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No. 27.49S 



g V/.z L'feIV2l:5i: Y Of 

U52ASY 
ACC. SO. mi 

CLASS Jl®, 

DATE *2 ,%;■*. 


Wednesday March 1 197S 



Our business is merging 
your business. Successfully. 


CONTINENTAL SELLING PRICES: AUSTRIA fcii.15; BELGIUM Fr.»: DENMARK IrJ-S; FP-ANCE P-.3.*; »S5RN&NY pw;.«; rraiT l NETMj-BUNPf P i.P: NORWAY K»-3.5: PORTUGAL Ek-Mi SPftlW SW^EN KrJJ5; SWITZERLAND Pf-l-flt EIRE 15p 



‘5KERAL 


BUSINESS 




weaker 


© WALL STREET «*io*pri fi.23 
rinu n a I 742.1:!. it? IniiT-st for 
three years. Analyst* attributed 


•Hrsjan forces havp kllli-d 15 
: in tsu ana's snlj'Jrp* and two 
Mans in an ambush on the 
Mana side of the border, it 
slated in (iahornne. 
\i1Hre.->in" ihc » lion a I As- 
iiibl; . Viee-Fresirient iUdSire 
d that cighi more Botswana 
■liery vero wounded and three 
r e mis-on?. R?infiii-c?;m?ni> 
d Keen sent tr. the area where 
' .Mluatinn was ” extremely 

iv:i> " 

*\ Rhodo-ian communique 
tied in Saliyhiiry sud that 
.Odes|.m irimps hari i-lashril 
n Bnu-iapa forces aftei pur- 
'.z cueriihs- arri>*.« ihf- border, 
■nop as it ■**:* i realised that 
Vcana forces '.‘ere involved, 
troop:- pulled hack 
•. -!; ^nd -*hiir- Rhodesian 
rs ior a rental i vc tnrjsci 
. f December 31 for the 
of ? black majority -ruled 

rU nationalist guerillas 
“H and la.?heri 120 African 

-• after holding up two 

‘n south -‘.rest Rhodesia. 
nde*ia Herald reported, 
•land rauzhl in ciierilla 
c. r*a»e 3 



753 


7DD 


■ 

mm 


m 



t German 
■ lock-out 

.cvsiirper publishers re- 
; esterda; to a printers’ 
four cities with a one- 
mi which will slop any 
bavarian capital’s five 
•spapers appearing to- 
c 3. In London the 
.v> paper was published 
Sr.-.l Lime ip five days 
-inposln? room prim 
irker* called off unoffi- 
op over a nroduriirity 
UK. print dispute. 

Shi overtures 

icr ; ‘ss of Mr?. Indira 
breakaway factum in 
■otions has so eroded 
/er India’s nffinial Con- 
ri«- that moves -Acre 
New Delhi la- 1 night m 
nc party. Page 3 

:r visit 

;ne*-s nf Kent Ren to 
• Ireland for a fi-e-hour 
•>». Down military base. 
,'ast a self-confessed 
of ike Ulster Volunteer 
aged 2-5. wa* jailed for 
. time*— j record in Ulsiei- 
he 'eriarian murder of 
•.iin Cji holies and th** 
*d murder of four other*. 
f'Mirierry last night a 
o -u, -hoi rGad in 3 
.jiiiomatie fire. 

e snow likely 

•• f »ib»r i.» CX peel r|t to 

:h>- pn-«oni mild and rainy 
.-.■•rorlm: in the lonc- 
fo reran fm March. Snrev 
■•roiiahly nc mom frequent 
usual Bark Page 


SEP OCT NOV DEC JIN FER 

V. - ✓ 

the fall to zlnoiny rcom*mir 
factors and the weakness of the 
dollar. 

® DOLLAR came under 
renewed pressure. fn! s: na 
sharply against the 5wi*s fruie. 
and reaching its lowest «*ltr*c 
against the D-mark. The dollar's 
depreciation widcird to .v-l 
per cent. (a.VSM. STER1INM 
closed 95 puints up at 31.941.1. 
reSecting the dollar's weakne--. 
The pound's tradr-M eighlvd 
index fell to fio.2 ifi.?.3). 

9 EQUITIES fluctuated nar- 
rowly in thin trading on uncer- 
tainty about ;« IhrcuSened engi- 
neering strike and tin- out come 
of rail talks. The FT Ordinary 
Index dosed l.ti up at 4+3.4. 

O GILTS drifted after a linn 
start and the Government 
Securities Index closed 0.21 up 
at 74-41. 

5> GOLD rose SIS to $!«). 

© POST OFFICE is to -pend 
i'lOOm. in the next eight years 
on speedy development o? viev 
data the home compute:- terminal 
scheme. Back and Page 16 

© GOVERNMENT -ufemeni on 
the pronlcnw of BSC will be 
made before Easier. Mr 
Callaghan has said. BSC. which 
is losing jhmi; 12m. a day. plans 
lu put its new n.ttm. steel freight 
terminal being built at Eilston 
into mothball* as soon a? it is 
completed next month. Page 6 



Senior officials of member countries of the Organisation for Economic Co- 
operation and Development to-day reached broad agreement an a new, con- : 
certed growth strategy for the Western industrialised world. Under this a; 
larger number of countries than hitherto, including the U.K., would take steps 
to expand their economies. | 

ijr.ru .An mo member rnuniric? ! 
-till did nnr justify a itch 'u ; 
more i-.VuUsinnary policies, ofii- ’ 
a-i« 1* enneiuded lhat the new. 
wiciTtc^ -'tratogy. m general, 
vnuld h‘. ip boih the payments 
atijii^^nicn; process wiihm the 
;<iea ip.d cmiributc t*> greater 
,iah;iiiv <m exchange m.irkeis. 

\lih’-uvh Mr Schuhsc gave 
i Ii*' imnre.-.+inn tha\ the v' »noiiiic 
policy > nn;nr. lice's di^eussinns 
v.ei-p -«irt nj***n by «'.veei:i* - *- and . 
Iigr.i. :i u i tear ihai tv. •> major) 
pri-bi* remain tn be solved | 
bpfurc Hie < tr»tcgy it adapted. ! 

\ m.mt'iT nf i cuntries ' 
■’•eres- , :i ji'eat coneerp in-day 
.; :»v M i hr; I. S.'s growing net 
•.lefi'it on L.-t 1 1 a i account, which 
jni'.ynled u M3hn. l:.M year. J 
• nd its ell •.'••I on the miliar’s [ 
:"w!ianc>- rale. Thei-' were 
•u.'ge-Muii'’ ihat an agreement' 
■<n ;r. c i fv growth -irate?y ; 
.-hmrld .•>!• nart nf 3 package ‘ 
deal v hien would ir-.iude a ! 
■u.-ji 1 i-i.*n 10 : he U.S. coupled | 
viih the no plcntenia lion of 
• ms!.: I •■ nii-nls by the American 
.••diiiin’-:r.in-*n. i 

Th.- ntber nviin pronlem is • 
the e-ii-ni in which Vv’esi 
.r; anrl .lanan hit piv- 
pa * c ,r, ci ^ a bigger cfF,.j-t. . 


The ngr A vuu*iu announeod by 
Mr Uharle- Schultire. ih»- new 
chair u:. in til-; organisation'* 

cton I.m ic policy '.onihlitlfe 3ml 
-.hairm.in *>f Pre-sulont Carter's 
council of economic advi-ci*. 1- 
in no »• ay final, -ince the <nni- 
nniiee 1.- iioi a rlm.JMon-niakin’ 
body. Bn 1 , ihq fjitl ihai a «i*n- 
S^nsus v rca> hed 1-y hi^ii 
officials mentis that i hi- way lu- 
been clearrfi fur I he plan's -.u'i- 
niis.-sion m Mu* urgi'nis.'ilion'* 
Mim-'ori-il meeting in tune and 
ihc VVcsl^rn i.-i nmnnii summit in 
Bonn the nvM r.iontb 

Th" ne 1 ' 3 p;iro;icb p ml ended 
in ivpl.ii c the n(ri •• locmiimivp " 
theory, under which the most 
solid ly-h.isioi economies, •uch :••* 
ihc t.’.S . Japan and Wpai 
G erm any. were >upnn*ed 10 puli 

rho •vn'-ld nut of 11 . recession h;. 

a Strong hnost in internal 
demand, while lh- *1 raker cun 
tries .■■inLenirHi''d on curbing 
innatimi and requiring then oay- 
ment? deficits. 

Thi- sirnteg' faiied niin'; 
he-ail+c. m lh*- vic-v nf Hi? 

ur.'.ini'-jt ion? •rnetanai an - 1 
many of the member count ue.*. 

1 he We«l Grrurja- and .Tanji'i'- •■• 

—ore nor prepared tn ••vpand 
torn - c nnmii’< sMfp.-or'l-. t'» 
,'ie a » harp h m-1 •: .r-in»-r:- ..nd 


thus reduce ih-»ir la^g" n.nyMen 1 ? 

>urplusO*. ' 

Under me ne*» "comoy 
strategy, noi nnly ;he .stronger; 
enuntne- dlii a second entegory 
of 1.0 [i nine.* ivho-'e econuniic 
st.ibilisa r iOR policies already 
bate pr-ido* ed gnM result?, 
would give a moderate stnmilu- 
demand, wh:'*.* continuing m 
keep w ;i t eh fill e;.v r.n inilalion 

.Mr. SchuUre vi4 that lirui 

agreemeni had m: been loa-'heu 

S»i« pressure on I .S. Fngp 3 
fli'alri sp'-ech Page fi 

on '-hai co. mine- -hould be in- 
eluded in ib’- -?cund Category, 
bm ii is 1 lear iii.it 1: eomprises 
.it l'.-*t the I’ . Fran c. ihc 
\‘.-*he: - l -, nd-. I'r I - •md. possildy. 
Belg’Uill and >’•-• ■*dce. 

A t::ii'.*i .1’ic Ii .1 - :mi bee 1 ! fixed 
,'or applied: ”n ;n* strategy, 
bm u U iu.-;—d ?h-i it v 1 ; 1 be 
Mipi'-menti'd m r>' econd half 
of 1 hi- year 

Agreement wj- r« h«2d afu— 

ih'-r.i;:rh ev.ni'n«ition rf llv 
•:on*u:i'nr.s on :rn • ih such .n 

i.nri.- of piymepi- problem:. 
iniiaMon ^nd 'he -1 of hudsel 
Whl*** il •• •*- -.-cogn.-ed 

!h.i: I no -?n|- 1 -.e:!|r r.O.Kttf -"lU- 



BY CHRIST' AN TYIER. LABOUR CDITOR 


rief 2 y . . - 


'hr High 1’oirrl jndg«> n-hn je to 
■■ *ide ■■■••it .1 th’s -.-m in inquiry 
o : : ie U'JSKrii. Cro’- n Agent*' 
* r 1- iier. led to be named 
'll'. Page 3 

i?ug *iua. r;>-,in?:e Foreign 
isicr )* egpeeted to viut 
.<:r :-f:er ih? N'^iinnal reopie* 
i3rr-: has ended. Page 3 

-ra-e nf RnrinlT Hi-ss. Hiller'.* 
. from Spand-iu i-ul in 
Eer!m ‘*'nf urged last night 
" nmnn- all-par tv meeunu. 

ai. police believed that at least 
• ft.ihan lnduiirialist reccn'.ly 

: d hi; own kidnanping to 
.■3ud insurance com pa me*, 
'.napping move. Page 5 

llu nidi- Amsterdam ®\Dre'.« 
:ded ■••••iih a local Duich Train 
■■ Arnhem, injuring at lea*! 

Aguirre. Snani«n Foreign 
I'-rer. 1. ;n P-i!;*nd f«r Ihc first 
visit 31 ini* 1 pv*> 1 Spani*h 
iiffle. Taze 2 

motorist appearing a? 
uhi-npio.-j Tro’-vn Court 
vned v driving ban h«-c:iuse 
unaware that a bottle of 

lgh mixture contained ihe 
itvnlcnt of one and a-batf 
skies. 


Monetary 

% 

targets criticised 

G GOVERNMENT'S adopt inn of 
monetary targets ha* been 
strongly criticised by 1 ho 
National tn»liUilo of Ec'inonuc 
and Social Research. The in-li- 
niic argues thal increa*e irr earn 
tog* via a formal incomes policy 
i< vital to reducing infi.tijnn. and 
predici* a hrivf rt-onomic 
reemerv fniinwerl tsy rising un- 
einolovmeni in I97fl Rark and 
Page 2-5: Editorial lotnmeni Page 
16 

Ai the same turn.. in indication 
nr ihe rise in company profit, 
ability ll.i.s mine :r. figure; puh- 
li-hcd -hov. mg a 25 per i-en*. in 
croH’-e in p«*vinenls of enrpoi .jlion 
lax. Back Page 

G V..S. INDEX nf tending ern- 
mimic indicator: fei 1 ! '• pi-r i-en : . 
in Januaiy. ns nig:e«i drop in 
three ye.irs. th> - Giuiiniercc 
Department said. Paze 4 

® MR. r;. WILLIAM MILLER, 
wi'-usc nnmination for fh.irm.in 
of the Fed li.is won supp’d on 
the Senate Banking Committee, 
has denied Ihai iie knew that 
payment: had been made by a 
Textron subsidiary m a former 
head "f ihc I ram in \ir Force 
Back Page 

9 JAPIN' l- expeiied I” g;»e an 
undertaking «oen to I uni; export: 
of cars tn Britain to nn mure than 
in per cent, of rbf market during 
IS7S. according t.u Trade Secre- 
nry. Mr. Edmund D-'ll. Back 
Page. Eitiiorial rum men 1 Pace 16 

COMPANIES 

9 NATIONAL WESTMINSTER 
Bjnk ha.s reported even higgio 
pmfii'. ihan ta-i year w ; ih a jump 
of 21 per cent. 10 f 227. 56m 
<riS7 77m.» for 1D77 Much of 
the improvemen! came from 
internal inna I upeivlien-. Back. 
Lex and Pace 19. 


:iiEF PRICE CHANGES YESTERDAY 

ices in pen <••• unle-s otherwise Taylor Woodrow 


mdicntcri > 

CS: 

ssun" ins:; £it)i ? 



Tube lm« 

V.'.-.lkcr 1 la 4.i . 
Wheal.^hcaf 

m 

. 12.' 

jlej-arH 

1 f 

— 

5 

Wiltii n.hcr 

. 

.nc. BiFCi'ir 

174 

4- 

4 

E 7 . Indu^Trins 

. i.;.i 

-(|? v s Barit' .. . 

MB! 

— 

a 

Frtl<.-nn Mine • 

20 1» 

-v JIJV" 

1*7 

— 

17 

Psnr<in;tncni.M 

. *inr« 

. enpe-r; : Brc- cry 

■i » 

— 

R 

P«*l;n.\Vallscnd ... 


T.irmirn#.- 

;'i iC. E ' 

4S 

2SR 


d 

1 1 

FALLS: 


aica -Su^^r 

17 ; 

— 

3* 

EMI 

. 1HT 

/-Fh 

■>11- 

— 

a 

Luca*; Ind*. 

24.i 


262 

+ 

8 

Manganese Rrnn«e 

74 

jni k Finance 

104 

X 

r/ 

Hcdfc/irn Mat. Glars 

. 2«r. 

-.nai Pron*. 

S7 

Jm 

ta 

Rcrnna Grp 

P4 


."JJii 


an 

Th.--ni.nn Or~. .. 

1*1 

-.*^ke 

SR 


8 

p.r 

726 


J2 


4 

4 

5 
S 
41 
S 

as 


MANY OF Britain’* bigge** 
engine Tin com names f.vc 1 hr 
prn-po, t of o ffici.il 1 nd usi ml 
action fullivj-in-j the nn- 
expected collapse nf ncgniia- 
1 inns on .i new mummil p;.> 
.rgreement 

The Engineering Employo.s 
Feder.il ir«n -aid List night il 
•Aas “ srioundcd ” by n dcoiyon 
of cnginvoring unir-n leider* 
ejrlier in ihc day to pre-'s fnr 
inmhtneri ••■ilnn at a meeting on 
Friday. 

If thal rocnminendation from 
me 1.2m. -member engineering 
•'’in an «' f the A ma I g? mated 
Union of Engineering Workers 
1 . endorse#*, .some ”r all nf the 
I'.'dcrat ion’s 6.flflQ-meinher com- 
P'-nics employing bet ween them 
I ini. m^nn.il workers, enuid ho 
hit 

The •■inpb-y ere seemed to 
1’Uihl l>*! night ihai indii'‘lri?l 
» non fnu |/| nc extensive or 
■‘•’•il supported, despite the tradi- 
tional ob-riunce of AUEW 
mvinbors. bdi.ii’-e "T th*’ terhni- 
c.-l na'u !’#• n f the pay dispute. 

Rut th>- engineering sei'iinn' 1 * 
f'.eciitivp unanimou* yester- 


day. -nd Mr. T-Ligb Franlor. 
AL'EW preridem. ■»•-< m an 
angry round v Sion he -'•.pli'ncd 
•vhy ihe rmpinjer-’ "final 
offer " had been r % j?ried 

Frida- '• meciiog nf liie rnn- 
fcd'jrjitnn of S'.ir-byilrlinr and 
Eng-.ntvrin? Union* -.•ill decide 
the .'em o.' ihe a#-: .’in. 

There .ire ’nan; option . rang- 
ing fjjnm an overt iii'-c -in tike 
that in tb7~. ;u *eu;i'liv.i mimn 
.ig.itn>t rne e«np!o}er.*' ^deration 
*irnnrh#>:d* n a:«'a- l.k • Man- 
rbe-’vr and Shelhe'd. ;•* ,n 1972. 
or full strike action for a day 
•ir more 

The emplo'-ers *s- :hr di*pu:e 
ha- jri-en hoeau-#* :r*» -7.:\t>ro- 
m- nt'' in-meie- prevent, 

the usual erae'iec puiltnj 
national m:niu;u,n into 

ofTori nn ihe sair* d'.v f#>r 
every company 

Mr. -Scanlon s.r.d the phasing 
propo*»;d by ■'*•• empire, cr* 
would tiuxe it :r ct r ect 3 tr.o- 
yr:ir. r.o; .« vn*- agreement 

Thg *n-.oiny»*r.' :'ed’' ,, auco dis- 
»;rr»i vith h - :m*:'pr»i.a!ion 

The !ni#-si oTcr tb'r- 


••'orth '’infinite 1 ' - le*>' Than the 
ni?- -jus one. and that tne agreed 
ho-*-- for the •*i-o -ides' fourth 
eo’-nunior two d..ys a? a bad been 
v 1 1 . 1 . = ■ - -r |- changed 

*•!.• Scanlon >:*id the union did 
noi .ici'cyi the employers' ;irgu- 
meni that only by phasing in 
nations:! rates o n the* anniver- 
saries of companies' own wage 
dial.- •-•ir.ild the federa lion’s 
.•lenilu r.- avoi-l Government 
-mil : ions fur breathes of the 
10 :«v,' cent, guideline. 

Mr Anthony Prods ha in. 
Jirvesor-gcncral of the federa- 
tion. -;-k 1 i; was “astounded by 
the executive’s apparent desire 
for -ndusirial avluin at ihisj 
rune.' Unn! Monday, the unions 
bad appeared to accept thp point 
sboui gradual introduction of 
m-niauim raiev. n.* added 

Neither >irm has plans at the 
moment to call in the Depart 
men; nf Employment to give its 
verdne. 

Tb«> indiislr;'* bargaining is 
eond-.cmd at run levels. The 
bulk of most ••nrkers' earnings 
r nntinned on Back Page 


One-day 
rail 
strikes 
called off 

By Nick Garnett, Labour Staff 


The series of one-day rail 
strikes, the first of which was 
dor to hecin at midnight last 
night, was called off laic 
yesterday after a day of talks 
involving ASLEF. the drivers* 
union and the National Union 
oT Railway-men. 

Many of Ihe principal issues 
in 1 ho dispute have still to be 
sol lied, however, including 
relative pay betvvecu some 
drivers and guards and these 
could have serious repercus- 
sions for future rail peace. 

British Rail cancelled some 
overnight long-distance trains 
before the resolt of the talks 
were known. 

Some roiling slock will not 
he in normal locations and 
some services may be a little 
disrupted to-day. 

The peace formula involved 
the setting up of a meeting 
under Lord McCarthy, chair- 
man of Ihe Railways Staffs 
National Tribunal but acting 
in an unofficial capacity, to de- 
cide the means of resolving the 
dispute between ASLEF and 
British Rail. 

ASLEF called the strike in 
protest at wlial it claims was 
a ‘Sectional agreement” to pay- 
corn missions to pay-1 rain 
guards which broke fhe 
industry's 1974 pay restructur- 
ing arrangements. 

The argument has led to 
considerable bitterness between 
ASLEF and thr NUR. which 
rep r— -rids ihe guards. 

As part or the peace formula, 
the payments to the guards 
will go ahead, syid ASLEF has 
withdrawn its strike threat. 

Yesterday's talks involv ed 
execntii r meetings of both 
unions at TGC headquarters, 
and joint meetings involving 
Mr. Leu Murray, ihc TUC gen- 
era! secretary, and rail man- 
agement officials. 

Mr. Hurray played at crucial 
part throughout attempts to 
reach an agreement. ... 

Mr. Ray Bucktnn, the ASLEF 
general scervtary. said afler the 
talks that it was right thal the 
guards' pay deal should go 
ahead. lie was pleased that a 
- omni ” was being created to 
son out drivers* “grievances.’’ 

The NUR and the Transport 
Salaried bluffs Association have 
warred nf further “sectional” 
pay claims from their members 
if the drivers receive similar 
extra payntcnLs to those of the 
pay-traln guards. 

Bickering between staff 
gradps plagued the railways 
before 1974 and British Rail is 
anxious to prevent recurrence 
or ihai during the present in- 
dustry-wide approach uti man- 
ning. pay and productivity. 

Mr. Sid Weighill. the NUR 
general secretary, *ai dil had 
geett recognised that the guards 
agreement was “ legitimate " 
and he was satisfied at Ihc out- 
come of the talks. 


SE plan for 
foreign deals 
by jobbers 


BY NICHOLAS COLCHESTER 

STOCK EXCHANGE jobbers 
should he allowed to deal in 
' overseas securities directly with 
[ members of foreign stock 
exchanges. 

The change, which effectively 
breaches the principle of single 
capacity fnr foreign stocks under 
which jobbers deal only through 
London brokers, is understood to 
be the key recommendation in a 
draft report prepared by the 
Committee of Senior Partners of 
the Exchange membership. 

Deals m foreign securities — 
those purchased through the 
premium — would be negotiated 
directly but would be booked 
through a London broker at a 
low rate nf commission. 

The idea is to enable jobbers 
to participate effectively in the 
growing international securities 
business. It is hoped tbis will 
help preserve their ability to con- 
tinue with the existing broker- 
jobber system in British securi- 
ties. -* ; 

The separation of jobbing and 
broking, which London's Stock 
Exchange insists upon, has been 
a handicap for its members in 
international securities markets 
where firms tend to embrace 
both functions. 

The desire of British jobbers 
tn deal directly with these 


foreign firms has been a bone of 
contention within the Exchange 
membership. 

The senior partners, are said 
to have concluded that the 1 

British jobbing system remains 
viable but extremely fragile. - 
They have, therefore, suggested 
that the Stock Exchange Counciil 
should consider other measures 
to help the jobbers. 

These could include changes 
to the rules governing brokers' 

** put-throughs ** (trades where a 
broker finds both buyer and 
seller) a lengthening of tbe 
account period, and alterations 
to the proportions of Talisman 
clearing costs borne by brokers 
and jobbers. 

The committee was clearly very 
concerned that its proposed 
change in the rules could eh- ’ 
danger the principle of single 
capacity in domestic securities— 
including the all important 
market in gilt-edged securities. 

It has taken what seems to be 
the smallest step in tbe direction 
of dii3) capacity it is possible to 
envisage. It discarded more 
wide-ranging schemes, including 
the allowance of dealing con- 
sortia formed - by jobbers and 
brokers for international stocks, 
and even a completely separate 
exchange floor for dealing in 
foreign securities. 


Monopolies clearance 
for firms’ merger 


BY MARGARET REID 

DECISIONS are likely to be 
taken soon on whether the pro- 
jected merger between two of 
London’s largest stockjobbing 
concerns should go ahead and op 
what terms. The planned merger 
between Smith Bros, and Bis- 
good Bishop has beea cleared by 
the Monopolies Commission; 

The cbm mission, decided: that 
the joining of the two businesses, 
which would cut the nom&ef of 
London’s big jobbers from .five 
to four, would not. operate 
a?ain?r the public interest It 
recognised lhat every reduction 
in the number of jobbers meant 
some reduction in competition, 
hut concluded that two special 
features justified the deal. • 

One of these was that the 
overlap between the business of 
the two concerns was so small — 
only 4S out of the total of 2,800 
securities they handle between 
them are dealt in by both firms 
— that the adverse effect on com- 
petition would be limited. The 
other, more positive, favourable 
consideration was that the forti- 
fication of the two businesses' 
strength through a merger could 


make them better able to 
expand. 

“ We- consider that It would 
be generally m the public 
interest if, as a result of the 
ineger, international Business 
were attracted tv London; which 
would, otherwise be dime- by 
foreign, dealers elsewhere-” 

In announcing the • commis- 
sion’s finding, which means the 
Government has no power ’ to 
jtrevetrt- the merger, Mr. John 
Fraser. Minister of State for 
Prices and. Consumer Protection, 
referred to price spread agree- 
ments between jobbers in the 
market He noted the commis- 
sion had said these agreements, ' 
concerning the gap between 

Continued on- Back Page . 

Lex Back Page 



ding to be cut 


BY MICHAEL CASSELL. BUILDING CORRESPONDENT 


M"RTGAGF t’"n<iins i- tn he cut 
h.-f.iu*!' of G*”-ci nirn-n; rcinr^rp 
ft'-uit mini hmi*'- prices 

The deeio.-rn M#:in? rhat b#»me 
I* 1 - “ v.'i : l s '.■uni iii.jn diffu nil 
to gel from April, although Iru? 
hu:#Jing ■*#■!* 11* - have nmr*' 
fund* available for lending th.in 
cv'-r before. 

."linirterj .,nr,.ir'.*nily h.ivc 
he'.' line exticnii;- concerned over 
evidence to iha'. hon-s*; 

prices arc 'sh’’*.»tine ahead and 
to-morrow th? -ocictic.* wsl! n? 
told lhat the !•' ndin _• programme 
joint;, jjrcv ! '■. i"iih side- unt;. 
j f-v. v-c#'-. ,.-.i 511. 1. 1 

roniiM’d. 

.Virntiih p; tt- lu’.s- 

40 r. "ns rni<'.r nr- .-•'■■•i.t iho 
m«-.- ,. rhe; ’•'•■■••.i 1 1 -4 ; • ir, ^7-. 0 
10 t b’* Unvernir.-T*’, ■'■•V|-|.-s.i Th.- 
o\-:..nt nf sne ■■“•I"’-.- -1:1 v ill b" 
ncz-- ,!: .«.ioH at i"- iioj-i.in "s rii' f*i- 


;n~ of j’i7 :»i;n" Sfiv'or^- eom 
in:*:'’#; .<r.d -.n: next ,' L '"* 
mo 0 ;>r.; Biti’ i n; 

Sovi' ii-.* •-■■.c-.’- .- r. -.l.-uir’.-. 1 . 

The . j “c "■".fi-lnz :■ -'Ut 

£720 r,i ., ini-.itr, tn -vip-v bu'eri 
and th:' ttguve ■.•#•!•:'! i red u-cl 
by any*h:n« ui to j;0 ,, h. ’-! *■- .-. - 
ever •■oMld 


lending ;.i..n in*--.- did 

durtnc Is** 

va:* 7. 

The Gr 

CrTTC-. - ^ *r r ' r. / ' r i 

ab r -n the 

:sr»-.ard* T-crd 

in pried* v 

!::.?r .: vhe"*-?- -.j :.j 

nrnvn .i v ,■ -j . 

;:r: t .- nai i • S:» o’- 

IO 'in n'.-c" 

- - -V. •-.■ , c.l 

] *, •: V. ni'V : 

-. . : >.> .. ; , . 

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: _■ r.rn*c 


pr-ro.- at th>r .'tart nf this veir 
r:;ir.z i.; an annml rate 
of 19 prr cent, orjrnrarod with 
im:- fi per cent, six inoatb-* 
jii-f 1 rp 

Pricey for secondhand hr.me* 
were m-iroasing .u <n annual 
i-.i 1 - r -{ L“ per cent oy .Linuary 
.i_-iin*t an S r>er cent annual 
r.iit- in ! he middle nf !a=: year. 

T.10 ..leieno* helc.-c that the 
Go- ern men* fi:’-* #uer-n?.ic:crt ;o 
.■ *h":i-ti»:-ii siiu.-itiun .in#i ;ha; 
:i- nTcrvrntior :* unnci*-*ai v. 
-*i!i'iaTe t!i at. in spite of 

’ j'V«! • , i > pn^fc i ’i 1 *'!*; ;im*p- 

-I’ Oi :bc vear -si 1 it v.- ; I *hn.v an 

-'■-•■’.s-i- o f IS rrr ci.nl.. 

".-r.- Ir,i.>" ••■'•n*!#i#-r t 1 ' --0 .iTopj. 

.1 • m'l -ri.;-. ;i 1:1 1 1»-- oj 
:hc r<*c.*nr irn.'-rh in -fal 
r j: - .' . „r.d -.he relative rb-;%n-**, 

■ I-'-mos and nf ni'-' : : , ;<• 


CONTENTS OF TO-DAY'S JSSUE 


Europi-an nr-,s _ 
ft-. I’-rsoas n *.•«•■ 

America 11 np»» -> 

Vnrld trade n-u-. 

ft " in r news — g'-U'-r.:! 

— laheur 
— p -irJi:jm,-nl 


fi-7-t ’ 

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Ti-chn’rai p-ce 
'Tanas'-im-m po ;«■ 

Arls pv-Ji.- . .. 

I.eari-’r i>z_;r .. . 
L’.K. Lonipaniv- ... 
Mininu .... 


— • ,fl 1ml. Companies — . . 22-2? 

• I urn iii;,- Li-is 22 

Ii U'.l : I Xirr-i ;. B 

IB I'luvisn Exirhaiiic* ..r- .. 2« 

. . .. iR-2! I'.i riinnc. raw materials ... 27 

• t. .K. -tocL nwrkr-i 2S 


A friendly rnmp»ilrr , n ihc 
1 i \ ins room IS 

The Ilford Noiih Ki.rlrc- 


FEATURES 

rahiopi r--» , »»!?7lc 
fiiamhoiami: r-1 mi. 

lirr i-f jCTi’ii* 


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| £ In New York 

. ; 

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j Fehrn«y38 } 

Fravfoufl ' 

Spnt 

1 nmnth 

3 mnntbi 

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* 0.3M.75 dls ! 

0.05 dl*-pnr 
omo.16 rU* 
B.964).7b itiij 

— -I 



If you are concerned at the rising cost of school fees and 
xvould like to make provision for your child’s education, you 
should consider ihe Save & Prosper School Fees Capital PLan. 

This Plan, which is particularly at t r ac ti ve to Kghgr-rate 
and/or additional-rate taxpayers, enables you to reduce the cost 
of either immediate or future school fees by means of a lump-sum 
contribution . Furthermore, fees can be planned either on a level 
yearly basis or as an amount increasing each year at a 
pre-determined rate. 

The minimum lump-sum contribution per Plan is £1,000. 


Examples: Sum required to secure school fee payments for five years, starting * 
£1,000 for the first year and increasing annually thereafter by 7% pa. compound.. 


No. of complete 
years before 
schooling begins 

1 

5 

7 

10 

13 


Total fees secured 


-£5,751 


Capital outlay 


E-LB36 


Amount saved 

^915 I 



£2,166 


£2,686 


397; 


£1,857 


£3,354 


£3,894 


Rates as at 13th February 1978 


Pot further details of the Plan, please consult your 
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| Pieasc send details of your School Fees Capital Plan 

i Name 

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y 






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s-'j: 














Financial Times Wednesday March 1 1973 




Fix 

&H* ■ 


Spam’s Cabinet reshuffle : a significant change in political complexion 


SR, ADOLFO SUAREZ, handling 
the resignation of Prof. Enrique 
. Fuentes Quintana, his chief 

- economic minister and policy 
maker, has shown once again 
what an astute political operator 

- he is. When it became dear last 
■Friday that Prof. Fuentes Quin- 
tana would not withdraw his 

-resignation, the Prime Minister 
acted quickly. He consulted only 
his closest colleagues, the caucus 
or his Union de Centro Derao- 
cratico (UCD) party, the king 
and the defence minister. Then 
the changes, four new Cabinet 
members, were announced with 
tbe minimum of fuss later In 
the evening. By avoiding a 
drawn-out government crisis, Sr. 
Suarez has been able to give a 
reassuring sense of continuity, 
and to play down tbe coose- 
, qnences of the bfaange. 

Yet it would be wrong to gloss 
over this crisis and pretend that 
it is business as usual again. An 
important shift of emphasis in 
the political complexion of the 
Government has occurred. At the 
same time, the Government has 
acquired an almost entirely new 
ministerial team dealing with the 
economy. Inevitably, this places 
a question mark over the future 
direction of Government econo- 
mic policy. In part this is 
because policy has been shaped 
by Prof. Fuentes Quintana until 
.now. Also because this policy, 
embodied in the October package 
of measures known as the Mon- 
cloa PacL relies for its success 
on the continued co-operation of 
the main opposition parties — the 
Communists and Socialists. 

The leading independent daily, 
El Pais, greeted the government 
shake-up with' a banner headline 


announcing “ Suarez moves to the 
Right” Initial analysis of tbe 
backgrounds of the new ministers 
supports this view- The other 
striking aspect is how Sr. Suarez 
has sought to- introduce men with 
Whom he feels at ease, and who 


a difficult member of the govern- 
ment and was fundamental to his 
resignation. 

Sr. Fernando Abril, who re- 
places Prof. Fuentes Quintana, is 
regarded as one nf the Prime 
Minister’s closest associates 




Sr. Suarez : reassuring sense of continuity. 


represent the mainstream 
** centre " oF his UCD Party. 

This has led a number of com- 
mentators to conclude that Sr. 
Suarez has taken advantage of 
tbe Cabinet reshuffle to give 
greater ideological coherence to 
the Cabinet — and by the same 
token to the governing UCD. 
Prof. Fuentes Quintana was not 
a member or the UCD. Hfs 
intellectual arrogance made him 


occupying until now the key 
Cabinet position of Vice-Presi- 
dent of the Government in 
charge of political affairs — a post 
he will retain for the moment 
Sr. Abril, aged 41, is an agricul- 
tural engineer and agronomist by 
training. 

Sr. Salvador Sanchez Teran. 
the organising secretary of the 
UCD and frequently used as a 
go-between by the Prime 


Minister, becomes the new 
Minister of Transport. He is also 
said to be friendly with the ex- 
treme Right-wing leader Sr, 
Manuel Fraga of Alianza 
Popular. Tbe new Minister of 
Agriculture. Sr. Jaime Lamo de 
Espinosa, a 37-year-old agro- 
nomist, is regarded as middle of 
the road technocrat within UCD, 
and a friend of Sr. Abril. While 
the new Labour Minister. Sr. 
Rafael Calvo Ortega, a finance 
lawyer, has been acting as the 
UCD spokesman in the Senate 
and is closely tied to the Prime 
Minister.' 

These moves are expected to 
permit Sr. Suarez to exercise 
greater - control over the UCD 
which he is seeking to convert 
from the loose network nf poli- 
tical groupings and personal fac- 
tions that allied to fight the June 
1977 elections into a coherent 
party. He knows this to be an 
essential prerequisite for the 
party to survive in power. In 
this sense he has taken advant- 
age of Prof. Fuentes Quintana’s 
departure to tidy up bis Cabinet 
and strengthen the Party in anti- 
cipation of the municipal 
elections. 

The municipal elections will 
not be held until after the new 
constitution is approved — prob- 
ably net until tile end of the year. 

This raises the issue of tbe 
UCD's ideological posture. Since 
the June elections, Sr. Suarez 
has adopted a political stance in 
contradiction to the assumed 
ideological complexion of bis 
UCD electoral support Tbe UCD 
vote was essentially Centrist 
with a pronounced conservatism 
and Right-Wing identification. 
However. Sr. Suarez has been 


obliged to adopt Centre and 
Centre-Left policies both as a 
means of achieving national con- 
sensus and of coping with 
Spain's serious economic prob- 
lems. 

This contradictory stance was 
epitomised by Sr. Suarez 1 
espousal of a broad consensus 
with the Socialists and Com- 
munists in the Moncloa Pact. 
This wide ranging series of 
political and economic measures 
hinged upon their acceptability 
to tbe Communists and Socialists, 
in return for accepting a severe 
deflationary package that in- 
cluded tisln control of the money 
supplv and a 32 per cent, wage 
ceJIsn'p for 1P7S. the Onposirinn 
obtained guarantees oF longer 
term “ democratic ** reforms 
which were not necessarily to 
the liking of the UCD rank and 
file, even less lo UCD's natural 
allies' the Riant-Wins in the 
rmirtry as represented hy Sr. 
Fraga. 

I; was perhaps inevitable that 
the Right-wing in the UCD should 
protest- Sr. Alfooso Osorio, a 
personal adviser to the Prime 
Minister and member of the UCD 
political committee, resigned in 
protest in January. He argued 
that by flirting with Socialist 
voters, Sr. Suarez was merely 
alienating his own supporters and 
doing himself no permanent elec- 
toral good because in an election 
be could not stiek to a Centre, 
Centre-Left position. If this argu- 
ment is now therefore being 
listened to. it means that Sr. 
Suarez wants to confront tbe 
Socialists on a more Right-wing 
ticket 

- The effect of all this on the 
Moncloa Pact and Sr Suarez’ 


policy of consensus polities is 
problematical. Clearly in the 
short term, especially until the 
economy pulls out of the trough, 
Sr. Suarez bus every interest in 
reassuring all concerned- But 
in three ways at least there will 
almost certainly be .- change. 

First, the deflationary 
measures have resulted in an un- 
foreseen slowdown in growth, an 
increasingly worrying level of 
unemployment, and serious prob- 
lems sn the banking sector that 


major overhaul of the existing 
infrastructure with greater state 
intervention, that the previous 
Cabinet found itself unable j to 
agree. 

Restructuring Spain’s energy 
calls into question some of Che 
most powerful vested interests, 
tbe ownership by the private 
banks of the utilities, and raises 
the delicate issue of nationaUsa- 
tion— a word unheard of unfler 
Franco. The new Minister of 
Industry, Sr. Agustin Rodriguez 


BY ROBERT GRAHAM IN MADRID 


have cpmoined with a general 
iack of .business confidence. This 
has been the price of a major 
improvement in the pas men ts 
situation and a halt to the in- 
flationary spiral. Growth could 
he below 1 per cent. this year, 
and there are fears now that un- 
less some reflationary measures 
are adopted soon, recovery will 
take longer and be much more 
complex with all Che attendant 
sociai and political problems of 
deep recession. 

In other words, tbe Moncloa 
Pact has to adapt itself to the 
new economic circumstances 
without squandering achieve-, 
ments to date. Secondly, the 
longer term aspects of tbe 
Moncloa Pact— the structural re- 
forms promised to the Com- 
munists and Socialists — have to 
be implemented if the consensus 
is to survive. 

It was precisely on these 
structural reforms, like a new 
energy plan which proposed a. 


Sahaguh, vice-president of the 
Spanish Businessmen's Associa- 
tion. has been strongly critical 
of the Moncloa Pact and his 
appointment is deemed a sop to 
business opinion. Re is con- 
sidered unlikely to pursue the 
energy plan in the same way. 

: At tbe very least it means that 
viral time will b.~ lost over the 
energy plan — arguably the most 
Important immediate structural 
change, since Spain is tbe sole 
country in Europe not yet to have 
faced up to the consequences of 
the 1973 oil price rises. Discus- 
sions on tbe future of steeL and 
shipbuilding are also likely to be 
held up and policy orientated if 
possible away from nationalisa- 
tion. 

Thirdly, the disappearance of 
such a dominant figure as Prof. 
Fuentes Quintana from the. front 
seat most give a change of style 
if nothing else. With him goes 
the chief technocrat in the 
economy, Sr. Jose Ramon 
Alvarez Rendueiles. who co- 


ordinated between Prof. Fuenle* 
Quintana and the Finance 

SSafSUL* PranCis “ 

The disappearance of Pref. 
Fuentes Quintana is a major 
disruption In government onlv 
eight months after Sr. Suarez 
initiated .his post election 
administration: a disruption 
which will take some explaining 
to the international hankini 
community upon whose confid- 
ence Spain is increa&ineiv 
dependent. y 

It. Is premature to suggest that 
this marks the beginning of tbe 
end of Sr. Suarez's experiment 
m consensus politics. Sr. Suarez 
still needs to keep the Socialists 
and Communists on board 
because of economic policy re- 
quires their support, direct or 
indirect. . 

He also knows that the IMP 
has approved Spanish oconomici 
policy embodied in the Moncloa 
Pact. This approval was th# 
mawv reason for accepting S235m 
worth of stand-by credits earlier# 
this month. For their part, thej- 1 
Communists and Socialist? 
probably feel they can achieve)* 1 
more through cooperation tbaiA 
opposition at the moment. ' 

But there are bound to be in- * 
creasing signs or strain from now . 
on In Sr. Suarez's relations with 
the Communists and Socialists. 
The latter will be expected to 
prepare fall back positions 
against the breakdown of tbe 
Moncloa Pact (there are hints ‘ 
the Communists are already- ' 
doing this) and in anticipation of 
waging a determined campaign 
in the municipal elections which 
many believe will give the first 
real indication of Spain’s post 
Franco political complexion. 


s. - v •. •*., , s .. >.* 


Interest rates rise 
in latest Turkish 
austerity measures 


BY METIN MUNIR 

IX'HSREST RATES in Turkey 
were adjusted to-day in the latest 
chapter of the Government's pro- 
gramme of economic austerity 
measures. 

The annual maximum interest 
rate in medium and tong term 
loans was raised by 2 per cent, 
to IB per cent. For short term 
loans “given priority by the 
central bank,’' the maximum 
interest rate become l A per coni 
an increase of 225 oer cent For 
loans outside ’hese two 
categories, the lending rate 
becomes a maximum of 16 per 
cent., 2 per cent- higher than pre- 
viously. 

The maximum interests 
charged by the Agriculture 
Rank, the biggest in Turkey, and 
the People's Bank — both of them 
state owned — have remained 
unchanged at 1021 pet cent a' 
year. The former lends to 
farmers, the latter to small 
tradesmen and artisans, interest 
rates on deposits went up as welL 

Rates to be paid on deposit of 
between three to six months have 
become 6 per cent. six to 12 
months 9 per cent, one to two 
years 12 per cent; two to three 
years 16 per cent snd three to 
lour years 20 per cent 
The last three categories have 
been newly instituted. Increases 
in tbe interest rates ,f the three 
(other categories corresponds to 
per c.ent. Interest on sight 
.deposits has remained unchanged 
■ tat ' per cent. 

Under a new system mtro- 
fduced today, Turks woridng 
Babroad have been accorded a 


ANKARA. Feb. 28. 

“spread” of 4 per cent, for 
deposits in excess of one year 
of Turkish lira convened from 
hard currencies. Thus such 
deposits will earn 16 per cent, 
for between one and two years, 
20 per cent for two to three 
years and 24 per cent, for three 
to four years. 1 

The aim Is apparently to 
attract the savings of expatriate 
workers whose remittances ar 
a vital source of hard curre* 
for Turkey. Remittance- * 
year totalled just under'*- 
: in 

Turkey's 1978 budget ? 
foresees spending of L. 
$13bn. was approved by 
.National Assembly in Ankt 
yesterday, • Metin Mon' 
reports. 

but are expected to reach $L3bn. 
this year. 

Banks' cash reserve require- 
ments also went up from an 
overall 10 per pent to from 105 
per cent to 15 per cent, depend- 
ing on their total deposit 
positions. 

The general purpose of these 
new decisions, which appeared 
in today’s official Gazette, is ft 
“ boost savings and limit borrow 
Ing,” according to the centra 
bank. 

Other austerity measure 
including a devaluation, ar 
expected to be announced soot 
When these are completed, prol 
ably in a week or so, a Turltis 
delegation will go to Washinglct 
to resume talks with the lute 
national Monetary Fund f< - 
extension of credits. 


U.S. credit for. Portugal 


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BY JIMMY BURNS 


LISBON, Feb. 28 


THE U.S. will sign a basic agree- national Monetary Fund on - 
ment at the Bank of Portugal S50m. standby loan expected 
here to-morrow for its share of begin here within tbe next tbz 
the $750m. medium-term loan weeks. A representative of 1 . 
agreed last year by 14 in- Fund bas already arrived 
tiustrlalised countries to help Lisbon- to prepare tbe talks. 
Portugal solve her balance oF Venezuela. Switzerland, N 
payments problem. way and Sweden have also slgi ' 

The terms of the $300 m. UJ5. similar bilateral agreements » 
credit still depend on the success- Portugal committing S75.5m. 
fui conclusion of Portugal’s the total loan— $51 .3m. of 
negotlatioxis • with the Inter- has already been drawn dow 


Tough Norway proposal 


BY WILLIAM DULLFORCE 

THE NORWEGIAN Labour 
Cabinet has appointed a working 
group of four Ministers to study 
a 15-point package of belt- 
tightening measures submitted 
by Mr. Per Kleppe, the Finance 
Minister, to follow up the 
February 10 devaluation of the 
krone. The group, which in- 
cludes Mr. Kleppe. will decide 
whether his economic proposals 
are compatible with the Govern- 
ment’s political aims. 

The measures would cut most 


COPENHAGEN, Feb. 2 

Norwegians' real income 
about 1 per cent, this 
according to Oslo Radio, 
would postpone Improvemen 
sickness benefits and work 
vironment regulations. The 
holiday week, to which 
workers were to become eai 
this year, would now be wl 

pay ■ 

Mr Kleppe is understot. 
want to cut .spending on 1 
and new power plants ar 
curtail Government suppor 
tbe shipyards 




mh 


Spanish army 
calls off trial 

By Our Own Correspondent 
MADRID, Feb. 28. 
MILITARY authorities in 
Barcelona called off their 
scneduled court martial to-day 
ut six Catalan actors after two 
of them tailed to appear before 
the court- 

One of those missing urns Sr. 
Alberto Boadeila. the director of 
“Els Jogtars" troupe who escaped 
[rani hospital yesterday. 

The actors are accused of 
offending the armed forces in 
their pantomime * La Torna " 
1 The Return) based on tbe 
execution of a Pole and an 
anarchist in 1874. One scene 
showed drunken army officers. 

The prosecution t* asking for 
stx years gaol for Sr. BoadeUa, 
Reuter - 


Belgian plan j 
for regions 

BRUSSELS. Fabf 

BELGIUM’S SOCIAL Chi . 
Prime Minister, M. ; 
Tlndemans, to-day asked 
ment to approve texts tf., 
the foundations for a new 
Belgium of three auU» 
areas which it is hoped 
put an end to the tong str 
has placed the Dutch and 
speaking communities In 
tion. 

The latest Government 
tion culminates months 
that followed tbe eond 
the Egmont Pact, an af 
reached In 1877 by 1 
parties in M- Tindemai 
tion team and which d? 5 
detail proposed reorgan - • 
AP-DJ 







-Times n es^ay March 1 197s 


&*9%. T 





n i:\\ s 


BVwcttAH . "bumkn 

further pressure win »* 
brought on the U.S. AdmVmsti,. 
tion to step up Uf> Intervention in 
foreign ewhanse markets (olli>.« . 
ins the decision of the S*» >'s 
National Bank tu >end a sem-tr 
representative in Washington. 

. M:Kcm* tiansuettn, ivianapi!^ 

I • <ftre«nrflf the eenlwi hank, i MS 

gene, to the UJS. w put *pa»n 
the ease fmvAiuMiswr wove' to 
* . support the dollar and to hcl;> in 
improving international coopi-ra- 
... non la coping with the currency 
V. market-turmoil. 

He is expected to explain n, c 
..problems created for. the Swiss 
• eennowy by the sharp rise in its 
^jpureiwy and the measures 
"Jftnouneed on Friday and on 


Monday to stem the pressure 
One of these moves, the ban on 
foreign purchases of Swiss securl 

L'*’ W^ay b ™ughi the 
sharpest decline on record in the 
Swiss slock market. Prices feli 
by between 5 and 10 per cent, in 
hectic dealings which were 

interrupted several limes to 
restore order. The Swiss Credit 
Rank, index, based nn 25 stocks 
slumped by 11. S points in l ’50 
The Swiss measures, descrihed 
no Monday as the toughest since 
the Second World War. include a 

tightening of the rules on nega- 
tive interest on foreign deposits 
as well us the ban on foreign 
buying of Swiss securities. 

Mr. Fritz Loutwiler. the presi- 
dent of the National Bank, an- 


nouncing M, Languetin’s visit said 
yesterday that the Swiss had done 
everything they could to hold 
down the franc short of extreme 
measures such as a two-tier ex- 
change market or imposing ex- 
change controls. 

He said that the Bank wanted 
to avoid resorting to either of 
these measures. In spile of the 
severity of the new moves, how- 
ever. the Swiss franc again 
started to climb yesterday. 

The dollar was again generally 
very weak in the exchange 
markets, and the Swiss franc, 
which had dropped sharply on 
Monday night in response to'the 
measures, picked up to end in 
London at Sw.Frs.1.8275 to the 


dollar compared with SW-Fts-LSB 
on the previous day. 

Exchange market dealers said 
that the full effect of -the Swiss 
measures might not fee felt for 
a few weeks yet Th$y poinled 
out that holders of funds now 
subject to the 10 p|ir cent, a 
quarter negative interest charge: 
can still keep tbeir fusds in the 1 
Swiss franc to the end of March, 
and only then will it bekeen how 
far these will move oat of the 
franc. - 1 i 

Meanwhile, it became clear! 
yesterday that the ban of foreign 
purchases of Swiss stocks will pot 
prevent non-residents from sub- 
scribing for rights isiues by 
Swiss, companies in wbfcb they: 
already hold shares. * 


__ W. German printing Italy acts 

JHct!® f s P«t e womens ^ j \ 

Swer staT lock -° ut 1S ordered insurance ■ 

i BY ADRIAN DICKS BONN. Feb. 28. P“l Betts 

i'OSpjf _ Cv ROME, Feb. 38. 

I ^LjCJL TI i E WEST German printing ing to the employers’ organisa- LALLAN AUTHORITIES are ! 

industry's dispute over new teen- tions) have used more than 100 movin'* to prevent the growing 1 
Tl !^Li. nology deteriorated seriously to- times since the dispute first practice of wealthy Italian 
#3110 IvISJlt 1 ?^ er8 ’ u " ion * flared up late ,ast aummn - businessmen insuring through 

O 11 ^; D ^-i ad ^f d ^^ bers The union maintains that its Lloyd's of London against kid-. 

tSF-'By OavW Curry S J”{® c>, l D S U ^^fn^ n r o,t object is to force the employers' napping. 

PARIS. Feh 2S. foi{?5tiS 1 ^ffJ5Sd.i«S5ich r res® federations back to the negotiat- 0 ver the past six years, kidnap- 

'.THE FRENCH elecUon battle ZdcT“rtf a“nelTtackoT. KJ3SSL?* S «!**“ 

the air got off to a distinctly that will atop all or the Bavarian Ir s nni _ rolri , VD p orintine lech- f 

V:;t5WS,SV , 5£ 1 ,-^E "i" HSl feik 

heal hroadcaits «cnt oi;i simul- h nrnrk V anrt Druck helped to prepare the draft raising an estimated £35m.for 

. nn ** w J hr ',y t ^ le " £ niU! "Jj during IS months of negotiations, the crime syndicates,™ parti- 

™j? n channels and oil radio employers remain ■ " and privately indicated its readi- cular the Mafia-con trolled 

■. ^ns. ESifiES J“2 ness to sign it before opposition “Kidnap Inc." 

7 ::The 25-mmute session began from rank-and-file union members Guardia di Finanza Italy’s 

with seven minutes i>r M Alfred j ob »Sed the national executive to i 

mK^eraated ^h^tJfa^DenS st °PP*se in April-Mav 1978. osten- jSnS2^v° ' hC **** ** ^ “ d ^1 tD tte FinaneiaI Times 
newly created Christian Demo- l_ ....... >k. January. th#» whure n«pr the 


BY ADRIAN DICKS BONN. Feb. 28. By Paul Betts 

ROME, Feb. 28. 

THE WEST German printing ipg to the employers’ organisa- LALLAN AUTHORITIES are 


industry's dispute over new teen- tions) have used more than 100 ] 
nology deteriorated seriously to- times since the dispute first 
day. After the printers* union, dared up late last autumn. 
IG-Druck, had called Its members ^ union maintains that its 

object is to force the employers' 


moving to prevent the growing 
practice of wealthy Italian 
businessmen insuring through 
Lloyd's of London against kid- 
napping. > 


|?as««h° r ^ Over lhe past ^ Mr* 


ing table and to reopen the draft 


ping has become one of Italy’s 
biggest growth industries, 
averaging about one a weefr^- 
altbough sometimes there Ire 
as many as three a day— and 


111 nfii ji-ffi Jtftv. uolcu- Tannarv 

isibly over wages, although the * 


J£!»^ W, 3rR,‘^SSS»'3 The publishers , M genenU 


the seizure over the week-etid 

1 i>„ n * „r- ,v,„' , - ; appreuvusiun ui 11s uivuiwvrB ai . — r r — - of documents from a Milan 

1 fT,,nt J ° r , tbc cameras lie pro- r* lechnology’*; impact on printing employers are insistent broker allegedly containing 
nmed to introduce real values. thpj ; nljs wac . gj^jjy a contri- that the agreement must be taken evidence that 3o Italian basi- 

Christian values" In(i< govern- ^ ul uj e f artor _ nr left as a whole, and are not nessmen had taken out cover 

Went. IG-Druck to-day called official prepared to discuss improving through Lloyd’s against kidnap 

Soft music, and thcr up pops ; strikes of unlimited duration at w 'hat they regard as very and ransom. 

V T' ; Jt .lacques Chirac, writ a five-: the four printing plants in generous terms for skilled j Premiums f 0r kidnap and ran- 

L^.ttintue quickie for the 'iaullistx.. Munich. Kassel. -Wuppertal and Printers under the hot-metal pro- mver toial]iD= Lire lbn, 

r devouring questions fr..m tame ; Due&scldorf after winning over- ce>* to change their jobs IG-! or on £700.0110 are cur- 
^Joumalwli. He spol - of the ! whelming backing from memhers Druck wants what amounts to an ! ren ,i v understood to range 
“3Wed in he »n touch «ilh Ihei there in ballots held on Monday, open-ended guarantee not only; frnm LISm -L20m (about 


on £700.000, are ciir- 
understood to range 
LISm.-L20m (about 


k ':ml Kn&ec whose peo:»le would, : These :n turn were accompanied for its members' employment but- rj2.000-£ 13.500). Renewal pre- 
v’.itaUirally,' demenstn’,- thmr hy a fresh wave of warning for ihrir pay and status as well: n ,j ums for kidnap and ransom 
I ipwd . sense he voim.: for a 'strikes and unofficial stoppa-ics. when 1 he new technology is in> policies issued through Lloyd's 


to Gaullist rn -ts. : a tactic that the printers (accord- stalled 

xV-A light blue intcriiidc and 1 — — — — 

I otiirc *of» music. Enter Mmc • 

TSamunc Veil. Health Minister 

European satellite 

.. 3 tKunfortabLv beneath Ihe por-j Jtr. 

, Xwt of President Giscard ; v -m . A *1 

IfEntmnft. Normally a relaxed! I O Ill’ll QT 1*1 C 
.,Bnd :aHnfortabte person she wa>- littlllUKjl 1 JU3J\ 

. m m fussed abom not exceeding | \ - / 

her four minutes on behalf of T ii« oi*ftOTsi 

the Union for French Benin- FINANCIAL TIMES F^CWTGR 

- tSo^ iSTi^her ! EUROPE'S INDFJ^NBLNT cash, for the experimental pro- 

prompter and consequently kept satellite launcber jfias bw ; n are havinR second 
forgetting her lines. These wen* jeopardised by Wear Germany s thoughts. 

* essentially to- argue that steady, relucrance to shfre further ■ Officials said the Germans 
j> unexciting progress under tltc funding* officials who Furcvpoan belirve that the re-usable L.S. 
^present regime was better than Space Agency (JCAi m Paris Spaee Shuttle wdl ri ^ 0I L 

'^Jhe mkv. tnipracffea! promises said yesterday [ a '’ ; ‘ ,labl . e 

flu* lift ' Money prohliAs for six Armne and will be a serious competitor 

* M 11,1c Fu-nch ‘°F E “^ P '»Cf S c™,nh a ,.d 


" m»l roputedi 
'qrmber of 
jteojufortabi 
Jtwt of 
■ hstmng. N 
. und comforti 


European satellite 
launder at risk 


FINANCIAL TIMES 


arc believed to have increased 
sharply over the . last 18 
months. 

Although there is strictly speak- 
ing no law preventing Italians 
taking out kidnapping policies, 
an Industry Ministry 4 circular 
recommends Italian insurance 
companies not to isiie such! 
coverage. Howerer. once all; 
Italian insurance poiicjcs musi 
have ministerial appr.Twd, it is! 
impossible to oblaiiv kidnap! 

in Italv * - 


cr i vi-jpi ai a cost of SSSOm. lor using the Space Shuttle. 

. Mitterrand. a single r is ready to move in 10 the involving the development by 


■TRibu'ti* 
PlMWiri!) 
fYP;rs;ilc! 
from- be 


^1 poficies in Italy:.. 

second 1 ln recent months, an increasing 
; number of lTalian potential 

"rraans kidnap victims have turned to 

e US Lloyd's and other foreign 

lecome ‘nsurance concerns for cover 

e iliies age. However, since premium* 

□etitor are generally paid abroad. 

y permission mu si be obtained 

rihntod froin tbe au fhorities to clear 

the necessary currency tzans- 

criii fers - This is c,earl y ' "O' 1 

as a sranled r 

ndence B >' taking out kidnap coverage 
[it*,. through Lloyd’s, Italian policy- 1 
n\ pro- holders are effectively contra- 

I Aero- vening exchange control regu- 

(ration lalions. which. following 

ihuttle recently introduced legislation. 

>nt bv i* nov -‘ an offence punishable 

L-erable b >' a P nson ter O- 


. lien:.;. laisca l ‘ n *i 
of tih* f' umon / Fro- 

i : .-4- jct^iunic K-pmachc*.- h-.s, p|ppop - 
fur su ..*ver at !ho 

jivjujre i-j ?hc* s- - ind 

**■ .^ sav*' # laHi.ir. .--. rt .dvtcnpe 


hepuirn imejvn^.i* , n .¥ 
Etfirr S 

Thr rea: cspjrt- ,'*1' 1 
. m t »* 

WitdUis. the C.er 

jm .‘‘fern 1 tv 

. \Hsr» rrr^t* |tc -Mrr 
arv th« - * -ii ti-r- 
ffl titauti ar.iir*#" \ - 


to the 
of M , 


EEC draft aims to end 
unfair advertisements 


BRUSSELS. Feb. 28. 


under- 1 BY MARGARET VAN HATTEM BRUSSELS. Feb. 2S. f 

ar-cs El'ROTEAN courts will l»c em- member stales would have to 1 

riiief . nuwered to put a stop t« mis- legislate within IS months of ; 

1 ’ ! lead me or unfair advertising and notification against such sdver- 1 

L vet' to demand publication of a tismg and to provide quids. 1 
I ind corrective statement, even before effective and inexpensive fac;U-| 
IrVcv the matter has been proved in ties " for those wishing to initiate j 

I . . _ ■ P/«>nni I^CVATl Pltti rT TNtWT O Arl i Tl f* c 1 


maiiti fn.tir'f 1 «*-m 'J' ■ l r under EEC Coranusston court proceedings. 

'Jg? ' e i -, ml . proposals announced jo-duy. Though most states already 

#wt ih. -'f-i,': : .r Thc commission’s draft direc- provide Tor proceedings to be 

the evnJeitMr to - 'i.o -i ...i.i-h has been sent to started by individuals, 1 he direc- 


■ ~; ACta.» riw:i; 
eafididairs 


Frf«»=- 


«r ihn'tivp wluch has been sent to started by individuals, 1 he direc- 
^Bmrr . in il* v.u-f |h e ’ Council of Ministers for tive broadens this to include con- . 

; ba ^.v.-t r- Y Tnprnvi,!.. amis to harmoni-e and. sumer organisations which, it is 

> Updcr iw Fir:^. to strengthen felt, are often hetter eqmpped 

.>?- fy-rT-.*.*r;r-i r-f * . !, ,njp 1 cxistin*! laws relating to unfair for protected cases. It also lays, 

' v: Wf a ?V: -sr Ji. 'nrniirv ; nr misicading advertising within down mmimum criteria for de- 

- «• F. i h 7 Sm.im.lr. u teitnimng «tatbtr advertising >s 

'W-e'.n *•)-? t-ir Vd ’ According to this directive, unfair or misleading. ! 


- faked ” kidnappings with 
claims paid in Swiss numbered 
accounts. It is also reliably, 
estimated Iba: some 200 busi , 
nessmen in the Milan area and 1 

. about 30 in Rome have taken 
out kidnap and ransom cover-' 
age through Lloyd's or other 
foreign insurance groups. 

• A spokesman for Lloyd’s said 
in London last night : “From 
what little informanon we have 
we think it is unlikely that the 
policies have come through 
the Lloyd's market." 

The most recent figures for the 
amount of kidnap insurance 
underwritten a; Lloyd’s, for 
I9ro. showed that the tola; 
premium income was around 
S50m. worldwide, against total 
premiums on all classes oi 
business of flJbn: in 1974 Of 
the S50m. premium income a 
small proportion is believed to 
come from Italy. 



NEWS 



to press U.S. on dollar 


Atherton’s 
peace bid 
running out 
of steam 

By David Lennon 

TEL AVIV, Feh. 28. 
THE U.S. peace shuttle is in 
serious difficulties because of 
the refusal of either Israel or 
Egypt to - alter its pnsitions 
on the crucial territorial and 
Palestinian issues, according to 
various sources here. 

Israeli newspaper;; to-day 
quoted Western sources as 
saying that Mr. Alfred Ather- 
ton, the UJs. Assistant Secre- 
tary of State, may end his 
second shuttle very soon, 
abandoning even the pretence 
of cod tinned momentum in the 
peace process. ■ Mr. Atherton 
said before leaving Tel Aviv 
that he planned to return to 
thc U.S. next week. 

The U.S. mediator had been 
expected to continue his 
efforts until shortly before Mr. 
Menabem Begin, the Israeli 
Prime Minister, visits Wash- 
ington in the middle of March. 
However, it now appears - 
doubtful if be can keep it 
going so long. 

Mr. Atherton flew to Cairo 
to-day and is expected back in 
Israel on Thursday, before 
going on to Jordan on Friday 
in a bid to bring King Hussein 
info Ihe negotiating process. 
Syria has already said that it 
will not receive him.- 

He took with him Israeli 
comments on the .Egyptian 
draft declaration of principles 
for a peace agreement. 
However, there is nothing 
new in thc Israeli position, 
which continues to reject 
the call fur total withdrawal 
from occupied territories 
and the creation of a 
Palestinian state. 

Mr. Moshe Dayan, the Israeli 
Foreign. Minister, complained 
last night that thc Egyptians 
are do longer negotiating about 
concrete peace proposals but 
m very. very generalised 
semantic formulations.” He 
said 'that “ to-day the discus- 
sions are solely on the Pales- 
tinian issue, and ail negotia- 
tions on bilateral matters have 
ceased." 

This has been broughl about, 
he said, by Egypt's resolve not 
to pursue negotiations alone 
and the failure to persuade 
Jordan In join in the talks. 

Roger Matthews writes from 
Cairo: The verbal exchanges 
which are confounding Mr. 
Atherton’s task continued 
unabated to-day. 

While Mr. Albert on remains 
diplomatically reserved about 
the eventual prospects or 
attaining an agreed declaration 
of principles, neither the 
Egyptian nor Israeli Foreign 
Ministers feel under any such 
eapsiiiiafA- 

Fotlow'mp Mr. Dayan’s claims 
that. Egypt; Bad' hardened its 
negotiating position. Mr. 
Huhammed Ibrahim Kamel, 
,-hfs opposite number, retorted 
r this afternoon that it was 
Israel’s policy on Jewish settle- 
ments in ocenpied territory 
that was blocking progress. 

After talks with Mr. Atherton, 
the Egyptian Foreign Minister 
commented: "The decision of 
the Israeli Government on 
settlements Is really .rery 
dangerous. The U.S. and all 
other countries have staled 
very clearly that establishing 
settlements Is an obstruction 
to peace. But even though we 
arc now actually negotiating', 
peace, the Israeli Cabinet has ’ 
chosen this moment to confirm 
that the> are obstructing peace 
by continuing with their settle- 
meals policy." 

Mr. Arherton and Sir. Kamel 
are to have a further session 
n'r talks tomorrow before ihe 
15. envoy returns again to 
Israel. Both rides again 
emphasised privately (hat thc 
Palestinian Issue remained the 
single most substantial prob- 
lem, hut that it could not really 
be tackled until there was some 
, consensus on the future of 
! Jewish settlements in occupied 
t territory. 

Officially. It is stated that Mr. 
Atherton brought with him 
Iraeli counter-proposals for the 
holding of .a declaration of 
p rind pies, and presumably 
will take to Jerusalem 
counter - counter proposals. 
However, while thc Egyptians 
arc making an outward show 
of assisting Mr. Alberton's 
mission they Teel there is Uttle 
chance of him achieving a 
breakthrough. 


Mrs. Gandhi’s party do 
well in two more states 


BY K. K. SHARMA 

HAVING surprised all her 
poJitical opponents by capturing 
control of Ihe southern stales of 
Andhra and Karnataka with 
overwhelming two-thirds majori- 
ties. Mrs. Indira Gandhi’s Con- 
gress (1) party has done rela- 
tively well in two other states as 
well. 

No party has emerged with a 
clear majority in Maharashtra in 
the south and Assam in the east. 
But Mrs. Gandhi’s party was 

thought not to stand any chance 
there at all as Maharashtra is 
the bastion of Mr. Y. B. Chavan. 
leader of the Congress opposi- 
tion in parliament, and Assam 
is the stronghold of Mr. D. K. 
Barooah, the former Congress 
president. 

Instead, the Congress (I) has 
won an impressive 62 seats in 
the 288-member assembly in 
Maharashtra and is expected to 
win about a -dozen seats in the 
126-member assembly in Assam. 
In the latter, Mrs. Gandhi's party 
may appear to have just a token 
presence but. as in Maharashtra, 
it can play a pivotal role when 
the question of forming govern- 
ments there arises. 

This wiii begin to-night when 
party councils meet to decide od 


their tactics. Janata has emerged 
as the largest single party in 
both Maharashtra and Assam 
even though it docs not have a 
clear majority. The official Con- 
gress; which was thought to.be 
strong in both states, is the 
second largest group. For a 
stable government, therefore, a 
coali lion is unavoidable. 

This -faces major hurdles, how- 
ever. The Janata party is com- 
mitted to not taking part in a 
coalition government with either 
of the Congress parties, although 
this pre-election stance could 
change in the new circumstances. 
Neither of the Congress parties 
will want to be partners in a 
government .and hence a period 
of instability in the two states 
appears unavoidable. 

However, in both Assam and 
Maharashtra, a number of Inde- 
pendents and members of other 
parties like the Peasants’ and 
Workers’ party, the Communists 
and the Marxists have won a sub- 
stantial number of seats. In 
Maharashtra, for instance, the 
Peasants’ and Workers' party has 
13 seats, while Independents 
have 34. A clear majority is not 
possible even with tbeir help but 
the Janata may find some mem- 


. NEW DELHI. Feb, 2S. 

her® of the disintegrating Con* 
gress coming over to its 'side. 
The position at present is' 'fluid. 

More interesting to watch will 
be tbe future of the Congress 
and the possibility of. its mem- 
bers conceding' victory to- Mrs. 
Gandhi and merging with her 
party. This might prove -difficult 
for the top leaders like Mr. 
Chavan and Mr. Reddl/ But 
lesser men may read the writing 

on the wall better and acknow- 
ledge, as all pundits are -ruefully 
doing, that Mrs. Gandhi ' very 
much hack io- Indian ' polities. 

At any rate, it is impossible 
for two Congress, parties to exist 
in the face of Mrs. Gandhi’s re- 
markable performance, and this 
is likely to - be demonstrated 
when her parliamentary party 
meets on Saturday.- • - ; ■ ■ 

The: Janata party Ls also doing 
some heart-searching. Its presi- 
dent, Mr. Chandra Shekhar, 
issued a statement saying that 
the results should be an eye- 
opener for Janata members and 
the party should now concentrate 
on fulfilling the people’s aspira- 
tions. He is himself under 
attack for the party’s failure to 
make a dent in the south and 
win a national image for itself, 


Fears of mass deportations 
of Palestinians from Egypt 


BY IH5AN HIJAZI 

SOURCES close to the Palestine 
Liberation Organisation (PLO) 
here fear mass deportation of 
Palestinians from Egypt follow- 
ing •the announcement of restric- 
tions on Palestinian residents 
there. A number of Palestinian 
students in Cairo have already 
received deportation notices des- 
cribing them as either “ undesir- 
able elements" or “radicals." 
the sources said. 

The restrictions were an- 
nounced yesterday in a speech 
by Mr. Mamdouh Salem, the 
Egyptian Prime Minister. His 
attack against the Palestinian 
leadership ' was taken by obser- 
vers here as being aimed against 
Mr. Yasir Arafat, the chairman 
of the PLO. Mr. Arafat, in a 
speech here Iasi night, hit back 
at what he described as the 
Egyptian ** hate - Palestinians ” 
campaign. 


Chinese Foreign 
Minister to 


The guerilla leader also said: 
“No one can threaten the Pales- 
tinian revolution. It is the revo- 
lution which threatens all the 
conspirators, the weaklings and 
capitulationists.” He added that 
there can be no peace or stability 
in the Middle East without the 
Palestinians. 

Observers here see the crisis 
between Egypt and the PLO as 
building up into a total break. 
The attack by Mr. Salem on the 
PLO leadership and the concen- 
trated campaign against Mr. 
Arafat in the State-controlled 
Egyptian Press were taken here 
as an indication that Egypt may 
be setting the staee for with- 
drawing its recognition of the 
PLO as the sole representative 
of the Palestinian people'. 

The Egyptian media have held 
the PLO responsible for the 


BEIRUT. Feb. 28. 

assassination in Nicosia earlier 
this month of Mr. Yusuf el-Sibaei. 
the former Editor-in-Chief of 
Cairo's A1 Ahram. 

In another development, the 
Lebanese Foreign and Defence 
Minister, Fuad Butros. was bold- 
ing talks in Damascus to-day on 
the question of extending the 
mandate of the Syrian-dominated 
Arab peace-keeping force in 
Lebanon. 

The mandate is due to expire 
on April 28. Ordinarily, the 
forces term is extended by the 
Arab League, but due to inter- 
Arab differences the League is 
not expecte.d to convene. The 
Lebanese Government wants the 
mandate extended for six more 
months. Syria has left it up to 
the Lebanese President, Elias 
Sarkis, to decide whether the 
Arab peace-keeping force should 
stay here or not. 


visit U.K. 


Mrs. Bhutto expected to 
be banned from politics 


By Calina McDougall 

THE CHINESE Foreign Mini- 
ster, Huang Hna, will visit 
Britain once ihe National 
Peoples Congress is over, K is 
hoped. While he has not yet 
officially accepted and named 
a dale, indications are that he 
will probably be coming within . 
the next few months. 

The last, and only other 
visit by a Chinese Foreign 
Minister was in 1973, when 
Chf Peng-fei, who was then In 
the post, returned the visit paid 
h>- Sir Alec Douglas Home the 
previous year. The late. Mr. 
Anthony Crosland went to 
Peking as Foreign Minister in 
1976. 

Mr. Huang's projected trip 
underlines the fact that the 
pace of high level exchanges, 
which briefly quickened in the 
early 1970s when China wel- 
comed Britain as a new force 
in the EEC, is now speeding np 
again. 


BY SIMON HENDERSON 

THE BANNING from politics of 
the wife of Pakistan's deposed 
Prime Minister, Zulfikar Ali 
Bhutto, is considered imminent 
following the latest martial law 
measure of the military ruler. 
General Zia ul-Haq. 

The measure allows for the 
temporary banning of former 
politicians suspected of corrup- 
tion and maladministration until 
they are found guilty or cleared 
by disqualification tribunals 
which are being set up. 

Mrs. Bhutto, who is leading the 
former governing People's Party 
during her husband's detention, 
i was named three weeks ago along 
j with RR other politicians as hav- 
J ins failed preliminary scrutiny, 
and was told she wnnld have to 
appear before a tribunal. Her 
banning, pending a final decision, 
starts as soon as a summons is 
printed in the official gazette. 

Her post as party chairman is 
expected to be taken by her 


. ISLAMABAD. Feb. 28- 
24-year-old daughter, Benazir. 
Although there are some signs 
of internal party opposition to 
the idea that the People’s Party 
is the personal preserve of the 
Bhutto family, the majority of 
its members are believed to find 
.Miss Bhutto’s leadership per- 
fectly acceptable while her 
father is detained by the military. 

The People's Party is the focus 
of opposition to the . military 
government of General Zia. in 
spite of Mr. Bhutto facing- prose- 
cution on charges of murder, 
corruption and' election 'rigging. 
Almost alone among- political 
groups in Pakistan, the People’s 
Parrx is calling for immediate 
elections. 

Previously General Zia has 
said he will give uo power .when 
the political cleaning-op process 
is cnmnlete. hot last week he said 
he would Slav in control until 
an election could he held .with 
what he called positive results. 


Fukuda- Carter date agreed 


THE Japanese Prime Minister. 
Takeo Fukuda, will meet Presi- 
dent Carter in Washington on 
May 3 for a summit expected 
to centre on world economic 
recovery and Asian security, 
officials said here to-day. Agree- 
ment on a date for the summit, 
sought by Mr. Fukuda, was 
reached to-day when tbe U5. 
ambassador. Mr Mike Mansfield. 

I met thc Prime Minister, a 
Government spokesman said. 

Mr. Fukuda, who will probably 
be accompanied by the Foreign 


Minister. Sunao Sonnda. and the 
External Economic Affairs Minis- 
ter. Nobuhiko Ushiha,. plans to 
leave Tokyo on April 30 for a 
one-wgek visit to the U.S. The 
itinerary has yet to be completed, 
the spokesman added. 

The summit was proposed by 
Mr. Fukuda. to strengthen bi- 
lateral relations, which were 
strained until the two sides 
reached agreement in January 
on (rimming Japan’s huge trade 
surplus with the U.S. 

• The Japanese Finance Ministry' 
is negotiating to sell 100.5 tonnes 


TOKYO. Feb. 28. 

of gold, held in its special 
account for precious metals, to 
the Bank of Japan, Ministry 
officials said, to-day. 

Out of the total, 44.7 tonnes 
which was transferred to the 
Ministry’ from the Bank during 
Second World War will be sold 
back to the Bank at a specially 
agreed price of slightly less than 
Y690 per gramme, while ' the 
remaining 55.S tonnes will be 
sold to the Bank at a market 
value yet to be determined^ the 
officials said. ; '. : 


OvTimboland: caught in the crossfire of guerilla war 


SWAPO accepts Namibia force 

BY OUR OWN CORRESPONDENT CAPE TOWN, Feb. 28. 


BY QUENTIN PEEL, RECENTLY IN OYAMBOLAND 


5» 


-ftcit 

». 

Bf Pit *ir 
yia.r- i-.n 

•SfrY ft il l 

»«*wr i 


‘ . /o* ;'' j >I«nc*“ throw 
’ J n3-iiu.»t-h;ch barbed 
r ‘ JwYiWh marks the * ,,:c 
■''C-i* ;m:c running mon.’ 
" |..{f * jioiK’ the border 
Iltll.-* (South W" L'“it 
/„! AtW’b What was 
1 Jiving iniV'iofi. !«*:»> Mnc 
JF ,i siu. ill *ei-.ij«-»ry for 
JViCiTVI’lcn. aitd 
I'lf-v ifmks irtf-n* 

I- i>rmyani: a handful of 
[ kick a ««««« J’*' 1 

f. cried tuiildwsv, >P^r- 


AHGflU 


n 


- 'S \ {**#•« * i 

11 \ £4*181* ..uSOKW 1 

f j 


Hf PUBLIC Of 1 

, s.mi i 


jn . their makeshift fncrthall field 
with wandering cow? and 
chickens. 

Odilio has been caught, almost 
literally, in the crossfire of the 

spfiKjrfii.* guerilla war beiUR 
waged in northern Namibia by. 
•ho lYnpb*^ Liberation Army of 
Namibia iPLANl. military wing 
nf the South West Africa People s 
Organisation (SWA POL against 
tin* South African Army The 
hfiMMt.il was dosed by the 
Government tour years age. after 
permits to work there had been 
repeatedly refund to qualified 
vtiiff Drastic security regulations. 
tm-Mildmg all Iree mnvc,:icnMn 
and around the area- £****$£* 
thc seminary !« 

nn -o /tine, a strip «ne kilometre 
Zuie cleared of all homes and 

villages, where any hying 

creature is liable w be Ajblob 
. p m |iv the South A.ncan 
border p J in'Ii. and the threat^ 
1*1. .\S landmines on tnc 5ur 

nmndtwa rn - ltK h; *' e r ^v^Srore 

a trickle the niiinri^ or ^fiiTors 
m the Hussion. rtnaiij 
“«L»i than "» nnrnlf left 
ihrir ciasse.-. escorted ***!£* 
unilfd Vav abducted— arrnsf the 

border hr a er0up 0f 

cerrilias. 

Ovamboland. where St- Mary 1 * 


Mission is the principal Anglican 
establishment, is thc main arena 
of Namibia’s lI>year-o!d guerilla 
war. For the past six years the 
region has virtually lived under 
martial law. thc socalled Procla- 
mation RJ7. banning all political 
activity, preventing all un- 
authorised visits, and effectively 
limiting all information lo 
Government and military sources. 
A South African eamson farce, 
estimated at anything between 
12.000 and 20.000 men, patrols 
the area. Over the border in 
Southern Angola, the PLAN 
boasts at least 3.000 trained 
guerillas, and several thousand 
more camp followers, dedicated 
to "liberating" Namibia from 
South African occupation. 

The war in Namibia is 
officially described as low level, 
and has never become as active 
as Rhodesia, the other theatre 
of immediate Southern African 
conflict. Guerilla activity has 
been characterised hy land-mine 
explosions, affecting both military 
and civilian traffic and the abduc- 
tion and occasional assassination 
of village headmen and other 
supporters of the South African- 
backed Ova mho Government. The 
.military 3"d security police have 
carried nut the arrest, detention, 
questioning and allegedly the 


torture of thousands of supposed 
SWAPO supporters among the 
local population. Direct contact 
between the guerillas and South 
African soldiers has been in* 
frequent. with independent 
observers suggesting that both 
sides go out of their way to avoid 
it 

It is asainst this backdrop that 
as election is being proposed for 
Namibia to set the country on 
the path to independence. " The 
election may be supervised by 
the United Nations, as proposed 
hy the five Western memhers of 
the UN Sceuritv Council, with 
Swapn taking part, and all South 
African soldiers and armed 
guerillas confined to their bases. 
Thc election could, alternatively, 
be held under South African 
control, with Swap© still fight- 
ing. In either situation. Crambo- 
land is not just the centre nf ihe 
military struggle. As the most 
posulous area o£ Ihe oountrv. it 
holds the key tn any election 
result. Ovamhog make op almost 
4fl0.ono of a total population esti- 
mated at less than 9WJ)flQ. 

Like the Anzlieas Mission, ‘be 
Otamho population has hren 
cauaht jo some extent in the 
middle of the war “We want 
neaee above everythine," <avs 
Bishop Leonard Auala. head 


of the. 255.000-strong Evangeli- 
cal Lutheran Ovambokavango 
Church. He is the first black 
bishop in Namihia, and perhaps 
the r.tost respected figure in 
Ova m inland. Bishop Auala be- 
lieves Ihe .sympathies of the 
Ova n: bo population remain with 
Swage and its guerillas, in spite 
of trig killings attributed to 
them. “ The 5outh African 
soldiers who come with a very 
good title to protect the com- 
munity are terrorising among 
the community." he said. “The 
people arc very tired of this. 
There are also those who suffer 
hv tlmse who call themselves 
freedom fighters. Bur they say 
♦hey nitlv heat nr kill informers, 
mil he community. South Africa 
Torture* hoth Swann and others, 
who suTer Tor noth ing." 

To tie ordinary peonle. the 
mod otwiotis sign of war is the 
number of South African soldiers 
pa troll ins the roads: in the 
nresrnt rainv season few others 
can travel around The militaw 
presence i« serviced bv thc 
massive Grontfont^in supplv 
base, south of Ovamboland. 
where several thousand South 
African soldiers arc based. The. 
Wester* proposals for a settle- 
monf ir.fhe territory call for a 
South African troop withdrawal 


tn 1.500 men in 12 weeks. Given 
the extent of the military Invest- 
ment in the area, there must be 
some doubt as to whether such 
a rapid withdrawal is possible, 
even if it proves acceptable to 
Pretoria. 

The inevitable offspring of the 
guerilla war in Ovamboland has 
been the growth of an industry 
of informers, providing in Forma- 
tion, good or bad. to both sides, 
in return for money. This is the 
reason, the Church leaders claim, 
that many innocent people have 
been arrested by the security 
forces, and some possibly too by 
Swapo. But in recent months 
the South African, troops have 
pursued a policy of winning the 
hearts and minds of the com- 
munity: banding out bibles. pro- 
viding lifts to villagers on the 
waterlogged roads and supplying 
doctors and teachers to institu- 
tions desperately short of such 
skills. Ar the same time, the 
churches point to their difficulty 
in accepting such help from the 
military, for it is seen as puftmc 
them in the South African camp. 
Some clinics have refused medi- 
cal help rather than take it from 
the military. 

For opponents of Swapo, the 
presence of South African troops 


THE South West Africa 
People's Organisation. SWAPO, 
has agreed to accept the 
presence of a “token force " 
of 1,500 South African troops 
inside Namibia (Sonlh West 
Africa) in the run-up >o an 
election in the territory, the 
nationalist movement's spokes- 
man In Windhoek said (o-day. 
SWAPO was also prepared to 
accept the same restrictions on 
the movements of Its active 
forces in Northern Namibia as 
those applying to the South 
African troops, he said. 

Mr. Mokganed! Tlhabanelln 
told reporters in Windhoek 
that SWAPO was prepared to 
test its strength in “ free and 
fair elections," and quoted the 
movement's constitution that 
the “ aims of SWAPO are to 
establish in Namibia a demo- 
cratic, secular G overn ment 

is seen as viral: many village 
headmen will only live at the 
gates of their nearest military 
camp for fear of abduction 
Thomas Philippus. a garage- 
owner near riniipa, is a pros- 
perous businessman. " If the 
Smith Africans go. the Russians 
will come in." he says. “Then 
I will go too. The whites must 
stay. They are there to help us 
develop." 

“ Thousands nf people have 
left this country,** a young black 


founded on the wifi and partici- 
pation of ail the Namibia 
people ” 

The Western proposals for a 
spji lenient in Namihia propose 
that both the South African 
and SWAPO forces should be 
cnnfinpd to base under UN 
supervision. 

Rn wrier. .Hr. Sam Nnjoraa, 
Ihe SWAPO leader, was quoted 
here to-day as saying his move- 
ment was not interested in 
“majority rule" in Namibia, 
hui rather in fighting to seize 
power by revolution. Mr. John 
Vorster, the South African 
Prime Minister, Issued a state- 
ment saying that Mr. Nnjoroa's 
reported comment confirmed 
what South Africa had always 
suspected. He called on the 
Western powers to state their 
attitude to Mr. Nn joma’s 
position. 

clergyman says, (estimates put 
ihe figure at about 20.000). “ If 
anyone thinks they will die a 
natural death in exile, they are 
living in a Fool’s paradise." 

Bui whether it will be possible 
to involve both Swapo and the 
more conservative and pro-South 
African movements .in Namibia 
in one election remains a major 
stumbling block. 

£««vW 7r*ir« roWiifwl Oaft, 

SSL Jm *50. „n CiS srrtTno 

Secomi Ums 0OT»2rt said a in pi 



mob 




Financial .Times Wednesday. March' 1 1978 


AMERICAN NEWS 


. 1 ! 


Braniff trans-Atlantic French election influences IMF choice 

I BY 1UREK MARTIN AND DAVID BELL j WASHl 

lilfclllS StOpDCU ItHE APPOINTMENT of a new The board's immediate concern h*» wnulriji*! ' n*cessari:> be ahle 

* AT MT : Mnnamnu Dirpptor of the Inter- is the outcome of the French to withstand L. 5. pressure as wed 


for ‘overcharging 


i THE APPOINTMENT of a new The board's immediate concern h* w onion*? n*cessari:> bp able 
! Managing Director of the Inter- is the outcome of the French to withstand L.S. pressure as weii 
i national -Mnetary Fund (IMF1 elections. It is felt that if the as Dr. Whteveen has done us the 


now hangs, at least in part, on Left forms the major part of the past fc-uit years 
the outcome of the .French next French government it may The*e crrasidi 


general election In March. 


:nn5i derations have coni- 


have strnns objections to M dt* bmed introduce same surpnsing 


BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


■ For many months. M. Jacques Larosiere because of bts elo®n division* at Board leveL Accord- 
lie Larosiere. a senior French links with the policies of Presi- me to or.c reliable head count. 


i Treasury official. has been the dent Giscard. On the other hand, only 1" of the 20-mcmber Board 
i leading candidate to succeed if his appointment had been an- arp firmly committed to M. de 


__ ______ ......... ileadins candidate, to succeed if his appointment had been an- arp tinaiy commuted to .»■ « 

L^.-ILS. row over trans- Aviation Authority tnonght was ! p r Johannes Wltteveen, who had nmjnced before the French elec- Larnsicfe. though this number 


t^ aa wnrse aI vffrtenl» VhT 1 /hi 'h° including a special wa ' ntfid to ] eave the post before tion the Left would probably could rise to at least 14 oo the 

it® w °”m cheap stand-by »are of S349 j Jig expires in raid-summer, have accused President Giscard assumption T ha .toe Dutch and 


r5 re T^ CAA this pack, ! Jj? ?n Tley StSationai 1 cTo^Iic Jcspo^d in^fht'lriTd.ctale" frem 

825* SSU^X-ratSS JM* •** Brarnff » W* STS -SiiiS P«*. “*?«• vnamm. 


t^ n n (inn Dall nn /F i 0 ^ for higher fares. The airline {hacking of the EEC) but there Some members «f the board In the past, it has been 
rtJe d 5 ri »5 it was res ? onded 3 new P® rka 8 e - is a‘ perceptible lack of also feel that, if the left wins, customary for managing directors 


their respective governments- 
In the past, it has been 


SSSjl SSL £"?* 1 which eliminated the “stand- Lthusia^ f 0 ^ his appointment President Giscard may want to w be selected with tne near 

chwging were too hig^ by" fare and raised the other f™ JJSJSf™ quarters particularly keep M. de Larosiere in Paris tn unanimous backing of the Board 

flirfif* ^ fares P r °i JOSed - Under toe new a ^, 0 *g the developing countries, assist him. as his term does not and ins considered unusual that 

S^bt, carrying guests, and no pac ijage, the 14-21 days ex cur- This has been compounded bv the expire until 1981. at this relatively ia»e stage there 

ftre-paying passengers. will sion rate was raised from S708 1 nfriofthat ton plnselv More Generally there is con- should still be so many 


charging were too high. 


by" fare and raised 


i SSK' t S* & TS^-SrlSSS: -S*S asnS»“fi.V«SL’ ==« 


■plre until 1981. at this relatively late stage there 

Wore generally there is con- should still be so many 



NYC pay 

WASHINGTON, Feb. 28. ; j tfllfeS OJHJH 

tween the necessary imposition wwrw4-|>w ■ n|A|xr 
of strict economic disciplines <w TTll.II UIUtT 
creditor nations and the politics! 

realities with which such met immno 

sures must ofren by tempered- - UflHl flN 

The more active role that tho 
DIF ha_- played under Dr. Witte- fcy John Wyka 
veen is likely to Increase ralhcfr. 

than diminish in the years ahead. . NEW YORK, Feb. 2S- 

The managing director, tor CRUCIAL pay negotiations 
example, earlier this month once ; between the New York eitv 
again lent his sicniScant infiu* administration and the 
ence to. the proposition that th tv municipal qnloos got off to an 
industrialised' nation® muse. ;■ unorthodox start yesterday 
become mare growth-oriented -with a demand from the new 


•V 


nation® mu®u: : unorthodox start yesterday 
grnwth-ortentcd f ^ith a demand from the new 
I con s ide ration sf . Koch administration that 


Dr. Johannes Wltteveen 


As a result, the DIF's board nf the managing directorship, that m the end the developing 


But the Teeular fare-npvine na*- "**££**’ linKed TO tne policies Oi rresi- ecru at won some uoaru unsm- ’ — w. auuaiui<-» t* 

Sw™ rmK rate from 8627 to S658 ‘ and tbe dent Giscard d’Estaing. bers see as the politicisation or Although ii is entirely possible 

SfSSrnrttei p 1 n °™ al o ec<m0ray fare frora 5784 As a result, the IMF's board nf the managing directorship, that in the end the developing . 

Behind this latest development 10 SS1S - directors has repeatedly delayed always a sensitive issue but more, and smaller independent nidus- £“"[!• J * U1 

tii the fran ^ Atlantic fares rotv But the U.S. Civil Aeronautics formal action on the appoint- so now- because' «>f the strain* tnalised countries will swing f* 1 ? a, J? ' k ,JS55. i « 
is the US insistence that its air- Board in turn has now said that ment, even though other promi- between the indu«Tnalised world behind M. de Larosiere— -nor jacks • P°,» ca ; h ! 

lines shmzld be Tree to charge It cannot accept the new fares, nent candidates have taken and the developing notions. ^ hnm or the lack of an » ! balance aU the 

cheap fares approved by the because they, are too high, themselves out of the running in In addition the U.S. has a her native candidal e—they may P*waur« *bat* be 

GAB, while the UK. believes Accordingly, it is only prepared recent months. Tentative agree- probably pushed the candidacy do so reluctantly, which would IMF mus! hana] .. 

that the trend towards such fares to allow flights under the origi- ment on M. de Larosiere’s of Mr. de Larosiere harder than PJ>' e problems for the new During Dr. Wtrtev 

has gone far enouah. and that a nal chean rates. candidacy was in fact reached most over the past few months Miinagmg Director. which has been an 

halt Should be called until their The effect is that Braniff can- among major industrialised and has caused some resentment M. de Larosiere's abilities a> period for the IMF. i 

Effect can be more carefully not .start regular fare-paying nations as long aco as last in the process. There is there- a skilled monetary technician he has demonstrated 


addition the U.S. has alternative candidale — they may pressures that the head nf the Pan didates emerging will dearly 
Iy pushed the candidacy do so reluctantly, which would IMF must handle. grow. But there is little evidence ; 

de Larosiere harder than P^ e problems for the new During Dr. Wtrteveen'* tr-nurr. of a consensus growing behind i 
ver the past few months Mu Paging Director. which has been an evolutionary anybody else, har one exception. 1 


and that' external considcratioost.Koch administration that 
must not temper U S. expansion. |-> 25 j)oo city employees forgo 
Even though' this particular K$ 400 m. 0 f payments which they 
argument closely parallels the \ $re currently receiving, 
present views, of the Carter ;4i Municipal union leaders h>* 
Administration, Dr. Witleveen i, expecting a somewhat 
lias nnnetheleas managed i°! -different response to their 
establish the refutation of alii ! jFrna n ds far .substantial pay 
being the tool of the U.S. j a&irreases for their member^ 
Treasury | July 1, and emerged rrom 

Should the succession remain j : ^ e meeting lit a state of shock 
unresolved by the time of thej and warning that the employer* 
IMF's interim cnmmiUee meet-; Mrre lntcutoa a confrontation, 
me in Mexico City at the end of -T |h , . 

April, the chances of alternative ; s S£ e, 11 „SS- 

candidates emerging will clearly alreaSSf Sic 

; waived, and its insistence that 


to open in Washington next Mon- likley to be until the U.K. and 
day between officials of the U.S. U.S. talks have begun next 
Government and the U.K. Depart- Monday ;n Washington, 
ment of Trade and fhe Civil The view in the U.K. is that 
Aviation Authority fCAA'i. The the CAB is preparing to restrict 
Braniff problem will undoubtedly the operations of some or all 
be discussed, and until then, it U.K. airlines serving the U.S.. 
seem 1 ! unlikely that the regular in the event of the talks next 
Braniff Bights to Gatwick can week breaking down, 
start- Even this] however, in the 


w,- —w ,. v of Mr. ae Larosiere naraer rnan piwiwsihs iwr iae ne« During ur. wineveen* »« a cin®en.-u® grnwms; wnmu mus , be n0 genera] pay 

has gone far enouah and that a nal chean rates. candidacy was in fact reached most over the past few months Managing Director. which has been an evolutionary anybody else, har one exception.; ^i-kuos In the new con trad, 

halt should be called until their The effect is that Braniff can- among major industrialised and has caused some resentment M- de Larosiere's abilities a> period for the IMF. it i® fell that S'nnnid he change his mind. Mr.; jg-imost certalnlv designed for 

effect can be more carefully nnt start regular fare-paying nations as long aeo as last in the process. There is there- a skilled monetary technician he has demonstrated remarkably n«*n;s Healey; the U.K Chan-' Washington consumption, v 

admixed. passenger flights until this dis- September at the IMF’s annual fore apprehension that if he and his achievements at the acute political antennae, success- cellar, could have the job, no; |S?rT r Re0PeS eittativ*s h . 

Talks on this problem are due pute is settled— which is not meeting. becomes the managing director. French Treasury are recognised fully walking the fine line be- questions asked. ; ,^ ai mlttee u boldine beartnis 


Canada borrows $200m. 
under credit agreement 


Braniff flights to Gatwick can week breaking down. .J BY VICTOR MACKIE mitawa, ten. •a* • i 

^The problem over Braniff U hlf THE CANADIAN Government after the end of Febitiarv and- CrillClSCQ 
fromjj.e tact that wh« pi. d thp Mnn. of the •»» JuS iT'flS* Co™™°o« f , "feSI ! 


OTTAWA, Feb. C?. 


Rail track 
‘neglect’ 


Guyana to consume less, 
and borrow more abroad 


BT OUR OWN CORRESPONDENT GEORGETOWN. Feb. 28. 




FURTHER CURBS on consump* serious -trouble last year, 
railway non. heavy dependence on Budget deficit at the end i 


for the right to charge a range Vi diSt? b^totwacSK the Finance Minister, announced Future drawings under the ' in Tenn.ssee' and Honda progra^e u^nM^'br^c Spurts, at £132m. (down from The. Treavuo? Secretary 

of fares which the UK. Civil tries over air services lale last n, ^ ht ' credit facility will be announced ! Mr. Brock Adams, the U.S. Trans-. Guyana Government £H2m. in I97B), and imports, at stressed only last week that 

; When tbe Canadian dollar was along with reserve figures each ! poa Secretaiy. has aliened. wTiies: The programme anarnximatina £160m. idown from £18Bm.t. con- there would bo Utile prospect 

weakening a week ago Mr. month. Mr. Chretien saicL , our New \ nrk correspondeni. Mr.; t0 ^ g . j-aif* n f ih<« Third tributed to a balance of payments • , winning Congressional. 

Pffnrf 4-* M- «id the _Ga™n.ment . Reuter M. f™u Ottowu: A i ffSJ2S2i ' WSZ Pl.n.^wm" rlSirl W w,i MP-J hr • »». SL E 


Effort to sway miners 


BY STEWART FLEMING 


AFTER S3 days on strike, the 


T w ncuicr ana® iruni urara; A lh . Onw^rnnont takp aver and I development nan. Will reflect utrnen ni oui 

I miners ntended to draw on this credit Canadian Pari iamentafec Comm it- 1 '5® f 0 .'®ck 'the dominance «.f the public less than the gap of £7Clm. tbe 

w v .o L ,ne as - an f ime H rln, a h t ra5d be ?h^ tee has said ^ « sus P Kls «■»' ' ‘ sector, which n 0 w controls SO previous year. 

NEW YORK, Feb. 28. boiTowmg f “ nd f,- abr |usi Sbn SfJ*- of Pay™® 11 * 5 of than [ § ao p au J 0 re lease !i»r cent, of the economy, with The external public debi-a 

in 1074 tha iact lima the mom cre( Bt * ine ' . l ? , ijl? BIT .5ra. made in connection with : — . . . . . - , ^Ithe cooperative and pnvate heavy economic burden, espeo 

In 1974. the last time the mem- was arranged last October. Under nuclear reactor' sales to South; T^ e , head " f th * enmmal to- , rnnfrihiiHnn nnlv n?m .il!v rtnp in enmnensatloQ ' bav-f 


VUUM I » 

!per cent, of the economy, with The external public debt 


MSS&&3& ™ psasKs ®s,'i.=sssas 

in Die latter Su of Se S to "" ^ 5 . 3 “i ed for m *** 1 or corrupt ”?”tKd m his pnTSSdhS h a ?6e drainage and irrigation at £WOm. at the end of fte.-y^r. 


cooperative 


pnvaie heavy economic burden, especi-j 


try to persuade its 160,000 rank- 
and-file members to vote in 
favour of the new wage contract 


' * , - r ' tim p navin« a cnindhv fee ; re-instated in ms post, pending uiiyeuuu ai aivuiu. «i m 

per cent, to 4o per cent Those a f> t*me, paying a sranoDy tee purposes . trial on charges of murdering schemes, win total £l03ra. during The public -corporations owed 

“SJbdom were not ^ 0^5 jw cent annual ly on ^ Parliament’s PublicWe drug trafficker®, coun the period WML foreign creditors another EHm. 

surrounded by the same bitter- „ n H^r *ho Accounts Committee announced ; sources said yesterday. Reuter The four-year projection is Debt repayments lasr , J*ear stood 


nvour oi me new wage comraci „„„ unddr wjnraiuee announwo;™"'«® mr prujucuon is m-m ««•»« 

offered by the Bituminous Coal "«** ^LsSjE tois on Monday after invesligat - 1 rt; pnrrs - Sr ‘ ^ rzi ° Paranhos contained in the 1978 Budget, at £25m . nr 28.9 per cent Of total 

Operators' Association fBCOAi ^tMtbargainmgreurid.however, credit n c F ar 0 ri ^ 5 a " f Jffj ing sales of Canadian “ Candu " P ,c “ r F **»* rH eased yesterday, which departs from tradition by government expenditure. 

SX? the °London US I rnher^nlKm^ If »-*? 5 _The in jetuionoffo^ funds 


this” wwk-ind . baSk Offeree re fUboTWtoe ^ed Atomic oFcanada i g|jjf gfEJ" ^« he 0 £ and ‘abo toe whole (EScSi^ uSTST 

With widespread uncertainty “J JltSl the saereev fir? three ^vears and i of 1 ?er Limlted (AECL). -The Commit- i ES^Vnolie? «2& to DeceS : ^ The Budsfit itse,f was presented expected « 

irround^ng toe attitude of toe *£ ^SSS SUZl tee said that, toe sales- involved i «mody m Decern ^ day8 bafance of 


SSS a*™-- « t .... 

3 ESSa- a -as P9« - 


consultants are mounting an 
intense campaign on radio and 
television to persuade the strik- 


incorporating the plan period The injection of foteigp funds 
and also the whole public sector, into the productive sector la 
The Budget itself was presented expected to help- improve the 
only yesterday, just two days balance of payments.- Exports 
before the end of tbe maximum should increase from £132m. 
period allowed by law. The last year to f235rn. in 1981. 


President 


already 


ing miners to vote in favour of warned that a “no" vote could 
toe contract. The advertisements lead to drastic federal ipterven- 


?nt. for one year. 

Mr. Chretien did not say what 


VS. COMPANY NEWS 


will be broadcast in key mining tion in tbe dispute in view of "toe interest rate the Government nill| 

regions and states such as West serious implications of such a will pay on toe 8200m. borrowing. , rya ^ ciamroiocKea, Lreji 


Virginia. Ohio, Kentucky and decision 
Pennsylvania. regions. 


industrial He said that the $200m. will be 
received . by the Government 


forecast; American, broadcast- 
• ing rise Page 22 . 



MEVi YOfZK 



likely to secure a wuTin congres- totaI £128m - pf which the ance. But Government sources, 
sional elections for his supporters,! account _ takes £92in. while unabhs to say how much is 

i making him- toe likely next Presi- . Deficits on both the current, and being dtfeussed, anticipated 
[dent of Colombia. Reuter reports ; capital accoants are expected to that .an.^agreement would be 
from Bogota. With 50 per cent total «2m. .signed "by mid-year. 

of the votes counted, Sr. Torbay's i In an effort to raise much- ■ ’ — ■■ 

rsupportejns bad piiecLup an almost! needed re venue., pnd to cur Gov- j : ^ ' 

insurmountable lead against fol- j ernment spending, tbe Budget | - ff B 


lowers of- his rival in toe Liberal contains £8m. in new taxgs, 'by 
Party, a former president, Dr. raising the consumption taxes-dn 


Restrepo. 


beer and liquor, /petrol, 
cigarettes, furniture and re- 
frigerators, and doubling motor 



*1 . - I _ Vlg<UCCIC3, lUIIUllU 

rern StnKe frigeratore, and doi 

The military government of Peru vehicle licence fees, 
yesterday declared a 48-hour No new direct ta: 


yesterday declared a 48-hour No new direct tax^s were an- 
general strike illegal, AP-DJ nounced. but the indirect tax- 
reports frora Lima. Witnesses a tion, coupled with. Abandonment 
said that youths and sympathisers of some £4m. worth of direct 


HOLIDAY INN 


of toe left wing of the General budgetary subsidies, is certain, 


Confederation of Peruvian 
Worker burned tyres and 
attempted to overturn cars in 


Peruvian ;q send up the cost of living 
tyres ana even further. . 

!™ t ^ s . m Mr. Frank Hope, the Finance 


! ^nister. in tacit recognition of 

ThVSfj!? I toe deep-seated problems of the 
political observers as a sharp set- Mrntm 


luuai uuscitcia us d biidip a....- , j; 

back for- the Confederation f? 0 ™®;;*’!*? 1 *!? - 3m 
leadership. The Government 8n e J® n 1 h- 


• Where you pay 2 francs a nifijd... • 

• ...though you sleep in a leading Gist-class 13* * ^ wm§] 5 

• hocel. Our modem, doub/e. rooms »rith # 

T colour TV and Jmmranis baduMnu measure ~ ^6r _ 9 

^ 32 m 2 (space for2 extra-large doable beds). Yoapay a sq.metre price* 

• of Sfr. 2.- per person. Children np to 18 sleep itnhe second double • 
•bed free of charged for comparison: A “normtf' first-dass hotel • 

• charges Sfr.-8.-per sq.» metre, and that for a robm averaging only 

• 18 m-.V Sn a stay-in Zorich in top- comfort need^or be expensive. 


reported that only 8.300 of some P** ce within the next three years, 
IfiS.OOO industrial workers in Lima i®. ven given .good weather condr 


failed to co 
second day 
vesterday. 


to work on the{tion&. industrial relations, and 
of the strike export, prices. 

i The economy was evidently in 


Z« - : R rUU* \iR PORT • - /I RK.iL- UfjflNiDORJ-. 

Tcl.f>l3l0li ti IcicK 5W, , lei. 01 ^.<20 :»cL\ 53C&. 


j^ndon. TeL 72??:' 55. Tel^2T574 


• HIMIMMIIIIIIIMIMIIMMHIWIMtMIMMIHMIintHillMMiHIIMMfHIOMMHI 


..................... 





New Issue 
March 1,1978 


This adverfesemA appears 

as a matter raiord only. 




/ijNQOfii 



HOOSfOtt 


FUJITSU LIMITED 


(Fujitsu Kabushiki Kaisha) 
Kawasaki/Japan 


M/AMt 


DM SOJOOO'iQOO 

4% % Deutsche Mark Convertible Bondsof 1978/1986 


hJH ** 


committee is holding bearingn 
oa- the question or furUier 
federal aid for New York and 
Mr, Michael Blumentiul, Uie 
Torn sury . Secretary, is due to 
prejicnt tbe Carter Administra- 
tion;'-, proposals on Thursday. 

fc-. Biumenthal is keenly 
awm of the opposition within 
Congress to a federal move to 
bait out New York yel again, 
almost three years after Its first 
bankruptcy became apparent 
and 'with so little progres-s 
made towards solving the crisis. 
The . Treasury Secretory 
stressed only last week that 
there would be little prospect 


grftnupc unless it was clear that 
-tho city aud (New York) 
state and the responsible 
private parties within the city 
and the state have done their 
umost 

It apepars that the Mayor. 
Mr. Edward Koch, has reached 
agreement with federal authori- 
ties which will secure more 
federal aid to close lire pro- 
jected 5437m. Budget deficit 
for year starting on July L 
while, at toe same time. New 
York State has agreed to give 
toe city, an extra $200m. 

Although ail union leaders 
were angry, the most signifi- 
cant reaction came from toe 
local Teamsters Union leader, 
9fr. Barry . Felnsteln, who 
warned 1 that tbe unions might 
be forced to reconsider toe trie 
of their pension funds as major 
holders of New York dty 
securities. 


Flying f ray other airline to Houston 

is a waste of time. 


Offering Price: 100 % 

interest: &>U % p. a., payable sem I-armuaffy on April 1 and October 1 ‘ 

Maturity: April 1, 1936 

Conversion Right: from June 1 , 1978 into ordinary shares of Fujitsu Limited 
at a conversion price of DM 2.80 per share 
Listing: Frankfurt am Main 


British Caledonian is the only airline 
flying non-stop from London to Houston. 

With a daily 707 service from London 
Gatwick. 

From Houston you can connect quickly 
and easily with business centres like Dallas/ 

Ft Worth. San Antonio or New Orleans. 

And miss out on all the havocatthe over- . 
crowded airports ui'New York. Washington 
and Miami. Your travel agent or British 
Caledonian Office has all the flight times. 

In tact, wherever you’re going in South . 


or VvestU.S-A. the non-stop Houston route 
is dearly the most logical. 

Yet we're the only airline flying it. 

So this time, unless you’re prepared to 
pay over the odds to fly supersonic and make 
a connection, you really have no choice. 

However, we promise to behave as 
though you had. Jf 

British 

Caledonian 

Weneveriw^you haveachoi^ 


Deutsche Bank 

Attionaueilsciuft 


The Nfkfco Securities Co. f Credit Suisse Whrfe Wetd The Industrial Bank of Janan 

(Europe) Ltd. L: ^“ a (Luxembourg) S.A. P - - 

Dai-Ichi Kangyo Bank Daiwa Europe N.V. Smith Bamev, Harris ! 

Nederland N.V : 


Upham & Co. 

Incorporated 


Swiss Bank Corporation s 
(Overseas) j ^ . 

Limi:»d ‘ i 


if 








w V 














141 stressed in sale ^“ N EU j° PE TRADE 

i i™ i t it Plant! snags worry Poles 


Pentagon approves German deal 

WASHINGTON, Feb. 28. 


appeal by U.K. to Japan 


BY CHRISTOPHER BOB INSKI IN WARSAW 


BY DAVID HOUSEGO 


. c - n}l ^ vr DELAYS AT a big PVC plant Polish construction companies tax advantages of being abroad, 

A ” appeal to Japan to naval , vessels, medical equip- Among those he included an being built by a consortium are being brought in as sub* and everyone' is entitled to a 

maKo mg purchases from Brmsh ment, enrichment and repro- appreciation of the yen “ in managed by Petiocarbon contractors to Laing, which is £1,000 bonus for every full year 
industry, including the BAC Ml cessing of nuclear fuels, and car accordance with underlying Developments in Wloclawek, 80 responsible for the main con- they work and another bonus at 
airliner. w:i« mm?*, hv j|y t components ~ - — > **- -* ur -i- •» —■* j . 1 %^ 


THE UNITED STATES 
Defence Department plans to 
bny $l00m. worth of vehicles 
and related equipment from 
West Germany, Pentagon offi- 
cials said here to-day. 

The order trill be the first 
major overseas purchase by 
U.S. forces and is part of the 


effort to make military s&leff 
between the U.S. and Nat* 
reciprocal. 

Pentagon officials said die 
U-S. Army is authorised trf 
begin seeking bids on Hie pr*£ 
posed sales from West Gerznan-- 
companies. 

Reuter 


are struction and mechanical work, the end of the contract. There is 
the as a way of saving money. Poles also a local currency living 


town Some work is being done by metres from the site and every- 
the Poles alone and. there are one is entitled to go home for 
six delays there as well. Although four days every eight weeks. 
main that is not holding up the main The main problem is boredom 
Kacre work, an article In a recent issue Wloclawek, a small provincial 
elays of the Polish works paper town of 100.000 people, is striv* 
con* Atcbemik says changes are tng lo provide entertainment foi 
etion required in the way the project the English. The Hades nightclub 
reed, is treated by the Ministries and caters for some; an English 
ijrally companies involved. language Mass on Sundays in 


Sit i i» u m S».- Dy “*■ components. economic conditions” and a miles north of Wars*?, are struction and mechanical work, the end of the contract. There is 

wtciiaQl Slcacher. Parhar^ntary Successes on a large scale substantial tax cut worrying the Poles bet the as a way of saving money. Poles also a local currency living 

tiruu-r-benetary at the Depart* wore necessary if British exports He welcomed the recent reduc- presence of one of the pargest will complete half the mechanical allowance, 
mont or Trade, yesterday. to Japan, which at the moment tions in tariffs * announced by expatriate British work l forces contract. Ail are housed in flats 8 kilo- 

. ne declared mat the measures included no single item sold in Japan on whiskv gin, tea and abroad In this small Polish town Some work is being done by metres from tbe site and every- 

Japan had taken to reduce its volume, were to expand sub- cars but said that Britain was is causing few problems. \ the Poles alone and there are one is entitled to go home for 
eu-.ent account surplus wqre. stantially more. . ‘ disappointed at the preservation Financing delayed b V six delays there as well. Although four days every eight weeks. 

„, and , 0iat c Brl J tain Speaking to a symposium in of high tariffs on confectionery months the start of thelmain that is not holding up the main The main problem is boredom 

joo.ea ior clear signs or a drop London on Anglo-Japanese and the differential between part of the work oo the 6®-acre work, an article in a recent issue Wloclawek. a small provincial 

L n i he Ji!S ,IUs by trade' organised by. the Japan duties on. Scotch and Bourbon, site last March. That and lelays of the Polish works paper town of 100.000 people, is stnv* 

Such purchases would help to Trade Centre (JETROl and the Mr Tadao Kato the Japanese ° ver documentation were} con- Atcbemik says changes are tng to provide entertainment roi 

22"? * onadence in Japan’s Nihon Keizai Shimbua news- Ambassador inLonddnf^Sd s ‘dered when a new completion required in the way the project tbe English. The Hades nightclub 

intention*. paper, Mr. Meacher said that Japan was committed to reduc- da *? of A P rtJ 1979 *** 1S treated *- v Ministries and eaten* for some; an English- 

in the aerospace industiy. be further fiscal and monetary log its surplus as fast as pos- * ow * however, it is genfrally companies Involved. language Mass on Sundays id 

said, Britain also hoped for sales measures would be necessary If sible but that structural changes agreed that that will not bAmet Lamg has more than 800 men Wloclawek. cathedral for others; 

of other aircraft, such as the Japan were to achieve its target in Japanese economy and a fl d estimates on s l t *^ tth 4j ale 10 to wn Of the other main com- Uie cmema shows a weekly film 

Cnastguarder. and of Rolls-Royce of nearly halving tbe current society were involved that t0 X2 rds ^ * nd ? r Pames. Davy Powergas, which is in English and a swimming-pool 

engines. Other possibilities he account surplus in fiscal 1978 would take time to carry w0 ’7l es Pol * s 'E5: responsible for installing the and gymnasium are sometimes 

pointed to were gas turbines for to 56bru through. - . Stanislaw Adamsla, responSble vinyl chloride minima plant, available. 

B for the project oo the Polish fide, Catalytic international — the Local official Leszek Bardnlow- 

considers progress on !|ite chlorine plant — and Petrocarbon ski emphasises that Saturday 

• between last March and nowjin- which is putting up tbe main pve nights and tbeir inevitable con- 

satisfactory. l.- plant using the Japanese com- sequences are not a problem. 

a 1 T fN Rising costs also cause conc%n. pany Shinetsu’s technology, all Tbe commonest type of offence 

■ OTIOTI T/\ CflfYfln 7B II Bffl m I When the contract was signejin have about 30 people working in seems to be Id m storing. 

iv fi/VF dyvllil J" ff B B B ^ B BB B^y 1975 the plant was esumated|to Wloclawek. There are about 70 When completed, the plant will 

JT be worth £ 2 30m. but rising priegs, Poles working for Laing, but produce 200.000 tons of pvc a 

BY CHARLES SMITH ■ TOKYO, Feb. 28. changes in specifications by the there will be more. year, 140.000 tons for export: 

_ Poles and a detailed working c&t The two workforces are learn- much caustic soda and various 

ORDERS WORTH at least 8200m. importers will have to do at least committee during the current of what is in fact needed by tlfe ing about each other’s traditional solvents Tbe* Poles are alert to 


Aerospatiale may build 
helicopters in America 


Japan to spend $200m. in U.S. 


considers progress on \ 
between last March and now 
satisfactory. 

Rising costs also cause cone 


TOKYO, Feb. 28- 


7:STT> ANDERSEN, the 
Eh ».*b Foreign Minister, said 
]i.v%ures are building up 
i>lrlv* the EEC Tor discrimi* 
r >inry trade measures against 
J )?i.n, Reuter reports from 
Ijkyo. Andersen, here for 
talks with Japanese., leaders, 
gave the wanting to External 
Economic Affairs Minister 
Nobuhlko Ushiba. • 




uuuau iv ov^uu ^uvuia m UtUi* 1975 the plant was estimatedhto Wloclawek. There are about 70 When completed, the plant will 

JT - be worth £130m. but rising prick s, Poles working for Laing, but produce 200.000 tons of pvc a 

BY CHARLES SMITH ■ TOKYO, Feb. 28. changes in specifications by me there will be more. year, 140.000 tons for export: 

„ Poles and a detailed working tftt The two workforces are learn- much caustic soda and various 

ORDERS WORTH at least 8200m. importers will have to do at least committee during the current of what is in fact needed by t5e ing about each other’s traditional solvents Tbe* Poles are alert to 

are expected to be placed by a as well as an import promotion round of EEC-Japan trade talks contractors have combined to habits and difficulties. The Poles, pollution and 14 checking 

Japanese import mission due to mission from Taiwan that toured but no such request has been push that figure up- for example, have trouble getting stations are being set up around 

leave for the U.S. on Thursday the U.S. in January, and placed made. Japan says it is willing The Poles are estimating that materials together to do. a job. tbe factory. But just in case, tbe 

as part of a joint programme by orders worth 8200m. to set up such a committee for tbe final figure may be half a£ although once started the work surrounding population is being 

the two governments to reduce The mission's terms of Europe. much again as the orlginaL | gets done welL moved out and .trees are being 

the U 5. -Japan trade imbalance, reference also include: eneourag- MlTI's import department says Terence NiSrtb. Petro carbon's Again, materials needed a replaced by more pollntion- 
Thc mission, sponsored *by ing the import efforts of it is also open to requests for site manager, explains that on^year or more hence are arriving resistant kinds. 

Japan's Ministry of International Japanese trading companies further import promotion mis- of the reasons for the rise is tha$ on-site all the time. Tensions are In 1976 Poland produced 

Trade and Industry (MiTi). in- represented in the ILS.; advising sions for Western Europe. For the Poles ** have noticeably mo reft unavoidable. 125.000 tons of pve and imported 

'^ludes about SO businessmen and U1S. companies on selling to budgetary reasons the next stringent safety regulations.** He'-. The British workforce, which 31.000 tons. 12.000 tons From 

a -dozon or so government Japan- exchanging views on mission conJd not leave until comments: “We couldn't afford should reach 2.000 this year, is Czechoslovakia, the rest from the 

officials. It will spend 16 days in trade ' and economic problems 1 979. the safety features they want.” j paid U.K. rates but with all the bard-currency countries. 

lh> U.S.. visiting 18 cities and with U.S. businessmen and * “ ^ - j 

d- riding into five specialised pro- labour leaders; and attending I' 

d'*?f groups. trade seminars to be organised f 

Vofh.ro flrecla. iite mission's by the Japanese External ITade ' f 

It" d?r. and president of Mitsui. Organisation (JETRO). 
j ■ The outstanding feature of the . 

*• mission is tltat it contains more 

■?:r.TD ANDERSEN, the than 40 representatives of the 

Dt ii.h Foreign Minister, said Japanese retailing industry, most . Wr 

^.v^ures are buUdiug up * hose companies have no » 

^ EEC ft su^hers.^eparfmeniTstores aimi ■« 

r »twrj lnide mea.snres against supermarket chains represented f^El 

J !?in, Rruter reports rrom include mot only big names from 
I jhjo. Andersen, here for Tokyo such as' the president of 
talks with Japanese leaders, Mitsukoshi, Japan’s foremost 

.gave the wanting to Extemal department store chain, but also . 

Economic Affairs Minister representatives of. store chains IBM 

Nobuhlko Ushiba from north and south Japan. The 

' idea is that retailers are more 

likely to find suitable goods for 

will have talks with U.S. Govern- import if they visit the country • 

ment icadets. probably including themselves than If they rely on 
President Carter. intermediaries. 

The import mission was mooted The mission was organised by 
lasit July when the U S began to the Tokyo end of the U.S -Japan 
show serious signs of concern trade facilitation committee, a 
about trade. It is Japan's ninth body comprising officials of the 
of its kind. The first was to the two Governments. It was eslab- 
U.K. in 1973. However, the lished last September after a 
mission to the U.S. will be the U.S. request and has mainly 
first actually to nlace direct received and investigated corn- 
orders. Apparently the U.S plaints from U^. companies^ 
authorities have insisted on that, about alleged obstacles. to ibei/ 

SfiTi is being extremely coy exports to Japan, 
about tbe exact amount of bust- MITI said to-day that. Japan 
ness likely to he done It Is con- had expected the EEC jo ask for 
ceded, however, that Japanese a Europe -Japan trade facilitation 


AEROSPATIALE, the French 
State-owned aviation and space 
concern; said it envisages build- 
ing its A star helicopters in the 
U.S. to meet growing demand 
there. 

A company official said that 
U.S. orders for the As tar cur- 
rently on hand total about 200. 
Although no decision has been 
taken at present he said, such 
a move would likely involve 
setting up a joint company with 
the parent and a locally-based 
company. Aerospatiale already 
bag a U.S. subsidiary, American 
Helicopters. 

The 5-seat A star is a version 
of Aerospatiale's Ecureuil heli- 
copter designed for the U.S. 
market. Tt is powered by a 
Lycoming engine instead of the 
Ariel, engine .on domestically* 
produced versions. 

Diana Smith writes from Rio 
de Janiero: Brazilian authorities 
and representatives of Aero- 
spatiale are putting the finishing 
touches this week on a joint 
venture destined to assemble 200 
Lama and Ecureuil helicopters 
in Minas Gerais State in the 
next two years. 

.General Jacques Mitterrand. 


PARIS. Feb. 28.- 
president of Aerospatiale, -com 
firmed to the Press in Brasilia 
yesterday that Aerospatiale is 
taking a 45 per cenL share, -ia 
association with Helibras the 
helicopter manufacturing enter- 
prise composed of the Minas 
Gerais State Government (45 pec 
cent) and Aerofoto Cruzeiro do 
Sul (ten per cent). 

Initial capital investment will 
be Cr.62m. (£2.1m.) with Aero- 
spatiale contributing approx^ 
mately £930.000. 

The Lama helicopters will be 
destined mainly for pilot training 
and for export, and the Ecureutis- 
for sale on the domestic market: 
Currently. Brazil has about 180 
helicopters compared with 
France’s 1.700. General 
Mitterrand estimated that five 
years from now the Braziliah- 
market could absorb from 500 to 1 
1.000 helicopters. ■« 

The general played down the 
question of Aerospatiale's interest 
in manufacturing missiles & 
Brazil. . 

.Under tbe terms of the joint 
venture with Helibras, Aero; 
spatiale will not collect royalties 
for transfer of know-how and 
will commit Itself to training, 
local staff. 



A 




A 


Shipyard^ urged to 9iit 

BY MARGARET vJChaTTEM BRUSjfcLS, Feb. 28. 



VISCOUNT DAV! 
EEC Industry ... C 
To-night welcomed 
Japanese decision 
shipbuilding ■ cap 
warned lhal that twd 
Europe unless it u 
to nuke similar J 
" Tin* L'nutmuf 
drmand-nf tL* parti 
make cajunlj lvw 
n<‘‘. prepared to dqf 


fWsox the Viscount Dgvignou, who last 
W iiiiii-' fncr. December outlined Community 
M.i>r .luiiib's plans for a-XObn. job creation 

■ a mi back scheme toother with a 45 per 

■ iciiv hut cent, cutback in shipbuilding 

help capacity over five years, renewed 
l.as j repared his call for major restructuring 
|uit. to th^industry. 

' 1,,y “ Sfcrely putting surplus cap* 

»ors i.iat they C j ly /o n ice is not enough." he 

.».ii - K. fc u i* la u p«. with pvpt-o Mnnirn in 


'The L'ouimuff >ny 5?V?« *' Jfcrely putting surplus capa- 

demand of as psrti-H'rs Mat they cjty 7 on ice is not enough." he 
make capanu wi# ‘.ick> w « »s “For with eveiy upturn in 
n**t prepared to dof ,N thfe market that capacity is re* 

hr tn.d the AnJrtcrp .shipping fCl j V3te( j impedes any real 

alien. * improvement in the situation." 

l.ie Japanese * densmn omy A w . .. 

putimT if:.}ucity on icr. Viscount Davignon said that 

nor it" he Europe^ main rivals. Japan^ 

aided ••!» ,/Jie m»od thinking South Korea and Taiwan, were 
operation on its more competitive in a market 
s permanently where sales over the next fire 
bojf Cl - ui.f- 1 :3uwn of orders, years are unlikely to exceed half 
Tii* can consolidate the industry's capacity. Eur ?J >€ 

II, lire world market would have to Jmprave prodac* 

ea’r :Ma#-ins itself more tivily and marketing to offset 


rnrnpetitivc 


its higher production costs. 


Sfeefrestraint suggested 


r. -v 


yy< 

ft* : 

r.-. 




i THF . 1 -,-. /nesc steel industry is 
r»-aij-. * c v iii«:us> with Washington 
'■Vj*-: f/esfra-nts tu the US. 
“Mr Yuzuru Abe. senior 
| vw'-inrj.. . f idem of Nippon Steel 
« Sa:i V;-**- 

S | a w speech released here, to 
H ' distributors in Kuei. 
.1. he said. ~ If a formal and 
hWi* r; quest is made by the U S. 
nr.v-jf-niment. the Japanese steel 
radLT.sfrv will be prepared to 
a votuntury rsiramt pro* 
irra untTU' aloiit; with the triRr.or- 
rf,-, <>>icm in appropriate enn- 
*Jilt*r.inon of imj't'rt shares in the 
XMfket " 

/ Iran Air in deal for j 
11 Airbus A 300s j 

y.i'.-vr, Industrie, ihe French-: 
>icrii;; ( ji makers ;»f tbe widc- 
;«ul;pJ A30H airliner, said on . 
Turvlay j: i* in*S.>liaH »3 with 
Irp:« Air frr an ur»l«'r for U sl f * ' 
craft AFDJ reports from 
Munich. 


TOKYO. Feb. 28. 

The trigger-price mechanism 
introduced by the Carter Admini- 
stration would probably le f^ n 
the potential nuisance of a long 
investigation by customers and 
possibly avert a protectionist 
trend in the U.S.. he said. 

Japanese steel exports ‘o the 
U.S. last year fell 0.9 per cent, to 
7.38m. tonnes from a record 
7.44m. tonnes in 1976, the J a wn 
1 Iron and Steel Federation saw. 
The fall reflected charges in 
tbe U-S. that Japan was dumping 
steel goods on the market, it said. 
Reuter 

I Dowty sells America 
£3m. mine equipment 

! Through »* . "•SiSSS 

iDowtv Groups mining di'wion 

has won orders worth 
: £3m. from U5. mine companies 
British mining exporters made 
more than £8<m. last year m 
! overseas sales. 



Dutch trade balance worsens 

iMCTFSnAM. I 


FIGURES REUEASEI) tirday 
confirm feai* of a «,rrioti:» wor- 

nrR.stg Of Holland'* 
foreign trade position. Thr 

tin: i h trade balance In is«i i 

.■.!* till'd a deficit of H<.4i*hn- 
omip=red ullh a *« r P lu * of 
M l ik : lni. tn 1977. accord i«R 
to nw i^uni! ftRur«w from the 
trntral Staiisttr*- office. 

Tftc balancr moved hack 
Into dHlrlt fur the Am 
sitire tUc FIs.lHSin. deficit In 

itirs. 

Dnlrh tmpnrta W* 
H-..Ill !»hn. in 7977 eomiwred 
with rtparts of Fls.l0'-2on- 

I„ Imports were 

I*t<,lrt« 2hn. eomnared - with ex* 
p*ri> of FU-IOCbn. 


AMSTERDAM, Feh. 2t 

December closed with a 
deficit of Fjs.K»m comparcd 
uith a surplus of Fls.64m. In 
November. That compared 
favourably with 
1976, however, when the dinot 
was fTs.l.4bn. 

December imports were 
Ffcs.9.42bn. f Fls.1 1 ' 49bn * 

D^cmber. 1976) wbllcexports 
w ere Fls^Jlbn. (Fls.10.0abn.), 

The steady build-up ot . 
sizable trade defirii in 
has prompted 

fffrem exporters f°r greater 
Government ^d- The new 

centre-rtuht Cabt 5^ t 
promised assistance hut dewBa 
have not yet been released. 


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HOME NEWS 



for collective 


trade action 


by peter riddell, economics correspondent 


A. STRONG warning about the U.S. The U.K. backs the efforts 
threat to the international to produce simultaneous mea- 
economic system from the dead- sores by several leading countries 
lock over what action to take rather than the now discar ded 
tn- correct the weaknesses of the locomotive approach which 
world economy was issued by placed most of the burden on 
Air.- Denis Healey, Chancellor of West German; and Japan. 

^^daS'ofVkf'inParis Without . naming the specific 

be^eeT scnior officials endTd SlSS 

Mr. Healey gave his starkest ff* 2 n !? n ^h 5 

warnint> vet nf rhp rianwr; that Pointed oat that most COun- 

i - fS lure y o take e£v JcSrn tr i^T and bolh the mF ««» the 
^W nmint OECD— took the view that the 

T5?*5dT£ annual banquet 

of the Diplomatic and Common- tit, tfi?i 

wealth Writers* .Association in a collective sUmulus to 

London that so far, neither side OB «*w* han— « kn » 

in .-the international debate had JSSSl wPSrt 

j « „,i, a ,v.„ many countries can join in a 

fl 7« collective stimulus . . . those 
rhp countries like Germany and 
acceptmg the diagnosis of the j apan w hich have low inflation 

“ v' B t r QA v ««..» r a si,. ra rates and large balance of pay- 

merits surpluses can provide 
take some action soon may more s amnTus than the average 


threaten the whole 


inflationary 


system through which the Tree - Creat * ng 

world has achieved unprece- v 

Mr. Healey then set out the 


dented growth since the war. , . , 

Unless additional measures other side of the debate involv- 
were taken soon, there would be ing surplus countries (in nractice 
no- chance of the EEC achieving mainly Germany) who believed 
the target of 4 to 4f per cent, that the problem must be tackled 
growth this year for which It was first through collective action to 
aiming last October. stabilise exchange rates. The 

There was “ now developing a surplus countries maintain that 
powerful- desire to break the the appreciation of their curten- 
deadlock by acting on all the cies exercises a deflationary 
major problems simultaneously,'' effect on their economies and 
said Mr Healey that the size of the U.S. deficit. 

The leading ' countries were especially higher oil imports, is 
beginning to recognise the main cause of currency tnsta- 
immense collective advantage if hil’tV- 

effective joint programmes could Mr. Healey said that there was 
he developed in the fields of a growing recognition that the 
growth, energy, trade, aid and problem of large current account 
long term investment and greater surpluses not only resulted from 
currency stability. the position of some oil-produc- 

Mr. Healey's speech follows ing countries, but also from the 
several weeks of largely fruitless persistent surpluses amassed by 
attempts to break the deadlock a few of thet oil-consuming coun- 
bet ween West Germany and the tries. 


Tea blenders look 
for a com pro 


use 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


A COMPROMISE may be nego- hold two to three weeks tea 
tiated between tea blenders and bought at higher price. 


the 


The indications are that the 


^jutory price cuts- Under this hi prepared 


scheme, price cute would be £ aeSpt smaller 


Stt 5ta Governraem’* <‘ ntab,r nearar 3p 01 *“*“»» 



Corporate State grqwth 
may lead to abuse j 
of power, directors told 


BY DAVID CHUR CHIU. 


THE GROWTH of the corporate w continuous course of criminal of business or industry has hit 
State and the subsequent abuse action which our pusillanimous the stamte book.” . . . 

nnui «r i«c the theme which law officers neglected to put Hr. Randolph reminded dele- 

of power vras the theme Wm down, and neglected to put down gates that the task of the 

dominated the annual convention because they were frightened of institute was to represent indivh 

yesterday of the. Institute of even greater excesses if they duals who were responsible for 

Directors at the Royal Albert attempted to enforce the law.” the "vita! task of creating this 
Hall in London The fundamental cause of nation’s wealth." 

Speakers at the convention— tSSSS^TiA^A SSS^TSSeS 

Sw t‘!!SS« 51SJ5^.ISS£ “ d democracy are J ave *S e a remarkable job of 


MP. Lord teo^&BTovm, and Miss complementary. at_ least in a soiling the wealth creating sec- 


Arianna Stassinopouio* the - b7 ai^ed. 

2£*“iJ!Z^-T£ - - MembCT5 ’ not on ? y * n 


■" AMca AHU0OO& 

Mr. Enoch Powell, MP, and Lord Sbaweross addressing the Institute of Directors yesterday. 


e,rt.>a»ir« A r ,cn>Mc rrf themselves more meet by various Governments. 

u rifi _ -rSf ° f ******* and more as mere delegates of -Hounding, constraining, re* 
the corporate State. their local party accepting s tricting, wsichdoggin* and now 

These included the power of instructions from the local man- persecuting with sanctions, coin- 
trade onions, the Civil Service, agerg or from the national DaQies are producing the 
Parliament for passing too much executive." Cvealfb. and the taxes without 

Je^slation. the Gruawtck strikers But the worst breakdown of which they— the Government— cre asfnaly comofUnt and content concern in industry but argued overall conference Ibemes Pf the 

and the failure of tbe police lo the Parliamentary system, he can do nothing. Biting the hand with the cushioned world of sub- that this had to be implemented State and the individual, Mr. 

deal with the mass picketing, and suggested, would be when that feeds them.” sidies. closed shopA and cosy -without damaging individual Harry Oppepbelmer. chairman of 

the closed shop. Governments acted * tyrannically Rather it was in the public arrangement with the Govern- freedom. the Anglo American Corporation 

— ‘ ■■ ” 1 — of South Africa, said that the 

way to peaceful change In South 
Africa • was .to remove the 

__ . „ — ... . „ restraints. on Individual freedom 

assembled directors could do unions. the leadened fetters of bureau- agers of the private sector are as individual system." • or the- b Jacks “ Before — not 

individually to solve these Thus a reform of the electoral cracy and the fickle band of the already fleeing Into the pro tec- “ Paradoxically, the capitalist after—* proper share of political 

N.l IF » os - e it.. Cl..- — » tl.. a. * Fiwn'g? gnil pmnnmlC I. ■' » a— iL... • 



Thus a reform _ „ „ . 

problems. system was essential if there was politicians-” tfve arms of the State at the market as a social and economic power is- transferred to them," 

One of the strongest speeches to be a return to the rule of law. Arianna Stasshurooulos least hint of commercial diffi- system is much nearer to the he added. 

m dil tv.” beehive or the anthill than is the v_. u 


came from Lord Shaweroas; for- Lord Sbaweross, who was tbe also attacked the intervention of mAtj,' 


met chairman of the City Take- chief ILK. prosecutor at the The* ScanT'amT ^the^rowth* of " George-Brown— who was socialist slate: for it depends ^ Oppe d he i me r co m m e n ted 

JH buteaucracy^n W5. & e ported loudly applauded h**n- more o ,n primi itive. InniMri JJhoa^'^riva^ emerprist 


in an age of abuse o> power in he used in say what happened otZ”" ^rliament i °enact«i t ~2j227 nounccd ' 'himself as . a trade . behaviour and }e$s upon more ™ HJJS* ^“bv^Ae 

” v ”" v ’ *” w ” i ,: “”Bany and Italy could statutory instruments and passed unionist and company director— highly rationalised attitudes than 2SiSil?o 'SouSi it were a 

in Britain. “Now,! 5S-maj?r Acte. ^Much of S? also attributed much of the preb- d «s sorialist state planning.'' * 


which we are increasingly In Nazi German 

experiencing the pressures — not happen ... w 

some would say the blackmail, am not so sure. At least l would legislation "being "shoddy* 
even . the tyranny — of various u - *- — J ' t - - • - - 


duw fltuiwutnu imuuu we auwatioi n | MV> 

lems of British industry to the Mr. Powell also refused to be w mined tty. labelled for whites 


«mii tivi n.% least a wuuiu legislation Deinc s do nay ill” ,C4 “ a ^ iw -- «• 

ious be happier with a bill of rights;' digested and often meahinaless closed shop. He emphasised that drawn on whether be would be ong*-- ■ . ‘ -• - 

institutions or centres of power. Mr. Denys Randolph; chairman “We have forgotten the e)e-' this was entirely different to the prepared to serve in a govera- The 


There was no doubt that tbe of the inmtule of Directors, mentary^ruth about RovermnenL issues of trade union recognition naent headed by Mrs. Margaret f? Stend together w[ b th e whitear 

attempt lo resolve the Grunwlck pointed out -that in the last three that if it can do things for attd collective bargaining. Thatcher. Conservative leader. .,~?i en r. enterprise anq 

dispute by a show of force was years some 18.000 companies bad people, it can also do things to He also said that he was far Mr. Powell, an Ulster Unionist individual freedom WJinst Cora- 
illegal and that the right of been forced in bankruptcy, “in Jjeopte” 8 u fr £n bappy with the way in MP. replied that the question was muruOTi while they are excluded 

peaceful picketing was grossly that same time no fewer than 80 The most omlnons develop- which Government departments hypothetical and that such as by official policy^ from most of 

abused. pieces of legislation affecting in mest of all was that manage- became actively Involved in In- offer was improbable. the benefits which free enters 

But he described this as a one way or another the conduct ment itself would become “in- dustry. He welcomed more State On a different approach to the prise bring*.. 


BNOC can 
buy 51% 
of Beatrice 
crude 


By Ray Daftcr. 

Energy Correspondent 


THE GOVERNMENT has gained 
further control of North Sea oil 
reserves following tbe latest 
State ' participation deal with 
partners involved in the Beatrice 
Field development 
British National Oil .Corpora 
tlon has gained the right to buy 


up to 51 per cent, of Ihe Oil from 


2p a quarter — if they could be 


2-e-St d S^ t hff b !SSd ^ «« Into effect 

romp ^n i tn sho P s immediately. This could 

C0 Sn a£!n<£v 9 tli^PriM!f nioart be achieved if the tea companies 

On Monday, the Prices Depart- ^*gr-p nreoared to eive the retail 
ment published proposals to SSTSSS S> bS Slff It 
force blenders to reduce prices old Dr jces 
by imposing a celling on whole- „ . 

sale prices. This followed the . Such rebates would be expen- 
Government’s failure to persuade ssve for tea companies which 
the companies to accept volun- are still funaus about what they 
tartly a recommendation from see 35 inaccuracies in the report 
the Price Commission that cuts on which the commission’s pro- 
should be made immediately. . posals for price cuts wfere based. 

The Prices Department But blenders, due to see 
apparently still favours a volun- officials again tomorrow, might 
tarv approach. The maximum decide that in the long term it 
price powers, which are being would he better to give tlm 
taken under the 1974 Prices Act. rebates, and so be allowed to 
are cumbersome and difficult to make .nnalJer reductions In 
Monitor. Perhaps more tm- pnees, than to have cuts of. 5p 
portantiy. from the Government's a Quarter forced upon them. . 
point of view, they would not So far, however, there ts no 
result in Immediate reductions sign that blenders are prepared 
in the shops because retailers to give iru 


Probe plea for minorities 


BY JAMES BARTHOLOMEW . 

MINORITY shareholders should to strengthening the position of 
have tbe right to require Trade minority shareholders. He sug- 
Departrocnt investigations into gested also that directors' legal 
their compaines, Mr. Victor duties should be extended and 
Blank, a partnei of City solicitors re-defined. 

Clifford Turner, said yesterday. Directors sbould be obliged to 
The rule is that tbe depart- give fuller, and more regular 
mem may investigate a company information to shareholders and 
if at least 200 of the members the public, in line with tbe rule 
or holders of a tenth or more contained in the Slock Exchange 
of the issued share capital re- listing agreement Directors then 
quest it. Mr. Blank wants to should be under civil and crimi- 
give such a minority a legal nal liability If they gave inrorraa- 
rieht to such an investigation. tion to shareholders which had 
This proposal was one of many not been subject to a high stan- 
made by Mr. Blank witb a view dart of care. 


the shallow water field once 
is brought Into production next 
year or in 1980 

Interests in Beatrice, which 
lies in the Moray Firth block 
11/30. are: Mesa Petroleum 
(25 per cent ); Kerr McGee 
(25 per cent.); Hunt Oil (20 per 
cent.); Creslenn (15 per cenL): 
and P and O Petroleum (15 per 
cent.). 

The agreement means that the 
Government has almost com- 
pleted. its negotiations • for 
arrangements to give the 
Department of Energy and its 
advisor, BNOC. access to more 
information about, offshore fields 

Agreements have been signed 
with 36 companies leaving deals 
Involving just ten more com 
parties to be completed. Tbe ten 
include two major U.S. groups. 
Mobil and Amoco. 

Apart from gaining access to 
much of the Beatrice crude — the 
field is .thought to contain be- 
tween 150m. and 200m. barrels of^ 
recoverable reserves— BNOC has. 
won tbe right to have an effective 
voice In the management of tbe 
project. 

Companies Involved .in 
Beatrice have also agreed to hold 
regular and effective consulta- 
tion*. with the Energy Depart- 
ment on matters relating to off- 
shore operations and associated 
activities. 

The Department said that the 
companies had agreed to orovide 
BNOC with certain additional 
information relating to their 
early development and appraisal 
activities so that the corporation 
could carry out its Government 
advisory role. 

Industry estimates suggest ttaa* 
Beatrice oroduction will build 
up to a peak of around 80.000 
barrels a day. 


Callaghan promises 
steel statement 


BY ROY HOBSON 

THE Prime M$tisrer promised The next round of steelworks 
the Commons yesterday that the closures njaj be decided to-day 
Government wtU make b slate- when Sir (Zharles VilUers. chair- 
men! before ' Easter on the man of B ritish Steel, meets Mr 
problems of the British Steel Varley. » 

Corporation, now losing more parliamd&taxy pressure upon 
than £2m. a day. and that legis- the Government and British 
Utive proposals tp help the steel is dbected to be renewed 
industry would follow. to-day following a meeting of the 

Tbe Govern ment /has to act select committee, 
soon to ease British Steel's some .jhembers believe the 


financial strains bji raising its committetTbas gone far enough 
borrowing ■ limits |)y — * • - 


and should allow 
and British Steel to 


P* rha P s witb its 
£2bn above (he presept limit 
of £4bn. / : " take act 

Ministers are reacting- But the consensus view of the 

pressures from Parliament fol- committee is still that its latest 
lowing publication last week of . report ha« been unreasonably 
ihe scathing report Into the denigrated by the Government 
financial forecasts of • British and there should be a Commons 
Steel from the all-party Select debate pn steel policy. 

Committee . on Nationalised Because of poor steel sales 

Industries. . .• . British Steel is being forced to 

Negotiations befween British mojh-baJl a £I-6m. steel freight 
Steel and the unions ..-at. local ceffetre' at Bilstoa in the 
level liave enabled the corpora- Midlands. Although the centre 
tion to put before Mr. . Eijic is stall being built and is due to 


Varley. tbe Industry Secretary, be completed next month. It is 

'fks dear that the 60-acre installation 


new proposals for early Wo 

closures. i -l cannot be used economically 

The Government nhw semns while demand for. steel is 
prepared to support .British Steel depressed. • 
on a more active closings pro- ' It was designed to take ship- 
gramme became workers si a menu of 6,000 tonnes of steel a 
number of .the' Beswidc process week by rail from the mills at 
works (being - kept- open for Teesside and Scuntborpe and to 
social ^reasons) are prepared' to make deliveries to customers in 
accept redundancy. ‘ • the Midlands. 


f 


Accounting standards 
problem clarified 


BY CHRISTINE MOIR 


. 7 


l 


THE CONFUSION between £n» new international standards wfll 
ternattonat accounting. standards be held back until a .domestic 
and domestic standaAlg. Is Ptow standard has been Introduced, 
to be cleared up. In -the future Then the domestic standard wtiF 
companies need worry only about Include a clause stating that it 
U K. standards, which will auto- complies' with international 
matically comply with inter- recommendations, 
national standards. . Tbe effect will be to save 

Tbe consultative committee of executive and auditors' time By 
accountancy bodies in the' U K. following the U.K. or Irish stau- 
and Ireland proposes first that dard companies will know that 
new uniform U.K. and Irish they are automatically coridIv 
standards will be : introduced Ing with -taternatiena I standards, 
where existing ones - differ 'from However, there may be a Few 
the international standards: . cases where domestic standards 
Second, the implementation of vary -from international ones. 


The price curb call that came unstuck 


BY ELINOR GOODMAN. CONSUMER AFFAIRS CORRESPONDENT 


THE NAME of Davies is guaran- the prices charged in this par- is apparently In fish, and given 

teed a place in any learned tome ticular corner of Preseli and their unsophisticated approach to 

to b e written on the history of West Pembrokeshire were appre- book-keeping, they might have 
price controls. ciably higher than those in found it difficult R> separate the 

For the first time in Its seven other pans of Wales, and con- two. 

months of operation, the Price eluded that there was no justifi- But in spite of the decision oot 
Commission yesterday used its cation for this differential. t 0 enforce tbe Commission's re- 

powers to recommend an across- But in spite of the obvious commendation about profits, the 
tbe-board restriction In profits, political attractions of being able inquiry xnay well have a lasting 
and also prices. finally enforce one of bis effect on the companies — as well 

The subject of the recommen- departments recommena^nons. ^ possibly, coal merchants in. 
dation was not the big tea Mr. Roy Hattersley. the Prices other parts of the country, 
blenders, now embroiled hi a Secret a 17 , had to conc«ie yes- During Its inquiries, the Com- 
battle with tbe Department of teraay that m this case, toe com- mission discovered that some of 
Prices, nor ihe brewers, but 14 missions proposals were not tj, e merchants apparently fixed 
local coal merchants in West practtcaoie. their prices according to lists cir- 

Wales with average sales of under the prices legislation, culaled in the trade. 

£207,000 3 year each. the Some of the companies denied 

No less than four of them Ate which the Commission can lh existence of these lists, but 
have the name Davies In their recommend is 12 months, start- thl Commission got hold eTsome 
titles and most of them had what >“« fr“™ the date the oneinal Qf e and jtsSgures' showed 
the Commission described as an reference was made. that the great majority of the 

aporo " h 10 -aAsr=j:.-aiag be 

After three months of Invest!- a * few people buy coal in the Ior nDU5efl0iQ 
gallon, durlnc which It stumbled summer months, it woultf be Under the restrictive practice 
on a primn facie case of an un- Pretty pointless to restrain the legislation, it is unlawful for 
registered price ring, the Com- merchants’ profit* before the companies to agree prices among 
mission recommended that the P 03 ^ buying season starts in tbe themselves without first' notify- 
companies* gross margins should autumn- ing the Office of Fair Trading. 



consumer lobby yesterday. They 
described themselves as “ dis- 
appointed ** by Mr. Hatterley's 
decision not to limit tbe com- 
panies' profits. • 

For their pari, tbe companies 
produced a 10-page document In. 
which they described the Com- 
mission's report ' as being 
“ dubious In character ” and' full 
of misleading facts. 


MR. ROY HATTERSLEY 
Proposals not prartleaple 


be restricted by varying Such an order just mlghf have Details of tbe coa) merchant's looking Into them to see whether the right thing at the right' time. 


amounts of about 5 per eent reaped an unexpected dividend price lists have now: .been sent they should, have been 
until October. in the form of cheaper fish how- to the office and yesterday Mr. tered. 


It confirmed the Welsh Con- ever. Soma of the companies Hattersley said that. the Director , Such- action, however., seemed Wales to exert ■ oresure on the 

mvr fnnnnl'i tnanlfiAnt that Intacwi. m.i.Ui. _n«l n e.l- rr- ll ' • 1 r .v. Th.i.i. ■ _ . ; r i‘ .. . . 


sinner Council’s suspicions that have interests outside coaL One General of Fair Trading was unlikely to satisfy tbe 




I 


-Meanwhile, the tea .companies 
were marshalling their argu- 
ments for. tomorrow's meeting 
with tbe Department of Prices. 
- Because the Commission was 
asked to look at tea before tbe 
hew controls came into opera- 
tion last summer, the Department 
is not able to enforce the reconr 
mended reductions in tea prices 
through the new legislation 
Instead, it is having to ose the 
1974 Prices Act to set a maxi- 
mum price. " 

The Department of Prices 
must be looking forward to the 
day when the - oew legislation 
gives It the right powers, to do 


Foundries ‘not told of dei 
by motor manufacturers 


and 9 


BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 
THE U-K. motor manufacturers under-capacity will result In this 


It points out that forecasts 
beyond this year are 41 highly 


are criticised in t*o National sector/ - . „ 

Economic Development * Office NEDO has i undertaken ' a tentative and that they assume 
reports to-day for failing to keep survey of tbe major motor a cyclical; upturn in the economy 
the foundry industries informed manufacturers seeking estimates toa peak next year ana again in 
about future demand for least-' of casting demands to 1980-Si. 1983-83 and an underlying growth 
in«. \ This projected a growth of rate in gross domestic product in 

■ The Ferrous Foundries “ utile demand of about 30 per cent 1978-79 of about 3 per ceoL 
Neddy" says it is concerned on 1976 JeveK - ** Hopefully the general econo- 

about " the lack of reliables in- However. “Ihe industry is not m ] e situation will improve at a' 
formation on the demand pfos- convinced that this estimate is rale which will permit higher 
pects from the automotive sector reliable .and the NEDO would growth.- but the industry cannot 
aitd notification of the fqandry wish to establish better contacts presently be described as one 
investment plans of tbe /major with • this major customer with major growth potential," 

motor manufacturers. / - sector. 11 ' " . • - - - vpiV little If anv rise in total 

' - A particular problem is that The Non-Ferrous Foundries ^eiy uttie. «»»». *« ^ ^ 

high-volume casting /capacity group “regrets the failure of the Ob jffUBS. 

needs to be planned/and dedi- Department- of. Industry's tri- 

to serntig W» a rk E , it partite vehicle's committee and of ft” chi!? 

full productive performance is its components rob-group to JJJ 

to be achieved," sasS the Ferrous function as a channel of in forma- , m1 * oRskute the industry 
Fo un dries group. , tion.". requires. 1 ... 

“The absence of a dialogue Tbe Ferrous Foundry -working T&® sector worwng party 
witb customers, including dis- party has prepared tentative maintains thpre is a -danger 'that 
ciusloa of their plans for in- forecasts of demand which shows smaller foundries, which provide 
house production of eastings, has a rise of 5 per cent on 1976 out- an invaluable service by pro; 
caused great uncertainty among put by volume by 1980 and 6 per ducinR small \ batches ana one- 
Independent foundries as to their cent, by 1982. ' off castings for a wide range ot 

investment plans. “Those forecasts will need to engineering customers, will firm 

“The fear Is that without a be monitored and the forecast- it increasing!*- difficult to sur^ 
better planning dialogue over or ing bape improved. - vive. I ■ 


Arab oil funds fraud man 



to mllHona' 
funds front 
..Ip fact- no 
available to 


commitment 
in’ ■ advtince- 
the required; 


UNDISCHARGED 8ANKRUPT ing property by deception and that they had ac 
William Morley whb jailed for green a two-year jail sentence of pounds of Ai 
five years at tbe' Old Bailey suspended for two years. He oil revenues, wh 
yesterday for defrauding people was acquitted of the conspiracy such money w 
of Q2S7.000 with false promises charges. , them, 

that they could obtain leans judge John Marnan QC, said „ Tbe y demanded 
totalling £38.5m. from Arab oil ^ f \g, e jury's verdict, with f ?® of 1 ^ 
sources.' whtcbvhe fully agreed, showed P ,us commission o 

Morley. 62. an er-seaman with that JUUick bad entered the ,oan - 
previous convictions for fraud affair ^Innocently, but at a com- ^ >rr p wers ,^ ere . 
who became an r Industrial and par3t tfely late stage realised It JJ tb f toan g ld . D0 ‘ 
financial consultant, was also was 5fraad. - -the fee and comi 

ordered to pay £5.000 proseention „ bp .repaid, but It ne 

costs. Mr,>Dav!d Tudor Price prose- Morley acted as 

He was found guilty on three s *!r, “ at conspirators in and introduced 1 

charges of conspiring between p ^ le ? e 5 , 1 , care Included Mr. Srnitish borrower* to . 

December. 1974. and March. 1975. Francis Alan Zalk. 59 from said to have the funds.- rnri 
fo Obtain property by.decention ,. and - . «uenl Abuk- Tn all they obtained .£2lS7.00P-9n 

and one charee of- att emoting to haul, -Relieved to be In Cairo, promised loans of £18 but 
obtain property by deception. . wbo vmre both beyond the reach no* all that money was fost. 

- Patrick Albert Ronald Killick, of Brftlsb justice. M r . Gibson Lee. 

57. unemployed, was found . He said that these two pre- Morley. reirt that £150,000 had 
guilty on one charge of -obtain- tended tb potential borrowers been recovered. > 


remised that; 
me through " 
lion would 
J*was. ' 
tiie broker 
and 

sources - 


Government 
warned 
on shipping 


By Our Shipping Correspondent 


regis- in tbe meantime, it Is being left 
to the coal consumer in West 


{Welsh • companies to reduce their prices. 


MANY GOVERNMENTS f?U to 
realise tbe extent to which they 
are financially exposed as a 
result of the worsening crisis in 
world shipping. Sir James Dun- 
nett, chairman of tbe London- 
based International Maritime 
Industry Forum, said yesterday. 

Sir James said he stuck to the 
forum's previous estimates that 
Government commitments would 
be in excess of £28bn. in tbe 
next seven years, but there were 
still signs that tbe gravity of 
the problem had not been 
grasped. 

- Sir James said the general 
feeling from tbe forum, which 
reprerents bankers, shipowners, 
shipbuilders and some oil com- 
panies. was that there would 
be more shipping bankruptcies 
as lending institutions fore- 
closed on debts. 

He maintained, however, that 
the hanks were far less -.exposed 
than governments. This was .why 
it. was vital that political deci- 
sions be taken to curb ship- 
building’ capacity and reduce 
excess tannage in- shipp ing 
markets;' ■ 


Protest at pay clause 
in, building contracts 


V 


BY OUR BUILDING CORRESPONDENT 


LEADERS OF the construction Shore, they /objected to the. 
Industry yesterday met Mr. Peter !* claimed 

? 1 b e 0r . e, ^m Cretary 1 f0r theEnviro , D ‘ be implemented, again, 

ment, to complain about the w (ui ou t Parliamentary approval. 
Government’s decision to enforce., c q enforce Government policies 
Its pay' policy by Inserting “ 10 . across a wider range of policy 
per cent” clauses in public sector 'area*. 

contracts. - Tb'e 1 Property Services Agency, 

The Minister was told that the which la the construction sector'* 
industry considered the proposal single . biggest public sector 
unworkable as contractors could client,-!* already using contracts . 
not be . expected to be raspon- with the controversial clause* 

sible for the wage settlements- of- IhfelndaL 

any subcontractor employed on Mr. Shore said he would- dfs- 
a building scheme. -cuss tbe industry's representa- 

Industry leaders also told Mr. tioos with bis Cabinet colleagues. 


Port chief to retire 


By Our Shipping Correspondent. 


MR. WILLIAM BOWEY. 53. executive vice-chairman - and 
managing director of the Port. of cbief-executive . and Mr. 'John - 
London Authority, is. to leave at. Black managing director with - 
the end of this month because of day-to-day control' of the' port’s 
ill health. , operations. Mr, -Prcsland w*® :• 

To I spread the work load the formerly finance director, and 
PLa has made two-appointments Black director of docks.* v* s 
.to cover Mr. Boweys area of Mr. ’Robert WhiteJ .will ' ..be 
responsibility. ■ director of docke'and Mr- I^vid- 5 - 

Mr^John FresIaAd, 47, becomes Baden director; of finanep.- 


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1 




Financial ^Times- Wednesday -March 1 1978 



HOME NEWS 



Shetland’s oil port 
deal may be agreed 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


FINANCIAL TIMES REPORTER 


FARMERS may have lost over 
£3m. during the recent West 
Country blizzards, the National . 
Farmers'- Union naid yesterday. 

The cstlmatrd losses include 
the dealta of around 30,600 
:t wes, touting £Unu: 4ti,ww 
lambs <£800,000); £500,000 in 
lost 'milk production. > 

Glasshouse growers may 
have lost np to £250,000 in lost 
rrops, while . the . dtunige to 
rarra buildings could amonni to 
another £250,000. 

The NFU said yesterday it 
wanted to avoid giving the Im- 
pression of crawling to the 
Government for help. 

The losses had been concen- 
trated on a small percentage 
or (he West Country's 25.000 
farmers, bat these would need 
as much help as possible, it 
said on the eve of a two-day 
visit to the area by Sir Henry 
Plumb, union president. 


AN AGREEMENT covering the 
operation of the port at the 
SuUmn Voe oil terminal, and the 
amount- oil companies will have 
to pay to use iU is exposed 
be given final approval tftrt orrow 
by the Shetland Islands Council. 

It will, runv at least until 
August. 2000. and has taken three 
years -to negotiate. - The council 
will have ownership and control 
of- the jetties, port buildings. 
tURjTmd other equipmem under 
construction, but tbe cost will 
be more than met by payments 
from- companies using the port. 

Mr: Alexander Tulloch. chair- 
man of the council, said yester- 
day- no burden would fall on 


Trawler crash 
public inquiry 

THE DEPARTMENT of Trade 
is to hold a public inquiry in 
Glasgow into the foundering or 
th. trawler Rotche after a col- 
li.sifiu with anolhcr trawler 
Simma 11. which later sank. No 
dale has been fixed. 


Shetland ratepayers. . If accepted 
by the council, the agreement 
would be formally signed with 
the oil companies on March 15. 

Apart from harbour dues, the 
companies will pay 2 per cent 
Of the ' estimated £42m. cost of 
the port each year. In addition 
the .council will receive a levy 
of Ip a tonne of oil passing 
through the terminal, represent- 
ing its share of tbe profits. 

The payments will be indexed 
to. retail prices and to the world 
price of crude oil and mean 
that Shetland will , receive sub- 
stantial inflation-proofed in- 
come. The money will be used 


to protect traditional inaustrles 
from the upheaval caused by oil 
developments. 

Mr. Ernest Urquhart. 
executive, says in a report^ 
council that the revenue! from 
the levy could amount to II - 5 th. 
a year by 1981 (at Dec 
1977 prices) and over th 
life of the agreement re 
could total £25m. This a 
to be on the cautious side. 

The council has also set 
joint venture with two shi. 
comuaTiies. fllvdp Shipping 

Cory Ship Towage, to op 
the three tugs fn the port. A: 
all operating costs will be 
by the oil companies. 


Thames Water Authority 
to discuss price probe 


by James McDonald 

THE THAMES Water Authority 
will hold a special meeting in 
London on Friday to consider 
the Price Commission’s decision 
to investigate the increased 
charges .proposed by Die 
authority in January. 

The authority planned to In- 
crease charges by 15 1 per cent, 
for household ers— ^£5 50 more a 
vear up to £37.50 Tor the average 
London household — and 18 per 
cent, for commerce and industry. 

I Friday’s meeting will receive a 
! recommendation from the 
authority’s finance suh-comimltce 
t on what action could b.e taken. 

• The Price Commission s de- 
letion— announced .on February 

! 17— means that the higher 


* 

* 

& 

charges cannot be Implemented having intensive talks with th* 
during the period of the Inquiry. Price Commission over the past, 
which must be completed by May week and a-half and is hopeful! 
23. that the commission will approves 

The commission, however, is an interim increase in charges^ 
able to allow interim increases effective from Apnl 1- 
and is obliged to do so to tbe This would mean that the com 
extent to which ‘‘safeguard’’ pro- mission would be disallowing^ 
visions on minimum profit levels about £5m. of the authority’s}' 
operate. - - proposed charges anticipated inf 

The water authority has been creased costs. 


Production 
of beer 
recovers 

By Kenneth Gooding 


THE brewers started 1978 well 
with beer production rising 

16.4 per cent, to 2.8m. bulk 
barrels (roughly 806.4m. 
pints). 

However. the apparent 
improvement represents a 
return to more normal trading 
levels. 

January is an unusually vola- 
tile month in the brewing year 
and since 1974 production bas 
been falling, by 2.6 per cent, 
in 1975, by 15.6 per cent, the 
following year and a further 

4.4 per cent, to 2.4m. barrels 
in 1977. 

Distortions 

The January total this year 
was still around 8.5 per cent, 
below the 3.06m*. barrels pro- 
duced by the industry m 1974. 

Another distorting effect this 
year was the widespread expec- 
tation of price increases. This 
would be bound to lead to 
some stockpiling. With interest 
rates at low levels, the cost of 
building stoeks is lower than 
it has been for many years. 


Engineers’ licensing 
6 not practicable,’ 
says federation 

BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


The Industrial disputes 
which bit production In the 
early part of 1977 also had the 
effect of cansing uncertainty 
among retailers and gave them 
even more incentive to keep 
stocks at a relatively high 
level. 


THE Engineering Employers' 
Federation, in its submission to 
Sir Monty Finniston’s committee 
of inquiry into the profession, 
insists there is no case for license 
ing of professionals and “if 
there was, it would, not be a 
practicable proposition." . 

In a written submission which 

wil' not be well received by most 
of tbe professional institutions, 
the employers maintain that 
from and industrial point of 
view, membership of one of the 
institutions . puts little added 
value on a person now that tbe 
minimum qualification is a 
university degree. 

On the thorny . question of 
registration of professional 
engineers, the federation says 
it could raise tbe status of the 
profession. But “ it should be 
simple and the register kept 
carefully by, for example, the 
Department of Industry. It is 
felt strongly that the register 
should not be kept by the Council 
of Engineering Institutions or 
the professional Institutions." 

The federation maintains that 
chartered engineer status should 
be available to eqginers with a 
wider range of academic quali- 
fication than at present specified 

It should be available also to 
mature members of the profes- 
sion who have made a proven 
and significant contribution to 
their industry, irrespective of 
academic achievement 

The federation admits that its 


members are split fn their views 
about whether there is a short- 
age of engineers. “There is a 
suspicion that some of the short- 
ages reported arise from poor 
manpower planning and bad 
use’ of qualified staff." : 

But. there certainly has been 
a shortage of engineers of high 
ealibre coming Into the manu- 
facturing area. The federation 
suggests that able recruits 
could be attracted by more prac 
tica! and integrated university 
course and a better career struc- 
ture in industry, “demonstrating 

that engineering is an excellent 

base for a management career.” 

Sir Derek’s 
cash complaint 

SIR DEREK EZRA, chairman of 
tbe National Coal Board; claimed 
yesterday that he would be just 
as well off as the manager of 
a West German coalmine. His 
nearest West German equivalent 
in the Ruhr coalfields would 
have a take-borne pay at least 
three or four times his own. 

But be added: ‘‘I am not ask- 
ing for more money. 1 am point- 
ing out one of the problems 
we are facing." Sir Derek, who 
is also, chairman of the British 
Institute of Management was 
outlining a plan the Institute 
will- be putting to the., Govern- 
ment 


Gall for big 
increase 
in child aid 

Financial Times Reporter 

UNDER THE Labour Govern- 
ment children were getting their 
worst deal for 30 years, and child 
benefits should-' be raised sub- 
stantially, Mr. Frank Field, 
director of the Child Poverty 
Action, said yesterday in a pre- 
Budget submission. * 

A generous rise in diild 
benefits would curb increases in 
tbe L5m. children now living- 

close to tbe offlei ally-designated j 

poverty tine. It would also COM'-" 
bat the disincentive to work;_ 
which poor families now faced;' 

Examining the Government’s 1 - 
record since 1974. Mr. Field said* 
the tax burden for families hard- 
accelerated far faster than for^ 
other groups, with no commexf?. 
surate changes in benefit 
’ child benefit had risen only 
twice in the last four years, com- ? 
pared with five rises in other 1 
important social security benefits. 

Badly hit 

Families bad been badly hit- 
by inflation, so that “ overwhelm- 
ingly and almost exclusively ”• 
they bad become the princip&r 
victims of falling living stand; ^ 
aids, since oil prices went up. 

Mr. Field also warned of the. 
electoral consequences as families: 
became more aware of dis-^ 
crimination against them. The" 
Government could face an elec-'_ 
tion campaign saying that" 
families were worse off under 
Labour. 

Children Worse Off Under 
Labour by Frank Field — Poverty 
Pamphlet 32; Child Poverty- 
Action Group, 1, Macklin SL, r 
London, W.C.2; S5p. 


Leyland safety cheek 
on Sherpa vans 


FINANCIAL TIMES REPORTER 

BRITISH Leyland is recalling 
211.0U0 Sherpa vans fur a safely 
i-lieek un rear spring retention 
pi. ties. Failure can affcel slcer- 

,ri \vhure necessary, the pari will 
l»p sirenathcned The job takes 
.ilmul one hour and is expeeled 
in cost Leyland more than 
U 45 . 000 . 

Owners arc being coni acted 
through the Driver and Vchiete 
U.ensing Centre ai Swansea. 
Vehicles affected carry chassis 
miirtlKNS UP If* 40215 for senes 


IS5 petrol vehicles and 37723 
far Ihe remainder. 

• The Freight Transport Asso- 
ciation yesterday issued figure?, 
showing that new goods vehicles 
were slightly more defective in 
1977 lhan in 1976. 

Average number of defects per 
vehicle rose from S.27 tu 9 »~ 
These included major com- 
ponents like brake .system?, 
electrical and cab body equip / 
ment. Paintwork wasmlso 
major area of complain*.:. ’ * 


Warshjp builders ‘face 
tougher competition? 1 

BY IAN HARGREAVES. SHIPPING CORRESPONDENT 
BRITISH WAjk-SHIP builders during his injjyth ol 

nmsss. 


[roan ship; aids, was becoming T 0 V anT V^r Ship- 

tougher. ;*n.c .British 5 l ,,, J!j! , l !S l££m tew expreSd ibeir 

yjrfis. and the i«Overniitenl which ( > # * (>rnuna j )un u, “work to- 
vaiPl^wrt- would need jJJkcr to fo«cr the historic |in» 

^^xnSSSSi A 
sa a ti'W r&ss ,o wu * Sh,f 

ThaiWroft. r.HbiHUh the Com- l,u ^ r| ^ ish shipbuilders ha? ap- 

»wm !f> kn-mn in 7 nomti'd Vosper Ship- repairers, 

baMarJ* in Kuwi* and ppm^td^ ^ at ^^pt- 

A He7 also pmpbasiM'd that as the corpuraimn s lead yard for 

ttoti# was Iiuquejt^ of ^if'Sohn Wilde, chairman of 

w co-operaje f uti> J !he ship repair company, said he 
Brr/v-h Shipbuilder Any p i yard's fu , ur e 

Jima tntn >* *** S JK %£E£i to be naval. Much of 
cuiiii'-n> »-rt “""Si'foMiif- tin* would be for foreign navies, 
figcr-hip you id ti-tw hi ruri,oi « hMiah sonic wnu ld he overspill 

, "vine'* o!?;.nisat:onaI matter work from the Royal Navy dock- 
whivh Shaw ha-* >nrtud out yards 


No need to import jars, 
$avs United Glass chief 

BY KENNETH GOODING. INDUSTRIAL CORRESPONDENT 

NO Born.ES or jars need jw lo^r ctfl!. 

uapnrtrd tins year. Mp ' * r » Italian production and be- 
Header, managing Axrww of of Italian ^ ^ ^ ccnl Qf 

V a sic rt Glass. ou«* of ‘ * French rapacity was shut down 

l wo inactt glass iHinimncr injnu- veere closures of C*c^ 

famirrrs. sa:d yesterday- furies and a shul-down of 

Lati year bnporl^ of gl-i-s Ift W est Germany and 

rnniainers roughly Denmark. . . 

STr-ni units hec.tiise ni^l^mcrs ^ Hendcr, whose Lnlted 
did net believe Hriltsh tiianti- _ coin uany manufactures 
farturers cnu?«l cepe *' l n . {hguT one .third of the U-b--P»- 
demami. , U ure< t glass containers. Mid 

In thr* first half year. Hjja! lhat T he fall in Bntoh 

sales wared d> w per cent.. j cman d had enabled mnnufac- 
detn.'ibd then saased durtn,. tn<? . ure ~ s j 0 rebuild stocks lo 
M- on*l hair and was- 3 per mrt. levels. , 

down. Bv riirsi. however, many <ji aps is forecasting 

W< hid tie- users were rommittiU lhJ|| jjyg w ,u be a 

to exp«r! ntUirai'U. vear” and lhai demand .v^lll 

TSiph* were mud* 1 more allrae- ■ „ U f a i an increase 01 

t:i«- hi the low Ci*j» of unp«r*«M . 2J& and 3 per r®“ 1 - 

IwiJiis. tii'iiuiid w Europe fen United Glass expenditure 
mi *?eppiy that manufacturers programme Page 20 

Ibrre wore wtSImg in supP*> at p 


Brick deliveries up 


OUR BUILDING CORRESPONDENT 

delttmto in C«J Ja iKeparimem^«i mates ffiat 
dursr.R January roso in Tiw i P months from 
rum-iured with 2J2« *» I? 'JL- iS?? to the end of 
»ntii before januarv 197*8. output by brick 

p!i»rfics iota tied -h-**- . niunafacturers was 1 P*r cenL 

,,L ltna ! fli'iim collet ted wand ac nivl-rr quarter -but 

Department *t ** ? " -Sf t SSTui the same 
inient show thal pnMi n,h npriml 12 months before- 

'srsa ‘T m 
ii-.strti sss 5 FJ. SfcfaiM 









■ ’ r .^ 

-.Sj. 
- -.' *.• 




Before you invest in a building, you like to 

know what it costs to run. 


l ?Z r 


. i- L-- 

<s- i.'A" 



■why you must plan jw energy use first. , 
It's caHed Energy Management. CmciaL 
ptrenenergv’ODSts 


^□encRcmnfKt for the people in it, and 
JoBg-tam ecanomicai energy usage. 


will only land on your desk later. 

build- What the best balance should bebetweenday- 

.because ever) ouuu u ^ t ^ dele£ ^ c]igb£in2 . 

Modem heat recovery systems. All sorts of 
problems, essential to solve at sketch-plan stage. 
They can also offer, where appropriate, the 


service of a unique computer program calied.BEER 
This can provide your planners with a 
detailed analysis of a building's energy require- 
ments, consumption , and running costs-. All rel e vant 
tari ffs for electricity, gas, oil, coal and water are 
included in the program. 

Its very simple. . 

Before you can save energy, you must plan 
it properly.This is what Energy Management is all 
about Forfufl details, contact your Electricity Board. 


PLAN! 

TheELttlriaty Council, England and Waits. 




8 


Financial Times Wednesday \ March : 1 1978 


PA RU AMENT AND POLITICS 


Owen still 
hopeful 
on Sadat 
initiative 

By Richard Johns 

DR. DAVID OWEN, Foreign 
Secretary, last night expressed 
cautious optimism that President 
Sadat's initiative in negotiating 
directly with Israel to bring 
about a Middle. East peace settle- 
ment was “not simply going to 
run into the sand.” 

He admitted, however, that 
while Syria stood aside it was 
difficult to be hopeful about pro- 
gress. His speech also omitted 
any mention of the Palestine 
Liberation Organisation and its 
claim — endorsed by the Arab 
summit of 1974 — to represent the 
Palestinian people. 

In the most comprehensive 
U.K. statement on the problem 
yet. Dr. Owen gave no indication 
of a shift in the Government's 
policy but emphasised its belief 
in arrangements for demilitarised 
zones as an important part of a 
final peace agreement and 
interim arrangements over a 
period of years. But, while 
recording Britain’s record Of 
opposition to Jewish settlement 
in the Arab occupied territories, 
he failed to make a fulsome con- 
demnation of them. 

At one point, however, the 
Foreign Secretary Introduced a 
proposal that seems bound to 
raise a hostile Israeli reaction. 
Discussing the future of the Gaza 
Strip, he suggested that the prob- 
lem “ could be tackled by reci- 
procal land exchange, hectare by 
hectare, or by settlements.” 

He said: " The Egyptians dis- 
like settlements, seeing them as 
little pockets of Israel with their 
own defence force and they find 
this difficult to square with the 
return of the land to their own 
sovereignty.” 

The Foreign Secretary, en- 
dorsed, in spite of unspecified 
“ qualifications and elaborations,” 
the British Government's view 
that the proposals put forward 
by Mr. Menachem Begin, Israeli 
Premier, last December were 
“ constructive ” — in particular, 
the fact that It was put forward 
as a plan for five years, that it 
was not a permanent solution 
and that It would allow for tran- 
sition to an eventual solution. 


Judge heads inquiry 
into Crown Agents 


BY IVOR OWEN, PARLIAMENTARY STAFF 


A HIGH COURT Judge will head 
the three-man Tribunal of 
Inquiry which is to probe the 
£236m. losses incurred by the 
Crown Agents on their “ own 
account” activities in property 
speculation and secondary bank- 
ing between 1967 and 1974, Mr. 
Merlyn Rees, Home Secretary, 
announced in the Commons last 
night. 

He repudiated suspicions, 
voiced by Labour backbenchers, 
that the inquiry - would take so 
long to complete its work that 
the effect would be little 
different from a “ cover-up ” 
operation, but admitted that its 
report is unlikely to be published 
in less than a year. 

“ It may well, be that the report 
of this inquiry will not come to 
this House, even if this Parlia- 
ment lasts well into next year” 
he stated. 

With these words, Mr. Rees 
gave added weight to another 
suggestion from the backbenches 
that a general election could well 
intervene before the tribunal 
completes its task. 

The Government motion 
appointing the tribnual, under 
the Tribunals of Inquiry {Evi- 
dence) Act 1921. was approved 
without a division. 

Under the terms 'of reference, 
it wilj Investigate “ to what 
extent there were lapses -from 
accepted standards of commer- 
cial or professional conduct or 
of public administration in rela- 
tion to the operations of the 
Crown Agents as financiers on 
own-account in the years 1967-74 
described in the report of the 
Committee of Inquiry on the 


Crown Agents.” 

Mr. Rees recalled that the 
decision to appoint the tribunal 
was taken by the Prime Minister 
after MPs refused last December 
to accept the Government's 
earlier proposal that a further 
inquiry into the own account 
activities of the Crown Agents 
should be conducted in private. 

He gave an assurance that the 
safeguards suggested by the 
Salmon Corvnlsslon to protect 
the interest; of those who 
appeared before the tribunal 
would be applied. 

Mr. John Mendelson (Lab- 
Penistone) who. in December, 
led the revolt by Labour back- 
benchers which overturned the 
proposal for an inquiry con- 
ducted in secret, urged the 
House not to be concerned by 
suggestions that a public inquiry 
ruled out the possibility of pro- 
secutions in the courts against 
those who might be found to 
have acted wrongly. 

He claimed -that it had already 
been decided “in high Govern- 
ment circles ” before the 
December vote that there were 
not going to* be any further 
prosecutions, 

Mr. Mendelson said the 
tribunal would ensure that any- 
one who had engaged in wrong 
practices would be “ shown up ” 
and named so that the whole 
nation would know who was res- 
ponsible. 

The "cover up ” suspicions 
were first expressed by Mr. 
Arthur Lewis (Lab.) Newham 
(NW) who envisaged the 
tribunal taking a considerable 
period to complete its task. By 


the time its report was published, 
it would be found that no action 
could be taken. He feared that 
“ top people in top places ” 
would get away with things. 

Mr. Michael English (Lab, 
Nottingham W) stressed the need 
for the tribunal to examine 
officials from the Ministry of 
Overseas Development, the 
Treasury and the Exchequer and 
Audit Department Inquiries be 
had made suggested that there 
were no proper accounts relat- 
ing to transactions involving 
millions of pounds. 

Mr. Dennis Skinner (Lab, 
Bolsover) described the tribunal 
as the best inquiry that could 
be obtained in the circumstances, 
but he still felt sceptical about 
the outcome. Those involved In 
the affair included the “ most 
powerful lobby in the land ” 
which embraced the Treasury, 
the City of London and the Bank 
of England. 

“This is a very formidable 
institution. I know only too well 
that when that kind of establish- 
ment gets together and decides 
on a certain course of action the 
chances of anything emerging 
are more than a little remote.” 

Mr. Skinner agreed with Mr. 
Lewis that the proceedings of a 
tribunal were likely to take so 
long that the neople Involved 
might be “ let off.” 

Mr. George Ctmnlngham (Lab-. 
Islington South and Finsbury) 
said he had questioned the use 
of the tribunal of inquiries pro- 
cedure from the outset because 
he believed that the ultimate 
conclusion would be that It was 
unfair to blame individuals. 


Jobless would rise lm. 
under Tories— Callaghan 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


A PREDICTION that the number A debate was more likely after tlon and the trade unions. It was 

rxT V'ir'r,T’i unemployed would soar “ by Easter, he said. right that the matter should be 

Dr. Owen acknow edged Arab at ] east a minion” if the Con- On unemployment, Mr. debated but the House should 
reservations but. noting the pro- were returned to Callaghan maintained that the await the Government's review 

power was made by the Prime Government had saved hundreds which would certainly be finished 

5 « e f Minister id the Commons yester- of thousands of jobs by the intro- In time for a statement before 

the past 30 years asserted: I .... 


u* c na 3l L day. auction of a wide range of Easter. 

am unhesitating in advocating Mr caiiag^ 3 i S0 declared schemes. This, he said, was in Mr. Callaghan also thought it 

if Sir Keith Joseph, Tory the face of opposition from Mrs. would be necessary to introduce a 

t 0 ^Klru,°ti eS « a ^o^ spokesman on industry, had his Margaret Thatcher, the Conserve- Bill In due course.- This was 

absolute certainty as to its ^ , lthe rtecl jndustry wouId u - - 


ndustry 
be wound up next week." 


tive leader, who had steadily taken as referen«tto legislation 
voted against all the plans to help which is needed tq increase the 

L of ^ 


sitional 
ing 

outcome." 

On the Palestinians, Dr. Owen He was replying to an Opposl- the shipbuilding ’ Industry, borrowing powers 
went no further than restating tion attack over unemployment, textiles. Furniture and clothing, corporation. i - 
the EEC view expressed last coupled with demands for an Mrs. Thatcher -intervened to Mr. Roy Hnghes, (Lab New- 
summer to the effect that a solu- early Government statement and call for an early debate on the port) warned that theGovern- 
tion to the problem of their debate on the British Steel select committee report She ment was duty bound to Jionour 
“legitimate" rights, involving Corporation, as recommended in pointed out that the corporation Lord Beswick's recommendation 
an expression oF national iden- last week's critical report from was losing about £10m. a week against any immediate closure of 

tity, would have to involve tak- the Selection Committee on and that the House had a duty to Steel plants, 

ing into account " the need for Nationalised Industries. debate the position as soon as Mr. Callaghan replied that if 

a homeland for the Palestinian jvj r . Callaghan indicated that possible and consider some of the the British Steel Corporation or 

people-" there would be a Government judgments made by the commit- the Government had adopted a 

Britain was reluctant to state statement on the matter before tee. process of closing down plants 

Its own categorical view prior to Easter hut it was unlikely that Mr- Callaghan told her that the without consultation, there would 

the negotiations but would try it would be preceded by a Com- Government was conducting a be chaos in the industry to-day. 

to circumvent this problem for mons debate along the lines very deep review of the situation Left winger Mr. Nell Klnnock 

the present, he said. recommended by the committee', in conjunction with the corpora- (Lab. Bedwellty) told him teat 

idea of 


FOCUS ON ENOCH POWELL’S CONSTITUENCY 

A national figure has 
his local difficulties 


although Mrs. Thatcher’s 
“butchering the industry whole- 
sale ” was no answer, courageous 
decisions on manpower and in- 
vestment still had to be taken In 
the steel industry. '• 1 

The Prime Minister said he 
hoped that the -future size of 
the British steel industry [was 
going to be debated seriously, 
“or are we to take it that the 
Onposition wants to- wipe] the 
whole thing out Irrespective of 
the consequences?” he asked* 


Devolution 
battle 
switches 
to Wales 


By Ravin Reeves, Webb 

Correspondent 

THE COM3HTTEE stage of the 
Wales Bill starts in the Com 
mons to-day — St. David’s Day — 
and the pro ar/i anti-Assembly 
forces, in the principality are be- 
ginning to stir themselves for 
the possible referendum battle 
later this year. 

On Monday, an assortment of 
Labour, Liberal and trade union 
representatives relaunched the 
Wales for the Assembly cam- 
paign, after a year of inactivity 
following the defeat of the 
Government’s original devolu- 
tion Bill guillotine. 

Campaign steering committees 
are being organised throughout 
Wales aimed at building a broad- 
based umbrella organisation 
which the organisers hope will 
tr&nscend traditional party poli- 
tical allegiances. 

The next few weeks are likely 
to witness the appearance of 
other groups, such as Welsh 
sportsmen and mitertainers 
seeking to counter the wide- 
spread belief that a “no” vote 
in the Welsh devolution refer- 
endum is a foregone conclusion. 

The chairman of the Assembly 
campaign, Mr. Elystan Morgan, a 
former Labour Minister at the 
Borne Office, put the growth of 
this impression down to the fact 
that the antis have " dominated 
the pitch ” over the past year. He 
is confident that at the end of a 
campaign stressing that devolu- 
tion offers a chance of better 
government for Wales, there will 
be a solid vote in favour. 

Cash appeal 

The pros admit that money 
could be a problem, now that the 
Government has rilled out any 
direct finance. Initially the cam- 
paign Is 'appealing for £10,000 
and eventually £50,000 towards 
countering what the organisers' 
fear will be a flood of financial 
backing for the antis, particu- 
larly from tee business com- 
munity — with tee encouragement 
of the CBI and similar organisa- 
tions. -•• 

So far, the anti-assembly 
forces have not established a 
similar body. They are hoping to 
hold a' dinner for all interested 
parties soon in tee belief that an 
umbrella . organisation will 
emerge. 

But a major difficulty is that 
Labour’s anti-Assembly leaders 
including the four vociferously 
anti MPs Leo Ahse, Donald 
Anderson, loan Evans and Neil 
Klnnock, wiH hardly be anxious 
to collaborate with tee only 
official anti-devolution party in 
Wales, the Conservatives. 

Even so, pro-d evolutionists 
recognise they will have their 
work cut out As an interesting 
new book;* on tee politics of 
devolution makes clear, what 
used to be called “Home Rule" 
has been an issue in Welsh 
politics on and off since the last 
century but tee grouudswell in 
favour has receded in the past 
and in to-day’s more difficult 
economic climate, without the 
lubrication of all revenue, it 
could do so again. 


LABOUR N 



IN County Down, as elsewhere, 
people simply cannot agree about 
Enoch Powell. In his sprawling 
constituency of more than 90,000 
voters, the experts are evenly 
divided on whether he will sur- 
vive the coming general election. 

For Mr. Power's majority of 
3.567 is the dfolnnest of all 
Ulster's Unionist MPs. K is less 
than a tenth of the winning 
margin notched up by most of his 
colleagues. . 

In spite of strenuous con- 
stituency work and undoubted 
national stature, Mir. Powell has 
opponents both within and with- 
out the Official Unionist party. He 
has been threatened with expul- 
sion from the Unionists’ ranks 
at Westminster and there have 
been attempts to prevent his 
re-adoption -in the constituency. 

At first glance, there seems 
little incentive for Mr. Powell 
and tbe Official Unionists to fight 
the next election together. Yet, 
when the date is set, that 
familiar, slightly bowed figure, 
with the unnervingly level gaze, 
will once again be touring the 
Orange Halls. 

Unfortunately tor him. though, 
he will not be the only Parlia- 
mentary candidate in South 
Down tapping the Protestant 
Unionist vote. A 5S-ycar-old busi- 
nessman. with almost 40 years in 
local politics, is planning to 
present himself as the " true 
Loyalist" candidate. He is Mr. 
Cecil Harvey, who will be run- 
ning on the joint ticket of the 
Rev. Ian Paisley's Democratic 
Unionist Party and Mr. Ernest 
Baird’s United Ulster Unionist 
Party. 

Mr- Harvey wilt not win South 
Down where Unionists are rural 
moderates and not the sort of 
industrial working class 
Protestants who opt for the 
Patsley-Baird brand of militant 
loyalism. But he could pick up 
about 4,000 votes— enough to cost 
Mr. Powell his scat. 

Mr. Powell's second problem Is 
more subtle, it concerns his 
character as a man of rigid prin- 
ciple and his own logical, but 
alien, brand of Unionism. 

Last year, he emerged at West- 
minster as the mentor of the 
Unionist MPs. and has since led 
them ineluctably toward the con- 
cept of integration. That has not 


BY GILES MERRITT 


W'WV'l * f- 


is 


V,~' ■ 




Mr. Powell . ..“ hypnotic.” 

only made him^ enemies among 
the many Loyalists who see the 
return of a majority rule 
Stormont Government as their 
sole aim. It has also made him 
appear “unreliable" in a con- 
stituency where traditional 
Unionism and the unquestioning 
acceptance of local demands is 
expected. 

“ Powell," says one local 
observer, “ fights tike a tiger for 
some constituents. But for as 
many others, he refuses to accept 
that their gripe is valid. The 
trouble is that no one ever knows 
wbetber their own case fits In 
with his principles or not.” 

Although some critics still 
maintain that Mr. Powell was 
“ parachuted ” In on them in 1974 
for that year’s October election, 
he has done much to establish 
himself on the South Down 
scene. He bought a home in the 
constituency, a terraced worker's 
cottage in the village of Lough- 
brickland. where be and his 
family often spend week-ends 
and holidays while he pursues 
constituency business. On agri- 
cultural policy and the Iniquities 
of the EEC Common Agricultural 
Policy, he frequently strikes a 
responsive chord when' addres- 
sing local meetings. 

It would, no doubt, have 


helped Mr. Powell In his coming 
election struggle if he bad been 
able to find common ground with 
Mrs. Thatcher on immigration 
and effect some form of recon- 
ciliation with the Tories. Race 
means nothing to County Down. 
But its Unionists are gut con- 
servatives who would feel 
happier if he had not helped to 
prop up Mr. Callaghan’s 
minority Government. 

Mr. Powell’s chances of retain- 
ing what was once a solid 
Unionist seat, with at least 

10.000 spare votes, will depend to 
a large extent on the equal dis- 
array of the mainly Catholic 
Social Democratic and Labour 
Party opposition. Thee con- 
stituency's electorate is 40 per 
cent Catholic, and had it not 
been for splits and abstentions 
in 1974 a 33-year-old Newry 
schoolteacher, named Sean 
Hollywood, might well have 
pipped Mr. Powell at the post 

Mr. Hollywood, with a back- 
ground in civil rights and com- 
munity affairs, was an SDLP 
moderate and has fallen out 
with the party because of Its 
drift towards nationalism. He 
will not run again. 

Last time, he polled 30.000 
votes, or 46 per cent, but 
although credited with a high 
personal vote, he also lost about 

4.000 crucial Republican votes 
in the Mountains of Mourne 
through abstentions. Tbe SDLP's 
position will be eroded at the 
next election by a challenge 
from the new Derry-based Irish 
Independence Party. 

South Down's winner will be 
decided by “ the arithmetic of 
tbe splits.” 

If Cecil Harvey can build an 
Unionist voters’ resentment or 
Mr. Powell's refusal to demand 
the return of Stormont and 
devolved government, the incum- 
bent member may well lose. The 
Unionist hierarchy’s respect for 
him as a Privy Councillor and 
architect of tbe party's new 
authority at Westminster counts 
little in local politics. 

But If the SDLP falls to mar- 
shal the disheartened Catholic 
vote, Mr. Powell will win by 
default. There remains, too. an 
element that does not register on 
the psephologists' sllderules. 
“Powell" commented one local 
political worker, “ is hypnotic.” 


W. German RR In to-day’s debate, pro-devolu- 

vv • viwrnou tlonists in the Labour. Liberal, 

and trade union ranks are going 
to present tee measure as a 
logical development towards 
better Government in Wales, and 
a natural swing from the bureau- 
cracy of the Welsh Office, first 
established in 1964, towards 
democratic accountability. 



system ‘best j 
for Britain’ 

By Richard Evans, Lobby Editor 

THE WEST German electoral 
system of proportional repre- 
sentation Is recommended as a 
good basis on which to reform 
tee UJL’s electoral machinery 
in a pamphlet published yester- 
day by tee Parliamentary. Demo- 
cracy Trust. 

The author, Mr. Richard 
Holme, director of the National 
Committee for Electoral Reform, 
seeks to refute the objection 
often cited against PR, that lr 
produces “ weak.” coalition 
government. He says that- West 
Germany has had coalition 
government under a PR system 
for most of the time sinte 1949 
and tee political stability that 
this has . produced stood tbe 
country’s economy In good stead. 

“Major policy changes have 
been gradual and more in step 
with lead-times needed for major 
investment decisions in' indus- 
try than has been the case In 
Britain’s frenetic governmental 
zig-zag since the second, world 
war,'* he writes. 

A Democracy Which Wortts; an 
analysis of the West German 
electoral system. The Parlia- 
mentary Democracy Trust Wp- 

Work subsidy 
banding study 

THE GOVERNMENT Is pre- 
pared to examine the possibility 
of firms banding together to 
qualify for (he Tempon ry Em- 
ployment Subsidy. MPs w ire told 
yesterday. 

Mr. Clement Freud (I Isle of 
Ely) said be was not satisfied 
that ten employees was 8 -ealistic 
minimum number to qu lify for 
the subsidy. He said the Govern- 
ment should consider a : cep ting 
applications where a no nber of 
firms formed themselve into a 
co-operative. 

Hr. John Grant, Employment 
Under-Secretary, replied that the 
Government could look at this 
suggestion, but any redaction in 
the subsidy threshold would lead 
tn administrative problems and 
add to tee current backlog. 


Abstentions 

They are keeping their dis- 
tance from Plaid Cymru, arguing 
that the Welsh nationalists want 
something completely different 
— separation. And within Plaid 
Cymru there are voices advocat- 
ing at best an abstention cam- 
paign, if not outright opposition 
—on the grounds that "tee Bill 
does, not go far enough. 

The Welsh Assembly proposed 
by the Government would be a 
very different animal from its 
Scottish counterpart. Whereas 
the Scots are being offered some- 
thing akin to a mini-government, 
with legislative powers, the 
Welsh Assembly would be more 
like a souped-up regional 
authority. 

It would have executive powers 
only, and work mainly through a 
series of specialist committees, 
debating the distribution of the 
block grant banded dawn by 
Westminster. The assembly 
would draw up plans for the 
reform of Welsh local govern- 
ment, the Conservatives’ 1974 re- 
organisation being widely 
regarded as unsatisfactory 
throughout Wales. 

To the extent that tee Wales 
Bill does not Impinge upon the 
sovereignty of Parliament it 
ought to have a smoother passage 
through Westminster than tee 
Scottish Bill. It Is being noted 
with Interest in Cardiff that Mr. 
George Cunningham MP, tee 
architect of tbe 40 per cent, 
threshold amendment in the Scot- 
land B1H, said last week teat h? 

regarded the Welsh Bill In a very 
different light. 

But clearly, the wind is still in 
the anti-devolutlonlsts sails and, 
until the referendum gets the 
green light, it is likely to remain 
so. 

"Creatine conflict : The Politics 
af Welsh Devolution, by John 
Osmond; published by Routiedfle 
and Kegan Paul ; £4£5. 



Tern# Kir* 


Support job 
schemes 
for young 
people 
-Booth 

By. Our Labour Staff 

MR. ALBERT Booth, Secretary 
for. Employment, appealed yester- 
day to rank-and-file trade 
unionists to support new pro- 
grammes for helping the young 
unemployed. 

-Hlsral! (or local union good- 
will, In line with the “full sup- 
port " already given by the TUC, 
came with Ae announcement of 
the final details of the Youth 
Opportunities Programme. 

The programme, to be run by 
tnc Manpower Services Commis- 
sion, is designed to provide about 
J»4.0po young people each year 
with a chance to train and 
experience of work, at a cost in 
the first financial year 197S-79 of 
£l40m- 

The budget figure for the pro- 
erantme. expected to mount to 
about £8t»m. over the next five 
years, does not. however, take 
into account tee savings made on 
unemployment benefit 
Tbe commission is also launch- 
es * programme to provide 
25.600 jobs for those aged 19 and 
over. The budget in the first 
year for this Special Temporary 
Employment Programme is £50ra. 

Both programmes will start in 
April but projects will continue 
under the Job Creation Pro- 
gramme. which ceased taking 
aonlicatinnc at the end of last 

THE THREAT of mornings-only If was rejected as " penti- year,- until jw^mber 31 at a cost 
schooling grew yesterday when cious" by the teachers’ unions, tn^ veay of f72m. 
a second teachers union said it which are claiming 125 per cent. Mr. Richard O Brim, rtnirman 
would join a National Union of The NUT decided to ask its 5S8 of commission. wrt yesterday 
Teachers dispute. branches to organise sanctions. thPre were severer differences In 

The 100,000-strong National The action includes refusal to aooronrit between the old and the 
Association of Schoolmasters and suoervise pupils during the lunch new schemes. 

Union of Women Teachers con- break. In previous disputes that y-v 
firmed it would follow the caused many schools to close at villainy 
240,000-member NUT in operat- mid-day because they could not *),» Government ravine 

inS « S f IIC £5* f“^«e Children’s safety dur- {o ™ u 

“L. ina £f.?u?^Li P mpmhershini ^ ^ mlerva ^ would enable the commission to 

The combined Similar action will almost cer- imorove the quality, 
represent a^outthre 6 grt*” toinly be recommended to mem- The integrated nature of the 
? f r „ te?«ung of the National Association overal , programme would enable 

foroe in England and Wales. f Schoolmasters and Union of people to move from ihe training 

■rWtrati on 6 oir^Monday^ltieht— Women Teachenrwhen its execu- J™rk TxperiSnre 

to nut a l? Per cent tive mects on Fnday ' project? and vice versa according 

5St“S toh.1 risfin the • Mr. Bernard Wakefield, assis- to their needs. 
lUvbill torschootteaSere °oute ta n * general secretary, said The biggest alocation for the 
nf rViP ■Rorflpr From April 1 yesterday that teachers were youth programme goes to 
f The rises come nn top of the angry and frustrated at the con- Merseyside and Cheshire with 
W the teachers' normal tempt in which tee authorities H3.3m. for the coming financial 
teacners- norma wmM %Q ho1d a g^up not pre- year . The North West has been 

Ak a result the education Wed to take industrial action, allotted £22.3m. and Scotland 
authority employers wanted to • He said teat groups which had £21^m., of which £12.6m. goes 
hold back 1 per cent to cover -shown “ muscle." such as the to Strathclyde, 
the incremental cost and removal firemen and the police, had not The North West and the Mid- 
of anomalies caused bv incomes only got a good 10 per cent imJs have tee biggest alloca- 
policy and offered only 7 : 9 per salary rise, but also a commit* tlon for the adult scheme with 
cent. V ment to the future." £6.7m. and £6-2m. respectively 

while Scotland receives £5.3ra. 

In the adult scheme, through 
which unemployed adults will be 
employed on projects for up to 
a year at the agreed rate for the 
job. the commission aims to pre- 
serve "confidence" and “a 
sense of pu/pose" among those 
who have bfc^en unemployed for 
six to 12 months. 

■ Under tee youth programme, 
tee unemployed will be paid a 


Mr. Sid Weighell, general secretary of the National Union 
of Railwaymen, with Mr. Alan Rees (right), the national 
president, in a serious mood at a meeting of the anions 
executive yesterday. 

Schoolmasters will 
support sanctions 
oyer 121% claim 

BY MICHAEL DIXON, EDUCATION CORRESPONDENT 


Talks oh 10% print 

pay increase 


BY PAULINE CLARK, LABOUR STAFF 


TALKS on the finhl details of a claims delays in response by gudu&flst ijate 
probable 10 per c£nt. wage settle- some Union members. J19.5Q free of t ax and National 

meat for about 200.000 provincial Mr. Joe -Wade, general secre- Insurance Contribution. 

printers are to take place this tary of the association, told the . 

week in spite of continuing areas federation and Newspaper 
of trouble over. pay. Society negotiators that tee 

Tr ... Government’s determination to 

If remaining obstacles are re- in ner cent nollcv 

an ass a re 

S3 cl JMMM S * 

the end of March. ^ iederation said it had 


Duiwich\ 

i 

hospital j 
inquiry 




. . — ~ . _ . The tenerauon sain it nan - ■ < 

The British Printing Industry agreed readily to a 10 per cent AN INDEPENDENTtinqulry is 
Federation said yesterday that increase and there was a mutual to be held abou** roiiurieh 

distribution of a proposed pay desire to see attached to the deal Hospital, South Lon 

increase within Government an umpmpnt tn review the np?n- hie 


increase within Government a n agreement to review tee nego- industrial action has 

guidelines was one of the main basing structure after the indefinitely all surgic 

issues holding up the signing of settlement date in April. tioni in the main theat 

a deal with four print unions. The unions have asked for Th» hospital administH 
This followed a decision by tbe established machinery to pur- NigelArmslrong, said “ 1 
unions to forego for tee time sue negotiations on at least five an independent inquiry, ~ 

being their earlier claims for sub- points including introduction of held in ‘-private; and will 

stantiai rises — although some a 35-hour week, restoration of ing at tee workings of 
small printing companies are differentials and consolidation main theatres, relatio: 


Dulwich 
where 
med 
opera- 


tor, Hr. 
will be 
irobably 
loofc- 
[e two 
whips. 


small puuLuig lumpauies arc wjiereuuai# aiiu cviiwruudiiuii main Iqeatres, rcinnu - - 
said to be affected by pressure of the Phase One and Two sup- attitudes and' workloads. V The 
from National Graphical Associa- plements. sooner 'It makes its reportXthe 

tioa members for pay increases The employers’ side has made better, from everybody’s pw>int 
in breach of tee 12-month rule, it clear that it Is not in a post- ol view.” Jb 

The campaign has becen sus- tioo. to enter into p recommit- Four unions represeqtung 
pended— apparently because of raenfs. Further benefits would theatre staff have agreed to aw 
the TUC policy on maintaining depend on tee industry's ability investigation but,, by agreement, 
a 12-month gap between wage to pay and tee need to avoid nobody will say what the row Is 
settlements. But the federation damage to production. ^ ~ - a ' A ™ e 


Hopes rise of steel deal 


BY OUR LABOUR EDITOR 


nobody will say — . . 

about. Mr. Armstrong said tee 
problems “involve relationships 
more, than anything else." 

The agreement means that 
emergency surgical patients will 
have to go -to other local 
hospitals. Patients on the waiting 
list for surgical treatment will 
and also have to go elsewhere. 


THE BRITISH Steel Corporation conditions on cost-cutting 
said last night that it had reached industrial relations. 

“a large measure’ of aareement” This offer ..has already been 
the National Union of accepted by the- industry’s blg- 
Blastfurnacemen on a new pay gest 'union, the Iron and Steel 
deal. Trades Confederation. Steel 

Talks were adjourned in Lon- craftsmen’s, unions are holding 
don, partly because of the threat a national 'delegate conference 

of a rail strike, after four hours, this month to test their 27,500 wnRKFRS in Wales 

and another meeting will be members’ reaction. WORKERS i In i wales 

fiiprt tn the blastfurnacemen s talks, who are members or the national 

The NUB te seeking a rise of covering 11.000 workers, there Union of Public Employes have 
about 12 per cent., and is thought are still two sticking points, but rejected their latest pay offer, 
to have been offered uo to 10 per BSC ;«eemed confident yesterday They are threatening industrial 
cent provided it accepts a list of that they would be resolved. .. action If It Is not improved. 


Water workers 
reject offer 


Sea unions hold merger talks 


BY NfCK GARNETT, LABOUR STAFF 


THE TWO largest unions repre- 
senting merchant navy and 
radio officers have begun tenta- 
tive merger talks as part of a 
general movement towards tee 
creation of a small, specialist 
but potentially powerful sea- 
men’s group. 

The 40, OOO-strong Merchant 
Navy and Airline Officers’ Asso- 
ciation has approached the Radio 
and Electronic Officers’ Union 
which is due to discuss tee 
merger proposition this year. 

The two unions tend to face 
the same kind of problems In 
relations with employers, as in 
recent pay disputes involving 
radio officers in the Norte Sea 
and association staff who man 
cutters which ferry pilots out to 
ships. The latter dispute was 
settled yesterday. 

The suggestion is that a separ- 
ate committee representing 
radio officers, possibly including 


electrical officers in the associa- 
tion would be set up to repre- 
sent : radio staff under the 
umbrella of the main union 
council. 

The association has close links, 
including tec use of some joint 
officials, with the non-TUCafflii- 
.ated j Mercantile Marine Service 
Association, which represents 
ships’ masters. 

The merchant navy officers’ 
union wonld like to see those 
link& strengthened and. if there 
was full support from tee associa- 
tion, the merger with the 
captain's union. 

The assoctaton also might look 
Tor a long-term arrangement with 
members of the Amalgamated 
Union of Engineering- Workers 
as it has with the Electrical and 
Plumbing Trad® Union. 

A formal arrangement exists 
- whereby electricians who are 
members of tee electrical and 


plumbing union become fully 
paid up members of the mer- 
chant navy officers’ association 
during any lengthy period of 
work at sea, reverting to the 
union when they return- to 
permanent on-shore work. 

A similar arrangement for 
engineers would be welcomed by 
tee association. Tbe merchant 
navy officers' union has stressed 
that talk* on this would be 
geared to long-term, proposals- 

An agreement that this was 
the best way forward would have 
to be made by Individual sea- 
men’s groups who' generally 
have an amicable -relationship 
among themselves. 

• Planned industrial action by 
association members on pilots’ 
cutters has been- withdrawn. 
Trinity House- said yesterday. 
Ministers had agreed to full 
Implementation of tbe latest 
pay agreement for these officers. 




Northampton* like a human being* lias, evolved, matured 
and developed its character with passing years. Succeeding 
generations have established its importance, traditions, 
employment, social, recreational and cultural amenities and 
a strong sense of community. Experience has proved how 
necessary these qualities of life are. Their absence is a 
handicap to a settled and full life in new surroundings. 

But these qualities take generations to mature. In 
Northampton we are fortunate. We are able to harness all 
the advantages of an historic and well established market 
town of regional importance, with those of a new town - 
new homes, schools, shops, community facilities, jobs and 
new opportunities for a total population of 173 000 people 
by the mid i98o’s. 

Add to this - Northampton’s location, on the Ml 


motorway, midway between London and Birmingham,- the 
boundless opportunities for industrial and office develop- 
ment; an excellent employment record; a labour relations 
record that is one of the best in the country; a success rate 
that in the past seven years has seen 4.6 million square feet 
of factories and warehouses completed, 1.2 million square 
feet of offices completed, 10000 new jobs created, 13000 
new homes built - and it is easy to see why, over 200 firms, 
including 20 from overseas, have chosen to share in 
Northampton’s history, its growth and its success. 


For further details phone 0604 34734 or write to: 
L Austin- Crowe, Chief Estate Surveyor, 
Northampton Development Corporation • 

2-3 Market Square, Northampton NNi 2EN 



10 


Financial Times Wetesday Manfc 1 1978 


tadnlBal Page : 

BHTED BYARTHURBENNETTAND TH) SCHGETEBS U C! 


• COMPUTING 

Users given much 
more power 

DEC, whose qmnii machines are its. small Tmmfrihwa as "compo- 
legion and whose large machines nents n for equipment ranging 
are considered by the DATAPRO from plant controllers to gas 
organisation in. the U.S. as chromatographs, will now begin 
among the best, so far as user to think in terms of using the 
facilities are . concerned, is larger machine it is now offering 
launching a new machine at the in much the same way, where 
big end that operates with as extra local processing power in 
little regard for the environment a commercial environment is 
as do the minis. required. 

Decsystem-2020 costs £99.000 This J machine represents a 
in its smallest viable format and move downward from the large 
comes with a series of languages, computer'environment to enable 
ability to support many tim*. s T oaUer “f 15 ente ? 
sharing users, to run several an earlier stage. In contrast, 

coSenTbSih ope^tioSTMd n J® ^ 

to handle transaction-oriented W1 ^ 1 lts 32-brt word length, repre- 
processing. Bests a long step upwards from 

,, . the mini. 'especially for applica- 

The normally power-hungry tions where speed is important 
sections of the machine and its DEC is also launching a new 
anc ffl*£ ,e ! consume heavyweight; the 2060. with a 
£_ L4kW, which is appro si- more advanced processor, solid- 
one-tenth of the power state main memory, more disc 
■a o sorbed by a mainframe of storage and more comm uni ca 
comparable processing ability. It tions capability. It starts at just - 
does not need a special computer over £400.000. 
ro ° m ; Digital Equipment Corporation, 

indeed, DEC considers that Digital House. Kings Road, Read- 
many who hitherto have bought ing, Berks. 0734 583555. 

Talks to big machines 


HANDLING 



_ HEATING 

Comfort with economy 

ACT ELECTRONIC programmer returned to by switching batik to 
for central hearing and domestic automatic contr ol. The pro- 
hot water from Satehweil Sunvic grammar has wo indicator 

will offer the user a greater lamps; one tor hot water and one 
degree of control of domestic for central heating* to indicate 
heating systems and— when com- when the selected function is 
bined with room and cylinder operating. 

thermostats — provides new. start- Another feature of the system 
Sards of control for both comfort is Its electronic digital clock 
levels and fuel economy. which can be used as a normal 

The programmer divides the domestic dock, as well as pro- 
24 hour day Into 12 different time Tiding the timing basis for the 
periods. Individual switches for setting of an automatic pro- 
each of the 13 periods of the day gramme. Installation and opera- 
can be moved independently to tion of the programmer are both 
any of three positions — hot water, easy and simple— -It can be 
central heating and hot water, or linked with existing controls 
off. operating any type of domestic EQUIPMENT 

In addition, two 



lMfaneansmosee 

thamnefcal 

jmCU 1 ^tlQllill en ^Iem wtn| r 


PROCESSING 


Of 

plastics pipe 


_ _ for fast and 

over-ride heating system incorporating a reliable butt fusion joining of 

switches allow either -the central gas. oil or solid fuel automatic large bore plastics pipes, such as 
heating or hot water or both to boiler. those used in gas mains, has been 

be switched continuously on or Satehweil Sunvi^ watling developed by Haxey Engineering, 
off without disturbing the pre-set Street, Motherwell ML1 SSA. using Hax&m double acting air 
programme which can be Motherwell 66277. cylinders to provide the required 

fusion pressure of about 2-2 bar. 
British Gas has accepted both 

• COMPONENTS ^ equipment 

w for the l aying of pipe from 63 to 

For motor protection Bm-si 

UNITS based on positive tem- nected to a tripping module outdoors, relying on the general 
perature coefficient thermistors, containing a bi-stable solid state availability of spares for the 
designed for electric motor pro- amplifier and an output relay, cylinders, 
tection have been put on the Sensors are available with trip Th« unit grips the ends of two 
market in this country by values from 50 to ISO deg C for lengths of pipe which have to be 
Siemens. stalled motor current densities tomed, faces'. them using an 

Designated SUN, these units in the stator of up to 70 amps/ integral cutter and heats them in 

will protect the windings against sq. mm. a to-eset “ina and temperature 

undue temperature rise due to Versions of the unit are offered - • 

overload or overvoltage; they can with an LED. trip indicator, t«o ends are then forced 
also be used in transformers and manual re-set and a test button, Joficther by the air cylinders and 
COLES CRANES, which to date infinitely variable boom length n uftions. A useful facility is that f 0r monitoring the temperature and also for the protection of up held till the joint has fused, 

has confined the use of hydraulics between eight metres {26 feet) ifjthe crane is slewed bey oral. ^ j n beartnga. to six machines at once. More from :Compair Maxam. 

to trtirk-m minted units used xad 13 2 metres (43* feet). The 9ff degrees to left or right, road- Th e sensors, normally used in Normally however, re-set is auto- Camborne, Cornwall. 0209 71 2750. 

IcLrKon lightweight- aluminium sheaves wheel steering .is transferred a one p er phase arrangement that made, occurring when motor and 
long I e bearings, from front to. back to .maintain fails ^e (the motor stops) if a sensor cool down.. More on 

hidKlllc desSSof mobile crane Tf e resaJt ‘ 18 ™Pressiye anonnal steering- feeL” connection is broken, are con- Sunbury-on-Thames 8568L 

nyarauiic design ofmoDiie crane performance -specification. For :.The power unit, of low profile 

— .vrr, the Hydramobile 911, able example, dgrri eking . takes about to prevent obstruction of the 

TAKEOVERS have their 1 own At the same time, the world to up to nine tonnes. 2Q seconds/hoisting of a 2} 'tonne chiveds view if self contained 

inbuilt problems, particularly in installed base of 1500’s is now Prime mover is a -Ford- 271115 j oa a without boost takes place and mounted on a fabricated bed- 
computing. However, ICL is over the 8,000 mark and many four-cylinder water-cooled unit a t 33.5 metres/min. (U0 feet/ plate. Easily removable, it con- -m -w * w 1 

overcoming most of those of these are in the U.S. If ICL developing 71 bhp at 2.500 rpm; min.) which is almost doubled tains engine, radiator, aircooler, U OT*f| ATlAfl IIV IQCAT flASHYIC 

inherent in its acquisition of wants to make a dent there, its this drives three hydraulic pumps with boost. - r air cleaner, exhaust system, AJL4UL UvUvU Uf luOV'l 

Singer. The latest announce- bigger machines have to be able directly (total output 350 Furthermore, die crane can hydraulic pumps and 12 volt tipvp-t OPMFNTR tnrv weld thickness is 

ment in tois line of development to talk to the inhabitants. litres/min.) which service _ the slew on the chassis at 4 flim, can starting equipment. kwSnSde S -mm steed but it 

is that ICL Dataskil has produced Another aimnuocpment nf im- vanoua mov e“e nt s motions, telescope its boourat SB-metres/ Optional equipment for .the ™ the '■ J fW «ri)on aionne m meet, out it 

software which allows the Singer t^lMO is The derrickllJ S uses a min. (31 -feet/min.) and on- the crane includes a manual tele- Yimous laser in the HUh expects that this figure 

1500 mini to talk to ICL big d0 “ ble , actin S bydraulic ram. road can^l iti.125 

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The . standard 


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0734 581258. 


800 receivers to : la totally inter- vibrations, 

in changeable so' that -it is not receiver, is _ » 

Sweden and marketed in the UJL n ““2 temperature work with 


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IS-— 


Power upon the desktop 


. „ - ceiver for evety user, only a tmg diode;that lUuminates to in- UeHt surface dressing is 

— by Tele-Nova is Intended to pro- diff eren t code module. If some- dicate a cfal and remains tit for,n that Is reo aired to finish the 
vide high reliability and uses thing should -go wrong with one up to fiv^ seconds after a call- tearing reqal ^* a 10 

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FITTING ON the top of a desk. Price with three floppy drives ceivers. not the inconvenience of waiting a window containing an 

but powerful enough to run a Is £7,500 oneoff. Digital coding works much for receivers to h^ repaired or. illuminated numerical display, 

whole complex of warehouses L-nmacPs include Basic a like a combination lock; it takes recoded. . Wljen paged, the user of the • 

and maintain their stock levels at jortraiTlV Compiler and APL the rl S ht humber of 1 pulses in There are thre# types of receiver presses the button . Jtra ^ . 

optimum, is a microcomputer/ t0 e*ther with a time-sharinE the ri B fat order .to set off a par receiver, »U of the shme physical display ia single digit ;fr«m - r . - . 

memory /display system offered 2S2gL tB,- L utomett w^ Ocular pocket receiver.’ The. design-the ^ 

in the U.K. by Gamma Associates a i sn _. n *h„ tjK ‘National Com- most important advantage of this tor and toe digital -read «et numbers will have a pre- tmrni* at t he Institute. - - ahft 

and developed in the U.S. by ISn^CenSe? FlleS fineuS metbod “ ^'mwatioa of receiver. The standard and the arranged code meaning. For manufacturinglicenGes 

General Robotics Corporation. pnnng ^mre s riiexao language. fa|se ' digital read out receiver are example- 3 might mean “ Call discussion. • - 

The equipment is built around . Soni ® „ of these units have xh e coding circuitry is con- equipped to handle either tone Security” and so forth. The Work, Is in progress in this 

----- - v — * 4 -- laboratory on the comfaisaioiung 

a 60 kW electron /beam weld- 

_ .. . . . , . . r ing machine on whire the work- 

64 kilobytes of main store, a Britam m tbe near future. module is quite simply coded and receiver .is for use in heavy the button; ■/. pieces - are- welded/ without the 

Burroughs plasma displav, a com- Gamma Associates is on once coded, almost impossible to noise areas, having neither vTele-Nova/llI. Endwell Road,' need for a vacuum chamber. At 

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; :v -The BinaiicM Hmes Surrey 
. ; Worfd Defence Industries 
scheduled ^for publication 
to-day wilf irow appear on 

THURSDAY MARCH 2 197 

The Financial limes regrets 
any inconvenience 
to its readers 

; EUROPE’S BUSINESS NEWSPAPER 

The content and publication dates of Surveys in toe 
.-• Financial Times are subject to change at the 
discretion of toe Editor. . 


\ 


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This announcement appears f&r purposes of record. 


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Financial Times Wednesday March' 11978 


12 




HOME NEWS 



Mini leads Ministry 

petrol table 


BY STUART ALEXANDER 


FT CONFERENCE ON WORLD BANKING 1978 

an 




BY DAVID RIBJD 


OFFICIAL PETROL consumption 
^.figures for cars were published 
'for the first time yesterday by 
TQse Department of Energy and 
; will be displayed on all new cars 
in showrooms from April 1. 
j;rBritish. cars did well in the 
S&Occ to l.OOOcc range, taking 
four of the top five places, the 
fifth being a Datsun. 

.The Mini 850 was top. followed 
by the Reliant Kitten, the Mini 
1000 and die -Ford Fiesta. 

The figures were based on an 
average of an urban test and a 
drive at fifimph. A third, optional, 
test was made at a constant 
: 73 mph. 

The tests were carried out 
usually on only one example 
, either in laboratories or on test 
“■'•fracks- 

1 Introducing the figures _ Dr. 
■rJofcn Cunningham an Environ- 
mcnt Minister, said he could not 
.--believe that they would have 
, cheated and that the Ministry 
• accepted the results as accurate. 

But he reminded the public 
1 '’Uiat There would be discrepan- 
cies and variations, on the models 
:* when different load, speed and 
■ road conditions were considered. 

‘/Own ie'rts 

" . There will be a fine of £400 if 
' manufacturers do not include the 
' ' Ministry figures on sales litpra- 
■' ture or dealers the information 
— on the cars. But Dr. Cunningham 
said he did not expect any prose- 
cutions. 

Manufacturers can continue to 
’'■quote their own figures and 
'motoring organisations and 
magazines to conduct their own 
.. tests. 

The list of 650 cars which have 
"’undertaken the tests — some 


small volume ears such as the 
Aston Martin, Lamborghini. 
Maserati and Panther were 
excused — will not be distributed 
generally- 

All garages will receive a copy 
and must show it to customers 
on demand. Anyone else can 
apply to the Department of 
Energy for a copy. 


The scheme has the approval 
of the Society of Motor Manu- 
facturers and Traders and .the 
Motor Agents' Association. 

It is expected that the list 
will be updated every six 
months. Dr. Cunningham said 
he hoped the consumption 
figures would encourage 
motorists to save fuel. 


Inner city jobs campaign 
launched in Birmingham 

BY OUR MIDLANDS CORRESPONDENT . 

for Binnihgb^^ inne.^ W MH? Keeson maintained that 
^Mr "leg^?eion, Ministe? of positive develop ments cou ld to; 

not KSJ « SKT^S 

s !aJs»5TS3TJK 

noloo- secern he suggestrf^in- “^‘“EtSShlp committee 
a SSStng o?th« Srmin£ would be stressing the positive 

as. - « si 

rS%S U to e e r ng^der new available to embryo rue high 

S T' h i ntri ritaill ’ S deCl,niDS te Ir D addTtion tflSe Bordesley 
U The committee agreed to Street exercise, the partnership 

ESSSteiSF ^ 2S “the%mer W fSStSer 

which the company intends to 
close. 

Sir Adrian Cadbury, the com- 
pany chairman, has made it clear 
that the decision cannot be 
reversed Packing of Typhnn 
tea is to be concentrated at the 


THERE .IS no such thing as an 
international monetary system at 
present, Mr. Christopher 
McMahon, Executive Director of 
the Bank of England, said yester- 
day. - 

Speaking on the second and 
final day of the Financial Times 
World Banking Conference 1978. 
in Grosvenor House. London, he 
said the situation was unstable, 
and fraught with considerable 
danger. 

“In the absence of any inter- 
national system there are no uni- 
form rules laying down the 
appropriate behaviour for all 
countries alike. And there is no 
guarantee that the free 
operation of market forces will 
be conducive to the appropriate 
behaviour of individual Govern- 
ments aiid the development of 
individual economies." 

He was hopeful that the major 
powers of the world would have 
to feel their way towards some 
common agreed set of policies. 
“ in doing so, I am confident that 
in due course they will create 9 
new system. It will not, however, 
be the sort of system which «m 
be written down as a set of rules 
on a blank- piece of paper. It 
may be relatively uncodified and 
ii may look untidy; 

“ Its essence will be some form 
of mutual sharing between major 
but unequal . powers of the 
responsibilities . for adjustment, 
finance and reserve creation for 
the world as a whole." 

Mr. Gordon Pepper, a partner 
of stockbrokers W.. Green well, 
predicted that inflation in the 
Western world would stabilise in 
high single. figures- 


While the recent level of. in- 
flation had been successfully 
reduced, it was much harder to 
get rid of ingrained inflation and 
he doubted whether the central 
banks would succeed in reducing 
the money supply enough m 
achieve a further reduction. 

“It is much more easy to get 
recent inflation out of the system 
than inflation that is ingrained. 
Once you are down to the in- 
grained rate it is a long hard 
struggle. I doubt if there is the 
political will to go through the 
hard grind of reducing it 
further." 

Mr- Pepper said the connection 
between inflation and unemploy- 
ment was much more direct man 
through the effect oF rising prices 
on business confidence and in- 
vestment. 


Pragmatic 

~ - a bard cash mechanism is 
responsible for the loss of jobs.” 
When inflation rose there was 
always a huge increase in com- 
pany costs. This gave many 
companies severe liquidity prob- 
lems. There was a corresponding 
benefit if the rate of inflation 
was reduced quickly. 

"If. by practical monetarism, 
i; is possible to get the rate of 
inflation down quickly, then in 
the short run you can have 
higher economic growth and 
lower unemployment. This w 
only true, however, if you can 
get inflation down quickly." 

He dubbed the most likely 
course of central authorities 
“ pragmatic monetarism.’ Tb| s 
was when their treatment of the 
money supply was attacked from 


both sides, by the Keynesians 
because interest rates were 
raised, and by the monetarists 
because they were, not raised-. 

enough. . 

A thorough-going monetarist 
policy was unlikely. The. resolve 
of British officials had not yet 
been thoroughly tested. « is 
much easier to control the money 
suoply in some phases of tne 
business cycle and much more 
difficult in others." 

While there was a natural 
tendency for money supply to 
under-shoot during a recession, it 
tended to over-shoot during tne 
upswing. “ That means the 
resolve of the British^ officials has 
not yet been tested. ' 

Under pragmatic monetarism, 
interest rates would not «?e 
raised enough really to cure '- 
flation. It would leave a busi- 
ness cycle of roughly the same 

amplitude as before but oE 

longer duration and with a kj- 
clear pattern — upswings wouM 
include pauses and many rei.es- 

P. Xvboe Andersen, chief 
general 'manager of the Andcls- 
banken VS Danebank pointed 
out that none ofthe small 
countries in the EEC 
its own economic policj. Many 
were in the snake, while Ire- 
Und was tied to the Br.Ush 
pound. , . 

This was because in there ca*c 
free floating could all too 
easilv become free fanmq. and 
they did not have enough finan- 
cial strength to make d,rt 7 
floating dirty enough- However, 
he was hopeful that there would 
he some widening of the snake 


and some progress in currency 

co-operation. _ . , 

Dr. Andersen saW one import- 
ant difference between the 
1930s and now was the 
behaviour of the banking 
system. In the 1930 s, the system 
broke down. In 1974 it came to 
play a big part in recycling the 
surpluses. “The international 
banking community became 
stronger and more diversified 
and more truly international. 

Dr Albert M. Wojnilowcr. 
senior vice president and 
director or the First Boston Cnr- 
notation of New York, said there 
was a conflict between the in- 
ternational and domestic ole of 
tbc dollar. 

“The rates of Interest suit- 
able for the dollar as a strictly 
American currency are not the 
same as those sitting to u cur- 
rency universally bold as a 
reserve asset. 


Dangerous 

*■ From an American point of 
view, and from the point of view 
of borrowers around the world, 
a cheap and bounteous supply of 
dollars is prepared. Such easy 
access is not appropriate, how- 
ever, for international reserve 
assets which should represent a 
hard-earned store of values for 
a rainy day " 

Dr. Wojnilower said that at 
the beginning of the year, the 
VS. resorted to perhaps the most 
-uncertain and dangerous foreign 
exchange medicine of all when 
it lifted -the Federal Reserve 
discount rate from fi to 5 per 
cent. . . 

“The rendering of a judge- 


ment os the -extent to which 
U.S. interest; rates will move in 
accord with external rather than 
internal considerations is the 
critical and really the only 
difficult, part of making a 1973 
interest rates forecast." 

On balance he estimated that 
rates would rise this year 
because monetary growth was 
likely moderately - to exceed the 
Federal Reserve's initial goals. 

Dr. John Oliver Wilson, vice- 
president of the Bank of America. 
California, said the reason for the 
current international economic 
policy misunderstanding was that 
two quite different perspectives 
for consider tog policy . alterna- 
tives had been developed 

The first was tbc standard 
Keynesian fiscal stimulation 
approach, ' under which U.S, 
policy was stfU now being formu- 
lated. The second prospective was 
oriented towards supply. Euro- 
pean economists in particular 
were now far more concerned 
about making structural adapta- 
tions in fields such as labour 
supply, investment in technology 
and industrial structure, capital 
investment and availability of 
industrial resources. “This is a 
Inng-Tcrui structural orientation, 
and it does not submit to rapid 
and short-term policy solutions." 

Other speakers were Lord 
Robbins, former Professor of 
Ernnamics at the London School 
of Economics and Political 
Science; Mr. John Tyco, of La ins 
and Cruickshank; Dr. D. F. 
Lomax, economic adviser to the 
National ‘Westminster Bank; and 
Mr. H. S. Mendelsohn, associate 
editor of the The Banker. 


More U.K. families 
'buying freezers 


FINANCIAL TIMES REPORTER 

j'mORE THAN half the homes in 
...Britain should have a freezer by 
•j’flSO. Mr. Keith Jacobs. Birds Eve 
:. 'Foods marketing director, fore- 
■ east yesterday. 

• . The trend towards smaller 

freezers, particularly fridge 
freezers, was increasing. 

, - Bv November last year. 35 per 

*. .cent, of British households had 
freezers, compared with 30 per 
. cent- at the end of 1976. 

The 15 per cent, growth rate 
was helped by increased sales in 
the North of England and Scot- 
land. which had been slow tn huv 
freezers in the past. The York- 


shire TV area showed a 22 per 
cent, increase in ownership in 
1977. , t 

Smaller freezers had a higher 
increase in sales, with a growth 
rate of nearly a third. New pro- 
ducts bv Birds Eye had taken 
account "of this, and recent ones, 
like Chicklets and Cheesies. had 
been made in’ medium-sized 
packs rn- the freezer market. 

A report by ’ the company 
showed that freezer owners were 
buying more from- their Tirocers. 
who now-account- for 53-per rent: 
of all freeze* owners' spending 
on frozen foods. 


Town planners oppose 
proposal for assessors 


by james McDonald 
THE GOVERNMENTS proposal 
to appoint assessors to monitor 
the planning system is strongly 
opposed by the Royal Town 
Planning Institute. 

Professor Tony Edison, chair- 
man of the institute's external 
affairs committee, has told Mr 
Peter Shore, the Environment 
Secretary, that this is the wrong 
time to introduce an “ inspector 
layer" into an already exten- 
sively monitored planning sys- 
tem 

The planner's puhbc account- 
ability is already high through 
the Ombudsman, the public in- 
quiry and the Press and com- 
munity groups. The frustrations 
and delays caused by inadequate 


.staff in planning departments 
would be increased if more 
"policing" was introduced. 

The institute's views are based 
on a detailed study of proposals 
in the Eighth Report on Plan- 
ning Procedures. 

The proposal for the award of 
costs against local authorities 
who contravene Government 
policy is also opposed by the 
institute. 

Professor Eddison says the 
recommendation runs completely 
counter t° ministerial state- 
ments. the spirit of the Cabinet 
"think tank" report on central 
and local government relations, 
and the Layfleld report. 


Call for consistent 
Government policy 


FINANCIAL TIMES REPORTER 
INDUSTRY would be in a better 
position to meet a five-year man- 
power forecast if the Govern- 
ment adopted a consistent policy 
over the same period, said Mr 
Russell Kempton. the retiring 
president of Leicester and Dis- 
trict Hosiery Manufacturers’ 
Association. 

- It is impossible for our In- 
dustry to plan ahead for that 
length of time because during 
the period we have no idea what 
Government legislation and 
changes there are likely to be. 
be said at the Association's 


meeting in Leicester. 

“ indeed, over the last decade | 
one can say that the Government 
have had no consistent policy 
for a five-year period and have 
operated a policy of manage- 
men; by crisis." 

The knitting industry las* 
year experienced particular 
difficulties, said Mr. Kempton 
A number of business were 
struggling to remain viable and 
a considerable rise in consumer 
spendine wa« needed to Improve 
the profitability, of .many bus!- j 

nesses. - - 


Increase in U.K. company 
profits slows to 15.6% 

FINANCIAL TIMES REPORTER 
PRE-TAX PROFITS of the 77 earnings were up by 44 and 43 

5sa rt iSiir5ss? , da , s fit -- 

man- were up by 15.6 per cent. with jSTcL with “ 

pp the comparable Blares a year grj-Uft 

"-This represents a further slow- m ^ S r ep^u w.m“u?by i”e 

« sfe 

January. Profit increases in the »- 1 ■ 
last three quarters of last year 
averaged 4S.7. 36.3 and 23B per 
cent, respectively, and January s 
reported change showed a rise 
of 23 B per cent. 

Conspicuous reductions at the 
taxable profits stage were re- 
corded by Tate and Lyle, down 
about 19 ocr cunt, on the 
previous year, and Mnrley, which 
registered a shortfall of nearly 
15 per coat. But of thy other 
large companies reporting 
several nude improvements of 
VJjetwcen 31. and 63* per cent. 

The larger gain was attribut- 
able to Rank Orcamsitmn. while 
Gestetner’s and British Sugar's 



■ Andincrease its output by up to 25 per 
cent That’s the kind of improvement obtain- 
able when Sperry Vickers hydraulic systems 
are fitted to plastics moulding machines, 
because there’s quicker start up, less scrap and ‘ 
the whole thing runs a lot smoother and more 
consistently: 

Ilfs immaterial really whether you’re 
rnaTring toy truck parts or real truck parts. 
Because the same high productivity 
arid reliability are demanded in all of the veiy 
competitive plastics.areas. And Sperry provides 
it Like in all their products. . 

Their computer equipment and business 
systems at Sperry Uniyac Their agricultural 
products at Sperry New Holland.Their 
guidance and control systems at Sperry and 
Sperry Flight S ystems. And their consumer 
products at Sp my Remington. 

It's higjhly ! ikely that one of these divisions 


could smooth out your whole company’s 
operation. To find out that and more about 
Sperry Rand Corporation and all the things 
they make, tick a box or two, cut off 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 
G Guidance and Control Systems 
LJ Agricultural Equipment 
G Hydraulics and Pneumatics 

G Consumer- Products D Annual Report 

S perry Rand Limited,7S Portsmouth Road, Cobham, 
Surrey KTU 1JZ. 


Name. 


Position. 


Company. 
Address 



Making machines do more, so man can do more. 










Rnancial Times Wednesday:^ March 1 1978 




EDITED BY CHRISTOPHER LORENZ 



a 



has little truck with bank: 


A successful entrepreneur who questions the 
City’s ability to help small business, and is 
highly critical of big company management, 
talks to Michael Cassell. 


ZN FOUR years, David Brown, 
a 52-yearold Yorteshireirian who 
spent 30 yeans - driving trucks, 
has established a new and 
Powerful name. in. the inter* 
national world oE earUmsoving 
equipment manufacturers. 

The rapid progress made by 
DJB Engineering of Pcterlee. Co. 
Durham, has startled the ranks 
of giants; like Caterpillar, In- 
ternational Harvester and 
Komatsu. But none of it appears, 
to have come as a surprise to 
Mr. Brown. He claims bis success 
was inevitable, in spite of his 
strong criticism of the myriad 
obstacles which to-day stand in 
the way of anyone who wants 
to turn a good idea into a profit- 
able business. 

Mr. Brown condemns a 
financial system which, he says, 
coldly rejects the newcomer to 
the business community and will 
not take even minor risks. He is 
more scathing of what he.be - 
lives to be a smug assumption 
that the UJC, operates in ah 
atmosphere of free enterprise. 

DJB makes dump tracks. The 
product is not one designed to 
fire the imagination of a city 
banker bat it has nonetheless 
impressed customers around the 
world. They have responded in 
a way. which provides a powerful 
endorsement of Mr. Brown’s 


faith In Ids -product and winch 
cocks a muki-dmillaon pound 
snook at the institutions which 
he claims fail too -often to help 
entrepreneurs. 

With hisi working life devoted 
to designing, malting and selling 
construction equipment, Mr. 
Brum identified a gap in the 
market and' sat about filling iL 

His product, originally con- 
fined to a two-model range but 
now being expanded, is a four- 
wh-eel drive articulated truck de- 
signed to operate tn the type of 
climatic arid ground conditions 
which bring to a' standstill the 
traditional, rigid-frame forward- 
drive truck. ' 

Volvo appears to he- the only 
maker of a product with any- 
thing approaching the same 
characteristics. Mr. Brown says 
that. other major manufacturers 
are not interested ia producing 
a similar machine because its 
sales potential, although sub- 
stantial, would not be large 
enough to justify the scale of 
volume production to which 
their operations- are geared. 

The idea, for a new breed of 
.rough terrain trucks . came to 
David Brown while .he was 
working on a logging scheme in 
Africa., - He subsequently de- 
signed his own machine down 


to the last detail, though he 
was not trained as an engineer 
or designer. Nor, for that 
matter, is he an accountant or 
a production man, but to-day 
he is the managing director of a 
private company with an annual 
turnover of £15m. and which 
expects to see a five-fold in- 
crease in that figure within the 
next five years. 

.. To date DJB has produced 
over 500 trucks and with export 
sales accounting for almost the 
whole of the company’s output, 
DJB machines are already 
working throughout the world. 
Sales this year of the £60, 000- 
plus machines should, reach 
over 200, tiring to about 330 in 
1979. 

Much of Mr. Brown’s criti- 
cism of the lending institutions 
stems from his own experiences 
while attempting to find finan- 
cial backing a few years ' ago. 
Faced with a succession of 
polite refusals, he finally found 
help in the form of the Depart- 
ment of Industry, which offered 
an £80,000 carrot if he would 
locate ~his business on Teesside, 
an area with high unemploy- 
ment 

Together with £30.000 of his 
own money, a smilar amount 
from. a private investor and a 


small overdraft facibov the 
Department's assistants proved 
sufficient and the busfiess got 
under way in 1974. The follow- 
ing year the first models were 
produced and the De] 
of Industry has since 
additional £Im. avail: 
loans. 

David Brown had 
that when his trucks 
available the mai 
arrangements would be 
“I started off knowing 
the good international 
ships had been sewn up 
big manufacturers.” 


He went to Caterpillar »the 
U.S.. showed them his d< 
and said be proposed to 
substantial use of Cater 
parts. (These now repi 
about 35 per cent., by value* of 
each trades’ content.) 

With Caterpillar’s help (j 
financial) and its eventual 
of approval, Mr. Bi 
travelled the world convinr 
Caterpillar dealers that 
should sell his trucks and 
minding them that the mach| 
components were, in any 
hasically familiar to them, 
plan paid off and he derii 
evident satisfaction from 
claim that DJB is the only El 
pean manufacturer selling di 


trucks in the U.S.. "where no 
one else would dream of going”, 

David Brown has already 
reached the point where he 
could sell out for a handsome 
sum, but he does not intend to. 
“ If all I wanted was money I 
would go now. but I'll continue 
to expand in my own way. 

“If we followed the normal 
pattern we would grow to 
employ a few thousand people, 
run out of ideas but not money 
and be left wondering how to 
expand our base. The share- 
holders wouldn't want their 
money back because of tax, so 
we would be forced Into buying 
up other operations. 


Stupidity 


“We will have the ideas and 
we will grow at a manageable 
pace. We could build now what 
we will be supplying in ten 
years’ time but it's « matter of 
what the customer wfil recog- 
nise and accept. Tf I put every- 
thing onto a machine now no- 
one would be interested. It 
would represent too much of a 
leap for them.” 

Mr Brown is clearly anxious 
to ensure that his business 
does not grow too big, although 
he seems far from convinced 



WHEN 'LAWYERS employed by 
large international companies 
meet the topics which excite 
their minds and stimulate a 
lively discussion are largely. pre- 
dictable: mergers and acquisi- 
tions, patent licensing and the 
gradual erosion of trade mark 
rights have now been the bread 
and butter of - conference 
organisers for some time. ' 

A new subject now seems to between manual exchanges would have to agree on common 
be moving to the forefront of ^ information between depart- standards of protection, 
attention, * meats of state ami businesses. survey of U.S. multi- 

tionaTcorapiw LaweS The linking ofewo computers national companies presented 

in^mich situated in two different count- a t the 1977 OECD data protec- 
la^week h^M an a cement Centre ries, or the linking©! peripheral tion symposium in Vienna re- 

(input- or output) 'equipment in vealed that about 30 out of 40 
SSiM mBlmSI «* « W'-era 1 «n»tries to a top executives in charge of in- 
Dantes have heraT caught un- centrally located computer, may temational data processing acti- 
awarc by the fast development the natural thing to do to vities knew little about the de- 

of now legislation to ensure the managers fiS a multi- yeloping laws and conventions. 

wS^ihSw r„ Wcm ° f .«* 

privacy but also of business in* *■«* wWl , the frontier data flows was raised 

formation ami of slate security ** OECD and the Council of 

in the operation rtf manual an* be jultifiw^.^. ; fcjfrw* over ft** years ^ if is 
electronic data processing *\»«w ’being investigated by four 

systems. Companies are now A/l } f ' '^international organisations and 

busy catching up with develop- . luUUkCrj / 23 national commissions, 

inents, particularly those affect* the trans- Some countries have already 

ing the cross-frontier transmis- J™ ffSSR a country adopted legislation restricting 
sion of data. vhieh hag jf otective legjs- cross*omier flows and others 

Most of the public bodies now lation makes/a mockery of 
concerned with thiir problem national tegidKtion designed to 3 

could agree with the French protect thejprivacy of indivi- approval f lls Dat f 
Commission on Infonnation pro- duals and £c secrets of busi- J^d [Jdata 
cessing and Liberties, which ness, it /creates a similar 

pointed out in its report That imbalance to that between two France, the National Commis- 
thcrc is a greater need to Iegis- countries? one of which regulates 81011 for Information Processing 
late in the? ease of electronic its trait by quotas or customs .require, m addition to 
processing than in a manual UutiogT while the other pr*>- registration prior approval and 
si orago system. Among other tbi*/ free trade. So there as also possably the payment of 
reasons This is because, unlike cteffly an urgent need for tfce royalties if personal dataware to 
man a computer may not be jnSemational harmonisation bf be sent abroad. The increasingly 
surprised if the infonnation is tjna protection legislation. One comprehensive German legisla- 
patcntlv wrong. Computers' in- may add that EEC harmontsa- tion leaves the responsibility, 
formation flows are also not tion would not be sufficient; aU including that of abuse by ex- 
hampered by the harriers wlih* industrially developed countries port of information, with the 


Private data 
and public law 


DRIVER 

CLIENT 

TIMEOUT 

ARRIVAL 

LOAD 

CTTfym 

£an0te*u 

9-30 

430 

BlPparu 

P.MOwt 

PX.T 

S-PO 

3k20 

P2/60//2# 

STtonas 


Z-50 

7 30 

Scrap 


operator. Austria and Spain are 
expected to adopt some sort of 
data export control soon- 

The enactment of data pro- 
tection legislation in the U.S. 
and the existing or Spending 
legislation in several European 
countries creates the danger 
that multinational companies 
will have their internal group 
communications severely re- 
stricted. even to the point of 
suffocating certain business 
operations. The point seems to 
■have been readied wjjere it is 
in the interest of multinationals 
that there should be not less 
but more legislation, provided 
that this is based on the same 
standards and applied to pro- 
duce an equivalent effect. / 

Licensing j 

Two different concepts are 
emerging at present. One 
strives to achieve data protec- 
tion by means of self-regulation 
within a framework defined by 
law. This method; has found 
favour in the U.S. and Germany. 
The other is based on licensing 
data processing Operations; it 
has two basic forms. Sweden 
and France have adopted a 
system of ** omnibus licensing ” 
while most other European 
countries are moving towards a 
system of “onnibus licensing” 
certain areas of the private sec- 
tor specified by statute. One of 
the immediately emerging prob- 
lems here is the relationship 
between private and public 
enterprise: where these exist 
side by side in any one area, 
stricter data protection rules for 
the private sector could result 
in a severe competitive dis- 
advantage. 


The only extensive practical 
experience so far with “omni- 
bus licensing ” has been gained 
in Sweden. Though this system 
may well become the basis of 
the first phase of international 
harmonisation between the 
Nordic countries, it- is by no 
means certain that the same 
system could operate similarly, 
outside Scandinavia, where 
opinions about what 2s right and 
wrong differ more than they do 
in highly consensual Sweden. 
In practice, the Swedish Data 
Inspection Board appears to 
have behaved in a consultative, 
rather than a dirigiste fashion. 

In France, the licensing 
authority wili issue general 
regulations for all or specific 
classes of data processing sys- 
tems. The same method is 
planned for Luxembourg, which 
though the smallest Common 
Market country, is important 
in this respect because of the 
many ibanks situated there: 

The application of largely 
uniform rules th systems using 
widely different ‘hardware and 
software will present many prob- 
lems. These seem tb-be avoided 
by the German \egislation, 
which places the responsibility 
for attaining the legislator's 
objectives on the operator, not 
on a Government agency!^ Each 
processor using electronic*equip- 
ment and employing morathan 
five people in operating vit is 
obliged to appoint a person 
responsible for data protection. 

This personalisation of res- 
ponsibility. combined with the 
Germans' law abiding nature, is 
bound to achieve the legislator's 
aims better than any official 
removed from the actual opera- 
tion ever could. It is also likely 
to produce a high degree of 
awareness* of the security re- 
quirements in every enterprise 
CJircemecL Both systems, that 
of licensing and of self-regula- 
tion have their advantages. But 
it is likely to prove a serious 
disadvantage to have two more 
different systems in a world 
including a number of linked 
enterprises. . 

A- H. Hermann 


Out of sight. Never mind 


If you've any kind of mobile field force- 
salesmen, service engineers, delivery 
and collection driver s- you probably 
lose track of them the moment they re 
out of your sight. On the road, they'll do 
the best job They can And they'll 
keep in touch just whenever they can 
find a call-box ct a borrowed ’phone. 
Which, in this age of speed and 
efficiency, is pretty hit-and-miss. 


What you need isBumdept 
mobile radio _ 

Ycur people may bP far out or sight, 
but with Burndepi. they'll never be out 
cf touch. Burndepi gives you instant, 

Burndept mobileradio 


on-the-move verbal contact with 
whoeveryou choose, wherever they 
are. Burndept is inexpensive to own, 
simple to: operate, and more efficient 
than ^/substitute. 

Find out howto keep in touch with 
your people all the 
time. Fillin 
and post 
the coupon. 

We'H send 
you the 
Burndept 
facts by 
return without 
obligation. 



pi i: : ni< ; i ■ 1 , w -.df'i>i.vnui-?a«aJi!heivoTfeTous.V\t"!har«l!eali;heflsia-i£ 

B JTTKte0tj vou 020 ,awe ra *° " 3r,er ^ 




•o mob-Ses. mstoite-io-mchile; 

Or two base ilasic-n? Jtrmib.'es 
wen. Hcwerer ia!l yc-tr qj ch t 


v „ . Crir . ,. in ?y t a b cur. Bumdepliodw simply by tilling in and posing 

Cuf.- "*• :J 

HTiii « w s^now more about Burndept mobile radio. 

1 srnd me more informafion □ 

?tease te'sfrione me to arrai >ge an appoint-nentD 
Mami; . • - ' _ 


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Burndept EtertrenlaiEA.Utd. 

^ r R?ad £'«»' krtni-DAd 1 ^. 
>• gmusaci Tee*89d29a 


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FT27/2 


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Recruiting 

YOUR TOP 
EXECUTIVES 

A SPECIALIST SERVICE FOR COMPANIES 
WHICH IS: 

— cost affective 

— highly c onfid ential 

— top level 

Top Echelon Limited specialises in assisting companies 
to reemit executives at the highest levels. We deal 
■ with successful executives over a wide cross-section of 
industry and commerce, who aire currently earning 
£15,000 p.a. and over. These executives wish to be 
kept informed of exceptional career oppor tuniti es 
allied to titeir particular skills and experience. 

The advantages of the service are that it can: 

• eliminate time and expense involved in advertis- 
ing and screening 

• ensure only top rftyy executives are consi de red 

• iKrmmiqpi potential breaches of confidence 

• operate on a ‘success only' fee basis 

The Top Echelon service is the logical starting point 
when preparing to fill your company's senior vacancies 

For farther information please contact: 

V.K. Diver, MA (Cantab) 

. Top Echelon Limited, 

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Old Bailey, A men ^ 3Dr 

London E03M7H5- 

.Tel: Oi-248 6227 '^F/ ***** 

Techniques 
Grows 


that this might eventually not 
prove -to be the case. “All the 
stupidity surrounding the con- 
cept of “bigness,” whether it's 
in business or in schools of 
thought, is coming home to 
roost,” be says- It is the small 
business which needs to be 
encouraged, because its future 
contribution to the economy will 
be absolutely vital. 

"The disaster is that the 
small operator finds it extremely 
hard to raise money to _ improve 
its business" Mr. Brown claims 
— somewhat in contrast with the 
companies quoted by the Wilson 
Committee in its latest state- 
ment (this page on Monday). 

“This country has an appal- 
ling lack of good financial 
analysts. If you go along to a 
bank and prove that you really 
do not need money, then you 
can have it. If you go back & 
year later and say that this 
time the money is absolutely 
essential, they end up taking 
away what they have already 
provided,” Mr. Brown complains. 

“ The fact has been, and still 
is, that our banks are too 
frightened to lend money- and 
the irony is that they still lose 
it 

“Because we do not have a 
properly developed financial 
system, the Government has 
been forced to become involved. 
My company exists only because 
of government intervention; 
people helped in this way should 
say so. But why on earth should 
the government be lending 
money? ” 



David Brown and powerful product 


Mr. Brown is annoyed that a 
system has developed in wbdefa 
banks will lend readily to large 
companies, often, he believes, 
without any justification, simply 
because they are big. 

"Many -large companies reach 
a point where' they cannot ex- 
pand from within because of 
management incompetence, and 
there is nothing else for them 
to do but buy out other people 
to make themselves more effec- 
tive. These are the so-called 
bastions of free enterprise who 
moan when the government 
gives out public money to assist 
or sustain companies. But they 
complain not because of any 
concern over state spending hut 
because they wish to protect 
their own position. 

“ Our type of free enterprise 
has been badly managed. It has 
become ridiculously restrictive 
In some areas and wildly open 


in others. The sort of free com- 
petition we permit here is much 
more closely vetted elsewhere. 
In most comparable countries 
nowadays you have to show that 
any merger actually works in 
the public interest, while here 
it only needs to be shown that 
it does not work against it-"' 

Despite everything, David 
Brown has to admit that D.TB 
survived the obstacle course. He 
will keep it going himself, 
although the taxation system 
means he would be better off 
paying capital gains rather, than 
continuing to pay top bracket 
personal tax. 

This is the man who, on a 
business executive course was 
presented with an “ idiot 's 
award ” for being openly con- 
vinced he was the only one who 
wouldn't win it, remains un- 
daunted and totally confident 
about his company’s future. 


BUSINESS PROBLEMS 


BY OUR LEGAL STAFF 


Share transfers 

My coshareholder In a private 
company, on leaving the com- 
pany, agreed to transfer his 
shares to me, which he confirmed 
by letter to the company secre- 
tary. Unfortunately, be left 
before the transfer could be 
executed. Is there any way 
whereby the shares can be trans- 
ferred without his signature? 

You have a contract for the 
transfer of the shares to you. 
Until the contract is completed 
by the execution of valid trans- 
fer forms and delivery to you of 
the share certificate(s) the 


registered shareholder, holds the 
shares on trust for you. You must 
trace the registered owner and 
procure him to execute the trans- 
fer, only if he refuses can you 
seek the assistance of the court, 
which alone can make an order 
vesting the shares in you if the 
registered owner does not do so. 

Liquidation 

I own five small companies, the 
fifth being a holding company 
for the other four. Three com- 
panies have no assets, the re- 
maining two ahont £2^000 cash 
in all. None of the companies is 
trading and there are no debts. 


What is the simplest way to pm 
eeed to wind np their affairs? 
As there are assets of an orde 
which makes their distributioi 
as dividend undesirable yoi 
should put the companies inti 
voluntary liquidation namin; 
someone, for example you 
accountant, -as liquidator. Th 
companies with no assets couli 
be left to be struck off unde 
Section 353 of the Companie 
Act 1948 if you prefer. 

* 

No legal responsibility can b 
accepted by the Financial Time 
for the answers given In t hes 
columns. All inquiries will- b 
answered by post as soon a 
possible. 



A HNANOALTIMES SDBVEV 

OFFSHORE 
MAINTENANCE 

APRIL 21 1978 

The Financial Times proposes to publish a surrey on Offshore Maintenance. 
The provisional synopsis is set out below. 

INTRODUCTION There is every sign that the North Sea development 
programme is entering a new phase. The first generation of oil platforms is 
now installed and operating* inspection, maintenance and repairs will be 
growing markets for offshore suppliers. A general evaluation of the market 
and the opportunities offered. 

LESSONS LEARNED Recent reports suggest that marine growth, corrosion 
and fatigue may prove to be a bigger problem than expected by those 
operating offshore platforms. A review of the problems that have so far 
come to light. 

PROTECTION Cathodic protection and special paint finishes are just two 
ways in which oil companies can try to stave off problems. A scientific and 
technological review of some of the protection methods now being offered. 

UNDERWATER SERVICES Diving companies are now being called upon to 
provide a full range of inspection, maintenance and repair services. This 
has meant that consortia bave had to be formed; new diving techniques and 
subsea vehicles have had to be developed. A look at the way the diving 
sector is adapting to this change. 

LEGISLATION The Government and its advisory bodies have the task of 
ensuring that offshore installations are safe and fully maintained. A review 
of current legislation and a look at possible changes in the light of growing 
knowledge about offshore conditions. 

THE SPREAD OF SERVICES Oil and gas exploration and development in 
the North Sea is well established. This year a new search will begin in the 
English Channel and the Western Approaches. There is also considerable 
activity off the western shores of England, Wales and Scotland. Each of 
these areas require service bases which must be fully equipped and ready 
to offer both routine and emergency facilities. This article will look at the 
geographical spread of bases which offer repair and maintenance services. 

OFFSHORE TECHNOLOGY North Sea oil and gas reserves are currently 
being exploited through conventional fixed platforms or. as in the case of the 
Argyll Field, a semi-submersible rig. New methods of production, including 
sub-sea systems and tension legged platforms, are being evaluated for the 
second generation of oil development How will new technology influence 
the repair and maintenance sectors. 

For further details on the editorial content and advertising rates please 
contact Mark Skinner, Financial Times, Bracken House, 10 Camion Street, 
London EC4P 4BY. Tel: 01-248 8000, ext 7152- 

F1NANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 

The content and publication dates of Surveys in the Financial Times are subject to 
change at the discretion of the Editor. 







14 


ItOMBARD 

U.S. companies 

on borrowed time 

BY ANTHONY HARRIS 

TBQB AWFUL performance of concepts of inflation accounting 
WaH Street even in a period have become pretty familiar here, 
when the U.S. economy has been What is clearly actually happeri- 
growing faster than its historic ing in the U.S., in real rather 
average has for some time been than money terms, is that com- 
a bitter puzzle to many investors; panics are hot making realistic 
advisers and brokers oo this side provision for depreciation, and 
of the Atlantic. For nearly three are consequently selling their 
years now Wall Street has been products much too cheap. While 
looking cheap, and yet there has they are conserving their money 
been no more certain way of capital, their real capital is melt- 
losing money than to back that ing away pretty nearly as fast as 
judgment. The long bear market the value of money falls. It is 
has been blamed for the weak- a process ofcreeping bankruptcy, 
ness of the dollar, the weakness It is easy to say that inflation 
of U.S. investment, and some of is to blame for this situation: but 
the .troubles of Mr. Carter. Not in two senses, the Americans 


financial Times Wednesday Mafcfc 1 1978 


to mention the weather. 


have not suffered enough infla- 


Shipyards in 
Sunderland 

In yesterday's Lombard 
article, dealing with the 
political argument over 
redundancy pay for workers 
in Swan Hunter, a number 
of references were made to 
Sunderland. This was, of 
course, incorrect^ The Swan 
Hunter yards are on the Tyne 
and the Sunderland yards 
have not been directly 
involved in the controversy 
over the Polish order. "We 
apologise for this error. 


The fact is that a sick market tion - A burst in the past 

is always a symptom, not a ■ ' ■— 

cause; and an inexplicably sick 
market is trying to tell us some- 
thing which we cannot or will 
not ' understand. The message 
Wall Street is trying to convey 
was in fact decoded in rather 
simple-minded terras in Time 
Magazine this week by one of 
those distinguished groups of 
Yesterday’s Men, or rather 
yesterday’s Council of Economic 
Advisers, which American news 
magazines make a habit of con- 
sulting. 

What emerges is a kind of 
slow-motion replay of our own 
agonies of 1974. What Is worry- 
ing Wail Street is the impact of 
inflation on company accounts: 
and this is also the reason for 
low investment. The biE differ- 

Sj| e, ML? r gL S i™L a "! have educated them as we 

London is that the Americans have been educated: and they 

5?” d E nn lf*T ro UJlderstand now need higher prices to restore 
what has hit them. real corporate solvencv. 

For the financial markets the [ n this light, one could make 
big worry is rising interest rates quite a strong domestic case for 
and potential crowd ine out. which the deliberate neglect of the 
is carefully explained, as if no- doHar; for a depredation, which 
one had ever heard of it. For instantly raises export prices, 
companies, the account of what is and at the same time reduces 
occurring is still more unsatis- the pressure of foreign com- 
faotory. Corporate finance men petition in the home market, is 
have been explaining that while still the most effective way there 
production on their existing plant is of restoring realistic profit 
is highly rewarding, costs have margins. The disillusioned 
escalated so much that any ex- holder of U.S. securities can 
pansion with new plant would be comfort himself with the thought 
entirely uncompetitive. In the that if the dollar itself was not 
next breath, they explain that falling so fast, the dollar prices 
keeping up with inflation is in of hi$ securities would have to 
any case such a drain, on com- go down still further, 
pany resources that there are no These sour reflections are a 
internal funds left for expansion, reminder that it is not only the 
even if it were competitive. The stock market which is trying to 
trnubte. they explain, is that with tell us something through prices; 
inflation expected to rise to 8 per the rise in retail prices which we 
cent, or more, these troubles are call inflation is also a warning, 
going to get worse. At the same The message is that the effort to 
time interest rates rising towards maintain unrealistic consumer 
S per cent, make borrowing incomes can only be sustained 
ruinously expensive. by running down capital— a 

There can surely be few truth known to Mr. Micawber. 
British company directors, and We in Britain can preach this 
still fewer stockbrokers, who message with some temporary 
could still talk in such terms, complacency because something 
After the crisis of financial did tnrn up for us; but the 
deficit in 1974-75, and the long Americans still have everything 
debate over Sandilands, the basic to learn. Result: misery. 


But Solomon in all his glory . 


,7 ' , . Mir . h i r , nianr fn- anvborfv as the Imperial Gold ana rruxnpet-inies, 

tolls Jf yo.^krep too much time I especially). Sheer Strain tun- ramng on that bm 
h, flZ ef - *>H and «««. T doubted improvements on green. «a j. 


TO THOSE of you who think wax-white, marked with a 
that gardening columnists 
shelter in their glasshouses and 
pe/t their readers with stones. 

I offer the promise this week 
that I have been acting on my 
own advice- It is late enough reckon to be away on holiday darker 


old- selves fri*e Of leaves 


j. u , n (similar with a pretty shape). Magic and Dragon are excellent .frame or beneath your ffe* * 
imperial Gold and trumpet-lilies, well-scented and house s&sin*.- Water them one*.. 

“ at band between a week and when the snoots -are 
white and prim- three inches high, move them 


own a a vice, it is iaie enougn reckon to ne away on nonnay aanwi shades with large — 7 ----- -:r — "~r ~ T ,u{ n k them rata*- it 

“ w * wai,a “ “ d and D0W a “ darfe “t uns as £ 2 - 


have made it impossible to plant plant for a town house or flat, 
them as early as 1 would wish. -You can conceal the length of 
So I have been back in the stem beside a sofa or desk. The 
market, not least for the lilies scent changes the whole room, 
which I cannot grow outside in It is tough and easy, so long as 
the garden but which ‘many of it is deeply planted, kept quite 
you will want to put at the top damp and . shaded and- never ~~ 

of your list on more suitable bothered with too much lime. 

soil. Not that I am beingjmag- Buy top-size bulbs only. - Top Barr. Mardea. Kent. If you are crimson 
rtanimous, with the - 


GARDENS TO-DAY 

BY ROBIN LANE FOX 


. . precious 

where they tend to die out. even three inches of leaflmould around 

if you fail to spike them hy the base of the stems as they ■ 

mistake with a fork in the grow, so as to encourage roots. 1 

months when they are dormant, if yon use & deeper cache-pot 
Almost anywhere, they are best indoors, you can conceal this 
In a pot. the most opulent and layer on the pot’s surface. The 
conspicuous of all drawing* room layer allows for stem-roots and 
1 bulbs. How. then do you deal is thus a sensible plan. After 
_ _ _ and purple Journey’s with them best in this way? flowering, allow the leave enough 

Home price for this year is £3.50. for only planting a pot or two. you End. bred in New Zealand and So that they survive for light though not in a hot dry 

Counties’ Ericaceous interests at three. Hint around, and you should spread a little more and spectacular at recent shows, another year, plant one bulb to aspect. Do not overwater in foe : 

heart l intend to grow them could find genuine stock for try a few of these improved Cunnins sardeners hate to pay each pot the pot being at least autumn after flowering. It is', 

in pots where I can control their £2.50. varieties. Three bulbs each of the lush prices asked for bulbs six inches in diameter bigger this which, kills more lilies in 

soil. Lilies, grown well, are the The second is smaller, no less Wallace and Barr's Lucie Wilson by glossy mail-order catalogues, (if possible) for Aura turn. I use pots than their owners would 

best pot-plants in the book, lovely, scented, though perhaps and - Albnm will cost you £3.80. when other suppliers arc soiling one pan leafmould, one part care to believe.. 

Three bulbs should set you bad* not so gloriously scented. Lily I think I would make them my more cheaply and quietly. But peat and one part of limn free No heat, not too much atten- 

£1 or so. The routine, -as you Specie sum is the Japanese Lily first choice. for good stock of these fine new loam: a John Innes Compost low tion: all you must do is order, 

will see, is not difficult . of the 18th century rice-paper* Nnt. content with these two sorts, you have to pay up and in lime. Number 2. for instance, pay up, pot up and reckon that 

There are two obvious sketches, reflexed, six-petalled, stars, breeders have crossed think yourself lucky. 1 am per- would be as good, though more tins is a scheme in which you., 

choices. Lilium Auratum, the six-stain ened and white with them and given ns rhe new suaded that they are an exciting expensive. Obviously clay pots and I are involved together. It . 

gol den-rayed lily of Japan, is maroon spots. - It is the fashion- varieties which I have urged on recent break, clearly coloured are best, being less likely to works .too. 1 can assure you. and 

quite unforgettable to those who able lily for pots in vogue, pots you before. They are still not and charmingly varied. But topple over or be saturated, if there are nasty gaps in the 

grow it well. It detests lime in in colour pictures of fortunate cheap. "but at £2 a bulb Wallace their scent has gone on the way Plant the bulb at least three border in August you can always' 

its soil or water. It is not the families in fortunate homes and and Barr will sell you quality through. inches below the surface and sink your lilies, por and all, in 

cheapest variety, but its wide- pots massed beside those swim- stock of Bonfire (a white end red There are other cheaper sorts, leave it in its pot in a cool and order to fill them up and cheat 

open six-petalled flowers are ming-pools which skim them- Auratnm), Crimson Beauty of course: Green and Black shaded place, in a northerly your visitors. 


Havanus for novices chase 

ONLY SEVEN horses — Havanus. bets appear to be in the Hare- Among the guests will be 
Flash Imp. Forty Lines. .Gather- wood Hurdle, tbe two divisions several former members of the 
ing Storm. Jan Stewer. Robeson of whicb open and close the Horserace Totalisator Board. Mr. 


and Roi Rig — are due to line up meeting. 


Denis Howell. Minister for 


for to-day’s £5.000 Surrey Novices Tllria _ _„ o - .. Sport and Dr. Shirley Summer- 

Cta« •« LingtaW. . , 2L«‘*KJS: still. Under- 


dl GIU^UCIU. c„ t j:..* nTQ-itVrl - v:-V]„ * dl IjHIIICIIL 

Nevertheless, the race could be f Secretary of State, 

worth unine a 1nn~ wav tn see favourable impression • when 

lAh H.vaLs -.Sd -Ian S« ’ "ffAV.USS 

have already staked claims to he Joe" oofhave a stlS 


RACING 

BY DOMINIC WIGAN 


two 


track. 

task: but Roll Me Over; my 
SP r ccfion for the second division 
could find Ronksiey a tough 
opponent 

Mr. Meriyn Rees, the Home 
Secretary, will be the guest of 
honour at the tote’s annual lunch 
is London next Tuesday. The 


. -u- fixture marks the golden jubilee 
year of the tote which was 
created by Act of Parliament in 


LINGFIELD 

2.00 — Warren wood Park 

2.30— Top Priority 
-3.00 — Haranns*' 

3.30 — Ravenshoarne 

4.00 — Sla r Dyker' 

4*30 — Scots Gambol 

WETHERBY 

1. 43 — Tudor Jig* 

2.15 — Vatican Express 
2.45 — Waite 

3.13— French Pin 

3.43 — Current Gold 

4.15— Roll Me Over*** 


considered 

promising young chasers in 
training. Evaluating their 
potential should prove a worth- uwg 1 

while exerdse with an eye to . 

the Future. 

Havanus, the better hurdler 'It Jeeps head of Sports Council 

the pair. The Bury St. Edmunds r 

six-year-old who got up close A FORMER England rugby behind the introduction of a new 
home to pip Princely Mark in union captain was confirmed series of regional trials, 
a valuable hurdle race here last yesterday as chairman of the Mr DeQjs HoweU Sports 


March, produced his first win- Sports Council. Mr. Dickie Jeeps vesterdav that 

ning form since that success will take over from Sir RoMn MiaW * r ’ M jesTertay 11,31 

when completely outpointing Brook in June. The council was 
Prosen at Windsor a month ago formed in 1972 as an independ- 
in a novice chase. • ent body to develop sport II Is 

Sure to be all the better for backed by government grant mem 11111 P Ur P° 
that run. which saw him measur- which, in tie current year, is 
ing his fences with fhe expertise £11.5nj. 
not usually associated with a ' Mr. Jeeps. 46, is the immediate it was re-adverpsed at the be- 

raw novice, Havanus ought to, past president of the Rugby ginning of this week after foe 

barring serious errors, outpoint Union, where he tried to .1* rejection by Mr. Howell of the 
to-day’s rivals. vitalise the England team. He council's original choice, the 

At Wefoerby, the two best was one of the moving forces Rev. Nicholas Stacey. 


Mr. Jeeps '‘has the ability to 
come in and look at foe situa- 
tion. and give it a fresh ass ess - 


The post ot director of the 
Sports Council has to be filled. 



••••*•!. ,V-"v-v- 


t Indicates programme in 
black and white. 

BBC 1 

6.40 Rjn. Open University. 9.15 
For Schools, Colleges. 1045 You 
and Me 1LQ0 For Schools, 
Colleges- 12.45 p.m. News. IJW 
Pebble MilL JAS Mister Men. 
Ml For Schools, Colleges. 353 
Regional News for England 
(except London). £-55 Play 
School (as BBC 2 11.00 a.m.). 4.20 
Touche Turtle. 425 Jackanory. 
4.40 Screen Test. SM John 


£50 Wednesday Film: “ The Egwyddor. 9£5 St. . David’s l£0 Help I t£0 Crown Court 2-00 wmscanipr's jmeronraie of itfrmi. 

Kentuckian," starring Burt National Festival (highlights). After Noon. £25 Hadleigh. 3£0 . S5? , 5!Sr ■ JS *22^“ J l ™ w>rIS 

Uncaster 1020 Ryan in Cabaret 10^0 A Paint Along With Nancy. £50 ££ tSc sESaSifrohM i with peer 

8J0 The Liver Birds. Voice for the World: Profile of Couples. 420 How. -L4S Pop Ustinov and Julie Covington. 


SJS 
630 
Rafferty. 


9.00 Party Political Broadcast Stuart Burrows. 1L40 News and Quest 5-15 Emmerdale Farm. 

by the Labour Party. Weather for Wales. LL42-12£2 545 News. 

9.10 News. ajn. Sportsnight. 

935 The Hong Kong Beat Scotland— UJMK1I20 axn. and 

10.10 Sportsnight 2.18-248 pan. For Schools. 535- 

U.OO St David's National Festl- 8£0 Reporting Scotland. 10:*0- 

vai (highlights). 11.00 Sportscene SpeciaL 12.10 

11.45 To-night Lm. News and Weather for Scot- 

12.10 a.m. Weather / Regional land. 

News. 


HTV 

130 p.m. Raport West Headlines. US 
Hepon Wales Headlines. 2.03 Hein Your- 
telT. SOS Dodo tbe Space Rid- 530 
•Crossroads. 6.00 Report West. MS 
/Report Wales. frJO Ntfrt Patient' Please. 
130 Ralterv. U30 Cetebrttr Concert; 
Jofcnny Mattds. 

HTV Cjnnra/Walas— As flTV General 


Northern Ireland — £53-£55 p.m. 
All regions as BBC 1 except at Northern Ireland News. 53S-6J0 
Craven’s Newaround. Grange the following times: - Scene Around Six. 9 £5-1030 Spot- 

Hill. 5 £5 Ludwig. Wales — 1.40 p.m. Crystal Tipps light on Northern Ireland affairs. 

S.io News. and Alistair. 445-5.40 Bilidowcar. 12.19 a.m. News and Weather for 

5£5 Nationwide (London and 5.55-620 Wales To-day. 6£0 Northern Ireland. 

South East only). Heddiw. 7J5 Hywel Gwynfryn yn England — 5^5-6£0 pjn. Look 

6£0 Nationwide. Dathlu. 7.55-9.00 Mater O East (Norwich); Look North 

7 (Leeds. Manchester. Newcastle): 


6.00 Thames at 6. 

6£5 Crossroads. 

7.00 This Is Your Life. 

7£0 Coronation Street -- 
8JW The Streets of San Fran; 

cisco. ' • - . . . 

9.00 Party Political Broadcast byi 

the Labour Party J Nrw ddtori t Djdt O Stol Miw. 


F.T. CROSSWORD PUZZLE No. 3.606 



Midlands To-day (Birmingham): 

Points West (Bristol): South To- except at the following times: 
day (Southampton): Spotlight ANGLIA 


South West (Plymouth). 

BBC 2 

6.40 a-m. Open University. 

10-20 fiharbar. 

10.45 Parosi. 

1U90 Play School. 

4£5 pjn. Open University. 
7.00 New's on 2 Headlines. 
7.05 Servants of tbe Public? 
7-30 Xewsday. 

XJ0 Brass Tacks looks at 
issue of the moment. 


a Irt / ‘ f t3M-« un Tm. SJ S S J S Y Oydd. L00 

9.10 Send In The Girls.. 1 Sons of iSe River. ajBOJB For Patrons 

10.10 News. I Onu. lfl.40 Hen BrthaU Anghofiedls- 

10.40 The Mid-week Match. : a^,. 

it in World Snooker 1 ^ Won— As RTV General Service 

ii in li • p.m. Report West Head- 

a-m. Night Gallery. - Unev SJ^SJS Report West. 

12£5 Close: Frances Comforts ^rOTTl^R 

poems read by Ursual Han- PJIU x«.id “2? Report, zm 
ray- . ; Women Only. 5JJ Piper sod Friends. 

All IBA regions a»- London; 5^3 Cn»*roads. LOO S rot- ana Today. 

SJS weir's Avelsb. 1-00 Rafferty, in.ao 
The Entertainer*— Beroi Flint. IU1 Out 
of Town. U.4Q Late Can. U.45 Police 


an 


L25 nm. Anglta News, z.99 Hoosepartv. Woman. 

s s& SOUTHERN 

tS Bamta. .12JS ajil. lz5 p<m< Sootlwm News. 2JI Rouse- 

T»e BJ» Qpesaon. . . party. 5 J5 Betty Coop. SXO Croftsroada. 

A 1 V 4.00 Day by Day: Wednesday Extra. 

U» o.m. A TV Newsdeslc. SJS Mr. and Southern News Extra. 1L50 Police 

Mrs. sjjo atv Today. LOO Quincy. Soraeon. 

«JS The BotllD'B Crand Masters Darti • TYNE TEES 

Championship. sj» a.m. Tbe Good Word followed by 

BUKJL/ER North East News Headline*. U9 P-m. 

+L28 p.m. Border News • iM Haas*. North Easl News and Lao* around. ' ZOO 
parry. SJS Oat of Town. 6.00 Loofc* Women Oaty. SJS Happy Days. L00 
around Wednesdav. 8.00 Raffeny. UJB Northern Llf». BBS Rafferty 1LB 
The Ratlin's Grand Masters Dprts Adam* o l Eagle LaBc. 12J5 a-m. 


9.00 Parly Political Broadcast ChamoionsliiD*. tl2Jls a.m. Border News Epilogue 

by the Labour Party. . Summary. ULSTER 

CHANNEL 1J0 p-m- Lunch i lave. *-18 Ulster Ifews 

US o.m. Channel Luiicht/mc jad Headline*. SJ5 D room art — the Dag 

Whit's un Where. U) Channel News, wond-r LM Ulster Television- (few* 

SJO castaway. MJS Rafferty. M» Bcidaw L05 Crossroads, 438 Reports LOO 

1038 Channel Late News. 1L40 A Prime Rafferts U-<W World Championship Darts. 
Minister on Prime MiniMers. 12JM aun. 12.10 ajn. Make It CounL 
EpUane followed by Nh»i and Wiather WESTWARD 

in French. 12J4 p-m. f.ios Honeytwn'a Rlrthdays. 

GRAMPIAN l_ 2 B Westward News Hoadlu^s. 4.00 

SJ3 ■ «jn. First Thing. L20 p^n. Westward Diary. 8 ® Rafferty. 1038 

Grampian News Headlines, M0 'Grampian Westward Late New*. 1130 a Prime 
Today. 4.30 Police Newsroom. 8.00 Minister on -Prime Ministers. 12.85 ajm. 
Rafferty. 1038 Dan August. 113f Faith Tor Life. 

Reflections. 1ZJ8 Celebrity Concrtls: YORKSHIRE 

US p.m. Calendar News. 545 Mr. and 


9.10 It's Patently Obvious. 

9.40 Play of the Week: “She 
Fell Among Thieves." by 
Oomford Yates. 

11.00 Arena: Theatre. 

ll £5 The Light of Experience. 
11.50 Late News on 2. 

12.00 a.m. Closedown: Richard 
Bebb reads “ Welsh His- 
tory." by R. S. Thomas. 

LONDON 


9£0 a.m. Schools Programmes. 
12.00 Cloppa Castle. 12.10 p.m. 
Daisy. Daisy. 12£0 Sounds of 
Britain. 1.00 News plus FT index. 


Anna.&rumr 

GRANADA Mrs. 'MB Calendar <£mley uoor and 

L20 pjn. This Is Your Right.. '5JB This Belmont «JUIon«i. sjOB Rafferty. 11^ 
Is Tonr Right f second chance tn see Lord 01 Men and women. Vol. 2. 


RADIO 1 

(S> SorwbHlc broad cast 


ACROSS 

l Policeman born great ? (61 
4 Round on toothy attacker by 
the way (fil 

8 Rulers in line at beginning 


5 Drunk out of sight (5) 

6 Leaving willing dispositions 
of West-end land i”l 

7 It came to prominence in 
Julius Caesar (5. 4) 


and end of day get awkward 10 Happened to have withdrawn 

t7) (6, 3) 

9 Captivating advice to a racer 13 Coast given away by revolver 
(7) (4. 5) 

H Be available to recover work- 15 Castle needs oil mixture for 
.1030(4,2.4) . * wll JS <9> J ^ 

13 atiss Facing-Both-Ways (41 1* Don’t surround Sandhurst lm- 

13 Plants that once helped a tially— it’s inactive (7) 

bonnic prince (5) 19 Docker’s beastiy end product 

14 Free fight in beastly accom- (7) t L , ... 

mo da tion (5, 8) 21 Doctor broke law with slow 

16 Departed before king even speech (5) 

became very enthusiastic 22 A high one at fords for 
f4. 4) 

18 Horse the French carry in a 


small boat (5> 

20 Animal right to go to jug (4) 

21 Instrument used to compound 
bet on singer (6. 41 

23 Escape ? Don’t be silly (7) 

24 Knight gives friend a racket 
( 7 ) 

25 Student at cathedral in recent 
times (6) 

26 Woodcutter is a sound chap 
< 6> 

DOWN 

1 Confirm it is authority (3-2) 

2 Tmen. for instance, upset old 
bny with phoney medicine (71 

3 Dole out beer within reason 
(9) 


winter sport enthusiast (5) 
Solution to Puzzle No. 3,695 

H 


a m h 

H33E1E 

n n n 
sasHa 
n a 
annaa 
a a n 
aasaa 
B Q 
3H3 

g a 

a g 
rana 



Parts- 


247m *S‘- Rvra) rbyfima. SJS Ktvw. "MS On»i. L3C Tbe Archers. LA5 Woman's 
Tht* weds * composer- Weber f Si. ’ 9.C Hour (r from 2.fMl». inclndinK 2JXMJO 
a, " -t a> vn.i r^. 4 . Organ tnusir iS>. 19.28- Plano Trios. Near,, tua Li«rn mfh Mother. 3J» 

■ ^"TKTnnwS?!? 0 -,?T 1 M*t 1 'S'. ILBB-lmeroal rcafllng. U.M News SJS Adcrtunn Theatre rs>. SJS 

MKitirnmsm T^hnM p, * n0 Trujfc *** 3 BBC Sc*" 1 *® Choral Evensong 4JS Sum? Time. 5J9 

RiiSm U n ^ SjTinihonv OrcbTOTra IS*. LOB p.tn. Xews. PM reports. SM Serendipity. JSJ5 

0^ Dave Lee T^vU loclurt- ^ Concert Hall 'S». 2X0 The Emne Weather. programme news <VHFi 

/SS r«aT^, S vrs “f . ■ The Romanian Pan Pipes Regional News. SM Sews. 4J0 Mj 

ii.aa jf.rn. as on reconl. 2M Bellhij and Ltot sane Music «S«. 1JBO N nn LOS The Archers. 

? IZOM2J3 a-m. AS we|a| lS<> . L35 city d Birmingham T.» F.le on 4. 8X4 The Goar and rtw 

.VSM BidiM i aD rf 2 - tn »_ u-i,h Symphony Ordiestra. pan 1 rS». SJS tn WlrariJ. 9 JO Science Xoir 9J0 Kaleidn- 
Radta » ^tlmUnB^S » hon 315 C* 80 - - ,5> - Weather. 18J8 The World 

.nT 8.00 ^ISW^IO tte 'BaiS 'OT^ 05 FrnA AJr6 d ” Cour 'S». ASS Build- Tonight 1BJ8 Round Europe Quiz. lUO 
Wiied - ^ ZJ RaS n “ Till us San.o^ni »« * Library of records (Si. tSJJS Itcme- A Booh at Bedtime. XUS The Financial 
SAi ua"BiS.' wn >■ Si ward Bound. *4.05 Sews. »J0 BOme- World Toplgtu. 1XJ0 Today In 
Mf l£ru DeAT^lU* «S wirt 8mmd 'continued). tb3D LifeBnro: meal. 1L45 Sews 
Radio L IV M- 1 >. , ■.■nTwiih I Radio 2- Langmge and contmdnlcaaoo. 7.30 Sab- For School* (VHF onlyj 9.05 «.m. to 

D . nff. i aw-, VHF J |,cT,Te Welshman warns to write of 12J0 and 2J0 tn SM o.m. 

RADIO 2 L*wm ana vnr Happiness: Dylan Thomas' Oalk by RaaieU Rjap Radio LoadOD 
6.00 a-m. hews Smnmsry. 4J» Cncfcer: Jackson, with recordsi. 8J00 BBC Sym- ___ 

Second Test — Sew Zealand v Bnglartd phony Orchestra, parr I: Srrarlostry. ZUbin aitu 94 J VHP 

i roport*. 413 Ray Moore >S> with The carter «s>. 810 vidhy and the Resistance *-4* *-■*- As Radio S. 410 Rush Roar. 

Early Show. Including 8.13 Pansc for —a New View Malic hr Louis Alien . 440 SM Holiday Scene. 9JQ London Use. 
Tbomcbl. 7.32 Grldu-l: Second Test 'close- BBC SO. parr ?: Ban ok 'S>. >0J5 MJJ In Town. UJ3 p.m. Call Tn. 2Ji. 

of -play report i . 7J3 Terry Wag an rSi Being and Belonging (talk by Proftsser 5ho-x<ase. 4.83 Home Run. 440 

inclndliis S.2T RacdnE BulieOn and 8.45 r.^yn Jones. LUO Nobody loteiT me Look. S’od. Listen. TJ0 in Town <as 
Pause for Thonghi. 10.Q2 Jimmy Young but mr mother- blues and blues sidgers. *1-03 sjti.i. ua In Concert. 18.03 Lata 
iS>. 1245 P.m. Waggoners' Wan*. 12.30 n is -me in, worldwide, it m Jews. XI «*t London. L2J3— Close: .As Radio 2. 
Fete Murray's Open House (Si Including n wm on and To-night's Scfanb " ’ " * '* 

1.45 Snorts- Dei*. 240 David Hamilton ig, 

IS. Including 2.45 and 3.45 Sports Dc«k. Radi, j (VHF O aiy}-«J0 to 7J0l a.m. 

843 Waggoners’ Walk. 4/5 Sports Desk, nd 545 m 7 40 p.m. Orw University. 


261m and 97£ VHF 
5.00 amt. Morning Music.- 440 "AJL": 

SJtt John Dmm (S- including 5.45 Sports ' ’ T‘ non-stop new*. sport, reviews. 

Desk. SM Scons Desk. IJB Sing Some- RADIO 4 j Information. 10 JO Brian Hares. IM i a«- 

thing Simple 'S>. TJO Listen la ihe 434m HUmanrflvRF WC Reports including George Gale's 

Band .5. t continued an VHF.. S.flO t « . - " XZ 1 -^ r , 2^ ‘ M 

I1IH1O8 l Un. 


tutoo iconjmoea ua vnri. t ic . M y. v . t 17 p mwrm\nn tU dir 

S " ^Capital Radio. 

RisrS ^ 22S2 1 st 


.-a 


Inetndlng ne-vs head'll orv weather, paper*. t.oa a.m. Graham Dene's Breakfast 

Radio 2 Scotland Onl^-7JO pjn. X.rtl *P° r , P “JS5S" ! i ^ Qa ‘S. W Mjctael A**-l |S. 1U0 

RAiiln I 1 1434k Hr nnlv frnni jLi M, «as WBS The CJvfQa ftorld. J TAX Dave Cafih iriih Casti on Di?L!ri?nr IS*. 

SSl-LaaSKi M^tVH^oalVi M> dear mua.c. 4MJ8 Hcww tUjOS In un p.m. Roger Salt anth h« Throe 

WTh Radio 1 ii-tSABii Britain now UJ0 Daily Service. HO.® O’clock ThnH <st. 7J» London Today 

niKTA < j&lm SlersflS-TRT Moroln* story. HL00 Newi. TU-8S You tS‘.' 748 Adrian Lave’* open Line 'Si 

KAL/IU A iMin.ai«roA>nr the Jury. UM .Vews. 12.8J -Yotf and qjo ivieir Hott^'r Your Mother Wouldn’t 

1 Median, Wave only Year*. I2J7 The Enehanany woBd of Like ir 'Si 1109 Tons M all’s Lam 

1455 am. Weather. 700 ’(■k 7 05 ratijp and EracWi U2SS Was Uun pro-. Show 'S' Including II -M Moment of 

Your rNo»->. pan i <s» 8.00 gramme new* >VHFi ■'■rreM LtrrrioTi *jm Terror 2.M .a.m. Duncan Johnson's 

\ews 8.05 Your midweek choice pan 2 SEi Regional News L8o The woild at Night Flight iU>. 


Rebound Burns fetches £5,000 

PHILLIPS sold a first edition of London dealer, for £4.21)0 in a ranus bidder for £1.000. The. 
tbe poems of Robert Burns, sale ar Christie's of lopographi- Newbus Ox, after Thomas’ 
published in. Kilmarnock 'in cal and sporting prints, carica- Weaver.’ published bv G. Byers, : . 
17SS. for £5.000 yesterday — a tures and maps. It was the top Darlinqton. July - 21. 1812. was-”, 
record price for a' copy not in lot in a sale which sow sport- sold for £SOO. 
its original wrapper. In" and botanical prims selling Yesterday was a quiet day at - 

The copy was re-hound by F. particularly well. The sale Sotheby’s, which managed, two 


and inns— one at Sotheby’s Bcl- 
uritvia of Victorian pictures 
whu-h totalled fS 1.682. and 
another at Bond Street nf Euro* 
pr.in ceramics which made 
£2*5.4fl5 

In the pictures. Graham paid 
_ £1 firto for \ Virtuoso P^rfor- 

Amonc sport lac prints, a nianco. hv Heney Jones Thad* 
in tint from a series dcus. and A Day’s Hunt inc. a set 


SALEROOM 

ANTONY THORNCROFT 


Bedford in tbe 1880s. It was totalled £52 ASS. 
bouffht hy Bruce Marshall, book 
dealer, of Maucllne. Ayrshire, 
who said: " It will 50 to a 
Scnnish collector.*' 

The saieroom estimate was 
£3.000 tn £4.000. There are 
believed to be only 40 copies in 
existence, mostly in libraries and 

museums. An oriainal wrapper coloured aqu 

Kilmarnock fir«i edition wa« sold on the York and Edinbnro’ Mail, nf four hy Robert Stone, fclehed 
for £6.000 in 1965. Re-bound first showing the mall • coach in a £1.300 A similar set of four 

editions hev* several times thunderstorm op Newmarket by the same artist went Tor £1.200 

reused £2.500. Heath, after James Pollard, by and A Sandy Road. Surrey, by 

The sale of books totalled F. Rosenberg, went to an anony- Florence Saltmer. £1JM)0. 

£20270 mous bidder Among the ceramics, the £700 

In a sale of scientific Irnttm- a set of 100 plates of Israel from Mercury Antiques for a 
ments whicb totalled £18 649. after C. W. M. vnn de Velde Chamberlain's Worcester tea and 
Rubin* paid £lJ3fl0 for an early were sold to Mulder. London coffee sendee with a Japanese 

19th century pair of terrestial dealer, for £1.600 and 136 plates design was way above estimate, 

and celestial globes. of Austrian national costume, A 1750 candlestick, with a - 

A set qf 1a historical views of published by. F. Paterno, went to Capodimonte tripod . base made; 
the Last Glorious Expedition of an anonymous buyer. at £1,200. the same sum. A Faenza jugiaf 
His Britannic Majestv’s Ships and A set or six views of the Island the late 16th century was - sdht 
Forces axa'nst the HaVannah of Jamaica, after George Robert- for £850. and a N’dernller aM- 
were bought by Richard Green, son. were bought by an anony- sert .service for £620. 


Randall run oat mars 



AFTER an houwuKtethair f-ot began to back up. Chatfield innings lead of 183 wHch by 
England’s second innings here never attempted to bowl but ran close they had increased to 
this evening. Detek Randall as straight . into the stumps, and when they «coredrfi6 for four- lay 
ran out by Chatfield .for. backihg Rariflafi^ wbo was a yard up foe foe-second inning ^ y>. ; . : 

up toh soon in an ta’cxcusAble pitefc -SihB given out ^ 

incident which may easilyTsrtay ' . Randall -said ^ later that he had.kbty be made first thing in thee 
to haunt this New Zealand side not been warned for backing up morning and England could stilV: 


for a long time. / 

Randall had come in After 75 


CRICKET 

byIhenry CALTHORPE 
Christchurch, Feb. 28 


win. 

Botham took ' Randall's PfoceT; 
and began to look for run»^ 
although . Boycott remained ^ 
passive. ' 

At 67. Botham pushed Chat--* 
field into the covers and called 
Boycott who refused a very short 
single. Botham wont on and- 
when the stumps were broken at 


minutes of almost total inactivity 
by England’s openers ?md began 
to run quick singles-’ and play 
his strokes. 

Earlier in the over in which 
Randall was out he had called 
Boycott for a second run and 
bad just beaten third man’i too soon by any of the bowlers the wicket-keeper's end Botham 
throw to Lees. and if a batsman is to’ be dis- bad overran Boycott who was 

The wicket keeper threw to missed ip this way it is the time- given run out . 
the other end and hit foe stumps honoured procedure that- he Boycott had batted for two 
with Boycott ambling back, the should first be warned by the hours for 26 having faced 78 
umpire had his back turned to bowler." balls and It. was another totally 

Boycott and had to give him not The incident marred an ex- inexplicable’ piece of batting 
out although the New Zealanders fremely interesting day’s cricket from England's new captain. TUs ■ 
seemed certain he was out. on which New Zealand saved the mninqs seemed dreadfully selfish 

Later in the over Chatfield ran follow on with their last pHir for he put the pressure on the- 
in to bowl and seeing him together. They wpre all out for young players to come in and 
approach The wicket Randall 235 which gave England a first try to score runs Fast. 


APPOINTMENTS 

Robin Hutton joins Warburg 

Mr. Robin Hutton has been Pori Sunlight on Merseyside, has John McLean and Sons, tbe parent 
appointed an executive director been appointed technical director company of the division. He will 
of S. G. WARBURG AND CO. Vlr of VAN DEN BERGHS AND report to Mr. Sam Plckstock, tbe 
Hu turn recently relinquished the JURGENS in place of Mr. W. B. divisional director responsible for 
position of director of banking. Opfer, who retires at tbe end of organisation and administration; . 
Insurance and financial institu- JUne. whose duties until now have in- 

tions in the Commission of the ' ★ eluded those of secretary of the 

European Communities. Mr. Mike Portlock has been subsidiary companies. 

* .appointed managing director of * 

Pentos Publishing and Book- Creators, and joins the ’Board of o r Hans Frlderichs, until re- 
selling Group ’ has formed Plascoat International. He was fenUy West German Minister of 
PENTOS RETAILING, a new previously managing director of .Economics, has ^n elected as a 
holding company for the group's Lindura,- mformatlon Systems 01 member or ibe -Advisory Board 
three retailing companies. Imperial Fends. The rompanies of qpq EUROPE at its head- ' 
Hudsons Bookshops, Dillon’s are members ol IMPERIAL quarlers }n Brussels. 

University Boofcnhop. and Play- GROUP.-. . . * 

ground. The Pentos Retailing * w 1 1 ,.. 1 

Board consist of Mr. T. A. Maher, Mr. Norlo Sngiyama of Mlttu- 'Jv.AJ; rh^RRIT^H 

chairman. Rlr. Bin Hornby, chief bishi Bank has joined ORION !W? , ?{SlSjSS5ntt^ 'hfIraSth" 
executive, Mr. John Hudson, Mr. BANK as an executive director. ^ RESEARCH 

Grant Baton. Mr. Philip Grey. Mr. He succeeds Mr. S- Ofcada, who STATION arKHJmgworUi, New- 
Keith Burchen, Mr. Ian Ml Her. is returning to Mitsubishi Bank, castle upon -Tyne. .. 

Mr. Lindsay Scott and Mr. Clive Tokyo as deputy chief manager, * 

Gregory. Playground, the shops international division. The new controller of finance 

specialising in toys and children’s * in the PORT OF LIVERPOOL'S : 

books, continues under its TURRIFF CONSTRUCTION has operations division is Mr. Richard 
general manager. Miss Jenny restructured its operations Into Thornhill. He succeeds Mr. Trevor 
Vaughan. three units: construction, com- Far fang, who has been appointed: ^ . 

* prising building and civil engin- general manager, operations divi- 

Mr. Angus Thomas has been eering with property and allied sion. 

appointed director of marketing activities: engineering, embracing * 

of DAVY-LOEWY. He joined the engineering and pipelines, mech- gjj. - Steel chairman of 

Head Wrightson Group In 1972 anical and electrical services and British Petroleum, has been ap- 
and is a director of Held equipment and services manage- pointed a director of the BANK 
Wrightson Process Engineering mem; and an international divi- OF ENGLAND- until February 2S. ■ 
and the Head Wrightson Machine s t 0 D. which includes Oversea* 19551 tn place 0/ Lord Roll of 
Company. The present concern operations and Technics re. Mr. ipidnn. Mr. - Geoffrey Drain,. - 
is Davy International. William J. Btytb becomes -raanag- general secretary of NALGO, has- ' 

* ing director. International, Mr. 3)50 been made a director of the 

Mr. H. Sherwood is to become Roy F. W. Nzbbs. managing direc- B?nk until February 28, 1982 in ; 

sole managing director of PARKER tor construction, and Mr. Ian F. succession to the Lord Greene of 
TIMBER GROUP from .*.pri) L Goodhaod join* Tbrriff as admin- Harrow Weald. Lord Robens ol . 
Mr. K. Whitby relinquishes the istrative director. Woldingham, Sir Adrian Cadbury 

joint managing directorship and * and Mr. J. S. F fordo are re--.. 

w’iR continue as chairman. Mr. Mr. Cyril Jasper, County Trea- appointed directors of the Bankro- 
ll. W. Moore, managing director surer of Hertfordshire, has been for further terms until February ; 

oF Parker International, and Mr. appointed a director of NEW 28, 1982. 

P. SL Stevens, managing director COURT 'PROPERTY FUND MAN- * 

of Parker Timber (Northern), wifi aGEHS, management company of 
be deputy managing -directors the pension fund property unit 
from that date. trust sponsored by N. M. Roths- 

J ^ child Asset Management. 

Mr. Clive de Paula has become . ; * 

deputy chairman of TECALEMTT Mr. Terry Blanks has been 

and continues as managing direc- appointed divisional managing nVrTOPr? RFRiiAn* 

rlJSfoVEZlut trSt,0n dlv,slon - tinue to be a hon-evecutive dire<S 

time tO- private famjJ> Interest + tor of the camoany Mr Hayward 

and business. Mr. Roger Turner has been j D ( n5 Guthrie Berhad , from the 

*■ appointed secretary of (he sob- Shaw - Wallace Grouo in ’ India,- ■ 

Mr. Donald Parker,, general sidiary companies of the housing where he has-been chairman 1 and. 
works manager of I ^ver Brothers - division -nf. TARMAC. He also man apnc director for tbe past 
soap and detergents factory at becomes assistant secretary of eight years. " 


Mr. D. B. .Cameron has resigned- 
sis a director of CAMREX (HOLD- 
LNGS). 

★ 

Mr. A. W. B. Hayward has been 




Financial Times Wednesday March 1 1978 

Tfttavfcion 



my people know 


by CHRIS DUNKLf Y 


Sadler’s Wells Theatre 


15 


Balloon 


by CLEMENT CRISP 


Sine? Christmas 


small (Although io this connection sure. Doors, as Radio Times said, very glossy filming and, a more 1 Theatre 


The latter half of the Ballet- 



». • , ™ uui inuniuciii uvwuliculc. u &iinivuni«u< a uuvct- • - . perjiaps a move ae 

d w r l menL heac ! s **? es ™ ake ? ou wonder u ’ helher Nothin" is ever going to stop drama (or possibly a f move iformahce, give them — , ± m 

!L“j ““E™™ 1 nL " B “ 11 ls the human perception or oeople making up siories. using deeper into documentairrtrnightiof BTC's artistic style. Vtolos- chine's but those of the dancers, sets out dances for five couples, for me. 

C "Mi™ mm & t0 Sieir ou-n Xpe>ience as the have brought out the motion, i trie* with its ravishing setting 

parties in y^® laals at < * inocr jfbd .jo thMruth ^e\en m as goun . e (ultimately there Is no And that brings up the ipecond 1 of silvery fronds by Jesus-Rafae> 



deliberate, highly individual post-Berio score by Earle Brown, saw the piece as a plotless set 
ing. and danced as if every Above the stage hangs a large of dances, and I . salute Jean 
M4Ctco . *,*„ was fraught with meaning, white balloon on which are pro- Clande^Glorgini s intensity in ^ 
heart-whole per- it suggested that the tempera- jected slides of newspaper photo- solo which redeemed the latter./, 
bem the impress merits on view were not Balao- graphs; below it Carolyn Brown part of the work from tediunu 


Soto, and Its atmospheric score 


It is a » ithim -4 — w „ a sense as that defined other source) and in the free misconception: the idea that a,! 

discussed on JC a!.^ by «- a C0 ”I L , , , , world, provided they stay within whole set of wrong methcps are ;in which Devy Erlih's violin is 

very ‘ borinninB „r «2uSL«!f ».-?‘T vc r t ^ e 2?L 8 poss h c ,0 relevant laws, nothing is going being used, but that the* is a i placed against shimmering 

and rvJn hirlLe « l I e ^ S o.°* think of subjects for programmes to stop them being published, right way somewhere, anl that [ sonorities by Bernard Panne- 

world nf wh >ch involve only facts of the At the book stage, oddly enough, if only it could be found every- ; giant, is an intensely erotic duet 

has hem r-in^fn i!f verifiable variety: a film in vest !• ibis appears to cause little out- body could settle down ionising > Michel Descombey's chore o* 

tensitv hi in ' patl ? g the r0QstrucU ?, n of « o d rage. it and everything would be&lain igraphv shows Martine Parmain 

££* 1 nf ^ESS' "125 cl01 * for instance. Bu| there is But when they are transferred sailing. f as a ‘dominant figure exacting 

? not5lw whole world m which It t0 television, the odium pours The problem should suray be sexual homage from James 

J“ sl ls not possible to dismantle out. The programme controller approached from the otheiiend. Urbain; their performances last 

V Sr^ciSf' thC the components, identify each 0 f one of the Big 5 1TV com- Each new programme siiject i nighi were, as ever, well judged 

nrst Of a trio of Granada oro- — »•- — - - in passion are involvement 


tor 


Nopop. with its bright cartoon- 
inspired costumes and perky 
dances, is a securely made cios- 
. . i ing ballet from Dirk Sanders 
“{which involves the whole com- 
pany in suitably light-hearted 
fashion. What made it especi- 
ally rewarding was the ebul- 
lience and charm of Yannick 
Blanchard; who bounced and 
scampered through bis dances 
[with the greatest good will, and 
:a mercurial ease. ] liked the 
| fact that be did not over-selJ 
a single joke: the fun looked 


f a p W hi£5 episodes have so as proof of the correctness of to the present batch of drama mixture of drama and re 
r_ a ? SC ?il Ue w v- . your work. documentaries a review in the actuality used by Brian Gij 

serial A SSS as SSSKlL You * oa ' { **** t0 E0 anything current Listener claims that tele- in Joey, it might be a s 

referred 1 0 b? Uke as far as the of the vision. “tiring or straight fact collect ion of newsreel dipt 

"facfmn- rrZUSS existence or a god — which a °r fiction, is anxious now to de- it might be any eombinauoi 
^ a caJI the,T Siristian will claim to be a fact tour a fricasse of the rwn, and between, 

farin ““The BBc m 5?FtE5s and an atteist wi ' 1 equally spew it out for our delectation." The sUuation to be avoide 

‘‘ dramatic roconstnicrions “ tE sure is a fiction-in order to The same accusation could be the banket appliwtion of 

common denominitSr is the 2k- reach a . t*™' w j!* re iI .' lhe con ' mad ! of Shaw with Jo oa, of gjf 1 * /"SSe^hlSf Sid 

ing of •'real" events as the sensus new of reality disappears. Matthew. Mark, Luke and John “ on 

subjects of the programmes and A!I y° u ha * e to do is consider with much of the gospels, and “ , , fV. 1 

(be debale is ab^It the raSn the question of atmosphere, spirit of Shakespeare with all his his- in/o tbatYr 

,he u “ of ^.puys. ,n ¥iXS™Mb,“« 

Arguments range over ques- 
tions such as " Row do you avoid u . „ 

confusing truth and ficUon? " facts P u t together. complained about Friday's verealion and relarionshif 

■nu “ Where do you draw the Many of us who found Water- Horizon in which playwright between captive and captors. (!• 
une . and “Should you mix gate appallingly fascinating and AJan Plater’s account of the con- understand Dr. Herrema waf. 
fac * n?. n r tt* 80na f‘* as sump- followed the televised committee structaon of -three * Eddystone unwilling to talk extensively, 
tions. to How do you know hearings, read the Woodstein lighthouses included a “conjur- about this.) Fewer insignificant 
whether the audience is being book, saw the film All The ing track ” from the first builder^ newsreel excerpts and more 
m, T. ^ t PrestdentVs’ Men. and read all the H enry Wlutanley. in -which a drama from the pen of Don 

Tt is my contention that the magazine and newspaper. material vrine bottle thrown into the skv Shaw would have made better 
debate sets out from funda- that came our way. built up a disaooeared (It was sense — provided the viewer was 

mental misconceptions and is fairly clear idea about what had v * man-eiJouslv -kept very clearly. informed, 

therefore ahnost entirely a waste happened but at the same time . in-srrnctive Which brings us to the crux A M T ft W V TU H D M P 1? DPT 

of time: and that so far as rules a growing mystification about SSSSSSf * uMruetin of the matter, and the golden W ANlUNl 1 HUKW LRUf 1 


which can be photographed but It seems t0 he lhe ques tion of sie l ° e fo^ instance coniainS ' sp0 J niaa ! 0Us 3nd Bbnchard was 

lues- ?ach or which may be more el ed tiM whlch governs the SSmhiu SceSt what IS a delight, 

void - ?P ?r? alir an the verifiable an ger or the responses. Nobody needed: the developing roJ? About the earlier part of the 

m?" facts' put together. Writ**-'* .ZZZZX'- S ua evenine l have some reserva- 


po. only one is necessary and it tohp. 
can be expressed in four words. ■ * 

The 
there 


P Y 8 « m i?e% have b«n MMr $*** e2.«“ Nm 


evening l have some reserva- 
tions. These chiefly concern the 
opening Pour Temperaments. 



Palladium 


Cliff Richard 


1 expressed in four words. - - It was precisely this missing ^ J .nHnnt rtn*narta*< nique so long as you tell the 
first misconception is that factor which Doors seems to thwhaS to vi *wer exactly what is going on. 

is something very simple have done such a brilliant job readj admission that they had to N one is any more legi . 


No one method is any 

. . _ >'■«- ww-*.. -- . jnj.m.ni n r hnv thft timiate than another. ftIUi 

which consists of a series of atmosphere in which a sense’ of P^re drama may convey 

verifiable occurrences or objects persecution led to a siege men- engineer Alfred trauenk- - - and . even 


wave. music, the passing himself off as 17 is sorae- 
V... name for punk has how more incongruous than the 

legi-K u, * k ! y * 05 i deSln i cti 7 e and Shadows, who look their 'age but 


called “the truth" or “reality", in supplying: ibe creation of timate than another. Sometimes ^ quite, happy about iL Yep] valuable body.Jmt !n jwnt sJjMfng long TinesT* 


. A scene from * Ho pop * 

St. John’s, Smith Square 


Leonard Burt 


BBC Singers 

by RONALD CRICHTON ■/; 

Monday's was the last of the wins through euphony, through - 

winter concerts at St. John's by the adroit use of four solo 

nop cj. p .„ aiwav* a voices within the texture, and' ■’ 
the BBC Singers, always a tbrough ^ accustome<I skill in 


this may be so. 


tit ic-ciwi. i a-.- "“rr- — — . 1 • . " suouiu nave ueeui uuce cxiiu -, , r j . — .. - , 

cause, of course. I cannot be My own feeling is that despite - Art is a lie th at sj, ou - s ^ the ^ record industry. “Bachelor Boy." His religious 

truth" and that can be as truef la ri "bt at the start was Cliff convictions are neatly slotted into , 
of television as of paintings Richard and the Shadows who are the show, and he justifies his! 

Television producers are as celebrating their 2Cth anniversary two worlds attractively id a song. ' 
much entitled as were Shakes- together with a week of concerts "Why should the. Devil have all | 
peare and Shaw— or for that ! at ' the Palladium ; and, or course, the good music.” 
matter John Grierson, father of 1 they are suddenly right back in The evening is devoted to 



familiar composers is fruitful in idling in effect Another year: ; 
more ways than one. enriching i“ P &- 

the repertory, expanding our SjJJjfJjJ* JSjJj! l s m n F SIC i-, B ' 

knowledge of the composers in stronsw noembers of Les Six ,_ a 

question. When there are two ^“7® QPnl r a tfi v D wi nf - 

composers thus featured, and 

when they, are as piquant ly con- " 

ctraucc term investment if ever there;.,. 

a the was oneJ that the age of Cocteatf 
stuck on them. 



Edward Hardwicke, Frank Grime* and V 


Theatre Royal, Bristol 

The Provoke 

The designer. Bah Ringwqod, the nu gyrate not in a pries 1’s 
is a star of this Restoration-look gown bat in i»ne of his wife's. 
, production of Vanbrugh's roar- He is. seen io be thoruushiy 


ica Duffy in * Uf* at Stake * (BBC 1) 

Royal Academy of Music 



lo news’ to drama, they must : unusually trendy these days and through the early motions rather i tiny chamber cantata Un Sotr ft rn ,rfY^S.trV, K ..-r~-- 

clearlv explain what thej’ are there was something of the than using all those old gestures ; de neige, so typical are they of amaiiejrs musa orevu, wmen 
doing.' (And not just in Radio atmosphere of a political conven- —the Max Wall walk : the elbows i the accepted idea of Teutonic cept in the serene Beoedictus for . 
Times, either, but on screen j-tion which is sure it has backed flapping like a chicken — on j prolixity and Gallic brevity, two sopranos is full of violent, *- 

Last week's Life \t Stake- a winner about the opening night second rate new material. There ’Yet these lively, deeply-felt per- wrenching movement It eam£'~ 
about Pisces III, for example. ; performance. is little that is credible in Cliff j formances under the Singers’ up mvigoratingly as a whole..* 

should have explained the source ■ Oddly enough Cliff Richard's Richard’s current songs, but be assistant conductor, Nicholas ^ olonWn - detached --- 

of all that film of ships and ridiculously youthful appearance is so obviously nice, such a | Cleobuiy. easily made a case for “T * “ r u . f' ’ 

planes manoeuvring: was it old jars rather than adds to the reassuring survivor, that nothing i both extremes. Strauss’s rosy syua “ ie j s ™ aigou* auauwuF 5 ;-- 

newsreel? Reconstruction with • illusion. He easily sheds ten of can detract from the appeal of j polyphony, though once or twice sounded dated. Twelve is tt-; 

The same ships and planes? With ‘ his 37 years, but a 27-year-old this happy anniversary. ' the wheels threaten to stick, dangerous age. 

different ships and planes? or' 
what? 

Once we know the methods 
and the source, each of us may 
give to a programme whatever 
credence it seems to deserve; 
but we must be toUL It is in 
the critic's role as spokesman 
for the public that I have 
formulated the four-word golden 
rule Tor broadcasters: Let my 
people know. 


Stravinsky & Purcell 

The RAM's operatic triple bill, does not quite worts. Vie Shep- 
given in the new Sir Jack Lyons herds of the Delectable Moun- 
__ _ Theatre, starts with Stravinsky's rains also received 'its first 

Ini'^raedy.'hoth'for the beauti- beart* by then: at his rtrstjcoinic one-acter. Marro. With performance (at the Royal Col- 
f „ i costumes and the painted appearance he seems hardly jtexl by Bons hochno derived lege of Music i in 1922; otheiwnse 
fl ns used for the wonervT Mr boorish enough. Miss Hilary 'from a story by Pushkin, Marra it is light years distant from 
Rmcwond ha* found ctmiein- behaves towards him with well-. was given its first performance Mavra in spirit and concept'"" 
I,™ Miuunenev too limiiVnp simulated affection. »h..u^h shelby DiaghileVs Compognie des Whether presented on i; S ow 
S rZITnhr SsSTn WPts.W ovenw »!».>«<: iWjMlets Rvs«* « .»■ « JSris M pm of The Pilyrin, 


fir OS br wieotuui* or at ttft boot office. 

> OPERA & BALLET 

PCOUSCUM. Cr«Ut cards 01-3*0 525S 
Reservrtons Of -836 31 8,1 
ENGLISH NATIONAL OKI* 
Tonight A Frl. 7,10 Don Gtonnn): 
Tumor. 7.30 * Tug*, next,. 8A0X <ft>ul 
gerft.i Duke Bluebearo'i Cj-rtirifcijnm 
Sihiechl opw orodn. “A dcublr trikmoh 
for (he ENO ‘ Tribune: Sat 7.30 Tosca. 
104 belcony tests 4l«ravt atsil. tU»v of 
oerf. Now Booking for April perfofV*- 
jicn. i 


from 
b moves 
‘ip seen 
also 

tics in a manner that would - . ,, 

have surprised liut delighted P 7i!!f Jf r i s ,u? 

\ anhrucl.. In pine* of an ... , . I ™ rlfr ^ J lhc Conslan , , he 


Hearlfree the dissident mis®-, 
.orchestra, a harpsichord stands SJ'****! 


a Hussar-lover into her mother's he is defeated. Keith Hoare, as 
house as Mavra. Ute new cook, the second Shepherd, sings with 
Unfortunately “she"’ is caught smooth, well-focused lone. 

After the interval Sir Anthony 
conductor's 
vital bat by 


orchestra, a harpsirhoro stiinax. jjj, of liie complai-antisliaving. and turned out. After the interval ! 

f ” ,nt °f the stage, and Neil . J g nUp arr B i V pn ccntJe-i Smartly conducted by Nicholas Lewis takes over the 

Rhodm plays Hurccllun music m . m j v performances by Mark (Kraemcr, Siraimsky s spiky but baton and directs a 

composed b> John Teircr. Wmc-Davev and Ru-hard: cheerful score comes up as fresh no means hurried account or 

Cnnsistency is sometimes Howard. Sheila Baliani>ne's>as paint, though the single joke Purcell's evergreen Dido and 
S, oa i c _* the dirccinr. La ^ v pancyfull comes o\n as f proposed by the libretto is hardly Aeneas. On stage loo. Mr. Taylor 

flicn.irn t.ottreil. at tows the a m ' Qrr youth Hi J Lady WishforCja subtle one and Jeremy Janies finds a simple, effective style for 

rompanv to treat the scenery as : n0 ^mibi her first -cene; Taylor's stylised' production his production that matches the 

tf it were a mivoltv and u<e ll L ‘ 

ftir 
the 
,an 

!tbn inn uiiiy roservatnin is yrmrii 
.That a mod many scenes arc Vanbrugh wrote the play ; Brice as Parasha. Nicola evil 'Sorceress, while Hilary 

driven mu far upsiaec. and this nhile he was imprisoned in the.Lanzctter as her Mother. Clare Reynolds sings sweetly as 

ki’ens ih«» p Livers from sharing Bastille for espinnacc. or He ; Moll as the Neighbour and Kevin Belinda. Aeneas is less well 

their linos with the audience mav have been tafcinu a Hughes as the Hussar-Cook, all characterised, bin Christopher 

wiih quite such ronmvme inti- a r the courtiers who kent ihcirimanaKe in itiakp their words Bull brings him tn life at least 

. mac'’ as Vanbruch call Tor. Tansian w-.ivs long after the: (sung in Hubert Craft's English for his farewell to Dido. The 

The imine3koblp Sir John rnnrt returned to F.ncland.- [translation) audible and clear, chorus of courcers. witches and 
Pr 
arc 



truie and his itt-matchert wife Whatever The reason, rhe playf <p 0 follow Stravinsky in this sailors sinas and dances ener- 
rc played »»v John Cater ami is overflowing with intru^; as nin2ent mood by ' Vaughan getirally. What a wonderful piece 


Jennifer Hilary. The later French. The company lei* 
version of ihe play js used, in suun<j not only French but «itty. 
which Sir John appears hefore *• A * young 

Elizabeth Hall 

Heinrich Schiff 

Heinrich 
rcllisL cuts 
and substantial 
hum in 1932. 

though, there 
of sludge tu 
Monday's rental 

«u^^%K S !rofrich While Mr. ScWs - vyreM.* ^ho« ’rf Western influences; 
waroi tones and infused with equalised throughout all Frt,d Zmnemana u* remembered use is made 0 r the stage area, and 

personality at once comraandinc lers * ,ls s** 05 ' 31 p,ory J® I in the plaintive whistling of the movement is accompanied by 
SdpSfS.' ^ Uq in thc bottont or^-^High Koon theme as bandits an endlessly imaginative and 


Williams at his most pastoral it is. 
and serene is a bold stroke lbal ELIZABETH FORBES 

Young Vic Studio 

The Seven Samurai 

The Moving Picture Mime and devoid of serious content 
is a much-vaunted trio The piece «*»£»* > senes oF 
j.. xmmo 




'"nTinill SuSa ”\br"m P ,Ptw * the eiapn-rt. TV" * aj*| their fares pd i mod' in checkers, 'dominoes, poker ar 
rhnrf ihn Khrssc— m35,y ->r»lini: rrllWN *nout,-> pantouumr while for sinister Ru>sian muleite. at? of which J 

Schiff is their rlilc- . peep thrmich. wins wi-Ji minima; effort; 

diffirtenttN, * ill* lone MAX LOPPERTf But ibe overall effect is hollow « 


MICHAEL COYENEY 


ENTERTAINMENT GUIDE 


-Th«e theatres ecceo: oertaln credit OUCH 


836 8243. Mon. to Thurv OLD VIC. 


COVCNT GARDEN CC 240 1 066 


Chany^credft ar«H 8_36__6903i 


rCardeti, 


Etrgs. B.OO. Frl. sat. 6.1S'4nd 9.00. 
OHI CALCUTTA! 

•• The Nudlrv is sjonnlng." Dally Tel. 
8th SENSATIONAL YEAR. 

DUKE OF YORK'S. 01-836 5122 

Fre». Ton'l. at 8 Ooens tomor. at 7. 
Sutrs. n*c*. 8. Mat. Sat. at . 3 
John Gi cloud 
In Julian Mitchell's 
HALF LIFE 

A National Theatre Produettan- 

— Illantiy witty . . . no one sli 

mlsi it" Harold Hobson i Drama i. Instant 
credit card reservations. Dinner and too 
price seat £7.00. 


PROSPECT AT THE OLD VIC 
Soring season to March 25. In rep.: 
ANTONY AND CLEOPATRA today 7.30. 
• Sat. 2.30.. HAMLET Thurs.. Fn.. Sat. 
7.30. ALL FOR LOVE returns March 6. 
SAINT JOAN returns March 11. Sunday 
March 26 at 7.30: THAT MIGHTY 
HEART, with Barbara Jefford. John 
Turner. • 

OPEN SPACE. 01.387 6969. Tues-Son. 
8-0. Mat. SaL .5.0 until March 1 1 . PC'* 7 * 
Dutch Sum 

. Mar XTEpl NOTES AND SQUEAKS 
Beriossova. Gfelaud. Louther. Sleep. 


92C 7616.. VAUDEVILLE. 83S 9988. . Ev«- at ftm 


Mats. Tues. 2.45. Sats. S and 8. 

Dinah SHERIDAN. Daldc GRAY 
Eleanor SUMMERFIELD. James GROUT 
A MURDER IS ANNOUNCED 
THf NEWEST WHODUNIT HIT 
by AGATHA CHRISTIE 
“ Re-enter Agatha with another who- 
dun Ft hit. Agatha Christie is ttalkJoft? 
the West Eno yet aoalh with another. — 
nf her fiendishly ingenious murder _ " 
mysteries." Felix Barter. Ew. News. < - CL 


IE ROYAL BALLET 

Tonight 7.30 ojn. La Bayadfcre. A Month 
to the Country. Elite Syncopations Tomor. 

Sat, 6 Tues 7.20 nan. Swan Late. 

THE ROYAL OPERA 

Frl A Mon. 7 30 PJn. Manama Butterfly, qarricx THEATRE. 


Royal Shakespeare Company. Tonight •* - 
B.OO Charles Wood’s DINGO “ BrlllJant."-'- - 
Guardian. All seats £1.30. Adv. Bkgs.-'^r. 
Aldwych, . 


FORTUNE. 836 Z238. Evgs. 6. Thurs. 3. PALACE. 01-437 6834. 

SaL 5.00 and 8.00. Mon. -Thurs. 8.00. Fr1„ Sat. 6.00 & 8 AO. 

Muriel Favlow as _M|SS„MARPLES Io JESUS CHRIST SUPERSTAR WESTMINSTER THEATRE. 


MURDER AT THE VICARAGE 
Third Great Year 


65 Amptn" seats for all oerfs. on sale 
from 10 a.m. dp day of oerf. 

COVENT GARDEN 
SUNDAY CONCERTS 
Tilt Sun. Bom. Teresa 
Tickets: £1-£S 


SADLER'S WELLS THEATRE, Rosebery 
A«e E.C. r 837 7672. Last week 
BALLET THEATRE CONTEMPORAIN 


. 01-836 4601. 

Evgs, 8.0. Wed. Mm. 3.0. Sat. 5.15. 8.30 
JILL MARTIN. JULIA SUTTON 
ERIC FLYNN and ROBIN RAY 
in the 

“ BRILLIANT MUSICAL 
ENTERTAINMENT." Peonle. 

SIDE BY SIDE BY SONDHEIM 
:■ GO TWICE." S. Morlev. Punch. 
"GO THREE TIMES." C. Barnes. NYT. 


PHOENIX. 01-836 8611. 

FRANK FINLAY In 
The Leslie Bricosse Musical 
KINGS AND CLOWNS 
Directed by Mel Shapiro 
Opens Tonight at 7.0. Subs. F«gs. E-C 

rn * > -. — — Sh 5 WHITEHALL. 01-930 6692-7765. 

PICCADILLY. 437 4506. Credit card bkgs. _ Ey9S. 8.30. Sat. 6.45 and 9.0. 


... CC. 01-854 

0283. Evenings 8.00. Mar. Thurs. 3 JO. 

Saturdays 5 and 8 -V 

Tickets £1.50 to £4.00 

PAUL JONES in - j 

DRAKE'S DREAM 
MUST END MARCH 4. 


tX 1 ? 1W Trrmsnrimin?f GLOIC - 01-437 1592. Ev»BS. 8.0. MatS- 

TI|€ roar TMOtfamciRS WHWjn. Wfd IK 3 Q, 

Violostpes and ">10000. JM. and Sat. BARRY FOSTER CLIVE FRANCIS. 


hnai oerfs. i The Four Temperaments, 
to'srce Aufumn and Cooking French. 
March 6 to 18 BALLET RAMBERT 


DONALD GEE JEREMY IRONS fd 
SIMON WARD in 
THE REAR COLUMN 
GRAYS hne play: rarely hayg 


'SIMON 

! seen a show as oertectly cast " Times. 
Directed by HAROLD PINTER. 


THEATRES 

ADELPHI THEATRE. CC. 01-836 7611. 

Evqi 7*50 Mitt 1 iti ifl, 1-0. 4 0 - ^BEcmafiru tufutdf 

- LONDON S BEST NIGHT OUT. GREENWICH THEATRE. 
IRENE 


THE MUSICAL MUSICAL 

“ING TUNES 


01-858 7755. 
Evgs. 7.30. Mat. Sats 2.30. AN IDEAL 
HUSBAND by Oscar Wilde. ~ We apotaud 
an entertaining evening." D. Tar. Prom 
March 8 DON JUAN, a comedy by 
Mo lie re. 


SPECTACLE. CAPT1VAT1 
AND RACY COMEDY," S. People. 

IRENE 

INSTANT CONFIRMED CREDIT CARD — 

BOOKINGS ON 01-836 7611. Witt 

ALBERT^ 836 3878. Credit card hkys. ‘'wENDY®' h"|LLER N 

30 - '^d BOO! _D«EK. WIh S> V Rl2' LLC FRANCIS 


^OS. 8 

Wed. Mat. 3.0 , _ 

BEST COMEDY OF THE YEAR 
Evening Std. Award and 5WET Award 
Royal Shakespeare Company In 
PRIVATES ON PARADE 
by Peter Nichols 

(Perhaps Not Suitable tor Children) 
"HUGELY ENTERTAINING 
EXTRAVAGANZA." S. Time*. 

PRINCE OF WALIB. CC. 01-930 66*1. 
Monday to Friday at 8 P-m. 

Sat. 5.30 and 8.45. Mat. Thurs. 3.00. 

■' THE STAGE IS AGLOW." 

Dally Telegraph. 

--RICHARD BECKINSALE 
in 

I LOVE MY WIPE 


Paul Raymond presents the Sensational - 

Scar Revue of the Conturv 

DEEP THROAT _ 

Ndw live on Stage. Limited Season- 
12-weefc season prior to world Tour- 

WINDMILL THEATRE. CC. 437 «3Ii 
Twice NiOMIv 8.0 and 10-0 
OPEN SUNDAYS 6.00 and 8.00 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE tr-.M 
MODERN ERA 

"Takes to unprecedented limit* what la 
permissible on, our stages." Evg. News. 
You mav drink and smoke in Uub 
Auditorium. 


■' NAUGHTY BUT NICE WITH A LOT WYNDHAM-S. 836 3028. Credit Car# 
OF lluGHS7’*News 0» tffi World. bookings 836 1071 (except Sat ). Von- 

INSTANT CONFIRMED CREDIT CARD Thurs. *nd Sot. SJS wi« 8.30. 




tLBERT. B3t> J»ra. i.rw . .... _ ... 

836 (071 ie«ccpt Sat.'. Mon.-Fr<. 7.45. 
Thurs mat, 4 sO.jSati. 4.2 


GODFREY 


HARE 


CUKA 


Extra Easter mat Wed. 22 March at 4.30 

*' A THOUSAND TIMES WELCOME IS _ — 

LIONEL BART'S WATERS OF THE MOON _ 

MIRACULOUS MUSICAL" Fin. Times. ~ Ingrid Bergman, makes the stage 
OLIVER radiate — unassailable cImt/him." o Mall. 

Mim ROY HUDD. JOAN TURNER "Wendy Hiller is superb." Sun. Mirror. 

■-CONSIOER YOURSELF LUCKY TO BE 

ABLE TO SEE IT AGAIN" DaiW Mirror. HER MAJESTY'S. CC. 01-930 6606. 
APPLY BOX OFFICE FOR SPECIAL eSs. B.OO. Wed. 4 Sat. 3 00 8 8 00. 


PARTY RATES 


GLYNIS JOHNS 
LEE MONTAGUE. HELEN LINDSAY 
in TERENCE RATTIGAN'S 


f AUSE CELURE 

REVEALS HIS MASTERY." 


R ATT IGA 
s. Tel. ■■ GLYNIS 
trnlliantir." D. Tel. 


JOHNS plavs 
Last 4 days. 


ALDWYCH. 836 6404 Info 836 S332. 

ROYAL SHAKESPEARE COMPANY In 
reperto-re. Toda« 2 OD * T 30 Congreve's 
THE WAV OF THE' WORLD " a revela- 
tion •• S T.mes. RSC af»o at THE 
WAREHOUSE fsre d'dar Wl and af the 
PICCADILLY THEATRE in Peter N, cftols' HER MAJESTY'S. CC. 01-930 6606. 
PRIVATES ON PARADE. Opening March 2B 

BRUCE FORSYTH 

AMBASSADORS. _ 01-836 1171. Hi LecMr Bricusse and Anthon y Ne w lev 


BOOKINGS ON 01-930 08 46. 

QUEEN'S THEATRE- 01-734 1 166. 

Evgs- BJ). Sat. S.O. 8 30. Mat. Wed. 3.0 
ALEC GUINNESS 
BEST ACTOR OF THE YEAR 
Variety Club Of GB Award In 
-THE OLD COUNTRY 
A New Play by ALAN BENNETT 
Directed by CLIFFORD WILLIAMS 
BEST PLAY OF THE YEAR 
Plavs and Players London critics award. 

RAYMOND REVUE BAR CC- 01-734 1S93. 
At 7 rum.. 9 p.m. 11 n.m. (Open Suns.) 
PAUL RAYMOND presents 
THE FESTIVAL Of 
EROTICA _ 

Fullw Air Conditioned- You ma* 
drink and smoke >" the auditcrlum 


ENORMOUSLY RICH. . 

very FUNNY." Evening N«wa SOtt* 
Mary O'Malley's smashing Comedy. »*,' * 
ONCE A CATHOLIC W?-. 

YOUNG VIC fnear Old Viet. 92B 6361 
Tunighl at. 7.45 TWELFTH NIGHT. 


CINEMAS 

ASC I 4 2. SHAFTESBURY AVt. F36 ' 

BB61. Sep. Peris. ALL SEATS BKBLE. , 
1: THE SILVER BEARS (A). Wk. anrfES? 
Sun. 1.45.- 5.00. B.OO. - T 

2: ABBA— The MovN iDi. Wk.-«>id Sun,:4w- 
2.00. 5.1S. 8.1 5 (lea day). 


— CAMDEN PLAZA ropp. Camden Town 
Tubel. 48 Sl._ 2443.____- Robert Bmson i 


E»ga. BOO. Maf - Toes. 3.00. 
QUENTIN CRISP 
Ticket* CS £2 S3 Inc. glass e* wsp# 
- t ^.5 j without doubt the most extra- 
ordinary eryieriainrrir nt 'n London. 
Evening News. 


Mats. Thurs. 3.00- Sats. 5.00 and 8.1 
DONALD SINDEN ^ 
Attar of the year. E. Standard) 

4 'IS SUPER*." World. 

SHUT YOUR EYES AND 

- WICKEDLY* 11 FUNNY." Time*. 

ART, TH*™ ^ppA 2,M * 

DIRTY LINEN 

M it. Sar-dav Times. 


TRAVELLING MUSIC SHOW 
with DEREK GRIFFITHS 

O-aYrted by BURT SHEVELOVf 

Prerlem trom March 16. 


BOUND HOUSE 267 2554. En 3- 'ubej. 485 2443. ■ Robert Rrnwil’L 

"the LIVERPOOL PLAYHOUSE CO w-th V 1 J| lEr ? l JV' TrTi ^ 

* James AUBREY ag* DOT WARRINGTON 2.4S. . 4A5 6.50. 9.00, 11.00.. 5EAT£~»p 

Hi London Premiere of BOOKABLE. aw 


STREAMERS 
by Dav>d Rabe 
*A red hot production . 
marvellously Hie atmaspnere' 



Monday 


Saturday at 1.00 mo 9.15. 


THE ROCKY HORROR SHOW 

NOW IN IT5 5th ROCKING YEAR 

THE GREAT ROCK W ROLL MUSICAL ROY AL COURT. 730 1745. Evs. 8. Sat. 5 

LONDON PALLADIUM. 01-437- 7S73. SSLSf^o^CDiu ATA’m.HnSSj''^ tor 

MARCH 20th FOR TWO WEEKS ?«S£FHLJS*f ATA ** Tolstoy. See also 
■ MISS Theatre Upstairs— 

GINGER ROGERS 

and S»«iel Guest Star — . — - -- -- 

DONALD O'CONNOR Monday- ThurMay Evenings 8.0. Friday 

and CHARLIE SMJTHERS 5.30 and 8.45. Saturday 3.0 and 8.0. 

A GREAT EVENING'S ENTERTAINMENT London's critics vote 

WITH HOLLYWOOD'S FOREMOST BILLY DANIELS in 

MUSICAL COMEDY 5TARS BUBBLING BROWN SUGAR 

BOOK NOW — Scats £2-£6 Best Musical of 1977. 

LONDON PALLADIUM. CC 0l'.437 7373 Tel- BfcBS. accepted. Malgr credit W g; 

THE TWO RONNIES _ * SAVOY. 01-BS6 88B8. 

Nightly at 8 p.m. Mats. Wed- Z.3D and 
Sat. S.QD. 

JOHN FRASER 


2.00. S.OO. B-OO. 

3l Final Dav! THE DUELLISTS 
Press. 1.20. 3.0S. S.40. 8.'15. 

4r HOLOCAUST 2000 tXj. Prog*. 1 .20;“ " 
3.40. 6.05. 8.3S. 


ROYALTY. CC. 01-«05 8004- CURZON. Curron Street. W.l. 499 37 3T. 

- ■“ PARDON MON AFFAIRE (X>. (English - 

sub-1'IIeg.I *' A oparkiiitg New French 
Comedv. Directed with nnesse by Yves." 
Robert." Sunday Express. Progs, at 1.5D: 
met Sun.). 3.55, 6-10 and 8-30- 


IM1 A1 2e S ^l ba ?2e: C no* MA Y^gSjreAUG. 19^_ , 

tiff pfi Mon.-Thrpv 8.0 BJW.. Frl and LYRIC THEATRE. 01-437 3686. EvS. 8 0. 
«2rT 6.a0 *mf 8.4S. Mats. Thurs. 3.0. Sats. S.O and 8.30. 


£t 5n.£S^50^ 5 Iwtant Credit 
r>>ri"pes«tu. Eat m oor tuiiy licensed 

*««•* bmjhss** 

5£?ar, nr after shew— bookable so 
Combined d-roer ud too Pncfr 
tiefcet tS 50. avl5 
mriiiA' aBpealino. ioot-s*omplng and 

heir^thb-notK.^^ObFgnn^^ 

EVENING standa rd awaro. 

t0 

IP! TOMBI 

• PULSATING MUSICAL." ftwg. News. 
THIRD GREAT YEAR 
Seat prices £2 00 and CSOO 
Olnrer ar.d tap-BfiB KJ! £8^5 tnc. 


JOAN PLOWH1GHT 
COLIN BLAKELY 
■nd PATRICIA HAYES In 
FTLUMENA 

bv Eduardo de Fllipno. 

Directed by FRAhiCD ZEFFIRELLI 
“ TOTAL TRIUMPH." E*. News. 

Y AN EVENT TO TREASURE." D. Mirror. 
“MAY IT FILL THE LYRIC FOR A 
HUNDRED YEARS.” Sunday Times. 


MAY PAIR. 


CC. 52B 3038. 

I. S.30 and 8 -45. 

Brilliant " E.N. in SHAW. 


Mbn to FH. 8.0. Sat. S.30. and .8-45- =-_ 


in 

LADY HARRY 
An nftauwi suspense drama 
by Norman Krasna 

Prices Man. £1 to £3. Evas. £1 u £*• 
Credit booking .accepted. 

SHAFTESBURY. ' 836 ESP&- 

Opens March 21 

John Reardon and Joan Dlener In 
KISMET 

The legendary musical, . ........ 

1 3 Mar. 8 pan. Sat. 3.00 and 84)0 


GATE TWO CINEMA. 837 B40ZfTT77 
(Formerly EMI international). . rosmII - 
Square Tube. DEREK JARMAN'S 
JUBILEE iX). Sep. Peris. 1.00. 3.00. 5.00.' 
7.00. 9.10. THE CANTERBURY TALES. - 
(Xk 1 J.15. 


LEICESTER SQUARE THEATRE (930 5252* .' 
STAR WARS (Ul Sen. Drags. Sly. 2.00.. 
S.15. B.3S. Seats bkblc. ter 5.15 and'. 
8-35 progs, wks. and all progs. Sat. and 
Sun. , MOVES TO OOEON. MARBLE 
ARCH — 2nd MARCH! . - T 


Jane Fonda. Vaneaaa Redgrave . . _ . . 

ROOM CHATE R ^B rifllant " "E.N. in SHAW. 01-388 1 394. S; nW 2»g n 5 M JU B4s' ,A> 'FBaSre" r o!!!'- 

THE ELOCUTION OP Evgs. 7.30_ (No _DW». _Mon.)_ Mat. Tbur*. “is. 9.00‘. AiliwtabkH™ ° ! 


Prtvlewj Irajn OOEON. HAYMARKET (930 2730-277 1L~ 
00 and 84» jane Fonda. ^an«ua . Redgrave In a Fred 
01-388 1 394. " J “ ‘ 


BENJAMIN FRANKLIN 
by Steve J. SpearC. 

“ A companionate runny fiercely efocuent 
play." Gdn. “ Hilarious." E- St. " Wickedly 
aiAuwag ” E. Niwt ** Spell blndlim." OIh. 


2.30. Last 2 weeks. 

an inspector calls 
by J. B. Priestley 
“ Highly entertaining." D. Tel. 
Low Prices. Easy Parking, 


CbmZSY. 01-930 2578- 

49. Mat. Thura- 3 0- S at. 5.30 

ane 8-30 Prtvs. niahtlv 8.tS 

MOIRA LISTM TONYBRITTON Stmll tickets £1.25 to C3.50. 

Margaret COURTENAY De.raot WALSH Comh.nM Dinner- Hwatre Ticket £S95 
-Tni ntrjordlnanr comedy thriller." DM ■ ■■ . y. - -.. - 

™ murder AMONG FRIENDS THEATRE 

-GENUINELY FUNNY." D. Moll 


ODEON. LEICESTER SQUARE. (950 6111.1 . 
THE DEEP (At, Sea. progs, every day. ' 

Seats may be booked. Doors open #. 

MERMAID. 248 7656 Rest. 248 2835. STRAND. 01-836 2660. Evenings B.OO. 1 - zo - 4J0 - 7 - 4S - 


Ton. CONTI Jane ASHER in Mat. Tbu r. 3 -00. Sats. SJO and 8.30. 

whose UPC is rr anyway no spe please — 

0o*»5 M>r-h 6 at 7.D 


_ WE'RE BRITISH 
The WORLD'S GREATEST 
LAUGHTER MAKER 


ODEON MARBLE ARCH. (723 SOI 1-2 V" 

s “- wost ;s 


PPITTRION. CC. 01-930 3216. 

EteVmg* B S«V CaO. B.3Q. Thpra. 3.0. 
9 LESLIE PHILIPS ■ . 

HI'.ARISL'SLY funny." N. or World. 


O Ci<»v Tftrnpr. 7 SO The Olffrv Orrfiartf _JHE MOUjFffTRAP ? -Ab 6 15 9 OO 1 jSshS/ Bri j &»'I' • 

LYTTELTON fpa^Ci^itnn fct »d«)- Ton'?. WORLDS i-ONGKl-lVW RUM 1 1. 55.^ 5 LrtiwiK 5 I l5 J 

7-45 Tomor. 3 4 7.4S THE GUARDSMAN =6th YEAR. USS a 5ff r ' ££?»»■;• "9 

l»v Mninar. English version or Frank mm r ««*»> — L-. - r ~F T rtL* Wl ' BDx “!***. * 

Marcus. 

COTTESLDE (email auditorium!? Ton'l. 8. 


8.00. Dlmnc Dancno 9.3n: Super Rc»ue 

rable dazzle 

and at 11 p.m. 


letters on blue paper ov im h il'Tmr scene jl Leicester Square (Wardoue sll - 

ORU ? V %2* 53? ra S 2d.SS m, ^i H * TCH s™kS 7 2ga«™^i/ , ?“.t^ NT ) H « * ‘ 


Manner Wed. >nd Sat. 3 -PC, 

A chorus line 
rara devanating lovoat atluuljlilM 
WvttnvT'." Simd>y Timet. 


Menw «cett#m eneap teat* »>l 3 th»a!re* 
«* of etrr Car Part. Benaurant 928 


*035. Credit card bkgs. 928 30S2. 


IN THE BLOOD 
Rr Lwftj Jan lurek 


PANTHER (U-. Sun. -Thurs. 3.25 7J(L 
Ffr. ard s-jn. 2.3S. &40.>DA07' 7-i0 *- 



FINANCIAL TIMES 


BBACKEN HOUSE. CANNON STREET. LONDON EC4P 4BY 


Viewdata: the 


Financial Times Wednesday March 1 1978 




Telegrams: Flnanllmo. London PS4- Telex: $56341/2, 883897 
Telephone: 01-248 8000 


Wednesday March 1 1978 


living room computer 


No absolute 


BY MAX WILKINSON 


rule 


IN HIS recent Mais Lecture an 
the conduct of monetary policy, 
the Governor of the Bank of 
England referred to the National 
Institute as belonging to the 
school of those who doubt 
whether monetary policy can 
be of much help in controlling 
inflation. In its latest Review. 
therefore, the Institute discusses 
this point at some length. The 
tone of its discussion is so much 
more polemical than that of the 
Governor’s lecture that there 
may seem to be a much greater 
divergence of views between 
them than is in fact the case. 


The Governor was at pains 
to emphasise that the Bank had 
not adopted a wholehearted 
monetarist philosophy. He re- 
ferred to the 'shortcomings of 
the various monetary measures 
available. He disavowed any 
claim that there is always a 
direct and simple relation of 
cause and effect between the 
money supply and the level or 
prices. He specifically denied 
that monetary policy could or 
should be left to fight inflation 
alone. . The National Institute, 
for its part is willing to con- 
cede that there is. such a thing 
as an excessive rate of monetary 
expansion and that stability is to 
be preferred to instability. The 
real difference comes down to 
the practical role of monetary 
targets. 


an instrument of demand man- 
agement in more normal times, 
it is needed at the moment pri- 
marily to help combat inflation. 
The publication of targets is 
intended to demonstrate the 
commitment of tbe authorities 
to this objective. 

The Institute claims that the 
connection between monetary 
policy and wage claims is un- 
clear and that the connection 
between wage claims and un- 
employment has been greatly 
weakened: it would object 
strongly to changing fiscal policy 
for the sake of bitting a mon- 
etary target But though it may 
be true at present as the Gov- 
ernor admitted — that those in- 
volved in wage bargaining pay 
little attention to monetary 
targets, they may well come to 
pay more if the policy is per- 
sisted in. The experience of 
rapid inflation over the past 
few years has started a useful 
process of economic education. 
A closer co-ordination between 
fiscal and monetary policy could 
take it further. 


Incompatible 


Stability 


The Institute's argument on 
this point is weakened by the 
way in which it underestimates 
the practical importance of 
“stability" — a concept also used 
by Sir Douglas Wass. the Per- 
manent Secretary to the Treas- 
ury, in a lecture delivered 
shortly after the Governor's and 
overestimates the practical ease 
of operating a permanent in- 
comes policy. The Governor's 
point of view, with which the 
Chancellor would not seriously 
quarrel, is that conventional 
methods of demand management 
can only work well against 
a background of financial 
stability. This has been seriously 
upset in the past few years and 
inflation has become the over- 
riding problem. Whether or not 
monetary policy is effective as 


There is one dilemma about 
the setting of monetary tar- 
gets. however, which may well 
raise difficulties. The Institute 
states it in exaggerated form: 
“If a monetary target is to be 
set. it should be sufficiently 
high and flexible enough to 
avoid changes in fiscal stance 
and in the exchange rate which 
would not otherwise be justified, 
and at the same time low and 
firm enough to preserve its (al- 
beit in our view doubtful) role 
in reducing inflationary expecta- 
tions." Not surprisingly, it 
doubts whether both these cri- 
teria can be satisfied. The 
problem, as stated less dramatic- 
ally by Sir Douglas Wass, is 
how far to modify other policies 
if the growth of the money sup- 
ply looks like falling outside 
the target range, given that the 
reaction of financial markets to 
monetary failure could some- 
times be more damaging to the 
economy than other policy 
changes. His answer to it was 
that there is no absolute rule. 
The right course to follow will 
depend on the circumstances of 
the particular case. 


Voluntary curbs 

.t. 

by Japan 


MR. EDMUND DELL, the Trade 
Secretary, expects the Japanese 
Government to take action in 
the near future to conirol car 
exports to Britain. If this fore- 
cast proves * to be correct, it 
presumably reflects Japan's 
awareness that, without restraint 
on their part, formal import 
controls might be imposed. As a 
means of avoiding protectionism, 
voluntary restraint is the lesser 
of two evils. Whether it will do 
much to help the British car 
makers is another question. 


Deficit 

It should be clear from the 
start that the very fact that 
calls for controls or restraints 
arc made reflects the weakness 
of the British motor industry. 
The British do not buy Japanese 
cars because they arc forced 
upon them, nor even nowadays 
because they are particularly 
cheap. They buy them because 
they prefer them to British 
models and because they are 
readily available. In times of 
boom British producers have 
been unable fully to meet 
demand and have therefore 
Turther diverted consumers 
elsewhere. 

This diversion is not always 
to Japan. It is car imports in 
general that have been rising 
rather than Japanese imports 
alone. And indeed even if 
Japanese imports were stopped 
at their present level, there 
would be no guarantee that ibis 
trend would cease. British, con- 
sumers might respond, as the 
Japanese suggest, simply by 
turning even more to the car- 
makers of Continental Europe. 

The figures for last year are 
revealing in this respect. 
Britain's imports of passenger 
cars from Japan were worth 
just under £250m.: since her car 
exports to Japan are negligible, 
there was a deficit of around 
£240m. Yet the British deficit 
with the rest of the European 
Community was more than three 
limes as large at £750ni. on a 
lnlal trade of £1.2bn. Again 
that is a reflection of the weak- 
ness »»f British motor industry, 
hut it is a weakness which is un- 
likely to ho remedied merely by 
placing restrictions on the 
Japanese. 

Two points emerge. The first 


is that it is up to the British 
industry to improve iLs own 
performance. Format import 
controls, such as have been 
.suggested bv British Leyland, 
would look very much like the 
thin end of the wedge, setting 
a precedent for the protection 
or any British industrial sector 
that was in difficulties. More- 
over. there could be no assur- 
ance that they would produce 
the desired effect It is difficult, 
for example, to see how keeping 
out Japanese imports could 
conceivably help to raise 
British exports to (say) the 
European Community. 

The second point, however, is 
that the pressure for import 
controls is n«iw so strong that 
'the Japanese would be wise to 
take heed by again agreeing tn 
some form of voluntary 
restraint. Apart from agreeing 
fnr a period to limit their share 
oF the British market, there is 
one other area concerning the 
motor industry- in which they 
could help, and that is com- 
ponents. There are British 
manufacturers of components 
whose international record com- 
petes with the best. Some pro- 
gress has been made in selling 
to the Japanese car-makers, but 
it still onlv amounts tn supply- 
ing a small percentage of 
JaDanesc demand. Tf the 
Japanese wish to show their 
good will, then here is an 
excellent area on which to 
concentrate. 


O UR television sets will 
shortly start becoming 
interactive. That is a 
word we had better get used 
i to, because the social conse- 
quences are likely to be very 
far reaching. 

Viewers will be able to ask 
questions of their interactive 
sets, receive answers, and 
eventually hold quite extensive 
conversations by means of a 
typewriter-style keyboard. 

To perform this feat, the 
conventional set will be modi- 
fied so that it can be linked 
through the ordinary telephone 
network to a series of large 
Post Office computers. The 
system, called Viewdata, is to 
start up on’ a limited basis in 
June. It has generated so much 
interest that the Post Office 
announced yesterday a full 
public service is to be offered 
a year ahead of schedule in 
early 1979. 

The system, invented in 
Britain, enables* the domestic 
television set to display printed 
text and simple graphics just 
as if it were a • computer 
terminal. The original idea was 
to create a large computerised 
store of information including 
encyclopaedias, financial in- 
formation, timetables and 
reference material which 
viewers could call up on to 
their screens whenever they 
wished. 

But it is now being realised 
that the possibilities arc very 
much wider than just the pro- 
vision of an electronic informa- 
tion store, because the com- 
puter will be able to receive 
information from subscribers 
as well as supply it. 

The extraordinary implica- 
tions of being able to use the 
television set for two-way com- 
munication. are still not widely 
understood. Advertisers, for 
example, would be able to elicit 
a direct response from potential 
customers. By pressing a single 
button, the viewer could 
instruct the computer to 
forward his name and address 
to the advertiser so that further 
details can be sent. Viewers 
could also make purchases in 
direct response to an advertise- 
ment merely by punching in 
their credit card number. In 
time, much more sophisticated 
communication is likely to be 
developed. Referenda, or 
possibly even elections, could 
be conducted by television, in 
theory at least 
The system could replace 
large parts of the classified 
advertising which now help to 
support newspapers. National 
and regional registers of cars, 
houses and other goods for sale 
could be compiled. Viewers 
could arrange for advertise- 
ments to be included almost 
instantaneously and deleted 
immediately the item was sold. 
Asking prices in advertisements 
could be lowered by a few 
strokes at a keyboard. 

A full national network suit- 
able for such applications is 
still some years away — but 
near enough to cause shivers 


of alarm amongst house agents, 
travel agents, car dealers and 
publishers of all types. The 
question whether Viewdata will 
supplant or merely supplement 
the printed word and agencies 
is a fruitful field for speculation. 

Another fascinating possi- 
bility is that small businesses, 
clubs, societies and even house- 
holders. might rent parr of the 
Post Office's computer network 
for their own private use. to 
store information and. where 
necessary, make calculations. In 
the longer term it is likely that 
the domestic television will be 
made “intelligent” by the addi- 
tion of a computer etched mic- 
roscopically on to a slice of sili- 
con the size of a postage stamp. 

By this time, plug-in devices 
like* tape recorders and printers 
could be used in conjunction 
with the Viewdata system. The 
television set would then be 
converted into a quite powerful 
computer terminal for games, 
home instruction, business use 
or such applications as income 
tax calculations, or mortgage 
repayments. The programming 
and basic 'data for all these 
uses would be provided down 
the telephone line from the 
Viewdata computer memories. 

These possibilities are likely 
to be extended by the adoption 
of the Post Office’s Viewdata 
system throughout Europe. The 
German Post Office has already 
agreed to buy the system for 
an undisclosed sum. while 
Holland and Australia are 
thought to be close' to agree- 
ment. France, which is deve- 
loping a different system, is 
now looking at ways, to make it 
comnatible with a European net- 
work. 

Mr. Peter Benton, head of 
Post Office Telecommunications 
said he hopes Viewdata will be 
a substantial earner of foreign 
currency. Some -of the revenue 
will come from patents, hut 
most comes from the sale of soft- 
ware (computer programs) and 
expertise. 

INSAC. the Government's 
software marketing company is 
understood to be looking at the 
possibility of setting up a view- 
data service in the U.S. in con- 
junction with the Post Office. 

The designs needed by set- 
makers are, however, freely 
available. Even so; Mr. Benton 
thinks ir will be -several years 
before foreign companies can 
compete with British manufac- 
turers. 

The speed with which all these 
possibilities are exploited will 
depend very much on the mar- 
keting drive and co-operation 
between three groups, the Post 
Office, the television, set manu- 
facturers and the providers of 
information. A great deal will 
depend on whether prices for 
modified sets or adaptors and 
the charges for information can 
be pitched at the right levels. 

. When the market trials start 
on' June 1, a -rather limited tar- 
get of 110.000 pages of informa- 
tion has been set The Post Offipe 
will act only as a common car- 


rier responsible for the sys- 
tem. h:it not. in general, for tbe 
information provided. 

So fir, 100 organisations have 
signed contracts with the Post 
Office to provide information for 
Viewdata. The information pro- 
viders will pay an annual fee of 
£250 plus £1 for each frame of 
960 characters (about two para- 
graphs) stored in the computer 
for a year. 

The information providers 
ran.e from companies and 
national agencies to consumer 
advice or public service groups. 
Some of the information will be 
free to any subscriber who 


The viewer selects the page 
he requires by pressing 
numerical keys on a remote con- 
trol unit which looks like a 
pocket calculator. Keyboards 
with the letters of the alphabet 
will be available for those wish- 
ing to send messages to the 
computer, or via the computer, 
to other subscribers. 


Viewdata receivers will also 
be able to display pages of text 
transmitted by the BBC and the 
independent network on the 
ordinary' channel frequencies. 
Those services, called Ceefax 
and Oracle, are free of charge 


to hustle ahead. As a result, 
the Posi Office is committed to 
spending more than £23m. over 
the next 12 months and to 
establishing a large new com- 
puter in London. This extra 
Investment will allow about 
SOQ.OOO pages to be stored, 
with an eventual capacity run- 
ning to millions of pages. Total 
investment up to 1985 could be 
£10Om.. but the service is ex- 
pected to be profitable. 

The quickened pacp of 
development stems, in part at 
least, from a realisation that 
British companies must be 



Dr. Alex Reid, bead of Viewdata. 


wishes to use it- Other informa- 
tion. particularly financial data 
used by* businesses, will be 
charged at varying rates up to 
50p a page. 

To use the service, a sub- 
scriber must buy or rent an 
adapted set. At present the 
price of an adapted colour set is 
high, about £700, but this is 
likely to fall to around £50 to 
£100 on top of the price for a 
conventional receiver. Black 
and white sets for business use 
will start selling at around 1500 
to £400. Rental companies esti- 
mate they will need to charge 
an extra £6 a month on top of 
the present £12 a month for a 
26-inch set in a few years' time. 
In the mid-1980s the extra cost 
pf a Viewdata set could be as 
tittle as £20. 

■ These sets will be connected 
directly to the telephone line as 
if they were extension receivers. 
Connection to the Viewdata 
computer will be made by press- 
ing a single button. Subscribers 
will then pay local charges while 
they are using the service and 
a flat rate of Jp per page, plus 
any charge levied by the in- 
formation provider. 


but much 'more limited than 
Viewdata. They are limited to 
a few hundred pages each and 
cannot be made interactive. The 
broadcast systems, generically 
called teletext, will therefore 
be limited to. for example, news 
headlines, whereas Viewdata 
could store entire newspapers 
and answer queries about litem. 
Because teletext systems trans- 
mit all their stored pages in 
sequence, viewers may have to 
wait 10 to 25 seconds* for 'the 
page they want to “capture" 
on their screen. Only the View- 
data system sends the?’ desired 
page down the telephone line, 
and the response- time can be 
much shorter— less than two 
seconds per page. .- 

When the marketing trials 
begin. 1,500 subscribers will 
be chosen to try to evaluate 
which parts of the service 
will be of most interest, and 
how great the traffic will be. 
Originally, it was expected that 
these trials would last two years 
before a final decision on a full 
public service was reached. 

The new head of Viewdata, 
Dr. Alex Reid, appears anxious 


given the chance to exploit this 
British invention before it is 
taken up throughout the world. 
Eight televisiun manufacturers 
are how developing betweep 
them 11 different types of set. 
Integrated circuit makers are 
also competing to provide the 
low-cost components needed for 
mass production. The 69-odd 
components now required will 
be reduced to three or four. 

If U.K. companies can reach 
reasonable production volumes 
in the rfext two to three years, 
they should be well placed . to 
export 'sets to other European 
countries when they start up 
their own services. But if they 
•miss the opportunity, they 
could easily face a new wave 
of low-priced imports. 

Similarly, the providers of 
information will have the 
chance to build up data' banks 
and software expertise which 
could find a wide market abroad 
when .the systems are hooked 
up together. For example, Fin- 
tel, the company set up jointly 
by the Financial Times and 
Extei- to provide electronic 
information services, sees the 
European market as a major 


opportunity for the future. 
Fin tel, which is planning to 
start up with 4.000 pages at the 
higher priced part of the 
spectrum, will be providing 
company analysis and economic 
information and comment Tar 
the business community, which 
it sees as the main users of the 
system in rhe first few years. 
The Stock Exchange will pro- 
vide a frequently updated list 
of share prices and DataStrcam 
is planning to produce 
statistical analyses. 

Ir is generally expected that 
business services will cost up- 
wards of 1 Op a page depending 
on their value, while most nf 
the information directed at in- 
dividual householders u ill 
either be free or priced at a 
few pence per page. One inter- 
esting project aimed at the 
ordinary consumer is an experi- 
mental 65.000 word encyclo- 
pedia to be provided by the 
British Printing Corporation. ’ . 

One of the greatest unknowns 
is the effect which Viewdata and 
Teletext will have on advertis- 
ing. 

Television advertising, which 
accounts for 40 per cent of. 
lutal expenditures, could be 
hurt if viewers used the com- 
mercial breaks to flip through 
the teletext pages. Viewdata, 
on the uther hand, represents 
a direct threat to classified 
advertising, which is about a 
quarter nf all advertising 
expenditure and a vitally 
important part nf the income nf . 
many newspapers, particularly 
the provincial Press. When 
Viewdata gets under way, it is 
almost certain to be a cheaper 
way or selling sonic items, and 
it may even prove to be more, 
efficient. 

Mackintosh consultants esti- 
mate that by 1985 more than 
half of all television sets 
delivered will have teletext 
decoders. It is probable that 
by then all sets will have space 
for an optional plug-in View- 
data converter for a small extra 
cost. 

An extra boost to the View- 
data market may come from its 
interesting communications pos- 
sibilities. Messages .typed into 
the system ean be stored if de- 
sired and then forwarded to any 
other subscriber at a later date. 
People who are away from their 
telephone could thus call up 
Viewdata on their return. Any 
messages would then be dis- 
played on the television screen. 
Tbe computer could easily for- 
ward the same message to a 
number of different subscribers, 
if required. In this way. View- 
data courd become an important 
supplement to the Telex net- 
work with which it is to be made 
compatible. 

Because of the large range of 
its possibilities. Viewala is 
arguably as important a develop- 
ment as the invention of televi- 
sion itself. Whether it can 
achieve the same mass appeal or 
fully exploit its potential for 
making detailed knowledge uni- 
versally available remains to be 
viewed. 


MEN AND MAHERS 


Quite a blight 


of Frosts 


Balance 

There is scope for selling 
more specialist cars to Japan, 
but any hope of achieving a 
balanced trade in this sector 
must be recognised as a pipe- 
dream. The Japanese market is 
already more than adequately 
supplied and serviced by its 
own producers: if it faces a 
threat, it is more likely to come 
from Korea than Britain. The 
British effort to achieve a trade 
balance with Japan will have to 
be made in other, mure specia 
Used fields. The sooner this is 
recognised the sooner some of 
the emotional force Will go out 
•>F the argument about cars 
Meanwhile. Japanese restrain! 
is unfortunately the order n! 
the day. 


What is in a name? A great 
deal of embarrassment for New 
York’s struggling new daily 
j newspaper, the Trib. It car- 
ried on Monday a splash story 
asserting that TV superstar 
David Frost was at Nixon's San 
i Clemente home helping him 
revise his memoirs to answer 
the Watergate allegations just 
i published by Bob Haldeman. 
The co -authors of the story, 
Leonard Saffir, the Trib's pub- 
lisher, and Lammy Johnstone, 
a senior editor, basked in the 
glory of the scoop for a few 
hours. Then Rupert Murdoch's 
New York Post appeared on tbe 
street to inform a bemused New 
York that yes, David Frost has 
been working on the proofs of 
Nixon’s book, but this David 
Frost is a copy editor employed 
by the New York publishing 
house. Grosset and Dunlap. 

Enjoying the discomfort of 
their rival upstarts, the New 
York Times revealed yesterday- 
morning that the 41-year-old 
bespectacled David Frost was — 
like his renowned namesake — 
a bachelor, but without his taste 
for the bright lights. He had 
been working Hi California for 
some months, copy-ed-iting the 
proofs of Nixon’s book. 

Deciding that like Nixon, 
they must “ tough it out," Saffir 
and Johnstone acknowledged 
yesterday that Grosset and 
Dunlap may have a David Frost 
working on the ex-President’s 
book, but they stressed that a 

respected ” Washington Post 
correspondent had reported that 
a “well-informed” source had 
seen rhe Frost in San Clemente. 
Somewhat desperately, the Trib 
asked: “ Why would Grosset and 
Dunlap send a copy editor lo 
San Clemente to work on a big 
bunk tike Nixon’s?” Perhaps 
rhe 1 New York Times has the 
inswe.r. It points out that the 
quieter Frost is highly esteemed 


no mBR 

rARtm wsp 
FOR PEW $ 

FOREIGN { 

CARS 




si saps 


1 BRITISH 
CARS 

ONLY 


for his correction of grammati- 
cal mistakes and checking of 
facts. 


A bit hackneyed 


Those Black Beauties, London 
cabs, are under threat — from an 
animal which has still to be 
seen, the Eurocab. Inevitably, 
Brussels regulations on taxis do 
exist arid one fine but unknown 
day are to be Introduced- here. 
They will supersede the existing 
Public Carriage Office regula- 
tions; it is a development to 
whicb -London cabbiesi look 
forward. It was only In the 
1960s that taxis were freejl from 
the legal' obligation to carry a 
bale of hay on their ronfe. 

Cabbies still feel th y are 
subjected to extreme p essure 
from the Home Secretary; a few 
now plan to sue him for ^busing 
his powers ever since! 1907. 
The latest issue of the trade 
magazine. Ttm. even 1 argues 
that the taximeter may be 
illegal since no Act of Parlia- 
ment says a cab shall be fitted 
with a-meter. 


have manufacturers angling for 
what could be a major market. 
British Leyland and Carbodies 
Ltd., who make the present 
Austin FX 4. hope the FX 5 will 
win out. “Low and clean cut." 
according to David Arnold, 
editor of Tori it is a mixture 
of the classic taxi and a com- 
fortable car. But the British 
are running behind their 
competitors. 

At a New York exhibition two 
years acn. Renault. Alfa Romeo 
and Volvo had new catis on the 
exhihitinn stand, but the British 
could only send their FX4, the 
old workhorse basically designed 
25 years ago. Volvo have a city 
taxi in production, while one 
London taxi firm is about to 
bring in a Mercedes for radio 
hire to test passenge-®’ reac- 
tions. But the FX 5 still only 
exists as a full-scale mock up. 
Carbodies need £4m. to retool 
— and producing only 60 
vehicles per week would be 
hardpressed to supply the whole 
Euromarket For the moment, 
London drivers are busy argu- 
ing about whether doors on the 
Eurocab should ooen forwards 
to nrevenf fares vkivtna. should 
slide (which misht trso the 
driver in) nr he controlled hv 
the driver. The last idea, the 
most Ingpvil. comes from Japan 
— of course. 


leaving the German Chancellery 
job after nearly four years, for- 
mer Brussels acquaintances said 
simply “Schulmacm will get it." 

The reasons are plain. He has 
broad international experience, 
including five years at the World 
Bank in Washington. He has a 
knack of analysing a complex 
situation and analysing itin a 
way which should endear him 
to his new boss — bluntly and 
briefly. 

Can supporters of a “great 
leap forward" to European econ- 
omic and monetary union 
(EMU) now claim a foothold io 
the powerhouse of the EEC’s 
strongest nation? It is not so 
Perhaps because his Brussels 
experience, Schulmano appears 
to be as much a gradualist on 
EMU as is Schmidt. 


FACTS 
you will wish 
to consider when 
making a will 


★Over 300.000 of Britain’s old people are In genuine need 
because of acute loneliness, bad housing or disability. The 
number is growing as the proportion of; elderly people 
increases. 


Celtic coolness 


Helmut’s Eurocrat 


Chancellor Helmut Schmidt is 
renowned for his scathing view 
of the European Commission 
in Brussels; he calls it an “in- 
flated bureaucracy-" But .that 
has not stopped him appointing 
as his new economic adviser Dr. 
Horst Schulmano. who until Iasi 
year was one of the leading 
“Eurocrats." 


The Eurocab rules Already 


Schutmann; blond-haired and 
45, has behind his relaxed man- 
ner a keen brain and an un- 
erring instinct for the next step- 
ping stone to the top; On hear- 
ing that Dr. Dieter Hiss was 


Even if you do not support Plaid 
Cymru, a show of enthusiasm 
for the Welsh language is highly 
desirable in the principality 
these days. Yet the 50.000 busi- 
nesses based in Wales have not 
heeded the message— only eight 
have so far taken advantage of 
the special provisions in the 
1976 Companies Act allowing 
them to register the description 
“Cyfyogedig" rather than "Limi- 
ted" and to submit statutory 
documents in Welsh. 

Seven of the eight are in mid 
or north Wales, the bastions of 
Celtic nationalism. Closing date 
for Cymric registration is April 
IB. after which the firms whn 
have not exercised the option 
must stick to English for ever. 
The only exception is tor com- 
panies which have not been 
established for a year on that 
day — but with only eight patriots 
so far on the hooks there will be 
no need for the Registrar of 
Companies tn iay on extra 
Welsh-speaking staff to cope 
■with a rush. 


An official report records the sad fact that many old people 
are “huddled in icy rooms, wrapped in rugs, unable to 
afford proper heating." It is medically estimated that up 
to 20.000 are at risk in winter from “hypothermia" (fall 
in V inner ” body temperature). 

★The tragic need of old people is Increasing. 

★Voluntary service is increasingly needed to bring personal 
care to old people, and to meet widening gaps left by state 
organisations. 

★Old people overseas also struggle against terrible hunger 
and lack of medical help. ' 


How Hhlp (he Aged get things done for those 
in the greatest need 


★It mobilises experienced volunteer . effort, and sn achieves 
maximum results from every £ entrusted to it. 


★It has pioneered Hats for old people; and now Day 
Centres for the lonely. Work Centres to i-rovlde tight 


employment, and Day Hospitals fnr those who need regular 
treatment but not full-time hospital The charity is also 


treatment but not full-time hospital The charity is also 
active in funding, volunteer transport for the huusebound. 
extra medical research, and much more. . 


★In places stricken hy earthquakes. Hoods and famine, and 
hunger. Help the Aged is well known for its swift practical 
aid. 

The charity’s work has been endorsed by many emi nem 
people, including Lord Shau-crass. General Sir Brian 
Horrocks. and Dame Vera Lynn. 

Its President is the Rt. Hon. Lord Gardiner; Hon. Treasurer, 
the Rl. Hon. Lord Maybray-Klng. 

Write or telephone for Interesting and Informative 
booklets and Ibe annual report and a ecu an is, to: The Him. 
Treasurer. Lord Maybray-King. Help the Aged, Room FT3L, 
32 Dover Street, London WlA 2AP (Telephone: Gl-liW 0972). 


Perpetuate a loved name and help work Tor old people 
£750 inscribes a name In enduring memory on the 
Dedication Plaque of a Day Centre, 

£100' provides a hospital bed in India or Africa, with an 
inscription of your choice. 


Observer 



tin 







Financial Times Wednesday Haidi 1 107S 




By PHILIP RAWSTORNE in Ilford 


•MRS. Tb Fish-In." The Ilford- 
Nwth fish end chip shop sign 
Sanss down: wry comment on 
to-morrow's by-election in 
a-hieh the Tory loader's- immi- 
gration line trails its - vote- 
ralching’ lure. 

A month a gh, the day after 
Mrs. Margaret Thatcher's, tele- 
vision interview,, .a visitor to 
Ilford found all the major par- 
ties there agreed that immigra- 
tion would hot he an issue 
in the campaign. The National 
Front was a shadowy presence. 
It had made little impression in 
last year’s GLC elections, and 
there seemed no reason why it 
should fare any better in a con- 
stituency with only 3, 000 Asian 
immigrants, but a Urge estab- 
lished Jewish population. Com- 
munity relations were good; 
voluntary welfare and soda! 
Organisations flourished. ' 

An opinion, poll last week 
showed that 75 per cent of 
Ilford's electors still believed 
that the area had no problems 
that could be associated with 
coloured immigrants. Yet the 
pollsters reported that immigra- 
tion now ranked second in pub- 
lic concern to the cost of living 
In the constituency; .and the 
campaign headlines in Ilford 
reflected the fact that It had 
become the most 7 emotive issue 
of the hustings. '* 

Mrs. Thatcher has complained 
that the issue was first raised 
by the news media and -that she 
merely responded honestly to 
public anxiety. But Sir Keith' 
Joseph, the Tory -policy over- 
lord. went to Ilford to tell, fel- 
low Jews “who are just like 
everyone else as the saying goes, 
only more so.* that they had 
eond reasons for supporting 
her stand oh immigration. Jew- 
ish immigrants "had been refu- 
gees from persecution, he said. 
••They asked for nothing except 
the chance to make their own 
way." ... 

Many Commonwealth ■ immi- 
grants. he added, had. of course. 


ftoupit no monT But though the contest was decided on 
he. hoped Britain wouW remain .grounds other than immigration, 
a sanctuary for refugees, Sir For even before the intru- 
Keiih asserted that it was not sion-of the immigration issue 
“a country of -immigration.” the Conservatives were clearly 

The Prime Minister, in his favourites to regain this most 
message to the Labour candi- marginal of Labour’s London 
date, accused the Tories of “ats. 
preaching's doctrine that would’ strikes one as natural 

result in conflict and confronts- Tor > territory; a mixed-class 
ttofl. Mr. Mcriyn Rees, the su burb with an ambitious urge 
Home Secretary, charged them ~ self-betterment. In the huge 
with "making racial hatred c ° undl estate which 

respectable ” - helped Labour to its 778-vote 

Mr. William Whitelav, the ° ber ,. 197 f a 

Tory aepmy leader, chose a “T t to »««s have been 

speech S.Dford to reject this B ° Undal ' ! : 

-misleading abuse” and 

.Mched the Governmeol Tor its Ii0D l0 i,s > in stineHve To^im 
” shattering compia«nci'.” appears to have begun. 

The Labour candidate's elec- Mr. Vivian Bend all, the 39- 
tion address did hot mention year-old Croydon estate agent, 
immigration at all. The Tory who represents the Conserva- 
pampbtet distributed to Dford’s lives, finds responses at the 
voters stated with scant regard doorstep encouraging. Apart 
for -fact: “The Labour Parry from his initial election 
plans to' "relax immigration con- address, he has le£t the running 
tfols." ' ■ '»n immigration to others, while 

As the controversy grew, the he bounds along the streets 
atmosphere of unreason devel- with his eight-man “ circus of 
oped. Gregarious Ilford, with its canvassers, 
ten clubs for promoting inter- This is his third election. He 
national friendship, had to put twice Fought .Mrs. Shirley 
up the shutters as the National Williams at Hertford and 
Front grew from a minor poli- Stevenage in 1974 and he is a 
tical irritant into . an inflam- shrewd campaigner. Raising a 
matory threat. Five thousand quizzical eyebrow^ he bombards 
police with dogs and riot shields the voters with anticipatory 
were deployed to shadow the Questions— *' What bothers you? 
mass canvass which the National High prices? Fed-up with high 
Front substituted for its .banned taxes?" — and presents himself 
march: Only that display of the reassuring answer to 
strength- and a .douche, of cold them. 

rain averted violence -in* the Prices and taxes are his 
streets.. ■?.•• ' major targets but in an area 

’ •: -v. With few jobless, he has found 

"OtriPT OTfilUlnC a 8 rowin 5 fear of possible un- 

VJUlCr giUUinp employment among the young 

Ilford's reactions in the bal- another issue susceptible to his 
lot box to all these pressures appeal. Local questions, 
.will be studied with some con- Primarily the maintenance of 
cern for their implicflj(tan$ for Ilford’s grammar schools, he 
the national course off British regards as a political bonus in 
politics. Labour seem resigned his favour, 
to.-’ losing the seat. Its hope is Behind him. the Conservative 
that the Tory majority -will: be Party organisation hums- with 
□arrow enough to sijjgMt that confident efficiency. A legion 


of ladies were licking envelc >es 
last week' for the final sta :es 
of a precisely-mapped campa &■ 
With the Naiional Fro t’s 
candidate, Mr. John Hugles. 
and his migratory organisal on 
outflanked, the only appai int 
threat to the Tory adv a ice 
comes from the unexpec ed 
challenge of Mr. T »m 
Iremonger, the former MP v ¥> 
held the seal for the party &r 
20 years. He got his name bo 
.the Guinness Book of Reco 
by polling the same number 
votes — 19,843 — at the- . 
1974 , general elections but g. 
a rejection, slip from Ilford 
Tories shortly afterw 
allegedly because of bis politi 
eccentrities. 

Nervousness 

. His return now as a Conserve 
tire Independent Democrat ha. 
roused a little nervousness and 
more bitterness in the local 
party. Mr. Iremonger says his 
aim is to ensure that Margaret 
Thatcher becomes Prime 
Minister. A maverick back- 
bencher in the Commons, he 
describes himself as a “ gut 
Conservative n as distinct from 
"Punk Tories” of the Heath 
image. The party is finally 
coming round to bis way of 
thinking, he says,, and the 
personal vote he has secured 
in Ilford over the years could 
make the vita] difference for 
the Tories between victory and 
defeat there at the next General 
Election. In the interests of that 
longer-term prospect, Mr. Ire- 
monger believes it would be 
better to split rhe Tory vote, 
ensure the party loses to- 
morrow. and force it to redeem 
its sins of omission against him 
by readopting him as the next 
Conservative candidate. 

But with the help of little 
more than a megaphone, Mr. 
Iremonger is obviously having 
some difficulty in getting that 


complex message across. “It 
is not easy to get the right 
balance between an aggressive 
campaign and one that wift not 
alienate support of Tories for 
me,” he admits. Because an 
opinion poll has indicated thal 
only 12- per cent, of Ilford knows 
that Mr. Iremonger is back, the 
official Conservative response to 
his presence has been to ignore 
it in the hope that it might dis- 
appear. The most realistic esti- 
mates credit him with a likely 
vote of about 1.500 — a total 
that might certainly be dan- 
gerous to fche Conservative’s 
chances but is generally con- 
sidered unlikely to upset the 
balairce tomorrow. The opinion 
polls last week gave the Con- 
servative a substantial lead over 
iur. • 

The Conservatives count on 
ire than off-setting votes lost 
Mr. Iremonger with benefits 
tin a collapse of the Liberal 
te. The defection of some 
iberal voters to Labour at the 
election is believed to have 
in the key to Labour's vic- 
Desertaons to-morrow from 
Liberals’ total of just over 
in 1974, axe likely to be 
the Tories. 

e efforts of Mr. John Free- 
tbe Liberal candidate, to 
on to the 1974 vote, ap- 
to have had little success, 
e are signs that Liberal 
iers pushed into the contest, 
been reconciled from the 
to facing another embar- 
ug inquest on the electoral 
ts of the Lib-Lab pact Mr. 
C unent Freud. Liberal MP for 
E arrived at a Press confer- 
ei ;e last week, and offered only 
ti hope tbat Liberals would 
emerge from the contest with a 
st pnger local organisation. “I 
d(f not believe we shall do sen- 
sationally welt" be smiled dog- 

- Mr. Freeman, born and bred 
in Ilford and head of a primary 



Violence at Saturday's National Front canvass in Ilford North was averted by a display of 
police strength and by rain. Martin Webster (right), the Front's national organiser, chats 
to his partyfs candidate before the canvass. 


school, fights on defiantly. It is 
important that the Liberals’ 
voice should -be heard in the 
by-election, he insists, and it is 
no fault of his that his modest 
and moderate demands for con- 
census and community politics 
have been drowned in the babel. 
He is a church deacon and has 
been genuinely appalled by tpe 
ferocity of the immigration con- 
troversy, and fears the social 
damage that may result “I have 
never seen anything so sad and 
desperately unpleasant in my 
life w he says. 

Mrs. Tessa Jowell, the young 
Labour candidate, brings dash 
and enthusiasm to Labour's 
campaign. Even so, the party 
seems vulnerable and defensive. 
“ Winning through with 
Labour,” as her posters hope- 
fully proclaim, frankly still 
looks a bit of a struggle. The 
return to single figure inflation 
which was expected to give 
Labour a rousing send off failed 
to bring many voters to the 
doorstep in obvious' gratitude. 

“It's a question of time,’* 
says Mrs. Jowell. and many of 
her aides suspect that the by- 
election has. come too soon for 1 
the Government's electoral 
popularity to be solidly re- 


established on -the basis of the 
country's financial recovery. 

A strong pound and a balance 
of payments surplus tend to be 
discounted against the weekly 
shopping bill; and voters do not 
yet feel able to afford, any 
appreciation for Labour's asser- 
tion tbat Britain no longer 
depends on international loans 
to keep it going. Nor were they 
transported by the visions of 
future prosperity from North 
Sea Oil that are projected from 
the party’s headquarters in a 
former spiritualist church — 
particularly, when a possible 
rail strike threatened the area's 
already fitful public transport. 

“People need a great deal 
of talking to.” Mrs. Jowell 
admits. A Camden councillor, 
and assistant director of MIND, 
the mental health pressure 
group, she brings an appealing 
social concern to her campaign. 
But in the immigration furore 
she has found it difficult to 
focus the debffe on what she 
calls the real issues. 

“ Do not let us give up now " 
she urges Labour supporter 
“It is going to be very dose." 
If Labour voters have been 


listening, they could be per- 
suaded to make a fight of >L But 
as Mrs. Jowell waited outside 
factory gates to speak to them 
last week, many sprinted past 
her in other directions. 

THE CANDIDATES 
Mr. Vivian 
Bendall (Con.) 

Commander 

W. G. Boakes (White 

Residents) 


Mr. John 
Freeman 
Mr. John 
Hughes 
Mrs. Tessa 
Jowell 
Mr. Tom 
Iremonger 

Miss C. Rowe 


(Lib.) 

(Nat. Front) 
(Lab.) 

(Independent 

Con. 

Democrat) 
(E. London 
People’s 
Front) 

candidate, Mr. 
(New Britain 


An eighth 

Alfred Burr 

Party) has withdrawn although 
his name will still appear on 
the ballot paper. 

OCTOBER 1974 RESULT 
Mrs. M. Miller (Lab.) 20,621 
Mr. Iremonger (Con.) 19,843 
Mr. G. L. Wilson (Lib.) 8.080 
Lab. majority 778 


Letters to the Editor 


reading which could pa done at nuclear weapons. This is how achieved a remarkable level of 
home. As CarlyUr jptid: “The our couniry is supposedly sabo- productivity because the Govern- 
true university of th«e days is raging the conference. Perhaps raent is supremely alive to the 
a library of books.'”** Mr. Dale could devote a future needs of the industry. In 1973 

l 


Independent 
outsiders 

„ r . - ~ Tam aware ~ihat emaloven are 3rti ri c to explaining why the the ^Germans produced 86 per 

From Mr. H. Porker. . . lam wan ‘that mfioyers are XVes , , s s0 afraid of a prDposa , of their total food corummp- 

Sir,— I cannot let Lombard's ? , fKi spVn acn 11,31 both East and West should tion. while in this country we 

piece. " Putting a Monkey on the * Jr., wm»i?Sn« me? I ,led ^ e themselves not to be the produced a mere 54 per sent 

Board ” tFcbruary 24) pass with- first to use nuclear weapons. (These figures exclude foodstuffs 

out comment. In spite of lus fWda.M»r ' want a» dames are all very weil. but which cannot be grown ' in 

liuht-hearted treatment of the JJSf our mutual survival is really Northern Europe vn. banaftas.) 

subject. Anthony Harris touches . **** rather too important for point- If the British expect food at 

on an issue that lies at the heart ^ suuicci. scoring. reasonable price; 

,ir this country's industrial per- The Robbins Report does not Mikhail Chernousov. 

innnance. I refer to the have to.be treated as HolyjjjWrii. i\ Pushkin Square. Moscow. 

concrailv uneven, quality and I* Is 15 f years since it cunff.oiit. 1‘SSR 

••nnipetenee of many public Since then we have devepped 


company. Boards of directors; the Open University, whig ;a TUa nf 

This i. a complex and contra, nr.iMIWUllfrns dgEtpu; I IMS t-OM IM 


4 “IP 1!% a Complex dim kVIlinr mov.nniliii..l HM J : 

torsi ;t) subject which cannot be 

dealt with adwjiwtely in a letter. !f a « t 
Rut l si rout* ly disagree with the nol^Mh?ie* 

.■ ■•iiiittirnt by Mr. Harris that the JJSJJSl* 1 ** fOU * he£ 
i.’Bl’s suggestion to appoint three sianaaras - 
nuivide directors on public com* G. K. Young. 
p.m.v Boards is a “remarkably Tory Action, 
puny proposal." Far from being p.o. Box BH) IV’ U 
a jinny proposal, 1 can think of 
no single action that could do 
ni**re io improve the quality of 
many Boards— and thus the per- 
formance of their companies — 
than to make, this an. absolute. _ . . „ 
requirement. .rrofn Jur. w H'llimnu 

One reason far the hisioricatlv Su-. —.rtf nimnrtmont 


Supply 
teach 



prices the Govern 
ment of the day must encourage 
investment in agriculture, fortbe 
cost of imported food will rise 
much higher yet As long as MPs 
are content to chase the vote 
rather than brief themselves, the 
essential needs of the British 
economy’ will take second place — 
and British farming will suffer 


GENERAL 

Natrona] Economic 
ment Council meets. 


Develop- 


To-day’s Events 


tee). Subject: Public Expenditure 
White Paper 1978— Support for 
Industry. Witnesses: Officials from' 

Interest on National Savings University, asks “How shall we International Monetary. Fund inf SSEn«i 10 tl. S 

Buk dapMis tteottnu ndaml t» Edutulon?;;, . SL Liw- monthly gold auction. Washing- ClT sJE 


rence Jewry next Guildhall, E.C2, ton. 


8} per cent. ljg ^ 

')j llian,s * Bduca- London Chamber of Commerce two-day meetin '- Paris'. 
“ ddres „ ses ral I y Df export finance discussion group: 


European Space Agency ends 

UnYon^mbefo'? 5 ^bommeree SL SSu^ (U'S 

1Labour Part y> Bore ‘ “The ^Financial Situation in* East- trade mission to Yemen Arab Servic ^! Emp^yment sub- 

hantwood. ern Europe,” 69, Cannon Street, Republic returns. S^JliSin. b !SS2« E: wilSfJJ- 

Sir Geoffrey Howe. Shadow E.G4, 10 a.m. par. mvrTsrranv RTienraas arid training services. Witness^. 

2r£SFSi£ Duty-free cigarettes and alcohol J TZml*?™” t5 

chief speaker at annual confer- now available on ships and air- -nmmjifpp p J ' troin 

ence of Conservative Party’s Small C rafi between Britain and Irish House of Lords- Debate on de- COMPANY RESULT 

Business Bureau. Carton Hall, Republic. miXT "n!£for‘ General Accident Fire and Life 



>4! a map 

and y wm y r u pbxff. 

U P Sir. — F ell o w-roa d ers who, like su b Uni e ignorance; because 

myself, have had little expert- 11 1S noJ an urban vote-catcher. 

. ence of the pitfalls of overseas R. c. Roundel!, 
trade for the individual, might rwf n w w«ir 
take warning Trum the following. t - L Cheshire 

In my professional capacity I ' Aoutiw eft. uxesh ire. 

have fur several years had deal- 

ihgs with the French equivalent A nil nil j 
of Die Ordnance Survey. My last ** H UU11V ' 
order was for a map costing £12, coonrlal 
plus £3 for carriage. Unfor- oLd.II Hal 
tunately it did not come through Frnm Professor D 3 lyddekmi. 
n f Ihe post, but through National _. . ,, . , ... ,, 

oi ^....r. - ..... ....... Sir.— It really is absurdtfor the 

Price Commission to pnpend to 
be able io identify the “ ^irrect " 
price fnr tea. How can anybody 
calculate such a price without 
fully incorporating the tong-term 


6 00 


Bill of sight 
Examination and 

clearance A SO 

Customs entry, corre- 
spondence. etc 12 50 


aims and expectations of market 
participants? 

Mr. Charles Williams appears 
□ot to appreciate that market 
prices are an outcome of the 


njf v 

on their managers. And ihe students in the 1980*. You high- 
most common cause nf this has lighted -thn choices which in- 
born the xo-callcri “ executive votyed the possibility of having 
Board that is, a Board consist- to man the institutes for ihe 
mg solely nf executive manager*, peak period and then face ihe 
Such a " Board ” iv unlikely to difficulty of removing surplus 
he dissatisfied with the aim- teachers at the trough of 
party's (that- is, their nwm per- demand, 
forma nee. and even less inclined 

in do anything .drastic to 1m ... ni£ £ | g . 

prove ii — like . sacking them- period by training as teachers to repurehase during my next Exchange what the*' pricesofeach 

selves, for example. people m their early 50s whose .visit to France. of the quoted securities on that 

.Mr. Harm seems to hate retirement would rmneide wiib Bernard Platt. market '‘ought” to be? 

mixsed ihe real point ot outside the fall off in demand ? There (Teacher, responsible for May 1 emphasise that those 

dtentors m suggesting that all must be substantial numbers nr geography.) who support the market system 

they can do (without violating men and women in industry. «■*»«- u pr3 b mu school don't regard the cost of Govern 

the laws regulating insider mfree and the civil service who J ampton Stockland Green, bureaucrats* salaries as an 



Total 23 00 

Vrtf enmrkinnfv t chati a fc market PrOMS*. «Ot « 0161^ 

d - Win does the Depart, neni not Nation a ?SVrieS m destroy ?he 
t- consider manning ihe peak Jack age. It will be much cheaper he M £ SrS 


regulating insider I1IM 

trading) is to srf no evil, bear would like a second career or 

i na evil and speak no evil. The who are being pressed by their 

! right kind of -outMde director employers min earlv reureuienL 

: armrd wnh ibe righl kind of cx- a programme of recruiting- I IIP SllftlllS OI 
pern- nee and information can be j.wto teachers aged 50 now. 2.000 
; a powerful force on behalf of ail aged 51 nexi year and 3.000 aged „ fo ririprc 
stakeholders in (he lumpany. 53 m ig«i with a two-year train- 
and can i-ontributc a great deal ing course should account for From fit* Chairman, 

: to. the. effectiveness of its Board 90 per cent, of the possible short- Cheshire Brandi Country 

and management ' fall of staff. Landowners' Association. 

Therefore, investors— whether Geoffrey G. tVilltams- 
jnsiitutional or not— should look in o^h 

closely at the composition and Koad ‘ 

qmitiiy n( jny public company's ” ncjpra 

Board ,n addition to other more _ , * 

conventional indicators. Unless C 0X1111111 111 ^ 


insuperable burden (though they 
are certainly mounting op). 
What is insufferable is tiie con- 
tinual interference with the 
activities of productive business 
managers. The amount of pro- 
ductive time that now has to be 
wasted in dealing with Govern- 
ment officials is a public scandal. 
D. R Hyddelton. 


gas s " 

National Farmers Union (Feb- Cr0BjSeW * Bed ^ on1 ' . 
ruarj- 21) whose invitation to ry, >*. 
seven MPs to see for themselves f IUUDI1I1& 
the ' methods and problems in. 


the methods and problems in- 
volved in food production was nriD^c 
ignored bv all but one — Mr. *V.C» 

Douglas Mann. The- Country From Jfr. 5f. WtObht. 
Landowners Association reeemly. Sir,— Xearlv all world 


com- 


there are .some independent 
heavyweight - outsiders on the ilafontn 
Buard. they might reasuna’.ly uClvIUv 

a^k why this « «o and what the From Afr. AI. Chcrenuwu;. 

chairman proposes 1» du about c ir Your European editor.. 1 ? 1 this region al least, has been modity prices enjoy a^free mar- 

11 Reginald Dale, on the Belgrade. ®jre A ho “?i nesrlyalj commodity prices 

Cnoference (Februar>' 21) stale* _wwjwibleolj met with similar have tumbled over the past six 
that “ both sides ” are playing L5S™ rh-ehtr* 310nth \ Wl11 Labour Party 

. a "same” in Belgrade. The J* jjj 1 *i n f! l X ln «rt2S cla,ra tM ® facl as 115 ^ P^ 
game, according to him, is to FJfJ* t0 M « h sons I achievement in its fight 

ensure that the other side ink** tSSS* 3S ^ inst infla,it>n? ' . ' ' 

the blame “when failure is J* ve ,^ ere inrT Jf”. Cunte come Mr. Hanerslev 

fitlsllv adinitred." ^ IPs l( n p ”^.y ve cannot hsve it both ways 

Such vynietim may he usual candidates ■actuall} b r enjoying the benefits of free 

in the Western Priss. but as a reasonable lurnout They had a markets while at the same time 
Soviet journalist I find It both omciuI day visiting farms seeing fixing the price of tea; 

, shocking anri disturbing. -' i£ 0r Wll! ***• Uoveroment 
Neither my country nor the PJJJJJJ” iJJJl Uhrough the Enterprise Board?) 

u " svs!em Mlh to,h land * in future give rebates 10 those in- 

dustnal companies who can 
prove they bought their raw 

, . . . . , *• in continuing the process or n* w«™tr vaanipivb P»r* roa i e rials at the ton? 

JMWW* 111 higher ediiiaimn IPrite and increased ««-i»peration ticuiar farm enterprises visited. c Iop ‘ 

.unlini* in rb«’ IBStls dues not w w fC i. . vas begun with such hlffh ^he briefing was welcomed by “• 'Vilktn. 

luueh on a sixth option, namely. Jones ,1 Helsinki in 1975- ' the politicians who came and the £ J'fonence PoiuUney Hill, 

i.iiwp the qnaltflcalinns for entry Thf! t'nion has never effort appreciated. Some of the EC *- 

tu uanersitics, pulytechntcs and ntiemptinl to resist a " genuine visitors proved well-primed and — 

rulleses. dialogue'' al Belgrade, as Mr. knowledgeable^^ others were X JjTCC HCF0S 


Hugh Parker; 

.Mi Kinsey and c 0 . 

W, St. James's street, S.IV.I. 

Education 
options 

Front .Wr. G. Ytmnff. 

Sir,— The intcrcstiiu article by 


S.W.l. Other speakers include Mr. 
Reginald Prentice. AfP. 


Anti-Apartheid ‘Movement and 


dine in respect for authority and ™ 

need to re-assert primacy of the Assurance Corpn. (full year). 


End Loans to South Afviea group law. 


COMPANY MEETING 


Professor Charles - Rowley. Pro- expected to hold day of action Select Committees: Expenditure Birmingham 
fessor of Economics. Newcastle against Barclays Bank. (Trade and Industry sub-commit- ham, 12. 


Pallet, Birtning- 


JS 


Magic flute. 



Sn»i£. or f In'- sc have shown a Biifti will not be “blissfully ignoranv.’’ Each one 

.... I *’. a party to . 

in. ihe last lew years. untl even f r renre in ’!)<* 


diop 0111" rate uf W mr- cent., a" eartv ~ io leaitimlBinp lnle^ was belter informed by the end « n/vnr 

ence’ in *ho internal affairs of of the day. ctilU a wW 


foe those w ith a l«u **r rate, a snvoreian States on the preiext. The status of the farmer in this prow Afr H Rliiteffiread 

iii-h pruportiott. people of .*sci«inc alleged „htinian ™“”^ r . v J R Sir,— Your correspondent (Feh 


abandoning *h oir. studios are rights violations in the Socialist ticians are looking for votes and nwry m | S in enwr urSeribSl 
first-year -JiiikniM in other cnnnmcK _ do nut look to minority - TO £] oyd Gcorse 

worts. the^ 'linuM never have Mi Dale that the Snnet groups. In Denmark, where the •‘three a-res Mdim. 1 ’ « 
.-••no on to higher academic l*mon niWed prupo^nls which farmer has a significant influence goes hack almost ro before Ltovd 


-indies ai ail. Nor .should IS* were tinxcrcpfable to Western on the vote, the industry receives Genree'c time Ti 

.'•mmiUK l»o admitii'd to study cimnlnes. Bui what were these the utmost encouresoment, to the Jess/collin?*’ 

nrim/mL** sobfeeti l»k«. " In* proposals which the Soviet wtent that the nation is nol only ti, e cm»se rvatto » Jmin 

.Jrpendrm Studies." "Uheral Union used to attack the Wert? S-lf-sufficient. but exports rero- 3® SSl„i? T * Uon 

Studies." “ General Studies “ and It rum* out that they are pro- ttlrdaor iis produce. The Nether- „ zl . «ntury. 

j’w Ijise 1 these ‘■‘•mi* down to posafi for dharmament and in ands. with iti dynamic sj’stem H nTuteferead- 

little ro»re thaa generaOsed ; particular on the non-first use of pi Intensive agriculture, has 3, ’Court Drtce, Croydon. 


This yeas thanks to their con- 
tinuing association with Imperial 
Tobacco, Glyndeboume arc 
staging a new production of 
Mozart’s ‘The Magic FluteJ 

Imperial Tobacco is just one of 
a number of far sighted UK com- 
panies to have realised that the 
arts in this country- ballet, opera, 
theatre, film, art and music- need 
money if they are going to survive. 
But this is not a chanty 
advertisement. 

ABSA- Association for 
Business Sponsorship of the Arts- 
exists to encourage the growth of 


sponsorship for the mutual benefit 
of both business and the arts. 

We regard sponsorship as much 
more than mere philanthropy. 

Many of our member com- 
panies, like Philips Industries, 
Midland Bank, Imperial Tobacco 
and Marks and Spences are already 
testifying to the benefits of their ' 
involvement with a whole spectrum • 
of cultural activities. 

Arts sponsorship is one of 
today's most exciting and worth- 
while forms of promotion. Find out 
more now. Whether yours is a large . 
or small business, return the 


coupon for further details of ABSA, 1 
its membership and its services. 

1^ Association for Business . 
■mSponsorshin of the Arts 

rz ■ lecru'i'itn-m fnr'Rr*onf-tc!snone.-,rtV» n 


Te; Association forBusiness Sponsorship 
of die Ans, 

3 Pierrepont PIace,Bath BA3 1JX. 

Please send me full details of ABSA. 

XamC 


I. 

1 
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I 


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IAaTRIALTOBACCO UMITED 
have donated thi» advertisement in support of ABSA and theArts. 


F12 


I 1. 




DIVIDENDS' ANNOUNCED 


Financial Times Wednesday March 1 1978 

IMI £41m. ahead 






Waterford Glass increase is £2.48m. 


WITH ALL divisions performing 
satisfactorily and despite some 
adverse effects from currency INDI 

movements Waterford Class 
achieved a 3.67 per cent, jump in Company 
pre-tax earnings from £G.75m. to ~K\cm mr ) 

a record £8j23m. Sales climbed ' 

£20j8ra. to £l00.5ra. Allied Insulators 

Halftime profit was better at Blackwood Hodse 

£3.6201. compared with £I.66m. - — : - • ong 

The company had taken steps Brairn * (TJ. & J-H.) 
to minimise the impact of further Broadstone Trust 

foreign exchange fluctuations . — 

during the current year and the clrt » or ° * 5n ”» 
present indications are that Crest Nicholson 

growth will be sustained in ail - 

group activities, the directors say. r t 

Earnings per 5p share are Imperial Metal 
shown at 4.7p (3.18p) basic, or bit l immtmi. ■ 

422p (2.9Sp) folly diluted and a ^ 

net flna! dividend 0.7395p raises Invtg. in Success 

aca, " ! ' 3 " " mhMt ">*«•" 

Manufacturing relief, which 
allows a tax rate of 25 per cent, 
has been claimed in certain of the ■ , 

Irish companies in the group and (\/| nfn l|*OV 
total tax for the year was £2^nm. IrlClfll 1 flA 
l£2.35m.). representing a lower 
overall rate of 31.7 ’ per cent. nAnwn 
t34.s per cent.). SOSES 

For the year pre-tax margins 
were ahead from 8.5 per rent! to L_ T *7 A fTf 
9.2 per cent. Year end bank II V / fclvO 

borrauine* a ( £I4.34m. (£11. TSnt h ** J * * /v 


INDEX TO COMPANY HIGHLIGHTS 


Pa g* Co l. C ompan y 
21 4 Metal rax 


Mount Charlotte. 

N at. Westminster 
Nottm- Manufacturing 

Rain* Engg. , 

RosglH HI tigs- 

Si dg wick Forbes 

Tace Group 

Thom Subs. 

Utd. Glass 

Waterford Glass 
Wood houses Rixson 


Pa ge C ol. 
1 8 2 
20 1 

J9 T 

19 4 


Unilator Technical Ceramics. 


Current ' 

Date ' CotTe-' 
-of sponding 
payment div. 

Total 

for 

Total 

b»t. 

payment 

year 

year - 

T. F. nod J. H. Braimt ... 

It 3S 

— 

*2.09 

3 23 

“2.98 

Krnadstane Trust 

3.75 

April 27 

35 

5.15 

4.5 

Clifford fe Snell :nt. 

e.si 

April 28- 

0.15 


0.57. - 

First Scot Am. 

3 JO 

April 14 

1.85 

2.85 

2.55 

mi 

1.79 

April 13 

1.6 

3.29 

2.97 

Inti. fov. Trust 

1.45 



1-34 

2.62 

2.34 

Inv. in Success 

2.II 

— 

-L67 

2.9 

2.41 

Metalrax : 

Ml. Charlotte Investments 

0.69 

— 

*0.61 

1.13 

*1.01 

0.49 

— 

nil 

0.49 

nil 

National Westminster . . 

6.33 

April 4 

5.57 

11.49 

10.26 

Raine Engineering ...int- 

OJrt 

Mav 2 

0.29 

— 

D.S7 

Sedfwick Forbes 

6.00 

— 

5.09 

959 , 

8. .19 

Waterford Gloss 

0.74 

— 

*6.62 

1.3 

"0 95 

Wundfaeuse and Rixson ... 

1.16 

April 22 

1.04 

2.32 

2. OS 


to peak £34.2m. 






lion of some additional capacity. dividends shown pence per share net except where otherwise stated. 
. *; oirrbot cost statement ° Eq uivaieni after allowing for scrip issue. 7 On capital 
£lffixLS?m a SrJdS fo increased by righto and or acquisition risues. 


— £956.000 after additional deprecii- 
4 tion of £175,000. the cost of «aU?5 
4' adjustment of £393.000 and a 

- - £62.000 gearing adjustment. 


Raine Eng. falls midway 


_, y ^? r th ? re " as 3 VITH THE continuing effect of signed to supplement the com- 
£<2..^JQ (£1. 17m.) increase in (^e recession in the steel industry- party's regular premium personal 

working capital. ■ n»w being felt by its - steel pension plan. The minimum oui- 

Meetmg. Moke-on-Trcnt, March processing subsidiaries. Raine lay is £500 and the plan Is 


Waterford Class 18 1 25 a* H-30 a.m. Engineering Industries announces available for self-employed 

Wood houses Rixson 18 4 ‘ a reduction in taxable profits betw een the ages of 16 and 74. 

rp -m from £395.000 to £103.000 for the Additional contributions of not 

I 1 1 Pn I fl #■ " lX months to December 31- 1977. less than £500 can be made at any 

X Ui 1I1UU11U >■*» .increased sales of £7.52 rn_ time, the objective being to pro- 
future growth may be less drama- a t> *11 VK * e g°?np lete fl exibility in pay- 

tic than at other currently OT KHCCnll "*>*1* ** directors do n«»l ment of contributions, 

less well placed engineering wl l.VUo^llX anticipate that the full year's The amount allocated to units 

groups. Last year the group’s . n A ^ • irofi . t wul l hg . *** v,ous depends on the polio - terms and 

mixed bag of companies all X 1 1 /FM > ear s record £838.000. they report the amounr inrested varying from 

enjoyed profit growth, while IU wVtMlll* k • a ® elter pattern is 05 per cent, for terms of 10 years 

profits received an additional - , mmum-rnnc expenenced m v** second or more and investment of at 

boost from Bacal. the latesf of a S«r2u5 DISTRIBUTORS nau. ...... least fl.000 to 90 per cent, for a 

long line of acquisitions by the ***** ^>“**>85 returned to the The net interim dividend is one vear ternt with ' investment 
group. To date these purchases 2*£c mth a S«.000 profit ™*** n f«* *} P*T less than £3,000. There is a 


future growth may be less drama- 
tic than at other currently 
less well placed engineering 
groups. Last year the group's 
mixed bag of companies all 
enjoyed profit growth, while 
profits received an additional 
boost from Bacal. the latesf of a 


Turnround 
at Rosgill 
to £0.2m. 


represented 40 per cent (38 per HAVING expanded second-half have not stretched enua borrow- *2 ainst * £127.000 loss In thr share and the directors expect a -hoi— nf five invwmeni funds or 
cenL) of members' funds ^ taxable eamgps from £528 089 to fg£ “J She so^^ddiKl » December gal not less than last year's 

Mill " hich exceeded the pre* debt brought in by RdcaI net hot directors hold oui tKoT12p. fhA inwinr i^sin switch between 

GrouD turwror . ,JTo 79™ ?£«« M***" “»£“• Metalrax borr 0 wiogs°are sUU thought to be ,i %J5 0 *"iiV K :%**"'%* fond.s m amounts of not less Than 


Grow tvnrt>r»r 

Pre~tax prvftt 

Tax 

Net oroflt . . 

Tn mmormn 
7*r^f. dlvtdenda 
Available 

nisfrjhunon .. . . 
Ord. ill vtd ends 
To rrvpnni* re serves 


J™ 'ious full-year figures. Metalrax borrowings’are still thought 'to be hope of a dividend this year. 
9J34 4.753 (Holdings) ended 1977 f with [ total less than 20 per cent, of share- . that . the . nor i"^ 

= sot 2.--4T profit i4 percent ahead at £1.4 im., holders funds. Meanwhile the ft?- 5 r f e 2 rnm 5 s 13 J. or 

e.-ms *.«« against J&44.335. Turnover at the shares yield 5 oer cenL with a , * ,,rds of P rofi t to be achieved in 

J2 Birmingham -based engineering n/eTf sTat 35p the opeuiog halF-year. and say 

5 Sg group was up £3.?Bm. at £11.04m p/ * 0f 3,6 at 3aP ' if this pattern is repeated it is 


Pisinhunon 6*s nso and a one-for-ten scrip issue has fw j 

Ord. iHvWeods ^ ~ been announced. 

To rrvenai* reserves . . *. OTA The results include five momlw* I,IUl3pVVllJ 

A rnmmpnf profits of Bacol which for 1976 <■ w n* i 

„ ^wiiiiiiciil had shown a surplus of £163,000. fnr A III Afl 

Pre-tax profits at Waterford Glass The directors say the group's per- JLvIl. xVAHvlX 

are just above market cxpecta- formanre confirms the continuing _ 

tions but the reduced tax charge strength in its engineering sector. Inrnln^nrr 
as a result of manufacturing re- Stated earnings per op share 1 fINl 1 1 gi 1 11 fV 
lief subsidies was something of a were G.14p (5.04pl and a net final 

surprise. With borrowings under dividend of 0.69215p lifts the total WITH THE pound strengthening 


Prospects 
for Allied 



.9lXO 

:wr 

rlw 

'905 


£IW0 

£>ug 

Sale* T .. 

T3S3 

6 W 

Ham* - 

S4SC 

jj*5 

Expan ■ - 

*95 

7S7 

Tradjns profi: . . .._ 


S3* 

fnvesanejjt income ... 

19; 

r« 

jDieresi payable 

lie 

133 

ereflt befire tax ...„ .. 

US 

395 

Tax _. 

t: 

on 

NVl profit 

72 

*«** 

•Dlrtdpoij 

.s: 

15 

-Reiautctl . 

ze 

:« 

The directors report that 

the 

Effingham .Steel 

Works 

was 


The contributions qualify for 


contracts 


tions but the reduced tax charge strength in its engineering sector. [nrillnfArc in 19,4 7? * hen a , tola1 iai ? affiled bv the S 

as a result of manufacturing re- Stated earnings per op share I llSUldlLOl S i v | s ^ on P re ' tax Profits of 

hef subsidies was something or a were 0-14p (5.04pl and a net final vJ 0.8m. £Sn!25w 

surprise. With borrowings under dividend of 0.6921op lifts the total WITH THE pound strengthening Last year’s £169.000 loss tonk mdustipr and the import of 

tight control this holds the ratio to a maximum permitted 1.132top without any indication of abate- the MU deficit _ for 137a-76 fOJTl ji c^s ana conbumer 

to shareholders funds down to a (1.0137P adjusted for scrip). ment in the rate or cost increases, and 1978-77 to £71 1. 000. Altar ‘rI?T : ies ' 

mm mmlnM-KI. Aft ... i ..... ..rill .hck & lllnri Tiki.Ui nr** i>nmnptiti-» last VKir’c tn<ac thp ilirrrtfirv Oriiers trom US eaiaoilluieu 


very comfortable 40 per cent, and The new scrip issue will absorb Allied Insulators’ compeUtive last year's loss the directors orders trom its esiaou^ea 
spells the end of the high gearing £69,341. This is the ninth consecu- position in export markets must predicted a return to profits Tor cuwhtcts ana a resulting joss. 
period of the mid-70s. On the ttve year that the company, which be adversely affected. Mr. A. 1977-78. . T, c depreciated value of the 

trading front crystal demand re- now operates tS engineering com- Lloyd, chairman, says in his state- Turnover for the_half-year rt>«* dollar against a nse m the value 
mains very high but suppiv is panies in England and Wales, has ment with accounts. from £7.62rn. to £8^4m^ and nnfit or sterling affected profitability 

*• fi. i . . . I . - t— a i • ;n <• n riof nf rAR rnf\ at f no p n Ltintc wnirn 


Progress at 

Internl. 

Investment 


now limited by capacity and there made a bonus issue, 
is also the exposure to the weak 

dollar to worry about. In the T .,n,.„,r ^ 

future the group will need to rely pretax m-aik "... 

more on the other divisions for Tax 

organic growth: minorities stiff- Kd 


£!? l J?*It e S 1t 7. r . 5rtore Erpu P “'im,!**! 


has contributed £!3m. against X/.iubT 
last year's £900.000 and further to drr-’rwj tax 
infernal expansion is planned for f»M. itiudenis 
this division. At 44p the p 'e is *‘ J,v ’* n 
10 but the dividend (covered 3.6 -S iioi taewase.' 
tunes I rieicts only 4 per cent 


rRISH LIFE 
QUITS LOA 


comment 


In (he fong-term much will is after Interest of £48.000 at Che Newcastle plants which nRO< v- i-vrOME for the year to 

t»7i tar# depend upon containing costs that (£51.000). -There is no tax. com- had built up a substantial export J^^incume for the^year^o 

are controllable pared with a £31.900 credit last market to North America, and the 

‘buImI But the January l order book time. withdrawal of the payment, of r ™}- a r n °f pr ™ 

“S SS represents 81s months of budgeted # comment JSSTfi JZtSEEL E! idvanV^ rro^liES^ 

X f“ “-a f' 0,, S'J 0 TnS£llL h te SSS Mr made . dr^a.ic turd- Sft2 SSjS?%SrKLjS »flgr m.j.^ejnen. 

lo.soo tfl.wfl ii OVH * round into profits, hut it has not s -och by increased prices, they expenses of £222.024 (£2OfL>0 , 1 

jss .ss s fguss, ar«,T .-as - aasr^sr" ,mer ~ of 

B H SS 5&#5 jS W-SWS Merchant « 

•“ “" rea SSSE asrwiijsr JS Investors’ SS 

a,so U P ' « “il t,irn h« m heTneH%n Merchant Investors Assurance, far a 2.©p totk 


Irish Life Assurance Company :°n vMr "for Hr* U P a 3 pariv' sales'" bnt "even so* it '’is hard S*»cie Premium Personal Pension charges at par and as 97 5p (8«p) 

SJScerttSB-Sr The Ufe eSffinrering ^ O^ti^ Sntri^ s n“ foU 'L^ Pi™, a ^je premium self- prior charges at market 

° TrifS r'i,r , _ c tmlr in the U'-K. However, the group's cent, of an associated activity in sharp downturns. The one clear employed pension contract de- value. 

“ h ? s take , n hroad spread of interests in com- the L\S. message from the figures is I hat 

, if decision witli regret, purely paralively small companies— which For the six months it was con- Bosgill is still operating in a "■ • 

for administrative reasons be- „„ qu ,^kly switch production trolled by Allied it incurred a volatile market. Party selling is ICO I IT ilTlAfO I 

cause of the consequences of con- direction to meet differing small trading loss, bur is expected themainslay of .the company and |\NI |r NrUl/N I 

tin uing to apply to their relatively demands — is ideally suited to to contribute to profits in 19»8. the market must take a cautious lUUvL IlLll V | 

minor UJ\. business the LOA cope with a recession. Con- Capital spending for 1977 of v >cw. Assuming ,.£300.000 pre-tax 

commissions structure which dif- versely the group will have less £0.8m. <£0.5m.) includes £190000 for the vear the fully taxed p/e is 


Metalrax's pre-tax profits rise nf in activity in December. 1977. 
74 per cent, on a turnover Fn the December 31. 1977 y 


revamped range has helped to 


£118.864 (same). 

]%/*•_ _i Tax absorbs £615.484 (X599.4SI) 

lviercnant including overseas tax of £41.028 

_ (£31.034) and earnings are shown 

Invpctnrc’ at 2J9p (2.7lp) per 25p share. The 

llDColUIO ^j na } dividend Is L43p fl^4p) net 

Merchant Investors Assurance, for a 2.62p (2J4p) total, 
member nf the Nationale-N’eder- The net asset value is given as 
nden Group, has launched the 92.5p (Sip) deducting . prior 


has resigned fro: 
Offices' Association. 


fers from that operated within the sround to pick up when the next earmarked for AME. Other major 7 -8 at 12p. 
Republic of Ireland. upturn comes and therefore commitments include expenditure 


therefore commitments include expenditure 


National 

M F Ta Westminster 

Bank 


Investiugih 
Success at 
£ 101,111 


ISSUE NEWS 
Yearlings up again 


DESPITE a second half down- 
turn of £3.67m- 10 £18.2ns. Im- 
perial Metal Industries finished 
1877 with record taxable profits 
of £345m. compared with £^).08m^ 
including a loss of £0.3m. against 
a profit of £l^m. in respect of the 
change in value of the net current 
assets of overseas subsidiaries, 
arising from changes m exchange 
rates. Profit for the year also 
Includes a fall in associates share, 
from £4.2m. to £3.tm. 

Excluding exchange losses, 
profit in the second hair was 
13.5m. down on that of the first 
six months primarily due to a 
reduction in volume, and the 
directors stale that there is at 
present no indication nf any 
general increase in demand in 
1978. 

Group sales improved by SOStn. 
to £467ra. and of overseas sales 
up 14 per cent, (o £16Um. some 
£82 ra. was direct exports from the 

L : .K. 

Earnings per 33p share are 
shown as S.3p (S fipi before extra-, 
ordinary items and 8.2p (9.8p) 
after the same. The dividend is 
stepped up (a .TJ2942!5p 
1 2.973975 p) with a final of 
1.794225P net- An adjusted pre- 
tax profit of £20m. is given on a 
CCA basis. 

Profits from building products 
were sligh»lv up despite the con- 
tinued recession in the UK. and 
Europe. There was an increase 
m profits from copper finings bur 
some downturn in copper tube 
anil hot water cylinders. 

In the heat exchange sector, 
profit levels were maintained: 
Marston Radiators turned' in Im- 
proved results, bur Marston 
Excelsior had a disappointing 
year. Results from Marsion 
Radiator Services matched those 
of 1976. 

Activity in fluid power con- 
tinued to show an upward trend 
s\ i th - Norgren Ships ton and Enots 
doing particularly well in both 
home and export markets. There 
was also a significant increase in 
profits at C. A. Norgren and Co. 
in the U.S. 

General engineering activities 
produced better profits, par- 
ticularly in engineering tube and 
in specialised industrial valves. 
Profits Trom sporting ammunition 
also increased while the com- 
ponent fabrication activities at 
Witton maintained the Improve- 
ment made in 1976. 

An upturn • in zip fastener 
activity in the early part of the 
year was shortlived. Overall there 
was a fall in profit, although the 
UK. activity showed some 
improvement. 

Profits from the refinery were 
affected by shortaces of copper 
scrap and an industrial <f/si»n»e 
and although there was little 
growth in home sales, profits from 
copper semis increased, assisted 
by higher exports. The titanium 
activity was adverse!? affected hy 
low demand and .industrial rela- 
tions problems but the Henry 
R iff Mon stockholding business 
yielded somewhat better profits. 


Provision ha* been made id 
the payment of a bonus of OAm 
(£L7m.) to employees participatim 
ia the IMI Profit sharinj* scheme 
This is equivalent to 5.3p (2.Bp 
per a of qualifying renivineraUoc 
bir Michael Glapham, the chair 
man', said that the compan* 
planned to spend over £22m. qi 
fixed assets alone, this year, px 
eluding acquisiiioiu. or ibis 
some £lDm. would be In the I K. 

Last year, investment in fixer 
««vIn and now »«b.Mrliaric 
amounted ' tn £23 m. And Sh 
Michael remarks that the rami 
puny hi always on the lookout fbi 
acquisitions, but adds, “ there i* 
not a particular thing in sighL.' 
The company is interested in ex 
pandtng selectively in the ujs- 
but. again there Is no majm 
acquisition io view. 

Commenting on the 1C1 offn 
for sale last October, the chav 
man says, “as a Board, we-wd, 
coined in's decision at the time 
and nofhinq has since changed 
our view." On both >idcn then 
ha» been the recognition that- tin 
paths of the two rnmpanies wen 
diverging and that there wen 
"potential conflicts of interest.' 1 . 

Statement Page 19 
See Lex 


Advance by 
Broadstone 
Trust 


NET REVENUE for 1977 of 
Broadstone Investment Trust 
advanced from £60fUi27 to £728^70 
after tax of- £412,246 compared 
with £330.50!. 

Earnings are given as 5.43p per 
2Qp share asainst 4.71p andvthe 
final dividend is 3.75p net liflu^ 
the total from 4.5p to o,15p. 


Thorn 

companies 

improve 




Extrrnal Mips 467 016 4WlM5 


The* coupon cate on. ibis week's The number of directors that 
batch of local authority yearling resigned is slat, and the - new 
bonds climbed dn 1 of a point secretary is Mr. D. Wynne Lloyd, 
for the second week in succession This corrects agency errors in 
to SI per cent The bonds are yesterday s story, 
issued at par and due on March • 


Drprrviaiion 

Prom boUnt tax 

Tax 

N*r profit 

Minority imorret - 

SMal port Joss 
Ettra-ordlnarx debits.. 

Atm tnit able 

Dividers 

Retained 

“Prnfi- * Crrtn. 


THREE MEMBERS or the Thorn 
Electrical group improved profits, 
in the six months to September 
30. 1977. 

Radio Rentals (Holdings) lifted' 
profit before tax from £14.2ra. U) 
£16S3m. on turnover of £B6.76m. 
compared with £60.59 m. , pre- 
viously. 

The result is alter depreciation; 
of £7 .47m. fUQffUm.). hire of tele-' 
vision sets from its immediate' 
parent and fellow subsidiaries of: 

£ 10.72m. (£ffJ5ni.) and interest 
charges of 1096m. (£0.54m.) Tdht 
takes £8. 78m. (£7. 12m.) and attri- 
butable profit is £R.04m. (£7.07m ). 

Garksoa International Took in- 
creased profits almost fivefold 
from £327.000 to £1.54m.. subject 
to tax of iSSU.000 (£171.000). 

Gtorer and Main more than 
doubled its pre-tax result from ! 
£L14m. to £2.42 m. Tax takes 
11.27m. (10.56m ). The figures 
include contrihutions : from . 
various companies acquired from , 
fellow subsidiaries on April 1, 
1977. . 


Revenue of “ Investing In Sue- - Citv of MIDLAND BANK. 

ccs$ v Equities for thfi vesr. to This week s issues arc. City of ct a TlCTlTC 

January 31, 1978, emerged higher 2H nd *; e "rirw STATISTICS 

at £191,111 compared with £154.133 f¥ e Statistics compiled by Midland 

last lime, and the dividend is 2*. , .~®X S „ fpfjv* . Bank show that the amount of 

stepped up to 2 J04p against 2.40op Djstrmt Council (£)m.l. iseatora- ~ new money ” raised in the U K 

with a final of 2J12p net per 25p !. h,r ® r ^ c ^ nl ?. c S,^ n J^ . by the issue of marketable securl- 

share. . . ^, uUj , Derbyshire District Councfi £ies - m February was £2!02m.. 

The amount retained came put t** 01 -'- 'yes 1 Passenger compared with £91. Qm- In the 

at £13^86 (£6.947), contingent Executive corresponding month of 1976. 

liabilities per share are shown as Newark District Council The bulk of February's Usurp 

Up (15 02p). and net asser vaJue Kingston Upon Hull wai accounted for by eighi 

per share 169.01p (155.95p)., Strathclyde Regional eompanv issues totallina £l05.2m 

Council dim.), west Yorkshire including the Midland Bank*> 

ABM PURCHASE ) Metropolitan County Council rights issue Which raised IftSm 
Associated Biscuit . Manufac- . the largest slnre ICI’s £204m 

dirers has signed contracts,’ for Two-year bonds carrying a in May 1976- 

the purchase or Dragees Aus coupon of 9i per cent at par. and . 

Weseke. a private German com- due on February 2i .1980 are SAMUEL OSBORN 

oany at the “top end" of the issued bv Erewash Bnrouub ^ .Vt / 
ponfectionerv market. The deal. Council (£?m.). West Yorkshire Samuel Osborn announces thai 
which became effective on Passenger Transport Executive the exercise by convertible share 

January 1. I97S. is worth DM3m. dim). holders of their right to convert 

fanproximatelv £730.000). The London Bocouffh ef their shares has resulted in the 

Dragees Aus Weseke had sales Croydon is issuing £1m. of conversion of a total of 101.502 

of £].6m. in 1977. variable rate bonds ' due on convertible shares, representing 

February 23. 1981 at par. and 9.7 per cent, of such shares, into 

ELLIS & EVERARD Surrey County Council is raining fully paid Ordinary shares. 

Ellis and Everard has acquired £lm: of variable rate bonds due The company intends to give 

Quegley Leisure and Varogladc, on February 24, 1982 at par.- notice to the remaining holders 

which are being transferred to _ _1_ . . of convertible shares requiring 

Ellis and Everard (Chemicals). L. RYAN that the balance be converted 

The purchase price totals L. Ryan Holdings, which ia to subject to the right of sny such 

£20.000 and will be satisfied by seek requotation for its Ordinary holder to elect Instead to have 

the issue of 25£XX) Ordinary shares, is not a subsidiary of the his • convertible shares redeemed 

shares in Ellis and Everard. Hodge Group. at par.. 


GROUP RESULTS FOR 1977 


Pre-tax Profits £228 million 


Total assets 
at end of year 

exceed £19,000 million 


Bank 

Hapoalim 


Notice is hereby given that an Extraordinary General Meeting 
of the shareholders of the Bank will be held at the Head Office or 
the Bank. 50 Rothschild Boulevard. Tel Aviv, Israel at 12.30 pjn. 
on 22 March 1978 for the purpose of passing a special resolution 
as follows : 


To increase the authorised share capital of the Bank by creation 
of 500,000.000 (Five hundred million j ordinary shares of IL.l.OO 
(One Israeli pound) each. 


Holders of share warrants to bearer of the Bank may attend 
the meeting and vote thereat on depositing. the said warrants at 
the offices of the Bank not later than 12.30 p.m. 20 March 1 978. and 
such warrants will be retained in custody until the termination 
of the meeting. 


Woodhouse & Rixson at £0.2m. 


After paying: 

- Staff costs - including a share of the profits 

- interest on funds lodged with us 

- Other running costs of the business 


THE PROFIT WE EARNED WAS 

£228 million 


AFTER FALLING from £534.000 
io £151,000 in the first half, pre- 
tax profits or forgemasters. etc.. 
Woodhouse and Rixson, finished 
1977 doten from £625.000 Io 
£196,000 .including a loss of 
£323.000. against £150.000 by La 
Bride Beige. Turnover was ahead 
from £10.4flm. to £ULl3tn. _ 

There is a tax credit of £18.000 
(£112,000) but extraordinary 
debits absorb £918.000. 

Earnings are shown at 2.1p 
(7.ip) per I2jp share. The divi- 
dend Is raised from 2.0759p to 
the maximum permitted 2 .3 1806 p 
net with a final of LloOOSp. 


Out of this we provide: 

TAXATION 

DIVIDENDS TO OVER 
112,000 SHAREHOLDERS 


£117 million 


£26 million 


and after minor adjustments of. 


£4 million 



1977 

19T6 


fOOS 

M00 

Group turnover 

12 m 

18.493 

Trading orofn 

6S0 

S3S 

La Bride loss .* 

323 

15» 

Interest paid ... .. 

101 

53 


196 

625 

Tax recoverable — 

15 

113 

Vet profit - 

313 

TS7 

Estra-ord. debit — .... 

ora 

— 

Oefirii for rear - 

70S 

T737 

interim dividend 

n* 

PH 

Proposed final - 

ns 

189 

t Surplus. 



An analysis of pre-tax 

profits 

shows that Woodhouse and Rixson 

contributed £217.000 

(£435,300) 


WE KEEP IN THE BUSINESS 

£81 million 

— to maintain adequate capital resources, 
particularly in times of inflation 

- to help finance the growth of our 
world-wide business 


with £47,QU0 comlnc in the second 
half: Cocker Bros. £341, 000 
t£163.n00) with £141.000 In the 
second half: Isaiah OJdbnry 
£181.000 (£61.000 1 with £111.000 in 
rhe second half: Portwayl Holding* 
£191.000 (£200.000) with! £103,000 
In the second half; Wpodhouse 
and Rixson Flanges a, loss nf 
£206.000 (£148.000) with £97.000 <n 


the second half; Wood^ute »md 
Rixson Canada a lore of £17.0no 


(£15.000) with £4,000 In ine 
•second half: and Wood House and 
Rixson (Holdines) a { loss of 
£43.000 (£153.000 prn$t) with 

£30.000 .in the second ha'f 
Exchange lasses absorbed £15.000 
1 £20.000 gam). 

Mr. G. S. Raker, the {Chairman 
says that in view nf the wintinuinz 
InKses In Belelum, toeether with 
the medium -term view Inf world 


flange markets, it was decided to 
cease operations m November. 
1977. The extraordinary Item is 
the. estimate of total closure 
expenses and terminal losses. 

The company had ceased oro- 
duction by November 30. and the 
site wll) be cleared in -three 
months. Certain, plant, is being 
relocated m the U.K. Losses -lave 
been ' totally absorbed into 'this 
year's accounts.- ■ - 

Further losses were Incurred at 
Woodhouse and Rixson Flanges. 
The number of people employed 
In this operation Is .being reduced, 
and vigorous action is being taken 
to find a solution to the 
situation. 

At Woodhouse and Rixson the 
onen'dieTorgings and rolled rings 
subsidiary, there has been some 
reduction in demand, and profits 
have suffered accordingly. 

The springs making company. 
Cockers has maintained progress, 
with Increased turnover and 
profits. New plant installed in 
the second half of 1977 is .tow 
being commissioned, and will a>1-1 
to the output ht 1978. 

Portway the closed die forgings 
company improved profit in the 
second half. The new plant 
installed in early 1977 has been 
commissioned, and is significantly 
adding to turnover. 

Oldbury, which makes special 
purpose trailers, had a record 
year, and it has been decided t*f 
move the eompanv into new 
premises, which will ‘allow an 
increase in output of 50 per cent, 
and a larger ranee nf products. 

No provision has been made for 
deferred tax by reason of camtal 
allowances and stock relief, and 
£l.09m. of deferred tax provisions 
made in prior years have been 
released to reserves. Tax com- 
paratives have been restated In 
accordance with BD 19. 

Although the dividend has not 
been earned this year, the direc- 
tors feel it is fully Justified .taking 


into account the nature of the 
losses Incurred in the closure of 
the Belgian operations, together 
with current trading activity, and 
cash flow projections for 1978 
which are encouraging. 

Acquisilion discussions are 
taking, place in areas which will 
complemeirt the existing activitie.- 
of the group* member® are told. 

The level of activity is greater 
now. than during the last 12 
months, say tbe directors, though 
there are certain areas that are 
still under-employed. During the 
nest stx months they look for the 
elimination of losses, together 
with some modest upturn in 
forging activity. 


7 Foreign residents may deposit share warrants to bearer, and , 
fawners of bearer shares in the U.K. may arrange for authorised : 
depositories holding share warrants to bearer on their behalf., to 
transfer the warrants on the same conditions as mentioned above 
to the London and Manchester branches of Bank Hapoalim. 

1 . > If within half an hour from the time appointed for the meeting" 
a quorum is not present the meeting shall stand adjourned to 29 
March 1978, 12.30 p.m. at the Head Office of the Bank, without 
any duty on behalf of the Board of Directors (o give notice- thereof 
to members. If at such adjourned meeting., within half an hour from 
the time appointed for the meeting, a quorum is not present, the 
members present shall form a quorum and may transact the business 
for which the meeting was called. 


By order of the Board of Directors, 

- Gideon Eilat 1 
Secretary I 


comment 


Wood house and Rixaon’s shares 
rose 2)p in the market yesterday 
to 32p largely on recognition that 
without the losses. on flanges at 
home and tn Belgium pre-tax 
profits would have been £725,000. 
With Belgium now closed and 
drastic action underway to cut 
fosses al W and R Flanges, pros- 
pects for a recovery to 1975 profit 
levels of around £lm. are better. 
Excluding flanges only the open 
die forgings division now looks 
weak: the second half slump there 
reveals the extent of continuing 
pressure from imports. Portway. 
where the extra 40 per cent, 
capacity fn closed die forgings is 
already proving valuable, appears 
to offer moM potential. Cocker 
Springs should be a steady proili 
centre but the trailer side, while 
a growth area short, term, has a 
limited ultimate market. Further 
acqufsitioqs could provide a boost 
but the erratic . performance or 
the group in the past Few yean;, 
coupled with a new management 
structure which la .still to . be 
tested. rauM leave a questionmark 
over the rating. The p/e .Is 14.7 
and the uncovered dividend yields 
11 per cent 


The Nottingham Manufacturing 
Company, Limited 


Salient points from the Statement by the Chairman as circulated with 
the Report and Accounts for the year ended 31st December, 1977. 


Comparative results 


Turnover . 

Exports 

Trading Profit before Depreciation 
Depreciation 


1977 

£000 

128.285 

13,054 


15,872 

3.412 


Investment Income - 

Profit on Disposal of Investments 


1976 

EQ00 

104,141 

9.396 

13.117 

2,962: 

1,823 


Profit before Taxation 
Profit after Taxation 


15.017 

10,501 


11.266 

8,010 


Dividends per Share 

Earnings per Share 


3.24387&P 

2Q.24p 


2.9043p 

15.45p 


• Export Sales increased by 39% — further progress 
anticipated in 1978. 

; • Well placed to take advantage of opportunities, further 
progress hoped for ini 978. ' 




n 





M ‘ ui, ■ 

■ j\, s 

H 


Ffaancia] Times W^duesday March l 1978 


activities boost 
to £227m 


rises to i£23m. 


WITH tOW domestic activity 
beirig more than offset by growth 
elsewhere, notably overseas, 
uroap pre-tax profits of National 
Westminster BattK rose by 21 <wr 
'■cnu to J3B7>Wm. in 1977 follow- 
ing a first-half advance of 37. per 
. cent, to £iOB.85m. 

At the interim stage, the 
directors said that while it was 
difficult in the prevailing condi- 
tions to make .a confident forecast 
Tor the remainder of the year 
indications were that results for 
the second six months were 
unlikely to- match those of the 
first. In the event the second half 
produced £ 107.61m. 

During the year activity in the- 
U.K. was at a low level but a 
substantial advance was achieved 
in international operations. After 
allow Ini; for a reduction of £20m. 
in the provision against advances 
the' ‘profit contribution from 
domestic operations showed an. 
increase of lu per cenL. while the 
International Westminster Bank 
group (which contributes 30 per 
cent, of total profits) lifted it$ 
cnn'rjbunnp by S3 per ceni. 

Mr. Robin Leigh-Pemberton, 
: . i chairman. says that on the 
" ivtjdome*iic Trent, there has been 
' some ierosion In the level of seven- 
. day deposits but this has been 
4V.iij.more than matched by the 
f buoyancy of current account 
■ balances: there has been only a 
modest increase in lendings. 
Interest rates were substantially, 
lower, particularly in the second 
half. 

' Excellent results were achieved 
by- the related banking services 
division whose profit contribution- 
doubled and now constitutes. IS 
per cent of total profits. The 
largest contributions came from 
Lombard North Centra] and 
County Bank There has also 
been nn increase in tbs profile of. 
assneiatos. 

The chairman says it Is too 
early to make any predictions Tor 
profit* in 1978. hut. unless interest 
. rates rise and/or tfiere is 

'.^'cn.firani growth in lendings, 
.'"•i.V performance . on the ■ domestic 


BOARD MEETINGS 

The (oliawiBB companitt have nonBeo 
date* Of Bwtrd- .CWKIIM6 W.lhe Srnqk 
Exthmse. M meetnut* are usually 
h«M for the purom uf cwstdemm diwi- 
deads. Official indications are oat- avail- 
able whether dlrun-ado wfpwrwd are 
Inierlnm <v final* Md the fflb-divlswns 
idmwn bflhw are based mainly on l»t4 
year's timetable. 

TO-OAV 

Im Hw Crti*atmr» Trust. Diploma In- 

vrummib. Myddknon Dwelt. 

Flaala— General ArtUkui- tire and Life 
Assurance. Investment Trust Of Cuenwv. 
QHves Piper MJJJ, United States 
Debenture. 

future oaths . . 

Interims — 

Elect! Mar. I.s 

Park Place Inmumui ..... — « Mar- • 
Trans-Occantc Trust Mar. 2 

W(*l spicy- Hushes Mar. IS 

Finale— _ ........ 

RTR .... ....... i..... Mar. 9 

IsvereSk - .. — — «■ Mar. 7 

Jacobs i John I-) - Mar. is 

JLunuva -Ceylon' Tea and Rubber 

"Estates ....... — , Mar. ? 

Uewey Croup . .... Mar. 9 

Provhtpnr piaaodsl Mar. ~ 

Weir tlrnnp Mar. 71 

Y art shirr Chemicals ... Mar. is 


fronr will remain <subdued_ 

The factors holding down profit- 
ability in The U.K. do not affect 
the grouo'i interna fional and 
reload banking activities so 
seriously, and the chairman is 
looking For continued profit 
growth in this area.- 
Afler all chars**. the . profit 
attributable to Ordinary holders 
emersei* ahead from . £84j27m. to 
£H1 6.48m., riving basic earnings 
per ritare of 48 377b- (42 .82 ftp) or 
45.796p fully daluted. 

1977 1B7B 

. £0M ' noo 

Profit boron Hurt ...... 22WW8 *£.jrz 

Taiartnn - • tltJat ' . 99 «tl 


Profit boTBra turf ...... 7J75V raj-rez 

Taxation - • Ut4St . 99 Ml 

Vei oroflt — U6-2M..- vt.Mt 

Minorities — isri ' 441 

Bora-ord debits l 4» :■**« 

Attribmablo 1ML9M - t*J72 

Reia-ncd ® 717 *BM» 

♦ Profit Includes'- share of assopate* 
m.45m. (OJlirn' and Is ahrr red niH-m 
ip pnrnaten agaKKt advances of £1®m. 
mill ami allocation -io naff oroflt-SluirlirB 
scheme 0> STm. CCTUhn.i. 

The dividend is *i*pped up from 
10.261 Tflp to U.4877f>p net with a 
final of 6J32279p, ' % 


Referring to the credit for a 
reduction In provision against 
advances Mr. Lelyh-Pemberfon 
said yesterday thai unless there 
was a sertuuN change in the 
group's bad. and doubtful debt ex- 
perience the situation was likely 
lo recur in the current year. 

(hi the growth of the Iruerna- 
lionai operations the chairman 
made it clear that the group was 
hoping to expand by acquisition 
in the us. 

Statement Page 18 
See Lex 

Blackwood 
Hodge keeps 
to forecast 

THE DIRECTORS of Blackwood 
Hodge, the eartbmoving equip- 
ment sales and service group, 
confirm that . profits for 1877 will 
be above .the record £12.71 m. 
achieved in the previous year.- 
This statement coincides - with 
the release of the results r-f 
Blackwood Hodge (Canada) which 
show a recovery from a pre-tax 
loss of 31.59m. to a profit of 
*469.000. 

The directors state that they 
have .considered the Canadian 
figure*; together with the results 
of other group companies nva:l 
able at this time and the; do not 
consider it necessary to amend 
the group forecast made iast 
April, and repeated at the Interim 
stage in September., that turnover 
and profit of. the group foe- 1977 
will be in excess' of Thai for .1976. 
In the first six months group 
pre-tax profits rose from ffi.SPm 
to £7 fiSm. 

Turnover of the 75 per cent.- 
ouned Canadian tuhsidiarv 
Increased from- ' SSl.OSih. . to 
fi 108 42m. After a tax charge of 
$132,000 ($726,000 credit), the net 
profit cmeraes at $337,000- against 
a loss of S861.000. 


Sedgwick Forbes Holdings, 
nanded 39 per cent. rrom £16i 
to a record £23. 19m. for II 
from higher revenue of £61.2! 
compared with £52.73m. 


PRErTAX profits of insurance ability to grasp the opportunity. 


brokers and underwriting agents which appear even m recession. 


He believes this will continue 
and Thai the group's worldwide 
strength, flexibility and pro- 
fessionalism will find it excep- 
tionally well placed to benefit 


Stated eaminas per lOp shire from the economic turnround 
icaneed to 2flo f235n) and hs which, he says, must eventually 


advanced to 2fip (23J2p) and bs wmen, ne says, mu« w*«niujuiy 
forecast at lbe interim siase,|» oceur. 
final dividend of 6.0Sp makes la. Statement Page 31 
maximum permitted 9.59p (8^99) - „ _ 

net total. \ See Lex 

Profit was struck after expends 
or ft&lm. (£36.12ra.) but ipduden 

£0 IDm. (£02Sm.) share from rpt ^ ____ 

associates. Tax took £12.Snt I Q OP CfXpC 
I £R B2m j and the attributable -A iJWV'kJ 

balance emerged up from £7.p7ma - ■ 1 

a a'- reasonable 

RpTPDue - 61.SS0 52.7%' 

3 ^progress 

Ef pria .™:~ ' fcS? f:ra i-The first quarter pi the current 

Exctunse tosa «« *tw «year at Tace has beet) affected by 

Minority interacts bm ws phasing of certain large orders 

Au ribwa bte . sjut J.jjw me poor market conditions. 

EES" ■ ' ua w Soever, forward projecuons m- 
i Cain 3lra te that results for the full year 

In his report with accounts.. Mr. wfj show reasonable progress. 
P. T. Wright, chairman, states sw* Mr. J. H. M. Mackenzie, 
that the group ha^ been able to cgtitfrman. 

achieve ' real growth .in incomp -Jhe control engineering com- 
apd profit even during a period or F^]f les continue to show the best 
severe inflation. -h) which rqanaee- performance in the group and 


Year ended 
31st December 
1976 
£000 


404,045 G roup sales to externa! customers 
30,075 Group profit before taxation . 

1 9,557 Earnings after tax applicable to IMl 
6,146 Dividends 
208,1 88 Net tangible assets 


Year ended 
31st December 
1977 
£000 


467,016 

34,201 

17,155 

6,916 

228,700 


raent at all levels of the group z6 
have continued to improve its ex- fri 
penile ratio. ! 

He comments that the group's Sd 
dividend cover has risen to a F« 
figure which the Board consider £* 


1 results are again anticipated i 
u this division. 

ucable profits for the year to 1 
ember 30. 1977. repotted 

ruary 10. finished ahead from 
.000 to £577.000 on turnover ofi 


Crest Nicholson confident 


THE CURRENT year has started 
well in all divisions of the Crest 
Nicholson group says Mr. D.' L. 
Donne, the chairman. 

First half profits will be well un 
bn: the incidence of profit-taking 
is such that half-year figures are 
not partirularfy meanfncful. How- 
ever. the directors foresee a 
further substantial growth in full- 
vwr nrofiK 

Aims for the currwnt year 
include organic grow’h within 
existing businesses supported bv 
continuing nwnagement dcvelon- 
nient; the seeking of acquisitions 
w hich fit. or can be re-organised 
in fir in with the ground husuww 
Philosophy: and the establishment 
of a unit to back small businesses 
or new ventures which have 
si-’nifirnnt growth potential vri*h 
itmnce and active manasement 
.support 

\s repnrtod oh February 15. 
pre-tax profits advanced from 
Ft 22m. to £iS2m. in the year to 
(M-tnher 31, 1977 on turnover of 
, EJM.TSm. compared with 124. Jm 
Stnirtl eamines rose From 5.0flp 
’tn S "n per tflo <twre and rhn 
d.vtrlomf total >s lifted from 2.0Sn 
»n ‘t.issap net. An additional 
onrtSn is also nmnoseri fnr 1076-77 
frt'lnwine «hi» reduction of ACT 


Mr. Dmine tells members that 
profitability improved ‘-.substan- 
tially in all divisions backed by 
an- improvement in the' under- 
lying level of trading which 
promises well* for the future. 

Existing borrowings represent - -i 
modest lew! of gearing. With ->n 
eye to rumre expansion.- the group 
has arranged a seven-year losn 
of £3. 3m. ' from the National 
Westminster Bank over and above 
mairir lines of overdraft racTlitles 
Tho imnrovinc position has 
enabled the group to - address 
itself to business development otH 
two investments on a -modest 
scale have b^en made. - 
A srntement of sqtirco and 
anplication of funds shows* de- 
crease in bank balances and -short 
term loans of £329 W)0 [£32*080 
increase) and an increase in over- 
drafts end: loans ..repaid, jbt 
£tllB.<HW- (£1.197.000 decrease)^ - 
Referring to the property 
division. Mr. Donne says thatfjfftw- 
pects have begun to improve for 
commerciaJ development -jfid the 
group has re-entered thir field by 
ptirchaslne sites for a' afnll num- 
ber of office and mixM develop- 
ments in prime loca tips m grow- 
ing towns in the jRouth Easi. 
Although there may not ronin- 




THE 


Mr. David Lawman reports oh 1977 

The following is an extract from the Statement by the 
Chairman, Mr. D. J. T. Lawman, which has been 
circulated with the Report and Accounts for the year 
ended 31 st December 1 977. 

THE YEAR'S RESULTS AND DIVIDENDS 

Group sales of £54,890,407 showed an increase of 
74.5% over last year's total of £47,930,463. Group 
net profit before taxation rose by 1 4.6% to £6,252.354 
0976 - £5,453,925}. The Board is recommending 
a final dividend of 15.338% making a total for 1977 
of 22.338% (1976 -20%). . . 


1977 1976 INCREASE 

£’000 £'000 % 

54.890 47,930 14.5 

6.252 5.454 1 4.6 

3.072 2.909 5.6 

2.449 
I3.53p 


;• 1977 IN BRIEF 

i SALES - . - - - - 
’ . FR0FITBEF0RETAX . 
CORPORATE TAX . . 
PROFIT AVAILABLE . 
Earnings per share . - 


ORDINARY DIVIDENDS 
'•Sate 

"Cost . . . . . /. 
• times covered . . • 


SHAREHOLDERS* 

FUNDS ....... 18,643 16,505 

■ Prof it as % of - 

shareholders' funds . . . 33.5% 33.0% 


bute significantly to current year 
results, they should make a useful 
contribution in following years 
House prices, particularly in the 
middle ran«e. have tended to 
harden further in the last few 
weeks and subject, therefore io 
rea-nnable economic and political 
-lability being maintained 
through 1W78. .. Crest Homes 
expects to make further progress 
nut only »n current profitability, 
but also »n hying foundations for 
future growth. 

Meeting. \V 3 l4on-on -Thames on 
March' 21 at noon. 

Clifford and 
Shell ahead 
so far 

. Pre-fax profit of electrical and 
electronic engineers. Clifford and 
Snell,' rose from £60.324 to £9o^75 
in the six months to September 
30. 1977. 

Turnover rose marginally from 
£Q36m. lo £0 87m.. and net profit 
was £43^75 (E20.S24) after tax of 
£51.500' (£33.500). ' 

Earnings per 5p share are 
shown ahead irom 0 38p to 0J)5p 
and ihe interim dividend is up 
f rom 0.1 54p net per share to 
0.3123. A final of 0.4i39n was 
raid on profits of £137,117 last 
year. 

First Scottish 
earns and 
pays more 

Revenue for the year to Febru- 
ary I. igTS. of First Scottish 
\m**rtra» Trust Co. emerged 
£104.936 higher at EWW.S20 after 
corporation tax of £73i>50. against 
£66^07. and impulation tax 
£123.970. compared with £392J239. 

: Stated earnines per 25p share 
are up from 2.6p to 2.HRp and 
the dividend total amounts- to 
2-K3p 12-jjpi with a unchanged 
.final nf l.fi3p net. Nei assets value 
per share, after deducting prior 
ch* rise* at par. is shown as lOOJp 
W00i»). ' 

MR. RANKIN 
RESIGNS 

Following the sale by Berkeley 
.Hambro Property of its remaining 
stake in its CJ5. interests »o Swire 
Pro perries of Hone K anj, Mr. 
R. tV Rankin has resigned from 
Up* BH Board. 

Mr. Rankin had an interest m 
Upper Lunds, a Canadian com- 
pany which supplied the manace- 

ment for the North American 

interests of BH. 


is excessive fpr its type of bust- £l2.4m. against £l0.4m. 
ness, and therefore they expert T^o most significant event that 
to increase distributions when occurred during the year in 
they are permitted to do so. balance sheet terms was the 
Full year profit might have in- settlement of the company 5 
creased by some film., had sier- claim against the vendors in coo- 
ling not appreciated, the chaiT- neotion with the purchase of the. 
man adds. Dutch companies In March. -1973 

A statement of source and Thfai resulted in the reduction or 
aoplication of funds shown net thaoriginal consideration by film- 
liquid funds had increased by of which £233.009 was repaid m 
£1 1.26m. f£3S.63m.) a» the year easl and the balance, re present - 
P nd inglhe deferred consideration, was 

During the year, the group con- cancelled. • 

tinned its policy of refining a professional revaluation of the 
expertise to attract new business, group's properties, at September 
of consolidating recent develop* 30. 4*^7 resulted in a surplus °* 
ments overseas, and of establish- £510,000. The result or the' re- 
ins new ventures with strong loral valuation, the Dutch rettlemeni 
partners in oihpr areas overseas and. retained profits is that asset s 
» here the direrrors believe there have increased from £1 4#m 
should be a good growth potential. [23 5p per share), adjusted, to 
Towards the end of 1977. it was £2.0Bm. fSSp per share) as the re- 
agreed to merge the group's suit of different treatment of. 1 de- 
South African insurance broking ferred tax. to £3.69m. (58 .op per 
interests with those of the share). 

Federate and Volkskas Groups, in At the same time net borrow- 
Brazil, the group estabtished a ings. were - red uced trom £3 67m.. 
joint venture with the largest representing 17fl per cenL of the 
Brazilian-owned firm of insurance adjusted assets, to £2.M2m.. 76 per 
brokers. Pono. Nazareth S-V. and cent, of assets, a substantial reduc- 
Sedgwick Forbes Hong Kong, was uon in gearing, 
set up as a w holly-owned broking Dunng the year under review 
company In Slalgysia and Arven- Dimples Industries, a sufcMlantial 
tina. the group is associating with customer, had a receiver appointed 
local partners in new broking com- and, though trading continues, an 
parties, Mr. Wright reports. uncollected debt of £125.000 ha*» 
The group's contribution to the been fully provided for in the 
U.K.' balance of payments rose accounts 

from £i7m. to S2lm. in 1977. I^>nd«n and Northern Group is 

The chairman states that In interested in U3m. Ordinary 
spite of unfavourable economic shares and 0..8m, Preferred 
conditions in most of the world. Ordinary ■ shares. Meeting. Essex 
the group has b*en able coo- Hall, WXI., on March 22. at 11 
sistently to demonstrate its aum. 

Nottingham Manafg. 
in good position 

IN HIS annual statement Mr. also risen reflecting hishei 
H. A. Djanogly. the chairman nf volumes and raw material tost? 
Nottingham Manufacturing Com- There has been a further advknci , 
pany. says it is not possible 10 inrliq.uid resources, which desjn'i 
forecast wifn confidence the out- vae high level of capital expend: 
come of trading in 1978 but the lure and increased working 
forward order position 15 beT»<*r capital requirements, now amoun . 
than la*T year and sales to date to more than £26gi- and, tafcinv 
arc ahead. Investments ai book value only 

Due to consistent tn vestment in represent 30 per cool, of 
modern production facilitiei. the capital employed. F^lowing th- 
group is well placed toi take revision for deferred tax pro 
advantage of opportunities. 'which visions share rannal and resena 
may arise and will use its now exceed £aOm. for the firsi 
resources to produce a year of Nnjf- . ... . 

further pro o, rcss The chairman .says that rradinv 

rcnnrted on Fchraarv 14 condition.-* during ihe year were 
n r o.'i u J nm e.tsy but re-nlts from all area- 

ro e * l risifim' 5 ^ were satisfacrory in the contesi 

£°2«3m ^gains” £1 W JbT Eani of th<> marke1s * n which rhe> 

in ac aw* «hnw/;, hare h.td to operate The ernur 

bas^c 3 and^ IS 19n "(IIMd ? * fiitiv hss had continual pressure on 

fMutrf : nf msS? cof's hut through Ihcrearefi nut 

fSS.] mi -Thi *nS£nd « liTe J" 

^wiST n ,.' >er ™ t,e[i 3 - 243S750 iL-nTite, mnnU a r-enr- 

™k in3 fa,, pro- 

vision for deferred tax has bren me nf «io r iin« « hi.*, 

cc'-'c^ed in ihe light of the affer , mmre-itiren^ Jo 

"rtoin markes , h e ri iron nr- 

result of further increases m of PV nnn« qnrJ an'iH 

stock levPk and cpm.nuLnu JJ™ f|irlh „ prn . r| ^ , n 

ST SUS M a n 5 iield,OTi March 22. 

nov.o-.er c ft niwin'ii :r» ne mane m . n , ft _ _ 

aroai where - fm urn invesTmpm * 1 ’ . a nL 
p-o-.ramnin« hiniratn thai las at a M A 1 
pre«»r! deferred may become AfllAU 

"S»,l „n.,H:!ur. n„ „™- INDUSTRIE S ' 

hii'irl.fios and plant amminird lo Amalganuted IndustrtaK stales 
ffiflm in 1977 This va< used to thai ihe ?oun hrarinc of its annli- 
incroasp prndiirtrvp canacity and cation for the sanctioning of (he 
in kreoins eg moment » n to date, scheme of arrangement under 
i',nnpi i <mrni>i fnr ex need Pure at section 2Ufl of the Comognies Art 
end-1977 ammm’erl in £2 97m„ ig-ffi ha« been adjourned for 

compared with £2.81m- at end- seven dr.va and m eoYwpuenpe 

19Tt It | 5 unlikeiv that the wh“oie ot 

Debtors have increased in line approval will become effective 
with turnover, while slocks have until about March 10. 




Capias of the 1977 Accounts mt 
the Cttalrrmn’s Stenmant mar be 
obtained float 0» Saenunh 7t» 
Prestige GrvvB Lit+HA fttebp# 
*:» • ». 1-1-VJ Hc!ham. London 
tem 2tO The Ai hum I Germti 
f’-vhrj i via a* htfd>n London on 
22nd March. 1979. 


Prestige 


t MONEY MARKET 


Very large assistance 




1 


Bank of England itflnhntnn 
■ Lending Rale of Si p tr cenL 
(Since January 6. 197X) 

Day-to-day credit was in shnn 
supply m the London money 
market yesterday, and ihe authori- 
ties save very large assistance by 
buying a very large amount of 
Treasury hills from the discount 
houses, and a small number of 
local authority bills. Part of the 
help was on a purchase and resale 
basis, to help some houses oxer 
an expected shortage of bills, 
Which may be required for tech- 


nical reasons. The number of bills 
in circulation has tended to 
decline recently, partly an a resu.t 
of the authorities willinsnev. to 
buy bills to gasp day-to-day chon- 
ages, and also because the number 
of bills offered for lender each 
week has been lower than the 
number of maturities. 

The scale of assistance was 
probably more than enough to 
take ont the underh-ms «honase, 
and ihfs coupled with the method 
of help continued io soothe market 
sentiment, although diort-term 
rates remained very firm in the 


interbank market 

Bank- brought forward surplii- 
balance-* vesterday ijul thi*. «a- 
ouiweighcri by s fairly laree mkt-. 

up of TrejiMiry bills a xub-JanliH 
exve» of revenue pa v menu io th« 
Exchequer over Rovernment du 
burwmenis. a rise in me non- 
Circulation- furiner money fm 
she rail nn IQi ner cent. Exchequer 
iBfl.l 

Discnuni houses paid 54-B4 per 
cenr for secured rail loans, and 
interbank overnight rates nwchert 
7i-7y per rent, before dosing at 
£-fij'per centi 


Manufacturers of 'Prestige', 
'Skyline', *Ewbank\ 'O^Cedar', &'OId Hall' 
household products. 

Overseas companies operating in 
Australia, Belgium, Franca, Oermany, Italy, 
Japan, New Zealand; South Africa, Spain, 
Sweden. 


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LS'nl BO»iwfi!!ri» and Kn»nrr bcmuj h>*.hi otSren iami u,i« r. ni « wi aii-ffurrx m ont urr,' 

ihrhimP* Arre *enr* iBi-int »?r mfot : roar jvm :<u-'.91 » flw r«if* ;j, per * Bank mil rai-f -..*>(> a». 
twinn: for pr rm ttaw- r Hiimiic ratt* i.h innr-noatti ut» m rer joirr ruifl'” “tm- prtb "i » t ■■■•u 

Anprpnniu'i- t#.j ; mp him lor .tt> -rrmnifc TVearear* per fee* ■trs.-nMOl »"*:•« C" w a* 

Pf' rpw Apprui:nu!«- n^'Jlia ra*e tor auk TkEp £1 j, >> r * ■-m-*r:o‘i'h j*r .<•« ini »lr»v 

<!»«« wT-cror uw -morns rra*? suit «i rer >w 'ww-irosih I jk- «ni *-*, -sr-r -wii*i ;-n >-r «-,n> 

W wawcv Ham l» Kates -pirhSUt-n h% -h- rru».* izaavs Askk-pum.. ; rLr .'%■«: !roi«» Atar* l i*?«j cirame 
Itoeetn Hare* .lor small win. ti vrn «nr» wr»i: aw t >« Onrln |m|i' ftnes 'nr le .lUds fit B*r L^m tremra | 
*■“»: Airnfr :rnJ«r rai,i a! dj&aum j 97 jj gn teas. 


Notes 

1 Group profit before taxation includes a loss gT EO.3 million (1976: 
profit: £1.2 million) in respect of the change in value of the net 
current assets of overseas subsidiaries arising from changes in 
exchange rates. Of this amount, £0.1 million (1976: proffc £0.4 
million) is applicable to minorities. 

.2 Provision has been made for the payment of a boniis of £2.1 million 
(1976: £1.7 million) to employees participating in the iMI Profit 
Sharing Scheme. This is equivalent to a bonus rate of 3.3p (1976: 

2.9p) per £ of qualifying remuneration. 

3 The Group's share of the profits, less losses;, of major associated 
companies, amounting to £3(1 million (1976: £4.2 million), has 
been inciudedTn Group profit before taxation. 

4 The. charge for taxation is based on a UK Corporation Tax rate of 
52% (1976: 52%) and has been reduced by £0.3 million (1976: 

£0.4 million) for the proportion of investment grants credited to 
profits. T axation on overseas profits is effectively at lower rates. 

Group sales increased by £63 million in 1 977. Volume was about 
3% higher. Overseas sales increased by 14% to £169 million, of 
which £82 million was direct exports from the UK. 

Substantial increases in profit, were derived from Our fluid power, 
valves and alloy tube and fittings activities, but there was some 
downturn in profit from titanium, copper tube and zip fasteners. 
Excluding exchange losses, profits in the second half of 1977 were 
£1.5m down on those of the first half. This was primarily due to a 
reduction in volume. There is at present no indication of any general 
increase in demand in 1 978. 

CCA Estimates 

Application of the proposals included in the interim recommendation 
published by the Accounting Standards Steering Committee in- 
November 1977 would show a CCA profit before taxation of 
approximately £20 million. 

Dividends 

The Directors recommend a final dividend at the rate of 7.1769% 
per 25p Ordinary share, payable on 1 3 April 1 978 to shareholders on 
the Register at the close of business on TO March 1978, which will 
absorb £3,739,000 (1976: £3,333,000). Together with the interim 
dividend of 6.0% paid on 12 October 1977 this makes a total of 
1 3.1 769% for the year (1 976:11 .8959%) . 


Building Products 
Fluid Power 
Zip Fasteners . 


Heat Exchange 
General Engineering 
Refined and WroughtJMetals 


Imperial Metal Industries Ltd., Kynoch Works, Witton, Birmingham 36 7BA 



NOTICE OF REDEMPTION 

to . _ 

*hs hohjm of . 

AM AX INC. 

(formerly American Metal Climax, Inc. an d Am ax International Capital Corpo ra tion) 

8%% Guaranteed Sinking Fund - Debentures 
due April 1, 1936 (Blue Color) 

NOTICE IS HEIIEBY GIVEN' THAT, pujvuxnl te Section 3.QI of Article Tbr»e of Die Indenture dated u of 
April 1, 1VT1 omens Anns tar., fonqrrlr American M trial Climax. Inc. amh Amu* International Capital 
Coriiorailgn f hereinafter nailed .'“the Companr"!. Ameiican Meta) Cliroas, Inc.. ’Cnnrnnlar, trad Banker* 
Trust Company, Trustee (hereinafter called "the TiukIpp",, there will i-e redeemed ou'AprU I, 1UT3. throne h 
the operation nf the Sinking Fund. At a redemption price muni lo t0 ,,r c of the principal amount to be re- 
deemed. SdlflfOOD principal amount of 8*i < S< Guaranteed Slnfclns Fund Debentures due April 1. 13 S6 (here- 
in after called "rbe Debenture*" 1. 

The followins are the serial number* nf the Ddmliim hearing prefix M te be redeemed: 

2 '864 1850 2342 3009 ' 3759 4504 5137' 5915 6556 7240 8T15 B?43 9436" 10019 1 0696 11287 

20 896 1669 2351 3032 3776 4507 5154 5933 6578 7243 8123 8744 9437 10035 10603 11308 

24 901 1576 2406 3036 8778 4522 5190 5951 6577 7260 8143 8747 9440 10040 1 0634 11315 

27 904 1700 2427 3060 3786 4523 5194 5957 6580 7270 8144 8780 9449 10059 10635 11335 

66 925 1708 2434 8064 3802 4526 5210 5960 6600 7297 8147 8805 9466 -10065 10640 11556 

63 926 1728 2452 3067 3806 4549 5264 59S3 6607 7349 8168 8812 9459 10083 10657 11361 

71 929 1765 £484 3084 3832 4564 6285 6012 8624 7371 8176 8829 9499 10088 10663 11366 

90 945 1778 2487 3088 3336 4584 5326 6036 6627 7372 8199 8851 9517 10092 10683 11SBS 

115 95« 1799 2505 3088 3E39 .4587. 5330. 6043 6647 7375 8203 B872 9542 10110 10688 11397 

118 972 1805 2506 3096 3855 4602 5350 6060 6655 7397 8222 3879 9546 10111 10691 11404 

148 976 1830 2511 3100 3875 4527 5357 6080 6676 7477 8226 3890 9570 10114 10708 11426 

181 989 1863 3833 3121 3997 4664 5388 6086 6631 7480 8246 8906 9573 10131 1071D 11429 

184 1096 1876 2541 3122 3927 4675 5383 6039 6685 7512 8254 S910 9590 10135 10713 11473 

203 1118 1833 2561 3129 3950 4695 5384 6108 6704 7513 8253 90 05 3598 10151 10728 11525 

207 1124 1888 2565 3147 3965 4704 5387 6122 6709 7516 . 3262 9029 9616 10165 1D73S 11633 

rea 1128 1918 2380 3157 3995 4724 MB5 6128 6727- 7536 8281 OT33 9622 10172 10762 11656 

1145 1922 3594 3175 3989 4770 5409 6129 6750 7545 3385 9036 0627 1C1S9 10759 11670 

258 I15S 1927 2518 3180 4002 4797 5447 5146 6769 7550 . 6303 SOS S 9645 10TB2 10788 11677 

26? 1175 1343 2617 8194 4066 4803 5464 6153 6772 758 1 fiBIC 9059 9667 10212 10311 11694 

?K5 1216 1947 2620 3200 4071 4813 5467 6168 6760 . 7603 6337 9075 9695 10213 10815 11717 

293 1225 1970 2635 K03 4078 4817 54B3 6172 6790 7603 8340 9087 9700 . 10217 10818 11736 

2M 1243 1974 2640 3222 4098 4B21 5485 6175 6797 7645 8366 9*W3 ‘ 9715 - 10236 108S9 11743 

301 1249 1978 2658 3235 4105 4840 5489 6192 6845 7655 8371 9113 9720 10243 10645 11750 

341 1271 1995 2663 3284 4125 4844 . 5509 6193 6891 7680 8420 9119 9723 10269 10863 11778 

397 1391 1996 2588 3J8$ 4120; 4862 5528 6197 6910 7713 S46f 9122 B74T 10262 10871 11794 

538 1316 2029 2691 3291 4145 4887 5553 6217 6917 7724 84B0 9139 9743 10280 103S8 11317 

545 1324 2047 2707 3332 4153 4891 5561 6273 6938 7740 8493 9140 9747 10297 10891 118Z1- 

562 1350 2071 271S 3339 4173 4894 5580 6233 6543 7763 8517 ?143 9763 10301 10MB 11826 

SS3 1351 2172 E737 3S8Q 4178 4911 5607 6305 6946 7783 8K5 51E6 9770 10318 10919 11342 

617 1354 2075 2790 3366 4181 4917 5611 G312 69% 7793 85*6 -SIST 9739 10337 10953 11846- 

624 Z094 276 8 3431 4235 4S33 5614 6335 6569 7813 8549 820C 9793 10352 10075 ftffll 

627 1441 2102 2791 3458 4239 4948 5683 6338 6969 7825 856“ 9216 9796 10359 1 0980 11865 

6<7 1457 2134 ERI5 3464 425b 4952 5837 6358 6994 71129 8570 9233 9803 10377 10396 11863 

652 1479 2138 2823 3487 4261 4969- 5656 6357 6997 7B48 8573 P2S6 9825 10392 11006 11887 

«9 14R0 2153 2842 3509 4264 4974 MRS 6361 7026 7870 8559 5255 9646 1Q40B 11010 11B9« 

589 1483 2158 2849 3514 42M 40711 5662 6376 7027 7874 8596 9284 9866 10431 11014 11901 

693 1499 2173 2874 5566 4294 4995 5685 63S4 7035 7277 8612 0307 9873 10425 11047 11 B04 

699 1506 2185 2877 35M 4MB 4996 5793 6421 7052 7893 86l5 ?210 9989 10438 11037 11921 

715 1514 2191 2896 3651 4317 4999 5711 644g 7067 7898 8651 9330 9912 10457 11092 11922 

723 1 530 2106 2697 3619 4323 5020 E734 6445 7113 7915 8639 9339 9532 10461 11114 11325 

753 1555 2227 £900 8622 4341 5031 .5766 6465 7133 . 7321 8669* 9345 9940 1 0480 1111B 11940 

773 1577 2247 M16 3641 ” "" ~ 

7R2 158t 2263 2924 3677 

80? 1584 SS9S 2950 3703 4382 5082 3783 5507 7165 £001 8698 5399 5963 1BB30 11188 11974 

812 1801 2300 £953 3700.4404. 5104 5789 6524 7185 8008 8701 9394 9971 10387 11308 11989. 

833 1M7 2304 2968 3727 4425 5108 5826 6581 7189 8057 8717 9411 9980 10561 11237 11990 

M2 1627 2320 2994 8747 4*15 5112 5828 6549 7210 8077 8722 9416 9993 10578 11210 11993 

860 1045 2327 3005 3754 4484 6132 6831 6658 7214 8094 8725 9419 10009 10683 11221 20002 

Debenture* not fisted above are not affected by thl* redemption. 

The Debentures so desfenqtcd for rritmulion trill become and be due and payable, at the princinal amount 
thereof, tnscihrr with Interest thereon accrued to the date filed for redemption, in t ? nf!-d Stoles dollars at the 
option of the holder either fa) at the Corporate Trust office of the Trs-Sec. One Bunkers Trust I'iaza. New 
Vorfe. New Vorfc 10006. or (bl subject to any lawa or regulations applicable thereto, at the main offices of 
Amuterdam-notlerdani o=nh N.V.' in Ani'lcrdam. Bsnque du Bdn&m S-A. and Soei4t£ Wnende de B&mme 
E.A. In Brtrueb. Deutsche Untonbsnk. GmbH in Frankfurt 'Main. Bankers Trort Company, J. Henry Schroder ' 
IF-ux ^ f°- Dim) ted and & IJ. Warburg £ Co. Limited in London. Bunco Conuncrriaie iiiiii nn in Milan, 
Bankers Trust Company. Banque Ue Park et dw Payft-Bas. Banque Rothschild and Societe GtmiraJc in Paris, 
and Banque «1o Fqea-I.iiaetnbonrK and Banque de Pans el de* Pays-Ra* inter le Grand Dueht* de Luxembourg. 

Payment of the redemption price or the Debenture? enlird fnr n?dempt!«n will be made upon presentation 
*od inn render of «uch Debentures with nil ruuimns maturing after April J. IOTP. Coupon* maturing on April 
1 . ISIS should b^.dntaehnd and eurrendered fur payment in th»- usual mountr. Interest Oft the Debenture* 
called for redemption will trot Vo accrue from and after April I. 1378. ' 

The following aft the Serisi ti-imb-’ni or the Dehen ttiree hearing prefix ST whies were colled foe redemption 
on April 1. JOT*: 101. 4^, 350* and B53S. These Debentures should be presented for payment with all 
roiiporm m*t«rin«r nfter April 1. TOT4, 


Sat»d: Starch 1. 19TH. " 


AMV!C ISC. . - 

By Banker* Trust Company. Trunttm 











APPOINTMENTS 


Gilt-Edged Market 

PARTNERSHIP 

A long-established firm of stockbrokers with an enviable reputation in its 
specialist fields wishes to build up its gilt-edged business into a significant 
element of its investment services. ■ 

A gilt-edged dealer with a first-class reputation in the market is sought to build up or 
recruit the necessary team. The opportunity would appeal to a candidate in a senior 
position looking for a fresh challenge. 

The firm offers-the opportunity to create a new team 

- a name on which to build 

-a free hand within agreed policy-and budget 

- recognition in the form of a partnership with seniority to match 
performance. 

All approaches will be treated in strictest confidence and nothing revealed to our 
client without express permission. 

Write, quoting reference 1074/ , to M. J. H. Coney, or ring 01-2368000. 


□ 


Peat, Marwick, Mitchell & Co., 
Management Consultants, 

165 Oueen Victoria Street, 
Blackfriars, London EC4V 3PD 


CONTRACTS AND TENDERS 


mSnim 


SOCIETE NATION ALE INDUSTRIELLE ET MINIERE 

(SN1M) 

MAURITANIAN ISLAMIC REPUBLIC 
MODIFICATION 

NOTICE OF PREQUALIFICATION— A 


[ BIDS AND DEALS ' | 

Bury & Masco agrees 
£6.6m. Scapa offer 

Scapa Group has made an wined and developed under its dividend to 2-805p net which will 
aereed take-over bid worth present management. mean a 88-4 per 'cent, increase in 

around £8.6m. for Bmry and Lazard Brothers has acted Tor the total dividend for the year. _ 
(Holdings], a manulacwrcr r=capa and Bury and Masco has On tho asset front as a result 
of -woollen pressed felts and non- 2«en advised by Schroder W'agg- of a property revaluation and 
woven industrial fabrics. The including profit forecast, net 

terms— five shares in Scapa. plus assets per share in March should 

£3.40 In cash for every Vight Bury CaVeilJiam taKCS ** 38p. the director, say. amitet 
and Masco, and equivalent to — the offer from Centreway' of 4Ip 

iSX* gSZfV over Alliance “VS!*. <*,«, 

18.9 per cenL of the B and M 
capital. 

These holdings represent 
mainly the interests of the Throe- 


185 per cent, of the B and M t> that the market price. 44p yester- 

capitaL Prnnprtv day. has exceeded the bid price 

These holdings represent *■ * u r VA ever since the first week in 

mainly the interests of the Throe- In an fiSBrn. deal. Sir James February. This suggests, they 
morton Trusts, while the director? Goldsmith's Cavenbam Group has say. that the offer is inadequate, 
of B and M (with around li per taken over Argyle Securities’ Shareholders are advised to take 
cent, of the equity) have also main property bolding subsidiary, no action. ■* 

announced their intention to Alliance Property Holdings. x 

accept. Argyle, which is itself a sub- HAMTLBORNE 

Bury and Masco shares Jumped sidiary of Sir James’ Generate BIDDER 

by 17p to 97p on news of the Occidentale group, announced last «, share cash bid for 

The bid is accompanied by a stantiaJiy reduce its property revealed yesterday as coming 
forecast that profits for Scapa for holdings, and to invest in a wider r?om a orivalc company ! 
the fun year ending March. 31. range of securities. . F^uson Securities, which 

WTO. will be only £65m. against Cavenbam * m Avb inSTto maintain Ustingby 
£7.Bm. in 1076-77. The news comes £10.7m. for the property com- placta jj ^ but 31 pe r of the | 
after an interim statement in pany. But Argyle also received , 

■ a £8.14m. dividend from Alliance ® iare5 ' - — * - 


December, which Showed ball- a SA4m. dividend from Alliance According to an ofRc M st»te- 
ume profits to be ahead from . unmediatelj before the transfer. raent ^ bas already been 
ES-im. to £3 .4m. and in which the The £lS5m caw* irrevocably accepted by the chair- 

Board said that it saw no reason to further Argyl s diversification ^ Mr Dennis Barkway who 
why the normal pattern of higher programme. controls 295 per cent, of HamO - 

eamings in the second half . ' M T a Y!"| ia ? f s borne through his private com- 

“ should not recur this year. per ,5 en ^ *** assets pany Energy. Finance and 

The setback is blamed on lie on the basis, of a f directors valua- TrurtT 

strength of sterling which has had bon of Affiances properties in Ferguson is the Northern Irish 
an adverse effect on overseas J 977 -. f* 3 *} P™* holding company for the private 

earnings, mainly from North v, ' ll J. 4 be . determined following an interest of Mr. Graham Ferguson 
America. The Board, which «ti- auditors report on tne subsidiary Laeey. Through a subsidiary, 
mates that the movement in “Sj accounts. Birmingham and Midlands Cotrn- 

exchange rates will have Any surplus over this value tips Trust, 3Tr. Lacey owns Just 
adversely affected profits by over realised on properties sold m the un dor 43 per cent, of William 
£lm_ still expects to pay a divi- uc*t “ ve years " e apportioned Reed, the carpet group. Only last 
dend of 3p a share. between the companies on tne Friday, BMCT disclosed that it 

Meanwhile, the directors of oasis oE , -J P®r c®***- for Cayen- had made a conditional offer to 

Bury and Masco have said that ham and 75 per cent for Argyle. buy 73 per cent, of a much 

the profit before tax and ertra- . Cavenbam already- has substan- troubled U.S. group. E. T. 

ordinary items for 1977 was tial property interests through its Berwick. 

around £L2m., .against the pre- retail trading operations. Alliance The offer for Hamil borne, has 
vious year's £874,000. Share- J' 1 ' 1 °° Integrated into the Caven- been declared as fair and reason- 
holders, who would have ham property side, which plans a able by the company's advisers, 
received “the maximum peimis- SO®- retail investment pro- Greene and Co., with the proviso 
sible final dividend," will receive g ramm e over the next five years, that shareholders’ attention 
a second interim dividend if the DT . r 'irvric rAnrr a c-r should be drawn to Ihe state- 

bid goes through. HLAhx I a rUKLLAM ment of Ferguson's intentions. 

The move is seen by Scapa, Given that Centreway already itetails will be included in the 
which manufactures paper and owns a third of B Lakey's Malle- offer documents but at this 
board machine clothing and also able Castings, the latter is putting stage Mr. Ferguson Lacey has : 
industrial twrtffe fabrics; as one up a spirited defence against the said that he wants to keep, con- 
which wDl enable the enlarged bid. The directors are forecasting trol of only 31 per cent, of the 
group to offer a. more com pre hen- a 52 per cent increase in the shares, so as to maintain the 
sive range of industrial textiles profits to next March of £365,000 placing. Any acceptances above 
in world markets. The business compared with £241,000. They are this level will be placed with out- 
of Bury and Masco will be main- also proposing a jump in the final side shareholders. 

Appleyard profit below target 


Financial Times Wednesday March 1 .1975 , 

United Glass tfi ' ^ 
spend £1 7.5m. ,, 

PLANS to almost double its and profit for the whole R»fj I * 
capital expenditure from £9.am. lower. Jr 

to £1" 3m. in 197S were announced. The group » taking p^- 
vesterdav by air. Vic Hender, Monopolies Commission hea . " 
m&naginn director of United into proposed mergers with , 
fThrt C foam National Glass by Ui 

Speaking nt a Press conference Glass and Rockworo Gi 
Mr Header said that each of the United Glass believes tha 
14 factories continued to operate merger With Red team ^ 
at a profit during the first quarter result in greater overall -a- 
of the current year and this had in the producr.nix a no cnatnta. 
resulted in a higher total profit of fftew containers by the 
figure being achieved compared tuned • companies, 
vritb the first quarter of 1977. In accordance with the j 

As reported on February 17. "^‘ratS* 
pre-tax profijsf nr the year as C '£4.72ro. (11.83m.) aqd* 
December 3. 19 «««»* to £TL32n»- thc rearms adjust ment 
against £6-it»m. for tho previous lhe adjusted rS 

30 weeks. . profit comes out at Sl 

Among the major projects 

Involved would be: £otv. at The company is jointly «■ 
Barlow Glassworks, including a by Distillers Company and (hr 
recommissioning of a fourth Blihois. 
furnace: a new £l./am. warehouse 
at Glenrothes, due to be formally 

opened this week; the first 10- aa/v« 7 />m«* . 

section bottle-making machine in JvtCOV G*V 
Britain at Alloa which cost T *■ J . 

£750.000: computer H Date Point ** ^ . 

equipment. £i55m.: a £2m. ex pan- q f. 
sion at the Bndge of Allan and £ll IyJLUUxII 
Norwich plants of the closures 

and plastics division and an addi- x aa - . 

tfonal foundry furoace at I || Q|*ir||ypk . 

Johnson Radley which will cost Ivllv 

^The*' tnial also includes «m. THE . t at 

under consideration for invest* P 

ment by the' Ravenhcad Glass- ^ nat ^ pro ^ 

ware division which depends on 

the results achieved from the feSKSSF from £ 43*0Q0 t o o nce 
existing programme (£6m. over i t Sf n0VW 

the past three years) and a new £7.0Sm. to iS-im. 
productivity scheme. Dividend is restored qt i 

In his statement with accounts maximum permitted 0.4&43p \ 

Mr D. A. Blair, the chairman, per IOp share, 
says that profitability in the glass At half-way, a £358,000 te« Y 
container division was restored to turned round to a £75,000 pm 
a satisfactory level as a result or in 1973 and 1974 losses tdtuo 
increased demand, higher output £387.500 were incurred by g 
and rising productivity, with the hotel and catering group,. 

There was considerable pro- The latesr result is 
cress in the closures r.nd plastics interest charges or £341 
division during the year following (£321.0001. Tax takes fSO.t 
the reorganisation of the plastics (credit £21,00(11 and attribabil 
manufacturing operations and the profit after minorities is £4By 
closure of the Charlton works. (£33.0001. . 

Ravcnliead Company Increased Earnings per share are shrn 1 
its protits considerably for tlic at l.3p tO.lRp). The last * 
first nine months of the year, but dend was 0.065p net per IOp dx 
strikes nlfected the business there in 1574. . /.* ■ j 


1 !S i 


* 

7 • ? : 


The Finance Director’s 
favourite builder 


i / 

r^'v- 



Telephone: 

01-4223488 


Bo vis Construction Limited 


The Soci§t 6 Nationale Industrieile et Minifere (SNIM) has issued a 
notice of prequalification-A, concerning various supplies and works 
involved in the “Projet Guelbs.” 

Firms washing to take part in the final tenders invited by 
SNIM/SOCOMINE for these supplies and works are advised that the 
date of delivery to SOCOMINE of their prequalification statements 
is deferred from March 10 to March 20, 1978. 


COMPANY NOTICES 


ASCA AKTIEBOLGA VAST ERAS, 
SWEDEN 

NOTICE IS HEREBY GIVEN that the 
Anneal General Mect.ng of Shareholder-; 
will be held in lhe Sialnd factory. 
Witkitunsffiun 2. Flnmlawtcn. V a es- 
ter jii. it 4 p.m. Thursoav. March 16. 

l97B ’ IT«iI ^ ^ 

Besides the items simulated in tho 
Swedivi Camaanhu Act and the Articles 
si AsitCiatlon. the Agenda *i>l include a 
p.'ppcial cl the Beard ol Directcrs to 
rano a conrert bfe suaereinitted Ran cl 
a nominal rahic qf maximum skr. 
24,375.000 corresponding after conver- 
sion into non-lree shores to an Increase 
of the share Capital ol maximum 
Skr. 15,625.000. The convertible bands 
can be subscribed lor crily by Karl- 
E-V. AnCcrsson, Turd Evald Anderwon. - 
Klii Jcrker Andcrsson, BIrg.tta 
ElJsabet Eklund and Fu return Hot AS I 
Llkv dation and against payment In cosh. 

The complete proposal lor the 
decision to raise the csiwcrttblp sub- 
ordinated loan tsgether with the reasons 
lor Hiit is available to the shareholders 
as from March 9. 1978. at ASEA'$ 
head office. 

PROXY _ 

At the meeting cwiciw entitled to 
vote may da so for trie full number 
ol shares he owns or ler which he has 
the right to vote as ihe representative 
on beta 1 1 of the owner or owners. 

NOTIFICATION 

Shareholders wishing to participate in 
the meeting must oc recorded in the 
Shore Register maintained by Vaerde- 
wpocrs-Ccntralcn VPC AB rswemsh 
Securities Register Centre; no later 
than Monday. March 6. 1978 and must 
aisa notify the Baird ol Directors 
u riper the address ASEA AB. 5-721 83 
Vaesreraas. Sweden, no taler than 12 
noon. Monday. March 13. 197B- 

Shareholders whose shares are hcM 
in irurt hy banks or other fences 
must temporarily reregister the shares 
m their own names no later than March 
6. 1978. in order to be eligible to 
Dime. pate in mo annual general 
meeting. 

DIVIDEND PAYMENTS 

The Board has proposed Monday. 
March 20. 1978 as lhe record day tor 
the dividend. If the proposal is 
aigravcd by the annual general meet- 
ing. it is expected that the dlwdeod 
DJvmriTts will be mailed by Vpc on 
Wednesday. March 29. 1978. Share- 
holders possessing old share certificates 
will not be able to receive dividends 
until the old share certificates 
have been exchanged tor new VPC share 
certificate*. 

By Order or the Board. 
Vaesteraas. 

February. 197B. 


PANWIT TRUST 5.A. 
soctete anonyme 
Registered Office 

LUXEMBOURG 14. rue AMringen 
Reglstre de commerce: 

LUXEMBOU RG Secti on B 8.131 

‘ NOTICE IS HEREBY GIVEN that 
an EXTRAORDINARY GENERAL 
MEETING of Shareholders of the 
above-mentioned company will be held 
at 14. rue Aldnngen. Luxembourg, at 
2-30 p.m. on Friday, 10 th March. 1978 
with the following agenda: 

1. Dissolution ol the Company. 

2. Appointment of a Liquidator. 

3. Aswoval of the suspension of the 
calculation of the net asset value 
of shares In the Trust and the 
consequent suspension ol re- 
purchases of shares from share- 
holders by PANWIT TRUST 
HOLDING COMPANY S.A. and 
by tne Trust Itself. 

Shareholder* are advised that the 
quorum requirement lor an Extraordi- 
nary General Meeting Is that at least 
50 per cent, of the outstanding capital 
of the Company be represented at the 
Meeting. The first Resolution may only 
be passed If It Is supported by at least 
3 Of the Shareholders represented at 
Ore Meeting. Holders of shares may 
vote at the Meeting In person or by 
proxy. Holders of bearer shares may 
vote In person, by producing their 
Shire certificates, or a certificate of 
deposit of their share certificates at 
the offices of either the B*noue 
General* du Luxembourg. 1*. rue 
Aldringcn, Luxembourg or Williams 
& G1vn"s. 67 Lombard Street. London 
EC3P 3DL. Copies Of a circular letter 
to the shareholders of the Trust dated 
21st February. 1978 and ol other 
documents relating to the liquidation 
may be Inspected at the offices of 
Banquc General e du Luxembourg. 14 . 
run Aldrlngen. Luxembourg and' at the 

office* of Henderson Administration 

Limited. IT. Austin Friars, London 
CC2N 2ED during usual business hours 
on any weekday (Saturdays and Bank 
holidays exceutedl up to the data of 
the Extraordinary General Meeting. 

The Directors have suspended the 
calculation of the net asset value and. 
accordingly, repurchases of tha Com- 
pany’s shams br the Holding Com- 
panr as I mm 2 1 st February 1978. If 
the resolutions relating to the liquida- 
tion are net passed at the Extraordi- 
nary General Meeting the Directors 
will allow the calculation of not asset 
value 10 be recommenced on Wednes- 
day. 19lh April. 1978. 

THE BOARD OF DIRECTORS 
Date: 21st February 1978. 


NOTICE OF PAYMENT 

OF SANDVIK AKTIEBOLAG watimg st Radictt. Toe-Sat 10-5. doses 

91 PER CENT BONDS DUE ^ 

APRIL 15th 1986 colnaghi-s. id. oid Bond street, w.i. 

491 7408. A Loan Exhibition of Works 

Mrvrif-c ic uei uy viveki by 5EBA5TIANO RICCI In Britain In 

NOTICE IS HEREBY GIVEN diet aid of tire UDINE art RESTORATION 

coupon No. 2 af the above men- sat N ^"oH nUI * Mareh - Mon.-FrL 3-30-6. 
boned issue waff be payable an April -* - - 

17th 1978 subject to die term* and FOX GALLERIE5. Exhibition of the palnt- 
conditiont endorsed on the bond to ■ "9* bi British and Eurooean Artist* 

whM. rh_ -~.no „ -i n. I frorn '700-196S. 5-6. Cork Street, 

wiuen tne coupon appemns. London. W.i. Toi 01.734 2626. week- 

days 1 0-6. Sots. 10-1. 

SANDVIK AKTIEBOLAG 

MALL ART GALLERIES. The Mall. 
■ — -- - - S.W.T. “HAPPY flrtmtDAY" Rafnt- 

ueubw muuv , —« .... .. , li*g* bv PCXJTSY. 10-5. Sals. 10-1. 

HENRY DENNY A SONS LIMTTED Until Mar. 6. 

NOTICE IS HEREBY GIVEN that the TZ7 ~ 

TRANSFER BOOKS Of the Preference °f5f R . J 2? 

Shaves of thl* company will be CLOSED tgrajSSJ H lJ .^¥£ 
•rent 18th Marcn 1978 to Slot Mania Sfi 172^ 8f x wv»*ll -March 17 
>978. both dates Induslve. Wkiiavs 9.30-5. sats iC-ii2. 

T. L. BALDWIN. ■ — — 

Battiebrtdge Hawse. Secretary- 

Toorey Street, 

London 5E1 3RJ. 

HEP WO R TH CERAMIC HOUSINGS LTD. 

TRANSFER IS BC^S 8V f«m ,V Thc THACKERAY GALLERY. IB Tfaackerav St. 

the 14th March to 15th March 197B in- 
clusive. liar the preparation ol Interest — 

J. CLUBS 

Genefw House. 

Sheffield. Sio 3FJ. 


HENRY DENNY & SONS LIMITED 


LEGAL NOTICES 


No. 00654 of 1878 

In the RICH COURT OF JUSTICE 
Chancery Division Companies Court. In 
the Muter of THE RA1RZY COMPANY 
LIMITED and in the M at t e r of the 
Companies Art UMB. 

NOTICE IS HEREBY GIVEN that a 
Pen Don for the winding op of the above- 
named Company by me High Court of! 
J mice was on tba 27th day of Feb- 
ruary. 1978 presented to the said Conn 
by ASHURST, MORRIS. CRISP k 
CO.. of 17 Throgmorton Avenue, 
London EC2N 2D D, and hut the said 
Petition is directed to be beard before 
the Cncrt sitting at the Royal Courts 
of Justice. Strand. London WC2A 2 Li- 
on the 13th day at March, 1978. and 
any creditor or contributory of tba said 
Companr desirous to support or o pp ose 
the making of an Order on the said 
I'rttuoa may appear at the time of 
bearing In peroon or by Ms Counsel 
tor that purpose, and a copy of the 
HrttUon will be furnished by tho under- 
signed to any creditor or contributory of 
(he said Company requiring such cop) 
on payment of the regulated charge 
tor the same. 

ASHURST MORRIS CRISP ft CO., 

1 Kef.: JSSS/F3M,li. 

17 Throgmorton Avenue. 

London EC2N 2DD. 

Solicitors for the Petitioners. 

NOTE.— Any person who intends to 
appear on the hearing of the said Peti- 
tion must servo on or send by post to 
the above-named, notice In writing of 
his intention so lo do. The notice mint 
state the name and address of the 
person, or. If a firm, the name and 
addro« of tho Ann: and must be signed 
by the person or firm, or his or thetr 
solianc III any J. and must be served or. 
if posted, must be sent by post In 
sufficient time 10 reach ihe above-named 
not later than four o’clock in the after- 
noon of the URb day of March, 197&. 


PUBLIC NOTICES 


CITY OF BRISTOL 
VARIABLE RATE RTOCBMABLE 
STOCK 19S2 

The Council .of tta CKv of Bristol 
announce that the taW-venrlv payment Of 
Interest on 1st May, 197®. on the above 
Stock will be « tho rata of £3-31 das* 
income tax) per £!Qo of Stock. 

27th February. 1978. 

GLASGOW DISTRICT COUNCIL 
_ BiHs Issued Match 1 1978 Mm. at 
6 1.B4th9« maturing May 31 1978. Aeofl- 
cations totalled £36.5m. Bills outstanding 


Appteyard, . the Leeds-based 
motor car ■ distributors and 
garages group, is to pay the 
equivalent of £1.73 m. in its own 
shares for . Endeavor Motor, 
Endeavor of Eedhili, Endeavor 
Finance and' Endeavor Insurance 
brokers — all subsidiaries of 
privately-owned Endeavor Hold- 
ings — and also Lanes (Air- 
charters). The Matter company 
and Endeavor Holdings are both 
beneficially owned by Mr. T. E. B. 
Sopwfth. „•/' 

Endeavor Holdings, -which 
operates as Fhrd main dealers in 
Brighton knd -Redhiil and- as 
specialist truck dealers in Hove, 
made pre-tax profits of £428,000 
in 1977. The acquisition, which 
was first mooted in November 
when It was announced that 
negotiations between the two 
parties were under way, will take 
Appleyard into the South of 
England and will also increase 
the group’s ties with Ford. 
Endeavor’s activities in leasing, 
contract hire, self-drive hire and 
van hire will also give Appleyard 
access to the London /fleet 
vehicles market •' 

Details of the deal are accom- 
panied by a profits forecast from 
Appleyard of £l-47m- for 1 1977, 
compared with £l57m. in tbfc pre- 
vious year. These proflts^whfle 
representing a record for the 
group, are said to be " not ab good 
as the Board was anticipating-” 
This is put down to two factors: 
first, the loss of martlet share by 
British Ley land in the UJC. and, 
second, the poor supply of new 
Ford cars to Pilot Motors— the 
Ford dealership forme riy,- known 
as T. C. Harrison, acquired last 
September — which has lnst-£50,000 
in the period since purchase. 

Appleyard has declared atsecond 
interim dividend, in lien of a 
final, of 3J2S9p (gross equivalent 
4. 98333 p) a share for last year, 
making a total for the year of 
4.914p (7.44345p gross). The Board 
is forecasting a dividend. Increase 
of 275 per cent, for the. current 
financial year at 625p per share 
(9.4697p gross). ‘ '.••'/ 


Appleyard shareholders will be 
asked at an extraordinary meeting 
scheduled for March 16 to approve 
the creation of an additional 4m. 
new Ordinary 25p shares in order 
to accommodate the acquisition, 
which involves the issue to the 
vendors of 2,546,300 shares. 

Appleyard has been advised by 
merchant bankers HOI Samuel. 

SCHRODER SELLS 
AUSTRALIAN STAKE 

A leading Singapore bank. 
Overseas Chinese Banking Cor- 
poration bas acquired a 15 per 
cent stake in -Schroder’s Aus- 
tralian merchant banking sub- 
sidiary. Schroder, Darling and 
Co. Holdings. 

The stake of 105,000 shares was 
acquired from the London parent 
for an undisclosed price. 

The Schroder group in March 
last year purchased this addi- 
tional 15 per cent. Interest with 
the intention of offering it to an 
international institution. 

Following • this transaction, 
Schroder now holds 50 per cent 
of the shares in Schroder, 
Darling with the holdings of the 
Bank of Nova Scotia and the 
Bank of New . Soath Wales 
remaining at 23 per cent, and 10 
per cent, resuectively. 

Schroder, Darling is believed 
to be Australia’s biggest mer- 
chant bank with gross assets of 
about $ A 158m. as at the middle 
of last year. • 

GRAHAM WOOD 

The offer by British Steel 
Corporation (ILK.) for Graham 
Wood Steel bas become uncon- 
ditional in all respects and will 
remain open until farther notice. 
Shareholders have approved a 
scrip issue and reorganisation of 
capital. . 

The Board of Wood has since 
resolved ' that these provisions 
take effect- As a result the offer 
relates to 3532522 Ordinary and 
3,932.822 Deferred shares (to- 
gether referred to as Graham 
Wood units). Acceptances have 


RESIDENTIAL 
PROPERTY 

For sale 
Southern Tenerife 



THACKERAY GALLERY. IB TMdunv St. 
Kensington Squire. W.8. D1-BS7 5883. 
PSTBR COK4R. R_A_ until Msnft 22. 


CLUBS 


MOTOR CARS 


CHAUFFEUR DRIVEN RollS-Rovce orall- 
oaic for hire. Tul. Darttenf 74992 tor 
aSnils. 


EYE, 189 Regent Street. 734 S675- A la 
Cjrfe cr All-In Menu. Three Sogcucutor 
Floor Shorn 10.45. 12 45 and 1.45 and 
.music of Johnny Hawkeswonh « Friends. 

GARGOYLE. GO. Dean Street. London. W.I. 
NEW STRIPTEASE FLOOR SHOW 
, THE GREAT BRITISH STRIP 
Show at Mloatqht also 1 aan. 
Mon— Frl. Cloud Saturdays- 01-437 6455. 


In die Ufb-sreplal cardan development 

of Cbzfoh da lorn OisCtno two atrrac. 
-cve resldentul/ holiday bungalows aaeh 

yrtd, Urge lounge, two doable bed- 
moms. kitchen with breakfast tar to 
lounge, lumber- room and garage. 

Partly furnished. Beautiful ornamental 
and fruit garden. Heated swimming 
pool. Serroanding wilL Sea new. 

Pries: 5FfL375.<KI0. 

For die complete property or single 
bungalows with land by arranged ant. 
Fail details (ram Box No. 1 00.443. 
ASM. TOO I St. Gat. Switzerland. 
Local contract! Mr. Hermanns, 
to* Crlsaano*. 

Telephone: 0034 22 79 11 10. 


Ripolin buys WPM Retail 

RJpotin. the paint manufacturing letter of February 21. He writes 
subsidiary of the French CdF that earnings per share In the 
Chemie group, yesterday bought current year should be not less 
WPM Retail from Reed. Inter- than 18p and that die offer tbere- 
na tfonal for £2Bm ■" fore values the shares at only 

Two weeks ago Feed said It times earnings, notjffi times 
would try to sell off WPM Retail’s as misleadingly suggested by 
140 decorative product abops but Comet 
if no buyer could be lodnd the ppnpcpTV n\TV 
shops, trading under tihe names KvIrtKl i li'jv. 
of Idea for Living amT Brighter A take-over bid is in prospect 
Homes, would be dosed.-. “ , . r Property Investment and 

CdF Chemie, which ’took a 76 Finance following the purchase 
per cent, interest in Ripolin ™ 1S ^ per cent holding of 
Georget Freitag last March, put £10,000 shares in the company 
up the same percentage of pur- ^rittsh Land by Castiemere 

ebase price of WPM Retail. Reed Castiemere is not 

says this is in excess of. the book quoted; Imperial Life of Canada 
value of the net assets being sold has a large minority interest m it. 
but yesterday Mr. Phitfp Jeffrey- JJere iwas frmig mterest in the 
managing director of Ripolin, said pt«Kk Market yesterday in the 
his company’s view was . that on J*** 1 -' . *”2?® tbe projected 
revaluation the assets 'would be bid v 1 5- ncc * tbe 

worth considerably mord. Cai f >Miere . holding of 18^ per , 

Last year WPM Retail’s shops cent was bought at 90p a share/ 
made a loss on a turnover of the shares jumped after the news j 
£6m_ but Mr. Jeffrey said he was to end 17p up at 104p. 
confident the shops could be made An announcement said that 
profitable. Ripolin itself had a pstlemere had told the Property 
turnover of £13m. last , year and investment Board that it proposed 
half 0 r this came from the 82 to procure an offer for the rest 
shops it already owns.. which are tn® shares. Property Invest- 
about the same size as those of ment, advised by KleLrrwort 
WPM Retail. The other £fi.5m. Benson, is discussing the approach 
of turnover was divided in with Castlemere and meanwhile 
roughly equal parts bitween the advises shareholders and convert- 
company’s export ind trade n>le loan stock holders to take no 
divisions. 7 act ion . 

Ripo tin’s acquisition of the Property Investment may wen 
WPM Retail shops mskks a con- for a considerably higher bid 
siderable expansion o? its retail- p rK ® than . the current market 
lug activity. Its paint manufac- level, particularly since net asset 
turing plant, which is fn Southall, value of the shares at the mid- 
wa.s established in 189S— yester- yey point was around J30p, after 
day was its eightieth inniversaiy deducting the convertible loan 
— but the company only went Into stock at par. 


been received in respect of 
3.865,177 (93.19 per cent.) end it 
is intended to acquire the balance 
compulsorily. 

LONDON SUMATRA 
DIVIDEND PROMISE 

The Board of London Sumatra 
announces its intention to double 
its dividend to 4p net per share 
in the formal document rejecting 
McLeod Sipefs bid. 

At tbe offer price of IlOp, tiffs 
dividend ' produces a gross yield 
of 5.3 per cent Bearing in mind 
the capital gains tax liability of 
many holders if they accept the 
offer, the Board says reinvestment 
of the proceeds to obtain com- 
parable income would not be easy. 

The second main plank of the 
Board's rejection is its assertion 
that the offer values the Indone- 
sian estates at only £59 per 
planted acre, less than the single 
year’s pre-tax and depredation 
profit of £70 in 1976. 

The rejection document is 
widely regarded as only “Part 
One ” of London Sumatra's 
defence since it does not include 
the independent .valuation of ihe 
important Indonesian estates. 
This is expected in the first half 
of next montb and tbe Board of- 
London Sumatra promises that 
the questions asked by McLeod 
Sipef in its offer will be 
answered at the same time. 

The reaction of McLeod 
Sipef last night to London 
Sumatra’s riposte was to question 
whether, the Board considers 
shareholders will be able to sell 
their holdings at more than IlOp 
if tbe offer fails. McLeod Sipef 
also expressed regret at the lack 
of a profit estimate for 1977 which 
it considers mu$t have been 
arrived at for the estimate of net 
current “assets which does appear 
in the rejection. 

However, it appeared last night 
that a profit estimate is in the 
course of preparation and might 
possibly appear along with the 
valuation of the Indonesian 
estates. 

In yesterday’s Financial Times 
it was stated that Sogomana holds 
14 per cent, of Harrisons Malay- 
sian Estates. This was a printing 
error, the correct figure Us 1.4 
per cent. 


COMPAGNEE BANCAIRE 

Societe Anonyme 

Incorporated in France with limited liability. 
■ Regd. Office: 25 avenue Kteber. 75116 Paris, 

NOTICE OF ANNUAL GENERAL MEETING . 

Shareholders of Compagnie Bancaire am informed that the 
Annual Genera) Meeting will be held at 6 pm, Thursday 23ri 
March, 1978 at the Company’s registered, office, 25, avenue 
Kleber, Paris 1 fiffme. in order to consider the following agenda: 

. -The Report of the Board of Management 
. ; -The Report of the Supervisory Board. 

-The general report of the Commissaires aux Comptes. 

—The special report of the Commissaires aux Comptes relating 
’"to agreements contemplated By article 143 of the Law of 
24th July, 1966. 

—The examination and approval of the Balance Sheet and 
Accounts for the financial year 1977. . 

—The appropriation of profits and the fixing of the dividend 
for the financial year 1 977. 

—Nomination of a new member for the Supervisory Board. 

—Renewal of the term of offica of a "Censaur". 

. -Any other business. 

~ . -Holders of registered shares will be admitted to the Meeting 
on request having supplied proof of identity, provided that their 
names have been entered on the Company's transfer register at 
least five dear days before the date of the Meeting. 

Holders of bearer shares must at least five clear days before 
•the date of the Meeting, deposit et the Company's Registered 
. Office either their shares or a certificate of deposit issued by the 
. bank, financial establishment or stockbroker with whom they have 
been deposited. 

Shareholders who wish to attend the Meeting are asked to 
request an admission card beforehand from the Company. 

Shareholders may appoint proxies to attend and vote on 
their behatf. A proxy must be the shareholder's spouse or another 
.shareholder, if a proxy form is returned duly signed butwithout 
the appointment of an individual as the proxy, it will be placed at 
the disposal of the Commissaire du Gouvernement to be voted st 
his discretion. In order to vote against a resolution it is necessary 
to attend the Meeting in person or to appoint a proxy who votes 
against the resolution. 


NOTICE OF REDEMPTION 


holder, at the office or chemical Bank, by mall: P.O. Box 23983, church street Station, New York, New Tort 10349 vt 
Chemical Book, by hand: Corporate Tellers, 85 WaLerStroot — Boom 234, 2nd Floor North BnUdlnc, New York. New YorK 
MJHL or at the office or Mem end Hope In Amsterdam, the office ol Soctfte Q4n*rsle de Banana S-A. in Brussel*, the 
office of Deutsche Bank A.O. In Frankfurt, the office of Ham taros Bank Umlted. Samuel Umt&ni rv> T.tj and R.O. 


retailing in the 1960s. 

FL WIGFALL 

The chairman of He 
and Son, Hr. Frank I 
written 'to sharetaolde 
to some of the point 
Comet Radioriskm. Sei 


NO PROBE 

The proposed acquisition by 
try Wlgfall Ever Ready Company (Holdings) 
torren, baa of the 61.34 per cent, interest In 
a -replying Ever Ready (Ireland) It does not 
-.raised by ' already own, is not to be referred 
rices in its to the Monopolies Commission. 


fiasco rtasouic au mtoto m auan and Q» aSlR 41 m F*IU, 

Interest on tbe Debentures so deslpnatod tor redemption shall cease to accrue on and after the Redemption Data. 

^ te V* ld ,rlUah am* Debentures shall be void. Coupons maturing on AprA ** 

1978. J t hnnM be detatiir d and gimmifaiwt aw pcmwit in the naaal maimer. L 

U.S_ Rubber Unfroya! Hotdtngs Socr&6 Anonym* 
DATED: February 25. 3573 a j -• Ohemlol 3J»nk. TrtOteS 




U.S. Rubber Uniroyal Holdings Sociefe Anonyme 

€U% CiaumicM StaUnrfmilSgbalangiliia UK 

Roam Is Honor Gtmr that, pursuant to the provisions or tbe Indenture doted as of April t. 1987. providing for tha 
above Debentures, there will be redeemed tor account of the Sinking Fond on April 1, 1976 (the "Redemption Date") 
*4 38.000 principal amount of the £>«•? Guaranteed slaking fund Debentures due 1982 Oho "Debentures"), at tito 
redemption price of 100‘S of the principal, amount thereof plus accrued Interest to tho Redemption Date. 

The Bertel numbers el the Debentures which have been setcetedlor redemption. 

(each bearing the prefix letter **U") art: 


upon pteaenteHoa 
the option eftto- 
fer Tort: 10349 






'4.3: 


' * 

‘ ^ 

i_ • 

V 


f: 


F inancial Times Wednesday March 1 1978 

[mining news 


3 


EZ Industries makes 
a half-year loss 


BY KENNETH MARSTON, MINING EDITOR 

THk WEAKNESS of tho zinc price 
:<no>t<hor victim. 

Australia's leading producer of' 
the metal, EZ Industries, has run 
into the red for what is believed 
to be the firet time in 60 years 
with a pre-las io*w or $ A3. 7am. 
i£2.2m.) for the 28 Weeks to 
■Mnuary 11. No interim dividend is 
bein£ paid. 

The net result for lire period 
after a transfer from the deferred 
tax provision and depreciation Is 
a loss of SA685.000. This comparts 

wikh a profit of SAO-SOm. in the 
wmo period of 1976-77 when the 
year's profit advanced by nearly 
■ 0 per cent, to S All .6m. The past 
ytar‘<i dividend total was II cents. 

Apart from the fall In the zinc 
producer price — down froen 
5US795 per tonne in May last year 
to 'the current 5US550 per tonne 
tZ lias been hit by rising costs, 
the appreciation of the Australian 
dollar agiwisr the UJt. dollar and 
* 4 suffering from severely' corn- 
poMtivc world market conditions. 

The company has had ito write 
down the value of its zme stocks 
by &A5.14m. It eonuneots that 
unless world production of the 
miMal is reduced to match 
demand the pressure on prices 
"'ill continue. Meanwhile, EZ Is 
imnlrrr.pnting maximum cost 
■‘a.vings to ensure that It main- 
tains at least a modest bevel of 
operation. 

While suffering from the 
depression in markets for its 
major product, EZ continues to 
look Toward to a new future in 
uranium in its partnership with 
Peko-Wallsend. Apart from their 
recently reported major 
uranium discovery in the 


t 

Alcan (U.K.) chairman 
buys into loan stock 


21 



Northern Territory, the partners 
are awaiting official approval to 
start mining their big Ranger 
find in the same area. 

They will have to overepme the 
current trades union objections 
to the mini ng and export of 
uranium, but -union attitudes 
appear to be softening. It is 
generally thought that tbe Ranger 
deposit will be the, first to be 
given a Governmental go-ahead. 

Under an understanding 
reached in 1974. the Australian 
Government is. expected to 
finance 72.5 per cent, of the cost 
of developing Ranger. 

Despite the half-year toss, 
shares of EZ rose 5p to 135p in 
London yesterday in sympalby 
with a generally ; firm trend 
among the Australian potential 
uranium producers.' 

S A MAIN COR 

Reflecting the general recession 


New Caledonia nickel 
deal signed by Amax 


THE U.S. mining house, Amax, 
has signed an agreement with' 
Bureau de Fechcrches Geolo- 
ciques el Minieres (BRGM), a 
French Government agency, to 
drvi-’.in eve.nivc ganucriie nickel 
dp pc*: its in the north of New 
Caledonia, a French dependency 
in ihi* Pacific. 

• B'U an announcement from 
Amax yesterday makes ft clear 
that ihp project, which could cos-t 
mm? than &500m. (£25S.7m.). is 
.‘•till at a very early stage, and 
*U34ci>ts that the final equity in 
lb:* venture has rot been scit’ed 

No timing for the development 
nf the project baa been estab- 
lished. but the lengthy processes 
involved in working up to pro- 
duction would tend to make the 
present depression on the Inter- 
national nickel market irrelevant 
to the project's future. 

Mr. Pierre Goussclar.d, the 
Amax chairman, stressed yester- 
day ilial the long-.torm nickel out- 
look wax good and that- the 
current over-supply situation will 
come into balance with demand 
arter 1980. 

The Amax-BRGM agreement 
pro* ides for the conduct of feasi- 
bility studies and, later on, mine 
von*-! ruction and operation. The 
v .>rk will be carried out by 
Cofremnil, which is presently 
90 per cent, owned by BRGM. 

BRGM bought its dominant 
slake in Cofremmi in 1070 from 
Patino, the Dutch metals group, 
tth*rb roi-»ins a residual JO oer 


cent. As part or the. purchase 
BRGM undertook to develop the 
New Caledonian deposits, giving 
Patino royalties, profits and its 
share of output 

Under the new arrangement, 
spelt out by Amax, 90 per cent 
of the Cofremmi Capital (the 
current BRGM stake)- will be held 
by a new French . company, in 
which the BRGM shareholding 
will be 5 per cent, and that of 
Amax 49 per cent'. 

On this basis 4G per cent, of 
the new company's capital 
remains to be settled, sugr.estint 
that another partner will be 
sought for the project. Given the 
scale of the enterprise this is not 
surprising. 

The reserves in question amount 
to 50m. tonnes, grading 2.5 per 
cent, nickel. At the time of Hie 
Pntino-BRGM agreement annual 
production of S0.090-40.000 tonnes 
of nickel contained utlerrh-nickel 
was envisaged. 

The definite involvement of 
Amax in the project brings to an 
end discussions going back several 
years and represents „a further 
effort by the French Gtfcrr.mcnt 
to exploit natural resources under 
its control. -f 

Last year the * Government 
signed an agreement \. ith In*» or 
Canada, the indarry loader, to 
study the possibility <if exploiting 
Interitic nickel in the 

south of New Cnl.idnnia. 

In London /yesterday. Amax 
shares were ? higher at £24. Patino 
rose l to £]tf. 


The busy man’s builder 

Bovis 

Bovis Construction Limited ’ 
Telephone: 01-422 34 SS 



in the world steel industry, 
profits have fallen sharply at 
SA Manganese (Amcor), the 
major South African producer of 
manganese ore and ferro-alloys, 
reports Richard RoUe in 

Johannesburg. 

For the year to December 31, . 

5 re-tax profits were down from I 
94m. to R61m. (£36.3m j, equiva- j 
lent, after tax, to a fall from i 
ISO cents to 132 cents in terms of j 
earnings per share. The dividend 
has been held at 65 cents (3S.7p) 
and tbe shores .quoted yr^rday 
at 540 cents, yield 12 per cent. 

Samancor accounts for the buik 
of South African manganese 
exports to Europe and wlii soon 
hold talks with customers on this 
year's price and volume contracts. 

Dr. J. P. Kearney, the managing 
director. indicated optimism 
recently about an unchanged ' 
manganese price, but w as less , 
optimistic about the prospects far j 
ferro-alloys. i 

CRA-Smith in 
CAIL talks 

ACCORDING to Mr. Rus Madigan, 
a director of Conzinc Rio bn to of 
Australia, his company win need 
to discuss with the Howard Smith 
group whether the recent guide- 
lines on . foreign investment 
announced by the New South 
Wales Government will affect the 
companies' present intention to 
go ahead with a joint bid for Coal 
and Allied Industries (CAIL). 
London's Rio Tinto-Zinc owns 72. G 
per cent, of CRA- 
The Howard Smith-CRA bid was 
put iiilo abeyance after Mr. Pat 
Hills, the NSW Mines and Energy 
Minister slated last October that 
at least 51 per cent, of CAIL'S 
Warkworih coal lease should go 
to the .state electricity commis- 
sion. Mr. Hills reversed the 
decision a week ago with a state- 
ment -that CAIL would be able to 
apply for mining leases oyer 
406m. tonnes of coal at Wark- 
worth where it held exploration 
leases. 

Howard Smith now holds 44.9 
per cent, of CAIL’S 22.43m. SA1 
shares, up from a pre-bid 
announcement level of S8 per 
cent.. CRA hoMk 12.S per cent., 
following purchases In the share 
market. 

The bid price so far announced 
SA3.P0 per CAIL -'hare, but CRA 
has raid it proposes to issue 
shares for Its portion of the bid 
if it goes ahead. 

BENGUET RAISES 
NEW S46M. LOAN 

The Bank of America and 
group of ten international banks 
are to lend Bensuci Consolidated 
$4t>.lm. <£23J>ni.) for the develop- 
ment Of its open-pit copper and 
gold mine at Dizon m the Philip- 
pines. It was announced yesterday 
The funds will be used to com 
plete construction of the mine 
and build a concentrator. Benguet 
won the Bank of America's 
approval in principle for the loan 
Iasi .summer, 

Thl- loan is- part of a wider 
package of financing for Drum 
Towards the end of Iasi year the 
Federal Exnnrt Development 
Corporation of Canada agreed to 
advance 542.5m. lor the purchase 
of machinery. 

Renguef i- the larcc<t gold pro 
ducer in the Philippine* and in 
new- mine is scheduled to start 
commercial production in the lest 
quarter of 1979. 


MR. JOHN ELTON, chairman of 
Alcan Aluminium (V.K.J, has 
.substantially increased his hold- 
ing in the company’s 9 per cent. 
Convertible Loan .Stock, ahead of 
the expected heavy conversion In 
May this year and the possible 
consequent listing of its Oijdinary 
shares. I 

Accounts of Alcan ra eased 
yesterday show Mr. Elton’s^ hold- 
ing increased in 1977 from $12JJQ0 
of stock to £25.000, and that by 
January 24 he had purchased a 
further £7.000. In 1976 he. sold 
£1,333 of stock. : 

The May .conversion period is 
expected to result in a -high 
number o£ conversions follow 1 ®" 
Alcan's 9.3p net per £1 share divi- 
dend for 1977 — its first — which"* 5 
equal to 13 per cent, gross. Con- 
version of stock would lift t£e 
gross income on funds invested 
from 9 per cent, to 15 per cent.. 

After announcing the dividend 
on January 1 16 the once of the 
convertible ro-;e- £23 to £139. 
giving an effective converted 
share price of 139p. 

Mr. Elton would not have naid 
this amount for the £13.000 of 
slock bought in 1977 as the price 
fluctuated between £70 and £122. 
So far in 1978 the price has varied 
from £1144 before the dividend 
announcement to £1471, and 
closed yesterday steady at £141 4* 

Alcan expects to maintain the 
dividend rale this year, and the 
next navment will be an Interim 
dividend to be announced with 
the halftime results in August. 

Alcan has gained permission in 
nrincinte from the Stock 
Exrhanse for listing of the 
Ordinary shares, provided at 
least 5 per cent, of shares are in 
the hands nf 230 hnldcrs. 

The Treasury has confirmed 
that if .Mean gains listing follow- 
ing the conversion it will quail Tv, 
as a newly listed enmnany. which, 
would leave it with two years nf 
unrestricted dividend growth. 

At December 31 there was 
£8.546.000 of the original £l2m. 
loan slock on issue' in public 
hands, which if fully converted 
would leave 20 per cent, of Alcan 


Aluminium (UK) In British 
handv 

Conversions in recent years, 
without the extra income benefit, 
have been small with 13.465 in 
1977 and 110.733 in 1976. in 1975. 
after assuming certain debts of 
Alcan (L.K.i. the parent Alcan 
Aluminium of Canada converted 
its bolding into 5,164,723 Ordinary 
shares. 

In 1977 the parent bought 
£500,000 of stock, following its 
1976 purchase of £1.04m. 

The company is fulfilling a I960 
loan stock prospectus pledge to 
"use its best endeavours" to 
obtai na listing for the Ordinary 
shares. 

J.n 1977 Alcan (L'.K.) profits 
were up from £9-B7m. to £24.6Sm. 
Directors say the current year 
has begun with domestic demand 
weak and consumer stocks still 
too high. The forecast outlook 
for growth in world markets is 
uncertain, and while the U.K. 
should sec a consumer lead up- 
turn in the second half of 1D78 
the slow world growth and strong 
pound will inhibit export growth. 

In order to maintain profit- 
ability in 1977 it will be essential 
that 1978 shows a volume upturn 
on ihc levels of the second half 
of 1977. 

. Mr. Ellon says tli.it its modern 
.'and efficient smelter, completed 
' be tore the excessive cost infla- 
tion of the mid 197tis. provides a 
base on which future profitability 
-of the company cun be built. 

Capital spending in 1978 is ex- 
pected to top £24m and planned 
‘investment over the next tew 
years will be directed towards 
'modernising semi - fabricating 
operations and improving overall 
competitiveness of downstream 
. operations. 

A current cost si a tement In- 
cluded with accounts shows a 
-£«.7m. profit against an £8.1m. 
Toss in the previous year, after 
additional depreciation of £ 12 .Sm. 
f£10.6m.;. a cost of sales adjust- 
ment of £7m. f£13rn.) and a gear- 
ing adjustment of £4.8m. f£S.6m.i. 


Other adjustments — mainly for 
profits on the sale of fixed assets 
now deleted — of fo.om. (fO.lm.) 
are made. 


Braime hits 
peak with 
£ 321,039 

DEEP DRAWN press work spe- 
cialists, T. F. and J- H. Braime 
(Holdings) lifted pre-tax profits 
from £267,709 to a record £321.039 
in 1977 after £191,711. against 
£123.950. for the first six months. 

With tax taking HC&376 com- 
pared with £135,660, full year 
earnings are shown to be ahead 
from S.44p to lOp per 25p share 
and the dividend is effectively 
raised from 2.97917p to 3-32 75 p 
net, with a final of 2.3275p. 

Winding-up 

orders 

Orders for the compulsory 
winding up of 30 companies have 
been made by Mr. Justice Slade 
in the High Court. They were- — 
Shop Sales Services. Lecameon. 
Reprographic Exports (Euromal). 
Electrical Services (Brix'ron), 
Acellant. Bruffen Property Trad- 
ing Company. D. W. Croft, Chem- 
Mcch Sen ices. Mr. Peggo tty's. 

Pureli.- Scole Inn. Standrex. 
D. \V. Haslam (Installations). 
Interclose Properties. Oakstream. 
M.C. Plastering. Zampet. 

Seven Oak Finance. Alanglade, 
Western Road Garage (Tuxford). 
Seavalc Securities. Lai star, Ferris 
Investments. Carol ock. 

Tokcnbridge. C. G. Crock pr, 
Trimpcx. Yates (Potato Mer- 
chants). Leisure Products (Inter- 
national) and YHAP Trading 
Company. 



MANCHESTER SHIP 
CANAL COMPANY 


1977 




1977 

1976 


£(000) 

£(000) 

Profit 

2.120 

4.031 

Taxation 

1,054 

1.931 

Set aside for loan capita! redemption 

59 

G1 

Dividends 

729 

664 

Retained 

278 

1.37S 

General reserve .at December 31 

10.224 

9.946 

Earnings per ordinary share 

24.6 p 

522p 


Final ordinary dividend 9.064?^. making IS. 564 s j for the year (1976 
ordinary dividend I3.934 0 o). Dividend adjustment of 0.115% for 
1976 paid with the interim dividend on October 10. Final dividend 
payable April 10 co shareholders registered on March 10. Preference 
dividend 3.5°.' already paid. 

Points from the statement 
of the Chairman Mr. D. K. Bedford 

~k petroleum traffic down reflecting lower oil industry activity 
generally but other traffic reasonably steady 

-£■ heavier expenditure on dredging 

-jf further container terminal developments 


A copy of the report and accounts may be obtained from the 
Secretary of the Company at Ship Canal House. King Street. 
Manchester. M2 4WX. 


% 


fJUWV.-Jl- 


JFB REDEEMS 
LOAN STOCK 

JFB Investments Is to redeem 
at par on May 31, PCS the whole 
of the outstanding £47,367 of 7 per 
rent. I'nsecurcd torn stock 1978 

msn. 


Tiux amwHnccmcni appears 03 a matter of record only . 

$86,610,000 

Leveraged Lease Financing of 
the 165,000 did 
S. S. Keystone Canyon 

General Electric Credit Corporation 
Bankers Trust Company 

Owner Participants 


SMpco 2296, Inc. 

Demise Charterer 

a subsidiary of 

Keystone Skipping Co , 


SPC Shipping Inc. 

Time Charterer 
a subsidiary of 

The Standard Oil Company 

(uk Ofcio corporation.? 


The v iHlcraifittcd acted tis ffwibcfn? ndnsor t* fl'* SiavdarH CW Owipiuy 

and ti.-nii.gcd fur the phrrmCK! at ii:e onpmnl mcKcr jHirtmpaiion 
triG: General Electric Credit Corporation. 


MORGAN STANLEY& CO. 

jHPfitporutrd ■ ■ 


February ?S,r97f. 


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From the Statement by the Chairman , Mr. P. T. Wright 
■5^ Pre-tax profit increased by 39% over 1976. 

%c During a period of high inflation, management at all levels of the Group 
have continued to improve our expense ratio. 

The Group contributed £21 million to the U.K. balance of payments, 
ifc Our worldwide strength, flexibility and professionalism will find 
us well placed for continuing growth. 


Results in brief 

1977 . 

. 1976 

Revenue 

£61 .2m 

£52.7m 

Profit before tax 

£23-2m 

£16.6m 

Dividends 

£2.9m 

£2.6m 

Earnings per share 

29.0p 

23.2p 



For a copy of the. 1977 Annual Review, please write to the 
Group Secretary at the address below. 




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the worlds moa ^s^:ri?in^tiT£rdc^ brokers, 

Sed^wicfc Fbrbes Hi^isc, EOfr! AJ- ’ * 



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Fi nancial Times Wednesday March 1 1978 



.V 1 

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NORTH AMERICAN NEWS 


District judge blocks Chrysler claim 


DETROIT, Feb. 28- 


A U.S. District Judge banded gave Chrysler 20 days to res true- further steps.** The company assets of the ailing Airtemp divi- 
down a decision that could lead ture its complaint in an attempt declined to comment further. sion, which made non-automotire 
to the dismissal of a Federal to regain standing. Chrysler said it also has a suit air-conditioning systems, for cash. 


Heavier losses and no 
dividend from AKZO 


b U <wi U11E I« tumpumu ID an ttuciuyi “«i'“ r u »u *"*“*■— . n.auc ujimuivuiv*. av CHARLES BATfM H O P AMSTfiKUam, r«D. M. J , • 

to the dismissal oE a Federal to regain standing. Chrysler said it also has a suit air-conditioning systems, for cash. DllTTlTIfT 

Court suit by Chrysler Corpora- In Edison, New Jersey. Fed- pending in a New York State stock and notes, valued at nearly .^KZO, the Dutch-based chemicals rra expenses for major projects, of property, plant and equipment V'UllIUiL 

t-inn in.kir-t /Tnr'c rlnirmnyi .-J .ki-C anu.n_ Pnnrt 'IBilnOt PoHltprC EPPtinn fSQm * . _ I... CH- V-I ■ Cknu. n» . 2_ .E t.Kln UU>lnn. W 


AMSTERDAM, Feb. 2S. 


EUROBONDS 

Fresh DM jit 1 
gains lead 
to coupon 


win* 1 


tion against Fedders Corpora- der’s chairman and chief execu- Court against Fedders seeking $59m. company, reports a loss of FIs. Net income figures per quarter, in unprofitable sectors. . 

tion. The suit seeks damages of tive officer, Mr. Salvatore Gior- S3.9m. in damages related to the Chrysler’s suit also charges igTm. for 1977 against FIs.I5Sm. before extraordinary losses, show . Group turnover fell 3 per cent. By Franco Gtuus ^ 

more than S40flm: in connection dano - said he was gratified that Airtemp sale. Chrysler said it that Fedders violated Federal i n 1976 it managed to cut its that although the company made to FIs.lO.41bn. due to toe lower pEUTSCHEMARK am 

to connection rn,n>cl«»r>B .’iHfn.r, un>r a dnac Tint wt bnnw what effect nnH-Tnicr | nwe he nlncimr manv Tr.- - MCT.lt nt.kinw f nr the tmns- «Ct 


tion over the dispute. The jadge Chrysler contemplates taking purchased in 1976 almost all the AP-DJ 


Gloucester Eng. acceptance 


BY ADRIAN DICKS 


BONN, Feb. 28. 


GUT EHOFFNUNGSHUETTE, Battenfeld to-day, toe new group thane foam-producing machines, 
the West German engineering will have a turnover of over as well as plastics pipe extrusion 
and plant construction group, DM200m. and a world-wide work- equipment. One of its principal 
has strengthened its foothold in force of about 2,000. With the reasons for the takeover is its 


Cook still 

negotiating 

disposals 


uoq PUCUQUlgllCU JU> 1UUUIU1U AJJ lUlkg 1/A dl/UUl i4fWU. vnui |UC A 6(UUU0 A 1/A Lite UUHiwr&i to iw MEMPHIS, Feb. 27. ; - - — - - r , » . , — -- — ■* 

the U.S. plastics processing product ranges of the two com- interest in building some of ‘FOLLOWING the announce- *°w prices for textile filament Carolina. Akzos workforce eontrauen to measures taken in Switscrlat 

machinery market. Battenfeld panies combined, it will be able these traditional lines, and ment by Pills bury Company of ysnis and staple fibres. A further Fls.6an- was paid fall sharply throughout toe Tf^r- but recovered later in the gq 


poses passing the 2577 final Exchange losses also Die ae«uy 2976. „ _ . v ~ ^ V,- 

dividend. It last paid a dividend, into Akzo's result. Losses on Sales oF man-made fibres In the JCo Dvmton will be poaaft 
of Fls.4 per nominal Fls.20 borrowings of foreign currencies fourth quarter were adversely from July I at a price m Ti 

share, in 1974. It recorded a reduced 1977 earnings by about affected by the shut-down of the per share and a fixed oxchtt 

loss of Flsj.64 per share after Fls.40m. compared with a loss Ferenka plant. Sales of man- rate of Yll«-3 per parark. 
extraordinary items (FlsJUfi of only Ftsfim. in 1976. Extra- made fibres fell to FlsJ.5Sbn. In bond was quoted at lOOMta 
loss in 1976) and a loss of FIs. ordinary losses amounted to. 1877 from FtsJ.Sbn. in 1976. first after market trading. --J 
156 before extraordinary items FIs. 1 12m. compared with Hie pharmaceuticals, consumer The DM2 5dm. bond for'd 

f FIs. 0^0 profit). * Fls.l59m. the year before. products and miscellaneous pro- Mexican Comission Fedora!-, 

The company continued to The principal losses were due ducts division also recorded a Electricidad has a ten y* 
make substantial losses on its to the shut-down of the Ferenka decline to FIs4354bn. from maturity and an indicated 'to 
man-made fibre activities in the steel cord plant in the Irish Fls5.22bn. Chemical product pon of 62 per cent The Get^g 

fourth quarter of 1977 due to Republic and toe flooding of sales rose however to FlsJ359bn. domestic bond market open 

low sales volumes and unduly Akzona's plant at Enka, North, from Fls.3.72bn. weaker, in early reaction ; 

r — * f - A fA O - - '• 


MascbLnenfabriken, 


subsj- to offer, in toe management’s especially injection moulding the termination of negotiations 


diary of GHH*e 51 per cent view, a complete range of plastic- machines, in toe U.S. 


with Cook Industries regard- 


Earnings in other product into reserves, which together It stood at 83.800 at the end of pears of further controls 
groups were insufficient to offset with transfers in 1976 brought 1977 compared with 91.100 a year applied by the auto 


owned Schloemann-Siemag, has making and fabricating equin- Gloucester Engineering, whose tug the purchase for an j these losses partly because the total provisionsfor extraordinary earlier Of this decline L300 prompted toe early fall. ■■ 

_ « ^ . -i. . «- j i- :_x j a _ . . . . . t _ - hihaTmnal nmriiTAfe cranTnv- elen ihccac fft ViC ldUim TnflCP mC«oC wu rtt mm tfl fhP M mP Mfll- im , . 


npn URO u‘ ■ iniii 5 uuy uu/iibauut ui U uivmwwll. 4 ■mu IT uuaw mic UUiUMldC Awl ah | . _ — — - r — ■< - __ . - « _ m rr m ^ r ■■ 

announced acceptance by the ment, including turnkey pro- own interests include a manu- estimated S50m* of substan- cneniical products sector also losses to Fls-140m. These los^ were due to the swe or the com- The dollar sector was strttaa 

of 4^ ft, ffts- too nf fo/tfnrino Anrf ciVnc enhrirfierv 4i.n n -fm I feCGrf S lOW leVel Of Shipments STe e ZD PC fed to 3Z1X ZRtt& D RRV^S D2D€T mtereStS* 1 Am to V..A L^Jj ” 


mately 525m. 


present includes injection mould- extrusion machinery and plastics y,-ith other companies. 


According to a statement from ing, vessel forming and polynre- fabricating equipment. 


Ethyl forecasts 1978 earnings rise 


ETHYL CORPORATION expects suits are suffering from adverse area.” 


og equipment. ■ . Two New York-based com- 

panies, among the six largest 

grain exporters In toe U.S„ 
, are reported as having a poten- 

4 r|€P tlal interest to buying the Cook 

y grain elevators. 

t„ tom Sources within Cook and the 

.J? 77 ’ 2 e <££“ pa ^ export Industry speculate that 


21m. as preparation and starting- also cover additional write-downs other companies. 


Brave words at Mannesman!! 


earnings for the first quarter weather conditions and the coal had net income of $78m. or mn n» n . rnnohP on the 

K-. -hr,,,* nrh.in m *h- ii -aw to e oimpaay umy oc on UJC 


BY ADRIAN DICKS 


BONN, Feb. 28. 


remained steady. 

The Italian State tel ecnta nii 
nicatians company STET 
launching a $50m. floating: nri 
note 1 through Its Luxcmbm 
bolding company. Societe Fhm 
ciere pour Jes Telecomtatnib 
tions et rElectronique. T| 
interest rate is expected -Vt 
J per cent over the intefttd 


_ . OO a snare. oates were pjilchtxrv deaL 

Floyd D. Gottwald Jun^ chair- largest single product— were 52^Sbn^ up 13 per cent from that «.«_ 

manand chief executive, told strong in anticipation of a $1.14bn. in 1976. bwy nudd^a 

AP-Dow Jones. planned pnee increase. In addi- Mr. Gottwald indicated that an hieheroffer. and said they 

In the first quarter of 2977, last ywr’s first Quarter important reason for toe slower ^aid -be Sremely surprised 
the diversified chemicals, results were helped by a S1.7m. earnings growth projected for ^ Cook retained the grain 
piastres, aluminium and coal capital gain. this year Is a decline in the con- holdings, 

concern had net income of For all of 2978, Mr. Gottwald tribution of lead anti-knock Agencies 
S17.6m. or 93 cents a share on said the company’s budget calls compounds. Last year, the said * 

sales of S294Jan. for an earnings increase “in anti-knocks contributed about 28 T)ana-Flr»miet 

This year's first quarter re- the 7 per cent to 8 per cent, per cent, of the company’s sales „ ,, 


piain cuosixucLian group, ex- maue ciear «wiay mar u was qj»u oy duuui * weui. ui t i.vomHnnrooicn - 

pressed itself to-day as “confi- relatively satisfied to have sur^ DM11. 6b n n with virtually no u ’ 

dent yet not optimistic** over vived 1977 without suffering change for domestic subsidiaries ranama vrui Boat a , sasm/fit 

prospects for business this year, worse than it has done. As but a 4 per cent drop in turn- Dond in the Aslan dolh 

In a letter to shareholders grv- already announced, the com- . over for foreign subsidiaries, niarire* early this month. Ind 
ing preliminary results for 1977. pany expects final results for The latter development was due. «**« coupon is 9i per cent M 
the Chairman, Herr Egon Over- last year to show a reduced shareholders were told, to a long 2d manager is Nomura Secto 
beck, left no doubt that toe profit from toe DAL302m. strike in the company’s Turkish 

main uncertainty hanging over earned in 1976. but to-day's welded pipe plant and to the W V\\ tne Statetji 

toe concern in 1978 is the far- letter to shareholders neither cession of some pipe sales in company, will float a Y2ffia 
ther da maze that mav be done Indicated the exnected nroflt Canada to Alsoma Steel. l--year bond on the Japa&ej 


Increase at 

American 

Broadcasting 

Financial Times Reporter 


WfMithpr hife Wpqtvaoft SSB? “ S 1 M M . sSiTSSS J’S.SSTS -t «« S 

* v villUvl UHd vT V»lv auto-parts maker, reports AP- Although Herr Overbeck gave Mannesmann had held its own ^ Argentina is expect 

• ^ _ DJ from Toledo. Dana, which an assurance that employment last year, Herr Overbeck said, fT M5Rbll their^ share' of a YlSbn. Issue in 

1VE1V YORK, Feb. 28. already owns 44.7 per cent- of in most Mannesmann companies thanks to its more widely spread total sales rose in conseauence April. Terms are as 

WESTVACO CORPORATION tions into February “ probably the French concern, declined to and plants could be guaranteed pattern, which in turn from 56 to 58 ner cent. 

reported that in the first quarter will have a somewhat compar- elaborate. The Paris Stock for the. next few months, he ■ itK __ uo Detailed fiaures on the current ' 


majority interest in Soelete 

Floquet Monopole, a French ex “ ange marKet5 - 

auto- parts maker, reports AP- Although Herr C 


export prospects. West German tics. Indicated coupon 


Jt _ domestic companies’ exports in cent* w |ii *** priced at 99 J! 
Mannesmann had held its own ig77 were u ^ 5 per cent, to Argentina is expected to tone 
ist year, Herr Overbeck said, D M5.Sbn.. and their share of a Yl , 5 *L n ' issue in Tokyo 


yet nnknodt 


elaborate. The -Paris Stock for the next few months, he ^ lIt rr ifc VT m rStXrw Juumn itennmt 

p- i t « n ended January 31, net income able Impact on earnings for that Brokers’ ■ Association has stressed that the hesitant re- stnictun , While the order book were not given, but 

Financial Times Report dropped 4o 810.1m. or 60 cents month which may be reflected suspended trading in Floqnef covery in the pipe market d assoc ; ated mne^axid «, e Board reported that after 

DESPITE a slight tightening of a share from $U.8m. or 70 cents to some extent in second quarter shares pending a financial needed to gain strength, while t ,^L dj activities ? of the very slncrish movement d urine 
margins in toe final quarter, a year earlier. results.” he added. . operation.** Roquet's other the pick-up of invwtment S o? ?ari m T Dirtm? 

American Broadcasting (ABC) Sales rose to a record 8257m. However, “some very encour- principal 1 shareowners are the activity in recent months had gJ U| L“ DrSelmS’ ^ enrineertS improved at toe end o? ]^ 
ended 1977 with an increase in from 8228m. a year ago. aging trends had developed French Stat e-con trolled todus- s0 f ar led to only modest growth com nanies. P DemaE and Rexroth. thanks largely to the follow-up 

net earning of S3 per cent to Mr . David Luke, ^president, ^ K iD S' “ cchanicaJ engineering STfl Ik toe |la“r coS?S StefrSSS Sovief uSoTS? 

S109 -8m- Earnings per share told toe annual meeting that ^ y Srfitede R^a^et?e Credfr market * tion subsidiary. Mannesmann- large-dianreter pipe produced at 

^ levels of Confinamg aments ot its Ant^u, had aahi^d am- U.e new-Muelheim wotta. 


Citibank issues 
$HK floaters 


S1.6bn., sales showed a 20 per sales during the latter part of . ne ? l f° growing levels of a unit or uret 
cent rise. January and that weather condi- * 0 ,f T1 10 - 5 per ctaL 

The fourth quarter brought tions penaUsed earnings by M:, 

earnings of 83L8m^ an increase about 13 cents a share in JJJSJSJ Hertz-Nl^,. — 

of 43 per cent, and Sl-91 a share January alone.” S ^ ronSfentoly hi^ertoS HeTtl C^nxiratioti, the nation’s 

against 81.36 on sales 2S per cent The severe winter weather SSI v2? aco ™ tar * est « K** 1 company and 

U*b.rat«M5m. _ _ ^“2. SSSS^LZSZL' "H* «e mid price •J*&1 


■Z ' companies, i/emag ana Kexrom, tnanxs largely to tne Tonow-up wnwr; K/wfi v-h •» 

m the mechanical engineering M wen ^ ^ plant C0nstrttC . on ier from the Soviet Union for HONG KONG, Feb. 28. ^ 

market tion subsidiary, Mannesmann- large-diameter pipe produced at CITIBANK has Started Issumj 

Confirming statements of its Anlagenbau, had achieved con- the new^Muelheim works. floating rate certificates oi 

* ° > ’ j / 1 1 . 1 n i v — - — ■» * 


Hertz-Nippon deal 


twit of RCA Corporation, 


Profit rise at 
Libra Bank 


Arbed stake in MMRA 


floating rate certificates oi i i 

deposit (FRCDs) denominated in .1 Vi')- ill 
Hong Kong dollars. “ .li » v l* i » ■ 

The certificates will have a * 
maturity of four years, and wiH v , ■ , 
carry an interest rate of 51 per 
cent, during the first six months.- 


' At the nine-month stage, earn- curtailing production, lm- increases have been implemented 2£L|f£?51c J JSS amneS By Michael Bianden 
togs showed a 5S per cent rise P®* 1 ^ incoming and outgoing which will enable the company 0 .. _ 

and sales an increase of 17 per fPSFfSP ^ obstructing pro- to 0 ^g t 0 f the steadily LIBRA BANK, toe Lor 

cent Mr. L. Goldensen, toe com- duct deUvenes to customers. r^mg costs of raw materia^ SnffiSk consortium . buddu 

pany chairman, and Mr. Elton H. Continuation of storm condi- labour and tran^ortation. specialising in Latin 

Rule, the president, commented reports a further in 

at that stage that earnings of mvd P^Ats for the past yea 

86 a share for 1977 were \\7 rri * ' 1 • Mr ^?Snk A.^O^n^oresi. The bank’s pre-tax j 

“ 52 W* 1. Grant asrccs claims ^ sSutive^f ^ ^uo. ^ 

attributed toe success of the ^- p O Hertz, also said that he pre- P er cent, dividend 

third quatrer to the company’s Charles G. Rodman, trustee for vendors, suppliers of services, ^cts - a strong first half " for £378,000 is being paid 

broadcasting operations which the estate of the bankrupt W. T. lessors and employees whose Hertz in terms of profits, holders, 

remained toe pracipalcontrtou- G rant Co., has entered into an claims are not entitled to priority revenue and rental volume. The managing dire 

tors to tne „ains in earnings. amMminit with ?r hank nerditnra under the bankruptcy act -Iasi year, net income increased Thomas Gaffney, repor 


BY DAVID BUCHAN ■ • BRUSSELS. Feb. 28. . cent, awing toe nrst six monmfc 

ARBED. THE Luxembourg stoN in. toe Grand Duchy. The JJJg of (ftSToW 

company, is to take ,the largest Rodange blast furnaces and U.S520.000). The amount befrf 


LIBRA BANK, toe London^ased sfedee 25 percent, in the steely woridng shops wiH be)^^ ^ HJCSlOOm. 


4U IllUgJ Ul 

“H W. T. Grant agrees claims 


Japan’s biggest car rental com- consortium banking group reconstructed Metallurgie s closed down, and the main citibank said that toe float**, 
pany. Under the pending specialising in Latin America, Rodange Athus future function of MMRA will rate CD is an attractive instror 

arrangement, reservations and reports a further increase in (MMRA). ne. to roll Arbed steel. ment to an investor since. w 

billings would be exchanged pro fits for the past year. Following complex ■ negotia- Arbed executives say that in provides greater flexibility thg. 

when customers travel abroad. KQTlt . rn „ tions since last summer in- the short term this step, which a conventional time deposit 


billings wonld be exchanged 
when customers travel abroad. 
Mr. Frank A. Olson, presi- 


nuvu mu Ka„b»c r\ro.tav fvrnflt rnsp UUUS iiiuce Iffli sumiuci iu- luc wiuii ici m um» Mcy, wwiu a COU VeilUUUdl mile uqi 

Mr. Frank A. Olson, presi- 7m p Volving both the Belgian and has received the very, active through its negotiable chara 

dent and chief executive of ™ « Luxembourg governments, encouragement of the EEC steel as well as providing a hi 


agreement with 26 bank ce editors under the bankruptcy act 


dent and chief executive of ppnt dividend ’ totalling Luxembourg governments, encouragement of the EEC steel as well as providing a hed* 

Hertz, also said that .he pre- 5SL'«S fT vJfJJ r«.iH m shar^ wbioh M 64(4 have a stake in commissioner Viscount Etienne against a rise in interest rata 

diets “a strong first half for 15 MUlg p a the new company, MMRA is to Davignon, may prove a further since the rate of interest'll 

Hertz in terms of profits, noiaer5 - restart with a capital of depressant on its currently sorry adjusted periodically. ' 

revenue and rental volume. The managing director, Mr. Lux_Frs.l-275bn. Some Lux. Fra. financial performance. Agencies 

Lost year, net income increased Thomas Gaffney, reported : “The 500m. will be paid up in cash, i ■ — - - ■ _ — ■— ■ ■ — 


of Grant for settlement of their Upon approval, the trustee said from $423m. on revenae of syndication of large credits con- with the rest being debt con- 

claims Reuter from New he make a first distribution 3™*™- to a record. 860m. on tmues to be the mam business of verted into equity 

Textron dividend UP to the bank creditors aggregating revenue of S837.4m. , toe bank but other specialised 0f ^ gWs, 20 per cent 

u ujyiucuu Yorfc 8161m. and release any claims n . , . I financial services are gradaaliy wiU be held by the former share- 

Textron Incorporated has in- Under the terms of the pro- to the approximate 84.7m. at rfllTOOraS eamS mOCU assuming more importance and holders, toe Belgian steel com- 
creased the quarterly dividend to posed plan, which is subject to present held by Morgan Guaranty mo DE JANEIRO. Feb. 28. ^ likely to contribute pan i e8 Cockerill and Fiuancdere 
‘ ' “ ... — significantly to profits in toe du Raau> 7S per ^ 5y ^ 


ESTABLISHED 1926 


40 cents from 35 cents, payable bankruptcy court approval, a Trust of New York as agent bank. THE BRAZILIAN state-eon- 


on April 1, to shareholders of fund of 835m. will be reserved W. T. Grant, the one-time retail trolled oil company, Petroleo future 


WOELLWARTH & CO., LTD. 


record on March 15. reports for distribution to certain general giant of the U.S., filed for bank- Brasileiro SA (Petrobras) re- 
Reuter from Providence. Rhode creditors — mainly merchandise ruptcy in October 2975. ports net profit for the year to 


Belgian state ‘holding SB I, and 




J-I-B 


Brasileiro SA (Petrobras) re The bank has benefited from 15.69 per cent each by the new 
ports net profit for the year to the relatively high level of mar- Luxembourg state bolding com- 
December 3 1, 1977, of 1538bn. gins on loans to Latin America pany. SNCI, and by Luxembourg 
Cruzeiros (SOihn.). Net profit during the past year, at a time banks, and by the Compagoie 
for 1976 was 20.07b a. Cruzeiros, when they were under pressure Bruxelles Lambert 
Gross sales rose from 109j.0bn. jn other areas of the world. Mr. The predominance of Luxem- 
Cruzelros to 163.02bn. Cnm^ros Gaffney expects, however, that bourg shareholders, public and 
(94n>n.). ^ competition will increase in the private, reflects the feet that it 

Petrobras said its invest, coming year. was the Belgian part of MMP 

ments in 1977 rese to 3L51bn. ban ^ g total assets rose at Athus that dragged the com- 

Cruzeiros against from £274m. to £307ul, and it pany into near bankruptcy last 

^ozeiros the previous year. reports that a sound liquidity summer, and that the Athus 
Keutcr ./ position was maintained while opeivrtion is now to be virtually 

1 toe average life of the loan port- dosed. 

IM ERIC AN folio was further shortened to The plants at Rodange just 

. just over two years. inside Luxembourg will form the 

1UARTERUE5 Libra-s Shareholders are “J^eus of the new company 

WfumruTKiiPr Rank. B<at tiiey will be closely meshed 

CHICAGO PNEUMATIC TOOL aSe ManhaS^Royal Bank , m Wiih Arfaed's large operations 

Fetrtvi Qsurter urn : M75 of Canada. Swiss Bank Corpora- 
s s tion, Westdeutsche Landesbank. 


INTERNATIONAL MONEY BROKERS 
Members of the Foreign Exchange & Currency 
Deposit Brokers' Association 

FRIARS HOUSE TELEPHONE 61-688 6U7; 

NEW BROAD STREET TELEX 886411; 

LONDON EC2M 1NP 


HONG KONG 


AMERICAN 

QUARTERLIES 


WE ABE PLEASED TO ANNOUNCE AN 
ADDITIONAL LINK IN OUR EXTENSIVE 
NETWORK OF AGENCIES. AS FROM 
1st-' MARCH 1978 WE WILL BE 
OPERATING IN ASSOCIATION WITH: 


ALLIED EXCHANfiE LIMITED 


CHICAGO PNEUMATIC TOOL 


205 HONG KONG BANK BUILDING, HONG KONG 


Extcactfroxn Accounts at 31st December 1977 

1977 


Issued Capital 
Retained Profits 
Subordinated Loans 
Deposits 
Loans 
Total Assets 
Profits before Taxation 
after Taxation 


£000 

10,800 

3,350 

5,249 

354,289 

191,800 

381,154 

3,048 

1,428 


1976 

£000 

10,800 

2,462 

5,872 

352,480 

216,665 

379319 

2,988 

1588 


• ..> a * UUIIy WV C^lUVUWWIIV 4J«|II14W M I44M^ 

■Ta Revenue 84.6m. ' 725m. Mitsubishi Bank. Banco mer 

Net profits 3.09m. 2^9m. (Mexico), Banco Itau (Brazil), 

Net per share... 0.56 ' 0.42 Credito Itallano and Banco 

l/S _7 e »' __ _ . Espirito Santo e Commercial de 

K ! i Revenue 302.0ra. -,271.9m. Lwboa. 

Net profits 7J9m. :8L44m. i ' lsooa -_ 

N Net per share-- 1.31 1.54 

B foster wheeler j; ENEL expects to 

|% F north Qoartar M77 •; - 1VU „ . 

= *w. s » «i, 5 e «oat new loan 

j/S Revenue 329.7m, 291^m. 

i Net profits 7 .23m, 4R0m. STATE ELECTRICITY UTILITY 

v ■ Net per share— 039 " 0^9 ENEL plans -shortly to launch 

^ - Tear an LSOObn. seven year bond, 

;■.£ Revenue L2bm 14bn. subject to government approvaL 

!'■ Net profits 27.1mJ;-' 20-fim. Reuter reports from Milan. The 

;■ \ Net per share— 3.32: 2.59 issue would carry a coupon of 

! : \ o.piGi'crtnTigrPB ! 12 per cent and would be aimed 

t HABNISCHFEGER . at banks, who have to fulfill 

■'•I pint Qaarter ivn »ti portfolio investment require 

_ s : S ments by end-AIarch. Reinburse- 

Revenue ........ . 120.46tn.ll6J6m . meat would start from the end , 




EXTRACT FROM AUDITED ACCOUNTS 


Year ending 
31st Dec. *77 


Year ending 
3tst Dec. *76 


Net profits 4B6m. ; 6. 1 2 m . 0 f the fourth year. 

M.j Net per share... 0.55" 0.70 


Net per share— 0.55 
1U INTERNATIONAL 7 
Fntt Quarter 1777 


x'i Fwtt Qaarter 1WT ' W* MOOtefible 

: • S ■ S 

i‘.1 Revenue 603JmJ 535An. UNIONS at Montefibre SPA’s 

Net profits 14.68m HJ2m. Porto Marghera plant near 

Y t Net per share... 0.39 0J51 Venice claim they will take 


SHARE CAPITAL AND 
RETAINED PROFITS 
SUBORDINATED LOANS 


12,8B5£29 

2,617,860 


10,808,993 

2J979.993 


Japan International Bank limited 


? Tear 

l { Revenue 2^8h 

r -.I Net profits 59.24; 

j j Net per share— l.f 


j Net per share— l.Qq 
! NATIONAL CAN CORfl. 


FujiBanlc 
Mitsubishi Bank 
Sumitomo Bank 
TokaiBanlc 


Shareholders 

Dai wa Securities 
ink Nikko Securities 
ink Yamaichi Securities 


tievenup 

Net profits 

I3.6nl 

Net per share... 


WARNER-LAMBERT CjO 

Fwrin Quarter 

iml 

Revenue 

6S4.4ii 


-7/8 King Street London EC2V SDX 


Net per share... - 0.4 
v*ar 

Revenue' - 2.54b 


over the plant and reduce pro- 
Lwte- ductlon unless toe company 
.42-44m. pays unpaid wages by the end 
Llo 0 f March, reports Reuter from 
Rome. The company has not paid 
■„ - I.... Its wages for February or toe 
**** customary end-year bonus equiva- 
8fil-3 m . ie at t. 0 one month's salary, union 
sources said. 

T? Montefibre. the loss-making 
, synthetic fibres subsidiary of 

"“ isi*" — ^° ntedIso 0 SPA » > s expected to 
s be among companies to benefit 
613,5m- f|,oin «otergeney aid of L300bn. 
aojosm- n cover wage payments. But 
026 details of how toe funds will be 
shared out still have to be 
2L3Sbn. finalised — two months after toe 


DEPOSITS . ■ 

CASH AT BANKS, MONEY AT 

CALL AND SHORT NOTICE, CD’S 
LOANS— MATURING WITHIN ONE YEAR 
LOANS — MATURING AFTER ONE YEAR 
TOTAL ASSETS 


259,480,057 


236,333,469 


56,006,316 

77,031,597 

152,517,868 

306,872^227 


57,776.035 

81,082^42 

108,577,883 

273^54226 


PROFIT BEFORE TAXATION 
PROFIT AFTER TAXATION 


5.104.536 

2.434.536 


4.149574 

2.029574 


Shareholders 


The Chase Manhattan Bank. K A. The Rival Bank of Canada National Westminster Bank Limited 

s * ,iw Bar,k CoiporaiKut Weatdeufscfta Landes Oar* GircuMiWafe .. The Mitsubishi Bank Limited 

BancoiserSA. Banco itau s A, Credito Italtano S.pA. Banco Espirito Santo e Commercial do Ltsboa 


1 London Wall, London EC2Y 5DM 

London, Bogota, Buenos Aires, Mexico CBy, New York, Sao Paulo 


Net profits 187.62m. 158.78m. j government originally proposed 


Net per share..'. 


2,00 1 toe measure, 




v 



$ 


fmSS INVESTMENT CURBS 

5 Relieving the pressure 

■, BY JOHN WICKS IN ZURICH 

\ JNDAY’S announcement of a ties will be able to retain them —at the end of 1977 there were 
•„ introduction of the. ban on but not to exchange them for 153 listed in Zurich and 151 in 
>resident purchases of Swiss others. Nevertheless, observers Basle — - will be considered 
■unties has had an immediate expect trading between foreign domestic securities under the 
ect on the Swiss franc. While stockholders to continue On a new ruling. No steps will — or 
t; currency remains very “black inarket” basis. The indeed can— be taken with 
•ong— it dosed yesterday down. Swiss authorities would like respect to such Swiss stocks as 
in 1.89 to 1.82 per dollar — the divestment to take place via are listed bn foreign bourses, 
jrmous upward pressure has Switzerland. - Subject to spedal permission 

in relieved considerably. Foreign stockholders resident from the national bank, non-resi- 

Another Immediate effect has Switwrland will be *ble dentforeigners will be able to 


?n to depress the stock mar- 
L To-day share quotations 
ipped by up to 10 per cent. 
:ondary-market prices of 
isB-franc foreign bonds by up 
5 per cent, and of domestic 
ids by about 1 to. 2} per cent 
tial reactions from the Swiss 
nkers' Association and indi- 
ual bankers showed sym- 
Ihy for the investment ' re- 
ictiens, however, in the light 
the currency crisis. 

Che need for new steps to 
inter the sharp revaluation of 
Swiss franc has grown 
lidly over the past few months: 
one time last week the trade 
ighted appreciation was double 
level of December 197L As 
result the Swiss economy is 
ed by serious difficulties aris- 
u from the monetary situation, 
ce the difference between the 
intry's very low inflation rate 
Tently 1 per cenc per annum, 
i inflation in other countries, 
longer offsets the rise of the 
ihange rate. 

nie' wild upswing in the 
Tency led the Swiss national 
- lk and government to change 
sir mind on the question of a 


_ • subscribe to shares of Swiss hold- 

' '- ' . • • ' ing companies at least 80 per 

cent, of whose assets are abroad. 

Fears : that . the German and of companies Involved in the 
authorities were about to intro- financing of or acquiring a sub- 
dace curbs ; on f oreig n invest- s tan tial participation in the build* 
ment hr Frankfurt sent ing or expansion of operational 
domestic.' bond prices smartly - installations In Switzerland, 
lower yesterday, wiping out all As Dr. Leutwiler said In 
and more iff Fridays , wide- Berne, it is not intended to stop 
spread gains.- 1 foreign borrowing activity in 

Dealers were confident, how- Swiss francs. This is, in fact, 
ever, that the Bundesbank was of very considerable dimensions: 
not -about to react -with the figures released thu morning in 
same fcort of zeal as the-Swiss Zurich show that in calendar 
central bank on Monuy. Most 1977 they amounted to Sw Jrs. 
exported - t«nomnrs_ fort- is.3bn. (about $83t>n.), of which 
nightly meeting of the Bundes- Sw.Frs-9.3bn, were accounted for 
bank to produce, at most^a by private placements, SwJts. 
cut In the discount rate from 3.7b n. by bond issues and Sw.Frs. 

3 per «nt . 5.3 bn. by loans. Apart from the 

Over. the p ast few wee ks the desirability of retailing Swit- 
smamble for llentsct ^ark s at xerland’s importance as a finance 
the expense of the -dollar has centre, a Jaroe volume of raoital 


ment far Frankfurt sent 

domestlc. bond priees smartly 
lower yesterday, wiping out all 
and more of Friday’s . wide- 
spread gains. 

Dealers were confident, how- 
ever, that the Bundesbank was 
not -about to react with the 
same Sort of zeal as tbe-Swiss 
central bank on Monday. Most 
expected - tomomitri fort- 
nightly meeting of the Bundes- 
bank to produce, at mo st, a 
cut In the discount rate from 
the present 3 per cent. 

Over the past few weeks the 


Hongkong 
Bank earns! 
more, steps 
up dividenc 

By Daniel Nelson 

HONG KONG. Feb. 28. 

HONGKONG and Shanghaj. 
Banking - Corporation ha$ 
announced a 20 per cent, rise 
in post-tax group profit, to 
$HK522m. ($USU3m.) for the 
year to December 31, from' 
$HK393m. In 1976. The bank 
profit was also up 20 per cent 
to $HK428.44m. . A final divi- 
dend of 47 cents has been 
declared, against 44 cents, and 

there Is to be a one-fox-ten 
scrip issue. 

With the interim of 18 cents 
(16 cents), the total dividend 
is 65 cents. The directors warn 
that there was little improve- 
ment In world economic 
growth in 1977, with Ute con- 
tinuing fear of inflation over- 
riding the major Industrialised 
countries’ desire -to stimulate 
their economies, and that they 
expect these difficulties to 
persist Into 1978 “in varying 
degrees.” They add, however, 
that they expect profitability to 
be maintained at a level suffi- 
cient to recommend dividends 
at the same rate as in 1977— 
that is, 65 cents a share on the 
capital increased as proposed. 

An amount of $HK60m. wiD 
be transferred to reserves, and 
the final dividend will account 
for JHKl97.37m_,' leaving 
(after taking account of the 
interim) SHK95.48m- to be 
added to undistributed profit. 

. The total distribution for the 
year ' 'thus amounts to 
SHK272^6nL, 19 per cent more 
th*n the SHK229.06m. In 1976. 

Earnings per share of 
6HK1.02 compare with SHK0A5 


JAPANESE NEWS 


McDwraith 

Leading brewers lift sales in $A40m. 

BY YOKO SHBATA TOKYO, Feb. 28. lHCr§Cr (1631 


BY YOKO 5HIBATA 

TWO of Japan’s leading 
breweries, Sapporo and Asahi. 
have achieved sound business 
performances for the fiscal year 
ended last December. Tbe com- 
panies are respectively the 
second and third largest in 
Japan. 

Growing demand helped beer 
delivery to increase substantially 
(the industry's average growth 
neached 13 per cent.). New beer 
bottles and larger sized canned 
Seers also contributed to sales 
growth at the two companies, 
tfbile voluntary sales restriction 
& tbe top brewer, Kirin Beer 
(grith a market share of more 
f|an 60 per cent) also favoured 
efforts by Sapporo and Asahi to 
agrease their -sales. . . 
Sapporo’s sales, rose to 
-2208.49bn. (8874m.), up 19 per 
&oL over tbe previous year, 
(ftping to - a sizeable gain in 
deliveries of new .bottled draft 
bafer, “ B inn am a.” Sapporo’s 
b«rs sales accounted for 91 per 
c eat- of the company’s total 
sa&s, the remainder being soft 
drinks, wines, and Scotch 
wifisky. (Sapporo is the importer 
a&S and B whisky.) 


u from the monetary situation, ™ centre, a large volume of capital «ent *> recommeua 

ce the difference between the exports is considered economic- «t the same rate as in 1977 

intry's very low inflation rate of * ally necessary in view of the *!*■* '■*** sha f e 

Tently 1 per cent, per annum, ***** SreS^SiSi country’s big current account capital tocri^M pro 

I inflation in other countries, surplus. .... An amount of $HK60m- wiD 

longer offsets the rise of the 2^r1f/iL^S.^*heFedMal AIso - ^ obligatory convex- ^ t S25f5E5SJSi I 25S , II5iiSS 
Change rate. *wS sions into dollars of a part of the finaldiyldeiid will account 

m; ■ . . Republic has at_ times been forcisii-bonowi&E total stoes -for |HKI9737 bl, leaving 

(Tie wild upswing m the dose to a 2 point premium. Sr to .^k (after taking account of the 

- — — SssSaSMss 3SS“i J5SSS& ^ 

S&'tiZESZ to beoe.it from tgues t 

ises of domestic securities — a corresponding to their existing Another aspect i if the desure for | more 

vfftts&ursz h w * * gSSSSS 

! question. what proportion of Swis«ranc of the substantial capitri-market P« or 

, , . . hoodv and n'rivate nlacements redemptions in Swiss francs. $uK 1D2 compare with shkd.85 

Apart from the need for more forSSi boiwwS wiBL With regard to the present (as adjusted) the previous year, 

.istic measures to deflate the . ^^,le to^oreign investors ownership of Swiss securities, _ r7> L 

iss-franc rate, tee/ move ^ a concession disclosed on no reUable estimates are. avail- Wpct T,B blIVS 
nnst foreigners’ Swss-franc gonLy byNational Ba^Presi- able for the share held by non- VY UUJO 

posits would Itself .. ha ^ dent^i^. Fritz Leutwiler. A resident foreigners. A substan- Hllfpllknn - 
W sfantiar concession will he avaU* tial part of the beareMtock aIuICuISOII 

“'Satitt able (m Swiss franc denemihated volume may be assumed to be • A cion 

crest liability altogether by dazzle loans to foreign btttrowers. ln foreign hands, though, -and SI3K6 IH xVS13C 
y of— hitiierto permissible-^- ]0ans t0 which banks at times when bonds were more - Qur corre»ond«it 

rehascs of Swiss-franc. 8 ®curi" have traditionally sutsacibed as readily available there has been WONG KONG. Feb 28. 
a ". Another byproduct, wto* “ ^b-participSats. It seems largMcale foreign buying here, , 

Sbt well have been intensified llke w however, that the authori- too. The market for new bond 
the French Sections, could ties ^ ay he jjy ^jonnar issues is so tight that a the 

ve been a further increase w 0 f cent for Swiss lion s share is gomg to Swiss pw B /*®**^* h L JjLjJS 

e already growing imports of d ^ per « nt for foreign institutional investors. ® 01 « 

reign banknotes, . so a Umita- Nestors • ' - Meantime, the Swiss-seri- ^ fZ 

m on this was reintroduced at it m>y he 60/40 ously worried about their ex- wS 

e same time. whfle , there is and there ports and tired of paying S30m. 2LSh?SJSI«^S SronS 

To-day, a number of further is alsospeculation that the quota to S50m. at a time for interven- “® ! 

tails have been disclosed sys tem will not be introduced for tion in support of a weak dollar vi __ -h-u.. 

i the working of The a matter of weeks. -- —are still pleading for effective board of West LB 

*w measures: - Non-resident Foreign companies’" shares international co-operation in the ~TT "L-jJL-n of Asiac said 

reigners holding Swiss securi- listed on Swiss Stock Exchanges monetary field. that thf German bank intended 


The company’s recurring profit 
totalled YB.061bn. ($25.4m.), up 
16.9 per cent. According to 
Sapporo, profits generated by the 
impact of the Yen revaluation 
on prices of imported raw 
materials, such as malt; hops and 
barley were offset by ■ the 
increase of the domestic wheat 
price, which was kept high in 
relation to rice prices. However, 
the company’s efforts to cut 
interest payments contributed to 
profits gain. 

Net profits jumped to Y3.02bn. 
(812.7m.), up 48.8 per cent 

Asahi Breweries also enjoyed 
brisk beer sales which rose 16 
per cent and accounted for 70 
per cent of the total, Y163£9bn. 
(8688m.), up 14 per cent The 
sizable sales gain was attributed 
to the di verification of beer 
sales into new varieties, such as 
the mini-beer-barrel and larger 
sized canned beer. 

Owing to stable prices of raw 
materials, Asahi’s current profits 
showed a gain of 20B per cent 
to Y 4.20 bn. (J17.6ED.). Net 
profits were YL79bn. ($7Jhn.), 
up 1L3 per cent 

For the current fiscal year. 


TOKYO, Feb. 28. 

both brewers face modest pros- 
pects. Sapporo estimates its sales 
at Y220bn. (up 5.5 per cent), 
current profits at Y6.4bn, (up 6-6 
per cent), and net profits at 
YS-Sbn. (up 9J. per cent). . 

Asahi expects that its sales for 
the current fiscal year will 
increase by 6.7 per cent to 
Y175bn., current profits by 7JL 
per cent to Y4.5bn., and net 
profits by 1L9 per cent to Y2bn. 

Sumitomo Chemical 

forecasts growth ' 

SUMITOMO Chemical expects 
sales for 197S to reach Y450bm, 
slightly above 1977’s Y44731bn. 
(81.873m.), Reuter reports from 
Tokyo. But the company said it 
was premature to comment on 
profit and dividend as the busi- 
ness outlook is still fluid. 

The company earlier reported 
a 82 per cent fall. in 1977 after- 
tax profit to Y1.34bn. from 
Y3.52bn. in 1976. on sales, at 
Y447.3Ibn., down 19.6 per cent, 
from Y556.12bn. 

A dividend was declared for 
1977, cut to Y3, from Y5, 


SOUTH AFRICAN NEWS 


Good year for Finnish bankers 


BY LANGE KCTWORTH 


HELSINKI, Feb. 28. 


KKE& OF thfe' big five commer- des&Jbed *s "very satisfactory" 135 per Cent;.' 69 pfer cent was 
al banks in Finland report that In view of the Increase In rests, domestic and 31 per cent foreign 
77 was a satisfactory year hi Oko’s depredations wereMhe guarantees, 
ite of the credit squeeze and maximum permissible f and After maximum permissible 
e economic depression. FMISm. was transferred/™ the depreciations and transfers to 


Kansaltis-ORakeJPankM (KOP), credit - loss reserve, 
1 biggest commercial bank, maximum permuted 
d . a balance sheet total of The aftertax profit vn 
tl5.4bn., an increase of 17 per and the Iwnk prparf 
at. on 1976. Deposits increased den<* distribution of ( 
- 7 per cent, apd lending by on a share capatof ol 
aer.cent . versus the 4 pe^teni 

Foreign currency deposits ^ / . . . 
jostly from con^mnies «n- -*5S*“2L. 
ged in foreign trade) In- 
-*4sed by no 4res than 67 par- ™ 

-nt. (16 per cent, in 1976). 15 3 p 

is was due both to specula- . 

n about a devaluation of the .,^ otal 
'anmark and to tbe rise In 
i»-eign exchange rates. 




Bank of 
result “was 
The balanced 


- Total 
Uc in 


iso the the credit loss reserve Hutchison had taken total 
by law. (FJdks.l2Bm.) the profit for the controL 
FM6.9m. year was F.Mks,10.7m., an in- 
a divi- crease of 24) per cent on fiscal Jardine Securities 
'6 per cent. 1976. The proposed dividend tartmnE Sererities reported 

nt. required S4m. :s 11 per cent. gHKU^m. (SU5.4 Jul) for 

r> cairf its -* ' * * . . the dx months to December 31, 

wlv Mod? BEUERINVEST, the Swedish a 25 per cent. Increase over the 


sinki said its 
latively good." 


ieet total for the tradjn E industrial group 

15.3 per cent to reports that earnings In 1977 
amounted to Xr.55ro. which is 
ts from the nub- abont Kr-5m. more than was 
FinSSarks P and forecast write John Walker In 


foreign Currencies rose by 10.5 results for t«TR 


equivalent period of . the 
previous year. ? 

The interim dividend is 16 
cents (13.6c), and the Board 
has raised its forecast of a total 
dividend of at least 43c 47c. 

with a final of 31c. ThUr would 

Profit for the year was El 4 s » tiistlnct move Tnto " loiiVer- aaounted to Kr.72m. and represent a 14 J pcr , n c6 n L „ ^' 
(45m., agatost '44.7m. in 1976. deiS whfch awSint KfB3m. in 1975. Group turnover crease over the Prevlow yrax, 
this must be added the trans- 5 0 - -.Jfiy 35 per cent of all m 1977 rose by 11B per cent, adjusted for the 

* 10 55WE ^ Asln^SStbink-s. to KnTAbn. compared with scrip ta» ®ade in October 

s -reserve, versus FM9nu in *1.4 worsened liouidity of com- KrK4bn. In the previous year. 197/. 

- ’fl.. This brings the credit loss ^reflSin a fall in Costs in 1977 went up by .12 per At the year’s end, totol net 

-,;erve up to FM237.8m., whsch Sie rteqS aereunt balance. to Kr.6.9bn. An unchanged 

2.3 per cent of the loan port- lmSs* in Finnmarks and dividend of KrJ per share is <SUS159m-), against SHK805m- 

io- foreign currency together in- Proposed. at June 30, 1977. 

Ihe, central hank for co- creased by F.MkSj217m. <11.5 per ■ nnMitAi a an enun DDIPPC 

srative banks, Oko balanced cent.) to F.Mks^.lbn. The SELECTED EURODOLLAR BOND PR1CE5 
books at FM4.ibn., an in- bank’s guarantee commitments _____ lunmiTinkic 

iase of 11 per cent, on tbe stood at F.MksJLSbn. At the v . MID-DAT INDICAI IDrio 

■vious year. The result is end of fiscal 1977, an increase of rouiGirns au oiftr dm bonds bm o»«- 

— 1 ~~7aIcbp AostralU Hoc 18» 9« »» Aram* — *2? Hit 





NOTICE OF REDEMPTION 

EIDAI CO., LTD. 

: 7f% Convertible Bonds due 30th June,T9^ 

' NOTICE IS HEREBY GIVEN that: 

(a) The Law Debenture Corporation, Limited (the 
"Trustee") as Trustee of the above Bonds (**the Bonds”) 
-has pursuant to the provisions described in Condition 1 T - 
(Repayment in Event of Default) of the Bonds given notice 
» Eidai COv Ltd. (the "Company") that the Bond® are 
immediately repayable, such repayment being at a redemp- 
tion price of 104*. together with interest accrued to the 
date of repayment. 

(b) The Trustee has demanded payment by The Daiwa • 
Bank, Limited (the "Guarantor")' Guarantor pursuant to 
a Guarantee datod 29th October, 197S; in case of failure by 
the Company duly and punctually to make the payment of 
principal, premium and interest pursuant to such notice to 
the Company. 

fc) The Guarantor has made payment for the account of the 
Trustee to accordance with such demand. 

(d) Payment will be made on 1 5th March. 1 978 in respect 
of die redemption price of the Bonds at 104% of their 
principal amount together with interest accrued for the 
period from, but not including. 31st December, 1 977 to. and 
including, 15th March, 1 978 against surrender of Bonds at 
the principal office in New York City of The Bank of Tokyo 
Trust Company In dollars or, at she option of die bearer, in 
London at the principal office of S. G. Warburg & Co, Lid. 
or.etth® principal offices in London of The Daiwa Bank, 
Limited, Tho Bank of Tokyo, Lid. orThe Fuji Bank. Limited, 
or to Luxembourg at the principal office of Banqua Inter- 
nationale e Luxembourg SA, or Kredietbank SA,Luxem- 
bourgeoiuor to Baste at the principal office of Swiss Bank 
Corporation by transfer to a dollar account maintained by 
the payee whh, or by dollar cheque drawn on, a bank, in 
New York City, subject in each case to any laws or 
regulations applicable thereto. Bonds should be presented 
for redemption or payment 'together whh all unmatured 
Coupons. The Bonds will cease to bear interest after 1 5th 
Much, 1978. . 

DATED 1st MARCH 1978 ; - 

THE LAW DEBENTURE CORPORATION, LIMITED 
as Trustee • ’ ■ 


JiUZV 8pc 1887 96 

tenUa »pc 1982 Mi 

AssrrzUu M. t 5, Wee '92 m 
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Cu.’ N. Ralhrw Mpc 1986 961 
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SUI Si PC 1989 971 

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Hydro-Qnefaec 9pc 1»2 — »4 

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SX. Canada «pc 1888 VO* 
Ueoafflan Bloedel 9pc *92 961 
Kaaxcy Fergana State 1991 S5 
ABcHhUb Upc 1988 ^ ink 

WMind Un. Fin. 8 toe 18K . Mi 
Nani. Coal Board Spc 1987 M 
Nwjl, Wscraosrr. 9pc 1986 uu 
Xawfttmufiaod Spc 1989 99 

HteBtS Kwt, Bfc. Mpc 1*93 858 

Bupipc Six 1988 95* 

Norsk Hydro 8* pc 1993 — 95 

06k) Spc 1988 J9M 

Porta ABtoaomcs 9pe 1991 9U 
Prov. Oaebec 9pc UBS ... 9U 
Print. Saakatcb. Upc U88 991 
Seed Internal bnal Spc *87 89* 

RHM 9pe 1M3 93 

Sdecdon Tat. a (pc 1989 .. 90* 

Sksnd. XnakIWa 9K UK 99 

SKF Spc 19S7 911 

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Unttrd Biscuits 9 k 19S9 .. rM 
Volvo SPC 1K7 MBTCD K 

Motes 

Australia Tlpo -19M Ml 

Bag Canada 'tec WS7 93* 

Sr. COtaBMa Byd. 7(K *95 94 

Can. PK. Mpc um • w* 

Bow Cte&fcal SK 2SM - Mt 

ECS 71pc 1*92 — 95* 

ZCSSlpC 1989 fi» 

SBC 7iK 1982 *M 

BBC Vtec 19M 9S| 

Saao Gidaelt Upc 1W _ 9M 

Gnaverfcen 7!pc 1982 97* 

Kodnana Spc 1989 97J 

Hkbe&p Mpc U83 99* 

Hanna! Urtaa Mpc 1981 368* 
New Bnnsvfck Spc 1984... *7 
New Brans. Pm. Upc *3 109* 
Knr Zealand Upc 1986 ... 97* 
Nordic lor. Bk. 71pc U64 S3* 
Monk Hydra 7?pc UK B6i 

BMW 7* pc 1982 *5J 

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Swadtali Sine Cn. 7J»e W 96* 

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971 Montreal 7 k 1«S7 1M 

190* Noixea Gas 7K 1989 }97i 

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96* Norway 5lpc 1982 

«M SheB 6ft»C M» 1«* 

98* Spate «fpc 1986 IK 

96* Sweden Hk MM JOS* 

101 World Bonk Mpc US7 IBM 


IDS* FLOATING RATE NOTES 
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97 BFCE 19B4 7k — 

1931 BNP UK 81 KK 

97 CCF 19» Spc ■ 

96 CGMF 1984 71k 

]03 Credit ans^k UM 7|K - 
871 Credit Lyonnais 1982 8pc._ 
Ml DG Bank 1983 7U]ftpc _ 

193 C2B 1981- 71pe 

Mi luL Wstnawr. *84 7S]5K 

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101 Midland 1987 7U.J6PC 

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551 Batten 5 k U92 » 

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97 Cneral EtecSrte 4tee 1987 79 

98* Gillette 41K 1987 78 

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Optimism over retailing trend 


West LB buys 
Hutchison 
stake in Asiac 

By Our Own Correspondent 

HONG KONG. Feb. 28. 
HUTCHISON FINANCIAL 
CORPORATION has sold its 
45.45 per cent, stake in the 
Hong Kong-based merchant 
bank, Asian International Ac- 
ceptances Capital (ASIAC) for 
an undisclosed sure to West- 
dent sche Landesbank Gironzen- 
trale (West LB). 

Dr. Walter Seipp, vice chair- 
man of the board of West I* 
and chairman of Asiac, said 
that the German bank intended 
to develop Asiac further, 
especially in the areas of lend- 
ing and securities. The Board 
will be changed to reflect the 
new setup, but Hutchison 
Whampoa chief executive, Mr. 
Bill Wyllie win continue as 
Asiac deputy chairman. 

The merchant bank w*s 
formed in 1572 by Hutchison 
and Slater Walker, and West 
13 became a participant in 
December 1975. after. 
Hutchison had taken total 
controL 


BY RICHARD ROLFS 

3* 

THOUGH THE RETAIL sector 
in'J&uth Africa has been almost 
st£c in the past year, with total 
19y‘ sales, at R7bn. ($8bn.) only 
2 per cent up on 1976, pre- 
11 nan ary indications are that 
December trade was well ahead 
of 1976 levels and some analysts 
of jhe sector consider that this 
may indicate the start of an 
improved trend In the current 
year. 

Compared with the sharp fall 
in profits at Greatermans, one of 
the retail market leaders, latest 
figures from . the Edgars and 
Tra worths . groups have been 
buoyant, suggesting that con- 
sumer allegiances may be 
changing. Truworths has not pub- 
lished interim turnover figures 
for the six months to end- 
December, but records a 9 per 
cent improvement which should 
mean that the group is on line 


for a total , of about R88m- 
(8101m.) in the current year if 
performance of the first six 
months Is maintained. 

But despite a widespread ten- 
dency to trading down in the 
market, Tniworths* profits have 
picked up from R4.9m. to R5.5m. 
pre-tax and from R2.7m. to R3Jm_ 
(83.6m.) net This translates to 
earnings a share up from 267 
cents to 306 cents for the half 
year, which in torn compares 
with only 364 cents for the last 
full year. The Interim dividend 
is not declared until mid-year, 
but on the latest evidence,- some 
restoration of last year’s cut from 
212 cents to 170 cents should be 
possible. 

Shares in Truworths, which 
controls the Hamells chain in 
the U.K. stand at 1.750 cents, to 
yield an historic 9.7 per cent 

The bigger Edgars group, with 


JOHANNESBURG, Feb. 28. 

450 outlets, showed turnover up 
from RS7m. to R97m. (8112m.) 
over the same period, while pre- 
tax profits marked, time at R&Sm. 
However, with lower tax, the net 
figure rose from R4.9m. to R5.3m. 
(86.1m.), but an initial par- 
ticipating preference share divi- 
dend pegged earnings per share 
at 265 cents, compared with the 
previous 263 cents. The Interim 
dividend has been held at 95 
cents and there is every sugges- 
tion that the total payment of 
210 cents will be maintained. 
_.The Board Indicates that its. 12 
per cent sales growth has been 
well above the national average 
for clothing, footwear and house- 
hold textiles, but forecasts that 
reduced overheads and higher 
market penetration should “ pro- 
duce a distinct gain in earnings 
in the second half year. 


SAAN’s operating revenue dips 


RY OUR OWN CORRESPONDENT 


SOUTH AFRICAN Associated 
Newspapers (SAAN), the main 
publisher of morning papers 
among the English Press, which 
also publishes the Sunday Times 
arid Fin tort al ‘Mail, has shown 
a fall in operating profits from 
R3.8m.-to R3^m. (53Bm.) for 
the year ended December 31. 
But after reduced interest and 
tax, and with a positive ‘-.contri- 
bution from non-trading items 
and investment allowances on 
capital expenditure, net profit 
rose from 114 cents to 142 cents. 
The dividend has been main- 


tained at 33 cents, and the 
shares, at 185 cents, yield 17B 
per cent. 

The Board reports that a “ sub- 
stantially reduced volume of 
advertising.space sold” was off- 
set by higher rates. Benefits 
flowing from higher newspaper 
cover prices were overtaken by 
sharply rising distribution ex- 
penses and by a near-15 per cent, 
increase in the average cost per 
ton of newsprint Other operat- 
ing costs, however, were “well 
contained.” to a level only 
slightly above the previous year. 

The main reason for tbe high 


JOHANNESBURG, Feb. 28. 

level of retentions is the 
present unfavourable trading 
climate, with strong competition 
in the industry for a dwindling 
level of advertising. A compli- 
cating factor is the advent of 
commercial television, to which 
advertising expenditure is being 
diverted. 

SAAN was the subject of a 
bid late in 1975 from the 
Afrikaner entrepreneur Louis 
Luyt, who subsequently estab- 
lished his own morning daily. 
The Citizen, control of which 
was recently sold to a consor- 
tium. 


By James Forth 

SYDNEY, Feb. 28. . 
OLTVER-DAVY Glass' Industries! 
to-day proposed a SA40m. merger', 
with hardware group John' 
Mcll wraith Industries to create' 
Australia's largest plumbing and 
building suppliers. - 

Tbe proposal came only none 
months after Otiver-Davey built 
up its stake in McDwraith from' 
5 per cent, to 405 per cent* 
through a series of purchases cn. 

and off the shared arket. The. 

directors of McDwraith strongly 
resisted ^his exercise and unsuc- 
cessfully took OUver-Davey to 
court but Oliver-Davey won the 
day and gained Board representa- 
tion, and also managed to substi- 
tute its own auditors for those 
used by McDwraith. 

When Oliver-Davey lifted its 
stake ihe reason given was that 
the holding would be buHt to a 
“ more' meaningful ” level so that, 
the company would be in a posl-*: 
tion to equity account the: 
interest. 

But when OUver-Davey 
announced its results for the 
first half of 1977-78, the results 
of McDwraith were not equity, 
accounted. 

Oliver-Davey proposes to offer; 
nine of its shares for every ten. 
McDwraith held by remaining: 
shareholders. This would more 
than double Oliver-Davey’s 
capital. On Oliver-Davey’s cur- 
rent market price of $A1.70, this 
values McDwraith shares at 
SAlfi3 compared with to-day's 
close of SA1.35. 

The ' Oliver-Davey directors' 
said they estimated the con- 
solidated profit of the merged 
group would enable the present 
dividend of 14 cents a share to-, 
be maintained, which meant 
McDwraith holders would receive 
an increase of 40 per cent over 
their current annual rate of 9 
cento a share. 

If the merger goes through the. 
name of the merged group will 
be changed to Mcnwraith-Davey 
Industries. 

McD wraith's directors have 
appointed merchant bank Capel 
Court- Corporation to advise 
them on the merger proposal. 

Hooker Corporation 
shows marginal gain 

HOOKER Corporation,' property 
and retail group, recorded a mar- 
ginal improvement in profit for 
tile December half-year, from 
8A3.69m. to $AS.7m. ($US12m.). 
The group was again held baric 
by some of its investment in 
commercial office ventures and 
sites for proposed developments. 

Tbe directors have ceased capi- 
talising interest on some of these 
sites because they are not con- 
sidered viable for development 
in the short term. The result 
was a sharp jump in interest - 
charged earnings from SA4.4nu 
to 8A7m„ while another SAlBm. 
was charged against joint ven? 
tures, compared with no charge 
in the same previous period. 

The interim dividend is held 
at 3.75 cents a share and is 
covered on a per annum basis by 
earnings of 13.75 cents a share, 
compared with 15.3 cents in the 
first half of 1976-77, reflecting a 
rights issue made last year. 


This announcement appears as a matter of record only 



Lockheed Corporation 

US $ 60,000,000 

Syndicated Bonding Facility 

Managed by 

Kredietbank S.A. Luxembouxgeoise 

■With the participation of 

Algentene Bank Nederland N.V. Banqne Enropeenne de Credit (EEC) S. Am 

Creditanstalt-Bankverein. First International Bancshares Limited 

Grindlays Bank limited Norddeutsche Landesbank International S. A. 


Badische Kommonale Landesbank International S. Am 

Berliner Handels- tmd Frankfurter Bank 

DG BANK Deutsche G enossenschaftsb ank 

Cayman Islands Branch 

Arbuthnot Latham & Co., limited 

Banque de Neuflize, Schlumberger, Mallet 

Banqne Internationale a Luxembourg S. A. 

Credit General S. A. de Banque 

Kredietbank {Suisse) S.A- 

PKbanken International (Luxembourg) S.A. 


i Bank of Montreal 
Credit Industrie! et Com m e r cial 
Kredietbank S.A. Luxembourgeoise 

Banca del Gottardo 

Banqne Generate du Luxembourg S. A- 
BHF-BANK International 
Den norske Credi thank (Luxembourg) S. A- 
Nippon European Bank S.A. 
Standard Chartered Bank Limited 


Arranged in cooperation with 
Greyhound International Financial Services Ltd- 

Agent 

KREDIETBANK S.A- LUXEMBOURGEOISE 


w i*B6 wf ore M4* ■ HM 

ms rates caret «e w ... an re* 

■ 88* wmsr Lmbm 4 *k W7 77}' 7*5 

*S WgMJ 4*pc MBS 72. « 

B* Xerox tec USB 74* 7B 

981 Soneu KkUcr. TteVxxiy steste 



January, 1978 






..ft 


Hie Financial Times 






ANNOUNCING A SUGHT 


MODIFICATION TO THE LAWS 


OF ENGINEERING. 


U nti I now, car engi neers have assu med 
that the best way to give extra refinement to a 
four-cylinder engine was to turn it into a six- 
cylinder engine. 

The disadvantage is that, in the processjt 
can become bigger, heavier and thirstier. 

So we chal lenged the basic assumption, 
and built the first five-cylinder petrol engine to 
go into production. 

(We say 'petrol engine' because Mercedes 
have already produced a five-cylinder diesel). 

Ourtests showed that all the wayfrom 
500 to 5,000 rpm, ourfive was quieterthan its 
V-6 rivals. 

Yet its fuel consumption, at 26.9 mpg DIN, 
remained firmly in the four-cylinder class. 

It wasn't on ly ou rselves who were 
i mpressed by these facts. 

The Times observed: "Manufacturers' 
claims have often to be treated sceptically, but 


Audi's five-cylinder is as smooth and as quiet 


as most sixes'.' (14.7.77) 


The Financial Times echoed this: 
“The five-cylinder Audi 100 feels just like a 
six-cylinder car? 


Motor compared our car 


with three of its six-cylinder 


rivals. On 11 out of 16 criteria 
our car was placed either 
first orfirst equal. 


Autocar i n thei r road tests even scored our 
car ahead of cars like the Rover 3500 and the 
Jaguar42. 

Al I th is, of cou rse, wasn't j ust because of 




iur 


our engine. 

Handling, accommodation, finish and 
"at the wheel"were some of the other areas where 
Motor, for example, placed our car at the top of 
their ratingtable 

And that was before we added power 
steeringtoourcar. ' 

To own itwill costyou all of £6,350. 

And at least one cherished assumption 
about six-cyl inder cars. 


THE NEW 5 CYLINDER 

AUDI 100. 


We think we've thought of everything. 


TS 

W 









Fin^cial Tlmes Wednesday March I 1978 ; 


25 


NATIONAL INSTITUTE OF ECONOMIC AND SOCIAL RESEARCH 


BY PETER RIDDELL, MICHAEL BLANDEN AND DAVID FREUD 


‘Rational’ pay policy wanted 


BRIEF and mild recovery is 
ic economy this year followed 
y a return to sluggish growth 
nd rising unemployment in 1979 
: predicted by the National lnsti* 
ite of Economic and Social 
esoarch in its quarterly review 
ublished to-day. 

The upturn this year is ex- 
erted to be fuelled primarily 
y a rise in personal consump* 
ion and private investment 
The current account U ej- 
ected to remain in substantial 
urplus and the annual rate of 
-rice inflation is forecast tji stay 
a single figures throughout the 


next two years, rising slightly 
after the end of 1978. 

These forecasts are based on 
the assumption of direct tax cuts 
of- JESIm. in. the April budget, 
which would boost the public sec- 
tor borrowing requirement . to 
£9.4bn. In 1978-79 compared with 
the celling of £8.6bn. for the year 
in* last December’s Letter of 
Intent to the. . International 
Monetary Fund. 

The review suggests that this 
stimulus would- moderate the 
the rise in unemployment in 
1978. 

In its policy recommendations 


as. opposed to the working 
assumptions of its forecast, the 
Institute proposes sufficient 
stimulus to prevent a rise in 
unemployment this year. This 
would be around £21 bn., depend- 
ing .on the split between taxes 
and expenditure. 

There is also a renewal of 
Jhe Institute's long-standing call 
fot moves towards . a ** more 
rational ” long-term incomes 
policy. It Is critical ' of last 
autumn’s rise in the exchange 
rate — “ a perfect example of the 
way in which ' concern with 
monetary targets . can trigger fn 


appropriate responses in other 
policies." The review is highly 
critical of the adoption «: of 
monetary targets. ■ 

On the basis of the unfavdinv 
able Implications of the appre- 
ciation of sterling for the expert 
prospects and Import penetra- 
tion, the Institute argues than if 
upward pressures on the ex- 
change rate are to be renewed 
they should be resisted. 7* 
National Institute Economic 
Review, No. S3, February 1978, 
price £3.00; 2, Dean Trench. 
Street, Smith Square, London 
SW1P SHE . 


PUBLIC BORROWING AND MONEY SUPPLY 

Financial years, fim. 


Brighter 
prospects 
facing 

OECD 

THE INSTITUTE expects a 
modest economic revival this 
year in Western Europe to raise 
the growth in real output there 
from about 2 per cent, to 3 per 
cent. . . 

This, together with a strong 
coyery in Canada, is likely -to 
tog the increase for the whole 
rganisation for Economic Co- 
eration and Development area 
ose to 4 per cent. < 

Both industrial production and 
tel output appear to have 
eased in the major countries 
the fourth quarter of last 
r after a quarter of stagna- 
n in most of them. 

.SEven 60, the fate of growth 
the year in the whole OECD 
a was probably little more 
n 3.5 per cent for total output 
4 per cent for Industrial 
.action. 

ext year, there may be a more 
ounced slowing down In 
America and total OECD 
b may he rather lower in 
quence, even if both the 

r and smaller countries of 

LIVING standards and consumer up 3.9 per cent in' real terms on Although sharp fluctuations in 1978, with a rise of only 19 per f^^e^sli^h^aceeleratimi. 80016 
spending are expected to rise a year-on-year comparison and the savings ratio are expected cent in the year to the fourth 1 ;2r , * ■ 

:>uite sharply in the ‘first half of rising by 59 per cent during the from quarter to quarter, the quarter. . Japans growth is 1 expected to 

this year, with -a marked slow- course of. 1978. average levels ih 1978 and 1979 This is likely to lead to. a cdnjfinue at around 4J> per cent, 

down in the rate of growth from xhi 8 in turn lit expected to - are projected at - 14.1 and JJJ.8 resumption of the upward drift it* Overage rate for the last year, 

lutumn. ‘ reflect- the' recovery in real per cent, compared with 13.7 per of unemployment to about Ijm. 

The latest National Institute incomes against the favourable cent last year. by the end of 1979. s 

forecasts are based on- the work- earnings and price background. Public expenditure on goods After decelerating during 1973, d 
Lug assumption of a £2bn. cut in By the second half of 1978, real and services is expected to the rate of consumer price in- 


Governor’s ‘ambiguous’ 
analysis attacked 




Sain of 



- • 

Bank 








public 

_ 



lending 

Bank 




Change 


Public 

4iebtto 


External 

■ Bank 

toprivata 

- lending 



Banks* 

in money 


sector 

non-bank 

Change 

financing 

tending 

sector 

overseas . 

Domestic 

Foreign 

non-deposit 

‘ stock 


borrowing 

private 

' m 

• of public 

to public 

(In 

(in 

credit 

currency 

liabilities 

(sterling 


requirement 

sector 

currency 

- scoter 

Sector 

sterling) 

sterling) 

expansion 

finance-* 

("rt> 

M3) 

1775/76 

10.583 

’ 5,582 

463 

+L157 

+M75 

-334 

‘+404 

‘ 5,063 

+591 

' 843 

2,453 

1976/77 

8,770 

7458- 

886 

■ +1* 

*f3J3 

+3,325 . 

+213 

4,952 

+1,153 

785 

2£28 

Forecast 












1777/78 

6,700 

MOO 

975 

-3.400 

+1,105 . 

+4,105 

+800 

3,650 

+1.000 

850 

5,200 

1778/79 

9,400 

7,500 

1,000 

-ISO 

+1.M0 

+5,400 

+350 

7*650 

-500 

900 

7/400 

1779/80 

9.900 

7,700 

1,100 

-500 

+1,600 

+4£00 

+400 

7,400 

-600 

900 

7,600 


• foreign an rency tank lending la ths public recto*. WWW d qwwJ tt, ml banfc’i Foreign reu r my deposits (net). 

• Sag feet: Financial Stotlnlct, Notlonaf liaVtarr cnlnotei. 

Higher living standards likely 


direct taxes in the budget but no 
further discretionary changes In 
1979 apart from the adjustment 
of Income-tax allowances in line 
with inflation. 

The exchange rate is assumed 
to left to move freely unless 
large and sharp movements are 
in prospect, which are not 
implied by the projections. 

Average earnings are assumed 
to rise by 15 per cent overall In 
the current pay -round— against 
the 17 per cent, increase assumed 
in November— with an increase 
of roughly 12 per cent in the 
following year from July. 

The latest forecasts are _ not 
qualitatively different from the 


SUMMARY OF THE FORECAST 
(November projections in brackets) 


e rate of recovery in eon- 
er expenditure is slowing 
gradually and housing in- 
ent will probably be less 
yant -in 1978, particularly in 
fU-S.. where it has increased 
rapidly in the last two 


THE Government’s monetary 
targets, and particularly the 
approach . recently outlined by 
Mr. Gordon Richardson, the 
Governor of the Bank of 
England, are attacked in the 
latest National Institute review 
to-day. 

The Institute argues that the 
adoption of monetary targets 
which were too restrictive or too 
rigid could lead to unwarranted 
effects on fiscal policy or on 
exchange rates, and could do 
more harm than good. 

Examining the arguments set 
out by the Governor in his 
Mats lecture last month, the 
Review concludes that policy 
should concentrate directly on 
bringing down the rate of 
increase in earnings, "rather 
than allowing our attention to be 
distracted towards the growth of 
another number whose influence 
is uncertain and- the pursuit of 
which is liable to lead to con- 
flict with other stated objectives 
of policy.” 

The Institute .comments: 
“There seems to us to be a 
□umber of ambiguities ■ in the 
Governor’s analysis-” The first 
arises over the question of 
whether control of the money 
supply “ is important because of 
its implications for interest 
rates, or whether it is Important 
per se.”. .... 

Both cases were argued by the 
Governor, though the greatest 
weight appeared - to be placed 
on the role of monetary targets 
in dampening inflationary expec- 
tations or in promoting stability. 


One passage of the lecture, the 
Institute says, seems to have 
worrying implications, suggest- 
ing that fiscal action should be 
taken to reduce the Government's 
borrowing requirement . if 
monetary expansion looked like 
overshooting the target. 

“The implication— with which 
we would strongly disagree— is 
that fiscal policy should be 
subordinated to the need to meet 
monetary targets; regardless of 
the state of the real economy.” 

The main question, the Review 
says. Is whether an expected 
overshoot of a target should be 
corrected and. If so. whether by 
tightening fiscal policy or by 
altering interest rates or by con- 
trol of bank lending. 

“ Our view is that if there is 
to be a monetary target, control 
through the adjustment of finan- 
cial markets is much to be 
preferred' to control through the 
adjustment of real markets.” 

The Institute comments: 
“Changing taxation or public 
expenditure in order to meet a 
monetary target involves the 
conduct of fiscal policy largely 
without reference to the real 
economy." 

Commenting on the effect of 
monetary targets on exchange 
rates, the Institute repeats its 
argument that last October's 
decision to allow the pound to 
float upwards was misguided. 

“ As in the case of fiscal policy, 
there i& an obvious risk that the 
operation of monetary targets 
could be allowed to generate 
exchange rate changes which on 


more general grounds could well 
be undesirable.” 

The positive case for monetary 
targets, the Review adds, rests on 
their presumed role in dampen- 
ing inflationary expectations. 
“We cannot regard this case as 
anything but not proven’." 

If a monetary target is to be 
set, it needs to be high and 
flexible enough to avoid changes 
in fiscal policy and at the same 
time low and firm enough to pre- 
serve its role in reducing infla- 
tionary expectations. 

“ In the present conjuncture. It 
is not at all clear that both these 
criteria can be satisfied." 

The institute’s own forecast, 
which it admits is one or the most 
uncertain, is for a growth of some 
16 per cent in sterling M3 in the 
coming .financial year. 

But confidence could be 
damaged by implying a weaken- 
ing in the official attitude if a 
target were set above the current 
year's 13 per cent ceiling. 

A target which would not cast 
doubt in some quarters on the 
Government's firmness would 
thus bring a serious risk of harm- 
ful changes in other policies. 
** Unless this risk can be avoided 
by the use of purely monetary 
tactics, the adoption of a 
monetary target is likely to do 
more harm that good,” the 
institute says 

The Institute's comments are 
supported by a special article 
examining the empirical evidence 
on the influence of monetary 
policy, which finds that our know- 
ledge of the links with economic 
activity is “far from perfect." 


Production expected to improve 


Red gross ' £ Real personal 
domestic-^'-'- disposable 
product \ ' ' 

(change, ■■■ '. '(change, 
year^ear) [y ' year/year) 


Unem- 
ployment 
(4th qtr.) 
m. 


Money 
supply. 
(Change 2n 
sterling 
M3, fiscal 
years) 
% 


Consumer 

prices 

(change, 

year/year) 


Current 

account 

balance 

£bn.) 


Public 

sector 

borrowing 


High growth 


1977 

-0.1 

(OJ) 

—2.8 (—1.1) 

1.4 

(1-4) 

13.0 (13-0) 

143 (13 3) 

0.1 

(03) 

6J 

(7-2) 

1978 

2J 

cm>; 

4-3 (5.1) 

1.4 

(15) 

163 (HA) 

83 (8.4) 

1J 

(2.1) 

9 A 

(8-0 

1979 

is 


17 



m 

93 

U 


93 



Public authorities' current 
. expenditure should however, in- 
requirement crease by 4 per cent, compared 
(fiscal year, t<? ^75.^ cent in 1976 and 23 
per cent, in 1977. 

The U.S. is likely to have 


£bn.) 


growth, probably 4 to 45 per 
cent in 1978 compared with 4.9 
per cent, in 1977. However, a 
marked slowing down, seems 


projections in the last issue of personal disposable Stcomes are depress total demand. Although flation is expected to turn up 

ihc review in November though expected to.be & per otot higher there are problems interpreting again in 1979. This Is partly {Jroa 1 National Product may grow 
there are some quantitive differ- than a year earlier, price the latest spending White Paper, because of the feeding-through fjf S n ,^ f!1 X r 

ences. A slightly smaller rise m inflation running at an annual the Institute suggests that cur- to prices of the relatively rapid ™ ^rnoui turmer suo- 

d is posable .incomes and- cofr -yale of around 8 per cent (before rent expenditure will rise by Increase in wage costs this year stantiai nscai stimulation- 
sumcr spending is projected in increasing slightly in 1979). about 2 per cent, in volume this and partly because of the ending Inflation in the Or.CD has been 
1978. The forecasts ass ume that the year, while fixed investment by of the rise in the exchange rate, more favourable than toe 

Overall, real Gross Domestic tendency for tbi savings rigio to mainly public industries and ser- with an assumed reduction in institute had expected, and toe 
Product 16 projected to increase «u when incomes risereuSvely vices will fall by around 2| per the. rate of increase of average rate of consumer price increase 
by 2.7 per cent this year com- rapidly will be offset bfetoe cent Public housing investment eammgs to 12 per cent- the is expected to fall further from 
pared with 1977 and by 3.7 per tendency of the ratio to rise fcan will rise by about 5* per cent ^arp increase In realperwnal !asj yeart 9 per cent to-73 per 
cent, in the year to the fourth inflation accelerates. Thu*, iftfle On the prospects for manu- income cent in 1978, 

quarter of 1978. . . . • change is expected to t» iro- WcturhiR- investment, toe review wW not repeated .next l£ a m ore doubtful, however. 

The main boost is expected, to portion of Income saved d/mgsayi there is 1 continuing con- year- ^ rise ot-_rperrenL« whether ^ deceleration would 
come from consumer spending- the period. .. j/ between the evidence from {w™* J".* gf?"* continue in 1979. Special 

the econometric forecasting equa- g™*” ™ ^ *** ^ measures to reduce Hneraploy- 
tion, suggesting little or no 


ONLY a moderate Improvement 
in industrial production in 1978 
and 1979 is expected by the 
Institute. 

In a special article on indus- 
trial production in the latest 
review, the Institute forecasts 
that after a growth in the all- 
industries output index of only 
about 1 per cent in both the last 
two years, there will be a rise of 
3} per cent this year and of 2 
per cent, in 1979. 

This reflects the fact that while 
capital expenditure is expected 
to show a substantial increase 
in 1978, It Is likely that a large 
parr of the rise in home demand 
expected during the year as a 
result of the rise in real dis- 
posable Income will be met by 
imports. Moreover, a slower rate 
of erowtb of exports is expected 
in 1978- 

The Institute envisages only a 
limited recovery in engineering 


output — up 3 per cent this year 
and by 1} per cent in 1979. 

Within the engineering indus- 
try. the best performance is 
expected from the instrument 
and electrical engineering sectors 
with increases in production of 
31 per cent this year and of 
2} and 2 per cent respectively 
in 1979. 

The motor vehicle and 
mechanical' engineering sectors 
are both expected to boost their 
output by 24 per cent this year 
bnt a further decline is pro- 
jected for aerospace and other 
vehicles— down t per cent in 
both the next two years. 

The prospects for the metals 
sector is also fairly. bleak. After 
a decline in output of 5.7 per 
cent last year a rise of 11 per 
cent, is projected in both 1978 
and 1979. 

The output of the chemicals 
sector should grow at above the 
average rate for the rest of In- 


dustry. '■ A rise in output of 
around 4 per cent is projected 
this year with a 3 per cent 
increase in 1979. 

The construction industry is 
expected to recover moderately 
after the sharp declines of the 
last two years with increases of 
44 and 24 per cent, forecast for 
1978 and 1979. 

After the sharp decline In oufr 
put last year, the textile industry 
should look stronger this year 
with a growth of 2 per cent in 
1978 and slightly more next year 
as the import quotas become 
more effective. 

Production of clothing, foot- 
wear and leather is expected to 
be 3 per cent higher, reflecting 
the rise in consumer spending. 

The largest increase is again 
likely to be in the output of 
mining and quarrying, which 
includes North Sea oil develop- 
ment Gains of 9 and 5 per cent 
are projected 


I farther growth this year in eiew SuS^W^S'^/^uSh^of 

I of sluggish output, and the direct nSWE# Sy r.duSio\i 


evidence of another large In* H , 
crease from the various surveys respecnveiv. 
of Investment intentions. «*■««»*> mau 


in commodity 

The ~7ncreise In Prices in 1 77 is likely to be 
private industrial investment is reversed during the next two 
. likely to be much lower than years. 

this year, with indications that Unemployment has fallen 
the rise may be less than five steeply in toe U.S. since August 

. per cent in real terms. - and It has also turned down- 

In spite of some recovery m ^rds over the same period In 

I / The Institute places more world trade, exports goods j apan and most of the more 

Weight on toe Intentions evidence ^roces are f orecastito^ ns e import^ West European 
forecasts a growth in manu* & countries after rising fairly 

ring expenditure (excluding 

►fal mnnufnntnra nntshlv the lOSs °f Competitiveness 


Inflation 


sharply during toe summer. 






lid 


the dibbled, the mentally handi- 
child ctuBy. your church, 

■the artavhature preservation, even 
kppesfr... 

cannrapport all these causes, and 
t others, by having one deed of 
nt ’with the Chanties Aid Foun- 
Tha^the charities you choose will 
it ftcah-the full advantages of tax 


f -B^ghnag' out of income in this way, you 
Vvnli have at least half as much again to 
■*= ? "T>. distribute at no additional coot to yourself. 

ti&Br easy ways to give 

-FOUNDATION FUND For the 
<• management of lifetime gifts and 
■.^bequests, permanently safeguarded by 

Trustees of tiie highest standing, 
f*" iR PERSONAL TRUSTS to suit your needs 
’ r do setting-up costs or administrative 

irgas» 

"iSttJSTS BUILT 1 UP FROM INCOME 
producing surprising capacity for support" 
mg yourmvourite charitdea. 

■^RirityCndite . . 

aooount holders with tiie CAF are given a 
“ fa? Charity Credits. You write them just 
^cheque to benefit any charity you choose 
' our balance of tax-privileged - money 
e Charities Aid Founoation. 

jjPfcjzse write for fiuih&irtfbrnuitiorL 

... ■ 



To eaiBlTIES AID FOUNDJITION 

Femhury Bead Tonbridge Kent TN9 2JD 
" Lrnethe following booklets 

J or THE CHARZTIB3 AID 
J - ft«oU« in Rwthedo of riving to duurily. 
*CHA8TIABLE TRUSTS- - - 

kwbewUhiOft'reeiBlti]. 

SAL ( 31 AWTA 8 LK GIVINQ- 
fa®rtdml*n>i6 w;-- - • 

rCHARTTABLE GIVING - 

r CSiStWTS **«n oKgbarelocr looflet. 

.MANAGEMENT OF 


NAME. 


fr(GJ 


Specialists in tttx-pribiieged giving to charity 


□roiected in nthor^nri^to U -K. compared with overseas. Thus, although unemployment 
fedus^Sl fnvesunen? (exclidS^ Sluggish demand should in the OECD area was probably 
^iDDina and North SeA aciivf- reverse the progressive erosion rather higher on average in 
$ ^lh Investment in private ef the cun-ent account surplus 1977 than 1976, at 5.5 per cent 
jusing projected to increase by expected during 1978, and with compared- with 5.4 per cent^ it 
ore toS 17 per cent to 1978 a steady quarterly improvement looks as though If ended the year 
er a fall of 12* n*r M»nt la«u an unchanaed surplus of £1.3bn. rather lower than- it began. How- 
i^ ear p is expected for the year. ever, toe Institute wants that it 

•tad* performance te expected In He absence of farther tax ?^ a ' ,oul> 

be disappointing in 1978. The changes (other than the tndexa- able trends in 1978 or 1979. 
change rate is now nearly 7 tion of direct taxes) in 1979-80. The volume of OECD trade Is 
-r cent above its average level toe borrowing requirement te expected to grow by about 5 per 
X977 projected to rise to £9 JJbn. m cent in 1978 and by rather more, 

that financial year. . particularly on the export side. 

Despite this, toe growth, of in 1979. World trade is likely 
actureis expected to grow to ^e money supply is expected to to rise by 5-5.5 per cent, this 
oluue by only between 4 and 5]^ a linle with an increase of year and slightly more next year. 

P er , cen . t - 10 sy»P at hy With The Institute warns against toe 
Sr 0 ?* ® na . se 7? < ? s are - pI 2: toe weakening, pf the recovery proliferation of trade restric- 
ffected t0 rise bv Just over 4 per the real economy. Sons, which could* impair trade 

.oent. in real renns. The review also contains prospects over the next two 

estimates of the size of the years. 

demand Is largely atmbutabie change in the measured growth _ The Institute expects the U.S- 
jto private consumption ana ^te of Gross Domestic Product current account deficit to widen 
manufacturing investment, wnien which «,jfl occur when the from J5.75bn. SDRs (Special 
.are relatively import intensive, national accounts are changed — ! Drawing Rights) in 1977 to 
. dhe volume of imports of goods hi the late summer — from a 1970 182bn. SDRs in 1978. 
ind services is exn? cted to nse ^ a 1975 price basis. - . Japan i* likely to improve its 

%y almost 7 per .cent. For the period 1975-85, the surplus from 9.^bn. SDRs to 

- The current account surplus is effect is to raise the total growth- ll.Sbn. SDRs and West Germany 
expected to decline (com £528m. of Gross Domestic Product by. from 3.02bn. 10 S.Obn. SDRs 
in the first three monlhs of 1978 about 4 per cent. About half A French deficit of l.BSbn. SDRs 
tS £L85m. in the final quarter, the effect comes in 1977*79 when is expected to become a surplus 
upward pressure on toe the measured annual growth of 0.2bn. SDRs and the Italian 
change rate will disappear. rate is, on average about 0.7 per surplus is likely to widen from 
The effective exchange rate is c® 111 - higher. By the end of the 0.12bn. to 2.ibn. SDRs, 
^projected to decline by ju« over period, when oil prodnetion is The overvLl OECD area deficit 
f! per cent between the first and expected (0 begin to decline, the is forecast at 15bn. SDRs, com 
Tanal quarters, while remaining effect becomes negative. pared with 28bn. SDRS in 1977. 

8 per cent, higher on average 


(than last year 

A current account surplus of 
a^Tbn. is forecast for 1978 as 
U whole — some £800m less toai> 
expected last November, mainly 
, because of the greater fiscal 
^Stimulus assumed in the budget 
: (£2bn. against Ilbn.) and the 
effect on exports of the lower c«wimtr»» emwHRture 
world trade projection 

The «her mam features of 
the -forecast for this year are the GrMs ^ -mvestmatt 
projected deceleration in the rate Tratle 
of increase of consumer prices 
and increased pressure on the Gnm domestic pmdnct 
nfbnetary front 

Following the assumed budget — 

stimulus, 'the pubtic sector 
borrowing requirement is- pro- 
jected at £9.4bn. to 1978-79 com- 
pared with fifijbn. In the current 
Bioanclal year. A relatively strong 
recovery is expected in bank 
lending to the private sector. 

I Allowing for. lower sales than 1WA 
fin 1977-78 of Government debt {^77 
butside . the banking sector, a 


latest review also' presents 


CHANGES IN MAIN COMPONENTS OF DEMAND IN 
OECD COUNTRIES 

Percentages, annual rates in real terms 


1945-75 

1976 

1977 

197* 


(esti- 

(esti- 

(fore- 


mate) 

mate) 

cast) 

'+4 

+4i 

+31 

‘ +31 

+31 

+H 

+21 

+4 

+3 

+0 

+6 

- +41 


— 1 

re— 

msm 

_ 

+ U 

re- 

+ 1 

+31 

+5} 

+31 

+4 


GROWTH RATES OF GROSS DOMESTIC PRODUCT AT 
1970 AND 1975 PRICES 


GDP »t 


Difference in 
GDP at 



picture emerging. 

Gross Domestic Product is ex- 
pected to grow by about 2\ per 
cent to real terms compared with 



1970 prices 

1975 prices 

1970 and 1975 

' 

annual percentage charges 

prices 

1974 

X* 

33 

03 

1977 

-0.1 . 

03 

OJ 

1978 • 

- 2J 

3J . • 

03 

1979 

23 

32 . 

0 J 

1«» 

23 

2.9 

M 

1981 1 

23 

2.9 

i 0.4 

198? 

.23 

U 

02 

1983 

23 

2 A . 

0.1 

1984 

23 

23 

0.1 

1985 

23 - ■ 

X« 

—0.1 


NOTICE OP EXEMPTION 

to ' ' , . 

fi» boklors of 

AMAX INC. 

(formerly American Metal CCmax, Inc. and Am ax International Capital Corpora lion) 

8%% Guaranteed Sinking Fund Debentures (Series A) 
due April l r 1986 (Red Color) 

NOTICE IS HEREBY GIVEN THAT, parmant to Section S.Ol of Article Three of the Indenture dated me of 
April l, 1871 emoiisr Aauue Inc., formerly American Metal Climax, Inc. and Amax International Capital 
Corporation (hereinafter called “the Company”), American Meul C limax . Inc., 'Guarantor, and Bankers 
Trust Company, Trustee (hereinafter called “the Trustee'’), there will be redeemed on April 1 , 1978, through, 
the operation of the Si nkin g Fund, at a redemption price equal to 100ft of the principal amount to be ro- 
d earned, $1,860,000 principal amount of S%% Guaranteed Sinking Fund Debentures (Series A) due April 1, 
1986 (honeinafter called **tbo Debentures'*). 

The following an the Serial numbers of the Debentures bearing prefix M to be redeemed: 


195 1848 3181 
161 1367 3182 
208 1387 3206 
212 1384 3228 

230 1421 3240 

231 1426 3241 
.234 1452 3247 
239 1453 3807 

273 1637 3872 

274 1638 3397 
280 1 657 3901 

326 1666 3919 

327 1671 3923 
330 1696 3937 
332 2226 3938 
408 2227 3963 
532 2253 3870 
554 2275 3971 
565 2292 4177 
569 2320 4178 
£74 2326 4182 
600 2347 4184 
604 2362 4252 
606 2390 4266 
632 2394 4283 
657 2414 4288 
674 2427 4289 
676 2432 4313 
700 2433 4318 
707 2458 4321 
729 2459 4345 

734 2466 4349 

735 3491 4367 
756 2496 4368 
760 2516 43T2 
773 2520 4373 
792 2594 4385 
798 2620 4412 

823 2625 4417 

824 2651 4443 
829 2855 4447 

853 2673 4466 

854 2677 4470 

859 2715 4490 

860 2728 4510 
STS 27£9 4515 
883 2754 4541 
895 2758 4647 
920 2759 4548 
925 2760 4549 
SS2 2779 4567 
957 2785 4573 
981 2822 4594 
999 2911 4606 

1018 2912 4607 
1020 2915 4611 
1025 2917 4615 
70SB 294 2 4639 
1063 2947 4640 

1103 2950 4645 

1104 2970 4846 
1108 2976 4666 
1127 2999 4670 
1141 8003 4671 

1146 8017 4694 

1147 8019 4713 
1171 8043 4738 

1178 3048 4765 

1179 3049 4771 

1205 3050 4796 

1206 3074 479 7 

1210 5076 4801 

1211 3079 4840 
1230 8080 4853 
1244 3100 4853 
1256 3105 4833 
1284 3123 4889 
1289 3143 4890 
1317 3148 4915 
1323 8177 4919 


4939 6060 
4948 6065 
4955 6082 
4982 6108 
4987 6108 
5012 6138 
6017 6138 
5041 6139 
6042 6164 
5059 6188 
5079 6200 
5085 6202 
5110 6208 
5112 6235 
5117 6237 

5140 6240 

5141 6242 

5144 6269 

5145 6273 
5315 6290 
5333 6295 
5340 6308 
5360 6334 

5365 6339 

5366 6342 
5392 6367 
5396 6371 
5419 6372 
5434 6373 

5438 6391 

5439 6395 
5465 6434 
5492 6440 
6498 6466 

5520 6472 

5521 6497 
5526 5519 
5554 6532 
6559 6533 
5587 6538 
5591 6563 
6592 6564 
5fi11 6570 
5616 6596 
6640 6600 
6852 '6818 
5657 6622 
6668 6630 
5659 6631 

5685 6650 

5686 6656 

5690 6682 

5691 6683 
5712 6690 
5716 6713 
5740 8737 
5758 8788 
5777 6812 
5783 6818 
8809 8844 
5816 6349 
5838 6876 
5863 4840 
5875 6900 
5881 6904 
5007 6918 
6912 6919 
5937 6943 
5941 6949 
596 2 6951 
5966 697S 

5980 6976 

5981 6980 

6005 6981 

6006 7002 
6011 7006 

6036 7024 

6037 7045 
6040 7050 
6042 7076 


7080 7998 

7081 7994 

7100 8008 

7101 8033 

7104 8034 

7105 8039 
7128 8065 
7141 8071 

7145 3088 

7146 8094 
7171 8132 
7177 8139 
7196 8166 
7200 8171 

7223 8196 

7224 8218 
7241 8230 
7261 8235 

7266 8236 

7267 8261 

7293 8262 

7294 8265 
7301 8267 
7323 8290 

7346 8315 

7347 8319 
7361 8332 
7366 8358 
7393 8363 
7398 8364 
7424 8390 

-7428 8413 
7445 8417 
7451 8436 
7483 8455 
7464 8462 

7489 6481 

7490 8486 
7497 8511 

7523 8515 

7524 8534 
7529 8538 
7552 8539 

7570 8554 

7571 8558 

7691 8559 
7596 8585 
7622 8612 
7627 8818 
7628-8642 
7651 8643 
7656 8647 

7673 8663 

7674 8688 

7692 8689 
7718 8693 
7723 8694 
7750 8714 
7754 8720 
7773 8743 
7778 8748 
7787 8767 
7812 8786 

7816 8790 

7817 8791 
7845 8792 

7868 8828 

7869 8835 

7872 8856 

7873 8860 
7892 8883 
7909 8884 
7916 8892 
7936 8918 

7941 8925 

7942 8928 
7966 8966 
7970 8970 

7989 8989 

7990 8993 


9013 

9031 

9032 
9036 
9038 
9103 
9107 
9103 
9149 
9181 
9205 
9218 

9222 

9223 
9261 
9277 
9282 
9306 

9322 

9323 
9344 

9349 

9350 
9376 

9381 

9382 
9405 
9428 

9441 

9442 
9447 

9494 

9620 

9521 

9625 

9544 

9549 

9562 

9588 

9593 

9E2 1 

9625 

9644 

9645 
9648 
9849 
9667 

9686 

9687 
9690 
9692 

9717 

9718 

9723 

9724 
9744 

9749 

9750 
9773 
9785 
9791 
9817 

9821 

9822 
9323 
9848 
8871 
9875 

9914 

9919 

9947 

9951 

9953 

9970 

9972 

9976 

9977 
10014 


10015 11185 
10021 11188 

10046 11189 

10047 11208 
10050 11212 
10052 11226 

10076 11252 

10077 11257 
10125 11284 

10133 11381 

10134 11382 

10170 11406 

10171 11425 
10177 11445 

10201 11451 

10202 11477 

10205 11482 

10206 11505. 
10226 11509 
10230 11527 
10070 11537 
1D275 11541 
10a01 11542 

10308 11568 
10325 11618 

10330 11623 

10331 11646 
10355 11663 
10367 11864 
10410 11683 
10414 11688 
10450 11714 

10454 11720 

10455 11721 

10456 11743 
10479 11765 
10532 11780 
10633 11781 
10537 11786 
10550 11810 
10577 "11811 

10583 11816 

10584 11840 
10603 11841 
10611 11845 
10633 11864 
10638 11868 
10655 11881 
10658 11907 
10676 .H912 
10701 11939 
10706 11944 
10730 11952 
10735 11963 
10767 11966 
10762 11967 
10774 11986 
10776 12008 
108 03 12012 
10808 12014 

10309 12015 
10B3S 12C40 
10839 12041 

10843 12045 

10844 12046 
10962 12066 
10966 12070 
11018 12089 
11023 12093 
11052 12094 
11059 12106 
11084 1Z111 
11107 12112 
11119 12133 

11126 12139 

11127 12165 

11153 1210 

11154 12192 
11139 12211 
11184 12231 


12236 

12261 

12269 

12293 

12298 

12316 

12328 

12337 

12362 

12367 

12392 

12896 

12415 

12419 

12433 

12434 

12438 

12439 
12459 

12464 

12465 

12489 

12490 
12495 

12519 
12535 
12563 
12570 
12590 
12596 

12520 
12624 
12643 
12654 
12661 
12688 
12692 
12653 
12694 
12719 

12743 

12744 
12749 
.12761 

12786 

12787 

12793 

12794 
12814 
12821 
12244 
12850 

12867 

12868 
12987 
13013 
13018 
13042 
13047 
13334 
13338 
13350 
13377 

13383 

13384 
13410 
18414 
13435 
13439 
13475' 
13476 
13481 
13507 
13513 
■13531 
13535 
13560 
13576 
13581 
13607 


13612 

13613 
13639 
13662 

13678 

13679 
13381 
138S2 
13B86 
13887 
13907 

13912 

13913 
13939 
13943 
139 B3 
13965 
13982 
13986 
13989 
14015 
14021 
14040 
14045 

14068 

14069 
14082 
14087 
14112 

14116 

14117 
14143 
14166 
14172 

14185 

14186 

14212 

14213 
14216 
14219 

14242 

14243 

14248 

14249 
14267 
14271 
14289 
14294 
14320 
14325 
14352 
14356 
14377 
14381 
14400 
14418 
14423 

14425 

14426 
14450 
14458 
14476 
14480 
14493 
14502 

14516 

14517 

14521 

14522 
14886 
14893 

15027 

15028 
15C31 
15033 
15054 
15071 
15092 
15097 
15124 


15130 

15153 

15164 

15177 

15189 

15194 

15195 
15220 
15225 
16226 
15251 

15274 

15275 

15278 

15279 
15293 
15319 
15324 
15350 
15356 
15359 

15376 

15377 
15SB1 
15382 
15419 

15427 

15428 
15463 
15454 
15457 
15459 
15608 
15632 
15644 
15649 
15674 
15679 
15705 
15710 

15728 

15729 

15732 

15733 
1574 7 
15774 
15780 
15807 
15812 
15830 

15835 

15836 
15853 
15872 

15878 

15879 

15905 

15906 
15911 
15935 
15958 
15967 
100 
15972 
16973 
15993 
16000 
16001 
16027 
16029 

16033 

16034 
16058 
16076 
16095 
16102 
16130 
16133 

16156 

16157 


16220 

16234 

16239 

16315 

16320 

16321 
16347 

16370 

16371 

16374 

16375 
16387 

16411 

16412 
1B415 
16418 
16444 
16448 
16467 
16471 

16489 

16490 
16509 

16513 

16514 
16540 
16565 
16569 
16538 
16592 
16607 
16613 

16632 
16637 

16633 
16663 

16670 

16671 
16695 
16711 
16738 
16764 
15769 
16794 
16798 
16818 
16837 

16841 

16842 
16861 
1G867 
16894 
16899 
16922 
16935 
15940 
16941 
16944 

16968 

16969 

16975 

16976 
16996 

17001 

17002 
17026 
17030 
17042 
17070 

17074 

17075 
17102 
17109 
17127 
17131 
17150 
17159 
17164 
17191 
17197 


17222 

17245 

17249 

17263 

17264 

17289 

17290 
17293 
17295 

17321 

17322 
17326 
17344 
17349 
17366 
17387 

17391 

17392 
17418 

17445 

17446 

17449 

17450 
17468 
17473 
17485 
17492 
17511 
17518 
17543 
17547 
17566 
17570 
17671 
17590 

17609 

17610 
17615 

17639 

17640 
17845 
17670 

17692 

17693 
17707 
17712 
17738 
17744 
17770 
17774 

17794 

17795 

17798 

17799 
17812 
17836 
17837- 
17842 
1786S 
17873 
17892 
17896 
17917 
17335 

17942 

17943 
17967 

17974 

17975 
17999 
18022 
18023 
18036 
18041 
18067 
18072 
18089 
18103 
18122 
18123 


18126 

18127 

18140 

18166 

18167 

18174 

18199 

18206 

18229 

18265 

1820 

18270 

18290 

18297 

18321 

13322 

18325 

18326 
18343 
18347 
18362 
18388 
18393 
18419 
18423 
18442 

18447 

18448 
18464 
18483 

18488 

18489 

18514 

18515 
18521 
18545 

18567 

18568 
18580 
18586 
1B612 
18517 
18641 
1S664 
18668 
18683 
18708 

18712 

18713 

18714 
18739 
"18763 
187 68 
18787 
18806 
18807 
18811 
18812 
18834 
18840 

18865 

18866 

18869 

18870 
18396 
18958 

18963 

18964 

18965 
13989 
18995 
19016 

19021 

19022 
19045 
19050 
19062 
19091 

19095 

19096 


19128 

19147 

19151 

19169 

19188 

19189 
19192 
19194 
1922Q 

19224 

19225 
19245 

19250 

19251 
19272 
19285 

19292 

19293 
19318 
19324 
19S2S 
19326 

19351 

19352 
19356 
19376 
19380 
19409 

19415 

19416 
19443 

19448 

19449 
19473 
19495 

19509 

19510 
19515 
19541 
19548 
19572 
19575 
19598 
19602 
19614 
19655 

19659 

19660 
19686 

19708 

19709 

19712 

19713 
19733 

19751 

19752 
1975S 
19757 
18776 
1978T 
19782 
19805. 
19809 
10828 
19829 
19832 
19834 
19847 
19878 
19878 
19906 
19910 
19929- 
19933 
19051 
19970 
19979 
20004 
00009 
20010 


Debentures not listed above are not affected by this redemption, 

.The Debentures so designated for redemption will become and he due and parable, at the principal amount 
thereof, together with interest thereon accrued to the date fixed for redemption, m United States dollars at the 
option of the holder dtber (a) at the Corporate Trust office of the Trustee, One Bankers Trust Plant, New 
xoric. New York 10006, er (b) subject to any lavra or regulations applicable thereto, at the main offices of 
Am$ferdBm,ltattcrdam Bank N-V. in Amsterdam. Banque-du Benelux 5 . A. and Soeiftd G#ne**le de Banana 
8 A. U Brussels, Deutsche Union bank GmbH in Frankfurt /Main, Bunkers Trust Company, 3. Henry Schroder 
Wagg Se Co. Limited and S. (L Warburg A Co. Limited in London, Banco Comm erri ale Italians in V flxp . 
Bankers Trust- Company, Basque de Paris et.des Pays-Baa, Basque RethscfalM and Society Gdntrala in Paris, 
and Buique de Suez-Luxembourg and Braque de Paris st de* Pays-Bs* pour le Grant! Due he du Luxembourg. 

Payment of the redemption price of the Debentures called for redemption wiB be made upon presentation 
•ad surrender of sm# Debentures with all coupons maturing after April L 1973- Coupons maturing On April 
J. 1978 should be detaebed and surrendered for payment in the usual planner. Interest on the Debentures 
called for redemption will cute to accrue from and after April 1, 197 S. 

The faQpwfBg are the serial numbers of the Debentures bearing prefix M which were called for redemption 
M0, 1109. 1114. 18S0. 1897. 4310. 5024. 50JS, M7Q, S795. 8799. 8928, 

9639. 96*0. 9646. 11393, 11894 and 11968. These Debentures sbould.be presented for payment with all coupons 
maturing after April j, 1977 . » p wut 

AMAX INC. 

By Bankers Trust Company, Trustee 


Dated March 1 , 1078. 




26 


WALL STREET + OVERSEAS MARKETS 


+ FOREIGN 


Dow 6 weaker on economic concern 


BY OUR WALL STREET CORRESPONDENT 


XEW YORK, Feb. 28. 


FRESH INDICATIONS of a 
weakening economy fit home and 
the dollar'-s 'plunge to near-record 
lows in Europe combined to drive 
slocks on Wall Street broadly 
lower in fairly active trading 
Lo-day. 

The Dow Jones Industrial Aver- 
age ended 6-23 weaker at a three- 
year low of 742.12 — the last time 
the index closed below this level 
was on February 28. 1975. when 
It stood at 739.05. The NYSE .\ll 
Common Index retreated 38 cents 
further to 548.43. while losses 
commande da lead over gains of 
1.043 to 384. Trading volume 
amounted to 19.73m. shares, 
slightly below yesterday's total of 
19.99m. 

Prices weakened afresh from 
the outset aimed continuing con- 
cern about the jump in the Urban 


TUESDAY'S ACTIVE STOCKS 

change 


January Index of Leading Econo- 
mic Indicators fell 1.9 per uenL, 
its largest monthly fall for three 
years. The index was up 0.7'pex 
cent. In December. 

Shares of oil companies with 
commitments in the Alaskan 
North Slope were weak, as Stan- 
dard Oil of Ohio plunged 5} to 
S601 on a brokerage concern's 
bearish analysis about the oil 
company’s - earnings outlook. 
Standard Oil of Indiana fell 1! 
to $441. 

Among Glamour issues, Du Pont 
fell 2} to $97}, IBM 21 to $2514. 
and Texas Instruments 2g to 
8611. ■ 

AMBAC Industries, however, 
rose 3{ more to S41J, still re- 
sponding to news that preliminary 
merger discussions are being held 
with an undisclosed company. 
THE AMERICAN SB Market Value 
Index receded 0.49 further to 
122.85 on volume of 2.17m. shares 
(2.44 mA. 


and Papers 0.47 to" 93-30. Golds. 
In contrast, recouped 7.0 more to 
1 ,351.3.' 

Rclehhold jumped 11 to $9{ no 
news that Sun Gil is considering 
a take-over bid. but Gibraltar 
Mines, which omitted a dividend, 
declined 10 cents to $3.50. 

PARIS — Generally lower, 
reflecting waning confidence 
among Bourse circles that the 
majority coalition will retain 
power in the March elections. 

Constructions, Electricals and 
Steels led the market lower, 
followed by Motors and Invest- 
ment companies.- 

Bonygues. Domex, MicheUn. 
Pociahu ClT-A!cateL Legrand and 
LMT were among shares to fail 
sharply. 

BRUSSELS— Easier-Inclined in 
thin trading. 

planned capital increase was 
ne help to Arbed, which receded 
30 to BJFrs.2,270. Petrofina de- 
clined 45 to B.Frs-3,845. but Elec- 
tro bel added 20 at B.Frs.8.040. 


chases of German securities to 
prevent a capital inflow from 
Switzerland following the latter's 
restrictive measures. 

Mannesman*! lost DM4 after 
declaring lower sales and earn- 
ings for 1977. 

Siemens lo« DM1.60. in Elec- 
tricals. Volkswagen DM2.40 in 
Motors. Deutsche DM4 in Bank.', 
and BASK DMt.90.in Chemirals. 

Public Authority Bonds were 
sharply weaker, losing as much 
as DML 



Slocks 

Closing 

on 


rraded 

Orlce 


Exxon 

217.) DO 

+4 

-1 

NCR . 

210.000 

40* 

— J 

General Mat on. 

161,460 

5$; 

— 1 

S'd. Oil of Ohio 

140.600 

60. 

-3i 

S'andard Brands 

134.100 

23 


AMBAC Industries 132.500 

41: 

-•r% 

C.enl Tcle.-Elect. 

124.000 


-* 

GotnmnwlLb. Edison 119.500 

27i 


Dadpomt 

115.000 

rri 

-i; 

Ncrthivesi Airlines 

117,000 

23} 



OTHER MARKETS 


Consumer Price Index for 
January, with the decline broaden- 
ing in the afternoon after the 
Government reported that its 


Canada falls afresh 

Canadian Stock Markets also 
broadened their decline yesterday 
in a fair business. The Toronto 
Composite Index lost 3.6 more to 
1,005.7, while Oils and Gas re- 
treated 13.7 to 1,311.2. Metals and 
Minerals 8.1 to 781.9. Banks 0.57 
to 240.29. Utilities 0.74 to 162.12 


AMSTERDAM — Market softened, 
influenced by Wall Street’s over- 
night weakness. 

- Unilever receded FIs. 1^0 in 
Dutch Internationals. Elsewhere, 
Shippings, Banks and Insurances 
were prominently easier. Van 
Ommeren losing FIs .2.50. ABN 
Fls.5.50, and AJVJFAS Fls.2.50. 

GERMANY — Widely lower, 
depressed by a growing feeling 
that the German Government 
may be obliged to introduce fur- 
ther controls on foreign pur- 


S WITZERLAN D — Share prices 
retreated sharply over a wide 
front on heavy selling, under- 
mined by the ban on non-resident 
purchases of domestic securitiv.-. 
Losses ranging between 5 to 10 
per cent, were commonplace, with 
Bearer stocks making the worst 
showing. • 

Swissair Bearer fell 69 \o 
Sw-Fr&SlQ and the Registered 
declined 13 to Sw.Frs.7B0. 

Swiss Bank Corporation, which 
bad announced higher 1977 
profits and an unchanged divi- 
dend. dropped with the rest of 
the market, the Bearer ending 40 
weaker . at Sw.FrsJ73. the 
Registered 13 down at Sw.Frs.30I, 
and the Participation Certificates 
23 lower at SwJFrs333. 

Losses ' of Domestic Bonds 
averaged - 1J per cent., while 
Foreign Bonds recorded falls of 
around 5 per cent. 

MIL-AP4— Leading industrial and 
Financial . shares declined in 
moderate trading, but exceptions 
were Plat. 7 up at L1.955. and 


Indices 


R.Y.SJ. ALL COMJIOH 


Aim and Pali* 


NEW YORK -DOW J0RE8 


Peii. 

28 


Feh. ' Peb. 
27 24 


Peb. 

22 


Feb. 


1977-78 

tHnpil»r'n 

[ '£ , Hlsb 

Low 

ai«h 

Lov 


,lj 41.2 


In.lintnnl.J 742.12 748.35 756.24 750.55 745.06 745.51, 895.78 742.12 1 I861.lt* 41.22 
| ! . (3/1/77) |fl8 + /8U 11/1.74/ i2/7/32i 


H'meS’D-ih* 1 89.49 88.82 88.51: «.»' B9.44) 88.69) 93.97 i «9.S5 | - 

| I j 1 1 i (7/9) jpW/i .78* 


Transport-...! 201.40 203.89 2B6.BJ 205.79 203.84 203.0 1 1 24E.64 196.50 | 279.98 

I • I i ; (18/3) (Shill) | (7/2/69) 


r re-tlns sol. ’ i 

OOlT- t j 19.750 18.380 22.510, 11.7201 18.4S0! 21,8901 


>.*22(2rr7) (22ll!/7Fr'20/»/fi9i 


13.23 

rtS/7/52) 

10.58 

(2B+/42i 


1 1 

Pri'. 1 Feb. 1 Pel-. 1 Feb. 
IP > 27 ■ 24 1 25' 

19714* ,-i 

— — — l**« traddd'— . 1,877 

High | Low Kisee 384 

- J Pall? J 1,043 

1 

1 .659 1 2.821 
502 ! 1.013 
887 J 406 
470 401 

81 | 27 

71 1 35 . 

48.45: 48.81' 49.12 48.75 

1 1 i 

87.07 48.48 Pncbaiiawt. ^._.j 450 \ 

t4/l/77i (i8rt!/78) Jte High*. — 

New Inw.... 1 1 

XOHTRZAL 

initiuiriai 

Combined 



18 | 27 j 24 | 25 • . High 

Liw 

163.17; 184-Btf 164.44 184.1B> 1M.47 (17)5) 
I72.M, 17SJ1 173 AS 175.13J It 7. -6 (19-1.77) 

154.02 [2S 10; 
166.09 

TORONTO Composite' 

IOC6.7} 10034? 1018.3 1009.4/ 1067.4 (lw.lj 

■4IJ (P'/I'i) 

JOHANNESBURG 

OnM 

Induotriala 

1 i l } 

sro a 284.2 > 207.3 1 207-5 2%'/ (lOftS) 

199.4, 206.6 ' 292-0 : 202.61 214.4 (4/1/74) 

lfri.4 rtrt-n. 
I8-.1 


Hihlh nl index chanced from 4unui 24. 



< Feh. 24 

Feb. 17 

Feb. 10 

| Year ago (approx. 1 


1 6.14 

6.13 

5194 

j 4.50 


Fell. - 

2S - inn | Bleb Loir 


Spain 


.4)1 


PebL 

Pre 

lan-'n 

W77-. 

88 

vioun 

High 

Liw 

9L85 

• — 

100. (X- 



STANDARD AND POORS 


AaBtraUani 442.45 

Belgium <P 83.18 


! Fri., ' Feb. 

• 28 J 27 | 

Feb. { 

t « I 

i_ , ^ L i bn7-7» piinre tJomt^iar'n flenmark**!. *.77 

'25 rg'. 1 "£T| Eigh j Low | High 

France ittv MB 

; Irt liulniilij 
‘Cumponlip j 

96.74 96.48 

1 87.04. 87.72 

1 i 

| 97.39j 
B8.49j 

[ 36.48] 96.38, 98.45: lls.sf 1 95.74 | 154.44 

1 . | ! (3/1/77 (.8 -•/4t.(l l/l/73)i 

87.64= 87B61 87.59! I07.J0 ; s/.04 I 126.46 1 
'i' fi/l ;T7t /m ill/ 1/73)1 

riM&, ™ 7 - s 

HolUnd ^ 


445.67 4W.43 • tUfib 
(3; 1,791X18*7/ 
9332 9a Ji rfO.oi 
(10/1/77(12.1.76- 
96.59 107 A* 9* .00 
■ W/6) |6/Sj7tfi 
51.4 ' 56.4 • *3.6 
<f.L mi (10/8) 
805.0 , aLs-5 I 712.3 
'(17 II) (10/3) 
8X2; 84 Ji 73 j> 

; i4(5) | (29 It) 
414.74 42b J7 ; 6UM 


Sweden 3*231 


Swit/erl'di 1 ! 30L2 


34L75 


I (22/3) 
315.8 1 323.) 
,U*-7* 


(30/12/ j'28/2, J 

Jlb-Hc 2di.iv 


; 1 1 1 
880.- 
(3u. 



Feb. 22 | 

Feb. Lb 

Fet>. c 1 

j Year agu (approx.) 

In I. -liv. yield % 

6.47 j 

6.33 

6.17 

4.16 

lsr-1. P'S Ratio 

8.4B j 

8.67 

8.77 

10.00 

l#ui-* Goct. Bond yield 1 

8.27 { 

8.26 

j 8 JO. 1 

1 . 7.77 


Italy (in. 60.44 
Japan wi, 391.48 


. (11/6) £13.1,76 

I ! 73.71 i b4iKi 


Singapore ^ 8FJ.W 


6098 

1(3,1 77)1(22.12) 
390.60 ! 391.48 56Q.U 
<20/2(i 8 (24.11) 
268.06 ! 271-btJ 242.2? 
(13 2/W (3<5i 


Indices and One dates (ai) 3a* rajm^ 
IN exreW NYSE Ah Common — 5P 
Standards and Poor* — IB and Torame 
mu-l.Mi 'be law named Daard on l».5i 
r Excluding bonds. 1 400 Industrials 
i NO tads . 40 (hiliues . * a Finance anr 
29 Transport iDSydiirv All Qrd 
<8 » Belgian SS S/12/B i — * Cooenna/ter. 
SE I' 1/73 ttti Pans Bourse INI 
ini Commerzbank D*t„ IBS3 <i|i Arose er 
dam. IndudmJ 1976 dll Rang Sens 
Bank 31/1/84 lOfll Milan 3/1/13. <oi rofcyn 
New SB 4/1 /8B (bt Straits Times |9M 
(Cl Close, id* Madrid SB 33/12/77— hum 
and low tar IB7S only '«> Stockholm 
Indus nai 1/1/38. (f* Swiss Bank On 

(si Uru callable 


OVERSEAS SHARE INFORMATION 


lav. S Prem. at $2 A0 to £-S7|% (87}%) 
Effective rate (at 1.9415) (39i%) 


NEW YORK 


Slock 


Pen 


i Feb. 
27 


Abbot* Labs 

Addressoj-rsph -. 
Aetna Lire A. Casa 

.VI* PhhIucU 

A i n.-*) 

AIcnnAliirolntuni 

Alena 

Allegheny Ludl... 
A f/epbeor lA/w, 
Allied Chemical.. 

Allied dt'Tes 

Vili* Chalmers..., 

\MAX 

Amerada flew—.. 

Amur. Airline / 

Ainer. Brandt ....' 
Amer. Broadcast., 

Amer. Can 

Ainer. Cvanamld' 
Amer, Klee. Pinr. 
Amer. Express... 
Anier.H>iraePnx)| 
Vine*-. Molira'.. 
Amer. Motors.... 
Aiiihi. Nat. (Ian... 
Ainei- wanilai'l.- 

Amei . Stines 

Vine*. Tel. A Tr),. 

Amelek 

A.VIF 

\M V 

Aui|a>v 

Anchor flnckuiR. 
Anlieuser Urech.. 

Ai turn steel. 

A.S.A 

A nam ere Oil...... ; 


Arerco. 

Ashland Oil 1 

All. Klchfiekl 

A nf n data Pro.... 
A VC 

Vvvo — 

Au<n Prmlurl » — 
hall (in KIM.... 

Hank .Vrnenn 

Hankers Tr .X.V.' 

ISa, far Oil 

Bai Ter Trx vend.. 

ISeatriL-e F'«»1 • 

llei-ronUii-keiuon 
Hen A Hooeii..... 

Hemlit 

Ueiwuel Cons -B. 
Hetlilebeni -Meel, 
Hlsck .V Decker.. : 

lk-ein/r 

Hoiru Ct-Mllti ■ 

Hi-r-len 

Burn Warner | 

Hranlll lilt 

llnuran '.V _l 

Bristol My era.....' 
Writ. Pet. ADR_ 
bruekiray Glass. 
Hrunsnick..— ... 

Hucyrut Erie 1 

Hudd 

Hulura Watch.... 
HurliaKton Ntbn 
Uumnigbi ... — . 
Campbell 6/mp—! 
Canadian Paeifhr.' 
i . anal Hjuxlolp h.. 

Carnal iivi 

Carrier lb General 
Carter Hawley... 

Caterpillar Tracts! 

CHS 

Cdaucse Cor on. ... 
Central X S. TV...: 
Curtaintecd j 
C-pv-na AirrraR (. 
Cba-wManluittan .1 
I 'liemksi ilk. SV.j 
CheewSirnb Pdndr 
Clienie t>y»l€uu„.. 
Cbkwgn lirfelge—.l 
l , bmimllm > .....M.I 
Clnywlor.. .......... . • 

V Inenuna ; 

i 'niiu. Mi(acrun_.. 

Citicrup- • 

i 'itiea Sewb-e ■ 

Cilv Invesllnit.... 

Las CiiUl. ... | 

Vtitet Ptltu . — ....' 
i.Vhio- AlLman.,4 
(.Miimlna-Ga*— .., 

'.'•■lunibia I's-i-. i 

Coin. I n-CtuS Am. 

CombuslXrn Krtp. 
LV-mlHntina Kq.,.. 
L'nv'n'tb K>Iim.«i 
(.'■ ini'w'th Oil Hr. 
Cmnm. SatediLe. 
Coni|Hilera/<en»e; 
Cvun ............... 

Cun. Esdlbon N.Y 
ConiHj- Fields...... 

Ci.ua/ .Vat. (<as .' 
luiUHiine* P.iwai: 
( uRtliienta' tirp. 
Continenmi Oil.j 
r.inttnema 1 TeV. 

( <ininu Uala .. . 
Ciuier Indus j 


615B 
lGia 
34ls • 
245, ; 
40 

zau | 

385* I 
lbs* I 

1840 J 

36 . | 
19^8 
24-* 1 
33U • 
235* 
958 • 
44 

36ia • 

36 

235* ■ 

S2l fl ! 
26 H 

lU>a 

41* 
391* 
344b 
29 1 2 
693, 
29i* 
165« 
241)1 ' 

19 

964, j 
175* 
265, ! 
21Jfl : 
9Sa . 
1SI, : 
28 1 
44 1 

24 
91s 
lam : 
461* 
234g 

9a<« , 
345 b . 

964, 
334s 
22 Tg . 

37 
175a 
351$ . 

3 

20ia 
1488 
31«2 : 
234, I 
29*2 
264 b • 
lul* : 
135* ; 
291* , 

14 • 

261* 
14 
17 
32Sa 
b!, , 
364a 

994a. i 

AST. - 


327b 
161* • 
101* , 
275* 
111* 
165b ; 

491* > 
43>« - 
36 , 

l»i« l 
19 j 
30 4 • 
27i, I 
375a 
Slit 


514* 

16i« 

344* 

24*8 

3b>z 

223, 

39i a 

183, 

187* 

36U 

191* 

244, 

331* 

24 

91, 

44 
361, 
364, 
24 

23 
32 
27 

167* 
4i 8 
391* 
3*(l? 
29 '2 
584, 
29* 
165, 

24 la 
12i, 
26.« 
16 1, 
265, 
20'.b 

»i* 

15 >s 
275* 

45 
24/* 

91* 

1848 

451* 

25la 

HI 

341* 

86i* 

3:3, 

22m 

37 
184b 
343* 
2Ts 
20*8 
147 a 
313* 
234, 
295, 
264 q 
10-w 
134a 
29*8 
14S, 
26l 9 
143, 
17 
324, 

3?“ 

60 

327b 

153b 

10% 

273, 

lHa 

16*, 

49*8 

43»b 

37 
15% 
19*8 

28<s 

38 
21 >* 
385* 


Stock 


Per-. 

28 


Peb. 

27 


CPC I nt'n'tttsuLl t 

Crane —...I 

Crtj-krrNat — ' 
CrowR/.eilertaai-fa: 


Cummin- Englnel 
Curt-Wricbi ..— J 


45% ( 457, 
445* 4470 

a7 97ia 
26 1 261, 
29% ; 293 b 
337b 34% 

171, [ 17% 


Dan* 

Dan Industries..! 

Deere ] 

De/ Monte. 

Deltona «... 

Demspty Inter- 
Detroit. Rdtaon... 

I ^ hflinr h 

Dirts phune ...... 

Digital Equip. — 
Disney iWaltj — : 

Dover L'orpn 

D«w Chemical — I 

Dm vo. ! 

Ureaser-. [ 

Di* Foot — 

Ur mo I udusirim. 

! Kapie Pirher 

Haat .Vlrlloea..— .. 
Baainian Kodak..- 
BetOU ' 


21 % 


211 , 

36% 

237, 


17% 

16% 

26% 

12 % 

39t* 

33 

40 

227, 

27% 


K. *1 . A li | 

Hi Paw Nil Gas. 

Elria • 

Kuieraon EJertmT 
Emery AirFi'Igbtj 


Kmbart.. — 

K.SI.l 

Kn/;le{ianl— .~ 

h'siuarfc — . 

Ethyl 

I Knon 

I Lajn-hllrt Camera 
r Fed. Dept. stores 
f Firestone Tire. 
K»f. Nit. Hoof on 
Pies I Van. 

PUnLkow 

Florid* Power—. 
Fluor. 


P.M.C 

Font Miwor—— j 
Foeemnat llak — , 

Foxhoov 1 

Franklin Mint— 1 
Freeport lILnenn 
FAMeba uf ....... — I 

Paqua lads.— 

p-A-F i 

Ltannetr— — i 

(leu. Amer. Ini— j 

G.A.T.A 

Den. Cable — j 

Oeu. Dynamics...: 
Gen. Electrical— J 
General Foods— .1 
General JIUls-..' 
General Untoo...; 
Uea. Pub. Dbl...| 
Iren. Signal... — . 
Gen 1 TeL Elect-. .1 
Gen. Tyre...—; 

Geneaeo • 

Geurerla Pacific... I 
(Jetty OU...— 

GUIette— | 

Goodrich F.F , 

GuodjeerTire— . 

Gijuhl... ' 

Grace TV Ji . 

(It. Align PacTe*: 
lirt. North Iran..., 

liierbienrl 

Guile. Wp« tern.. 

(lull Oil I 

Haillairtiin 

Hanna Mining....) 
Svmik'htewt... 
HerrLi CVirpn.— ... 

Hows UJ. 

Heobiclu 


<to% 

44 

16% 

16 

11% 

11% 

2% 

2% 

X9te 

19% 

197b 

194* 

47ae 

47% 

lass 

12* 

357a 

3578 

ZBSg 

30% 

loss 

104, 


23% 

£35, ' £37, 
37b i 5>5* 

171, , " 
16U 
25% 

L-,% 

39 I 
32% > 

40% 

42% | 

£7 I 
37 i »?% 
971* I 100 
124* 123* 

17 I 17 
65* . 67, 

49% . 42% 
335* i 337$ 
19% ; 19% 
145* : 16% 
97*8 1 87. a 
30>, 2Sfis 
36% | 39 ' 
30% : 30 
3 i 3% 
33% i 23 r g 
25% : 26% 
165* j 16 (g 
44 < 44% 

245* 247 B 

34% 34% 

137b I 135* 
26 .' 26% 
17% I 18 
ail* 20% 

30% 5O5 0 

30% j 30% 
2bi* | 20% 
42*e 42% 

17% I 17% 
30% [ 30% 
7% 7»» 

18% I 18% 

23% j 2b(* 
95, I 94, 

10J* - 10% 
36% I 36% 
9 - 9% 

225* -' 23% 
12 % | 12 % 
39% . 39 
44»* . 45 
26% : !$7 . 
27% 275, 

68% . 665* 
19% 19% 

245* 2D 
28% - 38% 
24 , 23% 

S% ! 3% 

235* - 24% 
1515* | 163 

26 - as% 

19% ' 19% 
lSTg i 16% 
97% 27 

24% 24% 

8 . 8 % 
26% 26 
12 <8 i 12Te 
11 % ] 11 % 
241* 24% 

»6% i 67 ’ 
3BJ, . 384, 
ls% I 15% 
42% j 43% 
36 >* 36% 

26% 26% 


Stock 


Pc»- 

8 


Johns Manvllte— 
Johmarn Jobnsonl 
John -on Contra'. 
JuyMsQnfaeWjd 

K.Mart Cuni. 

KaicerA luminl’m 
Ksler Industrie^ 1 

Kel*e* Steel I 

Ksy— — - 

Kennantt ; 

Kerr McGee— ,...i 

Kiude Waiter | 

Kimberiy 
Koppeo. 

Kraft ...... — .......| 

Kioger Co ... 

Leri Stiana* | 

UbbvOw.Food...- 


Feb. 

27 


iVaiter 

ty CfetkJ 


30 
67 
277$ 
31% 
247, 
28% 
47, 
21 % 
6% 
195, I 
40% ) 
£7% 
43% I 

197a r 

43% : 
2b% . 
287, | 
3t% i 


30 

67% 

27% 

32% 

26 

2b5* 

4% 

22 % 

t.% 

20 

405* 

273* 

437, 

20 % 

4a% 

1 . 6 % 

29% 

2c% 




Feh. 


-’tiu-L- 


Frit. 

« 


Kerfcnf < 
Reynobls Metals. 

. KeVnntd, H. J 

i Kich'son Merreli-! 
Kuckweil Inter.. J 
Halim k 0*a* J 


Liggett Group—. 
Lilly (Kit) — — .... 
Uttoo lodnsc— 
Lockheed Alrcr’lt 
Lone Star inAi. — 
Ling Lund Lrd.< 
Ljuudaos I*md...! 

Lubri-oi 

Lsn-fcy Store* | 

L'kerT’uJigM'nn, 

MacMillan 

llacy B. H. 

Mtr- Hanover— ■ 

ttnpco 

lUrarh»n Oil I 

Marine Midland- 1 
Marshall Field...; 


27% | 

39% 

14% 

15% 

17% 

18% 

10% ! 

347, ' 

13% 

6 I 
1U% i 
35% : 
2»% ; 
41% I 
41% . 
117, ■ 
2058 • 


273, 

397 8 

14% 

13% 

17% 

18% 

2b% 

345, 

135, 

6 

10 % 

36 

29% 

317$ 

415* 

12 % 

20 


May Dept.^tcreri 

MUA — ~j 


McDermott. 
UcDonned Opucj 
UcGraw- RilUU..; 
Menmrex 

Uenek - J._ [ 

Merrill Lynch— .■ 
Mesa PeamleumJ 

MGM : 

MirtnAlingAMta.' 
Mobil Corp— ...I 
Mmuanttv.— ..— I 

Uorpui J. P 1 

Motorola......— ...! 

U urphy OIL— l 

ftablHcn .... — 

.Va/cti i'beJnlotJ... 
National Can. I 


207$ I 
34% ; 

22% i, 

23% I 
173* i 

26% j 
*2% 
14 

46% ; 
2a 7, 
46% | 
38% 
46% 
395, I 
o5 i 
34 t 
49 
20% 
14% . 


21% 

34% 

22 % 

2o4* 

18 

28% 

*3% 

14% 

3b% 

26 

46% 

BST, 

46% 

40% 

aBTg 

34% 

49 

2o% 

14% 


28l„ , 
14% . 
lbl$ 
31% ' 
14% [ 
271* ■ 
2% 

44% * 
67 H 

19% 

29B, 

24 

-67g 

d*% 

295e 

r6S0 

la% 

23% 

41% 


28% 
14 % 
1659 
32 
14% 
27% 
2% 
34T 8 
85, 
19% 
2278 

24% 

34% 

22 % 

29% 

27 

16% 

23% 

42% 


Hewlett meteor 
Holiday Inns- — 

Homeatake- 

Honeywell 

. Buwr 

I Huso Carp Amer.: 

Hot ret on Nat.Ga- 

Hunt! Phot iChni 1 

Hi it ion (E.F.i 

I.C. fndnalriea.... 

IN A 

(ngeraol Haud- — 
Inland SteeL-.— ■ 
iRalkn... 


64 

1S% 

31% 

43% 

12 

245, 

23% 

11 

ir% 


34% 

64 

34 

13 


64% 

15% 

31 

437 B 

12 

25 

24 

lOSt- 

115* 

241, 

36 

5d‘<3 

34% 

13% 


.Vat. I>i»tUler» | 

Sat. ServtejlnrLi 
Sational Steel—' 

.V atoms* 

NCR.: 

Neptune I mi 


heptune inip..... 
New England Kl.' 


New Gn^Ujtd Tel: 


Niagara Mohawk; 
N lagan Share—. 
S. L LmUistrtea J 
NorfolkA West era 
North Nat.Gsa— 
Nthn Staten Pwrj 
N lb wrest AlrUnea 
Ntbwest HancoiV 
Norton Simon ... 


Iba-i-ientBi Periol| 


OgUrjr Slather.^. 
Ohio Edtsun— .! 
Olln —I 


21 ' 
127b ' 
295* i 
36% ' 
40%. : 
13 ! 
22 
445, 
14% , 
9% 1 
16% ■ 
25% 1 
347, 

26% I 

23% 
81«* | 
Dsi : 
22 % 1 
383, ; 
161$ 
lt% ! 


21 % 

127, 

295* 

aS% 

407, 

13% 

217a 

34% 

145* 

97* 

16 

26 

35% 

26% 

84% 

22 % 

17% 

39% 

38-4 

16 % 

155. 


39%;| 
25% > 
64% i 
20 
30% 
29% • 


40 

26% 

54% 

20% 

30% 

297 B 


Huya' Dutch ...... 

kirn Lugs — 

Ryder Sy«ein.... 
a/emy stores... 
3t. Joe-Mineral*. 
•it. Regis Paper... 
-5anl* re Inna — 
Saui Invest— 
Saxon lads...— .. 
Sohlihr Brewing*' 
•Sch lumber ger — .' 

SCSI——— 

Scott P»er — 

Scoril Jug- I 

3cudr’ Door Teat) 


667, • 
13% ; 
11% 
141, I 
35% 
26% ! 
27 

33% [ 
47, j 
5 : 
115* I 
65% ; 
16% 
1278 ! 
20% 1 
*% 


665, 

13% 

11% 

14% 

35*4 

26% 

27% 

34 

4Ta 

8% 

12% 

66 

lo*« 

127 S 

20% 

6% 


sea tientainen— | 

-Seagram — ( 

Seerte (QJD.7 — — i 
nean Roebuck-. ! 

SBD0O 

shell Oil- — 1 

Shell Tran- port— : 

fiignal ..... — . 

SignodeCmv. \ 

Sicnplii-fty rat... ' 

dinger———- 

smith Kline.—. 

3*'liUt>0 

South' town j 

Southern Gal. »t.i 
Southern Co....— - 
Sthn. Nat. Kea...j 
Southern Pwtfii--i 
Soutbenifiallwayj 


21% | 
21 . 
U7 # 
24% 
33% 
29% 
38 . 
28% 
c2** 1 
10% ; 
tai* : 
48% 

2 

247, 
26J* 
16% 
30% 
317a 
46% ( 


21% 
2070 
Id 
84% 
33% 
29- 
3t», 
285, 
3a % 
11 
ie% 
49 '* 
178 
247, 
26 
16% 
31% 
32 
46% 


j fesarn Fetroienmj 
Texaco — — -h 
T eragulf.— — — 


Southland — 1 

S'w't Ban sharer .j 
Sperry' Hutch...., 
Sperry Hand— 

Squill. | 

Standard Brand aj 
Sut.OiiOal iforataJ 
Std. Oil Indiana-) 
Std. Oil Ohio..... 
atanff Chemical-1 
iterl Ins -Drug.—: 
Studehaser. 

Sunt*".. 

Suolsirand— 

Syntcx 

Icchniculor— J 

Cektruniz — 1 

TVledyne- I 

TSn...— j 

leneco 1 


24% J 
24% { 
16% j 
42% 
8n% : 
83 
375, 
44% 
60% •! 
36 • 

13% . 
-49% ! 
36% , 
335, 
8178 l 


33% 

'.3% 

3% 

88% 


24 

24 

16% 

3n% 

23% 

23% 

38%. 

46)4 

654, 

36% 

13 

49% 

3b% 

34% 

22% 

8% 

37% 

73% 

3%. 

89% 


Ov a nwa Ship.— I 
U wens Corn tag... I 
thsona Illinois.-.' 
IkuAr Gas...—.. ‘ 
Pacific Lighting.. 
Hit Par.* Li — J 
f%n Am World Air 
Parker Hanoi tin. 
Partnly Un — ... 

Pm.h».S Lt J 

Penny J.C 1 

I'ennzoil....- .-i 

Peoples Drug— ..J 
PeopteoGaa ...." 

PofMhvg 


21% i 

595* . 

no% l 

24 

197, ; 

2i»% 

45, 
21 ' 
20% ; 

2c-% i 

33% ; 

28*4 I 

• ■% j 
327, 
24% ; 


21% 
607, 
4.0 % 
24 

19% 
2. % 
47, 
217 S 
2U7, 
22% 
3«% 
fc9 
7% 
325, 
24% 


Texas Inarm I 

Texas Oil A Gaa ^ 
Texas Utilities — ; 
Time lac — — ... 
Times Mirror — 
liana-— — — 
Dane. 

rmnmerica-.... 

Tnoen. — - 

rnn Union...— 
Tanrirt re lot'ml 
t urn* World Alr5 
i rm rollers .— ... 

; Pri Cunlinental -4 


9% I 

at% 1 
18% | 
61% 
89% 
80% j 
o47a 
8i% 
42 

33 ; 
13% 
16% 

34 ! 
23% ! 
165, , 

29% I 
lb% I 


8% 

93% 

16 

63% 

29% 

20 

a45* 

827g 

41A, 

336 

13% 

-18% 

341* 

241, 

12% 

29rg 

16% 


Stock 



Wunlwcrtb ‘ . 173, I 17% 

Wyly 1 04, I 04* 

Xerox | 41 I 41% 

/Sapua I 13% , 1:3$ 

ienlth Radio.. — 

O^S.Tresm 19-C. 
LS.Tres*%S7&'If, 

U.S. 90 Day bilisj 


CANADA 


AbttlM Paper—.) 
Agnico Eagle..— { 
AUaoAiuminiun* 

A gtmn steel J 

Asbestos— 

daokol Montreal 
Hank Nora -o-tta] 
Saak- Reauurew— 
Bed 
bow 


— . saivnv-. 

I Teiepboue-J 
r Vecev ltnL-J 


HP Canada - ; lo ■ • la 

Br s w e n '16% I 115% 

Uria-o * ta.2a | 13.23 

v-c-ean Pi/wei — t,6 j .3a% 
Latoflu Mine — .. . V- % J-L5 % 
tMtiaila UemeOt- 1% »'• 9% 
(Jauatla NWLami 10% /II 
iMn Imp hu* Lean ’9.% J8t% 
Canaria Imiust .i. r+3 . % | %8v. % 

Dan. Parin> !. 17%.' j!7% 

t-han. Pk>-irv Inv. lt%- 116% 
Dan. Super Oil— ' h 2% . 617, 

Carting O'Keefe. 8.46 -5.45 
Gasslar Asbestos. 


9% 


Chieftain —I 

Cominm. 

Gone Bathurst— . | 
Uonsuuer Gi 

Coaefca Ue*ourcd»! 
Costs Id Rich.... 
Denison Mines. 
Dome Mines.—. 
Dome Petroleum 
Dominion Brrdge 
Dotnuu-— . 


Dupont — 

Psicpii'ge Nickel, 
i/ord Motor Can- 


T.K.W — I 

! Abb Century P*al 

; lal..._ 

| L ARGO I 

COP. - 

C allev er ; 

C ni lever NV_„ .. / 
Lnhui Umrorp-. l 
Union Carbide—- 
Lnirm Cnnimnn* 
L of im Oil Calif.. I 

Cnkui nMttc..:...; 


31% I 
83% i. 
Bui, } 
21% / 
2r% , 
14% j 
*7% 

36% ! 

13 . 

38 

48% ! 
41Ts i 


31% 

234, 

20% 

21% 

82% 

147 8 

36% 

55% 

13 

36% 

6% 

48% 

45 


Ihirbin Elmer—. .( 

Pet — 

Pflxer 

Phelps Dodge— 


Philadelphia Bio. 
Murrte.— .' 


Imereont Knerjp i 

IBM- - ' 

Inti. Plavunn* 

Inti. Harvester.. 
lull. MlniChcm 
Inti. M nlti fowls. . 

Ineo 

Iiul. Pkjae- 

IPG 

ini Recti Iter 

Int. Tel, A Tel,.. 

Invent... ■ 

l»«we Bert 

IU intcrnaOciML- 
Inn Walter.. | 


75, 

251% 

2v% 

87% 

30% 

20V. 

133* 

35% 

37% 

1U% 

27 

1>4 

29% 

27% 


73, 

2535, 

2«-3» 

27% 

363* 

20% 

14% 

3658 

27% 

10% 

271* 

1% 

297s 

11* 

28 


Philip 
rbllin ‘ Patrol' m 

PI (dairy-. 

Pitney Buna.... 

I'lUslim- _....! 

Plcssey U>l ADK| 


177 8 | 
37 

957* ' 

un, 
18% - 
tesa I 

2o : 
567, 
less 1 
23% ! 

166, I 


I77,vi 
37% ( 
2658 
1B% 
1858 
6778 
28% 
37 
1U% 
233a 
16% 


Uni royal— . — I 
United Brands.... | 

US Bancorp. j 

UHLGypsum — .-. | 

O&Sboe. ■ 

US.Steel [ 

U. Teehnotogie*..| 


UV Industries....! 

C — I 


Pularnid I 

PiAnnme Klee 

PPG l wtuet ties.. 
Hn» ter Uamhle.J 
Puli Sene Eta-i.- 

PuUnuu -•! 

Pumv — 

Quaker Oau ; 

lUplil Aiueriron..! 
Kaytheun 

; kcv 

KepubUt- aleel—[ 


23% ! 
147, : 

24 

763* . 
21% 
24% - 
16% • 
203* 
67, 
31% 

23% 
225* ; 


£4 
147 B 
23% 
’77 Sa 
22 
24% 

17 

20% j 

31% 

24% 

22% 


Virginia Elect: — 

Walgreen — i 

Warner -Comma..' 
Warner-Lambert. 

Waste-Man 'neat 


iVHIsehrp'.— — i 
ra niawtj 


West era r , 

Western S. Amer 
Western Union...' 
U'ctlanbse Blaei ; 


7** ' 

2B% ; 
21% , 
2>% ) 
£5% I 

357g 

I8*a 
135s ; 
17% I 
327 B j 
k57 a ; 
I960 
54% ! 
296a ; 

3«5b { 

lt% ' 

171*. . 


76. 

28% 

225a 

9£5e 

26% 

34 

18% 

Ida* 

17% 
325* 
20% 
195, 
20% 
it % 
23*8 
16% 
17% 


OaaKar ^ I 

(riant Yet.wknlle 
Gulf On Canada.. 
Hawker Sid. Can. 

Hr,illuger _ 

Home Oh ‘A’- 

Hudson Hny Mng 

Hudson Hay 

Sudson Oil A Gas 

1-A.a. 

lwasco 

Imperial Oil— 
Inoo. .... — 1 


Lnrl*i-...„ — | 


Inland Nini Qu,, 

Ins'prV Pipe line 155f 
Kaiser Keaooreea. 13% 
bturm't Pin Corp 7t* 
Lib Law Com. -B.' 5-00 

Me'mlii’n BloedT. lSS^' 
Mssacre- Ferguses? K9s. 
McIntyre; ~”‘ 


Moore Curpn 1 32V 

Is Mines— 


XunuidB Mines— 22V; . 

Korean Hncogy— 16. - 

Ntl.n. Telecom... .j 36% 
Numac OU 1 Uasj 18"-. 
iMkwond Petr' m'- 6% 

HsdBc Copper M -I 1.98-* 


Pai -ilk- Petroleum 

Mia. Can Win 
Patinu— — — 


Pwplea Dops- S' 4.10 


Place Car A Ol i— { 
PlaoerDe*eln|iint 
IV werUorponri *n 

1*rL.-e ... - — _. 

Quebec Slutgetm 

Banger Oil- J. 

Bend Stow——.. 

Uki A i nun • 25% 

KuynlUk. of Can.j 27% 

Kqyni 1 runt—— — I 16*4 



SocpDvKaonrre* 7^ l _75* 

: i-?rr 

1M1 ttenda. — i l^s 
SbsrrittG.MiuetJ 4 -SO 
dleben.O. O-^, 


Sim(0un> 


! steei W Ca n oi l ii J 

ni.l 244- 


B'.-taj'' “ l 

W*tm baeuscr. < 

ilr* •*«»■ - 1 


Whirl pool — 

White U«. IihL. [ 

William Cu [ 

WiraafnaLn Elect I 


<37| 1 
*05, | 
«i ; 
207, 
L7 . 
27% i 


237, 

21 

17% 

27% 


Steep Kork Irou.l 24' 
" ' ...' 3ft% 


i'e.\acu Canada... __ 
roerato Uum-Bh.. 17 - - 
uensLan PipeLu WV 
rnsi UnM Oi-sl 95s 


Irian L' IJf?. 

Union Usa— ...j 1*h, 


0cd.3rscoe Ulnesj -1% | 
A'aikn Hinm—. il i. 31J 
WeV Ccaid Tra-.[ 3*i 

Weston Geo. -....J I47i v 4. " 

■ * /*nw l i i 'MkHl 

I rraoafl I Ne^ ' 

- - - 4 •• ■■■ 



I 


Pirelli Sp«. 5 harder at L2.836. 

SPAIN — Market remained in 
easier vein, the General Index 
deolinins 0.48 to a new MSS low 
of 91JJH. 

IIOM; KONG — A mainly easier 
tone prevailed on prnfitriakins 
amid caution ahead of to-day’s 
Budget speech and the imminent 
J!i77 non-consolidated results 
from Hong Kofls Bank. « bictl 
<iied 10 cents to SHK17.30. 

Hong Kong Land receded 5 
cents to SHK6.65. bur Hutchison 
Whampoa and Jardine Matheson 
were unchanged at SHK5a*a and 
SHK12.30 respectively. 

TOKYO — Afier >rrensthenui5 
rurther in the- early s'ases. share 
prices reacted to present a mixed 
appearance at the close foUowm; 
a heavy trading volume of 460m. 
shares (410m.). 

Export-orientated shares, such 
as- Pioneer Electronic and Honda 
Motor, ended lower on profit- 
taking. but Hitachi. Mitsubishi 
Heavy, and Constructions were 
higher. Maeda Construction rose 
Y20 to Y799 and Okmnura Gumi 
Y30 to YT80. 

JOHANNESBURG— Golds were 
marked down in quiet trading. 
Overseas interest being hampered 
by a high level for the Securities 
Rand, which was quoted at 824 
U;S. cent*, before ending i| 
higher at 82. 

- Elsewhere. De Beers fell 12 
cents to R5.-43 on local selling, 
while other Metals and Minerals 
were lower in modest trading. 

AUSTRALIA — Slocks continued 
to show an easier bias, although 
Industrial leader BlfP were 2 
cents harder at SA5.20 and AXI 
added 5 cents at &A1.47. 

Associated Concrete, SA2.55. 
and Nicholas, 93 cents, declined 


shed 2 cents to S.VL52. 

Coal and Allied, a firm spot of 
late on . the results, improved 6 
cenLs more to SA5-96, but the rest 
of the' Coal Mining sector was 
lower. Utah finished 5 cents down 
at $A2ifi. after touching SA2£5. 
while similar losses occurred in 
CRA SALS7. and Bougainville 
Copper. 9a cents. 


NOTES : Urencas prices shenra below 
exclude I premium. Bdmkfl dividends 
are alter withholding m 
ODM39 denoni ooless otherwise suted 
<3 Pr*s399 deoom. unless otherwise staled 
^ Kr 109 denom unless otherwise stated. 

i-rs-ieo denom. and Bearer share* 
unless othenr ue surntL 3 Yea 30 Oman 
unless otherwise anted. $ Price at nme 
or suspension a Florins, b Schillings 
> Cents, rf Dividend alter pending rights 
and/or senp issue, e Per share I Francs 
<7 Gross, div. % <■ A ssum e d dividend after 
•crip and/or rights issue, k After local 
i axes, m % nu free, a Francs: mdiahna 
L'nllac dir. p Nam a Share spilt, a Dtr 
and yield exclude special payment t lodi 
tared d/r aUnofictal trading nMmority 
holders only o Merger peadng. * Asked 
• Bid. s Traded t SeDer e Assumed 
tr Ex rtaha xd Ex dividend. xc Ex 
vnp issue, u Ex all. A Interim since 
wer e an d. 


$ falls again 


The U.S. dollar resumed its 
decline in the foreign exchange 
market s'esterday. even falling 
quite sharply, against the Swiss 
franc, despite the recent measures 
designed lo stem the flow of 
speculative funds into Switzer- 
land. The dollar fen to 
Sw.Frs.I.S275 from SwSrs.lSS on 
Monday, and the U S. currency 
was also at Us lowest ever closing 
level against the D-mark nc 
D.M2.D170. compared with 
DM2.0530 previously. The dollar's 
Trade-weighted index, as calcu- 
lated by the Bank of England. foH 
to 90.3 from v 3fl.7, and Morgan 
Guaranty's calculation of the 
dollar's depreciation widened to 
3JS per cenL from 5.09 per cent. 

Pressure on the dollar was 
particularly evident In the after- 
noon as Mew York banks entered 
the market as sellers of their own 
currency. 

Sterling was not as strong -as 
most other major currencies, arid 
its trade-weighted index feD ' to 
65.2 from 65.3, on Bank of England 
figures, after standing at 85.3'at 
noon and in early trading. 

The pound opened at SL9335- 
S1.9345. and fell to SI. 931 5-1 .9323 
but traded at around SI. 9350 for 
mast of the day. It touched a 
high point of 5L9415-1JH25. and 
closed at $1.8410-1.9420. a rise of 
95 points on the day. This . was 
very much a reflection of the 
weakness of the dollar, however. 

Gold rose SU to S1S2H83, also 
as a reflection of the dollar's 
decline. The imminence of the 
gold auction by the International 



Monetary Fund had little In- 
fluence on trading. WHICH was 

fairly quiet- 


Kr 


m 


. DEUTSCHE 
- MARK 


34^ 




tftf 


' 

- 

r 

Y 


j 


• 




ure 

SM( 

•DNB 

HbS , 

■r 

r 



- 

' 







k 




1978 



SEP OCT K0V DEC JM FII 


fluid SudhKi.f 
is fine (•mire* 1 

(=>•* {>189%. 183 

Dpentim^....!SI81% IBS 
MntnlnsfU'-- >188.00 
IIK94.J01) 

XOorn'n 0 *’l |? 189.98 
|(i.94.176) 

1 •obi Ccrtn... i 
■unnaitoally : 
KrusmaB-L.ISlSe-tei 

‘i/97t,-S8%i 

New t^oT'aw.i >&7% - 695, 

(1 « 99-% ^05*1 
Om Srtv’rcns- 67% -99% 

: 1‘295, 3l.%1 


5180Vlii 

ittRiCf; 


n.lQ 


i3I6S..„ 

■IC94.07Q 

1*180.80 

kvoun. 


M68%.Ot 
.i.'97%.sS 
%B8 60^ 

ai.V: 

-5660 :: 

: 130-51 


tint! UOUU-.- I 

ilntonutllvli ' - vj 

KmremM I5187%-I89% jUBSVSB 
[1963* 973,) ,19-61, 

I \"v!)MT l (ii al iS71>'B9)| ;*5764‘-.'. 

:iCoV3«-3U*i< 

Obi Anr’tOhm** !*9% ,>&840 

,.<89)3.301:1 u3fr3t: ; 

*S9t% 294% iiif6%-5ri 


FOREIGN EXCHANGES 


CURRENCY RATES 


1 i 

1 B ight* 1 AwooB' 

a< 1 February 2S" 


Seer line- 1 

It A dollar < 

Caimiltan ! 

Austria ««4i... 1 
Ksiglau Irsur. 
Dan mil krone . . 
IMitccheinsrfc ; 
Dutdi jguiulcr 
Frenrli liWK- 1 

Italian lira 

JapsiiMe yon. ‘ 
Nor* ay kroiir 
Spain iwaoi* ... 
fiwnlMi knur . 
Stria* franc... 


0.634183 

1.32670 

1.36740 

17.9834 

38.8920 

6^4499 

2.49756 

2.66930 

6.84584 




993.81 5 
6.52114 I 
98.4672 j 
6.66061 ! 
2.28964 r 


0.647043 

1.23246 

1.39695 

18.3297 

39.6379 . 

6.98503 

2.S4B14 

2.72712 

6.96880 

1088.94 

298.647 

6.65456 

100.514 

5.77938 

2.33356 



* M»rt« k»tii^ 

Feb. 28 

IMeh DavV 1 
% j Sprefc! elite 

Near York... 
UoaLreal.-. 
Amsterdam, 
lirnreeisi;... 
Copenhagen 
Freskiurc... 

LMen 

Madrid. 

6%; I.S315 1.;«S5 > 1.M1|.ij 
7%2. 162) 2 IB4fr.2.W»i+ 
4% 4.30-4.24 : UlU 
6%: 61.14 a I BS : 61.R+V 
9 U.» 10 83 . 18.11* 

6 1 ». 1 4. B* MH-yk 

ta ; it . 40 78 jo 1 174*3! 
8 Ilafi.lB 1:5.80 lbb.7s.l3 
11%! 1.645 UbS : UttM 
8 |u.24 i054o'IBHpt|3 

d% 9 JO-9.25 ' 9wHsj» 
« i 8.3l+. = 0 1 BAtf+LU 
4%) 468-470 4>2fd 

6'j‘ 86.2548.88 | CB.EV.%F9 
I • 4.54.4.65 : LUi lJ! 


Paris. 

Stuck botna.. 
Tokyo ........ 

Vienna. 

Zurich.. 


: S)hi siren arc tor coarertfhb 
Financial [nine si.io-sl^n. " 


! I i 


OTHER MARKETS - 

f N'MM HtUs 


EXCHANGE CROSS-RATES 


Argenriaa.l M14-18I7 !An*entimJi2S41i 





Fmakturt.i 

New Yiwk J 

Hurts 
rtniwHsL.. 

lamdoa ... a*»u-ws< . I.wiirai : 1 oi.iw" ' _ — ' 

ImfdM. ,107.04006 '2.17*7-1772 46dB55-7l5i4209h -MKJMIW; - 

Airier. i flI230-*8&,l-aM06S&> oS^S6960 3^9^588) AbWB 


liSXsIfiO 
. 54A*-!te 
2SO.SM3 
1(5.95-17^1 

llRjw-gns 


Auatnlta..il.09<7-1.T107 Austria 

Uracil ! 61.54-52^4 [KqIr)uid u 

Fiunnti..^ BJ53.BF Until....... . 

Grave. — ,S9.11B.70.BI4 1 Lanai1a m .J%l _ 
Hutif* Koag|f .5MO-0.M2S: DMottrfc_Jn^t1 

Inn -j 182- 15a 

Kuwait.... ; 0.653-0.543 Kiurmany. 
bunnb’iK 51.1>B1JS timv.. 


Uaa><w .. 4. 5566-4 MSB- 1 ro/y -fWlWJ 


U.s. a in Inn ail" b.>. ■' a 111.61-94 >.«iit HAH mUk 
C ana*1Wn $ in Sew T"«k — 81.66 K »'.■* * Ui Xlllan Ras^MO 

Uterlm/t In SUmii 1F5I.OO-1FSI.SO. 


EURO-CURRENCY INTEREST RATES* 


A. 3eaiandi|.k3 It- 1,8*98; Jataui 

Saiatl Aral- fi.b4-6.74 iNetherl’nn 
SingapW-'4.47«4. 4* W Norway 
S. A(rfa.a...|l,6719-1.59fBlSatuaai_. 

i.'>|aln 

ifiwU='lan> 

)L.S 

I'.S, cent*.' 8560-89.72 'V'lprolatjal 

Rate siren for Argentina is a Irscrtft 


U.S 

L'anada 

cm:. 


mm- 

S5 


at 

»3k 

/Vd 

UkK 

46k« 

I4U/ 


Feu. t8 


; abort term ... 6%-7% 
/ ,<aya nerx-ei b% -7 
U> hub ........... 6; r 7ft 

VhrwmunthsJ VSs 8 
■vis month*. ~{ 

One rear.. — ...1 8 A 6 re 


LAOItURU 

UOIIAV 

UJ».Do/Mr| 

; llukii ] 
| Gull' (era 

Strua ; 
Irene 

65*.73t 

644-7% 

67,-7% 

. 7-7% 
7%77 B 
73,8% 

65s 67 S 1 
6% -7 

67a 7% 
738-7% 
7%-744 | 
7% 8% 1 

5% -S3, ! 
51- .5% j 

630-5^ 
S%^% 1 
SAl^'2 ; 

_5%-_5% _J 

% 5 1 

i aS ! 

lam ) 

I 1% 1% 1. 


tV.lirroM 

mat-. 


FORWARD RATES 


One Uhiuii i Thirr 


3% 3% 
3% 3% 
31r3% 
3%-3% 
3% SU 


Euro-French deposit rates: two-day 101-10* per rent.: serat-day WWM per^crat: 
one- toon lb UU-102 per cent l three-monUi 12M31 per venL: stx-monm Lt-M per 
cenl.l one year 124-12* per cent. „ „ 

Lona-term Eurodollar deposits: years 8FSI per cent.: three years Mn-SSn 

per cent.: four year* &-5I per eenL; fire years SI-S4 her cam. 

The folloirins nonitna) rates were maned tar Londun dollar certificates or 
deposit: one-mmith 6.95-7.03 per cent; three-month 7.10-720 per ceni: ox-mooth 
7.40-7i» per cem.: one-year 7.70-7.80 per cent. ‘ 

* Rates are nominal colling rates. , 

t Short-term rate* are call for sterling. U.S. dollars and* Canadian Adlan, two 
days' notice for guilders and Swiss Irenes. -' 


New fork >. Ill c.(im-par ,0. 17-0.07' y 
ILmtrei'.lfl.fcpm-.U 1,11 0.17*0.0? u| 

AmrtMam'lc. , m-)wr ,27a 17j . 
UniaaBlr,..! lOo. ;>ii*)«r - - - 

Uop'ahgn.'fl il'W - 
Frankfurt <178 % je.ien 

Uabou d j - 1 a, r. <11* 

5ta-lrti i-12 c. 'll* 

Milan 5 11 lire 

Udo.~ ;3-5 .radla 

Fans ...... 1* -5 c. <ia 


>16-5 -. r« 

-8 A M.itAi c 

3-tu.blU r.tf 

! 180-260 Kfl 

*20 28 Jty aq 


. 9^1% urs-dia 


13 *-.«». 


Sbikho'im 1*; 3% nredl* -6 8 i<re dr 
V'leuna. ..,;p»r-10 -mdls 1 (0-20 eTvdt- 
/uririi 2% ] % c. pm 7 8 1-. 1 m. 


Six-month forward doUar oiSMt/Og pn 
12-month MS4ulc pm. 


GERMANY ♦ 


Feb. 28 


; Price, + or |Div. 5Td. 

■ ta • • or ' mt 


Dm. - — 


% 


AEG. 


A Ilians Tenich — 

BIIIT. • 

BA4IF 

Bayer ; 

Bay er. Hypa 

□oyer, leramshki 
C ibaln t-Ned.wrU, 
Uommerrijank .....' 

i.OUri Q\i mmi ,.* 

DMinilcrBenz 

begnma 

Demag 

Deutsche Bank-,.. 
Dresdner Bank-.: 
Dyckwhtrff Zenit. 
Gutebo Bating — 
Hapag Uoyd__..| 

Rarpener 

Koecbtt ! 

Hnereh. j 

Horton.. 

KadsimH Saix. — ( 

Kantfidt — 

Kaolbal J. 

KIocknerDm 100. 

KBD I 

Ki 


tSSz:= 

Lowenbxau ICO.— 

Lofthaosa ... 

MAN- —I 

Maaneamann...^. 

'Uetuges 

Muncbenur Bmdc. 

Nectumnoim 

Preuuoc DM 100.! 

Rbesntteat.8lect 

driierlna . 

Siemens 

•>ud Zne&er ! 

Thyraen A.G...— I 
Vans— ......... 

V8BA - 

VerelnAWettBk. 


87.7;— 1.1 { - 
480 !-9 ! *18 
827 j- 2 . 20 
158.1— 19 17 
lxB.B* + 1.0 / 16 
287 1-1.5 1 80 
318 —4 1 20 

220 ' ! - 

228.4; — 2.8 ‘ 18 
7&6-UI - 
3lu.or. ! 19 

161.0. J 14 

306 J -4 : 20 
848.5 -Z 
131 +2.5 
196 «— 3.1 

112.5- 0.5 
233 >-3.b 
128.7—0.6 

45.7 -1-3 
12*/ * 1—0.3 

153.5- 0.5 
2BH^-2Ji 
203 -3.5 

94 {-1 j — 
173-5-431 12 
96^!- 3 — 

843 1—1.8! 16 


I -9 
1 4.4 
: 6.2 
. 5 8 
; 3.5 
; 3.1 


•»— 

3JI 


3.1 

3.8 

: 4.4 

3.3 

i 4U 
! 1.5 

? 3.0 

: 5.3 
1 5.6 
I 6Jt 

4.4 
I 4.2 

; 2.9 

3.4 

4.9 


TOKYO 1 

Feb. 28 

•Prtere ' +or 
Yte | - 

Dir. 

% 

Ytd. 

% 

Asahi Glass 

321 

1 + 3 

14 

tX 

Canon .......... 

-16Q 

r- 8 

12 

1.3 

Casio 

606 

-9 

85 

SLI 

(Jhrnnp,,,^..,. 

404 

+ 13 

20 

IE 

Dal Nippon Pr 

»24- 

1-5 ! 

18 

1.7 

Fuji Photo...-. 

588 

1— 5. ; 

16 

1^ 

Hitachi 

223 

l+5 

12 

8.7 


566 


18 

1.6 

House Food 

1340 

l+iu 

30 

1.4 

C. Itoh 

zl8 


12 

2.6 

lu^Yokado—.^ 

1,170 

-1 + 30 

SO 

1.3 

Jaccs — 

622 


IS 

1.0 

J.A.L. 

2, /SO 




Kanaai Sled. 

1,040 


10 

4.8 

Komatsu 

318 

u-7 

18 

^.8 

Kubota 

281 

' + 2 

15 

2.7 

Kyoto-Ceramic 

8,483 

■ + 130 

35 

u.b 


australU 

/ 


/rh. a B 


Aus 1.8 — 



nPnee I + 1* 1 DliT, 

Feh.28 

| 

Kroner j — * | 


ACM ft (25 cent) — — 1 

Acrow Australia- ...j 


Allied Mnt-Tntg. Indus Sli 
lorat too — 


3-5 


1.350; J 2u 

-o.al 7 


in !—o 
193 i—l 1 U 
167 -4 1 14 
8*7 (—2 5 ! 10 
5o5‘ i + 3 1 18 

113 1-0.6 1 * 

199.5s£—2.2 16 

x‘i.0.6— 3 2u 

5494.4}— f 6 16 
250 i—O.n E 17 


I SA 
L2 
I 3-2 
l i.i 
4J 
1 IJH 
1 1-7 


29U J — 0-3 I */ 

li 4 —2 II 

177 ’—3 ! 14 


Volltswmsnn.. 


115.7—1.51 12 
300 ! — 4 ao 
212.4-8.4 1 10 


! a - e 
4* 
■ 4.0 
*.« 
d.A 
4/4 
; 3.9 
, 6.2 
3.3 
i 2.4 


AMSTERDAM 


Fab. 28 


Price j + or 1 DIt.i jf 
FIs. I — i % TkL 


Abbott(PJ.Z0) 

AkrolVUgCf) 

Mgem BakCPl.lOO! 

AilEV iTl.UJ) [ 

Amrohank (FL2Q) 
8ijenkort„.. — .... 
BoaaWest’mlF.JO) 
BnrhrmTettarode 
l*lMvier(F120)... 
Bnnia N.V.Beaier 
Euro ComTst FLU 
Cite BinadedFU. 
Hdneken (FLZ6 )_ 
Houkucchs t PL80*) 
Hunter U. | FL ICXW 
Holland... 

K.LAL (FL100)_. 

Inc HullertlSO).... 
Naardeu (FLlty... 
Nat Ned lns.in.lffl 

NedCredBk{PtS 

Ned &UdBk(FI JO) 

Ore (P120) 

Van Ommeman-.. 
Pakhoed (TI^Q_ 

Philips fPl.lOV 1 

Bjn6chVaKFI.loq 

BobeooCFLSO) 

Bollaco(FL60) 

Bnrsnto (FL50L-- , 
UoyalDnttdUFl^ffl 

Barenburg 

SterlnGrplFUB) 
rmryn PacJJhle.S 
L’uilerer (FlBOj... 
VikingRee.tnttSl 
Weetlan'dii. Hans 


100 All 
81.2L-0.6 


338 

to 

.72^! 

79.! 


-6^ 


S— B.to 


116,5) + 0 8 


67J 

269 


136.6j—0.2 


63 

38.4i 

103.21 


A25A[ 63 


1.6 

-1.4 


-0.5 

-OJJ 


24 


& 

70 

25 

121 


AO 


20 


+ l 

,+UJ* 

J.7 

2oA— 0.6 
ZZA. + 0J2 
lo.7' +0 2 
123.5—1.0 
38 :*-o.5 
38.2' +0.2 
103.7—1.6 
54-2: — 0.4 
187 i--4 
156 j — J.2 I A54I 
135.5 —2.5 ' *“ 1 
■38 '-0-0 
24 J)— 0.3 
63.0+0.8 

16* 1— Oi 

114J. I 

129.0-0.3 
123.3} — 0.5 
844 — 10-1 

145 | 

98.3, + 2.3 
L2U.B— L8 
39J3.-0.6 
Lna «l 


4AI 


6.5 
5^ 
6X 

7.5 

X.* 


52.6 4.2 
94dl! 5.5 
S2 15JB 
14 ! 3.-* 
liJK 8J5 
12 i s.3 


7.3 


9.5 

2.6 


46 jJ 4.4 


7.4 


409 .S[ 



18 
31 
21 
16 
A2A6 7 JB 


14 


19 

30 

4SIJ| 

20 

52 


5.4 


ASOl 8.1 


7.8 

6Jb 

U.7 

6.9 

1. 


3.9 


COPENHAGEN * 


I Price I + or 
Fah. 3 IKronar I — 


Anderetainken. 
Burm'str W. Ua..| 

Danske Bank | 

East Asiatic Co _ 
Finan«t«iiken.._. 
For. Byggerier ... 

For. I^plr.~ ,.J 

Hamteilhbank 

•i.N'th'niLfK rWi 

X'tni Kapel 

OUeiafirii 

Pritatbank... 

Protrinabanic 

ijifh. itorbintaen-l 

Saperfo* ........ 


140% +% 

440 ! 

1321*' + % 
231%' + 1 
124 +7. 

356 +2 

74% 

134%|+% 
264 |+% 
269% +2 
91 l-% 

138%) 

145%( + S* 

376 I 

1B7UI- % 


DI*. 

% 


t 


fid. 

% 


7.9 

3.4 
B.O 
e.i 
1B.S 
3.e 
IOj 
82 
4.1 

4.4 


VIB4NA 


Feb. 28 


Price + or 1 £Hv.md. 

% I I s i % 


Selects j 

Semper It ! 


Matsushita Ind ..[ 
Mitsubishi Bank.. 
Mitsubishi Heavy- 
11 iUubtabl Corp.. 

Mitsui ± Co I 

Mitauaoshi 
Nippon B egat — 
Nippon SliiaponJ 
N Isaac Motors..... 

Puxtoer .| 

Sanyo fltectric— 

Seklsul Pretab 

Uhlaeido 11, 10U 

_ 1.660 

Taisho Marine..;- 
tUedo Chemical. 

TDK — 

Teijin — 

TuWo Marine.- — 


638 

am 

137 

qia 

311 

5U3 

1,230 

649 

610 

1,440 

216 

fc46 


+9 


) +4 
• + J 


10 

12 


1.8 

4.4 


cj° 
! — 10 
hj° 

;+4 


Tokio Blere Pow'ril.lBJ 


To*jn eanyo 

Tokyo Shfljaura... 

T«nf.....M. 

Toyota Motor...... 


pJo 

1—20 


13 1 l.o 

M ;• 2.3 

20 I 2.0 

15 ! U.6 

i2 : 0.9 

16 I 1.0 

48 | 1.7 
12 1 2.8 
50 . 1.8 


257 

510 

L580 

1*5 

507 


267 

132 

129 

233 


1—20 

!— 8- 

t!o 

1+2 

+3 

1+10 

i—l 

1+4 

1+1 


20 


11 

lo 


si.9 

1.1 

2.1 

2.4 


30 | 0.9 

10 1 4.3 

11 1 1.1 


» ; 3.6 

12 <£.2 


3.8 


10 3.9 

1.1 


SnufCf Nikkrv tocormre rnkyo 


BRUSSELS/LUXEMBOURG 


Feb. 28 


Arbed 

fin c Iamb,— 
B">... 
OJfcM. Cement^ 

Cockeril —ZJ 

SB B6 

Bleetrobel 
FabriqueNat..)._ 
G-fi. Inno-Bm — 

Geraett — .._ 

Hoboken 

Intercom 

Kredletbank 

Ce Ho vale Beige. 
Ran Bolding....... 

Petrofina ....... . 

Sec Gen Bacqne.. 
3oc Ben Belgique 

Safina 

Solvay 

Traction Bleet 

COB 

Un Ilin.fi/U8-.... 
V trille Montaigne 


! Di*.] 

Price + or Fra. 
Pro- — . Net 


fri-L 

% 


2.270 t—3 ■ 
1.400 ■i-12 
1.740 +10 
1.144 -4 
380 -9 
2.350 +5 
6.0)40 +20 
2,346 1+10 
l.c60 —10 
UloO ’ 

z*sm-4x 
Ue3a —10 
,40U 
190. 

|4,380 
.845 
2,500 
1.065 
2.980 
2.495 
2.570 
926 
706 
1.340 


1—46 
+ 6 
+5 


+ 10 


1-5 
+ 1S 
—18 
+ 2 


60 

112 

90 


177 

430 

170 

130 

80 

170 

142 

*66 

305 


4.3 

6.4 
7.9 


J2-2& 5.4 


174 

189 

14u 

405 


4.5 

6 .s 

7.1 

6.9 


ABOOj 8D 
162 I 6.5 


60 8.5 
100 7.5 


SWITZERLAND * 


F«*.28 


Alum ini am mN mmm 

BBC •A*— I 

Cfha GrigyfFrjra 
Do. Pt. Certs... 
Do. H«. 

Credit Suisse^— 

Blectrowatt ! 

Fischer (Geo rye) _J 
Hoffman PtCect*. 


1,240 
1.680 
U10 
915 
677 
2^10 


Da. rSmalh-.-.. 
Inteifooil B ........ 

JetmoU (Fr.HXh_, 
Nestle (Fr. 100)... 

Do. Reg — .-J 
Oerlikon BJPjN)| 
PireTH SIP (F.lOOl 
dander (Fr-2fOi... 

Do- Part Cotta. 
SrhlndlerOti* FXJOi 
Sutoer C-ta (F.lOOl 
Ssrhraatr (F.abOj.J 
SwIm Hank (F JOOl 
Swiss (KOJ-.E30)_ 

Union Bank. 

Xuriefa Ins... 


Price Div.iTid. 

^ %\% 


83.000) 


47S 

1— 25 

310 

-30 

366 

—14 

810 

-69 

373 

—40 

4.70J 

-21 

3,260 

— IS 

10.800 

— IDE 



Ampol'Bxplafwr 

Aiai«»l Friroleuin. 

A<*or. Minerals 

Ateoc. Pulp Paper fL 1 

AmcxuCuii. Industries. 

Aost. T mi 1 niatlmi Invest...! 

A-NJ-— ' 

Andlmoo.^,. — | 

Altai. OG4 —I 

Blue Metal Inn ....... ! 

Brju^riDvaie C»|iper...'— •• 
.Broken Hill Prv*.rtfltary — 

BH Soot Ik-...- I 

Carlton United Brewery.— 

C.J. CMe*. —| 

CSH 181) — • 

Cons.; Gold field A us. 

CeottinerOll— 

CooxIbo Biotin to | 

Coatain Australia — -.1 


tO.63 +0.01 

10.90 I 

13.1S 1-8.86 
•1.28 ..... 

■ 10.66. Hkfll 

f0.7Z ;+a.w 

tl.10 ,+0.02 
tl.55 i-U.06 
fl.Oo 


:i.47 

10.40 

t0.30 

10.90 


1+O.M 


+ 0.02 


rtJ.95 LflXfi 

tB20 l+OJUc 


t0.h5 1-0.08 
fl.84 :-0.01 


OSLO 


Bcnjen Bank-. 
Harrptfurd^.. 
Credilhank— 
Kuarntw 


Kr edit 
NoSV: 


han» 


Storebrand ... 


91 -1 9- 

58.0+0.9 4 

lossd. — 1 n 

3 10.0j— 2.5 20 

106 -1 ! . 1 


Hydrvir.SOj 183 L-8 


85.00;— 1.25. 


BRAZIL 





Teh. 28 


Price j"+W :Div.ink 


Crtu. 


A'ftu; ^ 

Aceait^...-... ..j 1.34 l-dAiljj.lkS* 
Banco BtxrilPP..| 3.86 ;+0.0lig.l7 
Banco Itau PN....I 1.06 I ^.lhffiJi 


tl.77 f+OJ 
12.66 l-fl: 
18.40 I ._ 


0.03 

.01 


Dunlap Rubber( g 1) 

BdCOK- 


.... .. 

ItC, Industries 

Gen.' Property Trust. 

Ilamatslqr- — — 

Hooker.- 

I.C.I. Australia 


Inter- Cupper 

Jennings Industries—. 


12.00 
tl.87 HkW 
•LaB 
1LB4 
tl.00 
tL85 
tl.66 
1U8 

t2.17 , 

10.69 1+0.01 


HUtt 


Jones (David) —...—[ 

Leanant OU 1 

M- sWH Bxplominn 1 

Stm HokUn*a - 1 

Myar Hmporiuni— j 

Nescs — 

Nfcbriu InieraarwnaL. ... 
Nor>h Broken H'din/ri (SOcj 
Oakhrtdgc.. 


11.98 
lO-risy 
11.28 
10.95 ;+0.U 


(OiiO 

10.15 

ILK 


I— 0.01 


11.89 LlJJJl 
12.M 
rO-95 
tL03 


OIL Search 

Otter Bmpl.watlou : 1 

Pioneer Uoncrete 

Reckhi A C-olman 

hTxjT Slelffb 1 


H.66 
tO DU 

taio 

11.36 


■.■HI ,0a 


rd.8O<«.-i+4l,10 


^MLihlaod TtfifUttp - 

ToWh »1) .| 

Walton* 


Western llhdng (60 cent*) 
Wo« worth, — ,| 


10 69 
10.1U 
11.71 
10.90 
tl.uB 


-fljil 


+1.B1 


1L52 (-0.02 


PARS 


Feb. S8 





Gerais,... 

Caztribnr J 

C.OJ* 

U.IJE.; AJreleL ... 
CieBaneaUe..^.. 
cautblledlter..,- 


Dusriz , 

Fr. Petrol e*_ 


Imetk J 

Jooqnee BoreL.... 

Ififu«e -—.I 

L’Onol — : ... 


Price 

Frs. 

+ or 

781 

-4 

501 . 

— 6J4 

342 

.... 

al2 

+ 1.6 

475 

+5 

573 

h— 7.1 

33 /.B| 

— 8.7 

1.B6B 

—11 

2O4.0 


810 

—16 

838.0 

-2 

33B 

-3.6 

111.5 

+ 1.6 

D3.B 

-1-8 

461 

-8 

97.5 

-2 

19J 

+6.6 


di*. rid. 

Fre. i" 


y*aau Phenl*,. 

Mlehriln ■•B” 

Mori Hennery.. 
Moulinex 

EVribas.. 


Pechlnoy 

PertMal-Bhnrd 

Peueeot-Cltroen.. 
HocWn — 


Badfo Tsohaique.1 

lied out® J 

dhons Pbuianc — 

St. Gabala, 

Skis Boarigoal— 
Soos— ... . 

Tetomeeuitqnk 

Thomson Brandt . | 
Usinor^. 



STOCKHOLM 


MILAN 


Feh.28 


Able- 



Flat 

Do. JMt...— 

Flnslder - 

Taaloement ..... 

ItaWliler 

NelManm 


56u * 

lo 

r. w 

Moiiiedloun 

155 

3 

262 . '—1 

>9- 

3/4 

OliraedTriv ...... 

820 

— 6.6 

570 ; + l 

«a 

8.4 

Pirelli & Co. 

Ikfwtelli Voate- 

2.300 
t nos 

, at 

188 ; 

7i 

3.7 

nreuii Dps*,.,-,.... 

Snim ViacnNt 

891 

4 O 

-ff 

230 -1 

14 l 6.1 





Price I + orjDIv. rw. 
Lire | — I Lina, % 


134.751— 3 JEj 
.500 '—an 


1^65 *7 


1.580 [—4 
'■ 8S.6i— 2.2K 
10.840)— 60 
130 h-3 
30.53 Of — 720) 


16o| 7.7 
ISOj 9.6 

200 ! 1.9 


1.200 y.9 


HO. 4.6 
80- 7.8 


Price | + or|DI*.iyu. 
THt. 38 1 Krone | — | Kr. % . 


AGA Ah (Kr JO) J 
Alb Laval BCEsGOf 

-1SKA (Kr-60) J 

Atlas Coja»<K: 
BilTerud ....' 

Bofo« : 

Cetdn. 

Celluloaa — 

Blert'tni 'ffl 
KricssM *B*i 
Esselto **B” 
Fagerata-..- 
(Jthugb (free) - 
Ranrlftlnhankep- 
Uarabau 
SJo Ocb Dausto. 
.S&mlctk A 
S-K.P. 'V Kb... 
Skand BawklM*.-. .j 
baUtjic 'B'Kj-n 

I IddehoTm— .... 

Vriro IKL-W )..*J 



6A 

6 

8 

6 

*68 

'4 

10 

10 

6.6 

6 

a 

8 


26 

8 

6.3 

5.03 

4^ 

a 

s 


6 


3.1 

32A 

6.0 

s.2 

9.6 

3.3 
63 
B.< 

4.4 

4.6 

3.4 

9.2 


3.5 

6.x 

I2.a 

4.3 
6.8 
6.2 

6.3 


Stotev iwu 6.UO l... a ^. J.io J3JI 

BriguU Inure UP 1.96 i+J.03*d.lfc AJJ 
h'jMAmer.OPJ 3.20 l-0.0ij.2L 

Petrobnw PP......I 3.50 1 j.lt QM 

Ptreuior.. , 2.43 U».12J.16i0jB8 
Sutua Cnu OP...., 4.85 !+0.15fJ.28 fc.41 


Buute Cnz OP.... 4.85 +0.15iJ.2e Ml 
W -■ — . .. 5.93 -0.07JJui37 
<als B ioPneePP 1.78 +a04jJ.13pB 


Vol. Cr. 1823m. Shares 57Jm. 
Source: Rio dc Janeiro SB. •; 


JOHANNESBURG 


FriK » M,NES 

Anglo American Ooriw. .. 
Orerter Consolidated .... 

Bast Orietaotrin 

Ktsbnrg 

Humour 

Kinross 

idooi 

Rngtenbnrg Phtii nm 

«t: Helena 

South Vaal 

Grid Fields SA 
Union Corporation .. J.”!i 

De Beers Deferred 

Btyrnandatcbr 

Bast Rand Pty. 


' VCUUH1 

Prerident Brand ....... 


Srtlfonrein 
WeUtom . 


— waiwu awua 

Western Deep 


AEQ 

Anglo-Amer. indnsMal li 

Bartow Rand 

CNA tovesuaentB ■ 

Currie Finance — 

De Been Industrial — ”... 
Efiaara Consolidated lor. 

Ed g ars Stores 


SA 

Federate VoQubelegglnn . 

Greatennans Stores - 

Guardian Assurance isai 

Hnietts 

LTA “ 

McCarthy Rodway “ 

NedBank _... 

OK Buaara 

Premier UflUnq 

Prerorla Cement , 

Protea HohUnga 

Mines Properflu -. 

Rembrandt Gnwp 

Retco 

Sage Holding* .... 

C. G. Smith smr ...... 

Sorec — 

SA Breweries 



fi 


; i> 

Sand 

+81^ 

4.B5 


12.80 ' 


U.<0 

-di 

s.ns . 

-88 

8.40 

-83 

iSO 

-89l>* 


*19^ 

1.58 


1358 


S 40 . 


19 80 

— 1.11 

4.70 

-hi 

5.43 


5 GO 

V 

325 


no 00 

iffi 

lfi.80 

-*■4 

12.05 

-l« , 

- 4.45 

-BA L 

445 

-ut r 

31 50 

-ia *u 

3925 

-0 3 

1335 

-tfi 

3 


3.12 

+8.R- . 

8.00 

“I» - 

315 

-Ml" 

tl.li 

* 

tO ^5 

-IB 

IS <0 

-111 

1.50 


SO JO 

-03. • 

31.SS 

+ftdS 

1.37 

+l.« 

LTO 


1J7 


2.00 

-8.* 

a.ro 


0.51 


3.15 


530 


«JB 

-B.II . 

13.75 

-IIS 

097 x« 

-Oi 

2.00 

-0.18 V 

3.00 

-8.8* si 


V‘i 


H- 


.us 
16.80 
1960 
.1.05 
S.7B 

_ 1.M 

SecndHes Rand $U^.0^2 
(Discount of 28.7%) 


Ttoer Oats and'Sat.'iSmg! 
TTrisec 



SPAIN * 

February 28 

Afllsn H 


Banco Bilbao 

Banco Allan Uco n.OOOi 

Banco Central 

Banco Exieriar 

Banco General 

Banco Granada (l.BSS) 

Banco '-Eflspaao - . . 

Banco Ini Cat. (1.000) 
b, ind. axediterranea.. 

Banco Papular 

Banco Santander <JX> 
Banco UntaUn n.ooei . 

Banco VUcaya 

Banco Zarautsano ..... 

BanJtnnkm 

Bonus Andatur+n 

Babcock Wilcox i_. 

CIC 

Dragados 

& L Aragauesas . ... 

Espanola Zinc 

Exp). Rio Thm> 

Fora ti^oov ' 

Fenora (1.000) ... 

GaL Preciados 

Uiptipo, Velazoncs («ftn 

BMrola ...... 

Ibcnluero — .... 

Inmobaiuf 

Oiarre 


8.9 


Pspuleras- Renaidas _. 

PHrnUber 

Petrnlriw 

Sarrio Papalera 

Snlercc — .... -- 

Sogefin 129 . t — - 

Telefonica (Ut ■ . 

Torraa Fostetteh U6 ■ ' 

Tptares — u . .-.Zrr 

Union Klee. fiUS + OJS 



FARMING AND RAW MATERIALS 


Coffee hits 
1 8-month 
low 

Jjr Our Commodities Staff 

FPEE futures prices moved 
irply lower on tbe London 
minal market yesterday follow: 
: an overnight fall in New 
rk., The May position -fell 
'.5 to £I.46X a tonne, the lowest 
el for IS months. 

The New York fall was attri- 
■ed to lack' of buying interest 
m American roasters. The 
ulting -fall .in- London was 
ther encouraged by “ligtrida- 
i of preyiously - purchased 
(tracts by many speculators. 

*.n Rio de Janeiro, meanwhile, 
ior CamiUo CaJazans, presi- 
.»t of the Brazilian Coffee 
titute. told .Reuter that the 
inti-y's coffee sales were going 
" y well with about 500,000 bags 
kilos each) having been 
istered for export within the 
t week. ... V 

ernor Calazahs- said Brazil's 
Tee -sales bad picked up cori- 
stably in the past 10-15 days 
I be saw no need to alter its 
■on policy. ■ 
local trade sources said, bow- 
r. that sales had been .going 
y slowly up to last Friday and 
umed a large part of last 
;k’s registrations must have 
-n made on that day and on 
. nday. . Friday's .sales included 
^50.000 bags deal with East 
■many, they added. . ■ ' _ . 


Silkin protest as French 
raise iamb import tax 


BY OUR COMMODITIES STAFF 


i 


Russia denies; 
■.ugar buying 
umours 

MOSCOW, Feb. 28. 

PORTS that' the U.S.SJR. 
ently bought between 500.000 
i lm. tonnes of sugar on the 
rid market were firmly denied 
■c. 

- 'he Prodintorg . organisation, 
ponsible for- .Soviet- sugar 
ding, said reports of big pur. 
iscs "In no way correspond to 
lity.V 

□ the past' .two -months 
idintorg had bought H a small 
mtity" of raw- sugar . on the 
rid market for refining .and 
•n resale, a statement said, 
o additional sugar purchSses 
any kind will be made,” it 
led. ■ 

>ur Commodities’ Staff writes: 
ces dipped on the London 
urcs market yesterday follbw- 
. the firm denial by Russia of 
jor purchases. Rumours that 
lla was seekicr. bids for a 
ge quantity of white sugar 
'ther depressed the market 
*. a steady trend In New York 


THE FRENCH Government has ultimately to cut down U.K. the potential trade distortions 
increased import charges on exports Into France. - , from this discr^mano|i- 

purchases of - iamb from Britain This action, which is regarded which the U.K Goveroraeifi 
lin a move which prompted Mr. in the EEC Commission in Bros- regards as totally unacceptable. I 
John Silkin, UJC Minister of sels as direct provocation in an By making life for Bnlisji 
Agriculture, to" fire off an Instant area already subject- to Jegal pro- lamb exporters- even more diffr 
protest to the EBC-' Commission ceedings under Common Market cult than at present, the Frencli 
in Brussels. • treaty rules, spurred Mr. Silkin will be aiding even further the 

the French to telegram Mr. Finn Gundelach. -Jrish sellers -who have beerf 
"thr^bold" EEC commissioner responsible running a brisk .trade In lamb, 
minimum import or tnresnoiq agriculture. since the Franco-Irish pact was 

price for: lamb goes up from 

Fra.17,50 rise of Mr. SUldn first protected to comparisons help 

8 per cenU Some Brussels on January 10 illustrate beoefits Ireland has 

expected,- but a much bigger learned that the ^ French had - d from trading mto the 

increase and radial changes in agreed to allow the Iri sh le vy- high-priced French market Last 
the scale of variable, import free access for their lamb exports. **JT P . farmers were earning 
lews appears tb-have tak® the The Commission later started “[j* for medium 
Ministry by surprise. * legal proceedings , cha rging that lflmb ^ The average price in the 

This week, ' British; lamb France U.K. was 20p a pound lower, 

exporters are having to pay favour of Ireland .and against the ■ revival of the simmering 
about 60b a kilo levy on their u - lN - . row over France's highly protec- 

'sales to France. If the new levy These increases will further ^ nB tional regime coincides 
formula, were applied ■ ^w. .the heighten - • the discrimination w j tb discussions hy the EEC Com- 
charee would be cJoter'tb 77p a against UJK. exports to France*, mission in Brussels ' to-day on 
kOo— an increase of 29 per cent. Mr. Silkin cabled yesterday. revised proposal for an overall 
The net impact will be to re- “The consequences ' will be to EEC market organisation for 
duce the price exporters will be increase the disruptive effect op mutton and Jamb, 
able to pay British farmers and the U .K. Sheepmeat sector and Officials stressed that no 
- - ' ; ; ; decisions, on a package to be pre- 

sented to the EEC Agriculture 
Ministers could be expected this 
week. And it appears that the 
suggestions from the Commission 
staff have been prepared in a 
loose form which ■ gives Mr. 
Gundelach and his 12 colleagues 
amnle room to manoeuvre. 

The main difficulty in all 
attempts to “ organise ” the lamb 
market to suit Community rules 


EEC moves to reduce 
beef, milk surpluses 


BRUSSELS. Feb. 28. 


; BY MARGARET VAN HATTEM 

RADICAL PROPOSALS aimed willing to give up milk produc- is the huge different between 
at redneing .Europe's surplus, of tion and switch to beef or crops, prices in Britain and France, the 

and another year of school milk EEC’s two leading lamb 
ting- sales of bee^So'the inter- subsidies, to include milk pro- producers. 
vStlSi cdliXes will be in- ducts such as yoghurt. There 1, 

eluded in a paokage which comes 
up for - discussion In: - the' E uro- 
pean Commission -tomorrow. But 
there are no plans for-.* 7 con- 
tinuation- of the U.K. consumer 
butter subsidy agreed last April. 

.Mr. Finn Gundelach, .Agricul- 
ture Commissioner, wants these 
ideas* Included in the* annual 
farm price review exnected to 
get trader way^sho. 

Commission approves them 


Record NZ 
apple exports 
forecast 


Financial Times Reporter 

*Sffsr<£Z THE New Zealand , Apple «m U 
Pear Marketing Board expects to 
uommtssxuu them aC least 3m. cartons of 

to-morrow, :they mayvbe pre- appjgs ^ Europe this year — 
seated to- the Cqtaal. of exceeding the previous record 
Ministers . for a . prgtainary total, of 2.9m. in 1376. 
discussion next-. Monaw- Reporting this -in London 


There is no doubt in Brussel* 
that aiming to bring all prices 
to the highest common demoni- 
nator would seriously damage 
consumption. 

Tb«s is one of the , m'aln. fears 
of tbe New Zealanders who 
. supply a- large proportion of the 
U.K. market for lamb. They are 
worried that thev will be the first 
to be. affected by cuts in con- 
and sumption. 


Variable farm 
rate cut 

discussion uou. wuuuv- reporting tms -in tjmiwiu M ~ ~ 

Measures proposed delude yesterday. Mr. NMT Guymer. the' THE AGRICULTURAL Mortgage 
increased subsidies. • thilk Board's manager for Europe, corporation announces that the 
powder fed to animate arid 1 Sbs- who has just returned from an of interest for existing 
oensida of intervention buying of extensive tour of New Zealand s quarterly reviewed, variable rate 
powdered milk during the six fruit-growing areas, said they loanswiil bereduced fromlO* 
mouths October to MSrcfi/ Since had enjoyed the best season for p<. r cent, to 91 per cent vmh 
production drops «*rply ; in years and expected to harvest effect from to-day. - 

autumn and winter. It is felt a bumper crop. Borrowers whose loans are 

that removing Intervention sup- Tbe first New Zealand coxs reviewed on a six-monthly basis 
wort during these monfos-wbuld are expected to arrive during will continue to pay the 10J per 
>n courage the use nf .milk the first week of- April with the cent rate set on December L 
Mwder for fodder, ■ ' bulk, about 250.000 cartons, com- 1977. until the next review date 

^Otber proposals in theory ing to the U.K. at about the D n June 1. Then the quarterly 
sector include a 50m. uiiit of time the ’last remaining stored and six-monthly reviewed 
account butter subsidy, contour English coxs ■ are usually variable rates will be considered 
■ ’ ~ * ^ers exhausted. . . . again. 


U.S. cut 

depresses 

copper 

. By John Edwards, 

Commodities Editor 
COFFER PRICES felt back on 
the . Loudon Metal Exchange 
yesterday following .an 
announcement by - Phelps 
Dodge, a leading producer, that 
it was cutting its U.S.- domestic 
price by 1-5 cents, to 61.50 
cents. 

>. The Phelps Dodge’ price cut 
Brings it in Hue with the 
reduction to 6L50 cents 

announced by Keniiecott over 

month ago. The failure of 
ter producers to follow 
leeott’s lead until now had 
hopes that ihe price cut 
»bt have been premature 
not truly reflecting mar- 
conditions. 

lut now that Phelps Dodge 
cut its prices too It is 
illy expected that ether 
tucers will also be forced 
move to the lower level, 
fact world “ free H market 
a in New York and London 
well below 6L50 cents, but 
move in the producer price 
Tim an important- impact on 
sttment As a result an up- 
trend in copper prices, on 
London Metal Exchange 
halted and cash wlrebars 
>d marginally lower at 
[5 a tonne, moving further 
In late kerb trading, 
ter metal markets were 
ker. notably tin where prices 
maged up sharply for the 
id day In succession. Cash 
lined £115 to £6.290 a 
nearly £100 above the 
months .quotation. Fears 
renewed scarcity of 
Hate supplies Is help- 
prices. So are rumours 
[ideal unrest in Malaysia. 



tl.S. COMMODITY POLICY 



compound tin 
confusion 


” u,ea ^ -.“l |S» 

OMM0DITY MARKET REP ^ 

. a er urr ll C thM in Ihe nwnilas Cisli wtnbartLffadHl 

,ASE METALS JiTA 5, 

ipPER— Marghwliy hMw on halMW UUm iL&Uim months XBOJjpl. Kerh! 
nc London Metal Exchange.. For wanl wirob*o>. U«m mums **■ 2“- 

il u pm m 1 at.Uw-dar’s latest !ey« ajhtomm'- Wlribars. three »"nttw W33. 
,6M and remained are and that -pricr « mj, Korh: wufoarb. ibrco 
1 nwuta M. » a. »* jT as. CS.5- 

.TUt— Flmar . ante, 

SrSt) down n USB Mm It rallied ton ifoBawad the 

Tf tnj P-m. |t+« 
onuw I — ! Lnnffv-b*! — 


•PBK 


f a.m. 

U* or 

p.m. 

f OffloW 

r- 

Cutfflda' 

1 r -- 

i £ - 

t 

: 619.8-10+6 

eiT-a 

635-3 

J+6.ft 

431-9 

! 680 

+ 61 

— 


BH-.B ; +e.s 


607-a 


’ -po.o wi-a r— Pe® 

LtheJ sa^.s M.7S 6S0.6-8 j-lJU SetMem^W 


'in’nl! 

-mr 


AILS >+aa 


|f+« 


: 9££% 


-i 


ttoiwt.i 
Standurdi 

, c«»h L 

L-Jl.ft SroonUn-J 


„„ Strdt* — 
.Veor Yorkj 


In |+m- asas-gs ! + ns 
klO ■+lM-61ttMM+B7.B 

is j+i ni - i ■■■■■• 

.75 !+i«! eaas as !+ub 

eaoo-s i+is^eiai-a ;+3» 
5875 +I7S: - j 

t»ies7 |+ u i --!• — 


► AND PRICES 

still nx pared ihe nrice to 16.185 on the 
mormng kerb. Aftcrnooo i radio* u-a? 
subdued with the price loo chi ns MJ 10 
before casinc In rinse at 16.185 on ita 
laie kerb. Tbe continued riKhtness of 
ihe nearby supply-. Miuauon caused the 
backwardaitop to widen to cuo ax one 
pohu.-alUmndi a Lack of physical follnw- 
Umnqdi narmwed the lancr 10 around 
£1M at the ctoae. Turnover 1,430 tonnes. 

Mornbur Snndsnl. rash I6JSA. 85. M, 
75. 78. three months C8J4B, 35, 30. 35. 
M. 18, 05. 10. 15. 20, 18. 05. Kerb: 
Sandard. three months 16.500. OS. 0200. 
£6,180. 85. Afternoon: Standard, three 
mablhs IS, IBS, £SJM. 10. £6.506. £6.185. 
Kerb: Standard, three monxtas 16.180. 85. 

LEAD — Marplnally higher. Forward 
maul opened at £295 and moved up to 
ISM on the pro-market followbut sub- 
stantial burins, which mar have been 
mu behalf of - producer Interests. In the 
altenHWo. however, modest profli-takloB 
ato the downturn to copper leu the prim 
atTBW on the laie kerb. Turnover MM 
tonnes. ' 


COFFEE 


Robusus dcritned dmptr as Com- 
mlsnon House, sell ins Jxtt off stop-toa 
llqmdauon in the March- and May post- 
lions. Dr et el Bombam reports. Volume 
ms improved and at times- trading was 
beetle at the market feU to new laws for 
the year. . At the. eiose valors mn, 
around, the lows after farther Commission 
House Uomditlnc. Dealers commented 
that rumours of Central American Joint 
liquMaiion in both London and New York 
mre bound to have mBucnced market 
seadmeuL 


lubber pact 

tklks accord ? ■ 

..GENEVA, Feb. 28,. 
LEAJING" NATURAL nibbcr- 
proweing and consuming 
countries meeting here are con- 
fident, that : a decision will be 
readied • to launch full-scale 
negotiations for an international 
rubber agreement. 

The EEC has told the meeting, 
convened :by the Secretariat of 
the JJN. Conference on Trale 
and : Development i UNCTAD), 
that it is ready to enter 
negotiations for an overall accord 
U.S. delegation sources . said 
tbe US. is also prepared to par- 
ticipate actively in negotiating 
a rubber pact on the assumption 
that it would not covfer the 
synthetic rubber market. 

The rubber talks, which have 
been going on for just over a 
year, are part of an “integrated 
programme" of negotiations 
being conducted under UNCTAD 
auspices. 

Reuter 


7884. nils C7T.4S. nfl5K Mute f other than 
Hybrid for «*edb®>-7836. 0 48. 0.49. 1.66 
me. mL nO. 689): MIIIU-8M4. mil 
(80 68. nlL nil. Crete Snrshmt— 

87 74. DIM (86.28. nd. Pll. 1841. AIM for 
Bonn Wheel or mtamd wheat teut nr* 
riDnr— 140.D4 I13G8Z): Ryu nuor-12183 
4119.73). 


BY DAY1D BELL 

THE RECENT flurry of interest 
in CongressiODal bearings about 
proposals to transfer 5,000 tons 
of tin from the UD. strategic 
■stockpile has underlined the con- 
fusion' that still surrounds 
American stockpile policy. 

This confusion springs from 
two distinct 'causes. The first is 
that, even though the Ford 
administration first, outlined a 
fresh approach in October, 1976, 
it took, the Carter administration 
nine months- to review it Also 
the present Administration is 
still working on its first 
materials plan — the schedule of 
targets for various commodities 
which must be approved by Con- 
gress. 

The result bas been that tbe 
markets have been waiting for 
an indication, when the Adminis- 
tration was ready to activate its 
stockpile policy. The issue over 
tin. for example, has been not 
so much whether it will be trans- 
ferred to the International Tin 
Council buffer stock but when. 

The second cause tor confusion 
is to be found .on Capitol' HilL 
Not only do the House of Repre- 
sentatives and the Senate each 
have committees responsible for 
tbe stockpile bu ("there are a num- 
ber of otber committees wbo 
also claim. some jurisdiction. 

In the case of tin the recent 
bearings were heard by a House 
stih-committee on international 
trade which was interested in the 
5,000 ton transfer because it 
supports, and watches over. U.S. 
involvement in the Tin CounciL 


There is Also another House 
committee for tbe armed services 
which has primary responsibility 
for the stockpile, for defence 
purposes. 

This committee will decide 
whether to authorise the General 
Services Administration, which' 
operates the stockpile, to sell up 
to 30.000 tons of tin on the open 
market There are also parallel 
committees in the Senate 

Slightly bewildered followers 
of this are likely to be more 
bewildered because many of the 
Congressmen and Senators in- 
volved are also proposing ■ new 
pieces of legislation te “tidy up” 
the stockpile question. Reports 
o' these emerge from Capitol Hill 
regularly. ‘ 

In fact these bills are likely 
eventually to be combined into 
a single measure that will make 
little practical difference to 
stockpile policy except that it 
wiU, probably, set up a revolv- 
ing fund which will finance 
sales and purchases for the 
stockpile. 

The Administration was 
initially . . very wary of this 
proposal, but modified versions 
of the Bill establish the fund 
for only three years which will 
probably satisfy the Administra- 
tion. No figures have yet been 
put on the size of the fund. 

Meanwhile, it seems; the tin 
affair could -be the last of its 
kind. Sometime in the next few 
weeks the Administration will 
produce Its materials plan for 
the current fiscal year and once 


WASHINGTON. Feb. 28, - 

this is- approved by Congress 
there will be no need for the 
GSA to get approval each time 
it wants to buy or sell for the 
stockpile. 

Congress is also likely to due 
course to approve both the 
transfer of the tin to tin council 
stocks and the scale of the metal 
on the market. But the time scale 
is still undecided. 

One plan, that tbe tin-surplus 
stockpile should swap the tin 
for copper of which it is very 
short, seems unlikely to come to 
fruition. Tbe Administration 
does not want to be -seen 
“trading off commodities” in 
this way. 

Other items prominent on the 
GSA’s shopping list that have 
been identified as needed for the 
strategic reserve are nickel, zinc, 
cadmium, jewel bearings, refrac- 
tory bauxite and feathers. 

Items to be disposed of in due 
course Include, apart from tin, 
silver, diamonds, gum opium, 
asbestos, antimony, bismuth and 
castnr oil. The original Fund 
plan envisaged only limited 
spending on sales and purchases 
In the first year but it is not yet 
clear If this Administration 
wants to follow its lead. 

What is clear is that inter- 
vention, when finally it comes, 
will be carried out very' care- 
fully lest it disturb the markets. 
As it presently seems unlikely 
that the new buying plan will 
be approved until the summer 
it may not be until then that 
the market starts watching very 
intently. 


‘London options 9 slur attacked 


BY OUR COMMODITIES EDITOR 


RUBBER 


COFFBE 


Vfrteniay*- ; - 

Cere +e» Jtel’ 


C per lonne : 


STEADIER opening on the London 
physical market. Fair tnteren Ummghoot 
the (Ur. closing on a ylighUr easier note. 
Lewis ami Peal reported dux die 
Malaysian godown price ms 2864 f28»> 
cents a kilo bluer March. 


Index Limited 01-351 346C. 
amont Road, London, SW10 OHS. 


May Cocoa 157&0-15SL5 


A complete commodity 
futures service 

Whether your interest lies in one or in a dozen 
of the -commodities traded on the London 
futures market the C.C.S.T. information, 
advisory and brokerage service can be tailored: 
to your needs. Up-to-the-minute prices and 
background news are constantly relayed to pur 
clients and trading advice given when required. 
For those not wishing to- make trading 
decisions themselves we operate a 
comprehensive managed account sendee. 

Full details of our range of services can be 
obtained bv contacting Mr, L. J. Clarke on 
01.-480 6841 or writing to: 

CCS.T. Commodities Ltd 

=j | Walsingham Bouse, 35 Seething Lane, 


London EC3N 4AH. 


Adi 

'■mat ha. 

tbm.Wiw 

Morning: Cub ISC. thre* mom hi 
SttZ. 45. Kerb: Three months £245. 45.5. 
Unraom: Three mouths QUA 46. 45.5. 
Ksrb: Three months 1244, 44.5. 45. 44J. 

*£eou ikr pound ' dn oremus 
inofficial doss. xiM oer otcnL 


SILVER 

Surer wax fixed fl.«5p bp ounce Maher 
hut mot delivery In the London bullion 
market yesterday, u 256.65p. UA cent 
prpilvalrniK of the fixing .- levels were: 
, Spot 4M.Sc. up 18c: -three-mmih 583c. 
tup 2.3c; rix-momh 514.3c. np l Jc; »od 
H-month 333.1c. up i-Be. The xneui- 
at 356.4-257. 4P- l4M^97|c> and 

it isu-25TIp r-ns-JWio. 


1978/3? 


1974/5 

fS year economic cyde reports Itself, watch for: 
ened Industrial Metal price*— . 

ter hmbllity in WoHd currency parities— 

toning demand for Precious Metals and Diamonds. 

rON CARDNER (COMMODITIES) LTD. 

ridn tetd, SKADK3RO, *«■ ***»-«■*»«. LONDON. 

YaAuNre SOI 2FA. 

’4 ) 24477 Triwu SUM 


If St. LONDON. 

Tel: (01 J-6U 5701 Tetae 8S3J04 


iENEVA 

II Service is our Business 
Law and Taxation. 
Mailbox, telephone and 
telex services. 
Translations and secre- 
tarial services. ■ 
Formation, domiclHation.- 
and administration ‘ Of 
Swiss and foreign .com- 
panies. , , 

1 confident and discretion 
■astern M«Mry Mridc* - 
rue I Htiwe- FMK S36W Cm*Mi _ 
Td; 38 ps «. Triexr WSO 


COURSES 


INTERNATIONAL BUSINESS 
COLLEGES LTD. 

H«rid«MiBl en un u — 1 w«w 
. Nop-nvdentitl conn*— to 4iy* 
ONS rtAOIfk/ONE STUDENT 

s««, r * 


LSAl) ! 

a.m. f o-| 
Officta' - j 

fvm. 

Unnfflcia 

,(Z 


1 t 

1 F 1 

* - 

! t 


aaj.,5 42Jft 

29S-.9 

1+2.75 

SmmiitM.. 

286-. 5 >2.5 

293-6 

;+L75 

leU'ioTai 

29531 

+23 

— 


V.Y. Spoi. 

1 - 1 

— 



Xorntag: Cash (2«U 82. to. to. 
three months £295, B4J. 95. »3-5- to 
rb: Ca*h CB3. early March £583 J. 
three months £285. 94-5. 95. to 8X5. to 
Afternoon: Cash £293,. three months 
094.73, 94J. 94. 15. Kerb: Three moaltas 
fitoS. 82. 93; 

Gained srennd." Forward 
mUeml opened firmer at £24 (Ji and 
remained steady dtrautbotn the day. 
taodfing £245.5 prior to ctoshut at C44J 
mi tbe laie kerb. Turnover £1 J75 tonnes. 


*- m - 

ZINU I OfficM 


f o«; u.*n 
— JUnnShda I — 


• If - * I 

B41.fi U}-.5 24fi-.fi 
845-25.=!+. 76j 1 45 3-6 
<423 — J | — 


Uairb JB8S-W 8 :-S2.0 IBW-WW 

Mar 1460-1482 -62-5 1$J5-]451 

lulT. .... '1*76-1381 —61.0 M54-UE3 

Sept«ntiei... - lfl8fi-li4l — 57.Dilfi85-1{38 
S mt mi«....jt5.-1MB -w.s-itts-nea 

January ;12HM27 j -65-0^350-1278 

Mareh._ '123I-.24I -85.0! ISM 

1 I ' 

Sales: 4JS7 il.41D lots. of 5. tonnes. 

ICO Indicator prices I tr Feb. 57 lU-S. 
emit per pnundi: Colombian tUld 

AraWcas m» f 195.68); mwaslajd 
AraMcas 184. tiO i samei: other mild 
AraUres 19154 iJKjII; Robnsias 17ZJM 
1173 09). Daih* average 181.65 1 18X78). 

LONDON ARAHICAS— Arab) cas were 
weak, reflecting tired loot BooidaUnn. 
Drexel Burnham reports. A.* die close 

values were np lo 66 23 lower. 

Prices— (tn order, .buyer, seller, change, 
business)— April 195-50-196.08. -5.73. 199.08- 
1W.D0; June 1 75.09- 176-50. -6.88. 178.50- 

173.00; AUK. 166^5-16X30. -6.25. 171L00- 

168-00: Od. 156 73-157 73. -X1S. T6880- 

13925: Dec. U223-1BJ0. “<-»• 151.06- 

14X38: Feb. 14OJM-UX00. -X58 nntradwl. 
Sales: 61 (38) lots ot 17.258 kites. 


Na 1 
R.S.S. 

YcnenUyt 

cteae 

Prevftw 

cue 

Burineat 

done' 

Anri) .. J <9 00 *8.50 

May ' 49.45 *8 7 

Aur-J'iri <9. 0 *9 S: 
ily-dep. 51 25 61.3 
Om-De. ! 52 85 52.70 
J to-M 54.25t4.5 
Apr-J n i 55 75 5 80 
lly^toc.' a7JB57.4 
Ost-Ots 1 s»Ii-3n.i9 

483048.85 
4898-4890 
49,10-48.15 
5098-58.90 
8295-52. Sff 
Cu.Ba6&J5 
55.&65.B5 
n5JS-5b35 
5830-58.55 

49.75-4990 
513860.75 
&5.6J- 62.10 
54.6063.50 
5690-55.50 
573047.15 
68.90-58-75 


Sales: 267 CSFM MX of la Tonnes. 
Physical dosing prices (buyers) were 
spot 47.jp i47.0i i. March 49-25P 149.01. 
April 49«5p (same). 

SOYABEAN MEAL 



lolwu'v 

Cut 

+ «* , 

Dual Bern 

Done 

April: — 

Cpennnne 

1S590-to3 

— O-BO 

Ofi. 50-04-70 


AMguOi L|itoqa-to2--o^j 


hr GRAINS 


r 

*SJ, 

+3 


MRORTID— 1 Whnnb CWRS No. 1. 
per cent.. Feb. and March £85.75 TObnry. 
Ufi. Dark Northern Spring No. X 14 per 
cent.. Feb. £8850. March £S8to tnnablp- 
mrm Bast Coast. L’_S Hard Wlmer ont 
unquoted West Ana. Fan. New South 
Wales SW area. New Swob Wain Prime 
Hard. Artsentme. Soviet- EEC feed. ESC 
mining and EEC Fan aB unquoted. 

Mai re: U .5 -/French Feb.. March 080 
tramhipmm East Coast. Somh Afrtran 
Yellow April E68.B0. Sooth Afrirxn WUte 
unonmed. Kenya Grade Three April *120 
rob. 

Barley: EEC Feed/ Canadian trammed, 

Oats — Scandinavian Feed trauated- 

WHGAT BAXLEY 

jYrstwIay’ri 4- or Yoteday 1 *) +o- 
M’ntW' cteae I — 1 rtoon ! — 


0afiO4t6J» 

October I10B.40-05.6-DJ5? tS.70fiS.6B 

Uwvnwr — .1D3J0 0 7 — 0.6»' 06fi8-05J» 
F«awrv .. ... 1 106.60-07.7 — O.BS: 08^0-06.78 

Ap ril- iH Bfio-naj-i ja: - 

- Saks: 68 US) lots Of U8 tonnes. 


SUGAR 


LONDON DAILY PRICE far raw nigir 
£188.80 i same), a tornur of for Feb., 
March shipment- While sugar daibr prira 
was fixed at £1U.00 ' £118 JO). 

Tbe market opened simply lower fal- 
lowing an announcement from. Moscow- 
that no major purchases bad been made 
toT [he USSR. The decline -«s 
aeceleraied by rumours that India lad 
invited bids tec 184.000 tons of whites 
n that by midday price* wwo wine SH 
points below overnight Lata*, 

however, hlriw overseas advices enabled 

bay tbe losses to be .recovered, C. 

. CArntkow reported.' 


slLVKK < Bn -hid ’+ or] 


per 


uzina 

|rtri 


l_ 


L.11.B. 
ctere ■ 


it or 


1 " ! ■■ ' i 

pet . W ..J Z58.65p 40.45 256. 6p 

5».mltaJ26lAJfip +0.7 : 261.D5p 

v miwdha.J Bfifi.Sp ,48.4 l — l — — 
2 mmitbmj 27 7.4 p ,+8.5 ; ~ _ ■ — — 

-LME— Turnover 1M (»D lots of 10.809 
, ounces. Morning: fbmh zsfijk three months 
bsu. U.l-2. mil Kfrh.' Three 
months 3SL3. Afternoon: Three month* 
JRJL 1J. 1-2. I.L. Kerb: Three months 
\ULU 1SL 


COCOA 

Ftrxt-hand selling aborted ooaflwed 
jpenflatJve buying with near Marrt 
wnkeniiig ftnwgft tbe dto. Gffl and 
Dttffus reported. 


[WiotiUi” 
COCOA j cure 




hn>nUH» 

Dune 


«wb 1693^-1711 -10J) ; 17M.8-16to 

1677.8-77 A {-7JM '18WLO-IM5 

io.v IW5.0-4fifi — 1-5 11*70*154* 

i**., ..15MJ-27.0 -i.nl 

j*--- _:«toaJB.8 >-8.76 jisasfi-ttM 

il*reb. ....... lWfi-5W ;-0-M ;M9aJ)7WI 

B«^-...,H , l4tt.9S8.5 U*J5 IMLUCT 


bias Cfitt (3.4ft) lots of M twnes. 
l atar naitewa l Cacau OrsanlsatlM iU3. 
per peundi— Dally price F*b. 77: 
(13B.32L indtcunr prices Feb. to 

•reran i^jo. tarfi?*; n-ao 

ti&Bl - 


1 , K— • 

Uai. 82-50 L-atf 70JZ5 !+BJ28 

Uny 84.05 + 0.10 1ZJB (+8^ 

, 82.29 r+0.35 77 JS 1+8.18 

Star. 84.7b ;+aa 79^0 ;+B.U 

Jan. * 87:39,. rOJffi BfiLfig i+SJg 

Business dene— WfaaaB Uarcb 23.70- 
K! E3. May WJ&S4.05. Sept. 82-30-89.38. 
am: fittofiOB; Jan. RWir Sales: 
7T. Bartay: Uarcb ro.«-7|L15. Mar !*J3- 
Rl». Sept. 77 j8-77fi5, Nov. 69.18-79^8. 
Jan. 63.45. Sales: T4. 

LONDON FUTURES (GAFTA)— Tba 
martet opened irmtiwigii to 15 
wl:l) scads’ bnrt.ni mures: from com- 
mercial sources, fx-euz vataes up . id 50 
higher on old crop wheat where bond 
lubber selling appeared. Little mopart 
was seen from ibe phrsttal marism and 
values remained on the defensive Mr the 
rest of the session and dosed easier 
between S lower and io higher. GW 
orop barley saw good abort-covering in- 
terest and the - market dosed steady 
between higher despite hedge 

interest in the s pot month. New cross 

fMQCj $ 0 Qg ypffil^ill T fnmjiw rta! bujUlg 

a wheat ten hedge fauarw^ kept a cheek 
m values which doted steady around 
29 higher. New crop barley saw good 
unJai chon-covering intaresr bo: steady 
hedge and Continental sdUng f oread 
values back to only 18 higher hy the 
dose. Ac# reported- 

HGCA-Ex4*na spot price* Feb. to 
Feed wheat: flnmtamMe CTto Gkn- 
CMJCT CtSB. Feed barley: fl imibwsklc 
ttnge. Cbwetur OBiea. 

L.K- mamvary coHBnns far weric from 
March Is expected to lae reare to LSto - 

see (M«wTL£vtES— eerctmrefiaj 
In order retiKW pteS AprH. M ay 
and Jane, w emirate ett nehw to 
brseken. to units of accent per tone. 
Cwmt Wiwaa-to to L57. Sfir. up 
in .ao, mi. nd. i«K Pm ua a ret u rn 
U6.te. 746l, ten. MK. (TMAX. oB. ML 

U.W: 7488, L4& L«, I.48 0TJL 

uL ML 1_145. 

B reter - BU 7. Mto AM, boo; dab— 


• taniar • " 

Ptol. llen'Kbj'i 


fionneM 

fomro. CHora 
Uenn. V 

Ck*a_ 

Done 


THE LONDON Metal Exchange 
is becoming increasingly worried 
at the harm done to Its reputa- 
tion by the misuse of the term 
“London options.” 

In a special statement issued 
yesterday to coincide with the 
hearings in Washington on the 
proposed ban on sales of com- 
modity options in the U.S.. the 
Exchange Board chairman and 
vice-chairman say they support 
the efforts of the Commondity 
Futures Trading Commission to 
eliminate the fraudulent sale' of 
options. 


Lamb: English small 50.9 to 58.0. 
medium 49.6 -io 65.0. heavy 48.8 to 48.8: 
Scottish medium 49.0 to 55.6. heavy 40.6 
to 48.0. Imparted frozen: NZ PL new 
seam a 45.0 to 46.8, P14 new season 44.8 
to 45.6. 

Pork: English, under 100 lbs 38.9 to 
44.0. 100-120 ]bs 38.8 to 42.8. 09-160 Ow 
36.0 to 42.6. 

Hares: English large (each). 18818 to 
tMl.O. 

COVENT GARDEN— Prices tn sterling 
per package except where otherwise 
stated. Imported Produce: Oranges— 
Spanla: Navels 3.N 420. Bloods 3JH) 3.40; 
Jaffa: 3.65 4.00: Cyprus Ovals approxi- 
mately 60 kites 54/88s L80 3.30, 20. kfin 
3-20 3.60: Egyptian: Boladl 2.40 2A0: 
Moroccan: 2fi0 2.78. Lemons— Italian: 
106 ' 120 3.00 3.20; Cyprus: 150 3.00: 
Spanla: 3.06 3-38. Grapefruit— Cyprus: 15 
kites 2.40 3.60, 29 kUos 2-60 3.60: Jaffa: 
20 kites 2.88 3.78. Suisumas— Spanla: 
3-30 3.40. ■ Man d a ri ns- Spanla: 2.08. 

Apples — French: 40 lbs Granny Smith 
Category l 5.6P 6fi0- Category D 4.60 fi.60. 
Golden Delicious 4.80 5.60. 20 lbs T2/100 
Red Delicious 2X0, Si ark Crimson 2fi0 
3 15: Milt pack, per lb Golden Delirious 
0.10 0.13. Granny Smith 0.11 0.13; Dalian: 
Per lb Rome Beauty 0.13. Gw den 
Veh&am 0.U 0221: US: Red DeUciWjS 
8.50 9fi0: Oregon: Newtown* 8-00: Wash- 
ington: Golden Delicious 7.68: Eastern 
States: 8.60 8-40; Hnranrlan: Red 

■Delirious 7.00: Danish: Spartans 0.11. 
Pears— Italian: Per lb Passacraraane 
9.15 0.13: SomhAlrican: WTOiam* Bon 
Chretien 6.00. Benrre Hardy 6.00. Pto wo-; 
South African: Gaviotas Otol-.fiJL Red 
Ace 051 055. Kelsey 040. 

Caltfomlan: Red Emperor per lb 058. 
fjPHU-rWE— j in 1 * * MT1 - Per Id Ij. 13. 
Tematoc*— Per 0 kite.. Canary: L50 2JB0. 
Ha Ions— Chilean: Green «J». white 7J»: 
Sooth African: 5.M; Colombian: ■ 5-to 
Cocumbars— Canary: LOO 150- CMI- 
flowero-rJersey: 650: FreMi: _ 6-80. 

Potatoes— Canary: 25 kUos 550: Cyprus 
350. Celery — Spanish: 18/388 458 450. 
Capsicums— Kenya: Par- lb 050: Canary: 
055: Ethiopian; 050. rest* ns— South 
African: 21/24* 2.40 256. G ra p es S outh 
African: Ben Hamah 6.00. Altflome 
LavaUee 650. Waltham Cron 7.00. 
onions— Spanish: 250: Dutch: 150: Polish: 
146 156. Straw harries — Calif ornf an : 

Appmimalely 12 os per punnet 0-90: 
Israeli: Approximately 8 OS 056. 

Ensltsh Prndncp— PMalees— Per 66 Du. 
Whites /Reds 150 LfiO- Lettuce— Per 12. 
Indoor 150 LTD. Cabbage— Per i bag 

Primo 0.60. Beetroot— Per 38 lbs 056. 

Carrots— Per bag 28 lbs 050 150. Onions 
—Per 56 lbs 6.60 150. Sw edes — P er bag. 
Yorkshire 856. Devon 850. Apples— P er 
n>. Cox's 642 052, Bramley 651-6.18, 
Spartans 652. Edward VD 05A fun — 
Per lb. Conference 0.12 6.16. Cornice 058 
052. Sprouts— Per lb 0.05 857- Pirates— 
Per S lbs 856 LOO. Turnips— Per 28 -lbs 
050 358. Rhubarb— Per lb 052- Cncum- 
beira— Per tray 12/21* 2.60 850. Mwh- 
-Per lb 0.40 BfiS. 


All members of tie Exchange 
had been asked to exercise the 
greatest discrimination when 
deciding on possible option busi- 
ness with companies based in the 
UJS. to ensure as far as possible 
that the contracting party can be 
classified as either trade or com- 
merce. 

They were prepared to con- 
tinue such co-operation, and wel- 
comed the fact that trading in 
options for normal commercial 
business would continue un- 
restricted. even if tbe Commis- 
sion proposal to ban option sales 
was endorsed. 

However, the- statement points 


PRICE CHANGES 

Price* dm tonne unless othorwun- 
st* red- 


out that it is all too clear that 
in many- cases U.S. operators 
have sold option contracts tn the 
U.S. which they have not bought 
in London. 

In such cases it was perfectly 
plain that the London markets 
were totally unconnected with 
such fraudulent activities'. Never- 
theless, -members of the- LME 
axe concerned by the occasional 
inference that they are impli- 
cated. 

At tbe same time, the state- 
ment adds, it is not possible for 
LME members to control, or even 
to know, the prices at which 
options are being sold In tbe U.S. 


Jtaiai* 

Aluminium 

Frw Market {ebu 
CoppercMbW. Bata] 

A m ytfha 


CM Gfttbofc l£607.S 


A months da dn— 

Gold Troy at. 

Lead Cash. 


5 montha....... 

Nickel . 


F£.J!S| 4-w 
1978 


£680 

SjoO-68 

£6175 


, —1-28] 
da da {£6315 (—15 


<£62155 
S 162.628 
£293.25 
£293 8 

5L84-.02I 


—25 
-1-toJ 
+ L5 
[+2.75 
+ 1.76 


Free Manet (ef>% 

Putinmn troy o*.- (£1064 — 14J2] 

Free Karikec- Slia.Ofi+2.0 

QaicksU verfTBlIx.). |S123 28{_ 

driver Tray oz ' 

A months— 

Tin Gash 

A month 


+D.4H 

+0.7 
+ 118 

. . ]+58 

WolframHLOtbL tell [5 139-461 

Zinc cash (C243.25J+35 

Amomha 
Prodnnera 


jo6.6G 

1261.03, 

(£6.290 

£6.195 


.to246.7rt+6.0 


Oils 

Looonot {Ph'O 

GroondDtn 

Linaeed Orade(» ..! 
Prim Malayan 

Copra Philip 
Soyabean (u5L)..- 

Grains 

Barley JBUBO— 
Home Fotareo... 
Maize 


» 330 

.59257 

£601 

4295 

i8312z 


Frenab Nad Ami 
Wbaat 
Na 1 Bed Spriiu 
No 2. Hard Winter 
Kn^iun Muook, 
Cocoa Shipment—. 

Furore i£*y 

CnITee rutore-... 
~\*y. 


Vatina 'A' latex... 
Jute 15 ABC— 

Rubber tllo 

ot«U £ HAJL 

Sugar (K«w).— „...| 
Wonjtggs h4i kUn_ 


(-7.8 


1 - 2.0 
4-0] 


1412.: 

5244,: 


£70515 

£ 100 * 

£85.73- 

> 

C94» 
-1.847 5| 
< 1677.25| 

.1.481 
67.19c 
.457 
475p 
4520 40] 
£lc6 
Z71p 


Mootb- 

•go 


£690 

6965 

£035.5 

£647 

£624 

£636-75 

lfb.B7E 

£i23 

£328.75 


1LB5-.05 
£B6 
£ 111.2 
f 130 
i=3.6p 

z67.5p 
£o.57S 
£0.2225 
155-SI 
£258.26 
£262 Jtb 


#600 


58—2.5 
8.- -2-0 


+051 


3-7&I 


3560 

£619 

8*63 

6495 


5385 

#238.4 


£73.6 


£97.5 

84.5 


£94.5" 

[—7.5 I&1.5S9 
-7.5 cl. 478.7 


+ 0.1 


+ 0.6 

+"£o 


cl. 749 

|46.5 

*525-45 

.111 

£67p 


WommaJ. l UnouiKed. a Seilerig auatz 
doa e Cents a pound, v t£x->anfc Loodua 
ML e AprB. ■ Febt-Much. t March 
AdtO. n FstL-AprlL u March, y ADril- 
Uu. r May. ita in., 


WOOL FUTURES 


INDICES 


(Pence per KDoS 


a ym tonne 
atoy *112 10-12. WjTlMSS- 15.48 113.15 11 25 

— ,*~dmv rui.naai.van. .ass 

Aa*. 

DCL __ 

u^rh' : t27 M 27 7A Ii750-a7.»ji27ifl^6 50 
iuJ . . :i=S 58- Bfl.flol 129.76-2855:129 6341.73 
A^”.; 132.00 MJi] ~ |132.0tli150 

Sates: 3.527 (2519) tote of ffl tonnes. 
Tire and Lyle ei- refinery srtee for 
graanlatcd baate white • sugar w*s £242.49 
i cantf i a to nne fo r heme mute and £171 
(same) for export „ 

EEC IMPORT. LEVIES — Effecthre to-day 
lor denatured and notHtenataraT sugar 
In units of aernunr. per 108 kfins forevton 
to brackets'- Whites 14.62 (24503. Rmc 
2059 IHune:. 

MEAT/VEOETABLES 


Awtnliaa lXeaterd*y|+ _ 
flctHsvWnbif Owe. 1 — I Xtene 


llaiuh IZ28.D.2B-0 

May- 2J45fitB 

July. 2S4JL59.0 1+1-58] — 

U+nher 2385-42.0 

De -ember ... 2415 <4.9 

March .7465-48,0 

llav 1248.9-485 +1 

July.— ,..—.246.0-40.0 '+1501 


+1J 


Sales: KB) tats of LHO bteL 
SYDNEY CREASY (to order buyer, 
seller, borinesa, sales). Micron Cntrncu 
Uarcb 338 J. mi. 3385338.8: May 548.1. 
243.7. 34353435: Jnbr 3485. 805. 305- 
3485: OcL ■- 3SL7, 332.B, 38154515: Dto 
S88.B. 3585. 3585-368.8; Uarcb 3615. 382.0. 

May 3445. 3655. 38554655; Jnly 
3665. 3675, 36654665. . Saks: VS. : 


HEAT COMM ISSIOII— Average tetsnek r/VpTnltf 
prt«s _ at _ remraeBtadva^ markets ^on VvJlAUIV 


Feb 38. GB cattle 8354p per kg. Lw. 
(-8 80): U.K. aheep 130.7b per kg. esL 
icTw, (-2.6): GB Pin 8L5P per kg. 
Lw {-Dll. 

England aad Whies— Cattle numbers ns 
■73 per cem-> avenge price fi45flp 
7-oCi: Sbcra numbers np 115 per ceni., 
■wane price 13B.7p (-3-8); Pw numbers 
op 19.9 per asoL, average price Blip 

' Moriand— Cattle numbers Bp 9.7 per 
wo:., average price «3Jap (-8.571! Shew 
d umbers (town to* per cent., average 
ortev 12S.1P i-35>: Fig numbers down 
5t.7. per c«t,- average Price lL8p 

1 "sM iTHFIdJ* (pence per p®nud)— Rd: 
Snr'isb WBefi rides 885 to 539! Ulster 
h^wiaaartfro 819 to 81.8. foreepurtero 4*9 
m 439: Undanamrs too to fiz.fi. 

{areonaners 409 to 429. 

Veal: Dateb fatods and ends 925 u 

lfil.8. 


COTTON— Uverpenl— Spot and tfclpment 
sates unnmnd to 3BB • unmet, bringing 
tbe total for tbe week so tor te Ml 
tonnes. Farther asefto operations were 
under review wttbott the turnover reach- 
ing large dimensions. Interest ranged 
over mnnerom American- type varieties. 
F. w. Tattemn reports. 


FINANCIAL TIMES 

Foil iB| Feu. &7jMreub a^ol Xeu nef> 


284.08 ! 

425.22 i 

226.41 

27B.31 

<BtSC: (uly L 1932=190) 

REUTER’S 

26| 

27 

MunUi tfjcoj 

Yearagi 

1384 J I 

13789 

1401.4 | 

1680.4 


DOW JONES 


Dow 

Joan 

trw». 

a 

FHi. 

27 

Munth 
MtO | 

T75T 

*go 

3pOC„ 

RatartH 

350.46 

330.76 

350.72 

533.27 

3474SK 

5S0J28| 

416 m 
405.42 


(Avenge U24-2S38=U»> 

MOODY’S 


Moudy’a | 

ire . 
SB 

27 


Tltm 

«n 


■‘ptfi Cknrtmtv] 

— 

089.8 

099.2 

-28.5 


U.S. Markets 


U.K. TIMBER 
IMPORTS RECORD 

UJK. IMPORTS of timber and 
timber products rose to a record 
£2J40m_ in 1977— £1 86m. up on 
1976— according to figures com- 
piled by tbe Timber Growers’ 
Organisation. 


LONDON PALM OIL-Uarch 2 KO.OO- 
315.86. April 297.W-312.00, May 290.0» 
90690, Jane 2779948558, Jnly 273.00- 
288.00, Am, Sept.. OCL, NOV. 2639M72.BB. 


GRIMSBY FISH— Supply fair, AffiP»«u 
moderate (prices at riUp’s aide. unproces- 
sed per none): Shelf end £3JBfi«3fl: 
codlings £256-5356: base haddock fx» 
*4Jto medlnta £3.00-050: sun t??n . 
£2.70: bat small plaice £258: sahhe 
JCL78. 


Gold and 
silver rise; 
sugar falls 

NEW YORK. Feb. 28. 
GOLD CLO SED sharply higher od specif* 
lative buying and short-covering In anticL 
ration of large January trade deficit. 
Silver fi n i sh ed slightly higher despite cop. 
tinned Commission 'House selling pressure 
.during the session. Sugar dosed lower 
in nervous trading prior .Lo March ex- 
piration. Coffee finished tourer on 
rumours of changes la B1 Salvador coffee 
policy makers* denials received,- Bacba 
reported. 

Cocoa — March 145.85 (148.581, May 

13530 (138.101. Jnly 13130. SepL 128.85. 
Dec. 135.90. March 13350, May 13295, 
July 120.50. Sales: 9S5. 

Csffee-" C" Contract: March 179.70 
1183.00), May 1S9.25-159.70 (162.88). July 
14835-146.75, Sept. 143.00, Dec. 130.00- 
13035. March 12890-127.00, May 12250. 
July 120.86. Sales: 1365. 

Copper— March 5550 ( 55.40). AprO 

5890 (56.00). May 56.50. July. 5750. Sept. 
5850, Dec. 60.60. Jan. 8050. March 81.60, 
May 6350, July 8354. Sept. 8450. Dec. 
6690, Jan. 88.50. Sates: 3,050. 

Cotton— No. 2: March 5539 (55.18), May 
56.95-57.00 ( 58.83). July 58.00-56.10, OcL 
593559.30. Dee. 59.60-58.65. March 80.80- 
6895. May 81.00-6130, July 819042.M. 
Sales: 221,000 bales. 

* Go Id— March 18330 (18L40), AprO 

18490 (182.78). May 185.70. June 187.10. 
Ant 189.7a, OCL 19330. Dec. 195.00, Feb. 
19790. April 30090. June 20390. Aug. 
20890. OcL 29990. Dec. 21250. Sales: 
6540. 

tLpnl— Chicago loose 22.00 (2150). 

New York prime steam unavailable 
(2390). 

ZMalza— March 224+2344 (225). May 

2384-3384 (229). July 228+2285. S4pL 2251. 
Dec. 2374. March 2354. 

f platinum— April 230. 00-23 0. 40 (230.10), 
July 334.00-33496 <234.181. OcL 238.20- 
238.40. Jan. 24398, April 24636-248.40, July 
£5030450,48. Sales: IJSL 
S Stiver — March 49590 (4M.401, April 

48998 (498.381. May 503.80. July 510.10, 
Sept. 517.50. Dec. 529.00. Jan. 53398, 
March 54030. May 5to90. Jnly 558.80. 
Sent. 5(090, Dec. 57530. Jan. 57990. 
Sates: 8300. Handy and Harman spot 
49690 (46490). 

Soyabean*— March 581-580} '57911. May 
5804-5904 (5884). July 595VS95). Aug. 508- 
595>. Sent SM4-588. Nov. 582W33. Jan. 
589. March 5064. 

USoyabean -Meal— March 149-10-148 SB 
'150.881, May 154.1 0-154 J20' (155.10). July 
157 JM. Ang. 15830. Sept. 15796-158 00, 
OCI. 15730. Dec. 15830- 159.00, Jan. .16098- 
188.10, March 18236-I83.D0. 

Soyabean Oil — March 22.35 (21,80). May 
22.35 01.73). July 21.95-21 .83. AOg. 2190- 
21.70, Sept. 21J3-3S90, .Ort. 3095. Dec. 
3096-20.75. Jan. 2175. March 20.75-2090. 

Sonar— No. 11; March 8.404.48 (833), 
May 9.75-8.79 (8,00). July 9999.04. Sept. 
938990. OCt 9.42-0.43. Jan. 8.70-18.00, 
March 10.15-18.14. Hay 1033, July 1036- 
1032. Sales; 4.45ft 

Tto— DnavafiaWe (5C.oo-5M.TO asked): 
"Whent-Mareh 2321-253'. (8H>. May 
5604-361 (281),. July 3 63 1- 254, Sept, 287}, 
Dee. 274|, March 2811. . . 

WINNIPEG, Ftt. 28. TtfiFfi-Mv 10790 
( 106 . 10 ). July 104.40 bid (183-00). Oct. 
lto.fi), Nov. 10690. 

ttDpte-M«y 76.70 Wd (7690), July 7390 
HOTS. (7390), Oct- 7298 noth. 

ttRartty-May 7834) (78,68). July .7738 
asked (77.90). Oct 7730 bid. 

BFIrasiad— May 216.60 (218.50). Juhr 
219.88 122030), OCL 22390 asked. N&V. 
225.00. ' 

iTWheat— SCWRS 133 per cenl.'pfr-urta 
content, of Si. Lawrence 14098 1 149.71). 

<f> Estimated for 31 weeks. * Included 
ms Jin- receipts and £20. 7m reppyntrnts 
at Index-United issues to dale this year, 
and £135 Jm. rtwiplg and £8 4m. reniy- 
tneou for atmjlar period las year, 
tfi Includes £33 9m. receipts and io 5m, 
repayments on Utdesc-Unked Issue to dart 
tills sear, and 58.7m. receipts and nfl 
repayments Tor similar oeriod last year, 
r includes 04- 8m'. increase on Retirement 
Certs. 4 tinrlndes £3Jm. lntex.Unkad 
Increase on Retirement Com. 2 Incindee 
bonds paid off on matnrtty (Xie.im ro 
date this year and £279m. for sanw 
period test year). 





Tentative rally falters as buyers remain hesitant 

First rise in 7 trading days leaves index 1.6 up at 443.4 


FINANCIAL TIMES STOCK INDICES 

— — rrrtT'i Vrt.'T WST i rrt. | T-WbTTSa: 

ST | 2* 


QommmeotS^v.r: 74.41; 74.8^ 74.71; 75.09 

P,«rtlnrri«t, 77.61; 77.64 TT.Sk 77.57 

loduan.KMkwyJ *•**. 441 Jj 444-» 445.5[ 

Gobi Hines -• «a.» «*•*? 1HA 

Unt. Dir. Yield — ' *-° 2 ' ®- ooi 


74.75 74Jlf. 


■8li 77^4 & 
®-9 1 


»7.9 iaa».:^ 


Account Dealing Dates 
Option 

’First Declare- Last Account 
Dealings turns Dealings Day 
Jan. 30 Ffeb. 9 Feb. 10 Feb. 21 
Feb. 13 Feb. 23 Feb. 24 Mar. 7 
Feb. 2.7 Mar. 9 Mar. 10 Mar. 21 

* " New time " dealings may tslte place 
From 9-30 un. two business days earlier. 

Account Dealing Dates 

Slock markets attempted to 
rally yesterday after recent weak- 
ness. but buyers of equities 
showed no great enthusiasm and 
prices generally closed below the 
day’s, best The firmer tone in 
British Funds was also looking 
fragile by the end of the day with 
gains to £ in the longs being 
pared to J, while short-dated 
stocks finished narrowly mixed: 
the latter arc awaiting to-morrow's 
o[>enlu" of application lists for 
the new Exchequer S} per cent. 
1993 tap stock. 

As men.-mred by official mark- 
ings of 4.71)3 against the previous 
day's 5.942, trade was generally 
thin while confidence was nol 
helped by the threatened engin- 
eering strike and the day-long un- 
certainty about the outcome of 
Ihe rail talks. Leading equities 
generally closed a shade better, 
but EMI eased 4 to 161 p ahead of 
to-morrow's interim statement and 
BP. already dull, turned weaker 
in ihc late trade to close 22 down 
at 72 Up on uncertainly generated 
by the suspension of irade in 
New York in Sohio shares. The 
FT 30-share index fluctuated nar- 
rowly and, after being four points 
up at the day's best at 1 p fri- 
ended at 443.4 for a net gain of 
only 1.6: over the six previous 
business days, the Index bad lost 
17.5. 

Second-line stocks made a bet- 
ter showing, rises outnumbering 
falls, by five-to-two, in all FT- 
quoted equities for the first time 
in eleven trading days. Fairly 
widespread small gains were re- 
corded in the FT-Actuaries in- 
dices with Insurance Brokers mak- 
ing the best showing, up nearly 
4 per cent, on the better-than- 
expected results from Sedgwick 
Forbes. Interest in takeover stocks 
was fanned by two fresh, bids 
yesterday which produced useful 
gains in the recipients, Bury 
Masco and Hamilborne. 


in the railwaymans' dispute and- 
also publication- of the latest 
NESSR review. 

Less business was transacted in 
investment currency but orders 
throughout, generally from Insti- 
tutional ‘ sources, were well 
matched with the result that rates 
fluctuated only narrowly. At the 
dose the premium was i- easier 
on balance at 871 per ceoL 
Yesterday's SJE. conversion 
factor was 0.7131 (0.72157. 


Funds quiet 

British Funds of a longer 
maturity regained part of 
Monday's losses as buyers became 
a little more confident and sellers 
more reticent. Much of the day's 
business was effected in the first 
hour of trading during which 
quotations recovered as much as 
?. but they subsequently drifted 
away from the highest to close a 
maximum of ? better. Shorter 
issues also began firmly bur, >n 
the absence of any worthwhile 
interest, drifted a shade lower tq 
end on a mixed note. Dealings 
after the official close were 
dampened awaiting developments 


NatWest firm • 

■ Despite the beWer-than- 
expected preliminary profits from 
NatWest. 8 better at Z62p. the 
volume of trade in the major 
clearers remained small. Barclays 
ra.~e 6 to '302p, while Lloyds and 
Midland ended 4 dearer at 247p 
and 332p respectively and Bank 
of Scotland closed 7 to the good 
at 282p. Elsewhere, Merchant 
Banks were easier in places with 
Arbnthnot Latham 5 off at loop 
in a thin market and G. R. Dawes 
a similar amount lower at 62p. 
Hire Purchases plotted an 
irregular course u-lih Wagon 
Finance closing 3 higher at 82p 
and Sterling Credit 4 down at 
36p. 

Lloyds Brokers look a distinct 
turn for the better in response 
to the much be tter-th an -expected 
annual earnings reported by 
Sedgwick Forbes which rose 20 
to 340p; sympathetic gain-, of 
around 10 were seen in C E. 
Heath, 2BSp, and Wlills Faber, 
273p. . while Mine! added S al 
17Up, Matthews Wrightson 7 to 
210p and Alexander Howdcn B to 
I57p. Comment on Monday’s 
excellent fourth-quarter figures 
helped Commercial Union 
improve 2 more to 145p - among 
Compos te Insurances: General 
Accident closed a similar amount 
dearer at 20Sp in front of to-day's 
preliminary results. 

Breweries attracted a reason- 
able business and closed firmly. 
Davenports* featured with a rise 
of B to 9ap on revived bid specu- 
lation, while Allied. 79p, and Whit- 
bread A, S4p. put on a penny 
apiece. Elsewhere. Geo. Sandeman 
hardened 3 to GOp and A. Bell 
4 to 200p. 

Buildings picked up in places 
and closed with mixed movements 
on balance. Taylor Woodrow 
rallied 6 to 352p. while Richard 
Costain improved 4 to 244p and 
G. H. Downing 5 to 205p. AP 
Cement and London Brick ended 
a penny dearer at 229p and 64p 
respectively. Phoenix Timber, 
however, shed 6 to 146p and 
Ibstock Johnsen ‘relinquished 3 to 
125p; the latter's preliminary 
results are due on March 20. 

Among quietly firm Chemicals. 
IC1 edged forward a penny to 
330p. after -333p. while Fisa ns 
improved 2 further to 360p ahead 
of next Monday's annual results. 

Jas. Walker better 

Stores moved quietly forward 
with the general trend. Jewellery 
issues rallied with James Walker 


-leading the movement at 73p. up 
9. EL Samuel A recovered 3 to 
240p and Ratners were 2 dearer- 
at S9p, after 90p. Reflecting the 
return to profitability in tbe first 
half, Rosgill hardened a penny to 
I2p, while Improvements of 3 and 
4 respectively were seen in Lee 
Cooper, I08p, and NSS News- 
agents, I04p. 

EMI met with occasional nervous 
offerings ahead of * to-morrow's 
interim results and gave up 4 to 
161 p, but other Electrical leaders 
made a' quietly firm showing. 
Thorn edged up 6 to 346p, GEC 
improved 2 to 245p and Hessey 
were a penny firmer at 90p- 
Secondary issues, however, 
finished with mixed movements. 


lowing news of the German acqui- 
sition. J. Sainsbury edged forward 
S to lfifip, while Tate and Lyle, 
192 p, and J. B. Eastwood. Sap. put 
on 2 apiece. Supermarkets had 
HQbirds 5 better at 180p and 
Wheatsbeaf Distribution 9 higher 
at I27p. 

. Hotels and Caterers rarely 
moved from the overnight levels. 
Mount Charlotte Investments 
closed a penny harder at 1'lP- 
after 18 p. reflecting the improved 
earnings. 

Bury & Masco up on bid 

Secondary issues provided the 
focal points among miscellaneous 
industrials. Bury and Masco 
jumped 17 to 97p, after 9Sp. in 


Property 


F.T.- ACTUARIES INDEX 


affected by tbe Curzon industrial 
Finance disposal of all its 20 per 
cent, shareholding. Elsewhere 
Lucas Industries stood out with 
a fall of 4 to 24 5p. 

Still reflecting the week-end 
comment on potential North Sea 
oil revenue, Thomson gave up 5 
more at I8Zp as did Daffy flafi A 
at 273p. Elsewhere, Olives Paper 
Mlfi hardened a penny to 29p in 
front of to-day's results. 

Properties were highlighted by 
a jump oF 17 to IQ4p in Properry 
Investment and Finance on news 
that Castlemere Properties had 
acquired British Land's IBS per 
cent, holding in PIF and intends 
to procure an offer for the out- 
standing Ordinary shares: the 6 
per cent. PIF 1991-96 Convertible 
advanced 21 points to £82 
Regional issues were also out- 
standing following the announce- 
ment that Friendi. Provident had 
agreed to buy a 299 per cent, 
stake in. the company, the 
Ordinary rising 12 to 87 p, after 
93p, and tbe “ A " fii to 70p. after 
73 p. Scanered demand developed 
for MEPC. 117p. and Land Securi- 
ties. 2Q5p. both of which improved 
a few pence. Stock Conversion 
found support at 236p. up 4. along 
with HasTemere. 5 to the good at 
224p. while Slough firmed 3 to 
112p and Berkeley Hambro 2 to 
HOP. 


JUN JUL AUG SEP OCT NOV DEC JAN FEB 


Farnell found support at 190p, up 
4, while Racai were also wanted 
and improved to 208p before re- 
acting to close only 2 better on 
balance at 200p. On the other 
hand, Louis Newmark fell 10 to 
160p in a limited market along 
with G. EL Scholes which lost 5 to 
270p. 

Leading engineerings took a 
turn for the better. Tubes 
improved 6 to 374p and Vickers 3 
to 180p, while GKN were 5 dearer 
at 27 Ip. Elsewhere, company 
trading statements . - prompted 
several noteworthy movements. 
Manganese Bronze fell 5 to 74p on 
the second-half profits warning 
and Raise Engineering dipped 2 
to 11 fp after the sharp interim 
profits setback. By way of con- 
trast, favourable results left 
Metal rax 2 higher at 35p. Wood- 
house and Rixon gained 21 to 32p 
following the preliminary figures 
and statement on current trading. 
Buying interest revived in Weir 
Group, 5 to the good at 112p, but 
Tex Abrasives, a recent specula- 
tive favourite, reacted that amount 
to 63p. P. Brotherhood finned 4 
to 117p. 

Foods spent a quiet session. J. 
Bfbhy, at 190p, recouped 8 of the 
recent sharp fall and gains of 5 
were seen in Bluebird Confec- 
tionery, I45p, and Associated 
Dairies, 213p. Associated Biscuit 
were also better at 74p, up 4 fol- 


reply to the bid worth around 
101 p per-share from Sea pa Group, 
4} lower at 94$p. Hamilborne 
moved up 5 to 48p to match the 
terms Offered by Ferguson Securi- 
ties, while Stocklake added 8 to 
86p In. response to investment 
comment. Waterford Glass 
hardened 2 to 44p following the 
results =in’d Granada A were 3 
dearer at 87p after the chairman’s 
optimistic 1 statement Powell 
Dnffryn put on 6 to loop and 
Amalgamated Metal added 5 to 
290p. Redfeam National Glass, 
however, shed 8 to 265n as hid 
hones faded and Sale Tibiey relin- 
quished 6 to T92p. With the ex- 
ception of Turner and Newall, 
which cheapened 3 to 190 ahead 
of to-morrow's preliminary re- 
sults. the leaders closed a shade 
firmer on balance. Comment on 
its Canadian subsidiary's figures 
and the' Board's proposed mea- 
sures to eliminate problems in 
that area helped Reed Inter- 
national close a penny up at HOp, 
after .lt3p. 

Appleyard came to the Fore in 
Motors and Distributors, closing 
5 bettor at 77p on the dividend 
and profits forecast which accom- 
panied news of several acquisi- 
tions. Kwfk-Ht returned to favour 
with a rise of 3 to 52}p, while 
Reliant finished a shade better 
at 6p and Brown Bros, a penny 
harder at 23p. H. Young remained' 
at 38}p: sentiment was not 


BP down late 

British Petrol emu were unsettled 
late and fell 23 to 726p because 
of an openine delav hr Sohio 
trading on Wall Street which 
annarently stemmed from - publi- 
cation of an analytical survey of 
the latter enmoany. Shell held up 
well throughout before turning 
easier after hours in sympathy 
with BP and closed 6 cheaper at 
490p. North Sea issues continu'd 
to- reflect recent Press doubts 
about potential benefits from the 
area. I-asmo eased 2 further to 
138p and the “Ops" gave np 9 
more at 29<tn. 

Still reflecting comnensarion 
hopes. Jamaica Sugar moved un 
3} to 17ip for a two-day ealn of 
S. James Finlay, at 2 ood. 
regained 5 of the previous d3v’«i 
loss of 13. while Booker Me- 
Connell improved 4 to i97o. 

Investment Tru«ts had a firmer 
inclination. Jardhte Securities 
closed 2 better at 87p on the 
interim figures, while Inter- 
national Pariffc Securities. 1M|>. 
and International Investment. 
Trust Jersey. IROp. nut on 3 arid 
4 resnectivelv. Fashion and 
General, at ]i8p. recouped 3 of 
the previous dav's reaction of in 
in' a little-changed Financial 
sector. Gams of 2 were seen In 
El Oro. 54 d. and Exploration. 
24p. but Smith Bros, finished a 
penny easier, at 53p: the 
Monopolies Commission has 
given . the go-ahead for the pro- 
posed tnereer with Fellotv stock- 
jobbers Bisgond Bishop. 

Shippings were qu'et and littie 
changed. P and O Deferred 
closing unaltered at 96p, after 


STp. Elsewhere, Milford Docks 
-rose 3 to 74p for a two-day gain 
of S. 

Textiles were Idle and feature- 
less. Carrington Vlyella hardened 
a penny to 36p, while Textured 
Jersey, 27p. and Dawson Inter- 
national. Uffip, put on 2 an<t_3. 
respectively’. . L . 

.Golds subdued 

The continuing firmness of the 
bullion price, which dosed $USG 
better at S1S2.B23 per ounce ' lr» 
front of to-day's International 
Monetary Fund gold auction, 
failed to arouse much enthusiasm 
for South African Gold shares. 

Initially, share prices tended to 
harden' a shade but subsequent 
local selling coupled vritli a Jack 
or buying interest from the Gape 
left them marginally easier 
towards Che end of the morning. 

In the afternoon they declined 
further although small ILS. cheap 
buying in the late trade' took 
prices off the day's lowest levels. 
'The Gold Mines index gave up 
0.4 to 1589. 

Heavyweights were usually un- 
disturbed but Free State Gednld 
moved against the general trend 
.and closed another i better at' a 
1977 GB high of £15. 

South African Financials held 
quietly steady bur the market had 
a firm undertone. Anglo American 
Corporation put on 4 to 274p. 
while rises of 2 were common 
to De Beers. 320p, and Union Cor- 
poration- 277p. \ V 

Among Lon don -registered 

Financials, favourable Press com- 
ment lifted Gold Fields 2 to 13Sp. 
Rhodesians were also firmer- with 
Falcon Mines 5 up at a 1977/78 
high of 200p and Rhodesian Cor- 
poration 2 harder at 23p. 

With the notable exception Of 
uraniums. Australian issues were 
again generally depressed resect- 
ing the further downturn in over 
night Sydney and Melbourne 
markets. 

Rumours of new and »Ie 
methods of disooxinfi of uranium 
waste materials lifted Pancon- 
tinental a further 75 to 90Qp~ahd 
Peko-Wallsend 12 to 454p. EZ 
Industries also moved ahead 
closing 5 up at 135p. despite the 
half-year losses and the passing of 
the Interim dividend. 


UM.Uir.lMW— -- 1 • ■ ; j 

KwmiW.T'WiHWIa*); 1B.0* «.«{ 17.031 laoi 


INK K»tta(nrt>rtl— 1 
Dealings marked. -'--—.j 

gqulty t uiop «-«r£m...l 

Equity twresin* 


4.7851 694* 5.173| OJWI1 
i 70.12' 77.87} B830| 


_ ! 14*60 12.838: 12.874 


To - 4I&2. U am. +**5. Noon 44 <5. 

10 un- ^ 445J. S O-TO 4U5. 

tOMt lad** m-Mt NHL 
- Basf<5 oa 32 per erst, corpora nan tou 
noils loo Oavts. Sees. XS/IO/M. Ft*ed Inc. tiCS. 
Utnca 12.9.58. SB Activity Jatar-Dec. IMS. 


17.841 17251.^ 
7.801 7«( *.-£ 

6.287; O.TOa!'^ 
68.85, 5tl4* : fi r 
18,6441 11.34si 
1 naL'uu. ' 


T Nlt~7.T4. .1 

Ind OnL 1/7^31.- 


highs and low s 

7 "lS77:78 CooaplbiUoc ] 


S.E. ACTI1 


Uigh - I I <ow 


lovt. ««...[ , 60.JW 

I (2X8) I 14 :11 

Vised lht—1 81.87 60.48 

ji9.»,7dll (4;U 

Uhl. Or)..'...! 548.2 1 M7.6 


fixed let.. 


197.4 48.18 

[ QiUXl j 
j 160.4 1 50.63 
;(2&il.'47lj 
6499 ' 49.4 


{ (14.8) - <22ii - V#Av*& 

QoM Mlne-iJ 174.5 l 85.1 ' 443.5 [ 45.8 
[ <18: Kh ! (I S : (2a6.TsJ(2MCWl» 


— Daii> j H 

167.5 [ d 
tndnsUiee 1 160.0 iH 
SpecaUttve. J 46.5 - q 

ToUJ- .] 109.1 t-a 

Av’r*j;e. • i";' 
G tit- EHjtert 178*1 « 
lalu-lrlih X80.5 3 


^pemiaUrr...' 1 45^3 1-13, 

Tofa- : xao.o 


OPTIONS TRADED 


DEALING DATES 
First Last Last For 

Deal- Deal- Declare- Settle- 

ings ings tlon ment 

Feb. 21 Mar. 6 Hay 25 Jun. 7 
Mar. 7 -Mar. 20 Jun. S Jun. 21 
Mar. 21 Apr. 10 Jun. 22 JuL 5 
For rate indications see end of 
Share Information Service 
Stocks favoured for the call 
included Cons. Gold . Fields, 
Grand Metropolitan. Alpine Soft 
Drinks. Furness Withy, Higgs 
and Hill. Coral Leisure, Lad- 
broke Warrants. Town and City 
Properties, Orme Developments. 


H. Wlgfafl. Tatbex. Adda 
national, Pancontincntal, ^ 
A, Premier Consolidate* * 
■Sellncourt, Ofrex, Cosalt, Brti 
Land. W. J. Reynolds, Cxd 
and Counties Property, ^ 
House, Currys, Intereu^ 
Property, Salts. DI)T 
clays Bank. Puts were tatejfc 
in J. Lyons, Associated Rtjft 
Stafiex Intern ationnl, Trictm. 
MEPC and ^ BP. while tffift 
were arranged in ConntryS 
New Town Properties. L*sk| 
Warrants and Town an^| 
Properties. 'j-ie 


NEW HIGHS AND LOWS FOR *977/^ 


MONTHLY 4VFR4GES 
OF STOCK INDICES, 

- ■ I Feb.' | J«n.T Dec. ’ I Mov. 


ttw fottowim nairttte* o noted m ttic 
Share Information Service vencrUar 
attained new HlflhS and Lows for 1977-78. 


NEW HIGHS (X«) 


BANKS (» • 

CommcrslMnk Sturia (C-i 

Oeutschc Bank 

BUILDINGS ft» 
WhKtlnoham (W 1 

STORES a> „ 

Knott Mill • Rjmar TenIM 

INDUSTRIALS IS) 

Burv Miko Stocklake 

HamlRtcirne 

NEWSfiPERS 111 
Websten Pubi- 

•PROttoRTY (Z) 

Prop. Inv. s. Fin Reo‘onal Proo. 

WHISTS (31 

InM. Inv. Tct. Ji riev Park Place Inv. 
Lend. Aim. imfi 

JKUaarns tv 

Maiakofl 

j MINES m 
FS. Gednld. Falcon 


Financial Times 
mi iiin.i- vi I 71.78: 77Jt6t 
Fixed Inl«»- T7_S1 - 80.701 
InilniOTMinp' *t> 7.9, 482-5i 
Gold itln-a.... IVJi US.l; 
ileeiln™* "»!.<* 5 ■ 5,78^ 

F.T. Aotnarie 0 % ' ' 


76J» 75 JK 
78.9* 7&5F 
«El-R 430.4 
13SA 1«LK 
3^89i 5. KM 


litilnat. Grp.... IK.55[ 20fc7b( 

KM^ikre * 215.72! wM 

,-iuiiui ' J 59.93. VUJSl 
KiiSIimt (6 60) 199.7c. 21LB9-' 
KteUJetp „...( Sl.aSj 63.Hl 


3X^53. 203.** 
ZSiAll 227.81 
18S-1& l&fiO 
211^208^2, 
6L83I 62.17 


ENGINEERIN lU "V 
Firth iG. M.) Ralne Enf's . 

. INDUSTRIALS C3) 1 ‘ • ' - 

Monsanto Soc 82 6 Provincial Lanadri 
OILS 13) 

BP LASMP < 

CCP North Sea j 


Rises and Fa^ ' 
yesterday | 


• n-iimi n*i Cm «73 J Iflth) 1 W1J (27th) 
■LU-^harp 205-ftZ f9rh) i 192.43 (ZTth) 


/NEW LOW'S (9) 

/ BANKS (21 

HWSajmni Wrrnts. Mooreate Mercantile 


Up Dotw*/ 

British Funds 51 5 " 

Carons. Dominion Wd 

Forelvn Bondi t I ’> 

Imfmtrinls Mf 18 f 

Financial and Prop. ... XU TJ 1 

on*. 5 » 

plantadm .... • • j 

Mines S3 ^ 

Recent Ism . J...— . f _5, ‘ ? 

Trials T» W 


ACTIVE STOCKS 


No. 

Denomina- of 


FT-ACTUARIES SHARE INDICES 


Closing Change 1977.-7S 1977-^73 



POLLO 


Edited by Denys Sutton 


1 Stock 

tlon 

marks 

price (p) 

on day 

lujth 

low 

Reed JhternationL 

a 

11 

no 

+ 1 

23S 

100 

BP 

£1 

10 

728 

-22 

.966 

726 

Shell Transport... 

25 p 

10 

490 

- 6 

635 

454 

BATs Deferred ... 

25p 

8 

253 

+ 3 

260 

202 

ICI 

fl 

8 . 

330 

+ 1 

446 

. 325 

Rank Organlsatn. 

- Kip 

S 

234 

+ 2 

276 

.-JIB 

Barclays Bank ... 

£1 

7 

302 

+ 6 

350 

228 , 

De Beers Defd. ... 

RO-05 

7 

320 

4 2 

323 

188 

GEC - 

25p 

7 

245 

4 2 

284 

163 

Ladbroke * 

lOp 

7. 

164 

4 2 

215 

89 

Plessey 

50 p 

7 \ 

90 

+ 1 

117 

62 • 

BICC 

50p 

6 

102 

.4 1 

137 

85 

Bo water 

fl 

6 

170- 

4 2 

223 

160 

Bunn ah Off 

£1 

6 

46 ' 

“ 1 

S3 

: 41 

CommercL Union 

-25p 

8 

145 

4 2 

170 

102 | 


These indices ate the joint compilation of the Financial Times, the Institute of Actuaries 

• and the -Facility of Actuaries 


EQUITY GROUPS 


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Apollo Magazine, Bracken House. 10. Cannon Street, London EC4P 4BY. Tel. 01-24 8000 


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Iflllj l 

II Low. ' 


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FINANCIAL TIMES 


BRACKEN HOUSE. 10, CANNON STREET. LONDON EC4P 4BY 

Telex: Editorial 886341/2, 883897 Advertisements: 889033 Telegrams: Plnantuno. London PS4 

Telephone: 01-248 8000 

For Share Index and Business News Summary In London, Birmingham. 

Liverpool and Manchester, Tel: 246 8026. 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: P.O. Box 1296, Amsterdam 
Telex 12171 Tel: 240 555 
Birmingham: George House. George Road. 

Telex 338650 Tel: 021-454 0922 
Bonn: Pre&sbaus 11/104 Heussailee 2-10. 

Telex 8869542 Tel: 310039 
Brussels: 39 Rne Ducal e. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel: 938510 

Dublin: 8 Fitzwflliam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Teles: 72484 Tel: 031-226 4120 
Frankfurt: Im Soefasenlager 13. - 
Telex: 416263 Tel: 555730 
Johannesburg: P.O. Box 2128. 

Telex 8-6257 Tel: 838-7545 
Lisbon: Praca da Alegria 58-lD, Lisbon X 
Telex 12533 Tel: 362 508 
Madrid: Esprondeeda 32, Madrid 3. 

Tel: 441 6772 


Manchester: Queens House, Queen Street 
Telex 666813 Tel: 061-834 9381 
Moscow: Sadovo-Samoteehnaya 12-24, Apt. 15. 

Telex 7900 Tel: 294 3748 
New York: 75 Rockefeller Plaza, N-Y. 10019. 

Telex 66390 TeL- (212) 541 4625 
Paris: 36 Rue do Sender, 75002. 

Telex 220044 Tel: 236.5743 
Rio de Janeiro: Avenlda Pres. Vargas 418-16. 
Tel: 253 4848 

Rome: Via della Mercede 55. 

Telex 61032 TeL 678 3314 : . • 

Stockholm: c/o Svenska DagUadet Baalambs- 
vagen 7. Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 212634 TeL 682698 
Tokyo: 8th Floor, Nihon Keixal Shimfamt 
Building, 1-9-5 Otemachl. Chiyoda-kn.' 

Telex J 27104 TeL 241 2920 
Washington: 2nd Floor, 1325 E. Street, 

N.W., Washington D.G 20004 
Telex 440225 Tel: (202) 347 8676 


n£l FJ>. [20/2 

— P.P. 124/8 

- P.P. 21/2 

£99 P.P. 3/3 

ClMlEOO 24// 
£100 »FJ*. I -- 

■n nil £8/4 
uia&i p.p. ■ 

- p.p. - 

— K-P. — 

K99A, P.P — 

G9BI* £10 38/4 
P.P 84i2 


132 . AAaUmauri Sea. HJ Car. Cum. PwL. 152 - -- 

lOli uuieyt of York ib ire 10% Cum. ftrf. 106 1. 

S9u 0eod«w«y 1L% Cum. Prof 106p —1 

90M Unrn^iM Beg. 102% 18rti UXUs + la 

60itjKaartoct<m * Chelm S&a * U 

UXKdLeioaier Vanabte WBSs lQOIa ; 

100 ■ Pearson (S.) LDlz% Ply. Cut. In. I993-9B.^. 102 +1 

£98ia Howntree lull. 10** I98U E3ai* — u 

mp* I du. Pin. Ji /V. 10*% I9Sn. £98 la. 

sab rheli IntL Pin. HhV. e** Uiat. Kates llMO. S96l| 

SOVrcaoMskte Variable 1885. J99t g 

Ha l>o KUt Bed V4*. ;[ 9i* +14 

lW*JWT>lieboti«e lU.I Ilf Cum Prri (lOBi/j— ij- 


1 CAPITAL GOODS (179) 

2 Building Materials (27) 

3 Contracting, Construction (28) 

4 Electricals (15) ; 

5 Eogineering Con tractors (14) 

8 Mechanical Engineering (71) — 

8 Metals and Metal Forming (17) 

CONSUMER GOODS 

11 /DIBABLE)®) 

12 . Li. EJectjonics. Radio TV (15) 

13 Household Goods (12). 

14 Motors and Distributors (25) 

CONSUMER GOODS 

21 fyOWDUZABLEHlW 

22, Breweries (I4| 

23 Wines and Spirits (61- ■■ ■ — 

24 Entertainment. Catering (181 

25 Food Manufacturing (22) 

26 Food R etai li n g (IQ 

32 Newspapers, Pa bllshinff (13) 

33 Packaging and Paper (15); 

34 Stores (38i 

35 Textiles (2Si 

36- Tobaccos (3) 

37 Toys and Games (6) c 

41 OTHER GROUPS (97) 

42 Chemicals (19) ; 

43 - Pharmaceutical Products (7) 

44 Office Equipment (6) 

45 Shipping (10) 

46 Miscellaneous (55) 

49 INDUSTRIAL GROUP (-aS).- 

51 Oils 15) 

59 569 SHARE INDEX .. 

61 FINANCIAL GROUP (196) 

62 mmfauBl 

63 Discount Houses (101. 

64 Hire Purchase (5) 

65 Insurance (life) (101 

66 Insurance (Composite) (7) 

67 insurance Brokers (IB) 

68 Merchant Banks (H) 

69 Property (31) 

70 Miscellaneous (71 

71 In vestment Trusts (50) 

81 Mining Finance (4i 

fit Overseas Trad era i 19) 

99 ALL-SHARE INDEX (8731 


Index 

Dor's 

No. 

Change 

. .. 

. % 

192LI3 

+0.9 

16942 

+8.9 

298.76 

+1.4 

4B.42 

+0.9 

27551 

.+1.1 

15201 

+05 

15655. 

+15 

17656 

+0.9 

219:79. 

+1.4 

1^2.14 

+0.6 

10653 

+05 

3JEL85 

.+0.6 

205.46 

+0.7 

234.84 

+12 

22528 

176.40 

. +05 
+0.6 

18022 

.+15 

29459 

-L4 

120.74 

+0.7 

166.79 

+0.6 

164J28 

+05 

225-69 

+0.7 


9452 

+03 

17555 

+0.6- 

24055 

+05 

23556 

+03 

120.88 

+0.7 

412.01 

+05 

18152 

+0.8 


+0.7 

-25 


+05 

15653 

+15 

175.09 

+2.0 

19051 

^-03- 

14159 

+1.4 

13055 

+L2 

12256 

+05 

318.60 

+3.9 

7123 

+03 

22751 

+L4 

100.99 

+X.4 

178-02 

+02 

8658 

+ 05 

26354 

+02r 

19357 

+05 


Feb. 28,1978 

Hod. 

Feb. 

27 

Fri. 

Feb. 

34 

Thura. 

Feb. 

23 

WeA 

Ft*. 

23 

Eet. 

Gross 

Est 







P:E 





Yields YieleW 

Ratio 

Index 

Index 

Index 

Index 

■Max 1 

lACT 

(Xet.l 

No. 

Na. 

No. 

No. 

Corp- 

at 34%i 

Corp. 





TuE% 


TbsSW 


- 



18.44 

6.09 

•7.64 

19038 

I9Z59 

194.48 

196 J2 

18.05 

. 659" 

7.90 

167.66 

17027 

172.15 

373.16 

1927 

426 

. 755 

294.60 

30259 

308.71 

30908 

16.01 

- 426 

.8.41 

41L91 

414.46 

41755 

424.01 

18.02 

752 

7.60 

27255 

27678 

278.96 

280.77 

20.05. 

6.73 

7.09 

151.32 

153.13 

15428 

155.44 

19.94 

8.73 

6-63 

15422 

15530 

15664 

157,46 

1956 

550 

7.48 

175.06 

177.12 

378.78 

180.16 

16.67 

3.90 

8.67 

21085 

212.75 

21472 

21622 

1927 

7_55~ 

7.10 

16116 

163.95 

164.27 

16450 

23.81 

7.04 

608 

10625 

10755 

109.07 

11IU6 

17.61 

653 

7.96 

180.77 

18273 

283.<K 

18520 

1554 

6.44 

957 

204.04 

206.73 

20677 

207.80 

17.61 

602 

851 

23094 

23458 

233.96 

23661 

18.62 

7.63 

7.85 

22497 

23053 

233.08 

235.47 

,22.43 

6.05 

- 650 

17537 

17723 

278.02 

179.29 

1527 

557 

• 9.45 

17754 

18143 

183.41 

15459 

11.41 

424 

13.02 

298.70 

30459 

308.72 

310.88 

2L86 

9.63 

658 

31957 

119.84 

120.67 

120.85 

1151 

4.74 

1352 

16552 

165.72^ 

167 08 

170.92 

2203 

-805 

555 

163.44 

166.01 

16850 

17057 

2452 

850 

4.85 

22412 

22929 

22491 

222.42 

23-93 

651 

6.10 

93.79 

9528 

96.61 

96.85 

1754 

626 

756 

17453 

17654 

17750 

179.15 

1953 

7.18 

6.91 

239.08 

244.02 

24322 

244.99 

LL67 

4.21 

10.99 

234.94 

23658 

23723 

23958 

20.08 

505 

585 

12053 

12051 

12254 

123.40 

23.90 

701 

4.95 

40853 

408.16 

413.67 

421.91 

1758 

6.74 

807 

129.96 

18250 

284.79 

106.47 

17.92 

16.44 

608 

452 

7.74 

7.40 

187.26 

43057 

189.45 

43358 


19232 

43317 

17.70 

5.95 

7.69 

207.53 

209.78 

210.63 

212.44 



5.68 


153.85 

15452 

15608 

15622 

27.41 

6.06 

5.47 

17158 

17358 

17646 

17854 

— 

8,68 

. _ - ■ 

130.69 

19128 

19455 

19539 

1299 

555 

1159 

139.48 

142.67. 

144.41 

14552 

— 

-653 

— 

12924 

128.45 

13153 

13339 

— 

656 

— 

12153 

1J02 

12080 

123.66 

13.46 

450 

.10.87 

38652 

30847 

30907 

308 68 

— 

6.71 

• — 

7000 

72.66 

7252 

75.02 

3.01 

3.03 

6294 

223.99 

22558 

228.40 

23037 

25.67 

7.80 

5.41. 

. 99.61 

100.12 

10182 

10211 

3.53 

528 

2835 

177.67 

17957 

180.27 

181.04 

17.95 

6.74 

6.48 

86.42 

87 43 

83.48 

8816 

17.62 

7.42 

7.06 

263,30 

26527 

26752 

26676 


5.92 


192.43 

194.24 

195 32 

197.05 


MM! 

.s m:-' •. 

2408 

m ■■ 


191® ■ 


169.4F : 

1S9.7T 

478 58y 

185.48. 

130-62 

14739' 

165.79 

ULW 


mu' 

lOSflt ^Z)\r v % ^ 


** RIGHTS” OFFERS 


FIXED INTEREST PRICE INDICES 


FIXED INTEREST 
YIELDS 

■Br. Govt. Av. Grow "Red. 


-Mon. Year 

Feb. uo 

27 (apprvxJ 


ADVERTISEMENT OFFICES 
Birmingham: George House. George Road. 

Telex 338650 Tel: 621-434 0922 
Edinburgh: 37 George Street. 

Telex 72484 Tel: 031-226 4139 
Frankfurt: 1m Sachsen laser 13. 

Telex 16263 Tel: 554667 
Leeds: Permanent House, The Head row, 
Tel: 0532 454969 


Manchester: Queens Rouse. Queens Street. 

Telex 666813 Tel: 061-834 3381 
New York: 75 Rockefeller Plaza. N.Y.'lOOl* 
Telex 423825 Tel: (212) 489 8300 
Paris: 36 Rue du Sentier. 75008. 

Telex 220044 Tel: 236fl6.0l 
Tokyo: Kasahara Building, 1-6*10 UrhJkanda. 
Chiyoda-kn. Telex J 27104 Tel: 295 4050 


laeue 

Price 

Pt 

C Sr 
3 B 

2 3 

<a 

65 

nil 

70 

nil 

SO 

p.p. 

&AI.7. 

p.p. 

10 

ou 

10 

P.P. 

81 

PJ*. 

i5U 

F P. 

SO 

nil 

sAi.re r.P. 

04 

F.P. 

56 

P.P. 




British Government 


Hsgfc Plow 


U3| 31/3 21pi 
1313 4/4 lOp 

b.l 1U/5I nt 
24/21 IO-3 186 
. 3/3 31/3 1 He 
1/2 17/3 iZh 
-20/81 SO/Sl M 
312) 31/31 34* 


17/E 3/31 a» 

10/2 10/31 t*4 
3,2 3/3] -W 


IBpmiAGU. 

8 pro Bemumont Properties 

60 CabMonp 

190 taaam. Hulk o I Amt Mlh 

Spaa CmuliU.... 

36 LAO. Iniemtltni 

£3 MaaebtMw Gmhs. 

I 320 Uhl In nil Rank 

i ' SUpni Ulltiuy ... 

LU1 XaUtnai- But OJ AuRra«Bi8_.. 

«jHb Nell/ 

71 P/ee-ly i.x indi 


19ispm — »- 
9pm + 1 
62 —1 
194 —1 

9utn .... 
SB I + 1 

83 I 

837 1 + 7 
5000/ 

190 +1 
B5 +1 
81 J 


Under 5 years_ 
5-15 years — L 

Over 15 years 

Irredeemables. 


Tues. . 
Feb- 
28 

Daj^i 

change 

xd ad]. 
Tartar 

xd ad]. 

Tp78 
to d^ie 

1 Low 

2 Coupons . 

3 

5. .rears.. 

15 j-ears 

25 years 

10857 

+0.02 


230 

4 Medium 

5 Coupons 

5 years 

15 years 

11950 

+035 


X43 

6 

25 years 

125.94 

+034 

— 

222 

7 High 

8 Coupons 

5 years _.... 

15 years...... 

14Z04 

+039 


1«S 

9 

25 years..... .. 

11755 

+032 

- 

L99 

10 1 Irredeemables ... _..| 


783 7.86 7.90 t 

10.15 18J9. 1147 

10.60 10.M ..12.77- 


9.92 994 10.80 

111* 1120 U38 rf 

1132 1136 


1057 10.60 1160 

1208 12.12 1376 

1217 1223 ''J4« 


1 1056 L 1040 | 4 1108 • 


Tuamlay, Peb. 38 
InriM ] y telil 

.N’o. I * 


UMd^yj Friday Thiuwj Wert. Tiu». Momlny Friday Yi*r 
Pg 1 - b M. 1 Poh. Fvb. Vvb. Feb, l ^ 

27 I 24 23 I 32 21 28 1) liapp/us^ 


SUBSCRIPTIONS 

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


Penimaanni flaw, tuualb tear day for Bra ima tree of mmg tnay DPianm 
based oo prospectus esnmatJ. oAramneO dividead and rteld. u Forecast dhrMmd 
coser based oo wvvtoas years eartdbaa._ f Dindend am) yield based ou procoecrus 
or Other official estimates tpr Pff* o Grt« i Plsurea assumed I Cover allows 
for cwnetalan Of shares mu wow raAKMt dlrideod or rankus only IVr restricted 
dividend*. 1 Placing price, tb trtbbe gtPsn co wUcss othovtu UMeated. Vlesaed 
by tender. 0 Offered to holders gf„. Q rtiuary riiaree as a rutn*.” ~ ftlsftu 
hy Of rapttallsauon. frf JUbpbuib trader Dries. « Seuuroduced. 91 Issued 
[n coSuecdon with reorgaaganon^tn riw er or ate<w r. | inostokii 
to ronner Pretereoce hoMeffi- for Oiny-Baldi • Pravtstonal 

or Dartty-oaid aUonueot feqw», -* with warrama. 


is 20-yr. Red. Deb. & Loans (IS) 60.72 ti2^3 
is Investment Trust Prefs. (15) 97.07 1£.3S 
17 Coml. and Indl. Prefs. (20) 77.10 11.78, 


1 

'60.00 6 LOO 60J»1 61.19 61.27 61.26 .61.26 49J»''.: 

87.07 37.13 57.13 67.17 67.08 67-08 37-12 49.T1 

577.10 77.27 77^7 77.42 77 J7 77.22 77.10 61.9b*' 


t RedeouKtaa staid. rad lews retort, brae «*o» 

(mas.. A new Ite of tbe cansthwints Is available from 
Stmrt. London. BC4, pries 13p. by post Hp. • - - 


“I!? I? 1 MWUtnrat cbrasM are published bt Sp*nr«bif“ 

•.be PuMkhen,- tbe Fiwndii Unw. OrMben Horae, care*" 









TtasgtClal Thnes WeSnegday* ^larch 1 X 9 T 8 


INSURANCE, PROPERTY, 

BONDS 



f Ufe Asmtbcb Co, Ltd. 
PsDl>CTmrehr*ni,£Ct. Q1-S4CB111 



Govdln BA«al Ekcbangr 

Rnrul FschaaBu. r CJI m.SJ'107 

Property Bond* (UBS 1752] -24| — 

Sombre -Ufe A tea mice United V 
■J Old Perk Lww. London. HI Ql-ownnjil 


VutfSllOnst normal I v Turv 


av Ufe Ato uran tc Co. I Ad. 

dBnrhngtim&l .30 I. 01-4379902 


VT M Arc. . 

<d Ini Are 
Stnq»?WLAr. ‘ 
Ssn-tilAcm. 
i M Ac* 1 -,. „.t 
j^tlnv.Arr ...., 
k »Pra Fd-ArC.,- 
flBWlACC_Jl 

JoaJPen-AwTl 

. M.PnPdAee ... 

Pro. Ac r -v ... 
InvPeoAco.6uj 


ntw 

1444 

M*7 

ill? 

%1 

ins 

1*ZI 

SI 

1*4 


Plied iBl-Dep. . . -023 A 

- ~- 1599 

JJVWWF - 1555 

Stonas-di-w ._ USX 
MeaagwJAcc. . 1507 

Dieneo* 1M9 

out Edged . m< 

Pen Ft Dnp.Cep 120.5 
Pen P1 .Ppb.\cc .. 1454 

P™ JVep Cap 198 1 

Pm Pn»|. Ait. . 2S2 3 
TVn. Man Ten . .. 142 3 
1>«, Man. Aw. .. 244 9 

i^n (Hit Edc Cep. »n 
[Yn I'.tU Kdg Arc 12*2 
Pen. B.S Cap 122 1 
JVt RS Arc ... 137 4 
lYfl l>A V Cap. . INI 
Pen DAK Are . yg 7 


13*2 
1U4 
1437 
135 V 
1071 

.1157 
1371 . , 

133.5 *8.1 
1336 +flJ -- 
200 4 +02. - 

Z57J -t 
1244 -0_5 

£i 3 i 

140 *1.0 
*0 4 

*07 


Norwich Union Insurance Group 

P* 1 Rn\4. N'oruirh NKI 3Nn nOKUSHHI 

Mantled Fund . p4* 7 209 1 

Unity Fund . .394 5 320 J 

Property Fund . 1224 129 S 

7l*'“1 Ini Knurl . 1541 142 2 

Drp.*MT Fund . 1M 1 107.4 

N*r Unit. Pefc 1$.. 144.9 


-0W .. 
»? 1 , _ 
-3 1 - 
*04! _ 


Heart* of Oak Benefit Society 


KuhohRmi] London. NW1 
Heart* o(Oek... . p55 


Phoenix Assurance Co. Till. 

*--■ K<n; William Sf ET.4P4HR fli-ejgOPTS 
WnaiihAjK no; 9 1 M 4 ; I _ 

t>rPh.w . | 7®* J 1 

I-h r Ffc-EqE lift* 73 7| 

Prop. Equity ft Life Ass. to.* 

! IB. Crawford Street. W1R2A5. Oi-wnOK 
R. *{]k Prop Bd . I 171 3 • . ■ _ 

Po EquiNBd ... . 67 0 

tv- Ft May. BA Fd | 151.2 1 +0.b! - 

Property Growth Assur. Co. Ltd.9? 

81 M7 5ft» ■ ■*'*1 House. Crnydon r '.W 1 L»J 01 4W> 0605 


375! .1 _ 


SV life iismuNW LdLV 

HK.AlMSd_ftat*KC. Ret gate 40101. 

is a -mi 


«&=&» 

5Wt£?-|s 

V'MxdJroJU 944 
V StgdjercB- 940 
plan (49.4 


1851 -7.ij 

m. 

uo.e 

100.8 

W3.7 -U| 
1*43 -1 4 
UM +0J 


HIU Samuel Ufe Anar. lid.* 

NLA Tut . Addlscorabe Kd-Cro* 01 OW 4355 
♦Property Units ... 045 0 
PropenySnieBA- »J 
JIM nied Units. 158.0 
Managed Serte» a. 1*0 
Managed Serin* C. *74 
Money Units.. 11*7 

Money Series A .. 901 
FI rod lot SwA — 93* 

Pn*. Mgd Cap 135.7 

PrrvMxd.Acc. 14LI 

Pm OH. Cap 10*V 

PnitM. Ace- HB43 


1523 
US7 

^3 

92. 51 
1249 
101.1 ... 

9*3 -OJ 
I42L' —7 3 
149J -71 
1102 -02 - 
1131 *05i 


Krcpeny Fund .... 

PrnpeFiyPuftdiAi 

-tun cultural Fuad. 

Arnr l-'uodfAi . . . 

Abbey Nat. fSmd- . 
Abbey Nat Fd iA>. 
ini cstmem Fund-. 
Inve^tmeaiFd f.U 

EnuityFurid - 

Equity FuwtiAi 

Money Fund...-. - .. 

Money FuiKltAI. - 


. Iapenal Ufe iu. Co- of Cauda 

Imperial Hotter. Guildford. 

01-948 #111 GrewtFd. Feb. 34- 160 7 7231 

‘ — PeaaFUFeb.24 . .|U.7 u3 

- „ Unit Linked Portfolio 

- ?S3S?^;.:Tg5 J83 

ifeyn Life Aaaur. Co. Ltd. securoOap Fd..... Jfc.1 let 

;MtrfordRd-E7. 


Ufe Anunace 

xttrtdse Road. W.12. 
tk-PVLn>Uni.l|lS 0S 

UlFiI St UnL- . Sx.7 101 

(ocuMxd. Fd-.|1U2 121 


RmOCd 


Urtwods* -.-..(115.3 
wed 

SfewAjwuBaT 

:.itltla|....M —I 

MgPenaAgc— . 

Rlual- -.ffS.l 

. 9 7m .UC...MD 

' pmal- tw.4 , 

*Cuirenl unit nhte Fttb. 22; 

; Uve Life Atsur. Co. Ud.V 



Equity Fund .-.J952 .ww^t ... .1 

ui.su H4* irfsk Ufc Assurance Co. Ltd. 

11. Flnahuty Square. BC2. 

Blue Chin Fob 3t-.|645 
Managed Fund . .12128 
Prop Mod. Frh.l ... M72 I 

7rop.Mod.Gtb I18L1 1 


Aciuanal 

Olh eHled Fluid 

Cilt-EdsedFd f A> . 
•Retire Annuity 
dimmed. Aunty _ , 
Prop Gmtb tail 
All Wilier AC UIS.I 
JJA1I Weather Cap 
71 255 Jlrv Fd l'|». ... 
Pennon Fd L'U 

— Conv Feav Fd . . 

* ro- Pn». Cap. Ut 

— Man Ppnf, Ftf _ 

— Man Fens Cap. Ut. 

_ Prop Pen* Fd _ 

— Prop Pons Cap UK. 
Pd« Soc Pen. Ut 
Bds S»oc Cap- ft.-. 


01-8898=53 


1718 
1780 
6420 
007 2 
1492 
1441 
04-« 

042 
15*0 
1574 

137.1 
1305 
109 3 
1253 
1255 
1784 
1305 

m? 

[125.4^^8 

1204 
1449 
1242 
1452 
1350 
1411 
1303 
1272 
11*1 


3 * 


-0 8) 
*0f 


I 

i Ii: 


oipbard St. ra 
k Rente Mar. l.| 


127.17 I-L14I _ 


SQux A Shaxson Ltd. 

52. Comb ill, EC3 

Bond Fd Exempt ...IUB.24 122.: 

XeatdBalinB d* 

Gout See. M _|l ZSA 

Langbun Ufe Assorance Ca Ltd. 
01-833 1288 Langbam Kb. Holnibrook Dr. NW4 01-3039211 



Provincial Life Assurance Co. Ud 

222. Bi.aopngaia E i"i 01-3470533 

Pro‘ . Managed Fd 11303 114 II -4 31 — 

Pros Cash Fd M3 * lB9i -01 — 

'•lit Fund 20. 1 &2 123. ^ +0.7 — 


Prudential Pensions Limited^ 
HolhornBar*. EC1N2NH 01-4059222 

EqultFd Feb 15— (€23.00 
Fed Inr. Fet, is. -.{09 04 
Prop. F Fab IS. ... |I2«2S 


a 3 ::,Jr 


>*S FOR 


■ad* Life Assn ranee Co. 

4<gh St. Fetters Bar. Hen*. PJUr 5U22 
• - .Fd FW». l._ I 571 • l ...I — 

■ ntpedFeb «-.{ 110.* J J — 

ism AwBiun LtdV 
' roqxcWy., Wembley HAflONB 4U8Q2MGB 
■njr Unttl |£2S.43 - 1-0 111 

. xrty L'etta BS ^ 

.ity Bnnrf/E* ec.. HLUJS 

1 Bond/E*ec 10250 

Bd.Xxec.UaiLKU.46 

out Bond nou 

tlj- Arpnni- U50 

party Accun.-bllB 
;d. Acnut .H.49* 

Eqnity (KM 

Property-.- NM 

sunoged fete 

Depont »5 


LasS bum ' A’ Ptan 
VPrpp. Bond. . _ .1 
Wisp (EP) Mas Pdf 


«u= 


Reliance Mutual- 
Tunbridge Weil*. Kent 
Ral. Prop 8d» | 


1922 


Legal A. General (Unit Amur. I L|d- 
SSKmo RqthBehiid Aaset Managearont 
cSE^dttaU. ..I.I95.4 -IwE^+Oll — ? Imlbai.Laat. London. EC4 OH 




i s i ' . ; nd 

' 1 l'-'e; 


Pro Pena Arc. _ 1005 
MSd Pena An 935 
1 Dm Pena. - Act 90.1 
I Gilt Peas-'Atc 07- 

KM.F. .... 38 S 

ES.LF.a~ . -.{25 0 

■ Current valve FTb. Z 

Vital Ufe Anurtnctf 
listen Dww. Chapel Ash WToo 

> Incest. Pd I 1*.1<4- ■ ] 

rmakevlBi Pd .) 10446 ! 



OalKun 900 

Equity initial ~..:fi05 

rv> Aceum. 1*70 

FtxcdTniiial 11*3 

Do. Accubl . . „ 1152 

Managed laltial ._ 1125 

Do. Aceuat 1113 

Property luhial _.. 952 
Do Accum. -.. . 95.9 

Lcjpr * Gaml (Unit I 


10X2 
mi “U 
1127 +22 

g l.4 *0.1 
12 +Q-! 
31b4 ~o.a 
117.2 -07 
1083 

uL! . ... 

lid 


Exempt Cash laic. 

Do Accum. 

Exe mpt Bq ty. iniL . 

Do Accum 

Exempt Fixed Intt. 

Da .Accum - J 

Ebampt Mufd InitJ 
OnArnin 


,95.4 

ML4 

M2L5 

p23 

0013 

Ml* 


~ ErranpC Prop. 1ml .(45 4 


Da Accum 


m* 


1003 

ltU 

117J — . 
W1 

15*3 . ... 

108.1 .,4. 

1*72 
1*71 ...: 
1C05 
ULI ; 


81826 <156 
N.i:.Prop.bec 30.-IU41 12iq ..| — 
Next aub day March 31. 

Royal Insurance Group 

New Half Placa liverpooL 85122744S 

Royal Shield Kd.„il284 1 J5 R -0.6| - 

Save &- Prosper Group* 

4. CtSt Helen's. Uufu . EC3P 3ET 01-354 HOBS 


1174 

1465 

1283 


Bal I nr FU 

Property Fd * 

Gilt Fd . 

Deposit Fdt 0225 

Coop. Pens. Fdt I194B 

“ 1160 5 

205.9 


Z EqaitrpeuaFd ._.... 
_ Prop Pen*.Fd “. — 


- Legal & General Pre* Fd. Mgrt. Ltd 


124 JJ 

155.2 *«* - 
ia.7 *8^ — 
12791 +02 

smJ . - 

Uf3 +24 - 

2nd +20 — 

<aj\ -a* _ 

imS ...4 — 

Price* 00 •February 15. 
tWeekiy deaRncs. 


Hill Peoa Pd M3 

Depntat Fdt — .{903 


80*228511 


iiSSw STowf 4 *' *&» *”??* Schrader Ufe Gnmpf 
Neal ^uP^Dty MoSiH.'"" Earorpriro House. Portsmouth. 

9 : ■ ■ Equity Feb 21 - 2*0.7 


r 

f urttrhwtr Magna G*V 
Chequers Sq, Uxbridge UBS 1NE 52181 

rttmo. Managed .rne* - 3*S| 


Ufe Avur. Co. of Penuaylranin EqSfe 3 f^5i ' ' 

3S-CNew Bond St. W170RQ ■ . 01-4IB8M5 Fixed InL Feb if " 
LACOPUntts 11015 HM| y ~| - Flgcd jnt a Feb.21 


iSSHgr.-rn.*^ 


{HNWlfMl . 


1536 




Jnt UT Feb.21.. .... 


Lloyd* ftk. Unit TsL Mngrg. Ltd. . * ks&sc &3 \ " 

TT LombrndSt-ECX 8l«31388 MnuAFlx/Febil. 

Exempt JW.9 1034 --.I 7JS Hnjrd.SFeb 21. 


_7J Z Usyd* life Asymucr 


, s 12 Leaden baH St, FXXMTL0. 

ty of WntmtiuteT Assur. Sue. Ltd. Mn.<sth.Fbb.« I 2269*7 

WWeadHo w. *. Whitehorse Road, OpCAPtopAbA-^I^ U 


014 
-?» - 


\ma 


Sr of ff wlmimt f r An. Co. UdL 

^dS 53 £ *”***““ "^ 

ruiiyFbod- . ..- 
1 ■ irpusnd FVnd, .. .. _ 

. Mio/niod, . ..f«4T 

' U Fund _l«,7 

1 'Ll t\md- (ins 

ad mrreollv clSM* 14 »«• to 

riwn i.'nlt*.. I S**3 

-vnmcrciai Union Group 
K+len's. l.Undcrshan. tCX 
nshia 4a-A* *04 -j 


SSoneyFeb 22 

Money * Fab 21 —. 
Deposit Feb. 21 

01-8X38821 Property Feb. 21 _ 
Properly 3 Feb. 21.. 
BSPnl^p. Feb, 21 , _ 
BSPn Vc. Peba .. 
Mn.Pn.Cp Prb.21.. 



Mn.PnAcc.Fch~l.wl* 7 2303 


2003 
1*42 
140# 

150 *• 

1131 
346. fc 
123* 

124* 

1366 
105.4 

115* _ 

1122 IfeS 
147.7 15513 

V02 

[U6J 246.2 


230.R 
115 W 

m* 

1493 

13*3 

1 uoSI 

143 ill 

il 



tlpLSEqty. Feb. 33.010.0 
Opci £TWb 23 — JU06 
Opt* Mm. Feb. 23 .(1345 
Opt* Dept Fab. 22 1 12*0 

. _ - ' Scottish Widow*’ Grotxp 

Lonthm. inoemBitr * GftL na»cu. uo~ jy-, got aos. Ediobmrh ehissbi* auAssaooo 


IWOi The Fwbory. Reading 3m.'ll 

STtSS^-”' 

IMad Interest ...... 


InrPlvJertes 1 _. 
inv pfr.Se«e*r_;. 

- —fev CethFeb ;4.. 

-i. ''iTr Feb 13. 

• . u - ^Wln ffUC. 

Tie London A Manchester Aw. Go* 

The Leax Folkestone. Kent ' KKtt^jr* Solar Life Assurance United 



.GnroihFund 
. empt FlexJd 

fegi-SS,-: 

■ I “ JTOMrty Fund 


.Annuity Ut* - 1 173* 

o federal Ion life Insurance Co. MAG Group* 
iThanccxy LanuBtaA 1HE. tUJttWgt Thre* (han. Ibw HlH 


JMiaged Vnnd._ 
rynaal Fee. Fd— 
nriy Pro Fund - 


IVea. FaoMD»*-_. .n4*4 


SSSgfi.^! 

mhin Iw unm ofa U4 

CnrohiO.EC.3. <H<<263410 

_._*lt^Fab.I5 --..MSS — 




^SkFd*Fet?32W* 
edit Si GoOnma Marurr 
i.Begent v.,LoadtMi W1R5FE. 0UMRWI 
CMnpdFd -K22A U2« ..I - 

nsndrr iBtnrance Co. Lid; 
irul* Rouse. Tin crP|,EC3 814388831 
i Proa Jaa 7 (00 S W4i f - 

■gie Star Xn*txr/IOdfe&d As* 

.Tuhrodaccdk&i.TXC. 01-3801212 

•IrtMld ttuw-W.0 4*0! I *» 

inlty & Low Ufe Ac* Sec. l*d.V 
u>r xham Rood. RIcbWVnHobe 040433377 
uwyFd . ..Ml 106 r . 1 01 

•neral Portfolio Life In*. C- IAAV 

BartholaiBswCL.Wolthaoii'rou. mp!*Tl 



a* DeposlP-.- 
UiljBqDlPV-- 

S&81-M** 

GiBBootP'* .. . - 
iMenwtnl Bomfro 
JUMm4M“_ 

RtSTtSiF^Bd'* 
Racnveiy Fd. Bd • 
American Fd Bd» 
Japan Fd M<L* 
Prices oa 'Feb, 


Merchant Uvesten AssuranceV 


«P CheapMde. EU2V 8DU. 

bolarfropettyb . 1870 
Solsr EquItyS ... 1415 
Solar FSrd fin. S „ 117* 

SolarCMbS Ml 

MarXniLS .. Ml 
Solar Msasgcd P _ 121* 
Solar Properly P - 1007 . 
SdirEqultiF. ... 14SJ 
Solar Fad lnt.P — U7 1 

Solar Cash P MO 

Solar IntLP 441 


01-8080471 
12*«+0.4{ - 
1127 - 

2533 ♦0.4 - 
123* +0.2 - 

£mJ ’ - 

1284 +0.4 - 

1124 . .. — 

1530 -0.1 - 
1233 +02 — 
10SJ ... — 

100 1 ... - 


Sun Alliance Fund Mangxnt. Ltd. 
SuaAIhaere House Renham 0403M141 
ExjxFUlnr. Feb. 8..I053 44 160*61 | - 

ltd.So.Frh 28 — €1122 |+0.*6j — 


123. HtCh Ntrirt . Croj dor 


oiamp; 


Coov Deo PR 
Um<> MM Fd 
Vrr liir. Msn Fit 
Mer lat.fb Frt 
Fqu.rt Bond _ . 
Prop woo. - - 
Mm. Bros 
fjjuitxPeni ... 
CuoV aep Pena. .. 
Non NkLIVox - 


1271 
143 5 
1807 
1454 
537 
1508 
13*3 

l5?f 

1*4* 


Sa* Alliance Linked Ufe In* Ltd. 
Sun AOImrr House. Horsham 040364141 

Equity Fund M*5 1**71 <*0. 

Fixed interest Fd. 110' _ 

103 
M 

^ 1W 

IFbnd ...,W76 1*2 


[interest Fd. U»12 
nalFd -|9*4 


D^m-t^nd. ..(954 


'■wwi 

^oii w- 

tai 


0-M - 


VEIj Prusfens Ltd. 

K.ibou Court. Parking. Surrey 
N+ln Fq Cop. ....[72 2 75.41 .... 

Netn Cq. Accum. - 99 2 10* « -1 

Vein MPtim- Cap. U6 0*5 .. 
Nrln Stow Ace 1*4 67 n .. 

Metre Gib lor Ace . •** *07) 

Xdog Uth Ine Cno. {O 5 4O0J . . 
Next sub. da* March a 


tit 


Sub Ufe of Canada lU.K-l Ltd. 

2 3.4;Crel(spgr$t .SW1VSRH 0!-«hS400 

JUptaU.Grth ._| 182 K J .. . I - 

.MapkUMangd. 124* . - 

Msnie U Espy 1 117 1 - 

P**sal PnTPd | 145 5 )....! - 

TBirgec Life Assurance Ca Ltd. 

Target House, (Mebaasr RK. Aylr^buiy. 

3 ad*. Ayleshurv <R!S6« S647 


Ahhev Lnh Tot. >lgr«. Ltd. (si tgi Gartmare Fund Managers * 'anc> 


»JV| •■>«lcl<»nj-r H'J 
Ahhry I ap'lrii JJ9 * 

iAbMr lwronc. - 135 5 
Abtan-lnv TM r*J 30 7 
Hbhej i»en Tw W1 S 


iia^VU*. st Mar- **e.EV3.\mir 


21S! ’SiH a lS .i^mkriosnT-i. 

37 8) -0V 5 39 Krttmil Tfl. < Arr . 
7| - r - :■ *51 conniodity Sh-re 


«*I^ -C»( 


AJLied Hambro Group mi igi 
HambriM lUe. Huinr. ar+iir»cir€. f;.«- 

K 1-5BR '^51 07 i-enr-rooj ,fCT7 11 1-ibU 

nlaaccid Fand* 

Allied l m !584 



157 
13 7 

1*3 

P*2 

U7S 


Brtl lRd Puqd . 

Gnh k Inc 
Elen * Ini Dev 

Allied C«plto] 

H sir hre Fund . - 

Hamhrn Art Fd 

Incan Funds 

High Yield Fd (617 

High Inenme Mb 

A H Eq Inc. . . 13* 7 

TaicrwisnsI Fond* 
Intortunonsl 122 7 

Secv of America _ 4* 7 


624 

61 

36 


-0"! 


; F*r E**- Tru- * . 

!i^5SS T .^.|S.i 

< irtlml TM-tAcr - . 126 0 28 01 ■* 1 36 Pni^leFuod 

..j Gibbs lAntonyl I'nit 1 Tst. Mgs. I.«d. »*rtjmhi Fund 
57*S a.W«oHeWM.»^7M-' __ M.'ja.Jin 


t.UTu IncnniH . 
Small Co‘» F«l .... 
I'lWal V'uiiiI 

Ini Erm & a.-<wl* 


aihsil 
153 :iil 


6S9rf 


5 55 
530 
«57i 
566 
45* 

tw 


{a»A<V Income- .(J7 9 40 7| J 

laiAGGrnulhrt |B6 36 0(-lti 

1 4 lA A. FarE**t- . (2D 5 22 Ol | 

Healing "Tues. tt*ed. 


SAO 

510 



Gorrtt (JebniM 

umdonPall.Ei'C 


fci7,5-i;l 6 5ois-hWr.Feb.I7 (119 6 i2toi .; 

37 BiSf *0 :| 7 *3 ■ Lv Accaia Unit. |X43 0 159 7| .! 

1 1 I New dealing da. 1 - Msrrn 3. 


Pacihr Fund. ... |324 
'Spcrlaibn Funds 
iSm*llerCo'? Kd 
2nd Stnlr To > Fd 
Rerwury Si:v 
Met Mm trdtj. 

Over bear Earnings |*8 3 
Exmpl Siqlr.Ca'r (192.1 


2* 2i4 -0:i 

5*1 •o.jj 


2 n \r.ricmon Maiutgemest Co. Ltd, 

ia t.ivsham S* . EC2P 2DS 
bsFxm.febZ: 


Hiplilnrome 


1CS« 



f A arum t'ldU 
535 m-iatHYFehCS. 

5*6 . Aroma- L'nltt.. . 

5 22 Enfeav.Feb V 
5H ,jK5* UniLv 
5*2 itrucbstr Feb =4 
5.91 (Accin Uniia>— 

&Bnh> Feb. 22_M l 


106 7 
3024 
11671 
[187.6 
1616 
1069 
765 
i78.9 


MHWUM FrudV Portfolio Mngrs. T.ld.V laiOi.Hci 
• j Holbnrrr Bars.EClVrNH OJ-tnMCOS 

1 7™ Prudenilal 1113.0 1200] -10) 4 71 

7 70 Qitiller Manaitenient Co. Lld.V 
{ » Tlir Silt Exchange, IJ.^V 1H1*. W-©»043r: 

jw diuHnnii^r. Fd. .11009 10*1] . .1 4 30 

3 25 Quadrant I ix.. .me |ll6* 120 l>q ) >30 

Anderson Unit Trust Manager* I Ad. Cfc5S7C.uu.. - 171.6 ?*7| . ,| a” *-“* 1 ** rfc J J 'f|'T 

iMftncburohstEOMXAA 6**z< Gu#rt fe n Royal Ex. Unit M R rs. Lid. ui-Tf ^ 

AaderronL.T 1*3 3 46 0|-25| 5J0 Ro ^jj ^cchnage. ECDMDN. «H2a«n: sSlordcT .Acci-&J 4l3 -0 M 5 87 

'■giGiardlullTst .(79 0 U.M -0.9| 4M SekfurdcT. lnr...._.W<l 406(+0J| S37 

Henderson AdxninirtratiotPaKzt Ridgefield Management Lid. 

Preodm- C.T. Adrao, Rayleigh Road. PO RovdlB. Rank Hve . Msachrtr 061 JUKI 


1451 
211 

1965 
1689] -Dh| 
17« B *0 7| 

Cfi 1...J 

a*-. 


An&bacber Unit Mgmt. Co. Lid. 

1 Noble St.. EC2V 7J A 014238379 

Inc. Moathiy Fund |162.0sJ 172 M i DO 


Brc ma wwd.Eatex. 
'ju.A astgs lisJi . .. 

37,Qocen SL lannkm EC4R 1 BY ni-5»52fl: 


ArbnUtnot Securities Ltd. laHcl 


H277 2I73 


Extra Income Fd 
High Ine. Fund 

S Accupi t'nitsi . r _ 
j% W-drwl.L’U V50.6 


ii 

Ja% _ ' 

Preference Fund _ 23 6 
ttArcum. L'biBi 3* 0 
Capital Fund". . . 16 2 
Cwniuodlqr Funiit 5X0 
i A ream UnltsCS. 719 
(10% ITctraLU ttl *6 0 
FlnAIYoV Fin U> 0 
Giar.u Fuad _ -363 
(Accum I'nm) ... . 41.9 

Growth Fund 30 9 

Accum. Urns' 36 5 

Ionian GtiLFtl ~ 126 6 
■Easem Mt lotLFd. 203 
10% WdrwLL'ts.) 16 6 
Foreign Fd.*" . 175 3 


1U.4 -05 
900 
5S1 
SSI 
276 
*09 
176 
550 
770 
*94 
17 4 
393 
453 
335 
395 
1369 
219 
17 9 
81J 


-Oil 


-c.y 

•in 

+fr 

-ii 


12 22 : *lb»rwean 

90S iriFarSatt 

9W fjSau-ftlTU 
9 to 1 1 . High Income... 
lijg .silnc.*tAss«d» . 

12 03 -riiniemationsl . . 

.qiNtfa. American ... 

fil ftonKebwJ 

3*1 OUANM 1 

5-U U WiaFebai 1 

3.35 iC'Cabot— ... 1 

3 57 c.batfisn Inc- . . _ 

357 “For lax exempt I' rod- onlv 

l *i Hill Sunuel Unit Tsl. Mgrc.t ui 


200 

27 & 

-0.1 

244 

357 


+0* 

432 

357 

332 

-04 

432 

S4 1 

36J 

-os 

0.92 

617 

66*4 

->05, 

LB 

228 

240, 

-0 2 

4.05 

535 

57.2*! 


860 

288 

30 7bS 

-0 2 

6 69 

25.0 

20A 


209 

323 

Mi 

-02 

127 

181 6 

105 8 

■ ■ 

217 

232 

24.7a 


204 

708 

757 


4*3 

69 B 

74 3 


317 

Sll 

3* S 

-01 

924 


Rid sell eld InL UT 182.0, 
Ridgefield Income 1 93 0 


49 S| 


72 AO. Gatehoose Rd...\yle»burv 


205 

925 


020854*1 


N i Equity Fund-. 

N f Eng> Bes Trt. 

N ■ ' Income Fund . 
XC. Iml Kd. I Inc 4734 
Xf. Inti Fd.iAcc.473 9 
N C. Smllr Coy* Fd| 


^9 0 
134 4 


972 
142.9 
78 6 
760 
1454 


:?4 


- 0*1 


333 
295 
737 
191 
191 
9 76 


5.91 

104 

104 

205 


*5 Reach hi- &.2P2LX 
••b .Rrtosb Trust . &*01 

ijdnrtTnw .(317 

rvillxr TVaH 164 7 


tN. Amnr.fclntFd.l243 2031 100 X.cSSlTvSt Ks 

Deal JtMoa -Tue* rtWed THtur*. r^Fn. S tfJSSalTroiiBb 
Next dJg*. — Dec 32. -Dec. 15 Daily -b. Financial Trust. g* a 


ib. I arcane Trust. .. 6 


Archway Unit TsL Mgs. Lld.V (a Kcl Ibl mgh^rui Tsi— 1273 


0142800] 
744 91 -J«| 

34 0rt( -0? 


11366 

Rothschild A Lowndes Mgmt. U) 

Ft- Swilhinv Lane. Ldo . EC* 01-SB643.94 

New .— t. Exempt ■ Kin o 120<H . . I 373 
Price on Feb. 15. Veil dealing Mar. 15 

Rowan Unit Trust Mngt. Ltd. 

City -Gale Hre-Fin»hurv 5q.. Ei "2 OISRB lfWt 


6921 

284<d 

90^ 

27* 
51 J 


-1.6 
-0 4 
-04 


- RowgiLAtn Feb 23 
5*5 HouoSec Feb.27 
i2 * Horan Hv. Feb 23 . 
(Accum. C'nlli. .. . 
Hwn.Wrn.Feb 27 _ 


IN 

406 


|59 0 
145 0 

SI 


(Accum Unit*....- ..(82 2 


613 . . , 
152W -b.0( 
530 . 

72 7 . 

710 . 
866 . 


123 

430 

777 

777 

424 

4.24 


roe! n 1 28 Kara) Tsl. Can. VS. Mgrs. Ltd. 

« 0|-0 4 ltr 5i.Jenmi9rNl.SV!. 0)-<Qflf52a2 

Capital Fd .. - 162.1 659-1H 349 

m Income Fd t - —-J66 6 703] -0.2| 810 

88.61 - 0 7| 7B Pncey at Feb. zSTserl dealing Mar. 15. 

Kev- Ptmd Managers LuL |a«gi ^*'' c S ^T r ^ S ? eT l* ro “ p 
Uidrorn Ho 252 RoroJord Rd E7 0I-S45344 M jIk9L.£<=V8;E 01-0067(170 *■ to “ l ^ He5enK 1 ^ mdo ° - 7EP 


317. High Ho)born.WCIV7XL 01-8310233. i.„| a i lUn 

ArchwayFund —1765 8X4| ..J 6 03 lmw, “ 

Prices at Feb. ll Next sub. w Mar. L 


Barclays Unicorn Lid. (aHg)¥fc) 


IS. .rhrtstoidier S&reL E Ci 
lnleL Inv.FUnd — J82i 


Unicoru America.. 207 

Do. Atm. Arc 54 7 

Do Aim. tar. - 43 J 

Do. Capital — - 58 7 

Do Exempt Trt. - 997 

Do. Extra Income . 204 

Do. Financial 5*2 

Do. M0 638 

Do General MB 

Do Growth Ace.. - 363 
Do Income Til .... 740 
-Dr TM A re- T51 . 1209 


a “? y 2.57 Ke»- Energy In-Fd~ 66 0 
->-0i *•« Key Gen... 60 6 

*2Z 2-2 *Kergja«ptFd._ 137.4 

*Ja J® Key Income Fond.. 73.1 ■ 
■^■3 *** Key Fixed InL Fd — 587 
Key Simifl Co's Fd. |78.9 



146.ll 

77 


S 3 34 


33 


-oS 


-.23 if 
6l| 


U i 


ai* W- 73 Moeen St. Edinburgh EH2 4JCX 
Dealing, to 8US54 88S0 or (01-235 7. Til 

665 Save A Prosper Securities Lld.V 
Luiermatiaui FVads 

^ ^ ■— « 

641 Kleinwort Benson Unit Managers^ * Dniv. Growth- |57.i 

20.FcochurcbSt.Er3. m«2360d0 Iacrcaxiox tnnaa+ Fund 

■» pd. I dc. .176.1 *3 2>d . [ STB High-Yield — - 1512 

_ -Ac. ..|95 8 1S3 <M I — High Income Fund* 

iffS SAS? "JP 1 * CLnit Trust 51»a«en>ent LUL¥ [31 

Do TniKtne Fnod . U3 1 — * ' — 

Do Wlrtwide Trutt <32 

B-lrtJn.Fdlnc. - 565 58.. - ... , 

l)n. Accum.. .. .|63.6 662(+a9| 5 IS - - Ororoeas Faudsui 


79 

14 

124 


sg vttfsfh 

l3 +031" 5^93 ^ ^ CLnii _ 

'71 -131 5*0 The Stack Echange. EC2N IMP. 0I..SK8 2800 . 

i\ -oil 2 05 L*d7lnc.Fd ^2 130 H -1 779 JUT c !^Sr 

1 9) -0 7| 515 LAClntl^GenFd gET *91^ 239 UK&qultj - ---- 


55 0| +05} 7.03 


63 II +0 <| 

43.20! *0 *| 


907 


|40.0 4304+D.6I 5 07 


Si 


r 1 - 1 IS -iroSSKSd ZZln* 

'Nm ro&M^Si - 3 3 W 


Baring Brothers A Co. Ltd.? faMxi 
80.LeadenhelISuE.Ca 01 5G8350 Mxy i^t - 

StranouT«t 

Da Accum.. ...... . 

rtGlft and Warrant 1317 
* s m — u ■ — va lie a 

BUhopsgate Progressive Mgmt. Co.9 -Accum. Cmu> (200 

9, Bfsbopsgata E CZ. 

BgszcPr -Feb. 2! JIM Z 
A cc.lt*. “Feb. 21 Jl93.8 
B’gate InL Feb. 28 .1535 

(Aceum* Feb 38 -.11612 

Next auh. day March 14 — 


Lawsoa Secs. Ltd. Wfaiici . Europe ! ..pal 

CGoorgaSt .EdlsburrhEH22JG 031-2283*11 

2Ratr. Materials . .195.1 30b... ' ”*■ — 

Ytara.l'mu 


30 21 
4i a 
55 A 
001 
34.9 
215 
224 
320 
717 


-l-’J 


720 

726 Secfer Funds 

334- Commodity 

334 Energy — 

-> ia Financial 
J5 Hlgb-SOalnmm Fuods 
Select Internal {2169 

U7I 


273 

140 

308 


tm 

55 rz=|H 63 w 4 ‘°l 525 

iai Sera |*34 08^+001 320 


220 9| +1.51 
*0.4| 


52 0} 


287 

803 


ScoUiits Securities Ltd.* 

37B|-t>e| 
49 lfd -0 5 
54 S +0 3 


0I-5S842M ~HI tb Yield J40.9 

lt + — iAccma.Cm&i...|6C6 _ . ... ... 

3^ DeaL *Moo. *Tuet. t+Wed. tThurx ••Frl. 

_ ‘2i Legal & General Tyndall Fund* Scmbit* [35 z 

b- 171 18. Canyn^eRoad. Brisul. «r*3=*l feSSttU— "Bl 

Bridge Fond ManagerstlaKo tal&VldV ..^.7 . 

King Wl Uj am SU EC4R0AR r.S4C?«*51 _ . "... ... -Pnero at Feb. 22 Next rob day March «. 

B^^<Uaiic.T.'.Ka Sa^ 0 ! 3« 2.Disu London W1M8IF. OI-W8SJ01 S chIes,n « er J™ St ^^5^' ^ 

£S& STtVK# i 3 * 35 J::: ?Slirg5| fS 

Frirox Feb 21-22. Deeliet rtlie*.. »W*d. Hegistrarti Dept. Goring-bi S«*s. EMCnpt_High.YW.-gO 


212 Ba 
107J 


408 

74* 

487 

227 

6.91 


10309) *04*1 


Britannia Trust Management fang) 

a Landau Weil Builrttnpi. IaMwi Wail 


Loudon EC2U SQL 

/rninfl 

Ccpiial Arc. 

Conunft Ind 

Conuncxbly 

Domestic 

Eseoipt . 

Exo glgc tcne — . 

nuadifSecT 
Gold* General 

Growth — 

Inc. A Growth- 
Ini'l Growth 
bi\e«t.TM.Slisrcs - 
Mineral*. .. _ 
Nat High Inc 


W«m tang. West Stases 

First (Baluctl. K5J? 

Da - Accutn-i 161.2 


01-8231380 


Exempt MW. Ldrs -| 
Extra Inc. Trt. ... . 


8 % 



01-638 0478X478 Second fCap 1 

Sl^-S IS SiSSL;-. 
e ^- o3 i IS KiSSSSi..-.; 

4J7 Do i.icctm . — 



f f f “2 2 f2 lncwneDlst M2 

53* litc UFbWdrol 294 

2 a -®4 1 1* I noil Growth 90.T 

S 7* “2-2 + 5 I nv. Til Unit*. 221 

»“ Market Leader* .. 151 

2 !2 £ !‘2 if? •KnYieW. 26J 

Prett Gilt Trust— 23.7 
65 31+031 *11 Property Shares — 240 
SaecieiSiL Tit— , 2S6 
UJl Grth. Accum. 19 4 


“J Lloyd's Life Imt Tst. Mngrs. Ltd. 

*J0 72-ao. GmebooM- Bd. Arietb-Jrt P2BB504I UJLGna Dial .. !p7 5 
4^ «- Equity ATCtan. . ..P374 1452} . ....| 440 

4.M MAC Gronpf (yKciln 



■‘S M i 52 T=t « Hill F».3R 8BQ. ni8W 4588 


N« 

North Amencwu 
■lTidaeiinaal . 

Pi opei I j Sharei 

Shield 

Statu* Change. .- 
Univ Energy 


The British Life nrfice LltLf (a> 
Reliance Hie.. Tunbrldce Well*. Kl 68*222271 
BL British Lde- . 1456 48^-001 591 

BL Balanced* (42.2 «5jj.-l^ 574 

BLDlndcad* K13 442| -« 9{ 934 

Prices Mar. 1 Next dealing day Mar. 8 


Brawn Shipley A Co. Ltd-V 
Mngra; Founders CL. EC2 
BS Unito Feb 37 . . 305 3 
Do. l Ace) Feb .27 P563 

Ocean tr Trusts (at <je> 

Financial l32+ 

G«cer»i.. 06-6 

Growth Acruni. — W* 

Growth Income . -B26 

HUb Income 127* 

ITU. (17 6 lAiy. j 

Index CC 7 223d» -0 1 

Ownm - Q54 

Performance go 2 

Racrow 1197 

ExmpLFeb id — )571 


See aha Stock Exc'.eni 
AS 

lArevn. Units- ...l«0 
Australasian. ... JU 
(.Accum Ism-.. 390 

CounnodiD- H2 

(Accum. Units. 64 K 

Gompoucil Growth 89.9 
Convert ion Growth *22 
Cntr-crmonlae. .. . B* 

Dividend 1I»4 

lAreiim. Umts. 1954 

European . ... 45 0 

i Accum. Uml*>._ *5 6 

Emra Yield 769 

(Accum. Cmtsi-— 100 8 
FarEattero..— .J79 
(.\ceum. Units' — . «L5 
Fundid In+ Tits 536 
l.Sccum. Unitvi _ 643 

General ... 145 3 

<114008X20 i Accum. Units i 2218 

2+s u J 5 05 High Income 913 

272.5" J Ik (AcmmUniai 1«85. 

Z7Z.71 .4 5 05 J>pMlBcocu . 1284 

■ . — (Acrum. Units. — 128 6 

*** Vjtonua 17D5 


ice Deannrs 

1392 410a. -0 ? 

«S-oi 

*2 Ore ~0M 
42 B -OjJ 
M7>d -05 
69 E -05} 
96 S| —Ire 

06*9 :a 


342*5 -04 

Sj -" 1 

gl-oi 


zrja 

2*5 -oil 


593) -Z 574 


■*S (Accum. Units' 2126 

52 Midland 145.7 

52 t Accum Units. . ... 236 l 

Recovery 691 

(Accum Unit*. — HI 

550 second Gen. 1*5 0 

52 (Aceem. L'nus- . ... 216 6 

52 Spcmai - - — 1365 

5-5 (Accum Volts . . 171 7 


Next sub. Match 8 
J. Henry Schroder Wjgg & Co. Ltd.* 
120. Cheapvide. E r 2 01 4403434 

Capital Feh 28 ._ [B94 - 931 -17| 257 

I Accum. ■ 188 9 1U.9 -L9 237 

Income Feb 2* . U66 7 1727 -22 700 

.AccoitLUniD. b«5 2SL1 -33 736 

General Feb 22 (732 76.2*3 346 

• Accum. Units) R32 931 340 

Europe Feb 9 .. PS 4 302 129 

. Acc.nn, I rutgj BUO 32.9 129 

TnVlwFeb.ai.. 1U4.7 159 *c .... 427 

'SpcctEa.Feh.7. . jZU.8 U0J .... «03 

•Recovery Feb 7 ._|1772 lB2isf .. ..J 5.16 
•For tax exempt funds only 


3 Scottish Eq ratable Fnd. Mgrs. Ltd.? 

4 898 last.Andr+wsSq.E/iuibursh 031-588*101 

il *9* Income Vatu 146.1 4901 -0.W 50* 

J39 .\ccum. Un.U. _ 152.0 553l -10| 500 

3-g neallng da\ Wednesday. 

5 D2 Sehag Unit Tsl. Managers Lld.V ul 
*» POBozSlLBcUbr? H*e.E.C.4 01336500C 

•■£ Sebac Capital Fd. -BO0 3221 +031 307 

’S Sebac Income Fd ,.&2 29^ +0.3 1 80S 


929 

U0 Security Selection Ltd. 

1 M8 Lincoln's Inn Fields. WC2. 


4A6 Unvl Gth Tst Acc 02 7 

745 Unci Gth Tat Ine [19.9 

745 


01-831 0838-8 


2421 .. .J 3.90 
ZZ.2) .. j 3.90 

5^ Stewart Unit Tsl. Managers Ltd. (a) 
500 45. Charlotte $q . Edmbnrjh. 031 -2283271 

5.71 
571 

<60 
400 




rtf olio Fttiwl 
rtfolioCapital 

rMbato Life An. Soc. U4 


Per New Coon PropcKy *oc under 
KathacMM luH Sbutnml 

NF1 Pen gion a Management lid. 
4& Grarcchiuch St . BC3P3HH 


Prince *t Wste* Rd . B-mouth. 0*0 78T8S3 Managed Fund .. Ml 14701 -5 «| 


Man. Fond Inc Ml 9841 

Man. Fund Arc. 1181 1165 

Prop-Fd lac 1060 1132 

rroaFd. Acc. 1310 

San Pd. lav IK.* _ 

Fixed Jut. Pi lac. 1083 1145 

Dep.Fd_Acc.Inc_ 97 J 1027 

Ref-jta Ac. Pen. - &6* 721+101 - 

ReLtoaoCaaPen. S44 59s -0« 

RetPlaoSOm Acc.„ 117.9 1287 

Sf8PUnM*a.Cap.- 1098 U62 

Gib Am Arc 1360 M3 C 

01494^0 GUI Pea Cap. 138.* U73 


. r a»h Fund 
U CHA FHud 
I.Bk‘- 


52 
.}« 

i Fuad.- . (1106 
IMI Fuat] .. iv* 
l- Ppty.rittd*. .|«a 


■fim. 

1022{ . 

1DU( ., - BJwtKrotar. Pin*- 04*6 JJJJ 

W. S0C. Ud.» ^ShimtocvFd.;. - W 0 100 

Hr Rank, Browm-Thaom. Berks. TeL 04381 JEno-aiatFd . 95 0 106 6 

MlhJeFtown-.J ja*97 I — I - AreWloid . 959 IBOfl 

■cdtalrtei.. I hW - - F»rE»*tFd ■ go 

tfidbaali S» Act (119 * 122.1! - Gih Edged Fd- — »9 1W0 

A S Farm Fd. I £8164 J - J - Can. Deptotl F8 - Ml 180 


Pneea March 1. New dealing April 3. 


10Ui 

rwih * Sec. Ufe A**. .Sec. Lid.W 


TnuMinterDatMnal Life In*. Co. Ltd. 
New Zealand Ida Co. (U.K.1 U49 iBwmBUn.iroxv. o: 

Mai tland House. Southend SMZIN 0TD3Eft53 Tkbp Invest. Fd.__ {129 0 



BASE LENDING RATES 


A.B.N* Pfak 

Allied Irish Banks Lid. 
American Express Bk 
Amro Bank .. 

A P Bank Lid. . ... 
Hoary Anshacher 

Banco dc Bilbao 

Bank of Credit & Cmce. 
Rank, of Crams 
Bank of N\S.W .... 
Panijui- Friki* 1-id. 
Biinque rtu Rhone ... . 
Bim-bya Bank 
Barnelt rfcn&tir I-i«l- 
Bmmar Huidmss Md 
Bnr. Bank of Mid. Bait 
■ Brown Shipley 
Cbnadd Permanent AKl 
Caplfei C is C ¥m I.W. 

Cayier Lid 

Cedar - Holdings 

* Charferhmue Japhei... 

"C. 15. coates . ■ 

Co&oihtaied Cre.iils 

C6td{»cr0uve ftimk * 

Corinthian Secnriltcs 
Credk Ljonnaix 
TheCyprux Popular Bk 
Duncan -Lowne X 

EiyiSTrwM 

Eiislish Tramcon* .. . 
,r^ See* - . 

Firtl Sol. PlD c.n TDD. 
raiTSat: -Sees i.erf 

* Antony Gibi>« 

‘•feyhnand f-tu;>:tfy . 
CiriwCiyii'B.iiii-' 

* iiClOTtojs-MaDfli: . 


t>*% *HiU Samuel 


6**7. 

Sf’Vi 

dj'Vi 

6t% 

Si'V, 

: 

Hi ‘7. 

S i *’ > 

ri«,, 

dV-o 

s 

7 Tt 
S 

fi5% 

h*«v, 

G-‘ r n 

K‘% 

s 1 

S;'1, 
h "i. 

; 

Si ^ 


C- Hoarc & -Co. 1 

Julian S Hodge . . . 
Hongkong A- Shanghai 
Industrial Bk. of Sect. 

Keyser Ulimann 

Knnwsley & Co. Lid. ... 

Llnyds Bank 

London & EurnpiMn ... 

. -London Meru.iniile 

Mitli.'inii Bank .. .... 

Il Samuel Mnnusu 

II Morgan Grenfell .. 
Natiood! Wcsuninster 
Nnrwii’h General Trust 
T. S. Refsnn & Cn ... 
Ro^MDinMer Afccpt’es 
Royal Rk- Canada Trus; 
Scblcsinger Limited ... 

K S. Schwab 

Security Trust Co. Ltd. 
Sheniev Trust ..... 
Standard Chartered . 
TY.ido Dev. Bunk • . 

Trustee Savings Bank 
Twentieth Century Bk. 
V ruled Bank of Kuwait 

Whiteaway [jidlaw ... 
WiMiam 5 - * fSiya's 
Yurkshire Bank 

B Vr.yiSrr*. n: iS* S' n “ 


1 sir* 

7i°- n 
6^ 
si 0 :. 
a««t 
9'^. 
R*«o 
s t:, 

fii" 

6J1. 

fii°o 

6i°». 

B4 l L 

fii'Vi 

Sf tf o 

6*°n 

Sit. 

T?% 

92^ 

6]% 

B>*T. 

7^7. 

7'^ 

di M ii 

flnmrc 


7 r| d+>1*l'.« r 
it 

7 ! j q+.vwiw 

ir.if f-'fr f-.i.'ci 
■i drpn»:*» «*. 
D.-r. jr.'t fep*** 
ny-. +.* > a?v; 
t. * 


U-..r'b d+7"*' 1 


nf : 
il l in. 


41 " • 


i+ s"+r ;ig Ir+rj 


T}UtpMaagd Fd .. U034 108B ..I - 

Mxn_ BondPtf p60 1U-5| . - 

M4iLPro.F4. Cap .008 2 113* . 

Mas.PmLFUAca.nb.* 119.5} I - 

Trident Ufe Assurance Co. LM.9 

Rvailodp HotiK. Gloucntcr 048230541 

Bfcijri 

■" W. M60 

'Amencao... 16* 

a Phitd- Ml 

138* 

HIM 1233 

MOOW-—- 1204 

tetenatfoul RO 

FWeaL 124.6 

Growth Cup 1256 

Grow* ACC 12*3 

Dens, btogd. Cap. 113* 

P«UXRtLDt<uAcC 1040 
Pena.Fptj Qtp - 1U8 
Pen*. Ply. Acc . US 1 

Trt.B«d 35.0 

riWLC-1 Rretri _ 1014 

•Usth l-bIuu (or [ 100 pmmum. 

Tyndall AssanncefPmsionsV 
lhC«wmtr Road. Rrljtol *BTSaS9Ct 

HwFob 18 - 

Stofei FW W - . - 

Bn«SV*b 16 

fro »rty Frt 16 .. 

.Deposit Feb 18 
Wyta. Feb 18 
OsMtlBv Feb 18 
MnJn.3 » Feb 1 , 

stefa-. 

Da Prop Fob I . . 

Vaabrugh Ufe Assurance 

61-43 Maddna Si . Ldn »1R0I> 0:-4»«G3 



1144 


25*6 


106 0 


1006 


1256 


1410 


024 

104 0 


2442 

Mlii 

1800 


111 



ftfL 

Inlot «5FB 




Fns.. m . 


. 2073 

8*\ 

.1366 

U64 



Vanbrugh Fen si on* Limited 
41-0 Maddox St.. Ufa Wins LA 01-480 *973 

Mussed . . .. 1951 100-5 . { - 

|E5uff BSi ICO? _ j _ 

Fimflarrooi: . .jwo . _?9B)»0?{ — 


Property 


won 


Goamroref mo 'Ine Rue Rate* table. 
[Welfare Insurance Co. LtdV 

tTboLeac Fei6o»!rew«. horr Wi^lK! 

^Uotuwmaker Fit I 98 7 I 1 — 
Fw other fiunb. plfovr irtrr in The Loodoc 8 
%Jaurti+-»er UtiMfL 


Wlndur life Ammr. Co. Lid. 

IHKhFtoer: Wiodi+- Windror 6*144 

lUlelnv.Pian? . '64.0 7J6i .. » - 
TuroroaudG'tnB' »e • i 

mtbiroAsdtab n «>« 

Ism .Met. Prof - . 063* i - ' ' - 

IFlex. to*. Growth _ |U0.1 115.9) J - 


Special! tod Fund* 

Oitod* Ufe tail Trt. Magn. Ltd_¥ SSiWrHSS gM 
J-eHlcbSr.PnoeroRei'.Hort.* P Bar 31122 Chartbaod Fed 21.J U5-1* J. . 

Can «iott Dirt. ...04 0 Hfcri+C3] <C ChxriU Fel» 3— 1324 134AM -4 6 

Do Ger-Arcum — W.2 <3« +DJl 413 'Accum. t lit* I IlM 9 16LA -54 

Do Inc Di»! . .. BJ1 34.S-0.M 7 80 Pont. Bui- eh 27. _|ll i H, .12151 ... ,f 

Do Inc Vcua . . 13.1 «4S-0flJ 700 


.._.j 170 


bpJta.TM Feb. B.ttl 9100 2D09M .. , 

FmtFirTrtly Fd . p5 S75| -0 <| 


4J7 

3.93 


Srwart Anertewn Fond 
Standard Units .-.154.4 57 9] 

Across. Units B86 62^ 

Withdrawal Cufto .|440 47 7] 

Bewxrt 8riU*b CtoKal Phnd 

‘2t •Standard 11239 13*«-1BJ 305 

jJ-J} Accum. Unit* . . . Jl«03 152j} -2l| _ 

Jg Sun Alliance Fond MugL Ltd. 

625 ^ un Alliance Hse.Hnrflium. 0WRMI41 

MaouLife >fen*geraent Lid. 

Copel (Jantesi Mogt. Ud.v si. George -14x5. st roasts. __ 043R94IM Target Tst Mngrs. Ltd.Y (ai(g) 

uonid Brood *«.. ECTV ^1Q Growth Ur.>n. . - I** S 489*5 ... I *-16 3i.GroshwnSt.EC2 Dealings; 0280 5841 

8KKi‘ . iSf ’ IS EflSiXSSS 1 ^oSiac** BSSSSSttK « 

Price* on Hatch L N« tioairog March 18 014D68H8 347 # 654 

Cwllol Unit Fd. Mgrs. Ud-Y ( > Nc i ^ ^ mf 

Mdburn H oum. N ewcaatia-cpon-Troe sura M»cui> Pond Managers Ltd. 2*V 

Carik'l _ . - — _ 1628 695] ..] 472 3Q.ftraaha:n Sc.ECSPZEB. 01-0004959 TaractlnlL 224 

-Gf ? Hi r JS KeroG«>larobl-B543 3644^-621 522 Do firtro. Units..., 243 

Do. High Y!eld__l<]) 5 43 0| J 829 ArcUt*. March 1 ... 201 J 214.1-52 5.12 Torgotln* 26.7 

Do. Accum. Unto J492 31 H . 829 MercJaLMarcb 58 5 422 —0.7 190 Target Pr. Mar. I._ 1421 

Next deal mg dote Zforcb L Aeon Uis. March 1. 627 _ 66.7 +0.7 190 TgLIoc. 274 

MeroExz. FcKSS — 197 7 2Mte ....I 439 TgLPrel 1«7 

Charterhoose Japhetv AcemaCt^ Fobs |2IS4 2487]. — J 439 Coyne Growth Fd.- 106 

i.PatemoMorRow.Ecc. eiC483*to Midland Bank Group Target TsL Mgrs. (Scotland) latfb) 

cj. tnternaiT - -B?f 21J! ] 30* I' nit Trust Managers Ltd.V fa) ip. AL boicroiceoLEdm.3. (ni^ansezui! 


2622 -6.7 848 
207.9 —9.0 60S 
123.7 +0.4 30 

288 +0 2 553 

243 +03 209 
• 263 +OJ 209 
2X.7 . . 308 

15*3 -53 4.04 
293 +0 2 953 

U2 .. . 1000 
17.8 +0.1 406 




7 _ Ceurtwuod Home. Silcer Straet. Hood. 
If* d-nwj cturt Tki.mM 


Accum. Unit* .. .. BB 
CJ. income. — sD4 

C J.Emo. Fui_ . 35.4 2721 .1 871 

Accum. Unit* — .39.2 31+! A 3 71 

CJ.Fd.lm-.T*l — 6*4 2iS . .1 455 

Accum Vein 070 2941 J 425 

Price Feb. 72 Nest deohng March L 


SbeEBrtd.51 9HD. 
Commodrc 6 i-cn..l56 3 

Da Accum 1639 

growth — (330 

Do. Accum 

CgpUlL— _ _ -re. 

Chieftain Tract Managers Ltd.WaMg) ' - 

30-*!«Beeo5t,EC4RlBR. 01M2932 i^Accutn 

Amencrnn -6x1X90 208ul . 1 IB Ioteroanonai .- - 

HlghlncMo — 3U *121 . ..] 979 Do Accum . 

Jnrornxdonarri«_U«10 285] -Oil 3 A3 HjghVield 

Basic Ream. Tstfcti 25.0. -oi) 500 Do. Accum . .. -. 

EcttlPfExcropT* 

Confederation Funds MgL LtdLW (a) ' Do Accum- 


» Chancery lean. WC2A USE 


07-3C0282 


5Z1 
(40 3 
42 6 
666 


Target Eagle 1229 2401 ..J 157 

TW;07427SW2 Target WusUe D6 9 39^ +O0J 004 

U0] | 002 Extra Income FG.-.P0.8 SLlafl +03| 10.72 

3591 +03I 345 Trades Union Unit Tst. Managers^ 
37 9 ^Ds! 3 45 100, Wood Street, EC 31 014288011 

»4 lol 3 96 TUUrreb.1 1*89 525|. -J 522 

48.9u +o.J 6 67 Transatlantic and Gen. Secs. Co.9 
55.71+03! 567 91 -00 New London Rd. Chelnsford 0243 51651 


98D 


435 -0J 295 

400 +05 2 95 

60.4 -03 0.70 

.62* -HJJ 876 
E3.4 ZZ 508 
103_4| 558 


Price-; at 'sa. 3L .‘lest dealing Feb. 28 


Growth Fund-— 26.9 38 7j -c.T] 435 MinW Fu ad ManagerR Ltd. 


Barbican Feb S3 1703 

i Accum. Unllv.1 1002 

Borb-Euro Feb. 22. 89 
Button. Feb. S3— 72.4 

(Aecum. Ucrta) 881 

Colemco Feb. 24 1134 

‘ Accum. Unlu(_ 134.7 

CHOTld.Feb.22 — 503 

CoaroopaHtaa Fond Managers. ^ ns\ "TS 11 

3aPlTOlSrrot.LoudooSWlXBE: 014JBW3. Exe^rrh.SS. .-^0 »2 -3^ 60S 'zf)_ M3 

LQsawpoin.GULFd. il03 17 « .. .| 52* *LA i:n it Trust Mgcinnt. Ltd. 

Crescent Unit TsL Mgrs. Ltd. (aXs) Old qawtistrcei swih big 010007323. r Accum. Uniai_ .55 0 

«Meht3leCro».&!:9taurgh3. 031 -2*4333 NUaLkis -B3 9 3561-14! 477 VanW.Feb.as. 640 

^5 Matual lull Trust MapagersY f«Kg) <27 

CrSwriTDW.. S3 106 Coptic I A-.ECT7BU. 01 0*4803 WietorFen*- 

rrro. Reterme* .D704 M7«t -flbj 472 Mutual Sec Plu* --(^4 

SfutcslW TV .J6I1 

DtscrrUonan* Unit Fond Smaren Menial Bloc Ch:; 1 CIO <• 

22. Rtotnfieid sl.EiSM t 61 . «!*ms Mtouai lit*--- Yid S»6 6t>oj I 883 Tyndall Managers Ltd.¥ 

DtacineoiM — J15C.8 i*ai{. i 3.47 National anti Coraroerc’al ift.i^w>TiRpRfi«d.iirirfaL 

F F Vmrf «n« t .4 31. vg AndTO - Edtotnre* 091*589151 ^*h 3* -B*« 

E. F. vVincaesier Fund Mngt. Lid. i r ,wi.*b ;s W4i i«4( i »« ^ fu4o 

Pldw.ir-J o-.-flMKer taatro IlW* . 5% SSwVw».’.\fiJS 

sssssf^si sa i is zssvi. set ses-i -gl 

e™» * ixrer t» irex. ut 

» «—“-*»•- ««»' SSS»?hP* ,, +s H?Sn <M£nfih s rto* 

(Accum Units-* -K3 56® I 375 Scol C ap. Feb. 22.. 1288 

f-nni,,, Crr. T VpJO'Mtaj TruH . [1018 1152* .j 320 'Accum Unit*; 1150 6 

Eqniias See*. vo-Yiaitg] .. tiw-i i-itas'" fcl0i lnoi . I 32o srm lnc. Feb !2 . 11512 

4lBlstopw.E(£ 0: 580285: ~ Fnm • » ff 1 . A5SW ” L— dan WaH Croup 

— n x- ii ■ *Pnm Feb I* Xbd dealing Marts l. r 


t Accum. Unlit) 65.4 

Wide Die. Feb SI -M0 
Do Accum. . 1695 


M:: 


75.9 

92.t 

1202 

342-7 

512 

-55.9 .. .. 
510 -L«H 
44J -tjl 
462 -Ojj 

52.7 -asi 
47 0U -IS 

57.7 -ij 
683 -22j 
44J , 

44.7 
HJ 
092 
060 
720 


\& 

337 

423 

423 

5.90 

3.90 
878 
671 
88 * 
538 
277 
2.77 
342 
342 
832 
507 
507 
533 
5» 
8.99 
899 


992 
1731 
1190 
1062 
111.0 
1532 
954 
1170 
2342 
2596 
135.4 
1582 
158 S 


0C723Z24I 
171 
771 
439 
*39 
774 
7.74 
555 
535 
534 
534 
520 
510 
902 


f ro g rt i irif . 


:«0 


6£2i-0C 43S 


Equity & Law la. Tr. M.f uKbbci 

AaterahamRC Hx: OGH333TT 

Equ^yfcLax .. 392 023] -C0; 404 


Frunliugtm Unit Mgt. Lid. (at 

67. Ire lam Void. EC4B5DK. 01 340(071 

trapaalTu. .. ._ :US2 10941 . ; 4.8? rf -n- 

■hcmmiTis . ._j954 1A« .. . 640 Uroemal Fd d _ 

96 S -S 207 S*EL Trust Managers LtiLV laKg) 


iimmiK . — i+a « 

lint Growth Fd. -_.S84 
De.ucum. __;924 


«Pncr» Feb 18 Next dealing 

National Wesialnsterifiai 

1*t rtreaptide EC2V 4E1! 0I-508 Wdll 
Capitol. Accum. g74 0J.71 -fi0 

Extra lnc - --• fe* 8*7 -07 

Flpaneul — j»3 34 *b +00 

Growth !cv -gfl 8J.J “1 ‘ 

lac oro* 03 3 35.8 -0 4 

fWtfp.’io lnv ; rd |615 'WJ+OK 


5101 


Capital Growth 172 0 

Do Accum 73.7 

Extra Inc. Growth... 3*3 
Do Accum . 384 

FiBoueiol PM?- . . 15 3 

Do. Accum. ... 10 8 

H!£b litc. Priority - 01 

International 26 0 

Fpcelal Site _ _ |z7> 


77 U +031 647 
708 +86 6.47 
370 -02 102? 
412 -02 1029 
104 +0.1 4*2 

19 9 +0.1 
MX +02 
27 8 +0J 
292 +03 


402 

861 

485 

530 


207 


Friends' Prpudt. Unit Tr. Mgn.V 

PixhamEud. DtcAinc 

FnendsProi Uts ?*2 aar+aai 474 

Do Accum. - . ...485 518-0 61 4 7S 

f..T. I'nii Manager* Ud-Y 
18 Fliiibn.? firms ECS TDD 
lO.T.Cap toe.. _. 75* *02. -U* 

IT 


94 6 +0.7 
592 -O H 
604 +0M 

7S.2 -oa 

79.1 -0X1 


407 

4*7 

7.52 

732 

287 

287 


r-j; 

De ACC . . .rjd.* 96? -Co] 340 

i.T lac Fits — 1x73 lS64o -* 'J ££ 
JT '130* - 


SilDfSift?:. 129b 
/TTlsf! FUfri - I86 0 
57 Four YdiFA. 321 


136 art 
lAif 
554; 

- 1»G. ft A. Trust ici igi 

A Ha- iasgb S3 - SreEtweau 

it A 790 XL5| 


781 
527 
584 
695 
540 

300 TSB l-nit Tresis O') 

21. Chantry Way, Aodnw. Hants. CQM82138 

Vii™- Cm,-. Dcr^Surrar 5BU S^ 3 +fl_A| 

ISSSiwi:- IW « S%fc=i-S{ 

far New Court Fund Managers Lid. «b. Do A<-c=m . _ 507 
m Rmhsrhild Asset Management TCa Scottish ... 70 7 

» . _ . b. Dc Accum -- , 75.0 

Vorwieb Union Insurance Group lb) n ... 

VO Sc I 4.-;nrt*ro') mt!2>r. n«J23«) i ISlPr ““v . 

G:c--pT*t-F« 13043 3203*$ -2*1 557 *^_W:5crrtt Rclt.'t 

Pearl Trust Managers Ltd- lailgnz, .... .... 

2S2 Ruth Heibont. WCFV7EB ni-m3M4l ACCOUDt ft MgmL Lid. 

— 0 22U -03] 440 KmgWillixciS; EX4R8AR 01-8234*;] 

1 26tt -cq 640 PronHw Fusil R360 1440] | 4 72 

• 317] +0*| TB Grtc_ Fnd .086 JO 3 ... I 5*2 

- m* 540 D* Accum |K4 54^ | 3.43 

- J!-: J* 3 / 1 ■ ** Wieler Gratrth Fond 

Pelican IniW Ud ‘ FincKllhxm sl FC« r. » aR nijraaro; 

oe^ss^Kt g;“«cE?».eS-.w* , wneK«r ns,.33eieipt inrowupiti .. 177.2 28.7| . , .j ju 


ib.l'bwr Growth -13*1 J6 7«a 


032 35231 
. . I 500 


55 


X-Ui-M ^--340 . _ 79.71 »0b| 5 C Aecun-Ucitt 1 !_{m0 


3i5i 


300 


29 


Perpetual mil Trust MnCmt.V ui 

M3Ei:v.i 4an.i-H.lVn;p7Ar T’ismc- »H!iU«4P 
34 41-021 0 91 »-prtus;-,U'-t.h . IJ69 39 4|. | 409 

136.pl +08j 377 Piccadilly Unit T. Mgrp. l.td.V laKbl 
Wnrdf >+ Hs** I nndQn Wall E.C2 KW0»H 


American Por.d 

on Prarticai Imcsl. To. I.td.V ivurl 

44 Wcmmshury Sq tt(*iA2RA til-iTAi S»R1 
Practical Fell 22 .1154 2 143 61 .. ] 4 35 

oi-wr-co Ar ' ,UTi W! -I 4* 

245 Proiinriai Life Inv. Co. Ltd.V 

*43 221‘. Birbcp'cale. E>. 2. K !f1.Vi? 

TTnhtir Vnlto 16*6 TI5|-II.'| 3 75 

... [98 9 IPS 9] —0 *j 


820 


OFFSHORE AND 
OVERSEAS FUNDS 


Arhuthnot Srrnritics iC.I.i Limited 
pn Rt»*3U>l Keller JeptTV 0S.HT3IT7 
r*p Ta 1 i-Tvejf ■ il!60 128 W I 365 

Ned deallnc dale Starch ~ 

Eari 01ml.Tst.Cli. 1104.0 lll« l 3 38 
.■■wit rgh. Mnnrh P 

Australian Selection Fund NV 
Maraei iippnn unities, ( i ln-n Young 6 
Oulh+xitr 177. Kent SI S>dno 
L'SSI ShmM. . — ItL'SlJI ! . I — 
W a-.i-'rt value Fchruair H 

Rank of America Snteraalionai S..V. 
:i\ Hnul+iau) Rmi!. Luxcmbmir* O D 
VMimutl Income UT^inr IMr.l : 600 
Pnce* at Feb 33. Next »ub da-. Mmti J. 

Buk. of l-ndn. A S. America Lid. 
4*U«. O.'-'t Viriorla St. EU4 "I n 1 2133 
Alexander Fund. BV558I - I 1 — 
Sri A'wl value Frh. 21. 

Sauque Bruxelles Lambert 
2. Rnc Pe la R+xcnce B !0"n Frur*»l« 
Renta Fund IT |1.9» L990| - ?l *45 


Keyselex Mngt. Jersey Ud, 

PO ebwrm, St Heller, Jeroej-.iEnqCJ^pSTfem 


FYmsclOx. 
Kenolox InfL . _ 
Kmsele* ttorope.. 
Japan f.ih lund— . 
Keyoelev Japan ... 
Cent AMcfaCap 


F71279 

K5.76 

£304 

52113 . 

£860 940 ... 1 

£131.80 OC9| 


i-h 


200 

4.b7 

388 


King ft Shaxsim Mgrs. 

1 Channc 'Tt"-.-. SJ. Hrlle.r. Jet*-*—. 

1 Thoitu-' Stre+f Deagla*. 1-lc ft! M.iB 
Gilt FuDd Jeriey-IIBBI 1000 k: ; 11 15 

■ •iti Trust. mil 1 . IU25i3 115od . 1 21 ZS 
fptl. Ho+i. S+w. Trt. 

First Sl.-rling ...|1715 17 3?; [ 

FirK InlL . . . |S102 M 13247! , . t — 

K1ein«ort Benson Limited 

?n. Fer.rtmich S. KCft 0! «38fV« 


Eunniei ijjt. f 
G uernsey Inc. . 

I in Accum 

KEFarFartFii .... 

KBInil. Fond 

KB Japan Fund 
K.B V£ Girth Fd . 

Sicnci Renmida 

•Lnifoml* DM' 


97Bic 1 -all 
500 604; 

09.2 73.M 

5US950 A 
SUS10J6 |*2.59l 

•HB? l-'» 

SUS423 
18 25 


nu , . 
:S423 -Q01. 

192D)-fl20l 


KB act at Landoc paying areola ml?. 


3 58 

4 35 
4.JS 
140 
195 

0 59 

IIP* 

885 


Barclays Unicorn Inf. (Ch. Jg.l Ltd. • 

I.Channr (.Ynte. St. Helicr. JrsT. 0034 73741 

1 ncrva* Income -|50J 52 Wf I 1615 Lloyds Bk- IC-L) l/T3igps. 

Vmdollor rrurt . BUS* 99 183*1 I 470 r £■ Brtc IP5. SL Hclier. Jcr-r*- 0534 2 

-Soh-cyi m fee and withholdiBS twc« UoydiTu. n wai 148 0 5051 ] 2 71 

Barclays Unicom InL. (I. O. Man) lid. Nc '* deall « dal * **** » 

1 Thpwj •'i, Dpujjiic. i.o.3L CXC448W Lleyds International Mgmnf. SA. 

Unicom Aurt.Exi-.g9 4 *3 M 1 238 - Bue rt u Rhone. PO. Bur I7B. 1211 Genera 1 1 

nu.A.j« Min. .- P29 ■ =« 5 -0 •*! H40 yaupO 30400 -1 15731 ■ 3i« . | 130 


Do Gnr. Parilie.. . 560 
Do InU. lacoiTK... 385 
Du. J id Man Trt - 45-6 
Do Man 1 Mutual. 1+15 


M, 


840 

890 

210 


IJMW JU4.1U +1 | jf J* »B 

Uoyd> InL Income . pFHI N 


Bishopagate Commodity Ser. Ltd. 

PO Hn< 42. DouglM. I o M IXC+ZWII 

ARVAC* Feb 6 I ST S7009 ] 
CANRHCe-rch 6 £1D1» |. 

COUNT- Fuh. 6 . | C2536W 1 

Origins)?? miued at 'SI0 and *•£! 'A3 

Bridge Management Ltd. 

PO. R01 508, <7rand Caiman. Cayman Tx. 
VbaibiFnh.. .. | 5T3 857 1 . | - 

GPO Bn\ SPO. Hone Kong 
Nippon Fc F«b3E JllIMJi? UN] .. | fl 87 

Ex-Stork spin 

Britannia Tst. MngmL iCI) ltd. 
308aih54.Fl Helicr Jersey ir.^473114 

Growth Inve*! .1295 317*4 4*0 

Intnl Kd . . .Eoo MM . 1 00 

Jrr*ry Enrm W 138 8 158 Id 150 

I nroiL Dir Trt ... . 34 70 5 Oil . 

Laical 3 Trt Ste 1=2 « 214| 100 

Value Feb. 24. Next dr* line Mar 8 

Butterfield Management Co. Ltd. 

PO. Box 1*5. Hamilton. Bermuda. 

Buttress Equity • -P-6 IQ - I 2 IN 

Buriroax Income.. |X99 1 92] .. | 7 49 

Prices at Feb. 8. Next tub. day March 15 

Capitol International S.A. . 

37 rue Nctrc-Dame. Luxembourg. - 
Capital Int Fend „| SI.S1550 {-0 '1 — 

Charterfaenae Japhet 

I. Paternoster Row. EC4. 01-2483*0* 

500 
555 

6.04 
622 


; 6 04 
404 


ApnJlp Fd" Fefr'^i. 
Japfeai Feb 15 - 
llTOrp Feb 27 . 


Aiaffl .. .1 488 
t n . i 1 » 

tiw j 215 
4 90(-CDlj 0 84 
14 59 


11254 .... I 04* 

M ft G Group 

Three WUU' Tower Bill Ff3R CFO. IK 708 40* ' 
AtlanUcExFeb 3 BL’AM liF-Ofl? - 
A-Jrt. Ex Fch a. H S177 ]9d . .. — 

Gold Ex Feb 22 U S9S7 IU® .. . . 

Island . . 1028 l&lS-U 

I Accum 1 1 nit* 1 —.1436 U2H-1.7}' 

Samuel Montagu Ldn. Agts. 

1 14. Oid Araad Sl. E (~2 o:-5B8M64 

IS PC 29 
SIIK9U 

r . F. SUJ7 

llTJnifTrl' 2 C*54 
UTIrtJ'O ,F*h 15 19 77 

Murray. Johnstone <lnv. Adviser) 

Its. Hope Si . Glasgow. C2 MI-2Z1 5521 

•Hope Si. Fd. - l IL'riZB 17 ‘ J — 

•Murrar Fund...- I SUS9 31 1 — 

•XAV ,lan 31 

NegJt S..L 

Ifti Hnuleiard Rnval. Luxembourg 
NAVFpbM. ..J SV510 67 J | 

NegSt JML 

Bank ol Berninde Bldgs, Hanullim. Tl raid*. 
NAV Feb. 1T_ |£404 - 1 .. l - 

Old Court Fund - Mngrs. Ltd. 

P O 58 Sl Julians O, Guenuey 0451 28331 


i 

_ > 


bq Fr Feb 38 _ . 
lnc Fd Feb I 


ju02 


Inti Fd Feb. 15 ... H0 5 


Sm C« Fd Jan 31 


1319 


# 

140 


258 

659 


315 


Adi verba 

Poo dak 

Fondls. ......... 


IDU3029 

nu 

-OSM 

DWH 

5051 

-0 HI 

DMJL50 

3111 

-04B 

180901 

7191 

-0JJ 

suau 

273 


snon 

*30 



Old Court Commodity Fd. Mgrs. 14tL 

P O. Box 58. SL Julian* <% Guernsey 0481 2*741 

5M 


0.04 n C.Cm. Trt FebJ8 1117.7 124 71 1 5 

622 O C Dllr Cm Tut t ...|S2« 80 20<7j . | - 
— *Pnpes on Feb 14 Nest dealing Feb 2J 


1.97 


Cornhilt Ins. (Guernsey) Ltd. 

P O Box 157. SL Peter Port. Cnmurr 
IninL Man. Fd 1 103.8 1773].. .] — 

Delta Group 

P 0. Box 3012. Xaaian. Bahamas. 

Delta Inv. Feb. £1 „ |3L26 A32J — .| — 

Deu tocher Investment-Treat 
Pestfarb 2*85 Bicbers ■«•+*- 10 8000 FrankfnrL 

Ctm centra .IDM1I2I 21511-0 201 — 

InL Renlmlonda IPIfitSB 7lilj | — 

Dreyfus Intercontinental Inv. Fd. 
Fil. Box NT712. Naasau. Bahamas. 

NAV Feb 23 8131211 S2*7i — | — 

Ernson ft Dudley TstJHgtJrsy.Ltd. 
P.O. Ejx 73. Sl. Helier. Jener 053420901 

EDJ.C.T. B145 1217! | — 

F. ft C. Mgmt. Ltd. Tut. Advisers 
I -2. Laurence Ftountney if ill. EC4F. OB.A 
01-823-4*80 

Cent Fd. Feb. 22 _.. | SUM 30 | . .. ,| — 

Fidelity Mgmt. ft Res. (Bdaj Ltd. 
P.O Bor 870. HaauiUm. Bermuda. 


2R 

TPnce on Feb. 21. Next dealing date March T 
Phoenix International 
PO Bo i 77. Si Peter Port, Gurmsev 
Inter-Dollar Fund. (Sl'SUl 2J9J . ..( — 

Property Growth Overseas Ltd. 

28 Insh Town. Gibraltar. tGibISIM 

t 'S Dollar Fund -.1 5VS88 27 I .... | _ 
Sterling Fund ) £128 80 | .. ..j — 

Royal Trust (CD Fd. MgL ltd. 

T h Bo* 1*4. Rural T*L Rie, Jersev. 053427441 

RT. Infl. Fd . Kt^.U 9551' .... I 3.80 

RT lni-LiJK>.iFd..|H 8$ . ... | 32k 

Price* ai Feb. 15. Next dealing March .15. 

Save & Prosper International 

Dealinc tor 


37 Brood St. St Helicr, Jersey 
Uft. DoHar-tfeaanilBated Fuad* 


0554-20501 


Dir Fxd InL**S_ 
iciernat Gr*S 


n 


STR28.20 

SUS1157 

SUS48.15 

SUS1223 

0T10 

(648 

0331 


+0M 

-007 


+0 IS - 


k&ICFDilU V8» re~.-~_.JV UP 

Far Eaxternri (33 M 

Nmh American *i .|3^0^ 

SieiilBg-deamai noted Funds 
Chonnei epical*-. 005 9 236 

Channel I sland*q_ (130 8 24 

Commodlrj — .11 7j 
SL Fxd iDL-ri - -0203 127. 

Pnces os *Feb. 21. **Feb. ZZ 
^Weekly Dealings 


Schlesinger Internationa! Mngt- ILL 

41. La Motto SL, sl Helior, Jeraer. 05347359a 

SA.1J 17< 

SA-O-L. 


Fidelltj' Am Am — I 5TS28.20 | 

Fidelity InL Fund . “ 

Fidelity Par Fd_.. 

Fidel ltr«rld Fd._. 

FlcfeliiySter Fdi- 
Serte* A ilnlnTi — 

Seriea B Taelficj— 

Senes D 1 Am. Asa. 

First Viking Commodity Trusts 

8 SL George's St, Douglas. 1 o St. 

P«24. 4®? Ldn Agl'^JSnbaf fc C>. IJd- 

S3.PalIMaU.IxmdopSWl.SJR . 0, - ,1M ™ 57 Eoierpriic House. Ptirisnicaih. 
F*L vig. Cm. Trt — H3-* 43.0j . j 250 “‘«n»n»c House, ronsuwam. 

FM.Vk nhLOpTal JMD 93 q .... 050 




... FA Jew? — ... . 
lntnLFdLLxanhig. - |9J3 

Schroder Ufe Group 


070527733 


Fleming Japan. Fund- 5. A. - - 

37. rue Notre- Dame. Luxembourg 
Fimjr Feb. 28 | SUS4L09 i+072] — 

Free World Fnnd Ltd. 

Butterfield Bid*- Hamilton. Bermuda. 

NAV Jan 31 I SU5I6419 | .. . | — 

G.T. Management Ltd Ida. Agts. 
Par* Kae . 18 Finsbury Circus, Loadoc SC2. 
Tel. 01-828 8Z3I. TIJC: 883100 
Management laternscfima] Lid. 
c-o BE. of Bermuda Front SL. Hamltn Btnda 
Anchor 'B' Luu — |STStL7l 8Md .. . I 195 
Anchor InL Fd. — [SCSJJZ *M .... | 199 
G.T. aecrend* Ud. 

Bk. nf Bemmda. Front SL. Hamltn. Bmdi 

Ben+Pacr. '.S3* 74 _ IT.. 1 l.*« 

GT.SFd 1 5US651 j _....( 8.79 

G.T. MgL (Aria) Ltd. 

Hutchison Hm Rarcourt Rd_ Hone Konf 

C.T.AaiaF. ISHK7J0 7671 .1 190 

i'.T. Bood Fund — | 5US1Z12 ,-DOrl 5.30 

G.T. Management (Jersey) Ltd. 

Ro>-al Tst. Hat. Colomberle. St Helier. Jer'er 
G.T. Asia Sterling. -100.76 UJ6| ... I 176 
Bank of Bermuda (Guernsey! Ud. 

31 33. Le PoHet Guensaey. 0481 28268 


154 

98 

» 


Berry Pac Strifr 1213.00 223.6] [ 1 

Anchor Gilt Edge ._}OO08 1056 -Hi* 11 
-Anchor in Jsy.f«._|22.4 24 0) i 3 

Gartmore Invest. Ltd. Ldn- Agts. 

S. St Mary Axe. Loudon. EC3- (I1-283OT1 
GsrUMre rood Vast. (Far Eciti Ltd. 

1503 HulchlKm Hw-10 Harcouri Rd KKimg 

BKfcPac. I- Trt 15431 I 310 

Japan Fd H S11H0 11971 

N American T-4..-.BT5144S Ilia 

JniL Bead Fond — PIS1U2 UMt 

Gortmera l a»c r tiu e n t togl Ud. 

PO. Box 32. Doudos, IoM. 

InicrnaUosalina.. 120.6 22.1 

Do Growth 04 6 585 


Internationa] Funds 

fKquity 103.7 110J — 

ifiqulw UZ6 119.7 — 

fFixcrf Interest 139.5 1433 .... — + 1 

5 Fixed IntercFL — 102.8 1*93 — I 

f-Menaged 1210- 1293 ... . — ■ 

5 Managed |lB77 1145( - 

J. Eenry Schroder Wagg ft Co. Ltd. 
13a.Cbeapilde.ECZ 01-5884000 

Cheap S Feb 37... | 18.48 j-OOg 277 

Aston Fd. Feb. 30 -IITSaiS 13J71 5 63 

Darling Fnd . _IJA175 1 W . . 510 

Japan Fd. Feb. 9- PUSiH 01l| I 0 16 

Sentry Assurance International Ltd. 
P.O. Bo* 338. Hamilton & Bermuda 
Managed Fund . BlFtW UTSj-flO.M — 

Singer ft Friedlander Ldn. Agent* 

20. Cannon SL.EC4. 01.2480848 

Defcafands (IM2439 2&2M-0J01 6*9 

ToJtyoTrt.Feb.28-] SCS3LB0 |-I.o6| 280 

Stronghold Management limited 

P.O. Bex 31S. SL Heller. Jerscr 0534-71480 

Commodity Trust -18945 9301] | _ • 

Snriuvest (Jersey) Ltd. (x> 

P a Box *8. SL Heller. Jersey. 053473873 

American bd.TK...i£t.92 7.00) +141 142 

CoppcrTrurt H974 974j-*oq — 

Jap. index Trt (£9.23 9AZ]+0J3| — * 

Snriuvest Trust Managers Ltd <x) 

4R Athol Street. Donglos. Lo.JL 0624 23914 


The Silver Trust — 
RJchmnod Bond *7. 
Da Platinum Bd . 

Do iToldSd. 

Do Em.S7,tEBd._... 


973 

185.4 

1104 

1«J 

173.7 



:::.J 



TSB Lhiit Trust Managers (C.I.) Ltd 

Bagatelle Rd- St. Sari our. Jersey. 033475404 

Jeroey Fund lfi.4 43 hd -1 31 441 

Guernsey Fond — .J41.4 43.M +LS| 4«1 
Prices on March L Next sab. day March B. 

Tokyo Pacific Holdings XT. 

Intimis Management Cn. N V , Curaean. 

NAV per share Feb. 30. 1US4383 
Tokyo Pacific HI rigs. (Seaboard! N,V, 

laHali Managramt Cn. N.V. Cutxcbo 
NAV per share Feb. 20. SUS3LB1 
Tyndall Grotxp 

P.O. Box 12SC Hmuflten 0. Berarado. MTto 

OxmasPeaa BUS# 98 

f tomim. I'Rltsi IlCSiSl 

3-Way inL FW>.T8..BFfI«B 
2 New SL. SL Bell cr. Jersey 

TOFSL Feb. 22 K6JS 

1 Accnm. Shores 1 — E9.7D 

TASOF Feb. 22 753 

(Accum. Shares) — 753 
Jersey Fd. Feb. 22. UM 
■Noa-J. Acc. ITs 259.0 
GUt Fund Feb. 22.. U10 

(Accum. Shares) 1396 

Victory House, Danglas, tale of Man. 0824 2S82P 
Managed Feb. IF — P25L6 132.4] — J — 

Vtd. IntnL MngmnL (CJ.) Ltd 
14. Mol carter Street, SL Bdisr, Jer+e?. - 
U I.E. Fund | SUS180 | | 835 

United States Tst. IntL Adv. Co. 
Internationa) Pacific Inv. Mngt. Ltd 14. Roe Aidriuger. Lnxembouts. 

PO Box R237, 58. PStt St Sydney, Aim, VS. Tsl In*. Fnd — | SUS935 [-005] 8.95 

Javelin Equity Tst. I&84 L94] |— Net asset Feb 27 

J£-T. Managers (Jersey) Ltd. ®- ^ Warburg ft Ca lid 

PO Bor 184. Hoyal Tst Hse, JeK*y0534 27+41. 30 Cpt ?^“ B ®^ , ^P C ^, - 0Ift»4555 

Jcmy ErtrpJTrt.jlMO 


0524 23? 1! 
11.7D 
532 

Hambro Pacific Fund Mgmt Ltd 

21 ID, Cenaaagbt Centre. Hoeg Keuc 

Far East Feb. 23 ...19.74 lJU6j J - 

Japan Fund PuStM 447] | — 

Hucbrps (Guernsey) Lt dj 
Hambro Fnnd Mgrs. (C.I.) Ltd. 

P.O Box as. Guernsey MB1-2652! 

C.I. Fund 11346 

Intnl. Bond SI T Sfl0342 
lm. Equity SUSi9B3 
laL SncL 'V HNin . 

InL Svgs. 'B' SDSlfl.99 . 

Prices nn March L Next dealing March 8. 

Henderson Baring Fund Mgrs. Ltd 

PO Box MTZ&Naasau. Bahamas 

Japan Fit 11534 1000] .. ..] - 

Pnces on Feb. SL Next dealing date March 8. 

EDU-Samnel ft Ca (Guernsey) Ltd. 

8 LeFebvre St. Peter Port Guernsey. CJ 
Guernsey. TsL |240J 1419] +L4] 3.67 

Hill Samuel Overseas Fund SLA. 

37, Rue Metro- Drese. LoxcmbeoTg 

IH3BJ7 DfiJ-OKfl _ 



As si Jon. 3U Sext cob day Feb. 23, 
Jardine Fleming ft Ca Ltd. 

48Ut Flour. Connaught Centre. Hang Kong 


Jardine Esin. Tst .. 
Jardine Tun. Fd J* 

Jardine S.EA. 

Jardine Fleir In' * 
NAV Jap. 31 


-L: « 


3.40 

160 

2(0 


S HK289.9 0a| ] .... 
5HK279 68 
SUSU.74 

. SHKI.fSrt . .... 
‘Equivalent StS80i4 
Next <rjb. Feb. 28. 

Kemp- Gee Management Jersey Ltd 
1. Cham* Cross St. Helier, Jersey. 0534 13741 
Kerap-Gee Capiml [794 B4-1* _ 

Feme-Gee Income . 162 0 63.9] +2 7] 801 


. ST SOM . ... 

Engf.InL Feb. 27„ 5US15g2 -0J 

Gr.StSFdJan. 31 _| STSt.47 
Mer^orJlLFebJBlirafito HI 

Warburg Invest Mngt. Jrey. Ltd 

L Charing Cross. 5L Helier. Jjy.a 053473741 
CMF Ltd. Feb 23 — (Jl'51237 121 

CMfUdFeb 23.-1(32.02 12.9 

Metals TS.Feb. 18.JC10.73 1121 

TMTFebi .fersM6 9S 

TMTLtd.FebS (913 9.5 

World Wide Growth Management^ 

10 1 Poulecard Royal Ltwembourt- 
World Wide Gib Frf| SUS1275 ] . | _ 


NOTES 


Fnrr« rtn nrr inrlud* S premium, except where l&tUested 4. and ore in pence unless atbenric* 

indicated * i elds 9* 'shown in last colamni allow (or all billing expenses, a Oflrrrd prices 
include al. «f«wi h Today 1 * price* c Vield based on otier price - A EsUmrted. g Tfrdor 1 * 
opening pnee h Dirtrihunon Ire* of KJC taxes, p Penodlc precduminairaace plans. s Sinei* 
I expense* except agent’s cotnalartan. 


premium uiwance. * Offered price incudes all ... 

v Offerad price inehiqes al! expen s es M bouriit throngh managers, z Previous day's price. 
V Net of lax on realised capital gain* aalesJ iqdleau-™^ ~ " ■ 


* aaleM indicated by q. f Guerasqy gnat g Suspended. 

♦ Yield before Jersey tax. r Er- subdivision. 


CLIVE IN\TEST3IEMfTS LIMITED 
] Royal Exchange Ave.. London EC3V 3LU. Tel.: 01*283 1101 
Index Guide as at 21st February. 1978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capita; 134.6 

Clive Fixed Interest Income 121.45 


CORAL INDEX: Close 440-445 


INSURANCE BASE RATES 

♦ Property iirir-rth . . 7*<& 

7 VanDrugh Guaranteed -- - ^ 7. %7'y, 

*tr* t r**K fchpa i u *-i "L 7.r*r m Tm* 


r • ■■ 
















































































































































3T 










• FtoancfaT ^tTIaaes'We^eatfay March - 1 1978 
^NDUSTBIAISr-Continued 


■if l 26 


»"» I Sadr 

Iff MndtlrwU 

Wl LRc.lfltWp^ 

.24 latmtt. ^,. 

If s Lead rods BDp_| 
58 LeajjHitaHSrs.* 
36 Le?asfB®.~_, 

39 LrtasUMnt — 1 
33 LeJj , .... 
60 LeftwCir.iOp. 
% iiipGrwjp;cip._. 

? b ijKRyrr.ni&8p 

6 Urtn^r inp 

9 ■LulfliWp.... ^ 
37 l®fc*«Wn»._ 

38 Liwhtsbi« 

24 UiiNEn Grp~ 
17 LffiEHmMj' wr. 
30 Loader, Trans _ 
39 Locsiitil'imTsl . 

516 Ida* Sonar Sta 
w; MV.-panwp -L 
13 Hamm 1 (til. i<)p- 
?1 STftU&Phr- 
45 MmWIBTC' 

V‘‘* .MrlindeJttt 
Iflfe lH1e«yL‘A._ 
jW* M.c7*mmnni. 
17 WraeTtifr i?5p. 
46 UoculuGr 
50 JlftpntAfiS 
bb ttnn ShipCniL tl _ 
41* Marti eg ! wt Hip. 
25 M*rjhanLV‘A- 
89 . ManbalJ'sL'mv. 

,48 MartiafUiak 

| £86i? Hatham* 7-'«pc- 
bO - 6Ja>imtls3p. _ 
13 Mcdimnstcr lOp 

46 MeUlRovLj 
M MftalOoruW™! 

ilRW 

.. MUnsL'straSQp.l 
34 HUCwvTr-il . 
£200 iiTsanlo5pcfE-8. 
Membra lop_ 
Morgan Cruoihle 
torrall IAW... 

MaaiRohUlOp- 

10p^__ 

Nash U.r.) Sera! 
NalhuiB-ALi.. 
NoLCrbWlQp 
N.Q&4%iaS8L 
fegnmiZuitaL 
NeiltSp'ncerlOp 
few Equip. Mp 6 J 
Nwry Group £L 

Norms 

Northern Qi&_ 
Norton tUYllfo. 
Narric Sect JOp . 
Hu-Swift 5p.__ 
Occ Finance Ct_ 
Oflicet Elect — 

HreiMp 

Orenaone 12 J 'C_J 
rttAlMdurv. 
Parker Knoll* A.',. 
Pauls &WhKes_- 
Feerageli 

PeMand L 

PwtoslOpZ 

Da 1 RC*UlHBS[ 
Parocoti l2fep_ 
Philips Patents. 
PhnutfLonl 
rboto-MeSfc.. _ 
Ptlkiman Br. £L 
PrtnV Bowes Ijl. 
Fiaflir Const top-] 
Plo35\iromft5p~ 
FWyrorfelfjp 

Foitafc 

PuweflPnfLSJp. 
Press Af)n..‘5p_ 
PnxtiKcCraop.- 
i Fntfhard Sta Sp 
Pro* Launds 5p 
PdlcanRSinp 
i H.F.U. Group top 
RTtiCrwinWp . 
PadEMMli.ir-*. 
lundalU L. Up.. 

Randall* 

Rani Organ _ _ 
KwtaJlCoLaiip_ 
R«HeanuUass_ 
Rwritwc.Sp . 

Bred Inti £1 

Kdyon PEW'S. . . 
Rrwnlrw Y5Q 
Rennet Group.. 
Rcrtmpr 

* R«j»w 

• RJeyiEJUOp.- 
ruxtoare... 

• HorsjerHWgSL— 
IV W — — - 
KoUprlntSh — I 
• Rowan & Roden. 
ItoalWures — 
HusMIluvri 
i s •!<(■-■«« ni 
SalcTilw? ...... J 

SudtaflStetaf.l 
Jl fBRgPSftp. 

I 68«? Scasa Group. , 

| £3 1-4 SchtumbergcrSl 

40 Scrflr.T W 

37 'MIMMi., 
54 Si-nL6Vftlovk_l 
33 Sears HWii-. 

46 SmFHMFiTp^-. 

«0 IVANVTZ 

4R Scmra Services- 
<0 Do \VNV.____ 
’.4- Shares WareSDp 
lli mrfte Gorman. _ 
43 SUfKlnlfila Kto.. 
2B Suamtette'.VSfa. 
9 Sflr'rttaneMtt. 
34 tanis'HBfS.}'.V- 
i5 SWchk 
391; SmMiNrpJi.ltp 

iro sottBintf sop. 

41 Solir Ltt»p_ 

14 Sr.-nit, — 

156 SrthelffP.B 
46 FpanrwaJ SiXV 

LOO SpeariJ.W.'i 

w> Snub. Mb 

ms nttBv&axia 

11 Slsdexlrt- 

7R 95nFwTunw_ 
13S StoeUe»._... . 
20 MtliU Kant (DkS: 
101; <br»iB;!r.U5:t 

22 Aori'ssc . . - . 
W5, ^owMIHUes.. 
6G Scr5n»Ti3'i . . .j 
15 1; >TT. Wp 

lSa!rl3!i 


McF- 


“1 

♦1 


+ 1 


+2 


+1- 


a 




+2 


+1 

+6 


+1 


t2 


1-1 


-6 


irS^rnt -I 
WaB SWrt R*4 
^wucVkUkgucI 
:Su!TWO 


r-1 


1*2 


1-1 


1+1 


£l(Mlt7«l 

44 t ^ 
59. 26 
R1 36 
«5 i 

29 ;?8« 


29 » 11 
301 63 

55 23 


Cn CSSi - 
tD« -r 
- GpSP 
riNt* il . 

OBR 3p 

l KO Inti 

I'c'rmilnltall-. 
Uuneuop — 

. ... rwlevpx — 

£20»; lV»>'.vn ft- 
I 35 ‘‘iri OBTMf< inp 
|26»4 L'Wttd Grinds.. 

1 4i. r -ijsrMaeip. 

7 T'rbwhJooc 

18 VJw 

21 VwwWy.. 

16'; vaastGrpaV- 
» VltihfcmslOD. 
Ta 4 rFw» 10 p- 
falterHmr.TO.. 
ft'amniMhiO. 
ifard5p — 

Wauhxrt 

WitoaRKW- 


. itt-sOBnifcCBl 
l?te Wbdi.M-H.KM. 
175 IffharascHAntH.. 
If. IWbiltyiG-M.'. ^ 
iftfaleClBklSR. 
Wr:!«T*!!»Vj'~ 
K.Wfr£s.A*... 
ftilkcstJl ■- 

VilkissSfattsHl 
|’A:ik , sR.M , h , fciI 
IV KVrftiv — 

WrlllWBS J.i 

iWi!U.!Ge«v'~ 
3iUm Watten tOp 

. _ , mittr-iThnattSl- 
11-; pViucO 5ns;Sp. 
" ‘ttnirfiArtha-Si 

!u,wcHflll 

7jcncn5p : 


ttr \ ' Ira 

Net icwj 


Grt|P?E 


M2.38] 

«.23 

291 




5.7 


2.9]lD.8li3.7 


jiol 

2 4)12.1 




1.8? 
0.93 , 
t!151 
13.83 


2.71 


4.02 
b5.6 
+d3.a 
1 22 
tlL42 , 

& 

Q8c 

324 

"P I 

W 


16 


2-5(1 


4.9110.4 


1.9| 1051 


,14 84, 

N 3.91 

h2.M 

t5.2 

tl.94 

11.94 

tI66 

tL2 

+5 FI 

iy» 

589 

55.44 


2.6 61 
1.8 18.2) 
21 


l&iSlil 


132: 
dl.2 
3 81 
1426, 

W 

13.86 

T.36 

lifiwf 

nf 

m 

+526 

SB 

35 Z 

6.71 

tl.04 

1218 


4.8 

llli 


30) 


l2 4 

17107! 


,+J* I lfl.55 I 




d0.82 

* 26 „ 

WB 


X.% 6.9 11.6 
2J|ll!9 (42) 


PROPERTY 



5.9 


68 


INSURANCE— Continued 


OTTO I 

RlXh law I 


PROPERTY— Continued 


Stack 

Sun Alliance Cl _ 
Sun Uleiip..— _ 
TaishtiMar.EI'R 
Trade lrwbrai::^ 
i Travelers S2»i 
KiiUtFaber 


Price I - 


!+ orl Dir { • IrWl 

VI lrw|f.rt|RE| 
......j 1*8.32'; - I 5 4[ — 

- ! 0 6j ™ 

z i 5 ?i — 

261 4 211411 


1377-78 i 

nigh um! 


Stack 


! Price I 


w 

+1 

'ill 

780 

*6 

cqm 

165 


17 M 

£2H, 


051 76 

273 

+10 

r7.61 


MOTORS, AIRCRAFT TRADES 
Motors and Cycles 


17 [Brit. Inland SOp 
.85 On. Wii. Units,. 
16 TtfUJCarlOp— 
4 Pclant5ftr.5p,.. 
54 Rrih-BoyceSltrs_ 
62 VdvuKraO— 


1-131 18 1.71 7.4 8.0 


t3.9 2.31 93 

| Ql*%{ 0.6j 72| 

Commercial Vehicles 


153 P 76 


I Crane Free *i.lOp 
h ELRF.tWdcsj_ 

I FodensiSrp: 

Peailm«s. lOn 

41tj Plaflons 

U peat Trailer (Op. 


Components 

32 (Abbey Panels 

35*2 Airflow Stream „ 

38 An&srSE&tlOp 

82 Asscc. Enec. 

47^2 Automotive 

33 Bluen*tBn*. ... 

“12 iLirawnBro. Wp. 

m\ nano Carp 

93 Dowry 50p 

78 Dunlop 30p 

34 FElcl Rei^ellice. 

6>j HTwiSmilblOp. 

1*2 SrtFilHldjsL.'ip. 

203 Luraslnds.il 

14i; Supra Group lDp 
54 TunwJflg.— - 
51 WihwtBreeden. 

48 Wpodhead'i.i — 

58 ZemttrA'SOp — 


99 


♦t?.18 

1.9 

33 

109 

*1- 

W.17 

64 

30 

56 


4325 

5.7 

8ft 

ID 


0 5 

79 

I! 

64 



h3.25 

3.3 

7.8 

56 

-1 

till 

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245 

420 

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175 


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28 

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430 ...... 

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2335 

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MINES 

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385 

478 

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207 


97 

35 

314 

146 

379 

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95 

79 

692 

63 


720 

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103 

526 

735 

236 

153 


129 

178 

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East Rand np.RI 
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EASTERN RAND 


- 368 

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q350c 

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1249 

510 

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138 
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97 
64 


£13fe|8G0 (HanebeertRI 


585 


E9D 


556 (175 


508 


296 018 


[Blrvwr25 

BnRelsRl 

DeelkraalROto — 
rwmfonreln Ri _ 

EastDrieRl , 

aandsraad Old. 30e_' 
EJsburg Rl 


235 


Kl.-raf CoW Rl 

LibanonRl 

Sonthvaal 50e 

Sdlftmtelti50c_ 

VaalReeh.Wc 

jVemerspoaRl 

W.DrieHl- 


£14fe 812 
289 70 

£» 4 £BY 

241 UO jWeaera Areas Rl. 
834 544 “ ~ - 

241 130 


Wea era Deep R2- 
ZandpanBl, 


320 

901 

92J 2 

296 

671 

224 

141 

£11^ 

487 

545 

505 

261 

£12fe 

263 

£1S3 4 

Z30 

722 

195 



lo.a 

5.8 

4.0 

316 

2& 

7.4 


23[ 86 
Lffl 86 


Unless otherwise Indlesied. prices and net diridends arc in 
pence and denaminatiott are 2Sp Esfamied price/earaiiian 
rai lee and enei are based ea latest annual reports and accewus 
and. where possible, are npdided on halfwearl.v Ounres. PjGs are 
ukuhM on the bnb d net distrihetian: bracketed Ugnren 
Indicia 10 per got cr more dUterence tf cal railed on “all 1 * 
di st rib u t i on. Conn are based ea ‘ • ■■■u lirmm - disIifbuUon. 
Melds nre based an middle prices, are groan, adlnsHd to ACT of 
M per cent, and allow lor value of declared ifinflMbai and 
rights. Securities with denominations other than atiflag am 
quoted htdnrht of the Investment premium. 

Sterling denominated wciatf ai wtdeh tnctndn lmmstmeat 
dollar premium. ■ 

-Tap" Stock. 

Highs and Ltsra marked thus have been adjusted to alltar 
for rights issues far cash. 

Interim since Increased or resumed. 

Interim since reduced, passed or deferred. 
tr Tax-free to non-residents on application, 
ft Figure* or report awaited. 

H Unlisted security. 

* Price at tune of suspension. 

1 Indicated dividend after pending rerip and/cnr righto issue; 

cover relate* to piraoni dividend or forecast. 

— Free of Sump Duty. 

ft Merger bid or reorganisation in progress. 

ft Net comparable. 

ft Same interim: reduced 9nal and/or reduced ea reta gg 
indicated. 

Forecast dividend; rover on eantigsd updated to Meat 
interim statement. 

Caver ullows for ronverxion of shares not now ranking for 
divi ier.ds or ranking only for restricted cHvidend- 
Cmer does not allow for shares which may also rank tar 
dividend at a future dale. No P/E redo usually provided. 
:* Erdocing a final dividend declaration, 
ft Regional price. 

S No par value. 

a Tax tee. b Figures hosed on prospectus or e*Ber official 
eKtmaie. c Cents, d Dividend rate paid or payable oa port 
of capital: cover based on dividend on full capital, 
r Redemption yield, f Flat yield, g Assumed dividend and 
yield, h Assumed dividend -acd yield after scrip issoe. 

J Payment Iron capital sources, k Kenya, m Interim higher 
than prenotis total, n Rights issue pending q Earnings 
bised or preliminary figures, r Australian currency, 
s Dividend and yield exclude a special payment- t Indicated: 
dividend: cover relates 10 previous dividend, PE ratio based 
on laic** annual earnings, n Forecast dividend: cover baaed 
on orevious yearts earnings, v Tax free up to Sflp in the £. 
w Vicld allows for currency danse, y Dividend and yinld. 
based on merger terms * Dividend and yield include a 
special Hormone Cover de« not apply to special payment. 
A Net dividend and yield. B Preference dividend prawd nr 
deferred. C Canadian. D Cover and P.E ratio exclude profits 
of V.K aerospace subsidiaries. E Dsne price. F Dividend 
and vield based on prospectus or other official estimates for 
1977-78 G Assumed dividend and yield after pending scrip 
an dor rights issue. H Dividend and yield based on 
prospectus or other offldol nonaln for 1978-77. E Figures 
based on prospectus or other official estimates for 197*. 
M Dividend and yield based on prospectus or other official 
estimates for 197a N Dividend and yield based on yroapeccua 
or other official estimates for 1979. F Dividend and yield 
.based oa prospectus or other official es H mnt m for 1977. . 
to. Gross. T Figures assumed. U No significant Corporation 
Tax payable. Z Dividend total to date, ft Yield bas ed jn 
assumption Treastuy BiD How: stays unchanged until maturity 
of stock. 


3.2! 4.9 


O.F.S. 


120 

£35 

126 

4b9 

134 


£10^1750 


7G3 


02^ teS5 
•*"* u08 


206 

262 

£17 


7D 

|787 

68 

235 

49 


475 


n:e 


Fra* State Dev. 50c 

FXGednldSOc - 

FiSaaiplaasRl- 

HannonvSOc 

LoraiwHl 

Pres. Brand 50e— 
Pres. Siejn 50c — 

SL Helena Rl 

Urasd 

KclknmSft: 


£101j|irilqiiiinp50c_ 


90 


011c 

lffl 

£15 

+i« 

Q240C 

27 

B9fe 

■cl 

i — 

— 

375 

-10 

tQMc 

47 

125 

-2 

0.5 

938 

+10 


2.6 

721 

4-8 

Q20c 

9.9 

776 


QU5c 

25 

182 

+2 



261 

07 

+1 

Qibc 

Q280c 

L9i 

L5 


FINANCE 


522 [370 


322: 

£17fe 

950 

155 

'224 

£12 

£15 

230 

286 

130 

500 


195 
,£ll% 
1621 
106 
337 
15 
£12 
1825 
I £10 
,135 
126 
73 
I860 
37 
1370 


230 &18 


55 

£12fe 

232 

294 

80 


925 

Cl» 

;170 

40 


.4ctAm.Cml50c_ 
AuRloAxner.jOc— 
An&.AnLGddfU_ 
Ang-Vuiax.: — . 

ChsterOuK. 

Cons Gold Fields. - 
East Rand Con. top 
Gen.MinintR2 .-. 
W.nFielfc?i 2 x . 
IJo'bomCw. R*_ 
(Middle Wr»...x 
Hjn«™SBDL«„ 
NewWitfite 
MmNVFM.„ 
Rand Unridfl tot. 

Sel«T]«i , mis 

SencuaiOt 

SlretwinefSjp.^ 
jTvaai.ConsLoBl. 
IL'.C invest E _ 
jl'K0HC«T>h625c. 
|Vweli2-K 


435 kJ 
274 
£15% 

650 
124 
188 
21 : 

£15 
£12 
£1114, 
150 ! . 
138 id; -t-1 
205 . 
£Hfi3!-rfe 
5G [■■■■! 



iri U* |W6c ! i.9: 7 8 

45 ;t! K71 


^ ! ft {20.0 


DIAMOND AND PLATINUM 


£33fe 

«W 

323 


109 

47 

1188 


£llfe|250 


60 


Angle- AmlwJte_ 
iBisnapfcaiePIUBeJ 

DeBeeraDLiic 

Do«peHR5__ 
jLidJoiBurglT-^X. 
[pas. Plat. ) 0 c 


qWs 

77x3 

320 

£L0fe 

61 

90 



111 75 


u 

L4 


IJ 

'H 

17 


Abbreviations: id eu dirldend: s ex scrip hsne: r eo: rifbta; 
ell: ri ex capital distribution. 


“ Recent Issues ” and “ Rights ” Page 28 


This service is available to every Company dealt in on 
Stock Exchanges throughout the United Kingd o m tar a 
lee of £400 per annum for each security 


REGIONAL MARKETS 

The following is a selection ct London quotations of shares 
previous!;-' listed only in regional markets. Prices erf Irish 
issues, most o( which are not officially listed in London, 
are at quoted on the Irish exchange. 

Albany Inv. :»p 
Asb Splnai eg 

Bertam- 

Bdjrwtr.Est.50p 
Clover croft„ . 

Craig & Rose £1 
Dyson '.TLA.V 
ELI is 


IsitfcHdjr-' 
Evans FYltlOp .. 

Erered 

File For.-.e J 

Finlay Png. 5p_ 
Grnig Sh!p.£X. 
Klgsons Brew- 
l.O.M San 
IToJldos.iSSp ; 
Vtim. Goldsmith _ 

Pearce C 132 

Peel Mills 17 

Shefliel-iErickl «6 


23 

43 

15 

277 

22 

400 

40 

68 

57 

»» 

47 

20 

H5 

88 

145 

243 

57 


-1 


-15 


-1 


Sheft Hefrshmt.] 51 

ShOohSrttm-J 19 — . 

SindailCwmoZ] 85 


IRISH 

Conv.9% ’W.'ficJ £96 

Alliance Gu. 

Arpott 


Carroll 

Clondalkin 

Concrete Prods. 
HeilotuRldgi) 

las. Corp 

Irish Ropes™ 
Jacob.. 


Sunbeam 

TM.G 

Uoidare. 


£96 



85 

1IIM 

270 

—5 • 

100 

+5 

B5 

-1 

115 

. 

49 


140 


133 

*3 

57 


92 

...j. 

17S 

71fert 

-3 


OPTIONS 
3-month Call Rates 


Industrials 

A. Brew ( fife 

Mr. Cement 18 

R.S.R .„ 9 

Eabrock J 10 

Barcto^^nk 25 

Beer hair. : 33 

Boots Drtf^__; 25 
Rowaiers™...! 16 

B-A.T. ,34 

3ritisr,0.-TSen ; 6 
BnwunfJ.^ ... 20 

Burton-^- 13 

Cadburr-s • • 5 

CourtadldJ i 10 

Debenhime.-.. 10 

Distiller? ; 23 

Dunlop , Sfe 

Eagle Eur .! U 
EMI.... ...« 
Gen. Accident; 17 
GeiuEiectnc..! 18 

Glaxo .40 

Grand >*«—.. 9_ 

GXS-'A- [ 18 

Guardian 18 

G.K_X ! 22 

Hawker Sid d -I M 
liuteflfFrt.'or.S X . 


ICJ 

BE 


iirsereslc- 

SC A 

Ladaroko 
Legal&Gen.- 
Lex Sen-lrd-^. 
Uoj-dsRinlt- • 22 
"Lofs" .... -. 5 
London Brick.! 5 

Lonrho j 7 

Lucas Inds.. J 25 
Li.ons'J.1. .._..J 13 

-Jams" 1 7 

3Ii*.« A-Spncr 11 
Midland Bank! 25 

X E i : 20 

::«.TcM.r>ink . 22 
Do v-airants 10 

PirODfd 10 

Plessep i 9 

R.H..V } 5 

Rank Ore. ‘A’. 

ReedlnU 

Spillers.™—. 
"ewo 


Thom 22 


Trust Houses J 


15 



on* 

BrttPetrdtara. 

Burmab Of! 

Charwrhall_J 

Shell. 

Ultramar, 

Mine* 

Charter Coira. 1 12 
Goss. Gold j 29 


P 

& 

22 


:BioT.Zi»Vrel 
A aelectien o! Options traded Is ‘given on Um 
Lcsdon Stock Esc a an ge Report, page 






32 






Phone 


01-366 


FINASC'l U.TIMLS 


4 

♦ , T 

-1 \ I* 

nU/ird t ’ i % 


Wednesday March 1 1978 


Fairview 

Creating hues lor Industry 


Side-effects of ‘practical 
monetarism’ challenged 


BY PETS* RIDDELL, ECONOMICS CORRESPONDENT 


THE GOVERNMENT'S adoption This challenge to the “practical the International Monetary pretlicted surplus of only 
of monetarv targets and the views monetarism"— outlined recently Fund though the Institute next year, are slightly more npt:- 
recentlv put forward bv Mr. by Mr. Richardson, Mr. Denis believes the difference is within mistic than those of the London 
Gordon Richardson. Goi-eriior of Healey, the Chancellor, and Sir the possible margin of fore- Business School and are pro'^. 
the Bank of England, were Douglas Wass. Permanent Sucre- casting error. ably also higher than those of; 

attacked this morning by the lary at the Treasury— is coupled This projection is much the Treasury 

National Institute of Economic with a fairly pessimistic assess- higBer than other estimates. It This may reflect the Institute s 

and Social Research. ment of the prospects for the j s recognised that the borrow- smaller projected rise in con-, 

The insHturp aroues that what econoD1 >'- mg requirement celling might sumer spending and greater con- 

ni The Institute suggests that be a constraint on a very large fidence about import penetration.' 
mauers in reauLing me rate ot there wi ]| be 0Q jy a brief and stimulus, but most economists Otherwise, its projections are 
inflation is the increase in earn- Tn ^ ( j economic recovery this — and Whitehall — believe that broadly in line with the recent: 
mgs and this should be achieved year, followed by a return to there should be sufficient head- batch of forecasts, both within j 
by a formal long-term incomes sluggish growth and rising un- room for a net stimulus of and outside Whitehall. i 

policy. employment in 1979, between £I.5bn. and £2bn. It expects a sharp me in; 

Its latest quarterly review This is based on the working living standards and consumer- 

“strongly disagrees" with the im- assumption of a £2bn. cut m Confidence spending m the nert six month* ( 

plication in the Governors direct tax in the spring Budget. ^ UUI,USUW: — resulting in a 3.r per cent, 

speech that Bscal policy should with funher discretionary The review suggests that rise m real Gross Domestic Pn>r| 

be subordinated to the need to changes in fiscal policy. The sterling M3 might grow by duct during 1978 — followed by 

meet monetary targets, regard- Institute recommends a £2 A bn. about 16 per cent in 1978-79. a marked slowdown with an in-! 
less of the state of the “real net stimulus to stop unemploy- This is likely to be well above crease in GDP of less than per; 
economy. ment rising during the year. the upper limit of any new cent, in the year to the fourth 

The Institute maintains that The most surprising feature or monetar y target quarter of 1979. • I 

adoption^ of uSe t?whlch are Too lhe leasts is that the effect The Institute projects a con- The Institute, like most other, 
rpstrictivp nr tnn rioiri coulrt of the £2bn. assumed tax cut is tinuing current account surplus forecasters, if gloomy about un-j 
•leS to SnwJrrSed Sffecte on » «P the public sector of around £L3bn in both 1978 

fiscal Dolicvcron exchanee rates borrowing requirement in 1978-79 and 1979, with a declining quar- an * significant improvement in! 
-* s ZvS by the Imp"? of to £9.4hn. rerly trend until the end V this the next two years. ; 

recent rise in sterling — and could This compares with the £8.6bn. >' ear - Editorial Comment Page 16 , 

do more harm than good. ceiling for the year agreed with Its projections. Including a Details Page 23 ! 

Japanese Miller’s chances of Fed 

pledge on , . , , 

car sales ! job grow brighter I 

expected | BY JUREK MARTIN, US. EDITOR WASHINGTON, Feb. 28. 

By Lome Barling {THE CHANCES of Mr. G. committee vote on the nomina- hidden owner of Air Taxi, the 

n * ■ 'William Miller, the head of tion. Iranian agency to whom Belli 

rHE JAPANESE Government Textron, becoming the next Sen. Proxmire blocked that Helicopter, the Textron sub- 
expeeted to give an undertaking chairman of the Federal Reserve move but acknowledged that a sidiary. paid 82.9m. in 1973 in 
soon to restrict the export of; Board appeared much brighter vote would probably take place connection with a SfiOOtn. heli-j 
cars to Britain to no more thanliate to-day after an absorbing within the next day or two. The copter order by Iran.) 

10 per cent of the market this, day's testimony' in front of the matter would then go to a deci- Mr. Miller remonstrated with 
year, Mr. Edmund Dell. Seer e- ' Senate Banking Committee. . sion by the full Senate. Sen. Proxmire. He said: " Sena- 

tary for Trade, said yesterday. ! The session was marked by a An overwhelming committee tor. everything you've said, I 
No firm agreement had been 1 denial by Mr .Miller of charges approbation of Mr. Miller would disagree with, 
readied, but he expected assur- tht he was aware that a Textron have great impact on the Senate. “ I had no knowledge whatso- 
ances to be given both on ship- subsidiary had made ilegai pay- The growing support behind him ever of any undisclosed owner- 
ment of vehicles and on market ments five years to the former stems from two main factors: ship of Air Taxi: If I had known 
penetration. head of the Iranian Air Force. first the quality of his defence I would not have approved con- 

His comments come after ft was also notable for a near to-day and second tfae feeding tractual payments to Air Taxi.” 
reports that the British Govern- revolt by members of the com that the investigators have so It was never .Textron’s inten- 
ment had been considering im- mittee against the tactics of its Far failed to come up with any tion that such payments! which 
posing controls on Japanese chairman. Sen. William Prox- hard evidence that Mr. Miller the company does not deny 
imports mire, who had pressed Me. Miller knew the details of the Iranian making, should benefit Iranian 

Mr. Dell asked how effective i hard and alleged that Textron payments. officials, he added, 

he thought such restrictions ! was ol bribery. Earlier in the day Mr. Miller, At previous .hearings in cross 

would be said he expected stocks : At the end of ihe day at least who had been composed at pre- examining past and present 
already in the U.K. to be taken ! ten of the 15-member committee vious hearings, and Sen. Prox- Textron and Bell officials, _ the 
into account and for shipments 1 had iadicated they would vote for mire had clashed sharply, . committee heard a welter of con- 
to be monitored month-bv-month 1 Mr - Miller's confirmation. Sen. Proxmire had stated that flicting evidence on whether 

diirine the vear He exnected' 0n * o£ these. Sen. Thomas “the facts are loud and clear: Textron executives did know who 
that the number of car-derived ! MacIntyre, of New Hampshire. Textron bribed Khatemi.” (Gen. was the real recipient of the 
vans would also be controlled, i to l d Sen. Proxmire “I don't think Khatemi. the former air force S2.9ra. payment but none of it 
Because an acreement of this 1 you've laid a glove on him " (Mr. chief and brother-in-law of the appeared to be new -or implicate! 
nature involved the Japanese ; Miller 1 and sought an immediate Shah, has been identified as the Mr. Miller directly. 

Government not the Japaneses ; 

Automobile Manufacturers' Asso- 
ciation as on previous occasions. T 1 "*X 7 j ■ j f* A 

aMSiTiB. 1 --” National Westminster profits 
5S&&at.KB rise by 21% to £227m. 

parties take advantage of thl* 

opportunity. There will no _ Y m1C hah_ bunden 
longer be this excuse, of the 8T M,CHAEL BWNMN 

level of Japanese penetration, for . - 

a poor performance at home." | NATIONAL Westminster Bank shares of the other big four operations, in the parent bank, 
Mr. Dell stressed that the i yesterday announced a sharp 21 banks. the International- Westminster 

agreement had not yet been com- 1 , per cent, rise in its profits last Mr. Robin Leigh-Pemberton, group and other subsidiaries, 
pleted. He would make a firm; year. This was boosted by a the chairman, reported that increased their profit coiitribn-j 
statement as soon as details had j £20m. reduction in the provisions profits in the domestic branch tion by 22 per cent to around! 
been worked out. I made against bad debts which banking system were little £71m_ accounting -for 30 per 

Tn the context of Britain's | has been brought back into earn- changed, hut with the benefit cent, of the total, 
overall trade with Japan, be did.ings. of the reduction in provisions There was also a sharp rise in 

not believe the agreement would ! The bank's pre-tax total rose the contribution of the domestic the profits of the' related bank- 
have much impact from £ig7.8m. to £227.Bm. Like operation rose by 10 per cent. ing services division, . which 

Mr. Tadeo Kato, the Japanese 1 th e results already announced by The reduction in the provision, doubled to contribute IS- per 

Ambassador in London, said yes- Lloyds and Barclays, and the the bank explained, reflected the cent of the total: The largest 
terday that talks between the I forecast made by Midland when better bad debt experience of share came from Lombard 
British and Japanese Govern- (ft announced its rights issue last year, which meant that the Ce “ t ? -a r' instalment 

ments had been going on for two i ear iier this year, the Nat West provisions arrived at by the credit subsidiary, and. ■County 
weeks and were “ nearing a j figures were better than most normal five-year average proce- Bank, uie merchant bank, out 

satisfactory end." City commentators bad expected, dure — which included the bad Access, the credit card opera- j 

Editorial Comment Page 16 h - loht 9 in years of 1974 and 1975— were ** 0 "» a,w Pushed .its profits fori 

^ «« from ^ 10 i 

Paso -i 'NatWest shares up by 8p at 2B2p required at present. „ - 

— — j and with gains of 4-6p in the The banka international Results rage is . 

Continued from Page 1 !— — — : T - : 


the International Monetary 
Fund though the Institute 
believes the difference is within 
the possible margin of fore- 
casting error. 

This projection is much 
higher than other estimates. It 
is recognised that the borrow- 
ing requirement ceiling might 
be a constraint on a very large 
stimulus, but most economists 
— and Whitehall — believe that 
there should be sufficient head- 
room for a net stimulus of 
between £1.5bn. and £2bn. 

Confidence 

The review suggests that 
sterling M3 might grow by 
about 16 per cent in 1978-79. 
This is likely to be well above 
the upper limit of any new 
monetary target 

The Institute projects a con- 
tinuing current account surplus 
of around £1.3bn. in both 1978 
and 1979, witb a declining quar- 
terly trend until the end of this 
year. 

Its projections. Including a 


predicted surplus of only £l70m.; 
next year, are slightly more opt:-' 
mistic than those of the London 
Business School and are pro'n-. 
ably also higher than those of ; 
tfae Treasury 

This may reflect the Institute's 
smaller projected rise in con-, 
sumer spending and greater con- 
fidence about importpehetration.: 

Otherwise, its projections are 
broadly in line with the recenti 
batch of forecasts, both within I 
and outside Whitehall. 1 

It e.vpects a sharp rise ini 
living standards and consumer; 
spending in the next six months ■ 
— resulting in a 3.7 per cent,; 
rise in real Gross Domestic Pro- [ 
duct during 1978 — followed by 
a marked slowdown with an in-! 
crease in GDP of less than - per' 
cent, in the year to the fourth, 
quarter of 1979. • I 

The Institute, like most other, 
forecasters, if gloomy about ihv-j 
employment and does not expect 
any significant improvement in! 
the next two years. ' * j 

Editorial Comment Page 16 , 
Details Page 25 i" 


Miller’s chances of Fed 
job grow brighter 


BY JUREK MARTIN, US. EDITOR 


I THE CHANCES of Mr. G. 
William Miller, the bead of 
Textron, becoming the next 
chairman of the Federal Reserve 
Board appeared much brighter 
late to-day after an absorbing 
day's testimony' in front of the 
Senate Banking Committee. 

The session was marked by a 
denial by Mr .Miller of charges 
tht he was aware that a Textron 
subsidiary had made ilegai pay- 
ments five years to the former 
head of the Iranian Air Force. 

It was also notable for a near 
revolt by members of the com 
mittee against the tactics of its 
chairman, Sen. William Prox- 
mire, who had pressed Mr. Miller 
hard and alleged that Textron 
was guilt of bribery. 

At the end of the day at least 
ten of the 15-member committee 
had indicated they would vote for 
Mr. Miller’s confirmation. 

One of these. Sen. Thomas 
MacIntyre, of New Hampshire, 
i told Sen. Proxmire “I don't think 
you've laid a glove on him ” (Mr. 
Miller 1 and sought an immediate 


committee vote on the nomina- 
tion. 

Sen. Proxmire blocked that 
move but acknowledged that a 
vote would probably take place 
witbin the next day or two. The 
matter would then go to a deci- 
sion by the full Senate. 

An overwhelming committee 
approbation of Mr. Miller would 
have great impact on tits Senate. 
The growing support behind him 
stems from two main factors: 
first the quality of his defence 
to-day and second the feeding 
that the investigators have so 
far failed to come up with any 
hard evidence that Mr. Miller 
knew the details of the Iranian 
payments. 

Earlier In the day Mr. Miller, 
who had been composed at pre- 
vious hearings, and Sen. Prox- 
mire had clashed sharply, . 

Sen. Proxmire had stated that 
“the facts are loud and clear: 
Textron bribed Khatemi." (Gen. 
Khatemi, the former air force 
chief and brother-in-law of the 
Shah, has been identified as the 


WASHINGTON. Feb. 28. 

hidden owner of Air Taxi, the 
Iranian agency to whom Bell I 
Helicopter, the Textron sub- 
sidiary. paid 82.9m. in 1973 in 
connection with a S500nu heli-i 
copter order by Iran. ) 

Mr. Miller remonstrated witb 
Sen. Proxmire. He said: “ Sena- 
tor. eveiything you've said, I 
disagree with. 

“ I had no knowledge whatso- 
ever of any undisclosed owner- 
ship of Air Taxi: If I had known 
I would not have approved con- 
tractual payments to Air Taxi.” 

It was never Textron's inten- 
tion that such payments! which 
the company does not deny 
making, should benefit Iranian 
officials, he added. 

At previous , hearings in cross 
examining past and present 
Textron and Bell officials,, the 
committee heard a welter of con- 
flicting evidence on whether 
Textron executives did know who 
was the real recipient of the- 
82.9m. payment but none of It 
appeared to be new -or implicate! 
Mr. Miller directly. I 


National Westminster profits 
rise by 21% to £227m. 


Company 

tax 

payments 
up 25% 


By Peter Riddell, 

Economics Correspondent 

PAYMENTS of corporation tax 
so tar in the current financial 
year are much higher than 
expected — providing clear evi- 
dence of the rise in company 
profitability. 

-Official figures published this 
month ig show that in the first 
ten months of 1977-78 payments 
of corporation tax totalled 
.DUKUhl, which is 25 per cent. 
more than at the same stage of 
the last financial year. 

This compares with total 
payments of £2.6Sbn. in the 
whole of 1976-77 and the fore- 
cast in Lhe last Budget of a 
3j- per cent, drop in receipts 
from this tax in the current 
fina ncial year. 

A rise in payments this year 
had been suspected, but the 
latest Inland Revenue figures at 
Iasi provide confirmation since 
they show the figure for 
January, which is by far the 
most important month for 
company tax. The January total 
was £U3bn M compared with 
£1.1 lbo. a year earlier. 

The increase accounts for 
some of the undershooting of 
tfae borrowing requirement 
below tfae expected level. 
Moreover, since most of the 
tax payments concern profits 
earned before last April the 
figures suggest that tfae under- 
lying improvement in profit- 
ability then was ’ greater than 
earlier believed. 

The level of corporation tax 
receipts was held down daring 
the previous conple of years — 
falling from the total of 
£2.89bn. in 1974-75. This was 
both as a result of tfae decline 
in profitability and. more im- 
portantly, the introduction of 
stock appreciation relief. 

' Tins relief allowed com- 
panies to offset against tax 
most of the Increase in value 
of stocks of goods and raw 
materials, which has been a 
large item during the period of 
rapid priee inflation. 

Coupled with the large tax 
relief on capital investment, 
this has meant that many com- 
panies have paid little tax on 
profits apart from advanced 
corporation tax associated with 
dividend payments. 

The latest tax figures confirm 
that real profits net of stock 
appreciations have been Im- 
proving. It Is possible that the 
bulk of the rise in payments 
has come from comoanies in 
the distribution and service 
sector unable to benefit fully 
from investment reliefs. 

The rise in profits net of 
stock appreciation in the last 
12 months Is likely to boost 
corporation tax receipts in the 
coming financial year, even 
though published gross profits 
are now being squeezed as a 
result of the rise In sterling. 


THE LEX COLUMN 




NatWest turns b 
debts to good 



If any bank was solus to ^ mmmmmmtm drop i n the expensr. va 

benefit from earlier years' over- TnHpv mce 1 6 to 443.4 p V r w cenl i "**0*!? . 

provisioning for doubtful loans. ,nfleX 1-0 1 of currency 


National Westminster looked 
the best bet. Between 1973 
and 1975 it set aside £91m. of 
extra provisions again advances 
— nearly as much as the three 
other hig clearing banks 
together. So yesterday’s news 
of lhe £20m. reduction in the 
provision against advances 

(which will probably continue — I — I - - problem. Otherwise tfag 

to occur for lhe ne« couple of ^ - a,r„u.,t " husln&s-irtS 

years) helped put the gloss on in lhc raarkrt uiS 

the preliminary figures and sent . . vided support. And sSS 

the shares Sp higher to 262p. 40 teresl income frortl 

In fact it accounted for half balances (£70m. bv m 

of the £39.Sm. rise in pre-tax 20-^JIB end), which could have^dj 

profits to £227. 6m. Strip this ht around £4.5m. 

out and NatWest's performance ; ' * i a ^ At 310 p the shares h 

roughly murors that of Lloyds 1975 1976 1977 h per cent, below theira 

and Midland. Zn common with the year. They yield ® 

these two. Its second half pro- _ VpraI , iaiDrov - C nu*nt for the L ' enf - an $ siand on a t 
fits fell by around a tenth, conceals a decline of V 17 - B “ l with renewed % 
whereas Barclays profits rose * , a firth in ^ seconA half , maim for the sector the.| 
by nearly one-third. However, |n Une wlth a tapcr ing off m «mld SO higher. J* 

the latter s treatment of its volume gruw th which finished c . . , " 9 

interest suspense account at just 3 per cenL for Ihe ftl ii bmitll/BlSgOod 'J 
differs from some, and a ear Thal ]eaves the group In allowing Smith m 
recovery here probably ex- operating at only 75-80 per cent. mcrg0 wilh Bisguod Bid 
plains pan of its above-average of capacity, and producing JO Monopolies Commissi^ 
performance. per cent, less than in 1973. accepted the ar n iuuent la 

NatWest's domestic banking Meanwhile two months of 197S market w "n bep-J 
profits were fiat since its aver- have gone by without bringing t h« urosence «f a thinH 
age tee rate £eU_ by over 2 per an} . noticeable revival in thing s™ lo 
cent during 1977, and unlike demand. Wedd Durlacher anil 

Midland, for example, it did not Plainly the immediate outlook and smither.s It haJ 
aggressively bid for low mar : , s unexciting, ami DII will do persuaded that the mere! 
gin business. Consequently, the we ll to repeat last year's ITSra. ^. otlld ha ve more clout 1 
bulk of the remaining improve- pre-tax for the first six months, international market The’ 
ment came From the inter- But there is a good chance that nf island has welcome* 
national operations, where pro- a pickup in housebuilding and a potential new jobber ni 
fits were 22 per cent up. and the home impro\ymcnt market (aion* W ith Pinehin) A 
from the relatively small rela- will boost lhe bidding products al i lhe commissiou has acq 
ted banking services division, side in due coufse. while there that the overlao in the n 
which doubled its profits. is recovery /otential in /ip of in which th^ 

The group balance sheet has fasteners, where profits fell last jobbing firm make markt . ■> 
risen by around £2bn. during year. Meartilmo the shares at small. 
the year and, helped by a $120m. 57*p are supported by a well- The Commission has stt 
floating rate note issue last covered rield of 9 per cent., dear 0 f discussion of the p 
April, the free capital ratio has and thy price has been per- 0 f the jobbing system. | 
increased marginally from 2.3 forming more than satisfactorily looked at this proposed tq 
to 2.5. But even so this is still in thor backwash of the sudden « on ly iu relation to the: 
below average and the continued increase in the number of t em as it j s " it concede* 
heavy capital -spending pro- shareholders from 12,000 to the decline in the numbt . , 
gramme has probably meant that 76.000. jobbers will have to be st| 

the free equity ratio slipped j before effective comp«| 

slightly last year. As a result. oedgWlCK r orbes vanishes. But it hints tha 

some sort of funding exercise ■ Fnrhes did well last moment will be the net 

(such as a U.S. private place- ^^mreT-SYer cenZ Proposed merger, and not 
ment) cannot be ruled out. at , TMn ce in pre-tax pruHts to 

especially if the group nnallj £ 23 j 2 ni. aga j nS t most expeefa- The Council of the Stud 
decides on a U.S. bank it would tions; of ^und £21m.. in- change has been left wit l 
luce 10 acquire ' validating recent fears about responsibility of keeping 

rmjnr the possible influences of a jobbing system under » 

strong pound on insurance It will have plenty to * 
IMI is one of the few com- brokers* profils. Sedgwick's about The desire of jobbe 
panies in the engineering share price improved 20p to get into the international - 
sector which has managed to 340p, while the rest of the sec- ritics business has now stret 
match outside profit expecta- tor rose in sympathy: the FT the principle of single cap 
tions in recent months: it has actuaries insurance brokers almost to breaking point.- 
produced £34.2m._ pre-tax for index rose 3.9 per ceat y ester- the Committee of Senior 
1977, against a previous £30.1 ni. fits'. Although sterling appre- ners clearly has no illir 
That is more or less where the ciatioh lightened Sedgwick's about the jobbing system 1 ! 
good news ends, however. The profits by £3m., the six-point gility. 


NATIONAL WESTMINSTER BANK 
i2or £W = 

E3hHMT*riON' IK fWVWIiW — 

I 6- .W.MK--T 1 — 

J abv.\ncks rr.i 

^^l?TlTBAni?m ~~~ 

I H'lin rs. 

(Mr^VTIlA lOAN 
BfK- I'RWMWV— 


drop In the expense TitijjL* 
per cent, helped ffiittgKq 
of rhe cffecLs of currency- « f I 
ments. 

However, revenue laa|j [ l' * 
forward at a more sluggS*’ 

16 per cent, tn £ 81 . 33 ! | 

pared with u 41 per mfc 1 .-.*1 j 1 
m the previous year. 


extent this reflects tin 
mine of commission .W 
the South African tnafi| 
well as the overall tm 


BY MICHAEL BLANDEN 



Results Page 19 


Merger Post Office will spend 'tT T 
li e. ., £lnnm nn Viewdata Engineering 

prices, had an anti-competitive dblVvlUt Ull Y IV Uaifl- = d bv lDca ] bar rain inz 

effect, although it was unable to gJJX the 

FnuMr l Mid !?’ BY W,LKlf,SON a^Sn^^from today- 

Stock Exchange Council's attern THE POST OFFICE is to spend want to obtain information on “ ^otidav^mLv but'^&' wd- 

tio’n to the relevant pans of the £l00m. over the next eight years different topics, but it can also 3 d k h f _ -jm wotkeS^i 

report bn a more rapid development of be . used for two way -inter- fo 0 r f U t E e ?ed5a tto? 

Mr. Tony Lewis, chairman of viewdata, a system which can active communications. or out of to e f e aerati on. 

1 ^ 0..1 ,.«n ho „v.i» tn On naner. the emolovers have 


jobbers' buying and selling 
prices, had an anti-competitive 
effect, although it was unable to 
assess their precise effect. Mr. 
Fraser said he had drawn the 


U.K. TO-DAY 

CLOUDY, with outbreaks of rain. 
London, E. Anglia,. Cent. S-, S.E. 
England, Midlands 
Cloudy, rain at times. Max. 
IOC (5QF). 

E n NJE. England. Borders 
Rain, some bright intervals. 
Max. IOC (50F). 

Channel Islands, S.W. England, 
S. Wales 

Cloudy, rain at times. Max. 
8-1 JC (4S-52F). 

N. Wales, N.W, Cent N. Eng- 
land, Lakes, Isle of Man -. 
Cloudy., rain . at times. Max. 
IOC (50F). 

S.W. Scotland, Cent Highlands, 
N. Ireland 

Rain, some bright intervals. 
Max. IOC ( 50 F 1 . 

N.E« N.W. Scotland, Orkney and 
Shetland 

Dry, rain later. Max. 8-10C 
(46-50F). 

Oatlook: Bright periods, some 
rain. 



if* 





r Wr-. . 

.- . k. r, . r j . fc* ; \ 

•*. 'j ! 5 . 

v* ’iyj* '<&* ^ \ 









assures -v 

-;Vl.,Vp r 


BUSINESS CENTRES 


me public mterest." The svs tem will allow modified scribers television screens or, oy 

“We wil consult Bisgood and I seitobcconnected by tote- using a simple keyboard, to play August 1. The figures- ate not 
bur advisers to consider the ; phone ] inc to a network of com- games with the computer or in dispute. . 

situation. outers which will eventually answer quizzes. The federation says that 

i«* store millions of pages of infor- Viewers may also use the com- because of the incomes 

last summer for the merger ^ , mation on topic;; ranging from outer’s programs to make their companies that have yet-.to settle 

Iteht o°f to P r ^?iSSff ed finSncinr hobl>ics - encyclopaedias, direc- own calculations — of mortgage under the guidelines would 
-5. me current financial ( ^ j advertisins to finan- repayments, for example. Even- introduce the £57 on 4beir due 

situation of the two tually “may be possible to make dates. Those who have already 

°The r two ^c^lavJ v^lertay the Post OfBco SlSS porch'asesV keyios in a settled to the current roond 

not been in toueb on ufe ralJ announced shat it was bringing credit card number in response would not do anything for 13 

coatmission's^u^rd^puht^ launch date ,u TXt point coid intro- 

r °r srsoss swjjk fAMSWS 

tfun^. “Th^'-post Office wtU out he 1?£S 

Witiiri hiS°Iwof offenn & about 250,000 pages of responsible for the contents of This appears to be the key point 

one in Sszood ^formation initially. The the information provided. It wHl 0 f the row. j 

fh*f a ia»ter C at ‘>Mhj 8 andl ceiltres ^ lnc!ude Binning- sell space on its computers to Mr. Scanlon said yesterday the 
Ik. Am! It m ol shares of ham. Cardiff. Edinburgh. Leeds, any organisation, provided the unions bad agreed that Companies 

Smith have ^ehanee'd little since : Manchester and Norwich. information does not infringe i which have settled finder the 

bSng iVdoJi « B »p tart night. I The service will be availabie J™- __ ?er cerrtcould not 

Clearance of the merger I to anyone on the telephone who w ? t Sij c 2mJL Tlnr f inr^tiS their aomver^nes. Bat those 
doubtless will bo welcome to the] is prepared to pay for an adapted nKf/it? for lart! naw w ^° had the ° e w 

Stock Exchange, which originally > television set. The current price ca ” pl “ f ,- p a ^° S. tes hnuldi 

approved it and which told the of a Viewdata colour set is about 2 1 -®?. iSi-nhv th? inf nSiSiim T1 if IP loeal ^ 

commission it was “firmly or E700. but this is expected to fall l teke tbe value of_thi common 

the view that the [deal], would to about E50 to £100 above the d t r a J? 8 8 ™ zero 4 increase into consideration, 
be henefirial in that it would normal price. 50 ‘ nm . a(lnBt . But under the f«de»tton® 

help' to sustain a modern, effec- For business use. black and proposals, he said, Warn. ®®: 

live, and integrated central mar? white sets with a keyboard will 1 *3H ,tl X ployees ^ ould - ha ^ e *1 +^5 

ker -serving the interests of in- be available at £300-£400. ?^„2l ave .„ booked a total of another 12 months to} get th eir 

dividual and institutional Inves- - : 'The system will be used by ioo.ooo pages. ;- j £60 minimum, after redacting the. 

tors alike." businesses and householders who Feature Page in *£57. ^ ; 


AmsMra. 

Alberts 

Bahrain 

Buceiou 

Belfast 

Belgrade 

Berlin 

nrmsrtim. 

■Ri-tttol 

Brussels 

Budapest 

B. .Vires 
! Cairo 
Cardiff 
Chicago 
CdlORIK’ 
Copnbagn 
Duhlla 
Edinburgh 
Frankiun 
Geneva 
, Glaseow 
Helsinki | 
B. Kang 
Jo'bnrs 
Lisbon 
London 
Luzemb’B 


Y’day I 
mid-day 
•c -f! 

F 11 32jMadrid 
5 16 61 1 Mancitestr 
S 21 ^(Melbourne 
S 16 SlIMioaooC. 
s 9 481 Milan 
F 19. 66 iMomreal 
S 10 X Moscow 
F S 46 1 Munich 
R 9 48 Newcastle 
F 11 32;xewTorfc 
F 1.1 aajOslo 
C *4 7a Parts 
s 21 78! Penh 
C s 4fi i Prague 
C 2S Beykiavit 
5 13 IllRiQdiJ'o 
R - 37, Rome 
S 0 4Sj Singapore 
F 11 5- 1 Stocgboim 
C -10 50 j Strasbrc. 

C 8 46 ! Sydney 
F in MiTchran 
r a 8 32 j Tel Aviv 
S 23 73 Tokyo 
S 27 90 Toronto 
C 16 S3 Vienna 
c IB M Zurich 
C S 48 i 


Vdar 
. mid-das 
•C “F 
C 12 54 
F 9 48 
C 15 3 

C 19 58 
S -6 21 
S 1 34 
F S 46 

f io a 

S -1 30 
R 2 36 
C Ml 30 
F 31 S3 
C 3 37 
Sn -4 23 
S W 36 
R 11 S 
C 29 S3 
C 3 37 
S 12 34 
C 29 84 
S 13 59 

s so as 

C 11 31 
C -fi 21 
V 9 48 
F 7 45 


HOLIDAY RESORTS 


Ajaccio 

Alders 

BiarriTi 

Blacknool 

Bordeaux 

Casablnca. 

Case Town 

Corfu 

Florence 

Funchal 

Gibraltar 

Guernsey 

Innsbruck 

In vernc ss 

Isle of Man 

lEtanhnl 

Jersey 


Vday 
mid-day 
-C *F 

C 14 37 Las Pima. 
S 3t B Locarno 
F IE ai Majorca 
F 11 Si Malaga ' ‘ 

f u a araira 

F IS 64 ' Nairobi 
C 23 «3t rjaolca 
F 16 61; N1« 

F 15 53 1 Nicosia 
s « «S Rhodes 

F 17" 83 SiUnrs 

R 9 4 S T under 
S 12 34 Tenertft 
F 3 41 1 Tunis 
P 8 46 1 Valencia - 

S « 57 VeWoo 
C W 39i 


V'dajr 
mid-day 
-C -F 
P 21 78 
F 7 43 

s. 17 m 

S ts 64 

s :o © 

s ;* 75 
F 13 39 
S 13 59 
S IS « 
F 17 95 
S 13 S3 
F IB SI 
F 13 39 
S 21 70 
F H Si 
BUS 


If you’re thinking of setting 
up offices anywhere in tbs' 
country, the Location of Offices 
Bureau has all the facts you need 
to make the right decision. And 
the service is free. ^ 

Office rents 
throughout the UK. 

/JU' "j We have details of 
'WL available office 

space throughout 
'!■ the UK Rents can be 

^ jEmr from nil (for one to 
— ^ seven years) upwards 

Staff availability 

WecanteHybu 

AAA where the staff aape— ' 
III and where they’re 
XX I not -and how much 
i • i ■■ "I they’ll cost you. 

Communications 

"" ‘ — — We have the latest 
facts on communi- 
cations: road, rail, 
air, sea, andtele- 
■ " ■ i i ' communications. . 


Facts on housing 

n If you move, you’ll want 
to keep the staff who 
llllj J mow. with you happy. 

Wfe can tell you about 

housing availability / A 

and prices throughout 
the country. 4 

Government Grants 

£ Government Grants ; .- 

for the Assisted Areas • - > 
m ean that for each job' 
you move you could ‘ 

■ make substantial ;.i 

savi ngs. We have all i 

the facts on the various ■. 
incentives. 

Wherever you are, contact the l 

LOB for the best informationonoffics i 
location. It won’ t cost apenny, and V | 
could save a lot. ’ :-4 

LOB. 27 Chancery Lane, London jt 
WC2A INS. Telephone: 0I-405292L 

: iK 


IMMimH 1 



S-^unas. c— Oondjr. - F — Fair, k— R am. 
F»— Fog. Sa^Bnow. 


Sat up by Parliament to promote 
better distribution of office . 
employment thrqughoutthe XJK. 


K««T»r«i ai flB Office. - WlWed bt bL QpSS 

bs the .Finance TiiaM Bacfcai, Home, Cmtum Stre^uMtin^ap ^ ' 1 - 

" © Finaiidnl Ttmn& Lta„ yg