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Most 
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SLASH ASSEMBLY 
COSTS with VAUGHAN 


No. 27,473 


Tuesday January 3 1 r 978 


** IS* 


Automatic Assembly 
Machines 

wnnmransm London 

1 NOTTINGHAM 
WSHHiUGfilMHaal SHREWSBURY 

SROAU5IS i a Aisi.vsiv. wrp-nipjt proouctiov Auicuanon 


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CTNTlNEmAI. SEUING PRICESi AUSTRIA Sch.l5i BELGIUM FrJS; DENMARK Kr.S.S; FRANCE FrJ.Dj GERMANY 


DM2.0 ; ITALY LSMj NETHERLANDS FI.E.0; NORWAY Kr.3.5r PORTUGAL ExJO; SPAIN Pt».40i SWEDEN ICrJJS: SWITZERLAND Ff.2.0; EIRE I5p 


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NEWS SUMMARY 


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GENERAL 


BUSINESS 


death down 7.5; 

toll Gilts 


Petrol threat grows J alks on U.S. has 

Snow Equities^ as Shell drivers pound’ record $ 26 bn. 

hack overtime ban — — trade deficit 


. ease a 

rises • EQUITIES attracted few 

buyers in face ol uncertainties 
Three people were found about * ctro1 ******* and tomi- 
frozen to death in vehicles on tggQ. 11 ~ , — ■■ 

the read between Wick and . . 

Helmsdale in' the Scottish High- u.JL I r.IINDuSJnlilt __ 
lands, bringing the death toll . . ■ ‘ Ji ORDINARY 

in the hlisards so far to five. ■ " . If! . - nmnr -f- ' 

But police fear that more 52® ~ fTft 1 "* uc " F ~ 

motorists may be buried in the ' I — f \l\ m _ ; 

snow. 500- r — * \ 1 • i * - 

Scveral villages were still cut "'Ur HD m /S|jl 

off, while two giant snow -ploughs 480 — "Tfij 

made their way from Lancashire JE \l V LIJ 

and Northern Ireland. Thirteen i f. 

helicopters were searching Cor < * w y 

victims, while other aircraft t " 7 

dropped foot! supplies in remote 440}- — — — 

areas and rescued 15 people 1 i - - 

frora isolated cottages. I • hg77iW7B| 

In the Teak District, a 18-year- Aug Sep Oct Nov Dec Jan 

eld youth was Found dead in the _ 

snow at Edale by a mountain . _ 

rescue nent puj sctllcin6nls i® too 

The North or Scotland Hydro- P*»Nlc sector. The FT Index 
Electric Board estimated that fell T.5 to 470.0. 

85.000 consumers wen: without - 

power because of the blizzard. • GILTS eased from the Start 
Weathermen predicted that tom- and closed near the day’s lowest 
peralures in Scotland would Fall with f a n s of np t 0 I. The 

Govprnment Secnrifles' Wtax 
BKk SC S closed ttS3 dov™ »t 75L84. 

• STERLING closed unchanged 
on (he day at $13475, its trade- 
weighted average remaining, at 
66.3. The dollar showed ttttlc 
change against major currencies, 
with Us depreciation at 4.6$ per 
cent. (4.59). ' 

9 GOLD fell SI J to S175J. I 


Scottish move 

The Government will try to 
strike out the Scotland Bill pro- 
vision .under which the Assembly 
would be conditional an at least 
W per cent nf the 'eligible 
Scottish electorate voting "yes" 
in a referendum. But no move 
has yet been promised on the 
amendment "which . effectively, 
cives the Orkneys and Shetland* 
i he light tu opt nul of devolu- 
tion. Back Page 

Rhoclwfa plans : 

RhnderiaV Patriotic From *iid 
•«* Malta that u would tabic 
i (iitnteNhraposahi to Jthtr Anglu- 
l ; s. settlement plan, in Hope 
Tiiwn. Mr. John Vnisicr. t'.ie 
Stiii iJ i African Prime Minister, 
lias siveii implicit endimement 
in the <tn tenia) settlement liitks 
tanii^ pi Jvc in Salisbury. Back 
Paae 

RAF crew die 

\n RAF crew— two officer* and a 
sergeant-— hist their Jives When 
tUvir helicuptcr. Taking pari in a 
tmitiing everem* with Nnrwvcian 
lurecs, crashi'd hoar Vos*, in the 
West Norwegian muunhiins. The 
aircraft may have hit an over- 
head power line. 

Phone cam paigrn 

Tin* PuM Oflicc which plans to 
mcreasr lioiuu plume uwnerslup 
frusi! about 45 pi*r rent. In SO per 
iiy thr late lasos. may allow 
new MihrenberN.to pay lltn E45 

installation etiarge by inslal- 

utenlu and krtua in . a budget 
■•(Tnunrinp system f«r {Uiune 
loll*. .Page. 6 

Court bans fan 

Bristol t-ity was piTen a tmu- 
t'orary incii-t order lui nning R 17- 
>LMi-oIrf fan Troin its around. The 
National Travel Company has 
■iwn a I lowed m inereaM? its fares 
t»*r snceor nutiliu-s h» cnnapt-nsale 
for vandalism by some Wnlver- 
h.^niptun Wanderers mp}n»rrcrh. 

Nicaragua strike 

■N'jivrauiw’s . nationwide strike. 

aimed' jl furctiig the re*ip nation 
of 1'rcMdent Anasusio Somora. 
i-nlf-ml iis -wciilid. week with 
aiuie tliau SO per cent, of shops 
.md SacCorii-s sUll clOswi Pirc 3 

Satellite found 

Vaturaiists >tudying n.ikllifr in 
Canada's muth-west Icmluncs 
have found the remains. of the 
Soviet Mtctlttc that ft-H' to earth 
last week. . Tests fur rediutkm 
■poisunJnp .indicate tbut the iba* 
toverris ore unharuK’d. 

Briefly*,* 

Sudan ts to notdve a 114m. three- . 
?var granHbr eeonoihic develop- 
ment. Mr^ ; Judith. Ran, Over- 
seas Development Minister, 
:m noil need. 

Berkshire County Couuc il plans 
to sell ib* half-L-umpldcd tv!4tn. 
.'icadquarturs at Sbwdcld, 

Lough hern uch dyewurks fire 

rails' s'tl ilm. daiiMPC. 


• WALL STREET clos 
np at 772.41. 


• COPPER-MINING coim*c.: 
have been urged >»»• a !e;oi|u. 
Uni Its! Nation. 1 - ufiu'hii to iit 
Hack prudiicnun to nrlp world 
n>pner prices, which have fiillon 
tn their lowest level for 159 years. 
Pase 23 

• AUCTION «f leaan of oil and , 
uas exploration off the New 
England coast may be delayed 
hv loyal opposition by U.S. 
environmentalists. Tlie areas up 
for sail* include ■■llw Geoige's 
fir-hin^ ground, tun* nf the world's 
richest fishing areas. 

Page 3 

• SCOTTISH TIMBER PRO- 
. MVfTSP STirlingshirr nlant. 
Britain's largest chipboard fac- 
tory which has been m receiver's 
hands for four months, has lH»cn 
bought by d West (icrinun com- 
pany. Rimn Wcrke. Back Page 

• PRUDENTIAL Assurance 
t'ninjiany e\|iceLs to pay out 
about £2 m on claims Tor storm 
and Hood damage tin the cast 
and south e.i«; coasts in early 
January. Paec fi 

• PROPOSAIA fur job protec- 
tun! schemes by supportinc 
>hert-liniH unrking in industry 
are to lie -uni in Brussels Tor 
KEC jpprui jJ lo-d.ij. Bark ami 
iSigc 12; Editorial romment 
Paw IS 

LABOUR 

• SOUTH WALES lorry drivers 
strike which started yesterday 
morning has had "tremendous" 
support, the local TGWU strike 
committee has said- Dockers at 
Cardiff have apparently agreed, 
not tu iiiuyc cargo inside th* 
docks. l*agc 10 

• SWAN HUNTER'S 5509 
iKdlerma fours have been gianled 
a '“/air waurs" hearing before 
the Central Arbitration CnimmV, 
tee next week. Page 20 

f 

9 FORD pre>sronm workers tt 

Halewond arc tu hold a map 

niL-utiny to consider the eoa- 
j;any‘h latcsl offer. British Lay. 
land shop stewards at Speke agfe 
ab-*» cunsidcring a meeting to 
feeling. Lcyland chairman, 2fc. 
Michael Edwardcs. will tell unte 
leaders and management at aw 
mimihaui lo-morniw that emplfr 
menl needs to be cut by 10J]p 
within Leyiand Cars this ygiJF, 

Pw w " 4 , \ 

• AIRCO and BOC Intern a tioiai ' 

are In tie sued by an Airco shurtw ! 
holder as a result of the Cta. j 
tcstcii bid fur Airco by BOC. 
Page »i. *:• < 

• PhTKOHNA, the Bcljdan. 

lufcrt oil group reports a UW 
per rent, drop in profits for IJ77 
to B.Kr.s.5.tUJhn. Page 22 - . 


BY NICK GARNETT, LABOUR STAFF 

Hie threat of serious disruption to industrial and domestic oil and petrol 
supplies increased yesterday, when shop stewards representing tanker 
drivers at Shell decided to join a national overtime ban from to-morrow. 

. Tanker^ drivers at Esso. BP national transport officer, said normal 40 hours, with Jess over- 
(which incorporates National! a strike was possible, although time worked on filling station 
and Texaco, axe also involved in some oil companies believe it supplies' in winter tban in sum- 
ttae ban in pursuit of a wage will not come to that. mer. 

claim outside pay guidelines. Drivers at all the other com- The ban is Jikelv to have a dis- 
The four companies, which panics, including Mobil. Fina, proportionate effect, however, 
operate more than two-thirds of Total and Buruiab are not because souio drivers who nor - 
Britain’s 30JMO filling stations, expected to be involved in the oially make two deliveries, part 
dominate the petroleum market, national overtime ban. i n overtime for example, will be 

The likely impact of the ban In Scotland, however, drivers a ble to make only one. The 
is unclear, but the companies at some or all of the smaller effect is likely to differ from 
involved say their deliveries companies may join the ban depot to depot and the companies 
could/ be cut by between 25 and following a regional decision wifi almost certainly alter their 
40 per cent. by shop stewards representing routing .to improve the usage of 

The effect is likely to build — vehicles during the ban. 

up. -The Transport and General Petrol rise forecast. Page 6 About fiO per cent of oil and 
Workers Union— to which the We . sh dr i vers dismite pan. in petroleum products distributed i 
drivers belong-believes that wolsb flrtvers ^PUte, Page 10 ^ ^ UJK< f, re moved by road I 
supplies for. motorists will be Filling stations usually have 1 

dislocated " more . quickly in drivers at all the companies, between three and five days’ | 
urban areas than in rural areas. Drivers at Mobil have provi- supply and they may not feel the 
Mr. William Rodgers. Trans- sionully agreed on a pay deal effect' of the ban generally until! 
part Secretary, said last night but pay talks at some of the next week. i 

that the ban would damage other companies are reaching a Most companies and direct 
industry and could put many out delicate stage. It is possible that suppliers of home heating oil 
of work. It would cause great they may also be brought into have IQ days' to four weeks’ i 
inconvenience to the public and the dispute. . supply and many companies have 

would be bad for Britain. The degree of disruption is been building ' up stocks in ! 

Shell shop stewards are not likely to be governed by the preparation for industrial disrup- 

due to meet again to review the public's response. The Motor lion. 

position for at least two weeks. Agents' Association said Iasi Some of the largest industrial ; 
They made clear that if the ban night that if everyone acted operators have the bulk of their; 
did not force the companies to reasonably there would be oil needB moved by rail. i 

improve their 15 per cent, offer, enough petrol for motorists. But National power supplies will , 

including productivity payments there have already been signs not be affected by the ban. Only \ 
they would want to stop up of panic buying. 21 of Ihc- Central Electricity 

industrial disruption. Tanker drivers average about Generating Board’s 1S7 power 

Mr. Jack Ashwell. the TGWU 10 hours overtime on top of their stations are oil-powered- j 

Treasury chief predicts 
4 % public spending rise 


^ BRUSSELS, Jan. 30. 

BRITAIN’S 7j per cent, devalua- 
tion of the “ green pound ” could 
still be approved at a special 
meeting of European Agriculture 
Ministers in Brussels to-morrow, 
despite a last-minute announce- 
ment by three EEC members 
that they were blocking the 
move. 

The meeting was called to-day. 
in an attempt to avert a constitu- 
tional crisis arising from the 
action of West Germany, Belgium 

Parliament Page 12 

Editorial comment Page 16 

and the Netherlands in refusing 
a member-State’s request to 
devalue its own ‘‘green" 
currency. 

'The three countries— which 
delayed approval last week say- 
ing they needed to refer the 
matter to their Cabinets — stated 
late last night that they needed 
further time to consider the im- 
plications. 

Their decision was taken in the 
light of Britain's determination 
lo press, during the annual 
review of EEC farm prices, fur a 
freeze on all commodities in 
j which the Community is chroni- 
cally in surplus. 

Both sides appear to be 
approaching an understanding, 
however. 

By devaluing its “ green 
pound ” — the exchange rate by 
which British agricultural prices 
are calculated— the U.K. would 
effectively raise producer prices 
by more than 8 per cent 
Producers in the three opposing 
countries, though, whose “green” 
exchange rates are lower than 
their market foreign exchange 
rates, face a drop in real incomes 
if prices are frozen in the review 
Continued on Back Page 


BY JUREK MARTIN, US. EDITOR WASHINGTON, Jan. 30. £ 

.1 

THE U.S. trade deficit in largely because of a modest i 
December was S2.03bn.. slightly improvement in the global - 
less than in November. This economy. 

means the deficit for the full However, the U.S. economy is 
^ ear j Was , S_.6.r-bn, easily a still expected to expand at a' 
record and four-and-a-half times mQre rapjd nte this year lhan : 

as much as in 1976. tllat of n , ost Qf jts ma j or trading 1 

The December returns were partners, perpetuating the im- [ 
slightly better than had been balance in tbe trade accounts 1 
feared. The shortfall for the that were a main reason behind 
full year is very dose to the last year’s U S. deficit. 1 

S27-30bn. which the Carter ,. c . ' 

Administration predicted for *»“ « l V,' S * ll ,” ra ?f 1 os l ““S! in 
■sf>vi»ral months. optimistic Lhat oil imports, at I 

several monuis. least in volume terms, will be nop 

The distortions in trade flows higher lh j s yea r lhan last, 
caused by the East and Gull irrespective of whether the 
Coast container dock strike late stalled ener°v Bill passes Con- 
last year showed up in December gress OP whether Prosidenl- 
with a sharp rise in both exports carter imposes by executive' 
and imports. action either additional levies or 

Exports reached $11.03bn„ the foreign crude or some form ol 
highest value ever. Imports also rationing. 

reached a new peak, at $13.06bn. However, any improvement i? 
Exports for the year totalled the deficit, as Admihistratioi 
S120.1bn^ 5 per cent, more than officials have repeatedly warnei 
in 1976. Imports reached in recent months, is unlikely 
S 146. 82 bn., 22 per cent, more be substantial. This undoubledl 
than in tbe previous year. will encourage protect! o nip 

Oil accounted for much of the forces in the U.S. to renew thei t 
import increase. On the basis of demands, a prospect which, tli 
unadjusted figures oil imports Council says, could have advers 
amounted to S42.14bn., nearly rather than beneficial, cons* 
one-third more than in the pre- quences for domestic U.S. en 
vious year. ployment. 

Nevertheless, there was some A similar point was made i 
flattening out of the level of oil valedictory remarks to tl' 
i imports in the last quarter of the National. Press Club to-day fc 
j year. In December oil imports Dr. Arthur Burns, who retires t 
I amounted to $3.29bn.. a little less morrow as chairman of ti : 

! than in the previous month and Federal Reserve Board. D 
1 the fourth lowest monthly figure Bums neatly linked the infl 
1 of tbe year. tionarv and the protectiooi 

No sudden improvements in problems in one sentence: 
ithe trade deficit are expected “We see nowadays too mar, 

I this vear. The annual report of excessive wage settlenien 
|the President's Council of entered into by managemen 
| Economic Advisers, released this and trade unions, who then bat: 

I morning, predicted that UJS. together in seeking Governme 1 
i exports would rise by a similar protection from the market co 
1 4-5 per cent, this year over 1977, sequences of their own action? 


Lucas acquires DuceUier 


BY PETER RIDDELL ECONOMICS CORRESPONDENT 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


THE INCREASE in public 
expenditure planned for 197S-79 
is about 4 per rent, n: real 
lenti- after- raking account of 
possible underi-pendir.^. a senior 
Treasury (iflieini said in evi- 
dence lu a Coin mans a»juiii:ll-v 
yesterday. 

' This compares with the 2; per 
cent increase between the 
planned figures fur 1977-73 and 
next year projected in the 
expenditure White Paper earlier 
this nmnih. 

Must of yesterday’s 90-minute 
haarinc uf the genera; sub- 
committee of the Expenditure 
Coin mil ice was concerned with 
tryinq !o clarify the plan- and 
tft establish what the r:*e :n 
spemline will i»r\ 

.'The problem has arisen 
because uf the substantial under- 
spending this year. In cunirast 
with the 2; per cent, ri-i- in 
planned expenditure bet* cert 
2977-78 and 197S-7R. there j- a 
much Uruur a .ni- reuse next >t-ar 
—about Hi pes- cent.— compared 
tfilh the latest esnnj.-ueri n:i!- 
«jame lor the current financial 
year. 

Mr. ,Ih1j:i Anson, a fre.isary 
deputy secretary, attempted to 


clarify the confusion by point- 
ing out that underspending and 
shortfall had historically varied 
widely b;- u? to 3; per cent, o' 
planned expenditure. 

On the assumption nf under- 
spends a of half this percentage, 
or iT;bn.. next year, the rise in 
>pendina wou:d be 4 per cent 

He admitted that ;his> was just 
outside the growth nf the 
economy presetted for the 
period. The general aim is to 
contain ihc ircrecso :n pub’ie 
siiending within the expansion 
Tl f nutpiit. 

Treasury witnesses said the 
kc-j puir.t" was th. 1 planned level 
f it- next year ralhcr titan the un- 
i-criaiu oaten:::*.- :r. I977-7S 

Members of the sub-com:i:i;:ec. 
chaired oy Mr. Michael Engiisb. 
:: Labour MP. bad received about 
25 baakgr&URd memoranda on 
the White Parer frum a wide 
ranue laadir.-a acjacntic and 
Ci:> t ointiif niators. 

of the papers disagree on 
the sire «' :hc rise \r. spending 
i.rd its pert.. nee. Mr Terry 
Ward. snecstts: adviser to 
sit.- sub-committee, from the 
DjpBrisaeit t:f Asplicc Ecano- 
mii'i 3? Cambridge, argues that 
the volume of spending will rise 


b- only "i per cent in 1378-79 
after taking account or shortfall 
uf Him. 

Tbe sub-committee will ques- 
tion the Treasury on the econo- 
mic background and balance oi 
public expenditure at a furlhei 
session on Thursday. 

In their paper, brokers W. 
Green well conclude from Govern- 
ment projections that the public 
sector oorrmving requirement 
will decline £ro:n an estimated 
£6bn. in the current financial 
year to £5.1 bn. in 197S-79. 

Bui they warn that while liii~ 
might indicate considerable 
scope for raisinu the borrow- 
ing requirement, “a very large 
increase ” m the corporate 
sector's demand for finance is 
expected during the economic 
recovery- This :ndicales the need 
for a “ modest *' level of public 
borrowing. 

.Mr. Teriy Burns and Dr. Alan 
Budd. of the London Business 
School, suggest that the spending 
programmes are consistent with 
a growth of the money supply 
nf around '-11 to 13 per cent, a 
year over the three years from 
March 1977, though there is little 
margin foil error. 


LUCAS INDUSTRIES, the U.K. 
motor components group, con- 
solidated its position as one of 
the two leading companies in the 
European electrical parts market 
with the take-over yesterday nf 
Dut-eliier, one of ils associate 
companies io France. 

Lucas is paying 826m. lo raise 
its stake in DuceJlicr — which it 
'formerly owned jointly with 
DBA of France— from 49 lo 100 
per cent. 

The deal means that Lucas is 
now the prime supplier in France 
nf a significant range or elec- 
trical and electronic equipment 
for the motor industry, including 
ignition products, starters, and 
alternators. DuceUier employs 
7.000 people, fciis three manufac- 
turing plants, and is the leading 
supplier nf several electrical 


components to , French 
assemblies. 

The British company is gaining 
an extra base in ns long-standing 
competition with Bosch, the West 
German company, which is firmly 
anchored in iis domestic market 
but relatively weaker than 
Lucas in F ranee and the U.K. 

Lucas said yesterday that the 
acquisition would be subject to 
the approval or the French Gov- 
ernment. which recently began 
to rationalise and strengthen the 
French motor components 
industry. 

The British company is 
attempting to defied opposition 
to its acquisition by commitment 
in principle to place a “ substan- 
tial proportion” of Ducellier's 
equity with French investors. 

The new deal comes at a time 
when Lucas is pressing ahead 


with an ambitious programme 
overseas expansion, and shor 
after the conclusion of a ro 
and-branch re-design of its el 
trical components to Europe 
standards. 

With Duceilicr now fin? 
under its control, and with • 
new range of products Fi 
developed, it is in a position 
make further strides in 
French vehicle market. 

The acquisition of Ducek 
brings to an end in Fra: 
Lucas's long-standing relatij 
ship with DBA. a subsidiary, 
tbe U.S.-based Bendix C 
poralion. The two compai 
were also formerly partners 
RoloDiesel, wbicb manufacte 
diesel engine components and' 
now been taken over hy C 
another Lucas Industries i 
sidiary. 


Thatcher’s hard line on race 


BY RICHARD EVANS. LOBBY EDITOR . 


THE PROSPECT nf race and 
LmtnigraUpn being a major elec- 
tion iss-ue became .almost certain 
last night after a hardline 
television interview by Mrs. 
MaruarcL Thatcher, Coaw-nalivc 
tender. 

Totally rejecting lb** Prime 
Minister's, plea lhat ihr issue 
should t>e taken nut nf the 
politic, iJ arena id til'* ni;s>up Jo 
the general election- Mrs 
Thatcher gave a clear promise 
of a much tougher attitude from 
the Tories. 

Shu said on Granada Televi- 
sion's World in Actum pro- 
gramme: “Either you go on 
taking in 40.U00 ur 50,000 a year, 
which is far loo many, or xuu 
say we miisj hold out the pros- 
pect of a clear end In immigr^* 
lion. 


“That is the view .we have 
taken, and l am certain :t is the 
right view «n keep good race re- 
k.;ior> ar.ri keep fundamental 
British characteristics which 
have dune *.» usucn for the 
world " 

She insisted the would nn: de- 
liberately x:ake race and immr 
qration 's major election issue, 
but the s-dhseef was no* discussed 
su&rien*:? by *.he big political 

parties. This in her view, was 

.me reason why some people 
were being attracted to the 
Nanonal Front 

“If we do not want people to 
go to extremes, and l dr> not. we 
ourselves must talk about this 
problem and a’.ust *huw we 
are prepared if* doa! with si. Wc 
are a Bnl^h nation wi!b Britan 
rhararierisucs ’* 


Asked if she would hope to 
attract ba^jk sumu uf the support 
w hich bad gone to the National 
Front in recent by-elections. 
Mrs Tha&bcr replied: "Very 
much bud. Certainly, we are 
not in potftics to ignore people's 
worries. We are in politics io 
deni with ’them.” 

The theojc of Mrs. Thalchcr's 
replies wafc that if Britain were 
to have goiod race relations, fear? 
on immigration numbers would 
have to |c allayed and there 
would have to be the clear 
prospect off an end to immigra- 
tion. i 

Tlie fir* task of the Conser- 
vative? #as io discover how 
many U.H passport holders were 
entitled to come in and how jo 
deal with compassionate cases. 

Continued on Back Page 


CONTENTS OF TO-DAYS ISSUE 


CHIEF PRICE CHANCES YESTERDAY 


tPru-e.s m iH'ncc u i tie » otherwise 
indicated} 

rniass 

rkksttt-ania 7H f- 3 

Prop. lax., and Put... . 113 .•+ 7 
\ •«'+ S 

hyltone I'W + 4 

: ‘ f.ujj* 

Trcas. Hft* .MS -IWJ- - i 
Treas. lafp. tf33 

iwyj -E5SI - I 

Rhtiri. Sjpc ; 'B5»7fi IG7 - 2 
btrt.-f CamWBil. .. 349 - 6 
HerWard ib'./and W.J 212 — « 
rk*ol.K ‘i. ., 211 — 4 '• 

Brimh Kuni« ttaroa »i ^ « 
Ruwm tJ.> ...;.-g7i - a 
Dave upon*' ‘Tii:§w*ry 4» - i 
nowty las - n 

em 


Kaal** Star HH 

tiu^rdibn Knjal Esvh. 224 
ila-Je.ucM 4 Folates ... 
Henderson-Kenlon ... 5G 

UiUards I»."i 

u:i 342 

1CL 246 

Run- ConL - Gas 34U 

Land sec*; 22 J 

Lucav Intis. 256 

MEPC 125 

Mancatterfl Broiue K 
Midland Bunk . • ..352xd 

Heed lntul. ia> 

Reuniree Mackmlosti 370 

Taylur Woodrow 392 

Turner and .Wuali ... OTj 

\o«tcr IW 

ivigiaR ih:i 2w 

nit Exploration 2ts 
On» Gold- 'Fields 197 


European news 2 

American newt 2 

Overseas ueus 4 

World trade news 4 

ilomc new*— general ... 64; H 

labour 10 

—Parliament ... 12 


Paper and pulp face wnrld- 
H'tdc pro Wcms 16 

Society TtHUy: The vanikb- 
iag secretary 17 


Authorities worried 

. AMNimiiumu . M 

AfMWnnu Mvu. ■ 

Ohi*. ... n 

- c rw i wr . is 

EMMialnmntt CbM* 3S 

YT-ArtMrin IWk** M> 

utut« ..._. II 


Technical page II 

Management page 13 

Arts page 15 

leader page J6 

UJK. Uom panics 18-20 

Mining - IS 

FEATURES 

Soviet economy 2 

Britain's aid to India wins 
few supporters 4 

Morocco in “Contract of the 

Century” 4 


Inti. Companies 22*23 

Euromarkets 22 

Wall Street 21 

Foreign Exchanges 21 

Fanning, -raw materials ... 23 

U.K. stock markets 26 


Japanese company recon- 
struction 23 

Nationalism achilles heel in 

R omania 24 

The controversy over farm- 
land ownership 25 


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Slnandal Times Tuesday January 31 1978 


Swedish commission 
calls for sharp 
increase in savings 

BY WILLIAM DULLFORCE STOCKHOLM, Jan. 30. 

SWEDEN’S Capital Market Com- investment in the stock market 
mission to-day called tor a sharp be raised from lo to 20 per cenL 
increase in both private and of their total funds and from 
public savings, in order to boost 5 to 10 per cent of the voting 
industrial investment. Export rights in any one company, 
companies needed more capital The Commission majority 
if Sweden's foreign payments wants a similar 10 per cent, limit 
were to be brought into balance placed on the so-called Fourth 
by 1985, the Commission said. By National pension fund's holdings 
then, the country's gross foreign in private companies but 
debt could have soared to envisages at a later date the 
Kr. 120-1 5Gb n. (£13.3-£17.7bn.). formation of a fifth pensions 
The Commission was particu- fund to invest in equities in com- 
lady concerned about the de- petition with the fourth. This 
crease in the input to the has so far been authorised by 
Swedisb capital market of the Parliament to place Kr.lbn. in 
National Pensions Fund. In pro- private shares, 
portion to GNP. its contribution The Commission also wishes to 
has been falling since 1973. remodel to the advantage of 
The need to raise company smaller companies the system by 
profits and household savings is which companies can borrow 
emphasised by the Commission, back part of their contributions 
which notes that company to the National Pension Fund. It 
savings have declined from 9 per proposes that the re-lending 
cent, of GNP in the 1950s to facility be expanded to 50 per 
2.5 per cent in 1976. However, cent of contributions paid during 
the Commission leaves it to the a five-year period but with a oeil- 
Government committee examin- ing of Kr.500,000 (£55,000). 
ing a proposal for collective On the controversial issue of 
share-bolding funds to come up housing finance, which is now 
with more detailed proposals on effected partly through obligatory 
how this trend is to be reversed, purchases of housing bonds by 
As partial compensation for the banks, the Commission 
the decline in National Pension suggests no major innovations. It 
Fund investment the Com- rejects, however, a proposal that 
mission proposes that the limits housing should be financed 
on private insurance company entirely through state funds. 

Austerity package to curb 
Norway’s spending boom 


Soares 
pledge 
on IMF 
and EEC 


Andreotti finalises economic plan 


BY PAUL BETTS 


ROUE, Jan. 30. 


on 1 I Vi ■’ SIG. GIULIO ANDREOTTI, the Unless a compromise is found jobs providing that the labour munist Party, has provoked- 

T Italian Prime Minister designate, following Sig. Andreotti's second movement contains its wage apprehension among the 

j ■ , < IT i/'N was putting the finishing touches round of negotiations with poiiti- claims and accepts the prindple Christian Democrats, who view it 

Q Tlfl ft.p.l . hnlay to a revised economic pro- cal parties later this week, there of labour mobility. as a deliberate 44 bargaining 

wuu gramme to be presented later is a growing risk of fresh eleo- In the last few days, there have weapon” conditional on the entry 

By Jimmy Bums tois week to political and trade liras, been increasing signs of a signifi- of the Communists into Govern- 

r ictrA v ™ “ m0 . n !eaders » a possible basis Sig. Andre.om’seconomic pro- cant change In the attitude of the meat 

LISB ON, J an. 30. (for forming a new government, gramme is understood to cover leadership of the trade union Bnth for the Communists and 
PRIME MINISTER Mario But while there appears to be a three-year period* providing for movement with indications that thetrade union leadership, this 

Soares to-day firmly committed general consensus on the pro- a containment of public spend- it is prepared to adopt “realistic” Doliry it is generally held here 

himself to prompt resumption posed Andreotti economic pack- ing this year to L24.000bn. wage policies and accept, at least could only be justified in terms 

of negotiations with the Inter- age. there is still a deadlock over <£16bn.). an increase to 4 per in principle, the concept of of a substantial political advance, 

national Monetary Fund, and the key issue of a new govern- cent, over the proposed 2 per labour mobility in exchange for a Reuter adds; At least SO 

to his country’s entry into the meat formula which could meet cenL 1978 growth rate, and the firm guarantee of job creating students were arrested during 

European Common Market, Communist demands for a direct financial restructuring of ailing investments. clashes with police in Rome 

stressing that the survival of role in power. These demands State and private industries. However, the timing of the to-day in which & police vehicle 

Pffiriuguese democracy was have so far been firmly rejected The programme also envisages shift in trade union policy, which and a bus were set on fire and 

dependent on a solution to the by the Christian Democrats. the creation of some 120,000 new has been backed by the Com- two policemen were injured. | 


himself to prompt resumption 
of negotiations with the Inter- 
national Monetary Fund, and 
to his country’s entry into the 
European Common Market, 
stressing that the survival of 
Portuguese democracy was 
dependent on a solution to the 
present economic crisis. 

While promising that his 
Government would be pre- 





Grim outlook for W. German 
chemicals industry this year 


BY GUY HAWTTN FRANKFURT, Jan. 30. Adrian Dicks what barbed one and. appears* to 

WEST GERMANY’S powerful Wages in the West German decline in the dollar. This had BONN, Jan. 30. SSSatton wit? whiffS?™/ 

chemical industry will have its ehemieal industry were among really hit export earnings. political fate of Herr in* R^niihiic-m pS* 

back to the wall this year, the highest in the world, but tte West German chemical con- wSt German g* ££$££!& SFSuImS' 

according to Professor Matthias S SUS dSScT Minister, once again to an intemeSTtSit 

Seefelder, chairman of the g*® J lfSS h SiJSJF r SS‘ ?n * appeal to be banging in the ^ future 0 r B p, Mobil anrt Shell 

industry’s federation and chief JusaffiSiJ to mamtaiJftheir mSef shares balance, following fresh changes \ n Turkey, the Minister adopted 
executive of BASF* one of the f n 4f p atl0 h n ~ a *“£“ g* SdlSStaSf that he was unable to control 0 i„w-hev aproach. say ins: “ 

Federal Republic’s “big three" SSSuitnStere ^no “ UrgSy The * rolSne over-zealous bugging and sur- this criUcal moment it is diffi- 

cbemical concerns. The indus- , ft wm ha in^r last * rad Tner veillance activities by Ihe mill- ^ l0 raa ke long-term forecasts 

» off*f Lm the m toy counteee.piODSge vm i feel eOTMeni ; that in «r- 


Leber’s fate 
hangs in 
the balance 


By Adrian Dicks what barbed one and.appoars to 

urww t.b <tn reflect the long tradition of 

BONN, Jan. 30. reservation, with which the ml. 

THE POLITICAL fate of Herr i ng Republican People’s Party 


TURKEY AND THE 
OH. MAJORS 

Aegean 

Sea 

search 

proposal 

By David Tonge 

ANKARA, Jan. 30. 
FOREIGN oil companies might 
secure a better atmosphere for 
their operations in Turkey if 
they were io collaborate with the 
Turkish Government in search- 
ing ror oil in the Aegean Sea 
This is the proposal -made here 
today by Turkey's new Minister 
of Energy and Natural Resources 
Mr. Dcmz Baykal With Greece 
and Turkey at odds over the 
Aegean the proposal is a some- 
what barbed one and.appoars to 
reflect ibe long tradition of 
reservation, with which the ml- 


Sr. Mario Soares 


pared to negotiate future 
policy decisions both with the 
opposition parties and the 

BY FAY GJESTER OSLO, Jan. 30. «*, ^JSST&l S & 

A PACKAGE of austerity this year, and the savings banks would exercise firmness with 

neasures, aimed mainly at curb- will make a Kr^OOm. cut those sectors of the population 

.ng Norway’s consumer spend- Pleasure boating will be hit two .who sought political solutions 
ag boom, was announced by ways— by a new £40 per year tax outride the ■‘accepted demo- 

he Norwegian government at 0n boats worth £10,000 or more, era tic forms.” 

be weekend. and by the abolition of a tax Sr. Soares was speaking at 


be weekend and by the abolition of a tax 

. , r . ' , . . concession on some kinds of 

• Hire purchase rules are being boat 0^01 

lightened: particularly for ear At same personal! 

uyers, _who will have lo put saT i n g ^ to be encouraged in' 
.own SO per cent of purchase ^0 way^-by some minor tax 
!E d j?- 1 JiZ'l concessions and by the issue of 


- nly six months, 
floods, a 50 per cer 


five-year 


floods, a 50 per cent down pay- payine *an” averae^o? IO^ner 

^ 1-er^ a W n^ximiim al nf C nnp 3 cenL io tereSt annually— a high! 
1 ni hi f y ’ rate - by Norwegian standards, 

j 111 be the mle - The opposition has promised 

„ Lower loan ceilings have support for the measures, is 
j ;en imposed, not only on view of Norway’s difficult 
i*ivate banks and finance cam- economic situation, with a 
imies. but on the state bank, record payments deficit and 
I hich grants loans to local high cost levels which have 
tithorities. Bank loans 10 fin- made it hard to sell Norwegian 
} ice the purchase of consumer goods on foreign markets, 
liods will be harder to get; the Further belt-tightening moves 
ymmercial banks have are expected in connection with 
; omised to reduce this kind of the prices and incomes scttle- 
. ading by Kr.l^bn (£120m.) ment this spring. 

‘i . f 

Protest at fishing quotas 

I BY OUR OWN CORRESPONDENT OSLO, Jan. 30. 

I» IW EEC Commission proposals to 230,000 tonnes (excluding 


I BY OUR OWN CORRESPONDENT OSLO, Jan. 30. 

f» !W EEC Commission proposals to 230,000 tonnes (excluding 
■ North Sea fish quotas have catches in the Skagerrak) from 
nvoked a strong protest from the 200,000 tonnes, including 
. rway. The Norwegians say Skagerrok catches tentatively 
; ■ overall quotas are too high agreed in November. The Com- 
. m a conservation standpoint, mission also proposes to raise 
HI run counter to the pre- the EEC’s share of the. total in- 
1 inary understanding reached spite of the fact that most North 
-i; ween Norway and the EEC Sea saithe is caught inside Nor- 
5, 'ing fisheries talks last Novem- way’s economic zone. 

"he November talks should **r. 'Vandal, the Nor 

?: e been continued in Bergen wejpim Fishen^ Director, said 
#•; month. They have been to^sy to at ^ toe 
i!- tponed until February 7. at did not lower the North Sea 
EEC’s request because of Norway would have to 

•ttinued dissension within the ®JJt_^he quotas allocated to the 
r e about fisheries policy. in its economic zone. 

<|i a pro memoria to the Com- # Airport authorities have 
■I don and the nine EEC ordered compulsory arbitration 
t’jernments. Norway points out of a dispute by pilots’ pay and 
i‘1 the proposed total quota working conditions which has 
-jlsaithe, in particular, is far sharply reduced helicopter Rights 
•Mhigh. It has been increased to North Sea oil platforms. 


Unemployment rises in Denmark 


:Y HILARY BARNES 


COPENHAGEN. Jan. 30. 


■EMPLOYMENT in Denmark The Bureau of Statistics’ Indus- 


eraged 7.3 per cent, of the 
hour force last year, corn- 
red with 6.1 per cenL in 
7 . according to the Bureau 
Statistics. The overage 
unbers of unemployed in-- 


trial expectations survey 
showed that companies expect 
first-quarter output, employ- 
ment, and domestic orders to 
decline, while export orders 
are expected to increase. 


?ased from 126.000 to 154,000, In the final .quarter last year, 


eluding unemployed part- 
1, iic workers. 

'lecem her. unemployment rose 
j 191,000, or 8.9 per cent., 
.-npared with 7.9 per cent, in 
m cember, 1976. 


output and export orders in- 
creased moderately in line 
with expectations at the begin- 
ning of the quarter, but 
employment and domestic 
orders fell. 


era tic forms.” 

Sr. Soares was speaking at 
the swearing-in ceremony of 
his new Government, which he 
has described as having “ a 
socialist base with Christian 
Democrat personalities.” 

- Portugal was tired of *' dis- 
order, demogogy and fruitless 
political agitation," he said. 
The time had come to make a 
country that was truly demo- 
cratic. open, modern, tolerant 
and progressive, and one that 
was prepared to take its place 
in the European Community. 

His acceptance speech was 
followed by a lengthy dis- 
course by President Antonio 
Ramalho Eanes who, unlike his 
Prime Minister, devoted his 
attention almost entirely to 
economic problems and what 
should be the Government’s 
solutions to them. 

Considering Portugal’s mas- 
sive external debt and 
accelerated inflation. President 
Eanes said, the main objectives 
of the Government should be 
the promotion of new fields of 
exports, with priority treatment 
given to the development of 
agriculture and fisheries. 

The pnblic sector should be 
made more profitable, and a 
serious re-organisation or 
Government administration 
must be carried out. 

President ' Eanes, while 
recognising the need for a. 
programme of . austerity, 
pointed oat that this should 
not lead to the sacrifice of 
social services. The people 
had a right to expect the proper 
administration of education, 
health, housing, transport, and 
welfare. 

He listed three factors which 
he thought favoured the 
success of the Government's 
projects, despite the critical 
financial situation: inter- 

national co-operation; _ Ihe 
apolitical nature of Portugal’s , 
armed forces: arid the con- 
fidence of the Portuguese 
people In the country’s demo- 
cratic institutions. 

The Government win now | 
devote itself to the' task of 
settling on the basic outlines of 
its programme, which it must 
present to Parliament by 
Thursday. There will then be 
five days of discussion at the 
end of which It Trill seek a vote 
of confidence. This will then 
pave the way for Dr. Victor 
Constaneio, the Minister of 
Finance and Planning, to pre- 
sent his budget on or around 
February 10. 


try. he said, was ender severe ™ “the timE tary counter-espionage agency b u t 1 feel confident that in cer- 

pressure from high wage costs nressiire on prices throu gh competitive situation. (MAD). . * tain areas collaboration is pos- 

at home and stiff competitive SSSraw mSerii ^ PrAf SeefS^r said that 1977 In spite of expressions of sible ln parUcular . lhe foreiRn 
pressure abroad. p had been a disappointing year confldencem Herr Leber Herr 0 jj companies might work with 

Professor Seelelder, who said J!* 8 part i cui ^£ for the West German chemicals Plana BoeUmg. the 

that 1978 would be a vear that difficult -in the fibres and mass- industry For a start, growth spokesman, last week, west yer- — “ “ ' 

decided the fate of the ‘industry. Plastics sector Only a craric- had been below St: recorded man Press reports, today claimed For the tint time since the 

issued a strong warning to I.G..P^ W0 ^ mvest m by industry as a whole. Further- that the Ministers replacement founding of the _ Turkish Re- 

Chetnie, the powerful chemical sectors, he said. mare, unlike other years, it had is now only a matter of t* 016 - P“Wit a trnik dominaterfby 

workers’ union. A struggle on One of the special factors that been impossible to offset weak Among possible f orelgn capital has been 

the pay front would be depressed West German chemi- demand at home with increased the Defence, portfolio Herr Hans authorised to start fullcora- 
“catastrophic,” he said. cal concerns' profit was the steep exports. A pel, the Finance Minister, and mercial operations *n Turkey, 

H err Hans-Jochen Vogel, the writes David Tongc, Tpe Arab- 
Minister of Justice, have been Turkish Bank Is owned 40 per 

Berlin talks seek end to dispute SaSSTSSS 

nent Social Democratic Party cent, each by two Turkish 
BY LESLIE COUTT EAST BERLIN, Jan. 30. fSPD) expert on defence matters, banks, the Auadol Bankas! 

None of these potential sue- and the Turkiye Is Banka si. 
EAST AND WEST German repre- reaction of the East German 14 restore a businesslike atmos- cessors to Herr Leber is thought The new bank opened its doors 
sentatives have held a “useful” Government. pbere between the two states.” to be over-enthusiastic about the i n Istanbul earlier this month, 

high-level meeting here in an West Germany’s chief political A fresh sign of just how ] 0 b a nd partly in order to give its aim being to channel 
attempt to end an especially trouble shooter, Herr Hans- seriously East Germany and the. hims elf more time for reflection, Libyan funds to help Turkish 
difficult phase in their relations. Jurgen Wischnewski, was here; Soviet Union regard reports of ^ we ll as out of consideration development. 

In the course of this month last October he negotiated with an active opposition in the f 0r Herr Leber's long service in - , - 

East Germany has closed down Somalia to help gain the freedom country Is that the Soviet am- Government, Chancellor Helmut 


. I tain areas collaboration is pos- 
Risible. In particular, the foreien 


For the first time since the 
founding of the Turkish Re- 
public, a hank dominated by 
foreign capital has been 
authorised to start full com- 
mercial operations in Turkey, 
writes David Tongc. The Arab- 
Tnrkish Bank Is owned 40 per 
cent, by the Libyan Arab Bank, 
30 per cenL by the Kuwaiti 
Investment Bank and 20 per 
cent, each by two Turkish 
banks, the Auadol Bankas! 
and the Turkiye Is Banka si. 
The new bank opened its doors 
in Istanbul earlier this month, 
its aim being to channel 
Libyan funds to help Turkish 
development. 


Irish wage 
negotiations 
break down 


Finland has first trade 
surplus for a decade 


Kohl the leader of the West Hermann Axen, the East German alleging that the opposition deputies rallied to him at the 3 more acceptable atmosphere 
German Christian - Democrats Politburo’s specialist on foreign group wants to break the alliance egd of last year, after he bad and help them feel freed from 
from entering East Berlin. relations, and Herr Oskar with the Soviet Union. admitted his ignorance of various suspicions.” 

East Germany has been accusr Fischer, the Foreign Minister, in Mr. Abrasrimov, at a reception the seriousness of the Lutze One of these suspicions is that 
ing the West German news media the sprawling Central Committee a t the Soviet Embassy, said “ the espionage case— though there the foreign oil companies have 
of slander against . it largely building, where they covered the unbreakable union between our were calls even then for his dragged their feet in prospecting 
because of a Der Spiegel report gamut of neuralgic points. , countries and peoples naturally ’resignation. What has now activities in Turkey — or so some 
on an alleged opposition move- The statement issued by the bathers some people in the West apparently deprived tire Minister voices in the KPP would have it. 
ment within the East German East German Government news They pour streams of lies and of his remaining support has While Shell has loug produced 
Communist leadership. Although agency afterwards said East invective over us because they been his admission that be was » n Turkey the crude necessary 
there were many discrepancies in Germany had expressed its readi- do not want the peoples of the unaware until after the event fur Its share of the Atas refinery, 
the report the impact on East ness to “ continue the process of Socialist fraternal countries to that the MAD had bagged the RP and Mobil have to make 
Germans was nevertheless con- .normalisation.” A prior condi- act and live together but instead private fiat of one of his own imports. Oil company sources 
siderable, judgmg-6y«he-nervous tiou.i however, would be to separately.” . ‘ 'secretaries. say the two companies are owed 

s ; respectively $45m. and 8103m. 

both debts being part of the 

Irish wage Finland has first trade Solzhenitsyn a hard pressed Turkey. P V 

Import needs in 197S are 2m. 

negotiations surplus f or a decade gcmg nm tons Of f Petoo. produce and l3m. 

breakdown Swisstaxbill Sr T 

By Giles Merritt HELSINKI, Jan. 30. J ohn Wicks means that for more than a 

DUBLIN, Jan. 30. A REMARKABLE improvement, have come as a shock, though ___ pended suuoUes ^Turkov frnm 

JUST 48-hours before the Irish in the current account Is re- they were predictable, pe num- SSon TA fniidf d ^^S!SSil^ the lolnt pipeline, whtic 
budget is presented, represent- ported by the Ministiy of ber of unemployed today is gSHv #ST ab< Jf tinuing pumping for exoort 

lives of the Republic’s employers Finance, Bank of Finland and nearly 200,000, about 9 per cent the Mr Bavkal safd that iS-p. 

met 'to-day in Dublin to discuss Board of Customs in their of the labour force. But Mr. e 7 1S 

the collapse of crucial talks on economic review of last year Timo Relander, head of the SSaniSvn* ^£2 Jalv size- and Ltova^fn? nlli? Hfi* 1 „ Ir3C1 
a 1978 national wages pact. and brief look at this year’s economic division of the Ministry 5S h !S!S? L wc if^L£d arramnement/ fJt- \« hBa ££5 

They also discussed the dead- prospects. However, the most -of Finance, says that this will Jf? e eJS2fraiKnL whoUved In needs® H^Sfniri -nLnFS 
line set by the 90-union strong depressing feature is the serious be the peak, affected partly by time after on how e th?^ GnvnrnniMn? m .^!ii 

frish Congress of Trade Unions unemployment seasonal factors, partly by tern- S^ sSTefuS. hSndle thJ 1 n SS 

tor resimption of negotiations Finland a trade ‘ Erich SKS 

<SfiJiS 0 Sp The sur P lufi in 1977 £or to* 6151 tiiz,e cp^^in 011 !^ 35 a^°the Gayler, has confirmed that the Mobil for refining opera tions^BP 

Blaming the employers for the ^ 10 years> albeit only if, 1 ® 7 !* “>* “f mcl * 1 mm is being claimed by the has been trying to sell ii 17 nir 

breakdown in talks at the weekr FmksJlOOm. (£26m.). The current Canton bnt says the demands cent share in the Atas refinery 

:nd and are threatemng to re- accoun t deficit was brought down ® ? f are disputed. The taxes in to the state. - 

rort to a vnkBMfteeftKMill un- t0 Fmks.700xm, 0.6 per cent of rfn question, he said, are those The Minister said that a 

ess the Federated Union of ^jg GD p i It been 8bn. in f 0 due on contributions made by special group is being set up to 

Empioyers returns to the negoti- 1975 8 per cenL of GDP. 8 Mr. Sotehenitsyn to a “social evaluate the precise worth 0° 

iting table. . The TOlume of jn . due to Ma^lmre been fima for the politically perse- “potentially important’* uranium 

Wage restraint ss ^an ewratial crease H - by 10 per cenL, the P^tPoned _ to September, and ^nted.” This fund — whose pro- deposits under the Black Sea 

nrirndge? whirls 'ejected to ^^^^b^The^ilui^ pSSSdSffi * to the SestovM'ln e^acti?^^ 

:^nc^« t n8 , h e ra S 

znions appear determined to re- P olltics - Industry needs more registered^ a found^- lndustrv wm?iH pnH ^ 0 ^ /v. n 1 

ect the 5 per cent wage in- <»>£ 8 per renL to .Ftt*&M.7bn. effective programmes zKhto AupuTS^ SSta 5?2eSd hSf" 1 ? SS 

ireases the government has However, Sfc Esko Rekola, the than the two introduced by the ° TOie Zurich tax laws foresee would' 11 Turk!? 5i»?n f i®? 

ecomm ended. The latest round Fmance Mimster waros against present Popular Front Govern- partial tax freedom for income reseree ReneratinT?in-»,K, h i?r 

if wage talks broke down when over-optimism. We still have a ment to the past six months, transferred to charity, and full sent wmacltv C r P ni!?' - ^‘T 
he employers offered terms long and troubled road to Direct priming of the economy Scfreedom for charitable below'actua/denmmf n^ r -xs CCnt ‘ 
unounting to slightly more than traveL Unemployment inflation, or indirect stimulation in the foundations, themselves. cent below * 2S per 

i per cent for 1978. These were the weak international com- form of reduced taxation both The social fond, according to sary if normal rpS™o l> », nec ? S ‘ 

countered by unioa demands petitiveness of Ftonuh indust^-, require financing which involves Dr. Gayler, received! he were take™ to areo^m raarelns 

nr 11 nor rant the lOW DrofitfflbQltV and hieh fnroion hnrmivintr VinlnTtrl’a not Il.j. I L. ( .1 r . e “ - ULU acc °unt. 


- BY LANCE KEYWORTH 

By Giles Memtt HELSINKI, Jan. 30. 

DUBLIN, Jan. 30. A REMARKABLE improvement, have come as a shock, though 
JUST 48-hours before the Irish to the current account Is re- they were predictable. The num- 
budget is presented, represent- ported by the Ministry of ber of unemployed to-day Is 
lives of the Republic’s employers Finance, Bank of Finland and nearly 200,000, about 9 per cent 
met.'to-day in Dublin to discuss Board of Customs in their of the labour force. But Mr. 
the collapse of crucial talks on economic review of last year Timo Relander, head of the 
a 1978 national wages pact and brief look at this year’s economic division of the Ministry 
They also discussed the dead- prospects; However, the most -of Finance, says that this will 
line set by the 90-union strong depressing feature is the serious be the peak, affected partly by 
Irish Congress of Trade Unions unemployment seasonal factors, partly by tem- 

for resumption of negotiations Finland recorded a trade po f!S 7 Jf ,LOff ®’ ' Kn „* 
by Friday. The . unions are 1977 f 0r the first time Infla , t}on .^ as a ? 0Ql 

blaming the employers for the ^ v 10 years, albeit only 5 cnL ^ official 

breakdown in talks at the week- FmksJZOOm. (£26m.). The current forecast for the current year is 
end and are threatening to re- account deficit was brought down a mer ® ® which srems 

sort to a wages free-far-all un- t0 Fmks.700m_ o.6 per cent of overqptimistlc. Yet it nught be 
less the Federated Union of ^jg GDP i?% a d been 8bn. to achieved if external factors do 
Employers returns to the negoti- 2975 8 per cenL 0 f q , 6 gdp. not change unduly. -Wage In- 

» B klA ’ • Afo^uac rtiiA In Memkh n«ira naan 


at wlg?' restraint is an essential 7 per the Postponed ^ to Septembe^ "and 

element in Ireland’s forth com- “ y those dne in October have been 

ing budget which Is expected to ^ t® m Qhr. /euift r Th?vninm* put off 011111 Febrriar y, 1979. 
include compensating income volo “® Prices are virtually frozen, 

tax concessions, but the Irish “j? 1 Much depends now ou party 

unions appear determined to re- politics. Industry needs more 

ject the 5 per cent wage to- or " y 8 per „7T''v L effective stimulation programmes 

creases the government has _. Howev ®^. ^ Esk0 Hel50la » “6 than the two introduced by the 
recommended. The latest round Finance Minister, warns i against present Popular Front Gove ro- 
of wage talks broke down when over-optimism: We still have a ment to the past six months, 
the employers offered terms long and troubled road to Direct printing of the economy 
amounting to slightly more than traveL” Unemployment, inflation, or indirect stimulation to the 
5 per cent for 1978. These were toe weak international com- form of reduced taxation both 
countered by union demands petitiveness of Finnish industry, require financing which involves 
for 11 per cent the low profitability ana high foreign borrowing. Finland’s net 

The Irish Government was re- d e b£ ra ^° of toe corporate foreign long-term debt is now 
cently warned that any pay deal sector and the country's high Fmks^SJSbn, 21 percent of the 
of over 7-8 per cent could end foreign debt are problems that GDP, but the Finos recently 
the republic's present growth still have to be solved. raised a loan in the German bond 

spurt The unemployment figures market on very favourable terms. 


The volume 


creases due to March have been 


Solzhenitsyn 
facing £lm. 
Swiss tax bill 

By John Wicks 

ZURICH, Jan. 30. 
THE TAX administration of 
Canton Zorich Is claiming 
Sw.Frs~5.8m. (about lira.) out- 
standing taxes from the 
Russian exile anthbr Alexander 
Sotehenitsyn. Last July size- 
able assets were seized from 
Mr. Solzhenitsyn, who lived to 
Zorich for some time after 
leaving the Soviet Union. 

His Swiss lawyer. Dr. Erich 
Gayler, has confirmed that the 
sum is being claimed by the 
Canton bnt says the demands 
are disputed. The taxes in 
question, he said, are those 
due on contributions made by 
Hr. Sotehenitsyn to a ‘‘ social 
fttnd for the politically perse- 
cuted.” This fond — whose pro- 
ceeds are Intended, for the 
politically persecuted ln the 
Soviet Union or for those who 
have had to leave the country 
— was registered as a founda- 
tion in Zorich in August 1974. 

The Zurich tax laws foresee 
partial tax freedom for income 
transferred to charity, and full 
tax freedom for charitable 
foundations, themselves. 

The so rial fond, according to 
Dr. Gayler, received the 
author’s Income from the book 
“ Gulag , Archipelago” and 
From certain other works. The 
Gulag novel accounted for 
some 90 per cent of the fund's 
receipts from Mr. Solzhenitsyn. 


Soviet economy misses targets and worries authorities 


BY DAVID SATTER IN MOSCOW 


asreeniem covering 
electricity imports from Bulgaria 
was signed last Friday. These 
imports have been at the rate of 
wm. kwh per month and arc to 
be increased in 197S. while 
imports from the USSR at the 

to tC «ta« 2( ? 1 V kw i- pep mo °to are 
Inter this year. ■Hie 

XuStJp. aIs0 . revealed that 
Turkey ts negotiating electriciitf 

SSm?® 6 fr r ite tong-hostile 

tbe^wonsr S ff^- H ° said «*li» 
wanhTh? Jf} ectnc,t >’ shortages 
be thlfl and >n the 

a^°i. 1979 - H- was 


- Jrt , . . ’ * Vi AOI 0 . f[P Wis 

' predictable prelude to im- economy more efficient, industrial comings" bode ill for an economy by as much as 12.3 per cent, a 170bn. rouble investment in cent, the lowest annual per- and service employees increased Q °P> n S to speed up completion of 

■| ng bad news, Soviet readers labour productivity, which was to which _ has shown a loss o£ year. agriculture built Into the present centage increase since 1970 and only 2.7 per cent and those of VBnou s major Mqnile-burninn 

! treated early this month to ^ a<ve accounted for 90 per cent dynamism and steady downward As in past years, the greatest .Five Year Plan. The various well below the average increase collective fanners went up A3 p ? w * r plants, but this required 

* cn letter from their Govern- ? f ^ } nodest growth in 197&-S0 drift in most key economic single problem for the Soviet consequences of the shortfall to in Soviet oil production since per cent, presumably to bring ro SS‘^ n exchange. 1 


. ' t . industrial output increased only indices since the end of the economy was agricultural produc- agricultural production, includ- 1960 oF 8.1 per cent' The 1977 their overall pay level closer to , Tbe 600MW nuck-i r rpirtnr 

on tne front pages or tne 4.1 per cenL i n 1977 against a Second World War. The detailed tion which, according to official ing extensive wheat purchases to figures may partially corroborate that of the rest of the population Panned for the ilTorsin ro.Vnn 
t newspapers urging them to plan target of 43 per cent. 1977 plan results published in the figures, increased in value by the West and cutbacks in the pessimistic CIA prediction turnover also fell short not he completed her™. 

.: ,-eiy join the struggle for This minimal increase is Sovie t newspapers show that 3.5bn. roubles or 3.0 per cent expenditures elsewhere, may that Soviet oil production will of its target increasing by 4,4 l9S5, the Minister said. 

: ncy and quality." doubly discouraging because it mean that the 1980 target for peak by the early 1980s. per cent against a target of 4.8 • THE NEW Titrk-t-K 1- 

■ ■ timing of the letter may appears to indicate that the costly : r naU S wU1 not be .Sfriet productlon of gas. a p er cent, the lowest increase meat of Mr. Buiont Et.-v?. Ve h n J 

ave insnired rnanv Soviet and highly selective Soviet invest- reached until 198L enheri hard currency earner, since the early 1960s and an decided to fix the ruiSSti 

.f . . y ment in Western technology-^ Thp ^nviot TTninn mav rmt fnifil ite 1Q7G cn There was some encouragement exceeded its plantarget Coal indication of shortages of goods Ports In 197*3 l! 1 ' 

rs to New \ears resolu- per cent, 0 f Soviet investment in aOViet Union may not tninl Its 1976-80 FlVO f or Soviet planners to the indus- production m 1977 was 722m. to buy. level recnmninniW h,- S o ‘r 

but it was a fittine nreoara- all forms nF pauinment in 1975 — «p m , .. __ _ tonnes, compared to a Plan TTnuainv. mnttTMlrtinn il.tirf,, I nrttinnnl 1* .. • **10 inter* 


I ncy and quality." doubly discouraging because it 

■ timing of the letter may appears to indicate that the costly 
{ ° cnuiot and highly selective Soviet invest- 

ave inspired many Soviet ment |n Western technology— 5 

rs to New \ears resolu- p er cent, of Soviet investment in 
! but it was a fitting prepara- all forms of equipment in 1975— 
,] lr ihe publication last week is not paying off. In the relatively 
! 1977 economic plan results unspphistirated . 1950s, by com- 
“ ivero in man, respects the Panson. 'ndu stn.l abonr p rnti u c- 
‘ . ... . * v tivity increased at an average 

disappointing since the between S-0 and 9-0 per 

ill World War. cent 


The Soviet Union may not fulfil its 1976-80 Five 

all forms of equipment in 1975— y. 4 _ ni*_ trial production results, which tonnes, compared to a plan Housing construction during national 

is not paying off. In the relatively Year Plan or make the economy more efficient exceeded plan expectations by target of TMm. tonnes, and Soto* 1977, an important indicator of The Minister of Cnm 

unsophisticated 1950s, by com- small margins. Industrial output sleel Production \ras 147m. social progress in a countrv Teoinan K o d ru 1 u l p r° H ^ ^ ‘ A r ' 

parison. industrial labour produc- — which had been targeted to in- r c ?l5 par 5 d mth J- plan where many still live to ex- total that sfjSf r, w * 4 “jj, l J 15 

tivity increased at an average crease 5.6 per cenL, actually J“Jg n of kn 6 *! P*™ 1 * crowded conditions or capital tovestnirnl 

rate of between S.Q and 9.0 per naUonal tacome , a category This figure is believed to he un- «*w 5.7 per cent, and heavy in- J SS?f i „„ 346 5?: ln communal flats, totalled UOm. tor durable indiistri- 1 iSr. 1 

..... ^atoe, U however,^because of the metres “J « ES?’ 


rs had been optimistic & 5* —irf tfi Sta Sf apian target o? Al^r or ‘ consu ” er S«>ds production jade increa^d "SUSSR 

1977 revision growthand continued in- cent, the worst result since at in 1977 by 5.0 per cent Thtois ^ ™ P" ^compared gjg ihe co JUS " 1 V 7 by , U »t. to a toe Turkkh JSSJagg 

^ T Li lZ efficiency to 1977 was apportioned least 1951. particularly disastrous to com- with a plan target of 4.9 per cent ne ^ ,y ? bn - TOuhles to halve the S 

*5® ^ ministries which failed to com- This figure was evidently so Prison with the 10 per cent to- The 1977 industrial targets, f£Eu!teL"^!>n a££Sra wJA? o£ tr ® d S f B P thl also l 10 ^ fnr »n increase 

set for 19i6..But the goal plete projects (uncompleted pro- embarrassing for Soviet authori- creasfr in agricultural output however, were the second lowest however, there is ample evidence d 13 twing scaled to® supply of workers’ reniit- 
uonal income growth was jects accounted for 80 per cent of ties that they felt compelled to believed to have been called for in at least 30 years and to spite £at the general slowdown in t0 SSif? ann , oIIed t0 toe. country 

^ asneutiura 1 production invested capital in 1976) and jump it together with the 5.0 per to the plan. of this many important branches Seduction has made lte*£?nact fiSSSl 1 *"? 1 m ?? ns - The present - 

arply down and industry were slow to enlarge plant cent Increase in national In- The agricultural setback of industry did not fulfil their f»[t jn the areas of social «er I .sophisti- which has a Ire ad v 

W need « d come achieved to 1976 and refer stemiicd from th?ffisapp“StiSg Production quotas. rices rad prt^roiSon £ ^ SBfTL L he «« wuSiSt- 


i _set for 1976.. But the goal plete projects (uncompleted pro- embarrassing for Soviet authori- creasfr in agricultu: 
tional income growth was jects accounted for SO per cent of ti es that they felt compelled to believed to have beer 
it agriculiiiral production invested capital in 19761 and jump j t together with the 5.0 per to the plan. 
iarply down and industry were slow to enlarge plant cent Increase in national in- The agricultural 


of this many important branches 
setback of industry did not fulfil their 


— mmmmrmrn MG UlWf _ _ , * . . UUUUG OUGUliVil IV IUC Ml alMIU- IMUUvO- U9 (fUCL'L, UV«" OUbUiUlV »UI#iUa»* vCU Gv IU AvI I WUlUdfUQ WlLfl nil Dn If ■ ~ - ■* . ' 

headway to achieving their acquired and over-cou- 1977 figure might have invited ever, is likely to be felt through- small one. but the Increase in a plan target of 3B per cent, the SSSKs “u SSi?i n T 11 ? 1 Rational eredlt institutions. 

1 ed and economically sumption of raw materials. comparison with the early 1950s out. the economy, which is 1977 oil production on a per- smallest increase since 1963. alraadw Pw«nu Timm, 'ZIZ — 

i[ goal of making the Soviet The results of these, “short* when national income increased already strained by the enormous centage basis was only 5.0 per The salaries of Industrial workere firowira^rti mrenxwd bt^^ 








Financial Times Tuesday .Tsauarv 31 1978 


RICAN NEWS 


US. ‘will 
not support 
particular 
$ rate’ 

1/ Our Own Corr«<pondent 

WASHINGTON. Jail. SO. 
THK VJS. will nut inimettv m 
;b<* foreijin fvcliangt* markets, to 
maintain a particular rate for the 
dollar, hut ** recognfees Us res- 
pnnriblltly t« aet fmrceCuly *' t« 
restore order to the markets. 

This rvaluttuient of existing 
policy, together with a reaffirma- 
tion of U.S. belief in llie system 
of lUutini: exchange rates. Is 
contained In the international 
section or the annual report nf 
the President's Council of 
Economic Advisers. •- 
- in summary." the report eon* 
elude?, "while, -exchange rate 
Alienations jiumc times have 
been undesirably large and are 
often unpleasant . reminders 
about unsatisfactory aspects of 
undertyinK economic conditions, 
the evolution of the system of 
markei-deter mini'll exchange 
rates has been a major achieve- 
ment of this decade." 

The report is sceptical of the 
lasting impact nf official inter- 
vention on exchange rates, noting 
particularly the rather modest 
appreciation of sterling after the 
British Government had ended 
itK policy of massive intervention 
on October 31. 

" While irrterventinn can be a 
useful tuol In restoring order la 
exchange markets." the CEA 
report: states, "substantially 
larger intervention than seen in 
1917 would he necessary to have 
a large effect un rales for any 
time" 

The CEA report also renews an 
American exhortation heard fre- 
quently last year that the surplus 
countries must do more to stimu- 
late their domestic demand and 
capacity utilisation The report' 
names nt* names, hut rather pro- ' 
vide* a brood prescription nf the : 
right economic policies nr the 
industrialised nations, embody n;: 
m fiwal restraint to keep demand . 
within the productive potential 
nf the economy and mntmurd 
stimulative monetary pulley sad; 
Mieciil incentives for invest- 
menis." 

The CEA also makes a strong 
pitch for the strengthening of 
infcrnitmnal financial institu- 
linns such as the IMF and thr 
World Bank to enable them to- 
play full roles tn thr adjustments 
and development proirwcs. 



IS 


Changes to tax package 
‘could have adverse effects’ 


BY JUREK MARTIN. US. EDITOR 


WASHINGTON. Jan. 30. 


| TI1K CARTER Admimstrai ion which was of course s record pressed over the precise nature, 
; warned to-day of the adverse yenr. uf some of the proposed Uix 1 

economic consequences of Con- The foreign sector, the CEA reforms (especially the climina-i 
■ gross either signWcantly in- projects, will neither significantly turn of a number of business tax; 
'creasing, or reducing the pro- contribute to. nor detract from. deductions) and most of Mr. j 
{posed S34.5hn. tax cut package, domestic expansion m 1978. BlumonthaJ's arguments were' 
Both the anouul report of the Given modest improvements in devoted to the need to introduce; 
J Council of Euununm- Advisers, the global economy, u anticipates greater equity into the tax; 
land mnsresslonai testimony hy real growth in L-.S. exports of system, and to the way in which 
jMr. Michael Blumcnthsl. the 4-3 per cent compared with 1977. the latest proposals served that! 
“Treasury Secretary, contended and a slowing in the growth of end. i 

[that too liiuvh stimulus, as ad- imports, with the volume of oil un m at-ru-economic questions.! 
(' vacated by the Republican imports unchanged this year howm'er, the Treasury Secretary: 
i leadership's call for deeper tax following u»e P er cent, maintained that the new S24.5bn. j 

! reductions, could incur an in- advance of last year. stimulus was about ' right to: 

iltationary risk. Too . little. There has already been plenty sustain “the balanced, steady; 
{suggested hy some prominent of congressional scepticism ex- nature of our economic recovery." j 
i Hvmnrrats, could seriously im- t 

pair economic growth, bo said. ™ — | 

The C£a report, repealing 
figures uu (lined in the budget 
and tux announcements last 
weekend, forecast real growth uf 
4J-S per cent, this year and 

next with the tax cuts, while. . , .. 

without them, growth would u-S. GOVERNMENT sales of oil .'egany-required steps to ensure; 


Legal row over oil leases 


BY JOHN WYLE5 


NEW YORK, Jan. 30. 


Wheding-Piltsbur^h 

wheeling potsm ; rwiit su^\ 

I'.irruMinR wu! that Mr Itnlv::; 
K. La«terlj»ch ha* rounid 
cfMitmaii. buf *!U e.mtimir jk' 
a director. The company 
that Mr flnnlU I'anM.-w*-... 
dcht will awnime the addition' 
duties. 


drop off substantially towards and gas leases off the New environmental safeguards on the 
the end of this year and decline England coast may be delayed development oi any oii and gas . 
ito only about per cent, in by legal opposition mounted by found in the lea.-e areas, 
i 1979, with consequent upward conservatiunists. Some of the 155 tracts cover- 1 

i pressure on unemployment The sales are due to take place ins SS2.0Q0 square miles off the ; 

! The 1'EA‘s projections are that New York to-morrow, but on New England coast cover the | 
ithc public works and jobs pro- Saturday a U.S. district court Georges fishing ground, one of' 

• grammes: with larger than visual judge issued. a temporary injunc- the world's richest fishing areas., 

• tax refunds this spring, will can- tion againsr the auction. An Litigation delayed the last sale: 

<tinuc to serve as economic spurs appeal was being filed to-day by of Atlantic oil and gas leases in! 
-in the first half of the year, the defendants in the suits. Mr. August, 1976, by several hours. ! 
{Their impact will then tail off. Cedi Andrus, Secretary of the Drilling has still not started on ! 
ito be succeeded, assuming the Interior, and Mr. Juanita Kreps. these tracts off New York and' 

( tax package goes through, by a Secretary for Commerce. New- Jersey and Ls awaiting a 1 

pirk-np in business investment The law su>Ls have been L".S. Supreme Court decision on : 

-and consumer spending,..-' brought by Massachusetts e.i- whe-Jjer it will hear an appeal 

In contrast to several private, vironmentalLsts and fishermen from environmental groups 
: and at least one afficiaL Fore- led by the Boston-based Cnn?cr- again-?? a federal aupeals" court 
casts, the CEA sec*, capilal ration Law Foundaiion. They decision :a August which re- 
investment going up by between allege that the Government versed a lower court ruling that 

7-8 per cent, in real terms this agencies had failed to take the the sale? were null and void, 
year, with the growth eancen- 

.trated more in the lattcrliati. - ■ ■ — - 

.is ux benefits and incentives 
are fnlf. 

It notes that the must recent 
survey on piant and equipment 
spending by the Cummer re 
- Deportment suggests a xlewer 

rate of growth, but suggests A NATIONAL strike aimed at missed the demands for his 
that the recent behaviour 
;«n:ue important leading 
tors of invcstmeni activity 
eluding non-defence 

giirnls plus new piant and equip - . . 

ntrni project* and new repiul P**r cent, of shops and factories forced urn," he told a meeting of 
spending authorisations} ar*- still closed. hi? on Saturday 

iisueh stronger than the narrower The strike organ jverv- who in. Tfc e s:nke. wh.ch isr^ae on 
Coinijieret 1 nepjrtinent atalys:? rlurie rcwrcsenUtivi- uf huMm-vs Jassary 23. was principally 
rtteaS. and trade umur.s. and who hate tressed by the f.miv isr.n cuals- 

TV lX\ 4nUi‘i|u1ff th.*i ,-hv wnn the local Mipporl of ihe l:°s ir.wn as :si* D?;uocraLc 
vhort-ter:n miens: rates mil be rathohr Churdi— riant that the I-jbrr.»::o5 l’n«s ' * ihe 

“ mnderatrlv hs.ehcr" in a WT* strike will go »n «nli! Hen. Utwrsraep.: sissn r fuiier invc,n- 
than in 1977 This it says vtti •? Siiiunra rt‘Bii:i;< «r overthrew r. if f'r.e murder three a 

«e with a ntuiv- But well-placed oriv^mnn as-' :•? op;-as.?:<n na*-vaper 

»jv Steal rviMRMuq nf itPiUBbdo s»i:r--n> 'aid Ihat. i*vm ir th - etiifs-r. I»t 5’:t£r j Joaquin 
fur -?:opc\ .uni credit n- alMr strike cellapsts Shi* werfc. ;t llha-nv.rr. . 

‘ But -t Son’sec' ■!*»*«• will hatt* been a fom-iul dt-nnn- The r-. :■•.-.*■ ilz.-z.y th;:* the 
chiiiite. n *. its i; -*r-rt;; tatey.'y. sfratiMi of the united t*ppieStinR killers ftave .been csri'ibrt. 

The *:F..\ a",: » tnraeaMn ■ an in Nicaragua f«» She So»r;a -ban;. Nivaraguans that 

ip.ii.Ar ?n huiiMtiu :nv«mmrri rt-Ri.te there a rr.e»*g-; r*. ;;n:**c! 

*-f aHms? Sr-rs.-ep!. !- re/terrw Gen Snmnxa . whn»e fitiuilj h*s Srm-.:a who may have 

, r ._ ,.^.^,.,,,1 ^ffk, i,.;i phvj Nteara-rna ‘ince 1935 dv rrjJMcd r? the murder 


Nicaragua strike endures 


BY ALAN RIDING 


MANAGUA. Jaa. 30. 



Congress 
hearing on 
landing 
systems row 

By Oar Own Correspondent 

WASHINGTON, Jan. 30. 
THE UA-U.K. dispute about 
a new system which would 
allow aircraft to land in bad 
weather will get a full airing 
on Capitol Hill tomorrow 
when a Congressional Commit- 
tee begins two days of hearings 
on rival British and American 
bad weather landing systems. 

The International Civil Avia- 
tion Organisation (ICAO) is 
due to decide between the 
American microwave landing 
system and the British one in 
April Following British pro- 
tests about American attempts 
to ** steamroller” the U.S. 
system through ICAO, a pro- 
gramme of tests using both 
systems in comparable circum- 
stances is under way. The 
result* of ihls will pfay a major 
part In making up ICAO's 
mind. - 

The U.S. Federal Aviation 
Admislsi ration (FAA) and 
US. industry have charged the 
British with a tough lobbying 
campaign and with distorting 
result* from British tests. The 
British have countercharged 
that Uie US. system does not 
do wlat U claims it can do and 
will be more expensive to 
operate and much more diffi- 
cult to install than its British 
rival. 

Mr. Langhorue Bond, admini- 
strator of the AFA. put strong 
pressure on tbe House Sub- 
committee on Governmental 
operations not to hold to-mor- 
rows’ hearings on the grounds 
that it could only intensify 
existing bitterness. 

But Sr. John Barton, chair- 
man of the Committee, replied 
that he was “somewhat 
puzzled as to how the 
relationship (with U.K. offi- 
cials) can deteriorate any 
further if the British are 
questioning your Integrity in a 
campaign you describe as 
victoM." 

A learn of British officials 
from - the Civil Aviation 
authority arrived here two 
days*£0 and bare been work- 
ing round the clock pulling the 
finishing touches to their testi- 
mony In front of Hie Commit- 
tee. It i- unusual far officials 
of a lorrign government 
agency i<> testify before Con- 
gress. 

Although there is unlikely to 
be much iff a commercial 
advanta^ tor whichever com- 
pany wins Plrvwj in the L'JC 
and Bend iv and Texas Instru- 
ments in the U'-.S.— since both 
sides bate agreed not to patent 
the lechiHilosF, there is con- 
siderable pride involved and a 
genuine sense <ff grievance on 
hqlh sides. 


U.S. warning of changes 
in Soviet air arm 


BY DAVID BELL 

THE SOVIET UNION has trans- 
formed its air force so effec- 
tively in the past seven years 
that its increased mobility, 
range and firepower give the 
Russians a sound w alternative 
to a nuclear strike in the open- 
ing phase of a war in Europe." 

This is the principal conclu- 
sion of an important report pub- 
lished to-day by the Brookings 
Institution and written by Mr. 

1 Robert Berman, a fellow of the 
(Washington-based “ think tank ” 
(and one of the country’s fore- 
most defence analysts. 

I Mr. Berman says that since 
■ 1970, the Soviet Union has 
(changed its air arm from “a 
-largely defensive force into one 
suited for a wide variety of 
! missions, including non-nuclear 
warfare in Europe.” This gives 
Soviet forces, for the first time, 
an opportunity to launch big air 
strikes at NATO nuclear storage 
facilities and air bases, thus 
assuring mobility for Soviet 
ground forces and effectively 
depriving NATO of its nuclear 
option. 

NATO must therefore take 
immediate account of this possi- 
bility, Mr. Berman argues, and 
take greater measures to pro- 


tect air bases, nuclear slortge 
sites, and command and control 
centres. 

There is also a need for more 
research into ways of speedily 
repairing runways, for plans to 
disperse aircraft and for much 
stronger shelters for aircraft and 
ammunition. 

The rapid expansion of the 
Soviet air forces, according to 
Mr. Berman, may well signify 
an important ebange in Soviet 
strategic thinking. A far stronger 
air force, able to knock out its 
Western equivalent means that 
tbe Russians now have “ options 
short of a nuclear free-for-all 
so that a war in Europe could 
be ended before the losses out- 
weighed the gains.” 

Technically, the Russians have 
also made considerable strides 
in the past seven years according 
to the report. The new family 
of Soviet aircraft are larger, 
heavier, and have a much longer 
range than their predecessors 
“and have increasingly effective 
avionic and jamming equip- 
ment” 

On the other hand, it remains 
true that they are vulnerable to 
the late model B-52 bombers and 
to Cruise missiles, whose develop- 


WASHINGTON, Jan. 30. !■ 

ment is being accelerated by thej 
Pentagon. ; 

Mr. Berman notes that in[ 
general Soviet air defence forces: 
are poorly equipped jn the case{ 
of American or Western attackj 
particularly since the Russians] 
have so far proved relatively 
unsuccessful In perfecting ful{ 
operational capability at , low' 
levels. 

Sooner or later. Mr. Berman 
says. Nato planning must b% 
adjusted so that Nato grounef- 
forces are able to operate with! 1 
out low-level air support in tW. 
event that all or part of it mat! 
have been the victim of a sudder 
Soviet strike. F 

On a related matter, and on-!* 
which bas great importance it: 
the current strategic arms talk*' 
the report says that the Sovie 
Backfire bomber is not, as som> 
Western analysts argue, Jntende- 
to he an intercontinental bombe, 
f although it could be refueliej 
in the air and transformed int, 
one.). Its introduction. into th. 
Soviet naval air force suggest 
instead that it is part of aj 
attempt to transform the Russia, 
naval air arm into a force capabN 
of “ carrying out several missiori 
over considerable distances.” « 


Guyana talks on river dispute 


BY OUR OWN CORRESPONDENT 


GUYANA AND SURINAM are 
to hold talks next week in Para- 
maribo, the Surinam capital, on 
problems which have arisen over 
the use of the Corentyne River 
which separates the two young 
republics. 

The Guyana Foreign and 
Justice Minister, Mr. Fred Wills, 
announced this when he met 
Guyanese fishermen, loggers 
and businessmen who have been 
affected by a virtual closure of 
the river by Surinam, apparently 
in retaliation against the seizure 
here or a number of Surinam- 
based trawlers caught trespassing 
:n the new 300-mile exclusive 
fisheries zone erealed by Guyana. 

Mr. Wills said that he will he 
•joina to Paramaribo, probably 
next week, for talks a I "a high 
on the matter. Ac>t«rdina 
•u nun there -.hould he a “fixed 
reyime" t?» govern the use of 
ih«‘ waterway. 

Surinam withdrew fishing 
‘•centres front about 100 Guyanese 
accustomed to fi&h in the Corcn- 
tyr.e river, as of January 1. last. 
S’nco then, word has reached 
Georgetown that Joggers and 


area ctifin&J by 
SURINAM 


> GEORGETOWN 
n *"\« w AMSTERDAM 



iloa’ing -»hop operators have heart 
complain; 03 of harrsisment 
From Surinam gunboats pa'.roi- 
l;nq the river. 

The Surinam fct.-on came 
about a month or «i> after a 
Guyana magistrate ordered the 
forfeiture of four Surinam-based 
trawlers, and imposed heaw 


GEORGETOWN. Jan. 30. • 

fines on their captains after fin, 
ing them guilty of illegally e. 
lering the exclusive fisberi' 
zone declared last April. O, 
of the trawlers belonged to 
company in which the Surini 
Government has a majority 
teresL 

This Jed some observers 
speculate that the Surinam acti 
was in retaliation against t 
seizure, but diplomats returui 
from Paramaribo quote 1. 
Prime Minister there. Mr. He 
Arron. as saying that this v 
not so. 

Mr. Wills, however, was 
pains to note during his meet' 
that the Surinam action ca> 
after Guyana declared 
fisheries zone and had seized 
trawlers. He said that Guy:' 
considered the Cnrenlyne Ri’ 
“one «f its most import 
waterways.” 

Relations between Guyana : 
it- eastern neishbour have b« 
tinea-:- for some years now, 
lowing a border incident inv-‘ 
in? the New River Triar 
which is claimed hy hoth cc 
tries. Guyanese forces in • 
area drove out Surinam im 
sions in 1969. 


Major Franchise Opportunity 

with Peugeot 


K_ 


*Thc 305 Seek aiftacoughly weS 
developed car bulk to high quality 
standards -atypfad Peugeot in fact’'. 

Jituuual Times. 


“IfS (be Air M comfort, smtxttimcvs 
and refinement which distinguishes 
the 305 from itscnBipctjtorr. 

Wha: Co? 


"The ride, as might be expected from 
Peugeot, is mustandinq. A refined and 
nippy car, a dehgfu to drive . 


a. 



'AfauftksaSnt impression". 
?' The Turn's. 


Tfs A delightful and civilised 
'itthicfc to drive". 

Sunday People. 


!, . everything a car in ibis class should 
betXiw Trapdoor body b spacious, th* 
Keans comfortable, die control* wed 
placed and easy to operate: 

JUu>u»ucd Lundon Xevw, 


"This looks another winner from 
s xuble iciiowncd fornukin; 
friends and keeping them - 

Cir 


'TheseofcMliropm 
drivingteoneo! overall comfort both 
the ride and the seals reach* high 
Mandatd of ercelk»ce r . 

jAUISCuSi 




; 1 977 was on excellent year for Peugeot 

Automobiles in the United Kingdom. Unit 
sales were up by more than 25% on the 
previous year against an overall market 
growth of 3sj.In fact, Peugeot's increase 
was the second best of the top 15 manufac- 
turers, British. European and foreign, 
represented :n the United Kingdom, but 
this is not unusual ior Peugeot, as they 
enjoyed record years in 1975, 1976 as well 
«LS i 977. From 1 974 to 1977 all told, the U.K. 
urkei has grown by 43% whereas 
jugeot sales have increased by almost 

So, ior the third consecutive year, 
?ugeot has produced a model range and 
set strategy to enable Peugeot dealers 
to continue to achieve record results. 

, Peugeot dealers are not expected to 
Achieve volume at die expense of profit, 
and profit they do achieve because unlike 
many of Uieir competitors, whose sales are 
heavily weighted in one segment of the 
market only. Peugeot dealers have a wide 
range oi models to compete in almost ail 
segments of the market, 
i- In 1977 33% of their sales came from 

the new small 104 Hatchback series 
launched in late 1976, 19% from the 304 
Saloon and Estate range, almost 40% from 
the well proven 1.8 and 2 litre 504 Saloons 
and Estates and a not insignificant 8% from 
the V6 powered 604 Saloon in the luxury' 
class market segment. 

Xow comes 1978, which promises to 
be an even better year for Peugeot 
dealers-ia addition to their current 


start gain in 



range, they will have the excitement of the 
UJK. launch of the 305 Saloon, widely 
praised by the British and International 
Motoring Press when tested by them 
towards the end of 1977. 

This new model range will give 
Peugeot dealers access to the huge market 
segment - 1300/ 3500 cc medium class 
saloons. 

.Also in 1 97S, Peugeot dealers will also 
a foothold in the light 
commercial market. 

It is therefore expected that the average 
unit throughput of Peugeot dealers, already 
one of ihe highest in the industry, will 
increase substantially, as well as profit return 
during 1978. 

We believe the UK. car market has yet 
to see its best days and 1978 will be the first 
of many good years for the British motor 
trade. 

We are convinced that Peugeot 
represents one of the best opportunities for 
the British businessman to make a sound 
investment in the motor trade. 

We therefore have great confidence in 
the profit potential ofihe direct Peugeot 
Franchises which are available now in a 
few remaining centres, such as: Cardiff, 
Carlisle, Camerbu ry, Newcastle upon Tyne, 
Shrewsbury; Sutton Coldfield, Wakefield. 

Peugeot Automobiles L'.K. wholly 
owned subsidiary of the Manufacturer, 
invites your enquiry. Please write or phone 
in full confidence to: Chris Hoare, National 
Sales Manager or Brian Tru scott, Network 
Development Manager Tel: 01-992 5914. 


World famoo5 for strength 

Peugeot Automobiles United Kingdom Limited, Peugeot House, 333 Western Avenue, Aoon,London\Y3 QRS. 





'4 


Financial - Timesr Tuesday- J&miary- 3i-- 197^ 


OVERSEAS NEWS 


Japan seeks swap pledge 


BY DOUGLAS RAMSEY 

TAPAN IS pressing the U.S. for a 
jigger currency swap facility hut 
; ie Federal Reserve Board of 
\ r ew York and the U.S. Treasury 
ire thought likely to refuse. Mr. 
Vlichiya Matsukawa, the Vice- 
J din ister for Finance in charge of 
International affairs, has been in 
Vasblngton since January 25 for 
Jalks on this and other matters 
J.imed .at a concerted U.S.- 
"apanese reaction in the event of 
r nother speculative flood of 
■ollars into yen on foreign 
xchange markets. 

' Indications that Mr. Matsukawa 
/ants swap facility beyond the 
Existing S2bn. between the Bank 
f Japan (BOJ) and the Fed sur- 
I aced in the Diet to-day when Air. 
!:'atsuo Murayama, the Finance 
I linister, said that Japan is 
funding out the U.S. on a new 
ah p tranche. Market sources 
Relieve Japan is seeking a U.S. 
> ledge to tack another $2-3bn. 
I a to the existing facility, which 
I- part of a S20bn. multilateral 


swap network supeKjjgd by the 
Bank for International 
Settlements. 

Japanese officials refused to 
comment on the Matsukawa talks 
to-day, hut it is clear the BOJ 
feels' entitled to the same sort 
of treatment' afforded ' West 
Germany's Bundesbank which 
recently negotiated a sizeable 
extension to its swap facility. 

One foreign economist com- 
mented today, however, that the 
Fed is unlikely to be forthcoming 
until '‘the yen has run its 
course.” As long as there was 
ample room for further yen 
appreciation against the dollar, 
aav swap arrangements would be 
futile and contrary to basic 
market forces. The UJ5. position 
is that it will intervene to 
counter ** disorderly " market 
forces and, given the yen's under- 
valuation ag ains t most European 
currencies, further yen apprecia- 
tion might not be considered 
disorderly. 

Exchange market analysts 


TOKYO. Jan. 30. 

pointed out to-day that despite 
the yen's parallel rise with the 
Deutschemark against the dollar, 
it has not risen against the basket 
of EEC currencies. Moreover, 
since late September it has 
depreciated by almost 8 per cent, 
against the Swiss franc and by 
less than 1 per cent against 
sterling. They also point to the 
trade and payments gap between 
Europe and Japan' which does 
not look like being reversed at 
existing parities. 

In the absence of a new pledge, 
Mr. Matsukawa will probably try 
to win prior agreement from the 
U.S. Treasury to activate the 
existing $2bn. swap commitment, 
even though the amount is small 
compared with past BOJ Inter- 
vention oE nearly Slhn. on a 
single day to support the dollar 
in Tokyo. The swap facility, 
however, would let the BOJ 
deposit yen with the Fed (and 
vice versa) and, potentially, let 
the Fed intervene in the New 
York market. 


Iraq, Syria links— new low 


|, BY IHSAN HIJAZI 

1 ELATIONS BETWEEN Iraq 
I; id Syria have deteriorated again 
•, the level of hostility after 
lateral talks between them 
- > iled to get off the ground. 

If Syria announced late last night 
at it had decided to boycott 
e talks with Iraq which were 
: heduled to open in Algiers 
...sterday because of Iraq's 
i. cision to stay away from the 
nference of Arab countries and 
j s Palestine Liberation Organi- 
jtion (PLOj opposed to Presi- 

■ nt Sadat’s initiatives towards 

■ --ael. This is due to open in 
giers on Thursday. 

-Baghdad said on Saturday it 
> 1 s not concerned with the 
I giere summit, to be attended 
Syria, Algeria, Libya, South 
■men and -the PLO. Iraq walked 
: t of the first such summit held 


in the Libyan capital, Tripoli, in 
December. 

Damascus bad hoped the 
Iraquis would defer a final deci- 
sion about participating in the 
Algiers summit until the 
bilateral talks had been 
completed. 

This development is a serious 
setback to efforts at creating an 
effective front against Mr. Sadat 
and the Israelis. 

It will force Syria to depend 
increasingly on itself in confront- 
ing Israel, particularly as Jordan 
tacitly supports Mr. Sadat's 
moves. In addition, it remains to 
be seen whether the Syrian-Iraqi 
conflict will revert to its former 
proportions of enmity and mutual 
accusations of interference in 
eacb other's domestic political 
affairs. 


BEIRUT, Jan. 30. 

AU the same, the Syrian media 
have emphasised that the Algiers 
summit will put into practice the 
resolutions already adopted at 
the Tripoli conference. 

Mr. Abdel Halim Khaddam, 
Syria’s Foreign Minister, • and 
Major-General Mustafa Das, the 
Defence Minister, were leaving 
for Algiers to-day to attend meet- 
ings of the foreign and defence 
ministers of the countries in- 
volved in preparing the summit. 

Informed sources- here expect 
the summit to form three bodies; 
a joint military command, a 
unified political leadership and 
an economic co-ordination 
committee. 


jThai mission in Cambodia 


f.UY RICHARD NATIONS 

'I' HIGH-LEVEL Thai delegation 
l 1 out for Phnom Penh to-day 
try to settle the border cou- 
nts and to normalise relations 
- ween Thailand and Cambodia, 
t.'he delegation's leader. Dr. 
t adit Ponchariyangkul, the 
1 H Foreign Minister, was 
r jted to the Khmer capital by 
J e Sary, the Cambodian 
tjjuty Premier and Foreign 
y lister. 

i spite of Phnom Penh's con- 
. 4ous appeals to Bangkok for 
■i prochement since the visit of 
I Cambodian Premier, Pol Pot, 
,* Peking last October, tencion 
i* ag the Thai-Cambc-lia border 
v continued, if not increased. 
T hai military sources conjec- 
.■ i that the continuing border 
irsions are intended by 


BANGKOK, Jan. 30. 
Phnom Penh to camouflage sig- 
nificant troop withdrawals from 
the Thai frontier and their re- 
deployment in the south-east to 
combat the Vietnamese invasion. 

Others suspect the Thai Com- 
munist insurgents who operate 
from bases within.- northern 
Cambodia are determined to stir 
up border unrest. 

Dr. Upadit also hopes to reach 
agreement on the exchange of 
ambassadors, and on trade and 
joint fishing projects. 

Thailand has adopted a strict 
posture of neutrality in the cur- 
rent Vietnamese-Cambodian 
border war. However, the Thai 
Foreign Minister will no doubt 
be eager to learn what he can 
at first hand about the stability 
of the Pol Pot regime. 


Indian foreign 
investment talks 

By K. K. Sharma 

NEW DELHI. Jan. 30. 
SENIOR EXECUTIVES of 55 
multinationals from the United 
States and eight other countries 
have started three-day-talks with 
Mr. Morarji Desai, the Prime 
Minister, and Indian Ministers 
to discuss tiie Government’s 
policy on foreign investment. 

The meeting has been arranged 
by Business International, a 
world-wide information manage- 
ment company headed by Mr. 
Orville Freeman, former U.S. 
Secretary for Agriculture. 

The meeting has been 
arranged to obtain clarification 
from the Indian Government on 
what seems to be an ambivalent 
altitude on foreign investment. 
Policies announced last month 
suggested that the Government 
would allow foreign collabora- 
tion in technology only. 


Australian banks in interest cuts row 


‘ SY KENNETH RANDALL 


1 tightly-controlled Austra- 
banking system has been 
’n aback by a virtual direc- 
from the Government that 
hould make an immediate 
In interest raies. 
e Government is looking 
k cut of about 0.5 per cent. 
;s the board and has 
ucted the Reserve Bank to 
a meeting with the banks 
week to pass on the 
:age. 

wever, the banks are openly 
ioning tbe wisdom of the 
isal and arguing that if it 


is forced upon them, there will 
have to be a balancing reduc- 
tion oF 1 per cent, in their 
deposit rates. 

- The net effect of this probably 
would be to cancel much of 
the psychological impact the 
Government is hoping for from 
a lower interest rate structure. 

The standard overdraft rate 
for amounts below ASIOO.OOO 
and the housing loan rate from 
savings banks is 10.5 per cent 
The effect of the proposed cut 
on a 15-year savings bank loan 
of AS25.000 — about the recent 


CANBERRA, Jan. 30. 

average— would therefore be a 
reduction in repayments of 
AS1.94 a week. 

Savings bank spokesmen have 
indicated, however, that they will 
be asking borrowers to shorten 
their repayment period rather 
than reduce payments. 

Mr. Malcolm Fraser, the Prime 
Minister, has also written to 
state premiers asking them to 
hold early consultations on 
Interest rate cuts with the build- 
ing societies, which are mostly 
■within state rather than federal 
government jurisdiction. 


Pakistan’s 
Zia makes 
friendly 
overture 

By David Housego 

RAWALPINDI/ Jan. 30. 
GENERAL Zla-ul-Haq, Pakistan’s 
military ruler, revealed to-day 
that he has asked Begum Nusrat 
Bhutto, the wife of the deposed 
Prime Minister Mr. Zulfikar Ali 
Bhutto to join other political 
leaders for a briefing on the 
country's political and economic 
situation over which he will he 
presiding on February 4. 

The invitation Is a surprise 
in that though Mrs.- Bhutto is 
acting Chairman of the Peoples 
Party, she has been, under bouse 
arrest in Karachi for most of 
this week with her telephone cut 
off. Mr. Bhutto bas been In 
court in Lahore standing trial 
on a murder charge though the 
last three days’ hearings have 
been in camera. 

General Zia’s intention is to 
keep politicians abreast of de- 
velopments in the country pend- 
ing the holding of general elec- 
tions. He said in an interview- 
to-day that he found the political 
leadership of the country 
“largely ignorant and ill- 
informed." 

General Zia disclosed that 
fresh charges were to be brought 
against Mr. Bhutto and other 
former leaders- of Ms Govern- 
ment in the next few days. 
Though be was careful in his 
remarks to avoid prejudicing the 
case against Mr. Bhutto, he said 
that “what has gone on and is 
going on against Mr. Bhutto 
should sot leave any doubts in 
anybody’s minds.” 

Earlier he remarked that Mr. 
Bhutto was “ certainly respon- 
sible of leading a party that pro- 
duced mainly corrupt politi- 
cians.” Asked whether Mr. 
Bhutto continued to have any 
popularity in the country, 
General Zia declared “yes he 
has" but added that it was not 
what it was before the army 
took over power. 


Chinese 

leader 

replaced 


By Coiina MacDougal 
A SENIOR CHINESE provincial 
leader, who is the party and 
administrative boss of China's 
huge Sinkiang region bordering 
on tbe Soviet Union, , has been 
removed from hi6 post If he has 
been purged which is not yet 
clear, he is the highest-ranking 
official to lose his job since tbe 
October 1976 purge of Chairman 
Mao’s wife and her Shanghai 
colleagues, known as the -Gang of 
Four. 

The provincial leader is 
Saifudin. an alternate member 
of tbe Politbureau who is of 
Uighur nationality. He was 
formerly First Secretary of the 
Regional Party Committee, Chair- 
man of the Region's Revolution- 
ary Committee and first Political 
Commissar of the Sinkiang 
Military Unit. 

At a ; meeting to disseminate 
instructions from Chairman Hua 
Kuo-flng. held on January . 29, a 
radio- broadcast described 
Saif 0 din’s previous second-in- 
command. Wang Feng, as holding 
these posts plus the additional 
one of First Secretary of the 
Military Unit's party committee 


WORLD TRADE NEWS 


EEC and China in talks 
on five year agreement 

BY GUY DE JONQUIERES, COMMON MARKET CORRESPONDENT BRUSSELS. Jan. 30. 

FORMAL negotiations on an were worth SL3bn. and were that there is considerable poten- 
EEC trade agreement with China composed. mainly of machinery, tial for expanding the volume ot 
were opened in Brussels to-day chemicals and manufactured trade with China, the immediate 
between the European Commis* goods. More than half the total significance of an agreement is 
sion and a delegation from was accounted for by Fiance and likely to be largely pomicau 
Peking led by Mr. Sun So Chang, Germany, with U.K. exports China has not disguised its 
a senior official in tbe 'Peking totalling just over SlOOi n. interest in seeking closer reia- 

Hinistry of Foreign Trade. China’s exports to tbe EEC in tions with Western Europe aw 

. — . . . • same year totalled SQSOm. and counterbalance to the influence 

woVhL be« P e£*d i of the United Steles and the 

oSt end titehoK&thaTtoe stuffs and raw materials, though Soviet Union. 

So sfdes to toitol *** been a steady rise in The conclusion of an agree. 

rdrJft agreemenr^the end of »«■ exports of. manufactured meat could imvc > a LPwmgNet 

the week, it could then oresura- 8°°d8. ■ • on Moscow s attitude toward* tnc 

tne wee*, it coma men presura- c *,; n - nu hliclv exnressed nnmmnniiv. In the past, the 



‘ i j „ phere Soames, then Commis- principle, with neither slate 

The planned five-year a^ree- gjQQgj- for External Affairs, wa nting tbe other to get too far 
ment will be of the aon-preferen- visited poking. Later that year, ahead in forging new links with 
tial kind and wiU formaUsetbe it raised the status of its dele- the Community, 
most-favoured-rrationta riff treat- gate, to the EEC to Ambassador- The most likely vehicle for 
which the EEC already j ev el, but initial trade discus- improving Soviet relations with 


ment 


accords to imports from China, sinns stagnated during most, of the EEC would be through talks 
This will mean that China will 197s, apparently because of the between the European Commis* 
be assured oE ben efiting from internal upheavals in China. sion and Comecon on technical 

,n« „ntc in ths EFfc rjirnmnn m iw. ,1 . , - 


any cuts in the EEC’s Common 
External Tariff agreed on in the 
current GATT trade negotiations. 

Tbe agreement is expected to 
include some vague reference to 
tbe desirability oE seeking a 
balance in bilateral trade. This 
is in deference to the wishes oE 
the Chinese, who bave recently 


Though EEC officials believe and trade matters. 

More steel duties imposed 


BY DAVID BUCHAN 


BRUSSELS, Jan. 30. 


. A SECOND batch of’ anti- gations. simply as the margin by 
run a sizeable deficit on their dumping duties on steel imported which the steel in question 
trade with the Community, into the Co mmunit y below the undercuts the minimum base 
amounting to more than 9350m. minimum base prices was prices. Id effect since January 1. 
in 1976. - announced to-day by the Euro- As a first defence of to-day’s 

While the agreement will not pean Commission. Last week it measures, the EEC claims that 

provide for any changes in the took similar action on six steel imports of sections, angles ana 

level of quotas imposed by each products from seven countries, shapes from Spain increased 
ride on each other's exports, it The duties announced to-day from 32,000 tonnes in 1974 to 
will have to contain some form concern angles, section and 117,000 tonnes in the first half of 
of safeguards to allow the im- shapes from Spain, cold rolled 1977, Japanese cold rolled sheet 
position of new restrictions in sheet and plate from Japan, and from 61,000 to 247,000 tonnes in 
the event of a sudden and dis- hot rolled sheet , and plate from tbe first nine months of last year, 
ruptive growth of imports. Since East Germany. Romania and and hot rolled sheet from Spain. 

China is not a member of GATT, p gnin from Spain. EEC officials East Germany and Romania from 

these will be semi-autonomous in calculate the duties, which are 193.000 tonnes in 1974 to 124,000 
nature. provisional for - three months tonnes in the first six months of 

EEC exports to China in 1976 pending normal dumping investi- 1377 alone. 


Brazil admits pulp plan failure 


BY SUE BRANFORD 

SRAZILLAN pulp manufacturers 
have finally recognised that the 
official expon goals are un- 
realistic. Mr. Ernane Galveas, 
president of A be cel (Brazilian 
Association' of Pulp Exporters), 
said that Brazil bas slashed its 
official 1980 export goal to only 
one-third of the 2m. tonnes 
originally announced. 

Mr. Galveas has left for Mon- 
treal where, at the meeting of 
the Canadian Paper and Palp 
Association which begins to- 
morrow, he will be reassuring 
foreign pulp manufacturers that, 
given the present difficult situa- 
tion of over-supply on the world 
market Brazil will not attempt 
to cut heavily into their markets. 

Mr. Galveas explained that- 
only five of the 13 large new 
projects that were announced in 
the early 1970s are actually 
going ahead as planned. Partly 
for this reason, export goals have 
been greatly reduced, to 340,000 
tonnes in 1978, 590,000 tonnes in 
1979 and 740,000 tonnes In 1980. 

His announcement marks a 
turnabout in tbe'offlcial Brazilian 


position, for previously manu- 
facturers and Government offi- 
cials had been stubbornly defend- 
ing the continuing validity of the 
goals, despite growing - evidence 
to the contrary. 

However, even the revised goal 
for this year may well prove 
difficult to achieve. Brazil ex- 
ported 73.000 tonnes of pulp last 
year and a fivefold increase 
seems unrealistic. 

If this target is not reached, 
Brazil will continue facing ex- 
tremely serious problems of 
over-supply, for it is calculated 
that domestic pulp production 
will reach 1.6m. tonnes this year, 
which is 130.000 tonnes more 
than in 1977 . 

Max Wilkinson writes: The 
French Government’s decision to 
back its pulp manufacturers in 
an anti-dumping case against 
North American importers is 
likely to cause some embarrass- 
ment to the British GovemmenL 

The British Government is still 
awaiting submissions from the 
British Paper and Board Industry 
Federation before ■ deciding 


SAG PAULO, Jan. 30. 

whether to support the allega- 
tion. 

The decision is complicated 
because in the UJC, as in France, 
paper makers do not want to see 
a general rise in pulp prices 
while the prices of finished papcr| 
remains low. 

The French have decided to 
take action to protect their own 
pulp industry which supplies 
about 43 per cent of the coun- 
try’s total .pulp requirements 
Including 700.000 tonnes a year 
:q£ chemical pulp, for fine paper. 

'•< By : contrast 'U.K. production of 
chemical pulp from home grown 
trfees accounts for only a small 
proportion of total usage. 

- Tji^ only producer is Wiggins 
Teape; which makes sulphite 
pulp a* Fort William. Scotland ! 
(not in Cumbria as stated in' 
yesterday’s Financial Times). 

Most of this pulp is used in the 
company’s, own integrated fine 
paper rafU' at Fort William. But 
Wiggins Teape also has to Import 
considerable Quantities of 
chemical pulp. 


ON OTHER PAGES 


International Company News 
Petrofina results 

Hudson's Bay Oil and Gas 22/23 
Fanning and Raw Materials: 
Geneva copper talks 
NZ bolsters wool support 25 


;-ITAIN’S AID TO INDIA 


A policy with few supporters 




BY DAVID HOUSEGO, RECENTLY IN NEW DELHI 


1 1 


.I s ' 


JS THAN a quarter of 
In's bilateral aid goes to 
' bui under a policy that 
[bas few supporters. 
t programme is increas- 
. seen as an inefficient way 
-'omoting trade u£ limited 
to British exporters, 
more than a token amount 
‘lirecL benefit to the poorest 
■ite of declared aims oE 
b aid policy, as laid out in 
'75 White Paper, of helping 
forest people in the poorest 
.*ie>L 

an officials, conscious that 
mntry's dependence on aid 
;en diminished by the still 
■ag $5bn. foreign exchange 
es. complain that much 
1 aid is a way of foisting 
m unwanted capital goods. 

* most striking recent 
>lc was the sale to India 
1 16,000 ton cargo ships at 
tginal price of $15 ul each 
,inst the most competitive 

S9m. The Indians bought 
dps as a political gesture 
Callaghan and because the 
nee in price was- bridged 
h drawing on tbe British 
ag intervention fund and 
'idy from the Government 
iia to the ultimate pur- 
— the Shipping Corpora- 
' India. 

-sale was of no advantage 
s Shipping Corporation 
, had lo pay the rupee 
lent of the foreign ex- 
cast. it also aroused 
arable resentment in 
as the purchase of the 
was held to be of more 
;age to depressed British 
fldecs than to India. 
it half of the £I44rii. 
‘1 in British aid for 1977- 
tied to the purchase of 
capital goods, in the 
ie type of projects for 
lit has been used include: 

* plant for the Kalol Fer- 
Ifactory near Ahmedabad. 
(S' visited by Rlr. 
an and generally con- 

a highly successful 


operation; £7 .4m. (or generating 
boilers for the Koiaghat. power 
.station in West Bengal; and 
£22m. for the Durgapur steel 
mill which has proved a. disas- 
ter that both sides prefer ‘o for- 
got. Apart from these large 
projects there are provisions for 
smaller purchases of capital 
goods through u sectoral ” 
grants and “capital aid.” 

The Indian Government in- 
creasingly takes the view that it 
would prefer to make purchases 


they argue that India would have 
to buy these goods anyway. It 
is the portion that the Indian 
Government wants the most. 

Of the small amount of untied 
aid £4m. will go this year on 
debt relief. In the past an even 
smaller amount has been allo- 
cated for eon-foreign exchange 
expenditure such as a fisheries 
project in Andrha Pradesh 
(now put back by the cyclone), 
help with family planning (no 
longer being -pressed by India’s 


The Indian Government increasingly takes the view 
that it would prefer to make purchases of capital equip- 
ment on a commercial competitive basis than through 
aid grants. The Indians complain that tied aid binds 
them to British suppliers. 


of capital equipment on a com- 
mercial competitive basis, than 
through aid grants. Tbe Indians 
complain that tied aid binds 
them to British suppliers. They 
also believe that it inflates the 
price and that the net transfer 
of resources — the purpose of aid 
— is corresponding less. 

Indian importers find the pro- 
ject appraisal procedures de- 
manded by the British Ministry 
of Overseas Development 
(strengthened to avoid a repeti- 
tion of the disaster at Durgapur) 
are an additional nuisance, it is 
a further .grievance on both 
sides that aid finance unrealistic- 
ally raises the expectations of 
both Indian importers and Bri- 
tish exporters about the terms 
of a deal and can lead to ill-will 
If it falls through. Because of 
these reasons Indian officials 
tend to discount the net gain 
to the Indian exchequer from 
the grant involved in the pur- 
chase of British capital goods. 

The other half of British aid 
finances the supply oF spares and 
maintenance goods. This is the 
portion 10 which the Treasury 
and the Department of Trade 
most strongly object because 


Ministry of Health) and some 
assistance in rural areas. 

Such local cost financing is 
almost the only way that aid 
can directly^ reach the poorest 
because expenditure in the 
villages does not require 
foreign exchange. The Treasury 
has long held out against making 
it available to India on the 
ground’s that it is an unneces- 
sary drain on Britain’s external 
payments and because by the 
standards of most developing 
countries, India has a competent 
local administration. 

The most Imaginative attempt 
to date to make aid to India avail- 
able for rural development has 
been through the grant announ- 
ced by Mr. Callaghan during .his 
visit, of £30m. of fertilisers, the 
proceeds from the sale of which 
will be used in some 35,000 
villages. It is a scheme whose 
success depends on the donor 
nation picking an organisation 
in which it has trust— in this 
case the Fertiliser Corporation 
of India^-and then making them 
largely responsible for the adimi- 

st ration. 

Until the Treasury permits 
more local cost financing — and 


it has been pressed on this by 
every agency concerned with aid 
to India — there is little chance 
that British aid will fulfil the 
White Paper target of helping 
the poorest 

In this situation, India wel- 
comes tbe maintenance grants 
but would probably prefer less 
other British aid if It could be 
untied. From the British Govern- 
ment point of view the difficulty 
with this is that the easiest way 
to sell aid to the electorate is 
through the argument that aid 
has a return in exports and jobs. 

India is one of the few 
developing countries which are 
both poor (per capita income 
under $200) and have a large 
industrial base, enabling it to 
absorb potentially large quan- 
tities of sophisticated imports. 

It is thus the obvious focal 
point for an aid programme 
aimed at increasing aid disburse- 
ments beyond the present level 
of 0.38 per cent, of GNP. It 
can also be argued that such 
aid does involve a net transfer 
of resources to a government 
with whose policies Britain is 
in sympathy. 

On this basis aid commitments 
to India have been doubled 
since 1973-74 even though as of 
June last year £103m. remained 
unspent. Britain has maintained 
its lead as the largest bilateral 
donor of aid. Nonetheless 
Britain’s trade balance with 
India bas been in deficit almost 
continually since 1970 and 
Britain’s share of the Indian ex- 
port market is the same as it 
was seven years ago. 

The Indians are not likely to 
repeat their political gesture of 
purchasing ships, and may think 
that aid used in this manner is 
a poor means of promoting ex- 
ports of British- capital equip- 
ment They also believe that 
Britain is letting slip a host of 
other export opportunities 
through focussing mainly on 
what British companies hope Is 
the captive market provided by 
aid. The trade statistics cer- 
tainly support their view.' 


Asian trade proposals extended 


' BY ILK. SHARMA 

MR. ATAL Behari Vajpayee, the 
Indian External Affairs Minister, 
has suggested the need for “an 
enlarged concept of mutual inter- 
dependence extending from Iran 
to the Indo-Chinese peninsula.” 

The Shah of Iran, who is 
known to favour creation of an 
Asian common market, will start 
a visit to India on Thursday. His 
proposal is (united to countries 
From Iran to Bangladesh. The 
Indian Government has not 
reacted favourably to this, 
largely because Pakistan is 
known to be reluctant to offer 
transit facilities. 

Mr.- Vajpayee will visit 
Pakistan next week. While there 
he will offer transit facilities to 
Pakistan for direct trade with 
Bangladesh and Nepal in return 
For similar Facilities for trade 
through Pakistan with Iran and 
Afghanistan. 

If agreement is reached on 
this, the proposal for an “Asian 
highway” to allow trade from the 
Middle East to Singapore could 
get off the ground. 

By hinting that India favours 
an even, wider economic group- 
ing, Mr. Vajpayee has indicated 


that he will suggest this when 
the Shah has talks here. The 
Shah is expected to be told of 
Pakistan's reluctance to agree to 
the transit proposal. 

The Shah, who has consider- 
able influence in Pakistan, will 
visit Islamabad after bis stay in 
India for a brief meeting with 
General Zia-ul-Haq, the Chief 
Martial Law Administrator. He 
is expected to press the General 


NEW DELHI, Jan. 30. 

to agree to the transit arrange- 
ments and to offer help to 
Pakistan to strengthen its road 
and communications network for 
the purpose. 

• India’s ambition to export 
coal on a' substantial scale has 
received a serious setback due to 
the shortfall of nearly 5m. tonnes 
in production in the current year 
compared with estimated demand 
of 93.5m. tonnes. 


Soviets firm on shipping 


BY ADRIAN DICKS 

THE SOVIET Union has made 
clear to the West German 
government that it does not 
intend to cease its efforts to win 
a substantial slice of the cross 
trade between ports in the 
federal republic and third 
countries for its fleets. 

At the end of a week of talks 
with the Ministry of Transport 
here and with shipping organisa- 
tions in Hamburg, no progress 
appears to have been made on 
the cross trade problem. 


, BUNN. Jan. 30. 

Further , talks' are due to take 
place in Moscow in September. 
The Germans hope that by then 
some progress might have been 
made in a multilateral Western 
approach to the Soviet and East 
European shipping challenge. 

The German side expressed 
satisfaction with the resolution 
of some oF the bilateral Issues 
discussed, especially the formal 
confirmation that tbe Soviet 
Union is willing to accept equal 
sharing of shipping business in 
direct trade with West Germany. 


Nigeria hit 
by fall in 
revenues 
from oil 

By James Buxton 

.V SENIOR Nigerian official ha, 
warned that the country will face 
a period of fina n cial stringency 
as a result of a drop . in oil 
revenues which, it • a- -feared, 
may range between 20 and 40 per 
cent. - • > 

Nigerian oil production could 
drop to as low as 1 ,5m. to IjRbl 
barrels per day by the end 
the year, compared - with Hip 
year’s level of 2.1m. b/d, CototfeT 

Muhamed Buhari, the. Comufc 
sioner (Minister) for Pclrotwri^ 
Resources, said in a Nigerhfii 
television interview. 

He said that two producing 
companies now had a 10m -barrel 
stockpile of Nigerian oil. Most 
of Nigeria’s third-party custo- 
mers had given notice during the 
third quarter of lust year of 
plans to discontinue purchases. 

According to the respected uil 
industry newsletter Petroleum 
Intelligence Weekly, several 
large producing rompanjr.s 
operating in Nigeria have told 
the Government they wish to cur- 
tail oil purchases by 50 per cent, 
or more in the first quarter of 
1978. 

Nigeria's twu-year supply con- 
tracts with the producers (for 
what is usually called buy-back 
crude) expired at the end of last 
year. . . 

The weakness of the Nigerian 
oil market is largely the result 
of the coming onstream of l.3nt. 
b/d of non-OPEC crude from the 
North Sea, Alaska and Mexico. 

Goi. Buhari warned that 
Africa’s tlirce light crude 
producers— Nigeria, Algeria and 
Lib va— will have to ahsurh a 
600.000 b/d fall in output even 
with recent moves to reduce 
prices slightly. 

If this cutback were spread 
pro rata among the three pro- 
ducers Nigeria would have to cut 
hack its output by 250.000 b/rt 
to about LSiiu b/d, the Nigerians 
estimate. 

Without such an arrangement 
Nigeria might have to cut pro- 
duction to I.5111. or l.tiin. b/d. 

Nigerian efforts to reach agree- 
ment on prorationing with 
Algeria and Libya have so far 
been inconclusive. According to 
Petroleum Intelligence Weekly 
the wo countries have been 
more successful in selling their 
crude than Nigeria, since their 
prices are somewhat more com- 
petitive. 

Col. Buhari said he foresaw 
a short-term drop in Government 
revenue of 20 to 40 per cent, 
and that the situation would 
remain “ grave " for at least the 
nest two years. ' He implied that 
Nigeria would prefer tu take the 
drop in revenue than signifi- 
cantly lower prices. 

Oil makes up about 90 per 
cent, of Nigeria's exports and 
about SO per cent, uf govern- 
ment revenue, which was esti- 
mated at NairaT.Tbn. in the cur- 
rent financial year. The govern- 
ment expected a deficit of N'3bn. 
Observers expect next year's 
udbget, which is in preparation, 
lo impose a sharp brake »n 
spending. 


Shell builds 
hydrocracker 
in Singapore 

By Ray Dafter 

THE ROYAL Dutch/Shcll Group 
js to build a £73 m. hydroeraefcer 
unit at its oil refinery on Bukom 
Island, Singapore. Tbe work will 
enable Shell to transform low 
value heavy oil products ontu 
more valuable products such as 
petrol and chemical feedstock. 

Design work is expected tn 
start soon so the hydrocrack ins 
plant can go into production in 
the early 1980s. Shell .sud in 
Singapore tliat the expansion, 
which followed the recent cum- 
missioning of 

and platformer units, reflected 
the _ group's confidence in 
remainmg a major refin ins 
centre. 

Since 1960 Shell has invested 
? han Singapore Slhn. 
(£22Dm.) »n Singapore, mainlj 
on manufacturing facilities. 
_. A P ar * from the hydrocracker, 
Shell Eastern Petroleum is te 
spend Singapore SlOOm. <f22m.l 
on further improving the 

facilities on the Bukora site 
This money will be invested m 
the next three years. 


NORTH AFRICAN TRADE 


Morocco in ‘contract of the century’ 


BY OUR OWN CORRESPONDENT IN RABAT 


A DEAL described by -King 
H assail as the “contract of 
the centuiy” and probably the 
largest single investment by the 
Soviet Union in the developing 
world, has been concluded in 
Moscow for building a large new 
phosphate mine at Meskala in 
South Morocco. 

It is essentially a long-term 
barter deal involving a Soviet 
investment of some S2bn. in the 
Me Kala mine located about 60 
miles east of the Atlantic fishing 
port of Essaouira. 

The Russians will build and 
equip the mine, - which has 
reserves estimated at between 8 
and 10bn. cubic metres, and 
also a railway linking it to 'a 
new harbour -to be built at 
Essaouira. Production capacity 
will be LOm. tonnes annually. 

The capital investment will be 
paid for with Moroccan phos- 
phate rock, triplesuper phos- 
phate (TSP) and phosporic acid 
exported to the Soviet Union. 
The accords include safeguards 
that prevent the resale of these 
products to third parties. 

The first shipments of TSP 
under the accords are to be 


delivered this year ,and it is 
expected that the Meskala mines 
will begin production in the mid- 
1930’s starting with 2m. and ris- 
ing to 10m. tonnes of phosphate 
rock a year. 

When the investment is paid 
off phosphates will continue to 
be exported, in exchange for 
Soviet crude oil, timber and 
chemical products. The prices 
of phosphates and derivatives 
are to be renegotiated eacb year 
over a period of 30 years. 

The contract, initialled in 
Moscow by ex-Premier Mohamed 
Kanm Lamranj, director-general 
of .the Office Cherifien des 
Phosphates (OCP), culminates 
several years of negotiations and 
represents the biggest foreign 
Investment in Morocco since In- 
dependence in 1956. 

At present the world’s biggest 
exporter of phosphate. Morocco, 
will become potentially the 
biggest producer with an output 
capacity of 47m. tonnes a year 

The old mines at Khouribea 
and Youssoufia in central 
Morocco have a fora? output 
potential of 32 tonnes. Bou Craa 
in the Sahara 5.6m. tonnes, and 


tbe new mine currently being 
opened up by the OCP at Ben 
Guorlr near Marrakesh is 10 have 
a capacity of 10m. tonnes a year. 
Total reserves are estimated at 
50bn. tonnes, or enough to keep 
going for over 1.000 years at full 
capacity. 

, dea l makes economic 
sense for the Soviet Union 
because its own phosphate mines 
|>° la Peninsula In north- 
west Russia and in the Kara Tau 
area of southern Kazakhstan are 
placed so awkwardly to supply 
fertilizers to the Ukraine, the 
bread basket of the USSR. 

ti is the first Soviet involve- 
ment in the Moroccan phophate 
industry which has- b«-n 

Ame?f« n SO ra1 far mainSy 

°ne of the provisos of tho 
accords is that if Soviet cquiiS 

nSi « s . c , tmsideTed “ inconv 
with equipment already 

bY the OCP it will bo pur- 

bfs sovi « 

Under another accord signed 




in Rabat this month for 
and technical eo-opera 
Russians will provide 
facilities for Moroccan: 
phosphate industry. 

The economic arlvaui 
Morocco appear sclf-evi( 
deal guarantees « 
market for Moroccan r 
and by>produ C {s and it 
huge invest men r is acti 
generous long-term i-red 

It comes at a time wht 
can phosphate outr 
declined from the rccoi 
tonnes <1974) to. abc 

tonnes last year due ton 
and price problems. 

Since the end of 1973 
Arisen from $14 a ton 
(1975) and then dec 
between $US and $32 1 
due mainly to U.S. «>j 
? n “, other factors tike 
in Europe- 

Future fluctuations <*c 

3no Y£ P J |W revisim 
Fiona with the Soviet 11 
likely to entail tricky b 
lo agree on the relath 
« f products exchange. 1 : 



No other state 

in America offers better | 
financial incentives than 


New York. 


ii 

;i 


t 

i 

» 

J 


Moving your business to a foreign land is truly a serious 
business. 

We want you to know why moving to New York State could 
be the best business move you’ll ever make. 

Tax advantages most other states can’t offer. 

Of all the things you have to take under consideration the 
most important thing to consider is the bottom line. 

In New York State, corporate income tax is for most com- 
panics on net income alone. A company pays tax only on its profits. 
Which means, you only have to pay lax when you make a profit. 

And New York State doesn't tax a company's personal 
property such as machinery, Equipment and inventones. Connecticut, 
New Jersey r and 44 other states uo tax some form of a manufacturer's 
personal property. : 

New York State also fjprmits multi-state companies to 
allocate sales receipts on a destination basis. Which means only 
receipts from sales within New York are allocated for tax purposes. 

New Yorks financial incentives. 

A great incentive to come here. 

No other state has more incentives than New York. In New 
York your company can get Job Incentive rax credits. Pollution 
Control tax credits. Capital Investment tax credits. Local property 
tax exemptions and even mote. 

And New York does not tax raw materials used in manu- 
facturing. Quite a tew other states do. We even give sales tax relief 
for certain materials used in the manufacturing process but not 
part of the final product 

But tax incentives aren't the only way New York helps 
businesses. We'll help train newenployees. A company could have 
half the salary of new employees in a training program paid by the 
State. 

And you will find New York's labor force to be an extremely 
stable, productive one. Of the $} leading industrial states New York 
ranks third in productivity' pery/orker. 


have been below the U.S.av 
10 leading industrial states. 


t - 




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I. urm(iunn rati Mi ur t, 

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and below die average of tire 


V ■m**’ < 

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Well prove we’re better in black and white. 

We don’t just want to tefl you how your business can benefit 
by a move to New York. We’ll show you. 

New York will prepare atyourrequesta confidential tax 
comparison between actual locations in New York State and any 
other state. 

Last year we did this for a number of companies. In 88% of 



» ^ any way you fookat in 


We offer you one of the financial 
capitals of the world: New York City. 

There’s only one dty in the world like Newark City. And 
it’s in New York State. 

New York City is the investment capital of America.lt is the 
site of the largest money marketin the world, with the infrastructure 
and communications network to support it. 

It is a city that has more international banks than anywhere 
else in America: Two hundred and thirty-three-representing 
sixty-five countries. 

What’s more, 300 of the 450 member firms of the New York 
Stock Exchange have headquarters in New York City. 

And finally, every financial or business service you need to 
do business in America is available in New York City. 


Two free books that explain howyou 
can profit by a move toNew York. 

We can’t begin to cover all the ground you need to know 
about New York State here. 

So we’ve recendy published two books to give you more 
detailed information: “How To Do Business In New York State” 
and “Why It Pays To Do Business In New York State? 

To obtain these books or to have a confidential tax com- 
parison prepared write to the Governor, Hugh Carey at the State 
Capitol, Albany, New York 12224, or contact John Dyson, 
Commissioner of Commerce, 99 Washington Avenue, Albany, 
New York 12245. For fester action call him 
directly at (518) 474H100. u 

Or if you prefer, ^ Jr T>rrJF PAys Ton^' 

contact Carlos Basaidua, / Tor* — °° 

Director of Europe, k Tyr^T^TX) 

25 Haymarket, London, 

s “ 


Tel: 91-839 5070. 

- Come to New 
YorkS tate. 

J Nobody _gives 
business a break like 
we do. 



NEW YORK 


STATE 





/ 


6 


SlnancUj Times Tuesday Jannaiy 31 1978 


% *; i 

r. * • 


HOME NEWS 


Post Office hopes to win 
more telephone subscribers 


BY JOHN LLOYD 

'THE POST Office is to give a Two ideas. which Sir William 
. major boost to the 'country's telo* has mooted are to allow new 
' phone network. The aim is to subscribers to pay the ' standard 
L improve the ratio of phones per £45 installation charge by instat- 

• person from between 40-50 per ments and to bring a budget 

• cent, at present to around SO per accounting system into phone 

fcenl. in the late 19S0s. bills, whereby subscribers could 

• No country in the world has pay a fixed amount each month, 
yet attained this level of tele- with a yearly adjustment 

^ phone penetration. The U.S. and He is laying great stress on 
•Sweden are the closest to it, with increasing volume, both in . tel* 

•.between 70 and 75 per cent Even communications and in P 05 *®- He 
■highly bureaucratised capital, believes that only racreajed 
.:cities. like London and Paris, volume can guarantee tariff 
■ show only 75 per cent peoetra- increases being kept to a mlni- 
:tion. . mum. 

'■ Sir William Barlow, the new While no decision on price in- 
chainnan of the Post Office, has creases has been taken yet n is 
told Mr. Peter Benton, the even conceded that the costs incurred 
newer managing director of tele- through inflation, together with 
communications, that he wants the roming !?j®8 e se ™’*” ie *}£ 

{faster growth in both the w |th the -00.000 
’domestic and business sectors. the Union oF Post Office 
_ ii .v. « « Workers, will make it difficult 

Traditionally, the corporation hoW Ietter charges at their 
has tended to sell to the domestic { ^ A priL 

market only when the business v „ . 

;market is sluggish, as now. However. Sir William stresses 

l The telecommunications busi- £ at any inarm telephone 
•ness plan, which will be produced or will be a 

n the rjgyt week will coots i n Hioucst one. _ l ii ir t .... _ 

Proposals on how telephone He confirmed that telecom- made a profit of £365m., while sourced components to be used 
growth might be stimulated. Post munications will make a profit, posts made £24ra. in the system without passing 

Office telecommunications spends or around £300m. this year. The Price Commission decreed the rigorous . tests usually re- 
mark- £lbn a year, or £3m. a roughly in line with the *ix per that £101m. of the telecommuni- quired of equipment, as long as 
lav. making it the biggest -cent, return on net assets, cations profit should be paid thev have been approved byjrte 
spender of all the West European which is the target agreed with back to the subscribe«^--in the relevant authority in 
elecomm unications' authorities, the Government. form of £7 rebates — so that the countries or origin. 



SIR WILLIAM BARLOW 
. . . seeking faster growth. 

Last year, telecommunications 


cumulative profit for all busi- 
nesses was just over £29im. 

The -Impact of that repayment 
on Post Office morale had been 
‘‘disastrous," Sir William said. 
He was emphatic that' it would j 
not recur. j 

On “ System XT the electronic ; 
exchange system being developed * 
by the Post Office and its major 
telecommunications suppliers, he 
admitted that there "fold been a 
loss of time in the igast 

This would mean that the U.K. 
“would be a bit late" in com- 
peting with the industries of 
other countries In offering com- 
puter-controlled exchanges on 
the world market Companies in. 
the U.S.. Japan, Germany and} 
Sweden all now have 1 such equip* 
ment on offer. 

However, he believed that 
System X would be Fully opera- 
tional by the early 3980s. The 
Post Office has promised to order 
several experimental exchanges 
“ off the drawing board " to 
demonstrate. Its faith in the 
system." 

It will also allow 


Town and 
Country 
holds 6% 
deposit 
rate 


By Michael Cassvlf, 
Building Correspondent 


their 


Petrol duty 

increase 

forecast 

By Ray Dafter, 

Energy Correspondent 

TOTOR1STS could face a sig- 
ificant increase in petrol prices 
lis spring, according to some 
lajor oil refiners. 

- The companies are not plan- 
ning a price rise — the market 
said to be too weak for such 
.. revision — but some oF them 
; tel that petrol tax might be 
s-iised by 5p a gallon, or more. 
•• a spring Budget. 

An increase of this nature 
jouid please many energy 
jiservers anxious to encourage 
[ •nservation. They point out 
i at Britain now has the 
l .eapest petrol in the Common 
:-larket. In spite of a notional 
v a gallon price increase last 
ar, market forces have 
, duced the average cost of 
• trol to below the level of 12 
onths ago. The average price 
’ four-star petrol in January 
jit year was 7»p a gallon; 
'■day it is nearer 78p and in 
l iny garages the price is much 
: Ver. 

1 The duty on petrol is 30p a 
; Hon. It was increased to 35p 
,.i gallon in the Budget last 
j.'ing but was restored later to 
: original level after Parlia- 
! mtary pressure from the 
,; jeral Party. 

*• t was stressed within the oil 
tvlustry that such a price rise 
petro! would be unwelcome 
;. .ong companies. If the increase 
5 l‘ e to he substantiaL it might 
^iken the market further. 
•«' hough petrol sales are ex- 
ited to rise by *2 to 3 per cent. 

year — barring a prolonged 
ustrial dispute — there is still 
fi [serious overcapacity m the 
, lining industry leading to 
| ’jhnse marketing pressures on 
■J forecourt. 


Cheaper Co-op prices 
for smaller stores 

BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


which are to be turned into 
limited range discount stores- 


BRITAIN’S second-largest co- its superstores. The move re- Co-op. ■ , 

operative society, the North suited in higher sales, in spite They will sell around 1,000 

Eastern Co-op, is to introduce of the opposition of groups like lines instead or the present 1,400 
an across-the-board discount price Presto. of s°. The society hopes to make 

structure into 250 of its smaller Now, Hie society is to introduce money out of operating on lower 
supermarkets and grocery stores, cheaper prices on 1.000 lines, profit margins by increasing its 
Tho mnva chMinpr currently charged only in its volume sales. 

The move wi 11 raea n f* 1 P ® r ia rger stores, to all its grocery The shops will : stock Co-op 

prices but less choice for custo- b ranc hes. own-label products, plus at least 

mers using the smallest shops, unifonn prices will make one other brand as well as fresh 

the society different to most produce. 

other supermarket groups, which larger stores will be re- 

The North Eastern Society was operate ar least two different name d Supa Marts and will stock 

formed in 1970 after the merger price lists, charging more in a y oul 2,500 Vines including the 

of more than 30 smaller retail smaller stores. basic range of 1,000 at reduced 

societies, ft is seen as a proto- The new pricing structure will pricey 

type for the kind of regional be phased in over the next two Th e society’s superstores will 
grouping planned by the Co-op. months. The first stage will start continue to trade under the name 

If the strategy works, it could be to-morrow when the prices of gupa Save They will stock all 

followed by other co-operative 100 items will be cut. the products sold by the smaller 

societies looking for a way to i n some 0 f the smaller shops, stores and the increased competi- 
keep smaller stores open. the cuts are to be accompanied L500 lines. 

Last year, the North Eastern by a reduction in the number oi The latest move reflects both 
Co-op started trading an lower lines carried. In future, the very the cost of operating smaller 
margins in about 70 of its bigger small corner shops will trade stores and the increased competi- 
supermarkets and all seven of under the name Supa-Handy tion In the grocery trade. 

Gatwick to test landing method 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

THE U.K. is testing a method benefits emerge, however, de- whether or not the method is 
of landing airliners which could pends on the type of aircraft, the adopted as standard landing 
help to cut noise nuisance and operating conditions — such as procedure at Heathrow and 
save fuel. weather — prevailing for each Gatwick. 

The “continuous descent landing, and the pilot’s skill. • British Airways is checking its 

approach" involves airliners . 15 Trident Two jet airliners fol- 

starttng their descent to a land- . towing discovery of a small crack 

mg much farther out from the shown that pilots adapt, quickly ^ ^ wing of 0Iie flf 

airport— about 10 miles— thereby : The alrJlne said yesterday that 

avoiding changes in "angles and “ ■ Iug “ Ievei ot ." accurate T |j C f au j| was easily repaired, bv 
speeds of approach. approacnes. Inserting a -bolt in the wing. 

Tests at Heathrow over the The Civil Aviation Authority and the Trident Twos remained 
past year have shown that it intends to monitor the trials safe to fly. But in the light of 
can result in less noise and continuously at Gatwick and will the earlier wing-cracks found 
lower fuel bills. A 12-month make an overall review of them, last year, in some of the fleet of 
trial Is about to begin at Gatwick. in April and September this 25 Trident Threes.- the alrlzne- 
Tbe degree to which these year. The results will determine is taking no chances. 


ANOTHER major building 
society has decided not to 
reduce its interest rates to 
investors, against the recent 
recommendation of the Build- 
ing Societies Association. 

The Town and Connery 
Building Society, which has 
assets of more than £230m. 
and ranks among the country’s 
20 largest societies, said yes- 
terday shareholders with 
accounts open by to-day would 
continue to receive 6 per cent, 
net on their savings. New 
money deposited in existing 
accounts after the deadline 
foreign-! would also attract the higher 
rale. 

Earlier this month (he Build- 
ing Societies Association, of 
which the Town and Country 
is a member, recommended 
societies to reduce the rate of 
interest paid oo ordinary 
shares From 6 per cent, to 5.5 
per cent. net. Since then, 
however, three major societies 
— Abbey National, Leeds 
Permanent and Alliance — have 
announced their intention to 
continue to offer higher than 
recommended rates to in- 
vestors. 

Savers with Abbey will con- 
tinue to receive 6 per cenL 
on money paid in before 
to-morrow, bat any subsequent 
deposits wiD attract the recom- 
mended 5.5 per cent, net The 
society is paying 6.7 per cent, 
net on all deposits made 
before October 31. Leeds 
Permanent Is taking similar 
action. 

Investors with Alliance who 
have opened accounts before 
February 1 will also continue 
to attract 6 per cent net on 
savings made both before and 
after that date. 

Lambeth- Building .Society, 
which traditionally offers a 
i per cent more on ordinary 
share accounts than the recom- 
mended rate, said yesterday It 
intended to continue to offer 
&2 5 per cent, net C9.47 per 
cent, gross yield) to maintain 
its edge over all other socie- 
ties. The society, which has 
assets of more than £8Iuu said 
the arrangement would annlv 
to ail deposits, with no qualifi- 
cation dates. 


Wales ‘losing 
out on housing 
expenditure’ 

By Robin Reeves 

WALES HAD by far the wont 
housing problem in Britain, but 
received less than its fair share 
of public expenditure on hous- 
ing. the National Federation of 
Housing Associations said in a 
report published yesterday. 

Drawing on the Government’s 
own statistics (and notably 
House Condition Surveys) the 
report found that at least 25 
per cent, of Wales' total hous- 
ing stock consisted of “unfit 
dwellings,” compared with 4.6 
per cent in England. 


1 ''I 
i 


storm and flood damage 
.osts Prudential £lm. 

SY ERIC SHORT 

-DENTIAL Assurance expects damage to be assessed and in 
'!'?* °“ r abouf £lm. as a result many cases claims were settled 
i“® s,0 ™ ,s and floods which almost on the spot. Other claims 
. me East and South-East were settled within a few days. 
■?* Janua ry 11 and 12. The January 1976 storms also 
? c rompany said yesterday cost the Prudential about £lm. 
i about 5.000 claims had and the company has paid out 

b * en . "2USL ."J a . bout £2m - ln subsidence claims 
iches and about £250.000 had since the 1976 dry summer— two 
i paid out. either in com- disasters that affected the insur- 
e settlement or as tntertm ance industry in the U.K. in 1976 
4 nents to help people in need and to a lesser extent in 1977 
jj re a full settlement will lake Altogether in 1976, the company 
J out nearly £l00m. in claims, 

rangements were made for mostly in the U.K.. on its general 
ns forms to be completed, insurance account 


Bedding 

prices 

inquiry 


Trafalgar Watch to sell 
hrough German stores 

r JOHN LLOYD 

IFALGAR WATCH, the only ing director, thinks the German 
, manufacturer of electronic market is so similar to Britain’s 
hes, plans to break into the for U.K. techniques to be em- 
lan market. It has set itself ployed. 

'a onths to develop sales in A number of German chain 
'i tany to the same level as stores, including tbe 300 
f > ■ in the U.K— an estimated German branches of Woolworth 
* ust year. have signed contracts with 

i -ifalgar sold only 2.000 Trafalgar, which owes much of 
i G ?. rmany last year ‘ its success to selling through 

,j ?r. Willy Herrmann, manag- supermarkets, especially Tesco 


Propose to 


Mr. 


damages of £248,000 
Sr Morgan Grenfell 

AGES of £245.000 were that they did not 
"ed yesterday m the High file a defence at that stage. 

against Mr. Graeme Tbe judge ordered 
-le, of Buckhurst Hill, Buchele, big wife, Victoria, and 
The award was to his mother, Mrs. Majorie 
Grenfell, City bankers, Bucbele, to deliver up money. 

Buchele was not in court securities and assets belonging 
presented al the brief hear- to Morgan Grenfell and not to 
?nd the bank was given dispose of money or assets or 
nenjt **io default of the bank 
it V®- ' Neither Mrs. Victoria Buchele 

t Justice Talbot was told nor Mrs. Marjorie Buchele was 
Timothy Walker, counsel in court or represented, 
lorgan C.renrell, that Mr. No further details were fhs- 
‘lcs solicitors had said closed in court 




THE PRICE Commission is to 
investigate the use of recom- 
mended retail prices for bedding. 
Mr. Robert M&clennan. Parlia- 
mentary Under Secretary for 
Prices, said yesterday that this 
reference did not preclude wider 
action on the whole question of 
recommended retail prices. 

The old Price Commission, in 
a report last March on recom- 
mended prices, indicated tbat in 
some areas the practice was 
serving only to confuse con- 
sumers. Since, Ministers have 
floated the idea of a total ban 
on recommended prices. 

Concrete move 

ANOTHER 12 restrictive 
practices in the ready mixed 
concrete industry .have been 
placed on the Register of Restric- 
tive Practices. More than 120 
agreements have now been 
placed on the register 


College sold 


The Post Office has bought the 
Roman Catholic St. Paul's College 
of Education at Newbold Revel, 
Warwickshire, which is set in a 
324-acre site, for close to an 
asking price of £2J25m. The 
college will become a telecom- 
munications training centre. 

Cheaper air fares 

BRITISH ' Airways and Air 
Canada are to introduce cuts in 
air faxes between the. U.K. and 
Canada from April 1 for passen- 
gers who book at least 50 days 
in advance. 

Fruit trade 

Tbe fruit import trade from 
the Canaries to Liverpool 
suspended during the recent 
Mersey dock strike might be 
restored shortly. But Mersey- 
side dockers will have to wait 
until midweek for the answer. 
Shop stewards who flew to Tene- 
riffe. returned yesterday to 
report on their discussions with 
fruit exporters in' the Islands, 


U.S. group may cut 
its stake in bank 

BY MICHAEL BLANDEN 

BANK OF AMERICA yesterday precisely known, though they 
confirmed that it may reduce are understood to include lead- 
further its bolding in Bank of ing Arab interests. 

Credit and Commerce Inter- The Bank of America interest 
national, the international bank- has already been reduced from 
ing group with a rapidly expand- its original 30 per cent follow- 
ing network of U.K. branches, ing a rights issue in which it did 
over the next few years. not participate. 

The U.S. bank disclosed that bank said yesterday: 

it had an arrangement with one . ® aok . of 15 

of the other major shareholders 

in BCCI, providing for the t& e Middle East and to have 
acquisition of its stake over the increased its capital commitment 

next 2J years. Neither Bank of jf* f ' J ,” ’jS?- SSSriSf 

America nor BCCI would disclose 

the identity or the other share- Sowing or management control 
holder woulfl be inconsistent with curr 

_ “ . , rent Bank of America strategy." 

At the same time, however, iho development, the bank 
Bank of America said in a state: said, bad taken place "following 
ment that it “intends to retain, the continuously evolving 
a Shareholding in BCCI for the patterns in the world’s financial 
foreseeable future and the close markets which have led both 
cooperation that has developed Bank of America and BCCI to 
between roe two banks will be develop new strategies," 
maintained. BCCI. the statement said, was 

At present. Bank 0 f America now a fully-fledged global bank 
has a 24 per cent holding in and was expected to have a net 
BCCI. The identity of the other worth as at December 31, 1077. 
shareholders. -through a Luxem- of over SlOOm. with assets 
bourg holding company, is not slightly in excess of $2bn. 


Same medicines may be 
difficult to obtain 

BY OUR CONSUMER AFFAIRS CORRESPONDENT 

Some remedies for minor ail- or on the number .of doses that 
ments may be difficult or ira- can be taken a day. This means 
possible to buy over the next changing the labels os the 
few weeks. The problem arises packets on some products and 
from the timing of new regula- the formulation of others, 
lions introduced under the Medi- Breacb of the regulation tech- 
cines Act, chemists stated yes ter- nically exposes the chemist to 
day. a fine of £400 or -three months' 

The regulations, which cover imprisonment, 
drugs normally sold without . The Pharpuaceutical Society 
prescription, such as kaoline and said yesterday that while it wel- 
morphine and travel sickness corned the regulations, it de- 
pills, were published on January plored the “ last minute rush in 
5, less than- a month before they introducing them." Pharmacists 
were due to come into effect, could not make the change in 
" They set new limits .on the time and the public was bound 
'dose of drugs 'in "the'. medi cfne; to be inconvenienced. 


h 



Edwardes plan 
may end 10,000 
Leyland jobs 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 

AN UNCOMPROMISING speech than 20 per cent. Assurances 
on the need to cut. jobs within have already been given to the 
Leyland Cars by about 10,000 trade unions that discussions 
this year is expected from will take place at plant level 
Mr. Michael Edwardes, British before the numbers to be made 
Leyland chairman, when be out- redundant are finalised, 
lines his plans in Birmingham Mr. Edwardes is • likely to 
to-morrow. appeal for a fresh start to rela- 

He will tell management and ***** between jS 

shop stewards that the cars group m on Jf r X *JJSJ 

is fighting for Its very survival . tbe . 

Mr. Edwardes has already P&hUcity which has handicapped 
made it dear that the alterna- g* compaw. . 

live strateev for which the shon •News that British Leyland may 
stewards are cam naiSiS - an *»Ive its elOOra. foundry invest- 
increase in output rather than nf^reltef^b? 

a cut in jota-ls too late. S^ pe “ ee ”f S Spplie« .^terday. 

Adnitimmt The Council of Iron Foundry 

r\ujU3iuicui Associations has been arguing 

He has told trade union *** some time that expenditure 
national officials that the com- g? the scale proposed by the 
pany can expect to sell no more Sfate concern could mad i Jo 

than S19.000 vehicles this year. capacity “ 

. . . . ... The Governments successful 

Any reduction m the 135.000- ferrous foundry industry aid 
strong labour force m the next £ch erac j S anyway expected to 
12 months will be to adjust generate more than £S00m. 
manning levels to demand. Mr. worth of investment and raise 
Edwardes has argued that be has capacitv by at least 10 per cenL 
neither tbe management strength by jg gf. 

nor the will on the shop floor Tbe reassessment of capital 
to push through significant pro- mending projects initiated by 
ductivity improvements until u r . Edwardes. is thought to have 
1979. identified the founfiry pro- 

" The new chairman has put the gramme as one where substantial 
emphasis in his pluming on economies can be sought, 
flexibility and the need to - Plans for a new ferrous 
respond quickly to market foundry at Wellingborough and 
developments. He is likely to an aluminium plant at Leeds 
talk in general terms to-morrow, are likely to be dropped. 

Tbe size of any labour shake-out -Industry sources believe .Ley- 
will be clearly related to the land will now choose to concen- 
success of the company in trate investment on just two dr 
climbing back from its present three plants and phase out tbe 
U.K. market share of little more older foundries. 


Brokers owe Narodny 
Bank £|m., court told 

FINANCIAL TIMES REPORTER 

DEBTS OF £52S,712 to Moscow had a total bank indebtedness of 
Narodny Bank are among tbe £401^S5. 

£2.14m. liabilities of stock Mr Bird estimated the firm’s 
brokers Chapman and Rowe, who assets at £276,548. bul said its 
were hammered on the Stock binding up might take another 
Exchange nearly four years ago. years to complete, as there 
This, was disclosed at the Old werc InIand Revenue problems 
Bailey yesterday when the trial To KB t»ie 
of five former members of the - _ 

firm and their managing clerk , tts overall deficiency was there- 
continued after a three-day break f° re nearly £Lra. by the end or 
due to a juror's illness. month. 

Mr. Charles Bird, depmy Evidence will be resumed to- 
official assignee of the Stock Ex- morrow by Mr Keith S. Woodley 
change, told the jure that the of Deloitt and Co., one of tbe 
firm owed £1.5 9m. for clients' Stock Exchange's accountancy 
agreed claims, and another firms, who entered the witness 
£65.000 was likely to be incurred box last week but had to fly to 
under this heading. America on business to the mean- 

Tbe Arm's bank debts totalled time. 

£383.595. of which £2S7;515 was .The accused, who all deny 
doe to Moscow Narodny Bank for plotting to defraud clients, are 
loans granted before the firm Mr. Hannan, 34. Mr. George 
collapsed in 1974. Edward Miller, 33, Mr. Ralph 

In addition Mr; Alan Harman. Clarke, 50, Mr. Victor Thomas 
one of the firm's former partners. Andrews, 33. Mr. John Maxwell 
owed Moscow Narodny Bank Gordon; 37, and Mr. John Michael 
£291,197 on his own accounL and Goodsell. 35. 


Warning 
of small 
concerns’ 
dependence 
on loans 

Financial Times Reporter 

IN A report on finance for 
smaller businesses. Finance fur 
Industry warned Lbe Wiison 
Committee yesterday that grow- 
ing dependence on State-backed 
loan capital “has led to a 
dangerous imbalance in Iho 
structure of company balance 
sheets" throughout Europe, 

FFI has carried out a com- 
parison of small business 
financing throughout Europe and 
the U.S, It concludes that 
smaller businesses arc becoming 
over-dependent on loan, rather 
than equity financing. 

In Italy, for example, loan 
capital in industrial companies 
is up to S5 per cent, of capital 
employed. That Involves a debt 
servicing commitment that makes 
it impossible for companies lo 
increase their equity base from 
retentions. 

Commenting an the U.K. FI’ I 
notes tbat the move towards 
Government loan assistance 
comes just as other European 
countries have begun to recog- 
nise “the dangers inherent in 
the increasing debt content nf 
balance sheets and are begin- 
ning to consider ways or stimu- 
lating equity investment.” 

But it says an increase in the 
availability of state hacked 
equity is not the answer. There 
are, it argues. “ real difficulties 
tn the provision of equity by the 
State, not least bewuw-e it 
threatens the fundamental in- 
dependence which is the essence 
of small businesses.’* 
ln FFTs view, the role ui tne 
State is to create "an economic 
environment in which small 
businesses can flourish." 

Geest makes 
30 redundant 

THE’ GEEST international pro- 
duce company is declaring about 
30 drivers redundant at its depot 
in Spalding, Lines. The jobs arc 
being axed because of the new 
Common Market regulations 
which limit daily hours uf work 
and mileage. 

The company said yesterday 
the men would be offered similar 
employment at company depots 
in other parts of the country if 
they werc prepared lo move. 


Bus company 
cuts 110 jobs 

UNITED COUNTIES Bus Com- 
pany. based In Northampton, has 
been given permission by the 
East Midlands traffic commis- 
sioners to close three depots, 
making 110 busmen redundant. 

The company will also cut up 
to 32 services. following 
Northampton County Council’s 
decision to halve ils transport 
subsidy to £600.000. 


NOTICE OF REDEMPTION 

To the Holders of 

Mitsubishi Electric Corporation 

(MitsnbishiJPegiM Kahonhiki Kalsha) 

7% Convertible SinlangEirndDebentiires 
due March31, 1985 

NOTICE TS HERESY GIVEN that, pursuant to the provisions of the Indenture dated as of March 15, 
3970, between Mitsubishi Electric Corporation, l the ‘‘Company”) -and Morgan Guaranty Trust 
Company of New "York, as Trustee, all of the above-described Debentures outstanding under said 
Indenture have been called for redemption on March 31, 1978 through operation of the fifth paragraph 
of die Debentures at tbe redemption price of 102 J /4% of the principal amount thereof, together with 
accrued interest to March 31, 1978- • 

On oc after March 31, 1978, the Debentures will he paid upon presentation and. surrender thereof 
Bt the Corporate Trust Office of Morgan Guaranty Trust Company of New York, 15 Broad 
Street, New York, New York 10015, or at the principal office of Morgan Guaranty Trust Company 
of New York in Brussels, London, Paris and Frankfurt am Main, of Bank -Mees & Hope N V in 
Amsterdam, of Banca Vonwiller & G. S-p-A- in Milan or Credit Industrie! tTAIsaee et de. Lorraine 
in Luxembourg: 

Debentures surrendered for redemption shoiild have attached all coupons maturing after Man-h 31, 
1978. Coupons due Much 31, 3978 should he detached and collected in the usual manner. From and 
after March 31. 1978 interest shall cease to accrue on the Debentures and the redemption price will 
become due and payable upon each such Debenture. 

The right to convert the Debentures into Common Stock of the Company will terminate at the close 
of business on March 31, 1978, tbe date fixed for redemption. Debentures surrendered for conversion 
prior to March 31, 197® will not be entitled to accrued interest and must have attached the Man-h 31, 
1978 coupon and all coupons maturing thereafter. Debentures surrendered for conversion on Marrlt 
31. 1978 will be entitled to interest due on such date hut must have attached the September 30, 1975 
coupon and all coupons maturing thereafter. 

The Debentures are presently convertible into Common Stock of the Company having a par value of 
50 Yen per shore, or at the optiou of the holders, iiito Bearer Depositary Receipts, earh representing 
300 shares of Common Stock, at a conversion price of 98 Yen. per shore. The principal amount of 
each Debenture is translated into Yen at the rate of Yen 360 equals U.S. 51. At the above convcndnn 
price the holder of $1,000 principal amount of Debentures would receive upon conversion 3673 Khare-s 
of tiie Company’s Common Stock. The reported closing price of the shares of Common Stock on tlm 
Tokyo Stock Exchange during rhe period from January 4, 1978 to January 27, 1978 ranged from a 
high of 172 Yen to a low of 147 Yen per share. The reported closing price of such *liares on tho 
Tokyo Stock Exchange on January 27, 1978 was 172 Yen per share. 1 

MITSUBISHI ELECTRIC CORPORATION 
By : Morgan Guaranty Trust Company 
ofNewT?ork 

Dated: Januaiy 31, 1978 


Ail Invitation toTea. 

And an informative discussion about Industrial settlement 

in West Germany. 

We one in London on January 3lst and out Hesse, which intludas Fmntf,.r+ -i 
February ■1st and 2nd to advise the business commercial and financial centre. aj ‘ S 
community about attractive Investment op- Join os for tea and an infainatitfr. rii<- 

porfunihes vwthm easy reach of Frankfort- cussion that. coufef be important 
Al 'P° rt - , business - at c“nSK 

In cur araup are businessmen success- Sulh* Portman Square, London inlhaSET 
nufacturina and . marketing their noon from 3-6 ' London, ,n Iho aftw- 


folly manuTaciunng and marketing 
products in this highly industrialised 
tolives of Wiesbaden, tanl 


representatives of-^b^SS^ th 


u “ v ’" f r°aaen, capita ot mess days and cannot be with nr j" 
the State of Hesse,- and spectate in plant London, we invite you tovislf us thane* tin!£ 
si te location and area dwdopmentthrough- you ore in Gerniai^ 

HlT ' u " dTreU \, ' ,n Pk°s® contact, 

msSKBKBSSSf* sssssss,,— 







Financial' Times Tuesday January 31 1978 


1HEMNKER 


) 

7 



FINANCIALTIMES INVESTORS CHRONICLE 



Grosvenor House, London 
27 and 28 February, 1978 

‘i 

■ \ ■ 

The Financial Times, in association with The Banker and Investors Chronicle, is arranging the Fourth 
World Banking Conference at Grosvenor House, London, on February 27 and 28. 

This conference will give the international financial community the opportunity to: 

Appraise international economic trends 
Assess the prospects of the leading economies 

Examine a number of banking questions important to London and other financial centres 
The proceedings will be opened by the Rt. Hon. Harold Lever, MP, Chancellor of the . Duchy of Lancaster. 1 


The list of distinguished speakers includes: 


M. Francois-XWier OrtoB 

Mr. Hassan-Aii Mehran~. 

Mr. C. W. McMahon 

Vice President v 

Goi ernor 

Executive Director 

Commission of tbe European Communities 

Bank .Markazi Iran 

i 

Bank of England 



Herr Maafred &ahnstein 
Secretary of Sltte 
Ministry of Fiigusce. Bonn 

« 

Dr. Irving S. $riedman 
Senior Vice-imident and Senior Adviser 
For Internatzospl Operations 
Citibank NA,<jNcw Vork 


Dr. Guido Carii 
President 

Omfederazione Generals 
deiflndustria Italiana 


Mr. Gengo Suzuki 
Chairman 

Associated Japanese Bank 
( International ) Limited 


Mr. Norman Robertson \Ir. G. T. Pepper 

Senior Vice-President aad Chief Economist Partner 

Mellon Bank NA, Penney!’ vania W. Greenweil & Co- 






Other forthcomii 
include: 

Jf Financial Times Conferences 

1 •• 

1 22nd 23rd February 'Business with Spain 

Madrid 

3rd 4th April 

.’Asian Business Briefing 

Hong Kong 

6th, 7th April 

The Meade Report 

London 

lOch/llth April 

• Business and the European 
Community Directives 

London 

8th3th May 

Euromarkets 

London 

. 14th, 15th. June 

Paris in World Finance 

Paris 


rn 



To be completed and returned to : 

The Financial Times Ltd. Conference Organisation 
Bracken House. 10 Cannon Street. London EC4P 4BY 
Telephone: 01-836 5444 Telex: 27347 FT Conf G 

Please send me f uniter details of WORLD BANKING CONFERENCE 

Name 

BLOCH CAPITALS PLEASE 

Title 

Company 

Address 



B5SJSP* 


Financial Times Tuesday January 31 197S 


APPOINTMENTS 


Insurance Broking 

FINANCE DIRECTOR 

for one of the smaller quoted groups with a sustained record 
of profitable growth in the. uk and overseas. Impending 
retirements produce the need to strengthen the Main Board 
of the group. 

• this is a new post with responsibility for the group’s 
financial affairs with emphasis on finance planning and the 
overall direction of accounting. 

• A chartered ACCOUNTANT is required -with a record of 
achievement at high level in a finance institution operating 
internationally. 

• terms are for discussion, well into five figures. Preferred 
age, mid-thirties. Future prospects are unusually good: the 
way to the top is open. 

Write in complete confidence 
to G. W. Elms as adviser to the group. 


TYZACK & PARTNERS LTD 


3 O HALL AM STREET 


LONDON WIN 6DJ 


32 CHARLOTTE SQUARE • EDINBURGH EH 2 4DN 


OVERSEAS 

DEVELOPMENT 

KNOW-HOW: vita! to developing countries 

Gilbert Islands 

Manpower Planner 

To prepare and draft a 5-10 year Manpower plan. Applicants must 
have, experience of preparing Manpower plans in their entirety for 
countries similar to Gilbert Islands. Appointment 3 months. 
Honorarium (UK taxable) to be arranged, plus subsistence at 
appropriate rate (Ref 328D). 

The past is wholly financed by the British Government under 
Britain's programme of aid to the development countries. In addi- 
tion to basic salary and overseas allowances other benefits normally 
indude free accommodation and medical attention. Applicants 
should be erti zens of the United Kingdom. No free family passages. 

Tanzania 

Financial 

Management Consultant 

At Institute of Financial Management (IFM) to consult in areas of 
Company Finance, project preparation and investment appraisal, 
and develop teaching materials for use in IFM courses. Applicants 
should have CPA. ACCA or equivalent MBA or PhD (Financial 
Management) with experience in consultancy, business and industrial 
organisations and teaching. Age 35-50. Appointment 2 years. 

Salary to be arranged plus tax free allowance in range £1400-0570 
pa (Ref 328D). 

The post is wholly financed by the British Government under 
Britain's programme of aid to the developing countries. In addition 
to basic salary and overseas allowances other benefits normally 
include paid have, free family passages, childrens education allow- 
ances and holiday visits, free accommodation and medical attention. 

Applicants should He citizens of the United Kingdom. 

For fun details and application form please apply, quoting reference, 
stating post concerned end giving details of age, qualifications and 
experience to 


' Appointments Officer. 

^ MINISTRY OF OVERSEAS DEVELOPMENT, 
Room 30L Eland House. 

Stas Place, London -SW1E 5DH. 

d helping nations help themselves 


CORPORATE FINANCE 


Age 25-28 


£ 6,000 + 


[Merchant Bank, a member of the Acceptance House Committee, seeks a qualified 
Accountant with 1/2 years' post-qualification experience in Banking as a related field, 
[to join small but active team. A degree from a recognised University is a pre-requisite. 
| Prospects for personal career advancement are considerable. 

EUROBOND SETTWTS F/X INSTRUCTIONS 


;Age 22-26 


£4,500 Age 19-23 


jRapidly expanding European Bank seeks 
lambitious person with minimum 2 years* 
experience of secondary market settle- 
ments. Superb prospects for rapid 
..promotion. Excellent conditions and 
benefits. 


£3,750 


American Bank seeks experienced Banker 
with good F/X experience to take super- 
visory role in small Instructions Depart- 
ment. Good career opportunity with 
progressive and well-organised employer. 


i For further information regarding these and other banking positions 
3 please telephone Rod Jordan 

l 

•<S 3 > BANKING PERSONNEL 

141/42 London Wall ’London ECS* Telephone: 01-5 S3 C7S1 
1 ‘ (Recruitment Consultants) 


JDinr APPOINTMENTS LTD. 
•is Physical and Futures Traders. 
•« Accountants and Support 
1 lor u.K_ Eurooe. U.S.A. and 
i K 009 . Tel: Graham Stewart. 
>9 1701. 


-OTHvAtING CREDIT ANALYSTS 
.minimum two roars **«rien<« 
■ny required by exoandlno con. 
■fn bank E.cJ. Salary to £7.000 
l excellent fringe bunofrt*. LH 
■line). 01-409 1944. 

U 

I* BANKERS to 60 for 4-5 dan 
to sum for Underwriters. £3.500. 
‘NT GARDEN APPT5.. 53. Fleet 
. E.C4. 01-353 7696. 

*C CHEMIST. Opportunity for 
■yosed us chemist and buslncu- 
«,* ocnon to uke over management 
pall research chemical production 
vss. Present owner wishes seml- 
• mnt. PcsslfclllTy for Investment 
jurrtf. Write Bax A.62di. Finan- 
^■mes. 10. Cannon Street. EC4P 


APPOINTMENTS 

WANTED 

STOCK EXCHANGE 
PARTNER 

with all-round experience «fkl part- 
nership or association with active firm. 
Could be of inturwe-eo country firm 
requiring dealing partner or associate 
on London aiding floor. 

Pleau reply to So* A. 6242, Financial 
Times, IQ, Cannon Street. EC4P 4BY. 


COMPANY 

NOTICE 



HOME NEWS 


tlncorwtowd to ^boJj^uMiC of 
CO UPON N o. 93 

HOLDERS OF SHAHS' WARRANTS 
TO BEARER ere Informed that they 
will, on or alter the 10th Fearuanr. 
i orfl. ue uafo oaiOUo ip otr share, via.. 
5.B8330P tM amount ofecJarco «r 
share, less O.S8249p Doing South 
African pop- resident shareholders 1 tax 
at 15% against surrender of Coupon 
No. 95. 

Coupons must be deposited tor 
THREE CLEAR DAYS from Inspect Ion 
before payment will be made: — 

in London at National wot minster 
Bank Limited. Stock Otter Services. 
Stfi Fleer, Drapers Cardens. 13 
Throgmorton Avrmio. E C ? 

In Paris at Credit da Naid- 6 ft 8 
Boulevard Haossmann. Pans i9rj. 

In Basle at Swiss Bank Corporation, 
in Zurich at Credit Suisse. 

Coupons belonging to holders resi- 
dent an Great Britain and Northern 
Ireland will be said as follows: — 
Amount oT Dividend after 
deduction - of Sooth 
African non resident - 
shareholders tax of 
15S. s.00081 p 

Less: United Kingdom , 

Income Tax of 19% on 
the Gross Amount OE 
tr-r dlvidcno Of 
5J8330P 1 .11783a 

Net amount 3.8 8293 P - 

Usting forms can be obtained from 
the National Westminster Bank Limited, 
at the address shewn above. 

BY ORDER. | 

GENERAL MINING AND FINANCE 
CORPORATION LIMITED 
London Secretaries 
per L- W. HUMPHRIES 
30th January 787B 
London Office: 

Princes Hgnje. 

95 Gres Kara Street. 

EC2V 7EN. 

NOTE: Under the double tax agree- 
ment between the On) led Kingdom 
and the Republic of Sooth Africa, the 

South African non-resident share- 
holders’ tax applicable to tlte dividend 
is allowable as a credit against the 
United Kingdom tax payable >n re- 
»oct of the dividend, the deduction 
or tax at the reduced rate of- 19% 
Instead of at the baste rate of 54% 
represents an allowance of credit at 
the rate si 15%. - - 


CANADIAN NORTH ATLANTIC 
WESTBOUND FREIGHT CONFERENCE 


NOTICE TO SHIPPERS 

FREIGHT RATES TO CANADA 

The member lines of toe above con- 
ference operating services between the 
United Kingdom and the Republic of 
Ireland and Canadian Maritime. St. 
Lawrence River and Great Lakes ports 
woula rater stoaoers to toe Pres* 
announcement made In June 1977 In 
respect of an upward revision in freight 
rates to become effective 1 st October 
19/7 to offset the short fail In the previous 
general Increase. This announcement 
advised ahlpoers that even H the October 
increase achieved the desired effect a 
further review of freight rates would almost 
certainly be necessary early In 1978. This 
review has now been conducted and has 
shown that a former upward revision m 
rates Is necessary to enable toe Unas to 
maintain the standard of service so neces- 
sary to exportess. 

In reaching this decision toe i.nes have 
made every effort to minimise the level 
of increase by making their own 
economies as a revolt of whkh it has been 
possible to reduce the Impact of this 
increase by introducing it In two stages. 

Accordingly, ail ocean rates and 

charges will be Increased as follows: 

By 4% with effect from 1 st May 
1970: 

Bv a further 4 % with eKect from 
1st October 1978. 

It IS felt that shippers will appreciate 
that the foregoing represents a genuine 
effort on the part of the lines to assist 
exporters in maintaining their markets. 

Atlantic Container Li cm G.i.E. 

Canadian Paclkc Steamships Ltd. 

Dart Container-lino Company Ltd. 

Ernst Russ. 

Manchester Lines Ltd. Uoinl 

Golden cross Line Ltd- Membership! 

Haoag. Lloyd A.G. 

CANADIAN ATLANTIC FREIGHT 
SECRETARIAT LTD. . 

*cretanes. 

Curia rd Building. . 

Liverpool L 2 IDS. 

January 1 978. ’ ■ "- 

INTERFRIGO ' 

SoeSdtc Ferrovlalra lolcnwttotula de 
Transports Frigorttouc 

Registered 0 *ie-: 17. 4a Louvain, 

. Brussels (Balgtoto) 


Tories 

criticise 

nuclear 

policy 

confusion 


Changes needed 
in building 
equipment sector! 

BT KENNETH GOODING. INDUSTRIAL CORRESPONDENT j 

IS0ME RESTRUCTURING of the whether further measures were' 
j British-owned section' of the needed to motivate them iu j 
[ construction equipment industry locate and expand manufacture , 


Wool 

textiles 

meet 

export 

targets 


W1U. UkJA | might be necessafi^ if some com- in the U.K. , 

j panies are to survive in the The multinationals would m f ruyc davio 
B y David Fhhtock, 5d«nce Editor ; i9SQs, according to a National any case tie influenced by the , 

_ : Economic Development Office overall attractiveness of the U.K. ; BRITAIN’S wool textile industry 

; paper. compared with other countries . - s meeting the export 

i The P aper *- prepared b - v lhe “ tcr0is of international wage ; tarKel5 laid down as its SS! 
accused Mr. Anthoni Wedpood i roilslrUctl - on e q U i pmen t sector rates. Government policy, stable blltion t 0 the Uovernmenr* 

I workin S Party at NEDO, shows industrial relations. exchange j industri; ,i strategy, according”*? 
! that the industry has consider- rate movements and so on. the 5ector working. party report 


iu B vvu^ubiw mui «» that the industry has consider- rate move men is ana so on. th sector WO rkine party reoon 

nuclear reactor policy statement ; ably ^ed down its targets for Dealing with the possibility of I S£Js. CpCrt 

vr . | the industrial strategy pro- restructuring the industry, the j y T s ,,,^ lv ; S has been achitveri 

. l Isnimme in the light of the con- paper says that the world trend j ln ^tnfSm iaSrisiK 

intended to support the Central i jiguj^g recess j 00L in construction equipment »s; ni j ir t. ets there rema.i- 


a duty to maKe me position quue. This would still represent a 23 equal terms with the larger j «* « 

clear “and not continue to hide ; per ^nt rise on 1975 in real multinationals. to 

behind the politically motivated i tenns. “They are not able to provide j increase Its labour tone, and us 

ambiguities of Mr. Bean's stale- [ The industry has not changed such a ‘full product range, can- capacuy. „ ort .. 

ment, Mr. King told nuclear i its target of reducing imports not gain the advantages of large- ’ Tlie target set > 

engineers in London. tram bo per cent to 50 per cent, sale production and lack the J P urt > 10 Zz 



.11 r. Tom King 


aim iui Mfiue uim- vuuumie iui- -- f 

! panies to survive thereafter, a of industrial restructuring to ; crease- from a w* per cent 
j degree of industry restructuring create larger groups, wilh nl ore share in 19i5 to 14 per com. by 
i may be needed in the UJv.-owned financial muscle, to.-tacklc export [ 19Sn. . . . 

I sector to ensure that sufficient marketing. . Though onl> a rnino r in 

.'financial resources are available “They should consider, in par- » world share tool k ‘h 

to achieve the sector’s export ticular. whether the smaller 1976, fabric exports, in the fiKt 
targets." the paper declares. specialist companies with their Bine months of isrif robe o> is 
As at least half this potential greater flexibility, will be able per rent, anil this shuulu nava 
improvement remained within to compete effectively in world taken the industry some ua> lo- 
the operational control of the markets in the next decade with- wards its target, in yarns, nere 
multinational companies, the out measures to increase their was also an increase in exports 
working party would consider financial strength." last year, again helping tnc 

industry towards its target. 

r — The main problems have 

^ . . • . been in the domestic market, 

Construction sector 

1975 levels. However, imports of 
_ _ _ _ _ w _ _ worsted fabrics in the first 

shed 95,000 jobs SHTH'SS 

woollen fabrics the share held by 
BY L'ICNTON McLAIN, INDUSTRIAL STAFF imports has gone up from 34 

per cent to 41 per cent. 

EMPLOYMENT rose in ' only other manufacturing industries “if the objective of contain- 


Benn's “ ambiguity " aitaebe± ! EMPLOYMENT rose in' only other manufacturing industries •> if objective of contain- 

• three sectors between 1973 and output rose less than a third to ; n „ imports to their present 

After such a long delay while 1 1976 when more than 244,000 £3-S45bn. share is lo l>c achieved, much 

reappraisal of Britain's nuclear j jobs were lost in manufacturing The numbers employed in will depend un the negotiations 
policy had been taking place, i and construction. mechanical engineering fell currently hieing earned out by 

said Mr. King in bis presidential \ The chemical and allied Indus- 17,000 to S93.500. There was a the industry with the Italian in- 

lecture to the Institution of ; tr *es. the instrumentation sector f a n 0 f 23,000 in electrical dutrv aimed at persuading it 

Nuclear Engineers, it was i and a broad group of “ other” engineering to 750.SOO. The no t 'to increase capaoitv and lo 
“ surely reasonable to expect j manufacturing Industries in- .ye hide sector had a fall of a( iopi a realistic pricing policy, 
that a clear decision would creased employment. But there 33,000 to 766.100. “Failing that, the industry 


that a 
emerge. 


clear decision would I creased employment. But there 33,000 to 766.100. 


were big falls in construction. 


~r b- , „ ( ; i«tii. s mB nh a ni M i .nrt -wtri Clolhing and footwear shed may have to request Government 

The latest Department 20,000 people but increased gross support to contain this rtmipcn- 

Energy forecasls. to be presented « englnMnnB. vebides =>?* „ utpilt by £lbn. .0 E2.H9bn. ' li0 n," the working party states, 

to the Energy Commission next snipDimaing. accoram^ to toe MetJ1 i manufacturing also 

month, envisaged the possibility I De P^ rtI ° en ^. of £? n 1 f u ? recorded a drop of 20,000 in the • ,• 

of Britain needing a considerable j P r j ,? n r n Jf, cm, pubUsbed numbers employed to 476.000. Objectives 
expansion in nuclear power, n biggest fall was in con- There were 2.000 fewer jobs The report also points out that 

n^ l fhe C M^^criSn a iilSSrv °he struction ^ which lost 95.000 m Hie coal and petroleum indus- in the home market, much will 

on the construction mdustry. he |ries printing and paper, and depend on the working of the 

n U.-9C Hparir verv neeessarv ' Chemical and allied indus- publishing sectors lost 21.000 new multi-fibre arrangement 

“ « ffiUB Srtfi ^-ased employment from people which came into effect at the 

Sfit Si S!pn™n,pu2 389.100 to 405,300. In thp instru- In the sectors with rising beginning or this year. In parli- 
what the future programme was menlatiori sector , which is employment the chemical and cu lar. this will determine whether 
hkel> to be. Forthat reason, heavily dependent on the chemi- allied Industries • more than or not the wool textile industrj s 
Mr. Benn s thennal reactor ca j i n d US try. there was a rise of trebled net capital expenditure, customers can meet their own 
policy was quite unsatisiac- u.000 to 160.500. to £7l5.7m_ Instrumentation com- industrial strategy objectives, and 

„ Employment in Other manu- panies increased spending by hence continue to act as rnajur 

Mr. King also accused the f actur i n o industries rose from £22m. to £52.9ui. and ‘other purchasers of wool textile cloth. 

Government of mmgung tne 33s ^ t0 342^00. manufacturing industries in- The report believes that in 

arrangements for the Winascaie The rise in numbers employed creased spending from £117.3 in. export markets the industry 

loqtnry lari summer so that XFs in ^ C h e mical industry was to £l39.5m., contributing to a net should continue to have cost 
would be deprived of the oppor- j in h e d w jth a/doubling of eross increase for all manufacturing advantage over its main compcU- 
tunity of debating Mr. Justice ou tpnt to more than £11.533bn. and construction c ectors of xors, particularlv in those pro- 
Parker’s report before the Qross output in instrumentation £1.762bn. to a 1976 total of ducts where the labour-added 
(.overnment announced its deci- also doubled, to £1.412bn. In £4.tM4bn. value forms a signficani propor- 

sion on British Nuclear Fuels ■ lion of the final price. 

reprocessing project. „ ... . „ . . 


INTERNATIONAL BONO ISSUE 7';% 

197111986 OF 10.000.000 EUROPEAN 
CURRENCY UNITS 

We inform the bond holders ihJl from A 
total of 500 bonds of 1.000 European 
Currency Units nominal eacb which are 
due to be amortized on the 12 tn Match. 

1 978. the Company has purchased 68 on 
the market. 

Consequently, a drawing was made on i 
Friday. 20 th January. 1978. In resocct of 
the balance of 432 bends due tor 
amortization. The numbers of the bonds 
drawn on this occasion, taking into 
account the numbers of the bonds nur- 
chawd on the market tall within the 
following group of numbers: — 

8.387 to 8.839 

The drawn ootids— coupon No. 8 *12 
March. 1979) add subsequent coupons 
attached. — will be redeemed at oar from 
the 12th MarelC 1978. onwards. Pay- 
ment can be claimed tree of charge from 
any of the undermeottonffd • Paving 
agents: — 

CREDIT COMMERCIAL DE PRANCE. 

Parts . 

BANCA NAZIONALE DEL LAVORO. 

Rome ■/ 

DEUTSCHE BANK AKT1ENGESELL- 

SCHAFT. Frankfurt 

KREOIETBANK SA LUXEMBOURG- 

GEOISE. L intern boom 

Amount of bonds remalmno In circula- 
tion lollpwlng the amortization ol the 1 2 th 
March./ 1978: 7.500.000 European 

Currency Units. 

CREDIT COMMERCIAL DE FRANCE. 

• Paris. 

Financial Aoent to the Company 


HAMBRO INTERNATIONAL BOND FUND 


NOTICE OF DISTRIBUTION 
For the accounting sear ended 31st 
December 1977. a distribution or | 
USE 90 . 80 per 10 shares Is payable from 
14th February 1978. against presentation 
of Coupon No- 2 at any ol the tallowing j 
offices: — 

Hsmbros •Guernsey] Limited, p.o. Box 86 . 
Sl Julian'S Court. S(. Peter Port. 
Gutrncev. Channel Islands. 

Banaue Lambert-Luxembourg sjt.. 11 
Haul ora rd Crande-Dochesse Charlotte. 
Bolte Postale 1702. Luxembourg. 
Barque Bmsel lea- Lambert S-A,, 2 Rue de 
la Rcgcrcr, B-1DOO Brussels. Betglam. 

By Order of the Fund Managers. 


VICKERS LIMITED 


NOTICE IS HEREBY GIVEN that. In 
respect of reoinrred holders of the Com- 
pany's Preferred S% Stock. 5% Preference 
Stock and Cumulative Preference Stock 
as at the close of business on 1 st March 
1978. warrants for final dlrldends in 
respect of the year 1977 will be posted 
on 4th April 1978. toe respective 
REGISTERS OF MEMBERS will not how- 
ever be ciosad for the preparation of 
such warrants. . - 

By Order o* the Board. 

h. E. SC ROPE. 

Secretary. 


PLANT AND 
MACHINERY 

GENERATORS 

Over 400 sets in stock 
lkVA-700kVA 

Buy wilehr from the manu fa ct u rers 
with full after-sales service. 

CLARKE GROUP 
01-985 7581/0019 
Telex 897784 


SALE. SALE SALE. FORK LIFT TRUCKS. 
Choice of over too used leading 
makes. 80 % of all trucks havo been 
through Pur workshop, then painted and 
sign written. B07i of our trucks arc 

fitted with new seats, tvres and 12 volt 
batteries and are ready to go to work 
Immediately. Buy now at ridculousJv 
low prices while stocks list. Send ! 
for our hit now. Trade and export 
Inoulrles welcome Large reduction on 
bulk purchases. Birmingham Fork Lift 
Truck Ltd.. Hams Rd.. Sal«l«y. B'hjm, 
B 8 10U. Tel: 021-327 5944 or OH- 
328 1705 Telex: S37052. 

GENERATORS 2-3000KVA new and used 
immediately available. Keen competitive 
prices. Gen ere* Ltd. (073522) 3055. 
Tele* BASS 37. 


BUILDING 

SOCIETY 

RATES 

Every Saturday the 
Financial Times 
publishes a table 
giving details of 
BUILDING SOCIETY 
RATES 

on offer to the public. 

For further details 
please ring 
01-243 8000; Extn. 459 


Auditors’ inflation check 


laovernmeni announceu us aeci- 1 doubled, to • £1.412bn. in £4.u44Dn. value forms a signficani propor- 
tion on British Nuclear Fuels ■ lion of the final price. 

reprocessing project. ■ ( __ _ • Financial tables published 

St Michael Auditors inflation check saftwlB, ruSVB 

k-/l-o !▼ combined assets of £504m. and 

• , ■ AUDITORS should be associated auditor. It advises auditors that sales of £707m. 

tPCUTKh With with the inflation accounting they should carry out enough Average profits before tax and 

ILaUld ▼? HU adjustments published in accord- ^° r + k 1 &e ab ' e *° ^ 0Tt at 1 f. asr interest-capita] employed of com- 

vvr -m i J that the inflation accounting panies with assets exreediuc 

WnnltTl/irk ? DCe . W J 11 * he Hyde guidelines statement has been properly pre- £0.5m. in 1975-76 were 7.S per 

▼ ▼ UUllllfll IV issued by the Accounting Stan- pared. cent., compared with 10.7 Sr 

Bv Our Textiles Correspondent dards Committee, say the U.K The work described include- cent; in the previous year and 

7 accounting bodies. inquiry- into the adjustment- with 16.5 per cent, in 1973-74. 

MARKS AND SPENCER is to A statement issued by the pro- ® a ^ e ^ Ie company, ensuring Finance and Profitability in the 
change its labelling policy to fession * s Au ditine Practice* Com- ^ ®5* are 3« n erally in accord Wool Textile Tmliutrn 1971-72/ 
allow the use of the Woolmark SS ° ® ^ fhpTvn- ^ ith , «^ ld fHnes and are 1975-76. Price £5.50 from Neddy 
symbol alongside its St. Michael says that the Hjde figures dearly described in the notes to Books, I, Steel House. Tothill 

trade name on wool goods. The should be reported on by the the accounts. Street, London SWlli 9LJ. 

company will also be using the ' 

Superwasb machine-washable 

effect this autumn, marks some- New business projects sought 

thing of. a breakthrough Tor the Mr & O ^ 

International Wool Secretariat, V _ 

fSSr.S to halt iron ore town’s decline 

the Woolmark an exception to 

its policy of using its own name BY RHYS DAYID 

0n M antT s'^d^sterday that M1LLOM. the isolated litUe Cum- with the scars left by more than could form the basis Tor in- 

the change reflected the strong bnan town which ten years ago 100 years of iron mining. creased development of the area 

market appeal of all-wool , lls “ la ‘° source of employ- Millom remains an important — set amid magnificent Lake 
garments. me ?*i.. w “ en lTO ° ®l nd market centre for the population District estuary scenery — for 

The Secretariat is claiming a smelting ceased, will to-day 0 f a wide area, yet, because of tourism, 
major success for its wool carpets embark on a seri« of measures continued population decline. Therp is th an ™n„i 

installed on 25 London Transport aimed at securing its future. schools, transport and other ser- i r0 n ore ' minim? 6 *»I355’ Cl rl! 
silver jubilee buses last year and An action committee headed vices are now being threatened. sum pd in re * 

has announced the outcome of by Mr. Peter Stellmacher, produo Cumbria County Council is Fn«ii«h r>wi. t-i - . Est ? ary * 
tests at the organisation's tech- tion director at the Millom anxious to increase the popula- *»■ , n ? Clays has been 

nical centre at Ilkley. Yorkshire, plant of Elbco, the womens tion. ninr k » tria borings ‘and is ex» 

The carpets, which were laid hosiery group, will start examin- The area has already come t0 anD0unc0 the resulig 

down the centre aisle of the ing proposals put forward by under study both' by the Develop- j 

upper anfl lower decks, showed various bodies designed- . to ment Commission, the Govern- i “ e development Commission 
an average 5*. Ibs of dust per reverse the area's long decline, ment agency which helps remote r J* cem!y Published a report on 
square metre, increasing the The town lies south-west of the areas, and by the Council for S 1 * aet jon which it and other 
weight of each carpet by about Lake district, across the Duddon Small Industries in Rural Areas bodies feel is needed to support 
80 per cent. Despite this— and estuary from Barrow, and since (Coslral. Both have encouraged arca - The commission has 
the effect of stubbed cigarettes the iron works closed its popula- a number of small developments th ree advance factories, 

and chewing gum— the organlsa- tion has fallen about 1.000 to just There is the possibility of two Thou Sh only one is occupied it 
tion says that the carpets main- under 11,000. major developments which could ^ 10 COQtinui ? building. 

£ 5ned a sood appearance Many men are unemployed, have a considerable impact on The commission is also t .k> nff 
throughout their seven-mouth few women have jobs, and young the problems of the area. Un- tin with thn rain.. ’ • a,lf d Joking 
trial, an {that cleaning has made people are continuing to W fortiSately they could limflict. Sfe^ecd to 
them look new again. the town. There is a need to deal A marina scheme already started cations with the toS^ mmuni ' 


New business projects sought 
to halt iron ore town’s decline 


BY RHYS DAYID 


HOME CONTRACTS 


Scott Lithgow wins £2m, tugs order 


SCOTT LITHGOW, the Lower 
Clyde shipbuilders, has received 
a £2m. order for two tugs from 
Cory Ship Towage. The group’s 
Bowline Yard now has work for 
the next 15 mouths. 

* 

CA WOODS HARGREAVES, a 
jointly-owned subsidiary of 
Cawoods Holdings and the Har- 
greaves Group, has been awarded 
a contract by the Central Elec- 
tricity Generating Board to supply 
and deliver 15m. tons of coal by 
canal crafl over a ten-year period 
from waterside collieries to Ferry- 
bridge C power station. Ck woods’ 
Hargreaves has completed an 


initial ten-year contract on this 
operation. 

★ 

I CL has won an' order from the 
Milk Marketing Board for two 
computers valued at £1^5m. for 
Its Thames Dltton. Surrey, head- 
quarters. 

* 

WILLIAMS AND JAMES 
f CONSTRUCTION EQUIPMENT). 
GLOUCESTER, has been awarded 
a contract worth more than 
£600.000 for 270 W and J Pace- 
bra ker hydraulic powered con- 
crete breakers by the South 
Eastern Region of British Gas 
They will be installed as modular 


units into a fleet of service vans. 
★ 

RACAL-DANA INSTRUMENTS Is 
to supply communications test 
equipment to ti.c Rome Office for 
use m its radio workshops 
throughout the UJC The order 
mcludes more than 30 automatic 
modulation meters, together with 
a quantity of atomic frequency 
standards, and follows a contract 

f“!L « fna-fisai siwHi ra™ 

S^ops. Ior =™mu nl „Uo ns 
* 

telephone cables. a n RC 

SiftiS 17 ’ received n fiwo.ooa 
contract from British 


Southern Resion. for the Victoria 
area resu-nallmg scheme. Stages 
i and 2, which requires TCL to 
fSEPc' mst ?|l and commission 
telephone cables between Victoria 
Gloucester Koail Junction, 
S'" Junction. Tube Hill. 
Wimbledon, Shepherds Lane and 
Latchmcrc Junction. 


paw < UJvi) COM- 

PAN1 of Poking, Surrey, has 

contract from 
1 H*r l S n iu Rar Cori>orRtion_fflr 
" U,t ^ as soclaTcd skip 
worn, mm 













1 5SE. - ' 


- #??.• iS 








The Financial Times! 


How long should 



A couple of months* 


NtUltfi- 



A lifetime 




t Several 
dinnerparties* 




a 

| Building a pen that will last many years is a slow 
and Expensive process. 

f As a result, the Parker Insignia above costs £20 
over jthe countenThough rather less when bought direct 
frorrtus as a business gift. 

~ And if you wish, we will engrave the barrel by hand 
withinitials or a company name. 

We have prepared a booklet that illustrates the 
variqus styles of engraving and other ways that we can 
, personalise a pen. 

'NJCh’Il be pleased to send you a copy, together with 
photographs and prices of all our range. 

Just ask your secretary to ring John Beckett on 
07912 3233 or post your business card to Business Gifts 
Division, Dept. 1A, The Parker Pen Co. Ltd,Newhaven, 
East Sussex, BN90AU. «. nAni/rn fA 

Telex87158 (Parker G). X PAKKcK M 

RftRKER FENS ARE ALSO AVAILABLE *7 5L^TjTVD'SCDy : r3 T ^SC^£H S ! JR ACCREDITED Dl 


mu Hni 
>»< 1USMM 
i tm» :«m m 






Financial Times Tuesday January 31 1978 


BUSINESS AND INVESTMENT OPPORTUNITIES 


LABOUR NEWS 


READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


Finance 
! for Growing 
j Companies 

!■ If you are a shareholder in an established and 
growing company and you, or your company, 

■ require between ^50,000 and £1,000,000 for any 
purpose, ring David Wills, Charterhouse Development. 

. Inyestingin medium size companies as 
minority shareholders has been our exclusive 
business for over forty years. We are prepared to 
r invest in both quoted and unquoted companies 
curren tly making over £50,000 per annum 
pretax profits. 

m CHARTERHOUSE 

■ i Charterhouse Development, 1 Paternoster Row, St Pauls, 

:;i London EC4M 7DH. Telephone 0I-24S 5999. 


| SMALL BUSINESS ADVISORY UNIT 

‘ iusiness development funding, import/export 
unding, product development funding, import/ 
l ixport development and sales, property mortgages 
•'nd remortgaging. 

For further information contact us at: 

136 SOUTH STREET, 

! . DORKING, SURREY, 

i Tel. (0306) 87588. Telex 859112 


Manufacturing capacity 

dsian engineering company specialising in non-ferrous materials 
. . capacity available for pressure and gravity die-casting of copper 
ys, medium to large batch machining on capstans, auto’s and 
| isfer machines. Quality control approval to Defence Srds. 
4/2 and 05-26/2. 

fl Please contact MD. 

r * Walker Crowell er & Co. Ltd, 

Cromwell Road, 

) Cheltenham, GIos. 


KELVIN HOTEL, KNYVETON ROAD, BOURNEMOUTH 

in| 120 bed-oam 3 star hotel with extensive RESTAURANT BAR and 
CTION facilities (major part newly built). SWIMMING POOL- Staff house, 
park and grounds. Total sice 2 ACRES. Substantial turnover and profits. 
E complete as a going concern £600,000 (mortgage facility available) or 
0 year (ease at £60,000 fer annum rent (r< viewable). Ingoing premium 

CHRISTIE & CO. 

London Office: 32, Baker Street. W.T. Tel: 01-496 4231. 
Bournemouth Office: 112, HaUeohartc Rood. Tel: 0202-27247. 


U.S.A. 


, rial Services Group with 
sentative offices in major 
offers professional assist- 
wich: 

iRGERS, AQUISITIONS, 
OPERTY INVESTMENT 
JftND DEVELOPMENT 

;M the funding therein/ 
■ging Director leaving for 
ary visit would consider 
oral specific assignment. 
TEL: Ql-491 3407 


!;■ i)S AVAILABLE FOR SHOP 
l'l OPERTY LEASE-BACKS 
.'ij tisting and Prospective 
T Mission paid to Introducing 
{’■ Agents 
[j S. Seitler, Esq., F.C.A. 
j 1 Property investments Ltd. 
.‘ 9 eter Street. Manchester 
,1 6AU. Tel: 061-834 2510. 

j.. CLASS PRINTING 
ll iuntry Prices. All types of 

\ , undertaken. 

*;■! ORPHANS PRESS. 

• HEREFORD ROAD, 

*, LEOMINSTER. 

■|U HEREFORDSHIRE. 

<\ Tel. 2440 


j MEDICAL SUPPLIES 
I; DISTRIBUTOR 

^Moulding Company wtaHas to 
link with distributor to 
j range of disposable items, 
.aent/acquisidon a possibility. 
Write Bex G.1322. 

Financial Times. 

\ .non Street, London EC4P 4BY. 


LITHOGRAPHIC 
SERVICES LTD. 

OFFSHORE LITHOGRAPHIC 
ENTITY WITH 
ESTABLISHED AND USEFUL 
CONTACTS SEEKS 
FURTHER EXPANSION 
IN ALL AREAS OF 
LITHOGRAPHIC WORK 
ON WORLD-WIDE BASIS 
TEL: 0624 426? 

TELEX: 628554 
ATT: UTHOEURO. 


WORKING PARTICIPANT 

willing to invesr £50,000 equity 
capital is required by a well 
established northern wholesale 
■company dealing in textiles and 
plastic piece-goods. Principals 
only. Write Box G.1297. 
Financial Times, 10, Cannon 
Street, EC4P 4BY. 

LOAN OF 

US $2,500,000 

for hotel acquisition in Hawaii 
f first mortgage, 7-10 yrs.). 
Write Box F.598. Financial Times, 
10, Cannon Street, EC4P 4BY. 


lector of Export 

; i*t Company visiting 
ia and New Zealand in 
would welcome two or 
| , additional lines avail- 
an exclusive basis. Write 
- 1327, Financial Times, 10, 
| ■ > Street. EC4P 4BY. 

1IGERIA 

j ijve with unrivalled experi- 
■ * Nigeria seeks Consult- 
*aison/Sa!es post. Write 
il32S, Financial Times, 10. 
Street, EC4P 4BY. 


TAX LOSS 

Approximately £500.000 worth 
of losses in electrical engineer^ 
in £/ coach building available until 
early February. Enquiries Peter 
Phillips/Nigel Aspdin 01-560 
0784. Ref: MED. 




TRANSLATION-TYPESETTING 
QuaFIffed Aral? Translators 
Typesetters and Printing for Sales 
Literature. Extiioition Material for 
ttie Middle Ease. 
Pan-Arab Publications Limited 
telephone 01-553 8316 


OPPORTUNITY * 

to participate in development and/or 
management of a 

PAR 3 GOLF COURSE 
in the Heme Counties, Ideal location, 
long lease, detailed Nanning consent 
for Course and Clubhouse. Present 
owners would consider sale or joint 
participation. Enquiries to Box G.1330, 
Ruanda! Tints, 10, Cannon Street 
EC4P 4BY. 








Ipportunities 

t 

feryTuesday and Thursday 

p 

-V. £16 per single column centimetre. Minimum 
;ent metres. For further information contact: 
mds Phillips, Financial Times,i0 Cannon Street 
W4BY. Telex: 885033. 

K 

'■248 8000, Ext. 456. 


HOWTO MAKE 
YOUR FIRST £100,000 
-anyone can do it 

There'sstili only one realistic way to make a fortune: start and 
build up your own business. And now is exactly tiie rimeto do 
it- even Mr. Callaghan says so. But which businesses are 
going to boom? Leisure parks, take-away restaurants, Celtic 
oil? Get the vital information you need to ma ke a ki lling of 
yourown from the COMPANY DIRECTOR'S LETTER, the 
informed private-subscription service under the editorial 
supervision of Robert Heller. Send for details of free trial offer 
to Company Director's Letter, Dept. 1 CU 
13 Golden Square, London, W.l. 

Or phone 01 -597 7337 (24-hr.answering service). 

PRIVATE COMPANY 

Wishes to acquire 
Companies in the foliowing fields:- 

INTERNAL TELEPHONES, FIRE ALARMS, BURGLAR. ALARMS, 
TELEPHONE ANSWERING EQUIPMENT, TIME RECORDERS, 
SECURITY SYSTEMS, STAFF LOCATING SYSTEMS. 

Wu are interested in either compa n ies u • going concern or more 
particularly companies that art in financial trouble where either a 
Receiver ha been appointed, or the existing shareholders would part with 
control In exchange for a substantial injection of foods. Replies created 
In strictest confidence. 

Write Box C.1304, Financial Time*, 10, Cannon Street, EC4P 4BY. 


ACQUISITION SOUGHT 

We are a private manufacturing group with a sound finandal base. 
We would welcome an opportunity to acquire an additional company 
or activity, which must be well managed and profitable, and whose 
present owners can see a positive advantage in joining a group with 
long experience of exporting industrial products and of overseas 
manufacture. Turnover in the -range of £ym-£lm with plans for 
steady growth would be the right scale for us. 

Please write in confidence to — 

Mr. C. G. Kenyon ' 

Group Managing Director 
WHIcam Kenyon Be Sons Limited 
DukinfieW, Cheshire SK16 4PT 


PERSONAL ASSISTANT FROM £290 PJL 
OUR BUSINESS ACCOMMODATION SERVICE PROYIDE5: 
Full secretarial service plus interview fatalities and temporary 
office accommodation if required. Our other services include: 

1. 24 Hour Telephone Answering 

2. Handling Mai! 

3. Hand Delivery Service 

4. Photography, Photocopying & Mailing 

5. Accountancy Advice 

6. Telex 

Write far farther deoib to Mrs. Gwillim, TECHNICAL COMMUNICATIONS 
LTD.. 6/8 Emerald Street, Hoi bom, London WCIN 3QA. Tel. 405 9117. 


A SMALL SUCCESSFUL COMPANY PRIMARILY IN 
ELECTRONICS AND ENGINEERING 

b looking for m investment opportunity is part of Its diversification and 
expansion plans. 

We would be pleased to hear from principals of soiaM companies, requiring 
further capital to expand in a proven market or from longer sanding companies 
whoea Proprietor/Managing Director wishes tn retire. 

Application:, which will be treated In strict confidence, should be odd retted to: 
Bex C.1326. Financial Timet. 10. Cannon Street EC4P 4 BY. 


CARDIFF BASED COMPANY 

5 mins. M4 junction 
having 6,000 sq. ft. spare since 
In modem factory, desires 

DBTRIBUnON/FACTORING 
PROPOSITIONS ■ 
to cover S. Wales/West Country; 
Write Box G.I245. Financial 
Times. 10, Cannon Street, 
EC4P 4BY. 


Clients are seeking 
LOAN OF 

US $3,700,000 

for hotel transaction in Canada 
(second mortgage, 7-10 yrs.) 
Write Box Fi99, Financial Times, 
10, Cannon Street. EC4P 4BY. 


CARAVAN SITE FOR SALE 
ESSEX 

100 Residential Pitches in attractive 
riverside location. Owner’s house. 
Extensive buildings. 

£170,000 FREEHOLD 
CHARLES F. JONES 4 SON. 

6. Warwick Coart tendon WC1R 5DJ. 
Tel: 01-242 7823. Telex: 268807. 


PRIVATE INVESTOR 

has £100.000 plus to invest in 
outright purchase or major hold- 
ing of sound business. Details 
and figures please to Box G.1331, 
Financial Times. 10, Cannon 
Street, EC4P 4BT: 


Trade Toolmakers S.W. London 
desire Co purchase similar business 
widiin tan miles at Oapham Common. 
25 minimum skilled labour force 
desirable. Specialising in Moulds or 
Press Toots. Principals only please, 
write giving briefest details to Box 
G.I325. Financial Times, 10, Cannon 
Street EC4P 4BT. 


MANAGING DIRECTOR AND 
. CHAIRMAN 

of a top flHHit carnet -cleaning business 
wiui highest grade technology seeks 
to oxoang his business by licensing 
associates in London's suburbs and In 
a lew elected areas outside the Metro- 
oolls. Full time activity in the business 
Is really necessary and the investment 
reaufred varies from £a.Mo to 
£16.000. As the business is mainly 
at the too of the market the croft t 
margins are uncommonly flood. Write 
to the Chairman, Thuro Steam Ud« 
63. Charlotte St- London. W.l 


BUYERS’ OPPORTUNITIES 

Conference table I2fc. x 4ft.. teak 
up, de mounable. £125. Drawing 
stands by Bieffe with boards, new, 
£10- Mahogany desks, curved top line, 
£135. 10 office chairs, grey moquette. 
like new, £18. Filing cabinets from 
£22. Thousands of items, lists avail, 
able. 01-837 9663. Commercial, 329 
Grays Inn Road, Kings X, WC1. 


PROFITABLE HEATING AND 
PLUMBING MERCHANTS ' 
BUSINESS FOR SALE 

Expanding Midlands Area, approx, xjo 
£260,000 p.a. and rising. Valid 
reason for disposal. Principals only 
pleue, apply. Box G.1338. Financial 
Times, 10. Cannon Street EC4P 4SY. 


OFFia POEMS, iir Boiimemouth let to 
Govt. DeoL at £5.000 p.a. with wi- 
den Sent. F.R. & I. Lease. £62.000 
F'nolfl. BUSINESS SALES LIMITED. 
10S. Commercial Road. Bournemouth. 
BH2 5RX (0302) 203453 
MEXICO AND UAA. Businessman 
shortly SO Visit Mexico City and 
Denver, Colorado, prepared to under- 
titv any investigation. Introduc- 
tion or commission. Wide earoerlcnce 
all Real Estate, transact la ns U.K.. Aus- 
tralasl* aim U.SA — Writu Box G.132B. 
Financial limes. 10. Cannon Street. 


SPAIN 

Spanish Development Co. wkh mat* 
on «be Com del Sol valued it £3a. 
wishes ao diversify. For sale as 
whole or participation considered for 
cash and equity exchange. Principal 
resident in London. Enqulritw la 
strict confidence to: Sprstiey A Co., 
Chartered Surveyed, 29, King Street, 
London, W.C.2. Tel: 01-836 7372: 
01-240 3621. Telex: 28332. 

LIMITED COMPANY 

FORMED BY EXPERTS 
. FOR 08 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD., 
30. City Road, tCl. 

01-628 5434/5/7361 9936. 


BUSINESSMAN 

1»S highly profitable manu fa ctu ri ng 
proposition of interest <o substantial 
company with engineering, printing, or 
leisure company connections. Advvr- 
tiser has 30 years experience, produc- 
tion know-how and market oodrts. 
Wrifie Box G. 1323, Financial Tima, 
10. Cannon Street £C*P 4BT. 


For Real Estate 
Investment in Florida 

contact Struble Realty Inc, 4799 
Nt. Federal Highway. Boca 
Raton. Florida; 33431. U.S.A, 
Tel: 392 9012 

SPARE CAPACITY 

Do you require a product to 
manufacture to take up spare 
capacity ? 

Write Box G.849. 
Financial Times, 

10, Cannon Street, EC4P 4BY. 


COMPANIES FORMED 

^ x P ert *7> *P«ed lly, throughout the 
world. Cora pare our price#. 

ENGLAND £69 

ISLE OF MAN £9844 

GUERNSEY £250 

LIBERIA U.S.W70 

SELECT COMPANY FORMATION, 

I. Athol Street, Douglas l.o.M. 
Tel: Douglas f0624) 21718. 
Telex: 6235S4. 


£500,000 AVAILABLE 

to pare hare reasonable slat shire hold- 
ing in quoted public or private 
company. Direct involvement and 
directorship would be available. Please 
write in strictest confidence to Box 
G.I333, Financial Times, 10, Cannon 
Street EC4P 4 BY. 


UP TO £50,000 EQUITY 
CAPITAL AVAILABLE 

Experienced businessman sucks active 
participation ia soundly-based expand. 
Ing company. Holiday, travel, boats, 
loisura, toys, electronic* are industries 
preferred, but all suggestions con- 
sidered. Write Box G.I339. Financial 
Times, 10. Camion Street EC4P 4BT. 


INTERNATIONAL TRADERS can benefit 
from a Panama Coernsny Mm In 
E ro,n 41.17S complete. Tel: 01- 
491 4SS9. 

INVESTMENT REQUIRED for patented 
can and glass comoactiun machine— 
ratio 14:1 Doans phone oWS 41612. 

£1 A WEEK for EC2 address, or Phene 
messages. Combined rates-* telex under 
£3 a wgeie. Massage ftfintfers Inter- 
national. 42-45. New Broad Street, 
London PC2M 1QY. 0I-S2B 0896. Tolas 
8811725 . 


WEST AFRICA 

As a Buying and Confirming 
House specialising in this market 
we have executives regularly 
travelling throughout the ar*a. 
They will be happy to follow up 
enquiries on behalf of interested 
manufacturers or indeed to seek 
out new clients. Companies 
interested in utilising our ser- 
vices should write to:— ■ 

West Coast Buyers Ltd., 
Chandler House. Anchor Hill, 
Knaphill, Nr. Woking, Surrey. 


CAPITAL AND KNOW-HOW 
NEEDED 

Our development company is placed m 
a st ra t egic area lor the future of 
Northern Norway. We have lieearee 
■ from Naeo.iaJ bank of Norway ra 
Import S ml'lion Nor. Kroner*. Wo 
are constructing oar company as a 
holding company with lubsidiaries 
placed in Maraud and Narvik. Wc 
are engaging our firm in developing 
of the future oil tervice industries 
north of (I’N. cauriua. indium*! 
planning, harbour-comiruaians, etc. 
Northern Norway should be a most 
interesting area for tbe near future. 
Wc should like to co-operate with 
forelzn partner* which have bosh 
capital and know-how. 

Plctne contact: 

OKO^Rnam A/5, 

Hricege 8, 

9480 Andencs /Norway 
Tel: 579 or 580 (on request) 
Telex 64 440 Nlcol N 

ALGARVE (PORTUGAL) 
REAL ESTATE FOR SALE 
LAND 

150,000 Sq Metres (about 37.1 Acres) 
TO ALL WHO MAY BE IN TgESTED 
IN A GOOD INVESTMENT 
OPPORTUNITY 

Right in the best tourist area of 
the Algarve on the southern coast of 
Portugal (Albofeirx). 

Plans already duly approved by and 
required authorisations obtained from 
local authorities. 

SO CODE LTD., 

- do Mr. I. P. da Costa or 
Mr. M. Eagalhado, 

Rue de Campolide. 31-1% 
Lisbon-1. Portugal. 

Tel: 6840 57. 

Telex: 12623 TREFIL-P. 


AM IDEAL OPPORTUNITY 
has arisen for you to aconire the ser- 
vices Of a German national with fluent 
English and 20 years exper i ence In 
selling technical products. Based onhr 
20 minutes from Frankfurt Airport 
and City, be has spent the last 4 
years managing the German sales 
Organisation for a leading U.K. manu- 
facturing company. First class 
references. 

important If repaired, he can also 
provide fully equipped 350 *c.m. 
premises, parking etc. with office staff 
and sales force ready to operate im- 
mediately. In U.K. contact: FARMER 
ADVERTISING LTD- 39 Kloh Street. 
Rursllp. Middlesex. 

In Germany contact: F_w. Birder. 
Lerchenstruse 66. 6056 Heusenstanm. 
Telephone 06104 61786. 


YOUR MAN IN EUROPE 

Is based In the heart of the Continent. 
His team provides prompt International 
coverage from its communications and 
finance centre: Frankfurt, negotiates 
and corresponds for you In English. 
German. French. Spanish. Dutch and 
Japanese. Available: Comprehensive 
international experience. Eurone-wlde 
contacts, legal and tax experts, secre- 
tarial and conference facilities. Ooen 
to any serious proposals, fletible and 
adaptable, initial enquiries to: 

Mr. Mens. Tef. .(6103) 64041 
Telex 417954. P.O.B. 201161. 6072 
Frankfurt I Drcidch. Yt. Germanv. 


UP TO £500,000 
AVAILABLE 
FOR ACQUISITION 

Two experienced Company Directors 
seek to acquire a business or company 
in -any manufacturing or service 
indistry. Continuity of existing 
buainei* end management desired. 
Write .ficx C.1341, Financial Time*. 
IQ! Connoa Street, EC4P 4flY. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy. save uP to 40 px. 
Lease 3 years from £3.70 weekly. 
Rent from £29 per month. 

Phone: 01-641 2365 


PLATING & POLISHING 
WEST OF ENGLAND 

Do you sub-contract yww plating and 
polishing? Why not own your own 
business to do this? One is for disposal 
as a going concern with aver 20,000 
square feet of own premise*, and 
nickel chrome, cadmium and zinc 
automatic plant. Write Box G-T332. 
Financial Times, IQ, Cannon Street 
EC4P 4BT. 


LETTERPRESS PRINTING 

Profitable specialist letterpress print- 
Ing business with small iieho capacity 
having large volume of recarring work 
ax well ax Jobbing for sale to cash 
buyer. Situated in Home Counties. 
Turnover £600.000 plus. Existing man- 
agement can stay if required. 
Enquiries from principals only to Box 
G.1324, Financial Times. 10, Cannon 
Street EC4P 4BY. 


SALES IN U.S.A. 

Executive moving between U.K. 
and U.S. interested in handling 
exports to U.S.A. of viable 
British products. 

Write Bor G.f302, Financial T fines. 
JO. Connoa Street, EC4P 4BY. 

BUSINESS REQUIRED 

Partnership or outright purchase of 
Sound business or one with potential 
is sought by businessman wishing to 
participate actively. This would be of 
interest to someone contemplating 
retirement or wishing to expand. 
Write Box G.1337, Financial Times, 
10. Cannon Street EC4P 4BY. 

REINFORCED 

PLASTICS/GRP 

Well established moulding comparer 
engaged In construction-buildlng, in- 
dustrial and commercial marvels has 
taken policy decision to dlsncm* with 
nart of ortteut production activities 
and seeks additional sub-contract or 
proprietary production lead. Joint 
venture, or association propositions 
could be of Interest. Write Box G.1356. 
Financial Times. 10. Cannon Street, 
EC4P 48 V. ■* 

A LEADING CHARITABLE 
TRUST 

ouaesriied Ui Historical and maritime 
mascara. 

Seeks Interest Free Loins 

from high tax payers. All loans will 
bo fully secured and gone rocs fringe 
benefits possible. 

Write Box G.13M. Flnoncld Times. 
10, Canaan Street, EC4P 4BY. 


FOR SALE 

PROFITABLE 

LTTHO PRINTING COMPANY 

Located in South London and estab- 
lished 20 yean. Turnover approx. 

£600,000, net astern £150,000. 
Principal* only write to Box C.1340, 
Finandal Timet, 

10. Cannon Stmt. BC4P4BY. 

VENTURE CAPITAL available, immediately 
with cation at active participation and 
"Unity Morin?. — P.O. Box 4£F. London. 
W.l m 


Lorry drivers strike over 
pay in South Wales 


BY ROBIN REEVES, WELSH CORRESPONDENT 


AN ESTIMATED 2,000 lorry 
drivers went on strike in South 
Wales yesterday morning, over 
a claim which local employers 
argue will breach the Govern- 
ment's pay guidelines. . 

Support for the stoppage by 
members of the Transport and 
General Workers Union was 
described as “tremendous" by 
a strike committee spokesman. 

Hie strike is directed against 
independent general haulage 
contractors. 

Tbe impact on commerce and 
industry was cot immediately 
obvious, but nnion officials say 
the effects will be felt by mid- 
week. 

Picket lines were established 
at docks and big factories 
throughout South Wales, halting 
movement of goods in and out 
of a large number of industrial 
and* commercial premises. 

Cardiff dockers were said to 
have agreed not to move any 
goods inside the docks, and 


Swansea dockers arc expected to 
do the same this morning. 

Strike leaders do not expect 
to have to maintain picket lines 
once they have won the support 
of TGWU and other union mem- 
bers in South Wales. 

They claim to have been in- 
undated by phone calls from 
employer members of the Road 
Haulage Association, who were 
indicating their willingness to 
setle the dispute on the drivers’ 
terms. 

The. drivers are pressing for 
the consolidation of Stage 1 and 
2 pay increases, plus a 10 per 
cent, rise, in order to lift their 
three-year-old basic wage of £4Q 
to £53 a week. 

South Wales members of tbe 
Road Haulage Association have 
been prepared to pay another 10 
per cent, only as a further 
supplement and not as an addi- 
tion to the basic, claiming tbe 
union's demand would breach 
the Government’s guidelines. 

Nick Garnett writes: Most of 


Halewood strikers 
to hear Ford’s 
new offer to-day 

BY PHILIP BASSETT, LABOUR STAFF 


the local Road Haubge Assotiw 
tion managements in Britain 
have offered or negotiated pn 
deals higher than that offered 
in South Wales nod the Trans, 
port and General Workers Union 
believes the South Wales, region ■ 
will eventually be forced into 
line. 

The M model ” for most of the 
deals is the basic rate figure of 
£53 with consolidation for over- 
time which provides rises of 
about 15 per cent, on the bas» 
of the national average 12j hour* 
overtime. 

Drivers in Humberside have* 
accepted a pay offer on simitar 
lines and drivers in the Central. 
South and in London and the 
South-East arc considering the 
same kind of offer. 

The West Midlands fcu 
negotiated a guideline-breaching 
settlement and the Government 
believes settlements in Scotland 
and the North, based on the £83 
basic , arc also outside guide, 
lines. 


Chemical 


industry 
job cuts 
rejected 


STRIKING PRESSROOM workers 
who have brought production at 
Ford’s £110m. Halewood car 
plant on Merseyside to a stand- 
still will hold a hastily-recalled 
mass meeting to-day to hear the 
company's latest offer. 

But tiie strike — now in its 
fourth week — is unlikely to be 
called off. The Ford offer on job 
rotation which was put to the 
strikers’ shop stewards last week 
seems not to have met their 
demands. 

In Merseyside’s other major 
car dispute, at the British Ley- 
land plant at Speke, the first real 
sign that the leaders of tbe 2.000 
strikers are softening has come 
after the company's surprise 
request to the stewards to call 
a mass meeting. 

The stewards discussed the 
requests at the weekend and 
said yesterday -that they are con- 
sidering complying. There has 
been no meeting of the strikers 
to test feeling since November 
2l_ Work stopped on Novem- 
ber 1. 

Any meeting will not be held 
before Mr. Michael Edwardes, 
chairman of British Leyland, 
tells his plans for the group's 
future to union leaders and 
management an Birmingham 
tomorrow. 

The stewards will not neces- 


sarily put a vote to go back to 
work lo any meeting they call 
but they would use it to discuss 
the Sfeeke position and to make 
their response to Mr. Edwardcs’s 
plans. 

Leyland Cars officials are 
optimistic about their effort to 
break the deadlock. They see 
the chance of a mass meeting 
as a significant change in the 
attitude of the strike leaders in 
response to a growing rank-and- 
file disillusionment with the 
13-week stoppage. 

To-day's meeting in Liverpool 
of 1,000 Ford strikers is possibly 
not so hopeful, even though at a 
mass meeting last week the men 
did vote not to call another meet- 
ing for a fortnighL 

Tbe main stumbling-block to 
settlement of the strike has been 
the men's claim for hourly job 
rotation. Until Ford's latest 
move tbe company insisted that 
rotation only once every four 
hours would be acceptable. 

Following a day of talks on 
Friday. Ford management offered 
to bring in hourly job rotation 
after the first four hours of each 
shift But the strikers’ shop 
stewards seem unprepared to 
accept that offer, and a recom- 
mendation at to-day’s meeting 
for a return to wort: seems un- 
likely. 


Injunction sought over 
dismissal of firemen 


By. Alan Pike. 

[ Labour Correspondent 
I CHEMICAL INDUSTRY union 
( officials would not agree to mas- 
sive cuts in the labour force to 
finance pay increases, Mr. David 
Warburlon. national industrial 
officer ol the General and 
Municipal Workers’ Union, said 
yesterday. 

The industry was a big con- 
tributor to the trade surplus and 
it was "time that those who 
produce that wealth enjoyed 
some of the benefits.’’ he told the 
national chemical conference of 
his union at Hale. Cheshire. 

The union side — which will be 
finalising claims to the chemical 
employers on behalf of 165,000 
workers in the next few weeks— 
would not accept ray limits on 
productivity bargaining at local 
level. “ Neither shall wc support 
interference by the joint indus- 
trial council on company and 
plant negotiations. 

“If we arc expected to enter 
into a national agreement which 
relates to the so-called 10 per 
cent guideline then wc must in* 
sist that productivity deals 
supplement such an arbitrary 
figure." 

The unions would be expecting 
a return to company level com- 
prehensive negotiations on pro- 
ductivity. The issue of man- 
ning levels would be “incidental" 
to such talks. Mr. Warburttm 
said. 

"As a capital intensive in* 
dustry we cannot accept soma 
glib interpretation by faceless 
civil servants on the issue of 
productivity. Wc have not 
accepted pay restraint simply to 
boost profits." 


THE FIRE Brigades Union is to 
seek an injunction to-day against 
the Chief Officer of the London 
Fire Brigade and the Greater 
London Council following the 
dismissal of six firemen, the 
union said yesterday. 

Mr. Dick Foggie, deputy 
general secretary, said the union 
was trying to prevent Mr. Peter 
Darby, the Chief Officer, from 
sacking the six men without 
using the statutory disciplinary 
procedure. 

The union was also trying to 
ensure that the men were paid 
during any appeal procedure. 

Mr. Foggie said one of the six 
firemen had 19 years’ service 
and another had been awarded 
the British Empire Medal for 
bravery. 


When they returned to work 
after the firemen's strike they 
had been dismissed instantly and 
told that if they wished to , 
appeal against the decision, they j 
■would be suspended without pay. 

Mr. Foggie claimed that thei 
dismissals were completely un- 
constitutional. By seeking an 
injunction tbe union was doing 
its best to prevent an all-out 
stoppage of the London Fire 
Service. 

The London regional' commit- 
tee had called for an emergency 
meeting to-day at which it was 
proposed to recommend strike 
action by the whole of the Lon- 
don Fire Brigade, but tbe union 
leadership had persuaded the 
committee to postpone that meet- 
ing until Friday, after the court 
action. . 


Swan Hunter claim goes 
to arbitration next week 


THE 3.509 boilermakers in tbe 
Swan Hunter shipbuilding yard 
on the Tyne have been granted 
a “fair wages” hearing before 
tbe Central Arbitration Commit- 
tee at Newcastle on February S. 

The boilermakers’ refusal last 
week to end work restrictions 
finally lost Swan Hunter its 
share of the Polish ship order. 

The boilermakers jumped on 
the ** fair wages bandwagon ” in 
December after the consortium’s 
1,700 outfitters had been given 
a £5.40 award by tbe CAC to 
narrow pay differentials. 

The 600 boilermakers in the 
Swan Hunter ship repair yards 
on the Tyne are annoyed at the 
early bearing granted to their 
shipbuilding counterparts. They 
applied for a fair wages hearing 
in June last year, and have been 
told their application will be 


heard by the committee ia 
March. 

Mr. John Elliott, boilermakers’ 
convener at Swan Hunter Ship 
Repairers, North Shields, said: 

Strings are apparently pulled 
when you cause trouble or ban 
overtime.” 

The Swan Hunter shipbuilding 
yards were hit by more trouble 
yesterday, when SO security j 
guards started an overtime ban 1 
over the delay in the settlement 
of a pay claim. 

“We lodged a claim within 
the Government’s guidelines on 
Uetober 5. and our new settle- 
ment should have come into 
effect on January 1," a spokes- 
man said. 

Yesterday the guided missile 
destroyer Cardiff, fitting out at 
Hebburn shipyard, was said to 
be without security guards 
durmg the day shift. They were 
back on board last night. 


Dockers vote 
to call off 
work-to-rule 

By Pauline Clark, Labour Staff 
THE REMAINING S00 London 
dockers who have alone stood 
out against the Governments 
pay guidelines decided at a man 
meeting yesterday to caH off 
their work-to-rule and accept.* 
previously rejected 10 per cent, 
offer. 

Members of the National Amal- 
gamated Stevedores and Dockers 
Union in London’s enclosed docks 
have been refusing to operate the 
normal shift system for more 
than a week in support of their 
2S per cent pay claim. Yester- 
day’s vote taken at the Royal 
Albert Docks should result in a 
full return to work at 7 aJn. this 
morning. 

Their decision to follow their 
3.700 Transport and Genera! 
Workers' Union colleagues, who 
accepted the same deal by a 
large majority at a mass meeting 
earlier this month, means that 
pay negotiations for the vast 
majority of the workforce in 
London's enclosed docks are now 
tied up. 

Journalists act 
in pay row 

By Our Labour Staff 
PROVINCIAL NEWSPAPERS 
throughout England and Wales 
faced the first day of industrial 
action by their journalists yester- 
day as the result of a breakdown 
in pay talks. 

The action follows Instructions 
from the National Union of 
Journalists to Us, S.500 members 
\\ Provinces to ban night 
jobs, refuse to use private cars, 
and withdraw cu-operation in 
other ways. 


Jones presses for cut in hours 


«Y CHRISTOPHER LORENZ, MANAGEMENT EDITOR 


SUGGESTIONS that the intro- 
duction of a much shorter work- 
ing week would harm tiie 
interests of either workers or 
employers were criticised to-day 
by Mr. Jack Jones, secretary of 
the Transport and General 
Workers’ Union. 

Reduction of the normal work- 
ing week to 35 hours or less 
would create substantial employ- 
ment and could be done without 
any dangerous pressures or costs' 
if property negotiated, he told 
more than 500 European chair- 
men and chief executives at the 
European management forum 
197S Davos Symposium. 

Mr. Jones’s campaign for work- 


sharing has been criticised 
recently on the grounds that the 
introduction 0 f fewer basic 
'working hours would push up 
overtime and exacerbate unem- 
ployment rather than ease it. 

To-day, he retorted that in- 
ternational experience, especi- 
ally in Britain and France 
showed Uiat overtime fell when 
the working week was reduced 

He was equally emphatic that 
work-sharing would be In the 
employers interest Negotia- 
tions with several commies 
were progressing well and he 
believed agreements would h e 
reached when the current pay 
Policy was eased, although an- 


DAVOS. Jan. 30. 

itially some might only involve 
a cut from 40 to 37* hours. 

Koplying to * question from 
Loro Limerick, executive 
director of Kleinwort Benson. 
Mr. Jones said he believed the 
extra social costs involved isr'-es " 
four-day week could bo offset by 
increased productivity, and so 
could any increase In wages.. 

above four-firths of their current 
level. 

Not only would the expected:;, 
fall in overtime save costs, but 
a reduction in working time ; 
focused the mind of niaaafi.*^ 
went and unions on how plant’ 
could, be used more 1 - 


PS. 






J ri ^ Ou 





EDITED BY ARTHUR BENNETT AND TED SCHOETERS 


for 

construction 


• TEXTILES 


01-9951313 ICI dye method is a cost saver 


FIRST PROCESS in the world 
I for single-stage continuous dye- 

itionrATiAu jng of polyesler/cellulose fabrics me nuu mi u*c ju uccas as uu» uwwiiius «pvvmv«Mij> tur lui 

• INSPECTION is announced by ICI, based on an developed, washing off is simple treatment of polyester. 

yf .y . * , integrated dye system involving and aflicieut. Trials in Europe and the U.S 

jy I P3J21iri Tlpr Dispersol/Procion T dyes. Use of plant Is more econo- show that the combined dye; 

T -*-»■' •*►'**** "£5 Large savings in energy and mical and tire capital cost of new give high yields on non 

• • i chemical costs are claimed, to- plant is reduced. At the same mercerised fabrics. wbict 

irremilar gether with significant technical time, existing single-stage plant removes yet another procest 

*-*- ■* ****** advantages. can now be used for polyester/ required hitherto for continuouf 

p j This results from the fact that cellulose. dyeing operations. 

51 TQCT on conventional continuous dye- The development of the com- Reproducibility betweer 

ing of this. blend of materials — bined dyeing system was pre- laboratory and plant of the bif 

INVENTED originally for use is except in pale shades— two in*, ceded by the production of a range of possible colours is high 

the pelt and leather industries, line processes are demanded, new range of dyes in ICTs and there are seven Procion 1 

an electronic sizing table has Une is to fix the disperse dyes Procion series. They are the and eight Dispersol shades to 

obvious applications in many on the polyester components and Procion T - range described by select from, 
other industries as an instant the other to dye the cellulose the company as a completely new ICI is now marketing this in- 
check on the amount of material with a reactive or other dye. ciasB of reactive dyes for cellu- tegrated dye system In all the 

□resent. ICl's approach allows both to lose and they incorporate a major textile producing court 

Digimet equipment comes in a he fixed at the same time, discovery licensed exclusively to tries, 
table ton presentation able to eliminating the steaming stage ICI by Burlington Industries, Further details from the corn- 
handle goods with an area of and the need for heat, caustic which is the biggest textile cor- pany at Miilbank, London SW1P 
1.5 x 2 metres— other sizes are 50 d*- salt or sodium hyposulphite po ration in the U.S. 4QG. 01-834 4444. 

available to order. Dnurrn 

The electronic reading table W rUWtK 

requires a good level of iUumina- -<& j-m . . . a 

MK offers consumer protection 

square decimetre (i square foot) MT 

within 10 seconds at the most. AFTER many years as lead sup- way for overloads and brings will rise from 23 per cent of the 

Higher resolution can be pro- piier of mains plugs and sockets, heavy current practice into the total in 1976 to 65 per cent in 

vided if required. light switches and similar wiring home; circuit breakers, not fuses 1980, based mainly on the likeli- 

No calibration is needed and accessories, MK Electric is to are used by the supply authority hood that the next edition of 
the reading is provided through take on Crabtree, B£EM and since they are more accurate, the IEE wiring regulations will 
a 1-inch high LED display. Opera- Wylex in the consumer unit versatile, and can be reset call for more accurate circuit 

tion i«s entirely automatic and market. Miniaturised, they mean that protection However, the regula- 

a sinclc operative is required. The announcement has raised the householder replaces no fuses tion.?. so far, are not in tbem- 
More from Nevenro. 2. Hills son]e e y L >brows in the industry but simply operates a relatchinq selves a legal requirement. 

Road. Cambridge CB2 1JP. because MK has put' all the lever or button after rectifying The company also believes that 

0223 62392. domestic supply board items into the fault. .If he has not reclined because there is increasing con- 

• PROCESSING one box on » modular-choice it the breaker simply comes out cern in society for safety, earth 

rKUUmiNU basis and has opted to use agaro. leakage breaker use will rise 

V^-plTITlCkPC 1 Siemens circuit breakers, ignor- MCBs have been on the market fro® ? ?££- c ? n S, c of con5 ^ m ? r 

iUI/vl i9 ing fuses entirely. .. The new for some years, and some brands j **?/ ^ 

1 , _ - system, to be called Sentry will provide a direct plug-in replace- However, it atoits t^t the 

CThAOflorl f^lT - be available in March. ment for the fuse holder. But PJ?bhc is almost tot^ly unavrare 

oPtvUwU Dy - , I t ;• .. the breaker unit can be up to °L let alone its cost, 

Jr J The consumer unit is the gj X times the cost of the fuse wilIch is about £20. 

modern equivalent of the various ^ contractors perhaps earn- Convinced of the trends, MK 

electronics ?“* bos ® s and * wltc f e * estly looking tor a cost induction. has arranged Sentry so that many 

in new houses up to about 15 w -jij 0 fi en stick to fuses on the positional arrangements of isolat- 
KOMAX 30 electronically con- years ago. Instead of a separate ba ^ is that the customer will :n S switch. MCB or ELCB can be 
trolled wire stripping machine is fuse and switch for each ring or never appreciate the difference, easily assembled on a DIN mount- 
a bench -top unit which can be radial circuit, with the resulting a blown fuse being a somewhat * n " ra ^ * a one box. Up to 13 
used with solid and stranded complication of board wiring, a infrequent event in most house- ways arc provided using 32 basic 
cable including wire up to 9mm single switch and a number of holds Certainly the MCB cuuld components including eight en- 
diameter and ribbon cable up to fused ways are provided in a be regarded as a poor invest- closure types. The MCB occupies 
65mm wide. Lengths ranging single box. ment °in terms of “machine OT » e module 18mm wide, as does 

from 1mm to 100m. ±fl.5 per Thus far, electrical contractors usage." the neutral terminal block, the 

cent, can be cm and ends can are agreed— the consumer unit On the other hand the MCB switch takes up two modules and 

be stripped from 3 to 50mm. iCU) is a good thing. Agreement can reduce the risks of fire since tiie ELCB four. 

Wire feed is by stepping motor fades, however, on the subject of it trill detect and break a pro- MK's success in the venture 
and feed is variable from 200 protection, there now being a longed overload which may be may well depend on the extent to 
to 600 mm/sec. The pneumatic- choice of re-wireahle L.fuse, insufficient to rupture a Fuse, which the trade will accept the 
ally operated cutting unit has cartridge fuse, miniature circuit Because of this, cables can be additional complexity of parts, 
two linear ball guides to ensure breaker (MCB) and the ; must more highly rated. The Siemens But it will also hinge upon 
accurate cutting of The stripping recent innovation, the earth leak- version has a bimetal thermal whether the MCB and the ELCB 
blades over the complete 65mm age circuit breaker (ELCB). action to deal with these over- are seen to be important 
surface, and both blades are wire _ . . loads accurately and a magnetic A likely turn of events is that 

guides, which are manufactured firs! 111 ree of are breaker, with an- extinguishing, the U.K. will be required to fall 

to customer specification, can be over-current wiring . protection J0 with short circuits. This in with practice on the Continent 
quickly inserted into and re- u ‘‘vices, in order of technical derice acts in less than five where the devices are much more 
moved from the stripping block, excellence, while the fourth is niillisecoDds. letting through the widely used. It seems that overi 
Important is the conveyor *ys- I* U! \“ basea on the ilvj minimum of energy and so pre- there the industry has been, 

tom which has been dcs gned in jjjmt when the human body «m- venting the sealed authority fuse, rather more successful in making, 

run rijqhtly farier than The wire " u an > uu ^‘ nt ,, , ° L .f_ due or other earlier fuses, from or enforcing, its point, 

feed drive to ensure tha. wire is .™ n w , , , blowing. But it is a point which needs 

always drawn through U,\e cutting ■ , n U p > , ,1 s inV MK believes that «*un these najupg ir. the long run. not with 

head and iammitin is avtoided. ' It a d swlL.il advantages wilt outweigh rhe fisc electrical contractor or whole- 

also depots the Cnt^hi-d product similar to a relay. extra cost. It predicts that .<jivs salers. bu: w;*h the householder, 

into a trough. The- MCB acus in a -similar of consumer units with MCBs GEOFFREY CHARUSH 

Operation Is controlled by a 

• MATERIALS 

S H r requirement S Gill II § Dy IXISCulDC AdhCSlOIl 

are 220V at 50 H* and a standard ” ^ 

fartory cnmpresBed air supply of A CANADIAN company which In this arrangement, ixrifU 

P'l suitable for powering tv>n been manufacturing and ingredients are prepacked in the W JLivP 

* Vprn ttP qv«»en>c fFTiv'tmntpi exporting vending machines for £“P S which are stacked m a 

««-o ero ^ • s!cm « fEIeetronlci, . Ih _ , , g is 0 j ann j nc . dispenser in one unit into wmch nrAnnrnfmn 

362a spring Road. Shollnq, f JjJ onslaught in the UJK * e consumer inserts the money. 131^01331^3.11011 

Snmhampton. Southampton ^v eL 0nSJ3USnt “ Uie Ujx ‘ The purchaser then tahes the cup * 

440611, i* i • j h - to a separate unit which dispen-es J^INTL) DEVELOPED by 

A COMPONENTS urhirh IS afJ nl » r n 0 d h? n s 3 JH :iC ?i n ^ hot or chil,ed water as required. ASOL-Chcmie. of Berlin, and the 

W vUltlr UlUtiti 1 9 which are to be based on a . A mnnn j Zectral lsstitut fur Schweiss- 


as would be normally used in the 
conventional second stage. At 
the end of the process as now 
developed, washing off is simple 
an d fifficient. 

Use of plant Is more econo- 
mical and tiie capital cost of new 
plant is reduced. At the same 
time, existing single-stage plant 
can now be used for polyester/ 

cellulose. 

The development of the com- 
bined dyeing system was pre- 
ceded by the production of a 
new range of dyes in ICI‘s 
Procion series. They are the 
Procion T - range described by 
the company as a completely new 
class of reactive dyes for cellu- 
lose and they incorporate a 
discovery licensed exclusively to 
ICI by Burlington Industries, 
which is the biggest textile cor- 
poration In the U.S. 


Dispersol T dyes, developed by 
ICI, also form a new class of 
materials specifically for the 
treatment of polyester. 

Trials in Europe and the U.S. 
show that the combined dyes 
give high, yields on non- 
mercerised fabrics. which 
removes yet another process 
required hitherto for continuous 
dyeing operations. 

Reproducibility between 

laboratory and plant of the big 
range of possible colours is high 
and there are seven Procion T 
and eight Dispersol shades to 
select from. 

1C1 is now marketing this in- 
tegrated dye system in all the 
major textile producing coun- 
tries. 

Further details from the com- 
pany at Miilbank, London SW1P 
4QG. 01-834 4444. 


MK offers consumer protection 


( ^niiqj 

»icliistn 
u«h cuis 
^•.iiTlcd 


AFTER many years as lead sup- way for ov 
ptier of mains plugs and sockets, heavy currex 
light switches and similar wiring home; circuit 
accessories, MK Electric is to are used by 1 
take on Crabtree, MEM and since they ; 
Wylex in the consumer unit versatile, ant 
market. Miniaturise 

The announcement has raised the bousehoh 
some eyebrows in the industry but simply o 
because MK has put' all the *over or but 
domestic supply board items into the fault. If 
one box on a- modular-choice “ the oreake 
basis and bas opted to use agaux. 
Siemens circuit breakers, ignor- MCBs have 
ing fuses entirety. The new for some yea- 
system, to be called Sentry will provide a dii 
be available in March. ment for th 

The consumer unit is the 2* tira^Th 
modern equivalent of the various contract 
fuse boxes and switches installed est j y looking 
in new houses up to about 15 0 f ten 
years ago. Instead of a separate ^asis that 
fuse and switch for each ring or neve r auprec 
radial circuit, with the resulting a blown fuse 
complication of board wiring, a infrequent c\ 
single switch and a number of hold? Certaii 
fused ways are provided in a ^ regarded 
single box. ment ° in te 

Thus far, electrical contractors usage." 
are agreed — the consumer unit On the otl 
iCU) is a good thing. Agreement can reduce th 
fades, however, on the subject of it will dcteci 
protection, there now bring a longed overii 
choice of re-wireahle l.fuse, insufficient t 
cartridge Rise, miniature circuit Because of t 
breaker (MCB) and the, must more highly 
recent innovation, the earth leak- version has 
age circuit breaker (ELCB). action to de: 

_ . . ... loads accural 

The first three of these are breaker, with 
over-current wiring projection . uith 

devices, in order of technical deriw acts 
excellence, while the fourth is milliseconds, 
a safety unit based on the idea Minimum o^ 
tiut when the human body vim- V entin«*tho «* 
duels any current to earth due or nX £ or M 
to contact with the linerCi.n- blnwinc 
ductor. the supply is cut iff by helievi 

a magnetically operated switch 4 d,\tnta-es 1 
similar to a relay. extra -cost. It 

The MCB acus in a -similar of consumer 

• VENDING 

Selling by machine 


way for overloads and brings 
heavy current practice into the 
home; circuit breakers, not fuses 
are used by the supply authority 
since they are more accurate, 
versatile, and can be reset 

Miniaturised, they mean that 
the householder replaces no fuses 
but simply operates a relatchinq 
lever or button after rectifying 
the fault .If he bas not rectified 
it the breaker simply comes out 
again. 

MCBs have been on the market 
for scone years, and some brands 
provide a direct plug-in replace- 
ment for the fuse holder. But 
the breaker unit can be up to 
six times the cost of the fuse 
and contractors, perhaps earn- 
estly looking for a cost reduction, 
will often stick to fuses on the 
basis that the customer will 
never appreciate the difference, 
a blown fuse being a somewhat 
infrequent event in most house- 
holds. Certainly the MCB cuuld 
be regarded as a poor invest- 
ment in terms of “machine 
usage." 

On the other hand the MCB 
can reduce the risks of fire since 
it will detect and break a pro- 
longed overload which may be 
insufficient to rupture a fuse. 
Because of this, cables can be 
more highly rated. The Siemens 
version has a bimetal thermal 
action to deal with these over- 
loads accurately and a magnetic 
breaker, with arc extinguishing, 
to co-pc with short circuits. Th;s 
derice acts in less than five 
milliseconds, letting through the 
minimum of energy and so pre- 
venting the settled authority fuse, 
or other earlier fuses, from 
blowing. 

MK believes that «si*un Ibex? 
advantages will outweigh the 
extra cost. It predicts that 
of consumer units with MCBs 


will rise from 23 per cent of the 1 
total in 1976 to 65 per cent in | 
1980, based mainly on the likeli-i 
hood that the next edition of 
the IEE wiring regulations will] 
call for more accurate circuit' 
protection However, the regula- 
tions. so far. are not in them- 
selves a legal requirement. 

The company also believes that 
because there is increasing con- 
cern in society for safety, earth 
leakage breaker use will rise 
from S per cent of consumer 
units in 1976 to 35 per cent, in 
1980. However, it admits that the 
public is almost totally unaware 
of the ELCB. let alone its cost, 
which is about £20. 

Convinced of the trends, MK 
has arranged Sentry so that many 
positional arrangements of isolat- 
ing switch. MCB or ELCB can be 
easily assembled on a DIN mount- 
ing rail in one box. Up to 13 
ways arc provided using 32 basic 
component; including eight en- 
closure types. The MCB occupies 
one module 18mm wide, as does 
the neutral terminal block, the 
switch takes up two modules and 
the ELCB four. 

MK's success in the venture 
may well depend on the extent to 
which the trade will accept the 
additional complexity of parts. 
But it will also hinge upon 
whether the MCB and the ELCB 
are seen to he important 

A likely turn of events is that 
the U.K. will be required to fall 
in with practice on the Continent 
where the devices are much more 
widely used. It seems that over 
there the industry has been 
rather more .successful in making, 
or enforcing, its point. 

But it is a point which needs 
n-ajursg ir. the long run. not with 
the electrical contractor or whole- 
salers. bu: w:*h the householder. 

GEOFFREY CHARUSH 




440611, 


• MATERIALS 

Adhesion 


preparation 


w bumruritiua Which are to be based on a . A mona advances claimed for Z«nrad lnstitnt fur Schweiss- 
nltnin combination of hot and cold tw# irH .* up systr .£, are Pa £ 0 r lecbmk (ZISj. of Halle in the 
KOiier Cnaill ve £dmg plus a glass* maintenance, no accidental mix- p ennaa Democratic Republic, 

fronted snack and confectionery ^ of in°redients and no ,s a bonding adhesive 

Trfc-rkrfcww merchandiser with the option humidity from hot water in the whic ° ,Soes 301 require cleaned 
irOm J3D3D also of an accompanying lockable beverage machines. 07 degreased surfaces at the 

storage and service unit General Fond«: c’aims »bat 30 

EASY SPLITTING of chain on The equipment has been per C enL of all new dnak^ vend- Called Epasol FV/ZIS. it is a 
sue and a consequent reduction designed for installation in four im, niachines sold each vear ir mDdifit?d cold-hardening two- 
in down time is the main advan- different combinations and it is j market w nj, an annua! turnover component adhesive on an epoxy- 


now availabto in the U.K. by Moyer Diebel at its Jordan sector. Offices and sma'I S'tes Priocip*. the adhesive itself 

These dnvc riiatns arc said to Station plant in Ontario and account for more than half o f carr.es out surface cleaning, dis- 

m UK. through MDM new sales. Bu7 of overs£ giving and absorbing any oil 

# . * lenders {L-IO. 83 Copers Cope people using vending machines Sim present, and "activating" the 

k s P ,1, J in R A f ea l u ^c I s Road, Beckenham, Kent BR3 70 per cent work in factories 5urf2c es to which it is applied. 

KfS 1 b 2iF“ lSR - or similar environmerns ^ where The maker claims that un- 

extracted or & rcnSred^n^^toS A J S0 makin ». ™ attack on the in-cup to date has shown 'a Iow4r greasy surfaces bonded 

driiSn? TCnd,n R machine market Is penetration. w«b the new adhesive have a 

h!iThr^ d j> risbt ^ General Foods which has. , Details from General Foods. 50 P er cent, higher tensile/shear 

Thcv arc available In sinete e U ? chcd Maxpax M ^ularJBanhury. Oxon OX 16 7QU (0295 strength a! room temperature 

• comput,ng f KK'sss: 

d fro ^ 4 * 400 10 O . creased to 600 per cent. Price is 

Link^ plates are heat-treated Small user V6fltlir0 dard rwo-par: adbwives. J 


• comput,ng f 

n? d fro ^ 4 * 400 10 O 11 , creased to 600 per cent. Price is I 

Link^ plates are heat-treated Small user V^fltlir0 dard rwo-par: adhesives. 

fatigue strength, and the com- FOLLOWING the launch last and the applications software, hi- ^df^ranjafa 1 * 8 materials ai^e*! 
pkfted chain is pre-stressed to October of a timesharing buxea® eluding payroU, sales, purchase « me'ail wort il D ra 

j as “ g , ? ut 4 ssrr, aa 

Matinhie tn the pravisiOQ of complete small J More from GDR Technical 


are also available to American provision of complete smaJ bwed on oxperieaec in' the i„J* ore ‘ ^ 0?T 1 ^. DK ■p£f c -a Uic £ 
standards, can bo supplied in ^sterns and has formed a n e? elated buSu and on extensive fcri5£ ,a &2 , sS TKL^O ’ffi 
high duly alloy steels, nickel division for the purpose. Y in-house use of DEC equipment f&SSr 1 ' 5be liUj t0 -' >b 

plated carbon steel or stainless Called Buarl Computer Sy*. in The paper business. * 

_ m— «■ , _ terns, jt will be based, like it» Series 2 can have floppy disc a IMCTRIiMENT^ 
Marketing in the U.K. h by timesharing operation, on Digital to 2.5 Megabytes, or a Pence “ inamumtnip 


385541. 

r^The^v 

I Worids V 
§ largest range 
/ of Electric i 
I Submersible / 
I Pumps I 

I Terimicnl Manual fro® Y 

I rarOT Ptoin aunol 

I Cohnck NottblBbaa WJ4 2AX I 
i Tdeptane 0S02-2413ZT j 
Telex 37316 - - ^0 


disc based system, plus the POP are thus aimed at small busi- _ 1* 

11/34, Z 1/60 and 11/70. : nesses with large storage require- Ol VP IJlTliTS 

However, making use of tfao meat but having little need for O ^ 

LSMZ micro, the company is also powerful processing. THERE must be many thousands 

to market the “Series 2" office PDP based systems will be of moving coil meters in in- 
console machine with vdu. Based supported by DEC while the dustry which engineers contem- 
on U^.-made components, it is Series 2 will be maintained plate replacing with digital 
being assembled at the group** throughout the U.K. by Bu.nzl metering simply because they 
Amersham plant FT 11 DEC from London. Amersham. Burn- will not give limit warnings. 


systems software is being used Icy and Newcastle. 

Access to mainframe 


from London. Amersham. Burn* will not give limit warnings. 


The analogue convenience of 
a pointer oa 2 dial— and the 
remainder of the Ions life of 
most moving coil units— can be 
retained using an add-on box 
called the V.'arch meter, intro- 


electrical wire&cable? 


Thous»xfe<rf types and sizEsbstockforirnniaSatedeSvwy 
•NQ*lffi«MUMGRl3eR *NOly««MUMl£NGm 
LOMQN0iS61St18 ABERDEEmm3235Sfe 

'■ THANSFBtCALLCUAftjQCBLAblYACCEPTED | 

- 24t£EMERGQ4CYNLMffiRQl 6373567 Ext409 . i 


that will act as a supplementary and utility software, the system tcrm^nalsltiie^derice caus^M 
data transfer link between the is available in 800 or 1800 bit 52SS i? the funetS^ the 
company's minicomputei^b wa per inch versions. S Up^S aSd fowJ? 

SyFA network processing system Both units operate at 25 limits are set by a screwdriver, 
and IBM 360 and 370 computers, jnches/sec. and use industry a. curacy of ccctrol being 1 per 

- standard 10J inch reels. Record- cent, irrespective of the accuracy 

— .m ing is in NRZ (non-retnru to of the merer itself. If either 

1 ' ~ zero) format allowing the system rioper or lower limits are passed. 

O, lo interface directly with existing the Watch meter indicates the 

'll * IBM-formaned tapes without the foci by 2 light on its front panel 

need for re-programming. activates z three-amp 250- 

The two software utilities give jflSSSS^SLSlR C ° an * <t * d 

wSSi can be sup- 

” piied for full-scale deflections 

isfex&frnmediatecfe&very 100 “S* 3 ®?* 

»MnMnotMt 9 un pmtttm „ otae f' . . milhamps or i 00 m\ and aoo 

IWftBrMgffiqLBKairl Now in use m the UJv. by volts, also has a memory and 

PtJfl«clfflg2 w Z3Sjg Tesco. Woolworth and Provincial adjustable hysteresis controls to 

Insurance, SyFA can support up prevent “hunting ” under close 
■ROi 637 3567 Eytaoa - to 24 local or remote terminals, monitoring conditions. More on 

— VT - ■ ■ More on 09237 7I2U. 04536 2005. 




M 

» 


I 



Put a bit of sting back into your 
business. With Datapak-B, the commercial 
computer system specially designed by Yentek _ 

Datapak-B offers a comprehensive 
set of computer programs forming an 
integrated accounting system that can be 
implemented as it stands - to carry out 
Order Processing/Sales Accounting/Stock 
Recording, Purchase/Nominal ledger, 
and Payroll etc - or tailored to include 
specially required features. 

Datapak-B is based on the famous 
Datapoint systems already supplied to 
companies like yours throughout the 
world, including eight out-of the top 
ten U.K. companies. 

So put a bit of sting back into your 
business. For all the facts ring 
Malcolm Hammond on 01-903 6261 
(or complete the coupon below). 



. .... . . -V ..t— ijsvF: ; « t. 

V.. ■ 

^ j ' * * 









- f^S fiy’t : “ 5: “ : " 



With exceptional equipment like this, 
you’ll soon find business buzzing again. 


Ventek Limited, Marketing Support Dept., 
17th Floor, Station House, Harrow Road, 
Wembley, Middlesex. HAS 6ER. 

Name 

Compan y, 


Address. 



Positior 

Tel.No. 


■ Tel.j 

L 


INTBLOCK CAPS PLEASE 


(fafafialr-fi 
[ban r^nfel 

A TRW AFFILIATE COMPANY 


■■*. ""rTwarr*" t — 








n 


F inan cia l Timas Tuesday Janusucy 3i 1973 1 * 


Job subsidy schemes 
to continue— Booth 




BY IVOR OWEN, PARLIAMENTARY STAFF 

£ GOVERNMENT intends to 

mg in a new scheme to su?- 
■■t short time working and will 
[i extend three existing job 
'isidy schemes for a further 
■j* from April 1, Mr. Albert 
3th. Employment Secretary, 

'jounced in the Commons last 
*t. 

i he three programmes which 
be extended are the ; 

> ipurary Employment Subsidy, 
i Small Firms Employment ” 
sidy and the Jobs Release 

! cine. 

cknowk-dging the opposition ; 

the Temporary Employment i 

'.sidy 1 TKS 1 . which has come i 
' u liie EEC, Mr. Booth said -jM 
the Goxcrnment would be rB&k 
inq plans t« the European 
unissjon which, he believed, 
i Id be consistent with Coin- ■a i W fc 
'Jiity treaty obligations. RSH 

: ; r. Booth's statement came as 
l Conservatives launched a 
•jnc attack un the Govern- 0^081. 



Inflation Hattersley rejects claims 
under 10% 0 n price inquiry powers 

BY IVOR OWEN. PARLIAMENTARY STAFF 

POSSIBLE CHANGES in the Mrs. Sally Oppenheim* shadow I agree with him, 0 the Secrete; 
range of information which the Prices Minister, who recently of State added. 

. •» ^ Price Commission requires from described the Commission as a Mr. Giles Shaw, another Co 

U7AA Irri ? firms seeking price increases are "Mafia with Star Chamber servative front-beach spokesra; 

TT CCIVtJ .under discussion between the powers’* clashed with Mr. Hat- on prices, criticised the depi 


Lever hints 
at relief 
for small 
businesses 


AN INDICATION that hit 


. tJ ^ POSSIBLE CHANGES in the Mrs. Sally Oppenheim. shadow I agree with him," the Secretary v 

range of information which the Prices Minister, who recently of State added. A v umtr&Timi *L 

“ ss l “?, d Jf over-manmng behind 1 • Price Commission requires from described the Commission as a Mr. Giles Shaw, another Con- £* venimM»wP ><•» 55 41 u** 

tivp “i pratee * yi/AQljc" firms seeking price increases are "Mafia with Star Chamber servative front-beach spokesman .9 U nnwessarv 

uve conirolfl wu aUowed to eon- W cCKN* .under discussion between the powers" clashed with Mr. Hat- on prices, criticised the depth 

Z jm?. 10 saskfi &£ ss s? mnssfs ss arr * & s Em « *£SS^ 

be rtjiSo- BY IVOR OWEN £T led in ,he Cott,moas ye3ter - “ i0 ™ , “ d wit1 ’ 'asStf? ZSmSS S&5 

m-ovTde £ He give an assurar5ce *k»t the Mr. Hattersley said he had the goodwill of British industry. ££ er ’ 10 C 010010 ® YttfetL 

Siouoht to J0M UUt 1 EXPECTATIONS that the annual Government would nor stand in discussed the allegations with Without such goodwill, he said, __ 

rate of inflation could fall to the way of any modifications the Commission and had been the Commission would not be when MPs complained that the 

The Temporary Employment below 10 per cent within two which proved “mutually agree- told that no question about trade able to operate. new Employment Protection 'Act 

Subsidy would have to be phased months were encouraged in the able" between the two parties, union -militancy had ever ap- Mr. Hattersley replied that Mr. had presented difficulties to small 


There were many cases where it employed in December by savin** becpn,e an jnquisitonal-type su’tants. working on behalf of tioas are proper and which are « j would like to find ways of 

was not justified. he expected the annual rate to P°°- v - widely feared by British the Price Commission, had in- not." te declared. easing the difficulties," he 

Mr. ,Prior added: “ I do not fall to single figures by the ““ustry. eluded such a question in some Oonagh MacDonald (Lab., declared. 

believe that the political con- spring. Some of the wilder claims letters to individual companies. asked how the Price u » » tr > _ 

■,r. Booth's statement came as HK s [ derations of continuing with There was no ambi-uitv how- ab ° U . t the require- “The chairman of the Price ComS^ton could be regarded as qJf r ' Jk. fenced * Wra* 

'i-psss"^ sr&u HA. a 19 ss jsejess& sse M s* s.-t ssn ins ’jss i £ ssx 

beninu an Opposition debate 10 In the annual rate of inflation ^ year, of the 664 price in- employment. 

fhe subiect Mr James Prior, area with equivalent support for an i election. ... . was “crucially dependent" upon J ^ 1 j crease* notified to the commis- 

^orv^itive spokesman accused employment." he added! .<?“* economy had become. too the general level of wage setUe PflPPS Ol^lllaV l)V *ion, only 50 were withdrawn or „ Mr. Lever replied that be was 

. ^Go\ - ornment of four wasted The Government would shortly «■£ and bureaucratic. Demaons me nte remateSg SSL S 11Lt ‘ 3 U J 1311 modified. " engaged m reflection " on how 

-s alca claimed that Mr be introducing a Bill providing hy .Government in one direction Government’s guidelines J j > j Mr. Hattersley said he had to maintain the standards set by 

*s Healev rhaSor of the me “t scheme and the extension ended up by denying cash else- •“ lT/in£rSl IUlflPr STlinV • never Promised the House “a the Commons In the Act for the 

■ „ ,n irr «nrm powers to cover the new emolov- wh ere. The job creation scheme *£ ter he . had r described the U AUtlJ UJLIUVl olUUY monster” but onlv a Price Com- protection of working people, 

• ? L ?J ? speech nn Saiurdav ^ the Small Firms Employment w « a dasslc . exa “ p i? of toat - 2 n major factor^cS STREET TRADERS may he net price of tiie item and the “**k» w itb adequate powers to white “mitigating any unnecc* 

Vh h” said P that the econmny Subsidy. S inflatio™ 1 !?/ Erie Brito put up price lieu, the original price from wWch Se e » to have a beneficial sary burden* ” on small bum ness- 

d be run at a level of demand Mr. Booth said it was not true flib.. Liverpool ™ Walton) Common heard yesterday. Sir. reduction bad been made. £$L- an p P?f S T J <! men ' 

■h could produce between ]? cl8in ?- Mr. Prior had done, “** f ^ stressed: “Wagestraint cannot Robert Maclennan. Prices Under The Office of Fair Trading bad “f*® 11 ®® ot tite commission, he 

jno and lm. additional jobs, Britain had a worse unetn- P nce Commission. on forever” Seeretarj - . said he accepted that been examining the general believed, had deterred many com- 

. his announcement vester- P*o>'nicnt record than any of its Mr. Prior also criticised the _ there had been gross profiteering, question of bargain offers and P* n j?S . fro® making price orknfvrhl 

Mr. Enoih argued that’it was juain competitors. The latest Employment Protection 'Act 1 F k- conlI " e “** d - Replying to Mr. Cyril Towns- was expected to submit recom- a P£L IcatI ^F s ‘ ^ „ . XlILc CUULaUA 

‘ <«arv to extend the three O^CD figures for December which, he said, discouraged . can ”°t be ? fur r 1 fl end (C., Bevleyneath) who said mendations shortly. When these ,-^* n Mr. Fergus Montgomery . _ 

i lux nient schemes until March showed at least five countries small firms from taking on new *1?®“ *, Jv ,,p “ wor P e .° p .® he had heard of tourists being were received, his Department Altrincham and Sale) asked fllSITl FPIPPlPfl 
,970. because thev had made “ lth worse unemployment than labour. There had to be some F.J' 3 . charged £2 for a can of “coke.” would decide what action was Jbe cost to firms in meeting the Jjmil ivjCLlVU 

•#crv important * impact an B p > tain's 6 per cent. America changes to remove such fears. * tan ^ the Minister said: “The Govern- necessary. Price Commissions information R^ndai times Reporter 

nplovment. had 6.4 per cent.. Canada 8.5. On British Leyland. Mr. Prior JjJJ® do mcnt » make an Order Mr. 3Iax Madden (Lab.. Sower- fequzrements.JVlr. Hattersley said „ . 

.n Covernment wanted m P ol ? ,uni W-2, Denmark 7.5 and said that the Tories would wish ^u1?inn re «iulrins price display for retail by) said that offers made without u would be as trivial as your IN 

Soit of the anaH Ireland 1L5 ‘ t" 2» v e Mr. Michael Edwardes, and iSt ihS saJos of f00d and drink - We are lowing the price from which the Question.’ Mr. Robert J^clennan. Under 

' s Emolov nient Subsidv^ bv i Mr ' Boqth was engaged in a the new chairman, all the sup- Sanda^offlwmr 'VmhrtHS" ^ currently consulting interested reduction had been made were A claim by Mr. Robert Adley Secretary for Prices, rejerted a 

1 d.^ hs ^n-raDhicaTcLer L° n§ w ^ ]e u ' ith the °^ osi ’ P ort the y could - “ We believe standard oflivmg improves. parties on our proposals. widely regarded in the retail (C. Cbristchiirch and Lymington) TOf™ **« ^ „SfE25S 

■ and %V increilfni ih^ t P a when h e said that in the that his policy and the lead that “ 1 am considering whether to trade a* “ con-tricks." He asked that accountants and manage- 8ho ald - n o P 

fnr o>p,iifv-in 3 flrn, c l It f cf, ?!? ort term - thc achievement of he is setting will do more to D a fn include street traders in the when legislation might be intro- ment consultants were frightened 10 f° ntro1 , P r,ces within 

irtori to inprewihl’ irnnar-t the objectives of the industrial preserve the vast majority of * wtlc ^-ti 1 Order as a means of dealing with duced to combat tiie problem, to have open discussions with monthl > intervals. 

,, j.i Tj,,ip a cp Sl> - n p‘^ p sector working parties would jobs in British Leyland than any Mr. Hattersley said the main- most of the undoubted abuse Mr. Maclennan said he agreed MPs and journalists about But in view of the fall in the 
' Ja* nionnpri m rnniimw tp? result In . if any. direct in- other scheme that has been put tenance of the 10 per cent guide- that takes place.” that prices information of the matters going to the commission rate of inflation, he thought it 

lit in thp fnrmV- *1 crease in employment in the forward.” lines throughout the present He had discussed the problem kind mentioned by Mr. Madden was described as “un- "desirable that price increases 

‘ n t He liliid hniSi sectors concerned • Attacking the Government’s P»Y round, coupled with the with local authorities and the was extremely misleading. “I substantiated and unsubstan- at intervals or no less than 12 

. ni. |-ic realised. However. Acc&rdm" in Mr Pnnr ihis Aiiaciung uuvernmeais „ y a t » Vu> m. 


Price control 
plan rejected 

Financial Times Reporter 
IN A WRITTEN Commons reply, 
Mr. Robert Maclennan. Under 


" KlSnt° S ij Ij si d v™ b v Mr ' Boqth was engaged in a the ° new chairman, all the sup^ I^andard 6 n/ti vin? Ym n mw" 1116 currently consulting interested reduction had been made were A claim by Mr. Robert Adley Secretary for Prices, rejected a 

1 L 0ns w : ran S ,e the Opposi- port they could. "We believe standard of living improves. parties on our proposals. widely regarded in the retail (C. Cbristchiirch and Lymington) “SE 

1 and => hv increvvfn!i C 1hp 0 Rhv H. 00 when he said that in the that his poticy and the lead that “ I am considering whether to trade as “ con-tricks." He asked that accountants and manage- 8ho nld - n o P "2™ J uc * 

fnr oi^iiifv-in 3 flrni C l It f ef, ^ orT term - th c achievement of he is setting will do more to Rafp «,.♦ include street traders in the when legislation might be intro- ment consultants were frightened 10 , P r,ces within 

irfnd to inrrpwthl' iwinant the objectives of the industrial preserve the vast majority of xv<tlc '-ti 1 Order as a means of dealing with duced to combat the problem, to have open discussions with monthl > intervals. 

Tnh«s Rtdpacp Srhpm* 5CCt '? r . working parties would jobs in British Leyland than any Mr. Hattersley said the main- most of the undoubted abuse Mr. Maclennan said he agreed MPs and journalists about But in view of the fall in the 

' Jac nionnpri m pnntimw’TP"; result in little, if any. direct in- other scheme that has been put tenance of the 10 per cent guide- that takes place.” that prices information of the matters going to the commission rate of inflation, he thought it 

lit in thp Lime Lm V- nr crease in employment in the forward.” lines throughout the present He had discussed the problem kind mentioned by Mr. Madden was described as “un- “desirable that price increases 

He liliid hniSi sectors concerned • ^ Government’s P a * round, coupled with the with local authorities and the was extremely misleading. “I substantiated and unsubstan- at intervals or no less than 12 

• a* large number o? Labour f „S d 10 Mt A P I or ’ lh J? record M? Prior sa^d that un- achievement of single-figure in- London Tourist Board. They hope to be able to move rapidly tiable " by Mr. Robert Maelenuan, months should from now or he 
? wer^rreied about^the hiliv" f’ ^ScellorV, sL^' employment fnBriSn h^risTn fation, would, result /in an Under Secretary for Prices. accepted as the normal practice/^ 

f Qf th ^ EEC Commis- Tn{ o'n ^SatSi bout* 1 the * ™*"g**~ *£ "“l™* ** T*? ^^SSTASSS^ C.. U7 IJ ^ AL . 


‘I ; Gons of the EEC Commis- ment on Satorda7 Smut the * SiD « ** ^ slandards X* GmS Fi D “c 

j ^ possibility of a million new preseot Labour Government took Answering Opposition charges HamnstcadlSid that n^therthe 

i t is the Government’s view jobs. Bui Mr. Booth maintained o^e. This represented an in- that Government policies had [oS P a Ulho riHes nor thc oolice 

, it is essential to continue that his remarks were not in- crease of 152 per cent. resulted in record inflation, the v, ad the manSwer to enforce 

; up port for industry which is compatible with Mr Healey's At the same time, production Minister said he believed that Relation 

i tied by the Temporary speech. in manufacturing industry had most people now understood that __ id he 

i joyment Subsidy. “Should From the Deposition front fallen by 3.5 per cent, and prices the .rate of price increases had 


World Value of the Pound 


-The table below gives the latest available 

i (joymmt 'Subsidy. Should TSt the Ooposition front falle^Ts peVW^d prires STSTS 5K " TSSSS S ac S r oted ^ flSfSSSfdi? legisla- SSnd« 
have to modify our TES bench. Mr. Prior outlined the had risen by S5 per cent. The moderated. Over the last six t V 0 C n ep * e “ a J e Jl dStv He are oS Market retes are the 

\ ne. we could only do so alternative strategy which -a number of companies which had months, price increases had ^®Sld bear this verv much in average oTbmdne Mid lellinE rates Scentwhlre 
we in a position to provide future Conservative Government gone into liquidation had more never exceeded Ip in the I- the^f?J sSS^to atb^SZ I?Sme iSS 

eme whicTi would cover this would pursue. He argued that than doubled. Mr Hattersley also epressed Mr.' Maclennan also hinted at market rates have beln calculated from those or 

satisfaction that the Organisation swift action to prevent the public Foreign currencies to which they are tied, 
r ~wr m M • *■ for Economic Co-operation and being confused or misled by Exchange in the UJC. and most of the 

i ■ H />Arll ClAAin I Development shared his view “bargain offers” in shops and countries listed is officially controlled and the 

! 1 i a zd'l 3 HI VV fe H Hill It. |/| | that “once we have, reached supermarkets. rates shown should not be taken as being 

K- C* 11 If WA1IU VAl kJV single-figure Inflation ar an He told MPs that his applicable to any particular transaction without 

I'. - annual rate, wc will maii?»in it department was considering a reference to an authorised dealer. ■* *’ 

-m -m • /v/x/v throughout 1978." requirement to display both the Abbreviations: (S) member of the sterling 

i lfi*A nl 1 H IVJ area other than Scheduled Territories; (k) 

; iruuiems m l^ou^ ‘Green pound 5 move — 

Edward Heath, former delinquency? ". he asked. meet the needs of a modern tech- . _■ 

\ leader, warned of social A whole generation, here and nological society.” We are just . Afghanistan .'i«iimi it.m i Jr ruwm » 

•l in the 19S0s from to-day’s in Northern Ireland, was grow- not creating the massive system L •'i 1 A ^ ^ _ J . lk ^oil-tWAj Vm J ' 

| ployment. There were now ing accustomed to unemploy- of training for skills which we WlTllflllT HF PPPfl Pill ‘ , . . " ' i } 76 & 

times as many coloured ment, mugging, violence and need in this country.” T» 1 IIIU U l l#A vLVUvlli' ** rifc r PrenrhFmnc 1 3.225 ..la-cre 

i * unemployed as the living in the centres of big But vnun? neoDie would n«r «»o i xoA^t* — t^niYli jjmw* 1 iB7.i26 hiwy — — iim 

.«o -i m Ann nitinc u hii4. nni.lH nFTnr fhpm OUl yOUITg people WOUia_ not go . . kwii.a HJI. *inwnbmri Dual 


Mr. Hattersley also epressed Mr. Maclennan also fainted at market rates have been calculated from those of 
satisfaction that the Organisation swift action to prevent the public Foreign currencies to which they are tied, 
for Economic Co-operation and being confused or misled by Exchange in the UJL and most of the 
Development shared his view “bargain offers” in shops and countries listed is officially controlled and the 
that “once we have, reached supermarkets. rates shown should not be taken as being 

eingle-Egure Inflation at an He told MPs that his applicable to any particular transaction without 
annual rate, we will maintain it department was considering a reference to an authorised dealer. *’ 
throughout 1978." requirement to display both the Abbreviations: (S) member of the sterling 

area other than Scheduled Territories; (k) 


Scheduled Territory: (o) official rate; (F) free 
rate; (T) tourist rate: (n.c.) non-commercial 
rate; (n.a.) not available: (A) approximate rate, 
no direct quotation available; (sc) selling rate; 
(bg) buying rate; (nom.) nominal; (es/C) 
exchange certificates rale: (P) based on U.S. 
dollar parities and going sterling dollar rale; 
(Bk) bankers’ rate: (Bas) basic rate: (era) 
commercial rate: (cn) convertible rate: (fn) 
financial rate. 

Sharp fluctuations have been seen lately 
in the foreign exchange market. Rates in the 
table below are not in all cases closing rotes 
on the dates shown. \ 


‘Green pound’ move 
‘without precedent’ 


; Value of 

Flue and Local Unit £ Sterling 


Place and Local Unit 


Af ghanistan Angiiam 
Albania Luk 

Nigeria. I'mar 

. j fPiwh Franc 

Vorfurr* — .. 


jglian! 78. W 

. 1 1 Oll.lMA; 

Mk . ) iu». . 

»mar 1 7.65S2 

fFienrh Franc ; 5-228 

(SpanlYb peseta 1 187.126 


;r -n and having had all the ments surplus. This would allow 7t per cent, neea not aneci w. recer auu» iw — ^.scouiiog 

iSao s S a h 1 ?rtS e to““op to «a£ SJT&X'Xgt ■SSSS 1<, £ f™, V* JriS,t u for*M? b€ 

! bs as other school-leavers. The main task would be to per- ^ OPEC countries to reevete Strang, Parliamentary Secretary what was nsht for Britain. But Bah»»ta(«) Dinar 

1 \ nimrisp rht>rv> i« rh«» auadp rhem Tr e . countnes to recycle ^ Ajrri culture, said .in the he accused Mr. Sukin of ex- uaiearic To» ... »p*. p««» 

VTSSKf'S.” S Tm said: "We have ^ “fte^p^sent e^lmes S— <SS!«-W SSJE*^' T*"* 

| S . mugging and juvenile never trained sufficient people to tmubmi LuotUd, “USS ** ““ ”* «» d.a$ge““££de 4 %XS. ^ 7 ” » t 

1 people would begin to challenge the West German Government Rejecting the charge, Dr. Benin c.r-i-Tranc 

ij : the system, as they had in the ^ stated that it did not link Stran 53 ^. « Mr silkin is con- «wud*pk- iWf.s 

J f - we i- a UnnrlAlehoBlmn ^ 3Q »: ia no coincidence that fisheries mattero with the green t0 ^ for tbc interests 5 SSS~lw^% 

/enska HandGlSD3f8k6ll the National Front is giving just pound. ■ of this country and this House." 

I 1 ie c C 3 . , - o-re /oe as much publicity to unemploy- Mr. Strang said that the Agri- Tom Torney (Lab. «oi«w«na tSi. Pnia 

c bond Loan l»7o/ob mem as it is to immigration. culture Minister (Mr. John Bradford S.) accused the EEC of e.ruxtire^ 

Ij iawlngbylotfor redemption as per March 1, 1978 p^JS^STiJ^Si 

f r!faS„rpT„^^ g^rsASswrtg - 

; -uant to paragraph 5 of the terms and conditions of the above called fora massive extension or ,, rountries, Belgium ana Strang replied that he uamndi Burundi moo 

r j tioned bond loan, the second drawing by lot was effected on trainin'- -for young people Holland. shared concern for jobs, particu- 

; Jary 24. 1978 in the presence of a Notary Public. Bonds in Employers should be subsi- He a Sroed with Mr. John larly in the food processing and 

i ■; nominal amount of USS 1,000.000 have been drawn for redemp- dised for tafcine on twn nmnip Peyton. shadow Agriculture bakery processing industries. Camaro’nHpL J'.A. rrauc 

las per March 1. 1978. every time they Ld one job "}**** * al *** opposition to Mr JohnBlffen iC Oswe^ry) 

f - . ...... available. The firm would still the S reen P°nnd move was “un- called on Mr. Silkin to make a SSv«de L lire v 

I i senes 21 com pm. ng of the bonds Nos. 20.001 to 21.000 only p rovi deone «la?vwhi Ie precedented." Commons statement giving the 

1" k n w ,n, J* a w * USS each il i has been ? rawn ' M u , the J Government paid toe rest Mr. Peyton queried whether it basis for Germany's intransi- cviiuai. up_c.f..\.kimc 

i bonds drawn by lot are redeemable ac par from March I. a nd eato oTtoe yoSisteTs wS w « “ to e Germans and tiielr gence. • Lhfcl --x-.F^. F « u0 

l-l a;amsc presentation of the bonds and coupons due on j u ,, ung . rs Y 0UJ ~ Chile.- C. Pe»u. 

,r.;h I. 1979 and following. Payment may be claimed from ary K " d ci.i» UeaminU Yuan 

Si ie following Pavine Avencs: inL re " in training. . m a _ ^ Un21I . t 


!/enska Handelsbanken 

■j > US-S Bond Loan 1976/86 
;ji rawing by lot for redemption as per March 1 , 1 978 

j. i f 

.want to paragraph 5 of the terms and conditions of the above 
'- T j tioned bond loan, the second drawing by lot was effected on 
T jary 24. 1978 in the presence of a Notary Public. Bonds in 
i -nominal amount of USS 1,000.000 have been drawn for redemp- 
> l as per March 1. 1978. 

I r 

( j a series 21 comprising of the bonds Nos. 20.001 to 21.000 
ij- a nominal value of USS 1,000 each, has been drawn. 

,)j bonds drawn by lor are redeemable ac par from March I. 
' , ’I against presentation of the bonds and coupons due on 
V*:h I. 1979 and following. Payment may be claimed from ary 

■ 1‘j.ie following Paying Agents: 

I . drusscr.e '-andnetiiK 'iirsannn 
: I ' ;ene Bank Nederland N.V. 

:-j .icrrbark Akiiengesellichalt 
I i t Commercial de France 
, l.-ncr Bank AkciengeMllKhart 

}J '■encrale und Bank der esterrekhiiehMi Sptrkaiien Akneneesellichafi 
rj I ethank N.V. 

' itibank S.A LimembeurceeiK 
, r "nan:.Bank Zurich 
\ :c Amerun Banking Corporation 

■ ■' ki Handels, ban ken 

I Warburg & Co. Ltd. 

.iient of interest against the bonds drawn by lot will be dis- 
, 1 inued at the end of February 1978. The equivalent of possibly 
^ ing coupons will be deducted from the capital amount. 

,r this redemption the nominal value of the bonds unamortized 
I hints to U5S 28.000.000. 

! Ijtholm. January 1978. Svenska Handelsbanken 


Mr. Strang replied that he uomndj Burundi moo 

shared concern for jobs, particu- 


wo"d HTto’ii xx/ut Battered spouses Bill sasatatss 
pobuc jsXir vxm*' aDDroved in Lords r 

spending in it. w rJr 1VT vu 111 J-ivi. ml; typnwisi — LypruuJ: 

Four T$S PEERS APPBO\T:d yesterday u gmetul for the Bill wBicB 

of Phase Three of incomes oolicv new P lan offering speedy protec- dealt with human problems that Denmark n«iitob Ktvne 

and said the Government should 1100 for battered wives— or often resulted in great unhappi- i»iihu«i»-_._. n.j 

.... .1 s t, ■ — haidhdrtHc nod (hai, nkil/iron noce gnH hiltomPQE UiinuniCIli&l.. L, LAnUlffn F 


Lbfai Krauo ■ I 

Chile.—.- — C. Peso . 

Cliln* - UeumtDbt Xiolo ' 

Lolr.itil'ie ( . Fen> 

Lomuiv* IMa. C.F-A. Franc 
Luii^uCU'llei.. C.K..t. Fran ir 
Conra UUm.,_ . Coloc 

Cube. Cuban Peso 

■- ypin IM L'wruaJS 


,Jrn, “"V,., I uvi.-i.m-o. 

) ii^.. • Thane I'e-n 

7.6SB2 (iibrelur (Kl. Uihrairar £ 

2-225 iiiKwrt Is. Anal. U-liar 

157.125 U recce-- ...... Ilrarhnin 

HA. <irvv[Uarul OanUli h'rvmcr 

5JS8 <«r»!MiU (Si... K. CunNtsii S 

le 1245.12 tiiBuPilou}*... L*»»l Frauu 

I ■ uam..— — .._ . t-Ji. S 
1.71065 (iuatenmle.... (jinial 

28-55 Uulnw Kep-.Sily 

'luineaSlwiu 

1-M7B Uuvaoa CSI ... Q uyeneae $ 

27.62S'm) Hniri — (tcurrtr 

B.7H Hondunu Bep Lenqiira 

167.125 HongKnnj;(tJ)H.K. 0 

(fern, 61.825 Uunra, > *'*""■ 1i 

ItfnnSSJS Iceland (Si... I. Kmn» 

5-885 InrhM S).— 1ml. llupee 

'481*4 Toitcneata- — . Rupiah 

- 1-9476 Iran Hia» 

-15.671S;br) Iraq lat^IHuar 

?8.® InaL Bep (ki_ Irish Z . . 

■ • lirad Israel £ 

1.6128 Italy—. Lira 

51-83 l»ory Cnast v . U.P.A.Fnm 

(JM76 Jamaica (Si.. JnroainUollerit- 

4-5555 •* men -Yen 

- 1.7127 Jordan Jordan Dtn*r ' 

Knmpm-hfs, Riel 

13 JO KenjaPi]...... honyatihiUinp 

Korea pithy... "’on 
172.82 Korea (SUi)... Won 

him ait (Si.... h n an IS Dinar 

Laos ..- — Kip Fat Poi 

48 1 M Ivebnnoo Loivueae Z 

2.1550 Uaoibo — ti. Aincsn Band 

157.125 Utwria UDenao S 

ii Jk Libya ........... Libyan Dinar 

1.8278 Lieclil'Dstn... Swie* Franc 

46 Uiierulwrc. Lux Franc 


Vaine o ( 
£ Sterling 


4.12 

2.18-s:) 

1.00 

I. 71085 
70.2295 

II. 1625 
6.263 
8.2250 
1.9475 
1.9475 
40.772 
77.90 
4.86012 
9.7375 
5.82 
0.8650 

'lairai 72.87 


Place and Local Unit 


Value of 

!£ Sterling 


Paraguay...... Guarani 241 SB 

i-pPa ; 

u! Ycmru (Mi M. Yemen t 4 ■ 0.66507 

i'eru...— Sol ' 'ow. A' 243.08 

I*hmppinea_. l'h. Pr» i 14.538 

{SsrSE-J >:«« 

Portugal....... pgao bemdo | 78.25 

Fi>n Flmor.... l'lmnr Kprmtn._.: 7B^& 

Principe Isle. Fgso Kaciulc | 78J5 

Puerto Bion... li.a.5 i 1.8475 

QaurSl.— ~. V»lar Krai 7.55 

hennioa. ! 


(Kenrav 72.67 I 1le«le la„... French Franc 
1 iini-i iT) 56.55 Kbodesla. Hbo.1e.Un 8 


1.6228 
46 II 4 
461 M 
IBki 55.41 
5.2761 
a'l 74.58 
46! U 
461L 
16.748 
1.4775 
0.7447 


Kacao Pataca 

Maiielra. ■; Pottug'aeBac 

Malaisaay ltp.1I(.i Vraou 
.'ilaiaivi u»L... Kuwtw “ 
Malaya la du. Klnggit 
Mahline |«.<S) Mai Ho pee 

-Mail U|u Mali Krano 

Malta tsj Maltese £ 

Martinique Local Krano 
Vaurttasia Uujwiyft t 


, ^ fci ran I0J0 JiHuririos rat M. laipce 
! » Mexico Meuran Peto 


Svenska Handelsbanken 


Kq’t’l Guinea Peseta 


1 f (1117.55 
; 11.1625 

I 5?0.%gt 
■ 6.;8S 


and said the Government should Uon for nattered wives— or oiien resuiiea in great unnappi- ujinuwi--.- * >.> I iwsi 

fise th^oming BuSf for reffif- husbands-and their children, ness and .bitterne^ a iSSS ^bZESV* » 

tion of £3bo. Under the Domestic Proceed- » that, where a . ^ - 

One way of cutting dole queues ings and Magistrates Courts Bill, n ?°f5 er e j .i r “usbana ana Enuuior — Sucre , icch48.bo 

was to employ mqre people in which was given an unopposed children and the husband had ., 1 

agriculture. Britain had one of second reading, justices wiU be t °.?i ve a P^ ork “ la0 £ a ^® r ^ hCTl * fc ® rp *“ - {It AS 

the least efficient agriculture in- able to make a personal protec- children, the wife should pay K tntor ,i*.. Kihiopuo Birr v fj 408.68 

dustries in Western Europe and tion order banning husband or maintenance. Eq’t’i Guinn Peseu. 157.125 

lm. more jobs, could be created wife from using or threatening Parkland Is. 1 


M iqualtiD C.F.A. Frauu 

Umimcv— Preach Franc 


on the land. 


violence against a partner or 

child. 

The court would also have 
power to make an exclusion order 
requiring husband or wife to 
leave the matrimonial home — or 


Whisky price 
rise protest 


F,{^I»j t . > ,l | l Wl .. £ 

Faro 1« Uuub Krone 

Fiji in. ftfl— . Fiji S 

Finbod MurLka 

Franco Frendj Franc 

Fr.CtyloAI •C.F.A. Franc 
Fr. Gu Wa» — L,x»J Franc 


Dividend Notice 


The Board of Directors of Republic New York Corporation has 
declared an increase in the quarterly dividend from 25c per share to 
38$ per share payable April 1, 197S to stockholders of record March 
15, 197S. 


Republic New York Corporation 

Principal Subsidiary: Republic National Bank of New York 
Fifth Avenue at 40th Street, New York, N.Y. 10018 
New York - London • Nassau 

Member Federal Reserve System / Member Federal Deposit 
Insurance Corporation 

An affiliate of TRADE DEVELOPMENT BANK HOLDING SJL Luxembourg 


priSniaem TmeSttS THERE WERE com P laiats * * **“■ • WJ «• 

home entenng xne ^ . Q Cotnmons 

, . _ . r „ .■ yesterday over the 50p a bottle 822^3^1^ ™“ 7 ESS2S?* — ES^- Rw,J,iB ' 

Lord Harris of Greenwich, r i M ^ pr ice of some brands Germany io*im«rk . .. m to bu ^ 

Horae Office Muuster of Stale, of Distiller s’ whiskies. ,K «’ii , "" rt 4 - 12 Pu-.mN.n.^Kiiu, 

declared: * This provides for the M r . Dennis Canavan (Stirling- . — TT-: . ; ■■■■ — 

fire! Time a summary means of shir e W) ^ that Distil lere 0 Jt U 1 

obtaining relief in cases of what made a profit last year of £91m. » Rupees per pquim. *• ' 

has been called domestic an d its chairman earned £50,000 1 Tbo Oreurca bu replaced me cfa tninc. The nchamce " n 

boohWL a year. Yet the average worker’s SSeoo * CKA » one «* m on ni 

The Em was a much-needed wag g was £50 a wee k. . 5 now Djibouti. «' 

reform in an area of law directly Mr. Roy Hattersley, Prices p ceoeral rates or ou and iron exwms si 
affecting the personal lives of -Secretary said that not all Dis- 
many people, he added. . tillers’ prices were going up. 

For the Conservatives, the This was because of action by 
Earl of Mansfield 'said the Bill the Price Commission, 
attracted a wide measure of Miss Betty Boothroyd (Lab- 
support. “ Lt represents a major West Bromwich) said Distillers’ 
departure from the old main- claim that the price rises in 
mouial jurisdiction of the Britain, were to- protect export 
magistrates court which most earnings was “unacceptable." 
of us agree had ; become Many MPs were disturbed at the 
thoroughly out of date.” Price Commission’s decision not 

Baroness Robson of Kidding- to Investigate tbc company, she 
ton (L.) said that the power to added. 

exclude toe husband and wife Mr. Hattersley said he had no 

from thc matrimonial home was doubt the Commission would I 1 H*TTTOI 

"desperately important" when take note. But he also felt it ' ' **** 

it related to battered children would be improper and undesir- TUo I, _ * 

and battered families. able for him ; constantIy. to sug- I I Iw flwwCULcQ H 

Baroness Madeod or Serve gest to the Commission what it ” 11 

(C.) said magistrates wai-a ,h n „i^ r .- - . . . . 


.183 'I.'iirikui __ Tugrik J 1 

1.8475 Mivnncrrat — H. CnriMmo S 

Utrtuun 

1 jrC)48.50 MuranibK|ue.&luc. Bacudo 

1 * * P ||(N7W ? a WH !•— • I 

FI J28 v 61 * 1 *Neu*I#M Kupec 

1 M M **NUXI«JUU- UUiltlor 

57 j 26 N eia - Ani'lea. AutiJilaQ G uild 

‘ NewHBbrii» |^ n L Uollar 

1.0 N-Zaalandm X.Z. DnUu> 

11-1625- Liirrtolm j 

1.8B&4 Up- t'.F.A. Franc i 

7*765 MkvuhO)... Nmn 

3 22 1 2 -Ww»y — Arwg. Krona j 

a ^ ^ 1 


407Jtb»> „ 

16.6715 '»«i Leu 

“ 6 08.2125' Uwnn.1*. lUnnrtn Tnuic. 

i.\il56 St. Clinato- 
0.674 756 pher esi — 1- CkniAwiiu S 
1 .00 ■ *. Heloim M I lelpiut £ 

51.225' SLLu.-i»,Sj K. >'«ril4>Mn S 

16901: ■» f.F^. Franc 

46 II * Uicenl iS) K. l anbUran S 

(J- 2.4544 Salvador Kl... Uulwi 

- 470 o -Vlflul l A iii'i.. L.S. s 

0.G00 %}(1 ilAnnu... I Ln I in ii Lire 

2337 3M Tome I'rhs hx.-ndo 

- 15.47 Saudi Arabia l.'val 

1.7818*11 >nu-val I'.F.A. Franc 

842.830 Sere! ■•lie*..... Uupe« 

0.544 SwrrLtf iiciSi 
inp c "iiosppura im t inKaiAirv S 
Gai?4 ^olniiion Ins*, A.i-.j.i ft |i Sn 8 
\ 1 1s 95 499 Kep... >nmSUillirm 

l 9475 «l».Alnim.Sl. Ha I hi 

,.1™“.. '.".Ain™.. 

‘ ^SlSyfo 44 lernu,r,w ' s - Hand 

63.625 Peseta 

. ,, l»u. Furls in 

8.652B North Airlui Fneia 

!■' 78.25 Lanka { 6 . 1 6 . L Hnpee 

46H4 Sudan Kp Sudan il 

1.6878 6nri imni S. Li i Met 

4.6075 fjwHUlsiiil i6.i Lijiiiteni 

7.6657 a. Kr»na 

816.25 »*U4siiani| .. 5wm Frara< 

0.7655 Syria ■"’jTla i 

9.225 Cuwan Sew Taiwan S 

31.495 nnraniaiM...1kn. 6hliiine 

12.532 lhaitanil H,, ht R 

44.17 I'WRlt I-.F.A. F™„c 

461 <4 liiORa Is. i si.. IVanea 

8.225 Tnuula.1 .Si... Ti in. a T.vr*,..., i 

l"Sr« fR jiS5r,i’r' 


i 8.2250 
1.2359 
*1 icm-B.72 
i in,»'‘T ?2.47 
178.87 

5.263 

1.0 | 

6.263 j 

491*4 j 

5.2BJ i 

4.86 • 

1.5475 1 

1.5901* 
78.25 
G.75 • 

481 U I 

18J3 

2,0 

4.5335 
1.71 Oil 
tAi 12.2565 
1.683490 


I'urbaa Ca ... I .s.s 
Tuvffln. l.mmhs,. 


157.125 1 

29.901 
(A >0.8781 
3.46603 
1.583489 
9.0875 
3.8760 
l.V .7.84393 
11*74.005 
15.47 
88.677ft 
461 14 
1.3855 | 
4.674 * 

0,77i-s«O i 
36./0 : 

1.9475 | 

1.71085 
16.250 
1.9475 


, o-Miapi { i.i?(ia!ian S 1 71 O 8 K 

•do I 62.1555 Ugaodaisi... L s. Mnihng isim 

Uopee 24.3437 Lru K u «> I’mtiuiy Fh-v.. f ,r,, »* IQ-M 

Guild 3 j 48EQ2 L'^'s W,rtM 

149.08 ‘-«0 J 

Jollar 1.71065 „ V Vra,rc i 46 U* 1 

ir 1 1.3024 pH lea# lial.an Lit« , 6MU 

13.70 'enesueis lh.lnar far* 

»«*c 46M, ' ' . ** W 

1.152980 » lOtUaiiiiXilu Itu,^ il*>5.1fiOS 

“DO. 1 10-015 v ) iT'lHCip 

'hluaiiiiSih) iKMB.-v 

■»»> 1.67! agy * 11 * I “ 7 ^ 

Samoa (S« MumsutTaia j MH1 j 

da- 10.225 Yemen I - t 

1.8476 YapHom... \' n V lhtnr j 5^*3° j 

— sl5S ftainlus. ... h+nto, \ |*Wg« 

i 17. “ r ° ,W 3,umal Ru *«an 

Raie is tbc Tnuater martwi irontroueU). 
it tow w uow based on a Barbados s to tfe aoUar. 

« 7*0W one official rate, 

H Ttfo-uer srocm imrMiwwj . 

„„„ s 



Bankers 











Financial Times Tuesday January 31 1978 


i * i 

’ v !'► ; 

' » J* 


The Management Page 




' !:\( 


f hi 
w i v 


h • »• ; f T !”• 'i 

S. l : n!'l! 


A WORD of caution to anyone A *■ 

planning a visit lu a North Sea /% . T¥7/ VVll 

oil rig: there is a possibility— /i if 111 If 

admittedly extremely remote— 
that some of the rigs could 

become a little wobbly on their «rt¥TA 

barnacle encrusted pins. For COmA ** 

engineers do not always base Ikltt I %/ 

their designs on the latest and 
must reliable data available. 

Less than two years ago one Thp T^ncntlPPriTl! 
company designed a rig with J- IlO- 
legs that would have been too /vOlo+oo nnH P\7Q 

weak by half to stand up to the vUlldLCo aliU vVd 

drag «f North Sen waters. The r* ■* 

engineers responsible had used Ol a.6rOSp£LC0, Cl] 
a formula for estimating drag ^ 

which dated back to the 1930s. and mechaillCcll 
U was nut until they checked aA1 ' _1 llK*rfUaAU.wcu. 

their calculations with a com- 
pany called ESDU— Engineering impossible for lone engineering 
Sciences Data Unit — that they teams to be certain that they 
realised they had imderestl- are basing their designs on the 
mated the loads involved by 50 best possible data. For instance, 
per cent. the 1 people responsible for the 

ESDU is a seemingly unique aforementioned oil rig blue- 
orgonisation, even in Inter- prints were not guilty of in- 
national terms, whose business competence and the drag co- 
is the management of data— the efficient they used in their 
statistics, measurements or calculations is still accurate 
other, factual information used to-day even though it was 
as a basis for calculation. The worked out over 50 years ago. 
unit was set up in the early But it assumes that the legs of 
years of the Second World War the structure concerned will 
and to-day it is supported by always be completely smooth, 
national research establishments Now North Sea may be 
and by some of the biggest freezing cold but when it comes 
names in mdustpr, both m the t0 barnac]es and assorted sea- 

U.R and abroad. At present weed s it is highly fertile. 

roughly <0 per cent of the date The floating flora and fauna 


A word with ESDU may 
save you thousands 


The Engineering Sciences Data Unit (ESDU) 
collates and evaluates material in the fields 
of aerospace, chemical processing and structural 
and mechanical engineering. 


Fluctuating loads and 77032 
dynamic response of 
bodies and structures 
in fluid flows — 
background information _ 

' 77024 

Thermal conductivity, viscosity, 
heat capacity, density and 
Prandti number of sea water 
and its 1 concentrates _______ 


Curved panels in shear 1 
Post-buckling analysis 


77018 


tion, Boeing Aerospace, ICI, 
Rolls-Royce. BP Chemical Inter* 
national, Fokker WEW NV, 
GKN, Hoechst AG, The Heat 
Transfer Fluid Flow Service at 
Harwell, Saab-Scania, Aero- 
spatiale. the Central Electricity 
Research Laboratories, Cran- 
field College of Aeronautics and 
the National Engineering 

Laboratory. 

The ESDU committees must 
reach a consensus opinion on 
the value of each data item put 
before them. This does not 
mean they are left to work out 
some . acceptable compromise 
view — compromises are not en- 
tertained at ESDU. Each mem- 
ber of a committee has to give 
wholehearted agreement to the 
evaluation of a particular piece 
of data and if this proves im-i 
possible then nothing is pub- 
lished. 

Mr. Barrett points out that 
by the time data goes before 
a technical committee it has 
been refined and has also been : 
made anonymous. This means 
that committee members do not 
have a vested interest in de- 
fending the work done by their 
own companies or research de- 
partments. Nor do they have 
any reservations about attacking 
a certain set of statistics or 
measurements; they know there 
is no danger of offending some- 
one or of becoming involved in 
a lengthy academic controversy. 

The unit has published data 


A new CBI study shows companies are taking a 
more positive attitude to industrial democracy 


Bullock changes attitudes 


BY JOHN ELLIOTT 


IT IS now a year since the 
Bullock Report on industrial 
democracy was published to a 
chorus of hostility from in- 
dustrialists and a mixture of 
lethargy and opposition from 
politicians and many union 
leaders. Now the Government is 
still trying to finalise a White 
Paper stemming from its pro- 
posals for publication before 
Easter, although there is 
clearly no chance of any "Bul- 
lock-style" legislation before the 
□ext election. 


i terns available go abroa d, i n are quite happy to wrap them- a lengthy academic controversy, 

both volume and money terms. ^ legs of a handy willing t o co-operate— not that conditions under which an ex- Th . . _ Ilhlf _ h _- , ta 

The chief customers are in the n ^ ^ gy^ce 0 £ the war left them much option, periment was conducted. ft _™ n ™L p « Wished data 

Inf,:; pe - AaStraB,t Te“mer rS=n«i. Yet this spirit of national Co- The ESDU SOB can then wort JK, wj tet 

India ' the relevant drag co-efficient operation lasted well into the out why pieces of data from dif- The averase cost Q f Dro duf*ine 

« , goes from 0.7 to L05. . 1950s and .by then ESDU had ferent sources conflict with each earfi Jne fs about 

Evaluates mother words, the legs need established its reputation for other; they can spot flaws or th£y normally trite 

_ '■ to be 50 per cent stronger in bigh standards and for inadequacies in a given set of months tn 

It collates and evaluates pub- ordfir t0 fte ^ of the objectivity. It had also proved measurements; and they can tell coinplete - 

hchA/i ami linmihlmhArl mat'Anal . ... . « . , . # « Tko Mnfmnol To/J 


lifitaed and unpublished material above ^ f^ ree the its worth to industry. whether one set of statistics has ^ e National Technology In- 

in the fields of aerospace, aroun d them. It continued to be directly been superseded by another, formation Service which is 

chemical processing, structural R h t t « funded by the government until Having done this, they make an attached to the U.S. Department 

and mechanical engineemuj. It Mnfian-ett says that not an when it became a private initial evaluation of the material <* Commerce already acts as 
tiien publishes its findings. Each f2 ati ^!^. t c SS D t 5 a e ' r company owned by the Royal available on the topic concerned. ESDCs agent in America but 
i em of data issued by ESDU is ^ctdabons against ESDU data Society and The final evaluation is made «“* 15 now likeI r to set up 

claimed to be comjK, .uthori- operated in untiation with the by technical committees whose f. presence over 

tative, reliable and up-to-the- tnat tne assigns ot some exist jnstilmtiDres of Chemical Mech- members are drawn from there. A growing number of 

jninute os it is possible for it anical and Sectoral Engineers. KfiS! torn ^™em£«n“ =SDU «“««- ■■*«« •» 

to bo. on tne low nous orag laboratories and from the overseas— particularly in 

Mr. Tony Barrett, the manag- coefficient. But he adds that tm? ^ the U.S.— but they normally 

;«.r riiwsAtnv i«eic«e ehor th** this is nnhkplv because oil ries academic world. This com- _ 


ing director, insists that the this is unlikely because oil rigs 
data items put out by the unit are nearly always overdesigned VyUflinauic 


mittee system is central to ™ nWb 5 c 1° data 


data items put out by the unit are neariyaiways overuesignen * --- ^ “j evaluations by post rather than 

are far better than the facts -made stronger than is abso- The unit is a non-profit-retain- n L in person, 
and figures compiled by any in- lutely necessary. ing concern and has charitable ^ ' Ig Another 


ouu co iivuiyiKu j iti£ ivuvnii «uju ijds v.idi itauic Annthpr — — — i t.i_ 

dividual company — however Shell oil rigs, for example, are status. But it does sell the data .The umt has 15 committees tjS— miehr weti I 

large. He sa.\-s this is because designed to stand up to a once- items it produces — the average altogether, each covering a . ‘ n ra , n fr ati __ | 

there is now such a vast amount in-a-hundred-years freak stonn. price is £120 per item — and last different engineering specialism. , h 

nf in Avi«pnr.wmiieh of fmm , nfAi v The Deoole who s t on them aux « *0UM probably be many 


of data in existence-much of This Is reassuring from a safely year had a turnover of nearly T&e people who sit on them J 1 

if cnntticHno inri snrnp of ir hoe i.kc renn non *h» ie are sconsored bv the oreanisa- UUi vouio ouiia up 


it conflicting and some of it point of view but it has less £500.000. This year the figure is are sponsored by the organisa- ? hP imT i 

downright erroneous— that no haj^iy implications in terms of expected to be considerably tioas thcr come from and they ... pc n rt a irp 3 rifr w 

tin o lo inrinctrinl mnwm ran a ....j.. are unnairf Those from in- wmcn C-oUL already has. In- 


single industrial concern can cost. higher. A steady rise in the unpaid. Those from in- * 5™ .“ I: lJS' 

hope to sift through it satis- ESDU’s expertise in data cost of raw materials has led dusur normally hold senior s ejjon 

factorily. management has been built up more and more design engineers positions in their companies, as ,s Uixei > 10 “nnnue to 

He stresses that ESDU can over many years. The privileged to rely on ESDU data items so chief engineers or section p 

obtain access to the kind of un- position it holds when it conics as to ensure that expenditure heads of design groups, rather 

published data that would not to obtaining information from is kept to a minimum. than as Board members. This jrffftrf 

normally be released to an ord- research departments in- both The unit has a permanent staff ensures that all committee ljUU * l 
mary commercial concern. And government and industry is the of only 2S, most of them highly members have a day-to-day Barrett admits that there 

he points out that the reliable result of its origins. qualified engineers. Their job working knowledge of pro- have been occasions when an 


What has happened in the 
| past 12 months however is that 
the report has been responsible 
for sharpening industrialists’ 
and managers’ views on two 
aspects of the subject. One is 
that the nature of the report's 
proposals for new laws giving 
rights to union members to 
‘‘trigger" a worker director 
system has strengthened the 
feeling among industrialists that 
it would be ' better not to have 
any legislation at all on em- 
ployee participation. The other is 
a rapidly growing interest among 
companies in the subject of 
employee participation. A 
steadily increasing number of 
companies are realising -that old 
styles of management are not 
necessarily the most efficient, 
and that well informed 
employees, positively consulted 
on issues that affect their work- 
ing lives, can be an asset to 
management. 

Tbe steps m employee parti- 
cipation that have been taken 
are illustrated in a study 
recently completed by the 
CBI’s employee communication 
unit which has not yet been 
published. This shows that some 
of the more advanced manage- 
ments now feel willing to go so 
far as to acknowledge that they 
could operate their companies 
with a worker director system, 
though hot on the full Bullock 
pattern of management- and 
union-based representatives 
having an equal number of scats 
in a one-tier board structure. 


those company affairs that touch 
their daily work before they can 
appreciate wider issues. 

While some companies might 
try to use such a suggestion to 
argue that there can be no use- 
ful effective participation above 
shop floor level, the more con- 
structive companies are now 
using the most basic shop floor 
issues (such as the availability 
of components) as the basis on 
which to build wider under- 
standing and participation. 

The CBI survey has also 
shown that companies have now 
learned two further primary 
points which sound obvious, but 
which in the past have only 
rarely been thought through by 
most managements. The first 
links with the shop floor par- 
ticipation issue and is that a 
growing number of companies 
have realised that they must 
decide why they are giving 
employees a certain sort of infor- 
mation rather than just churn- 
ing out all company data in 
a simplified form. The second is 
that there is an initial need for 
management training before any 
participation starts in order to 
win managers over to the idea; 
otherwise, it is found, the best 
laid plans become virtually use- 
less. Equally, it is found that 
highly structural formal 
arrangements become less 
necessary when management 
understanding is built up first. 


Hierarchical 


material available on any one Set up by the Air Ministry ip is to collect and collate all the duction and design. 

tnnip in' cuhiiv*t In iVMVSfanF IQAfl it. Cm rnamfin taci u-ic infnnnatinn thnv ran find nn 3 Thp nr’aniwfinni U" 


ESDU data item has proved to 


The more general emphasis 
which has come out of the study 
however is that companies con- 
sider that the lower down the 
management structure the par- 
ticipation is tried out the more 
effective it becomes. This links 
with a view that workers must 
understand the operation of 


Of some 200 of the CBI's 
larger member-companies sur- 
veyed at the end of last 
year, fewer than one-third said 
they bad a hierarchical struc- 
ture of participation committees 
and councils. Those that did, 
included British Ley land and 
Cadbury-Schweppes. 

Generally the survey showed 
four main types of participation 
arrangements emerging with 
many companies having a com- 
bination of the four. The first 
involved low-level councils, 
based on a factory plant or site, 
comprising employee representa- 
tives and a smaller group of 
senior management. Companies 
with these arrangements in- 
cluded, for example, Davy 
Loewy, BP and Lapone. 

Then there were joint consul- 
tative committees (like those in 
Leyland, Ford, Imperial, and 


Tube Investments) where tier 
were approximately equ; 
numbers of management an 
employee representatives. Thei 
committees were often design? 
to discuss specific issues befoi 
decisions were taken. 

Next some companies ha\ 
communications committe<’ 
primarily designed for tl 
exchange of information ar 
general discussions on emplo: 
meat conditions. 

Finally, companies such 
Philips and Cadbury Schwepp! 
conduct high-level compa' 
conferences which inclui 
representatives from all ti 
organisation's sites a* 
employee groups. 

While all of these exampt 
illustrate the growing inten; 
in the subject among compani- 
few of them involve any sign! 
cant power-sharing partici i 
tion. This is, however, hare 
surprising since the CBI v 
told by most of the companj 
that their innovations w«j 
normally introduced as the | 
suit of management initials 
and not as the result of ; 
great shop-floor pressuj 
Equally, most companies e. 
they had had no shop floor 
mauds for the extension of w= 
had been introduced and th 
was an almost total lack of S'- 
floor interest in worker direi' 
ideas. 

Because of all this indust 
lists not surprisingly now , 
better equipped to fend ( 
legislation. They have also 
cided that not only do they 1 
like Bullock-style worker di 
tors, but that the alterna 
trade union idea of extent 
collective bargaining into m 
corporate decisions would 
pose such a potential strai 
hold on management free 
that it. too, should be stro. 
opposed. 

The White Paper, which 
Government is due to proc 
will cover both these altc 
tives. They will however be,' 
diluted form, with wc 
directors being mooted foi 
future and extended bargai 
being limited to a stati 
right to consultation and 
provision of company info 
tion. But, in its present n 
the CBI will continue to a 
that voluntary company i- 
tives such as those shown i - 
survey are best l 


proved and old statistics and The aim was to help Britain experiments against each other, able authority' to the unit’s {nto providing an effective back- 

measurements are found to be produce planes as good as those When necessary they contact the final consensus opinions. Among up service for its customers. All 

inaccurate. Changes of 1 per then being made by the research engineers concerned to many others, they include: tbe data items are automatically re- 
cent a year in engineering data Germans. At the time, research find out the assumptions on Aeroplane and Armament vised — some of them are recon- 

are not uncommon. engineers in the universities which a particular theory is Experimental Es t abli shm ent, sidered every six months. 

This makes it virtually and in industry were only too based or to discover the exact the British Aircraft Corpora- _ 


Communications 78 

Communications Equipment and Systems 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 



In the long run they can save 
companies a considerable 
amount of money. For example, 
one group of engineers designed 
some lattice towers lo carry 
cables for a public utiliTy. They 
followed the normal strength 
and safety specifications but 
when they had finished they had 
a gut feeling that the towers 
were overdesigned — that they 
were going to be bigger, heavier 
and therefore more expensive 
tlian was really necessary to 
Stand up to wind forces. 

They went to ESDU. obtained 
the relevant data item, checked 
it for themselves and discovered 
that their, hunch had been right 
The result was a saving of 
£500.000 to the British tax- 
payer. 



National Exhibition Centre, Birmingham, England. 
4 April-Z April 1928 


You should be here . . . 


We axe amazed to find that there axe still some people who have not 
heard about COMMUNICATIONS Z8-the world's leading exposition 
for selling communications equipment and systems. Every few days, 
we are asked to rush details to companies that have just found out 
about usL 


Sue Cameron 


if you sell... 

If you are in the business of sellin g communications equipment and 
systems internationally, you cannot afford not to participate at 
COMMUNICATIONS 78, as it will be attended by a record number of 
UK and overseas visitors, including official Inward Buying Missions. 


Business book 


EMFKESA NACIONAL DEL PETROLEO 


U.S. $42,000,000 


MEDIUM TERM LOAN 


GUARANTEED BY 


Trade Contacts in West African 
Countries, compiled and edited 
by Ethel de Keyser. Kogan 
Page, £12 j 60, including postage. 
This compilation of business 
and commercial data covers 19 
countries, giving a general in- 
troduction to each, together 
with addresses of Government 
ministries, banks, Chambers of 
Commerce, Embassies and state, 
para-slate and private com- 
panies. . 


The exposition has the active backing of the International Telecom- 
munication Union (ITU), representing the interests of 153 member 
governments; the British government through the Ministry of Defenct 
the Home Office and the Brit i sh Overseas Trade Board; Post Office 
Telecommunications; the Electronic Engineering Association (EEA) 
and the Telecommunication Engine ering and Manuf ac turing 
Association (TEMA). 


It is the fourth in a series of international expositions and the coining 
event is already more than three times bigger thaw Communications ! 


or if you buy... 


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MANAGED BY* 


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If you use, purchase or specify communications equipment and 
systems, you should attend COMMUNICATIONS 78 to see'the latest' 
advances from more than 250 leading international exhibitors coverii 
the fields of PTT telecommunications, civil radio communications ant 
defence communications. 


You will also want to attend the integral conference which is being 
organised by The Institution of Electrical Engineers <EEE) in associ- 
ation with the Institution of Electronic and Radio Engineers (IERE),th 
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COMMUNICATIONS Z8 is being held for the first time at the National 
Exhibition Centre, Birmingham-the UK’s premier exhibition complex 
from Tuesday 4 April to Friday 7 April, lSZB.The exhibition will be 
open daily from 09.30 to 18.00 hrs. (17.00 hrs. on the last day). Admissic 
is free to bona fide users and specifiers of communications equip- 
ment and systems. 


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SrnnpTf thnsjjh a an'evc 12-r*cclc 
hame emiv, 7*s» A-r af lnveinrcnu 
written ajr prslntianal investor!, 
jcaetJj.-otoevi and acesamann. Step 
by *t«? tbe/ thaw jran haw to uk 
the Stark and make mane/. 

Bnn without previous know-how— 
even with a capital as low as £100 
—foo can be praflablr doling ia 
ttodu and thunra ht 12 week*’ time. 


Send today far free fan details with- 
out obligation {no uamp nqturadj: 


reliance school of 

INVESTMENT (DA) 
FREEPOST, London Wll 3ER 



Coasplate and mail to: Tony Davies Communications, c/o Industrial and Trade 
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14- 

OMBARD 

k champion of 
competition 

Y GEOFFREY OWEN 

1ENCIES set up by the sumably Knew the law-had 
itish Government for regulat- failed to register, . More "recently 
! or interfering with industry professions have come under 
i not noted for their longevity. . the 5 scrutiny- - 

when one of them manages " Ttte work on mergers ■ has 
istay Intact for thirty years, ^ eeD more contentious /The 
f 3 tt,, . v Commission s approach hasten 

iis entitled to some respect, pragm atic, veering towards 
.e Monopolies and Mergers erra tic, and one or two mergers 
umission (originally called which had a clearly detrimental 
■ Monopolies and Restrictive effect on competition have been 
ictices Commission) cele-. let through- But in parr -this 
• tes its thirtieth birthday this reflects the vagueness of the 
'r. One might suppose that, criteria under which the Com- 
!i that amount of experience mission has to operate. The best 
i ind it, its place in society outcome - of the review of 
ild be assured. But there is merger policy which is now 
ndency, especially In Govern- under way would be a restate- 
it drdes. to decry its time* men t by Hie Government, to be 
. suming investigations and to followed later by an amendment 
crast it with^ the shiny* to the Act. of the primacy of 
lern. quick-firing Price Com- competition in reviewing 
; uon- merger cases.. 

If this .leads to more, merger 
references to the Commission, 
so much the better— though it is 
. . ^ interesting to note that, despite 

>ae honourable role which the the revival In take-over -activity, 
opolies Commission bas there have been rather few mer- 
ged in creating a more com* gers recently of the sort which 
ttive environment is not are likely to run. -foul of the 
[ciently appreciated. In the Monopolies Commission. Per- 
[fod from 1948 to 1956 it su(> haps the Commission's activity 
■ed to demolishing many of ^as convinced companies that it 
■cartels which had been pro- j S a was t e of time pursuing deals 
. ng badly managed com- which seriously reduce competi- 
. es. Its reports demonstrated tion There may also be a 

general disenchantment with 
of ensunng^thad effiaent , argMcale horizontal mergers, 

l„ wer j> 22 too many of which have failed 


Cartels 


in the pasL 


Combination 

Should the Monopolies and 


tnse of inefficient ones and 
"■ tbe gains from . greater 
entry were shared with the 
inner. 

showing that cartels had 
amaging effect on costs. 

,s and innovation, the Com- _ . . . 

i ion's work paved the way for Price Commissions be merged? 

. Restrictive Trade Practices The Price Commission's three- 
'of 1956. which has been month inquiries are, or should 
4bed as “ probablv the most be, concerned with the short- 
irtant piece of ‘industrial term exercise of maricet power 
picturing undertaken since by dominant companies. It is 
bd of the war.” From that arguable that this function 
all price-fixing agreements should be transferred to the 
presumed to be against the Monopolies Commission so that 
jc interest unless specifically it would have, in effect, two divi- 
pd by the Restrictive sions, one for the short term, the 

ices CourL other for long-term studies of 

er 1956 the Commission 

d its attention to mono- 0ffice of Fair Trading could be 
and /from 1964 onwards) empowered to make references 
i*rs IU work oS t0 Scherer of the two divisions 

t leg- dramatic than the seemed appropriate in each case. 

^"attack 8 o'n^cartels. but bn *"&»*«* ** 

Lw oF industries the Com- overlapping between the two 
ftn helped tfbrin- a tout bodies which * inevitable as the 

Commii.io.1 becomes more 

sm of British Oxygen’s actlve * 

{poly in industrial gases— If the combination of functions 

ed by the entry of Air could be effected without 

jets into the U.K.— was an jeopardising the Monopolies 
nding example. In Commission’s independence and 
[il sectors where a handful integrity, it is certainly worth 
.jmpanles dominated the considering. The important thing 

£ S'SESrSTuS* is ** ,he c r miss,on ' s role as 

wring agreements which ** effective champion of com- 
pmpanies — including large petition should be strengthened 
wpectabl© ones which pre- and built on, not downgraded- 


Bliiandal TImes-Tuesday- Ja^iiary 31;197S 

Vintage finds in South-West France 

ONE OF THE pleasures of a year, nearly all made by one working in local factories, with the more variable wines of tomers. The while is similar in. demijohns from the society** 

motoring through much of co-operative at St. Etienne de These Bearn wines may . be xhe Gironde. Later, bote Duras style to toe inexpensive wines of vans. . - 

France is the opportunity to Baigorry. I mast admit that I found at Pau, Dax and on the and Buzet were part of that the - Entre-Deux-Mers and i vw&z to ecpansion, last year 

drink local wines, which also did not reach this outpost of neighbouring coast. department, and their wines found it fresh and clean, if wtft- a nigitiy mechanised fermenta- 

have the advantage of being far Flench viticulture, but I did If Irouleguy and Beam to-day sold ' as -such, but when the out great character. uop plant was opened ■ * few 

less costay than the “names" that taste tbe 1976 wine. 'It had the are Isolated In what was once a Gironde was delimited in 1911 . .. rr^nerativ* Dims .S 1 ?®' co* 

decorate wine lists for the somewhat hard character of red large vineyard area, more sub- both were finally excluded, Liv- . ^ ne \ s Over a 

wealthy or unwary; and many wines produced in mountainous stantial districts are to hand: ing in the shadow of the more rJrHL- mfleoroiion car- i 6 ? 4 

of such wines are little known or northern wthe areas, but ft Jurancon and' Uadiran, but wsdely-known Bordeaux appel- jJJSJLf* rocess. common in tte double line of -5 large fermenta. 
back at home. Should soften with a year or two these need ^ottoTSde to Ufa* they have always ex. ftfi W« *$***«. of 

This satisfaction I was able to »°re in ^We. Vtatora to the themselves. Meanwhile there perienced a sales problem, and JSSnnic wine that can be *“**5“**® n o^'Jpd“fS. 

enjoy during * a recent short got® Basque should look out for . drSSSSf. The other red Duras ^ated™ per wat ^ 

sortie into South-West France, »> wines are very similar to goad be cooed with in the 

which contains a small duster of More accessible and more W1ME ' Bordeaux Souse. About ton in- KSSb CTpe wwtbeinam 

Appellation Controlee wine dis- widely known are the; red. rose dependent growers bottle and The wines are « 

tricts lying between the -lower and white wines of Bearn, with . h(4 jt «nder their ,*,. 1 “ » -Li 1 !, -S? 111 

Dordogne and the Pyrenees, a . nearly tweniy-year^d AC. BY EDMUND PENNING -ROWSEL.U SStabek Su^has a fiae Wb 

Once reasonably prosperous. Very Uttie white is produced, the advan- wloS^and fe 

they have lost much of the inter- and all but a few hundred U. tages not only of a splendid iXirl sE? I h _Jr .rzjl fruit 

national fame and sale that they of the 9^000 U. made last year arc two other small pockets of have had to sell their wines at prospect of the rolUns Dropt suoer j Qr quaUty, 

formerly had since the phyl- were red and rose. The red A r mino. wKi.h nm IMs InutA* nrim ttuninli AaI. i*WI. u.llaa V..* a taeKnff Kft 1 - installed * _ .. ' frO] 

loxera a hundred years ago and wine is fruity s 

the long economic depressions flavour though _ 

te ?^ D of Entte-Deux-ifers. areas. mndl more sophisticated aspect f ran c wine, about bair ns mtoh 

1 nn^wn nl «Sn SiJi 1 J rm « between the Dordogne That these wines are similar to Production had almost ceased of aga j n as the normal AC Jurat 

evitably becoming more expe&- than many of ite kind. Both are and Garonne, not much above Bordeaux is scarcely surprising, quality wines when the co-opera* ■««,*«. thr«i» «i nM ' k, 

sive. such wines deserve renewed produced from the local Taonat 50 miles east of Bordeaux; and as they are mads from the same tive started in 1956 by a Where can these wines bo 
attention, and local cooperatives grape, which produces rather secondly, the 0#5id?BwL £ape nSK? foTtto rX OmPmSSS- of tmA in Britain? Duchy Vim* 

9®^?^ running along the south side of CateraeftSanvignon, Cabernet j ean Mannillod. a remarkable ners o£ Truro 5tock Rose ^ 



A UlUBl itUUVIG UA lilCMJ UU- T . j t Til " Z UidUinLlUl/ UlilUti UIC VI OlUy 1*0 SG l iUOi V LU , + .k.Vflu Kll " 

tricts is Irouleguy, the only make and bottle tiwir own dig] cult for the wine-growers of Charente, and Mauzac, a local states in 1973. conies from this ^ey miist .cnieny ' tk found on 
Basque viffrujble. which juts wznes. In this part of the world, these parts, as well as for type- co-operative, drawing its grapes the sjmt Md my hope is in 

south, half surrounded by however, the co-operatives are Bergerac, which adjoins Duras. Duras runs to only 2000 ha, from 27 communes and 515 * irae ~! ,s JJjJ; ,e 25Li?«„ 

Spanish territory. It nearly very important; for without From the Middle Ages onwards producing an average of 48,000 members. Average output is demand here, private buyers 

passed out of existence just after them viticulture might scarcely the Bordeaux merchants did W, of AC wine, of which about now 61,000 bL, of which 20,000 hi, calling at the coo peraiwes will 

the last war, and only received have survived, as they alone are their best to eliminate the com- two-thirds is white, one-third are AC, but by 19S3 is planned to not be repiusea. wane wwt 

AC status in 1970. To-day it is able to deal with the grapes petition of the fruity red wines red. In addition about 65,000 hL reach 50,000 hL Most of the may be drunk jn t he charming 

no more than 50 ha. in extent, from one or two ha, owned of this region, which also in- of ordinary table wine is made sales ere to its 15.000 private little town of rferac, snii proud 

producing somewhere between by vignerons either engaged in eludes Cahors and Gaillac, while annually, and much of the trade customers, four-fifths of whom ?£ the fact that under Henri W 

1,000 and 3.000 hL of red wine other forms of agriculture or not above using them to blend in both Is direct to private cos- take weekly delivery of 10-iitre it was once the capital or trance. 


Barry Hills tries his luck 
at Nottingham jumps 

BARRY HILLS, whose many This Mick Easterby trained market, from 7-2 to twice those 
winners on the Flat in the past Brigadier Gerard Chestnut is out odds. 

few years include Rheingold of that high-class race mare, SL That run, his first for a long 
and, more recently. Durtai, Pauli Girl, the runner-up in both while, will have brought My 
saddles his first runner over the 1000 Guineas and Oaks. Captain on considerably and with 
jumps to-day. His Love from Major Thompson has the build an additional five furlongs in his 
Verona is among the runners for to make a smart jumper and I favour he seems certain to take 
the first division of Notting- hope to see him win in the hands plenty of beating. I take him 
ham Stop Gap four-year-old of champion jockey elect Jonjo to wear down the younger Corn- 


RACING 

BY DOMINIC WIGAN 


Hurdle. 

A useful performer on the 
Flat this bay son of Royal 
Palace, winner of the 2000 
Guineas and the Epsom Derby, 
is reported to have taken well 
to the minor obstacles and it will 

come as no surprise if he gives _ ou, lu , 

Hills’s assistant. Mr. Nicky ONmU, before going on to better eT ent the Persian War Novice 
Henderson, a winning ride. tilings. Hurdle, which was won a year 

However, my best news con- Now that his horses have ago by The Dealer. 

perns another highly regarded found their form after shaking 

recruit from the summer sport, off a blood disorder, a good many 
Major Thompson. ■ winners trained by David Morley 

seem likely before Cheltenham. 

Two which could well oblige bim 
are My Captain, one of three 

joint bottom weights tor Ollerton rates in Staffordshire are to 
Chase and Murray Flash, who g0 up by an average 14 per cent 
goes for the Elvaston Novices The county finance committee 
Chase an hour later. yesterday set its new rate at 79p 

My idea of the best bet from in the pound, after deciding to 
this pair is My Captain who ran take almost £2m. extra from 
a close third to Number balances. 

Engaged and Rough and -Tumble The committee chairman, Mr. 
over two miles and three fur- Rex Roberts, said that nearly all 
longs at Folkestone last week, the increase vras due to inflation 
despite drifting ominously in tbe and lack, of Government grants. 


CHEPSTOW 

1.45 — Duke's Girls 

2.15— Ambreinont 

2.45 — Silversmith** 

3.15— Tree Tangle 
3A5 — Top Priority 

4.15 — -Hogan Hills - 
NOTTING HAM 

L30 — Lerazma 

2.00 — Major Thompson 

2.30 — My Captain*** 

3.30 — Murray Flash 
.4,00— Fabrica* 


market from whom be receives 
a stone. 

At to-day’s other meeting, 
Chepstow, where it is a Race- 
goers* Clnb Concession Day. 
may pay backers to take a chance 
with the lightly weighted Silver- 
smith in the afternoon's feature 


Staffordshire 
rates up 14% 



Indicates programme in 
black and white. 

BBC 1 

jam. For Schools. Colleges. 
■, ,m. News. 1.00 Pebble MilL 
*■ igtime. 2.00 You and Me. 
‘*.w Schools, Colleges. M0 
S Cm SL53 Regional News 
?, ‘'land (except London). 3.55 


and South-East only) 

7M The Oregon Train 
8.10 The Good Old Days 
9M News 

9.25 Play for To-day 
11.15 To-night 
li-45 The Engineers 
12J0 am. Weather / Regional 


ing Scotland. 1U 5-11.45 Public Rolf Harris .Show. 350 Couples. 
Account 12.10 am. News and 420 Get it Together. 4-45 Magpie. 


Weather for Scotland. 

Northern Ireland — 3.53-3.55 pm- 
Northern Ireland News. 5J&-6J20 
Scene Around Six. &50-7.20 Here's 
How. 12.65 am. News .and 
Weather for Northern Ireland. 
England — 5£5-&20 p.m. Look 


News ~ East (Norwich); Look North 

!■ •<*“-, ""2Vn xSStT'HJZ? All Regions as BBC 1 except at (Leeds, Manchester, Newcastle); 
■ SSEi.nii* a m 7 SS£i\ tee following times:- Midlands Today (Birmingham): 

»■; r^hn Wales — 2.32-2.37 pm. For Points West (Bristol); South 

^ * I'w Star Tura N Schools: Teblau (4)^ Tabl wyth. Today _ (Southampton); Spotlight 


ii 


555-620 Wales Today. 850 South West (Plymouth). 650-750 

Heddiw, 7.15 Pobol Y Om East (Norwich) In A Country 

and (senod) pennod 18. 7-454 JO Ask Churchyard; Midlands (Binning- 
The Family. 12J0 am. News and ham) Top Gear; North (Leeds) 

Young Music Makers; North East 
(Newcastle) Box -Clever; North 


■lews 

Nationwide (London 
?outh-Ea5t only) 

Nationwide Weather for Wales. 

>ne More Time! (London Scotland— 555-620 p.m. Report- 


5.10 SportsCene. 

5-45 News 

6.00 Thames at • 

655 Crossroads 

7.00 Dave Allen 
750 pie Streets 

Francisco 
850 Rising Damp 

9.00 Wilde Alliance 
10.00 News 
1050 Football 

ting). 

1155 Andy Williams Show 
12.05 am. CZose: Readings 


HTV 

L2D pjb. Report West HeadUnes. 


US 


Report Wales Headlines. ZOO Houseporty 
&20 Tbe '.Electric Theatre Show. 505 
Slnbad Jtmlor. £20 CrassnmdB. tm 
Report WesL sjs Report Wales. *J0 
Emmerdale . Farm. 7 JO The Bionic 

Woman. SJO-.CnMO in the Nest: 1X25 
San Executive Suite. 

HTV Cymre/Wales-Ai HTV General 
Service except: 120025 pjh. PenawCau 
NewyridJon V DjtKL 420 Mfri Mawr. 
450-445 S«en m LMMJ5 7 Dydd. 
. . .. M-M Bywyd: Catalonia. 1125 World in 

(weather permit- Acdon. IL&1240 a^w. Celebrity Squares. 

HTV West— Aa HTV General Service 
except: UO-UO p.m. Report West Bead- 
le uses. U54J0 Report West. 


jt. CROSSWORD PUZZLE No. 3,581 



I ACROSS 

k I shattered to be. 
I i-Sous (6) 

,-re a good hold ( 8 ) 
lives ship’s officer with 
on board (5, 4} 
il gas inside loop (5) 


6 United aeroplane we hear and 
worker (10) 

7 Engaged in a fight (5) 

8 Viewer allowed to make a 
hole (6) 

9 Composer from Harlem? (8) 
14 Could be driving but not 

drinking (2, 3, 5) 


gas going to Welsh 17 Flat fish for smoothing over 

’* 4) _ E „ < 9 > . 

ii container maxes jg o ne drink in an examination 

•man fly (4-8) —that's novel (8) 

in u n usual terrain U) 20 It’s of little importance get 
■ jets putrid Mat (6) ting 4 or 6 in test (7) 
Stroke at cricket could 21 Jacket tor a smoker (6) 
i he final result (6) 22 Belied change but it may be 

Jr what a vehicle may taken in (6) 

4 2 pedestrian (3, 4) 24 Nothing in mist but damp (5) 

i he use sign language 26 We accept silver for payment 

*».*._ .u-m 7j e\ (4) 

Solution to Puzzle No. 3580 


ie chef? (4-6) 
dog left inside (4) 
person (3) 
i ;es time and 
^petition (9) 
f. knots using damaged 
i fish (8) 

held at bay? (6) 

DOWN 

^ uite pure but in it 
lis player scores (3-5) 
il lasts and appear intel- 
. (4, 5) 
o gases (4) 


ore economical 
• tual (7), 


but 


fst w u\r, i m y a bk (- j a r 

B H W E BUffi 

hhebse 

QQBQaaa-B 

Q fl s n m . 0- 

Dcaena cjasanHs 
b fi 0 a . a q 

aEHQaBR H3QC53Q 
B a 3' 0 HD 
HHsaHagna eobhei 

El EH H .3 0 a fil 
aansafa BBHSfaHaRi 
S ’ M B ' c Q B E 
0H3ra0S_HEHaC(t3QS I 


S.'S"?. SCOTTISH 

Peter de Rosa is A Bible us p.m. News and Road Report. 320 
Prayerbook for To-day. Mr. and Mr*. 5X5 Rad Racket. 520 
All IBA Regions as London Crowttauis. &oo Scotland Today. 4J0 

West (Manchester) A Good Sing; except at the following rimes- What's Voor Problem. 7m Emmerdsle 

South (Southampton) Hey Look ^ 1 *Li T °7 &***■- wn». re Daw aqm. W TOnj^- 

. . . That’s Me!: South West a ANGLIA 

(Plymouth) Peninsula; West ,i 25 ^ Jn -jJ nxlj8 * v i?»- MOHoasepany. urawB * 

(Bnstol, The Yate ExpSience.^ „ ^SggraERN w 

• bbc 2 aatsi-ssj*"" snrsw,n - s & sw: 

io Acnon. S28 Cromwrta. 6^0 Day by Day toctad- 

11.00 a.m. Play School (As BBC-1, , _ ATV hw Magoft im Enmaa^le Pam. 

355 djm ) 12B run. A TV NewnTuk. 329 Looks JJL Dare Altaa aj OOa rUe’B Anicela. 

Jib p-m- L FJunfllar. 5X5 Larenw and Shirley, UO “55 Sowiieni News Extra. XUS The 

255 pjn. Other Peoples a tv Today. 7m gaart clc Farm. 7 m PmcUcs, 

Children ^va Allen, am Charlie's Ansels. X12S TYTVP TFFC 

t3.0O Film As Evidence. nAonro ,Ja “ Jn - 71,8 gv® 3 ’ Wor0 wnowed w 

350 The Living City, Jt»UlvJDJb,K North East News HeadUnos. 12 J 0 pjn- 

700 V««« on a Heariltnaji tl2* p.m. Border News. Zm Boose- ratchen Garden. 120 North-East News 

v ns 5 w.Zh.KS'. wty. 3Ji Friends of Van; San mtm Lookaround. 328, The .Odd Coopte. 

‘■™ Ptopaganaa with Facts. Zoo. SJS Indoor League- bm Lookaround S25 Friends ot Man. am Northern Life. 
750 Newsday. Tuesday, 7m Emmerdale Farm. 730 7 -°® Emmerdale Farm. 7J9 Dare Alien. 

SS9 International PriKMebrity ****:,$* Charted Auda. as ”®J *** 

Baretu. HUB sat. Bonier News Snnv uuwatOEB. J22D am. wflogwe. 

9.60 Spite Milligan In Q7. “ ,Tl a ULSTER 

950 The Man Alive Report; . LHAilJMX 120 pun. Londnime. X3a Mr. and Mrs. 

Housing Shortage? 32* pjn - Channel Iamc ht tme News and 4JS Ulster News Headlines. 525 Friends 

1050 In the Loofrizi? Gians. What's On Where. 32S Wish Von Were of Man. 628 deter Television News, 

infill Tat- Ulass - Here. 505 The Fllnwones. b.n Report MS Crossroads. 620 Reports. 7m 

on f- , , _ at Six. 7J» Treasure Ens. BJD Pare Ecnneriale Fann. 728 Dare Allen. *J» 

1150 The Old Grey Whistle Test. Allen. O Channel Late News. 1 LB Qiartie's Ansels. 1X25 Pro^dehrUy 

11.40-11.45 Closedown; Bernard Wcst SMe Medical. 12 m a. re. cammen- Snooker, fouowed by Bedtime. 

Hepton reads “One of our “ Prarttionj MeteoroJoghines. . WFSTWARD 

^ Miss ' GRAMPIAN XUS PJH. Cns Honeytnm'8 Birthdays, 

mg" by N. F. SLmpsotL 9m «J». First TWng. 120 p.m. Gram- 120 Westward News HaadUtwa. 328 wtsh 

Plan News Headlines. 3 28 Women Only. Yon Were Here. SJS The FBntstones. 
T nivnnv 345 Cartoon Time. 5J5 Wings 'N Thhm. MO Westward Diary. 7 M Treasure 

lA/IUA/il 6rn Grampian Today. 62a Country Hunt. «J0 Dare ABen. 1828 Westward 

950 ul Schools Programmes. SS*- 7J0 Thhwaranrtig- H25 Refiec ****. 

1155 Felix the Cat. 12M The aarn ul Faith For Ltfe. 

Wotsit from Whizz-Bang. 12.10 GRANADA YORKSHIRE 

Rainbow. 1250 Kitchen Garden, ™s WYoor Right 320 Mr. 12 a pjn. Calendar News. 320 Hoorn- 

159 News plus FT index. 150 ? uj 15 J 00 ?! R irid. 525 party. SJS indoor League. MO Calen- 

Help! 150 Crown Court 2.00 £?| ° g8roa , d ?' J 4 * Rapom * *** dw (®ntey Moor and Bettuui editions). 

Afulr NnmT SKCarn e«n m?! Eiraiert! ale Farm. U-2S Play the Game. 7m Emmerdale Farm. 7 JO Daw Alien. 
Alter IMOOn. 2Ja Sam. 350 The ZU5 Wait Ttn ton Father Gets Hons. MO Charlie’s Angels, Xtohca Woman. 


RADIO' 1 247m 1-28 Midday concert, part 2 IS). 225 Financial Reoott. 6J0 The BarMas Way. 

(51 Stareenfaonlc broadcast fro® Bristol (S). 3J» A Uttie 7m News. 725 The Ardwre. 720 Time 

4.M ba. As Radio S 7J12 Noel ' Ma ? c ? ** The Vangtnn for Verse. 7 JO Polish National Radio 
Edmonds. »m Blmon Bates. 1L31 pSS w ™«wSytiml»mes ts). 450 Ravel Symphony Orchestra <S) (as Radio 3). 
Barnett Including 1130 pm Newsw. SlS 10 rs ^ c (S). 545 Jure * 2 S Today In Synod: report on the 

zm Tony .BtickSm^iJi V <S1, homeward Bound <S>. General Synod of the Church of England, 

including 5.30 NewsbeaL 7m Folk S 4w %«. i ?9.5? ,,ewart Blinnd f 000 - ,J0 KdWdodttmoi Tbe life and art of 

fiSnTsxdto 2). IAK *1 wb tianed). 4J0 UfoUnes: work and Train- George CruikfihanX. caricatnrlst. 1st 
17. MM 7. w Tm A 3 EtedM a l tog- Polbb National Radio Sympttmy Weather. JAM The World Tnnlgbt. mm 

VHP Radios' 1 and 2s US a.<n Whh ® rc ^ esa ^ > , Monlusko, Szy~ Tlie P i Bftn riasta. 1150 A Book at Bed- 

Radio 2. Including l^ omTcMd Listen- n ™ r3ld <SK ““ Coldrtag in Ann- time. 1115 The Financial World Tonight, 
ing. U5Z With Ri -H fl i, 12584255 ul trail*, part L uo Polish National Radio 059 Today In Parliament. UJG News. 

Wh Radio 2. ******* Ltn. Symphony Orchfc-tra, part 2: Shostoka- Pw Schools (VHF only): «55 aJiuJZm 

r% A T\Yf% -t 1 emu mm 9J0 The Anathema ta. 1X55 md UM5 iwil 

RADIO 2 LSWhn and VHF Haydn and Beethoven piano tecttal (S>. nnp T 

&m ajtl. News Summary, UB Raj U580im And Tonight's BBC KaOlO LODOOn 

Moore with The Early Show (S) includ- S** 1 *"” 30 «« record. 361m And 975 VHF 

Ing US Pause tor ThooghT. 7J2 Terry D imfl A W* *J». AS Radio 2. 6J8 Rash Hour. 

WogBB rsi tndndlng 827 Racing Bulletin ^ ... . .. MO News Extra. 92 b London Live. 11 m 

and cm Panse ror Thought 1022 Jimmy 434m, 330m, 385m and VHF In Town. 125? pun. Call zo. 2m ms 

YoangJS). 1205 pjm. WagBOuers* Walk. . t Medlmn Ware only Showcase. 453 Home Run. UO Look. 

XLM pete Moray's open Home (Si In- us ul News. 607 Farming Today. Stop, listen. 7 JO in Town, uo An 
dndlng US sports Desk. Z30 David 635 Up to the Hour, 6J2 nrHF) That Jack. HUS Late Night 
Hamilun (SI Including 2m and 355 Regional News. 750 News. 7J0 Today, pjw Qhb: Aa Radio 2. 

Sports Desk. 030 Waggoners' Walk. 4 j« 735 Do to the Honr (continued). -7J2 . . - . „ 

Sports De*- «T John Dmm r?j indnd- (VHP) Regional Nows. 850 News. UO JUHKWIL Krnanpasnnfr 
to« 5^. s 2? rts D®*- 455 StMtrts Desk. Today Including naw* headlines, vreetiwr, 2flibnBnd9MWP 

73* Polk 78 tffcsents ttwrapy in Concert papers, wort. 8m Yesterday in PsrUa- 
(SL 7J0 on -the TWrt Beat (SI. 85* merit 950 News. W55 Twsday Colt 
Htahert Gregg at The London Theatre. *183 News, turn Round Buropa Qtd*. 

J32 Among Your Sonvo drs (S). 9J5 1034 Dally Service. XU45 Morning Story. 

B«n the Record. »58 News. 1115S -mits-mma yhifgS fqcjHdl^g eprge.G ate'g 
MJO Tommy TWider says Be My Guest Theatre. 11135 Through African xyre. *°“5» 

nm Brian Matthew wta The Late Show. X2J0 News. 1252 sun. Ton and Yoursi GBan «- Moam am. w ig i m ia e . 
PJMZ ta aum. News. 1220 Desert Island Discs. 3XLB Weather. Canital Radio 

RADIO 3 «*m.Ster»SVHF JTK-- ' 194m and 9SS VHF 

» a -*P- Weather. 7m News. ■ 7m World At One. LJD Tbe Arcbere. 155 . 550 aa Graham Dene's Breakfast 
owmre '?>* *30 News. UB Morning woman’s Boar '(* (Tam X00> toclnriing -Show (Sj. M8 Michael Aspel is), lioo 
ftonon t (SI. MO Nova. 935 This 250252 News. *255 Listen With. Mother. Dave Cash with Cash on Delivery (§), 
'E**** Compwert: .Pto»a«l„Mowaa 358 News. 355 Tt» PWrwick Papers XOQ pm Roger Scott with Ms Three 
L 31 - ^Asaitamy yttoo BBC (SI, JUMS rSl. 4m. News. 455 Gardaner** Qnsa- o'OoA Thrin (81. 750 LoxxJoc Today (S>. 

t SP t 1 J S 1- . 1L3B to Short don TW _4J6 Story Thne. 5JB PM 7J0 Adrian Lore’s Open I5» fS>- MB 
UaDr>. aim Song Reeftal, part S (S). Reports. 558 Serendipity iS). SSSS Joes than King (S>. H30 Tony Mratfc 
JDS pm* MbMa y Concert, parr 1 fSJ. Weather, . programme news; (VHP1 Law Show (Sj,- 12J0 ae. Petw. Yomurs 
250 Newsi ua The Ann woshtwtde. Regional News. 450 Newt *siareHng jnghc mght tfk 


APPOINTMENTS 

R. H. Burton to head 
Gillette Industries 

Mr. R. H. Barton has become GARDINER ALUIMN— Mr. Alan of BPC Business Fonus,. Mr. M-X 
chairman of GILLETTE INDUS- Peterson, managing director of Keeling, commercial direct or o f; 
TRIES and will retain, bis Alcan Booth Systems, has been Poms tSeou^k; 

responsibilities in the Eastern named ns managing director of and Mr. N. C. oineinursi, Qir gCTor ,^. 
Hemisphere in * legal and tax both companies. and general mahajger _or . 

matters and Government relations. * equipment division. BPC EBuiWfm 

The appointment is part of a sir Harry Llewellyn has been Forms (Leeds). - *» 

general re-organisation. As a appointed a director of STEINER * - *.? 

result. Gillette's UJC. operations HOPS. . Mp - James Thomson has x+ 

will be separated from the * tired from the Board of WAI* 

Eastern - Hemisphere group Mr. Terry Mason has been FORD MARITIME and has beau 
management and operate under appointed finance director of the replaced by Mr. Nell Forster, 
the name of Gillette UJC with the quarry products division of Mr- Pbnl Hodge and Mr. Tom 
following Board: Mr. D. R. Sanaa TJutHAC group. Hodge have been appointed to 

(managing director), Mr. J. W. *■.' the Board foijowing the acquisi- 

R unacre* (European sales), Mr. ml r » einriair mnnaain" tion of Lan gville Transport, Sir 
P- F. Janes (manufacturing) and diSor 0 ai chief executiv^of Singkton has joined the 

Mr. B, a Machln (personnel). NEWALLS INSULATION com- Bojr4 ' . 

Group management and staff ngay, has also been appointed „ i 

departments will be Incorporated Heputy chairman The parent ®f- A - w - Holey, planning ■ 
in Gillette Industries and its concern is Turner and Newall. director of British Airways, has 
Board wQl be: Mr. Burton, (chair- + been elected chairman of the 

K - J s - Mr. Nicholas Heroys has joined I? ? wvrer S? 

director and . group general McCOR QUOD ALE AND CO., as fLANN^G.- Mr. R. W. Kates. 

raanwer-^mette^pe) dtSor of finance. This to not C2?Li2 

LnS^SSo,&e ■n.wotatmmt to th. Bo»rd. 

Eastern Europe), Mr. J.- G 


Alfred PunhDI, has been elected 
vice-chairman and Mr. W. R. Han- 
Cf.rtc «.-><> )««. cock, staff planning adviser tor 

McCnUagh (director finance and amoimed chaSSS the Brittoh-Araencan Tobacco re- 

‘=-- /'»»-**- appointed chairman of toe ^ted treasurer of the Society. 


jdmu^tratioh Gffiette -UM SSeksk COwSfraTar ApdiS 
D - *■ Stone (regional retired recently ns d eputy Under- 
manager— southern markets). Secretary of State, Foreign and 

. .. * .. ^ Commonwealth Office. 

Mr. Aastlcy WhJttalL president * 

of the En^neering Employers’ 

Federation and chairman , of 


* 

Mr. R. M. llartey has been 
elected president of the TIMBER 
GROWERS’ ORGANISATION on 
the retirement of Lord Dulverton. 
who becomes chairman of the 


Mr. N. L Wilson has been 

1- cuaaumi OUQ vi w urumi i ■ Ul -( A uevumoa v-ihuiuuu w iuu 

“«« - o™* 

the NATIONAL ECONOMIC 
DEVELOPMENT COUNCIL. 


S UNIT TRUST MANAGERS. Britain 

A" iff 

Mr. G, S. Inglis has been ap- Basfl Bampfyide has been 

appointed by BRITISH AIRWAYS 


Mr. R. M. L. Webb has been raemhef^^he JCT^G ^ S^?D Y, 3 “ de P u ^ director of commercial 
mninfa/i 9 memoer ot tne JUbU group. operations from February 1 and 


appointed a non -executive 
director of TOOTAL from 
to-morrow. Mr. Webb 


to-morrow. Mr. webb is a jj 

Mor ^- n tos oi BEIi PROnUCI^ 


Grenfell and Co, 
merchant bankers. 

* 


the group’s 


Mr. F. A_ Davies; deputy chief 


wr* r’-M- » " w general manager of Eagle Star 

Insurance Company , has joined 
SEsEeot director^ toe ^ard of DUALVEST, a corn: 


Mr. John Norton will be control- 
ler UJv. and Ireland Division. 

■ 

TRUSTEE SAVINGS BANK 
CENTRAL BOARD has appointed 
Mr. K. W. G. Cberrett as general 
manager, TSB Trustcard, and Mr. 
N. Jenkins as head of Business 


MANAGERS &0 rS.n, ( ,n^ UOT KE °«elopme« Division. 

MANAGERS from to-morrow. gue portfolio Management * 

b prnm^V nir - Michael J. Tanguy has been 
^finn^ eCO moT, a S? appointed a director of HAM- 
Lot^n regional manager of BROS (GUERNSEY). 

MEPS in place of Mr. Michael * 

Milligan, who is to resign on April 


Mr. P. D. M. Shaw has been 
appointed chief surveyor to 
COUNTY AND DISTRICT 
PROPERTIES and has joined the 
Board of County arid District 
Properties (South West), a sub- 


Mr. D. K. W. Hanratty and Mr. 

, G- Penndis have been appointed siaiary. 

„ _ „ * ni , , . directors of HARRISON BEACON. * 

, < Mr * J t R Wato (previously * Mr. J. Martyn Smith has been 

u er ™“l 10 Mr *. SMcWunam) Three managers in the BRITISH appointed managing director of 
“E5°“^ c a director of PRINTING CORPORATION’S TUBE PLASTICS and has been 
tJfiVUK A1N bUNLo. - Business Forms Group have been succeded as sales director by Mr. 

„ . * • appointed to ther Boards of their A. C. B. Tldmarsh. Mr. Bonghton- 

“SKSS.. refP®** 78 companies. Mr. Brian Thomas, formerly managing dlrec* 
ALCAN BOOTH INDUSTRIES of Wiuterson is personnel director tor, has resigned. 


Spenser first editions fetch £4,800 


BY PAMELA JUDGE 

FIRST EDITIONS of Spenser’s Tbe first day of Christie's sale Knox's house 
The Faerie Queene and of tie of Oriental ceramics and works brought £300. 
second part of the work were sold of art brought £22,391. A pair 
ait Sotheby’s yesterday for £4j80Q of K’ang -.Hsi faxaiUe' verte 
to B. Quaritch. baluster vases and domed 

The sale toMed £34259. A «ld for £780 to S. Jfar- 

private buyer gave £950 for the 

works of Hogarth from tee At South Kensington, Christie’s 
original plates restored by John auctioned silver for £28,571. with 
Nichols. A first edition of Dr. an 1842 silver tea service ’going 
Johnson’s Dictionary of ihe for £1,250, water colours for 
English Language went to Black- £7.518, pot Uds and fairings for 
well, Oxford, for £900. £7.229. A Goss model of John 


in Edinburgh 


MARIE CURIE 

ffl l ,f «> *8fk enshrined In th« 
humimtarian cancer mining, welfare 

Memorial Foondatiofl. Will you 
tnbota to her msmorjr hr tupporrtng 
esnawwly with donaSw. In 
P'S or bequest, tbh vitil need; 

Descriptive leaflet of ehii onioue 
orginuation available from 

The Secretary. 

SLOANE STRE£T. LONDON, SW> 


WINE 

ANNOUNCEMENT 

Reference Mr. Penning'-Rowsell’s excellent 
article on Burgundy, January 17 1978. 

L “Sr one of the FIRST merchants to offer 1976 
« v Red Burgundies m May 1977. (Sold Out 1 

2. LAYTONS can offer a second range of 1976 Burgundies for 

3 J™cT- j^tfd.StocfaJ-List avail^r^ t0T 

™76 ad ^ W P ^ 5l975Ctort ‘‘“P^» iB 

i ™ S toVe pIen,y 01 ■“ «*«•■*» seH at prices aUcan 

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Apply please to :-J. Radcliffe or R. Humbert 
LAYTONS WINE MERCHANT^LTD 
11 OOUGH SQUARE, LONDON, E.S 

01-353 1178/9, 353 1170, 353 2985/6 




T 


'•w i 


ft 

• t 


fhsBiock! 'TSmes Tuesday JasRiary 31 1 978 


Madras Film Festival 



35 


by NIGEL 1 ANDREWS 


N We are sort one of the most 
opulent film festivals," said one 
nf the speakers at the opening- 
fiigfrt ceremony in. Madras, with 
what will surely qualify, as the 
jvar's prize example of mislead- 
rag modesty. India’s Third, Inter- 
national Non-competitive Film 
Festival was the most opulent 
that this critic has ever attended 

— with the possible exception 
of Tehran — and assailed on 
»i! sides as he, was by dinners, 
panics and sightseeing tours, it 
would be foolish for him to pre- 
tend not to notice that the prin- 
cipal ropfon d'etre of the festival 
was as a gigantic international 
irt of good relations. The Indian 
film industry needs foreign atten- 
tion, and this is as shrewd a 
way as any of, going about 
attracting it. 

Former, festival^. have been 
idd in Delhi and Bombay. This 
rear’s choice was Madras, and it 
proved an excellent one. - Not 
poly is this South Indian metro- 
polis a beautiful city in itself—* 
Art Deco bouses and crumbling 
remnants of the; British Raj 
lilting among luxuriant gardens 

— but as the capital of Tamil 
Nadu it is -the - centre of the 


busiest fllra-maJting stale In 
South India. 


Appropriately enough, the 
Chief Minister of the State is 
Himself a former movie star — 
. f G. Ramachadran, charismatic. 
»x-herb of many a swashbuckling 
tdvenlure film — and Madras 
.tseir has the lion's share of film 
studios and processing lab- 
5 ra tones in Southern India. 

Artistically, Indian tinema has 
for a long time existed in a 
state of partition. On one side 
:here is the siege economy of its 
popular movies, which keep the 


rupees ip circulation but attract 
precious little foreign currency. 
On the other side there are the 
“art films," which lead a shaky 
commercial existence, -.inside 
India but do at least travel 
abroad, albeit "on the impecu- 
nious itinerary of the art house 
circuit. Small wonder, then, 
that no pains and no expense 
were spared in luring foreign 
journalists and distributors to 
M adras, where their views were 
keenly solicited and noted on 
every subject from the quality 
of the new independent Indian 
films to the relative merits of 
film marketing techniques, in 
India and the West 
There was rich opportunity to 
form a view on the first subject 
Twenty-nine films were presented 
in a season entitled "Indian 
Panorama,” which showed ns new 
work from young film-makers 
and neglected work from influen- 
tial directors of the 'SOs and '60s. 
For years — or is it decades? — the 
Indian art cinema has been 
dominated by one man, Satyajit 
Ray: a- colossus around whose 
feet aspiring young directors 
briefly surge and modestly 
Sourish, but never quite draw 
themselves up to the - same 
stature. The picture now is 
changing. Ray still casts a giant 
shadow, but some Indian film- 
makers have grown tall enoueh 
to push tbeir heads out into the 
sunlight. Shy am Benegal. 
Mrinal Elen and M.. S. Satbyu 
are the' three best known of 
these: and as if to advance their 
cause as rivals of Ray, the 
latter’s new film was withheld 
from the festival this year be- 
cause of distribution difficulties. 


does not belong (and insists that 
he never will! to any political 
party. His films are candidly 
left-wing, but their quirky, lull- 
blooded' Style (Peckinpah and 
Penn are Western comparisons 
that come to mind) lifts them 
well clear of the rut of political 
pamphleteering. 

His new film is called Village 
Slorti and it depicts the quarrel- 
some relationship between a 
peasant father and his son in 
a mud-hut village in Uttar 
Pradesh. The father is the film's 
star character (and beautifully 
played by Vasudeva Rao>: a 
roguish layabout who justifies 
his idleness with an airy pre- 
tence of political wisdom. (Why 
work, he argues, when all the 
fruits of one's labour go to the 
land-owner?) The son marries: 
the father’s idleness first 
exasperates his daughter-in-law, 
then inadvertently causes her 
death. * The ending is harsh, 
powerful and devoid of any 
facile moral. It. is surprising 
that Sen’s work has not yet 
reached. Western cinemas, where 
it would clearly feel much at 
home. 


Patel) and her hfe. loves and 
disillusionments, is to my mind 
too cosy by half. Benegal has 
gift-wrapped a cliched story In 
sundry quasi-ingenious forms-— 
the different stages of the girl’s 
life are depicted - in different 
cinematic styles (sepia-tinted 
primitivism for childhood, big- 
studio kits ch in «s for her early 
romances) — and the film ends up 
a colourful shell containing little 
discernible life. 


M. S. Sathyu's Kotaneshtoara 
Roma is still more disappointing. 
His first and only previous 
-feature was Hot Winds (seen 
last summer in London), a richly 
detailed and compassionate saga 
of Indian life after the Partition. 
His new film is scarcely more 
than a commercial pot-boiler: 
the story of a Robin Hood who 
practised early socialism in 
India (in the time of the British 
Raj) by robbing the rich and 
giving to the poor. The camera 
work is beautiful (Ash ok 
Gunjal). the performances have 
charm and vigour (Anant Nag 
and Shabana Azmi), but the 
film's creative aim is so un- 
ambitious thar its incidental 
virtues count for little. 


Sen is the most interesting of 
the trio: an agile, mischievous 
gad-fly of a film-maker, who, 
though a self-confessed Marxist 


Shy am Senegal's The Chum- 
ing was seen at the London Film 
Festival in November, and his 
new - film, already released in 
India, is Bhitmika (The Role). 
Senegal's work has won praise 
for the way it straddles the two 
world's of popular cinema and 
the “ art movie." Although 
he deals with urgent politi- 
cal themes — caste prejudice, 
women's rights, workers’ . co- 
operatives— Benegal wraps them 
up in simple, even cosy narra- 
tive forms. Bhumika. the story 
of a Marathi film actress (Smita 





?• ■■ *? 




-*w .• . 

. ' 1 . _ ' 


' V - - ■ 


y - •• ^ 



Most of the festival thunder 
was stolen by lesser-known 
Indian directors. Ghashirmn 
Kovwal -was made by a band of 
IS film-makers gathered togertaer 
nnder the name of the YUKT 
Co-operative (most of them are 
based at the Indian Film Insti- 
tute in Poona). It is a tale of 
warfare and political intrigue 
set in 17th century India. The 
plot is incomprehensible — to 
foreigners at least — but the 
treatment is enthralling; a blend 
of tableou-riront iheatricalism 
(the film begins as a stage per- 
formance and only gradually 
moves out into real locations) 
with Jancso-like passages of per- 
petual motion (swirling camera- 
work. characters moving in 
elaborate arabesques as they 
talk). Some thought that the 
film belonged to the lunatic 
fringe of Brecht-influenced 
cinema. Others. 1 included, 
thought it one of the liveliest 
and most original films in the 
Indian section. 


"! v-.- 


I.i/5 

A scene from K hi r*a gar's “ Kanakambara ' 


S. Khirsagar’s Kanakambara 
and P. R. Reddy's Chandra 
Marutha (Wild Wind ) have both 
found fame In India for reasons 
somewhat tangential to their 
quality as films. They are, to 
be -brief, not very good... But 
Khirsagar's lugubrious film has 
the distinction of showing the 
first screen kiss seen in India 
for 35 years (the censor was 
evidently moved to leniency by 
the film's slow and “compas- 
sionate” study of an innocent 
peasant girl's discovery of sexual 
love): and Reddy's penny-dread- 
ful tale of political unrest in 
India daring Mrs. Gandhi’s 
emergency earned an inad- 
vertent martyrs g’.ory when the 
director’s wife, who had acted 


Elizabeth Hal! 


Beaux Arts Trio 


by MAX LOPPERT 


t have heard the Beaux Arts 
Trio often, but never in more 
splendid form than on Sunday 
afternoon. Tbe opening perform- 
ance of Haydn's G major Piano, 
Trio (Hob. XV no. 25). sustained 
so rapt and enchanted a level 
of musical discourse, that one 
feared a peak had been reached 
too soon from which the rest of 
the recital must inevitably 
decline. Not at all: though the 
requirements of greater physical 
robustness and an enlarged scale 
nr dynamics in the Brahms C 
minor Trio. Op. 101. and Dvorak's 
K minor Trio. Op. 65. Occasioned 
passing touches of wiriness from 
Isidore Cohen's violin when 
riirobing: in attissimo, Uw inti- 
male. civilised and passionate 
communication which is the 
essence of chamber music was 
invoked throughout, and on 
familiar music shed Illumination 
of the rarest kind. To hear the 
equipoise of instruments even 
in Brahms’s thickest first? 
movement textures, you would 
think the Elizabeth Hall acoustics 
were entirely unproblematic... . 

Singling out a member of a 
closely attuned ensemble is al- 
ways an invidious business. Even 
sn. it soon seemed apparent that 
the very special tone of these 
performances was being set once 
asain by Mciwhcm Pressler. a 
protean chamber pianist, so light, 
and iridisccnt in Hadyn Ibat for 
tbe moment we forget that be 


plays not on an instrument of 
Haydn's day but on a modem 
Steinway grand; warmly in com- 
mand of the Brahxasian surge 
without ever submerging his 
partners; and capable of chang- 
ing the very timbres of his tone 
colours in Dvorak so as to pul 
to flight Alec Robertson's charge 
that in this work the composer 
“has put un . . . fellers slumped 
with the name nf Brahms." 

In the first movement of tbe 
Brahms trio, the opening pages 
always appear to lie awkwardly 
under the bands of each i ns t ru- 
men i, and even this super -sen- 
sitive attention to dynamic mark 
rags was unable to make all the 
varieties of rhythmic figuration 
"fir” with complete comfort. 
But elsewhere, notably In the 
Andante grasioso. the material 
sounded supremely apt to tbe 
instruments. One of the most 
trcasurablv features of the play 
ing was the perfect purity of 
accord in unisons and in melo- 
dies set apart by thirds or sixths, 
and then the blossoming of indf 
vidual personalities when mclo- 
dicimitations take over. This is 
a gift on which Dvorak’s 
lyricism thrives: the penultimate 
nirrio messo bars. In major key, 
of the last movement carried so 
rich and heart-easing a message 
of contentment that they all bur 
obliterated the effect of some 
note-tipi on ing earlier on in tbe 
movement. 


Festival Hal! 


Kremer / Kondrashin 


by ARTHUR JACOBS 


Sonic put tbttir head in the the way .in which Mr. Kremer 
lion’s mouth; others come as combined an absolute assurance 
foreign musicians to England and with a kind of nerve-edge exert* 


b . ut V” v H anyone still doubted that muKlc ' 


it. His performance of Elgar’s Kirwcrt plare ir with th« 

^htiharmon^ M (^eSra & m R ?ua 3 sroa ^ Ml younE violinists of 
Philharmonic Orchestra on Suo* injuv thrfp vjijj ■ iht* tuinus of- 

Hay evening was. by my reckon- 

ing. one of the great erenls of jj i*hc piece was the uifc] 
the current musical season. - accompanied ftriMJMnta mi. 4 
IT IS not entirely new for a by Ysaye. the- Belgian violinist* 
Soviet violinist to play this con- composer (d.lMl) whose work 
ccriu: I believe it was in the js perhaps • more cultivated by 
repertory of the laic David' Soviet than by Western cxeca* 
Gistrakb, Mr. Kremer*® teacher, tains. Here too Mr. Krutuer 
But Mr. Kreincr, the vlctur or fused a poetic vision with an 
the 1570 Chaikovsky Competition astounding technical mastery. 

In Moscow, has captured it lor The conductor was Kinl Ron* 
Ms ^brooding moments rasbin, a seniot figure in Soviet 
and dying foils, no less than its music, . -whose" approach to 
strongly rhyttemical reiterations 'Wagner’s Meistersinger o verm re 
tn difflculr double-stopping. ^ l0 . Brahma’s .Second Sym- 
wcrc totally at his command.. phony was' to emphasise the 
V one who (tike otiierB in the Integrity of the musical whole, 
audience, I am. ourc) grew up with no palatine up of detail for 
with the classic recording made its own. sake. The refusal to let 
by the youpg Menuhin -with the .brass have. -its head during 
Elsar himself conducting, I was those descending scales at the 
conscious of sbae moments on end nf the -symphony was a eon* 
Sunday recalling that interpret?- spieuous example. In less artistic 
non. olhers parting from it. Bui hands . the result aught be dull; 
l was enthralled • throughout by here it was solidly satisfying. 


Orange Tree, Richmond 


in the film. died shortly after 
being imprisoned by the -Gandhi 
government. 

Side by side with the new 
movies in the Indian -section, was 
a five-film tribute to the late 
Ritwik Ghatak; a director much 
praised inside India but so far 
little seen, outside. Several 
Indian ' critics at the festival 
eagerly put about their view that 
Ghatak, at least in the early 
years of his career (he made his 
first film in 1952 and completed 
seven more before bis- death in 
1976). was' the equal of Ray. But 
the films themselves leave room 
for scepticism. Ghatak has a 
superb ear and eye— bis sound- 
tracks are resonantly expressive, 
and his black - and - white 
photography blends the rough- 
hewn authenticity of neo-realism 
with the angular chiaroscuro of 
Japanese' cinema- — but his 
mental gifts lag behind. The 
films are simply not put together 
like Ray’s. They move along 
with a drunkard's gait (regret- 
table metaphor, since Ghatak 
was himself an alcoholic-), sway- 
ing now towards melodrama, now 
towards broad comedy. Meghe 
Dhaka Tara ( Cloud-Capped Star) 
was the best film on view, but 
even this touching portrait of a 
consumptive girl who' sacrifices 
her health- and life for her family 
Is vitiated by Ghatak’s love of 
overstatement. 

In- the. international section 
of the festival there were three 
other retrospectives. Jacques 
Tati, Michael Cacoyannis and 
Emile de Antonio were tbe direc- 
tors honoured, and -de Antonio 
himself was present as a festival 
guest. The foreign films shown 
were well chosen — The Lace- 
maker, Padre Padrone, F For 
Fake, and JHustriou? Corpses 
among others — but mostly of 
little interest to Western 
readers,, having been -written 
about from previous festivals. 
(For Indians the impact of 
hithertD-nnseen films like Taxi 
Driver was somewhat different — 
tickets were changing hands at 
as much as 500 rupees (£33) 
apiece.) 

In the" market section of the 
festival, where distributors buy 
and sell their wares, there was 
one outstanding film: perhaps the 
best brand-new work of the 
whole festival. Tioo Girls is a 
Singhalese film directed by Sou- 
mitra Penes, wife of Sri Lanka's 
best-known director Lester James 
Peries. This is one of those 
films that defy synopsis since its 
magic lies less in the details of 
a slender plot about two sisters 
and their different dreams of 
romantir. fulfilment (one wants 
to be a beauty queen, the other 
has a troubled love affair with 
a young teacher) than in the 
dreamy, narcotic beauty with 
which Mrs. Peries has invested 
her story. The film’s drugged 
quietude— low-key performances, 
a love of veiling foreground 
decoration f fronds, branches, 
elc.i. raellifluously repetitive 
musio— is quite hypnotic and it 
suggests th.-»r the Eastern cinema 
has discovered a really promis- 
ing new director. 


Whitechapel/Serpenttne QalteHtes 


Carel Visser& Jack Smith 


by WILLIAM PACKER 


The enjoyment of a substantial ^ V?*^^-** 

one-man exhibition in a major 
public gallery is tbe reasonable 
hopq of any serious artist, for It 
can mark for him, if not neces- 
sarily the culmination . of his 
life's , work, at least the conclu- 
sion. of a significant volume in 
tbat oeuvre; and as sucb, rather 
more so than just the latest in 

his run of gallery shows, it 
should command in normal cir- 
cumstances a certain pre- 
eminence. And when the artist 
concerned is a distinguished 
foreigner, whose reputation has 
tended to march here rather in 
advance of the physical presence 
of his work, our native curiosity 
should ' lead us to it with some 
urgency. But the times are not 
so normal: and with so many 
important shows on at once in 
London, even the most assiduous 
amateur of the visual arts, stag- 
gering replete and exhausted 
from- Burlington House or the ... .... 

Hayward, -may find himself a p :i; : » ' 

shade reluctant to step out | .> : ■>.- . 

bravely for Whitechapel High 
Street or Kensington Gardens. 


Carel Visser in particular re- 
pays the trouble taken to search 
him out His show, a retrospec- 
tive view over his work of the 
past 25 years, occupies the whole 
of the Whitechapel Gallery, up- 
stairs and down, until February 
26. a deceptively plain presenta- 
tion of his sculpture, drawings 
and prints. But the Whitechapel 
spaces are so pure and unintru- 
sive, the light so good, that what 
seemed at first sight rather 
arbitrary and empty work, in 
some instances even little more 
than a heap or two of scrap, 
slowly blossoms for us as we look 
into it, stimulating us by the 
ideas we find it contains and, 
surprising us by its odd, modest 
beauty. 

. Visser is a Dutchman, and. his 
work stands directly in line with 
the modem movement in its 
cooler and more intellectual, 
perhaps its northern aspect Con- 
structivism and the Bauhaus are 
the general, tbe sculpture of 
Brancusi and the painting of 
Mondrian the immediate in- 
fluences upon it. its more remote 
antecedents the Dutch and 
Flemisb painting of earlier cen- 
turies: van Eych David. 

Sanredam, de Hoogh and 
Vermeer. 



Caret Visser’s .sculpture “ Double Hanging' 


He deals bn the one hand with 
ideas of symmetry and opposi- 
tion, comparison and alteration, 
the judicious modification or re- 
disposition of a geometric figure 
or given quantity of material, on 
the other with serial imagery, the 
work most obviously the sum of 
its parts. His curiosity is to see 
wbat comes out of it all, as his 
lines march in regular order 
across the page, or the modular 
units of his sculpture are re- 
assembled. 

The work is straight-forward, 
practical, unprepossessing, tbe 


materials used simply and 
naturally. He sees no reason to 
make things appear as other than 
they are: the metal rod is cut 
and the bits rewelded, the beam 
now drooping over its concrete 
post, a ‘ straoge crucifix; sheet 
metal is cut and folded into a 
neatly irregular pile, a a it were 
so much collapsed cardboard; the 
leather sheet is spread out 
casually on the floor, its stencil- 
holes interfering nicely with the 
flicker of the parquet tiles. 

It all sounds rather stark and 
cold, but the reality is quite 
otherwise: and once we begin to 
read his. wry visual code, whether 
in the prettily rusted vertebrae 
of the early* sculpture or tbe 
lightest of the later drawings, we 
soon -discover an acute and 
engaging intelligence at work, 
and with it much to admire and 
enjoy. 

Jack Smith's exhibition at the 
Serpentine (until February 191 
is equally seductive, but its scope 
is narrower, its effect to ask 
some awkward questions about 
this recent work. Smith is one 
of the more notable of our middle 
generation of artists, and has 
enjoyed considerable success in 
his time, in the fifties especially, 
when his serious social expres- 
sionism gave Kitchen Sink school 
its name. But around the turn 
of the decade, in a series of in- 
creasingly fragmented paintings, 
still-lifes particularly, and again 
showing a clear debt to Mon- 
drian. bis work shifted rapidly 
towards abstraction. The paint- 


ings of the earl)- sixties, them 
imagery referring to calligraphy! 
cuneiform and hieroglyph, and 
by extension to musical notation' 
are still very impressive. 


"But the work on show lo-dav 
covers only the last 12 years’ 
and it suggests ever mon 
strongly that io that time varia 
tion has superseded develop 
ment. The musical ani 
linguistic references are openl; 
acknowledged, and Smitb talk 

happily about speed ant 
interval, the marks being “ th> 
visual equivalent of sound am 
speech:” but he makes painting 
and drawings nevertheless, am 
looked at closely they are tn 
frequently disappointing, ofle 
ill or carelessly painted, th 
immaculate intention not born 
out by the insensitive and fuss 
paint. 


English National Open 
North appointment 


Graham Marchant has bee 
appointed administrator « 
English National Opera N T orl 
Graham Marchant is 32 and w. 
born and educated in Worceste 
After working for the Camdt 
Festival he was the first admin 
trator of the Actors Compai 
in 1973 and was general raanag 
of English Music Theatre fro 
the time it began operation 
1975. , 


Cast Off 



by MICHAEL COVENEY 


Slaking conflicting claims over 
a patch of land. David Cretan's 
characters are a comically 
remote bunch. The interests of 
a rather genteel trio of tnelhs 
drinkers are protected by an 
insufferable social wurker. Sarah 
(Liz Crowther), who loves 
souiety'* crippli*s ami proves u 
by giving them small tins of 
baked beans. She goes further, 
though, when big business comes 
on the M'Cne and puts pressure 
on the council's planning c«»m- 
mitlco to rclodse the site for 
office development. She rejects 
"everything bourgeois " and goes 
to live wifh the tramps, setunc 
lip home in a lent for herself 
and baby. Tbe tramps continue 
to make do by huddling together 
among oil drums and planks of 
wood. 

Mono of this is presented with 
any realism by Mr. Cregan or 
hta director, Sam IValters. They 
seem to be more interested in 
the cliches and grace notes of 
the debate than in the actual 
fate or characters. Sarah remains 
ufitikely to the end, no less of 
a pain when asking for divine 


con firma tion of her mission than 
when declaring she is off to 
Naples to study poverty. Tbe 
rubbish tip itself, as well as 
being coyly inhabited, is never 
described in the play fiet alone 
by the design) so we never 
actually know what sort of place 
we are dealing with. Except tbat 
it ;s somewhere north of Wat- 
ford. 

The play broadens a little to 
include nearly written scenes at 
the planning committee and in 
lop office of a condescending 
manager of one of the competing 
firms. Tbe latter character i* 
abiy drawn by Geoffrey Bee vers, 
also doubling as Sarah’s chidles* 
boy friend, an accountant who 
gets sucked into the big business 
farce before doing the right 
thing by asserting his paternal 
rights and envisaging on the site 
an international centre for meths 
drinkers. It is all fairly tame 
liberal fun. but I wonder what 
the residents of, say. Itchy Park 
in Whitechapel would thick of 
it as a dramatisation of their 
plight. 


Purcell Room 


William Lawes 


by NICHOLAS KENYON 


William Lawes must have quartets, presenting a challenge 
fhecn one of those geniuses who to our concentration by their 
flourish in infertile soil. He con- intricacy and depth, and a chal- 
(ounds our notion that the reign le3ge t0 °“ r 


to our assumptions oy 

: _. - , . . _ . their unexpectedness of form, 

or Charles 1 marked, in Enghsb wlM M ?redjcI t . ourse 

music, a constant decline from of -Sbe winding. Bachian sub- 
the achievements of the Ehra- ^ ect of jj, e tbird five-part suite's 
ftethan and Jacobean periods, Faa!azyi or anticipate the 
and he does so almost single- anguished cadence to the 

con i pose *I? second Faaiazy of the six-part 
reflect faithfully the retrench- suite in F7 The viol players let 
ffic/il of the Conn against the * R|J speak cleanly and 

increasingly rebellious Country without undue projec- 


piay Elgar. Gidaa Kremer not ment lb both the tone and ihftl during this period with relru* uor ^ te ’ t j E ; », e c mine- Pawn 
only volunteered for the ordeal, phrasing. . inrn«ivn. d»lih»rai*iv over- .-.li-l . — 


gross ive, deliberately 


over_ f which lavishly enriches Daw- 
land's famous Ladirimoe) they 


But in the music of Wiiihun achieved a rare, concentrated 
off La wps. increased complexity passion. Uartyc Hill was less 

serves Use end of intensified forte hale with his more insub- 
emononal impact; his is a lonely stantial songs, and even in the 
voice, certainly, hut it is far more scm-IFke “Perfect and endless ' 
powerful lhan those around him. h:s warm unfor k -ed tone hid 
In the first of lheir four monthly most nf the words beyond the 
concerts devoted in a thorough promising u circles are " uf the 



two five-part, two six-part. But February* 26— could we perhaps 
between them these pieces had have song texts in the pro- 
the impact of as many Beethoven gramme at that concert? 


U.K. Premiere of 

^Reflections of Narziss and Goldmund’ 

Lionel Friend' will conduct Robert Saxton was bom in 
members of the BBC Symphony tatoin « the age or 

Orctesin. in Uw U K^prem,ere ^ e |* Rosins, 

of Reflections of Norris-, crai p or f0!ir vea ^ from the age of 
Goldtuur.d at The Round House jj »j E composition with 

on Monday, February 20. This Elisabeth Lutyens At the 
work was written in 1975, and m ament he is a pupil of Luciano 
lasts about 13 minutes. 


Berio. 


C.C. — -Time theatre* accesf certain credit; DRURY LANE, 
cjras be Jeleolwn* nr ai the box otlK*. 


OPERA & BALLET 


COLISEUM. Credi: Cards 01-240 S25C 
Re&cnratMn* 01-936 3161 
ENGLISH NATIONAL OPERA 


01-936 BIOS. Every 
MQhr 9.00 (harp Matinee Wed. and 
Sat. 3.00. 

A CHORUS LINE 

*■ VOTED MST MUSICAL OF 1976.” 


DUCHESS. 936 6243. Men. to Thors. 
Evas. 9.00. Frl.. Sal. 6.15 and 9.00. 
OH! CALCUTTA! 


NATIONAL THEATRE 


TotwgM. Sri. & Tues neat 7.30 Carnien:) ■■ Tft# Nuditr is srunnlno." D. Teleoraoh. i Manv excellent cheap «**» 
Tomorrow & SSI- 7.30 R>soletto; Thun.. t in, SENSATIONAL YEAR. 1 ,1 * Y °* R®* 1 - R 

7.20 last oerf. ot Orpheus in the Under- j SEN>a mini . J033 _ Cre(Jrt Mr|| g 


01-936 5122.. 


world 104 Bafcony seats always avii - able| OF YORK'S 

-Pf’LSLE?!: .wo w t » 8 lor March p eris. , joJ j?r u ^ at 7 00 E«s. 8.00 ! OLD 

Mat. Wed. 3.00. 

QUENTIN CRISP 
Tickets £2 50 inc. Blass of wine. 

4-WEEK SEASON ONLY 


OLIVIER (open suge): Thor. & Fri. 7.30 i 
Ted. pr. prvi.l. THE CHERRY ORCHARD I 
b y Chek hov Irani, by Michael Fravn. ! 
LYTTELTON 'proscenium stage): . Ton'L 3 
Tomor. 7.45 THE GUARDSMAN bv 
M ulna r. English. version bv Frank Marcus.! 
COTTESLOE (small auditorium ■: Ton':. S 
Tomor. 8 HALF-LIFE bv Julian Mitchell. | 
Many excellent cheap seals all 3 theatres , 
Restaurant 92B 
92B 3052. 


928 2252 : VAUDEVILLE. 936 9989. Ergs, at 


Macs.. Tues. 2-45. Sacs- 5 and 9 
Dinah Sheridan Dulrie Gray 
Eleanor Summertield. James Grou 
A MURDER is ANNOUNCED 
THE NEWEST WHODUNNIT 
by AGATHA CHRISTIE 
•' Re-enter Agatha witn another » 
dunmt hit Agatha Christie is seal 
the West End yet again with a not he 
her l.enoishly ingenious murder i 
teries." Fe'ix Barker. Ev News. 


COVENT GARDEN. CC. 240 106b. 
iGareencnarge credi; cards F36 6903, 
THE ROYAL BALLET 
Tonight. Tomor 6 Sal 7.30 pm. The 
Dream Monoumss 7>>e Four Seasons. 
Fri 7.30 pm. La File maJ ear ore. 
Sal. 2 p.m. 6 Mor 7 JO n.m la Eaya- , 
dere A Month m ti.e Country Elite 
Syncopation*. i 

THE ROYAL OPERA 

Tnurs 7.3C p.m. Ar sane aul Naxos- 1 
65 Ameh' 'seats lor all orris, on sale 
from 10 a.m on par at oerf 


FORTUNE. 836 22 36. Evgs. 8 . Thurs. 3. 
Sat. 5 0 and 8 . 0 . 

Muriel Pavlow as MISS MARPLF i" 
AGATHA CHRI5TIE-5 
MURDER. AT THE VICARAGE 
Third Great Year 


PROSPECT AT THE OLD VIC 
Spring season Jan. 16-March £5 
In reu.: 

HAMLET 
ALL FOR LOVE 


929 761B.! wa * e ^® u S^ Dqnmar Theatre. 836 6 


Royal Shakespeare Company. Ton't 
MACBETH Isold out}. Adv. 
Aldwych. 


SAINT JOAN 
A CUE 


ANTONY A CLEOPATRA 
Tonight HAMLET 7 JO. . 
Seats atailable 
Sunday. Feb. 12 . at 7.30 
THE MONSTROUS REGIMENT 
with Judi Dench. Michael Williams. 


SADLER'S WELLS THEATRE Ruseoery A»e 
EC 1 . 937 1672. Until Fcfc IB 
D'OYLY CARTE OPERA CO. 

Ir, Gilbert S, SulFvan. E«. 7.30 Mar. Sals. 
2 30. Tonight 6 Tomor IOLANTHE. 
Thurs to Feb. 8 HMS PINAFORE. 


THEATRES 


I GARRICK THEATRE 01-936 4601. OPEN SPACE. 3B7 6969 Pr ev. Tni 

1 Ers 8.0 Wed. Mat- 3.0. Sat. 5.15 & 8 30 - . _ _ 

| JILL MARTIN. JULIA SUTTON. 

ERIC FLYNN and ROBIN RAY 
m tne 

BRILLIANT MUSICAL 
ENTERTAINMENT." People 
SIDE BY SIDE BY SONDHEIM 
"GO TWICE," Money. Punch. 

" GO THREE TIMES.” S. Barnes NYT. 


E 0 


WEMBLEY EMPIRE POOL until Feb. 
LAVISH PANTOMIME 
HUMPTY DUMPTY 
" Sheer sparkling spectacle." D. 
Men. tc Fri. 7.45 Mats. Wed . T 
»■- ,3. Sais. at 2 . 00 . 5.00 and I 
; Ch.ldren and Senior Cits, hau-price e; 
I ***■ 5. Pay at doors Enqi 

1 902 1234. Spacious car park. 


ADELPHI THEATRE. CC. 01-S36 7611. 
Evgs- 7.30. Mats. Thurs. 3 0 . Sals. 4-0. 
” LONDON'S' BEST NIGHT OUT. 

THE MUSICAL MUSICAL 
. IRENE 

SPECTACLE. CAPTIVATING TUNES 
AND RACY COMEDY.” 5. People. 
IRENE 

INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-936 7611. 


GLOBE. CC. 01-437 1592. E«enmg* 8 15. 
SaU. 6 0 and 9 40. Mai. Wed. 3.0. 
AMANDA BARRIE. JOHN QUENTIN 


Opens Tomor. 7.0. Subs. TuevSa-v a. 0. WESTMINSTER THEATRE CC 01-634 ■ 
A DAY FOREVER b» M.chael Sharp ■ evgs S 00 Mat Thurs 3.0 Sal 5 0 { 

... T'cltctS £1 .50 IO £4 00. 

PALACE 01-437 6834 PAUL JONES m 

Mon.-Thur. E.OO Fr.. Sat. 6 00 and 9.40 enuianfs rmto£ S « j 

JESU5 CHRIST SUPERSTAR ; . G c rl?ate ?. Musical Adrer 

i Ekcitinc. Fin Times Many h 
Retrains ‘ E. News. •• Bouncing Vlg 
E Standard. 


In the SECOND YEAR of 
DONKEY*! 


f*S YEARS 

by MICHAEL FRAYN 
The Besi Camedv of the Year 
Last 3 weeks. Ends Feb. IS 


GREENWICH THEATRE. 01-859 7755. 
Preview Tmr. at 7.30. Opens Thur. 7.0. 
Subs, evgs 7.30. Mat. 5ats. 2.30. THE 
IDEAL HUSBAND by Oscar Wilde 


ALBERY. 356 3B7B. Credit card bfcgs. | HAYMARKET. 


S36 3962 i«t. Sat). Mwi..Fti. 7.45. 
Thun mats. .4.30. Sah. 4.30 and 8 . 
A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

MIRACULOUS MUSICAL. Fir. Times. 
OLIVER 

■' ROY KUDO'S splendid pertorfnaner." 
S. Tel. ** Talented JOAN TURNER." DW- 
Ma f " Cao-tal fun ... the show is a 
del.oht." O Tel. OLIVER RETURNS 
TRIUMPHANTLY . CONSIDER YOUR. 
SELF LUCKY TO BE ABLE TO SEE IT 
AGAIN “ Dly. M.rror. 

NOW BOOKING THROUGH 1978. 


01-930 J9832. 


E«gv B.O. Mai. Weds. 2.30. Sats. 5.00 
and 9.15 Times of Sat. peris, from 
Feb. 13 4-30 and 8.00 
INGRID BERGMAN 
WENDY HILLER 

DEREK DORIS FRANCES 

GODFREY HARE CUKA 


WATERS OF THE MOON 
*’ Ingrid Bergman makes the stage 

rad i ale— unassailable charisma." D. Mail. 
'Wendy Hiller ■$ sunern." 5. Mirror. 




ALDWYCH. 836 6404. Uif. 836 5332- ! 
ROYAL SHAKESPEARE COMPANY In 
. reoerloite 

Ton'r 7 30 Tomor 7 00 -r.d 7 JO 
A MIDSUMMER NIGHTS DREAM. 

" Enchantment. . is ensha-'Kmen: once 
JCa>n- a * Times. ■ With- Brecni's THE 
DAYS OF THE COMMUNE 'Thurs. Fn.l 


HER MAJESTY'S CC. 01-930 6606. 
Evov 8 . 00 . Wed. and Sal. 3.00 and 8.00 
GLYNIS JOHNS 

LEE MONTAGUE. HELEN LINDSAY 
In TERENCE RATTIGAN'S 
CAUSE CELEBRE 

- RATTIGAN REVEALS HIS MASTERY." 

5.T. “A powerful drama ” E.N. 

" GLVNIS JOHNS play* brilliantly." D T. 


PHOENIX. 01-936 9611., 

Opening March 1 [ 

FRANK FINLAY in 
The Leslie Bricusse Mus cal 
KINGS AND CLOWNS 
Directed by Mel Shapirp 
Reduced price previews Irem Feb 17. 


PICCADILLY. 4X7 4506. Oed't card bfcas- i 
836 3962. From Thurs. Evs. S. Sat. 

4 45 and 8.T5 IS Feb at 71 
BEST COMEDY OF THE YEAR 
Eve. Sid. Award and 5WET Award j 
Roval Shakespeare Companv in 
PRIVATES ON PARADE 
bv Peter Nichols 
"HUGELY ENTERTAINING 
EXTRAVAGANZA." 5. T.mes 


- WHITEHALL. 01-930 6692-7765 I 
> Mon Feb 13. Evgs. B 30. Sat. 6 . 
9.0 The Sensational Se» Revue v 
Century 

DEEP THROAT 

Now Live on Stage. Bod Now u 
Season. 12- week season -prior io ' 
Tour. 


WINDMILL THEATRE. CC. 447 


PRINCE OT WALES. CC. 01-930 8681. 
Monday to Fiidav at 9 o m. 

Sat. 5 30 and 8.45. Mat Thurs. 10 . 
“THE STAGE IS AGLOW” 

Daily Telecraph. 

RICHARD 8ECKIN5ALE 


T wice Nichtlr. at B DO and 1 C 
0f, |N SUNDAYS 6 00 and E.O 
PAUL RAYMOND presents 

THE EROTIC EXPERIENCE OF T 
_ , MODERN ERA 

Takes la unprecedented limits w: 
penrussib'e or. our stages " Erg 
tou. may drink and smoke in 
Auditorium. 


I LOVE MY WIFE j 

“HILARIOUS COMEDY MUSICAL." Sun 
directed by Gene SaU with ” Bountiful 
Invention and uhilL'' Financial Times. 
INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-93C 0346. 


Congreve'S TM WAY OF THE WORLD , HER MAJESTY'S. 


CC 


isat. m tm e). ,-RSC alto a: THE WARE- 
HOUSE I See .under WJ and at Savoy 
Theatre 


Opening March 2B- 
BRUCE FORSYTH 


01-930 6606. 


QUEEN'S THEATRE. 01-734 1166. 

Evgs. SO- Sat. 3 0. E-30 Mat Vied. 3.0. 
ALEC GUINNESS >n 
■ THE OLD COUNTRY 
A New Ptay bv ALAN BENNETT. 
Dirrered bv CLIFFORD WILLIAMS. 

_ BEST PLAY OF THE YEAR. 

Man ana Players Ljndsc critics award 
One of the most noiable iheausiai 

events In this couture lor a good manv 
years." B. Levin. Sunday Tl-nes. 


WYNDHAM^ B36 3026. Cred.t 
hOPring £3g 36 92 >« -Sat.i. 

Thurs 8. Fr. and Sat. 5. IS and 
u ItfORMOUSLY RICH 

r../. U . MN . Y ” Evening New 
Mlr¥ O Mailer s smash-hit Com 
.. . , , ONCE A CATHOLIC 
Surehre comedy on ter and reli 
.. , . Da ily Telegraph 

M > AUrurPa 1 - S*i AK ! 1 W, T» 
-^UGHTER. Guardian. 


YOUNG VIC rear Old Vie*. 299 
Tor 1 7-45^ Rosencrantz S. Guildr 


Ar e Dead 'Se als 90p;. 


YOUNG VIC STUDIO 926 6363 
Apses GONE IN JANUARY To 
Tomorrow at 8 . 


tn Leslie Bncusse MdAmhonv Newley's j RAYMOND PEVUEBAR. CC. 01-724 1591 1 


AMBASSADORS. _ 01-836 1171- 1 

Ergs. 3.0. Mats- Tues. 3 Sau. S. 

SIOBHAN MCKENNA 
as Suan Bernhardt in MEMOIR 
w.tfl N1ALL BUGGY 

“ Perfect. A 90ng of Triumph." E. News. 

. Stadert t.ckecs £ 1 . 


TRAVELLING MUSIC SHOW 
with DEREK GRIFFITHS 
Directed bv BURT SH EVE LOVE 
Previews trpm March 16. 


KING'S ROAD THEATRE. 352 7499. 
Mon. io Thurs. 9.0. Fri. Sat. 7.30. 9-30 
THE ROCKY HORROR SHOW 
NOW IN ITS 5th ROCKING YEAR 


A ^s LO Thdrs DT 3.«. sS’&WBM S5 o! I LONDON PALLADIUM. CC. 437^ 7373 


DONALD SI NOE N 
(Actor or The Year. E. 518.) 

" IS SUPER*" N.O.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
“ WICKEDLY FUNNY." T.mes. 


NOW UNTIL FEB. 25 ONLY 
Evgs. 7.30. Man. Wed. and Sals. 2 45. 
TOMMY STEELE 

" IS IRRESISTABLE." O. Telegraph. 

■■ A SUPERSTAR " D. Express in 
HANS ANDERSEN 

“Dazzling succrss. IHch. Colourful Mud- 


arts THEATRE- O 1-R&6 2152. I c “ i neat eamiiy tneniHitiwil. t . Hews. 

ARTS THEATRE, 01-B36 27M- ^ Ava.Jabi* Now n Theme & 


At 7 pm. 9 dju . 11 p.m. toper.s Sun... 
PAUL RAYMOND presents 
THE FESTIVAL OF 

EROTICA 

Fully AIR CONDITIONED. Ypu may 
drink ano smoke m rhe aud.torum. 


CINEMAS 

•ff.,1 * 2 SHAFTESBURY AVE. 
B &&1 SCO. Peril. All Seats Bonki 
irv T, i E CHOIRBOYS i X . Shut oS 
Wk. A .Sun 1.15. 4.30. 7.50 

lio? ioo AU,rn - ET lX *- Wk - 4 Sl ’ 


ROYAL COURT. 75G 174S. 

Ewnmai 6 . 5a:. S and 8.30. 

Sec altg Theatre Upsu rs. 


PADRONE _|Xi. Grand Prln Cann 
-!h MONTH " 4.05. 6.25. B.fiQ 


50 




TOM STOPPARD'S 
.DIRTY LINEN 
*' Hi'ar out . . . see if Sunday Time*. 


Agents 'Also at Doors except "”'Sati. j 
CREDIT CARD BOOKING 01-734 8961.1 


London's critics vote 
BUBBLING BROWN SUGAR 
Best musical M 1977 
Tel bigs accepted. Major credit care' 


1* ONE on ONE t AI. PrOBS. 1.4 = 
6 05 e. IS. Late Show II n.m' 


I SAVOY. CC. 01-836 8888 . Even>*s 8 0 . 


Mcodav ID Thursday 8 . BO. Friday ; LONDON PALLADIUM. 01-437 7373. Mats. Thgrs. 3.00. Sal. 5^03 “ 5 30. 

Satwanr a: 7.M aiw 9 . 15 . march aoth one week only I royal shake^eare company 


ASTORIA THEATRE, CBarmg Cross Road. 
01-734 4231 > Nearest Tebr TcftPnMm 
Cl. Rd. Mon. -Thurs. 8.0 P.m. to toe Sat. 
6.0 & 8.45 

ELVIS 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
Tickets LT.50-&5 50 Eli la oar fully, 


MISS 

Ginger Rogers 

and Special Guest Star 
DONALD O'CONNOR 
A GREAT EVPNING'S ENTERTAINMENT 
WITH HOLLYWOOD'S FOREMOST 
MUSICAL COMEDY STARS 
BOOK NOW— Seats C2-C6. 


RICHARD PASCO SUSAN HAMPSHIRE 
JAMES C05SINS in Bernard Snawt 
MAN AND SUPERMAN. Directed bv 
CLIFFORD WILLIAMS “I w: r a 
cloud of lev from beginning to end “ 
S. T.mex. RSC alee at A'ewvtJ' and 


Saurd. GENESIS CU1. WHITE. ROt 
2: THE M.DINC PLACE -Al. Sen 
m. DO 5.00. C 00. Late show 1 
FELLINIS ROMA IX). Italian c 
— Sr.gl.sh Sub-til le*, 

SfLan 2 days' EAST OF ELE 
5°CK Aa: Progs. 4.10 

8-40. 10.53 

4: wizards /a;. Progs. 1.00 
5 30. 7.00. 9.00. Late Shaw evn 

1 1 p.rn 


Piccadilly Theatres. Credit Cards bashings CURZON. Curxon Street. W.l. 49' 




arceoied. 


Las: 2 Weeks, Seascn ertis 
Fea. ti. 


able in advance 

too-pr.ee nA« LBS a 

ELVIS 


heart-IhunminQ,'' Observer 

ELVIS 

“ 1 was absotwWv u» inJt carried 

along av ■: rcmvisonard bv the sheer 
vene and aeeuaslr sfi ’i.” Son, Tel. 

ELVIS 

“ Staygci Ihfllr cfirctlvr. Times. 
ELVIS 


musicals. The show literally bad the 


„ ELVIS 

BEST MIMICAL OF THE YEAR 
EVENING STANDARD AWARD 
> nr. before Show aay imUtir totHcmce 
- ticket* £2 SS. 


CAMBRIDGE. CC 31 -US 6506. Mac. (0 
Thurs. B.B0 Fr.. Sal 5-45. 9-30. 
fPl TOMB! 

” PULSATING MUSICAL-'' Erg. New*. 
THIRD GREAT YEAR 
5r»! prices C2 M arid £5.00 
D<nner ar.d Idb-S’ice teat 13-5 int. 


CRITERION. CC- 01-930 3216. 

Evenirss 6. 5a’. 5.20 S-3D. Thors. 3410 
LESLIE PHILLIPS 
ih> ... a mauer.* 1 Sun. Timed. 


11 IIKMCUt 

in SEXTET 

“ HILARIOUSLY HINNY.*’ 


M. of World. 


! LYRIC THEATRE. 61-437 3696. Evs. 1.0 
, Matt. Thurs, 3.0. Sats. 5.0 and 3^0. 

’ JOAN PLOWRIGHT 

COLIN BLAKELY 

| and PATRICIA KAYES m 

i FtLUMENA 

1 by Eduarda de FiUbpp 

1 pirecad by franco zeffirelli 
•'TOTAL TRIUMPH." £. News. “AN 

1 TO TREASURE." D M.r. “MAY 

i IT FILL THE LYRIC FOR A HUNDRED 
j YEARS." Sunday Times 

ins Perl. Mm.) 

AN INSPECTOR CALLS 
by J 8 . P r-esl'-cr 
" H.ghJy Enienatning ” D. Tel. 

STRAND. 01 -836 2660. Ever.ir.gi 8 . 00 . 
Mat. Thurs. 3.00. Saturdays 5-30 0 8-30- 
NO SBX PLEASE— 

WE'RE BRITISH 

THE WORLD'S GREATEST 
LAUGHTER MAKER 

EY. MARTIN'S. CC- 835 1443. Evgs. 8.00. 
MU. Tubs- 2AS, Saturdays S and B. 
AGATHA CHRISTIE'S 

THE MOUSETRAP- 
WORLD'S LONGE5T-EVER RUN. 

26th YEAR 

;MAY BAIR. CC. 629 MM. 

, Open Tu«- Fed. 7 at 7.0. sms. era. 

: MOB r to Fri. ai 9.0. Sal. 5-36 and E.45, 

! GORDON CHATER in 

1 THE ELOCUTION OF 

BENJAMIN FRANKLIN 
hr Sieve J, Spears 

-Outrageously funity - . . Prefnmdlr 
mowrng. Variety. 

Previews from Tomor. at 841. 

TALK OF THE TOWN. CC. 734 5051. 
8.00. Dining Dancing. 9 33. Super Revue 
RASLE DAZZLE 
and at 11 o.ra. 

VINCE HILL 

MERMAID. 24C 7656. Rest 248 2835. 
Mon-Sat a. IS. Mat- Wed. and sat. s.sn 
DAVY JONES. MICKY DOLEN2I 
in HARRY NEILSON'S 

THE POINT . 

1 “A WINNER." O. Mirror. 

1WI Nrltd E1.SS-E3.S0. Combined 
dinner, meat re liek« £5.95 

RUN EXTENDED TO FEB. 25m 

THEATRE UPSTAIRS. 730 2SS4. M. 7 JO. 
On Clble Theatre. She#. eld, m 

SAYS 1. SAYS ME 
by Bon Hutchinson 

“ Not Since “The Hoctayr' have 1 . wn 
an Insb play tiu; nas given n» sach 
undiluted pleasure." Gdn. 


PARDON MON AFFAIRE 1*1. 

vih-Mies.! “A sparwino New 
Comedy, Directed with bnesse • 
Robert “ Sunday Eepress. Progs, 
rnot Sur,.i. 4.Q5. 6.15 and 3 30. 


LEICESTER SQUARE THEATRE i95 
STAR WARS lUL Sep. progs. Dl 
5 15 8.35 Seats bkhle for 5.15 
arogs- SEATS still AVAILA 8 
MANY PERFS. HURRY! 


' OPEON. Leicester Sniirc. >930 
, THE DEEP >Al. SmT prp«. 

i Sjb. t 7.4S?° ked ' DOOrS ' 


* 1(723 
Sen. pr« 


; PRINCE CHARLES. Leie. So. 43 
SALON KITTY 1 X 1 sen. pe, 
line. Sun . 1 2.J&S. 6 . 15 . 9.00. La 
Fri. & Sat. 1135. Seals Bkbl> 


Bar. 


*439 4470* *■ Ute ' *“* Wara 


' SCENE It A BRIDGE TOO F 

- - : P>W! 4.10. 7^40. 

IB. & Sat. 1 1 .00. ■ 


SCENE 2: THE PINK PANTHER 
AGAIN .U ». Sun.-Thur.lVM. 5 
Fr; A Sat. 12 40. 4 . 45 a an 
THE RETURN OF THE PINK 4 P 
•U'. Surt.-Thur. .305. 7 30. Frt 
2-35. 6.40. 10.40. 


* r' 


■err 


16 


Financial Times Tuesday January Sf-1978 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY ' 
Telegrams: Finaatim o, London PS4, Telex: 3S6341/2, 883897 
Telephone: 01-248 8000 


Tuesday January 31 1978 


Green pound’ 31 



mder fire 


pips in the pulp 

and paper industry 

BY MAX WILKINSON 

CONSEQUENT CES o€ by cooking wood chips with about 60 per cent in 1977, with large Brazilian projects have stantial net importer of pulp, output of_ alt British miUs 
the slump in demand lor sulphate. The pulp produced a corresponding decline in been - delayed ’because of the the price war among the pulp curing ine smaller UJt, 

pulp and paper are start- is stronger and does not turn Scandinavia’s share. poor market outlook. producers might seem a bless- and continental mills cannot 

ing to spread from Scandinavia yellow with age. However, only Mr. Lars Louden, Total world' r.aoacitv of all ine * but i£ ** not rc 5anJed as hope to compete agaimt the 

rSS: J2?L J?52p F«r a Start, any weakness econonuesof scale nothin with 


| have gone for ever. 
The 

| deepened 


Schmidt, for 


tended 
the bulk 


atmosphere of crisis anical pulp with the strength would ^revive* because sa ^ : ^Sudden price changes grades, iiije computer station- 

a this week when the of chemical pulp. The paper they believed stable prices were namS always have adverse rep_er- 


Conununltv I “ *°“ w “ *“*= -*«*>■ *--- “ — - see a quarter oi me market maicoea oy a cnira uena or .■»« “*«*■ S h nsner msbh 

I imports will undermine their puter stationery and school share disappearing. The point perhaps even greater signlfi- European paper have’ managed to stay profitable 


[ERE are a number of ironies pound devaluation, 
the decision by three of proportionate 
tain’s EEC partners, Ger- comes, while ii 
|ny, the Netherlands and elsewhere in the 

gium, to block pips for a must suffer. own pulp industry. Only a few books. came when" we ”Sd t*T defend cance^the improved tech- combine with Scandinavian 

per cent devaluation of the CojnteB like Geromy, the weeks earlier, the President of While the introduction of markets which bad been built oology of- paper making which P^p producers against the ^ ^ inte lhe 

Wi#.h c iti Minirtar -® tIierlax,ds Belgium, France, M. Giscard dEstaing, thermo-mechanical pulp (TMP) up over the last 50 to 60 years." has resulted in a much more common enemy of cheap trans- But although UJv. paper raafc- 

A SSJPSI whose green currency rates are asked for talks with the British is likely to be gradual, its im- The price was reduced first in efficient use of fibre. These atlantic and other imports. ere have ^eatl v redneed Seir 

, Mfa*out^a h bm?S» q only 5j. 0S t m Government on the industry’s pact will increase even farther the s umme r, and then again in improvements were stimulated Secondly, there is a sizeable commitment to "bulk grades like 

ooint oat.maoM.jKaB only currencies do not have the problems. the over-capacity of sulphate the autumn last year, and now, partly by the shortage of fibre pulp industry in France, Ger- newsprint, capaeitv for print. 

The full implications of over- mills. In the case of news- _ . . in g and writing papers is still 


•sntly on the other foot. On options open to Mr. SQMn. If 
jeral occasions last year his they revalue their green rates capacity in the industry have print, for example, TMP could 
c eagues in Brussels were to bring them into line with ooiy recently become apparent, eliminate or severely reduce 
fully pressing him to take market rates their farmers will although . the recession has the amount of sulphate pulp 
I very action they are now earn less, not more The only lasted more than three years, necessary for adequate strength. 


way they can compensate their Until the middle of last year, Mr. Ian Barclay, chairman of 
politically powerful rural popu- many executives were still talk- British Columbia Forest Fro- 
lation against the effects of ing optimistically about the ducts, estimates that total Scan- 

i. hr. .lin nf . . u , " ^ n' .. _ . _ . 


UlttlUnim - 


Printing and Writing Paper Long Tans Trend 


mua-rrenuK 

AT >15 MAW. 
GROWTH —■ 





-t A — + 


’ I 


rra u rawrcAsr twnd 
tint at >r. annual 
GROWTH 


4 


O Actuf 
■+■ fanout 

1 1 t t 1 -1 


w» 


Hajor N. American Paper Companies in W, Europe 

i m w w m nw urn SJ 


StK*?iCs 
Canm ZriHRtKT. Cmp. 
U*M.n*n BtanM Lid 
CcOiMr Ccp. cf Arvaa 
Ssr. Pwc Co 

PCI n>Lcf G-i". 

Oaropma tirjRu Cent- 1 

Cenm^UNd Ewuii Lid 
iumawl Pav Co 
MndCaia. 


Ma^W.Eoropean Papr&aroaiires & Their Market Shares 

wwmm mb a . « 15 ■ a-. «■■ *-. 


IB's CO 
a 

Tffl! UfMAt toKBtbUL 



Wn. 

Pit* 


'sting. 

nd forced _ 

icondly, of course, the Dutch, inflation is by the sort of resumption of “normal times.'* dinaviau and North American 

man and Belgian Ministers increase in -the common prices ^ j£ jg now clear that capacity for pulp sold on the 

• preventing Mr. Silkin doing that Mr. Silkin is opposing. ** normal times” are unlikely to open market was 16.8m. tonnes 

■ething that he was himself Mr. Silkin compounded the return at least until the 1980s. in 1977, and predicts that it will 

using in the House of Com- problem by making it dear that Several important changes in increase to 18.6m. tonnes by 
is only last week. The 7.5 once the green pound devalua- the pattern of consumption and 1980. Deliveries fell to 11.3m. 

cent, figure was imposed on tion was through he would feel supply took place alongside tonnes in 1975 from a peak of 

Government by the Opposi- ablp to take an even tougher ^ exceptionally prolonged and 15m. tonnes in 1973-74 and only 
with Liberal support The line on increases in the common a ee p recession. The growth in by 1980 are they expected to 
ir countries would un- prices. demand for paper, and pulp climb back to 15m. tonnes, 

otedly have been less personalities also enter into after the slump is expected to That implies an excess capacity 

’ile towards the' 5 percent, it This is not the first time that be much - lower than on the of some 3m. to 4m. tonnes a 

.Uuation that Mr. Silkin had Mr. Silkin has irritated other historic trend in the industrial year up to the end of the 
linally requested before his jjgc Governments by his abra- countries, even when the gen- decade. The excess is equiva- 
h was forced in the Com- ^ ve negotiating tactics, and it eral level of economic activity lent to about half the European 
. The EEC Commission had was pVindish of ym to boycott improves. demand. These figures relate 

.jiinly said it would back a ^ we ek-end meeting of Farm only to market pulp, and do not 

1r cent devaluation. Ministers in Berlin— despite a FnrWiirfl include tied sales to companies' 

en resistance to the British personal appeal from Chan- *■ ” *** ” own integrated paper mills. 

12 first surfaced at last cellor Helmut Schmidt— just crallnil The worst hit the 

(i's Council of Ministers because his green pound de- gAllVrJJ Scandinavian - producers of 

’ — in Brussels, the imme- valuation had not met with At the same time, the indus- sulphate pulp (the most import- 

|> suspicion was that the immediate approval. . The try j S burdened with a large ant pulp in world markets, used 
|r countries were trying to Germans are now saying that it 
e a bargaining chip to be might have been possible 
d against British conces- the whole thing out amicably 

on the common fisheries Mr. Silkin had gone to Berlin. e^iy 1970s w hen prices 
[y, which the Ministers were If, however, they are now re- soare d and demand for paper competition from Canada and final analysis we, and the the slump. 

h discussing yesterday. This taliating against Mr. Silkin for and board seemed set on a wfld U.S. during 1975 to 1976. Swedes, have to make our living this trend is that experimental at Workington in Cumbria, will ^t-nerie'nce *vv here* Tor examnt^ 
[been firmly and publicly purely tit-for-tat reasons, that is forward gallop. Manv of the As a result, the Scandinavians out of the growing tree. We paper is now being made in be undermined unless world n ' P i nrinn *„a ,Ji n 

{•d by the Germans, who are equally childish. new machines 

.{rally considered to be the _ . to pour tonnages — .» __ __ _ 

! leaders in the green pound Expensive market just as demand was last year they were forced to the country will have to adjust English china clay. about 8 per cent of the paper 3964^^1973 

if. If such a link was ever The hope must be that it will collapsing. Inevitably govern- ««t prices by 25 per cent to to the lower earnings. 1 * _ . - *“““ “"' J “ 

. j.ded, it no longer appears prove possible to find a solution mends became involved because we ^ below the economic. cost of 
in operation. that will allow the devaluation of the great importance of the production. Mill s are now run- A aii 4- {n 

real motive behind the to go ahead at to-day’s Mini- industry, particularly to the uingat only 65 to 70 percent of vlll ill 

, countries’ stand seems to stexial meeting in Brussels. Nordic countries, bat to a lesser capacity, and many companies TII'ICAC 

itich more closely concerned There are good reasons for pro- extent in other parts of Europe substantial losses for puv,to 

I the annual round of farm gressively phasing out the com- also. The Swedish Government y ear running. ^ - in Finland the adjustment 


V'.iA , . , ii l ic>t- Iwnm • T 


Smxtx JuMfttmr 


well in excess of demand, as it 
is on the Continent. Some Cear 
that a shake-out among Euro- 
pean producers of printing and 
writing papers is inevitable. 

So far British mills have 
been somewhat insulated from 
the general trends, since paper 
prices in the U.K. have held 
up relatively well compared 
with those on the Continent, 
however cheap imports of floe 
papers, particularly from France 
and Germany, depressed prices 
towards the end of last year 
after the tariff against other 
EEC countries was abolished. 
The prospects for U2C. manu- 
facturers in the current year 
are therefore far from rosy. 

Estimate of the 
growth rate 

Xn its latest forecast lor the 
printing and writing paper 
market. ECC International 
(English China Clays) has cut 
its estimate of the growth rate 



An- illustration o£ planned * Thames Board Mill, 


The recession produced a "» mateI J a ; our° African 

number of responses from users but could rise substantially fPiends we believe we are in a 
and manufacturers: «_plamat.on S ^ SreUand and ta.EiTlK 


- have to live with more 
Thirdly, there is a danger modest growth rales.” 


uio «uiuu«i sviuw ui suut J uui uiv i - - Ul fJUI4UU U«S dUJUNUIieilL fnpranea in pmnnmii’ jcu 

negotiations that are soon plicated and expensive green has already helped to subsidise Norm American producers , has meant a cut in prices to the _ rl c - and more of their new invest- in 


the North of England mature.) 

• Economies in the use of T bi rd iy, there is a danger 

paper throughout Europe, that the pulp suppliers in the Thus paper makers in the 
l« nnl' inif i i Nordic countries will put more EEC as well as pulp suppliers 

Scandinavia 


(Previously, a 1 


I uceuuauwt a uiai «e o uuu jiuuucu uiu cajjcjwiic uw l''^ tv auumu««x — ■ r— ».jms meant u cuun prices tome „ nl!0 j a 1 c __ nt . i nnrpaea *«•«»«.- 111 ocanamavia are Caught 

[it seriously under way in currency system as the Cornmis- 1 surplus pulp stocks, and In are^able^to shij^ cheap over- farmers who own 60 per cent. {n ripmflnrl f n ? naner ™ent into paper and board, between low demand and 

iels. Mr. Silkin has alarmed sion is proposing. There are ” 
fters from other countries equally • good reasons for 


surplus puip SIOCKS, ana w «««■ laimen wno own w per cent < n immip imt fmm 1UIU ««» uuaiu, oetween low demand and 

France, State financial support ^ from .their domestic o£ tb e forests and an intense tfim it i^SSimted^S ® lth ? u ? >uddias n ? w excess capacity. As in steel and 
is planned to assist with the market in times of recession, debate on the need for further increased M^r dem^d will be machines m their own countries synthetic fibres. Uie ncccssarv 
rationalisation of the ailing They are helped by tiie fact that currency devaluation. Similar SSJS or by ac «l uirin S other adjustment will have to involve 

r a total price freeze for surplus commodities. But the paper industry. wood costs/ from their laree discussions are taking place in p-Jnrrnifr crrowtii \ * P 311 * of Ear °P« as captive out- mill closures— unless govern- 

js products like butter and Dutch, German and Belgian Traditional estimates of sup- natural forests, especially in the Sweden where five of the lead- 7 * ets ‘ inents step iu to keep uneeo- 

. The Cammission has pro- Ministers cannot return home ply and demand are being southern UB. States, are about ing companies reported losses • Increased use of recycled In the fine paper field, the noraic plants in operation, 
an average overall completely empty-handed. The further upset by- the in trod uc- half those prevailing in Europe, for 197T totalling £98m. waste paper at the expense of desire for forward integration In the meantime, in" the 

1 ise in farm prices of only aim must be to work out a sen- tion of plants making a new M. Pierre Schmidt, president of Even when demand revives, virgin fibre has led recently to tbe cornmis- absence of any “ Davignon 

;r cent To the other sibie arrangement that gives type of thermo-mechanical pulp La Roche tte-Cen pa— one of the competition from Latin • More efficient use of pulp in sioning of several huge new plan” for the industry (though 

iries, it looks suspiciously them a politically acceptable with properties somewhere major French paper companies America, ' mainly Brazil, is the paper-making process. This machines. M0D0 of Sweden the European Commission *is - 

‘.'(Mr. Silkin is out to help minimum and no more than between those of the mechanical —says; “In periods of crisis, expected to prove an increasing factor, together with the bought a 125,000 tonne per year taking an active interest in the 

:: .— r * u “‘ pvilp used in newsprint and of they (the North Americans) challenge to . Europe, because increased use of waste, has led machine into production near matter) intense price competi- 

the chemical pulp used for fine ensure full capacity by selling Brazilian trees mature between to a 30 per cent reduction in its sulphate mill at Husum 15 tion continues. The old under- 
paper. Ordinary mechanical surplus tonnages at cheap prices five and ten times faster than the need for virgin pulp in months ago. And this summer standings and gentlemen’s 

pulp is made by grinding logs on the European market, which Nordic wood, and labour costs EEC paper between 1970 a similar machine was commis- agreements about '■'responsible 
between stones until they are they shamelessly disrupt” are much lower. Pulp capacity and 1976. - • sioned by Nordland Papier of pricing ” have been blown away, 

reduced to fibre. It is econo- As a result of these tactics, in Latin America, about 4m. m n r and Ger many. the half owned asso- as one senior executive 

mical because almost none of North • American supplies to tonnes in 1975, is expected to nthaTfliip”! ■ date of Finnish Kymi KyminL remarked, *’ Don’t quote me 

the wood is wasted. Chemical Europe increased from 44 per treble to about 12m. tonnes in otn r Each machine has a capadty but if there ever was a cartel’ 

pulp on the other hand, is made cent of the market in 1973 to 1985, although several of the For the EEC, which is a sub- equal to the entire fine paper there isn't one now.” 


■\«wn farmers 
< 


by a green that 


job protection 

roblems 


MEN AND MAHERS 


i ;.|ERD AY’S statement about where the European Commission 

l.i'rotccbon by the Secretary comes in. The Treaty of Rome niirlpsr commercial unease, 

t; hnployment follows the specifically • provides for ^ f 1 Undeterred by these foreign 

,1 H lines. It was necessity {“““" L“J t0 “™S Scot ventures. AECL is negoUeting 

'IS* of the various ffi “ bom J S£5lS 

es for protecting and sub- subsidy on exports or dis- ^ up ^b Canadian team is currently 

commercial antennae.” He will SSSSS.* I 0 *®*?® 

■ -» « pire - Bn. the TES, Commission I “^bSe^he 


1 , . . . - . - _ .. _ DUl U1C iCij, ULC iiu minLVti uii 1 

: f “ Is - * s «■> » stale that it «J«t. been expressed b 7 (wait 

■ does run counter to the prin- Energy Canada Limited for Argentina. Yesterday an- 

, firms subsidy, which at clp , e oJ a market . P It (|^ J; his predeces^Twas f®" 81 « AECL's Ottawa head- 


5 JSL.'B.’SSL.'S SS therefore, suggyedumt if] jg’AgrwS 


, new'joh*thm''creatc™The tte 5W- uproar about a nuclear power 22SS." i “ t b * , ? In “ Ter 7 

. m .’. e . n tak<» ni en ts should be limited to six station deal with Argentina for ^bat moment, 

subsid^to m0nth3 with me possibility of which AECL— a parastatal JonneUy was attending his first 
.OlSe^fi^a^no’t to fmaller payments later if there body-has made prortsion for 52?*" 


^ la -[ S t,^ fi~ S e ^ is a reorganisation scheme. It losses of $ClS0m. ^ J 

it to firms m spec 1 has ^ that the sub- When Dr. John Foster was antenilae already at work. 


■with those famous 


feleasc scheS Sldy not he ™ dul * summarily removed last July 

in their last vea/before concentrated on one sector and he was generally regarded' as. . ... „ 

.rs m their last year that there should be advance a political “fall gay”— he was Tales Of Hoffmantl 

“ charge when the Ad 
Argentinian contract ; 

1 tp a., tabon as the toughest and most 


year 

■bent to make way consu itation 
j.{ on the unemployed 
!j»t for an allowance of 

* r - ...aaV r. AA 


fnii _ _ __ _ 

..,i n ., rtrT consultation with the -Commis- not even in charge when the . . 

unemployed sion> ^ Booth said yesterday disastrous Argentinian contract fained a repu- 

onlv that he believed the scheme Lh« fiitfnnil TF en tlinT ia remn 




"Do you think this story 
is timed to distract atten- 
tion from the mess that 
Callaghan is in?” 


live chairman of the Hoffmann- 


tonne, at which price most of 
the world’s copper mines; are 
losing money hand over fist. 

The Zambian copper industry 
is one of those feeling, the pinch 
hardest and the country's presi- 
dent, Kenneth Kaunda, has just 
emphasised the need to cut back 
on copper production and 
diversify the economy. 

During his latest five-day tour 
of the copper belt he called 
upon the mining companies — 
now 51 per cent, owned by the 
state — to move into farming 
He even offered to personally 
issue work permits - to 
expatriates with technical know- 
how in Farming so as to boost 
tiie country’s agricultural output 
and employment. 

All of which took our mining 
editor’s mind back to 1959 when 
the then Rhodesian Selection 
Trust (now Roan Consolidated 
•Hines Group) pioneered a 
scheme for large-scale farming 
and irrigation of the Kafue Flats 
area of what was then Northern 


... workers. They were and that he would only accept chose him. He was for 20 _ _ , . u, C u 

Id in size bv the third, modifications if they covered the years with English Electric and r 3 - Kocn . e Pharmaceutical group head of Zurich Versicherung. Rhodesia. It was all part of a 

'ipporary employment sub- problem of unemployment in GEC, latterly as manager for 13 s . te PPjn£ down in June after The executive chairman part of pj an ( 0 ^ wa ter from the 

\hich covered well over the industries and regions power station projects and com- se ei hgthe company through the Jann's former dual position goes Kafue dam hydro-electric pro- 

: le total affected by special covered by the TES. merclal director Jor turbine aftermath of the to Alfred Hartmann, for long ject and build up arable crops 

ice. This was first intro- generator marketing. His Se ^ esD Poison cloud disaster. Jann’s number two as vice- and cattle-raising worth an esti- 

-m mid-1975. but its scope Common interest former. GEC boss— Everett “ e ortg^ally planned to chairman and delegate to the mated £30m. annually. A pilot 

iin considerably extended. . * . . ... .. Long, managing director of ret,re two years ago but stayed general management. . scheme was set un but it fizzled 

■ graphical scope has been » JSJLJSJS factor Equipment Limited, ol ^became clear that the - out in face of official £ 

,d. the number of qualify- Leicester— admitted being “a releaseof dioxme from Hoff- . difference: with copper sho\v 

undancies reduced twice, is h^L every- llt y e surprised " on hearing ™ am ? Gmudan sihsidiary fac- CODDeF CFOD ing a handsome profit in thow 

J.e of subsidy increased, where, protection is that Donnelly had won the to^ in the Milan industrial '-*OPP® r rOP . . jays at £250 a tonne, it was just 

- (e maximum period of ^ in . interests of AECL job, but then cited these 511 hurts had involved the com- Mining is one of those boom or fa r easier to imuort the 

Jit steadily increased. every industrialised country to antennae as tbe prime reason. PW a complex human, gloom industries where senti- country’s fanning shortfalL 
\ abide by rules of fair com- when Donnelly emigrated to political, economic and legal ment turns from pie in the sky 

ITT'’"'-*- Petition. The new multi-fibre Canada in 1974 he seemed to drama which far outweighed tiie to lay down and die with 

; Treaty agreement and the recovery of he right out of nuclear develop- preceding tough legal battles bewildering speed. Those who 


t 


“ _ _ _ _ ' - — — "W*. M14WWV. UVTUUJI- . O- --a—. vvnuov.Mia M( « 

in fact, hardly a tem- consumer deman d sa ouLd help ment. He Joined International concerning the high prices got their fingers burnt in the 1 ISHy 
.employment subsidy any the textile industry in this Systems and Controls Corpora- charged for the company’s great Australian minerals boom . , , * 

1 It is a semi-permanent country and make it possible to tion of Montreal as vice-presld- Valium and Librium tran- of the early WOs for example A ^ aaer wh° * ni©it in 

of preventing redun- move away from blanket to con- ent for forestry products. Now, quflisers. . will remember Poseidon, the f -Bsyswater hotel last week 

in existing industries— ditional support: while un- at 47, he will lead a corporation Now the company has gone nickel company whose shares . '? e ' vhen a young 

‘lie reverse of the ideal, employment as a whole is very with 6,000 employees and wide- 'outside the company for a rose from ■ few shillings to f*2 ZUfil L ^ 5 ame . t0 ,J ier 

• s generally agreed to be high, there are already short- ranging responsibilities for successor and chosen Frite £124 each in h few months, they e ™ i breakfast 

for new jobs in new ages of particular types of nuclear energy research and Gerber, chairman of the Zurich will equally recall the scramble °™ e L~ e th * menu 

■re competitive industries, skilled labour which it should development He inherits the Versicherungs * Gesellschaft In- for copper shares as tbe metal 1111611 “ e 

j-s more, about halE the be the Government’s aim to burden of the 600 megawatt su ranee company, as the new reached a peak of £1,400 .per ton werc n>t 

1’ going to the textile and remedy through training Argentinian .station, due for president Gerber will, however, back In 1974. t j 1 ^' Cam < 016 re . p .3 " 00 ' k ' 

industries, which have schemes. If this is not done, completion next year, and a only take on the function of Poseidon is now in the hands 1 draw one for ^ u! 3 . 

ird hit in all the indus- the pace of economic expansion similar project in Korea over president, a part-time post, and of the liquidator, while the price ObSBl'VSJ* 


‘1 countries. This Is will be severely limited. 


which there has also been some will retain his position at the of copper is around £625 per 



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SOCIETY TO-DAY 


Ia£s^ 


The case of the 



TCHS N E2CF generation of 
business executives may have 
to learn to live without per- 
sonal secretaries. Ladies who 
are willing to devote eight hours 
a day to the:service of a gentle- 
man in an office may become 
as rare as their predecessors 
who were willing to serve as 
maids or housekeepers in the 
home. 

Tho word “may” should be 
stressed. Hie employment 
agencies and Jhe relevant 
Government officials agree that 
there is a growing shortage of 
secretaries, but there are no 
hard statistics to prove the 
point. Manpower Services Com- 
mission officials think it is 
mainly a central London 
problem, exacerbated by high 
fares. So far as E have been 
able to ascertain, no serious 
national study of 'this section of 
the labour .market has been 
undertaken in recent years. 
There is a general belief that 
relatively fewer women wish to 
become secretaries, but there is 
no formal proof that this is so. 
There is a set of 'notions about 
why a formerly high -status job 
should apparently have become 
less attractive, but there is little 
evidence to support these 
notions. 

In the U.S. there are fewer 
doubts. The Department of 
Labour has predicted a con- 
tinuing increase in the demand 
for competent, trained secre- 
tary/shorthand typists, but no 
one can see any way in which 
the supply can be made to- 
increase in step. On that side 
of the Atlantic salary often 
counts for more than status, 
and there is a distinct move- 
ment into manual work, where 
in some cities a girl might 
make $16,000 a year as an 
unskilled labourer, as against 


perhaps $3,000 a yearless in a 
senior secretarial post in an 
office. 

For those who prefer to stay 
in white-collar ' employment, 
“secretary'* has become the 
equivalent of “dead-end.” A 
decade ago most women still 
regarded their income as 
supplementary — something to 
tide them over while looking 
for a husband, or something to 
add to the husband's earnings. 
Now a growing number of 
American women make serious 
inquiries about the .career 
prospects attached to a job. 

Reports from several- Ameri- 
can sources suggest that many 
companies are finding- it diffi- 
cult to adjust to this uusurpris- 
ing concomitant of “women's 
liberation.” There is apparently 
a level of salary above .which it 
is impossible to pay secretaries 
without upsetting the entire 
management salary structure. 
There is also a psychological 
barrier against promoting 
secretaries into management 
itself, although that would of 
course revive the status of the 
declining profession. 

Here in Britain tbere is some 
evidence that, as usual; we are 
catching our own version of 
something that is afflicting the 
Americans. In its latest 
“Survey of Secretarial and 
Clerical Salaries,” published 
yesterday, the Alfred -Marks 
Bureau says that the n umb er of 
vacancies registered in London 
during the closing quarter of 
last year was 26 per cent, 
higher than in the correspond- 
ing quarter of . last . . year. 
“Vacancies for the ever-ecarce 
secretary shorthand typist 
established a new record, 
accounting for 46 per cent of 
the total number of vacancies 
registered during the quarter,” 
says the bureau. 


Mr. Eric Hurst, joint chair- 
man of the Brook Street Bureau, 
says that “we have thousands 
of vacancies that we cannot fill ” 
The extreme shortage of skilled 
and competent secretaries and 
shorthand typists is, in his view, 
“ ridiculous " while there is still 
such a high level of unemploy- 
ment. With salaries of £3,500 
and £4,000 available for experi- 
enced workers at the top-end of 
the. scale, the net ear nin gs are 
not so very different from those 
of, say, junior managers or 
trained architects at the lower 
end -of their profession. Yet 
the number of people coming in 
and asking for secretarial jobs 
continues to dwindle, although 
demand,, says Brook Street, has 
grown rapidly. 

It appears that this strength 
of demand iar fairly recession- 
proof and that executives who 
want secretaries are not easily 
fobbed off by being given 
dictating machines and told to 
send the tapes to the typing 
pool. Clearly there is a psycho- 
logical need for the status 
symbol, or the female company, 
or the personal services (“tea, 
please ”) that a secretary 
provides. 

If so. companies had better 
start thinking about how io 
meet the growing shortage. One 
theory has it that many former 
permanent employees are 

making better money as 
temporary secretaries or 

shorthand-typists, but the 

agencies say that the markets 
for “temps” and permanent 
workers are not quite so inter- 
dependent as that. Another 
theory is that the number of 
male secretaries and shorthand- 
typists will grow at a sufficiently 
rapid pace to make up the 
difference. 

None of this seems sufficient 



to overcome the sense that the 
long-term trend is away from 
service as an " office wife,” with 
the only possible improvement 
being a movement upstairs to 
the position of secretary to an 
even more important person. 

What can be done about it? 
Executives, male and female, 
could be taught to type their 
own letters, make their own 
appointments and fetch their 
own coffee. . I can certainly 
type faster, and possibly more 
accurately, than most secretaries 
who have worked with me. (The 
present lady in question says it 
should be “ for ” me rather than 
“ with " me, since the existence 
of her job depends upon the 
existence of mine— which is, of 
course, the whole trouble, from 
the secretary's point of view.) 
But should, say. a Leyland 
manager be taught to type and 
keep a diary? 


Investing in 
new ventures 

From Lord Porchester. 

Chairman. Economic Planning 
Council. South East Region: 

Sir, — The South East Economic 
Planning Council has recently 
been considering the problems 
of small businesses, with particu- 
lar reference to innovatory ven- 
tures which develop new ideas 
or inventions. As a result of our 
discussions we have now written 
to Mr. Varley and Mr. Lever to 
let them have our views. 

In our letter we argued that 
over the last few years a climate 
has grown up across the country 
which is fundamentally -hostile 
in the sort of entrepreneurial 

activity which is associated with 
the development of small firms, 
in particular, risk capital for new 
ventures is difficult to obtain. 

The Council is anxious that 
major lending institutions and 
private individuals should be 
persuaded to invest more readily 
in new ventures. The Govern- 
ment might be able to encourage 
greater flexibility in lending 
policies along these tines. In 
particular-, we do not think that 
the present system adequately 
recognises the fact— which is not 
confined to this country, but is 
common experience among the 
industrial nations— that for each 
new idea which proves a com- 
mercial success, there .ire nine 
which do not. At present, lax is 
levied - on the profits from the 
ton per cent, of innovatory ven- 
tures which are successful 
without any allowance being 
made Tor the inevitable losses oh 
the other SO per cent. We 
believe also that if losses on risk 
capital investments were allowed 
(o be set against other income 
for tax purposes, the industrial 
and employment benefits would 
outweigh! any loss of income fa 
the Exchequer; investors would 
then be able to feel more happy 
that the profits on successful 
new ventures would compensate 
for losses on the unsuccessful. 

Another factor which the 
Council believes is equally 
damaping to the development of 
new businesses is the increasing 
burden placed upon them by 
Government activity. Statistical 
returns take time and effort to 
complete. The complex and ever- 
changing tax laws similarly re- 
quire a disproportionate effort 
io disentangle. The implications 
of new legislation on, for in- 
stance. employment protection 
oc safety at work have. to be 
worked out. Ve realise, of 
course, that small hnsiflvssw 
must pay their fair share or tax, 
and that they have no special 
entitlement .To legal . privileges 
or exemptions. But we feel that 
there is eotiFsid ruble scope for 
the present system to he simpli- 
fied. while for the ftiiurc wo 
hope that new legislation will 
only be enacted after "the impli- 
cations for small 'businesses have 
been fully considered. 

The Council believes that the 
potential for ihfi development of 
new small businesses in this 
country remains large. The in- 
ventiveness of British techno* 
loglsts and scientists is as. great 
as it has ever been; Britain wins 
more Nobel prizes per head, of 
population than the US.. and 
regularly balances its payments 
nn realties and licence income 
— unlike France. Germany and 
I span, all of which are net im- 
porters of inventions. This kind 
of inventiveness and innovation 
should be a major stimulus to 
the growth of new businesses, 
and 50 a sourer of ne\V employ- 
ment. .Yet Britain’s record In 
developing “new idea?; is dis- 
appointing. TfVe are concerned 
that at a time of high unemp- 
ptoyment a gre^t opportunity is 
being missed because too many 
difficulties' are being placed in 
(lie Way of the innovators and 
the small firms. 

.Vc mo aoxhms tk»r ^nsern*. 


Letters to the Editor 

meat should act soon to reduce the proceedings in Birmingham. 


these difficulties. I note that your observer was not 

Porchester. • .... there! 

Charles House. As one who took part (my com- 

375. Kensington High. Street, pa ny was one of the case 

W.14. studies), I found it quite a full 

- — . ...y. day. My colleagues from 

P| a aL noo J c South Wales met at the office at 

VslUIll llvCUa ..." 7 a.m. to motor to Birmingham. 

j 1 , - The conference itself included 

caicilimins speeches, and the presentation 

JL p "■ of fivc case studies which were 

t rom air. n ara. as mxxc h as anyone could reason- 

Sir.— My colleagues and l were ably follow with interest. Lunch 
delighted to ?»ee the report on. included an important speech by 
January 24 under the heading Mr. Joel Barnett to which you 
“GvnlT.il computer may. "cot gave full coverage in your 
cleth." but arc anxious to correct columns. Both management and 
one small misunderstanding. Our employee representatives found 
office in Winslow is small and in the conference most interesting, 
fact the work we are doing for and as an exercise in industrial 
the Department of Industry and relations both positive and use- 
the Garment and Allied Indus- ful. 

tries Requirements Board is We broke up after 4.30 pun. 
being managed, controlled and and were home at S p.m. 1 am 
largely conducted in London. _ ■ sure those people travelling from 
It might also be helpful -if. the North would have had a 
we emphasised that the function much longer day. In my experi- 
of any central bureau, using ence. exporting is hard work, 
computer numerical control, set-' but van still be enjovable if a 
up for the garment industry, jS-hour day is acceptable as a 
might be confined to pattern norm, 
grading or pattern grading and K 51. D. Johns, 
lay planning, without cutting Peuarth Road , Cardiff. 

cloth at all. The decision will: • 

depend on the acceptability of 

such bureaux to the industry* iJlIOtSMIIlpOrtCQ 
and the overall economics, which . j 

wc are currently calculating, CUtlCrV 

Metra* 'consulting Group. Cuulp^oi 

a, L«*r IlSESfiS'S SrtrTKlw. 

A .i • : industrial. commercial. and 

tnirteen leisure areas of catering would 

‘ -ho severely damaged in their 
hour flaV pricing structure should any 

11V,U1 .restriction be imposed on. not 

From the .Vanogitip Director,; only the volume of cutlery and 
.-IcioiV International. .flatware to be imported, but also 

Sir.— I must speak in defence, on the importers, for it has been 
of the Export Year conference suggested that only mannfac- 
organisers. against the rather lurers should be permitted to 
unkind comments in .Men and.import. 

Matters column on January 27. The price of British-made 
You say '* Exporting can be fun.” cutlery and flatware is very high 
and suggest a leisurely pace to. for what is largely an automatic 

M 

Opportunities for textiles 

From .Ur. .\\ Sussman ‘ ^improved productivity, exports 

Sir. — It is perhaps unfortunate and home market shares pro- 
that you should have .chos en ft p vides an immediate challenge to 
caption the concise and penetza# every company in the industry, 
ing article by your Textilw. The unlocking of the produc- 


prod action procedure. When mil- 
lions of pieces of knives, spoons 
and forks are “ lost ” each year, 
why in acceptable areas should 
caterers use high-priced — slow 
delivered — British manufactured 
cutlery which will add consider- 
ably to the "cover” cost per 
customer. 

Rarely do we see inexpensive 
imported ware which has the 
elegance and style of the U.K. 
manufacturer. I believe they 
should stay on that side of this 
particular fence and ensure they 
do not lose out on that lucrative 
section of the trade. 

In many other avennes of 
trade where British industry has 
been defeated into second orj 
third place or total obscurity,: 
the controlling bodies have ira-i 
posed standards. It is my belief j 
that standards should be main-1 
tained in terms of the quality 
of cutlery and flatware which 
are imported. There are many 
sources of origin for imported 
cutlery and flatware, but very! 
few standards are fixed. 

It is my personal view that, 
British-known names should not; 
appear on imported cutlery i 
whore they represent a trading 

mark and that the quality of the 
steel is clearly specified. 

It is quite simply the view of 
some members of the new; 
Federation that by restricting! 
imports down to as much asj 
25 per cenL- aver the first five I 
years and then holding for seven j 
years that this will enable; 
British manufacturing industry 
to restore itself. This is abso- 
lutely rubbish, the fact being 
that they are totally inadequate 
by volume, pace and delivery to ■ 
meet current demand. They have i 
had for many years prime manu- 
facturing capabilities and mar- 
kets and they have just not 
re-invested in themselves for 
whatever reason. 

They must cow invest money 
and promote themselves as effi- 
cient” manufacturers in the world 
market of cutlery and flatware. 
P. X. Price. 

Lockhart House. 

836. Oxford Road, Reading. 


A calculation using strict 
accounting methods might come 
out with the answer that he 
should — that the extra time it 
would take him to do his 
primary job would cost less than 
the total employment price of 
a good secretary. What cannot 
be calculated is the probable 
effect oil that manager’s morale. 
Someone ought to study it The 
answer might be that secretaries 
are essential, but it could be 
that at least some executives 
would actually work more effec- 
tively without them. - Or we 
could promote some of the 
secretaries. 


TURNING, with some relief, to 
a subject about which we do 
have some bard evidence, there 
has been a little flurry of Par- 
liamentary attempts to amend 

GENERAL 

CBI Industrial Trends Survey 
for January. 

Railway pay talks begin. 

Gas workers' pay talks resume. 

Nuclear Installations Inspector- 
ate report. 

Schools Council governing body 
considers reorganisation proposals 
for examinations and curricula of 
English and Welsh schools. 

First lull session begins in 
Berne of International Cocoa Or- 
ganisation advisory group on 
world . cocoa economy (until 
February 2». 

Memorial requiem for Sir Alan 
Walker, former chairman of Bass 
Charrinpiun. Westminster Cathe- 
dral. lLSli a.m. 

Guildhall Court hearing resumes 
of currency fraud charges against 


Xshleu Ashimod 

the Employment Protection Act, 
following the exposure of some 
of its flaws during the course 
of the Grunwick dispute. 
Although two of the Private 
Members' bills involved contain 
elements that can only be 
described as an affront to demo- 
cracy, their appearance should 
be welcomed. For they consti- 
tute evidence that the “ Labour 
movement" — the TUC, the 
Labour Party and the Govern- 
ment — is coming to understand 
that good industrial relations 
cannot exist outside a frame- 
work of law. 

As for the attacks on demo- 
cracy, we must be on guard. 
There is always a danger that 
some of the crusading collec- 
tivists in the Labour Party will 
succeed in pushing a particu- 
larly obnoxious clause into a 
statute, but since 1976 it has 
not been easy for them to do 


so. The normal tendency is 
for the brakes to be put on 
at the last moment, and this 
tendency has been supported by 
the great upswell of ' feeling 
against too overweening a use 
of trade union power. 

Thus Mr. Ted Fletcher’s Bill, 
which received its second read- 
ing on Friday, January 20th, 
seeks to make at easier for the 
Advisory Conciliation and Arbi- 
tration Service. ACAS, to press 
for the co-operation of em- 
ployers in recognition disputes. 
Given an even-handed ACAS. 
this would be fair enough — but 
then Mr. Fletcher spoils it all 
by excluding what he calls 
“sweetheart” unions and what 
members may call “our chosen 
union ” from the scope of ACAS 
inquiries, leaving it to this 
possible advance guard of the 
corporate state to decide which 
union is independent and which 
is not 

Mr. Ian Mikardo's Bill, which 
was read a second time on 
Friday, gives workers the right 
to appeal against unfair dis- 
missal if they are sacked by 
their employer following an 
ACAS recommendation that 
their union be recognised. This 
would partly close the loophole 
in the law that enabled G run- 
wick to dismiss a large section 
of its workforce for going on 
strike — although in that case 
the strike preceded the ACAS 
recommendation. The anti- 
democratic part of Mr. 
Mikardo’s Bill is designed to 
free the TUC from the embar- 
rassment of an ACAS ruling 
in cases like that in which 
the Engineers' and Managers' 
Association is involved. Never 
mind the details— the point is 
that this is an attempt to place 
TUC business outside the law 
or the jurisdiction of even a 


quasi-independent body like 
ACAS. 

On matters such as this Iht 
British Left can usually b> 
relied upon, given enough rope 
to build a scaffold and placi 
the hemp around its own heck 
This is wbat one must hope i 
is doing with the Fletcher anr 
Mikardo Bills— and it is wha 
will have happened if th 
obnoxious parts are excised 
while the general principle 
that we need fresh iadustria 
relations law, is moved a ste 
or two forward. 

Although that principle i 
making progress, there is sti- 
some distance to go. According 
to the latest issue rj 
Engineering Today, Mr. Jit 
Mortimer, chairman of ACAS, < 
still sticking to his view thu 
“There cannot be powers wit) 
out penalties; and these woul 
not help us solve Indus tn; 
relations problems.” He al.< 
fears, says the journal, th. 
giving the service powers wou^ 
result in more cases ending h 
in court, which might reduc 
the area of discretion it no 
enjoys. 1 

Perhaps he has in mind tr 
warning sounded by Loj 
Salmon in the House of Lor, 
ruling on the Grunwick case. I 
said that if ACAS made 
recommendation for recogniti 
against the “genuine opinions ■ 
a large majority of the wo 
force” the courts would have t 
power and the duty to overtu 
it. The ACAS view, held w 
dangerous sincerity, is that 
knows best how to do its lega 
stipulated duty of promoti 
collective bargaining. That 
why we need a comprehend 
law — to protect us from qut 
official bodies that are c 
vinced that they know best. 


Joe Roga 


To-day’s Events 


Lewis Altman and Co., stock- 
brokers, ami others. 

Church of England General 
Synod opens, Church House, 
S.W.I. 

PARLIAMENTARY BUSINESS 

House of Commons: Scotland 
Bill, committee. 

House of Lords: European 
Patent Organisation (Immunities 
and Privileges) Order 1977. Inter- 
national Rubber Study Group 
(Immunities and Privileges) Order 
1978. Theft BiU (HL), committee. 
Industrial and Provident Societies 
Bill (HL), second reading. Par- 
ticipation Agreements Bill, second 
reading. 




Select Committee: Nationalised 
Industries (sub-committee A). 
Subject: National Freight Cor- 
poration report and accounts. 
Witnesses: National Freight Cor- 
poration (4 p.m- Room 8). 
COMPANY RESULTS 
BAT Industries (fuU year). Reed 
International (third-quarter 

figures). 

COMPANY MEETINGS 
Breotnall Beard. Shrewsbury, 
12.13. ICL, Winchester House, 
E.C., 12. Sotheby Parke Berner, 
Bond Street, W.4. United Spring 
and Steel, Birmingham, 12. 
OPERA 

English National Opera pro- 


duction of Carmen, Colise 
Theatre. W.G2, 7.30 p.m. 

D'Oyly Carte Company 
Iolanthc, Sadler's Wells Thea 
E.C.l. 7.30 pjn. 

BALLET 

Royal Ballet dance The Dre 
Monotones, and The Four Seas- 
Covent Garden, W.C2, 7 JO pj: 
MUSIC 

Margaret Phillips gives or 
recital of works by Buxteh 
and Widor, St. Lawrence Je 
next Guildhall, E.C2, 1 p.m. 

Royal Philharmonic Orchei 
conductor Zdenek Macal, sol 
John Lill (piano), in prograr 
of Janacek (Taras Bulba); G 
(Piano Concerto in A minor); 
Dvorak (Symphony No. 8 in 
Royal Festival Hall. SE.L. 8 p.i 


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Los Angeles, 


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Honobbi 


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Setting 

sails 


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\rvn V. 


the opportunity which is nop sources Agency can only but 
available to the industry to serve to generate impetus into 
“arrest” the decline which has our export and home market 
taken place over recent years,?- performances. Exports as yosr 
I cannot accept that the article shows are encouraging 
industry's failure to respond to and well on course for the indus- 
exhortations to. improve its per- tty' target of £ibn. by 3980. The 
formance has in any way puzzled home market, perhaps somewhat 
the Government: for there caoHI ' unfashionable at the moment, 
be no doubt that one solitvE? provides enormous opportunities 
factor was holding all else baefc^ for invisible exports and impart 
lack of confidence. That con- substitution, 
fidence has now hopefully boon Import substitution i* as vital 
provided by the satisfactory as exporting, and with import 
renegotiation of the Multi-Fibre levels being held at the 1976 
Arrangement, which the Govern- figures, real opportunities should 
ment has carried through with occur. For in the newly classified 
a resolution and determination •• highly sensitive" categories 
which commands the graltteje such as shirts there is every 
and appreciation of the entire likelihood of the growth in con- 
textile industry. sumcr consumption exceeding 

The MFA in its present Item the growth factor permitted 
provides the parameters of under the new agreement while 
stability within which the indus- the cut-back imposed on Hong 
trv can set about lo improve its Kong and Korea should 
performance, while the seem- encourage the retail sector to 
mcly last-mtnute take-up of the turn to- the indigenous industry 
£l5m- clothing scheme of assist- at the expense' of the new 
ahoe is but a reflection of the generation of low-cost suppliers, 
industry M sensing ” the pxogrtss But the master key of perform- 
of tho Brussels negotiations and ance tics in our ability to corn- 
reacting positively. municale our objectives to aii 

This spontaneous resRonw is within industry. The more we 
particularly significant, for it communicate, the greater will 
reflects a determination to seize be the response, and it is ibere- 
the opportunity which the MFA fore to be hoped that the MEDO 
Murk II . provides. Unless the Council at its meeting this com* 
industry grasps this breathing ing Wednesday will pay due 
space wc shall not be entitled regard to this key clement in 
to anticipate that in tho host the strategy- 
round of renegotiations in 19S2. There is a chink in the "rey 
we will receive “as of right" intius&lal clouds. We tnust 
the degree of Government sup- make them part and in so doing 
port .which We have recently prove your headline ;o have been 
enjoyed. indeed unfortunatc- 

- Within Ibc .framework of the v aPman Su« ra aa 
Industrial strategy much can „ 

flaw * — ’.ye- ♦*•'»«■: fusion of Aihmip House, 

OF 32* Alftow ftOMk 


From Mr. I. McNeil. 

Sir. — Your comments in “Men 
and Matters" (January 25) are 
timely and serticeni. I do not 
believe, however, that the short- 
age of trained crews may be such 
a stumbling block «o progress 
towards the adoption of freight 
sailing ships os you imply. 

For some years studies have 
been in progress on this matter 
in several countries and ships of 
from 4.000 to 36,000 tons have 
been designed in the United 
States. Australia and Germany. 
In the U.K. there is a co-opera- 
tive venture, the Shipbuilders' 
Advisory aod Supply Service on 
SaiL which has been at work on 
lb* problem too. 

Camed to the extreme in 
advanced dtr-igu. there would be 
little need for a large crew ex- 
perienced in setting and farting 
satis. The ultimate concept is 
one in which such skilled 
manual operations would be re- 
placed by an oil-hydraulic system 
powered by the ship's auxiliary 
engine. In a square-rigged ship 
the yard-arms would be keyed 
into the masti which would be 
turned by hydraulic motors to set 
the sails according; to tbe prevail- 
ing wind. An extension of the 
concept would be the control of 
the^e functions by shipboard 
computer which would receive 
tbe relevant information from a 
weather satellite. Toe crew 
would be more fcf a team of 
skilled maintenance engineers 
than of horny-handed “ nld salts.” 

The Idea say sound fanciful 
but so did space flight until 
April 12. 196L 
lan McNe;*. 

M. Gremdiaiw Avenue, 
Bsnstend, Surrey, 








:ss 


Ask us how well we know the South Pacifit 


Well tell you Air New Zealand 
has more eonp.ee tions in the 
South Pacific than any other airline. 
We offer 1*3 flights a week, via 
our gateway.?: Los Angeles-, 

Hong Kong and Singapore, 

In comfortable, uide-bodied 


GcacrJ sa-cr .Igtstt: Satis a As» m* 


DC-10s,with service thats 
second to none. 

- Remember Air New Zealand 
when you re flying lothe 
South Pacific. 

Wo know it tike the back of 
our hand. 


London: 15 Charles II St. 
SW1YJQU. Tel: 01-930 10S8. 

Manchester: Room 142, 
Royal Exchange, M27 BZ. 

Tel: 061-832 3266. 

air new zEa tana 

” V*c fly the teiciftc. 


18 


COM PANY NEWS + COMMENT 


Leisure Caravan at £ 1.9m.— sees record 


' LINE with forecasts made at 
' August AGM pre-tax profit of 
•flare Caravan Parts rose from 
,56m. to £l.93m. in the eight 
*oths to October 3L 1977. 
Jirectors say profit for the fuJl 
>x is not expected to be 
Aerially different from the 
’rim figures so the 14th 
■cessrve record will be 
ieved. 

lore than hair the group's 
!ame is from rents receivable 
- advance and most of the 
winder comes in the first six 
rtths of the financial year, 
■ficient income has been set 
je to cover the estimated 
ess of winter expenses over 
pme, they say. 


lie eight-month result is countries has encouraged equity organisation Is complete. Its turn- buSd-un nf 

Sect to tax or . £925 ooo investment by both domestic and over is increasing rapidly and it X£ t ed annua nf in th?S?rm^f 

1 10.000) IS atmrfc nftpr hnim 9H|) fh» nrflnnlr has hoBn dfllrMT mbanI hiTrlnur. *‘™C8lCO SHOlUiJy JH 1116 form OI 



INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

Col. Company 

Page 

CoL 

Burco Dun 

18 

2 Gresham life - - 

18 

3 

Common Market 18 

1 Leisure Caravan 

18 

‘ 1 

Credit Data 

18 

2 McCorquodale 

19 

4 

Dobson Park 

19 

4 Norwest 

18 

S" 

Dorman Smith 

18 

4 Reo Stakis 

18 

fi‘ 

Ellis * Everard 

18 

7 Sommerville (Wnt) 

19 

4‘ 

Rnlas Holdings 

18 

3 Syltone 

19 

' ' 5" 

Gallaher 

18 

8 Warren Plantations 

18 

4- 


the balance of payments of major says the company's basic 


other hey employees outside the 
main company pension scheme* 
providing sound fund- manage- 
ment and experience in pension 


The plan is specially designed 
to provide flexible benefits — 
pensions, tax free capital -sums at 
retirement, widows* or widowers* 
pensions, capital sums on death 
in service and a life assurance 
continuation option. The cost can 
be borne entirely by the company 
or it can be arranged for members 
to t»ay part of the overall 
contributions. 

All contribution^ paid in respect 
of pension benefits are invested 
in a tax exempt fund, managed 
__ by N. M. Rothschild Asset Manage- 
Er“ ment This ensures 


and is struck after foreign investors, and the outlook has been doing record business' resersinaarv bnnusLt 
■ 01 ^r these stock markets Is better ~on all fronts.” . ZT3F22 

than it has been for many years. There Js_ a rising demand for contributions. 9 

■ Although the prime purpose of 


6.000). . . 

m interim dividend of 2.042p th e directors say. the company's credit services and 

K 3 n2 i ? er A 1 !l?*^fJ , li!!SSE The company invests in ail the signs suggest this will suVlT^emK “is^the "proviSon of 
i? P? 1 European securities both directly continue. Mr. Brooks is certain, pension and hump sum benefits 

5nS-*H 9&p 10 sameJ and through Us subsidiary Com- therefore, that the current: year for senior personnel, they also 

ftpeciea. mon Market Fund, which at the Will see complete recovery with represent the most tax efficient 

+ half-year accounted for 33.9 per the restoration of both dividend means of transferring assets from 

CQITI mem cent, of the company's net assets aiK * Stock Exchange quotation. the company to individuals. The 


l only minimal trading left to of £lf.2iin. (£16.86m.). 

. 'e in the last four winter 
y'ths, Leisure Caravan Parks' 

-jer cent, profits rise after eight 
►ths puts the company exactly 
’ target for the year. .Assuming 
i . r 2m. outcome, this gives a 
l pecu've p e of 12.4 at I14p 
.Ve a yield of 5.9 per cent, is 
: red luo times. LCP describes 
C-site caravans (which occupy 
er cent, of park space) as the 

. ting man’s substitute for the w 

suraer expenditure Lord Hewlett. 
!' the chairman of Burco Dean, says 

-s^es 19 ii occupancy levels j n hi s annua j statement that he 


Burco Dean 

expects 

progress 

WITH NO marked upswing in con- 


The quotation was suspended new business figures for 1977 of 
at the request of the previous life companies showed that execu- 
managemenL Mr. Brooks became five pension schemes were among 
chairman hi May, - 1976, when the best sellers, both traditional, 
losses bad reached almost £2m. in like this . plan, or unit linked, 
three years. 

- The last dividend to be paid by 
the company, which has close 
status, was an interim of J.4p 
net for 1973-74 when there was a 
loss of £0.64m. 



Financial Times Tuesday January 31 1978 

Ellis and Everard 
8% higher so far 

WITH TURNOVER some IS per divisions due to intense own* 
cent higher at £2l.0Sm. pre-tax petition, and there ha* been some 
profit of Elite and Evenud rose loss of margin. Profitability has 
8 per cent- from £370.000 to not been helped either by higher 
£822,000 in the half year ended interest charges, arising fro® a 
October 31, 3977. ■ -more than doubted level of short - 

Mr. Anthony Everard, chairman, £rm , debt <*«*«*£ the l»« 
reports that chemical activities SSJ^wnwincs 

Bjl net For tbe 

In Ihe buUdmg supplies w> Maatiu of the current half 

dhWtbere* have* in Sent g* «£» }J» gf 

months been signs of consumer “ B SSSwhr LaFl* 

S5SP in bS^utpK £ % 

I P ow« e X«t i»& should on- ££ 

toEHf rtSlft hvSSe annum W ”.lK r 
ffia.hews “tottaBratlulf j*™ Z 

cont. °{uDy* coveredf on AlS. 


made to- improve profitability. 
Solid fuel sales have been 


tained dividend. The rating j* 


jCiaW =. SKBfl s *“• -«■- 


The. second half has begun 
promisingly and Mr. Everard looks 

for steady progress. last year 
profit totalled £1.06m. 

Profits were struck after 
interest charges of £178,000 

(£149,000). Tax lakes £336,000 
(£309.000) leaving net profit at 
£286.000 (£267,000). Earnings per 
25p 'share are • given at 3.3U> 

(3.12b) and My IUlum « 3JP 0N SAUX escludinc VAT. far 


Gallaher 
reaches 
£ 43 . 4 m. 


I3.06p). 

The inicrim dividend is un- 
changed at 2p net per share. A 
3p final was paid last year 


.ST?. i°" finds it BtremeS Si tomske 


Finlas Hldgs. 
£34,000 and 


Warren 

Plantation 

prospects 


Glint Goon 


Mr. Alex Jarratt. chairman of Reed IntcrnatioaaL Third 
quarter results axe due to be announced to-day. 


DIVIDENDS ANNOUNCED 


| a ^ honic appear icbJtrfl st69dy PfOtffttl flzxd g confident 

■ > restricted to imurovino on. achieve steady progress and in 

f ^SuSefl ?ferebymIS“i»i the first quarter of *** current 

I E2K year there has been a further 


Date Corre- 
of sponding 
payment div. 


Total 

for 

year 


Mar. 20 2 ■ — 


0.13 


DIRECTORS OF Warren Planta- ®™JL 

tlon Holdings expect pre-tax F|I , - v VPrar rf int ' o 

i- achieve steady progress and in ^ profits for the 1977 year to show Fin j as Holdings !.!!!! iiu. 2.6 

AFTER INCREASED interest a further substantial increase over » umimarKenaoe o 083 

I Vcreased ren’lal ctureeX Local 3' ear there has been a furtner charges of ^6.000. against £29.000, the record £4.fi7rn. foe 1976. Tbey Wj|L sommerville ...int. 0.5 . 

IriSf are reluctfSt^o 1 ^ 1 Improvement In turnover and Pfintere and housmg developers are confident that the acquisition SvItone mt. 1.46i 

•'iSc^eSdssten fS- iddlufrS profits. He adds that the strong Fti* 1 ** Holdings shows a turaround of Supara Investments will make Warren Plant inL 4.62 

(an parks, in spite of the SfljEKS ..S?f ,t fSL*..i n erou^nroBti 6 con n on Dividends shown pence per share net except where otherwise stated, ordering’ position during a uVt 

* Equivalent- after allowing for scrip issue, f On capita (increased summer, partially offset a weak 


Apr. 8 


Apr. 4 


nil 

0.03 

0J> 

1.4 

4.25 


Total 

last 

year 

5 

2.6 

0J0 

2.5 

5 

13.25 


>97 


Turnover — - S1.0SI 

BuUdins maicrlais ..>.. 31.71^ 

KBOl - - . tst 

Cbemtets - — . S.7-3 

Tracing' profit 789 

Interest ITS 

InBtSmem Income 1 

Prom before unc 622 

Tax - .TW 

NetWoBt C 1 * 

Bxtratadmaty debits 23 

Minorities sr 

Anritmuble 196 

Dh-ldead VC 

Leaving S4 

r Credits. 


comment 


1977 nf XMlbn., against £2.13bn„ 
pre-tax profit*! of tobacco group 
Gallaher. a wholly owned sub- 
137S sidiary of American Brands lrie, 
Rwv rose from £41.im. to I43.4tn. after. 

1&K9 £22. Tm. compared with £2 0.3m. at 
halfway. 

sSi Trading profit, up from £465m. 
7IS to £49.6m.. was split 3s to'. 
149 domestic tobacco £28.9in. ('£29.3m | 
- and overseas £R.3m. (£6.4m.V, 

fT* engineering £4^m. (£3.6m.); 

optical £3.9m. (£4.7m.) and distri- 
n« button £LSm. (j&Bm.). 
so There was an extraordinary 
-£ profit for the period or £U.6m» 
^ (£0.Sm. loss) urisiug front the net 
profit on exchange on conversion 
of foreign assets and liabilities 
into sterling, partly offset by the 


i pobufaritv of self-caterlnl sidiaries will enable the group’s Profit of £34.000 for the half-year group profits. DlV ™ 

fiy* P So ^ the comnanv “ hJS expansion and investment to con- to September 30.. 1977. Turnover The Interim dividend is lifted 

• Bo look eteewhere and thl t'™e with very lUUe increase in lumped by £Q.68m. to £i52m. and from 4 lap to 4.62p net per top by n 


fsition of a b l%o!Sra«S she the“ to ^"borrowing" the directors forecast a full year share-plast year's total was 1323p. 

?uth cSrelina" reprSiSte ItS As reported on December 16 P^fit total of £200,000 against As already forecast directors 


lid-year fall 
/ Common 
Market Trust 


rights and 'or acquisition issues. 
§ Malaysian dollars. 


£ Includes D.0553Sp for 1976-77. performance in 

-supplies division. 


in Elite and Everanl's solid fuel 
activities, thanks to a firmer solus 

Domestic l9bacco 

partially n(hB * a w - A»b i'vpivus mbtevo 


to 


£93.566, 


intend to pay a 13p net total lor 
group’s year. 


major move out of the UJv pre-tax profits for the year „ 

September 30,' 1977, doubled to House sales on the p - h r __ m 

Il.lm. (£0A2m.l and the dividend developments were buoyant T( “* , “ fl dl ™ m nn Sasl ™ 
IS lifted to 3.71S35p i3.32909p) throughout the period and remain Tea an 4 d Eoftee. which is now an 
with a 2.2I835p net final. - so. The overall level of profit- associate, an increased fea crop 

Lord Hewlett savs the «roun abi I*ty Is very satisfactory despite was Produced in all three of the 

b ^eU pllced 1 ! Li'Skt 

of any improvement in the »««*•• nn on ‘* — from 110 ' >rn - k - 1 


on one development 


in India up 
to 12.19m. kg.; 


JSSSSrSntS *zs aSLJPJ* »g ?«i5So E %A K SJ* 

— - - ' Guinea nearly trebled 'its crop 

Brvdone froni 517 '- 000 k S- to l-45tn- kg. 
170011 Prices obtained in the year were 


the German subsidiary are not ex 5 ec . t ^ 
income down from likely to materialise as quickly as so r“’ V 16 Y 1 airTnan - 

S. t 0 >Urt«f Smp^' hJ h S«B , ™iga'SS2 Priors o^Sn^HcrtWei, on XTS UW . H.te, 

;.nu. for .h. Hf year -ft - as ,o • -2STS£j!!5m L“al.S2 SS8A&£fiTl. , tSj«S 


Norwest asks Appeal 
Court to block inquiry 

B? MICHAEL CASSELL, BUILDING CORRESPONDENT 

Norwest Holst, the building and for 746,616 shares on excess share 
yester- application forms for the 223,277 


the building aSTT™^ 

Profits after Distribution 

interest In that division were Di-pr-i-iaiinn* — 

down a fifth to £121.000. Other- Trj£“ profit 

wise .chemicals— the group's prin- P "^ax 

cipal earner, now accounting for Tax ....... 

four-fifths of trading profits com- profit 

pared with three-quarters for the KSS!2ih. a « 

same period last year — under- Attributable 

pinned performance raising trad- Dwu^ads 

ing profits IS per cent. 10 £500.000. Retained .. . . . .. 

But prices hare been weak in ,Vrt ** mduarij] cranrs. 
both the building and chemical Statement, Page 19 


lan 1 

inn 

im. 

bm. 


1,121.1 

S.W K 

TW 9 

lr.'.-; 

IV- 1 

:<ti 4 

ir.i 

S>.'J 


I«0 4 

14". 1 


10.4 

41 IS 

46 4 

ft - ! 

j : 

4X4 

41.1 


70 4 

.'i 1 

70.1 

nn 

»; 

His 

*11.4 

71 * 

Jit 

0.6 

1.5 

71.2 

in 


; DcblL 




... . . .. t . , nrofirs will rontinup uuou tonnes), ana Uie directors parties 

The chairman states that ft is P The hct interim dividend is 2.6p r fP?^ pr J ce ,* o ^ U,0U l b ,ear ' tfhen 


lent in Continental Europe 
.8, the directors say. the Board’s intention to develop 

halfway the issue price of the group' 
ipating shares was £11J84. divisions so 


Department shares. 


More dramatic growth 


s intention to develop cq share and "the welt below the starch, 1977, peak, announced that an inquiry was 

o S as 0 io e make a 5tem n as director say they intend to pay J* sli J W** and Profltahlllty con- to take place. When it failed to 


•icome per share was £9^5 field. 

I. As previously there will Net liquid funds at September _E*wptfor 


Two more of the top 20 build- At Huddersfield and Bradford 
Subject to the completion of the ing societies have reported Building Society investments and 
acquisition of Richard K. Manoff, dramatic growth in assets during cash grew by 45 per cent, during 

i: pp j Kith at l|. n ori nlfpntivo nc Th/>m . T? rt L i ' 3 firifll Df gjn JQj- g m flTim iim J Uiw » *mi «»■/ allotment letters, renounceable 1977. At Bradford and Bingley 1977 to £114.3ni.. but a 20.1 per 

fend Aft«f 10 tenil if! kitehe^nfr?iin^ permitted total of 7.7 p .list For the calendar year sales in grounds for its decision. Norwest until June 28. are expected to be there was an increase in the total cent, increase in total assets to 

hrome ‘her s£S^'a^mS.* field h kltcbezL furmture year’s final was 2.6p. - <? 0 1 ? pUt ** 1 to: ^dia.D 3,73m. served sl writ ou^ the pepartinent posted to-day. Dealings start of2fL3+ per cent, to £S74.9m. New £497.«m. meant that the ratio of 

----- - — -- *** mortgages approved by the society liquid assets to the total rose 

during 1977 increased by more from 19 per cent, to only 23 per 

than 30 per cent, to £189.3ra„ and cent. A record £90m. was lent in 

at the end of the year home loans new borrowers, with four out of 

of £51.5m. had been approved and ten loans going to first-time 
were awaiting completion. . In- buyers. The president of the 
vestments and cash at the year- society. Mr. Geoffrey Turner, says 
end ■ showed a "significant" that given reasonable stability of 
increase over tbe end of 1976. at interest rales "the existing level 
£200.30).— 22.89 per cent, of 'total of lending should continue well 
assets. into 1978." 


apt li9.69m.) on sales of 9.57 in. kg. and Mr. Edmund Deli Secretary to-day. 

u _ n , - “«*• Tav fHJSnt. kg.); Kenya £0j85m, foe Trade, claiming the action 

,e annual distribution to be 30 shows an increase in bank Tax J s expected to be payable on (£0 34m ) on 63gi0OT ^ (340.000 was unlawful. 


need in July. 


July. balances of £2.49m. compared Profit in the current year by , d Panua'* New 'Guinea A High Court 

to a lower level of ghM Imw id bank over- SJ?®*** “ d £lA7ra. (£Q.ilm.y on 133 bl kg. out their claim as “frivolous. 


Court decision struck 


Wy. interest received from drafts of £136m. Cha rente Steam- stotk appreciation rebef. (159,000 ke.). Coffee sales came vexatious and an abuse of the 

,ts slumped to £80,931 Company holds 20.05 per A company has been formed to to xsjjim. (£2.62m.) on L207 Process of the court.” The judge, 

,(09) which was only partly' cem - of toe issued Ordinary share engage in fine art publishing. . it tonnes (l 107 tonne sU Mr. Jn slice Foster, rejected the 

nsated by a rise in divi- ca f, ,ta *-, ' _ „ „ « expected that this new activity The new ' Rupee Company company's contention that the 

income to £596326 Meeting. Abereorn Rooms, E.C„ w^make a small contribution to started operating on behalf of the Trade Secretary's apporatmem of 

liquidity on February 21 at noon. 197i-78 profits. sterling P tea complies • on two inspectors to conduct the 

Lowe and Brydone is trading at November 1 1977 and directors investigation was invalid because 
« . record levels and shows healthy £.° V ^±at an nacSSrvSnrt of refusal to state his 

P rpHlf nafri profitability based on much im- in Tndi^aro heine reasons for ordering the inquiry. 

V^lCUll kJdld, proved productivity. The directors JgSSSf to cetS Norwest. Hoist complained ' 

SS» n SL^ r ^“ ves “ entin SS?&JS!5 JWTS ssfjf. SLSrrss s 


j ; 89). At half-time liquidity 
own £333m. (up £UMm.). 
he USSSOm. total borrowlag 
V -fis available to the com- 
. • .it December 20. 1977, 821m. 
^ '.en drawn. • 

^‘.•'company recently acquired 
; ; fll holding of shares in a 
..'end investment company 
OB in European securities 
" V.iotcd on the London Slock 


Reo Stakis 
begins year 
well ahead 


£135,794 

nt halftime rrodiam t ifn 

Recovery at Credit Data, a credit VjTcSU alO killv 

Executive • 

h -iioi n , e *, cl aise ^, at The company returned to surplus njori 

J : b enl are currently j n 1978-77 when there was a full- P 1 ^ 

Gresham Life Assurance Society. 


PROFITS OF Reo Stakis Organ! 

Norwes^ H<St "com ^"m’ned "that 


„ „ ri. n nthtf rr . state the 1 alleged offence oc 

^i P ifnr n S ^S^SSJSt offences, or the people alleged to 
rtl ® Progress on partkjtt be responsible, was adversely 

valuation bases. Directors antici- affecting its business, 
pate that these will be finalised The High Court was told y ester- 
wit fun the next few months. ... 


to quarter of the current year and 
directors look forward to another 
successful year, Mr. Reo Stakis, 
chairman, says in his statement 
with accounts. 


.’inental European 


time profit of £36.098 compared 

... ... -. stork with a loss, or £0.94m. a member of the Rothschild 

' *.;h s 10 toow steady. Turnover for the first half was Group, has launched a new Execu- 

; '‘l dr ii!).* £l ' s * m - an d a prottt per 10p share tlve Pension Plan, This is a 

‘ e^ U® ^: 8« , a , 1 ®^P‘‘ , . . flexible pension plan for company 

• •; Ition ana impro\emem in Mr. Paul Brooks, the chairman, directors, senior executives and 


This advertisement appears as a matter of record only. 



Leeds City Council 

£10,000,000 

Medium Term Loan 


Managed by 


vl« 


i • 

>- . 


i! 


rJ 

*ij 

i 


Kleinwort, Benson Limited 

and provided by 

Irving Trust Company Kleinwort, Benson Limited . 
Bank fur Gememwirtscbaft A.G. Courts Finance Co. 

International Commercial Bank Limited 
Royal Bank of Canada Standard Chartered Bank Limited 
Taiyo Kobe Bank Limited Tokai Bank Ijniited 

Agent 

RldnNvort, Benson Limited 

Introduced by 

Short Loan & Mortgage Co. Ltd. 

December 1977 


In the year to October 2, 1977. 

day that there was no evidence to profits rose .from £L2am. to 
suggest that the solvency of the record £L75m. 
company was in question and no Mr Stakis lhe latest year 
shareholder bad complained about has begun well mainly because 
its operations. The appeal to 0 f improved performances by 
Lord Denrnng, Master of the Rolls, cas i no and betting operations. 
Lord Justice Onnrod ana Lora an< j tbe i nc iusion of profits from 
Justice Geoffrey Lane is expected recently acquired D. and A. 
tolast three days tn all. . Haddtnv with its chain of -off- 
.... Two directors of Norwest. Mr. licences, public houses and whole- 

Manufacturing electrical en- R. Slater and Mr. ■ A. J. Lilley, eaijns business, 
gineer Dorman Smith Holdings acquired control of the company . . , 

lifted pre-tax profit from £L12m. iart November when they pur- Stakis says hotels continue 

to £1.6Im. in the September 30, chased on behalf of their own J° ® how growth but eater- 

1977, half-year, on turnover up privately owned company, Dunbar “g remains oifficult and fs 
from £5.77 m. to £7.43m. For aH Mount Holdings, 22 per cent- of t0 “"Prove jmtfl there is 

1976-77 profits came to £3.Q5m. rhe Narwo«t Mtiltv from Metro- a feaI turnround in the economy. 


Dorman Smith 
rises to 

£1.6m. midway 


The half-year result is subject lands Developments, 
to tax of £0.84m. against £0 JSm. 

Dorman. Smith is now a subsidiary 

of BICC after au- offer made in HUDB AY PASSES 

October last year. 


10 companies 
wound-up 

Orders for the 


ITS DIVIDEND 


The group spent £3m. on 
acquisitions last year and is 
actively looking for further expan- 
sion opportunities. The Stakis Or- 
ganisation seeking to expand its 
own operations and to diversify 
into other sectors of the leisure 
The Anglo American Corpora- industry, Mr. Status says, 
tlon group's Canadian Hudson The Haddow operations, which 
Bay Mining and Smelting has contributed £333,000 in the last 
decided to omit its quarterly divi- year, is expected to be a major 
dend. The decision was made In contributor to profits. 

. . compulsory tbe light of continuing weak The group holds the main 

S^ST.' • f i J TSl" “rJS? for basr raflalsjnd ttra . ^ hJTnS S^liand fDr kST- 

[17 — chteken awl tw o ice cre Jm oU U.t S 

sons l Audio- Visual }, D. E.' DaviS 1Umr '- ShSaPS^Ba iS rlle Of 

ffi™ ), The II KU 1 a N o7ii ! Sf S c5[! GEERS GROSS t0 aKelerste 

aSBj'W'SSb'-StS , — “ C« K Gross' ‘^“^'Fedruar, a. 

f o 7 Pro r a? ssKsssa *• 3 - ■ 

W* 0 !? acquisition of Richard K. Manoff 
applications have been 
, Vg^*T d -^. Ja ^? ary 33 * received for U9S.123 shares from 
resetnded. The petition was: existing shareholders as rights, 
dlsimsred on an undertaking by and for LS2S,600 shares from 
wholly-owned subsidiary, Iran places, including 334.500 shares, 

Caspian, that its debts owed by which have been recalled for the 
the parent company would rank market 

after all other creditors. In addition shareholders 'applied 


CENTRAL LONDON 

32,000 sq. ft. OFFICES TO LET 

OR FREEHOLD MIGHT BE SOLD— ALSO ADJOINING 
PROPERTIES (IF REQUIRED) 10,000 SQ. FT„ PART 
MEDICAL AND DENTAL, IN COURSE OF DEVELOPMENT 


Westway Flyover 


Marylebpne Road 



T3 

A S 

^ te 


Bayswater 

41 

u. 

| 

oa 

Road 2 

Oxford Street 


MAJOR CAR PARK ADJACENT 

IMPRESSIVE COLONNADED /PORT iCOF.n EXTERIOR 

PARTICULARLY CONVENIENT FOIL- 
HOTELS— LONDON AIRPORT— MOTORWAYS 
MAE* LINE AND UNDERGROUND STATIONS 

PRINCIPALS AND AGENTS WITH NAMED 
CLIENTS ONLY 

Write Box T.4804, Financial Times, 10 , Cannon Street. 
EC4P 4BY, 


■n ■ ■ ■ ■ 


Manson 
Finance Trust 


Interim Statement 1922 

Six months ended 


Group Revenue 
Net Profit before Tax 
Less Tax based on 
these profits 
Profit after Tax 
Retained Surplus 
Earnings per Share 


Year ended 


31.10.77 

31.10.76 

30.4.77 

£’000 

£T>00 

rooo 

1,033 

' 786 

■ 1,713 

307. 

217 

440 

134 

119 

229 

173 

98 

211 

66 

27 

16 

2.1p . 

1.4p 

3.0p 


m 

MIT 


The Board have declared an Interim Dividend of 
1.50 peace per share net (2.273 pence gross) - 
absorbing £106,500. The earnings per share has 
-been adjusted to the normal tax charge of 52%. 



ABRIDGED PARTICULARS 

■■ ^SSSSaSSff^MS^ggsss; 

person to subscribe for or to purchase any share or loan eSSSS-. 


cent 

to 



Automated Security (Holdings) ltd 

(Incorporated in England under the Companies Act 192*) 

No: 321,639 * M 



Authorised 

£1,500,000 

£1,0x3^85 


SHARE CAPITAL 


15,000,000 Ordinary Shares of top each 

7,023^285 8 per cent Convertible Cumulative 
Preference Redeemable Shares of £x each. 


Issued and to be 
Issued fully paid 



Starkest ServicSS^£~ ^ 

energy, finance and general trust ltd 

Daumsey House, Frederick's Place, Old Jewry, London E&R SHN 

and 


„ GREENE AND CO. 

Finsbury House, 22 Blomficldi*"- lu - z ^- - - 


* nd ’ n ? c Exchange 






I 


<1 1 


H, r^ 

s< » ht 


‘■•‘Hahtr 

IW* 


uilii Liroutii 


8 * « 


| IlH 


L IONDO# 

amCES it £ 


0 » 


»» 


* - - * 



Financial: Times Tuesday January 31 1978 


M1NIN0 NEWS 


No scramble for gold 
yet in Canada 


BY KENNETH MARSTON. MINING EDITOR 



WHILE South Africa's Rood 
tftudc and technically excellent 
gold mines move into a new era 
of prosperity behind the climb' 
ins price' of bullion, many 
investors have been seeking gold 
possibilities in oLhcr areas of the 
world -where there is far less 
political risk element. 

Tbt v scope is very limited. 
Canada provides the . most 
obvious target and last year the 
Toronto gold' mines index 
climbed from under &50 to oyer 
1,230 'and is currently around 
1.368. As Canada’s Northern. 
Miner points out, however, there 
are now only IS producing gold 
mines in Canada compared wjlh 
a peak of 146 in IMO. 

The national mining newspaper, 
is of the opinion. In its current 
review of the' . domestic gold 
industry, that the low -point has 
been reached and that an upturn 
is now under way. . But a round- 
up of views among experienced 
industry spokesmen leads tbe 
Miner, to warn: “Don’t hold your 
breath ... for coupled with the 
rise (In the gold price) has been 
a very sharp increase in operat- 
ing costs.” 

It is, of course, worth . bearing 
m 'mind that as a result of the 
weakness in the U-S^ dollar the 
current price of gold lh -that 
currency of SI 75 per ounce is 
equivalent to $C194. . ' 

Meanwhile, Cara Bo Mines has 
earned SC3.4xn. (£L58ra.) !zu l977 
compared with- 5C2 Jm. in the 
previous year.*having received an 
average price for its -'gold of 
SC10Q. 

Dr. Balesh Konda of the 
Canadian Investment house. Wood 
Gundy,- estimates that each rise of 
sUO in the gold price means an 
increase of 13 cents per share in 
earnings of Camflo (they totalled 
nves 106 cents last year). 20 cents 
for Dome Mines and S cents Tor 
East Malartrc Mines. 

As far as the reopening of 
existing mines or the starting of 
new ventures is concerned, indus- 
try opinion is that a gold price of 
«<ime JC225 is heeded. That is 
iho figure cited by Cochemrar 
XVII Haras for its mothballed 
property at Red Lake and also for 
:i development of Cam! area Mines’ 
'mall, but high grade prospect at 
Yellowknife, 

Gold has always been a major 
fictor in earnings of Dlekensam 
Mines which has now decided to- 
ahead with a big programme 
for development at depth of its 
veteran Hed Lake cold mine. 
Dickenson's consolidated net 
profit for the first nine months of 
!.ist year expanded to SCB4O.D00 
enm pored with only $010,000 in 
'.lie same period of 1076. 

Of possible new producers, the 
modest grade find' of Amoco 
Canada Petroleum at Detour 
nke in north-eastern Ontario is 
moving into the feasibility 
d could, it is thought, 
to Canada's largest gold 
"operation. 

ie Cadillac area of north- 


western Quebec, the Consolidated 
Gold Fields group’s -Darius Gold 
Mines holds seven properties and 
has spent some >Can6to- there. 
A 200 tons per day pilot .plant is 

to be put into operation for 
three years after which. It Is 
hoped, .there will be a 2,000 terns 
per day operation. 

Elsewhere in Canada, cold 
exploration Is being stepped up 
but it is reckoned that it will 
need a relaxation of Govern- 
mental regulations coupled with 
a further rise In the gold price 
to produce- any really sfemfleant 
influx of risk capital. And, as 
Mr. J. B, Red path of Dome 
Mines says, u low grade is still 
low grade" 


LOW PRICES HIT 
GIBRALTAR. 


The British Columbian 1 copper 
producer, Gibraltar Mines, once 


one of the most profitable of tbe 
r»nftrtian copper mines, had a net 
loss in 1977 Of SC142TXK) (£65,850) 
on sales of $C412m., writes John 
Soganich from Toronto. 

This compares with a net profit 
of $0943,000 in 1976, when opera- 
tions were restricted by a strike 
of 19 weeks,, and a profit of 
$C53L5m, in 1973, the first full year 
of operations. 

GibrtUtar'was badly affected by 
tbe low price of copper last year 
and Its position deteriorated pro- 
■gresEavelj.. -There was a profit to 
the first quarter of $C2Jm., but 
a loss in the last quarter of 
|C9 68.000. , 

The Vancouver group. Placer 
Development, holds 72 per cent, 
of Gibraltar's equity. Shares in 
Gibraltar on Canadian exchanges 
have- been around SC3.70 recently, 
compared with a 1977-78 high of 
SC7025 and a record price of 
$C1£50 in 1973. 


Freeport stunned by 
overseas losses 


THE U.S. group, . Freeport 
Minerals last year lost'SlS^m. 
(£7.8m.) on copper, nhung In 
Indonesia and nickel mining in 
Australia, tbe latest 'figures 
disclose. Added to a sharp 
increase in exploration spending, 
this was the main factor in a 
drastic reduction of net' profits 
over 1877. 

Net income last year was 
S2l.lm. (£10.Sm.) compared with 
348.5m. m 1976. Fourth quarter 
net income slumped to ; $L6m. 
against $8 .4m. in the same-period 
of 1976. - 

The loss at Freeport Indonesia, 
foreshadowed after the" third 
quarter, came to S6J2m. o^er the 
whole year. The group has 
already warned that it might have 
difficulty in making scheduled 
debt repayments and big been 
seeking to make contingency 
arrangements for deferred pay- 
ments. The debt obligation is 
more than $50m. and the plan 
was to retire the debt by ute end 
of 1981. ”< 

In Australia, at the Grttnvale 
nickel project, a joint wnture 
with tiie Melbourne company. 
Metals Exploration, the 1077 loss 
was S9m. The project waarbuild- 
ing up production as the market 
collapsed. The build-up walitself 
subject to technical difficulties. 

Freeport’s experience inMndo- 
nesia and Australia emphasises 
the risks in bringing new mines 
to production in tbe ‘ fufe of 
economic cycles over whies the 
industry as a whole ha^ lit lie 
control In Indonesia an economy 
drive is now taking place only 
five years after the mine was 
formally opened. • 

Operations started at Greohrale 
irt 1974, and Mr. Paul Douglas, 


Freeport’s president, stated that 
under the equity accounting 
method, "cumulative losses as of 
end-1977 had exceeded Freeport’s 
cumuiative investment in the pro- 
ject. As a result, there will be no 
further charges to Freeport’s 
earnings from future Greenvale 
operating Josses." 

What has sustained Freeport 
has been the revenue from its 
U.S, operations which amounted 
to $448m. last year, compared 
with $5(LanL in 1976. Although 
income from agricultural minerals 
was lower there was an increase 
from oil and gas production. 

Oil and gas exploration costs 
accounted for two-thirds of the 
funds spent on the group's growth 
programme. This cost SLL3m^ 
nearly half as much again as the 
$8J5m. spent in 1976. 


SELTRUSPS BIG 
PERU CONTRACT 


A contract has been signed 
between Empress Miners del 
Centro del Peru and a joint 
venture of Seftrust Engineering 
and Surveyor, Xenniger and 
Chenevcrt, Montreal, to provide 
engineering services for a major 
modernisation and expansion of 
the copper smelter and refinery 
at La Oroya, Peru. 

The work, the total capital cost 
of which is expected to be not 
less than SlOOm. (X51m.), will be 
based on a feasibility study made 
by Seitrust for increasing produc- 
tion capacity from 58,700 to 
73.000 tonnes a year of copper, 
with modernisation of operating 
techniques and improvements in 
environmental conditions. 



Coal to 
Dobson Park 


MR, C. F. WARD, chairman Of 
Dobson Park industries, says the 
outlook for coal remains buoyant 
and the group looks forward to 
another good year from its mining 
machinery division. 

And he says that orders in its 
other main trading areas are 
holding up well despite competi- 
tion in export markets. 

In the October 1, 1977, year 
Dobson Park lifted pre-tax profit 
from £9.08m. to £1X13 m. with 
overseas subsidiaries and 
associates contributing most of 
the increase. It also reflected 
continued good progress within 
tbe manufacturing- divisions, Mr. 
Ward says. 

He says the strength of the 
group's financial position allowed 
tbe continuation of its high level 
of investment in fixed assets, with' 
£3.4m. spent last year. Tbe group 
is budgeting for a 40 per cent, 
increase In planned capital ex- 
penditure for the current year. 
Statement, Page 20 


book is In a comparatively healthy 
state and capital spending, 
amounting to some Q50jX)0, has 
been initiated recently with a 
view to improving efficiency, the 
directors add. 

The net interim dividend is held 
at 0.5p per 25p share. Last time 
a final of 2p was paid. 

Half-time profit includes 
contribution from the group’s 
subsidiary Frank Grunfeld. 


Syltone 

doubles 

midterm 


William 
Sommerville up 
£0.1m. halfway 


An advance in taxable pamin^ 
from £ 44.000 to £144,000 is 
reported by paper makers William 
SommervUJe and Son for the half- 
year to November 30, 1977. but tbe 
directors say that prospects from 
now. until the year end are very 
uncertain. 

There is a surplus of pulp and 
paper all over the world creating 
pressure on prices and m a rgins 
and it is unlikely that the full 
year results will be quite on the 
level achieved in the first six 
months, they -say. Last year's 
surplus was £161.496. 

However, the company’s order 


PRE-TAX profit of Syltone for the 
half year to September 30, 1977. 
doubted from £256,000 to J312J10O 
on turnover well ahead at £5JSm. 
against £3 36m. 

Owing to the operation of stock 
relief the tax charge Is lower at 
£109, OOp compared with £122,000 
leaving a net profit of £403,000 
compared with £134,000. But 
directors say that tbe provision 
for the full year “may weO take 
a huger slice " of taxable profits. 

The Interim dividend of L45S38p 
(L4p) net per 25p share includes 
an additional payment in respect 
of the 1976/77 year of 025538p on 
tbe reduction in ACT. Last year’s 
final was 3.6p and was paid from 
record, profits of £645,629. 

.The. company has interests in 
engineering, pipe system supply 
and wholesale electrical distribu- 
tion. 

Half year 
1077 1978 

£ £ 

Turnover S 5J8S.0D0 3^58.000 

Pre-tax profit 5124)09 256, QM 

Tax - - 109,060 125,800 

Net profit 40&900 131099 

Dividend*!. 28,817 1BJBB. 


t After waivers of. £21,597 (01534) . 


Reasonable prospects 
for McCorquodale 



1977 RESULTS 


The Directors of Gallaher Limited announce the Allowing figures, subject 
to audit, in respect of the year ended 31st December, 1977: 


(All figures in £ millions) . ™ . 

GALLAHER LIMITED AND 

3077 

1976 

SUBSIDIARY COMPANIES 

-- 


GROUP SALES (Note I) 



Tobacco - Domestic 

"558.6 

768.9 

-Overseas 

1723 

343.3 

Engineering 

, i 56.4 

47.2 

Optical 

{ 30.9 

27.9 

Distribution 

489.4 

143.8 


# 7 - 6 

3,131.1 

GROUP TRADING PROFIT, 

t 


before Interest 



Tobacco -Domestic 


29.5 

-Oversea s 

% 63 

6.4 

Engineering 

I 43 

3.6 

Optical 

£ 5.9 

4.7 

Distribution 

■M 42 

2.6 


£ 49.6 

46.8 

INTEREST CHARGES 

1 

5.7 

GROUP PROFIT, before taxation 

J 43.4 

43.1 

TAXATION (Note2) 

I 21 ' 9 

20.8 

GROUP PROFITS after taxation - - 

"M 2ts - 

20.3 

MINORITY INTERESTS 

& 03 

0.2 


T 21JZ 

20.1 

EXTRAORDINARY ITEMS 



(net of taxation) (Note 3) 

^0 0.6 

(loss) 0.8 

GROUP PROFIT attributable to 



ordinary shareholders 

„T 21.8 

39.3 

ORDINARY DIVIDENDS 

>: o.6 

ri , 

13 

PROFIT retained forthe year 

> 

: 2 is 

m 

Dcprctiationchaxgcd in arrivingat 



Group Trading Profit 



(net of industrial grunts). 

9J9 

10.4 


NOTES 


I. Group Sales. • 

. Sale* exclude \\A.T. or its equivalent. 

.'The com porisort for aaks of domestic tobacco products has been affected by Duly Increases 

since MarcIUSTfi. : . 


2 * Taxation. '■ 

U.K. Corporation Tax has been based on a raid of 52 


or 


3- Extraordharyltons. 

The profit arises from ihcnd profit onmcchangeonconvefcdon of foreign assets and 
liabilities into swrilng at year end rates, partly offset bythcltos on sale of a subsidiary 
company. * 


\ 




THERE ARE generally reasonable 
prospects for most activities of 
McCorquodale and Co. with im- 
provements seen in its difficult 
areas and con tinuing benefits 
from its investment programme, 
Mr. Ala si air McCorquodale, chair- 
man, says in his statement with 
accounts. 

Overall the group has confi- 
dence in its ability to improve its 
level of profitability, be says. In 
the year to September 30 last, 
j profit almost trebled from £L05m. 
to £3.03m. before tax. 

The Board has been pursuing 
its policy of reducing the group 
commitment to products which 
show little long-term earnings 
potential, and two general print- 
ing factories were reorganised in 
the year. 

A computer-based typesetting 
system has been approved for its 
largest book printing factory, and 
will cost £0.5m. over two years. 
Considerable modernisation of 
printing and binding facilities is 
also taking place and has been 
justified by the encouraging per- 
formance of McCorquodale Books. 

The engineering companies 
have improved their position sub- 
stantially. although their future 
is dependent on the level of out- 
sidp orders the) - can obtain. 

Seasonal factors enhanced the 
performance of the packaging 
companies in the latest year, but 
there is a good underlying trend 
with opportunities for investment 
and growth. 

Demand for cheques and related 
documents continues to grow, and 
the performance of the UX. secu- 
rity printing companies bas justi- 
fied the considerable investment 
the group has made in new 
equipment and systems, Mr. 
McCorquodale says. 


The colour display 
have consolidated their market 
position and the Australian and 
North -American companies have 
performed well 

After its substantial reorganisa- 
tion Fblconer Security Printers is 
now a tightly controlled company 
with costs continuing to be con- 
tained while additional sales 
volume is being generated. 

Most associate companies have 
produced gratifying results with 
the Brazilian companies showing 
a dramatic and continuing 
improvement 

fa- tbe year, improved cash flow 
allowed repayment of £500.000 of 
the £2m. loan from the Midland 
Bank. In the curmt year loan 
repayments of £768.000 (£265,000) 
are doe from tbe parent and sub- 
sidiary companies. 

Accounts show there was a 
£3 .13m. (£2Jm.) increase in 

liquid funds in the year and net 
current assets increased from 
£9J6m.- to £lL36m. 

Meeting, Basingstoke, February 
22 at 12.45 pan. 


Duple to 
improve 


Mr. Gordon D. J. Hay, chairman 
of Dnple international, told the 
AGM that the order book position 
is very firm and he forecast an 
improvement in group profits for 
the current year. 

The various branches of the 
company are doing well, be said, 
and be predicted that the group 
will show an increase in earnings 
and an improvement in profits 
compared with the £L27m. for the 
1976-77 year. 


S. African price raised 


The slate-administered price of believe it will be enough to justify 
coal in Sooth Africa, which covers the opening of new collieries, 
the 25m. tons sold in the domestic The mild winter last year and 
market, has been raised by 86c the slowdown in tbe economy 
(56p) per ton with effect from have in any case eased the supply 
February L reports Richard RoJfe position in the domestic market 
in Johannesburg. This is the first Price increases are expected to 
rise for IS months and lifts the follow in other industries, and the 
price per ton to R7.76 (£4.57) for brick industry yesterday an- 
top grade bituminous coal. nounced a 10 per cent rise as a 
It compares with the current direct result of the 2} per cent 
prices of about R19-R20 per ton coal price change. 
f.o.b. Richards Bay for export MeanwhBe, Tavistock Collieries, 
steam coal and, at the other end in which /Johannesburg Consoji- 
of the scale, with the average dated Investment is the major 
price of R5.40 per ton paid by shareholder, has reported a rise 
Esconx, the biggest consumer of in net profit after tax from RC3m. 
coal in the Republic. to R4.7m.t (£2.76m.) for the six 

However, the object of the latest months to December, 
price rise seems to be to com- - Goal sales were up from 1.7m. 
pensate the collieries for cost m- tons to L8 ul tons. The -interim 
Elation over the period since the dividend has been doubled to 
last rise. Industry sources do not 300 cents (KLgp)., 


RESULTS AND ACCOUNTS IN BRIEF 


ALBERT FISHER GROUP r fruit ud 
resriaVe wlraJssalers and motor rc- 
Mirerei— 1 Tnnsorrr for bad Tear to 
XaccmbCT ». TO EL*.M7jbS2 rn.VSLSStl 

lid prefix CtZIS tS22JST.) after tax of 
'0*209 (TK.W0I teres OZto (same) 
cr! but 5p itorg. 

SRVCOURT ZKVESTMEJfTS— Net 3 net 
niar aftrtbnfed to Orduutr? 5ffcj dum 
Ills os at December SL 1377 «Wp at 
MStraScr 30. 7W7J. 

COUNTRYSIDE PROPERTIES— Rents 
mr dw rear to September 30, 1377. 
reported January 19. Gnn:> fixed assets 
174.933 f 03.003). Set current assets 
EL 12m. fEXJBm.). MwOer Winchester 
Horae. EC- on February 22 at U am. 

DUAL VEST— Valae Gf not as eta tains- 
ns tacesJABBts at nftuasn, at Decem- 
ber 31. i*77, Rijsam. fiuxn. at So> 
r ember XL !3T7r .css Iwntas shares at 
par £4J5aj. (samel, teaciec net assets 
amfinuUe ts Cxoftai stores tf.iftn. 
'(7 £231-), OT.SSfy 1383*3) per □ Capita] 
.hare. 

ELDRIOCC. POPE AMD CO .-Results 
o September 30. S9T7. ateaCv known. 

Vet assets rrjsm. U72Mm.), fB Mm 
'Emm.) increase !s worJttej capUaL 
titoM tacna c 73T.b c rapidly mm* 
arafiti In next few rears tat w pn wi iyfr 
abon &bb tern. Uecttra, Dorchester, 
nonet. February 3. at 12 . 1 s pm, 

FIM DlHVEgT— At Drarmbcr 5t, 1B77. 
wlae of set assets lachrilns iirewtmews 
at vahtatifio roSju. (£!0An. at Snv 
rwnber 30, Wj>. Lea drbeaure stodt 

PJeerewr a ad latame Shares at par of 
tlCSm. 'UMI, lies armbntable m 
sapual shares iSJHa. tgL£au, ramesf 
tes ’.633 fttcipi per store, 
nxcsnnr wvErmorf— revenue 

for U77 X22SA34 .'DS11S31 after m 
f SS5.7C f £S9.8S3) asd tax relief for prior 

f >■ ■ ffl PiW l A wm niw ■- 


rears QUU EarctPsa per 22a share 
-SSP fXJBpi. Proai dividend 1.7p (L<W) 
marring tSSo fL9rr>. Net asset value 
M.43 itcjpi per share. 

LACAKVALE ESTATE— Rr subs *or the 
rear to AAAI 33. 3977. already reported. 
Group toed assets fsM.C7 t C 77 j a? ) Nri 
- ■ lir t cflt fcahUttoi 1923U43 (CC.OfiSl. Sleet- 
teg. U. Ogees Gate, S.W„ ea Fefaniary 

UHEK aWCRETE MACHIHERV COM- 
PAMV— Resdu tar year .j Sewembcr :• 
repotted December 12 vith eonuieats on 
pTiUPcctt. Gnc toed tstra OJflm. 
i&JSapi,). - Net chibs assets £M3u. 
gi jWw.i. Decre ase -e tes Maid ftmda 
fjaa (BOB inonase). Utedag. 
£eu>cutoMEHn-Trat CD Fatmiaf? 18 el 


PEXBR MM EAKEMES— Tumowr IOC 


““ »» ■ October l, l£77. £2 Am. 

nntft EJM17 (tern 

jOLWSi. Etenacs per share 6Jp (Joss 

rtertos (soma). Board state 

Itot sure September the company has 
radonaHsed hs gahneaenee and nreee 
(WcraUQ M tatfe ft wm efiea savtnm la 
WS8. Ratanflyoor and severance payments 
Praflta blo. bat 

VAMTACEJECU RmK-Crom lncomv 
ton- “ dm2* f " 

wj 7 - , Intnw Ann cues 

after tax snau 
in ■»S IBrataa * PW store OJSp 

J!?. wr dura isjd 

r ^^dl*ufcad OJSn net 0L3ito> 
taafcine ema] oLSOn set ro.aoai. 



Increased profit 
in difficult year 


The Group 

The Group pre-tax profit for the year ended 30 th September 1977 
was £ 8.5 million, compared -with £ 7.4 million for the previous year. 
Most companies achieved record profits and there 'would have been a 
very considerable increase in Group profit overall, had it not been for 
losses in the activities of two industrial subsidiaries. 

The Group has continued to rationalise and consolidate those 
activities most severely affected by the recession whilst it has invested In 
those companies whose products or services will benefit from an 
improving economy. 


Dividend 


The Directors have recommended a final dividend of 2 . 175 P i 

fully paid ordinary share making a total distribution for the year of 3.35 5 ]’ 
This is the same distribution as last year but on an increased share capital 


Future Prospects 

Subject to any unforeseen drcumstances, I believe that in 1 978 ; 

we shall be reportmg a significant increase in profit.This will result not j 
only from improvements in trading conditions but from first time 
contributions from oil and new investments as well as the result of our ; 
actions to improve theacrivities which have faced severeproblems durii 
the last year or so. 

from the Statement by the Chairman 9 G. N . Mol 


Results in Brief 

1977 

£’000 

1976 

Capital employed 

89,626 

89,763 

Profit before interest 

13,676 

12,193 

Profit before taxation 

8,506 

7,413 

Profit after taxation and minorities 

5,161 

3,48 8 

Earnings per ordinary share 


pence 

5.734 

4.613 

Dividends per ordinary share 

3.355 

3.355 


The profit before taxation of £ 8.5 million showed an increase of ! 
15 %. Record results were achievedin many sectors including : 


Ncwage Engineers, particularly in the Electrical Division where . 
a rapid recovery from the overseas cut-back in orders was achiev< 

Spring Grove Industrial Services, with its eighth year of consists 
profit growth in the workwear rental industry 

Edmondson Electrical, which achieved a most impressive recove 
despite the continued recession in the construction industry 

Glanvill Enthoven, which maintained progress notwithstanding 
increased operating costs 

Charterhouse Japhet, after transfer to inner reserve and taxation. 


Profit from development capital activities matched that of the 
previous year even though there were reduced trading profits in NortI 
America, 


Action taken to respond to the situations in some parts of the 
Charcon and ALenco groups could not avoid the massive impact of the 
problems encountered by these companies. 


All sectors of the Group are how showing the. benefit of strong 
management and improved planning and control procedures. 
Substantial expenditure has been charged against the year’s profit in 
many Group companies in developing, manufacturing and promoting 
new products and services, the benefits of which should be reaped in 
the future. 


i CHARTERHOUS 


■Capiesef tbe A mua l Report of tbe Cbarferbotue GnapUzmtedare obtainable from : Group Communications ] 

Tbe Charterhouse Group, xPateimsterRsm t St. Rauls flum&aB&j&ijDH. Telephone 01-248 3999 



PULLMAN INC. 


. ENTERS THE INSURANCE 
INDUSTRY 


S. B. CASEY , Jr. , President of PULLMAN Inc., and 
J. W. MORTEN, Chairman of First Greatwest 
Corp w jointly azmonnee an agreement in principle 
under which PULLMAN would acquire for cash all 
of the outstanding shares of First Greatwest at a 
price of $26 million ($21 per share), subject to 
the approval of the Boards of Directors of both 
companies and the shareholders of First Greatwest 


FirstGreatwest Corp^ whose stock is traded on 
the OTC, is engaged In the motor carrier casualty 
insurance, as weQ as life and personal insurance, 
property and casualty insurance businesses. 



GENOSSENSCHAFTLJCHE ZENTRALBANt 

AK.TIENGESSELLSCHAFT 

Vienna 

U.S. $25,000,000 Floating Rate 
Notes Due 1981 

. For the six months 
31st January 1 978 to 31 st July 1 978 
the Notes will carry an 
interest rate of per cent, per annum. 

listed on the Luxembourg Stock Exchange. 

By: Morgan Guaranty ^ Trust Company of New York, Lond 
Agent Bank 




*.■ ^ : - «gc3 






Large assistance 


Airco and BOC Inti. 

: Bank of England Minimum . Minimum Lending Bate m the other hand there was a fairly MR. G. N- MOBBS, chairman of for further restructuring of thi* 

* Lending Rate 6| per cenL. near future, discount houses large net take-up of Treasury "■ *v Charterhouse Group expects to business. Tor which a iilJm. pro. 

1 (since January 6, 1978) continued to he willing to sell hills to finance, a rise in the X/v-m M ■< i ■ ■ ■ rl report a significant increase in vision has been made as an 

■There were some signs of Treasury bills to relieve the note circulation, and repayment 1 1 II ■ gym I ■■ ■ profit for the current year, extraordinary item, 

irvousness in the London shortage of day-to-day credit in of the very large amount U^'vLS. M, tfX JLM. H 14.%#- following the group's period of- Most other companies in the 

pney market yesterday, ahead the market The authorities borrowed on Friday. : - - consolidation and rationalisation, group produced record profits fur 

r the U.S. trade figures and bought - a. large amount of Discount houses paid 6$ per . , x . • . .. . _ nn^ increase will result not the year. 

resident Carter's Press confer- Treasury bills From the houses, cent for secured call loans at A charging both Amo 55“! 10 onlv from improvements in Following the modification of 

ice. and the possibility oF a but probably not quite enough to the start, and closing balances and BOC International with fraud pAApn MFmUfcC Sts mvesttnenta hi a single group. o«*y ^ ^ ^ but first treatment of deferred tax and * 
'iting period for the pay guide- take out the full shortage. were found at 5H per cent. has been filed by an Attuo share- BWItu * TU " C ‘ A group for these purposes in- fL h urinns from oil and £j.7m. surplus on the revaluaKnJ 

/es in the D.K. Banks brought forward surplus In the interbank market over- holder in the Federal District The gnawtog a®®*ntw eludes subsulimnes but not J™ SJ^SnSnS* as well as a oF properties alUcd with a nriSSJ 

interest rates fended to rise balances from Fnday and the night loans opened at 6S-« per Court m New Yortj. . _ Ss ai^cSS H t artd p* bld JHction token to improve control over cash flow. «£d£ 

;nng the morning, but eased market was also helped by a cent, and eased to around 5 per Mr. William B. Wemberger, who bridta u* for Bartaos goes through then {SJf which have faced of Charterhouse improved fm£ 

wards the close as sentiment slight excess of Government dls- cenL at the close. < tendered 400 Airco shares m deads. Official tndicattea are aot watt- various companies which are in V eaT i to 0.85 Also fi.ain. of si*™! 

proved. With little prospect of bursemenls over revenue pay- Rates in the table Below are response to BOC’s tender offer for , ^ rb Mber [ , ^ t ^ n * 1 currently associates of H and C h£ statement cent loan stock was convcn«rt« 

further fall in Bank of England ments to the Exchequer. On the nominal in some) eases. 1.8m. shares, at $43 a share, iSd w,uW becm»e subsidiaries. Har- " he saw “ ms siawmei cem^iouu was convened to 


see increase 


A lawsuit charging both Airco 


MR. G. N. MOBBS, chairman of for further restructuring of thj, 
Charterhouse Group expects to business. Tor which a JElJm. pro. 
report -a significant increase in vision has been made as an 
profit for the current year, extraordinary item, 
following the group's period of- Most other companies in the 
consolidation and rationalisation, group produced record profits lor 
__ n M The increase will result not the year. 

13 only from improvements m Following the modification of 

Ste A^2TOLTO nSioSm' trading^nditions but from first treatment of deferred tax and a 

a group for these purposes in- frnm 0 ii and tumhu on the ® 


FUTURE DATES 
l oat o B — 


r, 1972 ‘iir.ier.wi' i I .Iep.)«iu , h«a ! u^»wita I Deposits | deposit Bin,* j iuiu* mil.# known of Airco’s opinion that the n 

, I : _ ; _ : ^T~ i su -614 - 1 _ I price was unfair,' . FUTURE DATES 

£Sn."ta;" - - . &i 2 • - 1 - i _!_ — I - — BOG and Airco agreed in _ 

Sur i > i | i December, after lengthy discus- to * a!trie * r- 

j norwc.J — 6,x--6?g ! 6^2 j . — _ i 658-63* J 7 6-6ia — . — — sions. that the former miebt 20 Vl^Tii’ m.’i ir ~~ **“* “ 

lontli.....' 6sa 6a% ; 6 sb-6 1 s 6 *»-*?** i » 6i * 5;^-5£ 1 ^65* ahead with that offer m order to 7 

ISJ.'i j j avGia , K-Jjf ! ! r-4 5$6 53* 55 eiUg |S§5 hSSv? 15 cSiSli 1 ^* *££££ 

6V-6la 66a-67a { ^ 6Sa-fl l 4 6^j-7^ — — — 6la-6^4 34 tO 49 P€T CfiUt However, WD9Z1 

—it &-■: „ ?-6i.: 7 1 '* j - 7«*-7 : 71 2 i - - - . -• ■ - BOC attempted,<m the strength of 

1 hi 7 ,'«. ‘ 7'8-7‘s 7U-759 7i2-7ig ■ ?J* — _ _ — — heavy oversubscription, to extend 

: Z ' au jS! = 1 ! — - 1 - Z Z Z_ Z its offer into a full takeover bid, . ooyc ™ e 

it roused the hostility of the Airco H AJvKXoClfNS 

cal autbomii'S and finance houses seven daj-s 1 nouce. others seven days’ fixed. * Longer-iorm local authority mortaase Board. After a -bitter TOW last TNfT?F4SFS 

lamiiUlly three years 91-93 per com.: lour years Ittl-tti per ccnl.: five years Wi-IM per cent. *Bank &1U rates in table week, BOC'S attempt at a full 

lying rales for prime paper. Buying rate for four-month bank bills eitf-Ot per cunt.: : rouwaonUi trade bills per cent, takeoy-j- wa c abandoned. HME HOLDINC 

‘'Annroximale ReUlnc rate for one-month Treasury mils a : -521 52 per cent.: two-month SatJ 2 -oUi 6 per cent.; and three- month , ^ 7“ . , 


the group continued to iokc otm- ]n iraoc ana oinvr ucotors and 

ouLtionBL ^ cult decisions to rationalise and insurance brokmg debtors. Uabili- 

qiiesnomng whether the sale was t wa nMiritiat most hmwwr. riimhed £17%, 


HARRISONS 
INCREASES 
HME HOLDING 


•: Avi-ragD tender rales of diacoant 5.7S81 per vent. 


Dobson Park 
Industries 

‘‘The results are even bener than forecast due io a higher than anticipated 
increase in contribution from overseas associates and subsidiaries, and the 
continued good progress within the manufacturing divisions!' 

C. F. Ward, Chairman 

Summary of Results 1977 i 

£m i 

World sales to third parties 98.2 8 

Sales in the United Kingdom- 753 6 

Sales Overseas 22.9 1 

Profit before taxation 11.1 

Attributable to shareholders 7.7 



Earnings per share 

) Gross equivalent dividend 

j Ordinary shareholders funds 

• Financial Results 

J F 

: | The Group results reflect great credit on 
| ■ management and other employees. The most 
| ■ significant increase in earnings came from the 
1 1 overseas subsidiaries and associates. The strength 
| a of our financial position has enabled us to continue 
, t the high level of investment in fixed assets which 
l i last year amounted to £3.4m. We are budgerting 
f { for an increase of 40°/o in the planned capital 
*. expenditure for this year. 

! < A Mining and Specialised Engineering Group 
' ?. LONDON NOTTINGHAM WIGAN 


perl Op share perl Op share 
13.1 8.3 

33 2.9 

645 53.7 

Future Prospects 

The oudook for coal remains buoyant and we 
are looking forward to another good year from 
the Mining Machinery Division. Orders in the 
other main trading areas are holding up well 
despite increasing competition in expert 
markets. 

Like all of British industry we are supporting the 

Government in their aim re ran rain inflation and 

your Board is faring thefu ture with confidence. 

C.F.Ward, Chairman 


Copies of the report areavailable from: 
The Secretary, 

Dobson Parkin do strics Limited, 
Dobson Park House, 

Cohsicfc Industrial Estate, 
Nottingham NG4 2BX. 


Merrill Lynch International & Co. arc pleased ro 
announce that their Dutch affiliate, AlerriU Lynch N.V., has 
been admitted to membership of the Huropean Options 
Exchange as a public member, a floor broker and a clearing 
member. Merrill Lynch International & Co. has also been 
admitted as a public member. 

Asa leading participant in the American securities 
option markets, A Lerriil Lynch can now offer to qualified 
financial institutions not only its trading expertise but also the 
operational capacity for clearing transactions in all currencies 
on the European Options Exchange. 

Software clearing programs wi 11 be completed in 
February 197S, to run on a Merrill Lynch IBM 370 
computer. 

Merrill Lynch s world-wide accounting and 
communications systems will be available to 
facilitate money and security movements- 
Merrill Lynch s experienced options personnel from 
Chicago, New 5'ork and London are at present setting up 
our options clearing system in Axnstcrdnm. 

Bankst brokers and institutions wishing further 
information on our clearing services, prior to the opening of 
our Amsterdam clearing offices on March 1st 1978, are asked 
to contact Geoffrey A. Stanley or Joseph H. Sturdivant in 
London, care of .Merrill Lynch Pierce Fenner & Smith 
(Brokers & Dealers; Ltd., 3 Newgate Street, London 
ECiATDA. Tel: 01-236 1030 or Merrill Lynch N.V., 

107 Weesperetraat, Amsterdam. Tel: 20-220393. 


rounding -the tender offer for biggest company in its empire. 
15m. shares raise “serious ones- The purchase brings H and Cs 
dons’* as to its validity. But BOC direct holding up to 16J36 per 
maintains that “we own those eeiTC, -while the total stake of H 
shares." A company ^ok-esman c together with companies 
said yesterday that the considers- ac tmg in concert with it is now 
tion— some $77 m. — has already 29 per cent., 1 per cent, below 
been paid by BOC International the level at which a bid would be 


fa is H t* hint kW companies whose products or increase was in trade and other 

f &=7 ^ % services would benefit from an creditors and in tank Joans and 

Fe-aZy that imnnwing economy.. overdrafts up from Xfi&o. to 

— It ^ ^hoMh?^hS The year’s results were par^tb H3.74m. 

hS" C now haT SSe ,ar »y affected by the £2m. Capital commitments authoHsed 

45 pS wn? aceeufan«^ downturn to a Iws to an d committed arc maintained for 

ThT Charcon and the £400,000 loss the vuar at £8.2m. 

ttenrS ** Mena> ' s FrCral1 ECv 

now amassed 14 per cent of Har- **}&&**? on February 23 at noon. 

■JE SSlWi” 11 “ S£ 21 

Gordon Tonk woLSELn-HOGHES JH B 

ad Cs VJUlllUU A UUlh BUYING AGAIN last %-ear’s profits wort* £712J»o. 

6 Wolselev-Hnghes. the agricul- Hammond’s profits last - >Tar 


Gordon Tools 
gets capital 
injection 

Klein wort Benson and the 


wnr cFT FV WTIGITF^ tax loss ot ai«i.uou m was 
WOLSfcLilX-HUUllta lurne ti round within a year and 

BUYING AGAIN last year's profits wort* £7124)00. 

Wolselev-Haghes. the agricul- Hammond’s profits last - >Tar 
tural and general machinery were slightly larger at £736.000. 
group, which recently bought the The merger of the two coin- 
private agricultural engineering panics is aimed at developing 
company Archie Kidd, is now in joint export markets for the two 

r.K- Mmnlnmnntnrv nrn. 


been paid by BOC International the level at which a bid would be Klein wort Benson and the negotiations with another private companies* complementary pro- 

to the depositary appointed under required under the Takeover National Coal Board pension fund azri cultural manufacturing group, ducts, particularly calcring equip- 

the terms of the offer, and it was Code. are to provide long-term capital parariter meat, 

his understanding that that de- Mr. Thomas Prentice, chairman for Gordon Tools, the Sheffield Parmiterk nroducts are said to 


his understanding that that de- Mr. Thomas Prentice, chairman for Gordon Took, the Sheffield Farmiter's products are said to 

positaiy would proceed to distri- 0 f Harrisons and Crosfield, said hand tool company. The two will be complementary to those of . _ , rr , Txn-ccrc 
bate payment to accepting share- yesterday, “I can’t tell you what help finance company growth by Archie Kidd and two other com- ALLIED 1SS> tala 
Holders and to return the shares our intentions are. It is a diffi- taking Ordinary and Convertible panies in the W-H group which Tho faJd document from United 
^' efe . oversahsenbed. cult area to comment on. Preference shares which could make lifting and loading equip- Medical Supplies a consortium 

\ J5SZ The other «“•“ °^ er “Innately give them a 45 percent meat for agricultural use. ed to the National Enterprise 

siderable amount of legal action Harrisons and Crosfield empire stake in the spanner, socket and fCvn-ritn icouire the shares o* 

„ shareholders, ^ Rothschild /McLeod Russel screwdriver company. which TMG IN AGREED Inv^Mts for 53p a 

iteprired by titeir Board’s op post- axis, commented that H and C employs about 200 people. ' ci OFFFR Oiare shows that for the six 

tion of the chance to receive $43 ^ a«am trying to consolidate Mr. James Bywater the former "J” UrrtK _ . ; oi.»nhor ■viiind m-trio 

> stare. Butjie form of yestor- Sthout moWng o bid. Ford snd GKN “Vho to , ™ G „ rt G ™"£, Sr 10 

day’s legal action took the com- Mr. John Campbell of Noble been chairman of Sime Darby l r f on ^ ,n . dr> , ^ m 5f l0! ^ cs - 

pany by surprise, although there Grossart, advisers to McLeod Holdings becomes non-ccecutive ^ Michael Although the deficit at LA.Wmi 

was no official comment ou the HusseL w-as'“ dismayed ” that the chairnSi ofGordon. wllhM^Ted ^n?r was r ^ative4' small, the turn- 

t ^ at L BOC r 18 ,£ 0U P Ied w,th Takeover Panel had allowed Brown continuing ^ rr,»nagi"C HimM? %Idinn round from P r0 ‘ lt,, ‘ ,D ,0SSPB " f 

Hr?. 0 'V.&jWAj Sogomana, a company for which director. ^ presented a more 


Mr Weinberger has brotoht ITSTSi. fjS ^Gorton Tools spokesman said “ , . fit f 

the court. It will be pursued on if Sogomana had been con- nrosoect of new iob oDDortunities over of 19.1m.. compared with 

behalf of aUAircoshareholders sidered to be acting in concert St^Sfcompa££ J ?t ConwUbC^OM P stik° ® S and £5.1 Bin. respectively 

^ wttt H and C by the Panel then the Start ofamajor Ses drive to SShfor erervtoe HaminS over the samc P«*»od in the pre- 

BOC itself has no immediate this latest purchase by H and C Soride highSStT^ Sheffield- sha?e?There J a caih al te^Stive vious - VMr ’ . , 

plans for taking Airco to court, would have taken the group hold- [Lae molslnilirert competition ifr amf'fnr ^share Kmd So most of the damaqo w.is 

an d ° or does it intend^to stir mg in Harrison Malaysian Estates S e w>rtri competition of ^ for each share of Hammond tfone M ^ < level by 


level, profits of 


up other shareholdera.” The com- t “o" “^T‘iio“ 5T'5iSrtt5 '^mSSSSTwM he could S^feKM^TSSn M ES"*' « !»*' ” 
pany is to wait on the outcome of triggering a bid. not detSfS^SoSt of raStal Se S of P The figures are unaudited and 

h°?S w ; ere ^ developments invoTved^lnthrigreemen^ He ^Itaoffer £mn recommcndn- not include any amounts from 

meeting : of Airco — at which the vesterdav in another part of the agreed i, wou id be “suhstantiaL” tion from Hammond's Board the groups 4.i per vent, share 

®8£ be H and C group. Harcros Invest- afireed ,f would ^ Sffl* SSSota MpS Wtt. Sf tiS holding in United Medical Inter, 

present— the riockhoiders re- ment Trust announced that it TIVnTrAPF/PRIDF shares and has been accented hv national. where unaudited 
action, and clarification of its own had sold 270214 shares of H and ^ r- r a dvt the Bank of Ireland whlchhas an manasement accounLs indicate 

position, before it decides on c at 33flp per share or £09m. « l-LAKAiL . . 18.7 per cent, stake. Tocethcr that a net loss of £22.000 would 

further moves. A spokesman for They were sold to “very few” Incheape and Co. has received %yitfa Shares already held K TMG he attributable to Allied for the 

BOC said yesterday that the com- institutions Including some dis- additional irrevocable under- now ha ^ a tota ] of 03 per cent. nine-month period between March 


e 




Lynch 
now a member of 
pean Options Exchange 


In another cto action reported spectively. centage of the Ordinary capita] Smurfit (of Jefferson Smurfit) Profits from the overseas hospital 

yesterday a holder of 100 Airco The reason for the sale was in respect of which irrevocable together with Mr. M. A. Buckley management were loner, a 
shares, Mr. Milton Fisher; filed a “to preserve the investment undertakings have been received (managing director at TMG) took division tiiat has vet to feel thn 
lawsuit charging Airco and ten of trust status of the company.” from 45.4 per cent, as announced over effective control of TMG benefit of the £31 ui Saudi con* 
its directors with damaging Airco Under the Taxes Act 1970, an in- on January 16, 1978. to 63.4 per (They and their families have tract recently secured by lha 
holders by refu si ng BOC’s offer, vestment- trust Is not allowed to cent. 27 per cent, of the shares.) A pre- group. 

He seeks recovery of • alleged — — — — — — — ■■■-■ - ■■ ■ ■ ■■ — ■ 1 ■ — - . ■ . — ■ — 

damages — the difference between ■ . — ■ _ " ~ " 

the $43 a share offer and the THBANbKxiNCEMENrAppEARs as a matter OF recurd only ) 

price at w'hich Airco shares could 

be sold in the absence of the bid. * 

The "three BOC representatives on 
- the Board were not named, 

BLACKWOOD . 

MORTON 

CLOSES IN CANADA 

Blackwood Morton and Sons, 
the U.K. tufted and woven car- 
pets group which made a loss 

of almost £260.000 during the - 

second half of its last financial • ^AV 

year, has shut down its Canadian lim m \\l\ 

manufacturing operation because [ II ■■ ■ III 

of continuing losses. A statement 
issued yesterday says that the 
move has been taken with “con- 

siderable regrrt." — ■ — ' 

ffSSJSS S3 EMPRESA BRASILEIRA DE TELECOMUNICACOES S.A. 

in a reduction on group over- * 

EMBRATEL 

WMS. HUDSON SELLS 
PLEASURAMA STAKE 

"Wmiains Hudson Group has sold 

for £0.5m. ^ U.S. $40,000,000 

said yesterday that uSd MEDIUM TERM LOAN 

was pleased at the transaction, 
believing that the institutions 
would be longer term investors 
in the company than Williams 
Hudson had been. 

The 665,000 shares were placed 

by W. L Carr and Sons at 76p per GUARANTEED BY 

share. It appears that Williams 
Hudson has made a profit on this 
stake which it built up mostly 
last year. For example, the 
market price of the shares was 
60p on September a,- when 
Pleasurama announced its stake 
had risen from 6.4 per cent to 
3.6 per cenL 

This makes the second time that 

SSa- TELECOMUNICACOES BRASILEIRAS S.A. 

a 29 per cenL stake was sold to TCI Ehn m mm 

Grand Metropolitan. TELcBDflQ 

Pleasurama shares closed last 
night at 76p, up 5p. 

ASSOC. LEISURE 
ACQUISITION 

Associated Leisure’s plan to 

increase the size of its entertain- . 

ment division by way of holiday PROVIDED BY 

and leisure centres Is beginning 

MSMFC- BANK OF AMERICA NT & SA 

Berwick Holiday Centre which 

has assets of £1,115.000 and made D AMI/ nc n ar-\n . 

a trading profit of £193.000 for BANK OF MONTREAI 

the year to October on turnover 

of Hloi;o00. -n ir - m 1 a nr 


EMPRESA BRASILEIRA DE TELECOMUNICACOES S.A. 

EMBRATEL 


U.S. $40,000,000 
MEDIUM TERM LOAN 


GUARANTEED BY 



TELECOMUNICACOES BRASILEIRAS S.A 

TELEBRAS 


PROVIDED BY 


Merrill Lynch 
International & Co. 


LAIC’S REJECTION 
OF COLOPHONIUM 

The Board of London Australia 
Investment Company (LAIC) has 
rejected the offer from Coio- 
phonium the biggest shareholder 
in the Australia based investment 
trust which is only quoted on 
the London market 
The Board claims that the 
2A1.30 bid “grossly under- 
values” LAIC’S shares and assets 
which are said to be at least 
SAI.87 per share. 

The rejection document in- 
dudes an unaudited summary of 
assets and liabilities as at the 
end of last year which gives rise 
to the figure of SA1.97. LAICs 
Board points out that feimiiar 
acquisitions of investment trusts 
in recent months in the U.K have 
been at around net asset value. . 


BANKOF AMERICA NT & SA 
BANK OF MONTREAL 
THE CHASE MANHATTAN BANK, NA 
CHEMICAL BANK. 


AGENT 


THE CHASE MANHATTAN BANK, N.A. 


THE BANKS WERE ASSISTED IN BRAZIL EY BANC2C . 


gp tAR ERASILEIRQ.SA.FaO DE JANEIRO 


15 DECEMBER 1277 









yfCACOESS-A 




f; A 






Financial Times Tuesday January 31 1978 


21 


WALL STREET + OVERSEAS MARKETS 


+ FOREIGN EXCHANGES 


Dow 2.7 harder in light early trading 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, Jan. 30. 


A MODEST improvement occurred trade figures and . President reduced activity yesterday Royal Dntcb sbed FL0.80. Flat rose 16 to LL829, Pfrein 32 

on Wall Street this morning in Carter’s Press conference, .both morning- The Toronto Composite Elsewhere, Elsevier hardened to L2.0SO. and Olivetti Privileged 

quiet trading, with investors expected’ before the stock market Index was 2.5 easier at 997.7 at FIs.1.50 and.IHC Holland Fls.0.60, 23 to L7S2. 

drawing some .encouragement close. noon, while Oils and Gas lost 8.0 but Pabhoed receded Fls.1.70 and 

Interest continued to be focused to 1.345.0. Banks 1.29 to 228.42, and Rijn-Srfielde-VeroLcae FIs. X .30. 

on special situations. Heavily- Utilities 1.48 to 150.31. However. State Loans softened, 

traded Marshall Field gained H to Golds recovered 12 to I ,375.7 and ZURICH— Fresh selective buy- 

$32}— it has said several com- Papers hardened 0.76 more to »_ e - - - - - - 

panles. i ' *' 


Closing prices and market 
reports were not available 
for this edition. 


from the market’s ability to 
stabilise last Friday after Thurs- 
day’s sharp setback. 


Papers 

. including Carter Hawley 92.31. 
Hale, are interested In "taking a ~ 
slake. 

SchHlz Brewing were 1 down at 
112 — the 


However, Sifa were easier in 
mixed Financials. 

Bonds were narrowly -mixed in 
reduced activity. -- 

was followed by profit-taWn*. CpP^'^AGEN — After a fair 
shares ending just slightly higher tr «S te - Banks Insurances were 


$I2g, after touching 


Southern “A" declined Si on for choice on balance The quiet eaH,eT . w hile Commodities. Ship- 
lower fourth-quarter earnings. conditions on the Foreign P^ss* and Industrials made a 

PARIS— Stocks were firmer for Exchange maiket aided sentimeioL ™ 

choice. The easier tone for Call Leading Banks tended higher, STOCTFtQIJrt—Flnner-mclIned. 
Money helped sentiment, while but Hypo . Solothnrs declined. wrth ato^bon 10 higher at £r.l30. 

ir-M ,“5K5!SSW2 jjSSZSrSZFS!; 

erased earlier gains • to leave 

•motion Equipment put Motor* Karstadt lost DM.4 in Stores gg» “ 

SIS. hul Hewlrtt-Paeknrd fljmest sectors _ with ^ **Jseot* after news of significantly lower iSh* toiS s?hi 

19# i earnings. 


The Dow Jones Industrial company stated that talks on a 
Average put on 8,(19 to 786.81- at possible merger with R. J. 

X pjn., and the NYSE All Common Reynolds have been terminated. 

Index firmed 18 cents to $4924. Reynolds added i at $5*J- 

while sains outnumeberd declines Teledyne, $6<H, Texas instru- . . . — a 

by nearly three-to-two. Turnover ments. " S74. and • Twentieth J* JavDnr of thc governing weaker tone to agreement of a 
contracted further to 1126m. Centurv-Fox. 5231. each rose SIJ, mammy. ■ 7 percent pay rise for dockers, 

shares from ladl Friday’s 1 pjoa. while Combustion Equipment put Motors and roods provided the 
level of 13.03m. “ ‘ 


The gains, however, were con- receded 2> io $85j. ■-*. Citroen a strong point at Frs272. 

side red mostly technical In view. PRICES WERE also higher on the un 8, after announcing provisional 
of the market’s plunge since the American SE after a moderate 3977 figures, 
beerinning of The year, with the early business, the .Ames index Mlchelin “ B " put on 18 to 
light volume. indicating that there adding 0.19 at 121.03. M Volume Frtl.101. Moet Hennessy 9 8 to 
was little conviction behind the j.isjo. shires (3.47m.). Frs.335. and Pechlney 1,8 to 

raHy. ' Volume leader Allied Artists Prs.69.7. but BSN Gervals Danone 

Analysts said Investors were u-cre unchanged at S2J— it plans receded 6 to Frs.342.- 
cautiously awaiting the December t0 take our a multwnillkra dollar BRUSSELS— A firmer Tendency and ' Engineerings 

bn shed reports nra In mori* HtpIv tnutimr. downtrend. 


Hong 

and 


Kong Bank, 
Hutehison 


SHK17.00. 

Whampoa 


law suit over published reports prevailed in more lively trading. 


FRIDAY’S ACTIVE STOCKS shout handling of revenue from 

. Cbaue the film “The man whorWould be 
Ctasina no king.” 

price day _ . , — : : 


Hoechst led major Chemicals SH K3.60. both showed no net 
lower with a decline of ! DM2.50, alteration, but Jardine Malheson 
while Siemens shed. BM2.70 in finish^ 20 cents down at 
weaker Electricals. 5HK1220. 

Motors had BMW . down DML50, TOKYO — Market gained ground 
although Mercedra was a finn ^ ac nve trading, led by Vehicles 
exception, rising D34120. Banks pharmaceuticals. The Nikkei- 
followed the Qoyy Jones Average rose 32.96 to 
5,007.54 on volume of 330m. shares. 


StacJcn 
traded 

Flbertward ... 274 SOO 

Srtditz Brewing ...... mTflfl 13 

Earn 198.401 <U 

Verex 16L2M - .213 

Marshall Field 187.S90 Ui 

Eastman Kodak-. 150.380 453 

Hewtafl Land/Firm. U3.MO HI 

Pullman .... ISSJM0, 341 

Rural Dutch Pet. . 1315H 34 . 

Ince WS^nw J4J .. 


+U 

+i 

+1 

+11 

+l» 


OTHER MARKETS 


+li Canada weaker 


Stocks on Canadian Markets 
tended to weaken further in 


Pelrofiua rose 205 to BFrs.3.935 Public Authority Bonds, how- Vehicles were bought- on re- 
after declaring a higher dividend ever, firmed, dlghtly, and the ports of increased production 
for 1977 on lower profits. Regulating Authorities intervened pjapj this year, with Nissan 

Electro bel added 70 at BFrsABSO to sell DM5-lm. nominal of paper. Motor rising Y25 to Y770 and 
and Solvay 40 at BFrs2J500, but compared with sales of DM14m. Toyota Motor Y15 to Y835. 
Hoboken declined 30 to BFrs2570. last Friday. Mark Foreign Loans Public Works issues firmed fol- 
AMSTERDAM— Irregular move- were steady - lowing approval by the House of 

ments were recorded in thin MILAN— There was a general Representatives of the Govern- 
trading. improvement reflecting a lessen- m cut’s second supplementary 

Among Dutch Internationals, tag of selling pressure and Budget Involving total expenditure 


Hoogovens gained FI.0.50 but selective buying. 


Indices 


N.Y.E.E- ALL COMMON 


Sixes and Falls 


NEW YORK- DUW Joms 



Jan. | 

"J 

I Jan- 

1 * j 

Jan. I 

a -j 

I' J : I 19J7-78 

jSincecM&vilBtH.a 

j- 24 ( S3 2U j High | Low | 

' High 



754.11. 

I 1 

m.u 

niif 170,70; 77L34> | 763.34 j 

1 lOal.n 

•41.22 



i ■ 

I ' lALNlMtefMti 

l initial 

afliS2\ 

H'meFiida” 1 

B3J7J 33-54 

H 

, 6164. 03.Mi ta-Of K.S7 B8JS 
! . (7>9t !i2fvliit) 

— 

— 


208.711 283. SbJ 

211.43! 

210J2S 1 210511 210.»! 24b,h4 | hto.Ml 

279.68 

15.23 


1 

1 


I . i ildai d&'IO) 

:<7/2ey>itt!j7/a2i 

Utilitiw^.—. 

104.84: miv 

105.58 

105.75 tiHLM- -106.77 116.67 ! 104.84 

I 163.32 

IQ-53 


{ 



j. . ' |22d5 427/1/781 

(2U,d.t^ 

(ZS/4.421 

TMililU! *ul 

• 1 






oo y* t 

j 17.860 l0.80Sj 

18.880 

j IL636 13.5U; 1MB. - j - 

l " 

LL. 




| | 1977 78 

Jan. 


Jan.i Jan.' 

27 

2fi 

26 1 24 | High | Luw 

49.DG 

«J7 

45.471 45.4o! 57JI7 | 49J8 

i 


j j a ;.]-77i ;t27rl 73] 



Jan. 27 

Jan. 26 

Jan. 2b 

1.778 

LAOS 

LA 16 

567 

444 

744 

725 

906 

584 

486 

453 

488 

12 

8 

18 

.78 

74 

39 


Jan. 

Z1 


Jan. 

25 


Jan. 

2b 


24 


High 


Low 


In-luatnal 

OMtttitael 


164.<r 1B5.Slt IS-Ik IEA8S 48647 ^ 
171.16 171.54! 172.76- 1754)1; 1S7J5 OBfl 


|17/i) l 

tBri/77) 


158.B2 <Sb/10» 
166.68 ffi&jIOi 


TORONTO tiompiwuc - Meoi 10044 W10A tu«j| tOSJA |19/7| | S61JI ®B/lih 


JOHANNESBUBG 

Ont-I 

tn'i|-lrv>K 


212.7. 2&0 216.4 
2124- 212.7, 2T2A 


216.4 <24/U7B) : 

214.4 Upl H> i 


149.4 (31/6) 
W5.1 (22|4> 


* Rxai* <n loan i-iMiiii+n rmn- awM ia 



• Jan. Vi Jan.- la : 

Jan. if 

• Year ng.. tappn'X.i 


lad. iUt. yntUl % 


Jan. 

30 


PrfT- Ull-U 1*1 1-73 
■nu* ! tiicb • Lane 


Jan 

30 


yiom | High Lav 


S-92 


9.93 


9^0 


4^7 


STANDARD AND POORS 


Aussraiia/4 

Balglum 


<c) 

93.40 







I3TT7S — 

|hiu.v Cn 

« 1 Danmark* ~ 4 9&-S8 

as^nai n 

' 2a ' 

W 

i a 1 

r W j 

High 1 tin 

! Higli 

l-'ln.aa i ^ anC0 ‘ ,,r 80,4 


; I n.luunalt! 
5U.:nj»«vif 


87.21’ 17.47' 66.53 9LH SS.Sft 


UAB H.Ul 88.58' UA 88.24 


-8M4! 119.92 , 3747 ! 154.64 i SJHi 
" "• :>.l Hi ..stLllJEl'lli-Ltfi.iJUi-A.- 
te.w* U7.U1 i M.6B i 128.W ; «.4C 


Hotiand w HO-B 


460.96 HtJiZ 

<lb.2i 

91.17 . Sw.12 : *..44 

9b.es !;<■?. ■ i--4 
• III 

».l i r:.4 4o-i 
li-i.fij, Iliw 
102.4 rlo-? ■ 

1 .iiJh iic o< 
i‘3J > . JO-' ; tz.’ 

i*Ci Vif'i 


Spain un. — 
Sweden 
Swiierl’di-'i 309.7 


9&£I ; LXLOO, 94J6 
< . 40.12)|-26.-i;<= 

<ci’ 354A8 , 3S3SB . 4ULM ; uHJic 
J '(24/13) 
300.4 SlcJb je&s 
I.'UjISi! io-4» 



1 

| Jon. 26 

J Jan. 1«-| 

Jan. 11 

i .Tear ago lafscns.i 

In l. ahv. yi*M % 


! Ml 

i 5 -« 1 

6.18 

! 3.87 

la>i. P.h Katin 1 

ASS 

! } 

8.65 

j ll-O?.- 

hug Qimu-UuB.1 vt«u . - 

-4 

-MO- 

j. 

• — 8-M — 

i--— fclte- r 


UKPcei and n -~* cum -ai* due values 
100 euvpc NYSE ill CnnunoB— 30. 
Standards and Poort— 19 and Teraoie 
SOS-IJOO. (te lac eused raxed an m3) 

* Esdodm i boaas. ’ «W Inaasrruii. 
I -IN «°n« 40 Ichors. «*• finance and 
2D Tr an sp ort . -*') Svmey Aij DrO 
Hong Rons 406.14 4*.f5 ’ -f- 1 * , “ Beaus. SE Sl/12< 63. Copennaaen 

ato-l/stf se i/i/is. i w Parra Bmxse 1961 
67.90: is.ii ;■ :*jk «;•< cosmemunx n«c~ IMS. ikti Amcrr- 


Italv i-;> nS.«a 

Japan 
Singapore 


•id lmuair- 
■c) 350.0b 377.67 laaMe’MAS 

;.9 9) ic* 11 . 
266.13 264.43 ;te.O 1 ..'4^a: 
(rt i « )29-^l l 4.V 


darr latatnsJ m2. Ui Hans Sene 
BanF Sl'7'64. I-JU UlUD 3/t/B is) To* TO 
New SE Vl‘88. ifti S»r*JD TlBr 
iridne. id « Madrid SE 30/12/ 77-te*n 
aoa low car 1866 only <e» Srocictjotm 
Isdasmal ta/5 a. l|)5wa* Bank Coro 
«bi UnavaDabfe. 


OVERSEAS SHARE INFORMATION 


Inv. 9 Prem. at $2.50 to fi— 74}% (741%) 
Effective rate (*t SL9475)— 301% (30|%) 


NEW YORK 


S4.1K 


Jan. 

£7 


Jan. 

UR 


vraai.iiu 

Mur*. I 

l7u<nm...[ 


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ALivbcm IWrr. 
Aiitoii Chwu.nl J 
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AUtaCM 
AS AX 
Amerwia 
Amer. A (fine .... 
Atnvr. Bran.li. ... 
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Amer. KI+-. ISrw.! 
Amir. J.aiav**...: 
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CmiaJ t'ii,h...,. 
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tiantUBU«l:(JiC 

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61 < 
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184 j 
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244 I 
105* • 
89 b* 1 
044 
aSi* 
24k* 
334 : 
38k* I 
274 i 
17H j 

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3v>« ; 
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301* i 
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281* 
164 ■ 
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184 ’ 
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27 ■ 

354 I 

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26 4 
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394 
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484 s 

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334 

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364 
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94 

174 

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214 

354 

874 

464 

82 

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294 

18 

26:* 

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13 

324 

144 

294 

134 

194 

32 

397- 

645* 

484 

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104 

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174 
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164 
214 
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334 
424 
164 
124 
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184 

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484 

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194 

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264 

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■Ian. 

ft 


l "tnirn, UUM....: 
CPC Ini’n'lKin'i 

Crane , J 

C IlChl l JSxIn.MM- 
C titan ,>i«tliKt-.. 
t'linmiiw Kbi:iir> 
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424 

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51k* 

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I tan* ; 92 >* 

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IkrttiM...........' 231* 

tie! U<mte *84 

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bacle hrtri ..... 18k* 

liw \iHi«r» 1 "is* 

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*84 
43 k* 
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411* 
344 
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22 1* 

544 

23»* 

241* 




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h. Mail Cm 24->a 
Ksiwi A'ligilml* 20 
hat a- li»liMti>e»~' 5 

kaiM-i. >teei — -r 87 Jb 

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Kmnwntt — f Wt 

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274 
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1061* 

124 
184 
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baiiwiti - • ‘ 26'i* 

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154 

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11 


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27 


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ll* 

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»Jn 

474 

M!| 

MS* 

lb 

43k* 

2=-» 

*54 

B 64 

4“a* 

13k* 

-6‘* 

a ®:« 

il:* 

204 
9 1 
49 a; 

Vi 

efit* 

8 

2SJ. 
18 
».| 
304 
11*4 
39-4 
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97 a ? 
»« 

Al-i 

22*. 

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19 


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424 

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561* 

124 

1X4 

134 

574 

274 

29 

a64 

4 

9s* 
124 
664 
17 
id 4 
2C4 
64 


lot* < I8ir 

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994 . 434 

= 16.* 17 

.V-eaiibUa.lv ...... Ia4 • 13^1 

J L.k.laai*l [it. 99f, , r99j(, 
] L S.Tr«a»l; jir’ir: 81 -s i :8i=a 
j C.5. dL 0»y bs 6.41 i, | 6.41^ 


CANADA 


j VV.llw IV(«i.,_ 
; Umi fa;+. iw ., 
: ttaiiA-uamidn 


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184 > 184 

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224 j — ... 

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73* ’.ihsVx/S iha* • 264 

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iwi* e34 » 22:* 

:-;.n4dU2i 4.70 : 4 JO 

:m zUi>kz, xZi* ' 15 

;iM{,CiU lu.. 1 4.33 4.55 

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23:; 
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26 
24^ 
20 J# 
2Cly 
Ui; 
284 


’.WdSciL 
• Traded, 


Bed- : UM. 
;i4w stack. 


of Y582bn. 

JOHANNESBURG — Golds -were 
mixed with an easier bias after a 
quiet Trade. 

Financial Minings were little 
tested. De Beers declined 1 cents 
to R5 l 60, while Asbestos shares 
werie around 10 cents lower. 
Coppers were unchanged to ' a 
fraction firmer, while Platin ums 
mainly held at previous levels. 

Among irregular Industrials, 
AEG lost 5 cents to R2.25, but 
Rembrandt were 5 cents harder at 
R3.40. 

AUSTRALIA — Markets were 
closed yesterday for Australia 
Day. * 


MOTES : Overseas prices shown below 
Bdife S premium. Belgian dividends 
axe afar witiib aiding 
4 DM36 denom. unless otherwise stated. 
V PtasJSO hph/hw unless 'otherwise staled. 
4> KrJSO denom. unless otherwise staled. 
® .^rs-aSO denom. and Bearer shares 
onless otbennse stated. 1 Yen SO denom. 
unless Otherwise stated. C Price *1 itme 
of sapension. a Florins, b Schlihncs. 
7 Cents. liDmdend after pemling rtgbis 
and/or senp issue, t Per share, t Francs. 
0 Gross. dJv r*. h Assumed dtvuSerul afrer 
scrip and/or rinfats tssne k After local 
t a res, at ‘ . tar free, a Francs: tocludim; 
I'nllac dhr. pSwn. q Share split. sDiv. 
and yield exclude special payment. 1 lodi* 
i-aced dxv. u Onoffirial trading, r Mlnontr 
holders only, v Mercer pendng. - Achort. 
-Bid. 1 Traded. *. Seller . : Assumed, 

zr Ex rlicms. id Ex dividend. xi Ex 
scrip ia». xa Ex afl. a Interim nmv 
mcreased. 


Dollar steady 


GOLD MARKET 


Trading was at a low level in with 0.28 cent on Friday. ? 0 l d 

the foreign exchange market yes- Gold feH 811 to 1174*175*. amid 
terday, ahead of the publication signs of nervousness in the 0peni75"!““! 
of the U^. trade figures and the market after the recent rise, but Uormneflx'c 
following statement on the also a genera] reluctance to sell. _ . 

economy from President Carter. Arteni'nflx p 


40*/ 

3B1 

SSI 

341 

321 

301 


SMtn TIWBit' SWW 


DEUTSCHE 
MARK 


The dollar fell to a low point 
of Sw.Frs. 1^780 against the Swiss 
Trane, but closed at its best level 
of the day, at Sw.Frs.15900, com- 
pared with SwJFrs.1^912} on Fri- 
day. Apart from the slight 
pressure in terms of the Swiss 
franc, the dollar showed tittle 
change against major currencies 
In general. Intervention by the 
West German authorities was on 
a very small scale, probably as a 
market smoothing operation, 
while the French authorities may 
have sold dollars to help the 
French franc against the D-matk. 

The' French franc finished at 
F.Frs.4.7S75, compared with 
F.Frs.4.7300 previously, and the 
D-znark at DM2.1165. compared 
with DM2.1150 on Friday. 

The dollar's trade-weighted de- 
preciation, as calculated by n ._« 

Morgan Guaranty of New York. CURRENCY RATES 
was 4.60 per cent- compared with 

4.59 per cent, before the week- 
end. 

Sterling toughed a high 
of $1.9500-13510 around 




A 


J1977 


1978 


AUG SEP OCT NW DEC JAN 


Jan. 30 


S17«,-175*2 
5 175- 1 765a 
3176.90 
(£90. 196 1 
& 17 5.80 
(£89.888) 


tipiri Coin....] 

(lommtically ] 

KruaeriaiKl .|si88ii-190l: 

i(£96V97«*i 

New s5ov.gns. S55ie-57ie 
(£febi a -29ifi> 
OKI bov'tvnH 564-66 

((£273,-283*1 


QoU Cu sb. 

loteraat‘11^1 


Uruxerrani 
N'w&ovr’go- 
Did Soar 1 gni 
SaiiSag] 


51E01al8Sl2 
(£983,-933,1 
*56^7 
(£2814 891*1 
554-56 
l(£273 1 -283*i 
_]52585 4 -28134 


Jan. 87 


5170.1765 
|S 1755,. 11 1 
8176.15 
(£90.204) 
S 1-76.40 
!(£90.369i 


? 18834-16 

(£9 6-97 1 

S56-58 

(£2834-291 

$541*561 

(££8-u9i 


» isiis- ie 
(£S31*-S4 
556l*-571‘ 
(£2812-22 
S54l*-561 
l£28 29i 
82583, -2P 


FOREIGN EXCHANGES 


Jan. 50 


'Bonk 


Uauvj 

% 


point 

lunch 


time, and closed at S1A470-1A480. £S , 2Jj~’ 
unchanged on the day. The ‘ 

pound’s trade-weighted index was iwin* ^m.... 
unchanged all day. at 665, a’ecord- ffe'dan r»ne. 
ing to Bank of England figures. 

Forward sterling was slightly Uutefa *umiar 
weaker, on Interest rate considera- Frao.-h mw.. 
tions between London and New "™- — 
York, but. improved dtehtiy 
towards the close. The^ree- sStaSJS!! 
month premium against the dollar Swedish krone 
finished at 0.25 cent, compared Sw1 - rmne^. 


Special 
Drawing 
Rights 
Janiian 27 


0.622886 

1^1550 

1.34853 

18.4422 

39.7185 

6.98122 

2.56714 

2.75068 

5.74780 

1055.02 

292^75 

6A5253 

98.0325 

5.65390 

2.40304 


Europe 
Unit 1 


eaa 
or 

Ac-octni 
Jnniian- 27 


0.630022 

1J22916 
1.36190 
18.6195 
40.1623 
7.05967 
A 59474 
2.78149 
5.81353 
1067.04 
2B6.390 
6.32478 
99.0684 
5.71299 
2.43577 


New York — 

BLa 

lJMS+UblO 

Minimi .... 

71? 

2. 1585-2. IbBD 

AmstetrUin 

44, 

4.40-4.44 

Bruasele^... 

7»S 

03.60-83 JO 

CSopenb&AfiD 

a 

ll.lhMLZI 

Pnui kl art... 

3 

4.IM.1S4 


U 

7B.00-7B.6tl 


8 

153. BO- 167.50 

Mll&a 

lUa 

1.0B6- I,Se4 

OeVo 

8 

10. 50-10.04 

IVni 

Wfl 

BJOi-4^4 

Sto-kbol®-. 

8 

6.05-0.083 

Tokyo — 

41* 

436-476 


bis 

20.45-23.70 

Zurlcli 

Ha 

5.bb-5.60 


Market Ratw | 




CloJ 


1. H470-1, 

2. IMD-2, 
*.414* 

Bfi.75-6- 

11.I6J-1 

KJH 

167J)G-r 

UhBiri-# 

1QJU4-1 

S.22-5. 

9J)Gi-P 

48at- 

SS.50JI 

S.I74- 


t Rales Riven are for convertible In 
Financia l ftanc BL73«68J5, 


ArgenKiiiAJ 


EXCHANGE CROSS-RATES 


A uatnj la -41-7021-1.7192 


Brazil. 

Finland.... 


3anTSQ 

fnaUint 

Sew York 

Pari* 

| Lr>»h<n 

Amst'rPm 

Zurich 

Frankfurt.. 
New Zork « 

Paris 

UniBset* 
London...— 
tma'dun.. 
Zorich 

47456-30 
l223.fiS-4.1B 
I5u4fi-b4 
4.113- l£lz 
107.073- 12b 
93.713^ 

2.1142-67 

4.7282-7402 

32.74-79 

L947-048 

L9830-45 

2-ffi4£-2G67’ 

44-c0-70 

2L11-13 

6MO-S3 

9-22-23 

47>3>c8& 

41.847-296 

6.45B-4fig 

3-M7&-U626 

14.4B0484 

63.75-BO 
5Mla3-919b 
r.Ot 24-0605 

4. lib- 125 
La47-t49 
82225 2415 
03.76-82 

4.416>4215 

3x6338666 

93J5-45 

44.0-20 

W.75-9^6 

14.43-47 

4.41-42 

87.470674 

iob.ea70 

riUu-40 

239X6-55 

3J>7-68, 

114446-435 


Greei-e._...tefl J75-7l.06*4ijiiirta ,^2.lfl( 


rj. g 10 Toronto D^S. (SsllD.SMS OanarfiM cent*. 
Canadian $ in New York =90.40-02 <-enu. C.S. S in Milan 867903.20 
Sterling In Milan 169190-1602.00. *BaUa tor Jan. 27. 


EURO-CURRENCY INTEREST RATES 


BDOgKotut] 

Iran 

Kuwait.... 

Lusemb’rR 

MaUmrix .. 

SJficaiaml. 

Saudi Arab 

Singapore 

SJUrlA..., 

u.s. ......... 


CSL 

UjJ. rente, 


OTHER MARKETS 

Notes Halt 


1243.9-1245.: 


31.48-51.69 

7/8-779 


8.851^.373 
165- 139 
09394.649 
85.75-63.90 
4.B04.814 


19929-191 lSUapan 


6.70-6.90 

4S3A-453k 

I.8843-L7Q221 


90.54-90-37 


belriom... 

BnjdJ... 


”Z 

62 

S 


l>emu»rk.JU.fl- 


n'raoce ... 
Germany. 
Greece — 
Italy 1 


Yetherl'ndi 

Kcr«w.J 

I’orUical- 

jSpam 

fewitz land 
DJJ. 

(YiiRoalavtaj 


9.1 

4J 

7 

I7E 

<fc 

43 

3-a 

i 

11 

« 

1 . 


Jan- 20 

Starting 

lUnmlhin 

Dollar 

1 Dutch 1 6 wiBa 

Vj>. Dollar | Guilder j fraue 

W, lienmn 
mark 

rihurt tenn ... 
7 itave oottr-p] 

Munib 

Three months. 
mx months .... 
One year 

63,-7 

67 B -7I B 

67 B 7l B 

6T B 7' 8 

738 77a 

7A-7+ 

6l*-7l* 

6t£-7lg 

63 4 -71 B 

6t b -71 4 

714-758 

738-758 

6*t-7 
618-7 »■ 
7-7 U 
758-758 
73*8 
77 e -8l B 

478-518 1 >8-par 

478-518 U-par 

453-478 1*3* 

453-478 5b 34 

45b 4?8 Inrlis 

478-Sla ! lfii-2|E 

27fl-31* 
27a-3«e 
Zi;-3 
2ls-5 
■6-3 1 8 
3la-5 >4 


Bate slven (or Arseniina is a fret 


FORWARD RATE5 


One month 


Bnro-Fiendi deposit rales: two-day 93-Si Per cent.; seven-day ifli-lfll per cent*, 
one-month ILMU per cenL: three^mmUi 121-131 per cent: six-month 131-131 per 
cent.: one year 131-131 per cent 

Lone-term Eurodollar deposits: two years 8-81 per cent.; three years 81-81 
per cent.; four years B3»-85u per cent.: live years Pm- 8I per cent. 

The following nominal rates were muted for London dollar certificates of deposit: 
one-month 7.M-7.U per cent.; three-month 790-790 per cent.; six-month 790-7.60 
per cent.: one-rear 7.65-7.75 per 
■ Rates are nominal calling rates. 

V Short-term rates are call for sterling. U.S. dollars end ranaitt»n dollars: two 
dan* notice for guilders and Swiss francs. 


New YorkitLOScpm-O.O/i-dig 0.20- □. 3 
Montreal .lpar-0.10 1 - dis 0-30-U.4 
Amat'damills-^ c. pm 23,-13, • 
2rusaeli...:par-10 c. dn> 5-15 i.ri 
Ct.p'nhgn. 10i-12i ore dlt- 28-30 or 
Frankfurt l 5 t-3* pr. pm 43 b-53b l 

Li&bon '9u-19U c. dis 40U-700 

Madrid ...J50- 150 c. du 310-410 
Milan _...>9-17 lirodla 3o-43 Hi 

Oslo 1 64-74 ora dis 20-22 01 

;3-4.-.dit. 134-14* 

Stocchlm Si*- 51* ora dli 1 DJ- 12 J o 

Vienna ....12-12 ero pm 10-40 m 
Enrich ....121,-11* r. pm to-5 r. pr 


Three m 


Six-month forward dollar 0.44-04 
12-month 0.43-0 93c dis. 


GE RMAN Y ♦ 
Jta.cv 


I- Prices - + or 1 Die. TM 
* Dm; * — i % % 


AEG M—... ... 

AUianz. Veraidi-.) 

BMW. 

HASP. 

a*yer — 

Uaym-. Hjpp .• 

Bayer. Terdnabk 
tilhaint.NBt.w-ri> 
tiVnuitMcra’ asfe_ . . . 
Ointi tiwmmt-^.. 
UasnniT Bctu — ..- 

tirt'i JJI 

Demi^ 

Urul-elie Bank... 
Urexiin-r H-tjJl. .. 
tijr-etiiulT /teini. 
bmrliulfauq;_.. 

Hapas Uvgrd. 

Han«ner 

Hdo-Ubt 

Hurdl .. 

Hurtta. 

Kali uini Salt......’ 

Kmn.ta.lr,.. 

KauibiJ .... 

KlockncrDm WO. 
KBD 

Krupji 

Lrade 

Luveslnu ICO..... 

Uifthmna 

MAX. 4—- 

\ U nn€ mnag ,, — 



il unci truer Rock. 

\aiiruMO 

KiniMA^ DtniOO. 
liheinlVeat Sled. 
■riHnd- 

-'U.’TtlblllS 

Sun Zii. h*— - - 
T!i vi-an XAm. 

Vaita -,‘t 

V tlU.fe . . 

yercmxUcafeBk. 

Vuikawagco 


91A-0.3 | - 
490 -1 is 18 


225 -1^ 

158.8 —1.7 ■ 17 
156.1 -03 \ 16 
287 j— 3 ! 20 
313 -1 ! 20 
165 +5 1 - 
222 !— 1.6 . IB 

77J-0^: - 

311.4 - 3.1 ! 19 
266.5^0.5: 18 

156.5- 1 « 14 
307.7 -2.7 20 

248.5- 1.7 , 20 
150 -4 l 4 

21 1.2 - O.B ! 12 

112.5- 1 • 12 

2319-2.5) --9 
126.3 —23 • 16 

43.1 -0.5 J 4 
126.1-1.2* 10 
146.8-1.2! 9 
324 —4 20 

205 Z -1.7 20 
90 -0.1 . — 

167.5- 1 . 12 
97 J -0.7' - 

238.5- 1 16 

1.545 ; 20 

1 10 J —5 1 7 

201.5- 1 

169 

234 -1.5 
512 +2 

116 -3 

119.9 ,0.4 
199-3 -0.7 

259.2- 2.3 
294 -2.7 
246 -8.5 
120 —0.5 
172 —2.5 

113.5- 1.1 

305 

210.5- 0.5 


1.8 

4.4 
6.1 

5.9 

3.4 
33 

A— 

4.1 

i7i 

3.3 

4.5 

33 

4.0 

19 

23 

5.3 

3.9 



•Pricea 

+ or'Div. YM. 

Jan. 20 

Yen 

1 

- 

Arahi Glass. 

320 

; 14 . 2 ^ 

Canua.— 

447 

+12 : 12 I L3 


TOKYO II 


12 

14 

10 

18 


7 

16 

20 

16 

17 

11 

14 

12 

20 

10 


4.0 

3.1 

3.1 
5 3 

3.6 

39 

19 

33 

3.0 

2.2 

1.8 

59 

49 

3.8 

2.7 
3.5 
49 

4.0 
52 
39 
2.4 


AMSTERDAM 

Jan, HI . . 


Prtce 

Fis. 


'+ ur D:v. Yld. 

- i i 


Ahold (Pl^h 

AtA.fFi.2Ji 

.Use'll Haki FJLtCb 
Anev. iKi.ldkb... 
\mn.liMnklPT-23, 
Bljeufeoct ...^L. .. 
BukaM'eat 1 m{Pl U 
lluuru Triieauijr 
t.MJvirr tVlJKh... 
Kiiuih.' i.V.UMrar 
Lur»t.'iiniT<Pl.5i 
ljl:t UmcadcafflC' 
Hc:w*r.i ,1-ljt . 

FfiU* 

ll-tKtr U. K.fiAi 
I.H.t . Holland... 

KLM.fi 1-Jta. 

last Mailer ilki.,. 
Naanlen :i'!I 0 r... 
Aat.Ner 1 ir..rri.:C 
Ned L ttdBL(T12u 
Nul.UidBk.FIK:- 

Uv *F!^j 

\an U.T.nir.m 
l , n-.!u*'l. , FtiHJj .. 
PSu::|» <FI.!at . 
ltr.c^iiVriuiii 
«■/ 

Cuiu.n 'FI.A. 

I; q.alDuta-5 ij.-.v 
Mareniiiirfr .. .. 
Sin iiKj ru J'lj. • 

T«>kyciP*i: HjS s. 
L'uiivfrr ‘FLaO:.. 
VAIxiriUea.lin.nl 
W'cm land*u. Ban a 


104+1 24 4.6 

229 —09 - — 

331.5 — 09 A22.6 69 
799 +0.5 A»44 59 

67.4 —0.1 22* 6.7 

819 +1 23 6.6 

119 -1.6 70 5.8 
679 -0-9 25 . 79 

254.5 * 1.5 121 1.7 

127 +09 32.3 4.5 

619 *94.6 5.6 

39.4 + 09 22 5.6 

103.2 -09 14 3.4 

25.7 +09 10.23 8.0 
239+09 12 53 

14.1 »8.6 10 7.3 

129.5 —0.5 - - 

39.6—0.2 18 99 

40 —0.2 10 29 

102.8 + 1 46.2 4.5 

50.4 20 7.9 

181.3U +0.7 20 5.5 

154.3 ~0.1 AJ4 8.4 
141 —l 8 5.6 

45.8- 1.7. 31 9.11 

25.9 - a J. 21 6.2 

649 -19 16 - 

1655 - 7.6 

155.5 . ... A*59- - 

1309 •» 0.1 - 3.5 

126.7 —0.8 A50 7.9 
237,2 -0.9 19 8.0 

147 27j 3.7 

90 30 O.B 

121.5 —0.1 .131-3 6.9 

429 20 1.1 

400 —5 , 32 4.0 


COPENHAGEN * 

I’JIW 

Jan, 53 . K--r.tr 


Casio _.| 572 

Chmoo j 386 

Dax MlppomPrint! 514 

Fojt I’Uoto : 525 

HiUrhl ! 206 

Honda Motnra. 510 

HuuaeFunJ. 1.050 

C. I toll j 230 

Ito-Yufcado. ' 1 .270 

569 

J.A.L. ;2,700 

Kanaal Elect. Pm. 1.060 

Kumauu. j 305 

Kubota • 280 

Kyoto Ceramlr. .. 2990 
Maiaumlma lud.... 575 
279 
148 
417 
316 
520 


15 

Hi 


fi-f { MilMibjbhiiiank.. 
J ®- Milan! dalii Hea\y ; 


its j 

:-3 | 

+3 ; 
[+20 | 

1 j 

:+3""i 

+30 ] 

*s! 


! 25 
20 
18 
15 
12 
18 
35 
12 
30 
13 


2.2 

2.6 

l.B 

1.4 

2.9 

19 

1.7 

2.6 

19 

1.1 


Mitsubishi Curl*.. 

Mitsui A Co 

Mitaukoshl J 

Nippon Denso...:. 1.140 
Nippon ShinpanJ 557 
Xbom Mouira.....' 770 

Pioneer 1^80 

banyo Elect rir..:.: 204 

bekisiii Prefali. 920.V+4 

•Slitfeiilo ‘ 943 —2 

Sony 1.770 —10 

Taisbo Marine..... 248 
Tateda Chemical. 315 

TDK 1900 

Tejin ....T 122 

Tnklo lianne. — ! 490 
lukiuElc-t Pow’r. 1,120 

r«#yo sen vo. ; 272 

Tokyo sbiliaiira..., 126 

r»iin\-„ „.j 131 

TtAoU Mutor....^' 855 


10 ! 4.7 

18 39 
15 : 2.7 
35 : 0.7 
20 { 1.7 
10 I 19 
12 : 4.1 


AUSTRALIA 


Jan. 27 


+ or 

Aint-S — 


13 

14 
20 

15 
12 

16 


1.6 

2.2 

1.9 

0.7 

LI 

1.0 


ACMIL cent) 

A'-onr Australia 

Allied Unt-Tnlg. tndna 81 

AdijaiI Exploration-.-.. 

Ampul Petroleum ! 

law. Minerals. 

Assw:. Pnlp Paper SI 

Assoc. Con. Industrie*... —I 
A us>. Fonudarion Imreal—. 

A.N.L- ‘ 

AutUmco— 

AutU Oil A Gas. 

Blue Metal IniL- : 

BoujjainrUla Copper — 

Broken Hill Pnnoietanr ._ 

BH bouth r. :. ' 

Carlton United Brewery ...' 

U.J. Coles 

C3K fSlfe 

Lons. GoklfleUs lot. • 

Container (61)_ 1 


*0.76 

t0.84 

1297 

11.28 

tO.77 

1090 

11.04 

11.65 

iaB7 

xl.53 

j0.47 

1096 

HJ90 

1098 

1590 

10.93 

1197 

1192 

1295 


+092 

+ 1.02 

-0.D1 


-a.oi 

:-092 


- 0.01 

(-092 
,-0.0 1 
-091 
;tO.D2 
'-095 


BRAZIL 


Jan. 30 . 

il 

0 <tii 

1 

+'«• 

Di 

Cr 

Veestu — 

1.30 


s.i 

Ban -o Brazil BP. n 

3.74 

-0.04 

B.l 

Bel go Min elm OP 

L67 

fO.oelo.; 


1.00 


B-2 

Icjas Amer. OP.. 

2.75 


0.1 

Mannesman UP_ 

3^3 

-U.U9 

0 .: 

Pei robins PP 

3.25 


u : 

Pirelli OP 

1.90 

t-0.05 0.- 

Souni Crnx OP... 

3.76 

tO.iso.: 

\ ale Rio Dee PP 

1.68 

-0.04 0. 


VoL Cr.ilB.7tn. Shares 509n 
Source; Rio de Janeiro SE 


OSLO 


Jan.eO 


5= «!isr= 

TX.U • J tYrtSfiuik . 

j_h rtj ] Kusmias ' 

j Kradiiea^aen • 11 + i+*.a| 

J~ hSorstHWTOkr90i I81.5i-t 
j Storebnunl - 1 87.51 1 


30 
20 
40 
11 

g 

(-3 | 10 


+12 


ts. 

*r 

+15 


smirvp NikkA V-cunnra Toayo. 

8RUSSEL5/ LUXEMBOURG 


— 

| 


Dlr.i 1 

Jau. 30- 

l Price 

+ or 

Ft*. Yld. 1 


1 Fra. 


Net 


Ariml 

2,025 

+ 5 


__ 

Bq. Brx, Lamb .. 

1.436 


60 

4.1 

Beken -B- 

1.730 

-20 

112 

6.5 

L.B. K. Content- 

1.112 

—a 

90 

8.0 

C<raeril1 ........... 

360 

+2 



EBBS 

2.395 

+ 30 

177 

7.4 

Eleetrobel 5.950 

+70 

430 

7.2 

rtrt>nqiie Nat,,. 

2,450 

"—15 

170 

&.» 

G.B. Iiiiu>-Bm 

1.895 

—15 

130 

6.8 

tievaett 

1.226 

-4 

80 

63 

Hubuken — 

2.570 

—30 

160 

5.8 

1 ntermni ... 

1.825 

+20 

142 

73 

Kmlietljank 

6.150 


265 

4.0 

La Kin ale Beige- 5,300 

j+20 

305 

53 

1 i*ku Hi iliting 

2.480 

U 20 

62.25 

3.3 

1 1 'etrufina. 

3,935 

;+ 205 174 

4.4 

> Mj>- Uen Uanque. 

2.755 



134 

6,9 

.■m»- (ien Belgiuiie' 1X175 

+ 15 

135 

7.2 






+..trmy... _ 

2.500 

i+40 

A 700 

8.0 

T mi Hun Wti-t,... 

2.470 

'+15 

162 

6.5 

I'll! 

550 

+ 10 



L 11 Min.iI.lOi 

734 

+8 

6C 

B.Z 

' leiile Muutagne 1.350 

+8 _ 

100 

7.7 

SWITZERLAND • 





Price 

+ .e 

Div. 

Yld. 

Jan. 30 

1're. 



% 


OnaineEiotinto— • 

tioatain Australia.——. 

Dunlop RuM«r (S-lj 

ESCOK 

48 1 19 : Eider Smitli 

12 29 E-&. Imiuttrica.. 

1-6 Gen. Property Trust 

1.1 Haineraley 

1.1 Hnoker , 

2.2|I.C.l. A UM rails 

2A Inter-Copper.. 

1.0 1 Jennings Industries.— 

4-1 ; June* (Da viili 

Metals Exploration—^ — — 

HIM HuMmjj. ! 

.'Iyer Empurtum...— 

News— : 

N'ichulaa Internationale... 
N.irtfa Broken U'lUo^a (£0e 

Uai bridge 

Oil >earoh 

Pioneer Concrete...— 

Kerim A CVJu ub 

H. C. Sleigh— 

fiuuthJ&nil 11 frith., 

T«Mh 1 01) ...1_ — ' 

ffaltno 

Western 'lining (hOceatsv 
Woo] w firtha - 


I 11 
1 8 
j 12 

I 10 

; 10 

20 


Ll 

2.6 

2.2 

4.0 

39 

19 


PARS 

Jan. 30 

'Price' " '+ of: Dhr. Tffi i 
Fra. - .Fra. % J 

Keme .. 4*. 

7793-2.3: 412 0.6 : 

\i nque OreMY !e 

303 +2.5 21.15 73: 

AarLi^ui 

244 +2.9,16.5 63! 

Ai|ii!tai:i ., 

315 +3 24 . 7.6 

J 1St -" — — 

«90 Jl.iD 23 


Aluminium 1.315 

BBti-.V 1.690 

Cihc tirlriS-l'.IM 1,160 
Ui. |*i,l nth— 935 

1>m. 6Z9 

Urt-H fntt-v. 2,375 

Elt.ui.atn ........ 1,765 


1 

+ 10 i 6 

: 10 

22 

1+5 I 22 

; J 22 

'+5 j 16 
) + 5 j 10 


2.3 

2.9 

1.9 
2.3 
3.5 
39 

2.9 


12.22 

1190 

11.35 

11.0 

11.85 

12.18 

11.43 

12.17 

10.79 

12.15 
1099 

1192 
tLOO 

10.16 
1L72 
1196 
12.20 
:0-96 
1LI6 

1193 
rO.09 
1L43 
13.60 

10.75 
10.19 

11.75 
;0.96 
11.16 
11.66 


— fmiT 
Kroner 


+ or |L 


103.01- 1 
60.01-1 

114.6- 

335 +29 
114 I+L5 


il«anju<> 355 '_ 3195 

U.-.X. t.ertala— . 342 

Cn-.-ri.nii - 194D 

ti.ti.K 263 

t.I.T. Aaxiic]. 817 

tire Uanaire. 235m 


+ifK ! 

-rO .02 j JOHANNESBURG 

1 MINES 

■ 1 January 30 Rand 

Anglo American Corpo. ... 5.17 

- I Qtarter ConsnUdatad 13.40 

, Eaa Driefomein ...» 1390 

-091 1 Elsbnrx 293 

Harmony — — 7.70 

Jj - ; - ,' I Kmross 6.40 

U | Kloof DJSO 

_n'ni Rustenbura Platinum LT 6 

St. Helena 1590 

South vaal 990 

Gold Fields SA 122.00 

Union Corporation t*90 

De Beers . Deferred 5.60 

ejn-ooniiuicbt 0 .M 

Earn Rand- Ply 7.60 

J Free Slate Geduld 2695 

Presidem Brand 17.00 

President Steyn . 113.40 

‘^ilfMtein 5.05 

Wplkoin 4.35 

West Driefomein 3490 

Western Holdings 29.50 

Western Deep 13.10 

INDUSTRIALS 

AECI 2J5 

Anglo-Amer. Isdnstrial ... 895 

Barlow Rand 3.67 

CXA im-estmems 1L30 

Currte. Finance B .35 

De Beers Industrial t*.4S 

Edgars Consolidated hro. 1.72 

Rdgars Stores ttl.Ofl 

Ever Ready SA 11.5T 


-093; 

-i!i6! 


+.021 
-Sol j 


e- an 1 u.a 

r. 2 ,*! , * Jcdi-rule Voiktbrieggiiuta .. 1L4E 
_ - "J ' Creatermsns Stores ... f w 


Z!s ¥n° Vi* : Createrman s Stor es 

+ L 2 “?6lo1inSr A ™“ ,SA> 

—3 :5s9 7.1;lTA ...^: !!™”: 

~f - s . 5.1 1 "l-.-Carthy Rodway 

— 1 . 6.3s 2.0 | NnCBank 


lluh 322 

l mill L.t in Kr'ie. 

Ctruw Uue 

P>ih:n 

1 ‘r. l\-‘n«:e- — 

tieo. UtamieiildiH 

lr.r:a' 

lii.n.1 

Lai-tr^e 

L'On-a- 

U^ifi 1.255 

lial'iiti;. Piienix.- 650 

M-Jwi.a-B" — 1.101 - 16 329 3.3 Uriwe . .. 

>g& ZS:? >? II Secnrltles Rand "*oji 

138.4xe +04 10.35 14.5 ’ — 1 ■ — ■ 

! '" ;,,,neV ~- 1 M - 7 * ^ W-B • SPAIN ¥ 


11.1 10.8 OK Bazaars . 

54 . +29i 32 229 1 Premier Milling 

*52- *1 ‘1693 3.6’ Pretoria Cement 

97.4 + 1.4 14.10 149: Prorea Holdings 

1799+19 893 4.6‘ HjhI Mines Properties .! 

Dciabrandl Group 

^■•5 +0.^r • 5*2o ID-2 , Rf'feo 
irq , — _ — , — • Hnidtngs “ 

??6.1 — 1.4 IS. 77 12.1 ’ C. G. Smith Sonar 
?§5 15-28 3.3 Sorec “ 

+3 31,35 2.6: PA Breweries 

+ 8 : 19.9 5.1 : T:B:r Oats and Natl, wig 


J2.6C 
1.7= 
+2.li 
1.75 
0.6! 
2.2: 
5.91 
16 21 
3.41 
Llh 
2.21 
3W 
OA 
1.4. 
7.0< 
to.5; 
191 
18.9> 
1.1' 


' ' k 1 “£ --r : PfewroLllMiani...! »9l.5ri _■ 

r Afliir t„ Tab |-*5 S a , 3-3 * fagefli-i'a-f^n Z7P a 

HuHinaiiPl.I.L-rtt. B9.250S-500: 550 0.6 1 

31L8 t6B ; 25 £ 8.2 ‘ ! !aSS‘ - 

whl^wT * l't 24 5.0 >tar.H> Aihnticq (i'floot 

Uhiiae Pimunif. .. Sa ^nc a idn> n - n.iwi* 


+ •«■ I)j». YM. I 


.lnderei«nLeii,.„ 

Bunt: 'si i VV 
Ur.uti.t- tank ... 
Enrt .trail ii- Cu . 
Fimrr.*wii'„L-n ... 
Fw. Jhycarrler. . 

Fwr,n;cr . 

HtQ-lr.bia.‘.i. 

fi.Vtr'sli.-KtVl. 

Suirt Karer. 

U jtfnlrik 

Prlrailani. 
Pnnia;!*?!*— 
ivl Bi-retihea. 

3u;«rfi+..:_ „■ 


42?:= 


325 • 

KTs 

132 « ... 
253 - 

256V 
86:3—1 
136 - 

XC2> t - 

367:; 

1»2: £ - .* 


l»u. ihiiuIIi 8,960 

Initr'ixiil B 3.400 

liiwii j't.lKs.,. 1,645 

At'thf 

D«.. tea 3,325 

1 (er!ib.+i. IIaP^iu 2,440 
I’ltvil; xli'itMOu) 266 


13 

10 

7.1 

Minina. 

•I'r^SOj.. 1 

4.000 

+ 10 

26 


15 

3.6 

1 II". Par* t ell:... 

495 

—3 

. 26 

:« 

11 

8.5 

MrhiL.ilL-r 1 taFlOu 

314 

+ 2 

9 

■J j; 

12 

5.0 

at-rer 1 

IS (I'.IUJi 

377 

-Z 

14 


13 

114 

| hn axi; 

■ FJi£. .. 

B48 

+ 5 

037 


12 

5.7 

"*nms ItnilL'r.ICJi 

42 ltd 

—2 

20 


B 

11 

12 

12 

11 
11 

12 
1Z 


ie.o ' '" 1 1 ' 1 * ■i:»-.F. 2 £tii.. 5.000 

B.i:tnaa« 1-jii.L ..3.390 

4.2 K«w:« It? 4 - 11.750 

4? _ 


1 55 0.6 

—150 20 3.0 
+ 15 20 19 

t5 e25.B 2.5 
—10 3.6 

- 10 14 5.7 

15 S3 

1.6 
2.6 

1.5 
3.7 

3.6 
23 
2.0 
2.9 
1.7J 


6.3 
5.5 ■ ->u. » 
fe-land 


40 

SO so 
100 40 


Bh-me Pwnwnn-.. 52 *09 9 18.0 lanro Central 

. GnUat.. . .. yg -2 15.65 119- Sanrr. Exrarto ~' 

An. Iha+tgnnL— 1990 -18 39 29 ' 3anwi General 

2109 +2.5 25.8 12.1 Granada /jjjni 

Te*n»t+a: n Me 512 —6 ZL7& 49 ■ lane-, fflspamt . 

rtawiroo OrandL 129 -11 13-1511.7; :*tcr. Jnrf. Rat, f]^'; 

20 j 3 lud, Mediierraneo... 

! «an« "«»9niar 


I'ClUtm.... 


STOCKHOLM 


J*:. 


P-r- 


+S 11 7 . y: 1 


r.im Santander 13501 
--ires*. Lroniin 't.ono, 

Vaeara 

Surac-raan ... 

^aih'iRlnn 


Per cent 
U5 
ft? 

207 

340 
2U 

aw 
ui 
205 
174 
132 
215 
327 
225 


а. i 
7.7 
39 

б . 3 


MILAN 


1 :.-.. ., 

*: iir.v 


Jim. 3b 


Pi li.e 
Lire 


ft iv, rid. 

Lire “ 


VIENNA 


-la:' 1 120 — Z 

1-ju.udiAnic ' 991 +6 

BartuKi.. ....... 395 +5 

l~M 1.9ZB - 16 


120 12.1 


I A. 1 U- 



|ASWa C-.U.., Krifc 

Bi.^fh'i 

h- Mr ... 

lanl'L, 

CHlulij— 

Klvri'jiii'il'iJi.^j 
Eri'wm ■U'»Kr5b 
Ft- the “B* 


5.6 


59 1 
•49. 
8.1 


ft2 


Jan- 38 


1 ti.u Pr,*- 1.529 + 15.5 ISO. 9 JB I tiran^TVf^. 

Pr+n ->r ||.. . ) .u. ! Kitn.^ :' 77^+0^, — - I , 

5 - -s * q:n*e..*oi W.295.+89^ 200 L9 S££5f? S *““ J 

Ita--7.^r 115-5+0.51 - - Up7r^,r ; - — 

BAA .rt i:.7 an man • mm — — 1 *** ***** »>n»Wln_ 


Cm&raucU , 1M . 350 _ , l0 

Perlmmoef — , 260 A 

Setara..— 575 * 2 ■ 48 

Sera petti . B 1 . > 

Meyr Unintlee.^ 195 +X ,7 
Vatt Magnrait-. 225 — 1 I 14 


2.9 \ Mfliutaura— . 50,880 .1^00 3J& 

MjUeataiisiB— I 142 '+3 
BA j Ulivriti Prie, 1 782 +23 


- j Fuem Jt Co—- 
5^1 PireDi Sw— ... 
03 1 SnlnTtsenar..— 


2.080 +32 

1,012 

445 i+5 


Iln—'ff 

Sawlrik A_U.^ : 

SLK.F. SniZ' 
a an _ . SUnd KnakiVU. J' 
110 5.2 ; Tnadwik k-»uv 
80 7.8 { fdri chain — ^1' 
— I — j VdvoCKr.50) "~l 


184 ,5 

153 

92.5 — C.S 6 
122 -1 6 
« —2 568 

115 *2 c 

^00 —6 lg 

2 « >S 16 

130—1 . 5 ^ 

5 

227 1 • S 

66 >1 , 5 

^4 -05 _ _ 

tli i*?- 'K-9t 5-6 
130 +10 B 6.2 

*25 r 8 5 -°3 £-4 

^ ’+1 8 6.3 

87 — O JS 5 57 
47-3+2 _ 

~^-- 2 .-5_6 8.5 


. —ZZ, —'Z. ■ Anrfaliiria" 


- , Sahr+cjt 

i : if JZZ 

“■ I- \raar.nesu ZZZZ 
t ?iur 

Si Sr - T »“’0 11 

3 % £**“* 

'T.KMIl 

a 9 ' 7?' 

2~ - 2"y v l -Cbiwez (AM) 

4 . 4 ■ U ’Arris 

5j6 ■ ^" rri n ran ‘ 

9.4 '■ fn+r.trjS!' 

— : O’lrre - 

Pamta-ac Rtmidis _ 
&*"*'**■ 

Prfmrens 


. '»» 
tea 


:.?n?h 


300 

M3 

236 

25 

117 

225 

S7 

m 

UL2> 

u 

ns 

300 

US 

TfcS 

88 

1ft 

n 

w 

3» 

228 

« 

373 

125 

852 

in 

IDLE 



22 


Financial Times Tuesday January 31 1978 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Petrofina raises dividend 
despite profits dip 


n BY DAVID BUCHAN 


BRUSSELS, Jan. 



kE BELGlAN-based oil group made. Petrofina has not yet get 6m. tonnes out of the North 
*troflna has announced a 16.5 quantified the exact effect of this Sea this year and 8m. tonnes in 

1977 results, J>ut for_ 1976 1979. 

Petrofina officials say that 1977 
sales and- revenue were up on the 

>— — — , — - BJ'rs^OObn. recorded the year 

■Ting’s dramatic EkofiSk blow- . . before, though no figure has yet 

it to the Worth Sea. “Kg JPS? been released Bowser, the com- 

'.But the company clearly J-jf hj^nSIffSrt^n future p !, ny ^ complains of depressed 

tarda neither factor as too prospects. Though Petrofin£s iSv^ tae. 1110 ' 

foous to prevent its raising its £ hart of ^ drrerf: cost of the ducts * Particularly in Europe, 
ff dividend to B-FrelSO Tr^fi ci- blow-out was 52m., fully Petrofina— along with the four 
Jrs.174) and declaring a one- co^ed by insurance, and in line other predominantly European 
'-20 scrip issue, which will its gg per stake in the companies, Elf-Aquitaine, 
bry the 1977 dividend. Petro- fieldi company officials point out CFP, ENI and Veba— has in fact 
^ whose shares on the very Q jj y^s lost, even been urging the EEC Commission 
-issels Bourse lost 15 per cent if pro duetjon was slowed down. to Brussels to co-ordinate some 
, ring 1977 fthough still the Average Ekofisk production over Community-wide reductions In re- 
st traded of Belgian stocks), 1977 was 280,000 barrels per day, fining overcapacity. Petrofina’s 
rkeen to maintain its record but December this had built European refineries are for in- 
dividend growth. U p 390,000 barrels per day. stance only working at about 60- 

fj*he fall in profit was evenly The North Sea is now Petro- 65 per cent of full capacity. 

; ead over the year, and the fina’s major source of crude, pro- The Commission has promised 
•laual results accord with the vi ding 4m. tonnes last year, with to continue its efforts in this area. 
;<p in the first half vear profit Angola (lJm. tonnes), the U.S. But these are being blocked by 
v. BJTrsJ2.24hn. <B.Fr^2.6bn.). (900,000 tonnes), and Canada some member states. The British 
}* major factor was, as in 1976, (830,000 tonnes} providing the Government In particular is keen 
>. fall in the dollar, in which rest. Petrofina, traditionally a to build up its industry’s ability 
I it of tixe group's sales are company short of crude, hopes to to process its North Sea crude. 

\ 

• f — 

i 

European Options Exchange 
Approves clearers 


' JY CHARLES BATCHELOR 


AMSTERDAM, Jan. 30, 


; i3. EUROPEAN Options Ex- The three foreign institutions lent for each of the currencies 
rige (EOE) has approved 10 ace Banque Rothschild of Paris, they propose to clear with a 
; locations from institutions the U.S. stockbroker Merrill minimum overall of Fls.25,000. 
{ting to be clearing members Lynch and First Options of Internal tests of toe clearing 
’ is on the point of formally Amsterdam, which is jointly system have been carried out this 
pting another two. Of the owned by Barclays Kol, First month and they are expected to 
C seven are Dutch banks and Options of Chicago and W. 1. be completed by the end of this 
remaining five are inter- Carr Sons. week. EOE preparations to open 

anal institutions. More than The two remaining Institutions on April 4 are going according 
public order members have ye t to be formally approved are to Pl an - - • 
been approved. both foreign companies. The Margaret Reid In London 

lilland’fi four largest batiks, composition of this list reflects writes: Merrill Lynch, the 
lanene Bank Nederland, the desire of the EOE to have a world’s largest stockbroker, will 
kerdam - Rotterdam Bank wide geographical spread of be offering a clearing service to 
i ro), Centrale Rabobank and clearing members and still give other members of the European 
"idandscbe - Midflenstands- a clear Dutch flavour to the Options Exchange in its role as 
: will act as clearing mem- operation. The only major a clearing member of the 
Mr. Micbaei Jenkins, man- country not represented as yet Exchange. Merrill Lynch, which 
g director of the European is Germany. has a wide international network 

r 3os Clearing Corporation, • The EOE earlier said it would of offices, is planning to process 

restrict the number of clearing material on each day's dealings 
e inclusion of the three members to between 15 and 20, on tbe EOE in the early evening 
i tional commercial banks so there is room for additions, for dissemination around its 
to be expected, but Rabo- More than 12 applications were branches tbe following morning. 

'i *s presence on the list shows received, but other institutions 

r tbe agricultural credit bank withdrew for a variety of reasons, wj _ _ _ i i ___ x 
Pmttouing its expansion into One, for example, only intended X aV plODIvID HX 
Commercial banking field. clearing in one currency, which. -»-■*' p»i 

.erestingly Pierson, Helding would hot have given it a broad [VI flUlGll DFG 
: L'ierson and Mees Nehope, the enough base for its customers’ t 

a faant banking subsidiaries of requirements. 

i and ABN respectively. Clearing members of the EOE MONTEFIBRE SPA, synthetic 
tilso be clearing members in must be companies or partner- fibres subsidiary of Montedison 
own right The seventh ships registered in Holland with SPA has tohl employees it can 
m member is the Kas-Asso- an office in Amsterdam and a P»y them half of their 
>, a wholly-owned subsidiary minimum net worth of January salaries. Payment will 
fyie Amsterdam Stock Ex- F1&500.000. They must also be made at toe end of this week, 
lie Association. deposit Fls.12,500 or the equiva- instead of last week as^t toould 

** have been under normal circum- 

stances. The measure affects 
around 20,000 workers. 

Montefibre has for months been 
suffering heavy losses as a result 
_ _ __ - of poor market conditions for its 

*1 rARIb, Jan. 30. products as weld as internal 

|f.J PEUGEOT CITROEN SA pected to have consolidated cash factors. The company has re- 
,‘ f As a rise of 20 per cent in flow J 3- per cent, up at over peatedly stated it needs to make 
a/ioi 


Bankruptcy 
averted by 
shipping 


group 

By Fay C5 jester 


eugeot Citroen sales up 


workers redundant and 


per cent, up 

3, consolidated 1977 turnover Frs.l.Bhn. while the increase in 6,000 

vi^und Frs.42bn. After higher net profits will be sharper, the close down a number of loss- 

i;« ? net profit “ will be near ” company said. Its net turnover making plants. 

£ \^6’s Frs.l.43hn. with consoli- will be 15 per cent up at The company has not yet paid 

A cash-flow also little Frs.18.5bn. Vehicle production the thirteenth month bonus to 


' voau-uvw aiau uiuc * — 

7 ed from the Frs.3.47ba. of r° se to 782,000 from 759,000 a employees for 1977, 'traditionally 
'l 11 year earlier, with cars exported paid at the end of the year. 

\ up 10 per cent. at 402,000. because of its financial diffi- 

1-_ *3? ?# ,Q77 Automobiles Citroen net profit culties. Montefibre is one of the 

is expected to be little changed companies which had been ex- 
AiSSSS' ?n to MSS! from toe Fre.297.6m. in 1976 pected to benefit from a govern- 
racpeciea ro oe around W h',] e consolidated cash flow will meat measure making lire 300b n. 

thA be d °wn 9 P er cent, at just over available to pay wages to private 

ii hn 7hotfPfi>) 8 i w Frs.lbn. chiefly due to increased finms in serious financial diffi- 
t L b nnt ab 2 taxes. Turnover will be up 19 per culties. 

3 c ° f ra th cent - at Frs.13.4hn. Vehicle But the deadline for the share- 

?! * >n rL.|Sz production was up at 736.000 out of the funds, which were to 
41 l! ;. laJinn asStc hm«ioh» osciost 679,000 In the previous cover debt owed The firms by the 
f -i.J ,a tion Of assets brought vpar the pOTTinanv annnunr-eri state and nnhiir enternrise. han 


■mobiles Peugeot is 


to 359,000 cars- 
ex- Reuter 


to February 20. 
Reuter 


tho n,MnPF n? year, the company announced, state and public enterprise, has 

I i 'P mers r of Peugeot with exports rising 17^ per cent been extended from January 31 
H ' nroen. >iunnn ...< irahni,» -jo 

i 

r. 

!? 

i * 

I’C 

!'j 

*■( 

3 

li 


f 

>1 

f 


ZLY( 

AHEAD 

ZINC FUTURES TRADING BEGINS FEBRUARY 8, 1978 

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hedge their zinc requirements on an efficient, 
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burden of hedging foreign currency 

Hedgers and public traders will benefit by the 
convenient market hours, the rcpid order execution 
and the prompt dissemination of trading data 
characteristic of all metals futures traded cn COMEX. 

The COMEX zinc contract 'calls for delivery of 6&0QG 
pounds of Special High Grade Zina Tradng hours 
are from 10:15 am -12:45 pm. New \brk time. 

Hedging or speculating, ..you should lean more . 
about zinc futures. Information booklets about zinc, 
copper, gold and silver futures tradng are 
available. Contact: Commodity Exchange, Inc., 

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¥ 
i • 

r. 


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SIIVER 

5,000 Troy Ounces 


COPPER 
25,000 Pounds 


GOLD 

100 Troy Ounces 


ZINC 

60,000 Pounds 


OSLO, Jan. 30. 

THE HALFDEN Ditlev-SimOnsen 
shipping company, of Oslo which 
faces severe liquidity problems 
as a result of tbe shipping crisis, 
has reached an agreement with 
its three main creditors and 
averted the threat of bank- 
ruptcy. The company is to stay 
in business for a further four 
years at least 

The agreement includes an 
increased loan guarantee com- 
mitment by the state-backed 
Guarantee Institute for Ships 
and Drilling Rigs, which is pro- 
viding a Kr.72.9m. guarantee, 
against Kr.33m. previously. 

The three major creditors — 
Christiania Bank og Kreditkasse 
of Oslo and the Swedish Ship- 
yards, Kockum and Gotaverken 
— will take a combined loss of 
over Kr^Om. as a- result of the 
agreement, according to the 
Oslo newspaper Arbeiderbladet 
Of this, the bank alone will bear 
between Kr.l5m- and Kr.20nL, 
the paper said. 

Shipowner Half den Ditlev- 
Simonsen would not comment on 
the amount involved. He con- 
firmed that an agreement had 
been reached, though It still had 
to be ‘approved by tbe com- 
pany’s smaller creditors. He 
expected this approval in the 
near future. 

The negotiations mainly con- 
cern two 100,000 tonne dead- 
weight bulk carriers, originally 
worth Kr^Om. each, built for 
Ditlev Simonsen in' Sweden. The 
value of these ships has been 
halved over the past year as a 
result of the maritime .financial 
crisis. The new financing plan 
is based on the most pessimistic 
scenario possible — that the two 
will have to be laid up through- 
out the coming four years. 

Meanwhile, another financially 
troubled company. Reksten. is 
having to revise its financing 
plans for two 16,000 tonne dead- 
weight dry cargo ships as a 
result of the poor freight 
market These ships, built by 
the Norwegian group Aker, are 
due for delivery shortly — one in 
a week’s time and the second 
in June. 

The Ship Guarantee Institute, 
which was involved in financing 
them, has asked Reksten for 
talks about its operating Diana 
for the vessels, in view of the 
lack of demand on the market 
at present 

EUROBONDS 

Boom in 
DM issues 
continues 

By Francis GhIMf 

THE BOOM in new DM- 
denominated bonds continues. 
Demand for the Argentina issue 
is understood to be very strong, 
and yesterday Deutsche Bank 
confirmed it was managing two 
further issues: DMIOOm. for 
Eurofima, with an indicated 
coupon of 5i per cent and a ten- 
year final maturity, and for 
Norcem, the Norwegian, cement 
company, DM50m. for seven years 
on an indicated coupon of 6 per 
cent. The first issue has a grace 
period of five years, and a sink- 
ing fund will operate. 

The German capital markets 
sub-committee has agreed to 
DM970m. worth of "new issues for 
February. This figure includes 
the delayed DM200m. for New 
Zealand, but a further DM300m 
for international companies 
might be added. 

In the fiollar sector the day was 
quiet. The indicated minimum 
rate of interest on the Long Term 
Credit Bank of Japan Finance 
NVs ®60m. floating rate note 
issue was cut from 6J per cent 
to per cent Lead manager is 
First Boston (Europe). 

In the sterling sector, good two: 
way business was reported. In its 
first day of trading, toe E£B issue 
was being quoted at 99J-99|. 

The Spanish National Railways 
plans to float a Y20bn. loan in the 
Japanese capital market next 
April. This could make April a 
record month- for new yen issues. 
The other three issues planned 
for that month and already 
announced are Y35bn_ for 
Sweden, Y25bn. for Norway and 
Y15bu. for Argentina. 

Norway is planning a 
Sw-FrsJMOm. private placement 
on an indicated coupon of 3.75 
per cent The lead manager is 
not yet known. 

• The exchange offer by Reliance 
Group for the two outstanding 
Leasco convertible Eurobonds 
closes on February 3. Arrange- 
ments are being handled . by 
Credit Suisse White Weld. 


AMERICAN NEWS 


Can for SEC probe into 
Sun-Becton Dickinson bid plans U.K. 


BY STEWART FLEMING 


NEW YORK. Jan. 30- 


Hudson’s Bay Oil earnings up 


Karstadt sees 
lower profits 

By Guy Hawtln 

FRANKFURT, Jan. 30 
KARSTADT, Europe’s largest 
retailing concern, has seen better 
years. Today’s preliminary report 
on 1977 states that earnings will 
be markedly below those of 
1976. 

However, in reviewing 
Karstadt 1 s performance, there are 
a number of special factors toat 
have to be taken into considera- 
tion, and most important of all 
Is Karstadfs rescue of toe ailing 
Neckermann group. 

The year was largely one of 
stagnating turnover, which is not 
immediately apparent is the 
figures because of the consider- 
able group reorganisation that 
has taken place during toe course 
of the year. 

According to today's statement 
the Karstadt undertaking’s turn- 
over, including value added tax. 
increased by 8.6 per cent to 
DM7-3Sbn. However, Necker* 
mnnn’s turnover fell back, by 9J. 
per cent, to DM2J33bn^ whfle 
sales of the Kepa Kaufhaus chain 
and Karstadt SB (the self-service 
operation) dropped by 10 per 
cent, to DM1.02bn. Karstadfs 
travel business saw sales increase 
13 per cent to DM1 96m. 


expansion 

By Our Own Correspondent 

EXPRESSING CONCERN about gate and determine whether It adds that these transactions 
the acquisition two weeks ago violations of the Williams Act. were carried out secretly without rwtraiat5 ****** -PSSS??. 

by Sun Company of a 34 per which governs take-overs and public disclosure. Massey Fcreuson ^ i 

cent stake in Becton-Dlckinson, other provisions of the securities P « we€lw a g 0 , Sun bought its spending* 

toree powerful members of law, were committed. . Tf* geton Dickinson S s t$C147m. fast 

iSfv, privately from 24 large institu- plans to increase production 

securities and E x c ha n ge Com* which Sun, the 13th largest UE. r • investors without the capacity for tract ort— htcbhhA— 

AvsftM ass SS: 

SSffi S&’Stf Z „ P-rcent. Mb. Sen J* 

sentative John E. Moss say that Becton Dickinson shareholders bought is sufficient to block a «bly longer, toe annual report 
the implications of this trans- were not furnished with the rival bid for Becton Dickinson sa^s. 
action are of pressing public information required by the and provides a Platform for Sun ap ™™“ s i 9 IL 

concern and may require im- Williams Act and were not to launch a full takeover vnto- JCttlm- 
mediate Congressional attention afforded the opportunity to share out the threat of a nval offer and « m J es, 
if this type of transaction Is In the premium paid to certain the risk of ah auction which 

not to become the rule." large investors for their Becton would m effect drive up toe share w otner expensra. 

The SEC is asked to invest!- Dickinson stock. price of Becton Drdonson. Canad f an occidental Petroleum 

— — - — has been refused Foreign Agency 

permission to take over Bridge* 
Petroleum, a Western oil and 
gas production and development 
concern. This leaves toe way 
_ AT> „ _ open for a $C12 a share bid for 

CALGARi, Jan. 30. t^ e company by Home Oil. subsi. 
HUDSON’S BAY Oil and Gas crude oil production of 9,900 the Whitecourt area of west- diary of the big Toronto gas dit> 
reported net earnings for 1977 barrels per day was the major central Alberta and -in the shal- tributor of consumers gas. 
of SC983m. or $C5^2 a common contributor to the increase. low gas region of eastern 
share, an increase of 26 per cent. Sales of natural gas declined Alberta- 

over the prior year's earnings slightly to an average of 40S.7m, Development spending in 
of 5C78.7m. or SC4.15 a share. cubic feet per day, largely a Canada totalled SC4S.lra.. up 
Funds generated from opera- result of toe continuing surplus 25 per cent, from 1976, princip- 
tions were 5Cl89m. or $C9.97 a of supply in Alberta. ally j ue to a higher level of 

common share, a gain of 35. per Capital expenditures and ex- d ev€ i opme nt drilling activity. Tlie v-ft It 

cent. Share dividends totalling ploration . eposes totalled driUed %IA net de- With Reynolds 

$CL54 a share axe declared com- SCI 30. 6m. xn 1977, an Increase W |.L,»it wells 57 ner cent. * 

pared with SCL43 in 1976. of SC25.6m. or 24 per cent, over mD J? t*™ the orior year and „^^^)^AUKEE. Jan. 30 

Production revenues, after the prior year. Wo rid- wide Soces«ftilly completed 12S as J P S - sc ^ lT7 ' BREWING said 
deducting all royalties and par- petroleum outlays accounted for pru, we i\* *44 as oil tIut «*pioratqry discussions be- 

ticipating .interests of host SCllSJ9m. of the total and were W eHs ^ S'’ e ? n stf ? ,or tnanagement of 

Governments, rose by SC8L7m. up SC21.5m. Spending on coal _ * . , .. R- J- Reynolds Industries and 

to $C343.0in. The major part of and minerals exploration and for Foreign petrolejmi expendi- Schlitz concerning the possible 
the gain resulted from crude oil evaluation of other new business in layi, merger of the two companies 

and natural gas price increases opportunities was 22 per cent, down SC6.5m. from the pnor have been torminaicd. 
in Canada, but foreign pro due- higher at $C6.6m. year. Schlitz said these discussions 

tion also made a signiflicant con- Canadian petroleum expendi- Of these wells one was in toe were preliminary in nature and 
tribution to revenues for the first tures totalled $C101.4m. in 1977, south-east Sumatra contract area did not lead to any offers by the 
time in 1977 and accounted for a 3S per cent increase over toe offshore Indonesia and toe other parties or to any understanding 
SC26.8m. Other operating and prior year. Exploration outlays, on Block 21/2 in toe UJK. sector or agreement, 
miscellaneous revenues were up at 9053.3m. were up 52 per cenL, of the North Sea. Last week Schlitz stock was 

9C2.9m. bringing total net essentially due to a record level Further drilling wtill be neces- ®£pve on the New York 
revenues for the year to of drilling activity. The company sary to determine the commet- sl °vkExchange, rising li points 
5C389.4m, a gain of 30 per cent participated in the drilling of rial significance of the North Sea o2? u ^ day on voiumc of 

Production of crude oil and 131 exploratory wells. These find, but a delineation well shares and l on Friday 

natural gas liquids before deduct- tests resulted in 15 oil and 42 drilled about one mile from the on turnover of 255.000 shares to 
ing royalties and participating natural gas discoveries or exten- south-east Sumatra discovery en- win toe week at s>13 
interests of host Governments, stons. Most of the successful oil countered a good thickness of • ,® ar,ie ^ a spokesman for 
increased by 10,855 barrels per wells were located in the Lloyd- oil pay, so preliminary planning j**" 12 suid {he company had 
day to an average of 80388 minster area of Alberta and is already under way for develop- been subject of rumours 
barrels per day, 15.5 per cent Saskatchewan while the natural ment of this discovery. recently but declined to say what 

higher than in 1976. Foreign gas completions were mainly in Agencies C ? ncern . e d. An analyst in 

Milwaukee said the rumours con- 
cerned disposition of Nome 
assets, including possible sale of 
Schlitz’s wine operations. 

A Chicago-based analyst sug- 
gested a takeover similar to that 
by “Philip Morris and the 
wonders they have done 

. Miller brewing.” 

SUN LIFE Assurance of Cana&Vcffice'trom MbritreaF-fo Toronto. offite'Hto' Tonffito.' No opposing Reuter 
policyholders’ meeting to decide A ‘ special participating policy- arguments will be allowed in the 

eting held Friday in solicitation ms 


Schlitz ends 
merger talks 


Son Life sets np new meeting 


BY ROBERT GIBBENS 


MONTREAL, Jan. 30. 


with 


toe future location of head office holders’ meeting 
will be held in Toronto. April 25. Torontq was to have decided the he was careful to make 
Tbe company will send special issue but at the fact minute, in distinction between toe 


material. However, tt . 

e a cleat HOUStOn ISSUe 


proxy notices to about 000.000 response to pressure from the move of head office and^tbe ?re5s5atira?fatomeni d with fi |h? 
participating policyholders, prea- Federal Government and some transfer of people. There are Securities and Exchnncp rw 
dent Mr. Thomas Galt says. groups of policyholders, Sun 1,800 employed at head office now 5EEn fir the ffS? 

There is one vote per policy. L ^ e not to put toe head in Montreal of 2m. shares of mnn 3 

and in all. Sun Life has about otBce resolution to the meeting. Even if legal authority for the reports Reuter from New York 
1,500,000 policyholders. The com- However, it was too late to transfer of head office were given It said the offer in e is !rf 

pany, -which began in Montreal cancel the meeting, and it pro- at the meeting, there would be about Februarv thiSS ,5 

^era century ago now has over ceeded [at the Royal York Hotel no major move of personnel for underwriting gro^ headed bv 

S5bn. lit assets .and S31bn. life on Fnday, with only one question "around two years.” This could Morgan Stanley 

insurance in force World-Wide. It asked. It was all over in 10 allow for a change in the poUti- ReSfe and ^ * 

is the largest domestically- minutes, and Mr. Galt afterwards cal situation and poUible com- * d Kidder PBabot,y * 

controlled life insurance com- gave a brief Press conference— promises on the Quebec lan"uase 


pany in Canada. an unusual move by Sun Life. 

The new proxies will be sent 


legislation. 


Cons. Bathurst 


» Ln — “r. v * * — ,, wuumi ucuig eent oui language cnaner passed last fall Aietan. rwJf. . • 

Aprd meeting, which will vote for the April meeting, will in Quebec as the main reason 52* pulp : 
on the proposal to move head recommend the move of head why it wants to move head office. Akoh ren v 5 ■ Rr °“ P 


Gulf Oil misses profit target 


sw_ proses will be sent Mr. Galt said management in Sun Life has cited the French .v ^ 

out in mid-February -for the the proxy material being sent out language charter passed last fall f atbu f st * the major 

- - - - -* --- v „„„„ ®i? e ™„F an . ada and paper 

and packaging group in which 
Associated Newspapers holds a 
L! per cent, interest, earned 
521 .3m. or S2./1 a share in 1977, 
against S18 .2m., or $2.28, in 1976. 
T “f. s e figures are after extra- 
ordinary items for 1977 (nil fast 
year) including fire insurance 

, , . NEW YORK, Jan. 30. Proceeds, and charges for plant 

GULF OIL sgid fourto quartet $752uu ot $3.86 a shore against averaged 592m cubic feet i rtnu closedowns, reports our Montreal 

=*■ S&ysa’e*"® ffiSjfSy? 

uuniUiiiiv rcuuntni uuaner fllrlf ciiri it cmant I i gai * “ l " 

earnin 
$175m. 

$21 8m. or $1.12 in 
period. 

Gulf said the year fell 

short of its expectations _ - ■“*.■»*»—* j «. n«« uic company's drill fn e» nrn. **••• t""'" 0 cjsuepi ror newSDrint 

number of “ significant operating adversely affected by toe Govern- gramme m toe North Se? and ' ncl «sion for Part of the 

Sv U r4^ te Pn «^ rail0t “ atChed Poised ; crude oil price StiHal mdnrtta begS SI * th e sales of three £*£. 

by eammgs gaUB. ments refusal to grant “pre- year-end. ai ““ ing plants acquired uj P Wert 

While some of the problems of increases. tt added that other vr.™*?,™ Germany. 111 wcat 

1977, such as a decline in PnmnKnnpp with 9 jmnfriM rtf u- ® OrWgn 


1976 These resulted in a $490m. "Gulf s‘aid '^ploration and pro- 9 uart er $252.5m. (SSOTm.). The 
charge against 1977 mcorne com- duction efforts in Europe con- i acr ? asfi came mainly from 
pa ™i S384m -' tinned to post losses, reflecting ^?rc ,8T1 exchange gains, higher 
as a The company said it was also the company’s drilling pr£ ftHF ra ; except for newsprint. 


. . . tAme . »” Compliance with a contract of petroleum operations, primarily 

chemical earamgs,__are expected natural gas deliveries to Texas reflecting Gulfs production^ in I .. 

remain Eastern TVansmisssi on Corpora- West Africa and the Middle East Rockwell rati riffs 
irse is tion also reduced potential earn- and its tanker imprsHrttic RTrvnrf.-V T. . » 


to continue into 1978, 
confident toat our 
correct," Gulf said- 


we 
course 


ings. Gulf 


Net profits for the year totalled avereaged 592m. cubic feet a day Reuter 


-d operations, p„s ted ta-bjj .fcnj, ng 


Wyly delays plan 


i«^.- d J s, r S T> Ulc rating on bond 
i^s£«SLA°r hweH lrjt{? roationa] 
1?- * gl f A frora BAA reports 
R ®“* er . f rom New York. 

The issues are 93 per cent. 

/mc 1 e 2 ebentunffi ' due 
T 1 ?! 19 ?e 6, cent, notes 

^. Uly , 15 * 19S 8« SJ per cent. 


Wyly Corporation has postponed General Tire outlook 

final decisions concerning its 

ssnss ^sf 1 ^f roAL pr ° fits « 

illas. Tire 

Wyly said it requires addi- 
tional time for further discus- l0UTO1 

sion with senior creditors 
evaluation of its situation 

the. expiry last Friday c 

exchange offer for Its 7$ per i® 7 ®. on sales of $2.libn., against an ‘ 

cenL debentures. 32.021m. Profits per share have tn ?r divisions. debenture iinuos' th 

The company received tenders rtoekdirid1nl f0r 4 ^ *** ^‘the redia^ a reS e b fi M c “J teffiSSTiite 

representing about 66 per cent “*? ^dend. ^rehave created rent dne Februarj- IS, 1991, to 

of i ts 1 ? flnL ,i de i enture ^ ^Final quwter earnings were tion ca^ty ^ from BA . and tho ratinq ^ 

WylyV directors wJl _ meet S2T.lm, or Sl.19 a share, against and. aT a reJilt pri« 22 5?rL Cr 25?- *}?*'** f »nd deben- 


AKRON, Jan. 30. ... - ^ 

The company said the outlook fu ^d dobemures due 

re and Rubber Company in- for Its business in 1978 is, "at c?Sw Ulber ,' 15 i 19SS ' ® s P® r cent, 
eased last year in spite oflower aes V' uncertain. “Current con- anSii \ Ventures duo 
iirth quarter results. The com- car sales SSkinsr' |JJJ c ^ lt ; 


next week to deride whether to‘ S27.5m. or 31.21 a share in 1976, petition has Wn <i«5 C °“‘ t“. r( v s due May. 1. losr . of 

debenture amount on Mies of $554.6m, against tinuet 0 be, ^ ^ehlcposs Dexter Inc., wh I A 

tendered. $5505m. 4 en ‘ are guaranteed hv Rockwell to 

smgle-A front BAA. 


Reuter 


U.S. QUARTERLIES 


BALTIMORE GAS & ELECTRIC PAYTON POWER & LIGHT NABKCfT 


Foortb Onarter 


1777 

5 


1976 

S 


Foonfe Quarter 


MT7 

S 


1776 

$ 


FaorUi Qwtar 


1977 


PROCTER & GAMBLE 


1976 


Revenue 1965m, 179.4m, Revenue 1173m, 113.7m. Revenna krou J" SM * Bd Ow^o,, 

Net profits I4u6m- 155m. Net profits 7.9m. 12.1m. N« nrofih,' S^ 1 "- S 2,6 ™- Revenue 1 u*. m 

Nut no? ehflwi... 0.4R HB5I nar uharo n m n e? v ^ 30*3505. 2237m ^ l.iwDttf 

°- 57 Net per share... l.gg i S S2 E 0 ®!? lOLOnfe: 

wttjttrdwre.., li* 


t 


0^3 Net per share.. 

Yew 


0^7 


Net per share— 

Year 

Revenue 792.5m. 725.7m, Revenue 4465m. 


Yo«r 


Net profits 8A7m. 88.0m. Net profits "Mau L97bn. Revenue 


Net per share— 2.86 3JL2 Net per sbare... 


1.70 


BRANIFF INTERNATIONAL GOULD INC. 


S et profits’ 103: 

2j05 Net per share... 


Ste Momtn 


18m SP-Jm S.SShn. 3.56btU 

6 S' Sid 2S S POfl L a ***** 235.5m. 

‘ *•« NCt nor oVinPA 318 '**“* 


__ N0Kk MEttw STATES POWFR 


Net per share... 


2,88 


united technolo gies 

Fsonh Qnamr 


Fourth Quarter l*f? 1 TO FuurtB Quarter 

S S . S s Quarter 3^77 

Revenue 216.9m, 80.3m. Revenue 433J3m. 362 8m — s s 

Net profits UJta. 9.4m. Net profits 2S.4m. 2lim. Ne™S^te Revenue 

-- -o.um. zaJ3m. Net profits 


Net per share— 

Year , 

Revenue 

Net profits 

Net per share— 


0.59 


0.46 Net per share... 1.00 

Year 

791J2m. 679.7m. Revenue 1 . 6 m 

36-4m. 26 Am. Net profits 93,6m’ 

L82 131 Net per share... 3.72 


0 „ '*1 

‘ 1 Net per share... 




Year 


0.69 


0.74 Net per share... 

Year 


im w* ■ 

S ■»•••• 

l.43bn, 2.361 a. 
49.6m. 39.5a. 
1.38 l.ur 

5 -85b a, fUTbaU- 
1964m. 2 WA^ 






J 


Financial Times. Tuesday January 31 1978 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


•P 


s . ■■ 

' ' ' 

ir:i! -ru 


Stelux looks for 
profits this year 

HONG KONG, JAn. 30. 

STKLUX Mannlactarins Co xa- result was expected, as managing 
oanv, the watch-making concern, director C. P. Wong has given 
made a net loss of SHK5.35ra. several warnings of difficult 
in the vear to March 31. 1077, times— in May, 1977, and again 
compared . with a- profit of in November, when be resigned 
SHK4L79m. the previous year, as chief executive of Bui ova, in 
but expects the current year’s which Stelux has SO per cent of 
results to show a profit, reports the equity, 

"Reuter. - said that fierce competition 

There is no final dividend in the watch industry had led to 
(total for the year 10c.), whereas a sharp drop in prices. This, 
the previous year, a final divi- combined with higher marketing 
dend of 20c was paid, making and manufacturing costs, was 
a total of S$c. putting the company through a 

The loss, equivalent to fic a difficult transitional period in 
share, against a profit of 56c, is both solid state and conventional 
after minority interests- of watches. 

$HK5.45m. (SHK2.T8m.) and In addition, difficulties have 

losses of $HKlO.03m. (nil), been encountered with the rapid 
comprising SHK282m, from expansion of Stelux activities 
the writedowns of> Investments from the production of- watch 
in associated companies and components into the nuumfac- 
the fiHK8.0lnL cost of recon- ture of complete watches. 

struction of Swiss' subsidiaries. : 

tion . resuitiMifthe Textile Corp. 

current financial year, the com- « ■*■/■ 

pany said that the principal QI 
non^watch activities— property ® . 

development and banking — were By Daniel Nrison 

continuing to perform well. ■aman irnwr <tn 

it is said that investments m HONG KONG, Jan. so. 

Europe^ dLappSSnfi last DEMAND Jor d«um Is 

NWMd lddedSii it mtt diffi- blamed by the Tactile Oirpora- 
culties Jn expanding watch com- two pf Hong Kong a ° 
ponent manufacture to include unaudited consolidated 1 ms of 
the making of a complete watch. HKSS^lm. for the six months to 
The company had a retained September 30, compared, with 
loss of HK?1^2m. at the end of HK$5.82in. profit in the equiva- 
the 1976-77 financial year. lent period of the previous year. 

The previous retained profit of Property sale accounted for 
HKSS^Bm. combined with the a non-recurring profit; of 
proposed transfer of all the HK35.81in. 


Rights offer 
by Tokyo 
Electric 
Power 

TOKYO, Jan. 30. 

TOKYO ELECTRIC Power Com- 
pany plans a one-for-five rights 
issue at par of Y500 per share, 
and will also offer about 39m. 
shares at market price, Nomura 
Securities Company said, as chief 
manager of the capital increase. 

Issued capital will rise to 
YSlObn. from Y408.9bn. as a 
result of the plane, which will be . 

formally decided at a Board' of ail the debt the company 
meeting on February 1, Nomura still legally liable to pay. It. is 
said. j & good example of what happens 


i COMPANY RECONSTRUCTION IN JAPAN 



Kohjin turns its size to advantage 


BY CHARLES SMITH IN TOKYO 


TWO- AN D- A-HALF YEARS ago an SO-year-old veteran of com- the company would have paid to reality “ forced to leave,” says when it failed in 1975. The com* 



Tokyo Electric Power said it 
was unable to reveal the plans 
until a formal decision was taken. 


in Japan when a company goes 
bankrupt — or rather of what 
happens iT the company is big 
enough, and its bankers trnder- 
. standing enough, for it to qualify 
SANYO ELE CTRIC COMPANY, • for reconstruction under the 


the Japanese electric appliances 
manufacturer, increased its after- 
tax profits by 18 per cent in 
the year to November 30, 
to Y10.93bn. (£23£m.), from 
Y9.26bn. the year before. 

Sales hose 13B per cent to 
rambiL. from Y467.59bc. The 
dividend has been Increased to 
Y7, from Y6. 

* * * 

D AIKEN KDGYD, the Japanese 
manufacturer of air conditioners 
and other machinery, has 


over \ .150 bn. (£250m. at the try to improve morale. This was return for a firm undertaking programme. Shedding unwanted may occur over this period of 

1975 exchange rate). Last successful to the extent that the that the company would continue administrators was easier for time (because inflation will mean 

October, Kohjin reported a previously demoralised labour to exist if the retirements went Kohjin than shedding blue collar a real reduction in the repayment 

current profit for the first time force is now working harder and through. It also insisted that all workers because the company's burden). At the end of the rw 

since its failure ' and, next chalking up far higher produc- age groups could take advantage administrative staff is not payment period Kohjin will have 

October, its receiver hopes to tmty rates than before the of the retirement offer— not only unionised. It was in this area, been legally reconstructed and 

finish working out a plan for the bankruptcy (sales were up 15 the over 50 year olds whom th at ^ bi-gest over- will be entitled to resume divt- 

repayment, over 15 years or so, per cent. last October on the Kohjin most wanted to shed manning had occurred before the dead payments, 

of all the debt the company is ^ — bankruptcy. Kohiin's advantages in the 

Kohjin now has a labour force bankruptcy and reconstruction 

of 2,331 compared with the 3.921 same were size (which meant 

who were working 'for the corn - tiiat * P e °pl e stood to lose 

pany when Hayakawa took over, heavily from seeing It go under) 

The next stage in the reconstruc- ant ‘ t “* that Its creditors 
tion process is to operate the w £ re A t bl S bankers who could 

company for a year or so in its afford l° wait. Not all bankrupt 

new slimmed-down version and compames are so fortunate Out 

_ _ : n f h P nrnr»psc “in form an iri»» of the S.913 companies which 

becauselts basic lines of?usiness level of two years ago). Another (and who would certainly be of its capacity for debt repay- ***!?£_ a Jin ^*77*11 

fnulD^n^^SerS success was merging the two unable to find other jobs) but ment." At the end of the year ““*{£* m ^ pr, f «l 977 ti , 
chronicaUv^SSJS^hif 1 company unions which existed also workers of under 25. who the receiver will reassess f0r l7 S 

before the bankruptcy (one would be able to find jobs else- Kohjin's assets on a “ going P 61 ™ 1 *), 2 ®®- „ wltb „ 

dlwsifv iS? oraomiy t ^*ve t lo»- radical and one moderate) into where. The retirement bonuses, concern” basis and determine ^^f r %SL?JI° w ^ T ,rtp r rec t 0 h n f 
m l n h a single moderate union. worth a total of Y5.4biL, were the schedule for repaying liabili- * t 5 1 £i..“!? nwe i 5 ur l?? r 

ment had gone wrong. Those u rehabilitation law while thi 

basic lines of business do not Mr- Hayakawa 


The death rate for small com- 
panies in Japan is considered 
to be the highest in the world. 
Kohjin, however, provides a 
good example of what can 


happen when a company goes 
bankrupt, but is big enough 
to qualify for reconstruction 
under company rehabilitation 
law. 


company rehabilitation law. 


assets on 

and determine 

repaying liabili - thfinisclvps 

did not uress financed mainly through a YSbn- ties. This will provide & for the . 7l ati 2^cm lav, -*L. 
loTkmSJrmSrepreS^o-S 1 thr^roTl^offi in the P SS bank loan (repayable over three repayment of KoWs debts u l Sd^OM^'ork'ere aP oS" 
arnd Srprepe^y S two years oflhe reconstrection years) with the remainder to. but not exeeedine. the value - £ ^appeared ’’ 0ffiC * * 

flat But the company. 1 if phase (although those who t*>m Kohjin s own of its assets at the newly ealeu- The death rate for small com 


^ Kohjin’s 

exactly healthy, is a gre*.t deal wanted to leave in the first few rc ^r” a ' . *®ted * evel * panies in Japan is probably on« 

less sick than it was. The main months were naturally not dis- Although ihe retirement The assessment will produce 0 f the highest in the world an- 

. reason is that Kohjin has done couraged— and quite a few did), scheme was voluntary, Kohjin s a downward adjustment because would seem to indicate that ai 

announced a fall of 26.6 per cent i what would have been inconceiv- By last autumn, however, it was management decided beforehand part of the company’s assets (in- is non as well with the nations 

In net profits for the year to; able if it had struggled on as an felt the- time had come to cut which of its senior administrative chiding land, currently valued economy, as the figures o 


HKS30m. on general reserve A statement said the company 
account to the profit and loss did not expect a return to profit- 
accoont are more than countered ability in the rest of the 
by theHKS555m.loss.HKS13.6m. or until stocks of higher-priced 
of dividend payments and the in- raw materials were processed 
tended write-off of goodwill of and sold. There is no di viden d 
Swiss subsidiaries amounting to The downturn in the group s 
HK18-22m. activities began in the second 

Daniel Nelson adds: The poor half of last year.' 


November 30, to Y750m. (£l-6m-), 
from Yl.Obn. in the previous 
year, although sales rose 8 per 
cent, to Y95.76Sbn. from 
Y88.687bn. 
j Agencies 


officially solvent company. It has the labour force down to size and staff did not want to retire — at Y54bn.) are worth less to-day Japan's macroeconomic perfonr 

got rid of 40 per cent, of its «? e operation has now been and unofficially told the men con- than at the time they were ance suggest. Whether th 

labour force with the understand- virtually completed. ceraed that there would be jobs acquired. position is reallv as bad as th 

ing and co-operation of the com- The method was to invite for them if they stayed on. The It will not be surprising If bankruptcy figures make ; 
pany union. retirement on ' terms approxi- other 80 per cent, of senior the valuation works out at less appear will be discussed in 

When Mr. Tanezo Hayakawa, mately 30 per cent, better than administrative staff were in than half what Kohjin owed subsequent article. 


Pao offers financial 
aid to Japan Line : 

« TOKYO. Jan. 39. 

i* 

HONG KONG shipping magnate Japan Line declined to-eoxn- 
Y. K. Pao. a major shareholder ment on an Estimate that these 
in the Japan Line Company, has ships number about 20, ottt of 
offered to help the Japanese con- Japan Line's total of 191 
cern out of its financial diffi- chartered ships, 
culties, Japan tine said. - Japan line reported a net-loss 
The company declined to com- of Y5.62bn. for the six-months 
ment on whether the offer, made ended September, compared with 
during a recent visit here by Mr. a Yl.lSbp. profit in the same 
Pao. could alter Japan line’s 1978 period, 
existing plan to defer repayment In December, Japan Line 
of outstanding debt to banks, announced that It was seeking 
The company expected to hold a three-year moratorium on 
further talks with Mr. Pao on the repayment of Y49.40bo. in debts 
form his assistance might take, owed to 13 Japanese batiks - 
In shipping industry circles, it Japan Line is currently draw 
was said that one way Pao could ing up an overall reorganisation 
help would be for him to accept plan designed, to restore profita- 
delayed payment of charterage bility, - and It said that it is 
fees for ships currently possible the assistance offered 
chartered to Japan tane by the by Mr. Pao could be incorpor- 
Worldwide Shipping Group of ated into the plan, due to be 
Hong Kong, of which he is chair- completed by the etid of March, 
man. Reuter 


Agreement on costs of 
Mizushima oil leaks 

MITSUBISHI OIL Company. 20 per cent, and Chlyoda XO per 
Ishikawajima-Harima Heavy lo- cent 

dustries (IHl) and Chlyoda The acdde&r occurred when 
Chemical Engineering and Con- about 43,000 kilolitres of crude 
struotioo Company have agreed oil leaked out of a defective oil. 
on their shares of losses totalling storage tank at the plant on the 
Y50bn. (caused by oil leaks from Seto Inland Sea. western Japan, 
Mitsubishi Oil's Mizushima plant contaminating ~an expanse of sea. 
in Okayama Prefecture is 1974, Mitsubishi requested IHI and 
Mitsubishi Oil said. Cbiyoda, who built the tank* to. 

Under the agreement, Milsu- share the loss. 1 

bishl will cover 70 per cent, IHI Reuter j 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS 

Alcan AuMralm Sloe IMS 

AMEV Bpr 1867 . 

A OUT ilia; S4M 1992 ..... 

AiiatTln. m. * S, IJpr K 
Kjuclan Bank: Mpc I9W .. 

KowilfT tire 1U3 

‘ a ^i. N -. TUUw *. f Wtt 
rrsdlt Natural Slpc W 
Denmark KH*c IBM 

trs »pc wm 

Ties 9inc l«7 

i:IB s;«c 1093 

h-MI Wpe im 

ErtcsMo Hpc 1K9 

K«o soc nSS Nor 

*»i. Ufcra Paner 8tnc IBM 
uuaa%lty 9ipc »9J — 
Hrdro-Qoebcc toe 1993 .. 

SCI Wpc urn 

ISE Canada Hue 19M ... 
MactnUlAn Bloedrl Ik 1993 
Massey Ptrvuun Bi&c 1991 
Mlrtselin 9ipc IS88 
MWUnd ini. Fliutlws I9H 
N«mL coal hoard toe VO 
NamL Wctmnsir. 9pc lUf 
NcvAnmffland 9p« 1989 
Norses Xom. Bk. Si pc 1991 
•*« IMS ... w - 
Nw-fc nWfOMpc 1993 

Oslo UK >999. 

Ports -luiarwmra Cr>c 1991 
Prov. Onrtwc toe UHU 
nrov. Baskatek. Hue Mtt 
nred mJrraii tonal toe 1997 
RRM toe 19*3 
Selection Tsf. ttpe Y999 .. 
s*aBd. Ik IMU. 

SRF lK 199" 

Surten iK'dMni kik- 1997 
l ; mwa KtscuHb vn.- rtfl .. 

Volvo SBC 1917 March 

notes 

.MUlrald ftp? Mtt „,.J |u 
Roll Canada ;:»* 19S7 .. . h 
Rr. Coiambu Oyd. 7lpc SS rai 
Can. Pan. 8ipc 19U ... *#* 

Pou- toe UN ... Hi 

KCS 7Idc m2 - lit 

7-.CS 6»k 1999 y 

KKC 7*BC MBS Rl 

KEC :ix IMi ust 

TUtfO Gunttr Stoe ttq 9tt 
Ctaavrrtra Ttw: nt2 m 
Kdcknnw Sw 1993 97 

Mlrtahn Stoc IMS H| 

Montreal Urtum l(x itti 99 
Nw Brunt, toe 19M 99} 

5*w krai prw. tone ’ll 
SnUsd tope ms . «7| 

tav* »«» ftne mi mi 

SSFufe Sf - 22 

MPC 1993 - . .mu Mft 

rn 

^5S «• 

swdkrt Sato Co. w m 

TYtawr Hoc 1SN 93 

Tcwce 7 Jm MW May ... tot • 
Voiwu-aaim vjqp Uto .... 937 


ud offer bw 

BFCE Tpo 1957 IMi 

Denmark tiSsc 1W3 IBS 

E1B IBS* 199 

Grand ’-dw. Tpc l«H Mil 

HrtnhOuehec Mpc 1997 .. WJ 

ici 9 'jk mr ...» ira 

Montreal toe 1997 ltoi 

Korma Gas 7pc D59 1ft,:- 


M 

U1 

HI 

97* 

Hi 

Hi 

tt 

974 

M 

tat 

fiU 

BU 

*71 

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to 

INI 

to 

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to 

My 

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1911 
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109 

m 

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911 

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971 

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to 

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301 

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IBM 

MI 

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93 

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3 TV RIIMG limbs 
fonnauMj Kpc t9BB „ . ki 

;•*? ttoe rn* ; .7. »r 

K1B «ac UB2 ... .. m 

t-.inne* lor Jod. uk m> «* 

' iBIbtf IK? .• {Mi 
Total DU Bftt UK 9Bi 

on mcnaas ,v • ; -7— - 

«u-«9c it* m- in. 


w 

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,S* 



Norsk Hydro 67 pc Tito ... IMt 

Norway Slsc 1H3 IHl 

Shell B3PP IPS9 1B74 

Snain fi-’er UM 10M 

Sweden 6 »nc » tbi* 

World Bank «}pc 1K7 IBM 

FUJATIKG RATE NOTES 
Bank ot Tokro 'H 7»upe Bf 

BFCE 1984 7k Hi 

BSP tm ctoe Ml 

CCF UBS Snc tol 

CGUF IBM SIS tape Hi 

Crvdttannalt IBM T»K — 991 

Credit Lnm&tis UR «pe to* 
ms Bank ms ruune .- Mi 

CtB IHI Tine — IBOi 

Inti. Wansmao-. *94 719 ubc Mt 

uonda ms 7 *k m 

LTCB UK Mpc 9» 

MMknd MB 191} 

MMQaad 1BS7 T&MK to 

w® no uae *H 

SNCP ms aurspc .„.. N . M 
Si odd. aad Cunrt. *i Mac tol 
Wins, and Gins ItM :#r »» 

Source: wute WeM Sccamn. 

CONVERTnUES 
Amensaas Esorraa line '*7 n 
Ashland far 1989 .... f» • 

Babcock A Wilcox MPC 97 M 
Beatrice Food* disc MM Hi 

Beatrice FOpda Mm IMS W ] 

Rwrtam Uk UK - •<* 

Borden Spc UK « 3 

Bmidvny Bale <If»c 1937 TH 

Canwiim toe «9T ... 7« 

Chevron *k mi 113 3 

Bait 41 pc u$7 7» 

Eaitrnm Kodak 4hw MSt »i 

Rcoaomtc kata, mpc »S7 774 

Firestone Soc mt M 

Font Sue 1988 « 

Central Mecuie- 4*pC 1967 91 
gTOMte 4I0C 1917 7« 

Corfd toe Mg? ](9 .. 3 

Ctttfinil Wectern »cWI to 
Harrta toe 1*82 134 . ] 

mawnreU toe UN Hi 

WA *ac fUff - , L Il| 

Jort^o tope on z«s» 3 

£raeo «K ms lttj J 

KMjttto n« vm j 

nur KCDermoB 4 Idc v hu 1 

S* 5 

9 ■ J 

Owra* IHtWrt* 4 lBc ms .. la ' J 

J. C P enney 4igc IMT ni 

4UK ttST IBM It 

■ftWTWMli SMah to« MM 'Vi' ! 

Same* «WBB Wl it 

Soerer Rand One 1*87 „ 71 . , 

ftnibb ope to tt ; 

Tcto* «pc mo n : 

T«*fta Mac 19*3 .... IS} i 

l:iuw. CartjtdC 4Tpe «&.. -«}. \ 

Warner Vtatait Mac TO 3 . 1 

w«w Loamn-gfac w ' * 
xarae tot! _ 

Jfakbodr .innK.rtf jf 


tfashqitravellii^diienorth 

in a 7-mile wide channel at 22 
knots is approaching another 

ship 2 miles away travelling 

eastwards at 17 knots, how 

long is it before the navigator 

realises he needs a Sperry 
navigation system? 


Not very long Td say. But why get in 
these straits in the first place? Ifs unnecessaiy, 
because there’s now a S perry marine 
navigation system so advanced it can track 40 
ships in the via nity ^ within a few seconds, 
detailing not only their position at that precise 
moment, but their exact whereabouts all the 
•time theyVe near enough to pose a threat. 

They call it u the collision avoidance system*. 
You can see why, cant you? ItVa very efficient 
system that, like ail the Sperry products. 

Their computer equipment and business 
systems at Speny Univac. Their agricultural 
products at Sperry New HollancLTheir fluid 
power products at Speny Vickers. And all their 
consumer products at Sperry Remington. 

Chances anyone of theirsystems could 
improve one of yours.To find out more about 



Speny Rand Corporation and all the things 
they make, tick a box or two, cut of F 
the bottom part of the ad and send it to the 
address below’: 


Please send me information on the following; 

: Computer Equipment and Business Systems 
-_ Guidance and Control Systems 
Agricultural Equipment 
. Hydraulics and Pneumatics 

Consumer Producrs EZ Annual Report 

Sperry Rand Limited,7S Portsmouth Koad,Cobham, 
SuneyKTlIlJZ. ' 

N ame _ _ 

Position 


Company. 
Address 



• > 


> 










> * \r~ 


M fhe Hungarians of Transylvania • By PAUL LENDVAI 


Pe„_ ,^^ es °f Romanian nationalism 

mhiish.L become fmue to iamnw. th« _ . 


.: « 5 SSSo?^ 1116 pr ° biem ” Mr - ? 0 fflciai c ?“ sti< ?' i7a -- ^rdi„ s 

fl Eurooe T S at1 i°" al u rainon > in peoole^nf w* ° f baDdful of •***®atea well* over ^FurSaS 
. ^M,%3i ll !|£ ope * the *: ,w - Hungarians in E? ,{L of n I * uns ? nan “traction “ore, thev are nart~of a *Jfo« er ' 
; ^ - *5?*; n “iL 5 rat * Mr - Gyula 0 ., tll . e ^panian leadership whose state is! direcr Lf^v? 00 
f ir S l5, me latest living £1^,1 5|} resigned in April 1872 of Romania iJrMmt “-if ¥ bour 

. Hungarian poet in a Brnfanad frora aJ l his positions and th« Dut not least. 

EY IMVIfdaily, MasySr Nemzet. S a ft »” ■’“bUc Wtt"uXlfi ^ipfcTnJS" 1 , e ’S? 
passionate protest against the ^ lsn I atioa was overshadowed toruS clSim? nSjw 1 l< L t *S ri - 

j£““3SSK^ & sag 'V s-Me^f^'Se 6 

fts’syss ST,srt“s: 

jS£® fo £ jns V? country by name, he Ef ason . bo th for his disappearance that 3? 0 P f ?l fore 

about “ a policy of ?°*P poUtical scene, andf or part of HunS??* 1 ** had been 
f®? of apartheid practised aaainsr J sun u its neous puree in Tir^m Th*> 

ft'dfUIrtni The two articles Mur ® s * «1*1M of aether ngu£ Hi^ariai JuStS*! £ f **» 

.t w the Nwere generally regarded by the ,n . Transylvania, also inhabited go wSi SJ5*“ Romanl3 
jBut th e ««nsanan public as being P^martiy by Hungarians. bilateral SHi. pureIy 
gards nefU reeled against Romania. S The entire issue has „ r* the ASsfr«^? nea H^ C » Iapse v 0f 
4ous to P„ The plight of Hungarians in been largely overlook^ SLOT one in ih«^®5SS,5S5 r ^¥: 


“ «= rtho^SS * E nS n theTare A n» 

Sipte- t M o r « ? r e „Si 

^ , w ^ e .£.°?. ,an,an . ^““unlst Party, or Germans, according to t£ 0D W som e JOm live in Hnn«f£ 
Kissels Boj n the Romanian leadership. The latest census in Januarv 1077 Proper. His estimate nv!? n< ? a, M 
jrujg 19 7 jex t *j> sl eaked a Tew days ago J^st under 360.000. whicT'wM be exaggerated. But^h* fart 
f8t traded? . foreign correspondents in 25.000 Fewer than m=a - was remains that L5r_ lac ‘ 


lest census in January 7 1977 , was E ropcr - estimate maywell 
stunder 360.000. which waf ? e exaggerated. But the fact 
.000 fewer than in 1950. La«r r £P 1 ? ,ns that even according ro 
ar some 10,000 Germane official figures. snnio Rnn Ann 



publishing houses and theatres. 
This in turn is .slimmed i'll > 

Pres. Ceausesca 

, are deprived of tinlwrMiy an.s 

- — „ vocation sehoul ifftieau.-n »n 

flT if AlTlflllia* their native tongue and L'O per 

Wl “wMiflllM. cenL of the school children j-i 

not even iearn the .ilnhahet hi 
^ — -I- . Hungarian. They are given ft:-*- 

eacn COllllTrV tori* books which rlescnhe 

J ancestors as “inferior inesnvir-." 

The tneinnranduiu presented 
flprirlhc fha by Mr. Kiraly 10 the Romanian 

UCLJUcO Ulc Status leadership is regarded hy Ihc 

frungarians as striking prouf of 
- , , _ the growing ferment ip Tr.tn*; !- 

fly f|1|) nahnnnt vania. The situation is clO'**',' 

W* UIC IldUUlId! watched by the Soviets. The .:««■ 

tudes of the Hungarians, j 
. accounling officially for s per 

minomies in ccn1, ° r ih ° 10131 p°p u,ai » nn * ha< 

always been seen in the Krvmhu 
as the poientiai Achilles Hee; ni 
ij-Q horrlarc* ’ resurgent Romanian natinnalisrn 

HO liuiuers i Afie- all. President Ceaiw-cU 


tory books which descrihe tries: 
ancestors as “inferior inc:it>o: «>." 
The meinnr.induin presented 

L.. Hr. 1.-: C* v. 


Financial Timi's Tuesday 

1 "tig 

A 1 : IX A 3CIAI n M ES StS 

WORLD OEFENi 
INDUSTRIES 


llUII^UiiUiia klH Jll 111111^ 1* ■ ■ ■ 

the growing ferment in Iran*; !■ 
vania. The situalion is 
watched by Ihc Soviets. The eft;- 
tudes of the Hungarians, 
accounling officially for x p»*r 
cent, of the total population. h.i< 
always been seen in the Kremlin 


ft" Ki ^i -ho was year «e io 5 » cSSS ““official figures, some 600 000 ~ 

tondend ^ several rare first party allowed tp leave, aodlnar S H “W" a »= 'ive in Slovakia ■ 

The fall „ cr l tary th ? Covasna region recent visit of Herr Helm?.? some 500,000 in YueosIaCi? ? 

.ead .ovMariJ”"^ 301 ®* wfa ere Hun- Schmidt, the Wesf^ Geman wave of aSgrisiv^^unsarion * bndge" between the 

sss'a.s.jsw, si |“? e jssji &*• ; ~ 

r. faff in " it® ^f. Ven ,l' , . the ^uprem= » ere. Acrordtal to G?n?Jn POwIog pressor.. twS of “oh oflte 


— VP • A ■ i ■ ■ h 

always been seen in the Kremlin 
as the potential Achilles Hee; »1 
j+o hnrfiorc* ’ resurgent Romanian nationalism 

HO liUlUerS i Afte- all. President Clmiw-cuI 

himself has built his policy nf 
independence on the priori tv nf 
the nation as such. Mcanwhi:.\ 
the case of Mr. Kiraly. who is 
®jres have not yet been carried a Iready understood to he s:sh. 

^* e Romanians are jocted to disci oli nary proceed- 
r. r f®®iig . “® ir feeL The treat- “Ss, Indicates that the argument 
the Hungarians in multi- works both ways. 

Yugoslavia, and *)ip It is str^«sf>d in Riid.ini':- Ih i: II 


iEuii 

m 


}Y CHA 1 

-3 EURC 
• rTfie (EC 
dtcations 
iting to 
i is on t 
Pting a 
i, seven 
remain 
pnal ins 
public 
been a 

I ilIand'B 

■mene 
terdam 
ro), Ce 
irlandsc 
: will i 
Ur. SI 
% direc 
ms C. 


■ ,e incl 
, ; -Banal 
I ! to be 
1 ’s presi 
\ r the agi 
i 'intinuir 
i Sommer 
•• ..erestin 
•'. Jierson 
' [hant b: 
'* and 
fliso be 
jji own 

!Lwe 

I pie Ar 
,iUe Ass 


f u nga rians are** *"d iscriminated > T . , , Kadar ^ ia J >* brSJ S S %U°°xg% 

S°£^r P ‘° 5 “? Neighbour gSSBSJf was SH'Ft 

waSSSS = 

y^number, a,corfir ns , 0 BomMia) IWgstaj 


infinn .1 w ““f 4 ™ 118 ,n muiu- wunss ooin ways, 
fmi ajiin ^“Soslavia, and the It is stressed in Budnoc^r tTi.it 
^ ^eedom of the articles of Mr. Illyes were 
peatedtv 11 re ' Published without any prior 

examDiJ t£ en « oned - 38 311 P™ 7 ®! by the leadership. ") <•! 

rades P «;hm»M ^mST 1311120 ,be f3Ct tha t the latest issue nf 

RSSn&J? 0 *- , “ Magyar Hirek.” a glossy weekly 

"e < t fni.oh° i?i? i 5? 8 . - —y. t^t the With a circulation of 100.000 jmh- 
thus also the 3011 *Jf hed for Hungarians abroad hy 

represented accordm^t^Vi. 3 * 6 the - wor!d Federation of Hun- 
proportional streneth 1 at sa n ans in Budapest, devoted an 
levels of the ct,! 1 e . ntire , pas f t0 extracts from the 

organs and the nartv hnSt-rt ? sensational articles by the great 

ta-t&WiSSyiS a P M L bard,y bc rreardcd “ 



Space 



^ hen y 1 k i !'i (. i landed on if 

oot-veci coinnicinds ror.-ivnd 
7 ,th tlio holpof cH { NKC 
uev]C€> . So today wo kaovv 
mucii more rdx>ut tliat 
mysterious planet. Not. f jiiite 
so romantic: ye f also of preat 

impor- 
k.mce lias 
i 'oen 



Savants 

OZIOO; 00:00: r-' 

^"in,'mi 1 'dtio,, Slin ,|, 1 1 1 r ■, ] 1 1 . in.' ' '• tv, ” ww 



, major 

ox f ,and!mj tl ie l)ou ndarios of : 

_ k novvk'M Jqo. 

(indincj oul is unlv f ho firof .o ... e i- 

I pK ] rN ^‘^ AT 

T'k>c. , f, . Vpc ,' i ' 1 ' U - H ■ ‘NLC-ni t idotr«iisf)oiHlors 


or m<in' 


, < K*und F 
; •! •; net i 
! i J-6’s Fr 
>5 if cai 
(vjjed fw 

P*| holt 
1 }.e rosi 
|;i.- ^04.5 
‘jiUcpectc 

4 |ii for t 

VJl be 

5,; f anno' 
-976 f 

*’ ' innl 


'inpufi -rs 

l ou i:!K /kt nphtiv cr >n sii j.- . r .1, w a. • 

1 :iii! !i ^ '' y ^ ; — 'f t ■ ,,,, ,.i' v d : ilN( 'i'ddxhdd' NK - bo.o. >o 


• i; ui ui,ii<jij(j kmnvlfs 
upira! ol 


y r " r ‘ < lui j a :a !<•;(' 


1 to < tiscovi ?ri up vvlial's 


l.,OV..,v,^W, 1 ., W^Ml.sleate-t^w WlO 


” vv <liK ‘ fo / 1 , 1 , 1 r 1 k i n . 1 


-nl < ■« > n I i fine one 1 It -ssly. 

Spreading the word to the world. 

Nipimii f Icrtfic Co in! 


[( , 

vt= 


\u 





The Financial Times prufuuf«t to 
Min cy »n World Defence indu&trt>^ oa 
1 *f, IWA The provisiomil editorial avuniSf 
mi nut 

Despili* allempls by sunie countries fa if 
spending defence remains one of tbr«nr&S 
hi^iiest indUhfrie.s. adlcctivcfy acronowZf? 
iiiulays of well over $aot) bn. a year. oS a *® 
f»»r conventional weapons in pnrifam| ar * 
iinues to grow, tspevfallv in the fnnuriHi 
the nurd World, and iherc is tiers* 
petition for these markets. ^ 

Editorial comment will also cover; j 

THE BIG BUYERS AND SPENDER 

THE PRESSURES AND PROBLEM! 

I IN NATO • 

THE l .S. POSITION 4 

THE W ARSAW PACT 

THE STRATEGIC ARMS 
LIMITATION TALKS 

THE MIDDLE EAST 

CHINA'S GROWING ROLE 

AFRICA 

NEW TECHNOLOGY IN DEFENCF 
-N L CLEAR WEAPONS 

NEW TECHNOLOGY IN DEFENCF 
—ELECTRONICS i 

For furllior information on this SB ru. v ami 
dcimis or adw-rtisinj! rates please ciintart 
Nieholas Whitehead. Kinaneial Times. Brack™ 

fe^' 55 rgr?i,rB,s,ss 

FINANCIALTIMES 

EUROPES BUSINESS NEWSPAPER 

Th " . .irira itar,-. ..f .... , ... . v { 

■ir. MU., I M ,,, V JV * 


■1 


■ — — — ■ t 

CONTRACTS AND TENDE RS 

KOAKI) FOR ~ ' 
AuRICl LTl RAL PRODITk 

invitation^ to TEsSin 

to** AyonmJStff'of ^, 000 iMnSi 5 !? uh ,p,1, , J :inH In' 

marked . s . 0 f 0n Il d - h: ‘ nd double jutenJek? S r . x ? ncw ur ^ 
marked A Food Aid Gift «.f .u , ■ Xhe faj S» linuii tn 

consignment is destined as riLi v - 1 n J u ‘ d J ' in ^Oiu.'' Tht 

sflisr-*"- ,otai at isuvism 

ust ^be d aifbmftted ^J^BSST 1 Pr ” dure - . 
February . 197S. to: auDmmed b > ^ noon on Tuesday. 7 |U 

Highga^^Hill,^L<^ t |o r ^j^j 1 j? 1 i|^ Haml^-n House. i 


legal notices ‘ 

■BRIXTOXI LIAUTKD »IS VL S ® RW CES «' Ihc Manor of FE n nT c Tl'"* f t; 

“'The Ctomp^cI^B “J* “ Mailer, LIMITED ,S ^ " 2 “ •'■VESTMENT 

notice is w ■ coni M nic 5 a™ i«e ,hc iIa:rfr * n« 

Justi„ “» Win. Court of named a U m2if& u " “«»«* '«b- abovl 


/LL n S n °[i I c U “ , 1 J d S ™,- .V 0 "*™ 

■>npo«. ih,- 'jnrtwrt w.JSS*" 8 of ^ 


m wSSKV* Ihv ,la, « 

•nat nurbotfa- ..a nri vuuna-l fni- 1 T 11 11 l- 0S*y nf n„, ■ .’ n al pttreotir 

polurrs. fi j i 1 «* ! s it «v. 


POLIaARns. 
j’J,"- u *f“M sin« 
?S? Bn W1R IRD. 

'“■r.: KM-Cn Kip) 

T-- • hi - 4.19 s:im 

^licatorsfi fur Pr!ltl0n , r 


BPfcJSf**. 

Aaii'RH f.lr 

* co 

“•*r, in ik. h*,. 


L’ ,;* . 1 ,.,;' i-™ irs Sr-wsv.^lLr- ■*«**•-- 

I - * >*f its.t'ifa.'was 


■ 


APPEALS 


llff P?S= 

S —> SMS^Ha 


ART galleries 


CLUBS — 

^ IC 9 r^^ 1 ' _ », 

r OT Johnny t a-. ■ 

— --- .v wl d ; 

’ H * CR tftT ■M t ta2 ORUN ’w '•• 

• - . "'■•"'San. j>. 


fOx CA u» M V» W - ”*i - 

'•" j * i., JJW|; * ■‘•'.h.ti*.! or t w 

i'KMw , ’V?!*- Cturlr >hNMt. 

. t>A„ y , *[,’** ?«*. SIS’ 

Sf^-«r A S K ** -a . 


gourmet 















Financial Ti^ Tuesda y January 31 1973 


Farming and raw materials 


25 


mo 

the 

sho 

fori 

pub 

dec. 

sho- 

prof 


Attn- 

•Alexa 


India may 
review t& 
export cur* 3 

the ** w “®uii. ■****. 

•BsSr^nJsr&S' 


Emergency action to boost 
copper prices urged 


asst *• -as 

to SjJSfti® flnan^G 


about 


BY JOHN EDWARDS, COMMODITIES EDITOR 

V to i EMERGENCY 


Ando- 


h 
O 

■BAT »tl 
BTR a 
Birrai 


•Brit 
■Brills r r 

•Brawi ff 
■Cirri 

r 

•Come g\ 
ri 


MEASURES to if a number of producing coun- last week. A declinein LME 
„„„ a ‘‘moderate tries could not unequivocally warehouse stocks of ^1.973 tonnes 

recovery in world copper commit themselves to • partici- reducing total holdings to 
aen,n. 5re. ces »,^ ere UI ‘ged yesterday by pate, provided that they did not tonnes has helped stop tne 

Thiey 5^,) indi- f <- orts McIntyre, director increase production immediately decline lD _ v alues at least 

already tofaiiol? tflos °f Unetfad’s commodities divi- after anv improvement in poranly. But it was pointed out 


f^eady totalled ahnii/ioinv t ! ‘<w ■ u “«rad‘* comm 
J«£«n AmI ^ the openin 


Anri njrt'P u ^ 4 I *, — * «'■ uKClikiig session of prices,” he added. 

. , a “ mter^ovemmenlaJ meeting if a sufficient number - - ■ - TI _ 

c £ wSKffV'ff 1 ^^Z^JSSTSUSL SSTTf l0 m?v e es U by m ib a e \?S. 


that the stocks fall is attributed 
0 f merely to the switching of some 


Co run 


B%. this 


id 


international copper agree- a t the present meeting to takek tion . I ?,°'! t es tn jjLJJl e Jt™ 
*. _„- h „J; pr ^p nrv action, a soecial Administration to impose extra 

i--- -—waCTm, vlew^ } /SK ,:,!,1 "i. Mr - McIntyre pointed out that inter - governmental meeting ^JP'domesti^produ^ 

in * on exports ° jin real terms copper prices last could be called to work out to protect U.S. domestic proauc- 

exports last *•« >* ^eir level details. Mr. McIntyre suggested. f u when 

^Om. talos but the 135S - «d the growing _ TC - an increase had been forecast. 

- U.S. duties also boosted prices for this metal. 

“ ■ topdCt on cert!Un Mr. MclntjTe said a possible Standard grade cash tin rose by 

alternative would be to intro- fl4i.B to £B,lS5 a tonne and 

Sg ?V?t^ jKVJ* su Wested voluntary supply 5X4"“®} “fi^dSHg SSoWSTfeSt 

£.**“ --"sssa-g ffsasfffe 

ige 1 per cent, reduction 


year to ensure jmpfl> v 


?£$ Aftei a H lest | c atv£labUjty. C ' ! developing countries dependent 

p’te ®»n,5f?“is. are expect !°!° n TOpper exports. 


Decra ^oaui •- world market 
•g«wa f- Tea prices fell a litil* at| 
Estao iPortecaterday's ” ' 


worked 
an avera< 


Estaa iportecaterdav^ T - " „i D n Un ‘ per .? enL reductxon But this approach would not Covering of previous sales also 

vidend Si£ jm tn n . aU Tai SLuT*!! , supp i ies of «>PPer get t0 the roots of the present helped rally lead and zinc prices. 

I0P ch*»kf ?: fonW lead to a 5 per cent rise T^aoer nroblem As expected zinc stocks rose by 

mSse, ? a ,£ l ° wlu, e medium r-j^Hd leh market price. copper prooiem. .. '-•>*« 

£e^ t0 135p and P'aio 4p to S* * 

GUleti tVorkii 

wool 

Fin “dlshoi TrvfUl 

-I-PTm. „ 


E; 


uue r uiuu icm, - * ^ v—r* - • y — — — -- - - 

Copper prices on the London 1,850 to 65*825 tonnes and lead 

“As an emergency measure Metal Exchange were steady by 750 to_68.075 tonnes. LME 

such a course of action would yesterday but only slightly above silver holdings fell by 50.000 to 

probably be worth taking even the two-year low levels plumbed 20.lS0.00u ounces. 


r 


: THE 
‘avera ^ 
. house hr 
[ is onl f is1 
: tag b 

publl: ft*' 

| Pec y 
wouic :it 
frid ol jj 
•ing I i? 
bulk | 
bill t i- 
wat r “ 

nc iL 

natioi 'd 


Bad weather hits U.S. grains 

BY OUR COMMODITIES STAFF 

•■J^iSSSy* THE SNOW STORMS, and cold for. spot grain supplies at the In 

j" overseas ° f purdfases 'V S weather, that has swept across U.S. Gulf have, jumped to selU 

if. . _ Murcnases Ot . e «i._ T t r- i ...nme4tu< nramnim 1 Danin Mta. futnrac WITh 


^support credit 

^T.03ra WELLINGTON. Jan. 30 I 
fS.HE NEW ZEALAND U‘«lj 
Of t p arkehng Corporation has mV 1 '"- 


the Mid-West farmers’ grain 
selling has been brought to a 

. much of the U S has aggravated premium levels over futures virtual halt in some areas by 

Mr John riirfcp th B r„rn,in. - rain transport problems— quotations as supplies face diffi- impassable roads and closed 

ion's" SuSa- S?i?m?n e £?,7*,S already hit by the grain elevator culties in reaching ports because elevators. 

ion g aetine cha.pm™ “ of frozen rivers a shortage Because of delays in getting 

Grain dealers claim that prices of rail cars. grain to export elevators, vessels 

. at the Gulf are having to wait 

an 'average 7 — 10 days before 
starting to load, compared with 
the normal 4 — 6 day period, ex- 
porters reported. 

Rain and snow at the Gulf and 

BY JOHN CHERRINGTON, AGRICULTURAL. CORRESPONDENT at Texas ports have hindered 

efforts by the grain concerns to 


Cocoa price 

decline 

halted 

By Richard Mooney 

YESTERDAY saw the arrival 
of the long-awaited rally in 
London cocoa futures. The rise, 
which - added £41.-50 to the 
March price, ended an un- 
broken decline extending over 
12 trading days which, by 
Friday’s dose, had trimmed 
£170 Off the March position. 

Bat traders said the under- 
lying trend remained bearish. 
They attributed . the advance 
purely' to technical considera- 
tions noting that there was no 
change in the fundamental 
situation. Manufacturer buying 
was still conspicuous by its 
absence and the main reason 
for the rise was the lack of 
significant selling as specula- 
tors and traders purchased 
cocoa futures to cover earlier 
sales. 

Some dealers said the rise 
may have been encouraged by 
market talk that Nigeria bad 
applied for shipment exten- 
sions on some cocoa contracts 
and that Ghana was also 
expected to seek extensions 
because of a shortage of 
steamers. 


FARMLAND OWNERSHIP 


Zealand wool. 


tion's acting chairman, said tlw 
first amount was expected to l,,; 
drawn early next month ji a, 
rate of interest oE S5/16 per. 
cent. 

The facility is being provided 
by a consortium of banks and 
will be managed by j. Henry 
Schroder Wagg and Co. I 

On December 30. 1977. the! 


Secret of a super cow 


Reuter 


corporation was bolding 281 JW IN’ ONE LACTATION, an to her in the field without her Joad waiting vessels they said, 
hales of wool in Its stockpile.: American HoUiein-Frlesian cow moving on— a characteristic he Also behind the delays have 
wto having opened the selling seasgoi- Beecher Arlinda Ellen” pro- has noticed in other super-yield- been explosions at elevators in 
-.TSh with 103 801 bales. 1 ducod 35.000 lbs of milk, a world ing cows, and which is a definite Westewego, Louisiana, and Gal- 

tf : Mr- Hugh Peirse, corporation , record J'fid fire, times the result of good stockmanship— veston. Texas, which had an 
"ten$ managing director, said if 1 jverage for U.S. dairy cows. The treating cows as individuals, estimated combined • shipping 
kin <5 t resent trends in the wool; reason for this, according to Pro- considering their everv comfort, capacity of 850,000 tonnes a 
afit! market continued the entire . fc*«or Jack Albright, of Perdue and controlling their total month. 

credit facility would be needed j University, speaking, al a con- environment. The shipping delays at the 

ference organised by BOCM/ By insisting on good manage- Gulf have already * prompted 
Slicock was divided between ment. the Professor struck a note Soviet Government officials to 
jood conversion factors for food which is of increasing import- hold a series of meetings with 
consumed and good tempera- ance in Britain to-day, now that U.S. grain exporters to discuss 
men t the cost of putting a cow into the problem. 

Arlina Ellen i? an aggressive a dairy herd has risen to nearly In Canada, similar shipping de- 1 ate world net imports from 
feeder, eating at the peak of her £500 a bead. lays exist. Extremely cold ! exporting members at 55 m. bags 

Whether his recommended weather has caused rail trans- 
problems. resulting in a 
' vessels waiting to load 
Vancouver. Canadian ex- 



U.S. EDIBLE OIL 
DEAL WITH LYDIA 

NEW DELHI. Jan. 30. 

India will import 60.000 tonnes ! dictation a daily ration of up to 


Coffee shrugs 
off early fall 

By Our Commodities Staff 
PRICES FINISHED higher 
the coffee futures market 
despite . a sharp early decline. 
Signs that the “ squeeze " on the 
availability of coffee for delivery 
against the January contract, 
which expires to-day was easing 
depressed values in the morning. 
January coffee slipped to £2.021 
a tonne at one stage and other 
np"- u v positions declined in 
s- ithy. March fell to £1.713 a 
i tonne. 

Buying Interest quickly re- 
turned to the spot month, how- 
ever. and the resulting rise was 
also reflected in other positions. 
January coffee ended the day 
j £32.5 higher at £2.117.5 a tonne 
while the March position ctosed 
at pi. 753.5 a tonne, up £20. 

The International Coffee 
Organisation estimates that 
world coffee production will rise 
to 6S.95m. bags (60 kilos each) 
from 66.98m. in 1976/77, 
Statistics prepared by the 
organisation's secretariat for 
last week’s executive Board 
i meeting also tentatively estim 


noii need here. 

Tie purchase will he mainly 
financed by a long-term loan to 
repaid over 30 years 


'against 52.9m. in 1976/77 and 
60.2m. in 1975/76. Total avail 
ability of coffee (exportable 

production plus gross opening 
stocks) for 1977/78 is put at 

i according m Pmfes-or Albright. Britain is not a good country for At the same time the severe [ 83.1m. baas giving a net avail- 

her tempera ment. She has making good-quality hay. which weather has raised doubts about 1 ability of 79.6m. hags after 

minimal *■ fiiahi distance.’* that is perhaps just as well, in view the forthcoming crops, with the | deducting working stocks of 

. is. 3 stranger can walk right up of the current milk surplus. threat of floods 1 12.5m. .. 


- suit* Of soyabean and cottonseed oil ; lbs of high-quality hay and feed system could be adopted port probl 

■ = worth about S27.Sm. from the 1 70 lbs of a srain ration and in Britain is doubtful. Crain backlog of 

U.S. under a PL4S0 (Food for ; drinking up to 30 gallons of prices in the U.K. are about grain in Vi 

* ■ - Da«aai . _ r..»* acati mnr.j t m nnrfant Hnrihlp fhn«p in rhi* 77 5s nnrf nrtrf entire 


Peace) agreement it was an- ; water, but. even more important, double those in the U.SL^ and port soiirces_sald. 






first 

and! 


BY CHRISTOPHER FARKES .. 

WE HAVE SEEN consistent economic .superstition ‘‘The . A£*p tlie , c l ia ^- e „ n tfa f,^ r .e 
evidence that once financial price of land is art ifici a ll y high, institutions had ^buyl 

institutions buy; then' they do declared one fanner. -And the and setting fa ™f 

stand out as people willing to City buyers were responsible. for profit, the conunitteepointed 

back up 'their original Investment pushing at up. Cheers.- 

with further investement. M That -Are you suggesting that. we longesrof la 

was how Lord Northfield. who is should interfere in the free 
concentrating mainly on the ma rket for land?*’ asked a voice 
pension funds’ and insurance from the comziuttee bench;. . The 
companies’ tactics in the farm- hall vibrated for a good three 
land market, countered charges seconds with the shout of ** Np.“* 
from Lincolnshire farmers that Well-tested complaints proved 
the new instiutiooal buyers “bled gg popular as ever. u Our- biggest 
the land.** enemy -is • land nationalisation.”* „ __ 

But- farmers do not give up Even chestnuts as wrinkled as safe, secure income that 
their cherished beliefs easily, -this roused appreciative 'mutter- increase, it was -argued.. Lane 
“We should do away with the tngs .» ... ■ Ideal, but by its.- very naturi 

myth of institutions bringing vast -Land owner sh ip by local could form o.niy a small pan 

sums of capital into the Indus- councils is pseudo-nationalisa- the portfolio of, say, an idi 

try.” one young farmer com- ^ QU 0 f land." •- ■ ance company. Initial rew 

plained. Most of the profits were There was scarcely a. thought, were very low— sometimes « 
drained out of the land into ^ geeins, for the appeals, "let 2 per cent. That was as. goo 
pensions and people’s insurances, alone the feelings, of the reason as any the. instituti 
he claimed. sprinkling of smaller farmers in .might have for limiting ^ 

Lord Northfield’s Intervention the audience' who looked on amount of land in their porfeu 
served to stir up fresh evidence, local aotizority farms and small- g ut suc j! reasoning set 
however, from the more rerep- holdings as the first rung on ^ ol y to attract charges Jrom 
tive areas of the audience. Other the. farming. ladder; farmers that fhe committee 

farmers there, mainly men 'One of the early Ypeakers was, already made "P its mind al 

the institutions. And to be 


Straw poll 

The institutions seek, 
hedge against inflation 


managing estates owned by the 
institutions, insisted that the 
“ new " landlords were generally 
better investors than traditional 
owners. * 

Neverthless the loudest “ hear, 
bears ” came, from those In the 
audience who attempted to 
articulate the deeply-embedded 
belief among traditional land- 
owners and tenants in rural 
Britain that the stewardship of 
the land and the right to farm 
it belongs to them and them 
alone. 

“ The institutions will 


Lord NortfafleliTs committee 
charged . with, investigating 
farmland ownership in -Britain 
bblds . another public meeting, 
at Cirencester Agricultural 
College to-night to collect 
oral evidence from farmers. 

Christopher £arkes was; present fanning public, find trying 
at last week's confrontation In> assess their worth from < 
Spalding, Lines. ad didnees’’ response. 

: - ‘•But.” be could .not 

adding. “ most evidence read 


much of the comment from! 
panel took the' form of a defi| 
of these -new land buyers. 

. However, Lord North fie I dl 
stated that he waspnly tryin 
-do bis ■ job, putting thotzd 
propositions' and .theories to! 


one such; who attempted to os is that the institutions ard 
i„r not monsters they are made 

have the same sort of paternal tioQs °® b!s position. to be. ». * _ 1 

interest in the state of the land 3 small cpuDcil. ftffTa -apd m Mturb way mAfLOt fhe 5^ 
as the private landlord.” sug- 'SjSHai ? 1 * '-ufJSntmSU to of : C*pits3^Trtpsfer 

vested one aggrieved voice. * he la ^ d . er L , 1^5 on t 

“Institutions are not like con- . JJJ. J® speaker, had, saom^eommei 

ventionai landlords,” complained make about 1& dteKritttive ec 

another, making up «n volume 00 fanns and : the fortune 

for what he lacked in lucidity. . coming on to the market nowa- families. Xhe comp 

There was even a blustering “YS- • , w attempted *'strtw(fMl. Onlj 

voice describing the way institu- ■ It seems all of West ^orfolk ^ ^ 20G-odd farmers in 
tioos were beginning to act as has. been taken oyer by toe audience—' * substantial bus 
the agents of something coyly institutions, - he said. men," as Lord NaCriftfiSld dt 

■ " Local -people could not com- A 

pete. Often fartns bad been ^ 

offered, sold and token over by 

the time any hint of a trans- ST*. . 
action filleted down to him m ni 

. | . This and similar co mplaint s, p ! 

But then, as one disgruntled however, seemed not to ' 

contributor noted, the hall was the Northfield -'panel. Had, h ot- 7“^' *'• 
largely filled with “fat cats.” the smaller farms increased ra^arne*'- « .eHtooUfened 


described as “the proletanat’ 


Fat cats 


Most were big-scale farmers, sit- price more nr 
ting on some of the richest land bigger farms, fa 1 
in the country, possessed and institutions? Ani 
haunted by the notion that they again ;oot slow 
were being done down by a dis- tbe.ffo or that i 
criminatory tax system, and laid in the area had 
open to unfair competition from auctions large' 
the faceless giants of the City. . farmers . bidd3 
The atmosphere was thick with local fanners. 


y than ^ |S Wi,*®! 

jred hy the systems fiad thefF itfr« 
evidence was His family, : for .^vdinple, 
frrtpf.. managed to get into tei 

prices' thanks only to . the ^mpa 

attained at' death duties on *13 '80.00 
estate. At the' dtspersa 
father hid hdughf^a n 
acreage and had since proa 


L B) COMMODITY MARKET REPORTS 

BASE METALS 

Poole , 


.\riernocii; Wircb.irs. U>n.v mouths 

OBJ. 5 . 3.3. Cjshndvs. rash ai9.3. 

, ER— Steady oa the London XMal Un.r man'hs UTt. Ki-rb: Wimbars. three 
use in routine tradtUK. Ahhoush nrarbs aw 3. *?. 
its was firm, shun catering was Du— Firmer wnh lh»* lunrard price 
oil 10 hold prices within a narrow =i'-a mnial impetus from the nsc In the 
■ . ... ... Forward metal moved up Irum F.a*.nj market over the week-end and 

Wfreki 'W» to saw pre-market and then staled '*<" deeliiK in v arehause stocks. It 
1 ilr-'-t; vo and that level for ihe rest of Ihe day. 

I rurutv-r. M.253 tonnes. 

a. in. ‘ 1+ nr i*.in. !5+*>r 
1 C'fflcUil 1 — l n->niel«' — 


Redbri: 

Thurrc 

Thurr 


W.-UIIK ■■■ 1- ai' UU.T: 31V. 1.9. I, 

waned at £6.(T-0 and ro ached 16.090 on 


oppf.b i 


Tl\ 


n.in. 

I ilTii'Inl 


.+ .ir iuii. ?+..r 
’ — I'ynlTii-iMl. — 


file, c 1 r 

Sib?!!? 1 ? 638-.S -el 629.5-30.5^2.26 
3 raoti’hi.-l 641.S .2 t2.75 645.5-44 +5 
yfetrrm'nt' 628.5 -2.6 — | 

Cathodes 1 ! 

5m^Vh«:: ; UUA >?'’• 8 HB4 (tw 

dsttl'm'ob' 618.6 .t2.5 - 1 . — -' ,W ' , - T k. _ 

L.iSmi.. — • . — . ‘.hon oiVcrlns in a rb In market before 

Amalumated Metal Tradins reported L'lhnu n^ck lo £8.0113 on hedge selllofi. 
that in the mo mins cash wwvbars traded 'he aftrnwnti coveruig asainst ILS- 
at £828. three months £M2. 2.5. 2 L3. 1. bniinpa look Ihe price 10 £6.1 J>. The 
I. 2. Kerb: Wlrebars. three months {M2. QJck^rdaikin widened, mduems protco- 


Hieh Grade *■' ' £ r ' £ 

1 .... 613-3-40 + 1 15 6180-90 + 147 

5 in- o:.,.. 6030 90 1M 6100^20 + 110 
^•U-s.'i.i 6140 1+115 

Standard, 

l«li _7 5134 8 *116 6180 9» -147 
5 in, nil,... 606570 -■ S2. 5 6090^100 + 112 
!»ni«,i.. 6138 ;+ 113 - 

21 - i . — 

.... -538.50 ' 


AND PRICES 

live coTi-nns. The close on the kciti was 
£b.113. TnrooTer. 3.013 lonnes. • 

Morning: Srandart. cash £6.150. 10. 37. 
3S. three months £6.070. 60. «J. 70. 6J. 70. 
High Grade, cash 16.140. Kerb: Standard, 
three months £6.070. SO. Afternoon: 
Standard, three months £6.100. 10. la. 03. 
10. £6.100. 10. 15. 10. 05. £6.100. Kerb: 
Standard, three months £6.000. 05. £8.100. 
10. IS. 20. 10. 

LEAD— Gained around as recent selling 
pressure dried up. allowing trade cover- 
ins to push prices up. Bnt some profit- 
taking pared the rue. Forward metal 
moved up from £318 to £ 521 In Ule morning 
and from £320 to £323 In the afternoon. 
On the late keth ihens was some easiness 
and the dosing price was £322. Turnover, 
5.95(1 lonnes. 

. a. ml ^ vq p.m. ; + ur 
LUO I Olbelal j — L'uuBldai • — 

1 £ l_ £~l X X 

Cub ;314J .75 ,+6.12316.5-7.5 +6.5 

aimmibs-J 120^ |+ D-51 £>22.3-3 | + 6-S 

• + 5 | - ■ 



March £10.67 and 5.M. Txnlts 

£30.67. £31.23 and £31.83 lor the respective 
shipment periods. Yarns and cloths quiet 
hut prices steady. 


COFFEE 


Rohustas remained quietly firm after 
early weakness, reports DrcxrJ Burnham 
Lambert. Traders were besiuni as 
aitcmion focused on ihe imminent expiry 
ot the Jan. position which firmed as Ihe 
day progressed. Values were £10 to £40 
h.'sher from Friday with ntw commission 
buying on the close. 


lOFKEb 


i Ye-lenbiy’- 

. L'Iim? -J- . bu-meso 

— i Lk,ne 


lx 


Umne 


SetL’lin'ntl 314.75 
N.Y. Bpmj — 


Jamu.iv >21 15.0-2 12 iJI +32.5 2.41.0-2C21 

Mgivli ,1(51.0-17 fi.O -2U.U 1757.0-1 i 18 

1U>- !lt2..0-lb28J|. + 0L5- lL3tL0.il 92 

July , lot t*M- 15*6.0 — 03.0. U64.8-IW t 

t>o|iteiiil'er...ilbl0.0-15l9.0 —01 5; 1518A-I495 
Nirt-enitwr ... I45J.0- 147s, 0 _27.5i 146 J 
Janoao l420.0-14A.il— 22.31 — 


LG. Index Limited 0WS! 3466- 
29 Lament Road. London SWIO OHS. 


May Sugar I2-L25-125.85 


COMPANY NOTICES 



JOHANNESBURG CONSOLlDATg INVESTMENT COMPANY, 

( Incorporated In the Repoib, c f South Africa) 

NOTICE TO HOLDERS OF SHARE Warr ants t q BEARER 
DIVIDEND 'NO. Ilk 

Pursuant to the notice u nbo ned °" J 1977. members are 
inlnrmedthat the rale Ol eaebann o a . wbicn wye.„ 0 f> . |h( , j£jo ^ dlv.denjl are 
Jo h^SesoaOChed by the Unite** KjwaHqm^ PJvwQ Ajy.j , 0(h FeWuarT . 1978. 
Jf ? C (Sndcf tOO »n*S row!s 5B-JOS3P Uni ed currency. The BJPSS 

JflvhleS pavable by « he united K.ngdom Paying * Terri therelore equivalent to 

23 ■ S °Hold« r ot *Sh»re warrants to payment ot dividend 

Na 104 will be made on or alter i3WFCori,. v ,^ 7a uoon wfTel ^r ol 
coupon No. 10* at the London Bearer Reception Office, iq Holbarn Viaduct. 
London EC IP 1AI. Amdgnt 



AMOUNT PAYABLE - uy ITH^COUPONS ° REVENUE 

uae Notes 1 and 2 

*"°BE 

COUPONS most be IBtgL'jL 1 ?ig l |Si t 15ml£S.^ l, w blg lr mn the Loi^on 
...haamute, ^ BROTHERS LIMIT^f 

arv.\ 


1S.5I 4 0 


Bearer . 

ncepted) 

99 BlihoPSOJtr 
LONDON ECZM 3XE. 


BROTHERS L I M IT try 
Secretary. 

«> Ansz 

? s ”i^d?t h Mawt C 5cJlnIt«. KW2* £«B?.- r aS£?l« 


ana 

the dividend. The 
Instead ol at the 
ol credit at the r J“ . 

Non-Rc»ide n t Shareholders 


,15- united Wlno-v*, ft diviocna is allowable 
K^SSct.on m ta< a< a.' 1 * payable in respect ol 
tSrtard rar- ot iff -wum* rote o> iBttB*. 
SJ° 0 I la.72-<. r^J-orcsenti .n aHowjrKe 
rahoi de*s a Ta«. ^aect ol South Airicax 




Name 


Address 


LONDON COMMODITY c HA RTS 

Daily Hlgh/Low/Close figures 
posted every FrWa » r nigbt ' 

Updated to Fridays dose. 

Please send me- details- O ^ 

I enclose cheque for £85-00 ^ 

for 12 months' subscription. □ 

28. Panton Street. Cambridge Telepho*,. ^^ s6251 


Uorning: Cash £314.3. three months 
£319. 194. 30. 19.5. 19. 194. 20. Kerb: 
Cash £3144. three months £3204. 21. 214. 
.1. Afternoon: Three months £320. 204. 
21, 214. 22. Kerb: Three months £322. 
22.3. 22. 214, 21. 214. 

ZINC— Higher in restrained trading wub 
gains broosbt about by trade covering. 
Forward metal started higher at £260 but 
eased 10 £48.5 to the morning. In the 
afternoon the price moved from £2504 to 
a day's high ol £162 and then fell back 
10 close on the kerb at £238. Turnover, 
3,209 tonnes. 


ZINC 


a.m, '+ or (till. + ,*r 
Official 1 — :UiNilOemli — 


Sales: 1.4S9 1 .’.SI 1 lots of I0 tonnes. 

ICO Indicator prices for Jin. 27 iU.S.- 
c*mts per pound-: Colombian Mild 
Arabicas 204.50 <205.90-: unwashed 

Arablcas 214 00 isamei: other mild 
Arabicas 202.67 tsn.OOn H abasias 173.00 
1 1774b*. Dally average :bu.34 I19045-. 

LONDON ARABICAS— The market had 
its Quieten day so far with values declin- 
ing up to 92.50 and only the June position 
1 radios before the close. Dread Burnham 
reports. Prices <in order, bnyer. seller, 
change, busmesv ■ — April 204.MM>6.00: 
-145: nlL June • 91 95-93.00: -1.77: 

9t.liu-9l.00. Aug. l>04.Vji.U0: -2.47: ml. 
Oef. IRS 00-71.90: -345: 71.00. Dec. 

130.2 549.90: -343: oil. Feb. I-U.25-5LO0: 
-5.92: oil. Sales 23 I45i lota. 


X ■ £ X X 

Cash I 2SA-.5 i*4.25 254.P-5.5 -2.5 

iokjalks.-l 258 J 9 : + 5 . ab0-.5 -P.5 

if meat 3a4.6 ,*A • — 

Prm. Weitl - 30.3-31 

Moral ns: Cash £255. 44. three months 
£269. 59.3. 60, 604. 60. 39. 584. Kerb: 
Three znanr&S £2584. Afternoon: Three 
months £2594. 60. SI. 614. 61. Kerb: 
Three months £200. 59. 

- Lento yei yuuua * IX- oreviuuv 
mtnmnai elm** l SM oer DlcaL 

SILVER 

Silver was fixed I.S5p an ounce lower 
fnr spot delivery in the London bullion 
market yesterday, at 2H2p- U.S. cent 
equiv alen ta of the fixing levels were: suoi 
4958c. down 5.7c: three- month 504c. down 
3.5e: uia-month 312.8c. down 4 5c: and 
12-mtmth 5334c. down 4.3c. The metal 
ooened at S34.8-2S5.8p *4967-498k:> and 
closed at 254.frC55.6p i49tM97£c>- 


RUBBER 


STEADIER opening on the London 
physical marioM. UlUr interval l h roos fl- 
out the dai closing on a quiet note. 
Lewis and F'eal reported lhai Malaysian 
godown price was 201 - 19s 1 cents a kilo 
'buyer. February 1 . 

Nm i leucitiiyi IhiMiiws . l’rrM,"U« 
ILS. 3. • rlu* . ib-ne 


hiss. Nominal values : Min did. London 
area Feb. 0440. March £97. April -May - 
June 09 L EEC community wheat 
dcmmirahie standard did. East Anglia— 
leh. £S1. March 18240. Aprtl-May-Jtme 
1X6.50. Feed Barley did. East Anglia— 
Feb. £74, March £73.30, AprU-May-Jtme 
178.00. 

HGCA — Average es-farm spot prices 
Tor week-ending January 26. Other mill- 
ing wheat— S.E. 88.00. East 92.08. E. 
midlands 89.80. W. Midlands 8940. N-E. 
DO. GO. N.W. 88.50. Scotland 894U. U.K. 
90.20. Change +00. Tonnage 2.763. 
Feed barley— S.E, H94D. S.W. 704H. East 
7040. E. Midlands 7040, W. UtdUnds 
B. 70. N.E. 7040, N.W. 69.70. Scotiand 
•70.80. UJv. 70.28. Change +50. Tonnage 
24411. Highest price paid tor malting 
barley was £66 In Darlington ami Berwick. 

Forward prices for delivery during 
March— M. Wheal loiher* 91.30. feed 
wheal 18.80. malting barley M.T0. feed 
barley 7240. April — whew (other 1 

92.70. feed wheat 80.50. mailing barley 
5140. Feed barley 74.10. 

H CCA— Location ex-farm snot prices. 
Other itwllns wheat— No quotations. Food 
barley— East Suflolk 71.70. N.E. Scotland 

71.70. 

The U.K. monetary coefficient for the 
week beginning February 6 will remain 
UDCb&Qgtfd. 

EEC DAILY IMPORT LEVIE5 — EEC 
levies aud premiums -effective for Jan. 31 
are as follows lo units of account per 
tonne. In order current levy plus F«4».. 
Mar. and April premiums (with previous 
in brackets'. Common wheat— 86.61: nil: 
nil: ml *87.29: nil: oil: ail t. Durum 
u-hcai— 115.29: nil: nJJ; nil 1 11442: nlj: 
ml: itili. Rye— T2.5T: nil: nil: nil *74.61: 
nil: rtU: ml>. Barley— 77.35; nil; nil: nil 
*77.33: nil; nil: oil*. Oats— 60.24: nil: 
ml; nil 168.76: ml: nil: nili. Mates 

■ other than hybrid (or seeding)— 72.95: 
nil: ml: 0.17 i74Mi: nd: nil: nlli. Buck- 
wheat— all ml fall nil*. Millet— 7543: nil: 
nil: nil ila/Q: nil: nil: nil*. Crain 

sorghum— 7545: nil: nd: nil *7843: nil: 
nil; nili. 

flour lev ics — Wheat or drived wheat 
and rye flour— 132.74 1 133.79 ■. Rye flour— 
113.00 1115.46). 

SOYABEAN MEAL 


Best tprr brace, ^ t» PRIQ 


oar 


Pheasants: 

3*0.0. 

MEAT COMMISSION— Average tatstodc 
prices at represemanve markers on week (incm 
ending Jan. 28. GB— Cattle. «L®p per 
IsilLw. , + lfilr; UJL— Sheep UO.lp per' -Vr* 
ks.esuLc.w. f-t-L2t: GB— Pigs 39.7D per.- 
kg.Lir. ( + L1I. England aad Walts—..”: 

Cattle numbers down 0.1 per ccoL. aver- 
age Price 61X8P 1+1.91): Sheep mnabcrs- - 
down 3.0 per cent., average price 130.7P . 
f+1.4i: Pig numbers op U per cem_ ______ 

average price ».7P ,+L2>. Scotiand— . . . . , 

Cattle numbers down 10.8 per cent., aver- w-*«*« ' ‘ ‘ F - h - 

age oricc «Lfllp • +1X9^: Sheep omnlrn Aluminum f. „_.4l*ad /r 

np 6-9 per cent., average, price UfiOp Free Market <nis) 7 ,, 6 , l 70 1- . . frMfiO-3* 

3 mpIt roMMis^ON ■u-t.'rjiL. .J wvtriw . *li. dn:JcD43.7S +3 > *■ 

■ r° V.n n 1 ? ? 1 . 0 ,?,". . * .f. Utt r! ; tied* Uathcrte>..—1xBl9.75 + X.7S^fe6ff 





Unfflh 


«*■ J 



CairJc tmm bore down 134 per ccnr.. Price Rf - ■ . 

63.19p f+l.Mi: Sheep nmnbrrs down 62 ifsnitr rait1...I' f i.lM4 f — ^._is .tirt. 

per cent., price 141 .Ip f+ljt: Pigs nnm- Ploiittum uuvoa..iXBu ■ )'; . .. 96 

hers up 4.4 per cent., price «0.3p £+0.9 *. fret* Marked !Xill.6 —2 Z5; ’-a t ’ 

Scotland— Cattle norabera down .14 per *Joicii«avBrt?6ib.r->)d * 1—36 *435-* 

cent- price ftl.77p ,+1.40»: Sheep nmn- (silver Ttov ur 254. 2 • -XJSxtoUl 

here down 3S"Jl per cent., price I2S*p 3 months... 1*58.2 —l SB335 
,+2.0>: Pig mimhars down 44 per cent-; Tm 1 Is trti 185 +147.51 C6 .517 

prim 6I.I0 (HM, , .. . •_ 0 «duuUiB4 1^16 095 l+lt24,‘-*482 


COVENT GArtOEN fprices In sterling WnlfcanWfcmb 
pit package except where wbf-rwfee KUic«iS/ 


KDALA 
MALAYSU 
np X BHilti 

Leoo&Depfft? 
tries. Hinister. saH 
~ Hi Hold' a 
ntodity futures 
jnprit felt > 
fa^ToSfit '*rah' 
mAbtiaise." 
operation. 

4Ir. -heooj?. 
Dil-woaldbe 
W" he:': 


anted 1 — Imported produce: 


i mnmhs. 


14 ->6 098 1+HE5.JA 

ciHb.imflh 55-89 ;-'4.5 » 
... — . — UX 55 J+24 
iffl6a^ + 3Ji ltS- 


288475 

■S-875 


Stwnla: Navels 3 203.60: Jaffa: 340-2.R5:. t -GOD ’ 

Cynrw: Ovals approx. IS tdlos S+Ws -™»i'Me r »_ 1 

2.8M.20: Ecvottnn: Baladl 2.50-2.90: . OUa • 

Moroccan: 3.00-3.30: Greek 3 00. Lemons Lueooai {HhiD—— ic6Q 
—Italian: TOO '120 3.00-3.30: Cyprus: 340- <fit**n«lnui_— _... 16 > « 

4.00. Graaefruft— Cypna: 15 kilos 2 40- Unseed (Jrudefei„Si66 _ 

2 BO. 20 kilos 2.80-S.B0: Jaffa: 30 kilns Haim Uahqnuu.,... S4$Sy 
3.0O-3.6Q. Ssvr*— Snnrrla; Approx. 40Jh 

4 30-4.80. Cicmentise*— Moroccan: 3 35- 

3.50. Satsamas— Soanlv 2 00-340. Apples Seeds . . . . . . _ 

— Krench: 40-lb Granny Smith 6.59-7 *n. Uopni PhUllp— S5a7.5vl +7.5 'Wats' 
Golden Delirious 4 00-5. M: “fr-Th 72/100 borobrao < ILdo 92284- U- l fi }S2<»3 1 
Gramtv Smith 3.30-3.00. Gnirten f^Irious ^ 


. . study 

he*- 


2.S0.3 30. Red IVlicions 160-3.00. Stark 
Crimson 2.7M.20. fumble pack, per 
pound. Gotrlra ftellclons 0.10-0.15: Uallna: 
Gnlden DeHclo«s 01 1-0.12: U.S. Red 
Delirious 9 no-0 20: Eastern States: S.09- 
8 40: Hungarian- Red Dellcions 7 on: 


Ttartlsh; . Per pound MocTmosb 0.10-012, 


Beriey SBU r 

Hume ¥utiaer.JOTS.a9 

Maize : )' • 

Kieoou No.o 


-fffO- f 
. -..JEw/- 
+ m:d: • r 
■*2U>iS807 



..„.|X7a45 


*97«S 

i-f | 


Man. li ... 
April ....= 
Apr-Jue 
Jiy-iyav^ 
Vrt-Dec 
Jan-Mi*- 
A|d4ue! 
Jiy-Sep., 


46 50 46.00' 
4b. 7 -4S.9JI 

47 20.47.8j, 
4 d J5-4c6 •• 
M. 15-50.20 
51.85-51. 0 
55.50 W.M , 
56. 00-65. ID 
56.sO-Sh.65 


48^5-46.60 — 

46-70-46. f 5 — 

47.06-47.10 47.51-47.20 
4640-40.40 44.70-4 OJ 
40.95-6040' 60. 7» 50 01 
61.60-51.65 52.10-51 65 
56.20-55.36 bS.85 
54.70-54.06 ‘5.4 -55.05 
56.15-5649 5b.6£ 


Vfrlenl'ia + ,v HubIiumb 
I fluff* | — 1 Dt-ne 

'Xiiertiiaiu*- 

frl-roary I854M70 — W - 

A|vil IbS 8M4.0 — 4.80 164 70-03.70 

June K5 8H.4.8— 1.0 1 5 0 -83.00 

Align"- - Ii4 6 1-44.6 — j.7* 1V4.9 ■ 

Oi-t'Aer 104 4 Ml5.6 —MB 1 .BaO«6.40 

Devrniher j 1M 304,5.5 —0.50 — 

Fe*iruar\_,.... IV9.O 1-07.5 — O 25 1*7 «*0 
Sales: 49 (1141 lots of 100 tomes. 


No. I ttifcj dor. tut] • 84.76 — O.StajE. j 
ft olLBanl Winten • . * -• L/i , - I v 
bo^.* n Mi- ln..| 94.5 r w ( 


SUGAR 


Soarfan OJBLO.is. Peary— Italian: Per 
Donnri Pswacrassanc 0 1«-0 12. Plums— 

S. trrirao: 'tonta Rnna 12 13-tb per pound 

0*4-0.?«t Gra«»e»— Spanish: Ahneria 2.0O- Ctovu »hi|,aJ0OL..'. *.».a76 

2 - 5#: ^ Cel'firraian: Red Fmocror d-T Puwire \1*\ Cl »BS {+414 1,748 

poimri 0.364.3X: S. African: Alphonse 8.W. - Coffee pmu%-„: 1 "• 

Aaricats — S AJriean: Per oomri S.S74M OL iLtr-h Jv4 75341+20 8 Cl *61 - 

i3 °- Nocrarines— fottou -a" la.tsx«. jb B* *"* - 

S. African: 21 785’* 2. 64-4.no. Sa mro— Jme fj ABC -- < ■ 

Jamaican: Per poimd B 16. Toaiataes— . tfiioLer tiJu. " ,6_a„- 

Pe- • kiln. Canaror 3 SM’O. Caurictotts , 

-^atrarr: Per IS-lb 519: Israeli: LWb 
2.40 Cucumbers— Csnarv- .5 30-2 WL Wuoluiu. nS- klii""' 

-Sosnlsh: 2 60-3.20: Pollid): 1.70. Caull- 
P owers — Jerw^: 5 60: French: 6 M. 

Pvtotoes— Hfflfajf. 20-lh 2.40: Canarr: 


26 7, 


-2-5 


Notnitju tUnauixro. ■« sStee* 



Sales: S? , 505'. lots of tj tonnes. 
Physical closing prices 1 buyers, were: 
Spot 46.5p ,<8.0,: March 4745p (47.0*: 
April 4740p «47.!a*. 


254.2p 1-1.65 254.9.. -L96 

IWttbs- 1 858^" —145 259.03P - 1.5 
262-6p *—1-6 ■ 

B ttioach s..) 373. ly I — 1.5, — i • • 

LME— Turnover 14« *97. lots of 10.000 
nonces. Morolng: T hree w^ths 233.7. 
U, 8.7. S.6. Kerb: Three months 3os.JJ. 
SB g .• Afternoon: Three months 239 
9.5, 9.4. 9.3. 9.1. 94. 9.1. Kerb: Three 
iths 239. 9.1, 94. 

:ocoa 

renewed strength ot the near March 
bn gave rise 10 general sbort-covenng 
"IiclS closed fully steady, reports 
Duff us. 

_ Vesiriita.v-.'i + " r , Nu-inte- 
! L'ltM? — flour ■ 


GRAINS 



LONDON GRAIN FUTURES—^G AFTA * 
—Markets opened unchanged on the new 
rrop and fell up 10 60 lower In wheat on 
disappointment over the deadlocked 
"given pound" talks in Brussels. Bnt- the 
volume was thin aod by the dose the 
market was steady around 5 down to 10 
higher. New crop barley found no 
interest. Old crop wheat gained ground 
one- again alter initial weakness and 
closed Arm 33 points higher an chartist 
buying. Commercial Interests were 
sellers of old crop wheat during the day. 
Old crop barley saw quiet trading reflect* 
ins a dull fob and !>wscs ol 20 points were 
erased, reports ACL1. 


LONDON DAILY PRICE for raw angar 
£110 'samel a loune ctf Tor Jan.-Keb. 
shipment. White sugar daily price was 
fixed at £11340 (£115i. 

The market opened around pre-weekend 
trots but later rallied sharply faffovring 
rumours that Palaud bad recently pur- 
chased 330.SM tons of EEC Whims. Gains 
of up to 250 points were recorded by the 
dose when prices were al the high point 
of the day. reports C. Czarolkow. 


* Pa- ton. 


Sugar 1 

. [ 



Fret. 

Test 

PrevUiu* | 

i UuatneM 

Comin . 
CullD. 

UW \ 

} : 

Close | 

! Uuue 


25 toM. y.». • Gelerv— soanish: »'4*i 

EiwM<* produce: Ttotatoes-Per SO-lh. A** 

Whllrff'RrAe * "0-1.50. Ltotucfr— 1 Per 12. 'WMaTCh. rl 

Indoor LSO-tLfO Cafrbaue — Per Mkh 

Primo (LWL Beetrouto— P»r JS-Ib O TO-OSO: 

Carro*s— Per bae 28-tti a 40.g ja. oidaHf-— 

7»-r ER-lh 0.RH< 3a Ce'ero— NsVed TB*s 
O.M. Swedes— Per bag. Itovotr 445. Apples 
—Per pound. Derby 0 Tl. Cog’s 0.144 24. 

Pn"]lMj 0.11-048. Pear*— Per pound. 

Conference O.Ofrg.td. Cornice 0.14-0. iff. 

Sprppi*— Per ponnd O.ftLffAft. Pariulos— 

Per 3Mb "90-140. Turnip*— Per 28-lb 
0.7041.30. . Rhubarb — Per pound . 0.18-0 .SO. 



WHEAt 


BARLEY 


X i>er loans 
Mirrli .1122.15 52.251 Mj.90-20. 
May ....1*5 M 15.40 123.75-23, 

Aus l 127.SS-4/.4ffl 126.70-26, 

net ' Ur .00 !to. (ui I26 .b5-28. 

Her.... 11:04.^6 7iW 160.60-40. 
Man-Li J te-BO-Sa JW 154.4044. 
31a v ...J lfi7.WJ-57.S5l 156.65-57. 


00 122.25 1*. 05 
95 I ’*545-23 AID 
75, te/. 75- It -16 
76 129.6^-28.20 
60, la 1.50 OC. 25 
60.li5.45 35 ID 
»a 149.25 3740 


WOOL FUTURES 

LONDON— The market showed Stone 
improvement an better turaaveC, Tcnora 
Bacbe. 

(Pence per klloi 


Au-traltxn I Vr' t r rrtay. + urf Burin 

(•raw llnilj C1 «mo f — Qua 


Y e»t onlay - ' +i4 Ye»l onlay’s +ur 
Wntfi rime — I'liNr i — 


...1574.0-78.0 1 + 72.0 1583.O-P8.0 
... 1487.049J1 1 + 41.0 1460.0 53.0 

, • +14.5 l«59.li-eBJ) 

-17.0 1433.1 1*19.0 
+ la.Q 1409.8. 1400.0 
+ 10-0 — 

— 6.0 - 


... ]4ci.*-5t4 
.J.I43ZO-BB.O 
11404.-1454 
,r j 8j.O 
■a.o 


Mor. J 

Sb.BS 

-O.S5 

73.55 


Slay 

87.85 


75.95 

— OOj 

bept. 1 

83.u5 

-0.03 

79.20 

—0.21 

.NllY. 

86.00 

- 0. 10! 

81.45 

O 45 


Sales: 4.342 
lalerwutiasal 

cents per uue 
127.13 *130.141. 
13-day average 
average 136.13 i 

JUTE 


DUNDEE— Pfcfll 
Tor BTC afloat and 
Jan.-Fi-h. shipment 
QuoTaUans c and ' 
meur- 16-ouoce 40-1S 
£7.90 per 109 yards; 


4 > lets ot 3 lonnes. 

3M OriadHtln ilT.S. 
-Dally price Jan. 27- 
idtcaior prices Jan. 30: 
■M.4S (133.16,; 22-day 

■ M*. 


■t quiet. Prices Ufi5 
u*0 e nnd f L K. fur 
Calcutta gapds firm. 
U.K. lor J an. shjp- 
irit £10 47. V'-ouiu-e 
-cb. £10.57 and £7.37. 


Bus incis'd one- Wheal: March S3.18-W.00. 
May s;.2frj>7.9«. Sept. S3 10-S3.*i3. Nuv. 
S3.60-yt43. Sales: 73 lots. Barley: March 
73.33-71.33. May r-.bO-7fi.DO. Sept. nil. Nov, 
ml. Safes : 49 lots. 

IMPORTED— Wheat: CWRS \a. t 13S 
per cent. Jan.. Teh.. Mar. S4.73 TUhun. 
U.S. Dark Northern Spring No. 2 II per 
cent. Felt. id.Mj. Mar. V±>10 transhipment 
Ea»: Coast. U.S. Hard Winter ordinary 
unquoted. Auvrallan wheat unquoted, 
EEC nulling wtu-Ht unqutued. 

Maize: U.S -French Jan. 9740. Feh. 
97. 7-. S. African unquoted 
Baric*: unquoted 

MARK LANE— The market wat oniet 
but a hrm tone was einlenl U late dual- 


Sales: 3.709 (1493> lots ul 2 tonnes. 
Tate and Lyle ra-refinery price for 
granulated basis while sugar wad £242 40 

■ same • a tonne tor home trade and £175 

■ same) tor export. 

laicnuuiflual Sugar Agreement— Indica- 
tor prices iDX cents per pound fob and 
stowed Caribbean part<: Jan. 27: Daily 
price 8.75 *9.931: 13-day average 844 
(9S3I. 

MEAT/VECETABLES 

SMITHFIELD * prices in pence Per 
pound ■— Boef: Scutch killed aides 47.0- 
jfr.O. killed sides (high quality i 51.0. 

Veal! Dutch binds and ends 03.0 lo os.ft 
Lamb: English small stuj ro SO a. 
medium 47.0 lo 52.8. heavy 36.0 rq 4fi.fi; 
Scnirii aiedUun 44.0 to jO.D. heavy 3S.fi 
lo 46.0. (mported Frozen: N2 PL 4a.6 to 
4s.il PH 42.0 *0 to.0. 

Pfiffc: English, under 100 tte? 24.0 to 
fffJJ. Jiri-ntO lbs 744 IO 41.0. 128.169 lbs 

o:.o lo -s.u. 

Partridges: Young teach) 170 0 to 19U.B. 


Jlm b 244.0-15. B [ I. 

May 24K.a-Ab.il , j 

JuK 231^-56.0 ' ! 

OeUrir 256.040.0 I f 

De-emiier ... i 40. :-«2.0 '+8.0 24 L.B-40.0 

AUreh 242. +44.0 +B3 343J3-42J3 

Slav 240.+44JJ 1+ 1.0 

July [24Q.tM4.Q '+ l.tt 




finawciaL t£M9T.v 

"Ja«.xy?gar2fl|MuHOt 


8S&98 1887.08 

7K:“ 


Jalr l _ tas9=i 

FTCtlTER’S '•? 


X399.-6 ll4Q3LQ l- 14Bi.S^ 


• ago 


16 13. 1 

(Bara. Sfcotembcj la^WJt^lfia) 

: Dow joni 5 ^ 



lAverago. l»2+*V2«-iuej 

wboor's 





Sales: ID lOi lots or 1A( kilos. 

SYDNEY— Fatorep market cloned tor 
nattoual holiday. 

■RADFORD — Quoted prices tor i*m are 
generally unchanged but there was guffl- 
rient busise» last week tor {ppuukrro 
to try to move '-selling prices 1 ctaaur to 
quotations, with Australia ctosed for the . 
hbhday. there was littto tonow-dtrougb , 't -! 
activity. - •-•f 

tollWV ftSH-Sop-h, .. ' 

COTTON— Liverpool. Soot and ablpmcitt dentonff ltfK"'PHccs re-rri*. ** h ' M 
sales amounted to 1.432 tonnes, reptro aide _( unprocessed!: Staeir at ship’s 

F. W. TanersaUs. Larewaale imnfry «od!Bi*fr Sw<#.20: ia,w 5“ JCUfr-14.00. 
resulted In further CStensive opera Ututa. . H. medium haddiw,- „ !? -“ ocfc 
Many Amerkan-typc varieties were -under hjtddook.piOjSb^ijtj; i a J , - D0 'f 4 +«. small 
vanstioraiioa - Indo/Dns Middle Eastern, ae&m plelse -£3 V £3£B. 

North and South Amcnctui and African , C .gGf8.8 V: YKtopga donkrh l , 8maJt »l«lcu 
erowtha. -“ r ' XM. 




hopee 
rst coin] 
on Tbt 


;e Commoi 
ieal Co+ipj 
y of intre 
ding has 
the GoveJ 
imp1eine| 
ol ihf 
exchange up] 
added. ' 


its 

Diext 


Id silvei 
stocks down! 



-j732,442. 
*- U.S. rei 
ounces la- 
J5i2m - 0 
disposing 
156.8m. oi 
. Product 
in 1977 ■ 
a ?ainst m 
vl ous yea 
posed of 
1 * 2.3m. p: 
Reuter 


Egyptian 


* 







* W W Co C j J.vl J 


Financial Times Tuesday ■ T:i;: ^ ol 19 iS 


.STOCK FX<T1A\GK H EPOR'l 


Buyers hold off again in face of many uncertainties 

Share index down 7.5 at 470.0— British Funds dull again 




FINANCIAL TIMES INDICES 


Jan. . J»u- 
30 ! 27 


Account Dealing Dales Rhodesian honds trended easier 

_ Option pending clarification of Lhc 

"irst Dcdara* Last Account interna! sell lenient talks and Dr. 

_ ulitigs tions Dealings Ilav Dai id Oven's Fans meeting « «:i 

Jf. 9. 16 Jan. 26 Jan. 27 ' Fell 7 tenders of lhc Patriotic Front: tin* 

i-j i.ao Feb. u Feb. 10 Fell" 21 l ,er '- ,,?n L 1963-70 slock eased 

& b. 13 Feb. 23 Feb! 24 Mar!"? - I* 7 - ... . 

“Hew time" dealings may lake place Rainer loin and sensitive con- 

_ ti 9. JO a.m. tw« business days earlier, dllioiis persisted in the investment 
|> iervoursnesj about the sirine currency market and the premium, 
pay claims in the public sector afier risina to 77 per cent.. 

I the imminent threat to petrol reverted on the appearance of one 
£ iplies together with uncerljinlv seller laic and a dearth of buyers 
R ad of Presiden Cartel s Press t» close at T'riduyS rate of 74; per 
' iference was more than enough cent, \eslerdays SE conversion 
Jeter potential buyers in stock factor was U.730S 1 0.731)91. 

>keLs yesterday at the start of D . ,, , 

ew Accoun. Banks subdued 

* -ast Friday's small loch meal Investment interest in ihe major 

0 y in British Funds and leading clearing banks was again held in 
ities showed no signs of a check by last week's fund-raising 
jmplion with prices in both call by Midland. Prices drifted 
.ors showing early lossc*. lover throughout _ and Midland 

. Uc in silt-edged was quiei and I«rat 4 more to 3"»2p xd as did 
road list of falls, generally to Lloyds, to 264p. and \at\Vest. to 
;It the Government Securities — I'-H p. Merchant Bank:, closed 
I»j: ft.33 nFf at 7.>S4 which is ca.-icr for choice with Mercury 
* L c than 3 per cent, down on Securities a few pence off sit l*26p. 
‘September's 1977-78 high. Composite Insurances moved 

- fihe trend in the equity majors down '» >h‘» i rad mg. Si ill refiect- 
■F reflected in the FT Industrial ' n « Irulay* news that the group 
F inarv share index: ihi* faccs :i compulsory cut in iLs 
rsure" was S4 down ai 11 a.m. f ,rem ' um rules as punishment for 

1 held r.-l-itivflv xtc'.dv there- '’reach" 1 '- 1 .overnment pay »uide- 

! iXn ■«««■*■ Sun Alliance touched 543p 

1 n for a net lu-s or ber(,rc c|,,sil1 - J further 2 down 

. ose of 4,0.0 for a ne « * o at .Hiiji Guardian Royal Exchange 

, — Losses in U'e tonsl tuimj lo ,., s , tl dir1 p ho cnix tn 

: ~ ed . 1°. „ 0 K' a r'?^i- - 54 ' 1 - :ind K-«lc Slar surrendered 

e with John Brown. Iasi week . u ly 14rt)) NeWs of lhc cs1 j male d 

t ■ performer on ihe profils fore- rim flood-claims pay-out left 
Josinu 0 to 2«lp Prudential 2 lover at l.tfip. 

l ll 46 group and Mill- sections of Dullness in the Brewery sector 
i {j FT-Actuaries equity indices reflected occasional selling and 
t down, the All-share bv 12! the lack of support. Leaders to 
. TT ,cent. at 203.7M. while falls in mve ground included Bass. 3 
, ' 3 uoted Industrial- out- cheaper at 140p. and Allied. 2 off 
ave bered ri-iev by .VI»-2. Tor the at Davenports', a recent 

j hotth sucees-ive trading >os-ion. speculative favourite on bid 
. is 0 scattered firm spots usually hopes, encountered pro tit-taking 
J : filed week-end Press com- and came hark a lo 96j>. Else- 

1D> ". Irading nnnounccmeiiis and where. Distillers, down :i at 167p. 
PUUiintivc buvins. Tailed ;o benefit further from its 

1 Pflcial markings toialted ti.:ioii. selective whisky price increases. 

, VO UUP on last FndnV- 3 104 and U liter Distillery issues also 

* rid .veck-aao level of 5.4ii4 . trended easier and .L Bell lost 

-j-o 4 to 224 p. Irish fell 7 io JU9p in 

jhu'lic nilf nf favour a restricted market. 

.DU.Hh UUl OI IaVUUr Buildings gave another drab 

~ . tential buyers or Gilt-edged performance. AP Cement drifted 
l,d ' put firmly on the sidelines down ti to 249p as id Taylor 
Vise of the many uncertainti?s Woodrow to 392p. while Sharpe 
aa Uu t he U.K. and C.S. and Fisher receded 3 jo 43p. Ellis 
imies. As a consequence, and Everard cheapened 2 to 91 p 

■ was little or no chance of after the interim results but 

resumption oT last Friday’s G. IV. Sparrow moved up 4 to 
1 rallying tendency which, in IWp on Press comment. 

* gcase. largely reflected the I" « lethargic Chemical sector, 
“vical position of the market. 1CI drifted down lo 340p before 

the event, quotations eased closing 4 easier on the_day at 
the start and. a Tier a quiet Kip. Fisons shed 7 to 377p. 

. closed at or near the dav's Srollkh TV A were marked up 
t with widespread fulls. 3 to C2p in response to Press 
■ally ranging to .;. The long comment and Trident Tt A 
Teasurv to 1 , per cent.. 1AM5. hardened 1! io 3?!p following the 
-l that amount olT she 2S for chairman's confident view of 
; ISO-paid stock, while the prospects. 

; lid Treasury 10: per cent.. TT .... , .. , 

\> ■' on which a final call of T44 H. vVlgtall lOWPE 
tl • ,-ent. is due ne\i -Monday. EMI were particularly dull in 
T ; to 53;. Corporations the Electrical leaders and dosed 
r , | with falls to ' and Lite around the day's lowest with a 
: iid Tainesidc U»; per cent. Tall of 6 at lS2p. GEF eased 3 
. : J to Si. to 2U-J xd. while Plessey were 2 

?r recent firmness. Southern easier at Sftp. the latter in front > 


of to-morrow’s figures lor the 
third quarter. H. Wigfull. 6 dow n 
at 2E6p. met profit-taking await- 
mg further developments cm the 
bid from Comet Radio vision. 2 
off at lilSp. J3ICC gave up 4 in 
104p. but favourable Pres; 
mention prompted a gain of 2 to 
23p in Bulgin *' A.” Sound 
Diffusion, a good market recently 
on the financing arrangements, 
came back 3 to 46p. 

Skill reflecting last Friday's 
poor interim figures, Henderson- 
Kenton fell again to finish 7 
lower at 66p. Elsewhere in Stores, 
the leaders ended the day steady 
at the lower levels with British 
Home 6 off at 201p and Burton 
"A" 3 cheaper at !1Sp. W. II. 
Smith “A" also declined Z lo 


Tex Abrasives. fi2p. and Serek. 
92p. Oisappoinlment with the 
interim compensation payments 
continued lo weigh on Shipbuild- 
ings among which Vosper shed 5 
to liiOp and Yarrow a similar 
amount to 270p: the former may 
appeal to the European court if 
it considers the compensation 
terms unfair. George Whitebouse 
were quoted ex the Preference 
scrip issue at 03p: lhc Preference 
opened and closed at iu4p. 

Losses were fairly widespread 
in Foods. Nervous selling ahead 
of to-morrow’s interim results left 
Hillards 15 cheaper at 193p. while 
other Supermarkets to give 
ground included Associated 
Dairies. 223p. Bishop's Stores. 
180p. and Wm. Morrisoo. IS-Sp. all 


STORES 


F.T.- ACTUARIES INDEX 


MAY JUN JUL AUG SEP OCT NOV DEC JAN 


15 7p. while Gussies “A" and UDS 
cheapened 2 to 2S4p and 9 Ip 
respectively. EJj way of contrast. 
Northern Goldsmiths hardened 2 
lo 63p in a restricted markei and 
improvements of 3 were seen in 
Cantors ".V* 32 p. and Wades 
" A.” 33 p. Among irregular 

Sheet Booth {International) put 
on 3 to Hop. but Stylo lost that 
much to 52p. after 5()p. 

John Broun suffered through 
an over- reaction, a jump of 33|>. 
to Friday's forecast of nearly 
doubled profits and drifted back 
to close 9 down at 271 p. Leading 
Engineerings otherwise rallied 
from the lowest and GKN ended 
only 3 cheaper at 2k7p. after 2tUp. 
and Vickers the turn off at IS7p, 
after lS4p. Hawker lost 4 to 13Gp. 
and an easier trend was also 
apparent in secondary stocks 
where .Manganese Bronze fell 3 io 
92p and Warwick 31 to 29p xd. the 
last-named reflecting the lirsl-lialf 
loss. Newspaper mention railed 
lu sustain Davy International. Z 
lower at 22 2 p. but Huninionu Hold- 
ings were re-quoted on the basis 
of S5p lo 105 p following the agreed 
offer from TMG. unchanged at 
I $0p to 190p basis: the suspension 
price of Hammond was Cap. Else- 
where. losses of around o were 
common to Francis Industries, jlip. 


dow n around 4. Pitch Lovell, 
however, contrasted with a specu- 
lative gain or .1 at 63p. afier 04p. 
following Iasi week’s erratic 
movement? on Ihe interim s'tate- 
menl. Elsewhere. Confectionery 
issues met further selling. Roun- 
tree Mackintosh reacted 15 more 
lo 370p. while Bluebird sustained 
a loss of 5 at liiSp and Geo. 
Bassett one of 2 at l52p. Among 
Hotels. Savoy ' A ' lost 31 to 74p 
after the recent bout of bid 
speculation, but Hyddlelon moved 
up 7 to 21Up and Norfolk Capital 
firmed 2 to 41 p. 

Reed Int. down 

Among quietly dull miscel- 
laneous industrial leaders. Reed 
fmernational were notable for a 
reaction of 7 to 12Sp following 
nervous offerings in front oi 
to-daj’s third-quarter profit-.. Dis- 
enchanted bv the absence of an;, 
further encouraging news uo i lie 
Rhodesian .-e ti lemon i situation. 
1 urner and Nr wall drifted down 
3 to 2»5p. while adverse comment 
left Rank Organisation 4 easier 
at 24Sp xd. Bcecham declined 10 
to G40p and Glaxo shed 7 in 3SSp. 
Elsewhere. IMeasurama rose -5 to 
76p on speculalixc buying fuelled 
by bid hopes after the disclosure 


that Williams Hudson h3s dis- 
posed of iis 11 per cent, share- 
holding. while Syllon rose 4 to 
IllOp following the good interim 
profits. Neill and Spencer 
improved 4 to Slip in response to 
Press comment and Halma Invest- 
ments gained 4| to 64p, white old 
speculative labourite Aron Rubber 
added S to l95p. JCL. however, 
lost S to 246p and IC Gas ended 
1U down at 340p. 

Profit-takin" was again evident 
in Garages and Distributors after 
the recent good run. CSGB, at 
24 p. gave up last Friday’s gain of 
2 which followed the annual 
results, while /alls of a similar 
nature were marked against 
Godfrey Davis. S2-p, and Apple- 
yard Group. H2p. W. J. Reynolds 
moved against the trend, closing 
2 up at 27p on revived demand. 
Elsewhere. Components encoun- 
tered a fair amount of selling. 
Lucas reacted 5 to 250p and 
Dowty fell to IG3p before settling 
at l»55p for net fall of 6. J. Wood- 
head shed 4 to 97p and Auto- 
motive Products 3 to D4p. but 
Turner Manufaeturiug. a recent 
bid fsrourite. tinned 4 to llTp xd. 

A nervous market 3nd around 
5 easier in front of the interim 
results. Finlas picked up when 
ibc lirst-haif figures showed a 
strong return to profitability and 
the elo.se vase a net penny firmer 
at lllp. Elsewhere. William 
Sommerviile rose 3 to 33 p on the 
encouraging interim statement. 

Awaiting the outcome of Presi- 
dent Carter’s Press annferonce, 
British Petroleum hovered either 
side of Friday’s level and finally 
sealed unchanged at 796p. but 
other Oils drifted easier before 
often steadying late. Shell gave 
up 4 further lo 492p. while Royal 
Dutch improved marginally to 
£5$; and Ultramar held at 226p. 
Scattered liquidation by stale 
bulls lowered Oil Exploration G to 
2l$p. after 21fip. and Lusmo 
•’OPS” became a dull market at 
37$p. down 7. Palis otherwise 
were restricted to twopence and 
included TriccntroL at 132p. after 
loOp. 

Props, succnmb late 

Distinctly easier late, leading 
Properties closed with losses 
ranging to 3 as in Land Securities, 
at Slop. MEPC gave up 4 at 123p. 
while Stock Conversion slipped 3 
to 235]) and English 2 lo 4 Ip. 
Many secondary issues escaped 
ih etrend but Hasiemcre Estates 
c,ime back t> in 23Sp and Property 
Holding shed •) lo C37p. In con- 
trast. Property Incestmenl and 
Finance .stood out with a rise of 
7 to !K5p. speculative interest be- 
ing encouraged by a sudden move 
higher In the price. Clarke 
NickolK were raised 6 to S2p. 
while Hales Properties put on It 
to 37p in reflection of the in- 
creased hair-yearly revenue and 
accompanying statement. Mirror- 


ing the first-half return to profit- 
ability, SUdhurst Whites hardened 
to 36 p. 

Trusts encountered _ further 
scattered selling. Capital issues 
to give ground included Altnuna. 

4 lower at 152p. and New Throg- 
morton. 3 down at 93p. Financials 
howet'er, «igain recorded o tbw 
bright spots. Majedle- Investments 
put on 4 more to »4p. while 
Kaknzi were similarly dearer at 
S2p xd and Lam pa firmed 2 to 3Ip. 

Among Overseas . Tfaders. 
sporadic selbng left W. and »».- 
Bcrisford 6 off at 2I2p. but J. t- 
Sanger put on 3 to 50p in response 
to favourable Press mention. 

Interest was light io the 
Textile sector. but Allied 
hardened 2 to 133p in front ot 
Thursday's annual results. 
Tobaccos cave ground with Bats 
Deferred easing 5 more to ^-ap 
awaiting to-day's preliminary 
statement. 

Rubbers were inclined_firrner. 
Bertram improving 3 to up and 
Kuala Kepong 11 to 430. but Teas 
tended easier again. Moran ten 
10 to 390p and Assam Dooars 
were 5 lower at 173p. 

Quiet mines 

Mining issues made a very flute* 
start to the week. South African 
Golds closed a shade easier on 
balance as modest buying interest 
and the fi-rmness of the invest- 
ment currency premium lifted 
prices after a lower opening which 
reflected the easiness of " the 
bullion price: The latter was 
finally SI .25 lower at SI 73. 125 per 
ounce, while the Gold Mine** index 
registered a 0.4 Joss at 154.6. 

There were one or two firm 
spots, however, with Harteheest 
i higher at £10i and Western 
Holdings \ harder at £151. Among 
the marginals “Sallies" gained 1.- 
more to 701p. still on talk of 
good drilling results south 2nd 
south-west of the mine. East 
DaggaTontein rose 3 to 2tip. 

South African-based Financials 
were equally quiet and prices 
merely drifted. Anglo American 
were G off at 264 p. Middle Wits. 

5 cheaper at I70p and UC Invest- 
ments 4 down at 215p. 

Against the general trend in 
South Africans. Platinums were 
reasonably active and closed 
barely changed after a good- tv.o- 
vay business. 

London-domiciled Financials 
were featured by Gold Fields, 
which dropped 6 to 197p on a 
combination of waning bid hopes. 
The iow-er bullion price and the 
weakness of the 1T.K. equity 
market. 

Australians were subdued, lack- 
ing guidance from the Sydney and 
Melbourne markets which were 
closed for Australia Day. Never- 
theless Bougainville put on 2 to 
70p in response to favourable 
Press mention, while continued 
investment demand lifted Hamp- 
ton Areas a similar amount io 93p. 


Gomromml Sdcu. j 

Fixed i&tenz — . 

Induurtal Ordinary -.J 

Coal Mints. — 

Oni. Dir. yield— ' 

Earnings Y'USfful&ft! 
P:B Ratio i nel) 
Dealinga cuarkDiJ— ....; 

Jyjufty rurnarcr 

Eqniiy I«i-s»Ib» total.' 


76.19 76.5' 

80. 2S B3.4- 
477 .s| 475-: 
| 1S3.0 151 ' 

; 5.6 1; 6.u- 

17.10, 17.:- 
i sjts. e.:- 
S.I04; 6,0 1- 
1 85.09 83:- 
15^90 14.£-' ■ 


10 am. U a.m. 4G9.L- :• 

• PJH. 47u.'J. 3 ’- 

Uns Index m-: ;c 
- Eased oa X per cent, mrit., 

100 Govt. Sets. IS- lo -JS. J-eu-t • 
Mines t2sV jj- SE Acnvity July -Dec. 1 S£>. 


HIGHS AND LOWS 

i 1377 itii |8iuce 

BiS* 1 I Lw : EUeti ■ I 


Gort. Seca- ! 79.86 ! 60 AS 
1 | <4/l> 

Fixed In: — ! 81.37 60.49 

. flillTS) | (4,1) 

IniOtrL ! 649.2 j 357.6 

; (Mj9) j Uaij 

Gold llmw.’. 174.5 j 96.1 

i 1 1410, ! tLi) 


; 137.4 I 4v 1- 
I lUiUJF) i’ll- : • 
j 150.4 ' ' 50 ^ 

.12 Sillier, u - 

549 i -9.- 

<U Vi7,; i. 

443.5 . -J: - 

tBAiltft ' ■ 


j-'f- UT. 


S^E. ACTIVITY 


-Db.:v 

205.2 169.0 
. .. 217.4 173.9 

52J5 36.1 

143.4 116.2 

-l'-.- A". T^.> 

... 136.8 3 93. a 

f..i. i-ei*.. 204.3 197.3 

'.vl 55.9 . 55.7 
' :*) 133. S 131.7 


“l!7 


OPTIONS TSADED 

DEALING DATES Rjr;vi>. Wed 

First Last _Last For 


ror 

Deal- Deal- Dedara- Settle- 

ings ings lion meDt 

Jan. 24 Feb. G Ape. 27 Mayip 
Feb. 7 Feb. 20 IHiy ll j^ay23 
Feb. 21 Mar. 6 May 25 Jun. 7 
For rate indications see end of 
Share Information. Service ' 

Money was given for the eal; 
of British Land. Boyeo. Dupk* 
J. E. Sanger. Fitch Level!, TWn 
and City. Cbarterhal!,^ '’Lonriio 
Davy Inlernationai, 


j» | ;-;t i’s, Wedern Areas, 
hj.- Jewellery. Adda lut'fS* 
„ ,',j.viaL Associated Lcisur 
»;p. n i tValkcr. Rustenbarg, Rei « 
jnsonaGoual and StilfanCei.*" 
:j.i . were arranged in Maple” 
Mac* 'wards. Brilish Petroleum 
Hill Samuel, while doubly 
as were £ra»7aaj!s>d in Oil 
Lxi'lnraliuu. Triceutrol. English 
rrojerij. Reed International. 

7a lavs. Gram! Mclropoli«a;i War- 
: Adda International. British 

L.iii 1 . Barren Prv elupmenis. 
Millonteiu and Town and Ciiy. 



io 


i 

i 




•S3. 

iffl 

in 

t 




. t • 


• v 


NEW HIGHS AND LOWS FOR 1977/7S 


The le'icvflng securiUoc 'non in 
Share Iriorrnjition Sendee reiwij" 
attained new H.gm and Lowi for 197 ^ 7 ! . 

NEW HIGHS Cttl : £ 
FOREIGN BONOS II* - " 

Japan 6e<: '83-‘88 

CANADIANS 411 '. 

Trans. CJ". Pme : 

BUILDINGS (1) ■ 

Heywooi Williams 

DRAPERY & STORES U1 ' 
Brown 1 N .1 Knott MBI ■ ,- 

Canters A Ratneft - 

HOTELS U» 

Bren: Walter Nortoix Cap. •• 

Sana Rran • - 

INDUSTRIALS l« 

Brr's'crds Neil & Soeixtr 

Booscv 3 Hawi.es Pleasaram* 

Caolan Pr:nle Slag For off ter-' 

HdUam i'ei’jh Wabon W. XJ 

Ha/nta .. • 

INSURANCE 111 ’ 

Enna UK 9sc Co ne. 

motors n» 

Harri&on ,T. C., 

PROPERTY 131 

C la rite N c».;ll» Proa. In». I, f. 

Con.ro. Sees. 

Hagoaj - J ■ Miller *F.l • 

Hickmo Pentecost Piekles <W.) ■ 

HiQhams 


TRUSTS .11 

Mil ede In vs. 

RUBBERS 'll 

Sen am Cons. 

NEW LOWS iJ> 
AMERICANS <11 

B " ra!C BUILD! NOS ll' 

M.-ars Bros. c##EM|C4LS 

B B.n=o. ,]j 

Monsanls 3sc jZ-'i* 




RISES AND FALLS 
YESTERDAY 


Er“:sh Funds 
Cams. 0:m. and 
Foreign ... . 


Up Omd Samn 
— to 9 



Industrials 

39 


Financial and Prop. 

<n 

F 

Oils . . 

2 

P’antauon .. .— . 

S 


Mines . . . . 

22 


Recent issues 

l 


Touts 

303 


10 42 


Pj| 

13 J 1 

JJ. 

^|* ' 
AI i 

■A 1 

a, 


BANKING AND 
SOURCES OF FINANCE 
IN THE FAR EAST 

Published by the Banker Research Unit and now available, this new 
volume describes banking systems and credit sources in ten countries 
of the Far East. These' are: 

AUSTRALIA, NEW ZEALAND, INDONESIA. 

THE PHILIPPINES, THAILAND, MALAYSIA, 

SINGAPORE, HONG KONG, JAPAN and 

SOUTH KOREA 

Written by experts in each country, each chapter defines and analyses 
the banking system; the different types of banks; the services offered; 
the system of bank and credit control; banking legislation, interest 
rates; near banking activity and institutions: merchant banking: 
investment banking; official and semi-official institutions: export 
finance: the money" markets, the capital markets; and a summary 
of all short, medium and long-term sources of funds. 

Limp bound. 340 A4 size paaes. ISBN 0 902998 17 X 
Price £26.00 in the U.K. $52.00 uulside the U.K. 

Your order to: 

THE BANKER RESEARCH UNIT 
BRACKEN HOUSE 
10 CANNON STREET 
LONDON EC4P 4BY 
Registered in England No. 227590. 


ACTIVE STOCKS 

Xo. 


FT— ACTUARIES 


INDICES 




Stock lion 

BP il 

Grand Mol 3Up 

TCI II 

Shell Transport .. 23p 

Brown (J.t II 

GEC 25p 

Marks & Spencer 23 p 

Rank Ore -25p 

Reed mil II 

BATs Defd 23n 

Beecham 20p 

Cons. Gold Fields 23p 

Distillers .iOp 

G1. S "A” 23|i 

GKN II 


nomina 

of 

Cloainc 

Lhange 

1977-7S 1977-7 

lion 

marki price t n 

on day 

hiqh 

low 

II 

10 

7ac 

— 

066 

776 

3Up 

1i 

'.IS 

— 

100 

62 

II 

!) 

*42 

- 4 

446 

323 

24|) 

■I 

4M2 

- 4 

63) 

454 

II 

S 

271 

— '.i 

280 

28 

-op 

s 

^tSIxd 

— :* 

2S4 

163 

2-»P 

>• 

143 

- 1 

17H 

IM 

-•»P 

s 

34Hsd 

- 4 

27K 

V2S 

II 

s 

12S 

— 7 

233 

IIS 


1 

2’JS 

— 3 

260 

202 

23p 

7 

«4U 

-Hi 

693 

372 

25p 

7 

1117 

- 6 

224 

137 

•iOp 

s 

107 

— :* 

1113 

120 

25|i 

1 


•> 

347 

17fi 

II 

7 

-67 

— 

u 

369 

261) 


These indices are the joint compilation of the KfflndiJ Tines, the Institute of Actuaries 

and the Facalty rf Actuaries 


EQUITY GROUPS 

I Mon.. Jan. 30,1978 

Fri. 

: .?an. 

! 27 

GROUPS & SUB-SECTIONS 

1 

1 E«a ’ 

filMS i I ‘ 


Figures in parent hwc.- <hmv number 
blocks per reclion 

| Indes 

! 

t 

, EarsiLp 

Hay’s lield** 
'.Tra-ige 

** Carp 

TaiS2% 

tkc i • 

Yirfd%j iv> • 
(ACT •. • 
**l% i. . 

In: 1 rx 

Xa. 


Wed. Toes. 
Jan. Jon. 
25 ’ 31 


i 



RECENT ISSUES 


EQUITIES 



FIXED INTEREST STOCKS 





FINANCIAL TIMES 

BI?.\CKl.-\ Hifl'HE, n». SJHtKl. LU.NUU.N FC4P 4BY 

elex: Editorial g8KHl'2. 8x3897 AdverUi^cineiiLs: 885033 Telegrams: Finamimo. L< 

Teleohone: 01-248 8000 


- Telephone: 01-248 8000 

Fur Share ludex and Business News Summary in London. Birmingham, 
Liverpool and Manchester. Tel: 246 8056. 

INTERNATIONAL AND BRITISH OFFICES 


Lundun rS4 


ITORIAL OFFICES 

nislerdam: F.O. Bux 12n«, \iusterdam-C. 
Telex 121 71 Tel: 24 v SSS 
irniiughani: Genr^e Huu.h. i:,.„ rRe Road. 
Telex 338850 Tel: 021-454 0922 
i)nn: Presxhau* 11/164 iieuManeL- 3-10. 
Telex 8869542 Tel: 210029 
uvscls: 39 Rne Hiivale. 

Telex 23283 Tel: 512-9037 
lira: P.O. Box 2040. 

Tel: 938510 
i-H.ublin: 8 FiUwiUiam Square. 

L/C Telex 5414 Tel: 785321 
T\fllnbur*h: 37 George Strevl. 

1 ''Telex: 72484 Tel: 031-226 4124 
hvrenkfurt: Ini Sai-hwnlaner is. 

Telex: 416263 Tel: 555730 
Se»hannesburj:: P.O. Dux 2128. 

Telex S-6257 Tel: 833-7545 
Seisbon: Praca da Aiegria 58- ID. Libhiui 2. 
.. Telex 12533 Tel: 362 30S 
tnCadrid: Ksprondceda 32. Madrid 3. 
pafTd: 441 6772 

rgeDVERTlSEMENT OFRCES " 

"rntingham: Geurge Hu use. (ieorge Road. 
O+lTelcx 338650 Tel: 021-454 0922 
iinburgb; 37 licorjje Streel. 
m€Telex 72484 Tel: 031-226 4ISH 
-ankfurt: Im Sacnscnla^cr 13. 

UnfTelex 16263 Tel: 554667 

ieds: Permanent House. The Headruw. 


Manchester: Queens House. Queen Slreet. 

Telex 666813 Tel: 061-S54 9381 
Oloscow: Saduvo-Samoteehnaya 12-24, A pi. 15. 

Telex 7900 Tel: 294 3748 
Xi-w York: 75 Rockefeller Plaza. VY. 10019- 
Telex 66390 Tel: (212) 541 4625 
Paris: 36 Rue du Sentier. 75002. 

Telex 220044 Tel: 256.5743 
Rio de Janeiro: Avcnida Pres. \ areas 418-10. 
Tel: 253 4848 

Rome: Via della M erred e 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svenska Dagbladei. Ilaaianibs- 
vagen 7. Telex 17603 Tel: 50 6» 88 
Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 682698 
Tokyo: 8 lh Floor, \ihon Keioii Shi 111 nun 
Riiildina. 1-9-5 Oil- macin’. Chi; vda-fcu. 

Telex J 27104 Tel: 241 2920 . . 

Washington: 2nd Floor. 1325 t. street. 

V W- ’ Washington D.C. 200IW 

;,'elex 440225 Tel: (202) 347 8676 

Manchester: Queens House. Queens Street. 
666813 Tel: 061-834 9381 

Rockefeller Plaza. N.Y. 1(8)19 
N TelM «!025 Tel: C212) 489 8300 
35 Rue du Sentier. .aWK. 

'■{SJ sSnM 4 Tel: 236.88.01 

T.T^n-* Ka ^p Hara Building. 1-6-1 0 lehikanda. 
Tokyo. rvasaj>" T _i. -q: .«=« 


““SSSSto fro..., and b™ kstall , w,rU«a« « an rcs-lar M,te,rl«tan 

from Mibserlptlon Ueparlmcnl. Financial Times. London. 


VlOO 

esa:; F.l*. 

— K.I-. — 

1100 I .. 27 1 

:99 !:<•< . s :• 

tl Jx, ■ I.r. 

•1JJ K.c. 

-ul» i.r. - 

L-1JU V1U S4 i 

«.’100 ).)*. .. 

Cl-Ju 

K.l*. 

:tj; 99 ).l* 5 S 

tse:. I’.l*. a z 


S99:. I.l 1 . 

V99 is i-lO 2B4 
— )\1\ 

IM*. e 1 


M'fl. Vmaliiq lUii ■] 

-il. ll. ! 

I-. ? 1 * hm ley' Y> ik-lit'i' lu 1 . Cum. I'm. 

A -■b<.>;l !■,£ III-. IJI. I^cl.. ..' 

■ •*. >imii. iau ■!<=:. I.i*. Ito; 

H.1III....U \ |-)5i,..._ ' 

j linv'.% :■):■» '! 

+-H lir!s IWi f 

>■>, hrUilllL'l'. '■ <L l II7IH* — ■ 

Is-. IC\ )qluil-l>> 1 

; Usln Vsr»'.o- l"eS l 

: ■ Illt-Ihi 'arinbie 1 

'Il'l Kl-IIT W'mcr i'-J ly- J / 1 

-■ si. ll-",- l/t-i. 1 

"<lu.il lull. I 'll. N X . t.i l,,Mr. .N-ne- IS*SV. - 

’-I-" ln-uil<>ir Pivl 1 

1 rjni( .i,»- Vnriql-lr I >75... 1 

- -I- 'VlnL.iMi-i 1 Cum. Pr«-l. 

i. ).-i* I ism- ■ 


‘RIGHTS” OFFERS 


(APIT.VL GOODS 1 17»l 

Building . Materials < 27i 

Contracting. Construction (28' 

Electricals* I5i..„ 

Engineeri ng Contractors 1 13) 

Mechanical Engineering <72 ■ 

Metals and Metal Forming 1 17) 

CUVSTMER GOODS 

11 (DURABLE)* 53 1 

12 LLEIeclrtmics.RadjorV'il5i 

13 Household Goods 1 12i 

14 Motors and Distributors <26i 

CONSUMER GOODS 

21 iNON-DURABLEh 176> 

BrewenestMi. 

Wines and SpiriLsi6i 

Entertainment. Calenng • lSi 

Food Manufacturing i22* . . . . 

Food Retailing ; 16) . 

Newspapers. Publishing «13» 

Packaging and Paper! 15 > 

StOTM‘38' 

Textiles 'ZSi 

Tobaccos 1 3) . . 

Toys and Games (6- 

OTHER G ROLFS ( 97 1 . 

Chemicals • 20i „ . 

Pharmaceutical Products i7i 

44 i iffiee Equipment 

45 Shipping! lft'.. _ 

46 Miscellaneous i54/ 


INDl’STRIAL CROt'P <496) 



-1.4 1723 

-Ll 1634 
-1.2 1753 

-2.0 1556 

-0.9 20.42 

— L4 2838 
19-41 

-13 1X90 

-13 15.75 

17.99 
— L5. 2134 

-13 1600 
-L6 15.19 

17.05 
15.42 
2105 
14.14 
. 9.76 
—1.4 [ 20.53 
10.45 
-0.8 | 19.97 
2182 
-23 1 2036 
16.88 
-13 19.88. 

-12 10.94- 

-2.9 2050 

2114 
-10 1 15.89 


E3I 


5.66 j 8 21 I 28841 
5 A3 ; £ 75 189.96 
3J3 ■ 8=0 33473 
4J11 9 56 45026 

658, 6H 3986 

6.42 1 732 26J.42 
8.42 J 6 £2 26353 

A*»] 3 IS 19QJ8 
3-M, c J7 229.68 
6.77 7 60 173.45 

436 1 7 02 135.08 


LijHi 



5.83 ! q oi 

6.18 1 a 9g 

5.73; 8 50 

6 82 1 a 05 

5.63! 876 
.473 1 iq 28 
1540 
70ff 
15.00 

f £. 6.11 

J* 657 
5J| 8M: 

f®/ 7.07 
3*} 1172 
;■ 630 

5.60 

Ljjtj 8.92 

i a 4? 

iC T 7.75 
837 

Si 1 

!Si 5 i" 

^IJMl 

I 18.47 
s «5 , 

J® 65-49 

-*.9 _5J4 . 
Jftj 30.42 
' 681 
- 7 H 7.25 

sai-rfr 


19674 
217.75 
243J4 
257 02 
15167 
-195.74 
3334 
13036 
.18553 
17523 
225 06 
102.73 
190.85' 
25268 
S4.49 
13230 
47087 
29ft78 

167.96 
18684 
21227 
16286 
14114. 
132.79 
312.45 
8268. 
246.86 
20*63 . 
18958 
9246 
278.20 
20821 


209.43 I 21107 21260 
19140 19268 193.98 
307.14 34835 344.46 
453.07 45582 46032 
29456 29586 29824 
16534 16656 
164.48 164.65 

19168 19364 
23135 233.61 
17421 -17526 
11634 117.72 

199.68 20019 
221.79 223.77 


rmFTT ■ 





FIXED INTEREST PRICE' 


SCu^iiia - . „ 
, I'riofc. tL 


.\i 118(^64.11 MkIvT 

... 120 ■■ 2 


... , *5 

' ••nun. linit (■■«■ ia.li .. .. 

*tpm + 1 

). ' -i iTI-.-li S 

... lSi-iii .. . 

In "ui".' '!•:•- 

l-.ls.l . Ini,. ••*' I.-1I1I 

... U2 ' - lj 


British i.knernmcnt 

Mon. 

Jan. 


:w 


21171 ] 21254 J 16652 


Mi ■)>. Fri. 

Jan. Jan. 

30 1*7 


58 7 52 8 

75 969 11 

34 1028 12 


i Oder a year 
1 Avear- . . 
Cher l.ijwp 
lm*tl>-eiriaMi 
Ml Mocks . 



9.93 9.81 

1071 1065 

10.83 10.78 


10 52 ' 1038 
11 68 | 1161. 
1173 1 1167 


{ 1144 L Hi* I 1405 


3a‘: u;uj 1 v !a,» Oj: d.-aim; ir.,-r ni iiiinp nuiy n funtm 

i. -•■■js , ,;iaia- ... j \^ara..^ iivil--nd jn-1 rr.-M. u I'mCMt dividi-nd' 

■ n-.vj.j.ji >iv.r’s -jn,:ni.;. r PiuJ-.-nd anJ >icld h'jvid on orosDocnis 
iur ViVi j Cro>- 5 . t !■ i^ur.b j iiumi-j. Cm or alian> 
-narcs livl ruri raaklns iar Jivld-uU or nnkm^ only Inr roMriCTi.'i 

ari!-: tn i>u(j!kv i-C Fs-tu. u;iV.< •jcirvf.r.v '■ (biuoC 

C»i*?r->i i'j LoW.rs ui Ordiurj sharv.s j 1 rishis." •• RintaM 
r-iML>«-.,o.i. Maunsn) i.iri-r »rm. VKi.intrudJi.i-t. is<U-ii 


11.601 76 r 


;•!. rvwjii.i-jn'oiriii. .Tm- r ir :.il «'.r. iinr.rtuvuo-.. n isiuvrt ijsu«. A^ntoT ll« C, rt4 r 9 CBrd - l» 

L^; 3 t h, |!f:.?i. 5wlS^Jm^ rS ,0r fUl,: W "“- • l>ro “ : " UDJl StrccL London. EC4 .Va»to uTtFZL ^L^^K**** 7 **- . 




■ r , 


63J& 

37.10 

78^7 

6S.A4 63.67 

67.^0 67357 
78.47 78.63 

,63.36 63.22 

67.57' .67.67 

"78.5 si 78.48 

i . 

60.49 

48.98 

68«9 


Saturday 

Cnra 























































TfirancSsQ Ttafes Tnesfay Ta m iaiy 31 3U78 



27 






y 

^ '*-•'■ 
i ». ’ ^ ; 

H«F ■. ■ 

i 

*»••» .. 


to MlClj 

>:■■ ' 


-- V.J - 

" ; 'V. - 


f- • -. . . 


■=.•■!■« 


n* 


i ! 
i i 


AUTHORISED UNIT TRUSTS 


Vnlt T$t Xgm, UtL |IIU '• Traxu-Ouilaurf 

tfehuuwRA.AjrlwOw. 4B888M1 B+S2 S&:? - ft 7 . 5 

1 

Jg Uaiv&Kfnr ?302 32* 


nww. . *68 

m-.T«.rd. M2 
rf-D.Tst [414 


1 

-S3 in safiffis: 


Fund 


HiuDbro Croup ia> (g> 
n liw . Hutton. Brrarwnod. E»«.‘ 
X>\ vr Rriria*t*Wl PETB SIMM 
d Hindi ^ 

!0(J TOW BIS 
iplia) . . - 9*2 
■^unri • 

\rr Fd 
Fund* 

rr : B 

ml hiodi 
ana! 
unmi 
und - 
l Funds 
•o.'sW ...WO 
rn'HKd. .. «J.O 
Sit*. ... M2 

ftcdn— go 
Knmlnjtv 5M 

nlr.OO’S.-PW-S 



3 5S j. S t.lUryA«e l Kt3Af»P. 

AW l — SOI 
1311 

IrlFU-EULlTUM.- BS 

The British Life Office "Ltd.? fa) - 'iMomennid.^Z »J 
Reliance lisa.. Tunbridge Well*, lit nee SECT ln% 4E2JftSi“ di 

S',:BSSS^- .& S|: os t IS »a«®!=ei. . 

bl Dividend* ta* Gibbs (Antony) Unit Tst. Mrs. Lid. 

iTtces Jn. J3. Am rtoiltaic day hob. 1. _ m-mnowsi ktsmtvi. otontm 

«rt-17| BOO 

, *0*j .. J 4 OQ 

01*008830 (at A,G,nirE0f.. |M6 SUltDj] 0J0 

224 J! -Ml 4 U UMlltlS "TUW. TtWctL 

Z7b5!-B3| 4 *0 


Gartnwre Fond Managers P iwg) Perpetual Unit Trust Mn group (a) 


23 & -Oil 
53.4 -0 3 
Mil -05 

25.6 +0J 
-03 -0 6 
75.1 —D 6 

32.47s -0M 
R( -04 

17.7 -03 


01 S83XU1 40 Hart St. Henley ott Thaw* 


1.03 
3.42 
3 74 
1U 
854 
555 
3.B7 
544 
3 43 


O-13120B68 


FpeiualfipGth .. J38J 40.71 1 3 M9 

Piccadilly Unit T. Mgrs. LML? (ai(b) 

tFardsfK U *->■■-. 5fa Isnufon Wall EC2 8380001 


Brown Shipley & Co. Ltd.? 
Hiktv Founders n^ETH 
UR Unite Jan. 30 _..p091 
lm.iAcr.ijDn.3U B36 8 
Omoir Tnuta is) (cl 
Financial .. ..J344 

Ucncrul 

Gimnti Atom 

iVrowtMocome 

2 47 2»fAInceo» — . 

TnBax. ..Z.7J.-..'. 

Overseas fib Q 

Performance i55.fi 

*47 Hwiw..- 

SIS RxmpL Jan. 10—. . 

4a 


s. Bio Bfl eld 5L.ET2M TNI* 
„ l A.C.Iltro*e ,, ._B91 
hi AC. UWhF — 137. 7 


Extra Income {no 

Small t.WsFd. 41.0 

Capitol Fund . «4 7 

iot.Erna.& 477 
Private Fund ...J78 
Acctuahr Fund _ . 635 
Tochnolosr Fund.. 592 
Far Fjjii Fd .. . _ .22 7 
Amen can Fund.... US 


35.S-OT 
4B.fi -02 
S3ll 

40*1 

584-05 
63 fi -0« 
24.0 
23.21 


a ou 
2.75 
333 

4 98 

3.78 

458 

380 

3.M 

3.10 


1175 

(434 

050 

£96 


Gttveti (John IP 

35JB-0 3 435 7S.l4»donW»ll.ECa 


m 


37Jl-^3 507 


-Oil 423 *“Wdr.JaivW. _.P»5 
-Oil 507 po-Aeriim UnW^ftWa 


Z544-0.il 


Neal ' 


.. .. . 155 b) 

linn day Vrtv 2 


01 NBSMCO A^cum Units {194 9 

130 3) . . I 211 


4.15 


211 


Sa -oi] 3 £5 Grieoeson Management Co. Ltd. 


59^ -oh 5.79 Canada Life Unit Tst. Mnfrs. Ltd.p -,«cum.uiiBii— 
stHlSa In S« High SLPothH* Bar. Heiw. P.Uau-aiCS 


Can. Gen DiM. , 

Da Gen Accum ...... F 


m Unit Traot Managers Ltd, iS'.SE«5!III-“ l 

mrchSc EC3M8AA 0238S31 Do. Inc. Accmn 

C.T. 1452 49.4J +0«| 407 

_ ' Capel Games 1 Mngt. Lid.f 

berVnit Mgmt. Co. Ltd. 100 out Broad st.EraN ibq 

t. EC2VTJ.U 01.83363% Capital gl.4 * 


Practical Invest. Co. Lid.P ITHCr 

44. Bloamsburi Sq WC1AZR.H u].eZ3«BH 
7Vacticil.Jnn.25 J ..lU9 5 HB^J j 405 

Provincial Life Inv. Co. L&LV 

taa. ^‘'tvop'CtSt. E.1.-^. 01 247 8533 

Prolific Units .172 0 77 II I 358 

Highlneoim.- [IMS ‘ 314 l| | 757 

Prudl- Portfolio Mdrtr. LULP (aKbKci 
HoJtam Bars. fcX'IN ZNH 01-4058222 

Prudential . [1185 1250|-1.0| 4.43 

QuiJter Management Co. Ltd-P 
The Mk. Rxrlunse. EXUN 1HF. 01-000 4 ITT 

QuadramrrfAFd, .IM9.7 112.71 -...J 3.B5 

Quadrant Income _H22.9 125 M( ..*.!) 7.47 

. ~ „ . , Reliance Unit Mgrs. Lld.p 

7.56 -Guardian Boyal Ex. Unit Mgrs. Ltd. Reliance Rse .Tunbridge Weils, ja. oess smi 
Roml E*chan*c. EC3P 3DN. 0143B801I 

. (jg) Cuardhfll TbC.lB4.7 87.7] -08( 439 


JS 'BarTnLJ" 155 — 
312 'AewSuna**-™— 
« S Bt g«HY3ai>a8 . . . 

951 (Acsmo. Untaa 1 — ... 
jBBdA4v.JMn.2i — 


<j§ S^£ < j£s::w.; 

XAecum-Ualul Sb * 


0022 

2117m 


£19 D 

2294 


1763 

1847 


1980 

2074 


1550 

1*15 


UOI 

167J 


73.7 

79.3 


78.0 

117 


67.8 

' 705 


(705 

734 



01-6064433 

426 
425 

5 41 
691 
259 
269 
3 01 
301 
101 
101 


1790| ( 830 


My Fund |155<> 

not Securities Ltd. laHcl 
I St I Aiitdon EX4R 1BY 
amr Kd ... 


Inrome 

Price* an Jan. 


r o 

N 


01 .. S f S 355 Henderson Administration! a Hz) 


SekfondeT Inc. 1 


6481 .. .. 

568 

43 a -a.4 

505 

42 q -0.4 

505 


(Do. Hanx Mutual _ JZ35 


Next dealisx Feb. 1. 


J 7.47 premier U.T. Admin.. Rj> letc^ Read. 


Ridgefield Management Ltd. 


Fund. — “a 
U nttai .^ g l 

"drwLl'ta.1 H 1 
ceFund. *5 7 
. I'Mtai _ J82 

Uy Fand"« 529 

L'niuu *14 

'Und J33 

Unitii. . .. 39.4 
•JUvFd.** 1533 
• A InU Fd 202 
16.4 

Fd.— 53.9 

r.blnLFd 2*2 . 


122 3 -05 
443M -03 
59.5M -071 
595m - 0.7) 
277a 

412m 

144 -0.4( 
573 
80.4 
U.4 

19.1 . . , 
40 (m -03) 
453a -OA 
sum -a4 
42* -OJf 
a ms -o.l 
ZL7 -aS 
IT .7 -0.41 
593 .. 
Z62 -0.4] 


1017 

8.92 

892 

8.9Z 

1230 

1230 

«~93 
4.98 
493 
3 05 
3 55 
355 
324 
324 
538 
137 
1.87 
2.40 


Carliol Unit Fd. Mgra. Ltd-P laHc) 

MUburu House. NewcaMle-npan-'Crne 21JB9 


Carliol. [63.4 

DO. ACCBB. UniU - 754 . 

Do. Hijdi Yield- 0.0 

Do. Accuzn I'mu .. 493 

Next dealing data 

Charterhouse Japhetp 
3. Paiemoater Row. EC« 



Breonmod. Ekaex. 

(MUUUtnUan...— - 

iCnmtbine .. 
iGrawth acc. — 


CJ IntenuKl 

Xt 



Accum. Units 

23.6 



CJ. Income 

J6.0 



CJ Euro Fin 

24.4 



Accum Unite . ; — , 

20.2 


|aN „ 

CJ. Fd Inv. Tst 

2S2 



Areunv Uuim 

286 


m. 

Prices Jan. S&. 

Next deal ml 


4g 5SSm.*jnr 

(■unteniatioiiBl 
luNtA American 

Uron Jan. 2T_ 
365 


804 

3.92 


275 

292 


406 

43.7 

-0 3 

40A 

437 

-05 

3Z.6 

33* 


54* 

*0 90 

-05 

M2 

261 

-0J 

570 

610 

-02 

31.1 

331 

-03 

24.7 

2*3 

-Cl 

3L4 

33 80 

-0 2 

1016 

105.8 


ns 

255 

-02 

755 

ms. 


690 

735 

-0 1 

54.1 

to™. 

-0 4 


U3T1 SZiMO ro Box 41P. Bonk Hie.. Mancbor. 061 238BSZ1 


194 

3*8 

358 

225 
266 
351 
793 
592 

226 
127 
244 
255 
397 
343 
8.79 


Ridgefield lnL it |B2 0 
Ridcefirld Locntue Nj 0 




296 

937 


Rothschild Asset Management ig) 

72 -AO. Gatehouse Rd , Aylesbwv. 02869041 

3 IS 
2.96 
739 
2.16 
236 
435 


N.i" Equity Fred.... 154 a 
S f Ensy Rr Tm 921 
N.< :. Income Fuad - 14L1 
N «". Inti. Fd. line. 715 
St Inti Kd. 1 Arc 1 715 
SC. 5m] lr I'm* Fd|l474 


1. 


392 gill Samuel Unit Tst. Mgrs.t (ai 
|j| 4SBeecbSi.BC2P%X Oi«sanil 


iblBriUabTruat— — Q<4 8 
l»'UaATtu*_-~-K \ . 


AM on. <Tue*. ttWed. tThura. «Frt. 
dl«a.**-Dw. 22. -Dee. IS IMIy 


ys Unicorn Ltd. (aKgfflc) 


to o“ 


154 «-liJ 
3*5 -92 
685 -0.1 
30.0 b -05 
95.7 -0.4 
288 -1 0 
533 -05 
30 7 -0 2 


in Chieftain Trust Manager* ULPfaKg) 

“ 3DIZ1 Queen SL, SC4R IBB. • 0 1-248 Z833 (bl FlnanriM Tru«- bW.4 
Amenean bzH.93- 2D5MI _.J 177 .tMIneo“Tjmn_.».J 

ay Unit Tst. Mgs. Lt*LP (age) »3S zn !»HS?Y£S»r&7 

b HMborn, WC1VTNL. 01-03162X1 B^c Resrce. T*t,p43 2M| - . I 476 

1 aau^nTilf^xt anbfdiyFii. u* 6 Confederation Funds Mgt. LM-V fa) li CAiUtopbur Street. Em 

50 Chancery Lane, WC2A 1HE . 31*420282 . 

Growth Fund /40J. 42Jl|-.4 419 Key Pond Managers LuL lang) 


553 

351 
191 
460 
434 
757 

352 
BQ3 


163.., . 

97.9(-»0i 
uoi -23) 

76W *oa 
76 01 —02 
156.91 -07| 

Rothschild & Lowndes Mgmt (a) 

Sl SxntninxLanc.Uln.EC4. O14E04356 

X«rfl Exempt... J£3170 174.0] | 3.72 

Price on Jan. 16. Next dealmu Feb. 13. 
Rowan Unit Trust ilfngL Ltd. 
CqjJ-.ale Hkc . F ins bury ECU 01-0061068 


Intel Inv. Fond |B4.7 93 3«t I 660 


RawanAni.Jan 20 
Bonn Sec Jin. 24. 

Rowan Hr Jan. 26 
lAccum UniLxi- . 

Rwn.Mrln Jan. 30. 
lAccum, V'lum _ 

Koval Tst. Can. Fd. Hgrs. Ltd. 
w. Jenayn Street S w 1. 01RZ982S2 

01 2477243 t"4pital Fd _ . |65.4 69 (fl. | 379 

l T2r Income Fd. jus 72 3d J 7.80 



1 Uu 232 Romford Rd. E7. 
1 America -OB-l 

L Acc 54.9 

line 435 

Ital ..525 

mrnTtt 1054 

lllKOBII .. Z75 

ineial 58.1 

W.l 

•ral 293 

wthAcc.. — 393 

• .me Tat — Mk? 

• .A , M.«..|nu 

a ai Jan. 31 Next aub. 
men. u93 ( 

* ■ UewKml-paA US.' 

,dvldeTniMw5 47J 

FdJnc. JZjAfl-O £ 

:mn h3 II 


01-5345644 ■ .X. 2S.M0kSL.gC2V6JE. 

382 «2j 232 Cosmopolitan Fund Managed. uir Energy 10^4- )69.6 

*831 aassfiasss^^jtrsMaE^. 

1 S.9 -02 339 Crescent Unit Tst. Mgrs. 1» (a)(g) J^^SawiM^lSJ . 92.1I-0.2I 662 

74J l« ttSS £^ 1 !!!!S 5 ^* : -n.-l^y” 1 Kleinwor 4 Benson Unit HanageroP U nix' Growth 17"“ [575 
“SI SS^miSrZtSj ' • oil 33 30.FeocburchSL,E.ai 01-6238000 lucreaidnf iBetuae Fund 

JSiffcw! —0 6 632 Crvs#.aish.DI«L...to.4 46.333 7.77 JLB- UnJtM-lnc. ,_M4 M31 ... I 463 Huh-YtoU . 153.9 

1UJ ^04 S® Croa.R^«* fc»J . 42J] 33 4A5 ♦KJl.TJnilFttAc.:.pOZ.l U0*| . ,| _ High Income Funds 


01-008 TOD. 
7*0J-0a 3.97 
681 —04 5.03 

149.4 .. .. 650 

B2i -0.7 B.H 
654 .... 1LU 
•H3 -0.2 662 


Save & Prosper Group 
4. Great St. Helezu. London ECGP 3EP 
68-13 Queen Su Edinhnrgh EH2 4N7C - 
Deal la-5 Ur 01-354 8880 or 031-293 7391 

Save & Prosper Securities Ltd-P 
lmmnriwul Fundi 
Capital t 


'4f tm UiacretHmary Unit JMnd l^gero 

"I? S-U 22.B3t3nBeltlSL.EC2ia.lAL. T ^2 V5L Fnwto 

-03 in -P58.4 «9.flf •*...! 5J4 “gfiSKsHrB? :.J 729 


3. 72 


IK Equity J42J 

Ovenos FundiUI 


-0*1 J” DUclneome p»4 .aM|H t~Z?iihl j,r^FdTlM4~ 

, ^ 3 E. F. Winchester Fund Mnjt Ltd. Lawson Secs. LhL Pfage) Eoroiir__. _ T.'...j73 2 

g Brothers & Co. Lld-P (a»x) owiewny.Eca #«*>«? QOaoy Eil2aiG_03i-g»38ii |S| 

. 7 S g? I®- - - 

m -Growth Fund- — J54.S 


Pr “Jan B4._ 

“Jan. 24... 
ilnlJan 1T_,_ . 
uUaa 17.... |X67.9 171. 

- Next mb. day Jan. 31. 



Emson & Dudley Tst. MngnOL Ltd. 




dwihallSUECJ 01-3883830 SfStf”i?g i g g~Bgj L 

nTst. ^.8- yn GtWnehar OBaatfRS 

Next siib. day FebTSI IIL ,„, 

20-AHlngtOaSL.S.W.I. 1(1-4007351 gAmertamM.^.-. [202 

ipsgate Progressive Mgmt. Co-P Enwoa Dudley TH_.|6B 2 TUf i— 4 5J0 «AccttmUah»i — m.0 

— i - 

2^ Frocnmri»e„___.HaJr •' 6461-3.4] 441 Legal A General Tyndall FuudP 
Equity A Law UtL Tr. DLP^iKbMc) 59 aj 


to 

Si 

385 

218 

22.7 

54J 

73S 


723 
311 
321 
201 
057 
027 
3D 30 

to: 


_ Fundi 

fomnod Uy — ~ 
Energy . 


65 7 

a 

3 



lb. 7. 


4.C 


V M HU-gereVCXO ‘““'Ti. -X d w Feb lb 

672 _ .. « Leonine Administration Ltd. 

329 Framilnglon l nit Mgt. Ltd. jUO aunta St. London WU4 8JP. 0I-48S6H91 

329 5-7. Ireland Yard. EC4B BDH. m-848flB7i wma 171 1 74 K -041 529 

5.66 Capital Tst 0096 U6.tfZ-| 353 LaoAiwttm. >75 6 79 £| —0.5] 497 

*2* Income To.-..- -0802 1D6< 

Int Growth Fd. f»2 .'991 

Dg.Atmn...„ 


VilllamSU EC4R BAR 

• Inc*. ...M2 
c-Cap.Inc.t_ 327 

• Cap. Acc.T . 556 
c En era pl.t .. 1330 

e Inti. Inc.t 135 

elntL Acc.t_ ld.7 


U1-8K40B1 


*20 


Ni Jan. S4C9. Dealing Turn fwwL 

annta Trust ManagementfaKg) 

idon Wall Buildings. Loudon 9UL 
onECSMBQL 01-838 047BA391B 

a 

al Arc 

a Altai. 
llty_ 



610 


oodliy. 

wtlc_.._ 


692 

SI 

jm~ n 

: X3±Su.;|] 

1h (79.7 

• iGrewth... 

itwth 

J TrtSharet.. 

rols 57 S 

lligh Inc...... 7*9 

Issue . J51 

h American. ~p*4 


713 

sfto H> 

74 .4 -a 

39.4 -0. 

- J SK 
18.1 .... 
681* —95 
U3 d +07 
8L4 —0.6 
76.1 -0* 
54* 40.3 
43 fa -0.4 
405 +04 
105 -01 
J7.7M -0.4 

28.4 ... 



Friends" ProvdL Unit Tr. 
PuthatnEnd, Dorking. 
FriandsProv. Uts-.M.* ' . - 

JDn. Accmn. . „ — „J5L7 53 

$jZ G.T. Unit Manager* lad. P 

593 lOFinsburvClreosEaMTSD 



258 UoydsSk. Unit Tst. Mngrs. LnLpiai 

2 -58 RedMrar‘6 Dept. Goring-ta-Sca. 

Worthing. West Sutitcx. 0I4C312K 

P KtndtBalocd.' 1 .. .. 


3056 Do. rAceum i 

J? Second (Cap. i 53 

in Do lAccum. 1 57 5 

Third (tooomri ... 757 
Do UtimV-.. ■ 105.7 

, . Fourth 1 Exlnc 1 p8 1 

(Q^gsSDU Do lAccum 1 . 


m* 

522 

-05J 

65.9 

7BB 

-05 

•45 

497 

-0 I 

575 

6li 

-02 

787 

844 

-0* 

105.7 

113* 

-07 

2 81 

424 

-05 

M4 

4*5 

-04 


<31 

*31 

362 


Financial Ser? 

Hi gh . Minimum Fhndx 
Select Internal _.[2154 
Select Income (523 

Scotbits Securities Ltd.p 

Scothiri 362 38.9x5 -021 398 

ScotTWld m3 535 -0.6} 676 

Srotsbarvt 153.7 577) -fl5) 4,45 

Snd.Ex.k>:b-A [2085 ZX3\ .. . 198 

Sne-Ex. Yld'6 . 7002 17 82] I 6 77 

*Pnccj si Jan 25 .Vest tub day Feb. R 

Schlesinger Trust Mngrs. Ltd. (aiizi 
■Incorporalinj; Trder* TruaLs- 
146. Soct5 Sheet. Doriong. 031)8186441 

Alb Exccipf. . ■ 1189 

,*m Growth Q« 4 

Exempt H:<- VML^62 
Exrtnpt XU Ldre -124 8 
Extra WTsi — |ZE.9 
loronie rHst _ . _ mjo 5 
Inc. MF-s Wdrwl |3L4 


"Sy 3S lci=l Growth «3 

"S^ ltar.Trt.UBiu. ’23 6 


6.11 

612 

743 

743 


393 lAFlmbUTCbeoaBQMTOn CB-«S8ni DolAcnJUM. . ../*•* 692] -04| 743 propc-ty Share*.. 

it SSSfS2=K ■- sSSjrtiS'SSS, “ e vwt,ro.*w-- «*i. . Srg^Sfei 


‘iT. Inc.Fd tV . - ;&6*5 

SS 

a&ssfcgi 

|5J G.T.FwYdiW.-S2 


m 

3375 

233J 

. M2* • 

XU* 

507 .... 


770 1WM.GWtataou»e R«l. Aylrobury. D&M5M1 
*220 J&pdWAccom. t*442 15X8]. ..] 422 

jU»*C Group? O-XcKU 
250 nm Quays Tower llUL ET3R fflQ OHOB 4568 
7® f!#* also Siort Exchange Dealings 

. American (381 4064-02] 089 



850 

439 

2® 


3. Rayleigh lid. Brentwood 
fi.it A— P05 . 


MB 

S3 

£1 


CLIVE INVESTMENTS LIMITED 
Royal Exchange Avc.. London ECSV 3LU. TeLi 01*283 UOI. 
1 m Gnide as at 24th Januair; 19*8 (Base 200 *t 14X77.) 

Clive Fixed Interest Capital 135.06 

Clive Fixed Interest Income .' 124.73 


CORAL INDEX: Close 469474 


INSURANCE BASE RATES 

t Property Growth ${% 

Cannon Assurance ...» 4i;‘^ 

t Vanbrugh Guaranteed 61% 

T Artdrvsa Nhtnrn under limimro and Property Band Tabic. 


lAccum Unitar. 
na m gano AMrMMtu.. 

^tAccum. UnHa> .(670 
J Compound Growth. N7 
eomtraHm Growth (75 
CotJT*ra»«n Inc 57 6 
lMiidond-„. «... 1123 

(Accum. Uada)- - 2015 

Euro pa an . 45J 

tAcvum. Cnltsi 463 

Extra YtaU 832 

(Arran. Units ■ . - UB5 
_ wraPwn- .. 376 

ilArrum.UWt.1 . . 408 
fFbodoIJnv TvU. 56.7 
tArcum. VDhai . 680 

Cane ral — .. . 1535 
lAmUn- X’nilai .237 5 

JUghtncmae M6 
_5cAcrun.Unlcai UO« 
TJjajwn Income 9 

rlCAccuta. Unite: . 

‘ 'run-." 


BASE LENDING RATES 

A.B.N. Bank fil% C. Hoare & Co. .. 

Allied Irish Banks Ltd. 64% Julian S. Hodge 

61% Hongkong ft Shanghai 
6i% Industrial Bis. of Scot. 

61% _ Kcyser Ulloiann 

8i% ” 

64% 


American Express Bk. 

Amro Bank 

A P Bank Ltd 

Henry Ansbacher 

Banco do Bilbao 

Bank of Credit Si Cntce.j} »i% 


t 6J% 
7*% 
8i% 
% 


ItArrunLUnlb'.. 

Hnnoy.. . . 
lArcumViuta'. . 

.SccomiGt-n 
fiArrom UM&-- .. 

[SVccinl -. 

[(Acram-Uiubi.. . 

^clalteO Fbnda 

, -TTuitca-.- 1139 9 1470 -OBJ 

UlAcraAL’nimi 263.9 271 5 

,v niarUKmdJan S4 1118 
UtianM.JaB.2t. M73 249. 

lAcrom Unit*- .173 8 17* . 

Pena. Eh. Jan. M . |l232 1304-14; 

MumLlfe Hiugcacni Lid. 


Bank of Cyprus 

Bank of N.S-W 

Banque Beige Ltd 

Banque du Rhone 

Barclays Back 

Barnett Christie Ltd.... 
Bremar Holdings Ltd. 

Brit Bank of Mid. East 

Brown Shipley 

Canada Permanent AFI 
Capitol c & C Fin. Ltd. 

Cay2er Ltd 

Cedar Holdings 

Charterhouse Japhet... 

C. E. Coates 

Consolidated Credits... _ 

Co-operative Bank * 6}% 

Corinthian Securities... 64% 

Credit Lyonnais 6i% 

The Cj'pms Popular Bk. 6 i % 

Duncan Luwrie f 6i% 

Eagil Trust m% 

English TranseonL ... " 
First Tendon Secsi ... 

First Nat. Fin. Torpn. 

First Nat. Secs. Ltd. ... 

1 Antony Gibbs 

Greyhound Guaranty... 


BJ% 
64% 
61% 
7 % 
6*% 
Si% 
ri% 
«*% 
64% 
6j% 
9 % 

7 % 

8 % 
64% 
?J% 
75% 


8 % 
61% 
9 % 
8 % 
81% 


Knowsley & Co. Ltd. .. 

Lloyds Bank 

London & European ... 

London Mercantile 

Midland Bank _ _ 

M Samuel Montagu 

M Morgan Grenfell 

National Westminster 
Norwich General Trust 
P. S. Refson & Co. ... 
Rossminster Accepfcs 
Royal Bk. Canada Trust 
Schlesinger Limited ... 

E. S. Schwab 

Security Trust Co. Ltd. 

Shenley Trust 

Standard Chartered ... 

Trade Dev. Bank 

Trustee Savings Bank 
Twentieth Century Bk. 

United Bank of Kuwait 
Whiteaway Laidlaw ... 
Williams & Glya‘s ... 
Yorkshire Bank 

■ MtB Bm tf tho Acnmucg 
ConmUi'i' 

8cbo*u* r;, 2 -roan Hi 

t :-d*y drpoctii no of 

and under 3»i, pp | D t?. iwq 


H 1* infinmham St . EC2V TAU 9‘. ^»*800fl 

InvABM Jaa. 34 IU02 126«.._> ! *1 

Oenerfd Jan- 34.-._|7Ll Tail .} 3 

Mercury Fond Mutagen Ud. 

3D. I awOwm St-. IX3T ^EK_ u-.9X.AU2, 

lterr.fian.Jw 35.(1727 38371 j 4S6 


'll 


Kite * na ov * r 13 *W9 m, 

. prindlay* Bank r...7.;:.? IjS 5 SS^« r * n * S ' ^ 

■ (lUtnncss Mahon H*% ' *anu 

■ Hambros Bank 61% ? iey *' 

■ Hill Samuel ;. si% 


«®Uca to sicram 2^L 
ii. Mar d rawn* Mr.: )ta1i>* fnr Tarie 

PrtHWtt* over Ii BcguUMhte. v , *“ 



never ends 


We Bri tish are a peaceful people. When a warfc ’ 

: : af moct° consign it to the histoty books -aa<f' 

Si thc ^ The disatlcd freo , 

ootn vvorw Wars and from !c.scr campaign 5, now 
■ v “* ,1M, y r*w8«llen: the uidowis. the orphans and the 
JKLyy 0 " ^ thCm ***** War ^ VeS 0a ~ evtr% ‘ davmri 

. I onumy caw;, of course, there is help frwn a ' . 

; l g» ^.^ ^crc^alioi&wwhat anvGavmwiiyn 

• Tte is whc« Anaay Bencvoten^ stem in. Wth : ’ 
unuenuanomg. with a sense of urgency. . .andTskh 
pradiea!. financial hdp. +-.■ 

To usit Kttwn-ilQKiohdp these bra\e m^tHttid 
.women, too. neaseutll ym hdp usiodo moreTWfe 
must not let oursoMkn donn. 

The Army Benevolent JF und 


1112 

1710 
2220 
1576 
2553 
777 
786 
(1598 
_ 0 
0*96 
11853 


413 -02 
*29 -02 
«JZ -02 
668a -C5 
7ZC -0.4 
30JC -08 
5U -03 
635 -D* 
U9J -03 
2221 -06 
*98 -0J 
*93 -D 
888 * - 0 * 
1153 -08 
401 -01 
4MJ -Cl 
•09 -0< 
73.1 -04 
1472a - J pi 
2353 -15 
1050a -C 9 
1781 -16 
12*2 +J0 
1263 *7-1 
18981 -:.3 
236* -L6 
1*71 -05 
27191 —0.4 
8211 -05, 
D.7 -03 
1782K -3* 
75*51 -7.oi 
159Jt -0 7. 
1973 -10 


889 
279 
279 
512 
512 
392 
*27 
8 01 
713 
783 
219 
Z«t 
8-14 
■14 

32Z 
3ZZ 
* *7 
4*7 
389 
589 
148 
840 


Market Leader. _>Z75 
VslYwiiT - . Z7.1 

PSef *fiiB Trust -.739 
i A 

J8 

... Arram]205 

V K-Grtl; Ota j»0 

*N«xi uib Fell a 

J. Hew; Schrader Wagg Sc Co. Ltd.? 

:20.Cijeapi:de. EC 2 
Capital Jas. 2* -.1963 
lAaraavi -. — 11157 

liromr Jan 21. - 378.2 
jAronaa.Usib - B594 
UMwrolJas-OS _774 
■Arrtun. t"c:U. ..{953 
Europe Jar. m j27 0 

‘Arttim. Crib JZ95 

-FRfbvJao M -hS62 
*y.p«l Ex Jan !l _JZ14* 

*Rcccn-n5'Jan.:i .[1828 

- *F« tat rim*!* f«nd» oit.j 

Scottish Equitable FwL Mgrs. Ltd.? 
28 St .AndreitiSii.Edlcinivg!: (31 US 9101 

Incmrl'iLb ._. [505 53B . I 5M 

Accifla-Lnit, |S6b 6031 5.U 

Daaiinc daj Wadneidar 

Sc bag Unit Tst. Managers Ltd.? (a> 
FOanx5I1.5lcfc:brT a UI-ZMMXn 

3*81-321 370 

3l:;-oji 790 


OFFSHORE AND OVERSEAS FUNDS 


Arbothnot Securities (C.I.I Limited First VUdng Commodity Trusts 


0- ML Ucorse'f. Don bJb&, In M. 
0624 4882 Ldn. Agu. Dunbar A 


Co. LuL, 


ro. Box a(H. St. Heller. Jersey. 0534 72177 A St 
Uap.TSLiJrncyi. .11270 136 Of . — I 3.44 

N*»i dealing date Feb. 7. 

EBstltInU.TK.ini.po70 11401 ] 339 

. Neal ub. Feh. a 

Australian Selection Fund NV 
Market Opportunities, r.'n Irish Young M 
Oortmire. 127, Kent St. Sydney. 

U SSI Share* — |imH - ( .— .] — 

Nn aar-n value Jan. 36. 

Bank of America IntnL S.A. 

35 Boulevard Rural. Luxembourg G.T*. 

World Inv. Inc. Kd JtWWH - I I - 

price at Jan. at Next rub. nay Feh i. 

Bnk. oi Lndn. & S. America Ltd. 

4048. Qnccn Victoria SI . ET4. . 01 9302313 
Alexander Fund .pl'SS4l — _ 1 .... ] — 

Net mw valor Jan 25 

Banque Bruxelles Lambert 

2, Roe De la Kegence 8 luuo Brussel* 

ReniaFondLF p.951 2011] -31 131 

Barclays’ Unicorn Ini. (Ch. Is.i Ltd. 
l.Cblring Cross. Sl Helier, Jr«y 053473T41 G.T. MeL I Asia) Ltd 

(Xenon* lorome ...M5 531d -D.7I 994 

UnldolIarTni&t — pnooi* uuj 460 

■Sobiori to fee and withholding taxes 

Barclays Unicorn InL iL O. Man l Ltd. M Tl . 

iTboniasfa-Dougus.ioJa. «EM4856 G-T. Management (Jersey) Ltd, 


King & Shaxson Mgrs. 

1 Chartnc Cross. »jelier. Jersey. " 

53. Pail StalLLoitdon SWl7ajll. 014007857 Gill Fund i f* lfl75 

FK^ViL Cm. Trt. (n.5 43 7j | 2.00 filltTrual IfipALl- P07.40 120.40| 


Schlesinger Internationnl Hngt. Ltd! 
4LUM«ue«.:. < >LIIdUer.Jencv. 053473001 


0.70 


FBL\1t DbLOp T*t„p7.0 92.1 

Fleming Japan Fund R-A. 

37. rue NuLrr-Uaiur. Luxemhoun; 

Tims Jan. M 1 3US37.93 ] } — 

Free World Fond Ltd. 

Buaerfidd Bldg.. Ilarnllum. Bormuda. 

NAVDec.30 I SCK164.9S J ... | — 

G.T. Management Ltd. Ldn. Agts. 
Park Hse. is KtiubiUT i.irwus London ECZ 
Tel: 01-6SB 8131. TLX: B881U0 

Ma n ag rme wt iBlcraatUmal Ltd. 

CDBE.0I Bermuda Front KL. Hamlin Bind* 
Anchor -B" Unite..- Kl'SBiB DIM .. r 1 95 

Anchor lot. Fd . - -111' S3 IS 4«4 I 1 99 

fi.T. Bermuda Ltd. 

Bt ot Bermuda. Front St. Hamlin . Brads. 

Berry Pac F. | 53738 I I 1J)7 

fi.T iFd.. | SU.S6.43 J 071 


Infi. Govt Sm. T*L 

Finn Sterling 0639 164U 

FI rat Inti IS1787* 17920] 

TClemwort Benson Limited 
.20, Fepefiurch St. EC3 



Eunmwt Lux F. 

Guernsey 1 m 

Do. .tecum 

KR Far East Fd 

KBlml. Fund- 

KB Japan Fund.. - 
K.B UsCGwth. Fd- 
Signet Bermuda- 


um 

1571 61 if 

170.4 »5 3 

SUS9 *1 
SISUL53 
SUS2563 
S10.71 
SUS426 


-lndi>tidji<DMi...-..[iai5 1910) 


■KB act as London poyinc agenis only. 


ni -823 (BOO 
4.96 
4.23 
4.23 
148 
190 
06Z 


tCUfl 


-ora 

l-DZffl 


in 

190 


Schroder Life Group 

Enterprise House. FtirtsuMUtti. OTnssTT] 

lmmwtbxul Fuadn 

CLqully _ 1024 108 9 

SEquity 112. B 120 0 

£Fixedlntare*L 1408 149.7 

SFlxed Interest BO 0 1085 

1293 
1143] 

J. Henry Schroder Wagg & Co. Lit 

130 Clienpvido. E Ui 01-588 40 


Ula nosed 123 6 

SMonatcd ,(1075 


Ucri ds Bk. IC.1.1 Vtt Mgrs. 

f ^ txrTmcFnd ~ ~ . jsXl. 71 

LlnydsTst iVfeM* .1472 jW-M •■•■■■i Japan FdJaaM....brS5-H 
Nen deolitie dale Feh. 15. 


i heapSJan 27 I &1-S1052 -001 

Trail gar Pec. 31 ._... 5US3M.74 

. Wan >7L Jan. 33.. (51*3291 13E 

LB2 ...... 

S.92I 


Huichlfon Use- Harrourt RrL. Hone Kong 

GT.AslaF JJHH723 7511 t.J 200 

G.T. Bond Fund — | SUS1284 j-OOtj 


Lloyds International Mgmnt. S.A. 

_ 7 Rue du Rhone. P.0. Box ITS. 1211 Geneva IX 

530 UordalnLGrowlh. tSWW W BOOM I 175 

Lloyds]iu.lneoin«,PFX6JB 7163*] 630 


Unicorn A0R- Ext. . 

Do. Auk. Kin. 

Do.Grtr. p»cllir.._ 
Do. IntL Income — 

Do I . erf Ma n Tst — ’ 



200 RojalTet, Itee. COIomberie. St. Heller. Jereey M t r. Grann 

ZJO UT..Wa Sterling 10083 31391 — J L7b Tiuee QuaiT. Tower Hill BOR 890 014528 4 MS 

SljrGihRfee-.® 74 la^VdiJ li 76 J * il ' 25 ~ ^ ^.71 

lAccum I'nllsl 1542 1M.1J -fi.w 


Sentry Assurance International Lt 

Pr 1 Box 3% Haul] ura 5. Bermuda 
809(291 2-1250 

Managed Fund (SCSI 97 UH3] — ..] — 

Singer & Fried lander Ldn. Agent* 
ro.CaimooSL.EC4. 01-24819 


820 
8*0 

380 Anchor Glh Edge -IEIO.74 , 

Blshopegote Commodity Ser. Ltd. Anchor 23.*^ 3.17 

p.o. Bon 42. Doagias. 1.0M . 0024-23011 Gartmore Invest. Ltd. I8n. Agts. 


Dekaiondr . 


— Tokyo TSt Dec. 29. 




9338 

9338 


ARUACJan. 3 SUS2639 I I - 

C ANRHO*" Jan . 3. J £1631 I - 

COUNT— Jan. 3 t £2381 I. I - 
Originally usued at *510 and **£1.00. 

Bridge Management Ltd. 

P.O Box 503. Grand Carman. Cayman Is. 

NTnUbiJaP 5 1 Y12MI l ... ..| - 

G.P.O. Box 500. Hone Kong 
Nippon W. Jan a«l .- J 0.93 

Britannia Tst. Mngmt. (CIl LUL - . . . 

MBafi. St. St Heller. Jersey. 053473114 U8mbro ***? M P“ L LuL 

Growthlnvext BL.9 345ad ..... I 440 

IntnL FtL~ ■ - -W3 65!« — J LN ; 

JceswEniary Tat. .| rit 9 ULM „„J 150 Japan Fund PISB67 

rnksi.smsiieZpjs 222} j i'oo 

. Value Jan. SS. Next dealing Feb. 8. 

Butterfield Management Co. Ltd. 

P.O. Box IM. Hamilton. Bermuda. 

a s Bgfr jB .a ™ tass^cripw 


— [ — 2. St. Mary Axe. London. EC3. 


di -283 3531 Samuel Montagu I<dn. Agts. 


1 14. Old Broad St. E.C2. 
HKwy Apollo Fd. Jan 25 ,.|SF)B*0 


j 3 26 Japfeu Den.31 l'SHKi.96 

....T — 117 Grp JatLii ;v 


117 Jersey Jan ,n_tt*48 
1 l7JrsyO'&'sJan 18— E9 47 



Gaitxnose Fund JtngL (Far Earn Lid, 

1503 Hutchison Ha n, IQ Hancourt Rd. 

HKAPac-UTid BJiK2255 ML'" 

JapanFd. .M U» 

N. American Tff. — .pCS9 J8 993 
Inti. Bond Fund pCSUIl U.W 
Gartmore Investment MngL LUL 

““frfti. 1 Murray. Johnstone Hnv. Adviser) 

Do.cro«h . ::$* 5«3:..:J 5 » ■iK^™ utas T's < ?s*73i 1 m, t i 5 u 

-Murray Fund _:_ri -SUW99 — 

■NAV Jan. 15. 


Negit S.A. 

XOa Bonleiard Royal, Luxcraboury 
NAV Jan. 27, ] SUS1D.02 1-008] _ 


C 3. Fund . 

Intnl. Bond — 


Prices at Jan. 8L Next sub. day 
Capital International SA 
37 rue Notre- Dome. Luxembourg. 

Capital lot. fund I SUSUJQ f-O Wt — 

Charterhouse Japhet 
1. Paterworaer Row, EC4. . 

Fondab WSSia 32«|-02S 

FondJ*. — DM304 2L 

Emperor Fund 5TSZS2 2.' _ , 

Htepano BUSH 51 «X| I 18* 

Comhill Ins. (Gnernsey) Ltd. 

P.O. Box 157. SL Peter Port. Gnernsey 

Into]. Kan. Fd (163.0 1778] I 

Delta Group 

P O r*»“ 3012. vmm " n»lnmi« 

Delte Inv. Jan. 24. -|SL21 L27| — I 

Deutsche r Investment-Trust 


3nt SBvlnB»‘B' J 

Prices on Jan. , 


211A Connaught Centre. Hong Kong 
ForEastJaica — .J9.47 _ 9^ J — 

Hambros (Guernsey) LtdJ 
Uambro Fond Mgrs. (C.I.I Lid. 

P.O. Box as. Guernsey 0481-28521 Xegit Lid. 

■Jq Rank of Bermuda Bldgs- Hamilton. Braid a. 

280 NAV Jan. 13 ] £354 ' | J — 

880 

- . , 280 Old Court Fund Mngrs. Ltd. 

Next dealing Feb. 1. p.o 53 . sl Julians cC Guernsey. 0*81 28331 

Henderson Baring Fond Mgrs. Lid. EqJT.Decao »f 528] — I 288 

P.O. Box N4723, Nassau, Bahamas . wT fh 'jSS 3 ib ffiV ■-"•I 

JapanFd M23 1485] .... .1 - TtX 

01-2483800 P™* <m J*n- =5. Next dealing. date Feb. a uetm..(AL> osinf . — I 

5.70 Hlll-Samnel & Co. (Gnernsey) Ltd. Old Court Commodity Fd. Mgrs. Ltd. 
8 LeFebvre St. Peter Port Guernsey. cJ. P .0. Box 58. St. Julian's CX Guernsey 048 128741 

CuenewyTsc |1MI 134.91-1.6) 382 OC.CtuniRy 7«-^_fl2S.5_ mg .. ..j 1.71 


5.40 

608 

606 


O.C. PIlr.CSil.Tgt__,_ ... 

Prices on Jan. 13 Next dealing Jan. 31. 

date 


T Price on Jaa. 23. Next dealing 1 


PortfochSaSBieberEaMc 8-108000 Frankfurt. JeraeyExzrnl.TK-0130 138 M | — 

Conceotra ..... .11190831 HU) -029 — As at Dee. 30. Next suh. dsy Jan. 31. 

Im. B«snlfi2ifonds.-.]DM7324 7i5| Zj - 


HiH Samuel Overseas Fund S.A. 

37. Run Notre- Danw. Luxembourg 

I S C ^ C S V ' *"■ ™ Sw.^^^fcoronsey. 

PO Box R237.'58. Ru St, Sydney, Aust 
Javelin Equity Ttt..|S187 202n) . ... | — 

JJE.T. Managers (Jersey) Ltd. 

PO Box 104. Royal Tst Use. JerxeyOKH 27441 2B Irish Town. Gibraltar, 

U8. Dollar Fund “ 

Sterling Fund 


Sarin vest (Jersey) LuL fz) 

P.O Box 96. Sl HeUer. Jersey. 1634 7a 

American I nd-Tau, (£656 6 691 -05] 2 

CopperTru<« tt983 1004] -02) — 

Jap. Index THL (£8 *1 8881*083) - 

Sarin vest Trust Managers Ltd. (z 
48. Athol Street. Douglas. loM 0824 238) 
The Silver Trust. .. 1973 9991+0.61 - 

Richmond Bond 87 (1905 20851-0.41 9 

Do. Etcrgreen. —1236 9 2994) ... j t 

Do Platinum Bd K05 * 110 9] -0.4] - 

Iio.GoMBd |99 0 1043] +0.B) - 

TSB Unit Trust Managers (C.l.) Z. 
Bagatelle Rd ,SL Sat iouf. Jersey fB047i 

Jersey Fund 144.7 47_lHl J . 

Guernsey Fund . .IS 7 4714 ... I ■ 

Price* on Jan. SS. Next sub. day Feb. 

Tokyo Pacific Holdings N.V. 
lnumls Management Co. N V_ Curacao. 
NAV per share Jan. 23. 5US41.4N 

Tokj-o Pacific Hldgs. (Seaboard) ? 

I mi mi-: Management Co. N.V.. Curacao. 
NAV per more Jan. 23. 5US3022. 

Tyndall Group 

P.O. Box I2S8 Hamllnp 5, Beramda. ZT. 

Over s e as Jan. 2S BVSfl-W DM 1 

1 A crura. Unas) firsm IW J 

3-Way lot Jan. IB.. _ pi S«B — 1 

Z New RL.SL Heller. Jersey B5M37 

TOFSLJan.25 |£6j25 6*5»* 

£9.70 103C 

755 898 

755 80. C 

1978 2098 , 

2716 2888 

117* 

1438 


lAccum. Shares 1 

TASOFJan.25 

(Accum. Shares'. .. 
JcrreyFundJan 25.. 

Feb. 7. tNonJ. Acc. UU.i—, 

C ih Ftnd Jan. 25 _ lus.6 
(Accum. Shansi. ...1143.4 


Inter- Dollar Fund-pL'SZJQ 2 Jfl | — 


Victory House. Dooglaa. Isle of Han. 0824 

Managed Jan. 10 _p27 2 1348) ) 

l td. Intnl. Mngmnt. (CJ.) Ltd. 


Property Growth Overseas Ltd. 

KJibiBloa ,4 ‘ MuJ carter Street. St. Heller. Jersey 
SLm» | J — UJ-B. Fund 1 SUS100 | ..... J 


Dreyfus Intercontinental Inv. Fd. 
P.O. Box N3712. Nassau. Bahamas. 

AVJan.26 ..> -BCSnW I - 

Emson & Dudley Tst.MgUrsy.Ltd. 
P,0. Box 73. SL Heller. Jersey 

EJXLC.T. — |1ZL7 1298] .. . I — 

F. Sc C. Mgmt. Ltd. Inv. Advisers 
1-3. Laurence Poontney Hill. EC4R DBA. 
01-823 4880 

Cest.Fd.Jan S5._) SUSA2S |-002) — 

Fidelity Mgmt Sc Res. (Bda.) Ltd.. 

P.O. Bax 870. Hamilton. Beramda. 

SU519 65 
SVSI7.95 


02981 

Jardine Fleming & Cb. Ltd. Royal Trust (Cl) Fd. Mgt. Ltd. 

4flU> Floor. Connaught Centre. Hong Kong P.o. Box lft. Royal TsL Use, Jersey. 063427441 

JLT.lntl.IU BESS** 90) I 3.00 

170 RT InCLUsy iFa-.B! M| .. | 321 

z.7H pnees at Jan. 13. Next dealing Feb. 18 


Jardine Estn. TSL. -1 SHKZU39M 
Jardine Fddt*| SHK26749 


Jardine S£A. I SUS1L34 

wfu inai Jardine PUpiTsL- SUSUAOri 
<CxS,=u:,H1 Jardine FlemJnLT- 1 SHKR9W_, .. 

NAV Jan. I*. -Equivalent 5US58.to. 
Next sub. Jan. 31. 


360 


Save & Prosper International 
Dealing to: 

37 Broad SL, SL Helier, Jersey 053420581 

I'S DoUardroomlaated Fonda _ 

Dlr.FXd.Iitt.-4_.t984 9.921 1 7.06 

lntemat.Gr.*; J6J8 6 


Fidelity Am Ais. .. . 
Fidelity Isl Fund.. 
Fidelity Pac Fd — 
Fidelity Wrid Fd 
Fidelity Sicr. Fds_. 
Series A (Intnl 1... 

Series B (Pacific! 

Series D ■ .vraAsi 1 


SUS3782 

SUSU.90 

£101 
£5.95 
£37.86 D 


-003 — 


Kemp-Gee Management Jersey Ltd. 

i. Charing Cross. Sl Helier. Jersey. 0534 TS741 

Kemp-Gee Capital. 187.9 906) I - 

Kemp-Gee Income. |67.9 70.5j | 7*4 Far Eastern*; 

Keyseler MngL Jersey Ltd. • ^ Ax * nc ““- 

PO Box 88. SL Helier. Jersey. 1 Enq 01-4)08 70701 gccrilj mlenmafa^ad *""■»* 

3.00 Channel Capital 4^1272* 223. 




Fonselex— FrXiiZ . 14M -5| 

KeyaetexXnt'l fSBO 6.45 

Kcyaclex Europe — £3.84 423 

Japan Gth. Fund— 2183 21*5 

Keysolnx Japan — E787 8*0 

Cent Assets Cap... £13029 


455 Channel Islands* _ 1143.3 
3 90 Cotnraodi tv— 1 ill* 4 

— SSL Fad. iM—r . pa n 330, 

— Prices on -Jan. at "Jan. 25. 

— -Weekly Dealings. 



United States TsL IntL Adv. Co 

It Rue AldhntKT. Luxembourg. 

UJS.lVd.lnv.Fnd.. ,| SUS948 I J 

Net asset Jan. 27 

S. G. Warburg & Co. Ltd. 

30. Gresham Street. EC2. 

Cm -Bd.Fd J an.27 _ I SUS982 

EnayJnLJan27 SUS1537 

Cr3«8FdJJec81_ SUSL58 
BlerJEurJ'dJanOS. pCSf.fS II 

Warfanrg Invest, MngL Jny. I 
1. Charing Cress. Sl Helier, Jsy. Cl 053 

CMFLtd.Jan.28 fSHOWi 11731 ..... 

CSU Ltd. Jan. 28 ...EU.46 13.7W 

Metals Tsr. Jan. 18,. E£ 17 U.44) ...... 

TMTJan. 12 GcStl 

T3Crud.Jan.12_k8.79 9.02] 

World Wide Growth Managemt 

Ida. Boulevard Boyal. Luxembourg. 
Worldwide Gth Fd| SUS32H |-01C 


INSURANCE, PROPERTY, BONDS 


Abbey Life Assurance Co. Ltd. Crusader Insurance Co. Ltd. M & G Group? 

3 SL ProPs Churchyard. EC4. 012488111 Vincula House. Tower PL.EC3. 01-0288031 Three Quays. Tower Bill EC3R8BQ 01-608 4S88 



SebagCspitaird 

M3i(1acv»Fd 


.32.5 

5297 


1 *6 Secnrity Selection Ltd. 


L«* 

*52 

*52 

685 

US 

on 

**3 

*9* 

*9* 

415 

415 

640 
6*0 
30» 
741 
7*1 
5 80 


15-10 L: scale's Inn K-.eUte.Wm 01 401 8830-0 

C.T.KRh T3 Acr _ 33 1 24 6. ] 3 S3 

Vnvir.iaTfllee ..pdJ 21 bj ...{ 3 0- 

Stewart Unit TsL Managers Ltd. (al 

45.C terlcXieSc .Edir.hurgn. 03! 26=771 
Smart .Uneriran Find 
SwadanSVerw. .. 5J7 571) - 

4.-nirv Unite . {57 8 61* 

Withdraw*: Unite .4*2 471] 

Strain Brixteh Lanital Fond 

-Steaiard _!1305 34L0 ,„J' 356 

Accum Unite !l472 159J( ...] — 

Snn Alliance Fond MngL Ltd. 

SunAII.ancr . Horsham 040064141 

pjpnq Tfi Jan. 24 (£20150 


il=* 


rjpui IS ju.«t uui 
VntlesJ: Fd- ..>85 9 




-05 


436 

387 


ou8M!(i: Target Tst. Mngrs. Ltd-P (aKgi 


Sl (•eorae'sB'ay.Stesmnqir. 

irowth CWW 1*9* 522) - i 3 89 3: .-.rr-haeiKL. U."2 

Mayflower Management Co. Ltd. ®o 

large? r a 


Dealing*. 0296 9941 
3*3 -a If 4*6 

*4 7i — 


2»« - - 

TO'" 
— 
2*6 W ._ 


Arc. IX* Jan. 55 t22la 

Mere. InL Jan. S (SLl 
ArcuLUta. Jan. 25-1602 
Me reBCR-Dec. 30—0005 
Arram-UUDec SS )23*2 

Midland Bank Group 

Unit Trust Managers Ltd.? >a» 

ruuttvmed llnw. Silver street Head. 
Sheffield. 5! 3RD. * ' 

'■nmwdlty AUea ]55 

Do Arram. Ml 

Growth-... 02 

la* Aartm p* 

CapitaL 04 

(V. Accum. ps. 


Target Fend fi2D 2 
TcxcfOranh . - <233 
Tarrel Jrjl -tg 2 

!«0 Reun Units. -'2*1 
45* Targetin'-. --..-.;Z79 
133 Target Pr. -an. 25 _ J1554 

UJ TSLlne aj 

4«o TCLPre*. „ . ... -;M2 
440 Crane Grewlfcrd -'183 




Target TsL Mgrs. (Scotland) laKbi 
;S .Ur. o'. Creoces. t-ir_ a 031 -220 8B23 1 

Targe Ej*> ;g9 ZJ7rf 

Tel. (7M2 TOOK Target Tfualie . ;M7 " 

lg2|-3r] 601 FSera Inrome Fd . .60 . 

Trade* t'aSoG Unit TsL Managers? 
too. Wood SL-cetSA'i 0i4E»aji: 

TLTTJaft. J 1513 546] ... I 488 

T ransatlan tic and Gen. Secs, Co.P 

9:99NcwUrdnsr.l tttin dflHMMSSlfi; 
Harh^aajns.36 .."7*8 DUd 552 

IttOttBI' iHU J S52 

■Jcftfslr la-.T 30.1 8251 ... . J 3 82 

Bocitz. Jsc 26 jjb* 55 • ) *55 

; Amur. Unite - -®5 
CcJesnsoJaB^l ■ — TI99 

Accum. Isa ;M2* 

Liie-a Jxn.S5.-_ « 9 

:ArniT. UfSi' - -w5 

329 

>65 6 

SaarihcroJa.-tS# -|47 6 
"fcU - -Ml 
v»a ore. 1 : . n.r4 *8* 

Aprus; L'sdt 

\ar-U: Jxjl=4 .. no* 

3SST-a£??:SS 

si ^3 ?? si mi 


Do. Accum 
IntentalUmal _. 

110 \rrxaa 

ilighVleM r ._ 

Pn.AcMUH... ftl* 

Equity Eacmoc* .(U3< 
refer urn.* ...11834 ... . 

■Prim at Dee. 30. Nett dealing Jaa 
Minster Fund Managm Ltd. 

Mtenter Hac- Arthur Si, E.C.4 oiesa :um GirnTarc's* - - - 

MtetarJxaao ...Ut 360) -CI-) 15* Ar.-jat*r 

Raeilpt Der. 30 fS* 90 6|.. ! 5*b 

MLA Unit Trust War mm. Ltd. 
iRdQoTOa Street. SW'llI OJlL ui-830732 

MLa Unite . .13** 385) - I *« 

Mound Unit Trust Managers? <a<tgt 
1 6. Cat* hat I Am*-. ET2R TBU. 

Mutual *re Pta _ W9 
MunmilM- Trt. . . Ui 
Mutual BluellrtB^mo 
Jtsroal HianVia , bts *4 

National and ComucTcUd T . m 

31. St Andrew aquarr. luunlurgncii sM*L r 4 ™ * 


S77-S.1 a." 

S# 'll ^ A7Z 

iS-c.^ zto 




Tvodail Managers Ltd? 

:e sasyrigritcad. ?r»w. 


ImwJm 18 ... (14*0 
Areuro Unite'.. . 1963 
Aft te M. 123 2 

Atwai'uii!— laaa 


is: 41 
201 *i 

I SS 


587 

sr> 

354 

154 


<15 Jas — 
Amir. : g.te . 
tcrTT-J^ .7 1 - 

Nattoa»i fTartdent Inv. Mngrs. Lid.P 

AL liremrr.Bir h NL »riP3im o;C='«3ti >: lisre .'ii-Ui 

\PI<uMaT«I.M« 41 31 . 3 TO w-t.B-.VfUti 

•orrata-fniriri -.§** Ml) - ■ 1 l» anc.'.*» -* 

API otea+Trurt .. oil* ::?5 . . 15 at.-.—. 

itano l'nu» ” . U7I U4 Tj .'3 3 Ft«t :cr ja* H 
"hiw un Jan 3d \n! drajing !>'• 

'IVMWf J*n A S'nI (leahng Ji~ Vt 

NaiiopaJ Wesuninstr/Pik i 

Id Cheatrodr. I'JT*.' 81:; . a* 


,u:o* 
,1*7 D 
US 2 
1520 
■fit* 
::«»o 
23*8 
261* 
U3> 
;M64 
•1612 


02733=241 
. . [ 744 

... J 7«* 


Equity Fund 

Equity Ar l 

PropernTd. . 

PrepertyAec.... - 
SeleruieFuud-.. 

Comenible Fund 

WSocey Fund 

Pena. Property. - 

Pem.Fdecti'e 

Pen.*..Seeurtiy- 
Pens. Managed 
Pent. Equity— . 

▼Prop Fd- Ser 4 — 
vMan Fd Ser- 4 
VEquity Fd. Scr.4 . 

PCnne. Fd. Ser 4..^ 
vrdeney Fd Ser 4_ 

Prices at Jan- 3U ' 

Albany Life Assurance Co. Ltd. 
3I.UId Burlinrlcra SL. W 1 
VEquity Fd. Arc _ 


P4j 

36A 



290 

30* 




1387 

1464 




1445 

1522 




B5 

87.1 


— 

1278 

134* 




1188 

125J 




1419 

170* 


— 

78* 

82 J 



1315 

138* 




16B.B 

1777 


— . 

1531 

TM 9 




119 6 

1251 




1279 

1347 


— 

125 

340 


— 

1D9.2 

1150 


— 

1073 

113.0 


— 

valuations normally "Dies. 


Gth. Prop Jan. a— 1*5.9 72.9) | — Pere.Pendiw 

Eagle Star Insnr/Midland Ass. conv. Deposit-.. 
] . Thread needle SL. Ed. 01-588 

MMidUnlH-MM . 5L5) ...j 595 gSggJJp- 

Eqnity & Law tile Abb. S©e. Ltd-? ctiT Bond— 

Amersham Rood. High Wycombe 048433377 IntenurtcLBotid' 

EquhyFd —[105.0 11W -0.91 — 

Property Fd 101.6 10*3 .. .. f 

Fixed Interest K....UU 117i|-0^ 

Gtd. Deposit Fd. — 97* 102. , 

Mixed Fd...... ....1051 mUj-OJil 

General Pertfsllo life Ins. C. Ltd-P 

00 Bartholomew Ct.WaHhani Cross. WX31877 

PDrdoHoFund.. | 1299 J ... ..I — 

Portfolio Capital W1.5 43.7| ... . j — 

Gresham life Ass. Soc. Ltd.. 


BOtl 

list U>a 

129 J) 135.5 

154.6 

1709 — 

106.9 117* 

ES2 - 895 

123.7 3299 

1*7* 1553 .... 

792 832 .... 

622 65 4 

«23 452 

420 44 2 


Managed Bd*“ 

Property Bd— ... 

Ex. Yield Fd. Bd.' .| 

Recovery Fd. Bd. 

American Fd. Bd.-. 

JarcmFiLRd.* . . . 

.-Prices on -Jan. IS. “Jan. 28. -“Jan. 27. 


Scottish Widows’ Group 

PO Box WE. Edinburgh EH165BU. 031- 

— 1 rrv J*iy.5«->c6 1 19*2 990) ... 

— Inr.ny. Series S fe.6 98.U .... 

— Inv. Cash Jaa. 27^-19*3 10L4| .... 

— Ex UtTr. Jan. 18—0349 MOM .... 

— Med. Pen. Jan. 36 [2462 252*) .... 

Solar Life Assurance limited 


“ 107 Cbeapslde. ECSV 8DU. 

„ SolarManagedS.^D249 
Solar Properly S—..U04.7 


Solar Equity S_ 

Solar Fxd. Kit S_ 
Solar CaahS 


VFixedlnt-Acc 
VGtd.MoneyFd.ie 
viral M»n>'d- .Van 

WPTOpFdAcC 

VSTpleliiv.Aec.. - 
Equity PeaM.Arc 
FixedlPraUicc.. . 
fild Mon. Pen-Ire. . 
lnfiMn.PnIM.5ce. 


TjTTB 

1881 



1453 



1184 


rTTjfl 

10201 



111* 



1686 


209.9 

220.3 



181* 



T1?7 



1073 



1247 


11943 

2045 

. ., 


Prince ot Wales Rd, Blaoirth CQ02 787855 MoaeyMrla.B.__.. 
L GDI FiukL D15* . ^ SS;telCS^. 

•ks. TeL 342 

i4l 


Merchant Investors Assurance? 

725, High StreeL Croydon. 

Coni-. Dep. Fd— — ' 


Solar Managed P_h2t7 


AMEV life Assurance LuL? 

Alma Hse, Alma Rd .Reigaie Rcirbit 40101. 
AME\’ Managed Q292 13*1] 

AMEVMgFfr.. .-BD9.5 1U| 

VMEVHonecFd .103 3 TO* Tl 

AMEV' Mgd-Pen Fd W 7 1072 

AMEV MoU*rn.'B' 1023 100.1] 

nexiplMi (994 104*j 

Arrow Lite Assurance 

30 Uxbridge R<»d. win 


Weir Bank. Bray-oo-Thame*. Berks. TeL 34284 frop.JPms. 
Flexible Finance 
Land bank Secs. — 

Land bank Scs. Acc. 

G. * S. Super Fd. — I 

G uar d i a n Royal 

Royal Exchange, EC2. 

Property Bonds . .. 1157.4 ... 

Hambro Life Assurance Limited P 

7 OM Pat* Lone, London. Wi 


h Sff 

11123 117. 

£8,067 

Exchange 

01-2837107 
763.9] . . ..| 


Man. Peas 

Equity Pens 

ComvDep Pens .. 
Mon. Mia. Pens 


1268 


145.0 


1035 


M28 

MMll 

585 


147.0 


1527 


165B 


3364 


186.1 

— 


Solar property p,- 

numiin— 1 Solar Equity P — _ 
01-8388171 solar Fxd Jnt. P_ 
Solar Cash P 


01 

13151 +0 


050.7 

|?Ba 


1045 

1505 

119.0 

982 


1183) 

158.7 

125.4 

105.0 

1313 

UOA 

1585 

123 

194.9 


Property 

Managed Cap 

Managed Acc 

Overseas — 

Gilt Edged . 

PnLF.Oiep.Cap - . 

Pen.FJUep.AtT 

Pen. Prop. Cap. 

Pen. Prop. Agc...„.|»75 

01-7498111 Fen.Man.Cap. MJ* 

SepQtFiLCp Vnv J^3 . ^6ilj j — Fen. Man, Are. ... 


Fixed InL Dep_ -023.4 

Equity- .. — — Jl67.9 

154.4 
|233J 
*164.4 

112*2 
(144.9 
1952 


SeLKLFdStt m_ 

Barclays life Assur. Co. Ltd. 

25=RranfoulIld .E7 074345544 

PondaybODds' . .. U185 124 8) 

Equity [M77 U3.4 -8*1 

Gul^dgcd 1125 nai -ori 

Property -Jw* 1010 »3)a 

Managed 003.7 1092 -a*f 

Money ..1973 1CBJJ 

Man Penr-AcORn. -38.9 1042 

Do lsttial (579 Mil _ 

Gilt E-lRPras Acc W9 1042 

Do Initial 197 7 1029 . 

Manes IVn* Are . 972 102 4 

Do. Imual . .|9U 1012 


Pen. Gilt Ed g. Cap.. 
Pon. GUt Edg. Ace-., 

Pea. BS. Cap. 

Pen.BR.Aer.__. 


■sat 

1352 

1215 

135.8 


129.9 

1768 

162* 

140.4 
173.1 
1215 
129.7 
1329 
152* 
2055 
260* 
2154 
2735 
1372 
M23 

127.4 
142* 


NEL Pensions Ltd. 

Milton conn, Dorking. Surrey. 

Nelex Eq. Gap — _|0OO 8421 .. 

NelexEq Accum. _ 1087 114*1 -05 — 

01 -*890031 Nelex Money Cap. - 62 7 65 9} — 

Nelex Mon Act 652 685) — 

Nelex Gth Inc Ace . 475 50.o| — 

Nelex Gth Inr Cap. 475 50*1 — 

Neal sub. day Feb 26. 


— Sun Alliance Fund MangmL 

Son Alliance House. Hraxham. 0 

— ExpiFdJnLJanJ 1_ (059.4 16521 „ 

— InL Bn. Jan. 24 1 00*5 ] .. 

Z Snn Alliance linked Life In 

— Sun Alliance House. Horsham 

Fluid — P0 QjO 

Fuieo Interest Fid— |U0.0 
8011 Prop»irty Fund _gBJJ 

— International Fd._ Ml 

Deposit Fund B52 

Managed Fund 


196.9 

Son Life of Canada (ILK^ 
23.4.Cocicspor St-SWlYSBH k'Jf 


-Cnrren: unit nine Jan. 3u 

Beehive life Assur. Co. Lt<LP 


Hearts of Oak Benefit Society 

Button Road. London. XW1 01-3875020 EquiSl^i'nii._ ~ K64 

Hcarte of Oak [371 3SZ) . . 4 — Property Fund 120.6 126, 

PHiJU Samuel Life Assur. Ltd. ^ 

NTA Twr . Adducombe Rd. Cray 01488 4353 SSjgniuSn. - lfiZ 

♦Property- L'niU IM2.4 149*) 

Property Series A- B6 4 1015) 


Maple LLGrth._ 

New Court Property Fund Mngrs. Ltd. SSeuSSf 11 " 
Sl SaUhins Lane, IxxJdon. EC4. 01-8204356 Pw-snL Prx^ ’ 

N.CLPrJl Dec. 30 -I1143 121.4 J — 

Next sub. day March 31. 

NFI Pensions TW flM gewy>i?t 

48. Gracecburch St, BC3P 3HH. 

Managed Fund H5U 1574] 

Prices Dec. 30. Next dealing 

Norwich Union Insurance 

PC 3os4. Norwich SKI 3NG. 

Managed Fund — ]2072 


Managed Units . {1535 

Managed Series A-Q8.7 
Managed Series C~p92 

Money Units ,.|UU 

Money Series A JW.9 

Fixed f 1 


Jru.Ser. A. - 73 7 
Pns.Mgd.Cap- —146* 

01-8231288 Pns.Msd.Aee 1523 

7x7x1 1 | _ Pns.Gld.Cap 1042 

***** ' ' Pns.Gtd.Are 11082 . 

Canada Life Assurance Co. 


7; Lora hard SL.EC3 
BteckRoneBd . . J 


1*1.7 -14 
953 -og — 
945 -0.9) - 
124* 

9BL9 . _ 

98.7 -02J 
1544 
160.4 
109.7 
U3.9 


Imperial Life Ass. Co. of Canada 


Phoenix Assurance Co. Lid. 
-4-5. Kog Wilham SL.EG4P4HR. 

Wealth Ass. 0024 107.9) 

Eb’r Ph.Awi L 712 

Eb r Ph.EqJL 1707 742) 

Prop. Equity As Life Ass. 

1 10. Crawford Street, W1H 2AS. 

K. Silk Prop. Bd | 1693 

Do Equity Bd. 727 

Do Ft iSa. Bd. Fd.] 1555 


2-8 High SL. Porters Bar. Herts. PRar 51122 Imperial Houae. Guildford 


Unh.Fd Doe. 3 1 

H*tna.FedJDec 8 


593 

31*5 


*22 

9 

— 

-Oil 

m 

1149 

1323 

-0.06 

2*7 

23.41 

—0 04 

m 

1157 

'-I 

■-] 

4 

BP-061 


Cannon 'Assurance Ltd.? 
l.OiynipieWy .Wembley HA8UNB 
EqrityLnim ._l 


I-rop. 

BalBcLEsottUmt. 

Dr port! Bond . _ 

Equity Aecam 

S''PPV' Vren — 

Mngd Accum 

2nd Equity , 

2ml 
2nd 

2nd Dei 

2HfGOL_ 

2nd Eq. Dens .Arc. . 

2nd DepFntr- WM 6 

2nd Gilt P*n. Are-mo 
L*KSJ.i , .“ (57 0 

L&ESXF.2 . . &0 __ 

Current irlui tea. ZT. 

Capital Life Assnrascep 
Conlston Heose. Chapel Ash Sion 
Key Invest; Pd . .J 1D255 I.. 

Parctnakerfro Fd 100*7 > .. 

Charterhonse Magna Gp.? 

re. Chequers Sq. Ur bridge UK 1NB 

cimfcarEner£7 WO 36 H 

■.Juthse Mon^ . . &.* ' 30 ? 

< -hrt ije. Slaaaxetl <38 J «0 

Chrttbe Equaj - -PSO 36 

Magna eid-Soc - | 124 6 

Managed J 1534 





Grwth. Fd. Jan.27^1702 
Fens. Fd. Jan. 27..... (65.4 
1 nil Linked PonfoUa 
Managed Fund . — 194 7 99.71 ._ 

FIxedlnLFd. 1950 lOOffl . .. 

Secure Cap Fd. J95-E lOOjd . . , 

Equity Fund„ -|95JJ ICS.fl ... 

Irish Life Assurance Co. Ltd. 
11. Finsbury Square. EC2. 

Blue CUp Jan. Z7...I685 

Managed Fund 0135 

Prop. Mod. Jan. 4... IMS 4 

Prop Mod. Gth. (1792 

King Sc Sbaxson Ltd. 

52. CornhUl, EC3. 


71255 Prope r ty Growth Assur. Co. 
— Loon House. Croydon, CB9 1 Lll 


Property Fund 
Property Fund lAX. 
Agricultural Fluid. 
A eric. Fund (Ai — 
Abbey Nat, Fund-. 
Abbey Nat. FU-> A/. 
Investment Fand. 
Investment Fd.tAi. 

01-638CS3 Equity FUnd 

5.00 Equity Fond iAj — 


Money Fond 

Money FundlAi 

Actuarial Fund— 
Gih-edBed Fund.. 
GlJt-Edged Fd. (A... 
DjCOMQ qRetiro Annuity 


Z Band F«L Exempt .111352 11550)- 017) _ rimmed Amity 


Next dealing dal* Feb 1. 
Goit.5ee.Bd- fl»2 137*0) 


I - 


Langham Life Assurance Co. Ltd. 
Langham Ha. Holmbroofe Dr, NW4. 01-ZU35211 
Langham 'A 1 Plan-. 163.8 6711... I — 

▼Prop Bond _.fi38? 14621 ... J - 

Wisp 1SP1 Man Fd 1*43 7B2j _ ..) - 
Legal St General (Unit Assur.) Ltd. 
Kmp xnnJ House. 

Surrey KTZ08EI-. 


Prep. Growth 
All W*ther ai 


▼All Weather Cap. . 

▼Inv. Fd. li* — 

Pension Fdlts.- 
Conv. Pena. Fd. - - 
Cnv. Pns. Cop I'L 
Man. Pens. Fd._- 
Man. Pens. Car. L't 


flOOSSSSll Cash fnolal M5.4 

I — DaAtna . 958 

— j — Equity Inula) 112.9 

Do. Aceum 1134 

Fixed Initial- — - 1135 

satnt Do Aerum 114.0 

Managed Initial 113* 

- Do Are urn. 114 0 

_ Property Initial— 955 

— lio. Aerum. —...(95.7 


Klngnrood. Tidvoith, ITis I 

SS® fStyj 


100.9 . . . 

U8.9 -OI 

1194 -0’ 

1195 -0J 
120.0 -Oi 
119 6 -as 
mi -oi 
100,4 +DJI 
1001 +0.1 - 


Util *■ General ifnk Pensions! Ud 


84?. 


4?S 
1 32 
SU 
4.97 

IN 

380 


-;«MM-4nutni BT1 *211 -0 tj 

v«ra Jnr . ... |m* W51-7M 

Plnanrra] iij.t n«d 

.Uvrothlm — . —1812 

5«»<Ba«..,. .DU *7h'5^ 

•onSellvlM FA ..Efi 75 7 “C8f 

DnHragsal7d>.a>. . (46 6 SOW 

NBL Trust Managers Ud.? »■»!» 
Utttea * ■«ntilurlttnf, surrey W.: 

B 9 6J0|-O5| 913 

5 ni-:* 94* 

IWrCrarMR Fm>d M rapn ISC 
. awYktUterbia] Auet Mana*cmKS 


taa j lw W^fi* | roP_ 17 ' 

si’to-iar 4 ”. t? t 

Kura Ur ‘ Wrt* (3*3 
Iw VWT 2 

rjan^;i P* rt« — wjB 

^ ’‘-"‘-‘v. ■ . ■ ss 
595 

. .331 

TSB Unit Trusts »yi 

17J-.-J) Wi> ir.aae; HxUi 020462158 

to jam 


>:.TSKT^»era! 
j.;* . 

i* TNP:riS'.-^e 
Is- Arrvti 
?-S«bS:'!I . 
.h-U- A -rjrs 


..mj. 

535 

•97 9 
541 
77 8 
?*a 


lasuranre Grofipibi tai 

topgJatir - [K15 u^ £:7;£-^T71 


4J2-4-0A 
575t -Gil 
ME -04! 
tit -C4, 
»6'-P6l 
*U- -sS 


382 

383 
771 

7.72 

282 

282 


Dept. FT, Duke of York's HQ. Londpn SW‘3 4SP 




Trial Manager* Lid, i*WMi 

rmihurn. »Cll TL'Ii i'- JS® 9 **, 1 

iieroaPM £4 . ’ » J) -+Z !g 

,i"“ . Jl 8433 1# 

' . is; ss=rh 

Unit*. Adam. lid «S«) 

inaiL-Ht' »an*tirrtrr 

.791 «6«-5*S 559 


IP 

4 98 


tC2B23I 
39? -GJ! 4 Ad 
Uni: Trad .icronnt & 3£gmL Ltd. 

Ki».gW.!ba9tM G I2 U 1ft MJ-C2Z 49M 

Fnam hue r;-W- JJ40 ‘ 5 %f? . S2 

F=C 24 T 3U -0* U6 

- 3» 7 355: -C l[ 330 

Wieler Growth Fund 

^-sc’-A: =4 K~4r?t2 SICS?.: 

29’ 3; 3 C.! ’« 


-‘ra 


:nj 


3SS--C- 3 JO 



Chy of Westminster Asbor. Soc. Ltd. 
RiCCMead Huu«e. G. WhiwhoKe Road. 
Crojdon.CBOW A uieMfiCft. 

FtntUr.it>> ...nU.7 11721 | _ 

propcm Cnm, — . S28 E54j . J — 

City of Westminster .\ss. Co. Ltd. 

Ritnutrad Hnuv. 6. wniiehop e RudL 
CroydOh. CR021A. 

West Pnw.Finsd... j5S 4 38 

Mauoced Finn! . -'1*74 J7*_^ 

Equity f- BBd . -i»6 9851-04) 

Farmland flicd - *85 72 1 

Uow> Fond . . ._|1193 3255 

fill! Fund.. - .1650 68.4) -Oj! 

PI’LA Fmnl -11705 173* . _ 

'terol !• mw inamnii 
PCTfora tr.ite -j 1904 j _ 

Commercial Union Group 

«. Helen nd^nhaR. ECO. 0; .aBTra 
VarteMe AnA” Lis- j 5254 |...i .. 

Do Anntut) t'u — | 17 65 |^._| _ 

Confederation Life Insurance Co. 

M. OanwHy lae , wcba 1HE 

▼Equity Fund JM*3 153 

▼MacaLTd Fuse— h782 18711 

HerroitalIVn.Fd-.i70 2 757! 

EqtntvlVn Find . ( a 3.9 I 
. Fixed fK hen. Fd *. 1*7 S , 

Ma-ngerJlVtLFU. ] »75 

Pro wtj IVn. fii_ . 123* ! 

' VProtmed In PoLf 372.4 » 

! Corn hill insurance Co. Ltd. 

l.-eo'.-nfn'TJ.F.ra 

: Capital Jaa !* - 11185 , 

[<i*.ST«rt.Ja&. IS -1490 . { I „ 

Untet'-i Fd. Jas-X (050 1740; .i'.} — 

, Credit 4 Commerce' Insurance 

!3' Keytra* W . Itv-j-.r, tt'Il' ,'.n: 0I-CTP7I4J1 
t tei. Mr.u 1 u — (1210 UO.Of — 


Exempt cash Inu. ,.K 4 

Ho.Areum. 95 7 

Exempt Eqt>- Inn-.. 995 

Do. AiYiim . 998 

Exempt Fixed (rut. 97.3 

ha Aceum.. 97 6 

Exempt Mncd. Ina 995 

Do Aerum. 99* 

Exempt Prop. Init. . 95.4 
Du Aerum. —1957 


10051 
1001 
10«8 
uu 

1025 
1020 
104 1 
1031 
1005 

. . . iwS . . . 

oi<849664. Legal Sc General Prop. Fd. Mgrs. Ltd Rt?«i stolid Fd....ii325 
II. Queen Vktor)aSL.BC4N4TP 01-248H7B Save & Prosper Grew 
IZrG Prop Fd Jxn 1199.7 100 «...)— 4 GtSLHelcii's. l.rrl-n 5 

Next SUb. Day Feb f ^ (rv jtj 

IJfe Assur. Co, of Pennsyiranla propenj Fd * ’.h<2.B 

3SM2 New Bond St-.WIIORQ. 01A33839& l>|^Fd. _ . — jm2 

lACriPimix. . 0033 108$) . . [ - SSj*g™VnT —131 

Lloyds Bk. Unit TsL Mngrs. Ltd. EqwnivmsFd daso 

71. Lombard M..EL3 UUQ31288 fTa^cns Rl-... 

Exempt DM1 H»5i ... I 741 

LlSSTuie Assnrawe DercFcotFiT 

IS Leadenball Sl. GC3M 7LS. OI-flSMU 


MlLGth. Jan.S 

__ OptSPrp Jan-Sfl -L .. 
01 3430SB2 upLSEqty Jan 38.(1211 
Opt 5 Hy. Jam SS. -DM2 
Opt & Man. Jan CE ' ‘ 

Upt 5 Dope. Jaa 06 


150083 J 
122.4 128-3 

1275) 

168 7j 
142 4 149.91 

i 113.7 1261] .. 

London Indemnity* GnL Ins. Co. LUL yjted InL 3 Jaa 
lH-2i),ThcFtvbury.Rcmlina583SM. Ira. iTJunJi*. 

Monef Manauet. _ BOJ 32 41 -02] — VtSGrltJra. 

XM flexible. ._p6S. 28«*02J — Wi'iirfti*. Ja 

Freed Intemt 1343 362| -O il • Mni4<Fi*iJa: 

The London & Manchester Ass. Gp.? 


niJOSMIO The Lena. Folkestone, KenL 
1 fail Omwjh Fund. 

OF.nrmp* Flex.Fd 
«&ncM prop. Fri 
*f>.pt lnr Tct Fd 

Ili-.^Uc Fund 

Inv Trj-tFuiHi 
llDj«cri> Fatul— . . 


215.8 


■1310 


082 


344 8 


1084 

, 

127 8 


805 

— 


SkmevJan.3 

TOO £.7333 Moot? .1 Jan 
(iepo<n Jan. 
Property J. 
3‘ rope r t v S 
(WFn.ip 
Bf-'Pn A 
Mn-Pni 
MnJ 



Bda.50e.Cap Vl- 
Provincial Life Assurance 

222. Bshup&gale. ECi 
Pro-.. Uanaxed Fd..Dl72 

Proe.CashFd [l034 

UiiiFnndaO— . jl25.fi 


123 
108 
13161 

Prudential Pensions Limi 

Hoi boro Bars. EC1N2NH. 
Equit.Fd.Jan !8_..’X2323 Z3.95I 

Fad. tea. Jan. IS {09.44 19 70; 

Prop. F. Jan. J8 

Reliance Mutual 

Tunbridge Wells, Kent. 

Rel. Prop. Bds. ] 1921 

Roral Insurance Group 
New Hall Place, Liierpooi. 


Prices on 
t Weekly 


Schroder Life G 
Enterprise House, 
SqidiyJtuLSt — . — 

Equity 2 Jab. 34 : 

Equity 3 Jan. 3*_ 

' :L Jan. » 























































































































































































' ■^aMnsaty'Sl'lsra' ^ 

INBUSTKLUS-Continued INSUKANCE-^ 1 ^ - r!in 

■ i . J \r\\ . _ ' 


uti-ts i 

STigh Lo-* | 


Stock 


i- or' Hi? ! ;vkj , 

Price j - i vw |rir!i.c»lFT. I 



* 


tj220 


fis 

«4 

.« 

I bS 
168 
. crt 

v 80 

•14 

• 5 

ao3 

fee 3 
J50 1 ; 

hot’4 

1 47 

315 
40 
50 
12b 
155 
55 
2b 
81 
£137 
89 
1* 
53 
282 
540 
£62 
73 
76 
50 

2b0 

223 

23* 

186 

33'; 

Q 

18 

78 

25 

30 

71 

30 

275 

515 

327 

47 


' 30 llenoU Fobel UJp 5J 
:? lUhnii Hams_ b6 
Letch Ir.L‘.5p lo5 
eQ leisure rar «i5p' 114 
°b l.epCrouplOo— MS 
5o LcfiwjIwlj'Sp W 
70 letraset lop _ 105 

9 Lit'cn lOp . 19 

Li&i:3j'icUm> . 3S 
Lrodii'ine* _ - 137 
Loo.lNlhr.On. - 27 
LorRHmhlj.lOp 3a 
jLorjSonTnir.s . 
Loo«uIoL"c;»tj1. 

Lev ii Boaar 51? 

M.Y tort lOp 

i 9xfliieLdu.lCp_ 
MVriln Pb-Sup . 
Uacfarlanenp . 
McEirideRN. lOp 
VcOwL'A- . 
■JarpMr'CR-Li • 
'MrfmeTus'iisop. 
Magnolia* Iroup. 
Mpctla;.M Mp 
Sioj-.p' an. El . 
Marline I nd lOp. 
Marr.sd L ay. » .. 
Mari.Tall'l'rjV. 
Martin-Black _ 
MatbeoRf^jpc. 
IMavroraO^ _ 


-i | n.b': 2 5 4 6 u| 

a3 2> I 0 51 . 5 53- 
~2 ! u? b? 22 3 3 20 8 
*4 03102 5.4 13.1 
+2 1*3.1 8<tf 1” 62 
-2 jfri2 54 J fid 6.1 51 
.... 1 r2 S3 I 47 4: 6.6 

-ll- 


lfTT'S 1 
High Io» i 

k62 '570 
,--- *>• 
g“> 5°1 
170 115 
BliJXIS 
310 194 


29 


PROEEBTY-Contijraed 



lain 


irr-79 ; 
Sick ln« 1 


I Bo.54 1 1 31 
t-1.0 I OS 1 , e> 51.145 


tl.01 
♦t° Q I 

w 


1-1 


2 V 4 4 16 6 
2.8|10 3 4 4 
24 112; 5 6 
. , „ 5 6-6133 

(13.46 M 3 8 3 32 
4b3 « 3; f 

Imom! si |jj i 3 

1 1 14 :|(B S' 
4 11 : 9 49 
17 E 310 7 
7.9 3 0 95 


THAMES ^ jle |Rs j £ T-'sjiirJ 

motoks. airckai * 1 * &p 

Motors ana p c , {■$ fi**"* 1 !.:* 10:1 



Trali ora !V.rV - 
ll' K. rroi-OT. . - 
leatFrop— 


Commercial Vehicles., ,,,, gj J ; 

9 ^*.*141 :-= h ............ . .. 

« &t'i |K£B£i| 


TNV. TRUSTS— Continued 

,*,m a wbu 


Stock 


1BTT-78 
High Low 


(.7 I 46 - — 

136 153 ". -.ar.ii-.lt--.lt. 
350 '“r ! r» ' ap 

it, 1 ao Al-anerTais — 
i e:. ■ 17ia i'.uiTLlri-i- 
Vic-7 ] -v — 
i J5 l.:tyaror Is-.— 
a J “i j- irtlr.ijrnil-. 
36 ”-Tt> K > -Cert - — 


25 I J V 

QLL5 


MW' 


r'i tl-67 


2.41175 1 


10 6 7 22.3 
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ADVERTISING 

, 20 j Assoc -awr j 54m'-:; f 2 c c . | ^ I 81 
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T-amin. L Cty r- 
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Whaoiai- J: \n:«i 
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Wilkes '-t.- ■ - ' 
Wilkins Mitchell 
Milk ; n MTchil. 
TV? WpcCni — 

25 (WiHiareiJ.- — 

26 hl’ilk-'lcoree' — 
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DRij - 120 ‘-1 

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Geers Gross! Op . 51e 1 .. 

Hamson A Son. ] 62 .-3 

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MiU? i .Alien 50p 
MoreOTerr. lOp 
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15 Mar & usr. ^>P 
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93 Fjebun . 

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, Da8';Uid'M- 

MCCP Mh. S« £1 -| 
Centm? IOp- 
Chartcrhall 5. 

|Cie Fr. Pe’jvls* 3 4 
WluHOiUl 
It+Clyde Petrol --1 
Endeavour 50c_ 
KCA— 

iaaioMkan-nj 
USM0’(il»"lPp4 

;oil ExpL I0P--1 
rremjer'-ons.SpJ 
Ranaer'jd - 
iReynoldf Dr-'.'r , 
fcl Dutch FUM- 
Sheil Trans Res. 
Do T’.Pf.EI-- 

.l+Siehen- il’i-iil- 
rrejaco+VhCinr. 

ITncentrol 

Ultramar - 

Do TpcCiB. — 
iWeeksNat lOct-'- 
Dc.Pic * r<i l-v_ 
IVjMdaideAoOc.. 


1.7 10 44 


1-1 


li 


-2' 


n41 
LB 
2.1 
3.87 
1«5 
6L82 
tL 71 
239 
+33 , 
♦tl.73 
7.01 
T3.71 

QZOc 
09.49 
fL.45 
Q18c 
*237 
]Q3.5 
*2 45 
1 o5 

S 6 7? 

t945c 

♦OILS 
h£.05 
1 $34 


nr 


niM b.O 

3:3 

6 6.1 

iol 4 6 165 
,‘LO 53 303 
JO 4.8 all 

lo 6.0 r “ 


1.1 =-? 
10 6.1 
1.3 7.6] 


- L3 - 

- 1-5 - 

1 1 4.7 30.2 
U| * 7 44.4 

1 :l 5.1I25 9 

fxisas 

i I i$* 


i-i 


12 4.917 5 
1 Ol 6 4i22 7 
1 of 10.1115 5 

Itl -J> 
O ol « 

391375 
5 h 25 4 
6.4 23 1 
jl0.6l ♦ 

131101 ^ 

oE2Tl 
5 01WO 

4 9|314 
5.6 24 9 
38-289 


3 

tZ67 

♦Qfc 

t0.5 
t3.25 
12.45 
tfl 42 

213 I LOl 4 81305 
*5 25! 101 4.6 311 


+505 
»L44 
138 
18 0 
2.1 

, , 1L35 1 

'- 2,i| ,ro 


£75'; Do BpcCir. cd 
20i 4 U Of Merc 19p 
1 21'; 1 Do.lCpcLh.i2? 



ii 


yasuda 


MINES— Continued 
CENTRAL AFRICAN . ^ 



ha 


•SEES 

.^OO- 65.08 
®45l 65.88 
890,5 
90.2 
:-?9; 5.9 J 

1S.87 
7.63 
8.3^0 
87.5 1 


Price ! — ! 20.880 



I*-' 

i: ’■ 

f ’ 
it 

U 

r %- 

j:- 1 - 

7;: 


RoauisnIIe5ii:oei. 
■EHSmariS*:— s,— 
KanireRafitcp®? ■ 
JGM KilaowLeS- 

5SS5: 

.ItlMHWcs-SOc- 

I il«uaLre+!25c — 

fewmeul VOe 

SorthB-HiliSGc — 

flh-Kajgurh v 

jakhaiLsSA: — 

SE^.=i 

igasKsifei 

?, Kew7Cl_- - 
E7 


IMk: — r^j 1*75 j 40 [RbiaCri-rtaic — 


AUSTRALIAN _ . 

70 :-2 1Q30C 

A ±i ^ 

131 \ 

21 • 

4 fr* ^ 

140 j-2" j QHc 

34 - 

800 | — 

13 

405 ! ... ] Wat* 

fil** l*l ! Qfrc 

40 . — i — 


ftviTY 


-j ie9 -o 

17 K-”3.9 

_ ■- ifiiti k- 


TINS 


0\TSRSEAS TRADERS 

13=4 .kiricaa Likes — 1 ,q5 1-. -1*2.75130.51 IA\ 
iO Aua.Acnc.Jfc-. 

J4 Bertsf"ro'> 

24 Booker Ui *?■ 

70 BKCrwkTaai.a? 

[7i- B-rosieodilOpi.. 

50 Finlay 1 Jas-'rtP- 

61 ihllA-DutniS — 

49 GLSlfen.GO- r 
!76' s K ns ns Cns.il. 
bB HoBtiung'S.’ — 

n «ass?j= 

10 Jamaira Sugar— 

62 Lon.’TBj 

36i; jfitrhell Coils — 

L46 Nigerian Elec. ~ 

721’ i A vanWsas.3)p 
135 P« =oc 2 kc. WpJ 
L30 Do'A'NVlOp- 

41 6ac£eriJ31.iU}p- 
4i> FenaSucaraip 
, C8 iSime Darby l«P1 
205 taeelBra? Ji-T - 
15 lTozerRem-:.»p. 


39 I IS 

395 1240 ArerHltimSM. — 
57 1 25 ScraJara-. 


BtfjurtaiJS. — - 

I'pffior — — 

lidaiRwisr-s- 

Gc-peiurCocL 

lior.ik-rrc: 

iertiidp 

J2r.1art-.j_—- 
Ka3iur-tJnfi5^asG.. 

Killitehall - ---- 
"«:yM3i-r;SK«- 
tPatas-4 

SyrtFdrar:— 
aoChCroirv :OtJ- - 
sSlaKiiairjfi® 

Ss'rn 3tala?KS4i - 
S jigc-t Efet SL»- 1 14Z 

Supreme C«p. 5-H ^ 

lacicsaJS?---. 3K 
ToEskur-mr SMI 74 _... 

7x MisSHI -1 1S8 I- 



e& 


6* 

> 

B 

sa 


12 ; 



-Jl ,u,4? ^i i 

iJts, Rc 4 ^k. 3 

Sj 7 |ronieii^\ f 


6 k Mapli 'v/ -. 
® ijjtroJeun 

douDI* 
m Oil 


-Ji-.r 


ML 


y£ “^tiRJibh -i 

g$ xm - 

_ — |n War- r'-'/A*” 


it tr*** 

!»C»4 ia 1, “. enls - 
ZQ50c t.ily. 


COPPER 

jlll -j Tz 1 1W I H JSB*flaaK!5J — * » . !—-!tQ3Bcl 1|. 

1 d4 “ ! miscellaneous 


RUBBERS AND SISALS 


J 1 51.6 
LOl 5 4 283 
10 5 5 27 6 
1.2 b4 233 
ll! 64M« 

-> l 3 * 

10] 9 0M4 


ur:-7S « e . , 

High Lot i Sins 

R81- 1 34 lAashvIndotssii.-' 
' 43 BeriamCorj.lOp... 

8 Bird-Airica. 

18 Brsrtwall !0? 

82 tajllefieMiOp — 
25 lCherstmese 10? — 
75 Icons Plarts :0p — 
28 (GifiekKalajlup-. 

. c .i -i Graad Central lOp- 
155 Gullirie£l — — 
I 49 HasuaiXy w.o~. 
fcb ! 36 Highland? M5fc 

«n I 0 41 mil t aVi>« n J 


Price 

88 

77 

14 

36 

190 

56 

103 

53 


$ 
too 

-is WK a 


9 ISsrasMm?:^ 


58 


225 KtaC Starry fc-- 


253 

173 


r>j!Sr£aB>5L“ 


NerthsaWtll — 
RTi 


-_ a j28t, jSahiaaiBir.cn— l » “I 

2.41 4.4 £L44»|800 XraB^&Sl-, : - r l S« j - ^ 

li\ 6.9 55 39 i*es:i‘ -taxi .ft? j 45 | ^ 

iHj '.121 lYukmCnsaCSl— 1 127 I — *« ,c i 


9 l • 

79 +6 
255 -15 
265 .— 
178 1-1 
38 


+1 


9'nl-.r.. 
222 


0.98 , 
+1.67 
0 96 

lib 

*1.42 1 
0.88 

l+Z'a! 


j 75 

faf.-. I 71!’ 
102' I eb 


-Z 


\-v£ 


R> 


y ii’iiw 


:0 


fo: 


PROPERTY 


14 1’ riCu ‘ '-"jrpeL !yF- 1 g'5, .- 
62 l?id , !’+ ind> aOp. j 95)" I— 2 

••S.l'LT'dSU.’’ 20 i-2 

If- ' :-o : Li2£'j 35 , . 

U rv. Fm Li'S.' ! £»:!-! 

.:;erc.:-<>^ -i 46 |-1 
?Vd.vrt A- 20 | ^ 

T »Hii * p 
?S”pSL-?. b U us, 

TnaU.ll _ .. .. ! 4/ • 


-1 Irl.Sij 2.41 5.5 1L5 

-1 Ul86| ill 2.fa|27.4 


I 1 t!» 5 5 313 

IT : 5 40.1 
1 Ll 15 265 
— I 15 3J25J 


i-1 




r. 1 Q.7I ; 515911 
LSJ; 14 1^.4 
tic 3.9l 4£j 9Jj 


- '-l- - 


9.3 


i-l 


gys 

207 


INSURANCE 


65 rBwrir.c-j.' T — 


132 

55 ill EraraaSWlup. 

224 1 110 Un<j>:irK.*.p 
^IJr.lUJS 1 ea+irea : .n - 
170 "'102 i-’.-nai l.'niua 
182 '105 EailC’iar. 
il 15 ru-k’rir- .: 

£172 £97 PrKa i‘K!) ! 

W4 106 Eqi.it:. A t i- 
2Cb 153 '.-er; Ajy:dert 
2^h 167 CunnujnKoyJl. 

302 174 Hamtuvbi*-: — 

2bB 137 Heath -V.je.-2Up- 

232 >122t- Heit'Roeire-'.in.. 

201 118' HiMdec-AilOp- 
394 109 I Aral A Gen ep 
lib 91 U>.&CdwLWp 
148 90 iUn.*?4aa3p_. 

150 54 IliO'tonl'riied.ip- 

288 135 hutheaWrlSOp 
19> lOO-^lilintl Hldus. 20p. 

79 43 te" , -‘t-rl : '-t7p-! 

292 184 Pearls? ; ___ 

334 180 Phoens* — —1 25^ 
332 '100 |Provuli’r.i“A’' — 1Z8 

'100 Ha*r.. - ..... 1|| 

110 PnideDlratsp— t55 
83 |Re:Vie.+? ! 140 


-2 h 


-1 


3 9tlL&l 
7 fa' — 

5 4 - 

T Ol .. 


1B1 
134 
4W 
2^4 ■ 
112 


280 moral" ! Y 'i 396 J-4 
225 Se-i.-F'.- 1 -':':? 3Z0 -8 

1 a£ «■» [ 100 


!-l I t2.6o ' 4 3' 7 7! 9 6 
1 USB I 3 4] -il’-’tl 
3 35 , 
mJSIWl — 
ii7 65 i — 

iSotaj -I 

X]z lijr 

:8 1 — 5 g 

*9 :4 I _ b.Oj 
tl5 23! - 
+h4.4 52 
*6 6 31 

*5 08] 31 
+52 — 

*4.12 2.7 
+5.19 
3.32 
,+8.99 
|+h? 031 
3 62 

1144 
Till 
7 42 

iSt m \ - j a.o] 
WnV 26j 4/ 

1 4.05 | 2.71 j' 


28 Wrd London lOp ] 51 J- 

“ AllnaH London..) 22fi - 

yalaoaiMSw I 
ADSbnHldB? . 8§ it 
Apex. Props- l «P 1 23a 

.Xqius.SeCi.5ci_ 1712 
ArenueO^Sfc 65 
BanktComlO?- 
Rfaumont Pro?; . 92 

BrJ*ru. B. 1-7- 50 

Bell way Hid?'- 52 
Berkeic* Ramnrj- 106 
Billon -Percy ... 1B2 
Br»df'.-rdPni? _ 225 
Bnt Anna: . : -p 1 15';ff 
BntlshLinrt 1 36*; 

Pu llpcCw — *•- ! Ml 
BriMonEsuiic 109 
Cap. iCi'iunift , 49 
Tie Wirranf- - 1 

iDmms'irouF ’I | 76 
Camr.-^oo !t- -’7 94 

L"ntronacial jJ? j 86 
Dc Cap.aip a 84 
Che-temek ■ 1 313 
I>wn6ers_ :12 
Cliurclit' “■ f 1268 
1 jp'dfin': . ! 60 
IClaTheeuk- H 82 
i.Vnirol ?«■ K- 29 - « ( - 
1 air Eschar ;c :n{ 165 .... ; 2.0 
k'lfir* Se» 7 ; e?_ I 2b . .1+066 
,Cntv* Dift I"? .] 86-? - J: +079 
£oejar.-Hld£: ..t 67';- *f-J^.96 
I«r?< C:t3ie.. 15'; 1..- 1 -r_ 
-Doninglu* l*ir — ; & '; ] ■ 1 jZBl 
Eac Prop pop — ] 41 -2 iJ3, 
txjfi’-e’e'.r ..'£96 ''.‘O'A 

DatlpCn. . .] £96 -1 |-^N 
FjL'.* A«enc-... 40 L .. OJC 

Er^s A'ler.^T . 20 . '■ G.ffl 

LnsFTi-P lr-.' 86 -1 ' 1 01 
F.'.^in* U^i ! 95 . imoLIo] 
1 105'; j- : - |5b8 

i 265 |-5 ; 356 
! 31B i-2 -i.^b 

I 5 |, l“ l 

l 582 *' -3 '■ 05 
S 24 [ .lOfab 
238 1-6 > t£97 



TOBACCOS 


276 -2 ]FEHE7j:32| 7.1{ 5.9 

1 77B 1 -5 — s — — 4 9 



33] sr'MOj 
la; 1 :!3if 


TRUSTS. FINANCE. LAND 

Investment Trusts 


I"! -?; % .7 s 
L7j :4ia7jiu !'»: 

L-e 4f,'26i 94 . h' j-' 

22 :-:t:o.9 224 f 

— - i __ 124 . • - 

4> 1 3U 1® 

— jit z. 68 1 3b 

26 } 4i;U 61 , il 

22 6 7' 9J 46 ?0 



■JSthZ Tr.:"-. 1 ' 40 = 4 : 1 r. ; a 2 rl.z! 4 5130.6 


-3 

a — l" 

61si ...... 

246 1-2 

-a 


-2 


B3 


14 



150 ■U’k-.+» r..- "i? I 238 
07 (iiMland. tiKij 98 .iJ?' 

140 Jlnu-. P-'.p«r»-. [ 317 id 1 -I'liLt 

10 ,|:re»LMKja"T I 33 '-1 — 

35 !j«raTyr.tr^e*’._ 1 38 I llhl 
81 (Lard la- e-i .1133 I -a ‘iOl 
137 iUndS«?3>p ! 215 i-5 4 82 
£108 I*!’n.-.c. tT. £373 \-2 
£U4 (hi vf El-iJ >-l 
16 Do lOVv-. V. £144 !-l 
u IjwUr.dJBr- .! fib'; -1 
(i; U-ndlea-ei'V j 188 -Z 
:. \/.r l-*ia. .Sep 35 -l Ii74 
74 U rSjpPr.,;- • 68 -1 j 3 0 

ir^wide or «m 
W Times. Lom. 



481 1325 tvfuh.Shrrl-’. 3 
‘ ' Bcnmcy Trust .. 
,Rc»c<li mood Inc. 

Rfirh.KtSdfr.SOp . 1 
Safe-unardlnd— 

St .Andrew Tsl_ 1 
■sect AO. iT'.cOp.. 
Seolfc Cent Inv - 
i-x-nL Cities' ’A’.-. ^ 

iS.-»aL Ea.-L Idv — J 
Scot European. - 
iScottish In* — ■*•• . 
scut.Mort.4Tsi. ] 
Scot National — J 
S-.ol N«iheru_. , 
NMinuano — ■ 
Scat L : t-1 In*- — 
Srot. Western — 
ITestirB'.. , 
.'JljnceT- — , 
Sec.GrealNUin.. 

14 “B" 

SwuritiesT. 
$,M!hklrH v 3 : 
(Shires Iro.SOp — 
Suewell Hip — 
innerelm . . 
SPLIT Inc lOp .. 

aFLiTCap.inu.. 

Stanhope 'Jen- - 
IS'e.-IinjTjt — 
dT ] ; :«Sm<!irjIor... 

c-l iTe- iiiioio^ 

12i llrciple Bor 

261; 181; iTro-J-Gro-a+iT.- 

10J hO iLx?.Cap.£t — 

7; 42!’ rThrooN-non 

£112 £70' |_Z*-.8i; 4 sLMn— 
73 43 rror.lmesLlnc._j 

130 j 77 I 1’j.Cap. 1 

Tb Trjn. t'ccanic— 
ITS TmuncInv.SOp. 
46'; Trrle-.««Mrc30p- 
*■*’ D-’ I'apiuitl-. 1 

Tr.:ii L'nmn 

T.-..’»*i'.orp ... 
T-xcside inv — 
1‘piivra.ln*. - 
ltd. Bnt Secs.... 
ltd i.'apnaL* — 

15 Dob Corn. ... 
Li tilen^raiT-.! 
iL"TruaKtiJjl- 

;R«ourre'. 
W - r iT-ra- !Up. 
iWe.T.yss fnx Ll— 

T.lr.lLThottcm 

|Wii;n lei 



Ynnun lov. — 
VfleV.4 Lane- - 
Vor'-t-.rccc K'p.. 
,Vuun;74slnv£l. 


*3.07 

4*406 

H6 

& 
21 
2.B5 
+3gS 
tL98 
hi 28 
3 45 
254 
*1J5 
370 
+L06 
0.10 
+711 
+5.08 
10252*;, 

s— 

I+ZJ9 

t3^6 


-1 


-1 


-1 


7.114.0 

m 

„oi tI 

2.0755 


3 24.7 
6 7 20.9 
10 

!|116[13.1 


235 

420 

nb 

28 

250 

250 


25.0 

285 


63; 


34'i ITnaia Keros; MSI 
20' r*Su!irr.M5t ; - • , 

40 Ld?.Siraj£?:0?-| 1|3 
31i- MalaVofl da! - [ §1 
10 Malaysian Wp ... 


76 

641; 

45 

331; 

123 


2.5* 

35 

hl2’ 
* 2.8 
203 
QUO 
0.71 
055 . 

tia.15 


30= 

+1 tQIZs 
+l!’l QlOc 
+l,‘«Qfi5c 
42.0 


33 li-; Ull5 

IT- iMaarRr er K? - - i 3g* }♦!* 1 JS ?! 

aBSESss artilfei? 


Q30c I 
tB5 


M' a- 


o 

OAU 

— — 1 160 jszi lYukraCosa CS 
10 55 
« 2.3 

1.1 55 
L211.6 

8.8 vatns Wtarwl-te tnfilcawl. price* ”4 prt * 

aasssgssgSSiM 


., : K=i- .... . 

* ■ • • ; 
T*-: :? 


NOTES 


a 


111 7* V»dlrole M percrnL ort ^ ^ 

a h sn ™ 1 

HfejiSiSliIiiliS SS 1 4; M: 

•; 33 ^ sjerUcg desorai nated aecnriUw which include ^ 

dollar pcenuuai. -j «. i-a.’- 

• “Tap- iMnefc . _ J hK * been adjusted t«? 7B ; -V 


TEAS 

India and Bangladesh 


AasnDM07ȣl;- 
.Assam ProctMrtl- 
.Assaralra? tl- - 
Empire Plants lOp. 
JckaiL! ...... 

Loagbwraea!-- 
McLeod Russel £1 . 

McranLl 

Single Hidg? Irtp- 
Warren Plant;. — 
ttiUiams«m£! 


175 

305 

110 

2H; 

223 

228tf 

235 

590 

22 

190 

144 


-5 


♦951' 

UP 

&* 

10.0 

10.0 

15JJ8 

ffi? 


-1 1.970 


Kis-15 und Lotts roamed tens 
lor rithis issue* !«= 
t Interim since ir.crea.-wd or 
* ’aim in since liedoccd. passed or dweroed. 

^ application- * 

sot B5 * Figures or report awaited. t 

2'S tt Coltswd wow. 5 

'A « ; aja’gdSras&mff-^H 

— 14.0 co . e r .-elates to pret urns dirtdend or toceeasL | 

bSi ll 7 reoSauiMKnu in P««rM»- . j 

il H : ^e“SSS*rtduced ouai and « 1 

mi f nSf'dhfdMft croer on «?*•'** 






Sri Lanka 


185 | 59 }Uuuva£1 — 


Africa 

410 J190 IElant>r?£l 1 ^ 

165 50 |Ri»tiUues 1 130 


MINES 

. CENTRAL RAND 


*.i 9.5 . 

~ dmdoud a: ¥° , 

175 1 .13.63 1 L0| 3.1 • deciaratron. 

23.35 1 2.0] |5 1 b fTUit ^Tetd 

ftSLa.B!lEI3«KaS»S- 

dividend: cover ret**** to rfV 


tfl' . 
£?:v.+ • ■ . 


% 


dltideud: coter e-’- u- — 

1 - ^rs^rs».j 


365 ]129 ]DniTfioDeepP.l -- 
478 178 EaaPjndIVpRi. 
£34i 2 £19 jRandfont'n&tK. 
207 115 ffeaRaodRl 


o o previous 5«T5 wuxuujw. Qt^jend 

I — J — based MTO«e* u, ^ecinl r^ 

d8 4 ::::. 5uc i l 52 


337 

396 


EASTERN RAND 


-1 


-1 


567 

tL79 

*5^8 

025c 

f7.47 

L5 

+2.94 

19.19 

+178 
+4 72 
2.05 
228 
E.63 
L88 


I- 38 

w 

0.43 

50 

1132.1 

|t3.99 

I +£b 4 
+4 06 
♦13.74 
L75 
h4.03 
t0.9I 
311 
5.M 
QlOc 
0.91 
Oil 
10.SI 
4.6 

J+L93 

0.06, 

,16.93 

L35 


10 5.1 


Bracken Rl 

Eartr*aspaRl 

CtovnraL Areas 5c— 

GrootvfeiSOc 

Kinross Rl 

Leslie ©c... — 
MariOTaleRQ50-- 
S. African LA 35c _ 
\Taldontein Rl . __ 
UlnkelhaakBO — 
WiLKisdSc- 



ari ? -EPWitaiSf 
Z&SJS&JBSBl 


i -• 




— _ liT— . -"-"giw tor . F til 


U-9 Jjl 146.W 

17 15905 

t of stock- 

«■' ... lUjMl'imsrriD issitllLCn 9^ 

18 


171 i" I ‘ 


8.6(17.0 I 
3.31332 


29.6 
18.9 710 
_ £103*! 
,22.9 108 
3L7 32b 
|419 735 

m s 

“L* ap 

*• 541 
_ 508 
« 296 


FAR WEST RAND 


".S! 

io.l 

’oil - Ii” 1 : 


♦ 4.9 
*4 
10 


131 


373 

"H 

27.7 241 
29 7 
267 
6 

284 
709 ^9 

ais St. I 

* 783 1 

206 ** 
24J 252 

21.1 E17 


Bh+oar25 — 

BuHelsRl 

DeelkraaiRP^)— 
DoorofonteinRI — 

EaslDrieRl , 

ELmrisTiud G1A3JC- 

EIsburgRl 

RartebeestRl. 
Klo« Gold Rl _ 
LibanouRl — 
Soutbvaal50c_ 

SnUonterojOc 

Vaal Reels 50c — 
V enter sport RJ — 

's W.PneRl 

V.'eaern .Irens Rl- 
'A'eslernDeepR2_ 

Tandpan Rl 



-^^issnes^ and "Rights” ^ 

avjAtabk: l® every Coropaw de ^- J 

■8 




lex of £4®j per »u »nn a ftff each seinin' g 


REGIONAL MARKER 


. k-ej r 



:::::! T3J5 1 loi b-iinb 


O.F.S. 


qj are as tjwd»~ 
« 7J 

CtorerC^rft-.- 

«S«C! 




Free State "Dev. 50c 
F.S.GediiMEiOc...„ 
FS Sasiplaas Rl ~ 
HarmonyaOc 
LcraineRl 


Pres. Brand 50c — 
Pres. St eyn 50c 
Sl Helena Rl.. 
Uoisel 


IWelkom SOc 

[ff-HjAdings5Qc 


90 

£13% 

103 

39B 

1Z7 

881 

692 

810 

183 

220 

£1512 


-3 

-13 


■W 

)U0c 


__ F«e 

4.7 75 rjroic 
05 2.B hS«» b, |^ 

99 i? 

2j 

- 

L5jlOJJ ! aeHleW Brich 



FINANCE 


SbeH-BtdtshB*. 
Shiloh SWna- 
Sindall In n>.). .. 


laiaa 

Conv.W80/SS. 
Alliance Gas— 
.Amort-——-- ; 

.gS 35 S£L- 
SSSS’mS^ 

Ina.<tep—— 

Irish Ropes — 

Jacob- — . 

Sunbeam -u — — ir* 

TJfG. 

-j Uaidare — : — - a 


OPTIONS ' 3 ! 


»aj 





:i* J 13 J 4123 5 
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190 ! c4 j ” j ■KHliflrt.iT. 
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131 


+7.5 

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197 

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111 


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900 

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Selection Trust __ 

54 

395 

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24 

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Ip&ODfd. 38-| 

Plcsser— - 
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•:;u- ' v; ^ 




PROPERTY MATTERS 


For valuation, sale, purchase 
and advice — 


FINANOALT 


PDGrimley & son 

Btmnorvn 021-231 «238 
: ^jljtonicn ottmnBi 
■^^■"'■EjuoWSs OB-312161* 


Tuesdav January 31 1978 



Top quality 


I fenMxta 

the fug fighter 


w ■■ 

3 Patriotic Front works! Lucas supplies 


THE LEX COLUMN 


etrtr g* 

1 on counter-proposals lam P s Ior 

»4 Toyota cars 


A test case for 





BY CHARLES SMITH 


TOKYO, Jan. 30 


property tax 


LUCAS INDUSTRIES of the U.K. cent, of total registrations last 
and Cibie Projecteurs of France year, against 9.4 per cent, m 
are to supply halogen headlamps 1976, even though the Japanese 
to Toyota Motor under deals association ** forecast ” that there 
announced here today. would be no significant increase 

This vear the two European in market share during. talks 
companies will, provide equip- between the two industries m 

manr (n> cnma O A. IWI TnunH JSSIUTY. 19 / (. 


mem for some 24,000 Toyota „ n ... 

care, and the number could rise The LJx- industry is n 
considerably in 1979 if they pressing hard to be 3*cn more 

, _ . satisfy Toyota that they can time to press through ihe re- 

^ Mr. Josiaft Chinamano, Dr. David Owen, Lieut-General Prem Chand and Mr. Joshua Nkwno at maintain a regular supply. ^of^thiTmain masons for the 

4 fa the start of their Malta talks. Several similar deals are being initiation or talks la the first 

i !t ! ■ BY MARTIN DICKSON MALTA, An. SO. SSSf^inuflSSJSi and’lSSS mo!or aanRhciuwH 

■ Pean companies. Nissan understand that the society asked 

; WODESIA'5 Patriotic Front Dr. Owen said it would be widened between Mr. Ian Smith today that it was testing elec- the British Government in 

i^day unexpectedly told Britain wrong to say the talks had either and the two .nationalist groups trical components from some 10 D Mem be r to impose direct 


the start of their Malta talks. 


the past tun months the 
l-Sharc Index has been 
ij within a very narrow 
g range between 470 and 
nd last night the Index 
Bating uncertainly on the 
support level. A signiftc- 
rcach would be taken 
sly by many. But the 
light transatlantic news 
the U.S. trade deficit was 
Hlv favourable. 


Index fell 75 to 470.0 


I ir CTTUTTQWAl INVESTMENT 


HUMCE CSMHUW 5 


PEMSISK FUHBS 


jtPNpfty.i 


, BY MARTIN DICKSON 


MALTA, J'an. 30. 


'to sides adjourned until to- Dr. Owen made clear that the Chief Chirau Issued an agreed! U.K. is supplying Nissan with rise in imports. 


JY beiails of the position paper wtat balance oE Power will Bishop Muzorewa issued a tough be worth Elm. a year. Lucas basis bv Jaoan would produce 
- «9ich Mr Jushua Nkomo and be - statement claiming that a pseudo- recently announced an order to a flat •*S'o*' from the association 

‘ it. Robert Mueabe co-leaders of D . r - 0wen 411(1 ^ Young are nationalists " and “ Uncle Tams ’* supply products for the Colt from Ministry of Inter- 
* 'l Nationalist Alliance intend h °P jn S t0 woo the Patriotic Front were conspiring to form an range of cars imported into the oat ional Trade. 

•AS**? present to Dr. David Owen towards acceptance of the Anglo- alliance with the whites against U.K. 

•Hnl British Foreign Secretary! 5,“®"®““ ^ party - Like that, today's contracts. Export record 

Mr. Andrew Young, the U.S. them -r- and other nationalist The joint statement said all initially af any rate, involve cars . , 

;^^bassador to the UN, were still 837 four parties to the talks had that will be exported from Japan. Tbe view is last t to , 4C *f2J 

P^uiet to-night. 10 toe interim period. agreed on a compromise of 2S with Lucas supplying Lights for quantitative restrain j in one 

■ *• s jtTie paper is expected to con- Dr. Owen stressed to-day that of the 100 seats in the new the Corolla model and Cibie market wou.d onng requests tor 

.“pirate on the conditions for a Britain and the U.S. are not pre- parliament as a compromise lights for the Celica, Carina and similar restraint in other 

""Hsefire by the Nationalist pared to change the basic pro- between the 20 offered by the Crown models. markets. 

P*f#ance, and the political and visions of their settlement Nationalists and the 34 sought janan^e huvln* nf U K acres- pan s , veJucle 

hftary structures in the Iran- proposals. by Mr. Smith. sorffi a?d cSmwnents mav be 1977 ™“ to a F ec ° rd 4 ;?2.SI7. 

jfiiponal period leading up to However. the Anglo- It was clearly understood, the offerer! a* a '* congelation arize" up 1, ' J per c f nL ‘f® ni the pre* 
^iependence. .American team has brought to statement said, that these 28 to nE-oHators from the Society v,ou J r , ec ? rd ,n ^. according 

.tei*?ntil now. the Front has Malta a further version of last seats would be filled by “direct JJf Motnr VanufarNm* rsand 10 fl P aI . fi S UTes lssued tbe 


•I Sk ‘-“v a- wwii uui wuuui* iuol a huoj ucuxujc vi uic niQn , 17 q « n rAmifrCt -a nir » r-- — — 

% plan would give to the The more detailed Anglo- "massive intransigence" of the 5? "f h JJ J ,Zt 1} K - rar E * ports to Britain rose 30 per 

; parish ■ Resident Commissioner. American proposals might in- whites “conveyed to us in.insult- "this vear ^ UK * C cent to Ii 6.100. 


p 7here was no indication to- elude setting up advisory councils ing language." 
h* sit whether or not the Front is or committees to assist the But the Bishop has left the 
P-OG*Sning significantly to alter its resident commissioner, a pos- door open for a resumption of 
{ to^ition. which is not acceptable sibility that was mentioned in the the talks. 

I 5 Britain and the U.S. WhitePaper. The joint statement said no 

lfto*ie Anglo-American team were Tony Hawkins reports from single delegation had any right of 


market this year. Exports this year are expected 

Japan's share reached 10.6 per to rise by 5 per cent, to 4i>ra. 


^British job protection 


Bison Werke buys 
Scots chipboard mill 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


I k_ % BRITAIN'S largest chipboard will employ 150 people — com- 

• 1 1 M* 1 a "■ mill. Scottish Timber Products, pared to 400 at its peak— but this 

[' 4\Iam rk AVAMA 1 1 1 1 i 1 m 1 4-^ 4-8 ^ . T of Cowie. Stirlingshire, has been could rise by a further 100 if 

» 4 1 1 Jf n IIP r lIlP |1 , |1 . 1 • If | H (1 ifl V bought by the West German com- the market improves. 

: 1 R/VX\#Jl %✓ M. JM-J T pany Bison Werke, which sup- It has been estimated that 

v plied its processing equipment, another 1.000 jobs in ancillary 

r'-V PHIUP RAWSTORNE STP collapsed last September p* des - including foresto and 

! • ‘ when a fall in demand and the transport, depend on the fac- 

ffERNMENT PROPOSALS for porary Subsidy provided. “Should tire employment measures that weakness of the pound left it tory s survive. 

» J P:l-v scheme to protect jobs by we hav* to modify our scheme, be needed, will be made in unable to meet repayments on a .*£• Corrie McChord. a member 

‘•vis Voting short-time working in we could only do so when we a Government Bill to be intro- loan raised in Deutschemarks. of . tbe sbop stewards committee. 


» • I auy lmpdci uuiii HIE wees SUDSiuy ior eacn iuu-uuib -- — mnnM nut into venture s 

■ tj jes on unemployment job maintained, currently covers »tber areas outside the special “ one y bei J g ^ when the chipboard industry 

rjL . Albert Booth. Employment about 138.000 workers. development areas and by in- “ pd er the provisions of tne i 00 ked set for a prolonged boom. 

tary, told the Commons The Governmenrs new pro- creasing the present limit on inauswy However, the recession in 

■,‘z* rday that the Temporary posals to encourage firms to fir i ns employing fewer than 50 The Scottish Economic Plan- building and. furniture manufac- 

dy — together with the defer redundancies by subsidising . Mr - Bootb told MPs that the ning Department said last night, ture and competition from cheap 

•.j- 1 - firms’ employment subsidy short-time working are based on im P ac t°’ tne job release scheme, however, that it was substanial. imported hoards have caused a 
jji 1 , the job release -scheme — a West German scheme that has wblcb ^' n f, ar bas encouraged When the new owner takes crisis which have strained 

' i be extended in broadly been operating since 1969. mnre than ---000 workers into over on February 20, the plant severely several companies. 


Fitzleet case 

perty companies ought to 
qina themselves for a new 
tether approach from Uie 
. Revenue if the fears of 
lax accountants about the 
ent set In the recent 
or Lords case of Fitzleet 
i are borne out. Essen- 
this established that 
ty companies cannot 
n teres t as an expense in 
ofit and loss account, to 
■ for tax relief, if they 
ransfer it out into the 
a sheet as a capital item 
it to show, sufficient funds 
dividends. 

Utter practice became 
shed following the earlier 
iecision in what is known 
i Chancery Lane case 
ir was decided that 
jment interest — which is 
ly regarded as a capital 
- must he charged in the 
e account, to be tax 
ible. Most property 
have been doing just that 
incc, while at the same 
ising various devices to 
r the interest back out of 
enue account, 
not yet clear how far 
tzleet decision overturns 
actice. What is certain 
sr is that the Inland 
le regards the decision as 
ortant precedent. Somer- 
buse is thought to have 
d all tax inspectors of its 
ations and moves are 
y afoot to call in taxes 
on protective assess- 
going back as far as 
ery Lane. Two accounl- 
irms with a number of 
property company audits 
.“onlirmed that several of 
clients have already re- 
these assessments and 
the cases the amounts 
are said to run into 
of pounds. 

big questions are which 
y companies are affected, 
r they have already pro- 
or these potential liabili- 
d what, if any, method 
ng the all-important 
of interest nut of the 
I arcounL is safe. Ooc 
that every company 


ter 1 


3 m Quarter 1977 


which has taken power in its 
memorandum and articles to 
transfer amounts equivalent tu 
net development interest into 
the profit and loss account is 
affected. This category may 
usually be identified by the 
caption “Transfer from capital 
reserve" in the profit and loss 
account.. 

A method which some com- 
panies have used m order to get 
round just tho sort uf even- 
tuality as the Fitzleet decision 
is to make the transfer only in 
their consolidated accounts, 
leaving operating subsidiaries — 
which pay the taxes— lo show 
lower profits or even losses. In 
other words ii is nor what 
property companies have been 
doing, but liow they present this 
in their accounts. 


camp. There was a puHims|. 
problem iur Itarcrns ut that 
ruler it became con trolled by 
H and C. two as.'Ociatcs, luuiuvt 
and Ifnlyrmiil. would also 
come II and C sub.sididries boT 
together with the ** aod'c; 
shares more than the maxing j 
15 per cent, of aswel?. 
by investment mist mlts 
be in group c-oinpanie>. 
were other ways nut nf - 
difficulty, and it is unusual Ter . 
a emnpany to m-npcrau* in ~ 
way with a Inrider ahead 
takeover. But then, fur ifi 
Rolhschihl's diversionary ractua/, 
this remains an agreed, uncopiM 
tested takem cr bid. 

The Koi hseh ild ronsurtliqp 
wit! have to tvr comforted wifii 
the thmiglit that H and C may 
find it quite hart! to gut from, 
say. 45 to 50 per cent.. Iiavinf 
received a dying start with rtn 
XI per cent, holding in Harrrai, 
Sliareliolders have no need h>: 
accent yet. If the offer does g® ■ 
uiicnnriittnnal. Imwcxer. tha. 
cotisortium may ha\e to beai * 
hasty retreat from the market ■ 
to avoid being swamped with 
shares which would no iotigft 
have any slrutegii: value. Unto- 
while, m another part of th* 
jungle. II and C has toni 
strengtheiung the defence* 
surrmmdixg the jewel in it* 
crown. Harrisons Malaysia . 
Estates: it now has a 29 rrr 
cent stake. 1 


H and C/Harcros 

Willi less than a week to go 
to the first closing date. 
Harrisons and dosfield’s offer 
for Harvros Investment Tru^t 
is aiiproaching a critical stage. 
Yesterday Harems further 
smoothed the way for the take- 
over. announcing the sale to 
institutions nf its H and C 
shares “in order to preserve 
investment trust status while 
there were hints that accep- 
tances were not too far off the 
50 per cent level at which the 
offer would be made uncon- 
ditional. Meanwhile the Roths- 
child consortium picked up 
around 2 per cent, in the 
market yesterday, taking us 
interest to 14 per cent, against 
the 29.9 per cent, which it has 
given as its limit at 90p. 

The Harcros sale nf 270,000 
H and C shares at 339p. a dis- 
count of some 6 per cent, on 
the market price, raised one or 
two eyebrows in the Rothschild 


Institutions j 

Further pointers towards a ,| 
marked recovery m busmen:] 
activity for Hie life insurance \ 
companies conic in the latest 1 
official figures on institutional J 
investment. Then; show a sharp;, j 
upturn in the level of new 
acquisitions by long-term funds ; 
during the third quarter of 1977 
—which is about Ihe time when 
most companies started In tf* 
a recovery in their new busincMi: 
figures. 

As a result, the insurance 
sectnr as a whole emerged as . 
a larger force than tht^ peiisliiB . 
fu,nds in the securities, markets \ 
during Ihe first »yne months nf 
the year. This reverses the pat- 
tern seen in 1976. when thft 
pension funds moved to the top 
nf the ladder for the first time. 

The figures jump around « 
good deal Troin quarter to 
quarter, and it is too early to 
talk about a new trend. How- 
ever. whereas the fall in infla- 
tion rates will have some impact 
on the cash inflows of the pen- 
sion funds in 1978. the life com- 
panies are likely to see further 
substantial growth during the 
coming year. 


ir form for a further year. Under the German scheme, ? 3rI - v retirement, would also be 


Mrs. Thatcher’s hard line 


REIG! 


jsiry that the Tem- scheme, and any other altema- 


Comment, Page 16 


This was the role of the party in a return to free collective 
committee under Mr. Keith bargaining, and in the public 
Speed, a front bench spokesman sector that must be done within 
on home affairs. the limits of the Budget.” 


Mrs. Thatcher stressed that 


in mv event thp nresent entrv T* 16 constraints that a govern- 
rate^ *far ^too hi?h “Wh?t ~ *W«ei««8 

quite clear is that we cannot go 

on taking In that number." UK-? * 5>Stem thdn was war 


love to escape 40% clause 


ANTHONY MORETON. REGIONAL AFFAIRS EDITOR 


— —————— — uu idMug I u <11 uuuiuer. rantort — 

Her great fear was that if 

immigration continued at that • Mrs. Thatcher did not see the 

Scottish Notional Pan, MPs 




] { tim 


j * * 




mTSi 

; «T» KQHft 

Kk 

j 

h 



«| tland 


OVERNMENT Is to take whole electorate. Scottish National Party MPs ^ m * ante a read former ’ Consereative 

> retrieve its position on When the 40 per cent, amend- immediately threatened to with- ? Tfae l5«fhere ^th? v mult tuning to * harfrnnf bench team 
Hand Bill. It will seek io ment was written into the BUI hold support from the Govern- if”, ,*„»■ ttey must before the next election. 


im 


the Prime Minister’s abiUty to “ My . 3 uess « tha * until a 

call an election at at time of his L n -' *. J™- should l , elertdon com « he will 

choice. S er -!..•« 1 j™ sQouJd not obviously want to keep his 

. Mr. James Callaghan told a f r e nn ? “V?! “rn ^ open - ' v 'h«n we know 

deputation yesterday from the JSjLtJSf h?SS51Sf nt ° ff ^ hat - result aro we will have 
Scottish Council of the Labour \ k t0 . slt down a nd think what is 
Party in London that it would ■ ^ tbe P nvate sector \ believe going to happen then." 
seek to strike out the clause " 1 — 


* ' If you’re th inking of setting 
tip offices anywhere in the 
country, the Location of Offices 
Bureau has all the facts you need 
to make the right decision. And 
jlhe service is f ree. 


Facts on housing 

^ If you move, you'll 
to keep the staff w 
move with you haj 
We can tell vou ab 


when the Bui comes back to the Continued from Page 1 
Commons. The Bill should' 6 


i UJK. TO-DAT Cloudy, outbreaks of sleet or finish its committee stage this £ 

liND bright but outbreaks snow - , Max - C3943F). week and will return for report 


Office rents 
throughout the UK 


If you move, you'll want 
to keep the staff who - 
move wit h you happy. 
We can tell you about 
housing availability 
and pnees throughout 
the country. 


1 ji sleet or snow. Cold N - Wa ,es > kle of Man, N. Ireland stage in a few weeks’ time. This 
tagland. E. Anglia. E.'Mid- Cloudy, outbreaks of sleet or ig the likely point at which it 
■f E. England, Cent, N. snow. Max. 3C <37F). will act, although it could seek 

V n . ■ 1 ilfA THpMa* CUT Caarieviit th* L 


Green pound’ talks to-day 


m \ England 

■|V P r sunny periods, per- 

'! 3, nip «W| nr ennw Mav 


Cloudy, outbreaks of sleet or ig the likely point at which it ■ _ J 

snow. Max. 3C (37F). will act, although it could -seek , e i r I currencies are informal Fisheries Minister*- 

Lake District S.W. Scotland, to repair the damage when the revalue ° in l5ne with Commission meeting in Berlin last it. " 

Bill is being considered in the pr °P° s ais. 


Glasgow area, ArgyU 


1 “ime sleet or snow. Max. „ first, si 
,-h >gSF). Max. 3C f37F). 

: «. England. TV. Midlands, NJE - England, 


Dry at first, sleet or snow later. (Lords. 


meeting in Berlin last week. 
But Mr. SiJkin, who had boy- 


“S 8 - They say that this Is totally ua- cotled ^ meeting pendins 

The Prime Minister, aceom- acceptable. . approval of the “ green pound " 



W ; e have details of 

available office 
space throughout 
the UK. Rents can be 
from nil (for one lo 
seven years} upwards. 


Government Grants 


Staff availability 



> issue ana neqotia- 
a common fisheries 
! not linked in an\ 


• ^.‘e h Brt,M or Stitiny sp C l. S per- f n;ee mf. taESjS ^VSS ' ' SSSZ 

■!+ :?- S ? Orkney and Shetland Office, made no mention' of Ihe f*^ 11 P»ccsthan that Earlier vesterdav mr 

i • i C: vaar . Y'day Snow sbowers. Max. 1C f34F). other amendment, moved last ,jn,posed tbe Commission. Mini«;tere sonnuw) ' ’ 

' fj. ;i “Jcm? . Outlook: Sleet or snow spread- against the Government's Mr John Si] km. Agriculture request for a 0>er <St devaluat 

A F Cl jtf.Londnn f 41 in 8 W* to most parts. W ci c « ‘J g f v I s M,nis * er ' sa,d ^ he still tion of the “gree“nra» after 

I 1 2 £ 6 « Lai-mbn;. r i n both to* Sbetjands and the Ork- regarded as . essential a price agreeine unanimmisK- 

'1 1 S 3 S&22L. f : S HOUDAY RESORTS '0 "Pt out »E ["««*■« pallet. Hi&u .Lr S J frl Z 

1 4 fi u K Mrttwunie r is a V'4*y Y’doy a a nnii Parris h milk. beef, wine and juigar which British request. 

' * i S “ lfc “ »■« i si Mid-day Mid-dlr by ? e Community continually pro- Rupert Cornwell uriw u, 

'• t- ■£ § 3 « Mosmiw so— s 21 ?c b f *n »F Three for the Glasgow Herald duced in cnrnlus Mr. 


both the Sbetjands and the Ork- regarded as . essential a price agreeing unanimously to rnn 

HOLIDAY RESORTS SSj^n ^ t0 ° Pt ^ ° £ ^ ClS S / dcr SSSSJ^ftii Z 


& C T 41 [Munich F 4 

F 6 43 Newcastle S 3 

1 L 4 *TT In* In En 1 


^ C. 3 37|Oslo 

i. s 41 1 Paris 

1 1 * ft F S, 41 (Perth 


* Ii 55 Y'fay Y’day 

Vs l 3t Mid-day Mid-day 

So-« 21 ?C D F *C B F 

F 4 39 AJacdo C 7 43 Istanbul C 13 53 

S 3 37 Algiers F 14 57 Jersey C S « 

Sn-i » ElarHta C 8 « Lag Pima, C IS 6< 

U * 43 Blackpool S 3 37 'Locarno S 1 34 


-—-devolution ‘ milk, beef.' wine and .ugar which B^ sh rcqS C ‘ y tr ° m th ° 

Mid-day ^nifL p ° r _ ca t r Jl ed rl 0ut b ^ fp te ™ Community continually pro- Rupert Cornwell writes- Me 
. c „ F Three for the Glasgow Herald duced in surplus. SilkhT^ I!™’. Mr - 

c is 53 and published in the paper Officials commentpd hnw»Mr 15 ® x R® cl J5 d make a 

c is i'® slerda y showed that Labour that, although^he* Commission on ^ Cora “ ODS l °-da,v 

i ” S jjn hold! i a flve-point lead. over had’preSSS ^an ^ SSund" 25-°^-?® 7 reen 
_c is 54 the SNP, despite losing a point in increase of 1.9 IlPr 0 £ nt nn itl T 3Dlid and un- 


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Wherever you aiv. contact I lie 
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LOB. 27 Chancery Lane. London ~ 
WC2A INS. Telephone; 0MQ5 2921. . 




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F 14 57 1 Zurich 


L ; *■ S-Sunnr. F- 
SO 0. 32 I- k-Fos 



S 3 T7'Vpn*« p v 43 Laoour German. Belgian and niitrn v.j- P rnf ‘»icers 

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