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more than X I 1 I f 1 B j lI (pi) 

metal ■ ^ 1 T wire si 

Np- 27499 Thursday March 2 1978 **is P JL kivetoh par* steel & m 

•SteftfSS rsf*^'' - BVETOW P ARK. SHE! 

-u PUOflf WorlBOD ”0 ZSi 


No. 27,499 

Thursday March 2 1978 **is P 


» HD |E| a? 




'PfaBMi Worittop 770 252 



ATO Golds 
i get reac * 1 

Warning from oil 


react to 



pressure on d 


>11 * 

is preparing to 
.ore its decision to pro- 
. the neutron bomb war- 
for NATO deployment 
t Warsaw Pact tank 
i in Europe, it was learnt 

the U.S. is expected to offer 
on of the weapon in arms 
inn negotiations In ex- 
‘ for Soviet concessions in 
fields. * 

Zbigniew^ Brczezinsld. 
Hpuap national security 
r. said yesterday that 
invoivementin the Horn 
ica could damage prospects 
•• i {•••,.. tch an agreement Back. 
•*' ' attle for Eritrea, Page 4 
. Alexander Haig. .NATO 
under in Europe, . told a 
c&sinnal committee in 
rwitnn that West Germans 
giving food parcels to U.S. 
f.lut by the fall in the 

ith hint 

an Smith, the Rhodesian 
r Minister, has indicated 
u u prepared to stand down 
* nin-un in black majority 
. n order to promote a com- 
•sc on the shape of an 

m ndmmif-traMon. l * was 

i -d in Salisbury. ; At the 
African nirmbers -called for 
i inly Council debale on 


tuiry judge 

-uaUctf Cronni-Johnxon is to 
r:n Tribunal of Inquiry into 
losses of the Crown 
.' who*** chairman. Mr. 
Ciickney is to : restga tit 
ntwr. Back Wwe 

-10 mishap 

~r.ii.le- worn killed running 
•runs w.«y into the flames 
m ignr s wore evacuated 

.i burning Continental A ** 1 

llnnoiulu btiund DC -10 with 
:v».ird alter the pilot had 
•*i 5 i»kP-ofl“ at- Ixis Angoles. 
J>. 0 \e people were injured. 

dier killed 

■tpmai IRA gunmen bluffed 
way into an elderly 
n’.s Belfast house and killed 
ear -oM British soldier firing 
i-fiff iu:»chim?*Bun from an 
iru window Thirty days 
ayer fur peace in Northern 
id are to he offered simal* 
iin’v iron* St. Patrick's Day, 
h 17. in WcsiminMcr Abbey, 
minster Cathedral and Can- 
-n Cjithedml. 

sque blasts 

to separatist guerillas 
pggg fled |p office* and installa- 
of the Ibcrdimro elecinc 
■any in an atempt to stop 
ruction of a nuclear powjpr 
at Lcmtiniz 

kistan arrests 

\-prcad arrests were re* 

. *rt m Pakistan’s three main 

,. Rawalpindi. Lahntb and 
.a i*hi. fnildwmp the aonounec- 
£ sT : f%'~ of a ban on all, political 

4, x L *»y 

igheap power 

nine near Donetsk in Uic 
iinr fw*. havniesjiod thp heat 
iicd by hits of waste cnal 
i mbs «n slag heaps \n warm 
: show ins that centra! heal- 

1 1 * ; * 1 can lx- «m off slap heaps for 
y years, Tass newt sKency 
rted from Moscow.: 

Ueanor Observer, Derby- 
p t . one of Britain’s last Ip 
spaurr.-*. is - to amalgamate 
i the Rtplcy and Hoanor 

rotiM' natives are 1-S to win 
iiv'ji Ilford North hjidcftwo. 
£ ■ *mr 5-1 the Liberals l.iWO-1 
s ■ the National Front 5,000-1- 

lc« confMeAt. rage II 
aonvtrsliuns were hold nut* 
’ -00. branches nf Barclays 
+ m protest .it the Bank's 
Mvcnirnt m South Africa, 
e 9 

woman lawyer has been 
touted in dcfeml . Jewish 
intent Anatoly Shrtwransky. 
cer: EUEA Cup. quarter 
»1. ftr^l leu; Asthh Villa 2, 
•cclooa 2 • 

• EQUITIES edged higher, In 
spite of nervousness about the 
weakness of tbe dollar and the 
FT Ordinary- Index dosed 0.4 
up at 443. S. 

Sowc»AtaigwEimaiv UrP^ 


'Mb-nnadiMlawtagt . 
idwp m US S Irga 
SMthumn taiiral mitt 1 
R WH B Blt w aKu neni 

T” I against the S 

tea -frK l 

U_ I f.t. ( 

J— Goldmines 
— “| Index | 

19771 1 \\ It9781 ■ ' , 

• GOLD shares reacted ttt early 
falls in the dollar-, and the Gold 
mines Index rose &2 tft 162J, 
its highest since mi<Mkttrt>er. 

9 GILTS were steady in a slow- 
trading day and longs dosed J 
higher in places. The Govern- 
ment Securities Index, dosed 
OJl-up at 74«3. 

• STERLING fen SO ^nts to 
SL9395 , its trada-wclghted 
index falling to 65.1 f&2). The 
DOLLAR flncluatcdK 1 ^ wildly 
against major cnrreri|l^/ but 
recovered its previous feyob In 
most cases. Its- deimxIiU«n 
was 5.34 per cent (5JfiL*--\ 

• .GOLD was unchanged V 

51SW. ".I. ... • 

iip al ?48,«L f -y 

• COPTER- exporting countries, 
Zambia: Zaire and Peril, bare 
agreed ki cut back copper pro- 
duction by 15 per cent, because 
of worldwide depressed -prices 
and overprodnetion. P<ge 39 

Budget stimulus 

THE DOLLAR yesterday came . , i_ 

under intense pressure again on ,75 1 ' ‘ II 

Toreign exchange markets as oil 2 StS?^l ~~ 

producers and some European ' XT Swac»Ai»Bweg»iwT v 

surplus countries reacted to the j. B5 ___| rT. ““ # ; 

currency's continuing fall. .ft 

The main developments yes ter- i«o y 1 -* — -05*. •■ 4 :£i ± 

day were: l / jLf \ fa * •■£)•*}- 

| — A warning by Kuwait thal i®| — p ' \ 

» might call for an extra ^.aA/V* V"i~ ’ w ’ -jj 

ordinary conference of' oil pro- ^jW I VR. I bt ; 

ducers to protect their ‘earnings „ J . it J f\K __ | DEUTSCHE hark! l ” 3 

if the decline in the dollar .* 5 , *>»■ H 1 FtfU I I * against the S J «« 

continued: I 

2 — The extension of. Swiss nepa- -frO?l '^Tuss u - -fro /v-mb 

.tive interest rate rules on swttia ww cmitbi mm R J . 

non-resident deposits to include e uifco mm™ f— ^w| 

foreign central banks in a Ej^yyp^ -frK 1 1 — — — — — ^-65 |Jv 

; further effort. to combat inflows; 1978 t • -2-15 

X — Cryptic remarks by the West S3 5k^ii i== . 1 r^-jj 2,20 

German Economics Minister ■ 1978 

about' a possible further fall in j 

the dollar to DM1.80. dollar may have been more a continue the current freeze of 1 

_ However, there no signs reflection of profit-takins. oil nrices or to decide on price 

Uiat the U.S. Administration was Dealers said that even by hikes.” 

intending to change Us position current standards of a very Recently there have been in- 
of intervening only to smooth nervous market yesterday’s con- dicatidos from Saudi Arabia and 
disorderly market conditions dilions were quite exceptional Iran that they would not con- 
The weakness of the dollar with currencies mrninc thrnush sider some compensation for the 
late on Tuesday continued wide ranges in a matter nf erosion in ourchasinc power of 
yesterday morning with a drop minutes. oil revenues — denominated in 

below the DM2 level for the fa »i io tiie d n i !ar k-- dollars— as necessarily beinc 

f ret {® te touched a resulted in increasina concern tn }?lJ 10 ^ 0 ®- 

low of DML9S75 before recover- recent weeks in the oil-nrnducine h*If of asreed last 

ing to DM2.0150 at the close, state* and action by them to raise Uttserober. 
compared with DM2.0170. their prices seems urobahle after The marke . 1 has been concerned 

There were similar fluctua- the latest Kuwait move about a swuen in pricing and 

Hons against the Swiss franc. After a meeting with the Emir ? a y^ ent ‘“J - °}' aw *J f frora ^ ol * 
At first the dollar fell -to c h 2 4 f of eurrendes. 

Sw.Fi».x 7550 from the Tuesday SL „ on JL .f'uV. 5 ' 




• • 

— i 

1 1978 

moves ’ ’ ixuwai whj i*ee tne imtiaiive fwe en the Saudi and ri S Finance 

, ve - v ip call me For an emeraenev Ministers 

Intervention b.v European meetinc of oil and Finance ^ DU . w ac .hinrTfrn 

central banks was reoorted. Ministers to discuss the dollar’s T " e m Washint rt cn - wes - 
although the late recoverv of the position as well as whether to -Conttened on Back Page 

The attack on the dollar ’’age 4 • Turkey devalues Bad and Page 3 

1 Mrs Gandhi seeks merger 

• CHANCELLOR has warned 
That the Brittslp -economy would 
fail to meet it# 3J per ecnl. GDP 
growth target, for this year 
without a “ significant " Budget 
.stimulus. Mr. Healey blamed a 
slnwcr-tbHiHixpecied growth in 
world trade. Back Page 

• ROLLS-ROYCE and Westland 
have signed ' a‘ helicopter deal 
that could be worth more than 
X-JOOm. wiib the Arab Organisa- 
tion for Industrialisation, involv- 
ing the supply of 20- Westland 
Lynx helicopters'with RR engines 
and leading to the eventual 
assembly of the aircraft in 
Egypt- Bari: page 

• BRENT and Ekofisk oilfields 
will be .shut down in the next 
few months so that damaged 
pipelines can be repaired, delay- 
ing production worth £3.1m. a 
day. Back Page 

In spite of this setback, the 
Government expects North Sea 
oil production to reach its finan- 
cial targets, energy Minister Dr. 
Dickson Mabnn has Slid.. Pagp 8 

• FIAT managing-director has 
called for an EEC initiative to 
rational iso the European molar 
industry to counter the rapid 
expansion of Japanese car manu- 
facturers into EEC markets. 
Back Page. 

• SEI-ECTIVE regional a>sis-' 
lance schemes may have been 
successful in creating only l«o- 
thirdx of the jobs the Government 
had hoped, a Commons commit- 
tee has been told. Page 8 

• SCOTLAND has been receive 
ins a dfcpfoproiionaTciy large 
and increasing share of U.K. in- 
dustrial Investment. Page 9 


profits for the whole of 19<T 
rnv Frmn £42.6ni. to 3 record 
170.2m. . following a reduction in 
underwriting losses fitim 
to flUlm- Page 24 and Lex 

• CREDIT SUISSE reports A 
Sw.Frs 3.1m. Increase In, neL pro- 
fit to Sw Fri».235m. Tor the whole 
of 1977. after wrilins off 
Sw.Frs. 1.2bn.. to cover w*n 
from the Ghiasso affair. Pape z» 


high on her success in India's 
[stale elections, indicated clearly 
to-day that she wanted to see a 
mercer between the fast disinte- 
grating official Congress Party 
and her own Faction. -- 

Speaking to newsmen here, 
she left little doubt that she had 
now se? her sights cm returning 
to power as Prime Minister. 

■ In an attempt to re-establish 
her position, she all but disowned 
Sanjay, her controversial son. 
who was largely held responsible 
for her defeat in the general 
election Iasi March and whom 
she now «eems fo recognise as 
a political liability. 

In reply to a question. Mrs. 
Gandhi said Sanjay was'no longer 
in politics. She also agreed that 
the. use of official machinery to 
bnild up Sanjay as a national 
leader durinc her period of 
emergency rule had been 

. Mrs. Gandhi's faction of Con- 
gress has won ahsolute control 
in the southern states of Karna- 
taka and Andrha Pradesh. 

■In Maharashtra, where tie 

Janata Party has emerged with 
the largest number of seats in 
the state assembly, she is hop- 
ing for a coalition witb the 
official Congress and various 
smaller parlies 

Her attempts to reunite the 
Congress Party to-night received 
a boost when Ihe party’s work- 
ing committee appointed Mr 
Swaran Singh, a former Foreign 
Minister in Mrs. Gandhi's 
Cabinet, as the ’ party’s new 

He replaces Mr. Brabmanacda 
Reddy who resigned on Monday 
after the scale of defeat in the 
State elections became clear. 
Mr Swaran Singh will presum- 
ably act as an intermediary In 
any negotiations 

Mrs. Gandhi's moves to bring 
the party together are being 
strongly opposed by many in the 
Congress as well as by the 
governing Janata Party leaders 
who fear a split in their own 

At bef- Press conference to-day 
— the first she has held since 
being voted out of power almost 

NEW DELHI, March 1. 

a year ago— a supremely confi- 
dent Mrs Gandhi staked a claim 
to> being the “ only opposition ” 
in the country and also to enjoy- 
ing the support of the people 
throughout India. 

Citing not only the States! 

where her faction had done well : 
in the recent elections, she 
claimed evidence , of suppon In ' 
the Hindi-^peakini belt of the 

North. This was' her former 

stronghold bur also where she 
suffered her most bam ilia Ting 

defeats in March. ■ 

Mrs. Gandhi said she had no 
immediate plans to contest a bv-'. 
election to Parliament and pre- 
ferred for the moment to remain 
** where- 1 am more useful." Her 
Plans were to meet the people 
and take up their demands. 

She said the kind of situation 
that led to the declaration of 
the emergency “wobld not arise 
again in a thousand years." But 
she stoutly defended her decision 
both to clamp the emergency and 
not to resign after the Allahabad 
High Court declared as void her 
election to Parliament. 

Editorial comment Page 22 




to IMF 


POLAND, Hungary and Czecho- 
slovakia have indicated that they 
may be interested in joining the 
International Monetary Fund. 

Their approaches to the Fund 
are still in the early stages but a 
senior IMF representative is to 
visit Warsaw to explore' Polish 
interest. Poland left the IMF in 

Romania is already an IMF 
member, and the Fund is taking 
a cautious attitude about admit- 
ting more Comecon members. 

Most contacts so far have been 
through third- parties in Europe. 
■Directors of several European 
Central banks and other senior 
monetary officials are understood 
to have been approached by the 


There is considerable specula- 
tion about the Soviet Union's 
attitude to these approaches. It 
is assumed here that none of the 
three countries would have gone 
a? far as they have without at 
least tacit Russian approval.' 

Whether this would culminate 
in permission for Pnland or the 
other two countries to join 
remains to be seen. 

Some IMF* staff suggest that 
the Russians may think that the 
Fund could help Eastern bloc 
countries if and when they are 
short of foreign exchange. 

Although the Fund refuses to 
comment, it would almost cer- 
tainly welcome more participa- 
tion by Eastern bloc countries 


Staff say that the exchange of 
information among members 
would give the Fund ;a much 
clearer idea of Eastern European 
problems and the impact that 
these may have on the - world 

Previous talk aboul enlarging 
the Eastern' ■ b!nc membership 
has usually come to nothinc 
This time, however, fund staff 
are more optimistic that 'some- 
thing may eventually emerge 
rnformal discussions on the sub- 
ject are expected ai the IMF’s 
interim meeting In Mexico City 
next month. 

MPs attack 
on waterways 


A SECOND major row between 
the Government and the Com- 
mons Select Committee on 
Nationalised Industries came to 
a head yesterday with an attack 
on Mr. Denis Howell. Minister of 
State at the Department of the 
Environment, by the MPs. who 
accused him of failing to under- 
stand the proper role of a 
nationalised industry. 

The criticism comes in a report 
on the British Waterways Board, 
it follows a call from the com- 
mittee for a radical re-think of 
Government relationships with 
State industries in its report Iasi 
week on the British Steel Cor- 

Now the MPs are considering 
an across-the-board inquiry to see 
if present relationships with 
nationalised industries should 

Yesterday's report also called 
for the scrapping of Government 
proposals for reorganising 
Britain’s canals, set out in a 
White Paper last July. 

In addition, the MPs want Mr- 
Howell's Department stripped, of 
ail responsibility for the British 
Waterways Board. As a transport 
industry ft should be run by the 
Transport Department. 

The report says Mr. Howell's 
remarks to the - committee 
investigating the way in which 
British Waterways Board dis- 
charges its duties revealed the 
gulf betweeq his Departinent and 
the Board. The Minister. had 
called in question the compe- 
tence of the Board. In .an 
“ astonishing, unwarranted slur " 



£ in New York 

I miimli 
5 rriMUtb* 
IS" nmutb> 

Man 'fa 1 PfiL-rfcHik 

M,4gQF-Mrft Sl.vonB.gai5 
0.14-0.10 >Ii- O.O&lifc-nir 
i.V-E 24 H- 0.13 0.03 .Hit 
1 V.iflO H» ■ THW1.7SH1. 

He had also "quibbled about 
details " when it was his duty as 
the. sponsoring Minister to fight 
to get urgently needed money 
for canal repairs, once the Board 
had made out its case for funds 
On the potential of freight 
transport by water, there had 
been a “complete conflict of 
views" between Mr. Howell and 
the water industry an the one 
hand and the British Waterways 
Board and all other orsaniations 
01 . the other ^ 

Witnesses from the Inland 
Waierways Association had 
questioned the accuracy of Gov- 
ern menf estimates of the freight 
carried There may have been 
a seven-fnld eiror. 

The committee "greatly re- 
gretted” the Government's delay 
in making a firm decision nn the 
Sheffield and South Yorkshire 
scheme for improving freisht 

' The delay was ‘‘symptomatic 
of the dilatoriness" of the 
Department of the Environment's 
attitude' to the waterways. The 
scheme must be regarded as a 
test case of the Government's 
approach to the canals 
Last week, the -committee's 
British Steel report condemned 
the apparent lack of communica- 
tion and mutual ' confidence 

( .-Va\ 

/ yv <M/ 

J -ij'its 1 

Mr. Uoueil . t-r incised. 

between the corporation and the 
Industry Department. Mr. Eric 
Varley, Industry Secretary, was 
accused of not taking proper 
action to solve BSC’s problems. 

Now MPs bave blamed Mr. 
Howell for interfering too much 
in the affairs of the British 
Waterways Board. 

Mr Russell Kerr, the commit- 
tee chairman, said: “We may be 
right both times. Sometimes a 
Minister puts his oar in too deep. 
Sometimes he does not put it in 
when he should." 

The committee plans to wait 
for the Government White Paper 
od the nationalised industries 
before deciding whether to con- 
duct an across-the-board inquiry. 

The MP-- -<aid however, that 
should they find similar examples 
of mutual distrust. Parliament 
will need to consider very care- 
fully whether the present statu- 
tory' relationship of Government 
and nationalised industries should 
be allowed to continue in its 
present form. 

Yesterday’s report also said 
that Mr. Howell had by-passed 
the Board by deciding for him- 
self the priorities for urgent 
canal maintenance. 

Mr. Howell had authorised 
£750,000 in the current year for 
repairs as a result of talks with 
local MPs. 

Sir Frank Price, chairman of 
the waterways Board, said the 
report "completely vindicated 
everything we have stood for.” 
He welcomed the suggestion that 
the Board should be run bv the 
Transport Department. ** If 
officials there suppnri what ■ we 
are tmne to do. then it will be 
useful." . 

The Inland Waterways Associa- 
tion welcomed the report, saying 
its recommendations could form 
the basis for a sound future for 
the waterways. 

Mr Howell will not be makiDg 
atf immediate public statement 
on the report, the environment 
department said lost night. 
"This is a Parliamentary report 
and Mr. Howell will make any 
observations he has on it to 
Parliament" the department 

Details Page 10 

Editorial comment Page 22 

Shelton men called to talks 


Steel's Shelton works near Stoke- 
on-Trent are being called to 
Loudon on Monday when the 
[olosure of the bulk 01 the plant 
|fis likely to be discussed. 

; The Shelton stewards have 
been told by their unions and 
MPs that It is important for them 
tn stand by when the TUC Steel 
Industries Committee meets with 
Mr. Eric Varley, Industry Secre- 

The meeting could be the last 
to take place between union 
leaders and Mr. Varley before he 

makes his long-awaited statement 
Inn the future of British Steel. 
It is thought that a major pari 

of the Shelton works may lose 
ftp reprieve it would have had 
under the plan drawn- up by 
Lord Berwick, the former Labour 

Mr. Ted Smith, chairman of 
the action committee — which has 
succesfuly fought off closure for 
several years— said yesterday 
that with more than 2,500 jobs 
at stake, the future of an entire 
community was under threaL 
“We hare lived for eight years 
under this cloud and onr nerves 
are raw." he said. 

He made it elear that in any 
fight for survival the committee 
would place strong reliance on 
the wording of the agreement 
reached between leaders of the 
Iron and Steel Trades Confedera- 
tion am? BSC la-?! Wednesday in 
union co-operation with advanced 
closures of the so-called Beswick 

Cn-operannn was pledged on 
helping to bring forward “per- 
manent" closures and this, the 
committee argues, should nor 

apply to Shelton in view if the 
salvaging operation' agreed m 
April last year under which an 
electric arc furnace would be 
used for Iron and steel-making. 

Shelton iron and steel making 
operations were on the original 
Beswick list. But under April's 
electric arc furnace plan it was 
agreed with the shop stewards 
that only 800-900 jobs would he 
lost because df the transfer .of 
labour from iron making to the 
new plant 

With no sight yet of the 
electric arc furnace and with the 
Government looking again' at 
BSC'*? capital expendijbire. it is 
possible that only the rolling mill 
at Shelton will be allowed to 
remain employing 1,0® people, 
or lesg than half the. original 


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ratify 13% 1900 flfl?;- i 

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frss ._.T . .. i i 

tariMri? 1 ' n.ew, ... 4 • 

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nn* a! Wale* Howl* 113 * •’ 

jfrrer 4W - J 

Wi -Breeden •• T 

*bS\tm*tirSO . Cflrtl 4^5 + 
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Kitriicn Taylor 

LtWey iF. J c.i - « 

Sfwry Group 

Scjpn Group 

Thomson Org. 

Turner & Newall — 

V. iaial) -iRI 

BP - 

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McLeod Russel 

p.incontinental- — — 
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194 - P 
825 - *5 
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S4 - 3 

European news ; W 

American news 4 

Overseas news .4 

World trade news G 

Home news— -genera! ... S-10 

. . —labour II 

—Parliament :.. II 


2-3 Technical page ..... — .. — 17 Inti. Companies 28-30 

4 Marketing -29 . Euromarkets ........ 28 

* Arts page 21 Wan Street 38 

Leader page 32 Foreign Exchanges 38 

11 Companies - 24-27 Farming, raw materials ... 39 

t’s”. 1Z Mining 27 U.K. stock market 40 

Bid to halt the Atlantic air 

fares rale war 22 

Economic Viewpoint: 

Monetary policy ;•* 23 


Georges Marehais profile ... 

The battle for Eritrea 

Solar power fn Senega! ... 

On the site of Angel Court The City is an historic place, as 
we discovered when we prepared the foundations for this 
development Medieval debris, Saxon artefacts, and finally 
30 Roman Sestercii were uncovered. 

Angel Court is a new'landmark in EC2 offering 19 storeys of 
air-conditioned office accommodation. The development 
comprises 175,000 square feet and is now available for 
letting. Amenities include banking, shopping and restaurant 
facilities together with 25 car parking spaces. 

ARMtotracmt * 

ApattaaoHus Advil. U-li 

KmIu - 32 

■Minus Own. ...... £ 

Cimnwrd 2D 

'Econo m ic tatfcMon W 

.EntenalnmcM C*M« 21 

rr-Acturiu irtiu* * 

Jobs Cotnmr ™— . u 

Utters - 2» 

L» .... « 

Lorn turf — as 

H« wd Kattm .. S 

Sat (mo 2i 

sure iitfcrnmlna ... 4MS 

Soon — 2S 

T<K* 0 T!i Events 23 

xv wd Radio — - a 

ubh Tmm 41 

WBttfacr « 

WWer Sj*art* » 

A. Am. UBteB Start 26 

2 Snow damage: Farmers 

A back self-hel p 39 


5 World defence industry 33-37 

23 Brfa. Sum Control. 2k 

...^ 20 Crc* fdchafcon 26 

41 General AccMent .. 26 

43 SsouJd.ft SufcfaK^. tX-U 

» Sc otfl 5*1 Mutual Ante. .23 

wobaea jq 

Ot V>uilltl ll 

S«»n & Sr.uiU-v 

Chartered Surveyors 
Vmtry House, Queen Street Place. 
London EC4R 1ES 
Telephone: 01 -236 4040 

Ban Lmtlas Rates 

Richard Ellis 

Chartered Surveyors 

London EC3V3PS 
Telephone: 01-283 3090 

For. Icrcst Sfeare hutex ‘phone 01-244 S036 

-Financial Times Tharsday : March 2 ie78 


r , ■i" 

.rft. *• 


The talkative king of the silent screen 


Russia doubles cost 5 
of petrol and . ,rf 

■ dapper and pugnacious leader of 
the French Communist Party. 
- will never be short of a job even 
if, as sometimes happens in his 
trade, his comrades one day 
decide to give hint an iron band- 
shake. There will always be an 
opening for him in the theatre, 
for his performances on tele- 
vision during the general elec- 
tion campaign have established 
him as ' one of France's great 
: comic actors. 

cany much conviction, but they 
are a joy to watch. With a range 
of exaggerated facial expressions 
worthy of Oliver Hardy, M.. 
Marehais can personify outrage 
like no-one else on the French 
political stage. 

one questions his -abilities as an 
organiser and leader, his stub- 
born devotion to promoting the 
interests of his own Party and 
his capacity to survive political 

While most people have 
quickly tired of the interminable 
political debates on TV, they 
will switch on their sets when 
M. Marehais is due to appear, 
for pure entertainment Prime 
Minister Raymond Barre himself 
has admitted to being a fervent 
TV fas of the Communist leader, 
though he is often the butt of 
M. Marehais* most vicious barbs. 

However, it would be quite 
wrong, to conclude from all this 
that M. Marehais Is not taken 
seriously in France. Both friend 
and foe have a healthy respect 
for this -57-year-old former metal 
fitter and trade union official, who 
has* proved to be a consumate 
political operator. While it is 
certainly true that his opponents, 
his Socialist “allies" and a sec- 
tion of his own Party do not 
trust -him because of his unpre- 
dictable changes of direction, no- 

Elected Secretary-General of 
the French Communist Party in 
December 1972, U. Marehais has, 
in fact, been the effective" leader 
of the Party since 1969 because 
of the long illness of bis pre- 
decessor, M. Walderk Rochet. 
Th? Union of the Left, in' spite 
of - all appearances- u> Ule con- 
trary, has been one or the corner- 
stones of bis political strategy 
since the very beginning But 
not at any price. The interests 
of bis own Party have always 
been given priority and, when 

they clashed with those of the 
Sodalist-Commumst alliance, he 
has not hestltated T o make his 
partners suffer or even throw the 
whole enterprise into the balance. 

It would be a mistake to 
believe, however, that the many 
somersaults which the Commu- 
nist Party has turned in recent 
years, its constant harassment 
of the Socialists and the intran- 
sigent tine it took m last year's 
abortive negotiations on updating 
the Com moo Programme were 
merely the result of the Com- 
munist leader's personal whims. 
M. Marehais has been obliged 
all along to wage a battle on 
several fronts. 

The adoption at the 22nd Party 
Congress in February, 1976, of 

The technique is that of the 
silent screen. though M. 
Marehais, who rarely allows his 
debating opponents or ques- 
tioners to get a word in edge- 
ways. car hardly be accused of 
lacking loquaciousness. Like the 
Ancient Mariner, he fixes bis 
unhappy victims with a glitter- 
ing, blue eye and holds them 
until he has made his point after 
which he sits back with a 
wolfish grin of menacing self- 

His perfectly-timed feigned 
rages, his tirades against rhe 
iniquities of capitalism and the 
broken voice aod moist eyes 
when he speaks of the poverty 
and 2 ppaJJing living conditions 
of the working class may not 

Signs of left-wing compromise 


PARIS, March 1. 

FIRST SIGN’S of a compromise 
between the warring Socialist 
and Communist parties have 
begun to appear following a 
significant concession by M. 
Georges Marehais. the Com- 
munist leader. 

An electoral pact under 
which the two parties would 
support a Joint candidate in the 
second round of the general 
election is generally con- 
sidered to be an essential pre- 
condition of victory for the 
Left. Until yesterdav. only the 

Socialists undertook to stand 
down in favour of leading Com- 
munist candidates after the 
first round ; the Communists 
said they would reciprocate 
only if agreement was reached 
on a common government pro- 

M. Marehais has now 
suggested, however, that agree- 
ment on the common pro- 
gramme could be reached on 
the basis of proposals made by 
the . Socialist-orientated CFDT 
union which are a mixture of 
the Socialist and Communist 

The main element concerns 
the nationalisati on pr ogramme 
of the Left. The CFDT prposes 
that, In addition to holding 
companies of the nine biggest 
industrial groups, all their sub- 
sidiaries in which they have 
more than a 66 per cent stake, 
should also be nationalised. 
This compares with the Com- 
munist proposal under which 
all subsidiaries would be 
nationalised In which parent 
companies have more than a SO 
per cent, stake and the 
Socialist proposal which covers 
only wholly owned subsidiaries. 

a liberal- Eu rocorr. mum st line 
was much too sudden for the. 
taste of many of tts cider mem- 
bers, who bad been brought up 
in a Stalinist mould. The Party 
was losing its soul, they felt, and 
would soon become Indistinguish- 
able from the Social Democratic 
movements which they bad 
always despised and distrusted. 

The need to ensure that the 
Communist Party retained .its 
own specific following in the 
country, in spite of its alliance 
with the Socialists and Left-wing 
Radicals, and that it would he 
strong enough to talk on equal 
terms with its partners :n a 
Government of the Lt-ft. has been 
‘at rhe root nf all the endless 
Social isl-Con! mums! quarrels. 

That is why, at the Beginning 
of this year. M. Marehais posed 
such tough conditions for Com- 
munist participation in a Left- 
wing Government. The Commun- 
ists, he said, must obtain at 
least 21 per cent, of the- popular 
vote in the first round oT the 
election on March 12 and a firm 
agreement on sm updated Com- 
mon Programme must he reached 
before the vita] run-off a week 
later. Otherwise, they would not 
make an electoral pact with the 
.Socialists between the two 
rounds, under which they would 
stand down in favour of their 
partners in all constituencies in 
which the latter were in the lead 
after the first round. 

eventful career. For M. Francois 
Mitterrand, the Socialist leader, 
showing remarkable-coolness, has 
refused to bow to Communist 
pressure. The Government pro- 
gramme will be re-negotiated 
after tbe election is over and 
nor before, he has emphasised. 
If the Communists refuse a 
purely electoral. . pact between 
the two rounds, they must take 
the responsibility for the prob- 
able defeat of the Left in such 

trebles coffee price 


Faced with the Socialists' im- 
placable -stand. M. Marehais' has 
during the past few. days, begun 
tn modify bis position. . He' no 
longer insists that the Commu- 
nists must obtain more than 21 
per cent, of the vote in the first 
round before joining a Govern- 
ment of the Left and. instead of 
demanding a detailed agreement 
on the Common Programme be- 
fore the second round, he is how 
Talking in terras of a much 
vaguer “political agreement." 

In making these demands, M. 
Marehais has taken a very big 
gamble — probably the biggest 
and most fateful of his long and 

Indeed, M. Mitterrand has 
neatly turned the tables on his 
difficult and volatile partner. If 
3L Marehais persists in his 
attitude, he wil be saddled with 
all the odium of losing the elec- 
tion -for the Left, not only by the 
Socialists but by a large section, 
of tbe Left-wing electorate, in- 
cluding many of his own sup-; 
porters. On M Marehais*, “ right 
choice." to use a phrase dear 1 
to the heart of President Giscard , 
d'Estaing. depends not only the 
outcome nf the election but prob-l 
ably his own future as leader of 
the French Communist Party. . I 



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doubled the price of petrol and 
trebled the cost of coffee in the 
second prices packages to be im- 
posed within a year. 

The Chairman of the State 
Prices Committee. Mr. Nikolai 
Glushkov. said the measures 
were designed to offset the soar- 
ing costs of oil extraction and 
■the higher prices on world com- 
modity markets. The Soviet 
Union has already passed nn tn 
its East European customers 
’some of the higher oil estrac-- 
tinn costs by raising the price 
of exported crude. 

Tbe latest increases will be 
twinned with price cuts on some 
consumer goods, mainly older 
lines nf television receivers and 
refrigerators. A similar approach 
was nsed last year in announc- 
ing increases in air. taxi and sea 
fares, which were also a result 
of higher oiL costs. Certain 
brands of underwear, shoes and 
electrical appliances were re- 
duced in price to soften the blow. 

Petrol wilt now go up from 
between S and 10 kopecks per 
litre to between 16 and 20 
(about 21p and 26p) and the 
cost of ' coffee beans will treble 
in cost to 20 roubles a kilo 
(about £26). 

Mr. Glusbknv said the petrol 
rises followed "the requests of 
hundreds of people from our 
population wbo wrote letters to 
as emphasising the unjustifiably 
low price of petrol in our coun- 

He said that the Soviet Union 
had imported only 40,000 tonnes 

of coffee last year, coapaiw 
60.000 tonnes in 1975, beofi 
of high world coffee, ptuj 
Soviet planner- have* u$g3 
tackled the prohVm of ul 
world prices by withdrawing 3 
bulk at expensive goods sqcP 
coffee from sale or Urn it log -ha 
tn. special foreign currency^ 

Rut. from yesterday, toffee? 
the new Price was freely an 
able. ; "-3 

Mr. Glushknv - said that 
petrol nse would still leave $ 
cheaper than in most or Wesifc 
Europe and that it appfi, 
throughout the state 'm 
which he said accounted 4 
about 95 per cent. nf. Safi 
petrol consumption. Rut. Sqfi 
affairs analysts in London. ft 
the increases would prnbahlyfi 
apply to vehicles involved^ 
defence efforts. ;r 

Soviet officials have tnktlfljg 
ally been reluctant to admit fifi 
consumers bear the brunt! 
imported inflation, and ft 
Glushko v said that tbe pfli 
increases would not affect Ik . . , . . 

man-'m-th e-street. But Mr. GVtni,,- 1 » 1 i i t 1 * v 
kov*s very presence at a n**l \ I ^ 
conference — a rare apstnre b&;[ 1 1 ■ 

Soviet- Minister — indicates tfc. 1 
extreme sensitivity of pfo 

Since the workers’ riota"y 
Poland, the authorities in 
cow have been careful to tn 
to minimise the significance -fl 
price increases, and the priii 
lm of consumer welfare M 
been repeatedly emphasised 
speeches by the Soviet IcatftS 




EAST EUROPEAN governments 
feel increasingly fenced in by 
their rigid price system which is 
causing them to spend ever 
greater sums to subsidise cer- 
tain consumer prices while the 
costs of imported energy and 
raw materials rise inexorably. 
Selective increases in consumer 
prices/ however, while favoured 
bv mhny Eastern economists, are 
being put off by Communist 
party leaders who fear fhe pub- 
lic; reaction to higher prices. 

. The Polish uprising of 1970 
and the riots In Poland, in June 
r!97fi over planned food price 
increases first brought the Price 
dilemma intoi the open. A num- 
h «e J «Df.4pl#ns to put *jpL tome 
heavily subsidised prices has 
since been abandoned in Eastern 
Europe and only Hungary Tufe 
allowed prices on a number of 
basic consumer goods to rise. 

“Why is it that people in 
Western countries don’t blame 
their Governments every time 
meat or petrol prices go up?" 
one East European official here 
(complains). His query is 
rhetorical since he is well aware 
of. ; the answer. The price of 
every good and service in a Com- 
munist country Is laboriously 
worked out by the Price Office 
together with the Council or 
Ministers, the Ministry of Fin- 
ance and the ’State Planning 
Commission. Changing any 
price Involves a -delicate balanc- 
ing 4 act since East European 
Government* base their fixed, 
and - oftep:., beayi It.. subsidised 
prices on; political, sorial. and 
only lain^-etonomic- reasons. • 

Although . • - the theory- - of 
" Socialist price formation " fills, 
bookstall shelves here in East 
Berlin -a clearer picture is pro- 
vided by looking at the actual 
prices of goods and services. 

The. 1976 East German budget 
showed that I3bn. marks were 
spent to subsidise the cost of 
basic- consumer goody and pub? 
lie transport This amounted to 
7Sff raarics per citizen and the 
subsidy : is said to have risen .by 

fruits, which must he paid for. 
In hard currency, cast 4 marks' 
for a kilo of oranges and 5 
marks for a kiln of bananas. 

Over ai the butcher's counter 
pork chops sell at 8 marks per- 
kiln and veal chops at 9.86 
marks a kilo, the same private 
in the 19S0s. On the fish stand 
halibut goes for 130 marks for. 
500 Grammes. 

The price for an unsubsidiud 
pound of coffee is 42 marks (£101 
and for a pound Of coffee froo 
West Germany 62 marks (£15). 

... .low octane petrol costs 150 
marksJ4flp) .1 litre High octane 
sells *onlv for West . Gernmn 
airWar’speciarpfitfai itatjfSpL 
-•*..Shncfl-_ are alsft^jnibsldiaad 
men’s and womenVleather show 
here seTT for anything from V 
fb 67 marks depending on their 
style, something which all of 
them lack Children's clothes are 
heavily subsidised while adult 
clothing is not. A poor quality 
man’s suit of shiny artificial 
fibre costs 320 marks. 




srgy pn n 


8 per cent, last year A further 
1 4 6 bn.' marks was spent In. 1976. 

4 6 bn.' marks was spent In 1976 
largely to subsidise' apartment 
rents . Billions- more are paid to 
East German industry to keep 
electricity and gas prices low. 

Cheap bread 

A walk through East Berlin's 
central market in the Licb- 
knechf-Sfrasso quickly reveals 
which goods are subsidised A 
kilo loaf of bread for example 
cost. 62 pfennigs (about I5p). a 
price that has been held since 
1952. One clue to the extent of 
tbe subsidy is provided by .the 
price of flour whlcb Is 152 marks 
a kilo-bag while a kilo loaf of 
white bread sellr a over East 
Germany for one mark. - 
Red'and white cabbage Is also 
cheap at 45 Pf a kilo along 
with onions at I mark a kilo 
This. . however, exhausts the' 
wintertime, selection- of vege- 
tables, in East Germany. Smaii- 
hruifted apples self for 2 25 
marks per kilo while citrus 

These price subsidies are 
financed by revenues from the 
high state tax on nearly all 
durable consumer goods in East 
Germany. A medium-sized 
refrigerator for example, sells 
for T.375 marks and a small 
washing machine costs 1590 
marks. E. Germany's two- stroke 
Warthurg car is sold for 18.000 
mark? and d e l ivery- -is ffve or six 
years -after the order has been 
placed ."and , the- purchase sdjn 

The " system" feeds ~on" itself as 
consumption of the subsidised 
products and services (haircuts 
and permanent waves are sub- 
sidised tool rises steadily, thus 
requiring ever greater subsidies 
and keeping the price of con- 
sumer goods high.. 

Imported goods, especially if 
they are From the West are tbe 
most, difficult items to price for 
a Communist country In E. 
Germany the rule nf thumb -is 
that any Western product should 
sell for three to four times its 
retail price in the west. Recently 
E Germany bought 10.000 VW 
Golf cars to be paid for by - 8 
German machinery and com- 
ponents. • 

E Berliners who heard about 
the trade deal on W German TV 
rushed to the city's sole car 
showroom... and were told that 
if They already had an E. German 
or E. European car on order they 
could switch to a VW Golf The 
car would cost between 29.0IW 
and 33 000 marks — that is three 
times Its price in W Germany. 
E Germans grumbled about 
beinc fleeced once again by rhe 
government • and thia time the 
indignation was so widespread 
that the government suddenly 
reduced The price of *he Gntf 
by one- third a few weeks ace. 
Buyprs who had got delivery 
of rhe car at The old price evph 
got a refund Ail of this extem- 
poraneous pricing took place 
without (in official word from the 
F. German government or thh 
Price Office. 

b- / ' 


The Committee of Banks has given authorisation to 
SOCltfi'E BANCAIRE ARABE, a Limited Company - 
with a capital of Frs. 10 million, to operate as a 
Deposit Bank. . 

The inittri capital was subscribed by Arab and French groups 

The BrsT Board of Directors is made up as follows: Mr. Marc 
HanooUn, President; Mr Babadlne Bassatne, Vice-President; : 
Mr. Jean Escan'de. Vice-President: A.I J).l. represented by- _ 
Mr. Barwan lskandar; S.E. Doctor Ellas Saba: Mr. Patrice 
de Corguol— President of Banquede I’Unlon .Occidentale:.Mr. i 
Harb- Al-Euhain'Mrr-Muram-SharmnasT'MrrRobert de -Beauvoir ! 
—Managing Director and Board. Diractor-of Banque tfe iUnion * 
Occidental; Mr. Wlssam Ezzedibe; Mr. Sainih Kamar. 

<fcly \u r f .i, 

Financial -Times Thursday Msrch Z 1978 



r- * 


asks the EEC for 
temporary MCA freeze 


R FRENCH Government 
:med unlay to ask the Com- 
n Market's Council of farm 
rosters, due to- meet in 
.’jssels on Monday, to freeze 
apnrarily the monetary com- 
tsatory amounts (MCAs) 
Kh are used to offset the 
on agricultural prices of 
irrerwcs in exchange rates 
2 nn the Community. 

ifrer the Cabinet's derision. 
■ French Minister of Agricul- 
■e, M. Pierre Mehaienerie, left 
mediately for Brussels tg in- 
■m the European Commission 
his Government's request 

Nic Government spokesman, 
‘ Pi?™ Hunt, said that the 
wntly observed erratic varia- 
ns in MCA* were entirely un- 
mfted by the economic situa- 
n. The French President M. 
Scan! d'Estaing. had therefore 
cod the Government to take all 
* necessary steps to protect 
eneb farmers until the end of 
» electoral period and until 
ices had been fixed for the next 
rvest year. 

The Government clearly fears 
it the uncertainty about the 
Lcome of the election on March 

12 and IB, coupled with the cur- 
rent tensions on currency mar- 
kets. could produce fluctuations 
in the exchange rate of the franc 
which would seriously affect 
French farmers' incomes. 

France also expects the Coun- 
cil of Ministers to put an end 
to “particularly serious distor- 
tions ’\ in the pigmeat sector and 
has taken several unannounced 
unilateral measures in anticipa- 
tion of agreement m Brussels. 

Apart from these measures, 
the Cabinet stressed the . need 
for the progressive abolition as 
soon as possible of all monetary 
correctives applied tp agricul- 
tural trade in the Community. 

Margaret van Hattem adds 
from Brussels: Commission 

sources confirmed that a request 
for a one-month freeze oh WCA’s 
was being discussed- They indi- 
cated that while the Commission 
was unlikely to agree to a 
month's freeze it might - well ' 
concede a lengthening of the 
period for which the amounts arc 
calculated, at least until after the 
genera] election to iron' out the 
effects of erratic currency fluctua- 
tions. Thus, instead of calculating 
French MCA's on a weekly basis. 

PARIS. March 1. . 

this might be done every 10 or 
14 days. 

The Commission . appears 
sympathetic to the French argu- 
ment that during the run-up to 
the elections, foreign exchange 
rates are likely to move in an 
artificially erratic manner, and 
that agricultural producers and 
traders should be protected to 
some extent from these mores. 
Moreover, several member states 
have long supported- the view 
that a week is too short a period 
for MCA calculation. 

However, the Commission is 
also aware of the political nature 
of the request and is likely to 
take this into consideration. 

Uncertainty over the agri mone- 
tary situation is also affecting 
EEC commodity markets, in par- 
ticular. the sugar market where' 
the amount offered at this week's 
tender dropped to 20,000 tonnes 
from 60.000 last week. 

This, Brussels sources suggest, 
is mainly due to the withholding 
of supplies by French traders 
reluctant to commit themselves 
to contracts until the situation 

Price review proposals. Page 29 

EFTA agrees to steel curbs 




S'-* : 

..s - 

w" r~ 



X EFTA countries have agreed 
t to increase the volume of 
sir steel exports tn the EEC for 
? rest of this year- in return, 
ey will be given a “ margin of 
netration." allowing them to 
11 into the Community at S per 
- nt. below EEC steel producers 
i prices. The six are Switzer 
id, Sweden. Norway, Austria, 
^ 9 nland and Portugal. 
i | Hrtae EFTA agreement, initialled 
jf ^ yesterdayin: Brussels, is: the 
*1C Commission's first success 
negotiating restraint agree- 
enfs with steel-supplying 
untries designed to replace' Its 
uniaterully imposed system of 

import price protection. After 
April 1, when the accords are 
expected to come tntD force, * 
EFTA steel can still be subjected 
to EEC dumping duties, but not 
duties related to the Import base 
prices set in January. 

The EEC has still to reach 
similar agreements with' Japan. 
South Korea, Soutb Africa, Spa in, 
Brazil -and Come con. .^Brussels 
officials' profess- publip^gtimism 
about afchfeva riff this 6y®» target 
date or MaY6$' 31. “buT - concede 
that -in some, cases the import 
price protection system may have 
to be continued. 

The bait offered to the. EFTA 

Financial Times European 

A chance 



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energy, .uniat what price, 

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Position.—. — 
X'arurc ni' Business 



! Sfe. ! _ . 

f$5st Ltvim LC*P « gy ~ - r _ 

BRUSSELS, March 1. 

countries was the 3 per cent, 
penetration margin below EEC 
List prices. These prices are 
defined as those of the best 
placed local producer in any area 
of the Community market, and 
are made up of the Commission’s 
compulsory or guideline mini- 
mum prices, plus additions for 
quality and transport. The 3 per 
cent, is considered here almost 
the minimum price edge that an 
exporter needs to get into a 
foreign market, and is less than 
that given to EEC steel exporters 
under the U.S. “ trigger price " 
system. I 

Partly because of this, and' 
partly because all EFTA! 
countries have a free trade agree- 
ment with the Common Market.] 
the six EFTA steel suppliers ate| 
required only not to disrupt; 
"the normal pattern of trade." 
In 1976 their exports to the EEC 
amounted to 2.56m. tonnes, and! 
in the first niife months of last j 
year to 2m. tonneer. They are also j 
required by yesterday's agree-] 
ments not to change radically the 
product range, or destination! 
within the EEC. of their exports. , 

The hardest negotiations still I 
Tie ahead. Japan is demanding 
a penetration margin of at least 
5 per cent below EEC prices for 
its exports to Europe, and the 
Commission, for its part intends 
to hold Japan to precise figures 
on quantities, which would ; 
involve a cutback from 3976 and ! 
1977 levels. Politically, the most > 
difficult problem concerns j 
Comecon. of which only Romania \ 
has shown itself willing to talk | 
about restraint fyith Brussels. 

Cutbacks in steel exports to 
the EEC might ‘pieBn reduced 
hard currency earnings for 
Eastern bloc countries to pay for 
Western goods. For this reason, 
the West Germans , are under- 
stood to be nutting pressure on 
the Commission to go relatively 
easy on the Comecon countries. 

Plant for Italy 

Moon Brothers has won an ^ 
order from one of Italy's main 
motor vehicle silencer manufac-; 
turers. The company is to supply i 
a fully automatic line for the . 
production or vehicle silencers ; 
to the Turin plant of Cromodora ■ 
of Lhe Gilardini group, a supplier; 
of Fiat This latest order, worth l 
more than £400.000. takes exports j 
of Moon Brothers' silencer equip- J 
ment during the past 12 months 
to £1.75m. • 

on strike 

By Jonathan Carr 

BONN, March 1. 
WEST GERMAN metalworkers 
in two key regions will vote 
next week on whether 10 strike, 
following the breakdown of 
wage negotiations and of 
official efforts at mediation. 

The vote was authorised in 

Frankfurt tit-day by the 
national executive of (he 
union, 1G Meiail following 
application by the regional 
organisations In North Khine- 
Westphalia and North Wuertc 
teznb erg -North Baden. Some 
1.6m. metalworkers are em- 
ployed in these areas from a 
national total of almost 4m. 

Te vote by secret ballot will 
be held on -Tuesday and Wed- 
nesday- At least 75 per cent, 
mnsf be in favour to permit a 
strike to occur, .and it is felt 
likely that thin support will be 
forthcoming. However, indus- 
trial action can still be avoided 
even after that should any, 
new, unofficial mediation offer 

' In both regions the union 
has been officially demanding 
wage increases of 8 per cent., 
for this year, while the em- 
ployers have offered 3 per cent, 
in one region and 3.5 per cent, 
in the other. Privately, there 
-are Indications that the real 
gap between the two sides may 
be less than l per cent. What 
is needed now Is a new element 
to permit unions and employers 
to bridge the difference with- 
out losing face. 

Meanwhile, the dispute m 
the printing industry over the 
introduction of new technology 
continued to-day with no sign 
of early resolution. Employers 
warned they would respond 
with widespread use of the 
lock-out weapon shonld the 
onion continue its tactic _ of 
strikes at kev. selected printing 
centres. The lock-out has 
already been employed In 

The nnion wants further 
negotiations on introduction of 
electronic, cold-type printing 
technology. The employers 
note that a draft agreement, 
which the union helped pre- 
pare, was reached daring 18 
months of talks. They feel this 
accord contains the most 
generous terms they cau offer. 

Submarines may 
be sold to Iran 

By Jonathan Carr 

BONN. March 1- r 
1VEST GERMAN ship-bnHdert- 
appear close to the sale of six 
submarines to Iran — a deal 
estimated to be worth more 
than DM1 bn. (£246m.>. The 
government has made clear 
In advance that it will not bar 
the sale on political grounds. 
The news emerged to-day I» 
a roundabout way from the 
Defence Ministry. It con- 
firmed tbat a delegation has 
been in Tehran to discuss 
prospects for training Iranian 
crews for submarine sen-ice. 

Further Investigation showed 
that the crews would be for 
six vessels delivered by West 
Germany, provided that nego- 
tiations for a sale were suc- 
cessful. it was also revealed 
that, in Stay last year, the 
governmental body respon- 
sible for vetting exports of 
military material had said 
that H would not raise objec- 
tions if an accord with Iran 
emerged. It was replying to 
3 .query from a German ship; . 
bn tiding eoncem. the identity; 
of which was not disclosed. 

This would not be the first 
submarine export by West 
Germany. Last December, 
the Cabinet approved an 
export credit guarantee of 
DM339m. for delivery of one 
to Argentina. 


ins the 


WITH - TO-DAY'S devaluation. 
Turkey has completed tbc basic 
elements of its austerity pro- 
gramme and is now ready to 
resume negotiations with the 
International Monetary Fund 

' A delegation from Ankara is 
expected to. visit Washington in 
a few days to sign a letter of 
intent with the Fund, which 
will put the long-awaited 'IMF 
seal of approval On the 
austerity package. A major . 
operation to bale Turkey out of. 
its economic crisis is expected 
to set underway almost immedi- 
ately, with $3bn. coining through 
a consortium of international 
banks alone. Some states 
which have . major stakes in 
Turkey and the recently- 
reactivated consortium of aid 
to Turkey are also expected to 
rally round. 

The announcement of the 
devaluation almost coincided 
with the first anniversary of 
the day Turkey ran out of hard 
currency and stopped paying 
for Imports outside the strategic 
and emergency category. Un- 
paid imports last year probably 
exceeded $1.5 bn. and the 
country has defaulted on more 
than $400 m. worth of bankers' 
loans. Another' SI bn. of such 
debts 1 ' will mature this year. 
These figures alone demonstrate 
the 1 depth of the crisis facing 
the Govern menu But there are 

■74 1975 1976 1977 18 













197273 7« 73 TV T7 '73 

1972 73 T4 TS '76 '77 78 

many others; the ..current 
account deficit Iasi year was a 
staggering $4 bn. and the rate 
of inflation an even more 
staggering 40 per cent. 

It .will probably take the 
Turkish Prime Minister. Mr. 
Bulent Ecevrt. at least two 
years to clear the rubble and 
put the economy on its feet. 
His brief term in office has 
demonstrated that, contrary to 
the belief prevalent among the 
business community, the 52-year- 
old Left-of-centre politician 'has 
the courage to do it. 

The root of the problem facing 
Turkey is simple: exports arc- 
just about enough to pay for 
crude im ports. What to do about 
tbc rest? Cutting down imports 
is not easy because virtually alt 
Turkey's imports are investment 
goods or raw materials. Thus, 
limiting the imports is tanta- 
mount to limiting growth. 

The most crucial task Is to-, 
boost exports and raise hard 
currency revenues from other 
sources tike tourism and ex- 
patriate workers' remittances. In 
January, exports totalled 3151m.. 

ANKARA. Marth 1. 

almost half the figure for 1876. 
The fact that this figures was' so 
low can he attributed to the 
expectation of a devaluation. 
Export’s are expected to rise 
slowly nnw. It will however be 
a long time before Turkey ceases 
-to have a balance of payments 

The export target-this year is 
.S2.55bo.. which is. probably too 
ambitious. Ar $5bn. the import 
figure is a little a bow the -.level 

recommended by. the IMF. ; 

• Although the . qusJertty pack- 
age is nearly completed. - a lot of 
work remains to-be done. The 
Government must- -continue tn 
keep' a subtle grip on .the money 
supply, and reslxaml wages and 
prices paid for agricultural com- 
modities. For the longer 1 term 
there needs tn be tax reform 
since' Stale revenues could 
pnssihly be doubled by prevent- 
ing tax' evasion. 

Mr. Ecevir has made a start 
by adopting the recommendations 
put forward by the IMF. Dia- 
logue with the IMF has been in 
progress since last autumn hut 
suspended since the government 
change. GNP growth has been 
fixed al 6.1 per cent. Total invest- 
ments in 197S will be around 
S8bn. It is planned to keep the 
volume of consumption at last 
year's level of $27hn. Public 
revenues are expected to SS.b’bn., 
16 per cent, higher than last year. 

Spanish credit offer 


MADRID, March 1. 

THE BANK of Spain is to make 
j available two credits of 
iPtas^Obn. each f£12Sm.t for 
private banks over a period of six 
months at an interest rate of 8.25 
per cent, a quarter of a point 
j higher than the normal rate. 

The announcement, which was 
confirmed to-day. is in Ime with 
similar credits made available in 
February and in accordance with 
the Monel oa Pact between the 
(government and political parties, 
i Interest shown by banks in 
| the Central Bank’s loans has so 
; far not -been as great as ex- 
i pected. Last month, for example. 

I die Bank of Spain offered a loan 
I of Ptas.S0bn. over three weeks 
(and banks only borrowed 
: Ptas.13.8hn. of that amount. This 
• reflects the receni sharp drop for 
! credit by companies, unwilling 
i to expand at this delicate time, 
) but it is partly the result of the 
continued high interest rates of 

the Central Bank which is damp- 
ening demand. 

Renter reports from Bilbao: 
Basque separatist guerillas 
launched seven bomb attacks to- 
day on offices and installations 
of the Iberduero electric com- 
pany building a nuclear power 
plant in the Basque- country, 
police said. 

The guerilla group ETA 
claimed responsibility for the 
bombings in telephone calls tn 
newspapers and said the attacks 
would continue. No one was hurt 
hv the blast. 

Schiphol traffic up 

Schiphol Airport handled more 
passengers, and freight last year 
and slightly reduced its net loss 
to a provisional Fls.l3m. from 
Fls.lS.8m. the year before 
(Charles Batchelor reports from 

Belgian linguistic tension 


A MAJORITY of Belgians accept 
that linguistic guerilla warfare 
between the country's French and 
Dutch speaking communities will 
continue, according to an opinion 
poll -in today's Belgian -press. 
Yesterday Mr. Leo Tindcinaiis, 
the Prime Minister, put tp par- 
liament his Government's 
“ historic’' plans to reduce such 
tensions by turning Belgium into 
a federal slate in the 19S0s, with 
cultural, economic and poltical 
autonomy for both communities. 

According to the poll, 51 per 
rent, of all Belgians feel that Mr. 
Tindemans' devolution plan will 
wiil not remove the country's 
linguistic tensions. Taken as 
i separate communities, the 
i Flemish arc the gloomier: 57 per 
! cent, of them see no lasting soiu- 
ition coming from the proposed 
. legislation, compared with 53 per 
cent, of the inhabitants of the 

BRUSSELS. March 1. 

bilingual city of Brussels and 43 
per cent, of the French speakers 
in southern Belgium. 

This is not surprising, given 
that most of the opposition to the 
devolution has come from the 
Flemish who feel that any con- 
cessions on the status of Brussels 
will turn the capital into a purely 
francophone fief. But the poll 
results as a whole are not en- 
couraging for the Devolution 
Bill. whn«e passage through par- 
liament will be difficult anyway. 

Guinea phone order 

Ericsson Telephones of France 
has won a Frs.34ni. (£3.6m.) con- 
tract to develop the telephone 
network of the Republic of 
Guinea (AP-DJ reports from 

Italian ruling 
undecided on 


AGAINST THE background of a 
renewed Communist demand for 
an “ early and -clear-cut deci- 
sion," the central . committee of 
Italy's Christian Democrat (DC) 
Party was meeting here to-night 
to decide whether to accept the 
Communists in h governing 
majority for the first time in 
more than 30 years. 

The DC leadership itseir is 
almost as divided as the parlia- 
mentary party showed itself to 
be in a two-day joint session of 
us 400 deputies and senators. 

To-night's meeting was faced 
with limited alternatives. The 
leadership can refuse any formal 
collaboration with the Com : 
munirf*. making elections almost 

Alternatively, it can agree" to 
some informal parliamentary 
alliance with the Communists 
and risk an open revolt by nearly 
half its parliamentary party. 

The third possibility is to try 
lo protract further the negotia- 
tions on a new administration 
which Sis. Giulto Andreotti. the 
DC Prime Minister-design ate. 
has been holding with the Com- 
munists and the other main 

opposition, parties. 

The PCI leadership bad origin- 
ally demanded a share of 
Cabinet seats in the next admini- 
stration But this ultimatum was 
dropped subsequently and re- 
placed with a demand that the 
Communists would have to be 
accepted in a new parliamentary 
majority if another Christian 
Democrat administration was to 
be sustained tn Parliament. 

With a number of groups in 
the party threatening, revolt 
aqainsi any meaningful conces- 
sions to the Communists, the DC 
leadership tn-night was faring 
what is certainly its worst crisis 
in 30 yean. The PCI is pressing 

party still 

ROME, March 1. 

for. . another early meeting 
between Sig. Andreotti and 
leaders of the main opposition 
parties on a new government. 
The . minority .Andreotti admini- 
stration resigned on January 16 
after the PCI and the smaller 
Socialist Party had withdrawn 
their tacit support in Parliament. 

.Among the limited manoeuvres 
being canvassed here to-night 
was that Sig. Andreotti himself 
might be persuaded by his 
party's leadership to report to 

Sig. Mario Barone has been 
reinstated as co- man aging direc- 
tor Tor frfreign affairs or 
Banco dl Roma, the bank told 
Renter in Rome. He had 
stepped down last year pending 
j ml trial clarification of 
position in relation to an ip-" 7 
i|niry Into the Sin don a affair.'^; 

President Giovanni Leone his 
failure to reaeb broad all-party 
agreement, leaving it with the 
President to nominate another 
Prem ier-dessgnate. 

Such a formula would at least 
buy for the Christian Democrats 
additional time to face up to 
the Communists' challenge, al- 
though top DC leaders were 
insisting publicly that they were 
against changing candidates for 
the premiership at this time 
• Italy has repaid the final 
SDR300m. due on its 1974 
SDR 1 . 2 bn. IMF standby loan, 
senior banking sources told 

Early next week Italy is 
expected to repay SSOOm. to the 
West German Bundesbank on its 
gold-backed loan originally con- 
tracted in. 1974. leaving SIbn. to 
be repaid ;n September. 

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This man aims to increase his 

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Wfe aimtogivehimallthehdp 

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taming to when you have corporajteproblems. bnt£?urnmaagers 
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Financial Times Thursday March 2 I9 ts 


Libya’s intelligence chief 
‘purged for conspiracy’ 


BEIRUT. March L 

LIBYA'S chief of military Intel- heavy guard, the magazine said to have been behind attempt* to 
ligeoce has beeu purged and a ' ^ report. It recalled that Cap- overthrow King Hassan of 
number of nffinorc tain Sh arif was very rinse to Morocco and President JaaTar 

Col Gaddafy and had wielded Numairi of the Sudan, as well 
the discovery of a conspiracy to tremendous power. He was said as designs for the assassination 

have the 

Libyan leader. 
Gaddafy, and 




of U.S. 

OPEC to act against earnings loss 


ACTION o'- n;I producers to counter to the price freeze 'f or it is opt 

concerned about the Crucial will be the views t 
rV «V 1 ve\- p-icoi in"reaT terins > be firrt six months o f l B7S. This much bigger lorn;- tern i invret- Samlt Arabia. Both Iran 3R 
r^Take accouni o*- the continued ^as a sr ced at the la >» OPEC con- mcnt in the U.S. and olbor the* S.urfis appear t„ he ronur. 

depreciation of the dollar now ferenco held in Caracas in dollar assets 

«;4;ns "“probable followmc December These two petroleum {| l? hv)tt . v efl that neither 

around to the view that sq^ 

action must bt* Taken. 

Kuwait's announcement vester- powers, the biases! exporters in $^,,1, Arabia :u>r Iran would he In an interview with 

second in command. Major Abdel Atherton in talks 
Salam Jalloud, assassinated. 

according to the weekly maga- 
zine As Sayyad here to-day. 

It said the purge of Captain 
Mohammed Idris Sharif took 
place on January 17 after Col. 
Gaddafy accused him of working 
for the U.S., Central Intelligence 
Agency. The alleged conspiracy 
for murdering Col. Gaddafy and 
Major Jalloud was set for imple- 
mentation during the first week 
of February, according to the 

Captain Mohammed El Sayyid. 
an airforce officer, who is Cap- 
tain Sharif's brother-in-law. was 
also arrested, along with a 
number of other officers at 
Libya’s main airbase of Qqbab 
Ben Nafeh, the report said. 

Captain Sharif has been 
banished to a desert spot same 
200 miles from the Libyan capi- 
tal, Tripoli, and placed under 

Mr. Alfred Atherton, the U-S. 
envoy, yesterday held talks 
with President Anwar Sadat as 
part, of -his attempts to break 
the Egypt ian-Israeli deadlock 
over a declaration of principles 
Tor a comprehensive Middle 
East peace settlement. Beater 
reports from Ismail la. Details 
were not immediately avail- 
able- .7 

in Jerusalem Mr. Menahem 
Begin, the Israeli Premier, 
called on Mr. Sadat to renew 
talks In bilateral political and 
military committees, stalled 
since January, but reiterated 
that Israe] would rejeet any 
call either for Its withdrawal 
from all occupied Arab terri- 
tories or for the creation of a 
Palestinian State. He was 
addressing a meeting of tfae 
World Zionist Congress. 

of President Anwar Sadat of 
Egypt- . 

Reports circulating in Arab 
diplomatic circles recently spoke 
of large-scale purges and 
upheavals within the Libyan 
intelligence service. The service 
was. a major provider; of .funds 
for -international terrorism as 
well as- ipstru mental '-ip- direct 
irig its strategy! " ' ”* ' 

. Last .year CoL Gaddafy isj 
believed to have ordered his 
intelligence service to- stay clear 
of such activity. Libya was 
among other Arab countries 
which refused to give sanctuary 
to two Palestinians .who com- 
mandeered a Cypriot aircraft last 
month after assassinating Mr. 
Yusuf el-Sibsi. former Editor-in- 
Cbief of Cairo's daily A1 Abram 
in Nicosia.. Last autumn it also 
refused to allow the hijacked 
Lufthansa Bight, later recap- 
tured by a West German com- 
mando unit, to land at Tripoli 

Tax on offshore 
business in 
Hong Kong 

By Daniel Nelson 

HONG KONG, March 1. 

Owen presses Third 
World assistance policy 


FURTHER evidence that the lecture delivered at the Oxford 

, Government is groping -towards a Union was his gloomy hypothesis 

PROFITS tax will be levied on j new policy of increased assistance of how the world economy could 
interest generated on Hong j f 0r the developing world came in move between now and the year 
Kong's rapidly expanding off- a speech yesterday by Dr. David 2000. He said that though he 
shore business, the Financial Owen, the Foreign Secretary. He was emphasising the most 
Secretary. Mr. Philip Haddon- warne( ] that the world could face pessimistic aspects, the trends 
Cave, announced m his budget | “anarchy and chaos by the end were there and Governments 
speech to-day. Legislation tglof the century” unless rich and ignored them at their peril. 

take effect from April Is expected 
to yield HLK^SOm. a year and 
wilt, the Financial Secretary 
said, affect two types of activity. 

First, it would affect profits 
derived from income received on 
funds borrowed in Hong Kong 
but invested overseas. The addi- 

poor nations could negbtiate . In this scenario the present 
changes to diminish inequalities protracted recession could result 
in wealth. In increasing pressure for- pn£ 

Ministers this week have been teetionist measures against 
studying propoals for reducing sports fro™ developing couii- 
much of the outstanding official tries and a decrease in the flow 
debt owed by the poorest of aid and investment in the 

but invested overseas, lne adte- 1 Third World, 

tional tax ability will be 17 P« Demand by developing coun- 

cent of the net profits from such \ S™. .° f u tries for Western goods could in 


interest earnings. Tfae post-tax 
profitability of banks will be 
reduced by this change, particu- 
larly banks with large net foreign 
currency positions. 

Second, it would affect off- 
shore business by banks and 
other institutions in which lend- 
ing to non-residents is financed 
by borrowings from abroad. All 
profits on such business will be 
taxed in future. 

Mr. Haddon-Cave predicted a 
9 per cent, growth in GDP in 
1978 to HK$28.8bn. compared 
with 12 per cent in 1977. Ex- 
ports were projected to grow 6 
per cent (against 5 per cent in 
real terms In 1977) and imports 
9 per cent (up from 8 per cent). 
He expected private consumption 
expenditure to. grow 10 per cent 

Other budget measures include 
the removal of stamp duty from 
transactions and its reduction on 
share deals from H.K.S8 to 
H.K.S6 per mille, the raising of 
first registration tax on luxury 
and semi-luxury cars, and tax 
increases on tobacco which will 
add 6 cents to a packet of cigar- 

Though support for such „ , . 

measure is growing .the Govern- torn decrease, further acceptu- 
menr has decided against taking ?ung the recession and resulting 

unilateral action at the Sfi, 

tprial meeting Of the UN ^ Third World. Dr. Owen-] 
ConfireS on TradT and 6ald the indebtedness of some 

Development (UNCtSd) .which 2lf5S. a £»l£S 

starts in- Geneva next week. The fo £f n d 

ssrffsA ft tans wsft sf-aw 

on the agenda of the session at * y 5g?- p c-e-etarv linked 

the possibility of it acting as a 
Overseas Development. patalyst for increased racism- and 

Dr. Owen expressed, the hope xenophobia, 
that North Sea oil would allow * en °P« PD15t - 

a mare generous approach to- 
wards the Third World aud 
implied that he supported the 
untying of some British aid.- He 
spoke of the need to forestall 
protectionist measures by 

Senegal win 

By Our Foreign Staff ^,5 

adjusting the structure of British PRESIDENT Leopold Se&gh o£% 
industry to accommodate more Socialist Party looked a dear 
imparts from the developing winner yesterday iu the presl- 
world and called for co-operation deUtial and legislative elections 
between industrialised and which were held in Senegal on 
developing countries in mineral Sunday, 
exploitation - and the stabilising His party received 80 per cent 
of commodity prices. of the vote with the other .20 

But the most striking note In per cent, going- to the Senegal 

Democratic ~ 

the Gilbert Murray Memorial 


Malaysian politician surrenders 



MALAYSIA’S most controversial in. court and out of court,- to party. ^ . 

politician, Mr. Datuk Harun Idris, pro*®- his tnhocence, but- lost. • But with the jail- saOtOTce, -bis 
the convicted former Chief Minis- The. final hlowxame When The pdKticaT career ^virtually over. 

ter of Selangor, to-day gave him- federal coarT' yesterday'. iSBued^.as'Iie;J»fllI be h aJVe?£fr <fiiu arty” Ipel l cfeaTthaf’ the y- 

..if ... ...w.irf - af ygwwt ■■ ap rtatn - 

self up to the police. 'ending a a warrant. Pf r arrest „for :Mm, -A* state .wlwJ^OHS.V'fW 

week of tense confrontation and -described - h;s *cnnjes'; as therpext jflve years. .I 

between his fanatical supporters “ unpardonable." 1 ' •• — - In— 1975. Harun— -made the 

and the authorities. He was faced with the choice biggest miscalculatSonJu his life 

Since last Thursday, when of -either surrendering himself When he refused an offer by the 
about 200 youth supporters sur- or fighting the police.' - Shortly late Tun Bazak to go to the UN 
rounded his luxurious home in' before dawn to-day. be' walked as Malaysia's ambassador. 

Kuala Lumpr, refusing to allow out of his house and gave him- He preferred to challenge Tun 
him to go to jalL Malaysians have self up at the police roadblock. Barak to take him to court on 
been watching the war of nerves to begin his six-year jail term corruption charges, confident that 
between police and protesters, for corruption, forgery and he knew enough skeletons In 
For the past week, rumours criminal breacb of trust against Kazak’s cupboard to deter him- 
bad been flying around the city two banks. But soon after Harun was 

of an Impending clash, and last - His supporters later dispersed charged Tun Bazak died, 
night the city was deserted. For' from his bouse, and there were Harun was faced with a new 
the bulk of the ciry's population unconfirmed reports that several Prime Minister. Datuk Hussein 
— the Chinese — Kanin's name of them had been detained by Odij; whom he knew .was notj 
excites fear, for they remember the police; corrupt, and who was determined 

him as the central figure behind Before his conviction. 54-year- to see the law take its course, 
events which led to the race riots old. Harun was one of the most Throughout the Harun crisis, 
in 1969, in which several hundred powerful Malay politicians. He Datuk Hussein stood firm, taking 
people were killed. held two very influential posts all the pressure of Harun's sun- 

The former Chief Minister had — .Chief .Minister Df _ Selangor .Sorters in his stride, and reiect- 
tried desperately to avoid going state, and leader of the youth .Ing all advice From senior UMNO 
to jail. .He fought all the way. division of the ruling UMNO advisers to strike a compromise. 


TO-DAY'S sharp fall in the value 

of the dollar has once again 
caused concern m Washington, 
hut. there were ’.ho _ signs this 

■l.iv that :« mjcht «-aii for an 
'•xtraordnarv conference jf the . 

•Iodine :n the currency's value 
zoc<; on. 

After a meeting with the Emir 
of Kuwait Sheikh Ms Khalifa ai 
^.biih, MtniFter of Oil. was 
uunferi as savins. “ in case the 
current Alinnase nf the dollar 
rontjnue,! Kuwait wsli take ihc 

prepared t«> break the freeze television Sale in .lar.inj 
decided upnr. with the reluctant Sherkli .Ahmed Zulu Ynman 
acquiescence of the majority of Saudi Minister of oil. said “u 
OPEC's II* member*. Any continued fall in the vain*": 
upward adjustment w'oald mean the dollar might prompt "jjj 
denominating the price of otl OPEC, countries to rcm e th 
in Terms nr Special Drawing formula known as Genera i 
Rights I SDK? 1 or a basket of cur* Geneva II which provided f c 
rencics alone the lines or the periodic adjustment ; of doU # 
scwalled ** fieneva Formulas I prices on tec basis of a bodu 
and TT " which were used in 0 f selected currcnvi'-.." 

Acre 1972-73. 


the difficulties 

At the last ministerial n» 
In fcrcuce in Caracas. OPF.c dett 

initiative in calling f*tr an enter- 

_ ... cency meeiin: of oil and finance tile producers’ cartel, 

morning that tne Administratien ministers » u discuss the dollar's responsbile-fnr the decLsum. 

plans anyvehange in its:apprnach p|, S jti on as v.el! ; 35 whether to . Kuwait has calculated the 

.to the bele auguted American. - t-antinue the eurrenr- freeze 
currency. nil prii 

. It . is- .recognised here that the hikes.” — - — — - .... ... . , 

major problem facing- the cur- A cr , Jc j ai f :( ,- QT the recent Its f»U has led to the Finance Rahman al Altiql. _ Kuwait s competitive and to ciicaoen h 

rency is one of confidence, tor indlcrat'o^ ’rom Saudi A-abla Mintstrv shifting a proportion Finance Minister, who in another oil imports. Since they recett 

months now the dollar has been , ra VthaY :hev would not con- of its short-term fundi^-tbe interview a forinight acn their revenues in dollars, m 

«... »>,„ n f the - * .... . j • -j •:-« •- «»»»' — j -- s 

» vSSmZZ from yiSa t |;.*.£ ,r 22»2S3 « 

nil prices or tn decide on once the decline in the value of the 

arc acknowledged doliberatelv allow me the d«u. 
iae uvvuue in tuc vaiuv «i uic . — .v ' , u .. A>-rfni . * , " *■ 1 a,J lla 

dollar in 1977 at 5.4, per cent not the Unst h> 7Jr ' AhdPl shde to make its exports mr : 
, — * — * .t. ini-.- -«i Attiqi. Kuwait s cumpctitive and ■-liMnin ; . 

a fortnight _ ___ 

— SlUwr i.-„snje:u»ar:on \or y The $4bn.*or so maintained as a cash described linkage to SDRs or producers ran gain an advantatr 

Administration to convince Con- eros)0n In p U r r ;-g S jns; power of balance for budgetary purposes a haskei of currencies .is “un- in revaluing their ■ rtirtcnne 
'' " ‘ . ... agaittst the L'.S. enrrmes. - 

affected by the failure m _>»v s;dBr C oinDensutiari 

oil 'revenues, necessarily 10 be “into other currehcies although satisfactorj" " 

German rate falls below DM2 


BONN. March 1. 

gress Of the need" for an energy- 
policy. More, recently the coal 
strike and a series of disquiet- 
ing: economic statistics have done 
nothing to bolster confidence. 

Perhaps more important than 
any of these single issues, how- 
ever. is the feeling that the U.S. 

Treasury has failed to convince 

the markets that it means what TWE DOLLAR’S continuing slide paper .interview on Tuesday bp firmly denied both by Dr. Otmar 
it -says. The Treasury view is lQO j c , t f or first time to-day Count Otto von Lambsdorff. the Emmingcr. ihe Bundesbank pre- 
that the- U.S. ^should intervene below DM2 an the Frankinrt'EeonomJcs Minister.Hcsardthatsident.andbyhDthCouiitl.ambs- 
to OToomoutffuctUations and to Foreign exchange market There a dollar-DM parity of DM1.SQ was dorff and «he «if!icial govern- 
I teairderty conditions, but were no indications from the “neither to be excluded nor ment spokesman. Dr.. Armin 
that the underlying strength of West German authorities that possible” — a form of words that Gruenewald. 

vfr2L52"^j era6le -h na ***»■ regarded this milestone as may have been Intended to con- The auth.»ntie> have never 
snouia pe recognised as suen. having any particular importance. V ey nothing more than the concealed th«r 'diMifce «».' ex- 
• »fc We ^n r ' 1 ,s r^ 1 ^' e \?° On the contrary, the Bonn Government’s own sense of chance controls und similar iiie.i- 
in me ireasury, that, in >ne Government and the Bundesbank bewilderment. However, the re- sures or their scepticism about 
present situation, it is not enough firmly denied that any new mom- mark was none the less taken the benefits lhat C3ii be expected 
to reiterate this tn the face of i arv measures were under con- bearish! v in the market. from ihont. Dunns; the current 

clear evidence that the markets sideration. . . nerind of the dollar's decline hfi 1 

are not inclined to believe it The dollar's official lisnns - have consistently poimedi the 

Rouble moves 
against West’s 


MOSCOW, March I. 


Some observers here believe declined to-day to DM1A92Q .EJJSJ 1 SdcTo^n out'that its root causes lie id the 

that it may take the threat of from DM2.0361 on Tuesday, with TS Frank Fun tn fundamentals of the US. pay- 

OPEC aricine its nil arenrdme the Bundesbank’s buvina about ,\;P ». P o., R UrT *_Ii and m the ner- 

morrow. Although the central 
bank council has not called 

The Soviet State Bank to-day 
marked the U.S. dollar down 
against the rouble, but raised 
the rnirs (or several West 
Kuroiiean currencies, especi- 
ally the Sulvs franc. 

The official exchange rate 
figures for March, published in 
weekly Ekonomieheska» 

OPEC pricing its oil according the Bundesbank's buying about "n'rnw Ahhnmh the wntni merits deficit and in the per- 

to a basket of currencies to S26.6m. in the course of its P or .°"; « ir h ° .nT* wived ainWvalence of the I'.S. 

persuade the Administration to “smoothing out” operations— a "“ S ,J n "5 a ‘ iea _ v a Admin^iration towards its ex- 

take further action. In this figure that is not high by recent a J 8 5S_‘ ternal i«bli cations. In the West 

respect the situation has not standards. .In late interbank L German view, dirisbuc conircls 
been helped by the .fact that Mr. dealings the dollar was reported by individual countries can dn 

William Miller, 'this chairman- to have recovered to just over foreign exchange dealers do not t0 L . oa p Wr either of ihese 
desigp ate. of the Federal Reserve, PM2. h*’® ?. ut possibility that re- factors. 

has not yet been] confirmed to To-day’s further decline appears stnctive measures on dollar in- Nonetheless Wert" Cermany is 
succeed D'r. -Arthur -Burns. The to have resulted mainly from two Rows snalogous to those intro- not without experience _ of apply- 

vacuum at the top of the Fed causes. First, the market was ducea by the Swiss this week controls, as it did in t972-T4 

has been a further reason for unsettled by the somewhat mav suddenly he introduced. j n the f nee of much greater in- 

the pressure on the dollar. cryptic remark made in a news- Any such intention has been flows across the exchanges. 

Gazeta. showed the dollar at 
6S.48 roubles nier IU0. doua 
from last month's C9.50. 

The Canadian dollar, Frenrh 
franc and sirrlinn were also 
marked down against (be 
rouble. The largest gain was. 
for the Swiss franr, np to 3J.N 
roubles per 100 from last 
month's figure of 35.93, but tbr 
tVest German. Belgian and 
Dutch currencies all Improved 
their pusitious. 

policy hint 
by NY Fed 

By Stewart Ff^mmg 

NSW YORK, March L 
THE NEW YORK Federal Re- 

Moscow is putting SALT 

in danger— Brzezinski 


a , DR. ZBIGNIEW BRZEZINSKI. will ".to resolve the remaining 

serve Bank has fittggssted examln- ihe National- Securitv Adviser io- difficulties.' -'- 

Ing the ides. 'of a^tucome&jHticj: F^esMent-TSii^ ^.'lo^ay h^ ^nn. 

bonary pressdreHiThe-US. T But j. must make fresh- concessions if • possible asoiefieSt • “ \ritfain 

anM»&. Hence, human rights 
though».-^h woaid-.6ot be linked to SALT 

. pirate. . . - - .^Soviet. activities m Afnca -c^tt a&reement would be' possible BurtBB policy now appears to 

^^Ttt&Tavbiffit report,:- the NeWi bring the negotiations to a halt “this year," and he left reporters have been abandoned In all but 
York Fed sa?s that, • although { Ur. Brrezlnski said that the j„ n0 doubt that the situation in name because of events In the 

j WASHINGTON. March 1. 

1'When it took office, the Ad- 
ministration insisted that the 
incRpt..of “linkage*’ was dead, 
nd that one action by Moscow 
rould not be measured against 

Outlay by 
business ‘to 
rise 14%’ 

sustained moderation of mone- i Carter Administration was not the Horn would have a powerful Horn. 
Wry growth can alter Inflationary! t 1 ? 1 ?* 1,n *i Soviet actions bearing on the outcome. This 

pressures and make - the return : ,n *he Horn of Africa to the 

The report suggests, therefore, 
that what is needed; is a means 
of breaking the cycle of wage 
and price decisions/ which con- 
tUme-' to 'build' inflatfbMry pres- 
5ures;{i\to .the econotnz-’^it, adds:: 
‘Tt is the basic ep 

and a wrmSiSr oftee ’ intrusion of Soviet power into a *°8 it dear, in public and private, Congrwslonal critics have 
BMA’r<S?5SrS?CdihtaitbSiP nrel y conflict Ihen that that th^ build-up Is already faav- already begun to question the 

will inevitably compPate- the JOE a senouS effect on US. -Soviet State Department report on 
which sets rt6 monetary policy. . | C0Tltest not only ^ ^ nezo- relationa, but officials are frus- Soviet.. compliance, claiming that 

tiating process itself, but of. any trated that the USSR appears not the report is “tendentious and 

.ratification process that would have taken the warnings selfrserving.'* and that it raises 

fol'nw." . seriously. . mope doubts than it lays to rest 

H>s bri*»finfr to reporters . co- ■ — , i-i—- -• ; ~ • 

incides wf^h-the release yerter- • • • 

day afternoon of . i-4 - "Sftte 

al'roeahk- -hf^mal 

sending cut 


ft7? SAl T l 

■1’ZT ' *.‘Tf isrpopipriL " b ftboiiHir the- iU 5t 

CARACAS. March 1. 

serious drawbacks, in. terms of 
the length of their effectiveness 
and their distortions of -the alloca- 
tion of resources, the .report 
adds: “Nevertheless, there may : 
be lessons all nations -can learn 
from those experiments with in- 
comes policies." 

rdlta. spokesmen have 

red recently that basic pub- 

<rtnnrM«d. what- it- was riofne nr Government has decided to cut lie works and industry projects 
convinced *hi» U.S that there non-priority spending in the would not suffer. Presumably 
wa* no .violation nf the accord. Public sector by about 5 per cent, included in these categories are 

This morning Dr. Brzezinski ISl 3 -? 0 ”’ or 3X1 esti “ated the most important programmes 

was echoing a State Denartment S46Bra. in steel aluminium, electric 

statement issued hurriedly at the Luis Jos£ Silva Luonco. the power and transport-- 
week-end after President Leonid Fiuance ■ Minister, said after a The . reduction announced 

Brezhnev of the USSR accused Cabinet meeting yesterday that yesterday represents only a small 

tu u-t*i C uito e ^ T - s - nf- ening slow in the praJects scneduJea to be com- fraction of total Government 

The report cites the British , current gALT round, which P lBt e d torn year would not be spending. ' however, since the 

experience of combining lax ® ut s {appears to have made little pro- affected, nor would there be any central Government budget does 
with .voluntary wageTestramt as j gress in the-'nart- few. months. • reduction in salaries of govern- not -include spending by State- 
especially interesting. Dr. Brzezinski said that the °J® n t employees. However, some owned enterprises, autonomous 

i * PA had made considerable con- official programmes stretching pub'IfcTnstltutes, nor the nationa- 
cessions already, particularly on over the next two or three years lised petroleum industry. In 
the overall number of weapons yiH he slowed down, he 1975, - for example, central 
to be covered by the treaty. But indicated- - Government outgoings were a. 

he declined xo elaborate further. " Although Government officials little less than the equivalent oF| 
It was now up to the Kremlin' have not defined which schemes SlObn. while' overall ufficial ex- 
to perform an “act of political - would be most effected by spend- pendfhzre was about $16bn. — 


Occidental Pctroleran Renalts; 
Cook-Matsui deal: tTT Cotiirf 
- ruling— Page 28 -j -. '}■ 

By John Wyles 

NEW YORK. March L 

INDICATIONS that capital 
spending in the V.S. may 
increase by more than 14 per 
cent this year have been gleaned 
by two authoritative surveys or 
business Intentions. 

The size and nature of capful 
spending this year is regarded 
by economists as crucial tn the 
continuance of ccnnnmir 
recovery in -th*> U.S.. which i« 
pow into iw 35th month. Tlw 
recent spate of disappointing 
economic statistics has raised 
concern that the economy may 

bo faltcrinc. and may be putting 
out of reach the 4.5-5 per cent, 
real growth rate expected by the 
Carter Administration. 

However, hnth the economics 
ications and economic researcher 
department of McGraw Hill 
Publications and economic 
researchers at the Conference 
Board, the business research 
organisation, have found that 
business spending plans are 
rpmarkablv firm for 1973. 
McGraw Hill has discovered that 
companies which it surveyed last 
autumn are now planning to 
increase their capital spending 
this year by 14 per cent., com- 
pared to II per cent, indicated 
in the original survey. 

Total spending, says McGraw 
Hill, could reacb SI56.8bn. this 
year. This bigher-than-expectrd 
figure has emerged despite an 
increase in interest rates, a 
fall in the stock market and a 
drop in industrial outout because 
of the weather and the coal 

The Conference Board's pro- 
jection of a 15-20 per cent' In- 
crease in capital spending by the 
1.000 largest manufacturing com- 
panies in the U.S. follows a sur- 
vey of capital appropriations 
which' -revealed that these com- 
panies' earmarked 31 per cent 
mote for investment in 1977 than 
they dffi in 1976. 

The Horn of Africa: The coming battle for Eritrea 

WITH THE current lull in the 
war between Ethiopia.' and 
Somalia, it appears that Cuban- 
supported Ethiopian forces are 
preparing £n^ a^major offensive 
in the northern territory of 
Eritrea. Eritrean guerillas claim 
that more than 2,000 Cuban 
troops have been airlifted into 
the beseiged Eritrean capital of 
Asmara and heavy fighting is now 
going on southwest of the city. 
The Cubans deny any intention 
of intervening in the Eritrean 
war saying that it is an internal 
Ethiopian matter. 

Diplomatic sources in Ethiopia 
suggest that tee much touted 
Ethiopian offensive in the 
Ogaden had the limited objec- 
tives of placing Somali forces. on. 
the defensive and re-opening the 
vital rail link between Addis 
Ababa and the port of Djibouti, 
while diverting attention from 
the build-up in the North. 

In this view, the attempt to re- 
gain contmi of the strategic 

coastal province, with its two key 
ports on tbe Red Sen. is the firsi 
priority for Ethiopia's be- 
leaguered military governmenl 
as well as for the SoviPt Union 
which is playing a major role in 
directing the overall military 

Now in its seventeenth year, 
the war in Eritrea has reached a 
crucial stage, Eritrean' independ- 

ence forces have scored an 
unbtoken series of victories 
against the central government 
which has carried them to within 
striking distance of Asmara and 
almost complete occupation ~ of 
the central Eritrean highlands. 

A steady flow of Russian heavy 
arms. Russian and Cuban military 
advisers and South Yemini com- 
bat troops over the past ' six 
months has failed to stem the 
Eritrean advance, and it now 
appears that large numbers of 
Cuban troops are being airlifted 
from Angola to join the 
Ethiopian counter-attack. 

A six month lour of Eritrea 
showed the guerillas of tbe 
Eritrean People's Liberation 
Front .(EPLF). and the Eritrean 
Liberation Front (ELF) control 
mast of the countryside. The. 
EPLF dominates the north, east 
and centre, while the smaller: 
ELF bolds ihe western lowlands 
and sections of Eritrea's southern 
border with Tlgray province. The 
EPLF has also made gains in 
southern Eritrea, and both fronts 
overlap in rhe south-eastern 
Danakii lowlands that stretch 
along the coast toward the .port 
Of AsSab. througTf which Ethiopia 
receives most of its arms and 


Tn early 1B77. the EPLF went 
on the offensive -against 
Ethiopian positions in. ihe larger 

towns and captured a string of 
garrisons that run on a north - 
south axis across Eritrea. March 
saw. .the fall of Nacfa.. A month 
later, the EPLF overran Afabet 
and went on to take Elabaret and 
Debarwa. In July, the EPLF 
simultaneously captured Deca- 
niare and Keren, two of the most 

solar naval baseband two offshore, 
islands which are connected to 
the -mainland „ by a mile-long 
causeway. These enclaves remain 
under seige ro^ay. V- 

The appears to be 
concentrating in the mountains 
south-west of Asmara. The EPLF 
Rome spokesman reports a major 

DAN CONNELL reports on the state of the war in 
Ethiopia's northern province of Eritrea after 
spending six months in the region with the rebel 
, forces 

heavily defended cities in 

Since then, the EPLF . has 
moved against the towns of 
Seganeti and Digsa in the south, 
the bases at Dogali. Congo lo. 
Cbinda. Nefasit, Mai Haber- aiid 
Shegerini in the east, and finally 
against the cnastal city of 
Massawa. former .site .of a 
sophisticated U.S naval base and 
Eritrea's most important deep 
water port. 

The attack on Massawa stalled 
ip late December .when an- -«s*i“ 
mated (1,000 Ethiopian troops— 
supported. by Souih.YemenLtank- 
crews, Russian-manned BM-21 
multiple, rocket launchers and 
herb . Rrwian and * Ethiopian- 
warships— retreated 10 the pediu- 

push near the highway that runs 
through Mendefera to link the 
capital with_central Ethiopia. 

The spokesman also says that 
Ethiopian Airlines (lights have 
for two weeks been ferrying 
.Cuban', troops from' Luanda. 
Angola -to Asmara to' join the 
Ethiopian offensive. European 
diplomats in Ethiopia confirm the 
Luanda -Asmara airlift and say, 

the *fii?hts were routed through 
Addis Ababa. 

The Ethiopian position in 
Entrea has become critical. The 
lussnof— Asmara “Would" not -.only 
be a crushing military blow but 
also- -a- severe ^politico! setback, 
likely to be followed By .in 
Eritrean declaration of . inde- 
pendence Such a -move”would 
thlUSt IhC Ion 3 -ignored- war in 

Eritrea into international directions against the Eritreans, 
prominence just as the Organisa- The chief flaw in the Eritrean 
tion of African Unity (OAU) was defence is tbe lack of unity 
holding its annual, summit meet- between the. EPLF and the ELF. 
Ing in Khartoum, Sudan, where The rival fronts have maintained 
support for the Eritrean cause is an informal alliance since 
strong. December, 1974, after three years 

The current . Ethiopian offen- of- bitter civil war. but negotia- 
sive seems so be aimed at re- tions toward unification began 
opening supply Lines to Asmara four months ago and have not 
where more than 20,000 yet yielded concrete results. 
Ethiopian troops and. 200,000 The problem is further corn- 
civilian residents have been com- pounded ' by the existence of a 
plctely encircled since mld-Oct'o- newly formed third force known 
ber. Refugees - and Ethiopian as the ELF-PLF led by Osman 
army deserters say that the city Saleh Sabbe. ' Though consider- 
is facing acute shortages of rood, ably smaller than either the ELF 
fuel, water and medicines. Emer- or the’ EPLF. the Right-wing 
gency stockpiles have run cut ELF-PLF is receiving nibstan- 
and a joint Russian-Ethlopian air- tial aid from Saudi Arabia and 
lift— disrupted for three days tn the United Arab Emirates who 
late December by an EPLF fear the emergence of the Leftist 
mortar attack — has not been able EPLF as the dominant force in 
to keep pace with supply needs. Eritrea. 

On the other hand, the rapid Time is a key factor. . If rh^ 
advance of the Eritrean guerrilla Eritreans can resolve their 
armies has left them with wide internal conflicts and w-irhstand 
areas to defend against counter- the impending Ethiopian and 
attack, and divisions between Guban offensive until June when 

Sn-d an 

the two liberation movements the rainy season engulfs the. 
have so far, precluded military highland plateou. they would ho 

co-ordination between them. 
The massive build - up 

in a strong position to rake 
of Asmara and move south toward 

Russian armaments — Which Assah where the last and perhaps 
include large numbers of tanks, the most difficult battle awaits 

armoured cars and MiG-21 and them. 

27. aircraft — and a 
superiority in 


K enomy in manpower give war. nme also works to .tfae 
iooia..the anility to mount Eritrean advantage hv cnnnnii- 

UnIJke the Ethtopla-SS&mali 
rime also works to 

co-ordinated attacks in several ally increasing the role of the 

civilian papulation. The Inde- 
pendence of the EPLF from vir- 
tually any external support has 
led them to concentrate heavily 
on internal mobilisation. 

Thousands of volunteers are 
now . undergoing military and 
political training at secret EPLF 
camps inside Eritrea, while 
olhers are being inducted into 
local militias in their home vil- 
lages.-' EPLF - Cadres are also 
organising urban guerilla units 
inside the cities still under 
Government control and are arm- 
ing previously clandestine groups 
in towns arid cities' captured in 

1977. . _ . 

At this iwg**- Ethiopia faces a 

universally hostile population in 
Eritrea whose fervent 
nationalism has reached a level 
where it appears beyond com- 
promise. Any advance by Cuban 
and Ethiopian forces would thus 
be subject tn constant threat 
from within as well as from 
counter-attack by the Eritrean 

While the large-scale introduc- 
tion of Cuban combat forces and 
heavy arms may prolong the war., 
it does not appear likely to prove 
decisive. In the final analysis it 
may only, make a peaceful solu- 
tion more difficult, tu attain. 




.! .J 




•• V. 

Tlnandal Times Thursday March 2 197S 



- , 

i ' 

) u : : ; * •“ 

il.vl >)■,'!*' i 

in 14 

0 - 

■ ' . V XK«yp,’ 



. ;• • . • 

" : < ; „ 

•. tf'f- ,i .-i * 

v ' ;: - ■■■ 


*ntb production * 

5 Merced®-; ? * V> V^- ' ’.’. • 

have already produceaa five-cylinder dieselj® ■ 

■ • . Ourtesfcsi ^iowed that all the way from IV'. - ’°^ r . Y: '• • 

500 t95,CXD0 rpm, our five was quieter than its, 

V-6 rrvals. 

' / 

?rr . 4 _ 

•*•*?*»' ■**' 



r«3y -' Sfc 


impressed by these facte 

; • • TheTlmes observed: ‘'Manufacturers' »• . . . •-' 

claims have often to be treated sceptically, but . w . r . 'T.~*T-;r- - T \ r 'i~ r '- : ■ * 

Audi's five-cylinder is as smooth and as quiet . . . ' about^ix^nd^c^rs,:' ; ^ *- /V -.7 

• •• v» ' ‘ ' ... •■••.. - ’ ■ ‘ 

. ret ttSTue! consumption, ai mpg ■ 
remained ftnjnJy in the four-cylinder class. A. ■ their r^nfetapf e- .fry 

It wasn't only ourselves who were 

I remain unconvinced by your advertisement in yesterday's 
naoer But I'd like to put your claims to the test by driving the 
5 cylinder Audi 100. *» E . 


Cut out and send to: Audi Marketing Department, Volkswagen (GB) Ltd., Volkswagen House, Purley, Surrey. 


To the Holders of 


E.N.L ... 

(National Hydrocarbons Authority) 

7% Sinking Fund Debentures due October 1, 1981 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Sinking Fund for the Deben- 
tures of the ahove-descrihed Issue, Morgan Guaranty Trust Company of New York, as Fiscal Agent, 
has selected hy lot for redemption on April 1, 1978 at the principal amount thereof $1,666,000 principal 
amount of said Debentures bearing the following serial numbers: 


M14 3044 9223 7117 9399 11479 13778 18408 28 9 57 

114 3220 9273 7122 9304 11490 13837 18428 28037 

184 3232 9298 7139 9308 11919 13853 1 

28S 3234 9334 7214 9396 11321 13893 1 

288 3368 5390 7273 9358 11381 13000 1 

291 3276 5370 7275 9375 11568 13913 l 

384 3284 5380 7276 9386 11380 139 S 9 16503 

421 3301 5381 7298 9402 11606 13921 18332 

439 3312 5396 7299 9413 11623 13958 18ST0 28916 
444 3327 5420 7328 -9422 11825 13967 16574 29004 
446 3332 5422 7332 9438 11631 13972 1C597 29008 
327 3340 5448 7334 9446 11640 14097 18829 29048 
550 3393 5499 7333 9511 11701 14099 18856 29051 

550 3393 5499 7335 

560 3390 9470 7335 9514 11713 14129 I 
375 3481 5493 7338 9923 11715 14141 1< 

60S 3030 5339 7387 9530 11749 141M 1 8089 29090 

812 3703 9941 7398 9SS2 11774 14167 16727 29098 

646 3708 5546 7453 9579 11799 14101 1 8729 29098 

649 3715 9949 7497 9G32 11B18 14210 18777 29170 

673 3771 5600 7480 9B3B 11829 14332 18778 29207 

737 3773 9839 7510 9851 11861 14377 16782 29240 

738 3782 5650 7527 9066 11887 14492 18616 29242 

740 3705 3069 7552 9878 11891 1436S 18821 29263 

752 3803 5678 7571 9884 11928 14367 16844 2S264 

36877 38612 
'36610 38042 

771 3841 5887 7607 9892 12018 14582 1G871 2B269 

803 3843 5712 7613 9890 12961 14602 18904 23350 

834 3879 5720 7650 9933 12096 14807 18908 29382 

838 3883 5722 7654 10059 12109 14817 16924 29378 

872 4013 5738 7688 10080 12149 14638 18931 Z938S 

901 4019 5749 7715 10088 12190 14667 16992 29400 

909 4026 5821 7740 10090 12209 14700 18970-29428 

924 4052 5822 7741 10008 12210 14702 18972 29438 

933 4100 5845 7747 10125 12233 14720 17031 20442 

941 4102 3859 7768 10148 12239 14724 17043 29514 

948 4121 5880 7768 10150 12285 14747 17052 29549 

969 4140 5869 7S26 10177 14784 17055 29026 

P8B 4141 5886 7872 10191 12351 14771 17128 29658 

>39 4142 3910 7881 10210 12358 14841 17141 29604 

1042 4158 5932 7894 10212 12377 14843 17143 29881 

1047 4229 9940 7938 10228 13383 14852 17167 29699 

1058 4258 5943 7943 10288 13408 14901 17178 20TI2 

1076 4262 5952 7961 10290 12409 14989 17185 29734 

1118 4268 5993 7969 10356 12429 15000 17191 29743 

1138 4373 8002 7973 10384 12430 13004 17211 23771 

1134 4278 6045 7887 10389 12454 13012 17219 29773 

1157 4281 6052 7991 10421 12493 15022 17238 20783 

1221 4324 6057 8006 10441 12498 19414 17243 29786 

1228 4333 6066 8011 10444 12527 15445 1726B 29840 

1227 4335 6075 8033 10482 12540 15509 17305 298SU 

1243 4345 0123 8087 10493 12597 15515 17332 29893 

1274 4435 6128 8114 10506 12604 15532 17345 29910 

1296 4438 6157 8191 10554 12606 15546 17349 30022 

1304 4443 6194 8221 10631 1262B 15577 17355 30032 

1308 4452 6199 8354 10638 12858 15580 1 7364 30041 

1326 4457 0210 8288 10679 12661 15581 17377 30096 

1337 4489 6235 8378 10683 12684 15585 17408 30134 

1349 4494 6259 8384 10704 12686 15014 17417 30142 

1360 4533 6282 8418 10720 12688 15025 17445 30178 

1573 4541 6273 8428 10725 12704 15626 17320 80186 

1388 4348 6277 B43S 10778 12723 15637 17522 3G292 

1416 4373 6299 8448 10783 12738 15638 27536 30328 

1490 4582 6313 8509 10709 12774 15648 27556 30382 

1458 4595 6324 8514 10790 12802 15848 27647 30407 

1512 4807 6393 8520 10808 12803 X5655 27853 30411 

1514 4623 6397 8580 10816 12806 15670 27877 30420 

1519 4830 6408 8812 10821 12834 1S689 27725 30444 

1533 4«80 8458 8627 10854 12840 15751 27756 90493 

1987 4709 6458 8639 10879 12859 19775 27797 30504 

1588 4716 6510 6845 10881 12908 15778 27814 30543 

1632 4720 6512 8699 10900 12917 15780 27839 30553 

1644 4722 6568 8721 10908 12942 15831 Z7849 30567 

1691 4768 8598 8740 10921 12980 15839 37385 30587 

1703 4777 6838 8780 10986 12991 15841 27885 30650 

1708 4795 6638 8782 10990 12998 15856 27929 30655 

1714 4801 6645 8804 11015 13005 19839 27037 30667 

1742 4811 8655 8513 11023 13010 15924 27958 30093 

1822 4820 6705 8818 11096 13030 15951 27970 30715 

1B49 4872 6750 8822 11103 13038 15989 27973 30716 

1878 4873 8797 BB69 11140 13041 18015 27988 

1889 4896 6806 B87S HITS 13062 16026 28009 . 

1891 4909 6816 8902 11176 13066 18043 28018 30632 

1893 4919 8824 8923 11217 13076 16093 28057 30940 

1015 4925 6828 8931 11220 13091 18131 28108 30942 

1928 4928 6874 8939 11223 13113 16138 28140 30953 

1965 4940 8870 8948 11239 13133 16147 28188 30978 

1906 4053 8888 9034 11251 13142 16160 281 

2300 4972 6889 9036 11254 13160 16163 

2336 4377 6904 9107 11270 13285 16194 

2378 4988 6911 9123 11283 13333 16203 

2377 5000 6921 9137 11289 13413 1 

2381 5010 6992 9173 11290 X 

2386 5042 7043 9190 11306 1 

2409 5073 7068 9202 11342 13580 16259 28398 

2411 5099 7084 9204 11380 13993 1 

2438 9168 7092 9213 11396 1 

2514 5174 7095 9214 11414 1. 

2522 9198 7102 9231 11416 13744 1 

2558 5217 7103 8294 11455 13773 1 

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39392 38313 39941 
35394 38319 39967 
35422 38368 39968 
35589 38389 39975 
36397 33393 40003 
136363 38446 40020 
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36493 38408 40043 
38455 38931 40048 
38496.38946 40064 
38519 38548 40071 
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36577 38612 40123 
36610 38042 40133 
38633 38848 40146 
38683 38661 401 05 
36879 38687 40107 
36728 38897 40204 
30749 38715 40239 
36751 38716 40235 
38833 38748 40242 
@6825 36781 4037T 
36828 38793 40339 
36332 38804 40345 
3S834 38847 40381 
@8847 38851 40390 
@6935 38864 40429 
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@8952 38875 40462 
S«950 38876 40463 
pSK 38882 40476 
@6994 38890 40487 
27013 38897 40500 
@7018 38924 40903 
@7027 38930 40568 
3702s 38961 40604 
@7038 38977 40610 
@7044 38978 40626 
^^■39006 40628 
39013 40636 
■39038 40848 
^4 39042 40673 
■77 39098 40740 
@7191 39128 40749 
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■■■■39587 413ll 
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37981 39617 41356 
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41802 43609 
41818 43649 
41831 43693 
41863 43660 
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41980 43727 
42008 48768 
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42879 44635 

42888 44647 
42691 4+802 
43720 44676 
42723 44713 
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42889 44800 
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43011 44919 
43040 45007 
43051 45006 
43054 45033 
43080 45051 
43089 45075 





43238 457 

On April 1. 1978. there will become and be due and payable upon each Debenture the principal 
non nt- thereof, in such coin or currency of the United Slates of America as on said date is legal tender 

amount-thereof, in such coin or currency of the United Slates of America as on said date is legal tender 
for the payment therein of public and private debts, at the option of the holder, either (a ) at the cor- 

porate trust office of Morgan Guaranty TjnisrCompany of New York, IS Broad! Street New 
York, N.Y. 10015, or I h l subject to any laws and regulations applicable thereto with respect to the 
payment, currency of payment or otherwise in the country of any of the following offices, at the princi- 
pal office of Banca Nazionale del LavoroJn Rome or the principal office of Banca Commerriate Italians 
in Milan or the main offices of Morgan Guaranty Trust Company of New York in London Jtru tods. 
Paris of Frankfurt or the main office of AlgCmene Bank Nederland N.Y. in Amsterdam of. the main- 

office of Krediethank S.A. Luxembourgrohe in Luxembourg- Vi lie. 

Debentures surrendered for redemption should have attached all immatured coupons appurtenant 
thereto. Coupons due April 1. 1978 should be detached and collected in the usual manner. 

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


February 23, 1978 


OF new York, Fiscal Agent 


The following Debentures previously called for redemption have not as yet been presented for 


U 1*115 24116 14118 74110 , 28210 30211 30315 30217 33040 33323 


U.S.$15,000,000 81 per cent Bonds 1986 

Tna tallowing are (he numbers of the Bonds drawn: 

























. 308 



. 336 















. 521 












































Vi 64 

























. 1403 























































. 2052 

























. 2370 





























































































































. 4246 










































491 S' 


















































































































































































































































9259 - 







































































































































1126 2 
































1 1805 










12337 ■ 










































The above-Bonds may bo presented for payment'el U» proceeds ot redumption at par on Of alter 3rd April 1978 at (he offices of 
aft/ of the Paying' Agems named pn the reverse of the coupons, In the manner specified In Condition 1 1 of me Terms and Conditions 
olthe issue printed on the Bonds. . 

Principal Paying Agent: Morgan GrcnfWI & Co. Limited, 23 Groat Winch alter Street, London EC2P 2AX. 

Note:- Bonds presented tar redemption to tna Principal Paying Agent In London must ba lodged by an Authorised Dapositary and 
foui dear days tor examinaaon win be required. Bonds cannot be accepted through the post. 

< fcfs&l (j*>. 

Financial Times Thursday March 2 * 197s 

4 S n 



Caution in 
Japan on 
car deal 

Financial Timex Reporter 

TOKYO. March L 
WHILE responsible officials at 
the British Embassy here were 
unaware late this afternoon that 
Mr. Edmund Dell, the U.K. Trade 
Secretary, bad said that Japan 
would probably restrain car 
exports to the U.IC, Japanese 
trade officials aid a formal 
pledge was expected later this 

Both the Japanese Ministry of 
Trade and- Industry and the 
British Embassy confirmed that 
discussions have been in progress 
this week on Japanese car 
exports. The purpose of the talks 
according to the Embassy, has 
been to “ seek clarification " of 
some passages in the com- 
mnniqui issued "after the recent 
talks between the" Japanese and 
British motor industries. 

In these talks the Japanese side 
was- asked to freeze its exports 
to Britain at 1977 levels during 
the coming year- 

Viewed from Tokyo it would 
appear that MIT1 is moving 
steadily towards some form of 
agreemeot to restrain car exports 
to Britain. 

It is certain, however, that it 
has not yet made any such com- 
mitment and it- would seem un- 
likely that a precise decision has 
been taken on its .form. 

Hr. Dell therefore appears to 
the Japanese to be jumping the 
gun although the political pres- 
sures which made him do so are 

Tokyo and Brussels aim 
for common agreement 


TOKYO, March 1. 

New NZ 
visit for 

on lamb 

/ . 

JAPAN AND the EEC will work 
Towards a “ common agreement " 
in the nest few weeks aimed at 
reducing the trade imbalance, 
according to Knud Andersen, the 
Danish Foreign Minister, who 
ended three days of talks is 
Tokyo to-day in his capacity as 
President of the EEC . Council 
of Ministers. 

“I came to Tokyo to underline 
the political importance of these 
talks,” he said, adding that Jap- 
anese ministers have in principle 
agreed to work towards a final 
communique not unlike the one 
negotiated hetween Japan and 
the United States in January. 

The end of Mr. Andersen's 
visit coincided with reports cir- 
culating in Tokyo that Prime 
-Minister Taken Fukuda. will visit 
the EEC headquarters in Brus- 
sels after he attends the July 
summit meeting of world leaders 
in West Germany. 

Beforp that, Mr. Fukuda will 
go to Washington for a bilateral 
summit with President Carter on 
May 3. No other overseas visits 
are now scheduled for the Prime 
Minister this year. 

“We hope to have some pro- 
gress before the. EEC Council 
on April 7 and 8, which will set 
the stage for the world summit 
in July,” Mr. Andersen told the 

press this afternoon, “and if 
there is no progress at all. It 
will not have a very good effect 
on European opinion.” 

He insisted, however, that 
Japanese officials arc “very In- 
terested" in negotiating a settle- 
ment with the EEC. He confirmed 
that negotiations begun by Ur. 
Benedict Meynell. an EEC official, 
in February will continue at a 
higher level this month, when 
Sir Roy Denman, the EEC Com- 
mission's Director-General for 
External Relations, visits Tokyo. 

Mr. Anderson also suggested 
that Wilhelm Haferkamp. a Com- 
mission Vice-President, may 
arrange to be in Tokyo before 
the end of March if talks pro- 
ceed quickly enough and a joint 
communique can be signed by 

In meetings with leading 
Japanese Ministers, including 
Mr. Fukuda, Mr. Andersen has 
insisted that the EEC Commis- 
sion is' the only competent 
authority to handle trade talks 
between the two sides, but 
that the nine member states 
asked him to visit Tokyo to 
add a political dimension to the 
trade talks. 

“We shall try to do more 
from our own side." he said, 
“bat we are also asking the 

Japanese to open up their 

In his talks with Mr. Nobuhiko 
Ushiba. Japan's External Eco- 
nomic Relations Minister. .Mr 
Andersen also emphasised that 
the EEC carwot wait for tariff, 
cuts in the multilateral trade, 
negotiations. "The trade iiu- ! 
balance must be corrected and j 
these • years can bo very i 
decisive.” he said. - 

Thus, according to Mr. 
Andersen, if Japan uses the 
negotiations as an excuse not io 
reduce the surplus now. “ it will 
he more and more difficult for' 
Europe to follow its liberal line. ' 

Although Mr. Andersen 
refrained from discussing details 
of the EEC's list of demands, and 
in particular, steered dear of] 
promoting European aircraft; 
sales to Japan, he urged several i 
Japanese ministers to open up ; 
public purchasing in Japan's ; 
foreign companies. The matter; 
will be put on the agenda Tor. 
Sir Roy Denman's talks. ! 

Furthermore. Mr. Andersen j 
suggested to Mr. Sunao Fonoda.i 
Japan's Foreign Minister, that L 
Japan should improve its; 
development assistance by giving 
more multilateral aid and more, 
untied aid to developing coun-! 
tries. I 

By Christopher Parke* 


Zealand Deputy Prime Minister - 
will visit Brussels and London 
early next week for urgent 
on EEC plans fur includtn,-; 
in mutton and knuh within % 

Common Agricultural Palia 

Announcing the trin. \ 

Robert Muldonn, Prime Minister 1 
said that since New 7ealnn4 
farmer* supplied half the 
market for lamb the nrw devcloa 
men Is. discussed «n Brns^b 
yesterd.iv, were the most signifi. ,-nv'- 
rant since Britain joined (fo . 
Community. r- A 

In the oust five years the work, 
in us of the CAP have whittle*! ' 
aw.iv New Zealand's exports oftf 
dairy produce to Britain. Chw** * . t 

sales have f illen fmm Tfi.nng t ‘ , 

tonnes in 1971 to nothing thb f ' 

ye^r ( ** ' 

Britain Wmi'jht IBr-ppn tonnaj 
q year of nz Suiter before join.\ 
ing the F.F.C. That will shrink to 
i^n.odo tonnes bv insn and ther* : » 

arc moves under way to evdufe / - 

the imports totally. Weliinsimtr. ^ 

is eager io ensure that similar V 
disasters do not overtake Its 1 

lanih everts. a * i 

Mr. Talhovs. who also Minn. . > 

f n. OvAriPi: TriHnu arritw * ■* 

tv export faii Top industry team for Europe 

TOKYO. March 3. 
JAPAN’S colour television pro- 
duction. shipments and exports 
during January dropped sharply 
compared with the similar period 
last year, the Electronics Indus- 
tries Association of Japan said. 
Production in January totalled 
539.000 sets, a decrease of 23 per 
cent, compared with the corre- 
sponding month oM977. It said 
shipments, re presen tine com- 
pleted sales, during January 
totalled 531.000 sets, a drop of 
15.6 per cent 


t*r for Oversea* Trades, arrive 
in Rm«pU nn Sundav and wflj 
vWi London an Tucstlav. H=s 
— »ll rnlinws a tpn last w*»ek hv 
Mr. Diinr-m Marlntyrr, Minister 
of -Vgrir'llDirp. 

Mr. Madntvrc caused cnq. . 

digress with defeatist* . 

Steel contract 

Mannesmann subsidiary Demag, 
Kawasaki Heavy Industries and 
C. Itoh have won a Y5Sbn. con- 
tract to build a steel making 
plant in Algeria for the State 
steel corporation, Societe 
Nat on a 1 e de' Slderurgies, Kawa- 
saki said as group leader, Reuter 
reports from Tokyo. 

THE KEIDANREN, Japan's con- 
siderably more powerful equiva- 
lent of the Confederation of 
British Industry, plans to send 
a top-level mission to Europe in 
April, its 'international bureau 
confirmed to day. . 

The mission will be led by 
the Keldanren president. Mr. 
Tosh i wo Doko. who also led the 
previous Keidanren mission to 
Europe in autumn 1976. Its 
itinerary will include Brussels, 
the capitals of important EEC 
member countries, and Sweden. 

Dates are not final but the 
most likely period for the tour 
ts between April 17 and 25. 

A spokesman for the Keidanren 
made it very clear this afternoon 
that the organisation had not 
taken the initiative in planning 
a trip to Europe but was going 

at the invitation of UNICE (the 
European federation of em- 
ployers* organisations). “ UNICE 
has been asking us since last 
autumn to send another mission," 
the spokesman said. "We saw 
no good reason to reject their 

He said the Keidanren tour of 
Europe' will come immediately 
after conclusion of the current 
round of negotiations between 
Japan and the EEC Commission. 
The Keidanren’s reception in 
Europe will presumably be' 
largely determined by the suc- 
cess or otherwise of the talks. 

The Keidranren mission will 
hold talks with business leaders 
in the various oountries on itk 
itinerary and will not bo placing 
import orders for European 

TOKYO, March 1. •vin^ine comment a that th»re- 
w*a« “net r"'cb hr:ne " fn* thi» 

, u _ . r* r Mm of NZ dairy exports In * 

In that respect it differs from Br! , a i n 

the much larger “buying mis- Mr. T.ilhov* hiinoclf. on 
ston that leaves for the V, | iri”. \»ms refuserf mi audience ' 

to-morrow under the ^ sponsorship . , ^ Mr iT:i .„„ a niiaqhnn w k, '» 
of »hf* Ministry of International i . . . ' \ 

of the Ministry of International j X' c \ pA V w-.lcVW» the j 
Trade and Industry. New Zealand minister called. 

Although the mission will not! \ 

actually be doing any business j . 

Its discussions might have a^! VCTISZUe.a StUQlCS 'j 

impact on the subsequent course ... . 

of EEC Japan Trade. CitV rail OfOieCt 

After the previous mission, in , ' 

October 1976, the Keidanren The \oneroelan GMernmcnt Is t 
emerged as a strong supporter studjine the construction of a 
of Japanese imports of European metropulitan railway line for 
aircraft (something that j Ciudad Gua>ana. the counhys 
admittedly has still to takejbiq industrial centre in the 
place). More generally, the 1976 south-east. Joseph Mann writes, 
mission made the Japanese busi-jfrnm Caracas. ' x 

ness world (and . newspaper- The president Df the Corpora- , 

readins public) aware nf a«ita- tion Vrncznbna de Luayana 
tion in Europe over Japanese (CVG). a state-owned develop* 
exports) agency responsible for the 

* ■ 1 r*..-, n « n vnnirni ronn rtlll' (IlC. 

Intra-German trade rises 

West Germany, which resembles 
a refined form, of barter, rase 3.1 
per cent last year to a post-war 
record of DMS.Cfin. (ELlbn.) at 
a time when EisfcWest fSade has 
otherwise fallen' in : valued* 

Pari of the explanation is that 
East Germany has fully utilised 
the annual interest-free “swing” 
credit from West Germany of 
DM850m. to purchase West 
German products. The East 
Germans have also stepped up 
their deliveries of machinery and 
refined petroleum products 

BERLIN, March L 
The growth rate’ in intra- 
German trade was much lower 
than the average -growth rate of 
8.5 per cent achieved from 1970 
until 1976, but ,,ney erthel ess was 
hetter than the' fall of 1-3 per 
cent, in West Germany’s trade 1 
with other Communist countries. 

West German exports to East 
Germany, which are called 
“deliveries,” rose by 3E per 
cenL last year to DM459 bn. Im- 
ports from East Germany in- 
creased by 3.4 per cent to 
DM4.07bn. " 

Saudis seek wider pact 

U.S. Steel drops dumping suit 

U-S. STEEL withdrew Its anti- 
dumping petition. charging that 
the six largest Japanese steel 
producers had been dumping 
steel products in the United 
States, the Treasury adi 

The petition, which covers 
Imports valued at $1-2 bo. in 
1977, was filed last September. 

The Treasury said thal/U-S. 
Steel wrote to the' 'Treasury 

yesterday stating “ at this time 
it may be neither feasible nor 
practical for (he Treasury (o 
devote, the resources required 
to investigate and judicate the 
U.S. Steel petition while con- 
currently ' completing .the 
development of the ' trigger, 
price mechanism, providing for 
'continuing evaluation and up- 
dating of Japanese cost data on 
which it is grounded. AP-DJ. 


THE * JOINT Saudi-British 
economic 'commission, meeting io 
London between March 6 and 8 
for its. third session since it was 
set up in 1975. wtll have as one 
of its main dims the idantlfifca- 
tion of new areas af cc -operation. 

The commission, which haj a 
permanent representative, Mr. 
Peter Corley, in Riyadh, has 
been' largely concerned with 
helping Saudi Arabia to obtain 
assistance in setting up its public 
services. Britain, in that con- 
text has been particularly active 
in education, .health and rural 
and municipal affairs. It is 
hoped that a big contract in the 
last sector will be concluded 
soon. *■. 

/ Guay ana region, recently tits- 

W / closed that a new railway system jr\ 

/ * far Ciudad Guayana and the out- 

/Hav *1*1 structinn of an additional bridge . < 

iULvX Udvl to serve the region were under . 

J * consideration. Sr. Argcpis V- 1 ■ 

:' Garubaa. President of the CvR, v^ 

opportunities for private added that the new rail line > 

aompames. [would be linked to another rail- 

] Saudi Arabia was last year way system under way. . j 

Britain's second largest export rj o B „l« 

market in the Middle East after GfiV IN j4m. U.3. S3fe . 

Iran. Exports rose by 44 per haS reco ived two otders t ' 

cent last year to £S76.9m from (worlh about Wim# (0 supply V ; 

£4Q0.4m. in 1076. Imports rose by -aluminium alloy wheels to Ford 

1 0 not- ennt fvnm Ffl QChn in' . ■ - .« . 

Although the commission has 
been concentrating on co-opera- 
tion between the Saudi Govern- 
ment and British public-sector 
organisations British Electri- 
city '■ International, the .White 
Fish Authority, and the British 
Steel Corporation are -among 
those with consultancy contracts 
— -there are' obvious .additional 

12 per .cent, from fO.SSbn. tn; and Chrysler in the United 
1976 to £1.1 bn. States. They will be produced 

An Indication of the new areas hv GKN * Kent Alloys of 
that will be examined is reflected Rochester, Kent, a big supplier 
in the composition of the Saudi of aluminium alloy 'wheels to 
delegation, which is to be beaded North America. The Chrysler 
by Sbeikh Abdallah Ali Reza, wheel will be _for the new 
the Deputy Foreign Minister for medium Aspen Volare model to 
Economic and Cultural Affairs, be marketed in August 1079. 
Apart from senior officials from . __ . 

the existing areas of co-opera. Switchgear £3m. Save 
tion, there will also be represen- _ , .... 

tatives of the ministry and State 

organisation responsible for pil S^l OI ? a av *,A e r 1" J! 

..j. mirmmic fi. 0 minTeiviac n / RcyTOllc clcctriL 3i tn^inGcrin? 

company for 33-thousand volt 

in ^Sf switchgear equipment, placed hy 
raumcattops. and three, .repre- : , he Cr s own ^ e J; ts for Malaysia. 

sentaivw, from the ^ private British Petroleum f nr the Rotter- 
sector. rtji ra j-eGnery, Hawker Siddelely 

The commission will also be for the Dubai aluminium smelter 

studying means of expanding project and the Jordan Electric 
traded -V 7 ' ' 'PowSFConipany. 



Morgan Grenfell & Co. Limited announce that Bonds for a total of U.S. $100,000 nominal of the above Loan havo bean 
purchased and tendered lo them lor cancellation. 

Nolice is hereby given mat a Drawing of Bonda of the above Issue took place at the Offices of Morgan Grenfell & Co. Limited 
on 15lh February. 1978 attended Oy Mr. Richard Graham Rosser of the firm or De Pfnpa. Scorers & John Venn. Notary Public, when 
900 Bonds for a totaJ of U.S. Sf00.000 nominal wore drawn for redemption at par on 1st April 1978. The nominal amount or the .Loan 
outstanding after 1st April 1978 will be U5.S1 2,000400. 

Green revolution in sight 



IN THE dusty village of Babeck, 
an -hour’s drive from Dakar, the 
first sign of what could be an 
agricultural revolution in 
Senegal is apparent -in rows of 
incongruously green lettuces and 
cabbages fed by a solar-powered 
water pump. ■ ' 

The pump is powered by 11 
sets- oE solar panels containing 
photo-votaic cells which ‘ Trans- 
form the sun's light directly Into 
electricity. Until it went into 
operation less than a month ago, 
the only local Water source was 
a brackish well and the nearest 
sweet water was/seven kms away. 

On average, consumption was 
five litres a day pumped up by 
hand for the 1,000 population. 
The 1.300 W pump lifts 'some 
50,000 litres daily, leaving a sur- 
plus of some 30,000 litres io cul- 
tivate vegetables, a vital addi- 
tion to tbe meagre cereal staples. 

Already a ragged procession or. 
women and children -with 
buckets and pots has started 
coming from other villages to 
Babeck and soon tbe villages 
themselves will start to . edge 
closer, for this is the Sahel, that 
drought-ravaged region of Africa 
where water means life.... 

The price of the Babeck 
system is around Frs .200.000. ex- 
cluding the cost of slaking the 
bore which descends some 140 
metres. - The -cheapest prospec- 
tion and drilling unit in the area 
if.supplicd by the Catholic charity 
Carltas. at a cost of some JFrs^m. 

The pump also requires - an 
independent ' water "source be- 
cause mounting It nn a existing 
well risks it clogging with the 
rubbish at the bottom'-hf the well 
and may also suffer from a 
lowering of the water level. 

The pumps have been installed 
by the French company Pompes 
Guinard. Gulnard is part of the. 
Leroy-Somer group, which makes 
electric motors and has just 
signed a joint venture 4»ith the 
U.S. concern Sola rex tp manu- 
facture solar panels in -France 

from imported cells. This will 
give the group control of the futl 
solar pump apparatus. 

The company has no illusions 
about solar energy becoming a 
major energy source. But ir is 
excited about its role in the 
specific conditions of an isolated 
site where the problems of fuel 
and maintenance - make diesel 
unreliable or Impracticable and 
where only small amounts of 
power are needed. 

The initial cost, though high, 
is virtually the. only cost and 
the company 'gives its pumps a 
ten-year almost supervision -free 

It is estimated that in tropical 
climates the* minimum human 
need is five litres daily and 
" normal " need is closer to 30 
Jlrres. Cattle require 40 litres 
whereas sheep and goats can get 
by on four. To irrigate a village 
vegetable patch* requires around 
60 cubic metres of water per 
bectarei rice demands 100 cubic 
metres and other cereals little 
more than half. 


Pompes -Guinard claims that 
with average sunshine of 6 kWh 
a day a 600W pump could lift 
enough water from 25 metres 
dawn to supply 500 people or 400 
cattle daily. Raise the power 
t--i UOOW and 1.500 people or 
1,000 cattle could be supplied. 
The most the company has 
installed to date Is J.800W lifting 
55 metres In the Camaroun. 

But at wbat cost? The com- 
pany's costings take Into 
account full amortisation of Tbe 
bore-hole and the installation, 
a $10 per watt cost for the cells, 
and an 8 per cent efficiency 
(solar energy is notoriously in- 
efficient— the maximum theoreti- 
cal efficiency being some 20 per 
cent.). On this basis it argues 
that In the two cases above, the 
price per cubic metre would be 
FreJ.77 and Frs.1.44, and 

approximately half that if the 
lift were reduced from 25 to 15 

It reckons that solar will 
match diesel fn price on this 
basis next year for the minimum 
instairations. Tt is relying on a 
significant decline in the price 
of solar colls from the present 
FrsfiO.OOO per kilowatt to below 
FrsJO.000 by 1983. 

If water is one vast preoccupa- 
tion in this region, wood is an- 
other. It is reckoned that some 
87 per cenL of energy consumed 
in tropical countries apart from 
transport, comes from wtfod. In 
a region threatened by the 
encroachment of desert the 
huat For wood becomes harder 
as time passes. 

Pompes Guinard is now study- 
ing the development of- solar 
barbecues for use in isolated 

Marketing of tbe Solar pumps 
in jnost places will be done 
Through a joint venture Economic 
Interest Group in which the state 
controlled oil group Elf holds 
51 per cent.. Guinard 29 per cent, 
and the French battery maker 
Wonder the remainder. 

Elf is enthusiastic about the 
application of solar to uses like 
powering educational *' bush " 
television, fridges to store medi- 
cines. and. airport navigation 
lighting, and thinks that solar is 
a strong competitor to the 
chemical battery because of its 
longer life and period of amor- 

Solar's ultimate fate will de- 
pend on ihe cutting -if costs The 
first step is to make better use 
of the single-crystal silicon from 
which Ihe solar cells arc 
fashioned. This should Elf says, 
permit costs to Fall from ST 5-520 
a watt to 38-$10 a. watt. Beyond it may be possible to use 
polychrystalline or amorphous 
silicon and compounds of cad- 
mium or gallium. Mastery of 
this technology would permit a 
cost oT no more than $1 a watt by 
the late 1980s, Elf hopes. 

of Tube oil additives and industrial chemicals having plant 
on the Gulf Coast offers warehousing, drumming and 
termlnaUlng facilities for packaged and bulk chemicals. 
Onward distribution of bulk or drums handled by road or 
rail. Payment arrangements, for services by negotiation, joint 
venture arrangements or standard fee on consignment basis. 
Inquiries also welcomed for custom, joint venture or licensee 
manufacture, of organic intermediates or finished products for 
United States market employing on-site corrosion resistant 
batch reactors and/or chlorination facilities. 

Company's Represen tative in London week of HI arch 6th 
Contactablc through: 

Traffir Services lami-ed. 

11/12 Clifford Street, Irfmdon WIN 2HD 
Tel: 01*629 8434 Telex; 263551 



67, avenue FranUin Roosevelt Paris 
Tel : 359.61 .49 - Telex : 640340 BIAPA 
Capital 100 millions F.F. 

Total of the balance 

1975:1,080, 000, 000 F 

1976 : 3, 209, 000, 000 F 

1977 : 3, 564, 000, 000 F 

The Arab World 
is our business 

* r :"jf 

i ■: • '• 

. i- - 

V N 


Si * ' 





jf w 


U V \ 

Ideas are Just wishful thinking:, uiitil they’re turned into the printed word. 

In the everyday business world, this usually means dictation . . . shorthand ... a 
first draft... a second draft. 

Yet if shorthand typing did not exist, nobody would invent it It costs too much. 

Dictation into a machine is cheaper; more flexible, more productive. Whoever 
is dictating can choose their own time to dictate. Whoever is transcribing can 
choose their own time to transcribe. ^ 

And this is why Philips have developed a total range of machines forword 
i nput - turning ideas into recorded speech - and for word output - turning speech 
into, the printed word. 

If you are supplying the ideas - they can be letters, reports, or memos - with 
Philips dictation machines, those ideas can be recorded anywhere, anytime. . 

If you are turning them into the printed word, the Philips WP 5000 Word 
Processor brings the effortlessness of electronics into typing. 

The WP 5000 thrives on repetitive, boring work. Its memory holds all the 
standard paragraphs you use over -and over again It prints 550 words a minute. And 

it is easy to //^-rare with electronic gadgetrv. . . 

' g 0i Philips systems make for greater office efficiency: But do they also create 
greater job satisfaction? The answer must be a resounding yes, because these are 
machines which release people from being machines, and let them be more creative 
and more responsible. . ; 

At Philips, we believe our systems must fit our customers, never vice versa. 
Qurxnachines don’t take oven They liberate. 

The Philips philosophy: satisfaction AND your money back 

AtPhilips we have an obsession with the concept 
of function, by no means a common obsession. 

In electronics it is easy to be swept off one’s 
feet by the excitement of the algebra, and produce 
machines that just eat money. There’s a lot ofthem 
about, We require that our systems should pay for 
themselves as quickly as possible. That they must 
adapt to you, and not vice versa. That they must 
not eiist to solve problems that they themselves 

Internationally Philips put£ 300 m a year into 
research to make sure that their professional 
systems function obediendy, and pay off at your end. 

It certainly seems to have paid off at our end. 
For in business communications, telecommunica- 
tions, dictation machines, and ail butthe largest 
data processing systems, we are market leaders in 
the free world. 

. And in word processing we are fast moving 
that way. 




I I 

Now letk talk business efficiency. 

I I 

I I 

Ifypuwould like more information about business products and systems from the Philips Group, ' 
. please ask jour searetaiy to tick the appropriate box. 

r Philips Data Systems Pye Business Communications 

£ Electronic AccountingSystemO PABXD 

Office Computer System □ Office Intercommunication □ 

Financial Terminal System □ • Public Address Systems □ - 

Philip*; Business Systems Qosed-drcuitTV D* 

' Office Dictation System P 
Word Processing □ 

Pye Telecommunications 

To: David Hughes, Business Edidency, Philips Industries, Arundel Gnat Court, S Arundel'St, ' 
London WC 2 R 3 DT. Tel 01-828 7628 Please send me your literature an the items tidted above. 


(Position in company) . 



"si . - 

Simply years ahead 

Thf> Ph»ti;p sBusiness Systems Group: fi^Busin^CnmiiiumcafioiisLtd,PyeTdecommiinlfafionsLtd. Philips Data Systems, Philips Business Egiiipme-ntDivisiorL 


Financial Times Thursday; March ^ 2 1978 


Lever looks at small 

cash needs 



THE GOVERNMENT Is examin- advantage' which pension funds ceiling. It was a nonsense, meal- 
ing -ways of encouraging the and other institutions receive. bers claimed, that huge organis- 
private investor to help finance Mr. Lever added that the ations should be expected to 
smaller businesses. Mr. Harold Government was committed to monitor the pay deals or small 
Lever, the Minister responsible ensuring that the smaller com- suppliers and equally impractical 
for looking, after the interests of pany. in future played a central to imagine that small companies 
smaller . businesses, said this role - in the country's economic could monitor the actions of the 
-yesterday in London. life and said it was obliged to pay largest. 

Mr. Lever was addressing the more attention to the problems Some council members told 
.Smaller Firms Council of the which, these businesses faced. Mr. Lever that they were not 
‘Confederation of British Indus- . . signing * contracts waiting on 

-try.* He hoped that some assist- CVmfrartc hnM.un their desks because of the con- 

ance for small companies would uvm up troversial clauses and that small 

he contained in the forthcoming Mr. Lever heard council mem- businesses would suffer as a 
Budget bers. criticise the Government result. - 

There has been no indication for attempting to police its in- Mr. Lever said- the govern- 
or how investment by the private comes policy through the use of ment had no passion for intro- 
citizen would be encouraged, penalty clauses io ail public ducing sanctions of any kind 
although one suggestion would sector contracts — a subject still but it could not abdicate 
be to allow any losses on such under discussion between Minis- responsibility in those areas 
an investment to be set off ter* and the CBl. where it could help control inAa- 

agninvt other income. There The Minister was told that it tion. He promised to look at 
have been proposals for a scheme was impossible for any company claims that the new contract 
to enable people saving for their of any size to ensure that every clauses represented an unfair and 
own retirement to invest in small participant in a contract com- unjustifiable burden on corn- 
firms with the same large tax plied with the Government's pay panies. . 

Automotive plans factory in U,S. 

AUTOMOTIVE Products has set in an engineering team at perience with components for 
up a subsidiary company in the Michigan alongside a sales team smaller cars will be valuable as 
U.S. io develop sales and. in the j c a bid to persuade US manu- the Americans produce smaller 
longer term, build up first an r a( . ture7 , tf T involve them in vehicles and seek to develop ex- 
assembly and then manufactur- „ _ - . M ports from ihe US. 

ing Plants. engineering planning. Automotive, whose brands In- 

The Leamington-based makers The company already sells to elude Lockheed brakes and Borg 
nf clutches, brakes, steering and the U.S. majors in Europe and and Beck clutches, presently has 
suspension joints, plans to put in the U.S. but feels its ex- U.S. sales of about $5m. a year. 

North Sea oil output will 
hit target, says Mahon 


Fire loss 


** - '» ■» ' OVfi E- 

At Norwest Holst we call a spade a 
spade. A shovel is something else- and still 
has a rhousand-and-one uses onaconstrac- 
tionsite. . /. 

\% have introduced mani twactical 
ideas'. These include hydraulically operated: , 
table formwork for reinforced coikirele ceilings;- 

fibreglasstnoulds and . ’ i.- rrP^PrP • 

formers fbr-in-sini trough: 
flooring; and a development 
of the hanging cradle system 
for repairs to- tall concrete 
structures and cladding of 
high-rise buildings. 

In fact, we have a fine 
record of projects success- 
fully completed by using 
new techniques. Whether 
such innovations are for 
concrete construction, 

or whatevtaj they are always complemented by . 
our common, or shovel sense. 

Many kinds of practical sol ut i o ns derive 
horn our total capability. Let us send-you the 
brochure which expands on this theme. 

V "" ‘Sddl‘C ap i *b i Ut y_Benffneawg4^^f^>r^' .; 

~ cation arid cbrutrucumC It 

Scitd me by return die brochure on. ’ ■ ** 

’Norwest Holst total capability. 





moving and exaction, pipe 
and mamlayvig, foundations, 
plant installation, structural 
engineering, precast concrete, 
tall structuneSydU kinds of 
building ^fluent treatment, 
town centre deodoptnentcoid 
r furbishing. All ac&rincs are 
available arid directly 
■f nnnngpfl frnm znidiin the • 
NonoestHolstgroup . 

FI 12 

VS'-A ■■■.•• S'#- V v 

Norwest Holst 

total capability 

Norwest Holst Limited, Dept .- T- 35 Cb^shani Race, London SW1X 8HB.Tdr01-235 995LTdex: 91704X' 

FIRE DAMAGE costs more than 
doubled during the three months 
affected by the -firemen’s strike 
compared with the same period 
a year before, according to 
figures issued yesterday by the 
British Insurance Association. 

They show that fire damage in 
Britain in January amounted to 
£41m. compared with £22.4m. in 
January, 1977. This brought the 
fire damage total for November 
and December of last year and 
January this year to £175m. 
against £52.3m. for the corre- 
sponding three months a year 
earlier. The firemen went on 
strike on November 14 and 
returned to work on January IB. 

It Is not possible to attribute 
the whole of : the- £122.7m. in- 
crease to the strike. Damage 
costs also vary with.: inflation and 
a .number: of. imqu anti fi able, 
factors. -But they do indicate 
that the British insurance in- 
dustry had to pay out consider- 
ably : more -Ih fire "claims due to' 
the strike. . t . 

. The Commercial Union Assur- 
ance and- General Accident 
Group, which have reported this 
week on their 1977 results were 
unable to quantify the effect nf 
the firemen’s Strike although 
their fire losses rose appreciably. 

The outstanding feature of 
losses in January was that there 
were eight fires with damage 
over £ltn. in each case, compared 
with the usual two or three, sup- 
porting the contention that once 
a fire got a. hold it did more 
damage than would have been 
the -case bad regular firemen 
dealt with It. . 

The . largest of the January 
fires were at a. dyeworks and a 

THE GOVERNMENT expects rha» offshore operators would pro- stockbrokers Wood Mackenzie 
! North Sea oil production to duce 60ni. to 70m. tonnes as shows that the rate of oil pro 

■ reach financial targets In spite forecast this year. ■. duction is falling substantially 

• of problems encountered by “ Let us not write off the. North short of the forecasts .made in 

offshore operators in the past Sea before the effects of the February year; ^nerai 
few months. efforts of the companies and the delays and had weaincr nicant 

1 Treasury forecasts that oil Government have had the chance that output in l»vr was i rewwu 
i revenues will provide a net to came to fruition. We are at barrel a day instead of the fore- 
current account balance of pay- the beginning of an amazing cast 875,000 °; a : « _ nt 

■ raents benefit of £2.Sbn. this success story, not at the end.” Dr. Mabon s . d *?*°2 slr ?v, , ip 
year remain unchanged, accord- During January about 3 7m. confidence coincided itn a 
ing to Dr. Dickson Mabon. tonnes of North 'Sea oil worth- warning from Mr Ulf LanNdke. 
Minister of Slate for Energy, over £190m. were landed- - In executive director of the Inter- 
Fort berm ore, the Government 1980. when the UJKL should '-be national Energ> Agency, 
is still 

revenue, gained 

and taxation, io »'“*'• wonu siw. • a UBJ ai vunsiu (hair nmriiirtinn 

S5bn. during the 1976-1980 prices. Dr. Mahon went on. By be able to boost their production 
period. Most of this money will the early 1980s Government t0 meet an j k? nL mWiMk 
be received in 1979 and 19S0. revenues from North Sea oil mand for crude by the m id-iSSOs 
Dr. Mabon critieised recent production will bg of the order Mr. J^ n 'S£J a> * l !f al h t ® 

gloomy forecasts about North £iOm. a day. demand OPEC will have to 

Sea benefits when be spoke at Dr. Mabon said tbe oil taxation increase PJ°£ u g?°“ _ b *L 
a seminar on energy and the system had been designed ^to gw of SLt \£cF ^But 
environment Jn London, organ- allow operators to recover 1/5 the P««®"t g***; JJJJ 

ised by Sphere Eviromental per cent, of their development sound economic najjMj* « wilt 
Co«u Hants. costa before becoming liable for not and cannot do this. In a 

He recognised that in the past Petroleum Revenue Tax;- In b ^S rD und ener^ paper he 

few months there had been some addition, operators were allowed WS the calculate that 

slippage in development pro- to produce 10m. tpnne*. of oil opBC- will make available a 



only 66% 15 

By John Elliott, Industrial 

succeeded in creating anly-t 
thirds of the jobs bopc&- 
th rough selective regional 
tancc schemes operated 
the Industry Acr. 1972. 

Thin nmpiwin, Imm n.» 

grammes and that bad weather from each field before becoming maximum - nl T between 3wp. and 
had resulted in a drop in pro- liable for taxation. # e 40m. h/d by the “id-lMOs-weJl 

North Sea report from short of forecast demand. 

duction but it was still expected A new 

Key sectors aim to double 
predicted growth rates 


manufacturing which predicted a real rise of and fluid power equipment sec- 


sectors have set themselves 3 per cent, this year and one of . tors are aiming for 6 per cent 
ambitious growth targets as 1.5 per cent in 1979. a year, machine tools and pump* 

part or the industrial strategy Top -of the . growth targets atlJ j va i vos 5 per cent., industrial 
programme. table, according .to progress re- /f orkHft) truc k 5 4.5 pe r cent.. 

Most of them— they include ports being published this week . min i nB M uiomenl * per cent 
machine teals,- construction from the various sector working and minmg equipment - p r cen . 
equipment and mechanical hand- parliesihvolved in the industrial Only agricultural equipment 
ling — expect ‘volume output to strategy, is .the construction manufacturers. ..forecasting a 1 
grow at double the rate forecast equipment industry. It is aiming per cent, yearly growth rate, and 
for the engineering industry as for a. 7 per cent yearly growth mzrine equipment producers, 
a whole 1 - in yeitertfajfa review rate tip to 1980. ’ who Expect d‘ fall of 6 per cent., 

from the National Institute of Over the same, period, tbe do- not share the; genera) 
Economic and Social Research, mechanical handling equipment optimism. 

and Industry Sub-Co mmlttiet^ 
senior civil- servants from 
Department of Industry. 

But the civil servants mad$ 
clear 10 MPs on the commit# 
that the results were based Ott 
on a sample survey. * 

In addition, the DepartaR 
did not consider that the restt 
were necessarily had and sai fid 
written - evidence to the eta 
mittee : M In our view, civet) 
severity of the echnomlc teta 
slon. this is a sfttisfaefa 
achievement.” - l» 

The survey was carried tat 
last year for the Public Accmat 
Committee and its results m 
based on an examination- of- fife 
In the Department of Intftqtig 
regional offices and their eonh» 
lents in Scotland and W aleefep 
The results have. caused add 
dispute in Whitehall because th ? 

survey did not involve ui l ; 
detailed research and bccausttai/ft 1 , • • 
attempt was made tp equate ih i". ' 
two-thrids results aeainst * 
cost parameters set by ^ 
Department. . 



onaHyvr there 
re .damage cost 

A llied "by The 

►Power sector *- working patty 

deal keeps 

By Our Northern Correspondent 

MECCANO, one of Britain's 
best-known toy makers, is to 
continue production af its Binns 
Road, Liverpool. ' factory and 
abandon plans to move else- 
where, following a d&l worked 
out with Liverpool c«y counciL 
The company, bought byAirfix 
Industries from the Lines 
Brothers reviver in- ;1972, : said 
'dx weeks'ago that It ^ would move 
LjUjr- Bhyton . and - 1.1 00- 

strong labour force hf about 400 
as part of a re^org^iisatioTi pf 
the Meccano subsidiary, which 
ha« been losing money. 

Tbe new deal, wblijh has to be 
approved by Liverpool city 
council, involves the bur chase by 
the local authority ef the free- 
hold of the Binns ratad site for 
£275,000. It will thm be leased 
back, to Alrflx at an annual rent 
of £35.000. ; 7 

Tbe company would use tbe 
cash generated by tbb sale to re- 
develop the site ana some pro-] 
duction will have :lo be tem- 
porarily relocated. The pro- 
gramme- of investment in new 
equipment will go ahead In the 
rebuilt premises, supported by 

pants from the Department of 

industry. . 

The company's derslori-to stay 
in Liverpool should result in 
fewer jobs being lost; with -the 
main putback- falling, on part- 
time workers who . represent 
around 300 out. Of the. total 1,100. 

Students’ chief 
urges review 
of grants . 

Output of hydraulic 
parts may rise 6 % 

MANUFACfTURERS of hydraulic pneumatics sharing the business 
and pneumatic., components are at tbe present ratio of about 
set to raise output by 6 per cent 70-30. 

a year to 1980. but it would allow The working party suggests 
them to maintain only their that the industry's structure 
present levels of. employment could change during that time. 
A growth in numbers employed Some companies have set 
“will be ’ modest” writes growth targets which would in- 
Kenneth Gooding. volve them raising market share. 

" That is made dear today with Jim Si^wS^traied 

the publication of the Fluid P roduebon will be concentrated 
^ - in fewer companies, at the 

Fuel saving 
claim for 
new Capri 

Terry Dodsworth. 

Which has ten iwotod in’tiie the les * efficlent 

industrial strategy programme at pr Sr“ c l 1 ^i rfln ,. 

Sln^OffiS 1 BC0D ° miC DeVel ° P ‘ 

'Die output objective includes g,™ power ° i^dnst^ 
an estimate that direct exports nura ber of very small companies 
by the mdustiy must grow at t, ave entered the field who find 
between 8 to 10 per cent, a year j t difficult to provide adequate 
if It is to maintain its position after- sal es service.” 
in world markets yielding £73m. The working party “ welcomes 
to. £79m. in 1980 at 1976 prices, the move by some companies to 
Total ontprut should then be co-operate on reducing over- 
£227m. to £233m^ representing lapping product ranges, thus 
a growth after Inflation of 6 per raising company level product 
cent a year, with hydraulics and specialisation.” 

Wales launches bid 

to attract * 

- : , . r t _ ~ Vc .v, 


Development Corpora- 
ed in ihe presents- 

THE DEVELOPMENT Corpora- ’ Tbe , _ . 
tion for 1 Wales yesterday tion was backe 
launched a two-day presentation tion- by the Welsh Office, the 
in London to advertise the attrac- Welsh Development Agency and 
tions to a company of moving to the Department of Industry, 
the principality. - The exhibition, 
is part -of its effort to attract 

lotor Industry Correspondent 
rd launches the third genera- 
n of the Capri to-day. Main 
/changes are to body styling. 
Body Changes include- a new 
grille incorporating Tour Head- 
H&ttts. 'h’ wraparoUnd bumper 
and dfcep front spoiler -which. 

; Ford ' claims, gives^ Improved 
tfifttttffy and a consequent In- 
crease in both top speed and 
Tuel economy. Interior trim and 
some steering column controls 
have also been changed. 

Service intervals have been 
extended, with an interim at 
6,000 miles and the first main 
service at 12.000 miles. 

Average price increases are 
about 2 per cent, though the 
coat "of the luxury Ghla models 
Is unchanged. - 
The first of the present 
Capri series was sold In Britain 
in 1969. the second generation 
being -introduced in 1974: Sales 
worldwide have topped 14m. 
The Capri was' originally p*o=" 
dared alongside the Escort at 
the BMeMjood,^ Liverpool, plant 
as*Befffi&at Cologne, Certn&hjC 
jarodocUoft wstf’ JaTclc-1 
moved io Cologne. In order to 
Increase Escort outpnt 

Jiu^nwepb^fipepad, In 
spire fi toe freed capacity. 

■ Air production of Hie Caprf 
-will con; tune to be In Cologne- I 
In 1977 the Capri range was 4 
seventh -'in the U.K. sales-’ 
leajpie, taking 34S per cent, of 
the -market. 

The civil servants were lrflnj 
questioned yesterday about their, 
public expenditure e£timates : f« 
aid to industry and faced some 
criticism about whar the Jffj 
regarded as a lack of precraof 
about future needs. But tbg| 
answered that this was parti) 
because the problems of com- 
panies could not be foreseea. . 

The Issue of the success qt 
the regional selective assistant* 
arose when the MPs were trying 
to assess the effectiveness of lt£ 
Department's various schemes^ 
This form of assistance ■ 
designed to help projects. 
will create new permanent johr 
in assisted areas and is separate 
from schemes armed at malfc 
raining existing jobs and from' 
general regional- development 
grants. • 

M It has recently been estslx 
lished that for a sample of ca 

from alt regional offices $pr 
years;. the at 

over several years,. the 
employment achieved was at 
two-thirds of that forecast."’!! 
civil servants said ’ In titfir 
written’ evidence. 

. • ■■•SJtU 

Exporters fight - 
for Coventry * 

Financial Times Reporter f 
PROPOSALS to close Coventry 
airport are being opposed by such 1 
major exporters as Rolls-Royce; 
Massey-Ferguson, Courtaulds and . 
Associated Engineering. 

Yesterday, 25 of the airporfi ’ 
tenants formed five working 
parties to study operations in th* 
light of the 13 per cent per 
annum "expansion in aviation. 
They will consider increases in . 
landing and fuel charges and will ; 
estimate the> job equivalents of 
export business generated. _ 

Coventry Council transporta- 
tfon and highways, policies 
committee’s recommendation' io 
dose the airport next year ne<tds 
final approval by the city’s policy 
advisory body. 

The airport is losing £175.00iTr 
year, of which £75.009 is cam* 
tributed by the West Midlands 
County Authority.. . ■'< 


»i » 


tin s rept 

iTHE PRIME. MINISTER • will bet'- “We believe, we. have un- otder.a majbr "review 
ef- arrangements for 'financing 
students. Miss Sue'' SliPRia'n. 
president of- tbe National- Union 
of Students, said in . London 

Grant support was so inade- 
quate. especially for students on 
sub-degree courses, that It was 
often more financially attractive 
for them to go on the. dole, she 

The NUS is seeking a 2Si per 
cent, rise in grants. That would 
raise the main rate of under- 
graduate grant — for students 
living away from home, while 
taking degrees in places 1 ' outside 
London — fro nr-El.OW to £1,280. 

more industry. 

Yesterday’s part of the cam- 
paign was aimed specifically- at 
manufacturing industry. To-day 
the emphasis switches to the 
services sector. .... • • _ • , 

Senior executives from 65 
organisations .'.and ... coinphniesi 
based in. London, and the South; 
East attended- _lhe Opening 
presentation. * They heard "Mr- 
Douglas Badham, the Corpbra‘ 
tion's chairman, outline ' the.’ 
advantages of moving All or part 
of their operations “to Wales.-. 

Mr. Badham skid afterwards: 

It takes a long time' to convince 
a company 'that it should uproot 
its operation and move to. an- 
other parr, of the counrry. We 
do not expect as a result of- this 
presentation that firms will 
suddenly decide to come 'to 
Wales. But we want to ensure 
that then they get down to mak- 
ing the decision, -petaaos in' a. 
year or two. they know what we 
have to offer, in Wales. 

rivalled facilities,-, not just in 
land and a'dvance factories avail- 
able but in excellent communi- 
cations and superb after hours 
faculties to appeal to ail levels 
of staff.** 

Duty-free boost 

. BRITISH RAIL'S Sealihk ferries 
texpeefto carry an extra 150.000 
people to the Irish Republic this 
year— thanks to the Customs and 
Excise. • 

Starting yesterday, ship? and 
aircraft - between - tbe ILK ••and 
Ireland .are allowed !to ' carry 
duty-free' drinks and cigarettes, 
for the first time since the 
Republic, became independent. - 


'll, Wall'ng SL>. RMWL Tue.-Sat. 
10-5. cloaca IB Merer,. 

COLNAGHrs. 14. Old Bond Street. W.v. 
491 740S. A Lean ExtiiBItlOn of Works 
by SEBABT1ANO RICCI In- Britain In 
FUND. Until B March. Mon-Pn, 9.50-6. 
Sat. to-i. 

FOX GALLERIES. Exhibition of the paint. 
Insa bv Brrtish and European Artists 
tram 1 700-1965. S-6. Cork Street. 

London. W.l. Tel. 01-754 ZS2B. Weefc- 
(Uv» 10-6. Sata. IQ-t. 


bv POUTSY. 10-5. Sals. 10-1. UnM 
March 6. 

Fine Brtllsn and 


French MODERN 

40. Albamarla Street. PKCadlllv. W.l. 


t.Owngen_5t„J^ W.l ; 01 -245 .6464. "THE 


•17; WMkoavs Siu. -10.13. 

bp HI March 

T HACKS* AY CALL ERY. Th*c*wav St. 

Kensington Soulre. -W.E. 01-957 -5883. 
VETER COKER. R.AL unUI March -32, 

This announcement appears as a matter of record only 

European Coal and Steel Co mmuni ty 


US $20,000,000 per cent. 
Notes doe 1st March!, 1990 

Sodete Generale de Ban erne 

Salomon Brothers International 

European Banking Company limited 

February, 1978 

%>■ Marc*. 

Financial Times Thursday March 2 1978 



■t _■ 
h’i< > 


i ■ . 


i U ' 





U : ■ - 

Scotland has 

er share 


IF*- 1CIAL figures released 

estenlay confirm that Scotland 

i*n been receiving a dispro- 
portionately larse — and in- 
reasiuR — share of total U.K. 
ncia trial investment ia recent 

Scotland' share of fixed 
apital formation rose from 9.8 
■®r rent, to 12.5 per cent, 
etn-ecn 1971-1975. This com- 
'ares with a share of gross 
wnesric product which rose 
•illy slightly to 9 per cent, over 
be same period. 

The quarterly Economic 
inlletln published hy the 
•cottLsh Economic Planning 
leparfmpRt in Edinburgh says 
hat offshore investment is 
raludi-d from the figures, but 
•iishorc . iuicstment dircctiv 
elated to the North Sea oil 
adust ry is included. 

. A table -shows that there were 
arge increases in investment 
. n manufacturing and in pab- 
icly financed indnstries such 
is mining, gas, electricity and 

The figures help to explain 

i he buoyancy shown by the 
Scottish economy in the early 
part of the present recession, 
particularly in construction. 

This advantage seems to be 
disappearing and recent indl- 
caffons are that the Scottish 
share of Investment, could be 
fall lug. . ‘ 

Regional policy and efforts 
to attract foregn investment 
into Scotland, as well as the 
stimulus given by . oil. In- 
fluenced the trend to higher 
investment in Scotland notice- 
able during the 1960s and early 

The Scottish share of U.K. 
manufacturing investment rose 
from 8.4 per cent, in 1964 to 
10.4 per cent, in 1970, although 
it fell slightly again* in the 
rerlsslon of 1971-72. 

Fixed capital expenditure per 
employer in Scottish :manntae- 
taring industry rose --from 
parity with the UJK. at £146 
in 1964 to £647 in 1975 com- 
pared to- a figure for Britain 
as a whole of only £462 — a 
gap of 40 per cent. 

RAF to 

By Michael Donne, 

Aerospace Correspondent 

THE RAF is to buy up to nine 
second-hand VC-10 long-range jet 
airliners to supplement its aerial! 
tanker refuelling force. 

_ The aircraft will come from i “ ' < Boeing 747s i. It would have i "mays’ cnrtn 

Airways. Gulf Air and!™' £“ n f ° r . , hc 'T™. “ r ‘ , floor,™ of hotwoen 40.000 1"*" 

Economic case for 
Heathrow expansion 


THE DEVELOPMENT of a £50m. part of the overall strategy, in- 
fourth passenger terminal at eluding Further expansion at 
London's Heathrow Airport is Gatwick l to 25m. passengers a 
essential if London is to have year), Stansted (to 4m. a year) . 
an efficient and adequate air- and Luton (to 5m. a year l. i 
ports system by the late 1980s. “A diminution in the ability i A ^"TT- A PARTHEID pickets de- 
the British Airports Authority of foreign airlines to operate ,' n,onstrated - vesterda Y a * a,nst 
said yesterday. into and out of London, due ( 0 , Barclays' involvement in South 

Without the terminal traffic lack adequate airport capacity, I A fr, c». Some 200 branches were 
would have to be diverted to would rebound upon the ability ma’nied the organises 

airports outside London, or even of UK - airlines to operate ove^LjJJ* d J* of h f p'Vt 8 !*! 8 !? 
to the Continent, with a conse- seas." the authority says. ^LJSZ'iJu 

quent loss of tourist and business . The. proposed terminal would l ^oarthefd^. ^ - 

Pickets in 
protest at 

By David Freud 

loans warning 


j traffic to the U.K.. and long-term be able t0 accommodate uo tn j ^oanneia . .Movement. kickpis has not. as the Government has 
I damage to the economy. 20 of the largest aircraft in use ! Jj* nd . Pd ? ,,f appeabns in ■ stfgcesfert— depended on fechni- 

t Th(f nian rnr rh*> fn.irth < Boeing 747*i. It would . have i ^relays customers to withdraw r«r fa e»ors associaieri .with the !?■“' 

and 45.000 square metres. 

The increase in employment 

North calls for aid 
to cat jobless rise 


East African Airways. T^ey d ” igned !° “T/"* *“• 

be converted from airliner to ! L 2JX. .* d EJJf rue increase empioymeni 

anker use by RAF technical : p a e * s ^™ s a year is » be* the resulting from it at Heathrow 

teams and should enter service •JJSct of PlJSnlnE wou,d he 3,WW 10 6Sm workers 

m about two years. JtaSlS- .t a date rot to .™S7- sivina Heathrow a 

They will supplement thejio late May. 3J» a .5\rt’ Urn emp l°^ men t of about 

Victor aerial tankers used to re- ^ ‘ .. , 

fuel the RAFs strike forces , e EAA make >• clear The authority suggests that the 

includi4 Phantom and Lightning ! iJjte-V 1 ? 1 WiTT 1 ne "’ noisc i, ? pact Iess than 

aircraft. *1 terminal to be vital for the con- many have feared, especially 

n ... . . . . i venient handling of London's since when it comes Into use the 

.'■'Jlf °. f n,a, n roles of the air traffic through to the end of older, noisier jeis will have been 
VC-IOs in the j.980s will be to [this century. But it was' only phased out. 

refuel in mid-air the Tornado | 

multi-role combat aircraft, now I 

“^riSe’SSK”n!Sn , SSi , ite i Rank may buy council office 

air defence version. j XEROX is negotiating in the 1970s. Berkshire’s popula- 

m « k fly over the | with Berkshire County Council tion was expanding and larger 

Atlantic to hunt fort to buy the council's £25m. offices premises were planned to allow 
intruder aircraft. and will needi aow being built outside Reading, for expansion. 

AUTHORITIES facing rapid grown at a year-on-year’ rate of 
monetary growth are likely to be 13 per cent, in the mid January.” 
forced to restrain bank lending The. growth in the money sup- 

to the private sector, say stock- ply reflects an increase in the 
brokers Phillips and Drew. -rate of expansion of personal 
The firm says that sterling -sector liquid asset holdings from 
M3, the broadly defined money an average 10 per cent, in 1977 
supply, expanded at an annual ' t0 15 P er <* nt - rear-on-year now. 
rate of 16.5 per cent, in the ’ This rate of growth in per- 
three months from mid-October, sonal sector liquidity threatens 
. The strength of the expansion 10 eDCOUra r Se the over-rapid ex- 
Picket* has not. as the Government has I®”* 1 ™ 1 oF consumer spending 
” ' the L.h. hnanctal structure 

adapted tu allow authorities 

M3 Ltd'. io iVs^^The Phi flip" arid 1n contrul growth of personal 

t. . r, ' ... spt*tnl- linuiri Ph line 

demonstrations opened a . Drew 1.1 -figure*, which provide sector Jipuid assets, ssjs Phillips 
i's campaign against South a wider measure of liquidity. * n The ^ ( c nn Qf ^ 


term savin cs bonds available to 

SUBSTANTIAL injection of 
•gnmal assistance to reverse 
i- ri-in>: trend in unemploy- 
i»:nt in the area has been urged 
y the North of England 
•eve Input ent Council in its 
I'ivnnntic review covering the 
tree months from last Noyem- 
er to .1 .unitary. 

Tt points out that general 
•flalMip of the whole U.K. 
rnnoiny cannot begin to solve 
le drop-seated unemployment 
rnhlent- or the region. 

Although the North's problems 
re particularly concentrated in 
irae l««d spots — Wcarside has 
itire than one man out of 
won unemployed; Tyneside is 
bnui lo he hit by the lay-offs 
t Swan Hunter : Hartlepool by 
■ritish Steel Corporation redun- 
.incie 1 - — iis jobless total is not 
ii'y growing, but growing faster 
u:t for Britain as a whole. 

• Thr gross national product for 
•rii-uin is expected to grow by 
>..»ut n per cent, the year, allow- 
i4 ..national unemploymcnr to 
i* held at about 1.5m.. but un- 
mplojment m Ihe North is 
\p« ricil to reach about 9.7 per 

cent, by the end of. the: year, 
compared with S.7 per tfezft . qt 
the end of 1977. 

Such a high -figure by Decem- 
ber would - imply that lor* men 
the proportion out of work would 
be more than one in every nine, 
though the total would be a lot 
worse in the problem areas. 

The associated problem for the 
North is that the division be- 
tween cyclical and structural 
unemployment is becoming in- 
creasingly . blurred, with the 
latter becoming predominant. 

At best the region’s develop- 
ment council expects a levelling 
ont of the cyclical factor during 
this year while structural unem- 
ployment continues to rise. 

Turning *o assistance front the 
European Regional Development 
Fund, the council shows that the 
North did better in securing aid 
than any other sector of the . U.K. 

It received 29 per ceuL of the 
total assistance from the EEC 
to ihe U-K.. with only Scotland 
( 2fr. .per. cent A being j« ,^ts 
allocation. Even the 'evwoly 
depressed Northern Ireland re 
ceivr.d only 15.6 per cent, of the 

regular in-flight refuelling by 
long-range tanker aircraft 

The VC-IOs will be based at 
RAF Marham, Norfolk. The RAF 
already has a fleet of 11 VC-IOs 
for passenger transport duties. 

The RAF has been looking for 
additional tankers for some time.l 


African policies by the move- ; 'nrticalc strong 

merit wlvch wiU peak in two expansion. ' r..„j • 

w’eeks' time with the* M'eek of 1-3 is defined as ihe sum of funds ,n tbe P er- 

action oraaoised bv ihe Interna- 1 sterling MS. U.K. residents’ so i™. s “ l ° r - 
lional Con federal inn of Free ! foreicn currency deposits with Th I? V?, eans J , J l ^ e 3l | tbori ; 
Trade l ? ninns based in Brussels! ’he banks, bnildm" wpu- do. U ps "itl prohalilv be o.diged 
and backed by the TUC. (posils (evchiitinD ihe sor>i» f »es‘ s,,,, n tv a , «n ,, i a policy of re- 

The Ami-Apartheid Movement « own ftepo««le »* i«h 'hp hsink s n- «irami on bank lending tr> the 

London's since when it comes into use the 'has ocpo«“d Barol^vV involve-; system r. N»t<unal R»vm»« «n«i privaie v>e!nr. in spile of the 

nient in South Africa .since the'lndurtriai: copipi*rci a | ^ n d ipHi- disadvantages of such a policy, 
pressure group was formed 18 : virtual hoTd<ncs nf h*c;*l !* ,bf ’- v 10 curb the growth 
years ago. JmithnHtv denn«i» e . i n liquidity in Ihe months 

T . I deposit*:. Treasury - Bills and lax ah-iad." 

again f t , tbe baQ,c 18 1 instruments. Stockbrokers Sheppards and 

in at Barolavv \ TllP VWMin.rMr evn^nsinn Chase . are Sceptical about 

hLc* h ni' S °¥ tb 1 rale, of T-3 in. m>4-1anii;iro .>v»* technical factors as an csplana- 
a t Iar r est ? ank L ^ ; ITS ner c*nt^ with 1100 for recent M3 gxpan- 

over.’-** r-rp* »*f ms per cent. sion. 

tty s State-controlled industries, recorded last autumn, says the “ Although there were many 
thus sustaining white supre-j^nr, special factors in the money- 

m i cy ' i . _ . Even if the whole of the supply statistics for December 

Barclays said yesterday it • :„ rrr .^^ n in sterling M3 since aQ d January, the greatest of 
doubted whether the demonstra - 1 Vnvemher were due to banks’ these was heavy gilt sales. The 
tion would have any effect . on ! n-^nHnw dressing and other tech- figures are. therefore, as bad 
account-holders. After similar i factnr*! — an assumption as they look, and should be bud 

events in the past it had never I which is implausible — and this again for February when gilt 
experienced undue loss of i were stripped ont of the sales were minimal. Prospects 

accounts. . 'L3 figures, L3 would still have so far for March are not good.” 

The company approached the The subsequent decline in 
council with an offer for the population and council staffing 
offices as a possible new bead- levels has made the new build- 
quarters location. ing too large. The proposed 

Berkshire Council is consider- deal has still to be approved by 
ing the. offer as the offices are the Environment Secretary and 
felt to be too large for its own is dependent on the council find- 
needs. When they were planned ing a new site 

u Ainu- I Vi'pcucuitru uuuue JUdb UL 

(accounts. t (La 

>:*qp* •• ■ ^ v^irwv.v.’p-c • ; x - 

, ■ ■ " “jV/ ' </, a s " . •’ 

."-l. »t* 

Winter holiday spending up 

ilHTONS have been spending 
i.m* nn winter hoinia,vs in this 
nuntry — but less on Christmas 

This is one inference to be 
fawn from the Government 
.iirrws statistics covering last's final quarter. They show 
tin i spending between October 
ml December .in hotels and 

holiday camps ro.-c b> mure than 
a. fifth, maintaining the steady 
year-on-year expansion sine 
I96R. London hotels benefited 
particularly from the swing, it 
is thought. 

Spending in public houses 
rose by a tenth, the same 3S 
last year and in line with the 
historic trend. 

Tether ‘proud of his 
coSumu’s reputation’ 


|R C GORDON TETHER, dis- forred to him as the newspaper’s 
iisscd by the Financial Times catalyst, and MBttw w ■ 
fier controversy abiiut the con- rt-vnluhonary. swing thc iniprw- 

rol bv Mr Fredy Fisher, editor, sion that he was a wtldwd man 

ver his Lombard column lold a Sonicrimes. Lord Drogheda 
.nndnn industrial tribunal would comment on h» articles 
isicrday that his regular He remarked on an. 
cature had achieved consider- Press freedom: We nd ght not 
n’c si ai u re end reputation. A like it, but it is something inat 
urnuT chairman had referred has to be said. . 

it him as the newspaper's Mr. Tether said he was happ. 
,iTn!v<r in his job and enjoyed doing il 

Mr! Tel her. 64. seeks re- He liked the kind of writing he 
Astairmcni. and claims he was was doing It was worthwhile 
•nfairlv dis-misscd 16 months in the sense that he vcnttlattd 
j, issues in the public interest; 

He s.iid he had worked with much of it was crusading work, 
-r Gordon Newton, who became He had conducted campaigns, 
dllor in 1950. without He was almost the first writer 
l.fti«rcnci\s Of any kind between to put currency decimalisation on 
hem. The aran gement was that the map. He bad done much 
h- <-11011 id develop the column on crusading for the third world, 

■ •%iiun. There tva* no provision at a time when their problems 
ir consul* 'it ju ii on Mihiocts he were almost unknown in this 
» n*!*." ahmit. Sir Gordon had country. He became a champion 
firmed in evidence that he o. third world peoples. 

»uld nut rcniemlier consulting Mr. Tether claimed that he 
uni <>n subject matter or haMUg played a ruajnr part in inrroduc- 
li^igrcrd with hint- ins the incomes policy issue io 

i cunsiiliaJion after the ihe laic 50s. 
nlmuii had hern written, he Hu had found his work parii- 
•id there was nn provision for cularly enjoyable because his 

•;r Gordon m vri hi-> articles, readers, as far as he could see, 

M; William Wells. Qt:. ti*i- liked it loo. Many people dls- 

mhrfl ch. uni Mil. Mid ttmL as approved of what he wrote but. 

af a.<, he remembered, Sir on tiic whole, few disapproved 
•I'ldyn's cvidepre was that he because they thought the subjects 
iibiteil Mr. Tethers copy if should nut have hcen wTittcn 
‘■quirt-d. about. Even those vnn ohjcctcd 

'Sir. Tether repin'd that con- generally appreciated the fact 
■(fivtum was a feature of the. that issues were being vent!- 
iftma! and usual procedures bled, 
ivted tn the Financial Timcs's 
mticc of appearance to hi* claim One of the Few 
lit-inq relevant to his d«s- 

Tii* 1 point he was making As far as the Common Market 
is*, there was \erj - little was concerned. his work 
*un mi nation between Sir Gordon attracted eunsiderajlo interest, 
md hmurlf partly because he was uOe of the 

It was rare fur Sir Gordon lo few jmirnallsls— alniOsl Uiv only 
fP, him to lay »ff a l..r journalist -it the end— who took 
ubjcct Bui he remembered an anti-mark;'* 
hm- nst.ip. i* when Sir «ivrdnn cu>scu issues in a vray tha lh-^ 
tainted ft mi tu lay off the were nut being discussed m ihe 
-ofrminn Market f»»r a white. !'i«p«* av a wbu.c. 

7-^! protected then that thi*- i».iv His toluiiin was a * .'J.i 

ilu- f..'k or h,- loiiliun paper. Il .irlll*'»ed , n ‘* 

Sr i..- T no; aware tti-.t Sir rtature and repula Hun and hr 
i" ■ .‘v lie was proud of it- 

- K-K SK^'iSg 

^ w 1 - w 

tus column. He hail re- until to-day. 

The new Dodge 300 Series is a range of tough 
36.5 and 38 tonne GCW/GTW trucks built for hard 
work on punishing long-distance routes. 

They're fasi, but as they eat up the motorway 
miles, you’ll find the 300 Series trucks give you 
a high performance with impressive economy. 

They’re dependable. The Chrysler 1 1.9 litre 
turbocharged diesel. Fuller RTO 9509A nine-speed 
range-change gearbox. Lipe-Rollway twin-plate 
clutch and Chrysler double-reduction axle are a 
power-packed combination already proven in 
rigorous reliability trials in Britain and across Europe. 

And they’re superbly comfortable. 

The 64 e tilt cab is roomy and well designed and is 

impressively equipped, giving drivers everything 
they need. Standard fittings includea suspension ' 
seat and even a radio. The R38 modds have 
sleeper cabs. 

The new Dodge 300 Series range comprises: 
R36: 36.5 tonne GCW tractor unit. 

R38: 38 tonne GCW tractor unit. 

R38D: 38 tonne GTW drawbar rigid. 

All are backed by Chrysler’s new heavy-truck 
warranty package which indudes 12 months’ 
unlimited-mileage on the entire vehicle, plus 
a second year’s unlimited-mileage warranty on 
designated power train components. Full details 
available from vour Dodge truck dealer. 






5i per cent Sterling/ Deutsche, Hark Lean 1980 

On behalf of the above Syndicate. S. G. Warburg & Co. Ltd. 
hereby gives notice to Holders of the Bonds representing 
the above mentioned Loan that the Syndicate has elected 
in accordance with Condition S of the Bonds to redeem ail 
outstanding Bonds on 1st June, 1978 at 101 per cent of the 
nominal amount thereof. 

S. G. Warburg & Co. Lfd. 
as Principal Paying Agent 

2nd March. 1978. 


Dense and Popular Republic ol Algeria 

Ministry for Industry and Energy 

Marketing Division 

Departement Realisation Infrastructure 

international invitation to Tender No. 6/78 

SONATRACH is launching, an international inviracion to 
tender for the supply of equipment for the construction 
of 300 (three hundred) service stations which will include: 

— 1st Iocs. Equipment for: 

— Cleaning-lubricating workshops 
— Equipment for parallelism 
— Equipment for wheel-balancing 
— Equipment for headlight monitoring 
— Automatic washing installation 
— Associated equipment 

— 2nd lot : Seamless tubes 

— 3rd lot: Piping 

— 4th lot: Electric equipment 

— 5th lot: Safety equipment 

— 6th lot: Metallic furniture 

interested companies may obtain the tender documents 
for the whole of this tender or part of it. as from the 
publication of the present announcement, against a pay- 
ment of Dinars 200 (two hundred dinars) from: 
SONATRACH — Division Commercialisation 

Departement Realisation Infrastructure 
Route des Dimes — Base ALCIP — 
CHER AG A (Algiers) Algeria 
Tel. 31.12.03 to 08 • 

Telex: 52*09 — SU97 — 52J93 — 
52.969 - 52JT9. 

Tenders, together with the relevant usual references, 
should be sent by registered mail in double sealed 
envelopes to Enrreprise Nariorale SONATRACH. at the 
above-mentioned address, the inside envelooe clearly 
addressed as follows: *" A NE PAS OUVRIR — 
SOUMISSION — ■ A.O.I. no. 6/78 M not later than 
15th April, 1978. 

Tenderers remain bound by their quotations for a period of 
120 days. 

Tenders which will not respect the above-mentioned 
indications will not be taken into consideration. 

Democratic and PBnular BepuDlic ol Algeria 

MINialKY Oi- LiGHi iNUUai kim 



SONIC % juixlung an inunutional invitation to tender lor 
comtrucb-n V a minufacann* un>r of noble carbon oapar and 
• single ale ‘ eirbon paper. 

Interested comoamu may obtain the tender document* from: 


64, Rampe Ali Haddad (Ex. Zaatch^) 
El Mouradia, Algiers, Algeria 
Tel: 66J8.00 — 01 and 04 

Telex 52.933 

i^mit a pivmeni ol Oman 200 (t*ra Hundrvd dinan). 

Tendars. apilw *ritlT the -eieram vivai rateraiKM. ihou'd be 
sent m doub e leaien envelope* w Monsieur is Ore-iieu' Ginfrai. 
SJNIC si the addrait *bo»«. the inside envelope -**-ly add-ewtd 
u follows: "SOUMISSION — A NE.PAS OUVRIR — . P-o|et 
Compi-ite dc li anslorinipon de Proimu aiprtier* et eei<uiQsieu-s." 
Ts.-idvi liquid Sc stnt nai Ute* thn Mir 30. H"8. the aounta-K 
b: n- uien is evidence a( ihr date of posting. 

Ttnderens -eman bound v- *hci- qaorafran *«- 1 •**■■ >ed or U0 

Democratic and Popular Repu&ilc oi Algeria 





SONIC •» iiuncti'ng an ■ncemacianal iiwtsaoon to irnilj' (o» »hs 
construction of a manufacturing unit of paper for reprography 
Mtiaso-copy protest). 

Interested companies may obtain the tender documents from: 


64, Rampe Ali Haddad (Ex. Zaatcha) 

El Mouradia, Algiers, Algeria 
Tel: 66JHL00— 01 and 04 
Telex 52.933 

agunit a payment of Dinars 200 l two hundred dinars). 

Tenders, uecther with the relevant usual referanaes. should be 
sent in double miM envelopes to Monneur le Dirtcnur Glni-ai. 
SONIC et the address above, th* Inside envelop* tleariy addressed 
as follows: "SOUMISSION — A NE MS OUVRIR Projet 
Com plena de Transform artbn de Produlta papetlert at eelluloiiqies ' 
Tenders should be sent no la»r than May 30. 1978. the Denmark 
being taken st evidence of the dace of posong. 

Tenderers remain bound by their quotation* for e ptnod of 120 

semecraiic and Popular RepuMSc ol Algeria 




SONIC i, launching an international inviutmn to tend:' far rhe 
suPP'y ol equipment for the mjnulKfure of paber articles. Th* 
tender content the following equipment. 

a umi of machines fo- tlw manufacture of waved paper 

a" unit of Mash-net for the m inufacrjra of gum pape> 

—4 unit of machines for the manufacture oi :amplc» pipe s. 
Interested companies may obtain die tende' document* from. 


64. Rampe AH Haddad (Ex. Zoaccha) 

El Mouradia, Algiers, Algeria 
Tel: 6638 JK} — 01 and 04 
Telex 52.933 

itJ’ns: a oavmen: pi Dina’s 20D t:*a hundred d‘n*-*l 
1 :- 0 .-i. tojith" with tV r-ijvant usual -«f«ren;e». shauld be 
s-ii: -n deubio «**>d c’n.'iu.i ;o flanvrii" if D racts-ir (Jr-ie-a'. 
S-MI-. *• sh. add-eu above, ’.hi -nude enveloa-' Jwl* add'nitd 
as i3!ows. "SOUMISSION — A NE PAS OUVRIR — P-ojct 
dr T-ar.s!o’m»ti3r dr P-gdn:i oaperiert ;t a - i'u'oi c-ics. ' 
Tende -t sh.-ild tr.? sen: not ia«-r- -h«n Ma* ID. IV? 8, tn: aastma-k 
re tak-ii a: c*idrmc o f a the dare ol patting. 

7-r,d.--t.-i rema> - bound Sy the. - quotations • P;-'4d s* 1 2C 


U.S.$ 25m. 

_ _ \rtnancial 

■jr> r 



T rafik AB Grangesberg-Oxelosurid & Co. 

; 8i per cent, capital' notes 1932 
i Holden o> cbo above notes ire advised 

that the annual report and accounts 

for the year ended 31 k December, 
197/, oi* SpiraituHn SOS arc avail- 
able at cf» offices of Manufacturer* 
Hanover Limited. 8 Princes Street. 
London. EC2P 2EM. and at :ba offices 
of the other paying agent* act 'out 
on the note certificate. 

MPs urge £60m. boost for 



Notice le HWaciy of S esr- «W 
Converllb>e IhatoiM Loan Mock 1980 
IIUTtfltSl PAYMENT No. ta 

notjce >s hereby given thei 

Uie Loan Stork miner at me com- 
pany be Closed tram tfi to 29 
March 1978. both eev* inclusive, ana 
that warrants in oavinent ol interest 
in respect ot -be halt vear enotno 
II Msrrn 1978. amounting to U 50 
•KSS IOj at the basic rate) ntr C.10O 
nominal of loan cock, will bo oosten 
on 29 March 1978 lo Ketkltalcres 
rcgisaerco on IS March 1978. 

8r order at the Bonn: 


RetHUeretf OtHee: 

40 Hal born Viaoact. 
London. EC1P IA'. 

1 March *978. 



Option offer to Shareholders In purnance 
ol Article 244*. Italian Civil Cone 
NOTICE IS GIVEN to toe shareholders 
that. In pursuant* ot the resolution 
anted bv an Extraordinary General 
Meet mo -ol Shareholders on Srd OUMtr. 

THE COMMOXS select committee 
report on tbe British Waterways 
Board — whJctr is sburply critical 
of the role of Mr. Denis Howell, 
one ' of tbe environment 
Ministers, and bis Department — 
urges an investment boost for 
waterways of £ 60m. over 15 years, 
-The canals are a “steal poten- 
tial Era os port -and amenity 
asset 1 ’ to tbe nattes, the MPs 
say in theii report But for the 
past eleht years, thev claim, 
there has been 'a '‘■deplorable ” 
fiulf between the Government 
and the nationalised British 
Waterways Board, with lack of 

trust and much misunderstand' 

Delays had led to a trebling in 
the amount or money needed for 
“ urgent ' maintenance involving 
public safety/’ Mr. Boo Bean. SIP. 
a Labour member aF the commit- 
tee. yesterday amplified the 
potential dangers! Some parts of 
the waterways system were In a 
very dangerous condition, he 

Under the Transport Act 196S, 
the Board owns or manages' 
about 2.000 miles oE waterway 
in England, Scotland, and Wales. 
Of tbjs.359 miles are classed as 
conunercia!, 1,071 miles as cruis- 
ing and o/O miles- as unnavig- 

Latterly, the Board has been 
unable to fulfil Its statutory res- 
ponsibilities. in evidence to the 
committee, it said that- “finance 
sought by the Board has been 
constantly denied/’ This was a 
“most serious” chaise, says the 
committee. - 

jintU.1074 When consultants wfcfe 'shore tip before another -lock is for Uie appraisal of ®U Tfou, 1 
appointed to. study .tbe^maintea- Repaired, and so on. °f, » ^ A 

ance needs' of tbs waterways. " “Once' tbe case for funds to ( The inland Waterways 
The conclusions, in the meet the maintenance backlog tloo gave evidence that there «• 
Fraenkcl Report, were sent to the has been made out, it is the. task an error in Government statist! 
Department in January, 1976, but of " the department and the of about seven ti m es, 
details were not published until Minister- not to qutbhlc about The MPs bad no proof that* 
Novembers, last year* 13 - days aetaiiB but to ' use ' their best Environment Department’ 
hefore Mr. Howell was to- sive endeavours to get the money deliberately trying to play 
evidence before the committee, made available.” the role of waterway freighting 

The Praenkel Report confirmed li was Mr. Howell’s duly, as they did not believe that; k 
and vindicated the Board’s own sponsoring Minister, to fight to Department was. aware Of.-n 
assessment of' 1B70. Bur by last get that money; particularly seriousifess of the situatiojt^ 

November, the backlog of repair when it- was needed to fulfil a The ■ committee recoc 

work was sucb'that at -1974 prices statutory obligation imposed by that the Government 


EJ7.6m.— or more than twice 'the Parliament; . “Henceforth compile statiag 

original estimate— would be re- Maintenance work . ...was relating to in land waterways 

quired. To^dav the work would essential if the Board was to the- baits of the Inland Wiu 

. _ .... ■" • . li. . : .. mnnov tni-nnnn wave* enhmicci/m n . - -q 

i *977. th« ItiarQ ,'MXUI It to Be InereMM 
| from Lire 195.C00 million to Lire 585.000 
; million fv tne >mo« oi 780 million pala 
I sham vritn a iQmlral value oi Ur* 500 
each olierca to all snarohoipcri as. an 
. aptljn at par at the role of (mo new 
. *lM'«s !pr each old share help. 

Notice is iiso alter, that, at a mactino 
ncta on of ft Fenruarv, ISTS availing 
lisett ot> tne r,gh- grar’PB bv the Enra- 
; aremarv 0 i Snjreholrers held 
on l»a Getotfr. 1077. tha Board o* 
Directors at Elnsl<*rr rasoke: to ask 
ctiareiiFi-crs to mai-e simuKtceous rav- 
m*w* net onl, « the *ir« S.'tMIM [11^ 
i :cn;h*> et the new shares suMcr'bed at 


i the time ol taking i*e their ewtlon rionts 
hut iUo. ol a further 3.10tht 'three 
tenthsi el the Balance outstanding. ■ 

As dart garment lor new shares sun. 
; ■cr-hmi. the rr lore, shareha leers should na- 
8 TOthi i eight tenths) o< the value ot 
■each Th,re eonibaiert to Lire aoa. The 
i '’iri; ’ino_ 2 'ioihs ,rwo tenthsi. eam>vaMnr 
to Lire 100 ocr share, w'lt p# o*id at 

. ‘M tune ana m rhe manner decided Bv 
' rhe Boa-n oi Directors, to be mate 
■ =rown *n the man-icr oroscribei* bv law 
On ihe benaltv m laming, the notion 
i right must tc ta^cn ud -n ihe ocrloa 
fSZl 701h aer-ruar, 197a to 24th MMH 
'978 inclusive. 

' ,a, *hken uo gut subscribed ov 
I IRI will be hem bv mem at the disposal 
. Of those Sharahoi-en entitled thereto for , 
• ? mavimoifi o> h,e scan with tbe effect 
: irom ‘he rlosmo date -or the oetlon offer 
1 w Th S rc f?'Jt SP oroffentotlon ol Couoob 
1 No. _7 o f n ins ide, bearer share eorrlbcates 
I together with an aobllcatlon. to be made 
,hv 74 Jh Karen ioai. IRI will assign 
the same ouantltv o' Finji dec .shares as 
I “no snanthol-er wool- have reteiveH 

l ^ cverfic-- h*s airman, aga'n., oavmenr 

1 “ Lir e 80 0. POT Share of which BJTOth* 
■THilit Mnths) hh npen dale Or Lire 5011 
I ber share it the remaining two tenth- 
I "'r exile- in the meanwhile The 

amo'mt oavihre shall be • increased Bv 
IhTerast—witti . effect icon, 2S»> 
March. 1 1 978— a* the otHclal nlscanwt rate 
Plus two points, ni'nirs the amount 
I rorwoondlbd to snv dividends which 
, mav havr ►e-n -rcdmi bv IRi on those 
"Insider shares. 

I .Ater 24th March. 1983. IRI will lr«elv 
I ISS"** 8* J ny renietolno shares an.- from 

He cited the case of an uniden- 
tified aquaduct which at one 
stage was. in danger of collaps- 
ing and causing widespread flood- 
ing. The work ■ could have 
started.- in 1870. But - for four 
years tbe Environment Depart- 
ment “did nothing." There was 
3 real danger that the highly 
skilled workers needed would 
nut be available for canal re- 
storation because of lack of 
work. Mr. Bean warned. 

In spite of Government neg- 
lect, tbe committee says, the 
British Waterways Board bad 
been trying to fulfil its statutory 
obligations as a nationalised 

But after listening to Mr. 
Howell, tbe Minister of State 
responsible for the Board, and 
to evidence from Sir Frank Price, 
tbe waterways chairman, the 
Board's own charge that it had 
been denied finance to carry out 
its statutory obligations was 

In 1973, the Board’s freight 
services made a profit of £^36.700 
and land and property income 
was £359.100. By 1976 freight 
services made a loss of £51.700; 
tbe profit' on land and .properties 
has risen .to. £427.908. 

. This income was insufficient to 
cover tbe essential expenses of 
the Board and regular grants had 
been received from the Environ- 
ment Department, rising from 
£3m. in 1972 to. £Iflni. in 1976. 
But these grants were still in- 
sufficient for tbe Board to main- 
tain the .waterways as required 
under the 1963 Transport AcL 

Earlier under-expenditure had 
led to arrears in maintenance 
work and by 1970. an additional 
£2L8m. was needed. But nothing 
was done by the Department 

cost ^fiOm., nearly treble the make money through ways’ submission.? . .^3 

ortEinai estimate. -freight and property activities. ’ . .. - 

■ When the report was pub-’ The freight AoprOVal 

lisbed, the Government said that profits uritil i97o^when tpe The committee also r«A 
£bin. would he allocated in 1978- downturn m the e ™ n0 „J[ mends that tbe Governing 
1979 for urgent ma3ntefla^w■ , . ^du , 5t . ^a, ac M on b ?” ^ thl should -announce immedS 
involving public safety. TTie involving blacking of the ap p rova j 0 f the £7JE& 
Board's chairman $vid this was Board s fleet, caused 2 Joss. Sheffield and South Yorkdflj 
insufficient .even for tbe first B ^ f wa 5„ h> T aviSation hnprovement schr 1 


Sir. . ■ Howell replied m 

IIIOUUILIVIK . CVC4I IU1 UIC IU3L - JT* . # T ' VIKifttlUll IIU|/I uvcmr.iu K0HB 

18 months 1 work;. . confliet of v\ews on the potential ^ pennit access to' RotlWrM 

or fre^ht transport bywate^ of ^ t0nne barges . ft shouM 
n/i - . . between the Minuter of State app]y . immedtte]y tQ theE? ^g 

D ° Ub ‘ S ■ -V. . „ 5“dS /nd » ri ™sum,r dev,l 0 pment-flg 

on the .competence oE the Board, e ^ While Paper on the water J^n S rroMaafs m melse Ss 
that nrore detailed discussions industry published last July fe-itjgj, Waienvavs Boara^n^ 
.wouW be needed He suggrated iCTlored thp subject of freight StlJma! water authnnS SS 

lns y fflaer,t on the' canals, while Mr. Howell Smindmente S " 

qualified staff to carryout assgss- the main role of the canal Board from the prnvisionsJ% 
m V pi 3 il Sl ! 1 ^ri U p S n k mmi?i Per y i ' system now was in recreation 1ho Scotland ' ahd P Wales m 
it s Y r e DQ rL finlt^ihat^ til » a nd 1 ei£U re - But the committee ant1 immediately aeeepr % 
MS,. 1 FniiS^SS had askfe ‘? for spec,fic flndinss or the Fraenkel Rep6r 

fn 7 the development of freight and mab , e £60m . hf repairatt 

The oomSn« L.fdf'-It is ‘"■“i’ 11 " "" in ‘ and " ,i “ erways - fj/’tTAfX 1 

^V^%yV ra e D «1i .Standard T7te M 

servants dealing wirb waterways. One recommendation from the Selects Committee mt Natfajja 
to demand of a Beard that it- committee is that tbe Govern- lined Industries: The Brian 
should indicate, in great detail ment should devise a “standard W'uusncavs Board Hnuse # 
whether png aqueduct should be technique and standard criteria Commons Paper 239. &0. £340 

Jhat 4«* coupon No. 7 will he ffffeMff 
•*!*■*• laiw* and W u rgtora be nmi an>- 

Tie new vnares Whlrh rank tor dlvidetir 
ai Irom 1 M Mrv 1977 are being offare- 
I ?!L . tffff ComoaevH ■ nn on n co 

'i ■ r,h e e"n»irv t078 Cos e* 

2* t}h UMimtamn with an tnglH* 

j r , «.«M , *Nl on neoiwft at 

I ot the Lon ''on oavlno Agent 
5 C W-rhoru & Co Ltd. 


Houlder may order 
construction vessel 

U.S. threat to Caledonian route 

BY MICHAa DONNE;, ^R05PACt CO^R£SPqfii5«^r ^ '£■ - 

- . % - 

- :• : i-; -•? *• 


I - ‘ff. Wf^tn-a.tfv with ‘he term* o' the 
erttffratr, S G Warhnrt, A CO. Ltd 
| »* nenn*it»rv w |i unn reouect gi nnl-wr- 
1 ^ rl “t« niarned to the ihar— 

•-tin* -mx Th* Oeecti>r*rv vww 

"I'tittih ■eight m«Im* 

, .S-Trai,,5rts"s: ^ as,"®: 

”U!t In-p- the •nllswlno:— 

■-Of On Ovooat '‘•rtlnrate* * 0 * 
I mt'Vina — Snuar* No IS 

i ln 1 ^* Cffrti*f»»eff— 

■Ur. 7 -^, 1 ’ n»vtn*n* 

?sa arsr 

SC Wj-hnrg A Co, Ltd.. 

Den— t,n*nc. 

Jf Al-in- Unnw 
Ont-'-mltff Strv*t. 

Innden f7P 7DL, 

t .•.S.Tyy’ 1 .R—» Ipt* will he moen an- 

I.ESSS ^ ,rf •" 

wrthlltg n> 

1 XI* ", I? T? - ,? r Slyt'-ffo *houl-< »ai— 

* ,J “' ***»• the DMtlv n«t- 

! JJJJff.. ■; 8‘IOtff* 'fffth- tenth*' 

ms •" ^ weh - ,raiKi 

he n*aen an- 
oMalnphl* gh 


7n* VSrih. W? D,a °*' T,n ' 


iO.P. •< atnj**iiM Raisnai 

ness Withy subsidiary, is con- 
sidering building a second 
semi-submersible vessel for sea- 
bed construction work It would 
go into service alongside tbe suc- 
cessful * Uncle John, which 
Houlder owns in conjunction 
with Ellerman find Uglands. 

Hr John Houlder, chairman 
of Houlder Offshore, said' the 
company would be sympathetic 
to the idea of' placing an order 
for the.'second vessel in a British 
yard; The * £l£m: - unde "John 
was built by A^er, • of Norway, 
because *t the trine, it' was 
onJercd.nh. British; shipyai^ -was 
able to tender fbr the ciintracL ■ 

Mr." Houtder . madr "It clear, 
however that the second vessel 
would not. • unlike tbe Uncle 
John, be built speculatively. 
There was no Immediate nrospect 
of finding a lone-terra charter 
for a second submersible, but 
Houider’s design department was. 
fully prepared when tbe oppor- 
tunity arose. 

Tbe Uncle John, whose ser- 
vices are worth uo fo £30,000 a 
day in the North Sea. Is to be 
laken out of operation for a 
shorr period over tbe Easter 

holiday for a change of pro- 
pellor. - 

Tbis £100,000 Job ' has been 
given to Smiths Shiprepairers 
on Tytieaide ( the recently 
acquired name of tbe privately 
owned Swan Hunter .Ship- 
repairers. Mr, Houlder said tha? 
Smiths was the -only yard that 
had been Found in Europe. hble 
to work on the vessel during tbe 
Easter holiday. 

; The propellers have - been 
shown 'to. contain, a design fadlt, 
bu! remedial work . is. not . ex 
peeted to take more, tiian one 
or “two dayi, . Unci? John Is 
designed to .serve*; as 1 a dlylng 
unit and' as a fire-fighting vessel 
Its dynamic "positioning system 
enables it to work in severe gale- 
force conditions and its opera- 
tors claims ft has not. lost a 
single day’s work through -bad 
weather this winter. 

An older submarine service 
vessel, the Oregts. owned exclu- 
sively by Houlder Offshore: Is 
out of employment at the 
moment. Mr. Houlder will { 
travel to South America taler I 
tbis week in the. hope of finding! 
work for it tn sea-bed operations { 
in the Magellan Straits. 

BRITISH Caledonian - Vfctnrays Gbtwlekr- The- tan- has'-meant 
reacted- angrily last night to sug- that several hundred Braniff pas- 
gestions that the U.S- Civil Aero- sengers have been transferred to 
nautica Board might suspend its other ah-lloes. 
right to fiy between Houston and Mr . . Harding L. Lawrence. 
G *H vlck ‘ L “ " Braniff ch airm aji. ' said his air- 

The threat was reported from une had 60,000 passengers 

Washington as a possible res- booked on the route, which was 
ponse to U.K. insistence that d ue t 0 start flights on Monday. 
Bramff InteraatlonaL a U.S. air- .. terffiS of 6 rcV enue the loss 

^.V^h 8 '’ 1U considerable. We ere 
On its Dallas/Forth Worth and un h at>ov There is verv 

SatW* amoum HttTe ftarXniff^Th do S 
approved by the .CAB. .. . dispu te. is solely between tbe 

indSf as* *»" 0 »’ erB - 

- -ess it the 

flights. 11 British Caledonian' said. Anglo-UB. talks on airfares. 

Whitehall said yerterday -that *t«t In Washington _ on 

the Abglo-U.S. air agreement /aonday;- that 'Britain is not 

kt-Jvje'vKL.k' j ‘ nnn/L?is/l Ta ivhAti n fqt*oc tJAtei- 

rights ^unlca* :tbc airlihe_ had - ;Tbe, Department ,qf„ Trade 
breached the agreetoenC ; . believes that a rush into . cheap 

■ - life / CAB"' has 'suspended fares "would be against thecon- 
BracUFs right to start flights to snifter interests and that’ it might 
Britain but the airline yester- ruin some scheduled airlines, 
day took 2S0 nOa-paying guests The U.K. . will propose a 
on a “pre-inaugural flight" to “freeze" until August on any 

new cheap f^res bn the fouta t 
bases its claim for a freeze 01 
the fact that although passes^ 
numbers have risen since cheaflf 
fates were introduced, 4he aim 
lines’ revenue yield has falla 
by 15 per cent. 

• Mr.. Dale Milford, Democrat-; 
chairman of a HouSe sub' 
committee on aviation, said that 
he might- nppose'Concprde fifghH' 
to the U.S. unless Britain 
changed ln own attitude on ,e«t- 

r»r1d» air fares. 

The Association of .British 
Travel Agents, yesterday- wel- 
comed the Government's declaim 
to r-oaduct an inquiry info air 
ticket “discounting.". ..This 
market in illegal cut-price tiewts 
amounted to £20m. a year frTMe. 
UK., alone, causing substamftl 
reveaue/losses to airtines jnra. 
"accredited travfel agents. 

O Seaboard ' World- Airline -a 
TJ.S; cardo carrier: has asked- the 
U;S. Civil Aeronautics Boanftftr- 
permission to run fransattatme' 
passenger- flights costing SlOO’Wr 
a flight from New York- * 


w\v ; c 

Cement price 
rise approved 

Britons snioldng less 



Phillips to drill off Ireland 

'?./ '7" v?n P - Ccroa ' ,r, ®ff 4 a 1 *'* 

2 ff° D * r ' n 4r<> on rain 

F '- e to vii'*r>ol9r-> OP th* 
Jl ,h » **«•' vi vi**- 
-*n on tj— .tB’?. Thu 

•**?*- *!»*" 'flMfftM to U.S. Dollar 
■ -V**' b: ora*. PC' tOR 

« Oreo* -ran* lp* 0 ,n». --klrt*-, a, com [hJi, 
tkei' -d-R'flPBff* hv BE*. 

I£!:.T. q fg!J5 aB **0 3 on c- itti*. sth 

M*rch. I9?8 M tf I-V Off-.-* Q, |h* 

0*po, l f,-v Kl*-»«j.i R*n«an 1 iml-M. 2B 

WWWY ElfreKpal R*nuOR I Iml-Ml. 20 
, MtKkra.rn ilrrmy I <ri*>dOn tCjP O' 
rp* Ancnt ftmftiie 

; riu 1 •■vmeafq 3.A^ 14- -up Ald#ln««N 

CoL-eoi-i -tiirtt tw. i«»i tor ih-e- c!n> 
dr., in, na-n.-arlffti. aiwt n*» h* 

i ir'/r'r .»? *'’* »w*ic*ji* s*mpu«> *«« 

p-if-ltr hffliffjirt s*r*et*cn tfurina normal 

J , N|?i4pqq flfiuvfi- 

VfilMlOlfllnO taw 61 tfiff rj(f ©» 
I iC Mr win b* -WHiirtM from th- 

' Prat" -lilt- 6* 011 t-iv ocno* Nd u— 1-„ 
■n* 60 # hciflf, lemur in * in— apcftot- 
•Mp to IN D*nn»:firv in ilftMvl* at 
"* slffcnr- I- ■ Siwino a m irgitw 

O' an-wn-fft with iiBin ora*M!nO tc- 
I a lowor rate o* withhr.lfftno t*w. >n wffkff 
M” such Imarr -pip w’U tw aoollM. 

: , Th* diff—p-r* h— Tw— th- an- Cunt O’ 
-uthknigimg ta* m -iwtin—d mnH th* 
T *** O* incvt t»» oanbl* 1" 
; »h* U'l'-o <livwom w<il olio tw iMurfw" 
" gP 1 *’ 4,1 MM iff th- Unit-* 

drill for oil and gas off ihe west 
coa«t of Ireland as operator of a 
consortium including .'Getty OH. 
Amerada -Hess and’ Century 
Power and Light. Th* group is 
tn bccin drilling within the next 
month on blorit 3o/S,riOS miles 
off the mouth of the River 

A new subsidiary company 
Phillips Petroleum* Company 
Ireland, has been formed to cofr 
duct the exploration progrartrme 
Mr. Paul Shan or, previously, man- 
aging director "of Western Desert 
Operating Petroleum Company 
has been appointed resident 

Appeal for reform 
of insolvency law 

ASSOCIATED Portland Cement 
Manufacturers has been given 
tbe go-ahead for a 4.77 pgr cent, 
price rise while it is investi - , 
gated by the Price Commission.; 
The increase, which has been 
allowed under the profit safe- 1 
guard provisions written JnTo 
the price controls, is about half 
what the company wanted. 

Because the cement industry 
>s one of the few sectors where 
:.-om parties are Allowed to nego- 
tiate their prices jointly, the 
«nterim rise given to APCM 
“ffectivcly means that all the 
nther producers will be able (oi 
raise .their prices . 

BRITAIN IS smoking less and is 
switching to lower tar. lower 
nicotine cigarettes. - said Mr. 
Roland Moyle, the Health 
Minister, yesterday. 

Opening a conference organ- 
ised hy the International Union 
Against Cancer^he said then* had 
been a drop of 4 per cent, among 
males and. 2 per cent, iq fenm.les 
in lire h uifi her JE. people srrt&K'mg 
co$ pant'd wth St$rgpry$a us a:g>. 
■“ATid ' those who ' continued *o 
smoke were sraokina less— in the 
last year there hart been a 10 per 
cent drop in the number of 
women smoking, more than 20 
cigarettes a day — and ’the aver- 

age tar yield per cigarette had 
fallen from 20.8 milligrammes in 
1972 to 16,lmg. in 19TT. 

The Gnvemment still had an 
open mind on the possibility of 
banning advertising., said Mr. 
Moyle, but was looking at ways of 
inquiring more deeply into the 

. Mr- Movie sajd .the Govern- 
ment- encouraged the rights of 
tbemrm-smnkfer . -and the reduo 
tinn .of stfloking opportunities. 
A number of approaches had 
Henri ;made to those .responsible 
for public areas and “thn res- 
ponses we have bad so- far a« 
en coil raging. ' _ ; ‘ 

con tic! ( 
at HIV 


•rrinrtam d-i*h Kwrri of cn*« tunifff** 
• S* wmh r— H«i|-r b^h,— W f o* 

.•Mm-a- I- ,h» NI--J"-,, 



2nd Maixfl 1978. 

a mai NOTICES 

; Ka CC432 at 'W 

| in :n* mrH enmr OP jurtict: 

I din^rr Dftitinn Cftmoanl** Caw- in 

irh- Mjf«* nt BF1 ST« TTUXSWIRT 

<FRVTrp« r.TvrrFi> i>"i tn tfce Mauer 

I of th* t-nfRonnl— Ar: ]94i 
I NOTICE IS nrrrr-PY fiirEN lha* a 
. t»*-i-inn tup *►.* winilr* no of riw- «hov* 
: ■’Jtitfft! rnrp.oanr tjv -ft* qisti Cmrr- of 
; Ine-rr ikjc m ••)* !■.*>. dJP rtf Fffhmar* 
I ,a 7e nr»«an-Mt -g M |rf Crmr- hr TRF 
nFPAR-no- v T lip HKAlTH AVn 

■ 'OPtAf. SPCi'nrn' -if Sta:* Bwm. Htrt 
■rnl’io-n. I.n'j'J.n. II - C. 1 ^flrt ma* ttl* 

: tl’-i ■p*,i,i^n u rtir- rn h-nrrt 
1 h*fftr* lii* rmi— m? a' tH* kiK*> 
rmir’T M«-'--r. S-rm.t Ln— 'on WC3 

■ m -ff* i-i'H of ip,-r+i IPS* imj arr 

•-ff-IMf nr '"ii-TihiiTorr nf -ti^ 

"'fiTiin ” , p iprr-jr mgnnrt o* npm' 

f ‘V ■nak’fj n Orfi-r nn th- <a*ri 
P*::-nn ni.if *nc.-ar at -h.- rirnr- <e m net' i-- or h* hit r*iuns»i fnr 
-hit narwKi-: mat a cost <v *!»*• Pnttijon 

I w.;i h' rurni*H*d hr rt* ;r 

'-r rTwic -r nr *■ utmlMTtirT nf •Ji'- «*'• 
*“n|puanr ir-(,sM as virh c*»or <n pi-ment 
nf th.- u rtiarac for die ume. 

m w m osvntcp 

k.vii* Holhorn.- 

I^-:Son. W.Cl 

REFORM of insolvency law 
should aim “to reduce bureau- 
cratic meddling and red tape” 
the Association of Metropolitan 
Authorities urges in evidence to 
the Insolvency law review com- 
mittee headed by Mr- Kenneth 
Cork. The association says that 
present bankruptcy proceedings 
take too long, have too many 
stages end are too expensive. 

“Local government -•officials 
with experience say that often 
many months elapse before cre- 
ditors hear anything about 
preparation of a statement of 
affairs. There seems a strong 
case for the Official Receiver to 
Instruct local solicitors and local 
accountants with their ' special 
knowledge oF local businesses, 
to deal with these matters rather 
than the Official Receiver him- 
self.** , , 

Th?. 3 >soriatinn wants; local 
authorities to have preference 
in securing rates owing in both 

bankruptcy and Insolvency cases. 
It says tbe same rights that apply 
to central government over col- 
lection of taxes in these cases 
should apply to local authorities 
as welL 

The Department of Industry 
should enforce , existing rules 
and regulations more - strictly 
than they do at present “ Action 
should be taken to prevent tbe 
all too common practice for the 
directors of firms In financial 
difficulties to Boat a new com? 
pany. dispose of the assets of 
tbe old company and then pro- 
ceed to a members voluntary 

This announcement appears 
as a matter of record only 

! JWn 



liquidation, of -the old company. 

In addition, the association 
calls for an -extension of the 
powers “ for distraint for com- 
pany's statutory debts tn include 
company directors' property/' 

The association's evidence was 
passed by its council on a close 
vote after criticism that. its pro- 
posals were likely to be loo 
sweeping to he effective. 

US $ 25,000,000 

medium term loan due 1984 

managed by 


r °ad it 

"ail. s; 

Prentice attacks ownership plan 

provided by 

\'1TE — * r .7 p*?5"T «->io_ iniaiS* 

70n -ar .n ‘ti-- hwjric- "1 ;t;?"Mli Petition 
iffu*' > -ir .ir &- t»r to tit* 
■suw* Tin**-! n.Vjr- <n ».-rnm nf 
->vii*>in «■ v ii i Thr- iirw miii: j?av 
' -'i • rsir.-- i-.t nJ -hi- ik-rff'in. it. If 

i rim ;S- nan , '»- .i.i l art-livM nf :h<* Arm. 
ani rnu-: h- «:ar -1 hv ?h« n-'rwn nr (5™. 
•>r }ji t rtr »h • r «■<!'. • If >ffv» jft'f nm*' 

• So ir i' irui<* *i.- «n» hr 

■'oi- -I'ltfir' -r* --ir* r'-.iil 'Jiff itwj 
lin-*-: tit '••- f -Sir f.vir n’r'i if in -hi 
>f!-r hHin .'t ■ V irt 1 ; i*v nf Man'll ’.W 

PROPOSALS TO extend public or to what extent. This would 
ownership into the con ? Vnc,io„ 

sector couid co ft anything up -o fof aU tvpeg or act |vities.” 

E2!-bn. in the first year the -- 

policy look effect, according to 
Mr. Re.5 Prnnfire. the . MP-whn 
recently switched his allegiance 
from Labour to the Conservative 
Party. ■ 

Mr. Prentice sairt at-'a cnntcj-- 
ence of The Conservative Party's 

Opencast coal 

THF. GOVERNMENT has given 

Banque Canadienne Nationale (Europe) 

Banque Nationale de Paris 
Credito Italiarro, New York 
Dresdner Bank Aktiengesellschaft "London Branch 
International Energy Bankltti 
Italian International Bank Ltd 
Lavoro Bank Overseas N.V- 
SodAtfe Financifere EuropAenne Finance Co. N.V. 
T rad invest Bank and T fust Co. of Nassau Ltd 


evc. >4*) *-~i-w i'J-j a*ira ^ >a 

or aiw « Men,. Tuff Sp<!«.’*zula» 

Hg.;r i-njiii 1015. 1 ! IS ar 0 ' 45 »na 

mp>.« o‘- Jlnt-.rt, H*«HM».ortn A Fr-ends. 

MRFml.U Dfll 5(r<«l Land 'in. W.1 , 

VTiOr, *t M.fln.gff* *llOr -t *.1T. 

Mor.-Frl. C15KW Slt'JNWv* 01-437 8435 

Small Business Bureau in penuissinn (or opjncjjt .c«{ 
London yesterday ;hat the plans mi n, {JS operations to ; begin et 
to nationalise pun* of the Gamblothorpe. m VVesi \ork- 

stniCLftri and building m.MoriJl shirp. The Nations Coal Roarrt 
industries would uo enormously plans to extract tons of 
pxaotisivc and would add to the steam i-nal over the next nine 
industries’ instability..- y®^- . . ^ 

Mr. Prentice said that the plans The inspector .wno conducted, 
would create confusion, in the a pnbllc inquiry into, the pro* 
bit i itiina sector. “ There would be posed working said that the 
a Ions period of uncertainty dur- effects would be temporary' ?i\d 
ing vyhich companies would not did not outweigh the need for 
know where they were affected coal. 

Agent “ 


t isi;4 } ;j v. 

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* . nfeii 

^Wnji j 


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Tories want South-east lorry 

Mdpo« ™ y drivers ma y strike 
-Whitelaw over meal allowance 


• ■ 1. , me. waipy «tll m lltt Commnnc n lj *; . * uuvb me lumvruus cduccml ui munsier woicn win assume IIS ' 

Mat night when the Government Seine Jtah^«i ASS?mb y ever “ u - K ;* Welsh relations"— a bizarre own momentum." He would H nd *' 
-- • imNpsMt . Jts willingness to • He SSs^St vho wn dey ^ lopTnent ? t ® r 500 >:**** , of cam P a) sn for "No" in the 

ilimiWn (Inn *4.-7 a i ne Certain that toe Bill harmonious relations with Wales referendum b* o* 

abMd« Clause One, the declare- w«a aJunS222lJ?*i. i» har “ 0ni0u s irelalions with Wales referendum. 

■ wnr^Man MatrHnK that no- Mwawed by theTeoolfof WalS G<,vwnraont «•* con - **■ ">», 

:si. ’g&&3g* m affec,s °» oAswwva “-tl* «*-.». c^, .■ 

v- The white. -flag tms run un *.£**■#_ » * cn » of ' »>»«<! > 

servauve deputy leader, vester- 

he measure ' da,v continued the party's cam- LORRY DRIVERS at nearly 2.000 the offer n! luncheon vouchers 

Frankenstein ro highlight ihe issue of haulage companies in London was dropped. 1 

1 assume Its Iaw an * order bjr areu,n S that and the south-east are threaten- The pay issue is due to be dis-j 

He would under the. Lah0 »tr Government ing a strike later this month that cussed again by the two sides 

D - in {he there was 11 a serious weakening ** could cripple services through- on March ft and stewards have 

of both the armed forces and out the region. said that the drivers are furious. 

i C~ r»n the police.. Transnort and General Mr. Jack Ashwell. the union's 

likely to 

. By Pauline Clark. Labour Staff „ 


i.l : ;i ; . 


aas zt* mi *® ert ^ -* s * „ 

SysfwWed Sw the beset there would Cl ' mru> Caraarthenl reminded 

... S pwwedure. for the iSS-bvI inJfr.JX.? Car ?£ th ^J!2? ld Mr. Pym that the Conservative 
: line examination of the Bill ^ conflict and Inction Party .was supposed to favour 

• ■.. recalled- that the Govern pa3rQcuIarl y ,f some fonn of devolution. But' 

mStf Sd^udeT no attemrt To SRJX £°?eniment were of a the who le tenor of his speech 
■ ■ • . reinstate- .a ‘virtually identical Sf”SjSto ei ™S? pl S 0D ii2 had suggested that no devolution 
, doclaratorydanse in the Scot- A« J ^ partJ “.^of power- to the people of Wales 
-.. land’ KIl after it was rejected ? T J /‘ would ever be possible. 

: ..hy.; the House. In the circum- K He dld not accept the view that Mr. Pym replied that the Con- 

THE Labour Party yesterday 
published the framework on 
which it will build its mani- 
festo for the first .elections to 
the proposed Scottish 

The document which will be 

'. • . Aati-devolutlnnists on both frpvjersy over the differing roles administrative devolution, 
sides oil the House greeted the ofEoghsh, Scottish And Welsh Mr. Cledwyn Hughes fLab^ 
new* a&A significant St. David’s “t 5 at Westminster, would not Anglesey) said It would be wrong 
. -Daysmen-. . , . . ' to say the -people of Wales did 

...... Welcoming the announcement, A stuaUon could still develop, not want the Bill. Although it 

. Hr. Francis- Pym, Conservative "“• *^’ in maintained, in which vas impossible to sav with any 
devolution spokesman, said it the majority of English, MPs degree o f certainty what would 
• constituted a remarkable open- f0UB d the *r views on such issues happen In a referendum, there 

devolution for social -change 
and to increase democratic 

It calls for a social plan to 
attack deprivation and improve 
public services and for the 
Assembly to be used as a starl- 
ing point for further decentral- 
isation of decision-making. 

A . Conservative government .Workers Union shop stewards commercial transport secretary.] By Pauline Clark. Labour Staff 
is pledged to maintain a strong warned yesierdav that unless the' said yesterday that as the dispute ; 

armed service and a strong police dispute, which originally arose arose. frottr a quite clear breach THE. YNION of Post Office 

service^" he said. “This means over meal -allowances, is nol of. an agreement “ the drivers’ Workers, representing -more 

making surp that their pay and sorted out, individual company-would probably receive official than 200,000 postal workers, 
conditions give them the appro- strikes or a general- stoppage union backing if they went .on appears ready to accept a pay 

priate status tn our society and throughout the area is likely. strike. . deal within Government guidc- 

a good position in relation to Such action, say the stewards. Pav talks for National Freight }■ lines. 

average industrial earnings.. The could throw many small hauliers Corporation drives, .are now- There has been grass roots 

next Conservative government 0 ut of business. reaching a delicate stage. The . pressure For a conclusion to 

will do that." The dispute fs as much the Transport and General Workers the present pay negotiations 

Mr. Whitelaw told a Conserva- resu i t of arguments among mem- Union said yesterday that’if the | between the union and the 
tive -.women's conference in ), ers 0 f t h e R 0a( j Haulage Asso- NFC refused to pay wage in-: Post Office. Settlement is now 

Aldershot rhat the primary duty ciation. the emplovers organise- creases to the same general level j two months overdue, 

of government was to protect its ti 0 n. as between employers and as those won nationally for • . u “ l °” explained that 

citizens and this duty required the union. drivers at private hauliers it • there had been problems in 

the mainlenance of strong de-1 The Metropolitan and south- might put any resulting dispute; finding a formula which would 

fence forces against threats from eastern area of the HHA. operat- through an inquiry- : be fair to Ihe majority, 

overseas and a strong police ing through a regional- joint eoun- This would be covered either! Many members would bene- 
force to maintain ihe freedom ell with the unions, had offered bv the 1P46 Fair Wages Resolu- "* most Trom a 10 per cent, 
and order of society at home. a new pav package incorporating tion or the pay and conditions] increase on basic "rale wmen, 

Ilnrier labour Iho nnv and a o Aav htnohann pIbmcbc in the IQfiO Roarl Traffic' 'Of 3 postman aged Over **. 

n resen ted to the Scottish nartv °* ^ove^ment was to protect its ti on , as between employers and as those won nario 
conference In two weeks’ ?ime citizens and this duty required the union. drivers at private h 

sets ont a commitment to use maintenance of strong de-I The Metropolitan and south- might put any resuUii 

Tory peers have no intention 1°*; 

fence forces against threats from eastern area or the HHA. operat- through an inquiry- 
overseas and a strong police ing through a regional- joint eoun- This would be covered either! 
force to maintain ihe freedom dl with the unions, had offered bv the 1P46 Fair Wages Resolu- 
and order of society at home. a new pay package incorporating tion or the pay and conditions] 
Under Labour, the pay and a 25p a day luncheon allowance, clauses m the 1960 Road Traffic] 
conditions of these services had The offer was apparently Act. i 

steadily deteriorated, compared accepted but after pressure from Drivers at some haulage com- 1 
to Industrial earnings, and as a employers in other HHA regions panies In Grimsby are now -on j 
result morale in- both the armed which do not pay meal allow- strike over a pay dispute in-, 
services and the police was very ances and who feared- leapfrog- rolving the south Humberside j 

4 , . - . b 
?* 1’i ■' 


ytfumuMicra a reuiarKaoie open- vicm »a wui Happen in a reterenqum. mere , c, c. J Tthtpsc the n*v rovipw hndv 

- ing 4o-the committee stage. as the sale of cdaricil houses in was a substantial bodv of opinion of wrecking the Scotland Bill U n j«s the pay rei ^ Jody 

W .dear- indiSdra. he England were overturned through in favour of a praS raeasuro ■ « reacI »? ^ House of 
argued.,.: that the Government «PP»l for the English mtaority of devolution ' Lords . ater this month. Bni ™£ U1 S 

recognised -that It was in no from Welsh and Scottish MPs. Sir Raymond Gower (C Barry) £ ere t » n0 suanntee that- PJ** 1 * « , ^ weIk«S?e 
. - position to. defend the clause New difficulties were liKftly to. felt the changes would affect the Monsters ma> not be kept up arme( j forces strength would 

■ •; against the attack which anti- arise, he suggested, when the unity of the U.K If they could ?. u night dunng detailed lme-by- ^™ e “ forces strengtn wonia 

- devolutlonists were determined people in- the- English -regions say with certainty “so far and no debates . . 

" to JaunoL realised :that the proportion of farther." a lot more MPs would Conservative sources yesterday • 

Mr. rym boldly claimed that national resources allocated - to "be happy to consider the changes. clear tbat lhey had no plan -« /f-'r* a. L 1 

.St, Davte-wottTd have been on Wale*, oh the present .needs' Mr. - loan Evans ILab. to destroy the measure but they VI |Ac; fohlp . 

the side* of those opposed to the basis, could not be Justified on a Aberdare) said the opinion of would take the opportunity to .LT1X o lai/IV .. 

W Bill and forecast that even if it Strict population haais.;] the Welsh people should have extensively on 80 of the 83 . 

were lu yeach the Statute Book, Another result of the Sill, said been sought before the BUI came clauses in Ihe Bill which were . rfppl 
:s . 4 4 ; • — ] \ were not debated jo the Commons wlk-Vl 


Fy Hubert Cornwell, Lobby Staff 

ing claims ; from their drivers, area. 

le Statute- Book, Another, result of the Bill, said been sought before the BUI tame clauses in Ibe Bill which were 

$ s ! were not debated in the Commons 

— : because of the guillotine. . 

lour MPc hnno ..°sa te Kx 

FVIU I T I I UU'UV - scope for making changes to the 

.-MT’ ■ Sill in the Ldrds is enormous 

■ ^ v - but there seems to be no inten- 

■ 'T| ■ J ♦ - •V-r' • • ■ ' J tion by either the Government 

AIAAT1 • A or Opposition to upset the provi- 

5 C 1 CL 11 U 11 dvLUl it :i e 

Government will resist 
shipyard output cuts 

THE -doVERXMENT will con- He says Viscount Davignon's 
tinu to restrict efforts to cut the forecast is based on a two-year- 
productive capacity of shipyards old study by the Association . of 
because it fears any such targets West European Shipbuilders 
could become self-fulfilling, which is *' acknowledged to be 
according to Mr. Gerald out of date " and in the process 
Kaufman, Industry Minister. of revision. 

la a reply to Mr. Michael “It is also acknowledged by 
GttIIs. an. Opposition industry many that it may be inappro- 
spokesman. Mr. Kanfman con- priate. in a notoriously cyclical 

out mere seems to oe no mten- upc havf eipn-imi im tloir ram- si«w»uiwi, r* V* c - 

tion by either the Government tdsecm?e an early SS- tbat traction may be mdustry, to base future capacity 

or Opposition to upset the provi- Sfons debate^n the sleel lndSrra [ orced on u Bnt ' sh shipbuilders, forecasts on the lowest point of 
sion that 40 oer cent of the ki-iSS but says the Government will the cycle." 

electorate must^ote-yes for the JSport^fro^the ^ll-nttySciert work to keep “any enforced con- Mr Kaufman also nutlinp a 
devolution plan to go ahead. trariion to the minimum." justification for a renewal of 

j stands at £39.86. 

| But because overtime is be- 
; ing paid on Ihe basis of rates 
1 fixed three years ago. consoli- 
- dal ion of supplements to the 
j wage packet since 1975 had be- 
1 come a major issue. 

These .supplements include. a 
7 ncr cent, rise tn January. 
1&7S. and the Phase One and 
T«*n payments. 

The union has not made 
much headway in its demand 
for the 7 oer cent, to be brought 
into basic rates, in spite of 
recent . representations to the 
Dcnartmenf of Employment. :• 
The UPW negotiators were 
given a free hand l>v their 1927 
conference to negotiate as best 
they, could under whatever 
restrict ion* emerged after the 
end of Phase Two of the 
Government's pay ‘restrictions. 

Nor is ther much sign that 
postmen are prepared to take 
industrial action on the pay 
i claim. 


.: THE. OUTLINE is io sight of a If the sitting HP’s record was be final, subject to the present COUIICO teiftlltS FgJSiS to'he^roposal from ^Tntolto M» if "an EEC 

compromise which could settle approved, he. or shfr,:would go proviso that . the NEC can over- charter Call Commons to “take note" of vi2?un? Bienne Davignon. the draft directive, so long as it is 

the thomv nuestinn nf thp sutiv forward to fight the, next elec- turn its verdict when procedural their thre reports. wcp Tn^nctn.- PnmmiRinniM- r n , linteii tn mpa^nrpc fnr regime- 

mat ir reselectinn of Labour MPs tion without further ado... Only rules have been broken, as in A TORY MP said yesterday* that The motion has been framed reduction in the Communitv ’5 turinv the industry 
hrtw > Ven-r,l ^ decMal-m if «■* vote mail «.in« tbe MP the case of Mrs. M.urwn cooncil hoiue tenams should be u preserre ihs committee's fh/Sb^ndina c«p«l5 ?r 46 Sif ’ ^Th. U. K “is alre.dy taken i 
Issue which has threatened to would arrangements be made for Colquboun at Northampton allowed to take in odgers, teep bipartisan approach. Some of its d er 8 JJJ Sears Mr the first step towards restructur- ’ 

■ dWde the pam • > selection conference td choose North. pet* and paint Mr own front Tory members had wanted to in- SJ *} tW* plan ts “ un- ng SI induiiS by taWns it into . 

Even'" Right-wing MPs ] * new candidate. Right-Angers, however, cm- ^SJ 1 ^ Halt ? ude thl1 Htely MSJtSL E pub fteVtSS2tp?he w ; 

&&$Z£3 !&& «*..»• *£lv , SR««. SW CAR. - 

Cnmnit tee exa minfaig the Bntish ^ Gryils had complained the shipbuilding intervention 
fcteei corpora non. . about Britain’s failure to support fund, whose announcement is ex- ; 

Members of the -ommu ee last ca p ac ;ty reduction blueprint* pected In the next few weeks. He 

night tabled a motion in wn<cn prepared by the EEC. says this orice-suhsidy fund is in 

ffiey. called unanimously hr the Referring to the proposal from order, under Ihe terms of an EEC 

Commons to rake note of viscount Etienne Davignon. the draft directive, so long as it isj 

their thre reports. 

likely to be adopted.' 

public ownership.” he says. 

Chappie wins £22,500 
pamphlet libel damages 

| Aerospace . 
industrial ; 

The British Aerospace Staff 
. Association yesterday warned of 
industrial action throughout aero- 
space. sites over » proposed in- 
dustrial .democracy plan. 

The warning came from Mr. 
Peter Fairley, genera] secretary 
of the* association; which is fight- 
ing for recognition in the 
nationalised industry- 

l h- 

in ••cling at Westminster yester- W i M cw» nut ^ J 

dav lo a formula Dirt forward by , Jse «p ov f nt ^ S ■ P°|' e , nut Mr. Ashton warned yesterday 

M-. j oe Ashton, MP- for Basse?- w i th r. / C «- n « tha ! 1 ,tltom ** ,c rwelection could 

law - bas grown that tW Left-leaning produce perhaps 25 “ orphaned " 

' . _ _ NEC will find it-Jhard to opt for Labour MPs at Westminster. 

This propose* that every con- reallv sweeping, change. with no loyalty to ‘party whips 

si itupncy management, commit- Differences. Remain on the They might also be- tempted to 
tee snnula simultaneously hold right- anbeal open to a run as independents at the next 
a special - endorsement meet* threatened MP. The Left broadly general election, with the risk 
ins midway through the lire of feels that the decision of the of splitting the Labour vote and 
a Parliament management committee should handing seats to the Tories. 

MR. FRANK CHAPPLE. the was part of the Socialist Worker | p 
anti-Communist general secre- group. ! * a y r?Se 

tarv of the 433.000-stronR Elec- IT was , not . represented at ! About 70.000 wool textile work- 
trical and Plumbing Trades yertertay s heanng and the judge , ers in West Yorkshire, the North 
Union was awarded £22.500 had been asked only to decide \ West and Scotland will get a 10 
in th« Hinh Court whether the pamphlet was_defa- 1 per cent, pay rise. 

yesterday for libel in a pamjhl patory ^d what damages should j 

let headed: The ugly face of be ,f r war ^ d nn . . .. Allowance granted 

C h h a 'Z le: ? Uni0 " a " d hM t0 hoped the 1 n ward JoLld be a"salu- i ^ 

change it. lory , esson - l0 extreraists . There Laboratory, Wey- 

The pamphlet, which accused had to be some form of defence bridge have received a London 

Mr. Chappie of pursuing policies to the type of extreme pressure * e, 3h“ n R allowance of £275 a 

contrary to union members’ in- to which he had been subjected ;*' ear bacK date u to April, lari 
terests. and gagging criticism The judge said a court could i ocn nnfl f 71 n 

within the Union, was published award “ aggravated " damages in vjt3U,uW tor 1LU 

i Allowance granted 

Tories confident of decisive 
victory at Ilford North 

Government record . ^ 

2SfS Uni0 " and h0W t0 no^d (h C eawS would bersafu .600 sutf « the Centra! 
■■ ta a 1 ' 1 change it. lory lesson ” to extreraists. There r 

/Vn ItfD'fVr nrTrt Air Afi The pamphlet, which accused had to be some form of defence bndge have received a London 

UD IttW alldtKvU Mr. Chappie of pursuing policies to the] orpe of extreme pressure j datedTlo^pril 1974 * 

contrary to union members in- to which he had been subjected j* ear DacK “ ale Q to Apm, i»i*. 

terests. and gagging criticism The judge said a court could | r-ycn ftHA f IT A 

THE GOVERNMENT had a unions, reipect for authority was within the Union, was published award “ aggravated " damages in ; TOT IUJ ■ 

record of shame in its attitude lacking. ParUament also' was ' v ; heT1 . he was sla " d,n ® for r . e ' °r der , ex P, ress . ,ts <ndl 8 n ation Britain will contribute nearly 

to its power and to tbe law. Lord held in less respect than- was 3S S en ? ra ^ secretary - in at a defendant s conduct. *1 S250.000 to the International 

OTfagan. for the Opposition healthy. 

suggested in the Lords yesterdav - . There was. an' immediate. Judgment with -ros*s. was 
He was opening a debate on urgent and continuing necessity entered by Judge Lymhery. QC. 
“thp dedine in respect for to uphold the law. if necessary, against the primer and pub- 
authority and the need to reassert by sterner measures than were Ifshers. S. W Litho. of Cnrbridce 
the primacy of the law." available or employed at present. Crescent. Bethnal Green. Lon- 

Lord O'Hacan instanced tbe “I find nothing objectionable in don. which is now in voluniarv 
story of the TV licence fees, cf having resort to short sharp liquidation. 

Taraeside. Sky-train and CUy prison. sen lencea." he declared Wr n.».r , r« 


am indignant for Mr. Chaple. He Labour Organisation this year 
has been gravely libelled." he and next, 
added.-.. • ■. •: l . . ■ 

^ .Mr. Bowsher. tpid the. judge Strike- continues 


CONSERVATIVES are confident Ministers will scrutinwe the appear to have collapsed and the Cross- Ibis w-as a catalogue of Lord Longford < Lah. > said that Mr 3 cb-S 7 said iTSmiawI HauidatioTofN^w’ Vain * in « 
of a dM^sIvc victory in (o-day’s result in an attempt to measure party's candidate is expected to shameful episodes ; by a Govern- he was all for an effective law P . 9 tion of S. A\. Lilho. an 

by-election m Ilford North, tbe the impact on the campaign of have a struggle to save liis mmrt which should be giving a and order policy- but that was r 

Amalcamated Union nf Engineer- - 
ing Workers voted to continue 
an unofficial strike. 

most marginal of Labour’s Mrs. Thatcher's bard line on deposit Mr. David Steel, the ,ea{1 - . ... by nn means the same thing as 

London seats. Defeat for labour immigration: 'Liberal leader, faces tbe prospect .V >T ® ”»&oder iL.t sain that a touch policy based on more 

would effectively clow Mr, A Tory majority of over 5.000 of another embarrassing inquest nsing crime was a common pros- severe penalties for offenders. 
Callaghan's notions of apringinc would suggest that the Tory on the electoral effects of the Lib- throughout Western society. " What wp need are more con- KlPPtion Mm the leader’* tactics had mobilised Lab pact. A strict regime _ of the glass- structure penalties: instead of the 

With ihe Conservatives need* which could pose serious prob- 

the Liberals have 

VmivhQll efr lira vainnt* A ! Stamps feature ; 

structive penalties instead of thi ; Vauxnall strike rejected r royal palaces ■ 

verjj negaiive rates which form MORE THAN 4.000 production several production men spoke FOUR nf Britain's royal palaces 
“ ° ur pen3 workers at Vauxhail's car plant strongly against going on strike, and castles feature on new 

1m: a urine nf only 0.3 per cent, lews for the Government in the lost 12deporits and twice finished ?[ \\ _ c _ n «Jt n ?" d hl f .J 3t Ellesmere Port. Cheshire, management said after- stamps which went on sale at post 

roreCTuiThf’wat which thev lost, next General Election. behind the NaUonal Front in the ^mmunitj as a whole, nut one Raroness Maclepd of Bone Td overwhelm in elr wards: We ar ^ Pleased at the offices vesterday. j 

lorlSoflU* time in SB vrare In Opinion polls have so far in- Polls. » ?" d " Si" 22*" SJ*; 1 "*°SiS7 SS fected^rike artioninsi D Dort ? mcnm J e of rhe meeting and look They' show the Tower £ 

«V:ob*-r. 1974, a Gallun Poll dicated that the Tories would he A Conservative victory in of a claim for a hetier dea^for [ onvard ’o f Period or indusmal London, which celebrates its 

yesterdav out ih* narty 22 per the ..main beneficiaries of any llftrt would make it the sixth detemn^ juvem.e JJ v lI, J 0 ™ e , ^ 0 s ^S 1 y p ^[^drenln la boure rs? Only about r 20n eave ^. B .I n !.?r:i:,_L t -_ shDWS cIear[ - v ,h .?» ®f»th anniversary this year, oh 

j-esterdav out ih* narty 22 per the main beneficiaries of any Ilford would make it the sixth JJJJJ'gf fle ' ernn S juvem.e gmen imore ■severe More should , abourers Qnlv about 20n gave harmnn v, ri shows clearly that 900 ih anniversary this year, oh 
cent, ahead of Labour. anti-immigration feeling gamed from labour, in by- offenders. £.£uL ?L™?2 i 2 support to the shop stewards in ' 1 '°? f J ,rce ..2 re nor senerally . the 9p stamp: the Palace of Holjr- 

Thon?h the : Retires were the voters. The: National Front, elections since October 1974. The detention centres which »hAM-nrkiJiJ VL2?* to stop work after to-morrow s dJ ” at,s c fied w ' th conditions and j rnodhouse. Scotland {lOJpV; 
greeted u^rb scepticism bv the in spite of its- well-publicised ^Labours overall minority in had been in use up to 1970 had *7* rates of pay that were necotia led j Caernarfon Castle. M'ales (llp)i 7 
nartv randidatra. a severe set- presence in tiie contest, was ex- the Commons would be increased not had a deterrent effect, as couns - councils and . . „ through joint company and union and Hampton Court Palace, 

hock sccrond tncvitabl** for the pocted to secure only 05 per cexrt.- to 16; but with Liberal support the re-conviction rate was verg- .. /T . . ■ . *. nolSrf '* 5 ' m . ,n «te meeting efforts last year. j London fl3p). 

novprnmpnfR hones of Tanldlv of the vole according to the and the voles of Irish Inde- ing on 50 per cent. . rfSrSSL i. 

rc-crtahM chine - its riecroral opinion surveys. pendent and Scottish Labour But he believed that juvenile jCL 5 ,f„° u d ,J ot * — : 1 — _____ 

popularity on the basis of its Liberal support— over S.0GQ MPs. it would retain a working courts should have better powers it 1 e m the . m fnr ' 

( _pe rfomin c, w Jobs market nictore stavs i 

State road haulage extension ^ 

: . ® - confused after latest -&3iFes 

J riAYTrt DAJl#tAl'£i force to deal with the increase did not have the opportunities to - 

mUSt Wait, SaVS KOdgerS ln ifehad never known aperiod tlm 'quick^'^rraour"?^ BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

State road haulage extension 
must wait, says Rodgers 

Jobs market picture stays 
confused after latest figures 

TTHJlM J iJ He had never known a period and thp qiuck glamour and BY PETER RIDDELL. ECONOMICS CORRESPONDENT 

. when there had been so much achievements of pop-stars and VTr . rDr . c , _ ' - ■ ■ • 

_ abuse of judges and lawyers. “I f eof h a ners produced “ihe ? r workeril 1B em : doe to industrial disputes iri the her of graduates who .will bfe 

FINANCIAL TIMES REPORTER _ don't really know what they have lemplatmn society.” ployraem shows no signs of L.K. starting .in January notified actively seeking employment 

done to deserve it. ^ It seems to Lord Auckland tCrsaid the ™ Spll ®. of lhe r 10 ,fa e Department of Employ- should show a rise of nearly lb 

MR wit r ! AM RODGERS Trans- Southall) urged that the next Replying to Mr. Robert Adley he a popular sport. Tory idea of a place akin to a ?u r C ?, i”!? e ,® nce . 2S e ”* was involving about per cenL on last year's fienre 

non Sorre arv aave Eta bacSng Labour Government - freed (C, Christchurch and Lymingtonl Tn a maiden speech. Lord Kin- "glasshouse" would' not mean ^ recent fa,t ,n unemployment 62.000 workers to about 45.000. The numbe* 

vcstrrdav to an exIcnsJtm of the from the constraints of the Lib- the Minister declared: “ I believe ross suid: “Too many parents having all the dreadful things New estimates in the latest During the month about 99 700 ? f vaca ades in 1978 .will be at 

rt,rihitatued aeetnr af the road Lab pact — should return to in a strong public sector in in- give priority to their own that went on tn 'hn* e places, issue of the Department of Em- workers were involved in s'ton- 20 per cent, higher than the 

naulaoi indaMrv Rut he made socialist policies for transport, dustry and in pushing its pleasures and tajte too little in- There were certain young ployment Gazette sbow that the pages, including some which had *? vised estimate for 1977, but 

SIS - in Cnmmons that the "which would include a consider- frontiers fonvard." lerest inlne well-being of their offenders for whom a short, sharp number of employees in jobs in continued from the previous ^ ^crease will not be spread 

Government's commitment to an able and over-late extension of ^Earlier, Mr. John Horam. children ...... sentence involving a high stan- production industries in Britain month, and 769.000 working days even, i Qver . a11 types of works-, 

ZS nuhlir vFUir in road the nationalisation of road Transport Under Secretary, said Lord Hunt said that m homes dard of discipline - not brutality was unchanged m the month to were lost, including 384 0(H) lost raanufa cturing industry and 

S haw to be haulapp." that consultations were still and scnools. industry and trade —would not come amiss. mid-December at 9.11m, season- through stoppages which had P ublic utilities promising the 

SSrSi muI after the next Mr. Rodgers repitefi: - It would going on with the road transport ’ ally adjusted. This is 47 000 lower continued from the previous £ ea „ test increase in vacancies. * 

Jisy* .iKC,, ** be for tha next Parliament lo industry on the proposal to in- r VII* 1 than the mid-June total. month. f A quarterly analysis of the 

TSiSthr the State road consider a dear commitment to crease the fee for a heavy goods I ,^nPlf IflCT TPP11 1 H I lOIKk This merely adds U the rather . f arai, y Expenditure Survey 

haul^w wi-n Mr- Ahstalr hare an enlarged public sector vehicle driving test from £24 to 1 jaUCUlUg I CgtllfUlUUd confusing picture of labour Overtime ' n the, second quar, 

fp called m road transport. * £32J0. __ _ _ _ _ ■ market activity at present with- „ , ter of 1977. mseholds on average 

■uWHUSb 1C™ nOnoWlCni . __ OAA Y iinomnlnumnnt Aaplininfl rinni. A Other npu' (ttiihs contained 1 7B nprvirtc nf uiVn-.- 

oa him tn say what advantages 
the Government thought would 
arctu* from an extension of 
nattwuhKatfOR in road haulage 
proposed m the transport White 

Mr Rodger 'replied «* i-V 

Tunnel possible if . . : 

Labelling regulations 
cover 800 chemicals 


ally adjusted. This is 47.000 lower continued from the Drerious ^ rea ^ est increase in vacancies. I 
than the mid-June total. month. ' • A quarterly analysis of th^ 

This merely adds t, the rather _ . Family Expenditure Survey 

confusing picture of labour Overtime shows iha' ‘n the second quar? 

market activity at present with ter of 1977 . mseholds on average; 

unemployment declining since • Other new figures show that contained 2 79 persons, of who ni 
the late summer and notified the weekly number of hours of 1 37 were working, and spent: 

vacancies rising sharply. ' It is overtime worked in manufactur- nearly £70 per week. This was 

possible that one answer may ing mdustry rose from I4.99m. ? houl £4.60 per week more than - 
have been a rise In service eni- to 15J4m« seasonally adjusted. in tile first quarter and over fit 
ploi-mcnt. though up-to-date between November and Dccem- «’ 1 f T w fok. or IS per cent, more- 

The GOVERNMENT is willing given the economic difficulties SUPPLIERS of a boa- S00 dan- containers of 200 litres or more P l oJ' Tncnt - though up-to-date neiween govern per and Dccem- F K I - **°r cent - m °re 

\n consider a new Chumiej ihe country was passing through. 2ftrous chemicals will be forced and until March I next year lo flgurcs are n ° l yet available. ’f n than the than in^the second quarter a 

On a non-seasonaJly adjusted ,eVe ' earlier in 1977 - 

in the week ended December ,h?^I l J!« r?d - with a Jear earl ier4 
° * 10. 1.88m. worker. t . he »■!» grease s were on fond! 

2J I }*SJ2 , .. w h Potion i5p Itai a tunnel cmiid larly if it involved a financui Supphe 

Bldnril (Lah. hX feanire irj prescnt Priorities contnbution. Septemoe 

uc ,ns jSd hefSre Earliamew “et T he - rPgu 1 tK),1s w ' 13 in production Industries was I0 - L88m. workers were oh over- fuo hv f0od ^ 

inSSSiSS^ ££ vicn cnem i“^ J 5 concentrated 9.15m. in mid-December - 7.7W time m manufacturinq. which is f S'S{* £SSSPV. 

dirertV * 5ec -niinc acid, hydrofluoric arid. lower than a month earlier and equ vaient to 36 p er cent, of the Jnd ‘ n (£I - Z5K 

* uL roercurt cnmponnds. sodium 6f» higher than fh mid-December total.- nL L ? 3 r d pmriT 

Suppliers »:« be g:ven casts! hypochlorite f bleach) and 1976- • A special article 4 n th» rnmt a Jh |S ,as t item of expendj- 

Sepieawr l to Put labels on sodium c-loxate twe^dkilierj. • The number of work stonoaees aa%5 tffi ri 

man in miq-yecemoer -- ( flj. This Iasi item nf 

■ I * . • A special article m ibe Gazette rare showed the ; fn - 

number of work stoppages says that fn 197S the total num- crease— over 26 per 

Financial Times Thursday March 2 1975 


Life of Reilly junior v Economists for Tube and 


young man is- working as an 
office assistant for £18.27 a 
■week Do not ask me if he is 
satisfied in nis job. I know only 
that he is there — detected hv 
survey of junior-rank staff 
disclosed yesierday by Lloyd 
Incomes Research. 

In gross terms, at least, the 
young man is at present 27p a 
vteek better off than he would 
he on the Manpower Service* 
Commission's job . creation 
scheme, now being ramified into 
two branches dignified by the 
titles: Youth Opportunities Pro- 
gramme and Special Temporary 
Employment Programme. 

But it is to be hoped that our 
young friend's small semre- 
company employer wil give him 
a full 10 per cent, rise this 
month. Otherwise '■he will be 
left behind his counterparts in 
J'tb-creation. who from April I 
’•‘ ill receive £19.50 a week from 
the taxpayer and. in expensive 
-ireas like London, possibly 
e'erra allowance:- to cover travel 
and such. 

c.)n the other hand, most of 
the clerical, as-i-iant and *.pcre- 
tar:al staff covered by the Lloyd 
.-i;rv«»y in I2fi British rnm- 
Pamcs -epmed to be rioilii 
frtirlv nicely. The Inchest salary 
v-uikh'd mil wa- £7.200 for a 
computer programmer, though 
'»mr people doing that kind uf 
work received onlv £2.150. The 

average salary for the 6.376 
people studied was ' £2.542. 
though the figure for London 
and the South-east was £206 
higher than that for the pro- 

For the Government the 
Lloyd research contains some 
sood news, and then again, also 
■some bad news. Ministers will 
he cheered to know that 84 in 
every 100 companies provided 
the staff with training, 40 by 
means of day-release to college. 

Rv contrast, only 88 per cent 
used the Manpower Services 
Commission's Jobcentres for re- 
cruiting staff, whereas 87 per 
cem. used private-enterprise 
employment agencies. This — 
considering the cost of taking 
the Gnrernmetu's old employ- 
ment exchanges, chromium-plat- 
ing them and re-siting them 
with staff from the old Civil 
Service source in expensive city 
centres — surely offers a lesson 
to Employment Secretary Albert 
Booth. But I doubt whether he 
will he willing to learn it. 

For readers interested in re- 
cruiting “junior*'' or. like me. in 
comparing conditions to-day 
with those they suffered in 
their own youth, herp is the 
survey'* findings on other perks 
provided. Among every 100 
typical companies: 

More than 20 working days of 
annual leave an 1 allowed by 46 
employer**. Ovrrtime is paid by 
45. Flexi-time working is 
offered by 2fi. Subsidised can- 

teens are offered by 55. and 
luncheon vouchers are' allowed 
by 28. A free pension scheme is 
provided by 20. BUPA/PPP 
cover by 27. and free life assur- 
ance by Four. Help with travel- 
ling costs is available in 2S. 
often in the form of interest- 
free loans. Some kind of annual 
bonus is paid by 41*. Discount on 
the company's products is 
allowed by 16. and four offer 
free products. Mortgages or per- 
sonal loans are obtainable in 
eight. Social and/or sports, 
clubs are provided by 14. 

tf nor yet the life of Reilly 
m the theoretical- sense, the one 
suggested by the survey cer- 
tainly seems better than the 
actual working life of Reilly's 
dad. (The full report can be 
had. for £55. from Lloyd at 
72-74 Brewer Street. London. 
VT.i — telephone 01-437 2427). 

Sad experience 

come to the Jobs Column with 
an opening which neatly illus- 
trates a point raised by several 
people in connection with the 
proposed code of good recruit- 
ment practice — for the benefit 
of inexperienced JC readers, 
draft code was printed on 
January 5. 

Wanting a group economist 
some months ago. Brian Ash- 
worth. the director of corporate 
planning at TT’s London head- 
quarters went through the 

normal recruitment labours and 
.found the person ne wanted. 
The candidate accepted, and the 
unsuccessful final candidates 
, were informed.- Then the 
designated recruit came back 
to apologise and say. that, stimu- 
lated by the thought of losing 
him. his present employer had 
made him an offer which he 
would be daft to refuse. Tube 
Investments sighed, and wearily 
and expensively returned to the 
recruiting board. 

• The general question raised 
Vv this is should the job-appli- 
cants' obligations under the 
code include a provision that, 
having accepted an appoint- 
ment. a ' candidate will not 
gazump the recruiter if a bet- 
ter offer is then made by the 
current employer? 

I have no doubt that in fair- 
ness. the accepting candidate 
should be no less obliged to 
honour the agreement than is 
the employer, and this seems 
probably to be the case in law-. 
But I doubt that in practice the 
deprived employer would want, 
or be wise, to pursue his theo- 
retical rights. 

A legal .claim for damages, 
even if likely to be successful, 
would surely be well publicised 
to tbe detriment of the plain- 
tiff* s image in the employment 
marker. And compelling some- 
body to come and work for a 
company would seem to me 
foolish on the principle that. 

although you can stick a horse’s 
head in a bucket it will 'most 
probably just contaminate the 

The proposed, code could 
only be weakened by saddling 
it with clauses that nobody 
would insist on if matters came 
to the crunch, and I therefore 
think -. that the no-gazumping 
clause Is another, which, while 
desirable ideally, we should in 
practice manage better without 

If that answers the general 
question, however, it still leaves 
£800m.-plus turnover Tube 
Investments with the specific 
problem of a hole where its new 
group~economist should be. And 
Brian Ashworth (Bridgewater 
House. Cleveland Row. St. 
James’s, London SW1A 13X5) 
would like to have written out- 
line details of any reader who 
might be interested in filling it. 

Responsible to him, the new- 
comer will be one of about 
eight specialists in the 
corporate planning area. Unlike 
others, though, the incoming' 
man or Woman will be working 
on the- group-level concerns of 
this assembly of mainly engin- 
eering businesses much 
involved in overseas countries. 

The work will include contri- 
buting to business planning bv 
producing reviews of the U.K. 
and. foreign economies, advising 
the group's executive committee 
about economic goings-on and 
their likely effect on TTs exist- 
ing and prospective activities 

and undertaking particular 
studies related to investment 
and development-' ' 

As far as I can gather. Mr. 
Ash'aortb also, wants the new* 
coiner to serve as a sort of 
missionary, converting the 
benighted 'eathen still left 
within TI . to a proper respect 
for economics -as .a useful 

Applicants need a good 
honours degree in the- subject 
and at least five years’ relevant 
experience. ! Deluding corporate- 
planning work in an organisa- 
tion with i^ajor interests 
abroad Age indication is around 
the thirties. 

. No salary is quoted, but I 
would say that TI must b'e pre- 
pared to pay around £8.000 a 


NOR is my estimate of the TI 
salary a low figure when you 
see that the minimum . salary 
f.T the Professor of Managerial 
Economics wanted by the Man- 
agement Centre of Bradford 
University is only £8.106. To 
get one. however. I feel sure 
that the university would be 
able to pay a bit more, and who- 
ever takes the post will ho doubt 
be offered some lucrative con- 
sultancy work. 

The Bradford Chair is vacant 
because of the fairly recent 
departure of Professor Gerry 
N'ewbould to the I'.S. With six 

academic staff in the offing, the 
newcomer will have teaching 
responsibilities, on certain 
courses in Bradford University 
• tit general, but the -main 
concern will be the Manage- 
ment Centre’s own programmes. 

These include two bachelor- 
level courses — a four-year sand- 
wich with about 120 students 
working for a B.Tech. in man- 
agement science, and a three- 
year full- time r with about 180 
students aspiring to a BJ5c. in 
business studies. 

At the higher academic level, 
there is a 12-month Master of 
Business' Administration pro- 
gramme in which rite new profs 
main interests will be the study 
options in economic and cor- 
porate planning, in- business 
policy, and in international busi- 
ness. There are also several 
students working for doctorate 
degrees in various complexities 
touching upon managerial econ- 

The* centre, which is directed 
by Professor Chris Higgins, also 
runs courses - for working- man- 
agers! Some programmes deal- 
ing, for instance, with pa Sca- 
lar skills last only a couple or 
days. -Others go on. in the case 
of director-level students, for 
four weeks: and for middle- 
managers up to six weeks. 

■ In : addition, the newcomer 
will be expected, of course, to 
undertake research. Professor 
Higgins saiid that at present 

there are particular research 
interests at the centre in 
ness policy* and international 

What he could hardly s» 
with prudence is that be would 
prefer to have somebody with 
experience of managerial eco- 
nomics in practice to the work, 
tog world, rather than just & 
theory in academia. But X sc*, 
pect tiiat he would so prefer 
and- with knobs oil - * 

So my guess would be tfeg 
a person with successful warfe. 
ing experience in ecoiu&ic 
analysis, corporate planning-^ 
the assembling of buafafe 
policy would have a distinct 
advantage. To get the job, 
however, tins experience woufci 
have to be extra to a good hqo. 
ours degree to economics 
bachelor-level, a higher degree 
in some subject of related kind, 
and a list of articles publu|ft& 
on topics of economics sad 

Age could be anywhere; I. 
suppose, between about 30 tag 
48. More information ahout tha 
job is obtainable officially from 
the Bradford University regiv 
trar, ■ Bradford BD7 1DP. But 
readers who would Like to test 
their prospects informally 
could send outline career' 
details to Professor Higgins at* 
the Management Centre in Enga 
Lane. Bradford 9. or even tde- , 
phone him on 0274 42299. 

r* 1 




Broad Street. London ECS1V! 






Age 25-28 


A key and varied administrative role — good career prospects 




The Accountant will be a member of a small but (nigh powered 
team within The Stock Exchange's Quotations Department 
concerned primarily with applications for listing, but also responsble 
for general policy guidance to senior managers on developments in 
current legislation, accounting practice and the EEC The work 
involves dally contact with company boards, bankers and brokers. 

The Stock Exchange's service functions are currertfy undergoing 
considerable development, and there are good career 
opportunities in both the Quotations Department and other areas. 
Applicants (male or female) should be chartered accountants and, 
in the first instance, should telephone or write to David Hogg ACA 
(quoting reference f/T 666] at:— 

EMA Management Personnel Ltd. 

Bume House. 88/89 mgh Holbom. London, WCIV 6LR 
Telephone: Ot-242 7773 

CITY CsBl 0,000 


We invha application from candidates, aged 35-45, who most have ten years' bi-oacL commercial administrative experience, 
including at least three years in a related senior level appointment. A sound knowledge of modern banking procedures is 
desirable. We require a strong background In the management of major properties and the capacity to negotiate and control 
all aspects relating to future acquisitions, including a clear -understanding of the professional problems involved. Major 
responsibilities are the efhden: provision of a full range of office services together with insurances, security and vehicles, i he 
ability to motivate and .control a large staff is essential together with an approach which -will ensure co-operation at all levels 
within the frank. Initial salary negotiable c iKUWOTlow cost mortgage fatality, non-contributory pension scheme, life . ssurance. 
family 3UPA. assistance with removal expenses, if necessary. Applications In strict confidence under reference HA3836/FT. to 

the Managing associates {nanagemot ucwmtWT consultants) uPith) 

.'33 NEW HOAD STWT. IjONDON IQM 1NH - TELEPHONE! 01-5*8 3588 or 81-588 3574 - TREXi 887374 

American Bank rqqu/ws an 
Internal Auditor for^uj office 
in the City. i r J ■ 

Applicant must have previous 
audit .experience, preferably 
with an American Bank*.. 
A.I.B. or equivalent qualification 
required. . Competitive .alary 
and fringe benefits. 

Please submit with full cv. to 
' Box M2BI. Financial Tim 
10 Cannon Stntt. EC<P W 





ivaiixMt to qualified. student and 
experienced accounting personnel. 
Contact Alex Moore or Brian Comet 
on OT-628 269t - 


WAKE • . 



C 3 .:r.*Ty KcteU Lirrtf s«d :s 3 “hc-Uy-c^ siddxsyof the 
Nolle:-, a! Hctels Cwporoiicr. .^Zarabca with ;ts rwad ctce zi 
■ivecaynii. bisafcr. Tne Company =c>aixoi3over2D 
psicriishnwriss mZambia. indu-iing xunSy hotels located m 
* • jnciis pjovmaal dues, geo? iedgs® located' in ihe courcr/ s 
r^ucacl parks and restaurants. Tr.e ioikrcring pass c:s 
rvaildc id c the Company's head odiaa: 

Chief Accountant 

re" .r.r.j ': :r.<? r •.kr-.aaoT *--^7'.-^“ 



•• s*>r:v.; ~a! •jr. r.-.cxr : .: 

s’T V .-.r.r: * : rvr;: - 

-j:'." fr-- r-r*?.-* 5 :.' *:;r. r: t- 

. .. : ■ .u-.v r. rn-^nT’' '■ 

i'.s A :ai-::'ar.* r/ 

A asy-r.’Cn* ^*.l 

■:r rj: ~ir. zi 

? Car.pTTv. Tl^ '"U Tdl'-di- .7 

accar-rx:'^; retans w C~pcr.-.- s ^ t 
• -. ■■TfcLsr.r^r.u or. " p:-?rarcc ~r. : : bu 

. ~zr. L - a :^r. . 

17. :: in-. 

Recruitmont 8f Administration Manager tFT*. 
J? Zimco Services Limited. Zimoo House. 

129. 139 Finsburv- Pcrvemenl. London EC2A 1NA. 




Circa £6000 

We need a person to assist the Company 
Secretary in a wide variety of tasks on 
behalf of the .W.H-Smith Group of 

'Ve anticipate the successful applicant 
will be a member o( the Instiaite of 
Chartered Secretaries and Administrators 
with an impressive track record anda 
flair for organisation and administration- * 
He or she-should haw the ability to — - 
deputise fot the Company Secretary in 
his absence.* 

This i> a challenging opportunity to join 
a very progressive Compans. Excellent 
fringe beneflrs include 4 weeks annual 
hohd.iy.j pension scheme, staff restaurant 
and 2?".. discount nnjst W. H. Smith 

Reuse apply in writing, giving full career 
details io:- Olga Heaver. 

W. H. Smith Son Limited. 

]«'■ New Fetter Lane. London 
EC4A lADor telephone 0l-3c3 02- 


• "• • s ..... .... 



A large international company with operations in Europe and 
the United States seeks an experienced Treasurer, reporting to 
the Financial Director, with responsibility -for all aspects of the 
Treasury: negotiation of long and medium term loans; foreign 
exchange; money management; short term investments; and 
insurance. The Treasurer will be expected to develop corporate 
policies in these areas, well as supen’fse'arid monitor their’ 
implementation. jw v - 

The successful candidate win 'probably be presently working in 
a similar position in a igajor i^ernathmal group, may have worked 
in a bank, and has goo^ professional and scholastic qualifications. 
The company headquarters are located in an attractive part of 
Europe. Compensation^ and benefits will be commensurate with 
the qualification of the.candidate and with the -position. 

Please write in complete confidence giving full details 
of career to date and present remuneration to: 

Box F.603, Financial Times. 
10. Caiinon Street EC4P 4BY. 

Join us at U.H. Smith —where people mattes. 



James Capel & Co 

Computerised Financial Services 

Japanese Department 

London (City) 

c. £7*000 

An AssiKint M.ina^er is required take day-tc-day r«pcn*ibility for EX7EL rman-.ial 
icrvicc* produced from EPIC — a Real Time security price servic* which EXTcL snare 
wuh The Stock Exchange and which utilises a duplexed PDP 11/70 installation. 

We have a vacancy for a young executive to join 
the small team' servicing U.K. and Continental 
institutions on the Japanese market. 

Responsibilities include: 

i) Development of customer base and support 

ii) Liaison with The Stock Exchange 

iii) Development and implementation of new services 

iv) Identification of new markets 

This is a new appointment and will be of inrrrcss re DP Professionals ( male cr fema'el 
who to further rheir careers outside » purely technical role. Candidates .must have 
a minimum -cf 5 years' DP experience which should include Real Time systems analysis 
and programming. Preference will be ;ivcn to those with experience cf The Stock 
Exchange and Its related activities. Salary is negotiable around £7.000. 

Please write giving brief career details to! 

Group Personnel Manager 
The Exchange Telegraph Co. Ltd. 
Extel House, East Harding Street, 
London EC4P 4HB 


No current knowledge of Japan is necessary.- and 
the' job offers excellent career prospects for some- 
one prepared for a challenge. 

Salary will be fully..commensnrate with/ability and. 
initiative. • '* . - ' 

CH 9 1978 


Applicants should send a brief curriculum vitae to: 
p, F. J. Rendell * 

A' James Capel & Co. f 
| V^ L, j Winchester House | \^J1 X ] 
J xoo Old Broad Street \ jf 
London EC2N 1BQ ^ fcsrr ^ . ' 

'The Financial Times proposes to publish, within its regular Thursday 
Appointments columns, on March 9 1978, a section headed “ Newly 
Qualified Accountancy Appointments.” This section is timed to 
appear following the results of the Finals, when several thousand 
newly qualified accountants will be in search of career opportunities. 
For full details of advertising in this section contact: James Jarratt 
on 01 248 8CGQ- Ext. 539. 



Gsdtl (W 


■ l - 


-LI “ 


A progressive career opportunity - 
commencing in 

Internal Audit 

V zundn for further Qualified Accountants. ' 

Wrtt hccTi created by promotion in the Finance 
OiviSJOn of a major m term dona] insurance group.' 

The need is for Qualified Accountants of 
personality and initiatmup to rvgc 35, able to 

teams conductii® an Jits in the Group’s" 
Mead Office Departments and Branch Offices • - 
JUrouphout thc Uk- .\Ithoi^h appointments - , 

* ould be initially hi Internal Audit which provides 
• a sound introduction to the Group's accounting' 
systems, transfer to other accounting departments 
,s intended in 2/3 sears, with excellent forthcr 
^rew prospects for accountants of ambition who" - 

can prove ability by resides. .. 

I'hc positions are initially London based, but some 
travelling in the UK would be required whilst on 

The commencmg solary trilf be around 6,000 per " 
annum, dependent upon experience and age, with 
trtTell me expenses and allowances. In addition, 
there wiu be ike advantage of excellent conditions 
of service including ooQContnbuBoiT pension, - 
widows pension arid life assurance schemes. 
Applications arc invited from candidates with. 

Cithy SOUnJ gCCftimtiny f, wi ■ 

leading firmsof practising accoontantsor those 
seeking a first post-qtmli&canon appointment. 

Mr. E- A. Noyce, — '•-•••- . 

Recruitment Officer, • ; - . 

Guardian RoyalEsdangeAssnraoee / ,'• 
Royal Exchange, London EC3 V 3LS . 


Inavwoddwheremanagarnent . 
increesirigly toms to foe specialist , 
experience of consultants, few careers 
can offeryoung managere and executives 
wider opportunities to develop tttefr own 
experience than consultancy with PA.-Wb 
have responded to the changing demands 
of business and industry toroughout toe 
wodd by pioneering sophisticated . 
techniques, systems and technology 
which afl con&toute to management 
effectiveness. We’re meeting toe growing 
demand for integrated services; forthe 
muSkfisripGnarytearri which can solve a 
bustoessor cwganlsationa! problem 
across functional boundaries. Butabave 
■an, it is our abilty to implement change 
effectively which has the greatest impact 

.. The men and women who 
succeed to Ms environment are those 
who. ai27-35, have already demonstrated 
toefc high iraatedual and professional 
caSxe through impressive career 
progression, but who sfit have plenty of 
antoition and erargy In reserve. To such 
people we offer initial salaries of up to 
£10,000 plus valuable other benefits. 
Great emphasis is placed on training, 
career development and the regular 
appraisal of performance and 
poisntial.and there is a competitive but 
realistic career ladder (eacSng to more 
senior positions. 

General Management 

More and nioie top managers in 
- British and overseas industry now 
recognise file contrtoution that practical 
external expertise can mate towards 

successful corporate pfenning and 
development. We stress "practical" 
because PAs approach to major 
organisations s specifically geared at 
optimistog foaiV profitability and levels of ' 
service through comprehensive business 
appraisal and a commonsense strategy 
to implementation. 

: \huwfllalmostpertanlyhawe 

gained experience to the corporate 
planning function of a togetoganisation 
and wBI have implemented Solutions “with 
your bare hands" as wed as being a 
precise and original business thinker 

! • (Ref. GM) 

Capital Projects 

- Our tiverse range of assignments 
in this area indudes op&nising toe use of 
capital assets; planning and management 
of large capital programmes involving civil 
engineering and buikfing; determining the 
financial and physical feasfoSty of such 
projects; equipping and fitting out 
commensal and industrial facStles; and 
physical dfetrfijution stodes. 

>txi should have had managerial 
experience in at least two of foese fields— 
allhough Iterate also an opportunity for a 
dvfi engineering graduate w*h computer 
experience and an addtional European 
language to start hfe or her career wife PA. 



Where rise, in oneorganisaton, 
could you assist a major manufacturing 
company to develop madton and tong 
range plans .... Introduce integrated 
financial and management control ’• ' ■ 
programmes in a rriaU organisation . . . . 
or wrk closely with City financial, 

These are typical of projects PA 
undertakes to c&ents to both pitolic and 
private sectors. The work wHiattraa . . . 
professional qualified accountants who 
are keen to use their skffls and experience 
in practical. probteTKohring. 
resutts-oriented assignments, often 
working with oolleagues from other 
disc^r®. (Ref. FAD) 

Human Resources 

Our work Is concerned wife the 
effective hamesstog of both management 
aid employees efforts to improve the 
business performance. Wfe are seeking 
Consultants for a rapidly growing number 
of asstgrvnents in organisational change 
in addition to foe wide range of projects in 
industrial relations and management 
development at all levels from the 
boardroom to the shop fkxx Current 
projects in manufacturing and service 
Industries combine the long term benefits 
of behavioural changes from an 

organisational development programme 
wSh tangible financial benefits n the . 
shorter term 

Vbur background may be in a . 
rar^ja of spedalist areas — such as 
engineering, marketing or psychology— 
but you must have a strong Interest in 
helping efients make effective use of their 
people and be able to demonstrate 
experience in this field. - (Ref. HR) 

Selling and 
Distribution Strategy 

Our Marketing Division heip6 efient 
Managing Directors plan improved selling 
and dstitoution strategies. This work 
includes sales force organisation. - 
designing discount structures and 
recommencing the mix of distribution 

■ Were looking forgraduaies with 
experience of selling, key account 
negotiation and field sales management in 
blue-chip, FMCG companies. They 
should be numerate, abie to plan as well 

as sefl. and credible wfto a wide range of 
client staff from Managing Director to 
Territory Salesman. 

We can offer these people a new 
breadth of experience as well as the 
chance of deepening their existing stalls. 

(Rel. MKT) 


Manufacturing industry is feeing 
ever-increasing competition from 
producers overseas, rising costs and 

demands to participation, whicn require 
higher standards of management than 
ever before. PA is helping industry to raise 
its performance levels through its 
involvement in manufacturing strategies 
and control systems, 'in streamlining 
procedures and communications at the 
design, development, production 

interfaces; In resolving problems of 
- productivity End payment structures. 

-• "Ybu should have excellent 
analytical and creative skffls. experience of 
malmanagement, an understanding of 
business problems in production, and the 
abffly to implement change. ' (Ref HR) 

. For all these appointments, 
candidates should have good degrees or 
the equivalent, progressive line 
management experience and be 
prepared to base themselves in the South 
of England. Please write to confidence 
with comprehensive curriculum vitae, 
to — The Personnel Manager 

PA Management 

Rotherham House. Grosvenor Crescent, 
London SW1X7EE 

A member of PA Internet: or a! 



Financial & 


•V- 7 : t’ 

■r 4 . 

«* i 

* m .. 


• - 

•*V. •• 


South London 

upto £8,000 

The Mechanical- Copyright Protection Society -was . 
acquired by the Music Publishers Association d unrig .• 

1 576 to rationalise collection of royalties due as a result 
of recordings made of musical works. The world-wide 
collection and distribution of /these monies present 
complex accounting and contractual problems, and- a '> 
successful rationalisation -wilt have' considerable ' i 
commercial application. - • 

Reporting directly to the Finannal Controller the 
Financial and Systems Accountant will initially be- : 
responsible for improving the service to clients; by 
enhancing the current - collection and distribution : 
procedures and upgrading the financial .accounting ^ 
systems. Hn/shn will subsequently berequired to play a ' , 
major part in the design and implementation of new v 
computerised systems, to deal* with the current antf- 
anticipatod increase in the volume of business: This will * 
require close liaison with the DP manager and his staflL, _ 
We are looking Wa qiilifiet^accot«){|rit. . pro$at*y 
under 30. and preferablyren ACAj-wrth experience of - 
computerised systems and a knowledge of cash 
management. Primarily we need.sonaeone whose ability, 
to slay tin top of.thr rapid expansion of this job w^"' 
result in promotion to Financial Controller within thread 

Please apply in confidence with personal and career 
details, quoting Pel T836Q/FT ioJ.D. Atchertey. J- 

Investment Marketing 

Schlesingers rapidly expanding investment division is recruiting for two new 
positions for key senior managers. Both posts require the unusual combination 
of experience of portfolio investment-work and ability to oiganise a detailed 
marketing and sales programme to investors. 

Arthur Young y 

Management Services. .. 
Hoffs House. 

7 HoSt Buildings. Fetter lone. 
London BC4A 1NL 

Private Clients Professional Advisers 

particularly Non-Residents - Acconn£ants,InsnranceBrokers,and 

■ Marketing our Portfolio Management - SoBdtois inLondoa. 

Services,this job involves close co- Marketing ourPIMS unitised funds, 

operation with our Channel Islands this job involves working loosely v/i\h 

•s^ibadiary and some travel to meet the DirKtots,^wdl>ak acting 

to potential investors. I In vestm’ent PIannili^ A ‘ ^ 1 

• 0 t \ 

Outstanding career prospects are open to the right appItoh£;^5"draS h "higlf 
salaiyf initial level depending largely on experience),profit sharing scheme,and 
other benefits. • * 

V Apply with comprehensive curriculum vitae lo 

Ian Forsyth. Personnel Director. ■ 

19 Hanover Square.London WJ. 

Senior Taxation Consultant - Dublin 

• Td strengthen our tax consultancy services, we wish to recruit a senior taxation consultant 
at our Dublin office. Our clientele is a very varied one. It includes major public and private 
groups of companies, foreign based organisations, representative associations and 
individuals. Our tax advisory services cover the range of taxes affecting businesses and 
individuals. The firm practises in association with Craig Gardner & Co. 

• The successful candidate will provide a consultancy service and negotiate the liabilities 
of major clients. Applicants should have a thorough knowledge of the fncome tax 
system, and should have experience at s senior level in taxation in the United Kingdom 
or Ireland. 

• A salary will be negotiated, within a very attractive range, which will reflect the im- 
portance of this client service activity. The firm operates a non-contributory pension and 

, life nee sd igtaq. ^ .. ...... .... 

jSgsiTion of[ere‘cprisiderablO'cop.e'fqrrdeveldp irifl^ tnowfedgg! of taxation further 
a^dt&i&Js 'assists dJxyirongpiRg ^mdias^ f -new legislatio n and .seiegedjspects of iba-- 
tax s/stern, as'wel! as by the varied clientele wKh which the successful candidate will 
--bexoacemed. Prospects, for 

yriW; 1 .tj j.iT J .1 1 

Prospective candidates are invited to telephone J. 0 Brain at Dublin 684016 or 
-=-==, to write giving brief details of qualifications and experience to: 

1 rice 

Chartered Accountants 

Gardner House 
Baltsbridge, Dublin 4 



C umb r ia c. £12,500 + car 

. A, privale company,, in an extremely pleasant Lake 
C strict location, offers thjs position as part of its devdop- 
H -jin! prbgrirfnm? to copcr with- the inctea^mg worid-wide 
uu-TWiid fur ris proprietary industrial pioducts. 

..-.ft n o-p. r.onc*d /ii-incial analyst or similar profes- 
r- c->vl i. if nu:»<‘ a V- .lMum^.TCspcnsiciiify ior tr.a planning 
.-r-.a manaij-'-xt-nJ or leL-t nui.-j, profits and tax. Deriving from 
I:-:- i:,i>:'nptiarui opct.rt ions - ot me campary and its 
- --uhsidmrirr. The development of refined costing 
r: Jprcs m comunrlion with the fu'es. prooudion and 
nv.!nagi:ment functions will ‘lie an important 
task. Th;: dire-.;or doygnofe will report fo the managing 
oirc / ‘tor and £.uperv«ra: the accounls department atreaay. 
unu- ; i fhe.conuof rit a qualified man. Abdify to deal with 
p^.rsjnrel and secret anal matters and general company 
acrnmistoltron is also requited. 

- - I'.arrtniatec should be horn an industrial background 
1 and litVw'pnKWa! r /porience of contract sates abroad, it 
j: imiiMjfy {uni peroons earning less than jJJLfjOO nil] be 
mariy fur tins job. A stiong persona! presence, but with the 
u.'.lify to work m a tool righlv ; su.inf«d indiwdualisis is 
an estertla! <»f , . ,, hiif r ' SiircPSsfUl periiornurice mil be 
ri jtarifed-by a directorship;, in accordance with previous 
Li’ mpany jjroctice. 

Pipaie send concir-e details of - experience and 
quallficttfidn'i. Quoting ictcronco FCJSi I«to: 

W.B. Crossrand Esq.lCf C-NUMAS Limited, 

Management Consultants, 

6 Victoia Street, Windsor, Berks. 

=j S pecialists in the management of prn ate. institutional and pension fundi 

Chief Accountant/ 
Company Secretary 


c£9 ; 500+Car 

tubsidiary Cl Ftft«act lei inSyit'y 


ftnn With a fast expamlfBR Private Client 
Department Assistant to the Mauagvr of 

the Depart inenL T1 h’ successful candidate will 
have cSpertonce of handling djstreuonary 
clients, trust w'orfc abd toU. hopefully, have 
some know I edge of analytical work. The 
position offers very cnnxidcrablc scope, baiary 
according escptncnci*. 

Write Ke* 514 . Hamray Howe. 

5 Oark'S Place, Bishopsjpite, London KC 2 N 4 BJ. 


| has vacancy in a.suavssful vsistine team l'or a 
I .senior sUtiMu-ian with at least an A let el pa^ 
tn Maths, and preferably with ShjckbrDkJnj, nr 
) SnilS Sperience in valuatimis anil, perfnnnance 
l iiie^uremrnt. 

I wrtfc Btix A Times. .10. Cannon 

l Street, KC4P 4BY. - . 

A medium sized publishing company specialising in professional 
journals and related books wishes to appoint a Chief Accountant who 
will also act as Company Secretary. 

The Chief Accountant will be responsible for the accounting and 
-secretarial functions in both the holding company and the main 
subsidiary. A particular requirement will be to advise the Board and 
senior executives on current and proposed legislation,. 

The successful candidate will be a qualified accountant with relevant 
experience in both the financial and secretarial fields and probably 
less than 40 years old. A knowledge of publishing and/or print will i>e an 
asset/Appotntment to the Board ot the main subsidiary should ensue 
within less than twelve months. - *- 

Initial salary will be about £9,500 and a car will be provided. 

Candidates of either sex should apply in confidence giving persona! 
details and an outline career history quoting reference FT/68/F, to:- 

Turquand, Youngs & Layton-Bennett, 

11 Doughly Street, London, WC1N 2PL 


a wholly owned subsidiary of 


are looking for a 


to join our expanding dealing room. Applicants should not be older than 

28 years 

3-4 years dealing experience 
Languages: English, German, French 

This is an interesting position, offering responsibility and a good salary. 

Please write in confidence to: 

The Management 


P.O. Box 626 Luxembourg 

[ Jonathan Wren • Banking Appointments 

jf£fc] The personnel consuliancv dealihg-exclusively 'lyith the:banking profession 

Foreign Exchange & Currency Deposit Brokers 

International Money Brokers 

We have vacancies for young trainees, school .. 
leavers and . partly experienced dealers to join the 
successful foreign exchange, currency deposit 
' and sterling broking teams at GodseU and 

Please contact; 

David L. Hagan, Chairman, 

GodseD & Company Tainted, 

Marlon House, Mark Lane, London, EC3M 4AQ. 

We areThe ieading and .longest-established specialists in banking 
appointment^ Currently we can offer over 300 vacancies with our 
merchant and international banking clients, of which a small 
selection is mentioned below 

credit Analysts, r.i . . • l.-..-. . . / - to C7,5oo 





EUROBOND DEALER (Junior) to £6,500 









Supervisory Position £4.500 — 

SENIOR ACCOUNTANT ( A.C.A.) c. £9,000 

D.P. MANAGER ; c. £6.000- 


(IBM System 111) £4,000/6,000 

. For further details please contact 

170 Bishopsgate London EC2M 4LX 01-623 1266/7/8/9 

*}■ *V )}■ If $ * $ Il-ij* *1 If >$■ *J- 

Finaacial Times Thursday March 2 197S 

Graduate Accountants 

5^-. V • \ : i-. ‘ v ’*. 

under 26 ';;.7 

Central London based To £7,000 r.-v . 

-One of the most diverse multinationals with a turnover of whose objective is to provide senior management with an 
• J£9000m is looking for young qualified accountants to- be independent assessment of operating efficiency and 

groomed for -responsible line positions in the UK and controls for present and future company objectives, -and - 
X overseas. With a top reputation for career development, in this position travel in the UK and cfccasionally — ■ ' 
the company can offer a wide- variety of opportunities. • overseas can be expected. After this period of 
. T Successful candidates will be placed initially within the' mutual assessment, advancement will match ability 

* highly sophisticated audit department, and expectations. - - 

. . ; H. W.FitzHugh^Ref: 2Q074fET /7 • 

Male or female candidates should telephone in confidence for a Personal History Form to: 
a ’ - LONDON; 01-734, 6852, Sutherland House, Sf6 Argyll Street, W1E 6EZ. '■ 


£ 12 , 000 + 

and car 

This Is a key senior appointment with responsbiljty^ the Mtaagins Director for ^Sfi52,*SiSS rr£ ' 

commercial and administrative functfons in the newly formed and expanding 5 V 

Conde Nast & National Magazine Distributors Ltd.): TlirtSfc will Tnclacta thr development, Improvement and.g^wrat 
managemant of activities concerned with management control and infoimadon systems, “f™™ 
agement services, and company organisation ; some personnel administration and Indusmalidat'OTO^IvemwitOTr ate 
be expected. The manor woman appointed win probably be aged 35-45 and have a degree. A s ucce ssful ' 

level in- general commercial management is essential; also important are a flair for 

numeracy, commercial acumen and a strong but congenial personality- The starting salaiy wtl lnot be lew danfnzaw , 
h could be higher for an outstanding parson ; a car will be provided together with other good fringe benefits, mere tt an 
. excellent opportunhyroe^m an earfyappointmentto the B 0 & 1 &. : 

- - _ _ - • ‘ - ’ .. ... I fQOf a. 

r- . * 


Executive Selection Consultants ‘:V 3 



.MILTON I. KEYNES , c. £7500 p.a. 

. i lilt*' 



Consequent upon the substantial growth of this young 
(1969) Institution, the -Head -of Finance is seeking to- 
appoint two Assistant Chief Accountants. 

Assistant Cisief Accountant 

(Financial Accounting) 

The Assistant Chief Accountant - Financial Accounting - 
will be responsible for the maintenance of the University's 
'financial services. The specific duties will include the 
management of: 

a) Payroll for 2500 full- time and-5000 part-time staff 

b) Accounts payable and supplier accounting 

c) Billing and fee collection for 65000 students 

d) The University's banking arrangements 

e) Operational Data Processing liaison. (Ref: FA f 

b) Budgefary control systems (C34 mHliaffp.e.". 1O04-" 
budget centres) 

c) ~Oeve(opment of costing applications and methods of 
■ economic-measurement 

d) Analysis of the financial implications of alternative 

resource allocation strategies. v 

ej The production of interim and statutory -financial- 
reports. (Ref: FP[ ) 

The University has computing services available for the 
development of these services. 


Kuwait Tax Free appointments 
Upwards of equivalent £16,000 plus benefits 

Assistant Chief Accountant 

(Financial Planning and 
Budgetary Control) 

The Assistant' Chief Accountant - Financial Planning and 
Budgetary Control - will be responsible for the maintenance 
of the University's financial planning and budgetary control 
services. The specific duties include the management of : 
a) Development of Financial Planning 

For each post a professional accounting qualification with 
significant post- qualification- experience is atfcj s e arvtia i 
prerequisite. Personal attributes will include strong 
technical abilities coupled vyffh the maturity to represent 
and manage a substantial part of the Division. 

These are senior posts and enjoy good conditions of service 
including an excellent pension scheme, life cover, generous 
leave, relocation expenses and good sporting and social 
facilities. The salary is within the scale UAP in (£6443-to 
£7951 - under review from 1 st October, 1 977). 

Prospective applicants wishing further details oran informal 
discussion are invited to contact Mr. Denis Brown on 
Milton Keynes 71 131. 

Application farms and further particulars an a variables by 
postcard request phase, from The Personnel Manager. The - 
Open University. P.0. Box 75. Walton Hall. Milton Keynes. 
MK7 6AL. or by telephone from Milton Keynesti3868-(24= - 
hour answering service). Please quote reference number... 
Closing date for applications: 20 March. 1978. . 

An expanding major commercial and _ - 

engineering group, with a workforce 
already in excess of 2,500, is looking. for 
an experienced Manager to supervise* 
account for profitability and further • 
develop, the HP Finance Division.; • 

The Division consists of 80 staff.'utilislng 
' the company NCR Century 201 - 
computer with sophisticated on-line 
systems. You will take responsibility for 
its portfolio In excess of £30 million and 
upwards of 16,000 accounts with an In- 
house legal section directly supervised 
by two lawyers. 

This is a senior appointment Involving 
direct dealings with top management 
and calls for a professional approach and 
the ability to communicate well at all levels. 
The successful applicant, aged 35-50, -. - 
preferably with a university and/or 
professional accountancy qualification, 

will currently hold a senior post in a 

FinanceHouse or ‘In-House’ credit . . 
department With 5-i 0 years' practical 

experience in the consumer finance 
' field, you should have a sound ' r - . 
knowledge of the application of 
computer techniques to credit control, 

■ using on-line terminal units and branch 

TheTerms of employment include 
renewable contracts of 2 years’ duration, 
free passages to and from Kuwait, house 
rent allowance of KD350 per month, 
-currently adequate to provide modem 
three bedroom apartment, interest-free 
furniture loan, a free company car and 

the-above mentioned highly, attractive • 

‘ tax-free salary which should provide 
ample opportunity for exportable savings. 

Please apply to Mrs. SusaftRotley, - 
6th Flotw, Stiver C tty House, '• r - 
62Brompton Road, SW3 
inducting full details of quaWfications, - 
- training and experience, a passport , 

photograph and quoting ref. S2239. - 
, Appiteationa win be acknowledged and ... 
interviews Will take place dtinpg March. 




'-If you .hive kite qualiEM arid want 
Drops r carver advice sad uwodunfani 
to the bear companies in ahd' around’ 
London. ! -• v 

CM Jack Floe: , ■ 

31 Percy St. W1. 32] ASM 

or Robert DMn ;T ; 
25-Unw St. EClT/423 XS44 

DOC r CRIDITS CLKRK to £4.700 4 
- benefits for Internationa) . city Base. 
JasoH 24 + . Bxoerlenceo la CfcackfogM 
' documents And. ah aspects documental 
credits and iaaamg out of mttemeati. 
Rina tar appointment C1-2BJ 5022. 
VPN EntDlOvment lAavJ. 


Check this 
one out 

Financial kwssti^tion into. North Sea OP operations — 
work which is topical, chalienging, and of national 
importance - is just one of the wide range of problems 
you could berovofeedin as a govanfraenteccountaqb tfs - 
an example of the type of assignment you could expect in 
-TT^h'Bccounting'tmrt which services four major Departments 
-Industry, Trade; Energy, and Prices antf Consumer 
Protection. Nationalised industries, government-owned 
companies, monopolies, mergers, prices policies - all are 
dealt with by accountants based within the Unit And 
companies in the private sector figure largely in the work, 
providing the opportunity to deal closely with senior 
management on loans and grants. Apart from the interest 
that such variety generates, you can derive a particular 
satisfaction from the essentially interpretative nature of 
the work: if a problem-solving approach appeals to you, 
government accounting has a lot to offer. 




You must be a Chartered. Certified, Cost and- * ^ 
Management or Public Finance A^ountantp^ferabfy 
aged under 40. Professional officeexperieripe is highly 
desirable. /*• 

Current vacancies are in London. Starting salary will be 
within the range £4885 - £6885 according to age and 
experience. Promotion prospects to £8400 and above. 
Appointments are pensionable and can be permanent for 
a fixed period, or (in appropriate cases) on secondment 

Farfull details and an application form (to be returned 
by 17 March 1978) write to Civil Service Commission. 
Alencon Link, Basingstoke, Hants, RG21 fJB, or telephone 
Basingstoke (0256) 685 51 (answering service operates 
outside office hours). Please quote GfA) 69015. 

A journalist is required foe Money. Management magazine ' j 
and its companion year-books. He or. she will be expected' 
to both ■ participate in the' writing and future planning 
of articles and also to assist with the general production 

of't/ie;;itiagaxfn e r " - 


The successful applicant should be able to demonstrate 
from recent experience -that -he. Dr she has the necessary 
self-confidence, ability and knowledge to work with the 
minimum Of supervision. Knowledge of insurance and 
other, subjects relating to personal finance would be a 
distinct advantage. 

Phase write giving full details of your experience. 

Nlall Sweeney, 


Money Management, Grey stoke Place, Fetter Lane, 
London EC4A 1ND 

Finance Director - Public Co. 

Home Counties c £13,000 (could be more) 

The main responsibility of the Finance Director is to 
assist the Chairmanin identifying and investigating new 
business opportunities. The Company has substantial 
funds to invest in businesses which will balance with its 
present product policy. There is also the responsibility 
to improve the effectiveness of financial management 
in both the existing and newly-acpiJired operations. 

Candidates should be able to show experience of both ' 
acquisition investigations and financial control frva 
profit-conscious but professionally- managed 

environment. The preference is for a person in the early 
thirties, qualified as an accountant, who thoroughly 1 
enjoys a demanding job. Remuneration package is for 
negotiation ; making it attractive to the right candidate 
will not be a problem. 

Applications^ which will be treated in strict confidence, 
should contain relevant details of career and salary - 
progression, age, education and qualifications. P lease 
write to Dr. I. F. Bowers quoting ref. 682/FT on both 
envelope and fetter. • • • 


Deloitte, Haskins & Sails, Management Consultants 

P.O, Box 207, 128 Queen Victoria Street, London EC4P 4JX; ■ 

Merrill Lynch, Royal Securities Limited, has openings 
in their London offices for experienced people. 

. We’re looking for self-starters who are at home in 
the Canadian securities field: people ready, willing, 
and able to make a total commitment to what could 
be a rewarding long-time association. 

Apply by written resume stating- details of experi- 
ence, education, income, and personal data to, or 
phone: E. B. White, .25 Davies Street, London, 
W1Y2BU. 01-236 "l 030. 

Merrill Lynch, Royal Securities 
. Limited 

Victoria Vancouver Calgary Edmonton Winnipeg Hamlhod 
Toronto Ottawa Montreal Quebec City Saint John Hal Hex 
Charlottetown St. John's London, England 


INTERNATIONAL BANKER with experience of euro-entrtoty 
loans. . ‘ Js Negotiable 

SENIOR BANKING OFFICER with U.S. experience for 
i marketing and business ^development. ...To £14,000 + Benefits 

1 LENDING OFFICERS- igeti ‘2Z-30' with: previous experience of 
intema&ooal lending. To £8,000 + Benefits 

■ {With a knowledge of American Securities. To £7,500 

Lawyers with linguistic abilities. \* c £7,000 + Benefits 

FUND MANAGER aged 28-35 for newly formed investment 
1 company. £7,000 + .Profit Share 

Young ACA with EL>P background- ■ £7,000 + Benefits 

AIL these vacancies are located in the City 

Malcolm Hudson & Partners Ltd., 
Management and Executive Recruitment Consultants 
: 29/31 MITRE STREET. E.C3 " 

.i TeL: 01=283 1954 1 . 



An esrablished national firm of Chartered Accountants has art 
.exceptional opportunity for partnership in Its rapidly expanding 
tax department. ’. 

‘ Candidates must be Chartered Accountants but may have 
Specialised out of the profession, in either corporate or perapnal- 
tax. In addition to the .highest; prof esuonal. skills, they should 
jjossess the perspijiti qualities that wilt enable them', to con- 
tribute to "the Continued growth of the firm. The present 
partners are practising Christians and would hope that; applicants 
-will share their outlook. - 

Salary and profit-share will be' very attractive and a he negotiable. 


To play a key rote in the future growth of this successful British group by Joining a 
forward-thinking management team whose objectives include the introduction of modem 
marketing methods. to support the underlying strength of service and technical expertise. 

Your task will be to plan and execute an aggressive marketing policy with the aim of attaining growth, 
•increased profits and marketshare. Your relevant management experience must indude demonstrable 
success in the development of general insurance business. Aged up to 40. you wfll be an: excellent 
communicatcjr with a high energy level and- probably have a university degree or professional 
qualification. Excellent benefits include prestige car. The successful person can expect a salary well into 
five figures.Locaticm London. 

Please send, in confidence, details of qualifications; "experience and 'persona! circumstances, 

quotingref:1547lRAIFTto: ... 


INTEREXEC gives positive assistance to Senior 
Executives seeking new employment or improvement in 
their careers. 

How to maintain confidentiality. Bow to plan The job 
search. Who can help and fiuw How to 'finer unadvertised 
vacancies. How conditions compare in the Middle East 
and 'elsewhere - Overeeas.- -How to - obtain- and - control 
Interviews from the- other side of. the -desk. '-How- -to 
be sure it U the right appointment at the right salary. 

INTEREXEC maintains ail the Inform ation- you need, 
provides a comprehensive advisory service, does all the 
ground work of job bunting for you, exploring the 
Market-in confidence, to secure the right appointments 

Why waste time ? Write or phone for details 

'The World Trade Centre London El 9AA 
61-188 2400, Ext. 53 - - 

Please appiyt-' 
STr. Timothy Hoare, * 
7, Wine Office Court, 
London EC4A 3BY. 
01-353 1858 

liMTIXO . 

P*norm#l Comalunqr 






' ‘ fias a Wcancy for a - r " • 

(Salary range £3J15 to £4,515 pA, depending 
on appropriate experience in a similar opacity) 

Applfeanti dietild hire »*i inweit in. ind knewtc4^ trt, aconofnic* anS aamomlc 
policy fuun. An Honour* Degree, though not nrentlel. would be a unsUerable 
advantage' Dtidet will include die 'ji reparation of papers on economic iuCa and 
will Involve a good understanding of applied macro economica. A badqgraend of 
aedvtty in The Labour Party, or in dm wider Labour Movement, would aba 
ba of eonaideraWc .advantage. 

AppUcotaon fore i and condition m empTorment een be obtained from: 

The Adminiuradre and Pensnnel OScer 
, The Labour Party. Trimport Home . . 

S mith jqnaro. London SW1P 3|A- 
Tel:-01^U »434 . . . - 

Completed application Forma Umld be r e t n r o o d not later than 
Tbbrtday, 2} March 

NOR Phcemaridng Sysaams 1st emftTaehtergeseBschaft von Norctos 
Group Limited U.K.. die zut Lehung von Nofpnm Limrtad, dam 
^EtJcenlierstfllleT- Europas. gegrundet wurda. Die NOR- 
GeseUsdiaft mit Sttz ih Frankfurt 1st esna kleine Vartriebsopganisation 
mrt ausgezetchrwtan Wachstumam^fidAeiten, die aus vam U.K. 

stammenden Vorraten verkauh. 

Die SieJiung des Firmenbuchhafrere yvurde neu geschaffon und 
unlwstohi dar Beinebsteitung. Die Aufgabe des Rnrwnbuchha tiers 
Begun der&iedigung aHor Buchhaltungsarbatan und derOrganjsatiDn 
des betnebsintemen Irtformations^stems. Unter andafum sxellt a- die 
monatiicne Gewinnrechnung fur die drthetia und die U.K.-hotridM- ; 

und fcuprfristige Hnftgen und Nmmtdn EnJsqheidungen' bdzuglirfr tier 
Reniabtfitat voir Ereeugrrasen let In" hmkiiondisr Hintichr untBrsttfit' 
er der Hauptbuchhaltung im U.K. 

BeweAer und. Bewerbennoen. tss .$ : dabro. ; bwufliehs- 

Aus&ddung besitzen. Die Muttaisprache ' mu» Englisch srin,’ 
fl iesaen des Deutsch- 1st Jedoch djenMb uneriastiich. Praktisch®' 
Ertaluung im deutschen Geschaftswesan ist ein zu^rzheher Vtirtiafl.’ 

E fl 2*a.bbl£j aI13 ° f qua ^ ca tions-and experience tw 

Divisional Personnel Manager.. ■ !.-•■' f ^ 

Norprim Llmhed A ■ 

Horo ceeti e Road, L-Mfwm- - 

Boston. PE21 9HZ. • B "■ : 

Mnev/' ... 
• • • - - ~nm Nacnbnt • . 




jor international bank, based !n London has 
n rapidly over the last five years. As a result they 
rteed a managerto supervise the day-to-day ? 
ng of the transaction processing systems and * 
iging a staff of 20. The smooth funning of the* / 
vvrll he very dependant on the competence of the 
“tions Manager. 

idates (m/f) should be around40 years old, ! 

c. EIQuOO+benefits 

Ideally but certainty with extensive administrative 

■experience in a bank or accepting house and experience 
of managing staff In this environment. 

Applications, which will be treated in strict confidence, 
should contain relevant-details of career andsalary " 

progression, age, education andqualrficationis. Please 
write to Dr. 1. F. Bowers quoting ref. 685/FTon both 
envelope arid letter. 

Deloitte, Haskins & Sells, Management Consultants, 

P.O.; B ox 207, 1 28 Queen Victoria Street, London EC 4 P 4 JXT . 

uni il in 




to £7000 

Travelling up to 50% of the time, the Accountant wilt have 
. responsibility tor specific areas of business In Ihe Middle East. Far 
East and Africa Carrying out regular operational review, the 
Accountant will additionalfy be involved In systems development 
and cash management, and may well deputise tor local controllers. 
- i A subsidiary of a'US public company, our client provides 
geophysical services to the oil exploration Industry. Turning over $50 
million in the Middle East and Africa it is expanding rapidly. 
AppBcanfs (male or female) should be recently qualified chartered 
;accountantsancTshouid telephone or write to David Hogg ACA • 
quoting H645. - 

EMA Management Personnel Ltd. . 

Bum© House, 88/89 High Hoi bom, London, WC1V6LR 

Telephone: 01-242 7773 

Charles Barker 

snfidential Reply Service 

** Bg«ttMB»coriaaaica » «*** wi/ical 

iT* 7 t 





f n 





it must have practical experience of day 
nanual beekeeping and would be respon- 
r all aspects Of the accounts up to and 
z final accounts. Knowledge of PAYE and 
desirable. As Secretary Designate the 
t is expected to be conversant with 
1 secretarial responsibilities. A profes- 
[Ualification is not essential but some 
>nal training would be an advantage. First 
ary will be paid. Applications m writing 
only with full details: 

G. Gibbons, 62, St. James Street, 
London, SW1A 1LY.- 

Examine your career 
for the Q.D. factor 

Q.D. stands for Dcspemtio^tlia g- 

6b *ttistaetton. ; . insufficient progress 

armony. Qr all three. Wve 

write tod^v for a mcetuw with one of our 
Professional Career Advisvrs. 

nPDEWCK'lf TiW( il 

The Guinness group of companies covers a wide 
range of mdnstiies, including brewing, general 
. trading, plastics and confectionery- Turnover is 

/ r unning at nmtrnH J.1 a rm'Binn per riay_ 

j Two vacancies have occured within, tha group 
at their brewery located inPark Royal, London. 

Assistant Registrar 

The Gmzmesa Share Register consist of a UK and 
dcanmion register covering three classes of stock; 
there are currently 53,000 accounts, all of which 
are m a mt amedonan in-house computer. An . 
excellent career opportunity has arisen to join p 
small professional team involved in the full range 
of activities. 

Preferably a nianiberef the Chartered Institute of 

Secretaries yon should have 5 years’ experience i 
share registration work at a senior level; a 

systems would be an advantage. 

Assistant Company 

The Secretary’s Department of the Park Royal 
Brewery requires an Assistant Company 
Secretary to carry out aD aspects of a company 
secretary ' a weak, with a hias towards the legal 
aspects of the post 

Qualified as a Chartered Secretary, or with a 
background in law, you should have gain pH three 
yeas’ relevant post-qualification experience. 

The salary for both posts is negotiable from £5^800 depending on qualifications and 
expe rienc e, and there is an exceptional range nfbenafite mrfnrirng profit, ahwro 
non-contzibatory pension scheme, free meals and 5 weeks holiday. Generous 
■ assistance with relocation wiD be provided if appropriate. 

Applicants, male or female, should write with details of age, education and experience' 
•to Mias A. P. Lloyd, Assistant Personnel Manager, Arthur Guinness Son & Co. (Park 
v - Ro^ limited. Park RoyalBiew^ London NW107RR. 


| * 



£12,000 + car 


Our Client is a £20m T/O international company located on the South 
Coast and engaged in the manufacture of tost moving consumer 
goods. This is a new appointment due to continued growth and 
organisational demands. 

Reporting to the Finance and Administration Director, responsibility 
will be for the major part of the Financial and Accounting operations 
of the Company. Following the installation of an upgraded computer," 
there will be an early priority to maximise its use. The appointee's * 
superior oversees oihemon accounting functions, thus the scope in 
this role is excellent. l 'i 1 

Candidates, male or female, in their early thirties, should be jy?*:. "i 

qualified Accountants who have had senior line management . T-. ): - 

responsibility. A knowledge of the tost moving goods sector would 
be desirable. Ideally, applicants will have had experience in the . 
pharmaceutical, toiletries or related industries. 

The remuneration package includes a basic salary of up to £12,000 
plus an annual bonus, a car and other benefits. 

Please apply in writing, giving your telephone number and quoting 
reference 820, to Peter Barnett, FJ.P.M. , M.LM.C., Barnett Keel Ltd., 
Providence House, River Street, Windsor, Berks SL4 IQTL 
Tel: Windsor 57011. Telex: 849323. 

Barnett Keel 


Sunday Awawinf S&rtace. 

Financial Controller 

Up to £10,000 per annum 4- car S.W. London 

Our chest Is the rapidly expanding and autonomoat subsidiary of a major, Eu r o p e an based, 
international electrical engineering grasp. The company is engaged in a successful programme df 
incieaang its market sh^re in this country and current sales turnover Is -well into agbc figures.' ■ : _ 

The Group Financial Controller vOl be leading an existing team of qualified and support personnel 
in the vital task of developing tinanciai control systems and monitoring the management reporting 
procedures for throe; divisions involved in m.mufegtnrtng and roTt-«tir^ 

Too will need to be a professioaally qualified Accountant, probably in your thirties, who bis i 
proven track record in operating tight anancul control techniques within an International. business 
e n v ir o n ment. Your career progress to dax trill also demonstrate jour high levels of energy and 
enthusiasm and yam ability to communicate these to others and, thus, motivate your tom. 

The starring salary for the right man or woman is negotiable tap to gropes pjL, a company bur vriH 
be pr o vided and there are ctoerfestdass benefits. 

Please write, giving fall derails of youv age, eaa Hmti eas, caaag lastoty and salary progress i on to 
date, stating the mas of any oerganreanocs to whkfa toes ictte should cct be seat, to*. — ■ ...■ 

T. L. Robert*, Director (Ref.; 904). 


Whites Recruitment Limited 72 Fleet Street London EC4Y US 

Offices: Bristol. Glasgow, Lead* London, Manchester 

andWblveriatn p ton. -.-r'. 

E3 Reed Executive 

The Specialists in Executive and Management Selection 

Legal Adviser 

London — West End 

to £8,500 

This new vacancy has arisen due to the successful expansion of' this 
international shipping and container group. A full-time legal adviser is now to be 
recruited to be responsible for the formulation and completion of .legal 
agreements concerning the purchasing and financing of the group's container 
and crane fleet. The applicant appointed will also be expected to advise 
management on aspects of commercial End company law and consequently will 
, gain excellent practical experience in these subjects. Ideal candidates will be 
- solicitors who have been qualified for at least two years and who can display 
the abiTrty to utilise their technical and academic knowledge in a really practical 

Telephone 01-836 1707 (24 hr service) quotaig Ref: 0271/FT. Reed 
Executive Selection Untied , 55-56 S(. Martin’s Lane, London WC2N 4EA. . 

Recently-Qualified Accountant 

London W.l. c £7,000 + ben efrts 

•A major international group with a turnover in excess of £100m. is now 
offering, to a young qualified accountant (either Chartered or Certified), an 
opening into industry through its London-based head office. As part of the' 
central management team the person appointed will be able to expand his/her 
experience and will have the opportunity to progress within the Group. We are 
therefore seeking an individual aged mid/late 20's and ideally with two years 
post qualification experience in either the profession or industry. Ihe 
remuneration package is certainly attractive and includes 23 days annua) 

Telephone 01-836 ..1707 (24 hr service) quoting Ref: 0799/FT. Reed 
Executive Selection Limited, 5 &'56Ste.Maipn , s Lane, L6ndortWC2H 4EA.r- 

,.t~r, sJrff.Jhe aboy&.yapancies are opetrto-bothinaiearidfernai&camfidafes uo. 

London Birmingham Manchester Leeds 




£ 20 , 000 + 

A medium international company with operations in Europe and 
the United States seeks an experienced Treasurer, reporting to 
, the^Managing Director with responsibility for all aspects of the 
Treasury: negotiation of long and medium term loans: foreign 
exchange; money management; short term investments; exchange 
control; and insurance. The Treasurer will be expected to 
develop corporate policies in these areas as well as supervise 
and monitor their implementation. 

The successful candidate will probably be presently working in a 
similar position in a major international group, may have worked 
in a hank, and has good professional and scholastic qualifications. 
The company headquarters are located in a part- of South-West 
London and* in California. -Travel between the two centres will 
be necessary, Excellent salary and benefits will be offered. 

Please write in complete confidence giving full details of career 
-to date and present remuneration to: Box A.6282, Financial Times] 
10, Cannon Street, EC4P 4BY. 

Finance Director 


c. £14.000 p.a. After Tax 

Oar dients, a successful British, company 
. with ■wide interests overseas, currently seek 
to recruit an experienced Finance Director, 
tor one of their affiliates in Thailand. 

Ibis important near position, based in 
Bangkok, calls for a C har te r e d Accountant 
-who is aide to advise with confidence as to the 
desirable direction of the Company’suctivities, 
having regard to Ihe economic intent of the 
Thai Government and the impact of thrit 
national economy. Reporting to ths Manag- 
ing Director, the successful candidate will be 
r e sp onsible tor toe financial security of toe 
Company, especially in dealings involving 
foreign currencies. 

Candidates, aged between 35 and 45, 
should also have general management 

experience, pretcrattiy 
Knowledge of financial 
pates p ro g ram ming, is 

And com- 
as is aa 

In addition, to rite salary mentioned, 
attractive benefits axe offered including a 
chauffeur-driven car, educational assistance 
for. .children, passage paid leave in. the UJC. 
and noo-cmtnbfltoty retirement benefits. 

Please write with. Ml personal particulars 
and c ar ee r to date to Position Number ASF 
6656, Austin Knight limited, London, 

Applications are forwarded to the client 

concerned, therefore companies in which you 
are not int erested should be listed in a cover- 
ing letter to the Position Number Supervisor. 

V’H- T } 'c 4- ^ ->T- 

Financial Controller 

Excellent salary + benefits T gratuity 

Tue Industrial Development Corporation c£ . 
Zambia CINDEGOJ seeks an experienced 
financial executive oSrproven leadership to ' 
assume overall financial responsibility of Iho 
Group. Through its 32 subs'dfary companies, 
the Group covers the largest spectrum of 
industrial activity in the country, wifh a 
turnover of aver C290m 033d net assets in excess 

Leading a team of qualified accountants and 
financial specialists, the successful candidate 
will be responsible for: 

* Corporate planning ^ 

* Investment uppi erisai and project 
evaluation. ! 

* Internal audit services 

* Systems development fcurrsntiy crperutin 
EM 3.T0 computer) 

■fc Group budgeting and Bnancfailpalides 

* 'Gaining o(k>3ad staff 

With attendance at the Board of fee holding 

theFmandal Gonlrollfir reports to the < 
Managing Directac 

An attractive compenaaHan pcg Aage vpiil be offered, comprising: 

★ Negoiiabte basic salary. 

★ 25*0 terminal gratuity on dTrngtetion of initial 3-year ounfract. 

★ Company <tar. ' 

★ Subsidised furnished aacoairnoci-atiCTi. 

+ Baggage and aetlling-in allowances. 

★ Air fare? ta ond from Zambia at beginning and end of cc nha rt. 
ir Free medical labilities and life assurance. 

★ Sir weeks leave per annum.- 

★ Education allowance s for children: 

•* lard solar/ remittable under current regulations; 

. Applicants should write with full personal and career detail;, and quoting reference FT. frs 

Recruitment & Administration Manage*; 
Zimcn Services Limited. Zimco House. 

129-139 Finsbury Pavement. 
London EC2A1NA. 

Young Chartered Accountant 

Central London c. £8,000 

Due to reorganisation our dient, a large quoted property group. -wishes to -strengthen - 
its financial management team by the appointment of a it assistant to the FiuaiKaaJ 
Controller. Candidates, aged 25+ should have a Urge professional firm background 
with experience of group audits and exposure to computerised systems. -He/she will 
gradually become involved in ail aspects of the finance function in order to deputise 
for the Financial Controller m his absence. In particular he/she wiU assist in the' 
development of effective management reporting systems, group ..plans/budgea. the 
optimum utilisation of cash resources and the preparation and- interpretation of . 
accounts. A commercial awareness and the personality to communicate effectively 
with senior management is essential. 

Applications to Miss Marion Williams 

Reginald Welsh & Partners Limited 

Accountancy £ Executive Recruitment Consultant t- - • 

123/4 Ne legate Street, London BClA 7AA Tel: Ql-600 83$ 7 



£9,000 + car 


Hie Client One of the country’s Heading national housing associations 
managing around 3,000 unite with approximately the same 
number in the course of development. 

The Job Reporting to the Chief Executive wiforesponability for the 

finance and accounting functions. Key areas are fi n ancial 
planning, wish management anH systems development. An 
important priority is to ensure the prompt production of 
financial and management information to strict deadlines, 
following the introduction of new management reporting and 
accounting procedures. 

The Candidate Must be a qualified accountant with substantial manage- 
ment accounting experience. Aged from 30. E ssen tial 
personal qualities are the ability to motivate staff and 
communicate effectively with senior people in both the public 
and private sectors. 

Brief but comprehensive details of career and salary to date, which will be treated 

in confidence, should be sent to: 

J. G. Cameron, The Executive Selection Division- CF3Q8, 

Cowers & Ly brand Associates Ltd., Management Consultants, 

Shelley House, Noble Stmt, London, EC2V 7DQ. 

The Job 

Investigations and 
Financial Management 

Assistant to Group Chairman 

Our client is a young investment and management group specialising in -companies 
requiring finance and new manag e m ent to achieve tnmround situations. The Group is 
supported by City interest, and die Chairman, who is a major shareholder mid driving 
force behind the Group, wishes to recruit a young ac c o un t a nt as a prospective Board 
colleague, to be involved in the Investigation and assessment of companies for prospective 
purchase, and in executive financial management within the Group. 

Candidates, aged 28-35, be qualified accountants, preferably' with a degree and 
experience in industry since qualifying including, ideally, investigation of takeover 
situations. Location is flexible and removal may not be necessary. 

Apply In confidence, quoting ret C.179, to ERP Ttitematin wat Barmit fu y n t Limit ed, 
Clemence House, St Wer burgh Street, Chester CHr aDY. Telephone 0244-3x7886 
(Ansafone after 5 pm.) 

Offices in London, Chester , Jeddah^rnsterdam, Brussels , Milan, Paris 

The Candidate 

Dp to no , 000 pjL 

We offer the challenge of developing 
and implementing marketing con- 
cepts and tcchntmes for an expand- 
ing company, wtilch produces a wide 
range of automation equipment. 
Including high speed process and parts 
assembly systems. Appttcants should 
possess a protection engineering back- 
ground and be able to organise and 
motivate the sains engineering team. 

Write Box A.6284. Financial Times. 
18. Cannon Street. EC4P <BY. 

Group Chief 


c. £12,000 p.a. 



Confirming House 

The company is a member of a dynamic and expanding group 
of companies with worldwide trading and commercial 

The appointee will run the company and be expected to 
develop its existing customer and supplier relationships, and 
seek out new areas for expansion. This will be achieved with 
the assistance of its existing experienced management team 
and the resources of the various members of the group. 
Candidates should have had the necessary experience af top 
management level in a similar type of company, which will 
have included negotiating with suppliers, importers, banks 
and credit insurance agencies. 

An appropriate five-figure sal ary will b*' offered, plus car and 
other benefits The position is based in London and because 
ol the nature of the business, a certain amount 01 overseas 
travel will be required 

Kopi'ies containing comprehensive career detaih. and quoting 
reference L'fi'FT. will hr forwarded direct to our client. 
Covering letters addressed to the Sccuritv .Manager fisting 
companies fo whom vour application should not he passed 
will he intercepted and your instructions noted 

jjWf Recruitment Ltd 

40 Berkeley Square. London WlX BAD Tel: 01-629 9496 




A substantial and leading financial institution requires an 

assistant for its Treasury Department. Applicants aged up 
to 30 years will have . gained sound administrative and 
preferably some dealing experience within the sterling money 

Our client is the major European subsidiary of a 
multinational American Corporation whose main activity 
in the U JC is warehousing and disrribution.Annual 
turnover of the U.K. Group is in excess of £50m. 

The Group Chief Accountant, who holds the senior . • *. 
financial position, has ultimate responsibility for all aspects, 
of the U.K. Group’s financial and management accounting .. 
functions, for financial planning and the appraisal of . • 

capital projects. : 

Thesuccessfu I candidate is likely to be a Chartered or _ 
Certified Accountant, egeid 35-50, wh& cand^jppn strata 
achievement as a senior executive in a.U^:^basqd. 
rnuta'natipnal company. -. . 

Please write in confidence, enclosing full but cohcise 
details of your career and salary progression to date, to 
Paul L. Goodman. Ref:T857. 


to £7,000 

Experienced field, staff at Branch Management and Represen- 
tative level are required by major financial institutions for 
various opportunities situated throughout the U.K. Appli- 
cants will have a good track record an d be aged up to 35 


Management Services. 

Rolls House. 

7, Rolls Buildings. Fetter Lane, 
London EC4A WL 

For further details please write in strictest confidence to: 


Jonathan Wren City Ltd- 

Financial Personnel Consultants. 
60. Cheapsidc. - • - 

London EC2V 6AX. 

Telephone: 236 48 f 1/2. '3. 

I I m 

I % 




Jonathan Wren • Banking Appointments 

] The f*T>Of.o*: i-or.iA.'.-sM' wu'-'i-K - ..liitv bini. nv r-rvA-. -»“■> . 


We have been commissioned to fill the following 
vacancies by the financial agency of a Gulf State. 
All positions are situated in (he Middle East for 
a term of one to three years. 

require a 



Control of correspondent accounts. 


With Primary and Secondary experience. 


Input of all business with HP 9830 or similar 

Salaries are c.16.000. tax free, with free shared 
accommodation and free annua* travel to the U.K. 
Please Contact 

The Dealer’s principal responsibilities will be con- 
nected with the development of the Branch’s 
corporate foreign exchange and sterling deposit 
business. The applicant should therefore have a 
sound knowledge of tbf foreign exchange market and 
the sterling deposit market. 



£9,500 p.a. + Company Car 

We are a fast growing, export-orientated company in 
computer based systems and ancillary equipment fields, 
staff of 200 has high professional and technical bias. 

We seek a Financial Controller to assume responsibility for 
ail finance, accounting and management information and 
administration. A sustained high-level of performance in thL<; 
top-line post will lead to a board appointment. 

Salary will be negotiable subject to experience; plus 
usual fringe benefits. 

Applications which will be treated in strict confi- 
dence. should be addressed to: 

M. C. BARR. Vice President 
Foreign Exchange and Treasury 

We wish to hear from qualified Accountants who for at least 
three years have been the senior finance executive of a com- 
parable enterprise in the seven figure turnover bracket. 
Familiarity with an export biased company and^ith; computer- 
based products Is desirable. Personal qualities sought include 
drive, a sense of priorities, ambition, persistence and effective- 
ness. We require the successful candidate rapidly to impact 
the profitability and efficiency of the organisation. The success- 
ful candidate will be able to demonstrate .sufficient strengths 
and abilities in casb planning and management financial stock 
control, project cost control, management information and 
product costing to enable him effectively to control staff 
operating in these areas. 

Financial Analyst c£7,00u 

Craduaie. MBA. Ms. with financial bdcfcSKHtntf. Is required by the 
PTOteci flnanc* department at lanw. merchant bank. 

Investment Analysts 

op to £9,000+ 

Cuy stockbroker! wuh to recruit senior analyMs un;. vwnuitu: m 
PETRO-cnEMlCALS. ThiTu arc alM poatums for junior aftalyrt* 
wtm more seaera) ancrlunn. 

Credit Analyst 

c £6.000 + benefits 

A financial ins'itiHloo s*>0** a credit aoalvxi ju> nil ancnracc 
in a Nortli American bank, urcf.iraaly with an amino-aiu-i uiuLtlcatum. 
For the rwfil ptreon. me- salary could well exci-m yi.n*> 



Location is an extremely pleasant part of the south coast 
region. Excellent conditions include a non-contributory pension 
scheme and assistance with removal costs. 

Replies, addressed to the Deputy Managing Director, should 
include a full C.V. and explain in full detail how you consider 
that you meet the requirements of the position. 




Accotuitancy Lecturer 

£8 10.000 

A cuiufM krtoumam. 3U-W. i- , hrji. 

vlu.h prondet uoulereucui Ivr '«*»•■ -h.p camwiiik-... .\r. jbilrt> 
io Aunaurii^fr rflcvitttriy *s uMchim, 


J rZZarw ’ Crertan. Su Lw-l«. E.Ci T, t QlJir m 

recruitment consultants 

A major London firm ol Stockbrokers with • 
ovet^eas subsidiaries requires a iinanrial comroDen 
This is a key position and responsibility vrill 
be to the Board Tortile efficient operation of the 
fuunriai and accounting functions of the group. 
The aims will be to increase efficiency and to 
provide management data. 

riaiidicLuesirnisi show an ahility-to 
cnmrihmein practical terms to tiio group's 
rrofiwhilm-and demonstraie their cajvtliiTUyaf 
dealing at tlie very higjieM levels within tliri group. 

Applicants (male or tenulei should be 
qualified acoxintants, aged 30-45. Stock Exchange 
experience preferred 

Apply Box Na 259, Streets Financial Limited, 
62 ri-ilsou Sues, London, EC2. 

Quest House. Princes Road 
Ferndown, Dorset BH22 9HQ 




biuvcr»it> tet-'r** nr MUiraleni. Sro rurt" 'jx in-i .■ii.uumpnr: 

s)S.IMi4>.oan nwnu amiapl* io suiiie! jipoUmd-j (rois: 

Central F*rW^»si>>B4[ ’ B^crtnonHii 
. Pervonnai Divuten, fao 
i- I" Ti-rren fii Caracalfa. 
iwuwRnme. rtair - 
iPtMsr miwn: CUM^PTI 

- ' financial' Times ■ Thnrsda? 


wishes to expand further its instietioi 
service in ' 


Tfib appointment will be of. interest to an indldua^tfi 
initiative and a proven record. The basis- of remuhrati^wl) 
be (open to negotiation and will be substantial fo the|?gfit 
person. | . 

Please reply In confidence, enclosing a brief C.V. to R: 1 


Bucklenbnry House, 3, Queen Victoria Street 
London EC4N 8DX. - 

Protect Fi 

;ed in Germany 

Our client, an memationat bank with head office in 
Germany, requires a young international banker to join 
a small but expanding team, responsible for negotiat- 
ing the bank's syndicated eurocurrency loans and 
arranging muttinatrWl export finance packages. * 

The successful cantfdate is likely fo be a graduate 
who has already gailM a few years’ practical experi- 
ence in the field of Report credits and syndicated 
eurocurreiwsy jryriqrchant bankpr a 

major i ntematteri§rban|G s ^ -y . I 

He will be^yjil^ji^itfi’^^fera&gkbfloan documen- 
tation and shritffdttave tna^perience and persmalHy 
-fo negotiate and erTange Wro currency credfcs as a 
member of a eiose-knittearri' l 

- The offered compensation \ckage is attrar^ve and 
will include fringe benefits, social security .pension 
plan and relocation expenses.A • • 

Qualified applicants are invite&to apply, i> strictest . 
confidence, by sending full quoting r£ No.914, 

Charles Barker-fouithard. 

30 FarringdonStreet r Lonq , Vi EOli 4 £A. ; v ; 
Telephone 01 - 236(626 3 • 



excdlent commissioa 
and benefits 

Otzr client, .a well-known Fina-jjf 
Brokers with a sophisticated back-up 
operation, seeks an ambitious indi- 
vidual to service existing accounts 
and develop new business. It is en- 
visaged that this -position w ig a p peal 
to a' liigh' calibre sales'rfefSoDTageff - 
24-32,' who, having gained at least two 
years relevant experience, now wishes 
to join a more progressive organiza-- 
lion offering greater scope for ad- 

‘ Please Contact P. J. Stephens who 
Till treat all enquiries in tke strictest 

Stephens Selection 

i j Dover Stre-r, London WlX oRA. 0M93 DS17 



For details contact Steve Nevtt 
01-248 8000 Ext. 591 



fauna xuiini executive, five ytia 
.xper'sflft with leedutg firm • on- 
L-M-E. .and *oH canunotf'ty mrk«B 
>«ki new and imerntinc pMi don- 
Wrlee Box A.62B&. Fininrial -Tiuiei, 
10. Cirnoa Street EC4P 4BY. 


With tMi'-ii knewiefise td 
- tpeafcinjr lAfrjc* and Europe J 
Ve»kt appomment with inumttiwl 
. MJK bated) com piny. Tj 
Writ* Bo* A.6285. Finanetal T*i. 
... . It. -Cannon Street; SC4V 4 « . 

U=>i" (W 

icigi/liiafiB -^gisday. JMarch 

■? 17 


t«* »»• . : 


ttm- ■ 




tttriv , 
'*n tv,-.. 

^ . : 

F*1 - 

MS ft r r 

hiwft v..-.., 




U.E. drive plan for 
Mg gas tankers 

F ALL GOES -well, an idea wraldiave to cross anumber of 
Ffticn wa* translated into a. islands to get to tie. mainland — 
, arge piece o* hardware in the -ailff itis already .difficult enough 
J.K. some seven years ago, may ky and operate Such, a facility 
tnd application in one of the ^ extreme dimate and remote 
nosl ambitious projects so far co^try, as is being experienced 
■onceived .to help meet the other \m».: of' North 

world’s energy shortage. America. . 

• The idea was to make use Tim LPK3 tanker solution also 
, -»f the properties (tf certern P 05 * 5 a Problem in that to make 
~“+ -~-jielals which lose all resSumce economic sense, the vessels will 
1 o electrlc-^i^t >«• * °P era v te 

emperature is reduced toa fewVJW. and thus be built as if they 
rt le Brees above absolute zero by *■“ YCTy ■»*» icebreakers. 

» pilunging them into liquid Propulsion of such big vessels 
“ v* lelium. When they thus become would need something like 40 
uperconducting, their : ; ability ^ of power.: iridl-IWJ represe n- 
o carry heavy current increases stives are going to Canada next 
f ery sharply and It ‘follows that' mo ^ th to argue that . only d-c. 
‘^n.Jectrical machines built up oh superconducting' ■ motors are 
he basis of .' windings kept in likely to meet the ‘instant" power 
‘ semiconducting' state will be oeeds of such vessels when they 
nuch more powerful within are actually breaking-through ice 
riven physical dimensions than fo*** several feet thick. 

C conventional, '.units. TheJ^equirement tip for very 

L lutenmtlmud "Research- and higfa-Jarque at very low speeds 
development were : . world proposal wmtiii. -involve 

’umeers - In' ' supmrtm ducting three big d-c. motors to drive 
jvork through foeir devdopment the propellers, thmnsdves driven 
)f equipment for the Royal Navy - from gas furbihe npits burning 
-n 1963. They built the world's the boil-off from-foe -methane 
' 1rst aiRerconducting Ac- motor tanks. T .' .\ 

1966 and., with the help of Dr. Applitori, iwho will be 

‘ I ; '*«{ 


. -a ■:***& 


Powder route for tubes 


Maidenhead, Berks. 

Fluid Transfer, Control 
and Filtration 

Lubrication Systems 


Garage Equipment 
Combustion Engineering 

This/«cpiipment Siasfbeen devised by Tamplih 
- BwpliiyH^g . ^^tti nftiani^ Chichester, Sussex, 
for unloading fre&fiowihg non-abrasive 
msterfaisf rom tffO containers. It is intended 
foafnse with containers which have polythene 
lifters and rear gravity;' discharge chutes. 

The. Material floyva into the unit via the 
triangular ho^E^r uteen in front of the 
opcxafo^-w^ t^ material is blowv through 
the hose j&en on the ground on the left to 


the receiving silo. As can be seen, the' 
equipment has been designed, to operate 
from' a Land-Rover which is equipped. with 
a Holmes blower mounted under the floor 
and driven by the gearbox power take-off. 

A secondary use for this equipment is as 
a standby unit for a fleet of pneumatic 
discharge vehicles. It-_ could, go. out to any ', 
vehicle which had mechanical problems- with 
Its blower and discharge Its contents. . 


worked area 

Since then,, enough experience . about 3m_ in diameter while the bridge in .Pittsburgh. U.S., the further insight into the Fracture ACREAGE COVERED by any 
nas been gained, especially . on tanker units would be of the order Federal Transport Commission performance of electroslag welds. im P leDieDt can be shown in either 

NRDC and C. A. Parsons, went travelling to Canada with jnanag- fT T C Lfti/Irr/V VU^aIhIawici 

Sc th 3,250 I 1 ** 1 ’ ^ Sf*?* 0 ?. S- Rahson*.4«a not U ,0« 00026 010 DIGBIS 

inc motor of_ the same type think there is too nig a .quantum " . * : 

S ^was, delivered to the jump from - tbe.-Fhwley motor to FOLLOWING THE discovery last and at the universiUes of Aachen 
in iQTi • ov ^ l ? tton ut JFawiey those that would* be.{-fteeded on year of cracks in the electroslag and Ghent. 
u ~ ■ the tanker.- The ■ Fla wlejr; unit is welds on the. main girders of a ‘ Aim of the work is to gain 

acres or hectares by the Hecta- 
cremeter, an instrument from 

the side of the liquid helium/ of 4im. . . - ; has banned the use of this pro- and a better understanding of 

helium gas circuit and the design . Meanwhile, the group 'lias not cess in bridge building. • the fracture mechanics process, 

and operation- of compresors neglected u motor deigns end Remed ial work-boltine on "tag tie latest fracture tousk- T&S Ura'dri wr can'iSSel 

UD . the digital display from acres tD 

r^fiahfv ach j eve liflnefactton has been pursuing development strengtheSng plates— is being ness testing techniques. 

periods,: to with an ultimate target of a 3? ™ P E whirl Bridges in the O.K. 


fiona! i 

several milliqn^tUJaiV and the 01 “us counts stnn- ^ machine Counting 

i.’S *SS.«« “ t0 ie mnch f™L b r?^l affSS' hJ .S automatically steps when a. com- 

bme table or a mounted mrple- 

rbove size for industry. ator and in 197$. a (fedsi _ 

- This British., organisation is be made Whether or hot hiEher'*" V “ * “““ example. BS 4360), and because 

Jius still sotniething like five a prototype rotor.' followed^ the °T . , , . U.K. designers have much 7-^75. . ..v- . 

ears ahead of-, known develop* whole generator) The next- step Conceni has bwn exprresed in neater experience of the electro- 

neats elsewhere and will te ZnnM n#- thS engineering circles that because £ lae Dmce « lands. With trailed implements 

elsewhere and Will be would be in the bands rf the ^ action transport *%£££ recent work in this ««* « ^ ^ instrument is 

* authorities in. other 

countries g elj j from the Welding Institute, P 0 * 
_ CB1 “ 


nking advantage of its. lead to CBGB, .which is: pro] 

mt Forward its -abilities as a- con- the -research -Support since it . .. . . u «. u ,. vu * u — .. 

ribution to an. .ambitious would involve a de^on on the 2“ ay d ,lr d e l oim £. 0 i e *- 5 . , ? lxla 5 Abington Hall. Cambridge 
Canadian project for the trans- hig machine in the late 1980s. °S Hp 6al 10223 S91l62) - 

sort of natural gas from the vast On the 'd.fc ridel It is known ™“l? ens T e J?l j J*, ou *L 
Selds recently found around Met that the UK has a^ctear lead. In jjjjl 1 l J "{fffflSi-- ,%£ 2 
*il to Island in the far north of a-t machines, with the recent go- £?!S de ? b -i-??* -5 ® the C0St of 
Canada. ahead for toe constructUm of 

nrum +n Hia U ‘ 3H 01 Uie DfO 

The two options open to foe comparatively large hardware in ^.1” 0t J^ P- Sfoe? ‘devekimri 
Canadians are to build e pipe- the U£L,“ the lead is aflppfog- un,1 * e most other developed 
dne. or build liquid gas- trans* * Mote from . IRD/*^»Kwai. 
ports. The pipeline idea may not Neweastle-on-Tyne NB6 ~2YD 
materialise because ' the line 0632 650451. ; •• . . 

'*" ----- T. --- - " ‘ " -I ■ I i n — ■ mi ■ ■'■■■ jtt .l.iw- 

electrical wire&cable' 


Thousands of tvpesandslzesinstockfwirnrne^^ 



■ 3»HtEMER3ENCY NUMBER 01 6373567 ExU09^ 

out of gear” at the same 
time as the drive to . the seed 
wheels is disengaged.- 
With brackets supplied, a 
magnet and transducer are fixed 
to a king-pin and a non-driving 
T wheel (the front wheel of a two- 

I if 1 51 m 1 T1 y wheel drive tractor, for example) 

xjvuiuui^ and connected by a single wire 

countries, foe TJ.S. does not have - , to the. instrument in the cab. 

a stringent toughness specifica- o These two components supply 

tion for its brijdge steels, despite AUUUI the impulses which are counted 

the climatic extremes and earth- by the electronic circuits in the 

quake hazards encountered there. meter. 

To ensure that no similar ff/fSCrS After measuring the distance 

failure can occur in the EEC . travelled jper wheel revolution, 

countries a .continuing . pro- a.. ONE-DAY seminar on th£ the^driyeii enters the figure into 
gramme,, of investigations - into industrial use of electron beamrthe-^i^flaiment’s memory in 
steel specifications, fitness for- we jders aQ d lasers is being held inobek.- or centimetres. -This 

purpose, and 'fhe 'riectrbslag on" JHay 23 by Went®ite Engjhv ®eiting||riibugb it-qmy-be checked 

welding process is being carried eers at St Ives, near Huntingdon/ a nd^ corrected at any time, 
out Cambs Dr. R. Week, past remaifis "foe same for all imple- 

Supported by 20 European In- director-general of the Welding ments. The only other setting of 
dustrial sponsors, a £150.000 institute, will be in the chair, the Instrument is for the width 
three-year research programme Latest’ equipment, develop- of foe implement being used, 
is now entering its final year. ments applications of More from the maker at Stroud 

Work is being carried out at the -u- and jage^ wl ii ^ ^ Road. Nailswortb. Stroud, Glos. 
Welding Institute, Cambridge, There will also be Z CL6 0BE (045383 3787). . 

FIRST powder metallurgy tube at the bottom of the tower as a 
plant in the world is to be built fine powder. This is compacted 
by Granges Nyby at Torshalla in i nt ° ™onlds which are then sub- 
Sweden end should be lu opera- 

tion by 19S0. In the meantime, pberes. This compresses the 
the company is negotiating with powder to around 85 per cent, 
several companies outside theoretical density. 

Sweden for. the licensing of the The powder billet Is heated • COMPUTING 
manufacturing process it has and extruded to tube in a semi- 
developed. finished state, providing a pro- KrPCClirA 

Major attraction of this pro- duct with very high material A vAJlU 

cess is that it offers a 60 per uniformity, reduced segregation 
cent, reduction in the energy of alloying materials, and less CXTfYllTIG T-ft 
needed to make stainless and 'variation in hardness. &1 vIIUij TV 

high alloy seamless steel tube. Not all the equipment that- is ■ ■ * ■*" ™ 

the company developers assert needed - -. in the conventional plnCD fonKrc 
while resulting in higher yields method of tube making would vll/oC X uiukij 
of a product which has -better become obsolete where the pro- , T cpd nmm™ n — . 

metallurgical and frequently im- cess developed by Nyby was in- V ^ . ..* 

proved physical and mechanical trodueed. since the new stages ^reioiment hM manifested it- 
properties. These claims are are at the start of the process 5SLi U } n I S2i t pi T 

based on protracted work on with atomising and compacting. Jr e ^? e 

the project with a number of But there is growing emphasis ?mpwi p ^ ocess j°S 

domestic research institutes and on high quality of this sector of ^ 

on the results of operating^ a the industry and the new pro- former DFilA and 1DP, and on 
pilot plant. . cess offers a- means of attaining o£ <^S£ eEen ff of 

Nyby's approach to manufac- this while cutting cost in the European Computer Users 
ture is first to pour molten steel very sensitive area of energy , s 5SfJi 0 ? s ' 
into an argon-filled tower some- demand..- IDPMA has little hesitation in 

40 feet high, blasting the stream ' Further details from Nyby charting what it proposes to 
of liquid metal with a powerful Stainless. Los took Industrial ■' ■ over, the role of the 

jet of inert gas and turning it Estate West Bolton, Laucs. BL6 British Computer Society is one 
into tiny particles which collect 4RG. 0204 692421. °f fo e objective* suggested by 

some members who are Jsrgply 
involved in the proposed merger. 

- But since the BCS covers such a 

Plastics foam plant arisrs 11 

-organisation could find its talents 

ANY COMPANY which uses 800 Sunde says average payback pread too widely and too thinly 
tons, or more a year of jexpand-.-time. for- an. installation . is. two from the outeet 
able" polystyrene— for packaging fo.foree years, and suggests that" J 5 ." Jp be hoped fhal since 
or insulation products— would where a company may have ex- Dr , has always represented, 
probably find it profitable to cess capacity with such a plant. £ e ? ple - e *5? al , ^ 

make their own polystyrene, a joint venture with a nearby sharp end, that is, those faced 
according to the Norwegian com- company would prove economi- wllh . v maRin 5 1 . equipment work 
pany, Sunde Plastic Industries callv attractive. Because the once the supplier s ; installers have 
AS. product consists of about 90 per “ 0I ? ie - ll ^ ° enjan d for , a 

This company has developed cent. air. transport costs arc better balance between the sales 
a process for making expandable generally prohibitive. P ,Ich . and performance will be 

polystyrene beads from liquid Bead size is adjustable from A* fo® , w, fo 

styrene monomer, which can 0.2 to 05 mm. diameter, while ipp havuig a background of un- 
substantially undercut purchase the density of the expanded nvaU . e d expertise in creating foe 
of the bead 1 or foe finished pro- product can range from eight to ®j' am,n atio^ n structure which 
ducts from the usual suppliers. 40 kg/cu metre. ®“°?* d P r °duce the expert staff 

As a turnkey project from a" Sunde makes a full range of ra ^ ^ de I? mac “>nes require, a more 
greenfield site, a 1.000 ton/year plant and equipment for expand- P°* er *ul organisation to press its 
plant would cost under £lnu and ing the bead, and moulding* d |.™5 nd 5 fo® n °w largely iii- 
be ready in eight to 12 months, shaping and cutting it to pro- f®® ^r“,‘? tl v n , A ysten L m 

Costs are 'considerably less if duce all the usual expanded poly- Jr;. “v 1 p . f°. avert a 

some basic :plant and bitildfngs styrene -items, such as building ™^!? fi 5 P i , .f l . dlsasters in key com- 
are already • available. Total insulating, board, food trays, - ;• , 

plant area is 250 square metres, packaging granules and moulded _ Tb e . mer » e{ I organ isations could 
and only three or four operators box packs for fragile products. on 

are needed for the autqmated It is understood that two UJC. “iSSS tn*}S?S?;n n ra a « 

batch process. Cycle time is companies have already ex- 

around IS hours. . pressed interest and the first Sf 

This plant wflj produce ex- order is to be signed shortly. d 5? 

pandable polystyrene at aronnd Details from Sunde Plastics “2}®B5f JSS ^ 

£350 a ton, compared with the Industries AS, 6010 Spjelkavik, mJSSSf 1 

usual Price o, about £500 a ton. Norway. K2pp*KS2i 

its supplier suspended for at least 

G- METALWORKING months and with so much 

w wit. nbiivnnmu current pressure on foe manufac- 

turers of foe bigger machines 
from outside suppliers, who can 
provide ancillary equipment and 
software at lower prices, it is 
PRIMARY AIMS of a new pro- make thin wall zinc die-castings hard to avoid foe conclusion that 
ject to improve technological where appropriate, says the Zinc determined user pressure groups 
standards in zinc die-castings are Development Association (ZDA). n0 w can, far more than hitherto, 
to gain much .wider use of better The project is financed partly make their voices heard on forttn 
proyesp control, techniques now by a grant £ 220.000 from the coming supplier company equip- 
available, and the adoption of Department of Industry (EMRB), ment releases, 
new die .design. guidelines. ' together with contributions from , It is significant that the Euro- 
.jrakwi^ together these.,-, will foe industry ja a total. in cash pean. conference has set as its 
enable die-casting machines to and kind of- some £0.6m. to be -primary objective “to interact 
be used much more efficiently, spent over three years. ' with the European Commission 

and will reduce significantly foe The work is to be carried out on matters of interest to Euro- 
time for “ trial and error" modi- by the ZDA in collaboration with pean users.” The Commission 
fi cations currently necessary to foe BNF Metals Technology certainly appears to need 
bring a new die Into effective Centre. More from ZDA, 34. guidance, though it will take 
production, as well as encourag- Berkeley Square, London W1X some time before the conference 
ing material economy by helping 6AJ (01-499 6636). can make its presence felt 

Zinc diecasting project 

-t f i 






Tt \ 

7>-r ii prd ) ei and jou dw.'l 

\»-h-.-V ■ •’< {.dfi tto nmng *riw»it» 
Mlw iicrst*,? Qnyoo ideiuiiy diesr 

. i -v .rJj»:DperMn^C 04 h?C«nypu 
n^--.rtO'^icrraarwtkBeh^C*n . 
ytw chctfc a vehfttalimNitniHKS 
rcr.t^ &JTT rtc ta: txrjlh 2! j- 
■-^T^e.CjnTMiqNrpafe Us -w " 

1 '\Tnia:nwernetmhew r 
«jt j? -jB-m*. >>su wed Fieerplcn. 
f .eeinUn n ^econoJerc 
T-.2'-,4prn*M jwd «•*.> 

I-Wi^o jnjJjM SfftKe fci* 

;l «•;'>«* C.tK-C'hWy 
<-np‘.p v-.TCii*Vsir* ■fW^- 
i:-c jj".tnn.ailQ**d “x» 
yasr i.tuA-k-iil needs. 

T.utmrjn jeo . 
r i?te* 

r.-,«'.ir.yci rfc*lt 
rr>. J. 

that’s vital lor 

You'll no longanrastotiine 
finding the prohl«im.FIeeCplan 
»d give )rou time Co calve them. 

Fkerplan is a jye« step fcrv.ard. 1 dlk 10 
us atxwi wour fleei operation. For a 
• coMofbetwe«i£ 7 a , id£ 15 per 
T .vehicle per mnum we’re ureue 
w .• can he> you! 

Retcher Computer Scnrises U.T.iiei 
2'iJS Coventry Rtnd.Sneiaon, 
'/ 1et0il-743S^l. 


computerised cost 
analysis service 
to fleet operators 

ve cost control! 



. 1 * 1 

?* ‘i 



Brira Mendez 10, Apartado 4808, Panama 5, Republica De Panama 
: feJefono; 64-8611 • Cable: Riobanco • Telex: (368) 50t - (328): 2186 

opportunity to see machines in 
action. The seminar will be of 
interest to production managers 
engaged in cutting and weldixi 
fabrications, and to design 
engineers who want to learn 
more about the latest joining 

Seminar material will be 
issued to all delegates Lunch 
and refreshments will be pro- 
vided. Fee will be £50— details 
on 0480 63984. 


Slewing jib 


A METRIC range of slewing jib 
cranes has been introduced by 
Herbert Morris, a Davy Inter- 
national company- It is intended 
for use in workshops, factories, 
garages and foundries, elc_ for 
machine loading, maintenance, 
storage, and assembly. 

Both wall-mounted and pillar 
types with either hand or elec- 
tric hoists are provided in capa- 
cities from 250 kg to 3 tonnes. 
Working radius is up to 6 metres 
and standard heights to the 
underside of the jib up to 4.5 
metres. Jibs with larger capa- 
cities, radius and height can be 

Three pillar types are avail 
able, covering light, medium and 
heavy duty. Slewing arc of up 
to 450 degrees can be provided 
as standard for electrical hoist- 
ing cranes. Continuous slewing 
can be provided for band cranes 
or for electric cranes by fitting 
slip rings. There are also three 
wall-mounted types, constructed 
so as to give a maximum slew- 
ing arc of 19) degrees. 

More -from the maker at PO 
Box 7. North Road. Lough- 
borough. Leics , LEU, 1RL 
(0509 63123). 


Asbestos no 
longer used 

A RIGID sandwich panel made 
by bonding galvanised steel 
sheets to a mineral fibre rein- 
forced core is now being made 
by Durasteel. 

The company- has stopped 
using asbestos to give fire resist- 
ance, bui says its latest panels 
will withstand ’Wea* fire for 
long periods. The panels arc 
about Sfiumi thick and are in- 
tended for use as partitions, 
computer and! switch- 
gear housings, doors and so on. 

Details of these asbestos-free 
panels may be obtained from 
nnra«d*el at BradfieW Road. 
Fmedna Industrial EsTaie. Ve:i- 
ingborough. Xftrthduto. (0933 
71188.) ‘ 

What innovatkm will cause a second 
revolution inretailii^;? 

> Who isthe man who went from selfii^ 

How do the banks help companies sell 
more profitably overseas? 

Why might Britain hayetometricate 
all over again? 

Howisthe U.K.fallingdowninthe 
West German market? 

AH the answers and much more are In 

j For afreecopry of fteMarch issue cfMaifceting' | 

• send this coupon to VanessaBaikHr, Marketing, . . , 

I Regent House. 54-62 Regent St, London W1A 4TL . I 

1 Telephone 01-439-4242. I 

With your free copy well se nd you details of our • 
special offer-a free MARKETING binder worth £3.00" 
if you take out a 12 mnnf h subtscxiption for £12.00. 


Company _ 



1 _- 

~ ■■ 


**• — ** r 

■■■ %•- 

TMes TOoi^^a|f 

• • ;■' % •••: . • ’ •’•'■•. ••’;• y'r. -V. 

s *ISy 

. -I '■ 

1977 was the 7th successive record year for 
the Company - the Holding Company for ■ 
Britain’s largest quoted advertising agency 
business. The. background to the increase in. 
turnover and profit was an outstanding new 
business performance by our agencies - one 
of the best in the Company’s history. 

In our financial year, (Oct-Sept), 
figures from M.E.A.L. show that the Com- 
pany as a whole was the fastest growing of 
Britain’s top ten agency businesses. 

Indeed, it was recently described by the 
Evening Standard as "‘the fastest growing 
agency in British advertising history.” 

This record of solid growth enabled the 
Company to become . the only quoted 
' Agency business which maintained its. 
growth in- earnings and its margins .right 
through the 74/75 recession. . 

How was this track record, achieved? 

In essence, this performance has been made 
possible by one key factor - consistently 

distinctive and successful creative wpTk for 
our clients. Over the years'! this has resulted 
not only in winning more and- more advertis- 
ing awards, but also more and more ‘business 
from existing clients- - -- ' • 

. The agency isfortun ate to work .with', a 
number of great companies, many of whom 
are predominant in their held. Much ofour 
strength as a Company c today stems , fi^om 
the benefit of growing with some of: the. 
world’s most professional co nsum er goods 

'manufacturers; to the point where 
Company lias-become a leading ageney for-, ,'. 
many of Britain’s leading advertisers. : 

below are some of the new assignments' , •; 
gained in the year by Managing Director,-. 
Tim Belt and his team at our main London -U-. 
agency,. SaatcKi . Saatchi Garland- : 
Compton. .- .-. 

Qn the opposite page is a summary of 
the prospects for the- advertising industry in 

*s 7 &: ■ ‘ r w : .‘: 

r : 5 

. ■ 




vi. a 



The agency also handles Schweppes Tonic Water, 
Bitter Lemon. Slimline, Ginger Ale and other mixers'. 


Manpower Services Commission 
Youth Opportunities Programme. 


The agency also handles Penguin, Cheddars, TUG, 
Bandit, 3p Wafer, Savors, Me Vitie’s Krackawheat, 
Crawfords Pennywise Range, and for the KP Foods 
Division Hula Hoops, Discos, Rancheros, Skips. ' 




Gold Lion - Cannes Advertising Filin Festival 1977 
Premier Award - Cork Advertising Film Festival 1077 


Silver lion for the Campaign — 
Cannes Advertising Film Festival rg77 


Commendation - Rank Cinema Advertising Awards 1977 Selected for Advertising Age “Best British Ads” '3977 


Honour — Creative Circle 1977 
Diploma - London T.V. Advertising Awards 1977 



The agency also handles Fairy Toilet Soap, ' 
Fairy Household Soap, Fairy Snow (illustrated) 
and Head & Shoulders Shampoo^ ■ 



Commendation — Cannes Advertising F ilm Awards 1977 




The agency also handles Rowntree’s Fruit Gumsj Pastilles, - ' .• 

Quality Street, Rolo (illustrated), Fox’s Glacier Mints, 

Jelly Tots Range, Matchmakers, Good News, Texan. 

Diploma - London T.V. Advertising Awards 1977 


.’. Saver Award for Photography - D A.D.A. 

Silver Award for Use of Music - D.A.DA 
...“" . Honour- Creative Circle 1977 ■■ 
Silver Award — London T.V. Advertising Aware 


gold AWARD FOR THE BEST RADIO COMMERCLAL^ British Caledonian: Campaign Radio Awards 1976. AWARD FOR NEWSPAPER COLOUR .ADVERTISING - Lryland Care Dolomite: Campaign Pres? Awards 1977 4 

SILVER AWARD FOR TH E BEST ENTERTAINMENT MEDIA COMMERCIAL - The Evening News: Campaign Radio Awards 1976. GOLD AWARD - The Hralth Education Council ■ Rank Cinema Advertising Awards 1976 i if 
SILVER' AWARD - Daily Mail; Instituteof Marketing Poster A wards 1977. COMMENDATION - Evening News T\ : Creative. Circle 1977- COMMENDATION - Associated Newspapers 5 Weekend Magazine: Creative Circle 1977 • I 

COMMENDATION - Evening New* Posters: Creative Circle 1977. COMMENDATION -Leykm'd CarsMG: Creative Circle 1977. • GOLD LION CINEMA- Health Education Council: Cannes Advertising Him Festival. 197 7 - X 

COMMENDATION - Lcyland Cars Dolomite; Creative Circle 197 7. DIPLOMA- Smith & Nephew’s Nivea: Cannes Advertising FUm FestiVal 1977. DIPLOPIA'- United Bisduits KP Rancheros: Cannes Advertising Ftinr' Awards r 97 7- V X 
COMMENDATION - United Biscuits Kraeka-.vheat: Cannes Advertising Film Festival 1977. DIPLOMA -Jaffa: London T.V. Advertising Awards 11)77. BRONZE AWARD - Evening News: London T.V. Advertising Awards. 1977 !• 
SILVER AWARD FOR THE BEST ADVERTISING CAMPAIGN - Rank Wharicdale: Campaign Radio Awards 1977. SILVER AWARD FORTHE EES t T RETAIL ADVERTISING -Sainsburys: Campaign Radio Awards 1977 - \:A 

financial Tunes ThursdayJMsrch 2 1978 

rc.?\'?- s, sr • 




V • 


imx i.wi,: 


i Yttdosi-. 


tiered iraagei British Leyland 
cmbaridog on a special 
00,000 corporate campaign this’ 
-ck-end in a - bid to counter 
many exaggerated statements 
id a general tack of awareness 
the company's strengths." The 
Ivertlsing is bemg handled by 
* barely known- Anthony Dicks 
ssociates, Chosen by Leyland 
iairman Michael - Edwardes on- 
e strength of the agency's cor* 
irate work for the Chloride 

At the same time, arch rival 
3rd to-day hunches; a £300,000 
impaign for Jts new Capri— the 
urth new car Ford has launched 
the past 18 months; . ■ 

The Leyland Campaign will 
ature Freddie Laker and Ray- ; 
ond Baxter. . Jeff -Smithers. 
anaging director or Anthony 
Associates; said yesterday” - 
^pyiaud recognlres-that the only 
J5*- v to produce a 'significant 
- , v^iprovemeht to^h^r public and 
f-^irporate image -is with an im- 
! I^ovement . in laisiness perform-' 

However,' tBe image of -the 
impany Tjjs. fallen to an- un- 
f served because ot 

(any exaggexatj&a statements and 
* general lack -ot- ^.w-a recess of. 
ye corapaij's sipE ngths. VAs we 
t^all he saying 14 our campaign, 
■■'ere is *norfl>elr::Side .to the 
a-pT.^ory.” ; \rJ-_ , 

JS^iTThe ads wHi'iseek to demon- 
c w!-;- >rate the value of Leyland to 
! Vfc' ,- : Titain. emphasise that -it is the. 

major British-owned car. 
manufacturer and Stress how it 
backing Britain as an exporter - 
- --d major employer.-; " ' 

Leyland - 'fouck and Bfls is 

(Jannary-Decembcr^ 1977) 

Z) Ford Cortina 120,601 

2) Ford Escort 103,389 

3) Morris Marina . .66,088 

4) Leyland Mini 60,337 

5) Austin Allegro 56,175 

6) -Vauxhall Cuvette 51,763 

7) ; Ford Capri . 42,816 

8 ) : Vauxhall Cavalier •: 41,128 

9) Ford Fiesta . ' ■ 40,934 
30) Batson Sunny . 35,257 

Source: ; Sodetjyqf- Motor 
Manufacturers and Traders. 

running a £130^000 . Press' cam- 
paign via McCormick Richards to 
promote the. new Super .G Cab 
being fitted to seven of its trucks. 

• ADVERTISING of cMfcken 
handled - through ..' the. British 
Poultry Meat Association has a 
doubled media budget 'for 1978. 
bringing total spending for the 
year to a record £1.5ju. Tbe 
1978 budget for turkeys, handled 
through the British y Turkey 
Federation, will also be at a 
record level of £700,000. 'Hie 
agency handling both campaigns 
is OgHvy, -Benson atULMathe^ 

has been appointed; tip;' handle 
Scottish and-'. '■ i - Newcastle 
Breweries ;. Younger 1 ^ Scotch 
Bitter only ‘ two ’months.' after 
resigning £800.0e0-.wortH * of 
Allied Breweries' business. 
Younger's Scotch, formerly- with 
Benton and Bowies, is; - sold 
nationally though- its.' : main 
strength is. in fte North where 
it is increasing its . srics^ and 
share. The 1978-79 budge? ’is 
under discusion. DDB, . which 

in December resigned Allied* 
Anseli, Tetley and Ind Coope 
beers after disagreements over 
a new campaign, for An sells, says 
it was left with a group of highly 
specialised beer people who can 
now help with their new client’s 
plans for expansion across the 

launched . a new operation, 
Charles Barker Corporate Design 
and Communications, as a busi- 
ness communications consultancy 
Clients already include Metal 
Box, BAT Industries and S, 
Pearson- A combined fee and 
commission income of £150,000 is 
expected ttiia year. 

• BERGER’S FIRST major cam 
paign since it switched agencies 
from J. Walter Thompson to 
Allen, .Brady and Marsh, began 
yesterday with the start of 
three-week, £500,000 - TV cam- 
paign- aimed at boosting both 
Berger and its existing brands. 
Magicofe. Brolac and Colorizer. 

national, has reported record 
earnings- for the year ending 
December 3L 1977. Net profit In- 
creased 37.9 . per cent to 
S 10,670,000 XS5.59 per share) 

• from 87,736.000 ($4.18 per share) 

In 1976. Fobs and' commission in- 
come for 1977 rose 34.7 per cent, 
to $l5I.4m. - . 

• ADVERTISING is gaining 
credibility, . according to a new 
NOP Market Research survey: 
34 per cent of the population 
new believe it does tell the truth, 
says -NOP, compared with 24 .per 
cent, two years ago. But atti- 
tudes to fancy packaging -remain 
hard: 88 per cent believe there 
is too much of it 

to Brussels 

factions in London yesterday 
o Ihe news from. Brussels that 
r f inder EEC Commission pro- 

• i Josals, European jconns will he ' 

; r {iven powers to ban nilslead- 

• . ;>ng or unfair advertising and ' 

leraand publication of ctrrrec- 
.- ’.ions— even before ..the matter ; 
tas been proved' In court. 

The Commission bb> -sent a 
fclraft directive fa the Co 4 incll 
H>f Ministers for. approval, 
recording to which' existing . 
^’.European laws would he bar- 
^inonlsed and, t&^son^e cases, ;■ 

Roger Underhill, director : 
encral of (he J Adventsing 
ssodatlon,- assumed that .the 
test EEC proposals did not 
iffer significantly frem those 
u iiUshcd late Iasi year . 1 * The 
entral dUficuliy-ls that ihe 
•.lit: Is trying lo sohe adver- 
islng pr obtests by law while - 

we solve them very satisfac- 
torily by legislation and volun- 
tarily. ; H the proposals go 
through as they; ar£ we would 
he ported' .into ' cmtfrnihlng. 
with the. German: system, 
which Is bo help to titer cou- 
sttmhr. ; The UJRL systtnTfe 
cheap and effective apdfasl 
and flexible, so the Eja: rules 
would be retrapule. The EEC 
should be working ^towa rds 
harmonisation : of objectives 
hut flexibility of methods.” 

Gilbert lamb, dlreetorof the 
Incorporated Society «6 British 
Advertisers, said be conJd*not 
comment on the proposals until 
he had seen them. : ,' : W-. 

“But if they are «6e the 
draft ■‘Which we have seta, we 
will leave no stone untnrW to 
have them amended, ThejcJorc 
not in the interest of the. 
smner. We don’t believe itffltt 
Ufesqrt of - systems that, exfid. 
ofr-'tbe Continent are agmree 

tire in the control of mislead- 
ing advertising a$ the systems 
which exist in Britain. 

“ The EEC proposals seem to 
suggest that the voluntary 
system can exist side by side 
with recourse to law. bat adver- 
tisers would not- pay for the 
voluntary system as they do 
now In the U.K. if they could 
be clobbered by the law after- 
wards. 1SBA and the other 
bodies will he lobbying ihe 
UJv members of (be Enropean 
Parliament and of the Econo- 
mic and Social Committee to 
pur our points of view.” 

Comparative advertising 
wonld be allowed, according to 
the draft directive, providing it 
was based on verifiable details, 
was not misleading and did not 
injure ihe commercial reputa- 
tions or companies or indi- 
viduals by employing- false 

Chemists perk 


INDEPENDENT chemists’ shops 
are fighting for survival in the 
face of the remorseless advances 
of the multiples. After ten 
years in' which the indepen- 
dents’ number has declined from 
about' 14,000 to around 8,500, 
it looks as if theiz future may 
be brighter. 

Last year, although . 250 of 
them went broke — one every 
working day— the number bf 
closures was less than in 1976, 
and’ figures for November. 1977. 
showed that for the first time 
in years the number of new 
pharmacies opened was greater 
than the number of closures. 

Among the factors helping the 
small man to stay in bus. ness 
are the growth of the co-opera- 
tive pharmaceutical wholesaler 
Unichem. all of whose 3,300 
shareholders are independent 
chemists, and its increasingly 
sophisticated - and aggressive 
marketing policy, f 
This week-end sees the start 
of a promotional campaign by 
Unichem in which it will, for 
the first time, use national TV 
and radio advertising (through 
agency Beam Communications) 
to back a consumer competi- 
tion. Entrants In this “Casta- 
way Prices ” competition will he 
asked to match illustrations of 
five products — Colgate's tooth- 
paste. Radox bath salts, Sunsilk 
hair spray. Gold Cap baby food 
and Dr. White’s sanitary towels 
— -with the names of their manu- 

First prize Is a holiday for 

the year just ended - profits 
are expected to be around £3m. 
on a turnover of £72nu which is 
34 per cent greater than the 
197B turnover figure of £53m 
and more than three times that 
of 1974 
So Unichem is doing well. But 
the history of the company, 
founded 40 years ago. is not 
one of trouble-free expansion. In 
1971 in fact it reached the verge 
of bankruptcy. It was then that 
the present managing director, 
Peter Dodd, now 42, was 
appointed. Dodd had arrived at 
Unichem two years previously as 
finance director, but after 



Halldoor of a secret 
advertising scandal 


A smile- from the UniChem com- 
mercial- The advertising is costing 

approximately £100,000 

two in Tobago, and. other prizes 
include colour TV sets. The series of frustrating, arguments 
promotion is naturally being with the then managing director 
supported by the featured manu- was on point of leaving, 
facturers. but the purpose’ of it After a showdown Board ment- 
is not so much to increase their ing, Dodd was himself given the 
sales as to give the independent top managerial job (the chair- 
chemist a bigger share of them, man and seven others of the 12 

The exercise follows the sue 
cess of a similar though less E™ y ^2ther* 1 

“K Nbw Unichem is probably the 

only ifap^un rnS T?ie “^d biggest pharmaceutical- 
^ E ? edla , J 1118 only wholesaler, after Vestric, a 

months effort has already been subsidiary of Glaxo. (Sangers. 
successful, even before at starts. w hjcb has*.a larger total turnover 

' 1 °i imber ^ Unichem, is in groceries as 
Uuichem s shareholders and well as pharmaceuticals.) Uni- 
outer customers chem b&s benefited by expanding 

To become a member one bas its network of regional centres, 
to buy at least 600 £1 shares, introducing a computerised 
These are interest-bearing: in "ordering and invoicing system 
2976 the rate was 16 per cent, and helping its retail members 
but the 1977 rate, not yet deter- with marketing and financial 
mined, wi]] be lower - No mem- advice. 

ber can own more than LOW) Last year's consumer promo- 
shares, a maximum soon to be tion was a new departure. Dodd 
raised to 5.000. was delighted to Jearn that ’“ on, 

As well as the interest oo their most of the promoted products 
sbares. UnTchem members get a we sold the equivalent of a year's 
share of the company's profits in nomal turnover in one month.” 
the form of a rebate on the If his marketing can divert a few 
amount of business they do with more people away from the 
the wholesaler. Tn the financial multiples and Into the shops he 
year ended December 1976 supplies. Unichem will continue 
£900,000 was distributed in this to prosper; nlong with.-, its cus- 
way oul of profits of £2.1 m. In tomers. w ^ * •' •••* " 

German and UJL detergents 
markets have the same name, 
Persil, but these Persils differ in 
many ways: product formulation, 
ownership (Henkel and Unilever) 
and advertising media policy, in 
the U.K-. Persil is almost entirely 
advertised on TV. In Germany; 

Persil is advertised on TV, in 

illustrated magazines and on 
radio and posters with less than 
half' the total expenditure going 
on TV. Which media policy is 
more sales effective? 

In my experience with U.K. and 
German advertised brands, deci- 
sions on med.ia allocation policy 
tend to be ' largely based on 
historical circumstances. What 
was done in the past tends to be 
repeated, and the consequence of 
repeating, the past normally 
generates complacency about 
such a- question. However, tbe 
answer to such a question 
requires considerable experi- 
mentation in trying alternative 
media allocations and the evalua- 
tion of these different policies on 
sales. This is. of course, a difficult 
task, and leads us to consider 
the results of such experimenta- 
tion on advertising questions; it 
also leads us to the halldoor of 
the secret scandal of advertising, 
marketing, and media weight 

Media weight tests are run by 
most companies to appraise how 
much should be spent on advertis- 
ing. What happens, typically, is 
that one TV region has bursts 
of advertising at say. 50 per cent 
more than the national norm and 
sometimes, though this is less 
typical, another region is down- 
weighted by 50 per cent. After 
a year the data is analysed- Per- 
centage ebanges in brand sales 
or market share are calculated 
for the year of tbe test compared 
with the previous non-test year. 

Let me quote Corkindale and 
Kennedy from A a Appraisal of 
Media Weight Tests- who say that 
“Within the body of experience 
of sponsor companies only about 
one in 20 media weight tests 
have' produced conclusions.” 
(The major U.K. advertisers 
sponsor the authors to conduct 
research into advertising at Cran- 
field). Can it be possible? A 5 
per cenL success rate? 

It could be argued that I am 
being unfair to current media 
weight testing because the prob- 
lem of measurement is decidedly 
complex. The problem may be 
complex, but its scientific treat- 
ment Is not in any sense extra- 
ordinary; And scientific treat- 
ment has not normally been 
tried ! 

What Is Srrong with current 
media Weight' testing ? A- 5‘ per 

cent, success rate suggests .that 
current test procedure is ex- 
tremely bad. This arises from 
several factors of which the main 
one is that the Influence of all 
other factors on brand sales are 
assumed to have the same effect 
in each region. No attempt Is 
made to measure the sales effects 
of other factors influencing brand 

sales, such as price activity, dis- 
tribution charges and so on for 
all brands in the market (They 

are often - discussed to explain 

why the test is a failure but 
not integrated ... into the 

For normal' competitive mar- 
kets. variation in brand prices 
(due to promotional monies 
going directly via coupons and 
flashpacks, or indirectly, by 
means of in-store promotions, 
bonnssing and. so on, to con- 
sumers) is the major cause of 
variation in brand sales. My 
company has measured brand 
price elasticities in many mar- 
kets and some range up to 
seven ! (A price elasticity is a 
measure of price volume sensi- 
tivity. A brand price elasticity 
of 3.5 would indicate that a 10 
per cent, consumer price cut 
achieved in-store would increase 
. consumer off-take by 35 per 
cent approximately). 

The average for brands in 
competitive markets in our ex- 
perience is about 3.5. Conse- 
quently, if price movements of 
the brand (relative to the mar- 
ket) should vary between regions 
‘from year to year, which is cer- 
tainly our experience, it will be 
no surprise that the effect of 
such price variation on sales will 
be large. Similarly - with the 
effect of other factors. Obvi- 
ously a successful media weight 
testing procedure must take the 
sales effects of. such other fac- 
tors directly into account so that 
the Influence of advertising 
weight variation on sales can be 
isolated. ' This requirement is 

There are other defects in 
current practice, both of a tech- 
nical and conceptual nature, but 
this article is not the place to 
explore them. In the U.K. at 
the moment to our knowledge 
four brands (with large adver- 
tising budgets) are undergoing 
carefully prepared media 
scheduling tests. At least three 
TV regions in each case will 
use the new media schedule 
which is predicted to be. more 
sales effective. An econometric 
analysis at the end of the year 
will be able to separate out the 
influence of advertising policies 
from price and other factors. 
Different- companies, incident- 

ally, own the brands in each 
test and to give them their due, 
the advertising agencies are 
positively involved. 

In addition, a major test has 
been concluded which showed 
conclusively that the new media 
schedule, based on an econo- 
metric prediction, was superior 
to the original schedule. 

The test compared different 
dispositions of funds and once 
the sales influence of price 
activity, distribution changes 
and competitive advertising bad 
been excluded, it became clear 
that one schedule was superior 
in sales terms—of the order' of 
5 per cent in total sales — to 
another. This sales difference 
had a very high degree of reli- 
ability. and of course a propor- 
tionately greater impact on 
profit as the costs of the alterna- 
tive advertising schedules were 
the same. 

There is a practical problem, 
however. The existing method of 
media weight testing has one 
great advantage. It is simple. 
Almost everyone can understand 
the mathematics involved and 
carry out the evaluations, them- 
selves. The fact that it doesn't 
work doesn't seem to be too 
much of a problem because at 
least everyone knows what is 
being done. The new methods 
(which work) will bring in the 
technicians with all the dis- 
advantages of that 1. No longer 
will it be clear to all exactly 
what is being done. However. I 
doubt if many readers of this 
article know the formulae under- 
lying bridge construction (my- 
self included), but we are quite 
willing to cross bridges happy in 
the knowledge that they won't 
fall down. The same will apply 
to “econometric media weight 
testing “ when it has built up a 
degree of reliability through 
case histories over the next few 

Let me conclude on a sombre 
note. The advertising/sales 
ratio has declined steadily in 
the U.K. over the past decade. 
This could be interpreted opti- 
mistically as reflecting the 
improved efficiency of advertis- 
ing; more realistically, perhaps, 
of increasing doubts felt by 
senior management in the Board 
rooms of the advertisers. One 
way of reversing the decline 
would be to prove that the 
decline is unprofitable to 
advertisers, and that task can 
only be done by using econo- 
metrics. Recent experience gives 
me the hope that the wheel is 
beginning to turn in favour of 
scientific evaluation of the sales 
effect of advertising. 

CaWapfwm O'HerlHiu is managing 
director of CyHerlihu Associates. 


x. Outlook for Advertising Expenditure. ( ' 

In recent years, the trend of industrial profits 
1ms provided a good, lead indicator of thc/Icvrl of 
advertising spending: Hence the strong upturn in 
profits after the first half of 1975 has bc<pi reflected 
in buoyant real advertising expcndijture - taking 
‘real* as* a larger increascr in spending than in 

consumer prices; . 

FIG. 1 

Rif Cara Chafiga 







T\ 'ADt - -. 

" -.4 ‘ir 


"" ..<c 

". -r’! ; ". 

T Vi 

gCvaT^U-pipriTS; ; ' 


■ T-Ji ’ • 

T 'Z 

Sourer Pr*ps& CVrvcy ;• 

- MqsLpbsm'm are now forecast! ng little or no 
growth aiijprofits in 1978. On past evidence, this 
would jfij'curn raise doubts about the extent of any 
Ju rtto- #*»vtli- in real advertising expenditure in 

V' Xhil may, however, be too cautious a view. 
Thc figurev below, which arc estimates by brokers 
Phillips & Drew, suggest that the substantial 
protitoupturn of 19 7*5 owed a great deal to higher 
profits on exports and from overseas subsidiaries. 
These two suuivcs together accounted for over half 
of total company profits in 1 976. 

fig. 2 




pet Cara Change 

Actual . 



-::l\ vtkfal JVCfiis 1 ' 



C c \\HCi .tlXHCE-.E i-fcr _ 

-L-i i 

tS: . 


•• Uk t:\roR7 



tA t'-ifcL'AL' 4-y 

■ • -Oi.iOS F^sKJ.-iOrtV. " 

- so 


•f SO- !n ' 

the firm ‘picture emerging at the top of British 
advertising. The profile' of the top ten agencies in 
this decade reveals an industry continuously dominated 
hr virtually the same companies. . 

How has this come about? 

a) Longer relationships 

A glance at the client list of Britain’s largest agency 
J. Walter Thompson, reveals that giants like 
Lever Brothers, Rowntree Mackintosh and 
-1 Kelloggs have been with that agency for 51, 47 
and 40 years respectively. In fact, one recent 
calculation showed that on average, accounts, 
worth only ai° 0 of total advertising expenditure 
change agencies each year. _ 

Furthermore, the increasing internationalisa- 
tion of advertising accounts, whereby agency 
networks handle clients across a number of world 
.markets, has added to; the stability of the 
top agencies. ■In our own case our Agency's 
..association with Compton Inc. gives us links with 
one of the strongest agency networks, with offices 
in every major marketing centre of the world.; 

These stable relationships have meant in- 
creasingly secure and stable agencies a l the top of British 

b) More professional. . 

It often used to be said that advertising agencies 
operated in their own world - a world of perpetual 
flux and change, a world built on the shifting sands 
.or personal relations] lips with clients, into which 
the cold blasts of modem management Techniques 
rarely intruded. Fia3 

c) More broadly based. 

As more and more sectors of the economy have 
come to see advertising as a major force in their 
business, this has meant that large agencies have 
become more and more broadly spread in terms of 
their sources of income, and increasingly less 
dependent on any one sector of the economy. For 
example, it is no longer the case that detergent arid 
food manufacturers dominate TV advertising. 

- ■ ’ FIG. 4 





63 66 6S c-3 

7'S _ '.4 . & “7‘ 

- : ia;e 

■ r _ In the current year, continued buoyancy in 
/profits uiv domestic business has been partly offset 
by a marked slowdown in profits from overseas 
subsidiaries, reflecting a deterioration in most, 
world economies together with fhc adverse effect 
of the recent iwovny in sterling. As Phillips & 
Drew-poim oui 1: the' forrcast ofonly io° 0 overall, 
grpw’lfi tn industrial profits in 1978 conceals, a 
iikelv 1 j-Jo w u rise in domestic . profits, a pro- 
iwRinred IUII ill export profit* in the wake of 
Met ling's recovery, atid ~ some resumption 111 

overseas profits grow lit. " ‘ 

. It scrim logical ihat profits 011 domes hr 
business should be the major determinant ‘ 
advertising oipctidii ure. O11 tins basis, a further 
iiw rrasr in advertising spending stems likely m 
,4-8 - particularly as consumer spending, which 
has in the past provided a uselul secondary guide 
to the .strength of an advertising upturn, should 
show a marked recovery in X978 aher three 
depressed * ears. Overall, therefore, a lemame 
forecast of a increase iu advertising 

expenditure in 1978 veins reasonable. Ihif^onld 
represent growth some 4.-0 points iasier than mat 
G1|- consumer prill’s in general - another year ul 

real growth. 

Stability ... or Volatility? 

1V>. xahkin oui last Report that the old idea of the 
ST.* |e client drifting massive billing* from acem. 
fo aaTOO W.t> becoming jess and less relevant to 




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■ v \ > 

H. . 


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ij- . T~S " fj . l£" -j 


'-V. . 

The truth is that, the ‘Gin & Tonic* adman, 
the diem who regarded his advertising as an 
entertaining pastime - all of Britain's largest 
agencies left these cliche characters behind them 
long ago in the expansive days of the '50s and ’60s. 
The less agreeable economic climate of the last 
decade lias seen a dramatic and substantial improve- 
ment in business management in ihe industry. A new 
generation of professional managers has emerged 
at the top of Britain’s major agencies, and Figures 
3 & j illustrate the continuing trend 10 greater 
productivity that has resulted. 

Many new categories of advertiser have emerged - 
records, films, motors, financial and many others. 

Indeed, advertising activity is now spread 
across many different industries, and any large' 
agency which has a good spread of business avoids 
the danger of exposure to too narrow a spectrum of 
industries in this way. This ever-^ widening spread of 
categories of advertiser has over the years made a 
broader and therefore more stable base for 
Britain's largest agencies. 

3. The Future. 

Bm although' the growth and expenditure 
prospects seem good, the industry’s most funda- 
mental problem still awaits a solution. For 
within much of British industry it seems that the 
advertising business has achieved a position of 
mueh glamour, but little real influence- 

It is inconceivable that it would be said of 
Britain's advertising industry, as it recently was of 
Japan s, that it is now “enjoying unprecedented 
prestige and influence' \ Or that it could be said* 
of any British' advertising agency, as it was or 
Japan's largest agency, Dentsu, that “there is no 
doubt that the prestige and influence of . the 
advertising industry is largely due to the co.n- . 
tribuiion Dentsu makes to the economy and to 

In Britain, there is hardly one marketing 
professional whose advice is seriously sought by 
governmem in economic affairs; hardly one 
marketing voice in a significant position in the 
planning of our industrial strategy; even today, 
there are nianv leaders of industry for whom adver- 
tising and marketing arc still not ‘second nature*. 

Why does this matter? 

It matters because a lack of prestige for the 
advertising industry goes hand in hand with a 
lack of prestige for the 'selling' function which in 
turn goes Iiand in hand with a general lack of 
marketing orientation and outlook. 

And why does this matter? • 

Because the perspective on events that 
advertising and marketing teaches could be an 
invaluable tool in. the resolution of some of 
Britain’s present economic ills. 

Tins perspective means an orientation more 
towards the consumer, to the buyer and to thie 
-market; to identifying market opportunities,-^ 
measuring them and seizing them with new 
products; to. gearing up investment , and 
production towards clearly defined market gaps; 
towards rationalisation of brand and product lines 
and to concentration on products which have a 
real selling story, a real ‘positioning’. 

AH. of these benefits can be derived from this 
perspective and they will all be lacking in an 
economy where marketing lacks real status in 
top industry and government circles. 

For the fact is tliat the marketing and 
advertising function should be central to the 
growth of a free enterprise mixed-economy in 
Britain. .. 

This is so because the essence of any vigorous 
free enterprise -system is a supply and demand 
mechanism whereby manufacturers, impelled by 
their own self-interest, produce and promote 
better and better goods for the consumer, and 
hence ajjetter and better standard of living for 
society as a whole. 

The more sophisticated manufacturers, whose 
business is already built 011 these sound marketing- 
principles, do indeed strive to better identify and 
measure consumer demand, and to produce 
better products to meet that demand. 

They do indeed try to make those products 
contain real consumer benefits; and they dp., 
invest in 'research to create those bene fits', and. 
indeed to create them at the lowest possible, cost: ; 

It should be stressed that they do this in their 
own sell-interest - in order to earn the highest 
possible level of profit so that they can reinvest . ‘ 
tin »sc profits in • the next generation of new. . 
products - and so the cycle goes on. . . 

The advertising industry is at the core of this 
process - helping to create the products that . 
create .the profits that create the fuel for air ' 
expanding economy. 

All of this activity, propelled by self-interest, 
and the workings of Adam Smith’s ‘Invisible 
Hand’, comes together to produce greater and 
greater wealth for society as a whole. 

If you would like, to read more about how 
the advertising industry benefits the economv in 
this way, or if you would like a copy of our full 
Shareholders Report please write to the Secretary 
at 8o, Charlotte Street, London WiA iAQ,. 

Saatchi & Saatchi Company Ltd. 



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Doing quite well, 
thank you 


UNDERNEATH I he gloom and 

despondency ©F the years since 
19T3 one question has per- 
sistently nagged at those who 
trouble themselves about the 
state of British society: why is 
it not even worse? Why d© we 
not have a revolution, or at the 
very least a collapse of the social 
order when all the ingredients 
for such a catastrophe seem to be 

This kind of question was 
openly asked by many people in 
1974 and 1975. and If one wanted 
Iq be charitable one could argue 
that the excesses of the Wilson 
administration in those years in 
fact constituted an effort to buy- 
off social unrest. It could then 
be said that costly as it was in 
terms of inflation, the balance 
of payments, and public expen- 
diture the “social contract" did 
pay off — the ferment that existed 
in so many imaginations did not 
emerge on the streets. Stability 
was restored. Neat as this argu- 
ment may be, it is weakened by 
the publication this week of the 
results of the 1975 General 
Household Survey, which indi- 
cate that, people may have felt 
more disgruntled at that lime, 
but that the material conditions 
of life or most of the population 
continued to improve. The 
stability was there, at the founda- 
tions. all the time. 

In miserable conditions; others 
may simply be young people in 
crowded digs. 

This satisfactorily housed 
population is by and -large 
blessed with most of the con 
Sumer durables it could want. 
We are up to 95 per cent, pos- 
session of (rented or owned) TV 
sets, with 91 peF cent, having a 
vacuum cleaner and 85 per cent 
a refrigerator The washing 
niacmne is right up there loo — 
at 71 per cent- in spite of the 
spread. of laundretles, and while 
Ihere is plenty of room for 
growth in possession of tele- 
phones (just over half the house- 
holds) the explanation may lie 
as much in Uie pricing and in- 
vestment policies of the Post 
Office as in the true stale of 
demand or ability to pay. 



For example, the national 
housing “ crisis ” was visibly 
melting away, even though there 
remained areas at the margin in 
which laree numbers of people 
w«*re *rapned in slums that nn- 
hndv would want to endure. But 
«3<re one of the classic measures 
of housing distress: solo use of 
.♦ h^th or shower. In 1971. the 
Gon oral Household Survey tells 
1 is. SS per cent of households 
l \tri such use. By 1975 the figure 
was 92 per rent". Add in shared 
facilities, and the number of 
households without any bath or 
-.hower available is down to 5 
p*r cent. Cnuld this be the best 
performance in Western Europe? 

The figures show a similar im- 
provement fer sole use of an 
inside \VC mow 91 per cent.), 
while the number of households 
with central heating rose from 
35 per cent, in 1971 to 47 per 
cent in 1975. It is presumably 
higher by now. Or consider the 
quality of housing. The table 
entitled “Tenure by difference 
from bedroom standard" shows 
a steady increase every year, 
until the number below standard 
turns out in 1975 to be not much 
more than 4 per cent. Some of 
these will be unhappy families 

This is not to say that there 
is no grumbling. The validity of 
attitude surveys — “ how happy 
are you?" — is not so certain as 
a straightforward count — “is 
that your fridge there”'' — but 
vhen annua] repetition of the 
same question shows a dcflniic 
trend there may he something in 
it. And the Government's ques- 
tioners have round that the num 
hpr regarding themselves as 
“very satisfied" with their jobs 
declined from 53 per cent, in 
1971 to 45 per cent, in 1975. 

It also appears 10 be the case 
that the unemployment statistics 
do not tell the full extent of the 
story. In 1975 13 per rent, of 
the males found out of work were 
not registered as unemployed. 
And some 70 per cent, of the 
married and 42 oer cent, of the 
unmarried females looking for 
work, wailing to take uo iohs. 
or off sick were not on the official 
recist er of unemoloyed. It is 
clear that In spite of the con- 
tinued Growth of material well- 
heinz. those otherwise stagnant 
years did leave a great many 
people nn the sidelines. 

From the point of view nf 
social analysis, however the 
truth seems to be that the worst- 
off 3innng us were ton much oF 
a minority to constitute a 
ixiliiicul threat. This is a harsh 
truth: on moral grounds alone 
it should lead our politicians to 
seek more wavs of assisting 
those who are most unfortunate 
But somehow ihe Picture of sheer 
cnmplacencii conjured uo hv the 
General Household Survey sug- 
gests that the interests of the 
vast not -too badlv thank-you 
maloriiy will conrinae to 

CmcnU JJonartoM Surwi/. I7TS. fi.MSO 

Set of four 
are top lot 
at £9, 

A set of four Dutch 3. Mai 
candlesticks, made aruun I 167ft 
wax the lop In* at £9.000 la a 
sale of English and foreign 

silver at Christie's yesterday 
Measuring lSi inches, and bear 
ing a i-rwi and coronet nf the 
Earls of Gassilis prior lu their 
elevation to the Marque^*ate of 
Ailsa. they were bought by 

The sale, which was dominated 
hv London dealer?,. totalled 
C107.315. Lumley paid £3.800 for 
a Queen Anne table service 
while a set of five Victorian 
dessert stands by Walker and 
Hall, made in Sheffield in 1SSS 
went to Emanne] at £3.200. and 
eight George 111 candlesticks by 
John Parsons and Co.. Sheffield 
1787 and 1790. to Shrubsole ai 

There was an extraordinary- 
price of £2. 700. paid hv an 
Italian bidding hy phone, for 
“ Figura." ao oil by Bruno 
Cassinari. it had only been 
estimated at £20Q-£300. and was 
the top price in a Sotheby’s 



auction of minor impressionist 
and modern ari which totalled 
£25.699. “ Au Cabaret." by Vera 
Rock line, sold for £940. 

in a sale of Children's books 
at Sotheby's in Chancery Lane, 
which totalled £10.515. Qua r itch 
paid £460 for " Songs for the 
Nursery " of 1825 and David 
Temper-ley £320 for '* Reuben 
Ramble's Travels" of 1845 “The 
New Cries of London," a first 
edition of 1803, sold for £240 and 
ine first complete edition of “The 
Family Robinson Cruise" of 1S16 
fetched £160 

At Sotheby's Belgravia a 
furniture sale totalled £176.095. 
There was a good price of £7.500. 
over twice the estimate, paid bv 
.lay For a pair of “ Louis XIV 
side cabinets, made around 1870. 
and the same buyer acquired a 

Business and the Courts will not 
be published this week because 
A. H. Hermann is ill. 

“Regcnce” bureau plat of the 
<aine period fur -£6.'i00 A late 
19th centurv kin 2 wood and 
Sevres bnnheur du jnur realised 
£4.500 and an Erard oiano £3.SOO 
Bonhams sold watercolour* 
and drawings far £17.849 with 
iust 4 per cent, unsold Sewell 
gave £1.000 for ihe fruniispiec® 
and 10ft illustration* from Jean 
Mnndnn Le Fit's “ Livre de 
Figures ej Ornemans Chionois - 
nf 1736. and Touze £780 for 
'* Ehrenbreitsiein." a 1S94 water 
cnluur hv tVillaiin Callow. 

A stater nf 370 BC from Lycia 
with a portrait of Perikles sold 
for £1.500 m a Glendininc auc 
lion of Ancient Coins. 

Willis the hero— Boycott 

’ vindicated 

ENGLAND levelled the senes in 
the ui 1 1* I mm mcing man pit 
when Lhey bowled NEW ZEA- 
LAND out m Ics? iban three 
hour- lor iu5 and won »ho 
Second Test by 175 runs. An 
excel Jen l spell by Wiilis. v-hc* 
took four wickets for nine runs 
m his first six overs of the 
the day. was conclusive. 

Boycott had declared England's 
■second inmnes at their overnight 
score or 96 for 4 and this left 
New Zealand a full day in which 
tq score 2S0 on a pitch which 
bad held up surprisingly well. 


Christchurch. March 1 

Willis reduced them to 48 for 5 
by lunch and Boiham and 
Edmonds shared the rest of the 

This was an important result 
for England'? cricket after their 
defeat in Wellington and one in awkwam ^r. Miller also held cricketers 

... the matciiwinncr. 

land which will now be Played 
over six days. 

Unfortunately. this Second 
Test will be longest reraemhered 
for the way in which Cbaifield 
ran 0111 Randall when he was 
backing up on Tuesday evening 
ll was an act which l am sure 
the bowler and anyone who put 
him up to It. already regret. It 
is astonishing, though, that 
neither Bureess nor Frank 
Cameron, the chairman of their 
selectors who was manager of 
the New Zealand side for this 
match, have not between them 
offered an apology or explanation 
to the England captain or 

The television replay made the 
incident seem even worse than it 
had ai the lime. When Chatfield 
broke the wicket Randall was 
burclv six inches out or his crease 
and the incident has been 
roundly condemned in New 

The implication behind the 
silence from the New Zealand 
side, is that Chatfield's act was 
justified. 1 have never seen 


as upset as 

which three of the newer piayers 3 wood "catch in the suMy. Tnd England players last night and l 
contributed significantly. Boihain t jj e "round fielding was 31,1 sure l ^ at 1hls one ac L 

e of those matches in e°tremelv Urtv stupidity will rebound on New 

he could do nothing ' lt , no C0 ]n C idcn.-e thui this Zealand cricket for some time. 
Hen.ade.103 iiiriMno. proved ^ perfe^rcanie by .The u -firing has been . a con 




• Financial Times Thursday March 2 .1978 

1 Bleepers reduce J 
skiing dangers 

AS WE strung the small yellow rarely caught in their path, 
boxes around, our necks there Read about avalanche- accidents 
were a few jokes. One. by one and you will usually read that; 
we undid the zips and adjusted th e victims are visitors. . .. 
the controls to “ transmit." Then Resorts themselves often 
we were on our way, off to ex- accuse visitors of foolhardiness, 
plore the mountain where the hut 1 suspect that many of them, 
ski lifts never run. ' Tbe small simply do not give enough wariv 
Austrian made devices we were jngs. Although avalanche hazard: 
carrying were bleepers, and js a heavily emphasised part Of 
throughout pur ski day each one any- ski Instructor's or guide's 
would continue to transmit a preparation few resorts like to. 
steady pulse which can be picked publicise the fact that- 
up by any other bleeper with avalanches happen In their area., 
its controls set to receive. Any skier intending to wander 

This modern ana rather more far from the marked trails of ^ 
effective ' replacement for the resort, particularly at this time 
SL Bernard dog enables of year, should inquire about 
vour ski companions, or a rescue Ihe safe places to go. You should 
party, to find you. Quickly also tell someone^ where you are 
should you be overwhelmed by solus ®nd what time you expert 
avalanche. I have never had to be back. Every resort should 
tn put the system to the test, have a. map' with avalanche daijr 
except fn training, but certainly ser areas marked on it. but 
feel a great deal safer when precious few seem willing -lo 
using it show it to visitors and evgq 

We ere coring up to the time SEA*? 1 "' U ,n "T 
of year when the will 





t Indicates programme In 
black and while. 

BBC 1 

6.40 a.m. Open University. 9.41 
For Schools. Colleges. I2J5 p.m. the Move. 12.45 News. 1.00 
Pebble Mill. 1.45 Trumptnn 2-00 
You and Me 2.36 For Schools. 
Coi leges. 3.00 Children's Ward- 
robe 3.33 Regional News Tor 
England (except London). 3.55 
Play School fas BBC 2 11.00 a.m.). 
4.20 Winsome Witch. 4.25 
Jackanory. 4.40 Scooby Doo. 5.00 

John Craven's Neu around. 

Blue Peter. 5.35 Ludwig. 

5.J0 News. 

5.55 Nationwide (London 
South-Easi only). 

6 JO Na^innwide. 

6.45 To-morrow's World. 

7.10 Top nf the Pops. 

7.40 The Good Lire. 

R.tO Wings. 

9.00 News 

9.25 Cannon. 

10.15 The Fnurih World: Lire in 
Lilybank. housing estate in 
the ea.>t end of Glasgow. 

IMS Weatherman. 

11.17 To-night including By- 
Election Special. 

1.20 a.m. Regional News lexcepl 



1 Wrap once found in Indian 
city (9) 

5 One to see aboard for cakes 
< B i 

9 A irain of attendants surround 
tbe accouniaiu> luggage i4-4i 

10 Right of admission, of course 


12 Frolics for the birds fa) 

13 Russian and German worker 
arc superfluous (9i 

14 Went after game for German 
spread (61 

16 “The food rhat to him is now 

luscious as " tUthelto) 


19 Die. thou author of retreat 
1 4-3) 

21 Sounds like a male lumber- 
jack ffi) 

23 Bloody way to be caught 1 3-6) 

25 Cultivation we observe from 
August until the end of 
October (5> 

26 Maids or ihe Mountains C5» 

27 Prize periods for our 
feathered friends IS) 

28 It's a long step, so the good 
man has a lift f6i 

29-Rare rest maybe for a police- 
man perhaps iSi 

1 Expensive for a rising lieu- 
lenam in snug surroundings 

2 Turn about suddenly Tor an 
appeal for money i4-5i 

3 Agreements to perform in 
addition <5i 

4 Burgon's cofeutTuI description 
of Peira «'4-3) 

6 “ Your style is much too 
sanctified, your cut too 
— — " i Patience i (*Ji 

7 The girl from trie manor tai 

8 Most charming little river 
from the South iS » 

11 Freehold tenure, ib-msb seen 
in Feudal condilinns 1 4 > 

15 Ambidextrous, like Milton's 
engine at the door (3-Hi 

IT A 111 in -jr lean-lu tan Ik* ilium: 
nating (4. 5 > 

18 Vehicle* which cause disturb 
antes after tea 'ki 

2ft Nut inconsiderable place Tor 
scrap., i4i 

21 Dish. .nest member of the 
orchestra (7 > 

22 A short one — pos-ibiv Red 
Rum (6 1 

24 Gloomy medical tnjn to 
fealnre (5) 

25 There is no end to ill-humour 
in the vallev to* 

Solution lo PibzIp No. 3.606 

Wales— t .45-2.00 p.m 
4.4ft Crystal Tlpps and Alistair. 

4 45-5.1)5 Cadi A‘r Gaih Wyllr 
(Hungarian nalure filmi. 5.53-6.20 
Wnle* To-dav. 6 45-7.10 HedH-w Ryan- Fn a Fe. 10.13 
Cyfraiih ffvwpl 1105-11.15 Younj 
Arti«H 120 am- News and 
U'ea * her for Wales. 

Scotland — I1-3H-1 1.5ft a.m. For 
Schools. 5.55-6.20 p.m. Reporting 
Scotland. 7.4II-X.I0 Current 
Account. 120 a.m. News and 
Weather for Scotland. 

Northern Ireland— Il.-3u-ll.3ft 
a.m. For Schools. 3.53-3.53 p.m. 

Northern Ireland News. 555-620 
Scene Around Six. 11.17 The except at the fellow ing times:— 

out. took six wickets, and held E n >i a nd rame on probably th*e slant worry on this tour at 
ihrec outstanding caich.s in hH.ohad i,S™ >.>day thure another strnn 

New Zealand's second innings. Zealand li lasted belter than occurrence. Umpire Goods 11. a l 
Edmonds made 50. muk six h J anrieiDa-Jied and bad a the Cashmere End. intenireted 
wickets for 60 in 4U overs and r a a sonal>le balance h**iweon bal ru * e a b° u i bowlers following 
held five catches, while Miller J u .> w ' _| S0 notireahle ,,irou « h on differently 

made 66 not out and held two .. England's batsmen seemed f rom h ' s colleague Monteith. who 
c-aubes. although for the second ^h mo.c ?iolute !han15^h2 was now at the Pavilion End. 

Test in succession his off break* g rs[ rj- est a , Wellington, and the At Goodall's end there is a 
were not needed. These are credil ' for lhis mus , o 0 l0 j arge rough patch into which 
cri'.kelers who should play a big Bovco „ Monteith had earlier allowed the 

pari in England's progress over Hjs h andlina or t j ie match bowjers to follow through with 
tbv nexl Few years. often seemed strange hut the impunity. GoodaJi bad different 

Botham and Edmonds are final rjUtC onie coraplerelv justi- ideas and rwice warned Botham 
strong, extroverr characters wh« fictl 3l j t ij at he did even if the and Willis for landing on this 
will thrive on their success. 3nd pj , ch ,]jd nol lurn as much as he patch which forced Boycott to 
if Miller is le*s confident, c-a.-h am i c i pa ted. have a five minute discussion 

de. ont performance is. a great Manv captains would nrohablv with Monteith at square leg who. 
help lo him. For all that. have hatted on fora few more as a result, spoke to his colleague. 

E T^i'- nd rI^^ , in , ^ OS I,J n !,'! l,S ,nn minute this mornioc and While Monteith may not have 
Thii morning he wa> enn- a |,houch. in the liahl nf what been ,evere enough Goodall was 

Kn f n ii y thi’h n, a .™ Lnh^hi e -^- a re rf hapnene J d J* wou!d n "! u ha - ve probably too strict for most of 

beat jllthc ball men by hia ftJCe mattered Boycott was right In f h is rough patch was of no 

ge n S;?fes,° F bo^ers S Tre nol 31 mUCh ,ln * 

-J \" week re n; m , Zeal f. nd feri^ately offlcLs manSer In 

Willis has been genuinely fas. SJ t hT mStch "^heir^ho^S ^Msywhe^ime? S' England 
and could stand shoulder -n Were una ble to take advantage * “fLd fe cricket for 

shoulder with the Australians of a good start on tbe first dav Liif the eomin- Season 

and the West Indians. :,nd when ibev were under pres- ha,f lbe « om,n § reason. 

The England fielding was im- S ure the batting did not look Boycott said after the game 
presrive and Botham's first two good that he had objected to one of 

catches, al third slip and hack- it will require a great effort Ihe two umpires chosen for 
ward -hori leg. were taken in from their captain. Bursess to Saturday's Third Test and it 
his left hand, low down and a' lift their morale in time for needed no great guesswork lo 
full stretch. His third was an Saturday's Third Test in Auck- realise that Goodall was the man 

Buhner to sponsor pub cricket 

A SEVEN- A -SIDE cricket cnmpe- basis competition, with the finals It is anticipated that more 
tition for pub cricket teams was at the Oval in September. than 1.000 pubs from England 

announced yesterday hy H P. John Edrich. ihe England and and Wales will take parL 
R ulmer. the Hereford cider* Surrey cricketer, will be res- Tbe Regions will play off until 
makers. ponsible Tor the organisation the quarter finals. 

The Strongbow Pub Cricket and administration of the tour- The national finals will take 
tournament » knock-oul n anient. place on September 9 and the 

winning team will be invited to 
play against ad international 

The prize for the winning 
leam. is a holiday in Corfu 
Matches will he one innings 
with a maximum of 12 overs 

Normal cricket rules will 
apply, hut county players are 
excluded from competing Clu< 
ing dale for entries Is March 26 
and details of the draw will be 
announced towards tbe end of 

All Regions as BRC.l except at Crown Court. 2.0U After Noon. »imi vjin H^iim t. JM w-.m n 
the following times:- Shades of Greene , Sift Quick £'„»* n B r "? h ‘; £* f£ 

Bamaby. \ v : •*" a " Th^^Uilivan." 5JS LMminnp Cnwu-osiil, 

4.20 Little House on the Prairie, h.m rW w.k». Lia Rrpor- 
5.15 Nfr anil .Mrs. 

5.45 New s. 

6.0ft Thames at 6. 

6.33 Crossroads 
7.ftft The Bionic Woman, 
suft Robin s NeM 
S".ft Armchair Thriller 
9.00 George and Mildred. 

9JMJ This Week. 

in.ftfl \ews. 

tft-30 Time for Business. 

11.15 Drivc-in. 

11.45 What Ihe Papers Say. 

12.05 a ni. Ilford North 

Hong Kong Beal. 11.52 Join BBC I 
London for To-nighl 1.2ft a.m. 
News and Weal her for Northern 

England — 5.55-6.20 p.m. Look 
East (Norn lent: Look \orlh 
(Leeds. Manchester. Newcastle i: 
Midlands To-day i Rrrnimghami: 
Points West (Bristol): South 
To-rtav iSout hampion i: 'SpoiJighi 
South-West (Plymouth). 

!*••»’ in Wh«. 7 05 Pi*- Si* MiIIiah 
D M it. 10.35 Ch-nibmi R»«iii -ni at 
P *lmof !»■•“ Mill- Chorus anti Uh.lH-STd 
tU.3 T- rrnr 1 "Th-* Ktw u *h»» Winttow 
V j mn< T.itl «lin«hi.T. 

. sct»pf 1.20-1 25 p.m. P-.-n iw'l *i> 
N*.--«Winn S' pvfi.i Mir Mawr 

4 3S--3.45 Ws'tv-shna. 6.IMJI Dyrid bJS 
7.0S Snnrfi Ar»-na 

HTV WEST. As HTV ienrr.U serrK« 
■ 1.20-1.30 o.m H.-pnn Wen Heart 
L i. 0.1MJ5 S&nn W. si 


1^5 o.m. News ami H*nrt Repon. LOO 
. . Uv.m-.n i»nl>. t2i Pip<-i and Knenft 

au inA Keetons as London sjd cr,„^ 3 js txx snnunn rmjy 

4 JO ■tarnf— v Way 7JI0 Lnuuerrtil 
f.inn 7 JO Charlie’* AnsrL 10-JO 

BiriMav l|.>.).,urs U.00 Lai. Call. 


BBC 2 

6.40 a.m. Open Unuersily. 

11.00 Play School. 

US p.nj. Open t'nirersity. 

7.0<J Nesi 6 on 2 Headlines. 

7.05 Your Move. 

7.30 Newsday. 

8.05 Gardener^’ World. 

Living in the Pail. 

9.00 International Table Tennis: 
Top Table. 

9-30 ‘-rm-n 2" ■' The 


UG o.m. ^.I'rlk'm N 2.00 W'.ni«i 
>20 H. i:* K-mm) 5.20 ':r..»r:ia1 
6 00 D-u Hv [> ■% 6 JO l"aiv-r»|is c*i i ! 

I- 7.00 Einmffrrtale Karm 7.3P 

Hi .'ii' >ii« i) 10.30 t£laui* lh» 

->.• t [Loo t*c«»(e R-iie- um 
V • r':-— n Eatra 12.00 In * Tun* 


9.20 a.m. Tin- i-tn.>rt Wn-d -nllft>-?4 n 
Vrih Ej i N-t* HpjHinc-v U0 P.m 
V.r'h Ei*’ y^K: jitrt I .*mii armin'! Z.OC 
'.V.-ui^n :.-n\ 5.15 The Kra<1v Hu-hI. 

1 00 •t vrthern l.u* 7.00 Emmerdil. 
Vir-n 7 M Th.' Hmuir, 10JO 
ti”u' I1.I5 Rirti 'tin. Poor Man 

4NG! U 

1.2S p m. *u.,i \ 2.06 ■.Ycun.-i Hn!v 

a.2D Clo ctiil - >5 S,-. n On^. 5.15 Eturr-r- 
di: t J.-71 b.00 sng-u 5.20 Ar-ni 

TDOe-^ii’-* 7 30 Var M :v Marthnjic 10J0 
v. r.- .-I ;.i - r. ls , 12 03 1* Film 

•7 ;. *. -:hf S’atl-r" 12.2S a.m. 

•!•«!. j uii W nr ••.;’« lS■or , .( , Dj> .if 



1.20 p.m. a Tv .-I sk 3.20 R-*rri"j Lu^:ti.’l. 

.50 SI.- 515 H*w\ n 
4.03 ST’. Tuc.jjr 7 CO Kmmenlj'. 

7J? Tj* r. '.l'., 10JC Paii'.C* 

V.wjia:.. 11.30 ’.Ti*;.r t.itl 


’1.20 p «i. Hi'fS ’ 5.15 l.j’sic 

4 01 Lao - i--s 7.w Eimn-T- 

J»i.' L *” 7 JO Mr I I-J V-.-S e.00 .Hlr.l. . 

P ima 1C JO L4-.» -.Vvi } Tai>- U.00 

P !< -A- .-.a- 1200 Dr. e In. '12 JO a.m. c-i-rr* 

-i«iT*r ULSTER 

PM t \'\P! t-20 p.m. I.Tirlinr- 3 U I’Krer X>n-* 

, „ V,'' CL .. ir s a.:o F ; i;i.i. : vijrhv us 

I la a.m. l | j" Tim-' S:v" >"-1 l.“ — ..-i ih- Traine 4 00 L’ts’ 

v. s r: 4.00 Char..-' : T. I t05 ■ 5.3C 

* r - T , 30 Ti r 1 1 P-I-Tj too E-r.niLTdj!- Fjrn: 7.30 

Ohlll .ia‘l t.2t LuilM LV ■ -■ ( r.i.inn '.Vmijn. 10.39 l>Jnvnini|| 12 V< 

1 .°' 3 ‘. -r „ V ■' ft 11—30 iv-.tihru- Day. (ol 

White Hope." starring a . m -. ^ r r ' 1 " r ’” 

11.10 ii'5xSl l ii! , 5r' GRAMPIAN WESTWARD 

II 2I> Mrn of Id Has i.J" p.m. 12 27 p.m. - v :ii, H.'n. KtiMit, 

14..: __ r-Wrtrlo..n -' *' N- »'« H'dil-i 409 <\r iinoun T-i- 120 AV.-« jpiJ \--t* ll.Tll.rr-> 4.00 '.Vo 4i 

12-fta a.m. Closedown Rrchard * .. 7M T <A .. D .,,., r -, V1 , D 7.00 T.i* Si« [mu> 

Bcod read.' '-v'aler” by ig.m =:•!:*;>. ..-v w.js suorraii. 11.15 -tj.. 102s \-u, 1033 

Leslie Norris Kjr:- 3 ir.t r -jnri 11.00 \iv*--r-. ’.i.ifi- 

GRANADA '.loisl Lr.a a.m. Vaiili 'nr Lift 


9JJ0 a.m. For SchnnK 1f|.48 i'.V'rC' V'- l ' i vjr = p " : ;' ^ 

5.15 C-..!-r 4.00 -.ranada non-'rr- 

a.m. Fnr Schnnls. 1 
Help! ll.DO For Schools icon- sjo 
tinued). 12.ft0 Charlie’s Climbing 19.33 v."*i 
Tree. t2.1» p.m. DaU>. L)anv. sj:-- 
12 -3ft Make li Count. |.«0 Nevvs HTV 

plus FT index. 1-20 Help: 1.30 


1.29 pm. 

•rm 7.00 Barn Fr-.-. 


■ r.-lir 

ft.-vIV*. 5.15 Surr.tjl 4-GO 

R:nl-j VI nor nu! H-jIniuii 

i 1130 -..-hj- t^PjiKr.' 7 00 £?,m. rtale Firm 7.30 

ij.-r: ■•: S-j a!. n.-su ...,Tri 10 10 *.jl-rn-T Pn-rrln 

Th ft -irv nf Sra:.* (■-:>-rn 
iji-J Hof- *1 j> # nn 11.00 Sir.>fs 91 San 
1.25 1 rj;.L»-.o. 

'j.39 L 

t :: 

RADIO I “47m 

(Si Stc’capnomc broadcast 
4 DO a.m. 'ijl .. : 7.02 No •: r fT.n'.f-. ‘ 

9.00 Smnm hr j 11.31 Pin F'.nr-.- :■ 

Indin^ 12.30 pm. ‘.I j sn-fi 1 .. 2 GC T'P. 

KUlMrilir. 4 31 Pir c T rui,- 

^ lii'li'l-.- 5.33 \->-sh..4: 7.00 ■"'“ir.-r; ■ .. *. 

■ hnfto J. 10.32 i*... .s 

12.04101 a.m. S.. Pj-Ii.j 3 
VHP RADIOS 1 and 2 ■ a.W a.m. "A - 
Kjil.ti : ir.linl'i 1-55 P.m. ‘tj.wi L-." -r 
in: 10 07 VW.ii pj-Iir. > ILOC-2.C2 a.m 
.Vr'Si V.i 1m _• 


6.00 a.m. ■. Suiisn^r- . 6.02 7«.- 
'.Innri with The Ejr- - • 5-. 

olipjnls 6.15 lor Tl.O'i^hT 7J2 

T-rry H’ >s. ir.clulm; 327 
lllill-.'in <r.e 8 9S Kurv: ;«.r TSnnur.- 1C C2 . ,, 

Vom.- s. 12.15 '.Vwir.-r - Wjc- . J rr 

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'Medium Wave Wily 
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.1 a s 

Capital Ratlin 

l!Uin and 9.18 \ 11 1- 

i A-j-l •?. 12.00 

"0 D'-HT" ?■ 
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7.00 I -rr: iji; 

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3 35 
S 40 


6. CO 

;.w N-..v 

; - ii oo r-r-. 
4 inrl-f !.s. 1150 
2P9 a.m. 

m Id eat place. 

I cannot speak from exper- 
ience but there ts plenty pf 
theory about what to do if yoii 
are caught in an avalanche. If 
there, is no escape from it, anji 
if voti have time, shed vour skis 
and ski poles (they could injure 
you in the forthcoming tumble 
When the snow hits you attempt 

— — — — — — r— to swim through ’iL driving «(11 

start to run in many mountain f* *«rts tbesurfw 

areas For the normal skier £ ut . piae 5 2 h,sh * r P no ^ty w* 
Ihtawadurei neeiimble dan-er hepmg the snow out of your 
tiSLpliMr are K mouth and nose. As you conic 
R uu° l uorv he wpii nrmecied bv to a balt cover nose and mouth 

Blanche* spoilers" and regular te sno^aWi? 

shooting ” of poteotfal danger « ? 

around your head. 

Point.- b „ re 1" ar(Mmd%our S'* Th/S 

roads are ^. D ^ e ^ ui - kl that will set surnrisinsly -quickly ibtei 

srausrsirS^ssrJK near c ° n « ret< * ^ d vS u have ^ 

ft dancer as tn § et yOUTSClf roniS to breathe^ 

fhere is lfes^waitln? fo^ the off- Whether you have a bleeper or 
piste skier, and particularly the nt * fve yftnr enerev and- »H 

ri , t ! Sra “ aavi “ or 

falls to seek iu . .. for several -davs like This, hot, £ 

There are several types of you have not been skiing alone, 
avalanche, and they are; not an< j if y 00 pave toid peom'e 
necessarily confined " to the where you are enine. you should 
wanner months, but March often not have to wait that -long. - 
sees the conditions which pro- However, it’s best to avoid 
duce wet-snow breaks. This gneta . problems. Another ronole 
could be particularly true this of fio6 for 'doing just that when 
year because of the -very large off- piste are) never *ki abnve-fi) 
quantities o'E- snow that have below a : fellow., skier, on ?aai 
fallen In some areas, notably In' avalanche potential -slope; and 
the western Alps. Warm Spring always mnye from one safe zone 
weather turns some of the snow to’ another^-old established 
into water, and this trickles into clumps of trees are oretty good 
rhe snow itself and sometimes irfifenffen of safe zones. 
slides under it forming a film -j 

between sdow and rock. Event u- SNOW REPORTS 
ally the sheer weight of snow 
and water is enough to set the 
wbule thing moving. 

Fortunately these avalanche Adelboden 
runs are usually predictabler-so 
predictable that many of them ald 

have names. In sub-freezing £,]{?■? 0 14 

temperatures and early season Murren " 28 68 
they may be safe even to ski Niederan "*"! 12 18 
on. but as the air warms up st. Anton ... 28 144 
they become death traps The Saas Fee .40 80 
fact that they are so predictable Bauze D'Oulz 46 S8. 
mea/is that locals are very Zermatt 72 U6 

1 u. 
34 60 
-56 124 
12 40 
Gstaad 12 32 

State of 

. piste . 


flood . 






Fair . 



Good 1 ' 

I Call for tough sentences 

. V.U7 
' -.'01.' 

■ .BY ]AMES MCDONALD . ' : " T J '; ' 

HARSHER SENTENCES or tie as ingle ^anaceaand action 
heavier fines for foothait hoort- to control hooligans must be.-in 
sans are unlikely to have a the realms of the possible." 
deterrent effect, according to an The various methods adopted 
otherwise inconclusive report by different police forces for 
published vesterday by a joint crowd control Inside and outside 
pane! of the Sports Council and grounds are described and 
the Social Science Research analysed. Evidence suggests that 
Council.. police operations; are quite sue- 

Action against hooliganism cessful but liaison between 
must be taken at many points, police and ground staff might be 
says the report “ There cannot improved. - 

Ocean Voyage choice for chase 

A YEAR AGO Master Spy landed reproduce the form which saw last race heFore that lay-off, 
Ludtuw's Forbra Gold Challenge him giving. Soutra ■ B.dbs- and a -.could well - oblige at attractive 
Cup carrying 11 st 8 lbs. and it four- lengths .ibeattngTJn. Sedge- jodffe:-. ; ; * r - . s| 

will be interesting to see if he fielffs. Sotfth.;.Sbiolda. ebase oyer-..-'- , The liHtnch a *T)bta3e 
can defy a 9-lb rise in the toAiyV^rip .^ariy^^aei ’ miyth.^Duai-^orecast.^'pdol lit Newhggv 
weights when he jumps off for Arigel Cjiare!. ;a“hay> wltbi.prebts ' : on Triday . ana: .Saturday, [h ^ge 
•o-day's renewal of this three- or r scbpe'for further. ImprKVe- itew pbtjl ‘backer? w?U be 
mtl*® handicap men I, wrfr.take a good deal of -to forecast the first Two in either 

Koorino «rilpr ih-- races four and ^ 

He may well do so judged on beating. • order in-' 

hi> smart recent form which A ’-‘second possible-' winner for aHempt^ ^ wil I cost only. '$0p 

includes a five-lengths Mandarin Dickinson’s Gisburn, Lancashire and tbe dividend witj be declopwd 
■ ■■ — stable — possibly the most skil- 10 a 10 P stake. The rniniinjirm 

fully xun establishment in the -fP ta l stake will. be 50p. 

North— is Ocean Voyage, among After Newbury the.-double (b^l 
the runners for the Bromfield forecast pool will operate at vail 
Nonces chase an hour earlier. Jackpot meetings. M 

Although Ocean Voyage, a well- Ling Geld which fell viciinr^to 
named bay horse by Snuib Pacific weather yesterday .has again 
Chase success over Arctic Heir, out of Traverser, came down at Pc? 0 called off owing t 0 - gx e 
but for me rhe two years* the second in a smiliar event at water-logged state of Ebe ti 
\ uunger Angel Clare, tn receipt Huntingdon on January 26 he 
o! ‘J4 lbs. makes mure appeal. can be excused - that failure 
Dickinson’s progressive following a lay-off of almost tyro" 

If. as seems likely.' no such 
rustincss shows up in his jump- 
ing Ocean Voyage, the 2J lengths 
conqueror of Ice Plant in bis 




Gotnmandeer gelriinE has been 
impressive in winning three nf 
ms last four races, with his one 
rerent failure having conie as a 
result of a fall If he can 


1.45 Lager Boy l?s 

2.15 Ocean Voyage*** -iS 
2:45 Bnrelor* . ? ’ . •?' 

3.15 Angel (Jare** : . 

3.45 Mifrfison ' 

4.15 Frozen Tiger : i -5T 

4.45 Tnparoh ' - s * . 

’ . I 7«f 



Sir John Lidbury on Board 4 ! 
of Smiths Industries ft 

r John Lidbury has been will become deputy chairman and Mr: John MpPI»» . +• ' " ' • 

chief executive and Mr. Stephen PoltBr Q) Wa p ^^’r n director. of; 
of SMITHS INDUSTRIES Sir Johnsonc.deputy chief executive. . appointed a dlrerinr 

vi te cha.rman ancJrteputj * - - comnanv p^SSSSS ^'' . 

Sir Jnhn 


managing director 


of Hawker 

P. L. SL Sherwood* Mr. J. from the Boardi ni «? S1Rn * d 
v . . Cl _ SchnldenTret and Mr. W. Cook «oard* of both concerns. 

Mr. Nnrnian A. Sloan. QL. for- have resigned, from the Boards . * 

K-ri> a director of M*an 1 turner 0 [ Mliance Property Holdings w Mr - H. R. Talnsh h « 
'-hinhuiMcre. h3s been anpomted and Alliance Property Company b f en _ appointed a dirertnr- 
If.r' 1 advwer to BRITISH SHIP- Mr. D. A. Franklin, Mr. j. p of CAMBRIDGE PE*rROLFli\» 
XUl.DFRs at the Newcastle head- Kinch. Mr. K. H. Riley and Mr' ROYALTIES. “ULEUM - 

Mr Kcn «°‘Wk«» has be I_ J. Ro^ "‘h3ve R jofned Dd both 
come ship repair marketing direc- Boards Mr. J. S. Kemble is now Mr R. J r u- v. ^ 
ior in tendon. secretary, replacing Mr. g. W. appointed to the BoaM becn 

* Foote- The changes fellow ihe B^StTLET v r°a>m of G. F. E. . 

Mr. M. J. Hare. Mr. C. R. E. acquisition of the ALLIANCE director ^ as technical 

Brooke and .Mr. A. A. VVlUiakcr. PROPERTY’ GROUP by CAVEN- 

directors of S Pearson and Son. HA.M. * * 

have joined the Board of MADAME + Mr. B. V. McHugh, at nr.. \ : 

a , nd I ,r - ii 1 - J - Har S “ r - £- «• H- Bradbury. formerly deputy, general^ 

Hat become, deputy chairman of U K. huvmc rtirsnmr i... division or craofnr.?;..?.''. u.i\. 

hat company, 
hy s. Pearson 

* Niven, who is retiring. 

■\. Whitaker has been * 

»mc. deputy chairman of U K buying director, has been °f COMMERCIAL^ 

npany. This follnws rhe appointed buying director on the ASSURANCE COMPAWh -= 

on of Madame Tussaud's Board of UNITED BISCUITS appointed deputy "“sheen 

a-.K.y Re succeed. IS., "l 



Mr- CharlesV w^ 'geS:; 
beSme^Sf SSlX&e&t* ^ 

* division of the BRITISH BROAD- Mr « - 

*- *•«. dt nui>- lh „, ry °° 

man and chief executive of • I «oon. CftRPO RATION in n VER - 

jfllTISH ENKAIsOW retires from Mr victor C. h . wick, x ew jerWy w« h . 

ba: position on April -i ai hi s own aonointed TnSa?S?rti h e. as heen s“cre«ded as ni ana® in® ^' U3 h " 
request. 10 mkc up another n't PHNESS ^NrPNTiwirc p 5f ,0 . r of of B «ITISif BROVrQ SritraJJS** 0 - 
appointment. Mr. R. Schierbeck Bonds) ^^^IVES (Leisure Mr OirkSpher J b 

«bo take* up that pi« 



financial Times Thursday March's 1978 


s*ity ... 

W.-rr*-, „ 



.1 - n ; 

^7 *;■?., . 

:* ’;r 4 ,. . 


&T*'> -* t 


fr-RAi- ■■ 

^ *r .■ 

: .. 

■jW • 

•*> j . 

<■' *■>: ■ 


«j> • 

wVr f 

t . 

*:’4< ‘ • 

4t'*~ •:• 

r >;•!*•■. 

Ju . 

f.stif j . .. . 
t{ v-f . 

;:. :•• 


■ •. 

w'i' a', 

a. >*-;• 
> ,v * - 

‘ .'■■■ ' • ■ 
i •• ..... 

J?lf ;.-r 

. - . 

• by : B , A . Y O U N G 

H09* 1 ? 11 perly seen; and when Exton pre- 
anuag^the bast poetical of seats ifle fatal coffin to Kina 

*523? OUDS, Henry from the same spot, the 

their product loti under Ross coffin is out- of sight.- 

f0 w n ^ tfaen,8elv es Mr, Mdnnemy plays Act One 
Tf P oe i ” c . Richard in Tim with an obbligato of eourtier’s 
innerny and some musical giggles. Is this “ God’s substitute. 
7® 1 ? ‘ 1 1* smaller pans— his deputy anointed” as John of 
. cnael Morris as -BagoL Caro* Gaunt holds, or “ the deputv 
s<3 Lofauhoun as the Duchess of elected by the Lord" as he be-, 
Cnarlie MacKenzie as Heveg himself? Would he really 1 
msie. But this is not a poetic fondle his wife at his uncle’s 
wuction. . - deathbed, or go to war in a 

■ U is given os a multiple set “oltJ-cdoured jerkin with 
signed by : Chris Naylor Steel S*®** 8 trailing to his. ankles? 
i Holding supports small ’stages Rl#m ' :hir return from Ireland 
• different' lerels that provide S? w,rd ?* however, he learns to 
e potential aetiig' areas it himself, and says lus show- 

ugly but -looks practical, ^ > w- es i W t^‘ B 

ough it turns out not to he *£ gel Lav aiUant plays Boling- , 
aekouts separate the m-mim ? rolte ^uietSy. sometimes indeed l 
me times fa as lone a£ a Mild hai £ t0 h -l ar ( ti,0Q e h not I s hard ( 
lf-minute^ (tiie** production I s Bu T R ° wley i ^ ^,’ he ? ded 
5Ls thrce-and-a-haif hreirei Anmerle, almost mandible from 

w™ irsSaSShrt^S; eow v-z*# 


S3j- & ss.sftfftita 

■ and Mowbray (Neal Swettenha ml 

There are some other mi seal- commits the same betfse. That 
alations too..; At the start, fatal chalfenge might have been 
ichards throne stands in the more brusquely settled if the 
.ladle of the highest balcony r king had noticed. i 

n °er a golden sun. gleaming Bob Collins as York is another j 
■om the black cyclorama, Poeti- who has authority, a quality that 
illy, this should later stand for cannot be conjured from 
le walls of Flint Castle f“'See, authoritative lines. Peter Ains- 
*e. King Richard doth himself worth’s John of Gaunt lacks it 
Ppear/As doth the blushing, dis- because he is content only to 
ontented sun but one of- the speak his lines without actiDg 
-*sser stages is used for this them; when he rhapsodises over 
-ene, and. the -full pathos, of the . this earth, this realm*' this Eng- 
ine's descent to the base court land, he showj; a . belief in its 
r lost. The same stage 7 is also music but not in its politics, 
.ichard’s cell at Pomfret, which Indeed acting is not much. In 
iight more /effectively have evidence anywhere, there is little 
een located lower down— per- intercommunication. .between 
aps. if the -sight-lines allow* individuals, and there are. too 
mong the. scaffolding -tubes often groups of chararteosstand- 
olding up the main balcony, ing awkwardly about the stage, j 

Record Review 

Women in Jazz 


Women- a fpmIiik* bai«. many 1 all-girl bands -are 

^SST V* not with P“>™y tt, 

109 " Stasb two best, the Melodears of the 

Tie Ml »r Antrim. Jensna S!. a ”°S 

Williams. Adelphi AD 5003 
Reiniu lo Carnegie. Cleo Laine. 
RCA PL 12407 

its precise section work, and the 
pretentiously - named Inter- 
national Sweethearts of Rhythm, 



whose still active career dates 
back to the 1920s. She also 

'^Bud^Rich and^Us^lid^RCA contributes ^ album’s sleeve- 
Buddy Rich and bis band. RCA noteg iQ comment ing of 

u~>* the female’s status in jazz, she 

Head. Head. S]mp jy states: “No musician 

PL 12273 
Blackpool Cool. 

ABC ev ”’ refused t0 P ,a y me - 
Byabme. he:th Jarrett. ABC T al „, an . •» 

Impulse IMPL 8052 1 a,Ma ys aeeeptefl. - 

Viorica Cortex 

Bologna Opera 


w , The period covered by the 

Sexual equality has never been release is 1926-57. so inevitably 
a contentious issue in jazz. From some of the tracks are scratchy, 
the beginnings, when female An equally comprehensive and 
pianists and singers belted out varied but better sound-quality 
the blues, to to-day, with album- album could be compiled cover- 
making^ musicians like flutist ing the rears since 1957. One 
Bobbi Humphrey and multi-key- who would qualify for inclusion 
boardlst Carla Bley, women have purely on the strength of her 

taken their place on merit along- first LP is another keyboard 

side males who rarely. If ever, specialist, Jessica Williams. On 
denigrate female musicians eleven tracks she shows herself 
; purely on account of their sex. an eclectic player. She embraces 
Nevertheless ri did warm my a lot of styles, a lot of feelings 
male-cbauytmst-pjg heart to read and approaches. This eclecticism 
i the following, from a 1938 Down- comes out strongly on three 
.beat magazine: short acoustic piano pieces on 

Why is rt that outside of a Side B where she plays with 
few sepia females the woman compression and ease. On the 
, never .. was ho™ electronic keyboards she reveals 
capable of sending anyone a grittier personality.- possibly 
further than the nearest exit? because of the thrusting bass/ 
This sparkling— and regrettably drums backing 

anonymous — gem is reproduced - 7... . 

in Women in Jass a valuable v I s something Cleo Laine 

and revealing 24-page booklet m J^ t ggEEi by^hS 


The Teatro Comiinale here range fa few seasons ago in 
has a reputation for courage. In Naples she was a moving 

Cleo Laine 

As usual the play have plenty of variety, there U 
gentle plenty of interplay between the 
musicians, all of 


known female jazz and swing sjjj e uig is elegant, immaculate, gem 

artists- It is published to achieved possibly to the detii- and - at times - sleep-inducing- musicians, all of whom are 
coincide with the Stash double- ment of her iazz ro oS-3o?t At ^e .opposite end of the reliable soloists. If I like John 
album devoted to women instro- forget she began as a sineeTwith dynamic scale is drummer Buddy Davies best it is because his 
_ _ mentalists and singers. tire Johnny (as he then was) Rich, the galvanic, sexegenari an. flugel/trumpet playing is so 

Riverside Studios • (wagnpr (UOtmgrin. in Italian One entrance, she established ! i^UbSisSs^ 6 b 5Sii f Sto? fr '“Ji ESZ&Jl™ _ f S SSR- latM? ^ IS - a ? tly pou “ din S M?*t g««anst Lach- 

Hello and Goodbye 

trombonists, trumpeters 

- now a show - biz start her but tike the great drummer he is mention for his exquisite acoustic 
i one listens extra-expectantly to basic jazz feeling is too deep l *kes few extended solos. This solo on “Pauline," each note 
I trumpeter Valaida Snow, backed eV e r to die as she shows with particular band — vintage 1977 — coming out In dry, mint condition. 
* by the Fletcher Henderson <fae r glorious, wide-ranging voice had s 010 ** Quality soloists — Steve * 

tnnbtlon). . A few year, later hmjlf a re-al preaenca. and ; JK^IlpopglhMidte. IS ffiah a “? EL 8 ?! 
it gave Boito’s Mefistojele a her histrionic death-scene in Act I ™ «* 

second chance, after the piece Three is breath-taking, 
bad been clamorously howled The tenor Carlo' Bini was 
down at La Seals 

The parquet setting for Peter, our time — and Bill.Bynn rise iif b rM ent vears. too was 

.til’s brillaat production of The to the. demands of 1 th.eir text: and 1 tr,un,phe,L 111 recent y ears - - t00, 5 s 
. berry Orchard has gone and we inhabit, the. emotiona - and set 

• and. in simply not up to his assignment. 1 ^ * “iv. T r t ea “ erso “ «er glorious, wide-ranging voice s° me quainy soioisis— oieve Keit b Jarrett is one of 1 

Meftetofele His first aria. “.Amor ti vieta.” I SSWELS-. ®S5SL_ “f! , innate rhythmic feeling Marcus on tenor, R^ ickStepton on temporary lions of the piano 


f.-'. : 


Keith Jarrett is one of tiie con- 

:ia . , . — - . ..mporary lions of the piano 

unmusical andi^^ 18 im P ressed with her strong which is -too often foregotten trombone and John Marshall on whom comparative newcomers 
tone, assurance and control, or not noticed. Her diverse trumpet— who provide the sturdy nke Jessica Williams are listen- 

material (Romberg, UcTell, webbing round the solid struc- jng to. At the moment he 

the house- has demonstrated a after that most of his notes were ^ombonist Melba Uston a S 

neet Athol Fugard’s poor white speech es with such dazzMflg, eon- J pM’^cSved" ide^to Se^t'esL loud^nging per- ‘ ! ber of v - Di ? y Gille spie’s- power- Coward* ElUngton) ^reflecS^tibe ture ° f - the bang-up4o-date e 

Jouth African brother and ^istM fident nssuruice. - With money, h[j n( j er genera] management missible. but the singer has to be 1 bouse b - 1 t ? 1 ban i , t | 1 -f jbow biz rather than the jazz arrangements. But it is not all specialising in 

.twamcf 9 haAbmviii *%A . -F p*®r .hamIJ Ahtnnn Km* wnmm I V lIUCI ^ curi ^ iHiHiag _ ir ... . _ . « - : CnlfM With UndrPAmllkp mint' ATI a -tj full hi act nimtmipc hova ulurnnc « 


electronic t keyboards, 

Wfjw « JmMou. 4- if-ji* BSrTSarab«to-iMM|»"Srtr tSST aSTS r'SHO-r ST* ‘least 1 i undreamlike spirit^ KS, te“nn“ C crim^ full blast Dynamics always ^555d 4 m £ t J* i |h 1 L££ 

olding and asbestos. But the Md stay^at a posh ^j^L f^iComunale attracted the attention Corelli. Carmen Lavani was j ^ composition. My Trumpeter Clark Terry joins her been ap important feature of trates on exploring the possibili- 

eal landscape of this moving rtflmg through the ■ -^Q***- ! a nd won the admiration of critics charming in the soubrette role | there ls A fn ??? ly for a couple of tracks to keep Rjch and his bands and here they ties of improvising via differing 

icckettian play is provided by coines across her mother’s dre^i“““ nnblic • ' of Olga, and the voung baritone! battle oftbe s ® xes on “Anything that jazz feeling going. For aU P 13 ? a marveUously-controlled musical influences, not always 

lOW l?rPnc^l esTer v and ^ ohim ? themselves, and ismomentarilyjr^orted j « . Leo NuccL as De Sirieux. showed 1 >■“ ca “ do - ^ ““ do tetter” lastes the album is totally j 0y . “Round About Midnight "and Western music. The density of 

IVCT KtPOR..!cster-bas returned to the dingy to ■ childhood by^the. Jw™. „.^ ow ® adj0 T ] ha * ^° ved on real promise. The smaller roles ' wbcre Mary Osborne exchanges ful . • an equally telling “Lush Life.” this probing is felt in Bjioblue. 

'°rt Ehzabeth residence after 12 famiUar smell. HIm Biyeeland ajd La Scali a. tr ut tne we re also generally weH-assigned Phrases wuh fellow guitanst Tal Accusations of feminity were There’s only one dud track His playing is so dense that it 

ears of whoring in Jofianne^ ^ hnefly widimit at i^s pojnL ( Comunale continues its adven f S p e, ^ a i applause t0 ^ ba5S 1 Farlpw and Norma Carson sneeriugly levelled at the music (“Kong") among the nine. is some thne before the startling 

mrg to claim her share- of before stiflinghersMTOW in Ferruccio Mazzoli, the CiriIlo>. i pluekily takes on the humorist 0 f the Modern Jazz Quartet dur Head is a Glasgow-based group realisation hits one that he fs 

athers compensation money, material jbself. And [ when sbej openedjvith a new ^production of and the piani Vincenzo ! of the trumpet, Clark Terry. ing its ■ life, spanning over 20 specialising in straightahead (no a fanatically right-handed 

t:;:. - tut father is already dead a returns -from uie inner room.jiue r leaermaus. in «* — - - 1 — ■■ - - — =— — ' — 5 j — - 

T v Her withheld from her for much Johnny’s secret discovered at commissioned 

•f the action by her withdrawn, las L she stands rooted to me niher 

lefeated brother. 

spot for several minutes before ! a Johann Strauss masterpiece orodu^r in tbp ' whose 

unleashing an attack of throatily would be considered normal, but^ 'f 0 ?S ier he Sk long been| u Sv?e 



over-long and less good 
hnn the same author’s Since 
-Bansi or Boesman 
That impression 
ersed by Mr. 


As the play starts on a quiet jj.rt* 

dazzingly fast solo on noises of the bop era in which (financed by the musicians, in- the title track he plays with such 
1 Sweet Georgia Brown " makes they began playing together and cidentally) and has plenty to re- command that he convinces be 
her premature dis* were, paradoxically, so success- commend it. There’s a heavy, does not need bass dt drums. But 
More parochially, ful. A double-album of the almost violent, rock vein extend- as usual he does have Charles 
f p» co ._ nn “ ,v “ .■iMMni*t*€6«f al J-»a ; «« w — .tain’s outstanding quartet's farewell concert in 1974 ing through the track “G-B-B." Haden on the former and Paul 

ine twiogna seaso n c on- Scala was reviewed here by i triumvirate of female saxists. has already been released- Now (only natural I suppose) but as Motian on the latter and. as 

Stobart has a strikingly a second album has been wrung with the other compositions (all usual, both are spot-on In their 
on a 1957 recording from that event with six more by Head members) there is a contributions. Only Dewey 
Baby” with the selections including the famous strong -thematic. feeling; All the Redman' on tenor seems super- 
Lyttelton band. variations on “ God rest ye merry pieces are well-constructed, they fliioift.' ' • ” - 

....I,- f,Afn tlu c;,.„ rra, A . (M - vuua ULVKKUuivii ; au ram i . V — ' " __ aiuMiic uui.uu oi U1S D«T1 Oil Ifle 

« wlth Hester’s- sad; RlovA depa^.itaiy imd the Bologna perform- drarntfr -Fo^tbe most part, the 

, lura with -her suitcase baolp;to anees wererecelved with im- principals in this Fedora moved 

i (lav, less piece of aramatic _ unaiv menst interest and warmth. n, - — i j 

hrough boxes of 
itpmenioes and discarded cloth 

hd a kaffir’s job on the railway 0 n the altar of filial responsi- 
intil his left leg was blown off bility. so he is now unable to 
n an accident, while -mother-fell m Qve for what - might happen 
Mti fully into her grave ( M She after death: “ Suppose he comes 
vorked so hard because she was back and he wants to haunt me 
'Tightened ’’—of - her husband) aQ d l* ra gone?— No. I’ll stay." It 
— nuurned by relatives she hardly is a poignant, almost unbearable 
;aw when alive. ■ conclusion, achieved at the end 

I Mr. Fugard**: langiiaje - Is ?f a P»«; whose dire pessimism 
| x^H'lvtchly poetic but sever over- is nonetheless sbotthrough with 

1 1 1 1 L IfiLwitten. It is thrimng indeed evidence of pulsating humanity 
* * * E o pee Yvonne EsfccUnd— surely and stoic humour. 

me of the great actresses of Michael coveney 


nncimrtion ^ knows in a lonely j m intcnert and warmth. naturally: chorus and dancers 

I!I? S Th» l0n n iS rooin ' Johnny Stays trapped in The current Bologna hit is a were tactfuly handled in the 

nr the old mans money bouse with his father's j new staging of l-mberto Gior- S econ d act ball. The costumes 

crutdies and,.» fear of |fad. Just.danos Fedora. IF our more were all tasteful, appealing. 
. , . cl0 J n * as his chance of escape as a • severe critics look at Giordano s Obviously designed with economv 

ng is a central metaphor for jearnei>stoker back in ' '51 (the ■ popular ,4tidrea Chdmcr with in mind, the sets were also hand 
nvestigating thn past. Father year is now 1963) wfi sacrificed; condescension, they consider some, especially the second act. 

“ ” ** '• ' * 1 Fed ora with open contempt: and where Pirzi managed to create 

yet the piece has an undeniahle an atmosphere of sumptuous 
vitality. There is none of your high-life. In the thh-d act. where 
ghastly good taste, but a robust, libretto and music demand 
unashamed theatricality The Alpine scenery. Pizzi’s cool in- 
Vibrettist Arturo Colautti took tenor disappointed. 

Sardou’s vastly successful play. Maurizio Arena, the conductor, 
preserved all its sly dramatic kept things moving. His is a 
tricks, and added a few of his traditional, somewhat rough-and 

own. creating a perfect vehicle — — 2 

for a couple of superstars. And Book Reviews are on 
when Gemma Bellmdoni and the 99 

25 - year -. old Enrico Caruso && 

created the opera at the Teatro — 

Lirico in Milan on November 17. ra ad >' approach to the score, but 
1898. they swept all before them. performance had a welcome 
In the past 80 years, Fedora has vitality, and the audience (in- 
gra dually become a prim a eluding this reporter) loved it. 
donna's vehicle (at least in Italy. I n V 18 3 r °und floor and 
where .the work continues to be u PP er foyers of the Comunale 
given, while ignored in Anglo- at present one cap see the splen- 
Saxon countries). The role of dtd exhibit entitled tuconfi: il 
thje impassioned Russian prin- teatro assembled earlier this 
i cess was a favourite with Gianna season by Catarina d’Amico de 
Pederzini. Maria Caniglia, Magda Carvalho for the Teatro Munici- 
OKvero. and even Callas— to the pole in Reggio Emilia. Almost 
.'dismay of some of her more in- a thousand documents-— 'letters, 
j telleciual fans — essayed it at La manuscripts. photographs; 

j Scala in 1956. followed by sketches— trace Luchino Vis- 
(Tebaldi in 1961 in Chicago. conti’s theatre career from the 

The Romanian mezzo soprano amateur productions on his 
Viorica Cortez (the role of family’s private stage to the 
, Fedora is vocally ambiguous and final, memorable adieu in 
* j has . been sung successfully by 5poleto_.with .17anon Lescont 
- <- p both sopranos and mezzos) is the While illustrating this career, 
vifc..* 4 star of the Bologna production, the show, indirectly portrays a 
and ber performance alone would .whole epoch in the Italian 
.be enough to justify the revival, theatre fopera included, of 
The voice is not beautiful, but course). The excellent catalogue, 

, it' is big and agile, and its with chronology, bibliography. 

• possessor uses it with command- and other information, will re- 
Jina skill. Moreover Cortez is a main an invaluable reference 
valid actress of great expressive work. 

Festival Hall 


The concerto at the heart of punctuation of unexpected 
the Royal Philharmonic Orches- emphases; a listening deep into 
tra’s' concert on Tuesday (also textures, for their moving inner 
broadcast live on Radio 3) was parts. There were many fine 
.Rakhtnaninov's Paganini Rhap- moments: not least the extra- 
sody, framed by Prokofiev’s. Clas- ordinary solo opening to the 
steal Symphony and Brahms’s lSib variation, a scherzando 
First — a programme of almost prestissimo like a crystal snow- 
suffocating rouiinencss, rilu- fail, in execution not entirely 
minated alone by the quite successful, but a brilliant con- 
Unroutine direction of the ctm- C eiT; the famous theme of the 
ductor Kurt Masur, and by some isth variation, was begun very- 
splendid playing in the Rakh- simply, quietly, without affecta- 
maninov by the piano soloist ti 00 or tjj e least trace of 
Roger Woodward. schmaltz— and built to its 

Orchestral attack. Intonation climax calmly, but with real 
and ensemble in the Prokofiev grandeur, 
were ragged: but the perform- The RPO's finale was not not- 
ance was of interest noneuieJess able for its instrumental finesse" 
for Masur's close attention to but in broad outline their 
the subtle play of colour and Brahms Firs; came together well 
inner voice— in every movement — the many strands of the open- 
a canvas of detached, trans- ing movement firm, and by 
lucent, almost (if it were not so Masur finely woven; the andante 
robustly served) fragile texture, carefully and warmly measured, 
a ripple of unusual contrasts at an easy, flexible tempo; the 
and confrontations. Luminous finale taken in grand and tragic 
dissection: an . intriguing mould, but drawn , with fire, 

approach, somewhat frayed tcch- DO MINK GfLL 

niwlly at its edges, but remark* 

,abl,v consistent, beautifully con- 

Roger Woodward’s account of 

Ixanard Bwri 

Yvonne Brywland and B 31 Rym* 

Gramophone record awards 1977 

Mackerras* bv .Neville Marriner (Philips)- 

gjfsar-sE, d b^ 

and Vienna Phtlharmnnlc Lute Works .luiian cregB 

fc S g-- fsss 

■«MywK anirai «•*»»*— i j.nrinn Philharmonic v’UQuUCTCo l Itoger » ooowara atxauai ut 

QttwSeH by ibe Kitviniara Quar- London (E M11 the Rakhmaninov was uneven 

for Ghatnber mutw- Jjj^^owSSlral and Shostako- 1 but challenging, sustained with 

‘The Irish Hebrew’ 
Lesson’ on Sundavs 

Choral worts 

gm: Morart Piano Concerto ^ ®uitcon Vors g h 
No. 22 fa E flat major, Alfred Chamber 

Bwadlrt.Wd 'Academy ?£MI) for Solo Vocal. 

UaRtrtfB-tbe-FJrM* conducted Urchesira Imuj 

_ ... The Insh Hebrew Lesson by 

great force, lit with unstoppable Waif MankovriSz has moved from 
energy. Here. too. a constant the Almost Free Theatre to the 
phh and flow of colour, over the Shaw. W0 Enston Road. NWl 
widest dynamic range; a for a total of 19 Sundays; only. 


.C.C. — These theatres accept certain credit cards by telephone or at the box office. 


C011SEUM. CrvdT Cards. 01-240 S2SS. 

RewnratloiK 01-83G 31*1. 

Toni^nl 7.30 & Tucs. next LUO IftMl 
pnti.I Duka Bluebeard's Castle. 1 G'mal 
Schlcchl new production “A double tri- 
umoh for ttie ENO." Tribune. Tomor. 8> 
Wed. next 7.30 Dm Giovanni. Sat. 7.30 
Tosco. 104 balcony seats always available 
day of pert, wow booking tor April pfs. 


DUCHESS- US 6 8243. 
Evas. 8.00. _ . Frl- Sat 

Moo. to Tburs. 
m. j.i. 6. 15 and 9.00. 

"The Nudity Is stonnine." Daily Tel. 


(Gandencnaroe cndH card* 83* 8903) 
Tondtht. Sat- * Tubs. 7JO p.n. Avan 

Tomor. & Mon. 7.30 p.m. Madam 
Butterfly. *3. AmpM' seats tor ail peril, 
on sale from 10 «.tn on day of pert. 

This sun. 8. p.m. * 

Term Berpama 
Tickets £1.25. 

Ave.. EX.1. _ 1 672- Last week 

Eys. 7.30. Sal mats. 2.30. Toolsrtrt 
The Foot, Temp erwtt epti. Balloon. Vioioi- 
trtes- A Hopop. Tumor. A Sat. fflnal Pts.) 
The Four TemparemMs. Sobtloe, An tame 
Field A. Cook ing F rentt. Mar. fi to IB 

DUKE OF YORK'S. _ 01 -B 36 5122. 

Ton’t at 7. Subs. eves. B. ml Wed. A 
Sal. at 3 John Gielgud In _ Julian 
MiBdiell’s HALF-LIFE., A Nation «J 

Theatre Production "Brilliantly witty . . 
no one should mis* It. Harold Hobson 
(Drama). Instant credit card ngervaDons. 
Dinner and top price seat £7-00. 

FORTUNE. 836. 2230. EvBS. B. Thorn. 3. 
Sat. 5.00 end 8.00. 

Muriel Pavlow as MISS MARPLE In 
Third Great Year 

GARRICK. THEATRE. 01-836 -460V. 
Eves. 8.0. wed: Mat. 3.0. Sat. 5.1 S. 8.50. 
» In the - - - 


“ GO TWICE." S. Morley. Punch. 
“GO THREE TIMES." C. 1 Barnes. NYT. 


ADELPHI THEATRE. CC. 01-B36 7611. 
E*es. 730. M»A Thur5. 3.D. Sat. 4.0. 


BOOKINGS ON 01-B3S 7611. 

GLOBE. 01 -437 1592. Eves. 84). Mats. 
Wed- it 3-0. 

"SIMON GRAY'S fine play: areiv have 
. I seen a show as perteedy cast." Timet. 
Directed by HAROLD PINTER. 

ALBER Y . 836 3678. -Credit Card bkss. 
836 1071 t except Sat-L Mon.-Fri. 7-15. 
Thors, mat. a. so. Satv 4Jc and S.oo. 
Extra Eager mat. Wod. 22 March at 4.30 

„ . OLIVER . 

ABLE TO SEE IT AGAIN.- Dally Mirror. 

GREENWICH THEATRE. 01-856 7755. 
EVBS. 7.30. Mat. 5«. 2.30. AN IDEAL 
HUSBAND by Oscar WPd*. '"We applaud 


OLD VIC. 928 7616. 

Spring season to March 23 
In raw HAMLET today. Frl„ Sat. 7.30. 
ALL FOR LOVE, returns March 6. 
SAINT JOAN returns March 11. 
Sunday. March 26. at 7.30. 
with Barbara Jefford. John Turner. 

OPEN SPACE. 01-387 6S69. Tues.-Sun. 
8.0. Mat. Sat. 5.0 until March 11. PENTA 
Dutch Surreal Theatre of movement. From 
March 14 

BcrtoaoM. -Gielgud. Louther. Sleep. 

PALACE. _ 01-437 6834. 

MwL-Thun. 8.00. Frt_ Sat. 6.00 & 8/40 

PHOENIX. 01-836 8S11. 

Eva*. 8. Mat. Wed. 3.0. Sad. S.O'B 8.0. 
The Loll* Brkftsse Musical - 
fay- Mrl Shapiro 

PICCADILLY. 437 4506. Credit card UU. 
836 1071. Evas. 8. Sat. 4 45 and B.15. 
..... Wed. Mat. 3.0 
Evening -5td. Award and SWET Award 
RoyN Shakespeare Company In 
by rater Nichols 

(Perhaps Not Suitable tor Children) 


VAUDEVILLE. B35 9988. Ftps, at B. 
Mats. Tues. 2.45. Sats. 5 and 8. 

D I nali SHERIDAN. Dutdn GRAY • 
" Re-enter Agatha with another Who- 
dunit hK. Asatha Christie is stalking 
the West End vet again with another 
of her flendistily Ingenious murder 
"lysterle*.'' Felix Barter, Evg. News. 

WAREHOUSE. Donmar Theatre. 836 680^. 
Royal Shakespeare Company. Tonight 
B.oo Edward Bond's THE BUNDLE mold 
out). . _ 

0263. Evenings B.OO. Mat. Thun. 3 JO, 
Saturdays 5 and 8. 

Tickets tug to £4.00. 

PAUL JON £5 In- 


■01-930 8692-7755. 

Evos- 8.30. Sat, 6A5 and 9.0. 

Paul Raymond presents the Sensational 
Sex Revue of the Century 

Now live on Stage- Limited Season. 
12-week season prior to World Tour. 

an entenahring ovenlng." 

March 8 


D. Tel. From 
comedy by 

HAYMARKET. 01-930 9832, E*B&. 8.0 
Mat. Weds. 2.30 SaCLr 4.30 and B4W 



“ Ingrid Bergman makes the . _ . 
radi a te ■ -onassallabte charisma." D. Mall. 
■"Wendy HHIer Is superb." Sun, Mirror. 

ALDWYCH. 836 6404. Into. 838 5332. 
repertoire. Tonight. Tomor. 7.30 Jonson's 
THE ALCHEMIST tsold out). also 

K the P«Bdiihr Theatre; to Peter Nichols' 

HER MAJESTY'S. CC. . 01-930 '6606. 
EvOS. B.OO. Wed. A SUL 3.00 A 8-00. 


nnw rp)ri nr 

S. Td. "GLYNIS JOHNS plays 
brilliantly." □. Tel. Last 3 day*. 

AMBASSADORS. 01-836 1171. 

Evas. Siftgr' Mat Toes. 34)0. 

Tickea £3-50 and E2JB incl. glut of 
wine. "This Is without doubt the most 
extraordinary entertainment In London,*' 
Evening News. 

HER MAJESTY'S. CC. 04-930 6606 
Opening March 26 

M Leslie Bricusse and Anthony Neudeyto 
Prevlewi front March 16. 

APOLLO. 01-437 2663. Ergs. 8.00. 

Ma« -nd MO. 

shut Your and 


Men. to Thurs..9-0. Frl.. Sat. 7.30. 930. 

LONDON PALLADIUM. 01-437 7373. 

and Special Guest Star ' 


DIRTY LINEN j BOOK NOW — Seats' £Z-£6. 

"““ilE i 'TH^TwS'iloSVliB™ ""■ 

™ 9 ' 7S - I PROM MAY 25 TO AUG. 19. 

U™* 1 * c g“ R W- 1 LYRIC THEATRE. 01-437 36«. Eva. 8.0. 

0T-# J4 4-.B7. Tubes Tottenham! Mm, Thun 3.0- Sm 5.0 and g_Vn. 

Mandfcjs?*’*’ 0 * M " “‘‘j Jb AN. PLOWRIGHT . 


Ttckcts £1 J0-M-50. Instant Credit 
Card Rewtns. Eat m our. tolly licensed 
Restaurant or Buffet Bar lunchtime and 
belore «*_ *tor show— bookable Hi 
advance^ ^Combined dinner and ton price 

** " ELVIS 

" Infectious, a wealing, toot-ftwnphw end 
heart, thumpm*.'’ 1 Observer. 


CAMBRIDGE. CC. OT-S36 6056. Men. to 
Thurs. a ’ w *. frthSjJ* SAS. BJ». 


Seat prreet £24)0 and £5J>0 
Pinner and top-price acat cn.zs Inc- 


by Eduardo de FRImo. 

"AN EVENT TO. TREASURE " 0. Mirror. 
HUNDRED YEARS." Sonday Times. 

GOROON ■^noamonff ^ ta 

by Steve J. Sown-. . 

“ A oompassronate fanny fferccnr doauent 
play." Gdn. “ Hilarious." E- Sl " WkSSSy 
■musing," E- News. " Spellbinding. ".Ote. 

COMEDY. , n ^ 01 .930 2578. 

E>en*ass 6.0. Mm. Thun. 3_o, fit, S3C 

— and IL30 


MERMAID. 248 7656. Rest. 248 2835. 
Tom CONTI. Jane ASHER In ■ 
Prow, nightly 8.15. Opens Mirth 6 at 7.0 
Stall tickets £1.25 to £3.50. 
Combined Dinner-Theatr* Ticket £5-95. 

Margaret COURTENAY. Dermal WALSH 1 ~ eti <iTM ~ 

-This thriller." DM ■ oLtmER^c 




CC. 01-930 

Even.ngs 8. g&lHUtt-' 71,B "- 

mjwer." 5. Times. 

3216. j 

" HILARIOUSLY 3 l^kr'- N. 
DRURY LANE. 01-836 BIOS. Every 

a- . _ . 928 2252 

OLIVIER (ooen staoe). Tout. 5 Tomor. 
7.30 The awrry. Orchard by Chekhov 
tr irw. - by Michael Frayn. 

LYTTELTON {proscenium stage). Today 
3 fred pr. motj A 7^S- The Guards- 
man. bv. Moinar. Englkb -vanign bv 
Frank Marcus. Tomor. 7-46 The Lady 
from Maxim's. 

8 00 - 

MaT.nee Wed. and Set.* 


" A ’*** . £ £! > ??***r g i mo nv rstwHsfSoe 
atumier. Soowy TMmb. 

el Wwtd. I COITESLOE Oman aodMoriaml. Ten'Ll 
- Wvt *t 1 8. Last Summer to Ch<M by Vamptlmr 
•fV Night rRetnnrt reading. *ir aeats_ SOpL To. 

PRINCE OF WALES. CC. 01-933 8681. 

Monday to Friday at 8 o-m. 

SaA. 5.M and B.4S. M»V Thun. 3.00. 


Dally Teles rapb. I 


WINDMILL THEATRE. CC. ' 437 6312. 
Twice Nightly B.OO and 10.00. 
OPEN SUNDAYS 6.00 and B.OO. 
PAUL RAYMOND presents 


“ Takes to unprecedented I inn its what to 
permissible on oar stages." Evg. News. 
You may drink and smoke In the 

I LOVE MY WIPE J WYNDHAM'S- 838 .3028. Credit Card 

“NAUGHTY BUT NICE WITH A LOT 1 booKIngs S36 1071 'except Sat.). Mon.. 

OF. LAUGHS." News of the World. :■ Thun. 8. Fri. and Sat. £.15 and 8.30, 

- BOOKINGS ON 01-930 0846. VERY FUNNY." Evening News. 

~~~ _ — — — '■ Mary O'Malley's smashing Comedy. 
QUEEN'S THEATRE- .. 01-734 1 1SO. \ • • ONCE A.CATHOLK7_ 

Evgs. 8.0- Sat- 5. D^ 8 jp. .Mat Wed. 341.4— 

Variety Dub oi GE Awbro 

. . . NG- VIC (near OM VXe.K -B28 
Ton't. at 7 AS TWELFTH NIGHT. 


‘A New Play by ALAN BENNETT 
by CLIFT ' 

by^Ll^Rp' WLLIAM5 ’■« CINEMAS 

Plays and Players 'London- critits*?waiiL fABC._f 4 2 SHAFTESSU RV^ XlRL 831 

' 8861. Sen. Perts. ALL SEATS BKBLE. 

1:. SILVER BEARS IA). Wk. & San.: 

At 7 Fji. 9 p-m.. n p,m. (Open 5uns.) 
PAUL RAYMOND presents 
„ ' _ EROTICA 

^ Fully Air Conditioned. You may 
drink and smoke In tee andltarium. 

ROUND HOUSE. 267 2564. Eva. S- 


1^5. 5. BO. 8.00. 

2r BOYS- IN COMPANY 'e'lXl. Wk. 

8 ’ ,IL L *“ SlMW 

CAMDEN PLAZA (opp. Cwndan Town 
TabeJ. 485 2443. Robert Bresson's mas- 

'TSr%JS^%3S m - ** OMLY °°- 

TON In -a red hot production." Gdn. Tottenham 


by Divld Rabe. 

awesome strength." 

lays li 

ROYAL COURT. 730 T74S. Evp. 8. SSL 5 
and B.3Q. THE BEAR bv Ctwkfta*. THE 
KREUTZXR SONATA by Tolstoy. See also 
Theatre Upstairs. 

ROYALTY. CC. 01-405 8004. 

Mondar-Tburedav Evenings 8,0. Friday 
5.30 and 8^45. Saturday 3.0 . and B.O. 
London's critics vote 
_ . Be* Musical at 1977 
Tel. Bkgs- accepted. Major credit cards- 


msa « • ■a.-avK/a] fcp£LS f Ssa®' a 


2. X. 4, Oxford SL 
Court Rd, Tube). 636 


li ABBA THE MOVIE IU). Stereophonic 
SojnO- 3 JO, 6.10, 8.30. 

Late shew IQJIQ g.m. 

2: THE HIDING PLACE CA). Sep. Peri*. 
2.00. 5 M. 8.00. Late .how 11 

Pren. 2.30. 5.05. 7 JO. Late show 
10.45 p.m. 

3.40. G.05, B JS- Late 

O. Progs, 
show 10 J 


CURZDN. Cvrepn Street W.l. 490 3737. 
sub-tHles,! A sparkling New French 
Comedy, Directed with ftnene by Yvea 

An unusual suaeanse drama 
by _Nonnan Kr 

Prteg Mats. £1 to £3. Eras. £1 to £4. 

booking accepted. 

SHAFTESBURY. 836 6596. 

, . „ Opens March 21 

John Raintoa ^ an ^^oan Dtoner In 

The legendary musical. Previews Irani 
IS M*r. 8 p.m. Sat. 3.00 and 8,00. 

SHAW. 01-388 1394. 

E*gs. 7.30 (No pert. Menu Mat. Thur*. 
2,30- last 3 weeks: 

«. „ . by J. 0. Prtestkry 
M HinMv entertatniog." D- TeL 
Low ■ Prices. ..Easy .Farting. 

STHAND. 01-836 2660.. Evenings 8.00. 
Mat.. -Oi^t^Sa^s^NHl 8.30. 



GATE TWO CINEMA. 837 117718402 
[Formerly E.M.I. International). RnsseH 
Square ■ Tube. DEREK JARMAN'S 
JUBILEE (X). Sen. Peers, f.oo. s/dcT 
5-M. 7.00. 4.10. ' CONCERT FOR 


— J*. 

8J55 proas, wks. and all progs. Sat. and 

5&*^ma%:h. ODEON ’ MARblb 

i 'ON. HAYMAHKET M30 2738-27711. 
an* Fonda. Vanaua Radgrave in a “ 
Innermaiu) Aim JULIA (AL Sag. a 
Dly. 2.30. 5A5. B.45- Feature 
2-45. 8.00. 9.00. All seats bkble" 

ODEON MARBLE ARCH, (723 2011.9 1 
AUDREY ROSE (AA). Sepf^ prMi’wK 

9.30. 5-30 SJO! ****- 

ST. MAR1HrS. CC.B3B 1443. EvS. 8 00- , - ■■ ■ ■- - 

Mat. Toe*. 2.45^Sat. A Good Frl. 5 4 8. PRINCE CHARLES. Letc. Sh. 437 8181 
■*CATliA_ CHRIST IE'S 1 Final Week Must Snd Mar • .* ' 


Bar. From Mar. 9. SWEFn^iMTi^ 

TALK OF THE TOWN. CC.T'734 »S1< 1 Sf, r ‘ « Fro TL. Mar - 9- SWEFT-Ayui? 
8,00. Dining Dancing gjo. su»r Ravue ' PQ- box Of fi ce now Open. 

»*- 8 *&£. fa 1 **” fi" IP"!' .Fa»ar. | theatre. uprrrAUwy . . rao ! sSs. 9.35. pJ* jH\.? IMI g!P > .4r- 1-30. 

Many racejerechtop « .« 3 IfafftW I ■ ’ ^7 30^ ^ j ^ ^ 

ter of vert. -«ar park. Rastiurant 928 

I 2033. CredW Cart bkgs. .926 30S2. 

by Lanka Janlurek 

wb. a .•fenw 

3 25b 



Telegrams: Flnantimo, London. PSL Telex?;. 886341/2, 883887 
. Telephone; 01*248 8800 

Thursday March 2 1978 

Mrs Gandhi’s 

-MRS. Gandhi served notice "at directly to the poorest and 
her Press conference in New present herself , as their pro- 
Delhi yesterday that she is tactor ln the wa ? the Jan * la 

making another hid to return IeaderS SUCCMded « March in 
. “ “ echoing a npte - of genuine 

power. She did not put it popular grievance. What this 
quite as bluntly as that. But reflects is a new phenomenon in 
her disclaimers after the first India— a determination by the 
results of the state elections underprivileged to stand up for 
came through that she did not *heir rights and to cast" their 
intend ,n try tor the Premier Jg “ ( . th «[ d wl3h ms[ead ° f as 
ship again can be put on the 
shelf. Her faction of the Con- Conviction 
gress party has absolute control _ ■ , . . . 

in the two important southern , * 0T Janata vests. th eir 
statfe of Karnataka and Andrha falhir * t0 * ai " an 
Pradesh with the possibility of ma J° rIt y 10 any of the southen, 
participating in a coalition in state * IS a batl J?, 1 , 6 ' 1 " 
Maharashtra. Her next step must pre f tIs f,' Because of India s fed- 
be to gather the official party f lt ,s S° fn * t0 m /* e 
under her wing. She has been th ® l ? sk ° f S° vern ‘"“ more diffi- 
helped in that by the appoint- cu 1 ‘"tjie years ah ® ad - F ? r "« 
ment yesterday of Mr. Swann ° n,y " ,n Jg? have J° dea - wUh 
Singh, formerly her Foreign Mrs. Gandhi s party running a 

Minister, as the new President £ uple m f K ' « ot t e " 

of the Congress who could act they w f “ ^ up a S a *nst Marxists 
as a go-between in any bargain- 1 mo « ments t or w ** 

ing. She is thus potentially in a governments. The 

u- '*."Pi-!;i 

«*.-• V-.- »•*'•* 

j ; if'*: .\ 



Financial Times Thursday March' 2 1^78 


bif . * i* ■ /T- 

air fares 

strong position to mount a 
challenge to the Janata govern- 
ment that came to power last 
March, opening the door to a 
new period of uncertainty in 
Indian politics. 

Janata party itself lacks cohe- 
sion having been hastily formed 

from a number of diverse 

groups that linked up to oppose 

Mrs. Gandhi, ft has yet to co- 
ordinate its economic policies. 
The immediate consequences 
Abuses of Mrs. Ghandi’s success is to 

The common feature between 
the March general election and cEh hi, 

the state elections at the week- 

end is that the voting went p entJ of instances of nusgov 
agalnst the traditional pattern 
of caste, patronage and control 

’over the machinery of govern- J? 

ment Mrs. Gandhi was JvLjEf 1 

decisively rejected in the Hindi P n " d J. 1 , « h D ?f»h p^cXS^ 1 5.LE? 
K«»it «r ii,. n.irfK Rr..r.k i„ had thing if the Shah commis- 

« L or fhP sion wound up its work in the 

ffilflv Lmo a Sn th? knowledge that it has done all 

family name and the immense 

power she held under the *? at r ** d ? !° pre * 

Emergency because of . a ent ** raisuse of power, 

popular surge of feeling against A further consequence of 
the high-handedness of her the state election results is that 
rule and the abuses of the there is going to be a lot of 
sterilisation programme. unseemly horse trading in 

In the case of the state elec- Delhi as politicians decide 
tlons, most of the cards were which side of the fence to jump, 
stacked against her in Andrha A number of Mr. Morarji Desai’s 
Pradesh or Maharashtra cabinet colleagues are uneasy 
because either the Janata party at his leadership but they have 
or the official wing of Congress even more reason to fear a 
held the levers of caste return of Mrs. Gandhi. But a 
allegiance or political moral to them all from both the 
patronage. It was only in state and general elections is 
Karnataka that she had an that in their manoeuvrings they 
edge in that her supporters can no longer afford to dlsre- 
controlled the state machinery, gard popular pressures in the 
But the major factor in her same carefree way as they have 
success was her ability to speak in the past 

A clear case of 

THE unsatisfactory manner in sultants would be appointed to 
which successive governments study the maintenance question, 
have tended to conduct their The consultants confirmed the 
relations with the nationalised Board's views and up-dated, i he 
industries is well illustrated by estimate of arrears to £37.8m 
the latest report from the Com- (about £6Qm. at to-day’s prices! 
mans select committee an of which £3m. (to-day £7m.) 
nationalised industries which needed to be spent more or less 

duals with the experiences of straightaway in the interests of J JygJ COITtG tO 


Aerospace Correspondent 

Mr. Harding Lawrence, chairman of Braoiff International, on the apron at Gatwick Airport yesterday as “Big Orasg^T 1 . 

airline's bright ohmge 747, taxied in after the trans-Atlantic flight from Dallas. - \ m 

no one is yet really able to say agreement that Laker Airways’ annoy further the U.S., which Thei ! e .^ a F* n ° _ 
precisely where the low-fare cheap fare Skytrain should: be argues that its market is the figures to Uiose of WJA 

travellers are coming from: are given a U.S. licence, and be biggest, and should thus be able for the losses that dl 

FFORTS to bait what some port Association, has itself they genuinely first-time allowed to operate as the second given greater consideration in operators nave Men me 
airline executives are now tried, and failed, several times travellers, attracted by the low designated U.K. carrier on the fares-firing policies^ The US. on the North Atomic ov 

describine as a “suicidal t0 win agreement on fares rates, or are they being diverted London-New York route after says that if the U.K. and Euro- past year or so, Dutl^ ipj 

r ♦ row. - pver-chsaDer amon « its members. It says that from some charter operations. British Airways. ■ The tJ.S. pean scheduled airlines do not 

rat-race towards e er-cheap^r 0V er the first seven years of this or the lower end of the normal points out that because of the like the competition they have such lD ®* a ' 2 

North Atlantic air fares will be decade, the scheduled airlines scheduled airline market? Skytrain, the scheduled airlines, helped to generate, they have seems Clear tnat ine^oi 

made at a meeting of U.S. and on the North Atlantic have col- No one can presently answer in the IATA-r-British Airways, only themselves to blame. Thus, operators^ snare of the, 
U.K. government officials in lectively lost $2.5bn., with some these questions. In order to Pan American and Trans World the climate for next Mondays market has been decknw 

’ ■ hington on Monday. 75 per cent of the passengers find ^answers, the U.K. wafits Airlines-were obliged swiftly discussions is uotconduayeto recent ^months under thefcp 

travelling on one type of pro- the existing rates _ extended to invent tbeir own cheap fares any early agreement, and there of the ne cneap schr 

They will also be trying to motional fare or another. through the summer until to compete, and this resulted in are many in the scheduled air- fares. Several major oj 

reverse .the deteriorating civil £ airline on the route- August to give more time for the Stand-By and Budget. Plan' line Industiy who feel that fur- S, p 7t, 

^ » d K* supporting government - rational assessment of them. ^es._.^ce they becamreffec- 1 ^ie ahead approva! for new che^ 

su tamers 

LlOi dMCaaiilCilL Ul UI^UL vuwo - — — •” 

^-declares its allegiance to the It says that all the cheap fares, five, it is argued , ebeap fares if the Washington talks fail. DOsfd _- 

. by . B £ an ^? Xnl .* rn IiIJ!l!l concept of cheaper fares. Their including Skytrain. Budget Plan were bound to proliferate. They But’ some airlines are happy, 5™^ “ BudsetPLan 

tirlmes difficulties in gettm 0 pro blem has been, and is, that and Stand-By. have been in caught the public’s imagination, including Laker. For there can ^ 

ts low-fares Atlantic service a gr ee on how to effect only during the winter especially In the U.S., and led be no question of the success of * ‘ / 

rtarted. implement it. The airlines months since last autumn, when to Pan Am and TWA earlier Skytrain among passengers— It is for all these reasons 

The officials hope to obtain an themselves having failed, it is air travel demand is tradition- this year seeking to extend th.era QV er 90.000 since the service the U.K. wants a brej 

agreement that, initially, ■ will now their governments’ turn, ally low. By studying their beyond New York to a wide began. Laker claims it is mak- jo- enable the ha 

govern what fares the airlines with no likelihood of any better effect during the busy summer range of other cities in the U.S. jng profits, too. There seems to ^riine industry to reass 

the two countries will charge success in view of the marked months, a better idea of the — Including Philadelphia, Bos- be no doubt that the cheap fares, situation. Yet another 

from April 1, knowing that what- differences of view that prevail, market can be obtained, ton. Chicago, Detroit, Los j - ; ] U ding Skytrain, have boosted ‘ or braking the bead! ongj 

ever they can hammer out is The U.S., with its big home if ( by August, it Is clear that Angeles, San Francisco and traffic. Figures issued by the ever cheaper fa 

likely to be adopted also by market wants cheaper fares the cheap fares art generating Seattle. ■ -U.S. Immigration Service show Uia f. governments ao 

many other countries in between many U.S. cities and a new market of their own. was at tf,at point ’ however;- f f,at while departures from New . really wam , become euo 
Western Europe. Europe, instead of just New more significantly, have t* 131 Die U.K., in conjunction y t0 London in the third in , regu ,j far ^ s neg0 ^ atl 

Vr,rV- kriNdno m . 'll . with other F.umoean countries. «■ and would prefer to See 

Worth and 
fares were too 

onlv one more indication or uie uie scneuuieu ainines .are nui ~ ««■ tp,, * uu *« WS1 - C “ W * yy nnlimeo for flvinp 

increasingly cnmples probiem to be made worse. It is argued directly counter to the OA «^Sf V^.^S ^S^ .nlL tram ls ; repotw 

and decisions art 

_ taken by flu 

Government’s taste. It was some airlines which are already The U.S. view is that the U.K. f dwn 5.2 per cent in October, as5ociati ° D ^° Jate i JnDe ' 

re urraa; ioe u.o. view u umi me u.r. . . u «r« pet tern, iu uauuer, j w 

by their itself started the rush to cheap f ? res , fre ^l! « u f up ®*® P er cent * ^ November Behind all this, however, Ub^i 1 I 

asked to raise them, and will- being shored up «,« «.».! ol« r k- «**. 

ingly did so to the U.K's satis- governments. The U.K. shares fares, with Its insistence last ^ “ pp °^ and up 6.4 

faction, only to have its own this desire for & more level- year after signing the new D 7 toe otDer airiines in Europe. December. 

per cent. 


Scheduled Rights 
(via British Airways, 
Pan Am, TWA 
Air-lndia, El Ai and 
Iran Air) 

Bought in 

Single Return 

Bought in 
New York 
Single Return 

regulatory authority object, and headed approach. It argues that Anglo-U.S. Bermuda Two air 
itop its flights. 

The U.K. Government does 
not believe that the U.S. Civil 
Aeronautics Board’s threat -of 
“retaliatory action” against 
British airlines will occur— and 
certainly not before Monday's 
discussions. It argues that the 
Anglo-U.S. Bermuda Two air 
agreement, signed last summer, 
provides adequate machinery 
for settling disputes of this kind 
without resort to tit-for-tat sus- 
pensions of services, which 
would only worsen the situation. 

The Washington talks rep- 
resent the latest in a series of 
attempts over the past few years 
to reach some accord on fares 
between the two countries that 
will stop this kind of thing. 

The aim is to try to get some 
kind of agreed scale of fares 
that all the airlines on both 
sides can offer, so as to prevent 
not only “discounting” — the 
offering of cut-price rates— but 
also eliminate some, at least, of 
the losses that many of the 
scheduled airlines now incur. 

The International Air Trans- 

This 4 has served only to 

in the shadow of U.S. dissatisfied r 
tk>n with the Bermuda 

t* »v>,x agreement which almost 

It seems clear that it Is this in - ^ u s cjyil a j r jj ne i 

kind of result which has en«iur- dusriy feeJs discrJmina ^ 

^birf^nr againSt them - 50016 “TllneS 1H- 

its bid for a Skj train service the U K such ^ Britjsh ^ 

from London, to Los .Angeles, donian, also feel that they did 
and to talk of a possible Sky- not eTIier g e t00 we ll fnnn^V. 

Booking - 

negotiations, although the ge 

Budget Plan* - 






.Same rates as 

- (€85) 

Budget Mali. 



21 days ahead, with airline 
giving 10 days’ 

-notice of flight. 

No reserratnSnsi 'purchasable : 
'from 4 aim. dn’ departure 

1 day if seats available. 

Scheduled Rates 




( 1 ) 


30 days in advance 

Economy Excursion 



(a) - 


Rate varies according 

<Z2;4S days) 

First Class 





to season 

No restrictions 






No restrictions 

Scheduled Laker 





No reservations. 


.Charter ' 

£126 plus 


purchasable from 4 ajn. on 
departure day. 

30 days In advance; a 


cheaper rate of £95 for 

late bookings if seats 

* Basic fares, peak rates arc higher. 

(a) No singles 'on Apex or Economy Excursions 

(b) No return tickets purchasable on Skytrain 

train to. Toronto. Pan Am and 

r 'A have also been encouraged v'ew'ta thl UJC. Tndra. 

, " m L S . J 7 f s that the pact is the best tb‘ 

ani Budget Plan -rates to pther this country could have obta 
-le® The Xos Angeles xtt r aD mremely long . 

plan conies up for its -tough period of negotiations.; 
.„^, ea £? 0glu ? i0ndqn °j But there are already mod 
-rwA .,- 3 * J? e Pa ^ Am , and ^ tiie U.S.. spurred by so! 

TWA bids for more cheap fares Congressmen, to persuade 
have stalled for the tune being, u_g_ Government formally flL 

STfSL 0,6 0U !f?^ e of toe “ denounce ” the agreement ^ 
Washington negotiations. Much depends upon how the! 

On the sidelines stand the Washington • talks s°- . . 

charter operators— the so-called whether the present unhappy* 

“ independents ” who so far civil aviation relations behveetr* 
have had to watch the scheduled the two countries can be im*.* 
airlines offering cheap fares that proved. If the talks are succm-V . 
cut down their own market with- ful, leading to a controlled prb-|‘ ' 
out being able to retaliate. Dur- gress to more cheap fares, muck* 
ing the Washington talks, the of the talk about “denunciation”? 
U.K. and U.S. teams will try to could Evaporate. However therfes . ' 
agree on a pact covering charter will probably always "be a resF-i 
operations between ’the two dual feeling among some Uijfe! : - 
countries that should cover not aviation executives that the Bri^i ‘ 
only fares but also frequency of tish have got the best part 
operation*. the deal. ■ 


the British Waterways Board, public safety. Their report \%as 
This Board, unlike almost all not published, however, until 
other nationalised industries, last November when the Govern- 
has no conceivable chance of ment allocated £5m. for urgent 
being able to generate sufficient maintenance involving public 
income of its own to cover the safety. In the meantime, some 
cost of its activities and so is £600,000 had been provided for 
permanently dependent upon two schemes in response to pres- 
the receipt of government sure frum locar MPs: according 
grants to carry out its statumr* to the committee, the Minister 
duties. But this is no reason concerned. Mr. Dents Howell, 
why successive governments who has charge of the Depart- 
should fail to stick by the nbjeo mem of the Environment’s res- 
tive' that they have given to ponsibi titles for water as well as 
the industry, which is what the sport, seemed wholly oblivious 
•-elect committee says they have to the way in which This kind 
constantly done, firsr by deny- of intervention cuts across the 
ing it the necessary finance and respective Mies of Minister and 
secondly by creating an air of nationalised board, 
uncertamp’ by I'epeah.'dly re- one may sympathise with 
opening the question or whether Ministers’ reluctance to commit 
it should retain independent themselves to- major espendi- 
slatus - ture for purposes which have a 

„ small and declining commercial 

i*7 ore positive significance and which are 

The Waterways Board was set largely and increasingly recrea- 
up in 1962 upon the break-up tional. One can see why they 
nf the former British Transport are attracted to the idea of put- 
Curnmission. Its task. as ting the Board’s waterways in 
re-defined in 19fiS. is in main- charge of the reorganised 
tam in a fit state of navigation water supply industry — 
the 340 miles of Slav although the water authorities 
owned commercial nr f ro unlikely to be any more 
freight - carrying waterways been than the Exchequer to 
and the 1.100 miles 01 ^nance a large programme of 
cruising and recreational water- maintenance. The idea of 
and to deal with the a merger was however con- 
600 miles in the ^ered and rejected, mainly 
because of Parliamentary* and 

siblc" consistent - in the case J“ b “ C ” P i! 0s : i I l H 0 ”; '«? | 1 “, n *!? 
of those it decides to retain - - cars a? “’ ,nd >>» lal « l pr °- 
with »be requirements of safety. 

public health and amenity. sjde of a eIec , 10n 

These duties represented a 
more positive altitude towards General problem 
canals than the objectives . . 

originally siven to the Board ^ “ al " '“5°" 15 ,h,f f ov - 
s ,.v years earlier It was nm con,n ’ 1 » 

surprising therefore that the ™ ®?* 1 r , d 10 ? rel of 

cVi«,.iri havn inirf iho Gnv. ob J eCi, ' es tbemsclves are 

“ t d fin thM h fn G L Un,ikely 10 be 3bIe h0n0ur * 

eroment in 1.970 rhal. m ns waterways mav be a special 
vtew. a major programme o casy blIt lhe insistency it 
work then estimated to cost demonstrates is not untypicaL 
some £31.Sm. was required to it is a general problem and it 


an “illiquid situation" was un- 
veiled before the startled share- 
holders. Since then. Stark has 
. occupied himself with some pri- 
or. Israel Katz. Israel’s companies, until the 

Minister of Labour and Social mon * 

Welfaro caiA ir, T nnrtnn by 1 S 7011 ? ° f bUSinBSSmen he 

Welfare, said in London yes- hea( , 5 of a ma j ority ^arehold- 
lerday that after questioning ing in .Dixor, a small cosmetics ; 
his British opposite-number company in Epsom. 

David EnnaTs on British social one of Dixor’s charms, apart 
problems he had told him: “If from a product called Velpuff, 
you think you’ve got problems, is its Stock Exchange listing, 
come to visit me in Jerusa- Thus yesterday’s compulsory 
lam. . . That comment was bid for tbe outstanding shares 
not entirely original, he con- w® 5 s0 pitched that the inde- 
fessed. Recently he was telling pendent directors could put 
bis Egyptian counterpart about their hands on their hearts and 
Israel’s worrying levels - of refuse to part with their own 
urban deprivation, poverty and shares. Does this mean that 
delinquency. The Egyptian Dixor will be a vehicle for all 
had listened politely, then manner of acquisitions? Might 
exclaimed: “So you think it even change its name? *‘Ab- 
you’ve got problems . . . come solutely not.’’ says former stock- 
to Cairo. broker Charles Wyatt, one of 

All social troubles are rela- Stark's associates in the take- 
tive. of course, but Israel cer- o v er. “We shall push right . 
tainly has more and more to ahead with new opportunities m catirman 
grapple with on this front.. A the cosmetics field.” 
prominent British company 

director who returned from Tel . 

Aviv this week tells me that a 

getting to know all about the 
Workers Struggle, the Workers 
and Peasants Front for Pro 
letarian Democracy, the Rally 
for Users of Public Services 
the Revolutionary Communist 
League,-- and the Ecologists 
After a fortnight or so of such 
diversity, there may well be old 
ladies in remote chateaux 
watching anxiously for the 
appearance of the Royalists. 

“Buddy, can you spare a 

Pay up, or else 

The Inland Revenue might well 
read from a cautionary tale in a 
book to be published to-morrow 
Torture, The Grand Conspiracy , 
by Malise Ruthven, deals in 
detail with Aligensians, Inquisi- 
tors, Templars and witches 
then goes on to the Honourable 
East India Company. A fine old 


“most economic 

pawls have no chance of even 

is one which Ministers must 

overtake arrears of main ten 
ance. squarely face in the forth- 

The Board received no res- com mg White Paper on govern- 
ponre for four years when it nient / nationalised industry 
was told that independent con- relations. 

friend with whom he stayed o ,4 

had six locks on h is-flat door — SOU HQ OT TT1USIO ^ 

“Because I’ve been burgled so with a flamboyance worthy of way!" 
often.” The commander or the the dazzling decorations on its 
Israeli Women s Army Corps has planes. Braniff hired the band , 
ordered her girls not to hitch.- of the Life Guards to welcome 

hike home on leave, owing to its first flight from Dallas to J|f Qf(] OUtdOH© 

Hardine Lawrence institution, you might say, but 

explained what he wastitinking R “5f e V “ fi 0 ** JL Sed 

of doing with his big plane “J*" ^ c J llec ! l ,- 1 ?„ D r !T ue 
now that he is prohibited from >f u et h Cii k 

taking back any fare-paying aman whe , n . he had on! J e, g ht 
passengers. “Tm going tn fly That icnmpljirtf was made in the 

it up to Heathrow." he drawled, ” ouse ot Commtms^y Danby 
and leave it across the run- M .f* i? Three 

years later the Mutiny was fol- 
lowed by the abolition of the 
■ • East India Company— Inland 

Revenue, please note. 

the disturbing rape statistics. Gatwick. 
And if you own a car in Israel, bitterness 

Cmusiderixig the 

of the Anglo- b? the latest polls. Labour will 

constant vigilance is needed to American dispute about Trans- need ^ uj on i ^ help it M©ri*y feiTy 
avoid its being cannibalised and atlantie fares, causing an on- ca _ ge * fr0 m the luck Of having m, 
shipped in pieces to Jordan, off-on confusion just before . noijrical ” on TV last Tberc was champagne on those 

Some Israeli psychiatrists blame take-off, the band's £750 fee some of the looker shots uslialiy ferrles between 

the increasing violence upon so must have seemed well spent - rhe candidates Britain aDd Efre yesterday. Her 

many years on a war footing, to cheer up any doubters htl feel th9t _ oimilar Majesfy?s Customs had finally 
Dr.. Katz attributed it yesterday among the dignitaries aboard. . n ^ b “ wouId have recognised that Eire was an in- 
to the growing pains of change As the 747 came to halt the Bwe „. them straight into West- dependent country, meaning 

from a peasant to an industrial guards were manfully belting _ iw _. r r-rtainlv in France that afler years of Prohibition 

economy. out “ The Yellow Rose of fh ' . ord _ r y ’ _ b matte J between the lands of whiskey 

Texas." But as the doors Md duty-free drinks 

' opened, to disgorge a load of j election ‘broadcasts are were fn ‘ 8111 B**" 0 * 81 * on the 
mayors. businessmen and Brst flight yesterday from 

Sweet scented 

sundry media persons, the band “ ***% SSn?*^^ ***** deleft in the gloom. 

broke Into a “gW for 25 minutes Time is « tad taSdli 

Look who's back. Those remem- thunderous rendering of “Rule, carved up according to parlia- l|Jad t j ie u _ uor 

bering Vavasseur's precipitate Britannia!’' Quite a coincl- mentary strengths ana canui- 

fall from grace is -197* will dence I wa* assured later. But ddtes landing, with 

know the name of chief execu- the political' intent was parties featured in each njgbtiy 

ttve David Stark, who left when definitely present when Braniff programme. So electors are 


;* For many elderly pec^ 
seems like the end of the -w-orl 

T !c ’ 

going into a “Home' 

. : . _• Neverthel«s, our headline is a typical quotation 
from onexjf onr'residents’ letters. ' . - j 

_ The Distressed Gentlefolk’s Aid Association runs 
a particular type of Home for a particular tvpe of person. . ■ 
Not just what is implied by tbe ‘Gemkfol'k' in our title 
but anyone, man ot woman, who will ‘fit-in* with our 

other- residents. 

We have 13 Homes in all. Some Residential, some 
fuH Nursing Homes. Anyone w ho needs a Home but who 
Jacks tbe necessary fi nanc ia l resources can apply to the 
DGAA for help. ^ - 

Places are short, because monev is short. Yout 
donation . is urgently required. And please, do remember ■ 
the DGA-A when making out jtmr Will. 


ftin., . 

tVs ‘"lK 



**HeIp them grow old witii dignity 5 ’ 

JV . f-W * « 




>331 <y>\ 

^aijcial Xiiaes Thursday IMarch. 2 1978 



■w ** lu 


iF !;•/ 


I" . 

* : i : :J 
if*!- n. 

* WU'. * 

r rr -’ 
k T- : 


Mr^Gbtdon Richardson, liable to conflict with other relatively little attention so far, the end, though, excessive 

, 2nS2^S2'Jf' :iai# ??° k of obJect,ves - but what it proposes is. If it is growth will be corrected by 

?’ WD J? e ' V ?, This ia a persuasive polemic J™*- Prtfoondjy important. Tt devaluation and a flight of 
^ mi8 as fw «' it .goes, for monetary |s simply that the exchange rate f d eycps ™ restraint over, 

^ucture three .weeks ago, he policy u> a peculiarly vague way instability which is now such a . ' . . a 

Hstied to invitation to a general of trying to manage the domes- Potent source of uncertainty' whelmed by an jnflow ana an 
on the ^subject. This tic economy, whose effects are ** nd ®l®rm is the result of mis* appreciation which increases 

MW he .has Sot what he wanted, still little understood; but there taken monetary policies; and, the buying power of the money 

M & : Naaom Institute and the is one. glaring, omission- The what is more important, that stock.; 

jjH$don Business School, two of National Institute - regards the one 080 lay' down rules for The trouble is that even if 

threfitttJtPes of serious in- recent rFse la sterling as clear monetary policy which would this long-term, fatalism is 

analysis, have ^ti en ce that too niuch has been rest ore international stability, accepted, it can be interpreted 
ime up tftfh statements which sacrificed to ’ the monetary The background to this pro- in two quite different ways. 
teopetiCElly v . -are . ' totally targets; but apart from this, P°sal Is summed up in the When floating was first re- 
pposed, and 3eave the Governor the effect of monetary policy chart It shows that if you adopted, its supporters argued 
' joking Hke a r easo nable um- on ^change rates is hardly measure money with a common that the exchange markets 
•■ ire in the • middle. In practical “dittoned: Indeed* it is dear yardstick, by calculating would make it possible for each 
*rms, though, both comments- ,r0Ba the forecast, which .sees monetary growth in each government to choose its own 
>rs imply thaf official RnHsh the exchange rate rising in spile country a$ a proportion of inflation rate— by deriding, for 
oliey mas be (do cavtS 01 * sharp acceleration in world monetary growth.^ it example, how far to accomrao- 

• loueh wv monetary growth, that tiie Insti- show s a remarkably consistent date cost pressures arising from 

e"rees w I tute regards the influence' here trend over the years. The, fast- trade unions or other mono- 

""roe m X - '!£? J? as being just as vague a s it is growing “locomotive” econo- polies— wlthoyt affecting any- 

•> 00 **“ on any aspect, of domestic mies have a rising share, and one else. 

.. rect on of .policy, behaviour. the sluggish economies a falling The London Business School, 

The National Institute, in an ■ ' ■■■ - [ ■ sh F^, Tune bnn 2« **■ ®wn reflecting on the huge market 

• loquem piece ^that deserves to NAffiri icpi TifjnP Painful revenge for any j- nstab jiity demonstrated in the 

• e known as :Worswick's Last ^ U departure from trend. chart, seems to have concluded 

■ -.tand, expresses *11 the im- This' Is really quite. a breath- The graphs- which show the that this Is too much to ask. 

(Uience of those who suspect taking omission, for it ignores combined results of monetary Markets move so violently, and 
. ; .iat “practical, monetarism” is the whole reason why monetary policy -and . exchange rate generate such enormous capital 
a polite term for allowing policy has become so important changes, seem’ to confirm this flows., that governments are 

Domestic money (M3) times the effective exchange rate 
relative to world money 

’70 ’TZ *74 ’76 *78 ’64 ’66 ’68 ’70 ’72 

Source ‘Economic Outlook of the London Business School 

measure something called the 
money supply. 

The issue is really a technical 
one. In the old Bretton Woods 
days, we learned painfully that 
the real measure of credit policy 
from an international point of 
view is not the growth of the 
money supply, but the total ex- 
pansion of domestic credit 
(DCE) — the sura of the lend- 
ing which stays at home and the 
lending which leaks abroad 

across the exchanges. In a 
world in which central banks 
routinely intervene on a huge 
scale in the currency markets, 
there are still large flows across 
the exchanges, and DCE is still 
-a highly relevant measure. 

It also seems likely that in 
an Imperfect world, monetary 
control will be imperfect. If a 
country as large as the U S. 
persists in inflating the dollar 
supply, it is very bard if not 
impossible to neutralise the 
effect in other countries; and it 
is not clear to me that an over- 
shoot due to a capital inflow or 

L»»u m.vl auuniHs pwuwj iws uvwuc !?u juiiAii uuii uj wuuiuj uno iiuwoi uiai guvemuieuL5 . A a cm-nluc nn fhp riirronf 

ie financial markets to take in recent years. It- has all hap- fairly strongly; but it is notable compelled to intervene in the bullying the Germans and the than the world average- This one agrees, on the causes; and » “ i fhp irnnii*. 

• r ; . ver economic: policy, or a.dis- pened since the collapse of the that monetary growth stayed currency markets, and pure Japanese about fiscal policy, the arises because exchange rates the practical question is not so B “™ -iSEtSII 

uise for -a deflationist conspire Bretton Woods . system. . In much closer to trend under the floating is thus abandoned. OECD and others in the middle will only remain stable if the much whether to adopt a policy , _ h A Z n vSyS 

., ST centred in : Threadneedle moral terms, ope can say that Bretton ' Woods arrangements These interventions finance of the argument should be relative prices of traded goods leading to stable exchange rates na ™ to tnina ot 

. 0 treet In - the old days, a self-discipline has become than it has since monetary, large current account surpluses bullying them about monetary remain stable too; but in ecoo- (and a pretty stable world in- *" nmanoo^hio 

,' r abmet could always he scared necessary to replace the old ex- policy - became important, and deficits, and debt piles up policy, because their targets are omies with a fast rate of pro- flation rate too), as the LBS ’ w “" p “ -Jl. ,2.® 

. .Jto deflation by talk of a run ternal discipline... In practical (Readers should be warned that alarmingly. The supposed inde- too low, and upset the system; ductivity growth, this implies a urges, or to ignore the whole th ” 

' a the reserves; nowadays .the- terms, the results of excessive the trend lines shown on the pendence conferred by floating and they should at the same corresponding rise in maoufac- mess, as the National Institute fhpj r “ 

' tar of a collapse of the’ gilts credit creation have .changed, charts are- purely visnal aids, is thus seen as a dangerous time be denouncing the turing wages. The correspond- is tempted to do; but how to get " ,ser ° dealer* in 

; larket is the only convincing When exchange rates were and quite unsci entific.) This illusion’ Americans for irresponsible ing rise in non-manufacturing on a little more comfortably in “"J -—min, rF cnr^hVe 

‘ w ’ ‘ ^ed.excess demand .was -Je- suggests that the exchange mar- The answer suggested by the monerary ,nflatinn - wages- raises the general price the world as it is. countries could be a bit more 

r The Review explores the flected iar S el y ^ the balance of kets are not a very efficient way LBS is the economic equivalent Unfortunately it is a great level. It seems to me that both the re iaxed aboul their monetary 

cisting evidence about, the pay«>ants. so that the money of offsetting excessive or defi- 0 f the old advice about rape: deal easier to talk about world This is a fact of experience: LBS and the National Institute targets, as the National Insti- 

ractical effects of monetary ?I? ated abroad. We bad cient monetary growth: the to accept the inevitable, agreement on monetary policy Japan became more and more suggest elements of a practical tute U r»es thev could more 

‘tiicy on such things as saving, ^mes about reserves. Under strains build up a long way be* and do not protest like a than to imagine it actually be- competitive throughout the answer. The LBS calculations convincingly ’ur>e deficit 
.. ivestment. stockbuilding ^ and *™n** L an overspfll of -modey fore they respond, and then they Keynesian virgin. What this ing achieved. As the- LBS analy- 1960s in spite of an inflation of show the direction in which countries to adopt mnre 

ousing, and rightly concludes acroB the exchanges push« the overdo it ^ means in practice is that if sis makes clear, it implies one domestic prices of between 5 policy ought to move: but in a responsible credit policies; and 

laf it is about as broad as it cs ~ an f e ‘ . e . l i oW71 ' _v re d^ In the- short' term, then— each country wouid adopt as its highly improbable notion: the and 7 per cent, annually. It is world where policy is a .very the outcome would be at least 

, long. It concludes' that “we Policy is basically, about the ex- which may be as long as three domestic target the trend rate Germans, and especially the still hard to imagine such a long way from the ideal, the a step towards the stability 

. * allowing our attention to be change rate. • _ Or four years — it may be pos* of monetaty growth shown in Japanese, -would have to accept rate of inflation as a policy aim. National Institute is probably mapped out by the London 

attracted towards the growth - This is the starting point; for sible for a country to buck the the world-share charts, there the idea thai in the cause of It seems likely, then, that the right to suggest that too much Business School. 

. '■• a number whose lafloence iE the London Business School trend, and pursue stern repres- would be no pressure on world stability, they should world monetary scene will re- attention is given to the num- . , 

3 certain and Whose pursuit is analysis. This has .attracted sioo or a dash for growth. In exchange rates Instead of plan fora higher inflation rate main turbulent even if. every- bers which are supposed to Anthony Hams 

Letters to the Editor 

Nuclear power 

rom Mr. N. Forman KIP. 

Sir.— I was most interested In 

Polling day in Uford Njrtb • np j m ri a 

airsajss!L* p, * i sbout 1 o-day s Events 

Treasury Issues figures of UJC. Beno, Energy Secretary, on Com- Masons' 

Mr. PetmingtorL-Legh haa also, time allocated. - The benefits cannot be achieved in practice, official reserves for February. munity's plans to rationalise banquet. Mansion House, E.C4 

apparently, overlooked advertis-' normally far outweigh the costs, and you have a recipe for chaos. Forma! meeting between Con- European refinery industry. PARLIAMENTARY BUSINESS' 

ing with a social message. For The company pays the fees. Mr. Ga Ha way actually advised his federation of British Industry Final approval expected to-day House of Commons: Wales E 

example, the Government has re- and non-executive directors customers in January to “add 45 leaders and Mr. Denis Healey, on agreement covering SuMcm committee, 

cently reported to Parliament on should be most effective if they minutes on to their commuter Chancellor of the Exchequer, on Voe oil terminal port operation. House of Lords: Theft Bill, th 

the success of. its r.SaveRv cam- are not too obviously nominees, time, or simply double the CBI suggestions for the Budget London Chamber of Commerce reading. Suppression of T 
paign. , \ t\- • sponsored by a sectional interest, scheduled trip time " jf they had Tea companies meet officials seminar on Business Onpcrtuni- rorism Bill, and Judicati 

British Sugar Corporation. Hyde 

Pnrc Park Hotel. S.W.. 12. Fluidrive 

vuw Engineering. l<deworth. Middle- 

Company tercentenary sc *- 230. Mean? Bros.. 5L Errain’s 

Without advertising. vc ^ iat If they employ the skills and an appointment. ‘ 

inquet. Mansion House, E.C.4. Hotel. S.W.. 12. Nash (J. F.) 
LRUAMENTARY BUSINESS Sec unties. Birmingham, 12. 

House of Commons: Wales BUI. 8TUS1C 

mmlttee. Roya i Festival Hall: Phllhar- 

House of Lords: Theft Bill, third monia Orchestra, conductor Ling 
a ™8. Suppression of Ter- TurlR> soloist Garrick Ohlswon 
, ar ! d „ Judicature ( pi ano). in programme of Strauss 

ic long feature article on the would become of voonsumer experience for which they were washinmon’s metro is in some *** pri . ce contro,s - „ E -& 4, J 0 - 30 $ 

'VSS^SffS^S^tSL ^ pay Wk * JSSFotiLSTTSt. 

? f «*u» world, u... con- SS^^iSSuTlSU^ Mr: Pet,r Park "- WB?h RaiI lom ****>■ 

from Department of Prices to ties in Sweden. 80. Cannon Street, {Northern Ireland) Bill, report (Don JuanL Chopin (Piano 

VeroTiiVt Inistiwo tinportant information I iSlreff WI to ItitSL vere round oracllce st « ndJU ? of reliability which is rt m^. is guert speaker ai 'W(/uSnh opens Tree COMPANY RESULTS Elizabeth Hall: 

mns Of Which Dr Walter Mar- L P vehv advertlslno should n!nn> n wi(ii > iv & ii«P(i takeo for s rinled on Europe s Foreign Press Association lunch. Council conference. Royal Insti- EMI (half-year). Royal lns?ir- ^ves Mo» 

i5l and Dr. touncey Sterr .nJSrSRuS to iff new melros; ** increase in U. Carlton House Terrace. S W.L tute of British Architects. Port- ance (fuU year). Turner and Schubert recital. 7.4o p.m. 

tie not taken sufficient account. JSSSSiirtbS “he idvertliS 2P*5L25 Herr Gnido Bn,BnBr ‘ EEC Iand Piace ’ WL NewaU < ^ year). Wlgmore HaU: Trio Font 

Court of* '“common Council OFFICIAL STATISTICS Rachm^tnol r.SymohODy > No I to 

rets. GuUdbaU, E.C2. 1 pxn. Capital issues and redemptions 3 m ™) Sum 
ipen to public). during February. 

Duke of Edinburgh opens Tree COMPANY RESULTS Queen Elizabeth Hall: Walter 

tuncil conference. Royal Insti- EMI (half-year). Royal lnsur- Jpein (piano) ^ives Mozart and 

Ire not taken suffldant accouilt fpSlonal Th'/SeSl® 10 of investors and capitar^ war'no worse than H^ Guido Enarinpr* EEC land Place. W.l. NewWThdl^). ^ 

C0 “J? aes „ , . ^ - the- general run of large public Energy Commissioner, in London Sir Peter ^Vanneck, Lord Mayor COMPANY MEETINGS 

.CdmSSmS^ 8&fi! ™ ns,n, ' ,iOT l" r Mr ^ =* London, «d-hkShmlft«tend Braid Group. Cb«ter. 

jilutouium-inclnArators rather codes of practice, and those or. tion .(probably 'tiie sledge. Actually, anti-metim sentiment 
; ap breeders. Doctors Starr and outside bodies. Given good f^fth hammer to the nut), when the in Washington peaked out last 
trshall are effectively negating on both sides, advertisina by the omund could be cut from under autumn. It is being replaced with 

legist a- 

Wlgmore HaU: Trio Fontanarosa 
perform works by Haydn, Ravel 
12.15. and Schubert. 7X0- 

trshall are effectively negating on both sides, advertislns by the ground could be cut from under autumn. It is being replaced with 

c main argument • normally professions should not pose any the feet of the critics by a more healthy altitude to urban 

vanccd For the development of problems. -- >■' voluntary action 9 railways which recognises thai 

si reactors, namely, their 1 am intrigued to jee Mr. they are not simply a more 

I lily »o overcome the uranium Pennington-Legh refer to equal B energy-efficient way of moving 

nstraints which would other* standards of skill and -behaviour naroornc tfC y a - commuters from suburbs to 

sc be associated with the between all member# 5 of a pro- tagoasion, airmuignarn. downiown, nor a means of escape 

vclopmcni of thermal reactors fesxion. . Every ,r occupation • for the poor from inner-ciij 

a large scale, . attracts its share of black sheep. 

The second is that lu arguing so the more way* there are to 
r the Civex rather than the guide people past the charlatans 
irox process in mixed oxide re- and incompetents the better, 
crossing. Dodoes Marshall- and D, J. R Coulsoh. 
are may be able’ to de*l Ashley Derm, littleirick Green, 
equal cly with the threat of Maidenhead. Berks. 

rrorisl diversion of highly 

dioactive materials. In doing 

. however, they would not only . - 


irkers involved ih such a plant, 

l.a Iso calling into question the CftSG ■ 

•onomic and other justification 
r the proposed new plant at From the Prcatdmif. 


cel Forman. .. 

iu«e oj Commooa, S W.l. 

Metoltaroicai Plantmakers meals and their supposed equiva- 
reaerauon. lent, the luncheon voucher. 

Sir, — la your comments on This anomaly, we all know, Is in- 
e British steel industry creasing each year with inflation. 

voluntary action? railways which recognises thai 

‘ . they are not simply a more 

AJ j energy-efficient way of moving 

JOJ^Haroornc nooa. commuters from suburbs to 

Eagbaston, atrminghmn. downtown, nor a means of escape 

• for the poor from tnner-cilj 
— gbettos. Properly designed and 

managed in conjunction with 
land use and traffic management 
Tjlfirhpnn policies, they offer a long-term 

uuuvuv.uu prospect of urban development 

■ which combines mobility with 

VOUCDerS selective concentration. 11 is only 

by rethinking the urban struc- 
From Mr. F. True. ture that commitment to the car 

Sir,— I would like,- on behalf of and the sprawl it generates will 
Luncheon Vouchers, to compli- be reduced- This is where the 
ment Eric Short on his article real energy saving comes in. 
“The best way to an employee’s Richard Hope, 
heart,” (February 22). pointing {Jf* 3 ®? _ 

out the anomaly which exists Stamjcra Street. S.&J.. 
between subsidised canteen 

Catering on ihere is> case for continuing obrereTtion^ oa Mr.“* r Sbort’s CeiTIIlCaieS 
. with the investment projects at art icle, and that is regarding his rrnm . r „. 

flip llwdv ready io^ hand and witi) other paragraph, where it is clear ^ Tom ■ * r - Gttlts. 

tliv 1 4lxlW« j' ' -- projects to secure future ndvan- ^ jj gjjpressing his own opinion. Sir, —In his article on the dead- 

hi* ts S es ; . .. . that the “tax level on vouchers line for applications to contract 

iiSfc TtamwrSririi Indeed there is a very strong be brought to a realistic out of the new pension scheme 

ttwfc Transport Hotels. - case, and an important part of iw ,n to which we would agree, (February 27) Eric Short may 
Sir,— Under the ' beading it, which should never be under- but should this not be the case have inadvertently misled some 
•ledge to improv*,. railway estimated. Is 1 the need tor tne y,- *. tax concession should be of your readers. The fact is that 
lering" (February 22, Page British metal plant industry to scrapped.” which we of course the deadline of March 23 caanot 
Ian Hargreaves says that; have a continuing home mantel. wouW disagree with. be extended. If an application 

Jr. Bob Reid, the -Board mem- This is essential, notonlyto overlooked ( 'the t0 roh* 7304 0Ql with effect from 

V— mriiniain fhe pncinecnne skills Mr. oOOrt nas oyenooRea tae __ .w n 

the British steel ind 
(February. 2D. you say 

X would just like to make one 



■run the Choirmon. 
ittsh Transport Hotels. 
Sir,— Under the - t 

ontual object - of giving (he woe re pmemiai 

vice, known as W«ile«* lopicrs ; car mjj rite latest Brnisn jw ■ w.u -ug jjj- be paTable provisionally at the 

re. a‘ separate Board itnio Plant in operation. . People 'tne lopporxumxy contracted . oot rate w h’le an 

e. resnomdbte: to a British ^ S. Brake. of o btaim in; g * J 1 ®** ** employer is awaiting bis contrac 

ra,p?rt nm«K tofMal com: <-,***“ **<+**. ECA ■ ■ SrVr. Otbmrim 

fa* order «o ^ 

Experienced SSSS S®. MSJ ® i 

available . Sh 'zssxvte SSSII 

.^SSTiTSSJSr consults- SSSSSTSd CO, . m 1 ^ The arr angemen^ 

.n pioresses have been Ath Hams i Lora- luncheon Vouchers has practised 4 hel P eraployera and 

'nerlaken with all the parties Sir.— Anihony Hams (Lora |R ensurins worfcing people have their penaoo advisers :fr they 

u-erned at British Railways hard. J’^rtiary J4) refei^ a , when it matters most— at are pressed for lime, if I men- 

ard and Bntish Transport critically to present practice ' nd , unch time. *«» a J^ 

.i , r i s . recent indications of *“tuce p . Tru published last October. Both 

L. E. I.awreQec. dovdopinenis in the emp oymem x iVolyReBJ street, W.l. lhe Occupational Pensions Board 

5 tlirraielttine Rood N W.l, of non-executive directors. There * and the Department urge em* 

uorpicjufie ts no aQllbt their image is ployera and scheme administra 

generally poor and has been .. . tors to make :uJ| use of these 

banned by a Feu- well-pubhcittfl . ■ arrangements, -which were de- 

Advertising and ffiSK fa " ur ' s 10 ,ake ,se J - The car and ssgjy ^OrfftS. 

\ believe there are signs of .; known as the “ occupatiooa! 

fha nfAlPCcinnC growing constructive interest in ■ thp SDT3WJ . Pensions emergency.- the 

lilt prUltaoIUlw dcvelopmR A more useful, more arrangements enable the Oecupa- 

->r rentable role for noa-cxecutive f rom *h e Editor, tional Pensions Board to issue 

. . 

,i , r > s . recent indications ot » ulu « fYanjt True puousneo Iasi uciooer. Bom 

' L.‘ k. I.awreQcc. dovelopmenis in the emplowncm x Vol raj Strce ^ w.l. lht * Occupational Pensions Board 

> )tora!e!imie Rood \ W.l. of non-executive directors. There * and the Department urge em* 

'■ ■™re«uunc nmo. )S no doubt their image is ployers and scheme administra- 

— generally poor and has been .. . tors to make iuJI use of these 

banned by a few well-pub helped . ■ arrangements, -which were de- 

Advertising and J32K fa "" res 10 ,ake ise J - The car and ssgjy ISarfftS. 

\ believe there are signs of .; known as the “occupatiooa! 

fhp nrAtPCcinn^ crowing constructive interest in ■ thp SDT2W1 . Pensions emergency- the 

lilt prUitaoIUlw developing a more useful, more arrangements enable the Occupa- 

•M, \lr D Coutson acceptable role for non-executive the Editor, tional Pensions Board to issue 

-iiK Mr. v. tuouwpn ■ direetprs, Significant numbers r,tmntP International, “riificales. before making a full 

Sir. — I wax more than a little . wi( j e j v experienced { W Rwhcay G n ' examination of scheme doou- 

ma>ed to see the old chestnut directors are avail* Dunne omits a key menus, if the applications and 

il ihvrc Is “no lasting good Th«e are still in their factof f 10 ™ her analysis. (Feb. dOCOments are accompanied bv 

icii advertising has done to- ^th cxrtllent track l he statements set out in the 

rds the public interest re- w|1|ing t0 app |v a pro* « the U. -&JCNtiy|b sfrora bowcT ’s manoraodum No. 48. 

ated in the letter from M r - . ' f thgt * ttme an d energy slmmd The second js the “scheme 

R. Peanfngton-Legh ( Fcbniary skills meal disasters which still crpple emergency” which enables em- 

»- Advertising is so clr^ly of 1® d TO SS*onalitles are carefully th e ra J ute lay area rapid transit ployers and scheme admnil3tra- 

ncfii. itt so many ways that it aad J^T ona i ” m and around San Francisco. lor5 wbo cannot yet produce the 

The car and 
the sprawl 

»- Advertising is so clwriy pi ‘“j jJfsonalities are carefully “*.7™ ra P ,a prayers and scheme administra- 

flefit. i tt TO many ways that it 3nd « and around San Francisco. lor5 wbo cannot yet produce the 

dim* nit 10 knew where to ma c ^ j t:iaT w avo i d the Awrd iiiB to BAOT’s^atetaiit necessary amending deeds (not 
Riff. -. „ "- iLJnnKnre- criticism, general manager Robert Galla- eve n interim deeds) to give the 

For example, by helping to directors are W. 52 I* r c«t-. ™ *“ required undertakings so that 

lujate consumption of ^ 3dn °'L rf . |llev dcV oie a service on a typicalday m ihe Occupational Pensions Board 

rratfjEhom the year, advertising i^f/nmnonion of working January had to be withdrawn can issue comracttog-ouT certi- 

.il W ib. nan in keeping pnHtuc* significant proportion motl ,v from traffic because of faults, states. 

} l )1 "&K2£FS* thf Sm^ny effccl faas 60 l-~ Giilis. 

ewes people m jobs. Advcr- Lombard reference the sereice. (Information Division), 

% \ ; 8S via encourage a n^sonal ccnwu. more , ikely lo Add to that such details as a Department of Health and 

Midland Bank will be 
taking care of business at the 
Leipzig Spring Trade Fair 
March 12-19. 

As we are a participant in European 
Banks International (EBIC), composed 
of 7 great independent European Banks, 
you’d expect us to be there for an event 
of such importance. 

Bryan Humphrey will be at Leipzig 
from March 12-19 to help ensure your 
trip is a profitable one. 

I nlenutiotuil Ptfuon. London There will also be an EBIC represen- 

tative on hand for the entire Fair 
If the occasion arises when you think you could use a 
little advice, talk to either of them. They can be contacted 
at the Fair at EBIC House, Central-Service, Hall 16, 1st 
Floor, Stand 182-183. Tel: Leipzig 80498. Telex 512560. 

And if you have any questions on overseas trading 
that you’d like answered now, contact Midland Bank’s 
Panel for Overseas Trade Development in London 



ttMtt of consumption of » Pfp* . h payment is pea- slgnaUIng system which cannot SoaaJ Security. 

«. with economies of S£efore payment should detect trains properly, and was Alexander Flea 

I s a-revttltwt bweffewl action t Kr C oninbuuon and the design for braking rates which Elephant amt C 

Pries*. . “ w - • ■ 

, SUM 

Midland Bank International 

Midland Bank Liaiii«l,InteroatioiialDbi5ion t 60Gr*cerhuTcliSlreci. London ECJP3BN. TeL 01-6069944. m ^w- _ 



i [l* 1 

“Financial ■Times Thursday March 2 -1978 j 



Date -- Corre- . Total- ' 
of; - s pond lag for J 

General Accident reaches record £70] 

WITH A reduction in the under- 
writ ina Io!& from £17.Gm.. to 


Accident Fire and Life Assurance Company .. 






Corporation finished 197? ahead African Lak^ 
from £42.6m. la record rrn^m # T. r ! . 



Kenning Motor 


At halfuay profits stood at Birmld Qualcast 



Lovell (Y. ].> 



£3 l.5m. against 113.5m. and at rarfiol ft fvn»cM» ■ 



Olives Paper 



against £2G.6m. County Bank 



Prestige Group 



After tax of £2l.2ni._ (£II.9m.) Diploma Invs. ' 



Scot. Agricultural 


dividends of £12m. (£fl.6m.) the Gen * A cc«icnt 



Stevenson (Robt.) 



available profit is up from £30.lm. Greencoat Props. 



Temple Bar 



are staled ar £23 'Jp I22.BD) Der Guthne Corpn. 



Throgmorton Tst. 



25p sharp. Int. Cornmd. 8k. - 



US. Debenture 



ing some of tiie units without 
incurring tax penalties. The 
minimum death cover at any time 
within the 25 years of the policy 
has been fixed at £430 for each 
£2 unit. It has been kept as low 
as possible without jeopardising 
the tax qualification. 

* - * : Current 


African Lakes 4.4 

Calcutta Electric int. 6.25? 

CarDol Inv. sec. tat. '2.85 

Diploma Investments int. 1.25 

General Accident AS5§ 

Olives Paper 31111 L25 

Temple Bar 3.45 

Tjmesider Inv. ...sec. int. 2.85 

U.S. Deb. Corp. 257 ■ 

Western Mining tat.' 15S 

125 . 



March 31 
-April IS 
July 1 ■. 

April 14 
March 31- 5.5 . 
March 31 23 
Mays . 2.36 
April 28 ’3 







13 ■ 
33 . 


a Invest 
. at 

O.V TURNOVER ahead, from Diploma distributes semi-do 
£3L8^m to £l 5.08m. taxable profit tore, largely to manufacture 
of Diploma Investments rose sophisticated electronic . t 
£034m. to 0.05m. in the six ment,. and the group Is a 
months to December 31. 1977. . that industry hta become. 

. cautious about investing 
Mr. - Chnstop her^Thomas^ chair- expense technology. Hof 


sees first 

B . 

Dividends shown pence per share net except- where otherwise stated. 

4 Equivalent after allowing for' scrip issue f On «P*tal man. expects a further increase m ^ dJvisJon . M 

increased by rights and/or acquisition Issues. . i Gross. § Additional profits for the remaining months to jjftjne its full-vear BrofthT 
0Q83p for 1378. t Australian cents throughout. _ ' . make another satisfactory year. feast 20 per eent andtte 

tmm profit Iqsl year was a record term prospects for the high 
14.06m. nology equipment remains lx 

.. Mr. Thomas says that at the Given that the perfonpao 
same time last year the company the manufacturing and eugj 
had ' benefited from re -stocking ing division, the -other major 
by customers, while there was no of the group's business, tas 

Garliol and Tyneside 

The dividend total is raised 
from 7.2-ip -to the maximum per- 
mitted S.097p net with a final of 
4.347p and' an additional 0.063 p 
will also be paid for 1076 follow- 
ing the reduction in ACT. 

General Accident has changed its 
accounting policy by discontinuing 
the practice whereby exchange 
adjustments on overseas profits 
were reconverted id average ex- 
change rates for the year- The 
charge Tor tax is now also 
calculated by application of year- 
end rates and comparative figures 
have been adjusted. 

On the previous basis. 1877 
profits after tax would have been 
increased by £3.4m. tJEO.Sm. reduc- 
tion ». 

Worldwide underwriting im- 
proved in the fourth quarter with 
a profit of £2m.. reducine the 
underwriting loss for the year ra 
0.98 per cent, of premiums (2.S5 
per cent.). 

In the U.K. the last quarter 
produced an underwriting loss of 
£lm.. largely attributed to storms 
in the North West and a deteriora- 
tion in the industrial fire account. 

The lire result overall was satis- 
factory but the motor account was 
marginally unprofitable and ex- 
perience in the traders and home- 
owners accounts remains adverse. 

In the L‘.S. using 1377 year-end 
rates, the fourth quarter under- 
writing profit was £ reducing 
the underwriting loss to £3.tim. Tor 
the year (£123m.) on premiums up 
by IS per cent, to S481.Sm. 

Experience in the property 
account continued to improve and 
a profit was also earned in auto 
business. but both liability 
accounts continue to cause con- 

_.\ operating ratio-of 98.76 
per cent, in the fourth quarter, the 
.rear’s figure improved Freni 10433 
per cent, in 1970 to 100.44 per 

Elsewhere the Iasi quarter pro- 
duced marginal losses in the other 
major territories, but improved re- 
sults were achieved in the smaller 
territories and in the reinsurance 

General business premium 
income improved from £820.3m. 
to o£674.fira. and long-term busi- 
ness from £73.4 m. to £8 1.1m. 

An analysis by territory of 
general business premium income 
and underwriting results show:— 
U.K. £242.4m. (£201.Sm.) and loss 
£43m. (loss £4.0m.i: U.S. £250. 1 m. 
<£239.4ni.) and loss £3.6m. (loss 
112.3m.); EEC £45.6m. f£425m.) 
and loss £3.4m. (loss £2.0m.): 
Canada £48-2m. (£>3;9m.T and 

holders long-term profits or £2.7m. 
(ft. 9m.) and is struck after 
interest on loans of £L3ra. 
(£i.7m.). - ; 

The effects of the strengthening 
of sterling were particularly felt 
in fourth-quarter - in botn 
premiums dnd investment 

If the exchange rates in force 
at December 31. 1976 had still 
applied, the 1977 premium inconi'' 
would have increased by a 
further £50m. with investment 
income and pre-tax profits each 
hicher by EBm., but with no signi- 
ficant change to underwriting 

See Lex 

Temple Bar 
earns more: 
100% scrip 

half drop 

Guthrie to 
spend £14m 
in Malaysia 

Guthrie Corporation plans to 
invest more than 60m. ringgits 
t£13.Sm.) in its Malaysian planta- 
tion interests In the next five 
years. Sir Eric Griflllh-.lones, the 

chairman, said yesterday at the 
launching of a 9m. ringgit palm 
oil mill in Negri Sembilan state. 

The mill, the fifth owned by 
Guthrie in Malaysia, is capable of 
processing 35 tons of fresh fruit 
bunches an hour, and brings the 
total canacity of the five mills 
to SOO.OOO tons of. .fresh fruit 
bunches a year. 

Guthrie owns 167.000 acres of 
oil palm and rubber in Malaysia, 
and nlans to instal a sixth mill 
by 1982. 

Sir Eric said that in line with 
(he .Unlays /an Government's new 
economic policy. Guthrie last 
year implemented a restructuring 
in Malaysia, creating a new com- 
pany. Guthrie Ropel. with 40 per 
cent, local equity. By IfHMl. Ropel 
will take over all the Guthrie 
estates and it is honed that by 
then 40 per cent, of the equity 
of Ropel will by owned by 

REVENUE of Temple Bar Invest- 
ment Trust for 1977 emerged as 
£1.396.31 1 compared with Xl.246.8o2 
after tax of £811.069 against 
£735.974. Figures for 1976 have 
been restated as if the merger be- 
tween Temple Bar and Telephone 
and General Trust, which became 
effective on August 19: 1977. had 
been in force throughout 1977 and 
at December 31. 1076. 

When the merger became effec- 
tive the former Temple Bar In- 
vestment Trust changed its name 
to Temple Bar Investment Trust 
(Realisation) and the undertaking 
of this was acquired by tiie com- 
pany on the same date. The 
accounts reported include the 
figures from both companies for 

Stated basic earnings per 25p 
share are up from 9.1 lp to 10.21Sp 
and 9.844p (S.S34p) fully diluted. 
The dividend is increased to 9.5p 
(8.5p) with a final of 3.45p net, 

and a one-fop-one scrip issue is 
also proposed. 

Net asset value per share is 
ci\en as 2403p uSOip. and 237Jp 
(lS2jp) allowing for full con- 
version of loan stocks. 

isn 1976 

£ £ 

Cross revenue 2.4S7.S93 2.256. or: 

Tai «IM1OT 735.971 

Net re veim 13WJJ1 U46S52 

new plan 

Receiver for 
Robt. Stevenson 

Owing to adverse trading con- 
ditions the directors of Robert 
Stevenson , have, invited their 

proGt £0.5m. (loss £0.1m.); 
Australia £22.3ni. (£27.6m.) and 
profit £1.6ni. t£l.7m.); others in- 
cluding reinsurance ' £45. tm. 
(£39.4m.) and profit £2.Sm. (loss 
. r 0.4m.; 3nd marine and aviation 
£20.9m. (£20.Om.> and nil floss 

Pre-tax profits for the year 
include investment income of 
rr.i.r.m. (£60.0m.'i and share- 

bankers to appoint a receiver and 
The receiver is Mr. 

Christopher Morris of Touche 
Ross antfCo.' 

The company whose operations 
are centred in Norwich employs 
some 200 people. Trading is con- 
tinuing while the receiver makes 
an assessment of the company's 
affairs and it is hoped that the 
business can be sold as a going 

Provident Mutual Life Assur- 
ance Association has launched a 
new flexible endowment contract 
the 10-25 Plan, which is in quite 
a different form to that Issued by 
other life companies. It is 
basically to 10-year with-profits 
endowment assurance with the 
option to leave the maturity 
money on deposit and continue 
paying premiums to be cashed 
in at a later date up to a further 
la years. 

The contract will be eligible 
for normal bonuses .during the 
first 10 years. Afterwards the 
bonus rate will depend on the 
rate-' «£ accumulathm-ofthe .assets 
on deposit By structuring; The 
policy in this manner,' thd eottf-. 
pany has avoided the problems of 
matching and guaranteeing sur- 
render values, a feature .with 
other contracts. - 

The policy has been written in 
monthly units of £2 so that partial 
surrenders can be made by cash- 

WHILE FIRST quarter results at 
Kenning Motor Group were not 
materially different from those 
of last year, Mr. George Kenning, 
the chairman, reports that half 
year profits will be down. although 
.he says it may be possible to 
retrieve lost ground in the second 

Members are told in his annual 
statement that motor depots will 
show further improvement in line 
with the current trend and con- 
tract hire and car hire should 
produce comparable results. How- 
ever. Mr. Kenning expresses 
concern about Kenning Tyre 
Services whose profits have 
seriously been eroded. 

He states that since the end of 
the year, competition from cheap 
imported tyres has intensified 
further and. although sales have 
increased, the market has been 
seriously disrupted and margins 
have decreased. 

Consequently, tyre tra.ting 
results for the fir«4 half will be 
down, with remoulds being 
especially affected and therefore, 
the tyre Factories. Tbe full year 
ou trnme depends nn whether the 
spate of new priced Imports can be 
contained, the chairman adds. 

As reported on January 12. pre- 
tax profits for the year to Sep- 
tember 30. 1977. jumped 48 per 
cent, to a record £7. 06m. on turn- 
over of £192.79m. (£15S.5oi.J. 

Ken rungs SA. produced a loss 
for the year due to increases in 
overheads and to an insufficient 
supply of vehicles ro cover the 
extra. costs. The first quarter of 
the current year has shown a 
modest improvement, but Mr. 
Kenning regards- this year ps 
crucial. with the directors 
unaware of Leyland's plans for 

A statement or -source and 
application of funds shews an 
increa«e in bank borrowings of 
£5.43m. f£0.3Sm. decrease), at tbe 
year end. 

Meeting, Cfaesterfielfl, March 22 
at noon. 

chnw A aminos OTnwfll L*iich fevouraW* start this year, fiat .fuU-yeargroupproptg 

M1U YT Cal - wi U TV IJUL But' he believes profits' are of a be around £4.3m. <£4.1mA. | 

ADVANCES W stable revenue foreign securities, the proceeds teUsr nullity became of 10.TM- wMe. £ l«£ 
to record levels are reported for of which were used to repay the jock profits stemm ng shares aMMjTa yield- of 5 ?' 

bmhxSriio 0 ! faci?rty l0an ** ,erminatum ° f the "Sfh divisions produced rent* On a maxhnum d£ 

«»e«. of the toon w as Onoouregb^ resuJG hut . Please »der ournonb]^ 

proposed merger continues to be decided against, in view of the tribu tto n operations | pective p/e (fully taxed) ia-: 

delay^by a tax problem. high cost of borrowing dollars »'&*** Sf'f peCDTe UU,Jy ta ? ed) 

With gross revenue ahead from and tbe deiri mental effect it component companies proyidinr, ■ _ .- 

£834.753 to £941.485. Carl iol shows woufd . have on the company’s _ more than 50 per cent, ot total 
growth in taxable earnings of revenue account. - group profits. 

£118.482 to £709.551. Auditors Robson Rhodes stale The -more recently acquired dis- 
inclining dollar premium, that The company’s accounting tnbotor franchises are now con- 

investments at year-end were policy In respect of ACT does tributing to profits and -the latest 
valued at £17iSni. (flG.54m.). Net not accord with SSAP No. 8. appointment, Nippon, is also off 

asset value per 25p share. _ Meeting. 117- Old Broad Street. t0 _2 .-^ 0C ^V 

including the premium, prior E.C^ on March 22 at 240 pun. 
charges at market value and fully- 
diluted, emerged higher at 
146.2P 041. sp) or 140.9p <134£p> 
with prior charges at nominal 

Slated earnings per share were 
4.21Sp (3.628p) and a second 
interim, in lieu of a final, of 2.85n 
lifts the. total to 3.S5p (3.3p) net 

1B77-7S 1975-77 
£ Z 

m on in an 

Prestige to 

Lakes up 
to £ 1.25m, 


Cross nsrenue .... 
Pra4» i t wm i w 

Net revenue .. 
DlrfdeMs - ... 
To revenue reserve 

- This division is obtaining more 
original manufacturers' bulk busi- 
ness, where although gross mar- 
gins are narrower the contribu- 
tion to profitability is most TURNOVER FOR the yea 
acceptable, Mr. Thomas says. July 31, 1977, at African I 
The manufacturing division Corporation - expanded 
showed little increase, but Bltfk- £5 .87m. to £6.96 m. and pt 
dale/Sankey Sheldon’s order book profits rose from £9944Bi 
suggests a better second half. Its £1,247,201 after £57aJ15, ag 
profit was halved in the period. . £458.764, for the 'first half. - 
Tbe group result for the year Profits are struck- after d 
subject to tax of fl-Ofitn. cration of £333J236 ■ (£279 

37 >9S 3X796 further increase in overseas sales 



Earnings per 25p share dend is effectively lifted 

was up 

'ises i tZs -si, • a.**, 'esn; «sr> a “itE? t srap “ 44p neL A on&,m 

. - ----- -.w-j— _ nH nm Ri« upn « ah -,x The interim dividend is lifted scrip issue is also proposed. 

gross revenue of tj36 - 3; > z ,2^ t p 0 n % m “* • d from 1.132p to 15452p . net A The directors state 

«I.6o3). trom ii-iom. to ii.afm. , fi n3 ,i )a«t i 

ss» srtssL % SShffi aa^SSJg SSSZ SiuSd » up mi 

Including dollar premium, prior incomes ta J978 suggest that con^ ** predicted. Half rear 

charges at market value and fully. Burner spending on durable pro-. - 19T7 

diluted, came out better at 140.3p ducts may increase as purchasing am tm 

(I36p> or 137p f130.5p) with prior P°w expands. The group will puoover ts.084 nasi 

charges at nominal value. make every, effort to secure its Ware tea 2 .WS 

Earnings per share are stated sh £? ° f f or<,Bt 851 

at 4.077p (3.491 p) and. as with les £rom “ e UJC to ^tornai To m | n8ri tr« 133 

forjini a cgroTid interim, in lieu customers were ut 8 .record level Preference djrwwd • i 

Sfinai. of^I-p esarsi: 847 






to 3.8op (3^p) net 

Over the last two years exports ‘ ,1T,llen,, ■ — ~ r - ^ 

1977-78 ivTfi 77 have increased by over 45 per LeaT,BB 

r t rent' While the value of export 
53«-fcE «n.«a orders in .hand at tbe beginning 





’ Preliminary ' unaudited fij 
for the eight months to Nc 
ber 3D, 1977, at Calcutta Eh 
Supply Corporation Indicate 
barring unforeseen circumsta 

^ comment 

m'Sia °f was higher than "at the Pre-tax profits from Diploma's clear profit for the Tull 
stan of the previous year, the electronic component distribution should be in line with the re 

Water success 

Mid-Sussex Water Company 
announces that applications 
totalling £5.754,500 were received 
in respect of the otter lor sale by 
tender of £1,500.009 Z per. cgnt: 
Redeemable .Preference . Stock. 

Tbe highest tender was £102.25 
per cent. The average price of 
allotments was £101.645 per cent, 
and the lowest tender to receive 
a partial allotment was £101.08 oer 

The balance of the purchase 
money is to be paid on or before 
Friday, March 31, ahd dealings 
will commence to-day. 

(trim revrane 

Pretax revenue 


nhM'iwu' 0 ".. . 1 ’"."..'"."."!.’.’.' ifuts increased strength of sterling in businessrose bySGper cent, in able return. 

To revenue reserve — H-SM relation to some overseas tbe first half on a turnover The interim dividend is. 

currencies will make further sales increase of around 35 per cent, at 6^5p gross per £1 share, 

increases more difficult to achieve. bul there are signs that profits total for 1976-77 was 13p anc 

As regards Continental Europe growth is now slowing down, profits were £2.41 m. 
the chairman anticipates that new 
product introductions and market- 
ing activities planned for 1978 will 
lead to a continuance of the 
overall upward trend of business. 

Total sales in the UJC. increased 
Mr. Philip Shelboume. the by 16.4 per cent in 1977 to 
chairman of Drayton Premier £3o.i5m. and profit before tax tar- 
Invesimenl Trust, tells share- proved from £4 .29m. to 14.69m. - 
holders that the company will " 

Drayton Prem. 



British Steel (B’ham) 
to be wound up 

, . . . . . . ... ENGINEERING AND floor cover- Hall as speedily as practii 

As known the divider^ of this Jng gr oap British Steel Construe- and then to dispose of remal 

maintain its Investment in the 74 per cent, owned subsidiary of ttaita (IWnninSaro) ’ returned to assets and tax 'losses, and 
UA as well as in other overseas American Home Products Corpn. !S2“ h ,J2™ Sf T 1 Ti4R272nre.tex 

gw- , M , |» rai^d from i. U, «!?> * tf!? t n 



rial markets; 4n 1977 were current 
do mtaa ted -^iy- the^deehne* ta -tiie- 
UA dollar and that this had a 
generally depressive effect on 
Wall Street. In the current year 

adverse trends will start to be provision of £700.000 was set aside sent its own petition to be wound pay interest on rts 8 j peri 
pnrrCf*t&d. ac at npppmhpr 1Q73 but thp Up. - • p&rtiy COnvcruDJG UTISCC 

As reported on February 9 net directors do not consider it neces- . ] °* D 8lock ' sni ? ^ 

revenue for 1977 emerged up ar sary to set aside any further [p Recdvershro in March 1976 The company has been m de. 
£2.1m. against £li»8m. and the amount since the realisable value have been, excluded from figures , in the terms of its trust t 
dividend is lifted to 6.7p fBp). of tbe land and buildings is sufli- f °r both years, • . since July 1, *9*5, bat 

During the year there was a cierttly above present net book J* 1 ® tw° remaining operating Trustees have i indicated they 
decline in overseas Investments value to offset any increase in subsidiaries are Qualter Hall and not exercise their Tight to de< 
as a percentage of total invest- expenses and losses which is rea- Company ana Barry Staines, rtie the stocks repayable, 
ments. Mr. Shelbourne states, sonably foreseeable . latter m February this year re- In the past ten years tax 

Part of this decline was Meeting 14-18, Holborn, E.C- quested its bankers appoint re- losses totalling £8.22m. have 1 

accounted for by the sale of March 22 at noon. reivers. profits from I 

The ownership of Qualter Hall 1968. 1973-74 and the latest 
is subject to legil proceedings offsetting only £734.000 of this 
between the company and the dividend has been paid s 
receiver of a- subsidiary. Todd 1967-68. 

Steels. Turnover for the latest ; 

U fl TX 1 a , ■ • Mr. R. W. Aitken, chairman. Increased from £6. 65m. to £7.’. 

^ 1 jeoennire 8318 th * t ^ resu^ for the year and earn{n gs per Share are g 

Earnings expand at 

reflect the continued improve- at 1.35p net per 25p share t 
GROSS REVENUE of United profitability in foreseeable future, nient in the affairs.of the group pared with a O.S8p loss lasi t 
States Debenture Corporation for due to the depressed state of the during- the year. Barry btaines wr7 j 

the year to January 31. 1978. rose market, Darlington Railway Plant 
from £4. tom. to £4.Bm. and earn- and Foundry Company has 

rate of . losses was reduced, as 
were group central costs, while JJ™ Ter 

tags came out at £2.52m. against announced its Intention to cease Hall coqttaited .to. trade sausEac- JJJ5 
£2.l8m. after tax of £1.59m. manufacturina. 
compared with £1.4lm. Darlineton Railway Plant is pari 

Results are the first annual of the Thomas W. Ward group, 
accounts following the merger _ 

with London Scottish American 
Trust which became effective on 
August 17, 1977. and they combine 
the Figures from both companies 
for rh« year. Comparative figures 
have been restated. 

Basic earnings per 25 p share 
are 3.77p (3A7p) and 3.74p <329p) 

Olives Paper 
Mill advances 
to £137,662 

7.7V). 175 B.K 
3SV583 S 

toruy. Prom hafora. tax 108372 *1 

However, during the latter Tar codii xs.si4 n 

months of 1977- Staines encoun- Nor croflt ... isltsb *e 

tered problems, receiving' pay- imfrest unpaw: 170737 2f 

ments from customers In Nigeria, jsijm i.c 

tbe principle export market for „ V"** 

its floor coverings. These problems,” 

Pre-tax profit of Olives Paper 

strained working capital and res- 
tricted production. 

Application was made to the 
Government for further support 
but the application was rejected, 
which lead to the derision to 

fully diluted, and the dividend Is Mill Company lifted from £87.898 place the company in receivership. 

stepped up to 3.52p (3.06p) with t 0 £137.662 In 1977 on turnover 
a 2J7p net final. Net a**«et value of £4.67m. against £4.17m. pre- 
per share is shown as 106.2p viously. 

(105.4P) basic and 105.7p (104.5p) Affcr tax of £70.231 (£27^651 
fully diluted. net profit emerges at £67.431 

1377-78 riKs-77 (£60^33) and earrrings per 20p 

Cross revenue (.9H4N C ®5L? a « d 

Tas IJS9.W0 1.413.338 with 3.77p. At halfway profit was 

Net revenue 224.M9 M81.OT2 £81.301 compared with a £5LS41 

Reuined 14J J3B 743.-WS } 0 ^ s . 

* Restated. Director say that continuing 

DART nvriTniV PI WV recovery in 1978 depends on an 
or iitr ^r r JierV LVVY ‘ improvement in the world 
rLAINl LLUoth economy. 

As a result of continuing An unchanged final dividend of 
unprofitable trading situation and 1.25p takes the total payment to 
the unlikelihood of returning to 2.25p against L25p last time. 

Mr ; Aitken says the collapse 
of Staines, has erased any hope 
of trying to create a worthwhile 
reconstruction of the group. 

He hopes to resolve tiie dispute 
over the ownership of Qualter 


Capital Loan Stock Valuation- 
28th February, 1978. 

The Net Asset Value per L\ • 
Capital Loan Stock is 8779p 

SccurldM valued at middle mirk 
' prices. 

Greencoat’s AGM to be 

held by end of April 

Shareholders ...of - Greencoat 

Properties are now being, asked «o 
wait still" further^ far the' results 

of their company . for the year to 
'June; 197R-, .ITw- ^6itf',fp r lhai 
.period, which was called:. at the 
end of December, .was adjourned 
without any business- being traris 
acted, and .shareholders axe now 
told that a new AGM may not bn 
possible until- tbe end of .April. 

The reason for the: j delay, 
according to a notice from the 
company issued yesterday, is the 
imminent resolution of the 
company's compensation claim 
against the Frmch. authorities 
over the Grancanal development 

The Board has now been 
informed ‘that the French 
Minister for Planning is on the 
point of finalising his proposals 
for payment of compensation ciue 
to Greencoat over the develop- 
ment However, until the claim 
is finally agreed the Board 
believes, as it explained in 
December, that the group’* 
financial affairs cannot accurately 
be estimated. 

The Grancanal site was pieced 
together over several years and 
planning permission for a major 
development was obtained in 
1972. At that stage the develop- 
ment stood in the books at a 

value of £6.Sm. In 1978 the 
Conseil d'Etat revoked the 
planning consent and constructor:? 
work stopped. 

The last financial figures avail- 
able from the company are for 
the six months to December. I97K 
They showed a collapse in pre-tax 
profits from £214.000 for the com 
parable period to £12,000. 

The .Board now promises that 
the AGM *1/1 be “reconvened nr 
soon as possible or in any even; 
not later than April 30.“ 

Bank ahead 

Consolidated profit of Inter- 
national Commercial Bank climbed 
from £4571.733 to £6.067571 in 
1977. Net profit came out at 
£2.75m. against £2.13m. last time. 

Total assets of the bank are now 
£4S7.75m. (£5045Sm.). 

WATSON -AHD PHILIP ifand dlSrftu- 
(orci— Remits for year m October 23. 
197T. repm-ied January t7. Fried ashore 
C.2Sm. (£1.43)0.1. nei current assets 
£2.1 5m. 'E-Hm.V Net iqnid fmnH 
decreased *r £2Q5.«M -fWB.W uvr«a M v 
Meeting, Dundee. March 9. at rh, 




offers a helping hand 

with information on property and land avail- 
ability. with help in claiming government grants 
and other assistance, with advice on various 
regulations, planning matters, sources of funds 
and many other problems. ' 

Have 9 tsft witfi: Jhe industrial Development Group, 

Greater Manchester Council 

County Hall, Manchester MSO 3HP 
Tela phone 061-247 3311 





^FSimncial Times- Thursday March' 2 197S 

iinnid to develop 


*4 d rtl.v. 


$hr*s.-,i ' , 

!h r 

*1* 4 ‘. 
***** t.e.': 

FjM* tu-.w 

*v **vr .,- 

V .. 




S , i 

4Wi.t i'i . . 

. 4 J u.. . 

<‘W J!-r .. 

% tl? !’•« . 

out the hoaxes 


HIS FIRST. annual statement 

«r. C J. H ^Setf ic^mwiibSlhat BOARD MEETINGS REC^T curious cases at even before thev have estab- their shares 

■He mjSuSn "SS2J ii “ tnNW fwior Enigineenng and iis hed the validity of the occurence, 

letivejy to . develop existing d*wf c ??J? 1 * n,ea . haw v "“■I*** Marshall * Universal of the “bids approach. Both Senior Engineer- According H 

i ctive ly 


c mart el 

. „„ ij a Kg op V, u“»n»u iroicauw — ...... — „ „ 

; With demand for industrial' SiWS ^aJb^ii^SSSlJS TiS^rrS" 1 ” - ** 1011 * ° f th * “fP 80 ** 011 ? f shares-pos- possible so as to make the risk 

iraducts still- in a recessive tiWwn bftow " m i«w «™mi« Takeover Code. sibly for quite a lengthy period unattractive, 

ihaack j* would -he unrealistic to rcaf ' a ttae “W*- So far. no official invest!- while the bidder, who may turn However, there is a growing 

npact a significant advance io imerim- kmi™ m£Lh tv Ration has been launched into out a hoaxer, us tracked J down— .groundswell of opinion that such 

•iroup profits in the current year, port, suacei Rrtaq KuMer 15 TraS. ways of eliminating .share move- or a second phase jump In the port hoc solutions should be 

■ wim ^ 1 but. action taken should breauic Tran, Thomas wathiV. merits based on non-existent bids, share price. backed up by preventive 

. group to take ^L££".J£5!!5! SS"* RofiS - Brt1,sjl blit individuals on the Takeover To be sure, the Code on dis- measures, the best of which 

. S5£? ?1 upsurge and ■iweU"B SSS rSiF&JESSS Panel have al ready given some closure does not by itself create would be the establishment of 

.he looks to , the futurp With £® ,a,es ’ ? w B P S "' Ro *al Insurance, 
confidence. UtUre W,t * *«««■ g«J kvaa** 

As reported on February js interim*— 

• ihe previous 65 weeks. Turnover ****- 

thought to the '.matter and the the original “ramp” in the the credentials of the bidder at 
growing pressure from com- shares. That comes about simply the earliest possible opportunity, 
panies and market dealers is on the rumour. But practitioners As events have proved, the 
likely to bring about an invest!- in the market, as well as the company being bid for often has 
gation sooner rather than later, companies themselves, firmly great difficulty in establishing 
Under the new regulations believe that confirmation of the the bona.fides of the* bidder so 

was ti 84.87m: against fill tom * r usn March ; C0T upanies bave an obligation to approach by the company being the onus must sow be placed 

'A tecord i?4m w» -J:, CMa V --. — March * disclose as early as practicable supposedly hid for can fuel a firmly. on the bidder to submit 

new buildings. Plant and* iJ ,r S JJ that they are in bid talks with second phase ramp. his credentials at the outset 

ment and a further £tm. washed another party The idea behind One remedy which would After alL any company which 

to complete the subscription for Mcaeier * h'Amie M»rcn id this was to ehriinate the often effectively short . circuit this proposes to offer for a public 

ff* n *w buildings, plant and equip, 

ij ■* 1 / * * h ment and a further £lra. was u*ed 
*« complete the subscription for 
“hare capital in. the jointly owned 
,l| r bouth African foundry. 

tlKl^ l»n -. : The I net , surplus arising from 
||l) disposals less acquisitions, aided 
... . “hi - continued tieht control nn. 

to complete the subscription for HcCIee, v J-'Amie uarca id ‘"is ro eurtmaie we orten enecuveiy short . circuit this proposes to oner ror a public 

“hare capital in. the jointly owned SiS^JISSS 0 * 1 Marc* 3 lengthy periods when vague second phase and prevent profit Quoted company has at some 

South African foundry. t5lt Tcd'Kit! mtimZ “JS l ™m 0ll « circulated concernin? taking- would be to require com- stage to produce an official 

The net surplus arising from- lIuton cnrporaiivn Msivta s bias and created false markets panies automatically to suspend guarantor of his financial copa- 

ai&posats less acquisitions, aided w the share price. their shares nn receipt of a bid. city to make the offer. In prac- 

by continued tight control . over In tbe the amendment At present it is left to the dis- tice this means employing either 

cot t ic 



: MS , » a M^n. nir eni3 ' “CMbera The' division is In the main inex- received is left to the discre- cussions for market trading. It at the outset. The initial bid 
* ccoun * s show an trtcably toked w«h the auto- tion of the company. In practice, is possible to foresee major approach should be made either 

n3S _ ?£I/ 1 2|^^ ase in funds of motive -industry whiohj as expert- however, there is strong pressure disturbances in the market at a through such an adviser or 

judipioHc - ' W ™«^«. . c'wcfl aeam this year ts not with- on the company -tp make its dis- time of high bid activity when accompanied by a Tetter from a 

those facllhl« n ;^^ n !fh- l ^. n i *i Ul ' PwWcms. While pmuve closure immediately the ap- trading in severer major com- merchantbankordealerguaran- 

35ms 1 proach , been received, panies could be so pended at one teeing the bidder's good inten- 

neZZ TTT,,. , r? ? U e an L d oi- er-depeudence on any one parlicularlv if rumonr of it has time dons. In the absence of such a 

'stantfcF 'of^whfch r e ached the market and the There is also the problem that guarantee the company " being 

manufacture pnrficts IS ruptSjn SSuSlfiSSSs carmw sba « a have beguitto move. ' certain compames receive tenia- bid for should be at liberty to 

vnioy Significant market share! statS tbTchainnan. tree b,d approaches so frequently ignore the offer and to deny 

will continue into the lBSOs as A broidcr view must, however. c °mP a mea are being forced to that suspension of trading for pubhely that any bid approach 

will investment concerned with be taken which sees the influx rv. '.™ 31 * 6 Premature announcements each one could make dealing In has been received. 

exploitation of new opportunities, embracing manufacture of cars, ~ - . “ ‘ - — 

says Mr. Insch. .' • commercial vehicles and tract ore. 

Pv n „-i. {f as an important elemew of the 
export ertorts ’ national economy, and over the 

. Much work arid pari ol' capital years ahead foundry business will 
: mending [ S ; -geared, towards «®ntbiue to be q vital r part of the 
Approving die group export per- uv iomn moqrd 

Tormance where conakteraWe Tbe beating divlrfotr.-a^ now HT noore 

Major changes at R. Bradford 

are foreseen dJ^oSte ^ A M0VE W strengthen the David Dowler and becomes a Engel, Mr. Geoffrey Latham and 

gw ye®™- The ™ p?SMsa£ P for Robert Bra ^ ord Insurance brek- director of Robert Bradford Hobbs Mr. Jeremy Lees 1 continue as 

01 stl ? r ' SMtive W S3 m to Sle^SSufidinc ,ne ® roup Sim€ Darb > Holdings Savtll. Mr. Dowler, a director of directors of Robert Bradford 

export price a ?!rf a^Jfbte^crea^ and [he «e«antfle Jind General Sime Darby Loridon, remains Hobbs SavflL 

wTTho o'l ext 5 ? 1 SJoeSdSSS b 5tte5ra5S Reinsurance Company, the two chairman of the principal operat- The five directors repfaced 

nlL^^ Sralus C caMcltv U^nSSSieless sharebold ? rs * yesterday an- mg company Robert Bradford remain as senior executive* 

SS??!??itmS SS5* - and HfcSy to wna?n ?n nounced major Board changes. Hobbs Sarill and a director on the within the Bradford group, while 

hM^ bJSJ imlStrr^^ • The changes come after the main .Board of the holding a - sixth, is now concentrating 
™ ” ■ _ - revelation last October by Sime company. on his. other executive dutlra 

Sroupa-^nie contribrnwit; ■ Agid ^-^ s JwckipwgP mere- Darby, which has an 88 per cent. Other changes include the within Sime Darby Holdings. 

V 10 UJv. nation sB export efforts fore comprehcnvue plai^JavcHv- holding, in Robert Bradford, that arrival on the Bradford Boards of Commenting on the changes 

. !b the UJv. nation export tfforia fore compreheuMve trians^Javotv- 
faking into . atcount indirect iog considerable noo-returring 

Commenting on the changes 

_into . atcount indirect mg 'fonslderabie non-recurring jt would have to make a provision Mr. Alan J. Bryant and Mr. Don yesterday Mr. Don Gardiner, a 
.sports is estimated at over 40 coats, nave been laid ftir .further 0 f £3jj5 m , f or exceptional losses. Gardiner, directors of Sime director on both Bradford Boards 
oer win nf w n ni i hmMnv ^ lmnravpmpnt and maior ration- -rr.. i , a .. • 


f*»L Bron P turnover or 'improvement and major ration- These losses, according to Sime. Darby’s Western Internationa] said: **We looked at the cora- 
ibout £U0m. ’ . alisation of manufacturing facdi- ^ at j because of a large Division. petenee of the management and 

The foundries, division con- ties will be undertaken . ui tne increase in claims against aviation Mr. David E. Richards of the the viability of the business. We 

inuos to provide -a secure supply- forthcoming year to. -.nqtrove reinsurers which led to some Mercantile and General Reinsur- where changes could be 

litre for many types oi casting, operational efficiency • and cus-t business failures. »nce Company, who is a director “> ad «- That involved changing 

veil spread across a number of structure of the dtvwion. To thp Board Qf R obert Brad- « r the Bradford main Board, now management and injecting cash." 

aistomers. The poNcgr or .nmiing The prepared ' actions aVc ford comes Mr. I^slie Patterson, a becomes a director of Robert s ) , J ,e ** confident that the 

Impendence upon xuppBes for designed w-bring the tRririon up director of Sime Darby Holdings Bradlord Hobbs Savtll. problems experienced by one of 

jurrengcr cars is proving to an acre p ilabfe earnings pinion and manacine director of Sime In addition Mr. Douglas Grout, Bradford's subsidiary com- 

, 5L an t mc ? a ^ >u ^- ,s at rTlal,ve l y . Iow ael'YUy levels Darby Western International who formerly deputy chairman of ? e * v,at: ,on . r ? ,n ^ ura 4^ e 

vlng achieved in- establishing and to enable ever greater sales takes over as chairman Trom Mr. Sedgwick Forbes Holdings, has 5™, “? »«* contained. The 

1 1 visional companies as major and profit advantage taken accepted in a personal advisory management changes, together 

uppiiers of a variety ol cartings from any upturn in trade. • ■» 1 ' n capacity an appointment to the , *1 me injection or support 

«1 export markets.. Tire prereSt Meeti^. Midland Hotel, Bir- LondOn'& main Briar £ 1^5 V 1 ® hl °.5 hareh ‘ ,lder ^ « 

;JC ' aml L ' S ', ^ nds towards mingham, on March 22 at moon. . Mr. John L. Kavanaugh, direc- foT^^e devSonment ^ 

Lomond sees tor of operations at Robert Mr ^ Gardiner *35 ‘‘that- th^ 
_ • • ... . UUlltUIIU 3CC5 Bradford Hobbs SavUl becomes orSririkm ofSiom waK 

County Bank expands, : ■/: dividend rise ™f=rX"rrr7 ss 

■ ■ Increased dividends From its Tffr. Michael Chard, Mr. Charles injected, he added. 

■iFKin-i.' ui a variety m cayiings irom any upturn in iraoe.- ■ T J O 

n export markets-, lire prerenr Meeting. Midland Hotel, Bir- L/OflflOfl & 

A. and US. trends towards mingham, on March 22 at moon. 

Lomond sees 

County Bank expands ■ dividend rise 

• ■ :• : . .... . 7 ' Increased dividends From its 

.... yr-y-w.yw- i ■ -Ay v j Investment liortfolio-bre expetted' 

ny 60% to £o.9m. ^ 

v ... of the same magnitude as in 1977 

'StSSEwr B.nk! °*A™ 1 ^knoHU. p n -l,< AWoll., SSSytoS-Tta SfdhiSe.d 
'•mrdpd a CO per. cent, increare expanded by 12 per refit, from na^nii ff rhe current year th- 
n pre-tax profit in 1077. The £l-53m. to a record £i.7lm. in the {SSSrf the tam? denendtoe 
i.ol figure was £<l9ra. compared year Iff September M. 1977. ih* Jr dMdwS 

^ V-K n, i w , SSJ lvidend is up ®"»P 10 controls are remind faS 

Mr. Charles \ fillers the deputy »*®P» . _ , - _ ^ summer, 

biff excrutive; explained that An analysis profirs by ve ,_ dividend oav- 

of * he bank’s three disisions pMjf ^how* (EOQQ* onuuedu mPnl s rose from 2 Ip to 2 4n with 
-I-mjnve. imertinent Mnnape- Duilding and- auicrl trades pro f!» s up from £682^93 10 

irviii. and Corporate Advice — had & M28 (£953), timber imponing before tax. 

uxrte its vontribution tn profits and merehautlns £754 1 £6X1 ). and Wr A ]| an p 0 i nts ou t that ln| 
:rnwrh lart year.-' The lending aysnciared *.»ompanies £174 loss 1977 the amount invested over- 

ina Total listed investments in the 
UJC. at balance date were £15.Mm 
of (jES,T4m > and overseas £5. 75m 
(£7.74ra >. 

London and Lomond wilt -he 

had btriofited from low l£S4 lo>s). ^ „ seas declined from 44 per cent. 

rMi-reM rates . in the wiwleswfa. Mr. Trench «».vs he seill belie\cs t0 gg pp r Much of this was 

notify marked and a J4 per cent. Lovell will see light at the end due to the relative market perfor- 
ntrease in nct'nfaarices. , of the tutuiel in 1978. Bui on pre- mances. but early in the year 

The *alo during the year of “bowing not before 19. H will hinds were switched back to the 
TouiMy Bank’s imerest in W«j% Ilw b;K -_ ronstruciion market UJC . 

»urn Engineering :yk4ded £lm. on return to one of growth and Total listed investments in the 

m- im c-tmeiu some three year» buoyabey. UJC. or balanre date were £15. Mm 

arllcr or £80.006^ Mr. VUIiers Following a revaluation of (jR.T4Tn > and overseas £5.75m 

tlvjt Coumy B»nk wa< cur- group properties, which produred (£7.74ra >- 

■ctjtly engaged in 70 eriuity- a surplus of £3 9m.. each 2»p London and Lomond wilt -he 
lacked financing scheme.*. 20 of ?»harc had a net asref backing of making adjustments in its UK 
vhirh involved options 10 buy HHP 3* September fifl. 19<<. the portfolio to place more emphasis 
•qulty. 5 ~ chairman states. Of this, 112p per on companies which should 

.At ! lie end of the year the bank riiare is attributable to freehold benefit from a real growth in 
lad £lbn. of rundsjjindcr manage- and leasehold properties. disposable income. The strengin 

nctit. • - - • Referring to construction. Mr. of sterling will penalise exportine 

Trench says the greatest prob- companies, he says, 
lem in 1977 — and indeed remains. But directors do not see the 
-- «J in I97S — was obtainmg a y.K. market as vulnerable when 

V^AUUUlIa sufficient volume of burtness at account is taken of the size of 

4 ■ • 4 prices showing an adequate cash flows within the insifturior*. 

ODTimiSm 31 rcium. arid the continued flow of money 

Y r _ „ Lovell is continuing to place from overseas. 

I I nrnll emphasis- on the development of He snys that the pattern in the 

■ • LiU v til ils indurtriMised systems both UR. seems similar to the position 

Mr. Peter. Trench, chairman of f or home and overseas. of the l T .K. not loo long ago, and 

J. Lore!) (Holdings), the i n view of the prevailing con- with common stocks . in the 17.S 
^udders, developers and limber ditions. the companies concerned: now standing on a _ comparable 
-ripnrfcM. docs not espcci 19751 w jjj, t he building and selling of basis with the UK., directors 
rube an outstandingly profitable homes in the private sector did' think the .American market offer- 
•*«f “ nlrhnur.h on prerent show- extremely well last year. Mr.' good value. 

'nz ; there is no need -fur Trench comments. The American economy i« 

cs-onndenpy." The' group is determined to growing at double the rate of 

Rest run 11 ring will continue' and maintain a healthy land bank and Britain and in view of this thev 

his' inevitably involves expends 7977 saw some of its largest feel ** a greater exposure to thi.- 
n re for which .. there 'is .no purchases Of land for many years, market would be an appropriate 

tnrtcdiato return. Mr. Trench tells inelutfing about 198 acres in the stance to take.” 

■if'inhcrs. in hi* annual statement. Bristol area. ’ During the year there -was a 

nd there is \illl a questmn-mark . Meeting, The Portman Hotel, on £122 itu (£0.28xn.) decline in liquid 
\cr the profitability of some of March 2J, ai 3.00 pan. 'funds. 

optimism at 
Y. J. Lovell 




The Building and Civil Engineering page is published in the 
Financial Times every Monday and carries news items relating to 
contracts and important developments in the Construction Industry 

For details of the advertising space available on the page 
each week, and costs, you are invited to telephone 
01-248 8000, Ext. 360 or write to: 

Financial Times 
10 Cannon Street 
London EC4P4BY 

Small assistance 

Brink of England Minimum 
landing Rate of 6} per cent. 

.Marr January 6. 1978) 

The author 1 lies felt that ihey 
\ ft did ihc amount nf help given 
i> the London money market 
ertrrdriy, but money remained 
a short supply up 10 the close 
•f business. Drtvouni hoiiMW 
uU fi-dt per cent, fur secured 
all .In, ms throu;:hout the any. 

The scale of assistance gi\cn 10 
the market was described as 
small, ihrough purchases of 
Treasury bills from the hou-“es. 

Banks brought forward surplus 
balances and the market was also 
helped by a slight fail tn ihc 
note Circulation. On the other 
-hand there was a fairly large not 
take-up of Treasury bills, a s^e- 
sbic excca of revenue payments 
to the Exchequer over Govern- 

ment disbursements. further 
money for the call on 101 per 
cent Exchequer 1995. and settler, 
ment for sales of Milt-edged slock. 

' In the interbank market over- 
night Joans opened at 6J-61 per 
cent., and eased to 61 -fli per cent., 
before touching a high point of 
9 per cent., and closing at S per 

Rates in the table below are 
nominal In. Mine cases. 

For The Complete Picture. 1 a brochure 
describing all our property sendees, 
write to~DN.IdrisPearceER.LCS. 
Richard Ellis, 64 CornhilL 
London EC3V3PS. Tel: 01-283 3090 




•" Wtwflw . 

osjrtta .. 
'•“•WlmJJi.. • 
T«M . . 

, .... (.tit -Ui* AulU nmuhi* 

“ i ; ass' ! iKa. 

L’ ■ ■ ■■. i _j, L .„ - — - «■*“ _ 

euR l 
«v e » 

771 ;*"■ 
Tto 2i- 
-»:• ?- 
a-« u 

6;i O'i 

• el# 

- -O i 7.4 
7is 7- . 

U '» *'-i 

; Hmwe 

i «»m *m j 

1 ^ -mil» . 



Inwntn' ; 

] Bill* 4 



J1» Tlmdc 

; BUI*0 


1 ! 



: - 

6l» 6"i ■ 

7 ! 



; - • 

S'. 7 

7 ■ 

■ % 



6 6:* 

Wf 5rS 


• 71, 


7!. . 

. 6! 4 

, B*i • 


7.) ai : 













• — 

— | 




1«"T! 'SLTmSJ'ti 5^“ «."S 1rr7a' ^rx.- Jrrr «m. Charw ■«“ i*r i«dau X per ««- Ttowenrj 

Richard Ellis 


Crest nidiolam Ltd 

financial Times Thursday March 2 1978 


An industrial gi*up with inteirests in houring. leisure and engineering 

Significant Progress in 1977 THF ill U.S. ffiStEUTIflt YCfltllf C 


Pre-tax -profits 
Earnings per share 
Dividends per share - 
Supplementary dividend 
in respect of 1976 

1976 1977 •- 

£24,095,000 £29.726,000 

El .220.000 £1.815,000 

5.0Sp ' 8.57p 

- 2.98p 3.3284p 

+ 23% 


* Strong profit growth in aff divisions. 

# Maximum permissible dividend 

# The group is currently performing 
well and further profit growth is 
expected this year. 

THE EXPANSION. in .-the U S. of 
Trust Houses Forte, the British 
hotels and catering group, con- 
tinued yesterday with the an- 
nouncement of the purchase of -the 
Colony Foods restaurant chain for 
$Sm. itt.lm.% 

Colony Foods runs 91 
restaurants, trading principally 
under the names Colony 
Kitchen " and “ Hobo Joe's." It will 
be merged into THF's • wholly- 
owned U.S. hotel subsidiary Knott 
Hotels which THF bought a year 

ago. Knott's hotels include the 
Westbury hotels in London and 
New York, and the company is 
already involved in contract 

This is THF s first venture in 
the restaurant business in the U.S. 
Its largest interest over there re- 
mains - Travel edge International 
which it acquired five. years ago 
and which uow- provides 36,000 
hotel, bedrooms in the U.S. 

Group, Mr. K. .■MacLellan has con- 
firmed the report in Tuesday's 
Financial Times that Johai Tea 
Holdings and Long bourne Hold- 
ings have acquired 180,000 shares 
each in Sogomana as ** long-term 

The purchases were made with 
the full knowledge of the Board 
of Sogorfaana and it has been 
agreed that a representative of 
the purchasers will be invited to 
join the Board. 


The chairman OF Sogomana 




*■*&*» . V 

Results for 

The audited accounts for the year to 31st December 1977 
will be published on 24th April 197S. but preliminary and. 
unaudited figures for 1977, with actual figures for 1976,' 
are as follows: 

Premium Income 
General Business 
Long Term Business 

Profit and Loss Account 

Investment Income 

Underwriting Results 

General Business 

Shareholders’ Long Term Profits 

Interest on "Loans 

Profit before Taxation 

Taxation — U.K. and Overseas 


















71.7 , 




— — - ' y ~ 

. ^ 



Profit after Taxation 

Minority Interests and Preference 

Profit for the year available to 
Ordinary Shareholders 

Earned per share 
Dividend per share 

29 -2p 22.6p 

8.097p • 7.3 13p," 

In arriving at. the profit for the gear, overseas revenue has 
been translated at the rates of exchange rilling at the year 

There has been a change in accounting policy in that the 
*' exchange adjustment,'’ whereby overseas profits were re- 
converted to average exchange rates for the year, has been 
discontinued. The charge for taxation is note also calculated 
by the application of year-end rates and comjjarative figures 
hare been adjusted. 

On the previous basis. 19 77 profits after tax would have been 
increased by £3.4 million (1976 — £0.8 million reduction). 

Analysis by Territory of General Business Premium Income 
and Underwriting Result 


— ifT7 — 

Ere huge 


— >976 — 




Result 1 

Rates used 



Rain used 

U.K. ... 







201. S 



u.s a 


(3 6) 









- (2.0) 
















Uiher. inchidmc 




39 4 



Marine and 

. ' 20.9 



(0.5 i 

— . 




Final Dividend for the year ended 3 1st December 1977 
As previously forecast, the Directors have decided to recom- 
mend tu the Shareholders at the Annual General Meeting to 
be held on 24lh May 197S the payment of a final dividend 
«>n the Ordinary Shares of 4.347p per share making a total 
distribution for the year of S.097p per share, being the 
maximum amount permissible under current. legislation. 

The Directors have also decided to recommend the payment 
of a further amount of 0.063p per share in respect of the 
year 197G. as a result of the reduction in the rate of Advance 
Corporation Tax from 35% to 34%, thereby increasing the 
total distribution for that year to 7.3I3p per share. 

The dividends will be payable on or after 1st July 1978 to 
Shareholders on the register on 2nd June 1978. 


General Accident Fire &Life Assurance CorporationLtd 

World Headquarters. General Buildings, Perth, Scotland 



The expected bid for Dixor 
from the group of businessmen 
who bought Matthews Holdings’ 
57 per cent stake last month, has 

Pitched at 2Sp per share (the 
price Matthews sold at) the offer 
is substantially below the current 
market price of 47p and also 
lower than the shares have been 
in the market over the past. -six 
months. - - • 

It transpires that Mr. Michael 
Dinsmore and Mr. David Stark, 
the leaders of the consortium, 
have no intention of buying out 
the whole of the equity. The 
official offer document, posted to 
shareholders yesterday, states 
that the consortium hopes to 
maintain a listing for Dixor.. 

Already the independent 
directors of Dixor. headed by 
chairman Mr. H. Davidson, 
have firmly stated that they are 
not accepting the offer as Tar as 
their own 11.4 per cent of 'the 
shares is concerned. 

Publication of Dlxor's financial 
figures for the- nine months to 
October, which were expected to 
be included with the offer docu- 
ment. bas been further delayed. 
A spokesman for Dixor said 
yesterday that the audit has not 
yet been completed. The figures 
are now due within, the next 
three weeks and will be accom- 
panied by trading figures and a 
pro forma balance-sheet for (he 
first five months of the current 
accounting period. 

£730.006 for a hew 10) per cent- 
Convertible Subordinated Loan 
Note 1987 of Concord Leasing, of 
which £250.000 was subscribed on 
February 28. 1978. The balance 
is to he subscribed between 
October 1, ifiTS. and March S3, 
1979. - 

A spokesman for Gibbs said 
yesterday 'that the group saw this 
as an attractive investment oppor- 
tunity, rather than any major 
move into the leasing business. 
The services offered by Concord 
are. however, "seen as oerag 
“ complementary to. Gibbs' exist- 
ing banking activities.” . 

The principal shareholders «n 
Concord International SA are' 
Arbuthnot Latham, Banque 
Worths SA. Philadelphia Interna- 
tiona] Investment Corporation and 
Lease Plan International Corpora- 


Brent Chemicals International 
has entered Into an agreement 
with Chemical Holdings of Johan- 
nesburg whereby a new company 
wifi be formed in which the two 
will have stakes of 20 per cent, 
and 80 per cent respectivqjy. Cer- 
tain specialist chemical interests of 
Chemical Holdings will be injected 
into the new company, which is ex- 
pected to have annual sales of 
around R7 5m.. with ■ estimated 
pre-tax profits of R8 00.000. 

The new group will be called 
GhemservefArdrox Chemical Hold- 
ings. The object of the merger is 
to provide South African industry 
with “surface technology in- 
volving advanced engineering and 
chemical systems in the fields of 
automated industrial chemicals and 
metal finishing." 

But, 11 conscious of its own posi- 
tion as a recent seller," and hav- 
ing had discussions with the 
Take-over Panel and Wilkinson 
Match, Swedish Match bas 
decided it is more appropriate 
for the greup< to abstain. 


The official documents concern- 
ing the agreed bid by Gough 
Brothers For fellow wtnes and 
spirits merchants Ellis and Go-. 
Include a profit estimate by 
Gough of £200,000 for . the year to 
January. 1978, a 35 per cent drop 
. from last year's £303,000. The 
final dividend will be maintained 
at 1.82P. •• 

The directors of ETIta have also 
made a forecast for the year to 
March.- After interim losses of 
£89.000 the full year loss will not 
exceed £40.000. they say. 

As announced on February 16 
the offer bas been- accepted by 
the Ellis Board. In respect of their 
holdings of 279 per cent. 

The offer involves a capitalisa- 
tion issue to Ellis's shareholders 
whereby shareholders will receive 
one new share for every one they 
hold and existing shares will be 
converted into 4 per cent Pre-, 
Terence shares. 

' This move makes no difference 
to the value of the bid which 
equates to 24p per share in cash 
or I8.65p if the limited share and 
cash alternative is accepted. 


(Incorporated in Uie RcpvbLlc oj Sovth-Afriui) ' 


•V - The directors announce that the audited eonaoRfa' 

,resal|a for *e year ended 31st December.-1977. are asjollo; f I 

12 Months 12 Mont*! {TV 1 
ended ended* l* 

31.12.77 3I.l2.3Bi 

*1 ) L- 4 

12 Months 


Trading Profit 

Income from investments 


Antony Gibbs Holdings, the 
merchant banking and timber 
products groun in which Hong- 
kong and -Shanghai • Banking 
Corporation lias a stake of around 
40 per-'cetiiL, has subscribed 

£281.250 in cash for a 20 per cent 
stake in. Concord Leasing, st 
n re sent a wholly-owned subsidiary 
of Concord International SA. In 
addition, Gibbs 1$ to subscribe 


Swedish Match has said that it 
will not be voting its 39 per cent, 
holding in- Wilkinson Match at 
the extraorcHnary meeting of 
shareholders to approve the con- 
troversial deal through which 
Allegheny Ludhim of the U.S. 
stands to obtain 44.4 per rent. oE 
Wilkinson in exchange for the 
stale of True Temper, its garden 
tools subsidiary. ' 

Swedish Match, which sold a. 
29 per cent stake in .Wilkinson 
to Allegheny just before Christ- 
mas, says that it is “strongly tri 
farour " of the True Temper pur- 
chase. which it considers “ a good 
opportunity to 'acquire an- 
important consumer products 

company on attractive terms." 

Borthwick sells Thamesmead 

Thomas Borthwick and Sous 
bas sold the loss-making meat- 
processing factory at Thames- 
mead which it acquired when it 
took over Matthews Holdings last 
August. The buyers are the 
retail butchers J. H. Dewhurst a 
subsidiary of the private Union 
International group. 

No price war disclosed for- the 
sale. Matthews' last full accounts 
show that- there "In : a £2m. loan 
secured . -igaiu^ Tthe factory, 
.repayable, ip .instalments by July 

"Thamesmead had been a head- 
ache for Matthews ever since it 
opened in 2973 largely, arrow- 
ing to Mr. Raymond BToye. 
Matthews' chairman, at the time 
of the agreed bid; because it had 
been running below capacity. 

In his letter to shareholders 
accompanying ' the recora menda- 
hon of the bid. however. Mr. 
Wove- stressed that one of the 
major benefits of the merger 
would be that “ more efficient use 
can be made of Matthews’ pro- 
ressine facilities at Thamesmead 
by the Increased volume of 
throueh-pui that Bortiiwicks' 
bu<Hne*s would bring. 

air. Bloye has since resiened as 
a director of Borthwick to 
concentrate on his other interests. 

By the end of November, how- 
ever. when Dr. Bullen. chairman 
of Borthwick was making his 
annual statement. Thamesmead 
was described as a “problem of 
Ihe first magnitude.'' Dr. Bullen 
went on to sav that “it Is being 
tackled .urgently." 

Yesterdav. the genera), manager 
at Borthwick. Mr. Hunter, said 
that Thamesmead had proved 
"excess to manufacturing require- 
ments. particularly since we have 
a new .'processing factory, at 
Sitringhoume." -j 

Mr. Hunter also revealed that 
Borthwick is in the final stagp* or 
negotiating to buy another chain 
of retail butcher shops. 

undisclosed sum. Turnover of 
the two companies acquired will 
be in excess of £2}m. in the 
coming year. 


Sime Darby London, has sold 
its 4.398.841 shares and 36.000 
warrants in Consolidated Plan ra- 
tions to its parent company Sime 
Darby Holding* for SABm. This 
stake represents less -.than 5 
per cent of Consolidated Planta- 
tions, compared with slmet Darby 
Holdings’ total interest of 67.36 
per cent. - , , ... 

The reason for the sale, which 
was at middle market prices on 
February 24. is stated to be the 
reduction of Shoe Darby I.andoo's 
borrowings which have risen from 
£7.7m. at the last balance sheet 
date to £10.1 m. But it is also 
thought to be part of a rationali- 
sation of the way in which the 
group holds is Consolidated Plan- 
tations shares. 

Sime Darby Holdings owns all 
the Ordinary capital of Sime 
Darby London but some conver- 
tible Preference shares are in 
public hands. 



The Board of James Shlpstone 
and Sons has told shareholders 
that it considers that the offer 
from Northern Foods Is “ wholly 

The Board will be writing to 
shareholders again set ring out in 
detail reasons why they should 
reject the offer. Meantime share- 
holders are advised “ most 
strongly” to take no action. 

equity of Tioxide, the remainder 
being owned by ICL_ 

The cash consideration paid by 
Lead Industries was £4.1 sl. on 
December 20. 1977. and the com- 
pany also subscribed £4.4m. - for 
the rights issue of Tioxide. 
Medium term facilities to cover 
these payments are available from 
the company's bankers. 



Charter house Development, the 
‘development capital subsidiary of 

the" Charterhouse Group, has 
acquired a minority holding in | 
Socidid Industrielle de Manuten- 
tlon Acler et Plastique (1MSAP). 
a French industrial mail order dis- 
tributor. for £250.000 cash. The 
investment has been made through 
Charterhouse Development's 
French subsidiary. Charterhouse 
SA. based In Paris, which "vill be 
represented on the Board of 

LIT SAP is a mail order distribu- 
tor in France, offering a range of 
products for- use in factories and 
offices, including storage and 
handling equipment machine 
tools, safety clothing and office 



The offer by Colophonium Pty. 
for London Australia Investment 
will now remain open for accept- 
ance until April 10. 1978. 

Jessups {Holdings) has com- 
pleted the acquisition of. 'the 
capital of ECP (Engineers). 
Details of the deal were 
announced on February 14 at the 
time of exchange of contracts, 

A further announcement will be 
made at the time the total con- 
sideration for .the acquisition 
(which will amount to the net 
tangible asset value of ECP as ai 
February 28. 1978, plus £45.noo 
for goodwill) has been certified 
by the present 'auditors of ECP. 


British Anzani Construction, the 
building and civil engineering 
subsidiary of British Arrzanf. has 
acquired T. H. Contractors, civil 
engineers, and Tractors Hire, 
pant hire specialists, for an 


Completion has taken place of 
Lead Industries Group acquisition 
of one hair of Federated Chemical 
Holdings’ shareholding in Tioxide 
Group. As a result. Lead In- 
dustries now owns 50 per cent, 
(formerly 43.59 per cent) of the 


Following the successful out- 
come or the offer by Dalgety for 
Federated Chemical Holdings all 
the equity capital of Tioxide 
Gronp is now held by ICI and 
Lead Industries in equal shares. 

- The Board has accepted the re- 
signation of Mr. ■ J. Sparrow. 
(Chairman of Federated) as a 
director of Tioxide. 

Coral has 80% of Pontins 

Coral Leisure Group’s .offer for 
Pontin's has been accepted by 
holders or 98.34 1.914 existing 
PoiHin’s shares 18Q.S4 per cent.) — 
being Ordinary shares proposed to 
bccon verted Into 5 per cent, non- 
cumulative Preference shares— and 
98,341,914 new PontinS shares 
180 .84 per cent.)— being the new 
Ordinary shares proposed 4o be 
allotted by way of capitalisation of 
reserves. At the extraordinary 
meeting of Pontin s held yesterday 
all ihe resolutions including .those 
lo approve the capital reorganisa- 
tion were passed. 

■ M the meeting convened for 
holders of the 7 ]>er cent, con- 
vertible unsecured [dan slock of 
Pontin's also held yesterday _ to 
sanction the capital reorganisation 
and approve the proposals for ex- ; 
changing Pontin's stock for Coral 
shares and ca'sh. proxies, were re- 
ceived from holders of £115.700 of 
stock (39.7 per cent.): Of these 
proxies over 99 per cent, were in 
favour of each resolution. - 

However, as the necessary 
quorum of holders of 50 percent, 
ip the nominal amount of the. stock 
was not present, the meeting has 
been adjourned and the notice of 
the adjourned meeting will be 
posted as soon as possible. 

- If • the stock proposals arc 
approved at the adjourned meet- 
ing as anticipated, it is intended 
'that the offer will be .declared un- 
cmtdiUonaf im media roiy thereafter. 

In'- answer to a query by a 
Pontin's shareholder; ov« poten- 
tial Capital Gams Tax liability. Sir 
Fred Pontiri, the chairman of the 
group, said that in spite of his own 
efforts lb delay the Coral bid until 
after the end ofthe Tax Year, it 
had been decided to push ahead 

because of “an Inkling" that 
another, less - desirable bid may 
have been made. Asked by another 
shareholder as to whether this 
second offer— Sir Fred refused to 
disclose the identity of the bidder 
— may not have been better, the 
chairman said that he was con- 
vinced that the terms would have 
proved less generous and that the 
association between the two would 
not have -been sv happy. 

Harms thanked shareholders. 
Sir Fred went on to say thta the 
merger with Coral would “ be good 
for both companies” and that 
there ’.wns no doubt that the 
Pontin's business would- continue 
to"prosner within the enlarged 
group. He reminded shareholders 
thta he would be staving on as 
managing director of Pontin’s for 
a year and that he would not only 
be chairman thereafter, but would 
be 'part of the Coral Management 
Board, and- would continue to 
“look after tfte interests of Pu- 
tin's executives, employees and 
fuiurc guests." 

and £30.000 of 8} per cent, un- 
secured loan stock to Societe 
Omar SAJtL. with which Mr. 
Midani is associated. In addition 
Socletc Omar has purebased a 
further 415,00 Ordinary shores of 
25p in Fairelough. increasing its 
stake in ihe civil engineering and 
construction group to 12.14 per 


Contracts have been signed for 
UKO International to acquire 
Alpha Lens Company for a con- 
sideration of 200.000 UKO 
Ordinary shares. This represents 
a valuation at present . market 
prices, of some £100.000. 

The business of Alpha, the 
/coding British manufacturer of 
plastic (CR 39) opthahnlc lenses, 
will continue under its . current 


Cazrnove and Company sold 600 
Ban-all Developments Ordinary 
shares at lOtp and 1.000 at 100p 
Tor an associate of Barralt. 

W. I. Carr. Sons, and Company 
bought 10.000 Fontln\ assented 
shares at 36 Ip and sold 625 and 
4,500 Coral Leisure Ordinary shares 
at lOOp on behalf of discretionary 

Simon and -Coates an associate 
o( Property Investment and 
Finance bought £5,000 nominal of 
PIF 6 per cent. Convertible Un- 
secured loan stock 1991-90 at £73 
per cent, on behalf of an associate 
of PiF. 

Hesse) and Company, an 
associate of Trafalgar House pur- 
chased for its own account, 5.000 
Ordinary shares or Young, Austen 
and Young at lOjp. 


Mr. M Al-Midani hits transferred 
hrs holding of 4.155m. Ordinary 
shares in Fairelough Construction 


Anglo American Asphalt — W. 
and J.' Glossop has purchased 
100.000 Ordinary shares and is now : 
interested in 479,150 (10.05 per! 

Crellon Holdings— V. C Creer. : 
director, bag- disposed of 50.000 , 
shares. They were registered in I 
the name of Courtways Manage. ; 
ment. a private investment com- ! 
pany of which he is a director. 

Less: , 


Interest on borrowings 

-Profit before taxation .... — 

Taxation - ■' 

BW0 ' 



141 45i 





9 800 




4 516 

3 9li 





Group profit 

Earnings per ordinary- share 


lames Grant and Company 
(East) has reached agreement 
with Raper and • ‘Bainbndge, a i 
subsidiary of Waring and GOlow 
(Holdings), for R and - -.B. to 
acquire From Grants and two of 
its subsidiaries, carrying on the 
business of Hartley Carpets, the 
leasehold Interest and the fixtures 
arid fittings in respect or 35 of 
their retail carpel shops currently 
trading In England, certain motor 
vehicles, and the sole use of -the 
trading name of Hartley Carpets 

Consideration is to be. £325.000 
cash for the 35 shops including 
the fixtures and fittings (plus the 
cost of the motor vehicles). Pro- 
ceeds of the sale vffll be applied 
in reducing group borrowings 
pending reinvestment in the U.K. 

- 'Net book value bf the assets 
being disposed of is £115-000 (plus 
the net book value of the .motor 
vehiclesl. -Proceeds of the sale, 
will be applied in reducing group 
borrowings pending reinvestment 
in the U.K. 


The audited consolidated group profit before tax for { 
year amounted to R1 124 000 compared with a profit 
R7 235 000 Tor the previous year. The group profit after f 
for. the year amounted to R1 083 000 which is R4 557 000 
81% lower than the taxed profit for 1970. 

The following aspects are of importance in reviewing t 

. — Profits on steel products were lower than the previt 
year- as a result of a decrease in despatches due to pc 
market conditions. 

—Lack or orders had an adverse effect on producti 
which in turn necessitated the curtailment of activ 
on certain production units. 

—In consequence of the decline in the demand for castir 
during the last six months or 1977 there were h 
despatches than In the previous year which had 
adverse effect on profits. 

— Veldmaster ended the year with a loss mainly attribut 
to. a lower demand for, and keen competition on forei 
markets for its products. 

—A sharp reduction In the demand for alumioii 
conductor caused profits for Alcor to be lower 
comparison with the previous year. 


Notice is hereby given that a final dividend of 8 cei 
per R200 share has been declared on the cumulative part id p 
ing preferent “A” and "B-” shares for the twelve moni 
ended 31st December, 1977. 

Notice is also given that a dividend of 2.5 cents per l 
re has been declared on the ordinary shares. 

share has been declared on the ordinary shares. 

Dividends are payable to shareholders registered • in 1 
books of .the corporation at the close of business on the 11 
March, 1978. *■ 

The transfer books and registers of members will 
closed from ISih March to 31st March;- 1978^ both days inclusi' 
and warrants will be ported from Johannesburg .and Lond 
on or about 20th April, 1978- Registered shareholders pi 
from London will receive the United Kingdom curren 
equivalent on 11th April, 1978 of the rand value of thi 

Any change of address or dividend instructions must 
received by the transfer secretaries on or before 17th Map 

Non-resident shareholder's tax of 15% will be deduct 
from dividends where applicable. 

By order of the Boa 

Transfer Secretaries: 

Consolidated Share Registrars Ltd., 
62 Marshall Street 
. Johannesburg 2001 
. (P.O; Box 61051 Marshalltown 2107) 
South Africa *. ...- 

‘ ‘Charter Consolidated Limited 
P.O. Box 102. 

Charter House, 

Park Street. 

Ashford. Kent, 

TN34 SEQ. 

16th February, 1978. 

Registered Offic 
General Hert&og Ro~ 
P.O. Box 
Vereenlghjg 19 

London Offic 
40 Holboru Viadui 
London EC1P 1A 

^ l i • * » i * 


7p; Shareholders. Loan Stockholders and Unsecured Creditors 


tqSl st OCTOBER, 1 977 

Turnover for the year showed an increase of £1,084.679 from 
£6,654.496 to £7.739,175. Trading profit before charging 
interest payable of £241,211 (1976 £295,705) and crediting 
taxation of £32,914 (1 976 before charging £41.000) increased 
from £285^25 lo £389.583. and the net result was a profit of 
£181,286 (1976 loss £51,380). From this profit (1976 loss) 
.there is deducted £170.737 (1976 £261,150) in respect of . 
Interest unpaid and costs accrued on debts the subjecr ofthe 
-informal moratorium, and extraordinary lasses of £132.128 : 
(1 976 £1 ,480,390). No final dividend is recommended on the 
Ofdinary shares. 


These results reflected the continued improvement in the 
affairs of the Group during last year. The Group comprised 
Suring the year Barry Staines Limited, manufacturers of 
linoleum and other floor coverings and Qualter-Hall & Co. 
Limited, designers and manufacturers of mining and materials 
handling equipment. 

During- the year the rale of losses within Barry Staines Limited 
was reduced as were Croup central casts. Qualter Halt & Co. 
Limited continued to trade satisfactorily. 


During the latter, months of 1977 Barry Starnes Limited 
encountered problems in receiving payment from its export 
•customers in its principal overseas market - Nigeria. These 
problems imposed a significant strain on working capital arid 
also restricted production. Additional funds were therefore 
required if Barry Staines Limited was to -continue to trade and 
applrcation was made to the Government for further support. 
Regrettably, this application was rejected and therefore the 
decision was taken to place Barry Staines Limited into 
Receivership on iVfonday. 6th February, It is to be hoped that 
' some continuation of the business will prove possible as all 
the employees had given of their best to try to restore the 
fortunes of this company against' considerable odds. 


As a result of the cbHapse of Barry Staines. Limited any hope 
there may hava been of trying to create a worthwhile recon- 
struction of the Group .has also collapsed. 

Qualter Hail & Co. Limited is continuing to trade satisfactorily 
but there remains a dispute as to lha ownership of the shares 

which i propose to seek, to resolve as speedily as practicable. 
Following the resolution of this 'dispute,' it would be my 
intention to dispose of ail remaining assets and tax losses; 
thereafter British Steel Constructions (Birmingham) Limited 
will present Its own petition to be wound up. 

During this phase I hope that it will be possible to continue the 
informal moratorium that has been in force since January, 1 976 
.as no useful purpose would at present be served by liquidation. 
Creditors will have appreciated from previous information issued 
to them that the return, if any, from a liquidation will be minimal. 
-I have been keeping the Trustees of the unsecured stocks 
informed of events and will continue to consult with the informal 
Committee of creditors. 


1st March, 1978 Chairman. . 

55 if 

fir Siatth . 

> C!f ^ * 1978 

' ^ J; 11 W1 SfftS ; HBttS : • : 

Mf'Awttus <Utj -Ui 

?*** ®^n M R r ; 

g* >..,!, , ti 

s^Mroih, .' 
r -.»Mr,t :v... 

;-^Ml * : 

r- RHiw> 'x 




t, .: *-. 

sees no 


s gas reserves up 

iiieKei recovery 

\‘ Y WNNSTH marston, mining editor 

'h -t ■«-.,. 


hr.*' f 

>v tightening - it* belt as tt 
' f anothGr lean year "Canada’s 
ing nickel prodtt&er, taco, 
‘/flis that there will be some 
ease this year : in the 
. *essad lew] of ^demand ‘ for 
Nel. But Mr: £ Edwin Carter, 
chairman, -tjfanis that Ui view 
*:The size -of -producer stocks 
/ughout the ‘wotld-flw restora- 
. of a healthy supply-dgmand 
' -.nee may take some time. 
"nco's stocks of Canadian nickel 
‘ end-1077 -ibralled; 341 in. lbs. 
‘pared with sales in that year 
112m. lbs and a normal stock 
*"! of I00m_ lbs. "Mx. Carter says 
: the time 'taken .for a supply- 
. utnd balance to . be reached 
-'-.-ends OB the rate of recovery 
demand and '.'the extent to 
ch producers 'reduce their 
out. ... .. : 

. e feels that 'tbe average' 
ual growth rate of 6 per cent, 
world . nitkai; consumption 
?h obtained from 1346 to 1376 
not be maintained over the 
t decade- ' The reasons for this 
in- the fill crisis, the transfer 
■ .. Inancial resources to the oil> 

. : ictlnp nations.'- inflation and 
increasing impact of environ- 
‘<tal regulations. : ■ • 

„ wkins’ further- ahead. Mr. 

-■ ' ' ‘«r. points out that the. present 
el production capacity in the 
-ommunist world - is J about 
•. 5m. lbs a year, this Including 
:../*« 4R6m. lbs Canadian -Capacity' 
:h is limited bv en\Troninenlal 
drsims. By TORO the total non*. 
\munist capacity .could rise to 
Jt 1.700m. ]bs of which about 
n, lbs will -repreftftnt Inco's 
-‘ mosian and " “ Guatemalan 
’ : octfc. ‘ . . < . ': 

e reckons that iri the fuiure 
capacity output from Trico’s 
radons will be needed to meet 
ncrensinq world niickel market ; 
nwhije. it is considered that art 
'•nrrcntiy. depressed prices ’for 
t»*l the Guatemala project with 
hnnw reliance .oo fuel.. .oil 
dd operate at' ■' toss But th£ 
• 'ncsian prPJeA ." Should ' 'be . 
• ‘imblB at near^sapacity' .ppewt- 

lm's net earmnes' last year fell 
»l? <; «sfi 9m.. or SI .24 per aharfc. . 
n ftirtl Sm in 1978. The average 
■c received for dicker products 
1977 w#s $2.17 per lb. whereas 
current average net realised 
around. S2 per lb, , 
s part of its belMiehtenlnq, 

} is reducinc production «nd- 
ns off employees.' Capital 
ndina this year is to be cut to 
ut S23nm.. helnetf by the cwn- 
inn of the Indonesian project, 
•‘inared « ’»h J433m. in 1677 ail'd 
»m. in 1976. 

In a sombre comment on the 
medium term prospects for.the 
potential Actstraillan uranium pro- 
ducers, .the Apstrifiafi,. .Atomic 
Enerj^r-Commtijion has cut back 
its. estimates of world demand for 
tbe as yet, undeveloped resources'. 

Commenting, on the - slowing 
down of nuclear power programmas, 
the Commbsiim said m its annual 
report that western world require- 
ments for nuclear fuel in the period 
to 1985 woiild 6« 190,000 tonnes, or 
$9iff00 tonnes -less than Its estimate 
of January 1976. ■';? 

The'. Commission ' -scaled: down 
estimated Australian sales for the 
1980-85 period by 36 per cent, to 
between 33.000 and 50^000: tonn^t. 
And It warned that nuclear: power 
programmes could be stowed down 
further if uncertainty. about waste 
disposal and re^pro cessing persisted. 


get a 


Ontario may get . its flrst coaJ 
mine, reports our Montreal corre- 
spondent,; The XJntsdD Govern- 
ment. ha* . granted a. jsoft. -cod 
mining lease ; to the privately-, 
owned Alanalta Goal of Calgary 
which Is considering 'ah. 
n^fnh'ig operation, ip tbe' Ubosenec 
area on. James Bay. 

The- 'capital cost -of the :mfhe 
would be more than SCl.OOm. 
(£46m.'r and several flruiticim? 
options are being explored, iaelud- 
ing both equity 1 and d©Kg“3t-te 
hoped to bring' rhe property to 
. production- ai, a minimus) :i4te of 

\m tons a.year in 1385 
. would., harp j SO- rear, life.,- 1 : 
■^T’beye three 
for -the ilew coal minmft 
Its coal could be used W totfTari* larqe power' blartmvhlch 

.bh-wfe* la^e power ^plantTwhlch 
dbuld consdme. up To -Qm ' felts a 
year: (here could be~ if ''smaller 
power plant with soma IbdiWriaJ 
development: or the production 
coaM be Kent' to indwtrW- mn- 
suntH^- — thero la a raH - Hnft 
with Toronto und North Ray— at 
the rate of. In), tons a y«ui. . 


High production costs end low 
copper prices have led tb the 
suspension of underground opera- 
tions at the Mlndola North shaft 
of Nchrnim cymsoHdated GSpper 
Mines Rokana division at 

Zambia, reports Michael Holman 
in Lusaka. 

The shaft was commissioned in- 
July 1975 and current production 
l? 300,000- tonnes of ore (4.000 
tonnes of oopperl a year. But 
production -loss will be made up 
from other sources at Rofcana*,' 
said a mine spokesman. 

The 350 employees affected will 
be redeployed at (he division's 
three other shafts. . 

Production costs in the Zambia q 
copper industry .as a Whole are 
well over £700 per tonne, while 
the average price in the last 
quarter of 1977 was £667 per 

Perhaps' .the most significant 
fact is that no employees are 
being laid off, for -it probably 
Indicates that the Zambian Gov- 
ern merit, .which has a 51 per cent 
share in NCCM and the hiher 
major producer.. Roan Consoli- 
dated. is not prepared to intro- 
duce redundancies among the 

50.000 workforce as ope. way of 
reducing costa. 

Argentina goes 
ahead with 
uranium mine 

THt GOVERNMENT-, of Argen- 
tina . has. announced a start ' to 
the development of 'the Sierra 
Pintada uranium deposits • ip 
Mendoza Province. 1 1.000 kilo- 
metres west of Buenos Aires 
Work will start on the 'project 
eatly next, year.' 

The uranium- will be -used, at 
least Initially, - fof . domes* Ir 
purposes. If will be supplied to 
the country's : 30p; megawatt 
atomic reactor and other' niiclear 
power facilities which ara "being 
planned, . . 

Nuclear' Mendo% u state- com- 
pany. has' signed 1 aft agreement 
with the NarlonaT Nuclear Energy 
Commission to set up a plant to 
process the uranhun, tbe reports 
from Buenos Aires said. 

Sierra Pintada has r*M*erres of 

12.000 tons of uranium, about 
half * of Argemifta’a assured 
national resources ah' the- baste 
of Commission figures. The total 
of national reserve is suflicien' 
to provide the futf for six MO 
mecawati stations for 30 years 

Presumably, an open-nit rainine 
operation is envisaged. The 
Sierra Pintada reserves cover u 
wide area — SO by 20 kilometres— 
but are at a depth of less than 
20 metres. 

V.'estern 'Min Ing Corporation, has 
halved its interim dividend In tbe 
face of 'a sharp fall in the half- 
year profits 1 An announcement 
yesterday reflected the deteriora-, 
♦ton Of the group’s position- ex- 
actly on the lines predicted to the 
shareholders last December. | 

-The interim dividend is 1.5 cents i 
fO-BSpl. compared! with 3 cents at ; 
' this stage last year and a total of | 
6 cents for the whole of the 1876- j 
17 financial year. -1 

For. the 2B weeks to January 10 
. grot. proSts have dropped to 

SAo-Sm r£3.4m.) Crpm -BAft 5m. fr*' 

the -same . period of; the last; 

financial year and SA22-Im. for the 

whole year. ‘ ■ 

- Some improvement ts expected 
in the second- half of this year, as 
tbe graiip erfpects higher income j 
from, its gold -and aluminium in- ! 

terests But opbmisth here does 
not extend to nickel, -where. WMC 
states, the outlook -remains sub- 

. In common with other hirer- 
national producers, WMC has been 
cutting back nickel production and 
during the first half sales were 21 1 
per cent How- nr iW r «n me. period ; 
' 1075-77. The figures w-ere also 
sffeciep by a-iowei ^ieraae price; 
and a reduced proportion of higher 
value metal id -the «ales mix. 

The .shares have been a sluggish 
market and yesterday -they fell a 
further :3p to a 1977.-78 low of 
' S4p. ■ - ' 

WICCINS TB«re CROUPv-,1 dihtridiarv 
1 of BAT IfMMsrrtfB and remits for Onnb»r 
t Wri- y«r already known.' Net current 
j('"t ni^ 1 Fhtm .t«Hj 

a<T2 4iri I ESa firm I Mn>rinK. Rauhoqnnbp 
TfurrtR Mnrrh IT. at U4S n.m 

CANADA'S; natural gas 'reserves 
rtiow: a net gain of 1.7 trillion 
(million, million t cubic feet over 
last year's estimates and now 
stand at 78 trillion cubic feet 
according to the latest statistics 
released by ' the- Canadian 
Petroleum' Association. : 

Reserves of natural gas Dquids 
show a gain of 350m. barrels to 
2!lbn. barrels and sulphur reserves 
have increased by s.6m. long tons 
to 118m. long. tons. Crude ofl- re- 
serves* however,- hava declined by 
:tS2m. barrels, to around . 7bn. 
barrels. •• 

The figures are probable re- 
serves, defined as tbe most 
realistic assessment of what. can 
lje recovered from existing fields 
and pools, based on latest known 
reservoir data. . 

The Association voiced concern 
about continued declines in con- 
ventional crude oil reserves bui 
added that exploration in Alberta 
and British Columbia is going 
ahead at a. maximum pace and 
that significant oil and gas dis- 
coveries were made last year. 


Oil- exploration expenditure in 
Indonesia ■ ; by foreign oil com? 
rantes '• should rise to about 
5U -5.230m. (£118m.) during 1978. 
according to estimates from the 
Government-owned Pertain Ina Oil 
Corporation. Foreign company 
investments in - 1877 total red - ‘ 

The number ' of exploratory 
| -veils, .tb . be drilled by- rbe ojJ 
-ompaifles this year Is. expected 
ro increase fo at. least 1*1 'rorn 

107 in 1977. 

Crude production under produc- 
tion sharing - contracts with 
Pcriamina should rise rbis year 
to 283m. barrels compared with 
277m. --barrels In 1977. 

*■' '♦ + ; 

It seems that there wiB be no 
drilling for oil and gas off tbe 
west cnast of Greenland this year 
The Ministry for Greenland- ha* 
so far received no applications 
from concession holders for 
drilling this '■ summer In - the 
normal 'exploration period- 
- The first exploration wells- off: 
the west coast were sunk in 197ft 

and 1977 but the results were 
disannointing. - Although there M 
no basis so far for concluding that 
the oil companies have definitely 
abandoned the search for oil and 
Eras oft West Greenland, the 
ontimism with which they irtar*®H 
tite search has diminished. The- 
five wells sunk' so far have 
yielded no signs of hydrocarbons 
+ + * 

The U.S Geosnnwpp sap: rhkt 19 
oil exploration ’ veils are scheduled 
to he drilled off the cnn«t of Ire- 
land this year costing over 
SUS250m. The comoanv adds- that 
it S« setting up a geophysical data 
processing centre in Dublin, to 
provide spismic Information for 
offshore petroleum exploration, 

. + 4- *'•/• j'wT. ' 

The U.S. Interior Derrirtraeiif: 
has compiled a list of 11.2 'triret‘f 
which -are being considered for la 
possible oil and gas lease sale on 
the Gulf, of Mexico outer > Gdji-; 
tlnental Shelf No. 58 tentatively 
sch«dulpd for Jute 1979. 

The area is off the coasts of 
Texas and Louisiana and ranees 

our as far as 128 miles. None of 
the tracts selected for intensive 
environmental study is closer than 
3-5 miles from shore. 

* ★ * 

Esso Exploration and Produc- 
tion Australia Inc. and Western 
Mining Corporation report that 
Houtman-1 well in the offshore 
Western Australian Ahroihos 
Rasln is drilling at below 3,000 
metres. EiecLnca] logs were jncii? 
at a depth of 2,753 metres. 

+ ★ * 

■ The Brazilian state oil company. 

' Petrobras, is understood to be 

considering the granting of on- 
shore oil exploration concessions 
to foreign oti companies. Tn date 
Brasil has pdly allowed offshore 
oil exploration. . 

★ *- • 

Canada's Husky Oil has begun 
drilling an exploratory weir 

offshore Pakistan. The well, located 
22 miles south, of Karachi m 70 r > 
of water, will be' drilled' to 10,000 
feet. The well Is the first drilled 
by Husky on a 6.800 square mile 
concession in the Delta region of 
the Tndns river. 

Husky has a 95 per cent work-' 
ing imprest In the cnnce«ion with, 
the Pakistan Oil and Gas P™- 1 
lonment Corporation holding t’:e 
remaining interest. 

_ # v* -. + ’* 

The Cfe Fran raise deg p««v*-*-| 
jnibsifitarjf. STE -Total AJgerie, has 
received tivo'searelf ‘permits fol- 
lowing an agreement Mdth the 
Algerian State Oil company S"nn- 
t ra ch. . The permits cover- at area 
of 13.000 square kilometres with 
one sector in the Northern Sahara 
and the second in the Tebessa 

" 27. ; 




The output performance of 
U.K. industry was disappointing 
over ihe last 12 months, says Mr. 
M. Elderfieid in his - first state- 
ment as chairman of Throgmorton . 
Trust, and in the short -term- 
there remains much uncertainty. 
He adds that the company' 
recognises some need, for caution. 

The Trust remains committed 
to the policy of investing funds 
Into small companies, concentrat- 
ing the selection into Investments . 
which have an immediate and 
above average rale of return, ft 
firm expectation of earnings 
growth, and therefore dividends, 
he states. 

As already known, pre-tax 
revenue for the year fo Novem- 
ber 30.. 1977, rose from' SJ.-tom. 
to JE2 75m. 

Mr. 'Elderfield says that in the 
past reference has been made, to 
che wide gap in the valuation 
between easily marketable securi- 
ties and that of small companies,.! 
nnd that during the year rhis 
rfifferencp narrowed considerably, 
investments totalled £37 3m. 
Tgamsi £?3.65m and there was an 
unrealised sumlus of £9 49m. 
arising from thp valuation of 
‘nvpsfmenta. at the yenr-e»vf. rom- 
oared with a deficit of E4.ft5m. 

Net asset value per share, 
allowing for full conversion of 
the SJ per cent, convertible un- 
secured loan stock but taking 
prior charges at par is given as 
up from 44.4p to 80.5p. 

As a!. November 30. 1077. Pru- 
dential ‘Assurance Company held 
13 92 per cent, of the cnuitv and 
Electricity Supply iSfaffi Super- 
annuaiinn Scheme ft.7 per cent. 

Meeting. 25. Milk Street, on 
March 22 at 12 30 nm 

SAI meets strong demand 

THEIR 'report with User together with Impro&wnoJ 

mnis. the director* ot Scotlteh In efficiency of raw matemLunre 
(rultaral Industrie* sny th»t, and the effect of the xtretHttbefibg 
•dte difficulties, the .Scottish of the pound on importedfr-w 
oi*r continues to-,exploit all materials assisted in reducp? the 
:ns to raise efficiency and rhta effect of cost Increases. T» com- 
id uver the years is . cflected .feined wilh aeilhui price increases 

— i .strong dfmand for the com- durinft 1877 to - give improved 

y’* products- margins. ' 

> reported on February 10. ' demand i ur « n F the 

-tjy profits advanced from ‘ haU f of 

:im to a record 14 A8m. fOr coVmt ® T a in 

\ an wjos of £?92m. anJmsJ- feeds division. However. 

■Thru. The neiV dividend Is ^ w*n auturan. an 

■ned ud to 12o film aer £1 thuadancc of ffced grains after 
pmi up io up iup> Per u the . hamtst Jxul reduced confi- 

— — .. • .... ‘ dcTMfe in lhe Hvestock producing 

»mtal expenditure autho n ^, Wus trws..ic<mibined to reduce 
‘ T rn I J' T I n K v ,ht! . Krollp bul J nor ttacwmd so that output for the 

Mllvj w HU*- at lhe ' yrar m<L amnunted t.o : was rii sW j» below last year. 

wii (£4 iftm.K inchidinit Con- The . : new Carrick Mill in 


sual commitment* of lO-SStn. cilaiigow was in foil production 
Hat.). since August and . Successfully 

ie directors repor£;thar agiput ^absorbed the .full winter produc- 
Ompnund ferfllh*l! .was-egcrl- : t:on of -the two niHfx.ii Leith and 
fin liiTT. exceed i AC the record Glasgow which were eiosod. 
purtinn of I97P and •JdlmvecT -ITIte .'Jirectore.- point- - oat that 
!« tn be. made op .the export strtorconjrql of production costs 
iv\ .liter meeting an increased nnd a favourable stock position 
m demnhd - -i-jBemand" for meant fhat ttee - contribution to 
dS-V mcmammonium ohofr profits- from the seeds business 
?c anti for uipen>hosph.iTo eon- area showed a srxnlocant increase 
ed pi a .sans factor v level over the prerious year. ^ . 
.rree*e»l ■ produet teity in ? he. .Roth areas of the sales business 
•ufneture of rbntpbhnd fern- dirtsinn.- which undertakes the 


l uauu <> 

selling di^ the- cotbp«ny% - manu- 
factured and processed products 
in the home market, and in addi- 
tion is responsible for the pur- 
chase and sale of -crop chemical* 
and animal health products, were 
successfully' expanded during 1977 

The company has continued to 
be the major purchaser of grain 
from farmers in Scotland. Margins 
on grain trading remain slim 
having Failed to increase over the 
yean in line with the increased 
value of . grain 

Overall the horticultural busi- 
ness.-.. area has continued to 
increase sales and us contribution 
to; the group's profits.. 

A statement of remits on the 
current cost accounting basis 
using the Hyde Guidelines shows 
trading profit of £5 03m. (£323m.). 
amended to .£3 63m. fXl.TSm.J. 
after adjustments on depreciation 
or fMtnr'-^Il.lWm.) .and' cost of 
sales £6.000 f£0.46m> r An adjust- 
mem for. net monetary assets 
rakes rosum ftOWmj leaving 
profit of £2S3m. fffisgm.). berorc 
tax of £0fiSm t£124mi. 

TCI holds 62 4 per cent, of tbe 
equity of the company. 

Meetmc. Edinburgh. March 23 
at noon. 

TheRepuMic of CostaRica 

Medinm'tormLoan - 



: ^Uvgiiiy 

Continental IUmrasIiEnited 
C an adian Im p erial Bank of Commerce 
XjoycfsRan k tnt ematiaoal Li i mted 

ContinfctfaJ Iflirwis National Bank and Trust Company of Chicago . 
Canaian Imptsrial Banfcof Lonimenre 
. Lloyds Bank Iniemational Limited ; . . 

. Banco faitcmacionaldc Costa Rica , 

Bai fli Monnol fi.UTMto.u1 Lin.i.«l Tbcfimk of London^ MonCr^’ Limited 
flootpe Cm-odienoe N,tonrfc 

Totted \ irRUiia Rank 

con^n^ntal.illinois Limited 

. In his Statement accompanying 
the Report and. Accounts of The 
Scottish Mutual Assurance Society 
■which have last been published the 
Chairman Sir W. R, BaUantyne 

It is a pleasure to have the opport- 
unity of presenting some brief com- 
ments upon another year’s business, 
the first Jn-a tfewiriemriiun, in which;.; 
. .fiirtheF satfeTa^ory progress hay 
beeBiniadebyiheSodffiy. ‘ * 


Hie activity in the pensions market 
when added to the continuing high 
Interest in self-employed ana spon- 
sored individual pension business, 
has converted a relatively quiet year 
for personal life assurance into a 
very satisfactory one from the point 
of view of the new business premium 
income of the Society. This was not, 
however, a feature of the new 
business results of the industry as a 
whole, the new business annual 
premium income of which in 1977 
increased by only 6 % over 1976. It is . 
satisfactory, therefore, - that the 
corresponding figure for our Society 

Of the Society's total new annual 
. premium income in 1977- of £5m, 50ft 
was accounted for by pensions 
. business of one sort or another. In 
examining our new business figures 
it has to be borne in mind that in 1976 
over 5ft of ■ the new business 
premiums, and in previous years, 
more than that, arose from policies 
effected under the Federated Super- 
annuation System for Universities. 
Because of the introduction of new 
superannuation arrangements for 
university staffs, new policies from 
F.S.S.t 7 . so far as the Society is 
concerned virtually ceased and 
there is no prospect of our obtaining 
further new business from that 


’ For the first time we are publishing- 
consolidated accounts which include 
the results of Scottish Mutual 
Pension Funds Investment Limited. 
Through the medium of this wholly- 
owned subsidiary, managed fund 
facilities for pension schemes are 
now offered as a continuation of 
facilities provided since 1969 within 
the Society’s own long-term business 
fund in the form of our pension equity 
contract The subsidiary company 
has been established in view of the 
expansion .anticipated and the 
specialised investment expertise 
-needed. That we are able to offer 
such expertise there is little doubt, 
since our investment performance 
over the last few vears has been 
quite outstanding. This is not just our 
own assessment. It is evidenced by 
tbe ratings given by independent 
consultants to our unit endowment 
and pension equity contracts. 

The consolidated long-term 
business fund increased over the 
year by the very satisfactory - 
amount of £20m in spite of the fact 
that the total premium income was 
maximally lower. "Single premiums 
were £l.4m less than in the previous 
year and the loss of premium income - 

associated with the change in the 
pension arrangements for university 
staffs has resulted in a lower rate of 
increase in annual premium income. 

Investment income is up by more 
than I9ft reflecting the still 
relatively high yields at which the 
Society's growth of funds can be 
invested in fixed interest securities 
and also, to. a lesser extent, the 
growth of dividends on existing 
holdings of ordinary shares. 


it was with, great: refief that we 
'welcomed' tbe decision by the 
Government In July 1977 to remove 
the restrictions on improvements in 
pension benefits which had been 
imposed as part of the counter- 
inflationary measures. There was 
never a very convincing case for 
including pension schemes in the 
restrictions in tbe first place, bear- 

full -advance funding of the benefits 
is carried out. Even so, the decision 
cameso late that little time was left 
for all those who wished to contract 
out of tbe new State Scheme to do so. 
Its commencement date is April 1978 
and employers wishing to adapt an 
existing, or introduce a new. pension 
scheme for contracting-out pur- . 
poses, must give their employees 
three months notice before appli- 
cation can be made for a 
contracting-out certificate. Even 
taking account of the emergency 
arrangements set up by the 
Occupational Pensions Board for 
those employers whose documen- 
tation can not be completed in time, 
there wifi continue !o be a high 
degree of congestion during the last 
few weeks before the commence- 
ment date. 

The pensions organisation of the - 

nationalise some major insurance 
companies and control their invest- 
ments, was adopted as party policy 
in 1976, the Prime Minister 
appointed the Wilson Committee to 
investigate tbe role of the financial 
institutions. The tint stage evidence 
of tbe insurance companies, con- 
cerned principally with the flow of 
funds into industry, was submitted in 
July 1977 and the main evidence will 
be submitted shortly. So far, it has 
been shown that there is in general 
no shortage of funds for profitable 
enterprise. Nevertheless, it is 
acknowledged" that the penal rates of 
personal taxation, the high yields on 
Government stocks and the 
difficulty to an entrepreneur of 
making profits in a time of inflation, 
have all tended to reduce the supply 
of funds for small businesses and 
new high risk projects. 

It is not very difficult to convince 
those who understand the operations 
of the insurance industry that 
nationalisation would be a disaster 
not only for the industry but also for 
policyholders in general and that 
direction of investments by Govern- 
ment decree- could damage the 
savings of millions of jieople in this 
country. Several investigations into 
the opinions of. the public have, 
however, unfortunately shown that 
.although most people are strongly 
opposed to nationalisation, very few 
really recognise' the real danger 
inherent in the Labour Party 

It is not sufficient that the Wilson 
Committee, some MP’s and Uie 
financial world should understand 
these matters. It is important that 

action for groups of employees. In 
connection with past State earnings* 
related schemes, established or pro- 
posed, it has usually been possible to 
. advise employers to - arrange to 
contract-out as their best course of 
action but for this new State Scheme 
no such general statement of policy 
is- possible. The only advice of 
general application is that 
employees . of a small employer 
should not be contract ed-out since it 
is not practicable to make pension 
arrangements in a small scheme 
sufficiently flexible to convince the 
Occupational Pensions Board -that, 
the minimum State benefits will 
always be fully provided in changing 
economic circumstances. 

Sniaii . employers are being 
advised therefore to include their 
employees in the State Scheme and 
to supplement tbe- uniform State 
benefits by private occupational 
schemes, particularly jn respect of 
death-in-service .benefits ana lump 
sum benefits at retirement. Large 
employers can have a much wider 
range of options and great care is 
needed in selecting, one which is 
likely to accord with the needs of the. 
employer and his employees. 


When the Labour Party’s threat to ’ 

be prepared to let it be known that it 
is not in the public interest that the 
Government should be given control 
of, or allowed to tamper with, the 
. individual's savings entrusted to life 

There is a long term educational 
problem here which the insurance 
industry must- tackle even if it 
involves deploying a much higher 
expenditure under this heading. 


Another cause for concern to life 
offices is the change in the method of 
the granting of income tax relief on 
life assurance premiums. Hitherto 
this relief has been granted by the 
Inland Revenue to tbe policyholder 
as a deduction from his tax assess- 
ment. After tbe change the policy- 
holder will deduct tbe tax'allowance. 
from the premium, paying only the 
net amount to the company which 
will thereafter recover the tax 
suffered from the Inland Revenue. 

by Direct Debit and the amounts of 
all these will have to be changed to a 
net-of-tax basis, if the corres- 
ponding, policies qualify for tax 
relief. The inconvenience to the life 
offices and the expenditure of labour 
involved, which in the end has to be 
paid for by the policyholders, is not 
something which tne Government 
regards as important. Tbe system 
wifi come into force in 1979 and it is 
obvious already that the practical 

administrative complications will be - 
very time consuming. 


In November we were very pleased 
to welcome to the Board Mr C. J. 
Risk whose wide financial and 
commercial experience will be of 
. great strength to the Society in the 
years ahead. Mr Risk is currently 
Secretary of Coats Pa tons Ltd, ana 
has recently served for two years as 
President of the Glasgow Chamber 
of Commerce. ...... 

• At the Annual-Meeting Mr K. K. 
Weatherhead and Mr J. Armstrong 
will retire after long yearsof devoted 
service to the Society as executives 
and latterly as directors, and it is 
fitting and proper that we should at 
this time generously acknowledge 
our debt to them. Mr Weatherhead 
started his career with The Scottish 
Life Assurance Company in Edin- 
burgh in 1922 and after seven years 
service with that company ana ten 
further years with the Scottish 
Equitable Life Assurance Society, 
be joined this Society in 1939. He 
became our chief executive in 1946 
and after his retirement from that 
office in 1963 be continued to Serve as 
a member of the Board to which he 
had been appointed in 1958, a 
continuous period of SB years service 
with the Society. He was President of 
the Faculty of Actuaries for the 
wars 1954/56 and of- the Chartered 
insurance Institute in 1960/61. 

Mr. Armsfrong joined the Society 
from school in 1925 and has had 52 
years of continuous service, pro- 
gressing, after qualifying as a 
. Fellow of the Faculty of Actuaries, 
through various appointments to 
become Investment Manager in 
1S56. In that post, during a period of 
great expansion in the Society, he 
gave valuable service until be 
retired in 1972. when he was 
appointed to the Board. 

. . . In expressing the Board's thanks 
to Mr Woatherbead and Mr Arm- 
strong for tbeir services we extend to 
them Doth our good wishes for their 
health and happiness in tbe years 

In my first Chairman’s State- 
ment for the year 1971, 1 expressed 
confidence in our ability to adapt to 
whatever changing circumstances 
we might have to face. So it has 
proves over the succeeding years 
which have seen many chaoges.and 
presented many problems and I 
have no hesitation in again 
expressing the same confidence 
now, fortiijed as I am by the know- 
ledge that we have a loyal and 
efficient staff working for and 
supporting the Society. To each and 
every one at all levels and wherever 
they serve, I have the greatest of 
pleasure in expressing the thanks of 
the Board. 

The Annual General Meeting cf 
the Society takes place in the Central 
Hotel, Gordon Street, Glasgow, on 
Wednesday 22nd March 197S at 12.15 

Head Officer 109 St Vfriceftt Street, Glasgow G2 5HJST. 

. T . . .. . . .. ... ; Financial Times Thursday torch V * .J 0 

■ ■ '" j - #• 


Citizens and ft. Sea bOOStS Occidental FertUfceis 
Southern boost for 

in deficit 


By Stewart Renting 

NEW YORK. March 1. 
National Batik of Atlanta, 
Georgia, one of the leading 
commercial banks in the South, 
to-day restated its 1977 earnings 
to show a loss of S7.8m. instead 
of a profit of S2.3m. 

On Monday the President and 
Chief Executive of the Bank, 

Mr. Richard KatteL, announced 
his resignation, saying that it 
was in the company’s best inter- 
ests for new leadship to take 
control in view of the burdens 
of real estate loan lasses and 
his unfulfilled predictions that 
the Bank was recovering from 
these problems. 

The Bank also announced 
today that Mr. A. Pratt Adams, 
tbe 63-year-old partner in a 
Savannah, Georgia, law firm, 
had been appointed to succeed 
Mr. Kattel as Chairman and 
Mr. Bennett A. Brown was 
named President and Chief 

The restatement of 1977 
earnings reflected an additional 
real estate write-down of SI 5m. 
and additional charge to .loan 
loss provision of $5m. 

The Comptroller of the 
Currency said on Tuesday that 
the Bank was a well-capitalised 
and sound institution with 
S240m. in capital. 

THE OUTCOME for 1977 at 
Occidental Petroleum exceeded 
by a small margin the forecasts 
made by the Board a month ago. 
Net earnings for the year are 
19 per cent, higher at S217-9m., 
with share earnings at 92JS2 
against S2.77. Sales increased 
by 9 per cent to S6bn. The 
company commented that oil 
and gas earnings nearly doubled 
during the year due to crude 
oil production from the North 
Sea interests, notably the Piper 
and Claymore fields. 

But in tbe final quarter, 
although net earnings at $75.6zn. 
showed a 6 per cent, rise, share 

earnings dipped from S2.14 to 
99 cents and sales, fell from 
Sl.6bn. to Sl-5bn. The Board said 
that chemical and coal earnings 
fell back during the quarter. 
Island Creek Coal Division earn- 
ings reflected the onset of the' 
industrywide United Mine- 

workers strike in December 
last year. • 

Occidental said a change in its 
accounting for exploration will 
require a restatement of its 1977 

and prior years net income. 

If adopted, net income for 1977 
would be reduced by $5&3m. or 
89 cents a primary share and 
$48JJm. or 83 cents on primary 

share in 1976. the company, said. 

Although the Rule 19 account- 
ing change is not required until 
fiscal years beginning after 
December 15, 1978, Occidental 
said it may elect to apply suc- 
cessful efforts accounting begin- 
ning in 1978. Also, under Suc- 
cessful Efforts Accounting, its 
retained earnings at December 
31. 1977, would be decreased by 

The Accounting Change and 

Restatement will not affect the 
underlying, value of oil and gas 
reserves, cash flow or the ex- 
ploration and • development 
programmes. - - 


a capital reconstruction 


ROME, Matf 

Cook in deal with Mitsui 

financial times reporter 

Court rules 
in favour 
of ITT 

agreed to sell seven grain 
elevators and their related grain 
business to Mitsui and Co. 
(U.S.A.). The assets are substan- 
tially the same as those that 
Pillsbury previously agreed in 
principle to buy for an estimated 

Cook did not disclose terms of 
tiie sale, which it said is subject 
to execution of a definitive agree- 
ment. approval by Cook share- 
holders and other conditions. 

Pillsbury announced on Mon- 
day that it bad broken off 
negotiations to buy substantially 
all the grain merchant! ising 
assets of financially troubled 
Conk. Neither Cook nor Pillsbury 
would comment on the failure of 
the negotiations, but Cook sub- 

sequently said it was negotiating 
with “ others ” feu: the sale of 
the grain assets. 

Cook, a financially troubled 
agri-prodnets. insurance and pest- 
controlled concern, said it will 
sell Mitsui its elevators and their 
related grain business in 
Heloise, Tennessee, Dorena. 
Missouri, Denison and Hartley. 
Iowa, and Chillicothe. Henry 
Peoria. Illinois. Cook said it has 
one other elevator, in reserve, 
Louisiana and that it is con- 
tinuing negotiations for its sale. 
Tbe Pillsbury agreement called 
for sale of all eight elevators. 
Mitsui and Co. (U.SA.) is a unit 
of Mitsui. 

When the Pillsboiy negotia- 
tions broke down, sources within 
Cook speculated that Pillsbury 

might return with a higher offer. 

Cook, which achieved great 
success in the early Seventies 
when it negotiated highly profit-, 
able grain deals ' on the world 
market, ran into trouble in 1977 
when it diselosed losses of more 
than $80m. for the year, after 
speculating; heavily in the 
futures markets-. 

Some recovery was made In 
the opening quarter of the cur- 
rent year but second quarter re- 
sults, announced six' weeks ago, 
showed a loss of 3.4m--^and- 
ushered in the -proposed deal 
with Pillsbury. 

Last month. Cook announced 
the agreement to sell for an un- 
disclosed sum, its soyabean 
plant in Kansas to Bunge Cor- 

By Diana Smith 

PETROBRAS, Brazil's large 
oil and oil derivative conglo- 
merate, showed a 1977 profit - 
of Cnoaeros 15J8bn. (S94Qm.) 
compared with a 1976 profit of 
just over Cr. lObn. Sales of 
products and services rose 
from CrJ09bn. in 1976 to 
CrJ63bn. <$9,97bn.) last year. 

This sizeable increase is due 
mainly, a Petrobras spokes- 
man said to-day, to the im- 
proved performance of sub- 
sidiaries set up in 1976. An 
example here Is Petrofertti, 
involved in fertilisers, for 
whieh demand . is rising 

Furthermore, the conglo- 
merate's distributing outlet, 
Petrobras Distributors, now 
leads the national market, and 
exports of oil and oil deriva- 
tives rose rapidly in 1977. 

Offshore production rose by 
18 per eent last year to 
L4.0HL899 - barrels annually. 
Onshore production dropped, 
however, by 9.9 per cent to 
44JT75L373 barrels. Drilling Is 
continuing; offshore exp! ora-' 
tlons have yielded a 35 per 
eent. rate of success (85 shows 
out of 262 soundings). - - 

ALTHOUGH . - the Turip-based 
Fiat car group has firmly denied 
reports suggesting it might take 
part -in an- operation to salvage 

Italy's largest chemical and 

fibres conglomerate, Montedison, 
there are sow some tentative 
moves to seek an urgent solution 
to the dire financial difficulties 
and structural problems of the 
Milan chemical concern. 

With only two months to go 
before - Montedison’s - annual 
general meeting, the Milan 
chemicals and fibres group, em- 
ploying about 140,000- people and 
with accumulated debts totalling 
more than L3,OO0bn.. or about 
£3.9bn^ is attempting to put to- 
gether a substantial capital re- 
construction operation Involving 
some L400bn. 

The group is also expected -to 
report at ‘its forthcoming AGM 
in April losses for 1977 in excess 
of the previous year’s loss of 
L127bn. (5225m.'). 

While a reconstruction pro- 
gramme for Monedison depends 

not only on the outcome of the 
country’s current protracted Gov- 
ernment crisis but ultimately on 
broader proposals for the 
troubled chemical industry as a 
whole now being formulate d- a t 
European Community level, 
Montedison's large private share- 
holders have been increasingly 
active over Ike past few days. 

These shareholders include — 
directly or indirectly — two of 

the group's chief Italian chemi- 
cal rivals — Sig. Nino RoveiU’s 
Societa Italians Resine- (SIR) 
and Sig. Raffaele Urslnis Liqui- 
gas group. But - both SIB and 
Liqnagas are themselves facing 
financial difficulties. At the same 
time, the State ENT Hydrocarbon 
Holding, which controls Italy's 
second largest chemical concern, 
ANIC. holds the biggest single 

Montedison's - peculiar 
privatoState share hoWln; 
tore has of late repn 
increasingly a major pit 
controversy not only betwt 

country’s political forces a 
group’s private SharehoUU 
also between individual 
Montedison private shareh 

In recent days there ha 
speculation that Fiat; wbfc 
held through the A^nenT 
an interest is Montedison; 
has subsequently - beeq 
would take up any lucre 
the Montedison share caps 
wanted by other p rivate 

But Fiat Rdd the Ffc 
Times that the company l . 
intention to enter into t 
troubled chemical sector. ' 
changes in the top quota 
of the Milan chemical gfri 

likely to take place short] 
the past few months the 
already been a widespte 
ternal reorganisation of , 
edison’s management 

sbke in Montedison- : 

ftv»ire, a solution to the Mont- 
edison affair must effectively 
form the basis of the country's 
long-overdue reconstruction pro- 
gramme for the Italian chemical 
and- synthetic fibres industry. 

KSH future clouded 


STAMFORD, March 1. 
Electronics Corporation (GTE) 
said it has been informed that 
Judge Martin Pence of the U.S. 
District Court for the District 
of Hawaii has handed down a 
decision in favour of Interna- 
tional Telephone and Telegraph 
Corporation (ITT) in one issue 
of a private anti-trust suit 
brought by ITT against General 

The decision relates to ITTs 
charge that the practices of 
General Telephone's domestic 
telephone operating subsidiaries 
in purchasing communications 
equipment violated anti-trust 

ITT alleged the telephone com- 
panies of General Telephone 
improperly favoured products of 
General Telephone’s communica- 
tions equipment manufacturing 
subsidiaries over those of nori- 

a (filiated producers which 

include ITT. 

A General Telephone (GTE) 
spokesman said: “While we 
have not as yet had’ an oppor- 
tunity to review the text of the 
District Court's opinion, we have 
been informed that Judge Pence 
has ruled in favour of ITT on 
its allegations of anti-trust 
violations and indicated that 
further proceedings will be held 
before the District Court on the 
subject or remedy. 

** GTE will take appropriate 
steps to seek review of those 
aspects of the Court's decision 
that are adverse lo GTE and its 
subsidiaries. GTE is confident 
of the correctness of its posi- 
tion and intends to continue 
defending that position vigor- 
ously." the spokesman said. 

Sharp increase from Bank of Montreal 



HIGHER net Interest earnings 
resulting from expanded assets 
and strict control of costs 
enabled the Bank of Montreal 
to post a sharp gain in profits 
for the first quarter of the fiscal 
year ending October 31. 

Earnings were Canadian 
S40.1m., up 12.3 per cent, from 
the previous quarter and up 42.7 

per cent from a year earlier. 
This was ’ equal to 94 cents a 
share against 90 cents in the 
previous quarter and 74 cents a 
year earlier. The number of 
shares outstanding has been in- 
creased by rights issues. 

Net interest earnings year-to- 
year were up 18 per cent to 
CS194.6m. Assets at January 31 

were CS28.1bn-, ' up CS910m. 
from October 31, 1977, accounted 
for mainly by Canadian currency 
loans and mortgages and foreign 
currency commercial loans. 

Total revenue. for the quarter 
was CS565.4m. . against CS495.4m. 
a year earlier, and expenses were 
CS499.6m. CS444-5m.). 

Motorola expects 
peak results 

Motorola - lnc.’s Integrated 
circuit semiconductor opera- 
tions were profitable in 1977, 
signifying a sharp tarn round 
in Motorola’s fortunes, AP-DJ 
reports from. Schaomberg,' 
Illinois. The group’s integrated 
circuits division lost money in 
both 1975 — a staggering 828m. 
that year — and in 1976. This 
led to rumours that the com- 
pany’s semiconductor business 
was up for sale, but these were 

Mr. Weisz declined to make 
any specific projections but 
indicated that Motorola expects 
1978 results to top last year’s 
record earnings of $HML3m. or -■ 
53JJ0 a share on record sales of 


AMSTERDAM, March 1. 

Westvaco setback 

Beker Industries restructuring debt 

MR. EROL BEKER. chairman 
and chief executive of Beker In- 
dustries Corporation, said that 
the company is negotiating to 
amend its term, loan and revolv- 
ing credit agreement with eight 
lending banks to resolve current 
defaults in the company's agreed 
financial requirements, including 
tangible net worth working capi- 
tal and current ratio covenants. 

The company is not yet in a 
position lo determine if it will 
be able to meet schedule pay- 
ments coming due later this year 
under the agreement. 

Mr. Beker also said that nego- 
tiations are under way to remedy 
current German bank loan de- 
faults and to provide further 
required financing of the com- 
pany’s West German subsidiary, 
Beker Chcmie Gmbh. The nego- 
tiations arc subject to approval 
by U.5. lending banks’ call for 
a guarantee of additional in- 

debtedness and other undertak- 
ings by the company. 

Tbe company's year-end finan- 
cial statements for 1977 are not 
yet finalised primarily due to 
uncertainties inherent- in -these 
negotiations. The company 
experienced profitable operations 
for the first nine months of 1977 
but a substantial loss in the 
fourth quarter and for tbe full 
year. The loss stemmed in large 
part from the previously 

announced suspension of produc- 
tion at the company’s Ontario 
ammonia plant and its new 
Mexico ammonia and area facili- 
ties in November 1977. 

; Mr. Erol BfekeY has reasstimed 
his former . position as- chief 
executive -at th©: -request <tf the. 
directors^ until .Mr. A.' P. ‘Gates, 
the president.'' can resume the 
post after recovery from a recent 


IN THE first quarter ended 
January 31, net income of 
Westvaco Corporation dropped 
to Sin .im. or GO cents- a share 
from $lL8m. or 70 cents a 
share a year earlier, reports 
Renter from New York. 

Mr. David Lake, the presi- 
dent, told the annual meeting 
that Westvaco lost “ about 
SlOm. In sales during the latter 
part of January and that the 
weather penalised earnings by 
about 13 cents a share in. 
January alone.” 

THE TROUBLED starch and 
foodstuffs group. Royal Scholten- 
Honig (KSH) - has no future as 
an independent company in its 
present form. It lacks tbe 
resources to recover' unaided 
from the financial set-backs of 
the past few years, the Board 
says in an interim report.’ . 

KSH Is currently negotiating 
with a number of domestic and 
foreign companies interested in 
acquiring parts of Its business 
and is managing to maintain 
operations with the aid of a 
government guarantee. 

The company is unable • to 
present audited accounts for the 
year ended August 31 because 
the restructuring which is now 
going on means- it cannot 
properly value its assets. Its pro- 
visional accounts show a -net 
loss of ' Fls.3L3m. (814.4m.), 
nearly double the Fls.16.2m. 
loss of the year ^before. 

Before interest payments KSH 
made an operating profit of 
Fls-I4£m. (S6.7m.) compared 
with profit of FIs .9m. About 
FIs -13m. of this was realised on 
the foodstuffs division with tbe 
remainder coming .from, fche 
starch, chemicals division.. Net 
sales rose 9 .per cent to 

Tbe hopes expressed by KSH’s 
Board at the start of the year 

that it would just about break 
even • In 1976/77 were . dashed ! 
by a series of adverse factors, j 
The continuing world recession 
and • rising costs . depressed 
demand in the paper and textile 

bond for 

By Francis .Ghilfcs 

KNP better 
than expected 

fabrieken (KNP) made a small 
net profit,' of ,FlsJ-3m. (S6-4m-) 
Iftt&ttrtrith contrast to the -loss' 
it was forecasting as recently as 
December. KNP made a net profit 
of Fls.l.4m, in’ the first half' of 
1977 on sales of FlS.S43m., 
following net profits of FlsJLm. 
in the whole, of 1976. 

The Board is not paying a divi- 
dend for 1977 and will transfer 
net profits to tbe general reserve. 
It last paid a dividend, of Fls.5, 
in 1974. 

The 1977 profit was arrived at 
after writing down Fls.44.7m. on 
fixed assets (Fls.42.6m. in 1976). 
Net profit per Fls.25 nominal 
share rose to F1 sj 0.60 from 
Fls.0-46. the year before. Cash 
flow per share was Fls.20.23 com- 
pared with Fls.19.18. Macmillan 
Bloedel of Canada holds 43 per 
cent, of KNP. 

Ontario Securities Act move 

A Bill has been introduced in 
the Ontario Legislature aimed at 
tightening the Securities Act, re- 
ports Reuter from Toronto. It 
includes more detailed rules 
establishing civil liability for 

inadequate documents in securi- 
ties transactions. 

It also obliges a purchaser to 
offer minority shareholders an 
equivalent price for their stock 
within 180 days after acquisition 
of control of a company. 





Fowtk Quarter 





THIrd Qurter 







404m. Revenue 



Net profits ... 


5.1m. Net profits 



Net per share 




Net per share... 

HIM M«Ub* 













Net profits ... 



Net profits 



Net per share 



Net per share... 



Svcsod Quarter 

VMr ”” "" ’ Revenue ...: 588.1m. 527.4m. 

Net profits 36.4m. 31.Sm. 

Revenue 1.5obn. L39bn. Net per share... 3.65 3.24 

Net profits ... 1332m. 130.4m. LObn. 916.5m. 

Net per share 1.81 1.71 Net profits 48.7m. 4L7m. 

Net per share... 4.88 4.25 

Allied Chemical higher 

Allied Chemical Coro’s 
andited net earnings for 1977 
oF 34.82 per share are 12 cents 
per share above the prelimin- 
ary 34.70 per share reported on 
January 19. due to a reduction 
in a provision for an antici- 
pated loss on a plant shutdown, 
Reuter reports from Morris 

Allied said In January that 
preliminary operating earnings 
were 3125m. before a $ 10.1m. 
non-recurring gain and a S3Jm. 
extraordinary charge. 

The loss was anticipated for 
the shutdown of a coke plant 
near Buffalo, New York State, 
following a fire, hot the plant 
was sold In January to the 
Tonawanda Coke Company and 
the loss was reduced. 

The company said its inde-‘ 
pendent accountants and 
had qualified the 1977 financial 
statements with respect to pos- 
sible liabilities arising out of 
the production of kepoue, as 
well as a claim ror alleged 
damages by Armco Steel Cor- 
poration for failure to deliver 
contractual quantities of coke. 

Expansion by Rabobank 


Dutch agricultural co-operative 
bank, to-day announced a further 
expansion of Its activities in the 
international insurance market. 
Rabobank will acquire a 50 per 
cent, holding in the insurance 
broking company. Bruns, ten 
Brink and Co, from Slavenburgs 
Bank. Slavenburgs will retain 
a 50 per cent stake. 

Rabobank has long been seek- 
ing a participation in this area 
to extend its own activities, it 
said in a statement issued in 
Utrecht. In 1976 it reported a 
strong expansion of its insurance 
broking business in' the life, 
general accident and holiday sec- 

At the end of that ye&r it em- 

ployed 760- specialised insurance 
advisers, an increase of 48 dur- 

ing -the year. 
Bruns; ten : 

Bnmsj ten Brink, which has a 
staff nf '55. has been associated 
with Rabobank for many years. 
Its contacts abroad will open iip 
further opportunities in the in- 
ternational insurance sector for 
the bank. Its independence as 
an insurance adviser to existing 
clients will not be affected, how- 
ever. Rabobank said. 

. The bank, which is the largest 
in Holland in terms of balance- 
sheet total, is rapidly expanding 
its' range of services. In Decem- 
ber it bought a 25 per cent, stake 
in Van Lqnschot a. smallish 
Dutch' batik ’with, strong interna- 
tional- linksi ’ 

A NEW sterling issue 
launched last night: a, 
15-year bond for Citicorp, 
cated coupon is .10 per cer 
a sinking fund starting fit 
end of the first year will j 
the average life of. the bo 
112 years. Lead manaj 
S. G. Warburg: - 

This Is the first stertli 
nominated bond for a bdi . 
rated triple AAA by bqtt 
rating agencies and the c 
bear the longest maturity. 

Citicorp's policy to 
external capital raising act 
is also hereby confirmed. ‘ 
past two months Cltfcoi] 
raised a Swiss Franc • ar 
Australian dollar bond, 
earlier tills w eek i t annonn 
was raising fiHKIOOm. woi 
floating rate Certificate 

The sterling sector was f 
yesterday and In the' 
sector prices were a shade t 
Some cheap bargain hi 
seem to be getting active. 

. "Nippon Credit 'Bank’s 
five-year floating rate noh 
been priced at par by ; 
manager Daiwa Securities, 
the minimum Coupon rate 
cut by a quarter of a poi 
53 per cent The notes will 
a semi annual Interest ra 
i per cent which will he li 
lo the Singapore six month i 
bank rate. • 

The Deutschemark sectc 
the market wax steady yestc 
with turnover down on the 
two days of the week, 
domestic market was also sti 
A privae placement of DM 
for Thailand ii expected 
this week. 1 

In the Guilder sector, 
Netherlands Antilles FL2Sn 
per cent debenture issue 
1989-2003 was priced at pa 
lead manager Algemene Nj 

This advertisement complies with the requirements of the Council of Tbe Stock Exchange 
of the United Kingdom and tbe Republic of Ireland. 

Finance for Industry Limited 

(Incorporated in England under the Companies Acts 1348 to 1367) 


10 per cent StezOng/ULS. dollar payable Bonds 1989 

Issue Price 100 per cent 

The fol tewing have agreed to subscribe the Bonds:- 

Kennedy on IBM 

U.&. Senator Edward M. 
Kennedy said yesterday U may 
take 20 years for completion 
of the Government anti-trust 
case against International Busi- 
ness Machines Corporation and 
be recommended that Congress 
act to drastically reduce the 
time it takes to try such eases, 
reports AP-DJ from Washing- 
ton. Senator Kennedy, chair- 
■ man of the Senate anti-Trust 
1 sub-committee, added that be 
i would- move ahead with legisla- 
tion to enrb the acquisitive 
actions of giant conglomerates, 
i The Government investigation 
In tbe DBM case, which began 
In 1966, has- been lo trial since 
May 1975, and a final derision 
by 1984 may even be “ optimis- 
tic,” he said. 

S. G. Warburg 8c Co. Ltd. 
Banque de Paris et des Pays-Bas 

Kredietbank 5J£. Luxembouxgeoise 

Deutsche Bazik 

A ktienges ell s cha ft 

Salomon Brothers International 

Swiss Bank Corporation (Overseas) 

Westdeufsche Landesbaxik Girozentrale 

Barclays Bank International 


Lloyds Bank International 

. Limited 

EFtra sees record 

Eltra Corporation expects 
“record'’ profits In the second - 
fiscal quarter ending March 31, 
Mr. Richard B. Loynd, presi- 
dent, told security analysts in 
New York, reports AP-DJ. This 
was despite dosing 26 of the 
company's plants for an 
average of two days apiece due 
to severe weather this winter. 
In the same period last year the 
company earned about $I0m, 
or 88 cents a share. 


* ?■> fc . ft 

■ fl i— 

Vi Vi 


’’ V; { X r L' v>L:- ■ • SJ''* 

Extract from Audited Accounts 3 1st December, 1977. 

Midland Bank Group 

National Westminster Bank Group 

The Royal Bank of Scotland 


The 12,000 Bonds of £1,000 each consfihiting the above issue have been admitted to the Official List of The Stodc Exchange of the 
United Kingdom. Interest is payabteannually on 15th March, the first such payment being due on 15th March, 1979. 

Particulars of the Bonds are available from Extel Statistical Services limited and may be obtained during normal business hours ujr 
to and including l&h March, I97S from:— '■» 

Hoarc Govett limited. 
Atlas House, 

1 King Street, 
London EC2VSDU. 

2nd March, 1978. 

NETAM bid 

I Frnehanf International Ltd! 
i will make a public- bid of 
! 62-50 Guilders ($28.9) for each 
i nominal 100 Guilder Ordinary 
1 ‘share of NV Ncderlandscfae 
I Tank-App arate n-En Haririne- 
fabriek (NETAM) not already 
owned, the companies said in a 
joint statement, reports Renter 
from Rotterdam. 

Frnehanf will take over 
NETAM If it receives accep- 
tances from 90 per cent of 
shareholders. It already has a 
33 3 per cent, stake In NET AM's 
Ordinary “B” shares. 

NETAM shares were quoted 
at 58.09 guilders on the 
Amsterdam stock exchange to- 

Share Capital and Reserves 
Subordinated Loans 
Total Assets 

Consolidated pre-tax profit 

, 423,822 








A British bank vrtikli specialises In medium term tendin g In all currencies 


TlreHou^GongandSlBBi^RdBaiddiig'Goipfnatioii ' - - - 

Commerzbank A. a Irvhjg Trust Company 

The First National Bank ofClikshjo Credit Lyonnais 

Banco ^di Roma Intm^kmaIHoklii^S.A. -- - 

International Commercial Bank Limited 

9-10 Angel Conrt,Thro g morfon Street, London EC2R 7HP 
Telephone 0*606 7222TeIex 88 73 29 Cables incombanlc London EC2 

^ gtttgnga!.; jjyes /Hmrsday March 2 1978 



provides for Chiasso 

( -• r ... . ZURICH.. March 1. 

rlStjS! r® OW - controlled by : Credit Finance Ministry may appeal a further issue of these two 
ftni U S?Fra^hni P S^2S » ul ff ?*i d at some, tun* to be against the National Rank nalmg stock types, excluding sub- 
b^ JbSft^^conYifSovn ^ — but **“*“ [t feels the. scription rights; intended toi 

vltot-i,. . ' The Sr'Iivoi^S^ip *23SS* ?i ltabsn TO * m ? um owed should he in the secure conversion rights on 

. ? a “* ^ aIn £ re ^on of Sw.Frs-290m. SwJTs^lOra. worth of con-' 

Sr* . l -,r ■!-... X nK form er Credit Suisse deputy Despite 1 the 1 Chiasso affair, vertible bonds. ' 

^ : ■ gaL»2E*S£ 

/" t» tr-., 


field ?!*.-■• ," • 

Sfc ill*.**.-.-.- , 


fc«U:;S i .-. , ’" 
4* ^h»s«i. 4 .;: 
... , 


t - • 

Itifc+r. < . _ 
rfc»f»Ek>T ,, 
rf iii.* 1? 
llfcv-;* ...'/;■" 
'fti'r.i-: ...,.' 

»»!m: :-. ...’ , 

ets wanted- on Italian ■ It is also possible, according au* SSti* mtmai pins 0 ne convertible bond with 

loan*. to Texon sub- to Credit' Suiste raanajrine 2^*^»2S!S? * t0 I f C01 ?' a ftc « valae ■ of .Sw_Fr$. 1,000 at 

i .‘tries. ^ SrertOTSr.HS?vm:d»SSS SSSA S s ^ lmt TO °L?S: W *# W eight existing 
] £tum! loses accruing . from that tho bank will appeal before dividends of Sw.Ft 8.80 shares. ‘ The new- Sw.Frs.lOO 

, case canjot yet be estimated; the 1 Federal -Court against -a £ er Bea Z? r s J ai 3? 3113 Sw.FrsJ6 registered shares .will' cost 

•■ Mr. RinervBUGut. chief . Natfiwal Bank deSand^-nega- &MC Sn Ued S ’£j rs ?°i TO ' 

• » JiUve -qf Cj^dit..SuiSBe,.said tive-mterest commission^n Swiss spiral of ■ SwJrsBOtSm. The bank views 1978 with con- 

- urich tw evening; they -will franc balances connected with A^o, shareholders will be fidence. said Mr. Gat. It Would 

within the 'range "- of the the, Team • transactions- “The ashed to approve' an increase not be an easy year: but should 

- V ?rs.3J2bu National Bank -had originally in total share . capital from; bring generally ~ acceptable 

ne ban! foresees the bringing published asrnof SwJFrs.89Gm. to Sw_FrsJ ,047.5m. “working conditions,” Credit 

.. civil - proceedings against outstanding, then increased this This will ■■ be carried out by a Suisse should, prove successful 

ncr mnaaers of the Chiasso a tew days ago to Sw&tB&l-ftu- one-for-eight rights issue .of in international - issue and 

. tch, ffffier officials of Texon At the same time, the Swiss bearer and registered shares and foreign-exchange business. 


Mounting problems at Pakhoed 

EUROBONDS jracorge MflUngnStanley 

, _ ART of the^iFrehcl 

NiflrliK P ’ s ^ Ian t0 restruc 
Vl V I |J|m liser industry, Socx 

* , §s de Engrail. XGe— , 

L * .» ed to acquire s 51 per cea 

lit Inn fr\» Societe des ■ Partlcipatlo 
M V**U lOfiinier (Sopag), the holdi 
for the Gardini ^ 

\ SI 


Ijv.M • 
tl-.i . 
.’.%trLi •: 

iW a* ■•' 
1-5 •• 

C V. . 

•**M ■ 



Ui- !•- 
**'•. ' 

er. ;-*- ■• 

w «■■«.,■ 

■«»••■ r 

^ — 

r*M • 
kr* ■ 
r-h t ; 

Vv. : - 

e ;L: 


ART of the^French govern^ 
restructure the 
Societe Gen- 
XGesa) has 

pany for the GardinJer 
terms of the acquisition 
not disclosed. . 

is joiatly’ owned by 
ne-Poul<lnc,' France's lai^fest 
nicals and textiles - group. 

leading French metals rfhd 
.. nicals "roup- ■ 

5pag and its three prinicipal 
sidiarics Gardinier SA, Garb 
e and Sonaieord- are oil in- 
' -/ed in tic fertiliser business. 1 

- «Yjirnup : also owns a.;51. perl 
. :i stake h Xl^rddder Big River 

; r of iheU.S. ■'.••• 
hie purmase ot.the majority 
-:e frnrr Group* 1 Entremises' 
uco-AiriiricafneS, 1 which 
nws earlier - offer from 

a. effedvely puts an end to 
.jrpviou* bid for Sopag from 
' Putcf company Unle van 
istmes'Fahrfkeri (XJKF) - last 
'ktembe. This latter bid- ran 
' i opooition from 'the French 
■ernmnt. . i 

•he at « cultural co-operatives* 
social holding company Sopia 
1 cotfinue to hold, its 36 per 
' ir.“ irercst in SOpag. whHe 

- sa wil lake a 20 per cent 
lie i Sopia's capital. . . " 

It sc same time; Rhone- 
ilen revealed that its health 
tsio is currently negotiating 
ft-.' Japanese pharmaceutical 
ca-'h romp«hy..,to market 

, of its , new products.. _The 
..ii. of thp- Japanese company, 
peiii withheld pending ' the 
elusion of- a formal agree- 
. it Vtthin the next two to 
_m* ninths. ■■:■' ■■••••• 

.'nder, the agreement Rhone 
ally sxpects to market some 
its poducts. namely Rohnal, 

. . impnved form -of aspirin, 
two mti-indammitory. drugs 

to liquidate 

Paul Betts 

ROME, March L 

BRITISH Petroleum and its 
Italian partner, the State chexni 
cal company AN 1C. have de 
cided to liquidate their $8Qm 
joint Italproteine venture in 
Sardinia which was to produce 
bioproleins for animal feed, 
according to a formal announce- 
ment Issued here to-night 
The -decision follows a further 
delay -by the Italian authorities 
to -postpone once more approval 
for the commercial production 
of ' bioproteins, which has . been 
pending on possible health 
grounds since February 1976. 
shortly after Ibe completion of 
a joint BP-ANIC bioprotein plant 
at Sarroch in Sardinia for 
I total cost of about Lire 60bn. 
i The -effect of repeated delays 
: m government approval could no 
j longer be economically sustained 
: by the company, Italproteioe 

__ _ I said. The Board had therefore 

THE MANAGERIAL and A&qan- has always denied there were. The storage and transport ! decided to call an extraordinary 
cial problems of Pakboed 'Hold- boardroom problems. three operations made a loss in the {meeting to consider the liquida- 
| ing, the. Rotterdam- based storage, senior managers have resigned in . second half of 1977- with only the j lion of the company. 

Last October tbe company had 
warned the Government, the 
trade unions anu the regional 
Sardinian authorities that unless 
approval was granted by tbe end 
of January, it would have to con-, 
sider liquidation. BP has on re- 
international Commercial Bank's! peated occasions threatened to 

pull .out of the joint venture 
with ANlC. 

At the end of January, the 
health authorities postponed a 
decision until February 10, when 
they decided yet again to post- 
pone taking any action until last 
night Tbe decision was further 
postponed until, a meeting later 
this month. 

The Sarroch plant has so far 
been authorised to produce not 
more than 40,000 tons annually 
of bioproteios on a BP patent 
but only. , on an experimental 
basis. , 

Another Italian chemical con- 
cern. Llqnigas, whicb has heavily 
invested in the production of bk>- 
proteins at two plants in Cala- 
bria qn a Japanese Kanegafucbi 
patent, has also threatened to 
[iqraidate its bioprotein com- 
panies. Liquichimica Saline and 
Liquid} imJca Augusta. 


AMSTERDAM. March 1. 

transport and property group, the past 12 months. .property- interests -developing 

have worsened. The company's Mr. Michael Coolc stepped down satisfactorily. Pakhoed is due 
Supervisory - Board - skid .-the from the. Boardiast April to-be to announce its. 1977 result on 
difficulties:- have made, it aeces- followed shortly later by Mr. E. .March S. 
sary to intensify its supervision Christiansen, president of; the 
and support responsibilities. - Blanwboed .property divirion Trm 
It has taken the unusual step and Mr. F. Zimmer, president of kv<J> proilIS rise 
of delegatitw. the Supervisory Paktank. the storage division. international Commercial Bank's 
Board ehairmao. Mc.-K. Brouwer. The managing Board of the CO naolidated profit for 1977 was 
to .coordinate the dasMo4av. bolding company now -consists of «06m (311.8m ) against £A57m. 
management of the company the chairman. Mr G. Verhagen. an mcrMse of over 30 per cent. 
The appointment is temporary Mr. R A. de Monchv and Mr. Som Vfter S i P £2 74m 
but it indicates .there are. rtave' H. Crijns. > SiL.) Total wsem arc 

doubts as to the ability, of- the Pakhoed 's financial' problems £4g7 75 m_ (£504 97m.l 
present three-man managing have been growing over the past * 

Board. Mr Brouwer, 66. is a year and in December the Board The bank’s three major share- 
former president of the company, forecast a sharp decline in 1977 holders are Hongkong and 
Strong differences of. opinion net profits from 'the Fls.43.lm. Shanghai Banking. Irving Trust 
in the managing Board ; of in 1976 There, arb no signs of Company and the First National 
Pakhoed emerged this '-tfinfrjjjut any improvement in'. the current Bank of Chicago, each of which 
year and although ae^&npapjg year. holds 22 per cent 

. .. . / - • ■. . . 




TH&- LARGEST savings hank for financing public sector sales by 5 per cent to Sch.7.8bn 
in Austria. ZentralsparkfeSse der projects. 1 Gross operating with exports np by SchBOOm. to 
Gemelnde . Wien, reports a 10 revenues before taxes were Scfa.44bn. 
per cent, increase inj eonsoli- Sch^’lbn against Sch-lBSbn. OMV. the state oil corporation 
dated balance sheet .to Zenlralsparkasse Increased its also raised its sales by $ch.l.9bn 
Sch.fil.6bn. <342bn.) last- year, engagement in export credit by to Sch-29 9bn. In the electrical 
The directorgeneraL Dr. sari 35.6 per cent Commercial sector. Elin Union reports a 15 
Vak. who took over as - chief operations abroad* .expanded . by per cent jump in turnover to 
executive in July 1977, claimed 25 per cent, and Zentral- Sch.5bn and of 35 per cent In 
that the bank bad successfully sparkasse accounted for 8 per exports which reached Sch.L9bn 
coped with a difficult year atid cent, of the finance for Austrian last year, 
spoke* out in favour of. Co- foreign trade as against 6 per 
ordlnafed action by the <recBt cent a year earlier. Foreign n . . n 

Institutes in selected tinvebP. ^business has reached almost Weisef raper 
went® aimed, at alleviating the teven per cent of the total aitctoiam * 

(opora^S^iier theridArevla-^State indlistalCS * *" 

tion of -Z ”) has already prp- ” „„ Paper Company . After mconclu- 

•pal rd Ketoprofen. 

*hc hw Japanese partner is 
;> expeted to -distribute • In 
i.m roducts currently sold 
nuGh Daiichi Sciyaku. Kyowa 
kkn ud Sankyo Company..- . 
n adition. Rhone is hoping 
inarbt outside Japan some' 
iduct developed by Its new 
vinci partner. . 
fills agreement’: was fore-i 

rided Sch.200m. in credits tor THE HOLDING company for the siv e talks with other paper pro- 
exnort uromotion or indlort Austrian nationalised industries ducers. the company offered the 
SStitutito&Wments; JT 5^. G « expecWjo report plant as a - present - to the 
Savings' deposits at tW end static sales for 1977. Accord- union and at a later stage even 
of 1977 totalled SchJSfrn.. up ing ,0 P«l»niQary figures, which offered to provide Sim. starting 
5 per Cent: on^e^levSa year deUveries within tte capital, 

earlier This means/that the concern, turnover was up by 2.1 For all its interest in saving 
Zentraisparka ssb administers percent to Sch.l09bn. fS7.5bn.l. jobs, the union has in the end 
nine per cent of tie aggregate exports dropped by decided to abstain from a risky 

•wrings deposits jtf the country. 10 Sch35.3bn. engagement tbe more, so since 

The bank accounted for almost T** largest nationalised com- the companys liabilities are 
oae-tWrd of premium sav- PW- Voest-Alptne. the_ steel estimated at about Sch.lSOm. 
ions deposits/ At the end of concern, suffered a fall of '(SlOni.l. Meanwhile, two major 
Un7 it had over quarter oF Sch-Iba. in turnover to SchJ27bn. Austrian paper companies. Bunzl 
a miUioa nremium savings Exports were also .down by and Biacb and Laakircheo. are 
deposits ' ‘ SciUbn. 10 Seh.l7.5bn Ran- reported to be ensaaed in a 

• Otiicr deposits were up b* shofen reported a SchBOflm. rise co-operation project which may 
,13 per' cent' to Sch^l fihn^ and in sales to Scb.4.7bn. with the lead to a full-scale mersef. 
'loans reached Sch.47.8bnZ u p alum in nun, sector, surpassing for « — • 

! «a ..J . info TL. rh^ ft ret rima f ho Cnh 7Kn fianrft 

Profit rise 
from Credit 

Financial Times Reporter • 

A RjSE 6f almost an. eighth in 
net profits for 1977. ls_annonnced 
by Credit Commercial de France 
SA, one of the 1 largest private 
banking houses in France. 

Net profits have moved.' up 
from Frs.68.lm. to Frs.7«.7m. 
(SlB.lm.l and the banking group 
! has lifted its dividend from 
Frs-llJ per share to Frs.12. The 
increase in the year's profit came 
entirely from overseas opera- 
tions, it is claimed. ^ 

Last September the interim 
report from the bank unveiled a 
sharp increase in bad. debt pro- 
visions which had resulted from 
the 14 persistance of the economic 

a iV ;-, 

At tbe time it was noted by the 
Bunzl — which is U.K. owned — j bank that a rise of around 40 

gross operating 
first half of 1977 

_ .the -sharp rise in 

ceul’als -with Tbe JU.S; "'con? I the rising share of the -Joans SGP, the -heavy engineering of sales reported by Laa Id rehen. j provisions for bad de bts, to be 
— i.v 'orton -Narwi^^RPOducts,-^ whieb- - -fwve '"Sone To - trade, plant reports'" an J unchanged According tn newspaper reports. ' wel comed with extieuie caution . I 
-’\ ,‘jpn Gandois. Rhone’s chief ' industry and commerce. turnover of Sch^bh. Chemie both comnanies closed last year 

ifupc. said at th* time that The bank financed the build- Lias : managed to . increase «Ls with losses, 
itlsr agreements .were in the: ing of . 15.000 ‘flats worth 


To the Headers of 

ARMCO International 
Finance Corporation 

Vh % Guaranteed Debentures Due 1980 Issued 
under Indenture dated as of April 1, 1968 

NOTICE IS HEREBY GIVEN that pursuant to the previsions of the above-men ikwpd Tn Jentorn. SI550.Wri 
principal amount of the above described Debenture* hair, been j-elei-ieiJ for imiemplion On April I.J9i(Libroii;. a ii 
operation of the Pinking Fund, at the principal amount thumij, loeciher with accrued interest to < aid date, 
a? follows; 1 


>150 1274 2087 3024 3742 4810 5603 8423 7459 831S 9428 10000 10896 11548 32384 13118 JjOW 

51 1283 2033 3027 3747 4820 3810 8425 7485 B333 3428 10017 10705 11554 12416 13118 ljOgt 

60 1284 2094 3032 3753 4622 S6l3 6428 7488 8338 9432 10018 10706 11588' U41£ 1313£ 14009 

82 1288 22S4 3041 3734 .4628 3813 6430 7493 8333 9436 10053 10707 11557 12426 13140 14107 

70 1301 2258 3045 3756 4638 5628 6434 7494 8370 9437 10057 10739 11563 12432 13144 14100 

71 1302 2259 3050 5788 4842 5884 8438 7498 8372 9443 10059 1 0737 11584 12441 13145 14117 

72 1303 2282 3060 3788 4643 5658. 6483 7502 8392 9445 3,0080 10738 »36$. 12438 13151 14125 

73 1306 2274 3068 37® 4848 5884 6478 7534 8397 B448 20062 10749 11571 12482 33155 1412+ 

1X1 1317 2280 3071 3791 4630 S677 64B2 7337 8453 94B6 10064 10731 11M0 12484 13163 14161 

113 1328 2351 3073 3814 4869 3682 6483 7542 8455. 9458 10065 30757 11591 32465 13170 1415+ 

116 1348 2394 3062 3628 4675 5686 6487 7B66 8457 9486 1(5073 -10792 1160$ 12486 73173 14184 

128 1844 . 2297 3088 3843 4676 5690 6633 7571 8463 9468 70083 10793 11613 12474 13175 14210 

131 1357 .2222 3090 3844 4680 5718 6663. 7575 8465 9471 10091.10796 11639 12483 1317G 14234 

133 1381 2301 3094 3849 4702 3746 0884 7377 8470 9473 10099 1WHE 11645 -J2492 13187 14235 

141 1367 2304 3096 3850 4717 3765 6970 7578 8471 9475 10111 10809 11046 »494 131 88 14240 

143 1S73 2325 3113 3853 4718 5766 6673 7579 8483 9500 10116 10810 11653; 12.195 1 3198 1424Z 

146 1380 3350 3114 3854 4798 5767 8674 7680 8486 9510 10119 10811 11656 12-K*» 13303 14288 

138 1382.2351 3119 3856 . 4797 0768 _807B .7981 8487 BA12 10120 10859 11670 12500 J32RS 14371 
162 2889 2354 3128 3861 4810 5776 6679 7582 8495 9514 10139 10872 11683 12505 13208 14273 

167 1383 2376 3131 3882 4825 5793 6681 75M 8496 9521 10140 10873 11604 17307 13223 14287 

aaa 1385 2378 3134 3863 4337 5799 6682 7835 5500 9522 10148 10886 11890 12508 J3M2 14238 

283 1414 2384 3146 3868 4846 5802 0895 7013 8507 9526 10152 10881 11694 12514 1429T 

310 1421 239a 3158 3887 4 847 5811 8705 7618 8310 9530 10154 10882. 11700 12516 13V» 14302 

316 1432 2396 3168 3891 4850 8006 6730 7665 6518 0535 10169 10885 11705 12517 13287 14304 

321 1440 2449 3189 3885 4831 6008 8731 7871 8321 9543 10185 1 0880 11720 12518 13302 14306 

328 1457 2478 3174 3898 4853 6010 6746 7702 8522 9548 10187 10888 11720 12522 133 IS 14311 - 

343 1460 2482 3181 3902 4860 6011 6748 7738 8525 9550 10101 10901 11733 12530 13314 JJ4312 

354 1462 2485 3188 3B17 4861 6015 8749 7744 8333 9558 1B220 10929 11734 1253 1 13319 V.324 

382 1488 2488 3220 3918 4B62 6017 0753 7748 8536 9661 10221 10338 11735 12532 13320 1&29 

55 1493 2490 3221 3919 4900 6023 6756 7750 8538 9564 10323 10945 11749 12533 13322 143+v* 

372 1494 2496 3222 3924 4901 6025 6757 7754 8540 9565 10224 10948 11751 12536 13323 14357 

373 1505 2497 3268 3927 4 SOB 6027 6763 7757 8554 9576 10230 10S74 11778 12537 13324 1438L 

374 1507 2SD1 3272 3930 4909 8040 6781 7769 8557 9577 10240 1DBK4 11785 12545 13330 14383 

375 1308 2504 3287 3035 4910 6045- 6707 7783 8559 9578 1 0243 10085 11801 12549 13331 1438G 

378 1514 2505 3288 3837 4648 6085 6B02 7785 8564 958B 10244 11000 11802 12554 13337 14434 

383 1517 2542 3289 3940 4957 6096 6807 7789 8568 9590 10345 11003 11804 12558 13340 14430 

388 1522 2543 3291 3955 4659 6104 8817 7793 8578 9561 1024B 11005 11805 12566 13359 14438 

389 3524 2546 3293 3976 4960 6105 8818 - 7796 8585 9338 10230 11Q09 11B37 12590 13377 14467 

393 1830 2548 3298 3988 4992 6106 8820/ 7798 8590 9609 10266 11011 11830 12594 13385 14471 

422 1551 2550 3299 4028 5016 6115 6825 7800 8392 9813 10237 1101 B 11840 12595 13399 1447+ 

427 1554 Z354 3312 4038 5018 6123 6827 7805 8593 6615 10259 11027 11890 12603 13418 1448+ 

■429 1559 2537 3319 4041 30*8 6129 68*8 7813 8595 9616 102B1 11028 11893 12613 13422 14486 . 

430 1571 *567 3321 4048 5031 8140 6830 7815 B599 P626 10271 11034 11018 12628 13429 14497 

440 1583 2804 3324 4063 5046 6141 6834 7816 8629 9646 10280 11054 11922 12629 13482 14498 

449 1584 2808 3327 4066 5050 6147 .MSB. 7831 8637 9655 10289 11062 11923 12831 13436 14499 

450 1588 2822 3334 4070 SOW 6149 6846 7B30 8842 9689 10291 11077 11924 12684 13438 14301 

588 1589 2632 3340 4073 5140 6150 6847 TB41 8646 9660 10294 11082 11331 12872 13454 14502 

582 1595 2641 3344 4114 5143 6158 6885 7E6B 8648 9661 10295 11083 11933 12675 13468 14507 

584 1606 2647 3353 4117 5144 6168 6868 7873 8664 9668 10299 11095 11951 12877 13519 14510 

623 1607 2650 3358 4124 5148 6170 6870 7877 8869 9672 10302 11097 11953 12680 13S23 14521 

630 1820 2652 3381 4131 5157 6178 6872 7882 8570 9675 10307 11098 11953 12C81 13528 14522 

632 1627 2660 S417 4132 5158 6188 6875 7884 8672 9688 10309 11119 11956 12682 13539 14523 

633 1639 3686 3419 4159 5175 6188 6878 7910 8661 9690 10317 11137 11963 12888 13546 14527 

644 1647 2670 3424 4184 5177 6189 6882 .7924 8694 9693 10318 11139 11969 12688 13549 14530 

664 1656 '2672 3427 4185 5160 6196 6883 7930 8899 9701 X0323 11143 11973 12689 13551 14541 

666 IBM 2674 3485 4187 5188 8197 6884 7934 8708 9702 10853 11161 11974 12708 13558 14548 

683 1680 2882 3439 4194 5196 6199 6903 7935 8708 9703 10359 11183 11979 12713 13560 14569 

684 1684 2685 3442 4197 5200 6201 6911 7937 5718 9708 10363 11184 12003 12715 13571 14397 

685 1685 2688 3444 4218 5248 6202 6912 7938 8719 9715 10384 11183 12004 12718 13572 14818 

686 1694 2687 3448 4220 5258 6209 6917 7950 

- 689 1721 2698 3450 4228 5259 8211 6922 7958 

696 1722 2704 3461 4231 5382 6220 6928-7959 

720 1723 2710 34W 4246 5263 6223 6933 7960 

721 1725 2713 3467 4247 52TS 6224 6936 7971 

723 1726 2719 3469 4249 5282 6229 - 60S 7 7972 

731 1729 2721 3472 4251 5283 6241 6930 7983 

747 1741 2736 3473 4252 5287 8342 6940 7987 

768 1744 2726 8479 4255 5314 6243 6944 7998 

771 1745 2730 3480 4259 5316 6245 6952 8000 

830 -1746 2731 3490 4281 5329 6249 6954 8001 

832 1772 2735 3491 4202 3331 "6252 6958 8002 

834 1774 2837 3502 4285 5332 6253 6961 8006 

872 1783 2843 3505 4288 5336 6256 6063 8007 

873 1785 2844 3506 4307 5339 6272 6964 8013. 

8735 9725 10389 11186 12000 13725 13613 14628 

8840 9729 10394 11103 12016 1Z739 13625 14629 

8851 9733 10396 11215 12023 12740 13630 54631 

8855 9742 10397 11220 12027 12808 13638 14638 

8873 0744 1D406 11244 12031 1=815 13646 14639 

6877 9746 10407 11250 12034 12826 13850 1464ft 

B87B 9748 10410 11255 12035 1=845 13655 14666 

8884 9750 10412 11358 12051 12850 13658- 14671 

9754 1D428 11259 12057 12852 13657 14683 

975 5 10435 11283 12071 12866 13882 14601 

0759 10439 11280 1=079 12867 13B84 14696 

9070 9768 10443 11282 12080 12870 23894 14711 

9118 9767 10447 11291 12038 12871 13809 14712 

0118.. 078B 10451, 11292 12099 12875 1370B 14717 

9128 9771 10457 11295 12103 12876 13713 14719 


881 1801 2840 3515 4312 5840 8278 8089 8015 9240 9772 10460 11308 12105 12901 13720 14725 

W4T 2852 

3520 4315 8341 

8821 4362 5340 6276 6978 8034 

2881 3522 4883 53M 6282 7000 8036 
911 1868 2864 3528 4365 3361 6283 7013 8049 

S34 1877 2865 3529 4366 5380 6299 7019 8080 

938 1893 2867 3530 4870 5374 6303 7D98 8065 

937 1997 2872 3554 4373 5*81 6305 7100 8066 

938 1901 2878 3656 4405 3385 6306 7128 8067 

973 1908 2888 3662 4436 5390 6309 7132 8070 

978 1907 2838 3563 '4443 5391 6318 7140 8068 

984 1914 

3565 4445 


001 1918 2892 3570 4450 5401 6330 7171 8111 

992 1927 2898 3574 4452 540C 6333 7172 8112 

1003 1930 2889 3608 4454 5404 6341 7173 8113 

1003 1P33 2901 3628 4606 5406 6343 7193 8174 

1005 1040 2940 .3620 4512 5408 6344 7231 8175 

1014 1963 2950 3632 4513 5411 6348 7256 8181 

1016 1964 2960 3633 4515 5415 6347 7268 8194 

1047 1968 2964 3639 4543 5419 6353 7269 8213 

1081 1975 2968 3647 4544 5420 * 

1087 3009 2969 3851 4546 5459 

1091 2011 2973 3655 4549 5489 

1094 2013 2978 3656 4630 5470 

1098 20X8 2984 3868 4553 5472 

1099 2020 2992 3659 4555 5480 

1134 2030 2997 3661 4556 5518 

1171 2038 3000 3685 4357 5519 

1172 2042 3001 3688 4559 5S21 

1213 2046 3004 3690 4567 5540 

1216 2049 3006 3691 4568 5584 

1 224 2055 3007 3695 4590 5585 

1239 2061 3011 8697 4600 5586 6418 

1285 - 2076 .3014.. 8699 4804 .6591 

1286 2077 3023 3741 4609 -5893 

9343 9776 10462 11308 12121 12904 13722-14737 

9280 0777 10463 11315 12139 12907 13737 14730 

9281 9784 10465 11322 12141 12913 13745 1+738 

9282 9813 10467 11383 12142 12916 13746' 1+777 

9284 9816 10480 11369 12142 12919 13767- 14780 

9290 9817 10481 11374 12160 12030 13769 14781 

9292 9825 10487 11391 12165 12932 13770 1478+ 

9299 9826 10488 11396 12166 12934 13835 14802 

9300 9829 10505 11404 12169 12936 13847 14806 

9=02 0830 10507 11*05 12193 12938 13B83 14838 

6327 7146 8104 9303 9834 10510 11406 12194 12960 13885 14842 

7270 8214 

7271 8225 

7273 8242 

7274 8243 

7378 8255 

7278 8256 9372 9953 

7288 8268 9374 0902 

7300 8269 9375 0968 

7330 8280 9380 9073 

7335 8281 9386 9974 

^ SS 9991 

8 7350 8307 9408 99 

8 7453 83X2 9416 

1 7454 8314 9424 

9311 9840 10514 11407 12195 
9315 9843 10522 11408 1211 

9322 9902 1 ‘ 

9327 9904 ll 

9328 9905 1 

9333 0911 ll 

9342 9919 1 

9343 9935 _ 

9354 9SS7 11 

9355 9942 11 

9257 0944 10613 11473 12254 

:::: awe 

9372 9948 

13886 14843 

12879 13888 14867 

11428 12215 12954 13897 14882 

11436 12225 12890 13904 14886 

11436 12230 12298 13905 14887 

11443 13231 13003 13812 14891 

11446 12234 13006 13913 14892 

11449 12240 13018 13914 14904 

11451 12241 13024 13920 14919 

11460 12253 13025 13993 14920 

:: : j 14922 

10615 11477 12330 13032 14037 14925 

10620 11480 12338 13033 14039 14027 

10623 11483 12341 13035 14043 149S3 

10624 11485 12342 13042 14045 14934 

10625 11487 12343 13046 14048 14935 

11489 12344 13054 14051 14941 

11537 12350 13063 14053 14937 

11539 12351 13066 14055 1498+ 

11541 12357 12068 14063 M98B 

11545 12359 13069 14070 

11546 12370 13102 14071 -. 

11547 12379 13103 14073 . 

' On April 1.1078. the Debenture* designated aJwve will bt^-omedue and pavablejin such- min or currency of 
the United States of America ai at the time of payment- sbaU be iepal lender fur the payment of public-aod- pri- 
vate debts. Said Debentures will be paid, upon presentation and surrender thereof whh all coupons appertain- 
ing thereto maturing after the redemption dale, al the option of the holder either la) at the corporate trust 
office of Morgan Guaranty Trust Company of?i™ WL 15 Broad Street. .New link. New York 10015, 
or | b i at tbe main offices of Morgan Guaranty 'Jjru-t Company of Neu York in Bnisr-eU. Frankfurt am Main. 
London and Pari«. the main office of Banra Von wilier & C 5-p.A- iu Milan and the main office of Banque 
Internationale i Luxembourg S.A. in Luxembourg. Coupons due April 1 . 1**78. should be detached and collected 
in the usual manner. Payments- at the offices referred . to in (b) above will t«* made by check drawn on a dollar 
account, or by a transfer to a dollar account maintained by the paver, with a >«• York City bank. 

On and after April 1, 1973, interest shall cease to accrue on the Debentures Itcrelu designated for redemption. 


Dated: February 23. 1973 


The following Debentures previously called for redemption have not as yet been presented lor payment: 



ntr «n 

m iy. 

Japan and West.jScli2.5bn. last year. About 19 
>p*r cent, of credits were used 

1 hisaruwuiKjnKin iippunji j nutitcr of icoxrd Orvij: 

December W77 , •' 

Australian $5,000,000 

Fixed Rate Loan diKj 19^3 

Joy Manufacturing Company Pty. 

Guaran teed by 

Joy Manufacturing Cojnpany 

Piwci pUcmcni of the above tarn « & 
jinnsAl b>’ l h£ undersigned* 

Bankers Trust International Qrd : B.T.Co. 
Limited . . limited 

Alcan- AaHraU.i Bine 13S9 93} 

ASflSV ipc 19S7 SB 

AUttroUa St pc 1993 

AatoroHM MAS. Upc *33 
8ftrd5» Bank Sftpc 1BS2 .. 
Bower 9ioc 1092 ... 

con. -N. Railway S4ur 1906 
Crete Rational . RJpc IBM 

Denmark Blue I9S4 

BCS-9M 199ft 

ecs sine tear 

K1B «jw W*2 • 

EMI tips 1989 .. . « — — 

gjw.te nun 

Emm tee IBM Nov - 
Cb. ti« • Paper Bloc 1994 
RpauuWep 94 pc 1902 .. .. 

Hjwro Quebec 0w *902 - 

Id 84pc tss7 

1.1S5 Ckhu 0ipc IBM . 

UkraqglM mortal 9 pc -92 
Maura -Kmrason Bine I99t 
iltcbettn ttpc \ssz 
MUfloac tag.. Pin 8Joc 190! 

NMbL Cool Board ftec 19S7 
NftSti. Westminster 9pc *88 
NmfotBKOaad 0pe !SSS .. 
Norites. Kmn. We. S5dc 1992 
Norpipo Si PC 1980 _ 

Xonfc RrtTO SiPC 199? .. 

OUd «* 19SS 

Pon* . Automates 0pc 1991 
PlWQuetMC Ope 1095 
Prov. Savkairb 8Jpe 19W 


— i — 


3t “ 

Weekly nat asset value 
^ on PotoruttfV 27th, 1978 

Tokyo Pacific Holdings N.V. 

U.S. $45.32 

Tokyo; Pacific Holdings (Seaboard) N.V. 
US. $33.04 

Ust«d on the Amsterdam Stew* Exchange 

'wpm^Ite Halite A Fte-n NV- Homupr+cht gw . AmaWdl. 

f$ t *' si ' 


145.7*^*00% ■. 

«"■» ffi-iSS-* M-. »:38 

a - ini it 104.48 HH 



- M3I2 1 


Used iMcnMUfiini 0pc M7 

RHB 9pc WS 

Srtcetton Trim 4Jne 10=9 
Stand EtnklM* She <991 
SKK Sue 1987 . 

Sweden rtCMaml Rlpr IM 
Ufdled Bnrohs Bar 1959 
Voteo 8 k 1997 Man* ... 


Auxrolis 7|pc 13M . 

Bcfi Canada 7;pr ISS7 
Hr Cotombu ttara 7spc *S5 
Can. P«c s|pc 19s* .. 

Dow CbMnn’al 8 pc I99U 

BCS 7IK 1S»? - 


EEC TiK 1982 

EEC 7JW 19M ‘ 

Kmo Guizeti S*k "1954. , 

CoiftreTken 7 Ipc 1S82 

RDCtmas 8 k IMS 

MtcbcimstK 1*83 

Mamma) Urban SCK I9S1 
-New Riuns. 8 k I9M 

Kcw Brans. Prov. g;nc *83 
Nmi Zealand Sipc Uftt - 
xonttc ZUV. B8 7ZBL 1» 
Xorek Hydro 7lpr IBS . 
X«W37 7} PC w: 

•nuarto Hrdra 9pc I*rt7 
Sinc-T SSor HP 

or Scui El. e. 4 Jjc twi 
fturdm iK'rtqnii tip* IW 
Swwlltb- Sure fn SJpr '9? 
Tiiimn fttnr iiki 
T ranrre Tfir IV! May 
vnrks* «a.-n I sr UK7 

rounswMa ®iur jwu 
ff5VjC 1W0 .. . 

EIB >hx- ... . 

FJ» Upc 1«T 

Hnftnee-Mr lot 94 k 1 

Kaaa JWpi* bij- .. 

nu iok m 

BtnmTTF- 194K I3SS . .. 
Span 1*tK BSR 





























100 } 


















06} Austria 65 oc 1985 

BPCE 7K 1367 








100 } 







































97. ' 

Si. . 




Denmark Qpc ZSS3 

EIB UK 1084 106 

Grand Met 7pc 1084 184} 

Hydro-Otk-bec «4 k 1W7 _ 7Kj 

ICl tew 1987 ... . 198} 

MOnrreal 7 k 1987 . 108 

Nnrsea Gas 7pr IBS8 .1071 

Norsk gydro fttpc MSB > 1H 

Norway Mk i382 104} 

Stwn 6(K >069 .. 1 69} 

Spain fit pe 1W IK 

Sweden 8}pC HBU 1,0} 

t«orM Bank 64 k >0*7 104} 

Bank of Tokyo *94 7i3»uc 

BFCE 1984 7k -. 

BNP 1B8S llftpr 


CGMK xrw 7^>C 

CrvflitareaaU 1884 71 pc .. 
Credit Lyonnais 1987 8 k - 
DC Bank !8K 7IS]ftpc . . 

G ZB 19ft) Tjpc 

Inti Wstmastr. « 7ts»pc 

LTCB 1SSS Spc 99} 

Midland 1982 8 k 10M 

Mldtiod IBS? 7 L is sc Hi 

OKB 1983 7tpc HI 

SNCP 1985 »K . 9S» 

Sid. and CfaKd *81 7Uy.Dc 99} 
Was. and Ohms HA gt t5K 9*1 

Source: WURc Weld Smtlheft. 




































American enorts 43 k *87 BO) 

AIM and 5 k 1* jp 86 

. RftbcKK * warm osk “17 92} 
Beatrice Foods 4tec 1883 91} 

Beatrice- Foods _«k 1082 lOi 

Becrbam «ta>r 139“ .. as 

Borden Sue XV* .... 98 

Broadway Ha* 4ik BS7 7j 

Ciroalton 4K W87 73* 

Chevron 5 k WRS ■ .... _ jit 

Dan 4 {pc 1987 75* 

Easrnua Kodak Mac 77 

Fxonemfr Lab« 41 k 19*7 



IHr-aopf 5or 1969 


Tort Sk 19# 



GmrraJ Elfrtrir 4ipc iBSJ 




r.utaip 4tx bs? . . 



Gould 3 k sn .. . 




Gidt and wpc^rn 3 k E3SS 




IJjrrri 3nr HB? . 




HPnwnrril Jiw »S6 




ict hdc larr 




rcA 4 k iw .. 




lortjcaae b'ra- T997 , 



?rr 4 toe iw 



•Intro fipe 



Kiwhisb Jipp -*ria 




J Ra» Mrft^-reri *«n? -R7 







'■'vvi+Cj ntp. i«m 
M i'sm t(of :uM 
J P V nr can 4-«r mo? 

17 H 


Nahi»oi vat jw 

ft 1 : 


'n"nh !»J 




i t ivn^, :i K me 
nflvkm 4- v *+6- 
B’l'imWt Uri.t s nr ‘ips, 



p»:i . 


«MHvjlc filpr l+Cji „ . 




•sw-rre Band »:*■ ipep 




S-H|lhh i .TV 111*7 __ ] 


07 1 


T«*«art +lfir. .. 

«7 B* 

Tni.'j.hj »i _ 


. . ■ Wft 

1BI J 

"iwi J»K ''S'’ 


*9 -' 

K«nw taambprf Apr »*7 




wanw I aa-*>»n iio- ws 


. «e 

Xonw . sk ■ - - 



Soartf : K^der. Feabodr 







































This advertisement complies with the requirements of the Council of 7 he Stock Exchange. 


Financiering Maatschappij d'Oranjeboom B.V. 

(Incorporated with limited liability in the Netherlands — 
a wholly owned subsidiary of Allied Breweries Limited) 

10J% Guaranteed Sterling Foreign Currency 

Bonds 1990 

Guaranteed as to payment of principal, premium (if any) and interest by 



. issue price 99| per cent. 

The following have agreed to subscribe or procure subscribers for the above Bonds: — 

Samuel Montagu & Co. 


Algemene Bank Nederland N.V. Banque Nationale de Paris 

Credit Suisse White Weld 



S.A. Luxembourgeoise 



N. M. Rothschild £r Sons: 


The Bonds constituting the above issue have been admitted to the Official List by the Council of The Stock 

Full particulars of the issuer and the Bonds are available in the Extel Statistical Service and may be obtained 
during usual business hours (Saturdays excepted) up to and including 1 6th March, 1 978 r from the 
Brokers to the issue: — 

Cszenove & Co., Fielding, Newson-Smith & Co.. 

12 Tokenhouse Yard, 31 Gresham Street. 

London EC2R TAN. London EC2V 7DX. 

2nd March. 1978 































“ * 


























. 9528. 



a 0698 




. _^30. 

TftkentKHMceinent appears 03 a matter of noord on fy 


Iran Power Generation &T ransmission 


V. Guaranteed^ 

The Ministry of Economic Affairs and Finance 
of the imperial Government of Iran 


to provide finance foraco ntract between 



GEC Turbine Generators Limited 

for the supply and erection of a second 145 MW steam turbine power plant at Ahwaz in Iran 

Arranged by 

Morgan Grenfell & Co. Limited 

Provided by 

Morgan Grenfell & Co. Limited 

Lazard Brothers & Co., Limited 

Lloyds Bank International Limited 

with the funding and payment guarantee of 

Export Credits Guarantee Department 

i * 

Agent Bank 

Mf61fgW»'Grenfell & Co. Limited 

On March 2ndthe ABN Bank 

o pens abranch in SanFranciscQ 

introducing: Putsch expertise to the 

Ba yArea trading centre of 

h California. 

^ Dufechex^ known 

theworldover. Because theDutch 

v are everywhere. Five of the worlds 
j biggest companies are Dutch. 
Dutch tugboats towships safely over die five oceans. 
Royal Dutch is the worlds secondbiggestoil company 

Holland istoo smaJlforthe Dutch. 

Does it surpriseyouthen that aDutch bank, the 
ABN Bank, has branches inalmost every financial 
and trade centre in the world? 

And &om nowon, also 
in San Francisco 

Financial Times: Thursday 

The Dutch are globe-trotters. 
They have to be, if their small country is 
to mean anything in the world.They 
have been building. transporting and 
trading in foreign lands for centuries. 

So has the Algemene Bank Neder- 
land in 40 countries on the five conti- 
nents. Supporting local as well as inter- 
national banking needs. They know the 
right peopl e, the languages. the markets, 
due to their 150 years of international 
business and banking experience. 

In the United States the ABN Bank 
already has offices in New York. Chicago, 
Los Angeles, Houston and Atlanta. 
And,from Mardi2nd.m San Francisco! 

San Ranciscp. 

BOLCaiifcmia Street, California 94108, 
telephone (415}-362-31Q0, telex 34-766» 

Lnndon .ChiefOffice.6t.ThreadneedleStreeh 


telephone lOl) fiiS 42.72, telex SS7366. 

IkJiJki G*m Bridge Am ftasrisGO 

ABN Bank 

i.jgruv', nmcnK cmcesanq ataiiagaami i ne i.'tea»aa 3 <g. uwagMjreat praam, paginm, nance. caaga . _ 

(S&acJSfrEanMJn H, Lebanon. Saudi Arabia (AHwitkAIssBdi ABraHamS), United Arabfinrafies; Embrace, bm Q BxrrknflzSn 2 sd HaBaaJJ, JUBSta^uroa^MahjSBy StQBpaxw 

IntiawsLa. HaBshwig, Japan. Morocco t Algemene Banff Marokbo S A.?, fenya. U-S-A-v Caradu, Kedigtaads AmiUtti. Suriname. T caca i da . ftam, Air riT U H. M aaco. 

Opcra nty i mfifr rh> mm* H«»n Hn^nri^.timdniii:Acgeaana. UtMjftiafl Paraguay Braid, Be rfl , En u riof . Coto m lM. 

international financial news 

Sharp lift 

in Bank 


By L- Daniel ' 

Israel's oldest . fluid largest 

liMlW i i. imiHhi Hiifi. which 

according to its balance sheet 
ranis 88th among the world’s 

100 biggest banks— will pay an 
unchanged dividend of 16 per 
cent. cash in respect of 1977, 
together with bonus shares at 
the rate of 33fr per cent. (20 
per pent, in 1976) to its 200,000 
' shareholders. 

However, this will account 
for less than 40 per cent, of 
Its net profit, with. -the- other 
60 per cent. to he used to 
strengthen reserves. Jn line 
with its policy of broadening 
its capital base In the face of 
the depredation of the. Israeli 
pound 1 and the- 42^ per cent, 
rise In the Israeli cost-of-living 

Consolidated net profit, in- 
cluding' extraordinary items, 
rose 138 per cent, to IESSOm. 
($34m.) In 1977, from I£226m. 
In 197& ' Parent bank profits 
were I£380m., against If 183m, 

The Bank Leumi group, 
headed by Bank Leund le 
Israel, increased Its capital 
funds by over 100 per cent. 
In 1976 by two major Issues 
in Israeli currency as well as 
by floating a second 930m. 
note Issue through its Antilles 
subsidiary and by increasing 
the capital funds of its New 
York State - Incorporated sub- 
sidiary by a further $10m. 
Ibis brought Its capital to over 
IBtbn., or to IfSbn: if non- 
convertible notes are included, 
according to director Mr. Ernst 


The group prides itself on 
the fact that the foreign 
e xchan ge element in Us con- 
solidated balance-sheet exceeds 
50 per cent. This includes 
both' the group's subsidiaries, 
abroad, its foreign brandies 
and representative offices, as 
wen as the foreign mhang n 
accounts of non-residents and 
of residents held In Israel with 
the parent bank. If the latter 
are excluded (mainly German 
restitution or pensions and 
new immigrants’ accounts) the 
foreign exchange component 
in the overall balance-sheet is 
around 40 per cent 

As a result of this, and 
despite the devaluation of the 
Israeli pound in 1977 (by *76 
per cent, against the UJ5. 
dollar and by 98 per cent in 
relation to the Deutschemark), 
the group increased Its 
balance-sheet total from 
I£9.3bn. at end 1976 (calculated- 
at the then prevailing exchange 
rate of K8.75 to tire dollar) to. 
I£9Jbn. at. the lend of 1977, 
when the exchange rate was 
I£15.73 to the dollar. 

Only 13 per cent of the 
group's balance sheet repre- 
sents unlinked Israeli pounds. 

It now has 360 branches and 
offices, 36 of them abroad, its 
international business having 
undergone a considerable ex- 
pansion due to bigger foreign 
trade and the more liberal 
foreign exchange policy of the 
Likud Government Its foreign 
subsidiaries accounted for 21 
per cent of the consolidated 
balance sheet 


Property sector 

hits IAC profit 



Asked by the Financial 
Times for Ms opinion on the 
Israel Government's decision 
to permit the issue of bonds 
linked to both the cost-of-living 
index and the US. dollar. Hr. 
Japhet said that while he was 
fully in agreement' with the 
Bank of Israel's desire to 
encourage savings and soak up 
surplus purchasing power, he 
regarded' the step as regres- 
sive. Instead of reducing the. 
burden of payments at redemp- 
tion time stemming from the 
linkage (payments which this 
year account for a larger pro- 
portion of the State budget 
than does defence), the . new 
bonds would further increase 
this indebtedness, thus swell- 
ing the budget and accelerat- 
ing the inflationary process.' 

IAC (HOLDINGS), the finance 
company and subsidiary of Citi- 
corp, Incurred an operating loss 

of SABLSm. <SUS58.7nO in 197? 

— a legacy of - the collapse of the 
property market in 1974 — but 
believes that the worst is over. 
The directors expect the group 
to' incur further losses to ' the 
first half of 1978, but foresee a 
return to . profit in the second 
half, although they are not will- 
ing to - predict a profit- for the 
full year. . - 

The loss came entirely from 
property activities, but there was 
a sharp- reduction in losses in 
the second, half. 

The XAC: result compares wxtbT 
a loss of $£443,000 in 19767 The 
directors . have taken " into 
account, a future tax benefit of 
$A23.5m. 'and declared a net 
loss of $A27.99nw compared with 
a profit of $ALQ6m. in 19781- 
Two weeks after announcing' 
the 1978 result, the U.S. parent; 
Citicorp announced a takeover 
offer to buy out' the remaining 
Australian public holding 
because the property market 
bad deteriorated - further with 
the collapse ..of the Parkes 
Development Group, and plans 
by other badly affected groups 

to accelerate their property 

Citicorp warned .that 
provisions for' possible losses in 
^property would . he needed. 


turns oat that a -total of 
-$A45.77m. was provided -for = pofc 
able real estate losses; 

Of these, 5A23JJ9m. were pro- 
vided in the' first half .and 
SALlfim. in the second half. - 
. Since Citicorp was forced to 
rescue LAC In 197* by pumping 
itf aberat SA150m.. the financier 
had run tip real estate losses of 
around $All5ra. The directors 
have switched the emphasis to 
other activities and the import- 
ance of property is now declining 
rapidly. Real estate loans at 
December 31 Tq tailed SA318ra. or 
31 per cent, of gross' receivables, 
compared with 376 per cent last 
year, and 48 per cent at the end 
of 1975. 

The ■ most marked improve- 
ment, however, was the reduc- 
tion in property loans bn a non- 
accrual basis.' 

At December 31, these- loans 
totalled $A83m. and would have 
cost the group about SA12m. in 
1977 in. interest forgone. 

Because of the loss ne divi- 
dend will be paid for 1977. In 
1976 shareholders received 7.5 
cents a share. 

Downturn at AMI 


SYDNEY, March 3L 

AUSTRALIAN Motor . Industries; 
(AMI) suffered a 53 per -cent, 
drop in earnings for the Decem- 
ber half-year, but still performed 
better than many competitors in 
the automotive industry, amt, 
which assembles and distributes 
Toyota and Rambler - vehicles, 
reported a profit of $£L32m. 
(SUS-l-5mJ compared- with 
$A2.78m. in the same previous 

The directors place most of 
the blame on the Victorian power 
strike late last year, which re- 
duced turnover from $A131m to 
SA124m. (SU.S.143m.), rather 

than the depressed market for 
new vehicles. Total registrations 
slumped in 1977 to the lowest 
level for years, forcing 1 the 
Government to lengthen tariff 
and quota protection for the local 
manufacturers and to consider 
widening the protective net - 
General Motors-HOldeu’s re- 
cently reported a loss of $A8.4m. 
for 1977 — its first deficit since 
starting local operations;!!! 1948 
— while Chrysler . reported a 
SA28m. toss.*-' Nissan -'is "also ex- 
pected to report a loss; and Ford 

:to do little better than break 

AMI ■ has benefited from the 

fact that Toyota’s _ share of the 
last y« 

market rose last year from 12.4 
per cent, to 13.3 per cent The 
Interim dividend has been held 
at 3.5 cents a Sure. ; 

Ansett Transport 

ANSETT Transport Industries, 
-the airline, transport, television, 
manufacturing and hotel' group, 'j 
lifted earnings 12.4 per cent 
from $A9fim- to £A10.7m. 
<$U.S.12^m.) in the -half-year to 
December, but the directors 
cautioned that it was most diffi- 
cult to predict with any certainty 
the overall performance of the 
group for the second half. 

Profit . failed to keep pace 
with the growth in sales, 
which increased 14.6 per cent 
from SA224m. to $A257m. 

, The interim dividend is lifted 
{from 4 5 -cents a share to 5. cents. 
iLast - year -the • company- -paid -a 
ffinal Jtf.5,5 .cents, making a total 
payout tO cents, ’v! " • 

News in pastoral move 


SYDNEY. March L 

and media group. News Limited, 
has diversified into the pastoral 
industry with the $A3.5m. 
(U.S.$4nU purchase of seven 
Merton sheep stud properties. 

News bought F. S. Falkiner 
and ' Sons ■ Proprietary from 
Cleckheaton, the textile group. 
The Falkiner group has been 
established for more than 100 
years and was bought by Cleck- 
heaton in 1971 for SA2.6m. The 
deal includes two' world-famous 
studs, Boonoke and Wanganella 
in New South Wales. 

The chief, executive 'of News, 
Mr. Rupert Murdock, said the 
group was pleased at the pros- 

pect. of diversifying into the 
Australian pastoral industry. 
“ We. have confidence in the pre- 
sent Falkiner. management -and 
look forward to a continuation 
of the existing and successful 
policy in developing the best pos- 
sible sheep”, he said. - 
Oedcheaton sold Falkiner as 
part of its plan to reduce its 
short-term fiabill ties and to in- 
vest more? in the textile industry. 
Cleckheatop had .been consider? 
ing the sale Of the properties for 
about -six mouths, and negotiat- 
ing .-with- -News Ltd. for - two 
mobth& '-Th&i directors : . were 
pleased the stud, complex would 
be main tamed a-- big> organis- 
ation such as News Ltd. 

mer wholly 
of Unilever, 
public issued 
(S9m.) as a 
it now has the 
of. shareholders 
pany in India. 

The company made 
a result of which 
of shareholders reafees ft 
to bring down it f Q 
equity holding to Voun 
per cent, to complyyifl 
Foreign Exchange IWi 
Act (FERA) under €ic 
foreign companies mtst 
dianise " their ownership 
phased manner. 

Hindustan -Lever is amlns 
companies ' — unlike^ 
.national Business Mg 
and Coca Cola, which, 
wound up business in It 
agreeing to •- follow , 
stipulations and is . pre 
discussing with the- G 
meat the extent to whl 
forei gn eq uity is to be dl .* 

Under FERA, this is possi > *1- 
foreigh-owued companie: 
sent acceptable pro- 
involving expansion or ' 
slflcation either in **, 
sticated _ technology n 

export-oriented units 
combination of both. 

Hindustan Lever is prlnrip- 
cQnsumer product com 
and had * a turnovei'.-* ' 
R&2A3bn. in 197& U ha., -. ^ ' 
posed additional investmc 
Rs.276.4m.. (of which 

RsROm. obtained fran 
public issue will be Vpaj 
areas to comply with the 
eminent requirement. 
New investment is in uree.- 
jects. — an expott-ori^- 
ossein unit, which ^ 
on stream recently, 
detergents plant 
- and Kashmir, and 4 RsJZ 
sodium triphosphate^ (Sj 
project In West Be 
Further dilution of 
capital base is v 
it is to conform to 
company wants to ft&ii 
least 51 per cent, toregn i 
togs. The process tyek 
by the company to jtpgj 
certain nbn-edible oil^for 

( ? K 


in soap making, says-Mr 

Thomas, chairman 

Stan Lever, is “ sophitie 

at Tribeni 

By P. C Mahanti ; _ 

lf ^3ALCUTTA,;Marqh , .. 
TRIBENI Tissues, rfhe In- 1 
subsidiary of the UJL VRg' 

Dr m 4 

Teape -Group Ltd. 

ted an expansioriof- f 


plant raising Installed 
tion capacity to 13,500 tuc 
of cigarette tissue an i hi 
speciality papers per pea. 

The company has also ecu 
a further licence to* m 
5,000 tonnes more of js \ 
ducts without having tCdQ 

v T 

! I 


its foreign equity, trig*' 

present is 51 per cent) 
total share capital. !i 
According to Mr. R. M. jet. 
managing director, tbeci 
■ pany fulfils the ' three wn 
tions of the Indian FVei ' 
Exchange . Regulation . t 
which allows subsidiary .. 
foreign companies . to m 
51 per cent - foreign eiiK-.. 
The conditions involve tiflT"-. 
or rare technology^- cores - 
tors of industry and a ti 
mum ' export obligation. ; ■ 

KLK profits 
soar in 1977 

By Wong Sulong 
PROPELLED BY an increase to 
oH palm output -and strong com- 
modity prices, Kuala Lumpur- 
Kepong. the giant Malaysian 
plant) on company last year saw 
its profits soar. 

Net profit for the year end- 
ing in September 1977. rosed to 
24.5m. ringgits (SUSlO.Sm.) from 
9Jro. rigglts to 1976. 

The company is paying ont a 
final dividend of 7.5 per cent, 
making the total dividend 
for the year to 12.5 per cent (10 
per cent to 19761. 

The company's palm oil estates 

proved the stor performers, earn- 
ing a trading profit before tax 

Of 30.4m. ringgits. 

Production of palm oil and 
kernels was 47.700 tons and 
10,300 tons, respectively, com- 
pared to 38,000 tons and 8,500 
tons in 1976. 

Selling prices for oil and 
kernel were 1.314 ringgits and 
870 ringgits per tonne, increases 
of over 80 per cent and 60 per 
cent, respectively, compared 
with 1978 prices. 

The company has 20.000 
hectares of oil palm. The 
matured area increased from 80 
per cenr. in 1976 tn 69 per cent. 

1977, and the company* 
expects a- much higher volume 
production as its newly- 
opened estates In -Johor? come 
into maturity. • 

For che current financial year; 
KLK says, it does not anticipate 
the same - profits as last . year, 
due to lower oil palm prices; 
but it is confident that profits 
will be much higher than chose 
Of 1978. 

*. X 

" •■-ne.TH 

' ** X 



Total Assets 
Net Profits 
Share Capital 
Total Capital Fuads 





2 , 023,058 




; "Wobaco Holdizt^ Compaa 
World. Banking Corporation 
WorfdBankmg Corporation SA- 
WoridBaiiWfiig&Trust ^ [Hji ywnn 

Wobaco TrairtIJinited.-Ni 
Wobaco Trnst (Jersey) Limited--Jersey» 
Wobaco Investments Ii iaited— 

- Grand Caymaa ^ 

• V 

1 * .... 
. . . 

* . . *^ «« 

!- sitodal Times Thursday March 2 




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*>* • 
tri> ••-. 
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sw-- 1 

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w*- ' • 


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Doyou need to increase your overdraft ' 
' or should you look for air-increase In capital? 

• > ’ ; How are you; planning for the future? -1 ■ 

- GREShfAhtTRUST can help. Solving. v‘ 
.. problems like this. is pur business. ' 

We are^ long establishedmerdiant bank 
: who specialised financing private companies. 

/ That's why wellaivyaysJisten-whateveh ; 

. your requirements; So don ‘t be afraid to write: . 

• or ring one -ofou'r Directors. . - - “ 

Vyhydon^ypudo'sotpd^i i.' \ 

v vreshaiffi 

company feels at home. 7 ; 

C^eshamThxttL^Barrington House, Gresham London EC2V?HE • r 

•..:jrfi01-606647» ' . • -• . 

Birmingham Office: Edmaritf HouseJ^A^ Sfretfc Birrnffwham B23EW~“ 
...-Tet0a^2» 1277 ' :*■ 

. - . ■ ».-f- ?y a 

. • ■.•..y »f, jn-~ y- 


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.i •• <*■*••• : :■ 


Company witti substantiar agreed or potentiaHosses 
required- in tiie property or building field.' 





Sx ■■ \r. 

Details in confidence to: 


— 1 .,i ■■ . — 




for a really sensational novelty 1 

We want to get into , touch with a well-established, 
financially .strong BRITISH FIRM or COMPANY with 
a Wltfe-Spread SALES-ORGANISATION In the U.K. 

-Wo have developed and .are now producing a 
UNIQUE NEW ARTICLE for which the market has 
been looking for: ’ 


The- most simple way to pleat and hang-up your 
NETS- and all kinds of CURTAINS JN A FEW 


re^l and PATENTS A. all over the Wo.rld, . is a 
UNIVERSAL. „SPRJNG" .made of a special and trans- 
parent' plastlMnaterial. ; •••__. .. - 


is -supplied completely with hanging devices, EASY 
WASHING or .CLEANING, neither in your washing- . 

■For successful applicants an Immediate start will be 

Write to: Van Heek-Scho!co Textielfabrleken B.V 4 
Pioolvper-DhiisJon, P.O. Box 72. ALMELO (Holland). 


■I , : i n > t ■» »;'# » 

‘ r rT T ~- vj r ? 



All the indications point to the immin^ce of 
another property bown. Fortunes will undoubtedly 

n -judgement 

i A- 


be made by. those with the patience, _ _ 
and know-how necessary to' make the most of the 
opportunities presented,-^ : Those interested in 
keeping ahead of the market are subscribing to 
THE PROPERTY LETTER, jointly edited by 
Property Journalists of: the Year -for 1976 and 
1977. For details "<rf FREE TRIAD offer write to:. 
The Property Letter, Dept 1U, 13 Golden Square, 
London v W:£ : 

Or lAona 01-^97; 73^7 (24 hr. answerJug service) ", 


Does your : company meet these 
conditions . 

• Profitable : ; 

• 10-50 employees . 

• Management that would like to carry on the 

• Owners, who would like to sell 

We are a Canadian Investment Company — diversifying into 
Europe through acquisition of small developing companies in 

For- further information please contact: 


e/o Dechert Price and Rhoads, 

Princes House, 95 Gresham Street; London ECZV 7NA. . 

■ r ■ ■ ji ■ j ■ 

- FOR COMPANY 6ft - 

Our ufflMdr lit W tft i Mt y im hi* 
^50SS umard eSSry/m'm tooling 
lor t oompunr ■ homo mt tanw# 
IO c OWW IW r/.-fcW with * «W- 
tbl* tlnw 'ra^ulimtm, *n4 good 
quality mlf m m>r into a Joint 
venture. We would »<*o dbow with 
contwir who it CoatMerlng rtflKin( 
la nuW| computer whkh It cur- 
reiwljr utMlfr.utl'iscd. WU bdrewc 
that we can damcumm* that *“*>• 
sDHtoil beAdlta wtH teerue frm > 
|otf« venture to both (ttrtwi. ... 
Weaw refJf to Boa <5.fSf7. FtnoncM 
Tinea, to. Cameo Street, EC4f 45Y. 




Required (or Extort. prefereNy oo 
endwire wpply bx*h ., 
Menufoetureri, Nwre centetXt 

I London Road 
Hmdbetd. Stirew 
Te»: 042 «TJ 4020 
Telex; 85BM2 "WRTWIS" 


Retail outlets- established ia 
the UJL and overseas. Write' 
Box G.1518, Financial Times, 
10, Cannon Street, EC4P 4B\. 


SHOWING £24,000 f A. FW MTAX ' 
.Thn Heart Krvice bualnesi. assets of 
It 1.000, offert purchaser many exist- 
ing cnwjvli -indndtng major ewn- 
panin. cogeeher with good pocentiel 
In ia exchtslve Licence* im el NW 
London. Small admin, inff and low 
rent office available if required. An 
on-goinB badness Meelljr suited for 
atab'taSed engineering, . Industrial or 
contract naineenince company seek- 
ing. profitable, axnptemeMsry diver- 
• -. Mndtpqh. nfoeuL write to: 


>4 -Dover Soot*. London W1 


Hoary reconditioned and guaranteed 
by IBM. Hqy.' : twa #P ' to <0 P^- 
. Lease 3 viirs fnsni £3..70 weekly 
Rtnf -Mm T29 per' ntondi-.- ta 

Phonei 01-641 2365 

r - * b1 . 

.m*. KiS 

5 “ • 


we have export customers look- 
ing for mbprinted tin plates ‘in 
large sires. Regular business at 
100 Tons per month. 

Write Box 6.1526, 
Financial Times. 

10. Cannon Strtfit EC4P . 1 BY. 

TAX toss 

Approximately £17JHKt lonee raJI- 
aMe in - property devalogment com- 
mdMv —0,250 ono.- 


Of to wi Afxxmfitaats 
25 Woodford Rd^ Watford ’ WI 1FR 
Telephone Wntfowd 471tt 

mocusnii mawmb tramr orpin 

additional c aorta!. 

aecurert proven muiw..0*-154 gioz. 


. Claddings . 

-Company engaged *h manulaeturiiig 
GRP craddiw, with embryo new de- 

TatopnHtn »n " SRC «»ttd AmOB 
and other products for the rtaddMig 
and eon ae me ctan nrnrkea generally, 
seek: iDomom with comtroCTion 
company or s«wp fo»rentd in Aes* 
product »«•»■ ' Poewble'. joint venture. 
Write BoP G.UJf. Time*, 

ffl. Cannon StreM, CC4P «T. 



Over 400 Mt* In stock 

bey vital/ free* the. I* ■WffW WaH ' 

wSTfcR qftetwaelee -rvi». 

0T-WS 7S6t/06lT 



To ra-finwaoe ahort-term lew, soogt 
h y Old EaaMiobad ComPMT Irne- 
pmy and - Farm AaseoJ. Ample 
. Socumy wxtlabfo- . . 
Awew %rel ^n»«e locreasinB annuaUy. 

Write BOP nwocfof nmes. 

TO. Como" Street. 6C4P 4BT. 

ORNMAMM* 1-IM RVA w w ang na nt 

■ — “jr«ssrs , i? 


ia hmreeaed * bw "^'•JJL.ST 

5g | aaev *sgB a- 

bare «re« eqa»PP«4 workshop and 
. thdUed workers. - • 

Write w ttft dtp&i fiw fr ,3 rcip'5ST 

eM Timer, f&, Cem»" S*-. * Br - 


XyrnTm-mrlstn^- j nrbhectJSr-niarliW »• service can htso eon. From 
b* ptM nut-SPiqur tatubae*.' wm t.aOO-to 

a MtAiae'-iealiet^iqiC’ tatafoaeor Wm t.000 -to Z million emnes- 

- Were thauDM-ap.KUs.ol alucniuve Ideeslor naMcWiid goods or seretcre;-, 
hdt In - Oil long run nothing - ear, -boat a ■ orlnM -brochure lor Imoact-- 

durability, ncreuasivc aoUhta ooww- and. of course. ecw»omr. 

10.000 8 sage brochures in lull colour for under £ 1.8001 

100.000 32 sage catalogues In full colour for less than 15 p each? 

2.000 lull colour posters for under £OOOT 

Yes. wo are continually achieving budgets such as these, white maintaining 
■ very' high standan oi Quality to the noint where many of our clean already 
color a substantia; increase in turnover, our. results prove this. 

Remember, we produce the whole pack ag e fun creative smdm demgn and 
artwork, typesetting, photography and modem 4-colour presses to ansurc 
efficiency and accuracy right through to delivery. 

-Colour folders, catalogues, travel brochures, beodm* mannats. glossy caroortto 
brochures, stationery ranges, owners — they're all nor business. 

We aim net to cost you money but to make money for yen. as we have 
. done tor so many of our clients already. 

If you would like ua to do the same tor you. phone or write: 

Staton Nutt or Michael Norris, BBS DESIGN /PRINT, 

194 Campdcn HIU Road, London. W». 01-727 2728. • 

Small metal pressings firm 

wtntdd by American buyer.' Must have tool and die equipment 
and expert toolmaker to stay with firm. Press capacity required 
. to 60 Tons. Prefer location North of Greater. London area. 

-Send- fu/f description of. business including equipment. State asking 
. prite end terms In reply. Write Box F605 , Financial- Times, 

. i 10. ' Cannon Street, EC4P 4 BY. 



A rerun re capitalise, former chairman/ 
. Chief -Executive with 20 ynrs' world- 
wide uiqwrienn (jusc sold hit told- 
nigs In a muki-naBlonal company) Is 
looking for new opporwnWts. 
lives partly in Swiccertand, of Scan- 
dinavian origin. UA. business educa- 
tion and experience. Interested e.g. 
.A mhc companies with good pro- 
duces or Ideas so grow inceriuBon- 
«Uy. Partnership if desirable or take- 
over. . Flexible arrangements possible. 
International tax experi en ce. 

'Write Box G.1S23. Flaoaciol Timer. 
ID, Coanon Street. EC4P 4BY. 


. copywriting, Translation and 
Typesetting for Advertisements, 
Point of sale, Brocfuires, 
and Exhibition MaterlaL 

Contact D3Y1U Mealing 
pan-Arab publications Limited 
. Telepnone 01-581 2171 



to lunfi found banking operation. 
Folly secured. Alternatively half above 
plus gu ar an t ee for remainder. Remu- 
neration bo be discussed e.g. interest 
payments, share of profits, etc. 
OtrrcKsrahip and equity avaHtble. 

Write Bor G. 1519. financial Tima. 
JO. Cannon Street. EC4P 487. 

mamifactwing smaller springs, wire 
-forms and meal pressings, in various 
m aerials seeks aa A gem no further 
the ale of their products hi London 
end Sooth East England. The company 
is particularly geared to" the manu- 
facture of large volume' production. 
Apply in the first Instance to the 
Managing Director 

Astwood Bank, JUddfteh 
Tel; 0527*9 2D88 Telex: 239714 


Special 42week kwennve courses for 
Company persomef. We spedalcte and 
tvseh ONLY French. For dueuJIu 
Toll 07*430-424 or wrte: DepC. T.T.. 

38 Endless Street. 

Sal Usury Stt 3UH. ^ 


Modern electronic kmUs end com- 
munications eo n fo me n t make . voviaes 
trier. We bare the rocniii Id 
aasfot you fo selecting asd fitting all 
vour eouwmeot from VHFs and echo 
so u nders. >u» through radars to the 
mast sophisticates! saiebtee navnators 
and, worldwide MF SSSSTetex. Please 
aopiy ie wreunp aa Beat G.1S21, Fta- 
anUal Thnes. to. Cannon Street. EC4P 


Tour Ford Eieoiti. Coroaea and 
Granada* {up an 2 year* old), frame, 
diata delivery. From £85 - depoiit. 
Applicable an com pa nice, professional 
and self employed; . IF you hare been 
refused for ony reason ring uc 
now and we gnarantee to be helpful. 

NORTHAMPTON (0604) 714855 
9.00 *jtu- 5 pm. 


For Sale. A Company engaged 
In Shipping with substantial 
tax losses. Write Box G.1S30, 
Financial Times; 10, Cannon 
Street London EC4P 4BY. 

Might you sell your 



(a century old family business with some 280 shops) . . 

We seek existing retail businesses — single shops, multiple 
groups or department stores in such trades as— men’s or ladies’ wear, 
drapery, footwear, furnishings and furniture. 

Substantial funds are immediately available. Any location in 
the U.K. except London, the South East and Northern Irelamd con- 
sidered, including smaller towns. 

We are only interested in businesses with freehold or long lease- 
hold premises. 

We will negotiate in strict confidence and will act quickly if 
necessary. If such a private sale might interest you please write to 
G. B. Greenwood, 

Greenwoods (Metis Wear) -Limited, - - 

White Cross, 

' -Giuseley; Leeds LS20 8NDi 


MOavrii Un.iibit.bM 'bat njuRU in 
ike production oi a SOLID STATE 
ealittl “ Uc Detector "i. Voice 
activated, undetectable over phone, 
tape or direct canverBAUotL Consider 
the a dvantage of detecting DE- 
CEPTION in your commercial life. 


— associates confidence In 
proposed new ventures. 


Improve key-stall selection. 


Assess validity of rf-inn 
Bur at lower prices. 
Improve your sales record. 

Qieou su-rssrtmmu maddr 

Assess opposition's true 

Present users also include Politician*. 
Newspapermen, Doctors. Invesu- 
Caters, Bankers, Security Firms, etc. 
(InEtrttcUnns suppHedi. 


FIDENCE' NORWICH <Dfi03i 813399. , 

several other exceorional company names 
for ule at modest prices, no assets 
or liabilities. All suitable as property 
trading or Investment vehicles. D1-67J 
9272 for list. 

FINANCE REQUIRED Jor property Invest* 
.ment and development. Fully, secured 
ana with generous participation. Write 
Box G152S. Financial Times. 10; 
Cannon Street. EC4P 4BY 



Two separate opportunities exist for the purchase of small 
businesses in the North of Scotland. Both manufacture 
knitwear on hand fiat machines. 

In one case a trade name is available. It is possible that 
existing markets can be made available. 

Substantial assistance is available to approved purchasers 
through loans, rent free periods, etc. In particularly suitable 
cases grants may be available. 

These two businesses are most likely to interest someone 
considering starting a business on their own, an existing 
manufacturer requiring additional resources to produce 
wider ranges or a company which has a market it would 
prefer to supply from within its own control. 

Interested parties should contact J Dennis Henry. 


Management Consultants Limited 
127 St Vincent Street. Glasgow G2 5JS 
Telephone 041-221 0732/9770 

--Jr. i. • 


New York State based subsidiary of large U.K. 
Group can provide varied services — accounting, 
payroll, taxes, shipping, correspondence, warehous- 
ing, for company exporting from U.K. to U.SJV. 
Pharmaceutical or allied industries preferred.. 

For further information write: 

Box G.1533, Financial Times, 

10, Cannon Street EC4P 4BY. 


Export orientnenl company with USA ubsidiary. Turnorer exorading Clm. 
Lon tuuMion InK ew yuir due to downturn hi industry^ mainly covered - 
by Company. -Now operaiing -profitably with order* k record levela, 'Buai- 
nets acnvieiei cover machinery- deafen; d reigning and marketing of pro- 
ducts. representative* for major European company in -UK and USA. Sub- 
sidiary consultancy company. Based in Freehold premises in London. Due 


to rotiremenc substanoil proportion of equmy available. - 
Bex G.1518. Financial Timet, 10, Ca niton Street. £C4P 487. 



In port- Export/ MFtrs. Agents firm. 
Languages, has office/W'me. facilities 
Central Manchester: dito’lbution or 
merge Interests. Will liaise to bgoard 
level on your BehnfF -U.K., Europe. 
Mid. East- Abo i nte rested Estate 
Agcy. /Property," vrfcjr. — perhaps 
S.W. England. Cmuinenal enquiries 
welcome. Integrity, discretion assured.' 
Write Bex G.1534, .Financial Times, 
TO, Caanore- Street, -£G4P -4S7-«- 



well introduced in important 
industries, with an organisation 
of regional sub-agents, seeks 
contact with British 

for assistance in the safe of their 
products or Machines in- Italy. 
Pfeoxe write- to Sox F.607. Flnancfof 
■77 mn, 10, Cannon Street,' EC4P- 4BY. 


Grass the oenprtonmes In a low tax 
area. We SHClaiise In the formation 
of including nominee 
aBDOinnnonu. secretarial services, 
general agency work, telex and general 
consultancy _ mduoing commercial 
placement. Foil afoUil* from: 

LTD.. Victory Horn, Prospect HIIL 
Dongiac. Isle of Man. 

Tel. 0642 2 5641, Telex 628241. 

In Construction industry, with 
established tax losses Circa 
£5(XOOO for disposal. As going 
concern or otherwise. 

Write Box G.I522. 

Financial Times, 

10. Cannon Street, EC4P -4BY. 


Land with alt-- permissions for 
approximately -500 residential 
units for sale. Ail services avail- 
able. Write Box G.I529, Fin- 
ancial Times, TO, Cannon Street, 
EC4P 4BY. 


lacks resources to adequately market 
mw DIY product range. Documented 
sales potential in (millions with ex- 
cellent export pros p eers . Unique 
opportunity lor international- company 
ts expand Into DIY Retail Market. 
WiH sell Trade Marks. Patents and 
Goodwill, or consider tubnantial 
capital ki lection. Principals only please 
to Bov G.J535, Financial Timet, 10. 

Cannon Street. EC*P 4BT. 


auiwfoauMra of^kcoi boas, special 
purpose vehicle bodies, birth storage 
system*, sflot hoppore, bins and gen- 
eral neel fabraaetons. Have capacity 
avaHshIa for the above and new 
prod oca. AGENTS alio required for 
w ar u tstiWHi in UA.E. 

Write riving fell detail* to Box 
G1S37, Financial Timet. 10. Guuiofl 
- Street, EC4P 4fiT. 

No capital required. _ (anblHhed «r 

E l veers. Otencs m 8Z c ou ntr i es. Send 
rue tA.E. — W«i«. Pest, f. P JO. Bon 
. ■ M a rmarq ug h wins. 

Hon n«S8> for s ete. ; Npr tranfog. "O 
asset*, caonar C2 £Stw xr. nm.- wrnt Mr. 
U David, 24 facto Arenne. Loedoo 
. -NW2 2DY. 


BritfiA-awned predocar of spcOaUred 
household cleaners, and agent for 
UA. firm* requires additional £50.000 
working rapicaL - Oor brands need 
sales •fort m (he food aurffoc level. 
Opdan hr majority position can be 
negotiated. Ideal base for expansion 
into SandtfUYu. 

Write Box G.144 1. Financial Time*. 
fO, Cannon Street. EC4P 48Y. 

Shipping Agents,. Clearing '.and For- 
warding agents. Marketing and Manu. 
factarere Reprraentttive*. wishes n 
take up- shipping and ’ marketing 
agencies in Nigeria. For interested 
shippiaa rmes. companies and numii- 
JacEuren from ' C nm mon weakh ■ of 
Nations, European casnina. USA. 
japan, esc- Fer-detalff please- write: 
Biut G.14t8. Financial ■ Timet. JO. 

Cannon Street . £C4P 4BT. 

ovn 40.000 SCHOOLS AND EDUCA- 
reac hetl by nulL The EduCalkmri 
MOkuim tad Mailing kmn. mm 
H oosSr^edML Starrer. RH7 Sdm. 
MenOtam 222% 


SSdS°2522 5^4^ 0 «ff. ES - '" imw - 

STOCK AT .COST, CIS. DOS at M-entAsm* 
Menofaciurer nr jurie. view bv men- i 

*** M ™ r , 

tant to former Stock Exchange Member 
seeks small soundly lined firm where 
h* us develop mainly personalised 
inuituuanei Mnlnees 'former member 
£80.000 P-m-J- Write Box G.154Z. 
Financial Times. io. cannon Street. 
EC4P 4BY. 

requires financial partner or partner* 
to expand operetions. Enormous 
nefeMial. AH recces in etrtciesf con- 
fiderte, Write- -Be* - GtlSoS.- Flfieheiel 
Tima- 10.. CaM»a street, EC4P 4BY. 


exceeds £40,000 a year g nd if you 
feel you need better ideas, 
better people and bigger profits, 
drop a line to Box G.1524, 
Financial Times, 10. Cannon 
Street, EC4P 4BY. 


-urgently required. Send details 
in confidence. Write Box G.I52B. 
Financial Times, 10, Cannon 
Street, EC4P 4BY. 


-required by sound property company 
nacdlng only twowMirdc of valuation 
in amount* from 
£20,000 to £200,000 

frlncfpofs only reply to Box G.1540, 
Financial Time*. 10. Cannon Stmt, 
EC4F 4SY. 

tfitire share capital for sale. Offers in 
atm of £10.000 to Box G1£Z7. 
Financial Times, 10. Cannon- Street, 
EC4P 4BY. 

AGENTS remilred U.K. and ail countries 
for established and well promoted 
tapestry hits— Apply Box. G1 520, 
FSuwd- Tunes. - to. Cannon street,- 
. (C4P.SBY. ... 

A unique 

occurs to purchase the freehold of a 
large section of the 

River Crouch, Essex 

approx 9,800 acres 

apply joint sole agents - 


CharanEd Surveyors. 

6 Carlos Place, London W1Y 6LL Telephone: 01-499 6066 

Strutts Parker# 

13 HniStreeL London W1X8DL Telephone: 01-6297282 
Leisure Management Department 
4f Milford Street, Salisbury SP1 2BP. Telephone: 0722 28741 


Export Company with established business in West Africa and the 
Middle East wishes to expand and diversify its portfolio and would 
be pleased to hear from manufacturers requiring: — 

Continuity of business at a high level. 

Effective and responsible marketing In the territories concerned. 
Concise and informed feed back regarding product development, 
new opportunities, etc 

Responsible and comprehensive service in all aspects of shipping 
documentation, etc. 

Payment In the U.K. 

Write giving full details of your products and your requirements 

1, London Road, Hindhead, Surrey. 

Tel: 042 873 6020 Telex NoJ 858802 (Waywis). 

The J I Cate Company, one of the world's largess manufactured of 
construction equipment, ore IN king dealers so sell their range of 


i which .'are available with a wide variety of attachments to suit many applications 
In agriculture and Industry. 

Dealer* should have the experience, to .obtain a good shore of the existing 
market . and to create sales in new area'. A her tales service k of prime 
importance and die prospective dealer should have the facility ca offer good * 
para jup ply and repair service when necessary. 

If you fill this requirement please write for fuff rfetnifi of the range 
-and to tell at something about yourself Co: 



Interdisciplinary Design 

• Architecture, planning, urban renewal, 

engineering, industrial design. ... 

% Real Estate development including funding. 

• Problem solving, energy conservation, studies - 
in viability and cost effectiveness. 

2 Scala Street, London, W.l. - 
Telephone : 637-7461 Tejex-261677 

Are yo> winning th* mh price for 
your low-milesgB prestige motor -or I 
We urgently require Roilt-Royee. 
Mercedes, Daim'er, Jaguar. Vinden 
Hij. BMW. Porsche, Ferrari. Maserati. 
Lambowghinl, Jensen Convertible. 
Rover. Triumph end Volvo Car*. 
Open 7 days a week. 
Collection owywft tle in U.K. Cash or 
Bankers* draft available. Telephone » 
for a firm price or our buyer will calL 
Broohwood (04867) 4S67 



30 Gty Road. EC I 
Of.620 5434/5/7361. 9936 



Manufacturer*, wholesalers and Re- 
tailers of specialised visual aid pro- 
ducts. Gross turnover £280.000 plus 
p.a. with very substantial growth 
prospects over short period.- Net 
return on capital employed 33 % 
before tax. Apply to: 

Mr. E. j. Hayes 

34. Castle Street, Hereford HR1 2NP 
Telephone: Hereford 65462 



concerned in histones! and aaritimq 

Seeks Interest Free Loam 
from high tax payers.' Art loans will 
be fully secured and generous fringe 
"benefits possible. • •- ■ 
Waste Box G.132I. Financial Timer. 
10. Cannon Stmt, E C4P 4BY. 



Substantial CwfPany wishes to purchase 
or. enter Into partnership with above- 
Matt be going concern. Considerable 
lundt and new business available- 
Please write In confidence to 
Bax G.13B5. Financial Timas, 

10 Cannon Street, EC4P 4BY 

• 1 


Company with Capital 
Loss of £9.1 million 


Write Box G.1538. Financial Timer, 
. 10, Gwrwn Street. EC4P 4BY. 


We ran arrange finance from both 
Institutional and private sources Tor 
all type* of industrial and commercial 
property including hotels, factories, 
beoM and mnw developments, com- 
pany acquisitions, corporate flnanca eoc. 


Soine 29, 78 Buckingham Gobi, 
London SW1 Teh 222 4063 


to small or new companies with ideas. 
Sake in equity will h taken. 
A*»«Jvr TV Chairmen. 


.A - 


Financial” Times ’ ThursJay Man!K ' 2 - 157$ 


-Announcements below are pre-pout advertisements. 1/ you 
require entry tn the forthcoming panels application should 
be made to the .Advertisement Department. Bracken House. 
10 Cannon Street EC4P 4BY. Telephone 01-248 8000. Ext. 7064 

Labour 'Force 
Participation and 

Guy Standing 

Surveys economic factors’ that 
induce mainly women — hut 
also the very ycmnc as Well as 
the elderly— to seek gainful 
employment; main factors ob- 
served are. correlates j of . 
economic growth. 

ISBN 92-2-101769-9 

(hard coTer) £8 JO 

ISBN 92-2-101770-2 

(limp cuverl 16.95 

Internationa! Labour Office 

Labour Force 
Participation in 
Low-income Countries 

Edited by Guy Standing 
and Glen Sheehan ■ 

Includes case studies related !n 
five Latin American countries, 
one Caribbean, four African, 
seven south-east Asian and one 
European country: investigates 
education and family income 
factors which induce' women to 

ISBN 92-2-101811-2 

(hard cover! • £7.20 

ISBN 92-2-101812-1 

•i limp eoi er) LI .00 

International labour Office 

The Determi nants of 
Labour Force 
Participation in 

M. Rasevic, T. Muiina, 

M. Macura 

Surveys general eronnniir. and demographic trends 
in Yugoslavia. 1953-1971.. It 
describes changes in economic 
activity, examines marital and 
educational characteristics and 
describe!- tin* influence. nf 
developmcm and employment 

ISBN 92-2-1019004 £5.55 

International Labour URice 

The International 
Monetary System 

Robert A. Murid el l and 
Jacques J. Polak. EDS 

Emerges from IMF 
•■ni-e November 197ii Deals 
with national and international 
authorities* iole hi flexible 
rate systems, and pintml -n or 
international liquidity. C -»nt ci- 
tation: o. Emminger. P \. 
Vo l ek er. . H. tjtcvwli. «i. 
Haber ler. K. Triflin. t\. Mach- 
inp. R Solom on. 

Columbia Lnii cr,il> Press. 
N.Y. s 15.110 

Rutterworths Company 
Law Handbook 

Ed Keith Walmsley 

Similar in sty le In the popular 
Orange Rook, t'us new title 
contains the plain ie\r of all 
the relevant taualn'.hn in a 
manner designed to enhance 
its everyday iitiltt). 


1-lmp 0406-14310-2 £7.00 net 


Managing a Partnership 

D.H.S. Hamwef T, 

Thi* new bonk give* practical 
gmd.inrc tn prnfrs&innal 
people concerned with improv- 
ing the efljeic.Try .md pmfif- 
ahilny nf their partnership 1 !. 
From rilmtocnmers :n salary 
structures. nfficc Ine.ninn in 
TO-ma cement ph« 1 nsdphy. 
everything is included. 


Limp 0406-22152-9 £4.00 net 


Firr and Motor 
Insn ranee 

Third Edition. 197S 

K R. Hardy Ivamv 

TV.. i- fear .'fid informative 
■■■•' i» well .•«*: oi:i hi siinri. 
i ib’** naracraubs with 
■iiiipla- Mib-heudmgs. nmubered 
rwn'ri .nid 'iberal lootneie- 
referencina ease law \- in 
prvviuii- editions. sneeimen 
fan* and policies are m- 

Ruiteru iinh« 

OiM-bmmd 0 - 106 - 25252-1 • 

11S. Oil net lU-S.K3R.0ni 

KitchiVs Road " 
Transport Law 1978 
Nineteenth Edition. 1978 
Ed. James Duckworth t 

This popular. Annual has been 
completely updated to . jake 
account df new laws and ijegu- 
lations (for example, on taeliu- 
graphsl .and. continues’’ to 
-provide' a clear and straighl- 
■ Tortfard "irrtefp relation'" Tor 


Limp 0406-26468-6 

£6.95 net (V.S.S14.001 

Taxation of Land 

Transactions ? ■ 

Second Edition, 1978 ' 

A. R. Mellows - 

This much expanded second 
edition describes the principles 
and practice of rhe various 
taxes which gpply to land tran- 
sactions for oil who wish. to 
minimise The tax and duty 



Casebaand 0406-62391-0 

£18.60 net (ILS.S37.2S) 

European Research Index 

Directory of establishments 
conducting, promoting or en- 
couraging research in science, 
and technology including agri- 
culture and medicine. Com- 
pletely revised and enlarged, 
covering government "and in- 
dependent resea rcli estiiblisSj- 
nienta. university research 
departments :.nd research 
laboratories of industrial 

Frauds Hodgson 
West Europe: (2 mis.) 

Swiss Frs. 40(1.00 
East Enrope: ( 1 vol.) 

Swiss Frs. 200.00 

Who’s Who in Atoms 

Completely revised edition of 
this international -guidp-nGw in- 
Lus- 17th year nf. publication: 
Listing. -about.’ UhOOO leading 
figures. in the nuclear field at 
national and. interna tinnal 
level. ^ 

Francis Hodgson 

Swiss Frs. 225.00 

Industrial Research in 

This guide to British science 
and technology ij now m Us 
TOih year of publication. The 
Sth edmoa is efimotetely re- 
vised. Fully .indexed. 

Francis Hodgson 

Swiss Frs. 21H1.00 

Who’s Who in Ranking 
in Europe 

A financial guide listing *ome 
10.000. bankers holding senior 
east Europe including the 
USSR. Fully cro-w-refc rented. 

Francis Hodgson 

Swiss Francs 100.00 

Directory «f Financial 

A guide listing nn a world 
basis directories covering 
finance, banking, insurance, 
economic!., and many fringe 
fields. Fully indexed. 

Francis Hodgson 

Swiss Francs 90.00 

Guide to Employment 
Second Edition 
Robert Porter 

•A straightforward guide to the 
obligations and duties -.opw 
placed on every employer by' 
*»xi6nsiv,- government legisla- 
tion. Covers recruitment; 
terms nf employment; dismis- 
sal: redundancy: employment 
of women: trade unions. 

George Godwin Limited £3.50 

1978 Edition 
Who’s Who in World 

12.000 biographies of nut- 
standing men and women 
from more than 70 countries. 
Jewish Chronicle Publications 

Guide to Price Controls 

Robert Willolt 

This work analj ;es Die Price 
Code currently in force, ex-’ 
plaining how the investigatory 
procedures work, when a price 
is likely to be scrutinised by 
the Price Commission and the. 
grounds for starting an inves- 
tigation and restrictin'; prices. 

Quinta Publishing and The 
'Institute of Chartered - 
- Accountants in Encland and 
Wales. '• £6Jtq: 


Edited by Denys Sutton 

The world’s 
leading magazine of 
Arts and Antiques 

Published Monthly price £2 0(1 Annual Subscription £25 00 (inland) 
Overseas Subscription £28 00. USA S’ Canada -Air Assmecf 556- 

Afp.'in Mlsganre. S-oclwi House, JO Cannon S:-ert 
London EC*P 4BY - Te<: 01.7** 80M 

Monitoring the enemy in wartime . 


Most. Secret War. 
tide Intelligence!, 
fl. V, Jones,. 

£6.95. 556 pages 

— ..ledge, collected. Soften 

mortal, cost, by gallant,-- under- house; 

• • He was~a remarkable young .Comparative Value on the indi- mean anything, then then 

Practise. To Deceive . by David ground .wortmta all over Bnraptt " Anyway, -in he ^ Hgenw^and seere?resea!rt 

Mure. William Kim her. . £6.50, “Jf* 'ffiKL °i ne Stifle- traveUe<i r ^ uwJ - toat°hi -coi^^^ by Professor F; H. ought-to have been hand 

270 pases SS Sf rt „ t an interested eye at wireless tuSS SKI ^ne of the most dis- repaid on paper, just to 

Many~people have a r^antic ESfS »g™S* £ of the Ketehley ^wgimw***** 

picture of spying. Suiet figures our own military terms, the doubt that, in the sense wMch ^ N ° MOSt ^ ^ D ° W 

.uiuisr quiet, jiaures. oi pui on. ox .Jie is., scieuuataxij sc- it- th*» _ or mwiugence^ ana acuce a . .h-#-— ------ 

slightly different provenance, ignorant The exposition is beau- i.!ninr sight into technical detail. Has an ^ foolish, person to Sa 

usually Slavonic. Some of thaf.tifully -lucid, and tbe.stojy is ja^ generalising power mav not have we ^® lucky t0 . have all of 
old-fashioned espionage still aoes. many *ays the most interesting- 1 ? 1 J , SS 11 *5f , 2SSirS5- ^ There are just two stat._ . . 

~ sRKywjss s.'sjfyr* 00 our R “ ,c o£ g : 

.5“ “_“_ ra i e . R 1 n ^ a ? ns last war. exploits. In critical times; that wasot reqtnjed. From the _ „ e heard almost nothine— 

say. We part, well known, and th 

of them, no room for scepticism at 

There" are just two statements Practise To Deceive is, ; 

ori. But 
actually affect 

have been discovered like that r. \r. ■ Jones himself is as 
One isn t popular when one iaterestins as tfae story be was 
gives an alternative scenario— responsible for. In the 1930s. he 
an extremely complicated set of. was a young research student in 
electronic equipment workina 0 hysics. woridng at Oxford, 
away on messages transmitted by Hough he wajfestremely clever, 
another extremely complicated he ^ different in kind from 
set of electronic equipment: any uterary inteUectual one can 
results passed to a . senes of unagine. HO was certain war was 
thoughtful-] ootan 5 men sitting m comin g. He was determined to 
their offices : then (in wartime! heln win it. His father had been 
tiioaghtf ul-iookjng men persuad- ^xul 

mu military persons to believe , a very Q ne ^ Brigade 

W p h ?i5 ?* y i- re toId - J B - V 8 \ de of Guards. Jones possessed the 
of that studious— and profoundly same unquestioning militarv vir- 
mgenious— process, old-fashioned r.,ri 
espionage hasn't had much of a ■ 

look-fn for the last 40 years. The young man had no more 
'Here, however, is a singular doubts 1 about his duty than a 
aTreption. in a book which it good soldier had. 'He was a radio 

would -be bard - -to- overpraise. -*ni he knew he had a 

Through the nature of his work, flair for the kind of gadgetry 
Professor R V. Jones in the last which was bound to be vital in 
war was obliged to be close to the the coming war. He also had a 
old-fashioned espionage, though regrettable passion for practical 
he was at the same time guided jokes, the- memory of which still 
by new-styie intelligence also, fills him with hilarity, the only 
He was engrossed in the actual dismaying aspect of his person- 
technical detail of the German ality as revealed in this book. He 
air war. To cope with that, he is highly literate, writes with 
had to discover the fine structure delicacy as well as masculine 
of what the new German weapons clarity .and uses his wide reading. 

am moderately certain of. First, heard almost nothing— ing 

Battered people 

S wiicL L- L anyone concerned is convinced deceptions, in the Middle 

no serious mi^akK. gammon- t ff t his own kind of secret work dummy armies, false, .in 
ally his tuning, as about ..the irrespective of his own im- tion. arid so on. Well 
German v-weapons, may have ■ SrSnS^Sia it tte most reading, racily written,’:; 
?***? valuable of all. The more soundly based, which it in 

else s was much more so. ; clandestine the work, the more something of a revelation. 

His earliest spectacular success . ^ 

was to discover tbe German : — - — 

method for directing bombers by 
intersecting radio beams. This 
was dramatised by Winston 
Churchill in bis war memoirs— 
tbe young man Jones confronting 
all opposition, and being' proved 
’ right. Of - course, be ' made 
enemies, he was positive, arro- 
gant. and worst of alL, he bad a 
■ maddening habit of almost sever 
being wrong. ^ 

It is a little sad that, after 
six years of such wqrk. he felt 

ill-used. He is. ■ on the whole, .. 

fair and generous to those who j he cannot be protected by case- abe^the 'bottom 
gor in his way: but he did want. ! work." is a dictum often quoted nila ,i<u«uc thn 
after the war. to be in control 

of scientific intelligence for the, . . . 

Ministry of Defence, that is, to | American expert on child barter- 
be supreme boss of military 1 , ing J s * : ~ r 


- in employment. There T ar 

Web or Violence. A stady of W ho are willing or able ti 
family violence by Jean af^i- the old, and the aid s 
Renvoize. Routledge and longer than they did. 

Kegan Paul, £4-95. 240 pages addition to anaiyain 

- If . child is not safe ct home, g-« -J»g- ^ % 

worn, w a aicium uiicii quuicu .. fhe victims, 

by social worker It was made ^ if so SS 

by Professor Henry K6mp6, the * :» wh-a lin^. 

* nencan ^expert oo^d batte^ «£« ““ Ifaj^T 

dfscoveMhe fine stiucture delica^"' as^weU^as m^culine r. v. jonwi intelligence expert who scientific inteUigence He wratj othcr victiins of famfiy hff own^rlj.- °y ears’ and JL 

- away from UTntehall. and has j treked 

1 chHdabuse, granny, bashing and ha e s nU UI ^ a t | e ipectati?ns 

how a three-year-old i 

was almost never wrong 

Game played with rules 


disdain which. 

Janus; A Summing-lip by Arthur seemed- justified. 

Koestler. Hutchinson. £6.95, emerge from the facts of that {Needs? 
354 pages case that the . inheritance of terms are 


Jean Renvoize has performed behave* and” reacts iriortii 
a useful service by drawing tor tQ an _ m j S[ iemeanour6? 
i gether in one volume some of 0n gointions she emph 
irhe evidence about problems the va i ue 0 f co-ope 

on balance, a brain “developed in advance an^opology (a ^perspective, ; bnTwhich^fihare ^ Scfes and ™nl»' fll 

of.the needs of its possessor.” ^ “S Jf^S? *“!!S Minister for Children 

Arthur Koestier's life does not been established, then ignored should 
fall into two neat halves, tbe by a hostile academic world, atom-bomb 
political, then the speculative. Darwinism, however refined, -horrific. 

There is no break between the could still retreat 
political prisoner in Spain and tion that it ..could 
the author musing for 25 years refuted by experiment because acting against 
on tbe theory of the sciences its evolution • -through blind recalcitrant one: 
and the mind. One life led chance 
naturally into the other. Experi- stretches 
ences during the Spanish Civil True 

In advance of? The conjecture on some ,*«sic ldifficHltieS . t0 ^ose who are try- r. ^ eeds of c KiIdr> 

notoriously snbjec- biological holon. 1 would also ;j ng t0 counter their effects. . g f Sucll a 

acquired characteristics had tive). Thai such an' animal deny the^ suggestion that) Domestic violence is hot new. t i nW n «uime ^cf 

ild now be armed with the ’ advances tn thought are aj Wife . beatiDg u older than Ih-tt^brtwSn the 
i-bornb seems to him to be conquest of the cortex. : jokes about it. cruelly to M r .' iKtT j Pfi at ' present ch 

„„„lfic. Worse, man is a split* Anticipating objections to his :J hildren is abhorrenl but has ch 11 d ear? 

to the posi- personality, in Koestleris view, parallels between cultural and , a | wavs existed and King Lear .. L-gJ- more hurean 

I never be His “new” - excessive - brain is biological evolution, koestler ; was ' not thP first. old man suffer- «"{* ™ le ri "bt lSSra t 

— L *— — -old” bas .to argue that we only now ing frf>m senile decay. to receive w . its own i ngni. atore i 

admire the ancients as thinkers more t han he deserved at the. «™shl be education tor p. 

War Taised for him the ques- to this. True, there are changes 
tions of freedom and man's jn the air. Darwinists are now 

irrationality, group-identity and aware that viruses, for instance, 
the possibility of extra-sensory can by - external” threats pre^ 
perception. The totalitarian pic- duce hereditary changes in a 

ing to actuaJfse the^-brains Aristotle. > btolocically less; . n | ^mily^o^n ifved in the same her suggestion or 

house or in the same area -and groups, a * 111110 

potentials- The new frontiers maS ( ar 0 f hi S cortex than Fred nouse m In mu *«»..«* «.«« 
to be conquered are^ In toe Hoyle? The argument, surely, is C nu!d give each other support in Anonymous. « * 
coovolu V ons or the cortex The a one . Many would think every day matters. A woman there are experiments 
- . - w old brain, most of the -time, that no’ •“better” noet than mKPri trv snend more than half down the country with tele] 

metMflka universe was' cccn-rcfiirp The ceiitidl euipnasft vk This bnJTogicsi sort or^XplatiS- tural"' evolution is to me alTo-dav she spends half her life projects. 

beside toe dogma of evolution Darwins selection by “chance” tion is basic to Janus.. Just as our S n e cious begging of the question 1 — — 

through chance. Sciences any more than toe evolution or basic units, molecules, are con- p ™ „ r* j 2 {h ! TT ^ ■c^rVAmiUTTr' TIVT^Tr 1 A TOU * 
laws became working hypo- something as complex as an eye jectured by Koestler to “face” t ™ is histoy sym i U.K. tLOINilJVIlL 11^1 1IICA 

theses, waiting to be challenged, or the callouses on an ostrich s two ways at once, looking tn . ° . s *. . 

' his Darkness at .Yoon and feet have the full force as “re- themselves and also to a place «ZSh? “XL rt?™ 

author connects with the very 

tii*A f nn /1 nohira A f ixuvcaI noc 


rile In risible Writing he first futations ” which Koestler at in a hierarchy, so man. wo ^ fsiFfld nature of ourselves 

enlarged on these personal times would assume. macrocosm, faces in two direc- I^ fSed values whtoh^neS 

events, political and mental. Janus is indeed a summing- lions, looking to himself— the defend KMstierremaiS 

Bold imagery and a marvellously up. both of Koestler’s own pub- “ self-assertive ” side— and to his ! n Jdmintol^ firare! new?«k- 
lucid style make these hooks the lished work and the structure of wider eroup— the “integrative" .np 1 ™,!! OP horine Questions 
work of a master. What though, man. Its central position is that side. Given our knowledge, this l£f t V erv erdehThnw 

of their more speculative sur- evolution is a splendid game, not is pure conjecture, a baroque f nersonal view is 

cessors to which this book is a free for all. Like all games- tarn which states a faith. As an J?"™ S? terms Irhicr be 
less a new addition than an heir it is played according to “fixed explanation, it is partial, if true “ u, d c]aim phiiosnnhers too 
on a slightly wider canvass? rules which limit A possjbili- at all. . . JrJ ,t lart 'beginff^ to move 

I fear I cannot assess* the while allowing variations. Historical and social contexts again into his questions. - From 

scientific paradoxes with which These rules are “inherent in ar £ sorely, too, very relevant a sharpening of science through 
he continues to harass the tbe basic structure of living Th a t man thinks of himself and. philosophy, much could surely 
“dogma” of evolution through matter, necessarily, his relation to be expected. But never, sorely, 

** chance " and natural selection. Any claim In discern these at others and that each view works so much as this book’s themes. 

Scientists, however, received his this point in nur knowledge must on the other, is a familiar theme, for all its rabbinic use of fable 
last plea, centred on a reopen- be incredibly bold.- Not so fbr better approached (to my mind) and wisdom, its roots in personal 
ins of the closed case of the Koestler. He is alarmed by the by a union of psychology with experience and its powerful 
"midwife toad ** with an amused spectacle of man equipped with the empirical studies of- social leaps from analogy. 

ECONOMIC ACTIVITY— Indices of industrial production, m, 
factoring output, engineering orders, retail sales volume ( if 
100); retail sales value (1971 = 100); registered unemployn 
(excluding school leavers) and unfilled vacancies (000s). 
seasonally adjusted. . 

TndL Mfg. Eng. Retail 

prod, output order vol. 





divide between us 



«... of the people, with the from that betrayal ' of words sinned also: and certainly there 
The Abuse of Power by James ob ject of taking over Downing spoken in confidence and- in cannot be other than an uneasy 
Margach. W- H. Allen, £a.5D. street- Thus did Bea verm ere and private that has dogged so many relationship between politician 
199 pages Rot herb rook, as they became politicians since, notably Hugh and jouraalisttoy the nature of 

— ■ — * known, earn that deadly rapier Daltom forced . to. resign as their roles. The question is 

The title of this book begs thrust from Baldwin about Chancellor after a journalist- rather. Is the resultant service 
toe question: abuse of power by “power without responsibility — (who surety cannot not have to the public one that informs 
whom? The sub-title is “The the prerogative of the harlot known the possible:, conset- the public and helps the politi- 
W-ar -between Donning - Street throughout the ages." In the quences of his action) published cal process? 1 fear that the 
and - the Media.” and the iDtro- post-war years, Cecil King, for some friendly chat from Dalton answer is generally in the nega- 
ducrion suggests^ that the hook oi\e. seems^to have repeated^ toe about the contents of his tive, and that the Press is at 

has not written 

, _ . _ proclaims he has 

the book is nothing of toe sort, is even less enamoured . of over- a reporter to ignore the known written, he has in fact done 
It is a dismal record of the mega- weening Press -magnates..- confidential' nature of the words rather better than that — he has 
loinania of certain Press Barons, it was Baldwin, too,'- as this spoken, and the reporter obeyed, written the sketch of the book 
who thought that they could and book points out. who suffered Certainly the politicians have that ought to be written, 
should rule toe country, and of 

Bright crowd 

the cheap betrayals of politicians' 
confidence by bumbler but no 
less unscrupulous journalists 
in search of an easy story. 

Margach has put together, 
frum his nearly 50 years as a dis- 
tinguished political journalist, a 
series of episodes and anecdotes 
that raise, in a provocative and 
[readable way. The whole clutch 
of issues about the relation be-J 
tween Press and Prime Minister-} 
l or. -to be exact. 12 Prime 
Ministers, from Uoyd George to 
Cutlaghan). • ■. '* * 

When, criticised by politicians, 
the Press is apt.- in a peculiar! v 
sanctimonious «ra.r.' to cry “ fmlL” 
and parade 
hich banner 

represent toe - . . . . . 

beina given fuller access lo ^qinirrelled-wiih each other; mar- 

Whitehall mforntat: 

Ministerial discussion 


— — group or movement) Is the fiuence of the dreadful Gurdjieff, 

Lives and Letters: A, R- Orage. astonishing degree to which they and joined his Institute of the 
Katherine Mansfield, Beatrice were In touch with all that was Humanities at Fontainebleau, 
Hastings. J. Middleton Murry, most lively in thought and the where he was set to do menial! 
S. S. Kotellansky, 1996-1957 by arts in Europe. They weremore tasks.,- and where Katherine! 
John Carswell. Faber, £7 .9a. open-minded in many ways than Mansfield died having been made 
306 pages toeir Bloomsbury contemporaries to milk, toe cows while suffering 

— ~ •— • ~~ — : and more welcoming of ' new - front- advanced tuheixulosis. 

: John Carswell weaves together talent whatever its orlghr. -i-.-Orage's one-time girlfriend, 
toe Jives and writing-careers of Koletiansky. a Russian exile, who Beatrice Hartinss.-.wras et 
five ’people. At different times also had Bloomsbury connections remarkable* .and ecftuily 
they- provided support fbr each being a friend of Leonard made. She wrote reams .n 





4th qtr. 






1978- . 







- 102.0 

102 J 



222 J! 










- - 






’ 118 





103 J3 













_ 99. 













OUTPUT — By market sector:, consumer goods, investment got, 
mediate goods (materials and -fuels); engineering outi 
_J;- manufacture, textiles, leather and clothing (1970 = 1C 
&ihg Starts (OOOSf monthly average). 

Consumer Invst -lntmd. Eng. Metal Textile He 

goods goods • ... goods . output mnfg. etc. sti 

2nd qtr. 
4th qtr. 









103.0 . 

. 98^ 


99 JJ 










98 J9 









3 13-0 _ 






116.0 ■' 


100 J! 

99.0 . 



usa \ 



99 J). 









EXTERNAL TRADE — Indices of export and import volu: 
(1975=100); visible balance; current' balance; oil balance; ter 
of-trade (1975 = 100): exchange reserves. 

■ " Export Import Visible Current Oii Terms Th 
volume volume balance balance balance trade US3 


1st qtr 







2nd qtr. 

11 7J) 




. —745 





+ 46 




4th qtr. 



+ 63 

+ 300 

— 637. 




1 07.5 

+ 52 

+2 02 






+ 65 





.115 Jt 


.+ 71 








- 71 . 

+ 74 













Z, ' 




FINANCIAL — Money supply Ml and sterling M3, bank advanc, 
in sterling to the private sector (three months* growth at anmir 
rate): domestic credit expansion (£m.T; building societies’ n” 
inflow; HP, new credit; all seasonally adjusted. Minima 
lending rate (end period). - 


ideal world, no doubt Govern- 
ment- would be more i>pcn. and 

they, did ".ail " the things that and gave English intellectuals others, 
writers havevdbne". throughout their _ first news of Nietzsche. Mr. Carswell remembers all 











HP • ^ 


' • . • 

. - ^ 


i 1st qtr.-- 

; JL3 


5JJ - 



335 1 




. 5.6- 







20 J 




■4th qtr. 



i3 . 




SepL’ r .' 







; OcL ’ 

~ 354 






! Nov. ’ . 



- 6.1 




iDec. 1 * 

! 1978 














the Press and- TV would - on : the. ages and still do. Oftbefi ve Freud. imagism. Pound, these people as names constantly ! INFLATION— Indices of earnings (Jan. 1976=100). basi 

behalf of the electorate sift and only 'ones 'whose names mean Dostoevsky. It Is a measure of cropping up throughout his; materials and fuels, wholesale prices of manufactured product 

interpret and question - ■ _ fmjioh to the .ordinary reader- io- his breadth of outlook as 30 childhood at borne rhts mother (1970- 100} retail prices and food prices (1974=100); -.-FI 

Rui- fho e-id tmth i"c that in ! day are Katherine Mansfield hnd editor that he numbered Pound, was a friend of-D. H. Lawrence's)., commodity .index (July 1952=100); trade weighted value o 

this countrvat anv rate -what*-! M *tidletpn Mprry and. Interest iq. .Katherine Mansfield and Arnold He has researched their commas' sterling. (Dec. 1971 = 10(1). 
ever mav be the case in the US { tfiem has waned in recent years, Bennett among his contributors, and goings in fascinating depth Earn ’ Basic Whsal*- 

1 — / ' r ' K “ fiction. He puts toe public life in the 


toe Press has done little to conLg™** the « ■*?» of * review,n S 

mihlip oninion to it> own • katherme Mansfield revival. At Ordge f who 

estimate* of iL wortO: nuUer . »!. he ,r »™ 

.. . c . - . - - pro-: 1977 

as if it were toe oeduro from which Murrv lstqtr. 
topoitolicremains mistrurtful of( on the «■»’■ The ‘ other . three. French ter sionn except by emerges expectedly badly. Mr. -2nd qtr. 
the Piew buvin-^croJwords. ! A * R - 0ra 3e.. Beatrice. Hastings Shaw who called bim Orridge) Carswell does, though, have steal 3rd qtr. 
classified ‘ads' and crime reports and s - s - kotellansky devoted came from Fenstanton. near admiration for Murry's power nr 4th qtr. 
rather than its political opinions. \* ett . considerable ' Uterary Huntingdon and worked his way work He was one of toe r P w sepi. 
And One cannot blame toe public. : ener e'es «o ediung. wntin? up through . the educational people in England ever to make Ocl. 

Beawrhnmb and Rothermere ; a r0c,e *. reviews and translation, system until he became a a decent livelihood out of Nov 
even went as far as formina their , activities which do ant usually powerful force among the literary criticism and literary Dec 
own political parti? in 1930. when! lead to fasting fame. London intelligentsia- After the editing as a full-ttme job l fe«>i ’ i97g 

the politicians w’ouid nor do as S,JT w h*t raakea the five first world war when tbe fortunes a man who does that cannot be Jan 
th« -jeer*- told bv rhese «vo self- i interesting when seen as * set of The New Age had begun to all bad but maybe I am ore- Feb 
appointed representative* of the j (nothing as well-defined u a decline he fell under the in- judiced. 








1 12.5 

341 j 













116. L 

340 j 











234 J20 
































f 89 Ji 






“ ^ot seasonally 


► > : , - - 

- *VC p 

Thursday March 2 1978 

c.-. ... 




£•'•»> : -.v : , 

fa :.« r . 

:*»•? or: 


** ft Vf.v . • 

*** ■>"* 

** '■* .. fil , ,;. 

**»«■*' *A ;.r ; . 

f. a:-r,< . 

*'**»! : 

“ilivtr.ii, ’ , , ' " 

t «H- “ 

•Alt'. - .. 





. Although there have been efforts in some countries in recent years to 
restrict spending on defence for a variety ofhoth political and economic reasons 
the overall, volume of money spent on armaments of all kinds continues to rise. 

^ ’ spending oh, manufacturing in all Its tnani* 

■ nce throughout the world is,- festationa has always , been' a 
natea to hav? ■ exceeded lucrative business, and -by now 
'bn. (over £200bn.); and this it has grown to become one of 

it is expected 'to rise fdr- the- -world’s biggest single in- 
, and to go on rising beyond dustries, employing directly 
- several millions of people (ov^r 

t NATO alone, 'there is a 200,000 in the UJC. alone, and 
■ned 3 per cent, a . well over lm. in the .U5.)„ lo- 
se in spending' Intended to' Mther with -/ several . thiilians 
t the memters of the more in ancillary industries, 
ance to build up their con- such as electronics, ; com- 
tional forces to meet the pnnents.. metallurgy. • vehicle 
ring build-up in the War- manufacture and so on. This 
Pact countries, while- there fact may be unpalatable to the 
tjso a continued expansion Protagonists of ., disarmament, 
weapons proouremeni by it i& none the less.-, aii . in- 
ly countries throughout' the escapable fact ' fc 
Id, notably in the. Middle The biggest 'defence indue- 
t and naw-;a!so' widely : tries in. the -world -are- -undbubt- 

■ jughout Africa. edly .those of the. Soviet Union 

-virile mudi afthis spending , ‘5',. W®"! . 

• in basics: sucfi as .Mv.and budget ip believed to be in. the 

' necessities of life, tor tba 

■Id's armed forces (which. , d ™ wSSS ,{£ 

■r collectively -stand at an 

.mated total of more -than -£J? h L 'ISSS' 

I, toP?™r™ent^iSl»nn- 

i ■ ,h i r A *5 iriee.send * suSsttnBai ffiwptjty 

ed to the - procurement ; ot f th«dc defence prSfeou 

! °™***Oh* Soviet uS^hs 

all kiwis, ranging from, air- allies 1st the Warsaw jeuttud 

derf tfr lesser, . extent to-cThird 

ded missiles ™ twljdwn Worid citric* while tbettS. 

chides, bombs, much equipment to 
I pistols. Even, hrthe U.K., N So. the Middle ' East 'and 
pile cuts hn spemttn** Hi re- wia-itWe. 
t years, the- latest Defence, 
ite Paper admits that muii {Tvahiafinn . : -' f 
ndlng on procurement 

>79 will amount to some The- recent U.S. defence 
per cent, of the total budget budget for the 1978-78 financial 
. £6-9bn., or about_£3bn^ of year' showed ' an Increase Of 
ieh production in Industry about 3 pet cent over the pro- 
1 amount to £2.2bn„ and re- vious year, due entirely' to the 
rch and - development to determination o l the ;,U.S. 
ut £8"6m. - Government to. strengthen U.S. 

'he world's defence manu- conventional forces In the face 
uring industries, therefore, 'of continued developments- '.in 

• already exceptionally^ busy, the same direction by the Soviet 
are likely to remain so for Union. Of the proposed budget 

mg time to come. Defence no' -less than $32bn. is earr- 

marked for direct procurement 
— including some $12bn. for 
new aircraft over $4bn. for 
missiles, nearly $5bri. for ships, 
and over $2bn. for combat 
vehicles, such as tanks— while 
research, development and 
evaluation accounts- for another 
$12.5bn.‘ Out of the total bud- 
get, therefore, about one-third 
can be said to relate .directly 
or indirectly' to the defene'e 
manufacturing industries. 

Although details -of Soviet 
defence budgets are not avail- 

79 per cent in armoured per- 
sonnel carriers,' to>50p; and 20 
per cent In fixed-wing .tactical 
aircraft, to 1.975 aircraft/ As a 
result the White Paper ^indi- 
cated that Including French 
forces in Western Germany and 
the North Atlantic (although 
France is not militarily inte- 
grated with NATO while 
remaining .a member of the 
Alliance), -the,. NATO forces are 
now. outnumbered in troops in 
Central Europe by 13. to 2, in 
main -battle tanks by 2.7 to 1, 

the critical initial stages-^such 
as infantry weapons, armour of 
all kinds, anti-tank weapons, 
assault equipment and low-level 
strike 'aircraft 
When to - this situation in 
Central Europe and the rest of 
NATO is added the undoubted 
build-up' of conventional wea- 
pons .systems throughout the 
Middle East, and in many coun- 
tries ..of-. Africa, from the. 
Mediterranean shores to the 
Cape of Good Hope, it can be 
seen wby the overall conclusion 

launched guided missiles, and. 
even various types of infantry- 
men’s .rifles and ammunition. 
The concern is expressed not 
only at the waste of valuable 
financial and manufacturing re- 
sources that this type of dupli- 
cation involves, but also the 
military inefficiency that it 
creates — for example, the 
logistics -problems of supplying 
various units and theatres- of 
combat with all their varied re- 
quirements at a time of almost' 
certain “ blitzkrieg " type of 

The spending goes on 

By Michael Donne, Defence Correspondent 

able in comparable detail, it Is 
highly likely that the -Soviet 
Union and its Warsaw Pact 
allies spend at least a compar- 
able proportion of their total 
outlays on procurement of 
weapons and equipment — and at 
this time may even be spending 
more, in view of the evident 
substantial build-up of conven- 
tional weapons over the past 
few years, which, shows no 
signs of abating. 

The recent UJC Defence 
White Paper, for example, 
revealed that since' 1968, the 
increase in the strength of 
Soviet forces in. Central Europe 
had amounted to no less than 
SI per cent in tanks, to a total 
of 9,500: 38 per cent in artil- 
lery, to a total of 4,400 pieces; 

in artillery by 2J5 to 1 and in 
'fixed-wing tactical aircraft by 
2.4 Jo 1. 

'it is' this massive shift in 
defence philosophy towards a 
build-up of conventional wea- 
pons that is already haying a 
most profound effect upon 
defence budgets, and conse- 
quently upon world defence 
manufacturing industries. The 
3 per cent rise In NATO bud- 
gets set for the period ahead, 
for example, while apparently 
small, is none the less likely to 
have a big impact on tbnse 
industries involved in manu- 
facturing all the weapons sys- 
tems that would be needed to 
fight a conventional battlefield 
type of operation without resort 
to nuclear weapons, at least in 

must be that world defence, 
spending is likely to increase, 
rather than decline. 

But the rising' costs of defence 
procurement is already causing 
considerable , concern to Western 
nations, not just because of 
various political, pacifist or even 
humanitarian considerations, ex- 
pressed by various groups, but 
because of the extensive dupli- 
cation that is taking place 
among 'members of the NATO 
alliance. In that organisaton, 
for example, it is pointed 1 out 
that there are more than a score 
of anti-tank weapons either in 
service or under development, 
while there are several types of 
ground attack and low-level 
strike aircraft, a wide variety 
of air-launched and - ground- 

cross-cduntry warfare. 

Thus,- there has been- con- 
siderable pressure in NATO in 
recent years to try to achieve at 
least some measure of stan- 
dardisation of weapons systems 
of 'all kinds. Some efforts to 
achieve this appear to have been 
highly successful — for example, 
in the manufacture of the 
Anglo-French Jaguar jet strike- 
trainer aircraft— while others 
are showing considerable 
promise — such as the Anglo- 
West German-Italian Tornado 
multi-role combat aircraft 

But in all, there have been 
comparatively few such efforts 
when compared with the total 
volume of military equipment 
that is procured each year by 
the NATO alliance, and much 

more needs to be done. 

But the problems are con- 
siderable. They Include genuine 
differences of view over the 
relative merits of one country’s 
weapons compared with 
another’s, which can involve 
years of discussion aimed 'at 
standardisation but no positive 
results. Examples of this in- 
clude the recent discussions 
over provision of a new heavy 
main battle tank for .West 
Germany and the U.S„ which 
has resulted in each country 
going its own way, while a long 
evaluation over the best gun 
for the US. XU-1 main battle 
tank, involving a competition 
between the U.K. 120 mm. rifled 
barrelled gun and' the West 
German 120 mm. smooth-bore 
gun. has resulted in a U.S. deci- 
sion first to use its own 105 nun. 
gun, and then to consider 
whether or not to go to the 
West German product An 
opportunity for standardisation 
thus appears' to have at best 
resulted in minimal returns, and 
at worst to have been lost. 

. Another difficulty' in achieving 
standardisation is that very 
often different . countries in 
NATO have different time- 
scales for the development of 
specific new weapons systems, 
complicating the already 
difficult task of dovetailing the 
varying military and even 
political requirements to- 
gether. The main battle tank 
illustrates this problem, also. 
The UJK. does not need a re- 
placement for its Chieftain tank 
until the late 1980s, and so has 
not been directly involved in 
the discussions between the 
U.S, and West Germany, whose 
ow'd main battle tank replace- 


ments requirements fall much 

Because of such difficulties, it 
is almost miraculous that such 
common programmes as are 
agreed ever succeed — but there: 
have been such successes, and. 
probably will be more. The 
Tornado multi-role combat air- 
craft can already be .described 
as a managerial. Industrial and 
logistical success, even before; 
its military capabilities have 
been tested in combat. 


In addition to these questions 
of standardisation, every major 
arms producer in the western 
world is anxious to recoup some - 
of its defence outlays by sell- 
ing its products wherever it 
can. The biggest arms sellers in 
the Western world are, of 
course, the U.S. itself, France, : 
the UJv. and West Germany. So 
far as the U.S. is concerned, ! 
President Carter is trying to re- ' 
strict arms sales (which are . 
now more delicately described 
in Washington as “ arms trans- 
fers 1 ’) to countries other than 
those in NATO. Japan. Australia 
and New Zealand. For 1977-78, : 
he has set a ceiling on such 
arms sales overseas of $8.6bn., ' 
which compares with $9.3bn. the < 
year before, and bis aim is pro- ; 
gressivdy to reduce this figure. ; 
But many believe this policy 
will be severely eroded by the > 
sheer pressures of international 
events, as illustrated by the j 
controversy over President ! 
Carter's decision (still subject 
to Congressional approval) to • 
sell combat aircraft to Israel, 
Egypt and Saudi Arabia. • 
Furthermore, the military situa- 

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Another "DC 


The McDonnell Douglas wide-cabin DC-lO has been chosen by 
the U.S. Air Force for its Advanced Tanker/Cargo Aircraft (ATCA). 
"DC"s in military uniform are a tradition in our family of airliners. 
Military versions of the DC-3, DC-4, and DC-6 : airliners all served the 
U. S. Air Force, Navy and Marines, as do versions of today's DC-9 jetliners. 
The new ATCA will make America independent of overseas refuelling 
bases -a mission impossible with today's smaller tankers. 

The cost of the ATCA will be. less than it'might have been because the U.S.- 
Air Force is adopting an in-service commercial DC-10 for the mission. Private 
capital already paid-for the DC-10 research and development costs. 

With the DC-10 ATCA, the USAF will enjoy the same low fuel consumption, low 
' maintenance costs and high reliability that-is being experienced by the 42 commercial 
airlines of the world that have chosen it. Today, DC-lOs flv more people to more places, 
more often, than any other wide : cabin jetliner. Ask for it; when you fly: 




As U.K. agents 
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Mtnhtr Coup um of 
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• F^ancial JCungs-.. Tbureday'.jWanii^ 2; 1978 

JUST OVER a year ago when 
President Carter took office and 
in his inaugural address pledged 
to. abolish nuclear weaponry 
from the face of the earth, the 
prospects for a new strategic 
arms limitation agreement with 
the Soviet Union seemed 
suddenly -brighter. A fresh 
approach, it was felt, might not 
only induce Moscow into con- 
crete substantive bargaining, 
but also persuade the sceptical 
hawks in the U.S.. Congress, 
responding to the honeymoon 
that an incoming President can 
calculate on enjoying, to look 
kindly on whatever new 
arrangement was worked out. 

That optimism Is much re- 
duced today. The Soviet Union 
brusquely rejected the original 
Carter initiative carried to 
Moscow last spring by Mr. 
Vance, the Secretary of State, 
and though the two sides did 
manage to reach an understand- 
ing last September on the broad 
framework of a new SALT 
treaty, there is ample evidence 
of continued deep differences 
of opinion aver details. In the 
meantime. Congressional opposi- 
tion to a fresh pact has appreci- 
ably stiffened in recent months 
and general relations with the 
Soviet Union, exacerbated by 
tensions in the Korn of Africa, 
have become stickier. Only the 
other week, the Communist 
Party newspaper. Pravda, felt 
obliged to warn dismissively 
that “the Soviet Union is not 
going to affix its signature to 
{'such a scrap of paper." 

Nonetheless -negotiations— in 
Geneva, Washington and Mos- 
cow— b a ve persisted for many 
months, punctuated by inter- 
mittent reports of sizeable con- 
cessions on one side or the 
other and subsequent harden- 
ing of positions. The original 
target of having a new arrange- 
ment' in force by the time the 
first SALT treaty, based on the 
Vladivostok accords signed by 
Presidents Ford and Brezhnev 
in 1974, expired in October 
passed without much notice. 
The current betting is that it 
will be hard to reach a provi-, 
sional agreement by the 
second half of this year and 
harder '.still . to secure con- 
gressional approval for such a 
pact, particularly in a raid-term 
election year, until next year 
and problematical, at best, 
even then. 


The basic American attitude. 
towards a nuclear confrontation 
is that neither side can hope to 
win an all out war. The im- 
portant administration study, 
drawn up last year, “Military 
Strategy and. Force Posture 
Review.” assumes huge civilian 
casualties and the destruction 
of at least three-quarters of the 
economies of both countries. 
Some defence experts dispute 
this and believe that the Soviet 
Union has not, as implied in 
the study, abandoned its goal 
of nuclear* supremacy and is 
still intent, - by developing 
nuclear weaponry of high 
accuracy, on attaining a deci- 



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Armour engagement by tank. 

srve edge: according to these 
arguments, a ■ new S^VLT treaty, 
along the lines publicly out- 
lined .to date, would be a means 
to that end. 

The negotiations have become 
bogged down over details, 
although the general framework, 
worked out in Geneva last May. 
does not appear to be in serious 
dispute. This would provide a 
three- tier arrangement — an 
eight-year treaty, placing ceil- 
ings on the numbers of' ballistic 
missiles and long-range bombers 
and multiple warhead systems 
(MIRVS), plus a three-year pro- 
tocol, during which both sides' 
would agree to limit deployment 
of new weapons systems such 
as the U.S. Cruise Missile and 
Soviet SS18 heavy missile, plus 
the drawing up of a statement 
of principles to guide future 
negotiations and to include a 
commitment to make deep cuts 
on strategic forces in the 1980s. 

In subsequent negotiations in 
the summer, both sides made 
what were described as major 
concessions — with the. U.S. 
agreeing to major modernisa- 
tion of the Soviet missile force 
and the USSR relaxing its 
demand for stringent range re- 
quirements on the air-launched 
version of the Cruise Missile. 

The provisionally agreed ceil- 
ings would limit both sides to 
deploying until 1985 between 
2.160 and 2.250 missiles and 
bombers — which would require 
no effective U.S. reduction from 
current deployment but an over- 
all cut of about 300 In Soviet 
strength. Under the overall 
ceiling were several sub-limits, 
with both sides giving some 
ground, the U.S. on the linkage 
between MIRV missiles and air- 
craft carrying Cruises, the 
Soviet Union on the number of 
land-based missiles equipped 
with MIRV warheads. This 
latter concession, Administra- 
tion sources contended, helped 
offset the fact that the U.S. was 
apparently willing to allow the 
Soviet Union a ceiling of 308 
heavy missiles, twice as many 
as the U.S. bad first proposed. 

Details of the above accom- 
modations— and more besides — 

first appeared in the New York 
Times and' prompted much '.-de- 
bate about their source: It is 
generally believed here that the 
documents -were leaked to the 
newspaper by those who opposed 
the American negotiating posi- 
tion and who felt that Mr. Paul 
Warlike, ■ the CLS. chief dele- 
gate, was in the process of-giv- 
ing too much away. ' ~ 

Since -then, however, little 
progress seems to have been 
made. on. key details, -most- -not? 
ably Cruise Missile range limi- 
tations: ' the types of bofliber 
which wonld be premitted no 
carry the Cruise, restrictions an 
deployment of the Soviet back- 
fire bomber, and the types of 
new missiles the Soviet Union 
would be permitted to deploy.' 
Singularly .unimpressed with. 
President Carter's decision to 
cancel the B-l bomber,- the 
Soviet Union is reportedly. en- 
deavouring to' seek to prevent 
the U.S. using new generations, 
of wide bodied jets in the 1980$ 
as carriers, of the Cruise Mis- 
sile, gradually .replacing. : the 

.ageing fleet of B-52& which are 
thought to be sufficient for the 
job until the ‘middle of; the next 
decade. .. 


V It is generally agreed here 
that the selling of any -new 
SALT treaty to the Congress will 
be extremely difficult, probably 
more so than that currently 
being encountered over the 
■ Panama -GanaL As a general 
philosophy, the jCarter Admin- 
istration characterises its poli- 
cies towards Moscow as being a 
mix of competition and co-opera- 
tion. It has specifically tried 
to avoid the policy of" linkage " 
practised by Dr. Kissinger under 
Presidents Ford and Nison, pre- 
ferring instead to treat, in so far 
as possible, individual subjects 
in isolation. But rhe concept of 
linkage dies hard in Washing- 
ton-^not least on Capitol Hill— 
where many congressmen and - 
senators simply expect the Ad- 
ministration to make progress 
on. for example. SALT condi- 

tional on co-operation else*! 
say in Africa. - [ 

Ally this feeling to the 
military bard line faction 
Congress, under “the p<, . 
aegis of Senator Henty 
son from Washington Stai 
something very close to a 
ing third in the Senate j 
exists. The Ariministta* " 
aware of this and has* 
mightily in recent mot? • 
strengthen the hands Of 
more favourably dispose 
new SALT treaty, inclndj - 
patching such senators tr 
tor the progress of the n 
tions in Geneva. But ff 
little hard evidence te'-j 
that the iron hand exert 
the likes of Senator 'J 
over strategic question 
been significantly -we 
The Administration nta 
that the mid-term elect# 
November will produce 
gress of a- more benenri- 
position, but that may 
more than a fond hop 

Jurek IV 


- •--• f'Ji -'*? *«. 

The Air Defence Variant of the Tornado multi-role combat aircraft. The I 
programme 'em this aircraft now being undertaken by the U.K., West Gerij 
and Italy is an example of NATO international collaboration and standar 
tion at work. A. total of 809 Tornados zcill be bililt and the RAF will 
385 of which 165 will be of the AD V type shown. 

: f 

' i 

MORALE AT NATO’s Brussels 
Headquarters has taken a' -turn 
for the better in recent months. 
Following last May’s London 
summit, and President Carter's 
call for a strengthening, of 
Western forces, the feeling , is 
that the Alliance is at' last re- 
covering a "sense of purpose" 
in response to the continuing 
military building-up by the 
Warsaw Pact 

The new bid to strengthen 
the Alliance is still in its early 
stages. The first thorough evalu- 
ation of progress will not be 
made until the next summit, in 
Washington, in just under three 
months 7 time. Nevertheless, the 
Alliance’s Defence Ministers 
were dearly encouraged by the 
way a start had been made when 
they held their annual end-year 
meeting in Brussels before 
Christmas. While repeating 
their concern that the gap in 
conventional forces between 
NATO and the Warsaw Pact 
was still widening, they con- 
cluded that "significant force 
improvements" had been accom- 
plished in 1977 and that more 
would -materialise. 

The improvements made in 
19// stem mainly from last 
summer’s decision by Defence 
Ministers to push ahead witb 
short-term measures in -areas 
such as anti-armour, war 
reserve stocks and “readiness 
and reinforcement.” without 
waiting for agreement on the 
longer term plan for the 1980s 
whicb will be discussed in 
Washington. The short-term 
programme, to be completed by 
the end of this year, provides. 
Cor instance, for a one-third 
increase in holdings of anti- 
armour missiles and similar 
boosts to reserve stocks in other 
key areas. 

The second mid-year commit- 
ment — a three per cent 
increase in defence spending in 
real terms in. each of .the five 
years starting in? 1978 — is also 
beginning to bear fruit' The 
U.S., Canada, Belgium; Norway 
and the U.K. have now all 
stated that they will meet the 

target in their next budgets, 
and West Germany is expected 
to follow suit Britain has also 
committed itself to a further 
three per cent in 1980-8L but 
has cautiously left the final 
three years uf the target period 
“subject to review in the light 
of economic circumstances.” 
This is in line with the let-out 
Clause under which countries 
may miss the targets if their 
economies cannot stand the 

The U.S., on the other hand, 
has already gone all the way 
and promised three per cent 
increases in real, terms through- 
out the five-year period. At the 
same time. Dr. Harold Brown, 
the Defence Secretary, has said 
that the U-S. will more than 
double the amount of equip- 
ment p re-posltioned in Europe 
and develop the capacity to air- 
lift five divisions across the 
Atlantic within 10 days by 1983. 
Arrangements will be made by 
the Air Force to ensure that an 
extra 60 tactical air squadrons 
can be sent to Europe in the 
same length of time. Mean- 
while, President Carter 
announced in Brussels in 
January that a further 8,000 
American troops would actually 
be stationed in Europe in the 
next IS months. 


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'• ,-v -:4vf 

The ‘.new readiness on the 
part of . most members to 
strengthen the Alliance is in 
part a response to President 
Carter’s initiative. But the 
response itself would have been 
impossible . -were it not for a 
growing alarm in West Euro- 
pean public opinion at tbe 
extent of the Warsaw Pact 
build-up. Without this general 
atmosphere of increasing 
anxiety It wonld have been diffi- 
cult, for example, for a British 
Labour Government to have 
announced, its recent plans for 
increased defence 'spending. 

The measures taken by the 
West are hot. however, going 
to be enongh to come anywhere 
near closing the gap with the 
Warsaw Pact. Last month's 
British Defence White Paper 
published latest estimates show- 
ing that Warsaw Pact: forces in' 
Central Europe currently out- 
number Nata (including 
France) by between two and 
three to one in terms of main 
battle tanks, artillery and fixed- 
wing tactical aircraft In the 
Eastern Atlantic, the Warsaw 
Pact countries have 40 per cent 
more submarines and- 20 per 
cent, more surface ships. 

' The West has traditionally 
taken some comfort in the 
superior quality of its equip- 
ment and the greater skills of 
its fighting men. Bat these are 
factors the NATO countries can 
no longer rely on as they did 
in the past. The latest edition 
of The Military Balance, pub- 
lished bp .the . International 
Institute of Strategic ' Studies. 

says that the traditional quali- 
tative superiority of NATO's 
weapons Is being eroded as new 
Soviet equipment Is introduced. 
While NATO has been modern- 
ising its forces, the Warsaw 
Pact has been modernising 
faster and expanding at the 
same time, it says. Zn some 
areas^such as surface-to-air mis- 
siles, certain armoured vehicles 
and artillery. Soviet weapon? 
are now superior. - 
rin. . addition to the growing 
Soviet presence in the. world V 
oceans, the air balance in 
Central Europe has changed 
markedly in recent years. While 
the NATO countries have in the 
past planned on fighting a 
future battle for air superiority 
over Warsaw Pact territory, 
they now expect to be fighting 
defensively in their own air- 
spaee in the event of a major 
corEErontation- In Europe. It has 
been suggested that the Soviet 
Union could now forgo tbe use 
of nuclear weapons to launch 
a major pre-emptive attack on 
the West European countries, 
such is the power of its conven- 
tional air forces. 

; But it is not just sheer weight 
of numbers that worries the 
West The Soviet Union has 
openly demonstrated the extent 
of its airlift capacity in supply- 
ing Ethiopia in the current war 
with Somalia^ while on the 
gronnd in Central Europe , the 
West. Facets Warsaw Pact armies 
that are all equipped with 
standardised. interoperable wea- 
pons. The diversity of NATO 
equipment is such that in some 
cases; for example. Western 
tanks fighting side by side would 
not be able to use their radios 
to communicate with each other. 

Diversity is not entirely, 
without . its military .advan- 
tages. The. West can. he pretty 
sore . what sort . nf weapons it 
is -likely to come up against, 
while Warsaw Pact com- 
manders may be in for sur- 
prises. But it can hardly make 
sense for the NATO countries 
to field as many as 22 different 
anti-tank- weapons arid 33 types 
of combat aircraft in Central 
Europe. .The farmer Supreme 
Allied - Commander in Europe, 
General Andrew Gondpaster, 
has been quoted as estimating 
that NATO forces are losing 
from one-third to a half of 
their capability through lack of 

Some NATO force 
enough ammunition to 
a few. days, others foi 
weeks, but they cann* 
force each other bec. - 
differences in equipmet 
300 standardisation agr 
have been made, but 1 
none of them have beei 
mented. A leading A 
arms expert has 
claimed that even if tin 
countries made a majc 
to standardise their eqi 
of which there is so f. 
sign, their forces would! 
fully Interoperable on 
into the 21st- centuFy. 
dent Carter has said fa" 
to make a new drive 
up the so-called “ 
street ” for mutual an 
chases between Euro- 
North America; tentati 
tacts are starting betw 
members of tbe inde 
European Programme C- 
see what can be don* 
national interests are 51 
that it is bound to be 
and laborious process. 


Meanwhile, the Eu 
remain deeply concern? 
American intention: 
bilateral arms limitatioi 
ments with Moscow, 
general fear is that V 
tun will; make a deal v 
Soviet Union that 1 
Western . . Europe’s 
without ..fully consult! 
Europeans — an imj 
-that the.. Americans are^ 
■hard to, dispel. In pn 
the Europeans are afn 
Washington will bargai 
their .option to acq 
Cruise missile,- which 
well want to strength 
defences in the years 
There is a major probl 
the reduced blast wea 
so-called “ neutron 
which most European 
want For military reasc 
which their Gavernme: 
afraid to ask Wash ini 
supply for political : 
The - Alliance “■ may 
recovered sufficient se 
purpose to start tacklin 
of. these, problems, bii 
is a very long way to go 
they are solved. 




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«Vr:n* . 



[' '. HE MOST effective -way of 

■ disabling ai‘ tank -isr to pierce 
: .5 armour..- No matter how 
’ - igbt the jjpnetnttion, the crew 

■ill experience a devastating 
:> sycholofilcal Setback ' as soon 
3- the flnpour^plercirjg shell -qt 

• sal* of - flame from -a flame- 
■' ■ irower enters .the hull, or 
j . rhen a “ scab ” of steel blasted 

• H>m the- inside wall of the 

• -i. ink begins to Tlchachet around. 
..• •he crew will evacuBtp- tljeir 

.... ehiele without delay, leaving 
™ weapon system stranded. 

" No more effective way of 

■ enetrating a ' tank's armour 

• nd eliminating ' its crew has 

- - vep been found than the neu* 

. ran bomb or enhanced- radi a- ~ 
ion weapon. "NO armour plate 
Jut id 1 } proof against high-intensity 
\eutron and gamma rays, high 
loses of whlch can kill almost 
rfstantly through brain damage. 
\s with other toxic agents, sydi 
s chemical and biological 
igedts. however, the problem Is 
tow 'to deliver the neutrons for 
baxunum effect-on- the en6my 
md minimum effect ok -'one's 
»wn forces-HtmT <m 'nearby 
■W 1111 ^dvilian populations^- - 

The Pentagon' ‘believes, that 
%efP r ts nucleax ^weapon designers 
T ire close to; ^Jving this prob- 
fm in. terms ef one potential 
jattlc field, - Western Europe, 
igai nst which the Warsaw . Pact 
?ou n tries . have /'amassed an 
.mmense, Concentration ' : of 
armour. The; agswdr; it is pro- 
posed, Is a - niteiear explosion 
*• which tils&paxSs most of ita 
. energy not as^&t ahd Wast es 
/' r '- most nud ear weapons . d<r, bkt 
; 'in the form' ;.o£Ao n1*lng;-i^aia-. 
>tton, mostly the dfeeply.' pen*-, 
— Crating rays teofen. as. neutrons,; 

. A decision ion 4 - whether ftatcPs 
. . forces in Euttgje are to be 

- equipped with the new weapon 
. is likely to be ' taken at the 

meeting of the NATO Summit 

• in Washington in three months’ 
time. ' 

The “neutron bomb,” as a; 
concept, dates back at least to 
the 1950s and the early fusion 
(hydrogen) bombs. It has taken 
many years, however, to refine 
the idea into a„ compact mini- 
weapon with a well-defined- tac- 
tical role. As a way of. disabling 
heavy concentrations- of armour 
it probably has no rival in sight 
The Pentagon believes it can 


“Conventional” Enhanced 
tactical nuclear radiation 
- - weapon weapon 

% T ■ 

-Blast- V - • 

50- -.34 


33 ' 24 

Prompt radiation (neutrOn and 
. gamma rays) 

\ 5 ’ • 40. ■ 

Fission product radiation 

10 2 

package its new weapon into a 
warhead for. the army’s Lance 
-missile or into an eight-inch 
artillery shell. Britain-' remains 
silent on- whether it; too, is 
developing such a - weapon. 

The first public reference to 
the new weapon war made last 
March, *by . .General .-.' Alfred 
Starbird. assistant administra- 
tor for national, ■ security of 
what was then the US. Energy 
Research and Development 
Administration - CEfEDAX and 
to-day is pan of the ' Depart- 
ment of Energy, whose labora- 
tories develop the pentagon's 
nuclear weapons. General- Star- 
bird told a -Congressional com- 
mittee that the- ke^y weapon 
would be' designed Mr "-reduce 
-the blast effect -andgatije kill 
radius, you want. :. through 
eohancedrradiation.^- • y- :; .. - 

■ ‘'vfilfr : 7 


. . It ‘seems likely :pe r 

eerit/ur more of 
this iype of' low-jiett^^PSmb 
would be emittea.:-lis J ^'prompt 
radiation;” .compaSat;. with 
about 5 per cent for'.i'/cQnven- 
Honak fa ‘' nuclear- ‘weapon- 
Exploded a few hundred feet 
up'iri the air above the tank 
formations, it would probably 
kill instantly almost -every crew 
member : - within a radius of 
about 800 metres, so intense 
would be the blast .of neutron 
and gamma rays- The less Tor- 
tunate would die in agony in a 
matter of days from irre pair- 
able damage to the gut and the 
bone marrow,- for example. 
These raja, however. ..would 
leave, no residual radibietive 
contamination pn the battle- 
field. In theory the disabled 
tanks could be taken over by 
the victorious forces; but In 

practice these fighting Vehicles 
are heavily dependent upon 
electronic “brains ” which, like 
the crews, themselves, are very 
vulnerable to high intensities of 
ionising radiation. Those tanks 
which survive the still-consider- 
able effects, of heat and blast in 
the vicinity of the explosion are 
unlikely to prove sufficiently 
“hardened** to radiation' to 
avoid being ' towed ignomi- 
niously away after the battle. 

Just how .devastating these 
-miniature nuclear weapons are 
likely to prove in tank battles 
was illustrated by a recent 
article in New Scientist by a 
student of war Studies at King's 
College, London. Those who re- 
ceived whole-body radiation 
doses of about 3,000 rads up- 
wards — the dose capable of 
penetrating bank armour at 800 
mettfes-^ronld' be knocked .out: 
Those who received between 
3,000 and 8.000 . rads would* 
probably recover conscicrasness- 
and .even some ability- to fight, 
but the likelihood is.that their 
tanks would not. In -any event 
they would- probably die within 
a month. Those who received 
more than 8,000 -rads would 
probably die without recover- 
ing, remaining paralysed until 
they died. To place these radi- 
ation doses in better perspec- 
tive, any dose greater than 200 
rads carries a risk of proving 

The debate which has raged 
for the past year about the 
“ morality ” of the neutron 
bomb has disclosed that the 
claims that it killed without 
damage to property-— the “ulti- 
mate capitalist weapon," as it 
has.. been described— are; exag- 
gerated. For approximately the 
same “kill radius” of about 

800. metres^ - within -it would 
probably kill everyone, the 
neutron bomb .need have only 
one-tenth of the explosive 
power of a “ conventional ” tac- 
tical nuclear weapon. It would 
still pack a. deadly punch from 
the normal, effect* of all kinds 

of explosives, namely blast and 
beat as the Tablfr indicates.' I! 
would- also spread some radio- ; 
activity . through fall-out of 
fission products- from the 
nuclear reactions. Bat it would 
be very much .“ cleaner " than a 
tactical nuclear weapon de- 
signed to destroy by blast and 
heat only: and certainly- far 
cleaner than the “ radiological ” 
weapons in which the Pentagon 
showed a disturbing interest in 
the 1969s. Such weapons were 
conceived . as . 'deliberately 
spreading radioactivity over the 
battlefield. The] deadly rays- o! 
the new weapon will themselves 
leave no residue of radio- 
activity,' for example in the 
corpses .• trapped inside the 
tanks. ; 

The neutron weapon affords 
NATO forces the prospect of a 
highly cost-effective counter- 
measure to a rank armada, for 
a battle which would be fought 
on their own territory. Given 
the present imbalance in 
armour of about three to one, 
there is no obvious reason why 
the Warsaw Pact forces should 
want the neutron weapon them- 
selves. On the other hand, they 
are armed with a mobile inter- 
mediate -range ballistic missile, 
the SS20. with three* indepen- 
dently targeted nuclear war* 
heads, and a range that encom- 
passes all- Western Europe's 
cities. The SS20 missile. Mr. 
James Callaghan, the Prime 
Minister told MPs last week, 
was a “far more dangerous 
weapon than the neutron 

But even for NATO forces in 
Europe, for which the weapon 
is being .tailored, the neutron 
bomb is not the ultimate 
weapon. An obvious way of 
countering its impact would be 
to disperse the dense concen- 
trations of armour, necessitat- 
ing the use of far more neutron 
bombs than is. envisaged at pre- 
sent. There are those who argue 
that the new’ weapon will 
“lower the nuclear threshold,'' 

by encouraging battle com. 
mandevs to call for their use 
with less inhibition than they 
would "have about . deploying 
*' conventional “' nuclear 
weapons- j ,But there are also 
those who Claim that the very 
lethality of the neutron bomb is 
itself an additional deterrent to 
starting the- battle in the 'first 

As fpr the ‘'collateral'’ dam- 
age done by such -a weapon, 
this- can be summarised by say- 
ing that- the heat effects Of a 
nuclear explosion fall as the 
square root of distance from 
the explosion, the blast effects 
fall as the cube root of distance 
from th'e 'explosion, but the radi- 
ation effects fall as the sixth 
root. of cjisrance from the ex- 
plosion. In other words, the 
lethality of the new weapon falls - 
off estremely'sharply with dist- 
ance. A 10-kiIoton tactical wea- 
pon would probably indict lethal 
second-degree burns on every- 
one .within about 3.5 kilometres, 
whereas the “kill radius” for 
burns from a l kilo ton enhanced 
radiation weapon would be 
limited to about 0.5 kilometre. 

The most obvious conse- 
quence of this is that NATO 
forces and even urban popula- 
tion could be quite close to an 
explosion . .without suffering 
acutely from radiation effects. 
This is not. so for conventional 
tactical nuclear vi capons, and 
probahjy yciy hard lo achieve 
for dispersions of any other 
kind .-of toxic agent. 

- David Fishlodk 

Science Editor 

■ jp!' r .-"‘{■tf •*, ’ -yv r ■* 

.r £.■ v 

■VI ;>.* .. : . ■ :pi’irvn—fr»r i^- vc ■ 

The Lavcc. missile cm, its tracked launch veh&e seen at the Royal School of 
' Artillery, LarkhiU. Wiltshire. 


tion in ■ the Horn of Africa, 
with open Soviet Union and 
Cuban assistance to Ethiopia,, 
may- yet result in a change in 
U.S. ' overseas - arms sales 

The U.K. . itself is a big oyer-_ 
seas seller of arms. of .-ail kind* 
The Defence White Paper said 
that such -sales of equipment and 
services were ’ expected . to 
amount to at least £900m. in 
1978-79. making a substantial 
contribution to . the country’s 
balance of payments, covering a 
wide range of items. 

The U.K. aerospace industry 
heads the list of overseas 
defence suppliers, and some 
major deals have been achieved 
in recent months, including the 
£500m.-plus follow-on contract 
for the development and support 
of the Royal Saudi AiT Force, 
and another for the supply of 
Swingfire missiles to Egypt 
Further major contracts are in 
negotiation in the Middlfc East, 
and it is expected that th^se will 
eventually include the t sale-iftf. 


Lynx helicopters and Rolls- 
Royce Gem engines to Egypt, 
with perhaps final assembly and 
ultimate manufacture there, 
under the auspices of the Arab 
Military ’ Industrialisation 
Organisation.- which is establish- 
ing an armaments manufactur- 
ing industry’ in Egypt-on behalf 
of the Arab world. The.UJv. sa- 
fari, is now moving into J a -situa- 
tion' where it can earn almost as 
much from the sale of its 
knowledge and expertise as it 
can from the sale of actual hard- 
ware. Many countries are mov- 
ing in to buy this knowledge — 
Saudi Arabia is a classic 
example — across the whole spec- 
trum of military disciplines, and 
some substantial new contracts 
in this field may ..well be an- 
nounced in the months ahead. 

So far as the sale of U.K. 
defence equipment to the U.S. is 
concerned, there are also pros- 
pects for a substantial increase 
in the years ahead as a result of 
the recent Anglo-t'.S. Memoran- 
dum of .Understanding and Co- 
operation -■ '^Agreement on 

Defence Procurement — the so- 
called “two-way street," whereby 
the U.S. has agreed to buy from 
the U.K. wherever the latter can 
'provide items that match home- 
produced U.S. goods m terms of 
quality, price, performance and 
delivery dates. 

This means that whereas in 
the past, the U.K companies 
stood virtually no chance of 
breaking into the U.S. military 
market, now they stand at least 
some chance. But they will still 
find the U.S. market exception- 
ally tough. They will have to 
adopt marketing approaches 
akin to U.S. practices, and 
initially they may find these un- 
familiar. But the rewards for the 
successful companies will be 
great The U.S. Department of 
Defense, with over 40,000 
buyers and 100 major buying 
offices throughout the U.S., is 
the largest and most varied pur- 
chasing organisation in the 
world., in ihe market for every- 

thing from rope, medical sup- 
plies and construction materials 
through to electronic com- 
ponents and toiletries, virtually 
everything the U.S. armed 
forces need in addition to 

This gives rise to the question: 
■what is a defence sale ?, While 
the most readily . accepted 
definition is something -that is a 
“weapon of war”' in' to-day’s 
complex society, with armed 
forces of increasing sophistica- 
tion and high technological 
development, the definition 
really has to be widened, and 
nothing in effect can be ex- 
cluded. A suite of barrack room 
furniture sold to Saudi Arabia 
may not be a weapon of war, but 
it is logically a “ defence sale " 
nonetheless, and many of the 
critics of this form of business 
would be surprised how wide- 
ranging and innocuous much of 
the so-called "arms trade” 
really is — which is perhaps why 
to many industrial organisations 
it is so lucrative, and why it is 
likely, to survive. 

'S’ "i .j 

tT- - 

>• The typical Signaal-dome on war- 
ships is;a symbol of ultimate control. ' 
Which can be obtained irrespective 
' ofweapons in use. 

. For Signaal is used to practical', 
thinking: SignaaTs accurate and 
reliable weapon control and command 
systems will fit almost any weaponl . 

Sails theSevenSeas. 

Weapon Control Systems: 
Hollandse Signaalapparaten B.V. Hengelo - 
The Netherlands. 


Financial Times Thursday March 2 1978 



ALTHOUGH THE Russians guarantees of success (an<t 
have yet to make the big tech- economies through longer pro- 
□ologieal breakthrough which duction runs) it goes some way 
would bring their military to explaining why the Russians 
equipment up to Western levels, have never made that techno- 
they have made several im- logical leap forward- 
provements to ’all main types of >n, e - Warsaw Pact’s de- 
equipment in the last year or yelopment effort— and' that 
so which have impressed and means mainly the Soviet 
at times alarmed western union's since the Russians 
observers. And what their out very little work to 

weapons may lack in quality, their allies — is concentrated 
they usually make up for in equally on air, naval and land 
quantity. equipment, though the first 

In typical Soviet fashion, group is probably the most 
weaponry development is taking active because of the extra high 
the form of improvement and technology and expense in- 
modification to existing models voived. 

rather than the creation of . Th e Soviet* military aircraft 
wholly new types. Although industry suffered a big blow 
this process gives Ereater with the defection to Japan last 


Total combat aircraft «... oyer .1,000 

—of which Backfire bomber . over 25 

Transport aircraft. .,..,.,!, . over 4®0 

Helicopters — oyer 1.000 

XCBBIs „ over 400 

SAMs over 10,000 

Tanks almost 3,000 

Light armoured fighting vehicles :... ® T cr. 4J)00 

Pieces of artillery over 1,000 

Nuclear submarines 0*8 

— of which Delta Qasg 6 

Major surface fighting ships .. ® 

Plessey: an important word 

Plessey plays a significant role in 
defence as a major contractor for vital 
communication networks and other 
systems and equipment relied upon by 
Britain, NATO, the Commonwealth and 
many other friendly nations. 

Plessey experience and products 
meet a wide range of defence needs: 
advanced naval and air defence radars, 
communication and weapons control 
systems, complete electronic refitting of 
naval vessels,' airborne and naval sonar 
equipment and many other ground air 
and shipbome electronic systems and 

Plessey is the prime contractor for 
a number of major military systems, of 
which a typical example is Ptarmigan - 
the battlefield trunk communications 
system due to go into service with the 
British Army in the early 80's. The 
development contract alone is worth 
more than £70 million. 

Plessey Electronic Systems brings 
together all its considerable resources in 
the relevant fields of research, development; 
production and project management- for 
these vital areas -to offer co-operation 
and capability second to none. Plessey is 
a most important word in defence 

electronic systems 

Plessey Electronic Systems Limited 
Ilford Essex ~ 

661 p eras 





00187 ROMA. V. SICILIA 162 - TEL - 7X81114 










year of a pilot flying one of its over longer distances than’, at can be no mure than two feet 
most secret aircraft, the Mig-25 present. - in diameter, and which is eco- 

( Which as it turned out was lt ,s also accepted by Western nomicaJ enough on fuel to be 
le« advanced than wS observers that other civil air- able to fly great distances, 
thought i But it is believed ™™ally under develop- . Although Che Russians do 

to have several new and ad- me . nt are fosifued to play a possess cruise missiles, they are 

vanced nroiects in hand military role if necessary. The believed to be comparatively 

van, projects m nano. new t Jun]bo j(ft thfi n^j,- with a ^ge of only 

There have bee "report s°f a W hicb will go into service in the a few hundred miles. By West- 

new fighter, the MiG-29, which next year ‘or two, could eleariy ern estimates, their advanced 

could be a supersonic combat b - e used as a troop carrier, and cruise missile technology is at 
aircraft to replace the long- the Tu-144 supersonic transport least five years behind, probably 
standing MjG- 2L The Russians may already be undergoing more. 

may also be developing a close modification as a bomber. ■: ’Tj.rnmi? tn tanks an area 

support armoured aircraft for Generally. Soviet military air- Soviet technology has 

stnke and anU-tank operations; craft technology is held in high SdSoS been stro£ the 
such a model would fill a con- reg ard in the West But the t^Sn^av recently h£e re- 

S3P “ theiF air technolo ^ icaI ! as couped the tead which they lost 

WMp0Qiy ‘ more evident in missiles, though t0 ^ West t2, rou gb no t produc- 

A here ’ t0 °' there have -been, inti ing a n essentially new tank since 

AVlOIllCS provements. .> i • the early 1960s. 

The most important is the - • 

The Russians are almost cer- deployment of the new genera- TwinmrrMm 
tainly seeking ways to modernise t [ 0n 0 f ballistic missiles, the linUl CDM V C 
the MiG-23 Flogger (a new ss series l7 . 20 . But although, the anoear- 

version of which could be the ^ ey include the first missiles _ i? R ?L^mfae?s military 

MiG-27) and the MiG-25 Foxbat of being “ Mirved or ^ ^ ^ 

Improvements are particularly armed with multiple, indepen- £, a ~ d * hJand^ew^odel which 
being sought to their weaponry de „ t warheads, they are l5u ^’ n ot 4t ^Tf5ly as^d 
and avionics systems, notably liquid-propelled, which makes |^ thp wS. bi? which anoSs 
what is known as "look-down, them i ess reliable and moire £ ^ SSp in 
■hoot down radar" which di^mt to prepare for firing. “'“Sn 
enables an aircraft to attack The Russians bare yet to da- 2SS&S? 
another from above without vel0 p a missile which uses 

losing radar contact due to inter- sr.ud propellants (as most Wes- S! ? e vl at fife ^ate p te 
Ference from objects on the tern missiles do) even for their KJIT®’ *!“* p 

ground. missiles launched 'from sub - ^ y ! . 

Developments have also been marines where large quantities There have been reports ot 
noted in transport aircraft The of liquid fuel present an enor- the testing of a prototype of a 
Russians have made no secret of mnus hazard. new the T-S0, which would 

their 11-76. ostensibly a civil -But the focus of the missile be deployed in the mid-1980s, 
cargo-carrier with a 40 tons race has now turned away from The November parade also 
payload, but which is being ballistic to cruise missiles, an produced a new anti-tank 
produced in large numbers and area in which the Russians lag missile which is being studied 
could play a military role at a in two important respects.' ■ by the West But by contrast . 
moment's notice. The first is that they still lack with these developments in the 

The Russians aw also believed the complex electronic guidance field of artillery and battle 
to be working on the An-40, a systems needed to steer the low- equipment the Russians are 
giant transport aircraft on a flying missiles thousands of sail! manufacturing .anti-aircraft 
scale comparable with the Lock- .miles to their .targets.. . The guns, something the . West 
heed C-5 Galaxy.' Again, this second’ is that' they have not ceased -to produce -some time 
would fill a big gap in the air been able to produce turbofan ago.* ' 

force ami enable the Russians jet engines which are sufficiently Iti naval equipment, an area 
to deploy troops and equipment -small to power an object which where the Russians have been 

slower to build up their i . 
batch production of battl- 
and submarines has rc 
levels where the size o 
Soviet fleet i& being r 

Delta class nuclear subn - 
production is now about 
year. In three variants: ' 
third variant now undei 
structlon carries 16 1 
ballistic missiles (against 
the first versions). 

The Soviet Union hat 
begun to build a larger t; 
nuclear submarine, ! . 
Typhoon, designed to laua 
24 long-range ballistic mi 
This would be the 1 
submarine built far the. 

Navy and it. has been con 
to the U.S. Navy's T 

Production of major s 
ships has reached- about 
year. After completing it 
aircraft carrier, the Ki< 

1975. the Soviet Union is 
to start trials of its second 
a third to follow in 1980. '■ 
may be a fourth on the u 
the 1980s. 

-The Kiev, which was c 
observed by the West as it- 
from its Black Sea' jshl 
through the Mediterranea 
up to the. Arctic Seas, w 
te resting both far its desig 
for the aircraft it carrie 1 
Yak-36 “Forger." a V 
which only recently went 
full production. 

Other surface ships is j > 
the 10.Q00 ton Kara cruiser 
duced at the rate of about 
year), the Kresta cruiser 
one a year) and the £ 
destroyer (four a year). 

Future developments ii 
defence industry are -bou 
depend' on the progress of 
negotiations with the A 
cans. It was significant 
the - Russians agreed ! d 
last autumn's Salt ne- 
tions not to increase -pi 
tion of their new B* 
bomber beyond the .rat 
about two a month. And 
the economic difficulties 
face on many fronts, 
would doubtless welcome . 
relief of not having to de 
a brand new generatloi 

However, they are 
clearly determined to ac 
at least parity with the 
(measured in a complex 
tiire of weapons quantity 
quality), and until that c 
about thefe seems do reast 
believe ” that their de{_».. 
effort will abate. 

David Lascc 

Carter Administration 

THE MAJOR U.5. defence con- 
tractors. whose combined sales 
last year were close to $30bn.. 
have entered the new year with 
cautious optimism about the 
nex.t two years even thougb the 
Carter Administration scrapped 
the B-l bomber last year and 
is promising to reduce overseas 
arms sales by the United States 
sharply in years to come. 

The cancellation of the B-l. 
which would have been the most 
expensive and possibly the most 
sophisticated aircraft ever built 
was a blow to the industry. But 
it was half expected and it has 
been somewhat softened by the 
fact That the Carter Administra- 
tion is at least committed to a 
3 per cent, increase in real 
defence spending over rhe next 
four years. 

Further, there are a number 
of .projects from the Cruise 
Missile to the mobile inter 
continental missile which may- 
yield large contracts for their 
developers m the next few years. 
At the same time, the adminis- 
tration’s new stress on conven- 
tional forces, on cbmbat readi- 
ness and on Nato should mearr 
some new business in those 
areas as well, • 

The Pentagon has fewer kind 
things to say about shipbuilding 
— - even the Trident submarine 
programme is being scaled down 
— but there .are many observer^ 
here who believe that growing 
administration concern about 
supply .routes for such key com- 
modities asi-oil- may rekindle 
interest in the shipbuilding pro- 
gramme in years ahead. 

Thus the industry can count 
on a steady flow of domestic 
orders. It. can also almost cer- 
tainly count on a steady flow 
of foreign orders despite all the 
talks about curbs on arms sales. 
During his election campaign, 
the President denounced the 
“unsavoury business' of U.S. 
arms sales overseas, the result of 
a ten-year build-up in exports 
which clearly left the United 
States as the world’s leading 
arms salesman last year. 

But after .‘a year of study, 
the administration has already 
found it very difficult to reduce 
the volume of these exports. 
This is partly because, tike' his 
predecessors. Mr; Carter. has dis- 
covered- that they can be a 

valuable, and indispensably 
political tool which cannot be 
ignored. But it is also because, 
as he has also discovered, the 
U.S. has numbers of allies who. 
insist on American weaponry 
and do not like to be - gain- 

Last month, the U.S. Admin- 
istration said that far this year 
there will be an $8.6 ceiling on 
arms exports, down 8.3 per cem. 
from last- year’s total of $9J3bn. 
On' closer inspection, this ceil- 
ing is less impressive than it 
seems at first. To begin with, 
it excludes sales to NATO coun- 
tries. Then it, for the first time, 
provides a harrow definition of 
what is actually an "arins sale." 



As a result several billion 
dollars worth . of riich things 
as militate' construction in 
Saudi Arabia are excluded from 
the ceiling on the grounds that 
they are not “weapons.” If they 
were tq be included, as in the 
past, ; the actual amount of 
“military” exports tct be 
approved, this. ‘year . would be 
around $13bn. and that is a 

The Carter Administration 
argues .. that most -of the 
"weapons” part of this total 15 
comprised of ^contracts signed 
and agreed before the President 
look office. Of the S8.6bn.. more 
than half is of this kind, which 
leaves, the administration rela- 
tively little . room to arrange 
new sales — in theory. 

In practice of course it is 
rather different The 84.8bn. of 
new sales approved For the 
Middle East this month will be 
spread put over many years. 
Saudi Arabia, provided that 
Congress agrees,, would not lake 
delivery of its first F-15 until 
1981. Other purchases can also 
be “stretched out" in such a 
way that total exports can 
amount - to rather more each 
year than first suggested by Uie 

Quite apart from the recent 
precedent-breaking sale tn 
Egypt' and Saudi Arabia, wbich 
was. the result or intense pres- 
sure' ' from both nations, the 
U.S. is currently under the 
same kind of pressure from 

Iran;- wfilch wants - F-14s and 
F46s; and from Korea, Mexico, 
GusfenHtla,' Morocco. ' Each 
of tirese nations believes that 
it has compelling reasons to be 
treated .as a special case. 

The result of all this bas been 
to leave the -American defence 
industry a trifle confused about 
the semantics of the Carter 
position, bui relatively hopeful 
that, when all is said and done, 
thej.actual level ert orders and 
exports may not dec ,; ne much 
in the medium term future. 
The -most important cloud on 
the! horizon, of course, is the 
attitude of Congress, which bas 
powerful reservations about its 
relations with Iran and couid 
still block any sale to both 
Egypt and Saudi Arab : a. 

If this alone is grounds for 
optimism, many of the major 
contractors are also well aware 
thar ‘there is going to be an 
enormous demand for new com- 
mercial aircraft in the next 15 
to 20 years. This is partly be- 
cause many cuirenr aircraft are 
now approaching the final phase 
of their “main fleet useful 
life," but also because analysts 
expect significant growth in 
passenger traffic in the next 
decade .now that the industry 
has got over the worst effects 
of the recessions and the in- 
crease in the price of fuel. 

Thus it is expected that the 
“mix’* of non defence and de- 
fence work will be adjusted in 
favour’ oF civilian work. Both 
McDonnei Douglas, which gets 
about 69 per cent, of its 
business from defence, and 
Lockheed (about 47 per cent) 
have airliners to offer. Boeing, 
which is fighting for a share of 
Cruise Missile production, gets 
only 30 per cent, of its business 
from defence and neither of. the 
major engine makers — General 
Electric and United Tech 
oologies— get more tiian 25 per 
cent, of their work fivm. de- 

Slightly smaller companies 
like Genera). Dynamics (42 per 
cent) and Grumman (64 per 
cent.) may be more vulnerable. 
But General Dynamics is also 
in the fight, for the Cruise 
Missile, makes the F-16 which 
is going to Israel, and has 
other irons in the fire, Grum- 

man was hit by the 
cancellation (it would t ' 
been a key subcontractor), ' • 
is 'trying to persuade t 
Pentagon to buy it for ; 
sophisticated F-14. , 

And the competition for ' 
glamorous products like t\ 
copters underlines bow m- 
money there is in “com’ 
tional weapons.” Last year. | 
Sikorsky division of Uni>. 
Technologies won mare tlj 
$3bn. of business wben ! 
defeated Boeing’s Vertol d- 
sion in the battle for the c/ 
tractor to build a new 
helicopter. . It also won a c 
test with the same company; 
produce a helicopter to be u- 
for submarine hunting fn 
aircraft carriers. '! 

Even so, defence contract 
remains a risky business. R o 
well was badly shaken by j 
B-l cancellation after investi 
much time and money in 1 
venture. Attempts by Congn 
tn keep it alive in some fft> : 
have hot yet completely fail ‘ 
and ‘the company continues 
hope that the admin 1st rati 
may have second thoughts. 


.‘iv; . 

- v« , 



1 rt-’n 
‘ ii 

. ' • - . -l; 

~ ; v 



- Northrop, which has produc 
the best selling F-3, some 
which are now to go to Egypt, 
also vulnerable if it is n 
allowed to. export the land vi 
sinn of the F-18 being develop 
with McDonnell Douglas. But 
has at least been allowed to sta 
marketing briefings in a bandf 
of foreign countries. 

The future of all these coi 
panies, of course, is intimate 
connected with the strateg 
arms talks which are current 
nowhere near final agreemen 
Should they, fail, or should r) 
agreement which is reached t 
rejected by the Senate, there 
bound to be pressure for mot 
spending on ail sorts of weapon 

Even if a treaty is approve 
there is such an abiding su», 
pidon of Soviet intentions >•' 
the United States that no ac 
ministration will be prepared f 
“ relax * its; guard any furtbei 
From the narrow p'lint of View 
for the defence industry tha 
must be good news hr the ye* : 
immediately ahead. 

David Bill 




* * 'S 

v * 

w 1 !r 

• Financial Tinaes T^urs^ay March 2 ' 1978 

37 . 


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in Middle East 

k** a 
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“• E AW0UNCEMENT last 
nfh by the U.S. adtoioistir* 
.. n of UslntentKm — subject to 
Sessional wprovaMo sell 
. >n. worth -of mainly advanced 
„.>ter aircraft Israel, Saudi- 
,.;abia and. Egypt dramatically 

- tfcates how - the Middle Easi 
i .5 become t&dieadong. area if. 
.. ;; Tturd World' for arms siles. 

Tlua devdbpOreot . is a 
lotion of tot fact that it is 
.. momloally j^ geographjcaily 
. strategic area of prime impor-, toet th® tensions be- 
een toe Arabs and Israel per- 
i, and -that enormous wealth 
. un oil -permits extravagant 
.nas purchases, y 
^F igures illustrate starkly how 
ich defence, expenditure 

- d Sales have increased, 
icording to the Stockholm In- 
mational Peace Research In- - 

• lute ( SIPRJ) -the value of the 
•ports of major- weapons by 
ldriie East' countries -(com- 

• .red . with- total Third World 

.iris imports)- rose -from 
39m. in- 196ft -.($a>n:)- to 
.6bn. in 1976 ($7 ; 3bto). 

befcwees* 1372 -and 
■■'73. ^Defence expenditure over; 
; e same decade rose nearly 
gilt times fnin $2-8bn: to 
r ll.Sbn. U has.bCOT esiiimate<i, 

' o, -that military expenditure 
1 a percentage;: of' GNP rose. 
l , cr the same' period for a 
•untry like Egypt from about 
to 37 per cent; and fox Israel 
om 10 to 35 percent. -In 1977. 
e main, spenders in. -their, 
id gets on defence were Saudi 
rabia 37.5ba> 'Iran $7,9bn^ 
Sypt S4.4bo., - Israel - JiSbiu 
td Syria ^lbn.’Tbe Institute j>f 
.rategic" Studias-has calculated 
tat the value .xi£ ' arms deals' 
mcluded to wWch a known 
due can be ’attributed (and 
lercfore this is an. underesti- 
■ate) since the' beginning of: 
377 amounts to STbn. •.- 
Some of the major deals, in 
ic last few years have been of 
oectacular proportions. - Since 
J76, the U.S. has^for example; 
ild 160 F-16s to. Iran worth 
3.4bn. and concluded three 
cals with Saudi Arabia, each 
orth $lbn., for a Hawk missile 
.-si cm, a- military city and a 
■Hilary base and. factory and. 
as sold a Hawk system ■ to 
•»rdan for $540m. The Soviet 
nion concluded a major arms 
■>al with Libya in 1975 worth 
I bn. and Jate last year another 
nrth-a similar , aralne. fpP'.thft. 

modernisation of the -Iraqi air- 
force. Britain last year won a 
contract Worth initially $870m. 
for the maintenance, servicing, 
'and training of the Saudi Air 
Force as well as extensive con- 
struction projects, and in 3976 
sold. 1 , to . Iran a Rapier missile 
system worth $08 0m. France 
sold last year 10 FPBG to Libya 

worth- $600 m. 

The U-S.-Jias been the largest 
exporter to the area with sales 
worth $8.Sba in the 12 ihontKs 
up- to the end of September last 
year of which $6bn. wenTto Iran, 
$1.8ba to Saudi Arabia, $536m. 
to Israel, $116m. to Jordan, and 
$28m. to Kuwait Arms trans- 
ferences . to JsraeL . Jordan, 
Lebanon, Tunisia, Sudan and 
Morocco-are on a grant or credit 
basis, while cash sales -a,re made 
to Iuael, Iran, Kuwait Saudi 
Arabia .and Jordan. - The' Soviet 
Union is the next largest ex- 
porter, with regular deliveries, to 
Iraq, ' Syria " and. . LiJ^a,: * and 
from time to time *to Algeria, 
Morocco, Iran, Sudan jmd; South' 
Yemen. Betwe«n-8;:and:.9 per 
cent, "of tJs cqnveotionaf 'arnis 
production over tbe last 20 years 
has gone to the Middle 'East 
Britain’s ' chief recipients . '. of 
arms are Iran, Kuwait^^main, 
Qatar, the United Arab Emirates 
(UAE), Oman",' -Jordan,- and 
Egypt; - and France’s /EfflTJt 
Libya, ' Morocco, UAE; -Iraq,- 
Kuwait and Saudi Anbla. China 
has from time -to time.'Sdpplied 
arms to Sudan and South Yemen. 


- T 

Inevitably, thete , heavy 

political, overtones l^ih^se. 

sales ^3d- ; .transfers. Hie Jgiest 
American; 4 0? isiQ» r^KeseHtsan 
attempt to; eacouirage 1 Saudi 
Arabia- to -continue its_-®K>dfj rat- 
ing -influence id. , thgL j;Middle 
East, and. to persuade President 
Sadat' that the U.S. i$: serious 

about .backing .-his initiative 

towards Israel ami- about 
mediating between- the .two 
countries. It Also underlines 
Washington’s . 
mitment to Israel's security. The 
stocking-up .of Iran represents 
the UE. commitment to Inn’s 
three-fold defence role.^;The 
first tomes -from sharing “a" 
1,000-mile frontier with toe 
Soviet Union; the second tteins 
from its role as a protector -of 
stability 'in the Gulf; and toe 
third from -its strategic vtccess 
to the -Imf fan Ocean: - 1 : Lfbya 1 is‘ 
importarrt to the SflViet Ifrirbh - 

because it represents a foothold 
in North Africa dose to Egypt, 
once a close ally and now a 
hostile critic, and because it can 
act as.. a channel for arms else- 
where in Africa. . . 

A significant development has 
been that Middle Eastern coun- 
tries are acquiring Increasingly 
sophisticated equipment Occa- 
sionally there are reservations 
by such countries as the U.S. and 
the Soviet Union about -handing 
over their most;, advanced -and 
secret arms. . The U.5., for 
example, hesitated before decid- 
ing to go through with the sale 
o£ the airborne radar warning 
systems, AWACs, to .Iran. On 
the Soviet side, the actual hand- 
over of~an aircraft such as the 
MiG-23 to an Arab air force was 
preceded by ye&re of hesitation 
and rumours : of deliveries. If 
there is' a " distinction to be 
drawn between U.S.‘ and Soviet 
deliveries .of 1 'sophisticated 
weapons, It lies' ultimately in 
direct accountability,, and the. 
Soviet Union ' has no equivalent 
of the U.S- Congressional lobby 
in deciding " which country 
should receive' what arms. 

' One of the ' results of the 
invasion of arms, deliveries has 
been "that. Vine Third. World 
clients wiU receive weapons -that 
allies more immediately closer 
to the donors would - have 
wanted > to receive first - For 
example, the Iranian order for 
1,200 Chieftain tanks with the 
special Chobham armour is that 
it will .delay, deliveries to the 
British Army. Iraq,. Syria, 
Libya, and Eggtot have some 
180 MiG-23 ^ fighter .borpbers 
which -Jbave - not .yet come, into 
service with some. of . Moscow’s 
East ’Eux«>pean;" allies.:.. The 
London-based periodical Arabia 
and the Gulf has reckoned that. 
Egypt Syria and Israel main- 
tain armed forces approximately 
equal in size and modernity 
(except for nudea£ weapons ' 
and navies) to those of Britain, 
France and West. Germany. 
Within ten years, Iran,. Iraq. 
Libya and Saudi Arabia will 
have reached a similar level. 

The question of the creation 
of armed forces of these pro- 
portions has to be tempered b£ 
the ability' of- each State to 
absorb new arms and -'military 
techniques. Some weapons, like 
anti-tank missiles' and SAMs, 
seem to be easily- adaptable for - 
less developed, nations, as -toe - 

Arab performance jn -the 1973 
war showed. But in the end 
the running of efficient armed 
forces depends as much on 
broad educational and. technor 
logical skills as administrative 
and' maintenance backup. 

The influx of arms into the 
Middle East, even though the 
Arabs have been major pur- 
chasers, . has not- moved the 
mi]j lazy balance in their favour. 
Israel has responded to- the 
shocks of the "early part of the 
.1973 war by extensive- re- 
organisation of its forces 
(especially in the ability to 
mobilise more swiftly) and by 
stockpiling arms so as to avoid 
the problems of emergency air- 
lifts at a time of war. Israel’s 
supremacy over its Arab 
neighbours has been increased 
by the fact of their disarray. 
Egypt, tor example, has had its 
air force badly bit by a lack 
of spare parts, reducing train- 
ing times and the period during 
which they could fight an all- 
out war. The air defence 

system still ' has a formidable 
array of . missiles which the 
Soviet' - Union delivered after 
the 1973 war, but they are 
becoming increasingly un- 
reliable with age. The con- 
sensus is -that Egypt would be 
capable of fighting a defensive 
war for a -limited duration and 
with limited objectives. 

Egypt is. neutralised not only 
by its" equipment but riso by the 
early-warning systems set up as 
part of the U.S. negotiated Sinai 
agreements with Israel. This 
means in effect that the Arabs, 
without Egypt, axe incapable of 
fighting a coherent war against 
Israel. Co-operation between 
Jordsuz and Syria is In military 
terms not what it sbould be, 
and although Syria has been re- 
armed by the Soviet Union, its 
efficiency is hampered by the 
stationing of 30,000 troops 
under : . the . guise of the Arab 
Peaqe-Keepuag Force in 
Lebanon. > 

In spite of the apparent 
ability of many states in the 

Middle East to obtain weapons 
of the highest sophistication, 
there remains an underlying 
fear of being cut off from arms 
sources at a crucial moment 
This has resulted in moves to 
create local arms industries. By 
far the most successful has been 
Israel, whose production in- 
cludes the supersonic Kfir 
fighter, the Arava transport air- 
craft, the Jericho, Shafrir and 
Gabriel missiles, missile boats 
and the Merkava tank. Its ex- 
ports were worth 5260m. in 
1976. But even Israel, because 
of its limited economic re- 
sources. has .to consider care- 
fully whether it is sensible to 
invest vast sums in producing a 
tank which would be cheaper to 
buy elewhere. For the other 
countries technology and educa- 
tion are greater drawbacks. 
Egypt for example, abandoned 
programmes in the 1960s to de- 
velop aircraft and missiles, but 
now is capable of producing 
small arms, ammunition and 
n on-guided RPG miss iles. Be- 
cause of its near break In rela- 
tions with the Soviet Union, it 
finds itself in the curious posi- 
tion of having to turn to the 
West for the servicing and re- 
furbishing of its Soviet equip- 

Of the other states in the 
area, Iran is perhaps most 
advanced with a capability-' of 
assembling aircraft and heli- 
copters, producing some elec- 

tronic systems and small arms. 

The most concerted Arab 
effort has been the creation of 
the Arab (Military) Organisa- 
tion for Industrialisation (A01). 
It was set up in 1975 with 
capital of $1.043bn. and is 
owned by Egypt, Saudi Arabia, 
Qatar and the UAE, which will 
be the primary market for local 
weapons production. Egypt 
has handed over four factories 
to the AOI, and a high-priority 
from the start has been the 
training and development of 
AOI personnel. The AOI has 
discussed the licensed produc- 
tion of the Mirage F-l, jet 
trainers and surface-to-air 

Two notable effects of this 
colossal accumulation of 
weapons in the Middle East are 
apparent One has been, par- 
ticularly as a result oF the 
acquisition of “ status arms,” 
to increase rather than lessen 
the ties between selling and 
purchasing countries. By 19S0. 
Iran may need as many as 
60,000 Americans to help the 
absorption of its sophisticated 
arms, and the large British con- 
tract in Saudi Arabia for the 
air force will need some 2,000 
Britons to implement it. The 
second point is the inevitable; 
the Middle East region is now 
more potentially explosive than 
ever before. 

Anthony McDermott 

Chinese strategy 

UP-TO-DATE military equip- 
ment is an important Chinese 
interest these days. Since the 
radical Madam . Mao and ber 
friends met their doom in 
autumn 1976, the subject of 
modernisation has cropped up. 
regularly in the Chinese Press. 
Teng Hslao-Ptnk, who is Chief 
of Staff as well as Party vice- 
chafrman and vice-Premier, was' 
attacked when in disgrace two 
years ago for advocating a 
stronger and more efficient 
army. Now back in power, he 
,is certain to be pressing for 
new weaponry. 

China's awareness of its needs 
has shown in inquiries abroad 
and the exchange of military 
missions. A high-level Army 
delegation went to France last 
autumn and was shortly 
followed by the China Trade 
Minister. In the same period, 
a Swedish' military group 
visited China and came back 
saying that Peking would buy 
Swedish arms. Last November 
a Chinese .vice-Premier told 
hfgh-leveT British -businessmen 

(including Sir Geoffrey Tuttle, 
consultant to British aero- 
space), that China intended to 
buy the Hawker Harrier jump 
jet. When the Chinese Minister 
of Trade, Li Chiang, came to 
Britain Utgr in the same month, 
b& spent an afternoon watching 
the. -.Harrier perform. Air 
MarshaT* Sir Neil Cameron, 
chief of the British Defence 
Staff,, is due to visit Peking in. 


The' Chinese have serious 
need of modernisation. Prac- 
tically all their weaponry Is 10 
to 20 years behind the times. 
While they have successfully 
developed a nuclear capability, 
their delivery systems are- not 
really adequate. Their ICBM 
has not been fully tested 
(though some experts have 
guessed that China used these 
to power its recent satellites) 
and their . . medium-range 

missiles .are Ia|uHt>fueled and 
therefore slow'ttf launch-' 

Conventional forces are ntill 
further behind the time. Chair- 
man Mao's "mallet and rifies*' 
philosophy, enforced by the 
radicals In the Chinese leader- 
ship since the early 1960s, kept 
the army static. The Military 
Balance 1977, published by the 
Institute of .. Strategic. Studies, 
estimates that the 3-2m.-5trong 
army - has - only 10,000 tanks 
modeDed on Soviet 1950s and 
1960s types, 3,500 armoured 
personnel carriers, and 20,000 
heavy guns, including rocket 
launchers and self-propelled 

In the air force the situation 
is different but almost worse. 
The Chinese have the third 
largest force in the world, with 
around 5,200 combat aircraft, 
but most of them are out-dated 
MIG-17s or 19s. Their own 
fighter, toe Shenyang F-9, and a 
hundred or so home-made 
MIG-2 is (said to be copied from 
aircraft shipped by the Russians 
•to North-Vietnam during- the 
war).' •„ 

Thcy- aro. thqnght to be Build- 

ing an aircraft to match up to 
the MiG-23 for which the Rolls- 
Royce military version of the 
Spey engine (sold m. China in 
1975) may be intended. But 
this aircraft is not in produc- 
tion yet 

The navy is of much less in- 
terest to Peking sincis -the 
leadership perceives the chief 
threat of coming across the 
land border from the Soviet 
Union. It is mainly a coastal 
force with submarines and 
seems adequate for Its present 
job. ... 

Modernising this huge but 
backward military force will 
have to be highly selective in 
Peking's present economic 
circumstances. Whatever the 
difference among Chinese 
leaders, they are probably those 
of degree, not of kind. No 
Peking general would advocate 
the large-scale purchase of 
military hardware on the 
Iranian pattern. The scale of 
any purchases Is likely to be 
quite small. Even the. most 
modern-minded Chinese officer 

would recognise the more 
pressing need to bring up the. 
general level of -the economy:- 
to feed and clothe toe .people.' 
The most probable Chinese 
approach will be- to identify 
the worst gaps and to try to; 
fill those abroad, bearing inf 
mind the limitations of their: 
own technology and the potenf 
tial value to their own research 
of what they buy. ; 

China watchers in Hong. 
Kong have narrowed dowtf 
Peking's possible choices, 
according to the Far Eastern 
Economic Review. These would 
now probably include, for the 
Army, anti-tank guided missiles, 
a low altitude surface-to-air' 
missile system, and gun 
stabilisation and laser range- 
finding technology for tanks. 
Repons say the Chinese already 
have samples of the Soviet 
Sagger wire-guided missile 
which they got in exchange for 
MIG-21 spare parts from 

For the air force, the Chinese 
are reckoned to want air-to4iir 
missiles, air-to-surface missiles, 
preferably with terminal 
guidance and airborne radar, 
with look-down capacities^ The 
Navy’s needs are identified as 
airborne and sbipborne sonar 
and homing torpedoes. 

All weapons contracts for 
China would have to be cleared 
by COTOM, the NATO co- 
ordinating committee on ex- 
ports to Communist countries 
which controls sales of sensi- 
tive equipment. It remains to 
be seen whether a missile deal, 
or even one for the Harriers, 
would get past this committee. 

On the other hand, if the 
West wishes to keep anything 
like a world balance of power, 
it might be in its interest to 
permit toe Chinese to catch up 
somewhat in the arms race. 
With the rapid Soviet advance- 
ment in this field, one possible 
way of balancing the scales 
would be to give Moscow more 
to think .about on its Eastern 
flank. The Russians have 
already made it extremely clear 
that they dislike the prospect 
of Europe selling arms to 

So far Peking has not actually 
made any firm offers to pur- 
chase. When it does, the 
elements under consideration 
will be far more than com- 
mercial or even regionally 
strategic. They will be ques- 
tions of global importance 
whose repercussions could echo 
well into the 21st century. 
Hence, any steps towards 
supplying Chinese arms needs 
are. tilery to be ra^tious. 

Cofina MacDougall 



• t : ? S 1 1 



but defence against different kinds of threats requires: 

Ground-to-air point/area missile systems 
Ail weather air-to-air missile systems 
Integrated air defence systems 
Short and medium range naval air defence 

weapon systems 
ASW systems 

Coastal and low coverage surveillance radars 
High power surveillance radars 
Three-dimensional mobile surveillance radars 

Integrated naval systems 
Automatic torpedo guidance systems 
Underwater target location and classifier systems 
Radar signal interception, analyses and 

jamming systems 
IR detection and communications systems 

Laser range finders 


sdeni? defence equipment 
is in use with armed 
services throughout 
the world. 

" .\.v .»< 

- . **--•-** - — 




P.O. Box 7083 ROME (Italy) 


\ V- 

. '-** 

’ vr 

Financial Times Tbursclay March 2 15 



'ilflP 1 ’ 

Fresh fall reversed leaving 1.2 gain S recovers 



, i't 

i *V O 


NEW YORK, March L. 

nienfs or I be dollar on foreign 
exchanges. Wall Street weakened 
further in the early -stages to-day 
before recovering to finish with 
a mixed appearance after 
increased activity. 

The Don .Tones Industrial 
Average, whlrh ended 6 weaker 
j-esierd.iv at a three-year low. Tell 
afresh to T.Hi.T.'i and then re- 
bounded to 747 IKi before ending 


l-.ird M-uor 15'i.BoO 

M 1(1 dli S. Utllil}'"- 1«.*TO 
■ innii'nial Pt-lr.ilm. 1 -V.MO 
i.'.u. Tel, A Elec. i 
ahiltu-jp tpJ. k toL iS 4 roe 

Hern'ral 11 m: nr- . . . isninu 
Xnn<ni Sininn ... In>,riii 0 
MV Jlimy V-imit ...Hi. limit 
I’-'ill. & South l4n."MU 


Stuck? CIn ; 1 hk nil 
irjj«t pn k day 

the session J 21 better on the day 
at 743.33. The NYSE All Com- 
mon index managed a net 
improvement of I? cents at S1S.49. 
rffier receding tn S4S.27. although 
declines reitained a slight edge 
over gains of 669 to 034. Trading 
\ nhime expanded by L2fim. shares 
to 21.01m. from yesterday's level. 

Analysts related the early stock 
market decline to a combination 
«»F problems. They cited the New 
York Federal Reserve Bank's 
apparent change of position in 
suggesting a wage and price in- 
rnmes policy to deal with infla- 
tion. a hint by Kuwait that it 

might call an OPEC meeting to 
raise oil prices. if the dollar con- 
tinues to decline, and the con- 
tinuing decline of Lho dollar 

However, the dollar rebounded 
late in the day in Europe, with 
the Swiss Government continuing 
to take measures to prop up the 
L'.S. currency. Treasury Secretary. 
M. Blumenthal expressed confid- 
ence that the dollar will again 
assert itself and regain strength. 

Glamour issues, which have been 
under strong selling pressure, im- 
proved a little, Rausch and l-onib 
rising 21 to S47. Teledyne $1 to 
$74!. and Digital Equipment £ to 
SS9 J ,. 

Coca Cola, on higher earnings 
and raised dividend, put on \ to 
$3 61. 

Golf Resources, which cut its 
dividend, fell i; to S3!, Oil* re- 
treated SI to $14} on the company 
stating that Qrst-quarter profits 
will be sharply depressed by a 
strike at one of its units. 

Alcan Aluminium added } at 
S22t. The company has decided not 
to acquire Revere Copper and 
Brass's aluminium smelter and 
rolling mill at Scotsboro, because 
of a Government challenge on 
anti-trust grounds. Revere gained 
I at $113. Kennecott Copper picked 
up I? to $21J. 

Occidental Petroleum were 
active and up } at $22J on higher 

Index was Anally a net 0.15 lower 
at 122.72, haiinR partially 

recovered from a mid-day fall nr 
0.49- Turnover totalled 2^4m. 
shares (2.17m.). 


Canada irregular 

Stocks on Canadian Markets 
picked up m the final hour on 
Wall Streer influences from an 
ini tbit fresh setback to close on 
an Irregular note following a 
fairly active trade. The Toronto 
Composite, after being 4.8 easier 
at noon, rallied to 1,008.3 for a 
gain of 0.6 on balance. Oils and 
Gas added 4.9 at L316JL Banks 
1.20 . at 241.49, and Papers 0.20 
at 93J56, but Golds retreated 13-3 
to 1.33S.2 and Utilities shed 0.31 
to 161.81. 

PARIS— Market staged a good 
rally, boosted by evidence of 
increased dissension within the 
Left-wing co&Mion. 

Constructions and Electricals 
were outstandingly firm, while 
Afriqne Occidental rose 30 to 
Frw.331, Booygues 24 to FrsJJ97, 
Carrefonr 80 to Frs.1,338, and GT 
Alcatel 45 to Frs.833. Jaques 
Borel, however, declined 2L3 to 

BRUSSELS— Stocks put on a 
mixed performance In. lively trad- 
ing, with La Royale Beige improv- 
ing 40 to B.Frs.5,230 but Cockerfll 
losin g 16 to B.Frs384. 

AMSTERDAM — Generally 

weaker on 'Wall Street's Iresh 
overnight setback. 

GERMANY — Market slipped 
further on concern about the 
potential effecl of the dollar's 
decline on German exports. 

Motors and Mechanicals were 
l he worst hit. with Mercedes ana 
MAN eabh losing DM4. 

SWnYHSRLAND— Share prices 
mainly recovered a little follow- 
ing Tuesday's sharp retreat which 
reflected the ban on foreign 
purchases of Swiss stocks and 

Brown Dover! Bearer rallied 20 
to SwJrs.1,700 following the 
results and proposed capital 
increase. Swissair recouped 30 at 

Nestle .Bearer, however, were 
15 lower at Sw.FrsJ,5I5, while 
Holderbank Bearer also remained 

SPAIN— A further round of 
widespread selling took the 
General Index down 0.65 to a 
fresh low for the year of 9130. 
Explosives Rio Tlnto receded 323 
points to 96.50, but bright excep- 
tions were Bodegas Bilbainas, 590, 
and Cement os Alba, 104, up 10 
and 3 respectively. 

MILAN — Stocks took a turn Tor 
the better in thin trading. 

Fiat Improved 19 to LL974, 
Pirelli 47 to IA347, Snia VIscosa 
29 to L620, and Mediobanca 1,470 
to LS2.000. 

HONG KONG— Market further 
softened in fairly active trad in a, 
with Hong Kong Bank falling 2-1 



Riser and Fails 

I Mar. 1 I Peb.2aiPoh.27 


Mar. 1 Feb. . Feb. j Feb. ■— ... . 

l ! 28 i 27 I S4 1 Hijjfa j Low 

48.4? 48.43! 48 AT 57.07 I 48.45 IncUuiirefl. 

< I ; ■ (4.1,71) 1(28/2(78) New Hujlia. 

Sttve ■.-niDjHlal'n 

! Fell. I Feh. , Feb. I Feb. FcU | 1 : 

.1 - 2? j 27 i 24 ) 35 ■ 22 : High j Low I U 4 >b j U < w lrart*4_.... 1.833 i 1.877 ; 1.869 

Klsea... 634 I 364 506 

talla 669 1,043 j 887 

t'ocbaneerl 630 1 450 470 

Sw Hi«li». — ■ 13 - 91 

Ke« Uras- — ■ 104 1 71 

In iininar...- 74JJ5 742. 7tt.8s' 758.24, 760.86; 749J6 83S-.7S. 1742.12 ■! 41JZ2 
I : I I . (iitiTii :r±arSrVc i ill'll 75l rtM.iS) 

H'raeH’n-b' 89.48 99-43 89.62, 89jli 83.36' 88.44i H3.87 ( *8.34 . - 

I ; I I 

l rs«iip,rt.... 20l.ll 2D 1-40 203.89. 2KS5 - 203.78. 205.34 246.64 i 189.80 i 279.88 13.23 

i , Od/bi : |3»l0i 1 -7, 2/69, ft/7,421 

1 imiieo 105.55. Ifla.55 102.84; 105.21; 102.64, 102.54' 119.67 1 102J4 . 165.42 10.56 

I 1 : .ffi/2/?ril|22/2,7i5i i20.'«/69i fZi.AA'il 

In lmj \olJ, 1 ' • l I 

nr- r 121 . 010 , 19.730 10.99O 1 22.610 18.720: 18.4501 ! — ; . - ; — - 


War. ; Feh. Feb. Feb. 

1 1 a 27 24 

tnAo-lrial ISS.W 16S.1T. 164.06, 164.44 186.47 (V!i4» l 150.42 iSWl'h 
L'.mbiueri ’ 172.77 U3JS! 173.21: 173^2 187.-B d0.|.77»! 165JO 

TORONTO tompniie 1006^ 1006.7' 1009.5 1013^ 1067.4 (U/fj 


OnW 201.2 .200.% 204 J 207.8 2 Wl (1/2712) . ! 198.6 .783.4, 200.6 i ZQ2-0 214.4 

491.0 (2VIL4 

cents lo SHK17J0 faUowm? 
London's reaction the previous 1 
eight to its results. 

The market was surprised byi 
the London selling of Bank share*, ! 
which led to the Hong Kong Sank 
subsidiary, Hang Seng Bank, 
retreating $HK2 to SHK159. 

- TOKYO — Stock prices were 
inclined to lose some of the 
recently gained ' ground in heavy 
trading, adversely affected by the 
year's appreciation in Tokyo. 
Volume came to 580m. shares 
(460m.) and the Nikkei-Dow Jones 
Average came back 12.08 to- 

5,210.58. . 

Export-orientated issues led the 
reaction, with Sony falling YB0 to, 
Yt^OO, TDK Electronic Y40 to 
Yl,540 and Toyota Motor Y21 to 
YS12. • 

However, some specolatrves, 
including Hciwa Rod Estate, i 
Daldo Concrete and Takeda 
Chemical, were higher against the 
genera] trend. 

Johannesburg — Gold shares 
were . mostly higher in line with 
Bullion prices. Trading was light 
and Overseas interest small on 
account of the high Securities: 
Rand, which closed at 82i U-S.I 

Financial Minings, however, 
were easier in modest trading. ! 
Anamint shed 33 cents to R55.65. ! 
Other Metals and Minerals were 
narrowly mixed m fair trading. 

Industrials looked a little firmer . 
for choice after slack trading. 

AUSTRALIA— Industrials made: 
a mixed showing, while Minings, 
continued to decline in fairly, 
active trading. 

Industrial leader BHP rose 6 
cents to $A5£6, while EZ In- 
dustries. despite the gloomy in- 
terim results, hardened 2 cents to 
6A1.68. but CSR. in Sugars, re- 
treated 10 cents to BA2J5, and 
ANI were 7 cents down at SA128. 

Peko-WaJIsend receded 8 cents 
to 3A5.44. CRA 7 cents more to 
SAL80, Pancontinental 70 cents 
to SA10.10, and Broken Hfl] 
South S cents to. SO cents. How- 
ever, Renison Tin put on 4 cents 
to SA6.40 and Central Norseman 
40 cents to SAS.90. 

The - , dollar closed almost un- 
changed against major currendes 
in the foreign exchange -market 
yesterday, bat this completely dis- 
guised the wild fluctuations re- 
corded during the day. The* U.S. 
currency fell below 2 D-mark for 
the first time, touching a low of 
DMLJI875. It recovered to 
DM2.0150 at the close, however, 
compared wirh DM2.0170 on Tues- 
day. The dollar was also at_a 
record low in' terms of the Swiss 
franc, at •Sw.Frs.LTaaO, but closed 
at Sw-FesJ:S 3, compared with 
Sw.Frs.1.8275 previously.’ 

Central banks intervened to help 
the dollar during- the day. but its 
late recovery was probably the re- 
sult of profit taking in a thin 
market .Morgan Guaranty's calcu- 
lation of the dollar's trade: 
weighted depreciation was 55i per 
cent, compared with 5.55 per [cent, 
on Tuesday, while the Bank uf 
England's index on’ the dollar, fid] 
to 90.1 from 90.3. 

The market was. very nervous 
and volatile, with currencies syring- 
ing through wOd ranges in a 
matter of minutes. 

domestic delivery, and to 3.76 per 
Sentfrom 3.22 per rent, in the 
International market. 

t - — L. 

_ Gold Price, 

Gold Bullion. 

Ukwf.~ 51824-183 SIB 

OpealBx — ^ & 183 4 - 184 gig 
norniesfi^i' 8183 80 &lg 
rfE94.474j Ins* 
Arwm’uflx’s 3189-60 SIB 
a’93.978) laa* 

uoht CotB-,. 

KniEMiubl.. -192-194 

XevBor'eok. 8684 60 4 
'(ISO 31 

(iki Sorb-siu >584-804 
[r 30-3 1 

l Krfii lomt... | I . 

l ln(«rtal'H.vl 1 j 

KrugdRiui.i .fS188i£-1904|iia 

S' w Sorr'au» ->S7 4 -894 pA? 

Kiueij *uij. 

OM Sovr'unn 15684-604 " -<V57 
'it 30-31 "itret 

<■■*> |<^97-301 [V28 







Unit a; 

Sterling touched a best level of 
SL&490-1.9500. but fell to $19370- 
L93S0 in the afternoon. IT closed 
at S1A390-14I400, a fall of 20 points 
on the day. The pound's trade- 
weighted index, as calculated by 
the Bank of England, fell to 65A 
from 65.2, after standing at 65 J. 
at noon and In early trading. 

Gold, was unchanged at SlS2f- 
183. The krugerrand's premium 
over 'its gold content rose to 5.68 
per cent, from AIM per cent, for 

Startine u.ixwsre* 

D.S. dollar..... 

i hnaHk n ... M1 , 

Austria set 17.7847 

Ueigtan rranu. 

Uaoiah krone. 
Dutch guilder 
KNDCti franc.. 

Itsltan liia_... 

JsniWtt tea. 

.Norway krone 6.47276 
Spain peseta... 98,4 972 
SrredL.h krone 5.64390 
Srln franc 2.20123 

















Marker S 


Star. 1 





.\ew Yurk_ 

6 ia U57B-I. MO Li 


71*2 162.i J.i7M r- 


4> 2 1 

A1B44.WJ 1 



>0<6 O.So ,i 



IU.72 Id . 79 ib 

Frank In it.., 

4.BT j. 2 a- 



//MUM n 



: bB.BB Id&jIO la 



I.b44 1^66 I. 


b ‘ 

In. 17 IF 3* It 



7.1W.B) f. 



-Jb-c.-.a i 

Tokyo .... — 1 





tl. 6-2- ,5i a 

Zurich. J 


4.424^7 i 

fiiw i ;! " 

t Bates id res are Tor conrauE 
FliuPdal franc G0.8S60.83. 

>lvK‘ N 



.uar. l jnuuurijiiew lurk rwte anu•e<^ | Uroauo |AJiim ii ui ] jmi'>oi 

■•niM-run.J ~ I^OOBOlfl 4^27-42 6.4041 ' 3-883«23 | 9393 - 9 Aoi| 103 

Sea Yrt 49^743 i - 11.1318 IS.1750-18001UB93-WCS ML2O30 I 64Jf>70 

, |s! 3 &. 77 ^i^ 7 Ji.I 0 L 6 - 7 I 35 j - - 116 . 124-106 9 - 16-18 ! 2 l 9 . 46 -*> 36 *. 004 >a 

lh^5S0 31.13-16 I 6-SW2 _ 1 6052-68 I \a.«-52 17A3-36 

Undoa. i Ad0{-91i UUdO-eriOOl Ots* If* 60.7080 i - f 4.17HS9 ! 3.M-S* 

1074O-&6 1. 1427-62 J 4Mt«x5 (6.B97- 90ffi'4. 1755 1805 — 120.175^25 

XnrlHi. 90.483-6 ^'Ui7»825o| 38^71-812 r-^37 1 -0031 ^^STO - 

ttsrte r biumi, | UioOoa |Ajii»«’irui | fiu rurti 

4^27-42 6.4041 j i883«3 !ffiAj-a&.ci{ 103 jfr® 

11.1318 iil75O-180O,L3^3-iM0a WL30-30 I 64.W-70 

•• run- run .J — 
Sea Y rt 49^743 

Uu>. e in IwnKiu. ( ' sill 72 75 ,mi< nan «ut- 
Cauilian 8 la New Y'wfi .= 8&SM2 c -■ r.-« - in Milan E4050 50 aa> 

hterilrm to Mjuui 1649.00-164060. 

I ' .Vutet ' 

ArceettOA. ISK-I3S4 lAraendna 
AnitraiU u 1.6973- l./144;AiKrr«_ 

4I.M 32.RO iddi-him.. 

Ktuiaaii .... 7.98-S.BO jifniefl^w. 

Greece bj. ;, , -w> M 

Bun)* Kung J .90S9-o.SS3ttDenisa&.' 

Iran 142 14c 7lUkt.„ 

KuwaU-—.. ll.ba44l.S44 l-xvrmo&v- 
Luaenib're e0.75-<0.B0 
UnlatMln... [4^4604. U60SII iRJv~.... 
X. ^eAiaiiii)].:B28’l.9914jla)a/i.n.v 
SauiliAmi. INHheH'i*- 

■?»nBajw.- : 4.»570-4.4/0T \urwaj 
3 . Allies ...{l.ta762 l.702lli'.iriuaAU 

|>pBh) ^... 

Canal la .... ! n»ilz‘l*n< 

CSI J jU.3 

I - .', -ent-.j 89.9249 J5 |Vue<»Ura 


Rate clvco for Arsen Una la a t 

191.4 i24«t 

161.1 «Cti 41 

* ha-,i, nl index rtu/uM rrnin lutui 14 

Ini. -Iir. t iel'i t 

< Eel-. 24 i Feb. 17 i Pcb. 10 ’ Tuar nen faiHiros.i 

I Pi«. ji9(7 7B |1477-V- 
I Vhmj - 1 Biffii -U’w 

Pres- tojlal MU 
icaia i Hicb ! Low 


• Mur. ' F.*.-. FW. • Feb. j Feb. Feh 1 

> l 2S 1 27 | 2* i US 22 i Hi s li 

;hlueeCi myi BFn 

Uipti I Low 

; In liMni •' 0a. SB 55.74 9B.4S 97.95 96.48* rt.38i ll:..-2 ! 85.74 144. o4 1 tJa 

• i : ■ I 'ii 1/7 f k.-8.2 fi ilt«l,73liii0>M3» 

• 87.19 87.04 B7.72 88.49, 87.64! 87J5 ID/.-lO [%7.04 I 125.95 1 4.40 
I : I : |«.4;l,/7i .< .8i!3‘7H1.illilfiJii ili^.'A 

Feh. 22 ' Feb. lb 

In I. lie. rw»M 
In I- P b Kali" 

I-*«i U-nt. Ifcm.i vwm 

Pel*, r ' \«riu!,. m W ntw.» 
&.17 1 4kl6 

Australia^) 441.19 
Belgium 93.04- 
Denmark**! 96.00 
France (ff> 51.S | 
GermanrU:' 79&^' 
Holland <f(i 79.7 - 
Rmp Kon^ 410.95 
Italy tli\ 61-Z8; 
Japan (si 390.74 - 

442-43 479.w: 

1*3.18 99.12 . HaW 
96.77 . VXiSe ] 9*.0O 
(»i«l 46/2/ 7»i 
5CL8 3K.4 43A» 

-|7|i,T7j; (10(01 
797 S aUJ i IVsJa 
417-11) 1 (10^J 
SJJ5, 93 A: I 7bA> 

Spain i dll BL30 1 BL® lUUAXi O.30 
! 630/12) (13 /fl 

8wedan i#) 343^7 1 34251 Un-St ait.- 
I ( 22/31 124/11. 

8witzerrd(- 30M 3012 923.7 aau- 

l u«‘> rtf.1. 

(4,bi I (29(9) 
413.03 ; 425.17 ! 383.44 
! ilLb) il6,L7b 
60.44 13.71 j 6420 
Ch/l/TT), (22.12) 
391.48 ' 391.48 350.45 
miWtB (Hill) 
267.99 . 27 Life , 8 iSJSt 

Singapore 263.15 

indices uta Ooae amro tail nose >aiUR- 
100 escew NYSE All Common - »> 
Standards and Poors — is aim I'oruair 
.too- 1. one. die last named cased on ir.S. 

* Exclndlna bands ) tm tnduamala- 
1 400 Intis. 40 Utilities. 40 Finance an* 
20 Traitspon. (fi Sydney All Ord 
(J) BoUUii SE 31/12/C i •• i Cooealusei- 
SB 1/1/13 l*tl Pans Rdurae IMI 
itti Camrnercban* Dec.. 1953 lift) Amcrn 
dam lndtouia) 1910 uni Hans Sen» 
Bank S1/7/M «Hl)i Milan 2/1/73 <ai rokn 
New SB 4/1/88 tbi Straus Times lltt 
tn clow. >a> Mart no se wnsn— tttxb 
and low for W* only t«i Storfcboln 
Industrial Ul/58 (trswtsr Rank Cora 
•b> IliueanaMe 

NOTES : UVerseoa open, abown oetow 
«scJnde t onamoni. Relgun rtivmeaik 
are alter vttOboMiRtt >u 

♦ DM3* rtefuim uakss otberwiw staten 
V ptas 580 rtesom. unless otherwise Staten 
A Kr.UO deaom unless oUierwise wared 

brsMi rtennut and Bvarvf Mtaiv> 
nnless otberwisF Waled I Yen SB rirran 
•mlev mtHu-anar staled $ Price at tinw- 
'*» aiapensMw a Morins h SctnJbmcs 

• Cents, e nirtdeiM alter oendine rtstu, 
4iuUor scrip issue ePei share Mrincs 
o Gross (Us % >• assumed msirtenn aR«r 
imp atof/or rudits issue k 4Ker lore' 
■axes, m % lax irro n t-rancs- mclurtinu 
"nilar dl* u Nam cr 9iar» tplH « Div 
and yield exclude special itayrnenr i Indi 
i-ated dtv. a UonnirUl 'radina r. M ranrm 
holders only v Merser pendm '• 4sked 

* Btd i Traded t Seller r Assumed 
sr Ex rtriin u gi dlridend sc K* 
imp issue xa Bx all. s Iruerim since 

Mar. 1 . 



0^5. L»oi'i>i 


i3burt lertn ... 


b» 4 -74 4 

6*8 6T 8 

- 513 . 54 , 

1 •iay*Ti"ti' i 

67g.7l 8 


bi, 7 

51 E -53| 



678-71, - 


Three miatihi-. 



- 7-71, 


an iiraillrv. ... 


7ia.yi 8 


6! e-5*f{ 


8 J 4-868 

74, 8 i« 

7T 8 «4 

5l a -34| 

iu i W. iicinwii 
1 .- ‘ J maC; 


Enro-Krencb deposti rates: two-day iflHOS per cent.: seven-day tl-lli Per coot.: 
one- mom b 134-131 per cem.: -three-month -13-122 per cent.: six-month 121-12} her 
cent.: one year 12 J- 12 I per cent. . 

Lons- term Eurodollar deposits: two years 8 i«- 8 Ji 6 per emit.: three yean Sl-St 
per i-eat.; lour years 85)6-8 7 i6 Per cem.; five years 8 ?i 6 -&*i 6 per cent 

The followiiiG nominal rates were quoted lor London dollar eerUflcares of 
deposit: one-month 6.99-740 Per cent.: -three-month 7.13-7.35 per cent.: stx-tnomb 
7.45-7X3 per cent.: one-year 7.70-730 per cent. 

* Rates are nominal calling rates. ~ 

t Sbon-irrai rates are call for sterling . U-S. dollars and Canadian dollars.. two 
days’ notice for mdlders aod Swiss francs 

.Yew Von, 0.17-0.07 0.32-C 
Munir*' .|li.lBc.)>m-(xir 0.25-Q 

AmA' Uniilc. hii par ii 

Um.-^t-w.. 10 c- fin par 2 : 0-10 

Cnp'nlem. 6 J 103 «i»- ii- o9 86 

Kr^ukfun i7p 7| H-imi 5-4 

L'ImK l-La 1 c. -Hi- j3lf5‘ 

U t In I... 3-18 c. ii>> 1BJ-21 

Milan 6 12 (IK- illy 15 23 

Uriu 4-6 -re .11- 183 4 

H*n, ..... i-bc. Hi >2 la 

r**, -lcku»*'ii» Ha-3ly ureilh 5l> Ik 

Vlanni. ... p«r -10 -r»« - Iir . 6 -HO’ 

/.uru-i, 2 1 1 ® r. » m 1 -fr .i 

— Sli-mnnih forward dollar SJ&Q 
12-mnoth 1. 15-1 .63c pm. 





Hv. ;Yid. 
* I % 

[•Priwflj +oc Dfr.TH. 
Mar. 1 . . J Yea J - * % 


NEW YORK f ■ : T 1 'S' I I “T ■ r $ I <, 

-rlnv. S Prem. at. S2.6Q lo^&SSi 1871% »- 
Effective rate (at 1^395) 39{% (48%) 

Mur.. I Fet. 
1 (8 

Mar. j Feh- 
1 1 13 

Lull- I 

\,MlY-.M>d>ll)>il .. - 
V-iiih Luc a l a- 

M- l* ,«l||.-l* 

\inn I 

\ ii-nn \ limiiiiiun, 

A -'-■Hi 

A-l'-'iriii I. 1 UI 1 . , 
\.'miicn\ l*i«we> • 

.viicilLlti a inicfti ..1 

A'lir-I M'-nr — 
*>:i- iliiUmei-...' 


inii-isiln llew.....; 
A •*■-! An uni’.. . 

liiuT. Hiuailcarl. 

Aiiii-i. i nil 

Ihipi. I'vnnnuiiit 
A'M*r. Eln-. I'w - 
Ami”. K\)«f" 

\iiii-i. H-'IIU-l’l,,! 

\ , 1 1 , -| . . 1 li*>ih-a ... ] 
V>d>T M-'Uir-. .. 
tun . 111 . Iks. 

III', '. M'II.Mi'1.. 

iii'ct. re. a i*-'. 


A U l 



Vlt, It'll M—Liu-J. 
IiiIbwi ,!■** Ii. - 

\| Ill'll Nci-1 

4 . -.A 

I-ihii'is Ul! 



4*.. Iln-lifiri-i 

■ Hula IV*... 
4V l 

t».-lll , n«i,i l'. .. 
i'*-i in* Ku- i . . 
!'in<. \iitii a.... 
!l,ii,i a i* lr .A. 4 

I'Uln i liil 
ili\m Ir^ii'iui:.. 
•"•ni -i.i' F'o.i... 

I n : "II I 'll kl-lln-li 
I*..' A ll-'Wl*'-... 

I— :i I'\ 

l '-ii;.w * "ii- 'll. 
|l-l i < ii- " “l,t-l 
I'.-j . A IV In. 

I- C.IU 

IV- I-'.- I ,«,lil|-.... 

i ..'j VVnni',-T. . . 

i'l-lTun III! 

i,-n*cn>i -A" ■ 

I'.rii'i Slu-r 

iiHnitiitliMi*- i 

, | Cl*l’ InlVtlnnxii 

| Lisnr --..I 

I L'nr kcr.Y«l,._„. 

'. r(mii 4 ciieiha.-hi 
I Cum ni i u- tjieuw> 
Cuu-V 4 ri K ln \ 


hurt In-lu-incH— 

It cere 

Uei Mimic- ' 


lh-uiapi> Inter-.: 
L'etr'iit ISIimui... 
Uli-tniduxic ........ 

Pl^llAi bqil 1 |N....J 

Uiwjev v.\V»*lV...- 

Lhncr I'liqsi 

I *•«, Cbenihwl.... 

' l)m»» ' 

1 iiri-wr. 

| Hn 14 ml 

i I 4 >mn 1 mlimlr 1 en.' 

. Kh^ic I’u-ln-r. 

‘ hxil 4 iritis* 

I l-!«.ininu K'lulnk.. 

I iiti-ii 

\Kti \ t. • 

' K' Xnt. tiw! 
: Film ! 

■ Mnu-r 4 iq Kit» trii- 
' hmi'ri AirFr'ialil! 

. Kin 1 «rt 

■ K.M.I 

‘ Unuii'hnnt j 

I tv'luurl,.. ......I 

' Klhil ; 


Fun liikt CniurtaJ 
Fnl. Ucj«.!ri»nrv?J 
Flivstuue Tire. 
Fm. Jim. KmMihi. 

Fi*M Vim. 

' Flint Mile 

] Fl'iri'ln I’lini-r.... 

John- MnnrMlC...i 
Juhn-ou Ji'bii-on) 
4- cm -on Cuiilui'.l 
Jm'Unnulxii urV: 
h.Mirl Cun... . ' 
hn\-^i Liuiu-m^'; 
h«!-».-i Slci-l .... 


Kcooci m ...... 

iverr lIHirt • 

hblilc WmiICT.-. 
Miulvn.t I'inrW..' 

Kuj'jH.'r' J 

Kisn , 

h'i»Rer lii. • 

Leri Slum— }' 

UlUn Ow,Fon«l...| 

I Uerarn 

| Ueriurirt* Metals.: 

UeunxrtaU. J 

| lllch’suo Merrell.j 
! Kiev well Inter... | 
1 KnhmA HxMr 

LtfiRCII Hrou| 
laiiy r Bui. I 

1^1 lull liniurl,. 
IfiwSut lud».,.,: 
lamp 1-niml 14*1.! 
Lmii-uu* Land. ..; 


Lucky .Si me- | 

■ L'Vi-. Viuix^'wi'. 
‘ Mat- VI ill mi , . 

1 .»Ucj II- » 

Mir Unifier.. . ■ 

I \ln[fir . : 

I Unniltu'ii till.. . 
i Murine .Mi-linno. 

■ M*r*>lmii KleM... 

llova Ihrteh -. ..1 

KTB ' 

Hubs Lo-n 

IfjUer dyniein.... 
roleway dtoree.... 
Si. Joe Miner* i*4 
>t. Kentn 14*per... i 
Sants Fe Inds....) 

5 kii- In rest- 

smoo I ruin, | 

■schthx Drew uteri 


Sn4t taper 

S'.rii Wrj* . 
Sndr’ Inun V'w. 




rtetuth RaiIhj 

L'^i. Treat 4% UtK 
Gj>. 90 Day bill.. 

175, 173, 

03y ON 
41»s 01 

i=3e 1 1st, 
12m i 123. 
rW* t94,;. 

fBlfs i 1817a 

6.41* j 6-39. 

AEU..._ .1 

I Allianz Veertcii-.l 

l BMW I 


I Bayer OlLui 1 

Baj m Hypo- — , 
| Bayer. VereuwlAi 
1 Uibalu-Xnl.irrtal 
Cunnnenhank — j 


UanaierUeuz I 

O^uioa 1 

Uauuclie Bank.....' 
U rent nor tank — ! 
Gnirhuffnime -..| 

Hoerli-r 1 

Hocich- ._..J 


I Unrten- 

A hi rt in taper..-.' 
.V^titcn Kaji I 
A-antn* Men -...! 

AabeotOn ' 

Ham, ViiniLns j 

Via, UtiiI.-Iiitv. 

Ml-lh-t KKril J 

Uc IV nine it ltaUp. 

Mi-Gran Hill - 

dro tVmiaiocn*...l 

^ ran ' --. 

>sarie rti.D.l ! 

Scwre Kt<ehurV....i 


■Jlicll Mil • 



Vcnnitc CoTJ 1 - 
J -%iiMpli>-iti tai... : 
i ^iiiBer • 

■ >mith Kline 

t ■auinrun 

I SoutU'linrn ' 

' Siut hero CaL KiI.‘ 

. southern Lo. 1 

' StUn. Xal. Jtea...' 

| .SmtlHTn 
j a rm t h e ro Uallwaj J 

Hank .Aovm -f-rSui[ 
ikwir Kest-un-CB.ri 
Ben Teicplume... 
daw Vanev Inu 4 

Uf* Canada 

Uiseimn - 

flriikn ; 

Ca-earv IVHer...| 

tamihi Hide- . 

Camaia Lenieui..[ 
Cairo la MVLan"i 
Can ImpBoVCoRi. 
Carrol* lialusl 

tan. IV- in, • 

Can. ta ut, lui.; 
tan. dujier Ml-... 
tan Inc M’Keefe . 

Caswiar .VsdeMws 

had? uoti a*U.. — I 

Kaniadi .[ 


KIuckoerDm I00.i 

tHU - u.[ 

Krupp. — J 


Louenbnu L 0 J — J 





Miua-Vienor llifV. 
XeckcnnacQ _.... 
I’meaap HU 1 00 . 
KliauWpHi. Kiivt . 

•si-hcnnj; ! 

'iinicn» | 

mhI ZurVer J 

TliyaK-n A.C..—.., 

Varta j 

VKBa ■ 

Vmini IV wt Bk.j 
VulkkTracvn I 

137. IT— 1 
1=7:6; -oV 
386 ,-l 
185 1-25 
228.9 +O.h 
78.3' - 0 3 
iiB -8.5 
269 2 

158 1-3 
3u7 +0.S 


Ini : 

188 m 

112 ‘ — 0.5 
2?2 i-l 

128.5 —0.2 
45.3 -0.4 

lrO-5 +0.5 
lc4 +0.3 
Ji-3.5 +0.7 
2tO 3 
83.5 -O.S 
1765 +3 

»18 I 1.9 
80 4.4 
17 I 6 J 
-A© -TS.8 
20 I 8.6 
BO ) 3.1 

Aaabi Glaro ' 321 

Canon j +62 

Ca»lo • 614 

Chhxm ! 890 

vm-iftppotj' Prfori^nlS 
Fuji FImco.. 1 ~' f '* 

tlb*2b\ .iri.1 Bid 
Honda Miriois...... 566 

19 j 3.1 
17 1 SJ2 
14 i 4.a 

20 3.3 

20 4.0 

4 : La 
12 I 3J) 
12 6.4 
* 3.6 
16 6.2 
4 4.4 
10 4.1 
9 [*.9 
80 f 3.4 
20 5.0 

HoroeFuoi! >124 j 

C. Iloh : c 18 

Ito-Y"U0o X»40 

Jaoe>_ 6*5 

J.A.L. id. >30 

Kaumi Bled. Pwj 1 .o 40 

Kama chi -] 319 

KulaiUu — I 5k79 

KyotiM_eramu: ...;3,47 J 
lialwmhita I»1...« 635 
Alicauliikhi Uank.J 2 is 
UiisuhuInH«aryJ la8 
MiiMtbiblii Curp.' 416 

Milauj & Co ! 309 

MitmiRk+hi ! 6vi3 

Xipp-ja Uen»n U23U 

Nip(.»n Sliun»u„ o41 
X in san Uutur»— ..’ b07 
PHaiee--...— .... ,1.410 

w t.2 
U 1.3 
26 2.0 
20 2 6 , 
IB 1 T7 
to 1.8 
12 2.B 
18 l.b 
3? l.s 

12 ZJa 
80 1 ^ 

13 1.0 

acAii riiab eenri~>.-....-. 
IcrVW. Australia — 

f -Vceslta — 

I+-7.02 Banco Brasil PP.. 
-8.0V banco Itau PN.... 

10 4J 
18 ! --A 

1 a I 2.', 
35 0.6 

2 u lb 
lu l.B 

in. HHiiDuitn ; —• - 

f.KinilaUon Invest... 11.L8 i+1-bS 

i tl 38 U-07 

l-Cl- r0.4U I . 

>11 A Gar — _.... to a3 ++u: 

ictal IehI........ tO 91 J+.'Oil 

uvtlle Copper.- tu.96 1+1.01 

Hill Ph^ineCsry — 15 26 48. 6 

IO-cO l-4l.i b 

. al-ix-j U. I *1 C.4 ' A 210 

3.90 +O.OJ 
1-06 ! .1 

12 4 3 

13 1.0 

14 2.3 


241.7—1 Si 


108 j— 3 l 
189 1—4 i 
lo7.Sj+0 5 | 
a»3 ,-4 I 
,OaO -5 | 
in i- ; 

114 '+ 1 • 

200 si +0.7 ! 
+47 ,-3.a 
294 1—0.4 
252 ;+2 ’ 
1,4.3 +0^- 
176 c -1 
1 15.5; — 0.2 i 
299 -1 
210 1-2.4 1 

16 8.3 

2U 1.2 

aanyu Electric..-! a 18 
ScXiKul Prefab -J c44 

a'biMddo !L13J 

atioy l.oOo 

Ouabo Marine..—: 254 
r«fcw>a chemical-, o3i 

IVK >1.640 

Ectjiu 1 15 
Tukiu Marine...—! 313 
t'ukiu tlert'Puw'r 1 1.13 . 
lu+yo ronyai — ... 1 2o7 
Inky i Amoia..' ! 1<8 

Ttusy.,- 189 

Litton Unfair...-.; > 12 

7 \ 8 J 
12 I 3 2 

14 I 4.2 
1U I C_ri 

7 ; 6.1 
16 | 4.1. 
2c 4.0 

16 tl 

1? 3.4 

11 I 4.4 
14 | 3.6 

12 ; O-k 
20 ! 3.3 
10 I ZA 

la ] 0.6 
U | 0-9 
16 l.u 
48 1.7 
1 « 2.8 
3u 1.6 
20 h .9 

4o 1.1 
11 2.2 
1* 2 3 
dU j l.H 

1. +.3 
11 1.1 
a 3.5 
U 2.t 
1- 3.9 
lu 3.8 
- 1.1 

Samfrr ■Hirer Inkvu 




AuaU Oil A Gar 

Blue Metal I ml. — 

UuiifM uvtlleC' finr- 

Broken Hill Proprietary — 

BH douth. 

Carlton Untied Btewmy.... 

C. J. Colee—.— 

USB iWi. — 

Cons. GoUfield Aim- 

ConwuMriBlj— — — 

UouiucBJMinto— — — 

CuataiB A um rally 

Duuiop KubtiertSit— 

KSCOR—. — 

Hitler Smith — 

&Z. ludcwirles— — L. 

Geo. Properly Truet. — 

Karoemlej- — . 

HoiAer. ....: 

LU. I. AoiJcalUu.. ........ cJ— 

l mer-r Oipper 

Jenplng* industries... — 

Junes (Diivi. 1 i 

l^nn+ rri Oil...—.—.—.' 

111 It. Ho)d Inga...- 

M.vel UmjioriuiD— — ... 

NWc+m Internal kwiaJ 

Xurtb Broken H'rttags (£0r 

Oakhrfdfle. J 

idl neareb i 

Vol Cr 135 9m. Shares SU 
Soane: Bio de Janeiro St 

oslo • 

15 26 +JJ. B Free I'^or '[ 

tO-tO -41-1 b Mar. I Kroner I — 

11.63 -Oja ; 

U.76 —0.0 1 Bergen Bank...—. y 1 i 

12 55 -0-11 Bomegaurd 57 |_i 

»8.4ri Credllhank 106m ; 

t2.00 ..... Ko^nn/h 300 10 • 

11.80 H>.t7 Kredilkaiften 104 )-2 

tl_35 I ->wk Hj-drokr.BD 184 •+! : 

;l,c 6 f+i.Mi s*Unehr*n.l 85.00— ' 

tl-68: ri-O.02 
tl.33 ) — . 
12.18 l+tfj >1 
tO 09 1 — 
1 2 AX) +I.4V 

+ 0 - 03 MINES 

“"7 * } _ 

Anglo American Corpo. ... 4 75 

~.’7i Charter Consolidaied t3 00 

ru.nsc i Sf” Dnefoniein il 59 

tLto - — n -*i 

K-S I— Kinross ' 5.90 

tOJiO | — ... Kiom . . 9 jg 


I ' I Div.- 

Mar. 1 i Price +or Fra- Yl.J. 

i Fro. j — - Set • %. 

Otter Kxpkmciua — i 

taioeer Uoni-rete. ! 

i l''i*nr .•] 

ti n. »*n. AUB.. 

Il 1' *“ 

Lj nil •» II l> 

h S' via* kni'.. .. 

l-.'i vie W tl'.-I).... 

■ ■'Il itllril"!! .MI'H 
Kuril 'III; tjv . .. . 
i. •mi in" .n«i|' . 
i fl'il'iuin tai'llli . 
• ‘.iaiwU'+'ti. 

I f 11*1 I'll 

i i:ri"riU,iicni . 1 
sri'in Hm rv.. 
i «i rjn::w Irsi:- - 

« cwirl'llh.., 
i .■Hire' V 11 .. 

* .TlvIllUT-l 

* c-jib Air mil .. 

i :>■ • I'UmilMtlaii. 

I 1 1 1 i n i Ilk. NY. 
l':i'rN ,,| rali 1 V«i l . 

I Uf«w >\ -H-fii... 

t 111 es" IhhlK*?.— 

I'llM-NT. — 

I t'linun, . ..... . 

i ns - . lU.a noi.. 

I itb'iri)' - 

I iliv, VlVI'T 

i ii i lmv»ims.... 

I F.M.P -.' 

1 F'lril Mtri'ir. 

: Fim'iiuori lick 

I Fill! trill 

' l imiklm MlvU .. 1 
( Fiif|«'ii llllicnl 1 

< t nipliniil • 

: F'lipta I nil* 

!l«. 1 . F, 

: ■ , Rimed 

urn. Amur. lilt.. ' 

I IS. A. I. A ! 

I lien. ( Hi'ie ■ 

, lira. Iiynamiro-.. 
i/«ii. H'ccira"’.----' 

i/cwni t-iNtl*— ; 

Uenemi Mill* , 

lirueml Mutcra— 
i sen. Fill., nti....! 

i./,m. Signal....... .| 

>icnl Td. Kfeil.. 

'■i-n. Tyro 

t!■■ne•^^l 1 

liinrgUi ta - ldc ...1 
I Silly Oil 1 

I ■•■licdc 

i iiiiifru ti F.F 

'. Clw..,. ' 

I l,i«INI 

1 1, rwi‘ 11 

ill. AtUm IScTra' 

j uri.N'irih Inm. 

i i,rvy In • tin „ 

C'tii t iVisuvru.. • 
i roll On 

| lltalllnin'TI 

I ilium- Vlimnit,- 
I Hitrnn-liti'uer.. 

| llarrli Cm, in 

J liitli: H J - ; 




175 h 




ilN IViniieum. 

4b i; 





50 a j 




U'4'li l«T}l 

a87 6 


42 lu 

U'lMllfa' - 



U'diyii J. V 




UtKaaita - 

36 as 


MunJix Oil 


S— l, 
46 j, 



Ni'to' L-Liiiif-al — 

21 V! 



.Vali'iia’ tan 

14 l a 

14 ag 


\m. lil-rilura. . • 






Nali'-m' Steel... 






.M. K 

>r(riiini' lnt|N. .... 

Ncn hniiiaiiil U. 

Am biiKlstni lc' 

Viagent .Mohawk 
Niacara Shore — 
V. L. IndiiNtne* . 
N'irth Nal.fia*.. 
Mini -il ate- l’*r 

: .Mhwi.-Jl AlrilBIr 

j Mliecsl UaiMiTj- 
I \"n,i|| auiHrii .. 
j ii vl'lcnia IWi'* 1 
l.l^llvi Mathcr 
I Him'' 'K>lu-'n,... . 

; Olnl 

[ THmiblanri 

i’w't Bnntliarf'. 
'Irm Hutch.. ■ 

lil-eiy Kau>l 

"j<iul 6 . 

Slan-i-nl BreiMlr 
Slil.t iilCol lu*rn la 
M,l. Oil liaiwn*..' 

■#»•!. till Oliiu. 

llniiO Unanlml..' 

Her lira lints ; 


i kun C" ; 

[ *«ii n>lH rand — ... 

i ^yr.iei 

j rculnuc.dor— , 

{ febinmix — — - 

i relc«l\ ne 

Telex | 


Utnefialn— i 


Con- Bar hunt ' 

LViniusmei Go*....! 
tWka lieNKUtceoi 
Cvatain Itlrii. — | 
Oelllwn M lfiex....| 

Ihitnu Muien. ; 

Uunw Petroleum., 
Honilnk'ii Brolscj 


FatcMi'se Nii+ei.' 
ronl M'ltur tad.,! 

i Price i + or : DirriYM- 

mce +or liiTJiM' 

FI*- - \% H 

Abohl (PI. 20) 


Aleeni UnklFLIOUf 

AMEV (FI. 10) 

AmnAjonk (FIJI)) 1 
Hiicnkuri, ....... .— j 

UurhniiTctl erode 
Elsei let (FLSOj— 
Bnnta S.V JJearet 

98 --2 I 24 4.9 

21.5 +U.3 I - - 

£S..O|+U.O I — — 

336 U3 ABi 7.0 
/7.6— 0.4 |A*44 a.c , 

i .Hpi Palm 

i min- Aikiiiau... 

I ••'llhitiM 

i >*itnnbu I*,, i .. 
I'em.ln Ta.ri\m' 
t »inl'U'r<,io Kiis, 
l.«nth,i»ti.i:i It) . 

■ ns’ in "i li Mn. it 
I juit u'ili Hi; Ue- 
t i<nim. SitpiiiTp. 
i ■ni;-iii'rti'-ien-T 

1 i*art • 

i“«i E-liuin X.Y . 


*'jiii«ii‘ Xai. lia'- . 

* •iiiiinirr |A>ivrt 
i nnsiiirnuii f »r ji. 
t"tn>nental Oil.. 
' '"itmcniai Tele., 
t .'tuh.i Ifaita..— 
t.’i'ier lit'iui. 

lU'WleM ta.-fcanl 

H'dliiny Inns 


Huilvyarell , 


Ilivp I’orj* Atr”-- 

■ U'HkN|cuNat.'* s C 
\ lIuhllPli.AlLhni 

H. nt.D (K.F.1—1 

I, 1'. lihluetrira...! 

ina ••••■■: 

lllsifsn] Knuit...., 

1 I|i[am1 htcci 


I 1 ltun> CiriMUii . 

« >u ells lilinuh.. 

I Pacih*' Lie'll 
ilV.Psr.AU. ■ 
' PitiiAinll'irkl Ai-' 
( Piiriitft Hoiiuliiii.- 

[ I’CHlrikit lui 

I IVn.Ptr.A U 

i'cj i tn J.r 


1 'n i| lies tiny . . 

I'niulro liiu.- 

Pe|«to' ! 

Icttc Pctn/tonii 

rtutu 1 

Texftcii-f 1 

Texas imtm— .i 
Texs* Oil ft Gas .] 
1 'eixi L tiltilea .. 

Time In- I 

Time. Mirror — J 

Tiinkcu.. ; 

franc. ' 

' rransmerliw..... 

! Tntiv,». ( 

. Iran. L'nlon— ■ 

‘ Inu-’sv ita'ror 
. Inui. M'lr.i Air. 

■ I roiel'era. ._. _ . 
Tn Owit inertia i .. 

UeOaior — 

Giant Yci.nkmiej 
Gull On OuihiIu..' 
Hawker sul.L-n., 


Hume On ‘A’ I 

Hialmm Bay" Mnsl 

Htak'.in Bay— j 

Hmlaun t>i> A bv: 

I A.C. I 


linivriar Oil ! 

I non— I 

niat UrnradeiriFlW 

I lurt* 

j lo/aotl Nat-Gsa..; 

I na’fr'.v Pipe Li uei 
Kaiaer Uraunuj 
taurui'i FlnO'iv 
[riiluaa O itn. 'K.'j 
llc'mlu'n Kn«l.. 
Mswacy Fer^uw.u] 

llrlulwr i 

U'lfr Cor)*' 

Nutan'la Mint'.: 
Vimsii Bmirs. 1 .. j 
AlllIL tcilTvni....l 
NttiiMf Ol, 4 t,»»| 

. r.k.w 

Vji h V. <*iuiir\ 

1 LAI 

' l A Will 

I 1.1 


Cni'cici ;>na XV. ... J 
I nkm Baiirurp.. ; 
I niiai CariHde. . " 
i iiHinruniincni 
i ui< ui Oil tarn .. 1 
: t n!oa Ihribc — ; 

ni*l Urnradeirir Itv 

Hrfneken (fi i») J 
H/a 4 to\ ea* l KL3t>*i 
Hunter D.iFI.LOOif 
I.H.C. Holland. .../ 
K.L.M. /Fi.UXrt.. 
Ini Jlulleril20)^.. 
•Vaanlra (FI.IO)... 
XatXed Ins^Fl.lCf 
■Veil CrodBklFL£0j 
Ned Mid Uk(FIJW)] 

Ova (FI_2B) I 

Ian Ommcren— . 
takboed (PiAOi... 

Philips (Fi.JOi 

Bjorirh Vert Fl JdO| 


Butvnio fFi.SUi....- 
Kuyal L) ui vtu Fi .201 
Itaveiihtitg j 

Tna.vo I'acJfilds.S 1 
l fillcienFlJ0i...i 
IVehtlan'rtn. liana- 

71.5 -0.7 23* 6.6 

70.6 -1 | 23 i 3.9 
116451—0 86 TO ' o.i. 

o74|— 1 23 7.5 

265 j— 4 . 1 141 I 1.6 
1344 —2.1 1 324i 44 
b2.5; — Q.5 i 94.6 a .6 
o7.l;-l,3 ;,22] 34 
lU2.ll-I.11 14 ».u— 0.7 |l i^fe &4 
22 3 -0.6 1 12 ! 4 A 
12 7. — I i lili / 3 
121 -2.5 • - - 
37.3 -U.7 18 9.8 
*7-6 — 0.7 10 2.7 

102 1-1.7 46J, 4 J 
:3^— OA 20 7.4 

189 La 22 1 5.9 

1-4.4 —0.6 V34I 4.s 
1 34.61—1 . 18 6.0 
ri U 51 11.3 
2+.4. — OLfi 21 6.5 
64 | +0.2 16 - 

161 1 \2 . SS 7.9 

113 5—1 - . - . 

l&f 2 + U 2 14 | a.4 

188-7 — .8 A*0 8.1 
242.7,-1.3 19 1 T.9 

lw." i *7i *a 

93A.-2 SO .7 
119-8 -0.0 \tf.i 7.0 
3*.u; ; 20 i.. 

409.5!- 52 3.9 

Ariied f/LliS i .+ 10 I 

Uq. Bra. Umh.— -1.418 +18 

Hebert "B" 11.745 i+o ! 

U55.B. t%ment — 11.144 L. ] 

(Joekerll 1 t64 

KHiW_ 2.460 V V 

KiecLrobel -6.040 I ' 

Pkmeer Uomrote. 

Kb-triK 2 Caiman — ...| 

H-C.Mehdi — 

Boothia ml Mining.. 

Tuuch <Bl>-- 1 

I WaltUM- - 

Waatera Mlaluft /Wreaiuu 

ffjl' BuMenbdts pixthnim'"™" MS 

i d?' ?■ He!wu ' 13.25 

U71 MM 2 South YaaJ 883 

So* GoW ** 20 « 

Itni 'Vo Corporation 4 87 

~ u - ,a De Beefs Deferred 340 

tl.ob Blyvooruitrichi 5.83 

ro a a". EUsI BaiW 023 

IV'JZ «'2i Free Slake GeduLd 126 00 

♦ f 3 i? PresWent Brand 1600 

f^dent Steyn 12 30 

™ ;* ;+0.08 StHfonrelo — . 443 

O. /0 #.o. west Oriefimteln SJJ50 

. , ■ ■ Western Rolrtlnss S9 10 

[L® ”?- 2 ? Wemero Dees Ujo- -0J)i; 


FafartaueNat. '2.360 !+» 

• l.B. InmvUm— ...,1^60 ... 

Gevaert— — . 1 .Ba4 +4. | 

HJaiken '..... 2.330W J 

intercom ■. — ,'l>63.0 — 3 ; 

biredietiaak , 6 .a]> ,+ 10 i 

La Kuysle Be>seJj.230 +4 j 

tau HuWlroj 11 ..^rii.3BO | 

Petrufina 3.635 I— 10 i 

■-bri-Gen BaotjJ»e..J-. 8 dU 20-1 

Pricfc 1 4- or 1 liii. V 'l 
Fra. - I Fn>. ! i 


I Anulo-Amer. Industrial 
j Bartow Rand 


CNA Idvrsimenls — 

Currie Finance 

Do Beers Industrial 

Edgars Consolidated Inv. . 


'.UiiYUdne — i a IB 

UIC.-L ..' .r[ 48 J 

■rica 1 Beo Ueiciquel L. 96 U — 5 
iufina — ...:3.0BO +35 

■Hjivay ..... > . .490 I -fi 

fractmn Klwt 12.-63 l — 10 

fraction Klw-t |2.i63 i — 

CUB • 926 !.... 

cn Tie +10“ 

Viellle Munt»gae‘ 1,33 8 [—2 


Uouguea. X -97 Ger*HlB...,j 341 

Uarteloiu- - 1 1.338 

f-U.K .! 2^6 

V--.LT. AleneV. .A 655 

L ie Bancaire. 249 

Clola llwliier s42. 

CmUc'CumPrit 110 . 

L'reuaot Loire 33 

UuiMt-...-... 469 

Ft. Petrolea 100 

Gan.- Oeddmule 194 


24 » 6 

+ 10 

1 12./% 2.6 


61. ah! 0.1 

+ «J 47.- 11.1 

+ 80 

75 ; 5.6 


27.c; 9.. 

342.5 +4.5 1 frscl l'S *{!!!?* 

469 +18 7 416 Rand Minas Prooertteo .„ 

i^.7:s® «*'?***' - 

194 j+4 1 0.2a, 4.2 Sage Raidings '.ZSZZZ 

I Price +or | Dfe. Yid. 
Mar. 1 | Fra. | — | % J % 

AID mint urn !1.235 J -5 6 ZA 

BBC -A* 11.7.0 +20 1U 2.9 

CItw GelgvfFr.KO, JJiZS [+15 4:2 > 1.8 

Du. PL Cert*.'. 1 u2o +10 22-2.4 

rtm Keg. 1 e6» -9 dZ S.z 

Credit 'luive—— 239 J I +83 16 ' 4.5 

EiectronaU :1.655 ; + 3CS- ■ lu i 3.0 

Fi-cber (Geutget..; 710 t— 5 - ! d - 3.6 
BuSman PtCertaj 83.^i!+25ri J 960 ! J.7 

^ l+« |0-2l3i 4 2 Sw Rowings .Z. 

lmeu 5XJ»-i 0.B5J S.33 10.1 SAPPT . 

Jaeque* Borel i 86 ^] -2.3 — I - C G. Smith Sugar 

Utarge. 152.8 +4^ IL 77*11 0 Sorer . „ 

L’OteaL^.. ! 536 +18 15.-7. 2.7 SA Brewerteo 

- -.'1.305 ;+40 3 l.«|* 3 . Tlser Oats and- Nat. Mills. 

Uaboox Fhanlx. J 704 !+13 39.4 s.7 Untsec 

MioboUn -B- I 1 .G 93 :+3S 325^3.0 Securities Rand i 

Mo»Hrane»y-. 353 '-3.8 ld_fc! i.b «r w 

Moulinex — , i 145 + 5 3 d. i (Discount of 2 

tafUws l 135 : + 2.6 lsjfi'12^ .. — 

JZ'W* ?:f. “ sr«N * 

Moulinex | 

tafWfl* — 

to rale ValluheleKglniu . l.«Q 

eitermam Sioree 1JD 

ardlyo Assurance iSAt 1 SO 
lens ;.00 

A 1.U0 

— earthy Rodway -tOSl 

YctfBsnk 1.17 

I OK Bazaars u.f 0 

? niter Milling s.ib 

eiorta Cement 2 93 

mea Holdjngs O.B7&6 - 

nd Mines Prooerttoe .„ ZBO 

mbrandt Croup — 199 

tco 036 . 

te Rowings 1.40 ' 

PP7 1.95 J 

G. Smith Sugar tnao 

we . „ tfl.50 

Breweries l.BV 

kt Oats and- Nat. Mills, s 65 
tsec 104 

Securities Rand SU-S-0-S5 
(Discount of 

reuReofaCiiroei].. 2/6 1 + 5 


PbcLdn ! 116.5 +3.3 - | -" iSa^ ‘ 

Radio TeriuHque.1 3 >a +13.5 253, t. 7 Banco Bilbao """"... 

4 47 +6.7 ah , 3.1 Banco AtlaoUco li.OWH 

UJume taolenr ..-.I o4.6 1 1.2 9 1 16.4 Banco Central 

suGoUitn- 127 JB +4.1113.6610.7 Banco Exterior 

5^ March 1 

I iNkMi -,1 Pdr in. 1 

| l*iu-itii-V-n.|«M M." 

[ Intercom EneritU 

> IBM ;■ 

j lull. FIsi-iHira- ■■ 
Inti. UarVinfW ■ • 
Inti. Mm* Chen*, 
lull. MtiSliiwris..- 

iB'.'n i 

lull. Paper. J 

IPO - 

!nl Keel tiler. 

InL TcL * Tel-..' 

Invent .... 

! loira Beet... - .. | 

; IL IntenraMmuIri 
j Jim H'eitec. n 

I Perkin Elmer.... I 

| Pet ■ 

| Kii:cr..._ 

■ I’lrt-tpi DoilcC — 
r riiiribk'-iriiia Hie.' 

• Philip Jlrmi... 

1 I'll in | ■* tVliu-'n.' 

I Pli-tairy 

; Pitney Uowce.— ■' 

. PlllSlMI ' 

I'bwr U'l ADB. 

I'oirmai.,... ■■■... 
I'u Itn! Hnnelb— 

J i s Ikui'-uqi,,.,..' i 

j Ls.GtpGqm 

i U6. tj\i»w 
I l.-rf. Steel.,.., ■ 

Pao. tan IVt'iu.- 

i’cuisc? Uepi. a..! 
Pro-eta- x Oi 

I*1iU.w Deveiai-uil 1 

rt werCfTtiirarii' 

I’m.+ ... 

vju+iw siurec-n) 

I tender till 

Keiii ^fcnn 

Kin I’nn. 1 
If ova* lnw , 


| Price ] + or ; Dtv. <Yi3. 
Mir. 1 'Kroner, - j * 


1 1'. Technutopio*..'. 
| L V Imluatrio—ri 
i Virrinia Bert,_. - 

! B j!;rrfa. 

. B'arwei-Uii'mn-. 
! Wuntf Luairo. 
M’+rte- Man' men I ; 


Wtnirrn Ban '»n-. 
Western N.Awcr 
Wertcrn l niiXt.- i 
llVstiUcbae Etoctl 

} •eagrani4_ 

f sboit Canada, 

j PhiafaJii : 

[ |',ri"ni+' Kro-,,.. 
i IMi; Indusine*.. 
Pro ler Gamble.. 

I 'uli >erve NJe^t-- 

I'liHman ■ 


ljuakev <JatiL...-.{ 
Kapi-l Amman.; 

i Kavthenn. ,....; 

IBCV . ..■_ | 

J bepublk: SleeL— ; 

?h«rrnl fi. Jllue - 1 

“iel i>.ns O. fi J 

j We- lay' i u. ...... j 

Wiyei hacuid— ‘ 

’ Whin pom 

I White Con. Inri _| 

Wtnbrtn C»» ■ 

ffwacla ElftU I 

2s3g | rSTg 
2lJg ( -Ol, 
► OTa ; dL 
VI I 20 /b 
165, I 17 
8?i| , 2?tg 

7lln[eirii „ 

-trei 'M tanada,.- 

«tccj- llv-k IrcH*.: 
rexacu tairola...! 
rmrul" Lkriii.W.,1 
inibtan PlpeLn! 
Inm* Uiaim Oi »|. 


Union Gas 

UuLriiwue Mme> 
Wilier Hlram....t 
Weal Uoaai Tra- .j 
VVctua Gm— ... • 

Andaslenken | 

Bumi'blr W. a/*,. 
Da nske bank AaUrh-Co...' 


Fur. Pyggericr .... 

Fur. tapir 

HxiuielidiaiU: - 


Sttti Kanri 

Ulleraimk i 


Pn.'Vliutauui | 

soph. Btreurtwru 
super! c* ; 

141 4U 
440 ]_.— 
133tj +ls . 
231 !-ta 

33h J 

741a 1 I 

1343«i + is 1 
2b4 L— .1 

269 1*| J 

HSla— 11* ( 

l«Hz> 1. 

WSl 3 +l4 ; 
377.6' + 1.6 [ 
187i*; 1 

11 7.9 
15 3.4 

12 9.0 

12 3.1 

13 10.6 
12 3.c 

8 lu. 
12 8.2 
IB 4.1 
12 4.4 

Do. idutailr..._'(U300 :— 60 i 56 < u.7 

loteriraat U ^3,900 ■ 20 | 2.5 

JeJmoli <Fr.i0Dl.. ll.46O L I ZO '■ 1.4 

NeMteiFr.Um_i5.515 .-15 W 5 S 3 : 2.5 

Do. <2.310 4-20 atf-H! 3.7 

OetKken B.(F^b0)3J29O '+35 t lb 1 16.3 
PinrillbIPiF.100) 289 ;+2 IS 5.2 
tandox.lFr.233)^. 5.700 +SJ 26 ' l.B 
Do. Hart tarts. 480 4-3 26.2.7 

behind IprUt* F 1 OO 1 315 1+5 9 j 1.5 

SuteerUtaiT.liW 560 1-5 14 | 3.9 

aViasairiFriibCn.. 840 i+3‘ 8.57 1 3.6 
tiaiss Bank (F.100 1 364 1+11 ' 10 ' 2.6 
•Sato* iBc.F^O).. 4.75/ l + » { 40 2-1 

Union Bank 3.270 +10 I 20 ! 3.1 

Zurk-fa In*. WDOO «+ 100, 4Q ; 1.9 

- I I .1 

illume taulenr 
»t- Gotwtn.„ 

ski* Boo^pwl. — :L458 jB, t 8 39 1 2.b Raircr General 

Area I 225 +6 dB.b ll 4 Banco Granada (i,000i 

Peiemeraniquc - 5*9 !+7 i2_75' 4^3 Banco Hlapanp 

Thommo BraaclU 14Q.5i+2.T ih.isil .8 Banco 1«L Cat fl.MOi 
Viaaar — ; 21JS+1 —I— 8- fad. Uedlrorraneo... 




PrW l 4 . or Die. Fid 
Knmo I — ; Kr.-.; % 

AG A AhtErj&j^; 


A.-5KA tEc-SUi ! 64.5 + 

Aklaa CopmfKrffl, 115 '— 

nmennl J, 76 1 + 

BuEur* lt3 i+. 

180 +4 

la4 1 + ], 
84.5 + 1 

11 7 JB 

11 7 JB 
13 3-2 

12 6.4 

Price, -foi 
Lire — 

Dto. YhL 
Dire % 

CardDL. — 183u I 


• Price : ( DicJVid. 

Mar.' I j % J - ! * J. % 

Msrroed t HM 
I Hided 8 Nasi tCDdfa 

Urodltanxtalk [ 350 1 10 4.9 

PCrinuxw.....—. 263 +1 *9 3.4 

rielecto— [ 566 1-4 46 8.5 

Semperil—. *4 9L ]+l - 

steyr Dataller..-] 187 —1 *7 3.8 

Veil yarm.ik..-.J 230 i :»- 14 6.1 



Flat — 

Do. Prit..,„„ 



1 la I* Icier 

Mediobanca _. 


Olivetd Prir ... 
Pirellis Co. 

PhelU Spu 

Sola Ylann 

. 146 1+L2H 

.. S10 +10I 
.Jl.974 1+19 ! 
1 606 >+26 I 

.. 85.25 - 0.23 
_ U>. 895: + 256 

- ‘ UO^ + 0.5 

- 32.0001 + 1470 
.. 157.75+2.79 
.. 825 ' + 5 

.. J.347 [+47 
.J1.04G 1 + 14 

..j 620 *4-29 j 

ISO 7.6 
150 9.4 


blet'lm ‘B'Ji 
Brleasra *B*(K 

— I — 8- tatj. Uedlterraneo... 

— : : franco Popular ... 

Banco Samaminr rsai 
Banco Urqulio fl.MDi 

\ Banco Vizcaya 

Die Vii ; Zaracwano .... 

ir a, B 4 tftun»n 

• 1 0 | Bamra Andahicla 

wu ™* - - - 

5 1 ®*?iK 1 - AraRonww ...... 

^ 2 . 2-' I E TOnoIa Zinc ... 

46 ? i BJ® 1 - Rio Tlnto 

4 j Fccsa 1 

}D I 4.5 1 Foaosa ri.eMi 

— -1 ju l Foaosa rt.MO) ... 

+3 J 10 ; 5.1 1 rid Preclados .... 

Per cent. 
























febeirfi^" } 2 a 6 ;+l 

'i Xelaamw"'r 4 «ii i« 

-2-1 a [ 4.6. j KWnria .. 73 


«O0| 18 
t^o; 3.8 

Fa^rasta— : ta [+ Q.5 

Granges (from -,;J «7 i+l | 

HxndeldtxokeB—' 29 J 

Manhou ) ] 

Mo Ui-b Dwn^idf 34 '+OJ 

-raadrik A .8 J- 213 i + Z 

3.K.F. -8* Krt-.; 6 c -3.6 

Slcatpl En*ldiilx_J 131 I 

TantotJfc ‘EfKrEO 77 1-2 

LMdehrfm 41.5i+0-5 

Volro (Hr. 5Pi ; 69.3:+ 2 

UcJ 4^ 
BO 7.7 

t=6 ;+ 1 St*. 3.4 n 

t3 +0.5 8 r 9^ Inmobanlf « 

47 1+1 - fJ,arra — ■ W 

ESJ . ..... is ! a.6 Paoelerns ReunWas . £5 

t3 j a 1 eir pf. iro i ,ber 238 

34 '+03 6.5 ha.O P^roli’OS 157 

113 itz iOa ! Sa™ Pataiera 67 

77 1 1 fa £ Tclerooira 85.75 

ai Jin i S ' 6-6 Toms Raster** 186 

Tnhscex V 

° 9 , 3 r t g - 6 ■ 8 . 7 1 1*0100 Ktec, - bus 

-1 V 

- I- 


- u 


• > :*n 


Wa RK| 


i _ . 

Jnion calls 
or land 

Christopher.. ferine 

Copper producers agree ^ an jJ. f t or 

on 15% output cut sugar rat 6 


AGREEMENT TO reduce copper figure of 658,000 tonnes for last ing organisation concerned would fSnHwdons* rSP^ in 
production by 15 per cent, has year, but would not be reflected have to take Into account its for ‘ 

been reached between three of directly in sales terms and would individual contractual commit- * , v A^_ ri j av <_ w1h ai w 4 n „ ri °i!r 1S 

the world’s leading exporting also have to bear in mind a ten- meats. 81 £rjf "T y „ ?r ' 

countries— Zambia. Zaire and month. Instead nf 12-month. A spokesman was confident ^ A? 1 ? * ,,0 ™ ents 

Peru— it was announced y ester- period. that the countries were deter- totalled iO.ww tonnes corn- 

day. “ Earlier In the day. before the mined to put into practice, the P* 1 ™ 1 wiin tonnes last 

The announcement was -made announcement. . Nchanga Con- cuts that had originally been week, in spite increased 
in Brussels by the Zaire market- solidated Mines said it was agreed to ip principle at the of 

ing company. Sozacom. on behalf suspending operation in the Jakarta meeting of the Council of 20^68 units or account (19.47 ua 
of the three countries involved.. Mindoia. north .shaft at Its Copper Exporting Countries last «■»>-- 
Full details of how the cuts fthokana division (Cioee) last December. Baw exports totalling 

will affect copper sales, and Zambia has been the main He _added that ChUe had 2 J^[J® 4 g5S w e J “?“"*** 
whether it will be necessary to advocate of cuts in production, adopted a helpful, sympathetic against 25,0601ast week, 
declare force-majeure on supply But talks hi London a fortnight fffilude; But Chilean sonrees said ■ “** ?”"** 

contracts, will be -announced by apo were so pended when Peru j£®Y not favour cuts agreed *K* m ® *" 

each country’s marketing organ* suddenly decided it could not by only a few countries, and demand for 1 EEC white su*»r 
isations as soon as possible: a strep if chile was not n repared without any supporting measures L* d, ^£T 

A spokesman for Memaco. the to cut production as well. Peru t0 J?l Vc emp^yment problems eotials apdnst forward posl- 
i Zambian ' marketing company, apuears now to have changed its-. ^cussious . tia^ on £-1 London tahuM 

said an announcement by the ™ 5 nd. hut much wiU depend unon A 7? ^ J“? d f IjSS 

Minister of Mines was expected what basis the cuts are deter- nn a * alnst 

the ortiy zM 5£ sews* ’ irodacti ° n ° r -ra ««* 

Et:,7 sSsss szTssfite&rss: sk-ssee? sslfi: 

based on the mine production although each country js market- to 60 cents- a lb-150 cents below News of ih e EEC fender 

. — the reductions announced by result bronchi litlle reaction 

__ m -m -m a other U-S. producers. on the London market where 

■ UiriA - The three months quotation renewed rumours of Rusnan 

JVlSc llf' ; Wfll 111 PT3in f0r c °P er w I rebars feU to £619 buying encouraged a marginal 
AM .-.I’ AwJ- Ctftl a tonne at one stage before rally- advaneq. 

' - ' " ing to £62B5 at the close, still The market also Ignored 

a 1 f* ■ ’ • £3 down on the previous, close. reports from Cnba that the 

CJlXkOlZ’C' TAl*AOCfiCT- The Asarco decision to cut its crop was seriously behind 

J.VF1 V/V'd.iCyl/ • " domestic price to 60. cents a srhedule. Traders noted that 

pound, later foliwed by Duval Cuba se ems to be trying to 
prai aain ai ttmtc dcparter • Copper confirmed the market's maniuulate the market to get 

FINANCIAL TIMES REPORTER . .worst fears of the poor demand higher prices for iU produce. 

EARLY INDICATIONS suggest mum .world food security, in in asgravated by - ^ Cuba Is thousht to be 

a rise in combined world output 1978-79. albeit at higher nrices.” s * rut ®:. anxious, too, to end tb» season 

•f.-yji;,. ;:-s ■ TAIN SHOULD- have a land 
ster through which a constant 
*'■ * can be maintained on 

oan ownership and purchases 
k -Hy institutions, such as pern 

r«.:e* ■ - funds and insurance com* 

i.-r . ics. ; . 

bis is the view put forward by 
‘ Rational Union of AgricuJ- 

• *1 and Allied Workers in its 

lencc to the Northfield Com* 
r ‘y tee, which* is .investigating 

aging patterns of land 

**t r *Gf« t u h ® union says there seems to 
*Kr>f. .been a swing away from 
' iilionai private ownership to 
, imercial involvement in agri- 

lural land- 

l long-time advocate of pablie 
d-ownership, the union com- 
fits that in recent years’ land 
been regarded more as a 
tec against inflation than an 
. icultural asset. - - * 

There is. an evident conflict' 

'■* ween the -disruptive require- 

ms of a - short-term higb- 
crest return ' in today's | 
* inomy and the' needs of agrl- 1 

a ture for investment," it says I 

, its evidence. •„ 

rish fishing 
:hief accepts 
i ; imit decision 

.. . " By Our Commodities Staff ’ 

. . IE MAIN Irish - fishermen's 

- - ider is in favour of the Irish 

1 ■ tvernment*s abandonment of 

. j demand for a. 50-mile exdu- 

vc fishing limit. 

Mr. Joe Murrin, chairman of 
e Irish Fishermen’s Organ! sa- 
in, believes the decision by Mr. 
,. inn Lenihan, Fisheries 

inister. last week to drop his 
<•=*•••• -niand for an exclusive limit 

id accept the EEC -Commission 
* 11 — c, oposal for U fidung plans.” 

w ». L', jjj a u ow his- organisation .K> 

•ntinuc its fight ffor- a 50-infle 
■ . niL 

The fishermen can also con- 
l nue to take part In the formu- 

. . ; linn nf the plans -to ensure the 

. .ihhshmcnt of-n substantial 

•** ‘ V -pforcnce for Irish fishermen 

i thin their own .waters. 

He said the latter choice 
■emed to offer the best chance 
i r safeguarding his members’ 
itcrests and will recommend 
is executive to adopt this line 
hon it meets ott Saturday. 

A British Fishing Federation 
jnkesman said yesterday: 

“ They have . . either been 

. mned or favoured. If the f6rm- 

* r i«= the case we want nothing 

• i tin with it. ir.Hie latter, we 

- ill be pressing our Government 

• protest at any further discri- 
' isnation against British -fisher* 
'• i : ton." . 


Farmers back plan 
for self-help 

Rise in world grain 
stocks forecast 

The market also Ignored 
reports from Cuba that the 


EARLY INDICATIONS suggest mum .world food security, in in asgravated by ^ Guha Is thought to be 

a rise In combined world output 1978-79, albeit at higher prices." smJt ®:. .. ' anxious, too, to end tb«* season 

of wheat and coarse grains in The expected stock accumula- Meanwhile there was _ uttie boasting a hlrh basic crop 
1978, while larger- cereal tion was wholly in coarse grains rea ® t,0 . n 111 511 ^ et . figure to Justify the large 

reserves would serve asf a buffer and rice as the Organisation ?u Rea 2 er fT0T1 ? ? russels export .quota granted tinder 

to a decline from these:. pros- expected a small overall decline tbat . j he . ^ as Internationa] Sugar Agree 

oects. Ac cord Inc to the^UN i nw ^, considenng the introduction of a ment 

pects. According to the -UN j D wheat stocks. Only the U.S„ 
Food and Agriculture Organ isa- among major exporters, was 
tid“-fFAO)- • • .- likely to enter the new season 

monitoring system for. zinc im- Reports that China 
ports from “third” countries bought 50.000 tonnes 

While predicting these rises with biUcr wheat stoSs cS int T ? the Community. - Australian sugar early last 

at world level, the organisation’s grain stocks could increase by n 14 * as - point * d °V t , P 13 ! 4513 month made little impression 

food outlook report notes that one-thi r £ With much ^f the Commission could not take direct on the market nor did the 

_ •— • ^ Wlin mucn ot action to restrict one unports ^bearish” Imolleations of the 

a number of countries/ are build-up in the U S acuon io restrict zinc imparts “bearish ” lmnHoiti#i_ — 

suffering from- -f bod r shortages ^ oreanisation skid' that « this would be. contrary to the j0w price raid hv Syria at a 
due to poor crops. „toT»77. Jarrar ^ ******* recent buying tender. 

in West Aftjc,. .nd {,“«« ^ S? ° a T B ^ ^ 

, ““S^siiss ffJ5.S?Sir-Sy:'JS5 coffee meeting Farm prop 

h 7 ' e ^ , e POSTPONED annrnved 

— &SA %SSUSS MEXICO city. March i. approvea 

Union is prepared to rally sup- 
port and raise money from the 
agricultural industry to help pay 
for the damage caused in the 
South-West and Wales by recent 
blizzards, but not until' the 

Ministry of Agriculture promises 
assistance. Sir Henry Plumb, the 
president, said yesterday. 

Sir Henry met Mr. John Silkin, 
Minister of Agriculture, last 
Thursday and again on Tuesday, 
but failed to obtain a firm com- 
mitment to Government aid. 

Since 'clear assessment of the 
damage may not be possible for 
several months, relief in the 
form of cash seems certain to 
be delayed. Government offi- 
cials, while accepting that many 
farmers have suffered severely, 
are sceptical of some of the 
claims being made. 

They question the original 
condition of buildings reported 
to have collapsed under the 
weight of snow, for example. 
One veterinary surgeon claims 
that in some cases bad manage- 
ment and over-stocking have 
contributed as much to the 
severity of the damage as the 

Touring the south west yester- 
day. Sir Henry said he was 
mainly concerned about struc- 
tural damage, lost milk and 
animals — mostly sheep — killed In 
the snow and subsequent floods. 

“I found the Minister shares 
our concern,” he said. “ But I 
took the opportunity to impress 
several points upon him. The 
'NFU is prepared to take -the 


Initiative in evolving a method 
of self-help within the agricul- 
tural and allied industries, but 
for this to be successful the 
Government must equally be pre- 
pared to make a no less positive 
contribution to repairing the 
damage sustained by farmers and 

“ U we have to raise money we 
will play our full part, but we 
can go no further without a 
statement of concrete assistance 
from the Government as quickly 
as possible.” 

Sir Henry also hinted that he 
might be prepared to take part 
in establishing a permanent con- 
tingency fund or at least some 
kind of anticipatory strategy to 
deal with future natural 

“However, out firs: and imme- 
diate prority is to sort out the 
short-term problems which the 
blizzard bas left behind,” he said. 

The farmers’ union has esti- 
mated losses in the West Country 
at around £3m. Some 70,000 sbeep 
and lambs are believed to have 
died, and £500,000 worth of milk 
was poured away on farms cut 
off from the daily milk col- 
lection. Crop losses were put at 
£250.000, and the cost of repair- 
ing damaged buildings at another 

Other estimates are .slower 
coming in. For example, al- 
though it is more than a month 
since the snow affected Scotland, 
there have been no calculations 
of the cost. Farmers’ Union 
officials there are waiting for the 
end of lambing before commit- 
ting themselves. 

The British Wool Marketing 
Board, however, expects that the 

effects of the weather in Scot- 
land and the South West and 
Wales on flocks could cost far- 
mers almost £2m. in lost wool. 

The board heard that wool out-* 
put in the coming season could 
be reduced by as much as l.Sra. 
kilos, or more than 5 per cent. 
“ All the reports reaching us 
suggest this has been an even 
worse winter than 1963, and on 
that occasion wool production 
fell by 2m. kilos.” the board said. 

“Much will depend on condi- 
tions between now and shearing 
time. If the hard weather con- 
tinues and keep (feed) remains 
short, there could be further, 
heavy losses at lambing time and 
wool growth could be adversely 

Reacting to Sir Henry's state- 
ments. the Ministry of Agricul- 
ture-claimed that Mr. Silkin had 
put forward the idea of a disaster 
fund for the future. 

“The Minister welcomes the 
NFU's expressed intention to 
take the initiative in evolving 
schemes for self-help and also 
their willingness to participate 
to a long-term study for the 
future which he had suggested," 
the Ministry said. 

ffi Mr. Silkin has told the NFU 
to polish up ils public image. 
“ The impression the union gives 
is tbat it always wants and wants 
and is not prepared io give. Now 
tbat is not true of the ordinary 
farmers I meet." he said in an 
interview in Livestock Farming 
this month. 

The union gave the public the 
impression that it wanted always 
to take without giving in return. 

“ 1 think they really ought to 
do something about it.” he said. 



Farm proposals 

Philippines halts coconut oil expansion 


tons, slightly • larger than in , aa ine 01 mionnanon aoout -jmuw w*** *. 

1977 and includes a 5 per cent, wg* raalor cereal producers, the a meeting of Central American By Our Own Correspondent 
larger wheat crt>p of 405m. tons and China. coffee producers to survey ex- . t>hti«FT e March -r 

and 1 per cent rniffe’ coarse The organisation concluded portable coffee stocks, due to be BKU&acxh. Marco x- . 

grains, at 715m. tons. ' that the disappointing 1977 held in Ja’apa on March 3, has THE EEC Commission has 

The report predicts that cereal' harvest in the- USSR and the been postponed because not all approved proposals which will 
reserves at the start of crop smaller wheat crop- in' China, the producers have finished cal- mean increased subsidies on milk 
seasons beginning during 197S. probably led to withdrawals from cuJating their crops, the Mexican powder fed to animals, the sds- 
excluding ihe USSR and. China, stocks in these countries, at least Coffee Institute said. - pension of intervention buying 

might total 176m. tons, a sob- partly off-setting the 'stock in- No new date for the meeting of milk powder from October this 
stantial increase over the 160m. creases elsewhere. was given. year until March 1979 totroduc- 

tons on hand in 1977. Crop shortfalls and food In El Salvador, however, tion of general Community batter 

. . The report states: ” In the deficits in the Sahel zone of sources close to the Compania subsidy, expansion of the schools 
event that the 1978’hamsts fall Africa were more serious than' Salyadorena del Cafe said they milk programme, continuation of 
short of present expectations, expected earlier. Upper Volta, expected the meeting to be held the U.K. beef premium and allow 
the stocks of cereals carried over Mali, and Chad have been added in San Salvador next week, prob- the suspension of intervention 
from the -current season should- to the list .of gravely . affected ably on March 9., .. buying of beef when prices are 

be^-a^quate - to provide: mini-- SahcLcountrles. .. , . . Reuter . .thigh-- ■ 


«4CC MITT A I C • AmafcairalHl Mrtal Tridin* iitorvd «|w tower level and ihe price closed on 

uAjL . luti I ALo that la the - moraine cash wJrebaiytraded the Kerb at £6JT|. Turnover 1JM 

>h* 'liwbin «t £*1L U K three months £C8,57.S. 2T. tonnes. 


THE PHILIPPINES bas halted milling capacity. Firstly, some 
expansion of its coconut oil pro- of the mills are located in copra- 
cessing industry because of fears deficit areas, secondly, some 
that raw material supplies will other mills were :-et up without 
prove insufficient. registering with the Board of 

According to official estimates. Investments; and finally, several 
the 39 existing mills and the 25 registered mills expanded 
now in various stages of construe- capacity without informing the 
tion will have a combined Board. 

capacity of 3.7m. tonnes (in The overall result. cf the last 
copra terms) by 1980 coconut two factors is a distortion of the 
output falso in copra terms) is data picture on which the Board 
expected to have reached only bases its assessments of measured 
2.97m. tonnes by then however, capacity for the industry. 

This assumes that the crop will The projected demand-supply 
continue to increase by 6 per imbalance has raised the quies- 
cent. annually in the meantime, tion of what the Government 
-At toast three other factors will do about copra exports. 

. have led to he decision to freeze According to Mr. ■ Cesar 

" PRfCE' tHAli/GES 

March £10.17 and OJD: Apr 2- June £10.18 SYDNEY CREASY ftn order buyer, prices per tonne hbim niherwlsr 
and £7.81. - B ” isrtHs £28.97, £29.37 and seller, business, sales). Micron Contract: rtstwL 

£29.91 /or. ihe respective shipment periods. March 338.7. 339.0. 339.1-338.0. 34: May 

Yarn and clo.h «dcC bat prices steady. 344.0. 345.0, untraded: July 350 J. 350 J. 

330.3348.8 11; Oct- 333.8. 353 J. 354.0- " Mar. 1 +. oi Month 

DltRREP 333.2. 8: Dec. 358.4. 358.9. 339^-338.0. 38: I did — 

MANILA. March 1. 

Lanuza, governor of the Board, 
the Government is considering 
raising the copra export duly- 
from 6 to possibly 8 per cent., 
while at the same time retain- 
ing the export duty at 4 per 
•cent, for coconut oil and desic- 
cated coconut. 

The main idea is to make 
exports of unprocessed products 
more costly than those of pro- 
cessed ones. 

• There has already been a 
marked shift from unprocessed 
to processed exports. Last year, 
coconut oil exports brought in 
S424.7m. — more than two-thirds 
of the total earned "by the four 
main coconut-based exports. 

nue th-nnph. Tgto Ulted the P rice lg af,rr a which could be attributed to producer contract, valors ar the dose *w up- M cS?*A ^kUiToErer 

..II in active trodtaa ax Comer moved tradfaiiE. The East wis htehcr overnteht smlTOS rau5ed a narrowing nf the coo- changed to S3S higher after another day cenU * ““ ‘ Buyer 

•rv.iu Jy. In later trading there was a ton forward nhtal Lowton. alttr taM0 Forwar( | me1a i moved down from of beetle trading. marent. 

art mn. and Uw clwcon ihe Kerb wai Must fcCbacfc from ftWO aas , 0 SSS& before it was tnftoenced by i 

C7. Turnnvcr 2fl.44 tonMa. . . to £8430. « the news tf the copper rathacka. Jhls , omo ‘ * ot | Hu>ine» So. I -VewerdajV tVrrtna* PobSimk 

'• < K.m. "l-KoU ''unCllW ~ " | r "-.m. jf-rej f.m. |t +-.wr putted the price to C92 but it could not UUFFEjS . _ Done K.S.S. i iHnw e»n*f done . 

VP1-KII! oKt, I -j UtAto* -r Tis | OfUrto! I - _ mahuataUjh level and a«er sBppto^to je.T uno. I } 

i“ £ j fi’-j a - BtehOWto i V. l‘ i’ I * Maw™. . sun* .Jl64l.0.K45.0 +5675 lea-HlO April — 48.50-49. M I9U 49-50; - 

• i ! I .-__w .1 iHAin ix ,tn — 1 — . _ . - ijm, ,es ■ .no m... ' jfo ait-js tenLiaiti 

l pt*iM> I "■ ni * V' 1 " . ixm. . ity« 

WPrKK ; nnici*. — | UnnfUcia 1 I -i 

F o» I Humine» 
— [ Done 

So. 1 YewentayV Frertoa* 
; etn** dove ' 



Gold, silver 
ease; rally 
in copper 

j c j fi’l a £ HhrhOrtu 

2S?"| 611-sLbsI B1AB-B.. -S.TK-S nuamS^r 

•■>• .in h*.. 6*8 * t- 7. 7^1 »B 9 -3 riwttoui’*. 

wi.n.’ni 611.8 -ajj ~ ■ Standard 


nthodes _ •« _ 

i«»h 605-.S 

.nth*.. 1 615.5 — B 
•>ii ‘m'nt 605.8 ,-8 

' -1. • nil..- — -I 

HitrhOrxd* M . • ■ *' 4 ‘ i r 

Cih. j 6980-60 (- IS I 6Z5S 65 -50 

.5 nuotb-i 6108 68 ;-5Wi 6170*5 25 

6960 —15 ; - 

Standard ! „ ; ■ .. 

604^5 -» 
618-.5 —3 


LEAD Offirt* 

4- « 



+ » 

V | 




(tosh... 286.9-7 

188-.5 ; 


5 month*.. 289- 5 


2b 0 .5 | 


beft'.m*nt 1:87 
Jt.Y.Ntrt, - I 

— 6.5, 


1281.0 1293J -17 J- 129J 

. Morning: Cash £286. 87. three months 
\S&2* ^ »»■ «-3._Kerb: Thret SScaT^ uEm 

ccs (or Feb. 28 tL'_S. 

CakrmtilzB ■ UiU 
uaiMi; umvasbed 

closing on a duO note. Lewis and Peat X U 1 3 V 

reported that the Malaysian codown price Atamlnlom 86«) 16BO ? 

S'JaT iaKi> * “• MEAT/Vi;t; ETA BEES nSS^KBSilnBiSaj. 

• i 5HITHFIELD jjjpc, ^ JL- iSI SS Siif HI COPPCr 

No. 1 YesterdajV Prrrtna* PnrioeM Sconlsh killed sides 56.0 to 53.0. Ulster j months do. do..... £618.25—3.0 t'6cO-75 AT AT 

j etn*» ck»*tr ' dtwie . hindouariers 01J1 to 63.0. foreooaners Troy ox. J IB2.62& il<6.12> NEW YORK. March 1: 

! lo . Lnod Uxab ._. £288.25 —6.0 ball. 75 GOLD eased on scattered selling ahead 

. votl; Dutch hinds and ends H.0 to amontbe C29025-525 ji317.7b nf the results at the IMF auctjnn. Sliver 

April.— 48.5M9 M <8 M 49-50; — 100.0. JjickBJ - +1.75i — finished lower, rollmring gold. Bache 

118 8S48 ^ Ureb: English 50.0 to s.0. Free iUrket (efrt... 51.W reported. Coffee ended Irregularly in 

' U raJoJS Si hIiIt M 2450*0 medium 47.8 to 53.0. heavy 40.0 to 48.0; - 2Q8 1 |>«.85-.D5 nuiet trading. Cocoa closed higher as 

iris?’ 1 Sltoia'K 1 slftMW fiKSlis Scottish medium 47.0 to 53.0. heavy 40.0 PUtinom troy at.. £106 J I I outweighed 

j^'u W «-0- imported frozen: HZ PL new y , o-ade wiling. Copper rallied 90 polnu ro 

K’rcisin' season 45.0 to 40.0. PM new season 44J» Free Market. _kll7.7S— j.3 t'lll.6 fiws J? ne J r ““ritanged after heavy Cora- 

Z1H. £?5:5S S5SS5 IKSS - iiire ^ mg******* ^ 

Ost.De, ! 58.15 iB 2ff 48.7^6«^ol 50.29 Pork: English, under 100 lbs *7.0 to mlrer Troy cw Zp69j +0.©4 6 6p r i tirrh mjcmc. ■< 

' • 44 0. 100-120 lbs 37.0 to 120-160 lbs ^months. ( JtU. +0.551 60.5, JHL J 14 !'”’' 

- — — 36 0 to 42.0. rinlieb l£6.260 f-30.0,'t6 t61 Ju T J**-®®* Sept. 131.05, 

Ssles: IV <3571 Jots af IS tonnes. kflCAT rnMMi e„ QM Av . r ._. inwntba. ^172.5^20.^.6 135 “5”* .“*■*'• May JM - , A 

Physical dosing prices i tmyen.1 were: MEAT COMNIMWtt^AYerage^fatModt Woifnun4ZDih.»clf;8I39- < 6 1,155 59 _ 

1225-1 £02 Apc-Jn | 55.25-55.^ 55 7W8.80! S5.50-55J3 
Jlydep.: 5a.7J-5h.7H 37J6.57.4i: 1I.1VH50 

— Ost-Ue,! 58.15 5B 2 ff 48.7y4l(^lH 50.29 

tonnes. .1 ■ 

NEW YORK. March 1 j 

Cocoa— March 147.85 M45.03», May 
138.05 H354S0>. July 134.00. Sept. 131.05, 
Dec. 128 00. March 125.90, May 124.15, 
July 122.55. Sales: 1.JS2 Ints. 

G. .«■« UMU* *14*1 m ” Ooe Wontb Gold 183.7 ,o 18 « i.’g’JSt jgSS! ,S5f,,^*k-SS ,331 aWSST BSS Igg^gSf SSTSmSS? '££ 

!a ^ swio 0HS^_ Si s JBVSr “ “• ■ ?"L-* y.*=5T onvlnPAX mpai ' S SS S'™. ■SSrS-Sfii ® ^ 

ZlllC-Uala ct-nsed after a subdued Mwr SOYABEAN MEAL «-1.8». England and Walee-Cattle niOT- Otto i 123.51. July 122 J0-122.5L Sales: 470 Ints. 

day* trading. In the morning forward n,.,-! n,, -i « — -r n«c here up 0 8 per cenL. average 64.™lp txeonut tFh I) 600t +7.5 1*568.8 Copper— March 55.40 < 55.501. Anril S5.M 

y *' . .*”* ! ■ 1 >v metal. moved between £244 and £241 and to n sf Je^totS. Rem^r rowtned Sheep up 6$ per cent., average — teOl |t609 >31001. May 56.40. July 57.40. SepL 58.40. 

to the afternoon remained above £244. Tuesdays values at the ciose^ Snbn aiuSuteSlSe I **» — F “HV' “Vo« *25? Dec - 3B9 °- Jan - March 61.40, May 

/ * \ ctoriug on the Kerb at £244.5. Turnover jSrfcS , iTorder: bSvr. seSer. change. ^veroge OO.Sp c~l.8>. Srottari-Catr e F»lm Bfat^nn-.... HBb +19.oji501 K.40. July 63.40. SepL 01.40. Dec. 65.90, 

/ r mm r \ -675 tomes. basincss »-Apn! 193d0-19i25. -0 K. 197J0- stoploss tnmug-uhicb may have been SLS,' 9 Jan. 66.46. Sales: 3.WB Ints. 

World Commodity 

If your business interests demand 
regular information on any of the 
world’s commodities, just clip your 
business card to this advertisement and 
return it to the address below: we will 
send you; a sample copy. 

Send to: 

Subscriptions Dept ( WCR), 

Financial Times Ltd., Bracken House, 
10 Cannon Street, London EC4P 4BY. 

IV 0*1 p-m. 1+ CO 
I — Uunffina •— 

(V.h u. c, l qc 'mo c z »' OK rco - hs-wmi-w. ramaum; 

A » rli 137.00-FB 00. un traded. Sates: 5fi 

9,mantiu_ 243^4 -1.62 MS-.8 ; — -3 .ciilMErf 

195.09; June 1 75.35- 176.59. +LI3. li«J6- connected with rumours to Rio dc Janeiro 

178.25: Aug. 166.70- '.KN. -rtJ.42. 16750- that Caeca has slopoed accepting new 

108.90: Oct. 158.00- 159 55, 40.S8, 139.00- cccs snyahean oil export. xezlstratiaBS. 

138.20: Dec. 14S 00-149.25. +0.73. 149 00- — 

24S50: Feb. 142.00-I47JW. -3.89, nntradrd: |l»-ieni'»»| ^-u. I bu-niM 

NWtosa uuyuiK — uuir m 0.7 oer cenL. average 154-5P 

T B ^^. T ^ ara J 1 Pte 34 per cen^awnute Beads 

■“* yvw •*.-»* 1 4-j 7 1 Copra Philip 54-15! +2.5 , -387. 

yabean oil expon reglstranuns. p , ^ . Soyabean (17^3 > 1247- la a 327 

— MLC forecast rates of U.K. monetary ta.zi S£i. 

|t«iwi«>if <■ uu-mciia compensatory amounts for week from . 

1 Oom [ — Done March 6 (previous week's figures to Grains 

— — I — — f -'bracXets> — Freafc or chilled beef car- barley 1 j 

cases: 3L42p per kg. «2952». Greea Homs Future. E70.45 +0^ C73.5 

- ;107. SB 03-0 +2.50 107 .50-05. IB bacon sides: 1229.12 pec tonne (213.78). ..... 

'107.00 07J +3.85 J07.40-04.00 ______ P , BnpM Franco So.5 Am Cl OO 1 98 

.1107.90 08.6 +3.1D 108JU W.SQ COVEKT CARDEN fprlott to «erUng worn 

:ior.OO 07.7 + 1 J5 107.00 »*. ** * **» aratod^mpartad No . L tol 6 

^ .me kh D7.6 aa mo cami M produce. □ ranges — Spa 01 a. Navels j-SO- Nn« r.hUlZ 

Smontba_|243J14 1-1.62' 1L45..6 .—.5 

£menr..... *A2 j— A i — f 

- Pern. Wem j — | _„..i _ | ...... 

"Morning; Cash £241. three months C44. 
43-5. 43. Kerb: Three 'months- £243-3. 

ClOM [ — 

1 61) lots Of 17.230 kilns. — 

[ ti> 1 1 hi 1 u-, : 

pniraio April |107. JO 08 J) +2.50 107.50-05.18 

UKAU\3 June- '107.00 07.5 + 3.85 107.40-04.00 


C-5, 43. Kerb: Three 'months- £243 Jl London e-uTviu=s wria '- mo '-inr m B7 7 It as ia7 m 

Afterwino: Three mouths J244, 43. Kerb: cop wheat remained under pressure from ^touer^..... B7.7 + 1 J5 107.M 

Three months E«, 44.S. 

* <tota» yet uuuno r On nrevtous 
eonfflctei close, t SU per nlctd. 

otmncHi dose, t w per man. New crop wheal was v in a ally neideaed 

and closed steady 3KJ. higher cm a lack 
■ C|T 1/TD of keen sellers. Old crop barley refpalned* 

OIL. Y Eft . . steady with good physical offtake keeprna 

, values to dose steady 5-20 hidwr. New 
■ Silver was fixed L25p an ounce higber crop barley dosed -firm. 30-10 higher in 
for spot delivery m the London bulhon sympathy. Adi reported. 

mat* ei yesterday, at 256 9p. VS. wa 

emdvaledts of the fixing levels were: wheat BARLEY 

wot 500.7c. up 3.6c; three-month 508.9c. . „ „ 

us 3.9c; Six-month 5184c. up 4.1c; and 'I e ra Y«w«d«y i + u- 

C- month S39.1c. up 4c. The mrtal 11 ml 'i • clow ■ : 1 “ 

opened at 2So.3-»7.3p f4»509|cl and - ' ~~ “Tt: „ 

fsl " SXM3,J ’ iu ^ ll,el ' Sir Hm ^aS: n» 5tg 

\ ■ bct«. S2.45 +0^0 77.65 +0.*W 

SILV6H Uuiiion +- os LUJS. 4- or Nov. 85.00 + 0Jb 80.15 +0.35 

per lixing — ckew — Jm. j - 87.45 ^-0.28. 8 8.6 6 .+ D.3B 

(rnv Ot. jotclna Rnrinrcs Marrh fff Ai 

cop wneat remameo unuer pressure irom M produce: OranBCs-Spanla: Navels 3J0- n . 

stale toog hamdadOT rad eartygatejrf K raj 4 20. Bloods 3.00-3.40: Jaffa: 3.83-4.00: h m .-ai 

5 points were turned two los>es of 10- la -- !2|io is!n tajuv “ Cypres; Valencia Utes 3.60-3.80. Ovals hn-iMi Hh"n..|-.9A 

punts by the ptoie in thin coHdltunis. "Pn.'r:-- iuoju ia.u +»^i — approx. 16 kilos M/H's 2.60-2^0;- 20 kilns «w» »htpmeoL...|il.f 



Satoa: 133 (86; tots of J0D tonnes. 2.20-3.60: EeypUan: Baladl 130-2.40. ruuire ai«v -1627 +49.75 .1,4< 6.6 

Umons — Italian: 100 'ISO 3.003.20: toffee future i 

. _ Cyprus: 2.50-3.60: Spaniar 3 00-3 JO. “OY---- : 1.477.5 + 18.5 il.616 

SUGAR Crapefroh— Cyprus: 15 kilos 2.40-260, 30 Lotion -AT In lex... 57.85c l+ftl 85 85*. 

,, „ V .„ lrr . . kilos 2.60-3 60: Jaffa: 20 kilos 2JJ0-X70. LJ ABO ^37 

LONDON DAILY PRICE for raw sugar satcomas— Spama: 3.40-3 60. Apples— Kutoer kilo 47.5p ! +7 

£ULM .1106.0*1 attmne df for March- Kreadl: 40 as Cranny Smith Category l £ HXil 3520 41)1..““". jS2a-45 

April shipment, wmte sugar daily pro* 3,9^ go. Category II 4.50-S.OO. Golden Sugar iKawj: ... 1104 I — 2 0 .m 

l 123.51. July 122J0-122.5L Sales: 470 Ints. 

+7.5 4568.5 Copper— March 5S.40 i55.50>. April 55^0 

>66.001, May 56.40, July 57.40. SepL 58.40. 

”-"—*2®? Dec- 59.90, Jan. 60.40, March 61.40, May 

+ 19.01501 63.40, July 63.40, SepL 61.40, Dec. 65.B0, 

Jan. 66.40. Sales: 2. SOB Inis. 

Cotton— No. 2: March 55.40 i55.39l. May 
.uo* 1 Mia 56.»SGJ0 ( 56.981. July S7.90. Oci. 59 10- ■ 
+H , gZ'S M - M ' Dec. 59^5. March 60.65-60^8. May 
+ 8.2 t 327-7 61.08-6L40. July in. 40*3.08. Sales: 245.000 

■Gold— March 182.S0 ilS320i, April 

:■ 184.99 (184.40', May 185.30, Jnnc 1S6.70, 

+0J C73.5 Aug. 189 JO. Oct. 191.90, Dec. 194.00, Feb. 

197.40, April 200.40, June 203.40. Aug. 

1 98 206.40. On. 209.40, Dec. 212.14. Sales: 

&2D0 lots. 

j— OJB i84 tLard— Chicago loose 22.50 f22.HO>.* 

: New York prime steam 24.00 traded 

■ U9d.5* (unavailable V 

+ 50.5|t 1.567 LMafcte— March 226-225i '224>>. May ' 

94* i 1:94.5* 

1J9B 1 + 50.5)11.567 
1627 +49.75 .1,4(6. 


82^5 —0.15 

55,95 -0.10] 
B2.45 +0^0 
85.00 + 0* 

87.45 -0.20 

70 45 i+0 23 ease so that by lunritQme all pound Home Beauty 0.13. 

sa IIS:® z^S2L?^J2Z£S m S2JZ p-«Bi iliJ8S ujPr- I 

Hiroioent... 6i.t88 4 a0.C| 1 1.391 IMatte— March 226-225i '221!>. May 

rulure Afty *1627 +48.76 -1,4< 6.6 229j-S29i (22EJi. July 230i-230, SepL 227, 

Lotrw Future I Dec. a« , March 237i. 

SnjtaT" in ura. f Platinum— April 230.00-230.40 ( 230.301, 

. uf. 67>a5e l+O-l 68 65 • July 233.00-233.30 '2S4.30I. On. 237.00, Jan. 

„(7 ■ — — iSV •» 437 241^0-341.40. April 245.20-245.40, July 

"to; ,?Zl s P - + 7 249 *0-349.40. Sales: 2.222 tots. 

*X104 T "STS’ r“ Wltow— March 493 50 - 495.80), April 

a M*>'gi7o " v;?? | Z '° ‘A 1 , 1 i 96 - 60 “W SM-a®. July 507.70. 

* ,lu SepL 515.10. Dec. 526.70. Jan. 539.50. 

aat. I Unowned, a Setter's aiMta March 538JD, May 540.10, July 354.00, 

Cents a pound, e LmEJ! Sent. 561.90, Dec. 373.50, Jan. 377 JO. 

a April. < XetL-Marcit r Mansi Sales: -11,200 tots. Bandy and Harman 

Delirious ft.**- ■J'Wx-AprtL ® March, g AariF I sp °t *3.30 (4WJ»i 

80.15 +0.35 toglou: Golden EJellrioos 7J0: Eastern 

88.66 ^81 s £E SSTSSts^Sitt Sf.SL. V 2 *JSF* 2 £- INDICES - 

— Jvn. 87.45 ^-0.20 82.65 .+ 0.30 *iih «n7,L, )Limr Slates: i.aO-8-OO: Hunaarun: Kea 

— - - same. 200 pamis wiinfinal prices beliw Delldoux 7.00: Danish: Spartans 0.10- 

Bttsincvs danff-Wbst: March S.45- ihe days hmiw. C, Cranjlkow reported. 0 J2 Pear^-ltnlta B : Per pound Paisa- 

■ D 4 74 • ijlntf 1 A.nQO niu*intai 4 — T ; — ... • ... #1 

j - j 1*7™* 82J5. May 5L10-S3 JO. SepL uaquaud. 

«V* I OKU a- Lb «' 25 fi tSn L 045 N,n '- Jj1L Sales: 33 

l*** Ssf S'S fin X P ri'ac tots. Barley: March 78 jff-TfflJS. May 

1 moQthxJ 26L4p 40-55. 260. 6,1 —0.45 7^1 5©-ra 40. St-PL 77 .65-77.00. Vov. S3’D- 

s iiH«niha..| 266.7p 40.4 

| 80-00. Jan. unosoted. Sain: 65 lots. 

•Zmonllw.' Z78r i+0-6 ! ~ IMPORTED— Wheat: CWR5 No. 1, 13i 

lVvt. iTeaTnlayV 


bus! Dew 

Cr-mm., Close 
lonn. [ 

1 1- 



LME-rTnrom-cr 144 (1201 l«s of 10.000 per crol . Slaroh £85 jO Tilbury. UA 9 raii» tn.iv ifrnv m m 

J7S ZK .' ^ l Si?d, H ST S'-Sif SSSS “ ’ SlSfUSiSS i": 

id .wwogTSU ua — n„ i.Iiso ,j 1,. 

eraxsane 0.12-0.13: S African: Williams 
less Ban Chrelicn 6. 00. Beam Hardy 5.50- 
te 5S0. Plans— S African: Gaviolan 035- 
0JS. Red Ace 0J1-9J5. Kelsey 0.40. 

Grapes— Californian: Red Emperor per 

pound 0.36. Bananas— Jamaican; Per 
._ „ pound 0.13. Tomilocs— Per 6 kflos. 
J® " Canary: l.TWJn: Moroccan: 160. Moltm 
™ —Chilean: Green 8.0i. white '600; S 
to”; African: 5.00: Colombian: 5.00. Cncnm- 

1974/5 1978 / 9 ? 

If ibe 4/S yt*r economic cycle repeats itself* Wltcb for: 

Ot Industrial Metal prices— 

Greater instability in World currency panties— 

Continuing demand for Precious Metals and Diamonds. 



."S*r- 1 1 re-. -El .Hum u iu|iai 

227.05 1284.86 | 226.51 | 2S5.g7 
(Bass: *ul> 1, is»-ioo7 " 


COCOA Yellow April MS.OO. South African While 

untwoted. Xcara Grade Three April S!2B 
In spile of a (htgglsh opening- renewed r °k _ . . , 

Sales: 2.769 <3 jS 7> lots of 50 looms. rams— Kenya: Per ponnd q.30: Canary: 

Tate and Lyle cx -refinery price for ®-^®" Ethiopian: 0.30. Poactas— S African: 
granulated basis white smear was OHM ai-'Srt UHA Crap«-i; African: Ben 

eh^burtfli prices sharpS 1 higher ~ ZmTS toS «« Hannah 5 68. W Me BJO. 

to. cteo on thfi dwY toghs. GUI and £75-0. Fred ^ , an.i tor export. Walth am croM fcfi0 : . Wraj pg*- 

Daffus rcporled. 

g Jitghs, GUI and HOTga fiB-D. Fred ( n71i fur export. Waltham Cress 6A0. Onlew-Spanish: 

^$*2" «— ■- r iBtcrpallanal Saw Agreement — ludica- 2^0: Dnteh: L30S Polish: 1.39-1 JO. Stiw- 

,T+Tj, Thi-lnSr tor prices .CA cents per pound, fob and Uil i U ftpwjjE. A ««« “ J* r 

isi .'fioobridfit Hoad. B*AOfORD. 

W. Variator* BDI 21**- 
Tri; 4«2?4» 24477 T^+w: 5U70 

19 St. LONDON. 


Tel: 101 )-623 5701 Telex: 8933M 

No.bCnirY. | 

Mwh. 1710.0-15.0 1 11.25 1715.0-1E55 

Uwy :...:162B.O-».0 +49.75 1080.0- 1557 

luiy. ,1087.0-92.0 +44.9 1900.0-1535 

Wax -1670.8-724 +44.50 1573.0-1 506 

1640.^42.0 1+57.50 1542.0-1486 

Hared. ' :+5S.» UM.0-1465 

™.B. t.«5. LtS, L4SJ. Barity— 85 37, 

Me* 1 . ■..jMO j.B-aflJi -++0-50 14S5JM440 ml. nil, 070 inmei. Oux— S.26, nil. 

Sales' 4 322 (6 655i lots of 10 tonnes. ®*L 40 t^JU. ml, nil, a!!i. Main (ether LONDC 
' Ua» hyto-a far xeedtopJ-SO.6!. 6 49 049. reported, 

inioraailwal Coch flrajnlsaiiM tU£. 9 49. 01-J. asst. . Mfllet- 

coni* per pound 1— Daily price Feb. » S3 13. mL «JL ed re" I*, fill. ttfl. nffi. — 

I3L43 >1^731. Inmcmor pnew March 1: Craia retshmA-C 65. ftjh te’- ml '87 74. 

a JS5 B ,Jb , iE 41— -M7- --Oay ail. ^ ca,. Atoo for Sow. Wheal or 

average l2sff« <12S.01l. mixed wheat and ryo— L4LV7 *,1+0-84). 

Rye— 123JB 1 12132). 

Tl/Am PT1TTTW CC —Per * “» OffaiJO. SWNS-Per bag, 

tTUI/L rH Lft LJ Yorkshire 0-B6. Devon 050. Apples— 

LOMD0M— Dull and feauirekss. Per pound. Cox’s ' 0.13-0 23. Bramlcyg 

IfiBO.O 1 1384^ | 1892,8 I 16 85.1 
(Base: fieptmnbei u. iS3l =£iaoi 


~ Dow uar. I aluuUij lait 

Jonw 1 | a »?. ) 1*' 

Spot .... 552. 35^60. AS 547.56425.12 
Piitura 551.30t53Q.7B 550.651412.99 
(Avaraxn 192«&-M^lli0) 


•nto Itoit 1 ' i891.0 laBB.7i 902.7 949.G 
(Dwvmher ii. iua|=ioe) 


(Pence per kik) 

Au-inM Te*ivn»jl+; *+l 

ireen W.m CHae j — J 

Soyabeans— March HUJ-M5 i.sSO]}, May 
614-012 t699£J, July 017-616. Aug. 6101, 
Sept. HM-G03, Nov. sSSHSa, Jan. EV2, 
March 61D. 

£ Soyabean Meal— March 15530-155.19 - 
1 14820*. May 159.30-159.50 ( 154.10 1. July 
162.60-163.30, Aug. 163.20. Sept. 182.00. Oct. 
180.50, Dec. 161.50, Jan. IGLOO. March 

Soyabean Oil— March 23.65-23.60 (22.351, 
May 23.13-23.13 bid <22 13i, July 32 93. 
Aug. 22.63-22.75, Sept- 22.23, Oci. . 21.65. 
Dec- 21-45, Jan. 21.35, March 21.40-21-30. 

Sugar— Nn. 11: May 6.52-8.83 ig.TSi. 
July 9.08-9.69 003). SepL, On. 
9.45-9.0. Jan. 9.70-9.30. March 10.14, May 
10.31-10.35, July I0.48-20.j0, Sales: 2.850' 

Tin— 553 .DO-gBO.OB asked (unavailable'). 

•'Whuat— March 2591-259 <253 1. May 
2S5i-265j i260il. July 2674-2671, SepL 2711, 
Dec. 2771. March 28U. 

WINNIPEG. March 1. ft Rye— May 
IBS. 40 bid 1107-90). July lOBJO asked 
(164.40), OcL 105.40. Nov. 106.00. 

ttOats— May 75.88 bid <76.705, July 
73.80 bul (73 -90 1, OCL 72.30 asked. 

ttBnrlcy— -May 78.40 (Tfi^Oi. July 77 JO 
asked i77J0p. Oci. TTifi asRed. 

SfFImueed— May 220.00 )216,60], July 
222.00 bid 1 210.60>, Oct. ±5,80 asked, Nov, 
226J30, Dee. 224.50. 

TTWhoat — SCWR5 ILS per CenL protein 
conical df St. Lawrence 150.61 H49J3S). 

All cents per pound ox-warehotK* 
unless oihenmse stated. * Ss per troy 
ounces— 100 ounce lots, t Chicago loose 

£ BULL OR MAR HAKNBl tonw f average IIS-34 <126.011. mixed wheat and ryn— I4LV7 1 . 

" *e* cm wak* m Rw-iaja tauci. M , rA bfl.a-za.o j zjt 

- ihsm why unvatan «f 31 diffaran* enunaw* rrtTTftlV \i,,- bM.ft-ts.a 

10 Ml wertlf tomwodmvs. y*ww L JUTE Jury (sf BJJ-ffl.O >1 JD 

k Ottar man coaid bt to* *■** ^ ***'“^ * _j!S § COTTDH. Llvcrpsof— Spot and shipment 2: ^ * f- j uiorwr BSM-dfiJ \ . — ; 

V Jtttiu inteatnn a* the lp«OW if ft sales ammuned to 51 tonnes, brnudus total DUNDEE JDTI— FJrm. Prices c and t> s -emt«f-.‘E4l.0 44.o ■ : 

, wu « tta reatoM why nor r tar the wrek sa far m 692 tonnes. Deal- f. Mar^-Aprfl atam kbL BWC y iryi '247.tMB.ff U OS 

i w-w w and OW •!«« . . M Ucripth». £? It? 1 loss were again small willi .only «am« £K. RS 1=88. BTC C35. STD U « _. IZ.?* 7.0-49.0 +0fia' 

cJert f«a« shMf* ft»e. £5 ; ♦!*«.’ \ miTO ** £ transaetioas. There was ft«dea *upp«t SSS&. Caleoua putt xteady. Qt»»Mas ,.,, v _ .. . 2«7.0 «3J +0.50 
A ** T ^ tei CHART AHALT« UH«® f &f«cin and Middle Eastern growth* c. and f. UK. far ready ttusentt i»«. ~ -- . J . — 

* 294-SsO Tlltr . P. V. TattmaU reports. awnch £1023. Ttaz. £J SO per M0 yards Sales:- > <0> tore of L50B kilos. 

V u 1 lun JUTE Jury tefBU-a.o ;+i.ib 

COTTON. Lhr«rpeo£*-Snof and ttlpment ^ _ Uddber < i 

sales ammoncd to 51 lonnt-s, brimdus total DUNDEE JUTE— Firm. Prices c and Us-emU* -.‘241.044.0 • 

tar the wrek sa far i« 632 tonnes. Deal- f. ILK. for Maroh-AmU afonenl: BWC ■j.—h '247 .0-40.0 '+0BI 

i ,n w-«h mnM r+r RU-n r«s. Tmh- rw pk are .. ::2-rr 

St+r.-h 1228.0-28.0 ' I ZZ7.0 

SUf W4.O-56.0 -0^0 — 

July _...HfBJJ-50,O '+1.00 — 

outer KJ6JM2.9 : — 

0.11-0 IS. Spartans 0.12. Edward Vll 014. ' * unless oihcrense staled. • sg per troy 

Pears— Per ponnd. Conference fi.12-0.16. . ounces— IN ounce lots, t Chicago lonso 

cornice ni*.0 22. sprouts— Per pound 0 05- If Ss per lua lbs— Dew. of Ag. pnees K- 

OOfi. Paraafps— Per 2« lbs OffO-l.N. good, demand vtotts day. Prime Steam f oJj. ry hjit 

TbpiUpk— P er » lbs 0.70-11 M. Rhubarb— j prices ^at thip a_ade unprocessed tank cars. : Cents per 36 lb busbd ex- 

Per ponnd 0 22. Cucumbers— Per tray Sfto r 0°d E3.50-E4.2o, codltncs ware bo use. 5.030 bnsbel Ints. * j s w-- 

12 -2TS 2.50-3 JO. Kusfarooms— per ponnd £i .so-o to. troy ounce for 30 ounce units of 939 Be* 

0 40-0. 43. SSLWSfS a -°- cenL parity delivered NY. Ber 

small C.40-C.70: troy ounce cx-n-arebmisc- !! New - B ** 
T/rrm ni r? nn C ram^caiihS^ve 18,86 £B ' a0 ' n,edl,l,D cool raci in Ss a shon nm for bulk loti 

VEGETABLE OILS . aM - . Of .IM dion tons delivered f.ob car* 

, HIDES— L * eds - Weaker with very poor ■•Cents’ pities bnshel ^ ’store' 
SISAL April 2*7^031100, May 390.00- clearance. Ox 21-351 kilos -40p per kiln, re Cents per 24 lb bushel n Temf nai 
3B JO. June n7.0M85.W Jolr 275.M- 2fcMJ kilos withdrawn 518^22-3? tdm, 4S lb bushel cx-warebmso. r 2S« w? 
30 00. Ang.. SepL, OcL, Nov. 2B3.00-Z72.60. irithdrawn 60p. Ll^bt cows wlthdrami 36 lb bushel ex- warehouse, l.ooui bushel 
Sales: NIL • Ep per kilo. Rn e*lf Offered. loti. "SC m-r Innn,. ” ’ ” 


Ep per kilo. Nn calf offered. 

"SC per tonne. 


Financial Times Thursday March e 1975 


Equities regain early falls and close 

Index 0.4 harder at 443.8— Gold shares up- 

on mixed note 

Gilts steady 

Account Dealing Dates 

“First Declare- Last Account 
Dealings Hons Dealings Day 
Feb. 13 Feb. 23 Feb. 24 Mar. 7 
Feb. 27 Mar. 9 Mar. 10 Mar, 21 
Mar. 13 Mar. 30 Mar. 31 Apr. 11 

* “ Now time " ricantms may take place 
From 1J0 ajn. two business dan earlier. 

News of the NIESR pessimism 
about the prospect of sustained 
U.K. industrial recovery and the 
overnight warning from the Chan- 
cellor about the threat facing the 
world economy gave equity store- 
markets little chance to extend 
the previous day's technical rally. 

•p'n tinH^r-nnc was mute iir*i. 
however, despite the nervous back, 
ground proviued oy another day 
or weakness fur the U.S. dolla.- 
The market predictably opened 
cautiously lower, but little sisn 
emerged of any sizeable selling 
and prices gradually cdoed higher 
throughout the day. Down 3.4 
at 10 ii.m.. Ihe FT Industrial Ordi- 
nary' share index had recovered to 
show a net gain of 0.2 at noon and 
virtually held to close 0.4 up on 
balance at 443.8. 

Gill -edged, too. were steady to 
firm despite a broker's sell advice, 
and the -Government Securities 
index hardened Oil further to 
74 52 with the market looking for 
a fairly sizeable olT-take of the 
new short lap stock al to-day's 

Leading shares generally ended 
narrowly mixed with EMI improv- 
ing 3 to l«p ahead of to-day's 
interim statement. Turner and 
Xewall. reporting results to-Hny. 
shed S to !R 2 p. partly reflecting 
«nme talk nf a rights issue, hut 
a spokesman fnr the company 
lns« night denied the rumour. 

The mixed overall tone was 
deoicied in the 7-to-4 faNs-fo-rises 
ratio in all FT-q tinted Industrials 
and bv minor falls in the FT- 
Arniaries three main indiees. The 
engineering vectors held reason- 
ably steady in the lace nf the 
threatened strike hy engineering 
workers, but the oil content of the 
Xewsnaner sub-section. down 3* 
per cent, at 2K4.01. continued to 
reflect rerenf bearish talk of the of the North Sea despite 
yesterday's Ministerial denial of 
the reports. 

Wall Street influences amtin 
deni-ossed BP. down 6 at 720n. 
after a 1977-78 low of 71 Gp. while 
the dnllar's enntinued fall was 
partly responsible for a further 
rise in South African Gold shares: 
the Gold Mines index put on 32 
to ]R2 1 . its highest since mid- 
Oct nhcr. 

A lower level nf trade was illus- 
trated by offi'-ial markings of 
4.2*4 as against Tuesday's 4,793 
and the week-ago 0.227. 

Gilts quietly firm 

Further criticism of the 
authorities' handling of money 
supply and predictions that it 
might grow by 16 per cent, in 
J9iS-79 failed fo undermine senti- 
ment in Gilt-edged, although 
business was described as slow 
and. therefore, disappointing. 
However, the feeling persisted 

that to-day’s applications for the 
new short tap Exchequer 8} per 
cent. 1983 could be considerable 
and funds may have been 
reserved with this in mind. 
Medium and longer maturities 
began a shade harder 'and 
often improved a little more 
before insignificant fluctuations 
developed which culminated with 
high-coupon quotations closing 4 
higher on balance. Shorter issues 
were narrowly mixed at tbe 
opening but they. too,. , edged 
firmer, although only by V,, until 
lurning hesitant in keeping with 
the longs after the official close 
of business. Corporations were 
unable to decide cm a set direc- 
tion and displayed isolated 
changes either way. while 
Southern Rhodesian bonds 
behaved similarly In an extremely 
small trade. 

Much of a good two-way trade 
in investment currency was com- 
pleied in the morning dealings at 
r.-it»»s verv close to the overnight 
level. Subseauently a firmer 
tone developed, reflecting the 
In icr easiness in sterling, hut the 
premium eventually slipped from 
RS per cenl. mving to scattered 
arbitrage offerings In thin trading 
fn end 1 lower on the day pi 
87 S ner cent. Yesterday's SR 
coprerxinn factor was 0.713S 

G.A. on target 

Sharply higher prelim-in a rv 

profits which were in line with 
market expectations failed to 
inspire. General Accident which 
eai-pri 4o 206*1 before closing 
unaltered at 20Sp. n-ewhere. 
Royals “oftened 2 to 310o in front 
of to-day's annua! figures and 
Phoenix were a ^m^tr amount 
lower at 23Rp. Lloyd’s Brokers 
turned easier after the previous 
day's sharp advance which fol- 
lowed excellent results Trom 
Sedgwick Forbes: the latter at 
346o. held on to Tuesday's rise of 
20 but C..E. Heath declined n to 
2tKp and Willis Faber cheapened 
3 to 27Cp. 

Trade remained extremely thin 
in Banks, but the major Hearers 
closed firmer for choice. Midland 
added 4 at 336p and Lloyds edged 
forward a - penny to 34Rp. Dis- 
counts were dud with Sec-*ombc 
Marshal! and.Cnmpinn 13 off at 
200p and Jesse 1 Toynbee a lower 
at Gap. Moorgatc Mercantile 
firmed a penny to lOp hut I/ondon 
Scottish Finance lost 3 to 30p in 
mixed Hire Purchases. 

Davenports continued to figure 
prominently -in Breweries, rising 
7 in acl'lve trading to 103p for a 
two-day gain of 13 on continuing 
bid soeculatlon. Otherwise there 
was little change despite reports 
That beer production has 
improved. Bass Charringtnn held 
at 140p, while Allied, 80o. and 
A. Guinness, 157p. both dosed a 
penny hrmier. Elsewhere. Amal- 
gamated Distilled Products moved 
up 2 to 32p. 

Buildings displayed no set 
trend after a thin trade. Buyers 
came for British Dredging which 

rose 4 to 30p and improvements 
of 2 were seen in Belt Bros*, G7p, 
French Kler, 32p and Abertbaw 
Cement. 142p. AP Cement edged 
forward a penny to 230p, but 
F. J. C. Lilley came on offer at 
69p. down 5. Yibroplant shed 4 
to 16Qp in a narrow market and 
George Wimpey eased 2 to 63 p. 

ICI recovered .from a hesitant 
start to close 3- better at 33p, 
after 32Sp. Elsewhere in Chemi- 
cals. WQliams Random gave up 8 

at IGOp. 

Knott Mill up 

Secondary Issues provided the 
main movements in Stores. A 
flicker of speculative buying in a 
thin market took Knott Mill up 
2 to 20p, after 2lp. and. recover- 
ing from recent easiness. Home 
Charm and Currys both firmed 4 
to 104p and 165p respectively. 
Forminster rose 3 to lOSp but 

Aurora Holdings, S2p, Duport 
63p, and ML Holdings, 95p. all 

2 dearer. On the Other hand, 
scattered offerings left Staveley 
4 lower at 220p and Stone Platt 

3 cheaper at 101p. Among smaller- 
priced issues, falls of 2 were 
sustained by- Howard Machinery, 
80p, and Associated Tooling, 25p. 

Foods were not really tested. 
Associated Biscuit,: at Tip, gave 
up 3 of the previous day’s rise of 

4 which followed news of a 
German acquisition. Cullen's 
Stores were on offer, the Ordinary 
and “A" losing 2 apiece to 82p 
and 80p 'respectively. Awaiting 
the outcome of current talks on 
the Price Commission's demand 
for" cuts in the. retail price of tea, 
J. Lyons eased.? penny to 90p. Tn 
Supermarkets, William Morrison 
moved up 3 to ITSp. 

Hotels and. Caterers had con- 
trasting movement? in Prince of 








Van Iona were unaltered at ll?p; 
the latter's preliminary results are 
due to-day. Small losses were 
commonplace among the leaders 
with Burton A. lOflp, and Gussies 
A 25Sp down 2 apiece. 

Although still sensitive awaiting 
to-day's tnterim results, EMI 
picked up 3 to I64p. Elsewhere 
in Electrical leaders, Plessey 
hardened 2 to 92p helped by 
news of the Libyan contract while 
GEC closed without alteration at 
243p, after 243p. Sporadic selling 
left Mulrhead S cheaper at 159p 
and Allied Insulators eased a 
penny to 5Sp following the chair- 
man's cautious annual statement 

Easier at the opening, the 
Engineering majors picked up 
and final quotations were only 
a shade easier on balance. Else- 
where, Metal rax hardened a penny 
more to Mp on tin good annual 
results and proposed one-ror-ten 
scrip issue, while Blakey's Malle- 
able Castings improved 2 to 46p 
In response to the profits 'and 
dividend forecast contained in the 
document rejecting the Centreway 
Securities cash offer. Westland 
were favoured and pat on 3} to 
46}p, while Coraercrort also 
attracted buyers at 49p, up 4. 
Other bright spots included 

Wales, 5 higher at 113p. and 
Wheeler's Restaurants, 15 cheaper 
at 260 p. Mount Charlotte In vest- 
meats, at 18ip, gave up the 
previous day’s rise of a penny 
which followed the preliminary 
figures. Trust Houses Forte 
remained at 167p; tbe company's 
wholly-owned UJS. subsidiary, 
Knott Hotels, is buying Colony 
Foods Inc. 

Turner and Newall weak 

Turner and Newall succumbed 
to nervous offerings in front of 
to-day's preliminary figures and 
fell 8 to 182p. Other miscellaneous 
industrial leaders generally 
moved a shade higher in thin 
trading but Unilever at 484p. 
recorded an above-average rise of 
6: the annual results are due next 
Tuesday. Bowater hardened 2 to 
172p as did Beecham. to fllSp. 
Elsewhere, Pauls and Whites met 
with revived speculative demand 
and added 4 at lllp, and MY Dart 
were marked ■ up 2 to 59p in 
response to an investment recom- 
mendation. Erode rallied 4 at 
.72 p and Smiths Industries gained 
5 to 145p. Diploma Investments, 
hardened a penny to 134 p follow- 
ing the higher interim profits but 
Newey Group lost S ' to 50p ahead 

of the annual results, due next 
Thursday. Consideration of the 
lower profits forecast from Sea pa, 
which accompanied its bid terms 
for Bury and Masco, brought 
about a further fail of 4i to 90p 
in the former, while tbe latter 
at 92 p. lost 5 of the previous day's 
rise of 17. De La Rue shed 5 to 
23Qp and HecrVer “A" relinquished 
3- to 3I7p. I CL cheapened 2 to 
220 d' despite news or the big 
order from the Automobile 

Among Motors and Distributors. 
WflmoGBreeden were briskly 
traded and closed 3 better at 59a. 
Lucas Industries were finally- 2 
firmer at 247p. after 242 Id. while 
Supra. 87n. and Dunlop, S2p. nut 
on a penny apiece. Kwik-Pit 
continued to attract speculative 
interest and rose a penny to 584 n 
for a two-day gain of A W. J. 
Reynolds closed a shade harder 
at 27o. Helped by caH-option 
business, and Lex Service slightly 
dearer at 65p: the latter's preli- 
mfnarv figures dre exnected next 
Thursday. Aunieyard. at 77o. 
held the previous day's rise of 5 
which followed- the profit and- 
■dividend forecasts. 

■ A dull market since week-end 
comment downgrading potential 
North Sea off. revenue, Thomson 
became further aggravated t»v 
publicity given to a current chan. 
" sell " recommendation and f ell 
to 1fl7p, before dosing U lower 
at 170p. for a three-day fall of 20. 
Associated Nrwroaners. 2 cheaper 
at 132o and DaOy MaB A. 3 down 
at 270u. gave ground in RvmoathF. 
Elsewhere, Ollrra Patter Mills were 
unaltered at 2Bp foDowing - die 

Activity generally was at a low 
ebb In the Properties. Kellway 
issues, however, were outstand- 
ing. the Ordinary closing 6 higher 
at 55p. after 56p, and tbe Capital 
shares 5 dearer at 54p following 
a revival of speculative hid -hopes. 
Property, t fa v estmeit and Finance, 
up a penny more at I05p, con- 
tinued to reflect tbe prospect of a 
bid following the acquisition by 
Castlemere Holdings ol British 
Land's ;18B per cent shareholding 
in PIF. Unified Real were firm at 
252p. op 5, along with Mid hurst 
Whites, 1 j dearer at ' 34p. but 
Regional issues . encountered 
profit-taking after the previous 
day’s' rise on news that Friends 
Provident bad agreed to buy a 
29 J per cent stake in the com- 
pany; the Ordinary reacted 2 to 
85p and the “A" a similar amount 
to -68p. • 

BP above worst 

British Petroleum remained un- 
settled following the previous 
day’s late reaction In sympathy 
with a setback m Sohio on Wall 
Street which was attributed to a 
broker's bearish circular. How- 
ever. after reacting afresh in 
anticipation of further U.S. 
selling, BP rallied when this 
failed to materialise in early Wall 
Street dealings and at the dose 
were' 6 cheaper on balance at 
720p, after 716p- Elsewhere in 

Otis, Shell drifted back on 
scattered offerings and finished 5 
down at the day’s lowest of 489p; 
the annual results are due to-day 
week. North Sea issues were sttD 
out of favour, but the selling was 
only light Siebens (UJRL). gave. 
up 6 more at 236p, ’ while La&mo 
eased 3 further to 135p and the 

“ OPS " 4 to 294p. CCP North Sea 
lost 25 to B25p and CharterhaO 1$ 
to 21p, but Burmab dosed only a 
penny lower at 45p, after 43p.- - 

Investment Trusts were' gener- 
ally better where changed. Scot- 
tish Cities A rose 3 to 157p,. while 
Japanese Issues bad Jardlne 11 
harder at 106JrP and Crescent' 5 
higher at I22p. Among capital 
Issues, Ambrose. Investment; 
hardened 2 to 49p and AJtifund 
S to 132p. Financials, - however, 
had dull spots in - A. ' Kitchen 
Taylor. 4 qff af 'Sfip, and Fashion 
and General InvcstmenL 3 easaer 
at 310p, both following small sell- 
ing in thin markets. t 

Shippings remained unusually' 
quiet. P & 0 Deferred closed 
without alteration at 90p, after 
95p, while Lofs hardened 1J to 
33p and Hunting: Gibson 5 fp lSOp. 

Textiles had an ensier bias. 

South African Industrials 
moved higher with - Anglo- 
American- closing 10 better.. at 
470 p and -OK Bazaars 15 higher 
at 320p. 

Golds move ahead 

South African Golds moved 
ahead to their highest levels since 
the October 19 security damp- 
down in South Africa with the 
Gold Mines index 3.2 better at 
162.1. ' .1 

The improvement in share price 
reflected the strength of - the 
securities Rand, pressure on the 
U.S, dollar and the steadiness .of 
the buHion price, which dosed, un- 
changed on balance, at U82.625 
per ounce in . front of the -out- 
come of the latest International 
Monetary Fund gold auction. 

Shares opened firmer as recent 
Cape selling dried up and , that 
centre became an overall buyer. 

Subsequent buying of Golds 
was from London sources and 
with no U.S. selling evident' tn the 
afternoon prices hardened fur- 
ther to dose at tbe day’s best. 

Gains in the heavyweights 
ranged to a half-point as in Rand- 
fonteln. £343 and Western Hold- 
ings, £173, while Free State 
Geduld put on a similar amount 
at a 1977/78 high of £153. 

Medium-priced issues showed 
improvements of up to 13 as in 
Blyvoor, 333o and East Drlefon- 
tetn, 683p. -WTnkelhaak rose 9 to 
a 1977/78 high of 701p. Modest 
profit-taking affected one or two 
marginal stocks, however, with 
West Rand Consolidated 3 off at 
145p and Wit. Nigel 2 easier at 
56p. . _ 

Cape support also lifted prices 
of Sotatb African Financials. 
“ Am go Id ". £163 and General 
Minin g, £153 were between 3 and 
3 firmer while Gold Fields of 
South Africa hardened 3 to a 
























Indastnai Orrtfnary.— 






timid W IML. 



. 189.3, 











. 18.03 



17 A3 



P/B Ratio 

• 7,78 

: -7.78 












Equity nm»«ar £w„. 



70. lit 




Equity tetoJ^ 





12.574 12,6441 

-2 D.m.. 44S.E. 3 P.UL 4434. 
Latest Index 0.-316 8026. 

• Baaed on. 9£ 'Per cent corporation tax. 
■ Basis 1M Govt Sees. 15/1 B/TS. Fixed im. IKS. 
wimw u/S/55- SE Activity July-Dee. 1942. 

highs and lows 

t NU=7.W. 
lad. OtiL 1/7/35. 

S.E. ACT1V! 


[■ 1 1977/78 m ] 

High i 


1 Joft. aeca^.i 





Fixed lor,... 









GiMrt Mine - '. 

rlK- 10) 



Mlnro Compllatinn 

- High I Im 







49.18 ' 









— D*l»> 

Uilt-M/lROt ... 

109. S 







. fc 




7- lav Av'nge 



In-lu'lrts'- „. 





T un 



1977/78 high of £123. “Am coal” 
advanced 20 to 455p. 

London-registered Financials on 
the other hand were quietly 
mixed. Gold Fields put on 2 to 
190p but Rlo-Tinto-Zinc slipped 2 
mofeto a 1977/78 low of 167p Tn 
Rhodesians,. Falcon Mines Im- 
proved 6 to 1 1977/78 high of 

206 p. 

Among generally dey 
Australians, Uranium issue 
notably weak. Pancont 
dropped 75p .to 825p and' 
Wallsend 12 to 442p. The 
half-year profits and halv- 
terim dividend prompted a 
in Western Mining to a 2 
low of S4p. 


First Last Last For 

Deal- Deal- Declare- Set tie- 

in gs tngs tioa ment 

Feb. 21 Mar. 6 May 25 Jun. 7 
Mar. 7 Mar. 20 Jus. 8 Jun. 2J 
Mar. 21 Apr. 10 Jun. 22 July 5 
For rote indications see end of 
Share Information Service 
Money was given for the call 
of Furness Withy, Brtttania 
Arrow. Grand Metropolitan and 
Warrants. Marks and Spencer, 
Aaxonson Brothers, Kloof Gold, 
OFrex, Eagle Star Insurance, Pan- 

continental, Fitch 
Loraine Gold, Ladhrokc 
Warrants. W. J. Reynolds, I . 
Land, Ultramar, Reed 
national. Premier Consol 
Oil, Nurd In and PeacocI 
Alliance and London Inst 
Selin court, Weir Group anc 1 
Dev elop ments. Puts were 
in MEPC and Rowntree K 
tosh, while doubles were ar. 
in English Property. Tow 
Cfty Properties, P. air 
Deferred. S. Leboff fFobeU 
Group and bad broke Warr 


The to Howl no HcurlUn oooted In Hie 
Share Information Service yesterday 
attained new Highs nnd.Lows far 1977-70. 



Japan 4pc ‘10 An. 

BANKS (1) 

Starts fG.I 


Brit. Dredging 


Knott Mill 


Blakey's M.Li HMgs. 


Prince of Wales 

provincial Laundries 

Proo.-lnv. A Fin- 


London AmC In*. 

' RUBBERS fit) 

Highlands.* Malakoft 

Blackman A Conrad 

Imp. Cant. Gas 

OILS (31 

Imp. Cool Gn LASMO 
CCP North Sea 

Western Mining ' RT2 
Sooth Crafty 

Rises and Fa 




F.S. GedaM 
Wei tom 


Wostern Hides. 
Gold Field* S.A. 

British Funds 

. Canm*. Dominion and 

Foreign Bonds ........ I - H 

Industrials 199 ® r 

Financial and Prep. .„ 62 IB 

OOs — - d E 

Plantations 4 I 

Nines — ■ 49 Z . 

Recent Issues 1 • 

Totals - 576 SU - 


The following table shows the percentage charges! which have taken place since December 31, 1976, In the principal 
equity s ections of t he FT Actuaries Share Indices. • It also contains the Cold Mines Index . 

Contracting and Construction +8L62 consumer Goods (N'on-durable) Croup +»J4 

Hire Purchase 475 64 Packaging and Paper 433.95 

Engineering Cnntraaors -F 66 .M Geld Mines F.T. +32.64 

Electronics. Radio nod TV +66.49 Insurance Brokers +30,15 

OHlce Equipment +65.79 Entertainment and Catering +2941. 

Property ->-61.80 .500 Share Index +27J4 

Electricals .. +56.43 All-Share Index +Z725 

Metal and Metal Forming +56.14 Toys and Games +26J5 

Building Materials +5408 Merchant Banks +MJB 

Cnnsiuncr Ootids >Pumblt-> Croup +52.67 Overseas Traders +2U2 

^ , +5L04 Mechanical Engineering +23.96 

Wines and Spirits +49.51 Discount Houses +2JJ2 

Newspapers and Publishing +46.56 nrht-r Groups «... +2254 

Capital iloods Croup ... ... +45J6 Banks +2L06 

Food Retailing +40 M . Food Manufacturing +UL 7 S 

Motors and Distributors +38.47 Chemicals +17.76 

Breweries +3817 Invostmeni Trusts + 13.63 

Textiles +16.9* Tobaccos +10.38 

Insurance (Life) +36.47 Shipping + 4.30 

insurance (Composite) - +35.54 Mining Finance + m 

Household Good* - +35.22 Oils ..L~7Z - 249 

rinanvlal Group +34.59 t Pcrccniase changes based on Tuesday. F eb r u ary is 

Industrial Group +34J5 19T5 indices. 

The war that never ends 

Wc Brit ish are a peaceful people. When a war is 
over wc like to consign it to the history books - and 
forge! it. 

But for some the wars live on. The disabled from 
both World Wars and from lesser campaigns, now all 
too easily forgotten ; the widows, the orphans and the 
children -for them their war Lives on, ever. 1 day and 
all day. 

In many cases, of course, there is help from a 
pension. But there is a limit to what any Government 
Department can do. 

This is when: Army Benevolence steps in. With 
understanding. With a sense of urgency . . . and with 
practical, financial help. 

To'usit is a privilege to help these brave men -and . 
women, too. Please will you help us to do more? We 
must not let our soldiers down. 

The Army Benevolent Fund 

for soldiers, ex-soldiers and their families in distress 

Dept. FT, Duke of York's HQ, London SW3 4SP 



Telex: Editorial 8863-11/2. 883897 Advertisements: 883033 Telegrams: Flnantirao. London PSi 

Telephone: '01-248 8000 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester. Tel: 2-16 R02fi. 



Amsterdam: P.O. Box 1296, Amsterdam -G, 
Telex 12171 Tel: 240 555 
Birmingham: George liuir*'. G«*nrge Road. 

Telex 338650 Tel: 021-454 0922 
Bonn: Press ha ns 11/104 Heussailee 2-10. 

Telex 8869542 Tel: 210039 
Brussels: 39 Roe DucsJe. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel: 93S510 

Dublin: 8 FltzwOilam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031-226 4120 
Frankfurt: Im Sachsenlager 13. 

Telex: 416263 Tel: 555730 
Johannesburg: P.O. Box 2128. 

Telex 8-6257 Tel: 838-75-15 
Lisbon: Pram da Alecrla SS-lD. Lisbon L 
Teles 12533 Tel: 362 508 
Madrid: Esprondceda 32, Madrid 3. 

Tel: 441 6772 

Manchester. Queens House. Queen Street. 

Telex 666813 Tel: 061-834 9381 
Moscow: Sadovo-Samoteehnaya 12-24, Apt. IS. 

Telex 7900 Tel: 294 3743 
New York: 75 Rockefeller Plaza. N.Y. 10019. 

Telex 66390 Tel: (212) 541 4625 
Paris: 36 Roe da Senticr, 75002. 

Telex 220044 Tel: 2X63743 
Rio de Janeiro: Avenida Pres. Vargas 418-10. 
Tel: 253 4848 

Rome: Via della Hercede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svcnska Dagbladet. Raalambs- 
vagen 7. Telex 17603 Tel: 50 60 SS 
Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 682698 
Tokyo: 8th Floor, Nihon Keltal Shi mb an 
Building. 1-8-5 Otemachi. Chlyoda-ku. 

Telex J 27104 Tel: 241 2820 
Washington: 2nd Floor. 1325 E. Street 
N.W- Washington D.C. 20004 
Telex 440225 Tel: (202) 347 8676 

Birmingham: George House, George Road. 
- Telex 338650 Tel: 021454 0922 
Edinburgh: 37 George Street. 

Telex 72484 Tel: 031-226 4139 
Ftankfurt: Im Sachsenlager 13. 

Telex 16263 Tel: 554667 
Leeds: Permanent, The Head row. 
Tel: 0532 454969 

Manchester: Queens House. Queens Street. 

Telex 666813 Tel: 061-834 9381 
New York; 75 Rockefeller Plan. N.Y. 10019 
Telex 423025 Tel: (212) 489 8300 
Parts: 36 Rue dn Sentier. 75002. 

Telex 220044 Tel: 236-86-01 
Tokyo: Kasahara Building. 1-6-10 Uchikandtu 
Chlyoda-ku. Telex J 27104 Tel: 295 4050 


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tion 1 

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! 9 


+ 3 



Shell Transport.. 




- 5 


454 •- 

Burmah Oil 




- r 



Reed International 







BAT Inds. 






235 . 


5 Op 



+ 3 

. 254 


P & O Deft 







Barclays Bank ... 











- 1 










Grd. Metropolitan 




+ - i 



Marks & Spencer 










+ 2 







- 2 



The above list of active stocks is based on the number of bargains 
recorded yesterday in the Official list and under Rule 163(1) (e) and 
reproduced today in Stock Exchange dealings. 



D : 

i- a,." 2 2. 

- si c E £ 

u t*i» 






3 s is« 


J - i. — 




II i i I 

■;* i 







Su>ca ■ 


Bleb | Low 

!I £1 

£99 I P.P. 

ClOO !£50 

£100 | F.P. 
.V? > ui- 
£1001 ! F.P. 

- [ F.P. 

- ; f.p. 
reev p.p 

£99l«; £10 

ISO'S I 140 . 
|M.2 | ICfir 
£1.2 lCriu 
I 5.3 I 101 1 
I 24r5j 

i luOUi 
102 | 
£9» i 

L52 lAatomatsri sicca. Cnv. Cum. Praf 

LOli jBoUeya a Xorhabire 14% Cam. IVrf ........ 

ll%Cudi. Pt« 

a0M«iramp«B Beg. lOiS 1*“^ — . — . 

Mij Kenomgloo A Chelsea 11R 85P7 


i i 



100 tg 

! 62 lt‘ 

UX) I o' Leicester Variable 100 Lg 

UXI j Peanut) ttf.I L0 l a% Pt.V- Cut: Iji. IS93-fiK._.|102 I 
£fejj Wntrw Uni. 10i^ LW-. ; £98 la 





1 icfej : 

.EKJfl nuwninar mhi. uire M3r ia>Hau ; l „, aiaiVM , 1 „ N jaois 

JESCJa JCBT> Inti. Ptn. X/V. t0£% ISBf |£®8i s 

$9* -ball IdU: Fin. N.V. ej* Uuir. Xoceo I9s»Jg96i a : 

Wti 'HunoMr Variable IW3 BBij 1 

Ha 1 Do Kol 9ij l 

iaat-Whhrimu«»» (G.> Ut Cum Href * lOSjp! 


1 5 i 

Prkt:- U ; 

>»■ 1 < t I 

65 i nn | 
70 j utl 1 
50 I'F.P ' 
-Al.fb F.P.! 
10 I till 


Dug ■ 

. i Hish I Imr 










F.P. - 
F.P. | 
nil i 

-A 1.15 r.l*. 1 
04 1 F.P. | 
56 1 F.P. ' 


21 2j 

17. zl 













195 I 
1 1J pm] 
23 I 

Stl i 
ah ; 
M •• 

ltfpRi) AO 

Bpau Bwouiooi Propertisa^-.^.-^.^ 

o5 lUabiefonn — 

190 . Il'uuiui. Hank Of Ami ralb .... 

apm-CryotolaLC ... 

B6 1 LK.L'. Internalkxuu 

25 - iManr-hwter (roiagat. 

Mlitlamt bank... J 

Mllbury - 

Vatmntk- Dank of Aiufrelaaia w . w ,! 

xei- iJai.i.......,.;.............-.,._.j 

Pteriv <A rmil 










♦ «J 



Rpmmcunon date tauaUs Lost d>» Mr Ueafitm free of suunn may OKiggir* 
based on prospeaoB enlnmte. o Assmaed 3 map ad sod yield * koiwmm diyidmt 
raver based on erenow rear** earning*- f Dividend and Field tastd an oranwcnif 
or ottm ofBclal eHtmales M* o Gross i Ftares ossoaud 1 Cover aUotn 

for codverstw ot shares not now rawttug for diviaenu or rankm only for rtHmcrwi 
dividends » Plating price to 0 **c »: Ponot onlm othetwna aaicai ed. J tow-d 
br leader, f Offered to twWtiS « orrUuuv Vans *g j -rixfctx" 
by* war el eapltatuamw tt ixinunam tender pnea H Rerntroauced. n lewr-fl 
10 connection with reorsuttsoon otmr or take-over. Bllorroductitm- rt tears 
to former Prelenenee bolters. ■ Allonncw tenors (or hiTty-paldi • Prorifk«t»i 
or oartlv-oaid aiurtnent lotfera -A-wjrb warrvgiv ' 


These Indices are the joint compilation of the Financial limes, the Institute of Actual 

and the Faculty of Actuaries 


Figures In parentheses show number of 
nocks per "section 

Building Materials i27)_ 

Contracting, Construction (26). 
Electricals 1 15i 

Engineering Contractora fl4J__ 
Mechanical Engineering (71 1_ 
Metals and Metal Forming ilT). 
(DURABLE) (52) 

LL Electronics. Radio TV (15). 
Household Goods 1 12) 

Motors and Distributors (25) . 

(NOX-Dl r BABLEH176) 

Breweries ( 14 1 

Wines and Spirits (A. 

Entertainment, Oaten ng ( 18) . 
Food Manufacturing (22L. — 
Food Retailing (16). 

Newspapers, Publishing (13i . 
Packaging and Paper (15) — 

Stores (38) — 

Textiles (2S) ; — 

Tobaccos (7) 

T oys an d Gaines (6) — 
Chemicals flfii 

Pharmaceutical Products (7L 

Office Etjuipment (B) i. 

Shipping (10 1 


lADtSTRlAL GROUP (495)- 

Oils ( 3). 


Banks 1 6 ) ' : 

Discount Rouses flOl — 

Hire Purchasers) 

Insurance I Life) 

Insurance (Composite) (7). 

Insurance Brokers 1 10) — 

Merchant Banks (14). 

Property (31 ) 

Miscellaneous i7i 

Mining Finance (4) — 

Overseas Traders (IB) „ 















226, M 























Jed., Mar. 1, 1978 



























at 34%i 






































































































234 08 








































166 J9 






























- +0.6 









































- -0.9 

































































227 JU 


225 JS 


















86 42 

87 43 
























206 77 


























. i. 



British Government j 




% 1 

xd adj. 






5-15 years 






Over 15 pears 















- fixed interest 


Br. Govt. Av. Gross Red. 











■ Low 3 rears 








25 years. 









Coupons 15 years. 





25 years 




















IVed., March I 


'Monday t Friday 
Feb. Peb. 

J 27 34 





Wed. I Tun. 
Feb. | Feb. 

SS | 81 







i ' 

Index L 
No. r 



. ®. 


!2Q-yr- Red. Deb. & Loans (IS) 

j 60.77 ! tl822 I 





61.19 [ «LS7 




(investment Trust Prefs. (15) 

I 87.07 






57.171 57.08 





ComL and IndL Prefs. (30) 

1 77.03 






77^2 1 77JB7 



i~~. r HR of ihr^rnTit n iiimi ■ T *' *” a “»«««■ change, an peUbfted b> S*m 

sSS. L^ E "cS JrtcfwTtTSS P«wwm«. the PhroncU] Timas, Broken House, Car 

2 y 

Thursday March" .2 1978 : 


■ tft*. T 1 

E 3 ?> 1 O irff 

Hill Samuel Ufth A*rar, LAM* 

^nP-Tfr^e'ii; ■ 

v- m 

rtlrrn \i 

Tegalft GenemlProjp. Filpt lid 

P STFM?* SJ 1 W . ■ V 



Trident Idle Aunrmce Ob. UdV 


A.D.X. Bank i.-‘ 

AUiod Irish Banks Ud. 

•\mcriran Express BX. 

\mrw Bank .-■■■■ 

\ F’Bank Ltd-. 

■Irnry Aosbacher . ■••■ 

3 .UU*»> d'-’ 

of Credit 4 fc Chk*. 

■ 5 .«nk of Cyprns 

•tank »>r N S W. 

.jjnquc Reint* LH 

"irinnur du RJicac 

^mliys Hank 

lararit Chr : st:r I.!»l 

flnMHi?« Ltd- 
ttif. Bank i*f Mid. East 
\rawp Sjnplev. 

Zsnaria FcrmafK'fir AFT 
lilHiu! c »V C : Fin, Lid. 

Haywr LtiL -- 

"cifor. Holdings 
^Aricrhuiiw Japlu'l— 

CL E, Cnalcs . 

CojRoltrisTi’d CreUii.s ... 
^op^rAttv'* Bank. ....* 
-Whjfhian S*cu r!t iM-«> 

Credit Lyonnais 

In* Cyprus popular Hk 

Oune«n Lawrit* . T 

G*sil. Trust -••■ 

Snpllsh Transnant.: 

f^rkf ifliiKlnii Scrw • 
Fim W, pip- Tcrpn. 
Fiwt \,ii . Setf.-* Ltd. .. 
Antirty. rj{i«h<. 

CfSS'hiniTut Guaranty.- 
nr*adr 3 jA Bank . - . . 
luwne»s Mahon 
i i«tihrn& Bonk • **■■ 

■ Kill Samuel »..! 

t* Hwre & Co. t 6 A^> 

Julian S. Hodge 7 i°?> 

Hongkong & Shanghai 6 {*V» 

• Industrial -Bk. of Scot.. 6 *°h 
KeyspT UNmann ...... 61 % 

Knon'sicy & Co.- Lid. ... P ^ 

Lloydc Bank 62 *T» 

London Sf European ... S-% 

London Mercantile t>i*S 

Midland Bank 6 »*V. 

■ Samuei Montagu ' 

■ Morgan Grenfell B s °^ 

XalK.nal Westminster 

.JConvh'h General Trust 64 % 
P. S; Rcfeon & Co. .. 6 j<S» 
Rowminslor Aecept'es 64 % 
Buyal Bk. Canada Trust 6 ?% 
Sehtesmser Limited ... fi ? % 

E. S. Schwa.b ^ 1 % 

Seeuniy Trust Co. Ltd. 74 l .o 

, She.niey Trust 94 % 

Standard Chartered ... 

Trade Dov. Bank fii% 

Trustee Savings Bank 6 *% 
Twentieth Century Bfc. . 74 % 
t.'nited Rank of Kuwait fi? 1 ^ 
Whiirawav Laidlaw ... - 7 % 

Williams & fijyn’p 

-Yorkshire Bank 64 

H u< «n* .vcepli:* Kmwrs 

* w 

r .raw «*• ' l! ‘ *"*". ; . K r ar 

«tttl mhi**r un '-i» 45 *®w «* r * 

Mr*' r rrSo® fiv ‘ 

| C*:t rtvrT.fl.PO* 

4 TirtuM' l * 1 ’ _. • 

r- ((, 11 , ,’tl' *DPtVrt I" Fjffl'W .f°H. - 


Ajfcolhnot Securities Limited Kcyselex Mngt. Jersey Ltd. 

PO Bo» 284 .SL Helifr.Jmw 0 fl 34 J 2177 PO Bin DA St. HeXer. JtTMj. (EM Ol-flWWV* 

Cap TO .JUM- 120* . | 3M ?«»]«_ IFHJDt LS® - ... Z» 

„ N«I anlinedaie Mareh 7 . &y*al«TnrL_._ E 3 .M T« AST. 

EartidoUTO-'C 1 i..fWA 0 U 1 A \ 13 * KpyseleT Europe — £ 3 ai A 23 .._ IN 

Next mb. Much a - Japan CUi. Fund_ S 2 L 13 22.72 .^. - 

Australian Selection Fund ST . c^uwu^pIT +osb ^ .. 

Marta OppomalUa. c « Insh Yoons ft 

OuthwBjuTl 27 . Salt SL. Sydn«r s,n S * Shawwn MgrS- 

I'SSJ Share* . pL' 5 LJ 7 - i I — 1 Chan db Crom. S:. Helier. J«r»-v. 

Ne» auet raJua Febrnarr 23 1 Thomas ttrott, DomOaf. l»le of Man 

Aan'B WWMlIUUU’a, V 1 WI 1 S W JL 

Outfawwtc, 127 . Kent St. Syctary King A Shaxsm MgTS- 

I'SSJ Share* . pL' 5 LJ 7 - i I — 1 Chan dr Crom. S:. Helitr. J«r»-v. 

Ne» aoHPt raJua February 23 l_ Thomas Street DomSah l»le wf M» 

Bank of Amerie* Xsteniatioual SA. clh fmn iLom^'.'IlSsij 112 

M Boulevard Royal. Luranbours « O WL Gj^. Sbci. Trt. . ■ 

WMIntwMnnnne. tnSNO UUlt I bU SSSff Un * r Ki^no r 2 S " “ 

Price* at Feb. 33 . Seat wK day March L FlmlaU. |U 22 JS 1 * 2*71 • I - 

Bnfc. of Lnda. & S. America Ltd. .Klein wort Benson Limited 

40-001 Qat+p YieioriaSt.ECft. - 015003313 , 0 , P** 

BrtsSSBL ^ lr“' - F \*> m sft-1 

Ban Qne Bruxelles Lambert 
Z Rue Oe la Regecco B 1000 Bruptel* 

B«uEtaiir..._ii.«t UW ^1 to KiiSSd.™ ,Su,J 

Barclays Unicorn lot (CIl 'Is.) Ud. 

LdwhaaO-M.SLllrifer.JrXF. ■ 0 S 3472 W 1 "* “ U " d ° B MItoC *** 

th-erw* Income.. HO J 5 ZM . .J 1045 . Uggrds Bit. L'/T MfTTS. 

t 7 * F.G. Bex 1 S 5 . Sl HeUer, Jeney 

Klelnwort Benson limited 

20 .FnrbmthSL.EC 3 0103*000 

KurintuL Lot. F. I ‘ * 1 * . I -ft 3 tO 

Guenssfjrlnc 5 U ' KM *55 

D*. Amuol.. WJ 7 JA ... *JS 

KB Fir EM Fd- — 5 L S 9 SA .. .. 1 *S 

KBIntl. FUnd VJ&XOTt 1 « 

KB Japan Fund ._ SL:S 2710 . .. . 85 * 

KJ 3 .LLsrGwlh.Fd. JUJU .... - 

Sufort Bermuda SLIS 4 J* - 0.4 1*1 

■MilfoodsiDMi 1*40 » 20 f.. >B 

’KB act as London pajtac ««ats only. 

— in w.;.> n— ‘ ' p 0 - Bex 1 A 5 . Sl Heller. Jenwy 0 SHZTM 1 

■SuSneet to fee and withhold) ug mac uojdaXn.O’awa -HftO 1 50 *. 1 111 

Barclays Unicorn Int, (L (k Man) Ltd. Next dealing due Much is. 

I Tboma* Su Douglaa. Lo3L 00244858 LJoyda Istmutional MgWnl SLA. 

U^«J™AuFLEa..JMJ 'SS"-! 7 Roe du Rhone. P.O. Box 1 T 9. 1311 Geneva 11 

SRn * - J- W 

'« I.,.- ..I .’ 1 .. 1 »!■>■ 'TJ. m 


7 T^ f s V H 


% y / r , fc V . WN f l '> M 

:l H ,~y'l *r. t v 1 *!*! ffZJ 

I Tboma* S l. D ouglaa. Lo 4 L 00244856 LJoyda Intcmu 

KSS-l&iS ■§! \"\ 2M ISS- d “ f iS 53 ^ 

DnSa iacome.,. 3 ?J ' 4 A 0 -H A 70 U«wd. Ini. Income 

SSiiSSSirgl M~z 5 S "* 0 ^ 

BiihopfgMc Commodity Ser. Ltd. 

P.n Box 42 . Dongbu. I.o K 0024-239 

ARMAC* Feb. 8 ._..l SUS 2 S.H {. I - 
CAXKHO— FehO-| — 

COUNT** Feb. 8 - j £ 2 - 336 * ] . . I — 

Originally iwacd at *siu aan -*£ 100 . Sanmel Montagu Lda. Agte- 
Bridge Management Ltd. - 114 . Old Broad St.. ECS 01 - 5880 * 8 ^ 

P.O. Bn* SOR Grand Caynvw. Cayman U. v'^SSSHjTS = 1 -S 2 KJ Hffl ' ?2 

NTwshiFrh .... I Y 13857 1 . | - ' SSJd ' MfS 2 . 1 S 

RFO Bin 500 . HangJvonjz !r SS£ paw" am 

N 1 pponF«LMu.^ : ^l» pi . MJflrOaOl 043 19 ^ i** 

Eri tannin Tst. Mnmt (CT 1 Ltd. Mmxv, Johnstone flnr. Adriserl 

Three Qaa?*, Toecr Hffl EC3R OBQ WH 48M 
■ Ltd. Allan UcExFrt 28 _HTS 2 «* 24 ri .....I — 

0024-23813 a Mar. 1 — - H 3.72 ' l.w-tU»l — 

GoMEa-Mar 1 . _ rrf ':4 Ulfi-Km - 

I Island. . U &4 110 .U -* 0 7 44 m 

1 “ <Acc urn Units’ 1444 353 « +LQ *411 

Ex-Stock Split 

Britannia Tst. Mngmt. (CH Ltd. 
30 Baih R. Si. HeUer. Jersey. ‘0334 

Growth Invest. ( 2 *J 31 7*4 I 

Intnl. Fd. _.KO.O H.M.. . 

’033473114 IB, Mope SL. Glaacow, C2. 

J AM 'Hope St Fd 1 IV! 

— I tS -Murray Fund 1 If! 

W.C2. 041-221 M21 

SUS 28.17 1 . 1 - 

ICSfJl I 1 — 

.V Jan. 31. 

§tf i 

L'nlrel Dir. In. ..H 4 . 7 &- SdU ... J — 
Umrsl. 3 TW.Slfi. -& 0 J 2 J«] . . 1 1 M 

Value Feb. 2 *. Next dealing Mar II 

Butterfield Management Co. Lid. ' 

PO Box 105. Hamilton. Bernmda 
Buttrera Equity.,. 12.03 L97I . I 2M 

Buttrosafncaige.— ff** U 92 | . | 7 . 4 * 

Prices at Feb. 0. Next mb. day March 3% 

Capital International &A. 

57 rue Notre- Dame, Luxembourg. 

Capital InL Fund-. I SUSX556 | .1 — 

Chart erfaonae Japfaet 

1 . Patera otter Row. EC 4 . 01-2483888 

Adiropa 3 LM- 0 J 0 I 5.71 


Emperor Fund 
Uww i o. 

l_jl -ssav jan. sl. 

Zm Negit S.A. 

10 a Bon [ward Koval, Luxen&oarx 
NAVFeb .24 1 iVS\D£7 | .... .1 — . 

Neglt Ltd. 

2 Jh Bank of Bermuda Bldga. BandBoc, BntwU. 
74 * NAV Feb. 17 |£ 45 * - I ......| - 

Old Court Fund Hngri lid. 

P 0 . 56 . SL Jubans Ct. Gaerncey 04 B 10 B 32 L 
Frij.M- . m< 52 .S....I 25 » 

Eqj>. Fetj .28 Ml 52.9 ... .1 258 

— Inc. Fd Mar. 1 04*3 158 R- 7 U £ 5 * 

InaFd.Feb. 15 . -BtJ 82 owj ..j- 
SmGaFd. Feb. 28 - llXL* 14831 . I 331 

'Kf Old Court Commodity Fd. Hgn. Ltd. 

538 P O Box 58 lSL Jnlian-aCt, GuenuKy 0481 20741 - 

4 .M or.Cm.TULFebM 017.7 1247 ] | 534 - 

LB O.C.D 11 t.Cuj.TiLT— JS 24 JB 2 ft 47 | j - 

— *_ 'Price* on Feb. 14 . Next dtudinc Feb. 28 . 

1*7 t Price on Feb. 21 . Next deaHng data March 7 i 







5 J 






Com hi n ins. (Gnernseyl lid. - Phoenix Iniem at tonal 

P .0 Box 187 . SL Peter Put. Guernsey PO Box 77 . SL Peter Port Guernsey. 

IntoLMaa-PA (U 3 i . V7J{ „....| — Inter-Dollar Fund. W'SLn 33*. - 

Delta Group . . Pr o pert y Growth Overseas Ltd, 

P.O. Box 3012 , Kansan, Briuinaa. 2 SIri*fa Town. Gibraltar. iGihJBUMI 

Delta Inv. Frir. 21 ..|Sl -26 U® ] — ‘ U 3 . Dollar Fund _| 5 USNLZ 7 1 J — 

Deutscher Intestment-Trust Steriin*Fu-d £12888 1 -- -1 - 

Prwtfarh 2685 BiebergmeO-ID 0000 Frankfort. *W *1 Tlnst (Cl) Fd. M*L Ltd. 

Cooeeubra IM 0129 2949 ).'.! — P.O.BoxlM.RcomlTaLIba.JerM 5 r. 053427441 

Jnt Renienfonds — { 0 NM .49 J»«l 1 — JLT.tan. Fd. K 59 J 5 *^ J 3 J» 

Dreyfus intercontinental Inv. Fd. t* j^ext dcmiiu Much if 1 

PO Box 793712 . Nasaau, Bahamas. 

NAV Feb. 23 P»~ 9 »l» 1 U 7 ] . _.f — 

R.T. InrL rJwJFd -J 8 * 88 ) ..._i 3 X 1 

Prices at Feb. is. Next dealing March IS. 

Save * Prosper International 

Devlin* to: 

Emson & Dudley TsLBfSLJrayJid. 37 Broad SL.SL HeUer. Jeney 
P O. Box 73 . St Heller. Jersey. 053420581 U 4 DaUuMftmaniiMCad Fun* 

F. & C'Mgmt. Ltd. Inv. Advlsen 
1 - 2 . Laurence Pou ntney SUL EC 4 B OBA. 
01-823 4080 

CenLFd.Feb. 22 — I 5 US 4 J 0 | .. .| — 
Ip Fidelity MgmL ft Sea. (BdaJ lid. 

DJ PO Box 870 , Rami Kan. Bermuda. 

Dir. Fxd. tat. **t " *.* 

IniornaLGr.*t IftlO Lb 

Far Eastern** p.W 36.4 

North American ** • 

StorfiaiftBabuM Vlada * 
Chann 3 CapUal*_.g 05 J 2181 

Channrilslanttaft- 1386 1431 

Commodity**-! 1119 UT« 

StPHd.taL-*t__. 1293 127 : 

Prices oo -Feb. 2 l 7 **Feb. 22 . 

Jffcekly Dealings. 



^iLv* ’-jaaJCj 

Fidelity An A w_ 
Fidelity tat Fund 

1 -C n.i.iitaih. erf 

SUS 29 J 4 

5 TS 13 J 7 

ndrii&wridtti— -/.I — Schlcsinger International JKngL lid. 

aha - 4 J.LaMuOeSL. a. Heller. Jersey. 03 M 73588 L 

ImSboHcTi “ |-aj* 12 * 21 H IS 

Series DtAnAmol 03 0 *Dj 4 - SAOJ . g|, *£ 

First Viking Commodity Trusts w J J 3-71 

R sl Georer sS| n Douriaa, LoJL IntnLFdJjtmnrg.— 84 * . - 

ff gchroderUfe Group 

8011 704 

Channel CapHaU#_.t 
Channri blandsft— f 

5 jj tAccmu. Umtw 

rf- *■ J J>«H 


I F*t VULCm.Tat...|i 

9 u 9 ib| 

Flemi«r^Jainn’'Fnad 94 1 v 

37 . roe Noirfstiaim*. Luxembourg " 
Flmg-Febza 1 SUS 4 U 9 

2 jj Enterprise Houses PunsmontlL " l 
SjE® U ftnadw l Fuads * 

a. — LEqaiTx: .>-.s--=-PJtt 2 JlLg +! 

• SEqrtity.^__— ^ U 35 120.71 ■*: 

CFaeabamtL-^ 1355 148 « *i 

5 Fixed Interest — 303 J imM -rt 

Oljmaged — 122 L 7 IW.»* 

Ufuaged (l 8&2 11531 * 


Free World Fund Ltd. MUnaged.. 

Butterfield Bldg. Hamilton. Bermuda J. Henry Schi 

NAV Jan. 31 1 SU 5 U 418 I I - iaO.Cheapride.E 

G.T. Management Ltd. Ldh. Agts. Cbeen«FUb.a_ 

Parle Kit. 16 Flmibury Circus, London ECZ FilFeb . 20 

Tel 01-628 813 L TLX: 886100 sSSfiSnira 

G.T. Puciflc Fd .1 $051158 |..| — ■‘•PMFd.teb .33 

MmuKetneut latcmaUoul U«L Sentry Assnn 

C O Bk. oi Bermuda Front St, Hamltn. Bmda. pn Rn, ch its 

Anchor ® Lulls— BCSOJS UHd flS 

Anchor lor. Fd pi 53 « *E 9 -- I 1 ** Managed Fund _ 

G.T. Bcnauda LUL - Slnyre ft Fri( 

Bk. of Bermuda. Front SL. Rami to. Bmdn. M n»nB»ci w 

J. Henry Schroder Wagg ft Co. lid. . 

120 .Cheajniiie.RCZ 01 - 588 4000 

CbeapS Feb. 2 & — | JOJ* ]-H 0 *| 17 * - 

Annul Fd. Feb. 30 _lHmU DTJI I 3.63 

DuUmFwL KaX 7 B isil-ioa 52 - 

Japan Fd. Feb. 23 _BUSi 7 I 6 JJJ .“I OU - 

Sentry Assurance International Ltd. - 

Pa Box 336 . Hamilton 8 Bermoda 
1% Managed Fund — pntJK U 75 f — J - 

. Singer ft Friedlander Ldn. Agents 

Betrv JhseR _IS 3874 _ CTlW 20 . Cannon SL.BC 4 . OI- 34 B 854 C v 

GXW- rSL ’6811 | 1 ..J 0 79 Drtrionds^^lIMOJJB lUSf . J MJ 

. Tolqr-Tn.Feb. 28 _l 5 L S 3 L 00 I - — 1 LOO : 

G.T.. 4 sie F BHE 756 7511 .. J L 96 P-Q. Box 318 SL Heller, Jersey. 0934 - 7 MS 0 

G.T. Bond Fnnd ..;. .f SUS 1 L 1 * |+ 05 «| 538 CanunodlDTnwt- ( 88.45 fJ.U] . — | — 

G.T. Management (Jersey) lid. Son invest (Jersey) Ltd. be) 

Royal Tat. Hie, Co]omberle.St, HcBer. Jersey P.aBoxB 8 .SLHeU«tJeraey. 0534 739 
GT. Asia Sterling— KJBJ& 113 ft I 1.76 Americmi Ind.T»L-tt 8 W ZSJJjSI - 

£ 8 . v« iSSBlfc® ; ifl-«a . = 

Anchor lnJsy.TsL .|22 4 24 .o| ...“ 326 48 Athol Street. DotbIbs, LoJL 0«4 2381 H 

GartnuT Invest. Ltd. Ldn. Agts. 

2 . Sl. Mar? Axe. London. EC 3 . - OI- 3 S 33 S 31 
Gartmore Fund Mngc. (Far East) Ltd. 

15 U 3 HulchiMW Hsc. 38 Eercouit Rd- JLKone 

3 “ TSB Unit Trtirt Managers (C.L) Ltd. 
N ^nericmiTH.*I"pt 51 « MSn~ 9 <JI — BuevtoDe Rfl_SL Saviour. Jarre? 053473484 
intL Bond Fund |jl¥llJ 2 l&Oq ... J — Jereey Fund.- (41 4 43 6 rf . .. | 441 

Guriumrc Irnmmni HngL LUL Vxr^h"'! ’s.WJ 

Pa Box 32 . Doudab loM. 003423871 on xnren l abi eno. day xtjtn n. 

iBWPSfSf 11 ” Ml 2 J 4 Tokyo Pacific Holdings N.V. 

Do Growth 348 582 ] _...J 5 J 2 In1imU Management Co NT. Curacan. 

Hambro Pacific Fund HgnLlid. Nav per share Feb. n SCS 45 32 

2110 . Connaught dentrr. Hong Kong Tokyo Pacific Hldgx. ( Seaboar d) K. V. 

JilpMPhnd:.?"' SSS ~~~l - Inlinril 3 taw«ejx»iit Co N.v, Cm*eao 

^ ^ B i NAV per share Fe 8 27 . SUS 33 JM 

Hambros i Guernsey) UdJ Tyndall Gump 

”^ b ™ ^ Blld “«"• tCXi 144 P- O. Box 1 U 4 Rmrilta. 8 Bcromda M 7 * 

£?J?*J* IGveTa * l Z.. . 0<8 . , ' 2 fS OmwaaFeb. 23 _ Ur 5 ».W lBd ..I IH 

Cl Fund 1546 14331 _. J 3 48 lAccum. roHsi KBD UM J — 

Srt» S58S* M:- 1 a ® 1 ’ 

a - ffl: 5% 

■ Pnru nf i U»l. V— . S lAl'-'nn. ^BjUM 

n 326 « Athol Street. Douglas, LoJL 0®4 23814 
. _ The Sihaer Traet... HO 0 108 « -* 02 J 

AgtS. Rictonond Bond 87 . D 86.0 195 .B-D 0 g 10 JO 

Ol.aO’fitl Do Plalir.tnn Bd , nil 3 117.11 - O BJ — 

OI SVMWI o,, Bd haL« - 1083*13 

Do. Em. BT BSBd . Il 73 7 U 2 « J 1141 

Ini Equity SI'S 983 10031 . 230 

hiL ini> -A SlTSLDl LIW .. I 858 

JnL SviPi -®. £CSD 4 <> - 1 . 0 ^ . 1 250 

- Price), oh March 1 Next dealing March & 

pp jnurn i ,»ek auiini Marco a. TASOFFeb. 22 . . 

Henderson Baring Fund Mgrs. Ltd. SjjJEtfflKSfe 

PO Bo «N 4 T 23 . Nassau, Bahama* . iNm-j Aw l.'Ul 

Japan Fd . ... H 534 . 18 W J — Gill Fund Feb. S 2 . 

Prices on Feb. 22 . Next dealing dale March 8 ■ Actum. Shares ■ 

Hill -Santa el & Co. (Guernsey! Ltd. rtaory nbue.DaagUs, Me af Mas. 8 B 42 E 0 S» 

8 LeFebrro St. Peter Put Goenuer- CJ Managed Frt.T 6 . fl 2 S 6 132*1 J — 

Guernsey Tst. . ..& 4 O 0 1488 ] ~ 0 . 1 | 357 X-'td. IntnL Mngmnt. (C.I.i lid. 

Hill Samuel Overseas Fund SA, 
7 >. Rue Notre-Damr. Imaembcranr . 

06 2 S 14 J 91 - 323 ] - 

■4 Mukaxter Street, St Helier, Jersey 

t IRFubd I SVS 1 ». -I ~.J.MS 

United States Tst. IntL A dr. Co. 

J * I International Pacific Inv. Mhet Ltd. K- Rn« Aldringer. Lmcembaars 

** I V) 3 ,-.. DVH u nuf, ... . . ItCTaf In Pnrt 1 111 XM 

PO Bt* R 357 . 51 Pitt Sl, SffdBW. AttsL L-F. TxLIuv.Fnd _) i 

Javelin Equity TSL. |S1 M L84,' | — Net asset 

JJE.T. Managers tlerseyl Ltd. 5 G - Warburg ft C 

.PD Bov 1 WL Rojoi Trt. Hse , JersryQftM 27441 Slrt*L 

L'F. TaL Inv.Fnd _| SCS 948 i-SC] 095 
Vet asset Feb 2 a 

S. G. Warburg ft Co. Ltd. 

JmcyEiml TB . (108.0 
As at Jan 31. Next i 

I 116 01 | - 

sub day Feb. 28 

6,19 Jardine Fleming ft Co, JUA 

^■8 mi, Floor Connaught C re tic. Haas Kour 

Cm.BdFtL Feb SB [ MS733 1 ' -AMI — 
Enn-.Iflt.Feb.28-j STS1507 -Bin - 
Gr%AFd.Feb.28- St^ftSl +00*1 — 
3 TeriurFd.FrtJa!srSUB BUI " _ 

Warburg Invest. HngL Jrsy. Ltd. 

iSEfSidt- ’Su? ! :::.:! IS ’ 

JlMine J un t a. JP 5 HKZT 966 . 1 1 136 

JardiiMSEA - STSU 74 r. . 260 

Jnrdlnc FlenUnL r .) SHK8.99riJ I - 

. nav Jao 51 . -Equivalent Si '38034 
N'wt Nib. Feb. 26 ■ - 

Krmp-Get* Management Jersey lid. 

I . Channc Cress; Si Heller. Jersey. 053* 73741 

rMFUd Feb 23 - JCSttH UW 1 . - 

CMTUd.Feb. 23 -U 2.62 32.95 . — 

Metals Trt. Feb 16 . O 0 *3 U 2 H — 

TMTFbhS— . . K 3 U 6 9 «( . . . — 
TMTLtd. Feb 3 . |913 *J 7 j .. .. - 

World Wdr Growth Management^ 

nablrvAnl Rc^al. Ijjimhiane 

KSS®taSw luB SI - . | 881 Worldwide Gth Fd| WSHI& I -0 9 L - 

premium insarauK. x Cdferod pnre includes *11 expends cxcci 
i Ofiered price inrtiidc? all espeo&e* if bought ifl rough tpanagers 
V Nrl rfuior realised eaprtal Erins -joIms indicated by* 4 Gncrn 
4 Yield before Jersey l **- 1 Ex-snbdi-isioo. 

except agents ewmaisricn. 
■ere x Prertoti* day** Brice, 
rutaneey pm * SupeodM. 

if 'jBi r 


I Royal Exchange Ave^ London ECSV 3 LU. TeU: & 1-283 1101 
index Guide as at 21 st February, 1 ST* (Base 100 al-I 4 J. 77 .) 

Clive Fixed Interest Capital 134.6 

Clive Fixed interest Income 121.45 

CORAL INDEX : Close 440445 


t Pr 6 ?erty' 7 Growth 

t Vanbrugh Guaranteed 7 - 37 % 

•- * Addrttp *fcpwn utub'r Tcywn.Tn and- Pt 3 p*ttv fl-md T»b>. 


Financial Times Thursday March 2 1978 








i is. ’- ~ 




+-|15? 1+5 




IjHdfcr _ 

■ t/ftort Iflp 

Uteniftt _ 

■ Lindsay tTSTmsi. 



_ IflCSHmtty. IPp, 

JO Lemon TraraJ 
39 UuSkfttaU 
! JiY.DMUOnjl, 
MartmtUaiOp J 
NkiTwriL’A : .„ 

— - 1 - 1 


ijJMhiBY l T niv. 
•Mtirtio-Black . ; 


Btaaic toure^ 



Moss (HoW.] Iflp. 
MovUttlOp— L_ 
Nathan (B.SL)_ 

Nome Sees MpJ| 

Ore Finance Ci?_ I 
MHcefiS fct— 1 
Oi«L«tonel 2 be_ll 
P.MA fflaMup} J 
Parker Knoll A'. 
Pcutlapd IDp_ 
PentoslOp.-.- II 
Pdrncon DJjp— [| 
PMIfJJt Patents.! 
Pbttgfl jaU-l 
iPitn’yBowesLa.. I 
|FWaStiramn5p_ ■ 

Iputals _ 

n j mreUDufi.50p. 
(Pritchard Ss5.5p 
(Prov liunda So. 
Ittadtaql H 
Randall LLltfp- 





PROPERTY— Contmned 


1 2.91 - 

6 m 





-I ; -i: 





2 . 2 ( 10 . 6 j 6.4 
8.9 bJB 
7.2 4.0 
26j 83 58 
44 63 55 

2.5) 5.4(112}' 

10.8 an> 

3.4 20.0 


6.6 4.6 
43 6.4 





San Alliance £L_ 


ie Indemnity 


+ nrj 


































77TT78 , 
High Low | 

4i3.9i wr 


Prop Bldg. line. 
Prp.lir.lFSn. El- 
Prop. Part ship_ 
Prop 4 Be*. -.V- 
Prop 5ec.Lr50p_ 
Renan Prop. 5p. 





SctXCng, ■ ■■ 
SooC&Un. has- 







Stoicfikr — — 

Some — 








143 (US 

6.4 A 5 

6.7 102 
21 92 


I _ 


5.0 5.1 
120 4.8 
125 21 

7.7 .92 

9.8 46 

6.6 42 

3.7 U U 
'U 13.1 1U 
02 13.4 155 
3.2 6.9 6:6 
29 72 72 

,4.0 8 9 47 
f 4.0 53 6.1 
IX, 9.4 73 
*5 JO - 
_ jl5.4 

2.9 6.8 7J> 
27 9.0 6J 
.27 25 5.4 
- — 123 
24 . i — 
24 a? 4.6 
9A 63 
. 4J426 

63 73 
d 42 62 
flll7 7.4 

17 [BriLLeylaadSOp 
185 ' Cen.Mtj. Units- 


365 . 

57 . 16.1 LrtraCar 10p_ 
7>>. 4 Reliant >ftr. Sp_ 

79 54 RoU+StrollSL 

a9* s [762 JVolw.KrtO 

and Cyc 









■ — 


— - 












Commercial Vehicles 



24 ,R^awFriKh.l(kt 
221a' ERF-fflkjgJ-. 

29 FodesstSOpi 

7 PeAlnvesU.l^> 

41»> Ptatons-^ 



‘3? jAHwyftaelfc- 
. 3532 ! AirikSfS&Mn- 

47 >2 Aoton»tire 

33 BI*KaaetBt 0 S I_ 

_ ,12 BrtiwaBrosilOp- 
WjfiUh BJ 4 »Csjtji- 


D O flt n p JOp . . 


RumtSmith lOp. “ 


54 TanwHf&— — 

51 TOib^Breeden. 

48 WoodbeadU! — 

58 tanftlfA’SOpj-. 

|4t218| 3.91 33123.9 





t 221 




6 « 10 5.4 
5:71 83 031 
2.9( 7.7 6 9 
7.8 b.B 
S3 65 

3.4 &7 4.6 
" 103 43 
56 92 
62 62 
12 5.7 
&7 63 
45 7.8 
3.9 103 
35 9.B 43 
■45 17103 
30 42 40.9 
35 20172 
4.7 52 6.4 
bJJ 32122 
5.2 6.1 3.8 
4.9 72 43 
53 5.9 4.8 
27 19 95 

Reccnai Prop— 




Scot Metro?. 20p 
Second C5t*]6p_ 


Stock CoErusn- 


Tratfard Park_ 

IMt Property i 

Warner Eqalf .. 


WindmEaa— . 


■ 64 



68 vJ 





111 * 






















tLB 8 




22 .- 













2 (H 


13| 181138. 





32 413 
32 32.4 
16 35.7 

53 204 




Vespa - 

Yarrow 50p 









1 » 


— [U 2 t i9l: 






1 324 


3.9 4.9)3 

192 22 



19 ^ 
3.4 53^ 
42 6 ^ 
33 43 


-1 J to 29 |23l 931 73] 

3 . 0 I 7.8 63 

, , .... 22 8.7 

1-3 ItlOifrl 4J| 3.8 00 


14 83 73 

52 4.9 62 

23 82 65 

22 5.41151 

a *■ 


23 , 

03 52 562 

-75 45 .44 . 
92 i 32 

+1 (153 42 43 7.8 

23 9.9 

1-2 ( 19.45) -34 3.7 
4.7 92 
26 6.1 
LB 18.2 
21| 7.7| 

Wlr \t\-i 


Garages and Distributors 

41 Mams Gibbon— 
41 ? Ateuni»5p_ 
49 AnpioardCrpL- 
66 Amngton Motor. 

IMi ^dGionsi'SI 
29 BritChTAiK-lOp 

34 CC33.HIP— .. 
70- CafimSJ 
24 (CoSefTJ 


26 Snttmnxshaw. 

22. (Me smi 

14 OaofieMLawr- 
8 Hanger Iron Hp. 

42 HamsonfrcOL- 

■42 Bwt«lh4 

79?2 SenlysSCp. 

33 HenmMtL&pL. 

(£62 DtvHfec Cw._ 
52 Hunt (Charles)- 
16 leacpelOp^ — 


23 UonW^nr — 
1«2 &m±eaerlftj- 
3^2 NrfsoaDwndfo. 
2i? Pemjl*5«nl0p 
61 PenytH-lSBii- 
(101 ftkfcfrOste- 


1^2 - 1 







435 15 M *. 








8, 76 
,d 0 42 









Bra.&Cwn.3to,4 253 
Cedm Bios. afcJ 145 

nsbenJi,— T 



: Jacobs '3. L)20p. 

. Loa-ffSeatFigs-! 
Nan. Liners So. 
SEHord Docks £L 
Ocean TianOTrt 
Reardon SmSDc 
SaWflfe — . 

















t fXy 







521 2 


55 73 


45 44 
92 LB 
69 5.0 
153 a9i 
52 54 
34 27.7 
, — 05 
43j 55 5.9 
17) 92 33 
9.4 «31 
1 117 





42 42 
15 5.9 

9.7 25 
33 61 
38 8.4 
32 8.7 
32 52 

218 17.0 

3.7 92 
22 8.0 
52 7.8 • 
22120 ' 





I b825 






U 53 

19 111 
1 26 9^ 

33 72VB 
119 67022 
23 56(124 
7 .o 7.6 mm 
I 20 U .0 6.1 
44 64 mm 

m 1 . 2.8 
1 42 


15] 6.9 


tmwoodC^5p : 
Ttzmcr Cum 5p 

£201, irjrtX.v.FI.B— 

3S 1*1 ewnerr lOp 
7h T * LcrftSGasln'Ii. 

7 . L'jfcVtaHK- 
18 VMor 

21 VioWflOp. — _ 

161;- VicJen<^i>-3Pj>-. 
58 ■WRihbocjLH'P- 
' A'adt^JPp- 




8032 ] 

, 5Jb . 
on « 





19! 69(116 

0.72 , 
T 1 L» 



dO .48 



0 54 






S2 AaBookP^Op. 

22 i 2 BtfuBRneis- 
50 BlatiULLCj — 
BnsttlPosl — 
DC-'A".. _ 

Md; Allied* 


EeanoB Lot^piar- 
TbOmstm . 














tn. 6 i 












42 6.01 62 

6.4 32 7.71 

24 9.3 

2.9 58 

1.6 9 6 

12 B.O 
44 55 

14 6316:91 
44 8.0 64 
42 4.5 
23 9.6 

25 86 

2.7 82 
18 UJ 
4.6 58 

4.4 4.7 

13 8 2 

3.9 34115 
5.0 34 9.1 

u aw 



10 FAD ebons 10 p 9 — 

35 Booth intnT;— 

36 Footwear levs.— 

37 GarnarSarblmr 
2^2 Brtiiha. Sms5p_ 

37 FB)tDns20p 

26 K Shoes- , 

31 - taubatfflhaDp- 
2*2 KetrtaMABmfn^ 

22 - Other (G)' A’ 

15 Pi Hard Grp. 

H Stead i Sim ‘A’_ 

>6 Strongi Fisher. 

Ji? StytoSboes 

18 rnnwWfcEB)p_l 

19 Ward White 

11 (WeanalOp 


80 lAbscoaBOLSOL. 

390 Anglo Am. In RI 
79 Art TTs tod 50c 

17 fidworksl0c2 

41 Gold Fids. P. 3* 

LOO Grtmns‘A L 5Dc.£ 

87 HnktisCpnHL 
288 OK Bazaars 50c_ 

35 • Primosetocto- 
150 Be -frjeten 'Aifc 160 
40i? 5A.Brew5.3Jn- 
1395 ngerOaCsRI— 


B 6 a 1 

















10 ? 

+ 2 - 









1 4 














- — 





a i* 

31* jBritfr stinj; — . 

34 Eonmirr? Oro — 

32 fcRWifti-! 

86 BanrlFulp.. — 

19 : CapscaL'Jp. 

^ Canuoi-S&lU 

| 60'aazRalS^ 
QariRicbardi — 
Collett D'.*on 10p 
enter tburt — 




■ GwreGrePlOp.. 

, HamsontSons 

£151? IPG 10015 

46 fcrereskGrp 50t*. 

94 LiP PosuxSCp 
[137 Ma'orquDdjletl-' 

50 Metod? Mills — 

25 Mi lh4 Alien 5Cp 
25 kteedFen, lOp 

9 OxlejPrtotGrp- 

52 Saaichi Iflp 

27 SmrthtlXitfiOOp 
I 79tj StnurfitlJeflni.u. 

48> 4 JTranspareitf FpL 

35 TridamGro-jp.-. 

41 I'derWaLterJCp- 

, 16 KreGreopMp- 
lUltj Wadduiglon U.L. 

29t 4 Watmoudis __ 

* KjattFCT^apJ 21 


2 . 8 ) &5| 62 ( 

:-l 1 2.89 

g , 77 

t4 88 

^',5 IrJrJ 


1-2 1 —-) — ! — 




5 08. 




3 82 , 





♦OM 2 






113 72 
111 65 
9.2 (3ii 
OSb 37 
110 (531 
95 6.1 
6.4 5.7 
5.9 215 
2.8 95 





15 - 

42 White rhililAB. 
ZR WttttoaiBaiJP - 
18 WsiKlerBSlW.. 
.W hllftTVvJ, 

;n mini»michri. 

',’.29 WiftsnM1rt£l. 
£104 ft* ltyrCcT..- 
75 WaassfL- — .. 
2 b ;i'*orvT— 

?6 {W.Usr.MJ^W?.. 
?4 [Wiwllrf 4 35> — 
to URir.'TbKTus 1 - 

I’l. fiAoMASiW.O- 

13 phwdiWWr.Jp 
63 jW.!MI 
Zl ;3c8ks5v— — i 

4 » 

Q 12 ts; 


fil 2 ' 

W 0 . 1 ] 
1837 1 
Q 10 *. 
. 1333 
,..! 1254 
i.. . . lOb 

1 061 

! 484 


ll h 

68 58 

. « u 
1(108 3.7 

26 lf .8 

57 1L0 

58 5.0 

U M 

28 5.9 f 

,53 55 
108 48 
0.4 — 

.. JA ™ 


731 79 
, 95> 80 


3MJ 53 

4.4j 64| 

a a 



ABM London lOp 
Aflnatt London- 
■ tealrasaiw?!™. 
AnrtcnlQdgs — 
Bank i Com lOp. 
Beaanwnt Props, 

metariCE- 10s-l .49 


'ijcraraiir SL 
r«m ttuui- 
lEafitefter,. -J 




167 WnartSaeMaJ- 
*“4 - JtaflIKB lJ**T - _ 
137 taSiSTF.' 1 ??-, 

}g jl«W4er,A;iBp 

hW ;P- 

. 91 

iA -iV- rr.-Si- 

100 % MfG4£. . 
l. J? . wofta^-ns-^ 

r.5*84 iwur 

iso nuns— — 
}C 0 ftrrtJeerA"— 

-- ISTS-.,.— 


i ..'wsreo - ] 52(- 

!-l 17 65 — ; Sat - 

*2 - 





5.0(10 0 

th 2 

69: 81 

is :9( - ; pJj - 
tfO 1 42i 4 3 1 8.0 
i8.99j 23, 6 6j 9.3 

; k 


0 59 

i -1 

>506 | 

....18 IP 



5*^ 2? i 





. BrtLAnram!. 

Bntixh Land. 

Dn. Warrants— 

, Do.Cw.3p — 

Ojatafield^ — 


Car# Fctar a Up 
iTeRrNe*! lip- 

DsTwEstoie. lOp— 

! DorinConlOp.. 
Big. Prop SOp. - 
Tm «-«. l.-cv .. 
DalTprCn — 
„ EftoiAfcnry- 
1 1H 2 ESitCts 3)p- 
i 3Pj Bis. Prop lev— 
“ BrwsLMls— - 
Fiir-iet-kb 1°P- 




rtair let Wsl#p 
:jti' i :fj-.'prar. IPp 

Jenuo ImCSt._ 
L«tdbt «t - — • 
231 (137 Urd5eci^P- 

£180 Rwf 

Q55 C94 Tb fr.-ri.flfiv W. 
r 1«0 [ fifib I DolIC*- 1 

■ 32i.’ iU»Ianda)P- 


^ .rtfclneiMT^oP;- 

*0 koJteS — 

23 jr«ww — 



.. .251 




a iff?-* 






24) 68M5 
21 28|S3 

29 55 
L 6 25 


13 73 


2.0 , 
129b | 



4'Mi m m 

15| 3.1(5991 
130 1 


Itt IB 290 
— 45 — 


12 ) 10.01 


1W 5.WQJM - 



,1101 3.« 
(thdllfi 2.4 
-i« 566 23 

AJ5e! Textile 


Beckman A. 1 Op - 
‘ ckroodMort 
right CJobnl — _ 


tot Mohair, 


Cfuts Patera — 

2 cSttdSZI 

a ftL7>D gt6a'. 


Earfr <c.- 6 ML Vf ] 
FoserJchn’ — 
Hield Bros 3p__ 

Himums-u - 



! nj'gvmnh M. 20 p. 

1 teE**- 


Leigh Mills 

Lever. 5p 


irfw^ap — 

Maria? Hugh— 


Notts. Marfg 



: pKldes(W.i6Ca 
Do. 'A' W 
{LE.T.iOp — . — 

IBeedfStn, , 

i Bebn(eKn 20 pJ 
Ridsard? 10p-_7 


Scoff Hrotfiswi- 
1412 SnarCrpeSHp-I 
62 Sdtowto&nOp? 

30 Siidar 

20 Small iTkimas. 

I 27h SnUscouLCBO-J 
|lWa Do.Prir.U2D0_ 
22 Spencer(Gw.*, — 

■14 Stoddard ‘A* , 

" Stroud Rilevfc'dJ 
r eaYdjr^r. ttp. 

^ ICjTpeU 
TricrollleiQb — 
IT. Texts. fflp_ 
Via-TerSOp — 







B5V r raUSTS—Ctontmnel_ . _ J _ FINANCE, XAND-ConHmied 

162178 , • 

FBgb Lew I Stock 

46 tCwtorfe? 

83 Cbanl to. Inc. £lJ 

1235 Da Cap- 
40 ChmarTnjst 
171* GtytCecnlnc.. 

69 Da Cajun, ' 

43 Qty&For.inr._ 
71 OtyfrlntenfL. 
36 BrKWffd^j 
52 Ofireftouettp. 
4 fCLftooIm iOp- 
33*2 Gytesaalelnv.- 

[175 CoiosalSea-DId.. 
(151 Cet^aettflilnd 
80 CmdsestiUmns. 

47 Crossftiars— _ 

13 Cnmilasinv. : 

25^2 Daiae(Inc.'"'30p.) 

2 DniCap.'i!up_ 

. 62 Debenture OffP. 
(133 Derby 
88 DoCap-SCp — 

143ij DcedAiKifeGen. 
|100 Drayton Cnafd, 
114 Pa Cons. _ 

23^2 Da Far Eastern 

42 ■ DaPrenner 

47 iSalvest Inc 5Bp 
116 DaCapttal£l_ 
39tj Dmdee4Lfp._ 
65 E4b berth Am Ttt 
113 MnADuDdee. 
[163 Sin In*. W £)_ 


























































, SBU 
533 z 


B 21 




111 h l 

52 75 19 
10105 72 
1.8 6.0 0171 
2.9 1L9 43 

Stu 81 



W? Yld 
Net. Cff Cr# FJE 

• 1377-78 
High Lew I 




_ EktttGen 

68 ' Sflt&InteratL 

56 Eig.tKTTrS_j 
“ Eng.4Scw.Iro_ 

Equity Cons t £j_ 
Estate DtdesfL. 
28>z F.iCEurocust 

42 Ramtolnv Tst_ 

69 First .SmL Am. _ 

ta7 FnwflJtCril 

29 F.CilTXR02). 
25 Fnm&neainc.- 

43 Da Cap. 

9612 GT. Japan 

92 GeiL&Comm'cL 

60 GeaCopsoldnl- 
99 Geceni Punda_: 

77 Pa Corn. 10 p 

74 Gen. Investors 

65^ GeLSccaish 

72b Cm.St'Wdrs.JIhpJ 
76 HascwSftlilrCJ 
64 ^ Secriemlro- 

57 . Da^B* 

,51 Qenmar»In 7 .. 
4 » 2 Da‘B ’01 

71 (Sobeln*. 

43 2 GocettEarope— 

49 Grenge Tmst 

741, Gt North'll Iro_ 

6 P 2 Gieecfriarln* 

24 &eshamlro 

38 Gronp Investors., 
56 .Curtail In. Tst_f 

61 ^7 . „ _ 

12U. Hartmslro. IDp. 
122 mi(PhiIip)__ 
41 Hume HI ^“A 0 - 

35 Pa“B*. 

, 8 Icofnnd(5y 

(600 Da® 

36*2 Industrial & Gen. 
97 Iot.Pac.Se.BKSl-1 
52 Imerorfllro— . 

D.07 hitlro. TiJsIlJ 








18) 93j 93 

( 2 o.a i3 7.1 

9.6 1 

82l 9lJ — 

3 U B3j 4.9 

?J 5! 

unu , 

ii yk= 

z^ioi! 53 1 

J* 9 

2.2)110 6.4 

121113 111 

5^ 93 35 

3.41 7 t 
3.1 53 9.0 
23 9j| 61, 

4.8 4.8 5.6 145 

73 2.9 

6.6 7.5 
2.4 7.7 
2.4 218 
.2.0 9.4 
Z4 8.6 

j! 1 H J,|1W 

92 4.9 

3 2 75 
17 75113 

lisioi 98 

33 83* 36 

ioi t 

17 75 JUi 
40 7.4 51 
75 6 2 2.9 

6.4 43 41 
0.9 5.7 29.6 
0.9 10 J 153 
23 S3 7.o: 
10 2.9 353 \ 

1810.4 8.0 
55 53 4.4 
— — 1 4.9 
221Z0J 5 8 
5.2 7J 4.0 
03 i 53 



Dci^jpr .mop- 
Rothman? 12^L., 

Stfmwwi [ 










59h Imestors , iia_ 
031 Inastmt.Tst.ap~ 
[103 lardroeJapan— 
7iPj JmflneSec.HKS5_] 
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