie' • * • 

SoBas S.p..\. 

Sparhunkernas Bank 
Strau-s. Turnbull & Co^ 

Svcnska Handelshankcn 

Sai’s Bank Corporalion i Overseas) Limiied 

Trinkdus & Burkhardl 

Union Bark of Finland Ltd. 

Union de Banquet .Vrubes ct Francoises - 

L’nitnJ Cherseas Bank Umiud 


A ercins-und Westbank .AktieogesclbchafC 
J. Y“iitoK‘l A; Co. 

S.G. Warbitr" A: Co. Ltd. 

WcMdenische Landesbank Girozentrale 
D^'..n Wmcr Inicrnaiional 
'Wood Gundy Limited 
Yu.TMich: Inicnuilional ■ Nederland I ML)*! 
TsmaiaPrS Securities Co.. Lid. 

.i ■. : ii.-I ci ■ 

AU of these nates kai-fn}; been «•/»/ this announcement appears os.tC tr.titier of record only. 

■2 .2Jjv«: j.t-— p**»* "f : • ■ 

i ii 




WS $ 25-000,000 










(Saadi Arabia; 

Ab'J Dhabi Investment Company 

At.".hl! Bank uf Ki'nait *K 5.C.) 

Alcemene Bank Neder'nnJ N.V. ViuJlc East Development 

C',snr.ii»y S. A.S.. 

.Anrse:;?.:il!-Ro:terL ? ;:Ti N.V. 

-%r.;b Africra - «.3in> 

Arab Finance C.n p- tayon SAL 

Ar.-r p j.jocij! Con-ukariJsCorapcnv S.A.K. 

Bah.'.; Hiihey Siunri S.’ilcids. 

Ii<a or parent' 

B.A.i :: 'Middle Easu I?jc. 

Baoc.i Coirioie: Lt-'Vii'.un. 

Nacioni Jt >!t* ; I-.voro 
Bar-'o Arahc Usrift-ii S.A. 

K-nuo A's.endtitUJ 

Bjxu di Roma ' 

B.tnk of Antin-.-;. l imiied 

Ban- Bahnsip. &. Kiiftoit. H.S.C, 

Bunk iMeinutionL- Lid. 

JfcneLe Brii-.e!le: Lambert S.A. 

B,»r>jt*c tie rihripchinc el tie Susz 
ilar.q..c iiUsrnaMnn.'ic i: La.-.eir.r’owy S.A. 
Naciunaie iis Pari-> 

Bonttus es Park e: tie- Fair.-B.'.s - > .. . 
Bunqiie Papoiure Suir-se S. A Luxcmboura: 
Ji;;yeris:fe HyrjtheLoimtl W.-chssJ-Bank 

F.clman CKil.m L Ca 

IriU.T.riUira 1 !^.i ' ■ 

( •[• ‘J C-r.'rilsjist. Eancrcs Populaircs 
Cnivr tics Dey-rii t. c;^nii'JtiK* 

Ch.ivs M:ifliiair.*n , 

l •«:•••-■ 

C riser's r irKrrsi.tior.rti Group 

Corntnerzbank Akiicnge^llschaft 

CrctlimnMali- Bank verein 

Credit IndiLsIricl cl Lommercial 
Credit Suisss While Weld Limited ^ 
Richard Daus & Co. 


DBS D.-iir>.i Securities Inter national Limited 
Deutsche Giro/cni rale- Deutsche ban f. - 
DC BanL- 

IX-uisrhc Geiu»s>en^.-!ijnshanfc 

KuroPartners Securities Corporalion 
.European Arab Bank Limited 
European Banking Company 

First Boston f Europe) 


Giro/entrale und Bank der ttsierreichi&chen 
Spurkasscn Aktiengesellschnft 
Goldman Sachs international Corp. 

J. Henry Schroder & Co. S.A.L. 
International Financial Advisers K.S.C. 
Kidder. Peabody international Limited 
Kredicibank N.V. 

K red ic thank S.A. Luxembourceoisr 
Kuhn I oeh l chnuin Brolhcn International 
Kuwait Financial Centre S.A.K. 

Kuwait Foreign Trading Contracting 
& Investment Co. iS.A-K.j 
K uwait International Finance Co. S^U-K* 

Kuwait Im cstment Company iS.A.K..t 

LTCK Asia Limiied 

Manufacturers Hanover Limited 
Samuel Montagu & Co. Limiied 

'National Sank of Abu Dhabi 
The National Bank of Kuwait S.A.K, 

The Nikko {Lu^cmbourgi S.A. 

Nippon European Bank S.A. 

Nomara 5uiTt-r« N.V. 

Norddeitivriie Lar.devrunk Giroecnlralc 

Hiyud Bank Limiied 

Salomon B-o!ners Tmernutional 

Scandinavian Bank 


Skandioa'-lsLa Enskilda Banken 
Smith Borost . Harris L’pham & Co. 


Socicle Ccniru’e de Banque 

Soriete Generals 

Sorieie Gcnsrale de Bunque SoA. 

Svenska HitedsNbankcn 

StvKs Bank Corporation (Overseas) Limited 

Union Bark of Finland Ltd. 

Union de Bar.qaes Arabes ct 
Europeenrors - L’.B.A.E. 

tMK-aie Ar >n:- na 

Untune di Banehs Arabe ed Europe© 
U.B.A.E dtaiiai S.p.A. 

U ban- Arab Japan esc Finance Lid. 

Itinited Qvcr^iiS Bonk S.A. 


Vi'estdcuiaehe Latide^bank Girozenlrale 
Yam ai urn International (NcdcrlandJ N.V* 

Financial Times Monday January 30 1078 . 



‘ ■ • . 

Borrowing outside the battered dollar sector 

THE Faint-hearted rally in the 
dollar sector last week seeded, .if 
anything, to -underline the weak- 
ness of this sector almost more 
than the previous periods of 
sharply falling prices. 

No one really expects Presi- 
dent Carter in iris .speech to-day 
to dispel the uncertain ty sur- 
rounding the dollar, while in any 
case the assumption is that U.S. 
dollar interest rates must rise 
further this year — either to pro- 
tect the dollar or as a result of 
higher economic activity- in the 

Dealing activity remained at 
x low. ebb and the firmer under- 
tone was not based on any 
development of retail demand 
for bonds. 

The only good news was that 
the worst in the primary sector 
seemed to have passed. 

Fn New York. Euratom post- 
poned its proposed Yankee bond 
issue and the European Coal 
and Steel Community's straight 
Eurodollar bond was hardly a 
triumph. Indeed, if it were not 
for the standards set by the 
other recent issues and the fact 
that its middle eastern flavour 
and small size meant that it -was 

not widely traded in the 
European secondary market, it 
would probably have caused an 
outcry. The opening quotations 
were a half point on the bid 
side. below the selling group dis- 

On the other hand its 09 pric- 
ing combined with the improve- 
ment in market condition since 
it was launched went some way 
to compensate for the law' cou- 
pon. And the other recent issues 
have picked up from their lowest 


Perhaps the most encouraging 
point for the battered dollar sec- 
tor was that after the ECSC 
closed there were no straight 
issues on offer at all. But inso- 
far as there is no sign of 
improvement, this poses the 
question of where borrowers arc 
to turn for money in the fore- 
seeable future. 

3Iany borrowers are highly 
liquid ‘at present and the hiatus 
in the dollar sector is not there- 
fore likely to cause hardship 
(except to banks specialising in 
U.S. dollar bond issue manage- 
menu unless it lasts for a con- 
siderable period. The basic 
choice facing those who have to 
borrow long term funds at pre- 

sent is whether to opt for cur- 
rency risk or for interest rate 

The good response to the Long 
Term Credit Bank of .Japan's 
FRN — and indeed the FRAT 
secondary market in recent 
weeks— suggests that a wide 
number of borrowers would be 
able to tap this sector, ff they 
cannot attract investors, then 
the hanks would probably sub- 

The alternative is to go for 
one of the “strong” currencies, 
running the risk that their per- 
formance on the foreign ex- 
change markets in the past will 
be extrapolated into the future. 
In contrast to the dollar, inter- 
national borrowers cannot, in the 
case of other currencies, in 
general match their liability with 
an asset in the same currency. 

The three currencies where 
funds win be able to be raised in 
large volumes for the forseeable 
future are D-marks. Swiss francs 
and Yen. In addition to these, 
borrowers C3n expect spasmodi- 
cally to raise modest amounts in 
guilders, sterling, units of 
account, and some middle 
eastern currencies.’ 

In the Swiss franc and D-Mark 
sectors, issues and private place- 
ments (in the case of Switzer- 

aggregate S50tai.— Slbn. equiva- 
lent each month. - 
The constant fear in the 
D-Mark sector is ' lhal ir the 
currency situation changes, those 
who have bought the very large 
volumes of stock issued in recent 
months could all try to sell 
simultaneously, pushing prices 
down several points in a very 

short period,. 
In the lorn 

In the long-term interests of 
maintaining new issue possibi- 
lities even when the currency 
situation changes, lead managers 
have been trying in prevent 
yields failing too fast. Such 
efforts are inevitably limited by 
the fact that a borrower can 
shift lo another -bank from 
which he thinks he can get 
better terms. 


land, mostly private placements) 
can be raised to tbe tune of an 

Last week, there were signs of 
indigestion in the secondary 
market. Although issues con- 
tinued to trade well up — in some 
cases even above — their offering 
prices, in general, the prices of 
recent issues fell slightly over 
tbe week as a whole. 

In the Swiss franc sector, there 
is no sign of any let-up in 
investor demand. Recent issues 
are quoted well op to 5 per cent, 
above isue price. Tbe coupon 
level for prime quality borrowers 

was shaved lost week by another 
quarter of a point — to 4 per cent. 
— by the announcement of the 
Norwegian Slate guaranteed 
issue for dcu Norske .Industri- 

As for the year, where yield 
levels are still falling from the 
current 61-7 per cent, level, the 
calendar has already been set 
well into the spring and issues 
are being planned at a rate of 
between £!00m.'S3OOra. equiva- 
lent each month. This is a 
notable record far a market 
which was embryonic - only a 
year ago. . 

The other currency which may 
be able to contribute signifi- 
cantly. for those borrowers who 
can spend money in the UJL, is 
sterling. Although the second- 
ary market has still to give its 
stamp of approval to tbe two 
current issues, all reports last 
week suggested that both the 
EIB and the Rowntrec Mackin- 
tosh wefe going well. 

The problem lies in discerning 
retail investor demand ip suffi- 
cient size to support a significant 
market over a_ period of time. 
Perhaps it is. still too early to 
expect the idea to have caught 1 
on— one dealer on Friday said 
that investors were particularly 
worried about the secondary- 
market backing for sterling 


Amount Av.lifc Coupon 

m. Maturity years % . Price 

Lead manager 


tLong Term Credit 
Bank of Japan 

KIC. Hill Samuel . 
First Boston. CrWrt 

• Argentina 

TYO (g’ceed Finland) 80 

Banque National* 






Asian Dev. Bank 
den Norsk* 

Swiss Bank Corp. 



Rowntree Mackintosh 

S. G. Warburg 
Schroder Wagg 

Citicorp 15 

First Boston, BNP. KIC 

Kredletcorp 500 

1 Not r*t priced. i Final tuns. *• Placement. t Floating rata net*. 

- Not*; Yields arc ofcnkted on AIBO tuh. 

Krcdictbank Lux. ■ 

K Miniracn. f Pknvbtso fond. 




\ I i j 1377/72 

Jan. Jwo. . Jno . ! 4*n. ; 

27 ‘ 28 , 25 i 2* J High ] lx 

Rises auLFills 

Jan. Z7 ’ Jaa. 26 Jan. 55 


j Jan. ; Jan. Jan. Jan. Jan. . Jan. 

; 27 . S& 25 2* a 20 

: Hlgb i Low 

43-Off 49.87} 49.47! 43.40) 67.07 [ <3.06 

Issues ended 

Rise* . 

!*Us - 


4,1/ni |f27)l/7B) Sew Highs 

New Low* 

1,778 Li.805 
567, 444 

72S * 908 
486 I 465 
12 ■ 8 
78 74 


Industrial ... 7E4.I2 735.54 772.44 771.67 770.70 776.94 399.76 765.54 , 1091.70 41.22 

>3 1.771 >26/1, 'To, UL'l/73'i: <2<7,'3Zi 

R'nwB'nda* 89.57 86.55 89.95 89.S4 69.56, 89.66 93.87 '■ 89.55 . — — 

Jan. i Jan. • Jan. 
36 j 25 ! 34 

R'meS'nda* 89.57 86.55 89.55 89.54 69.56, 89.66 93.87 ‘ 89.53 — 

■ ! i7.9> ii26;lffiri- 

T can* port.... 208.71 209.68 21 1.45' 210.29 210.51' 210.95 246.64 189.60 • 279.66 

' ftf.fli (fflflOi I 

l ulitfe* 104.84. 10S.K I06J58 105.75 106.26 106.77 118.87 184.84' 165.52 



Trading rol 
0tX}'« t 

246.64 183.1)0 ■ 279.88 13.25 

riB'Si i.2b/10i : i./.2^9 ■ . i.8/7.’o2> TORONTO Uorow 

118.87 104.84 • 165.52 10.58 ^ 

£2 Si (27 ,'LTE'i f20 ( 4,o9i'/2£/4,42i J 0HAJTNZ8KUBG 


165.47; 165.91' IES.08 : 165.86 186.47 (17/5) • 159-02 iSd-lOj 
171.19 171.64- 172.76, 173.01 187.35 (19/1/77) > 1BS.60 i2c;lw 

TORONTO UorapodM) 1000.2 1004-3) 181 00)' lOIO.Sj HK7.4 (19/7).- 861.0 >28/10] 

17.600 19.600 18.690 16.696 18.360 7.500 — • — — — 

— ; 215.T ‘ 2164J 216.4 

— 212.2 212.7 212.6 

216.4 (S4;i 

214.4 WL3 

159.4 (841 S) 
169.1 i22;»i 

* Haraa «w ]mm rjgwwg trnm annual 24 

Jan. 20 Jan. U 

Ind. air. vciM % 

Jan. 6 : rear a^o (appnw,i 

: Pier- ;tf<7-78 19/7-75 
• ioua . Low 

Jan. . Fro- iS/f-it Xdh-le 
27 ) riou* High ■ Low ' 

Australia d 1 4ts^6 466.12 -419.45 , 4Ifxa 
' (A/l/Ifc) (16 Si 



,d> 9a.6I-r 94.88 . l/X/.CU • 4156 
It, 555.99 -356.0* :w.6a a*£S 

standard and poors 

Jam. Jau. Jan. 
£7 I 26 25 

z>wi-e Cumpilac'n 
\ Hiftli < Low 

Belgium ,, an .Mi art** 

Denmark'*') 96.08 96Ju '107.32 86^4 

' (22/Si 1124/11) 

508.4 ‘ S10J/ 518J) 1 220.O 

'14/10), 15-5, 

ZladiUtnals 87.51 97.47 90.58’ 98.23 98.3a 98.34 1 18-92 : 97.47 I 154.64 • 3.52 

: GT /in '.26.1// fij) HL'l'iSi <30.6/32) 

1 Composite 88.58 88.68 83.59 69.28 89.24 89.85 10740 88.68 ! 125.86 ' 4.40 

_ ' .3.* lrf7i «36i'l:7Sl'lll/I/75r (LtidZi 

France <tt.'- 50.1 ■ 49.9 

Germany > 802.4 804,6 
Holland nir &J .5 80.6 

. 2fi| Indices and base dates <ai< base values 

•fl I/TTi ilifa ,M NYSE AU C®nunon-30 

■uji 4 Standards and Poo**— iu and Toronto 

fn.iv /ifr*! M0-1.W6- tbe last named rased on 19T5> 
Q- T Bxcludme bond*. X 400 indnstnaK. 

' i Wds-- «> UdJitkr. <0 Finance and 

20 Transport. »!li Sydney AU Ord. 
fr’i* .TTlIro ' 'i 1 Beiaian 5E 31/12/83. >*-i Copenhagen 
SE 1/1/73. (<t> Pans Boutm 1961. 

r-ti Commerabank Deo. 1M3. (H » Amster- 
Sum Industrial 1978. -''ll Rang Seng 
Bank 31*7'H. OSl) MUan 5/1-73. laiTottyo 
gAk .ghUl Netr SE C'l/68. fbl Straits Times 1968. 

re* Close. id*MaddSL'8E 30/I2T7— uub 
£9£> • -(J* and low tv mV (eiiStotSttolin. 
1 1 •' - indnstna) l-'J'ob. / u-tsa^ Ban);- Co (n- : 
(«> UnavalJable. 7 -? •; 

Ind. dir. yield?. 

Year ago (approx -j 

Hone Kong 406,66 *02*7 4JS.17 >383.44 7?. 

\«1 (11«> ulA-UTC ^ 

Italy > k j i 57-* 6B.&1 ’ V5.71 ■ mA) <■% 

lad. P.-E Ratio 



1 8165 . l. 


Ttoag Gort. Bond ytoM 

- 8.20 

’ 8.17 

1 8.91 


Italy i, 
Japan < 

ml 516.17 37ti7 1 69bJ» . 5a0.46 
• (29 '124,11, 
> 2«.«aB4-.70r2684a!t4e.28 

»4ES«» < -s* 



jznuuT-27 Rand 

_ Anglo American Corpa. ... 3.JH 

. Charter CoasoBdated S.30 

East Drtefomeln 2L33 

Elsharx - - - , 1ST 

Harmony — - 7.65 

Khuoss — — — - - 6 So 

Kloof 9.25 

Rusteoborg Platinum 1.73 

. Sl Helena 1 14-75 

O Sootbvaa] 9 Jo 

. Gold Field SA 32.20 

19' 3.0 Un * oa Corporation ■wnWm 4.90 

18 54 D* Beers Deferred - S.67 

14 4*4 Bfervooratoicbr — 6.03 

2a : 3*2 East Rand Pty. *7.40 

so 40 Free State CeduU 26-30 

4 I 1 '1 President Brand 17.00 

12 2 8 PresSdenr Stern 12.48 

rf ; Z K StiKonttln 5.85 

“ * 5-| WeBcom 4^5 

S ' r~ West Drieftwtelo 35^5 

l r 5-f Western HofcQngs tv 13.25 

* J o Western Deep 020 


* .-f-S tea. - — i*> 



ACMIL (Sbcenti 

H-O^i Aid** - Austinlla 

+6.15 AIUadU.ctt)s-TnU;.(nduv$l 

Am ml ivspk’twHon.. 

I At.ip/J 8Rnkunu>.-M.. 
+8,16! UineraJ 

fW Asm*-. PnlpttiperSL. ... 

Assn.-. Coo. Industries.^... 
A-jst. Foundarino lotm.. 

-6-K a.X.I 

A r hi i taco 

•7&H A.m.iXijtGw 

blue Metal Ind 

iJ-g Bougain* IUo Copper..^ 

Broken Hill PPapdctnry.... 
+M- KH South. 

j Menu; 4* 

tO-TB Atni/iietAniblVb-i $~O.B +3-» JLHi Wi 

t0.84 (-8.02 J AirLiqitt>K*-..u.... c4t.l + l.X [ Kfi iJ 

(2.27 tA-*2 1 \v-mtmiw 312 '-5 •' M'i * 

Tl.28 -6-BI } uiL' 49U 

^0-2? j Uim>-5U.K.... 3SS +1 

t0-80 ...» ,> um,(intiliu„ 59B I -*4 ' ST.+-W 

.i v 4 - _ j I'srrotuar 1.249 +A3 1 fn 

rl.65 -8.05 ! : £^0-^, -.- J.5 ; 

tq.y7 ' T J. .a : f ■ JE'L.- . i 

Taa.i *a.t wS 
3 -O-B + 3 ,ant& « 

«4».l • + !.*; 

31B :-5 f S4i * 
490 -1L*« 

359 t -1 13 )^ 6 ' Ad 

U* \*Rg 

fO-80 J /‘Js.y.tlcrrmia^., 

*lu4 ' jl'/umtuar 

rl.65 -9.i»:«J i - K -; : 

tO.97 T a.,2: f -I T. Ak»h-|._ m 

IX.6J i «c LUivmii- 

tO.47 ; „.... | Hub Mhllh'r 

t0.26 i -.!.!! ■ l-'rHIl Com Kr’eo.' 
tO.90 !-0.tU I i'wuaot LciJn^.,..; 
10.98 '-0.01 1 t-l/nu-r. 

. .... i s’»e lUcrtiiw*.,..,;. 226.M r8.5> 13^41 

' Club .Mndift-r 523 • 4 4 ' fi J.' *- 1 

..["I I Credit Com Kr'eo. Iu3. 1 +0.1 , J kl ® 

tS.iO :-0.u2; ‘‘/.MMoi*. 

515-1 i 12 tt 
449 : 4 3 jlMfr " 1 
b& +1 .Ji4.l8r«f 

f? ' ?■§ West Driefomain 35^5 

l r f -f Western Roldhss tv - 129.25 

* t o Western Deep 020 


S;£S g&jtt *****.- IS 

_ CNa investments tlJo 

° Currie Finattco - 035 

“ Oe Beers Industrial — 48.45 

Edgars Cwaohdaied 1st. 1.70 

■ H Ednara Stores — 21-00 

. 3 -° ErerReadv SA 1.83 

0 Greaiermans Stores . 2.60 

Guardian Assurance ISA) 1.70 

Ho!»ns u 2.13 

.1 VTA L75 

UeQrtbr Rodway - n.82 

N'edBacX 2.20 

OK Basaara 555 

. , _ j UHloQ United Bre«rerjr—- 
C.J. Cotes_„ 

+J2 jCMltfl) TT. ' i3-9S ;-0.-5l 

tO.63 -0.01 1 CMi.t»ceiflctit/i)c , 178 ; ; d.»j^ 

11.87 i+0.02 ; injotai 5U T d.S jjkfi 

*i - 22 i J»“.Mu*s Bevrot—.. 94.5’ 4-1.6 — “3 

139.5+0.5 lft.77 It 

fL25 l/uniop kotfeer IS 

0j 5 -. I EsCOU 

►8.45 bMer tf/nlth 

V.T6 — Alfc h -7- loiliM rtes 

J1J0 i Pn*pertT Trust ...» 

L63 ‘ H«iiieraley. 

2.60 -OJB , H^xjker ....... 

1.70 I-t-l. Australia—,^ 

2.13 InteM.'oppcr.^..^,..,.^.^.. 

L75 '. \ JriinlnjM l/niirwrles ' 

ft.82 -0.03 Junesdliiidi • 

;-® ; MMaft lu)plnTiitioti_.._.... 

; M I H HrfijSng, 

«.20 .-I* UjCTjfaqynmu 

1*2 iniemaiiu 

iS : 

0. 41> +M1 o.iaSJs: 

1. *5 ■ i *- > — r-* - 

r Bu-briln l.L as 1-7 3.3K-.1 

tl.35 ! - HtsoneMr^. 3B5.2:+4.3 

1 1.0 :. t llMiliim.-4 — j 136.1 «tf + l.i 3 ,1 

tl .85 - .■_• | — 1 138*.-: +0.6 -1SJ6 K 

12.10 ; Prciuuc-.v 67.9: + U.8, 7.511 

11.43 'r- 1, -2 j fcuMJ-KfetuisU ! 191. Sal — 1.4 12 '6 

12.17 +0JC I Ptuaei+CItovn.. oti4 f— 0.8 . 15 6 

tQ.79 I— 2.9 . — ^ 

12.13 : j iteito Technique., 305 ‘ +6.9 aSjrB 

tO. 29 | 479 

tU32 nboiie PiHiieiu- 51.4- 9ilt 

tl OQ — »*4 *1.S'I«AU 

TG1S ' » 1.572 +48 39)3 

10.16 -0-01 , 2aa '+0,7 ; 24Ata 

rifls Jn nr 510 +19 3 US, 4 

20.96 -#.M : - sL -,>gl 

;iit -JS VIENNA 

10.09 J : 


Premier Hilling *6.20 UterEmWimr"' 

Pretoria Cement titf Ac'S. ^ 

Protea Holdings — - 1.07 +0.02 ! N.diuW, 

Band Mines Properties ... 2.20 -513 

Rembrandt Group -MS -0.63 utUvidu? 

Retco 0.41 +MIjunaeaSh! 

S&JWtete iff ". IKpfe: 

SA Breweries UO -Mil 

riser Oats and.XaU. 3Ilg. SJO -0.85 

Dwsee 1.10 wS£S. 

o n l tiDKhiN*, »«ia.-oa,— . — 

Ub4 r— 0.8 1ft 3— 2.9 . - 
303 !+6.9 36^r'B 

51.4! 9iS 

114 - 1.5 1L6S4J 

— f 1.43 .-0.62: 

; S7 

+ er um 
- «:? 

lov. 5 Prem. at S2^0 to £— 74 {% (75?%) cn^c . 

Effective rate (at $L8475)— M§%. (32%) Securities Rand U-S.50.7/i 


High liow 

High Low 


Western Minina iSOaenU). 

Woolwnrthr ■ 

*0.19 ■" - CreditaiiatoU — .' 3SO 

tl 75 -0.62 ‘ 260 

«qj£ ™!5«lert« - 573 

1116 --nil : t’vmpent 91 

1 1.66 _ ! Steyr Daimler-. 104 

1 **tt .MBcnxslr 226 


260 -j 

39 AbOxa Ub>- 51 

10 1* :Addrea»«jimph ... 14 '« 
28<s Aetna Lite A Cam dl<< 
21>c ( .Ur 'Piudueu.— 23=8 

S6is ' Viroo 38aa 

221s : A L-anAlu minium, 23tg 

39Je S9ij 

17 Allej/beny Ludl. 19 
19ig .'Allejfhewr Power 19 -a 
36i; ' Allied Cbemii.m,. 37^a 

19 ta Allied Murm 193a 

22 U Allla Chalmet*.. 233* 

34 1« ' VII AX 34^ 

24 Amerada Hes»... U4'* 



Vnw?r. Airline ... 



Amer. Hranita... 

47 lg 


\111er. lin«rli’»«l. 



Amer. Oil 



Amer. L^attauiiii 


Ami-r. hie-. lV>w. 



Amer. hxpre-e... 






tnier. Me-lL-ai.. 



tiner. Mul'.-ti 



\ii<*+. Nai, Lav.. 



tioer. ■yiaivtero . 

36I S 


Miier. ai-irra 



liner, lei . a lei. 








t M I’. 



465; : Comjog Glaaa... 46 T a 

42J+ !upo Imto'tloaaii 421+ 

243* Crane 23^ 

22 'g StiwhtrXu. 241* 

3U2 ; Crown Zollerteeb 31 
336a .uumruinaKogine’ 34 U 
13sa .‘xAirt-Wripht ; 18 

22ia .Dana. :. 221* 

50l-i Dart tnddatriea.. 34'* 

23jb Deere 23 Ja 

22j. UetUunre 22 J* 

4v» IW'um 

17 llentapi.v Inter...' 177a 
ISls Detroit Ednmn... lbig 
26li .UiaOUintiShainTb! 27 lg 

10 Ui.ia|ilhHie Ilia 

38 is Disirai Ki/irip..... 4U« 

32 ij UiadA*,' i W*IU .... 33 

33 'D«j» , en.iiriin 59 M 

24 Dow Iboiuk-al.... c4T| 
S 7pg Dresser 39 

1061* Uuhmi 1057a 

9-c U.nun liMustnesl 12dg 

17/ b &«le PIl-Imt 186* 

5la Caar Airlines 7 it 

38 lg 273* .lobni Manrille—; 286a 
,7714 ; 62$a /Johnson Johnson: 5918 
50Sfi ; 21 1* j Jofanaun Control -1 27 
49 . 29<a -Joyllaniit«iiut*r 297g 

401* 2368 'K.MmU+p. ■ «4d« 

396« 276* Kaiser Aluminfm 28 

187, ‘ 4V* .haiser Industrie* 5 

35 20tg - KaiserStebi— a7»g 

Bit 4Je- 71+ 

.30.8 VftaR ikeoneron. ... . 22»i 

733, , 441, Ihert 44>a 

30ig ! 8314 -W.M* Wairar 28 

48 57lft 'Kliuhestey Clark. 42i a 

28 ' SOU iKoppert— 21 6a 

50 v a . 427a 'Krai l 42 ?b 

286a 1 23 .Kroger C*^ 28 U 

5l6a 1 25 lentitmnaa...— .i 27 tj 

36 lg ‘ 256, iC/WjrOw.foatL.., 26 

36), ‘He Won — ... — ... 40<a 

28 ig (Heynolda Sletala. 293g 
52i« Keyn-ila 8. J.„_! 52ij 
187a iHleb'soa Merrell.’ 2U« 
27”e ;Kockwe)l later.... 2914 
28la jHgb ni A Haas—.| 2974 

26bg . 17o0 

.5‘« s « 

375a 437g 

183« . 10>« 
26r a 13!* 

1750 Wool worth — — 

s« Wyty. 

437, law. 


— ■ * a ! * 

5138 iHot* 1 Dutch. | 

9-4/ IKTfc J 

2670 13’g .dehltb BaHio— . Idle 

oa.i . 926a c^.Tre«,<^ isa'i 94* 

86 : tsiia US.T rm*&n>iTt. 816, 

&34%. 4.38%:i. ! ^.90DayhilIa^6.41S 

26 3a Ucaert Croup,... 

Lilly < Eli • ...i 397 8 

U4 Uuoo ln»tuM, 1 14 In 

O hAad A 11 

45^4 Kastman K^rtaL.. 456* 

Eaton 331* I 

9 Lockheed Amr'tt- 13 
16J* Lone Star luua.. . 18 
177, -Lung Island Ltd.' 18la 
203, l^H/isiaaa L*uH... 207, 

301* 'LuUrisoi 355* 

36/8 j Safeway Store*.. .'; -37B, 
275,' Z7l a 
285* !St. Ktftia Paper...! 28.g 

34 «* j Santa FeltMs ; ,45* 

3 if iaui (acme.— 31, 

31* (Sas.m (nde ' -Sg 

10lj iP.liiit* Hrewinjj.., 13 
56>g ,>-blninheroer._ ... 665* 

16ia isCll ; 167« 

13 •’ J.-oti Paper..—...! 133* 

185a , k’'»'ll J(3 b! 197a 

• 6 ,? Door \-est; bi| 


103 [-2- | 84 ,4.7 •" — 

ia2.6 —0^ - - ! 

332 'AZLS! 6.8 , 

79.01+0.3 ,A-44; 5.8 • J «°- -=8 

67 JJ-O Jg 236 6.7 ' ; 

80.5 -0.7 | 23 6.7 c “*« 

120^-0.5 I 70 6.8 fJ^dan 1 

88j;+0.2; 35 7^ Wjto. : 

S53 1—2 .121 1.7 -I 



■ or Dir. YM. 

tent 91 • 

■ Daimler— 194 ■ *7-3 

Magnmdr gab ■ 14 Td 

ZIL _ 

. — rpr.,-o +ur mpr if 

Jan. 77 ; t -r... , — ;Cnu| j - 1 ■ ■■ — 

— : 647 

320 |—1 
435 |+3 

Aeeaila 1.30 +0.010.12-9/1 

Banco Braril BP... 3.78 -0.020.1S ,«4 
Belgu MineiraOP 1.61 ^0.02 0.12 7.4 

Utft^!.+A0L32^-4A !?“| I A 'PP 0 «W»*J 
61^ +0^ 9 4.6, 5.6 J"* Photn— — 612 

12 1.3 P 1 ^ OP ' 1.00 :* 0.02 0.14 ILI 

25 a.a W’HAnu-r.OP..; 2.75 0.20 U 

20 ' 2.0 U**", 3-30 *-0.09 0.18 (.1 

18 i 1.8 3.25 1*0.10 0 10 S.0 

15 ; 1.9 1 PwHtOr.. 1.85 0.16.16 

L/ki) dwd....! 13ia j 

K. U. A D 

Kt P»»o .Nat. (ii> 
: Kiua 

L' kes V'un cat* w n • 
MwcMlIIan „i 

31i0 Uae>- K. H^... 

3H* Emerson Electric, 32»a 

.tt IR,. 

Au.-Ji^r BiA-kinu. 
Vuiicu-ei bu*-ii. 
irm.v j'leei...... 

17 i» 


21 ;« 


\-4iwra L'»i .... 





1 .Jll 


44 >, 

Aii. Kh'bneid.... 



Am.. Llala Pru.... 






tv 0 



Avon Pn>li».-l» .. 



Unit t.n- Life-1.... 

251 a 

20. 'a 

Ilauti Anieraw.... 



B*u*ere I'r. X.\ . 

44 la 


Uariier *n. 



dasiir IratCBui. 

36 L* 


beatntx- p.-«i M ... 


25- a 

He.-tonDi.-fc enroll 



Bell A Ho»c>k... 



Bcn'Mfc .. . 


53 : Emery Air Fr'gbt- 36sg 

2S U .EmiiBf* 28sa 

3 IK.M.I : 4 <* 

23 'Kuseiltard 245a 

26J* Keruark ' 26i, 

16lj .Kill vl 19 Is 

43 1~ !Ksxun. .............. 43d* 

21sa iPalndilkl Uamera 27i* 
33 '* fi'l. Dei*. t*t'Te»- 351® 
14 12 ■Flrfcdone Tin*.... 14 r* 

237 a :P«i. Nat. (Katun. 25 
11 ifvtrQ Van 16if 

171a iPhutfcnie 197a 

■ 31 MlxjUruK^er 32«* 

33 Mapc'.i 35 >4 

4l?a -Maratb>.«i UK 4Sig 

lOS, Marine Uvilaiul.'. 14 i* 
171* /Marshall field....' 311a 

12dg Sea L-ununBer*...! 20J, 

1 * ; S»*gr«m_' .SOia 

10 if ttesrle iCJ).) 13 

241* sears Uoebock..- 243, 

I *8 'SELx.O i 45 

281* !Shen Oll.....„..„. fga« 
301* ;ShelllYaa*port...| 38i* 
84 !Signa. 28 1* 
34i* 'Sipiode-Carix.— 36>« 
103a iSlinpiKity KL.f 117, 

181* Sincer M „_^ - 19 ij 

32 ;Siniu» Kline— J' 46«* 

. It, s>j|itivm^ 2 

151* 'si.n/Lliilonn 194* 

21S, .>iuihernCai.Ed.| 25i* 
i 15i, lawn bam Co....... 1 173, 

28 Stliu. .Vat. He*...: 28 r B 
31 U scuiliem Pacific.) 335® 
, 47Ja aouibemKaiJwaji 473, 

01* lAbittbi Paper 

3-55 Wukxi Ee2ie._... 
23d,' - VksmAUiminium; 

157, -UeomaStert. 

19»* -'isbeaua. 

13s, dankot Montreal 
17*2 ;Uau it Nora anuria 
5 Bask* Heaoorees_| 
433, I Bell Telephone-..: 

Hunter D. tP.lOh’ 

I H C. HoHand— | 
koi (mao)— J 

, Lot. Mulier (UiV 
1 Xaarden (PU01....I 

' gn: tpr-i ia sss >£mu la 

ToSiiiS:!: H-i® Soa^S -j w i a 1 . . 1.72 *0.070.13 7s- 

Eft-2-*>.7 11L26 8.1 990- * + 5 S ,-ff ! 2.0 i VtiL GT.19Um. Shares «.An. - 

nsror, a : w ya==ii 5 s - 2 .... L a ; a ; ^ «■ ■- 

130»;i^ ! - , - jf*- • >7 T 13 I 1.2 [OSLO ' 

39A-0.3 18 • 9.1 i-*±rs=rc-.WS ■. rJ. - 

43 J, IBHI TeJ«jhone-..: SEr, 
163, 'Bow Valine lnd*.| 211, 

21*4 -Mac UepLStok* 231* 

313* MCA 

21J* Mullet mi <14. ....... 

193, M -lionaen Duuc' 241, 

102« I 15/0 ill. -Craw Hill 

|Eii.irhla Power 

325, Fluor 383* 

l a H«wu« u-ns'B' 
lB.i, Bethiebom siee/. 
14 I* Bln .-It •* Dck-aer .. 

191, tkeirv: 

223, Hoke Cascade..... 

28 /b Amtoo 

251* Bunt Warner. 

7 s, thuQiU Ini 

10 -a Bi*<L.+n *A\... .. 

28 ^ i dr i Mo- liter*...., 

15afi 8ni. Via, ADR... 
2638 BKkJcV «V ti lass.. 
11 lj druusmci* 

IB's 6ocm>« Enc 

l&i* dinlJ — — 

5 du lot’s Wati-M ... 
57 Burlington Mhn 
56 U durrcuiint - — 
314* „ampt*li£-'up... 
14/., ^undutw Pawtoc 
8 -flual iiluitlolpb.. 

28 U .'umUtHi 

1 1^4 Jamer A Ueneral 
ISij .mer Hawl^r... 
483, Jb cerpi Her Train b 


40 lj 

IFord Jlutiir........ 




.Foremost lick...., 


. 36 


F. ixtiMi u. 

30$a I 

29 L 


Pranfcliir Mint.... 

75g 1 

. 30 *t 

17 1, .rrvepen Mineral: 

Wig | 

- 311; 

' 24 5 S 



i 125, 


,ra<|iM Industrie* 1 






1 40», 

32 L; 










: 14.* 




, 6 lift 


Il'rtu D.vannira... 

4I«« I 




451* | 


: 29 

.Lenerni fuilfc...! 

293, ! 



liownl Mill* 

27J S 1 



Gwujral Mrtort...; 

bSlg ■ 



•Gen. PnK Lttl..., 

19lg ] 

i 29 >5 

23 lg 

Gen, stipn*!.,...... 

25 J, 

: 33U 


<-»eu. let. Ele»3...: 

zeu 1 

1 29. A 

22 i a 

■■ru, J'j re 

23i; 1 




5i* ; 


24 1, 

t’*-** rinb' 

24-s^ l 



,tiCUt Ull 

196 f 

24 Menwrex — ■ ■ 28 1* 

503, ;)Ienn» — S4i a 

13*8 Merrill Lvtu-fa.... 141, 
31 ’Mesa Petroleum .; 44J» 

16 HGH 26a, 

433a .MiuuMiouAMtc.i 467, 

587 a 'Mow/Corp 594j 

491, 'Mnonaoto. • 49 l a 

83* BE Canada : 16 

111, ;Braw»n-j.. J 143, 

1JS8 BrincO • 13^80 

311* Lili{ary Power — 35 
7Sg .Canada Cemenk^ u3*- 
6 Canada AAV Lana 1 IHg 

213* -Can ImpbnkCdm'i 23 r, 
171* S*anad* Icaluat-.. 11a3« 

'161, [Can. Part A-. 1 163* 

16 1* .Can. PauJbi- I dtJ 17 1, 
393* [Can. Super Oil ■ 623*. 

NatXecU nsj FL. (0 101.8-' ,46.814.5 .'yW““ u 3 D» 

.'tedCrediJV (Pl2t 50.4—1.4 - 20 I 7.8 kubott. 277 

Aad.U>dJili<PllKj 180A4' : 20 . 6.6 Kyoto t^nun it... 2.370 1-30 

CAtotPUa : 154J{-0.3 ,A34 , 8.4 ~ Z 

V«n Ommeren....; 142 EI_.! 6 o.6 VA 

10 ' 4.7 1 
18 , 2.9 i 

j Price + or Dui iTSl 
; Kn.ui-r ; — % i u* 

Phldwed iPLfiOk.. 
Phiilpa (P/.10>_.. 
! Hljnbch VerFL liX 


47.6^1.0 • 2i as SESSStePl- *?• 

30"* II ; u 9 2^*®“ ^“ k ' 103.0 ■ 

20 > V‘?l Bc ' T ri»*r.l 

!“' h* 1 t™!r“ k - ' 

WmbchVerFLliX' 66.5-0 J ! - 1 - 5EXSJT f 

ItoteeotPiwbO, — J 168-& A2k2 7.6 

lieiBco (ELaJi_... 116^5 

Uoeento ( PMjOl._; 130.71 : .9 . 3.5 S! ppoa .? h,B ™ -T 568 

Iteya/DutchTPutl 127JL — 0.1 ’.V60 . 7 _a M tKhra — i 746 

ataeeabunr- • *«a 1-0.9 f 19 I 8.0 : *’g50 

617 i+J 
110 ( +30 

2.31 Carlin# O'Heert 

53* [Cuaair AabeKo^l 

alaeanbur# 238.1—0 

!>te via Orpi Fi-fjO), 147 ! 

ColtyoPnc Bwl»3.l 90 

C aliewBr (Ft J0)...i 121.6^-0,; 42.8-0 
tVecviandiu. Uanbi 40ft 1—2 

27*. daoyoWlc., 
: S*Z Sekiwd Pre«ab_ 

804 ;_1 

401, :iLws«o, J. p. 403* { 573* 

333* t\l*doroui 353* 

23 . Murphy Oil. ...—.- 33 

46 Nabisco 463* 

247b .NsIi.ii Chemical... 26 7, 

121* ^National Can 15a, 

201- :^>j<iiIimi)4 ' 24 1, 

20 1* ri'w’t Bases bare>. 24 j, 
I5ia '^jiwri-fluicb-... 1 16 
Z9Sa ,3/«rry Kand: — ; 33s, 

21Sg i^quib. ; 24a, 

241* Standard Uraorti;- 851, 
34s, .riii.OHUalUoniia’ 353, 
44 ,-514. uu Indians.; Aftl* 

633* -JU1.UK Ohio 651* 

411, • 'Sunf! Ohamitial.i 37s, 

131, j^terling Drug ...! 135, 

213* i 8 ig iCbietuun i . 2Qsg 

38U ' 25 1(^11x100.......^^., 25 

2fll* i 191, 'Dona Batburac... 223* 
17', | 137a iCoaamnerOa* — i 161, 
84 : 4.lslCoaate Herouroesj 71, 

81* : t6l| 'Uostain Klctb J . 7J a - 

611, I 45 ag [Denison Mines. _i 647, 

783* [ 42»* Dome Mines.. I 76 

597, j 38 [Dome Petroleum i 681, 
2n* ! 17 Dominion Bridge] 122 

183* | - 127j I Don/ ear. SZJi 141* 

151, 113* lOupont 12i e 

391, 165, ; Paloon’j-e IViofcal 171, 

95 j 73 .r'oid MotorCan^ 601, 



Burtn nrVst/i — ) — «. . ^ Q 

Uanakd Bank — j 1291^... '. H | Rf, 

test Asiatic Co_j 2411,)— 3* j la ) 5.0 
P l na iMtmn l ren — ] 1163* +i, ,13 ;|j_g 

Uudabteolc ! 132U [ 11 | a]3 

tr.N-th’n H^ErOLI 2623* + 13* 22 , 4 J 

’riudebalcar^.— 1 46 1 a 

I 383, Sun CO. : 39 lg 

23j0 'iillette 846, I 

18Jg rJcotlik-h F.P 19J» I 

16j, U’jislyeer Tire-... IS 5 * 1 

26 -iiiaihl 27 Sg I 

2l7g' ! Z5 

73, , U I. Arts rrKac Tea 71, ' 

20i*’ Nau Distillers.... 211* 
121, Nat. benice ind. 14 
31 .National blerl-...- 317, 

311, -N atoms* 467, 

321, ,NWL.^ 394; 

121* Neptune Imp— 16 
211* '.New Engtaml El. 21 is 
3 lie /New bDriand Tel- 543* 
14J, .Niagara Muliawk 147, 
9. "a :Niaaua 9hare...' 103* 
161, -N. L. Indimries. 16ie 
25i* 'VnwikJL Western 27 
375, North Nat. this... 37s, 
25 Mun blaies Pwr 25 
191, Ntbnest Airlines' 233* 

211» Bancur).’ 21kg 

17 .N*/rtuu5ininn 181, 

20 Ocd-ieutai Petrol 21 
31 Os^lvy Mather... 58^. 
183g ijbto Erfisoq.. n ... 187, 
197, .Dim lot* 

liuDiJairaud..— ' 413* 

16 1* ;STiUrx— ... 
5 1* la.linwolor, 

Z8i* .lekirooia-Z.-! 1 34og 

473* leieilyne.. — . 


281* Teowo. ! 281, 

46l 8 v-B 6 4Sig 

193* : 0n.Aiuili Irofl—' 37", 

38J* jelaa»eCor%rfi 

17S« ] 143* .Central A 5.W — 

28ia 19a, .‘ertamtwi 20m 

34 26 7, Combs .VirjiaJi - 30 >* 

543* 27lft Chl« MMllSttAA 28 

47 38ss JhemtoAl 8k. NY 385, 
26U 20 1* JbesebcpI/ IWi . 20-* 

4819 315, :CbesateatV9teju... 337, 

633, 42 Chicago Bridge.... 4| 

1713 ' 143, Chroma U qy — — 153a 

2ll* \ l2‘a :Uhtyul« l*ja 

8ia ‘ 13* .Cineama— Jj, 

31J, 15 'Cl DO. SUIauiun— ;• 183* 

34 ' 201, Clltmv — 203# 

68 1, 4718 iCfties aamce— . 48 

16T, use city Inmrlnjr... 12J* 

801* I 551* :C«X*Cdl4~. 363, 

271, : 19 s * (MBrtrttjlw-... J0 ■a 

15 •; 10te CdliuM Ailrmao-. 10-* 
SftTg \ 28 .ColumWa&av— 28 J 8 

201, ■ 73* .ColwuM* Plet^. 141, 

17io • 13ag :ComJt»CowiiAa> l&i* 
40'., '. 28 'Lcra&usC/on Eng. 331* 

501* ■ 133*. iCombuMtoo Eq— 14 
521, 87ia Ctn'wth Edison. 27-a 
8SA I B ig ;Catn'w tb Oil Hel' ^'s 
57 ! 289* jConim. siaiellie.-, 33ig 

93, j 65* ;i.«mpuierAdene* 8", 

B5U • 193* Iv’oorafc..— 201* 

251, ! 22 iCdn. Eiii««i N.T. 435, 

26 i, ! 23 ■ Consol IVMIbl 23ig 

47 36 'Consol A si. &«»-- 383* 

25S* 1 21 1,- Con-iunier Power 221* 

37u : 30U eontlnentsi trrp. 3H, 
34s« r 6 ig ' iCondiwmal Oil... 26'* 

17«* 14i« uonttnental Tele- 14-ig 

28A* 19 13 Control Bata 25J, 

481* 383b .Cooper Ind na— -I 42 

1 2 Lg i.rreytmural j 121, ! 

10l, .Dull 3c Western...' 11 

243* ./.lull On 243* I 

543* 'Uautvii'ia. 57 »g ; 

551, Hantai MiniiiK 37i, ■ 

15 iHAmwIn+ner....' 151, ; 

23 Hatri<* L 1 irwi 42 I 

28 fg UeliuH-J 36>* j 

22 [Heuhlein ..... 25 1* . 

673* Hewlett IV-saci 673* 

USi; j Holiday lfins_. ...' 14*, I 

3$l* HutnestUe. 36 1* | 

42 1 j ! Ho not-weli 434 ■ 

111* Ittx.sor US, | 

31 S* /HiMpCorpiAnier.. .23 
25 4 ;H«J«.U1 N*lU*i 25>a 
.10 iHunitl'l/.A.jCbai 1Q7, . 

115, .Hutton iE.F.1 lit, ; 

ZIJ, I. C. lodtrtlnM... 23ft' 

36 :i.VA....\ 36 ] 

525* jlngerrolHand 53 S* 

221* 'i.'rmaeav shipu.. ' 23 '9 

60t* Owen, Cumins,,,. ' 60S* 
203, Oneut liiinou.... 213, 

2212 .Pfc.-uli-UA* ; 23*, 

181* ! Pacific Lticbriuu.. 19 ig 
20 J, Hu'.IHrr.kLl,... SI 
4 TanAoilVoriuAii; 51, 

21 ilVrLer Hann/rln. 221, 

191* Piitolv Int 20 »* 

201, Pen. Knrj.Lt 22>, 

331* ^pinn J.C ■ 331® 

26U Ketiozuh..... 28i, 

7i* ; Peoples Dru«. 7J, 

6 'Ttn-jio PerroJeum' ' 8 ! 

25?b ,teea,ja^ 25J* j 

171* VetaauU .; 18 1 

68Sg Te\*» lurtm ,.i 787g 

226a Texas oU’LGu.. 30 1* 

18 Za . rerun L'UHties-—* 193* 
313* Time I110. 34 Sg 1 

20 Times Minor..—.* 25*g 

433* r I in Leu ( 47&a 

ill, .Tlane. 1 34 j 

13U ' rroinnuelua ....... 1370 l 

17 rrenaiv. 19 If ■ 

32i« . Crans L'nwa 345* ! 

21 Trsnjwnj- lut.-ml- 821* [ 
7fj rntna World Alr. : lit, ! 

26?, Traveller*. 267g { 

18 s * ifri Continental-../ 19 > 

273* jr.ll.W^ „....; 273* 

30 flDiii Centura- Box; 22's I 
167g TAL — 21 lg l 

273* 1 22tg -Gettatar 1 26 1* 

137b i 51, '(riatu. 1'eJ'wknle.' 131, 

30U [ 233* CullOil Canada-. 1 273* 
658 r 4»50 Hawker 51a. Can; 37a 

531* < 271, iBolltooer 293, 

47 M , 261, Home Oil -A' : 39/8 

19sg 14 -Hudson Hay Mju-' iblg 
19 1 141, Hudson Bay...—.; 17s, 

48>t 33 Jb HmlsonOiliGa-*' 43*8 

183* l 16 ;l.A.C ; l?i 4 

303* . 24 |lnuao,;,..„ 1 277, 

233+ 1 18 
347* -t 16 

hoed Katol - 
Olletateik—— ... 
Privatbaak I 

Ktwuwbaat— I 

aoph. Berendaen.' 

M6U| ; 12 4.7 

87ig;— i, . — ■ — 

1563* +1* : 11-8^ 
1421s 11 1 7.7 

3671,!— 2lc 12 • 3.3 

>uper(o*. ; 192UI— 11* . 

47 5I— Tn'i 01 ' Ra MltaoWshl Heavy j . 149 ''*-’4 12 4 0: k- D5 'n,? , ??5 , f: v3 ' 5 ’ ^9 

asllfl’ 'BJ JUuuWahi Corp..! 410 I...’... U 112.6-0.5; 11 

H5IZ0J 1 16 ' 6 * 2 Mitsui 3: Co Z: 516 2 14 , o'i i."^ H -* ll ! T,kr - S01 183.5 -2.75 tt 

65.5-0.5 to*Eosh^__. 61? i + f j 20 | j 1 ... 

- $J»«»|>mWb~/1.110 [ + 30 15 [ 0.7 j ni>u • 

.9 3 5 i PP °°^ hlQpan -1 568 ~ 7 I 2 1 1.3 1 SPAIN * 

L&o ! 7% ' l6: L3. 27 Pcr wat ’ 

19 I 8.0 T :+30 : 40 ] 1.7 Asland - ms 

27*: 3.7 — 1 J?2 '~i 1 i 2 , * ?- 9 ‘ ® anco Bilbao - 247 + 

40 ' 0.8 2i®»-4 ' |U i 1.6 1 Banco AUanueo OCMXi) 2 « 

L9L6: 619 SrTr°°— ®4S 1+5 : 20 1.1 : Banco Central na 

20 j 1.1 r^TTi" ** 1.7 SO !+40 ; 40 ! 1.4 1 Banco Exterior 2U1 + 

38 i 4.0 ~ 2 Hi 2.2 j Banco General 2U + 

Cueda CbMsicnl. 3u3 — 4 ! Is - 8.6 1 Banco Granada tl.000> iu + 

TDK— 1,500 1+40 ; 3D f l.Q Bando Htapano J85 + 

i i 25 ; + a ' Wi4.l ,I0M1 1W 

- — — _ Tofcto siannn L 489 i— 2 1 11 in [ntJ - Uedltcrraneo... 1B2 

J ‘ v - 1 Y *d. fokit) Kiw.-t IWr l. 140 ,+20 ■ « ** Banco Popular 215 +■ 

* ■ * IWtyo Sanyo : 26 L .... 1Z Banco Santa ntfor 1250/ 327 + 

it : t? g?.SE in :s is i? sss®a n 5 ii: 3 t 

16 | 3.6 foyoraJ, lotor „-l 820 1+6 30 1.5 -■ ** .+ 

12 I 5.0 Sauce NTfefco Securities. Totro. Ban us Andaliida _ . 2u — 

13 11.2 Babcock Wilcox “ 25 - 

12 ' 3.7 CIC 11^ 

6 10.0 - Dragadns 225 

U I a.3 SWITZERLAND • f- *- Araftonesaa 57 + 

12 1 4.2 Ernanola Zinc ...... .. 101 — 

12 4.7 — R, ° Tlnt0 10U5 + 

— ' — _ ! Price | + or 1 i/iv.;Vlrt. I Pecsa (E000) u, +. 

11 * BJZ Jnn. S7 l 'F ra. _ 1 » , * 1 Fenora (1.0001 

11 , 7.7 IL I_l Ga L Prcriartna 

12 : 3.3 VeUqocz («l» 1*5 

13' 6.3 Aluminium 1.305 1— S fa - , , lildntb 7*5 . _ 

114.5 +0.S. 11 8A- 
333.5 v 2.5‘ M 6lV 
112.5—0.5 ; 11 9.4 — 

— j— j , h.u Ca+eda Cbemical.’ 3u3 -4 
TDK- 1,600 I +40 

L * ^ ill 

SE&triTir- asss^^is? > +20 

T401+1 ]fl S’ 

3SStL.| J? I ^Vocsjllotor. — ! 820 '+6 

EpVota M otor. — j 820 '+6 I 30 ! 

Source Nlfefco Secnrttles. Tokyo. 

13 ' 6^3 Aluminium '1.305 1— S 

. *! tSBC-A* -1.690 I 

Per cent. 

- 105 

- 267 
I) 287 

- 360 
.. 2ta8 
.. 2M 
l> 161 
.. . 265 
H 174 
.. 182 

/ 327 

. 325 

.. 208 
.. 300 

.. 143 

.. 236 

- 25 

.. 117 

.. 22S 

.. 57 

. 101 

-. 10U5 

7 hJi 


OiteQ«Ry(Fr.l0H.l60 ‘+5 
Do. Kt.Certa_| 930 ! .. . 
Uu. Kesu — ■ 629 2" 


' I q r Inn ' |in - 


181* ln<peri.>Uil 183* 

16s, laei 

18 'Vasco.- j 19*« | 

171, -Veil I 201* | 

..., 143, l 

61 , |IikU.i 9a, 

'9 'Intand Nab. Gas..- 101* 
IZog ,!nsVyPjf«Line 14 
1Z>4 : kisiaer Unom-n. la lg 
61, lAiirra’t Pm'Gety; 7l a 
2.6s LAhxw Com. ’V f . »5.40 

-16.1* Me' ui t/i'n Uioed/; 16ln 

15 .u»mey FstRUKW; 16 " 
22 li.'lulyrt Parpne 22 
26^2 HccreCorpn.—... 20J* 
195a iNorantU Hines..., 2n, 
10*2 ’Norcen Energy..., 3713 
26 i.Vtbn. retoL-om-.-.; 25 
101« \um*c CUE U.t. lfti* 
1-90 .'-Jekwooil Pfetr'tn! 4JS 
0.95 ; Partite Ct>pper 31: 2.10 

AUAAD tKr^-i 179 

A.ia LevaiBiKisCI 130 1—1 

A-jtAMir^Oi ! 93.0 1— 1,8” 121 -1 

uiUerud —1 82 +2 

uofora ! 113 L_5 

..Hu. Hen...... — ! 629 a"“: it 3 I ! S*p«*w Rrantdu ... 

Price +o« jDi». liu. ‘-; r aJH 153ft IZ.37U '*30 : 16 ; 34 • p *J™N&* ,r 

Krone — . Kr. ; - - b'wtrtmyt 1.760 |+10 * 10 2.8 i « 

— „ HreheriGeotMt..'. 760 —5 i a < 1 1 1 5?"^ p *Dal«a 

— ‘ W 3.1 ^cSts’ e9,750,w3oa' j50 , o l | 

gin t. 1 « i 2 ■ h 5*222 i+ 55 s * ■ u.e c tS&^‘ : 

I L«nl0 ■ 406' 


, /uecriux 

Eriemh'B'/KrJft; 134 

Peopitw Dm.—.—, 33 

22ia | PepsiCo. 267, 

13J* -L'Or* 143, 

27 »« Lniterer. 39 

47 ij .1 nl icier XV...*..: 64 U 
11 j Luku J3»naup 123* 
3&i* !L'ii u/n Carbide. 39'* 
6i« IL'iran tomu/ercc 61* 
455, L’uNjii OU Celir...' 451* 
44 |L'niun Pacific 441, 

16*a iPerUn Elmer—,' ljji* 

29»a PteL..—. — 

24 .Pilaer. ■ 

7ia ;L'otrpyaJ...— .-...; 
6afl ^nited Brand* 

Ula ! JO |CnIi«tl Ct/rp..,.-., 

• 26j* 'PadficPeiroleumi 37Ss 

1B1* ;Pan.L*n. PeL'/n, dli, 

i »13 .Pauthj ; tiS 

4.05 -reopen LtepL!i..' 4.66 

■ 0.40 {Pace Ua» Ac Oil 0.91 
: 17t, {Place lie veiapanl 196, 

7Sg :Paw«rC«pctnt'n; 10 

81, {Priwt 101a 

0.62 : quebeu Sturgeai U56, 
141* 'Kanner Oil— 261s 

■ 63* 'Kesd $baw | 9 

223, (dlo-Aipom E5&U 

, 234 )Moyaitik.of Can.} ' £S~a 

228 i— 8 

t' aperara.: 86.0 + 3.5 l 

y ranee* (tree/—. 53.5 + 2.0 ! 

HnndeUhnhcn 269 ' 

SUcaUai..— 120 |—5 

Me Oeit Dometo.. 65 !+l 

^andvi* AJJ. 217 '—1 

•KKJL •»&*—; 70.5..... 

akan.l Pnakikta...; 133 
Eanriatlk-'inCraOj B7.B„..> 

L>d.iel»lm -.i 45.5 + 1 

VoIrcrfKr. &0) 69.8 + 1, 

228 >— a ; 6 3 5 »iiihllerLtaFla. 312 U? 

86.0; +3.5 a 9.4 W«WnCtaj!,lQe.i 375 i + l 

58.5+8.0 > — dwIwairiP^jjOi..., a43 Lq 

269 : -14.97, 5 5 a»jmlfcnJt(FJO&; 423a — 5 

120 |— 5 >■ a : 6.7 1 lB«-P.2fii..'|5,oqo <— . 

65 +1 i 6.3 'iO_ 0 Vninn Bant /3.370 |+25~ 

217 '—l ■ 5.03, 2.3 &«k* Ins .. 11.650 ! . 

70.5 1 


67.6 ' 

45.5 + LO i 
69.8 + 1.3- 

'5.03, 2.3 
' 4.5 6.4 

■: e 6.0 

, 5 6.7 

-14 : 3.7: Bwhins. Inettmu and 
,6.57) 3.6 1 Finance 
1 10 2.4j I.»*umi l a- J irjl .| 

40 ; Z.q . jJW RauWmldinj: . .. 

40 ; 3.0 HiPMllm nr 4H 

4a 1 1.7 , J;ni»i' Bank of larwl .. .. V* 
I 1 Banu Dr. :»i 

Pnccs Qnffi 
Du.-. 0 flfltV 
1977 writ 



! Itfir^ j 
Prtoe r + 01 Krs. -Vld. 

Arted — 8.020 +30 — ' _ 


Auaonla Aaajc...... 

OMasfi ' 

36Jg PUeiwlkxhje 19 

17*, |Phil«Mpfata Ele. ; 19 

SI la .Pinlld Mm ria : 37 1 

PhUlvB> PetroTm 27 Ta 

33*, .Inland j-teel. ...... 373*. j 


InlCKvnt fcnerur : 

354 I I’Usborj- 

16 U Pitney Bowes 

211* Pitutea. 

2851* 2451* 1B.U— 264.87 

20 U ! 101* IPICMCT Ltd ADU, 

23 l t 

I 8 S 3 

JmJ. Flavour, ] 

20 lft 


26 •« 

Inti. Harrerier...- 


36 13 




39 ft, 

16 1 , 



Inti- Mu III Mate.. 

20 7i 

39 lg 



Inuo .... 

14 7, 




InlL I^t)+r 

40 Ig 



22 i; 

1 va 





Int. Mec&tier 


19 lg 

3bl t 


InuTel. A Tel._.‘ 





Imeiu ' 

11 . 


31t 3 


t>-n & Beet 





■ U Imeruatiooai. 

11. *8 



25 13 Jim Waite;.. i 

27 S* 


231a PotaroM .? 235, 

13 <* iPliiouac Elec.....; In 1* 
245, rrli Industrie*.. 243, 
73 J a Procter Damiiie.. 78 ?g 
215, Pub tierce Elea.. 2UU 

24 Vuliniao Z45 h 

151* {Pure* 155, 

201, i/JusKerUsn 211* 

4a, KcpMAmemas.. 6 
28 Kartheen SOU 

25/, .L'jj Bhncorp. 267, 
21 lg >L5. Grown—: 23 <4 

18** :L>.6huft 22 

273* :L'j». StofeL ~.i SB 

32ig IL-. CwliBok-sles.. 383* • 

175* drv Industries....] UU 

14 l^nptua. Elect,... I4*g 

15 jiral^tuonw. — 16 U 
255, itVamET-Comnin .< 292a 
241, itVarner-Lunberi'! 27 
12 1« -UuL+iUB'nml! 181ft 

185, / 145* Jitojn 1 

Hq.BrsJj*mbJH:ii4l8 UlO ! 60 <42 {*£*•=■ — 

llabu illll' >* Own 1 . M ,.7Z I T . I IV. DJ, 

6 SwpMfcHesourcesi oi, 

203* set^Bana— ' 22Ta 

13a, Shell Lwrada-J la 
4.06 IsberrittG. Stine»i 4-40 
131, jai Kham tlj; - 231ft. 

4.20 fitmpaona..— 4.70 
.22ie 'steel or Uanada_J ZZTa 

(Beken-H" 11.750 +30 |U2 ! 6.4 i 

- ■— ■■ ■ 1 ir pa , a_ . “uni Vti ti*"! 

j iiuiirjiicv Br. ... 

j rirtkral Mori. Rank Hr. .. S1G 
Ti-iahoi ■" israol Slurt. 

Bank T:r «a 

| Laud OeuelentncM 

j Airii'j i.npjmj tm-rsT. ino wa 

Price * + w -Dtv. jfST i if— ,-T L,m I D«W». BT. .77* 
JJre | - DnlMi[w - 

. 123 !— 2 ' i . i Israel Eltrtrir Corn. SMI 

B85 120' i£ e I teKBsinnmt CommlB 

.390 uio ISSSrr. « 

, iso; 7.8} -SSI" Bivcst. 301 

I 150, 9.9 1 «R«W8rW 

l^Onmaou-jl.lg '-20 | 90 ; ao] |^^; r ^ ^ 5-4JB, - ! J f $£* « Tire and Rubber 1^30 - 

EUE8 w 

-;2.3f5 i+ 10 '177 • 7.5 

j^«««nU ! 10,000 [~2»1 2O0' Sq! K«« Br. Z..Z . M? '.JS, 

£5225=.“ — UiLri-AL-iJ -- "a*' 

1.7a - sleep Hock Iron.. I- 2., 

287b i 241* |7Vfclla-Farj»n' 

335* . ESSfi IVeilera Bancorp; 

275* 141* l »Vi« n ,j t '..Vnier! 

IBi* j lft 

tewcu Canada-..' 373* 
jruKMiioDcnnJii..; 16ss 

16s, I iau {OwaUanPipeLu 

16 Union, 16 >i 

165, .WertincfaeeEltM. 177, 

25 AVesJaxco. — 261, 

241* AV.verbaetiBer.^.: 241* 

nn. . 'li-ru 1 an.. 

81, I Irani Muunt Oilk,' 

9i* |Truftc„>^._"..^.. 

F*n and oil 

Cwb-fe - • 

.67, iLa+rn tiaa .: li) 

2Z5« MCA... . 

21-'* (Mepublip Sl«L_^ .255, | 301* 

201* JWhlrfpwl 20*8 

19*i Wftiie Oa. ind-' EOtft 1 

18>a Wnilam Co 181* j 

27a* itFtfCQuain filed* 26 I 

22 Walker Hiram S^lg 

26i* ; Week Ctast Ins ■ Siia 
9oj ;W erica Leo—... 15lg 

UKotafe Briae ,'5,260 
Pan HnWtn^^_!2.aOU 

PestWlii*. .5,730 

ace Gan Banqus . 9.765 
3ec (ron Srt^tmtei 1.860 

oofina^.— 3.910 

art ray 2.460 

'160 6.8 r™" '1.012 f — IS raf gn , □ T«a Hcs. Mb =+»!-• 

intenmn ri-805 1+5 /I43 • 7 9 i M>t " v <- f ra w.. ) .440 Cg Fran and OH - • "~ r - ' 

ErttUatnank 6.150 ; 2 66 j 4^0 un-raeT ; P*** ’ — = -- '. *306-^*^ ' 

w™ «.«. * vaua, :■ ■■ 

i:i i« ' ?| saffiSsNrcrl T&ssaf , 

!-?0 -205 avioriffi. bSehS r Af* 1 ” «‘*&S ■ ' 

l : and 'or senn issur. ^ p-,- . * d Dri'ldwm after n-ndlnsr'- rt»» ■ 

«enmc s wminsc Rawm. dlwuenda anjtdlc* 

SS* firtwra, rooftra 

laa/n. c Pur share. 

' -Ateef»*1. 
;Few stock. 

7 Bd. * Aaked. { Traded. 

I cJV^ ' 6 -° 


.i-.u L'i-:-: X IV^rr J0.10' 33.10 

j-. iiAr , -az*™ :«s-ca 

it IV ■:■».■« if*..; >.£0 i446 
, 10.70 • 10.9C 

^'iin J W ■ 9. 126 

jus hiKic'Aifli-iatt-, . b6.fl0-' ‘ -- 

•hi; h «K sum.-.i... . S.M‘ : * #5 
... l^Iwui^lninWtsi! IS.B0- 
. v ip Kiiis 1 «m . M5 .t-Sti 

I-' »; K''<xj; Aangini tu» i?.0 ‘ “16.90 
:t>!jS>'n6=*rthl»iHt«nf. I2.30 llMft 
l..:. Li £,$0 • 5-57S 
—st. i auiiK' B-BC ■ ?JW 

4V.GJ 11 W 

a-Ji:E?w: • 5.%-i ' »S.*S 

_..^.,r - 1.90 , I.W> 

IJn 1 ? *4* 

■v4ir iivi. I'm. Pmj * — ' 
> liwuic . _..x, « 

'ai.T hn.xi-.’ \ — - 

Ailiww. _ _ . 

.'l*i neu ........ . Who, Z-i'irt 

ih-ii t iu»L. . .. . • - • »3 £<tt 
,„.T 4.9Z *1.tS 

-^ve-4< ..«•* • j-*. 

— "tWnfitf.- — 

- ■ ' 

- Dill,. tutrtvBP 

I'm: filprlr;-. 
nouznua Cj. 
Buibnia.:., . 




• • li.iwfr. — i..-uaa:ej- iatJitc ITtwi' - 

■Stt Eai'&viSojei - Kb' sK-bv.Htti tt*.w 


Financial Times Monday January 30 1978,*. * 


I ptinirsih { , j .. iUU| IKv I |Vfcp 

I ftnd t ‘fcx-k i «**!*» * r ■, \K ',CT« r &rt. 

Henry Boot Construction Limited 
Sheffield Tel; 0246-4101 1 1 


j Prict lUsil V*M 
Stock I £ c Im. K«L 

“Shorts ” (Lives up to Five Tears) 

AMEMCANS— Continued 



Last Dw. YTd Diddfads 
£ tl Gross Cvr Grj Paid 

^ l* «v jrwj 

pnw 8! Net Cui&Mra: 

Kindreds 1 
Pad $ 



y ikjkcv .ri-: 
irifTrBSJ-jnr&jp.: I£9!£ 

155 971 960 

W;! - a. 5 *> I 9 52 

5 m tt 1 

Mr Je S r. Jr-5 SMI 51 _ 211* Jd m 

Av, AMctouetOS) 14^03 2k 

.Mr Je s I » , Aoo!?wtli:i?». . 12J«J 2k 

ApJ> O j. )»rr.-. >:..rp i! _ _ 29b of 29J 

— JXonir. .'fir. Iiy . 46tJp _ 

Ua Apjv. Jiipaiaicrp 2ft- . UUta 6 
S.E. List Presiinai UW onS( 

Conversion factor 0.7599 

Ja.II li.<l JlTiMJwriiec ft" 

Z>M 2SX -Ich. Vl'tjK UB’.n . ... 

I5J ]5Je T^MipcTWCS 

I 5 F IRAjrjasuo 3 k 

ISM ISSlTreinu: 24?e lEb. 

15 J 1SD 

SJ SJu, 

Treas. >. arubie m*#.. 

Treasuy ftpc 32 

EKh.9:«pe liC 

1<S.' 4 17.lffln.69 ?83 

97i; 914 3.75 r2£ 

H;i 352 7 23 

11?*- 1C ? ! 22 35 9.97 nj-j*.* 

mma w ^ 


| Last I Dr. | JYTd 

I a | Gnu fen-lei's 

Fire to Fifteen Years 

tt;. ha|MZ 972 Ma.S.J.D. StMowrealsa j 10%n|2Ufll SI (Mk I — 5.1 

_ FJIy.Au N. Bk Now Scotia SI-1 - llL «f 29 j3 92c — 42 

lA.Jj.OJa. (tell Canada 25c. 

filF 2LA|Esch.3pc'83- 
J7M ITS Treason lOpc l983tt 
J3J 18JofTreaau>-S%pc $3 

811: ti 1 26 ll 3.66 I 7 34 Ma>- NodtarVatafl 

321j« 1114 J4.Q8 ! — t 6.4 

15J 15Ja 

■ioj ituu 


■ioj laiurrreasurrdi^pc BWCit. 

IN Fundlfl*<Ps»f‘flWrt4 
2flJ aaJaTreJsurj-rfpcBMfet 
U Uu Transput 3pc 7552 

■ISA ISOmeascn 5 pc BMP. . 
•15J 15Ja 

15J 15D, 

- IOJ lOlajTreassy U\pe 1991. _ 

5A 50 Funding ape W-SIC 

22J 22Ja Treasury Ufoc ^ 

21F 21 A Trcaaov lilpc ISGt 

25F ojjilF.,*, 

l! 2 h 1 L 
97 * J 2 jr 
B 7 3 i 81 ^ 
95U dUi 

q « Oct BrascanH 

050 F.MyAoN. CanJjnp BLS2 

giq July Jan. CaaPacihc SS 

9 Cl July Jan. im4pcI>ehiL]M- 

907 JApJy.O. GulfCUCanfl 

973 Ap/y.OJa 
731 F_MyAuN. HollingerSo 

ich-liWit: „ 

Over Fifteen Tears 

95 J * 3-Ui 
85 J* 36 
87 5 g 3L2 

66^ Sill S 54 131 cjMjjwm. nouii^B».__. 

73 6 91 6 fi ?? Apr. Oct Hudson's Ba? K 

ii2u 9i3rlw uio 1** July Hud-aaiobi.. 

87>a All 9£5 10.22 MrJ«.S.D. Imperial MB 

1D3V 51411.C4 il 8 4 JaiLAeJ.O. Inco 

725 15) BU 971 FJfc'-Au-V. inJ Nat mi SI 

liw4 lfciaiiM 11.43 MrJe.S.D. IbwsF^H__ 
Sli 4 «l JAUlOS-i :j 17 June Dec. RicificPetSL — 

HHHirt 19lfu.60 11*6 _ -- WaceGasSL , 

' June DecRio-Alcco _i 

KJaS.D. [Rc.w! Ebfan. S2 I 

10c — 0.4 Feb. Aug. Unef C. XjA lftj 34 1212 *L32 2.4 5.9120.7 

S1.0Q - 5.9 Jan. July London Bride _ 69 3UQ 12.93 3 W 6.4 7.9 

ST-44 - 5.1 Apr. Nor.U^iY.J.1 86 48-3.89 4 7.1 <f 

97c — 5.8 JulY Nov McNefll Group - 55 235 ±289 — ±! — 

4% — 10.8 Feb. Aug. Magnet iSthns- 200 88 fer 25^ bStlOja 

SUM — 32 {an- June M^W^Denoy 50 14J1 { 33 7.H 60 

40c — 5.8 Nov. June MandasiHIdgj- 90 3Jfl t232 3^ 3.9iU.9 

SL94 — 5.6 Dec. Apr. HarchweJ 252 14J1 13.1 15.® L4J 52 

65c - 3.1 Ang. 3Gr. torlec __ 90rt 26J d24 6 Oj 4$ * 
$176 — 29 Mar. OcL Starsh»lls»H£*U 100 228 td5I4 28(8.0(6.7 

86.4c — 3.8 Feb. Aug. 31a; fc Hassell— 78 3.1 1270 4 0 5.9 52 

51.60 — 8.1 Mar- Aug. Hears Bros a 25.7 178 $ 128t * 

80c _ 63 I**- JuSjtehUJeD ftlf.. 44 1411 248 2® 8.5] 6.4 

S1.00 - 5.6 Feb. Sept. (Afoot L)_ 85 ' 3J Hl£ 3JH 71 5.0 

86.4c - 19 Oct Feb. Mubin?, 87 31 T2J5 5.0 4.1 73 

_____ Apr. Jtor. aiL’eriSiinilOp. U 124 JdL17 12| ri 7.8 

1254 33| 7.3 60 tor Xoi-J D5 X.V. 

1231 1 33 3 91 U. 9 June Jan TaUis K? 

±31 15.8) L9 51 Slay. Nov.(5a.isziG:ljow.! 

d24 Q ! 0 4.2f ♦ Jan. JuneiVenrell op 

td5I4' 2 81 S.ffl 67 Jan. Sepi^iiariMill ••Ipj.i 

28td514 2B a.CH 6.7 Jan. SepL^MriJUU Wy&.i 21 211 L44 
3.1 t270 4 0 5.<J 52 liar Nor.TOJcsfpWarsCi. 68 SIC 457 

5.7 178 $ I2H * I Apr. CicLfToolwori; 1 6F. 2 222(4.01 

17M I7NTreasnr.-4?c £77.»l»U3l224T lt.Ci 

2Ma iVsTVeaiunliU-’SS.. .. lC2!on : 3 ii)13.5? 11 ?1 ^ 

IM lK<ib3pcfe*. SOU 269 VJi S.71 ? if} AND 

21 Ja SlJEnlLWbprSSiiMd-e 2Vg - U 93 3133 

ISM 15N 1 TK ! 3id.-5U!’ i nc-Kt:_. Ill 191*23.77 li K Kviiiccds l 

15M lSSTreMun-9Dc’Sa«eit.. 38 1 4 ‘9?li'.C3 1L.9S 

3M 3Nh;nsa$ffiy Wipe -Ste . . 123;- 1 

ISM ISN'fecheqGerl^w'ac?. 114-*, 10 

■1A 10 RedenpuoaSjs 18K46- 4S^ 3S| 651 8.78 Apr. JulyAituuer. Vz 

22J £2Ja|TrcaMirv LJ-4rn. , '9?ff . 112U 1632 1L£« U67 ?&>■ As*. Alwnane flW £9* 

21F 2U|Eirfieq W rlo; 1& -lSr:. 9£*ul 161 11.1S 3139 Oet. Apr. MIeoH»rwy£l_ VX 

ITJ ISftVeaniySiipr l2S7St . 81U -j I 10.54 Pec. June .iilied Irisi] 157 

IM lN(th:aju.'v6) 1 pc T5-3fe 69 i 2 26 9.95 1065 Jan. Jui&iAulhnotL'i.. 16£ 

. 30U 30Srreas la'ax'ftdf 1321= y«|l2. 
I5J 15Ja TTtasuvSjpc©^.. 2J : « 

ISM !9N l>« f \i-#& •Z:# 5 j~ 6 - }ij ; 

14J 14Ju FundinsiG;c'SS J A : .. .. 40"? 31^3.- 

5A 50 11*^7 8WWKH. 7& t 

1061 ICS rreanaySKw tM2S S5s- IS'IG.' 

28J 26J^7rca;4jr Hspc '12-154? | 73H« SLi^lOJ 


1) 23 May No»-. IW-sbVu# . 

|l * May CtL Hrotaur. ... . .{ 

July JanfaKte^nkJjvrJ 67 I'll ±3.99 1.7 ’0 8.4 ^ 

Mar. OcufeuIleC 'lup4.1 20 HI 4L46 2.7 11.1 5.0 t cb K KI3lv? 1 S2I 

Nov. June Senior Eng'SKte) 24 1710 }1 17 28 7.4 74 ,Jar - NWfMiNnaJp- - 130 1..W3.SJ j 83) 2 

.IF l.\Von.Mlj4pc 

1J lOjsi'a.-uvm^c^ 

1A TOCoai.3»w«.4fc._ 

5a 50 IVeaaun 3pcu6 Aft . 

JUaAJu.0 CmsoUl’ijpc 

J-4 lOjTreasu-T 5m— 

June Senior Eng-plOp 24 iriffl«ll 

Au£.jStrck... 94}; sUS.V 

TiL- -- 

DoS. 119 - — ! -J -1 J 

|-*« J- O. Ja Bsito»K.YVfl £23^3 M«30O|— 7Z - hfav 
Upr.OrL BarcJaw 518 8 Stl 004 4 ?f 4 .sl 6.4 

Ocl mnicraga.-i 253 

CKrtTra-.iii Arnold. 139 
Aug.TusneJESOp. -.275 

^INTERNATIONAL BANK jJao. Apr.lDawes ft! R. i I W ”|M 20 l' — I -- j — j — Jj^ j"u nelwettenBro 1 * 13 

UF 1 » 71 ^ ‘lim “ lA.Sri*! £ ” w® 701 UiY3S,r%SSS§fc: 

• ‘^ration loans rl&Ei iei#! 

IF. LA-mirm'iiaiii IP4 pc TSRl _ 98 

TMy lN&iapc^ai _?3U 

- li “M". Oct Vihroplant 1_ 162 

— Mn> t-Odibkl'MlC*.. £ 14 ^ Hi QISS — 3 3 — Anr Ort Ward h 1 H*h ]Oa tr 

March .-hgn.HbkKr:j» £151 93 3n% - 6.7 _ % 

JnW. OcL Conrahian I0p_. 24 574 zbi - 13 - C 

Jni? Oct Conrahisn 10p__ 24 
May CTed Prance F75 £14^ 

Jan. Apr. Dtnrasmili 67 

dQS.RFNJ - I 4 . 4 l - 

Inly Nov. (Walts Sake 156 

an. JuJyfft'estbnci Prods. 32 

5N]G.LCl2'a)c'ffi 105?. 

n September Fraser Ans.l0pL_ 11U 876 0.03 - 0.4 - 

98 ) 31) 9.44 J 9.93 June I>ec. GerrardNatnL_ 17B 1730 *837 - 7.0 - 

93U KlS 632 I 9.92 May Nov. Gibbs IAI 43 3.10 Z0Q - 7.H - 

May Whirl's 12E>P_. 30 283 0.43 

Oet Wiggics Con. IOp 25 721 155 

July WUsotfConaoIlji 120 19.9 1Z2£ 

Ocl WimpeFtGeal 78 95 0.62 

10F lOAuft Do. 12bpc 1883 

15My llNClasffwP^ aW! 

22JI S2N Herts ?4pc 'BMO 

lAp lOct Liverpool STtpe T5-T8- 

ISM 15N Dnftpemi 

1J.A.J.O. DaJJ^cIrred 

10.80 Mar. Aug.GiUettBnjs.El__ 240 88 FI 4. 95 — 9.4 — 

1113 March Goode miiry5p 23 142 0.82 _ 43 — - ‘ 

936 10.10 Nor. April Gnndlajs ___ 119 ££ t254 7.0 3 2 4.6 - - ' .... 

5j 69 9 02 April Ch± LrdMessPteat — 220 1°.9 flO.O - 7.0 - *:. ■ -/inrihrklC! 

5.83 732 Dec. July Rarabras 200 28U t93Z - 7.2 - 

9.93 20.15 Dm. July Hill bamnd 97 2B11 t4J2 - 6.8 -• 

110.4 Mar. O- 
Apr. ft 
Jan. Ja 

. InuroreScm- 113 21S 95.0 3 W 6.8 73 Jan. Julyfrecakimt.. 

.tacRefng U 22Hd2JV 5.S 43 6.0 Feb. SepLffex.Abw.1 

iYl5yEecir.r__ 175 ?1| b5.80l 3.5) 5.0 7.9 May feenta 

Jan. JaJyiUS-EKtr.r-- 175 *3] b5.80 3.B 5.rf 7.9 May T^-ssenlmilJ.. 

J , 3n - J'fJrt^a-; 132 »aJijt5.3 I/j 4.3l32 Apr. Oct Ternium F.RJp. 

- M. r ft*. JALesssniwn-J 75* 161* 5.0 bl^ir.^63i Jar_ Auc. m r feiF*i* . 

; - ART. - •Ckrpc^8iri;U-£!_j 175 t6 02 5Tl 48 56 Mjy Oct rubclm«t-.£l 

1J.A.J.O. !Da3>®cIjred. 29=„ 1131124 - — * Do WjjranL«_. 575 - - - - - U*a. 

10F lO.AlljFi. Corp. 5lj>c 75-18. 99^10^651 6.81 Sopt Mar. Heng5hngS150. 247 198 t«62c - 29 _ KW- MajlAItolgU Wilson 

JA H.0 Do.3^pc^85 93 id 9 72 1037 June Nov. Jewel Toynbee- 76 JLIO gl.03 ~ 8.0 - H ul 7 

28F 28Au 
15M 15 

1SJ 15 
IOJ 10 

* v ^‘ w^wuumam-HIV 1 C # <S I la-i - 3 .UD I t.'JJ . JKUia; A 47 w »l J .,7 H U — lZT Wm 

TOMr. 10S. NeweadeS.peT£89. ?9 ) 1’Jb! 954 9.67 Stpt Apr. Midland El 563 a#4I4 75 5 4 6J 53 Mar. 

1551 ]SN|W > annci(12te»lK0_.| 1C6 (uio;iiGS( 9.W June PoTijSEtE- ££4 MlIIvtDylo 220 19.1 — Fea 

June Dec ftx «AS9M8_ £92‘ 4 14 U|QllA c o 220 ell 1 - Jan. 

j* wrieetcs* -i >» ! |n*i»i tj .15 SS'ia.SRff- u fiM 3 « in] isSf:- 

.1 Ptfciatsi ~ S-P!ffl Mi 1-2 toy ?? ptsfc: i? MM - - Sr- 

3 9 9j 86 Apr. NcnJCaralLeu »p.. ^7 17.Ttiih60 } 2» 73 IF 
5 83 70 J; 171 - 75 1IU b307 62 S< 



Public Bozrd and led 

Nov. Jjinei 

’Mfigrt- a = E 

«• ift IfS 8 « ii 1 M M Mdi ffi a 5 

3 i? 5 ? II «Sfised^ ip Ayfauv !».-«, 

55 Mil ±198 3.7 5 4 73 S, *^0-5 ?-§ 53 Jan. 

Hire Purchase, etc. 



s:.y -l. 


303112 2i 


IP* iDv 1 




3; Mr 

rcr»!s>jL :-ipc vt 
30 K;lCF' .- n*. r*b 

111 >4 
£3 >* 

an 1274 

5* 673 


34N p il 

V - 


32 iO 7 96 



Ir W 


i ! 10.97 


llJir-* line I n. I: 

: IS 


J 1 11 26 

1 IJ 

l:-’![«e l!* lr 1 

r.W . 



30 Je 



1411 :c <57 

31 Mr 

o?S!IW* “ji»-.vis '5;.JU _l 

69 1 ' 

5.“.10 C7 

SIMtjO.- KwCp, V 51 ‘‘•I 

[ fiVi 

5«i: 21 


3! A:r*pS;p,i.r. a: 


Irllll 75 

Jau. Nov. Strlc. Credit trip. 47 

iSuiriJcC ilijp — 13 | - 

Dee. JulylFederatedCh. 
Jan. Ji 
“May N 
'Aug. F< 

2Sti 177Uo.66 62 4.9 62 ) X ‘ vS t j5SS5Sj?Sf‘- *J 67 $ JIay C 

52 1213451 4 13.1 0 December rrh ETI 5p 17 17 iSo .66 3.M 5.9 73 July JaE-f 

36 23il ;3 62 11 i IflO OcLlWrltalePW.^- 130 ±4.79 2 9 5.&J 9.4 Apr. Nov. 

71 23il)?tjS» 33 fl 65 January jTijfall.H. 272 ( 1710) 14-64 28| 27 >147' Apr. Aug. 

J»orW«6i> 37 1212 ton M 71 M Jm ' May Drops tel I ft* 3?j MU 23 3B( 9.4«!» 

TiUehoo.^ 50p _ 128 -21 o 23 6 „ Dratf*Seidl„. 23 C77 _ — _ _ 

yjuDS'W4_. 24 12T11.01. 4.0 6.4 S3 Oct Dufay Bi tun Kb 36 55 2 51 2.« 65 W 

[Bps* Jones.. 60 14.11 224 4.8 5.7 5.6 *>° v Ape. Dunbeefom IQp 138 310)hd537 26 5.6 81 

08 Elect Tools 148 124 L73 7.7 1.8 10.9 Juc f Feb. ftmdcriLia33p._ 51 31 F2.1J 2.1 6 51CT 

384 14J111L69 28 4.6 89 

164< 3U0 0J2 3.7 29 lU5> 

525 ni 161 1038 8.7 5 0 4.7 
410 12JT Q16% U 5.2 11.7 
020 12.12 010 % - f 8.6 - 
546 5/ f!5.01 33 6.6 7.0 

49 12D 35 WilQ.8 - 

70 1212jth206 45 4 5 6.2 

Apr. AnB-ffoodi&WiSb 
Oct Apr. Wh'seRixn \D- 
October Young Asfnfc 


1»3 T 4 . 4 J 2 1 6.8009 Not. 

8a 182 2 3 5.9^:931 Feb. 

ia| 14121 2l| 6.9I3I8 May 


.TTPA ow>»»>wrr«r« Feb. 

'. Jvc JuneiteU .Arthur Me.. 22S 3U« t«T8 b3 33l6.a| 

— a-diia^oBreK-nr 40 31741 — I _ f —.1 _ 


l«t Tools 148 124 L73 7.7 1.8 10.9 Juc ? Fet 51 31 F2.1J 23 6 31CT' 

[•Hugiw.- 190 2811 6.70 3 2 5.4 85 , Jan ; fttpi^Jnt.5p. __ 13ij 1212 0 59 32 6.H 73. 

UF*Jop lffi 17J0 12 29 9.9 53 Au «- Apr. — 130 Ji 1371 3-8 -uU?-- 

S-W'^. 42 S7d337 24 13.9 45 ^ u - _ I^kGnwplOp. 9'i U74 _ _ _ 

RixolSo 36*2 5.9 123 1.710.5 8.4 Feb - AugOjtesijl- 2a U6 1*13.15 8.9 MlftT 

A si nil 67 228 h3.07 1.8 6.9 124 Apr. Oct 56 60 525 26 8 jf M 

Apr. Oct. Da. A 51 976 525 26 9i( 61 

Oct May EC.GwwlOp.... 17lj ^9 ±0.65 29 3 73 

,, Dw., cJsto;Pr«i*t_ 90 1710’S 32 — z3 Ji 

SSL SS fSSZ: £ $ (So !« 1 h 

Apnl Nov. gt'Htffr. 15=; 88 102 L7l0ffl98- 

(May Jan.taecol 

42t : 14 U dl75 

fan. Jul^ectfruisec-- 45 ‘ »9l27? 2<ri $3 83- 

150 88 

54 3.10 

July JaafglicaFb’ni lOp-l 21 I 371 12_19 

100 3ja 44.76 2.6 9.7 5 2 „ Apnl urjL.Mjch«5T. 110 142 2.08 421 421 8.7 FOOD GROFFRIF^ Jan. Hew life- 421; MU dl 7 

£23'; 3Liq 0129. 13 42 * Ocl JuneApl.Wp 203 110 15.2 4.5 39 7.3 * V\WL», OliULKJUtJ), Jan. July Sect Ini Sec — 45 149(272 

82 ?J ‘dl36 63<2510'.7 Apr. Sept AcroinEftCs.i_ 116 1730 223 38 3.0133 tw,p . July Jan. niicaFb'w lftp_ 21 257) t21 

150 881 279 6.9 28 7 7 Apr. bepL to'.V_ 05 J7.1Q 238 3.B 4.1 97 ^ 5 J 9.0 Jan. June 3soni Robbies. 77 1212 333 

54 310jfh343 23 43 14 J May Nov. Adwesi Group— 252 3J0 FlO.O 4.8 6.0 6.9 H i, an - June graickH-perfo 22 312 tfl.8 

S2 19 « 4.93 2.9 9.1 57 June Dec. .MraxifecCnT.- £244 14 U £«, _ HJ4 - 5£' rSSHS5£iL? fcB,> oS? 11 ^ A b S3 5.9 Mar. Dec EmhanCbrp SL £191, 7J QS1J 

193 199 ±137 -35 8.713 8 Nov. Fcfc .\jj« it. Balfour 59 Z8.U 4 40 b34U3 8.4 Art -It b ?I§ 19 5 0^15.0 Dec. Sept. CmFrc-iSerJ-lfti.. 13^ 17.10 ^0.2 

126 19 oj ,-2.61 55 3.4 83 CVL Apr. ADen W.G_ 44 19.9 g2.82 35 9.9 4.8 ?S' ' g ,2? S’S a2 3.0 6.4 , - fngdftvrs |(*p a 1073 20 \ 

20>; v2JtU6 37 83103 Ja"- July AmL Power 125 3Ufl t53 4.4 63 4.6 £2' rfM^SSS^' If ^iSv 8 21 5-3 7.4 July Apnl Eng CWnaCbrs 77 276 3 55 

106 1154 5.1 33 S3 Aug Sciyde__ 47 3J 237 39 83(7.0) 2435 N ‘ ^ d3 - 6 37 7.2 S* Mar. Not Zsperaua l^ :P , 142 59 t5ft 

172 17.10* c7^9 3.6 6.9 6.4 May OcL Ansb-Swui — 33 475 - - _. _ ^ t 7 — - J — Aug. j an . Earn Femes . ... 112 1431 2.8 

88 22617433 3.4 7.5 6.0 Oct May AsbLUn_._ 113. l7J0fdb.(J3 33 8.1 53 j,?L Sept. &-odeHldjs.Mp 74 U6 d2.ff 

tZ.19 13| J IB. 

iw2 2.9) isflv 

U-iJSSfel * 4 IW"&I 'flrhl S’ « 

June Dec.parrowMillirg_( 93 

,93 <f Mar. Sept Evode Hidrs.atp 74 UMdZ.02 431 8K r 

1513.^4 37 14 j 63 Feh. Auc-IEnrOcoree ICp 261- ( 67w La I 2 2 6 9i M± 

?2 ll if 1 ’ ^ T J uY)tStel__. 105 ( 28 ID ±4 92 [ J 1 7 J[T 0 J? 

infrfM J 

Hue 1 block I 

— lARtotajqaSh _! 
I 1.1} Cv 5reP?ci 

( l.’JCjulMa ‘liiica 

l '.DKtonssr.Vn: 4i.-j< 

M !NK7tM&"i<r.4v 

r V 

A I L'frw ;;»■ ’mel .<•: . j 

May \ ‘KmC-'JnAi.. ... 1 

Pn<r j Lw: I n*;\ 0 1 ^ 

£ l *c ( Aim* [ Yield 

19>; I *71 _ 

33 2311 P— 
96 | Ji 3 

S55 16 41; 

Jan. July B>jraa tot- 72 2811 1319 1.9 6.71139 

Auc. Feb. 2tu*j» «»fflhew> 10a 12J2 392 2.2 5.(412.1 'TTQ 

Jan July Buckley': Brew .. 45 1112 ±364 27| 53) 9.9 V/LLNJE/lTiAc), 1JCJ 

vpnl AuaBolmenHP.i ___ 137 ii Ctt.6 2 K 7 5j 7.5 - . h ....j 

Ausu<t Bum.nw>M _ 153 80 310 5.ij 3.U 9 4 £«• A~ 

Feb. Autf QlyLanDaf-... 59n) 16.1 14 3« 6.gi5J 

;.pr. I.ML Clark. Sbttiwvl.. 144 19.9 5.a 3 J 6« 6.6 i?“: 

Feh iVl 770 71 A 94 1 1* q fli b ? N 0 ' • -tprJldten Group 10p 

3 u 6.54 3.3' 5.8 83 

_5.?| 1 12 I 12| 9.413.1 

J i nL’inar.-.p. ':•? .-•** 

«j 33 d; Ddo'pcse;. . 

A IOi.Pec:.tS-3p- . 

46 IS 
42 > 10, 

42 Is 
74 311 
STi; CU 
S3‘j 25.5 
275 Ll3 
Sic! 52 
160 | :io 

I il 3' 

ia 6 

• 10. 4 

25 41 

3» : f7 73 

Feh «.Vt. iHaUlwSUa 170 3 "ij 6.54 3.U 5.8 83 --^r.^n^uDlOp 

not , ,VL P'b'fcrta'^'f. 18 5.91 1 12 1 2 9.4 13.1 d30p “ 

f3 06 June Dec. fllenlnet 505 17.lC b4.02 80 32 133 Mv 051 HI r 3 

JT— Get Dec Gor-ieciL'Rip_. 20 57^ ~ — — — . n - “ t,.i_ k]!£V.-!w' : 7' 

V- 51 1710:284 IE sJlO.l 

? rd i 


.... - - .... vo... **-■'-* 1 r It- iXJ ( t I J.u. 9.9 11.0 -"IL rtHu*K»LUium j 

Wc. Jul f)oiia:fc^5 A fOp| 150 I ZB. ul ±289 ! 381 2°|l39 , Jan. Do-.V5p__ 

_ June Jan. Audiotroaic ll 

S Attg. Feb. Baker s Sns.1 


.n *n co. I I AND ROADS Feb Sept Bondman nn 


1% 22|(,1±7 921 29j 6^ Bi 'fT* SISSS 

OcL tateftciep. ]o« y,ii.95) 3.0l 73 52 Jan. Aur. B ntteS: 

^uawnoinSp- 33 Mil 1 38 I 37| 55^ 7.2 June Jan. Bwclibjuse— _ 
.;»« S 1 * l 2 . Way Nor.ftntfat** 

May Dec. Boulter Wo lOp. I 1 
Feb. Sept BrahamlFillIlm. J 
Jan, Oct BraillnraiieEl- 14 1 

Jan. July Ifcaswayicp j 

Jan. July Blwuse Dud lOp 3! 
April Bn^ial Charnel- I 
— HritahNcrihrpp lfli 

nan | M«k I | a | t.n:« |t WMrfj nnins May Sept. Wkao4CisL30p- 

sr Octl.vM. —| 144* 1 19 111 arc | - 1 5.1 AND ROADS Tan 

b 5y ^- C,Rl '' ? ‘“ oSirl j 5 it^c± VI ,wse Nw lAbWiWBFwsLj 95 } 3.30) ±4.18 } 3 6} 6.71 6 3 Dec. "av Rw'mnw _ 

K"* « f f} li\ - I 1 ? . !>«■ - * 60 . Wlfl ± 6.14 3 . 7 | 5 . 7 ! 7 1 Jan July BritiWStrv. 

■W. ^!jj 73.5 U .} M Nov. May Bra-: Etig. 1up_ 36 17.lflri.57 4.6| bS 56 iHfJ Dec. hwikbaieiop... 

28al loij d0.a A 4.6 d — BiiilieTool _ 24 1 0 * } * P* 6- |*? ino 5 s _^5- l(lp 

SghZlQ 1 2 3.7 16 Nov. SepL Bm-'LerhilP 3dp_ 118 ia5,78 431 7 fl 49 hfS2S J P dcs, “ 

31 3f)T.08 22 52 13.2 Apr. Aug BrwreiTa^. 98 1J^ 14JS 3.7) 6 S| 6C DecWlb * r — 

JSfj 9-S| a_D4 0.4 8.6 40.6 Apr. SepL Broun '280 iff 7.92 5 (i 43; 57 « , f /Ke ji- C1 '? -- 

32 1 * ill 0 98 33 121 3.0 Sept Mar. BaJloupli 20o 136 25CT 5.6 6 | 6.4I * S? ay J 3 ) 1 Lr w/ Ba.' JTp. _ 

12 22. li] 0 6? OR 7.923,4 May Dec. Burpey. Pr«L„ 37 14111233 391 9 if 54 9 ef - July Lyons J ill 

50 124 tj.86 33119 9.9 Feb. Aut EuCerfiddHrv. 67i;i4 Ifcll ±213 ^4 8,-117?° May ^attW.R: . 

!07 1413 ±5.71 31 4217.4 June FetiCimfordEoclib . 6i b351 l7> 9t4lD3 ^ pr Mai Trade Sup, 

Bolton T«L 5 p_ 12 23.11 0 fit 
atomer 50 124 ± 3.86 

0 IjT 69 jfi"* :^xz::z: 99 hsaSIS sm ra mm 25 e ^ 

m J ^Hssbsr# J ?w ?isl^ Jfe tefcae j M % I h 

'.U.NF. CiP'corpW. — 13Ma 2igSi06 — Ooc. .\prprw+.i*Lm“ 

vuJN.F. “/.tvim 5(S— . 825pat liO k: Si CO - oj _ brii. iffeo-rinv 
kuN.F. ftiOaPlf 0Si- 15ua 3913 S2 — May Nov. Brwi .rksn 2tlp 

•AU.N. Coicate-P S! - 13 -ab! 191! SI 09 ~ ?2.ian. ,(uiv Bnwnlee 1 

5e.t»*. Ceiflnd. SI .. ... ■ 29"c — >’ Dec. May Bryant Klilcs _ . , 

i N.Fb. OntlllhuuSlVn.. ItrjKi 2512 SI a’ ■ — 4 .b ,\uc Jan Barnettie.... 

e.S.D. Conr ftlS .... — 17Jj 711 |I4fl — 45 i\< Apr BunBcuH«uL_ 

•-.OJa. CrwnZe!i.S5 — , 21 l j 712 S1.90 — 51 J unci' Kctjn'YlQb. 
.LSD. f atler HJTJaerSS 22*4 ail S1.40 — 35 Nov. July caJ'Dfer G.!|* !te_ 

AN. Eaton Crp-Sd.t) — 23 LU S2.25 — 5.6 jan. July i. art. John*. 

J.OEsnark lSJjrt 1JJ2 SI 84 — 5.7 June Jan. Carnal 

tS-D. £xtoaU__ , 29*C 511 53.20 — 6.3 May Nov. CwwarBsWim 

.Jy.O. FlrestawTirell— _ 10*481 3J 51.10 — 62 jiar. Sept ComlwaGnlOp- 

-OJa. First ChicasoS — 12 b 12 96f — 4.5 Nov. July CnstajnR. 

. Jy. O FluorCorp. S*s — 22id 281*: SL20 — 3.1 May Dec. Coaitn-side 

iS.D. Ford Motor 52. — 28nl 24.15320 — 6 j May Oct Croale* Bkte 

LS.D. GATX-l 17 1EJ1 52.50 — fl.4 Oct. April Cmjchfa>3}p_ 

Oct Gen.0ectS3; 30? a ri LI2 SIM — 2,9 May ript i>oudi Group 

-S.D. GUiedeSI 16>*c) SI 5350 — a, 2 apt. Sept De»(CJ_._ 

tS.D. Honeywell 3180— _ 29i ? all Sl.W — 3.6 apt. net Dpos/asRobtlL 

HmtcBEF. SOOp - 50.60 — 0.4 -\nrU Oct DmungCLH, 50p 

«.0r. lB4LCom.Sa-._. 178 111 $1352 _ 3.2 Sopt B«X Jr 

JW* yj S280 - 4.4 Feb. Oct HlijiErerarrt. 

1JU. rBt.*.«effls*CofcSl 735p 2h.8l 25c — 39 Nov. May Erifb 

iS-fi- intenwionalll 7»p M« 90e — 6.fljDee. June FPA ttnsfiu. 

\aN. baiierALfj— . 19 , .4312)51^0 — j -..fllDec. June fancfouifcCoBa 

ton. JnlyKtonfeite 1« ' 28J3 ^2 WUl '42 K’rW"« ~ IM & ftiojSfi 

Jan. J\inep,ovr7itiH?M.afip 3BS 28 U ±7 42 a' a I'q v ol .' a>? 5' i ? VB 51,1 - 37 MM! 65 12 6 0 184 

r€i^ : 1 If 7 k rnk Irhfr 

S5 28J4S1.20 — 3.? May Dec. unumysKfe 37 283 dL19 39 5.01171 Mar. Dec. Gt Universal— _ 294af 161 f7.43 5J 

28b 3 c41 53^0 — 63 May Oct Cresley Birie — 70 310 4.19 0.9 93 i20.D Mar. Dee. Da'A'Grt 286 si UU ±7.43 3- 

I 7 JUIK-SO — S.4 ckj. April Crouch fDn30p__ 83 199 ±3.58 17 6 2 9.1 Aug. AprCr£«Deasl0p, 45 a7 1375 V 

30‘ S ri L3 SIM — 2,9 May »)rt :>oudiGroup_ 66 228 M274 2_5 6.4 9.4 Jan. Ocl Hardy iFumi — 32 Si 02 — 

1^2^ 261 5350 - 3.1 Apr. Sept Dc* 111! 166 57W5JW 3.7 4 6 9.0 Jan. Oct Da A'N\‘,_ 31 U Q2 - 

29i, 21U Sl.M — 3.6 Apr. l±ct Dtws/KRobtM. 102 J9.9dh3.ll 55 4 6 6.0 Sept HeltneLcnlOp. 18 257 0.62 5 ‘ 

?22P r.. ~ S i April Oct DinungC.Hajp 220 228 1038 3.4 7.1 53 June Dee. Do.i2pcCnv.|U '165 2111 12^131 

10.75 33103 4.7 Jan. June 
153 25 5.9 IOJ) June bee. 

f7.43 33 3.812*8 Apr. Oet 

17.43 33 3.912.5 Feb. July, 

1375 3.2 5.9133 Jan. June 

K2 — 30 — Jan. Aug. 

02 - L0 - May Oct 

4 L 3 lii W 11 a ill H0TELS and caterers 

«» Tpi«? 5 flrr ^iiajg 26 

June Jan. JaaB.RifBj.jifc: mVl-mb/oftS 26 - &5 [ ■■ '■ 

I 3JU11 1 14 1 3« 69^134 Apr. Oct HmwOann li)p 121 3J[ 4.UU2 Dec. 

]l7Jofth3i8| J.7] 5.0j 82'Dec. July Bouse rfftaser. 339 |l7J0l f434 i 36j 4jjl28 (Jan. 



Jane D«.fXessinaR05tl__-i 90 |12J2|tQ3Qc| L9J t 


Q30c * t 
t&5 72 

• — Bnnna Mines lTJyj. 

— Colhy Mines SCI ll 

Anfi. Feb. Cons. March. I0e._. 

— NonhgsteCSl 

Jan. June RTZ 

— Sabina Inds.CSl_ 

• — raraEirtn-S] 

N'ov. July FeiuiyMmeralslOp. 
October |Yukon Cons. C$1 _ 

linltn otherwise imitei**, prices and net dividends an in 
pence and de auu l uaU en* ate 25p. priu/uatnino 

nttes and caver* are based on latest mmiial reports and acemmia 
and. where pecsihle, are updated on kaH-jnrl} Opn. P/Ej an 
calculated os the haste at net d tett fl mUu n; bracketed figures 1 
i n dica t e IB per cent, ae wore difference If calculated an “nJT* 
distribution- Co (era arc based on “n mlmm n " distribution. 
Yield* are based an middle prices, are cross, adjusted to ACT of 
34 per cent, and allow tor value of declared dMrihrthu and 
rights. Securities with dcnontlraiimx other than sterling an 
quoted Inclusive af the investment dollar premium. 

& Sterling denominated securities which include in v estm ent 
• dollar premium. • 


’ Highs and Lows marked thus have been adjusted to allow 
for rights issues for cash, 
t interim since increased or resumed. 
t Interim since reduced, passed or deferred. 
ti Tax-free to non-residents on application. 

* Figures or report awaited, 
tt Unlisted security. 

* Price at time of suspension. 

f Indicated dividend after pending BCrip and/or rights Isamu 
cover relates Hi previous dividend or forecast. 

™ Free of Stamp Duty. 

* Merger bid or reorganisation in progress. 

* Not comparable. 

* Same interim; reduced final and/or reduced earnings 

indicated i 

f Forecast dividend; cover on earnings updated fay lateft 
interim e mom enL 

; Cover allows for ratnersioo of shares not now ranking lor 
dividends or ranking only lot restricted dividend, 
jt Cover does not allow for shares which may also rank for 
dividend at a future due. No PjE ratio usually provided. 

* -Excluding a final dividend declaration. 

* Regional price, 
it No par nlEe_ 

a Tax free, b r igures based on prospectus or other 
estimate, c Cents, d Dividend rate paid or payable on part 
of capital- cover based on dividend on full r,.p.t»i 
e RedemptW. yield, f Flat yield g Assumed dividend and 
yield, h Assumed dividend and yield a fter scrip issue, 
j Payment from capital sources, k Kenya, m Interim higher 
than previous total n Rights Issue pending 4 Earrings 
based on preliminary figures. r Australian currency, i 
a Dividend and yield exclude a special payment t Indicated 
dividend: cover relates lo previous dividend. P/E ratio ba a ed 
cm latest ammo] earnings, n Forecast dividend: cover based 
on previo u s year's earnings, v Tax free up to 30p in the £. . 
w Yield allows for currency clause, y Dividend and yield" > 
based on merger terms, t Dividend and yield Include a 
special payment: Cover does not apply to special payment. 

A Net di v idend and yield. B Preference dividend paired or 
deferred. C Canadian. D Com and WE ratio exclude profits 
of L.U. aerospace subsidiaries. E Issue price. F Dividend" 1 
and yield based on prospectus or other official estimates for ■ 
1877-78. G Assumed dividend end y.eUl after pending scrip 
and 'or rights issue. H Dividend and yield based on 
prospectus or other official estimates for 3878-77. K Figure* 
based on prospectus or other official estimates for 1978. 

X Dividend and yield based on prospectus or other official 
estimates for UTO N Dividend and yield based on prospectus 
or other official esriouttes far 11TJC. P Dividend and yield . 
based on pre'pema a- ether official estimates for 1877. 

Q Gross. T Figures assumed. I" Vo significant Corporation 
Tax payable. Z Dividend loud to date, ff Yield h«*d on. ! 
assumption Treasury Bill Rate stays unchanged until ma t uri ty | 
of stock. 

Abbreviations- rf ex dividend; »e «c scrip issue; xr ex rights; nee ; 
all; if ex capital distribution. , • 

“ Recent Issues " and “ Rights ” Page 23 

|a This service is available to every Company dealt fa on 
_ _ Stock Exchanges throughout the United Kingdom fora 
5-1 30 fee of £400 per annum for each security 

♦ 12 






the clioice of top companies 

Monday January 30 1978 



I'm ■wmtpycsaa-i 



VVn*;'.tir*j tn. 71* its j 

t v rfj-. : ; . 

13 'VC C v-~ 

Ti'i Youv,; .;yj25\ m 6. r ' : V. - 

Labour’s fate may be Government to urge 

staked on devolution 

industrial strategy 
plans on companies 



MR. JAMES CALLAGHAN may at the weekend were stiU pro- GOVERNMENT will launch presented to the meeting and 

i have to put the Government's fessing confidence that they demands from Labour i Scot- r a major communications exercise will be countered by one from 

1 future openly at stake if he is to could remove at least the 40 land .or a second referendum 'during the coming months to try the TUC which will be critical 

achieve bis intention of over- per cent, amendment when it ! to persuade individual companies of the lack of formal company 

!, turning the key amendments comes up in the Report Stage designed to cutthe ground from . ^ adapt their corporate plans in level planning that the Govern 

’.inserted by anti-devolution ists in of j£ e BiH - .... h Sk!S»Jhi £, u Jh«, ph J f ^ iDe with sports prepared within ment has achieved, 

9onritn<i Rill lasi week. Thev are pinning their hopes likely to be resisted by the Prime r - - - - --■ 

the Scotland Biu last weeh. qq two. Factors: the rwo-or-three- Minister when he meets a dele- 

1 Thw became clear yesterday as weeJ . gap lively between the gatlon from the party’s Scottish 
;• Scottish nationalist MPs conc ] US j on 0 f committee pro- Council to-day. 
demanded an early meeting with ceedicgs this wee k in the Coro- , 

l Mr. John Smith, the Devolution d R eport stage dur- Delaying tactic 

: Minister. to insist that tf neces- ’ L-j-w thev trust feelings ™ ® 

i.'sary the Government make t^farf that The final committee days 

; deletion of the provision stipu- SL^ the Tories dislike the on J” Bl11 ’ to ™ rrow £•* w . ed ' 

! intino 40 nor pp m nnnrnwai bv “ e nesday may centre on discussion 

of Tory-backed amendment 

i'the Scottish electorate an issue . 

- of confidence, to bring the 8 

’’Labour rebels to heel. 

prepared _ 

1 the Government’s industrial Because it does not want those 
I strategy. opposing views to upset its 

Ministers will also try to sen^ industrial strategy work 
! persuade union leaders and Government has decided to 
employees to cooperate in the soft-pedal on formal-^ planning 

productivity improvements en- *** to .concentrate fcsteadon 

visaged, even though in some communications with all levels 

cases the reports forecast a re- ° r «»l»nies from top manage- 

duotion in the number of people I® shop-floor workers, 

pmnlnved in variniTc narts of The communications exercise 

ole Hgure. set up a Speaker's conference on i maimfacturine indusm- P ‘ will be specially directed at 

Meanwhile, Mrs. Judith Hart, ^ number of Scottish MPs at I That w?l" bl doSfR stressine abDUt hair of ^ 

i *,.u v evD i w Overseas Development Minister Westminster, assuming of course j fhp benefit* intLrms nf ->n strategy's 40 sector working 

• Although SNP leaders were and MP for Lanark served notice it = fn _ i“ e Den . e °ts in twins of an ...m-h have drawn 

1 declaring their readiness to listen of th e Government's views at the 11 ^selected Jor debate . ^proved rate . of economic SSfutnre markrt shall ob££ 

| to compromise proposals, such as week-end when she attacked the c.overoment a^a mere dJlavioS’F 0 ^ llh,ch - L D turn c0l * ,d tives Sd opw>nuniti« 
•lowering the threshold figure, dissidents as “ mischievous and the : ead -?r ”°- re T J0 . b - °P pprlTiniUes Thao inMllrln nrolc 

•-they are threatening to vote ndi CU t 0U s.'' adding that “there gelation But the OpSSitioS 1 1,0 service Industnes ' 

;, T8!? t iti5Sin7«5^ Bl Jr 85 wiU be a M C -. hance forgood sense Devolution spokesman. Mr/Fran- 
Third Reading stage if u still t 0 prevail. c Is Pvm. said- vesterdav that 

contains a loaded referendum Perhaps fortunately, both devolution’s central defect was 
clause. Government aod SNP are 1 ms that MPs fov Scottish seats would 

Furnnpan Tnnrf worried by the second obstacle. i, e able t0 speak and vote on 

European uoun giving the Orkney and Shetland legislation and executive deci- 

A further sign of Nationalist Islands the right to opt out of - s ions .affecting England but not 
fury came yesterday when Mr. devolution. This was voted by Scotlandv .. . 

1 Hamish Watt. SNP Chief Whip a huge majority of 86, and to would not be ri°ht to trv 
. at Westminster, warned that he try to change it would pnt severe and dea » ^*1. th :_ ? a _ hn _f 
I would be ready to go to the pressure on the Liberals, forcing debate! -AM shtni Id get 

ii European Court of Justice to them to choose between the pact toaether to consider caimlv and 
; get rid of what both his party with the Government and loyalty wS^ivel^ how bea to (fed 
rand the Government see as a to their fonner leader. Mr. Jo with an almost impossible prob- 

blatantly undemocratic proviso. Gnmond. whose amendment it is. i em arising entirely from the 
,i For all the accumulating As Ministers consider in detail type of devolution contained in 
. problems of the Bill, Ministers how to restore the legislation, the Scotland Bill." he stated. 

Owen attacks Sn 
internal initiative 



* DR. DAVID OWEN, the Foreign excluded from the Salisbury 
^Secretary, and Mr. Andy Young, internal settlement talks, has 
\ the U.S. Ambassador to the already rejected some of the 
i United Nations, sharply criticised main elements of the Anglo-U-S. 
f the Rhodesian internal settle- plan, seems unlikely to give 
i ment initiative before leaving much ground now 
1,. Heathrow Airport last night for Arriving in Malta last night, Mr. 

:’! talks in Malta with the Patriotic Mugabe said that if there were 
:i Front nationalist alliance. no changes in the Anglo-Ameri- 
The initiative by Mr. Ian can proposals it would mean that 
i Smith, the Rhodesian Premier, “the British are not prepared to 
| “ would only cause more fight* bring about change in the 
: ing" and lacked "the crucial country.*' 

•I J5L-. n pe ** ce £ ul S? 111 * He and Mr. Joshua Nkomo had 

- ment. according to Dr, Owen, come to find out whether the 
J The only solution, was the Anglo- British were “with Smith or 

AmenMn peace plan. oeainst him." This question would 

- P ^P" have to be answered in Malta, 

posals don t provide any of our _ _ . . 

;; safeguards. Thev are more Tony Hawkms writes from 
. likely to escalate violence and f a " sb "7 : .settlement 

’.they do not provide a solution ta ** !a between the Smith Govern- 
■ -which is armptable to Western men ^ an d three black nationalist 
i : Governments." groups aimed at bringing 

Martin Dickson , writes from majority. .rule to Rhodesia will 
r . Malta:’- .In the „Ulks\ here ';0r. : resumo-fo-dav as Manned accord- 
.' Owen ahd Mr. Young ^wilV ofe tn S lo theaSftvernment. 

‘‘trying to move the Patriotic .. , T “ spokesman for Bishop 
! * Front leaders towards acceptance Muzorewa said that the 

1' o r the Anglo-American settle- 4 n, l e d African National Coun- 
ment proposals. There is wide- delegation he 'leads would 
■ spread pessimism about their no * . allend unless the bishop 
‘I chances of success, though. received an apology for the 
I. The Patriotic Front, which is “abusive language" used at 

- Friday's meeting by a member 

EEC plans 




They include areas such as 

They 1 are” the* main tasks for 

the third vear of the Govern- *1 should be able 10 double Its 
raent’s industrial strategy which exfWls iVi Lhe 
will be launched at a meeting °“f. S 

of the National Economic finalising ambitious plans, and 

2H“ Gounril on Wed- 

The' Prime Minister will We Ifcd '-Mr. Denis Heal 

chairman at the meeting which Chancellor of the Exchequer toj 
may be told of some new indus- prodict last Friday a £25bn. 
triaTaid schemes to be launched improvement on Uie country's 
soon by the Government m areas balance of payments by 
including the microelectronics , But the reports ; underline that 
industry t,iere w ’ lil 4130 ^ a reductI0n 

CB1 leaders will stress that of s^eral thousand jobs in sec- 
they support the Government’s tors suchas machine tools, knit- 
proposed communications exer- wear, textile machinery, electrical 
else, but will add that, as their engineering and rubber process- 
i latest policy document shows, i n 3- At the same time some sec- 
they are not prepared to go any tors are suffering from shortages 
further towards formalised plan- of skilled engineering labour, 
ning discussions and agreements. Manufacturing sectors 
That policy document will be performance: Page 4 _ 

By Ray Dafter, 

Energy Correspondent 

\ U-K- TO-DAY 

j SCATTERED wintry showers and 
; sunny intervals in most areas 
‘ Cold. 

London, Cent. S.. CpdL N. 

England. Midlands 
Some rain nr sleet at first 
Sunny intervals later: wintry 
.showers. Max. -1C (39F). 

S.E~ E_ NJS. England, E. Anglia 
Cloudy, occasional rain nr 
sleet. Bright intervals later, 
Max. 4C (39F1. 

Channel Is., SAY. England. Wales 
Sunny intervals. scattered 
wintry showers. Max. 6C (43F) 
N.W. England, Lakes. I. of Man 
S.W. Scotland. Glasgow 
Mainly dry. sunny spells. Max. 
4C (39F). 

Rest or Britain: 

Mainly dry, sunny spells 
Max 4C I39F» 

Outlook: Mainly dry at first, 
with rain or snow spreading from 


' up- | 





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R— Rim. 

fa ip C— Cloudy 
SI — SlCtt. 


So— awiw 

— F«s 

Rhodesian Government 

of the 

The talks appeared on the 
brink of success when the 
bishop walked out on Friday. 

Some explanations of the 
walkout suggest that it was less 
than spontaneous and not sim- 
ply a matter of damaged dignity 

One has it that the ' bishop 
was telephoned by 3 Foreign 
Office official who urged him nor 
10 rush into any deal until he 
had seen what came out of the 
Malta talks between Patriotic 
Front leader*:. Mr. Joshua Nkomo 
and Mr. Robert Mugabe, and the 
British and U.S. Governments. 

A second interpreiation is that 
Bishop Muzorewa feels that his 
internal rival, the Rev. 
Ndabnningi Si thole, did his 
political image no harm by 
publicly haggling about the time 
limit on white safeguards and so 
has taken a leaf from bis book. 

More important is the sugges- 
tion that the bishop is serious 
about changing what had appar- 
ently already been agreed. 

This was that the 28 white MPs 
would be elected by way of 
separate voters' rolls. The bishop 
is now saying that this was 
contingent upon there being only 
20 white MPs and that as he 
has agreed to an increase in 
their number, he is now 
entitled to demand a change in 
voting procedures. 

He wants a system of primary 
elections for white vorers only. 
Under this procedure, if the 
white candidate won ■ at least 
fid per cent, of the votes in the 
white primary he would be 
elected to Parliament but if he 
secured less than 66 per cent he 
would have to fight a run-off 
ballot on the Common Roll 

Herbert seeks NEB 
investment cash 


ALFRED HERBERT, the State- economic upturn comes so that 
THE Euronean Commission is i owned machine tool company, we are ready to compete in 
worttak JTV SSSe of >ill shortly ask the National world markets." 
measures which’ could restrict Enterprise Board to provide The company is now having 
dtf^reRfaety l«wi funds' totalling several million talks, wiJ£ the Enterprise Board 

SSSP SBE-ptSiSS |«g« tor \umm 

against companies or coun- ; programme. .. • The ?£ER. tnerefore, WtL soon be 

tries which Ignore the guide- ! The company was rescued by asse^ing rae expected 
lines. I the Government more than two for the investment 1 ^ one > 

A working document on j years ago with a £25m. .injection S cnera! financial 

refinery policies is now being : of cash. It is now wholly owned criterion, 
discussed in Brussels and by iby the NEB. which would * a ' nJHImhi JSj 

member Governments of the I finance any investment out of ( '°'fernment Iasi ^ e JT lh ^ ^n 
Community. The proposals are ! the £275ni. funds it is allocated stated that the Board 
expected to he presented to I annually by the Government for a,m . 4 an overall f rel . ur . t ) LI 1 °[* 
Energy Ministers at their < its various business activities ^apitid 9 Q raD J” y ^ nt °J V 19S1 

j These include looking after since Herhert was rescued by 
I other problem coni patties such the Governme „x. after its col 
^ British Leyland and Rolls- , ange in lhe winter of 1974.73 
|Koycc.- ■ r - il " efforts have beem made to lin 

£ 43 ?SfJn’ ®LmIS Prov-3 the corwfao.4- viabi!i«v 

£436,000 in the firs, half of last aga j nst a hatkgrottftd -of the 

ne’ lowdemLi^for "‘gg 1 ,* '°°‘ iQiuSlri "* 8ene ” 

tools, however means” that it c t ' included a Droerammc 

financ 1 ge ^ era te . n ^^5=0 r of su bstantia] redundancies at 

pr<r Its Edgewick plant in Coventry 
gramme 1 believes .t needs. - which is too big for the com 
Sir John Buckley. Herbert's pany’s needs Plans were drawr 
chairman, said yesterday: “I'm up late last year to cut thi* 
in favour of stepping up invest- plant’s 1,760 work force by 25 per 
ment before the long-awaited cent. 


The simple option 

on gains tax 

Opinion within the Inland would have the very consider- have raised $l00nr. xad fl&ha. 
Revenue seems to have come a&le advantage that something in the Eurobond market— But 
down against the introduction lute half the existing wunber are unlikely to top Midland's 
of any system of indexation or cCCGT assessments— represent- figure. ; . 

tapering for capital gains, con- mg upwards of 150,000 tax- With hindsight .it- is easy to 
craty to whatever hopes of payers — would fall outside its see why Midland -came to the 
equitable reform may have been net Mr. Healey should be market given its below average 
raised by the Minister of State receiving the Inland Revenue's ratios at the end of TB76, But 
to the Treasury, Mr. Dehzil recommendations within the it is difficult to draw con- 
Davies, during ■ last year’s next week. elusions about the financing 

Finance Bill debate. It seems! needs of the other banks, partly 

that the Inland Revenue policy smnifal because Lloyds and Barclays do 

makers are not Satisfied that BanK . nor disclose the deferred tax 

either indexation or tapering Last week s rights issue trom element in their balance-sheets, 
could be introduced without Midland Bank has reawakened ^ year ago Midland, 
breaching the . criteria Mr. the debate over the capital instance, had deferred tax. 
Davies set for reform— sim- adequacy oE banks. The Fl reserves amounting to over l 
plicity and the avowlarice of bank sector index, which had pgr gent, of deposits, and the 
sig nifican t administrative prob- touched its 1977-78 peak last g^nk of England takes this into 
lems for both the Inland Monday, ended the week S$ per acc0 utu. 

Revenue and the ordinary cent, lower and concern over Barclays has long beta-', 
citizen. the banks' capital ratios is once rumoured as u possible rishis 

Quite the contrary in fact,.afia> n undermining investor issue candidate prtncfpailj 
The capital gains tax is already sentiment. because it did not raise money 

one of the most expensive taxes The subject has Iteen over- j n ^975.76 like the others. Haw. 
to collect — on average £3 out looked for some months now’ e rer. its end-1976 free equity 
of every £100 collected goes on and it seems that .the rat j 0 looked reasonably healthy 
administration and collectib^ authorities’ thinking on the~ and appreciation of sterling 
costs — while its yield .'has subject has not developed much will have taken the strain off its 
declined to only about I per' beyond that outlined in the foreign currency balance sheet 
cent of the total tax take. And Bank of England's September. common with Lloyds it could 
according to some Revenue esti- 1975, Quarterly Bulletin. No cas fj y boost its free capital ratio 
mates indexation of the system.' hard and fast ratios have been by raising more Eurobond tiaht 
would probably push the colle<> laid down and there is little g,, there is clearly not the satite 
tion cost up to between 15- and indication that the Bank has urgency for new equity as there 
20 per cent, of the yield, which - any intention of doing so. How- was yrith Midland, 
itself might decline to around ever, there are signs that the on paper NatWcst now looks 
25 per cent of present levels, big four clearing banks arc now have tin: weakest halntico 
But these calculations only moving closer into line. sheet of the Big Four— this 

go s to show how much the Midland's caprtal ratiqfi. had p ar{ |y ^fleets its almve average 
capital gains^ta^has got out of already 'improved l^^tpr'JUid rapital spending on projects 
■line wit^reality'^jnce ir has the rights issue give it .* inch as the NatWest rower and 
never been ^a- sferiouV revenue ratio of free equity to deposits Coults head mfice. But NatWcc 
earner there are very strong of just under 2 per cent. This had a £fi6n». rights. i«ue only ; 
arguments for making the tax compares with Laing and is months ago and is unlikely 
as fair as passible, almost Cruickshank’s end-1977 esti- to return >«i soon fur funds. It 
regardless of cosL mates of 2.1 per cent, for both does not have any particularly 

The third possibility for Barclays and Lloyds and 1.6 valuable trade investment that, 
relieving part of the CGT per cenL for Na4WesL In terms it can sell off but it does haw 
burden which was outlined in. of total free capital Midland, a lot of property, 
the Inland Revenue’s discussion helped by its heavy inroads _ _ 

paper on this subject last into the Eurobond market can C Y I Ullg 
October was the small gains now hnast a free capital ratio on Januarv 9 in this column 
exemption where, for example, of over 4.0 per cent which is it was stated* that ships uf C Y 
there, would be not CGT charge almost certainly above average. Tung's Island Navigation Corp. 

?>' y co^purisun.Lio>;ds, Barclays had been chartered to Japan 
year ?utd. J^atWesf ended 19*6 with Lines and Sanko Steamship. We 

was the Inland Revenues own free capital ratios of 3.5 per have now been informed that 
suggestion for reforming cent., 2.8 per cent and 2.3 per neither C Y Tung nor Island 
capital gains tax and it is easy cent- respectively. These will Navigation Corp. have any hhins 
ro see why. It is extremely probably have increased slightly under charter in these two 
simple to implement and it in 1977— Barclays and Nat Went companies. 



meeting on March 2L 

In a bid to overcome severe 
over-capacity, in the European 
refinery industry, the Com- 
mustim l 4s^ 5 qs^iij- likely to 
.jownmpfeac .rtfe •? eloSure of 
some old or Inefficient 1 plants. 

It is also believed to be 
considering imposing penalties 
on countries or companies 
which do not adhere to EEC 
guidelines on refinery nsage. 
Such a penalty might he im- 
posed through restrictions on 
Investment assistance. 

Furthermore, the Commis- 
sion is thought to be plan- 
ning the provision of grants 
towards any redundancies 
that might result from plant 
closures and towards projects 
.to upgrade existing refineries. 

Earlier this month. Herr 
Guido B runner, the Energy 
Commissioner, told the EEC 
Parliament in Strasbourg that 
the Commission would also 
examine the Import pattern of 
refined products and seek 
greater transparency on market 
trends and price calculations. 

The Commission failed in 
two attempts last year to gain 
support for proposals that 
would have led to a cot or 16 
per cent, in EEC refinery 
capacity. Such a cut would 
reduce the utilisation ratio to 
around 80 per cenL of operat- 
ing capacity. 

A Commission report pub- 
lished last year said the EEC 
refinery industry could be 
hampered by some 160m. 
tonnes a year of excess 
capacity in 1980. The UJL oil 
industry has calculated that on 
existing plans, some 80m. 
tonnes of this exeess capacity 
would be affected hy plant 
closures, suspended operations 
and modifications. 

Representatives of oil unions 
in the UJK. hate told the 
Government (hat they are 
opposed to EEC intervention. 
Oil companies have 

Bank of America likely 
to drop stake In BCCI 


THE Bank of America may elude prominent Arab business- 
shortly divest itself of Its 24 per men and rulers as its main arm 
cenL holding in Bank of Credit in the Middle East, 
and Commerce International, The key question b the timing 
according to the Euromarket of any divestment plans. BCCI 
Letter which selves the Interna- said on Friday that Bank of 
tional financial markets. America had not taken any deci 

The Middle East-controlled sion to disassociate itself from 
BCCI has a fast-growing network BCCL or to dlsinvest. It said. 
□F branches in the U.K. Bank however, that the stake would 
of America, the world's largest probably be reduced over a 
commercial bank, already has period oF years as Bank or 
cut its stake in BCCI from an America failed to take up rights 
original 30 per cent to 24 per when the capital was increased 
cent because it declined to take it expected a capital increase 
up a rights offer. . practically every year. 

1 It could now he considering However, other reports suggest 
a complete divestment of its that the possibility has not been 
remaining bolding over a period ruled out that Bank of America 
of time." according to Euro- might offer its shares to existing 
market Letter. BCCI shareholders or ensure that 

Bank of America refused on suitable additional holders were 
Friday to give details of its found to -take up its shares, 
plans but has admitted that such Apart from Bank of America's 
a strategy “is not an impossi- 24 per cent, stake, the precise 
btijiy ” ownership of BCCI Is nor known. 

There is no suggestion that The ultimate holding «*nmpanv 
'Bank of America regards its hold- is BCCI Holdings (Luxembourg)’ 

also I ing ip BCCI as unprofitable. The One key shareholder is under- 

indicated that they would pre- i ^ an ^' s changed attitude is attri- stood to he lhe ruler of Abu 
fer to he lefl 10 make their 'buted chiefly to the fact that it Dhabi. , a Gulf Emirate. Other 
own commercial decisions. i 1& extensively reappraising its interests include individuals 
. . .operations in the Middle East, elsewhere in ibp United Arab 
Oil groups oppose cut in Formerly, it had been relying on Emirates, as well as Saudi 
North Sea exports. Page 4 BCCI, whose shareholders in- Arabia. 

Barclaycard dispute deadline extended 


BARCLAYCARD has been given 
a new deadline of mid-February 
to settle its long-running dispute 
with the Eurocheque inter- 
national cheque guarantee 

The argument has arisen over 
the dual function uf Barclaycard 
as.both a credit card within the 
international Visa system— which 
includes banks in more than 30 
countries issuing cards under the 
Visa name— and a cheque 
guarantee card providing support 
for cheque payments. 

At present. Barclaycard is 
unique in th*» U.K In combining 
these two services. The rival 

Access card operates only .as a 
credit card, with the individual 
banks also providing a separate 
guarantee card to their 

The issue could present prob- 
lems for the Trustee Savings 
Banks which announced last 
week that they would be intro- 
ducing their own Trustcard 
within the Visa system. It is 
Intended that this will also 
operate as a guarantee curd, 

Barclays Bank has been resist- 
ing pressure from other members 
of the Eurocheque scheme for 
some time. Banks, particularly 
in West Germany and the Bene- 
lux countries, have been pressing 

the U.K. bank to end the dual 
function of Barciaycard- 

They want Barclays to issue 
separate cheque guarantee cards 
to customers, preferably also 

with a separate Eurocheque 
chequebook. But the U.K. bank 
is reluctant to incur the con- 
siderable extra expense thi* 
would involve, .and is opposed to 
a move which would double the 
number of pieces of plastic 
which its customers need to 

Barclays was originally given a 
deadline In October, later ex- 
tended' to the end of the year 
and now to next month. Constant 
negotiations have oeen going on, 

but there is no sign yet of the 
disagreement being .settled. 

The Trustee Savings Banks 
plan to launch their Trustcard 
in the autumn, with a target date 
of November 3, This will bi- 
similar to Barclaycard. fulfilling 
the dual function, initially, the 
cheque guarantee function will 
be confined to the UJ\ U but the 
banks Snic-nd that the cord 
should in time become pari of 
the Eurocheque system. 

The trustee banks already have 
a separate guarantee card which 
is itself in the Eurocheque 
scheme, but they hope to he able 
to phase this out as the new 
Trustcard is issued to customers 


for more information contact: 




v Chartered Surveyors 

®6064060 ffl-8346890 QM93 


<Si) rhe I'lium ui Turn-* UAVisrs