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FqryourchSeft 
- anci^our 
peace of mind 



Comfy Rider 

AB3Qkt*nmx>nalCc!i-n*w 



r- 

, No. 27.500 


Friday March 3 1978 


**15p 




Men’s Quartz range from around £49.50-£88. 

CpMTflMEMTRi SELLING SMSt »K£IUW Fr.28; DENHAJUt KrJJj FRANCE FrJJJ; GERMANY DM1. Bj HALT L.S0O; NETHERLANDS RIB; NORWAY KfJJ; PORTUGAL bcJOt SPAIN SW®» KrJJSj SWITZERLAND Fr.2.0; EIRE 15p 


NEWS SUMMARY 


SENERAL 



BUSINESS 



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steadier 

• EQUITIES fell, to their 
lowest point since. July, with a 
fall of 10.4 to 433-i, following 

Ethiopia yesterday admitted for 
ttie first time that Cabans were 
helping to. man its front lines 
in the Horn of Africa war. 

Ct-Col. Mengistu Haile-Mariam. 
he Ethiopian leader, told a rally 
n Addis Ababa: “The Cubans, 
enowned for shedding their 
■lood anywhere and at any time 
nr a just struggle and cause, are 
racing themselves with the 
Ethiopian People’s Army at the 
*onl line.” 

In Mogadishu, Somali guerilla 
aiders said that Cuban troops 
ad already joined Ethiopians in 
arachute drops behind- Somali 
ines in the Ogarien fighting. 

■'uba's economy. Page 4 

In Washington. President „ .... 

■artcr said the U.S. planned to the Chancellor's warning on 
up ply Kmya with a squadron growth targets amt-gloomy 
f F-5 fighter aircraft tn view results from EMI. 
r Soviet arms shipments to 
•her African countries. • GILTS showed marginal falls, 

. . - with the Gevenunent.Secarities 

Jody of Charlie index o.os off *174.4*. 
•rha.pl in stolen m sterling rose ai points to 

harlie Chaplin’s body has £1.9415 in highly volatile 
isappoared from his grave m_a exchange markets. • Its frade- 
overlooking Lake weighted index " remained 

TZ J unchanged at 65.L The dollar’s 

*- spent his last 25 year*. “The - - e 

rave is empty, the coffin haa uepredattop widened to o-uS 

one.” police said. Chaplin died C€nt * v»-S*>- 
n Christmas Day, aged SS. . # GOLD rose $H tof «84». 

flan stabbed at • wall street 

: ront social up at746.«. 

, " f ' man was stabbed and two • SAUDI ARABIA is ejected 
fhrrs suffered face cuts when a to be given a seat on the IMF 
-i Hoita l Front pre-Ilford North Board later this year Bari* Page 
* -election social evening and . . -Ar'- 

jner broke 'op m fighting at # UA. DEFENCE Departaenl 
n Acton, West London, public will decide shortly betweeftrfour 
"ikp early-, yesterday. ; The consortia, three or which imfude 
•afional Front find gatecrashers British companies, Tor a devAi-jp- 
«d drawn knives.' ment contract For military ratios 

- estimated io be worth o9er Site.- 

ilster troops page is 

.n extra Army battalion is tn be .* • 

»' nnlo.ns-lenii<tyiy-18 months J^JaDS lOr 



3.12 


Rhodesia pact on 

majority rule 
to he signed to-day 

BY TONY HAWKINS: SALISBURY, March 2 

The. Rhodesian Government and the country’s three internal nationalist 
leaders to-day concluded an agreement for the setting np of an independent 
black-ruled “ Zimbabwe/’ 

After exactly three months of for civil war and many whites are brought face to face with the 
negotiations final agreement was who believe that there will be a political, economic and military 
reached on the structure of much- in creased reluctance on the realities. 

transitional -Government in which part of National Servicemen to The Rhodesian Parliament will 
the blacks will have a majority, risk their lives in a war for a go into “cold storage” — pre- 
A formal signing agreement will Muzorewa Government. sumably after passing the neces- 

take place to-morrow morning The agreement provides for a saiy enabling legislation to pro- 
after a plenary session. fourcnan executive council with vide for the establishment of the 

The interim Government will one member from each of the interim government — but will be 
be established " as soon as pos- four parties to the agreement — recalled to enact major Govern- 
sible." and definitely within a few Mr. Ian Smith’s ruling Rhodesian ment business such as the July 
weeks. Front, Bishop Abel Muzorewa's Budget and the new Constitution 

The four parties had previously United African National Council, ~ . ... . . 

agreed thatDecember 31. 1878. Mr. Ndabianingi Sithole’s African “Lu uL 

should be the target date by National CoiSci] and Chief “J* SfStiS 1 IXSffSS 
which a majority-rule Govern- Chirau’s Zimbabwe United ?l n ° d of la- 
ment would be installed in People’s Organisation. he ¥ 5 y 

Rhodesia/Zimbabwe. The chairmanship will rotate ™ ‘® n ,® n V t “ ai,d President John 

To-day’s agreement can be held on a monthly basis with eacb of wratha!! being vested in the 
to mark an end to the purely the four members, who are E *ecunve council, 
black-white confrontation in expected to be the foui party The transitional Government 

Rhodesia and from this viewpoint beads, taking their turn as chief arrange one-man-one-vote 

is a major advance. executive. elections to be held in rimp for 

But it can also be held to mark In addition, there will be a a popularly-elected black 
the transformation of the battle- lower council of Ministers based Administration to be installed by 
tines into a black-black con- on parity representation from the end of this year, 
frontation as the moderate the white government and the With the blacks having a 
nationalists — once they join the three black nationalist parties, three-to-one majority in the 
transitional Government — will Here also, the chairmanship will Executive Council and parity in 
become frontline targets of the rotate on a month-to-month the lower council, the interim 
guerillas. basis. administration will be a 

Observers here are not inclined There had been no detailed majority-rule one, though not an 
to rate the agreement as having discussions of the allncation of elected one. 
more than a 50-50 chance of Ministerial posts, but it was The functions of the two 
being finally implemented In its thought likely . that the conncils have not been clearly 
present form. nationalists would agree to Mr. defined, but it appears that the 

There are many blacks here— Smith’s demand that there be Ministerial council will concen- 
supporters of Mr. Joshua Nkomo two Ministers— one white and one rnntinnMi an Rack p>>« 

and Mr. Robert Mugabe, the black— for eacb portfolio „ ^ 

Patriotic Front leaders — who This would ensure “power Zambia may seek Russian aid, 
see the formula as a recipe sharing" and that black Ministers Page 4 

EMI profit setback as 
scanner makes loss ' 


Carter 
comes to 
defence 
of dollar 

BY DAVID BELL 


U.K. reserves 
fall $167m. 

in February 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

THE OFFICIAL reserves fell 


WASHINGTON. March 2. 


25t— 


20f- 


Gold and 
Currency 
Reserves 



hdc 


2zech in space 


Nicosia trial 



-»n Ulster from September. The 

iijccl is tn increase the number watphrina 

i experienced troops because vY aLLUUUg 

ruirised as being too short In for L N r . s n ® w 

ondnnderry, army and police voluntary' supervisory body. . ne 

•jrrlied the Provisional Ginn - for S f C u,?Vi^ 

cm's Bogaide- ^ headquarters.. have teen sent by foe 

trirast. the La Mon restaurant ***** England to Cay associ- 
!:«zc disaster fund reached *^- 008 for consultation. Back Page 

5O.W0. • yjc. STEEL industry is invosl- 

ilruifirk feik - b* 8_mo« tten any other Com- 

snyjaun icaiita . . mumty nation in new steel 

. man had an .arm ripped off plant .according to EEC figures, 
hen a grenade exploded in his Patse « 

^ ROW between Govem- 

smibo about l3 minutes after it JJ CB, ^? a ^ u ^ fl SfS5 c i 1,e c i!f. 

C SmSSw SmS 1 * with pay policy is likely 

i£? to result in a meeting next week 

ired and two <>thers were hurt. K flwC{?n t fj e p nnie Minister and 

ie CBI. at which the Confedera- 
,..00 may threaten to issue their 
» (, /echoslovak casmnoaut. Captr own contract clauses. Back Page, 
l.idhhir Remek. 28. sent i.:fo The CBI has urged the Chan 
• bit in Soyu*2S with Cot. Aiekei cellor to make £3.6bn. cuts m 
iubarev, a 'Soviet space veteran, income tax in his Budpet to 
ccaine the first man in d'pace' stimulate growth incentives 
nt .fo come from 1 the V.S. j6c the. Page 6 

rwtel Union. -/ # eUILDZNG S<KSETV leaders 

/ have been asked by the Govern- 

meat ‘to reduce monthly lending 
StO Arabs aceased 4f killing quotas to help avoid a house price 
Ir: Youssef Sibai. edrtor-ui-chief explosion. Page 6 
f the Cairo newspaper, AI- 
ibram, were sent lor trial in • POST OFFICE’S postal busi- 
ilcowa on charges of pre- ness has been set a new finau- 
iti niatrt murder. cial tint gf 2 per cent, of turn- 

- over. Mr. Varley has announced. 

- - - Postal business is expected to 

"" fall short of this in the current 

-year, hut Post Office forecasts 
tinl Scott, the novelist, winner. show an overall profit of £12m. 

F last i oar's £5,000 Booker Prize, Back Page 
.is died in London. He was 57. 
ihiiiur,. « COMPANIES 

ipiksbltc Count \ Council m iiufurii r RifjfiT'T ntade 
rdered a full investigation of • DUNFORD & ELLIOTT maoe 

an . Circumstances suriounding J mSbn nJSfita of 

SS n ‘"' llTlSihiVSftoie^embJ 
wav Lester Chapman. 30 <m turnover up from £WJ3m. 

kateboardinR should be banned to £80.48m. Page 20 and Lex 

i public places. - the . Royal made a LSEJfUm 

odgrrs. Transport seereta y- taxaWc oarn i nss to £L12m. for 
lr. Leo Gnufout. the diamond foe sis months to December 31, 
taler gunned down by three on turnover 2D per cent up at 
ie# outside - bis Golders Green. £13.1901. Page 20 

"nf'iBW . TOOTAL. fcU tattle com- 
trffee hts stolen briefcase held pa&y. is to buy 40 per cent. 

worth C2SD.Q00. Bradmill Industries, one of the 

JSeri FA CUP 5th round largest textile companies m 
Nottihssluin Forest 3. Australia, for an “ 


eplay. 


5A15m Page 22 



BRIEF PRICE CHANCES YESTERDAY 

'i ^jss&ss s**- SSS&* S = \ x 

.Tries, otiwnvTse gwi, (Godfrey) - _ |- 

psisi 1 = f 

•ta**l IhMirance 3m + 5 Imp. Coot- G rs ... * 3 

lfl + 1* Kcnnmg motor »* . - 

- Krk;:::::: r.;-^ * *i ^ : ? 

Fhifarthaak ‘I* + JS ° rS# m - 5 

tiW^tJairios .... 2P3 ~ 7 Siebens CgKJ SJ'I 

twrinm " 1S Sami nran 


BY NICHOLAS COLCHESTER 


strength 


of 

effectively 


EML the music, leisure and £27m. pTe-tax, and the lowest suffered from the 

electronics group, announced estimates circulating yesterday sterling, which 
half-year' figures yesterday that morning were around £21m. reduced sterling sales by £25^m\ 

shocked even its most sceptical Sir John described the inter turnover for the half was 

observers. The price of its shares national markets in which EMI £443m.— and profit by £2.9m. 
Fell by 23p to I41p. a fall that operates as being of “increasing EMI made a small loss in can- 
accounted, directly for one-fifth depression, increasing gloom and suraer electronics, entirely due 
of the ten-point drop in the adverse trading conditions." to a loss in Australia where foe 
Financial Times 30 Share Index. In the medical electronic . Japanese were "tearing the 

The worst news was that EMI's business EMI's problem bad been market apart.” EMI sold Ms 
medical electronics business — " enhanced costs in a market consumer electronics interest 
whose pioneering X-ray body that has been deliberately engin- there at the end of the year, 
scanners made EMI into a eered down. Sir John was _ 

SEE ?! 

m us ical ba* »f 

EMI’s business also badly hit. referring to the squeeze on 

Sir John Read, the chairman, medical spending imposed by ?L n^f 

predicted that results for the the Carter administration. This. . jugnmic e of the U.5 
hill year to June 31. 197S. would he said, had cut foe U.S. market repertoire in contrast to the 
fall “well short of last year’s for the EMI scanner by half. when foe Beatles and other 

profit level." The weakening of foe scanner British performers produced big 

The group’s first-half profit market coincided with a rise in promts. 
before tax was £19.4m.. com- costs associated with it EMI EMI’s interests in television 
pared with £3fi.7m. in the equiva- directors explained that there hotels, cinemas, industrial elec- 
lent period of the previous year, bad been a “very high" cost tronics and defence equipment 
In December, after the chairman Incurred in modifying early EMI showed improved profits. Despite 
bad already givep the market a body scanners to keep them trp the outlook for the year, the 
grim warning of EMI's problems, to date. chairman ruled out a dividend 

analysts were still expecting Aside from scanners. EMI cut. 


Power men reject new offer 

BY CHRISTIAN TYLER, LABOUR EDITOR 

POWER WORKERS’ pay talks hers, with or without a recom- secretary of foe Electrical and 
ran into trouble yesterday when mendation. But there could also Plumbing Trades Union, was 
jxnibn negotiators’ said a margin- be a combined delegate con- chased by about 100 or more 
ally improved offer was “un- ference instead of, or as well demonstrators, shouting "sell- 
acceptable." . as, a ballot. out" as be left during tb elunch 

j They said they were told by One last attempt may be made break. 

the Electricity Council that it to wring more money out of the The council, by some adjust- 
had now reached the absolute employers on Tuesday week. At raent of the figures, offered an- 
llmit of the Government's the anions* request, the Electri- other 50p a week on current pro- 
guidelines. city Council has agreed to stand ductivity bonuses saying that It 

•The four unions will now by on the day of their meeting, was still within foe 10 per cent 
separately consider what the next which will be at the council’s limit. 

«ep should be before a joint London headquarters. But the council made no move 

union side meeting on Tuesday Yesterday's day-long talks at on the other part of the package, 
weeks. Milihank were accompanied by a new .self-financing, productivity 

That meeting, only three days angry scenes and scuffles between deal. Based on forecasts of elec- 
before the national agreement - police and militant power station tricity sales, the offer is estimated 
expiers, will have a number of workers from Yorkshire. Wales by foe unions at £3.60 a week, 
options. The most favoured is and elsewhere. while they are looking for over 

to conduct a ballot of the mem- Mr. Frank Chappie, general £10 a week 


CONTENTS OF TO-DAY’S ISSUE 


European new's 2&3 

American news 4 

Overseas news 4 

World trade news a 

Home news — general ... 6,7,26 

—labour 8 

—Parliament ... 8 


Technical page 10 

.Management page 10 

Arts page 17 

Leader page 18 

U.K. Companies ' 20-22 

Mining 22 

Inti. Companies 24-25 


Euromarkets 24 

Wall Street 27 

Foreign Exchanges ......... 27 

Farming, raw materials ... 29 
U.K. stock market 35 


FEATURES 


Battle over a new US. 

military radio contract ... 18 
Politics Tiwlay: Public 

; 'order and elections 19 

Papandreou prepares his 

party for power 3 

Coin's economy: -More food 


and new cars 

Norway considers its eco- 
nomic package 

Mrs. Gandhi: Victory brings 

uncertainties 

North Sea Oil Review: 
Crucial stage for Brae 


15 


Around Britain: Hartlepool 16 
Sheffield steels itself against 

recession 28 

A view of floating rate certifi- 
cates of deposit 25 

U.K. agriculture: After the 
frost, a sea of mad 29 


Apwhmucn tt - 

MwImtmcflU Advts- 

Batik Return. 

Baslnaae* for Sale 
Craawwtf ... 
EiKertaUHraM Cotta 
food Prices 


a 

23 

27 

-14 

IS 

IT 

M 


VT-Astoarica Itutttn 30 

Hxne Contract* 21 

Letter U 

Lev M 

Lombard IS 

Men nri Matters .. 18 

Money Market ..._ 21 

IMS 


Rada 

Sahrom 


Share Information .. S-S3 


Today's Events ...... 

tv anf Radio ..... 

u«h Tran 

w* otter 


H 

IS 

71 


INTERIM STATEMENT 
HiidnH tats S 

ANNUAL STATEMENTS 
Rpyol lawsace ... 21 

TnermaJ Syndicate 21 

Bok Lending ftses. 31 


Fnr latest' Share Index ‘phone 01-246 602 6 


reserves 

slightly last month, for the first 
time since May, as foe Govern- 
PRESIDENT CARTER came ment ’s programme of early repay- 
strongly to the defence of the menr of the u -K-’s massive over- 
dollar to-day insisting that “ the sea * started to make an 

basic principles of monetary ... . . 

values are not being adequately The reserves declined by 
assessed on the international 8167m. during February to 
monetary market" 520.7bn., entirely as a result of 

debt repayments of S505m. 

allowing for new borrow- 

in a move which must also bung j_ e \ 

some comfort to foe markets, ^ an underl1rin[! 

L"“ iXw of S. wMrt is K 

5f2J 2^ c °^ a the same range as in foe previous 
SjSj ,aB Th? u two months when there were 

increases of 8357m. and S238ra. 
expected to follow suit to-morrow. >pbls was in sharp contrast to 

The sole opponent was Senator foe* inflows of several times this 
William Proxmire, foe commit- level last autumn when sterling 

tee’s chairman, vfoo said that was being held down. modest dent in the large totals 

his principal objection was that Although there was probably due in foe peak years with loans 
Mr. Miller was technically not some official intervention to bold 0 f between SLSbn. and i>4 fHbn 
qualified. down sterling at foe beginning due in 1980-82. This suggests 

The President said a number ?f the year, as has been reflected rfoat in order tn reduce the 
of factors would combine- to help m *h® money supply figures, the amount of refinancing and re- 
the dollar in the year ahead, underlying rise last month payment in this period further 
but acklowledged that it was resulted rather more from a moves may be necessary in foe 
more than ever important that variety of official transactions, next year or so. 
the Congress pass an energy Bill The reserves have also been This is a major reason why tbe 
quickly. boosted by new borrowings authorities believe that " the 

He said that foreign invest- abroad by various public sector current account should remain 
ment was continuing to flow into bodies. During February a total j n some kind of surplus to prn- 
the U.S. and foe attractiveness °* 8102m. was .raised, mainly vide the right financial climate 
of such investment was rapidly from EEC organisations, and this for new borrowing, 
increasing, partly because of takes the amount of new borrow- . olif 

hiphpr interest rates in the U.S. “>S overseas since last October is contrary to the view 

- iuwsumi idivb ui me u.o. ° .. twp ->r» argued by some economists in 

In general, he said, echoing «j- e i y t0 further similar P re -Budget opinions that if 
comments made by Mr. Michael ri® J T a limitedlSle dSrin£ ^ Government's refiationary 
Blumenthal, the Treasury Se rLt of fo^ vlar measures push the current 

Secretary and others, 1978 TTuTnart of theaffieial nolicv accost into a small deficit this 

as? *\ssr- - S-H« asa Maittws 

Nervous Of SS 

Michael Blanden writes: The B0W by asking new 0 Ij? d . pluses ' . 
European foreign exchange mar- finance maturing after the mid- The official concern to keep a 
kets remained nervous . and . ,n , s P ite of *^ e 

volatile, with the dollar cloang . The early repayment of deteriorating trade prospects has 
little changed against the lead- subtly more than 8500m. by emerged as an inhibiting factor 
ing European currencies after t^e Electricity Council last on the size of the stimulus in 
wide movements during foe day. montb >s by far foe largest move foe Budget. 

ria SS.SS dam 

5L» j- JETS 

SgfS5?LS5K. fecZ- * SSS. l, &*XiS r T !nK 

Ge^n ^rre^ agaSS Secu- lat T, thls year ' y nth 1 .f d f 1 - w^eni account surplus for 197S. 

iatl™inSv^ ^ S S a J ,e Ljn i < ?!5Lf o S0 1,ke f Iy - h «‘ « now slightly more than 

“ [s . Z , • But th i repaj-menfs -jo far the recent more pessmistic non. 

When it became clear that no announced, have made only a Whitehall projections 
new moves would be announced 
by the German centra] bank, the 
dollar slipped back below the 
DM2 level first breached on Wed- 
desday. But it recovered In thin 

trading to end in London 

DM2.0090, slightly lower than foe P » RTVT?T ' 
previous day’s DM2.0150. . 

slightly against 3 foe sSfraJJ? ™ e r ZiJ n J h 'L territories Barnea. south of El Arish 

following the series of measures fj\? re ^ M a I ? r aj0r , VICt ? ) ry . t0p ^?- v Sadat letter Page 3 
taken by the Swiss authorities to ^wi„Jior all rtSorf Be ^ n ; l£ e 
stem the inflows of foreign funds. ,D J^ e F\ rUled „ 11,31 tiie 

It touched a best level of . Mr E ^ r 

Sw.Frs.lB5 before coming back Weixman, had acted correctly 
to close in London at Sw-Frs. *^ 5terda y !I 1 barnng the creation 

of a new Jewish settlement in 
Sinai. 

Mr. Welzman, who objects to 
settlement while peace negotia- 
tions are in progress; had ordered izmnnth- •' l im io i*. i osA 90 Hi« 


Begin stops settlement 


BY DAVID LENNON 

MEMBERS who foe Army to prevent 
oppose continued Jewish settle- putting up houses at 


TEL AVIV, March 2. 

settlers 
Kadesh 


1.8350, compared with Sw.Fre. 
1.83 on the previous day. 

Energy Bill progress and 
Textron case. Page 4 


f In New York 

- 

l 

j March 1 

Piwtoni 

SpM 

1 month 

5 nmnth* 

; S1.<M1SM2» 

; 0.07-O.QJiii 
ii.85 0.80 -tin 

S1.93S&-94C3 
0.14-0.10 riis 
02E0i4ri]i; 


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Financial Times Friday- March .3 19.T8j 


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EUROPEAN NEWS 


Italian Communist^ offered 
places in Government 


BY DOMINICK J. COYlfi 

ITALY’S POWERFUL - Com- 
munist Party (PCD has finally 
succeeded in its demand to the 
Christian Democrats (.DC) to be 
included in a Parliamentary 
majority for the first time in 
some 30 years. However, its 
leaders were considering here 
to-day whether the price being 
asked by the DC in terms of im- 
mediate policies is not too high, 
as well as being .potentially dam- 
aging to the Communists in elec- 
toral teiros. 

The Christian Democrat Par- 
liamentary Party, presenting a 
public show of unanimity which 
is not even skin-deep, has, in 
essence, agreed to the Com- 
munists* demand, provided the 
PCI endorses in Parliament, a 
Government programme which 
could well serve as an election 
manifesto for the Christian 
Democrats. 

Indeed, some senior Com- 
munist officials were sayine pri- 
vately to-day. in advance of any 
formal response by their party’s 
leadership, that the DC were 
showing sighs of firing-off their 
first shots in a protracted elec- 
tion campaign. The party claims 
publicly it is trying to avoid 
such a contest as a means of re- 
solving the preen t political crisis 
which has left Italy without a 
Government for more than six 
weeks, .t 

The political deal which the 
DC is now offering the Com- 
munists- is a Parliamentary 
alliance for a limited period until 
the end of this year. Then it is 
envisaged that any new minority 


ROME, March 2. 

Christian Democrat Government economic programme. Bat the 
enjoying direct PCI backing in: Communists in particular w er e 
Parliament would resign lot-refusing to initial this pact until 
mediately on the election of a> the Christian Democrats accepted 
new president . the PCTs " political conditions." 

In exchange, the DC is insist- These, initially at least took the 
ins -drat the PCI must accept the form of a demand for a share 
prineiple of* no further expansion; of Cabinet seats in any new 
of direct state involvement in the government, an ultimatum Which 
industrial sector. In particular, effectively brought down.' the 
the Christian Democrats are Andreotti government on 3anu- 
demanding that Hie present ary 16. ' . 

financial difficulties of Mont- The Conimunists have since 
edison, the major chemicals and modified their demand for 
fibres conglomerate which has an emergency government. They 
accumulated debts of some $4fbru say they would settle instead for 
must be resolved without re- inclusion in a parliamentary 
course to further nationalisation, majority, coupled with the accept- 
as the PCI and its trade union ance of an Andreotti formula for 
allies want. the establishment of an all-party 

Another key PCI/trode union committee of parliamentary 
demand has also been rejected whips to ensure that agreed 
categorically by the DC leader- policies were carried out. 
ship. This concerns a campaign It is now up to the Commnnlst 
to permit tbe country’s police leadership to establish whether 
forces to be organised into acceptance by the DC. however 
trade unions affiliated to . the qualified, of PCI parliamentary 
semi-unified confederations, the support represents for the Party 
largest of which is linked a sufficient political -advance to 
directly with the Communist outweigh the DCs attached.. con- 
Party. ' ; ditions. What is clear, in any 

Sig. Giulio Andreotti, the DC event. Is that the Christian 
prime minister - designate, has Democrats have’ once again re- 
called a collegial meeting for taken the political initiative.and 
Saturday of all the main parties. Sig. Andreotti has won a signifl- 
He is assuming that tbe Christian cant personal victory within his 
Democrats’ qualified acceptance own badly divided party. 
of Communist votes to sustain The Italian stock market saw 
a minority government would be the DC’s acceptance of the Corn- 
sufficient to allow early agree- zmxnlsts in a new parliamentary 
znent on the formation of a new majority as an indication that 

administration. the government crisis might now 

The main parties have already he resolved speedily, end plus 
reached a fair measure of marks predominated to-day on 
general agreement on a new the Milan bourse. 


W. German print row spreads 


BY ADRIAN DICKS 

THE WEST GERMAN printing 
industry’s bitter dispute over the 
Introduction of electronic equip- 
ment spread further to-day, with 
the prospect that several more 
major metropolitan areas would 
be left without newspapers to- 
morrow as a result of printers’ 
strikes or employers’ lock-outs. 

With no sign that either side 
is yet thinking In serious terms 
about fresh, peace moves, the 
printers' union, IG-Druck und 
Papier, announced it was calling 
a 43-hour - strike at all - plants 
belonging to Axel Springer 
Verlag, which is by far the 
largest West German newspaper 
;roup-. . .The . union, described 
Springer, whose titles Include 
the mass-circulation Bild-Zeitung 
and the morning paper Die Welt, 
as the “hard core” of the 
employers' refusal to return to 
the negotiating table. 

Publishers - in Hamburg, 


Cologne, Frankfurt, and Essen 
suspended publication, of their 
Friday editions, while strikes 
called in Dusseldorf and Kassel 
were continuing. Munich, hit 
by both strike and lock-out 
measures, was without all its 
daily -papers for tile third day 
running-Lto the chagrin of local 
politicians -anxious to make their 
final appeals to the voters before 
the forthcoming municipal elec- 
tions. . 

At this stage IG-Drock's 
strategy appears to be to limit 
strike calls to specific areas, 
rather than to call out its mem- 
bers everywhere simultaneously 
as it did in April 1976. 

Tbe pubhshers and printing 
employers, who have tried to 
portray their use of the lodt-out 
as a response more in. sorrow 
than in anger, are likewise de- 
clining to take national action- 


BONN, March 2. 

But they stated today that their 
moves were bring limited to the 
union's strike calls. 

Relatively wide use of the lock- 
out by the printing employers 
duration and' location, of the 
has, however,. encouraged specu- 
lation about . whether. . tins 
weapon might commend. itself to 
employers to other indue tries. 

Meanwhile, in the engineering 
and metaidabricating industary, 
employers were warned by Herr 
Eugeir Loderer, President of IG- 
Met all, that a-“ lengthy” strike 
could occur in the two largest 
bargaining regions of North 
Rhin e-Westphalia and North 
Wuerttemberg-North Baden if the 
differences between the two rides 
could not be dosed. He accused 
the employers of making their 
offer of 3.5 per cent into, an 
“ultimatum,” whereas fee union 
had never made 'fete out of Its 
for 8 per cent .. 



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Irish postal : 
service upset 

By Our Own Correspondent 
DUBLIN, March 2. 
IRELAND’S communications dis- 
pute is now affecting mail 
deliveries because of faults to 
automatic sorting equipment 
which are not being repaired 
by striking technicians. 

The Tost Office has resorted 
to sorting by hand to the main 
Dublin sorting office 
More than 1,000 Post Office 
technicians are now either sus- 
pended. on strike, or laid off, 
with no early end to the dispute 
in sight The Irish Congress of 
Trade Unions will meet Post 
Office unions to-morrow 
However, the Department of 
Posts and Telegraphs has taken 
a tough line and has even been 
accused of having engineered 
the suspensions of some techni- 
cians. 


7? 


Belgrade formula found 


BY REGINALD DALE 

THE 35 nations attending the 
Belgrade East-West security con- 
ference at last seem to have 
found a formula for bringing 
their deadlocked talks to an end 
— almost a mouth after their 
original deadline. The confer- 
ence could now finish at the end 
of next week with a brief final 
communique, in ' which neither 
East nor West would achieve 
their main objectives: 

Provisional agreement on a 
final draft declaration was 
reported to have been reached 
at a meeting of eight countries 
representing the Western, 
Eastern, neutral and non-aligned 
nations which have been meet- 
ing for almost six months to 
review the 1975 Helsinki Agree- 
ment on Security and Co-opera- 
tion to Europe. The partici- 


pants are all the European coun- 
tries including the Soviet Union, 
as well -as the U.S. and Canada. 

The draft final document con- 
tains no reference to the need 
to respect human rights, which 
the West wanted to reaffirm in 
Belgrade. The Western coun- 
tries are likely, however, to make 
it quite clear in their public dos- 
ing speeches: that' the original 
Helsinki : human rights commit- 
ments remain valicL despite the 
Soviet Union'* refusal to 're- 
eodorse them ' in Belgrade. ' 

The final' phases of the confer- 
ence could still be held up while 
the* smaller nations attempt to 
amend the draft declaration. But 
it is clear there will be no “ sub- 
stantive "' final document assess- 
ing the implementation of the 
Helsinki agreement, as the West 
had originally hoped. 


EEC ENLARGEMENT 


Counting the cost 


BY DAVID BUCHAN, BRUSSELS, MARCH 2 


IF GREECE, Spain and Portugal 
were to-day already full members 
of the European Community, 
they would be net beneficiaries 
from this year’s EEC budget to 
the tune of nearly I bn. European 
units of account (£652m.). This 
is the major .financial conclusion 
which a Brussels Commission 
working paper on the implica- 
tions of EEC enlargement which 
is designed to provide a global 
framework for the entry negotia- 
tions with the three applicant 
countries. 

The Commission document was 
given a first reading yesterday 
by the 13 Commissioners, and 
is expected to be approved by the 
end of the month. It proposes 
that the transition periods for 
tbe three applicants to conform 
to tbe full range of EEC rales 
and obligations should not he 
less than five years and not more 
than ten. 

Other proposals are for a 
radical simplification of tbe pro- 
cedures of both Commission and 
Council of Ministers in a widened 
Common Market of 12 states. To 
prevent the Commission becom- 
ing unworkably large, there 
should be only one Commissioner 
from each member state, instead 
of two from each of the four 
largest member states, as at 

present. The right of veto in 
the Council of Ministers should 
he curbed, and the taking of 
decisions there by qualified 
majority correspondingly in- 
creased. 

The exact length o? fee 
various transition periods be- 
tween fire and 10 years should 
depend not only on fee economy 
of the applicant country in ques- 
tion. but also on developing 
trends inside the existing Nine 
member states and the world 
economy 

The Commission reckons that, 
ideally, an average growth rate 
of 4.5 per coot, among fee Nine 
and a slightly superior perform- 
ance on top of fear by the appli- 
cant countries would remove 


almost all fee teething problems 
of adjustment. 

By contrast, growth in the 
Nine below 2 per cent, would 
pose, very serious obstacles in 
the shape of protectionist pres- 
sure. Nevertheless, fee Commis- 
sion estimates that a growth 
rate among fee Nine “osculat- 
ing between 3 and 4 per cent.” 
would probably see fee Commu- 
nity through the worst pitfalls 
of enlargement. 

Working on the assumption 

feat Greece. Spain and Portugal 
were already members of the 
Community, the . Commission 
reckons that Greece would be a 
net beneficiary from the 1978 
budget' by UA40Qm_ Spain by 
UA20(V300m. and Portugal by 
UA150-300m. The Greeks would 
be better off than fee Spanish 
and Portuguese, largely because 
Greece is a net exporter of food, 
aod would therefore have to pay 
less in levies into the EEC kitty. 

On fee ComrrHssi era's arith- 
metic, fee presence of tbe three 
new countries in the Community 
would h ave meant a rise in EEC 
expenditure this year from 
UAI2.4bn. to nearly UA15bn. 

Farm price support would rise 
from UA&fibn. to some UAlObn.. 
while social fund expenditure 
would go up from UASTUm. to 
UAftXLSOOra. and regional fund 
expenditure from UA581m. io 
UAIbo. 

The uew members would, of 
course, bring in some new 
resources to the budget Receipts 
from customs duties to the EEC 
budget, estimated rhis year for 
tbe Nine at L'A4J}bn. would he 
swelled by some UAlOfhn. from 
Greece. UA350m. from Spain, 
and UA30m. from Portugal! 
Agricultural and sugar levies, 
this. year put at about UA2hn, 
would be increased by UAlOOm. 
from Greece. UA350m. from 
Spain and UA75m. from Portugal. 

The overall shortfall would 
have to be made up in the 
increase is the present rate of 


nationally collected valued added 
tax (a tax that none of the three 
applicant countries yet apply) 
that goes into tbe EEC budget 
All these hypothetical calcula- 
tions are only designed to put 
an order of magnitude to the 
financial problems of enlarge- 
ment, not to influence the 
detailed negotiations with any 
of the applicants. These; EEC 
officials insist will proceed “on 
their own merits.” 

Negotiations wife Greece, 
which applied for EEC member- 
ship in 1975, have been going 
on for some time, and fee EEC 
Commission has promised Prime 
Minister Constantine Karamanlis 
that it will try to .finish them by 
fee end of this year. Portugal 
and Spain applied early last 
year. - 

Tbe Commission’s preliminary 
opinion on Portuguese entry 
(necessary - for formal 
negotiations to’ ' start) Is 
expected in April or May while 
that on Spanish membership is 
not likely before spring next 
year. 

In . each of the three cases, fee 
Commission document proposes 
feat If the transition period 
negotiated is longer feap .five 
years, it should be divided into 
two' phases. “ each corresponding 
to the achievement and realisa- 
tion' of well-defined goals.” 

By the end of the first five 
years, each applicant country 
should be required to Implement 
Common Market policy on free 
circulation of goods, competition 
rules, the Common Agricultural 
Policy, full budget contributions, 
and fee common external policy. 

It recognises that some con- 
cessions might-have to be made 
to feart among existing EEC 
states, particularly West Ger- 
many. about fee influx of wor- 
kers from fee three new member 
states and feat free circulation 
of labour might have, to come 
in fee second phase of the tran- 
sition period. I 



Papandreciv 
prepares ] 
his party ] 
for power ; 

By David Tonga . . I 

WHEN Mr. Constantine . Ka: 

7 mantis, fee Greek. P?u 
Minister, meets Mr, Befit 
Ecevit, his Turkish coadfr 
part later this month, ab$e 
from the stUnmH^but unto 
f ortably present in. Ur. K& 
znanlis’s calculations— ^wilt 
Mr. Andreas Papandreou,n 
Greek socialist leader. 

His party, PASOK, has cobs 
t'ently opposed the • Gim 

' Turkish talks, and ‘ 1W 
PASOK just emerging as 
real challenger for powetffc 
Karamanlis has to ensimrO; 
be does not' open himself 
further taunts that he is pi 
pared to “bargain with# 
frontiers of Greece.” 
Mr.'Papandreou Is quick. tp’d 
miss the suggestion that be 
merely trying to score a-cbe 
propaganda victory over.-! 
main rival. Tn an intervfi 
he told fee Financial Tim 
that it was “ improper ” ' f 
Greece and Turkey to d’'»m 
Cyprus since it is not a. Gree 
' Turkish uroblem but as if i 
volves fee' violation .of ‘fl 
' integrity of a member' ofVtl 
UN. a matter for fee UN as 
whole. 

On the potentially more da 
gerous issue of the Aegean, 1;' [!• 
says that. “Turkey is deman- " 
ing that the' status quo shwi 
. be altered in its favour." Th7|.;fl ; 
means concessions ' fro. iv ■ • 1 
Greece, but alt that Tmto 
offers in ..return is non-war. » 
is a grave mistake for Kar.I: k ! 
mantis to agree ' to" mo 
Ecevit. If fee two meet an : 
fail to reach agreement, ft. 
only alternative will be, war". . . 
These -are strong wnrds. but onl 
part of a programme- c 
: vociferous' opposition which : 
helping PASOK ' become ’ ’ 

- mounting -threat to Hr. Ear : •• 
.mantis’s New Democracy. - Ar • < • 

■as - its- chaHenee '.grows: s- 
PASOK is adaottog- its radio 
socialist notidea to meet th . . 
new situation. 

The ideological basis of tt .. , . 

party remains un change .. 
according to Mr. Papandrew 
" We believe in Marxism an 
we believe In class struggle a 7 
the force of history. We h' 1 
lieve to putting forward 
grand, alliance of ft ' 
oppressed classes— the arti- 
sans. the small holders, ft. .. ... . 
farmers: the day workers, th . t 
' salaried- persons and the steal 
and medium businesses. ■ > a . ' 
"There is also a dimension n 
national liberation in our poll 
eies, a point which the larga- 
and less denendent conntrie 
in Europe find very hard t« _ ' : - 
com prebend. But we ' >' 
Marxism used in the right •way 
for our time and region, as ar > ■ 
analytic tool. We opposes tlx 
dogmatic Marxism mono 
polised by fee eastern bloc-..., 

- and onpose one party rule. : W< , . 
are-ffieariv faithful to popular . 
sovereignty.” * 

Id the November 1 elecflott 
PASOKfe share of the vot« 
Jumped from 24 : -to 
cent:-' New Democracy 
to 42 1 per cent In 
tile world *pf Greek' ^ow*c 
PASOK, believes that 
sage Of the elections yrajjw 
merely feat it hag bectrtnefefl 
official opposition but rtSHsexI 
step is govprnment. . 

Last year PASOK moved 
ontriffht Teiectinn of the f*** 
of the monopolies " to a 
for a special agreement i 
ing to grrnos of productsZbot 
allowing Athens to control 
movement of consmnditiesyni 
capital: - . More recentlss-the 
party has dropped demands'” 
for immediate closure ot US. 
bases ' ‘ •* 

Mr; Papan dreem explains feat his .: 
party still wants the bases lo- 
go but recognises thaC this 
may take time. ' ' ■ 

For NATO., he preserves sr pro-, 
found distrust, arguing -that, 
whereas - it has trained' the 
Turkish armed forces to act:' 

90 per cent, for defence pur- ' 
poses and 10 per cent, as an 
internal police forcer* to. 
Greece it has reversed ..these - 
proportions. He himself has ■ 
been under fire from the'!TiCbt 
and the enramnnists for seeking 
to woo the military in particu- 
lar by his tough tine tnwanis 
Turkey, but be defends- the 
way he has sought to Rlpjert 
his party’s stand on national 
issues. 

Eleven years ago be aod. his 
father were denied a certain 
election victoiy by thertoffl* • 
taiy coup and tbe question 
remains of whether a largely 
unoorged and ultra-righKwrag 
army would .accent him rs 
B rime Minister: On this Mr. 
Panandreou savs: “ As a ‘<5reefe 
socialist Party we have^faken 
stands on national indepen- 
dence and territorial integrity 
of a 'kind- which the military . 
ought to find unexceptional. 

As a narty. we should hot seek ■ . 
to sain support for musgtiras 
In the array. ' But wbeigthe , 
army hag a. history of invg v ®‘ 
merit 1n-po!i*ifs it has aiweast V 
to make', unre.that itsWcc*ss ' 
to power win not provoke fee : 
armv to put aside fee coasti* 
tntion.” K 

• 'V.- 


f\ 

|fc\ 

i 

- 








iOSLO CONSIDERS TOUGH ECONOMIC MEASURES 


for Norway 




I 


w;-- • 


'apaiulre, 

reparcs 

is party 

« 

>r power 

D*»ui r-.. ve . 


'■ * ' 


. BY WIUJAM DULLFORCE, NORDIC CORRESPONDENT 

Norwegian tin oil revenues have been —the stale oil income less the 
ihat it ponM a ? nol S ce ^ delayed. Norway s foreign deht state oil company's investments 

t2 0t table Itfi rev ised has mounted steeply, and in the and debt financing— expected to 
; 0 „.K ?°“ om, . c PW™®* “eaotome a number of other edge into surplus this year, the 
-*5lanml™ sche J“ led ' .^he things have started to go wrong, outlook is only slightly more 

°? the revision Last year, because of the Bravo promising. -One of the painful 
lGed t “ at accident and other 'setbacks to decisions the Cabinet is now 

*X2‘ e Y* n , raore disturb- development schedules, oil in- considering is that, having got 
- rs 25 SL2SS 1 ¥ ^P 0 *® .which come reached Kri3.7bo. <£355ro.) Parliamentary authority late last 
devalue the instead of the Kf.6bn. expected, year to borrow up. to Kr.7bo. 
■ € * ri “^ *?• Stabilise The Oil Ministry was still fore- abroad in 1978. it will soon have 

w, “ have 10 ** casting in January that pil to ask for more. 

• 0,an . Previously revenues in the 197&80 period Some Ministers feel badly let 

envisaged. would exceed Rr.60bn.; it has down by Mr. Kleppe and his 

"to wry Possible that after Just reduced this figure to economists at the- ■ Finance 

tnezo per cent, increase in real Kr^2bn. ~ Ministry. The trouble is that 

. national income’ they have The core* of the problem is the after a slight improvement in 
experienced .over -the past four external payments- balance and export performance in I976~they 
years, the Norwegians will how tfcte swelling foreign debt. The fed into their computers the 

be asked to take a cut in their - : • ' 

living standards. Even the full m, XT 

empioyment policy, which has.Tiie Norwegian dilemma: domestic 'consumption 

aroin?! SUFSSt. Sf {gJIJSoS *** be “t and the country must agree to.a very 
force, is threatened. meagre incomes settlement. But because of the 

. ^^ sures *»ing forced on delayed oil income the Government has to switch 
Jo I v^ v< ^ ra ih™ e V a f2r u l resources to exports. How can it do this fast 
nation used to the idea that enoUSfli ? 

North Sea. oil protects it from ° 

.the rigours of the world ' ' . " “ . “ 

economic recession. Norwegians current account deficit is running assumption that Norway’s non- 
are still a hardy race and they at more than 14 per cent, ol GNP, oil exports would increase by 
can probably .take it But the the biggest deficit in the OECD. 8 per cent, in volume in 1977, 
political situation is extremely area. By the end. of last year the returning to the pre-1974 growth 
. .painful for the Labour Party, .net foreign debt totalled some level. In fact,’ carports declined 
which just managed to retain Kr.82bn. after : ah increase of by 3 per cent 
power in the September general Kr.27.5bn. m 1977, The Budget At the same time, the high 
elections, largely on its record forecast of a Kr.lfibn. net foreign level of domestic demand 
of competent management of the borrowing, requirement for 1978 sustained by Mr. Kleppe's anti- 
economy. has already been revised to recessionary measures kept the 

Little wonder that there is at Kr.20bn.' and could » well go (imports flowing in. Norway's 
present considerable confusion higher. : non-oil industry, thwarted on the 

within the -Cabinet and that It has seemed legitimate for export front, also. lost market 
relations* between the. , party Norway to ruhtup this enormous shares at borne. . The 25 'per 
leaders and -their trade union debt, because It was thought that cent relative .increase in 
colleagues are strained. The the bulk was being invested in Norwegian unit . labour, costs . 
standing of Hr. Per Kleppe, the developing North Sea oil re- compared with its main trading 
cool Finance Minister who has serves. The breakdown of the partners over tbe past three 
been so widely praised for his 1977 borrowing shows' a some- years was taking its toll, 
anti-recessionary strategy, has what different picture. -The total The 8 per cent, devaluation on 

been undermined .and be will net borrowing for -oil develop- February 10 was the first move 
need . all his prestige and ment ' was Kr.10.4bn. Some to reverse the trend. The more 
dialectical -skill to get the Kr.7Bbn. fell under the: shipping recent work on tbe revision of 
Cabinet to . take the. 'tough account while the. pest:; of tbe the long-term programme raises 
decisions needed to restore tbe economy borrowed - a - net of the ’ question of whether the 
situation. Kr.92bn„ of which a sizeable devaluation was large enough 

The current problem must be chunk was taken up^by the State. There is an even bigger 
put into perspective. Ah economy This is ' the evidence for the question mark over the decision 
of 4m. people with the kind of assertion that Norway has been to remain wi thin the European 
oil and gas reserves the Norwe- living beyond even^ts consider- currency • “snake.” As trade 
gians possess must be fnndamen- able expectations. union economists point out, tbe 

tally sound. The trouble is that Even with tbe “ail balance " relative Increase in Norwegian 


Defeat in Spain to press OAU 

toWz on Canaries issue 


labour costs arises to a consider- 
able extent from the apprecia-j 
tioD of the krone alongside the i 
deutsebemark: The continued 
weakening of tbe dollar against 
the deutsebemark since 
February 10 has already eroded 
Norwegian industry's devalua- 
tion gain. 

Can Norway continue to pa; 
the price for the West German 
desire to keep tbe remnants 
of the " snake " intact? The 
question is all the more 
pertinent in view of the 
■difference between the two 
countries' employment strategies. 

Parallel- with the issue of 
restoring the export companies' 
costs to a competitive level is 
the problem of reorganising 
Norwegian -industry. The un- 
profitable branches — shipbuild- 
ing. steel — shored up by public 
funds must be reduced and 
investment allowed to find its 
way into branches which can 
yield profit. 

The present Norwegian 
dilemma may be summed up 
crudely as follows: it is accepted 
that domestic consumption must 
be cut and that the unions, 
farmers, state employees and 
even the pensioners must agree 
to a very meagre incomes settle- 
ment this year. But, in view 
of the delayed oil income, the 
Government must also act to 
switch resources to exports. How 
can it do this fast enough? 

Whatever it does will call for 
a change in previous policies and 
will be unpopular with its politi- 
cal allies in the unions. Mr. 
Kleppe has already intimated 
that company profits must be 
allowed to increase, an attitude 
difficult for the unions to recon- 
cile with cuts in their members’ 
real incomes. Tbe Cabinet will 
also have to look at its employ- 
ment policy 

By allowing mors unemploy- 
ment, the Government could also 
check tbe wage drift which has 
spoiled Mr. Kleppe's attempts 
during the past three years to 
mastermind comprehensive in- 
comes settlements, covering 
wages, farm prices, pension 
rates, taxes and subsidies. 


Slowdown 
forecast 
in Swiss 
growth 

By John Wicks 

ZURICH. March 2. 
SWITZERLAND expects a 
larger surplus on current 
account in its balance of pay- 
ments this year than in 1977. 
The country's official Commis- 
sion for Economic Studies 

expects a slowdown in overall 

growth in 1978 and a foreign- 
trade deficit of something like 
the last year's figure of 
Sw.Frs,867.6m. Net income 
from Invisibles should rise, 
though not as fast. as in 1977, 
while there should be a marked 
Increase in capital yields. 

At the same time, the Corn- 
won estimates that last year's 
baJanee-of-payments surplus 
should have reached the 
record level of ' Sw.FrsJ$.7bn. 
booked Tor 1976. increases in 
most oilier forms of income 
having offset a turn-round in 
the trade balance which in 1976 
had shown a rare surplus of 
Sw.Frs.I74m. 

Gross National Product, 
which is now said to have im- 
proved by a real 42 pe rcent. 
last year after the- drop of 7.7 
per cent, io 1975 and 1.3 per 
cent, in 1976. is expected to 
rise by a further 2 per cent, in 
the current year. Exports and 
imports of goods are each seen 
*as expanding hy 6 per cent. In 
real terms and private con- 
sumption by an unchanged 2.5 
per cent. Public spending will 
remain at hist year’s low 
growth rate of 1 per cent, how- 
ever, and investments in plant 
and equipment will rise by only 
an estimated 0.4 per cent., also 
is real terms. 

Inflation is expected to stay 
very low in Switzerland this 
year. . Wage growth will 
accelerate, but tbe Commission 
believe*; the rate of increase 
# A total of 4,650 working days 
were lost in strikes in Switzer- 
land last year. Only nine 
strikes lasted a day or more 
and 2,800 of the man-days lost 
resulted from a single indus- 
trial action, that of printers in 
Geneva. 


‘No deals with Morocco unless 
Sahara rule recognised’ 


BY KAY PHIPPS 

MOROCCO will in future insist 
that, in any future deals with 
foreign governments or commer- 
cial concerns, its sovereignty 
oyer the disputed Saharan ter- 
ritories is understood to be 
recognised. 

Mr. Ahmed Osman, the 
Moroccan Prime Minister, said in 
an interview that in any foreign 
dealings that are undertaken by 
Morocco, governments must 
understand that they were deal- 
ing -With Morocco “in its new 
form ” — including, by implica- 
tion, its territorial expansion in 
taking over the former Spanish 
Sahara together with Mauretania. 

The point is particularly signi- 
ficant in view of the enormous 
commercial agreements the 

country is about to sign with tbe 
Soviet Union and soon with -the 
U.S. Mr. Osman is shortly to 
leave for Moscow to put his sig- 
nature on wbat is referred to here 
as “the commercial deal of the 
century,” by wbich the Soviet 
Union -is to provide a $2bn. long- 
term soft loan to develop the 
Meskala phosphate deposit and 
will receive jn return up to 5m. 
tons of phosphate, rising to 10m. 

Under the agreement t-he 
Soviet Union will provide 
Morocco with crude oil, timber 
and chemical products for the 
next 30 years. 


According to Mr. Osman, 
implicit in the deal is Soviet 
recognition of Morocco's 
sovereignty over the Western 
Sahara. He said “ they know they 
are dealing with the new 
Morocco." 

So far neither tbe USSR nor 
the U.S. has formally or openly 
recognised the country's tenure 
over the new territories- Any 
such recognition must have impli- 
cations for the superpowers’ 
relations with Algeria which is 
backing tbe Pohsario movement 
in the western Sahara. 

The U.S. has been non com- 
mittal. and says it recognises 
Morocco’s “administrative" con- 
trol over the area. The Kremlin 
appeared to support the Algerian 
point of view in January during 
a visit to Moscow of the Algerian 
President, Houari Boumediene. 
The two nations issued a com- 
munique calling for a swift 
iegotiated settlement and the 
granting of the right of self 
determination for the region's in- 
habitants. 

However, when the statement 
was . issued, Morocco quietly 
ignored it, and shortly after, the 
phosphate deal was initialled by 
the two governments. 

The Soviet Union appears 
also to have given Cacti recogm- 


RABAT. March 3 

hon of Morocco's acquisition 0 # 
a slice of the old Spanish Sahara 
In negotiating a fishing deal 
which, according to officials here, 
may be signed at the same time 
as the phosphates accord. Under 
it, the Russians would provide 
scientific vessels for a fishing 
survey in the Atlantic waters in- 
cluding those adjacent to the dis- 
puted territory — which are said 
to be fabulously rich in their 
potential. Also under discussion 
are a feasibility study on a joint 
fish canning venture. 

U.S. business is also 
apparently complying with 
Moroccan demands. Comment- 
ing on a deal worth $20m. being 
negotiated with Westinghouse 
fnrO tbe installation of a radar 
network for the Kingdom's air 
defence system. Mr. Osman said. 
“Our agreement with the Ameri- 
can company will be for the pro- 
tection of the whole country, 
from east to west and north to 
south." 

Morocco whose moderate 
Middle East policies are well re- 
garded in Washington has re- 
quested SlflOin. worth of wea- 
pons from the U.S. and. though 
Rabat's moderation will un- 
doubtedly help obtain Congres- 
sional approval the request may 
run into trouble over the diffi- 
culties over the Saharan issue. 


Sadat sends letter to Begin 


BY DAVID LENNON 

A PERSONAL letter from 
President Sadat was delivered to 
Mr. Menahem Begin to-day by 
the American mediator, Mr. 
Alfred Atherton. 

Mr. BegiD refused to divulge 
the contents of the letter, but 
said that , he would reply to it 
early next week. Presumably, 
after Sunday's Cabinet meeting, 
so that Mr. Atherton can present 
it to President Sadat in Cairo on 
Tuesday. 

Despite reports from both 
sides that the American peace 
shuttle has failed to mal^e any 
progress. Mr. Begin said to-day 


that the *' negotiation will go on 
with the help of Mr. Atherton." 
Rami Khouri adds from Amman: 
Mr. Atherton is expected here 
Friday for a one-day stop whose 
aim is more to inform the Jor- 
danians of the state of current 
Egyplian-lsraeli talks than to 
try to draw King Hussein into 
the negotiations. 

Despite concerted and clear 
interest on Lhe part of the 
Americans, the Egyptians and 
the Israelis in drawing Jordan 
into the stalled bilateral talks in 
Cairo and Jerusalem, it is now 
unlikely that even agreement on 


TEL AVIV. March 3. 

a declaration of principles will 
automatically bring Jordan into 
the talks, according to informed 
Jordanian and Western diplo- 
matic sources directly involved 
In Jordan's view, the declara- 
tion of principles that Mr. 
Atherton is trying to work out 
is necessary for Jordanian parti- 
cipation, but is not in itself 
sufficient to bring Jordan into 
the - Egypt ian-Israeli talks. 


FiMNdM Timm. ruMiiticd daily cicepf Sun- 
day* and hubdayv U.S. ‘uhv-iirtlcm conn# 
(air firlahli S.Minn ignr mail' per annum. 
Second clan notute Mid ai Nr, York, V.Y. 


MADRID, March 3. 


BY OUR OWN CORRESPONDENT 


MADRID. March 2. 


SPANISH government the SPANISH Government is reality of the situation In the 


suffered Its first ' defeat in preparing a diplomat 
Parliament last night after the political offensive to bea 


and islands. Spanish officials still 
the remember the visit of one OAU 


Opposition jwjeeted its expiana- possible adoption by heads of leader, who went. tp lhe Canaries, 
tion of a Cabinet reshuffle. state. of the OraanfiaflOn of and was surprised not to find! 

Last : week-end. Adolfo African Unity (OAU) -of draft any negroes there. The islands | 


Snares Prime Minister, reaotation .^a^ng- Thfr 
accepted the resignotton W his Islands Independent^ 
Vice-premier for Economic month. OAU,- 

Affairs, Professor Enrique M ^ st ® rs meeting ip 
Fuentes Quintana, and changed ratified a recommenojffm 
the ministers of Industry, tram- Ubaratfotf ^committeefth; 
port, labour and agriculture. ctal and material- as 

" . - , should be given to the ( 

vice-premier Fernando independence mo 


solution ."backings the- AJanary have been under- the flag of Spain 
lands Independence ’nftwemenT. for 500 years. The indigenous 
Last month. OAU,- Foreign papulation, the Guanches. have 
busters meeting ip Tripoli loflg since disappeared, 
tilled a recommendation by the The storm over the OAU's 
laratfoti -committeeflbat finan- attitude to Canary Islands has 
ii and material assistance led the Spanish Government to 
ould be given to The Canaries begin questioning its foreign 
dependence movement, policy towards African countries. 


Abril MartOTelL who_took oyer jjpAIAC. which VI* waging a in particular Algeria, which is 
Professor rnemes QmnmM’s terrorist campaign. The OAU leading the movement over the 
portfolio tow Fwaiuent the beads ,<rf stated are expected to Canaries. Among the considera- 
poucy of the reshuffled cabinet : consider this/ resolution when tions are whether Spain should 
would remain unchanged. they meet in -Khartoum in July, sever diplomatic relations with 
He said the Government The . OAU’* claim regarding Algeria if the situation worsens, 
would comply strictly withu» *be African nature " of. the However, for this to occur the 
agreement between . Senor Canw^Iwnds has enraged the situation would have to become 
Suarez and Opposition leaders Spanish /Government and all very serious as Algeria is quite 


supposed to torry out the same 
policy..’ 7 


Suarez and Opposition leaders Spanish ^Government and all very serious as Algeria is quite 
which included voluntary wage political^ parties, and was con- an important customer for 
restraint In exchange for denuied In the Cortes last week. Spanish goods — the second- 
political reforms. Sr. Felipe Sr. Adolfo Snares, the Pnme largest in Africa — and also sup- 
Gonzalez, the socialist leader. Miniseer, saw Sr. Felipe • Got*- plies natural gas to Spain. But 
said he nmM not understand *“ e Sooalis* leader, y es- the fact that it is being men- 

w hv the Cabinet tad to be teriay .as part of a senes of tioned in official circles empba- 
reshoffled ’ when it was contacts aimed at forming an sises the seriousness with which 
supposed to carry out the same toter-party delegation to visit Spain regards tbe problem. 
poHcyT^ to earry oot me same count rip. between now VioiTr issue which may be 

•A Fjril*»«(,rT poiwcaT partii apJSr ^Madrid 

describing.: -Senor Ahrtl> t t» he well united behind the cas surcrised that some ^Sb 
explanation as inadequate was Government on this issue des-. “ at E » 

passed by 199 votes to. tour pite having different relation* 


against, with 134 absteotl 
Reuter 


_S«bbE Abril*# tr > be well united behind Om.-™ "ST that some Arab 
a inadequate was Government on this issue des-. SSSaxSiS aSiSi as Egypt, which 

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the resolution. sJaVdoes 
Twwtiv^tS^trv ^to^neiwiade* the not have diplomatic relations 

G^rcment^therc^o ft. ^«t m'a^be bVoS E2%V 

support for the MPA TAG The f r a A ^h^nATT 

Algerians have now stopped Sr. those merabers °£ the °AU 

AiSoSto GuWllo “the MPAIAC n jn supporting the 

leader, from continuing b| a -reMiuitoii. 

broadcasts from Algiers beamed ..™* 9? n ® r ’ es problem nas also 
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Spanish officials feel that Algeria jg" „ l f“v A TO ^The 
ontv did this knowing that ft -membership of NATO. The 
wotild not affect its long-term strong Socialist opposition feels 
designs on the Canaries. Sr. that the United States may be 
Cuhflln bad been broadcasting using tbe dispute to put pressure 
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The Spanish Government Ik resistance to Spanish member- 
ureing the ambassadors in ship of NATO. Tbe Communists 
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-voted in favour of the OAU reso- the alliance. Tbe Government is ... 

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Financial Times Friday March S 1S78 ; 


OVERSEAS NEWS 


AMERICAN NEWS 



U’M 


Nordic ban 
expected on 
S. African 


investment 


Zambia may seek Russian 
and Cuban military aid 


Canadian 

foreign 

reserves 


ft 1 *. 


for limited aid to NYC 


fall sharply 


BY JOHN WYl£5 


MEW YORK. Ware* j. Vi 


Br Hilary Barnes 

copenhagei 


BY MfCHAB. HOLMAN 


COPENHAGEN. March 2. 
THE NORDIC countries are 
expected next week to agree to 
■ ban on capital exports 
Intended for investment in 
Sooth Africa. This is one of 
the recommendations which 
baa been made in a report by 
an official working group to be 
considered at a meeting or the 
Nordie Foreign Ministers In 
Oslo nest week. 

The officials alao recommend 
that the Nordic governments 
should ban or try to ban all 
new investment Jo South Africa 
and to negotiate with Nordic 
companies to persuade them to 
limit the production of subsi- 
diaries In South Africa. The 
report also calls for a visa 
s yste m for all South African 
visitors to the Nordic 
countries and to stop all sport- 
ful; and cultural contacts 
between Nordic countries and 
South Africa. 

The officials said Nordic- 
owned companies In South 
Africa should be encouraged 
to adopt a code of behaviour 
and that Nordic Governments 
should Increase their contribu- 
tions to anti-apartheid groups. 
Independence movements, and 
for the support of refugees. 


LUSAKA. March 2. 


OTTAWA. March - CARTER admii 

OFFICIAL Canadian foreign i tfay asked Congress 


IthE CARTER adminWrktfdn to- But pension funds/ must also ^ 

1 dav asked Congress to throw a give support, be said, and this *e flght on New YOTk 5 Mulf. : 


> THERE ARE 'increasing signs 
| within Zambian Govern meat 

! circle, that Western encourage- 

Imeot of the agreement between 
Mr. Ian Smith, the .Rhodesian 
Prime Minister, and internally 
based black leaders will force 
Zambia to seek military aid from 
Russian and Cuba to assist m 
an intensified war waged by the 
Patriotic Front the Rhodesian 
guerilla-backed alliance. 


might be called economic and 
political pragmatists 

Last September his Govern- 
ment reacted angrily to such 
reports. They were described 

as an attempt to- .*' tarnish ” 

Zambia's image -and. by falsely 
“ internationalising " the war. 


Some observers here question 
whether the warning will be put 
into effect. Yet there is evidence 
of a recent and significant 
change in Zambia's attitude to 
such externa] involvement, 
accompanied by reports of about 
50 Cuban military advisers 
attached to Zambian, bases . of 
Mr. Joshua Nkomo's Zimbabwe 
African Peoples’ Union (ZAPU). 


New border 


defence powers 


By Quentin Pee) 

CAPE TOWN. March 2. 
WIDE POWERS to defend the 
borders of South Africa, in- 
cluding provision for a in- 
kilometre wide no-go zone 
along any border, are contained 
in new legislation published 
here to-day. 

The law also provides for a 
doubting of the jail sentence 
facing conscientious objectors 
to military - service from 18 
months to three years. 


Intensification of the war 
carries serious risks for Zatpbia. 
Even if Mr. Nkomo is successful 
in bis efforts to send part of his 
6.000 -S.OOO-strong army fas many 
are in training) to Mozambique 
for an assault from the east the 
remainder will have to infiltrate 
Rhode? i a from bases in Zambia. 

I This will make Zambia vulner- 
able to Rhodesian retaliatory 
j raids, two of which are reported 
| to have taken place earlier this 
iyear. killing over 20 ZAPU 
'guerillas. 



Jfsues that stem from the 
economic 'depression President 
Kaunda faces in this election 
year underlines persistent specu- 
lation here thai Britain is 
currently trying to persuade Dr 
Kaunda to look again at the 
Salisbury agreement, and to turn 
persuade. Mr Nkpmo to break his 
alliance with Robert Mugabe, the 
co-leader of the Patriotic Front, 
and return to Salipbury- 
This' appears -wishful thinking, 
however. Mr. ; Nkomo has *o far 
sustained an unequivocal rejec- 
tion of the internal, agreement 
which only an about-face on his 
part, or crucial’ concessions f mm 
Mr Smith, is likely to change. 
From here, neither looks likely, 
and - there Is no evidence that 
Dr. Kaiinda is tempted by the 
existing agreement. 


President Kaunda 


i Some observers are doubtful 
'whether Zambia would be pre- 
’ pared to rake tbe drastic step 
[which Cuban and Russian intnr- 
[vention signifies. They point tn 
I the severely depressed economy 
j for which international assistance 
i is urgently needed, and the fact 
I that President Kaumia’s policy 
'has its opponents among what 


play Into the hands of Mr. Smith 
who. said one Government 
official at the time. “ thinks he 
could rally Western support.” 

Officials deny a Cuban military 
presence hut add that such, a 
development would not be sur- 
prising. At the same time they 
fear that Mr. Smith- has indeed 
won .Western support. A senior 
official described the con- 
sequences as ” disastrous.” add- 
ing: “ By this time next year 
there could be HpII around here 
— Snuth African troops could be 
fighting against us. while the 
Socialist countries, including 
Russia and Cuba, will be fighting 
with us.” 

The demanding domestic 


'. Opx .United Nations correspon- 
dent adds: The .- UN Security 
Council is expected. to be called 
into session next week to reaffirm 
its earlier demands for an inter- j 
nationally .approved. Rhodesia 
settlement based . on hlack 
majority rule -and consider reject- 
ing the agreement recently 
worked out internally. The 
African nations bare agreed at 
a caucus to request .the Council's 
intervention. -• - - 

Under the system of Alpha- 
betical -rotation - among The 15 
members. . .Britain’* Mr. Ivor 
Ricba rd is the iCouneil-president 
this month. Clearly, the British 
delegation- would* rather not have 
the Council take up Rhodesia 
at this time. 

Nigeria, one nf the Council’s 
three African members, is under- 
stood to be' « prftpe morer in 
the initiative . and Bng. Joseph 
Garba. ' its Commissioner for 
External Affairs, is due in New 
York next week to take pert in 
the debate. 


the Finance Department here 1 bankruptcy. The balanced budget objective short-term -borrovring negs. and; 

said !- Unveiling the plan to a House had ter be enshrined in a four-- said w*t mght that. sBOUlott fall 

The change, las: month 0 f Representatives suh comimt- year budget plan which was in to do so. the ^ynite Hou» 

included an increase of ; tee. Mr. Michael Blontenthal. the accord with generally accepted would be willing to take a second - 

SUS21 7m in assets denominated \ Treasury Secretary, stressed that. accounting principles. A further look at the problem. — 

in Special Drawing Rights | action w a s needed to avoid a condition for federal aid/ the' . The v^uirernent to 
iSDRst- reflecting an apprecia- [-bankruptcy which could bare Secretary --said, was New York the city budget b.v iHSZ sets the v - 
non n? the U S dollar value of i very serious consequences for slate legislation to facilitate the mayor an extremely toughtask^ 
the SDR. I the city and New York state . . sale 'by the city of long-term and almost certainly pressages-^.. 

The Department said' that thei The administration's proposals- bonds.' by proridlng appropriate further cuts ra sendees- TO** 
Fehruarv figures do not in elude.;. fall somewhat short of what the security and legal authority. true, acouimng deficit- tor the*.- 
ihe drawing of SU5200ra. on, city had been seeking, but are The federal government has year from July 1 w-iif be about, 

February 27' from the SUSliibn. i designed to maximise the po6Si : turned down the »w Tork city Slbn. and. according to M re- 
start d-bv credit made available 'bility or endorsement by' a plea for a renewal of the Kochs ^projections the^ deficit: 

by Canadian chartered banks j Congress -winch has become 1m-. seasonal loan programme intro- would nave declined modestly to, 

Meanwhile Mr Robert Andras. patient with the failure by New. duced in 1975. which has enabled $954m. by 1982. 

President of the Canadian Tree- 1 York to set its house in order, -the city to borrow up to b2.8bn. This estimate was based, taow.^ 

surv Board announced in Ottawa l In essence, the plan would a year. This money has had to ever, on the probably unrealistic-' 

supplementary spending esti-1 enable New York to incur up to b e repaid within 12 mouths of assumption that there would be ' 

mates SCI 09bn for the Canadian : SZbn. of long-term debt, which borrowing. ' no general wage increase for ths- 

Governmeni's fiscal vear ending! would be hacked .by .federal The aty had asked for a new city's 287.000 employees whp.v 

on March 31 ’ (guarantees extending for up to four-year, seasonal loan pro- hare already lodged a demand*- 

He said rhe Government still : 15 years. Bui this aid is. condi- gramme, starting with SI. 8bn. for for substantial pay rises this- 1 
expects total expenditures for tional on New York . balancing the' fiscal year starting on July year Federal strictures will-: 
the vear to he within toe nlan- ! its budget by J982. and o.n the 1 and declining to Slhn. in 1882. strengthen the mayor’s bargain- ' 
ned " level of £G44.45bn. an- 'creation of a financial control It bad also wanted guarantees j n g hand with the municipal 
nnuneed in Fearuarv 1977 ■ and monitoring board by. New for' S2.25bn. which would have unions. He needs the backing" 

D °The matii m ’the wople-’ York state • extended for- 20 years. of their pension funds for pur-* 

mentarv estimates included Emphasising that local leaders ^President ^ Carter gave Mr. chases of short-term notes, and '■ 
SCll*’ lm to the Agriculture De- ! must ro-operate fully. Jtr. Edward Koch, the -mayor of New the unions -will probably try to: 
oartment for simoon of agnail- ; Blumentbal said New York dear- York, an outline of his proposals use the threat of withdrawal of 
tural products SC233.5m in ; ing banks had given assurances, last night and was commended support as a negotiating lever. - 


tural products. SC233.fim. in 
payments to the provinces, and 
SC50m. for additional costs of 
servicing The public debt. 
Agencies 


Senators hold 
secret session 


Brazil has trade surplus 
but record foreign debt 


on gas prices 

87 Junk Martin 

WASHINGTON. March 2. \ 
THE SENATE members of the) 


BY DIANA SMITH 

I RIO DE JANEIRO, March 3.' 

;T7TE BRAZILIAN fnreign debt reached the unprecedented total 
i reached a record S31.2bn. last of. S7.2bn. - • j 

iyear. but there have been sub- “Brazil is an emerging power 
! stands 1 econnmic improvements, in search of economic affirma ! 
! This was the- keynote of a tioo. thus reducing its vulnera- J 


Marshall warns 
of intervention 
in coal dispute 


By Stewart Fleming 


NEW YORK. Man* 2. 
RAY MARSHALL, the 


Indian talks may benefit Mrs. Gandhi 


-rur tS n^mwfrcnf t ' h J This w a5 the- keynote of a turn, thus reducing its vulnera- j L.S Labour Secretary, has 
THE SENATE members of the, mess senl bJ , President bility and its dependence on the warned that the Carter 
Congressional joint conference Q e]S g| to the federal outside world.” General Geisel I Administration could, move as 

committee on energy- went >nto; c es<; u . hen it reope ned said. Unequal and unfair distn- early as Monday to try to force 
5 r £L* f 655100 , 1 resterdav after the Summer bution nf income, and undent- an end (o the 87-day -old VS. 

attempt to resolve tne long dean- ■ - k ab] vt fo Bts of urban and rural! coal- strike if miners do not 

I WAl/ Altde nlrtieol AOC tin fttl D I * ■ ■ . ■ . . . _ 1 m _ p A.1— _ ^ - 


rftraiii-' !• 


BY OUR OWN CORRESPONDENT 


NEW DELHI. March 2. 


They were being aided in their Exports had become more T f ° ’ V m,! t ? W **' ! 
d-ijberatinns tn ti. w».« diy i Dlrane nature , ? d fauna new 


designed to iry to persuade the 
160,000 United Mine Workers 


ALTHOUGH the Janata Party- 
ha$ become the single largest 
party - after elections to the 
assembly of the southern 
Indian state of Maharashtra, 
the chances of (t forming a 
Government there receded to- 
day, This emerged after the 
Parliamentary Board of the 
official Congress authorised its 
members in Maharashtra tn 
hold talks with Mrs. Indira 
Gandhi's Congress (I) Party on 
a “working arrangement “ for 
the formation of a Government 
In the state. 

Should the * working 


arrangement " talks succeed. 
Mrs. Gandhi will chalk up yet 
another triumph as her party 
will he taking part in the third 
Government out of the three 
southern stales' which recently 
went to the polls. She has 
already secured absolute 
margins In Karnataka and 
Andhra. 

But the talks could founder 
ir Mrs. Gandhi Insists on a 
merger of the two Congress 
parlies. The official Congress 
today made it clear that boiji 
would maintain separate 
Identities under any arrange- 


ment which Includes a eoatitioa.' 
A coalition may not be accept- 
able to Mrs. Gandhi since she. 
insists. . there is -a ..single. 
Congress Party in the country * 
—her own— and that others 
should Join it 

However, since failure to 
form a Government could lead 
to dissolution of the legislature, . 
the talks are expected to suc- 
ceed. The agreement to begin 
lalks has the support of Mr. . 
Y. B. C ha van, leader of the 
Congress opposition in Parlia-' 
ntenL who Is in danger of losing 
bis post because a large num- 


ber of Congress MPs are ex- 
pected to join Mrs. Gandhi. 

Much will depeqd . pn what 
treatment Mrs. Gandhi mele* 
ou| to Congress leaders like 
Mr. Chgvaa .. and Mr. 
Brahman ends BeddL Since the 
formation of a aqified Congress 
party could depend on giving 
them the status they demand. 
Thejr fear Is, however, that 
even If Mrs Gandhi! agrees to 
their demands, she wty Jettison 
them . later- Foe thR present 


aeu Derations ror me seconu uaj> ; uaiu.c . u »uu 

running bv Dr. James Schles- ; markets, despite “protectionist fnratgn pongy, union members to 

inger. ti»e Energy Secretarv. who measures, adopted by cooling stressed Bra^l_s- con^rit j - approv ^ fhe pact, Mr. 

lart night crossed optimism > economies” be said, toitobing a. use o^ nu^ear - conce ded that the 

rhaf a compromise solntlop on « theme ydiich recurred frequently energy Its nuclear agreraient j . coalfleWs are , n >• ferment ^ 

natural gas Win the offing! in the message The total value J*?*} - l ovcr Bituminous Coal 

This, it is generally agreed, of exports in 1977 .res $I2bn . P»£ in •• f Operators Association’s 

would provide for the phaseout compared with S1.4bnMn 1984— a ^ h i^_ nr ,3 ° (BCOA) offer; 

over a number of’ years. Of the year in which the present dusemwation of nuclear know- ■ 

SK2 '*££'* an 'EEiaSS mlIitan ' reglIne W, “ d P0Wer constant dialogue wit* thei union leaders ££ been oufflJ 
, hp Sriei Of new Economic growth reached 5 U:S.. he said, was helping both ing the details of the proposed 
increase in the price of new _ rnr. «iKah« cptttpmpnt to inrat nutrtrt 


«c r ,tUa r *i,an the P« r cent.. GDP totalled Sl64bn^ sides tn understand each others 

Administration would Tike and P er «P lta irreome rose to 81,452. point nE view. fBraril is hoping 
I rathrt fess rhan ihe oil and gas lbe President said. The inflation for VS .cooperation in increas- 


Op era tors Association’s 

(BCOA) offer; 

Over the past two days, 
union leaders have been outlin- 
ing the details of the proposed 
settlement to local district 
officials who to-day and 


therefore, unity talk* are. apt 
beitebefdi uithongl*. feelwV 


JNttRkeffe AUhongWcfeetore- 
tMme to be made- 


Tp« than the oil and ns President said. The m nation for L 7 ^ , co-operation in increas- to-morrow wUI be explaining 
inrtiistrv havf bwn tohhvine for rate - w bich has gone far beyond ing Brazilian exports in the face the contract to their full 
10 Dr Srfilestneer- carar under 40 P er cent in recent years, was of widespread protectio nism.) ! merobereWp. Judging from 
«ifone V oressu£-vssterd*v Jor i eld at 38 8 P er wnt - in 197T - fwr political reforms and f reports coming out of districts 

some Scnatow .wh^ argued 'ftat tliiftta especially to a sharp drop Jiberaljration (the subject of, Mdi. ag. East^ Keptuejg, tef 


’• -»v- . -. ^•i.u.v'j#.' t ..a 


Victory brings new uncertainties 


some Senators wha"irgtied ihit " 

the White House -dhould agree J the the .rear ** 'the- gsgcgml 

ko accept passage qf a limited v? beo credit .restrictions and printed -media here), the general; find sedtfons of Qhto. miners 


Bill cove ri ns the* three aspects import controls began tn take hinted th*t it was now. possible are deeply divided on the 
aire'adv oassed bv Coneresa— coal effect. Foreign • • exchange to consider abolishing " excep-j three-year agreement they are 


being offered. 


BY K. K. SHARMA IN NEW DRW. MARCH Z 


THE JITTERS that leadeix of 
the Janata party and the official 
Congress are now experiencing 
because of Mrs. Indira Gandhi's 
re-emergence in Indian politics 
is evidence of the former Prime 
Minister's dominating per- 
sonality. her uncanny mastery 
over the game of power politics 
and her ability to be one step 
ahead o! her opponents. She may 
never return to power, but 
recent events show she win 
make a determined bid neverthe- 
less. no matter what her public 
stanee. The danger is that what- 
ever Mm. Gandhi may do will 
have a destabilising effect on the 
country and distract attention 
from ' the country’s basic 
problems. 

Mra. Gandhi is returning to 
politics through the south where 
her Congress (it parly will form 
at least two state governments 
Janata his made some headway 
there by emerging as the recna- 
mud opposition, hut it* power 
base remains tn the north This 
it rfae firts destabilising factor 
Just when the Janata party will 
bp trying to give effect to its 
promises to decentralise decision- 
making and economic policy 
implementation and to allow the 
states a greater say, there is 
raddenlv need for firmer con- 
trol by the central government. 

Mrs. Gandhi’* ehief ministers 
from the Southern states will 
assume office shortly hefnre thn 
National Development Council is 
to meet on March tS and IP to 
finalise the .Tanata's new " roll- 
ing ” plan — a system of annu.il 
reviews of the economy to 
replace the Five-Year Plan. 

Mr. Morarji Desai. the Prime 
Minister, has so tar obstinately 
kept to himself the exercises 
involved in formulating the plan, 
rejecting demands from non- 
Jasata states for a role in this. 
The meeting of the Council, the 
errantry's supreme economic 
decision-making body of wbtrh 
a!I the chief ministers are 
members, cannot now avoid 
becoming a political arena 

Mr. Desai might have managed 
to contain the Marxists from 
West Bengal, and Tnpura and 
the mercurial Sheikh Abdullah 
from Kashmir, but he will find 
himself in difficulties if the 
southern chief ministers decide 
to be obstructive. And Mrs. 
Gandhi will encourage them not 
only to be obstructive but also 
obstreperous. Implementation of 
the plan depends on the states, 
and many of them are hostile, so 
its launching hardly comes at an 
Mspicious time. Formulation of 
policies has taken long enough. 
With Mrs. Gandhi playing a 
deliberate spoiler’s role, their 
implementation seem* doomed. 

A consensus approach to 
national policies t« unavoidable 
In India's federal structure, and 
the country was heading toward 
this before Mr* Gandhi 
demonstrated that she cannot he 
eliminated easily. Janata i* mm- 
fitted tn decentralisation just 
when Mrs Gandhi will try to 
uake sure that what is needed 
j strong centralised gwernmem 
if the fund that she forced on 


the country- With Janata leaders 
wrangling among themselves and 
showing little sign or effective 
government either at central or 
state level, people are hankering 
For .a person who can act 
decisively. Mrs. Gandhi know* 
this. 

That she has successfully 
rehabilitated herself m spite of 
the total rejection of her in the 
north jun a Fear ago also raises 
questions about the future pat- 
tern of Indian government. Mrs. 
Gandhi has ju’st made major 
political gains after steadfastly 
refusing to acknowledge that she 
and those close tn her were 
directly responsible for the 
excesses of the emergency. She 
has this in spile nf the dis- 
closures at hearings nf the Shab 



country are willing to forget her Mrs- Gandhi's emergency hive 
emergency rule excesses. M*s. not healed. Indeed, in electoral 
Gandhi herself is by-passing Par* skirmishes Janata has not dene 
lianient. She says she does not badly* gnd * s in 00 imminent 
want the prime rmnstership or cfanger./especiaily if Its leaders 
-leadership of the country and jsepse* .the threat to them and are 
that all die does waqt is. a compelled" -to weld themselves 
revival of her democratic and togetibw. • Mrs. Gandhi is hoping 
socialist policies for the benefit they will not b« able to 'do' this 
of the vast majority of the poor and 'some believe that she is 
in India. Yet she has chosen waiting fbr desertions that will 
to ignore Parliament and pre- bring about the much-discussed 
ferred instead to " channelise realignment in Indian politics, 
people's anger.” as she put H Until her re-emergen ee, this 
at her first Press conference. was taken to mean ihat the 
That Mrs- Gandhi appears to former Congress elements in the 
have chosen the extra-par! ia- Janata would combine with the 
mentaryl arena as her political Congress (then without Mrs. 
battleground strengthens the Gandhi) against the Jana Sangh 
belief that her view is unchanged and the Bharatiya Lok Dal 
that a strong executive is needed (Indian People’s Party) of the 
in India She has chosen to use Home Minister. Mr. Charan 

Singh, to form the government. 


More food and new cars 


war 


Interest rates ease- 


By Our Own Correspondent 
BOMBAY, March 2. 


N.OW that Mrs. Gandhi • has 
demonstrated that she is the 
■Congress, that realignment can-, 
not take, place. This gives the 
Janata central government an 
unexpected ' fresh lease of life. 


already oassed bv Congress— coal eneci. roreign -exenangeto consider aoousmng " excep-f Ttiree-year agreement they aim ■ 
conversion. utfHty rate reform «™-’ ^e President said, tional laws 1’ . J being offered, 

and home insulation — leaving; tie — ■ - — . ~ . - — _ 

other two. natural gas and the 4 __________ 

wellhead price on domestically CUBA S ECONOMY 

produced crude oil, qntrl later. 

But the Adminlsartioij clearly — ^ 

ESfSfs*SS More food and new cars 

has become dear for- some 

months that the wellhead tax is _ _ • 

; HHS despite the cost of war : 

.Rill for the current weakness ’ - . Jr ■ T 

of the dollar. This Is an atgu- • . 

mem that has regularly been - by HUGH O’S-faUCHklHSY, '-RECENTLY W HAVANA 

voiced over the pa* few weeks. _ 

but with minimum impart on ___ .. .-y..-.-; 

Conzres*. which has simply pot DESPITE THE war in the Horn new industrial, projects will , be at least on the world market; 
comp round to the view that the an ° continuing u S. rorapletett by 1979- This will in- makes it urgent that Cuba should - 

value of the US. currency is a trade boycott, life for the average crease -the availability nf a big develop reliable new sources of • 
matter of maim conrent. Cuban is getting slowly better in range of products from electric income. Officials are hoping that 

It is oerfertly well understood material terras. While it is rare power and cement to polyester investment in citrus will start 
hy the \dmin:«tratinn that w’haf-i^ or Havana (o suffer from traffic fibres and fertilisers The Cuban paying off before long and that 
ever Energy Bill doe* emerge jams, the number of cars ob the government also hopes that its perhaps by the end of the decade 
will hare only limited effect on f streets has increased over the last efforts tn technical training will Cuba will be among the world’s 
the level nf oil imports for tmmhjrivo Pero and the vintage auto- mean that. Cubans will be able leading citrus exporters, Presld- 
of the n-*f two years. The j«oMm which seemed to be the to handle new and existing fac- « n t Castro ha « even talked about 
n*ychnlngtcsl importance . of a ‘rule m Havana in tbe. -1960s are tones with erea ter efficiency exporting glass bottles and 10 
PiM. however, would a'tnort cer- < a ° ,v ’ “** exception Clothing. Despite toe greater produe-. percent of the country's cement- -- 
tamir outweigh rh* immediate i w <iue §tilt rainy arao. is mucb nvrty oh tbe horizon. President production: ~ 


vr.fr p.il'N s. ' v. | 
li'p s ^ |i! 


BY HWGH O’SlteUCHktfiSiSY. -RECENTLY IN HAVANA 


-"Niii | in'on 


__ i— j*— • especially if the official Congress 

THE maximum lending rate of it, vMi«hi th* 


«_r ■ in throw* its weight behind the 


India has been r *duced to IS ^ Gandhi> n ctone» have. 


in' fact, had a chastening effect 
of tbe Janata governments on fhe j anaft factious.. The 


Latin America 
economy talks 


attempt »» complacency thai set in «oon 

economy and was deswloed b #fter the sweeping parliamentary 
Dr. I . G. FbteJ. Go^eroor of victory last year is going. Janata 


By l oiepfi Nann 

CARACAS. Mareh 2. 


disappear in the shops with 
bewiidennc'.' irregularity Never- 
theless, toe Cuban's diet is 


the Reserve (Central) Bank, as leaders are again on the’ defen- 
aimed at bringing down in* s |ve. apparently helpless in the I 


dus trial costs. 


face of Mrs- Gandhil's onslaught. 


Interest rates will tall from Xh e j r effort is now tq contain 
between three to less than one her hand, ironically., rather than 


r V ^ 

vr l 

s- v L : * m 


percentage point depending on f or the' official Congress to 

the category of borrower. The J come within the -tanaia fold, 
move reverses the steady in- They an* even willing to bolster 
crease in rates that there has an obviously w*eak faction with 


been since 1999. 


their own strength' in states 


't' 3 


The Reserve bank has also where Mrs. Gandhi's party is 
lowered the interest on five finding it difficult to form a 


year' deposits from 10 per cent, 
to 9 per cent The government 


practical impart it w-quid have. : J improved since the early. 1970s. Ca«trn is not promising a coa- Tourism. rhe Government" 

Basic foods are still on ration— *nmer boom, in the immedrate hopes, will onoe again be a big-.': 

T Satan A mneinn the individual monthly allocation future The"arcem, he says, must money earner The number oc 
Latin America os.^ur. for instance, is about now he hn exporting. *• Hitherto.” foreign tounsts has gone from ~ 
,, two kilos— meat is scarce and the he said at the end of December, a mire 4.0M in U73 to TflSS " 

economy talks Iw- common- foods appear and -everyone talked of what was last year.™ tireet for this vew - 
J 1 disappear in the shops w,tb needed, what wg* good, what was u ® Oqo conttoinr tn " 

" ^caTa’cas. M-h 2 . - ssarTt-afisr^ars ^ g; E ™ ,a1 ^ of im - 

"fr w Despite the greater pro- « »■**" 

ssssatsisss sks ass.#: 

‘The group known bv Its) Amtrag the principal com- — : — the middle of the next decade. 

Spanish acronym of SelS: wi“| plants of the habanero inn Dr , rting from here jnd there. AoU 

hnld its fourth ordinary minis- ; inhabitant of Havana! are -he f rnni the socialist area, from the to be vwnhin'ff 
renal meeting m Macuti. on the I state of the puWjc realist area No one ^Iked 

Caribbean coa«t. Sela which ex- transport and nousing British ahnijt oxtrorting."- daitned'rerentlv^i+ia^.^foiH^J^V' 

fiurtac .ho t* s I.evlanrt buses are st ill doini V i etaimen recently tha. expenditure 


Caribbean 


Venezuela on April 3 to discuss 1 1fc * r - regulates the dismbution nf - j . ear rime 

co-ordination of regional econo- many household items and n-esiGent L.RSTTO IS not 

mir -nifiaTire. under tbeau^prees i^fmeo canexpect to buy a lip- promising; a'- Consumer repayme 

2!J/ m Lalin Arnencan e ery boom.- - v - S 


System . s,x ra°ntbs. 

The group, known by Its r , Among the 
Spanish acronym of Sela. will ’. plaints of th 


ne principal tnm- 
the habanero i.m 


government. 

This kind of manoeuvring will 


Caribbean coa«t. Sela which ex- 1 transport and housing British 
etudes the US., was founded in Leyland buses are still dom- 


hopes to see more life savings -gather momentum and cannot 
flow into the capital market mean anything except ihat pob- 


ctudes the t. 5.. was founded in; ueyiana ouse5 r u ha's. foreign trade experience on defence and latouliiMnN 

1975 ic a regional orpanisation 1 good service. supp emente d no a- hAe nfl , alv : a ys been happv in amnuntod to mV 7R4rn 

intended in formulate common. b> Japanese vehicles and huses ;ha joTne. -The phenomena! rise /rwtnm » Ul*!!: pe , s ° 5 '. 




through nationalised life in- ttetans ■will be preoccupied with 
sura nee institutions and unit party and partisan politics 


Mrs. Gandhi 


Commission of abuse of power 

and tbe efforts of her Congress 
rivals and the Janata leaders to 
pin the blame nn her 

Mrs. Gandhi has demonstrated 
her popular appeal in the 
southern states, again underlm- 
inc the lesson that the north 
and he south are net moving 
in tandem. Sho claims she bas 
the same sappnri in the north 
as well ('* I am the only opposi- 
tion in the country.” she says), 
citing pouter discontent with the 
Janata patty in support of her 
claim. 

Yet it is clear That she does 
not really believe this. Her pro- 
claimed desire no; to try to 
enter the Lok Sabha ithp lower 
house nf parliament i through a 
by-election from the north is a 
tacit admission that it would 
still be difficult for her to get 
elected from a north Indian con- 
stituency. Tr> seek a safe south 
Indian ennstifuericy would v» 
tantamount to . admission of 
defeat that would lower her 
status as a national leader- 

Thus, wtule large para cf tha 


trusts. rather than with government or 

with policies. As it is. work in 
' goverrtment . offices has ‘ given 

. ’ way tn speculation on whether 

.elections in the south, where her rwfl - r.ongrejws parties will 


personal populariri' was the merge, whether Mr« Gandhi *i» 
decisive factor in tne Spectacular pnme minister, whether 

victory of tbe Congress (I t But j ana ta will last and so on - 
in the north Mrs Gandhi is- : Indian* at all levels -are 
hoping to cash ia on the persist- fgserarteri by fhe intnsra.es of 
ing differences among com- t ^ e , r political masters and work 
ponents of the Janata party s { BC kens in ' direct relation to 
which continue to war with each Activity at the top Such activity 
other almost openly at tbe cost ^jj be prolonged -and distract- 
of ignoring the electorate which . ing , ^ bureaucrats are stilt too 
returned them to power. ' demoralised after wiwt the . y 

Mrs. Gandhi ha s , drawn large endured -under emersency rule 
crow-ds .In such key states as and since Janata ministers ftexeo 
Uttar Pradesh. Madhya Pradesh their muscles to keep things- 
and Rajasthan. There Is reason moving, le* alone take tne 
lo bnlieve that the Harljaos (Un- initiative. 

tnucbaMes) and the landless, with the Finance m misters 
who switched loyalties to the calculated risk in presenting a 
Janata largely because of Sanjay budget with a record defirtr 
Gandhi's forcible sterilisation economic management will need 
programme, are now turning close attention it inflation - is- to 
hack to her because of their tn- be contained and as the " roiling: 
security under the Janata plan” is put into effect 
regime’ Mrs. Gandhi is alsu If political instability sets In 
studiously wooing the Muslim —and the portent* are there— 
minorities who have always felt the economy wifi. h« its first 
safer with the Nehru family victim- -This will hein Mrs. 

Barrie has not really been- Gandhi, -and i* another ever- 
joined in the Hindi-speaking whelming reason for the Janata 
northern belt for toe sears of to dose its ranks. 


economic <tra regies among raeOi-'with .Cuban . coachwork on a 
her states and develop a ” code . Russian chassis But m the morn. 

of conduct '* for trans-naunneH ing and evening ru?h hour *aiT- lBT ^ 7 4 tempted officials with the ahouT"^ "TL 
companies np-ratia« m the. area - are long and buses suffocatingly aulnon ty to import or order ftn public heeli an^edutSSS " 
Sela intends tn set up a n»tin- crowded | 3r= » nuan tttie* of foreign goods j t i< dwf that keeifn- 

her of Larin American trans-; The building nf new housing sine- the- c.«»r pnee has fallen of fronn/in if^T^ S ' 

narmnai* which would serve the.' has never kepr up with demand , r ; ,,nrler-jO cerits and tiiere ha«- can-io* - 

region and dimmish the' influence; and .many home? in Havana ire h«w n iswIp demand for mother & I'.'J. UT. onta,n , efl w1 tb?n this ■’ 
nf foreign compares Bui This fstili- v« r y cramped- 3 nd m need h := r t , ha n .export, nickel, tart ,s Iai ^' 

initiative remains at the plan- ; of maintenance This year may mrrency receiptc- have fallen hv i J ** ir * h * in? 

n:ne sia2r« «o far. - • \ see another big improvement ir. ste«piv. f , u 

, living standards.. The overall v a result, for more ihan a " r - 

SEC files Suit economic ' growth rate for this -,-* ar h"o». Cnhan nfficipjs have n Ju-fpnnc he ..5/ relaxed 

mico sun iyear is forecast at 7.4 per cent - 1(5 ^nth-rcoes on ihP island nut- - 

against Textron • . 1 P. er ^m Vast year and 

^ - . _ .3S per cent in 1ST a 


1 bill's 


s ti?i 


SF.P filok airif .'economic growth rate for rhi, 

nie5 SUir • iyear is forecast at 7.4 per cent 

against Textron • . 1 p. er r 

- ._ . . 3 S per cent in 197a 

WASHINGTON. March 2. ; Though there is little prosper 

THE SECURITIES and Exchange; of any big increase, in the inter 


steeply. 

V a result. 
v»ar now. Cur 


en: been i raid lifts the world w V- Pre«i« Z* “3 -l'-' 

»*• im modiical'-nns nf impftirt ««• ' JhSrtS. *£“2 52 ^ 


Though there is little prospect import flow. In some cases the African I fw 

any big increase, in the inter- r„L nit h*ve u^d the fine nnnt * fr l Cdn ^* 1,00 mnvemenr? in 


THt. ar.CL.hii ifjib and Exctianse , of any big increase, in the inter- .- 0 h 1M have used the fine pnnt e v Cha n " ' m 

Commission t SEC | has filed a national sugar price. President lr , mmracts -which specify ship- \f«h»?Btnn rm* f g ° f "' a ' 
?uit in a federal court here : Castro has said that ^the physical mem id Cuban vessels.-' Where fhere mmuL ^ 


-M.. ... ,-ran MV.V W n» » u ina> U« vnjsitJi ment in t,uoan xmsseis.- wnere Therp mmalnc 

agamst T-xtron seekme docu-^rop should be IS per cent up rhe Government preferred not to ' ^on Z m £ J!* J l2T 

ments on if? business activities t thiy year on- the. a* yet. uVe deli^r'. Cuban t^sels did help from the 
The agency had subpoenaed . unpublished figure? of last year no: appear. '. ' financial^ ravtironim J 

Textron on Fehruarv is. seekina-ijiMj-i, t h e , usar crnp . i hp - - - financial institutions. Io ht? last . 

various documents as uart of an ielaird c hiespst nmort enpe 


„ - financial institutions To hi? last . 

Pirtly a«= a. result of a wish not. major speech the Cuban leader”'. ~ 


in inn aaenc*. >biu inni 11 mu« • ehoulft mtr.a i V-* «. -ii*. •.vu«i 

decline to produce Ihnse docu- ; -irnduc^uv toLic? al>0 l a P^ ar * ! h “ l ’ he , -« hans “kc money frnm these mstiflP . 

ntents without a court order pro! ? ^'erplayed their hand m trying ynns if it could -get it.? hands-; 

tectin- confidentiality. J J *"£- K?™* *5l? h T& obtain a premium price fur on il. . 

Reuter i 9u °2 er = eT,c to.W sold on lons-term . m this context it is interest-- : 

vr«;c — ally building dunn«. ihe linst parr contracl to Japan The Japanese ing ihaf the Soviet Uoion haS: - 


tally building durms the first parr 


Suit mi Canada results — p. 24 j Pas y daily pap ar, $aym that LSo 


•« Development Bank. Such aecete 

I2to racy lastahiilty ml sugar, would bo very valuable to Cub* 


Up±M 


I 





Sfeltarc*-. 7 , 




Financial Times Friday March 3 1973 


WORLD TRADE NEWS 


pMMi-v > 

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»•«*.* •.. . 

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w'?.rn. . 

i' *1 !;•:-•■ 

1 ><--»* •_. 

4* ?V»7* 

T.*« - -. 


arshaif 
iXllei \ i 
coal di 


shib^fpr 
Geneva 
discussions 



PekiaEg-Tokyo accord to 
rely on long-term balance 


BY CHAR 1 ES SMITH 


TOKYO, Mar. 2. 


: TQKYO, March 2. 

.JPAPTS External Economic 
. * -naira Minister, Mr. Nobuhiko 

• A^, pla ^ -_* L a ^ n ^ .. a JAPAN’S S2Qbn, long-term trade are expected to continue at least was possible that dbe long-term 

• ' '-Ifneral Agrpmont 8 «n° f Tn,-u* e agreement with China is based at existing levels and to be agreement might eventually 

nd Trade inGenevl' fa 2? b . alanced over negotiated oh the traditional resuK in Japan’s increasing its 

is office ? d Geneva 00 , April the . long, run with deferred pay- twice-yearly basis. share in China’S ‘global trade sig- 

Mr Ushiba' will l0 . 311 .in 11 *®! hunch- One reason why steel is not nificantly beyond present .levels 

' -alks'th* n «? TWioSLiL,?® 1°^ of Chinese orders for included, Mr. Inayama explained, (at which Japan is already easily 

" ■ ,lve Japanwe plant and machinery, is that it has been treated as a China’s tarabt trading pitner). 

wr.' nooert Strauss, and tW vtnsnoisi TtmAi «» tnM .... + «**»*» * u ««m 6 ^luia/. 


Strauss, and 

Japan will cut fanpnr* Griffs 
on 1 24 Hems by an average 23 
per cent from Saturday in an 
attempt to Increase imports 
and improve trade' relations 
with other' countries, the 


the Financial 
to-day. 


Times was told “cash commodity” up to now and 
„ - ... thus does not fit into the basic •wh*tb*f i 'r*bat 

Mr. Yoshibiro Inayama, chair- framework of the . agreement 044161 

man ©f Nippon Steel Corporation which provides for Japanese ex- w.S^ tSmLd tradin* 
and the man. who, as chairman ports to be .financed by deferred 

of the Japan-China trade associa- payments. - arrangements with China. H 

__ th „ tion, did most to conclude the The mata C&toese export items M* 

. Finance Ministry saidT ^ new agreement, explained that covered by the agreement are C 5 m ^ i !!F uW 

cuts were originally scheduled agreement, signed two weeks crude oQ (deliveries to rise from to ^ er 

, to take effect- from AnrlL The 1 880 la Peking, runs. -for eight 7m. tons in 1978 to 15m. tons in <rafe , anot * ier 

. Ministry said the Drodnrt* jrears and commits each country 1982) and coal ("sample” do- ®? untJ 7 M J* promised to pro- 
’ covered by the rats hS 1 1 ?«_ b «y $10bn, worth of the -liveries in 1978 rising to 2m. tons duce a serious deficit on the 
computers, colour film, winra. ' other's' products. , . of coking coal and L5m. to 1.7m. C^neee side. 

Scotch whisky and brandy ' *r. Inayama . said . that tons of steam coal In 19S2) Mr. Discussing the credit arrange- 

*“"*** . addition-*!* trade flows created Inayama singled out the planned meats to' be used for covering 

’ -Ur. WUhelm Haferkamp, Vice- by the trade agreement (trade step-by-step increase * in Chinese Japan’s plant exports during the 
‘ ‘ President of the EEC., . that would not bave> taken place oil exports to Japan as one. of edrly years of agreement, Mr. 

The meeting, von the Tokyo if no agreement had been the crucially important features inayama saad interest rates 

Round of - multilateral trade negotiated would amount, on a of the agreement would conform to normal irrter- 

-■ negotiations. Is expected to dis- rough calculation -to about $2bn. He suggested . an eventnal nsatio®al practices but declined 
• :uss possible - authorisation - of a year more than “normal” two- “notional" figure of 30m. tdns to say whether Ihe “ gemtienan’B 
•import restrictions on specific, way trade of some ?3bn. a year .for Japan’s. imports of agreement” on long-term lend- 

■ xmntrles under GATT’s safer Averages, -however;^ might be Chinese oil but emphasised that fag vould' serve as a specific 
.guard daussi-. Foreign. Ministry misleading because, there would “ at was nothing more than an g.^eHne. Oedit could take 

-sources said. be a heavy concentration of ld ®? . to in- Jonn ^ ejai er buyer’s credit 

• Japanese car manufacturers Japanese plant and-, machinery T® 8 * , m wcondary cracking, facili- m a t least as 

-predict negligible growth in_their export contracts- to the, early Japa nese oil industry f ®2japan waseoncenied. 

-. car sales in the VS. and West years of the agreement, with 
- Europe this year because oi. the Chinese, exports of ofl^and coal of Chinese oil). 

Yen’s appreciation and the. in- catching up to subsequent years. : 111 secondary crack- 

creasing competition from .The main Japanese export items faculties wonld be undei^ 

■ I „ American compact cats as well Included in the. agreement are by _ F C L. J S£ an y 011 ^SSj^. ntraB * 

w 3r«« new Japanese Government plant and - technology - Cabout ^JS FT r , era ' Si J ro3e S?:^S J ' 

measures. - S7bn.to SSbn . wo rt h to lie-ordered P nent ' Inayama said, but low-, the construction of a complete 

Wj n ,_ Toyota Motor Company, . over thefirstJIve .reanTof the SJ???™*?,, iSS?U!?^_' “ T,,T,,W 


1 

MH 

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_ integrated steel complex 

Japan’s biggest car company; said agreement). . and' ^wnsiruction 0tbe f F!I olv ; 

it would not sett cans and other materials and machinery - f $2 bn. rup Ja gan pe vetopmePtBank. the moderojsi^tm of two of 

ehicles aggressively: .to $3bn. with the possible excep-_ Mr * to ? Mna said he fett It China’s. six existing steel plants. 

. /. tion of rails and Pipes) but these 


NDU|.v 

^ -Reuter. 


British 
Aerospace 
for India 

By Midiael Donne, 

Aerospace Correspondent 

A BID BY the United Kingdom 
aerospace industry to win further 
orders for aircraft, engines and 
equipment in India will be made 
later on March 14 when an exhi- 
bition of British aviation pro 
ducts opens in New Delhi. It 
moves to Bangalore on March 22. 

' Sponsored by the' Society of 
British Aerospace Companies, the 
exhibition is aimed at promoting 
discussions with Indian military 
and civil aviation authorities on 
the possibility of selling UK. pro- 
ducts to India, or their manufac- 
ture under licence there. 

Mr. Robert F. Hunt, president 
of the SBAC, says he wants to 
see constructive discussion on 
future aviation links between 
the. two countries. 

Tn addition to British Aero- 
space (both Aircraft and 
Dynamics Groups) and Rolls- 
Royce, 23 other aviation and asso- 
ciated companies will be partici- 
pating Including Cossor, Decca, 
Dowty, Dunlop, Ferranti.- Flight 
Refuelling, Gray In er, ML 

Aviation, Haxcbni-EIltott, Ples- 
sey. Short Brothers, Smiths 
Industries, Sperry Gyroscope and 
Westland Aircraft 
Particular emphasis is being 
placed on components and equip- 
ment, by such companies as Auto- 
motive Products. Avialift Falrey 
Hydraulics, Firth-Derfbon stamp- 
ing^ Normalair-Garrett, RHP 
Bearings and Trnflo. 

In New Delhi, the exhibition 
will be at the Hotel Ash oka and 
in Bangalore at .the Vidhana 
Sands. 


Bayer to stay in 
polyester market 

BY RHYS DAVID, lEXTUES CORRESPONDENT 


BAYER, the German chemical 
group, which announced last yeat 
its withdrawal from the over- 
crowded balk polyester fibre 
market in Western Europe, has 
sow decided to continue as a 
manufacturer . of . a speciality 
polyester line. 

With most manufacturers 
throughout Europe losing money 
daring the past two to three years 
on polyester- filament and staple 
for- apparel markets, Bayer 
decided Last year to close down 
its Faserwerke Huls plant, 
jointly owned with Veba, the 
German oil group, and to drop 
production of Vestan 21, its bulk 
polyester. 

A decision on whether to 
abandon its modified polyester 
Vestap IB was postponed, how- 
ever, and production at Huls has 
been maintained. The company 
has now announced that because 
of increased demand it will 
remain in production of Vestan' 
16 and will be moving certain 
specialised plant and machinery 
from Huls to another Bayer 
location, Dormagen. 

Vestan 16 incorporate* a num- 
ber of special properties includ- 
ing high resistance to tempera- 
ture and has found- markets in 
floorcoverings, simulated fur, 
printed textiles and blankets. It 
is also being used as a filler 
fibre to quilts as a replacement 
for highly priced down and 
feathers. 

The decision by Bayer to con- 
tinue in production of polyester 
for- these speciality markets is 
unlikely to make any substantial 


difference to the efforts through- 
out Europe to rationalise pro- 
duction and to bring down 
capacity in order to relieve the 
current grave surplus of supply 
in the' European market. 

The move is evidence neverthe- 
less, of the reloctance of pro- 
ducers to abandon potentially 
promising markets to competi- 
tors. Bayer has already with 
drawn from manufacture of 
nylon filament for the hosiery 
market though ft remains a pro- 
ducer of nylon for other applica- 
tions, including carpets. 

Bayer’s main fibre Is acrylic 
and in a separate move yester- 
day the company announced 
plans to put more effort behind 
its Dralon brand name in the 
U.K. The name already enjoys a 
high level of consumer recogni- 
tion as a quality furnishing 
fabric and Bayer is hoping to 
build on this by persuading more 
manufacturers and retailers to 
feature Dralon in their labelling 
and display material. 

BrazO $50m. oil plan 

Brazil’s big oil conglomerate, 
Petrobras, and -Exxon’s Brazilian 
subsidiary, Esso Emprendimeutos 
Petroliferos do Brasil, ' have 
signed a risk contract commit- 
ing Esso to a 850m. investment 
In drilling for oil in four blocks: 
three in the mouth of the 
Amazon, one in the Santos Basin 
in the south (on top of the $16m. 
Esso has invested in drilling In 
the Santos area), Diana Smith 
writes from Rio de Janeiro. 
Soundings will begin next month. 


Contracts 


• Grands Travaux de Marseilles 

and its associates will construct 
a Rand 125m. harbour at 
Mngazana in Transkei. The 
consortium began- a feasibility 
study last July and the project 
is expected to be completed- io. 
five or six years. .- ; 

— £ 

• NATO has exercised an 

S11.3m. option with Litton 
Industries for additional NICS/ t 
TARE computerised community-' 
tions systems that will aut£' 
matically relay telegraphic toes-* 
Sages between various NATO 
facilities in the U-S„ Canada' 
and Europe. *-• 

• Instron has obtained orders to * 

the value of f 400.000 from ther 
Soviet buying organisation. Mash?? 
pnborintorg, for seven material; 
testing machines for a number 
of research establishments in their 
Soviet Union --- 

0 TeehnUal has won a ciuk 
tract to plan and supervise the- 
construction of a high-speed rail' 
link between Riyadh and Dam*' 
mam in Saudi Arabia, from 
Saudi railroad organisatioa.? 
Technita] will also act as general •• 
consultant on rail development.*^ 

• Komatsu has won a Y6.4bn. ■ 

order from Socle te National 
deg Constructions Mecaniquttr 
(SONACOME). of Algeria for 
320 bulldozers and other ctiTP' 
struct! on machinery to be deli- 
vered by next July- %r 

• A £1.5m. order to supply three! 
gas turbine compressor sets la - 
the Dubai Natural Gas Company -, 
tor use in the Fateh Field to - 
deliver gas to the LNG plant 
onshore, has been won by Rust eh 
Gas Turbines. 

• ICL has obtained an £880,00(01 
order for 80 of Its 1500 Series of 
mini-computers from Northerii 
Computing Services (NCS) of 
Newcastle, New South Wales. . 




'•'I 


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Pht -i r • •. 


Andersen optimistic 
on EEC trade talks 


**< by : . 

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BY HILARY BARNES 

The Danish Foreign Minister, 
Mr. Knud Andersen, said today 
on his returni-fram -a visit to 
Tokyo that Japan, and tiie EEC 
will con cl ude a trade agreement 
designed to reddee -the Japanese 
trade surplus witii the. EEC. -. 

No deadline has been fixed for 
the conclusion- of this agreement, 
! but Mr. Andersen said that an 
agreement Is 'bn- -its way and 
Denmark win, in its eapadty as 
- chairman of the EEC Ministerial 
Council, be able to report this 
to the Heads . of Government 
meeting. In Copenhagen in April, 

Mr. Andersen said that he 
believed one result of his visit 
was that he had made the 


C OPKNHAGEN,. March 2. 

Japanese •. understand ' that the 
EEC is a trade policy unit which 
negotiates bn behalf of all nine 
members.'* ~v 

He said that he hope* that tbb 
Japanese Prime M ini ster,- ~ Mr. 
Tikeo Fuktida. wiU- accept an 
invitation from the Resident of 
the EEC Commission. Mr. Roy 
Jenkins, to : visit the EEC tn the 
near fuftcre. 

**We did not go te Japan to 
face them with a deadline for 
the removal of customs barriers 
to EEC imports. But we let them 
understand, that something must 
happen ' sbon,” he sakL Mr. 
Andersen was In Japad as the 
representative of 
nations: 



[ 


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■** ;■■■- 

’**' >- 


U.K. motor parts expo 
1 to U.S. may top $5<Mhri 



Start with a Lancia and you can stick with 
the Most Italian Car of all for the rest of your life. 

lb cut your teeth on, there’s the Beta Spyder 
-with its detachable 
Targa top, fold- 


v 


cars 

war 


. DETROIT.Jffarch 2. 

BRITISH motor components in- automotive engineering show and 
du.stry representatives at the conference in the world — report j 
U S. Society of Autimwtive very encouraging nrospects. i 
Fnrincers exhibition here are . “American makers are buud-| 
confident that exports of i parts tog lighter care hut front-wheel 
and accessories:: to American drive will soon Jreconae common- j 
manufacturers will top S500m. place here^” the SMMT spokra-| 
next year, according to a Society man added. “Chrysler wito 
nf Motor Manufacturers '-'’-itod their: Omni- god Horizon models 
Traders spokesmen. - - Z - have led. tl» way on multinat-, 
Johal- souxflng but the future I 


-in a- nn^ tv. iii.iv Jonal- sourflng but the future 

In the past -.the bn Ik- od put. ..ji. for multinational engineer- 
pnniponems export growth has ^ 

Wen for the replacement market - r^ n ..n iiumr^ Arm* hv 
bm the secret is now moving to Sof^Sre and *1 

original equipment he said. stron ^presence in the same show 

The 28 British companies ex- for mne years means that the 
hihiting at what is often de UAf now appears to British i 
scribed as the— ^most important sofp lien to be a major source. 

"’TTT — “ — ' ■ f 

Lucas gains In Europe 

BY TERRY DODSWORTH JTOTOR INDUSTRY CORRESPONDENT | 

. . ./ • GENEVA, March 2. 

LUCAS ELECTRICAL, / the two major European vehicle 
U.K.’s leading automotive elec- manufacturers to supply DMC 
tricar * equipment supplier, (dough moulding compound): 
claimed yesterday that it now headlamps the world’s first 
has a 25 per cent, share ef the headlamp with a plastic 
European market in this field, reflector. 

New ejrporr contracts valued This Is a new means of lami; 
at more than £2.5m. have been production devised ant 
won in Continental Europe in developed by Lums to 
the last two years, the company the Debility demanded oy[ 
said at the Geneva Motor Show, modern ^styling techniques. 

These indude orders for The British company, which 
200.000 alternators to be supplied has associates in both France ana, 
over the next 12 months and Italy, is now in the process of 
substantial purchases by Fiat talcing over Ducellier in France, 
and Citroen who have Lucas says it Is confident or 
traditionally bought their parts pulling off the bid although it 
on "the Continent. has stil to be authorised by the 

Lucas is also negotiating with French authorities. 

Iran navy orders sought 



gearbox; all-round independent suspension, servo- 
assisted all-round disc braking, fitted carpets and 
an 18 cuit boot Lots of comfort Lots of room. 
Lots of excitement 

Or, if you prefer an estate car, go for the 
Lahda Beta HPE (High Performance Estate). 

Ithas three doors and up to 42 cubic feet 
of load space. Plus, in the 200dcc model, U5mph 
performance, built-in sun roof as well as all the 
trimmings. There’s also alfiQOcc model. 


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back rear window, 5-speed gearbox and all. 

It’llmake you lots of lovelyMends (there’s 
even room for two in the back), whether you 
have the 1600 or 2000cc version. 




»T 


Finally, for the man 
who wants sheer excitement first and last, there’s 
the Beta Monte-Carlo. 

. Very fast, very beautifulmid-engined sports 
car based on the formula that has won Lancia 
the World Rally Championship four times in the 
last five years. 2 seats.2 litres. Hard or soft top. 


BY CHARLES BATCHELOR 
TWO DUTCH shipyards with 
extensive experience of defence 
contracts saidjlhey are seeking 
fti-dro in Irani but said reports 
in the German Press that the 
Puri'h stand to take Fls.2bn.* 
Hs.film. of an order worth a 
tutaf Of miObn. (I23fibn.). were 
premature. 

The largest Dutch yard. RU«£ 
■ Srheide-Verolme, which has buut 
frigate* corvettes, and sub- 
marines for the Dutch and other 
navies, said it knew of Iranian 
p'ana to expand its nary and 


AMSTERDAM, March Z 

that the company .is actively 
seeking orders in Iran, as else- 
where. But no order has been 
placed. . 

Van der Giessen-de-Xoord. a 
yard that works closely with. 
RSV and that specialises in mine 
detection vessels and smaller 
patrol craft, said it is also having 
talks in IraV . t 

Van der Giessen is building 
the hulls for 15 mlae-hunters for 
the Dutch navy In a joint Duteh- 
Frencb- Belgian project, and look- 
ing for orders to extend the 
production run. 


After thefirstflush, what could be better 
than the Beta Goup6? 

It’s just as Italian, just as dashing, just as 
quick. Also with 2 seats in the back for a couple 
ofkids,if you insist A choice ofBOOcc, 1600cc or 
2000cc engines. 


Dutch to build £47m. dredger 

-- uninwmnilir Uor 


BY )OHN LLOYD 
STEVIN GROUP, the Dutch placed with a Dutch yxrd, 

dred|2f ha l,?? C 5*{ The vessel is the first of a 

The vessel w»l! he built «t cjsW JeK& jf weather dc- 
Yerolme. Dok . en Scheepsbouw tc £i Wa tes it can continue work* 
Maatsdunpij at Rozcnimril* , n “ r fan on a storm anchor. 
RtAtcrdam, and is d» e ^ or ***" The platform is 100 metres 
hv«y to September next ycat long, 85 metres wide and 50 

tfowrnnwnt mPPWt made ft jjwjJJJA"* acc0mm0, 
M th, onter to ho clou i erow of .M. 




BetaMbnte-Cado. 


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If you have not yet found the sort of car 
you could drive for the restof your life,goand 
see your nearest Lancia dealer. 

Take a test drive. Then talk prices. They’ll 
probably come as a surprise to you. They start at 
£3,29238* and end at. £5,927.22’ 

Bjitbewamed. 


want to drive anything else. 


When the fanuly gets bigger, don’t despair. 
Just graduate to a Beta saloon. With a 13 00, 1600 
or 2000cc twin overhead camshaft engine, 5ipeed 


"1 

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(OTA 

i- F : ..-.i 



The most Italian can 

Lancia (England) Ltd, AJperton. Middlesex. Tel: 01-998 5355 (24-hour sales enquiry service). 


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Financial Times Friday March 3 1978 


^r.y «cr- • 


home' news 


CBI urges £3.6bn. income tax 
cuts to give growth incentive 


BY ROY HODSON 


BY JOHN ELUOTT, INDUSTRIAL EDITOR 

INCOME-TAX cuts costing f” 7 

£3.6bn. in a . full year, which f. '■ • 

would make this year “a year l. ..V 
of growth incentive were urged ■ k * * 
on Mr. Denis Healey, Chancellor, j . 
yesterday by CBI leaders when - y 
they met. him to discuss the ■ _• / 


Government urges u.k. top CBI urges £3.6bn. income tax 
less home lending cuts to give growth incentive 

^ mvesior BY john eluott. industrial editor V 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT . INCOME-TAX cuts costing f ■■ y.v.". " .. - ■■■■ «» ■ .y •!> -?» TgV •■""'-'" 'V 

•• TT^T^j^ £3.6bn. in a full year, which ?. '• ■ :y W A?. 8 7,<> a&ag 

THE GOVERNMENT yesterday reduction on the misting £720m. Critics of the plan, however, IFl bi/Ft.I . would make this Yga r a yeg ^ ,-.i ' '%;* : '■ ■. ~ ..•^rUv4-'*V'V?..! ' , v /f .• 

asked building society leaders to a month lending-, programme- suggest that it could increase *** I i 1 of growth taceotive, were m:ged • * * • '/;7: ••• - : 

reduce their monthly lending There have been suggestions that demand ' further and stimulate « on Mr. Denis waley, Chancellor, j . . • • i'nTi V 

Quotas to help avoid an explo- as much a* fiOOm. a? month could inflationary prices. BY ROY HODSON yesterday by CBI leaders when \ ■' ; < ' '• ■ 

sion in house prices. be withdrawn, bnt , the societies The building societies who do SSL? 8 * “ m t0 d,scuss tte > ■: I-. -jjy. ' * ’■ 

The request— made at the Gov- hope that the reduction can be not believe that the price rises THE BRITISH .steel industry is . rv— nr «i v ^ JwlMr V' fJ ; t !' r iiVvrj.-^- WlK&tV - r.VgRjju*, -■ 

ernraents regular monthly meet- kept to a substantially smaller now being recorded are anything investing more in new plant than Mr. *- ^ ' ;■/**.“; „ .■ -.1 

H»5 >*th ^ societies— has not figure. . other than short-term and are any other member of the Com- «2£^S d J *i!i!rLS5 £*«J? I* ■ *il 8 SHBk ’ - • - ' '• ’• *&w3. 

been welcomed by the societies Societies are anxious to actually required if .the! housing munlty during the steel races- PWe« of this being m over* u /.^ggp!®. 

or the bouse-bmiding industry, emphasise that, whatever the market Is to operate smoothly, sion, according to EEC figures heating stimulus, nor a host- !. • ■ vA'' .■•.» -• ■*: «' Vv«i' . £ .t J&mtfc 

It will be discussed by the scale of the cut. they will still wHl be watching closely to see published yesterday. *8* to infla tion. Instead, it ' ; ■■■• .. '■ ' . 

Councti of the Building Societies’ be lending more thanwiuring last what effect the lending cut has. Total planned steelmaking in- **** increase take-home pay v# vv. : - - • >-‘ : = v > ■ A- 

tiSSFSn U5L neetiBg ln yW aS a ^ I» the meantime, the to* a f < “rfng.ToSn i4 

n Tti s. ” p ectcd that, in spite of AuXIOUS ^add^to^ei^al^ady laSe Officials estimate that Britain's '“er^seswhen the^« pay 

opposition to anv reduction in , , 4 . UJ . , wui ha .hmn p>nnni round starts at the ena ot the •» • ..**$ ! 

the mortgage lending pro- The Govemmeivt’s move comes shortS^Slts 6 ^ m ’ between- 1877 and 19S1. while the s* 1 ™*** 1 - ■ ^ : 

gramme — given Government after evidence that house pnees ve5ted in snort dated guts. West Germans will invest £190m.. The confederation’s proposals, f •• 

approval onlv a few weeks aco in the first part of this year have There seems no chance that the ^4 the French £175m which would cost £2^ bn. in the , •. 

—the societies will instruct been mowng ahead much faster prospect of stiU-growing surplus -n, e . Brussels estimates of coming financial year, include a 

branches tn reduce the rate Df than anticipated. - funds will encourage the societies British investment pLans appear more ambitious demand for tax ^ John' Greenboreueh (left) and Sir Adrian Cadbury, chairman of the economic policy^ 

loan approvals. Ministers are srnxaous to to cut their interest rates in l0 be on the modest side bow- reductions for the higher paid on ' lo TtI JJhp* Rnrfv^ nrrmosaLq vesterdav ‘ 

Imolementation of the Govern- ensure that the market does not order to stem the inflow of new eYer _ Mucb more £200m. will more . ^ an £21,000 a year. committee, explaining the CBI s Budget proposals yesi may. ./? 

ment‘ s request will not affect owe Aeat Md bedieve • that the mcmey. • be needed to implement present . Originally the confederation p rogranm , e . up to 1981. which encourage an unsustainable vided that we can fairly quicki* 

loans already in the pipeline, psycho logicaleffeet of announc- The additional surplus created plans to bring the five integrated ^ w ? n i5 d T A e . to £, ra J e enxr^ages 3 k to 4 per cent annual ‘ consumption bonanza’; or to restore our international com. 

but should sfart to affect the in? a reduction in the avail- by the lending cut wiR’ not be steelworks of British. Steel to reduced from S3 to .60 per cenU growth rates- in gross domestic consume** the nation’s capital.” petltiveuess. and if the gro^ 

societies ability to grant raort- ability of mortgage finance could big enough and inflow has in any optimum capacity by hew instal- w ith a J57i per cent stepping pr0( iQ Cl the -possibility of creat- the confederation says about its of world trade begins to m<nrf> 

gases from April onwards. be as effective in putting a case been f^lhug off recently lotions which will balance iron stone, in the coming financial j ■ j ne w jobs, and an aver^ medium-term programme in Its upwards again towards its longer* 

I ntlPn In nn cIaav inninqflan fill rtftPr Pin TlflPfl 1*1 CAC or Inn Fl*fin1 ITi> nAoKf MUrMia jr I ^ I VP9P “ . . If * r - r ** r - ___ - _ . m a 71 


11 * 


jj "• ' 


V. 


‘\-»t >*£*< “■ 
* . 

■■ . 

AVc^. m ' 


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ImL' -xx 


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■sa )£:.*• 




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. funds wall encourage tiie societies British investment plans appear more ambitious demand for tax ^ Jnhn ' Greenbbnmgh (left) and Sir Adrian Cadbury, chairman of the economic policy^ 

anxious to to cut their interest rates m i Q he on the modest side how- reductions for the higher paid on --.1. 

irket does not order to stem the inflow of new ever. M “ch more SoQm. will “ore than £21,000 a year. committee, explaining the CBI s Budget proposals yesterday. 

* C nr'Mn«mn .win «' i , * . be need^ to implement present OrigjnaUy the amfederation p rogr anune up tb 1981. which encourage an unsustainable vided that we can fairly quickjj 

wJ5f- £SJ«r™ 1 «fV pp U?f • cr ®* t *5 I plans to bring the five integrated bad ^ wanted the top tax rate envisages 3* to 4 per cent annual • consumption bonanza’; or to restore our international com. 

aVa il’ e K** ,n 5 ^ ° ot be steelworks of BntiSh. Steel to ‘^ d 1 “ ced %. c ? a r ^. growth rates- in gross domestic consume the nation’s capital.” petltiveuess. and if the- grow& 


There is no clear indication damper on price rises as the from its peak levels, 
yet of tbe extent of the likely cuts themselves. - Editorial comment. Page 18 

Sainsbury cuts bring 
a fifth more sales 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


Lrtions which will balance iron stone, in the coming fin a nc ial ln g lm new jobs, and an avei> medium-term programme in Its upwards again towards its longed 

. and steelmaking at each plant year. ■ a g e balance of pavments surplus written submissions to tbe Chan* term trend of increase.’ 

- The Government Is discussing A on current account' of aroiind cellor. also claims that the oift 

with British Steel the investment rlUOwaUCeS £2bn. a year. * “ Our tax proposals would raise posals are consistent with kee$ 

strategy for the industry, but it ^ resppus^ to demands from' Yesterday, the CBI emphasised the growth of private consumer ing the public sector borrowing 
is unHkely_ to close semi-corn- 'members at tts first annual con- that it Was “extremely con- spending by about 1$ per cent, requirement within the £L6bn. 
pleted projects for achieving ference last November and at its cerned that the higher levels of. a year over the next four years figure mentioned In the Cha£ 
more efficient bulk .steel pro- monthly council meeting two public expenditure in, the years and largely reflect a switch away, cell or’s letter last December h» 
duetion. weeks ago. the confederation now to 1981-82, now proposed by the from public to private consnmp- tbe International Monetary 

Moreover, the private sector of wan ts the top rate on earned Government, would prove incori- tion. They would also encourage Fund. 

British steelmaking has a num- income to be cut to 60 per cent sfstent with the realisation of investment.” The first of the con rede ration's » . 

ber of expansion and modermsa- in ae comIng year ^ to 50 per the medium term objectives " ' The confederation accepts that “ a > n t« proposals for the . ,«*] lit ' 
t'nn schemes in band, indud’u® a cent ^ 193^31. As a result, tiie scope fOT tax its ideas miRbt contribute to a Budget. — increasing personal vf! [ l i •** 

F50m. -investment at GKNs Its otfaer maiD tax proposals cuts would, be "sdtfously re-: somewhat rapid reduction In tte allowances by 10 per cent. *-3 
Brymbo plant In North Wales, involve helping the lower paid duced” as would the. scope' for balance of payments surplus on would save lm. low paid Ipeojffe , 

new investment m special steels. 10 L improving' . . . incentives . and current account, but adds : M Tfiis f rom Paying income tax -to .1 


* J ? ? t'H 
.4*4 f 


and'expansion plans at Sbeerness personal aii 0Wa nce S . cutting the efficiency. 


does not seem to be a sufficient helping to alleviate the problem 


J SAiNSSintY-S share, of the by AGE was running at about mained far and away the biggest “ ' ? to SsUr UlSd SkSS mend^notd^nedarsome 

highly- competitive marec* for 9 per cent. grocery retailer. Cash limits #f a *.rur,K- critics have sueeested to exoansion of ti 

basic grocery products rose by In tbe second half of last year Sain^ ibury’s, like AGB itself. ^ .™ l . . » suKSested. to expansion of ti 

more than a fifth in the weeks it fell to nearer 8 per cent., and has always emphasised that The Brussels estimates are «i,V U r?, Jlit - ’ ! • 

immediately following the it was partly because of this monthly flgures'ean be mislead- low because they appear to be me L-nanceuor is " 

launch of its discount pro* decline that Sainsbury's decided ing when taken la isolation. based on declarations made to *° discontinue' the -2 per PROPOSED TAX-CUT CHANGES 

gramme in January. to launch “Discount 78.” But yesterday Mr. Peter Davis, the EEC of- new investment up ~^vr surcharge on employers 

According to research by the Sainsbury’s marketing director, to-.- 1881. Clearly a lot of steel- » trance contributions * 

AGB company. Sainsbury’s Co-OD loses said that the research confirmed makers are not committing them- ^ increase personal allowances hr 10%* 

market share increased from 86 ^ a - its own figures, which showed selves to Brussels about inten- ™ a J e ® r C05ts industry some £lbn. L^^ ec V^over^W, iSced intention 

per cent, in December to 10.S Ironically, the latest figures that Discount 78 had improved tions to proceed with their a nf .. to ph»>t chfld allowances and replace them 

per cent, in the four weeks to show that Tesco sales also the company’s position in this present investment schemes. Wednesday Icads^s of the . wft . 

Fehmary 4. imoroved last month. very competitive sector of tbe British Steel has ■ been cutting confederation heard from Mr, ... 

AGB monitors only the sales Tts share of the market went market. back its investment daring the at “5 Natl0na !l Economic 

of certain b'g veiling grocery up from 11 A per cent, fo E-4 # The lea blenders saw officials current year to remain within *2. Reduce basic rate from MY. to 32% 

items, so the figures do not give per cent., which means that in from the Department of Prices its annual cash limits. .The balance of payment con* J- ■"*?"“ 0,0/ a -a-, a 

a complete picture of Sainsbury’s this particular sector of the for 3} hours yesterday'to discuss original- programme - of more stramta could limit the sttinuhi^.-lf ; Cut top rate to from 83%, and widen »e 
business, but they suggest that grocerv market Tesco's sales are the Government proposal for than £600m. for ISTT-TB has h e would be able to give m the- Bands of penonai income liable' to each 

the company has notched up a still ahead of Sainsbury’s. imposing a price cut of 5p been scaled down to approxi- ® u °S et ne ^ P 013 !!?'^ 111 yes «o r r - or J2S ,C rate 10 pa,d “P' to £10 ' 080 


sainsoury s marketing director. to-.-i«u. Clearly a lot or stcei- "X,7”il \ utr ‘““p" 

said that the research confirmed makers are not committing them- 1^"®“®”“°° J*}* 1. increase personal allowances by 10%* 

its own figures, which showed selves to Brussels about inten- raates industry some £lbn. 


matcly £500 m. 


healihy volume increase since Most other multiples, in clud- a quarter. * matcly £500m. 2? y , Mr ■ j0 , Memven. uBl instead of £6,000 

cutting its margins. ing the two established discount The meeting apparently broke But a number of projects director general^ who was at the 4. Raise all investment income surcharge thresholds 

Before last summer, when chains, Asda and Kwiksave. are up without agreement, but there under construction will have to routing, said:. Wo still tnink by. £500 (for example present minimum of £1,500 

Tosco dropped trading stamps believed to have lost fractionally is still a possibility that a com- be paid for during 1978-79. Thus JS> e c? ave ^ or getting the to 0,000) 

and adopted its cut-price last month. The biggest loser promise will be reached, avoid- it is unlikely that- British Steel “■’ , sn “ H L u8 1 \J? ur 0 pr ^ 5. Capital Gains Tax reliefs 

strategy. Sainsbury’s share of seems to have been the Co-op, ing the need for statutory con- will achieve dramatic reductions P 0 ™* SSerotinn ieadera «• L«r. overlap effect of separate costings of 

the grocery market, as monitored though despite tbe fall it re- trols. on its C a pita i spending pro- tb ^ c ^ f B % e ^ ' 

gra^c in the new future in Une with what Mr. Healey will 

t ^ “|JS Ztlr be able to afford than the TUC’s 

4-11 • 1 | ir ■■ n *4 levelsfor BrinshSteel s present deniand for Q^bn. reflation in 


Chemical 

industry 

warning 


Leyland equity plea 
to be heard today 


pyi auup[ cia a o nauvvOi vmv M'f i m i; — ■ ,- * — — — - - — — — _ . — 

basic rate of income-tax from “The policies which we recom*. Teason for scaling down the pro- w poverty trap. ; 

34 to 32 per cent., and widening meD <J not designed, as some gramme of tax reductions or the lde , a compares with the •' 

personal' tax bands to -help those critics have suggested, to expansion of the economy, pro- TUCs preference for a low 35 
paid between £€.000 and £10,000. 1 i.Z,. "tfif' " 

renl d 2^?*“ SSLS proposed TAX-CUT changes f ^ e “o" «ISsfve ^T S coTl d r 

StSSmSS' ■ ?Ay° e $ o>v, st* 

mates costs industry some £lbn '* Tncr***® penonai allowances by 10%* net" and so - would be of less 

a year Leu: effect of Government's. announced intention - help than the confederation’s 

.On Wednesday leaders of the to “““ a,towane « ^ them ^ taxpayers on the lowest 

confederation heard from Mr. ; wrth ^ bmrfta “ 350 ~ 400 ^S^rooosal to cut the basic 

Develoomenf 1 Comjci! Sub-total -600 800 income tax rate from 34.ner 

that balance o^pay^n SSTron*'^ :**•*•« **** ™te from M% to 32% ' 1.000 .1,120 cent to 32 per cent is a first 

st rain ts. could limit the'stiinuhur.i Cut top rate to 60% from 83%, and widen the f i 1 °^ n t* f hr 6 ? 

he would be able to give In the • ‘ Bands' of personal Income liable' to each rate . • 

Budget next month. But yester- for example basic rate to be paid up’to £10,090 at rLvt* ‘SS. 

day Mr. John Methyenf CBI instead of £6400 • " 1,500 1^00 JE *rS wSIrf 

director genial who was at the 4. Rais« all investment income surcharge thresholds •" V per ceS 

meeting, said:. “ We still think by £500 ffor example present minimum of £1,500 g 0 njf a v JS? Im|" ad of P £8 IWO’ 

we have a chance of getting the *o £2.000) 10 5S “SSS,' 

£2.5bn. stimulus that our pro- c r _ ni4 _| t« 3D0 f ^ 2,^ * lie cn } 1 ? 

posals would involve this year ” 5 ‘ Gains Tax re,ief * ■* uu rate to 60 per cent- has been. 

■hie confederation leaden: feel *- **«r. overiap effect of separate costings of derignwl to hetn managers and 

that their figures are much more • !■*«•»• ^8” < 130 > ' ,M > ®th-r businessmen, 

in Une with what Mr- Healey will " ; The confederation belieros it 

be able to afford than the TUC’s ^ 3J>5 be a “more le booster 

demanH fnr QRhn. reflation in - — — — Which Would Offset Some Of the- 




Less: effect of Government's announced intention 
to phase, out child allowances and replace them 
with child benefits . 

Sub-total 


day Mr. John Methven. CBI 


Bands of personal income isafafe" to each rate 
for example basic rate to be paid up 1 to £10,090 
instead of £6JM0 ' 


investment programme do not comill g year an d £4.7bn. in * In addition to the 12 per cent, increase in -the main allowances an- effects of inflation and refforg, 
[take into account; the ^ambitious a fu jj year> nounced by the Chancellor iii October. 1777 which have already been incentives to peonle on wtanpu 

--The confederation’s proposals implemented and are estimated to cost £l4p0 million in J978-79 the economy greatly depends for. 


i, — L." Q cT__» V_i-V - me conieaerauon s proposals 

the Port Talbotsttipwcl works, ^ based o^jts'.'medinm-term 
South Wales— virtua^ Jialldfng 


the economy greatly depends for,, 
creating neiw jobs.” 


a new- works— at ■a cfl^lbf £835m l 
- -That project ' lids been sus- 
pended and is unlikely to be 
resurrected during the world 
steel recession. 1 


GOVERNMENT proposals for BV OUR MIDLANDS CORRESPONDENT steel recession. 1 

cu idelincs cou Id°crode con fidence A REQUEST by British Leyland approval for any proposals. T~ 

in iVs British chemical industry for **** ^ eatl0a ol abou t M00m. Mr. Varley met strong protests f' 1*11 IOC 

and so hit investment levels Mr of new p, l u t l y “P**® 1 - will be from the Conservatives this week I. 

Martin TroS! director' considered to-day by the National when he said in the Commons J n - 

general of Thc Chemical lndus- Enterprise Board. that the next injection of public ni |f flnnH 

?:£. A«oc ! itU.n said “sterdav ^ toance ls an important money into British Leyland UUl 11UUU 

* in a let ter * t ©"the chief execit- element of the £850m. sought by should not be accompanied by , 

tives 3 of l 'tiic 1 °a ssoci ation ‘R 300 Mr - Michael Edwardes. the chair- specific conditions relating to nnrh OlH ■’ 

member-corn nan^s Mr Trow- raan - 35 P art his five-year plan productivity and other issues. tudil dill .'. 

brid^ added thai because Ihe for the eompany. The Government’s main hope 

chemical industry is htghly Sir Leslie Murphy, chairman of winning Parliamentary sup- By Christopher Dunn. 

capital-intensive and needs to ° f the Enterprise Board. Ley- port for additional funds must cash AID from the European 

plan a long way ahead it is par- lan <Js mam shareholder, has rest on the bard line it has taken community for victims of the 

ticuiarly worried about this J5 e ». aer * ■ LD " Iowar J{ s State-owned concern re ^nt blizzards and floods in 

asncct bf the proposals. j ection. of fu^ should be equity, recently. . the South West has been niled 


More stockbrokers ask Healey 
to limit economic stimulus 


Tether: 

A question 
of principle 


;-'iiir2ii u'-.H'"- 


...... « •. . , BY DAVID.- FREUD MR. C. GORDON TETHER,;; 

f'vlQh ilirl • : _;J . ' former Financial Times' 

flltl . . TWO MORE leading firms of of world economic prospects, fiscal 'stimulation contained in columnist, told an Industrie 

Bv Christonher Dunn l stockbrokers have joined the with stability in the U.S. dollar the wring ..Budget should he 

By Christopher Dunn. . growing call to the Chancellor brought about by monetary modest: . . .. . • ■ J 10 ®- ™’ ^S<- 

CASH AID from the European aga j ost over-stimulation of the measures causing an international • H the- V expansion of the money. ?r« U ?5’»j5 estricting «?„ ran “ e w„v- 
Community for victinw of the econon jy j n next month's Budget recession in 1979. supply^continued over the com- ' w !? tui S' “ ma Uke a 


aVnect' of ,he "prop.saIs7" ~ Jection.of ft^ds should b. j^uity r^enfly ruled °”i .VML'USSSSTt i. h£S tfffiSSS frSJ J5j^ ^ 

But it also associates itseir But bow much, bow qmcklj ^ and There has been no intervention for the time being b, tbe SJv cenL ir^ l^S hdd bacl! hv Sould be considerably (treater, the Lombard column for 21 jeaA 

been SW-' h ”' fe^M'bHS..*e« “KKK SSSt ■ ff SF»« ^ 

^Support * rom Board for Jg IT “bribed a te.epbons eo. 

.oek to the Prime Minister reorgenisation. of the_ company's about 3.000 jobs. _ _ . . . ernment In give part of the ra ™*:_ u .. “.Ty.T.V'", 1°" versatlen with Mr Fisherin July 


^citing nut tin- industry’s special finances -is only the first hurdle 
fours about the proposals. Mr. for Mr. Edwardes. The five-year 
Trowbridge has also asked plan will be forwarded to Mr. 
annotation members to publicise Eric Varley. Industry Secretary. 


assembly plant with the loss of 11 iT ° Public sector borrowing require- and rising inflation. O Current* account surpluses are s H riej ._ Hh _j a tP i-_v__ a - 

iS 3 000 fobs. called yesterday on the^Gov- ^ ... . Although mid-year inflation requfred this year and next which fuS??® EtS 

« 'Ti.— Met:*..! ernment to give part of the However the borrowing re- rates of 7-7.5 Der cent, are now at least match claimed external _ L ? with Mr- Fisher m_ July. 


T* 1 ® £lm - alrp ady allocated to the 


and rising inflation. 0 Current ‘account surpluses are ■ - 

. Although mid-year inflation requfred this year and next wh{ch veSthm wither Fisher to JuTv 
rates of 7-7Ji per cent, are now at least match planned external T™™ ah n m T^ mhirlf 
assured, says the firm, incomes debt repayment A tott£ diS ^lareMoTd Mm " : 

growth of 15 per cent per annum o Likely demand for money must 5i at " lik^? n ^ther jouroa^S : 
seems ’likely to push tiie rate to be accommodated within money on this Paner "he was JuhlecfS ' 
*.®L2£,^2f supply : torgem that are tittle Z^S^o^SlS^iM 


and support ihis view in all ways who ensure that he can get approved hv its regional board Farmere ’ 


Sir Henry Plumb, National 


oni’n in Ihrro. 

In his letter in the Prime ! 
Minister. Mr. Wondhams said: I 
”1 hope you will very sunn be 
able tn make a categorical and 
rcn<-Mirinq 'ilalemcnt that it is 
mi your intention tn introduce 
any open-ended clauses into ] 
Got ernment or Government- : 
influenced purchasing contracts, i 
or as regards conditions to be 
annlied to Government financial i 
support of industry." j 


Merthyr estate midland Ba,* n piling., b™ch« u,e New^. ^r^The^Ue 0 '^^ ° tnu iui snumte iiteipi: ■“ “““ u - " ot *“■ 

Opening to-day Jj5?J ln 5||iS bSr^earfy 1 STow tf BexfllmrathTto a ^noal application for . MOTORISTS were warned yester- .BY DAVID F1SHLOCK, SCIENCE EDITOR iLnuLu '^h** £ e wou'd- hy 

PH\SE ONE of Merthvr Tvdfll's . 1M of the Midland branch in assistance this time. day by Mr. John Ha ram. Under- , . . implication, have been reeardea 

lndusm.il Park win he onened y The experiment involves Leeds the Home Counties. Nor- formal approach had Secretary of-State for Transport. NApONAL ENERGY policy not only as interest rates vary as accepting its principle. He said 

officially to-d.iv by Mr Tadao creatine centralised area offices with. Bristol, the West Midlands ■ Iwen made to ihi* EEC about that although the Transport Bill, must Inevitably, at some point, but to do more to encourage the be could not he seen to ,he. 
Ka.n ihc apane« AmbJador aiS^ to SS writb the m“I and toT LiSon souSwcSt to ‘be West Country, now under discussion in the call for “real saenfice" by the financing of Go. ernment- acquiescing in .tomethine which 

The reremony “ill mark the s T c UUs«I needs oftheb?nk’s re5on. «** Pepartracnl of Environ- Commons, would make car- public, and tins policy will not approved energy conservation *“ t ? nn b ™ach of his contractual 


both Cabinet and Parliamentary in the north. 

Midland Bank extends 
area office experiment 

BY MICHAEL B LAN DEN 


235, »S- J ^IS would allow room for a ^ar^eniV raw prices ^^ ^m to^for tois ^ 

July package worth abort £500m. show no change. « The", public sector borrowing su b j let stow hfch hf w ' 

E r ,h * *ia r!? 4 WKt with a cut in direct taxes “nicely De Zoete and Sevan, the other requirement must nor be allowed expertise h6 ^ ; 

“ «nnv <ir thned t0 support toueb negotia- firm opposing over-stimulation of to be on a rising. trend when Mr T ' et h er «id that this 

Country fanners, many o F ^ t0 st jy .» . ^ economy, says that there arc private sector demand is reviv- in^Pti^ rnniH h^ H-irnSd 

The firm takes i gloomy view, four important reasons why the ing. hE^EX" 


__ _1 whom were not insured against 
k finS substantial livestock losses. 

_ The Commission in London 
stressed that aid for the West 
j Country in future had not been 
| AT|T ruled out. About £2m. re- 
ly l 1 1, mained la 'the Disaster Fund. 

But another spontaneous 
gesture, similar to the help 
given recently to Scotland and 
Newcastle. S° ut h East of Enrl^*'d 


his work and reputation, fffl , 
dismissed Mr. Fisher’s assets- 


Car-sharing JKnerSY DOliCY "must SSSEZftZBSZ*?* 

inenranrp Mr- Tether said that it was ■ 

lUSUldllLC • quite clear that Mr. Fisher was 

cover warning call for Sacrifice ’ SM ; 

By Our Building Correspondent If he had discussed the points 

MOTORISTS were warned yester- BY DAVID FJSHLOCK, SCIENCE EDITOR ? f ‘he directive h e would, by 

day by Mr. John Haram, Under- implication, have been regarded - 

Secretary of-State for Transport. NATIONAL ENERGY policy not only as interest rates vary as accepting its principle. He said " 


By Our Building Correspondent 


Energy policy ‘must 
cafl for sacrifice 5 


ment of the readership appeal, of i.-Fil iir^ L 
hif work as “ a nonsense,” of ad '•'L'N 
more interest to readers than flie i. ‘ * 1 

opinions of Joe Bloggs. T 

Mr. Tether said that it was y); ( . 


BY DAVID F1SHLOCK, SCIENCE EDITOR 


The ceremony will mark the specialised needs of the bank's 
rnmplriicn of building work on business and professional cus- 


experlment offers one solu- m*nt. said. 


sharing schemes legal, their readily be accepted, an expert schemes. 


position. 


14 factories and warehouses on tomcru. leaving other branches tion to one of the main prob- Cover for livestock In the present motor insurance arrange, committee t 
the estate, being developed by ip operate as so-called "service lems facing the big clearing open was not generally avail- merits may not cover them for concluded.. 


Cover for livestock .In the present motor insurance arrange, committee on energy saving has 2 . — Every effort should be| Mr. Tether said_ lhat be was- 
icn was not generally avail- ments may not cover them for concluded. made to make all consumers fpuzzled by Mr. Fisher’s aileca- 


Rrccon Industrial Developments branches." banks, to make profitable use of able, the National Farmers 

in conjunction with Merthyr Schemes have already been their extensive and increasingly Union Mutual Insurance 
Tydfil Borough Council. launched this year covering 21 costly branch networks. ' » Society said. 

National Carriers to charge more 


BY IAN HARGREAVES, TRANSPORT CORRESP4 


N\Tio\ u oarriers uh'ch ornflt last yearV» due to int- Carriers’ origin as a railway the 'xnaff order and direct He ruled out any Government developed, tney may no the ready 
tmtie the fi r s1t annual ' tradinc Droved oroductulV f rom a 5 p 01- company, and provision of delivery . small van service, action tor compulsory cover s ? on enough to replace dwindling 
Pro?, in its h JwJhS year flS feSrsmKrwo^orce.effcctW imerWfree capitaf for a period, HomewariL because it would put up the pre- «l«l JJ . Mn 

put up its parcels network pricing and a nJfere diversified will take it uito net profit for the j t predicts a £lra. turnover far be brought into service^ both 

charges by between 7.5 and 9 product mix. \ first wnic next year, if the Bill Homeward this year and says nothlne t0 do industry mid the nrivate ’indiwi 

per «m. in Me,, A.U,ou S h ,he vo^e af parce!, eomple.es_.ts_ pasaage bj^July. tha , „ is uoab.e ,e baod.e abe ■ h gj* ^ WM describea „ ISjS’SLnSi ^SSEi*^ 


liability towards passengers. The Watt Committee on Enercv more aware of the importance of tion that he was often not av.ail- 

Car sharing scheme! would calls for tou^hS jefiislation to usin « * Der S* mo J e rationally. able for consultation: He sa|d 
allow car drivers without public Promote enS S an! 3— The rebuilding of Britain that he would be contacted, at 
service vehicle licences to accept Pneemives for householders to S 1 I0U ^ begin as quickly as pos- an v reasonable ti me. 
pay-meat from passengers ‘towards cul their r uc » bi m s sihle. to relieve short-term un- Sir .Gordon Newton, the . 

the cost of a journey. cut incir iuci dims. employment, and to this end a previous editor, could not recalh - 

Mr. Horam told the Commons T “ e c o miIII “C c u ■ group ■* significant portion” of North > n t . his evidence any occasion- 
standing committee considering r ep ^ ese . nlln 8 “je professional g ea reve naes should be allocated when he was worried about the 
the Transport Bill -thil the ■ 1 l st JL t H t!< ? ns an “ ^ ,efl raed societies i P ensuring the rational use of accuracy or the Lombard column 
Government would be holding °. £ .Britain, under the chairman- energy. said Mr. Tether. Rut one h.-«d 

talks with the insurance industry ®‘ Dr. Jack Chesters The Jhrlioruil Use of Energy, the impression from Mr. Fisher's, 

about providing cover for. 1 Its third report, published Watt Committee Report No. 3. pvtdenec that there was a great 

motorists taking part, in car- yesterday, says that although institution ot Sfechantcnl ^rore every day at the Financial 

sharing schemes- new eQer sy sources can be Engineers. 1. Blrdcane Walk, Times about noints which could" 

He ruled out any Government deve, °P ed ' n0t b ? « ad >' SJ J- no 1, he verified. . '«i; 


d.?«i 0 ? r s".d H v^c?daJ n ?5;rSI ^^tK«-CS|S«firin> "V, 7rbud S eUpg for a £1.5m. by 'LSLSZtSS: “Sfi 

r>~ sss * l — .. . . ESTMSaTS.«: « 


business fell agai3 by about 8 Net loss last year was £5.9m. volume 


interest 


Courtaulds 
to sell mill 


no* he verified. 

This was nonsense, claimed Mr. 
Tether. He always knew what' 
he was talking about. 

Earlier, commenting on an 
exchange between Mr. Tether 
and Mr. Thomas Morison. 


\n. 


uircciur, >aiu >csiertiay inai oe 1 . .. — *» «> -'““a- — - ----- — o 

did not expect further increases contrart hire operlUon and in ^ing profit this year and a autumn, 

in rates this year because son “ P !f £3 ' 2m ' s^lus next year, a A ]eS! 

National earners had restored JJJJJJJ 6 - X 1 overall fiTOWth rate a,awer than in **“ col lectio 

more effective margins by a JTSS. last tW0 - wearS ’ provided 

tough pricing policy last year. !? v ^| ra was u? b> x f ^ This slowing relates partly to press p: 

Last year, there were two in- jvafionzl Carrirrc Stands to a “ hiceup ” in Carriers' business have co 

creases, amounting to 21 .per WlT caused b v loss of a large slice and mor 


by Hr. Peter Fn-, energy. rnniTAULDS b to sell its f? uni £L{. 0r *!?, e Fi " ai ? cia l Tim^s, 

spokesman on trans- The report on the rational use weaving mil! at Skeimersdale « c ^ ai £S lan * -^ r - v ' 

Ecused the. Govern- of energy recommends that an forSJSm” K w£ S C = said: ' 

oing away from Its energy discounting factor might MvmnlntMl 4n 19R9 , SJS ^9“ Id DOt . in «*ry * 


lid off 700 retained j 0U ^ entire confidence 

• leiLZ' k« fl nan cia[ reconatruciioo of its ot Business wun r. w. ceni. cut in me nanonax petrol on a pro-rata oasis men Anpuxer recommeanation is wnrlu>K when it rinsed ?! i8 

l aftcr c o s iomcr resistance. parent, the National Freight Woolworth, 60 per cent, of which Tiers fleet on the service last the motorist is not considered to that a proportion— perhaps 10-20 factory and efforts to re-own an^ s ^ l fu ^’- 

. Precise decisions on the May Secretion? in the TreSport has been recovered in a contract year. infringe the normal “hiring” per cent-of a consumer's r£l l?SS7«Speretiv?b2fa h3S SS^^mSEEkl 

t 22 increase are being left until B il! now before Parliament. ? b' ,re d « l - rn,s deal 3101110 a In May National Carriers plans exclusion clause on private motor bill should be allowable free of The 624JWff square feet btttid- Mr^wll^Taid^th^Trih.^il 

‘ ” ntents 01 lhe Budgel *** The company has talculated worth £2.9m. a year. to launch Medallion 78. a pre- insurance contracts. . tax under the supervision of an i njf , which includes 30,453 hoStf that some miration n J 

(known. t^at the write-down of asset National Carriers reports good mium express parcels service, to The legalising of car-sharing auditor. square feet of offices, Ls Mr Tethur’e nan- L°J| 

• Mr. Haj-ward said that National values, relief from l pensions progress from its new sub- build on the existing Yellow Dla- schemes could cause tremendous Other recommendations are: believed io be' the largest duerve id tff wniSth '«I™ 

i Carriers' turoround from a H.lm. and travel expense burdens, sidlaries Fashionflow, Chinaflow, mond and Medallion assured problems for the motor insurance l. — The, cxistine Government modern Tactory for sale in sn^dv conduct of the h M 'rfnj 

• trading loss in 1976 to a £212,000 associated with National Renova and its newest offshoot, three-d ay delivery operations. industry. loan scheme should be amended. Europe. The-heaSn® wnttnuL 


The- hearing continues to-da 


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r; i[. *• 

fin i . f . 

, !•". 

4 ... 

iftr.r-. ; 

tii. 


hi.. i=-. 

Tfr . 


& 


for stocks 


BY PETfift WDPEUl, ECONOMICS CORRESPONDENT 


Jh,E AMOUNT of additional 
. louey • needed by industry to 
inance it* bolding* of stock* of 
Stiuied goods, and raw materials 
igli-. sharply during the second 
Mpl? of last year. 
jM| Official figures published in 
latest", issue of Trade and 
gwiclustry show that the -increase 
ffiB 1 Yhe ■ book- value of mann- 
^ctnrers’ and distributors’ stocks 
, . “ring the last three month* of 
« year was £727m. 

This came after a' rise., of 
627m. in the -third quarter ’and 
n. increase of £3.21m. in the 
, 1 rst half of last year. 

The sharp drop: in the amount - 
. equired for this purpose reflects 
otb a switch from a rise in the 
, hysical level 1 of stocks in the 
. :rst six months of last year to 
^stocking in the >second half 
■jiid the slowdown in *he rate 
, t >f inflation from . the. summer 
’ mwards. 

These figures : suggest that 
■veil though the rate of increase 
n published profits slowed down 
ast year, the underlying finan- 


cial. position of the company sec- 
tor probably, improved: because 
less was required to finance addi- 
tional stocks, .. 

It is llkely that, the increase in 
the book value of manufacturers’ 
and distributors’ stocks will 
remain -at about the recent lower 
level in the first half -of this year 
because of -the slowdowg-in infla- 
tion. • : : ;/f \ -• 

Further drain 1 

SlxnUarly, a build-up in. physi- 
cal stocks may be relatively small 
until later in the year. 

; However, a further drain on 
the cash flow of companies may 
be the expected rise. - in capital 
investment. 

The increase in the level of 
industry's physical stocks last 
year was £3Glm. Cat IflTO prices), 
as announced last week, while 
the rise in book value at current 
prices was '£4iffbh. 

This came after, an. increase in 
book value of stocks -of £B-I3bn. 
in 1970 and of fiS^Sbrn in ,1975. i 


rises 


House deal 
scheme 

. " i 

could cut 
costs 

By Our Building Correspondent 

THE COST tp home buyers of 
conveyancing' could be reduced 
by at least a quarter if solicitors 
accepted title insurance and if 
building sodeties-accepted- a title 

guarantee. ‘ 

This claim was made yesterday 
in London by a U.S.-based com- 
pany, CTl-Dom inion Title, which 
started operations in the U.K, in 
1973 and which, claims to be the 
only company engaged in this 
type of insurance: 

' .In _a. submission -to the Royal 
Commission on Legal' 'Services, 
the company says that solicitors 
conventionally charge £5 per 
£1,000 of the purchase price of a 
property to cover what they 
describe as the” risk-indemnity 
factor." But CTI-Dom iuion says' 
title insurance would cover that 
risk at £2-50 per £1,000 and give 
wider coverage than that pro- 
vided by -the -Land Registry. 

The Law Society said In a 
statement: "Claims are increas- 
ingly made -that, people can cat 
the cost of buying a house by 
paying ont money for a title 
insurance, policy. The - public 
need to know that in the great 
majority of cases title insurance 
is an entirely unnecessary- ex- 
pense. . 

"What the house buyer wants 
is a home that is his without in- 
terference, not a claim for com- 
pensation . under an insurance 
policy, a claim which may be 
repudiated" •; . 


New advisory group 
on environment 


BY RAY DAFTER, ENERGY CORRESPONDENT 


I THE GOVERNMENT has set up 
an independent commission to 
advise on energy policy and the 
environment. 

The move follows a recent 
recommendation by the Royal 
Commission on Environmental 
Pollution. 

Among the new commission's 
tasks wul be to examine the 
possible effects of energy 
projects on land-use planning and 
rural and urban environments. 

Mr. Peter Shore, Environment 
Secretary, told the Commons 
yesterday that the commission 
would have a diversity of 
interests which would allow' it to 
consider the environmental im- 
plications, both national and 
global, arising from the produc- 
tion and use of coal, oil. nuclear 
power, gas and electricity in the 
U.K. 

It would also examine the 
environmental side of renewable 
energy sources and concern itself, 
with poliution- 

The commission will be linked 
iwith the Royal Commission on 
Environmental Pollution, the 
Energy Commission and other 
bodies in the energy and environ- 
mental fields through having 
many of the same members. 

The chairman will be Sir Briar 
Flowers, Rector of the Imperial 
College of Science and Tech- 
nology, chairman of the Royal 
Commission bn Environmental 
Pollution between 1973 and 1976 
and a member of the Energy 
Commission.' • 


Dr. T. J. Chandler, Master of 
Blrkbeck College. London, and a: 
member of the Natural Environ- 
ment Research Council; Dr. A. EL 
Chilver. Vice-Chancellor of Cran- 
field Institute of Technology andj 
a member of the Royal Com-j 
mission on Environmental Pollu- 
tion; - Dr. J. G. CoUingwood, a 
director and head of research at 
Unilever and a member of the 
Royal Commission on Environ-: 
mental Pollution; Mr. A. G. Derby- 
shire, partner In Robert Matthew I 

Johnson-Marshall. planning con- 
sultants, and a part-time mem- 
ber of the Electricity Board: and! 
Professor Sir Richard Doll, Regius ; 
Professor of Medicine, Oxford,! 
and' a member of the Royal Com- 
mission on Environmental 1 
Pollution. 

Also' Included will be: Professor 
Sir WnUam Hawthorne, Master of 
Churchill College, Cambridge, 
chairman of the Advisory Council 
on Energy Conservation and a 
member of the Energy Com- 
mission; Professor F. G. T. 
Holliday, professor of Zoology, 
Aberdeen University, and chair- 
man of the Nature Conservancy 
Council;, Dr. A. MV. Pearce, chair- 
man of Esso (UJC), a member 
of the Advisory Council on 
Energy Conservation and a mem- 
ber of the Energy Commission; 
Mr. Michael Posner, Fellow of 
Pembroke College, Cambridge, 
former deputy chief, economic 
adviser to the Treasury and a 
member of the Advisory Council 
on Energy Conservation; and Sir 
Francis Tombs, chairman of the 
Electricity Council and a mem- 
ber of the Energy Commission. 


Councils 
to check 
concrete 
dealings 

Financial Times Reporter 

TWO Midlands borough councils 
axe to examine their financial 
dealings to see if they suffered 
from the price fixing agreement 
operated by concrete companies 
in their areas. 

The two companies, Mix 
Concrete and Ready Mixed Con- 
crete, bave informed the Office of 
Fair Trading that they were 
party to price fixing agreements 
in the area up until last year. 

Under the . restrictive practice 
legislation, it is unlawful for 

More Home News 
on Page 26 


competitors to fix prices without 
first notifying the OFT. Failure 
to register means that the agree- 
ments are automatically void and 
that aggrieved customers can sue 
for damages. 

Last year, following a dis- 
closure in a trade magazine, 
several major concrete companies 
admitted operating unregistered 
price rings. 

The Kettering and Welling- 
borough Borough Councils built 
two large shopping centres while 
unregistered agreements were 
being operated In the area. 

The councils are now trying 
to establish whether they paid 
more than necessary for their 
concrete. 


New writs against 
Milkr’s estate 

BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


! PEACHEY PFOPERTY Corpora- 
tion has issued three new High 
Court writs against the estate 
of tbe late Sir Eric Miller, taking 
its total claims to £693,000. 

Sir Eric, who committed 
suicide last September, was 
(forced from the Board of the 
property group earlier in the 
year. 

Peachey’s former chairman 
and managing director, he left 
during a row over bis manage- 
ment and personal use of com- 
i party funds that resulted in inves- 
tigations by the Fraud Squad, 
other sections of tbe- Metropolis 
tan Police and the Department 
of Trade. 

Before hi* death. Sir Eric had 
repaid Peachey about £300,000 
of personal expenses. But four 
writs were subsequently issued 
by the company claiming repay- 
ment of a further £265,000. 

Now, Peachey has Issued the 


new writs against Lady Miller,. 
Sir Eric’s widow, in her* capacity 
as executrix of his estate. The 
writs claim a total of £428,0001' 

The writs were Issued on behalf' 
of Anthony Hutley and Partners/ 
Peachey's estate agency and ser- 
vice subsidiary. 

The first, for £220.000. la 
against Lady Miller and Loews 
(Great Britain) the American' 
Hotel group subsidiary that runs 
Peachey’s Churchill Hotel in the 
West End of London. Sir Eric 
entertained lavishly at the hotel' 
when he ran Peachy, A second 
writ, claiming £116,000. alleges' 
breach of trust, duty and 
covenant. 

TOe third writ, issued this week,' 
relates to Hutley’s account with 
the West End jeweller. Asprey" 
and Company. Sir Eric’s estate 
is asked for the return of £80,000 
and £11,600 covering jewellery' 
purchases on the subsidiary’s 
account 


ITEL computer growth 


IN A Financial Times survey 
article on the computer industry, 
published on Februaiy 21, ITEL, 
one of the fastest growing com- 
puter companies, was incorrectly 
spelt as Intel. The statements 
about this company’s efforts to 
displace IBM's biggest machines 
ana its ase of shorter production 
runs and simpler desig ns should 
have referred to ITEL. 

ITEL has just reported 1977 


sales of S402m. (5260m.) and 
profits of $31m. (516m.). It has 
sold 100 of its Advanced Systems 
(AS-5 and AS-4) computers 
world-wide and installed 55. 

In Europe, 35 have been sold 
and 12 Installed. Late last year 
ITEL introduced the AS-6. a 
Hitachi machine which ITEL 
will seil world^wide, excluding 
Japan, and which has been 
designed as 8 replacement for 
the IBM 3032. 


BY OUR INDUSTRIAL STAf^ " 

THE ENGINEERING industries, 
showed a marginal rise in pro- 
duel ion in the third quarter last 
xrar compared with the previous 
three months, but 'output was 
Mill below that of the first three 
mnnlhs of 1977. 

In mechanical engineering 
wr»ak demand contributed to a-i 
p«T cent, fall in output below 
ihe 1976 average, hut- produc- 
tion in the electrical and Insfni^ 
men! sectors rose by 2 and 5 per 
cent respectively, in: the same 
period. . '.'L 

Most of the marginal overaH 
improvement in engineering was 
fhe result of a good perfbnnance.- 
fmm high technology -companies 
in electrical engineering. 

Figures by. the Department of 
Industry yesterday in its journal 
Trade and Industry showed that 
i he biggest Improvements In this 
sector came from production . of . 
batteries, domestic electrical, 
equipment, telecommunications 


and electrical machinery due to 
rising demand. .* 

The biggest rise of all was in 
computers, where the production 
index jumped to. ■ ft* * highest 
-point since' 1974. j . . 

In' the . third, quarter of last 
year the index fair j c0<ripriteis 
stood at 21L4, compared with 
184,2 in the second quarter. (100 
in 1970.) i >■* v*-' 

The index for etodDdfial -engi- 
neering as whole stoodat ,115.1 
for the third quarter compared ; 
with 110.8 for previous 

period. This compares: with the 
fall in instrument engineering 
from 11S.0 in the second.qtwirter 
to" 116 jS in the" third qttlFfer. Tbe 
only rise to this, sector" was in 
output of whtches and clocks. 

_ For mechanical engineering 
the fall , was 'less marked, tfrom 
94.5 to 94.3. The ' overall •’miirinna] 
rise for Britain's comma ed 
engineering industries was 1 S. to 
IffiUJ. WWthlrd quafWPTt 


filler: U.K. set f of 20 years’ 
que-lio! growth, says Minister 

principle >y ouh i***™**'-™** $ 


9 ■£. 


^ BT OUR INDUSTRIAL STAfV 

BRITAIN can,, took- forward to 
20 years of continuous growth 
nn the pattern enjoyed by the 
UR, and West Germany; Mr, 
Alan Williams,' Minister of State 
at the Industry DebartmeflJ, said 
at .the start of . a Government 
campaign to .. attract overseas 
investment to. the U.K • 

Mr. Williams said the overseas 
investor would, be welcome in 
Britain on the stone basis as any 
domestic investor. In an 80- 
page report on growth in Britain, 
m this week’s TYade and Indus- 
try journal of the Industry 
Department. he outlines six rea- 
tons why he believes Britain is 
attractive for investors. J 

Productivity* in- companies iff 
*' virtually every- sector" yhf 
British industry was as higjras 
that in competitive countries.' 


Inflation was now below 10 per 
cent, ** and there are hopes that 
it win remain ib for the rest of 
1978." 

By 1980 V fifth of Britain's 
electricity would come from 
nnctear sources; there is enough 
coal to larf 300 years at present 
rates of Jose; North Sea oil is 
meetinsJnalf our domestic needs 
and bjf 19S0 would contribute 
£5bn.A year to the balance of 
payments. 

There was also a range or 
rr^Eunal incentives for industry 
awfl most of British industry was 
‘jbiry free " from industrial 
fin rest. 

The campaign will be taken 
to Scandinavia this month with 
Invert in Britain seminars held 
in Norway on March 9 and in 
Sweden on March 16. 


Malt drinkers boost 
Scotch export sales 


WHISKY exports rose by fl.W 
per cent, in volume to 7.097,000 
proof gallons and by lfi.2 per 
vent in .valuOy m- £40.5Sn». .in 
January. " 

Bulk matt shipments were up 
IT4 per vent, at 730.000 proof 
zMlon* bulk. Imt blended, whieky 
shipments fell .h> MR P*r 
in 1 .1)715.000- proof gallons. Their 
v a lire dropped 23 5 per cent, lb 
: .‘>.-177.000. 

Biends shipped in bnllle rose 

2 57 per cent; to 5-2ra. proof 
g, i linns, while their value went 
np 15.84 per cent, to £33. 53m. 

Gin exports rose IP per ren! 
to 399.001) proof gallons and Uw:r 
value rose hy. ?59fi per pent, to 
r„Vftani Vodka was down by 

3 57 per rent, at 27.000 gallons, 
although i shre was tip 19 per 


cent. Rum fell by 4A per cent. 
To 53.000 proof gallons. ' 

World ronsumplion of Scotch 
was sialic last year. .. although 
the home market declined 
slightly. 

However, production is thought 
in have risen by just over S per 
rent, lo 151 .SSm. gallons, which 
suggests that the . industry has 
returned lo its fufiner growth 
paltprns. * ' 

• Increased pa ting -out (it 
England and Walts is thought 
tn have led to the 12 per cent, 
increase in on-licences in the 
part ten years. The number of 
pubs registered last year (65.5431 
was • higher than in 1976. but 
lower than in 1967. The number 
of off-licences and clubs also 

increased last year. 


R AC policy saves 15% 


THK f!V: ha« amused for the 
National Employers Mutual ln- 
suramv -Assnrjation to markei a 
new motor insurance pul 'O' Kiv- 
suv-RAi: members a 15 per »-em 
r«l4u,-frnn on normal comprehen* 
itv^.csr in>iuraiiK* rates. 

- Mr.-Tony Andrews, commercial 
WrwStof or RAC said yesterday 
hit "Hit*, reduction reflected the 
driving record of RAG mem- 
m.m-'-irhe underwriter* dealing 


w :th ih#- organivatinn fnr many 
vears realised that in Rcneral. 
members- were grx>d rrtks and 
tin* had been acknowledged . «n 
,i practical manner by reducing 

rates . . . 

A RAG policyholder who had 
enjoyed the mas im urn no claims 
dlcrount for the company -for 
two rorwerutlve years also would 
not forfeit that bonus over just 
one claim within any one period 
of insuraace. 


Top stores for new complex 


■ -tl .LEADING atom* have 
^ •*tt*ro«nt8 tor . space In 
iritflew nqriowU shopping com-- 
C*Mre. heine 
Afftt tot k lS-were Site In V He^ 
city centre 

Partnership- 

T-ttA Homo Stores. 

■sta and r *nd a «-t i ««upy 

she (hcwilM.tP 1 ". 


at the- centre, which will include 
80 other shops. 

The Development Corporation, 
which is handling the project, 
said a £24m. agreement had been 
rigned- wlth the Norwich Union 
to finance project. - 

Work on the centre Is due -to 
.sturt on April 12. fiwl *» . «f* 
pected to bp completed oy tn* 
*riug of 1981. 


t 





When they told me this was the rate at which 
firms had taken new premises in Northampton 
since 197.1* I was impresseda but sceptical. 

“Check it again just to make sure/’ I said. Then 
I learnt the truth. 

“We will have to qualify it st bit,” I was told. 

Ah, I thought, caught them out. 

“We can’t just say Northampton,” went the excuse, 
“because it really only relates to our four new 
employment areas.” 

“That’s no good,” I said, “We’re a partnership 
town where the Borough Council and the County 
Council work with us. We can’t refer to just 
our own land.” 

“We. could- get figures from our Borough partners 
for their employment land at Lodge Farm, 

St James Mill Road and so on,” it was suggested. 
“But then there’s all the private land. And then 
there are all the office developments where 
people like Barclaycard, Diversey and Rockware 
Glass have established their headquarters. And 
then there’s Carlsberg’s brewery and all the new 
shopping firms in the Grosvenor and 
Weston Favdl Centres and ...” 


I just had to stop them. Well I mean it was 
taking things too far. We might have finished 
up with some ridiculous figure like a new firm 
every so many hours. So I said we would have to 
come clean and say it would mean too much 
research to get it accurate. We would just have 
to admit that Northampton is better for business 
than we can show. So that was what we decided. 
Of course, it’s better for other things as well, 
but that’s another story. 


For further details phone 0604 34734 
or write to: 

L Austin- Crowe, Chief Estate Surveyor, 
Northampton Development Corporation, 
2-3 Market Square, Northampton NNi 2EN 



Financial Times Friday March 3 1978 


PARLIAMENT AND POLITICS 


LABOUR NEWS 


Immigration 
level has 
declined, 
says Lane 


Thatcher pursues job 
figures apology 


By Philip Rawstom* 

MR. DAVID LANE, chairman of 
the Commission for Racial 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


Assembly 
powers 
plea lacks 
support 


End 


ersf body 
to join’ 
d unions 


J 


BY PAULINE CLARK. LABOUR STAFF 


men told 
to step uj 
action 


Albert BootbrEmployment Sec re- But last Tuesday, . Mr. Booth four times since 1973. 


rf|na WlloHrtrtC I wuuiui v UUl 109L * uwuaj , UU. OUUIU tuui Liuaco OUliC XJt o. 

Sneaking 1 rSlv Meanised tary. that he had given the House apologised and agreed that the “Germany, of course. Is the 
i» nTffl.S.iAS a«53 ? incorrect comparisons between figures he had given were not prime exemplar, of the market 
rii li British levels of unemployment com n arable and not adjusted to economy to which vou refer." he 


By Our Labour Staff 


BY IVOR OWEN 


LEADERS OF the Engineers it had been "led to believe" that 

and Managers Association said there could be hostility towards ' OF - R .. ' 

J-tmtayjjX the union wu» . itteu.pt to win the eon- OFae^RaU. « 


immigration 


recognition - problem 


o join the con- urine Haora and 

Electronic-. Officers’ Union 
managers is also piled tart night for stepped^ 
accepted. There Jf 1 * 00 . & ««■ 

dispute over the tvorklng in the. North 

hat the majority Sea hettuse of a dispute over a 


likely to decline further. Our Booth proved that the U.K. had unfair comparisons on unemp, 
doors are not wide open to new- done worse in the employment ment in this country and it ’ 
comers or to illMjal immigrants, field than most of its competitor now higher than any of our in 
The control is already Ann and countries — the charge which the national competitors, 
restrictive." Tories had been making all along The Prime Minister tried 


headquarters. 


- mi nang w uic aiuwiv, enuuea 10 nave me same gers in me mausiry »«u j jus case The» romoanv said vkIhH^ 

. Thatcher reminded him that the powers as the Scottish reoriented by the SMA s claim that ten shipbuilding com- 1 “ e . ™ 
to moat recent figures for German Assembly. affiliate. panics have already _agTeed_ to Li, »l!rL. * 


affiliate. 


me U - '<1 nanwi mu. uus ay arguiog tu«u wibwujs — — iraamg mrcumsiances were me ancient and rich culture and Wes management n»uswuuu. oiuonaiiwu. - dl cnnlrnUers. which V,,. 

immisratinn but in disharmony, unemployment figures were than that same for botji countries. SSn uid the Wekh The union, which is in the ' SLon forneSv 

disillusion, fear and frustration rising faster than ours. But this Mrs. Thatcher, however, was “The point is that those iSSlaee itsIlF “ W TUC. has been at odds with the Argued “"ScoiwJK* tta?? 

nnnepdnrort hv rectol discnnuna- defence fell rather flat when not prepared to let the matter countries which have concen- 1 “f ua « e confederation unions and the ® _ ... ‘ " K^aaYi^Irrunt!k^ 

tinn and disadvantage. t j Mrs. Thatcher pointed out that rest She saw it as conclusive trated on being competitive bave Enconraged^by his party col- njc over the issue for about a The confederation wSkJ "® bS thi ndt7 1 SS»!f 

The menace nf racialism had th e percentage of unemployed in proof that the Labour Govern- got our customers and our jobs." ‘“Rues. Mr. Evans bemused the yea r. In the hope of resol vmg meanwhile have arme id that jjns. am me raaio offieere 

to he prevented from poisoning Britain was twice that of ment’s record on unemployment S h e emphasised. “When will you f ew MPs in the Chamber, in- w h at has become an explosive only those unions already recog- poctuqm in me com- 

seciety he declared “It is G?m.any. was now worse than most of our S^SPBEi. (STttZsitSa- dud ing the predominantly non- Sssue , the British Shipbuilders msed before nationalisation morons oetireriaon the 


radio controllers, which has 
gone on for nearly two weeks. 
Oil companies say there has 
unions been no serious interruption of 


society, he declared. 


vital", "tn particular." to show up '’the wrangle over the OECD In7u^af competitors. ’■ " tion.^which^^due'to^the^fact bilingual Welsh, by an excursion Board asked’ ACAS earlier this should now keep that status. the 1 ‘toranrtft 

the real nature of organisations statistics auui hack to the It meant those countries that that we have had a labour into the Welsh tongue. year for its help. -Confederation Unions are press- could anect the .transport of 

Na V" na \ unemployment debate in the put competitiveness at the top of Government for four years?" But after having satisfied Mr. ACAS. which has rfready mg the Board tor an ear y eck ^ vegsels p 411(1 

& nMinnJSv 1 ?!!! bfflieSfto Jur on January. 30. On that 'their list of priorities had done Mr. Callaghan retorted that the Oscar Murton, the chairman, that beard the f t ^5£fi 1 ££. nned^ The radio officers are claim. 

u-tTiUo ^ and occasion, Mr. Booth attacked Mr. better on employment than we levels of unemployment in he was limiting himself to a separate talks- described yestgr- to be P™*°ns - eeneral sec _ i„ g payment of a productivity 

brnn^niHr- * l0n ° f decency James Prior, shadow Employment had. As a result, they also had Britain and Germany were closer quotation, and thus avoiding a days discussions {^ exjlora- Mr John EMA. S said vester- deal which was awarded by thl 

rSHkih. ***** ho wunB Secretary, for saying on radio onr markets and our jobs. She than they had been. Germany breach of the rule which forfiids tory There fw ovenJhelS- nSUS mSSST . Board to 

from immteretiS? to race re£ Britain had a worse demanded to know what the ha d about lm. unemployed and speeches in a foreign tongue, he *» •» the Board rather tfau day Tfem» « S™ “S onTpw 

tioS wffl| g 5ncerted action to unemployment record than any Governments policy was for in Britain the level was 1.5m. But stressed that Plaid Cymru was unlikely at this Sblch. failure to recognise vessels lasf^ptember. 

reduce unemployment and urban ■ftf SHSh!? 11 * ,DdUStry m0rc ou , r « te w “ now goto& down. not seeking separation. stage, ^owever^tha* y yerterday*s SAJM A can be acceptable." I But the employers have 


a nbilnsnrhv that is alien to our 


The radio officers are claim. 


reduce unemployment and^ urban majorcompeutoni. ^ingor.usu i—w our rate was now gorn& down. not seemn^sepaniuon. stage, howeverTlhat'Ve^erf^.SW^A can be acceptable"- -• But the employers have 

denrivaHnn to raise the quality . Mr - Booth denied this at the compeduve. ...... He agreed that British mdua- The party s aim, he explained, m0 » es W jn ^elp British Ship^ SArMA recently called an aigued that . payment could 

of housine. education, and^ to lm- time and said jjiat OECD figures. There were cries of disbelief try had been less productive than was to take Wales into a con- b U nders> overtime ban to try and speed breach the Government's guide. 


prove relationships given iasi uecemoer. snoweu, on tram uie imiea wueu ui. Germany roi 

Former Tory Environment a comparative basis, that Britain Callaghan retorted that Germany, years bet th 

Minister Mr p/icr Walker told was seventh in the ieague with our biggest competitor in dustrial strat 

the 3 000 people attending the the U.S., Canada, Italy, Belgium. Western Europe, had a worse rectify thit. 

rally that the country’s “fright- 


later conceded that up the Board's decision. 


oning" race relations scene 
could bje transformed by provid- 
ing more resources to ensure 
equality of opportunity in hous- 
ing. education and employment 

Legal action could not end dis- 
crimination. he said. *' It is no 
use creating a situation in 
which we can boast that the 
black bas a mouthful of legal 
rights but an empty stomach 
and is living in a hovel." 

Churches and their congrega- 
tions should move to offer irami- 


Labour set to survive 
showdown on steel 


the United Nations — without 
divorcing itself from the rest of 
the United Kingdom. 

This concept was scornfully 
stigmatised by Mr. Nell Khan ock 
(Lab. Bedwelity) as ah attempt 
at “ getting your bread buttered 
on both sides." 

Wales was a disadvantaged 
nation which could not expect 'to 
sustain a tolerable standard of 


Foundrymen urge end 
to bargaining curb 


BY OUR LABOUR EDITOR 


lines. Negotiations began last 
December on a separate deal 
for officers on oil rigs. 

The onion complained 
yesterday of “ continued delay 
by Marconi and the Depart- 
ment of Employment In stok- 
ing a solution.” w. . 

• Abbot 50b manual workers 
on strike at Marconi: .TUridar 
Systems factory in Chelmsford 
are expected to hold r meeting 
next Monday. -IVr' 

The strike, which hits Stepped 
production at . the worts? began 


BY RUPERT CORNWELL, LOBBY STAFF 


h?f no THE FIRST of what is likely to One declares support for the last Tuesday night because «r 

obtained through being part or be a flood of union rank-and-file. TUC-Govemment agreement on a row over a job e 

x.rC>, „ , demands this summer for the the 12 -month rule and for the scheme. 

_7r - Cymru sougbj Government to stop intervening “ orderly return to free collective • Members of the Amalgamated 


grant communities friendship, THE GOVERNMENT looks cer- The Opposition leader, on the Sir Keith Joseph may well throw HJfJjjSJ? P j° w ®£lj in wa S e bargaining were pub- bargaining." 
understanding, help and guid- tain to survive next week's other hand, considers that it is some light on this when he opens lished yesterday. . °n wages. 


rn to free collective • Members of the Amalgamated 
Union of Engineering Workers 
there are demands and the Electrical and Plumb- 


niiiim iu vctii ucinmuim which lory leaner* see u uiuui select, commiiiees. j. s . ......u v. v— v ^ ■*-**!. — nui 

government and individual good- or Labour’s inept handting of For ^ reason she areues rt M? th*.. Un ’ on of Engioeeril,g Workers ' Payers have offered to raise the appropnate to manual workers, 

will “could transform what to- nationalised industries „** r . u *L s ,„!^* ! so “ ,5S! British Steels ea« .she admite Mr Kmnock warned that nitt of the union’s district rate to ffiO in two stages, bdt the An offer'by management to 

day is a deteriorating and fright- It was clear last night that the motion^iven British^ Steel's £ SfS^uo MaS^^norate l5?nS U °“ li^Stip comrairteOT *** there must be no talks/ have collapsed over the conduct a separate informal 

ening scene into one of the great terms of next Thursday’s Oppo- Sn™ io£es Md^the thS SSSi-- inetedS^>P curbs ° n free collective bargain- timing of the payments. study of manual Jobs has. been 

success stories of this century," sition motion, approving the Sr tS! 8 SS ter es “*s ‘“eluded the j ng _ others say they will accept AU 19 engineering unions meet rejected. 

he StL report and this implicit^ con- £*21 tSJj? M^ off ° r consumers * • advertisement of local Govern- w £ e reatralht only if there to consider an AUEW call 

demning two Government Minis- rȣilX' wfdJImire and She feels that; as with British posts In the Welsh a statutory or effective freeze for official industrial action in ITnflnlr 

_ . ?.Thfv. forfeited Se iupport Leylend before-tUe Government lansuage. wh.le rate demands on rents and prices. protest. ivouak SlOPS 


rejected. 


Rees refuses a£g -pjM SSJSSSSS 

ivifliilrow endorse a Government amend- q * ... its fear of taking tough political an Enghsh-si^king 

lO Wltnaraw ment which, while taking note Lastnlght, semor nnnlsters decisions. * » rr irr fl ^ 

v of the findines will stress the were sticking to their own time- . , tk _ f lavatory were required to .reek 

race remark difficulties facing the steel S&nSil&u!. ssSsJ WcWl 

A PLEA for action to stop the tI V r ? d Schel^ toSglf^oice the indues future is to come *njrta» J5 nap «S For the Tories, Mr. Leon 

National Front “poisoning the h£s ^anoarentiv met just before Easter, and a debate position, coupled with the Brittan agreed that full legisla- 

mmds of schoolchildren” was diLnSroval amons and Bill raising British Steel's present of SteongjintonS; But powers for the __ Welsh 


saoricuuuiiK ui uduuu«im« «u- consequences. 

dustries lies in their monopoly For the . Tories, Mr. Leon 


Delivery drivers reject 
plea to clear car depot 


Kodak stops 
£4.3m. bonus 
payment 


By Our Labour Staff 


racial propaganda in schools. which produced the report, she crucial issue of how a future Moreover, to tackle the key Wales want the kind of society Their branch of the Transport into afl 

Mr. Mcrlyn Rees, Home Secre- has undermined the basis on Tory Government would handle problem of _ overmanning would they are living u to i diner more and General "Workers' Union about. •. 

tary. warned against giving Front which select committees can best loss-making but employment- lead to yet higher unemployment, and more from the kind of turned down a request by the 

members a "sense of import- operate. intensive nationalised industries, at least m the short term. society aim sort or legal deli veiy company to allow a one- 

ance " in the matter. structure which operates in the off tramload of British Leyland Sir 


Mr. Canavan argued that school 
curricula should place emphasis 
on the need to encourage young 
people to adnpt healthier atti- 
tudes which would lead to better 
relations. 

Mr. Rees agreed, but added: 
" We all ought to be careful in 
giving a sense of importance to 
some people In lbc National 
Front." Discussing racial pro- 


Jenkins calls for European 
economic and monetary unity 


society and sort, of legal delivery company to allow a one- . 

structure which operates In the off tramload of British Leyland htriKPTS UlCkPl 
rest of the UK?" cars out' of the depot. kyillJk.vu F^IVCI 

This trend had • dangerous Earlier this year, the men T^vlatlfl Tllcinf 

consequences for the Govern- started a national row when tkev iaUU |UaliL 


said that it was making 300 wor- 
kers redundant at its Stevenage 
camera factory. The redundan- 
cies. which will be on a volun- 
tary basis where possible, largely 


^ \ staneu a national row wnen tnev —TV I — result from a com oanv scheme 

mem. It would also lead to refdsed to allow cars built at ABOUT 150 striking engineering fTrationatise predKn 
convict, or the potential for Cowley to be taken to Milton by workers picketed the British Ley- Kodaksa SthatiTwaLsusoend- 
«nfl»rt between Cardiff and rail. land foundry at W ellln gborough. in g ^ bonus paymSS “eS 

Westminster, as well as creating Mr. David Buckle, the union's Nortoants. yesterday. dESKT* 5 Harrow 


" r - ducjub, me unions normanis, yesceiraay. 0 f indastrial riisonfpc at Harrow 

real difficulties in the ParlU- district secretary, said the em- They were protesting at the and $55 ^ Talks on a oSt5S 
mentary process. Dlovers' uroDosal had h P i»n sacMne nf a colteavu «* and th# "if? L°“_? 


.. ^ 4UI Plovers’ proposal had been sacking of a colleague and the OToductivity ^reement have atio 
Tim best way of solving this rejected as a matter of principle, suspension of two others over a been broken off 
legislative conundrum" _would be Their decision bad been disciplinary matter connected hIL'h.™, Mn» 


been disciplinary matter connected 


iw«..c?n R nninf BY RAY PERMAN, SCOTTISH CORRESPONDENT legislative conundrum" woudd be Their decision bad been disciplinary matter connec 

judice wnh children was impor- a STRONG PLEA for European problems by artificial reflation free flow and growth ofi trade ^laceT" he si^ mbly ' : * a ^ lofl“e nc ed by the prejudiced" with docking-out procedures. 

lani and most teachers under- economic and monetary union of the strongest economies. Indi- the lack of a stable to tern a- Mr. Toni Ellis (Lab, Wrexham) — 

stood how to deal with it. to bind the economies of mem- vidual efforts must be co- tional medium of exchange. For claimed that devolution was “an 

He rejected a call from Mr. ber states of the EEC and take ordina ted so that economies could lw0 decades, the dollar per- attempt — maybe a fumbling !1 ri • 111 

Patrick Mavhcw ( c. Tunbridge pressure off the dollar, was made move parallel to each other, giv- forced this function tod atterapt-to try to get some fo™ i lVll SGITICP flflV block • 
Wells) io retract his “ calum- night by Mr. Roy Jenkins, mg mutual support. performed It well. It still plays of political structure which Is VITU T Sr A J U1ULIV 

nics “ against Mrs Thatcher, and President of the European “There are various ways In a vital role. clearly overdue." 


Civil Service pay block 


Workers at the Harrow factory, 
affected by one of tbe unofficial 
disputes, have threatened a 24- 
hour stoppage in protest at the 
company s decision. 

A company spokesman said: 
“We greatly regret having to take 
these steps, not least because 


cies against Airs inaicner. ana ..*.“17 “ * weany uveruuc. __ _ . _ _ )he nverwhclmine msinritv nf 

replied ” No ' when Mr. William Commission. . which the preparations for this » But a cornmon European The devolution proposals for THE CIVIL Service Department cent, and 28 percent, increases Kodak i« ail 

Whltelaw Shadow Home Secre- , Mr. Jmikins backed his deci- departure can be made— some of currencyi with the economic Wales were setting up “a seek to prevent one of the to restore fair comparisons with pute with the romifaSv" The 
tay. asked him to withdraw a > ast *« tumn have been set out m the wei ght of lhe mera bers of the glorified county council" but. In !«M Civil Service unions tok- its members’ outside counter sitoation iSuld he reviewed 

remark that the Tory leader was rh * , caus * ? f „ monetary union. Commissions recent proposals community behind it, and the that form, it would not do a great ‘“S its pay cUim to arbitration, parts, but stated that it wanted j l Vlr he said reviewer 

.. : .i i ^ amu np that It could make DOS- tn thn Hnuncil — but I believe = ITi i_ :vi_ a»-i -t .. Mr. Oprrv Gillman mmpnl tn mniv tKo laier, xie aaiu. 


remark that the Torv leader was the , caus * of monetary union. Commissions recent proposals community behind it, and the that form, it would not do a great its pay ctoim to arbitration, parts, but stated that it wanted 
“making racial hatred respect- a .^5, u * n S *2_ al “ could make pos- to the Council but I believe w jj e circulation made possible deal of harm to the British con- Mr ’ • Gerry Gillman. general to apply the Government’s pay 
able.” s,ble further economic growth that the time is ripe .now for a by the fact that the Commun ity stitution. secretary of the Society of Civil guidelines. 


Nr- Tjrt ■ j a *■ needed to eliminate the threats much closer examination of com- . ^ world’s biasest trading Mr. loan Evans (Lab, Aber- and Public Servants. ?a id y ester Pit OVPmiPn 

Mr. Rccs denied an accusation w confi d e nce and social balance mon guidelines tor monetary S would be notoS? a fa ctor dare) said- “The danser is t tat day. „ . JT II U VC1 1UCI1 

r Mr. Dennis Skinner (Lab.. 0 f unemployment and inflation, policy in the member states," - ct a v,iHty in world tiTide but we are getting on f sliooerv Mr - Gillman told his 105.000 Firfi dlSDIlfp a A/>n n f rl£k«vl 

ffSSLrS! ,There were 61m. people out Mr. Jenkins said. ^stimnlufto growth fr^'wltich Mp?fi!lt?Pl3d CymnS ™^bers .that the Department aCCept deal 


Mr. Skinner claimed that for at leap in living standards which Ul “® n ; International currency, but it 

least two vo a iv. police bad fol- the people experienced in the Union would also have an would be a sound alteraa&vs to 

lowed Left-wing dcmonsSitore 19fi0s. f _ . . . . Important effect outside tbe It By rebering some of the 

and activists at rallies and other w a® no longer fashionable to Community. . pressure on the dollar, it would 

events “with a view so we are believe that Europe could be let “One of the most serious itself help to strengthen that 

told, of taking some training Aim °“t of lts deep-rooted industrial obstacles to-day to the continued currency.’ 

or whatever. 

many ’Sst'SuS Sr bee” Premier stresses need Next week’s ■ 

allocated duties. Including sur- *• * CUUtl .311 L0»3l/0 UV ' V ' U i _ . 

yeillance of MPs and union . DUSlflCSS 


posal would put Wales on a bad indicted that if toeir claim FIRE BRIGADES Union leaders COLLIERY OFFICIALS have 
11 slippery precipice." - f° r P a r uioreases of up to 28 per met Hr. Merlyn Rees, Horae agreed to accept a productivity 

• cent, was taken to arbitration Secretary, yesterday about a new deal after Implementation of the 

— _ the Department might seek to dispute with their employers. National Coal Board incentive 

I lwum ivoid Implementing any award. The union has -argued that a bonus scheme for mineworkers. 

JLaIIYG XUJT T* 1 ** waB ^ defiancp of the feasibility study on - cutting By a majority of about 2,000 

agreement between the union working hours from 48 to 40 a votes delegates of the National 

Vi/wvinn ar t d t J ie Department, which con- week next November should be Association or Collierv Over- 

UvllCi IlUIUvd talned a binding arbitration- treated- as a commitment to the men. Deputies and Shotfirers 


launched 


allocated duties, including sur- 
veillance of MPs and union 
leaders. There had been specula- 
tion in the magazine “Private 
Eye " that Special Branch officers 
had been transferred from ports 


to agree growth rates 


By Michael Cassell, 
Building Correspondent 


arid the Department, which con- week next November should be Association or Collierv Over- 
talned a binding arbitration- treated- as a commitment to the men. Deputies and Shotfirers 
clause, .he said. scheme. But Local Authority have agreed to pit average bonus 

In a -circular Mr. Gillman said employers contend that the study payments of 100 per rent for 
that the Department had not should form only part of wider face officials, 50 per cent for 
challenged the union s claim that negotiation* towards a working other underground officials, and 
U would need between 22 per week of 42 hours. 40 per cent for surface m*»n. 


h4d been transferred from ports BY J? HN H . UNT 

to London was connected yyg URGENT need to agree on improve employment prospects, 

with this. af imnnmip ernwth amnne Mr Callaihan told him that 


_ . A £300.000 publicity campaign to 

busln ess next week stimulate home improvement 

w,u be: work was launched yesterday by 

MONDAY: Debate on Northern the Department of the Environ- 

Ireland security. ment 


With this. iS of eronomic growtb among Mr Caw3B» rtd him that TUESDAY^ and WEDNESDAY: SO? 

■Si- 11 *”#**? tha ^. the ^SP 00 * developed countries was under- the Government was extremely Wales Bill, committee. me C Dt ta said f Rftnnnn 

sibihties of the police did not lined the Prime Minister active in the inlernatlonal field THURSDAY: Debate on reports 5 InSSn «S?riJ2i22 
include surveillance of MPs and ^ ^ yesterday, in trying to reconcile toe from toe Select Committee on gS™ “S* 1 * 1 ere c!a«ged 


Report suggests fortnightly 
unemployment payments 


from toe Select Committee on 


BY SUE CAMERON 


were being withdrawn from lhe Government seemed ready to inflation while the U.S. wanted FRIDAY: 
ports were “even more amusing sacr jfi ce full employment and to see a faster rate of growth, motions, 
and wrong than usual- higher wages for toe dubious “These International matters MONDAY 

benefits of free trade. are causing a loss of confidence defence 

a. Mr. Atkinson based his fear amone Industrialists in the Lords deb 


Private 


’ ties like an inside lavatory, bath- THE GOVERNMENT may pay vices Association, In minority that ft believes the system would 

room , or a boi 31111 coId water u* 1 *™P l0 J™f rrt . benefit fort- conclusions, opposes fortnightly increase fraud. It says that, even 

Members’ gupp y. nightly instead of weekly. A attendance and payment. without overpayment or fraud. 

-JVe want higher standards to report .published yesterday su? : u ^ ^ ^ere would be an Incentive for 


Statement on 
Windscale 


on remaria made hy Mr Denis Western world. The sooner we Tuesday; RclUlSe .DijpaMi £70m. woold be available tlris «»««- scheme were mlrtrioced nation. mM^ „oul d bV^ aA-ea^as 

iVinWcAAiA g ea i e y- a cha r“S r M Can get them resolved the better," (Amenity) BUI, third reading; year for improvement grants, and Tbe report compiled by a joint SJ^-S! /J 1 ?,* S5f SS COuW are weekly payments at present 

Windscale Exchequer nt the ^tiona the Prime Minister declared. European Assembly Elections this would rise to £130m. ntort worldDg party of civil service, be 0D ‘ st * ff cost ?‘ —but half would be in advance. 

SIR. PCTEK SHOHE, Eoriroo- nSM“bfS _ . . . U-~A raooM on SSStt SS^STt S 

J5, JS Review pledge "SETS*. D if« 0 n1 JL?--=2BESr>-a! as«Li-2s- 5^-?5SSiflSS ,y OS 


ment Sccrciary, will make a chancellor’s remarks to mean DpviPW TllpHoP 
sialemcm on _ the Windscale that the Government would not BVCVICtY plvllgC 




; next week, Mr. Michael Foot, a t a sufficient speed to restore in demand for a review of their 
1 Leader of the Commons, f u ii employment and higher grants were yesterday promised 
promised MPs yesterday. wages for fear of sucking In by Mr. Norman SL John-SLevas, 

It is understood that the imports. shadow Education Secretary, 

statement will be on Monday and Ur. Atkinson advocated inter- that toe next Conservative 
Mr. Shore is expected to deal national discussions so that trade government would see that a 
; with al! aspects of the future of could be planned uid toe Govern- thorough revuew was carried out 
the plant ment enabled to do something to within a year. 


dent Societies Bill. Domestic *h e construction industry. Three quarters of claimants Proposed scheme would probably and payment offered a “ worth- 

Proceedings and Magistrates Approvals for house renovation asked said that they preferred mean an extra £1.5m.-£2.6m. while i!nnrovem«!t"- in toe 

Court Bill, and Judicature . grants last year were only 36 per fortnightly to. weekly payments losses tooogh about half of this service to eliimTnS 
(Northern Ireland) Bill third cent of the total for the peak Most office staff also favoured would subsequently be. recovered.- h. 

readings; Shipbuilding (Redun- year of 1973. - - the scheme bpcause it eased Procedural changes could further 

dancy Payments) Bill, com- The new campaign was jester- their workload *nd: allowed them reduce (his sum. consldenng tt,e , n r ®P° r l j 0 ".;.!!)* 

mitree; Civil Aviation Bill, day welcomed by the National to operate more efficiently. a-., wtor to. me a ,- ra --,Ji5 f01 re -. de ' 

«C0bd Him. taP^amen. Coundl. But tbe Qvil U d Public S e r- opSS.’SSw® 'plSiiS^ta ■ SK ‘hf * “ MUOt " 


4 






i 


cm 






!'**'** KODAK HAS stopped payment 

Ut-DELIVERY . drivers ■ in pubticitv which toe union had empt^K^bSsTo? SoffictiS 

Milton Ste in0Ven,ent of f^telal action at two of iS 

ovc cars Dy rail fronj Milton cars to tnc depot- factories Kodak wnrknr^ wp rp 

■admg Estate, where they have Mr. Buckle said there were too due to be paid bonuses averse- ■ 
ien stored on a 30j«cre site. many people poking their noses t ng £400 eac i, during toe week 
Their branch of toe Transport into affairs they knew nothing Jjeltnnine March 13 6 B 

^ about. comptn, 



H r * 
$ 




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Ht 

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B asingly dominated 

Hines, traffic jams, 
and general bureau- 
'itroen CX brings a 
>m thie pressures of 
■ . 

s inviting as your 
r, hugging as if 
;ry shape of your 
i ves excellent back 
lowever long the 
. joqmey, driver and passengers are com- 
fortable and arrive relaxed without 
feeling any need to stretch their legs or 
flex their muscles. 

SMOOTH, i 

Whatever price yoii pay for a car 
you will not buy a suspension superior 
to Citroen’s unique hydropneumatic 
system. It keeps the car perfectly level 
however much you load it The ride in 
a CX remains delightfully smooth all 
the way home with die hycfropneumatic 
suspension absorbing any unexpected 
road shocks. 

A bonus to all this is the comforting 
knowledge that if you had a blowout 
on the motorway Citroefi’s hydropneu- 
matic suspension would automatically 
adjust to maintain directional stability 
and keep the car safely under control. 

Further reassurance is provided 
by Citroen’s VariPower steering: It pre- 
vents wheels being deflected by road 
surface irregularities and grows pro- 


Illustrated CX 2400 Pallas with optional sun roof. . 

gressively firmer with increasing speed 
so that the driver always remains in 
complete control. 

At low speeds and for parking, 
the steering is fingerlight, and power- 
returns to a straight line position 
immediately the steering wheel is 
released. No other car has a steering 
which can match it. 

QUIET. 

Quietness is yet another feature 
of the CX, due principally to the aero- 
dynamic styling which reduces wind 
noise by allowing the wind to sweep 
over, under and around the car. A high 
level of sound insulation makes a fur- 
ther contribution to quietness in the 
CX by reducing road noise. 

It also bears mentioning that the 
wind cheating aerodynamic lines of 
the CX result in improved performance 
and reduced fuel consumption with the 
CX Pallas returning a pleasantly sur- 
prising 39mpg at a constant 56 mph. A 
further benefit of aerodynamic design 
is demonstrated by the increased 
stability of the car at high speeds. 

As you’d expect, the fittings on 
such a car leave little to be desired. All 
considered, an extremely nice place to 
be. In a sea of chaos, an island of calm. 

CX comfort starts at £4636*71 


for the CX 2000. The range extends up 
to' the luxurious, longer wheelbase 
CX Prestige Injection C-matic at 
£8640*45 and offers a choice of en- 
gines (carburettor or fuel injection) and 
manual or C-matic transmission. All 
CX models have recommended service 
intervals of 10,000 miles and have a 12 
months’ guarantee. The suspension is 
guaranteed for 2 years (max: 65,000 
miles). 

Prices include car tax, VAT and 
inertia reel seat belts but exclude num- 
ber plates. Delivery charge £68*04 
(inc. VAT). Prices are correct at time of 
going to press. 

Please enquire about our Personal 
Export, HJVL Forces and Diplomatic 
schemes and Preferential Finance 
scheme. Check the Yellow Pages for 
the name and address of your nearest 
dealer. Citroen Cars Ltd., Mill Street, 
Slough SL2 5DE. Telephone: Slough 
23808. 

A selection of the 16 models in the CX range. ; 

Model. Top speed. . Price. 

CX2000 109mph £4636-71 

CX 2400 Super (5 speed) 112mph £5427-63 

CX 2400 Pallas Injection( C-matic) 112mph £6597-63 
CX 2400 GTi (5 speed, Injection) 118 mph £6580-08 
CX 2400 Safari Estate 109mph £5575-05 

CX 2400 ‘Familiale I09mph £5678-01 

CX Prestige Injection (C-matic) 1 1 2moh £8640-45 


109mph 
112 mph 
112mph 
118mph 
109mph 
109 mph 
112mph 


CITROEN ACX A WORLD OF COMFORT. 


CITROEN - CX 











Vo 


Financial Times' Friday Marcfi. £.1975 




NAMES like Tritton, Bevan, 
Buxton, Tuke and Gurney may 
not mean a great deal to the 
average customer of Barclays 
Bank. But to . Barclays itself 
they are- -of considerable signifi- 
cance. For they are the names 
of some of the founding families 
of a series of small banks which 
formed the base of what has 
become Britain's largest bank- 
ing group -and one of the big- 
gest in the world. 


How Barclays is grappling 


with ‘ universal’ hanking 


highlighted how this sector had 
been poorly served financially, 
was the setting ''.up in 1973 
of - the Business Advisory 
Service. This is made 
available through all branches, 
providing, both, directly and by 
way of a series of publications, 
tailor-made' "advice bn budget- 
ing, cash flow, forecasting and 
other financial information 
systems to help- the smaller 


' " - - • ' company to organise its. 

_ __ _ . and acquisition — some of them mere), but also with some other- the next rung down comprises Its hands were tied for many business - 

founfl- h™* are V 111 1 1 “ e quite large — and has been an major U.K. banks. This only the branch managers. years after the Second World To some outsiders, a debate- 

tit*. outdance throughout important force in domestic re- serves to illustrate the danger Given the dezree of autonomy War - for example by having to able point is whether Barclays 

i. y t 5 e tail banking since the last cen- of generalising about systems which Barclavs inaim* h- allows adhere to the old bank rate and catches small enough companies- 

: ^ L _ .»«!“*' mry. - wlien assessing which country totaSi 1 nSS “ G»™n.nie„t credit and liquid in its net. for to tTeligitUnfor 


the fact that, like Commerzbank, 


Barclays is a public comoanv Yet until the Bank of England best provides for the financial bureaucratic structure. *" But dity controls. At the same time tiie BAS service a company must 

with a share ramS Sidd v he?d banks the all-clear in 1972 needs of industry. Barclays feels the set-up en- ^ stock market was playing a have an annual turnover of 

among thousands of share- 10 develop merchant banking Barclays has its head office la ables it to have “more senior leading role in satisfying de- £150,000 and upwards, 

holders, its founding facilities, Barclays did not Lombard Street, the heart of executives available than most “J medlain long "More recenfly, Barclays has 

families retain significant attempt a move into such “ uni- London's banking fraternity, other (British) banks.” By term tunas. expanded its range of services 

managerial control by virtue of ve rs^ ” banking activity as cor- and then operates through 35 this it - means that cor- Commerzbank, too, is not to companies by developing its 

a system which, though perhaps P° rate finance, investment bank- local head offices around the porate clients in particular slow in complaining about exter- own merchant bank and by buy- 

an anachronism to-day, is con- “*5 and securities. "Whereas country, each of which has its will know that they can nal restrictions on its lending mg Mercantile Credit The evo- 

sidered by many observers of Commerzbank has for many own team of executive directors get quick decisions locally on activities and how it would have lutionary process of the mer- 

the banking scene to be success- dipped into money mar- (in some cases there is also a many Issues and that anything liked to put more money into chant bank, however, underwent 

ful. The bank itself is convinced kets fnr a major part of its term local Board comprising a outside a branch manager’s industry back in the 1950s and a hiccough late last year with 

that this system creates major * oan funds and . even now, with balance of executive and orbit can be dealt with at 1960s. But while the German the resignation of Mr. Charles 



Barclays* head offied'in Lombard Street, London 



a vast reservoir of private cus- 
tomers* money an tap. still does 
so while also raising cash 
through bond issues, Barclays 
has retied for funds almost en- 
tirely on the current and deposit 
accounts of private customers. 

In common with other Ger- 
man banks Commerzbank’s 


which non-graduate entrants ship stage will have 


SLVSSa 


Nicholas Leslie continues his analysis of the 
essential differences between the way British 
and German h anks serve industry- - . 


and industry. 


advisory 1 


ent from Barclays’. It has tended 
.... to forge direct connections with 

under the system the path to business, other than as a pro- 
file top of the managerial tree is rider of funds. Partly as a re- local head 
largely pre-ordained for some suit oF having to pick up com- a. group of 
members of these families (pro- panies that foundered 


banks do, nonetheless, seem to Ball as its chairman. 

have actively supported indus- This was largely the result of can switch ifth£y prove to have reached) training often cono 
try's demands there is now in- Mr _ the bank not seeing sufficient ability. But if a trates on more general thin# 

creasing doubt among them e ye-to-eye over such matters as general comparison were to be tike assessment of the ban] 
about roe adequacy of the the level of control the merchant made., it seems safe to say that activities within the- env&i 
capital base of most German should have over medium Barclays has a more generalist ment and the economy. • f 
companies, both large and small. ^ i oa g. terra lending by the approach (with a fairly even ' The general irapressioh^vj 
This reflects the considerable bank. It also seems dear that balahce between consumer and by the two banks is that-thi 
extent to which German Indus- Mr. Ball — as a former indepen- corporate finance tr ainin g) training procassesare -slnjHar- 
try used debt rather than equity dent merchant banker with than Commerzbank, which un- many ways, since they prodad 
finance for expansion in its rush Kleinwort Benson (where he doubtedly weights its training in bedrock of personnel 
for growth — aided and abetted, was deputy chairman)— wanted favour of corporate finance, essentially common taleiffis; 


Each readily accessible intermediate miKrt ^ by tbe more autonomy for an elite This Is not to suggest that there practice, though, they.'- 

has levels, rauier tnan haying to t>e h . nmu oTnn>« activitv whit* Barclays does not is necessarily more -• . inter- operate in accordance with it 




directors). 

office has levels, ratner tnan paying to do banks' now Express activity whidh Barclays does not is necessarily more- .inter- operate in accordance withna,' 

branches (on referrea to the centre.- doubts About the consequences, see as being particularly exdu- department movement than at different standards— in person 



i tnese families (pro- panies that foundered in the average, about 80 in number) , also feels lts l0 ^“ th. i n>n . sive-nsomewbat in contrast to Commerzbank. lending, for example, a Barda-"" 

XfSv 0f SII^K have i h f recessjon behveeo the Fi tt and within its orbit. It oversees most ""S* I! £ (five stock mlSetTs an ob^oiS Commerzbank's view, it appears. Unlike . Commerzbank’s, the overdraft would be depeade , 

it?, pw of . ? M “ n . d 5S? Wara . ! ™ 1 partly of O-oir functions, other than ^ Another' innovation has been B^claysV^ning proems is not on proven need. whii. »<\ 

of things that they 
petuate generations 

lated experience and local know- German banks hold sizeable ingTnd large roimorate finance « ^re apeciaiised situa- “■ «aeTnew recruits are green automatically, the level beu 

“5 L° f d £ e ™ nt parts shareholdings in a number of SlS/ locMfy. M^^*^**™** h **’ *° Ck S£ of economSsT^^ instruction in the reS based on a given multiplier.- 

w^«.- Fa, ^ ly ““w* 1 ?" companies. carried out centrally. also have a responsibility for Since it has been free of the - -I . ei s £ provided by the bank but his salary. 

^mnce^on^r^tfSe tap German ban * directors also dearly defined lines of res- ffir^dtocretSnttry MweJTto *“ d advise on P° tenti al for Barclays- staff begin day-release But above this strata of p«' 

ofCommerzbank. “ ^ P have seats on the Boards of ponsibility between head office S un* fttevSb^uStantiativ growth of the constituent parts only when working on Part 2 of sonnel, Commerzbank is tu 

tWtf- families in » K” Whi " h ^SSt' WJ52Z 0f ^ ~ T ° ™* fc elWtt " 

the Barclays set-up is but one staaes. latter considerable freedom of ers enables them to look after customers, put just how short 

of a series of major differences In 1,10 U-* 5 -* however, banks manoeuvre within 'given para- a large part of even the biggest a time it is since this deter- 

be tween it and Commerzbank have always . avoided taking meters. These include lending companies' requirements. mined effort got under way can 

(the structure of which was equity stakes— pre-eminently UP t° pre-determined limits. The 35 local head offices all he judged by the fact that Bar- 

described in an article an because they believe there is a which differ from branch to have direct access to a number days itself sees as the water- 

Tu.esday). potential conflict of interests in branch. At the top in London. ^ ,,^8 ^ Barclays Merchant shed its acquisition in 1971 of 

•Commerzbank began life ^ nves ti n S where they provide there are general managers re- Rank Barclays' insurance the 45 per cent, minority in- 
fluencing the exnorts of ^ UD ^ S ' hut also for other rear' sponsible • for seven regions, broking company and Hercan- terest in Barclays DCO 



examinations; At about the its approach to who does wh. . 
age of 28 or 29, they work job, how he. is trained and ti 
on' securities dealing and degree of' standing his depaj” 
other activities of a relatively ment has within the ban 
. . ; complex\ character and take a Corporate finance heads, ff'.' 
‘ principles qf lending" course elite, together with treasm-- 
dealing largely .with personal work such as money market ac' 
lending... - .."I , foreign exchange dealing. . r 

Their German; counterparts, Barclays, bn the' other had 


Hamburg merchants, and sons— and their executive such as North-East. South-West tile. Credit;- the consumer (Dominion,. Colonial and Over- this;, it Investigates the who .would be. ahead ,nf .them, does not view elitism as ti • 
expanded quickly in most areas directors therefore rarely hold and for London itself; theirs is finance. Teasing -and indnstrial seas), which it did not already pects of industrial sectors and would. Save dime quite a-Ipt of right approach. It adenowredg- 
of banking to assume directorships of other a broader brief, taking in such instalment credit company own; this gave it complete con- particular companies both .^in^ ■ corporate' finance 'Work' and the complexity of corpora 
"universal" stature, though it cora P anies - f unc tions^as bought in 1975. -They can also trol._ DCO was. integrated with the U.K. and overseas. Its find- we ll be . in. line for a finance in certain areas, Bi 


is only in the last 10 to 15 years Since 1898. when 20 banks 


and agreeing 


_ !ree,ng ,„ ! maj? r ' loa f s tap the facilities available in Barclays’ existing overseas in- ings are fed out around the managership - feels that it should fit in as * 

that it has had any substantial merged to form Barclay and Co. rannin e int0 millions of pounds. th fr 27 UJEC. offices, of Barclays terests to form Barclays Bank whole Barclays network and cor- . M<Jving up through stages at integral part of the whole ram 

involvement in domestic re- (the name was later changed in Also based in London are the Bank Intematiot^L International pd the move was porate business development B^ayg (there are five in all), of banking facilities whichv ^ 

t^il banking. Since the 1917), Barclays has maintained ^ n . a _ 8 Replying to the perennial seen as enabling a speeding up w^.^also ^OQjaaA employees' training will take in way, it maintains, have thei 

balance sheet selves become much more cor 
management and plex in recent years.' It woul 

..... ._ isal techniques, therefore, deny that the lack i 

making major banking acquisi- admittedly, is moving towards Local head office directors Barclays says Hurt Jjjiiy shortage nes s customers. tion has some parallels -with corporate finance,- evaluation of an acknowledged elite, meai 

tipns. Barclays, on the other such a pattern because it con- generally ..slot in -beneath, the haj.been one. of deitand ratlier. .\ Barclays' "next -move. In res- Commerzbank; for example, capital projects and sources of that its' corporate, customer 

hand, has grown throughout this siders this will make it more regional general iiianageip. in“ ihkq ; ' supply. ; In: .cwojroiorr vjjth .ponse to the 1971: Bolton Report both -have a special progritmihe capital ; gearing. Beyond this have! to deal with anything le: 
century by both internal growth responsive. .J»‘ . business custo-the management .pyriratfd, and.:'otiietbaiIRs5raLlSff " small .-.companies which for university ^graduatw r to time, the; manager thanT high-powered personnd. 



Tecbnical News : 










METALWORKING 


EDITED BY ARTHUR BENNETT AND TED SCH0ETER5 


• ENERGY 


Total energy scheme 


tions. As a result, pressure on a PROCESSING 
the internal surface of the hole w riwvMJinu 
is negligible. Also, a smooth and 
rounded surface on 
robs against the bore. 

Hahn & Kolb says the GH-S 

A NEW metal-cutting tool, the interlocked and can slide radially leaves no visible mark in the NOW IN use in the quality con- 
GH-S. will remove burrs from into the shank, but are restrained bore of a hole. It will demon- trot department of Dr. Beck and 
both ends of a hole in a_ single from doing so by a tarota! spring, strata the .tool in reamed holes, Co. (England), is an Enpro ver- 


No burrs, no scratches 


smooth and -a t «*; .-- ; 

ea, h h. New enamelling oyens 


operation and without scratching But by. the way it is monhtSl the not only in., steel, but. also, in tical 


the bore. 


force exerted by this spring is -aluminium . to demonstrate .this 


wire enamelling oven 


satioh - in the first heat zone. 
Woritibg 'temperature ranges are I 
200-250, 250-350, and 350450 de-| 
grees Cl 


. . ■ . The- wrstepi. includes e, non- 
it was originally developed for controlled and varies to 'give the -freedom from scratching. ‘ • nesigneo ana dujji Dy. tngju.eer- /uqji ng^yeqti lation arfangement 

a major Swiss engineering com- appropriate pressure for each Having passed through a hole, “’g Promotions, 111, Bulibrook at the oven exit, and the maker 

pany but is now being made stage of the operation. ; • the blades are no loiter Drive, Bracknell, Berks., (0344 says -tamper at lire levels- are 

generally available. Hahn and When the tool approaches the restrained and resume their fully 3425). accunfVtfly' maintained." 

Kolb (Great Britain) is the sole lip of a hole, the bfadeslare held extended position. Once again, . E i„i»i*vFwia* ... . T^w»npMiy, whid»'special- 

-*-••• ' " is xupply- 

u. - *- • « —tiering and 

attach linle urgency to solar 4*> non ■»,.>» fnnt faVtn'm comp Two opposed cutting blades are pressure increases until the force movement of the tool is reversed. wue 2'^ varnishing machine for the Aber- 

power developmeiin ^the^ Me” fflwrZ .S mounted in the shank of a GH-S pushing each blade into' the tool the second set of cutting edges “: 5 .X dl S'| ls works . of -Pirelli General. 

Sn DcpaSment of EnenS 7s 50 Lr cent of tS tool. They are made of high- is greater than the force from removes the burr at the rear of he ?“ d __ •“ Lj tbree This machine is complete wtih 

. . h . . w ceBI - or me slaa ^ speed steel, and are replaceable, the spring. When this state is the hole. 

also «„L Wl-J. V.. r- M.Klnn Ma.tiail ,V.n klarlAr n>fiil4 inla chftM rvnl 


to use sun heat 

noio loreai onuioi is me at* is up oi a uvie. uie waaes.are uwu «*w«ueu yus> iu«». wmc agaui, r f • 

THOUGH the Deoartment of rtinshuntiftn tn start ahnnt distributor in the United King- apart by the spring. During the the force from the spring is at * * 7^.1 8 u ten-pass ises la oven^ building, is aup 

Enerev in .TSSIl ?n k Sc J t ^ dom. removal of a bure. the cutting its maximum level. If the axial machine with pump pad enamel ing a threehead lacquering 

mam appears to 16 months, is to supply to the miunmant tmi » iwwkui application suitable for wire 0.75 .varnl*hme marhinp for thp -a 



KG EL LTD 


-. Kennedy Tower. 
SLChads Queensway, 
Birmingham B4 6EL 


NORTH SEA OIL 

Divers not 
needed 


with 

pushine ahead ver>- ouicklv with reaurred- thV niant — wiir’.T^ speed steel, and are repiaceaoie. me spnng. wnen tnts state is roe noie. An advantage is the J5. d t? s Bn ‘ ln 9* t ‘ ®J anda * output winding, 

large-scale expenSents wfth an hw? a ‘fbsrii-fuS full ^ ch blade has two cutting reached, the blades retract into short cycle time achieved when JTSwi. ASSESS- ^ nd , nDlts “>corporauog RAPID GHECKING of snbwa 

not onlv on wpSlyinr a lar“ Sfeam boiler P etlses: the leading edge removes the shank, and the tool is free to de-burring on the fclind side of a a for ^ solvent utill- ha uLpff .capstans. . . - . anode instatiations without Os 

SSt * IS “uatS? ^ domSSc i? Wifi £ operated by the the burr from tbj front tip of a enter the bote. With fte Wades component - ' need, for- physical examination 

and industrial hcatinR/cooling Wilhelm Bleyle Co. in Shenan- hole., while the trailing edge redacted, the spnng exerts con- *- 


needs in the coming decade, but doah. 

also on exporting equipment to No one at GE or in the DoE 
other countries. Is claiming this plant will be 

Xatest and possibly the most economic. But emphasis is 
ambitious prnjecl to be an- being laid on the fact that a 
nonneed is one for a total energy full-scale demonstration unit like 
sribeme relying on so Jar heating this will go a long way towards 
to provide power, steam, heat showing potential users and 
and hot water for a textile plant manufacturers of equipment what 
in -Georgia. can and has to be done if the 

General Electric of the U.S. U.S. is to achieve its goals of 
la to carry out part of the work fuel self-sufficiency, 
under a SI. 5m. contract from the 


works on the rear lip. 

The two cutting blades 


Hahn & Kolb (Great Britain), 
siderably less force than - when Leicester Road, Rugby. 0788 
are they are in their cutting posi- 74261. 


Water cuts like a knife 


• OPTICS 


Eye-savers in fashion 


t)7 divers or submersibles can be 
carried out with an underwater 
cathodic protection potential 
monitoring device developed by 
Metal aiid Pipeline Endurance, 
a William Press company. 

The system uses seabed trans- 
ponders and a- single survey 


DoE and management of this 
has been assigned to Sandia. The 
hear; of the development is the 
application of newly designed 
twin axis parabolic dish solar 
collectors which will heat an 
organic liquid to above 600 
degrees F. Thl? will transfer 
beat in exchangers to water/ 


• SECURITY 


Alarm in 
disguise 


steam, providing motive power to ■ nB . r p 0 r P , VTP r v 

jl«k “ rtiM «— * JE5PX3? SSWlSE 

At this Stage power, process digital desk cl ock*-is a burglar 

steam and reedwater heating will a l r t rnl „'U hl ? 11 gl 7 e -f 

be. extracted. the user enou 6h grace to set it 

.^Thermal energy storage will ant * B et , , t * ic area no 
hid provided for night and cloudy unseemly hurry, as well as come 
conditions operations, taking the ‘ nt ? the premises and switch off 
form of roek/Trickle oil arrange- before the alarm can sound, 
meats. The BD. 100 has a large LED 

Resign of tho collectors is display and incorporates an ultra- 
one key sector and the work has sonic unit which is activated by 

been entrusted to a lead ins: radar the withdrawal of an electronic 
antenna design group. Scientific key uniquely coded for each 
Atlanta. GE will design the high alarm. 

temperature receiver and develop Such action 5y the user Mts off 


DEVELOPMENTS which have their roots in 
the technology behind Concorde have led a 
Pilkingtan subsidiary— Birch Stigmat Group — 
to produce a type of lens that will be a boon 
to those of us who are obliged, In the normal 
course of things, to wear glasses with thick 
and heavy prescription lenses. 

Claimed tn be the first in toughened glass 
prescription lens processing, the advance 
allows such lenses to be fitted into “ fashion 
frames” which at the moment have much 
larger eye sizes. 

Toughening processes used by Birch 


thickness to enable .them to withstand the 
process, as well as the impact testa applied 
later. 

The new technology does away with the 
need to make the glass thicker. 

The process produces thin lenses meeting 
the highest industrial safety standards and 
suitable for use in practically any type of fuil- 
rimmed plastic or metal spectacle frame. 

Test conditions applied to the lenses, Jn 
which a steel ball is projected at them, result 
In the production of twice the energy in foot/ 
pounds required under the BS 2092/1967 for 
GP prescription spectacles. Should the blow 
be too severe, the lenses -will crumble into 


Stigmat were originated by Triplex Safety 
Glass (also PLIkington) fnr the strengthening small smooth-edged fragments, 
of flight deck windscreens for Concorde. More information on the process from 

Standard practice when toughening glass Pilkington Brothers, Present Road. St Helens, 
prescription lenses has been to increase their Merseyside WA10 3TT. 0744 28882. 


AN- UNUSUAL multi-purpose of the work involved. A number 
vehicle for high-pressure water- of different forward-facing Jets 

cleaning of a wide variety of are available" to cut- thrbugh a . — _ 

items from rusted steel, sections blockage. Thera are extra heavy vessel, and savings of time; cost 
to .oil-caked refinery storage nozzles which drive themselves “d equipment are said to be 
tanks, as well as for the more along '.the bottom -of a' pipe, considerable. With transponders 
ordinary unblocking of pipes where’ sludge is most likely to located at one-mile intervals- on 
and drains, has been built by He and be thickest After clean- the seabed' the system can Inter- 
Whale Tankers, of SolihulL sin&.&e line is reeled in auto- rogate 200 miles of pipelind in 
A Pafeminar VJt n* ■, miScally. - - only 48 hours. 

Dodge dJasste driveslfn Aqua pjf problems for which these J** interrogator unit ontite 

Hydraulics lifgh-pressure pump "S2“! ^ found -were 

delivering -a 22 galls/min hleh P ps fd.by A1 Mnalem. a -Dammam 
o A5.V. J5 contractor working among - the 
oil wells, refineries and pipe- 
lines of eastern Saudi Arabia 

wbo wanted mobile rauiti-par- code. Up to 1,000 transponders 
pose equipment Where aeces- can be used -hr any one system, 
sary the sludge being removed Underwater . components- -j«re 
can be' directly fed into en designed for maintenance-free 
accompanying vacuum tanker, operation, with battery -^e 
more Cost of the jetting, unit is about stated to be up to ten years. . 


speed Jet at up to 8,000 psi. This 
is so powerful that it will clean 
badly rusted steel, cut through 
lorry tyres, or cut grooves In 
concrete. Lts deployment there- 
fore needs forethought and a 
competent operator. 

In ' its other role. 


ship uses either a tawed' or 
“ dunking ” transducer, while, on 
the seabed is a series of poten- 
tial-measuring transponders, 
each with its own identification 


at 


rang, uni 

normal pressures, water is fed £33,000, ' and - £20,000 for the When, activated, the transport 
through a bigger bore hose reel tanker. der measures the potentiaHbo- 

on the end of which is put one More ‘ from Whale Tankers, tween a reference half-cell and 

of a range of nozzles, depending Ravensbaw Lane, Solihull, ■.\V the underwater steel structure, 

on the application and toughness Midlands B91 2SU. .. as generated by the cathodic 

'. ' protection anode. The - value ls 

WTI r>ijir acoustically telemetered to the 

range, the shafts monitored “ WtUIINw - ■ surface. 

depend on the model, but- in all ------ T _ m - . _ • - . Marimum signal range is about 

cases the effect i 8 to provide Va/q^ { alaa wan- \l7oIirliTlfr An-TW" S. fan and a stationary surface 

early warning of overloading or VY <tLvUJULIw YY CMlIXIfiL UJU: A Y umt could mterrogate any num- 

impending blockages, as well as her of seabed units within this 

alerting the driver when belts , T „ T ,- . _ _ ... - . radius. Mamimum operating 

need tension adjustment BEajAUSE ARC ; welding pro- device has 1 "been '.tried at the depth is about -700 metres. 

Flashing lights and a hooter duces very high light levels It Welding Institute to view, and More from Wm. Press and Boa, 


• INSTRUMENTS 


Remembers the settings 


STORING and recalling up to JhiJse transition times of less 


the coatings for the reflector , uul i nE circuit which nrovides ten complete instrument settings than 5 nanoseconds combined 

surface. a - - * l ” _'- ,rClU V wmen provmes U..ll» j_»« » ...» U....I.n, friH. tha u>iria 


. ■> 




riS» 8 far Sittil? are built into a new Hewlett- with the wide frequency range .in the cab warn the driver if the has always been difficult to film videotape, arc welding processes. ^Ei^xStreet, London WC2R 

Aim of the project, which wm □ ro Sd room of some ^0 Packard Model S165A program- suir the device to a variety of speed of any shaft falls trig- the process, while attempts to P 1 ®. was . ao , successful that 3AU eoi-353 6544). 

be firmed up later this year with m 01 SOrae ~ mable signal source. Complete digital test applications, iuclud- nlficantly for more than a few ^ a ^ camera have been “"“B .special filters J 

On« this period has elaosed. operating mode settings, func- ing TTL and MOS logic famiUes. seconds, and a. similar warning . succSsful sometS' ^as f. OlltrOl 2flQ 

the ultrSnic uS tton par^neters and output mode Hewlett-Packard, King. Street indicates a temperature rise. carried ' out, leading to the V/VUUV1 MUU 

L fitfuSon to bilhe the whole settings are recalled by simply Lane, Winnersh, Wokingham, Lights show the source of the resulting in damaged cameras, development -of a method of 

ameain a wave pattern Abatis pushing two buttons, or by Iterfa RG11 5AR. Wokingham ^ 

reflected to a detector, also in the addressing one of 10 storage 7S4i#4. 

dock. registers. 




SHEARFL0W 

:WUSTRIAL AIR CURTAINS 
KEEP PR0FTTS IN AND 
COLD AIR OUT 


BHto5kwlnLBnto3kuriten, ffl« UgA Si 
Uml nsafcn-440 BMD.Mb 8B&B rt-BO 


Monitors 

harvesters 


Any intruder walking through This allows- the user to switch 
this wave pattern will alter the rapidly between different sources 
received signal and if he has not without time-consuming knob 

got the right key, his presence twisting. Because both keyboard 

will be indicated by a strident and bus operation are possible, 
alarm after the 20 seconds grace, the Model S165A is suited for 
Normally mains operated, the both bench and system appJfca- 
cloek has interna! rechargeable tions. Built-In batteries maintain INSTRUMENTS HAVE 

cells That keep the device work- data storage when the instra- developed . for John 

ing in case 
disconnection, 
thn cells 
More.. 


Thai Intense light prevents TV eliminating, the.- black spot, and ITIfTnitftriTiCF 
Wbtie the instrument will cameras operating: Is known in ***** the fire. lUUIUlUHUg 

' the “ "" ~ t ^ r »r: til 

to brief speed drops' (roch as a sometimes made to disable training field. It ls often difficult for metering and contro?offlids 
crop buildup reaching the TV surveillance equipment by for -.an instructor to point out have -got together to form * con- 
threshing cylinder) or when all directing car headlights or power- exactly where a trainee welder sortium which will offer wlat it 
shaft speeds vary as the machine ful torches at the monitor is making mistakes — now they calls a package service covering 
ig started or stopped. A memory cameras. will be able to see the errors by design and manufacture “of 

XJ uJSSLFSr^ This has been circuntvenred by 2 vide0,a P e recorder, and equipment for the offshore oil. 

been JfwE ^STachtee S an .e'ectronic device known fs aS . pwcrtBW ^ ‘ . 

n^^hv machme has been shut « wlipser - (mad h Evershed e*plamed._ - - The new organisation wiihb* 



Glynwed umup services, tieaa- rrequeucy range i aniimenz to narvesiers. tne u.is,. naKer or roe msxru- rr rr* «w«ms robot weldinc machines. w™ --j 

land House. New Coventry Road, 50 megahertz. Pulses or ramps Because the drive shaft "tents is at Stroud Road. Nails- merest of thescene to be viewed u Wfl from the YfeMine InvH- r™ n i antt 
Sheldon. Birmingham B26 3AZ. are generated in the range from arrangements of the combines worth. Stroud, Cloe N GL6 0BE b y the security guard. Abineton Hall Cambridve G nf th*. mnonr1 ; lm , 

021-742 2365. 1 millihertx to 19.99 Megahertz, are not identhxd throughout ihe (045383 3787). A modified version of this CB1 BAL® fflllK). ^ afaSSk 5Sl?L21dSfwl - 



( 








J jaiiiJUW- PUWi HI 



Financial Times Friday March 3 1978 

j D ^ E & TlSEl ^ s an nouncement 

We’II take I f 
more care 
of you 

No 25- 


British airways 

ANNOUNCE 



Friday, March 3, 1978 


Fly the flag 


e Rolls-Royce 747 is blazing a new trail West 


5 


C i 9\ 



» J { s ’ I • 








RE 


Exports 
get a 


start to 


.EVERY DAY this summer 
more than 80 British 
Airways flights will leave 
Britain for Europe. 

The llights will leave Heath- 
row. Gatwick. Glasgow 
Manchester. Birming- 
ham. Bristol and Cardiff. 

GERMANY, for example, will 
have about 150 flights a 
week. 

There will be daily flights from 
London to nme important 
business cities - Frankfurt, 
Dusscldorf, Munich, Col- 
ogne, Hamburg, Berlin, 
Hanover, --Stuttgart^-antf' 
Bremen. 

Some of the Dusseldorf ser- 
vices will be flown by a 
TriStar, the first to operate 
in Germany.. 

VIENNA has ten flights a week 
- a daily service from Lon- 
don to Vienna with addi- 
tional afternoon flights on 
Thursday, Saturday, and 
Sunday. 

PARIS Mill be served seven 
t i mes a day. and four of the 
flights on weekdays will be 
operated by TriStars. 

15 AC I-lls will fly from Glas- 
gow to Paris non-stop on 
weekdays from April 3. 

LYGN flights will be increased 
from ifircc to five a week. 

AMSTERDAM will be served 
eight -tunes daily, except 
Saturdays. 

BRUSSELS will have four,, 
flights on -weekdays. Tri* 
Slurs operate a peak, early 
evening return flight from 
Brussels on three days a 
week. 

MILAN has three flights a 
day and ROME two. 1 

A iive-times-a-week service is 
being started from Glasgow 
H> Milan from April 3. It calls 
ut Birmingham. 

MADRID has. twice daily 
flights, some with TriStars. 

BILBAO has a new daily flight 
Iron* London. 

LISBON will have a daily non- 
stop service. 

OPORTO will have a non-stop 
service on Tuesdays and 
Fridays. 


Boost for 
the other 
oil boom 

5TA VA NG ir K. the thriv- 
ing centre of the 
Norwegian oil industry, is 
being given a >ix times a 
week sin ice from Heath- 
row by British Airways 
this summer. 

Operating every day except 
Samrdav from April 2, the 
'It idem' 2 flights depart 
.Heathrow at 1125 and 
•_ return at 13-5. 

Scandinavia pets an excellent 
service from British 
Airwnvs- 

.Stockholm has two services 
ocn day, -and two services 
. alvn fly to Copenhagen and 
Oslo 'each day except 
Saturday. 

A nc« route is being opened 
Irons Glasgow, to 
Copenhagen from April 1. 
Hctainkinnd Gothenburg have 
a daily service, ami the re arc 
also altcrnoon flights RJ Hel- 
sinki operated «n eon- 
.. junction v. iSh Finnasr . 


SAN FRANCISCO will be just one long 
bop away from London on May 2 when 
British Airways ' starts flying its new 
Rolls-Royce powered Boeing 747 jumbo 
jets on this important financial and tourist' 
route. 

This will be the first time since 1969 that a 
British airline has served San Francisco, and the 
first time ever that a British airline has flown the 
route non-stop. 

The service will leave London daily, (except Fridays in 
May) at 1430, arriving at 1730 local time. 

The new San Francisco route 


is just one of the many 
improvements which British 
Airways is introducing to its 
services to North America this 
summer. 

The airline’s long-rance 
747s with Rolls-Royce RB 2l 1 
engines will also . fly to Los 
Angeles on five days a week. 
Wide-bodied DO Os will oper- 
ate oil the remaining two days. 


Popular 


Miami and Montreal me to 
be served by both 747tand 
DCH) wide-sbodied aircraft by 
British Airways this summer. 
Each city will Have daily flights. 

In all, British Airways wiH 
serve ten cities in tic United 
States and two in Canada this 
summer. 

The popular executive 
cabin facility mil be avail- 
able on all 747flights. 

People living m the north do 
not need to commute to Lon- 
don this summer to pick up 
Transatlantic flights. 

British'- A rrwajs will be fly- 
ing from Manchester aiid 
Glasgow (Prestwick) to 
Montreal and Toronto. AU 
sendees will be operated by 
wide -bodied aircraft in the 
peak season. 

. ’ New York will also be served 
from Manchester and Glasgow 
(Prestwick), with 747s on two 


Concorde 

success 

grows 

THE British Airways Concorde 
services lo New York have 
proved extremely popular with 
business travellers since they 
started last November. 

During the winter, the ser- 
vice has been increased until it 
is now daily, and there b a 
strong possibility that the fre- 
quency >riU be stepped up to ten 
a week by mid-summer. 

The Atlantic crossing takes a 
little over three hours - under 
half the subsonic time. Flights 
leave Heathrow at 1115 and 
touch down in New York at 
1000 local time to give pas- 
sengers a complete working 
day. 

British Airways also has 
three Concorde flights to 
Washington each week. They 
leave London at 1300 and 
arrive in the US capital at 1210 
local time. 

days of the week, and VC10 
airliners on the other five. 

There will also be a feedei 
service to Glasgow (Pre- 
stwick) from Belfast con- 
necting with the New York 
and Canadian services. 


Tasting triumph 

TWENTY-SEVEN awards were won by British Airways chefs at 
the Hotel Otvmpia International Catering Awards Exhibition in 
London, In aril, the team collected five challenge trophies and gold 
medals. One of the gold medals was won by Bill Walker tahove)for 
bis “Gateaux Practical." 








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<>ne o^BrEsh Airways’ new Boeing 747s with Rolls-Royce power: Soon they wll/be flying to San Francisco and Australia 




Things are looking 
up for Downunder 





Take the 

plane 

train 

HEATHROW - and British 
Airways’ world-wide network 
of air services - are now- onlv 
45 minutes away from the 
heart of London. Under- 
ground trains now run from 
Piccadilly Circus to a station 
beneath Heathrow’s control 
tower. 

From there, a series of 
walkways with moving -pave- 
ments link up with the three 
mam terminals. Single fare 
from Piccadilly Circus" is SOp. 

Coaches on the Piccadilly 
Line have been specially 
designed to have more room 
than usual for passengers’ 
luggage. 

New link 
to Zurich 

A NEW British Airways ser- 
vice is being introduced from 
Gatwickto Zurich from April l 

The sendee will leave e v ery 
day of the week except Sun’-' 
day at OSOO and arrive at 
0930 local time. 

There are frequent flights 
to Zurich, Basle "and Geneva 
from. Heathrow. 


FLIGHTS between Britain and Australia will be 
quicker and more convenient this summer thanks 
to big improvements in the British Airways 
timetable. 

The airline’s new, long-range Rolls-Royce Boeing 747s 
are being brought in on the route, and all services will 
go by way of India and south-east Asia to give, in most 
cases, shorter journey times. 


SYDNEY for instance, 
will have daily jumbo ser- 
vices making only two 
stops on the way. 

MELBOURNE will have 
three services each week 
making two stops and four 
making three stops. 

PERTH will have a 


Flag over 
E. Europe 

BUSINESS travellers selling 
exports in Eastern Europe 
have a great ally - British 
Airways. 

British Airways operates 
•fast, frequent services from 
London to eight cities - Mos- 
cow. Warsaw, Budapest, Bel- 
grade, Zagreb. Prague, 
Bucharest and Sofia. 

No other airline can offer 
business travellers from Bri- 
tain *uch a comprehensive 
service. 

A special feature of the 
schedules are Friday return 
flights from- all eight" cities to 
Heathrow. 


| Announce Reporter] 

one-stop service from 
London on three days 
each week. 

BRISBANE, served only 
by British Airwavs, will 
have three three-stop flights 
each week. 


New route to 
New Zealand 

British Airways is the only 
airline flying between Britain 
and New Zealand, and a new 
route by way of Bombay 
reduces the flight time to 274 
hours, which b faster than the 
route via Los Angeles. 

Main features of British 
Airways* other services to the 
Far East include a daily 747 
jumbo service from London to 
Hong Kong, There are also 
additional flights on three days 
of the week. 

Singapore has a_ daily- 747 
service. Three 747s fly each 
week to Kuala Lumpur and 
two fly to Bangkok. 

Brunei is served by a weekly 
VCI0. 


747 for 
Mexico 
and 

Antigua 

THE Boeing 747 jumbo jet is 
being introduced by British 
Airways on the routes 10 Anti- 
gua and Mexico City this 
summer. And the Antigua 
flight will be non-stop. 

These are just part of the 
improvements being made by 
the airline to its services to 
Bermuda, the Bahamas, the 
Caribbean and Mexico. 

There will be new aircraft 
types and improved routes. 

Highlights of the new time- 
table include dailv non-stop 
services to Bermuda and five 
flights a week to Barbados. 

British Airways is. in fact, 
the only airline to operate 
wide-bodied jets from Britain 
to the Caribbean. Jumbos are 
on the routes to Antigua, Bar- 
bados, Port of Spain, Be rmuda , 
Kingston, and Mexico City. 

The airline is the only one 
operating from London to 
Antigua, St. Lucia, 
Georgetown, Bermuda. 
Freeport. Nassau. Panama City 
and Mexico Citv. 



' fersr— ' 



■ 

•**£*•’ - JF 


Meet our 
girl Roz 

BRITAIN will soon know the 
face of Roz Hanby very welL 

For she Is the star of British 
Airways advertisements and 
posters now appearing all over 
the country. 

Roz is far more than just a 
pretty face. She is a busy 
stewardess flying on British 
Ainvays 707s and VClOs out of 
Heathrow. * 


For. reservations sfeeyriiM 

Travel 






22 


Bfeandal Times Friday Mardi a 1978 


The Property Market 


B V JOHN BRENNAN 


Aberdeen draws in the funds 


Institutional investors have 
tended to fight shy of Aberdeen's 
property market in recent years. 
The “boom-town" image that 
attracted land speculators to the 
city m the early 1970$ . has had 
exactly the reverse effect on 
sceptical fund managers. Insti- 
tutions have seen too many 
“ boom-towns " fizzle out to take 
developers' talk of Aberdeen as 
a future “ Houston of the North ” 
seriously. 

despite the Institutions' scep- 
ticism, the Aberdeen market 
looks increasingly stable. Specu- 
lators who forced local industrial 
land prices from a few hundred 
pounds to £60,000 and £70,000 
ariTacre in 1973 have long since 
handed over to the receivers. 
And the commitment to Aber- 
deen and the Grampian region 
bjr North Sea oil and gas service 
industries has primed a wider 
demand for industrial and oQlce 
space that looks certain to 
generate its own growth momen- 
tum long after the North Sea 
erinration phase is over. 

This week Prudential Assur- 
ance gave a lead to its fellow 
funds by committing around 
£1.7m. to the purchase of the 
first, 90.000 square foot, phase of 
Dyce Developments' industrial 
and warehouse scheme in Aber- 
deen's Dyce Industrial Park. 

Drivers Jonas, acting for the 
development group— which is 
nnw part owned by the Royal 
Bank of Scotland and the Ctaarter- 
hnuse Group— has let the space 
on standard 35 year leases wlto 
five yearly reviews in nine 


separate units. Rents of £1.50 a 
square foot for workshop and 
warehouse space rise to £2.50 for 
ancillary offices, giving a total 
initial rent roll of just over 
I150.GO0 a year. The agents are 
not disclosing price or yield, 
but local market sources suggest 
that ' Prudential bought on a 
yield of around 9 per cent., 
which confirms the recent 
narrowing of the yield 
differential over established in- 
dustrial areas Called for .by funds 
investing in North-East Scotland. 

The Prudential purchase could 
mark the beginning of. a revi- 
sion of institutions’ attitudes to- 
wards the Aberdeen area. And 
'an independent report - on the 
local property investment mar- 
ket. commissioned by 'Drivers 
Jonas from Tony McKay, lecturer 
in political economy, at the Aber- 
deen University, gives (dear rea- 
sons why funds should begin to 
take the “boom-town" image 
more seriously. 

As the main population and 
economic centre of North East 
Scotland. Aberdeen la by no 
means dependent upon the oil 
Industry'. Over 25 per cent, of 
Scotland’s agricultural output 
comes from the Grampion region, 
and 30 per cent, of the U.K.'s 
fish catch is landed there. Tex- 
tiles. paper-making, distilling, 
shipbuilding and engineering 
kept the City’s 200,000 population 
employed before oiL 

Oil and gas exploration has 
obviously had a marked impact 
on Aberdeen’s economy. But the 
effects are far wider than 12.000 
new jobs in the City created by 


direct oil-related work. Overall, 
the City’s unemployment rate is 
only 3.7 per cent compared with 
a Scottish average of 8.7- pef 
cent, and the U.K. average of 6.7 
per cent The local construction 
industry has grown rapidly in 
tune with the demands of ■ the 
oil men. And the .City’s airport 
where the terminal buildings 

were recently rebuilt at a cost 
of £J0m_ has seen an explosion 
in passenger traffic. In 1965 
86,000 people travelled in, or out, 
of the City by fixed wing air- 
craft . By 1977 the number had 
risen to 723.000 and the British 
Airports Authority expect lm. 
passengers a year by 19SO. 

In Mr. McKay's words, the. 
arrival of the oil industry bas 
had a “super-multiplier effect" 
on new developments, accentuat- 
ing the City’s appeal as a service 
and ^.administrative .centre for 
the whole of North East Scot- 
land. and putting increasing de- 
mand pressure on- the property 
market! 

But how long will it last? Mr. 
McKay has no doubts that oll- 
primed growth Is permanent. 
For one thing, the North Sea oil 
and gas exploration phase that 
attracted all the headlines in the 
late 1960s and early 1970s is 
dwarfed by the production phase. 

At the peak of the exploration 
period there were just 25 drilling 
rigs in UJv. waters. By 1985 
there will be 60 large production 
platforms in -continual need of 
manning, supply, and service, 
as soon as 1980 the offshore 
supply industry, which is centred 
in Aberdeen, is expected to be 
worth £1.2 00m. a year.- - 



Inveriair House, the first of the new wave of office develop- 
ments in Aberdeen. The 64,500 sq. ft: block was developed 
•jointly by Teesland- investments and Bovfs in 1973 on, pro- 
jected rents of £L12 a sq. ft. It was bought by the South of 
Scotland: Electricity Board Nominees Superannuation Fund 
for £830,000 before completion, and let at £2-50 a sq. ft 
Last September the fund sold the block to Legal and General 
iOr just under £2m. The market rate for spree there would 
.- now. top £4 a sq. ft. ‘ 


Aberdeen- Construction 
recently confirmed local agents’ 
views that oil-service groups have 
been renegotiating leases, extend- 
ing them From 5 to 35. or more 
years. And as this increased 
security backs up. a sharp in- 
crease in local office rents, and 
a steady growth in _ industrial 
rents, fund managers are likely 
to begin swelling Dyce Airport's 
passenger figures.; . 

The oil companlesnaie clearly 
taking a long-tera.riew of the 
Aberdeen market. BP and Shell 
are expanding their, .local head- 
quarters to accommodate over 
1,000 staff each. Occidental is 
looking for another' 100,000 
square feet of offices, Conoco 
wants over 40,000 square feet, 
and the British National Oil 
Corporation and Burmah already 
Occupy 68.000 square feet of 
offices and may expand. 

As the other oil majors make 
discreet inquiries about Aber- 
deen ' sites— one international 
group is due to anno unce its 


move to the rity tomorrow— 
the argument that this scale of 
investment reflects a long-term 
commitment to the city gains 
force.-- 

At the moment there are only 
50,250 square feet of offices 
available in ' the City * and' a 
further 182,920 square feet gross 
of new or modernised office 
space under construction. Some 
67 per cent of the hew building 
and refurbishment is for owner- 
occupiers or has been pre-let, 
and if last year's take-up rate 
of 228,000 square feet is repeated, 
there will be a marked shortage 
of offices by the year-end. Rents 
reflects the growing shortage of 
prime space, having risen from 
£1 a square foot In 1973 to around 
£4 a square foot for modern 
accommodation now. Local office 
buildings costs in that time have 
risen from £8 to over £22 a 
square foot. 

On the industrial front Martin 
Cohen, whose Teesland Invest- 
ments announced a £5m. indus- 


trial - and . office development 
■programme in toe Qty tiffs week, 
explains a local aJKfrmdy - that Jus 
confused the rent picture- . 

. The '' offshore service - intras- 
tries have tended to need more 
than the- traditional ancillary 
office content In industrial . and 
warehouse buildings, Aberdeen 
units 'tend to. be : built with 
around 20 .per centVoffice' con- 
tent which is fi or lO.per cent 
more than the national-. average: 
Office rents of- £2.50 a square foot 
or so- have topped up industrial 
space rents in the £1.00 to £llS0 
range to overall unit rents of 
over £2 jusquare foot. - • - • i - 

Fond managers, unaware of 
the higher office content, have 
seen reported rents to be. oht of 
line witfr; the national rate, and 
'have treated industrial ' invest- 
ments in Aberdeen .as- sub- 
stantially ex-growth. ' 

In fact local industrial rents 
have risen steadily in line 'with 
national; trends in -recent years! 
Drivers Jonas’ . latest -quarterly 
■survey Of .the market shows that 
there .is now around 410,000 
square feet of modern space and 
260,000 - square . feet of older, 
multi-storey accommodation 
available, or under construction 
around the City. 

In the early 1970s the local 
planners zoned 1,500 acres Of 
land for industrial use. But the 
planners, - who saw the national 
move towards airport locations 
zoned 900 acres of industrial 
land around Dyce Airport Heli- 
copters apart, - the off-shore 
industry concentrates cm Aber- 
deen’s port, and industrial -space 
with easy access- to the "bartxrar 
have continued to command the' 
premium rents. The misguided 
concentration of- industrially 
zoned land around the airport 
puts the apparent over-supply of 
potential sites, with Its con- 
sequent impact on future rents, 
into perspective. 


Pension Funds provides .an , ground ‘Systaa. After, lea 
interesting. If... prediotabie, view secondary . Mi 


of the’ fields' property invefitfjftffmer FNFC-. •• Qi 

WWH-an aoiliflUV ttl (bfi COTTV HalttbPO, &M fflltflET Ktj 
Written evidence to m ^ ' Chief, sir 

mittee-Jgtven last Young, farmed Security An 

and published earlier this week firna a 25-year ■*** 

—shows that the funds’ net cash fnim the Department of *8} 
flews increased by H-S per cent ; -viroantent bn * 100,000 squ 
a rear between 1968 and 1975. foot bunker 120 feet below Hoi 
£ toe movement’s total steckHfll. NWS, and opened^ 
lawng uic “ ffoftnrtftwt Tn busineas.as a security films sir 
assets to more than £20,OOOm./In AnajnA ^ m ^ ■, ,- r 

verbal evidence one of the banker, space is now filled 
Association witnesses, Mr. G. J. clients ranging from the Brit 
Dermis of the Post Office Super- National Oil Corporation 
Mfl m ati ori Fund, confirmed that Thames Television. It ex 
he aimed “to get roughly 35 per around £300 a year to store ; 

cent of our present net cash flow 

into jroperty and no more tl« 25 f0 ^ 

.20. , Per cent of ike -•= ■ 

funds, and 10 per cent of the qeqrqe Walker’s leisure, b® A f\ 
annral cash and property group, M f 

development situattons- Tne Wa i feer> jg shrugging off the 

Bp's S sibilities of legal- problems j)’ 

45ger centrfBces, -J “gr its .£lm. Oxford Street she 
indostnal. 20 per .*mt retail, y^e. The group recel 

and; '2L per Ce t a S ncnlturaI writ earlier this week 

property. . h (w Graham Saunders and Assocai 

t2 O ^ calling for a halt to the OxftJ 
Board’s ftmd, told the “ft nroiect Mr W; 

reiftee that his fund had redu«a . Street Projetx mr m 
its target for property im£* f e “ ^ “ ^Nobodi 

ment from 40 to , 30 per cent. Of P™ e JJ£ S Q ^ re „£2d«i 
new money over the past 18 t0 toe wrlt/ 

months. - o< . _ Thpr ■ BIV and Its lawyers are 

Jlr.. Jenkins echoed other the standard “vigorous 
witnesses’ worries about pro- fe ^ ce ,, statements. And t 
perty prices having risen to a 
level where, in certain cases „ 

“ they do not justify Invest- SK? 1 ™?. 


other 
pro- 

*° a are no plans to delay the Ji 
of the 67.000 sqi 
foot former Wnolworths 


went" He said that “one. of ^the North sIde 


toe. problems, in.. future facing gtyg^j 


In Brief . . . 


EVIDENCE to the WUson Com- 
mittee on the City from toe 1,600 
strong National Association of 
J 


the .pension funds is matotain- bw‘ took a 20 year lease 
Ing their p ropert y . targets building from Wnolworths 
against the background of fan- aD j nitja j ^ Q f around £8 
tog supply." He sees property ~ uare f 0 oi. Barclays . are . 
development programmes as bne to be the 60 "per 

way of maintaining investment financing partner in a flW 
targets. version to .a. three level n 

’.!• •. • - shop centre, complete witli!^ 

FORMER First NationaT Pi nance own jiaved streets. 

Corporation chief executive Pat - Sole letting agents. Leavers 
Matthews, bas been making have now filled all but eight 
money underground for over a the smaller shops at rents 
year now When he was negotiat- puted to top £60 a square fo 
ing for FNFC money shopa on BW and Leavers; are siftini 
London’s main" railway stations, through applications for the 
Mr. Matthews heard of wartime main ing space to select: 
bunkers linked to the under: balance of retailers. 



Ifcic! Cent! 


INDUSTRIAL AND BUSINESS PROPERTY 


50 



(within the Leadenhall Triangle) 


Self-contained 


FREEHOLD 


OFFICE BUILDING 


FOR SALE 


Sole Agents 



Healey & Baker 


Established 1820 in London 
1 1 8 Old Broad Street f London EC2N 1 AR 
Telephone 01-628 4361 

Also at 29 ST GEORGE STREET, HANOVER SQUARE, LONDON W1 A 4BG 
ASSOCIATED OFFICES PARIS BRUSSELS AMSTERDAM AND JERSEY ' 



By Direction of the Heatnae Sadia Group 


SALISBURY 


Southern England 

London S3 miles Southampton 21 mites 

SINGLE-STOREY 

FACTORY 

Floor Area of 4S,300 sq. ft 
SITE about 3.7S Acres 
JOINT SOLE AGENTS: 


rfox-s 


MYDDELTON 
□ & MA J OR 


39 High St. Salisbury SPl 2PB 43 High St, Salisbury SPI 2PD 
Telephone (0722) 23055 Telephone (0722 > 4211 


By Order of the Receiver, G. W. DonJcerfey Esq., F.CA. 


Re ; Coart Line Aviation lid. (in liquidation } 


LUTON AIRPORT 


Modern Offices & 
Operations Building 

40,000 Sq. Ft. 

For Sale as a whole or in Units 

(Subject to the approval of Luton Corporation) 



[Henry Butcher &Co 

incorporating- 

Leopold Farmer & Sons 

59,62 High Hnlborn. London WC1V 6EG. Tel: 01-405 8411 



To let 

Twickenham.iVliddx 
Dvce, Aberdeen. ...... 


.edford 


Norwich ............. 

GreatYarmouth ...™ 

Hayerbill, Suffolk.... 

Chelmsford 

Droittvich, Wares 


.30,00048,000 sq.ft 

6,000 sq.fL 

units from 5,000 sq.ft 
.unjte-fr'pm 3,-8O0tSS^ 
units from 3,700 sq.ft 
units from 3,600 sq.ft 

3,100sq.ft 

unite from 2,000 sq.ft 


Clients' requirements 

Swindon to Plymouth .. 60,000 sq.ft 

S.W. London ...... 5p,fl0Osq. ft or 3 acre site : 

N.E. London 0,0 00-204)011 sq.ft; 

Plymouth i .! 6,000 sq,fK( 


«»5 



ROMFORD 

Modem SinglfrStorey 

Factory & Ancillary Offices 

Approx. 28,000 sq. ft. 

FOR SALE or TO LET 


ROMFORD EASTERN AVENUE 
Prominent Modern 


Factory & Ancillary Offices 
Approx. 42,750 sq.ft. ’ ./ 
FOR SALE or TO' LET 


UPMINSTER WARLEY STREET 
Modern Single-Storey 
Warehouse /Factory 
& Ancillary Offices 

Approx. 50,580 sq. ft. 


(Might sub-divide into two units) 

TO LET 


Apply Sole Agents 


Hillier Parker 

May S Ronden 


77 CSroOTenor Street, London W1A2BT CM -623 7666 



Modern Offices 
To Be Let 


2,000 - 9,000 sq. ft. 


Gompetitive 

Rental 


Joint Letting Agents: 

JUS LANE 



Q7 Chartered Sirveyore 
-103 Mount Street, London . 
WlY6AS.'Tel: 01-493 604a 

Telex: 2385a 


.... W.l( 

i^roRv 

i ,! '5 Qo 

! .. S Q- FT 



a A- r- 


27MountReasant 

Tunbridge Wefis, K«it. 

Tel : Tunbridge Wells 2527Z 



MCnittMlH'lMI 


IMA 


Self-contained offices + 
basement storage To Let - 


2,200 sqjft. 


1 CH ■ 24hr Access -Acoustic Ceiling 

Agents 


is 


DE & J LEVY Richard Ellis 
01-9301070 01-2833090 


i 


If" 


. 
















Harold Williams 

Bennett St Partners 




’ a i 


Mu 



PURLEY, CROYDON 

40,300 Sq. Ft. 

MODERN OFFICE 
BUILDING 

LEASE for SALE 

t - ' CAR. -PARKING . * 
C DOUBLE GLAZING ' ' V * 

t ' DIRECTORS OFFICES 7^" .:■* 

F “ •/. CLOSE TO.M23 M25 MOTORWAYS 

- ' ATTRACTIVE TERMS 





City of London EC3. 


Tliis self-contained air-conditioned tower block, 
offering approximately 62,000s(j.ft. of prestige 
offices, has been specifically" designed for a major 
commercial organisation headquarters. 

London House occupies an extremely important 
location in the heart of the City of London, close 
to Fenchurch Street Station and within walking 
distance of all the City Institutions. 


The building is arranged on 10 floors and has 
been designed to allow maximum flexibility in 
occupation, in addition there are facilities for 9 car 
parking spaces, arranged at basement level. 

London House provides the high standard of 
sendees and finishes demanded by a major tenant 
and companies wbo would like further 
information should contact Richard Ellis. 


SGPa'k La'it.CroyCon 

- r ‘- y. U'-y.r: ' ..'I.'! 0 k.-;-. ■! rh.v- 


01-686 3141 




Aspecfflcallyd^ 

forsmallspace users ' ■''■'w 


Modernised Warehouse & FcctoryUnits 

looo-asoosqn aooo-i&ctesqn 









haiiaffiaw 

w&m9 


mi 


WILLESDER N.W .10 

FACTORY 
AND OFFICES 


iTiTiB-'i# 


FOR SALE 

.. Sole 

gL HENRY BERNEY ROWLAND 

KENT HOUSE. 87 REGENT STREET. LONDON W1R 7HF' 
TELj 01-734 3522/ 4 


TOfancJjnrf&fretf 


m 




k 


V't/'/L'L 

iSISSgSiSsss'i!' 
ijlSf 




iiin iii 

ifeiB'ifi aaaa w 





!■»»«- 

• 'll! I 

■■lit- 


■ ■ _ 
111 


iVi 

Ssffjil 

i!fi 

Hi » |! 

imfi 

i*> I 1 ' 

ii"! 

‘mi* .'■! 

Ifl HI ' 

inir 

in * 1 
hi i* 

iiiii 



Richard Ellis, Chartered Surveyors 
64 Comhfll, London EC3V 3PS 
Telephone: 01-283 3090 

London Wl,Scotfend,Belgi^,Francc.HoIland, ■ 
Spam, South Africa, Australia, USu A., Canada, / 
Singapore, Hong Kong. 





SMI 




wM 






^piilifa'rplnp 


A prime headquarters 
office building, immediately 
adjacent to the town centre 

For Sale- 14 , 200 ** 

A long leasehold to include caretaker’s cottage, 
canteen building and car parking for 40 cars 
Sole Agents 


■ i 

.. . Ul 


70 Jermyn St London SW1 01 9301090 





Industrial 

Property 


at the touch of a button. 

One of the ]LW COMPUTON services 



HIGH YIELDING INVESTMENT 

FOR SALE i| 

CHELMSFORD, Essex 

SMVtvd on Industrial and Wsrehouw Properties with { 
undeveloped land adjacent. __ . I 

Producing £57.7*4 n* with reversion from W78 on. 


IMtKN 

GRANT & PARTNERS 
{Investment) 




PRIME POSITION 

TALLY HO’ CORNER, N0RTH F1NCHLEY N.12 

TO LET 

NEW OFFICE BLOCK 
Sq. 8000 Ft- approx. 

FREEHOLD AVAILABLE 

Joint sole Agent: 


MICHAEL 
BERMAN 
SCO -3499211 

3 $3 Port. P 2 N.3 ,?l J 


6 CO., 

7 Ballards Lo., 
FiachleyX3 

343 1931 


Felixstowe. 

Modem Warehouse close to Docks 
To Letl35, 000 sq.ft 

Romford, Essex. 

Site and building suitable for 
development For Sale. 1.7 acres. 

Crawley, Sussex. 

Warehouse Units To Let 
1 0,000-20,000 sq. ft To be built 
10-145,000 sq.ft. 

Chessington, Surrey. 

Factory For Sale/To Let 65,000 sq.ft 


Highams Park, E.4. 

Factory Units To Let From 11,500 sq.ft. 

Bristol, Avon. 

Warehouse + Offices To Let 
10,000 sq.ft. ' 

Milton Keynes. 

Warehouse Units To Let 5-20, 000 sq.ft 


miimh 


gz/ywj K-JlwJ V > LJ 1—1 V — /uu 

W V' Chartered Surveyors 

Industrial Dept., 

33 King Street London EC2V SEE. 
Tel: 01 -606 4060. Telex: 885557. 


VACANT POSSESSION 1980 

80,000 Sq. Ft. 

SELF CONTAINED OFFICE BUILDING 

CITY 

AIR-CONDITIONED ALL MODERN AMENITIES 

Principals only. Write . . 

Box T-4B32. Financial Times, 10. Cannon Street. EC4P 4BY. 


REQUIRED 

SITES 

LOCATION 


FOR IMMEDIATE PURCHASE BY 
RETAINED CLIENTS 

FOR OFFICE DEVELOPMENTS 

CITY OF LONDON, CENTRAL 
LONDON AREA AND MAJOR 
TOWNS IN SOUTH EAST 

to Rfif: N.J.H. 


mmm ramaes 


01-4884421 

IB WOimiDHgEIttAND.AUEY FENQ4URCH STREET LONDON K3N 

















I . • • . f 

Si : 


\ V* '* 


rsiH 


PROPERTY DEALS 




iK«aaH 






■rg r j.v. • - *<• 

. , f4<- -j*'\ 

% i; _ 

£’-• . : ^v':.^;’- ■ ■'#■ Y&Ay ' 

’ J; r i< , j IIJH': . ' ,-t, . . 

f • " J '*•*,< ; If'll Ilf #F»&? 


>*«r 




. i, :< — ^ 

—*:'"S£3?'iU r - V ' " r ‘ i 

^?<l*i3)*ki"":--: — : ' ' • • : — 


Euston Square 

DevGloDindnt 


vvvvlV|#l ■ m*SFw II 

237,000 sq. ft. available 

TO LET 

- 

two adjacent buildings 
with every modem amenity 

■- 

Edward Erdman and Company • Surveyors 

6 Grosvcnor Street, London W1X OAD -Telephone:01-629 8191 -Telex: 28169 

LONDON PARIS GLASGOW AMSTERDAM 

• V- . ' -Xs • V- '-5'. 





British Land’s 
discreet ‘rights’ 

JOHN RitblaL British Land's 
chairman and managing' director, 
has been showing same -facer 
footwork in the stock market 
lately. His latest performance, 
the purchase and resale of 
Property Investment and Finance 
stock, gives British -Land a small, 
but effective equity issue at 
around 40p a share, 6Jp above 
their market price. 

Mr. Ritblat exchanged just 
over l-8ra. shares for the 1S.8 
per cent stake in PTF. represent- 
ing less than a 3 per cent dilu- 
tion of British' Land's equity. 
Reselling the stock at 9J)p- to 
Imperial. Life of _ Canada!? 
associate, Castlemere Properties, 
netted the group around. £B0.0d0 
profit and brought in .'just under 
£730,000 cash. 

Last year Jlr.i Ritblat per- 
formed a similar exercise: on 
Bridgewater Estates, where a. 4.7 
per cdst equity dilution resulted 
in the equivalent of an informal 
equity issue at over 50p a share, 
well above British Land's then 
market price. Now that the group 
sees 'itself .at the end ef its 
property sales programme, per- 
haps Mr. Ritblat will have more 
time for his new, and for share- 
holders, profitable share trading 
hobby* - . 







. * or* 


iai.l k* II 


cr>d Company ’ 


By Order of the Governor and Company of 

THE BANKOFENGLAND 

THE FORMER 

Law Courts Branch 

FLEET STREET EC4 


URGENTLY 

REQUIRED 

PROPERTY DEALING 
COMPANY WITH TAX LOSSES 
OF APPROXIMATELY 
£5CI0A0d-£75bj000 

Apply M confidence-, to - ft?*. 1 . T.4J3J, ■ 
FinooeW Times. 10. 'Capnon Street,. 
.EC4P 4kr" " 


CANTERBURY Bouse, Ln Bir- 
mingham's Newhail Street, has 
been sold to MunicipaJ -Mutual 
Insurance for just over £2m. The 
eleven storey, 110,000 square 
foot, block is let at an average 
rent of £L60 a square foot giv- 
ing the insurer, advised by 
Knight Trank and Rutley, an 
Initial yield of around 8.5 per 
cent MuuicTple Mutual will use 
5,000 of the -8,000 square foot of 
vacant spaee In the building as 
a branch office. Neale and All- 
dridge acted for family trust that 
sold the hloek. and Horne and 
Co mpan y introduced the building 
to KFR. 


JUST ovqr a year ago the Ionian 
Bank decided to call in the Bank 
of England, and ruq down its 
140 year old business. Efforts to 
let its Ionian's 11.830 -sn . ft bank- 
ing hall and offices at 04-66 Cote-' 
1 man Street, EC2. failed. And now 


the hapE' advised by Dubenhara 
Tewsdn and 1 Chfnnockat' has sold . 
Its l 2 year lease, to the building's 
freeholder. - imperial: .Tobacco’s 
pension, fund, for EB5Q.QQQL. 
Richard Kills acted for the LT.C- 
Pensieh Trust ■ 

. Ionian bold' tht lease far, 
£1WW a year, and had befcn try- , 
ing to assign the space for a rent 1 
of £132,000. just under £11.20 a ; 
sq. ft . 


THE former. Middlesex Sessions 
House, a PaHaoian .fronted block 
facing Clerkenwell Green, EC1. ! 
is to become- Iibndon'$ second.; 
Masonic centre. ; The'-. Central 
London . Masonic Centre, a non- 1 
-profit making company set up to 
carry out the £500,000 conversion 
has paid Guardian. Royal 
Exchange Assurance S3Q0DQQ for 
the Sessions' House freehold.-. 

The building, which dated from 
1782, was last used as a law epurt 
in 1920. Since then it. h^s beep 
used as offices and a storehouse. 

- Freemason’s. Hall, in Great 
Queen Street WC2, can accom- 
modate only 700 of London's L700 
Masonic lodges, The Clerkenwell 
Green conversion will proiride. 
facilities for a farther 300 lodges.- 

ROCKWARE Glass’s 26 acre site 
at Garstoa, Merseyside, has been 
sold to a local ‘storage group for 
£600,000. Weatherall Green and 
Smith and J. Ppstlethwaite and 
Co. acting for Rockware have 
sold the site, which has 476,000 
square feet of covered space, to 
the privately owned Weaver 
Storage Company. 


RIVER Crouch, Essex, one of 
The few privately owned tidal 
rivers in tne country, is for sale. 
Greudon Trust's subsidiary, the 
Burnham River Company, is seU- 
. ing its 9.S00 acres of fiver bed 
and estuary land complete ' with 
boat mootings, oyster farms and 
sand and gravel rights. Joint 
agents Pepper Angliss and 
Yardood. and Strutt and Parker 
are asking £200.000 for the river. 
S and P on its own are also, 
marketing the Tucker Brown [ 
bnxtvard in Burnham on Crouch. f 
which would add 60 acre* nf river' 
and vnrd to the package, for. 
£235,000. 


NOTTINGHAM took the Jhad 
among tbe cities of the East 
Midlands with a Council-funded 
advanced factory building pro- 
gramme. Their efforts to reverse 
declining industrial exnoloyment 
in the City now include a pro. 
perty snace register kept by the 
Council's Industrial and Com-, 
mercial Development Unit, but 
including both Council and pri- 
vate schemes. The’ current regis- 
ter makes depressing reading. It 
shows that In January there were 
554.129 soi i a re feet of offices 
available: 542.000 square feet of. 
industrial space in units of over 
f.O.OOO square feet: 9* 000 square 
feet, in units of between 5.000 
and; 10.000 square feet, Apd 
JlOAhte-sqwsfo feet of snace 
th*;bqiti% £000 Square foot cartel. 
gofyv. f ..^%- • - i-iV-tf 


EC3 

EG3 

EC3 

EC3 

ECS 

WC1 

WC1 

WC1 

WC2 

SE1 

SE1 


11,286 sq.ft. 

FOR SALE FREEHOLD 

OR TO LET ON LONG LEASE 


For rurttordetails please contact sole agents 



VIrrtry House. Queen Strew Place. London EC4R1E8 
Tdophono: 01-236 4040. Telex: 8612619. 


US 


ill AWil'J 


0 


rtini iKiu-.h 


ip?T 

BliTJI 




ini\ 



WC2 

wa 

WCl 

EX/EC2 


EC2 

EC3 

EC2/4 

WCl 


City and Holbom Offices 

Wilson Street 940 sqit 

Rnsbiiry Square .2^65 sqit 

Curtain Road J, 10,650 sqJt 

Weed Library, Research & a/e offices 

Fenchurch Street/Lime. Street .,..,..820 sq.it 

Fendiuich Buildings............:...,....... 1,331 sqit 

Eastcheap ...825 sqit 

Lloyds Avenue 1350 sqit 

Plantation House 210 sqit 

Chichester House..... ....... 2350 sqit 

Bloomsbury Place.-. 816 sqit 

Management House- 5,764 sqit 

Chanceiy Lane .410 sqit 

King’s Head Yard - ..5,933 sqit 

Pillar House ...3,430 sqit 

Some of our Clients' 

Urgent Requirements 

For Solicitors ......... 20,000 sqit 

Self-contained building 

for Middle-East magazine.... 10,000 sqit 

For Publishers ......6,000 sqit 

For Insurance Brokers 

Occupation 1980 .10/15,000 sqit 

For Insurance Company 

Close to Lloyds ; .20300 sqit 

Close Bank of England .2,000 sqit 

Freehold Close Lloyds .2/3,000 sqit 

For Belvedere Associates 

(SAB) Ltd 1,5/2,000 sqit 


All enquiries regarding these or other premises to 


Chestertons 


Chartered Surveyors 



9 Wood Street Cheapside, EC2V TAR 
01-606 3055 Telex 8812798 

and in Mayfair ■ Kensington • Hyde Park * little Venice - Qielsea 




gra Ju il ■ n ii , ■ ■■■■ ■ 



Cumnrercial Office . 

36 Grcyftijts St!, Seaiini, Berks. 
Evading 586S33 



LAND AVAILABLE NOW! 


FOR OFFICE — INDUSTRY — HOUSING 
BINS ANYTIME (6424) 428306 


Ask for BILL COBB (Hastings Borough Council) 


Established 
LADIES’ AND 
CHILDREN’S WEAR 
PARTY BUSINESS 
engaged m direct sales' from 
stock -through home parties. 
Excellent goodwilL Actiyt 
countrywide agents. Local 
depots. T/o about £800,000 
PJL Principals only write to 
Box GJ.S39, Financial Times, 
10, Cannon Street, EC4P 4BY. 






NHL CHELTENHAM . . 
PRESTIGE 0>nCE BUILDING . 
APPROX. 15,039 sq. ft. NET 

* EXTEA'S ms OUTBUILDINGS 
-*4 COTTAGES 

* FORMAL GARDENS 
■* LAKE 

Unaon 1 hon«« for sate'Mfjwn-arrts' or vlih ts icrrs- of DarWand 

for sale Freehold <4t339/RHm 

Knight Firank&Rutley 

20 Hanover Square London W1R 0AH 
Telephone 01-629 817T Telex 265384 


CUXTON ROAD, 
STROOP, KENT. 

O.P.P. FOR WAREHOUSE USE 
(CLASS 10) 

PLUS ANCILLARY OFFICES 


Mobil House, 

54/60 Victoria Street, 
London, S.W. 1 . 

Tel. 01-828 9777 ext. £320 


Moor House 

LONDON WALL EC2 

2,000-6, 200 sq.f % Offices 
Available Immediately 


Gooch S? 


Chartorad Stweyort 
9/12 King Street 
London EGZV SET 


01-6001797 


PORTSMOUTH 

MAIH BOSS C0INE1 SPACIOUS 5H3P 


folrpe Aficnti:- 


. sq. 2^00 ft. 

TO LET OR FOR SALE 


fESt&gSoans 

30-34 London Road - 
Soutitomtwn 
TtL (It)ui U1R 


-& ROGER MAUTNER ft CO. 
139 PkadHIjr 
London WIV TLE 
Tel. flI-437 3444 


If the- Thames floods wlir the archives in your basement drown? 
For safe, dry storage in The London Area, contact 

SECURITY ARCHIVES 1 580-3667 


BUSINESSES FOR SALE 


STEVENAGE 


(5heet Meta! Work) 

30,000 Sq. Ft. FACTORY 

LEASE UNTIL 1988 AT VERY LOW RENT 
AVAILABLE AS A GOING CONCERN 

£300,000 

(can be substantially reduced by sale and lease back) 

APPLY SOLE AGENTS 

Peter 

Chartered Surveyors 

Svffimans& 46/47 Chancery Lane 

- London WC2A1JL 

Lom^ny 01-405 7973 . 

Imorp orafi ngG.A-NElLL&Co. 


CARAVAN CHALET -- 
PARKS HOUDAY 

' APARTMENTS fL4T3 
SALE" OR PUR&IASE 
Canwlt toe Specialties 
Franh I. Ripboqid 
4S BaBincombt Raid, BaWneambe, 
Torquay - Photo Torquay 39375^6 


JUSer INVBSTM1NT COMPANY..: W*: 
bWflna.torjMte, .Write fits* 6 .16.1 fr . 

TMw, 10, Caimoa set**- - 

£C4r 4BYa 




















fiphrth. i ^ 



Financial Times Tridav ;ftrarch S 1973 



15 


SHOPS AND 

Offices 


FOR INVESTMENT 







-NEAfcjoxFoao .. * 

OFFICE DEVELOPMENT SITE 

ol 9,QQD sq. ft. 

_ • auriint -pUntiing nmw. 
PROMINENT TOWN CENTRE PITCH 
Far. Sals IrwAnW 
'Dtitolf*: 

DUN5TER A MORTON. tfetew 

ABINGDON 

MAJOR retail premises 

. In prsnmtnt Hoondarr pitch' 

Fcsc- 32 ft. Gd. flr. ulat 4*24 iq. ft 
& 0fficM,.EnrK & workroom 

Owiwra marine » larger- bail dine 
Freehold £90.000 

Detalli: 

Dl'MVTFR 1C MrUTOM. below ' 


READING 

FINE retail showroom 

. 1.4 Ofl lq. ft. - 

Ftge 28 It. MOO sq'. ft; oBlcw . 
shore Town jc«ntr« trinit 
■TO -LET Ui WHOLE- ■ • 

-- Det aU»; - - 

DHWCTfP p Mn>TnM'. hrlnw . 

WITNEY-OXON 
Rrtdr nun n AJ4. '*<19 A-4095 
- LARGt-COMMERCIAL 
PREMISES ON Ij ACRES 
Adjicpnt ..Town Centre 
Meal for depot Nursery Industries. 
For- Site' Freehold 

l DUNStER- & MORTON 
34 KmgVRoad, Reading' 
(0734 55296) 


NORTHAMPTON 

.. .-'...(3790 sq. ft-afproK. ) 

LEICESTER 

( 4500 iq. A. ' approx.) 
Ex&eqsft* Gwmerciri Praateet 
'Currently operated for Bingo 
and .Leisure. porPMet 
AVAILABLE HUSHOLD . 

it- Going Concern 
or 

suhabla for a variety of alternative 
. mi including 

RETAiL/COMMERClAL USE 

* Haki-Road Frontages , < 

* Rear ocean and Car Parkins 
‘..Fully modernised xznmfftBdKjon 

for further detail* cornua 
Sole Ageatis-- 

. SW 1 NDAU PENDERED 
r *:atkh^ i: 

. Cqmmamal Depltrwneni 
19 Cambridge 5 bcm''" 

We |li HB bo rough ' ■ 

, “ Norttunqr: • 

Tel: f 0933 V 76632 


Road, 

Kent, 

BUSE USF 

3) 

OFF 


l/lrr 

sC ccs 


Axi tt-—., 
« V:, 
Wife*. -. *k 
Ai .?: :- -■ 


ice 

fuse 

t Offices 
9tety 


ALDERSHOT 

■ OFFICE PREMISES 
7,650 sq. ft. . 

LEASE FOR SALE 
ic Immediate Occupation 
1 k 12 car parking spaces 
★ Town Centre ' 


'earsons 


Commercial Office 
27 LONDON STREET, 
BASINGSTOKE 62222 


•f Order of the Executor* at 
tne 2nd Lard Parmaor deceased 

. VALUABLE INVESTMENT 
with- Early Bevenibiis 
- ' MITCHAM - ROADi ' 

- TOOTING, S.W I7. 

EIGHT SHOP UNITS 

WITH FLATS oyai 
In one block-^tviro tenants 

: For Salg.bgr. Auction 
. ' ( unleu jpraviotnly , mW ) ■ > : 

_ r 'Hm . . : \y% '• - -l"' . 

" Wednesday 26th Aptif,' 1978. 

Anctkme*r»>-it^- 

TAYLOR It. TESta^:- 
;1 King St.. :Eaie Sonet, 

s Teli East Grina^-MTI 


OXFORD 01 RODS, W1 

(Close) ... 

7,800 sq. ft- . , 

New Office-Acconfraodation - 

TO LET 

: . Rent £52.000 p.a. ex: ... 

7 Lift.'' .Central Heating 
£ New Lease by arrangement ' 

■ Apply Sole Agents-- 7.; ". 


Davis & Co 


62, Berners St, London W.LP4QX 

Telephone 01637 1061 


Sutvtfffi — 
(4*g MnafS 

ft ACT vs a? 


ON THE INSTRUCTIONS 
OF THE RECEIVER 

CORNWALL 

BY AUCTION 
. on 7th. Aprif,?I?78 . .. 

'( ipiien uid' previously i 

GLEN HAVEN CARAVAN PARK 
HEISTO* 

-1, ;■ Residential ft' 

l- . - also 

LEISURE Cl 
"i$ 

Planning pprauuion 

.../ DOUBLEBOI 
hfear LSI 

MILLER & COMPANY 
- Mamno Honsr.-Trum.^CinM®!! 
Td. TfW {D87X)^2H 


NORTH SEA OIL REVIEW 


BY RAY DAFTER 


A crucial stage for Brae Field 


Offices 
Office sites 
Factories 
Warehouses 

Telephone: 

0733-68931 

Ext326 

Chief Estates Surveyor 
Peterborough 
Development 
-Corporation 

PO Box 3 Peterborough PEI 1UJ 


DRILLING ACTIVITIES Jn for .instance, I5 believed to be stretching out finger-like from ninth well (non-commercial to learn more about the produe* 

(quadrant 16. north east of Aber- discussing with Pan Ocean’s the base of the escarpment. hydrocarbon shows) Pan Ocean ing characteristics of Brae while; 

deen, have reached a fascinating P areI ^» Marathon Oil, the possi- The characteristics of the returned to the area of the earning # some much-needed 

and in some respects, a crucial ! )Ult i' , of - se ui" s , part or . aJ1 of sand deposits, as shown by the eighth well for the most recent revenue. 

staee At Ions last the Pan lts in W7. Neither drilling record, vary remarked])- drilling activity. So far the Eventually the partnership 

® * “ rvkmmnv UrmilrT r*nmmanf nn r«nm n «1 A omo in annfKnr tnni'A hae nofrl n# 


Eventually the 

company would comment on from one area to another. move has paid off. would have to consider install' 

.Ocean consortium seems to be ms possibility. It is not beyond __ discoverv well Three weeks ago Pan Ocean ^ forai of P*P eline ^ 

; moving nearer to the day when q Uestlfln ^ ^ British The 41Slt of ttS tem ' 11 “ a moot P° int whelher 

it can proclaim at least part of National Oil Corporation will ? let * d ™ .5?^, 197 ^ 011 imh ■«,! Titn JLit an oil line could be justified, 

the Brae structure a commercial incr eas e its slake particularly if ra ^ BOrllier ' y sec0on Brae on ^ 10tk ^ Much depends on J further 

prospect' whiletwo blocks to the. graeis a ^mmerdal at 8 m0st rate ^ many e ^ tS ftc T- e appraisal ^ of toe wd 

| south the Phillips group is ^ a 500 ™ZJZl?e 

apparently eathermg new in- _ . . , feef section of oti-beanng sand, questionable (with hindsight) M ortil gg- Discussions have 

^Tbe present' participants are: The amount of gas found in whether both of the wells were Sh eld b etwsSSTnum ber o f 

Pan Ocean (Marathon OU), 38 association with the crude was necessary. In each case the gas/ ^*?on 1 

per emit: BNOC, 20 per cent; W qh: a gas/oil ratio of between «0 ratio was just over 1,000 JSgZL 1 Sed^iSSSe bnt 

It would-be wrong to suggest ^ V H ey ’ 14 per cenL; Kerr 3.000 and 7,000 cubic feet per cubic feet per barrel and the £ ^Le Sfch a cwtiv 

1M r«»t rtSledi, 8 ® ^,t- P A s S ’ fl barreL 1 ? e r*. SSS "ofu JTnc ■ in Ser^tau^t b«? made y 

□nadrant have answered - fun da- P ercen ~- Ashland Canada, 1.4 on top of the cliff — the East 3° degress. Oil flow in No. 10 Then there iq the nrnhiem nt 

m“mS q5itions about Brae, Shethmd Piatfofm - tested Ss^/d^SSKntaW. 1 *!? handlTng ft™ large It 

Thelma and- Toni; if anything. HfiffEL. barrels a from a vey y sas associated with much of the 

d sha,1 « w »« flowed al rates between r40 and oil jn puadrant 16> It would ^ 


formation 
around its 
I fields. 


about 

Thelma 


new iq- 
prospects 
and Toni 


6.3 per cent. 

they'have^ended^to' complicate ' P " C “ t: “ d 


| the picture even more. But that Sa ^ a * ? per cept * The' third weU. again com- 7 - 073 b ^ d - possible to re-inject this gas into 

has been the feature of drilling None of the companies is sure pleted in 1975. seems to have These figures, many of them reservoirs during the initial 



INVITATION 

A writs of three investment dU- 
ciintons are being given by an 
Attorney on behalf of Pan-Arabic 
Investment Trusts in London. Geneva 
and New York. 

The first presentation, including 
colour films, slidas, etc. of ode 
investment area and property in- 
ventory, will be given at the Carlton 
Towor Hotel, on Monday. -March 
6th at 17 a.tt.. followed by * 
cocktail buffet luncheon. 

Formerly a' private affair, it. ie now 
Open vo a limited number of Trust 
Managers or other interested invest- 
ment professionals. 

Entrance, by invrtedon only . . 
for details phone or aUl: 

Mr. Andrew -M. Connally 
from 1C a.nt. to 4 p.m. today 
• 01-584 9061 01-584 7467 


I what makes the evaluation of 
joil prospects there so difficult. 

In the past two years oil com- 
panies and analysts have experi- 
enced all the -emotions oT those 
involved in a ■ tempestuous love- 
i affair when referring to Brae 
land Thelma/TOni. Some have 
jbeen ecstatic, predicting that 
I quadrant 16 could contain one 
I of the biggest oil deposits in the 
I North Sea; at other times there 
ibas been deep despondency 
; engendered by 'the _ suspicion 
ithat there was T’sry little oil to 
• be obtained commercially. For 
most of the - time those con- 
] cerned with the prospects have 
l been simply friistrated. 


FACTORIES AND 
WAREHOUSES 


Puzzliiig 




MAYFiUR 

four flats let -unfutnul v ] 

Low income With great P 
£40,000. - " . 

• : sutherlAnSs 7 ^ 

*°0» Ifolham Rd, London^S.# 



r HARTLEY, NEAR OARTFORB, Kfia For 
salq freqhald. . Part ncretw. Ithuik' 
quarry H acna in total.: n «treaAvPr«,a. 

Mworfcwh vaHd - Nannfnr cmuioiL 

bomq .tviMCar caarry oy^-’.dat. aOBcrs — 
awfr PralL Chantqlaa and >#i. Char- 
ttrad Surwyort. 76. SniUI Streci. Dart- 
tory. Kent. Darttoro 4 


r« 

\m 


iir if. 


MODERNISED 
OFFICE 
BUILDING EC2 

. I ‘ "-re 

3,500 sq. ft, 

FOR SALE 
FREEHOLD 

Write Bex T.4&31, 
Fimmdal Tlmis, 

10. Cannon Street, EC4P 4BY. 


btdroonu 


JUST BUILT— HoiH atuacentltd MS. 70 
bedrooms and Conference CBmpfev Sale 
and taasaoack wanted urfHcirl chant 
£750.000. Details' frcW F.elu and 
Thomjs. 10 Brtnol JWd. Brighton. 

. Tcf. .Brighton .6881 a». / 

W1RLDSTCNC. HARROW. Welf-i«ured 
■hqg- ■ I nicest rrem > n orjfv oosltlon. Let 
on F.R.&I. lease orocWi-o 15.000 o.a. 
•me. -with fi-vear nRislona Freehold 
£52.500- Owner, p. Green Walk. 

• N.VVJ. 01-203 5JB3. 

ISHCP INVrSTVENTJMr We soecialise In 
I those and have a JR dc selection in .the 
: - pr.ra ranoe LS.OQO lc £|5 000. Details^ 
' freq* Peanjatt jmd Co B Cld K‘n 
' Strew Bath. (Uf3 JM47-2S:77 Telex 
f A497IB. r 

OWN voun OWN PUB. The Ran Clash. 

■Pimi co. swjr. te- to Grand mkk- 

aal'tan Lti£^at £2 530 pa Rent 
ReyrpiOn IBfH - . Freehold Iniestment 




UXBRIDGE 

122/123 HIGHSTREET 

SHOI*/EHCny rooms 

3,800 sq. ft, 
FRONTAGE— 52 ft- 
CAR PARK— 4.450 sq. Hi 
OFFICES (LET)— MSI «q. ft. 

FREEHOLD 

FOR SALE BY AUCTION . 

1 2th Atari! 1978 


■R£tSR.BEOrGRD 


I he Broadway. W.a 

01-579 9212 


K r tile bwMKtion at Lor •‘on Aiirty* 
in. iJ'.a. lOrh March. 197B. 
Hvmm Uealv & Co., id Roper St.. 
WCIN VN -Phone dOS T5S 1-4 
BUILDINO- COMPANV for sale with lu 
tom. Mnv mator asset value In excess 
o* rrndTOOO. Further drtailsr BrendoM. 
99B f7lt. . 

KINGSTON. Freehold shop, new FR1. 
lease £5.000 per annum exclusive. 
£2JOOO. Mr. Hunt. 40B 1582. 
FOfL^SHLE. . Freehold Othct Invcstmeji 
JBnhhnrv Grove. Lon Bon. N.5. 
Me 'era lied Ofhcr But-ino. Appro* 
.-3 500 in. if. Current Income £12.000 
' p a. ncI'i. ' v >i>iabie rent 
. anormi. 9 months. Price CIBSOOO. 
Mirhaef Berman and Co. Tel. 01-349 
921 T. 


% 


FACTORIES/ 

warehouses 

ClerkenweD RcL, EC1 
Fro(ii 2J00 sq. ft. 
Stiatfonl, E15 
14300 sq. ft. 

Thurrock, Essex 
From 134)00 sq. ft. 

. Bedford 
From 8300 sq. ft. 
Potters Bar 
43.000 sq. ft. 


PEPPER ANGLISS 
& YflRWOOD 

6 Carlo* Piste London WIT 60. 

V ; Tel 01-499 6066 J 


The Brae ^*ieW is particularly 
puzzling, so much so that the 
nine partners are having to drill 
at least 12 wells at a cost of 
over £40m- before they can even 
consider going ahead with a de- 
velopment plan. The 32tb welL 
being sunk on the southerly 
portion of Brae — the most pro- 
mising part — is past the 8.000 
jfeet mark and should reach its 
final depth, towards the end of 
April. 

Following the recent success 
of the 10th and Uth wells, also 



longer term the Government 
might insist on the construction 
of some form of gas gathering 
pipeline system, possibly con- 
nected to the Frigg gas trunk: 
line. 


Test wells 


WANTED 


> ex PUBLIC CO. CHAIRMAN t>ai £150.000 
J .fimllv trust To.’d far realdejjtw/ wwrty 
1 hmUmtaii. tarfl* or amail- inwreB-M* 
1 Nclikm. T. Poc notary. 258- H^h Rpad; 
}. SWIG. 76S 2CB8. 

wc arc AcnviLv NMkiaB » imtp 
! Commwrlal Proomv 

twran £20 GOD a™d „ £533.000 tor 
! Eiieru. Dccrila to N. Genre. J Ge"r» and 
I Partners »BS Edgware Road- London. 

I . WJ. Tel. 01-723 3G75. 
i SMALL FRee*«HJ* OTOP«TV In'^jnwl 
I required. Commenda or l"do**JJ«- 
* IM«h alNu to Gihraltai Managcfnenj 
CorporaHcn. 3. Lifearv Ramo. GiOraRan 


BUILDING LAND 
AND SITES 


M 


IF SSI 1 
ns*- 


IMF 

\CT OR’ 


BELL HOUSE 

iSITOBOORNE 

NEW OFFICES 

.4,000-28,000 sq. ft. 
: TO BE LET 

OR SOLD ON LONG LEASE 

AT A PEPPERCORN 

Houghton grear & co H 

1, Harley Street. London W.l. 
Tels D1 580 9357 


SOUTHPORT 

INDUSTRIAL LAND 
• Midway 
. Liverpool, ind^ Prescon •• 
4.75 ACRES. 

May Split 

- - Sykes Water Kom* 
Commercial 

T8 Harrington Street, . ; 
Liverpool L2 9QA 
Tel. 051-236 9152 
(and at London) 


ft WANTED 


FOR SALE 

AS A GOING CONCERN 
LIGHT ENGINEERING 
BUSINESS 
BRISTOL . 

* FREEHOLD FACTORY . 
PREMISES 

* LARGE INVENTORY OF 
GOOD QUALITY PLANT A 
MACHINERY 

it. UNEXPLOITED BUSINESS 
POTENTIAL 

PRINCIPALS OR 
RETAINED AGENTS 
Apgfy: 


Osmond, Tricks 

and Sen cnarttred Saveyors 


7ja Queen Snuare. Erisrof. 

THOT7SNTI71 


These are problems which 
may well face the Phillips con- 
sortium to the south of Brae in 
quadrant 16/17. Here there are 
two known reservoirs, the Toni 
field with perhaps 300m. barrels 
of recoverable reserves and the 
far smaller Thelma field. It is 
not inconceivable that the two 
reservoirs are linked but this 
seems Jess likely following tests 
on the latest well which was 
sunk between the Toni and 
Thelma discovery wells. Phil- 
lips and its partners (Petroftna, 
Agip. Century Power and Light, 
and Oil Exploration) should 
complete the tests in the next 
few days. But already — accord- 
ing to market reports — it seems 
clear that the well has failed to 
find oil in the upper Jurassic 
layer that contains Thelma and 
Toni. 

What the well has identified, 
if the market reports are correct 
is a shallow strip of oil baring 
sandstone below the Upper 
Jurassic layer. Tests here are 
a flow 
barrels amj. 

more oil. It would certainly be about the same as in the Beryl oil ratio, while still appreciable, aeep-water piatformTto exploit '“’rh p W«t rfn H ' 

a big disappointment to the con- Field. was much lower than in the first f u n y all the reserves so far i Q o ri<* is exnected to sink » 

snrtium if So. 12 is dry. Ho™-- Analysts at stock brokers well. identified. This is ont of the ISh well on roe block tfi 

ever, just in case, a possible Wood. Mackenzie put the range The Pan Ocean partnership question if total reserves are no delineate the extent of the Toni; 
13th well is now under tech- of recoverable reserves at be- would probably prefer to for- more than 500m. barrels Conse- resevoir confirming that Phiilintf 
nical consideration. *'• tween 180m. and 560m. barrels get the next three wells, al- quently, it is likely that within r e n ards ’this structure as havv 4 
If the 12tb well .finds, as whereas the latest report from though each provided valuable the next 13 months. Pan Ocean } n g greater commercial ooten- 
hoped, a substantial thickness broker^ Gilbert Eliott dnd Com- geological information. The and its partners will decide first tlal than Thelma J 

of oil-bearing- sandstone (pei>' P*ny maintains that recoverable fourth and fifth wells were to exploit the most promising as Henderson Crosthwaite* 
hans around 200 feet) then It reserves approach Ion. barrels, drilled too close to the escarp- South Brae area using a single an d Company and a number of- 
will do much to iberease the H this is true then Brae would ment and resulted in only non- platform, perhaps linked to a other brokers have pointed out 
probability of- commercial de- be the foort hlargest field in the. commercial hydrocarbon shows number of sub-sea well units, jr is possible that the develop 
velopmenL Even so this would LJJv. sector of the North Sea. while the sixth tested oil at the The oil would initially be trans- ment of Toni/Thelma may bo 

still leave the partnership with At this stage no-one can be dismal flow rate of 600 b/d from ported ashore in oil tankers. On i in ked to the exploitation off 

the headache and further ex- certain about Brae’s potential, tow permeability sands. this basis Wood, Mackenzie Mabel and Andrew to the south* 

pense of appraising structures So much depends on the thick- The seventh well was more est i™a tes that the capital costs perhaps an oil pipeline, linking 
in the central and northerly ness gradient of the oil-bearing successful (a flow rate of of development will be in excess W jth Brae as well, will even-i, 

parts of block 16/7. • deposits and whether these 1,385 b/d) but it was the eighth of 56wm. tually be justified. But first 

There are signs that some in deposits over-lay each other or that reaJJy regenerated confi- There is anqther possibility, many more questions about 
the consortium would prefer to are completely separate. The dence in Brae. Oil was tested however. The group may decide quadrant 16 have to bet 

see their North Sea investment sediments lie at the foot of a at an aggregate rate of 33.122 to carry out extended prbduc- answered; more important^ 

being channelled towards, more' submerged cliff; they are prob- barrels a day from five produc- lion tests from-' a floating unit much bigger recoverabe re- 
i encouraging prospects. Ashland, ably fanrshaped structures ing zones. After the dismal In this way they would be able serves have to be proved. : 

l 



FARRtNGDON ROAD. LC1. New Win- 
”’*• Floor Units 
sq. It. aporox. 


•tonse-L lost Indidtrlal-OBicc Floor Units 
1 ' ~i7S sq. It. aporox. 

For full details apply D. 2. 


from 5.630 10 11.575 
.to be let. .. " '' _ 

A -J; Levy- 01-930 1070. 


Shetland council 
accepts Sullom 
Voe terminal deal 

BY RAY PERMAN, SCOTTISH CORRESPONDENT 


TO LET- Modem Factory >12.200 W. H.l 
-. plus offices (2 200 lq- ft.j on . sile ol 
'4 acre at Thornton. Heath. Surrey. 

-. PlKSrbilitV of taking over existing work- 
force pi 90. Adlcmlnp house available 

« required. 01-B53 6SBi. [THE WAY was cleared yester- is the arrangement for the coun 

^.ndSSiai 0 ^*^ kS a E s OT cS5b. J - , '-!dai' for the signing of the agree- cil to lease the seabed, on which 
/feSq-.^oo W^b^glraent covering the ninning and a *5J22* S™ 


warfta* I ■ V* - ^ technteaUty. which 3 would no? 

mil receive erode from rfecl the ^ ^^3. 

It had been agreed that the 


industrial, 
use. 

_ TreSkr "Pie«on. rVF Preston S775B. 1 . . . 

HOLLOWAY. N.7 — Ground door 10. 000 j ,. U1 vL . . . — 

sq. ft. factory, returbunad to ret. Bruce the i> mi an and the Brent group 
• A Her man 267 6772. , of fields> 

^lsoo^^.MD W sST e iiL ,, at rSnfeB iw The islands* council decided companies, which will have 

A.r c ffi. flh unanimously to accept the fin^ <«, jKSStaSl 

<06021 00707. , drafl of the agrement, -negotiated ? b Jf p * n w.,*«nurioB» 

NOjKTH Nottingham— C lose ring roan , over ih e last three yeara Mr ° e ^ u ’ een ™e council and the 


SB.oao s», ft. waTphouFe factory and 
. ling £350 ODD win c>lv«Jc. 

Cavaaagh wniiam H. Brawn il»02i , ... . _ . - . . , 

40747 Hinicr Parker D1-B29 7666 said that he had received a telex 

iref- HmGL). _ 


once bunding £3so ooo i Eniest Unjuhart. chief- executive. 


between the council 
commissioners. 


5^ 


pit- Behalf of Sketehley ltd- 
MODERN OFFICES 
T CENTRAL WINDSOR 
3^000 cq. ft. 

TO BE LET 

’ Ap|Kf Sail Asfno — i 
A. C FACBT. A .CO., 

X High ScreK, Wfater. Bgito 
Tab WWW MSSS 


VALUABLE SITE FOR SALE r 
wish detailed planning for 3D 
house! and outline planning for 
14 flats, in Northanis. 
Bargain for Quick Sale — £44,060 
Ready Iw iin madia tt d*w:opniini- 
Apolf.— 

Mr. &ca«h 1M. Chirch Street, 
Uaehpool, Uncs. 

T*i: (PiSJi amx.ar 

(8153) 2S0C7 t Auto phone) 


TIPPING 

SITES 

REQUIRED 

for retained clients 

Throughout U.K. 

f Industrial waste, 
domestic refuse etc. 

Dunlop 

Heywood&Ca 

QanatdSoivevyxs 
90Daf»oaiq SWJie«er 
Kef. ESC j 



The council, which yesterday 
from BP, on behalf of the oil had its financial and legal 
! companies involved, saying that advisers present as well as ofii 
•it was willing to endorse the dais from ■ the National Ports 
document as it stood. Council, asked for reports on the 

A few loose ends still need to Pollution risks not already cov- 
ibe tied up, but formal signing ered by the. agreement and the 
! is expected to go ahead on March conservancy levels — charges 
; 15. The next day. talks will open t0 be P 31 ' 1 W using 

: between the council and the P° rl — which should obtain 
’ companies on the terms under when the port is in normal use. 

’Sfi'jSL onraSLw leMe - Ul, ‘ These will replace Ihe chafes 
bite to the compauies. b&in2 ma( j e t0 ronstnii; u on 

One detail still to be fiaalUed traffic using Sullom Voe. 


INTERNATIONAL PROPERTY 


HAMwn*tt N.w. 1 — l.flpo jw. n - in 

•ore H» cBMqinM U i*:. ■»» AHar* 

. few 2b 7 6772. 

•LgEKFftlAML J.OOQ.IBOOO «■_ «• 
Ifeft* inoggiq offie* 

life. CthIiaI RMling- 
UMittoioMi ^tom outer too™. Jortff' 
sitmm inna ciiirtn*‘y. 

•» Q. %. A J. Mfe*. 01*130 - 

RLAOenMAM. rntn« oflfet 
let. sj.qoo *a.- n ’“gjf 

0 * .* r UW, 0>*«B *0-0- 

1 TMMM "DillCI JO irl. S-WO * **• 

T« 5 n 7 m il ■ t onif : ret* ; 

**•**■. *»” igSSn'J 

c«nii**«**i 


-S'MAft ' Bunooffe 

-~S t - , 


Sound Dutch Investments 

# ■ Camping and bungalow park 180,000 sq. metres. 

• Hotel and Restaurant centrally situated. 

<0 Several selected grounds and buildings. 

FL 1,600,000 up tp PI. 5,000,000, 

■ Information: Messrs. Vjjrhrugge & Vaatstra, 

P O. Box 32 . Zelhem—Honjtad. Telex: 43776-10043. 




Under-sea engineers 
| form oil consultancy 

j AN- ANGLO-AMERICAN engin- Oceanccring in the North Sea 
eering management and con* and with Exxon on the Hondo 
Isultancy senice in the field fle,d - J 
j of ^ub^sea technology for the British subsidiary special is- 
; off-shftre oil industry is . being un d6r\vater technology 

i formed with the name of Tokola 

■ nnJaruroroi. c- nninacin; evaluation of marginal oilfield 

1 ^°^ rwater Engineers. production systems has been set 

! : The new eompmut wtl« operate U p by Undersea Associates, a 
iin association with Tokola Off- engineering consultancy, 
shore International, part of the — . 6 * 

'Tokola group, and its chairman The company, named Under- 

• win be Mr. Alpo Tokola, presi- ' vflter (U.K.), will 

: dent of Tokola international. The . off 1 ® 6 * . ■ • London and 
. other major shareholders are Mr. Aberdeen. Its engineering 
Ron Good/el low, -managing direc- dcstiJfl and study group, based in 
(tor, and Mr.- Peter Thornton, an London, will., concentrate on 
i executive director. underwater production engineer- 

| Tokola Underwater Engineers L! SJL 5S£ etiop 

• is going to invest over £500.000 ss,stes - mar ginal fields. 

! in North Sea activities. It plans The Aberdeen office will have 
: to specialise ia off-shore and specialists in activities such as 
i underwater installations, sub- sea support v essel design, sub- 
control systems, inspection, main- mersible / unmanned vehicle 
tehance and repair- The company operations. ; and deep diving 
J- has already ‘started working with support operations. 


A chance to explore 
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To: Subscriptions Dep* OCSL\Fiimr.c:alTimos. 

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T u-nsh to taka ou t on an mu ! sub wist 1 on to the v.-cciiiy 

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BLOCK. CAPITALS 


‘""'k'Ql 


■imn 


Name- 


Position 


Organisation 


Natam of flurinosa 


Address 


Tokmhono 


Dato 


Tho Financial Tlmos Ltd. Rrf No 527590 Endon A . 

SC. Cannon Street. Londor 



Signatoro 


RfigOfflcc: Bracken House. Csanon Street. Luidon EC4P4BY. J 













16 

LOMBARD 


Financial Times Friday March 3 1978 


4 *S 
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if . 


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skies. 


1IEF 

ices ir- 



Myth-making 
about tax 


BY PETER RIDDELL 

DN'E OF the most widespread 
myths about th? tar: system is 
that during the last decade there 
has been a major shtFt in the 
balance from indirect to direct 
taxes. The front benches of both 
parties are agreed there should 
he a move id the other direction 
and the Liberals, especially their 
economic spokesman, appear to 
worry a great deal about this 
alleged problem. Bui as Mr. 
Pardoe learnt in a Commons 
written answer earlier this week 
from Mr. Joel Barnett, the Chief 
Secretary and his Treasury con- 
fidant. I he trends in tax are not 
as straightforward as incj might 
appear. The solutions are also 
not as cleareut as Mr. Pardoe 
might hope. 


Fluctuated 


/ The answer shows that the per- 
centage shares of total tax 
revenue, including national insur- 
ance contributions, accounted for 
by direct and indirect taxes have 
fluctuated within a fairly narrow 
range of 46 J to 53} per cent, in 
the fast 20 years though the 
variations have been rather 
greater during the 1970s. Lord 
Barber's cuts in income tax 
sharply reduced the share of 
direct tax in 1972-73 though this 
had already been largely re- 
versed before Labour came to 
power in 1974. 

The share of direct taxes then 
remained at the higher end of 
its historic range at 52} per 
cent, until the start of the cur- 
rent financial year, thanks to the 
cuts in income tax and to the 
imposition of the national insur- 
ance surcharge. Indeed the fur- 
ther cuts in income tax in 
October reduced the share of 
direct taxes ro 4S.6 per cent., 
the lowest percentage since 196S- 
1989. But. as the Treasury points 
out it is probably fairer to take 
the position after the summer 
Finance Act <49.4 per cent.) 
since this anticipated a rise in 
allowances in tine with inflation 
required in 197S-79. 

These figures might appear 
puzzling in view of ail the com- 
plaints ahout the level of per- 
sonal taxation. What has 
actually been happening has 
been a switch of balance within 
the direct tax total. The personal 
taxpayer has effectively been 
offsetting the fall in tax pay- 
ments by companies. 

The result is that at a time 
when the overall tax burden has 
been rising the real level 0 f taxes 

paid by individuals has increased 
sharply, accounting for the £5bn. 
rise in the real burden of income 
tax since the last Tory budget in 
Spring. 1973. stressed by Sir 
Geoffrey Howe 

There is general agreement 
thar the personal tax burden 


should bp reduced with particu- 
lar stress on removing people 
frnra tax ai the lower end of the 
scale, and reducing [he marginal 
rale c*f lax and national insur- 
ance for thu.se starting to pay 
lax and in the higher ranges. 
Action at the lower end of ihc 
scale is very cxpensiie in 
revenue terms and the clear 
limits on the size of the net 
stimulus in the budget have 
become apparent. 

The wider problems of switch, 
ina were highlighted in the 
recent Tomnions debate on tax 
bv Mr Denxil Davies, the Minis- 
ter of Stale at the Treasury. He 
poinied cm that increasing the 
specific duties on alcohol, tobacco 
and octroi in line with inflation 
would add about 1 nor cent, ro 
rhe retail price index wh*l** 
raising around £400m. The unifi- 
cation of value added fax at a 
rale »f 10 per rent, wnuld raise 
prices by nearlv 1 per cent, 
raiding roughly £fiflOm. 

The two moves combined 
would make it possible to reduce 
rhe basic rale of lax by 2p. 
Whether this would be worth- 
while js open to douhT and there 
is limited scope for raising taxes 
nn the company sector in view 
of rhe stiii limited recover.’ in 
its real profitability. Even 
though payments of Corporation 
Tax in rhe current financial rear 
look like being much higher than 
exnected. rhe total will stilt be 
little more even in cash term? 
than in 1974-75 and much lower, 
of rnurse. in real and percemage 
terms. 


Payroll 


During the Commons debate 
Mr. Pardoe recognised the prob- 
lems caused by the narrow base 
of the main expenditure taxes. 
His solution was a sharp rise in 
payroll taxes, namely the 
national insurance contribution, 
in order to finance income tax 
cuts. But a rise in these contri- 
butions would add to the cost 
of employing workers and would 
almost certainly increase unem- 
ployment. If anything, there is 
a case for cutting this tax. 

The view of the CBI and the 
Conservative Party is that the 
necessary leeway for cuts in per- 
sonal tax can be created by 
holding down public spending. 
But this ignores the strong 
pressures for necessary improve- 
ments in public services, such as 
hospitals, which can only partly 
be met by cutbacks elsewhere. 
The conclusion is that given the 
present tax structure and the 
monetary and external con- 
straints. there may be limited 
scope for reducing the personal 
lax burden by increasing other 
taxes. ' 




drive to fill the steel jobs 



HARTLEPOOL 


WHEN John Linlghan, arrives 
each morning at the British 
Steel Corporation's South plant 
at Hartlepool, where he works 
and k a union organiser, he 
can just see. across the mouth 
•if Tecsside. the outline of 
BSC 1 ft newest, most sophis- 
ticated but only partly de- 
veloped plant at Redvar. For 
Linizhan. and ESC’s dwindling 
work force at Hartlepool, it is 
not a prospect rhat pleases. 

Further growth at Redcar 
means furrher redundancies at 
Hartlepool. In a town with 
16.7 per cent, of its 25.000 adult 
male workforce unemployed, 
which lost 1.500 steel jobs when 
iron and steel making ended at 
the South plant last month, and 
which has lost jobs in other 
sectors, the men of Hartlepool 
are waiting arimly for the de< 
visions of the Corporation and 
the Government abnut what is 
to happen next to the steel in- 
dustry of Teesside. 

For nearly a century. Hartle- 
pool has been sustained, with 
varying degrees of success, by 
heavy industry: by engineering, 
shipbuilding, iron and steel and. 
more recently, by North Sea oil 
activity. Until 1975, iron and 
steel was the mam employer, 
with 5.500 men at BSC 's two 


plants immediately north pf the 

Tees. 

Two years ago, however, the 
old. inefficient North work? 
finally closed Many men were 
redeployed at the newer South 
Plant, hut several hundred jobs 
were lost. As a result of last 
month's end to iron and steei- 
makinp. Hartlepool is left with 
ils coke ovens, soon to close, 
two pipe mills, employing under 
500 men. and a plate-making 
mjli employing 1.500. 


Cutbacks 


The blow was more painful 
because GEC Telecommunica- 
tions has pared its Hartlepool 
workforce in the past four years 
from over 5,000 to 2.300 as a 
result of Post Office capital in- 
vestment cutbacks and changes 

in communications technology. 

A further cut to 1.500 is 
expected in the early 1980s. 
La mg Offshore took on a work- 
force of 2.600 a few year* ago 
for ns North Sea oil rig fabrica- 
tion. But it has built no rigs 
since 1975 and its workers had 
to find other jobs, move else- 
where. or go back on the dole. 
RHM Foods has shed 550 
workers. As Eddie Mortey, 
Hartlepool's industrial develop- 
ment officer, bluntly observes: 
“To Jose 8.000 jobs from just 
four companies within four 


years is one hell of a lot” 

BSCs development plans 
envisage the pipemills continu- 
ing, blit the Corporation and the 
Government are still consider- 
ing whether to shut th* 
Hartlepool plate-mill and build 
a new £'J50m. plant as part of 
the Redcar complex. This 
complex, at a passible final cost 
of £llbn.. is designed— if all 
phases are completed — to tak-j 
in almost ait steel activity from 
unloading iron ore to a variety 
of finished products. If that 
happens. Linighan states. '* it 
would mean the dole queue for 
most of our members.” 

Inevitably, these uncertainties 
are deeply unsettling to » town 
which has had more than its 
share of setbacks since the 
ravages of the 1930s. 

Ironically, the Redcar plant 
is only four miles as the crow 
flies from BSC’s Hartlepool 
works, but 45 minutes' drive via 
Che only route available — the 
road skirting the Teesside 
estuary. An acceptable com- 
muting distance in the South- 
East: but Linighan suggests that 
for Hartlepool's steel men Red- 
car might almost be on the 
moon. 'With a strong feeling of 
community, reinforced by adver- 
sity, they- have shown no enthu- 
siasm either for uprooting their 
homes or for commuting. Of die 
1.600 jobs created so far at 


BY JOHN GRIFFITHS 

Redcar,- only 1 per cent have 
been taken by Hartlepool men. 

There is Government 
approval, but no money, for a 
tunnel under the estuary. But 
even If it existed, Linighan 
argues, there is no open door 
at Redcar for Hartlepool's 
labour force. Male adult un- 
employment iis 10.3 per cent, in 
the rest of Teesside inutuding 
Redcar. Some minor BSC plants 
south of the Tees also face 
closure as a result of the -new 
Redcar plant, which must 
absorb some, or aU. of their 
workers. 

But Hartlepool is not taking 
things lying down. • The latest 
closure — which came a year ear- 
lier than had been expected — 
has provided a powerful 
stimulus to the team or BSC. 
unions. Hartlepool Borough and 
Cleveland County officials 
jointly involved in a major jobs, 
creation programme. 


New jobs 


Under the chairmanship of 
Mr. George Chetwynd. a board 
member of BSC (Industry), a 
subsidiary set up by BSC to 
attract other employment to 
areas where steel plants are 
running down, the New Jobs 
team has attracted work for 
nearly 1,000 men in the past 


two-and-fl-half years. Most of 
the jobs are in new light 
industrial estates built bh the 
now partially cleared BSC rites. 

Next monjh, a .big .dri.ye to 
attract more new industry is. to 
be- -launched aimed, at -small 
manufacturing -companies' in. 

the south-east. ^ ' . 

It will, concentrate on. the. 
financial incentives . offered 
under Hartlepool's : status as a 
Special Development Area,. Its 
good, labour relations' record, 
its road communications— work 
on the final phases of ah exten- 
sive dual carriageway network 
skirting Teesside has just been 
completed — and on the avail- 
ability of advance factories and 
housing. 

The Department of Industry 
has recently spent about £2m. 
on constructing 27 advance fac- 
tories. on- nearly 40 acres and : 
has bought - another 47 acres. 
Hartlepool has built' roads into 
another site nearby which i£' 
being allocated to service indus-. 
tries. The advance factories are. 
reserved for manufacturing, 

As soon as the existing fie- 
tories are occupied — 14 already 
have been — the Department, of 
Industry is pledged to provide 
more. Meanwhile, the BSC has 
spent TJm. on infrastructure for 
what Is now Sand gate industrial 
park, 18 acres of the North 
Works site. It has made avail- 
able a number of other sites 


and 'these will be added to as 
the rest of the North Viorka 
site is cleared. 

Apart from the gains made so 
fa r, at .least, another three enm- 
paniea . are -likely to arrive Jfri 
the . near, future,-' -bring^tg 

between . them perhaps. anodj|r 
1 ,000. jobs.’ Further growth C3P 
be expected in ; petxocheniicdte, 
both ; for -Companies' in; fpe 
“ downstream “ sector of Noirh 
Sea oil and for offshore service 
and maintenance ape rati or#. 
And Laing Offshore ijs dwrmaijjj. 
hot dead: . with. a new .round iff 
rig orders- possibly not far sw#|, 
there is at least a prospect ^ 
the yard reopening. ȣ 

• v. 

Confidence | 

Hartlepool, has shown cm$- 
dence in its future in othlr 
-ways: there is a new £5.51®. 
shopping complex,. :and a 
£2m. pivic/centre. - There h*y 
also been .extensive school and 
housing Construction. 

“ We dbb*t Want to be known 
as a depressed, town; we'rh 
not a depressed town," insist 
Mr. Mor-ley. “ It's na use erfr 
big over spilt milk about stee^T 

As the new light industrifi 
base-, builds up, he suggesttF, 
‘--Perhaps we'll look back |a 
Iff years and say fhe'Ioss of tl»i 
primary side of steel wu thja 
best ’thing chat ever happened^* 
— 


Bunker Hunt returns 
to Maurice Zilber to 


NELSON BUNKER HUNT, prob- 
ably America's most successful 
commodity dealer and certainty 
the world's biggest name in inter- 
national bloodstock, with an 
investment running into several 
hundred million dollars, to-day 
moves his horses from Francois 
Mathct to Maurice Zither's 
stable. 

Texan Bunker Hunt, who with 
Zilber enjoyed some memorable 
successes with such fine per- 
formers as Dahlia. Youth and 


RACING 

BY DOMINIC WIGAN 


Enipery before switching to 
Matiiet. returns a team of 12 
horses to Zilber. 

They include the Tlail to Reason 
filly Trillion, arguably the best 
staitng three-year-old of her sex 
in France last year, and five rep- 
resentatives of Vaguely Noble, a 
sire who has done tremendously 
well for Mr. Hunt. 


Turning to British jumping, 
which has the field to itself for 
another three weeks or so. 
Norfolk Air. who was sold as a 
potential hurdler for 29,000 gns 
at the Newmarket December 
sales, has the Panama Cigar final 
at Chepstow' in 8 days as his 
immediate target. 

Tiie five-year-old Blakenev 
horse, trained by Fred Rimeil. 
won Warwick's Panama Cigar 
hurdle qualifier on his second 
appearance over timber and his 
subsequent efforts suggest that 
he will take all the beating io the 
final. 

John Player and Sons i« spon- 
soring the Panama Hurdle senes 
for the eighth time and next 
week's Chepstow final wiii carry 
IS.000 added prize money, bring- 
ing the total for the senes to 
£26.000. 

Looking further ahead. Caven- 
dish Cape Day at Ascot on 
Saturday. September 30. is to 
have additional support from 
Edward Cavendish aod Sons. The 
£10.000 Cavendish Cape stakes, 
a seven-furlong handicap, con- 


string 
-day 

tinues for a third year, and the 
sponsors Mill also put up £3.000 
for the Old Cape Colony slakes, 
which replaces the Red Deer 
stakes on last year's correspond 
ins programme. 

After a surprising number of 
withdrawals at the final declara- 
tion stage, to-day's Newbury card 
makes little appeal.- For anyone 
wanting an interest there. Kill 
warren, among the runners foi 
the opener. Djv. I of the What 
comb Hurdle, may be the answer 

1 feel sure that this highl 
rated young novice did not pro 
dace hi# best form when onlj 
fourth behind Explnrateur at 
Ascot last time out and am pre- 
pared to give him another chance 
to prove that he simply had an 
off-day there. 


NEWBURY 
2.00 — Kill warren’"*' 

2.30 — Queen's College" 

3.30 — Desert Wind 

HAYDOCK 

2.15 — -The Alickadoo** 
3.L5 — Bold Warrior 



BBC i 

t Indicates programme In 
black and white. 

6.40-7.05 a.m. and 7.30-7.55 Open 
University. 9.30 For Schools. 
Cotieces. 10.45 You and Me. 11.05 
For Schools. Colleges. 12.45 p.m. 
News. 1.00 Pebble Mill. 1.45 Mr. 
Benn. Z.05 For Schools. Colleges. 
3.0« Cyfraith Hyv.el. 3.33 Regional 
News for England < except 
London). 3.55 Play School. 4.20 
Dorothy. 4.25 Jackanory. 4.40 
The ClanEers. 4.55 Crackerjack. 
US Ludwig. 

5-40 New*. 

:5.55 Nationwide (London and 
South-East only ». 

K20 Nationwide. 


6.40 Sportswide. 

7.00 Cartoon Time. 

7.10 The Wonderful World of 
Disney. 

3.00 The Goodies. 

8.3(1 Going Straight. 

9.00 News. 

9.25 Life at Stake. 

10.15 To-night (London and 
South-East ontyj. 

10.43 Regional News 
*10.46 The Late Film- ‘ Whatever 
Happened To Baby Jane? " 
starring Bette Davis and 
Joan Crawford 

All Regions as BBC l except at 
the following times.— 

Wales — 1 1.05-1 1.25 a.m. For 
Schools, t. 45-2.00 p.m. Sioncyn 
Sboneyn. 5.55-6.20 Wales To-day. 

7.00 Heddiw. 7.25 Young Musician 
rif the Year. 8.00-8.30 The Good 
Life. 9.25 The Hong Kong BeaL 

10.00 Kane on Friday. 10.30 Ryan: 
Poems and Pints. 10.55 News and 


F.T. CROSSWORD PUZZLE No. 3,608 



ACROSS 

1 Bird to fish: noise f7' 

5 Produce about a tnnuiand to 
burn (7 i 

9. Praise former lot returning 
(5 1 

1(1 Caste leader in India coin? in 
mountain /nr a sign 1 0 » 

11 Some French start work mg 
for postponement tP) 

12 Nasty thorn in pole t5i 

13 Gather herb round church f 5 • 

IT Find out when sure (9i 

19 Aran with cat tn ting ti»> 

19. Archer take? trophy | had 
briefly *5i 

21 Turner, whichever way one 
looks at it (5 1 

23 Fish with broken cane per 
haps (9» 

25 Breaking up a bit nf bread 
. and fish (9 1 

26 Employment making you and 
•7me get older f 5 1 

27 Threat to include Oriental on 
that account (7 • 

28 The pulse r«f the policeman'*- 
- round 1 3. 4 i 

DOWN 

j Thin uncle possibly L-om lhe 

«r>U r h *7 1 

2 Skill right for a mechanic i9i 

3 li should sei (he measure n/ 
a monarch *5' 

4 What tTie deterrent manu- 

facturer .strives for — yner 
(iefe.v ' > 

5 Trainee acted incorrectly 15} 


6 Peculiar fellow could ne a 
crank f!»» 

7 Following r»<*hin«l Her Mayesl;- 
f 5 1 

8 Acquire article m?tde made 
r#f clay t7i 

14 Detestable river-fish the 
French follow iP* 

16 Newspaper ar:u-le anpropriaie 
for the author’s protection (S' 

17 A pace and another one ahoni 
the end ir. .%otnelhing added 
« 9 > 

13 Plant rn.il-. ns type or charm: 
(7 j 

20 The most profound river 
plague «7 1 

22 Caught in genuine respite (5t 

23 Significance n f pulling 

nothing ;n a nun's drink |5» 

24 Building nh !’*n gaies t«i 
utilise t-5i 

Solution l» Puzzle No. 3,607 



Weather for Wales. 10.57-12 M 
a.m. "Above Us The Earth": 
documentary about the closure of, 
Opilvie Colliery. 

Scotland— 10.23-1 0.45 a.m. and 
1I.03-U.23 For .Schools. 5.55-6.2U 
Reporting Scotland. 10-13 Spec- 
trum. 10.45- tM.46 News for 
.Scotland. 

Northern Ireland — 10.23-10.45 
a.m. For Schools r Ulster m 
Focus). 3-53-5.55 Northern Ireland 
New*. 5.55-629 Scene Around Six. 
10.15 Perspectives. 10.45-10-46 
Ncus for Northern Ireland. 

England— 5.55-6 JO p.m. Look 
East r Norwich i : Look North 
(Leeds, Manchester. Newcastle »: 
Midlands Today (Birmingham): 
Points West i Bristol!: South 
To-day (Southampton »: Spotlight 
South-West (Plymouth l .10.15-10.45 
East i Norwich i On Camera: Mid- 
lands iBirmineham j: Top Gear: 
North (Leeds) Let the People 
Talk: North-East ( Newcastle » 

Friday North: North-West (Man- 
chester) Watchwords: South 
(Southampton i Edward Thomas: 
SouiJi-Wr-st i Plymouth i Peninsula: 
West i Bristol i The Past Around 

BBC 2 

6.40 a.m. Open University. 

11.00 Play School l as BBC 1 
.3.55 p.m i. 

4.55 p.m. Open University. 

7.00 .\>w< on 2 Head 'in ex. 

7.05 Indoors Outdoors. 

7.30 New id ay. 

8.10 The Money Programm-: 
F.EC — '"in the Brink" The 
Common Market as an 
economic ideal 

9.00 Pot B'ack TS 

9J» The Mike Reid Show. 

10.15 Horizon 

11.05 The Mayor nr Casterbridge. 
11.35 N >'*5 Summary. 

I 2 .IH) Closedown: Richa-d Fehn 
reads 1 Lament f"r a Leg 
by John Ormond. 

LONDON 

930 i.m. Schools Pro gram me*. 
11.54 Felix ihe Cal 12.00 Sons 
Book 12.10 p.m. Daisy. Daisy 

l 2 .n« (miik Who's Talking I .no 

\e.»s pins FT index. 1.2ft Help’. 
t.30 Money -Go- Round. 1.53 Beryl ' 
Lot. 2.25 Friday Matinee "The 
Pajama Game.” jiarrine Dons 
Dai 4.13 Horse i." ihe House 
4.45 Magpie. 5.15 Emmerdole 
Farm 


5.45 News. 

6.00 Thames at 6 . 

. 6.35 Crossroads. ' 

7.00 .Mind Your Language. 

7.30 Mixed Blessings. 

8.00 .Survival Special 

9.00 The Professionals. 

J 0.00 Xevs. 

10.30 Police 5. 

10.40 An Audience With Jasper 
Carrolt. 

11.10 Barclta. 

12.05 a.m. Stars on ice 

12J35 Close: Ursula Hanray reads 
a poem by Frances 
Cnrnrnrd. 

Ail (BA Regions ax London 
except at the follow ing times: — 

ANGLIA 

1J5 p.m. Anglia News. ‘ZJ5 Friday 
ntm Mailr.-e: *• t.»w and Disorder' 
st.nrrins fticbael Rtder.ire. 3S 0 Ou* of 
To-vn 5.15 Kappr Days. 4.W About 
Ans:ia 1V> Probe. 11.00 Friday Late 
F::m " B-fop- '.Vinter Omrs." aiamne 
David Xi.-cn. IZ.55 a.m. M. n Who Matter 

atv 

1J0 p.m. ATV 'Irunil-'k 1.S5 InrtOCr 
t.-aaii' 2.35 Tti-' Sulli-ars 3.25 BerrCs 
L*i: 3.30 Si.-— or Ic-. 515 flet Soai- 
IV 5 06 5 TV Tcdav 8.00 PaffertT 1»J0 
Th- P-. C f F-a- ■ Dr Phibe? Pises 
Awl etarnns Viikmii Pn,e. 

BORDER 

*1.20 p.m Border ‘.V., s. IJS B^tty 
pi.ivs •,»r:.)on. 2.00 Mvw A Ttmp 
■or ( e-.e. J.W B.*rr‘ « IJ5 Th" 

•: 4 fi l.ooc -r > -..1 ■'ndav. 8 00 

P 1 " E .- ’.••o-r-ar 10 JO Bnrd-rir.e Xerih 
1180 :: z.~.‘ t-.Ia: The Nauru " 

»:arrra Dai‘5 12.30 ».rt. Eord-.-r 

CHANNEL 

"3 o "i T ^" fr 1-i W - me*' ' Th" 
s-err ef Esibe - Cosl'iie" 4.oo Reporr ai 
S 8.00 Tb; G-en •_ Woman 10 Jl 
C'lP-.r-i I.3-" 16.35 Late -mb 

r>- " 15.50 la'- ■ :h' ' 1 ni ;C " V.’a-r- 
rn* rif " 12JS a.m News and 

GRAMPIAN 

a 23 a.m. Firs' T^.-rr 1.20 a m. drampur 
Jtradl.ise* 155 : H>«r LraCT- 2-25 
Vfar.dar 'fv:r.»r • • m rx in lb" W-M-t- 
.--.ss j.50 H-r s f.ei too Grampian 

Tndir 7 JO Th* ; -.: 3 '_Kid .'he. 

8 00 ~rzrr- - 10 J 0 |r.-5-.-uon5 *■»' 

i-j -v «;•; re-, -.-■join 10 15 

P o'-.m '■ 11.35 Th" -roilabora-or! 

GRW'ADA 

1.30 ».m. Th.' J* Yvi- Riah'— Lnrd 
-'ey ■ urr;r-, r.rr» -I .idvlrr 1 SS 

Mar'r-d 2 00 TV o' Vort Sir-- 

2,50 Aijr’1 : - -Ks-i-i .'sla JSO 
r — - !.-■ 5 10 Th • :» your P.2.n: 

•v- vi*. r.ar.e* *n i»r v;mmanW."< 

5 15 '.-e.-road* 4 00 

■ r-rr.ii- ? 7-pr-s 4.JC V- i. nflr 8.00 
T". ■ "?'r* to JO p»perlJ Fvrs 

-11 M !■■■:■»« «r :h» Ceniur: 

“dwa-d V-, f-r 

HTV 

1.30 a m. -a-**- 1 25 


R-: oori Wale* Headline* 1J0 indoor 

I. -aini'. 3 00 Women Onlv. t2J5 " The 
Cowed}* Man." sumns Kenneth More 
5.15 The Undersea Adsemurrs of Ca Plain 
;.>kid 5 JO Crossroads. fcOO Report West 
6-15 Report Wa»— 4 *0 K.mnierdak- Farm. 
("13 Quincy. 10.35 Report Extra. U.0S 
Th* Fnd*y Finn: ■ me Sirancer." 

HTV Cymru.'WaWs — as HTV General 
S-rvur except L20-1JS p.m. Penaudau 
NVwyddton v nydd 4J5-4.45 Uacnu'n 
6.604X5 Y Drdrt. X0J5-UO5 Oui 

Innlr 

HTV West— A* HTV General Service 
escePi' 1.20-1 M p.m. Repon W'cH Head 
hues. 4J54J0 Report West. 

SCOTTISH 

US p.m. News and Road Report. 1J5 
Ren? Boon. +2410 Frldar Film MaUnec 
” Cardboard Cavalier." Marring SW Field 

3.40 Cartoon. 350 Buryi's Lol. 5.15 
PiP"i and Friends. 5.29 Crossroads. 4.00 
Scotland Todaj.-. 6J0 Tbc Boiler Sex. 
6.00 U'cjcide Medical. 18 JO Way4 and 
Means. 1 X 00 hale Call, me Feature 
Film " .'.inhtmare In Chicago.'* 

SOUTHERN 

1.23 P.m. Southern News. 1 JO Indoor 
L-.iaue. ZOO Women Only. 2.25 Friday 
Marine' • Vaunq G«ns o( Texas." 

Bend J l-««. 5 JO Weekend. 5.20 Cross 
mad*. 4.00 Dai Bv Dav i Charm. -Is fi 

II. V. as and 60 1 . 4.08 Scene Somh 
Easr ■ Channels 10. 43. r A and 66 ontr 
4J8 *'u! or Town. 8.00 Emerxenuy. 10JB 
V Sou' hern Rcpon 11.00 Soinbem \-i, % 
Fvi-j UOO -Where Have \11 Thi 
People llov'" si am ni Prior Graves 

TYNE TEES 

4J8 a.m. The Gmxl Word, tnllo-.-.-ed by 
■»«r:h East Xv>fs Headimt-i 1JD p.m. 
■-nnh Eisi N>*..< and Lookaround. 1JS 
Friday Film maun-e "The Divorce ol 
L*dy ' 105 Canoon Time. 3J0 Beryl s 
I jii 5.15 Mr and Mr? 4JM Northern 
i.iV. I M Emrrae-iev. 10.38 5p»-f«i:ni* 
1!,05 tr.dav Nmh( Film- - FrPiS ’ 
1240 a.m. LiHloaur. 

ULSTER 

1JB p.m. Len rheme *1.55 Friday 
Maimer 1 N -various " 3.5Q Bt-rvl s l.oi 
<13 ttsier New? Headlines. 5.15 The 
Brady Bunch 4.00 Lister Television 
'■V"* 6.85 Crtwroads. 4.30 Rupnr«>. 
4.50 r'olt". Sit. 1130 T»o a: In m. 1535 
vponyv-c 11.05 Friday Film: ■ The 
\rr -if -h* Crim- " 

WESTWARD 

ojo a m. WeK Cuumry Joh rmdrr 
I2J4 p.m. Um Honevbiin's Binhd.'l? 

1 20 VT ard News Headline* 1-55 
B*ryl i L*. -3 25 The Friday .Mar;pr.? 

The Fiorr of EsI'ii-r Cos'.eL'n •' 440 

W'-tcuard Diary and Spun* DesF. 8 00 
The ti.nr.i7 Woman 1BJ6 Westward tj 
Nr-,-* 10 J5 l.aie wi.'h Damon 18 50 

I.a'e \.;h- Mo'.ie ' Wh-re The Bullets 
Mr" 1235 a.m. Fail.*! fo- Lif*> 

YORKSHIRE 

1 J0 p-m Ca'ondar News 155 P»hv 
Seep *2.00 Friday Film Maiine- Card- 
*-<jard Cavalier ■ 3.50 Hrryl s l« 5J5 
• jl-ndar <per' 6.W *'.i!endar 'Rraley 
Veer and B.-Imom Hi'iok-. l.H Rni-r- 
--n— W 38 rtrea: Him? of in- Cemurr 

* p.IJhound ■ 


r \mo i =< Tm 

(5> SHrooalioHle broadeart 
5.80 a.m. •Tart'h I 2.03 Sa» 

Pdmned* 4.00 Titpe-i Ra?»» 11 Jl Pae' 

F.nrr.e" in-.In-l'nsr 13 30 nm '. — , ah- 

3 00 Tom l?!:.-V hum 4.31 D»-.- \.’i 

rrj-.iv in.,iiidin: 5 JO T .00 5-.<i n , 

l a -..renew ;,d U<« i-r, h- i ' -lev, L, . 

Padn. 10 03 !"hn P.’»! <• 1208-U.Ki ; r . 

am radio -’ a’.', 

VHF Radio* 1 and 2 -6. DO a.m. Vi'ilh ' 

It 1.1 -m ? :i»- 155 ».*" 1 -ie.1 * __ ’ 

■ •IS 10.83 WiHl Pad-ft : 120C-1206 am. - 

W ill Rud'O 2 t 

RADIO 2 1 ..>IH1m and VflF 

5 00 a.m. *.--es ,*iu!im,n 6.03 Pa- 
".I, or.- .C. with Th ■ r .3.-;i -av’e* in-lie! re 

4 1= F'i-j* ■ f..r Th., mV 7.J3 T-rry v. -.jt.- 

<1- .ud-ng 127 p i.-||,e Ril..e' n a--i 

s.aS Pa -Hie !■-- Th.i-a-n- JO 02 J nn. 

3 fl .lie rS 1215 e m. '.V,]iilin.T’ 

13.34 P«»e vorra. . ni.i llpu*-’ *' 

- lUdms 1.45 hpert,* D-ir 2 JO Da-.-! 

'*nii-vs 2.46 n>i 1*5 
!w,n new 4.3o mic;---' 4. as 

0--;». 4 17 Jeh- Dunn s . 

:.t.l-«< 5*5 Slur*. .g 6 45 -1 

DenF 7.0? -• .1 :.J .-mr? J"» 

■ ■-.•>-< rj ,n jijnd Pa:ad- 5 - 8 02 

• -r.-.j-w-- m- bb. Fi:« 

•ir .h-. -st; a S S.SOi'rtiJay N.wT' J " 

•:i^Si .s 4.55 W-I P -*• 10.03 Tr-v- 

r.halac 10.30 «.- * i : aur. •*:>>. V m-.- 
.1 \t '‘iur*e 4'<“- Sai:-. I.itm U.Q3 • 

Tev — -. •• jta..d v At-.aia- J 
--pv.-- 11.03 :ir>-« '• 'h T* * 

l.«»e svi 12.00-1206 a.m. '••»« < •' 

'• *•— <--*»r. t T-.- •»•!— he- -a-.. 

RADIO Sipren A VHK 

* Medium w.vre orMy 
?*5« * m. W..1-S. - TOO ■*>-• 7 "5 

• .- - — -ire 1 fl.DO e.-j- 8 0S -e 

«r.'»r p *011 4 .l» TT'« •—** » 

he-rommr W>«tr -S.. MO BSC Ciwrar, 


'i-di'yrs 5 10.40 "nu-.s Art:*"' 1 R - 

r'i' -5 11J0 Mm: *i- '. e- :4 nod Lu'« 

"f-. -- is- v H-wh— « 1220 pm. 

'* '"v--- • :• « a-jiftoroe 

in *■'•■■■• i» "ri ’ i » 

i,- : r • “ : r - .< 3. os 

“-pe--. -w * j.v; ■ -,-. -c->*iis»n r.i — .1 
?> : 4 SO P-«-io s. -j ,<t.. 4.15 

T* • ’ --.-4 < rj.is >im:r'*«r>i 

?*« rt :o HiTieuir-J 

i d 16 30 bir e 'me» 
,rr« I-.-' ».-r -nee 7._ig s . 

~ .».• . • •- 'i-r p -,1 ; . s^numim 

■ S S3 .hi " "h- =.u,.* .Tali V 

' 3 35 !- I,. id* Mu.'. 

f .»"v p.- . f-:r. ... — . -5 u.s 

Jr.a.lei-. -.V 'r, *- r — iveij 10.30 

M i*.: -:n. a 35 '■ a.».1235 *"»-J 

Radio 3 VHF only— 6.0C-7 QQ |.m. and 
5.4B-7.30 p.m. Open Unlacrfiiy. 

RADIO 4 

-I 3 -* ro. 330 m. 'jh.»ni and VHF 
4.15 s.m. 617 * -r-.;,ng Tid^>. 

4.35 !.'» -e- -r-. "oi-j- 6 52 p.i.or.i 1 

7.00 T.lo T4day T.Ji 

S ‘C !lli I-'.j: 5..- in-.; 7J2 ■* If- . 

=>eia. %‘e. ; 3.00 •; . sjo to-o-> 

5.4S v- ;--J. . * I 1 .-: - n- - • *.D 0 S..-.* 

0S La*-, j 7-rr*. JS Feel'* Tim 

.*;•« 110.00 .< 33.05 Tfc--'-.o«.- 1 

15. JO 2a:. e 3D.1S Uort-oa 

~ “ aiJQB The 

T.-a- S.-J — '.V..-,;: j-pj \ • j. 

120: a.m J- * •• • .J. \|J : • 

f 21255 (-.;• UT* r.». % 

•r* V a-; -t . R-i.e-a. 

no r- ijo :i- 

* - .* 1 *5 -it - **w.- r »-m 

.. J 00- 

JO? t:« .. 

-on ■ -••- - : 35 - .1 - -w s.oo 

..-.1 ans ". ’- 1 — r- ,r« « *F 

-• - - - J -» ° 5.* 

F-WJ.-* * 15 55 J -aiher 

«r«rjns o-a-s VK? k*wo 4.00 


4.30 CiOi-Ht Pla.-e* 7.00 Np_.. 
7.85 Th- Archer* 7.20 Pick of m? »-■>-» 
'rr<r PRC Padin ar.d T-levirtor <5- I. If 
1 ' i-.-'ii:nmeC is I m 130 ,\nj 

O'l**' nn*“ 115 i.e--T? from Ara-P 3 
6.30 ? i.-..ie*r05,- 9.51 w.*arhvr JDJM 

Th.' tfi--V. To'Jeli’ 10 JO Iv'e-k Endinp 
10.55 M- D* Wi!lj Kalheri-u 

'A'Si-fJi 'rt 1100 a Bit* a- R--di im" 
11.15 Tn- F-r..v .-[j- Wr.-..l T-hr.ao:. UJ5 
Tr-1a-. ir Pa.-'uai- =■ 11.40 News 

F«r School* .VHF only) 4.20 a. 

13.00 and 200 >o J.04 a m. 

BBC Radio London 

2 « 6 m and 94.9 VHF 

IMS a.m. a* Ra>*:o J. 6.30 Pu*h 1M r* r 
4 00 4 30 i ohJ-,n Live. U.03 ir 

T -,.r 13 OJ p.m. r ,u ir\ 2.0J :u« Shuv 

vase 4.03 Home Kun 420 J.umlon Spnri* 
P- *> 4.35 1 T 00 .J I- . --.ni.i* 7.00 l.noh. Slip 

1 1 *- -n 7.3o in Toun • j> i:oi am > 

* JO BJacF Londons rs 10.00 Trac* Heeurd 
13.90-close: ai Radio 2. 

London Broadcasting 

261 m and 97 J VHF 
5. 88 *.m. Morn.Tt Music. 6JI0 a.M - 
r,f.n-*loD n.:v>i Srav;-!. '.wurt. rev .t v.i 
.i:. 'orr.w-.cn. 10 00 Bn.n: Hayes. 1.00 p.m 
I.3C Hei>r>ris Including iT,-ar«e ■.la!•■■■ , 
- ‘J '"■'* > Can 8.30 AOr- >. 9J» .-.igU 
lilt 1-00-5.00 a.m *.i;M.rrm 

Capital Radio 

194 m and 93.8 VHF 
4 00 a.m. rtrsihjn*. Pen- * Rrrarra 
,s 4 oo j; ivh»e. vst, ; ■ s . 

I 1 "'- rj-S »!-h C-->vh on Deturnr 
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r« --!ia«i‘a London Lina loi.rnartosal 


13 00 


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■ S’ 


Bonhams achieves 
price for single item 





THE SALEROOMS came alive, 
yesterday with quite a few 
excitements. Bonhams managed 
its highest price for any single 
item when a Louis XV secre- 
taire. by Bernard van Risen- 
hurgtj- sold to a Continental, 
buyer bidding by telephone for 
£30.000. Only one lot has fetched 
a higher sum at Bonhams, a pair 
of pictures which may £39.000 
in -1973. 

All told the furniture brought 
m £99.320. and to make it a good 
day for this saleroom its morn- 
ing auction of Continental and 
Victorian pictures made £97,141. 
including the 10 per cent, un- 
sold. “The Tea Party.” by 
Vittorio Reggianini. made a good 
price of £6.600: and Henderson 
paid £2.200 for “Portrait of a 


SALEROOM 


ANTONY THORNCROFT 





.-V -V. v. 

y ' ' " j| "" " *> ** -Tr 


The £30,000 secretaire. 


'.mi. 

Little Girl.” by Wilhelm Velteh; - 

and Pratt £2.200 for a pair of 
paintings, by William Angus. , 

A diminutive waistcoat, that 
once belonged to “ General ’’ 

Tom Thumb, the 31-inch dwarf 
who was a 19th-century show 
business sensation in America 
and Britain, was sold for £130. 
twice the estimate, at Phillips. 

The waistcoat is in beige cash- 
mere. with woven designs of . 

flowers, and measures 8 in. from made £57.170 .from modern mous buyer In a sale which 

nape of neck to waist. British art. “ Bacchus and totalled £104,878; 

It was bought by Miss Janet Ariadne " by Sir William Russell Beisac, the ■ German dealer, 
Steen, a research assistant of the Flint sold for £3,600; “ March paid £5,000 for an 18th-century 
Theatre Museum housed in the Sunlight, Venice," by Edward Dutch palisander and marquetry 
Victoria and AiberL It will go on Seago, for £2,200; “ Morning in armoir, and a marquetry cabinet 
display in the theatrical collec- Paris,” by- Charles CundalTr for te'the manner of J. F. Oeben 
tion. which moves to Covent the same; and “ Head of a Girl," went to the French dealer Sabet 
Garden in 1980. by Sir James Shannon, ..also- for-£4JJOO. A JLow Countries elm 

Christie's held an interesting There were three auction records comm ode. of Louis-XV -style went', 
jewels sale in New York on Tues- for artists, £2,200 for “ Landscape to' another French dealer,; 

day. where jewellery which with Houses .and Trees,” ■ by- Castoriano, for £3,400. ... : 

belonged to the late Joan Craw- Richard Wyndnam; “Flowers in The main event at Sotheby ; 8 j 
ford sold for £77,855. Diana a Porcelain Bpwl," by Laurence was the Hist sale at its new safe- 
Barrows, the 12-year-old star of Biddle, for £750; and “The River; room for Sotheby Bearne Tor- 
the hit musical Annie, was in the Hammersmith Bridge,” by Ruskin quay at Rainbow, a converted 
saleroom to buy* two items, a Spear, for £550. country house. The auction of. 

charm bracelet for £850 and a An -Italian walnut bureau- ceramics and glass totalled 

ruby and diamond watch for £680. cabinet from the mid-18th cen- £28,588 with a best price of 
AM mid the auction realised tury- was the top lot at £5,200 at £1,550 for a pair of Satsuma- 
£264.217. Christie’s sale of Continental Tases and covers *o Id on behalf. - 

In London yesterday Christie's furniture. It went to an anony-- of the. Save the Children Fund ’" 1 


tt is not necessary to call Paris for reservations 
% at yourParisbotel, P L M Saint- Jacques. 


Cost-free, inimcdialc reservations can notv be made for over -15 PLM hotels in France, 
French West Indies, French Guyana. Dominica, 

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I.m LONDON: to- tor imuau B.T.H. GLASGOW; ™. wn2ZL39AS 

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4P B-T-H. MANCHESTER : BXML STRATFORD/ AVON : wgngwM 7 


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from Siihaerj pHon Departmenl. Financial Time*. I^nrionT^ * B I»crlptloo 





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17 



*&.' Mrt*?-:, .. 



a-. : ■ 


Financial Times Friday March 3 1978 

Phoenix 


Kings and Clowns 


YOUNG 



.Cinema 


Decline and fall of the American dream 


Difyi Wading and Frank Finfaqr 



Kings and downs — book, 
lyrics and music by Leslie 
Bricusse— leaves the British 
musical stiil^flqundering at' the 
bottom of the tj&ble. It .surveys 
the six marriages of Henry .V1U 
Kith no object but to squeeze 
laughter from them: Sellar and 
Yeatman in'.ioaf .and AU' That 
■SiKiMSi were seriouir Mst ori am> in' co my 
pari son. There' is 'dot enough 
factual material' to. last the' 1 
whole evening, since r. 
Bricusse puts in nothing by way 
of background, so dead or 
divorced queens return from 
time to time to maintain in* 
terest Jane Seymour even has 
her baby after we have attended 
the marriages of Anne of Cieves, 
Catherine Howard and Catherine 
Parr. 

Henry- whom Franks Finlay 
impersonates -with immense 
effort but - little success, is the 
only king involved, and there 
are no clowns, only Will Somers 
the king’s jester, a. kind of sing- 
in* compere (Ray C. Davis). 
The songs are mercifully dif- 
ferent from the vacuous rinky- 
unk sound of to-day's popular 


ICA Theatre 


music. They are vacuous ali 
right, but to ah olde&- more 
mellifluous formula. . Tbe lyrics 
are vacuous .too; thesyrelj not 
on wit but on -sequences of 
rhymes that suggest a, - metrical 
rhyming dictionary. Thedialague 
is .made up from - .^e oldest 
music-hall jokes ybu cah remem 
her.- ‘ ■“ The Pope iw)jn. , J’,§tacd For 
adultery." “He wbn^t l take it 
Tying down." Only .AnpaTJuayle 
As Anne of Clove*-' Succeeds in 
ever mgld ng It sdimd funny, 
and -.this is_ because she mostly 
speaks m an incomprehensible 
Flemish accent. 

T^ie .director is Mel Shapiro, 
who is compelled by.the^ poverty 
of his material to' introduce 
numerous simple end-of-tb e-pier 
routines whether relevant or not 
—Will Somers on a. skateboard, 
for instance, or Anne of .Cieves 
walking silently across the. stage 
in her stays. Dily Watting as 
Anne Boleyn seduces ' the 
monarch with- a strip routine, 
revealing as pretty a btdn Jha 1 
have seen. Per-haps end-of?the- 
pier entertainment is what is 
intended. - If so, it seehis a 
terrible waste of Frank Jftnlay. 


/ 


m 



1 '* 


Scared to Death 

by MICHAEL CO\;£NEY 

Hot Werkteater frtMn Amstetv lyrically qn happier times. The 
dam is a long-established group very old can sometimes learn 
dedicated to', th* discussion of to accej# the worst with sereoitjn 
social issues th&ough improvise- vqry young have innocence 
lion. In the second of two .shows M ap aid to understanding, 
visiting the. ICA and, next week, 1 xo'the middle, things are more 
the Oval Hu use, we are treated difficult. A dying girl’s boy-friend 
to a coqL aad entertaining. ctn crack up on cue For a sym- 
account of Ufe in a hospital ward pathetic TV camera but does not 
for patients dying of cancer. /have sufficient love to carry him 
Facing death & as difficult for over the course. A married 
the dying as for those they lea*, woman is shaken firmly by her 
behind, a point hilariously under- cancer-ridden arm by a busy 
lined in. an. Opening, unrelated doctor but is never informed as 
prelude, where funeral arrange- t0 w hy she has to stay in hospital 
menls and style, of coffin are difr...f ora m ontb of blood tests. ‘ nee 
cu*ed by. relatives of a told that she is going to die, 

oIck. boy woo has committed however, she is able to come - 
suicide. •" -‘ fully to terms with her situation; 

the viHaihs of the piece are C wn comfort a sleepless cora- 
ln e^it ably the hospital:-., staff, pinion in a neighbouring bed. 

SSStSs-sm 

early Tor a dinner parry leaving a startling piece of {•* . 

a reluctant doctor to fix a saline during an extended ijj '« . 
drip fnr a talkative terminal penod drawing on 

He pads, carefully around research, discussion with dogon 
ih* h»»d but -is caught ' at the and • performances in hospitals 
duor His pain hi being involved There is. In jSrS f{ J 

is. L if course, comparatively minor an admirably delicate' 

0 that or the man on the bed, how people talk and behave, 
hunt w pa:n of a sort nonethe- under severe strain, a final 

. „ in another interlude, an bonus, the company performs, for. 

S,S-’m.n d" .5 rhrirS.; or hi, our Jjiicfit and rfUtaUon. in 
grandson while reminiscing English. 


by GEOFF BROWN 


Looking for Mr. Good bar (X) 

Plaza 1 

The Baker’s Bread ICA 

The Boys In Company C (X) 

ABC Shaftesbury Avenue 

Tomorrow Never Comes (X) 

Leicester Square Theatre 

The Four Feathers (U) 

Warner West End 


Some films, .according to their 
credits, are merely written; while 
others are “written for the 
screen” — usually indicating 
that the writers'- have been par- 
ticularly literate, or par- 
ticularly pretentious, aiming at 
something with the density of. a 
theatrical play. Looking for Mr. 
Goodbar, taken from the novel 
by - Judith Rossnqr, is most 
assuredly written fdr the screen 
by its director Richard -Brooks : 
for better. or. worse, the. whole 
weight of the film and one's 
response to it lies in the way -the 
characters are scripted -and 
manipulated. Here, it must' be 
said, ' the situation Is for the 
worse. Brooks, always a mail to 
speak his thoughts at length 
about various matters of moment, 
has taken hold of Rossoer’s 
novel (about the sadly warring 
strands within the personality 
of a female teacher) to produce 
a strident fable for our time. The 
film simply writhes with loathing 
at the current state of America 
with its rampant amorality, its 
battery of guilts and neuroses 
(Catholic upbringings and 
Vietnam are just two of ihe 
causes). To provide a token 
sense of balance, there are also 
pleas for togetherness, under- 
standing (“We all need som* 
body who won’t blame us") and 
truth telling (“Here ties love — 
and lies and lies and lies}” says 
the heroine's . marriage-happy 
sister, staring at a large 
mattress). 

Writers who write for the 
screen often write themselves 
into the proceedings, and it's 
tern p ting to see the angri ly 
moral writer-director as the 
heroine’s father (Richard Kiley. 
every sentence of whom is a snarl 
(usually anti-feminist in intent) 
and every action a sweep of dis- 
gust (a plate of rnnny eggs is 
thrown straight into the sink 
after a second's glance). For 
Brooks has conceived his film in 
a similarly overwrought frame of 
mind, struggling valiantly to pull 
our hearts and minds right, left 
and centre, backwards and for- 
wards. As an example, take the 
hectic moments which follow 
when Theresa, the wayward 
teacher of deaf children who 
frequents 'singles bars in her 


Festival Hall 


i search for non-binding relation- simply replies: “ I like good 
ships, throws the unsavoury bread." And it's one of the film’s 
Tony out of her flat Her sister strengths that it communicates 
Katherine (Tuesday Weld, so well a passionate concern for 
utterly wasted) tries to find some the craft and quality of this 
ice to bathe her wounds and most staple of commodities — as 
returns from the fridge with an Nigel Andrews said in this 
orange lollipop (one of the few -column reporting on the film 
bright objects in this from Berlin (it was also shown 
deliberately dingy film). Amid at the London Film Festival)— 
hysterical screams she fetches a “ What Moby Dtcfe is to whaling, 
towel, which is discovered to be this 'film is to bread-making.’ 
crawling with roaches. More From bis unusual perspective, 
hysterical screams follow; we Keosch demonstrates the kind 
then abruptly cut to Theresa’s of close scrutiny of ordinary 
deaf children lined up by a piano people that happens all too 
singing "Silent Night-" Through- rarely on cinema-screens, using 
out Brooks' direction garnishes a directing style as nna&n»ming 
the hysteria of his serlpt by the as tbe film's subject matter and 
clumsy use of visual symbols: characters. The Baker's Bread 
actors and camera go out of their is civilised, civilising and recom- 
way to draw attention to the mended. . 
depraved objects in Theresa's 
flat — the glass mobiles * 

decorated with suggestive shapes, n., 11 ^ 

f3 “ ° f * »“ tfUriSl 

p 5 e ‘ . that the time is now ripe to 

Theresa is played by Diane revive the Vietnam war on the 
Keaton, currently riding high big screen. First off the mark 
after her success in Annie Hell, in the' new cycle is The Boys »u 
She. acqoits herself splendidly Company C, shot in tbe Phitip- 
under the gruelling conditions pines, which strives to do for 
and her comic gifts go a long Vietnam what M.A.S.H. did for 
way to make her character less. Korea, only not as ambitiously 
repellent than the rest. And one a od not as well. But at least 
must be grateful that Hollywood (director Sidney J. Forie and his 
still' has people working in the writer Rick Natkin manage to 
mainstream of production who achieve a certain B-feature profl- 
can conceive and carry through oency. The cast consists of the 
such an independent, project, accustomed stereotypes: various 
marking ir with their personal members of the Marine Corps 
style and beliefs. The trouble company are sensitive, street- 
** t ^ lat . I ® roo ^?i. se€ ^t . uiajpab] smart, cool, and black; their 
of marking with anything lighter commanding officers are abusive, 
than a road drill and the sad ballet-headed, close to breaking 
truths of Theresas story have point The comedy is of thl 
been replaced by an unpleasant ironic kind . Men are 

mixture of. hot air and sour transporting "essential 

grapes. • supplies." which turn out to be 

* General Dearborne’s birthday 

haul of whisky, hunks of meat. 

Compared to the onslaught of and other goodies; Intelligence 
hysterical sermonising in Look- reports encourage the company 
ing for Mr. Goodbar. The Baker's to lay waste a Vietcong com- 
Bread (showing in repertory at munications centre-=-they tiptoe 
the ICA) comes as a most delight- up instead to a relay booster 
ful breath of fresh air. Or per- for Radio Hanoi Natkin and 
haps 1 should say a loaf of fresh Fnrie’s dialogue steers well clear 
bread— for baking and bread is of wit, settling instead, somewhat 
wbat this gently observant tediously, for barrack - room 
German film (directed by a language; when the film is shown 
baker’s son. Erwin keuscli) is all 0 n American television the 
about The apprentice Werner soundtrack will be one bleep 
Wild (well played by Bernd after another. But the pointed 
Tauber) arrives at a small town performances of the cast (less 
bakery and we watch his gradual than starry and all the' better 
involvement in family and civic f or it) help to keep things palat- 
m alters, his affairs of the heart able. However, it’s a little' dis- 
aod growing mastery of his trade, spiriting that The Boys in Corn- 
One of the baker’s sons has his panyC Is essentially no different, 
bead teeming with theories and from any other Hollywood war 
formulae about the relationships comedy from any other era— 
between society, economy and behind the surface awareness of 
industry; hut neither his father vnx > s j n5>an ities. the basic 
(a conscientious worker who attitudes are conventionativ 
^ews automatic aids) nor the bland sen timental. After 

m a >fJr nn pfjpic Vietnam one might have hoped 
time for him. Neither, one feels, fnT somethin r> more inr>ick-» 
does the director: all three share for sometmns more lnclsue ' 

an intuitive approach to the * 

matters at hand. 

Asked at the beginning why • .. . 

be wants to be a baker. Werner _ On the other side of Leicester 

Square there is ao exceedingly 

’ ‘ ‘ grottsqu^ 'Cahadian-Britisb ' co-' 

production, directed in a ham- 


fisted manner by Peter Col] inson. 
Tomorrow Never Comes Is the 
title, though they might easily 
have called it Tomorrow Will 
Certainly Come for all the hear- 
ing it has on events. One comes 
away with the impression that 
the film is the result of a 
freakish masquerade party held 
by east and crew, for everyone 
in it seems out of place and out 
of hand. There’s Oliver Reed, 
freed from his bully boy roles 
to play a Canadian police 
lieutenant with a dash of grey 
in his hair, stylish specs and a 
doubly stylish blue suit His job 
is to winkle the gun out of the 
hands of a brain - damaged 
jealous lover (played by Stephen 
McRattie, giving one of the 
film's few good performances), 
who is holing up with an over- 
weight Susan George in a lake- 
side cabana. Also on view is 
Raymond Burr, out of his Iron- 
aide wheelchair, and Donald 
Pleasence ( playing a thickly 
European doctor, forever cough- 
ing on his cigarette). And the 
final feather in this unsightly 


cap is provided by John Osborne, 
who appears as the town’s 
smooth English bigsbot. The 
lowest point of all is reached 
when the author of Look Back in 
Anger shields himself from 
expected bullets by crouching 
behind Oliver Reed’s blue bulk, 
peeping out occasionally over 
the shoulders and a tbe sides; 
he then grovels on the ground. 
The film's perversity robs it of 
all tension. 


On the subject of feathers, 
there are four of them constantly 
oh display in The Four Feathers, 

a remake of A. E. W. Mason's 
creaky tale of English courage 
and. honour in the face of 
fieDdish Sudanese dervishes. To 
anyone with memories of the 
1939 Korda version, with its 
upstanding, sincere performances 
by John Clements and Ralph 
Richardson, its sumptuous music 
and photography, this present 
version (directed by Don Sharp) 
is at best redundant and at worst 
intolerable. The film was un- 


deservedly graced Kith a Royal 
Charity Premiere, but do open- 
ing night glitter can hide tbe 
fact that it’s shoddily made and 
damagingly miscast: Beau 
Bridges is sadly dull as the 
pacifist hero who returns tbe 
white feathers of cowardice to 
his accusers by performing dizzy 
feats of derring-do with the aid 
of native Richard Johnson, 
blacked up to the nines. But tbe 
film’s overriding fault is that 
no one seems to have any 
attitude towards Mason's novel. 
One cannot exhume elderly 
characterisations and codes at 
behaviour and expect them to 
come alive without a little 
attention (and it doesn’t neces- 
sarily have to be loving atten- 
tion). But everyone seems to 
have ignored the fact that they 
were working with a corpse. The 
film-makers’ lassitude has eves 
affected the bit players: there 
is one odd moment when Bridges 
leans out of his railway carriage, 
shouts to the guard on the 
platform “ I’m bound for Egypt!" 
and receives no reaction at alL 



Diane Keaton in * Looking for Mr. Gopdbar ' 


Carter’s Piano 
Concerto 


bv DAVID MURRAY 


Paul Scott 


•bie death Of ?aul Scott, at the 
age of 3T. has- fobbed the English 
novel of a skilled practitioner. 
Hij fame rests, and will continue 
tu rest on four books known col- 
lecfraefr aS thr Raj Quartet 
which present 3 marvellous!* 
wci3 -observed and perspicacious 

view of life in the India sub- 
cummeni in the 1940s. * 

Svntt. a Londoner by birth, 
had served there during the war 
and returned for his subject 
mailer when he took up full-time 
writing afterwards. It was an 
audacious bid to try to bceorne 
the successor of Kipling and 
E. M Forster, but be gamed in 
confidence as the Quartet pro- 


ceeded and by its conclusion his 
ns Die was firmly engraved on the 
role of honour of those English- 
men who have written well about 
India. J ... 

Recently. .Scott produced a 
sequel to the foursome, based on 
the -fortunes of two of h« 

characters after Independence: 
It was called Staying On ana it 
won him the prodigious Booker 
Prize for fiction. Apari from bis 
own talents as a novelist, scotr 
bad a formidable knowledge of 
literature, both as a reader and 
a reviewer. His opinions about 
the work of hi« eon temporaries 
commanded widespread respect 
A- L. 


Prospect at the Old Vic 


After its su««sm of 197* 
Prospect Company will stay 
longer at the Old Vic in 197 S. 
in all « Will occupy tbe theatre 
tori 30 weeks between now and 
December, mounting seven new 
productions. There will be a 
Festival: of BrWteh Comedy, 
featuring Twelfth AipfcL which 
season on Apm -m. 
TO# Tnwmo of the in ret o. TH“ 
Double Denier 
by Congreve. Other plays to ne 
performed Jconor. King 


tear. and, to celebate 
Christopher Fry’s 70tb birthday. 
The Lady's Not for 
Among the actors app0 ¥!°f 
are Anthony Quayle, as Mug 
Lear. Derek Jacobi, as l* 30 ®!?’ 
Eileen Atkins, as Viola In Ticci^ 
vja fu (a modern dress pro- 
duction by Toby . Richaidson). 
phut .Michael Dcnnumn. Bartara 
Jeffnrd Louise Purnell, and 
Prunella Scales. There will also 
he 20 weeks of louring the 
country. 


Elliott Carter’s knottily 
dramatic Piano Concerto had its 
second London performance on 
Wednesday night, with the BBC 
Symphony under the courageous 
direction of Charles Mackerras. 
The masterly soloist was Charles 
Rosen, who is nothing if not 
articulate — and articulacy is the 
heart of tbe matter. Carter’s 
later works make notorious 
demands upon their performers: 
here, * Carter has cunningly 
assigned the executive hurdles — 
wildly disjunct lines, rhythms 
which break away ai tangents, 
dynamic extremes to be takeu in 
single breaths — chiefly to the 
pianist and a virtuoso group of 
seven concertante players. The 
conductor must hold ali this, 
together with the broad gestures 
of a massive orchestra, in a 
.single God's-eye 'view. Most of 
tiie tinie the challenge was 
creditably met, and the baleful 
power of tbe work struck home. 

From first to last, the path 
through Carter's entangled 
thickets was marked out by 
Rosen's high-definition perform- 
ance. “Impersonation" one could 
almost say: for the" role of the 
piano here is not to expound and 
elaborate themes— rather it is the 
protagonist incarnate. Carter has 
come more and more to assign 
musical physiognomies to his solo 
players (fixed by individual 
diction and a bias towards par- 
ticular intervals: the piano of the 
Concerto speaks much in Brahms’ 
beloved sixths) which take the 
place of the traditional business 
of proposing “subjects” for 
mutual discussion. The listener 
with inherited expectations looks 

Wigrmore Hall 


out for principal themes, and is 
baffled by the ceaseless prolifera- 
tion be hears: where ever are the 
basic pitch-patterns from which 
all this should derive? 

Nothing, however, is being 
wilfully concealed: the inten- 
tions are open as can be. The 
difference between a philo- 
sophical dialogue and a dramatic 
one is that in the former only 
what’s. said matters; in tbe latter, 
what is crucial is who’s saying 
it A musical phrase does not 
express a proposition. In Carter's 
music, the dramatis personae are 
established by purely musical 
means’ which answer to tbe 
gestures and tricks of phrase of 
theatrical characters. In Piano 
Concerto, tbe soloist and his con- 
certante partners first expand 
and explore in contact with the 
orchestra; then the orchestral 
mass acquires a choking density 
which threatens the private 
enterprises of the piano. Rosen 
made something intensely mov- 
ing of the final, wounded solo 
retreat. 

Earlier, Mackerras bad begun 
Stravinsky's Symphony in Three 
Movements ' boldly; the andante 
wanted a stiff er spine, and in 
the Finale the orchestral pianist 
undertook . the fugue so shyiy 
and apologetically that the per- 
formance simply expired. After 
the Carter. Mackerras settled 
into Bartok’s Concerto for 
Orchestra with perceptible relief 
and confidence in the idiom: 
though his players were starting 
to flag. The trumpets wilted 
early; in the “ Game of the 
Couples." a contest of ironic 
diction, the bassoons won hands 
down. 


L’Ecole d’Orphee 

by NICHOLAS KENYON 


Another highly skilful display 
of contrasting baroque styles by 
Ibis stylish quartet of instru- 
mentalists. The halves of Wed- 
nesday’s concert presented 
French, then Italian music, cul- 
minating in the work of Couperin 
and Corelli: each half began with 
a work of unusual interest by 
little-known composers — the 

Frenchman Francois Dn Val, 
who belonged the King’s 24 
violins as the 18th century be- 
gan. and the Italian Dario 
Costello, who was in charge of 
instrumental music at St. Mark’s 
Venice in the late 1620s. 

Tbe special quality of lively 
precision which marks L’Ecole 
dT>rph€e's performances ensure 
that the work of these lesser 
masters receives no less care 
and commitment (ban those of 
well-known composers. The 
matching of John Holloway and 


Ingrid SeiferTs authentic violin 
playing is now even better than 
it was; deft, oeai ornaments in 
tbe Du Val, and bold, resonant 
semiquavers in Castelio's Sonata 
—each player maintains an in- 
dividual voice, but they co- 
ordinate like the finest of vocal 
duett: sts. 

The quartet still seems more 
at home in the gravely pas- 
sionate, essentially introverted 
music of the French school than 
in the more sheeny brilliant and 
open tutsan style. Harpsichord 
ist John Toil contributed a dark 
and serious Suite by D’Aagiebert. 
and Charles Medlam made a 
group of bass viol pier*, by 
Marais, into a highlight of the 
evening— supple, flexible playing 
which touched the heights of 
viriuosiiy and fin tbe Plaints J 
tbe depths of emotion. 


ENTE RTAI N ME NT G l IDE 


CC. — These theatre* accept certain credit i 
cants by telephone or at the box office. . 


THEATRES 


OPERA & BALLET 


DUKE OF YORK'S. 
E»» B 


01-836 51 22. 


COLISEUM Credit cams 01-240 SZSB. 
Reser»*tJon* 01-930 3151. 

ENGLISH NATIONAL OPERA _ 
Tonight «na Wed neat 7.30 Don Gio- , 
vanni Tomer and Thur* next 7.30 To&ca; ! 


Mats wed and Sat at 3 
JOHN GIELGUD 
in Julian Mitchell's 

HALF-LIFE „ _ „ 

A National Theatre Production. Bril- 
liantly erltTV ... no one should miss it 
Harold Hobson IDramsj Instant credt 


Toes next B 00 last pert o* Duke Bliffi- j enervations. Dinner and too price 

beard s Castle-Glanm ^chlcchl "a double i seat £7.oa. 

SnT^r a^^iLWay ^ i ^1^36 2238. lyo*..* Thurs. 3. 
Now acoklr.o tor April oerlontiancns- | 


^D.ENT GARDEN. CC. 240 ICM.j 
vGaroencharge credit card* 836 69031 ; 

THE ROYAL OPERA 
Torlflhi and Mon 7.30pm Mattama But- 
lertly. Thurs 7.00pm Idomeneo. 

THE ROYAL BALLET 
Tomer and Tue* 7.30pm Swan Lake. 
6 S Amnhi' seat! lor all oerts «e sain 
*rom I Oam on day of pert. 

COVENT GARDEN 
SUNDAY CONCERTS 
Th* Sun Bom Teresa Bernals**. Te«s 
El -£5. 


Sat. S .00 and 6 00 . 

Mur.el Parley* as MISS MARPLE in 
MURDER AT THE VICARAGE 
Third Great Year 


SADLER S WELLS THEATRE Rosebery Are. 
ECt. *37 1672. Last 2 . day* . 
BALLET THEATRE- CONTEMPORAIN 
Ton (oh: 7.30. Tomor .2.30 and 7.30: 
The Feur Temperaments, sotsutc. Autumc 
F.eid and Cwakinfl French. Mar 6 to l» 
BALLET RAMBERT. 


GARRICK THEATRE. 01-836 4601. 

EvflS 8 . 0 . Wed. Mat. 3.0. Sat. S. 1 S. B.30- 
JILL MARTIN. JULIA 5UTTON 
ERIC FLYNN and ROBIN RAY 
in the 

"BRILLIANT MUSICAL 
ENTERTAINMENT." Peoole. _ 
SIDE *Y SIDE BY SONDHEIM 
" GO TWICE." S. Mortev. Punch. 

“ GO THREE TIMES.” C. Barnes. NYT. 


THEATRES 


GLOBE. 01-437 1592. Ergs. 8 0 . Mpts. 
Wed. at 3-0. 

BARRY FOSTER. CLIVE FRANCIS 
DONALD GEE. JEREMY IRONS and 
SIMON WARD in 
THE REAR COLUMN 
•• SIMON GRAY'S bnc play: «a«ely hay* 
I seen a show as perfectly cast." Times 
Directed by HAROLD PINTER 


i GREENWICH THEATRE. 01-BS8 77S5 
ADELPHI THEATRE. CC. 01-836 7611. | Evss. 7-30. Mat Sat. 2.30. AN IDEAL 


E-gs. 7 30. Mat*. Thurs. 3-0 Sat- 4.0 
"LONDONS BEST NIGHT OUT. . 
IRENE 

THE MUSICAL MUSICAL 

SPECTACLE CAPTIVATING TUNES 
AND RACY COMEDY “ S. People. 

IRENE ' 

INSTANT CONFIRMED CREDIT CARD] 
BOOKINGS ON 01-836 7611. | 

ALBERT. 836 3878. C red. I «rd bkg*- 
336 1071 'except SaU. Mon.. Tue.. Wed. 
and Fri. 7.45. Yhur. and Sat. 4.30 and 
S. Extra Easter mat Wed. 22 March at | 
4.30 "A THOUSAND TIMES WELCOME | 
IS LIONEL BART'S 

MIRACULOUS MUSICAL." Fin. Times. I 

■wXh ROY HUDD JOAN TURNER : 
"CONSIDER VOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Dally Mirror. 
apply BO* office FOR SPECIAL 
PARTY RATES 


HUSBAND by .Oscar Wilde " We applaud 
an entertaining everjne." 0. Tel. From 
March B DON JUAN, a comedv by 
Mailer*. 


HAYMARKET. 01-930 9B32. Evgi 8.0 
Mat. Weds 2.30. Sat*. 4.30 and 8 . 00 . 
INGRIO BERGMAN 
WENDY HILLER 

DEREK DORIS FRANCES 

GODFREY HARE CUKA 

WATERS OF THE MOON 
1 1ngrid Bergman makes the_ 


THEATRES 

OLD VIC 928 7616. 

PROSPECT AT THE OLD VIC 
SD'ins Season TO Mirth 25 
In rep. HAMLET today. Sat. 7.30. 
ANTONY * CLEOPATRA Sat 2.30. 
ALL FOR LOVE returns March 6 
SAINT JOAN March 11 . Sunday Marti 
26 at 7.30. THAT MIGHTY HEART 
with Barbara Jetted .John Turner. 

OPEN SPACE. 01-387 6969. Tues -Sun. 
B. 0 . Mat. Sat. S.O until March 1 1 . PENT A 
Dutch Surreal Theatre Ol movement. From 
March 14. 

STEPS. NOTES AND SQUEAKS 
Beriossova. Gielgud. Louther. Sleep. 

PALACE. 01-437 6834. 

Mon-Tnurs. 8 00. Fri.. Sat. 6.00 & 8.40. 
' JESUS CHRIST SUPERSTAR 


THEATRES 

VAUDEVILLE. 836 9988. Evs*- at I. 
Mats. Tue*. 2.45. Sat*. S and 8 . 
Oinah SHERIDAN. Outcle GRAY 
Eleanor 5UMMERFIELD. James GROUT 
A MURDER 15 ANNOUNCED 
THE NEWEST .WHODUNIT HIT 
by AGATHA CHRISTIE 


PHOENIX. 01-836 8611. 

Evs* 8 . Mat. Wed. 341. Sat*. 5.0 & 8-0. 
FRANK FINLAY In 
The Leslie Bricusso Musical 
KINGS AND CLOWNS 
Directed by Mel Shamro 
SUCCESSFUL. SLICK. ENTERTAINING 


j '■ Re-enter Agatha with another who • 
I dunit hit. Agatha Christie Is stal Iclna 
' the West End yet again with a nother 
I ot her fiendishly 'ngenlous murder 
' m YSt erip s-" Fpl>x Barlier. Evg. News. 

i WAREHOUSE Donmar Theatre. 836 6808 
I Roval Shakespeare Company. Tonight 8.0. 

I Edward Bond'd THE BUNDLE Isold out}. 

[WESTMINSTER THEATRE. CC 01-B34 
I 0283. Evenings 8.00. Mat. Thurs. 3.30. 
Sslurdavs 5 and 8 . 

Tickets Cl. SO to £4.00. 

PAUL JONES In 
DRAKE'S DREAM 
MUST END MARCH 4 


PICCADILLY. 437 4506. Credit card MB. 
836 1071. Evg*. a. Sat. 4.45 and 8.15. 

best coNiibr* or Vhe year 
E vening Std. Award and 5WET Award 
Royal Shakespeare Company in 
PRIVATES ON PARADE 
bv Peter Nichols , 
tPerhaos Not Suitable for Children i 
"HUGELY ENTERTAINING 
EXTRAVAGANZA." S. Tunes. 


WHITEHALL. 01-930 6692-7761. 

Ergs. 8-30. Sat. 6.45 and 9.00. 

Paul Raymond presents the Sensatteusl 
Sex Revue ol the Century 
DEEP THROAT 

Now live on Stage. Limited Season, 
12-week season prior to World Tone. 


PRINCE OF WALES. CC. OJ -930 8681 . 
2“ 


Monday to Friday it S_o m 
5 30 ano_8-45. Mar 


..... Thurs. 3.00. 

THE STAGE IS AGLOW." 

RICHARD T BeS?I^1sALE 
In 

. _ I LOVE MY WIFE .. 
"NAUGHTY BUT NICE WITH A LOT 

OF LAUGHS ■■ News of I he World. 

INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-930 0846 


radiate — unassailable charisma." D. Mail. [ QUEEN'S THEATRE. 01-734 1166. 

"Wendv Hiller is superb." Sun. Mirror. | Evgs. 8.0. Sal. 5.0. H. 30 Mat. Wed. 3.0 

ALEC GUINNESS 

BEgT ACTOR OF_THE YEAR 


WINDMILL THEATRE. CC. 437 6312. 

Twice Nightly 8.00 and 10 00 
OPEN SUNDAYS 6.00 and 8.00. 
PAUL RAYMOND presents 
RIP OFT 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

"Takes to unprecedented limits what h 
permissible on our stages-" Erg. News. 
| You may drink and smoke In tlte 
j Auditorium. 

( WYN DRAM'S. 836 3028. Credit Card 
bookings 836 1071 lesceot Sat.}. Mon.-! 
Thurs. 8 . Fri. and Sat. S.15 and B.30. 
" ENORMOUSLY RICH. 

VERY FUNNY." Evening Neves. 
Mary O'Malley's smashing Cometfr. 

ONCE A CATHOLIC ' 

YOUNG VIC ,'near Old Vk) 928 S3VX 
Ton’t at 7.45 TWELFTH NIGHT. 


HER MAJESTY’S. CC. 01-930 6606. 
Tonight 8.0. Tomor 3.0 end B.0 
GLYNIS JOHNS 

LEE MONTAGUE. HELEN LINDSAY 
.n TERENCE R ATT I GAN "5 
CAUSE CELEBRE 

■RATTIGAM REVEALS HIS MASTERY." 
S. Tel. . "GLYNIS JOHNS plays 
Mlflaatlv " - O. Tel. Last 2 days. 


ALPWYCH 836 6404 Info 826 5332. 

ROYAL SHAKESPEARE COMPANY In 
repertoire Tonfcht 7.30, Tomor 2.00 

a=d 7.70 J Orison S' THE ALCHEMIST 

Ho'Sse 0 "?^ HMtor W?aJrt It HER MAJESTY'S. CC.O1-9S0 6606. 

fflsssEur N,rtwls PR,v * ra i ■ - ■ wa saw? 

: 1 m Leslie Bricune and Anthony New ley's 

TRAVELLING MUSIC SHOW 
With DEREK GRIFFITHS _ 
Directed by BURT SHEVELOVH 
Previews from March' 16 


AMBASSAOORS. _ 01-836 1171 

Ew-gs. 8.00. Mai. Tues 3.00. 

QUENTIN CRISP _ . 

TirVets 53-50 and £2-50 mcl. Qiaos of 
w.ne. “ This ts without doubt ttte moot 
estraordinarv entertainment In London. 

Evening News 


APOLLO. 01-437 2663. Evgf- 8.00 
Mats. Thurs. 3.00 Sj' 5. 5 00 and BJW 
DONALD S1NDEN _ 

J" Actor of the vcv.” £. Standard J 
"IS SUPERB." N. Of World. 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
•■WICKWLY FUNNY," Times. 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD S 
DIRTY LINEN • „ 

“ Hilarious . . . see It." Sunday Time* 
Monday to Thursday 8 X 0 . Friday and 
Saturday at 7.00 and 9 15- 


KING’S ROAD THEATRE, 3S2 7488. 
Men. to Tlnir. 9.0. Fri. .-Sat. 7.30. -9.30. 
THE ROCKY HORROR SHOW 
NOW IN ITS 5th ROCKtNG YEAR 
THE GREAT ROCK -N- ROLL MUSICAL 


LONDON PALLADIUM. 01-437 7373. 
MARCH 20th FOR TWO WEEKS 
MISS 

GINGER ROGERS 
and SOKial Gw«l Star 
DONALD O’CONNOR 
and CHARLIE SMITHERS 
A GREAT EVENING'S ENTERTAINMENT 
WITH HOLLYWOOD'S FOREMOST 
MUSICAL COMEDY STARS 
BOOK NOW — Seats E 2 -C 6 . 


ASTORIA THEATRE. Charing Crass Road. ■ — ' 

01-734 4291. . Nearest Tube: Tottenham | L ONDON PALLADIUM. CC- 01-437 7373- 
Court Road. Mon.-Tburs. 8.00 e.m. THE TWO RONNIES 

Friday md S»r *t OO and 8 4S. ; FROM MAY 25 to AUG 19. 

ELVIS 


T Re^»ano^ fcS Eat In^ow^ fu^iLemcd ; LYRIC THEATRE. 01-437 3686. Evs. B.0. 

liU" ‘ Mats. ThmJA.Jlffi.MW B.3D. 


Restaurant or Bar lunchtime am) 

before or alter show — bookable .in 
advance Combined dinner and too price 
ticket EB 50. 7 ^ v|5 

•• infections- appealing, foot -cramping and 
heart-rhumBlng." Observer. 

BE*ff MUSICAL of the year • 

EVENING STANDARD AWARD 


CAMBRIDGE. CC. 01-836 6056. Mon. to 
Thursday 8 . 00 . Friday. Sat. S.< 


S.45. B.30. 


JOAN PLOWRIGHT 
COLIN BLAKELY 
and PATRICIA HAYES Hi 
PILUMENA 

bv Ednardo Be Filisoa. 

Directed bv FRANCO ZEFFIRELLI 
“TOTAL TRIUMPH.*' Ev. Newft- 
AN EVENT TO TREASURE." D. Mirror. 
MAT IT FILL THE LYRIC FOR A 
HUNDRED YEARS/- Sunday Times. 


IFl TOMB! ■ ||iy ci | d 

•■PULSATING MUSICAL." Ereofl. News, i 
THIRD GREAT YEAR ‘ 

Seat •« Bfis £2.00 and £5 00- 
Dinner and top-prke seat C8.Z3 Inc 


COMEDY. 


_ _ CC 829 3036. 

Mon. to Fri. 8 . 0 . Sal. 5 30 and B.4S. 
GORDON CHATER " BrUllant * E.N. In 
THE ELOCUTION OF 
BENJAMIN FRANKUN 
01 -930 2578. 1 _ _ by Steve. J. Spears. 


"Evenings 8-0. M* Th^ «r SM. S 30 j ” & WHTWfiF I WBSS 
MIRA USTER. TONY BRITTON. ! pmoNng ” E. News. - Spemuntflng." 0 I». 
Marsuve* COORtemav. d pm* WALSH * 


A new CDtretfy Thriller 
MURDER AMONG FRIENDS 
"GENUINELY FUNNY." P- MaJL 

CRITERION- - CC. 01-930 3216. 

Evening* 8 - Syts; 5.30. B.30 Thurs. 34). 
LESLIE- PHILLIPS 

*' Impeccable . ■ . a master." S. Time*, 
la SE3CTCT 

-• HILARIOUSLY FUNNY." N. or Word! 


DRURY LANE. 01-836 8108 Every Non: 
0.00. MBtlnav Wed. a«d Sat. 3.00. 
A_ CHORUS LINE 

** A rare, de^afathtg. Idvobs, as: Brush I its 
Bonner." Sdndav Time*. 


MERMAID. 248 7656. RosL 248 2836 
Tom. CONTI. Jane ASHER n 
WHOSE UFE IS IT AMYWaY 
Prev*. nightly 8.1 5. Open* Marri 6 at 7.0 
Stall ticket* £1.25 to £3.50. 
Combined Dinner Theatre Ticket L5.9S. 

| NATIONAL THEATRE 928 2252 

OLitlEfi • open stage!: Ton t 7.3o Tomor 
2 45 and 7.30 THE CHERr" 


Variety Club ol' 'GB Award hi 
■■ THE OLD COUNTRY 
A New Play fay ALAN BENNETT 
D1| SSSS h* CLIFFORD WILLIAMS 
BEST PLAT OF THE YEAR 
Play* and Players London critics award. 


RAYMOND REVUEaAR.CC 01-734 1593. 
•At 7 o.m.. 9 o.m;. 1 1 o.m- 'Open Sunsj 
PAUL RAYMOND presents 
THE FESTIVAL OF 
EXOTICA 

Fully Air Conditioned- You may 
brink and smoke In the auditorium. 


CINEMAS 

ABC 1 A 3 SHAFTESBURY AVE. B8B 
8861. . Sep. Peri*. ALL 5EATS BK9LE. 
1 : SILVER BEARS A>. Wk & Sun. 
1.45. s.oo. a.oo. Late show Sat. ll.ZO. 
2: BOYS IN COMPANY ■■ C " Ot). Wfc: 
* Sun. 2 . 00 . S.15 8 - 1 S Late show 

. Tonight £ Sat. 11.15. 


ROUND HOUSE. 267 *2564. Ev*. 8 . 
LIMITED SEASON to MARCH 18 
THE LIVERPOOL PLAYHOUSE CO. 
wit" James AUBREY 6 Don WARRING- 
TON In "A - red hot production. “ Gdn. 
. STREAMERS 

„ _ Bv Darid Babe- 

One ol tbe three best plays In London 
. . . awesome strength," Ob*. 


ROYAL COURT. 730 1 74S. Evs. 8 . Sat. 5 
and a JO THE BEAR by Chrkhov. THE 
KREUTZER SONATA by Tobtov- See 
abo Theatre Upstairs. 


CAMDEN PLAZA (OOP. Camden Town 
i Tiu»e>. 40 s ?*»43. Robert Bremen's inaa- 
i teroleco. THE DEVIL. PROBABLY LX). 
I 4,45, 6^0, 9.00. 

! CLASSIC 1 , 2 . 3. 4. Oxford St. lOoo. 
; Tottenham Court Rd. Tube.) 636 031 K. 
1 ABBA THE MOVIE 'UI. Sterbopfionta 
Sound. Progs. 1.30. 3.50. S.10. B.30. 
Lata Show 1D30 P-m. 

2: THE HIDING PLACE (A). See. Perth 
2.00 5 00 . 8 . 00 . Late show 11 ojh. 

Chariton Heston SOY LENT GREEN «AAJ, 

WESTWORLD (A A). 

3: Diane Keaton LOOKING FOR MR. 
GOODBAR 0 ( 1 . Press. 2.30. 5.05, 7.30. 
Late show 10.45 o.m. 

4: HOLOCAUST 2000 OO- Progu. 1 JMX 
3.40. 6.05. B.55. Late show 10 SO p.m. 


ROYALTY. CC. 01-405 5004. 

Mondav-Thunday Evenings 8.0- Friday 
5 JO and 8.45. Saturday 3.0 and 8.0. 
London's critics vo*e 
BILLY DANIELS i<l 
BUBBLING BROWN SUGAR 
„ . Best Musical of 1977. 

Tel. Bkg*. accepted. Major credit cards. 


CUR2DN. Curran Street W.l. 499 3737. 
PARDON MON AFFAIRE (XL (EnslW 
sub-tltUes-C " A sparkling New French 
Comedy. .Directed with Bneie by Yreo 
Robert" Sunday Express. Proas. M 139 
■ not Sun.) 3.SS. B.tp and B.30. 


SHAFTESBURY. 856 5596. 

. , „ Opens March 21. 

John Reardon and Joan Oicner In 
_ KISMET 

The legendary muskal. Previews 5n»m 
13 Mar. 8 o.m. S»t. 3.00 >H 8 . 00 . 


GATE TWO CINEMA. 837 1177-8402. 
•formerly E.M.I. International) Russell 
Snuare Tube. DEREK JARMAN'S'. 
J^SILEE CM- Sep. nerts. 14)0. 3.00. 
S.OO. 7 JI0 9.1 0. ALL THE PREM-. 
DENTS MEN 1AA). 1 1.1S. 


SHAW. 01-383 1 394. 

t*B». 7.30 i No oerf. Mon.). Mat. Thun. 
,2.30. L ast 2 weeks. 

AN INSPECTOR CALLS 
.. u . JF 1 J ' B - Priestley- „ . 

’• Highly entertainlna/' 0. Tel. 

Low Prices. Easy Parking. 


thc Shaw on Sundays b.oo 

THE IRISH HEBREW LESSON 
. bv wall Mahkpwltt 

uaiurg _ Fenton, Patrick Drury. 
Patrick Connor and Michael Low. 

Mcmorjtir o. Tel. "Outstanding.” 
Gdn. IDO Eusran Rd. 0.388 1394 £1.25 


STRAND. 01-836 2SS0. Evenings 84)0. 
Mat. Thur. 3.00. SatS. 5.30 and 8J0. 
NO SEX PLEASE — 

WC'RE BRITISH 
The WORLD 5 GREATEST 
LAUGHTER MhKER. 


®S 6 1443. Era. 8.00. 
Mat. Tues .2.43. Sjl a Good Fri. S * B. 


a 5.*THA CHRISTIE’S 
MBETBAF 


PRINCE CHARLES. L 01 C. S 0 . 437 8181. 

Final Week Must End Mar B 
SALON KITTY 1 X 1 . Stm. pShf' Dtv 
line. Sun., 2.45 6.1 s. 9.00^^; Show 

LTrx'urfw ; : T *^ «EJHl h SBW S . _CC. , 7J4 £051. j a^r. "From* mIl °' 9?**sw| 

Xi. Bay Office Now Open. 


_ — RY ORCHARD | 

by Chekhov trans. by Michael Frayn. 


THE MOI 

WORLD'S LONGEST EVER-RUN 
26th VEAR 


LEICESTER SQUARE THEATRE (»30 5252) 
pfluer Reed. Su«n George and many 
rtara. tomorrow never comu 
>*.' Seo progs Mon-Sat 1.S5. 4.So. 
“J°-,Snn. 3.45. 7.45. tJte show Fri. and 
Sat 11.45. Seats bkble lor B.10 Proa. 
Man-Fn «ml « 1 l 'progs Sat and Son 
except late shows. 


V *i ARKrr ' 93<1 27M-277IJ. 
Jane Fonda. Vanessa Redgrave in > Fred 
Zimwmann fllm JULIA (A). So o. tvracuL 
e 8.45. Feature Dly. 2-4S, 


6 . 00 . 9.00. Late Show Fri. 6 Sat Proa. 

_ a, 


Comm 11.45 pan. Feature 12.00. 
seats bkfale. 


OMONLEK^ERSQUARE 1930 Bill). 

Li°; « : lYfs.^ Shws 5 


ODEON MARBLE ARCH (723 2011-21 
|U). Doors open Dly l Jo! 
4.35. 7.50. Late Show Fri, A Sat 13.00 
midnight. Ali seats bkble. bom 1.30 
oerf. Wlis. 


DUCHESS B36 B243: 

evgs. S •«« 9-BO. 


7.45 Tomer 3 ana 7.45 THE LADY FROM 
MAXIM S by Feyaeau trans by John Mor- 
timer. 

. <Lw.FSS3.0E '{smaD audito rium): Tont 
Mon. to Thurs. i acd Tomor 8 love LETTERS ON BLUE 
PAPER bv Arnold Wtskrr. 

Many eicralient eheae seaH all 3 theatre* 


"The Noddy- to stnonlng." Daily Tel. I dav o* oerf. Car park. Restaurant 928 
■Hi SENSATIONAL YEAR 2035- Credit card bfcfti. 928 3032. 


8.00 Dining Daucing. 9.30 Super Revue 
RAZZLE DA22U 
and ai 11 n.m. 

JACKIE TRENT AND TONY HATCH. 


THEATRE UPSTAIRS. 730 2S34. 

Era* 7.30. tast 2 Pern. 

IN THE BLOOD 
by Lenka JaitJuree. 


SCENE 2. Lei- Sq. iWardcur t» • 
5TRlKB 17 AeAlN <E .ll P c NK ' 1 PANTHER 

pink R *J UHK lS 

,*** PANTHER m, Sun_Thur. JJfi, 
7.30. Fri. and Sat. z.35. 6-40, 



18 


FINANCIAL TIMES 


BRACKEN HOUSE. CANNON STREET, LONDON EC4P 4 BY 
Telegrams: Finantimo. London PSA Telex: 886341/2, 88389? 
Telephone: 01-248 8000 


Friday March 3 1978 


Moscow goes 


too far 


EAST-WEST relations are enter- reluctance to play an active 
ins a dangerous phase, in which external role in the wake of 
the risk is increasing of a new Vietnam has coincided with the 
confrontation between the two spread of Soviet global military 
super-powers. Soviet and Cuban power. Moscow does not need 
intervention in the Horn of and probably dose not have, a 
Africa is beginning to cause grand design for world subver- 
aerious concern in the West — sion. There are more than 
sot only in Washington, but also enough opportunities for ad 
among the European members hoc adventurism, 
of MATO, many of whom are _ ... . i 

frustrated at Western inability wh ^. e w?lT h w? to 

to counter Russian expanionism 2153* tarSLS 11 

in a kev strategic area. decide how to react. A harder 

m a Key straregic area. line is reappearing In the U.S 

Neutron bomb Congress, and in Western 

Europe public opinion is be- 

The second round of strategic coming increasingly alarmed at 
arms limitation talks is run- the continuing military build 
ning seriously behind schedule, up by the Warsaw Pact 
with both Moscow and Washing- Detente may mean something 
ton accusing each other of de- different in Moscow, London 
liberately holding up agreement and Washington. But the West 
In Belgrade, the Soviet Union has every reason to ask why 
is refusing to allow the Helsinki the unabated expansion of the 
review conference to end in a East's offensive capabilities 
way that the West can accept as should be continuing regardless, 
satisfactory. Meanwhile the U.S. There is no need to match' 
is considering announcing that force with force. It would be 
it is prepared to go ahead with folly, for instance, to send 
production of the so-called neu- Western troops to Somalia. In 
tron bomb— a move which is Europe, the West needs only 
bound to exacerbate East-West sufficient strength to contain a 
tensions, however correct the hypothetical attack by the 
decision may be in purely mili- Warsaw Pact, not necessarily 
tary terms. the same amount of arms and 

Whether it be in the SALT 5 erL B “ l U I s “ gh t S? le £ a ! 
negotiations. Belgrade, mutual “ 05C0 V \ S * "? de t ?. re ? I f e that 
force reduction negotiates ?n * erc * 10 
Vienna or in Africa, there has « ^ Ves ! era Governments, 
been no sign in recent months - “ d , .RlSf 

that Moscow is prepared to °P tmons If a general cl ^ nate 

make a single concession to the ?5 in C «Vii^t!!rP..ri »„,* w«t 

Western point’ of view. The talDed b€tween and West 

Soviet Union would undoubt- 
edly argue that there is no link Technology 
between these different policy 
areas. But the West is entitled The East needs Western tech- 
to respond, as it is now doing, nology and, frequently. Western 
that detente is indivisible. The food. Moscow’s current policies 
Soviet Union cannot ■ expect to are bound to increase resistance 
get away with a series of ind-i- to their supply — . in the U.S. 
vidual hostile or unco-operative Congress if nowhere else. They 
acts, as it chooses, and still are also making it look increas* 
expect to reap the wider bene- ingly unlikely that Congress 
fits of East-West co-operation in will ratify a new SALT agree- 
other areas. merit. Washington is quite right 

There are almost certainly a to warn th *' the SALT negotia - 


number of overlapping reasons 


tions are in jeopardy. 


for Moscow's intransigence. The It is important to understand 
power struggle tor the succes- that a breakdown of the SALT 
sion to the present ageing talks would mean the upleash- 
generation of Kremlin leaders ing of a new arms race which 
is bound to harden attitudes to would consume vast resources 
the outside world. Nobody in on both sides. The fact that the 
Moscow wants to be accused West would win such a race is 
retrospectively of having sold its ultimate trump card. It must 
out Russian interests after the be hoped that this is clear 
new leaders are installed. At enough to the Russians to avert 
the same time, American the need for it to be played. 


New house price 


jitters 


BUILDING societies are not sharp rise In the price of new 

anxious to talk about what houses is needed te get this 

went on at yesterdays’* depressed section of the con 

monthly meeting between iheir struct ion industry back to life, 

representatives and those The price behaviour of 
of tin* tlovernmont. since sceund-hand houses, on which 
the matter has to be formally far the greater part of mort- 
discussed at next week's meet- gage advances is made, is likely 
ing or the Building Societies tn vary greatly from one part 
Association. In general terms, of the country to another, 
however, it seems clear that the Quite sharp increases have 
Government persisted in its already taken place in parlieu 
view that the rate of mortgage lar parts and may well continue, 
lending agreed with the Asso- though foreign demand in Lon- 
« a tion only two months ago don now seems to be past its 
should now be reduced to some peak. But most societies reckon 
extent It is not suggested that that the average increase over 
the societies should seek to the country as a whole this year 
choke off the inflow of funds by is likely to be around 25 per 
cutting interest rates, but rather cent, against last year’s 8 per 
that they should build up a cent. Given the increase in 
reserve against the time when demand likely to be produced 
money becomes scarcer. The by higher real disposable 
latest issue of Government stock incomes and cheaper mortgages, 
■was at least partly intended to this would not be a remarkable 
meet this situation. result — certainly not one 

The Government attitude is an remarkable enough to justify 
Inheritance from the under- an official attempt to fine-tunf 
standing reached between the the housing market 
societies and the late Mr. Cros- 
land, that they should seek to New building 

!” Th* writes estimate that 
their rate of lending and so in u.. ■versce r cost of a new house 

"thp flnanda^sin? wiH risc 3tKnewhat faster thi5 
starts. Since the financial situ- y#»ar ncrbaDs bv 20 uer cent—— 

,Uon of the societies can change P £S. VtJT ^ 

"“ ‘ f J ■ im "* demand that wilt he releLeah? 

tte basic ld« fs sensible’ hl * 1,er earai " ss and chaa P er 


loans. But building costs have 

risen with everything else. 

while demand for new houses 

J n ff V^rpnnm that ha s until recently been low. New 
too far off— by reports that 


enough. And Ministers at pre- 
sent arc said to be alarmed — 


house prices are beginning to 
rise steeply. 


Going along 


bousing starts so far this year 
are only slightly belter than the 
dismal figures for 1977: they 
cannot rise rapidly in any case, 
for purely physical reasons, and 


The building societies will are unlikely to rise more than 
almost certainly agree to go very slowly unless the small 
along with the Government’s builder sees the opportunity of 
wishes. Quite apart from the a decent return on his invest- 
danger of more direct official ment. If the Government wants 
intervention in their affairs if a revival in the housebuilding 
they do not respond to indirect programme, it will have to allow 
pressure, they have no wish to a fairly sharp rise in the price 
be blamed for any jump in of new- bouses. That does not, 
house prices that may take of course, mean a runaway 
place. The memory of the last boom. Whether Ministers or 
round of gazumping is still pain- building societies are right 
fully fresh. But they do not. in about the risk of such a boom 
fact, believe that a very steep will become dearer as the 
rise In the average price of months go by — and lending 
second-hand houses is hkelv, policy, if necessary, can be 
and they argue that a fairly adjusted accordingly. 


The battlefield for 


Financial Tixfies Friday March 3 1978 


a new U.S. military 


radio contract 


BY MAX WILKINSON 


IH REE British electronics Plewey has a cUlm to U.S. the transmissions. 


The 


companies are waiting in attention because it supplies "friendly” receiver, will, how- 


suspense for the announce- ttae synthesisers — «. - key com- ever, be able to follow the 
ment of a major U.S. military ponent which controls fre- changes. There are basically 
contract which is expected to quencies^for all the Clansman two types of frequency hopping 
be awarded shortly:. radios. Marconi a already an —"slow hopping,” which in- 

The contract is ter the important supplier ' of elec- volves about 200 changes a 
development of the next genera- tronic equipment to the U.S. second and "fast hopping 1 ! 
tion of U.S. battlefield radio Air Force with its Head Up which could involve about 2,000 
sets. Total orders from the US. Display units, which project changes a second, 
are expected to be worth more images of the instruments on The now imminent UJS. con- 
than 8 lbn. up to the end of the to the pilot's normal tine of tract is fo r the development 
century with the possibility of vision through the windscreen. 0 f vhf radios using slow hop- 


substantial extra demand from The new battlefield radio p i 0 g. The specification (No, 


other NATO countries. - The sets required by the Americans 0180) was issued in September 
winner of the development con- fall into four categories: 1977 when the Defence Depart- 


tract clearly stands a good 
chance of gaining a sizeable 
slice of this business. 

The reason for the excitement 
in Britain is that three of the 
four consortia which made bids 
have a substantial British 
element. In one group, Racgl 


1 A pack set -for the soldier ment hoped for some 20 to 30 


set 


set 


in the front line, 

2 A low power 
vehicles. ' 

Z A high power 
vehicles, 

4. A helicopter set . . 

70 wr'S ST thJpreTe'nt iEStafwJS J** 

managed S 'per^lSe the »£ ■"**■»« Jg* **“ ’ **“ > 


industrial bids. It was then ex- 
tor pected that two parallel and 
competing contracts would be 
for placed at about Sffm. each. A 
-third development contract; No. 
0199, was expected to be placed 




Vfb- Sed° Srly^°Ld’cWy d ^EBel would ^a'^teo ^SSTto Racal-Tacticonfs new 4031 mfiitoy radio wei^ 7.5 kg. and offers, 284,000 


tive radio communication ® ven . the most sophisticated 


channels. 


contractor to provide a U.S. 

Pa Th P er 'ns T w-nr-d. Tien *rt immune" to""enemy T^rTerenre jamming equipment to track 

mpnr u thPT^hrw inriwS or interception is one of the them. Fast hopping' transihis- Collins has already had ex- production orders. Indications radios, -or will be content totff 

DOKrihititv that a nt most erucial requirements on sions would also range over a perience of developing a fast are that the successful consor- S1NCGARS for their own f~'“ 

ft^mllitjirv Aniririmpnt imiiM the modern battlefield. The wider frequency hand so that frequency hopping system fium will be given 25 per cent It is expected that baric spec 
devrinnSd In RriSin fighting in Vietnam spurred barrage jamming of ati frequen- 1ilxon g tl ^ par tiripation in a ot the orders, or about 50,000 fications will be sent to otiji 

r -i_.il i. j the Americans to develop a cies would probably be needed $25m. series of contracts for the sets at least It would, however, NATO countries to ensure j 

with ^ system aimed to defeat enemy to prevent the message gettmg^s Defence Department As a he able to tender for the. least that ail systems ar 

“ nouncai uncertainties. - nuil t er measured through. An enemy which tried re^t 0 f this work, Collins is remainder of the work and compatible. 

-y-i vmul^t however, wipe out sa id to have a frequency syn- should, in theory; have a head From the US. noint of vi»r 

refluency Most °J its ovvn communications thesiser which has performed start over its competitors. ^ ideal woul ^ probably be th 

^ t - .... well in field trials and is be- Even if political considers- licensing of a single design i 
flopp in g . ft l**d been intended that heved to be up to the tions intervened to keep most manufacturers throoghov 

^ three advanced development SINCGARS specification. of that production in the U.S. NATO, but this solution mi 

the Pentagon has been anxious Contracts should run for two and- ^ of ma j 0r problems —and Racal’s association with not fit in with the time scale ffl" 

to havea° European input in pH J h ^ f ^ 6fore ” valuatl Qn faced by all the competing com- RCA clearly shows it has an eye development which is already i 

a European mpui in by voice rather than coded by the MS. Army ©ectromcs pjm ies is the very stringent cost on this possibility-association train. In Germany, for example 


political uncertainties, 
arises from the Memorandum of 
Understanding between the 
U.K. and the U.S. which allots 
American companies to bid ter 
U.K. defence contracts and vice 
versa. In this case it is thought 


^bols WMCK „aJd t. too SUSLd .t’ Fort.MonmSotS; __ 

e standard f?r the S. ew 87 mid . 1 ® S0 ^ target for the basic riow hop would prove an immense ITT subsidiary, is. working .tf 

wnuic ex ™TO 2^2? ^ S? 005 version is -$1,465 and ^out advantage: a new radio for the next decadl 

On the other hand the whole JJSSrt unSraSad them ^ SS? te^th^aw^d of^I MI $5 ’ 000 J°I tbe fast ho P* >er - sale of military radios Thomson CSF in France i 

issue of whether the large U.S. teU frorawWch toeiSn fiLf 0081 01 tfce most has been an important source of working on its own ant 

institutions will accept British [w anrt iam \ JS^S^LSSSSt J? sets ,n ftc ransc * 1U 56 revenue for those British com- jamming system, and th 

technology has been raised in frequency and preferably * p dyCti 58 ' 000 > J 11 based 0° high volume panies In the Clansman project British companies are alreatf 

an acute form’ by the con- r! nQt V ete £ Srftnsmlssions nc Production. • The higb reputation of the working on frequency hoppio, 

troversy about new automatic ££ on tiie air atriL^AU Ms un V 1MB is ex- In addition to the keen price, Ministry of Drfence overseas ideas independent of fit 

iiSlvS TSL ,B L- SS.TS2S haa t0 ^ P rovid<!d cfaea P 1 y to SSl^A nS units. ! he radio i must **ry robust combined with the experience SINCGARb project 


Plessey. which claims ; ^ pomble box. ' ™ fflSftLrfdSSrtftS *&* htCMUSe m designed^ to r be gained in developing fe new Philips of Holland is afr 

a SSri ««rtriS are entirely used at P Iatoon ,ev el in battle system has been the basis of studying the problem and it I 


airports, 
to have a superior system, has 


Complicated con- spectacular performance by thought likely that the coinpan 


been fighting against intense ****** ** ****** conditions. 

opposition, to gain acceptance /f 1 . . transformed Into a tjrols we therefore ruled out, Baca! and good sales for the could offer a product for coif 

for its "Doppler” equipment £ HSEt « ln a P ite of the highly other two companies. petitive evaluation by the U4> 

Kent reCClTCQ OUiy rour icnasrs ...A v— Mtiij 100/1 a Kk/t.iA 


1 mA ALo UUjjpiCI CV[III^U1C(U m 4 - • 

from the Federal Aviation a # ment received only four leuutsia sophisticated facilities included. The rate of change in elec- by about mid-1980. Although 


| mn . pn «,i v nn j4 rn d« 7f I — • w r ” Mjpiusucaiea ibcuiucs mciuoea, me rate or cnange in eiec- oy aDOur mia-imu. Aimoue 

Authority. Although the details we _^* heard b • enemy at ,0 L d *Ij 1 °S :,e f t the set must be easily portable tronics technology has accele- different 9ystems developo 

of the military radio contract ELmILK %,S^!SL a . sets and two for the_ fast^ hop _p ro bably only about 1/3 cubic rated, however, just at a time within NATO would probabi 


u ‘ a uuuMuy wuu»u .. ;t . ftllM Rnim j UV. . — : . prooaniy omy aoout l/a cuwc ratea, nowever, just at a ume wiuiin. haiu wuujq prooaoi 

are quite different some of the JU , MJ .. It jJSjU . ™ ^L' ’ fect in size. Equipment of such when Ministry of Defence funds be able to communicate wit) 

^e P “n^h c e ompScs thaT IhTdiSTm d hER _riffo^ Wbee ? cnitback. :# British ea^ titter, prebl 


the second 


in the bidding— Racal. Plessey * wa y which can. only be underi men t programme 
and GEC (tocoqi Space and receivm ^ •***•• only' one contrat 


share the san> 


aq _ "?• * S’ would have requited a large companies have therefore had if they did not s 

- . rr ° who ^ean- transport it a few to find private capital to keep security system. viviAmiu^ibf 

T* 1 * -remarkable ip the forefront of development, tion between different brand 
Defence Systems)— are all la k generation of US. ^ l0P ® lt ( t0 reduction iq fcize and cast will The backing of the U.S. Govern- might have to use a meffioi 

relatively strong position ■ **" &***£* n ^ b€ . in ^,^L lpTlf Motrart for *>ave to be achieved through the ment would therefore come at which was comparatively eas; 

because they were pjrtimra to S^CGARS V— (single chSiel 1136 01 very large ^ cale inte ' a very opportune moment for the enemy to Jam, Or altei 

ShomfraS, ^ ^ a^rf iftoe menS ^d- circuits-. Aiso it is likely that the natively it might, cause « 

^ Sstem (VHF))— is expected to* or to For this there are two The relatively poor response SINCGARS project will be gestion in the fairly limitei 
nulitary radios. Clansman is — _ addiUonal method of ^^4 bidding, .both with- 1 ® the tender, document from followed by the devdopnftnt of frequency bands available. 

enemy interference. British involvement One is a u s * manufacturers may well other communications equip- it is presumably to avoi 


avoid thi 


combine the other consortia quency very rapidly while a is Marconi with Cincinnati. be involved in the development international reputation for ti on from the beginning. WhtU 

are: Plessev with GTE-Sylvauia, message is being sent • Nobody is betting on the re- Work. mititaiy electronic^, ^should be Europe remains politically aac 

Marconi and Cincinnati Elec- These frequency changes are suits, but it was generally A fact which may have well-placed to contribute. industrially fragmented it miisi 

tronics and the American-owned made automatically several bun- assumed that while there were inhibited many potential com- One of the main unresolved remain an open questiot 
ITT. Plessey and Marconi both dred, or perhaps thousands of three development contract* petitors is that no guarantee problems, is the extent to which whether & British developmeai 

have minority stakes in their times a second- The aim is to available, the RCA-Raeal com- has been given that the success- other . NATO countries will of SINCGARS would achieve 

consortia thought to be about prevent the enemy homing in on bine stood a good chance of ful developer would win more undertake parallel develop- this, but It is. presumably a step 

15 to 20 per cent • a particular frequency to jam getting one of them. than a minority of the eventual ments of similarly sophisticated in the right direction. 


MEN AND MATTERS 


Deal of the 
century’ doubts 


.the Brazilian nuclear fuels com- 
pany. is already talking of 
building six rather than eight 
reactors; while the West Ger- 

« “ « SSL. 

ZttSFwSgftTZ 32L%; 

‘^rouifd Bnz’I docs not substantisUj 
$20bn cut its nuclear programme." 

Until now the objections to Three years ago this was un- 
the deal have mainly come for ufcely. But the expected 
the UJ5-— cut out on the side- uranium finds did' not 
lines, worried about nuclear materialise in Brazil and now 
proliferation and hoping to Brazilian officials are openly 
keep its southern neighbours as counting the cost of nuclear 
a nuclear-free zone. But now energy — U.S.$1,500-1,700 per 
Brazil itself may be developing installed kW, against U.S^fiOO- 
cold feet — giving Britain, which 600 for hydroelectric power, 
is marginally involved in the including long-distance- trans- 
supply of the uranium, a frozen mission costs. 

l0 Rra7ii'T l President’ Geisel him ^ scene is thus set for some 

■eUfcrthE!? SS.?S? ££ 

j t* - * 11- ___ _ « . TiifhenN simple antametic nuv do more 
of Latin American Newsletter 111 President Carter 5 



Take a tip 


"He's finally discovered a 
Ufethne Isn’t very long In 
' poUtics!" 


I** r n,o MiriMr h«i is Brazil laa dumping of textiles 


arm-twisting. As for Bonn, it had 


The latest of the regular bulle- 
tins put oat by The Stock 
Exchange contains some figures 
that may well send a flicker of 
doubt through that dogged — * if 
diminishing — section of the 
nation which trusts its money 
to the City. The results of the 
end-1977 Stock Exchange exam- 
inations show that in the 
'Technique of Investment" sec- 
tion, only out of 101 candi- 
dates managed to pass; this -is 
33.7 per cent, even worse than 
the 39.9 per cent in’ the pre- 
vious session.*. Is it that the 
standard? are too stiff, or the 
candidates too dim? Take com- 
fort that they do much better 
in “Stock Exchange Practice, 
where 70.S per cent got 
through. ' 


lor Schmidt The nuclear deal is p jg j^a and* to challenge Popped drums 


sure to prove the problem point ncw regulations on the 

£?«£ ZJt ^3L*r!S-'S Big not beautiful 



j . has 80,000 jobs at stake in this business executives, a mere 28- , ome nrettv basic For ex- 

iCartHm .ppl™5 by the ^LV n Un Ce n,u , 1 -d«l of th. ,«™ia prosented Wm«l f for ampler ■•Coontrie, U nfri«d.y 
RrariiiftTift rc. the nlutoninm ob- raDlury - a check-up. Nothing was wrong towards Iran are . not to be 


Brazilians to the plutonium ob- 
tained." Rooke does not know 
of any wish by ' the Bra i zlians 
to renegotiate or whether they 


wrong 

■ with him, except that he was praised, and any news that may 
half deaf. It turned out that be t0 advantage is to be 
he worked in a pop music omine ^ 
recording company. The noise It is when SAVAK turns Its 
had wrecked bis hearing, sharp eyes towards financial 


were changing their overall |f) Cl63r 

nuclear programme. But a ^ <jrntt 

series of small incidents make a reader who was in Ireland “ wh V do vou^havrit so^loud?" ®atters that a fasduating dis- 

it I’liuuF That thi* lc <*xartlv fdllr ..Alio ha * * L w iuuu ‘ ^ ^ ml.. : . 


it appear that this is exactly last week tells me that while he 
what is happening. 

Two weeks ’ ago 


iMk m«i nu*** “*• . — w«j ,k. imut, ti*ii . , 1 ti notion is made. The maeazliio 

was driving in Cork he stopped Index, which specialises in lay- 


o.,.„ Lielnio to ask a policeman the way to a Vlotette Hund. I ; like it loud, bare censorship pressures, 

Seabre, chairman of Furnas, the certain street The policeman he explained. Of course, the quotes the crucial Point 10 in 
regional electricity company gave him the required infortna- deafer he gets the louder he is its latest issue: “Macro-size mis- 


responsible for the operation of tion and then asked hftn if he going to need if for ' the same appropriations, embezzlement 
Brazil’s first three nuclear had a driving licence. “ YeS,” degree of satisfaction. It seems and briberies axe NOT to be ex- 


degree 

plants, Said that a delay of over the reader said; “do you want to ^ regular patrcms of ^ posed and reported in the 
two years in the exported start see it?” The policeman shook ^ ^ assured of Pres5 -” 5(3 !ife hwks toughest 

up of the second end third his head. “Not et all, dr." he ail ?f? 1 ? f H w mured of £ „ ^ a,,,, !tJ 
plant did not matter: demand said, "not at al|. It’s only if you deafneis if they attend 

forecasts seeqi to be proving hadn't Mt one tint I'd want to oft™ enough. Can you hear finRCWlCY’ 

excessive. Equally, Nudebras, see iL ,r me, kids? .vrcaocJf to# 



A 


A 



It’s the trickiest part of fitting-out— which is * 
why we're publishing afitting-/n issue this 
year, with invaluable advice on deck layouts, 
galley arrangement and compass installation 
—and a look at three major European Boat 
Shows, too. In a many-sided issue, our design 
feature studies the advanced deck (and 
overall] layout of^ ffie Red Lion, the Farr 
centreboarder that won the One Ton Cu p. 

On construction, we unravel the mysteries 
of Kevlar and talk about advanced techniques. 
On racing, we report on the exciting heavy- 
weather climax to ... 


the Southern Cross. 
And on cruising, 
the editor describes 
his return from 
Russia through the 
Swedish 
Archipelago. 



AH in the 
March issue of 



On sale today 55p 






, 










Iffy 

' -1 } », . 

fc • ■■ ’u 


e 


N -Fjnan^al Times. Friday Mar<* 5 197& 


POLITICS TO-DAY 


EET7 jiJ£l WHUN P^Hufc&nt adjourned on 
* MjAatuet i toy the- summer recess, 
4 r. “ Jr y hc Of thft House an* 

that"' it . 'would - re- 
m .9H^KOD s * e ^le on October is to com* 
the yntk' of the session.' 
»4ded ttotiit was -expected 
<a October 18' 

lnHR ni1 that a -flew 1 session would 
opened w .October 2$. 

ImH ’ 0n September 19, however, 
1W!H| ? h ® ^D>fl Iflnister announced 
i 1 *) ■ hroadca^famttmtoW^uh- 
* : %«pectei51y ( PaiHamem 
'**m- ?. ^ v Vould be dissolved on October 5, 

||L:V C“ that a-'/ general election 

mSt^i-3 V would be held on October 36. 

was irt JB51. The Prime 
Kj^jpVgrtJjJnister was Hr, Attlee -an#: the 
°t the House (and also 
J Wc 0 ^ Secretary) was Mr. Orator 
to whom we shall return. 
PkSmSK 11 tlr * wia '? a parallel with 1ST? 
gT EwSlgt would be wise to assume that 
Caihighaa still want* to 
wVjy^HIE* 1012 on as long as possible, pre- 
tilt ^he Spring o£ 1979. 
pB,\. «t the circumstances are be- 

MBhy- suelpthat £ decision 

IMp^^OroMf some • time in the summer to go 
Wir^t^Y 19 the rouiitryJn' the Autumn la 
' ^v . *-3C IooJ ang veiy.'dMSauIt to avoid. 
..Mi ... ...^ '» Reader* this week have the 
advantage; of trie:’ theykmrw the 
result of- the ; by-election in 
Ilford North. But, that- -apait, 
•y ,v? " - .....there are plenty of other elec»- 

tions over the. -nest two months 
*»--•■•' on ' which to -speculate. ' The 

'*■■!' •• . . ' . Budget is set for April 1L That 

means that the most likely, date 
? . for the by-election In Glasgow. 

«-*■' Garscadden is Thursday, April 

_ 13. Elections fir the Scottish 

, ■ . regional eoanells will take place 

on May 2. and Ideal elections 
. in' England, including all the. 

?'■ London boroughs, on May A. 

There is also a by-election pend- 
ing in Lambeth Central-r.baftter 
f : '■ . .known as Brhcton— following 

; the death of Jdt. Marcus Lipton 

,? ’t - .last week.' 

■ ’ T • Once all these elections are 


know the Devolution Bills would by-election without such a ban he would not be standing again, 
IJE; ** , , ?* ? e state , of '““W* the Government to say being in force. There are Labour already has a candidate, 
ponucal(H>ljuon in the country, to the Scots and the Welsh precedents for extensions to so It does not have to waste 
We -shall haye wtne, as it .were, that it had fulfilled its promises, bans, as is explained below. But ‘time in selection procedures, 
to the end; of an election cyde. (The possible consequences of I take it that most people would Nor does it need to use Brixton 
it. is possible for Labour to do a voluntary abandonment of wish that this should not be as a test of opinion: there are 
SS* tn dlfftout places for the Bills still remain the most necessary. plenty Qf other elections and bp 

dmerent reasons. For example, compelling argument against By coincidence; the announcer elections to test opinion else- 
. the Party could, hx*?- Glasgow calling a snap election in June.) ment of the present ban and where and, in any case, even 
Garscadden, ' Wftere ; it . has a 

majority, of 7,-825 oyer the SNP, . 

largely -because of ; an aggressive 
Nationalist - campaign, That 
would have vwy little to do with 
faring badly in' the local elec- 
tions in England, or: the by-eJec- 
tipa in Brixton, But it the end 
. of the cyde,. my ■ guess would be 
that Labour woqjd Jpfcvt 'Very 
little to rejoice ab^tf; bribe able 
to look. forward wjtib apy confi- 
dence to an early revival . 

• At the same tiwt.lr. will not- 
be easy tor the G'owogixnent to 
reset by deteriniamg’ to ding 
on to ofScel at Westrr^Mter. For 
ParUam'ent, too, iifceoming to 
the end o£-a cse&v tfor Scot- 
land and -Wales Biffs should be 
through by the "And of the 
summer session."- Tfes Govern- 



ment then will . be- less Able to 
rely on the support Of tfS-Scot- 
tish and Welsh ffsftiohalists. 

The Lib-Lab Pact vriii *' have ' 

Mr. Callaghan indeed eould Mr. Lipton’s death occurred on Brixton' opinion will be tested 

Er7r'T._J )I ^ renewal. u jar. even M y that f, ad plumed the same day. The two months’ in the English local elections. 

Callapuu^ere t^tteBj^to sit autumn pou aU along. duration of the ban was Besides that, there is the 
^ ★ +•- * unusual. Pievious ones have argument that a Jong build-up 

Would have to rtij a HO-eonfi- been either for three months to the Brixton campaign would 

dence motion which, eg present Given all those Other elec- or f or a period of only a few only encourage extremists, 

prospects,. woitid .alfi»5t cer- tions. there is every reason dayi prMumabJy. the two Brixton has one of the largest 

tatoly bnng h&n.doym. ,fr why voting in Brixton should mon ths’ limit was chosen this immigrant (mostly Caribbean) 
There are also ■ some - more take place as aeon -as possible time because Sir David McNee populations in the country. Mr. 
positive reasons tor L to or, at the very latest, by Thurs- ^ Metropolitan Police Com- Lipton, who had been well 
.thpcpun^mthe autufim vrith- day, April 20.. The importance missfoner, and the Home Office known in the area for years, 

out waltmg to be f oryf The of that date is that the ban on did not ^ want t0 b ^ had a majority in the last dec- 

relationship between intfw and public processions in London— ^^0^ May Day demohstra- tion 01 8 * 677 over Tones- 

earnings should be ledWiyfrela- imposed because of threatened ri ons . This time it might well be dif- 

ttvely favourable, l-ttejfpgh it disturbances at Ilford North — ferent Some of the immigrants 

hi ay have been overtaken by is due to expire on April 24, As it happens, however, the might very reasonably put up a 

the balance bf payinejifa As the and I do not think that in ban could also serve very well candidate of their own. The 

economic - indicator iBOinmand- present cireuaistasces it is for Brixton. Since Mr. Lipton Workers’ Revolutionary Party 

ing most attention. ;P|srage of possible to hold the Brixton had previously announced that has its headquarters in the con- 


TL« fiitiu.* f A w countries vffiose worker* and in- 
iO€ Illiure IQl dustriw manufacture’ diUgently 

... . . Is ; - 'without -Strikes' anA. ^spates to 

exporting - “»»• **>8^ dyramfprtlBciency 

From ^Monas^ Ditw*,. ■ fftSSEl'ffiS’SaSSSS 

Ca ^ Wc t mnd n- sidire^ countries weakened ^by 

Persistent .lack - of cohesive 
^afneemiw °and toe «Mabor»tioii between . <?evern- 

. ^BSSnff&bi irSSi &l ■gg*j 1 5? 5U P SSS b w 

when he sought, capital *qr toe^ 


letters to the Editor 


venture a few da,. ; ‘f r „ 

The article toothed on some 
points which are critical to the t™ 10 "* *«y*pn. 
development, of the email bq«i- • ^wwca, Yarkmtrc. 
ness sector ip thp l^ited Binii* .. ' i ■. 1 “ 

dom. it was clear that Mr. Brown A . avow - 

appreciated almost at toe outset U A£i 
that he needed to look qpon toe i . . 
world as Ms market. Indeed he ' IQglC 
moved into mten»atloa*l sales 
at a much either stage in^bis Ft *j*-M*\*- 
rtjmpany s development than popenuCT 

British compsslfts have done derence, add perhaq 
traditionally. solace, if te t?y to rf 

This aspect will surely become comfort one can from 


A crazy 


Wilts 
x# toe only 
fc toe only 
l whatever 
a scientific 


Increasingly important if the TV®*- ^o 1 wamplylook at what 
United Kingdom. Is to develop a now- becoxnpg painfully 
new breed qf. exporting com- obvious in the private housing 
panics with specialised high market This ia&cplained by the 
value-added brodnetr which hypothesia of Jtxdeological Inter- 
capitaliso on Oto coufi try’s skills ferencc " and«ts proof is by the 
and inventivenwiLiTWauf'irtere well-known SCras>- Logic” solu- 
the future lies.- We must assume' tion. - 
tliat toe wUl-beomto unable On the jne hand Government, 
to compete in Worid mfriteto by through jne Department of the 
physically exporting the standard Environment has planned and 
manufactured , products which now believes that there is an 
toe developing «nd new Indus- adequate supply of building laud 
trial eoQiltrtay.- themselves to satisfy the private house 
become increasingly capable of ffl atoet. There is pot. 
^producing. On the other hand Govern- 

If the technically ' more roe n t. through the Treasury, 
advanced, knaw-hpw rich com* dars that too much money may 
'panics In such, developed coun-.ba made available to buyers and 
tries as the UJC want to reallRU so it imposes unofficial "quotas’* 
thely full potential, they must on the building societies to try 
expand Into overseas markets to keep the price or houses 
vpry early.. . They must cgn^ down, At. the same time, the 
themselves %*■: small.- Treasury conveniently provides 
spe«laliscd-mche.hut in a world- a tap slock to soak up the funds 
wide market with the objective y, at have been advanced! 

of becoming the number One ^ buyers .if only there were 
" mini-multinational iW that enough houses to buy. Which 


prices. Profits are the reward wisdom of their masters. Of where actuarial judgments influ- 
to those who, forecasting cor- course, were such a model pos- ence levels of taxation, Govern- 
reetly, direct land to its most sibJe, there would be much to ment borrowing and the n&tiooal- 
faighly valued uses and losses be said for it, but. as Bullock ised industries' charges, 
are borne by those who make in.- paints out, though Jan Hildreth For these reasons the actuarial 
correct forecasts, supplying land affects to disbelieve it, things profession would not be justified, 
for less urgent uses. have changed since the nine- it seems to me. in resisting Mrr 

What then of the proposal to teenth ceptury and it is no Layborn’s suggestion, or toe simi- 
tax land at its rental value? longer possible for management lar proposal 1 made in your 
Since toe price of land is the ts exercise such sovereign power, columns (January 27). that toe 
present (discounted) value of In fact a large part of the prac- Government should establish an 
expected future rents and insofar tical job of management is to independent commission to 
as it is generally believed that placate the various interest specify each year the range of 
the tax. nill be levied well into groups within the factory and assumptions on which the public 
the future, the price of land will if it comes to a showdown be- sector potion funds should he 
fall towards • aero ! .Therefore tween management and unions. vahieU-r-always assuming, of 
this scheme amounts te a pro- toe chances are that toe unions course, that these giant funds are 
posal. to v nationalise all land will win. to ..continue for any length of 

without any compensation being It is very dangerous for power- time on their present basis, 
paid to its present owners. This less people to affect the responsi- Raymond Nottage. 
is clearly no way to correct Par* bilities of power, and what Homi/ton House, 
tieular injustices which exist Bullock proposes is to pul the Slabledxm Place, W’.CJ. 

With respect to the ownership of responsibility where toe power- - — . 

land as of other assets. Further- nee— namely, with toe organised Wnonnnrv 

more, we should note that the (that Is. unionised) workforce. TT^dUUUiy 

proposal to tax land raises very j aa Hildreth’s sympathy for the • v 
real problems of calculating the poor non-unionised worker is a FISKS 
rental value m a situation where piece of sententious nonsense on «___ ih( , tw metnr 
rt h entirely confiscated. a leve , with those who condemn 

mss*-*-* parliamentary d_» *n toe ft *5* 


, stituency dnd publishes ' its 
, daily newspaper from there. Its 
i candidate won only 233 votes in 
. October, 1974, but the Party 
i is ready to fight again. 

! - Not least, there was the 
warning from a leader of the 
National Front at Ilford last 
1 week: “ If they think that' this 
by-election is a hot potato, wait 
until we put up a candidate in 
Brixton." Mr. Merlyn Rees, the 
Home Secretary, said in the 
law and order debate in the 
House of Commons on Monday 
.that he. took that seriously, and 
one fears that he is rigbt to do 
so. It all adds up to getting the 
people of Brixton to the polls in 
maximum decent haste. 

There was another point in 
that same' debate on which Mr. 
Rees was less than accurate 
and which affects a period that 
many people, seem to have for- 
gotten about Speaking of the 
Public Order Act 1936, from 
which the power to ban demon- 
strations is derived, the Home 
Secretary said that after the 
war there were *‘no marches 
in the metropolitan area until 
about 1950." That is true only 
in a very special sense. The 
reason why there were very 
few marches in London in that 
period was that they were 
almost continuously banned 
from April 194S to the begin- 
ning of May 1951. 

The Act was originally intro- 
duced to deal with Sir Oswald 
Mosley and his supporters. It 
was resorted to again in the late 
1940s for the same reason. On 
April 29, 1948, Sir Harold Scott, 
the then Metroplitan Police 
Commissioner, announced a 
three months’ ban on all demon- 
strations and: processions of. a 
political character in the East 
End of London and in parts of 
Finsbury, Islington, Stoke 
Newington and Tottenham. The 

GENERAL 

Public sector borrowing re- 
quirement and details of local 
| authority borrowing (fourth 
-quarter) published by Central 
Statistical Office. 

Mr. Edmund Dell, Trade Secre- 1 
tary, begins - two-day visit to 
Bulgaria. 

Confederation of Shipbuilding 
and Engineering Unions consider 
what action to take following 
collapse of national pay talks. 

Mr. Alfred Atherton, U.S. 1 
Assistant Secretary of State, due 
in Jordan in attempt to bring 
King Hussein into negotiations : 
for Arab /Israeli peace settle- i 
ment. ... 

National Association of School- i 
masters and Union- of -Women i 
Teachers discuss sanctions recorn- i 


purpose of the move was to pre- 
vent a march, led by Sir Oswald, 
through East London which, 
according to the Home Secre- 
tary, Mr. Chuter Ede. might 
have led to a Fascist-Communist 
clash. 

The han was twice' extended, 
each time for another three- 
month period. It was lifted in 
" February, 1949, but was re- 
imposed toe next month after 
disturbances in Dalston and 
Tottenham. Sir Oswald's Union 
Movement - had attempted an- 
other march through East Lon- 
don and had run into a group 
of Communists holding a nearby 
meeting. The police were 
attacked by both sides. There 
were 23 arrests and ten people 
were fined sums of between £3 
and £19. (The maximum sen- 
tences under toe Act those days 
were a £50 fine and/or three 
months in prison). Sir Oswald 
responded with words that 
sound familiar to-day. “Free 
speech," he said, "is now for- 
bidden by order of Communists. 
The Movement will find other 
legitimate and effective means 
to advance its beliefs." 

The ban then remained in 
force until early January 
1950 and toe hope must haye 
been that the General Elec- 
tion of February that year 
could take place without it On 
February 2, however, it was 
reimpoiJd and then extended 
for another three months at 
the em* of April. The reason 
given was that trade unionists 
bad complained that the 
Mosley Movement was planning 
yet another East End march 
which would make the bolding 
of their own customary May 
Day demonstrations impossible. 
Both had to go. 

After that, the ban was con- 
tinuously in force until May 2, 
1951. Its lifting was followed 

To-day’s Events 

mended by National Union of 
Teachers over pay offer. - 
Mr. Stanley Orme, Minister of 
Social Security, addresses con- 
ference on Government’s new 
pension scheme, organised by 
West Midlands Labour Party, at 
Stafford Guildhall. 

Mr. Boy Hattersley, Prices 
Secretary, speaks at annual 
dinner of Dereham. Nonoik, 
Labour Party. 

Negotiating conference for new 
International Wheat Agreement 
continues, Geneva. 

Northfield Committee, investi- 
gating pattern of farm land 
ownership in Britain, holds 
public meeting at Betwys-y-Coed. 


on May 5 by toe first May Boy 
marches which London had 
seen for three years. The 1691 
General Election was held five 
months later without any 
reimposition, and indeed it 
was not until the early 1960s 
that the relevant section of the 
Act was again invoked. There 
was a renewed outbreak of 
Fascist and Nazi activity in 
1962 and over a weekend in 
September a ban was imposed 
to prevent another incursion 
into the East End. 

(It is ironic that toe campaign 
at that tinip to amend the Act 
to make it Illegal to use "words 
inciting hatred of any racial 
group of Her Majesty’s sub- 
jects” should have been led by 
Mr. Tom Iremonger, the Inde- 
pendent Conservative Democrat 
candidate at this week's Ilford 
by-el ection who now describes 
himself as in opposition to 
“punk Toryism.”) 

There have been various uses 
of the Act' in the last few years, 
but the bans have been brief, 
not always in London and not 
always directed against the 
National Front— the IRA has 
also been a target. But the ban 
imposed last week goes back 
more than 25 years for a direct 
precedent. 

I am not sure whether that 
story has a moral. In toe past, 
the Fascist marches were more 
anti-semitic than anti-immi- 
grant — hence the concentration 
on the East End, and of course 
there were few immigrants 
around. Now they are against 
both imigrants and Jews. And 
the story does show that there 
are precedents for banning 
demonstrations even during a 
General Election. Perhaps what 
it shows most, however, is toe 
way we forget that we are not 
always as pacific as we think. 

Malcolm Rntherford 


Gwynedd. 

Thames Water Authority special . 
meeting discusses Price Commis- 
sion's decision to investigate 
proposed increase in charges. 

PARLIAMENTARY BUSINESS 
House of Commons: Private 
Members’ motions. 

COMPANY MEETINGS 
Commercial Bank of Wales, 
Cardiff. 12. Gough Cooper. 
Bromley, 3S. 

MUSIC 

City of Birmingham Symphony 
Orchestra, conductor Louis Fre- 
raaux, soloists Lorna Haywood 
(soprano). Kenneth Bowen 
(tenor) and Brian Rayner Cook 
(baritone), perform Britten'* 
“War Requiem,” Royal Festival 
Hall, SEJ, 8 pjn. 







« )wk .Bndy, inniduicmaH unuin.-[«.t vu uic e;_ f _ v,;_ _ _»r_i _ __ T-1_ 

, Elm dene Court, grounds that ft disenfranchises ,, r ^ his article on Dr. 

Constitution Hill. everyone Xo dishS the major Walter Marshall’s proposal for 

Wptew. Surrey.- political partie? It is. however, 25S? n sing Pi S c "2?™ 

- 

The function ?„ f ffSSJSff AM 

£ . direct democracy. ^ we would llke 

Ot companies Having got rid of the absurd ,W'“Th*» pw,™ 

- , -7*7* anomaly by which management sa ^ s Foreign 

JET*,] Gho*™n- ^ pretends to rule its workers, the ■ • *«H k * n toe 

Legislation Committee , fim, obviously be in a much S ,ve m suPP 01 ^ the proposal.” 

The Association of Independent bett „ position to provide* good g answer to our Inquiry as to 
Businesses. service to its customers, an d Je eorrectnesa of Mr. Fishlork’s 

- Sir,— In bis letter of February there is no reason why there stttwnent a .Foreign Office 
27 Mr. Jan Hildreth showed how should he continual bickering-— wokesman replied that. The 
harmful toe Bullock proposals unless the remaining share- Forei S n 0 ?2. e ?', d 2®s not under 
could be. On on* point however holders' representatives choose to Mr. Fishlock’s statement.’ 

he seemed to have mis-stated toe make things difficult by refusing j“ e Atomic Energy Authority 
position. to acknowledge the new and. does not -, °‘ com^e, need the 

It is not the primary function vastly more effective sovereignty support of a government depart 


The function 
of companies 

Ff pm toe Chairman. 
Legislation Committee. 


t : *; f < WT- , - # V 

' # •. ^ ; v 

' • .. \A ' ■ ' -%*i * ■ vW< 


particular field. = ‘ ' a there are. noti. 

They must be willing to export So there ig a i B -j e j n the 
theif knowhow and sst up joint Government’s actions, hut it is 
ventures or licensing agrwments 4 crl2y logic 






in other countries. 

Christoph von Luttltx. 

J7c. <2urzo« Street. W.I* 

Of service to 
each other 

Fro* Mr. w: WMfteOrth 
S lir. — I? it unreasonable to 
hope that Mr- R, O. R. Mnraan 
(February 32 > .-can ba proved 
wrong? ■■ ' ' 

There l* a desperate need tor 
ill service industries in this 
country to accept that they are 
juM - that M Custom*!* are not 
jS nuisance, they are the reason 
for our exUtemje.” The contrary 
■ 1 -ilvlew it perhaps a factor of- our 

« which f ^ 

r f hard tome tocparlence. callajor 
.'itimtrterlites W everyone from 
-.v.the chief executive - through 
seqip.EV middle, and junior 
■ manisement and include* over- 
time Id the -shop. Banks must 
also try to serve. 

I bate, tried, to overcome the 
lack *f service during the lunch 
? when our employees need 

I fcanjpu fadUtles. So far I can 
- j. oelsreport a limited success. 
.%$ vru&ni B.. Whitworth. ' 
l ± Horenhoc Cottnde, 
ga Herts. 

^ SbUing Britain 
s|ort 

|| £4 CJwrfnmm, 

HorinBa Poftery Compart p. „ 

a*degnidi»K to plew 
^u&odtNlpponeiO counterpart* 
aw* compete by asking them 
** mtece cair export* to Britain* 
as W'mkM hayo been incompra* 
^ ? -reafiKo th 'heg boto Gemiany 
4 i anffshpi *o c3*» tontUitim i in- 
1,7 «wf beating 

a *ljl theto cgatoetaB odfia touring too. 

f * ’• attjrthing 1 .bo .'tobro. aih" 

temeetteB the 


Peter TarrantAVillla 
"SO. St. Awn’s Villas. 

Royal Crescent, W.U . • 

Speculation in 
land 

From Mr. Bf. Brqdy. ^ 

Sir,— Contrary to Mr. Billlch S 
argument (February 2S). land is 
not “unique and fundamentally 
different from all other objects 
of our requirements." The 
number of Rembrandts or 
C^wnnes la strictly 'limited. 
Should these also be subject to 
the single tax ? ■ . 

Notwithstanding Mr. Ho are S 
assertion that there -Is an 
tive monopoly of land owner- 
ship,** the fart is that at present 
a competitive market exists. Any 
particular site is in direct com- 
petition. with a large number of 
similar sites, some of which are 
very dose substitutes. Insofar as 
land may be substituted by oth ® r 
factors of production it is 
petitive wito these. Furthermore, 
as. the price orf land nses- so 
hitherto sub-marginal lana w 
brought' Into use for iw 
time. There is a tremendous 
amount of land winch « »»■ 
sentiy unemployed— oot as « 
Tesult of land hoardm^ an® 
.speculation bnt, because of 
underireble location- 
do well to remember That » 
date regulations.' concern inc lan 
use and noinnrofit lament 
behaviour . W . 2KS? the 
KlhorHies whf.ch JJ^jSvitjos 
supply of land, itot tog" 
of landowners HJ a J®® real 

- SI “? SL er ® 1- S n withholding 

opportunity income 

tend from use—? &e f*. that land 
fo regbao^we t™ if It is 
will bo boardr’d° nlj * morc 
anticipated found 

remunerative rtSJitetion in 
soon wttUJto. wSSn in any 


of companies, id serve their of the workforce. ment to make a proposal, 

customers rather than ** share- Peter Brooke. According to the article. The 

holders, employees, or anyone Peterhouse. Cambridge. -. seneme ... will be formally pre- 
cise." It is the primary func- - rented by the British Goyern- 

tion or a company, through Its a toe international 

2SET *ln "r J^pe^e Ac , tuanes 

«W..p. y>. taSkS S X "e d Bn ? ^ h | 5 m b em 

S tt SiS r el e r d Wp'S S3 * SCl,eme 

TSMfSSSft Mr. L W . WJ . 

^ No cavity 

fWanttg.- walls 

in consequence have foisted on {February 241 that th«* . 

us various Pieces of debILitating SSSbe™ XptoMiS? F ™ ? e -,j 

legislation and proposals like operate entirely by personal n r< l 

those of the Bullock Committee, judgment. Development Organisation. 

ft would undoubtedly be to our -Tjj e pr0 j. lem t whicb Mr t,_ Sir.—ilay l draw your atten- 

tdvanmge _df toey_ L were to re- 







bii- • .'ar- 1-- 




- 


No cavity 
walls 


nr_ t aiir,— may k oraw your anen- 

TOe probl em to which Mr. Lay- t0 ^ - Partjajnetjtary 


M -r -a ' 


':■ < ■ ■ . • 



member more often that people TMrtentteiu answers givra to Mr.’ Rost by 
w4U risk their sawngs to busi- g in assertion that professions E& 

nesses only rf the directors tore of many different kinds should JfrSSt on FebruS S t£ 
«ways at the back of -then* ronduct their affairsln a uniform fllS aucSlon estabShSl^ S? 
tttods the aim of maximising way. There may well be special- 9 hSl, K i? ■ Sd l2? 
toe company^ profit lor tim factors arising from the nature dwellings in Great Britain have 
benefit of toe shareholders. It of toe actuanal function and nrSv wX S “ 3 
is not contradictory to say. that from the kinds of business in mjestion Intated ftat S 
^hls. wall benefit customers and which artoaries engagfr that s.s^ dwellings in England have 
employees into toe bargain. make it desirable for them to either no ]Q f t ^ n0 i oft ace cs s . 
Golin Dauns. follow different prowdures from Th e thir d question asked If the 

4 p, - accept ‘ budget allocated for thermal 

WbrW Trade - Centre. El. . able for other professions. insulation under the programme 

A president of the Board of announced oa December 12 last 
Education once remarked a will include expenditure on 


WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


Where power 
lies 


propos a schoolteachers', pension insulating walls and ceilings for 
scheme: I have a very great homes were there are no lofts 


. Ijoc respect for the sombre science or loft access, and where there 

J ®J toe actuary. But the science are no cavity walls. The categoric 

From the Secrete ry, of the actuary is not an exact answer was “ no.” 

Cambridge Workers science, and whenever a fund of The current housing stock is 

Control Group. this kind (one with employee believed to be something of the 

‘ Sir,— It is sad that someone contributions) comes up for re- order of 19.Gm. ; It would there- 
with a title as important-sound- valuation there will always be fore appear from- the answers 
lag as the 11 Direct or-Ganeral of disputes as to the rate of moi> to the three questions that the 
the Institute of Directors ** should tality, and there win also be dis- thermal insulation, measures 
have such a poor idea of how putes as to the rate of interest announced in December bear no 
management functions as Jan Again. I say. the - larger toe relation to the needs of the 
Hildreth appears to hare in his operation the more complex it majority of the. nation’s housing 
letter attacking the . Bullock becomes.” (Hansard 1918, Yol stock. Furthermore,, a previous 
Report (February 27). lift, GoL 475.) question tod established that 

- - Jan Hildreth seems to imagine The financial consequences of some 9.6m. dwellings! were owner- 
tost a group of sovereign beings actuarial judgments are now occupied and that the measures 
assemble in' the Board room often much bigger than those announced in December did not 
with no other problems on toeir flowing from the work of other relate to these at all. 
mind than what the customer professions; and they can affect I leave your, readers. to draw 
wants and how to get It to him; the community as a whole and their . own conclusions and. I 
The workers, in Jan Hildreth’s not just an Individual client or hope, to take' whatever action 
scheme, are a- collection of a single organisation. These fac- they deem appropriate, 
aombles with «o idea in their tors are particularly evident wnb E: A. Raynbam. 
head, but to obey the superior the public rector pension funds 8 Buckingham Street, W.CS. 


In Zurich at Bleichenveg 62, andat 1500 other Group addresses in 
60 countries, a tmjquenetwork setup to serve all your overseas banking needs. 

With areal overseas bank'workingforyou, naturally your transactions are 
quicker and cheaper. Keith Skinner can tell you more about it on 01,-623 7500; 
why not ring him today? - 





BankUmited 

he^ymth^ 

Head Office! lO C l wHg m Ltac, L ondo n EG4& 7AS Auen exceed £7,600 iniSjOH. 





tin* 







Mills & Allen 183% up at £2m. so far 


- .Financial Times.Friday Match 3. 19$ 

Royal Insurance 
leans to over £134? 


Hi » U 


5 fr ' 


A 183 PER CENT. leap In taxable 
earnings from £747,000 to £2.12 m. 
is reported by outdoor advertising 
contractors and leading foreign 
exchange brokers AIUls and Allen 


HIGHLIGHTS 


The balance brought forward 
was £319,70* (£226,697) and 

£13S,89b has been written off for 
excess of cost over net tangible 
assets in Simonskle Investment 


- f V 7: :.: r% r. 3C*.: ; 2SB 


International for the half year to EMI has severely disappointed the market with almost halved Co. at date, of acquisition. 
December 31, 1977. Turnover was pre-tax. profits for the first six months due to a virtual disappear- ■w-r 


December 31, 1977. Turnover was pre-tax profits for the first six months due to a virtual disappear- -w-r 

■litvirfh « P™ r cen *' up at mi9ni, aBce 0 f profits train electronics, including the scanner, and a V QTllAflCl 

^Despite the traditionally lower setback on the music side. Lex discusses the progress at T “UIUUA 

level of advertising expenditure Turner and Newall where currency movements trimmed the 1 _ 'll 

in the March quarter, the forward group’s growth last year. Also the figures from Royal Insurance SHOWS SIT1H11 

order position for both outdoor are considered, where a big U.S underwriting tumround in the 

m 3,1 doal quarter helped produce a good advance in profits in n 

ing. the^irectorl^ay. 18 encourafi ' common with other insurance companies reporting earlier in 3QVHHGG 

Harlow Meyer’s level of broker- the week. Finally Lex takes a look at Dnnford and Elliott AGAINST a background of falling 
age in January this year has main- which has failed — by a large margin — to achieve Its bid-time consumer demand taxable ear nings 
tamed the rate of the Erst six profits forecast Elsewhere there are good figures from British : of Vantona Groin slipped in the ' 


’ ... v i • . . . . . , 

•*> -■>, : • : • • • * ' .. .J. 




■ ■* i.'j.xs; 




",»!• • -j.1 


w- . --J.vj : 
rVv-f^<Tt • . 1 v* » 

;».**.* ■*. 


A 71 PER CENT. Increase Jn virtualiy unchanged at ; af 
pre-tax profits on Its: ..World-wide the Netherlands being 
business in 1977 Is reported by ible for the Joss which, hm 
- Royal ■ Insurance, amounting to was down on the preview 
£134L9nu against £78.fim. to 1976. This was offset by. resets . 
The croup records a worldwide other European countries- 
! underwriting profit on the year moved from a profit to a .j 
• of fifljSm. compared with a pre- even- situation. .Results la' 
vioS loss of with total overeat territories; overatt 

premiums written by the group at a reduced profit lev* ■ 
in general business increasing The. net total dividend Si - 

i 

m? ft m , while long-term insur- *? 

; ance profits amounted to JStSm. 

^matej I prefit *ter tax* 


tacraJS from £S02m. (333p per a. 1 *!, 


tained the rate or the first six pro 6ts forecast Elsewhere the 
months and ns overseas associates VTU and ^ Allen bi 

have begun to show some 7 

improvement. vantona. 

While these factors justify 
certain optimism the disparity 

between trading profit in the first minority shares In Mills and 
and second bitv eg seen last year, Allen Group bas been 9499 per 
when taxable eapiings were a ce nL accepted and the few 

record £2.63m., wilt be less pro- remaining minority shares will be 

nounced for 1977/78, they compulsorily acquired, 

comment. On January 6 Hambros Bank 

A nef dividend or not JP5S tnan increased iti and its assa- 

2p for the current year was fore- ciaWs holding to 1097 per cent, 

cast in November when a scheme 0 f t f, e equity 
for a re-organisation or the Half-year Year 

group's capital was announced. i»r? i»:s iMa-77 

To cut share administration Turnover is.i»i li-uos 22-4M 

costs the company is now offering Twima profit ■ - 1-jJ* »•»*• J-rJj 

a scheme to holders of small 74? IS 

batches of shares or warrants, Tas si- as sir 

whereby the holdings would be Net profit I.SN ta mi 

aggregated and sold and the pro- Extraord. debit ... — — *** 

ceeds distributed pro rata with all Minonw iMewsu ** ■*> * 


of Vantona 


Vita and Mills and Allen but a disappointing result from second half o 


Gtootj slipped in the 
f of - 1976-77 from 


IUI a i ff a UI ^tUIISdllUii t#l LUC j- Vpgp mr . ^ _ “■ ~ 

group’s capital was announced. i»T7 i»ts wot? FOR 1977 computer and ancillary P n< ^> the directors say. 

To cut share administration Turnover is.i»i 1J.MB 22.4M equipment makers NCR, a wholly ma ?®* n *. were maintained _ Read, chairman 

costs the company is now offering Trading p™**- - Owned subsidiary of NCR L, < K. rts pproyed 34 per cent . H revealed 

a scheme to holders of small im SS Corporation, shows taxable profit to £lLj>m, • conference. He revealed 

batches of shares or warrants, tiLs*” ** 613 as w more than doubled from £LSfim. Applyrng - . the. Hyde guidelines, 19# 7-Tfi- profits and. warned 

whereby the holdings would be Net profit '“!!!!>" !! I.SM *si S.1U to £3^3tn. on turnover ahead from °" * current cost basis profit ' he v 

aggregated and sold and the pro- EstraonL tsebtt ... — — a*o £ 64.48m. to £73.69m. advanced 90 pex cent, on 1976 they 

ceeds distributed pro rata with all Minority interest* m m w At the trading profit level, point out. .. • . “ 

Slock Exchange costs paid by the Attnontaoie i.w however, the improvement was B®£ ore extraordinary debits of mtrrnnvrnt 

company. * £0.2Sm. to £3.13m. £8 ’°®?„ ( cre <ht £L37m.) earnings - 111 Vlllr.lM U? 

The scheme applies to holdings • Comment The loss made on the sale of P®r 20p share were better at 22.1p 

of not more than 50 Ordinary Th _ reor «anised Mills and Allen warehouse and factory facilities A net 5x1:11 d ivi ‘i en, ^ oI . Currex 

50p shares, 90 Redeemable _ d , lt Vavasseur group now that were surplus to requirements If 11 * the total to 5-iallp payme; 

Cumulative First Preference undeP ' banner of Mills and resulted in an extraordinary debit I 4 -®. 0 ® 2 ?)- ^ ^ Allen Harvey and Ross ... 15Al 

Shares 19S4 or 70 warrants to auS bUenSS hasmade a 6f X1.01m. . . . Net amets «jrear «nd had AiSttandCo™! " 5!o 

subscribe [or Ordinary - . snarkline start in its first sis ■ An hrttennj dividend of £7.lm. 124-3P (107.4p) per share. Rtitish Vita ... l.Qfl 

Stated earnings for the half SonSa wSi pre-Sx profito has bceri paid hut no final is Bank balances were near £2m_ Oossfriars Trust inL 1.35 

year per 50p share were 17.45p b '; ,U1 . gf v 5 P^pox± Capitol spending during the year ^ . ”.£l 3.41 

(4.66p> or 11.49p l3.53p) based on r 5n- 183p«cm^35 After provision for tax. the amounted to n.Sm. invest. Tst Goemsey .. 4.5$ 

a notional 52 per ccnL tax rate. . iso vea- extraordmaiy item and mmon- , Liwnr* (Ceylon) 5.5 


NCR 
expands 
by £ 2 m. 


£3.67m. to - £3 jlm. The group, 
which has interests in foundation 
garments and textile merchant! ng 
and spinning, ended the year to 
December 2, with profit up 9.7 
per cent, at £6. 73m., compared 
with £8^7m. 

Sales were 4.4 per cent, higher 

at £78^m. (£75 Jm.) with volume 
influenced by this faltering in de- 
mand and .reluctance of major 


increased irum <•*■**/? *«« t-tr and iha 

unit) to BSJxo. HOP P er US, 1 ' ^ ^ 

IS aim. I 


■g£ •SSSSU ai SfS-ssS. 

tions. These impose «P™vlaion jngjni.): Australia £6olS 
toat w revenue mesre^oftlmt ud matm (£72bu 




v: - Vv : .V.J -V 

/■ v ■ • yy . , ■ »> y 

■ — v/.'V - . ■ ^ ■ «... . 




customers to place forward orders 
in a period of declining raw 




permitted under the conwls on mgm . ); ^ of Europe^ 
profit margins must « *®tumed loss an d £7. 7m . ^ 

to- policyholders. The figure i 0SB £4.7m. and £52m.); and 
shown is net cost after tax relief, overseas areas Jfl s aw - .■•■ 
The O.S. results showed « an d. Ma. (£85^uSjtaq 
marginal underwnting profit of ro sm ) . 


UT7 

1»;« 187877 

um 

11. DOS 

22.444 

a.si? 

U47 

4.212 

400 

SOD 

1.3S4 

a,u7 

747 

2-621 

612 

284 

517 

l.SM 

431 

2.111 


— 

340 

35 

21 

82 

1,468 

428 

1-W 


Sir John Read, chairman of EML at yesterday’s Press 
conference. He revealed a sharp setback in' first-half 
1977-79- profits and warned that the fnU year's result would 
be well down. . 


company. 

The scheme applies to holdings 


comment 


DIVIDENDS ANNOUNCED 

Date Corre- Total 


Current 


sponding for 


notional ax per cent, tax rate. chin, nri™ 13a vea- w«»r 

At h^f lime group indebted- tie,, .group _prc«t emerged at 


At uau time group iiiuculcu- - . - , 

ness was down from S3 Am. at * C Jh a S78.0M (£708,000). 

June 30. 19... to £7.6m. During . end^^last October *7‘“" lu ' ,c J ca “: Nigerian tiecL ...2nd int. 8.iz Apr. 4 ojh juw u^w 

the period property sales totallir* ‘“P® 1 x ° e SjSLp-s min tSSun* A ^ and L- wc ^ **• Bros 0.93 Apr. 19 0.84 1.65 • :1A9 

£l.04m. were completed and in -y' hSf. ^oXce? strong ner. /XllPfl ? hort of tte near f8m - P redlcttti Snngei Krlan InL 75 Mar. 31 50 75 50 

the second half further property * £drerS?n ^fn The m some quarters. The problems Tnrner and Newall 6.09 Jun. 2 5.44 10J SL12J 

sales totalling £314,000 have been Diere T T « ncoi nrtered “ tbe second Vantona : 3.36 Slay 12 3.13 5A5 A66 

arranged. S?rit« f th a fthS B *S5 I H QTVPV halfwhen. against* background Th omas Wx«er inL 0.17 May 6 0.17 — 0.81 

The rise in profitability’ during ^ coiddt^i dow n XX <11 V J or flat consumer demand and Roval insurance 9.94 May 19 8.9 16.43 14.73 

the period reflects the continuing /JL * tumbling raw material prices, tax- Diridends shown pence per share net except where otherwise stated, 

improvement in trading condi- 11f\Cllf a fTO able profits fell by £156,000. But '* Equivalent after allowing for scrip issue. fOn capital 

tions and the fall in interest has. benefited from a resurgence of , |J |fj|||{lC to some extent the two second Increased by rights and/or acquisition issues, t Gross throughout 

charges, the directors say. interest in itira-makin^ An in- r O halves 'are not strictly com-. Thj 3 -year's carries scrip option. $ Includes O.OS3672p due to tax 

Both outdoor advertising and creased volume of business m AFTER MAKING provision for parable. Profits in the second half change. $ Gross throughout, 

roretpn exchange broking foreign exchange brokmg has rebate and tax and transfer to of 1976 -had* -been- bootfed by ' 

achieved significantly higher been stimulated by the recent in ner reserve, Allen Harvey and nearly a fifth due to pre-Decem- 

profiis during the Hrst half. The sharp movements in currencies. Ross, bill brokers and merchant ber budget spending and heavy 

contribution by the overseas sub- An upsurge in sterling and bankers, reports that profits ordering by retailers anticipating jP' 

sidianes and associates was deutschemark trading has more surged ahead from £Q.7m. to a further rise in prices. I JllHlliril 4V X J lllll I 

lower as a result of a downturn than offset a flattening in the n^m. in the year to February 5, In addition, some analysis were ^ * II V1 ' 1 ' 

in trading activity in the U.S. groups traditional doUar profits 1975. hoping for too much from the 11 1_ 1 £ J. 

and Far East and the strengthen- which have been affected by The final dividend per £1 sha re substantial Iran “know-how” WPl I ilPlrtW TOXPP5l^l 

ing of sterling. sterling's improvement against the is I5^58p net lifting the total contract. This has contributed ff VU •WV'lv TT AVI VVHul 

-As known, the reorganisation dollar. MATS full year profits may payment from 27.5p to SO.Tlfip. as vei-j- little in the second half, but FALLING well short of a fore- the bodybuilding activities were 


comment 


Harvey 

upsurge 


payment 

payment 

div. 

year 

s ... 

1526 

May 4 

20.5 

30.72 


6.0 

JuJ. 31 

U33* 

10.0 


1.09 

May 2 

0.98* 

2.13 

Int 

1.35 

Mar. 29 

1.25 

— 

inL 

3.41 

Jun. 30 

3.41 

— 

..... 

4.5$ 

May 2 

3.75 

• T.O 


5.5 

— 

3.58 

5.5 

inL 

13 

Apr, 24 

1.16 

— 

iiiL- 

2.64 

Apr. 18 

1.65 

— 

Int 

8.12 

Apr. 4 

8.83 

13.2 


0.93 

Apr. 19 

0.S4 

1.65 

inL 

75 

Mar. 31 

50 

75 

6.09 

Jun. 2 

5.44 

10J 


3.36 

May 12 

3.13 

5.15 

inL 

0.17 

May 6 

0.17 

— 


9.94 

May 19 

8.9 

16.45 


S-V V4...;* £200.000 floss ilSJnu) Mr. Daniel - See Lex .’7 

Meinertzhagen, chairman of Royal, ’ 

states ■ that- this. Improvement 
» arises from the measures taken a PA- 1 ? --, 

few years ago when -the group Ti l ?|T1^ r|M 
■■ .5 w ' experienced severe' difficulties Ur. . v ? . 1 

TrcvbrjemrttririE ■ • the territory. -There were im- e __ ri . 

inlay’s Press proved results in all major lines n\7 XlinQ'PI. 
in first-half except commercial automobile. 
rACTitf wnrvirT Losses in workers’ compensation. Tr ( 
result woslft- .general liability- and personal KTIQII ”■ 

"automobile were reduced while XVX1AJL1 

- profits on commercial property ,, AT1vn v RP.vikcttjsjt, 

- ■ - business increased. . .taSS*?*. ItZ 

rn There was a major Improve- L°, ° i L pa ^ 1 

HI/ ment in underwriting experience , t f ie 

Total Total in the UK. with a profit of film. 

I for last against a small loss in 1976. Last J? £789427 in 19W 

year year . year was relatively free from TMs_ follow^ a cue fr om q 

30.72 275 storms and adverse weather and 7° 7“ 

10.0 727* the amount paid out o'n subs id- months.. The directors sast 

2.13 1.91* ence claims as a result of the dry that this reflected fts'hffih 

— 3J3 - summer in 1976 was subs tantiall y palm results but as. the piffi 

— - 924 reduced: . now lower, the agricultural 

• T.o U.0 Private motor business suffered for the rest of the year W01 


__ in the Goal quarter ulth the reduced. However thctr'xtf 

JieD Cotts .inL L3 Apr. 24 1.16 — 324 number of Claims rising sharply that the outlook for nibbt 

diet on Hotels int.- 2.64 Apr. 18 1.65 — 4.65 and there was an overafl logs on favourable as the price, w^t 

jrian ElecL ...2nd lot 8.12 Apr. 4 623 132 1L38 the motor account after being In higher. 

Bros - 0.93 Apr. 19 0.84 1.65 • 4.49 profit at the half yearly stage. In the year's result the con 

gei Krlan inL 75 Mar. 31 50 75 50 Liability business in the U.K. was tion from oil palms was up 

oer and Newall 6.09 Jun. 2 5.44 10JL 942$ profitable last, year and the £302,602 to £505,449 while 

tona : 3.36 May 12 3.13 545 466 industrial fire account was good rubber profit was ahead 

tuas Wacxer inL 0.17 May 6 0.17 — 021 despite the adverse effect of the £76460 to £105,729. 

al Insurance 9.94 May 19 8.9 16.45 14.73 firemen's strike in the past two The dividend is stepped up 

dends shown pence per share net except where otherwise stated. ' months. 50p to 75p per £1 share. In- 

* Equivalent after allowing for scrip issue. tOn capital Canadian business showed an tion a scrip issue of four-tta 


able profits fell by £156,000. But 


Dunford & Elliott 
well below forecast 


_even-.; better. -bilU for adverse • r. u 

weather in the find quarter, but o3 £L^ orofit' ---- 


conditions in Australia again piyJsSs and intel^ mmS 


turned down due to the reappear- Bakins 

ance of competitive market con- Pronr investments sale 
ditions in a stagnant economy. J* 1 ® v"* — 

Thn n .rf Taxaiion 


The underwriting profit was cut — 

nnn imn fc.* General reserve . 


rate t.di 


to £400.000 from £2.4m. 


of the group was approved by be at least £42m. The shares, how- forecast in May last year. A will make a significant contribn- (4-* £= m taxable orofit of prospering 

shareholders and warrantholders ever, yield only 2 per cent on the three-for-fve scrip issue is also Don in .the current year. Mean- Dnnford and Elliott for the year In view*' of 
on December 5. The offer for the forecast dividend. J ~ 1 * 1 * — v 


Losses in Europe remained Retained ishoea'-; 


proposed. 


British Vita hits peak £6.18m. 
as U.K. profits quadruple 


li-Hn* Me ?. n " Dnnford and Elliott for the year In view of this the chairman 

Cash 111 ^ e to September 30, 1977, turned in beUeved Dial, despite the difficul- 
S-S, « on the at njlm., compared with a loss ties of the earlier months, “you 

Jurth ®f acqulsioons. 0 f £i-16m. for the corresponding will not be dissatisfied with our 
m 1 de a Period. At the -interim stage a ultimate performance In 1977/8." 
8ales , ° n ’y recovery from a deficit of £Q.6m. 
maintained, so. the shares at Hip to - surnlus of £L7m. was 
(down 6p) standing on a p/e of JepoJted *“ 

^,i^ e L Cen V ,^ he Precast was made at the ^alCUIla 

nerable in the short term. * ' ^ ?«*' liE ™ ccessful bid fMm Electric ' ■; 

The year's profit was stmcX _ . , , , 

IN aliOnWiflC after lower dividends and interest Referring to the fall hi unit 


Calcutta 

Electric 


Mitchell Cotts Transpoi 
oil course for £lm. 


ANNOUNCING AN advance in take a. scrip. Total dividenr 
taxable profit at Mitchell • Cotts the year is 7p, compared wit) 


LARGELY REFLECTING quad- 1977 the group's share of asso- (which contributed around 70 per LeiSlirC nmner interest payable at £3.U8ra. “f" 1 “fS? 15 p iSSS Kgl in ‘ h^riJrvcd 018 >W ** 

pre^mc figure turned in he* British red^?byTl!Sm°?SiS7 ^ pSiw wiiHbt A circular to shareholders of '“hirers a tax credit this time Mitter. chairman of Calcutta ttfES’-x months 

KKirASf! redured by . gSr Era if tbegrouR? othw ->*»<•■' wide Leisure recommend- of £12m. (charge £0J2m.j and an Electric Supply Corporadon, were up £0.45m. at £42Sm. and 

in a InoQ £800 and more recemoverseas invest- 108 w ® purchase of land from a extraordinary loss of £230.000 explains that this was primarily profit was struck after interest 

raism cK*Ipr!imi JSnir? turnover- 44.N2 S7.M7 merits continue to produce growth «“Paay cjmtrolted ter Nationwide (£241.000 profit!. The undistri- due to the generally difficult of £65,000 (£78,000). 

Ktitorf'Vi T MV 0 * profil 1- 52 it will be difficult for the group 1Ir - 3oh -" Hutchings was buted profit for the year was power situation during the period The net Interim dividend is 

rn£ro E £hfi S3 S to show much, if any profits ‘disingenuous and misleading.'’ a £2. 73m. (loss £L09m.). compared with the same period Hfled to L3p (I.155p>. Last year 

'vi h r. f ”bm" J»in5 I* 3.OS4 advance in tfarcurrentycar. Ho “ H our ? 3U ^ e ° r the P^ous year. a final of 2.1S5p was paid from 

s !s J5ea5. i w*ajff!a? _ . . a» "shl* J" a5.2?*i! • *#**»*»■ 


Lonrho. H/1CCITIC Tipmsport from £403.000 to £511,000 At December 31. the neti 

The year's profit was struck , , . . for the half year to December value was 192p per 50p .s' 

after lower dividends and interest Referring to the fall in unit 31, 1977, the directors say rhis against 189p. 
received at £4,000 (£156200) and saies l from 2.02m. to 127m.) in iodic ales that die JElm. record 

higher interest payable at £3.08ra. the eight months - ended profit forecast for the year is _ 

(£2 27m.). November 30, 1977. Bhaskar likely Lo be achieved. T unriirA 


Bhaskar likely: la be achieved. 


Vita Companj’ for 1977 shows a 

£ 2 .ltim. advance to a record nirnftr ,- 

£6.l8m. UJL operations conlrj- 

buted £1.7Sm. at the trading level. u.K 

compared with £0.43m.. while ovwsets 

overseas gave 1129m., against “*° ciales 

1024m. Growth of pre-tax profits KSh before "iw 


Lunuva 
doubled to 
£ 98,846 




i^j&stfE25fss K5* rr as as «£ -‘“••s-sag * srs;.; 

t0 BaMc earntncifor the full year f gSff Jl2S,wSijl“? p% ITpI J SSm£S^S^£' SuU^c 

are given at 27.ip (I4.1p) and mum .. x» 12 * Slth^,e sh^^at82D and vield of seek a PP«ivaI of the deaL 

fully diluted at 26.3p ( 13.fip). The * Ewledln* share of wsodave*. t Debits. J >th the shares at Sip ancrneld of ToHlay . s order wai on M 

final riividanH MnivnH •in -TO ’ P® r . »- En t- ."'V 1 a Vy. T, . ae ** a snnliotfinn n A 


Taxable profit of ! 
(Ceylon) Tea and Rubber 


Hutchings was buted profit for the year was power situation during the period TTie net Interim dividend is 4. 06 V4 k 

misleading,'’ a £2.73m. (loss £L09m.). comnared with the same period Hfled to L3p (l.I55p>. Last year A'/UjU'fU 

aid to-day. or the previous year. a final of 2.1S5p was paid from Taranto t4 

Jeman ordered . The increase in gross receipts a surplus of £0.85m. fr . u* 

a Nationwide „ 4. —from £33.63ra. to £36.06m.— is Tax for toe first half took HnnWorf 2t7 Ms 

1 for to-day, UptilHISni 3.1 attributed to the benefit obtained £232,000 (064,000) and the net Stt of 

w prepared a ‘ * . during the period from the balance come out at £279,000 “g* < ? T1 t ^ v ^ e 

tied by a QC. D rQ !J /^rrt T».1Hon of rates hi July and (£2S9,000>. . , 255151™ "SJLfiE? 5 * -’8 

seen called to Old 1U Vjip. September. 1976. Operating costs The chairman Mr J. C. Dick is ^hp ^w n 5^v4T_ 

he deaL . 4 _ . _ . have also been subject to further to retire on 'April 4. 

is made on an ■ Af i J l er ® difficult start, profl^ of escalation on account cf the 

ih Car Auction the Braid Group in the first four iiirrMitv in rhp post nf mui smri ments are primarily in CQUjBB 


proposed. level of profitabrlity despite the 

Operations in Africa achieved comparatively slack demand in 
satisfactory results, say the direc- the consumer sector and lack of 


tors, notwithstanding the various real growth in the U.K. economy. Ail»7/l|llnfAn 

political and economic uncertain- International operations overall iVljUiUCLUli 

tics. As previously reported the show increased output and earn- TT , 1 

sale of shares in Vitnfoam Nigeria jngs and the growth in the com- l-lQrAlC 

under the Niuerlan enterprises panics in Australiasia. the Far A 

decree will be effected In I97S East and Canada is noteworthy. In the half j 


and w ill rcdiH'p the companies 
interest from 50 to 20 per cent 
Had this percentage applied in 


Brasilvesl S.A. 

Net asset value as of 
2Sfh February 1978. 
per r i-s Share: CrS24.041 
per Depositary Share: 

U.SJS1 3.43828 
per Dfpii'Unrv Share 
(Second Series): 

U .S-S12.638.13 
per Depositary Share 
t^hlrd Series): 

U.S.S 10.75522 


progress continues to be made in attractive desuite toe dull short Group on behalf of DO per cenL tnonths of the current year are payments to Damodar Valley Tmmcfmnnf r Po4- v* i t,Fi ! an “ op S ra S,® H 

the UJC operations towards a iSVuSookT Si the Nation w idle shareholders, comparable to those for the same SrSTraSon in S- term* of the lUVeSimeilt ISL exd.muvely overseas, it wffl to 

more acceptable and permitted tBr ouUooR - They claimed that Nationwide had Period of toe previous year. JSEEHJ arrived aL . . subject-to the current reguW 

level of profitability despite the . £ not .fulfilled, its part of an agree- Speaking at the AGM Mr. D. C. The grass interim dividend is nf frllPrtlSPV Hfviriro^ 1 U frwnlj 

comparatively slack demand in KYnanSlOIl IO T ment by which a legal action over Bam ford, chairman, said that unchanged at 625p— the 1976-77 U1 xJUCll|»Cj dv nd^d^is stepped up from 8- 

the consumer sector and lack of AjApaUMUH AU1 the Proposed land deal was com- demand for the group’s vehicles total was J3p paid from the net FOR ,077 net (-- cd rpv - nije „ r iho^ P fo hal^riS^fSSi Si 

real growth in the U.K. economy. A/fvrrisIlrvf/vri promised last November. in the first two months-October revenue of £2.4lm. x...^ °r r ■ ■ f -4 t0 “ v ® h ^ 11 from “T 

International operations overafl [VI J QuiGtOD British Car Auctions sold its and November— was less than The chairman reports that the t? cSESSt* for thu 19 month* i 

show increased output and earn- XT i . 1 , holding of 1.774LM7 buoyant and then December was company has received bridging mpmSn' 

mgs and the growth in toe com- HOl6iS ah * re * i39 percent )tn affected by the decision of Vaux- finance of £0.79m. against the ^ „ fn Vm^'rtprl i I* «§T i 

panics in Australiasia. the Far , J „ Nationwide last December The hall Motors to increase its prices lone-term financial assistance “ alternative holders can extraordinary debit of £22® 

East and Canada is noteworthy. In the half year ended Decern- share quotation of Nationwide was unilaterally. £fl.03m. to which the financial - -"J 

her 31. I97T. Myddleton Hotels suspended in 1D«4 and the listing . . . institutions have agreed in - wr* 11 v . 

• comment swfsrBiA st'Jssi ■»— *> jBss* H Gadbury Schweppes ■« 

SKfiar^isLWB Aliefr0 i; 0 0 / 

suepess -of Mi- rationalisation and expected relief on capital allow- Jeading circular [rorn their dure- r :S ,„ el remained at a assistance are ^er wav and in v/VlVSlTZ) lff£) HllPilff 1 fj 

rcofganisathx of ilsLX opera- ances in toe currant year, toe tax had not got _ ?he meantime: work on the Msta" rXUJU aUCflU 


The final dividend is 4.5p gross, £34,157 (£18,069) and there- is 
or as an alternative holders can extraordinary debit of JB£45 (1 


comment 


Gadbury Schweppes 
Australia ahead 


runner proauci divisions smouiq tui jw u a resun 01 «o|uiu- w.cuuiu«s siiuuiu mvb uuuiku- sam «ujwu«n. u »» pwcea scheme of financin'* this lar<*e V 

benefit further from improved tion. the Treasury gave its per- dent expert advice, he said. to take advantage of the market „ rtn -, rt j- heins worked our in producing a record profit m 1077. 
efficiency in the current year and mission Tor Myddleton to pay 0 The judge ordered the costs of opportunities: toe growing c onsuStattoa with the Government E ?? 1,n S s rose from SA7.49m. to 

an upturn in consumer spending, dividend of lOp gross, compared BCAs : application to be paid by strength of fleet and business authorities nod the financial 3A8.77m. on a 9 per cenL lift in 

after last year’s mostly flat with 7.04545p in 1976-77. In the Mr. Hutchings and two other sales was one that the group was fnqtinrrinn^ &nQ e nanc al sales to $172ra. 

trading conditions, will also help, event the interim is being raised Nationwide directors. Mr. Richard well qualified to satisfy; the long- “SSSSSS *„ »>,. Indian u 9 ti«i The dividend Is 6.75 cents, an 

However, the loss of a large slice from 2.5p to 4p gross, or from Frank Cox and Mr. John Leonard awaited upsurge in. truck sales It, oha/rnian effective increase of almost 20 per 


British Insce. 
Brokers — 


of the group's Nigerian earnings 1.63p to 2.64p net. 


It s crystal clear 


why 




“ChurchflJ" Ships Decanter 
‘•Star of Edinburgh" Goblet 


town House are Britain's leading 
isai quality glass suppliers 


ted upsurge in. truck sales sc hero; h P cha^man sayrtoa effective increase of almost 20 per . "rT. 

beginning to materialise: and the ™ ompkny if% u rs Sn- ihe cenL adiustmg for a I-for-2 The British Insurance Broke/ 

matter, and expects to receive rnnfwriimnr >..j Association has_ _amroui«v>-^ 

Government's decision ’ soon. appointments to the U Jv. ere 

vfrer this Is received, the scheme ? ,on rose ? . P er cent * 10 sg2 - 3m - insurance- brokers and t , 
will be placed before the holders brokers’, reinsurance commit let ^ 

with all recaasaty ailonnatlon. ££*• LJfS 

' . ever, confectionery lifted pre-tax nn trrt^ I o r tl 

PAULS & whites 

■ Pauls and Whftes has agreed !J^ s ^L dnags 16S P® 1 cenL tee for 1978. And Mr: A fr Boa!;,. 

. W -J MW - _ - . terms tor the purchase of John 10 of Lowndes Lambert Grpwa ai. 


1 terms for . the purchase of John 


Harvey (Nonington). . The con- 
sideration is to be about £290.000. 
satisfied by the issue of approxi- 
mately 2S5.0OO Pauls and Whites 
Ordinary shares. 


Mr. B. Lowry of Sedgwick' 


.V> ; -yy .3'^.''; 


Mr. B. Lowry or Sedgwick rent*: 
TAW STHTlT have been elected as members*, 

J Alt a A Mr. A. Traill of Traill Attt 1 1 

The of England announce borough, and Mr. D. R.- CaRb 
that the list of applications for of wi gham Poland Reinsnrao 


. John Harvey are old-established the Issu^of £800m. of S3 per cent. Brokers, have been elected chai 
agricultural merchants and dis- Exchequer Stock 1983 opened and man and deputy chairman rt 
til liu tors of Paul’s animal foods dosed fresterday. The full pectiveiy of toe brokers’ id 
in east Kent amount Of the stock offered has surairce committee for 1978. 


Ill 



r.cih 




Our name, Crown House, is one rarely associated with 
» glassware. Y et our Group includes Britain’s most 

9 wide-spread table glass suppliers, with factories and 

P warehouses in four loeationsin the United Kingdom. 

[ Far better known in the glass world is the name of our 

? glassware division, Dema Glass, through the manufacturing ' 

of full leadcrystal branded as 'Thos.Webb” and “Edinburgh” 
' and the world-wide distribution of over 100 million machine 
■ made glasses each year. 

Dema Glass did well for Crown House and for Britain last year, 
by increasing their exports to over half their output. 

To find out more about the achievements of Dema Glass and the 
rest erf our group, contact our Chairman, Patrick Edge-Partington 
at 2 Lygon Place, London SW1W 0 JT. 

Telephone 01-730 92S7. 


your tioss to get together irltii 
my boss to sort out the d stalls? \ 

' x - 






V8 



Crown House VI 

Vximayr>3tseeus;lxilwetefhera 




i- 


A boss- secretary team^m every successfbi \ 

partnership, needs to be carefully matched by * 
experts . ; ' 

ThkiS7%we, atSeffiorSeaetahes, wouldnevet 

cream of sending you anappAicaiitwithoiithfqprg\ ^ 
i ■ first met you and taken stodc both of your 
!' individual personality and the particularneeds 
v of the job.Thai way we manage to keep round 
\ pegs wefl away from square holes 
If you want a secretary who’s right for you, 

Wiethe people youneed to contact : 

Y/e also piide ourselves cm having the best , 
temps in Ihe City. * . 

Telephone Bridget OSiien-TwDb'g, ■ — 

Joanna Dyson or ElizabehiBelton on Ql-SOfriSU. . 


j \ 


muv 


T . A perfect match for every boss. \ 

^nicH: Secretaries, ^6 TmapSttectjI^iickmECSVS^L. ' 










■ Financial Times Friday- March 3 1978 


tfc* Av 

•' ■£«- ■! 

“Wttn a .-' 

' 

>i. i .. .. 

Tn, . 
X* .. . ..' 

ri4 

... . 

y- : ^- 
Jkth : • •• 

.'$* 

jnvc 

iiftf 

r*KT'. . 
•Sjs'5-h: 

WlJV' • • 

ia’KiJ 


■: **T 5®^ERSES la the music 

1 t- electronic* IhUns of Esq. » - 

JUOOM - halved BOARD MEETINGS 

.m £3&Z&n. te-.£lW7m lo th e J«tt*_lwua 


forecasts £0.2m. 


and the Tower Hofei, made a l.\’ TUB second half oMflfT profits the dirfctors report that, eselucl- 
“™' 'v'lla contribution. of Turner -and Nevall were iog Htfrit Chemical and Storey. 

I ne television profit nf M4Tm.’ srfwnwlv affopfixl hv.fhf- relative sale* in the first- month in. ahaaH 


,01 ssa^fta. w,£19«87tn. lo ae ““ I1W«» ‘ The television profit of £4.47m. adversely affected by-tfie relative sales in the first- month are ahead 

-..it -six months of the current „ Thf faUowin* companies fcm- nouscd reflects the improved strength of sterling and the result' of ihe same period of 1977 but 

.in and with adverse tradine feBf— * p y tf .-. MW ? a ?g ta Performance of Thames Tele* did not reach the level "aintici- they stress that it is too early 

.. MdfUons persisting the directS?. .. . _ . , • Paled. The pre-tax balance for. ip dra^ any conclusions about 

v. .ro that iheyears result will dend*. official inucattadr a». nor ; avail __‘5 fter charges the half year this period amounted Me £20-92m. trading prospects for- the year. 


. • Av-ell dowoon.the peak £St.7m. iSvfaSidn conoorM » gwp balance attributable to taking the total for the year up to Providing for tax and -minorities 

,ich«l in 1876-77." ho!d ‘? r s comes through X45^5m, which compares with the 1877 profit attributable 'to 

v- \t the AGS In December mein. SSj SSwfc!- ^ maiaip on last at £7.o4m. agmnst Basic some HS.5ra. anticipated ' at half- holders comes through at £23 W? 

."S' were told, that in spite of • • to-day . earnings per .iOp share are ststed ’Hme_ and with 43558m. for the against £2052m^ giving earnings 


. mpiria a car mnpran ut - . __ . — _ : — — jr . "i iiuiuvib >ui vucu at ill. 

."S' were told, that in spite of • to-day earnings per ,>op share are stated 'rime and with 43558m. for the against £2052m^ giving earnings 

‘her turnover, first half profits _ Ffaab-Aihanee Trust. coorpa ou w be d(mn from 15.5p to 6.9p or previous year. per 41 share up from 2654p io 

: -\ tfe mnning considerably below FQ9t *“ r '. - irora 135p to 6.4p fuily diluted. The strengthening of sterling si.72p on- a weighted basis or 

‘ -• level of the previous year imnrfms- • wrrra 1 iwLw reduced the value . of profits from 3555p to 29.78p on a stock 

-*’ 1 to increased competition Aaaenui Equipment Man* i earnw * by exports, overseas snbsi- issue basis. 

" -i £2E?£ •«?_. Relent ^£2bjr *-~* ‘ SK2 1 ! *2? — «*» ^ &SL The . dividend is increased by 


! U intake .- of .scanners in the SS£iJ55?fS l 

■ ■■ ■■•ii.- t k » ’ j - stockute Man* a 

' “°™ Read, chairman, said ww of Emaiafl Trrat. ..v.™ Man* g 

. Merday that the most "diZ 

• odfittinir factor " n ftL .. March an 

* .. lY-' hfld *** SteWto D Msrch s 

setback in and Sneneer Man* n 

•’ jUv**! electronics where loss e s Rcftwt Assurance u, March 9 

- . : 3 run /Into “millions of .«*? ~..tanti is 

- unds M against M modest profits” 

period pf the previous - " . . r- 

- -’if' these Uno IO , n SLSli. e, ^ tinff 

Mb -an 3«wt in tbe-coasumer electretdcs mar. 


— **“ — JS& JWSSTjS.'a £££&£ 

Europe ' "“"“"“3!! ITlillO Sms S^^un wSI G- 12237 * 3 t0 WOBSSSp net, with a 

SLS’SS™.- SS S Bn “ of 6 - Wi532 ' 1 - 

Br araioci— ' the directors point out - Changes ' i£S 


Other countrltt 

Br prodnci— 

Music 

Leisure 

Tcterotnn 


B3.0S7 4-S.73S 


- n .. n .. 11J77 ' 11. NO 


The 1977 profit in eluded contri- 


JW an overall n™«t r«- . ine coasumer electronics mar- 

jt- overa ^,P ro « f<w the fceEi having disposed- Of -all its 

nie downturn was due to D “ aBl “ T -SJ^7- 

,r » i„ iater costs in a market which from currcncyAtpyemems 

•d been deliberately cut back by ? e ?***?*? Pomt^nt; that a 


r',' w against *modegt profits” ^ • r " , »» ^ a gS«Sr-— ' 'Z 

r:i ••• • .'the same period of the previous -• i> k. u ' ii sco The 19/* profit included contrf- overseas. i*.ms 14.W8 

l5>s :■ ir. Be was! hopeful, however ‘ f 4 ™w -v * .. Europe 3 b 5 ui3C8 hunons from Storey Brothers and Associate -■;•• - s.mi aew 

1 ‘- - - -it these, biter olds would hrat no T ^ ri ?L^x feI ^ tlng -- i.S4 < asm Philip A. Hunt Chemical for the £S w a 23l2?^a5 harsM «!» ' sitra 

K-- ■ y . an overail^^ofit for ^he tet^^^ng H disDOTe^M^ C ali m tS 8PJUBP" ~ “ ^ uart f to 5a?"“-~ SS SB 

- - ir^- 0 ,a P°*vO i®*,***, '» MBsir w « I*, before central financing coats. . njc. 4.1&1 3,^9 

ITte downturn was due to n, ? rena L° n ^ 6c ® in ^® T WH- Leisure ial A1 the trading level the year's ov “¥* s S JS 8 ,18 

iater costs in a market which .. frorT1 . eurrencyAipy.emonis Yrtevuton -.t m «72 result showed an increase from . « w 4'ISn 

* d been delibemtelycut back by *** Pomt-ont; that a »=-3« 43457m. to £445Snt Despite diffl- il^SI : 

ii/ 1 « 1 American Government which ?,V?°j ?| ar °X fa ? tors iSE'-?*?S.- an Prom Ww ^ rt .* ioS cult operating conditions and a Aorfeutabte sm 20 job, 

X * 1 \ ii, .» intetit on reducing medical on ' These tw.mdo io!r» soils sluggish European market, parti- awraurd. debtxa m ts« 

fits, claimed the chgiraan. IndUde costs of uoynaing per- Nor pnhi g.sre - ift-sre culariy tn the second half, profits "■ is'™ 1H12 

feefeU that “bleak conditiotis « foma ? oc * nd maintalafng . equip- Minomies m ua of ^ Europe an companies rose Iteaiotd .*"••”:■ 1Sl5W 1S ^ L ' 

kl C* W. NBt!n A **?AiS 3£. for ^l/ n ' AtShStSe ^"ortlni^ “ ® by 29 percISt.to £2&n.- Direct , ieBTVCi3UoD aoSm - 

I# \ ^ 1 1 hfi ,nner Pqulpment although he Hie .-® 3 05 , -service stnrthowers — tjw# m.«sb and indirecrexports-playbd a vital . . , , . , , 

• -* 13 lit'. s canfident of growth else- M!es J 3 ™ the World r and In- Esira ordinary liens its K part, the former reaching £9S.7M. A divisional analysis of sales 

K . Nere. The cuixent order-book erased research, development ^nd Lwng 7A3? usar _*■„ increase of 30 per cent on and trading profit shows tJfflOOs 

7*111.- s below expectations allhoueh costs to' proteC^on- of imwornDeat in die vsiua or Ovs 197 0_ omitted'): Plastics and indusu^ai 

* «*l|) * outside America it wax about ri S*ts. iVl SljBSS. E-SVTaa ■» 

■\i \ . . , target. . ••.„•. On the music side; -where the hair-year ate to- es.Sra.. and proEis by exchange rates the overseas £12,163 antomouve com- 

,.. . s forecast for the year but jn reduction in pre-interest profit f*- 8 ™- anowing for ussodaied exebaose trading profits moved up by ponents .£132,060 (£99.421) and 

‘ ite -of the gloomy ontlobk.be was .from £23.14m. tQ. £L8SSn., 34 p€r cenL t° / (£12,863'); chemicals 

.u.. r . ;d It would he wnin'v ia increanin^ rnmnuHtHni- increased interest charge Rofipcrine a substantial nrnflt £11.643 (nil) and £803 (nil): con- 


by Sung 

Krian 1 


i£ 0 i Al the trading level the year's 
3.572 result showed an . increase from 


of the European companies rose 



1J7T ■ 

3976 


fade 

IW 

■ SjI« - 

4J3.7K 

332.511 

aurapeah 

30? ^4 

347.744 

Ovemw 

ue.sos 

84.767 

Trattim profti* 

«4jei 

WJ7S 

EuropeJD 

25.023 

19.40& 

Ovrneif 

».KS 

14.(08 

Associates . — 

6.011 

4J)M 

Net flnaneUw eharsej 

, 5.741 - 

3J» 

Profit btfora tax 

45.251 

3SJ78 

Taxtuon 

15.814 

12348 

.0JC. — . 

4.164 

3.216 

uverseas 

8 302 

8.1X8 


3.5S8 

1.614 

Net M»m 

39.457 ' 

215:10 


5.36S 

L312 

AUrBMiUbto 

2S.S6S 

2BJ3S 


,721 

tSIK 


i.S57 

13-EJ 2 

Retained . -•■■■ 

16.5M 

13.812 


by 29 per-dnt-. to £25m.- Direct \ tsaTVClatl9a a °' 8m ' ,a ' 4m '’' 


7jut 14.6S9 and indirect: exports-played a vital 


ile -of the 


' f -» 


(£125631; chemicals 


expenses £3,539 (£2.359). 

The results of the Rhodesian 
subsidiaries are not included as 
their accounts are not available 
to the group. 

~The accounting policy for 
deferred tax has been changed 
To accord with ED10. as a result 
of which deferred tax has nor 
been provided. In addition,-, the 
policy for translation of foreign 
currencies has been modified 
with ' the result that gains or 
losses on term loans in foreign 
currency, previously dealt with 
as extraordinary items, are 
matched with corresponding 
losses, or gains on - related foreign 
assets. The results for 187B and 
the half year ended June 30, 1977, 
have been restated. 

A summary of the .group 
balance sheet al December 31 
shows that cash and near - cash 

is reduced from £48. 07m. to 
£l9.41m. while the total of debt 
is up from £70. 05m. to £105 -58m.. 

At an extraordinary meeting 
to be held on April 20 holders 
will be asked to . approve slock 
option schemes for directors. and 
senior executives in the UJC. and - 
overseas. -Details will be - cir- 
culated 1 shortly. It remains - the 
directors’ intention to recommend 
to holders an appropriate form 
of wider share ownership scheme 
for all U.K. employees but its 
introduction will’ now await the 
proposals for profit sharing ulti- 
mately put forward by -the 
Government following the Issue 
by the inland revenue of its Con- 
sultative Document 
See Lex 


Looking "at- the current year £55,680 (£53,079) 


.;£rinermrc^^ SS&Sf ^ “ d teU?ViSi0n the current year £55^80 ■ (£63,979) and^gSiip 

de exceeded the corresponding Holland and a new dlgmbution v rr ^_ a Jz*~‘. . .. „ .. 

. • nod of 1976,; the. overall market centre in France. TTST se SI«™n ww m A 1 • " . . -w '- £ 

■i^^S-^SSS^JSSl Capitol e^enced 2 te « SSoJSlJSS WiiathllSS TG2Ldy lOF ’ 

■fessaS bsw ■’SJ.- flarc,® imn roved demand 

^JS5?bonffi£M5'! n ; >ap«a and Australia tto simi. from the reduced profit contribu- lllipi W Y CU UCittailU 
- ^ S FOR THE current year at ,Vhat. reorganisation consoT, dated the 

T 0 P wato o, Aw«i1»Wh»m Sut S tSlS Ul \ 

■fence and industrial electronics end interest were up £rphL-£25m. ^. ) P e ^ eni ber 31, 1977. compared .. j Dro fif; lave] wD] be under At the year-end cash and bank 
ere higher than last year. to £5 Jim.) the directors explain JJ'th June 30. 1977, shows bank Dresgure Mr James Robertson balances increased by £408579. 

Consumer electronics, overall, that this includes UiM»qflti borrowings up from _£21m. to BTSSnS ££ fn SfESS SsTfEfm ? 


Whatlings ready for 
improved demand 


ere higher than tet year. to Ata.) . the^ directors explam ^mesRbberUon. bailees Increased by £408579. 

Consumer electronics, overall, that this includes hijdieffyxroflts °f , rL ovvin 5 s .up m>m £21 m. to JL chai L- an in hls against £B57i^9 

..»dg . m.11; J«.au r «,tu-aT^ gw-Clnmn •#■- »d; -m. J^d '«.«« SSSSTW^dS lh«r“hJ Abercom Rooms, EC. 


e severe coilapse-of the Austra- Occupancy rates .in hotels 'have changed at £S0ra. against £31m. 
tn market. The subsidiary, EMI been maintained 'at a hJ^h; level . See Lex 


denies 


Ulster Bank 
moves ahead 
by £3.1m. 


* * : He'd] 

s * rans^i 

fit i leset 

tlm. z n 


FINANCIAL TIMES REPORTER ..." \ 

Red path Dorman, Long, con-' £259 so. This, compares with a loss to reflect ihe cost of stock coo- 
ructional - engineering sub- of £BSSJ)00 in previous 17 months, surned at current prices. 

Hi ary of the Joss-roablng British -Erin Foods had a HgrSjbmi- F 

eel Corporation, was yesterday over in 12 months trading period, 

leged to hare driven Robert compared with a -£iA7tn. Fnnlicli nnrl 

evenson. a small-steel fabri- annualised-, turnover In JUllgllMJ alitl . 

tor. into reeeirershlp by period (Actual" ^of £208nx Wr' £7 ^ 1 j • 

isressive rate-cutting. - months). ' • L^aiGuOniflll 

Vffie claim was denied by Bed- a 71 ** Jm ffiroimd was* 

ithr Dornfan. ^vhiefi' said .yhstfcr* through a Combination +t vpvM r^UBVTTIPnt • - 

ly' it competed faWy -for biisl- increioes, margin improvements A UICUI 

‘ks.-' and was often - underbid bv '*nd * reduction in over-headi- . _» 


hanged a t £80m wzainst £31m' Element He adds that the Meetii«. Abercom Rooms, EC, 

nan^ea at i»om. against £31m. company is - m a good position to on March 22 at noon; 

oee Lex benefit from improved demand, 

both in the U.K. and overseas. -r ti - n v 
# As reported on January 20 this I llcrpr K3FIK 

mvt A r\v% 1 AO givii engineering group turned in . lL,A L,aim 

OdU.CS to September 30, im/«f £R605^b moves ahead 

compared with £464525. and the « . <i>i -f 

dividend is stepped up to 256Sp ll V X 1 I HI ' ' 

_ • • (25p). ’ _ MJ ..jW.AUAa 

Lf The chairman says that one of For- 1977. Ulster - Bank 

the contributory factors in the announces profits £3. 08m. ahead 
■ profits increase was the elimina- at 11051m-. before tax of £35m. 

tion of interest charges following A total dividend of £315,000 has 
(he much improved liquidity been paid. 

. position throughout the year. With the benefit of the low tax 
reflect the cost Of stock coo- A substantial replacement pro- charge, and after allowing for 
lined at current prices. . gramme was carried, out during minority interests and a small 

the year and over £700,000 of profit on the sale of Trade Invest- 
•*-t «•- « -• new plant, machinery, vehicles, merits, the'sum of £S.17m. (I4m.) 

KneJlSfl and- e,c - was purchased. largely is being transferred to reserves. 

p - financed by hire purchase, he The group indudes the sub- 

PolnilAnian adds. Hire purchase balances at sidhuy tympanies, Lombard and 

\^AU|UUUiail September 30. .were more than Ulster Bardting, Lombard and 

. , doubled at 5474,736 (£200.105). Ulster 'Banking Ireland.- Lombard 

FCDaVmeilt * ■ a one-for-our scrip issue of 5p and Ulster Plant Independent 

* J shares increased the share Computer Services and Ulster 

The directors of English and capital to £lm. and a subsequent Investment Bank. 


Lumi'-i 

ioiiMdi 

e*wi.vjn 


Caledonian Investment Company, 
a wholly-owned subsidiary of 
European Ferries, intend to put 
forward proposals to repay at 
par, plus accrued interest, the 
£500,000 5J per cent. Second 
£300,00 4$ per cent. Redeemable 
debenture Stock, 197S-85, and Ihe 
Redeemable Debenture Stock 


UTA suggestions on 
company reports 


‘rs." and war often underbid by *nd a reuucuon in orernoaoj,- The directors of English and capital to Dm. and a subsequent Investment Bank. 

K. competitors. rg Caledonian Investment Company, 

Kobert Stevenson, ^a .small J: C A11 i£ a wholly-owned subsidiary of T Trrn A 

Dunlop Sou* tn* UTA suggestions on 

5ni., said it- h«i b«n so • /? par. plus accrued Interest, the 

'avlly undercut bv^e BSC sub- f £300,000 per cent. Second 

-•itanr that ovartead recovery f £300,00 4£ per cent. Redeemable COITIDSHV rGDOttS 

id become impossftle. , Ailrtrtrtlr / ‘ debenture Stock, I97S-85, and the vDUlJJauj M. vpUl 

Reapatn Donnnns policies UtlUUDIi -* Redeemable Debenture Stock It is not in the national interest Earnings are shown at 0.761p 

id created havoc In the market / 19S3/8S of E and C on July 1, to impose further burdens of (0.953p) per 5p share, and the 

•'1®;. • - . . . ; JOHANNESBURG, March 2. 1878, being the next interest pay- reporting and accounting on interim dividend is agajn- 0.1675p 

After a pretax profit* Munm . ~ J? _ , meat date. industrial and commercial net. For the full 1976-77 year the 

-jij year of I2Q&009 -to fl4^)00,- DUNLOP SOUTH AFRICA. As soon as practicable, the managers, according -to the Unit dividend total was 05065 b from 
e company had asked Its which, reported lading profits up necessary stockholders’ meetings Trust Association. pre-tax profits of £214,000. 

’«» *' from R7.60L vf R9m. (S10.4m.l will be convened at which stock- In its submission to the Depart- ■ 

lied in on wemiesaay. - Qa - turnover fRSm. higher at holders wfl] be asked to approve mem of Trade on the green paper - 

No-profit could >8 expected for R&hn (Sioafij.). says in its alterations to the Trust Deeds to on company reports, “The Future RoiirpmATlt 

moniha. losses for tb* next annual moon that it expects to enable the. proposed repayments of Company Reports,” the Asso- AvClIl CUltUl 

maintain The levels of profit- to take place. ciatjon says that the proposals c a. ls J: ac 


Redeemable Debenture Stock It is not in the national interest Earnings are shown at Q.761p 
19S3/8S. of E and C on July 1, to impose further burdens of (D.953p) per 5j> share, and the 
1978, being the next interest pay- reporting and accounting on interim dividend is again- 0.1675p 


pre-tax profits of £214,000. 


,d‘w?dfrtS* ■•WUW durtns 1817 m 

■B* SSSVi5tti ,, S U Ttoi?b«eTon U . e »Bump, i =n 
OO.nw jdnee'-StTKilSd also been tpe domestic economy will 
Fected by a dowpturii in ’profit- not deteriorate, which gives some 
ile Middle East and Nigerian hop? for a limited improvement 
isiness. in 5ualnesa conditions. In 1977, 

Redpath Dormin- Long showed oifninps per share were 33 cents 
Oflts-.iu 1976/77 oJL£2.5ra. before *hd~a dividend of 17 cents was 
terefq on ttteg; of 4137m. Civil «-!,* = 

glnrerin^and^genorei contract- ^ The gj^up hu prepared a 
g business stayed et a salisfac- _ «t«tAmant in tin* 


IBA argument 
over surplus 
delays report 


made in the green paper are wider 
and more onerous than can be 
justified by reference to the pur- 
pose of a company report. 


Retirement 

studies 


THE . .UNIVERSITY . . . of 
Manchester Institute of Science 


In particular, the association *®d. Technology has a £20,000 
suggests that the company report 8 rant from the Science Research 
is not the right channel for an Council to study , the social and 
expanded employment statement, psychological effects * of early 
or— as yet — for the disclosure of retirement on people, 
pension commitments. - Early retlrers will be asked 

- The association suggests that about their experiences of cam- 


cppis 

(i 


i ore -it on- nics« uivii paidn Ay Arthur 5and!es - rne association suggests that about their experiences of com- 

ginrenng and gwieraJ contract- r The has prepared a thv - inrWndoM R ro 8do»Hm> *1 wou,d ^ ^* rt * r 10 wa i £ for pulsory and voluntary schemes, 

g business stayed at a satisfae- vtar«nent in line ««P®iwe« Broadcasting ^ repon & th e accounting Other aspects to be invratigated 

ry level thrmi^out fhe 4«ar, wbpH tn s .* Dnu . al , re P°, rt £ for standards committee before going include personalreactions to 

e BSC annual .report said. ’• iSPXl 1976-77 has been delayed for five an, further on the disclosure ^ SrR retirement and 

the UK *"J?, *^9“ tJ ? e P areat months because of disagreement pension commitments, since any 
„ , '. /• -- company will be adbenng. with the Treasury over the’ estimate of their .magnitude will £Sg?fL°! LjSgfSfif afterthe 

r riTI III The trading profit 1* reduced authority’s growing, surplus— inevitably be dominated by some- ™“ uue 01 WUI “ U|S e 

aetata m ..- t0 .jyjjjju; on t jji S basis and intended for more bapltal invest- one’s view of the future rate erf 1 

fUa Wont ' attributable profits are more ment. inflation. TrxjiX Unimnil 

lift. UIuCAl . than halved, to R2.4m^ against A* Commons sab-committee has rm nr n JllvC V/UUIIUI 


•nUM? 
i ? ’ k u f 


iu ,. - t0 .jyjjjju; on t jjia basis and intended for more Capital invest- one’s view of the future rate erf 

4L- Mor\lr attributable profits are more ment. inflation. 

(flC UlaCli than halved, to R2-4m^ against A' Commons sub-committee has re-ii yxt ax 

For Ihr first lime in iu hittorr t “ 1 ' “If Lff ^"Iteed SSS!K d .S. h S. B dS? luOS. Walker 

Fnrtds division of the Irish * n balance sneei, nxea autnonty about the delay, saying. . 

"a r Corapimy has xoM mto thtt «“» rise from R31m. to R51m. tbit It would be 12 months after cpfhaplf 

^ar company nas gone into me ^ ^ AddJtionaJ depreciation has been the end of the financial year MHUdLIS. 

'The 1976-77 results show that calculated by reference to the (March 31) before the report A drop in profits, from £103.409 

H v in produced a pre-tax contribu- consumer price index, while the was- available. to £78,«6. for the half year ended 


Tree Council 
seeks ££m. 

THE - TREE COUNCIL Is to 


a a* nn r« Ana expand its activities, setting up 

Adrop m profits, from £103.409 a Tree ppundation to finance a J 


produeeu a pre-tax comnou- cousumer pnee macs, wuims uic *»m »vjui*bic. to £78,646, for the half year ended fi V p. vear ra m D aiBn and d&vplnn- 

, p f X3B.0M to .group profit, o, tonnf P l«s b« b«n ,di«,.rd Thr amhoritj. h^r, pi W =d £ 

== = == ===== ===== ■■ "down Treasury efforts to obtain doSS|-^ Md%BiLd7rS™vdth ** «heme for tree planting. 

■_ ■ • • .. . .. Mm e of the surplus.- Sir Brian the manufacture of metal small- Mr.- Kit Aston, chairman, told 

^vBSE rfii T- Thstnial Syndlcat# Ltd., Ynuhg,. director general, told the wares. .. the council’s fifth annual confer- 

V ■ •" ■■ committee that the authority Turnover came to £833,000 ence yesterday. 

POen^S Neotune Road Wallsand Tvne and Wear NE286DG wanted resources for spending on (£796586). 'After tax of. £33,020 The Foundation Is aiming to 

PO Box 6, Neptune mom. wauatw, lyneanowea f wt4oou« . extending, television coverage (£4fi228), net profit was £45,826, raise £500,000. Prince Philip 


| ThwtnalSyridicattLtd., 

P0 Sox 6,Neptune Road, WaUsansL Tyneand Wear, NE28 6DG , 


“Overall, your _ _ 

company is In a very (elSs^j 

strong financial zi.9Q3.86o 
pOSitiohe” . J 

Si> John Paget, Chairman ! 1 


and- local radio. 


against £37,18 L 


opened the conference. 



Small assistance 


£6,921.357 

(£951,385) 


snuu 

4£901424} 


f-Mfil.647 

(£7*5.536) 


Bank of England Minimum 
Lending Rate of 6| per cent 
(since January 6, 1978) 

Applications for the new short 
tap stock, 8| per cent Exchequer 
1988, was the only factor working, 
against the London money market 
yesterday. This slightly out- 
weighed a small amount of net 
maturing Treasury bills, a slight 


excess of Government disburse- 
ments over revenue payments to 
the Exchequer, and a small fall 
in the note circulation. . 

The authorities gave a small 
amount of assistance by buying 
Treasury bills from the discount 
houses, which was probably more 
than enough to take out 
any underlying shortage. 

This was reflected in the sharp 
decline in day-to-day interest 


rates towards the dose. Discount 
houses paid per cent for 
secured call loans at the start 
but dosing balances were found 
at 3-5 per cent ' 

In the interbank market over 
night loans opened- at 6f-7 per 
cenu and touched 7f-7} per cent, 
before falling to 2 per cent, at 
the dose. "" 

Rates in the table below are 
nominal in some cases. 



| SterMax f 

Lorn- J Lm»> AuU | 

Finance 

4 ■ 


UlXibit 

1 Bar.* 

; Certificate Imertaak 

Aoibnrinr ' neanrtptwe j 

Houar 

' Lom poy 


s«*«jry Rank 

ISM 

' of fltflMtTP ! 

depHtt- ! brats 

Dnpodto 

Uftpoalts 


B1»>4 snip* 


HrtftoSia October 
Turnover - 
Prom before tax 
Taxation 
Profit aftertax - 
Oivrdond per snare 

Eafr.inpsperahve 


1977 

£9.840.548 

£1,695.479 

£247.154 

£1,44A2J!5 

«.7p 

2L2*p 


1976 

£8,903,860 

£1.666.649 

£625.160 

£663.409 

6-Op 

16-24D 


:«ky»noUee... 
fdxjmnr I 

i day* noth*... I 
On mouthy..-' 
two afearfu—j 
Limn monLtw.i 
■»!* mnoita , 

Vlneewerti....'' 

Unw y f : 

r«oj«o„.„ 


Slg-Bif. 

BU-SSs 


6^% 

-7ra-0^ 

ms, 

«!*-» 


8*4-7 
8*4-7 
9*4-7*4 
7S,.7J« 
8^^ . 

-9 


0 64t • — | — — 

e , 08-54 S . A** l ii, 

« • ; j i 71« 

814 : 64-8*8 ’ 7IS-7U 

— - — I 74r7Ja ; 7*4 




local mhorftin and Snance bean men days nouer. rJRn kri nan "Lcas.a>nn local aotfisrttr mmnu rue 
nonUMOr time years JDHM per eem,: fear rears MI-1H per cor,: five nan tai-iil per oBaak bill nt« to table arc 
bandg ram for price paper. Barms rates tor icur-ajeaih ban toUs per cccz. Four-mostb trade. Uhg 7*-j* per cent 

Apwuftuie ScJUm ratiis for ow-ewndi Trcd<wr b. n 4s 5r*::» ncr cbe.; rao-numb 5 ner cam.; am tto-ec-momb 

per WDL Appraxtotoic Salims me for one-moatb banhtnOa Si;« per eent.; nro-rconm fit-65i* Per -cent.: and axree 
manto pit wit. om-manth frada tulla : pv ecw.: ^wiKBBbUi 7 per venr.i a»id also thrce-njmtUi 7-Tj per urn. 

• Hawt 'NtiiK'BiH Ram ipuhlKticd by tbr Kinasce Uow-i Assoc ^r lun > ; p,- r Mar*b >, Iftrv- Oeertag 

UHNinepaali Raws «for null sum* ai yyn As * s ww. Spore ets. Ctwfaw Ranh Rata far teedinx ft ser cut. treasory 
■ftbu Amua tender ram of (lismiie fJtTSS pat cent. 


Reliant Motor Group, the 
Cardiff-based specialist motorcar 
manufacturers which is 78.7 per 
cent, owned by J. F. Mash Securi- 
ties. is forecasting annual profits 
■for the year -ending September 
30, 1978, of £200,000, against 
£229,000 last year.- 

Shareholders were told at yes- 
terday’s annual meeting by Mr. 
John Nash, the chairman, that the 
first six months of the financial 
year would bear the brunt of the 
reorganisation programme, in- 
cluding redundancies costing 
£Jm^ and that this \va$ likely to 
result tn the motor subsidiary 
losing £600,000 and the Reliant 
Motor Group as a whole losing 
£450,000. 

Mr. Nish said that, thanks to 
management efforts and M con- 
siderable co-opera tion ” from the 
trades unions, the reorganisation 
programme was well advanced. 

Rea Bros. 

makes 

headway 

AFTER a transfer to inner re- 
serves and' charging all expenses 
including tax, profits of merchant 
bankers, Rea Brothers rose from 
£471,000 to £501.000 for 1977. 

The net final dividend per 25p , 
share is 0.9278p raising the total ; 
payment from 1.4926p to 1.6S2Sp. 


at a coat of £152.000 (£126.000), 
The sum of fSOS.QOO (£304,000) 
has been added to reserves- 


Arnott 
earns & 
pays more 

STRONG WHOLESALE trading 
and the introduction of a six-day 
week in the retail division boosted 
Arnott and Co. Dublin in the year 
ended January 14, 1978. 

Turnover rose £4.4 Im. to 
128.25m. and profits were up 
£457,000 at £2.19m. 

Sales by the parent company 

rose by 21.6 per cent, and in the 

current year another gain in pro- 
ductivity will be needed to over- 
come the rising trend of costs, 
the directors stress. With the ex- 
ception of Merrymaid, which has 
ceased trading, results of the sub- 
sidiaries were satisfactory. 

Earnings are shown at 2825p 
(20.63p) per £1 share. The final 
dividend is 6p for a net total of 
Iflp, against 7J37p after adjusting 
for a l-for-2 scrip issue. 



I9T7-7S 

1978-77 


rooo 

£000 

Turnover 

25 J49 

23,508 

Tratbng profit 

S.W 

1.922 

Interest paid 

201 

193 

Prefit before tax .. 

Zltt 

1.729 

Taxation 

905 

SOS 

Minority 

77 

43 

Attributable 

X.W 

SSL 


fe±f ±i 


FINAL DIVIDEND 

The directors propose to recommend to the stockholders that at the 
annual general meeting to be held on 10th. May 197S a final dividend be 
declared of 9.936p per 25p unit of stock to be paid on 19th May 1978. This 
is the maximum permitted. With the addition of stockholders’ tax credit 
thip is equivalent to a “ gross ” dividend of 15.055p. The dividend will be 
payable to stockholders registered at the close of business on 14th April 
1978. ’ 

- • This together -with tjie interim dividend of 6.512p (9.S66p “ gross ”) 
already paid will make -a total distribution of 1.6.44Sp (24.921p “ gross ”1 
per unit for the year 1977 compared with 14.726p (22.447p “ gross ”) for 
1973, or 14.863p (22.655p “ gross ”) if the supplementary interim dividend 
declared in 1977 (see note 3) is included. 

ESTIMATED RESULTS 

The audited accounts are due to be published on 18th April 1978. 
Preliminary unaudited figures for the year 1977, with the comparable 
figures for the year 1976, are as follows: — 

Year 1977 Year 1976 

£m £m 

General Insurance 

Premiums Written • 1.236.9 1,091.8 - 

'Underwriting Result ^ • 16J — 37.8- 

Long term insurance profits (see note 1) U3 2.2 

Investment Income .. 112.0 92.4 

Share of Associated Companies’ profits 4 i 2J3 1.8 


Total profit before taxation 
Taxation (see note 1) 


Profit after taxation 

Adjustment under Canadian Anti Infiation 

Regulations (see note 2) 

Minority Interests 

Net Profit attributable to the Company 

(pence per unit) 4 

Supplementary interim dividend (see note 3) 

} (pence per unit) 

Dividends For the year 

' (pence per unit) 

Transfer to retained profits 


75.1 

(50.0p) 

A2 

(0.137p) 

24.7 

(16.448p) 


50 2 
(33.5p) 


22.1 

(14.726p) 


The geographic distribution of the general insurance business and of 
the underwriting result and investment income is as follows: — 


U.S.A 

UJC and Irish Republic 

Canada : 

Australia ' 

Eutodb (ex U.K. - 

and Irish Republic) 
Other Overseas ... 


Claims as % of earned premiums 

Expenses as % of written premiums ... 


Year 1977 
Premiums Profit 

Investment 

Premiums 

Year 1976 
ProQi 

Investment 

£ra 

£□1 

Income 

£m 

£m 

£m 

Inrome 

£m 

461-2 

02 

42.5 

410.5 

-181 

36.9 

257.0 

11.0 

3L5 

217.9 

- 0.1 

270 

260.4 

7j4 

18.4 

225.0 

— 2.2 

? 3-9 

6(1.9 

0-4 

- 8A 

72.0 

2A 

6.9 

102.2 

-A 6 

- 7.7 

■80.9 

- 4.7 

5.2 

95 Z 


3A 

_ 85.5 

4.9 

2.5 

1^36.9 

16.3. 

112.0 

1.09L8 . . 

- - 17.8 

92.4 


Operating ratio 


1977 

3976 

70.0 

75.4 

29 Ji 

28.0 

99.2 

103.4 


Note (1) The stockholders’ profits which it is anticipated will result from tbe valuation 
as at 31st December 1977 and whieh will be credited to the Profit and Loss 
Account -in equal Instalments over the three years 1977/1979. have been 
grossed up by the rate of tax attributable to franked investment income. This 
tax bus been added to the charge for U.K. and- overseas taxation. This is a 
slight variation from bur former practice and the 1976 figures have been 
adjusted accordingly. 

Note (2) By these regulations any revenue. in excess of that permitted under the 
controls on profit margins must be returned to policyholders. The adjustment 
shown in the statement relates to such returns to be made in 197S in respect 
of the year 1977. These are estimated to' amount to £4JSm with the net cost 
after tax relief being £2-5m. 

Note (3) In the' light of the retroactive reduction in the rate of Advance Corporation 
. . Tax announced earlier this year, the directors, when announcing the half 
year results, declared a 'supplementary interim dividend :of o.l37p per 25p 
unit of stock (0J208p “ gross This dividend was in place of the extra amount 
which would have been paid as part of the' 1976 final dividend had the reduc- 
tion in the rate of ACT been known at that time. 

EXCHANGE RATES 

' Id. 'the above figures foreign currency has been converted according 
to our .normal practice at approximately the average rates of exchange - 
ruling during the period. The principal rates were 

■ ■' 1977 1976- 

U.S.A. SI.75 81.80 

Canada v SiA6 SU.7S 

Australia- $1.57 S1.4S 

The Affect of the, changes in the vaiue of Sterling on the comparison of 
• the results between 1977 and 1970 was to reduce profit before tax bv £0.6m. 
The underwriting result was adversely affected by f 1.0m; on.the other hand 
investment income benefited by £0.4m. 

UNDERWRITING RESULT ' 

In thrttSA. there were' improved, results in all major lines except 
Commercial .'Automobile.' Losses in Workers Compensation, General 
Liability, and Personal Automobile were reduced and profits on Commercial 
Property business increased; 

In Canada, almost aH lines o£bu$iness were profitable. 

.. In the U.K. there was a substantially improved result in all major lines 
with the exception of Motor; 

In Australia, the reduced level of profit was due to the reappearance 
of competitive market conditions; ■ 

In the Netherlands, which - was responsible for the-adverse European 
result there was a .reduction in the. underwriting Joss but this was offset 
by a change from profit te a breakeven; situation oyer the rest of Europe. 
... * n the Other Overseas. territories - results overall were profitable" 
although at a reduced leyel,.: - : 

2nd March, 1970 r 


4 




22 


Financial Times Friday. March 3 I9?g 



Centreway how offers 
47p for Blakey’s 


MINING NEWS 


■Total assets ' acquired are 
£98423- Net profit for the period J 
March l to Oct. 22. 1977, was; 
£4.882 after providing for bonuses r 
for ’the- retiring controlling I 
directors of £25400. Total con- , 
si deration payable in cash is j 
£109,450, subject to a retention 
Of £2.500. 



on Greenvale 


with 


Takeover 


TIIJJNG COMPLETES 1 

The offer, again described in a Thomas Tilling has completed ha ! 
new letter to shareholders as offer announced on December 14 j FREEPOftT MINERALS 


After buying lio.ooo shares in accordance 
Blahev’s (Malleable Castings) ar Code. 

47p per share. Centreway u rals- MR; K 
i"S its general bid for Blakeys to Our February 

the same level. Thom* Wing offer' for Liner oSHISSSSL 


by: PAUL CHEESEfUGKT 


un> Consequently. 14m. sbare-v or 


Blakey 
Wednesday 

said Blakey’s shares had exceeded ™ W S- C S k B PRPnPRinf cvaimc Clarkson and Mr. A. Williams, 

the 41p per share offer ever since hL M SSteS ^RtOtRICK EVANS managing director of D. C. E. 

it was made MJ - McKechnue Brothers’ offer to Vokea group, will also join the 

it was made. « [ ® “5*“ *g* acquire the capital of Frederick .Board. Mr R L. Stephenson will 

The Board also carried out a ^JioY^Stion^a^d we apolS V- E™ *“• been accepted by oontinue to serve as chief 
property’ revaluation and, includ- gise for . any embarrassment hoIders °f 2.43147a Ordinary executive offiar of Clarkson and 
in B the profit forecast, net assets paused by an/ coSSSg" tfi&i £S"£gSg *!&£* *22 '" Bm "^airman, 
were said to be 5Sp per share. In sum given by the report. niiUiianfro^lJL iccnniiTrt- nriTC 

the Stock Market yesterday the r.RAFF MIIVORTTV !?Ui?Eg5 on ^ ASSOCIATES DEALS 

shares were unchanged on the day J ^dccVctc 1 * represents 86 S ner «3t.“of- 1 thf ’ ^“rence Prust and Co. has sold 

at 4fip. STILL RESISTS ■ SEi 8 ^ L ‘ £he on behalf of discretionary imest- 

- . , , . , * Tr - Laurence GrafTs aim to * offer h __ merit client's tbe following shares 

Centreway started the battle make Graff Diamonds entirely his conditional in Mi roS oJIj' “ Seapa Groupi 4.300 Ordinary 
with 33 per cent, of Blakeys own again is still being thwarted SB* S n ® 1 rcspects “ d at 93p Vn March 1 and 20.000 at 
Ordinary capital and only needs by minority shareholders who remain open. 89ip Qn March 2 

to obtain 50 per cent, before going resisted his attempt last year to cairtyai c tpytit ire Simon and Coates, an associate 

unconditional. Nevertheless, force them to part with their r.aiKUALt I cAliLLa of property Investment and 

Cent reway has found it necessary shares at tbe equivalent of 2Sp. Fairdaie Textiles has acquired Finance, has sol'd £5,009 nominal 

to buy these extra ? hares amount- The dissidents have now been the capital of It. 31. Weeks and of Pifl 6 per cent. Convertible 
ins to another 3.S per cent, or the told that the latest 7t>p offer needs R. M. Weeks (the Lady's Shop). Unsecured Loan Stock 1991-96, at 
issued equity. And the increase in 23 more acceptances before it can such share eipital being in £S3 per cent, on behalf of an 
the general offer had to follow in be made compulsory. 


Australian company which is 
Freeport's partner at ! Greenvale,' 
had announced in Melbourne 
that its Queensland unit operat- 
ing the project sustained a loss 

of SA6-92m. (£4.0om.) - in tbe six 
months to December. This is 


ergo produces 

FIRST URANIUM 

The recovery of uranium and 
pyrites has started at Anglo 


share 
■common ownership. 


associate of PifL 


SHARE STAKES 


of 


Brown and Tawse— C Walker subject of irrevocable underlak- Banro Consolidated Industries: recently become subsidiaries 
and Sons has sold 73,000 Ordinary ing to accept the Barratt offer. 264.000 shares registered in the Harrison* and Crosfield. 
fchares. Following ibis. Mr. J. Alanson Finance Trust — Mr. E. name of Magwest Nominees are Dares Estates — Mr. P. Jackson, a 
walker is interested in 1461,000 E. Goldie, a director, has sold held in their capacity as trustee director, has disposed of by way 

Ordinary 112.5 percent.) or which 20,000 shares. of Key !>aU companes. of a gift, on February 19. 53,400 

7.101.000 <104 per centt is bene- Randalls Group— Ferguson In- EMunmat Pro pert es: London Ordinary shares in which he has 

"daily owned by C. Walker and dustrial Holdings has bought and Manchester Assurance Com- no interest. 

. . 5.000 Ordinary shares increasing no ' v holds 925,000 Ordinary Lnnnra (Ceylon) Tea and i phrasing of 

**SS, Timber— -Harrisons and holding to 183.000 (747 per cent). sh 2^ m M _ „ . Rubber Estates— os a result of 

Crosfield is non interested in a Automated Security (Holdings) S©gomima Group: Harrisons Harcros Investment Trust be- 

total or 2a.049,4o6 09.1 jper —London Trust has bought 30.000 2?- rtST 03 "- IJ,no ' v interested in coming a subsidiary oF Harrisons 

cent. 1 shares • 8 per cent. Conv. Pref. shares, xijf' . t7 -*4 per cent) shares, and Crosfield, the Jatter company . 

Harrisons Malaysian Estates— Tout holding 230.000 shares *hp increase is due to the con- is interested in a further £83 059- 

" ' "" ck4T>ae souaation Ol fhe stale PK HpIH hu qt nrlr in T i... _ 1 


Sfehtfr lower than^the h£ of 
^7.06m. in the same period of 

“It is not possible to determine announced yesterday. Production 
whether in the longer term Free- has . “gun Q °£V thstand f 1 ® 
port will be able to rocever all various teething, problems winch 
its costs," the spokesman said. ar « *»«rae dealt, with as they arise, 

Echoing the statement accom- 3 statement said 
panying Freeport's fourth quarter Tbe object of the operation is 
figures in January he added that to extract gold, uranium and su! 
as the cumulative losses at phuric acid from ok! mining waste 
Greenvale had exceeded Free- dumps. 

port’s investment, -in tbe project, 'Gold recovery is expected • to 
there would be no further charges start later this month or. in early, 
from Greenvale losses of future April. The sulphuric acid plant, 
Freeport earnings. with a capacity of 1,000 tons a day 

For its part. . Metals Ex has is currently being commissioned, 
already de-consoli dated its in London yesterday FTRGO 
Queensland unit and was there- shares were 3p higher at 30 7p. 
fore able to announce a net profit 


of SA223.000 (£130.730) for the 
half year to December, compared 
with a loss of $A3,000 in tbe first 
half of 1976-77. 

Greenvale is now operating 
within a restructured financial 
framework, fo Do wing the . re- 
its debts last year. 


Noranda now 
in control 
of Tara? 


Then the total outstanding was 

said to be over SA300m. (£179m.). THE TORONTO-BASED Noranda 
The Freeport spokesman said the Mines is reported in Dublin to 
value of- production was covering have exercised share options , to 
iuw. ..mums miu.uvu ... „ _ -- — - — — -- — — ... , tui luci «»,«>; operating -costs and minimum gain control of- Tara- Exploration 

now (24.43 per cent, or those shares £?r tt „ on , stakes held by stock m Lunuva thereby making-a i cash interest payments. and Development, which owns 75 

* War ™ Investment Trust and total interest in £371,081 stock “ 

(Ceylon) which have (6649 per cent.). 


Harrisons and Crosfield is ^ lwl . U1 uloac ou „„ , - ... __ 

interested in 43,636463 (26.13 per issued by way of recent rights). i“£™ Investment Trust and total interest 


cc 1 nl :!. shares. Watmnughs (Holdings) — Mr. 

Initial Services— John James j. a. V. Wade as trustee, has 
Group of Companies _ has become interested in 8,000 
increased its holding of 5.95 per Ordinary shares, increasing his 
cent Cumulative Preference trustee shareholding to 672,713 
shares to 30, i iS (7.7 per cent.). (22.42 per cent.). 

Calcutta Electric Supply Cor- Lamont Holdings— Sir Desmond 
po ration— General Insurance Cor- Lorlmer. ' chairman, acquired 
poration of India, together with 20.000 shares at 14p and 10.000 
its subsidiaries, now ' ' ’ _ - 


Lunuva 


Cornercroft confident and 
plans to tackle loss area 


Re-organisation of it s loss Compensation of 


holds at'lop on February^. Beneficial sub-con tract engineering made^ to ^Itinec tor £3W,10 ° 


was 

£153400 6 per cent. Cumulative interests of SirDesmomTand his activity is planned and. the direct tion' *of*a "servire*^ 'rnntrw™ 11113 ' 
Preference stock. family now 334447 shares (343 tors at Cornttcroft look forward An analysis oflaies and tradm^ 

_ M- J. Reynolds Holdings— Mr. percent.). to the groups future with con- profit by aetlvfty^ahows ournmf 

T. J. Clemence and associates are Assam Dooars Holdings— British fldence. Mr. A. W. Hartwell, and numoirw 5110 
now interested in 373.000 Ordinarj- Indian Tea (Holdings), a sub- chairm an. tell s members. £1J94 000 and filrntri Wfionn 

shares (9.61 per cent.). sidiary of Longbcurne Holdings. Some £130.000 has been spent ^d£5L6^’ wmbTr olateS S 

Clave rhouse Investment Trust — has transferred its holdings of on advanced machinery for the plastic nroductx ' Mtr nno S 
Scottish Amicable Life .Assurance 12490 Ordinary shares and 14,500 STOUP orders for and produc- £25 883 (£389 000 »nd humh 
S ociety and a subsidiary now Preference shares in Assam tion of puinp s and agricultural agricultural eoninm^i I 

hold 862,000 Ordinarj- shares. Dooars to Longboume. As a result, equipment Is a t record levels, he Si fflS non ^^8487 ^£743 Ml) i 
Umdon Sumatra Plantations— Longboume now holds 115.370 ia -'*- . — «*. and £54487)- ’sub-contract 

Harrisons and Crosfield is now Ordinary (11.31 per cent.) and there J' 35 * engineering^ £716000 and loss 

ISflTpw MnU^arel 3,119,338 ^ shares ^ 9 ’ 73 P er p^nent ^rk .Si? ^ ^«>,147 . (B1»m £51.6591: 


LI ndiistries— Hanson Trust now Estates and Agency Holdings- Shough°!he we" MP&ty *wm 

nninndn ■» nn mr «v«> -*% a *4 ° * * . *• avowa* 


holds a total of 1421.000 (6.63 per Angloped, a company 


Ordinary shares. The equally by D. Berchanpour and £rSSt sub-contract work this f 53 - 102 . (031.000 and £68.488). 
directors of Lindustries hate f. A. Shasha. director, acquired companv fell from a £54.659 Less ,n temaf sales of £108,000 
acquired _ Ordinary shares as i.ooo shares at 2$p on January fradtng profi into ? MTlo-f U».000). 

g?™ “fjcf n ,X S: ,n™ “■ '"-™ •* «P » Under the only . E jp»«* U.K. .mourned 

^5^ rfrSiirf ' 10,000, 12,j00 al on Februar J the profitable work will be con- 10 H.01m. (£428,000). 

Lp “ ! “f 0 ., 2I - , . . . tinued and Cornercroft (Agricul-. The group is Ctii take over the 

Malaya lam Plantations (Hold*- Polymark International— ITC ture i will be moved from -sole marketing of a combined and 

lns»)-Ham.sons and Lrosfieldt. is Pension Trust and the ITC Coningsby (o Coventry to make rationalised range^tff • Typhoon 
now ' interested in 25,464.853 Pension Investments are now the more efficient use of (he engt- grain dryers, produced' by its 
103.69 per cent.) shares. joint beneficiary owners of neering factory and to achieve agricultural subsidiary. and 

Jove Investment Trust— London 330.000 Ordinary shares. substantial cost savings. Cyclone dryers produced by 

Trust Company has purchased a Sreetley — Prudential Group now Tbe sale of the Coningsby Matthews ap'd Yates, a Roval 
further 3S0.000 capital shares and holds 2443.4SS Ordinary shares property will release substantial Doulton Group subsidiary. This 
now hold 400.000 (10.98 per cent.). (5 per cent). funds for further development contract is expected to increase 

British Printing Corporation— Spoar and Jackson Inter- Mr. Hartwell says. -Also the T. G. Cornercroft (Agriculture) sales 
John James Group of companies national — London and Man- Higgins and Sons business is to by about 30 per cent, and further 
has acquired a further 5.000 Chester Assurance has acquired a be closed and assets sold. products for this company are 

shares making a total 90.000. further 4,171 o per cent Prefer- Though a reorganisation of the being investigated. 

United Dominions Trust— cnce shares and now hold more S rou P “ weU under way and A review of slock during the 

London and Manchester Asxur- th an 5 pcr cenL D f t f, a t c]ass major changes have been under- year showed that certain stocks 

ance has_ acquired a further v ern on Fashion Group; Mr" D ukcn ** moves came too early have been built up to a level now 
10.000 S.to per cent, cumulative Mettreich. a substantial share- (° r benefits to be felt during considered unnecessary but it will 
Preference shares _ increasing holder, has purchased 15 000 tfte year ta September 30. 19<,. take some years to reduce them, 
holding lo 92.500 (7S..> per cent.) Ordinary shares. ’ As reported on February 24, tax- In other areas, because of 

shares. Also acquired a further r okat Holdinav I^nehoumi. aWe earnings . for Ibis period seasonal nature of the trades 
10.000 3.15 per cent 2nd cumula- H oldin"S hav acomred from Its declined from JE2T7.416 to £239.716 involved, sales have been lost 
live Preference shares increasing subsidiary British Indian TVa on sales hi S her *t £444m.' through inability to meet demand, 
holding 10 a total of 70.000 (7 per Company (Holdings) 1400 Prefer- * ^ 4■ 12ra ,■^ and a policy of increased pKe- 

cent.) shares. ence shares and 1S4447 Ordinary Net ll< l u,d funds at **** end season stocking is t» bo pursued, 

Harcros Investment Trust— shares. As a result of this "‘ ere down £409,000 (up £240,000) Mr. Hartwell says. 

Harrisons and Crosfield now holds acquisition Lon^bnnrn* now and 1116 bank overdraft had Meeting, Coventry, on March 23 

14.661,44 1 in. VI percent.) shares, bolds a total of 4 670 (31 per s0 * ,red 10 £582.727 (£101,891). at- noon. 

James Hurrison Holdings- cent.) Preference ' shares' and — ^ 

Samuel Montagu and Co. an- 692.460 (3141 per cent.) Ordinary 
nounces that associates of James shares. 

Harrison Holdings have sold Monument Securities; Mr. D. J. 

3.658.417 shares of James Harri- Finlay-Mulliqan, a director, has 
son. absented to the share cx- disposed of 25.000 Ordinary 
chance offer from Barratt shares: and his wife has disposed 
Developments, at a price nf 5+flp of 240,000 Ordinary shares, 
nor .share. These shares have been Warwick Engineering Tnvcst- 
plared. The shares in question ments: Gidncy Securities has 
represent TO.rt per cent, or the recently purchased 100,000 Ordin 
capital of Harriron and were the hry shares. 


_ This suggests that Greenvaie's per cent of the Irish Navan lead- 
position, although bleak, is not mine at County Meath, 
quite as dire as Mr; Reg Hare, Europe’s largest lead-zinc deposit, 
the Metals Ex chairman, hinted _ . 

Srf November when he told Noranda m expected to asue a 
shareholders that in the last statement shortly. Meanwhile, it is 
resort tbe federal Australian thought that the Canadian com- 
Govemment might be called on pany may have increased its 20 per 
for assistance to avoid a shut- cent, stake mTara to some 40 per 
dou-p. cent, m a $C23m. (£10.6m.) deal 

Greenvaie's problem has been with leading private -Irish share- 
that it came to production as f/ie holders: the holdings reportedly 
international nickel market was include those of Tara's" original 
turning down and the cost of oil promoters, Mr. Patrick Hughes, 
fuel was advancing. But tech- Mr. Michael McCarthy, and Mr. 
uical problems prevented It from Matthew Gilroy, 
reaching full capacity. The second largest shareholding 

The project, has not therefore jg Tara Exploration is made up of 
had to restrict productio n in the Canada's Cominco and the London 
same way as other producers like mining-finance house, Charter Gon- 
Inco, Faleonbrulge and, _ Western so i]^ x ted i which, together, own 
Mlnfaig. Its technical difficulties around 30 per cenL of the equity. 
were already acting as a correc- Tara is the sole operator of the 
tive to lower demand. Navan mine and jointly owns it 

The depressed market is in any with the Irish State, which holds 
case causing changes in the the remaining 25 per cent 

mlS^SelSiMTrSt" ' The de Ptessio n in zinc prices 
ploration, a mut of ftslevoon ^nst and productivity that has been hit 

of London. Oat it b successive labour problems 

was endmg its arrangement with t e t on . s tream in mid. 
North K*)gurU Mines for the sm{X lara vvem on scream “ mid ’ 


I 


OIL AN0 fits NEWS 



Exxon’s 
exploration deal 



+ . 


i si 


AMERICA’S Exxon Corporation due tion from the N(Tern' 
has signed four exploration risk ture under- the. name 
service contracts with Potrobas, Field In the North Sea. " 
the Barzflian Government Oil com- The yearly production, 
pany, for a minimum investment mated at )1- to 2m. lo 
of 9U.SS3m. (£27nO, 
prilling will begin during the 
next 12 months. The four blocks, 
witb a total area of 4,624 square 


yeara and the investment 
mated at liobu Danish •' 
(£lI2m.). It Is also esthaat 
production ' could Starr 


tion of that block. 

NEWFOUNDLAND: 
ACTIVITY AGAIN 


WILD a IOWA ajw. Vi ■*,«*■* ohuoie ■Iflfifl.lQttl 

mQes, are large in continental iytK ^ I3a . . 

shelf waters under 600 feet. The Argentine stj, '.- 

. The first well win be drilled off Yaeimlehtos Petroliferos 1 
the coast of Brazil in late April (YPF). has confirmed the 

in block VI, south df Rio de tion of a new oil well fe 
Janeiro. An additional Slffin. has Dlvisadero, Mendoza & 
been committed for the explore- which produces an aver 

13 cubic metres an hour * 
bbls. an hour). YPF nob 
this is one oF the more im 
recent discoveries' in lei 
economic value. 

♦ + . -if : 

More drilling is planned off A group of French, -Jr 
Newfoundland after a year's and American oil compah 
hiatus because of ■ a federal- begun drilling on on 8.400 r ' , 
provincial dispute over ownership kilometre permit in 
of any oil and gas reserves Operations on the first w 
found. ER-lA which began late ir 

: Shell Canada — which bas all but ary. is located about SO kilt / 
given up hope of finding co miner- north of Amman, and sc ■ 
rial gas on Us holding on tho the Syrian border. The grot 
Nova Scotia shelf to the south — prises Cie. Franchise drs P . 
and Texaco 7 Canada have been Fuyo Teriolcum Develop*' 
granted nine offshore oil and gas Japan, with a 37.5 per eeh; 
exploration permits by the New- each, and Filon Explorative 
foundUmd Government covering U.S. vrith 25 per cent. 

» 5.5m. acre area: 270 kilometres + + * 

north-east of Sr. Johns. Chevron -Standard and 

The first of six exploratory Canada are to jointly drill 
wells is to be put down in 1979 well offshore Nova Scotia, : 
in 5,000 feet of water, believed a 50 per cenL Interest in 
to be a world record depth. im. acres in the region frdr 
Companies have to drill all six- Canada and Shell Explorer, 
wells ro retain their permits for The well, to be relied 
seven years plus two ibrce-year will 'be drilled In about 
extension options. Tbe permits of water .about -.135 
are the first granted under New- southeast of Halifax, 
foundiand’s new offfebore regula- “ ■*- . 

lions proclaimed last year. . Chevron Standard 

. The Total East can group was covered more oil in 
drilling for two seasons ;off the Pembina area of AT 
Labrador coast until I97ff and Cynthia. On February .1 
then stopped because of the said one or its six dlscovt., . 
federal-provincial dispute. The In. the same area had pn 
dispute goes to tbe supreme court more than 160,000 barrels > > 
of Canada later this year. between October 19 and ’ 

* + - * - ary 16- Pacific Petroleum. . 

Dansk Undergrtmds consortium has a producing well in tht-- 
has planned to establish oil pro- area. 

RESULTS AND ACCOUNTS IN BRIEF . 

ASHDOWN INVESTMENT TRUST— absorb Increased costs and tower 
Hamits for year 10 November 30. 1917. Full year pn-iaa proftt should be 
already known. Jnveaunems total below Iasi year s. 

£30 aim (£18.5401.) abd net curretn assets GENERAL CONSOLIDATED I) 
soiam. 1 u. 08m. 1. Ncr . liquid funds ment trust— R eMita tar 1*7 

decreased by flUEm. ffflSSm. Increase*, known. Investments CS.Sm. .(XI 
Meeting. 130 Cheapskle. BC. no March 31 current a<tsels DLSSni. i£1 *m.l. 6 . 
ar 3.Mn.m. / £0^m. iXO^tm.i. Meeting. S. \ 

W. CANNING telectrical and_ mediant- place. si.W.. on Uarub 29. al Wi • 
cal erudneersi— Rewlt'j (or 1977 reported ■ lerawiBF and LONDON iJ • 
February IS. wi* M^T^U^ -‘n"? 7SSr k 

bons on prnspects. Croup fixed bnwu ra; cdl i. alter ux 

£4. 79m. *£2JS3m.). N« assets mtidcml IJto ttJttb' 

CWlm. f£«lni.l. MWIh. BtrmlMham, ^ 3V^ 

Sfifim^L ' I NVES TME NT TRUST- ^ ^ 

Results for T977 already known. Total chettcr Una. , K-u- Awjl 
Inresimenta EUJSm. ms.3m.i and net ranUaltea 

current assets £441-544 t£B4C.HSi Liquidity ■*** valne Mr 1,u oI capllal “* 

decreased £328.187 iXITB. 998 luereasei. S7-7W- ^ 

Meeting,. 1-3. Laurence Pounmey HU1. NIGERIAN ELECTRICITY • S 
BC. March 33 at noon. CORPORATION— Second UHcrtm d 

DEUNDI holdings— imemn report S.U8P per share, payable April 4. i 
for half-year lo December SI, 1977. shows ]3J2p (llJTSp) for year to Frfmu 
tea crop 1.87m. ta. O.Mm. ta.*. Tea IKS, Jnlerttn sfaiement will be dc* 




Tara'S , sa]et , o'January 31. Chlniwang 0-JMm. ta. at end of March when H Is 

win be in a 


M-.tdrSp.wmt nickel at problems, and^ appears! at, Taka i7^4perta..<Bi9in. ta. « Taka die coreonittoo win be i 

JP U, ‘ .u that the original Irish promoters I Ifl-IS'- London 9^4m. ta. at “Lapp <ss^93 make an ao«nui«e*nent .- 

This-, follows the closure Of the h __ e Dre r erred t0 Hnuirlate their ijhf- >* Bl.ttpi. No Imerliu dividend. Can- disposal of part of hs sfaarrho 

Redross mine, in which Anaconda L „ \A-, fUo r. -mivJSvIo ivrotM by KlBhnriw. Directors ns that subsid'iiUT^ rompan* in accord* 

of the US Is a shareholder whose holdings, r athe r than subscribe . ^i^nt-ao per -coot: of t9ri cnw otiU To UR p'rotfrion* of ihr^Mgertah Ki 

niiSri had biteJ SSted by rSS further investment funds. ■ I A sold but recorf -cnm. should lanwly Premo-ion Decree 1977 


Mitchell Cotts 
Transport Ltd 

Unaudited Interim Results for the Six Months 
ended 31st December 1977 ■ 


Six Months Sit Month* Yaw 
ended ended ended 
31,11,77 30, ; 0.'77 


£'000 £'000 £'000 

Turnover 4,275 3,830 8,069 

Profit before taxation . 511 403 847 

Taxation 232 164 335 


Profit after taxation 


279 239 512 


The profit before taxation for the six months ended 
31st December 1977 was £511,000, an increase of 
26 per cent compared with the profit of £403.000 
earned in the first half of last year. This welcome 
improvement may be taken as an indication that, 
subject to unforeseeable circumstances, the forecast in 
my statement in the last Annual Report of pre-tax 
profits for the full year of £1 million is likely to be 
achieved. 

An increased interim dividend of 1.3 pence per share 
(1976 1.155 pence per share) has been declared and 
will be paid on 24th April 1 978 to shareholders on the 
register at the close of business on 28th March 1 978. 
Upon reaching retirement age, I shall be relinquishing 
the Chairmanship of this Company.on 4th April 1978. 

I understand that it is the intention of my colleagues to 
invite Mr. P. P. Dunkley, who is at present Deputy 
Chairman, to succeed me. £ DICK 

Chairman 

Mitchell Cotts Transport Ltd 

Cotts House, Camomile Street, London. 
EC3A7BJ. Telephone: 01-2831234 . 

For a com’ Of th» interim statement plena* Contact the Secretary 




Pretabail-Sicomi 


- C'O o ' ~! rn ' 


The Board of Directors announces that an - 
Extraordinary General Meeting of the members 
of the company will be held on 16th March 1978 
in order to approve the reduction of the share 
capital by approximately 25 per cent. 

The Report, Notice of Meeting, Form of Proxy and 
Riders can be obtained upon request to 
Barclays Bank, New Issues Department, 

P.Q. Box 123, 2 London Wall Buildings, " 

London Wall, London EC2P 2BU 

In order to attend the meeting or to be represented 
by proxy the holders of registered shares must have 
been registered at least five days beFore the date of 
the Meeting and will be admitted on furnishing 
proof of identity. 

Registered office: 24 Rue HrlangerParis 16e-France. 


Without Redross ore, it was cost 
rug more to treat the nickel from 
Spargoville. 

. In future Western Mining will 
process the Spargoville ore but 
wiU not market it. as it bas been 
doing. Selcast will do tbat itself. 

Yesterday in London Metals Ex 
shares were 12j». Those of Selcast 
Exploration were 24p, while 
Western Mining were Sop and 
North Kalgurll were Up. 

NIGERIA TO BUY 
MORE AMAL. TIN 

Control of *6 operating sub 
sidftary of Amalgamated Tin 
Mines of Nigeria (Holdings) 
to pass , to -tiie state-owned 
Nigerian Mining Corporation -as 
a result of the Nigerian Enter- 
prises Promotion Decree 19*/. 

This requires that by end-1973 
not less than 60 per cenL of the 
equity of Nigerian mining com 
parties should he held by Nigerian 
citizens or associations with 
proportion of 60 per cent, held 
by Nigerian employees of the 
company concerned. 

At present Ama&acH ted Tin 
lttme6 of Nigeria (Holdings) owns 
60 per cent of the issued capital 
of the. operating company 
Amalgamated Ton Mines of 
Nigeria, the rest being beld by 
tbe Nigerian Mining Corporation 


Engine agency 
is withdrawn 

THE K1RLOSKAR petrol engine 
concession has been withdrawn, 
by mutual agreement, from 
Impex Engineers, of Brighton 
j and has reverted to P.M 
Engines, of 35. Piccadilly 
'London. P.M. Engines have 
been responsible for the 
Kirloskar engine diesel range 
for the past eight or nine years. 

P.M. Engines is now respon- 
sible for the sales .service and 
spares of trese engines. Mr. 
A. H. Rushton will continue as 
general * manager of P.M. 

; Engines, petrol engine division 
land Mr. Peter Roberts will eon 
itinue as technical manager. 


BANK RETURN 


COMPANY ASSOUXCEM E.\T 


EAST RAND GOLD AND 
URANIUM COMPANY LIMITED 

( Incorporated in Vie Rvmblie of A’oath Africa) 
COMMENCEMENT. OF PRODUCTION 

NKintluM.-jdine various welkins problems, wbicb are beta* deal; witb 
u ;bcy arise, production commenced on Feb mare 25 19TO with lira recovery 
Of lie flra uranium. In the form of. ammoaimn dl-ururace f jrUcne cake"* 
wtiirti will be cacicned to uranium oxide bp Nuclear Fuels Corporation of- 
Sotr-b Africa 'Propneiarvi Uiuiicd prior to.sale. 

MtaKdnm of ffte firei tiiilKS dam Started ta December l«T. “d the 
- first prritc tva* produced in Janoarp 1975. Flotation or sprite .rum U» 
seuond and thud slimes dams Is Odder wap and ibe i bob lons-a-das sulphuric 
acid pUmr is eurremip hems commissioned. Recovery of sold is expected 
M beam by rt» end of Uua month or early bi April. 

By order of the Board 

ANGLO AMERICAN CORPORATION OF SOUTH AFRICA LIMITED 

■ Secretaries 
wr R. V. C. Aaberwood 
Cotupaalea Secretary 

Jolunnesburs 
March a IOT. 


r TP«itn»dav — T«i. f+) or 
— i Mar. I ' 1 Dee. < — l 

_ _i 1 9TO R»r»wL 

BANKING DEPARTMENT - 

. LIABILITIES | £ £ 

‘Capital- I li.663,900 

Public UepuML. . 3t.76a.tt3 + €aa,b3< 

I dpedalDopnil*.. 1,239.300,000. — 

I Banker* - to.S13.l0g 

Ues? it ea A Oiaori r 

! A.ce i Ba7^J5,02$-M,853.9M 


2^«E.in5^3a - eo.acMss 


I ASi-EfS 1 

1 Gort. riecuritiea.»l.£16.8^1JE7 —16*^50,001 
Ad ia uveil &Olber' 

: A<n. 223^,795+ *9^43^30 

| rrerniacfl.Kouiii't i 

. A(aberSM...J mj50LS» +13.886*29 

> .Voces I 3W88.W + 13,076,44* 

Cuin 176,539— 8t0 


12^*6.873 J38 — 83,054,488 


ISSL'E DEPASTM EXT 

■iiiBicmen — 2 r— 


, Voter I.tuort 7, 776,000, M0 + 7S,000,K» 

I lu CirviiUtloo. 7,784^11^16 *■ 66^23.5ffl 
In Bank’s Doprf 38^58J84-«- 13,076,(44 

ASSETS ! j 

Gort. Dahrt I ll^JlMOCt ‘ — 

Other Gort. Store. B.79&330.450 + 

Olhor SaeurtOoi.- 96T.6M.490- 1 14. 148.546 


7 .775.000, OOP.-- 75.000.000 


A FINANCIAL TIMES SURVEY 


ASIAN BANKING AND FINANGl 

March 30 1978 

The Financial Times is planning to publish a survey on Asian Banking 

and Finance. The provisional synopsis is set out below. 

' * # 

INTRODUCTION More modest economic growth rates as South-East - 
Asia and the Far East feel impact of recession and. protectionism; .. 
demand for Euromarket - funds below expectations; Asia dollar market l 
dominated by inter-bank lending; slack period for merchant banks after 
.the fast expansion of the early 1970s;. withdrawals from banking 
consortia. 


v. t 


ASIA DOLLAR MARKET Twin centres of Hong Kong and Singapore; 
Manila offshore market still too young to represent a challenge; Hong 
Kong more involved in lending to corporations and governments; three-, 
quarters of Singapore business in inter-bank lending; modest level of 
bond, issues; future prospects for the market. . . . . 

EUROMARKET BORROWINGS Limited access of Asian governmeh 
to Eurobonds and private placements; volume of syndicated loans still. 
down on 1975 levels: South Ttorea. Philippines and Indonesia, the major.;; 
borrowers with China, Burma and India taking advantage of improved; s'- 
terms; growing list of banks involved in supplying funds; declining 1 ' ‘ "V’ 
margins. 

MERCHANT BANKS ' Disappointing volume of business after rapid 
expansion of recent years; setbacks to the consortia banks; slack in 
medium-term lending; dominance of Hong Kong as merchant banking 
centre: impact of the Deposit Taking Ordinance; Hong Kong dollar 
denominated bonds: mergers and takeover business. 

CHINA Renewed interest in Western plant and technology; trade and 
banking missions indicative of change in policy; foreign exchange 1 
earnings and obligations: sold sales; financing imports; attitude towards 
trade credits and borrowing. 

HONG KONG Impact of reduced textile exports; diversification of' 
manufacturing industry; slow-down in export generated growth partly 
offset by higher rate - of public spending; easing of pressure on 
currency banks’ linniditv; n«*w issues; Hong Kong dollar denominated 
-certificates of deposit and bonds. 

SINGAPORE, Potential as centre for ASEAN region; private sector : 
investment still dull: increasing consolidation and specialisation of 
merchant banks; mobilisation of savings through the institutions; higher: 
levels of public expenditure. 

PHILIPPINES Active borrower within limits of IMF. ceiling on 
commercial debt: managing the current account balance; diversification 
of export industries: the new Plan: significance of tbe offshore banks 
restrictions oh multinationals’ domestic borrowings: government efforts* 
to revive private sector investment; volatile stock exchange. 

MALAYSIA Shortfall in private- investment- but commodity export'”' 
earnings boosting growth rate; restructuring of the local companies as : M 
-result .of Bumiputra policy; corporate finance; excess liquidity of 
banking sector; the stock market. • ' «. 

SOUTH KOREA Momentum of growth faltering under protectionism but 
economy still hnoming: strong credit rating abroad: planned gross — 
investment in 1977 of S7,2bn.' new .banks and expansion of existing ; 
institutions; importance of state development banks; interest rate:. 1 :;- 
structure.' - 

The copy date for the survey will be March 16 1978 and for- further - - 
information on the editorial content and advertising rales please contact -v a 
Simon Timmis or Miss Nobnko FTasMumfo. Financial Times. Bracken; ...^ 
House. 10 Cannon Street, London EC4P 4BY. Tel: 01-248 8000, Ext 276'- : ’ 
and 260 respectively. • • — — r 


v. 


FINANCIALTIMES 

EUROPE'S BUSINESS NEWSPAPER 

Tko twem *nd Dob 11 cation Cates of Surrerx IQ aw Flnamal Time* 
are soMect to dniuK at the discretion or the Editor - 


- 4-.1 . 
r r>?ji 

-SI 

* 

n. 

^2 






53n, 

* tip; 


CONTRACTS AND TENDERS 






Ministry for industry and Energy 
EHTREWISE NATiONALE SPTiATRAeH - 
MarketingDivision - 
Departement Realisation intrastruoture 
mcanuiumuu invitation to 7 muter >q. fir/78V 

^SQNATRACH is hunching an International .invitation so, •;■ 
■ fof tirt iu pply . of equipment for . (he cphscructfoo ’ 

. : of 300 ( tn/«Q hundred } service stations .which will Iridudfc 
, — 1st k»t tEqtaprMnt for: ■; 

. ' C(ehning4iibricatfng worluthcpf '■ 

. ... . Equipment for paratfetism '.•■I, 

;■=■ . • : . equipment for wheeMubncing 

! ■^■Equipfnwttfar h*j«tiigfit ‘monItorir(i' ’ 

— Automatic washing instaUarion 
. i Associated equipment ' • 

2m) lota $e«inl«ss tubes 

- 3rd lot s Piping •; 

4*h.joti Electric tqyipfnent ... 


-I' WJWWH 

. 5 th lotr &fetjr equipment 
.* — lot i MeaHk furniture 


r wy .piwwirn funu^irc * - • - . . ■ 

Interested companies . may: pbtaJrj, thji tender .docinnentf.. . 
for thewhoitof. this tender or part of ‘it. as from the. ’ 
publication of the -present announcement, against, * pap 4 ., 
ment.of Dinar? 20 Q (wo hundred dinars}. from: ' '-ii: . 
SONATRACH — -jjivisipfi Cammercbibation . 1 . 

.' Department Realisation Infr ast r u c tu re':: : 

ftaqte des Dunes — Bm ALCIP— . , 

. . CHERAGA (Algiers) Algeria '1 .'.'• •• • 
Tei. 8 U tOJ toO* . -,:-v 

. Teiejct 5 X 808 — 5 X 292 —'.SUM >-*7 
- . . 5 X 969 — 52 J 79 _ . 

Tenders, together ..With the relevant -usual refereiKrtr- 
should be: sent by Registered mail in double itede£~ 
'.envelopes t*> Eutreprise- Rationale SONATRACH, «t-*iq >■ 
above-mentioned address, the inside envelope dearly 
addressed is follows ; .• “ A ■ NE- PAS OOVRIR 
JOUMISSIOfv — . A.O. 1 . no. 6 / 78 m not -liter tfiri . 
15 th April. 1978 . . - > • 

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

Tenders which will not respect- the a 6 p<re-rnentibhe*t^ 
indications- w||t not he -taken into 'consideration; 



Financial Director 


for an expanding engineering company in die Sooth oF England 
which, is backed by the resources o£a major public group. Xumover 
is around £ ram with a substantial-export content. • - . . .-V . 

• HESP 0 N 5 TBKJTT is .tp .the managing director for all ieeonntmg,. 
financial and data process' biaders wCthc business, with an-empliasis 
on. managing chaugeaud devdopnenc, 

• tre requirement is for a Chattered Accountant well versed in. 
. modem, big company management and fipanr^J' 'accounting 
methods, and with the capacity to contribute to the policy mak i n g 
process. ■ 

• JREFEHltED age: Uftder 45 . Salary: negotiable to £ 11 , jeo j With good 

additional benefits. 

Write in complete confidence 
to Dr. R- F. Tuckett as adviser to the company* 


TYZACK & PARTNERS LTD 

JO SAIXiUH STRRET - . LONDON WIN $»I 
J2 CWaRLOTTC SQUARE' EDINBURGH EH 2 4-DN 


INTS IM BR!i 


MINISTRY or: UGlHt iNDUSfRY • 
SGCIETE NATIONAJ-E D£S iNDUSTRi^' 

; / DE LA CELLMt&SG - 

int^ihational invitation to tender - £ 

SONIC i» tsaiKhmK' »« KMvrnmww invitation to -teodw. .W.smY} 
construction of •'‘ncnufactttrlnt oil of -npblo ctrbon Mf>«r aM 
,«• *'un|lr uio" tarhon paptr. * . . 

litiomted mnpaBMt nuy oftala th* tender .Macumohts from: 

‘.sonic'. 5 ' T' r Fi:‘C‘ u 

44 , RampT Alr Haddad (Ex Zmccha) . ■. - 
B. Meuradia, Algiers. Algeria / • . ' 
Tet^jtf. 00^1 and 04 : y- ; 

: T#*:s 2 sy : : ; ' 7 -.^ ■..< 

tiaiMC 1 pa.yeMu.bf Dipars. UJt| t*vn» hoflrfrrd Vimri). .’.V/, . . 

Tender*, (otrihev with ch* relevant uttu< referpikM, .ibbui# : 
cent in dauole tpaled enveMptt tp Moiuiebr te Quecceur .GtntMi, • 
SONIC at the - Hem* abftv*,' the hnld* cnvelspa flearW a^rtuf#.;: . 
It follows: *!SOUMISSION — A NE PAS -QUVWR — Ptofet- 
Compleae 4 * Ttimtormadon 4 e Prodvba pUMhft ot c«ll*loO«*e*.^ -f. 
Tenders ihoutf be tent Hbt Uter than Mly JO. 197 *. the poetwarlc.-; 


being tahei. m evidence of the. date of . posting. 
Tenderer* remain bound hy the * 1 dintatian 


lor » period ' of ipS’. 


t l<\ S Y 



ilNlStRV OF LIGHT INDUStRY 
SOCIETE RATIONALE DES INDUSTRIE^ 

•• • LA CCil^C^S..' • -V: i 

■ “sonic** - f 

INTERNATIONAL INTTTAlnON TO TENM 
SONIC i* UwKl*ig an . InterneUmOl . Uui'Mton to tender for the' 
conunictKM af t mcMtaonriog enlt of piper for nfproKr»PW 

ifarHrMTt wS^l'mep oh«flf 4 * Hrtdw dtMaMniOq ^ums 

; some :>• 

- Mi pamp* All HpdfM (Ex Zasm) 
7&M6ui»dia. /U fan, pit** ■ * . . s 

Yik and 04 / 

Teha 5 XW 3 I 

againett pkjonOM^bf Otnan 200 {ewo (wndretMlntn). 

Tenders, with the rekHW wwd reffrtneee. thoold h* 

*ent m doutrie Billed eowtapea w Mortcfeor I* Oireawr Hnfnl. 
SONIC « the eddm above, the inside en^lops cjMrhr addrewed 
■» 1 ollwqB-," 5 WhlS 5 K>N. — ■ A NEf PAS -- Profit 

vnmpIcM 4 e Tranfamerion di Produio papetien e>c cellqloslqon. 
Tender* shqofff'bO sent no Ipter dun Wy JO. 1971 . the poeraarfc 


LEGAL NOTICES 


In the HHiB COURT Or . JUSHUK 
Charnv ry Division Comnala CmlrL. m 
■he Mailers of. 

Na 00496 el IOTP 
BARLSHOURNQ LIMITED 
No 00487 Of *Z8 

EXPRESS STAFF AfJENf’V LIMITED 
end in ibe Matter of. -The Comphnle* 
Art. ISMS. ‘ . 

NOTICE IS n&REBV GIVEiN that ( 
Petiilons for rhe windUis-Uh n< ihv show 
named Cnnutanies by ibe .Hid) Court m 
Justice were, on ibe Mih A*3 at February 
ISIS, presented to the ,sa«t Ctfim hy 
TTTE COMM ISR1 ONERS OK CUSTOMS 
AND EXCISE of lOiu'a Bnam Rouse 
39-41. Mar* Lane. Umdao EC3R 7HS 
and that .'be said Petitions are dlrKM! 
to be heard before the Court alninp Ml 
the Royal CourtH of Justice. Srrawl 
London WCSA ILL. on the SMh day. of 
March 197S. and any credhor oi confri- 
buiory of any of the snld ComparlM 
desirous to suwon or oppose the maktiu 
of an Order on any of 'he aaW Pehtions 
may appear al ihe rime of bednna in 
person or by his Counsel' for that purpose: 
.and a copy of the Petition will be 
furnished •w ti* underslKned 10 w 
creditor or rootribuinry of any of the 
said CompanPr' reouMM such ropy on 
baymont of the restated eftatpee for 
the nine. 

^ G. P.,GLOAK, 

■ , ... Kina'*. Ream Henna. 

• • - 3Mi- Mar* uo*;. 

London BOR 1 THIS 
SbVicllor for the Petitioners. " 

NOTE.— Am' person .Who inietuM to 
appear on. ‘the bearlns of. any of Uk- said 
Petitions must serve on, or pend. by post 
m (ha a bore-named, notice hi wrtttn* 
of btt intention so 10 do The notice 
must state the name aitd address of the 
person, or. If a Arm. ibe nOme and 
odd re js or the -firm, and mast be-. Maned 
by tire person or Snn. or bis or tbelr 
SMfrttbr (If aujL and must be carved or. 
tf poored. mvt.be «nt by don to 
suIBclenr time lo reach the sbose-named 
not later than four o'clock In (be afternoon 
of .fee ITtb day of March 1978. 


for - a successful public group ■with, sales expanding past £ 35111 , 
including sizeable overseas interests. Products, a. number of which, 
arc market leaders, are sold in both consumer and industrial sectors. 

• SESPOXSiBimT- covers aD aspects of die group’s financial and 
secretarial affairs, both in the uk and overseas, in an environment 
.where the emphasis, is on both entrepreneurial innovation and 
effective management controls. The role is seen as being crucial to 
the development of the business. 

• TTTE requirement is fi?r a Chartered Accountant with broadly based 
industrial experience, a successful track record, and. the ability to 
contribute fully to top level decision making. 

• iteEFEjuuso age: 35 - 45 - Remuneration unlikely to he less than 
1 5 ,ooo with, appropriate benefits. 

Write, in complete confidence 
to A. Longland. as adviser to the company. 


TYZACK & PARTNERS LTD 

IO HALLAM STREET LONDON - WIN 6 DJ 

12 CHARLOTTE SQUARE EDINBURGH EH2 4 DN 


tHj.rw nireti ir ividadcvwl th- diet pMwtiug. , „„ 

TimTarun- iwualR bound hy (hair jfuowfuiw for a ported of 1 J 0 

day*. ‘ 


Ustocraae and Pnmilar IteBiUHic m Mneria 

MlNiSTRY OF LIGHT INDUSTRY 
SOCIETE NATIONALE DES INDUSTRIES 
l DE LA CELLULOSE 
- *‘SO N I C '*- 

INTERNATIONAL INVITATION TO TTNDIR 

SONIC 1 * lawKhinf an intinadonil inviouteu 10 cwder for dw - 
wppl, « ^■iipowM for HM manafaemro . Of papar imdu. Tha 
Mfidar eoneam*-*ho. fpltowing tquipmiare. 

, imi. o< reachure* for ebe touufattura. of waged pkpor 

imre of iqactem* for tha manaflcttir* of gum. paper 
—a unit of machine, tor the manaftBUm of complex paper*. 
Interfiled companirt nay obtain the render document* from; 

SONIC 

44 , Raittp* Al* Hidd*d.(Ex ZNAchs} 

El Howwdia, Alftes, JUferU 

- T«li 4638 WMll owl Ilf 

MoxSmi 

a»alnw peymanto* Duvm 2 M(iwo hundred^ nwi). ..... . 

Tondere. mefetlter with the reteruw uwal refctepM*. afwMdJre . 
■ent 10 dMDte reeled eworobe, to Mrewteor te Dcreewtc General, 
SONIC, at the addttu l»wf, tha toe (tie amtlpp* cMarfy addranod 
„ --SOUMfSSlON A NE W OUVWH,-, N« 

Com pie h da Tterafornut .00 da Prodoitt WyM?.*! 

Tenders ihaatf bt ion* not later than Hay ID, 1978 . tire MMtmark 
btine tafctn it o»id«Ma ol the daiu or powmj;. 

Tenderers remain bound by their quotation, lor. a parted of 120 

dan. 


Chaacny Division Companies 

ihe Hanm of No. «BSS of 1978 

MARINA k ENGINE BRING 
LOOTED: Kb. «»W of 1*73 
CHAUFFEUR DRIVE UMlTCI 
08589 PI 1918 TEM CROFT BU 
LIMITED; No. 08573 of 1978 C™, 
FASIUOKS UM1TBD1 No 90577 Bf 
STORICO SECURITT LIMITED an. 
the MJtitov of the CampaiUc* Ace 194 
NOTICE IS HEREBY GIVEN 
PcUUpn* fOr the Wlndln«-Up of f 
HUM Comp* alee by rbe HUA 
Justice wyr»- 00 the 50th day of 
1978. presented to ibe aaWI Com 
COMMISSIONERS OF CUSTOi.. 
EXCISE of Kino’s Beam Bo use. 
Mark Lane, London.. EC3R 7HE_ And 
the said Petirtons are directed r 
hrayd before 'rbe Cnun mujiia ■ 
Royal. Comte at Jneflee. Srranif- 

VTCSA SLL on the 10th day of Apr 

and any -creditor or con trlhn Tory ol ai 
of the ssM Companies desirous :o 
or oppo jse rhe maKinn of an Order 
of tte said Peril I on q may appear a» 
time Af heanna to person or by 
Counsel fur' that pumo&e: and a cony 
the Petition he rpmlfhMi by il 
nncbrsUtoed - in any creditor ~~ 
butory Of any of the said 
rrbdWnx sort com on oaenn.... 
refqlaied ebarm* for the same. 

O. F. CLOAK. 

' Rhwrs Beam nreue. 

8WL Marie Law 

London. EC3R THE- 

SBliehars for the Petitioner* 
NOTEv—Anv Person who intends 
appear on Thr brarinp or any of the 
PetlHitfre mis; serre on. or send by 
10 Ore above named, notice In 
hto tolefinon so to da. The ns 
stale tire-dame and address of (he 
or- if 1 Ann. IM name and. address — 
Brin, and mnsi be slgnetl by (hi 
I or firm, or bn or their Solicitor 
aafi most be served or. K posted, mtui ' 
rent by posr In sttffldept time 10 reach 

BhlMi Rgirmrl Ant - Intw ,ll *“ * '-r-i—w 




shuffle named dor 'later 
the JiRernonn of ihe TO 


riff y fr . i*rri 


IRT GALLERIES 


.tuutlttt W'tHIMLMSmJSF 

ffr s/ssss. -sa:s 

1-5. iEtoo -18 Manth 


CLASSIFIED 

ADVERTISEMENT 

RATES 


iNp u 5 u™i«ittrM 0 i».*Frl, Property 

■t i(Li. . BrtddCJtiuti Property 


. b OAUraiCf. Crttenten tiiM Hto‘ 
“ te BtSSl ana, yrid te *" l K!2? 
..am IT 0 GM 1 OML - k-k. tori' »««■ 
wtea. w.j, Tel. OI-TSd 3bW. Wte** 
Vt 1 <MH'<bUi. 10 - 1 . 


1 Kkinv. i*-9. 9a 11. 10.1. ymii , book pwimct* 


Brsidcsiuti Property 
AMwummt 
Bmdbcn * Invfsonrm 
OnportWlUhte, Corporation 
Loam. Ptttttutf ion 
Capacity, BtPtaefia 
Pbr Safc« 8 «nvd 
Edutilten. Motors -■ 
Cotiirarti & Turners, 

- Paimpal,G*rd«w • 

Ratals and Trsvol- 


K the jfHraoen of ihe TO 

an. In the 1 HIGH COURT OP JUSTICE 

Orenccftr Division Contrail res. Conn In 
toe Matters of No.. MSKI of 197 S CITY 
& WEST END fBOILERi CLEANING 
SERVICES UJdITBD: No. 0 W 9 S of 
- ' Utt lAWNVALE LIMITED and to tbp 

-Kamtr. of., the Companies Am. 1948 . 

NOTICE IS HEREBY GIVEN lhM 
Prtlrioca for tbi Wlodliu-Vp of the abova 
named Compooies by the Hum Court of 
Justice were, op tie Slat day of Pebnrery 
IBIS, .presented 10 toe. said Coon by the 
CtZiS- CommttBKmers of Cuumu «0d Excise 

'™®“. of . Jana's Beam House, 3MI Mark Laos. 

Loadpa, BCSR THE. And ft*? tbs said 
W“v Prttaon? an direccad to be beard befora 

rater* the Court sintoa at tire Royal Came at 

. Xuotied. Strand. London, WCS* SIX on 

f 120 tM 19th day of April lore, and any 

' creditor or contributory of any of tire 
rM cornnoles deslron 10 swoon or 
omae tire pnidfic Of no aider or any of 
rrrrSd* me «W Petmfm* may appear at the ume 
of burins hi peiton or by hia Counsel 
for- itar tmnwaei and a' copy of ib> 
PMHkre win be ftmlabod by iW> under- 
■ Jiswd to any credStoror conwhutory of 
__ any pf tha aald Campaniea redupu s&cfi 

LlX -ooey «& baymrat of the redtoated durst 

for the nine. 

■ rM-e S. V. GLOAK. 

It NT .TOM'S Beam Honan. 

3941 Mark Lane. 

. London. ECSR THE. 

Sdltitora for ihe Petitioners.. 

StaOte KOTC.— Any pmod who totonds 10 

Per co town apprar on the hennas of any ol the said 
Km cm. PctiUoba must nerve os. or send by dost 

£ £ IB ,tito «bqvM»ined,'iaitice in wrlttos of 

hte auMUion so to do. Tbo aoaco mote 
4 SO 14.00 Ml* the name and address of (be persan, 
4 on f 00 Of. If .a Ann, tha name and address of tha 

also -• 1100 dan. *m m tret ta aiimad w the person 
or am, or Wa or.lhrtr soudior. fir any»: 
and zrmsr be served- pr, if posted, most bo 
sear by post to soffldem time to reach 
the above namrd n« Utor than * o'clock 
$J» itoo to ato aftraoop M »o 7ft day of April 
J9!8.. 


City Treasurer’s Department 

Senior Assistant ; 

(Borrowing and Loans) 

Post No. 535 Salary scale iO 2.09 » £5512 
Inclusive of pay supplements. '.-. - 

Applications are invited for this pea* wf|ith Is ptrmanenC' 
and superannuable. 

The primary duties of the post involve management of 
The City Council’s loan debt, which currently amounts ta 
£126’ mill km .and the Senior Assistant will advise on 
borrowing policies and carry our regular dealing in the 
money, market in implement these pehtia*. Responsibility 
for fipancbl w<>rk in connection^ with the^ouncii’s ‘ 
insurance is also attached to the post, together with 
other. miscellaneous duties. Some *XP«rience 
of underwriting would therefor* te an advantage. 

Whilst a nun or woman who possesses part of a 
recognised accountancy qualification would be preferred, 
-this is a post fo> which flair and experience are 
regarded as the prune qualifications.' • - 

Modem office accommodation, staff restaurant and 
flextime working arrangements are available. 

Applications stating age, qualifications and Retails of 
career to date should be sent to tfj* pq.Tijiwiircr. - ■ 

Qvic Offices,. Guildhall Square, Hort fi nmitli PQT 2 AR. . 
fay KMarch 1971 owtihg two -referees. . . 

ettyof 

PORTSMOUTH 


Charles Barker 

Confidential Reply Service 

a eacajjc cams* MWMnawi u uJt&i tetead 

iwroev W^a MWMMceiKsriwai Vie wkBnpaano^ 
03 si in optimum treat, ao Fasaodbriaeu 
. LntofiC4A«A 


Financial 

Controller 


The major subsidiary of a wholly owned butdftitonomous . 
Tight engineering group seeks lo lit! this ^ay appoint- 
ment • ' : -r?~ : .■ 

.The Company .-has current sales of £13rn, based 00 an 
infemationaily- known product Profit andgroy^h raooriT 
are highly successful and future plans are anibjtious: 

Responsibility will be for the overall control of site 
financial performance, plans and projections. There will 
also be. an emphasis on management capability and 
skills which will contribute to the continuing growth erf 
the operation. Overall success here should lead to 
wider local and Group responsibi [Wes. 

The appointment will appeal to a qualified accountant; 
aged 35 or over, with a solid industrial accounting back* 
ground, - preferably gained In ehgirieerihg - batch : 
production. 

Location, is in the Greater Manchester .area and 
assistance with removal expenses will be available. 
Terms are competitive and for discussion artiund 
£6,500 fUL plus caf and-frlnge benefits appropriate to a 
Major Group. - Ref&mnce 1462. 


LEGAL NOTICES i PUBLIC NOTICES 


Ex 

S 

C01 



In our expanding InfemaBonal 
Management Consultancy. . 
operations- Executive S.eacch plays a 
fundamental role in. servicing 
existing and new clients. To meet 
growing demand for our services wa 
wish to appoint a further consultant 
to handle assignments in ihe U.K. 
and overseas. 

The Ideal candidate will be in the 
mid-thirties age range, have a good 
university degree and preferably a 
post-graduate or professional 
Qualification and possess a second 
European language. 

The successful candidatewfll have 
thefollowlng career background.: . 
# Minfmum bf 10 years’ progressiva 
experience in an industrial/ 
commercial environment mainly 


.with a major multinational group. 

• Proven track record of 
achievement preferably In a 

. fi nan seen d/or manufacturing 
function.. 

• Ideally, direct involvement in a 
management consulting activity. 

The ultimate appointee will have 
built up excellent business contacts 
and be able to assist in developing 
new clients- 

The appointment will be based in 
London and salary and career 
prospects are excellent 
Please send personal details to 

Ian C. E. Teller, Director - 
Executive Search, Booz, Allen & 
Hamilton International,! New 
Bond Street, London W1Y0DB 


wmmBooz-Allen 

&, Hamiltonam 

Management Consultants 


INTERNATIONAL APPOINTMENTS 


Accountants 


Saudi Arabia 


c. £10,000 & bonus, tax free 


BiafbMiua^ ast »2* I 

■. wveaMn ue»s. . satin io-»z. 


m Havd ****** 


ssss-^r* -a ss 

W eraofrto«».«in«Htab*re . 

tMtotemta ittc • wteBW . 

tUO per eto. «(« 

m tortisrr 4«nMl irrtw ip. 
ClasOfrpd Advertisement 
• Manager, • 
Financial TfancS. 

«L Cannon Street, EC** 4BT 


CLUBS 

KVK.JIS. RfW» Sirnn^M & 6 TS. A te 
Can* w Aikin Menu. Tnrcr »«iaxiiUr 
floor SMM 10 . AS. 12 . 4 S ana and 
i maae-e* inarm Haw* extort* a Frrera, 
CkAXOOYU. to Dean StTMt. LOndlHl- W .1 
NEW STRIPTEASE Pt. OCRS WOW 
... -THa.G*fAi «rnsH sncie i- 
-.SW at Mwnreht also ■ » »•), 

I MecL'Eri. CteWd.Sarerdayv 01-437 MAS 



The§audi Arabian Amiantit Co. Ltd. was set up in 1 968 to manufacture asbestos- 
cement products in fiaudi Arabia, in 1 S75 Ihe company announced a substantial 
■ diversiftcatio n progcamma into related products in o rder 10 be able to offer complete 
packaggsfbr water and sewage networks,. 

Thi&'eXpdRSrori has dilated vacancies at head office in Dammam and the regional office 
inJ.addahfqr an Intardbi Auditor and a Chief Accountant. 

internal Auditor 

He wtii.fqrnipdabf the Group Financial Controllers head office staff at Dammam and 
pdfioimyear round audits of the company's accounting systems, co-operate with the 
st a tutory auditors, aridinvestigate, recommend, and implement improved controls and 
procedures. 

Travel throughout Saudi Arabia and other locations in the Gulf will be necessary, so that 
someone of single status is required. 

Chief Accountant 

He will repair to the Regional Manager and functionally to the Group Financial 
Controller. Ha will be responsible for general accounting, cost accounting, cash planning 
and control, and data processing.-- — 

His duties will include the preparation of monthly management reports and annual 
accounts, and he must be prepared to introduce and implement new accounting 
procedures from time to time. 

Successful candidates will have an accouhtancyquafification from the profession and 
have had seme two years in industry. 

A basic salary of SR 60.000 per year is being offered For both posts, plus one month 
salary for every calendar year completed and a performance bonus of 26%. All airfares, 
taxes and medical expenses will be paid and accommodation and a car will be provided. 
Yearly leave of 34 days is included. 

Please write in confidence enclosing concise persona! end career details quoting 
reference T8481 FT to J.D.Atcheriey. - - 


. Arthur Young ManagementServices, 
Rolls House, 

7, Rolls Buildings,. 

' Fetter Lane, London EC4A 7NL 


COMPANY 

NOTICES 


me CONVERTIBLE BOND BUND N.V 
i Incorporates wUA Unman itauiKv to tJre 
NatMrtaiMa AntlUau 

-Snare Holders In me Tuna are comomb 

. ANNU AL* OEN^AL^MSETtNG 
nltMrrtaJilin jo be held on .Wnnecatv. 
*-iti aiioi. W* at io at Uie mis- 
J*psi otoce ot ttc Ponu at ‘HandeMuM 
ATtrilw WII * rt * t " d ' c “ r " ia ' riSnSSSa 

Tin items on the Arena? <rt>« 

Report ana Aaourrts 1977 , 
frosoHl ot a anal arioena for 107 ? 
to IMlWt an iraerte,- owmbutlmi of 
U.SA 0 - 1 S Mid in AiMUt 1 B 77 
and 

re-*lnctlwi Ol me Members of tne 
Baara of Ma n a ge m en t, 
in suer to attend tne m ret mo in bwm 
or be orai* and to have tnelr nates rente 
rerad at tne Meettofl. holders ol bearer 
snares mu*: daoosit their share certhtcata* 
■or a deposit receipt lor their share certlfl- 
c Alas i mentioning Their naipes-. aSsrassee ■ 
and nerlonallries at the roghtereo once; 

or the Fond not later than K«d MirSu 
’978 

■ V Ord er or the Mart dl MinMcment. 

3rd March, 1971, t- -. 


IMPERIAL GROUP limiiEO 

tt.' 1 !S 2 HJL h H ,, JE f l,EI » je 

^jftV'ysTL'itisa. vjs 

.prtnaitMiOB of interest Hsrranu. 

By Ctfder . . . 

P. M. DAVIES. 
London fi ™“° Secretary. 

ard March, 197 a. 

.na tma wuM p 5 ram dollar 
( loconNhMM^a ^^ me 

Sneiwwldars m the Fund are ccn*e<>ed 
M a.m'-j 

°SSS^S* lh * E“" B n 
*Sites .* 5l *° Wt * 0 C ™°* 

gnTsSUTMT 

tfiR 1 ? 1 ! 5 dhlflena . !af “• W 

«JBWiWWar 5 ?“* tnar * 

kM 

of Ma!iSSnwSt.- tM « tt.* 

snarenoiner-s, mar *l«oo rue Meeting 
“i 1 *' in MfiOn or . | v wratfAn wow. 

SES £ 22 . JSP ¥uw '"«>» laier man I 
lano Marsh. 1978 . ; 

By Order of hm Board of Management, j 
Cractts, 3 rd March. 1 B 7 * 


AMALGAMAItU I IN MINES OF - 
NIGERIA kHPLOINGSI LIMITED 

INTERIM 0IVIDEN0 
An. interim aiyueno ol 
per Share In respect of (he rear onaing 
si ct March 1978 . has Bert declared pafr 
able on Z 7 th Aorll 1978 . lo snarehsidefc 
registered In the books of the Company' 
at close of Business on Jist March. l§ 7 (t- 
The transfer regHtcr ana rogrUer or. 
member* win Declared from 1 st Aprtt- 
10 Idtii April 1978 . both devs >nciusiv 4 j- 

For ana on oeriaK ofi 
_ THE ANGLCM 3 RIENIAL AND 
GENERAL. INVEST ME. NT TRUST* 
LIMITED*. 

INTERNATIONAL PACIFIC StCUaiTli* 
COMPANY . LIMITED 

ANNCUNCEMENT ' 

At .toe torra meeting or intetw 
national PaeKic 5 aeunt)«* Company- 
Limited Mid too ay the directors deeimd . 
to recommend to shareholders proposal* 1 . 
iinccr widen the company would efiecn 
Uveir. M umrised. A circular 1 exnlajrC • 
spa more onoosaa and coawMfna an' 
Extraordinary General Meeting to corw 
si«r the nececsary resolutions wiu t» 
sent, to sharrtetaers on or about *^h 
April. 1978 -^ ■■ 

Ottm ol ttie Board. 

JARWNE. MATHEBON AND ecu f 

HonflKona. 

2 nd March. TS 7 S. 








24 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 



AMERICAN NEWS 


United Technologies bids B “ nk 
for Ambac Industries 


of Canada 
increase 


BY STEWART FLEMING 

THWARTED last year In a 
8500m. bid battle for control of 
energy engineers Babcock and 

Wilcox, the U.S. conglomerate 

United Technologies returned to 
the merger market to-day with 
an agreed $210 m. offer for Ambac 
Industries. 

Ambac, which had sales in 
1977 of 3234m. (compared with 
S5.5bn.) Is also a technologically- 
orientated company and one of 
the leading manufacturers in the 
world of diesel hi el injection 


systems. It also manufactures 
fractional horsepower DC motors 
for tbe automotive industry, 
nuclear scintillation instruments 
for nse in clinical analysis, gas 
detection instruments and elec- 
tronic systems for navigation. 

Ambac has close relationships 

with Ford Motor and is working 

with Ford on the development 
of a gasoline fuel injection sys- 
tem. Its navigation system for 
automatically keeping jetliners 
on a selected flight pUn is used 


NEW YORK, March 2, 

extensively in the Lockeed 1*1011* 
United Technologies is offering 
$50 a share in liquidation value 
of a new series of preferred 
stock for each Ambac share with 
a cash alternative of $48 a share 
for up to 49 per cent, of the 
total Ambac common outstanding 
Over the past four years, Am- 
bac’s earnings have been grow- 
ing rapidly. In the 1974, financial 
year, the company earned $2.02 
a share and in the 1977 financial 
year $3.95 a share. 


Bethlehem Steel refund hint 


BETIHLEHEM STEEL Cor- 
poration, stunned by heavy 
losses in 1977. has reportedly 
received a 3134m. cash refund 
fro mth eU.S. Treasury Depart- 
ment as part of a recovery 
formula. 

Under the plan, the steel- 
maker stands to gain an esti- 
mated S3 00m. in total tax bene- 
fits against future income taxes, 
tbe Pittsburgh Post Gazette 
reported in Thursday’s edition. 

The paper said it was told by 
Treasury Department sources 
that tbe company may not be 
liable for federal income taxes 
for up to nine years, depending 
on business improvements. 

Bethlehem was forced to lay 
off thousands of employees at its 
Johnstown, Pennsylvania, and 


Lackamanna, New York, plants 
last year after weather con- 
ditions and low-cost imports com- 
bined to hurt sales. 

The company, second in size to 
U.S. Steel - Corporation in the 
domestic industry, reported total 
Josses of S440m. for the year. 

Tbe Post-Gazette said the 
sources revealed that the com- 
pany maximised its 1977 losses in 
an attempt to recover a refund 
against its profitable year in 
1974. Taxes in 1975 and 1976 
were negligible, the sources are 
quoted as saying. 

Additionally. the sources 
reportedly said the carry-forward 
provision of the 1977 tax losses 
may damage efforts to increase 
employment at the Jobnstown 
and Lackawanna Mills for the 


PITTSBURGH, March 2. 

next five years. 

According to Bethlehem 
Steel’s 1977 statement to stock- 
holders, most of the proposed 
adjustments relate - only to the 
timing of deductions and would 
result in offsetting reductions in 
other years. 

The Post - Gazette said the 
Internal Revenue Service (TRS) 
would not comment on the case, 
but it noted that the Federal 
Agency indicated that Bethle- 
hem’s statement made no refer- 
ence to contingency funds being 
set aside for possible future 
payment. 

'Hie newspaper said it was told 
by the IRS that such payments 
would be required if a large 
cash sum was involved. 

AP-DJ 


Singer Co. forecasts flat first quarter 


By Robert Glbbens 

MONTREAL, March 1. 
ROYAL Bank of -Canada first 
quarter . earnings were 
$C5l.7m. against $C44-5m- a 
- year earlier, up 16 per cent. 

Total revenues were $C760m- 
agalnst $C674nu and assets at 
January 31 were $C35bn- 
against $C30btu up 17 per 

. cent. 

Total loans rose 18 per cent 
to $C22^bn. and deposits 1$ 
per cent, to $C32bu. Foreign 
-currency deposits In Canadian 
dollars rose 23 per cent 
against growth in Canadian 
dollar deposits of 13 per cent. 

Tbe increase \ in earnings 
was mainly due to rapid 
growth of assets. Returns de- 
clined marginally from 60 
cents on each $C100 of assets 
a year earlier, to 59 cents in 
the latest quarter. 

Net interest revenue kept 
pace with asset growth, rising 
17 per cent. 

Ericsson do Brasil 
doubles profits 

By Dbna Smith 

RIO DE JANEIRO, Mart* 2. 
Ericsson da Brasil Comercio 
e Industria SA, the Swedish- 
baaed electrical company, 
doubled profits in 1977 to 
Cr.4I2m. (329.4m.). Heavy 
debts, high costs and expen- 
diture of previous years were, 
corrected drastically in 1977. 
Capital ' raised through sub- 
scription pumped a further 
Cr-588m. ($3&2m.) into the 
company while - financial out- 
lay was reduced from Cr-SOim. 
In 1976 to Cr.694m. 


new york, March l Coca-Cola income op 


SINGER Company’s first quarter 
operating income will be about 
level with last year’s correspond- 
ing quarter's results due to a 
significant decline expected in 
the performance of sewing pro- 
ducts. In tbe 1977 first quarter, 
the company reported net income 
of $18.Sm. or 97 cents a share 
fully diluted and $1.81 primary 
cm sales of S557.1m. 

Mr. Joseph B. Flavin, chair- 
man of the group, also said 


Singer’s 1978 income growth is 
not expected to match 1977 levels 
of 27 per cent net and 15 per 
cent, operating income, but added 
that he does anticipate respect- 
able growth in both categories 
this year. 

Singer's 1977 net from continu- 
ing operations was $74.5m. or 
$3.98 a share. 

Mr. Flavin stated that the de- 
cline in first quarter sewing re- 
sults was attributable to chang- 


ing market conditions in mature 
U.S. and European markets, to 
severe weather conditions in the 
U.S., and to political uncertain- 
ties in France and Italy. 

However, second quarter 1978 
results in consumer sewing are 
expected to show improvement 
compared with the first quarter, 
while the sewing products area 
in the first half will show im- 
provement on a year to year 
basis. Agencies 


Afcan-Revere deal off 

ALCAN ALUMINIUM, through 
its main UJ5. subsidiary Alcan 
Al uminium Corporation, said it 
Is terminating its agreement 
with Revere Copper and Brass 
Inc. of the U.S. for the acquisi- 
tion of Revere’s Scottsboro alu- 
minium smelter nad rolling mill 
in Alabama. The agreement hit 
a snag in December when the 
U.S. Justice Department chal- 
lenged the acquisition -on anti- 
trust grounds. 

Attempts at a settlement that 
would have allowed the 
acquisition to proceed had been 
encouraged by the Federal Dis- 
trict Court in New York, Alcan 
said, but the Justice Department 
hod rejected aJl proposals 
offered by Alcan and Revere, 
while it offered none of its own. 


Humana bid valued 

Investment bankers have placed 
a value of $26,375 a share on 
the tender offer made earlier 
this year by Humana Inc. for 
the outstanding stock of 
American Med-icorp Incu AP-DJ 
reports from Louisville. 

Under a tender offer that 
expired in mid-January, 
Humana acquired about 5.7m. 
of American Medicorp’s shares 
out of about 9.380,000 outstand- 
ing. Humana exchanged $15 in 
cash and 0.5 shares of a new 
issue of 82.50 preferred for each 
share of Medicorp. 

At that time, Humana said 
any shares not purchased as a 
result of the tender offer would 
be acquired by Humana for 
about the same consideration as 
those tendered. 


Qualification for Gulf 

Gulf Oil Corporation has been 
informed by Price Waterhouse 
and - Co. that their opinion on 
the company’s financial state- 
ments for 1977 and 1978 will 
contain a reservation “to the 
effect that the opinion is sub- 
ject to the outcome of uncer- 
tainties surrounding litigation 
on uranium matters." AP-DJ 
reports from Pittsburgh. 

Jerry McAfee. Gulf Oil's 
chairman, said: “We are con- 
vinced that our position in re- 
gard to this litigation is sound 
and that tbe outcome will not 
result in a material loss to the 
company. Therefore Gulf 
strongly believes that the reser- 
vation in the Price Waterhouse 
opinion is unreasonable and un- 
necessary. 


AMERICAN QUARTERLIES 


CANADIAN IMP. BK. of COMM. 

CNA FINANCIAL 




Fourth Quarter 

1*17 

m 




Revenue .......... 

576.7m. 

514.6m. 

Ptm Quarter 

1*78 


Net profits 

30.73m. 

12.55m. 


S 

5 

Net per share... 

0.77 

0.24 

Revenue 

675.9m. 

599.9m. 

YW 

2.25bn. 

1.99 bn. 

Balance 

42.42m. 

33-8201. 

Net profits 

79.01m. 

41.64m. 

Net per share... 

1 q 2 

0.97 

Not per share... 

1.79 

0.70 



W HITE CONSOLIDATED 

F«ulb Quarter ltTJ 1*71 

S S 

Revenue 340.0m. 279.0m. 

Net profits 16.0m. 13.7m. 

Net per share.— . L2S U.0 

Year 

Revenue L4bn. 1.2 bn. 

Net profits ...... 53.8m- 51.2m. 

Net per sbare... 4258 4.08 


Coca-Cola Company 1977 net 
income rose from $290.7 m- to 
$32&2m., and the company 
said that It anticipates another 
strong year In 1978, Agencies 
report from New York. 

The quarterly dividend is 
stepped up from 38} cents to 
431 cents.' and the company 
said it expects the rising 
trend to continue.’ 

Earnings per share for the 
* full year were ahead from 
$2 .38 to 52 .67. Sales increased 
.from $3.09bn. to S396bn. 

Allied Artists wins 

British acton Sean Connery 
and Michael rain* to-day lost 
a hid to tie up the revenues 
from the film “ The Man Who 
Would Be King" until a court 
case next month, Reuter reports 
' from New York. - The pair 
allege’ they were denied their 
rightful profits from the 
picture. 

In dismissing their claim for 
an injunction against Allied 
Artists Pictures Corporation, 
UJS. District Court Judge 
Lawrence Pierce said the 
acton were not entitled to 
“such extraordinary relief.” 

Citizens and Southern 

The Comptroller of the Cur- 
rency is to end (he suspension 
of trading in Lhe secrfalUes of 
Citizens of Southern National 
Bank with effect from to-mor- 
row. The Comptroller had 
ordered the suspension on 
February 27 pending the re- 
lease of information by the 
Bank. 

The Bank announced on 
Monday that its top officer had 
resigned and tfaat .lt may re- 
state 1977 earnings fo show a 
loss. 


77ixj announcement appears as a matter of record only. 


EPSI— Empresa de Polimeros de Sines S.A.R.L. 

US$12,000,000 

Medium-Term Loan 

Guaranteed by: 

Banco Totta & Acores 

Managed by: 

Banque de l’lndodiine et de Suez Banco Totta & Acores, London Branch 

Societe Generate 

Co-managed by: 

Society Generate de Banqne 

Provided by: 

Sorietf Generale de Banqne Banqne de I’lndodune et de Suez Banco Totta & Azores, London Brandi 

Sorifie Generale Banqne Francaise da Commerce Exteriear Banque RodudnM 

Cta*e Manhattan Bank NJL Manufacturers Hanover Banqne Nonfiqne UmonMedHezranesmede Banqne 

Banque Commeraale poor FEnrope da Nord Banco Pinto & Sotto Mayor Banqne Franco Portngaise tT Outre Mer 

Agent Bank: 

Banque de l’lndochme et de Suez 


GERMAN COMPANIES 


Overheads limit Daimler-Benz 



BT GUY HAWTIN 

DAIMLER-BENZ, the West Ger- 
man car and commercial vehicle 
builder, has reported % year of 
stable profits: as a result of a 
well-above-average increase in 

sales of its highly successful 
motor cars, profit development 
in 1977 was positive, to-day's 
report said. 

Although the preliminary 
report on last year gives no 
profit figure, it slates that per- 
sonnel and raw materials costs 
rose by DM800m. — well above 
1076's increase of DM500m- It 
bad been possible only partially 
to offset the rise through in- 
creased prices, said the company. 

Surprisingly, perhaps, for a 
concern whose customers are 
prepared to wait up to two and 
a-balf years for motor cars, 
Daimler-Benz seems not entirely 
happy about the motor in- 
dustry’s prospects over the next 

few years. However, in the car- 
making sector at least, -tilings 
look bright, with tbe inflow of 
orders from home and abroad 
strong across its entire range. 
Despite increased output, says 
lhe report, production is still 
well below the. group’s delivery 
capabilities. 

However, in the commercial 
vehicle sector, things are by no 
means as good. Daimler-Benz; 
like many other West German 
commercial vehicle manufac- 
turers, saw domestic output fall 
last year, — it declined by 3.1 
per cent, to 187,300 units — and 
there seems to be little prospect 
of a fall recovery tins year. 

The report, which points out 
that 1976*s production figures 
were particularly big h, states 
that the pronounced weakening 
of demand in important export 
markets in the last few months 
of 1977 was only partly offset by 
an improvement in home 
demand. Last year's dedine par- 
ticularly affected trucks in the 
sax tonne range and upwards, 
and current plans allow for a 
further decline in output of 
medium and heavy vehicles. 

But on the plus side, the con- 
cern’s new range of transport 
vehicles In the up to four tonnes 
class has been doing very welL 
Orders for these vehicles were 
well above expectation last year, 
and a considerable increase in 
outpat is planned for 1978. 

Daimler-Benz’s report, how- 
ever, goes on to say that further 
predictions as to the develop- 
ment of the West German car 
industry are impossible. Tbe in- 
dustry, it says, Is heavily depend- 
ent on exports, and the current 
economic climate is' one of un- 
certainty. 


The group la dearly concerned in the Nine. ■ But ■ against that 
about West Germany's ability to must -be set the enfeebled condi- 
ma-intain its international com- tion of the International: steel 

petitiveness.at a time when both market as a whole. 

costs 4he value of the As for the West German 
Deutsche Mark are moving -up- domestic scene, FKH notes’ low 
wards: it is also very worried use of capacity in many sectors, 
about the - effects of new U.SL thin order books and a nse in 
legislation on fuel consumption, the Deutsche Mark which, it 
exhaust mission and noise' says, will make it more difficult 
levels. This could steer the for' German exports fa remain 
motor industry in a completely, competitive. AH this wul clearly 

new ' direction in toe technical food back to the steel industry,', 
field, and save it new and rtiffi - The company ' does not yet 
enti tasks. ... specify its losses, noting only that 

Last' year, group turnover for .there has been a worsening .of 
the first time passed the DM2Qm. the earnings position. Jn 1976 
mark. It went up to DM25fibn. it registered an operating loss 
(?12Jbn.) after 1976s DM23.5bm, of DMS8m. There has been no 
and with it Daimler-Benz’s turn? dividend paid since 1974. 
over has now- risen fourfold- in Total turnover feu by 5 per 
ten years. cent, against the year before to 

jss £ mssme SSeSSSiS 

sssjffissj ms szsszsr* - 10 

la the car sector rose by 17 per vr„ i* • j j 

cent to DMllbn., and accounted IN O QlVKwIHi 
for about 52 per cent Of' the ^ 

domestic group's total sales. Last of l J l*PTICfiSI4T 
year, cars accounted for 48.4 per . at x 1 
cent of the domestic operation’s By Adrian Dido 

Turnover in the commercial _ a r? 1 2 ‘ ' 

vehicle sector remained. virtually' RREUSSAG, the West German 
unchanged at DM9.4bn.— it was base metals, energy and construc- 
DM9 3b n. in 1976. At the same tion group, confirmed to-day that 
time, sundry turnover, stemming it had suffered - losses in 1977, 
primarily from industrial engines' and warned shareholders that it 
and repairs, went up from would not be able to pay a diyi- 
DM600m. to DM700m. . dend for the year. - 

Production for the first time In a preliminary report on the 
exceeded 400,000 unhs in the car year, whit* also- included re- 
sector. After an increase of about suits for the last quarter- of 1977, 
20.000 units in 1976, it rusaby Preussag made it dear that the 
a further 31,000 units to 401,200 continued weakness of the zinc 
—an increase of 8.3 per cent, market was the most important 
which was well --above the single cause of its difficulties, 
industry’s average 1977 growth The company is both a miner and 
rate of 63 per cent Since’ 1971, smelter of the metal, and has 
the concern’s car output ' has recently warned that it fears a 

further softening of the producer 
price from the current $600 per 
tonne, meaning a further 
accumulation of metal stocks 
and possibly short-time working. 

Relatively flrnr market condi- 
tions for lead, the D-mark price 
of which rose by 10 per cent 
during the fourth quarter: to 
BONN, March 2. mil ,435 a tonne onaverage. were 
IN COMMON with many of its not good enough to outweigh 
European competitors. Fri ed; Josses on zinc. .Tbe year’s tum- 
Krupp Huettenwerke (FKH) — over for Preussag’s metals dlvi- 
the steel-making arm of -the sian. accounting for about one- 
Krupp concern— had another, third of group sales, was down 
kiss-making year in 1977. and' by 43 per cent, to DM802m. In 
sees no sign of an early improve- addition to the 'fundamental 
ment in demand. - weakness of the market for zinc 

In an interim report ' the and for other metals including 
company notes that the decisions cadmium and copper. Preussag 
of the EEC Commission: in suffered" from the dollar’s decline 
Brussels could bring an Improve- against' the D-mark, 
ment for the steel market with- There was little change dur- 


risen by 41 per cent 

Krupp steel 
in deficit 

By Jonathan Carr 


log- tbe year tn the fortms 
the company’s leasing,. big ' 
for rail and river tankers 
tank farms. However, U - 
ported a profitable year # V 
oil and chemical interest!, 
a modest increase in sal# 
DM4=X2m. for the year. . : • 
Preussag’s coal saleK'J ■ - 
those of “Other West 
mining companies, decUngf .- 
year. A more cheerful note 
struck by its buildlng.-adfe 
Which showed a rise 
and activity during- the 
half - of ' the year— tbot ’ 
board, reported that pm 
in this area remained 
factory. 

As a result mainly of fh& 
cutties ' of the metals~dM' 
group sales were dowrf-^ 
DM2.67bn.- -to ' Bids 
(SlJSbiL). The group dfip 
indicate' the final size oMy 
ported loss for 1877, but i ' 
suggest that it would fad! 
covered by the inclusion 
operating items These aifi 
to include! for the flirt ‘a® 
dividends from Preussag’!^ 
cent holding in Patino N.V,\f 
Dutch-based' mining haqBf'L 
which the German gnrapffl' 
tryingAo negotiate majarsj 
trol in order to broaden’ 
range of its metal interest - 

Kloeckner I& 
of DM95.8 % 

By- Our Own C o rre sp ondfiM 

FRANKFURT, Maxtir 
KLOECKNER-WERKE 
holders were today 
that the group's 19..., 
amounted to DM95JSm. 

While this is scarcely eneft 
ing news,-, at least the bus 
year’s losses had- not exce 
the DM 100m. -mark as some j 
mists were forecasting. 

For 1975-76, the concern; ; 
Germany's third largest ^ 

§ reducer, reported a .Ids 
M95m. Last year, as in 191 
Kloeckner-W erke’s losses ' • 
attributable to the depit 
steel sector: Today's 
states that 1976-7Ts result 
be “distinctly more negative 
the steel sector than the pre* 
year’s- losses of DM135m. ? - 
Profits from the proce 
sector have not reached 19$ 
“healthy ” DM40m. How 
last year’s losses have-, 
partly offset by increased 4 
elation and utilisation of 
serves. Also there was a 1 
from a very successful y 
performance in mechanical, 
neering and steel fabricate. 


EUROBONDS 

Sterling 
. discounts 

By Francis G bites 

DURING THE first day of 
dealings, the two new sterling 
issues had a rather rough time. 
The Allied Breweries bond which 
had been priced at 99 j went to 
a discount which was larger than 
the li per cent, selling group 
commission. It closed at 97H- 
The FJFI issue which had been 
priced at pac closed at 9SM- 

Araong the reasons which 
explain such a weak performance, 
dealers were quoting the 
announcement of the £20m. bond 
for Citicorp which tended to 
distract demand for the other 
two offerings, a firmer dollar 
yesterday and the sharp fall in 
share prices on the London 
Stock Exchange. Prices in the 
sterling sector were off by l to 
i in sympathy. . 

The dollar sector was steady 
again, with prices somewhat np. 
The Floating Rate Note (FRN) 
market was more buoyant than 
the fixed rata dollar sector. 
Demand for the Sumitomo 
Heavy Industries FRN was so 
strong that it was increased by 
85m. to S25m^ and the Tmnin-miq 
coupon rate was* cut by a full 
half point to 5,} per cent, thus 
bringing it in line with the 
coupon payable by Japanese 
banks on FRNs. 

The 5100m. notes for Euro- 
pean Investment Bank, carrying 
a coupon of 83- per cent were 
priced at 99.61. to yield 8.70 perf 
cent by lead manager Merrill 
Lynch, while the SZOOm. bond 
for the same borrower, .carrying 
a coupon of 9$ per cent were 
priced at 99.55 to yield 9.30 per 
cent Both these bonds and notes, 
in contrast to most Yankee issues, 
will only be offered in the U.S. 

The D-mark sector was quirt 
again yesterday with investors 
more interested in new paper 
than old. Fears remain about 
the authorities bringing in 
further controls this week-end, 
although most bankers continue 
to discount such a development 

Brazil’s largest iron ore com- 
pany Companhla Vale Do Rio 
Doce will float a Sw.Frs.50m. 
bond later this month through a 
group of banks led by Swiss 
Bank Corporation. Terms are not 
yet . known. 



BY JOHN WICKS 


• • IK ■: • 

■A# ‘ ■ -*• 


“VERY SATISFACTORY earn- 
ings" were attained by Union 
Bank of Switzerland last year, 
net profits rising by Sw.Frs.33ra. 
to Sw.FnL267m. The dividend is 
unchanged at 20 per cent. 

Shareholders will also be asked 
to approve an increase in share 
capital ftom Sw.Frs.l.05bn. to 
SwJ?rs.l.lbQ. Wifa the UBS 
balance sheet total rising by 
nearly - 7 per cent to 
SwFrs.‘56A2bn^ the increase is 
needed to maintain the statutory 
ratio between equity and liabilt 
ties. 

The capital increase will be 
effected by a one-for-20 rights 
issue of 82^570 Bearer shares of 
Sw.Frs.50O nominal value and 
87,150 Registered _ shares of 
Sr.Frs.100 nominal value. Tbe 
two categories of share will be 
priced at Sw.Frs.1,250 and 
Sw.FrsJ250, respectively. 

Interest earnings, including 
income from bills and money 
market paper, rose by 
Sw.Frs.67m. to Sw.Frs.604m. last 
year despite lower margins — 
though the situation in this sec- 
tor “deteriorated noticeably" in 
the final quarter. Commission 
income increased by Sw.Frsfl9m. 
to Sw.Frs.529m., due primarily to 
a larger volume of letter-of -credit 
business. 

In the balance-eheet foreign 


ZURICH. Marci 2. 


assets accounted for 54 per cent 
of the total, managing director 
Dr. Robert Holzacb said in 
Zurich" today, and some 40 per 
cent! of all assets were held -In 
forefgb currencies. These ratios 
bad remained about tbe same for 
the past three years. The 
respective ratios of total liabili- 
ties bad fallen slightly to. 44 and 
36 per cent - 

Total lendings rose 12 per 
cent, fa Swjffe.23.49bn, mort- 
gage loans accountings for some 
SwJrs-lbn. of the growth. While 
the sum due from banks! went 
up 9- per cent, to Sw JrsflL5bn. 
On tbe liability side, total 
deposits were higher by 8 per 
cent at Sw.Frs.32bn, the amount 
due to banks falling by 2 ■ per 
cent, to SwJrsJ.6Bbn. 

Wtih regard to the recent 
Swiss measures restricting . the 
sales of securities to non-resi- 
dents. managing director Dr. 
Nikolaus Senn said this was 
likely , to lead to a deceleration 
but not to a change of direction 
in fbe trend of capital-market 
interest, rates in Switzerland, 
given existing liquidity levels. 

. He said it was possible that the 
future quota system, by which 
non-residents can participate in 
the purchase of foreign bor- 
rowers’ Swiss-franc bonds or 
private-placement notes, might 
foresee varying quotas according 
to the nature of the individual 
Issue. 


Kockum’i 
aid decisio 
postponed 

By. John Walker 

STOCKHOLM, March 
THE GOVERNMENT have' 
poned the decision on the : 
of aid to give to Kockum’ 
Malm a the only major Sw4 
shipyard still in private xn 
ship, following the comps 
request to lower the loan gffl 
tees on the third LNG’ tiu 
being built On the yard'll 
account. Kockums have roeg 
an order for two ro/riji s 
which will help to main 
employment at the yard. 

Kockums is in a difficult] 
tion due to its low level 
liquidity. In the . meantime; 
Government are planning fa 
before Parliament new :. 
posals covering tbe shipbufli 
industry which they expect 
lay before Parliament In A 
It is understood this will inej 
assistance . to . ease Koc& 
liquidity position. ‘ 

. Last year the GovBrdq: 
granted guarantees, to Kocto 
amounting to Kr.6Q0m. 59- ; 
the yard could build a . set 
LNG tanker on its own accfl 
In return the company agrep 
participate in the analysis af 
future of the Swedish sfaipjt 
which was carried out ty 
Government-appointed ..COM 
tee. The size and form of 
aid will be announced in. Api 


jSvenska Varv 

By Ray Dafter 

SVENSKA VARV* one of 
Europe's largest shipbuilders, is 
establishing a new company 
called Oce>n Terminals to supply 
oil field operators with a new 
offshore storage and transporta- 
tion system. 

The system is based on a con- 
verted oil tanker moored in a 
special way' next to a field’s pro- 
duction .facilities. Tank testing 
has been completed at the 
Swedish Ship Research institute, 
Gothenburg, for tbe system which 
allows a 250,000 dead-weight tons 
tanker to be permanently moored 
n North Sea conditions. 

Wobacco Investments of Lon- 
don. which has assisted in the 
development of the mooring 
system and the formation of the 
joint venture, said that floating 
storage would eliminate' further 
extension of shore tank farm 
terminals, such as Sullom Voe, 
Shetland Islands, 


TtrisannouixxmentappesuxasanialtBrafrecordonty. 

PRIVREDNA BANKA 
ZAGREB 


US$14,000,000 
medium terra 
loan 


US$14,875,000 

buyer credit 
guaranteed by EC.G.D, 


provided by . 

UpydsBank Barclays Bank ~ 

International Umited International Limited 


arranged by: 

LLOYDS BANK INTERNATIONAL LIMITED 

AMembercItheUoydsBankGmup 



■ r 




25 




,_Tlnai^^/3toes. Friday Tffarch 3- 1978 


NTERNATIONAL financial and company news 


bond market 



issue 



ta--*. 

i» ' i : : i 
=Y- : ,i 


«n 
j.i: ' 


•. , SIGN lnstitufrm* * may 

. "be aUowed ft underwrite 
yeoHienoBftlmrtwi place- 
'• .* .an the Tokyo bond mar- 
. "MScnrding to-soyroes at the 
itry of Finance. (MoF). The 
... ation of - rifles, which 

. i.wly timit-i&reign parti d- 
b ; to the .two American 
* , ities . companies already 
iished in Japan, may.be in 
, before April.. .when yen- 
. minated isstresr are expected. 
; -each an all-time monthly 
of Y.lOObn. $415m.). 

:has ‘also r been leaned that 
.' s World Bank; - is p lanning a 
. J 9~yen issue in Juae of 
ad yiofflbm. ' • 
feign securities companies 
probably be limited to selling 
-i* to non-resident Investors, 

.. - it remains to be seen whether 
MoF.- will .simultaneously 
• f.its informal celling on the 
flit, of a yen-denominated 
> which can be placed with 


. . . . V. 

dT OOUGLAS RAMSEY 'AND TOKO SHfBATA? IN TOKYO 



overseas investors, fown roughly 
15 to 20 per cent) 1 .: : 

Foreign • underwriters - have 
been itching to. jcilp. in- the yen 
bond boom as underwriters, not 
least in return- lor liberal access 
which. Japanese underwriters; en- 
joy overseas. .. The yen-denomi- 
nated bond market, moreover, is 
one of the fastest growing hi the 
world. For this year the target 
is Yl,000bn. ($t2bn.h-perhaps a 
fifth of all international : bonds 

3ikelyto .be Issued worldwide. 

The latest issue, for the. French 
Railways (SNCF) matte., one of 

the - first' - public issues on ttyi 

Tokyo market which do^not cai^y 
a government : guarantee, - and 
this seems to . confirm, tl 
MOF is . now ready to ol 
door to non-government 
(although no strictly priy< 
ti National corporation ^ 
applied to borrow in Tol 

Some - foreign . fc 
course, .' have been 


from issuihg just now because 
there is a/ widespread belief that 
the Banfc.of- Japan trill be forced 
to cut its official discount rate 
from 425 ‘ per cent- to 3.5 per 
cent ok so shortly. . The Asian- 
Development Rank, in particular, 
decided this week not tp raise 
the Yjtpbn.' originally planned 
for Search ' until market condi- 
tion^ improve. 

Between now and June* -the 
raster of borrowers looks like 

ms : -•■. ... 

• March:, apart from : SNCF’s 
Y20bn. placement, .The'-' Philip-' 
pines will raise Y15bxu ' this 
month. 

• April: Malaysia will -raise 
YI5bn„ Sweden. YSDbn., Norway 
between Y20bn. and Y25hn_, 
Spanish ' National. . Railways 
(R7NFE) Y15bn„ and the Gov- 
ernment of Argentina YT5bn. 

• May:. the European Rail and 
Rolling Stock Corporation based 


in Switzerland, Eurofima. 
raise YlObn.. BrqzOia 
Development Bank Ylobn. to. 
Y2Qbn„ Venezuela ' at . least 
Y40bn., and the Province of 
.Quebec Y25bn. 

In the meantime, the market 
in private yen placements will 
be- extremely active in March 
after a lull in February .when 
none were recorded. The roster 
includes the Republic of Panama 
(YlObn. for 10 years), the Indus- 
trial and Mining Development 
Bank .of Iran - (YlObn, for 10 
years), and Brazil’s State com- 
pany, Electrobras. (YlObn. for 
I2_years) 

There have been, rumours 
since December that Italy’s ENT 
will also raise funds in Tokyo, 
via either a public .or 'a .private 
placement, but sources say -that 
the. issue has been stalled by 
ENl’s inability to - get final 
approval from the Italian Gov- 
ernment. 


apan 
ates for furthe] 



repayment 
debts 


Kfi 


v^. ( 


, IY -CMMJ&SMmi 

^ ^ K [](•]* AN LINE, which asked Its to be rescind tiled in fiscal 1978 Industrial Bank of Japan said 
fit I anese bankers- last December to aboutVObm - None 1 ' ‘of - .the to-day that in order to co-operate 

1 * # ?lyM reschedule some " Yllbn.deb.ts to-be rescheduled 4$ owed fully with Japan Line’s request 
* * ' ‘>m.) worth of debt due for to forejso banks: ■ These' -are for rescheduling the commercial 

? Ca-aymeht in fiscal year 1978, owed a»Ut- $5Qtey *>utr of ifoe banks would, find -it necessary to 
. , , . • -seems likely tohaye to .seek total doflardenominated/ddit'in- seek the understanding ?.of.foe 
[ ;> ’dicdullng of. almost another curred/>y Japait^Jne of-SSOOm* ®aok of Japan on the flexible 

bn* ($K4m.) - Worth of - debts "biit. d?bts" to-fpreigh huflcsrarill application of certain controls—. 
• lag the same year-'' ' r : continue to - be . .repayed ----oif-' tor example, those relating to 

he main reason for the in- sc ^ 
ise is that it has been found J 
ess ary to include, dollar loans 
roiled to Japan .Line for the 
□ring .of ships ordered under 
Shiku arisen system by over- 
s subsidiaries . and associates) 

idditiont oyen loans extended^j,^, between the distribationi of rescheduling • needs coincides 
the construction, of shirt Japan Line’s dollartienombutfed with the extension of a Y4bn. 
onging .. to - Qi® comp an yS debt 7 and its yen-denominated loan to a deficit-ridden shipbuild- 

debt is that no dollar loansjiave ing company, Sasebo Heavy 
'-been extended by the 'Govern--. Industries, by a consortium of 
ment owned Japan Development banks. The loan Is intended to 
‘a Banlt , 1 - , "• • finance Sasebo’s rationalisation 

<■' JDB is the" main '-aodMte-tif Plan which calls, among other 

■ ' ■ things, for the repayment of 
retirement of allowances Jq LOOO 


'ule. maximum exposure. Regulations 

an’s biggest ‘ 'bvptsear- on maximum exposure, - which, 
itor ; among Japanese corn*- are in the process of being imple-' 
al batiks is the Industrial m«nted in Japan, restrict the per- 
of Japan- with the fwuign mitted amount ot lending to a 
e specialist Bara- - of client as a ratio of the 
o apparently ! a. Ariose capital of the bank concerned. 
An important differ- News of Japan Line's increased 


Ij.-'--- 



. . 

»:.• • 


■anese flag' fleet' 
apan Line's Total dot 
ipminated debt for ship 

Action is estimated, -at ax 

but the: bulk of 
». for repayment 
■S.. The. 


ns due for 
1 add about yifibr 
■‘den already being c; 
3jjnc?e banks as a 


employees who are being invited 

. u, '(fovernmeht-sponsOcrf to retire voluntarily. 

- bJ shipping -development ■ • prir It was also announced to-day 
. — — ~ gramme in which Japan -Line has that debts left by - companies 

,mn Line’s flnaxxrial tffficulnes^ been a participant tts absence which went- bankrupt in Febru- 
other Y3bn. worth/ of debts from the list of dollar creditors ary set a historical record by 
•urrpd in -order/, to .raise means that the burden iXun hr - exceeding Y400bn. The figure 
^ratine funds is af° ukely to t be commercial banks \ip the includes --Eidai which failed last 
vc to be reschedifed.... foreign sector is far graatw titfn week with .debts of around 
This brings the /otal amount in the domestic sector. ; - \ - • YISObn. 


U ill daififetrociemical 

a y Yoko . 

Ill ISi nilirTSUBlSIF Petrochemical. In- 
i' 1 1 strv. a xnJjor manufacturer of 
. . ivlcne /oducts, suffered a 

9 ' rther sfhack in 1977. - The 

rapany's current- profits went 
wn sMtiy, by 79 per. cent to 
-- iGfim. ,iS2Bm.K • falling far 

ort otfthe original target: of 
.5bn. Net profits were YffiSm. 
3.5m.; down 8L3 per cenU on 
los .f Y2tiS.08bn. ($Llbn.), 
;hn&' Y267bn. to 197®. Hot* 
or. be company paid -ft dhfl- 
ndif Y4.00. - / . - - 

5a*ee profit cuts were blamed 
tigging prices of aromatic 
nYnunds and synthetic resins 
i* to stagnant demand. Par- 
^nrly. business performance 
‘he latter half of the year 
lined sharply.-:-; 
he company’s exports 
in Hinting for 11 per cent. t»f 
total sales) weje operating 
l.»r hreak-evext point as a 
iilr of a sharp' decline in 
itnie and .prices; 
n order to improve its finan- 
situation, the company has 
.M*n v tite expansion prdgranunp 
its> Kashi ma complex. The 
ipahy is also a. major partici- 
' rt ’ in Saadi Arabia's petro- 
tbicai project. 


Sound prog^pss recorded 
by GuardiWAssiirance 

BY Olia OWN CORRESPONDENT 

j JOHANNESBURG. March 2. 

RESULTS from Guardian jpssur- gilts, from R137ih. to RlS7m., and 
auce Holdings (South Africa) in listed shares and unit trust 
and itB 77 per cent, owned sub- units, from R38m. to R94m. 
sidiary, :L*berty Life, swtw solid Against the previous net current 
advances in profits fo^the year assets .of RIOm.. there are now 
ended December 31. 7 Liberty net current liabilities of R12m. 
Life which accounts ibr the bulk The figures for Guardian Assur- 
or Guardian’s profit, produced ance, which is controlled by 
a total consolidated surplus for -Guardian 'Royal Exchange re- 
the year up frojn R12Bm. to fleet -Its ; bolding in Liberty Life, 
R15.7m. This, however, owes a but also show a sharp improve- 
lot to the consolidation of ment .in its short-term business. 
Liberty’s 55 jyfr cent stake in pre-fax profit from which rose 
Ftfst Union aJW General Invest- from R1.5m. to R3.1m. Guardians 
ment trust #UGm since July earnings were up from 15 cents 
1 FUGrF apparently contri- to 19 cents and the total dividend 

billed Jurt/verR2m. to the latest fnmr^lOBO rente to cents, 

Liberty idmrovement at the pre- putting foe shares, at 160 cents, 
tax leveyV on a yield -of S per cent 

Aftcp allowing for other fac- — — — — 

tors, anch as reduced preference 
share:' dividends, which followed 
the -conversion of 10m.. conver- 
tible preference shares into lm. 
ordinary . shares, raising the 
issued ordinary capital to 10.9m.. 
learnings per share rose from 
‘ 8fl cents to 100 cents. A weighted 


Expansion at 
Arab bank 

By Rami <!. Khourl 

average of 10.4m. ordinary shares * AMMAN. March 2. 

has been used for Liberty's earn- yBE LARGEST commercial bank 

fogs per share calculation. The j n the- Arab world, the Amman- 

total dividend was raised from based Arab Bank, has reported 

64. cents to- 74 cents. . a Uet profit for last .year oT 

The summarised Liherty S38m^ on cross earnings of 
'ni«aricse*'’peirochemicEl com-’ balance sheet shows gross assets S200m. representing a cross earn- 
' had been sufTenng j up from R479m. to R622m„ again wigs increase , pf .^2 per cent, 
ihtha’ prices fixed at a high • reflecting tho inclusion of Fl-GIT. Tbe bank distributed 57.7m. in . 
»l bv- the Government : which adds another R64 ti. of profit for last year, tbroueh a 
‘SOOO per ion against Y20.000 assets and creates an attribution 22. per cent, dividend on share 

Sr cmmtriesT Howler, j to outside shareholders ,amount- P^V vaiu^ compared to S3.5m. 

rerent decline of the naphtha! ing to R28m,. in the Liberty s distributed in 1976. 

Y3 000 ner ton is cx-i account. Of total investments up The shareholders’ equity has 
by | from R«9o... «. R582m the bir- bo»iorre^ 33 Per erm. to a 
«hn to Y15bn. 1 gest, rises are in scan-gills and total of S125m. 


SELECTED EURODOLLAR: BOND PRICES 


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Trust Bank 
of Africa 
lifts profits 

By Ridurd Rolfe •" 
JOHANNESBURG, March 3. 
TRUST BANK of . Africa which 
was taken over . last year in a 
rescue operation by Bankorp. the 
bank holding company of the 
San lam insurance .group, and 
which has changed its year- end 
so foat its current accounting 
period will be for the 18 months 
to June 30. 1978, has reported 
a. sHgbt increase in profits for 
foe six months to end-December. 

But its chairman. Dr. F. J. du 
Plessis, who said in his statement 
accompanying the latest figures 
that a resumption of dividends 
was “ a couple of years ”. away, 
amplified his remarks last night, 
to indicate that it would probably 
he five to seven years before any 
dividend payments could be con- 
sidered. 

After nre-tax profits of RO.Tra. 
for the. first six months of. 1977. 
the- outcome for the second half 
was K0.8m - (SOUm_> A further 
improvement is -forecast far the 
final six months of foe current 
accounting period and the Board 
considers that a' number of 
significant stepc have been taken 
to strengthen Trust Bank's posi- 
tion. first of which is .Injection 
of R25m. of new permanent 
capital from Sanlam. 

In addition, the new manage- 
ment installed by Bankorp has 
achieved a substantial reduction 
in what yesterday's statement 
calls Trust Bank’s “extraordi- 
narily high cost of funds” and 
has taken tfee first steps lit- “ a 
policy of overall reduction in 
property involvement” This has 
meant disposal of some proper- 
ties which bad ongoing financing 
commitments. 

On Trust Bank’s stake in the 
failed Glen Anil group, further 
provisions are to be made against 
any possible losses and in total 
an amount of RIOm. will have 
been put aside out of existing 
reserves. Trust Bank shares, 
now 30c, are regarded by some 
sophisticated analysts as a 
warrant on tbe South African 
bunking system. 

The latest figures for foe half- 
year to’ end-December from 
Bankorp itself, whic-h controls 
several banks apart from Trust 
including the big merchant bank.' 
Senbank, show that tbe burden 
of carrying Trust Bank has not 
50 far impaired its growth. ' 
Disclosed net profits are up 
from RZ3m. to R35ra.' (84m.) 
and earnings per share, after 
adiu5ting for an increase fn the 
Ordinary shares In issue from 
20.4ra. to 27-2 uj- have improved 
from 11.2c. to J2.9c The interim 
dividend has been raised. from 
5c. on the old capital to 5.6c. on 
the new. holding nut foe hope 
of a total up from 14c. to 15c.. 
in which case the shares at 150<t 
would yield a prospective 20 per 
cent. 

Union Steel’s 
dividend cut 
to 2 \ cents 

By Our Own Correspondent 
JOHANNESBURG. March- 2. 
AFTER RUNNING into difficult 
trading conditions in . the first 
Ihalf of its financial year to 
December 3L Union Steel Cor- 
poration (USCOi slightly 
i improved its profitability in foe 
'second half. But profits are well 
’down compared with 1976, and 
the dividend has. been cut from 
5,5c to 25c. The shares, at 35c, 
nuw yield 20 per cent- 
USCO is directly and indirectly 
controlled by Iscor, foe slate- 
. steel gronp, and AMIC, foe in- 
i d us trial arm of Anglo American, 

) is an important minority share- 
holder. At the current share 
price, it is capitalised ? at only 
R7m„ but net assets in tbe last 
accounts amounted to RdOm^.or 
l3Sc per share. 

The latest figures show turn- 
over, mainly consisting of basic 
gnd fabricated steel products, 
down from R14lm_ to RI26m. 

! Trading profit was down from 
[R14-3m. to R9.4 bl, so that mar* 
i gins fell from 10.1 per. cent, to 
■ 7.5 per cent. After higher depre- 
ciation and interest, even after 
ja negligible tax charge, net 
profit foil from R7Jtn. to Rl.lm. 

I or from I9c to 4c per share. 


•mtm; loader, t*uMr SemtChM. 


; Bank Leumi ' 

iBANK LECMJ informs us that 
iBank Leumi le-l&rae! group total 
1 assets at December 31. amounted 
: to I£l52bn.- tUJ5-39-9bn.j, an jn- 
| crease of S6' per cent on 1876 : 

| ■ In our -report on the ‘ Bank 
ru 1 Leumi results published yester* 
day. the group's balance sheet 
Total, figures were incorrectly 
given, 


medium term 

LOANS 

Improved 

rates 
for Brazil 

By. -Franca GhiMs 

THE LATEST loan - tor a 
Brazilian ' borrower shows a 
mar ked y imp rove ment In terms. 
Electrobras, the state elec*- 
tricity company is borrowing 
5200m. for ten years on - a 
■ spread over the interbank rate 
of H -per cent, throughout. 
Them is a four-year grace 
. period- Joint lead' managers 
are Credit Commercial de 

France, . which is also running 

the books, manufacturers Han* 
over, which is also agent and 
Banfftte Internationale pour le 
Finan cement de I’Energle 
Nndeaire. 

Partici pa tioa fees are i per 
cent, for amonnts of 51m. and 
S2m~ H Rev rent for amounts 
of 53m. aod S 4 m. and . f . per 
cent, for amounts of S5m. 

Another borrower to benefit 
from the easier terms prevails 
fog in the market, albeit a 
ynniier one. Is Tunisia. .The 
state electricity company STEG 
U arranging a $10m. loan 
through Credit Commercial de 
France. ' 

The- horuoweT Is paying a 
split spread -of } per cent, for 
the first five years rising to 
1 per cent, for the remaining 
three, with a four year grace 
period. 

Just signed are three loans 
for ' South- East Asian 
borrowers: A 5400m. eight-year 
loan” for Cement Industries of 
TVfalny ida, carrying a spread of 
i per cent throughout is being 
lead managed by Chase Man- 
hattan AsU. 

A 5130m.. unguaranteed ten- 
and-«-half-year loan for San 
Miguel Corporation of the. 
Philippines, carrying, a split, 
•spre-id of li per cent for the 
first five yeiars rising to 1} per 
cent, for the next three and 
1} per cenL for the last two- 
and-o-ludf is being lead 
managed by Citicorp. 

A' SlOOm. seven-year tm- 
gnaranteed loan for the Pohang 
-Iron afifl- Steel Company or 
South Korea carrying a spread 
of If per cent, is led 1>y Asia 
Pacific Capital Corporation, 

Bahrain OBU 
for Barclays < 

By 'Michael Btanden 
‘ BARCLAYS BANK Inter- 
national is to -open an offshore 
han kin g unit in Bahrain, it was 
announced yesterday. The new 
operation trill provide offshore 
wholesale, corporate and 
related services and will 
engage in foreign exchange 
dealing. 

The bank already has a 
representative .'.office in 
Bahrain, * established in 1975. 


FLOATING RATE CD’S 


A new way of matching 
depositors’ demands 


BY MARY CAMPBELL, EUROMARKETS EDITOR 


LAST year’s growth in foe inter- 
national market for certificates 
of deposit (CD’s) has been well 
documented., CD’s have tradi- 
tionally been fixed rate, and the 
importance of floating rate CD’s 
In this growth has bees 
relatively overlooked. 

The first floating rare cer- 
tificates of deposit (FRCD's) 
were issued less than a year ago 
in London, on April 19,- 1977. 
Since then they have probably 
accounted for about a quarter 
of foe '$5bp. rise in CD’s out- 
standing in the London market 
There are no official figures on 

FRCD’s specifically, but no one 
in tbe market puts the amount 
issued during the last nine 
months at less than Blbn. and 
estimates range above Slibn. 

.The vast bulk of the issues 
has been made, by Japanese 
banks, though . at least two 
French banks have also issued 
small amounts and one Swiss 
bank (Dow Banking') bas made 
a small issue for reasons peculiar 
tn itself. Modest volumes of 
FRCD’s have also been issued 
in Singapore and Hong Kong — 
Chase Manhattan, for example, 
issued Hong Kong-dollar- 
deuominated FRCD's last year, 
while ' Citibank announced 
earlier this week that it was 
issuing .SHKLOOm. worth (about 

Money market 
instrument 

The mechanics of an FRCD 
involve a change, usually every 
six months in the interest rate 
paid to foe depositor. As in foe 
case of a floating' rate Eurobond 
issue, the depositor receives a 
margin' (or spread) over inter- 
bank rates. In the early days. 
FRCDs had three-year maturities 
and offered a spread of a quarter 
of a point In a move designed to 
make them appeal to Eurobond 
investors (rather than merely to 
the money markets), a few even 
had minimum, though low,-:limits 
set for foe interest rate payable: 

By now, however, FRCDs have 
become much more clearly a 
money market instrument. They 
are issued in denominations of 
up to Sim. and for maturities 
ranging down to IS months. In 
the rase of shorter maturity 
issues, foe spread may be . lower 
than a quarter of a point and 
may fall from, say. a quarter dur- 
ing the first rollover period to a 
sixteenth by. the last . ... _ 

, It is easy to see why FRCD's 


should have been attractive to 
depositors, particularly in recent 
months: U.S. dollar rates have 
been .expected to rise, and : foe 
depositor, could look to receiving 
more interest as rates generally 
go up. If he "put his money a fixed 
rate CD of an 18 montb or three 
year maturity, he would be stuck, 
with that rate, while.the payment 
of a spread over inter-bank rates 
made the FRCD more attractive 
than a simple short term depqsif. 

The attraction of FRCDs is 
reflected in the fact that they - 
have been extremely difficult to 

acquire on foe secondary market 
— those who have e°t hold of 
tbem are bolding on to them. 

Liabilities to 
balance assets 

' Tbe reasons why the Japanese 
banks have wanted to issue them' 
are rooted in Japan's banking 
structure. Under Japanese regu- 
lations, only the so-called long 
term banks and the Bank .of 
Tokyo (historically, Japan's 
foreign trade bank) have been 
permitted to issue -floating rate 
Eurobonds. The Japanese com- 
mercial ( u city”) banks, which 
have carried out the bulk of the 
last few years' expansion in 
Japanese . banks' floating rate 
medium term Eurocurrency lend- 
ing, have long wanted to be able 
to build up long term, but float- 
ing rate, .liabilities ta match these 
assets. 

At this moment, with a flat 
yield curve and interest rates 
forecast to rise, they might be 
expected to prefer to fund 
themselves with fixed rate CDs. 
However, perhaps because of the 
unfortunate experiences they 
bad a few years ago making 
fixed rate loans on the basis of 
floating rate deposits, foey 
apparently put a high premium 
on matching tbe interest rate 
they pay with foe interest rate 
they receive. ' 

They have also since last June 
been required under Ministry of 
Finance (MOF) regulations to 
match any Eurocurrency medium 
term lending foey do with 
deposits which have maturities 
of at least one year. The interest 
rates they receive on their loans 
are lied to foe three or six 
month intcr-bank rates, so that 
foey cannot simultaneously 
satisfy the MOF and match 
interest rates by issuing fixed 
rate CDs. Issuing FRCDs is one 
solution to this problem. 

However, a cheaper solution 


exists in the floating rate long 
term deposit. It seems that 
Japanese hanks in particular are 
taking an increasing, proportion 
of their longer-term deposits on 
a floating rate basis— a relatively; 
new technique. On these 
deposits, they would pay inter- 
bank rate,. rather than the 
premium over it payable on 
FRCDs. 

. The advantage of FRCDs over 
variable rate deposits is that 
they are made by different 
depositors from tbose the 
Japanese banks might normally 
be able la tap.' 

The procedure for the issue of 
FRCDs involves the use of an 
intermediary who charges a fee 
—usually i per cent, of foe face 
value for each year of. the 
maturity, hut sometimes less. 
This fee is paid to the inter- 
mediary to sell the CDs. Market 
sources say that U.S. houses, 
notably Salomon Brothers, have 
cornered foe lion’s share of the 
business of placing FRCDs, with 
Credit Suisse White Weld tbe 
sole bastion of European 
interest 

Provided fears that the 
Japanese banks are over-saturat- 
ing the market do not materalise, 
it currently looks as though 
FRCD's will continue to expand 
very fast. The Japanese city 
banks are reportedly- now issu- 
ing FRCD's in much bigger 
volumes than traditional fixed 
rate CD's. 

Importance to 
the market 

In January, when foe volume 
of CD’s outstanding in the Lon- 
don market fell back by $lbn. 
or S.3 per cent, to S22bn^ the 
volume of Japanese banks* CD's 
outstanding fell back by only 2.4 
per cent to some $2} bn. 

Their importance to foe 
Japanese banks is likely to. mean 
that FRCD's will become ever 
more important fn foe CD market 
as a whole, simply because foe 
Japanese are still the' biggest 
growth- area of CD issuing. • 

By January. Japanese banks 
in London were responsible for 
over 12 per cent, of all London 
issues outstanding: - a year ago 
the figure was under 10 per cent, 
and two years ago — before their 
latest push into international 
lending had got under way at 
all— under five per cent One 
specialist is predicting that foe 
outstanding . volume of FRCD’s 
will reach S2bn. within weeks. 


• THIS ,ADVERTISEMEN T APPEARS AS A MATTER OF RECORD ONLY • 


"\ 


DALMINE S.p.A. 

Guamnteedby 

FEVSIDER S.p A. 

US$26,000,000 

- Medmm-Term Loan 
Arrangedby 

CKEDITO ITAUANO 


Managed by 


CREDITO ITALIANO, LONDON 


HAMBROS BANK LIMITED 


MARINE MIDLAND B ANK 

STANDARD CHARTERED 
BANK LIMITED 


Allied Bank and Trust Company 
(Bahamas) Limite d 

The Bank of Tokyo, Ltd. 

Banqtie Canadienne Nationale (Europe) 


Funds provided by 

Creditp Italiano, London 
Hambros Bank Limited 
Marine Midland Bank 
Standard Chartered Bank Limited 


The Chase Manhattan BankNA, 
Nassau Branch 


AgentBank 

CREDITO HAUANO:-LONDON 




Ffeaadal Times Mday Bferch a .197$ 


Arab airlines interested 


in leasing Concorde 


Scotland 
to seek 


I APPOINTMENTS 


i V' V‘- \ ' 

■ j ■ 




Lord Brabourne joins Thames TV Boari 


BT MtCHAH. DONNE, AEROSPACE CORRESPONDENT 


THE POSSIBILITY of jointly 
leasing a Concorde supersonic 
airliner for services between the 
Middle ' East and New York is 
being discussed by Middle East 
Airlines of the Lebanon and 
several other Arab airlines. 

Mr. Asad Y. Nasr, chairman 
and president of ME A, said in 
London yesterday that the air- 
line had always been Interested 
in Concorde, and in the posi- 


tion was becoming more stable, 
it was renewing its interest 

The airline could not afford 
to buy a Concorde, but the pos* 
abilities of joint operation with 
either British Airways or Air 
France -now seemed brighter, 
especially if other Arab airlines 
could participate. 

Accordingly, it was discussing 
the situation with Alia of Jordan. 
Saudia of Saudi Arabia, Syrian 
Arab Airlines, Kuwait Airways 


to dispose of Its share of five 
unsold Concordes. The aircraft 
are in final assembly, at Fllton, 
near Bristol, and at Toulouse. 
The first two win fly this year. 
So far. there are no buyers or 
lessees. nnH the futore of the 
aircraft is uncertain. 

Mr. Nasr said that after the 
civil war and emergency in the 
Lebanon, the airline had re- 
covered strongly and expected to 
have a £3m. profit for last year 


greater 
investment 
from U.S. 


and New York, with a refuelling 
stop at Toulouse in France. 

The financial and operational 
difficulties because of the recent 
civil war in Lebanon had made 
it impossible for ME A to con- 
tinue with its original discussions 
on Concorde, begun in the early 
1970s. But as the airline's posi- 


been taken, but the airlines have 
shown interest. 

The MSA interest should be 
welcomed in the U.K,, where 
British Airways has said it is 
anxious to discuss with other air- 
lines the possibilities of joint 
operations. 

The U.K. Government also has ' 


It had suffered a severe re- 
verse from high profits, which 
in 1974 was over £7m~ with a 
net loss' during the emergency 
years of about £6m. 

From now an, he expected 
profits to return to the pre- 
emergency levels by 1980, and to 
increase steadily. 


City pegs 
commercial 


Dumping of waste in sea 


expected to increase 


A BIG drive to attract U.S. invest- 
ment to -Scotland is to be 
launched next -month by the 
Scottish ' Development Agency 
with -the first visit by Mr. Lewis 
Robertson, its chief executive, 
to New York and Chicago. 

Mr. Robertson, who will be 
acompanied by Mr. James Gome, 
the agency’s bead of information, 
is to spend 10 days talking to 
industrialists about the prospects 
for siting European manufactur- 
ing bases in Scotland. 

The agency is also hoping to 
encourage the formation of more 
joint ventures between U.S. and 
Scottish companies on the basis 
of technological co-operation. 

Over the past year the agency 
has been steadily building no its 
overseas promotion activities, 
using the «»xi sting expertise of 
the independent • Scottish Coun- 
cil (Development and Industry). 

Next month's visit will be based 
largely on information supplied 
by the council 


rates level rnanoal times reporter 


North Sea 


By David Churchill 
COMMERCIAL ratepayers In 
the City of London will have 
their rates pegged this year, 
although the relatively few 
domestic rates will he cat. 

Bat both domestic and com- 
mercial ratepayers will have to 
pay separate water charges 
from April 1 as the Thames 
Water Authority has decided to 
bill customers directly. 

The City corporation's 
reco mm ended rate for the next 
financial year will be 7‘L69p in 
the £, with domestic rates 
50.79p after Government relief. 
Hie rate for mixed use will 
be 63.19p. 

The rate yield next year is 
expected to be £158.4 iil, and a 
farther £5.1m. will be taken 
from balances to meet the 
budget figure of £16&5m. 

Of this total, the Inner 
London Education Authority 
will require abont “£90m. and 
the Greater London Council 
about £36m. 

More than £6m. will go into 
the rate equalisation scheme 
based on the needs of indivi- 
dual local authorities. The City 
corporation is the only London 
local authority not to benefit 
under this scheme. 

Avon County Council yester- 
day announced rate rises of 
only &3 per cent, one of the 
lowest increases among the 
shire conn ties. The news will 
be welcomed by the Govern- 
ment, which is hoping that the 
overall national rate rises will 
be below ID per cent, this year. 


SEVERE RESTRICTIONS on the 
use of British agricultural laud 
could lead to greater demands 
for dumping at sea of industrial 
waste and domestic sewage, says 
a report published yesterday by 
the Department of the Environ- 
ment and the National Water 
Council.' 

The object of the report is to 
provide data for immediate use 
by sewage disposal authorities 
and provide a base for future 
disposal strategies for industrial 
sludge and domestic sewage. 

The survey highlights the high 
costs— up to £10.54 a tonne for 
sea disposal — and changing 
methods of disposal used in Bri- 
tain, which will have an Impact 


on the demand for sewage and 
sludge processing plant 

Nearly a quarter of all sewage 
sludge produced in Britain is dis- 
posed of at sea in controlled 
operations licensed by the 
Ministry of Agriculture and the 
Department of Agriculture for 
Scotland. 

There are 12 sludge dumping 
grounds and two more, off the 
Firth of Forth and off the 
Northumberland coast will come 
Into use shortly .for dumping 
another 885,000 tonnes a year. 

Seumge Disposal Data and 
Renews of Disposal at Sea. 
National Water Council, l-Queen 
Arme's Gate. London. SJWJ.H 
9B T. Price £1.40. 


investment 


advice 


Cutlery companies fail 


to respond to survey 


BY OUR OWN CORRESPONDENT 


THE failure of some companies 
in the U.K. cutlery industry to 
respond to requests for informa- 
tion on their operations is 
causing concern among industry 
leaders. 

-The survey, designed to give 
the Government a complete pic- 
ture of the state of the industry, 
has been described as the most 
important ev-r undertaken in 
cutlery. * It could influence 
Whitehall decisions ou requests 
for impart restrictions on cheap 
Far East stainless steel cutlery. 


The initial deadline for the 
return of survey forms was 
January, but officials say that 
they are still awaiting returns. 

Mr. Brian Viner, president of 
the Cutlery and Silverware 
Association, said import penetra- 
tion was now thought to be an 
estimated 95 per cent in volume 
terms, about 86 per cent in value 
terms. 

The "greatest possible im- 
portance " was attached to the 
survey, he said, and some com- 
panies had been “ dilatory ” In 
their attitude to it 


.Financial Times Reporter 
THE REMOVAL of controls on 
British investment overseas was 
urged yesterday by Prof. Douglas 
Hague, Professor of Managerial 
Economics at the Manchester 
Business School. .. 

This would counter the impact 
of North Sea oil in pushing up 
the sterling rate and hitting 
exports and employment in 
British industry. 

He said that' when the oil 
finally - ran out the country 
would have the overseas funds 
needed to build up export indus- 
tries for the next century. 

The belief that Britain needed 
massive investment in manufac- 
turing industry was false, he 
said. "We must not finance sub- 
sidies to investment In capital- 
intensive manufacturing industry 
by taxing service industries and 
making it harder for them to 
provide employment" 


Petition to save 


Notts brewery 


TEN THOUSAND real ' ale 
drinkers in Nottingham have 
signed a petition to save a local 
brewery from take-over. 

They have responded to a city 
"pub crawl" by members of 
CAMRA. the society for real ale 
which is fighting a £13m. bid by 
Northern Foods, of Hull for 
Shipstones Brewery, 


Lard Brabourne. film and tele- 
vision producer, has joined the 
Board of THAMES TELEVISION 
as one of its two independent 
directors, in succession to Lord 
Wolfenden. •» 

★ 

Mr. & E Smyth has become 
chairman of MCNEILL GROUP 
and has been succeeded as manag- 
ing director by Mr. David G- 
Hudstm, who was commercial 
director. Dr. D. B. McNeill has 
resigned as chairman buf remains 
on the Board. 

★ 

* Followi ng- th e su ccess ful offer 
by *D ALGETY for FEDERATED 
CHEMICALS, Mr. G. Terry Pryce, 
Mr. K. M. Parker ’and Mr. J. G. T. 
Hart have joined the Board of 

Federated. Mr. Pryce becomes 
chairman in the place of Mr. John 
Sparrow, who has resigned from 
the Board as has Mr. D. Mather. 
Mr. R. A. Parget er, who continues 
as managing director of Feder- 
ated, becomes deputy chairman. 
★ 

Mr. Stephen Crete*?, Fellow of 
Exeter College -and Lecturer in 
Law at Oxford University, has 
been made a Law Commissioner 
in succession to Mr. Norman 
Marsh. whose appointment 
expires on September- io. . 

.. * 

Sime Darby Holdings and the 
Mercantile and General Re insur- 
ance Company, shareholders in 
the ROBT. ' BRADFORD insurance 
broking group, have made a 
number of changes in the Boards 
and management of the group. 
Mr. Leslie R. Patterson, a director 
of Sime Darby Holdings and 
managing director of Sime Darby 
Western International Division, 
becomes, chairman of Robt. Brad- 
ford and Company and a director 
of Robt. Bradford Hobbs Savill. 
He is Joined on the Bradford 
Boards by Mr. Alan J. Bryant and 
Mr. Don Gardiner, directors of 
Sime Darby’s Western Inter- 
national Division. Mr. David E. 
Richards, of Mercantile and 
General . Reinsurance and a 
director of Robt. Bradford, moves 
on to the Board of Robt Bradford 
Hobbs SavilL Mr. Douglas Grout, 
formerly deputy chairman of 
Sedgwick Forbes Holdings, has 
accepted a Robt. Bradford Board 
post in a personal advisory 
capacity. Mr. John L. Havana ugh, 
director of operations. Robt 
Bradford Hobbs Savill, has 
become managing director and is 
also to be a director of, Robt 
Bradford. Mr. David E. Dowlen 
remains chairman of Robt. Brad- 
ford Hobbs Savill and as a 
director of Robt Bradford. Mr. 
Michael J. Chard. Mr. Charles F. 
Engel. Mr. Geoffrey A. Latham 
and Mr. Jeremy J. ML Lees con- 
tinue as directors of Root Brad- 
ford Hobbs Savill. . 

* 

BROWN SHIPLEY INSURANCE 
SERVICES states that from April 
1 Hr. C. Barker and Mr. G. Ford 
have been elected to serve on 
the Marine and International 
Divisional Committee. 

★ 

;Mr. R. G. Tennant has been 
appointed managing director of 
the Witton site services division of 
IMPERIAL METAL INDUSTRIES 



- and BELL. A now company called 
iffoffat and Bell (Pumps) has been, 
formed to handle sewage .and 
pumping, Mr. Richar d C. H artley 
has been made a director with 
Mrs. Hilda BL Simpson as manag- 
ing director; Miss June D. Days is 
secretary, 

★ 

Mr. Terry Daniel has joined. 
PHOENIX HARDWOODS as a 
director with special responsi- 
bility for tbe further development 
of South American hardwood 
species. He was previously with 
SandeR Perkins. 

★ . 

Mr. Bernard F. Crank has bora, 
appointed managing director of 
.JONES AND ATTWOOD.- Mr, 
ft. A. piBgfaff remains as chair- 

*!"■ * 

-Hr. J. A. F. Utherfand has been 


appointed managing director of 
WEIR POLYPAC. of the Weir 



Lord Brabourne 


Grou?. He was formerly design 
and development director. Mr. Al MacKenti 

' . Me, *. W. Heath has joined- 

to succession to Mr. J. K. Smoot. NORTHOOTE AND COMPANY. Europe. He has also been* 
who is retiring on March 3L stockbrokers, as an associate to the main Board of PubUck 
^ . member. •: d us tries Inc, the U-S.-ba&edn 

* ^ company. - Mr. 

Miss Ruth Spelman and Mrs. Chaurburton has readnuMfS 


-- i 


dus tries Inc, the U.S.-based 
company. Mr. Map 


INGRAM. . ^£ny anil Mr.P. C F. Warren has director, to avoid any pot 

„ *_ . . s been appointed chairman of both inflict with U.S. anti-trust k 

Mr. Rim Cooke has companies in'Ms- place. Following tion. 
managing director of RECORD completion of the revised offer by ★ ! J 

TOWER CRANES, a subsidiary of Rijjiitwi.se, Mr. F. S. Allen has Mr. Kenneth Whitaker 
Richards and Wallingtoa, His resigned and Ml H. SL Robinow appointed chairman of 
appointment follows the retire- and Mr. R. M. appointed DELL HOUSE SECURTrofi 

ment from executive office of Mr. ^ Boards of botto-oncerns. lowing a restructurtoerf--' .. 
David Briecton, who remains on - * company. Mr. Mlefoa'el rS i-Hi 

the Board as a non-executive gj Ronald McIntosh, formerly 1111(1 Andrew Sturt bo 
director. the ddrector-generai .of ■ the £° me managing director 

_ . National Economic Development??^ having special respond 

The Secretary of State for JDe- office, has been app ointed a direc- for residential and enram 
fence, has made the following . FOSECO MZNSEP. development, 

appointments from June L Mr. D. . ■*. ■' _ 

She Monty Fbmiston Is Vbe the Mr. Anthony L Bihaee has 
Chancellor of the USlVER- appointed managing «Erea! 
Aldermastom m SITY.OF STIRLING to -stpeaed PICCADILLY FZNANCmTj 

Sir. W. J. Cnallens. wno is rearing ... th _ a rivnvreivrp ,,■! - ji _ 


Indices 


, T> D-HKTichmantc and Rf- cxlua i/u «ujjr ai. ou oon VJl^nS. ill 

D » El 5 S| , a 53r Sdentist ™tnred from the chairmanship oif resigned as a director ol ‘ 
ZEL Sis «he British Steel Corporation to and Williamson Securities." 

(Army), m place of Mr. Cardwell H e is a direct^ . 

„ _ _ . of Sears Holdings and executive * 

Mr. B. P. L. McMwtriehasbeen 0 f Seats Engineering. Mr. Avery E. Qiope has 


<*** num ° f ^ ■■ 
c. A. SHUtoe Sa, resigned if CROCKER NATIONAL B. 


Plantation Holdings Group, in 
place of Mr. F. E. Humble. g-j 


as the managing -director of ian Francisco. Before \aT 
STAPLES AND CO. 'because of C-ocker, Mr. Cbope worked ' 
continuing flJ-bealth. Mr. J. N. Ctibank to London and be*'" 


Mr. Leo T. Swift, president ^iSiH £&£? ticelS SmtaS 

and deputy manager of the mler- have been appointed Joint manag- bailr in Tin hi in 


and deputy manager oi tne mier- have been appointed, joint manag- baik to Dublin 
national division of Shawmut Bank ^ directors. Mr. P,TL Dennis be- “ 

of Boston, has been appointed gen- com^s gales director 3ni ^ Mr- D. ' 4r ■ 

eral manager of ATLANTIC IN- Sawides, company secretary. Mr. Mr. A. Tram /Tram 
TERN ATI O N AL BANK. Shawmut E.. Speller is 'how senior director boroujhV and Mr D n r n^~~ 
ia one of AEB’s principal share- gnd continues *as financial diree- (Wighm Poland" Reinsui 
holders. ■ - tor. . Broken) have been elected c 

* + man tQd deputy dutfr 

Mr. Richard Roberts has been Mr. Peter Cullen . has been respectively, of toe BROR 

elected president of the ROYAL appointed -managing director of' REINSUI ANCE COMMUTES 
WARRANT HOLDERS ASSOCIA- CULLENS STORES on the retire- 1978. Air. Graham ]H 
TION in place of Mr. H. E. Stevens, me*r of . Mr. W. K. Rogers, who (Sedgwick Forbes UJL) has -~' 
who has completed, his year of remains' on the Board as non* ap point ed chaJmian of 
office. Sir Nevfl Macready is now executive chairman. UNITED KINGDOM CHI ' 

vice-president and Mr. Edward * INSURANCE BROKERS' C 

Bayne honorary treasurer. Mr; Angus MacKenzie- MTTTEE for 3975 Mr j 

* Charringtou has been appointed Deane (Lowries Lambert Gn 
Mr. Leslie W. Maxwell and Mr. chairman and managing director of and Mr. B. Lwrv of rserf- 

Sydney J. Wilson have' been ap- INVERHOUSE DISTILLERS with Forbes Ltd.) mve beeir eie 
pointed to the Board of MOFFAT responsibility for the UJC and to that commitee. 


HOME CONTRACTS 


£21.8m. motorway work for A. McAIpine 


THE Department of Transport 
has accepted tenders for two con- 
tracts, together worth nearly 
£21Bm^ from the Sir Alfred 
McAIpine and Son - Fairclough 
Civil Engineering consortium 
for the Aintree-to-Skelmersdale 
section of the M58 Motorway. 

Work is expected to start soon 
and should be completed in 
about two years. The first con- 
tract ■— for the Aintree-to-county 
boundary section — is for 
£12 A 10,965. and the second, 
worth £9.669.508. is from the 
county boundary to Skelmers- 
dale. 

This section of the M58 will 
run from tbe M57-A5036-A59 
junction at Aintree to Glenburo 
Road. Skelmersdale, and will 
com pi ere the M58. 

Work on the motorway be- 
tween Ainlree and the Mersey- 
ri de-Lancashire county boundary 
will involve building about 3.7 
miles of motorway, including 16 
bridges. 

+ 

INTERNATIONAL COMPUTERS 
is to supply three 1CL 2960 com- 
puters. together worth £2m^ to 
the Automobile Association. Due 
for delivery at the Association’s 
Basingstoke headquarters in 
March, September and November, 
ibe three computers will take 
over the subscription accounting 
of its 5m. members. 


GENERAL INSTRUMENT MICRO- 


ELECTRONICS has won a con- 
tract from the Post Office to 
develop BIOS integrated circuits 
for the Viewdata system. The 
company's teleview system will 
also enable the user to receive 
Teletext signals and provides a 
direct interface to the display 
tube for both systems. The total 
Viewdata system is micropro- 
cessor-based and comprises 
four BIOS LSI circuits together 
with the PIC 1650 single chip 
microcomputer. 1 

ie 

BTR’s engineering subsidiary. R. 
Blackett Charlton, has been 
awarded three contracts totalling 
£2 .6m. b.r ICT Petrochemicals to 
supply critical pipework and 
vessels for three of its Teesside 
plants. 

★ 

SCOTT UTHGOW GROUP of 
Lower Clyde Shipbuilders has 
wan an order tor a £550,000 car 
and passenger ferry for the 
Shannon River in Ireland. The 
contract brings work secured by 
the group this year to about 
I85m. which will keep its two 
specialised yards at Bowling and 
Port Glasgow busy for XS months. 

* 

PMA SALES (MERSEYSIDE) has 
received two contracts from 
Foster Wheeler far 20 Belfield de- 
cantation valves. These valves 
are to be installed on the crude 
oil storage tanks at the Sullom 
Voe terminal in Shetland being 
constructed by BP Petroleum 
Development on behalf of the 


N ini an pipeline and Brent pipe- 
line groups. They wfll be used 
to ensure that oil spillage is pre- 
vented when drawing off water 
settling out to tanks. 

* 

S. VVERMCK AND SONS has 
been awarded a £186.000 contract 
for manufacturing and erecting a 
further 37 chalets and extending 
the amenity block at Penlan 
Holiday Village, Cenarth, Dyfed, 
West Wales. 

★ 

PLESSEY AVIONICS AND COM- 
MUNIGVTIONS has won a further 
Ministry of Defence order for the 
supply of over 650 Clansman PRC 
320 HF mznpack radio systems. 
This follows toe initial MoD order 
for over 1,200 systems. Plessey 
also designs and manufactures the 
frequency synthesisers for 2D the 
Clansman HF and VHF radios, 
plus the antenna systems and 
principal ancillary equipment. 

★ 

WEATHERBIAKER EQUIPMENT, 
Wembiey, Middlesex, has won an 
order earth £300,000 from Tesco 
Storm for 23 Carlyle Type 
50DD > oof-mounted, packaged 
air baud ms units and eight Type 
38SE roof-mounted air-cooled con- 
densing i-niis. 

* 

BRANCHGLEX (CONSULTANTS). 
Cobb am. Surrey, has been 
awarded a contract worth £329,000 
by the British Transport Docks 
Board. Hull, for toe movement of 
a container crane from Newport 


to Hutl and modification of toe 
crane at fiull. crane, which 
weighs 480 tonnes and stands 160 
feet high, will be skidded onto 
a fiat-topped barge and trans- 
ported to HuB by sea. 

* 

BROOKE MARINE (a member of 
British Shipbuilders) of Lowes- 
toft, has received a contract from 
HSI Customs and Excise for a 
33-metre patrol craft, which wfH 
undertake customs patrol duties 
in northern waters. -Jt is due for 
delivery early in 1979. 

* 

JENKINS OF RETFORD, pert of 
tbe mechanical handling division 
of Babcock and 'Wilcox, has 
received an order for their Trans- 
tfcft overhead monorail conveyor 
from Leyiand Cars for its Jaguar 
plant at Coventry.. • The system 
will be installed as -a 680-metre 
loop with two drop sections. 
Designed to carry Jaguar car 
bodies from the new coloured 
body store to the production lines, 
it wifi be an extension of the 
existing TransHft overhead con- 
veying system installed to the 
plant by Jenkins in 1973. 

★ 

CANON GATE CONTRACTS. Rest 
Lothian, has won a further con- 
tract from BP. for furnishing 
senior management accommoda- 
tion, comprising a living and 
sleeping area, in the company’s 
construction village at Sullom 
Voe, Shetland. 


This amaaneemeot appears as a matter of record catty. 


TUS SHARE INI 


February 2 a, 1978- 



¥50,000,000,000 


Commonwealth of Australia 


AUSTRALIA and 
SOUTH WEST PACIFIC 


PAPUA NEW GUINEA 




AUSTRALIA 



NEW 

ZEALAND 


mf 


At Bank of New South Wales we 
really know this area. .. we should... 
we've been here for 1 60 years and are 
the largest commercial, finance, 
investment and banking complex in 
theregion.- 

So if you need advice, guidance 
or information about INTERNATIONAL 
TRADE, BUSINESS. INVESTMENT..; 
ask us... we could help you make a 
success of yourdealings with Australia, 
New Zealand, Fiji, Papua New Guinea 
or the islands of the Pacific. • 

Our help is yours-f or the asking. - 
. Teliuswhatyouwanttoknovit 
plus something about your own 
organisation. We will do the rest 
Write to: ’ 

ChiefManager 
Bank of New South Wales 
29 Threadneedle Street 
London EC2R 8BA 


tit Bank of ISIew South Wales 


Tho bank that knows Australian business best 

Omrt30Qcffkm.Amin£8. NuvZaalend. SanFrandsoo, New Vatk. London Frankfurt, Bahrain. Tokyo. Hong Kong. Smgapu% 
jt/mPapeeNneGu/oo^ F& NawHoMd K. aodfaherUandaefthe flacBz i.» * NmeBnm ki*m itertu 


6.6 % Japanese Yen Bonds 


Series No. 2 (1978) 


Doe February 23, 1990 


Tbe Nomura Securities Co., Ltd. 


Daiwa Securities Co- Ltd. The Nikko Securities. Co,, Ltd. Yanfiaichi Securities Company* 

" . • Limited 


The Nippon Kangyo Kakumarn Securities Co., Ltd.' 


New Japan Securities Co., Lfifc! 


Sanyo Securities Co., Ltd. Wako Securities Co., Ltd. ■ Merrill Lynch Securities Company ^ 

'■ > Tokyo Branch r.-; 


Okasan Securities Co., Ltd, . Osakaya Securities Co., Ltd. Yamatane Securities Co., Ltd. 


Lpeb Rhoades Securities Corporation Dai-ichi Securities Co., Ltd. i Koa Securities Co- Ltd. ; 

. Tokyo Branch ' ^ — : 


Marosan Securities Co^ Ltd. . Toyo Securities C<L, Ltd. Yachiyo Securities Co* Ltd. ^ 


The Raise! Securities Co., Ltd. Koyanagi Securities Co., Ltd. Nichiei Securities Co, Ltd.;^ 


Tokyo Securities Co., Ltd. The Chiyoda Securities Co^ Ltd. Ichiyoshi Securities Co^ Z^td. - 


Maruman Securities Co., Ltd. Meiko Securities Co, Ltd. ' . j Mito Securities Co, Ltd. 


The National Securities Co, Ltd. The Toko Seriirities Co* Ltd. ] Towh Securities Co, Lht: 







TV 


Sfc** **. 

**** 
l>» +fc 



+ OVERSEAS MARKETS 


on 


+ FOREIGN EXCHANGES 


street correspondent 


Dollar nervous 


GOLD MARKET 


ifejMST'- •kohnicRl recffrery 
uyed on Wsa Street to-day on 
j»n huntta* *od short«over-.' 
Srfter- tijfi-:-rnarkefa "recent 
p slide. . ^ 

% Dow Jones indust rial -Aver- . 
i 3L12 . toner at 746.45 
:&e NYSE All Common Index 
.tents harder at *48.60. white 
la.netd a lead" over declines of 
v£o 578. : ,Twnower came t? 
Nbd. shared, Compared-', wkh 
jjpday’B level of 21.01m. 
|ften Tf^tfo .the stock mar-. 
. to a levelltog off by 

«doUar-ozi ioteiffn exchanges. 
#fc added, "that sentiment was 
^helped; by statement ■from ' 
Avne ad of 1 the. House Energy 
|g*»ttep;;.that a three-month 
gyes siohar ■• stalemate on an' 

issy programme may be at ap 

l . A l - a confepeam committee bar 
- a -stalled ; -on - the : plan by 
ure of Senate members to 
ie whether' natural ' gas pric- 


JRSOATS active 

. Stocks 

- traded 

dun Field ....;: mm 
-ac Industrie* 73&M 
■ r- Tel. a TeL^aruw 

a mm 

om muon 

im.tbo 

ter-Dmis-iedL MUM 
■ra] Electric ... 1S8.7D0 
. idetpfala Elect. I3S.4M 
awk Data Sc. 1MSM 


STOCKS -■ 

- Cbuat 
dosing en 
price day 
.23* +2* 

" -4** ‘ +3 
SW- ' + * ’ 
+ f- 

2H- + I 
349 -2* 

M 

«*■ + * 
J« - * 
» + * 


controls should be -continued. 
" t his news conference to-day, 
'\sident Carter .expressed con- 
"' ' nee that the- "dollar would 


improve . against foreign cur- 
rencies. •• . 

. Other. . helpful factors were 
sharp sales rises reported by 
many leading retail chains and a 
private survey's findings, of a 
"near-record rate of January con- 
tracts for new construction. 

. Among Retailers,- J- C Penney. 
Which reported- a . 202 per cent 
sales increase..- rose; f-tp $33*. 
while Sears Jtoeback gained i 
to $24} on a 142 per cent jump 
in sales. 

HOP adV&nced'gs: tb $19} og. 
Signal. Companies declaring that 
it will offer *20 to $21. per share 
-for the '49.5 "per bent -of UOP not 

already owned. Signal- put oh } 
to *28|. . . 

Systro^Donner, -which has 
terminated merger talks with 
Leeds and Northrop,- feff 11 to 
Jt8; but -the latter gained" f at 
*2 Of;- . . . ; -a' -" 

THE AMERICAN SB.- Market 
Value Index picked up 926 to 
128.08 .in fairly -active trading. 
Volume 223m. shares £ZMn.h 

OTHER MARKETS 

Canada rallies .1 

A broad rally took iplace on 
Canadian Stock M&rkets yesterday 
in a fair business, the .Toronto 
Composite Index gaining: .42 at 
1,010.5. (Mis .and Gas rose .92 to 


1,010.5. Oils and Gi 
1225.9, Golds 8.0 to 
1.05 to 242:54, and 
to 162.65, - ■ 


r. Banks 

es 0.84 


SUar Manufacturing, which has 
agreed. to sell its Matta* Forest 
Products unit for *S.8m, advanced 
9 eents to 81. 

PARIS— Shares continued. We£' 
nesday’s good recovery- In lively 
trading/ helped by purchases on 
behalf - of finance companies. 

In Foods, Carrefour advanced 
27; 4o Frail ,365 while, elsewhere, 
fUdJotechnicfte rose 24 to Frs.359, 
La Rcdonte Ifi-5 to FrsABl. Bouy- 
gues 21 to. Frs.418 and Peugeot- - 
Citroen 105 to FrsJ2$5.5. . 

BRUSSELS— local issues were 
again* irregular in quiet trading. 

Fabriqoe Rationale advanced 40 
to BJYs^O, - UCB 14 to 
B.FreJMfl, and . Petrofina 15 .to 
B.Fr&&S5Q, but Sodete' Generate 
Banque -receded 80 to ; B.Frs2,800 
and Cocke rD 9 to KFr&355. 

AMSTERDAM — Stock frrices 
.staged a- modest Tally. 

News that RSV is negotiating 
a major navy deal with Iran sent 
its shares to FIs. 6^0 higher. 
Other Shipping issues- 1 also firmed-, 
led by'KNSM, up F1&3.50. 

GERMANY — After the - recent 
reaction^ share prices were firmer- 
inclined yesterday, although trad- 
ing was hesitant, awaiting the 
outcome of the Bundesbank's 
Central Bank Council meeting. 

Leading -Banks . were - up to 
DM2.10 better*.- -.as in Deutsche, 
while -Engineerings- gained -up To 
DM3 .20, as. in the -case of Linde, 
in Electrical?, Varta rose. DM4, 
while AEG and- Siemens - also 
hardened. . 


it is omitting the dividend for 
1977, shed DM1. leading Chemicals 
and Motors tended easier. 

". The- Bond market rallied, 
further, showing gains to DM0.5fl.= 
for Domestic issues.' The Regulat- 
ing Authorities sold DM5.2m. 
nominal of -paper against DM2. 6m. 
sales the previous day. 

. SWITZERLAND— Prices showed 
a further modest recovery. 

In firmer Banks, Credit. Suisse 
rose ‘45 to SwJrs-2,435 on Its earn- 
ings report, ' and ■ Union Bank 
added 45 at Sw.Fr&3 l 315 ahead of 
the results. 

- Bonds picked' up 'Sharply in 
actix'e " trading, with domestic 
issues "firming by a refund 1 per 
cent and Foreign Bonds rising by 
about 2 per cent. 

MILAN — Market continued in 
mainly firm fettle- 
. Gredlto Italians, Ban ca Com- 
mereiale and Banco Di Roma all 
rose -on continuing -rumours of 
forthcoming capital increases. 
These -rumours, which were re- 
cently denied by IRL the State 
holding company which controls 
the Banks, have started circulat- 
ing again. 

Olivetti, Montedison, Snla Vls- 
cosa and. -Ante .firmed, but 
PtrelU, lmmobillare ' apd Fiat 
eased. 

SPAIN— Selling pressure con- 
tinued unabated, although Banks 
remained ' resilient ' and closed 
largely unchanged. Banco Banesto 
were "actually 6 points up at 21L 

JOHANNESBURG— Golds im- 
proved afresh across the board in 

4m VirrVnr TJtiIHavi . inrli. 



.NEW YORK, March 3. 

catJtonS, but trading was again 
slack ' with little . Overseas 
interest 

Financial Minings, in contrast 
: were .mostly . easier, but- - other 
Metals and Minerals were margin - 
-aHy firmer on' balance. . 

. Industrials closed irregularly, 
with -Afinc io cents higher at 
ARID;, but Tiger Oats 15 cents 
dovm. at R&50. 

HONG KONG— a slightly firmer, 
tone prevailed following a modest 
tauslatssr-with the market showing 
little: reaction to the Budget pro- 
posals. 

■ Hong" -Kong Bank -put on 30 
cents -to. SHKI7.20 despite $ozne 
uncertainty about the effects of 
the banking tax proposals on the 
Banks sector. • 

j online Mathesoa shed 20 cents 
■to *HKI2J0, partly on. selling oh 
London account, but Swire Pacific 
“A” added 5 cents at *HK5^5. 

TOKYO — Mixed ' movements 
were the .order of the day in re- 
duced but still active tra ding . The 
Nikkel-Dcrw Jones .Average edged 
up 3.31 to 5,212.89, with turnover 
totalling 390m. shares -(580m.). 

Borne speculatives rose, with 
.Santa "Sheamsfalp adding • Y6 at 
Y224 and encouraging other ship- 
pings^ Alps Electric advancing 
Y30 to Y775, and Mitsumi Hectri 
Y20 to YS29. “ “ 

Motors, however, were easier on . 
news that- Japan would volun- 
tarily limit car shipments to 
Britain -this year to 1977 levels, 
while the uncertain outlook tor 
the yen depressed some, .export 


Tfce foreign exchange market 
remained very nervous yesterday, 
and once again there were some 
wide movements by European 
currencies against the dollar. 
.Trading was thin, however, 
■reflfecti^' "a general feJuctenfcfii of 
deato to enter this h ig h ly 
volatile market. - 

- Expectations of possible controls 
on the movement of speculative 
funds into Germany was' behind 
the- dollar's early improvement, 
as it rose to- DM2.02 in terms of 
the D-mark. The lack of' any 
news from Germany pushed the 
dollar back to DM19980, but it 
improved at - the doge to 
DM2.0090. . compared . with 
DM2.0150 on Wednesday. 

The dollar touched a best level 
of SwFraJB5 against the Swiss 
franc, but fell to SwJrs.1.8150. 
before recovering to Sw •Fts.lBSSQ. 
at the close, compared with 
Sw.Frs.LS3 on Wednesday. • 

. The dollar’s trade-weighted 
index, as calculated by the Bank 
of England, fell to 90.0 from .90.1, 
while Its trade-weighted deprecia- 
tion, on Morgan Guaranty figures, 
widened to 5.58 per cent from 
5.54 per cent. 

Sterling’s index, according to 
the Bank of England, was un- 
changed throughout at 65.L 

The pound! opened at *19380- 
*1.9395. afid fell to *1.9360-1.9370, 
before recovering to S19445-1.B455 
in the afternoon, and closing at 
$1.9410-1.9420, a rise of 20 points 
bn the day. '•* 

Gold rose *1} to *184-1841, the 


highest dosing level since 
February, 1975. . 


YERT. 


Geld BalHon. 

teflae eases) 

Opening.,,.,. 
Homing ftx'g 

Aftera'n flx'g 

Gold Coin. 
domesttenJly 

Krogomna.. 

finrSoTgu. 
Old B oT*rg m 


Mir- 2 I Mir. 1 


*184-10421 *1B3>«-18* ] 

51B2t B -103U 8183«*-184 | 
S 103.50 $103.80 1 

(£94.817) ' (£94A7^ A 
8184.35 - 8188.60 M 
(£94.925) (£93.975) 3 


819BU-1B4U IS 196. 194 
(£99-100)- I (£99-100) 
S58-60 |550U-601a 

>(£2934-3031) l|£30-a 2 ) 

858-60 - 858 li.60 V( 

(£29*4-3034) il£3a*l) 


F — SSiKssSlH 

j 



1 



I - 



jl977 

1978 



SEP OCT NOV DEC JAN FEB I 


CURRENCY RATES 


Special European 
Drawing Unit oi 
Rights Arrpnnt 


0.651617 

1.26540 

1.41215 

18.2887 

39.6401 

7.01759 

2.53551 

2.71729 

5.98507 

1075A8 

300.585 

6.67006 

101.164 

6.77734 

2^1757 


Sold CcUum. 

(IntemotDy) 

Kmgsmnd.. S 189- 191 

(£97l4-98i«) 
ITwaor-rsM 857.59 

[(£2914-3014) . 
Old Sott’«u;S58-60 

(£29*4 -30*4) . 
*80 Bfcrkw... *295-898 


A 18Bls- 190 >• 
]tE97l4-98l4) 
857U-6914 
(£294-90Ml) 
85814 -son 

rt £30-51)- 

8397-301 


Sterling... 

II. S. dollar..... 
LIuuUn 

Austria sch. 

Ueigiin franc. 
Danish krone. 
UeottebenarK 
Dutch (futider 
Trench franc.. 

Italian lira 

Japanese yen. 
Norway krone 
Spain peseta.- 
Swedish krone 
Swiss franc.... 




EXCHANGE CROSS-RATES 


Mar. 2 i'ranimjrtl.Hew Ion. Pans 

t'esokfort.. . — 2^0105-0136 423045. 

lew Yort_ <6.70 75 - 21.11-1* 

Ma 28M-6.4 4.7243-736R — '• 

KnissMs 15^65 2TL2S-51 * SJtMt 

Leodoo 3.B6J-901 UM1O20 9.18-19 

AmsTdam^ 10/.23 2S ^1*6277 46J063&6 
zgjeh 80 ,BP9l.29i L8270-tf510! 5BJ*5-710 


B.*C6-*17 339-91 

kl85G-1960il.S41a-4M2S 
U»4i7-16l 6.1B-E0 

•— • MiM-80 

60.78*6 — 

S.B77J-B826 4.16^-17^ 
&.S222 -6*052.6440-6651 


A iw« r.-<r’fp /a i n .-h 

93.1026 lOOAO-iaO 
49.45 66 64.20-30 

220.20-70 ’ 268.89.1 
14.SC-68 17UU-10 

4.17* 18* 3^6^6H 
. — 117.416-465 

J4.7BO-T8* — 


FOREIGN EXCHANGES 

I aisrtost Bates 

Bank i -— — 

liar. 2 Saw* D*y’» 

% Spread Clc 


New York:.; 
Montreal.... 
Amatordaa 
Bnuselst-... 
Copenba7ao 
. Frankfurt..; 

Liuhnii 

Usdrlil. — ._ 

Oslo 

Paris 

Stockholm.. 

Toykn 

Vienna 

Zurich 


X Rates given are for convertible franca. 
Financial franc 60.70-60.90. 

OTHER MARKETS 
| l Notes Bates 

Argentina. 1524-1328 [Argentina.'] 2 50- 1550 
Australia., 1. BBSS- 1.71 2Bj Austria..— j Z7*-28* 
Brasil I 51.40-32.40 (Belgium ...I 60.61* 


dig 1.8568-1.9466 1.8410-1.9420 
Tin 2.1840-2.176012. 1710-2. 1728 
*ig 4.181-4.20 I 4.174-4.18* 
Bln 80.86-60.86 60.75-68.86 
9 10.744- 10.78:10.76*- 10.77* 

3 5.89-3.92 i 6.8Bj-5.9H 

13 7S.00-7B.90 7B.0fi-78.56 

6 164.90-166.60 156.40.16850 

llli 1.B47-U&2 1.861-1.862 

6 10.26- 10 J7 10^6* -ID. 26* 

8>i 8.14-2.10 9.11-2.19 

8 8.884-8.91 . B.87-B.B8 

4l« 480-470 482-484 

51- 28.06-28.50 28.08-28.18 
1 5.63-5.68 5.562 1.661 


Finland ....[7.88lE-B.OOl-!BnL2Ll I 86-40 

Greene &9 J17 1-7D. 774 1 Canada^-, a. 16-2. IB* 


■O’J®* 8 Wveifcaa oncen shown below 
exclude I • prenuom. Belgian cfivUenOE 
are after wlttobnMing tax. 

♦ DMBO - deanm. unless otbersslse stated 

T mueas otherwise stated. 

♦ HrJW dsnotn. unless otherwise 

r ’ dee Dm. ' and Bearer shares 
onlqn otberirtse stated. 1 Yen fit tenon, 
adess otherwise slated. J Price nr ttnte 
of snsp en s lo o n PWrlni hSchUBnus. 
r Cents: d Dtrld end after nentUng right* 
and/or .serin woe. e Per share. .1 Fanes. 
c f Grosv<Uv. %. h Alptuned divltend, after 
scrip and/or rights Issue. * > After local 
taxes.- m% tax free, a Francs: ladndins 
Uollac dlv. p Nam. a share split, t Dtv. 1 
and yield sxdoae special payment, t Indi- 
cated dlv. tt Onofficial -trading, v lltnotlty 1 
holdera only, w Merger pendns. 'Asked. 
t Bid. ' f Traded, x Seller, r Assumed, 
xr Br rights, xd Ez dividend, rc Ex ' 
scrip Issue, xa Ex alL 4 rmorfni Mate 
increased. •' " J 

GStMANY ♦ I 


U^i. 8 in Toronto Ua ~ = lll.B0 M Ceu«.naa .-ents. 

Chnediso * In New York- = 89-38-40 <v»» • U.S. 4 In Milan E60. 30-60. 
Sterling in Miwo 1649.13-1663.12. 


EURO-CURRENCY INTEREST RATES* 


iluscb 

Uolfrten 


UluU. 4-&660-4.5700i Italy 1500-1700 

N.XmJsnri. 1.8B2M JD89|7snin 416-426 

Saudi Arab 8.64-8.74 Netherl'nd 420-450 


Singapme.. 4.46B&-4.4BS6Nc<rwsy .„. 10.10-.SO 
6. Africa-. 1.8718-1.88 78 Portugal... 74.83 

OS Spain. 164-160 

Canada ■■■■■ Switzland 5.60-3.50 

C81 OJ3 1.85-1.96 

ELS. cents. 99.58- Ba.8a)|Yugtwlavia SB*-S8 

~Rate”glvm” for Argentlna~ Is a tree rate. 




FORWARD RATES 


7-71* Sts-STs 

714-7 If 5 Is -5*4 

7fis-71g 614-51* 

7>a-ois 5 fie -6 It 


Euro- French deposit rates: two-day lH-lDt per cent.: seven-day 111-12 per cent.; 
ooeaaomh 14-UI par cent.; three-month 131-131 per cent.: six-month 12I-U1 per 

cenL; pas year 125|t-129]6 per cent.. 

Leng-cenn Eurodollar deposits: two yean 8lu-8Su per cent.; Qmn yean 
83]s-a5a per cent.: four yean fli-81 per cent.; five yean 85i6-87k per cent. 

The following ™iinii rates were quoted for London dollar certificates of 
deposit: one-month 6.95-7.95 per cent.; three-month 7.15-7.25 per cam.; sht-month 
7.45-7.35 per cenL; one-year 7.79-TJO per cent 
• Rates are nominal calling rates. 

t Short-term rates are call for sterling. DN. daHan and n»n*din dollars two 
days’ notice for guilders and Swiss francs. 


t One month | Three month* 

18 e. pm-par 0.27-0.17 c.nm 

10 e.pm-p*r 0.27-0.17 e.pm 

Amn'damlls c-pm-tn c-dla 8 <4 -11* c- pm 


Brunei*... 10c pm-par . 20*10 c. pm 

C-op’nhgn. 6}-Bj ora-dl* 21-23 ore di* 
Frankfort 1*4^4 pf.pm S-4 pf. pm 
Tii*tion..._ bO-15CT r. dn 350-670 e. di* 

Madrid — 60-120 c. dU 180-260 c. dla 

Milan 5-11 lire di* 21-29 lira dla 

O*lo 4-6 media ' 12-14 media r 

Faria 4ia-6iac.dia H2*-13* c. do* ’ 

Stckha'lm 13 t ^3 4 ore dim 534-73* ora dim 
Vienna.-, par-10 gro-dls 10-80 grodi* 
Zurich.— 2l|-lls c. pm 7-6 c. pm 

Six-month forward dollar o.836J5e pm; 
12-month UO-LOCc pm. 


(TOKYO 1 


(AUSTRALIA 


(BRAZIL 


OVERSEAS SHARE INFORMATION 


Inv. $ Prein. at jifiO'to £^^85f% (S7}%) 
Effective rate (at L9415) 3Sj% (39|%) 


iEW YORK 

I Mar. Mar. 

Steen I Z .1 

m4h lAb*.. ' 62 U 521a 


Hu. I Mar. 
2 1 


Mar. Mar. 
2 1 


• Mar. I Mar. 
Stock « I 1 


strali 


ns Life* Can 
PmiliiM* 1 

inAluminiaml 

j 

jthrnv I*idl„ 
•jjbwiy Power 
nl Cfnininl..; 

eJ Store* 

s I'tmlmere...! 

AX I 

i-rnd* Ueu...,J 
iw. Airiiue.....! 
i<r. Brand* ....] 
>T. BrnexlcMU: 

*r. Can | 

nr. iTysnunhlf 
•r. Kino. Puw.i 
w. Kapt*M...j 
■r. HmueProdj 
•r. MimIuwi,..! 
it. Metro* ..„| 
•r. \m . Oa*..j 
w. Standard..] 
■r. Stutes. — I 
ir. Tsl. £ Tel.) 

1 • sek 

I ir h.v Hoekin*.; 
v4U>er Beech.., 
mu St eel. ...... I 

A- — ! 

-nera UU, m . j 

e> 

lintflIL-....' 

KjrtifteW , 

1 Data Pro.... | 

» — ~l 

n Pmrtix-t* ' 

n*> Elmt....' 

K Amertaa 

terr Tt .X.Y.. 
*»r Oil. ' 
«rTravenol..! 

rin' Fi**l ! 

onllk.-kenann 
A Ho well \ 

II* 

jtH* CidM 'M.j 

ilrtwin Steel J 
k A ItecLer...: 

Ilil 

I Warner — 
uff Int...^....; 
ran 'A* — — ; 
Ml Myer*..-.; 

. Pei. ADR — ] 
4#ay01ato,.| 
i«wks 

nut BWninij . 

■4t* Watch....! 

- i- ingum Sthn. . 

YHighf 

phell Soup ..j 
idian-PariSc. 
d Uaudotph.^ 

wtMin 

, » 1 wr.k lioneral 
et Hawirv—! 

new Cur 1 n... 

* ml A S. 

atfuevl I 

Afc Ainratl .. 
■eMentmtun. 

, Rk.SV.i 
■tetorch Pen:!.' 
Mte Bntem...] 


■ 1 

Xnallny I 

1 frier... ! 

nm - 1 

iftustfiwi....; 

>“•! 

. * Inrasttag....: 


It Mm. 1 

t»' Alfanan ; 

turns* 

• UlMat'itf |‘ 

>.baf«*n*Am 
ihwtua ting. 
*mhm Kd->-‘ 

wlh Ifaiwn’ 

* iVthouSe:; 

to*-. Smell he.: 


fl h 


. mu > 

, AUmiK.V.I 
tot Fond* } 

sassEsj 

. pnite Bnj 
. uasnui OD. J 
UwamlXete^ 
tedKitem-i..,., 
per Indo*. „4 


Corning Glase^—. 1 468a 
_ CPC lnt'n'ttonal 1 451s 

Crane I 26as 

CJrvkerNat J 247* 

CmwuZeUertechl 29fi« 
Cummin* Engine] 34 
Curt-Wrlght «.„.] 17 

Uana. 203* 

Ihirt Jndnatrin.. 36 

Deere 23?* 

Del Monte 24U 

Ilelbwa — 6 

Dnit*p<>' Inter — 17 14 

Detroit 8dlvm_.| 263* 
Diamond Sham rk 851* 

XMctepfaone lki* : 

Ihgttal Kqnlp— 401*r 
Dleney (Walt)— r »3» 

Dow Ibrpn 1 4Q1* 

Pmr Cbnnlnl— gt 1 * 

Dravn ! f61» 

Dmeer „.|s56U 

Du Pont ~.~r 99 

Llymnlndustrtai; )2t| 

Kagle Pwhrr ^.1 169* 

Beat AirltncaJ... 7 
Henman Kodak,,; 42 1* 

B. H. A U 193* 

Et Pan X»u Ga» 18 

Bltra 371* 

Kmrrwtn Electric . 291* 
"HoieiyAlriFVlght -pas* 

Kmbut.. 30 ■ 

K.M.f 23« 

Mn*lhnnl 233* 

Bemarfe — . 267* 

Ethyl 187* 

li**on 441* 

fklMhlMCimen - 25 ■ 
Fad. Dept. (Store* .341* 
Klraewna Tire. _ ldfis 
Pm. Nat. Borico. 86 

Flcxl Van.M. 171* 

Flintgnte S0t« 

Florida Power — 30 

Fluor, 31 

f.m.c. siu 

Ford Motor — 48fi* 

Porwnnei Mck._. 17a*. 

Forbron — 898* 

Franklin Mtnt.— 7ls . 
Fre epor t Mineral 183* 

PmriMuif 86 

Faqua Inde^.M.... 98s 

C. AJ-. 1 XOi* 

Gumvtt 56H- 

lim. Amor, lnt — 9 

U.A.T.A 889* 

Den, CaMe, 183* 

Hen. Dynamics.^ 408g 
Gen. Electric*—. *»4sa 
General Food*™. .. 863* 
Gwral Mills..— 873* 
Heueral Motor*— 68a* 
den. Pub. Ctu— 19U 

Gen.aipral. 843* 

Oral Tel. Blwu„ 28it 

GffuTyra ;.u 841* 

Gceteeco hfo 

OftTHia P* e i ftr— 84 ig 
Getty Oil -...1 1«W« 

Gillrite *b»a I 

GoodrichJF.F J«>4 

i^oortvrarTlre..... 167| , 
GouUI.„ — . 86 

GtaeeWJf... 8*^ 

Hu Allan PteToa 73* 
ffn^lorfb imi.. 83fia. 

Utn'braBil^M.o. 12it 
(hilf A Wwtcrn... ll|8 

Gulf Ou. 

Halihnrtvn. go** 

Hahns Mining.... 3” J » 
UaraisL*hte)h>r — In | 

Harris t'nrpn 481« 

H«mHJ - 

Hwriileut 86te ! 

Bewteil l’autatdi 648* 

Hniulny Inna. ! IjU 

Hninteteke ! 3l T a 

HtinerwelU — ... •J 5 * 

Hoover ! 

H*»p Oorp Ahwc-t 847| 
Houston K«*. R«»: 
HunHPb-k'Chm “te 
H uttca (K.F.V..-] J®|l 
I.C. lihliwrice...: 

IN* -I 

lngereol Ks»l— M 1 * 

Inland Steel M’l 

Irufllpo— ^ — U- 

loteraont »«««»( 2 s * 

HIM ' S4B . 

Inti. Flavour* — ■ b«Jb. 
Inti. Harvewe-.! 37 !■ 

tniLMteAChm: 38« 
InU. Multlfnede.4 

)ntt. Paper...— -I 

IPff^UA. j » . 

lat.Tri.*Trt..J « , 

Invent _*** ( 

JimWriter-T— -j 873* j 


*!!■< 
36 r 
23« 
8 f ,: 

87 U 
163* 

’ 851* 
183* 
393* 
325* 
40 
221 * ‘ 
.863* 
.361* 
983* 
187* 
166* 
t>7* 
483* 

I 335* 
19a* 
16 
87t« 
297* 
383* • 
8934 

831* 

861* 

185* 

441* 

. a&u 
3414 
1334 

B5H 

171* 

SOU 

303s 

SOU 


JohiwM*nrille_. 
Jphjpnn Jpbnwjn 
JnliBMin Control. 

J qVM lumtactur'i; 
KfMert Corp._._ 
tf* 1 scr A I u TTtini’Tii 
Kaber Indimri w 
Kaiser Steec..~. 

Ken n»-oa. 

Kerr ilcGee^_. 
♦iiride Waller:^. 
Kimberly I’luk. 

Kop[«r» 

'Raft 

UMtrOw.Food.. 


UftgeR Qroop.' — 

Wily iBlv) — — 
Uil.ta luiluM.— 

Lockheed Airrr'it 

Lone Star lnrta — 
Long l*Mnd Ltd. 
Louisiana UmL. 

Luhriwi 

Lucky Store* 

L'keeY'uugst'wn 

MuUillen 

Macy R. H — 

Mtra Hanover..... 

Mapco 

Marathon Oil-e-. 
Marine Midland. 
Martball Field _. 

Mar Dope, store* 

MCA 

McDermott 

McDonnell -Doug 
MeGraw HIM — - 

Uemmvx- 

Merck — - 

Merrill Lynch.... 
Mera Pe*rolenm. 

UGH — 

MinnMingAMtg. 

Mobil Corp. 

Monafflo....— -. 

Morgan J. P...— 

Motorola — .' 

Murphy (Ml...— - 

.Nabisco 

Nslcp Chemical - 
Jfal kraal Can.^... 


KaL Diirtll^ra — 813s. 
Nat. Service lnd. 13 
National Steel-.. 295* 
KUeniM 367* 

NCH. f0«8 

Neptune Imp..— 13U 
New England El. 281* 
New Bnglond Tel T n47* 
SlagsinMohawk .145* 
Ntegwra Share-.. 93* 
Nm Indnstrtes . 163* 

NorfhlkftWeeteni 85 t* 
North Nat-Sra-- SOU 
Ntku Stetw Pwif -hl> 
Mtheroat Alrlinew 853* 
Nthwtet Bancorp 2X7* 
Nonoo Simon — IVH 


Ocdtentsi Penuii 88*8 
Osiivy Mather 39 • 

Ohio fcdisoo ,T 2« 

OUn ( X5i« 


Overww Ship.... 

Onsa Corning-l 
Owens Illinois.^. 
Pwtrtc Gas........ 

Fholtle Lighting- 

Pse.rwr.Jt Lt_ 
FkoAnffwld Alt 
Parker Hanniftn. 

Peabody Ini 

Peo.Pw.SLt 

PNinyJ.C.i— 
IVnnanl ....... — 

Peoples Drug..— 
Penpln 0a*^..~. 
Pcpetaa.. — ■■■- — 


Perkin Elmer— 

PM 

Pfiref-— — 

Phetp* Dodgfc-. 
Philadelphia Be. 
Philip Morrti — 
Philip* I’etrol m 

Pilshuiy 

Pitney Bows* — 

Piltiton -•■■■ 

Ptawey Ltd ADfij 


PoiaroM 

Potomac Elec.^.i 
PPfi Inriustr+et-J 
Procter (rarahh*., 
Pub Serve Klect-J 

Ponman— - J , 

Pure*.....— — -H 
Quaker Ona-™-<| 
BapUi AmeriraaJ 

Mcpabi^SioeL-4 


Bevum 

Beynobfe Metal*. 
Keyoolda R. J.— 
Rich 'son Merrell. 
JfoekweU Inter-. 
EohmAHsas.. — 

S ral Dutch 

8 — 

Ruse Lews. . 
Hyder bystfctn.... 
Safeway Storm- 
Si. Joe Minerals. 
Su Begis Paper... 
Sants Pe Inde — 

Saul Invest 

Saxon lnd*. 

Sell Ht z Brewing. 

Sch I nraberger 

SCM 

Scott PUper 

Scon I Mrg. 

dendr' Duct Veal 

Sea Containers... 

Seagram 

Sesrle (G.D.) 

Sear* Boehnck — 

SBDCO 

Shell OH 

Shell Transport — 
Signal 

Slgncde Com. — 
Simplicity Pa*— 
Singer....-—. — 
Smith Kline— 

Solitron — 

Southdown 

Sou I hern Cal. Sd. 
Soutbern Co.— ... 
.Sthn. Net. Hea... 
Southern Pacific. 
Somherafoulwsy 

Southland 

S>*w't Banoharm. 
Sperry Hutch—.. 
Sperry Kauri — — 

Squib — 

Standard Brand* 
Std .OtiCal ifornla 
: Swt. Oil Indian*— 
Std. Oil Ohio-.... 
Stantf Chemical- 
Sterling Drug — 

StudelNUcer. 

Sun Co— ........ 

Sundstxsnd .— .. 
grates 

Technlcclor.— — 
Tektronix 

Teled.vne — ... 

Thlex 

Tenecn — 

Tesoro Petroleum 

Ivan 

Tesssgnlf 

Texas 1 naira— 
Texas Oil £ Ges . 
Texas. (Itilittae - 
Time Inc- — — 

Timm Mirror 

T1 mke»— 

Trane. 

rraasmericn 

Tnmroo. . . ..... .. . 

Trane CttiotL— - 
Transway Inf ml 
I rene Enrd Air. 
Travellers — - — 
Irl ConLtnentai . 

y t 

dOth C'-enluy Fox 

UAL— 

L'AKGO 

I'Gl 

LOP - — 

Unilever 

Unilever NV— 
L'ntnn.Baneorp— 
Union Cartede.’... 
Union Commerce 
Union Oil Cnfil... 
UoUra Pacific 

Uniroyal— — — 
United Brand*.— 
US Bancorp—. .■ 
UAG ^pen n— . 

U6.8leeJ — 

17. Tochnotagna.. 
I’V Induatxtee^.. 
VlrglniaHhct— . 
Walgreen.,..— ... 
Warner-Cwniiia.. 
Warner-Lambert. 
Waste-Man 'moil 
Welle- Paroo — 
Weatna Bancorp 
Western S.Aroer 
Wratern OttJut... 
Wmtraghee Sled 


Wool worth-. 

Sfcrrr.1 

&pera :| 

Zenith Radio.: — 1 
l^.Traa* 4 J 19BK 
CS.Xims*i27Bi7H 
UA 90 Day bill*. 


177| 173* 

' 03* 09* 

-48 4J7s 

lnlfl :JS3* 
383* 12 Ss 

T8^A t9*rt • 

4817, ■ t817, 
6.36,5 1 6.41* 


?- ?- 

283. 281* 

213*. 2X1* 

251* 221* 

861* 2* 
347* 531* 

181* XUS* 
133, 1*!, 

18t« X7fie 
323* 327* 

86 80 

ll»4 19 J* 

247* V45 B 
304 3oi* 
9*33, 231, 

161* 161* 
27S* 171* 


CANADA 

Abltibi Paper.—.' 
Agnico Bogle. — 
AtamAhrmlniura 

XlffomB 6t^ei oives, 

AebestM- ' 

Bona of Montreal 
Hank Nov* cvotM 
Basic Uesnurcv*..' 
Bell Telephone— ; 
Bow Talley Indi.j 
BP Canada..— I 

Brascan - 1 

ttrinco ............ —j 1 

VJaityry Power—) 

Mines | 

Cana* l* Uement-J 
Uaned* NWIandi 
Can lmpBokComi 
Canada indust...) 

Con. Pacific ..1 

Cen. Porijir InvJ 
QuuSumt Oil 
Carling O' Keefe.' 
Chaster Asbenoa.) 

Chieftain — | 

Commco I 

Cons Bath am — . 
Consumer G*s—.| 
Cosek* Keawuw 
Cnstain Rich-.-; 
Denison Mines — I 

Dome Mines J 

Dome Petroleum 
Domnuon Bridget T 

Domtar ' 

Dupont 1 

Falcon'ge Nickel J 
Konl Motor Cha.Jj 

G entear 

Stent YeLwknile. 
GuH Oil Canaria..; 
Hawker Sid. Can.! 

Hot Hager — j 

Borne Oil 'A* ' 

Hadsan Bey Hog 
Undioo Bey—.— 
Hudson Oil A Gas! 

IJ..C. i 

Imasoo • - ; 

Imperial Oil —. 1 


Intend Nat. Gas-]. XOI* 10a* 
lna'pr'yPlpoLnte}- 137* 13:* 

fajuserlfesoaroe*. 131a 353* 

Laurm'tFlaCorp] 71, t7l, 
Lobtaw Coin. ‘B.’i 3JS0 
Mc'mkU'nBtoedlJ 16 { 157* 

Master Ferguson!- lUfis ; luij 

hclmyre ! 80l* 203* 

Moore Corpc 1 353* 53 

Novanda Mioes-J 221, j 22 
Noreen Enetsy-I Xfil* ; fl6 
Nlhn. Tetecom— 1 265* t 151* 
■Sumac Oil ft iraf-lS j 177* 

Oak wood Petr'm.' 4^5 4.70 

Itedte Copper M.j 1^8 < l^Q 

PtdtePttrottWDSV ft8i* I 371* 
Pas. Con P«’jbJ d3U 325, 
Patmn .... — — ' tins* 1 tXhi, 
Peoples Dept. S-' 4.10 1 4.10 
Place Cos ft Oil- . 0.82 I 0491 
P lac cr D evclopmh - 20 | 198* 

PtnrerCarpoat'ni loi* 20 

Prire — j 113* im 

Quebec Sturgeon- 1.47 1.49 

Ranger OU .! XI 264. 

ted a»w : 9 j ,87* 

UoAlgoin— j 261* t 26 

RoyslBk. of Cuu 277* . 275* 
Royal Trust 1 167* | 168* 


128 -0. S 
45.8 L- O.l 


1 to- Yok* do 

1.140 


616 

J-A.I* .*- 

2,740 

| Kanrai Blsct. Pw. 

1X60 


317 

Kubot*. - — 

279 

t Kyoto-Cerainto— 

3,7lO 

MatsuBhiia lnd— 

628 

1 UiuubuhiBonk.. 

F« 

Mitsubishi H»vy 

135 


415 

Mitsui ft Co_—_. 

308 

llltiakbshl' 

' 506 

. Nippon Denso,—. 

1.250 

1 Nippon Shin pan.. 

657 

Nissan Motors 

bt.6 

. Pioneer 

1,430 

Sanyo Electric.— 

K18 

Sefcisai Prefab — 

b36 


l,llo 

Stray 

1X10 

Tkisbo Marine..... 

247 

Taked* Chemical - 

330 

TDK - 

1.020 

Teijin 

1J3 

Tbkk> Marine. 

611 

Xt*ko Klrot Pow’r 

1,14 » 

1 Tewyo Sanyo 

2b9 

1 Tokyo 5h the uni... 

128 

Ten-ay— 

128 

Ttyrta Motor- — 

910 


Source Nteko Secnrittes. .Tokyo. . 


BRUSSELS/LUXEMBOURG 


Prioe -for 
• Fra. 1 


22.45 
TB.0O 
tl.80 I — 

21.56 

fl.27 UA£1 
tl-05 l+fl.Dfi 

tl-87 

fl.67 i-OJII 
T1.34 t+B.01 
t2-16 I — O.D 5 
tO. 63 l— 0.0 1 
J2.03 1+0.01 
TO.UUS 

tl.18 1—0.02 
70.95 
10 JO 
tO.15 
tX.55 
tl.68 
t2.20 
tO. 90 
fl-02 


Krsditkas*en_ 
^«*kHydrokr. 
htorebrand 


JOHANNESBURG 

MINES 

March 2 

Anglo American Cram - 
Charter Consolidated 
Eaat Drtefonteln 


Harmony 

Kinross 


SWITZERLAND • 


Mar. 8 I Fra. 


. . Alu minium 1,215 

2-T BBC 'A'- 1 1.690 

a 

n’i Do. Reg.: 670 

S‘S Credit buiaae— .. 2,485 

7-5 Slectrowatt 1,660 

i'5 FWher (George)- 716 
3 9 Hoffman PtCtertA BBuOC 
Do. (Sihall) 

Interioori B ... 

JrimoU (Fr.100) 

Nestle (Fr. 100) 


6 a.s 

10 2.9 
22 1 ^ 
22 


Hutm'itr W. an. 


Wmtavrru 237* ; 233* 

W»t+i' haeusw— 217* 213* 

Whirl poo* 217, 207*, 

WMWCtellBto“88l[ 21 _ 
Wilnora Co- — — 165. ’ 163. 

WiKxstrin Sleek 26T> 27a, 


Scgptre g ’ s uuiiw , 
'tejlie'"* 

shell Canada—.. 
ShervtttG.Mtam; 
StebeniO.G-^,.; 

SlJUpsMta— __ 

steel oictodaj 
Steep Rock Iron. 
Te**e*» Coned*..,; 
Toronto UoraJBk. 
lmariten P»pel«: 
lnunMacfil Ois 


Cngra t*s* 

rtdjeteeue Mmee 
WaUcer Hiram-., 
Wee* Coast Tra».. 
WraiMi Gt*<. — 


8 1 7i* 

235* ; 233. 

15 | 147* 

4.60 I 4.40 
£95* [ 29 
4. nO ) 4.60 
25 j 227* 

U5 - 
39i* ; 39i* 

J?’ 8 VIENNA 

97* . 95, 

tivte no!* 

. Ut* ] «*!* »"- a 

31V, ‘ 51 
323* • 331* 

16 > 147* 


U* 0.6 
.16 6uS 
16jJ 6.4 
84 7.6 
12 . ft 2.6 
3libl 7.6 
37*10.7 
76 0.5 
27.fi 9.5 
58J 6.7 
12 4.7 
6.39 l.B 

11^:1 1 i^ HDMlwl 

14.iffll3.7 
B.26j ->.5 
5.25110.7 


.4 
.4 
.4 
3 
.4 

_ , -.0 

to8.5|+3.9 1 19.S&.12.6 


Securities Rand JU.S. 0 ^ 2 J 
(Dlseomrt of 2&5%) 


SPAIN » 


STOCKHOLM 


Mar. & ' 


11 7.9 

11 13 

12 33 
12 6.5 


1 Aaswwaa. r Bto iAaa«4. 
I Tended. fSew s t a c x- 


March S ' 

Akiand ~ 

365' 7.1! Banco Bilbao ..." 

44 : 4.9 1 Banco Atludco 0.800) 

Banco Central 

Banco Exterior 

Banco General 

Banco Granada fLOBSi 

Banco Bhau m 

Sanco lnd. cat. fi.fob) 
B. Ind. Medhemneo... 

Banco. Ptnmlar 

Banco Santander 1250) 

Banco -Cnnoio (LOW; 

Banco Vizcaya _ 

Banco Zanisorano 

BanktmJdn 

Banns Andaim±i~* 

_ , Babcock Wilcox 

? c 

*■* Drasadoa 

®-2 £■ Arammesa* 

Eananola Zinc 

9.1 Exc* Rio Tlmo 

3.5 Fecsa 11. BO0 1 

5.6 Fniosa lUQOffl 

4.9 Gal. Predadoy 

4.2 Gnrpo Velazmiex (400) 

4.6 Hidrola 

Iheitfocro 

Imnobaaif 

Olarrx 

Pa pel eras Reunidaa _ 

Petrollber 

Petrotees _ . . 

Santo papalera - - 

Solace 1 -„ 

Sngvfisa — 

Trief Ulrica 

Toma Horten ch __ ._ 

Tnhacex 

Union Elec. . 


Percent 

S + i 

200 — 

307 _ 

2*. - 

. 7/a — 

xa — 

70S — 

U6 — 

182 — 

2B5 ■ — 

339 : 

2lC • .- — 

aaz - - — 

3» — 

133 . +1 

229 _ 

2* ' — 
110 - 1 

222 — 
4M5 - US 

m — 

94J0 - 2 

£ ~2 

TUB - 050 

74 - 3 

W - 5 

S “ 3 

B —2 

13d — 

138 - 1 

U -2 

iS "J1 JB 

96 — 2 

67.75 -MO 










































































Sheffield steels 



BY RHY8 DAVID, Northern Correspondent 


AN OMINOUS sign that the 
steel industry crisis is begin- 
ning to make itself felt among 
the hitherto resilient private 
sector producers has emerged 
with the announcement that 
Dunford and Elliott, one of the 
biggest Sheffield groups, is 
planning a possible 600 redun- 
dancies. Another big group. 
Johnson Firth Brown, has asked 
the Government to provide tem- 
porary employment subsidy ro 
help preserve 550 jobs at its 
Firth Brown subsidiary- 
While the British Steel Cor- 
poration^— along with most other 
bulk steel producers around the 
world — has been amassing huge 
losses. Sheffield, where most of 
the very high value steel in 
Britain is produced. has 
managed to remain profitable. 
If has even stepped up its in- 
vestment over the past 3 -ear. 
But Dunford and Elliott, part 
of the Lonrho group since last 
year, is evidently beginning to 
feel the strain of the most pro- 
longed recession the steel 
industry has experienced since 
the war. 


controls aimed at protecting 
American steel producers from 
imports. 

These are special problems, 
the answer to which is being 
sought in efforts to cut down 
overheads by reducing manning 
at the company's two steel- 
making subsidiaries, Brown 
Bay ley and Dunford HatLieJd. 
However, the wider problem 
which Dunford and Elliott faces 
— like all Sheffield steelmakers 
—is massive world over- 

capacity. 

With too many producers try- 
ing to sell to too few customers, 
the U.K. market has been 
seriously hit by alleged dump- 
ing at prices 40 per cent or 
more below those considered 
economic by the U.K. industry. 
In addition, it has become much 
more difficult to export because 
of the fierce competition in third 
countries from dumped steel, 
and because of the effective 
closure of some markets, such as 
the U.S., by protectionist mea- 
sures. 


As a producer of l©*-" allov 
rtee] it ha* * greater degree of 
overlap in its product range 
with the BS'“ than any other 
Sheffield producer. Tt 15 thus 
obliged to keep its prices com- 
pel! me with those of rite si a re 
aroup. If ha? also found itself 
restricted in onp of its impor- 
tant markets. toe XSS.. hv the 
imposition «f »ery nsht quota 


Imports 


With much cheaper steel from 
oversea* available, customers 10 
the U.K hare switched from 
their ’T-adittona! Sheffield 
source? of vtamle** «teel. tool 
and high speed steel?, leaving 
mo<t n? the industry operating 
it? plant? at 5d per ceni. rapa- 
•?'tv or >s*. With srainli"*? *ie*f 
bars, widely u*«*d in the motor 


and engineering industries, im- 
port penetration has risen to 
around 60 per cent of the mar- 
ket. The situation is broadly 
similar in stainless steel fiat pro- 
ducts. an area ^catered for 
largely by the BSC. In tool 
steel — the basLC metal for all 
the cutting, bnring and .other 
tools used by industry— the 
penetration is 51) per cent, and 
in high speed steels— very hard 
or heat-resisting steels used in 
aerospace and other high-tech- 
nology industries — imports now 
bold more than 30 per cent of 
the British market 

The two mam offenders are 
alleged to be Austria ' and 
Sweden, whose special steels 
sectors have been losing money 
heavily. But there are other 
significant exporters to the 
U.K. All of them have one 
thing in common, according to 
Mr. Gordon Foul son. chairman 
of the Special Steels Com- 
mittee of the British Inde- 
pendent Steel Producers 
Association (BISPA). None of 
the special steel which is 
imported into the U.K. comes 
from companies which are 
making a profit." he says. 

Against this background of 
depressed trading it is -perhaps 
all the more remarkable that 
the Sheffield steel industry has 
managed to avoid serious 
trnuhle tor so ionz. hut the 
moves which Dunford and 
Elitort are now makinz 
follow similar. !f less- 
publicised. cutbacks by other 
companies over the past year. 


Throu&xwt the sector a very 
substantial reduction in 
manning levels has been 
achieved largely as a result of 
natural wastage, effectively 
halving the special steels labour 
force since 1971 to about 8,000. 

The first big drop. took place 
in the period up to 1974. when 

6.000 jobs were lost as a result 
of technological changes which 
brought in new electric arc 
furnaces to replace .the older, 
more intensively manned open 
hearth furnaces, and new auto- 
matic processes to replace many 
of the traditional hand mill 
rolling and foTgmg operations. 
The latest cutbacks of around 

3.000 over the past two- three 
years nearly air represent de- 
manning to bring employment 
down to match reduced demand. 

As well as cutting It? over- 
heads in this way. the industry 
has also embarked on a major 
programme of restructuring. 


machinery, ranch of it designed 
to save on labour. 


Edgar Allen Balfour is 
currently commissioning at its 
Manchester works a . £4m. new 
automatic forge built by the 
Austrian company GFM, and a 
similar machine, which will be 
the biggest yet made, is being 
installed by Firth Brown at 
Sheffield at a cost of £10m. 
Osborn Steels has invested in 
the new AOD (argon-oxygen 
decarburising) process for 
stainless steelmaking, and there 
have been moves by other com- 
panies to increase- their down- 
stream activities through the 
acquisition of further tool and 
engineering interests. 


EEC measures 


Since nationalisation of the 
U.K. steel industry H years 
ago. there has been a signifi- 
cant reduction in the number 
of steelmaking enterprises in 
the Sheffield area and much 
greater concentration of the 
industry in the hands of a 
small number of large end 
medium-sized concerns This 
grouping of • companies ha* 
made it possible tn rationalise 
production previously split 
between various sites, and has 
also enabled the industry to 
maintain, even during toa pre- 
sent recession, a reasonably 
high rate of' investment, in new 


Although these moves have 
enabled the Sheffield industry 
to .survive the present recession 
in better shape than most 
other parts of the steel industry 
tit Europe, the question remains 
whether more dramatic action 
may not be needed if the 
market remains weak for very 
much longer. 

The industry's short-term 
hopes now largely rest on the 
measures which the EEC Com- 
missioner for Industry, Vis- 
counr Etienne Davignnn. ha* 
introduced »n deal with the 
world steel crisis. Drawn up 
originally 10 bring some relief 
to bulk steel producers, the 
Davignon system of ' reference 
prices setting minimum price 


Tapping alloy steed from an electric arc furnace. 




K* i-i: 



levels at . which imports - may'v. 
enter tbs European market has 
been extended i n pa rt to cover 
special steels. BISPA Is now 
hoping' for more complete 
coverage and an extension 
beyond the original, three- 
month limit designed to give 
tiie Commissioner time to* 
achieve voluntary agreements 
with. leading suppliers. . . 

However, the relief which 
the EEC measures can bring 
may be only- partial, even . if 
they are extended. The mini- 
mum prices are set in- most 
cases much lower than UJv 
prices. Furthermore as the 
regulations stand, they cover 
only hot rolled products 
governed by the European. 

Communities Treaty of Paris. 

Cold rolled products, which _ 
often simply involve merely a 
further stage of processing, are 
covered by the Treaty of Rome; y, ?r to 10 per cent of the up the rear. In Austria, Swede 
Efforts are now being made by market. There have been and West Germany there 
Eurofer. the European steel sxmjjar ra P’ d increases in the now, however, just one cor 
producers 1 organisation, which German supply of tool and pany covering the entire sed» 
includes BISPA. to obtain an stainless steels. each with a total output:.* 

extension so that all products ■„ T] ie share taken by imports around 100,000 tonnes, 
are included wbere importers { g> however, far from being the total U K. market for stainM 
could evade restrictions by add- industry's only concern for the steel bars, tool and high*pe5 
ing the extra processing stage.. British market Imports have steel, is put at 75.000 lonndg* 
Much of the alleged dumping been reaching new levels of times of more normal demaii 
in Britain, according to BISPA, penetration at a time when the and currently only arpuj 
is being carried out by other market has in any case been 40,000 tonnes. 

Community members, in parti- falling in size as a result of 
cuiar Italy, and pprhaps more problems in two miasn con- _ - - 

worryingly by Wwt Germany! summe industries — steel and C,£ltHiVSt 
Restrictions would not apply in motors. The British steel in- * . . • 

these cases, tn highspeed dually w now producing suh- tiie PM- of change fe 

creels German imports ibto the stantially less than ten years v anything slowed down duru 
U K last year rose tn 500 tonnes a so. reducing demand for the «ie_ recession, after the rush 
fr«n3 an "tonnes the previous steel mils, cutting rnds.ijadles. activity in toe early 18 ifK ; TJ 
• - - — • • buckets, and other heavy duty sale by Johnson Firth Brow 

equipment which it buys from n f ,f - 5 "take in Osborn to.? a 
Sheffield The British car in- fast-growing Aurora HoldiE; 
dustrv similarly uses large S rou P could, however, act as 
quantities of stainless, valve, catalyst. Aurora has emefgt 
and other stoels in components a steelmaker itself with tl 
and ha* again - reduced its acquisition last year of ty 
purchases to match its lower companies. Willan.qr 

output. - T ust as important, the " im 'Oxley. making high-spec 
car producers and their sup- rise Is. It also buys tool stee , 
pliers are major purchasers of for its engineering subsidiary 
tool steels for producing engine contracts nut some rollm 
and-, other components. both areas where it could pr 

It is a threat which lnerit- sums bly forge a closer relatjm 
ablv load* To suggestions that "hip with Osborn. -Tohnsb . 
the' Sheffield industry should Firth Brown now holds a sul. 
regroup still further to take atantial minority holding i 
into account the shrinkage in Aurora and may have in rain 
its home market and to enable * deal over th° longer ten 
it to compete more, effectively whereby it? interest* in stall 
once an upturn domes. For lass ?> aw could be pi 

though there has been consider- toqerW 'with similar Osbor. 
able rationalisation. the special activities • 

steele industry .fn the U.K hy A lot will obviously deperi 
international standards remains on how much longer the rece 
fragmented In the U.K. There Finn tarts, for there are fe< 
are" now four main groups companies that have muc 
accounting -tor more than two- fat left From which furthe 
third? of .total output in each saving* in enrts can b 
of toe three main sector* — obtained. For many producers ; 
stainless." tool and high-speed i* now a matter of srmggiin 
sfeels-^riri about another 16 in through in the hope of bette 
leach cemainine sector hnngin? times. 


v.- ;■ * i 

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f \^f > ^ Q-° 


ViSWU Wi-p 


A FINANCIAL TIMES SURVEY 


INFORMATION 

HANDLING 


MARCH 31 1978 


The Financial Times Is preparing; to publish a 
.survey on Information Handling on March 31 
19T8. The main headings of the provisional 
editorial synopsis are set out below. 


INTRODUCTION The rapid improvement in 
cost/performance of electronic systems and 
^memories continues while microprocessors 
become ever more sophisticated. The range of 
possible applications for electronics in informa- 
tion handling continues to increase, but many 
existing markets still remain relatively 
undeveloped. 


undeveloped. 

Editorial comment will also include: 

SMALL BUSINESS SYSTEMS 
WORD PROCESSING 
TERMINAL EQUIPMENT 
DATA COMMUNICATIONS 
LIBRARY SERVICES 
VIEWDATA 

COMPUTER SERVICES AND 
BUREAUX 

DATA SECURITY 


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and advertising rates please contact Robert - ^ 
Murrell, Financial Times. Bracken House, 10 
Cannon Street London EC4P 4BY. Tel: 01-248 . 
8000 Ext. 246. V- 


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pinancialr^in^ ,, 3-1978 


■ "29- 



farming and raw materials 


ict 


seek to resolve 



cfr-l 

oducers 


' BY WIUJAW TJUUFORCE, NORDIC CORRESPONDENCE 


COPENHAGEN. March 2. 



. tihiani- THE DANISH: '.Gwexfimeot is officials denied that Sir; Silkin grounds for ffotag so, 'but It could 

*' 'Waay-'ftoc direct -talks .with Mr. had- met the Commissioner.' not accept any further cats for 

*■■.*“* JJ h p SiHcm, the Btrjtirir Minister A- plan fot EEC fisheries talks political reasons. - , 

ude an v. Agriculture ai^[ fisheries, if to take place next week In Bpis- ... The- : EEC- common fisheries 

„ . agree- would help to break the dead- sell ha5-n6'w.'l>een..dropped fc . policy was now a political issue. 


Cutback 
move lifts 
copper / 

By John Edwards, 

Commodities Editor 

COPPER PRICES moved Up on 
■the London Metal Exchange 
yesterday . further reading . to 
the agreement between Peru, 
Zaire. APd Zambia to cut back 
output by 15 per cent. The- 



a sea Of mud 


BY JOHN CHERRJNGTON. AGRICULTURE' CORRESPONDENT 


$ =lh$i$Kt r commodity - to sald here to-day. • part of the Dahish 'North Sea tty ffie present Mfuaftion, - But when; the effects bf rhe cutback 

. the stage', -of -hard - dago- made.'- if; clear that the catch is taken' within the 50-mHeDtMinrark could if necessary wall ^> v Iv W r- -? ***** 

as WifliSn die framewock of ^Wative would-bfive /to come Umlt-In which Britain is claim- until the British general election. - •*.?* £?.!“* . ,2225! 

AJNCT Aj> , lti'teErated - on* from. London and that Denmark ing a dominant proference.” ■ if Britain felt it could not make Expo™®© Countries . (CIPEC) 

efereafambdlUes . : .WtJWluyd' to accept the .... concessions earlier. . . Eocupsts otanotber^hsiaur 

GaoranT Corca, UNCTAD*' Eftosb. ;da£m ’ .for- - u— dha nnan t No. more xutS The -other eight countries bad ituflr faU.in LME copper stocks 

'•AfiNSSiNT^ SJ preference? rone' extending to ■ 5 gone very fur to help Britain this week, following - more 

ision^ Iratoif 50 miles. ^Deu mark wap ted agree- The ‘Danish- fishermen’s asso- solve its: fishing problems. The shipments to the UiS-i also gave 

aunh Ufhikh' men t on a' common fisheries clarions suspect that British changes in quotas proposed hy a'Brtw *•*» to the market 
ft the noHey bpl alone wirh-.the other fishermen plan to take .over thi * Bni see £ Commlwl on despite the absence of much 

JLl" B noM?h/f l ^£i seven in EEC alreari y Industrial, fishing for sprais. sabfl- January had given Britain 302,000 consumer buying interest ■ By 

■I” r? “** ?» ,™ “®* e ra P‘° gone a Very long way to meet eels and Norway pout, which is tonnes a year - more - fish for the dose cash wire bar? were 

w" Jr® erai^ile British "demands: . the basis for' Danish fish meal human consumption. Denmark £7.75 up at £622.5 a lonue. . 

**“ nasien -progress. on other Mr. Jacobsen .yesterday' had ? and .fish oil manufacturing' The bad taken a cut of -75,000 tonnes ” Predictions of a fall In tin 

imodities. •-•*'. brief meeting with Mr. Fmn Gun- Danes have been alarmed by the in its quotas. stocks helped restrain a' down- 

ne. mam lines, of a draft tfelacbr EEG-'-COmfiilrattner re- opening of a new fish meal fac- . Moreover Denmark- was "ward move in prices triggered 
:e stabilisation: agreement for sponsible for fisheries-.. ;-who out- tory at Aberdeen and by a report respecting the ban on North Sea off by * sharp decline ■ in Hie 
ural ( rubber, with .-an- inter- lined some -com promise proposals that » second -plant is being herring fishing and bad. enacted V'Penaug market overnight and 
ipnal buffer-stock as. a cen- before- flvin-* on -to London for planner- In: the U.K-' British fish- a prohibition on Danish flsber- news that a UJS. Consnyw seb- 
I dement, are expected - to i>e talks with Mr- Silkin.- *Mr. -Gun- ing Interests -• have recently men 9 catching Norway pout -in the committee - had approved a 
timered out between pro- dfilach. Is understood . to- have bought more than six . Danish exclusive -box chtimed by Britain . Blir'atUlio rising the .release .of 
■ers and consumers over the ^ some new ideas aboqt ihe distri- boats. In all these ways Denmark had surplus -stockpile tin. 

:t few months. ' : i " pution Of quotas for EEC fishing Mr. Jacobsen told the Financial shown its. willingness to accept Thy. SI rails tin price .in 

’he first scheduled meeting t «* r o country «n» -notably Times to^lay that Denmark was compromises, while Britain had Pepang dropped by SM53 to 
ween consumers and pro- the Ba rents Sea .- In London, now- ready to reduce its fishing Indus- hot budged from its original post “' 4, ~ '* “ 

:ers is to .be held in Kuala ever * M ““rtry of Agriculture try if ' there were biological lion the Minister said. 


mpur in May., but other meet- 
s wit] be set tip before the 
iveraing of a group in Septem- 
■ whose task will' be to pro- 
:c a single working draft for 
■conference. 1 - 

.'o-day's decision folWwed five 
'vious - -UNCTAD-sponsored 
etings at various levels held 


Drought hits Brazil soyabeans 


BY. SUE . BRAN FORD 


SAO PAULO, March 2. 


■ers and consumers over the s Pm* ne* ideas about jbe.dlstri- boats. In all these ways Denmark had surplus-stockpile tip- 

:t few months. - : i " pution Of quotas for EEC fishing Mr. Jacobsen told the Financial shown its. williiipn ess to accept Thy. Straits tin price .lu 

'he first scheduled meeting ]** V?’™ country rones, . notably Times to-day that Denmark was compromises, while Britain had Pepauit dropped by 5M53 to 

. *■»«■ - — J ~ 1 ■* — =»- i • -- - • -- • $>11(619 a picul, pairtly It Is 

believed on fears that the' 
market might be closed because 
of political problems bringing 
a high inflow of supplies. 

Loudon rallied in the after- 
poo n -howev er , on physical buy* 
ing interest and cash tin closed 
only £37.5 down at £6,222.5 a 
tonne. 

^ e iderrtifv laS ^e^ a L™fir^Md DHOUGHT. tBW 'h'as beensoyabeans. Both' aTe Brown in Sr. Benjamin HamraerschmidL COCOSI lUSirkct 
3 lore tv? S5 ihii( sSStene to ®JFectmg- souLhera Brafil since considerable quantities in these. president of OCEPAR (Parafla V 
-uLiiinn^ nf ^ of December* has led States, mainly for domestic con- Co-operative Organisation), com af npm tll-pll 

t0 a «“« of leasts 15 rper; ten L sumption. Coffee production is menled that it was a good move ** UCW IllgU 

lurai ryoper uaae. . .. j n this -year’s seyabean harvest, also down in Parafla. possibly by for Brazil because it would r. Richard Mooney 

, Although.no official figures^have as much as 20 per cent reduce the number oF suppliers *v- 

n i j. i • b*en released traders: qstlmale Farmers arts- aFraid that on the world market, thus COCOA PRICES climbed to the 

Bemand hones - -*«'• C «?P l 1 ? 111 now climatic conditions may have strengthening even more Brazil’s highest 'ejds of the wrjjfj 

uciglflUU reach only 10.8m/ tomies: com- c haneed DemanentW Over the position. , day despite continued *«les.w 

? I_ , * a pared with thp'/ -earlier official j as j rf eca j es farmers have Oiher observers said the new producers. The May position 

for wheat pact'' estimate -0^12^0^3,411^ t0 ° n ®?- cut down vast areas of forest- measure reflected the Govern- «*? ^ihSw^WedneJfal’s dose* 

r • The- worst-hit regions .are the i andi particularly in western menTs concern both to satisfy £92-5 above .Wednesday s close, 

hv cmr mni* " ' Sta)« of Rk> Grande degil and p ar aiia. P Above all after the demand from local crushers for after slippins to £1.^0 In the 

Dj summer .. ■ -«-■ Parafla,. where- the weather,-cen- iq 75 f rostSi vhich jed fanners beans and to keep np exports. IP orn t!? B ® nd rlsin,z t0 £1 - 739 in 

• WASHINGTON MarchT 2 -' h ,?'5f lr 2 Il l&^F JSj to shy away from .coffee, new Brazil’s crushing capacity has dominated bv 

wSjffiSSs SSfifflffS Jl ffl a?;SS? 

’,5“ tifr 1 ®’® not materialised: «to the erosion have already occurred, estimated that the crushers, who soa ?« d np * h ® m.r 

nisc Budget -Gommittee the steady downpour- that farmers y • can now handle about 125m *>**“■ aEainst physical pur- 

Department of Agnoulture hart or* veH. for. Parinwi sire that Farmers are now suggesting chases. Dealers saw the rise as 


THE WEATHER, which domin- 
ated ’my farming 1 last week, js 
still 'in command. But -instead 
of frost >t hks been raining 
heavily -and turning almost every 
wheelmark or footprint. into : a 
rtyqr or a lake, and anywhere 
there ^ any traffic inter a sea .of 
m.u<t .1 hayep’t seen the farm 
in such ’sl state for years, and it 
has been worse because -the dry 
frost without snow cover turned 
The' surface soil into difst which 
has, of course, turned into a sort 
of -porridge with the constant 
rafn. ■ • - 

. J had' been looking forward to 
putting- on . nitrogen to .take 
advantage of the milder, weather, 
and;' spur oh a modicum of 
growth; ' But the sprayer used 
got bogged down' in pasture and 
so far -we have bad ' to '. desist. 
The. whole 'point of eatfy nitro- 
gen is to ght an early. bite ^of 
grassland now that ! have nearly 
500 ewes with - Jambs, grans,, nr 
rather the lack of it, becomes 
a problem. 

During .the last week it has 
certainly greened up a lot with 
the warm rain. But the newly 
sown pastures are still vety 
tender and 1 am keeping .-the 
sheep off them until - the- last 
moment becanse -they do. more 
damapr? with their hooves than 
actual feeding. ' It always used 
to be said that cattle had five 
mouths in a wet time — their own 
and their hooves — but T have 
never before in my experience 
known sbeep to have the same 
effect ' 

Dead lambs 

Lambing has still gone reason- 
ably well considering the 
weather. The ewes lamb out- 
side, bat any that are showing 
signs of weakness are brought in 
immediately. Tbe worst trouble 
has been when it is windy. For 
some reason best known to them- 


selves, 'sbeep seldom' go to 
shelter but instead tend" tb ; drift 
away in Front of : wind.- • 

it ? s not too bad when .they -are 
•lambing, as they r can be. picked 
up. but often those with iambs 
up 'to a day.' old will drift away 
from their '.lambs and become 
separated.. Although alj. the 
lambs are numbered as soon as 
they are born to' make identifica- 
tion of twins pasy, matching up 
iambs io a -field ■ where - there 
are several- dozen ewes,- all. with 
twins, can tkke an awful long 
time. 

.'.The worst trouble experienced 
io tar this year has beep, the 
birth, often a difficult birth, of 
dead lambs. On Sunday there 
were three or four, and the 
lambs had obviously been dead 
for a few days. The first thought 
was- that it .could, have been 
salmonella or some ntber infec- 
tion.' but as there have'beert no 
recurrences 1 concluded that it 
could have been caused by chill, 
through lying on frozen -ground 
some days be Fore. 

This |s very distressing. A 
ewe is worth anything up to £50. 
and will only lamb once a year, 
and to have to carry her all the 
winter • and then to ’ produce 
.nothing at the end of it -is quite 
a loss. There are of course 
inescapable losses with the .very 
large numbers being born, and 
1 try to minimise these by taking 
the triplets for adoption to ewes 
which have lost their lambs or 
those with singles. 

At one time this used to be 
quite an art and involved skin- 
ning tbe dead lamb and persuad- 
ing its mother to take the 
stranger clothed in it. It was 
quite effective but very time- 
consuming as eacb operation 
took a riood deal of patience. 
These days we hold the ewe’s 
bead in a sort of yoke, and put 
two lambs, not necessarily her 
own. in the pen behind her. 


After a. .day or so; .most of ihem 
have absorbed the. ewe’s smell 
and are taken ip ciuite: 'readily. 

I have about a dozen of these 
pens and they are full for most 
of the time with '. I - would- sffy 
90 -per 1 cent success.' Sheep 

-become ■ very tame ' with -this 
operation, i usually; look round 
them. last thing .at night and 
even if they are not in yokes 
they will feed, and drink quite 
normally.' As soon as they are 
let 'out the)' go like kt ass. The 
traditional form of resuscitation 
for a weak lamb ts brandy or 
whisky-, but much more success- 
ful is warmth, either with, an 
Infra red lamp or on a special 
boated iray which. is now .on the 
market, I still provide brand' - , 
■but 1 doubt if the lambs get 
much of it. • 


Cold milk 


■ Another change has been feed- 
Hie those' lambs which would hot 
suck.' 1 remember' many 'nights 
trying to make them do so. The 
technique is now to slip' a tube 
right into their stomachs and 
simply pour in the milk, or colos- 
trum from the ewe. It works 
wonders. .They also do.as well, 
if not rather better on cold milk 
or milk substitute than they ever 
did when it was warmed ud. But 
1 believe babies can now be given 
their bottles from the refrigera- 
tor without harm. 

Field work of course is at a 
standstill. I am not loo worried 
about that yet The ideal time 
for. planting barlev is supposed 
to be mid-dav on March 15. That 
is still nearly a fortnight awav. 
and the British climate can often 
compensate for past excesses. I 
would like though to put some 
nitrogen on the wheat and 
winter barley, and am thinking of 
engaging an aeroplane for this 
if it does not soon dry up enough 
to get my tackle into tbe fields 
without damage. 


fificalion-' this summer. 


unply supported an-- inter- e ve n if -it rains: now the soya Ihat over the last five years^ operetta! with about a third of 8 continued reaction against the 
tional wheat agreement and crop- wiD he gteatiy ■ -reduced rainfall has declined by as much S3?SS e ifv mi? TTi p dhiatinn recent downward movement 
peered one to. be ready tor sub- beSiifc ^ the dw5ffl.la-now as a fifth and that the average which if is th0 V fiht took l *S 

?sio.T to the U;S. Senate for irreversible. ' ■ ' . . .' annual temperature has gone J" 1 JSJ market into a senously oversold 

fificalion' this summer. Harvesting has begun in some up by several degrees- Concern J* ,ti5am P brinrine total situation. Most now believe. 

Mr. Bergland said the areas and farmers are reporting is growing that this year’s Soidty ute to about 157m however, that the recent rally 
goiiators in Geneva tfisre a poor-quality' crop, wift trader weather may not be-just a freak F 7 has led an equally severe 

peeled to start dealing with siged beans: This mhy. well occurrence. m ‘ . .- overbought position, 

enfle figures after the French aggravate problems 1L part of the In view of the crop reduction • weather has been Rumours were circulating in 

’clions. . ... crop is not up to export standard, farmers, traders and crushers reportedly moving into the soya- the market that a U.S. commls- 

The present wheat pact expires In some areas, yields are as much have reacted particularly favour- bean growing areas of Parana s ion-house and a London dealer 
July I and Mr. Bergland said as 30 or 35 percent lower than ably to the Governments recent and Rio Grande do SuL were in financial difficulties but 
ere would be problems if last year. ' decision to import 800.000 tonnes Moderate to light rain is it was not clear whether the 

satiations on a new agreement The drought has affected rice of soyabeans, mostly from reported in Londnna, Maringa rumours had contributed to the 
-erlapped the expiry date.- and maize crops even worse thim Argentina and Paraguay. and Cascavel. market’s rise. 


Tommodity market reports and prices 

n . rr urr iici Conm WM higher In The arttnVmn and expecuUnie it stocks decrease conrrt- 15-<toy averasc 13S-25 (127S2); SZUv 85 00 - 8 S.U, Jan. B7J0-8T.H. Sales. W lots. 

UAst Wt lAlJD . the close on the Kerb w*s rttefcy down huled lo the ^ Brea ter sresdlness. The avenue US-62 n2SJ«). Barley-March 70.7tt-7D.S5. Mar 73.76-78.00. 


Denmark fears bacon subsidy cuts 


BY HILARY BARNES 

DANISH pig producers are show- 
ing signs of optimism for the 
first time since 1972,- but they 
are afraid that U.K. demands 
for changes in monetary compen- 
satory amount export subsidies 
on their bacon may dash their 
hopes, Mr. J. Esp Sorensen, 
chairman of the export associa- 
tion Ess-Food, told a meeting 
to-day. 

Pig slaughterings increased by 


n , rr lir rr 1 I n Conm wu- Idaho- In the a rtmfcra and expect* dona of stocks decrease conrrt- 15-day average 128.25 (127JC); 22-day 85 00-8S.U, Jan. 87.5tt-8T.55. ' Sales. M lots- TT1TT7 

i f * I : . . ; BASt MeIAUS ‘ the close on thp Kerb w»s KtoJUy dovo huied to the ^ greater steadiness. Hie average 12S.S2 (12SJ«>. Barley— March 70.W-70.S5. May 72.70-73.00. JvIL 

I *! ■ ' • - from the day’s high if £836.5/ Tonwver close on the Kerb was £6.140. Turnover ______ SfSi/S?* e 0 ?* 8, J *“’ DUNDEE— Quiet but very fbm. Price* 

; *.m. t I«| . run. t-HV 16,106 tqnaee. £ ,. t - B85 lBnfle *- COFFEE StSMZBS. Sales. 1*7 Iota. c. and f. U.K. for March-Aprfl shipment: 

I omrw — | Lnnffieta — • Amalaamated Metal TradJjjg reporled — l' 4- "T P-«n. te-or J ^ IMPORTED— Wheat: CWRS No. 1 1» BWC *296. BWD 089 Toss*: BTC 1296, 

— — — — ’ — : that tg the morning cam wwbara uaaea xiN OfnHjU — UnoS\-l* — Boonstas consolidated at toe lower end per cent. March 86.25 TUbury. VS. Dark BTD *287. Calcutta peoda steady. 

i M wk|A I £ £ I ® 4 - at J»17A three months »J. SI. 1 of die recent range on a vplefer dav alter Northern Spring Wo. 5 1* per cent. March Quotations c. and t. DJC. for ready 

IjK ^ ^ tiitnlun, . SW, 31. Cathodes. eailytWT.S. Karb: Hivh Qriilo »* £ E £ again lestJn* new lows- Drexel Bynham mjc, Apn j TB.jO u-anshlpmcm East Coast shipment: 18-oz 46-uich £10.12. it-ai £7.77 

Wl il | R 1 1 ui / 617^.5 +S. I £32-5- f*7.» . Wlrebara, Ihree raond«j£6SI. SI A 32; Cvlh “ . | ftiao 8S -715 6215 30 -67.5 Lan*«n .reports. Values were uochinged UA Hard winter ordinary unquoted, per 100 yards: March no.io and £7.T7: 

US rw I I Vn in Iw.:; 631-.fi >5.75 636.5 ' 1+7.75 31A Afternoon: wirebaeL thr« o montfar .b09&-110 — M 6X40-60 <— Z5 '? 125 lw,t 00 A* ,l * y aI *** steady Ann rslian wheal unqnoied. Aprfl^Iune £10.12 and £7.78. ■■ B ■■ twllhi 


5.1 per cent, in 1977 on a season- 
ally adjusted basis, he said. But 
since 1972 when Denmark joined 
the Common Market, Danish pig 
production Bad fallen by 11 per 
cent while total EEC production 
had risen by 7 per cent 
Mr. Sorensen noted that a 
recent report from the EEC 
Commission on the effect of 
MCAs on plgmeat production -bad 
concluded that they had very 


PRICE CHANGES 

Price* per tonne unless atherww 
Mated. 


Copenhagen, March 2. 

little Influence on trade between 
EEC countries. 

But continued British pressure 
for a change in the way MCAs 
were calculated meant that the 
future remained uncertain for 
Danish pig producers. 

If the U.K. proposals on MCAs 
were accepted by the Community 
the subsidies paid to Danish 
producers would be halved, he 
said. 



1 .Iiilw.:; 641 -.6’ >5.75." 636-.S ‘ l+f.Ti'aii. Afternnon: Wii 


HJNG 


t.Wm; 617.5 +6 | — - gM. IIA SS. 16 J. datllcm’i: 6X85 -76 - I ...... 

modes I I • . 55-3. C*lbOd*-S. cam sfis.s. Kero. Wire- Or-n^.—J 

•It : 607.5-8 '+4^' 613.5-4 fS.O bark 'three months JE36. 345. 36. W,. ^ . -72.6 62X5 30 <-97.5 

i<>niha..i 621-.5 ! tS 6 7 +6J5 ***■,•_• hl „ fh _ Amontbv. 6090 100 -tOJt. 61M-50 j-25 

i ’m'm cQ 8 f+« - ...... TIN-Unatr m baftnee hut the forward cM:jUcm BlB5 _ 76 | — 

W -L -- - .. -j- 5*^ relolO — M - I ----- 


n aaottiii"."i5095- XXO — 6146-60 j— 25 125 |WM on the day ax the steady Aonraltan wheat unowned. 


I V«*-t Cl i 

1 , 


Cum i + Oi tiiuunw Apni « w. 

COFFBK I | Uiw Three April 1129.00 fob. 


1 C per lonnc , 


Barley: Utiqnoted. 

HCCA— Location ex-farm spot prices. 


iwi «5wH "g Km. iK? - 

.vr vulamm ■ tmdH W *»3T-f»U. cowtag. ot£ UA Phralcal business, with ^* MUls Wi w> ilani LI |1219J£ miff * 7.S 12581220 


ness nfl. Sales niL 


LEAD — Higher on rt» covering of Con- _ 


Index Limited 01-351 3456- 
Lara on I Road, London, S.W.I0 OHS, 


EEC DAILY IMPORT LEVIES— The 
following EEC levies and premfmiu are 


Platinum troy ox.. £106.5 


for 

Moot b 




>y6b 

+ 7.7 

dt 20 

+-7.71 

it 53 

+ 9 2£ 

-t.10.5 

+ 82 

>1683-35 

+ 1.71 

.1*4.623 

+ 8 71 

£;D7 

+ 3.5 

^513 

fi.8fr.GD 


-iy« month Gold 1S6.9-188J STS™" “"Si iB.KSfe; “if » 

r- . |dttc*r Interest and rumour* of a nodes oo^SiT CnlomMan M\W AdtH. Uav and June nr««iJnI y P?*7. d 2 — awl - Sco,afih WUcti sWes 510 silver Troy ox |dfl 6 .BS 

i months. 


raeren bm rcmours « w p^ndi: ColomUu MQd 'ApriLMsy and 'Jane premiums (with So 53 0 

Arabics* I83.es tramei: unwashed prevtons In brsckBUi. Common wheat— 



- j Uoofllcia [ - "0. nU. 0.70. Oa«»^7M«. nit oil, nil UssoD ^,Tis.O. PM i^» mm m!s ^ xUKan ~ “ t8SB0 


local dealer liquidation fs the cause a f .8026. niL nJL nJl). Maize (other than » vat™ «.» qj. 

•LiSf-5. or*.- tm-,- R-nrr chamu a ' p "* : e >»)lsb, Under 166 lbs 37.0 to Coconut (Fh.l) ,620t +20.D5565 

luSnSS J-Aort^Mt -Ss- W47Sl # '^nn m U< 5F h “n ,-nA il M -°- 100 - 1M ,b ® M.O ' to <3.0. 129-160 lbs — tbOI L609 

-s^ 5, n l,K I. °S. nD M -° "> ’ lanseed Crudefn .. £395 .>266 

£5 S —3.67! nS^ni n^Wtt H MEAT | :OM ^S, , ° K r AVeraR ^ ,a “ , ' >Cfc Kalm +l«.ol»S03 

63.20 on. iS3.76Si.75-. -« *& !5SJlfrS3.TO. tn™, r ^ 0 rices at representative martw.s on I 


rirtT'ww t — rhr-M mrTnihji «-»■ Ori. iS3.7frSJ.75: -< «; 155.flfr5J.TB. Flour lev) es- Wheat or Mixed Wheat “ 

JHRws teAnsssr ■saw-js-tg* 

Lii M ,J n S 10 2? : -=-50: nn. Safes: 65 (SO) lou of 17J50 kg-MC-d-C-W. CB-PIss 8 I.B 0 per ^“ 1 ™ 


ervtce 


““ SUGAR SSS’ 7™"“m""«,"7ST. 

M «*«_"=.“»» RUBBER U.liD«, D «Lrn,.C EmOTra r^ ( L^.r-S'™!; ,: , ! r£".^SS , H M: 

■disappeared after heavy borrowing of ■ UNCHANGED opening on the T- wh m <a04X0t atonne df for March- Pta; number* down 1.4 per cent., n « 

met al ihotmht ,10 indicate a pro- ohysical marker 1J^ lpiere« through- Aoril sWpment. ^ WMTb sagar dally price price Blip (-L8). ScoUand-Cattie oum- Puturer... C70.B6 +0.4 173 

dneer 6BPPOTt ope ratiaa. There was « Jso D ns ih* day. dostng on a qudet note. a 5, rtl ** nU .06 (s ame). bers down L8 per ceni., price 63.57p pSimiiCd Am ,-inn an 

nme chart tonytna. In the ®wnlwt Lewis and Peat reported thar tbe One nteg prices wer e lima changed from ,-b. 35>; Sheep numbers do comparison. lio - i Am k l°° l9a 

forward metal moved between £243 and ualaydan godown price was 20S (2641) overnight levels but moved ahead some ph«- I36.4e 00 comparison. u l , „ . ^ _ 

04T and In the afternoon between 1246 cents a kilo (boyer March). * -UW Polma over the morning, aithoog ft Um COVEMT GARDEN (prices in sterling t8 ®- 2 8 +0.75 C84 

and £148, closing on the Kerb near the volume was very light reports C. per package except where otherwise JjoE. Hard winter 1 u. t 

bfghs at £247. Turnover U. 2 fl 0 tonne*. “j j ! CranUkow Heavier offerings deveJooed SStedr— hnpntad grodinw; Orenpas— Bnffibh Minins. 6B4« ^94 


v«RucE-i|6iin nin ray irm. rnrea — — 

c. and f. U.K. lor March-Apm shipment: _ _ _ „ 

BWC *296. BWD H89 Tossa: BTC 1296, Jt. M .Ku 2 for Uoolb | AAAO ntlrl 

BTD £287. Calcutta gauds staady. 1878 — ago if il 

OnotaHons c. and I. DJC. for ready wvvra* MUU 

shipment: lfroz 4fruich no.12. 7 Ha £7.77 j w 

per 100 yards: March fto.io and n.77: fTA I #"1 V«n 1 1 vra 

Aprfl-Jnoe £10.15 and £7.78. “ B “ twilla Metals • V(I|(I|/|||V 

£29.30. £29.62 and £30.19 (or the respective Aluminium £680 £680 O * "*-*-*,/ • 

tranajupmem East Coast. South African shipment periods. Yarns and clocks Free Market (cist imO- BO — >t*6b 

Yellow April 6800. North Kenya Grade mdet whb prices steady. UoppereaahW. Bars C622^ +7.74 <*20 AAnriAvt -ft- a MM. 

“ Om.mihi dado. £636J6 +7.75^33 . IlFlTl 

VFfiPTA RI P nil <2 Vn * h £613.75 +9 25 :bl0.3 v rr VA 1U 

• CtlCl ADLC UIL3 S months da da-.. £b26.0 +8 26 £623-25 NEW YORK March 2 

LONDON PALM OIL-Close: March Gokt^.-^.Troy w. »la4.576 + 1.75 .W4.62S . ! “ 

2M.0fr31S.BD. April 297.60-312.00. May (*»ab 6291 +2 75^07 IffiTALS closed higher on 

260.0fr306.00. June 277.0frSS.0O. July 275 00- imontha £293.75 +3.5 itflS ! e .^ er . was con- 

80.00. Ang. 263.90-13.60. SepL 2fl3.0fr73.00. JJickoi - - S!" JL SSTCIff*?. ^ mal ^ f °r WM 

Oa. 263.00-73.00. Nov. 783.00-73 . 00 . Bust- Vn» MarftaMcfn .- 91.84 SL™ . ”5"” . lnct j?P.- Copper wag 

ness nfl. Sales niL -2.02 (I.85-.50 Bnn M “Uxw buying following market 

I purin« m email rumours of a possible increase In the 

MT A T / VTfitTA RI rc n * Unu,n fcroy ^ iVaan ,qr prodned on cut -hack coma finished llmll- 

JllcA I / Vtut, I ABLcN „ .... . -."Ib-SS -r’f ??« « “R 00 CommlssIoD-Bouse mop-loss baying 

rmTi.r-.a-. L _ . " Elfirkot — i w „ C11B.7S +1.U i, 110. 2b follow ing London's strons DPrfnrtnmre 

^EBB-jaraL-S «5?«2PL b iSil‘ B S 8 ^:4i' s “" “ 7' 
Sr » irafcraHtASiRr BranjaTafl® 

1D6.0. 4 mom ha — fa id? r ot a . g unr r T." Marcn 131.vO t Miy 130.25. 

Lamb: English snuff] 50.0 lo 5S.0, w^mmSl5h!25r SImZ'I 85 0 JaJ » W8-~ ■«Uem«Ua. Sales 1,138. 

medium 50.0 to 54.0. heavy 49.0 to 43.0: JilTe liSjrfcil'jfciSS" Contract: Uard. 172.75 

ScoUWt medium MJto 54,0. heavy 46.0 ^ mnnih. „ £246.76 + I^a' 250.75 tl7 *- raj - ]*** 155.86 asked (159.86), July 

to 4S.0. Impoiied frozen: NZ PL new E*ro,ii ioeri , 8560 <>600 Mt-M asked, SepL U0.SD asked. Dec. 

seasw 45J to 40.0, PM new season <4.0 9 125.00 asked. March 123.00 asked. May 

M 45.0. UUg 119,51, July 118 31 asked. Sales 47* lnta 

Porte: Eualisb. under 196 lbs 37.0 to Coconut (Ph.lj ,620f +20.DS565 Copper-March wm f5S 4(1. ^nr,i 

44.0. 100-120 lbs 36.0 to 43.0. ISMflO lbs — EbOI L609 (MBoT^iay jrSpfjnlv aSs’ mi? 

36.0 lo 41.0. Linseed Cmdefin .. £295 >266 SfiiW ™ 5 L J9, 

MEAT COM M ISStON— Avers gc tstsiock iUl H y*n. 354Sa +14.61*603 S W M « Jfr S*a ’ 

0 rices at representative markets on Jan sTniemeouT SaSs. 4 Mn kn.’ 

March 2. GB — Cattle 64.09p per kg.Lw. „ . 

t—o^oi: u.k^— S beep i34.3p per Seeds .. otta,y 77 ic *' — 55 jo- 55.30 (55.40), 

kg.es[.tLe.W. (-0-7): CB^-Plas 8 1. Dp per UopraPhllln-. (425w + 1D.O-392.S “"JL5frKLS fjijr S7^6L Oct. 

kgXw. (-1J). England and Wales— dqyabean (MJ.-. 1 252.6.- +6.6 i 237.7 S®- 4 ** _ J® “*** «.62-fl0 TO, 


+ 10.J-398.! 


. avenge price M-32P (—1.06): Sbeep num- o-i.. 

LONDON DAILY PRICE for raw sugar bent down iff per era:., price 133.4a HHrk^Vwn 
^ f ? r (-L41: Ptg numbers down 14 per amt! 



steal market Lhtle mterest through- April shipment. _ Wblts susar daily price price 61 Jp (-L3). Scotland— Cattle anm- r “ tlUWr — c 

tbe day. dosing on a qniei note. fixed at nU.OflfSame). bers down L8 per cent., price 8S.57p 

is and Pea reported thar tbe Opening prices me Unto changed from ,- B .35>; Sheep numbers do comparison. ” d 


rrn 



May 6I.0fr61.30. July 61.4062.00. Sales, 
225.000 bales. 


&riey HHC , . *Gold-«aroh 18180 (122 B0), April 

Hmr taaraT" E70 m Tn'2 ' m « WSM June 187.79, 

ncme mrnre,... C70.B6 +0.4 173.1 Aug 196 JO. Oct. 19SJ0. Dec. 195.60. Feb. 

French No.) Am k'lOQ or 1S8.40, April 2DL40. June 204.40, Ang. 

'Jr tlOO t98 207.W. Oct 220.40, Dec. 213.40, Ft*. niL 

Wal Reii SprttiK tS6.Z0 +0.75 tB4 Sales. 10.000 lots. 

hoLUanlWtntei 1 I Itard— Chicago loose 23.60 (32.50). 

RngiUh Mi uio ; . £94« \Z~Z'. ifla. 5 * New York ortm *' 516410 24J7 traded (34 SO 

.ski».Mr. iii ,k r traded). 


a.m. 

Offlcte 

+ ai 

p.m. 

UnriUcur 

t 

V 

F. 

243.5 4 

i+ Z 

846.5-7 

24SJ5 8 

+a 

*46-5-7 

*44 

+a 



-I <9 BO-WJO 1 48-50-43. M 1 — 
- J <4.10-48 60. 4850-43-25! — 


Oct-Der 52 4 >-52A5 : 52.10-52. IS 32.55 52 05 


aueii 

Km. 

Comm. 

Coon. 

Yest’may-V 

Wore 

Prevtou 
_ Wow 

tftunneaa 

Dona 

a- tier hwiflg 



S-00-S.aa. Ovals approx, lfl kilos 54/99's Coffee katore- 


133-331 1 2291 1 , July 233-333), Sept. 229. 


2.80-3^0. 29 kilos 3.2fr3.B0: Egyptian: May™. £1.452.5 —25.0 Cl. 629 ff Dee - 1129 1 ' 2301 ■ Mai 7* 237*-238. 

Baladl 2M-1M. Navels 2.30. Lemons— UHUxi -A' In Imx... -7.2c —0 05 65 89'. SPIntinum— April 229.50-S3fl.40 (229.30), 

Italian: IMAM S.OfrJ^fl; Cyproa: L50- Juw U ABU — — jfral Ml July 233.SfrS34.50 (233.30V. Ota. 237.80- 

3.00: Spa p|a: 3JMM.M. CrapWmlt— Rubber slip 47 , 5 p 46 2 S 238.00. Jan. 241.86442.00. April 24580- 

Cypraa: 15 kilos _2.4W.60. 28 kilos 9.00- aiml £ KAiL. JS2O-40 jfl2>45 246.00, July 249.80-250.00. Sales. 2.03B lots. 

+a.o -.in ..«nMM„«.ia. («mb». April 


Victor Britain is the chauffeur drive service 
of Avis Rent a Car. . . 


3ACON 

. ; w Danish A.I per ion ......... 

\\ ; -trlilsh A.I per ton 

> » ‘ nah Spftial per ion — 

►’1st or A.T per ion! 

31-TTKR 

S'Z per 20 lbs 

itagltfb per cult ......... 

Janish wiled per cwtt — 
vOiEESEI 

_ ^ SS5 per tonne 

* SnRiisb cheddar trade per 

tonne 

REGS* 

noire produce— . 

Siro 4 

Size 2 


irotiivh killed sides (ex* 

KKCFl 

Eire forequarter* 

lAaff- 

^iirUrH 

VZ I’U-PMs 

BUTTON— Ennliih ewes 
?WRK— (Mil wciphlSi ...... 

WULTRY 

broiler chickens 


March 2 .Week ago Month ago 

• .£ £ * 

1,030 1,030 1J80 

1,003 1.005 1,M3 

1,003 I.Mo . 1.005 . 

1,605 ' L003 • 1,00s 


i“ 2/ ^^. 27 :^ 12155 27.26 SWfittHfeSiR «A^riL 'TSsr^T !5LJ5* «■» 

an. ns, 41. Kerb: Thrt* month* £2«. — - — — May — }12i 75 29.ua lUJS 50.4^ 186 60 6D.H pound Golden Delicious 0.15-8.13. Granny *PriL w March-May. u April- May SS'SISSS'b 

. . Sales: 3X3 .(148) tots U ina» An*.....! 1 42. 25 DL5-lu2Ja-M-Mlt3a.tlfrJ2.Z5 Smith frll^-13: Italian: Per pound Rome * M«r. a Per ion. Hannan spot bunion 5M^0 (4»3.30». 

_JSgf2 £ “nS* — .!m wttaa Phi-rical closing prices dwymi we»: ~ ..^- 7 -^,".^.? .. * — Beanty i.U. Golden Dell clout 0J1-6.12J: - Soyabean J-Marcb 6B346H (6041). May 

UboOdal dtue. 1 SM per picuL 5 d« (same): March «D 148.73); wStf' iSST'fnr «-S.: Red DeUdons 8.50-9 09; Oregon: «5-«0 «fll3>. July jlfl-515, Aug. 6 13+1 5, 

| ltVE L re, ' „„ SOYBEAN MEAL ™ SSHS INDICES 

Stiver wic fixed fl.Up an. oapeB _ tower 131/1 rtDCAJI 1TI£AL JUSUr " - Spmmns fl.tfr9.lS. Pew— Italian: Per — - 

tjrjmw deUvery m the u«ta. bullhm Short^ overtng and speculative buying, domSpiMacrassaBe 6.12-0,13: S. African: 

nartttt ye««dty. ■( 2»fiSo. U£. cent eacouraced by. the ttrensth oi Chicago. Willums Bon Chretien 6.00. Benrre FINANl 

egdvilMU of the fixing levels iwe: *W drove London rutnreo £LS9 Ugber. After SSw SiEnis BJ9 *■*-*-*>■ «■■«-«. African: • • MNAPI ' 

«pc.down2Ic;Ua».mouthfiO«Ac.dowi q* mmxl stremh. towcar. the-mukei ?gff . ******* ^ Carious t3MX. Red At* UUft ‘ ■cry u.- , 

2.4c; stx-momb 513 9c. dpwo L3c: and gradually drilled tower on some prafii- ... ' Kelsey OJS-9 J8. Grapes-Callfornlsn: Red ' 6 ugr ‘ 1 

H-taonth M8 Jto, dowri -^. The “***] liking and lack of FwOow-tenm*. At EEC IMPORT LEVIES— Tbe following Etnoerw per. pound 0^6. Bananas— 2 27 rr m-iju 
osened ai 253(-2Htp (4Bfr4875e) and closed rioie prices were nndixoced to 26p Import levies for White and raw sugai Jamaican: Per pound 0.13. Toma tee*— ■ 
al 2SS-2-!5fl^p rSMJ-HBcj. higher, reports SHW C o mnmdltlea are effective for March S in units of per 6 kilns Canary: I.TfrLflfl: Moroccan: (Base; >u 


— Silver wis fixed fl.OSp an eapco lower iMJLAJL . 

FOOD PRICE MOVEMENTS 

. . . • « ,>. .* <8L3c. dawn 2.2c; Uuee-manth SOflJto. down the tslUa) strasUL Smwcnr. U»- marttm 1 .* VHU7 

iTory-b 9 Whole Sffrt Month aCO ? 4 r: rir.mnmh MS Or 4r»m 3Jc: and «-<X>. 


INDICES 


. FINANCIAL Times 


SiLVHB Bunion + osf LAIJ. 4- sr 
per luring — i Wore — 


10.94/11.05 10.94/11.05 1054/1L05 
B5.27 8337 ' 63.03 

mU.'TMK 70.15/72-41 70J5/T2.41 


an ui rouaw-oBTiiagn. at mnm- tm iviiw»id» Bdnperw per pounu wumbb— r . 

km were nn chanted to 2fip Import levies for White and raw sugai Jamaican: Per pound 0.13. Tomatup— e, -°° I Z 8P.91 | 883.60 

ts SNW Commodtilca. ore effective for Mtrch 8 in units of Per 9 kilns Canary: 1.70-3.99: Moroccan: (Base; 'uly ». rasiriM) 

r — ; a count per 100 kilos (whh prevtons In 1J0. Hohn- Chilean: Green 8.M, white 

i«*«u..i + ui ‘’".me*, bracket*). While sugar (denatured and 6 . 06 : S. African: 5.66: Colombian: 5.06. REUTER'S 

| Close ( - — | Dom Kxxj matured I 25JUI (same). Raw sugar Cat umhert— Canary: 1 JSD-I30: Dutch; ■ . — ~ — , 

T ■ J 2.flfr2.«. caoftflBwers—J erser ' 5.80; MAf - B Mar, r Mornii a^n Year ago 

. W7J9OTJ +0.16 183.0fr97.50 WOOL FUTURES kflos^LdO; Cyprus: L80. Catory—SpanKh: j X3S8.B fl3fl0.0 1 1597.8 | 1701.0 


(Base; 'uly i. rgsi=i«) 

REUTER'S 

****■■ 8 1 Msr. Ipomn ai-ri Yesrago 


1,161.50 

1319.42 


5,90/4-20 

.420/420 

March 2 
P 


3,161.50 

1219.42 


3.60/4.00 

4.10/4.70 

w-ecksgo 

p 


51.0/53.0 . 50-0/53-0 


50.0/54 0 
44-0/40.0 


50.0/55.0 

44J1/46.0 


1,161.50 

1219.42 


S.R0/4.40 

425/4.30 

Month affo 

;p . , 

4SJJ/50.0 

37.0/38.0 

46.0/53.0 


V^re»«fc tss = .iSSSiSSBKB «« «— « « bs^ ^JSy^TSSSS 

i > months.. 261. 25, » -6. TS. 262.9'. +L5 Uctalwi- *187.60-082 +0.SS U4.BS4UUM reported. >. Pmcbe*-S. African: 2D24*s 2.«fr3J0. 

'.“•"Ugu. «UMa.p 4-» - [ Deos«ber„„ : »6.7M7.B +0.16 107 JIL67^ CPenar pgr KOo) Granes-S. Afrlean: Ben Haanah 5.40. 

jmmiN. 378,151. fit. 15 _j- • •■■■- tejmeo .... W^.13.5 + 1.75 - Au-lnulaji 1 1 r»u+t «)| t uri nusinea, f|S b0, 2! % 

LME— Turnover 112 (144) Ini* Of 10.069 “ Giwsi W« J CUwe J - f Done ttfLwtaLl'ft 


13S8.fi 1 1380.0 | 1597.8 | 1701.0 
1 Rase; Sflpf«ni)M la 1931=1001 


ounces. Morning: Cash 2572, 7.4; three Sales: lfifi tQ3) tots of 100 tonnes. 

mopihs 291 L 1.8. 1.6- Kerb: Three months 

SOU, Aherntnn: *nnre months 288, Z&. AIXSC 

2.7, IS. Kerb: Three mamba 265. UftAIilJ 

. LONDON FUTURES (GAFTA>— T be 

fOrnA market epeaed unchanged ts 15 higher 

vvvvn sod goad sbw-covermg was seen once 

Price* surged ahead with gslns al fua aga in . Despite heavy shipper setting in 


.[YwUffMV 1 +u. 1 

, I ~ L — abom wdli mnumal galas. mmkvts"csu»d" some "further ^ “nrice“lfr Prc pound! _ Coiifescnce dris'-fl. 1 fr Co^ilre ' 1 

Vaaerire-i — t ■_ creases bm not affecting all Qualities. B.X&-022, Spranto-Per pound fl.fts.0 07. "’®? s **Y bulk 

Jua-h 'l87S.fr 7*. D (1S3.0 I9SBJM730 WMe * 1 1 ' «**L£Y s^M. British wool prices at Tm wlpa-~ * warehmS 5 MW bushel “■ 

Uav iri9J-20.il +82 J IJttJMfiM !Yef»rttojr*»J + n> ifenerdavv + ,, UlnbiiiAj caiw^taciwuia of no to 4 d Pg » ' MMWfrBWrtj* mmoj , 2S£ forSO Su at flll 2S 

^=::;!RS5K:a!:!S5:^ ig HH* JStSfUrJS £ CRIMS8Y FISH ^ ^ s SPJSsSr^iffigs 

terJSa^!:£S:iSttS§ Sv S:2 S8S SS COTTON 

r,, 'h7T 5 TS 8 ‘*74 5 "I53DJ sepL 82.50. i+QJS 77.70 + 0JJ5 945^-345.9, 34SJ445.9. S. July 3S2.fr vv/ * * ’ codltiuts 12.40- £9 00 : lame harkiiw* « Oilmen mi«tn m 1 JS.S 1 iA 0, .f ars 

■■aS'ji, SL- SI® KSJ? S" :* 0JB £f S^-JSSSH^SSi^t ESi'.S’iS? si « SSI 2JT““ «”■ 

jrs^aueartanHFt aBfaaffJsnaarat rsr^a^ ,, iisar&3ps sartriarS-Sw * sirs ssa s 

138.41 (134,0), indicator prices Uarcfa 2: May 84JM4.46, Sex. oaJfrteso, Hot. 388.0. o. Total sales, in. virtous typS^vil rmrded. gnL”' j5SSf % g ts .' b 1 ^ »/»■ bmtel 


Au-lnu 6 ui 1 iHWH) 

1 T Ol 

butuneo.- 

Gitui Who. Wore 

— 

Done 

Man* tIfi.fr28J 

Mar U4.0-IBJ) 

. — 

— 

July 25&J-2&0 

... 


u. -toner „... 246.0-4Li 




Ua -emner... 21 1.0 44 J 



Mtn-b 747.048JI 

J 


'247JM3J 




i-ilv 124/ .0-48.0 

i 

— 

Sales? 0 (5) lots of lJM kilos. 

BRADFORD— Rising wool costs In BUM 


Paacbw — S. African: 21/24‘s 2.40-3 JO. 
Cranes— S. African: Ben Haanah 5.40. 
Alobonse Lavallee 5.79. Waltham Crmn 
am Ontoas— Spanish: 2 JO: Dutch: ijo: 
Polish: 1 JO-1 JO. Strawberrtos— Cali- 
fornian: Approx. 12 nzf per punnei 0.90: 


DOW JONES 


Dow 

Mar. ( 

usr~ 

Jonoa 

2 ! 

h 

1 


AlOlirM kfru- 

+eo I 


>piK .... a5S 04 362.86p4B.70kS0.25 

future UUX.U.U1 anizai m 


IsraeU: Approx. 8 ms 0.50-6. SO. L. ounce I fuUirejA35 33 S3 1.30‘3a 1.84417 !fl7 
— Dmctt: 24’s I.B 0 : French: 12's 1.49. f lAwntp ieu.u.u- US'. 


English urwfnce: Potainox— Per 56 lbs 
Whiles/ Reds IJfrl.TO Lcuoc* — Per 12. 
Indoor ijfrijo. Calduge— Per balf-bse 
Prtmn 0.80, Beetroot-- Per 38 lbs 0 90. 
Cot-ms — P er baa 38 Ds S. 40*0.90. On Nme 
—Per 56 lbs o.flfriJO. Swedes— Per baa. 
York'diire 0J9. Devon 0 56. Apple*— Per 
pound. Cox’s 6.12-0X3. Bramley's 0.ll4).is. 


t Average 1934-35-26=1001 

' MOODY'S 


IDereWi 


r.l Mar. |dumufX«. 

1 Ilf' »i.U 

^B91 JS 909JB 562.8 


95,0 8 9U; 909 J 
»i st uSistno,- 


Sf 0/44.0 - 36.0/43.0 - S5.0/4L0 
21^/35.0 31 -D/35.0 31.0/35.0 


TOterchlckeia n*** **** 

*LatiuDn Euq Bkchnnf;o l^lce per 1M egg*, t Delivered. 

•' For delivery March 4«T1. - , - — 


SabCiitr-ij 1 . urHCAi . wa-lsy ?*?** “ , B 3255 0na 

duti-ti 'lB7S.fr TLB U 163.0 IMUM7B0 WMe *’ J . , ‘ *** LfiY dejj tora s aid. Britt* n 

uav — ■lnan.yn n Ubsji 1749-fr 1 620 lYesuntor^ri + ra |t'ementav , *‘ + <» Edinburgh caused tncreuu 

• HI v™._._.!l68S.fr7fiJi +78.0 16B8> 16 15 Sl’nlli «?««» } ' — ! rime — for appropriate top*. 

-WM ....__.>1G4 r.fr 4/ J J+73.0 .16=IU».lSaS — '——— 7 - ’ . *T DMEV ’, 

J» -tfllSJ-14.fr +7LB :)GZkfrl966 U*>. 88.70 +055 70JJ6 +0.4S ***£'* e U'r. 

Uv«L. il66fi.fr9L4 C».0 May 84.40 +0.0 73.00 ,+OJI 

r+» ....'h7t.S 7S.B i+74.5 t55D ff sen L 82.S0. i+OJS 77.70 '+OJ5 Jfi? 

- 11 - . .■ ■ IH ns 'ttifli SO W +OJ5 -D-* S, 353.0-351.5. -)■ Ort - 3 

Saks: TJW I4JZ2) lots of 10 ranoes. ?!!! S«. |Io5l S.65 ' 3L5. 18: Dec. 359.7J5M. 

toMramtoml cecoa Or»ai«l*wiM 1 u.s. iSSr.,.. 1 — — rr52 .- v-m- starch sosj-tm 8. 3fl5.frsgs.i 
cenls per pnandi— Daily prim March It Business doar. Wheat— March S2. 3 S4E.t3. 308 fr. 3MLfr366 9. 1: July X 
134.41 (134.42). Indicator prices March 3: Map C4J94H.49, test. aaJfrfeM, Nov. XU B. Total sales. 17L 


813-010 I flu). July 816-615, Aug. 613-SI 5, 
SepL 602. Nov. 591-590, Jan. KS-507, 
March 608-806. 

ySeyaboan Meal— March 157.Sfrl57.08 
(155.19). May 181.50.102.00 (159.40;, July 
1600-164.10. Ang. lB5.Bfrl64.58. SfiPL 
102.30. Oct. 1 99 JO, Dec. 162.08-lffi56, Jan. 
lflL5frl63.00, March 163 .50-165.00. " 

Soyabean Oil— March 23.00 (23.62), May 
23. 73-22 JO (23.13). July 22.65-22.55, All* 
52 -35. Sept. 22.00-207, Oct. 21.35, Dec, 
21.lfr21.05, Jan. 22.65, March 31.10. 

Supar— NO. 11; May S.7fr6Jl I8J2-6.83), 
July 9.09 (same). Sent. 9J2. Oct. 9.43-9.44, 
Jan. 9.75-9J5, March 10.11. 10.14. May 
10J1-16J3. July ID.IS-IOJO Sales. 1.580. 

Tto—553 00-555.06 asked (558.50 asked). 

••Wheat— March 2MJ-2S0J (2S8>, May 
2661 065)1, July 2681-2684. Sept. 2721, 
Dec. 2781, March 2851 asked. 

WINNIPEG, March 2. ttHyc-May 
1 08 J0 tIDS.tt bid), July 106.40 bid (105.90 
asked), OcL 105.60, Nov. 106.04 traded. 

ttUais— Maj 78 jo bid i7KJ0 bid), July 
73JB nom. (73J9 bid), OcL 72.40 bid. 

O M ey - M ay 78 JO (78.401, July 77.70 
(77 JO ukedi. Oct 77 JO bid. 

SSF^xsced— May 220.00 bid (22D.M). 
Inly 223.00 bid iTtz.oo nidi, OcL Sjfijfl 
bid, Nov. ZMJO bid. Dec. 224 J 0 bid. 

srWheat — 5CWT15 13.5 per cent, protein 
comma elf St. Lawrence 151.22 ( 159 . 61 ). 

All cents per pound ex-warehouse 
unless otherwise stated. *5s per troy 
ounce — 160 ounce lots, t Chicago loose 
ts per 100 tbs— Dept, of As. prices pre. 
vious day. Prime Si rim f.o.b. NY bulk 
lank care. J Cenls per 56 lb bushel ox. 
warehouse. 5.009 bushel lota. I Is nor 
iror ounce tor 50 ounce units of 99 9 nar 
rent, purity delivered NY. | Cento per 
troy nonce ex-warehouse, fl New u B“ 


K 





... . , .Financial Times 


i JRIarph ; 3 3.978^ 



Equities weak but giit-edged close well above 

Share index falls 10.4 to 433.4— EMI results disappoint 


FINANCIAL TiwiES STOCK INDICES^ 


| Mar. ■ I Mar , Vtb. Frt 

■ . a j. • 1 j. 28 Zl 

. Qr)rernraooi*«' , ».- ; — I 74.44) MJl. 74.41 -74. 


‘‘rt. j -S W*. i Fsb. 

Zl ■ I » ' -B3 : PJS 


Government..-.-. 74.44 ' 74.52. 34.4lL.74.20i 74.7 1| 75.C 

Vin.1 Inter**™'. . 77jal 77.4* 77.«l| 77.5-d 77.81 1 77.fi 

OniiitartT.... 435.4. 443 jd 443.41 441.81 444 JK 443. 


I . I&tnatnm OiUW..:. 433.4. 443^. 443.41 441.81 444.* 445.3 .*3 

QnM Mura- Ifi2-6j 182-1: 138L9 159.5 138.3 157.1 .’ag 

. \M. Div. MM*. S.19[ 6.06| 6.06 «.06j C.Oal 6.00 gjj 


Option 

'First Declare- Last Account 
Dealings Hons Dealings Dav 
Feb. 13 Feb. 23 Feb. 24 Mar.' 7 
Feb. 27 Mar. 9 SIar.10 Mar. 21 
Mar. 13 Mar. 30 Mar. 31 Apr. 11 

* “ New time " dea([nst may uke plan 
(ram 9 JO a.n. m business days earlier. 

Equity shares turned weak yes- 
terday. the recent firm undertone 
ziving way an increased offerings 
fame to an unwilling market. An 

early mark-down left the FT 

Industrial Ordinary share index 
a! 10 a.m. with a loss of 2.1 
which was stretched to S.2 at 
2 p m. and to 10.4 by the close 
of 4.13.4. its lowest since July 26. 

Mr. Healey's warning that the 
3} per cent, eronomic growth 
envisaged by the Government 
would nol bo met this year in 
the absence of a significant 
stimulus in the Budget helped (o 
krep buyers nn The sidelines, 
while EM! underlined once again 
the difficulties facing Inter- 
nationa] trading concerns with 
yesterday’s reported 47 per cent, 
short -fall in pre-tax profits at the 
hair-way «Tase. The drop nf 23 
to a IPn-TX low or 141p in the 
EMI sharp price accounted for 
over two points of yestcrdaVs 
index fall, while nine other index 
constituents also figured in our 
Chief Prior Changes feature with 
above-averace losses. 

British Funds, on the other 
hand, steadied to end with falls 
limited to 1. after }. while short- 
dated issues closed only mar- 
ginally easier awaiting the start 
of Irndr lo-rtav in the new tap 
-tnck. The Government Securi- 
ties index, at 74.44. shed 0.08 of 
the previous hvo-day rally of 0.32. 

Gold bullion made further head- 
way with a rise nf S7J to SIS! fnr 
an overall gain of morp than $19 
-ince the besinnins of the year, 
buf Gold shares made only a 
mined response with a rise in 
i he Gold Mines index being 
limited to 0.3 at lfi2.fi. 

Gfficial marking* staved Tow at 
4.392 and rnmnared with W’erines- 
dav'< 4.2S4 and the week-aco 3.227. 
The FT- Actuaries Industrial group 
index came off IJ1 per cent, at 
ISfins. -but steadier oils dipped 
the loss in the All-share index 
lo one per cent, at 191.15. How- 
ever. renewed weakness in North 
Sea oil-irienlaled storks caused 
another five percentage points to 
hp knocked off the Newspaper, 
rhfishing spctor index. In all FT- 
minted equities, falls outnum- 
bered ri<cs by almost 7-to-2. 


was small, but confidence returned 
after hours and the falls were re- 
duced to j. Meanwhile, the shorts 
had fluctuated within a noticeably 
narrower range awaiting to-day's 
first-time dealings in the new tap. 
Exchequer 8} per cent. 1933 which 
is expected to start at a small 
premium; losses of about i in the 
shorts were halved In the late 
evening dealings. Occasional falls 
of j marked Corporations while 
the two newcomers In recently- 
issued Fixed Interest stocks made 
quiet debuts; Mid-Sussex 7 per 
cent Preference 1983 settled at 
12}. in £10-paid form, while FFT 
10 per cent Sterling Bonds 19S9 
dosed at 08|. 

Early demand was insufficient to ' 
counter arbitrage selling of in- 
vestment currency and raws weni 
easier before institutional and 
other buyers were attracted. A 
reasonable and better-balanced 
trade ensued at the cheaper levels 
and the premium rallied from the 
day’s lowest of Sol per cent to 
close a net 1J points down at 83] 
per rent. . Yestcrcfav's SE con- 
version factor was 0.7186- (0.7138). 


ated Land and Bunding which 
improved 3 to a 1977/78 peak of 
4lp. Ellis and Everard gained a 
similar .amount at 72p and Bryant 
Holdings hardened a penny to 
4Hp. 

IQ closed 5 off at the day'F 
lowest of S28p in dull Chemicals 
where Hickson and Welch 
declined 7 to 161 p and Hoechst 
a similar amount to 455p. 

EMI slump . 

Interim results disappointingly 
below market - estimates accom- 
panied by a forecast of annual 
profits well short of the previous 
year's level prompted marked 
weakness In EMI; already easier 


Hawker reacting 8 to 166p, John 
Brown 6 to 276p and Tubes a 
similar' amount to 370p- GKN 
cheapened 5 to 265p, but Vickers 
held up relatively well' and closed 
only a penny lower at 178p. after 
I77p. Elsewhere. Peter Brother- 
hood provided a firm feature at 
124p, up '7, on renewed takeover 
talk, • while other bright spots 
included J. and H. B. Jackson, 
which rose 2 to 25p in response 
to Press comment, and Hurtle 
Machinery, 3 higher at 24p, on 
speculative buying. In contras!, 
sporadic offerings left Averya 3 
cheaper at 146p and Simon 
Engineering a -like amount down 
at 202 p. Falls of 2 were recorded 


J. Uni. Div. TGoM-w. — -- 

far of 16. Other miscellaneous in- CCP eased 25p furthre to 900p, birntogo itm $ ifuiijr i8.43| lsnaj is.uz| ie.usj iT.wsj Aa .011 

dustrial leaders also gave ground but other North Sea issues took ' t*jajiMu>uie«>rt)--l 7.62 . 7.79) 7.78 7.70 . 7.83 7JB3 

with dealers reporting more stock on a steadier appearance. Utoitn^m*rk»i...._J 4.S92 4.2841 4,793 s.842 s.1731 &.B87 «,** 

on offer. Beeduun fell 18 to 595p Among Overseas Traders, ■. « vumover Em™ J - i- 62^11 60.06 Ttkia 77.87i mss «.*. 
and Glaxo 10 to 520p, while Rank Lonrho shed 2 moire to 67p despite ' 7* . , mI • . . L , U* «« iaom ia sas 1 lasu 

Organisation cheapened 3 to 23lp news of the recovery by its Dun- Vynr* *** ,tmU ~ 1 
as did- Reckitt and Colnran, to ford and'* Elliott steel-making - ■ » **-*■ » u „^ nL «^ 6 's esl' 

392p. UnOever at 4S0p. lost 4 of subsidiary. Jamaica Sugar. J a- ua« iSta nSS’sS. . ' ->™, 

lire previous day's gain of 6; the good market of late on compensa-' * Baswi bo as per cent, corpora don nw, tun = 7 . 3 ?. 

annual results . are due next Bon hopes, finished marginally . - Basis 100 Govt Secs lS'io/a, Ftxod W. iwb. md. ord. V7qa 

Tuesday. Elsewhere, reflecting re- cheaper at I7p. but satisfactory Minw livss. se Activity j-aiy-pec, wc. 

cent adverse comment on North preliminary figures took African : amps « smjuc • C B* arni/iw 

Sea ofl revenues. LC Gas fell 10 Lakes up 5 to 505p. - HIGHS AND LOWS S.E. ACTlVL^-: 

to 3I5p, while Stectley relinquished International Pacific Securities s T 1 ? 

6 to J 74 p ahead of next Wednes- enlivened a lacklustre Investment _ - • iu,. 

day’s preliminary figures, Hoskins Trust sector with a late improve- Bigii Low Blgb Low . z . . '.LJ 

and Horton, however, revived ment of 15 to 145p on tiie.. : — ^ ■ , ullt 

with a gain of 7 to 143p on further announcement ihat the directors 79.86 60.4a 127.4 4>.xa 

consideration of the large share- ore reconunending unitlsatkm. rJOfli »a-li , rt.U»; ioil/7w i^iumSU..^ isbj 

holding which changed hands re- proposals. Elsewhere, affton re . nw( m.*, ei.27 -boas isai 41 O.S 3 sptcuinuv*... 43.9 si$ 

centlv. still reflecting an invest- vestments eased i to Sp on small «h« «*.li i&jiIWV) Tuw>..„ 104.5 was 

ment’ recommendation, M. Y. Dart offerings in an unwilling market. lBlI . 0n , a4S-2 557.6 049.Z 49.4 Mai ibpfe 

added 2 more at 61p and a sharp Financials^ Grimshawe were , 1*21 iUM, tiwm ,a {«* 

upsurge in profits and a proposed lowered 5 to 20p on small selling 174.5 95.1 442.4 43.5 -ipohi'bxivp^. 41.7 4012 

20 per cent, scrip-issue helped 1“ a restricted- market. Armour ,im,ioi ,.i* B 2 m.- 7 !)iifSMo- 7 li r-w* J iva.a 113 , 3 .. 

British Vita improve 2 to 82p, after T , rast \ a . e £ m tij arfcet 

dS OT U s!Slcb he i6 d bro^Jt^biS S^ttSrity taveSnSu 36?p. and i3 better at -a 1877/78 high of In Platinums Lydeatrarg fifi 
a^n^ar gain in DrSley Scottish and Meicanrfle "A” lOSp, 7l4p and Weftom 4 up at a ened 2 to 6op. Londqn.regSs« 

!t SsTwIft iS bid lS?R,ntiS and 3 respectively. • 1977/78 high oE 271p Knandais weakened mUne^ 

now over 80 per cent accented. Hunting Gibson stood out In .-In contrast with Golds, South U.K. equities, with Rio TinU*§ 

rn^i Shippings, rising 20 to 200p on African Financials failed to 3 lower at a 1977/78 low of » 

Coral Leisure moved forward 8 to J na p a pi ^ inK £ a arouse much interest. Persistent at^ Charter 2 off at 122p 1 

■ p " other issues - closed with modest overseas selling ■ of De • Beers Tins were featured by- t 

Motors and Distributors spent losses following a quiet trade lowered the shares to 313p. after weakness of Saint Ptran whl 
another- quietly duH session. Furness Wltbv closed 2 off at while “Johnnies” gave up dropped 5 to 49p following > 

Losses of 4 were seen hi Dunlop, 246p while P & O Deferred,' 95p i at £11} ‘and Union Corporation sistent selling; from, one- sout 

78p, and Dowty, 161p, while Lucas Ocean Transport. 122p, gave 5 at 273p. in a reluctant market 

Industries fell 7 to 240p; the op a penny apiece. Tn thin mar-. ' 

latters • fnterim figures were fe e ts, J. Fisher fell 4 to 112p and . uriAT UIGUC AMV>'I HWC CAD 1 Q77 /7B 


1BA3 18.C 


najtMiom«t>rt>-J 7.62 . 7.79 ^.7 

. Utoitofft mark*!..... I 4,592' 4^64 4.79 

' Bquity witiavw Em-.j — j ■ 62^1 60.0 
Urputy Ntn^Llti" loml.J ■ — ' ' 11,490 13,601 


6.02. 6.00 
17.93 16.01 
.183 7.as 
S.Z73 6.887 
77.8?! 96 .«s 
18,828- 18^74 


ity Ikt salft- — < 11.4901 13.60 a WOT_ia.Bag- l^574L 1M4{ 

- id a-tn. 441.T. li - sin. 4I0JL. Now fl8B. 1.9.BL. ■ 
S iHin. 43HL3, 3 pm 435A ‘ 

- Latest Inftx 01-244 3026. VS' ' 

•Based bn 3S per cent, corpora don rax, tKO-7.97. . 

Basis 100 Govt. Seen ti'U£8. Ftwd tnt. loss. md. Ord. V7H 
. nines i2/9-'0&- SE Activity Joly-Det ISC. • " - ' , 


hig hs and lows 

1 1B77-7H . (SiiV'e UrrmpAdmo 

HlgL [ Low Blffb | kuw 


S,E. ACTIVt^,* 


Blgb Lum j 2 


240rP«a v, t . - ;;^ 26 °F^ - ^ 

24oh^ 4? v.'v 


mm 


Pr A- si 

■. ,:v 




Royals please 


Lons Gilts sensitive 


British Funds illustrated thpir 
current sensitivity by reacting 
sharply to only modest sales and 
regaining much nr the loss in 
business after the official close. 
The volatility was most apparent 
at the longer end of the market 
where quotations fell at one stage 
by } on routine sales and. more 
importantly, a general apathy on 
the pari or buyers. For much of 
the official session the recovery 


With the exception of Royals 
which gained 5 to 3S3p, after 
35fip. in response to better-thau- 
expected preliminary results. 
Composite Insurances were easier 
for choice in an increased busi- 
ness. General Accident cheapened 
5 to 203p on Further considered n 
of Wednesday's results, while 
Guardian Royal Exchange shed 
4 at 21 Bp and Eagle Star 2 to 
132 p. Sun Alliance gave up 3 to 
Blip as did Commercial Union 
to 141 p. 

Quiet conditions prevailed tn 
Banks where Lloyds receded 3 to 
243p and Midland lost 4 to 332p. 
Elsewhere, a resurgence of buy- 
ing interest in a thin market 
prompted a fresh gain or 1 } lo 
lOp, after 20p, in George Sturla 
among Hire Purchases. Allen 
Harvey and Ross. 475p. were un- 
moved b.v the results in Discounts 
where Seccombe Marshall and 
Campion Tell 10 to 190p. 

Davenports’ initially maintained 
their recent advnnce in active 
trading but after reaching I03p 
reacted to close a penny cher~— 
on balance at tOlp. Othei 
Breweries marked time with the 
exception nf A. Guinness, which 
fell 3 to I34p. Distilleries had an 
easier bias. A. Bell, losing 4 lo 
lP8p as did Distillers, to 163p. 

In common with other market 
leaders. AP Cement drifted lower 
on persistent selling and closed 
7 down at 223 d: the company has 
been given the go-ahead for a 
near 5 per cent, price rise while 
its prepared increases are being 
investigated by the Price. Com- 
mission. Elsewhere In Buildings. 
l.obdon Brick cheapened M to 
B 2 §p with sentiment nol helped 
b.v adverse comment and F, J. C 
Lillcy were on offer again at G4p, 
down a further 3. Buyers, how- 
ever, showed interest in Feder- 


«°H-e m i 


TURNER and 1 
NEWALL 


Ktxf»l Ini.^.l 81.27 

! (W \‘ M} 


lo-i. Uni 349 -2 

.1481 


127.4 49.18 
, id- LA*; loil/iW 

150.4 410.53 
l2dil L-*7) |4.-1'7&1 

549.2 49.4 


— itaiij 

UIK-I&afti... 165 JL IB 
l»iu^nn«..~ 133.8 IB 
SpecutnUv*... 43.9 j) 

104.5 9 

3-Iay Av*nmci 


&N.I Mine-. 174.5 


fiSrJ l66 -S 17! 

<1 WA iB-ftSO liulu-trlal- 170.0 17i 


.3 43.5 -ipeHi'KIPl 1 | 

i.-7hllf2H. 10-71. P.iw J 


iva-a 1 11 $,*. 


1877 1 | [1978 { | 

OCT K0V DEC JAN FEB M 


OCT NOT DEC. J38 FES RffJ 


at 132p In front of the figures, 
EMI were marked down further 
to around L46p on diem but 
rallied momentarily to 152p fol- 
lowing some bear closing before 


falling away on a steady stream 
of selling to close at the day’i 
lowest of 141p for a fall of 23 on 
balance. Other Electrical leaders 
were unsettled by tbe EMI state- 
ment, in -particular, GEC which 
gave up 8 at 237p. Thorn eased 
4 to 34 Op and Plessey were 2 
cheaper at 90p. Among 
secondarv issues. Decca, 395p, 

J Ik. .1 " Hs.-a in 


and the "A," 385p, gave up 10 
apiece, while Racal fell 7 to 19fip 
and MK Electric 3 lo 139p. Pifco 
A eased 4 to 90p and falls of 
around 2 were - sustained by 
Westing ho use, 42p. BICC. 99 p. 
and Ward and Gnldstone, 88p. 

Rumours that - a Japanese 
supplier had run into liquidity 
problems brought selling pressure 
to bear on Dixons Photographic 
which touched l-6p before clos- 
ing B down on balance at 128p 
despite a reported denial of any 
such trouble from Dixon's finance 
director. Vantona declined 6 to 
lllp. after llOp, -on the dis- 
appointing annual profits, while 
losses of 2 and 3 respectively 
were seen in Freemans (London), 
24Sp, and H. Samuel A, 240p. 
Leading Stores were easier with 
Burton A, 103 p, and House of 
Fraser, 120p. both 3 cheaper. 

Falls in the leading Engineer- 
ings were fairly substantial. 


in Capper Neill, 5flp, Newman 
Tonics, 59p. and G. JL Firth, 22p, 
while Birmid Qnakast eased 1 $ 
to 59p following the annual state- 
ment. Westland, down a penny 
at 45lp, failed to benefit from 
the major helicopter deaL 

Foods rarely moved more than 
a penny or two from the overnight 
levels with the exception of 
Associated Dairies, which fell 7 to 
205p. Spillers gave up a penny at 
27p. while Geo. Bassett 128p, and 
J. Bibby, I85p, lost 2 apiece. Of 
the few firm spots. Avana 
hardened i to 30{p and Hfghgate. 
and Job 2 to 56p. 

Hotels and Caterers also had few 
noteworthy movements. Trust 
Houses Forte ended a penny 
easier at 166p, after 168p, while 
Grand Metropolitan eased IJ to 
87p. Small buying, however, left. 
M. F. North and Prince of Wales 
both 2 better at -38p and 115p 
respectively. Myddleton. at 200 p, 
made no response to the improved 
first-half GguresJ 


NEW HIGHS (20) 
banks <i> 


BUILDINGS R> 
CHEMICALS II J 


Industries fell 7 to 240p; the m a penny apiece. Tn thin mar-. ’ 

latters ■ interim figures were bets, J. Fisher fell 4 to 112p and . uf-ui uipuc A» 

announced on March 31 last year. Common Bros. 5 to 140p. - -'NtW nluna W 

Kenning reacted 3 to 65)p on Textiles remained out of favou r m fqikmina tocurictea quoted m me 

Co[Irtau,ds reaped 4 to iOSp. & ,nt 

Btsewnere, Godfrey Davies dosed Tobaccos were barely tested. 

3f easier at Top and H. Perry imps closed a penny off at 73p NETV HIGHS (20) 

4 cheaper at 146p. W. J. Reynolds, and BAT Industries Deferred 4 stun, .c.. - 
-however, hardened 2 further to cheaper at 248p. buildings n> 

29p with the help of further call- Plantations were noteworthy Fetf ‘ UBd chemicals hj 
option bumness. only for a rise of . 3J points to <v, "’-Vinbmas m 

Thomson remaned under the £26) in Son get Krian Rubber on seotuab tv a. - 

cloud of recent comment down- the substantially increased, earn- 

grading potential North Sea oil ings and capital proposals. - ... £££*£? ’ J 7ZT 

revenue and pubicity given to a ot 

chart M sell " recommendation and Tate rallv in nnldc p* per 

feU 15 more to 155p, for a loss m OOIllS ton. a erv*. m»«4 * aiwb 

on the week so far of 35. Else- South African Golds staged a MKkinnan 

nTiere, Mills and Alien stood out good recovery . after . losing . 

with a jump of 13 to 158p In ground at the outset of tradings OPTH 

fairly jrctive trading on news of The initial downward movements ■ 

the > first-half profits upsurge. reflected tbe decline in the DEALING DATES 

Properties drifted . lower in securities Rand and the invest- . First Last Last 

places on scattered offerings and met currency premium. Deal- Deal- Declare- f 

continued Jack of support Land However, as the bullion price i nxs lugs tion i 


NEW HIGHS AND LOWS FOR 1977/78 


TRUSTS (1 1 - 


RUBBERS (31 

SuBB»( Kralx 


'GrootvJcI 

Wlnkelhiak 

Sootbvaai 


MINES (S) 
Wdha 
RTZ 


NEW LOWS (6) 


, ^ WW,F ■ , HOTELS IT) 

ton. B. Pror.' Po-tor Mllta A Allen Intf. 
TEXTILES II) 


- AMERICANS IT) . . 

t*— 

eM1 


INDUSTRIALS (1) 

im p % 1WNGI1| 

Runclman [W.i 
. CCP North Se> 


DEALING DATES _ . - , .... 

First Last Last For BP, Ultramar Ladbrhl 
Deal- Deal- Declare- Settle- Warrants, Solicitors’ Law u 
ings Ings tion ment Magnet and Southerns, vhiv 


OPTIONS TRADED 

DATES taken out In 


Time Produce 


Ladbjftt 


Misc. leaders dull • 

Recent nervousness about 
Turner and NewalTS annual re- 
sults proved not unfounded yester- 
day when , tbe disappointing pre- 
liminary profits, which were 
around J3m. below market 
estimates, saw the shares ease 
further to touch . 17 6p before 
closing. 2 more down at 180p, 
making a decline on tbe week so 


Securities, 203p, and MEPC 114p, resumed its upward path follow- p e |. 2 t Mar fl May 25 Jan. 7 doubles were arranged m Grar: 

both gave up a few pence among fng the satisfactory outcome to Mar ‘ 7 M ar 20 Jun. :8 Jun.21 Metropolitan. Mills and AHe 

the leaders, while secondary the International Monetary Fund H \nrin Jnn £2 Julv 5 Lad broke Warrants, Loralr 

issues to -record losses of around 2 gold auction London Interest and £“■“*. iSrfirwtiofuf's po md of Gold. Electronic Rentals, Sdff 

included CSiesterfleld, . 2fl5p, Stock chartist buying took share prices For J^Z Premier' Consolidated Of! ± 

Conversion, 234p. and Great Port- above the previous' day’s- levels. . S**"* Information Service Arrow * 

land, 296p. Bellway, at.55p, held Also aiding the rally in Golds Stocks favoured for the call 1 

Wednesday’s rise of 6 despite the were rumours of the imminent included Telephone Rentals, • • 

company’s denial of bid rumours, signing of an Interna] settlement Grand Metropolitan, Trust 1 >SgpC UnH TTfllK 

agreement in Rhodesia. Houses Forte. Brittanhia Arrow, IV13C3 «11U A ailk.:' 

HP gtPj idipr bum P^^. ce was filial A y Furness Withy. M1U S and Allen, 

cr Steamer Sl.ra up at S184.375 peruunce. its pan continental, EngUsh YCStCrUHV 

British. Petroleum were rela- lughest closing level since Feb- p r0 pertv, Burmab Oil. Lad broke ^ „ 

tively steady after the recent set- ™ary .24 1975, whde the Gojd Warrants. W. J. Reynolds, , . 1? **; y 

back, rallying to 726p before J Tln 1 ®s ' ndex registered a 0.5. gain ^ piran Tate of Green- c™ d«tl‘ ' awi 

easing back in the late dealings on to iw.e. . ■ po-, pronerties. Royal Insur- Forcmn Bonds . . i ri -« 

U.S. advices to doseu naltered on Among heavyweights Randfon- Premier Consolidated Oil tDd[ntri ai* i» «a « 

balance at 720p. Shell also ended Wn closed! firmer atJB4t after e sXf'Hnfhebvs’ SE*"' 1 * 1 "**"*•- » » •* 

nnrhanpprf ar 485 n after moving .EH), while Harteb eest -rallied “■ wigiaii. aims, sotneoys, ons — . J -J* 

SuS f airly nareow Umits OuT- from £1U to close unchanged on Sanderson Keyser, P._ and O. ^ i i. 

en- InlBK. « £111. Medium ®rIcM Deferred. ConU Leisure. Buy’s Jg- “ ”, 1 J 

pnuntpred fresh selling and Issues attracted a good deal of Whafirf, Barrett Developments- — 

dipped 10 more to 226p? wh9e interest with Mflnkelhaak. another aud' Stewart Plastics. Puts^wexe, jmsH - m *,# 


Srlthh Fond* . .. 
Corpus. Dam. 
Farcmn Bonds 


Up Down Sv. v 

— st : . 


STOCK EXCHANGE BUSINESS IN FEBRUARY 


FT— ACTUARIES SHARE INDICES 


Turnover at 7-month low 


RECENT ISSUES 


BY GEOFFREY FOSTER 


TRADE in slock markets con- 
tracted further last month .is 
investors' confidence deteriorated 
on continuing uncertainly over 
the economic outlook. Business 
in ali securities was down 
£0.9bn.. or slightly more than 
« per cent., to £13.8hn. This 
was the lowest since last July's 
£S4bn. and more than .18 per 
cent, uff last Septembers all-time 
record of £21!.4bn. The number 
nf l>3rpam<! transacted fell 75.29:! 
to 420.7S7. 

Tbe FT Stock Exchanue turn- 
over index fell from 451.5 in 
January 1 i> 423.5 which com pa res 
with ia-l year\ monthly averace 
uf 442.fi. 

Bii'inw* in equities rife I ined 
iO'Jbn tn £I.4bn. List mnnlh 
with thi* number of Iiaruains 
transacted 40..T5fi lower at 
297.920. There was line less 
trading day in Februarj - . The 
•iverase value per equity hnream 
cheapened by £91 tu £4.697. The 
FT turnirtcr index fnr Hrdinarv 
shares ra.siti to 249.7 from 
Jnnuarj’s 289.0 and com Dare a 
with the 19,i average of 299.9. 


MONTHLY AVERAGES 1 


HOW STDCX EXCHANGE T WiiOVER IS HOVDtG 


BNnSHQNBHIH 

Bam59G«EBaBHfifluu)rTEa 



These indices are the joint compilation of the Financial nmes, the- Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 


GROUPS & SUBSECTIONS 


■tacks per section 


nOMffSHAKS 


FIXED INTEREST STOCKS 


juskm 


2 - ! 5* 



rf ■« 

Is - 


Sentiment 


E*in:f> prices drifted lower 
thi'ouchmn the mnnlh with 
hujers a^:nn content tn sit on 
‘he sidelines. Bearish fartors 
inhibiting interest included the 
unaecnuniaMi bad Januars trade 
9 cures poor money supply 
figures, dts.ippmntin? rnurth- 
quarter prnfils from 101 and 
persistent rumours nf a failure 
m the sh'ppmc world 

The Prune Minister's unrning 
That Western industrialised coun- 
tries rnuld fare a wave of pro- 
■••etsonist measures in the next 
few months also undermined 
sentiment as did the rnniinuins 

•.veakness nf the L : .S. dollar. 

Fmni an pni-January level of 
467 0. rhe FT 30-share index 
Heriined in thin tradinq in close 
>he month 23.fi point.-, or 5.05 
per cent down, at 443.4. This 


was slightly over 19 per cenr. 
off -its all-time peak of 549.2 
recorded five months earlier. 

Rusines- in .^ill-edged securi- 
ties decreased by EO.fibn. to 
Cin.95bn> tlw lowest since last 
July's Ifibn. Trade in the 
medium and loaner-dated maturi- 
ties Tell by CI.26bn. In £3.7bn. 
but business in short-dated stocks 
im proved by £0.6bn. to £7J25bn.. 
reflecting the markets' current 
lack of interest in gilts at the 
longer end because of the many 
uncertainties. 

Continental holders especially 
became concerned but their 
profit-takins sales were larcely 
ahsorbed by domestic ban king 
institutions which have been 
building up their eligible liabili- 
ties in case “corset" controls 
are reintroduced 

The number of gilt-edged 
bargains fell by 9.303 tu 72.590 


with dealings in the mediums 
and longs 7.998 lower tit 46.306. 
Short-dated bargains decreased 
by only t.305 to 26JS4. The FT 
turnover index for British Funds 
was 463.fi compared with Janu- 
ary’s 489.1 and rhe 19«i average 
uf 47S.S. 

The Government Securities 
index fell from an end-Jaziuary 
figure of 75.61 to close ibe month 
1210 points, or 1.6 per cental 
lower at 74.41; this compares i 
with the 1977/78 high of 79.85! 
recorded last September. ! 

Largely reflecting a 87.50 jump 
in the price of gold bullion in 
February helped by currency 
doubts. Gold shares took Janu- 
ary's improvement a useful stage 
further. The FT Gold Mines 
index rose 7.9 points to close 
February at 15SJ: it has risen 
25.7 points, or 19J3 per cent. In 
tbe first two months of the year. 


Iltu :y.K 2J,2 

He : 

- . r.r Isa 2 

1 p : 

- r.V .41 2 

'• 1 

£ 100 < F.P. 1 10 

»- 3 ' 

. r . 1*. ' an 

Id i 

CltAJ.ePU : 24 4 

■"St 

Cl JO i F.l*. 1 • 

'•■vi,. 

^ no : — 

I=‘l : 

•4 ; HI .28/4 

life 1 

CIIMi F.l'. , - 

fcN’il 

- ; y.P. . - 

xi* ■ : 

- 1 y.p. ; - 

SJI 

£99*41 F.P.: - 

!JU.i > 

cOBLs: £10 ,28.4 


- . F.l* 24-2 


«R 


132 AuIudisI(< 1 swfc. Uni. Cum. Krrt.._.._..|132 j .... 

Ynn.thiir Lu^Cum. Hwl... lOGp. — 

■plfTiiri-iisi lit turn I'rei 107p +1 

B87g F.F.I. lOi-Slrriing B*i«. 19E9 1 BBTgj — 

1 jult iin*ui|*si* U«k- Ivy* IW-P....’.--.— — |141's ..... 


|IL> li-unui \s>.i L>>t n>.Cnv. IjO. IS9A-9a.... 102 ! ... 

9t3* lUiwuirpe Inn. Idii l*e 98 1*; — 

Wlf! w lnii..Kin. >'(«. lOitlHf. — . | 98li; — 

3#' i l»i' 1 nil. Fin. X.V. 1 15 limit. NhUb IBM. Sfl6ls' 


»». U" I01i ■'«-S 


‘‘RIGHTS” OFFERS 


l*MW 

5 — 

L^im 

Kniuir. 

writ* } 

Ch»inal 
ftwe |t_ 


<! 

.•_! 

■ 

idch : J 

n! \ 
|. 

** 1 

F.P. 

is- 

at S 

86 j 84 IVUII 

"/+ 1 

70 

riJ [ 

nil 

F.l 1 . 

13(5. 
0 1 

4|4 
tu a 

1 • | ■* t.«r>iei<*im 

39 j-» 
133 '—I 







lu 1 



1 1 s 

litij > ;L.U.l. 1 ill priwi Hina 

. 4S | -. 

ji 1 r.r. 

2-2. 

2O 6 

tf- H 3i 1 9«n liwtei Gnmi>H 


50 | 
\l.to 

uil 
» I’ 

17 * 

A : 

1 Icl !.\nlK-iui bank •«! Aimit«imb« — «... 

33iuni ... 

iso +a 


r I 1 . 

! s Si 

A ■ 

■ .1 *1 iHhf ilv A 

si i:: 


Category 

Yalue of all 
purchases 
and sales 
Cm. 

%of 

total 

Number of 
bargains 

%of 

total 

Average 
value 
per day 
Cm. 

Average 

Average m of 
value per bargains 
bargain per day 

C 

British Govt, and British 

Govt. Guaranteed 

Short Dated (having five years 

7,250.2 

52.4 

26284 

62 

3622 

275,841 

1214 

or less to run) 

Others 

3,7032 

27 JO 

46,306 

11J) 

1852 • 

79,973 

■2215 

Irish Govt. 








Short Dated (having five years 

501.8 

34 

2,410 

0.6 

2S.1 

208222 

121 

or less to run) 

382.7 

2.7 

4.122 

1.0 

19.1 

92.855 

206 

U.K. Local Authority 

396JS 

2.9 

. 7.444 

1.7 

192 

53200 

372 

Overseas Govt. 

Provincial and Municipal 

42.1 

0.3 

1,600 

0.4 

2.1 

26299 

80 

Fixed Interest Stock 








Preference and Preferred 

143.5 

1.0 

34.701 

82 

72 

4,135 

1.735 

Ordinary Shares 

UW-5 

10.1 

297,920 

70.8 

70.0 

4.697 

14286 

Total 

13,819.8 

100 

420.787 

100 

6912 

*32243 

*21239 


* Average of all securities 






HenuncistKRi 4 jI<i u^xsio uv Ui iff flasunji free oi sfantn diw o Kibip-^- 
aawil (Hi pnwuj etrimsiv a Assumed >I;vui-hui sort yimd s Kqiwcav -Uvumm 
-. mei aasc.l un grcriinb I’lNiW r Diriifm) jnn nelfl Uteit on urnsn-rri- 

■m n'hei iininai loj ION u Cdks i Kinurvc scsumHl : Cover t'low- 

loi conrernon o» Warn nol now ranRms »•»» rtrv inond of ransuu only for rwrnirr-o 
(IivkIi-imIs "Fin-ins price in jmWlf pt VMuw onlesa orn- rwnv inflhrafsd. | Issnw- 
b* MMrr HOflt-rwi »t twUen Of unnnsrv shares as a " nanrs.“ ■” Kignt- 
tn way oi NDXiiiMinifi » vuainium itmdwr once 11 Reimiwlured. • M Iwim 
» n eonnertion wnh FVfe-aafussfMf (ft-ffi w fsliiHWee • It 1 ? iBfTWluetuin — i Iww 
to fomiMi Prrh-rence mudrrs ■ \iN«menf lerien «W Hillv-oai<l» ■ PiBrtsHms 
at nsr;Is-o<iiS s.'liifnen' Mim It HTifH warraiHg 


1 CAPITAL GOODS (178) 

2 Building Materials V2D 

3 Contracting, Construction 

4 Electricals (15) 

5 Engineering Contractors (14i 

6 Meehan leaf Encineering (711 

8 Metals and Metal Forming (17) 

CONSUMER GOODS 
u (durable) raa 

12 IX Elec bonks. Radio TV (15) 

13 Household Goods ( 12) 

14 Motors and Distributors l25j 

CONSUMER GOQpS 

21 (NON-DURABLEVliei 

22 Breweries (141_ 

23 Wines ud Spirits |6) 

24 Entertainment. Catering (18i 

25 Food Manufacturing (22). 

26 Food Retailing (16) 

32 Newspapers, Publishing! 13) 

.33 Packaging and Paper (15) 

34 Stores (38) 

35 Textiles(25) ; 

36 Tobaccos (3) — — 

37 Toys and Games (6) 

41 OTHER GROUPS (97) 

42 Chemicals (19 1 — 

43 Pharmaceutical Products ill 

44 Office Equipment 1 6 ) .! 

45 Shipping (101 — 

46 MliceIlaneous(55) — — 

40 INDUSTRIAL GROUP (4B5) 

51 01b(5i 

5M SHARE INDEX — 

61 FWANC1ALGR0LTHW1 

62 Banks (6) 

81 Discount Houses! ID) 

64 Mire Purchase (5) 

65 Insurance tLlfei (10) 

86 Insurance (Composite! (7) 

67 Insurance Brokers (10) 

68 Merchant Banks 1 14) 

69 Property r31) 

70 Miscellaneous i7) 

71 Investment Trusts (50) 

81 Mining Finance (4) — 

ill Overseas Traders 1 19) — _ 

99 ALL-SHAKE INDEX (673) .... 


2, 1978 

Wed. 

Star. 

1 

Tne. 

Feb. 

38 

Mon. 

Feb. 

37 

Fri. 

Feb. 

24 


EU. 





Dit. 

PE 





yx«ld% 

Ratio . 

Index 

rndex 

Index 

Index 

TACT. 

(TVeLI 

NO. 

No. 

No. 

No. 

It 34 %: 

Corp. 






TjaKZ 



* 


6.17 

721 

19190 

192.13 

19038 

192.69 

632 

- 7.82 

168.43 

36902 

167.66 

17027 

432 

7.44 

296.02 

298.76 

294.60 

30239 

438 

8.68 

41538 

415.42 

41191 

414.46 

739 

732 

275.73 

27551 

Z7235 

27678 

633 

6.99 

15207 

152.11 

15132 

153.33 

8.84 

635 

15632 

15635 

15422 

15538 

538 

735 

176.70 

17636 

175.06 

177.12 

3.95 

835 

Z13.71 

213.79 

210.85 

212.75 

7.59 

6.93 

16130 

162.14 

16106 

16395 

..7.16 

6.05 

106.74 

10633 

10625 

10785 

6.42 

7.84 

181 68 

38185 

180.77 

182.73 

6.45 

936 

20579 

20546 

204.04 

206.73 

6.25 

&43 

235JB- 

234.84 

23194 

23428 

7.82 

7.66 

226.19 

22528 

224.97 

23023 

6.07 

&28 

17706 

17640 

17537 

17723 

513 

• 933 

179 52 

18022 

177.84 

18143 

4.63 

13,92 

284.01 

29439 

298.70 

30439 

9.67 

635 

12L29 

■120.74 

11927 

119.84 

4.79 

13.49 

16632 

166.79 

16582 

165.72 

832 

5.41 

16331 

16428 

163.44 

16601 

843 

4.77 

22569 

225.69 

224.12 

22909 

6J28. 

6.25 

9403 

9412 

9329 

9528 

633 

7.48 

175.45 

17535 

17433 

17634 

7.23 

6.87 

24L74 

24035 

239.08 

244.02 

4J0 

10.76 

23539 

Z35.66 

23494 

Z3638 

530 

5.79 

120.72 

320.88 

120.03 

12031 

7.13 

4.94 

41287 

412.01 

40823 

4B806 

6.80 

8.09 

38034 

18132 

179 96 

18230 

6.26 

7.63 



18726 

189.45 

4.67 

6.03 

733 

738- 

418.03 

207.71 

42195 

208.09 

43027 

20733 

43330 

209.78 

■ 5.75 


35606 

15623 

15325 

154.32 

6.10 

534 

175.71 

175.09 

171.50 

173 58 

6.70 



18972 

19022 

190.69 

19128 

5.49 

1152 

143.83 

14L39 

139.48 

142.67 

639 



130.85 

130. S 

129.24 

128 45 

6.74 



12209 

122.66 

12163 

12025 

438 

3039 

31728 

31860 

30632 

308 47 

6.72 


7109 

7123 

71.00 

72.66 

3.06 

62.29 

22604 

22701 

223 99 

22588 

7.79 

5.41 

100.94 

180.99 

9961 

100.12 

532 

28^4 

177.76 

17802 

17767 

17937 

6.84 

639. 

86.63 

86.88 

88.42 

87.43 

7.46 

7 02 

263.33 

26324 

26330 

26527 

5.99 

- 

193.05 

19337 

192.43 

194.24 


-ins#. 

ms ■ 

1504; 
209 H | 
tSM 

217 33. - 

M».* • 

95 St. 
«L24 
may 
ma y 

475-feZ 

165^ 

13X0 V 


J35R< a 


FIXED INTEREST PRICE INDICES 


ACTIVE STOCKS 


Denomina- 

tion 

£1 


BATs Defd 25p 


Turner & Newall n 


Roed ImL £1 


Grand Met. : 50p 

Shell Transport... 25p 
De Beers Defd. ... R0J 

Distillers 50 p 

Lonrho 2Jp 

Marks A Spencer 23 d 
M ills & Allen Inti. 50p 
Royal fnaurance . 25p 


Of 

Gosing 

Change 

1977-78 

1977-78 

marks price (p) 

on day 

bigb 

low 

14 

720 . 

— 

- 9G6 

720 

•is 

248 . 

- 4 

2G0 

202 

II 

2.17 

- 8 

284 

183 

10 

ISO 

- 2 

232 

130 

9 

141 

-23 

234 

141 

9 

328 

- 5 

448 

325 

9 

108 

— <> 

233- 

100, 

S 

87 

“ h 

109 

62. 

s 

4So . 


035 

454 

7 

313 

- 6 

323 

ISS - 

7 

1«3 

- 4 

193 

120 

7 

87. 

— 2 

88 

62 

7 

137 ■ 

— 

173 

W 

5 

158 

+ 13 

15S 

. 25 

7 

355 

.+ 5 

490 

280 


British Government 

Tlmrs. 

Mar. 

.2 

1 

Day's jd adj. ^ 
change Today j 

xd adj. 

' iSTfl 
to dale 

1 Under 5 years 

10838 

H1.04 - 

• 2J0 

2 5-15 years 

119.46 

-0J3 — 

L59 

3 Over 15 years 

125.90 

-0.16 - 

237 

4 Irredeemables 

14L76 

' _ — ' 

1.78 

5 Ali stocks ; — 

11723 

-Oil - 

209 


FIXED INTEREST 



-YIELDS 

Mar. 

Mar. 

3r. Govt, Av, Grow Red. 

2 

1 

Low - 5 years.- ; 

7.84 

7.83 

Coupons 15 yeara»....re.... 

10.15 

10.12 

25 fears .. 

1061 

1059 

Medium 5 years 

991 

9.90 

Coupons 15 years. 

1L15 

11.13 

£» yean 

1132 

1129 

High . 5 year*,....,...... 

1057 

10.53. 

Coupons 15- years 

1207 

1205 

25 years. 

1216 

1214 

Irredeemables' J _ 

1036 

U36 


(nppptfp 


7M 
. 1157- 

-i2ig, 

win 7 

02.47 

13 

•jus 

130: 
• 13J5- . 


Tbuts. Match 2 Wed, j Tues. -JUunilav. Friday Ttiun. j Wed. Tues. Tesr‘ 

— Feb. , PrtJ.' i Feb." Fell. | K«5. ; Pub. J W.‘ 

lfuits | XMU 1 j 38 . 1 27 1 24 “ j ?2 j 21 


16 (20-yr.Aed. Deb. &L0305 (15) 60-65 .tiZJZS 60.77 j 60.79 l.odisaj 61.00 j -60.91 I 61.19 6L27149.S6- 
16 invesiment Trust Prefs. (15) 37437 ! 12.39 57.07. ^ 57.07 j 37.07 1 57.13 j 37.13 ■ S7.i7 37,08 1 is'.i'i.’ 


17 jComl. and Indl- Prefs, t20)j 7623 j U- 81 J 7723 , 77.10 j 77.10 j 77.27 77 . 27 ^ 77.«a 77J!7 |_m. 06.- f 


The above list oj active stocks is based on the number oj 
recorded yesterday in the Official list and under flute 163(1) 
reproduced today tn Stock Exchange dealings. 


bargains 
(e) and 


♦ RedenpHan vkU- Hishs and (mm word. bas» daiat and vunet ami cmnUttcm ensaom art Published In SttoriW 
Uaoes. A mm IkM of (Ik cmniiiHMU h arananis From ha ' PaUbben. 'Um - Financial Tlmrs, Bracken Haase, Ca*M* 
5lracL Lendan, BC4, price Up, bj pan 22 p. 




X 






*inaiicial -Times Friday March. 3 1978 

insurance, property, 

BONDS ■' • 


31 


■***. 


U-,: 


I; 
tt- 

i’ ; 

S. 

* 

fr" 

*■" * i* 

rijr- w. 

* '• i 

Ail* 

*■*•* .. 


nd 

{ 16*2 


- s* 

•&= 

■lePund.. 

tiM — , 

PWty — bki 

?«lro. ptf 

urtty nja l 

*a*A — kr 



a? 
»z 


■ %4 tali 

?>SeM-iT 2 

1 Scr *__ 

'it Svr 4 ., 



Norwich Union Insurance Group 
m- 3 P J71D7 ^OBMA.NorwiehNRaSSa ' MM 223 M 

---i — Managed Fund p 976 2 MM- 0 .« — 

_ . • ••■ Equity Fuad KTL.7 317.K -lit' _ 

Hmnhre Life Assurance Limited f Property read 122a . izai ...\ 

IWParkl^ London. WT .«««>! 'M-*M 


rtaedlwtPep. 

Sagg Sr:|gL; 

Overseas. 


lou 

GtkEdfiod , m_2 

PetiJXDrpOip-, 121 3 
Fan.FLDep.Are.™ 1*5, 9 

Pen. Prop. lfti 


Pro Prop Acc — 
lVb.Man.Cap 


am 


Feb. SB. VwpidtaMJMiniU^ Tucs. K? 52?- ££•— Ijgj 

Life Assurance C«. Lid. . ■• Pen! GUiidl. AccifiMil 

' - 01137 SMS 

S -4.3 
-fti 
+ 0.1 
- 4.1 
+m 
- 2 ] 

2«Ul —52 _ 

ni 3 ~:Lt - 


irtlnKton.St,W.x..' 

7 il. Arr [ZfcEQ 

iLAcc UM 

SE&W-- 

LArc. 10+4 

nr. An ... UM 

jt ( *n.Fd.Acc. UU 


12 SJ +*S — 

us-tl-s* — 


Pen. 8 S An u.p 7.9 

Fro DA-F.Can.„. 
■Pen.D_VF.Acc-_ 


UM +00} 
16*6 -ZK 
263.1 +0l) 
13*2 -If, 
3*54 -24 
uu -m 
mt -53 

13 M 


W 3 


265 AJ 


Slxr 1 

■ 135 -f 

USA — 

mi ™. 


uo« 

ioa .7 


— Nor. Unit Pish. 13 _. 


_ \U 7 .q 

19*3 


— , Henris of 0 *k Benefit Society 


Sow Road, London. NWL 
BeMt£o/Omk___ r pitl 


.Wire,. DM 

VS&feK 

-ttLsdK 

yfc Assurance .Uif ; llaxiawi U nltei.i,' 

Almn Rd_ R*lg«ta. Relate 40101 , Managed Scries A. 

lai " 

JJWJ , 

u. 

-i-i-" uJe - 10*1 „... 

. 1000 

• wr.IWfd.hM 103,7 

MPen.-B'Nso ao*J iZ. 

m_ vft.l- - in ^7 


wit .:..l _ Property Fund 

• ' ^SF tr £T? ,ld{A1 -' 

HW Samuel! Life Assnr. Ltd.? - 

MtATwr, Aridkcombe ML. cW- 0M8843Sa Abbe? Nnt. Fnnd_. 


— Phoenix Assurance C* JUd. 

” 43 , King William SL.ET 4 F 4 HR. 0141388870 

— SSS^SL***- | 102 JI 188.0 .„ .1 - 

_ ShT. P* A« ets * 

^ EbT.PfcLEqi^i^jMS 73 ^ 

Prop- Equity & Life Ass. Co.V 
•“- 1 1 A Crawford Street W 1 H 2 AS. 011880857 

“ 5 * SUM Prop. Bdi J 170 J 

— . Ro- Equity Bd—^_ I «j) *■ 

— IM-FxJfcr.JBd.Fdi uu 

Properly Growth Assnr. Co. LXd.f 
01-6800608 


OI 08 T 9 O 9 O Lwo House. Crojdon, CR 9 1 LU 


S^iS?r 




Managed SeriegC. 

MoncsUnlfc— - — 

jf^n .7 

j 135.7 

Pna.Mgd.Aec... . ■- 1*18 

Pna.Gtd.Capw IMA 

Pna.ad.Ace. UU' 


152.S 

M 2.7 , 

357.9 -04 
Wi - 4 W 
923 ~04 
■ms 
MU 
98.7 
1 * 2.1 
. MM 

xuu 

-113J 


Abbey Nat. Pd. CM. 

Investment Pi.~t 

JpwwnwntFd-tA). 

Equity Fund 

Eqn*^Kl.'dCA)_ 

Money Fund 
Money Fund LAI ^ 
Actuarial Fund™ 

ffisSEaEaSo; 

•Retire Aanntty 

•Rnxned. Aunty 



Life Assurance 
WdgcRoad.w. 12 . 


Imperial Life Asa. Co. nS Onada _ 

71253 Wnv.Fd.Utx 


Imperial Honae, GoildfanL 
01-748*0111 Growt Fit Keb.»_|l*.T 
Fens. Fd. Feb, |U7 

Unk Linked 
Manured Fuad W 5 

. . . FbcSrfiitFd. (wa- 
ys Life Assur e*. Ltd. fSSSSf fiSk^- — E H 

32 X 7 , HSf LUt AsJZLx cZTuaT: 

g^CW ^'cb. 24_ 

' Prop'jtotGthT-Z 


m m£gS£ 


7U. #J — JVnrion Fd. Utx— 
Oonv.Penv Fd. 

TT-?'. - 'fhlv Pna Cw_ TT> 



101-0 


•OWS FOR 


*7.4 

nxAccnm.- Ki 
W «J 




-Curretn imk value R*. a. 
ra Life AS 8 ar. Cn. Ltd.tr 



K&ftB 

Man. Pena. Cap. uu 

Prnp. Pm. Pd! 

PrppJWs.Cap'Uta . 

Mss* Sec. 1W. oJ 
Bdg.Soe.Oip.Ct_f 


1752 

in.i 

71*5 
7073. 
156.B 
ISO* 
M4 
M2 '- 
155.6 
1552 
337.1 
13*3 
1101 
1255 
1255 
174* 
1385 


Flo^Orewft TcnsWns it AnnlHes Lid. 


333 « 


1322 

1272 

1*25 

1305 

1415 

333.7 

3402 

131.0 

3265 

UU 


aa - 


M=- 


-o 3 

_q 3 

*42, 


1275 ,- 45 , 


;Si 

+12 

- 0.9 

-3S 

-33 

+13 

*1.3 

*0.9 

+05 


— King & ShlXMQ Lid. 


lOaS ;_.3 _ 6 X CornhfQ. EC 3 . 


•01-82*3433 


uni —1 — Bond Fd.E*Wpt_pa9J8 UlTH-lfiJl — 

3017, “1 — WextcWUnr data March 33.. , 

*• GwXSee^___033L8 UD58( __j — 

Ianghsm life AMmace Gk lid. . 

>berd8L_EC3. 01-4031368 Langhzm Ha, Hoimbrook Dr. NW4. 01-ZQ33231 

IorieM*r.l| 

5 la Life Assurance Co. ' * (SP» Man FupqV - TOTj CI 4 — 

.- * St, Patten Bar. Hula PBar SZ122 

d. Mar. 1 1 - 550 , -i- 

FedfW.fi _[ *mi — 


Provincial Life Assurance Co. Ltd. 

22Z.Blaboiissate.ECX. 01-3476533 

Prw. Managed F(L-P303 ' 33* 

Prev.ceafa Fy.. BS5 -109 

GDI Fund 20 [759 t 127 . 

Prudential Pensions Limited# 

Holborn Bars, EC1N 2NH- 03-4088222 

EqojLFd-Frb. U—lEZSJI* _ 

FUd. Int Feb. li £19.09 1'. . 

Prep. F. Feb. IS OUfl 24.' 


IMS 

in Assurance Ltif 

^W,, Wemhiey HA80NB 01-0028876 

-BmKUExec^KHLM 
tondlExee pi« 

ty Accum.— 


Legal A. General (Unit AssnrJ'LUL 

Shmsod Boose. Bfatraoeod. TOd* 


Reliance Mutual 

TttnbrldseWeUs. Kent 

ReLProp. Bda. | 


068222271 

1322 J- 1 - 


Traded 


IM 

H.. r -- 

a' 

l >■■■!' .*• 

%-.* • 



HlK-J-..! 




mM — J- 


M = 

fioi-Xl 



Rothschild Asset Management 
St Swlthlns Lane, London. BC 4 . -011284396 

N.C Prap. Dee. 30 _pl*l 1210 1 — 

Ken sub. day March 31 

Royal Insurance Group - 

New Hall Place. Liverpool 0512274422 

Royal Shield Pd. _{U 8.4 1355 , 4 — 


— . . Xefid A General (UeH Feariaaa) 


Exempt Cash fall- 95.4 

Do. Accost 13.9 

— EtampeDotjr.Xnil— UX .9 

» 1 WAp» um UJ 2 S 

'Exempt. Fbaed lalt M2J 
Tw» Arcnm 1D3J 

KrempC Mngd InQ. 1019 

DHAccttm. U 25 

Exempt Prop. IniL. !5 A 
Do. Ac com. IM . 


Save A Prosper Group# 

4 . .GLStJtoleo'fe, »■«*« EC 3 P 3 KP. 01-384 8 B 8 B 

Bal. Inv. Fd. 017* 

Property Fd> 1*65 

Gilt Fd. 1195 

Depoalt Fdt 1215 127. 

CompPen&JUt 192.7 202 .' _ 

EqdMWa.Fa__ 158-7 1*7 j -13, _ 

Prep>en*.Fd.* BB.9 2T70- — 

Gilt Peas. Fd 92.9 • *97* , 

Depoa-PensFdt— 9b* . 1ML7J +4U, — 


. Ui-ao* 

13 = 


Prices on 'February 15 
t Weekly dealings. 


nta. Fd 
naterlav. 


IcgdftGflKhlTnp.N.^ri'Ud 

S5£. 


Equity Feb.: 


K 


> 


1. Pons /Ace.. KJ ___ __ 

pJWslAce.. 1095 -*-'189J 

. «d. Pens'Acc HA ; 99.1 

Vp- Penal Acc. 9*5 V'-MU 
lit PonsiAcc. 917 . * - 975 

50. F MS -3U 

S.I.K. 2 PV8 .. >27* - 

Current vahM -FUb. 3B. 

taL Life Auuranctf 

Lo r. H ous^_Cb» p«l Ash Wtoo (jMHBU .. - „ . 

— ~'^r\ M--I 2-f - . .life Awtir. Co.>PrefiBsylitoi«~^ S?2 

1 ' 4 ■ . 3841 New Band St, WnoB4 ■ '-,#£*938385 Fixed lat Feb. S8_ 139.0 

' ' l imMi iiii. - hmi -* *nsal ' - , -f _ Fixed lnt3 Feb. 28. 1493 

fcAGOFUima . • iK.UTFeb.28 U4.9 

^ K.jJ-V#*- R&s Gilt Feb, »_ 1*5.1 

Lteyds Bk. unit T*t Mngra^I5d. K*SGt.sc.Pcb. 2s. 122* 

71 Lombard St, KCX - 01428 OB6 ItoRd J^lFo^28- 123.4 

Eunn p t..: : ^ — 197.9 ^ 7 , 

Ueydt Life Assurance 4 V. . ; ..D^lStFeta.Zl u£3 

7TTesifcininn*n. nrBf7r*i .aktesessi 'Prepo£5 f fSK 2 *?^— ^ 

>fll jBthJIam ___| 25MC7 


. terhoose Mafna Gp.# ’ 

- - jj,j lequera So, Uxbridge X 5 Bi 1 NE 


; ise Energy _U 1 

iM. Money Q92 

we Managed.. p*fi 


f.' ise.Eqvdiy^^a S3“" 

* • '--aBld.Soc. UM 

.a Managed _| 1SU 


-.1 


of Westminster Asattr. Soc. Ltd. 

4cad Rowe, A WbfMwna Road 

M>n.CR02JA- 

UaitS___ 

-riy Units. 


«™, OptSPmpJbrX^ 122 .* 

oiiAiimm.: optsEqwai-ra— 111 * 

»V 1 -.^4 - ogs Pepmg 5 _^l 

of Westminster Ass. Co. Ltd; 

Acad House, A WUfBborao Road, 


M 


’«W' 

,e-vw-:.**i-:- 


IMHO: 


lpn.cRH2i.4. 
Prop. Fuad— 
CedFond- 
Ftmd — 
i»d Fund.. 

• Fund., 

Und 

— *\ Fund 
I correi _ 
W Units — 



PropeiTy 3 Feb. 28, 1475 
BSPn-Cp. PWb.2E._ UK 

BSPn.Aec.Fcb.28. 1275 

Mn.Ptt.Cp Feb 38. 13S5 19U 

MnJPttArtlVbJM- 2173 2292 


. , . .. . . . —^Scottish Widows' Group 

Loudon ludemuiiT * GnL Ins. Ok aoz, Edlnborgh EH 165 BU. 031-6538000 



20*7 


070827733 




Bridge Inc* IM 5 

Bridge Cap. Inc. f_ 50 * 

Bridge Cap. Accd"— S 3 
Bridge Exempt_t_ 121 
Bridge latL Inc .t_ B 5 
BridgelntL Aec-t - M 7 . 15 . 

Prices Feb. 28 -Mar. L DeaEng- 

Britannia Trust ManagementfaHg) 
3 London Wall Bqlktlngx London Wan. 

London EC 2 H 5 QL 

Assets 

Capital Acc— 

Comm A lad — . — 

. Commodity — — — 

jDaiuatic— , 

b-F 

Extra Income 

Far EMI.——— 


.»xlE® 5 ft,r 

*. fir.CaohMar. 1, .... 
■— . * ."feUtlTr P»b. J 5 _-, 
*4 wMgd.PeiXFob.C2_ | 

The London ft Manchester Ass. GpSr 


01*481 Base. uwnmFwtaonRmdinsaauL 

jEssfisa^-P 

nxbdlflUrut— — 



cnircBdy cl ayed 


UU 


I ..„4 - 


01-3837300 




mtereial Union Group 

rkn xl.Underx baft ECS. ‘ 
ihk- AnAcUtx-J 4957 
•nnutQ- UU_I U« 

federation Life bumrance Co. 

lanceiy Lana. WC2A 1KB. 


The leas. Mtauee, Kant. 

W'l 

Pi o ps aiy Fund _ — 795 



’ Solar Life Assurance Limited 


Uly Fund . . 

ia£ed Fund™ 
HmlPen. P 6 _ 
Ir Pen Fand- 
1 lot Pen Fd 
iced Pen. Fd... 
efty Pm. Fd.~ 
tcclod Itt Pol. 


ft 


13 

ns 

i 2 »a 




ahUl IwmrancnCfk Ltd. 

muSIH.EjCA t!*MMN 

lalF+K 15 — >*4159 
per Feb. IS ~J*fc3 
•Jj.F±Feb.attfcB?fi 




M ft G Gmq? 

01-342 0283 TMae (fcap.Twwr KDJ B3R 885 01428 4W8 
- - Pen. Pmaioii’** — FWM -£A 

r'«sas 2 r- 

— FSmUyTMO-*, 

— Family Bi-86*". 

_ OIttB«»d*^_. 

— I nt tf lM tnL Bond 
— Managed Bd 
- PimetoBd* 

Ex.YWdFd.Bd.-_ 

ReOOieryFd.Bd.-_ 

Bd.-. 



U77Cb+mwWow EC3V 8DU. 

Solar Managed S _n215 
Solar Property s — 1875 

Sc , ir Equity S 14*6 

SoUrFx^fntS — U7.0 

Solar Casks >92 

Solar IntLS 942 

Solar Managed P__ 12L4 

Solar Property P.,_ 10*7 

Solar Equity? 1435 

SolarFxdJnL P — 116.9 

~ZA Solar Cush P 99.fi 

— Solar XniLF 94i 


01-8080471 
m«-o.4i _ 

112.7 _ 

1515 -05 — 

1232 -0.5 — 
1Q5J .-... — 

1001 — 

1275 -0* - 
112.4 ._... — 
151* -0.1 — 

1232 -2-4 — 
1052 — 

1005 ._. — 


Sun Alliauce Fond MaiigmiT Lid. 
Sun Alliance Rouse. Ho r sha m . D4ABBU42 
ExpTd.Int fW>.8. .(05390 1MJ0) .._j — 


— - InLBo:Feh.3^__-| QL22 ( 


Sun AU lance Linked Life Ins. Ltd. 

SunADlaKC House, Horaham 4MQ8841U 


Equity Fund 


Fixed imerqttFd-POLZ 10*6 


-—Bt -ft Commerce Insurance 


Merchant Investors Assurance^ ftSSSSSSfer-fie 


legentSL. London WA 8 FBL OKSOTtW l*™*^ 0 "?**! 



' Mttgd. Fd p23.* .132«| 4 - 

Rader Insurance On. Lid. 

■ uUHoose.IbWMPUBCS. 034288001 

' Prop. Jan. 7__1A*3. ».4f J — 

le Star InsariOUdlaiMl Acs. 

read nee.il* St, ECJ. " 014881312 

tkUd-Lnlts-KI.* - 427,-056, *24 

Ity ft Law life Ass. Soc. LitLV 

rstuun Road. Kfcb Wycemha * 048423377 

9 W.-— — 

•rrt* Fd 

.I lutercM F_ 

'jfrr- 

erri. Portfolio Life Ins. C. Utf 

JwibvlOBMMCt-. Waliham Crooa, . WX31971 

ioUoFtnid J 1295 „ J 1 — 

. chain life An. Sec. Ltd. . - 

ioce ol Wales Rd, Btaoolb. 0202 W*U 
nudiKind- .-I9C3. - H 

M Piuut— f944 

nd- — ~ • 1 

Inti Fired ffTJ B 

. PW.FliBd - 

wth ft Sec. Life Aw. Soc. LULf 

Bank. BnyooTlatoai. Berta 

| hlr Flounce. I tUff 

ibanliSees ■ -[ 3*M 

• hum* Scs Ace jll9fi 1 
. S-SttlierFd. F U U t 


HfiTlav.Mm. FA! 
Mer.luv-PiV-FA 
Equity Bond, — 
Prap- reus. — 
Man. Pen— — 
Equity Pei 
Goov.Dep 


1273 



WSJ 



10*7 

lt ..„ 

VS9 

lillH 

533 

, mr 

15*8 

.. 

1303 


1526 


337J 


18*4 ’ 



— . Ma n aged Fuad — i|974 


m2 


103.4, -02, — 


U32 

942 -12 — 

1005 +0.1 
1025 -Oil 


NEL Peuahms Ltd. 

»n bon Court, Doridng,Son*y. . 8811 

^ = 

Next rah. day March 2S. 

nrNnf 0 winwnQ>in 8 *r 
BathacMM Amet Maa agBne nt 

JTPt Pensions Management Ltd. 



48, Qrac-clmrch St, EC3P3RH. 014C34300 SttPOttSS! 

“^SS,^S 3 n?ia* 5 SS- J “ 

New Zealand Ins. Co. (CJL) Ltd.W 


Sun life bf Canada (U.K.) Ltd. 

2 , 2 <OockraurSt.SWlV 5 BH 014005400 
Maple Lf.Crth —1 180.4 | -a 

MmpIsLf. Uangd--} 1295 

Maple Lf. Bqpy. ___ j 1172 
PersnL PiLFd. ( 1952 

Target life Assurance Co. Ltd. 

Ma n. Fond Inc — -190 7 96 W -2 *! — 

Man-Fimd Aee_-_.MT.fi lilS 25 
Prop Fd. Inc. 1252 

Prop, Fd. Arc. f 13 X 0 

. Prop -Pd. lav. 102.0 ... 

Fixed Inc Fd- ImJl 0 *B U 2 .J - 15 ( — 
Sm:Fd.Ace.lne_J 97 J U 2 Jf 
Ret Plan Ac. Pen. ,[* 5.6 
ReLPtanCapAn— p 42 
RecPlanMatuAcc. j U 37 fi 
RctPtanMan Cap- BOfi .9 
GUtPsn. Ace. V.. K 351 
- 11292 


7X7 


ijjs-glj — 


Transinterauatloual life Ins- Co. Ltd. 

aBre*mBMstuEC*lNV- 01-4058407 


-j 3 Maltlahd House. Southrnd SSI 3K 0TO263I55 ^Upto^Fd — 129D 
“ 4 Kl+i K«> 1=5- Pl*«» - SSaSS^A^Z; 10*0 

!. Lld.tr small Fo'xFd.,-, (95? 100.3 1 - lSnTSfpffSr 1082 



IMS . 
1002 — 
100.1 — 
100.0 — 

IMS 

IMG 


Mart Pen. Fd. Cap .0082 
51an_Pnn.Fd_Arc. .[1135 



BASE^ LENDING RATES 

\J V». Rank ‘ 8t% ■ Hiil Samnd ^....* 5 

UJ.od Irish Banks Ltd. 6J% C. Hoare ft Co. : t 6{% 

American Exprc-tfi Rk. 01% JnMan S. Hodge ••••»• 

So Bank - Bi% Hongkohs ft Shanghai 0{% 

jTfftit-....;... 6^ Industrial Bk. of Scot. J % 

Rank of Credit'* Cmee. 0\% 5 ^ 3 ? 

Rank of Cyprus 61 %' London ft Eurowan ... S %■ 

Rank of XSW 61 % London Mercantile 6$% 

■ «i% Midland Bank f .. 6J% 

Ranone du Rhone Montagu ......... 6i?o 

Brit- Bank of Mil Etst BiS Ill 

Brown Shipley "}]■? Rossminster ■ Acccpfcs 61 % 

Canada Permanent AFX 61 % Royal Bk. Canada Trust 
I'aif'lol C fc C Fin. Lifl. JS schlincor LimileS ... BIS 

Cedar Holdings — * ° ® Security' Trust Co. Ltd. 7 i% 

r-hartcrhousc Japhet..., sbonley TruBt 9 j% 

. C. E. Coairs Standard Chartered ... SJg 

Consolidated Credits ... 6j% Trade Dev. Bank ...... 6i% 

OoperaUve Bank * JJJ Trustee Savings Bank 6jg 

Corinthian Securities... BjJ Twentieth Cemury Bk. 7 *^ 

Credit Lyonnais JjS United Bank of Kuwait. 61 % 

Wie Cyprus Popular Bk. S-* ' Whiita^ay Laidlaw ... 7 % 

Duncan Lawrie .—I 6J^ “WjUiains ft Giyns 6i% 

£«Kil Trust - Yorkshire Bank 6J <o 

MMomlwra of U» ActwfifBfi Sam. 

Pirjt London Sees..— ... vjj cosnii>w< 

Pirsf-Na*- Pin. Corpn. 8 i^ . depom rt, i««th hcbwmw 

first Nat Sees. Ltd. ... 8 % n0M 

Antony Gibbs ?|J r ii»a y u^pr*3%, "up T CAMS 

Greyhound Ruaranty. . »» 4l *- _ 

Grrndlays Bank- * Gl%.t c*n Mhmfcwr u5 N m. 

n aim | OHMimi dw® 4 « **■ „ „ 

Guinora Mahon . osw , aim ap 5 «»«« » arwBw **<• 

ITambm Bank '•*% -*® 1 — 


Trident Xifc Assurance Co. Ltd .0 

Benxlmda Hpaae. Cloucntfer 04S236B41 

• |U7 * Sa-q 
- u 

10? 9 -15, — 
144.1 -,7) 

129.9 
1271 

9*2 —J — 
129.9 



1252 
128.1 
1130 
11*4 

1008 _ 

F’emGttLDcp.AtT.. 104.0 ' 110^ 


Gvoutb Cap... 

Growth Acc., , 

Pfcn*. Mngd. Cap.. 

Acc— I 




[iixa lie 
nil ig.n| 
l»° m 37.8| 
10X4 


Tint Rond 

*Trih. GX Bond . 

-Cash value hr X100 pnantura. 


1326 

125.7 ; 

119.7 

173 J 

107 8 


1194 

— - 


. 1506 



16*0 

‘.T„ 

m— 

: . 1006 



1256 



1410 • 


■v' 

624 


— 

1614 

-32 

— 

2332 

-90 

re- 

177 0 

-J.fi 

— 

822 

+M 

— 


Tyndall Ajsurance/Penstaisy 

1& C*byng« Bnad, BriaCoI 027232241 

S-WfcrFeh.1 

Equity Feh .. 

Bond Fab. 18: 

Property Fehld— . 

Deposit Fch, I« 

XWajpFm Rrt IB. 

(Tam lor Fob. 10- 

Mn.7*i3-WMar. 1— 

SSSSfBUz 

Do Prop. Mar. l 

Vanbrugh Life Assurance 

4I-fi7Mxd4teSX.Etfn.WlR SLA. 01*994923 
MNUtd Fd. , — M73 M4g-03 - 

EquffiFd... 710 6 216 7 -1J — 

FSjrflB^ UFiuZ M9 J* 1 ! -83 — 

5Bffi= if ^ J = 

Vanbrugh Peusioua limited 

*1-43 M«W«»(SX,Etftt.WlROLA OI4»VO 
Mmaacd— „W3. 100. 

P>«!lni n^t fel 98.' 

to*f+r*T t fra 

Ouanatwd aee Ins. Base RaM* table. 

ffdhze Insurance Co. Lt&Y 

TheIiBaa.FuIlteaoPC.Kenx 0*857333 

SSf 1 SbcMx iriaara «?«■ ,o TLrXMdou Si 
Maneheater Group.. 


Windsor Life Assnr. Co. Ltd. , 

l Hlah Stmt. Windsor. Wlpdapr88144 

Ufa lor Plana- . 

FouarcAaad GUh>. 

FutWrAx+tciSw 
RAAodPena- 
Flax, UnxCroaib 


nndmr. Wlpdaor68l4 

sxiii 


AUTHORISED UNIT TRUSTS 


Abbey' Vnlt TsL Mgrs. tid. fsV (z) ■■ GmtoaarelPnsd Managers f fa)(g) 

73 m.iiatehouEcRd . Aylesbury. 02985941 2 , Sl Mtry Axf. EC3A HBP. 
AbbevCuplIoJ— ,.{295 lla] -02t 4J9 

Abbey Income.. .__p53 37 sl -O.a 5 83 

p\bbey Inv Tst.FU..B0.6 32 W .....J 452 

1 43fl-02^ 4JL8 


-Perpetual Unit Trust MagmLU '(*) 


Abbey Geo . TH ._ 

Allied Hambro- Group 

Bductd Fuads - - 

Allied 1st ..... m 


fTlAnwriean TO. ®.6 
British Ta. lArej JL1 
.. 1257 


(a) U 0 V 


Erttlnd Fend. 
GrUsA Inc. 


B 35 


Elect & lnd. Dn.B9.4 
Allied Cxpltil^— , Si.a 

Kambro Blind R35 

Hambra Ace. Fd.— [tt&5 
laCDOW Ftria 

High Yield Fd. [61 6 

High Income . [603 

AJLEq. Inc [345 

Inlerwkaa] Funds 
IntcTMilonal ^ (22.4 
Secs, of Am+nc*— pf 5 
Paci&e Blind — .—[325 
Specialist Fuads 
.Smaller Ox's Fd —B05 
l3ad Stnlr* Co's pdl.„ 575 

Recovery Sits L: 803 

KethUnACdu-.- 357 
Oversea! Earaiaec. 47.9 
Expc. Smlc. Co'a —9^2.6 


61 . 9 b -51 
*U —03 
35.1 — 0 J 
514 -02 
68 2 -01 
.99 ! -0 4 
XU 2 - 0.7 


CotoOKidlly Share . 
i*l Fir East. Tnud— 261 
High Income Tat— »2 
Income Fund— — »5 

EMfiSSVciSr 

IxiUrtL tax tAcc.) — P5.8 


01-2833531 46 Hart Si, Henley on Thames 049126808 
24.41+03] 0 90 r^petnalCpGUL' — P4.B 37.U -2J, <22 

3 ^ Piccadilly Unit T. Mgre. Ltd.? (aj(b) 

0.99 Werdclc Use, Sfia London Wall EC2 8380801 


U5J-03 
28 li + 0 l[ 
57 JJ -03 

H7W -0*1 
B 5 .m - 0.4 
27.71 


90S 

7.72 

386 

5.79 

157 


Gibbs (Antony! Unit Tst. Mgs. Ltd. 


Extra Income .....,-[295 31 4>d -03 

Small Ca'aFU, 372 . 402« +0.4] 

Capuni Fund 47.4 510 +0 

Int Ena & Assets, 415 .' -46.9-0 

Private Fund. 325 35 Ad ... .. 

AentmUr Fund 557 602 -0.5, 

23,B,OBrfieldSX.RC2M7NL. 01-3884111 IS ’ 24.4 iSJI 

wrAG greow*-. -gj J 6*0 American FmtdX- 5.9 230j -ZJ 

(ix" Gl Fbt E*-V— ^ 5 22 .S ^ Practical Incest. Co. U«Lf (y)(e) 

Dealing -Tne*. tlWai 44. Bloomsbury Sg/WCIA 2RA 010838888 

Govctt (JoKn)¥ P nmUm .Mar.l-~ EgO ?j«j ;—J «« 


»Creriure»St,fC2P2DS. 

®a®^=S W=i 

Anderson Unit Trust Mrnig era Ltd. tm S .7 

I W Fractal reh Sl. ECSUfiAA 6339231 La.fcB13l1.Mhr.l- 17.9 78.9 

AaderaonU.T. ]*3J 465, | 5L20 tAxcum. Unto* I7D.4 73 5] 


32.7 +0J 

48.4* 

8 S 8 - 0.1 

S l -01 
1 -05 
HU -01 


01-388SEM -I* 5 J96-0, ,— -4 4.47 

126 w _."..[ 245 Provincial Ufe Inv. Co. LtdV 

1507 ] A 45 %SK.BI 4 hopagBte.E.r 2 . 01-2476533 

1 Prolific Units. |M 2 T 3 If - 0 . 1 | 3*1 

Grte? csou Management Ca Ltd. High income 198.4 Ul^-D.4| 822 

01-8084433 ProdL Portfolio Mngrs. Ltd.? faHbgc) 


77. London Wall, E-C2. 

S'hldr. Ffcb. 17. gWA 

Do.Aecuin. Cnlt — [1430 

Next dealing day Mare! 


5-55 Hal born Bars. EC IN Z> H 01-O392ZZ 

Prudential : plLS 1 U 5 |- 02 | 4 J 7 

7.94 Qnilter Management Co. LfaLp 

in The Slk. Excbnnec. EC2N 1HP. 01-4004177 

325 Quadrant Gen. FiL. BOO. 9 194 Ji 1 4 J 8 

325 Qnadrant Income _[U6.4 320Jri| — -4 2-38 
293 


[ +0 J, 18.72 

928 


Giants Fund — —— 553 

f Aeeum. Units) 40.9 

Grotvth Fund 29.9 

(Accma L'nltri — — Ki 
Ionian GtlxFd.** PI? 

Eastern A IntlFtf. 203 
V0% WdrufXUttj 1*6 
Foreign Fd.””— BJ 
tN. Aner. fc InUd.[KJ __ - - 

Deal. IMou. *TUe». ttWed. tThur*. fiFn. 
Next dies. —Dec. 32. -Dec. 13. Deity 

Archway Unit Tst. Mgs. Ltif (aXc) 

317. High Reibom, WC1V7NL, 01-8318233. 

Afcbwxy Fund [743 79 fi| 1 6J7 

Prices at Mar. L Next sob. dap Mar. 15. 



186 


Yn Reliance Unit Hgrs. Ltd.V 

„ «** 1 «•- » ReHanee Hie, Tunbridge Well* KX 080222371 

Aj ^r^^sA X8at ’ §S 8 SS?^cfel 5 ‘ -J 555 

1 Noblest, EC2V7JA. 01-823637BL / GcardhUl TSL- 178 3 SUM -0 J| 4J4 Sekforde T. Inc. p7B 

toe. Mooihh Fund. P 5 A 0 1 M.M — 4 <3 AdminlatmlooGiIW Ridgeflrfd Management Ltd. 

Preremr TTT - Adndp- Rayleigh Rmri. PO Box 410. Bank Sae. Manchstr. 081339*521 

Brentwood, Essex. 0277 1 1723 a Ridgefield Int UT.gLO K 7 .« - 10 ? 2*2 

roi Awf— .B rnn .... - 1 26 0 77.8 2.44 Rids cfl dii In come. (9X0 970] -am 

Cai) Growth lac.— - 35.4 . 37.9 — Si 436 

Cxp Growth Act., — >55 3 U 434 

CeJ&c«M». 333 35.7 +0 4 8.94 

(ggarStt — — Uj 65.9* +0J xn 

LgiFlnanJcITV • g-1 MG 405 

(g> Hlitb Income 53.4 57 J* — 0J 1.62 

(glint* ASKO ZB 5 30 . 4 X 1 - 0 J 6.75 

(eUamreuttonal—Ma- 264 210 

foiNUx American— 32.1 34 J US 

N:A.Gro«Feb24. M16 T05J 237 

Oil* Nat U-gl 3+S -0J 2A6 

W. Wbt Feb34 70J 751 443 

(g) Cabot—: W* 74.1 +05 3.18 

Cabot Exmtlnc. — pll 53.BrfJ -0.1 936 


Arbnthnot Securities JJUL Wc) 

37. QneenSt. London EC*R 1BY - 01-3965281 

Extra Income Fd— M7J 

High Int Fund 3*8 

fcAcetua. I’nlui — ; Hi 
(Sb% W’drwXUUO 50.6 
Preference Fund__ 255 
JtAccnm. Ublto) — 38.8 
Capital rand' 163 

coBm ° d ^ ii 


RstlueMId Asset Management (g) 

7SfiO,GalebouaeRd..Aflesbiuy. COM 3941 


N.C. Equity Fund-, 

N.G Easy nes.Tsx 
IfC. Income Fund.. L.. 
N.C. InU. Fd. (liic.m.9 


[MSB 

M3 

1337 


I 57 . 9 [ -LOj 
95.1 -0* 
1422 -05 
775 - 0.1 
77 J -93 
1453 + 0 J 


3.02 

7.61 

L94 

1.94 

438 


NIC. IntL Fd. [ACC. 

N.C. Smllr CoynFd 

Rothschild ft Lowndes MgmL (a) 

SX Swtthina Lane: Ldn, EC4. 01-8084358 

New Ct. Exempt— .1013.0 120.01 , 873 

TgtFiix exempt fnidir«*“’ on Fefc. jSTSta.1 dmling Man 15 

Bin samael Unit Tat. Kgrat fa) ®awau Unit Trust Mngt. Ltd. 

(WBriUahTnat— D 3 M M - 6 W 550 fBSSBSXEk. IC O 1 ^| ~i 430 

PL6 S 3 ^n x» Rowan Sy. Mar. 2 ._ 44.9 52 * 3-04 7.95 

s**3_oiJ mSl lAccum. UniUJ 683 72 1 -OJt 7.W 

28.4W-03U CH RwnJirtt.Feb. 27— 67 4 7X0j J *24 

(Aeeum. Unit*) 022 86.6] ] 424 


ix) In t7 Trust. 
(S Dollar Tnu 
(b) Capital Tn 


-Trust — 63 9 

F) Capital Tr^t — 265 
lb i Financial TrosL B42 
(bl Incume TVust— _ aj 


282) -0. 






90M -4gj 5« Royal Tst. Can. FA Mgr*. Ltd. 


8,73 


Barclays Unicorn Ltd. (*Kg)Plc) 

Unicom Ho. 292 Romford Rd. ET7. - 01-584 UM 
Unicom America— [28.4 3051 -D ll 2.63 

Do. Asst Arc. 53.9 ' Mi -OS 251 

Do.Antt.Inc 422 . 4*5 -D.71 251 

Do. Capital 563 62.7 b -Ojl 426 

Do. Exempt TM. — 99* 1H7 -01 6A0 

Do. Extra Income , 2*4 2 M +0.1) 845 

Do. Financial 543 585-0.2 554 

Do. 500; 63 7 689 b — .1 *42 

Do. General 279 .38.1 - J *63 

Do. Growth Arc— 36.D 385 -DJI 454 

Do. Income T*t — 73.8 79.4a ...J 67* 

Do. PrX A'na. Tax. p2*9 mS| . — I 4 80 ._ 

Prices at Fob. S&.NeU rab. dmr Uareh 3X _KJ Unit Ftf. btc._ [762 

24 ]flS9qijff. *44 

L7 45fl-0jl 287 

i.4 - 58.71 -0J| 5.17 

3 65.91 -0^ 537 


01-8208232 


399 

818 


SC Jermm Street, S.W.X 

IulcLy <aH*)- Capital Fd Mil 65M — . J 

14 duWfcAer Street, RCA 01-2477343 «- 

Intel. Inv/Fond 903 872] -0.B] 732 Pri«a »t Ffch. 38. Next dealrng Mar. 15. 

Key Fond Managers Ltd. (a)(g) ? r0 ? p ^ 

aMUkSt.H3VWK. OlfiMTOWL 4. Great SX Helena. Loudon BCSP 3EP 

Key Energy XixHd-[64.6 68J] -03] 431 


Do. Recoucxv„_ — t 
Do. Trustee Fund— C 
Do. Wldwlde TrurfP 

B*tsXhLFdinr B 

Do. Accum. — - W 


agZB3»d&A *M 

®sasssfc|? 

Key SmaD Go's Fd- [792 8C2^ -+03] 7 M 

Kleiswart Benson Unit Managers^ 

20. Fencb urchSX. E. C X 01223 MOO 

”■ =a* 


68-73 Queen St-EdinSuirgh KH2 4NX 
DeaUogs to; 01554 8890 or 031-228 7381 
Save ft Prosper Securities UtLV 

) htnwsfil]iWifil Funk 


asr- 


4KJK. UnitFtLAc— j-[952 103.9 


Baring Brothers ft Co. Ltd-V (agx) 

88, Leaden hall St, ET3. 01-5882830 


High-Yield. 

m** 

L ft C Unit Trust Management Ltd.? F ffi”* * ani 

The Stock Behan ge, EC2N 1HP. 01-888 UM 

LAC lnc.Fd : [1262 1303x1 .,...[ 779 H?L FM r“ 

L*ClnH*GanFd.p65 -4 W Equity. 



S4JI-03) 


Lawson Sect. lid. WaHc) 


Stratton TUL. 
Da Accum. 

Ne 


£12 16*04 1 3.96 83GeecgeSX,BinnbnrghBH23JG. 031-2283011 7 ■P >n 

win to 53 I 396 *Rh. im«iiI> _IBl »vt I -7* u*— 


■AJXlr* 


*R*w. Materials— 1353 
*t Accum. Units) — 381 
'Growth Fund— [50.8 


Biahopqpate Pragresrive MgRoL Cixf SfetHSEteP 5 


B, Blshopagste, RCZ 
B-galePr.~Fcb.21.il 
Ace.Uts.-Feb. 21 -093.1 
E-gate Int Frb3B. . 0535 
lAccBmj FCb.28„ PW2 

Next rab. <fcr March M. -*: 




01-5888280 iAmerl canFd.'— — I E* 

.._.J SJO hAcram Units). — OD.7 

—_l 3.63 -Hreb Yield M b I ,_ I 

271 <M tAenim. Unta0-_|67.0 71 3^ -0.«j 1B2J 

271 DeaL *Mon_ *Tues. rtWed. 4Thnrx. »FzL 

7 ‘ Legal ft General Tyndall Fund* 

Bridge Fund MaaageraVteKc) • lACanjuge Brad. Bristol cm 32241 %2SS2i 

King WilUam St, EC 4 R BAR M “J £» 

t rab. da ' 



Ovexaeaa Fondstd 
Europe 


Commodity 

Energy ■ I57.M 

Financial Secs fe29 


WI^S IS 


CAccuhl UaiH O 
. Next 


W gliJWwWmi FUndl 
Select IntenmX — [2134 

Select Income [W2 

Scetblte Securities Ltd.f 
scotbiu *3 

Scodbam [583. . 532] -M 


day MarSis" 


Gold fc General,,— 

Growth.—. 

Zuc.fc Growths — - 

InI7 Growth ,.. 

lavrsLl^t Shares _ . 

Minerals ! 

Nat High Inc — . — , 
New Issue, 


North American— . 

Professional 

Property Shares — 
Shield 


01-8380478)0479 

3S 

425 
5.96 
4.42 
834 
3027 
433 


(616 

6*2 

+82 

63 

8*3 


03 

519a 

—ft i 

&6 

70i 

-03 

34 2 

3*3 

-01 

90S 

951 

+0’ 

3*8 

39.6a 

+01 

163 

175a 

-tn 

59.7 

642 

-0J 

166 

1»5 

re-a>< 

782 

75J5 

-0.2 

167 

• 7T.Z 

-82 

50.6 

541 


38.6 

41 !H 

+03 


43.1 

-0.: 


75J 

-02 

k'Tfl 

34 3 



256 

276 

— f ... 

530.7 

444.0 

-2t 

128 

13 Jd 



.7* 

434^ 

-07 


283 

+02 

|27.9 


-02 


Leonine Administration Ltd. 

2,I>ahe SX, London W1M8JF. 01-4885001 

Leo Dim L-M7.0 705 +0^ 522 

LeOAcfiini — |7IJ 755! +0^ S2B 

Lloyds Bk. Unit Tst, Mngn. Ltd-f (a) 

Registrar's Dept, Goring- by-Sea, 

Worthing, West Sussex. 

First tSalncdJ [442 

Do, (Accum.) M2 

Second (Cap ) 6.3 

Dp. (Accum.) — — ».B 
Third (Income).. _ . 74.0 

Do. (Accum.) 992 

Fourth (ExXdcJ— 546 
Dd(AccumJ— -...[605 


ScotEx-Gth** 0024 _ 

Scot Sr. Yld** — fl59T 1672*4 

•Prices aXFebTs. -Next sub. day March 8. 


212- Oaf ““J 


429 

7 *B 

4.92 

227 

*91 


ScUesinger Trust Mngrs. Ltd. (u )60 

dncotpomUng TridenL Treats) 


140, South Street, Dorking. 


Am. Exempt*. 

Am Growth . 

Exempt High Yld* 

aait'Sf 3 *^? 1 ttXt? 

MJ 31 3 S -!««»*“» — 

48 j -0J 383 

M2 -02 3.83 
792 -0.3 *70 
10*6 -05 *70 
587 —03 825 

652 -02 835 


& 


4.64 Lloyd’s life Unit T%L Mngn. lid- 


' 92-80. GatcbouaeRd, Aylesbury. 
535 Equity Arcum. p35.4 142fl 

532 M ft G Groopf lyMcMx) 


Inc. 10%WdrvrL, 

IntnL Growth 

Inv. TSL Units 

Market leader*—, 

‘Nil Yield- 

PreL AGlttTrnat fe33 

Property Shares 
SpeeislSlX - 
ILkT Grth. 


245 
, 235 
Accum. 19 J 


0298 5041 UR. Grth. Dial, 


-4 


250 

23.4 

275*4 

373 

35 

223 

2S.9 

26.0 


19.7 

255« +03] 
2*3 „ 

345 

29 . 4 a 


8008)88441 


37.4 


1851 


I 'QJ 1854 

-□a ~ 

^Dj| 

43 


in 


*48 . “Next sub. Uarcb 8 

J. Henry. Schroder Wagg ft C®. Ltif 


330 

9.65 

4.91 

234 

421 

257 

501 

53S 

2.95 


Three Quays. Tower Bill. BC3B 8BQ. 81GEB 4588 . 120. Cheap® d*. E C2. 


The British Life Office Ltd* (a) 

[Reliance Hse, Tunbridge Wells. EL 0802 22271 

KL British Life MSJ 47 R -031 5 96 

3L Balanced' KC.2 45il 5 74 

BL Dividend' [413 — J 954 

■Prices Mar. L Next drallng day Star. 8 

Brown Shipley ft Co. Udf 

Mngrs; FOander»Ct,EC2 014000530 

BS Units Feb 27 — TO5 2ffi6j — .1 505 

Do.(Ace.)FebJZ7 — pS*3 2727] ...™| 

Oceanic Trusts la) 

Financial Ittl 

General [1*5 

[Growth A ccum ... 

[Growth btemne 
Kah Income 

wTu 


Canada Lite Unit Tst. Mngnx ItAf 
2dHlgttSL.FeaenBar.Hen5. P. Bar 50322 

CanGenDisL W4 1 4.91 

Do. Gen. Accum— W* 42R j 

Do. be Dud lEA 34-3 7 « 

DO. Inc. Accum— [®5 43.7] ] 7.91 



See. also- Stock 

* Ameri c an ,— 392 

tAccmn. IMtQ-;^ 39.9- 
A astral arian — , — 193 

(Accum. Uoitaj *9.9 

Comoodity S9LS 

LAccum. Units) Mi 

Compound Growth 19.9 - 
Convention Growth 473 
Converaioo inc. 5E.8 

Dividend 105.6 

[Accum. Unitfli 195.9 

European 45 3 

(Accum. Units) 45.7 

Extra Yield 770 

(Aeeum. X'uita) 1082 

Far Eastern 37 9 

(Accum. Units! 413 

FUnd of Inv. Ttts.— 53.4 

{Accum. Units) Ml 

General 145 7 

(Aeeum. Units) 2225 

High Income 913 

(Accum. Units! — .... M9.B 

Japan Income 127 7 

lAcvnrn. Units)— 1280 

Magnum — 1787 

(Accum. Units! 2129 

Midland M*4 

(Accum. Units) - — 2*7-4 

Recovery M3 

f Accum. Units] 782 _ 

Second Gen 145 7 

(Aeeum Unlit) 217.0 

' uCcnm. umtiiZi: PZO, 
Specialised Fonda 


438 

437 


4 23 -riS.1 
423a +03 
429 

64.6s -03 
690 -03 
963 -82 
5C8 +83 
562s -03 10.80 
3325 -0.4 855 
2086 -0.6 
485 +83 
484 +0.1 
820 -81 
186.7 -0.3 
41 In +02 
+02 

57.4 -82 

68.5 -S3? 

1583 -0.4 
240.4 -03 

97-i —03 
3587 -ft* 

13*6 +83 
137J +03 
1827a -0.2 
2271 -02 
. 157.4 +0i 
2552 +L3 
75.4 -83 
7*2 -03 
1581 -0.4 
23*3 -03 

145 -far 

1832 __ 


- Capital Fab.-gt. ■— 

7 OH tAceum.i___.__ 

281 -iaeoaioFebm.-li. 

239 (Accum. Units) 

2 62 General Mar l 

522 (Accum. Units) 

5.12 Europe Peb.0_ — 

~ (Accum. Units) 

•Pa’Chy Feb. 21 

“Spectra.Peb.T_ 

■Recovery Feb. 7. 

855 
265 
265 

896 28 SL Andrews S4,Eifia 

8.96 Income Units 14*1 

Accum. Units .— ...|520 
331 Dealing day Wednesday. 

5.84 



araPW- 

■For tax exempt foods only 
Scottish Equitable Fad. Mgra. Ltd.? 

rgh 031-5580101 
49.0) _....[ 860 
868 


5 H Sebsg Unit Tst. Managers LtiLf (a) 

6-3? PO Box SIX Bcklbcy. Han, E.C.4. 01-2883000 


*33 

927 

927 


Sebag Capital Fd. . go J 
Sebag Income Fd- - [783. 


322+03 
29aI — 0J 


4.01 

822 


Secnrity Selection Ltd. 

- 15-10, Lincoln's Dm Fields, WC2, 


UnvlGlhTst Acc 
UnvlGth Tst Inc 


456 

4.66 

7.41 

7.41 


534 45, Charlotte Sq, Edinburgh. 


01-B31 8B38-S 

±R5 :::::j i:S 


558 

M> 

459 

459 


Trustee .. 

(Accum. Unltsi — 
Chari bond Feb. 28 
Chari fd. Frh. 28 — 
(Accum Units' 


■127.6 

32415 


Capel CJainesi Mngt Uif 

100 Old Broad Sr, EC2K IRQ 






(Ca pita) 


JW=I 


.[74fi 79 JW | 4.69 

Income 1682 72M .-4 .8A3 

Prices on March L Next dealing March 15. 

CarUoI Unit Fd. Mgrs. U&.* (aXc) 

Mnburn Rouse, Newcastle-upoB-TVne 2 11 85 

CarUoI g« 623 1 488 

Do. Accum. Units— [722 733] — J 4J8 

Do. High Yield 08.8 413j „| 8R9 

Do. Accum. l‘niU_l<73 4961 — l 889 . 

Next dealing date March EX 


• Peas.Kx.Peb.27_.fU7J 1243 
01-5888010 ***iraLlfe Management Ltd. 


Stewart Americas Faad 

Standard U alts [547 

Aeeum Units 589 

Withdrawal Units. [45J 
Stewart British Capital Faad 


■Standard. 


— BS: ? 


031-2282271 

call jfl t? 

165 

6 } 7 | f 0 ?( 


4 J. 9 [ + 0 - 2 } 

— 

S3 

*65 


7.32 

Accum Unhs 

833 Sun Affiance Fund Mngt. Ltd. 

8£ Sun AlEaaee Hse, Horsham.' 04D38U4I 

Exp-Eq.TX : Feb. 3.. 109136 200.901 »...^J *57 


*25 


St George’s Way. Stevenage 
Growth Units H*5 489d| 


rTbe Family Fd — (8L7 • B6 9j 

043898101 Target Tot Mngrs. Ltd-V (*Hg3 


3.96 


*35 


3L Gresham SL.RC2. 
Mayflower Management Co. Ltd. Target aunmodity-gj-* 
lfc'38 Gresham SL. EC2V 7AU. 01-0088000 tau^ 1 "" S* 

tarome.Feb 21.„]10U UUd J 829 W5B 

69.7af — I 637 eDo. Acc. Units — 2583 

TmjFei Gilt Fund 117.1 

Target Growth 1253 


Dealings; 02085941 


GoeralFEfa. El'..— 

Mercury Find Managero Lid. 


30. Gresham St, EC2P 2E». 
Merc.GonJCarch 3- B545 164 

AetUU. ICarefa 1 _ @13 


01-2483080 Mere JSB. Fteb33-. 11972 



Charterhoase Japhct? 

X PriernosterRow. EC* 

CJ. Internal! &9.t 

Aeeum Units— . ttO 

CJ. Income SX2 

CJ. Earn. Fin —— SO 
Accum. Units . 28 8 

CJ.F81nv.TW 2»b 

Accum (Arils P7J 

Price Feb. 22. Next dealing 

Chieftain Trust Managers Lid3KaKg) D^Acram 
30/31 Queen SL, EC4R 1BR. 01 -MS 2838 - r 

American MM »« J 1.97 

Sigh income Ml 4Z1 -0J| 9J1 Do Aroun. 

lolenratKTnri T» kij2L7 -” a 1 ■" pq.Aeeruu.-, 

Basic Rearee. tegM 

Confederotien Fttada MgL Ltd-lf fa) 

SO Ctun eery Lane. WC2A XHE 
Growth Firad L 136.9 »7] J *55 


MercJBLMaKhl..ra3 gri , — 


01-0004333 

502 Do. 


t IntL 


1.90 

459 

*59 


Accra. I/O. March ] 

MereJ3xx Feb J3. , 

Aeeum. Utx. Feb -23 

Midlan d [Quit Greop 
Unit Trust Managers Ltd.? fa) 
Qxuniaod House. Silver Street. Bead.' 
Sheffield. Sl 3RD Teh 074279842 


... iv. Units — B4J 

532 Target Inv B66 

1.90 Tar^jWPr.Mar.l [1428 




TgtPreL. 


m 


B 



CcouDodlty fc Gen. . 

Do-Accuul — 

Growth 


582 

6X8 

Hi 


High Yield 

... Do. Aeeum gJ 

01-2420282 Sf’** 7 Exempt* — la* 


60M -0.1) 
■ 647] -OJ 

8 ^ 
48 M - 0 J2) 
553 —03 
«!§ -02 
45.fl -02 
mil -03 
623] -DJ 

_ i5a 

MLB ■ Z03l4| 


CSyne Growth F8 _ [1*4 

Target Tot. Mgrs. (Scotlaad) (*Kb) 

10, Athol Creaceox Edln. 3. 0M-329B6J1/2 

U3 Extra lncosneF8-p*7 - 6L0m -OJJ 1034 
|; 5 v Trades Union Unit Tst. Managers* 
3.45 100. Wood Street. B.C2- 01-8288011 

3.W TCUTJIar. 1 [CUT 4LM -33[ 5.61 

*71 Transatlantic and Gea- Secs. C *9 
A71 SI-SP New London Rd. Chelmriord D24SS18S1 

rS Barbican liar. 2 (69.4 

tAectun UnJtx-i—— 11045 
a8a - Barb Aim. Fdj.22.teL9 
Buckm. Mar. 2 [725 


Do. Accum*-. flu ' 703u4f .1 *61 

Prices at Jan. 31. Next dealing Fm. 28 

lSfinder Fixed Managers Ltd. 


8 S3 

§u (Accum Unitsj. S?J_ 

5J ” Colcmco Feb 24 _r 


Cosmopolitan Fund wi an ago wl 

2a rant Street, Landau SW1Z BE7. 01-33S8S23L MbuterHse, ArtharSL.E.C.4 
Cmuwp^zlGUlFL [165 Z7J| | 520 WnUteC Frix2T — \5Lh 

Crescent Unit Tst. Mgra. Ltd. (a)( 8 ) 

4 MeMne Cr+t, Edinburgh 3. tttl-2284031 

Creseeat<*rinal|_|M.9 2571-OJi 449 
Crex-InternistT—KIL 5051 -J 050 

CreS.iLch.Dlri.__W3 JOM 8.92 

Cm. Bcterre* (S*7 39.4fl| -9.2} *76 


OlJ.4 

l Accum UbUsJ 1547 

Cttmld.1 


EHjcietitmiUT Unit Fund Managers itfatuii for fnir_;i 2.0 

22.klemfidtfSt,EC2M7AL. 01-838448S- Mutual BlaeCbi. “* 

Disc Income™ [1508 1603) [ 5.C Miaial High Y1 

National and Commercial 


Mtr.l.™— 49.6 

„ __ (Accum Units i 53.6 

01-023 1050 cion Feb. 28 47.9 

, I 548 (Accum Units) 60.4 

Exempt Feb. 28 — f**6 *55) .,.,_) *08 Marlburt) Feb. 28 — 443 

MLA Unit Trust BKgeout. Ltd WSSyMSts: So 

Old queen Street. SW1HWG. 014X90 7333. (Accum. Units). — »0 

MLa Units PM «5[ _.[ *72 ^ 

Matnal Unit Trait ManageraV (aXg) (Aeeum unioj — c_a 

18, Chpthall Are, EC2R7BU. 01-8084803 Mi 

Mutual See. Plus— )4*2 H.M- j 734 Wick Div Feb. 34— 630 

— |S *9 


*95 Tyndall Managers Ltd.? 

18. CuDUge Road. BrlstoL 


£. F. Winchester Fend Mngt Ud. sxSt Andrew Sqoare.Edinborgi(ni-Sfl0151 


Old Jewry. EC2 
Great Winchester.* B75 
GLWiuch’w Q'senUl.7 


19.4 

a a 


636 

*36 

3.42 

342 


9X4 

(Accum Units) 1632 

Cap Mar. 1 U20 

(Accum Uaitfi__ 15M 

Exempt Feb. 22 105.6 

lAccum Unltsi 245,8 


SlfipaaS? Income JiCsr.l 

— [ 629 (Accum Unitsi 

J *80 Caw. Mar I _ 

„ . _ _ _ . , • lAe«i|«.Umt0) P 44 H wm- . 

Eusfct ft Dudley Tst Mm gran t, lid. National Provident Inv. Mngn. Ltd.? CanjTwcriar.l — fttfi 

20. ArilngUu 5X.S.WJ. 01-4807551 _ « . . ______ ... (Accum Units)— _—|109.6 

^ ^ ■ wvi i cin 48.GracecburchSLBCaP3HH 014534200 uh. E arn. Mar. I U17J 

7Z.7] *10 NJi. Gth.L'n.Tst— 1|4.4 ' 4731 — J 515 i Accum Unltsi B4t« 

_ b j ( _ q_— v “ (Accum Unltsi* — 533. ,, 5*2 — .1 3.75 Scot. Cap Mar. 1 525.0 

Eqoltax Secs. LtO.?(aKgJ • NPi O’scss. Trori - IMfi 1152d — i 53* (Aeeum Units)— H«*2 

41Bitb0pS(rie,EC2 - 01-5082851 (AeramCnta.--., U61 I22.* __..[ 3ffl Scot Int Karl — 1247.4 

"«* — »■ «-»■“ sg&Rap ^.> 

Equity ft Law Un. Tr. M.? (aKbXO Naflnaai Westminster?(i) ~ ' 

A mentu m Bd, High Wyenabe OfiM 33377 UI1. Cbeansldc. EC2V 8EU. 01-008 8000. - - 
Equity *L»r [5*0 6X4-0.S] 468 ^t al I Arcam-l-g*! 1 * 6XU *g 

* ~-fe2 342c! T.Tj 5.43 

Growth Inv gfJ 8*9 -0.7^ 5 SO 

Income.,.— ——-{"-I 35-fe, — S»l| Mf 

Purttollalue.Fd... . tTjj -04[ ■ 5.45 


Fraallngton Unit MgL IitL.Ca). 

5-7. Ireland Y«dEC4B5Da- 01-2468071 

Capital TH PR2 1»9« ,. m | 4.67 

I negate T u - ifljm : j *m 

InLGrowth FtL_Mjd 969 2*7 

Do. Accum. - «M 984 — -. ! 267 


Do Accum 712 

Erin Inc Growth— 34.6 

Do. Aeeum — 38 6 

Finaneial Priity 153 

Do. Accum 1*6 

High lac. Priority.- 5*0 
lntereouoaal — — 259 
Special Sits. 732 


960* . 
77W — _ 

U7.6 J 

163J .[ 

iSi™ 

2282 

2542 — J 
13L4 . 
1536 . 
15*6 . 


OFFSHORE AND - 
OVERSEAS FUNDS 


ArbnLhnot Securities (CT.) Limited Keyselex Mngt. Jersey’ Ltd. 
p.O. Box 384, St Heller. Jersey. 083472177 PO Bo* Ofi, Sl H*-lier. Jeriay. lEnq 01-006 70701 


Cap. Tst. Ueram'i.., (1X60 120.01 I 3.65 

Next dealing date March 7. 

East fcIstfXTKua>-PO4.0 1X10] ] 338 

Next sub. March R, 

Australian Selection Fund NV 

Market oppommlUes. cio Irish Young ft 
cnithwalte. 12S, Kent a, Sydney. 

US$1 Shares— JTCSU7 - J 4 — 

Net asset value February 23. . 


Fawelex. 


ITVX279 


Keyselex Inti — ,. 0.76 v -39 • -i-h 

Kayuelex Europe— : O.U Afi^-qa] 

Japan Cth. Fund-, S2I33 22.95? +023 
Keyselex Japan _ ELU 9; 

CenL Assets Cap {JJXB2 

King ft Shaxsoh Mgrs. 
l Chtui ng crow, st, Heller. Jersey. 

1 Thomas Street, 

Gilt Fund (Jersey 

Gilt Trust (I.O.M.) ,L 

1BIL Gas* See*. TO. 


260 

*67 

*08 

*71 


Bank of Ameriea International SA. 

3S Boulerord Royal, Lusembourg GJ», ^r=. r,- ,, , 

WlrflnwBSt locnme _HLSU627 UBJ1| 6.66 £HgyffT llng — 

Prices at Fab. 23. Next sub. day March 1. plrst5clL JSIROB.1K.471 — 4 — 

BnL of Lndn. ft S. America Ltd. 

4088. Qnaeu Victoria St, EC* 

Ak«»d«rand._. 15 l »0 .- ^.| - 


Kletnwort Benson limited 


Net asset value Mar. 


014002313 "SX Feuehureh SL eq 
E unnvcsX Lux. F. I 
Guernsey Inc [56 8 


Do. Atcuj 


|692 

sum 56 
SIISU 25 
SUS2718 
S1021 

, SUS4M , 

L'uilendsiDMI m25 1920] 


KB Far East FU. 

KB Inti. Fund 

KB Japan Fund 

KB ifSGwth. Fd_ 
Si en*l Bermuda 
‘ir.itmui.intn 


972ri 


BS --j 


01-0238000 
360 
435 
435 
1*6 
195 
059 


- 90 U 


+4*01] 


•KB act as London paying agents only. 


1.90 

*85 


Basque Bruxelles Lambert 

2 Rue Do la Hegenoe B UX» Brussels 
Renta Fond LF [1.925 1985) -11.0] 8.48 

Barclays Unicorn Int (Cb. Is.1 Ltd. 

1, Charing Cross. SL Holier. Jr*y. 053473741 

Overseas Ineome —B83 52 M J 1035 Lloyds Bk. (C.L) U/T Hgrs. 

UnidoHarTruK. — (SISJ W 16« — J *70* p.o. Bo* IBS. fix Keller. Jersey. 053427581 

■Subject to tea and withholding taxes - Ucyds Tst, 0'sraa- (48.0 -M5| [ 271 

Barclays Unicorn Ini. (L O. Man) Ltd. N «* Uarrh » 

i Thomas sl. Doogiux Lo3L 08344850 Lloyds International Mgnmt. SJL 



Unicorn AustJBxL. 395 

Oo.AuJt. Min. 232 

Po. tatr. Ptclfie — 5*9 
Do. loti. Income— 373 
Do. Lot Man Tut — 4SA 
Do. Manx Mutual — . [215 

Bishapagate Commodity Scr. Ltd. 

P.O. Box 42. Douglas, Zu 31 0634-23811 

ARMAC-Fcb.0 — | SUS26.69 1 -J — 

CANRHO*"Feh 6_[ O.B1B [ i — 

COUNT-P«*.a__| (2336W I 4 — 

Originally issued at *S10 and —LLCXL 

Bridge Management Ltd. 

P.O. Box MB. Grand Csymao. Cayman Is. 

NTmshlFeb— -| Y13857 | | — 

GJP.O. Box 500. Hone Kone 
NippouFiMm-. 4 «3 

Britannia Tst BtngmL (Cl) Ltd. 

30 Batb SL. SL Halier. Jersey. 

Growth Invest — _ . 

Inlnl. Fd 

Jersey Energy Tst. . 

UnivsLDlr.Ttt — 

Uaivsl. STsL Stg.— ., , 

Value Feb. SA. Next dealing Mar. 

Satterfield Management Co. Ltd. 

P.O. Box 108, Hamilton. Bermuda. 

Buttress Equity — [2.03 ■ 197] — J 209 

Buttress Income— tt.99 192] 1 7.49 

Prices at Ftb. 8. Next sub. day March 13. 

Capital International SLA. 

Sl rue Notre- Dame, Luxembourg. 

, Capital Int- Fund — | SUS15JS6 [ .— [ — 

Charterhouse Japhet 

L PatemostcrRovr. ECL 

Adiropa —[DUMB 

AdH+rb* DH47.90 

Fondnk — _ DlOLSa 

Fondle - - - - Mill 78 

Emperor Fond JUSI5I 

Hiq int VUSB77 



7 Rue du Rhone. PD. Box 179. 1211 Geneva 11 

Lloyds Jni-GthFU-Knnj# 299 M J 190 

UoydsluLlncDinr.^igua Jlioof \ *40 

M ft G Group 

Three Quayx. Tower HH1 EC3R SBQ. 01831 4588 
AUanticExFcb. 2B..Bl'S2M f 

Aust. Ex. Mar. I STSU2 l 1 

Gold Ex. Mar. 1 tL'5954 ....... 

Island M52 M91 -0J f4R2 

lAccum Units! [144.1 1533] -05] 9*02 

Samuel Montagu Ldn. Agts. 

114, Old Bread St, E.CC. 01-5888484 

Apollo Fd. Feb. 21, JSFCLW 45BM ._...] *08 

JanfestFeb. 15 pKIM 9M | 130 

ll7Grp. FeK22 KU5UI7 UN ..... 215 

117 Jersey Feb-21!,[C4.54 4 96[ J 084 

117JrsyofeFeb. 15„f9J7 10.28j — 

Murray, Johnstone (Inv. Adviser) 

163, Hope SL.GlasgOW.CS. 041-2=1 5321 

"Hope St Fd 1 SUS28 72 

•Murray Fund— .-I SCS 
*.NAV Jan. 


SUS917 
3L 


m = 


H Ibo KegitSJL 


10a Boulcrard Royal, Loxembourr 
NAVFeb.34 SUSUL67 | 4 — 

Negit Ud. 

u*nb at Bermuda Ridpn, Hamilton, Bnnda. 
N A V Feb. ] 7 ISAM — | 4 — 

Rothschild Asset Management (C.L) 

• P.O. Bax 58. SL Julians CL, Goerusey. 

0481 26331 

RqFr.Feb.S8 M4 52 9 .[ 258 

Inc. Fd. Mar. 1 D493 158 3 J *89 

Inti Fd. Feb IS M65 nnd 1 — 

- 140 J 5.38 


01*2483090 Sm.Co.Pd. Feb. 864 



CornMll Ins. (Guernsey) Ltd. 

P.O. Box 157. SC Peter Pott. Guernsey 
IntnL Man. Fd. (163.0 3775J J 

Della Group 

P.O. Box 3012, Nassau. Bahahini 
Delta Inv. Feb 31 -|SL26 U2] 

Dentscher Investment-Trust 

FDStlach 2885 Biebergaase 6-10 0000 Frankfurt. 
Concentra. ■ ■■ jDRHJi 

lot. Renienfonds .-[D1UU0 

Dreyfus Intercontinental Inv. Fd. 

P.O. Box N3712, Nassau. Bahamas. 

NaV Mar. 2_ ISUSQJI 11*5] -0JJ2] — 

Emson ft -Dudley TsUOgtJrsyJid. 
P.O. Boot 13, SL Heller. Jersey. 053430801 
SLDXC.T. [1143 12L7] 4 — 

F. ft C MgmL Ltd. Inv. Advisers 

1-2. Laurence Pcontney EgD, EC4R QBA. 

01-823 4880 

Cent Fd. Feb. 22— [ SUS430 I | — 

Fidelity MgmL ft Res. (Bda.) Ltd. 

P.O. Box 870, HxmtMan. Bermuda. 

Fldelhy Am. Aai— 

Fidelity InL Fund. 

Fidelity Par. Fd— 

Fidelity WridFd— 

Fidelity Star. Fds- 

SenesAdntnl.i— 

Series B<P*cfflcX_ 

Series D lABLAsajj 


Old Conrt Commodity Fd. Mgrs. Ltd. ■ 

P.O. Bax 58 . St Julian's Ct, Guenuey 048 ) 38741 

■ O C.Cm.Tst FW >38 017 7 124 7 ] .1 5 J 4 

O.C JHlr.Cm.TSt.T-. @459 2*47) J — 

•Prices on Feb. J-L .Vert dealing m. 29 , 
t Price an Fab 31 . jqext dealing dale March T 

Phoenix International 
PO Box 77 . st Peter Port, Guernsey. 
Xoter-Dollar Fuad,|Sl*S 2 J 3 73 * 1 - 003 ] — 

Property Growth Overseas Ltd. 

38 Irish Town, Gibraltar, (Gib) BIOS 

U.S. Dollar Fund _| SUS 88 27 
Sterling Fund [ £22180 

K^yai Trust (CD F«L Mgt. Ltd. 

S 3 T_ □ — P.O. Box IM, Royal Tst Hse^ Jersey. 033427441 

RT.tert.FA [Sl'SUt IM J 3.00 

R.T.tert.Uty.VFiL.lM 1 321 

Prices at Feb. 15 . Next dealing March 15 l 

Save ft Prosper International 

Dealing to: 

37 Broad St, SL Heller. Jersey 053620301 

Vfc DoPaTHhliauiliwtcd Funds 


IVIW/V4K 

l=[ = 



7.04 


SUS2034 


SUS1837 

iM1|I 

SUS40O5 

+OJO 

SU51Z2& 

£310 

■""f 

£*« 

wmmaw- 

03.43 

— 


Dir Fxd!nt~ Marl, 

Inwrml fir "♦ 

FarEasMTn*f_— 

Nanji American*;. 

Sopro^t 
Sie ri lu fc ft u ss nliiatvd Funds 
Channel Capital*- B05J 2X621-02] XJB 
Channel Islands*- 13*7 143. « +02 520 

Commodity™*-^ 11X9 1179x3 _ ■ 

SLFxd.lnL“t 1202 127 j) 10.92 

Rices on "Feb. 21. “Feb. 22. ~*Fet>. SSL 
^Weekly Dealings. 

Schlesinger International MngL Ltd. 
41. La MotteSL,SLHeUer. Jersey. 053473S8&. 


— &A22 


First Viking Commodity Trusts 

& St Genera's St. Douglas, LoJL 


InU.Fd. Jersey 

_ _ _ _ Intel F«LLxmhrB._|9.49 

°°«i Schroder Life Group 



£Equhy_. . 
SEquit 


53. Pall Mali LondmiSW175JH. 01-0307857 

Fit. vUc. cm. TW (303 485)4-321 2.00 Ruterpnse House; FUrtawootfa. 

FsLVkDfaLOp.Tst.pOfi <KA —4 *80 M 

Fleming Japan Fond SJL ' 

37, roe NatreDsm, Luxemhoarg 
F7mg.Peb.28 1 SUS41A9 

Free World Fund Ltd. 

Butterfield Bldg.. H a m ilton. Bermuda. 

NAVJanJIl 1 SUS16429 [ [ — 


928 

*71 

1X60 

3.71 


P R g 2 7733 


julty. 

xedl 


CFt 

SFTxed Interest — [11132 


interest, 


US2 

1135 

1393 


£ Managed. 
SManaged- 


1122.7 


12X9| 

I2«7 

148.4 

1D96 ...... 

130J 

1352 


G.T. Management Ltd. Ldn. Agl£ 

part Hse_ 18 Fins bury Circus, London EC2. 
Tel: 01-838 813X TLX: 888100 

G.T. Pacific Fd. 1 SU 51150 [ — J — 

nsgcsaenl tetcrnetianl LUL ■ 
ci'o Bk. of Bermuda. Front St. Hamhu Bmda. 

Anchor H’ Units — ttOSBJB 6M J L95 

Anchor tel. Fd iSUSUZ *B5j j X99 

G.T. Bsnmda UL 

Bk of Bermuda. Front SL, Ha mlt fl. Bmda. 
Bmjricr. ^920^^- J-054J 102 


| — -I 


0.79 


SUS*31 

G.T. Mgt. (Asia). Ltd. .. 

Hutchison Him, Hareoun Rd. Hong Kong 

GT.AalaF ISHX757 7MtOS& 195 

G.T. Bond Fund — (SVS12.1B j+*nq 539 

G.T. Management (Jersey) Ltd. 

Royal Tsv. Use.. Colomberie, St Heller, Jersey 
G.T. Asia Sterling- |£UL84 1L47]+Ufi| 1-74 

Bask at Bermuda (Gnemsey) lid. 

31-38. Le PoUeL Coenuey. 0481-20288 
Berry PacStrlK. — “ 

Anchor Gilt Edge _ 

Anchor lnJBy.TSL- . _ . . 

ThflSUitfTniA 

Gartnwre Invest Ltd. Ldn. Agts. Richmond Bondi?. 

2. Sl Mary Axe. London. EC3. 01 2833531 - 

Do. Em. 97.(CBd- 


-P087 

J. Henry Schroder Wagg ft Co. UdL 

120, Cheayside, E.CJ2. 01-8884000 

9SgXxz\ 511^25 [a £” 

Aslan Fd. Feb 30 -BKB15 13711 J 363 

Darling Fttd. [JA170 XKU j 58 

JSyanFd Feb 23,.|SCSS71 *22| J 026 

Sentry Assurance International Ltd. 
P.O. Bex 328. Hamilton X Bermuda 
Managed Fund [SIMM HR] ( _ 

Singer ft Fricdiaader .Ldn. Agents 

SO. Cannon Sl.BC* 0)2480843 

Dekafonds 1 DJCM J 7 26 M+ 0 .iq *46 

Tokyo Trt. Feb. 28. 1 SL'SJl.OO [..__] 2fi0 

Stronghold Management Limited 

P.O. Box 3IB.SL Heller. Jeraey. 0S3V71400 

Commodity Trusr -188.45 9121] ] — 

Snriuvest (Jersey) Ltd. fx) 

P.O. Baxes. Sl Heller, Jersey. 0534731m 
American Ind-TSL, [£6 8* 7.0M-0(nj 143 

Copper Trust 1E9.7B 9.90(40.10 — 

Jap. Index Tst [E 9.19 930 ]-IXDli _ 

S u rinvest Trust Managers Ltd. (z) 

3 jfc 48 , Albol street. Dougla s Lo JL 0834 23914 


SS*4 

111.0 

in-z 

0737 



Gartraore Food Btast (Far Esafi U«L 
1503 HotcUson Hm 10 Hareoun Rd. HJvong __ 

HKfcrtic.u.TsL._&ara 1 MJ .... I 3.10 TSS Unit Trust Managers fC.U Ltd. 

IntL Bond Fund — ftCSMll H3Rl| — Jeracy Fund to« 43A* — J -MX 

m,,., Guernsey Fund __ I4L4 ‘Hfcaf — \ 4.41 

SoKSsi dSSSmo^ 08S4 2391 1 '™“*“ ^ *■ 

International ine. ,( 20 1 2 L 4 [ ..,^j 122 Tokyo Pacific Holdings N.V. 


DO. Growth [53.7 5721-10] 5.41 

Hambro Pacific Fund MgmL Ltd. 
2110. Gcxuiaugln Centre. Hoag Kong 

Far East Feb. 23_ SHfi 45 104R J — 

Japan Fund (SIMM *«7[ J — 

Hambros (Goerusey) Lt dj 
Hambro Fund Mgrs. (CX) Ltd. 

P.O. Box 85. Guernsey 

C, I, Fund [13*6 143 

IntnL Bond SUS|l03.42 10* 

In'- Equity SUSgJB 10. 

InL Svgx. ‘A* SUSP-01 1 

Int Svgs. ‘B 1 SUS&99 


Intiails Manag em ent Co. N.V., Curacao. 

NAV per share Feb. 27. SUS43-32 
Tokyo Pacific Hldgs. (Scaboardj NX 
lntimls Management Co. N.V, Curacao. 

NAV per share Feb. 27. SUG33XM 

Tyndall Group 

PA. Box 1238 H aa in re n 8, Bermoda, 24780 
0481 -31321 Overttras Mar. 1 — 15US849 1068+11011 6JI0 

3.90 l Accum. Units)-. — BCS151 lift ...J — 

* JO 3-WaylBLFeb.lO-ISL'SMB 2U5j ] _ 

Z5 ° 2 New SL.SLReUer. Jersey , __ 05342738178'' 

TOFSLMar 1 E6J0 670* +005 6.00 

(Accum. Sharesi 19. S3 M-90+aifi 6.00 

TASOFMar 1 760 80S +0.S _ 

lAccum. Rhareai _ 76.0 sa.e +o_l — 

Jersey Fd Mar. I _ lg.6 194* —4.8 720 

i Non- J. Acc. Uu.),. 232.6 267.E -6fi 730 

__ Gilt Fund Mar. 1 _ 110.8 1123 -02 JO M 

ut H»aH ii|; rfirTMW h 8. (Accum. Share si — 1392 1413] -0.4) 10.64 

Victory House. Douglas. Isle of Man. 0834 25023 

Managed Feb. 16—11256 132.4] ] — 

Uld. IntnI. MngmnL (C.f.) Lid. 

14, Mulcaster Street, SL Helier, Jersey. 

U JB. Fund 1 SUS100 l 1 B2S 

United States TsL IntL Adv. Co. 


B 50 

250 


Prices an March L Next dealing March 8. 

Henderson Baring Fund Mgrs. Ltd. 

P.O. Bax N+723. Nassau. Bahamas 

Japan Fd. [15*7 16231+013] — 

Prices on Feb. 22. Nr - - - - — 

Hill -Samuel ft Co. (Goenuey) Ltd. 

B LeFebvxe SL, Peter Port Guernsey. Cl 

Guernsey TsL [1392 148 9] -0.91 329 

Hill Samncl Overseas Fund SA. 

37, Rue NobaDsiae. Luxembourg 

H627 lb.92| +0.93] - 

International Pacific lav. Mngt. Lid. l* Hu* AWrlnger, Luxembourg. 

TO Bax K37, 56. Pitt SL Sydney. Aust v s - T M - tav - , ' t0jn ^ 

JareUaEqultylbL.ISlfil 194] | - r ^ „ Net 8M8t Ifcreh L 

J^LT. Managers (Jersey) Ltd. S ‘ G ‘ WarJ,ttrg * Co ' LUL 

PO Box IM. Royal Trt. Ha*. JerrejOSM 27«1 1^^9933 • [43?® ' 


0.95. 


Jardine Fleming ft Co. Ltd. 

48th Floor. Cooneueht Centre. Hong Kong 


Jardine Erin. TXL— 


JaRUoeJ'pn. FdJt* 

Jardine sJla. 

Jardine FlenLlaLt. 
NAV Jan. 3L 


Kdmp-Gee Income. [62fi 


d .»... 3«0 j. 
I -... loo 

2 60 S 

£ 


5HK209.9M ] 

SHK27928 
SUS1X74 

i _5HK*93rt_, 

■Bqul valent gUSOOH 

Next nib. Feb. 3B. 

Hemp-Gee Management Jersey Ltd. 
1, Charing Cross, SL Helier, Jersey. 0634 13741 
Kemp-Gee Capital [794 R.9| ,.,.j 


Ml 


GrAtfcFrt Feb 38-1 SUS&51 
Jter£lrr.FiLFebJ2 M3HI7 

Warbnrg Invest. MngL Jrsy. Ltd. 

Charing Croec. SL Heller, Jty. Cl 0534 73741 

CMF LUL Feb. 23 BPSEJJ Hi 

CMTUd F>b 23^(0262 12-9 

MetnlsTst Ft-b. 18 klO 93 

TMTFebfi BUS926 

TMTUi Febfi— ..W U 937 

World Wide Growth Management^ 

10a. Baulerard. Rcq-al, LukeMbpom, 
B'crldmde Gth fd] 5US 12.67 [-r00]( — 


NOTES 


Unharsal Fdidi — w.9 


5 08 TSS Unit Trusts (y> • 


Friends* Prorctt. Unit Tr. Mgrs.? 

Plxhxm End. Doridng. 


Ftleods-Prov. Utx., 
Do.Acran. 


SI -43 


NHL Trust Managers Ltd.? (a)Cg) 

JCltoo Court. DorWoP-Sarrey. 5011 

Kehtar W.9 . UM-OM *12 

^3035053 Nslstar High Inc.'. -I®5 • 47Jhcj +0j| 950 


a 


Fur New Court Pond Managers Ltd; 
sec BctiucMid Asset Man ag emen t 


G.T. Unit Managers Lid.? . 

Ifi. Finsbury Qrena EC2M7DD ‘ 014QS8I3t 


ZLCbteby W*y, Andover, Hants. 0QS4B2188 
Dealings to 0264 83433-3 

(blTSB General ...B9 9 

tbiDo. Acctua.— SSJ 
(b) TSBIncome.J— ££2 

4b) Da Accum. 56.4 

TSB Scottish 705 

(b) Do. Accum 174.9 


7S.8 

, M.6 

g.t. inc re.ua — i*73. 

<LT. VS fc Gen 133 0 

GT-tert Fund—. 1068 
G.T, Foar VftFtf — m. 


21 - 


3« 

. ^ 3.90 

156 bid — — I . *20 


WC. ft A. Trest 'te) <g) 
& RaytcisbIld.&raRwead 
l&ft. 


Norwich union Insurance Group (h) lJ1 — . 
r a bos* .vonrich. an axe. ■ 000322x0 w * ter m 

(?roupT«-fU— P»kW 31*.9Bi -2ai 559 

pearl Trust Manage* Ltd. (aKgKz) 

352 High HoUmm.«fflywa 01-W58441 kmhbar 

TTnas l -rh irrT 90 4 r| I jlaL IUD| WQliaO SL ALIA »Aa 

AccwaUniU — ™«J 6^ grlmto. 

Pearitee.— — jl 3 796 JWrtCTGrth.Fad.-ra 6 

Peart UnilTri. 3*8^3 5.47 Dtt ACCBja JS* 

JAccusl Ualts) W* _ *S3\ -0J[ M7 mc]er Growth Fond 

• Pelican Unit* Admfn. Ltd. (gjfx) King Willi am SLEC4RAAH 

(077.22000 81 FoooJain SL, Manchester : 061-3J65895 laromc Units 1^2 

3U| -04 SO PeUsoaUnm -P^J- - 7U|-— ILftf SM A^eum. Units POJ 



2 »M , 

— s[ 

. 


030338231 
36.«d-ft2| 5JM 


.2«0 
LU 
4 JO 
238 
7.40 


Waring StreeL BeUasL 
(bjUlater Growth -.[33-0 
Unit Trust Account & MgmL Ltd. 

01-8234851 
*72 
3.42 
M2 


rend ra*B M8 d j 

LFadJS Sid 


01-8234851 


uo 


gg-j.,* 


Prices do not include S premium, except where indicated *, and are in peace unless otherwise 
indicated Yields % ishown in ]n&( mlumn' allow for all buying expenses, a Offered prices 
Include all expenses, b To-day’s pricCi- c Yield based on a(ier price d Estimated g To-day's 
ope nine price, fa Diaotbudon free tf U K. taxes, p IVriodic premium Insurance plmu. a Single 
prenuum insurance s Offered price Includes all expenses except agrnt's coouniMlcm. 
y Ottered price Includes all expenses if bought through manager* » Previous de’i price, 
V Nat of tax on realised capital gains unless indicated by e n Guernsey gross, a Suspended, 
♦ Meld before Jersey tax T Ex-suMi vision. 


CLIVE INVESTMENTS LIMITED 
I RojaJ Exchange Ave, London EC3V 3LU. Tel.: 01-2S3 1101 
Indies Guide as atrZlst February, 1978 (Base 100 at 14.L77.) 

Clive Fixed interest Caoital 134,6 

Clive Fixed Interest Income 12L45 


CORAL INDEX: Close 431455 


INSURANCE BASE RATES 

t Property Growth 7i% 

t Vanbrugh Guaranteed 7.37% 

1 Address shown under Insurance and Prope r l y Bond Table. 


. X 


) 


Y 



















































































































































































































83 





ii rrv 


SfaanelalTIia^ Friday ;March 3 1978 - 

iNDpsyfty at 


AlSefetstejOpi 
Br»ah[Iirni1)M 
FfflSwarBws.— 
GamarSootbUirl 

Sjan Ul I 

inn ini ■■ 

KShoe* — IH 
fiew&olflwBniiu J 

CffiwnQ'A" I| 

PHtodliu— 

Stead & Son 'A 1 — ' 
Smwn^FIsherJ 

_■ Stylo Stines. ___] 
IS TttnwW4El«>J 
19 WarfWHta,^ 
11 fWeanalOp— ■ 



PROPERTY— Continued 


Frf»| - 

_ „ ilwAl 3X2 L__ 
ftp.lnr.iPin.El- 104- |-1 
Pmpuhtt'dm- 64 
"Tap. &. Rer. *.V^ 300 
frt9.Sto.ln8p.. 029 
KaflanPropLop. 4 

Rftg'lh'n ■ 30> 

Regional Prop— 85; 

Da 'A*— — 67* -1 

tosh ■& Tompkins > 96 
SamceJ Props— 78 (-1 
Scot. Meirop 20p 
2«j Second CkylOp- ' 

75 SlonghEsta- — 

£114 Dn.lOWww’fiO 
[158 Stock Cocvenn_ 

90 &nley(5>Inv 

31ij Sore Properties 
24. Tram Centre — 

.5 foo-niCity 10p- 
59 ' rraifoni?art_ 

301* UiProwny .. , 

[182 DldRuTProp- 2SMI+1 
75 Warner Estate — _ . 

\112 torafonllw.aip- 285 +2 , . ... 
7h W^IJoasp— Mrf -1 tan £4S 

v? wnfaatxp.aif. u>h. P— 

18 [WaGaaEsts 31*2 1U6 


SHIPBUILDERS, REPAIRERS 


S 3 

♦L59 

d4.69 

+UI8 

ElO - 

+261 

21 

6 ? 


-195 - 3 ^- 


0.01 

165 



TO 


(Cw 

GCl 

HE 

13 

33 

404 

0! 

5J 

345 

2.C 

31 

206 

15 

2.4 

423 

— 

22 


L5 

Ifi 

msi 

15 

2.7 

m 

2.1 

41 

133 

(H 

41 

4L1 

17 

79 

494 

?( 

711 

107 

15 

•31 

353 

117 

ffifl 


2.4 

13 

464 


32 


LS 

63 

10.7 

L2 

2 1 

57 5 

L4 

68 

169 

Ta 

33 

460 

15 

32 

32.4 

Ifi 

U 

361 

25 

♦ 

LL9 

L3 

55 

20.4 


WW» 


INV. TRUSTS— Continued 

R»ek [ Price l*-**] 



6.86 

fiP 


ism 

4 J 2.0 
Zb 81 


SHIPPING 


KM®. (CamaonSnit. 

54 Fisher pj 

204 PtjrnesjWttiiyU 
H40 Hunting Giln.£L. 

B 25h Jacobs O.IJ20?_ . _ 

2 loa.08ess.ntas- 32^ Mz 

46 [Milford Docks £2. 

177 (Ocean Transooit 
[95 KfcO.Wim!_ 

000 {Reardon SmSOp 

34 pDa-A-SOp. , 

97 |ltaicinBn<W0_| 


+7.41 


-i tai 6 


411 


HP 

^381 6 l| 


^ 61 

15-5 

3a] 

6 M 
9 3 
9 3 


SHOES AND LEATHER 


-i 


0.9 1 20.7 

43 10.7 31 
14 9,7 66 
63 7JJ 4 A 
43 63 60 
U 9.7 65 

3.7 67 «* 
23 123 51 

{9 60 1^9 

5.7 63 41 

16 asm 

4JL 93 3.9 
23 5312.6 
2.9 64 62 
53 61 4.7 
23 60 7.4 


SOUTH AFRICANS 

,r 


AberamBOXU 
AnrfoAm.ln.Rl 
AnE.Tt'slnL50r 

.... EdwnrkslOc 

11712141 Gold Fids. F.2>jc 
230 110O Q'tnms'A’Kte.- 
HnletfsCpo-RL 

0KBaam5Dc_ 

___ Primrose 10cts._ . . 

224 tl50 fta 'A» 160 I 




TEXTILES 


AHfedTertDe— J 

Atkins Bros _V 

B«des(Ij20p^ 

Beckman 6 IQ 1 -! 
I BiaefcaoodMnt II 
Bond9.Fhh.llM 
I BrfgMtJntoO-J 


(Buhner L'mh.aip- 
1 (Dundee)- 


649 

334 

+232 

M.49 

0,82 

26 

I 2 A 6 


(CwrtanMs— _| 
Da 7% Deb 82.7 

{CnorlberUj 

DmnoaM. I 

L Da'A , -__ 
tofanmflfeeW— 
fer)y(DkH.ap 

IfiiffgfMin) ... 

~ mCWMp- 

jjJlag 

tg&psp — 

— Bray 

npgnarthlLSQpL. 
Da'A’anp- 
Ingram 

Jerome (Hldgs.). I 


Wesf&ifflp — 
8tockayHurfi„ 
BlackmmnScatv 
UarthiiAJSQp— 
MiHerlFjlOpL— 
Mention — 

N'ottS. Uanfg 

Nova Jersey 2Cp- 
Parkland 'A — 
PicktefOFifcCa 
Da'A’NVWp- 
RKT.lto_ — 
UlatflejTasMons 

ReediKm: 

Reliance Ksa2fe- 
ffiictenUHhi — 

KEET-SOp 

[Scott Robertson. 
|Sekmlrt-lCp_ 
Shs* Carpets I8y. 
(SdlawIndfcSOp- 

jSinlar 

jS.Tiallfc'nttoss. 
[Sn.rnMsaJ.13M_ 
Do.Pnv.U30_ 

ueerlGeoJ— 

khrd‘A’_ 
S&MdEagpr'd-| 

13 iratftdJny.lOp. 
fTrankinsons 


tl 93 £2 

5 2 73 3.9 
23 103 71 
13 60 017) 
2.9 1L9 43 
L721X 62 
33 

34164 43. 
23101 59 1 


«l 2 «i 




I ?-64 


as 


1-1 ~ 


-1 


42 


53 


hi 


291J ^^YS0_^-| 
13 hiifforfCarpeS 


7b JVita-TecSte; 


2 0 9.4 

tt 


**81 


hi I - I 

17 75 CO 
4.0 7.4 51 
75 62 19 
54 42 1.9 
0.9 5.7 293 
8.9 10.7 ISO 
23 8.4 (.9 
LO 2.9 343 
1810.4 15 
55) 55] M 
45 

11 * S3 


(Cedar Iw 

psatfllilnca 

■ Do. Cap„ 

J oterTrust— 
..jkOoELinc. 
DaCap.i£ii.— . 

Cit!'&m.inv._ 
CflyilnteruTL 
CKyo+fttford-. 
ChwriwiieesPp. 
Qifion Inw 10 p_ 

ktdatcF 

CoknalScts DU.. 
C^«rtT*Ind 
asanodl tnrni 
Crts^Jt Japan 50p... 

CrossJr iars 



> DameflnaitsOp) 
DalCapitDp— 
MiertmiCorp- 
(wTitlntU 

Do.cap.Mp 

iPomimon&Gea 
’tDrajton Corn’d- 
Da rons._ 

Da Far Eastern 

■ Da Premia— 
fDaalrestItK5Qp 
LDa Capital Ql 

1 |DtnideeALfln._ 
ibanhAaTOj 

BflaftDuiL. 

Edialnv.Df.EU 
t Eteetnlnv.TH.. 

ElBCL&Ga 

£S£ ilOternatL. 
S*fi.4N.Y.Tn»t_| 
Bflt.A Seotlnv, 


Flnc.afc_ 

sDntie* 

SiCEnrocrasL 
pomlylDv.TA. 

PW Scot An— 

t6Cd_- 

tetWlTJBmS) 
fftaflnvMtlnc. 

Da Cap. 

| |*rT lupin 

iGea&Cranm'd. 

Kar Cansoldtd. _ 
(General Ftands— 
Dn.Conv.10p_ 

Gea Investors— 

Gea Scottish 

1 GatSrWdrs. lJi®l 
Sa»J*aiihire_3 

[ Oeratewnlnv— 

a-r L 

mmnrrajr Ina 

-O.'B'Ol 

(Gfabelnv. 

: iGovett Europe 

e Trust 

jlmcstorc- 
„_.«nlav.ftLj 
(Hambra 
cronlnv.lOp 
(Phflipl- 
aeSSm.“i 

.“IT 

[IeofttndRP____ 
^Dottj 

bABUialAGea, 

JnLftK.Sc 8KS4_| 
internatllnv 

{pLin.TsL.toXU 

(In». tn Samsa _ 
ttmatcm-Cs 
pesmt-Tfl. .. . 

uanfine Japan 

Um**Sec.HKS5_| 
Jersey Ext.Pf.jp 
ItowyGeaEJ- 

uosHoldli^ 

toselnv. I nr jOp 

Rto. Cap. a> 

IKmcsdeinv 

„ (take View Inv._. 

24 fijBc.61xm.Inv. 

(Law Debenture. . 
land Sflg. Res lp_! 
Ledalnv.lnciop] 

Do. Cap. 

toV*U®*tto_, 
JLbo 3 Abdn PfdSpj 
W Atlantic —T 1 
.77 ftnoAnsttorSAl 
.43 jLm.AGan.50p.. 

83 &tHohToodJ 
57 (Loo ALennot-T, __ 
13- Eoa6Liv.l0p-( 33 
“ sl-iaALotamd- 
[Len. A Montrose 
83 fixm.3Piw___ 
pa Pradential- 
fcoa A ffdvde_ 
Eaa.TtllAL— 

_ Ins 

tMAGDulinclOij 

"■Stt, 



sltt, 

, & m?i l — 1 . 

jMncLBwtonlOp 
LWrrtxJtl— 



Hi _= l~.Lr- 


TOBACCOS 


BATIndj. — 

, DaDefd. 

^^^(A.U0p_ 

StarassenH^^i-J 


-5 1 13.01 


17.92 

536 


sr 


691 43 
- 53 
33 65 
0117 53 
66 25 
7J 83 


26>2 

104 


TRUSTS, FINANCE, LAND 
Investment Trusts 


Abenteenlna.- 

AbtfdeesltafL 

Jilf Tm: 

AlliinceJnv 

AH woce Trust — 
Alufundine-SOp. 
Da Capital K® 
AahnJKlrr.Jra.- 
DoCap — — 
Amenen Trust. 
.taencasTst.'B’ 
Ando Am Soot- 
Anrfrv-lnLDiv _ 
Da Asset 5hs._ 
Ando-Sent Iot_ 
ATcntacedes Int. 

&&%sz 

asfewnl».__ 
Atlanta Ball JOp 
AilatfttAqeK, 

Atlas Stoct 

Aiat.AlK.SQjS. 
BtffeB'lm.,-. 
Benplnat — 2 

BBStflSXttPwp-. 

'mirnwmT*- 
BnrferiStitap 
Da Cent 

(Brazil FhndCdO 

tegfltg rWU 

[ILitlfewasrlOp. 
RritAKAGQL- 
jBaidsfa A5Sf$&~-*- 
{BriLTpd&Gau 
lBrtt. Invest—— 


hi 


♦208 

, % 

U- 2.49 

n 

1033 

wr 1 ?!. 

* hf * ' 


-1 - u 


sK- 

it 

102 (BnadstowiaOpl [ IS 

42 

41 
187 

& 

S 2 

106 | 82 

•ra 33 i»^i§ 1 S _ 

{ 2 ; 


jCLRPlmr 

( Cateriona hn- 
iCalcdmiaaTst- 

Da-B"_^ 

KaahroiadGn. 

ba^aintaua. 

^AF oralEq- 


-1 

- 4 " 


hi 


(-i 


♦737. 

mV 



95 , . 

188 (144 
980 MO 


((tot 

DaNewWnts- 
K.Y. AGartmore. 

lBZSImt 

75 NthAdanticSec 

Klhn ftmwtpm 

__ JCffltbernSecx— 
48 OGA Assoc. Inv„ 

38 Ootaoehlnv 

87la PemJandlnv — 
Pr^ So. In». 30p] 
Provincial Cities 

Radwn i 

ReaoiwATnv.— 

, RifihtsAIttCap 

[108 RnerAMoc. 

’ River Plate DeL- 
RobecotBrjFKO 
DaSnhSh’aFB 
02^2 [Roiinco NV F150. 
— [po5c6a^FB-J 

[Romney Tnat 

'Rosoiiioondlnc- 

iSSSSa'aiJOp, 

Saieguanilnd— 
a.AtKbewTsL_, 
Scat AaInv.50pJ 
ScrtAOwLInv- 
ScctCiiies , A‘— 
Scot East Im— 
Scot European. 
Scottish Ip*— 
ScotMntATfc. 
Scot-Natkoal — 
Scot Nortbent — 

Ontario 

72*2 Scot UhLlnv 

71l5 Sett Western — 
-- Scot-WfaflaT— 
Sec. AlIranccTtt—l 
See. Great Nthn.. 

Da'B". 

SenmttesT.Sc— I 
Shea Ruk to. SSSLl 
Shires ln».50p_ 
SireweJllOp — 

Sphere tarn 

SPLIT Inc. Mto_ 
[SPOT Cap. TOp _ 

SumhopeGen 

Stedirwlat 1 

Stod)wWmlira._| 

Teehnoiogy 

Temple Bar 

GroMh— . 
Do Cap.El 

J*L _ 

Tor. Invest. lw_ 

iSns to®iic_ 
Tribune fcv.5Bp. 
Trple<ert.bcJito.J 
iteCapflal £J _ 

wr 

rrc5teesC(Kp_. 

iVutfideUiv. 

own I 

Brit 

Ltd. Capitals 

OS Deb. Coro . 

C5 SGrtirfTsLj 
CSTn&FudSLJ 
VitetsBammesJ 
W.Csl i Texas lOpi 
Wraty?sIiTv.n_ 
WimeriBiteffl 

Vfitanlm 

Da “IT 

fesaanfav.— 
Yurta-AUms— 
YorkgroenkOpU 
49>2 [YWP£Co , iIi|uXL 


ITU 

CwlGrtlF/E 

11 6.0213 
10 9.6 « 

, 10 11 Z&5 

Lid 8JM.fi 


4.07 LB 73 20.8 
73.05 0 4 7 3 22.1 
, 33 10 75 203 

- 


-1 


+1 


+h 


+1 


hi 


™.|t 






a 67 1 10 j 64 | 36 «|gt-. 1 ho‘ EzW&AnZ 

' [SnUthBrov.— 
iStbuPac-fiRne 


£27J*p«iaria NTitB. 


u: 


U 


6.4 A 
9.7181 

61233 

532 ?! 
5.0 273 
35 217 
10.4 143 


lfll 62233 
19 

3 2 

4.9 33.8 

63 203 
35 38.9 
7J18.9 
62 « 

64 

99 . 

5.9 212 
7.7 165 
4.4 292 

33 369 
75 233 

5.7 * 
4.4 A 
69112 

9.7 35.4 


LO] 


17 


35 49.4 
6123.9 
7.6 212 
53| 4 


42(367 


a 


u 


13 


3.9 3L^ 
52 283 
LO 

6315.0 
3.4 

5.0 171 
-U3.4 I lOjllO 143 

+i 4 — “ T218.9 

—1225 1*1 

-h 


* n 3 * 

Bjjli 6 

75 243 
45 20.1 
0.9 UU 
52 295 
60 23.4 
4.0 Z72 


302 
27.0 

175‘l-r|t|0 | 12l 6? Mi? 

Sb 

+l *153 I L 0 II 9 I 1 T 5 


t24r ■ 
tl.42 
038 


+3.07 

44.75 

S3*. 


6.0(241 
173 

^ . LOjllfilllB 


640 , 

?f J 

tlos I 


U 85^ 
11 64 
U 3$ 


FINANCE, LAND— Continued 


1877.78 , 
Rfrfi Low | 


Stack 

Jhlnre-L 

Msmn (RP.'5p. 
MassMa&lTto 
Nil.an»8. E3-P 
N'.-ppmFdStg.inp 
PanmbelOp — 
Park Race Inv— 
PesnaafS^ASeiL-' 
P&abT&FBSO- 


EJWiBOO 


Trias. Mrf Trtip 
WstuSeiect.: 
WotofF ' 
Yule Canal 



Price 

+ or 

54 

- - 

-61 

-1 

£101; 



j*; 

220 

—mmum 

10 

.. 

30 

-1 

167 

-3 

£51 



Itti? 

.— .re 

203 

-3 

£51 

5541 


^76, 

— ... 

£33J 2 

+ 5 2 

925 


24 

Mtl 

39S 2 

;t 

79 


Hv 

Net 

0.68 
5.98 , 


m 

Cvr Grt P/E 


67] 


2 9137.0 
143 9.2 
7.0 - . 
12.7 16.6' 


5.0 9.0 
5 b 72 


OILS 


« Uflaci^_ 
[130 Bril. Borneo Wp. 
(720 M-PetroTuLa 
Da8%Pf.£l_ 

Bunnah£l 

Daff?La9L96. 





100 teic 


hdTNKLSwaJ 900 


Sffi 

21 

a«h 

400 

122 

29 

135 

cun. 

294 

19 

204 

I &2 

07 

Vz 

£ 4 H< 

484 

485 
66 

226 

£ 57*2 

130 

194 

120*2 

100 

100 

60 


l£841} LaSMO 149U961-63 
(260 LUSMOtWMPi 
Uarrajf Retail lBt. 

WExpUOojB 
Premier Cans.™ 

Banger Oil- ~T| 

KeynoldsDiv.lc. 

SlWcbF!3G_j 

fceKreRes. — 

fodl Trans. Rea 

■■Da7%nu — I 

B 8 hr^eiuiUXlEU 


ysonv. 


I Ultramar. . n . 

, DaTpcCov. — 
(Weeks NK-MMa., 
Jia?ld.0rd.«e4 
fiFoodstdeAMa. 


2128 

140 

720 

75 

44 

£5612 


-1 


-25 


h» 

-2 


426 
Si® 

+143 
QlAJt 


ZOJ 

Q 1 <K|- 


192 


tQ 50 ^ 

114.28 


ui 5 Vi; 


0l 9| 5.8ji345i 




33l 


iMiZfA 


4.9% IMS 31.4 


13Hl 


e362 

14 


a 


3 3i 14 


aa 


i 4 " 

9lj 


14.9 

119 


43 

154.0 

64 

66 


133.1 


65 


OVERSEAS TRADERS 


, (African Lakes— 
Aust Amt 50c_ , 
BensforoK.AW)J 

BooterlfeCMpTl 

Borttest&C 
1 Boodtead 

Ftnlnyda., 

GflliDuffos - 

g49 GLfahaEW 

2761J ITns’raCrns.a. 

66 RofinungrS.) 

(335 Incbeapea 

9 JncksWm. 

9 Jamaica Sugar _ 

62 Lonrho— 

36i 2 MiU+KflCotiS— 
275 146 MserunBec.-. 
103 68 Ocean Wkn&SOp, 

240 135 Parson. ZadLlOpJ 
235 130 "•'.'vnnih I 


Da‘A'K/VUk>_ 
Sanger rJRJIOp. 

Steel Bros. 50p_ 
Tow Kerns. Jop. 
DaSpcCnr. 


20^4 pi. . , 

21>2 1 DalOpcLa 


GtylfealOp. 

o.l0pcLn,18p 


305 

64 

193 

198 

68 

SW* 

250 

192 

£58*2 

23 

17 

67 

42 
258 

68 
195 
19® 

47 

6 

101 

360 

43 
£88 

41 

41 


-5 


B 


-1 


4.4 


#7.08 

62 

152 

8S, 

3 ^ 

436 

053 

ZDA6 


655 
3.4 
13 3 
h239 
7D 
7.0 
4.43 

B- 

-1 ^3-5 


m 

7.3 

4A 
M3 
Q10X3li 


+112.5 

3.09 


14j 

I 7 - 71 

33 


23] A 

65 35 
64 83 
13.91 


4.0j 4.6 
6+K 63 


14.8 

H2J 

8.8 

5.1 

sA 

143 

35 

53{ 

105] 

19.5] 

(45 


83 

7.8 

63 

83 

9.7 

03)' 

55 

i 

35 

3.4 

M 

f. 

55 

60 


RUBBERS AND SISALS 


.34 Anglo-lndonerti— 
43 BenamCons-lOp- 
8 BinKAfaiea) 

18 Bradwdlll 
82 Casztefidd 
25 Chexsnncseli 
75 Coi&FUnti] 

28- Gadek Malay 

§ Grand Cedral 

Guthrie £1 

49 BstiHUlfls.Eaiap. 
36 Highlands JGOc— 
3412 Koala Kepang MSI. 

20 ttKulhnfeOc 

40 LdaSmntraJOp- 

31 j 2 MalafafiMSl 

10 Halnyalaniiap 

121j Hear River I0p 

331* Plantation fUdgs. % 
ElOUlSansei KrienEJ 


Price 

94 

75 

14 

• llS 
iSa 

49 

_11 

222 

67 


35 

117 

67 

3* 

65 

£26>2 



Co 


2.« 4.1 
15 73 

LO 53 
10 25 
13 58 
12 116 


YU 


TEAS 

India and Bangladesh 




265 , 
13.86 


+557 
+179 

-1+648 10| 


141 


9 


438 

m 

0.49 

50 

130 

+399 

+234 

+4.06 

3.85 

175 , 

h4.03i 

+0.911 

352 

694 

0.91 
0 75 
1081! 

4A , 
♦193 
006 
759 
135 


"4+335! 101 7,4)20.1 


53 24.4 
66 169 

64 * 
5-0 29.! 

3.0 48.4 

78 17.7 
58 30.9 

65 253 

4.7 309 
4.9 277 

4.4 31 4 

5.0 29.0 

5.4 304 
42 35.8 
4b <> 

53 276 

42 33.9 

54 275 

•Si. 

4 7Z7.0 
95183 

H“ 

43 364 
42 358 

fSA 

jl64 14.6 
102 
! 10.7 11.6' 
0.9 

53 271 
33 « 
93(155 

67 265 
5.0 266 
6.3 » 
4.6 A 
56 211 
73263 
67 * 

55 243 
0.9 

LS 63.0 
L8 6 

LOj 4.036' 


L3| 


Finance, Land, etc. 


m 45 * 3.7 

” l(g 55p8.fl 
15* 32)326 
11 6.«0I 

■MuqUiaei 

ni 1 A 6.4, « 
l«4Bf2j£ 

am 

i 60210 


11* 6B210 
£q 14(39.4 
l5 6S268 
10) 68l26@ 

■ui.u!»i . 


AfcnvriSnathHi 
Armour TsAlOp. 

1 AffllwsTtybr.aJp. 
Britannia Arrtnv. 
Owhtesley 

nuUemeCrpSl 

CtanawDwGp 
CflonKBiJIktlp. . 
DaisttyCU. — 
Dawnaylto-*— 
Edio iixmz^p. 
HOwWahjlDp. 
Eftian+ Houle— 
Ex Lands lfip_ 
E^saMaCaSp. 
FasciOTAGeaSp- 
'tuaceAlnd.Ifr 

Fitscpln+ttt 

Gnmshmaop- 

HanWaTRSt— 

KawtooTtCSp. 
RawPT-S SI— 
Imnmetea- , 

1 EastiP 

' SScb'nTaykrJOp 

KvmhnlOp^— . 

ijnsniroatHW. 

LatemSaetSOp 

L®7t. asm Grp. 
lK.A 6 Mdci. 5 fL ; 


-2 >203 


--U - 1=1=1- 


+1 

-i' 


-1 


"MU 


S' 

0256 

11176 


Assam DnwsEl 
Affiam Frontier EL 
Assim Invs.£l. 
Empire Plants 10p_ 

Job! EL.'. 

LongbounieEl — 
McLeod Russel £1. 
Moranfl 


S<nrjoHkh5.10p_ 

Warren Plants. 

SO Williams* £1 


200 

288 

IM 

% 

410 

22ij 

138 

140 


-2 


+3 


♦951 

IP 

mo 

100 

15.08, 

93 


5.9 72 

4.9 43 
3.7 M2 
16 133 
35 IS 
63 61 
27 7.7 
4.9 55 
32123 
3.6105 
4J 93 


Sri Tanka 


185 | 59 pLanunEL 


-| 133 |—l 55 | * l 66 


p90 (ElantyreFl- 
I 50 |Ruo£ttstes. 


Africa 


430 - 
14CW — 


1 110 


in 


143 


MINES 

CENTRAL RAND 


385 (129 [Durban Deep Rl— 
— East Rand - “ 
Randfoofn 
West Rand Rl 


478 [178 
£341 2 El9 


207 [113 


R2. 


364 

+2 

_ 

_ 


372 


JQV 

164 

t 

L3«2 


Q350c 

35 

63 

143 

-2 

Qi3c 

« 

64 


s hilly integrated banking servlc* 



Head Office: Osaka. Japan 


' 1177-18 
Rirfs Low 


MINES— Continued - 
CENTRAL AFRICAN 


1 Suck 

F*tanKb50c_ 
RhocrnCbrpIESjp. 1 
Seen Cora. M 1 

Wank»CoTWil_ 

2MLC5T5BD031-. 


Price I — 


+cr ( Dir. 
Net 


202 

22 

70 

125 

78 

39 

10>2 





li 

14 




£13 [575 


AUSTRALIAN 

lAcfflttSfe 

aiovdleSBTMa 


(CmiziRrBiotidoSOe J 

hULKalgoorlieSLl 

HWK) Areas a>_ 

■staoc 

tem HIdg. 50c _ 
paint Lyefi 25c _J 

(Nemnetal 10 c 

[WnrthR Hm SOC—l 

[Nth. Kill surii^B 
lOakfar ufeeSAj 

iPetdiic|M 

Panes® 



13 

79 

66 

148 

72 

88 

13 

125 

17 

2 

82 

11 

Z3S 

33 

800 

U>2 

436 

85 

35 


-1 


1-25 

Zb" 

+1 


Qfe 

QlOc 

14i 

Q9e 


tQlle 


| ITU 

[Cnl&’i 

122.9 
3.9 


BJ 

li 


151 64 
62 


43 


u 


2S 


17] 4 A 


15) 60 


53 


43 & 
14 6# 


AnaL Nigeria.-. 

Ayer Hiram 3H _ 
Beralffin 


TINS 


325 h90 


055 BenuntaiSlQ — _ 
>evw__ — — 

Go)d&BaHti?zP_ 

GopengCtans. 
Hongnog 
Idris IT 


215 (133 



llOp 
iSW- 

[Saint 

71DP— 
South Kista 

Sthn Malayan SMI J 

Suugei Beri 5U1 

Supreme COrp. Sift 

rmnohsui 


28 

280 

52 
225 
495 

9 

255 

150 

88 

11 

70 

450 

30i 

49 

53 
173 

49 

52 

15® 

250 

153 

64 

98 

85 

175 



COPPER 

198 1 70 (MeainBQtt | 74 |+2 !*Q30c| 19| 


A 

600 

475 

247 

70 

nv* 

55 

160 


MISCELLANEOUS 


9 Burma Mines 171#. 

58 ■ Colby Mines SCI 

225 r«K Mnrrh ll>c.._ 

250 NonheateCSl 1 

164 RTZ 


28^ SaUna IndsLCSl— 

800 fcraExptaSl 

39 MddrlltenhUpJ 
(120 Yukon Cons. CS1 


9 

68 

240 

250 

164 

32 

800 

45 

123 


+7 


Q30e 
1 85 


121 

Q7e 


* 


73 


oUl 7-9 


251 43 


3-4 


NOTES 


Uta Mbentee M n tri, pricea and act d t aMand a M to 
«c and denari nattooa arc XSp. ft d to i ri priCuM i rato aa 
. laa and eoicn are baaed an Uleat anno! reports a»da 
and. where paaaibte. are npdatnl on kaH-7wtyfl*«re*. 1 
*u*-iM*a a, the toh a< vac diatrihatfan; todcri i 
ImUcate IP per cent or ware d iff e rence If t oli aliXit iia ' 
dlmzUntSoB. Covers are baaed on “m ari n—" dmitolw . 
Yields are baaed on middle price*, are ktsm. adJaXed to ACT of 
H mr ceaL Mid aUm (or nhe «T Irdatd m 
rights- Seemtoca with d e uo ral uaH ai a a oQur >b . 
quoted indmstve ef the investment dollar pceteton. 


EASTERN RAND 


55 

(Bracken Rl 

83 

-1 

025c 

15 

160 

9 

i>T - 1 1 

77 

:'s 

tO20c 

N55c 



235 

RR.GQM50... ... 

307 


4.9 

52 

205 

20 

GrootrieiaOc 

Kinross Rl 

149 
354 
• 46 

+3 

T 


^8 

13 

95 

67 

3.9 

46 

ManevaleHlSfl 

84 

-3 

15 

32.7 

29 

6 African Ld. 35c _ 

Hi? 

+1 


10.7 

7$tt 

33 

UakfwteiQRi __ 

5Hi 

-2 


4 

380 

16 

WinkrihaakRO — 

714 

+H 

0s6c 

L7 

72 





““ 

— 


FAR WEST RAND 


a«jtei2 


BlvsoorSS 

BuifelsRl 

Deellsrsssl M20__ 
Doondcntera Rl _ 
tDneRl_ . 
atoaodadne-I 

EWrargRI 

HartebeestRl 

Kloof GoW Rl 

LibanonRl_ 

iSomhvaa] 50c 

SWHbntonSOc— 

lv«] Reefs 50c 

[VenteispostR] 

jw.DneRl— 
(Western Areas B1-, 
jWesterr. Deep R2 _ 
‘ZandpanRl 


23] 83 
1 4] 85 



O.F.S. 


120 170 


n07 8 [750 


Free State Dev aoe 
F5.Gettald50e_- 
FS-SaaipbasRl- 


Pres. Brand 50c — 

Pies. Stern 50c 

Si Helena Rl 

linisel 

teribmfinr 
WJWdroes50c 


90 

921* 

384 

124 

965 

740 

804 

182 

271 

£1712 


14+7.4 


FINANCE 


£2712 

950 

155 

■224 


ID. 

1699 | 
L72 
101 , 
UL49 
+4.49 
' 1.0 


'-„ s . ,iu 


, 44,1 
60 2.1 
23] 61 
I. 3 U.O 
5JR 3.01 

l3 62 L 
19l 8.9) 

“ f Z 
4JJ10.0] 


tom 


♦0.94 

UQUScj 

165 

010 


36 


Ang.A&CoalaOe_ 
AnrfoAmer 10c— 
Ang.AniGoURl-. 

Ang-VaalSOc 

Owner Cons. 

Cons. Gold Fields _ 
Eaa Read Coo, lOp 

Get Jfimngas 

GoidFieidtiA.2ScJ 

,Jo'bBsCaas.B2— 

Middle Wit 2Sc 

Hmorco 5BDLW— 
New Wit 50c 


jPrinoKVFhS 

mand London 15t- 
pfcrtiraTrutt— 

SentnatlOc 

JSjtosnaroesSsp— 
[Tvaal.ConsLajU . 

DC. Invest RL 

CnkmCorpafiJBe. 
Vogels 2^c 



61 
-1.4 9.6 
35 95 
2.6 IS 
15 7.4 
10 82 
12.55 
22 8.6 

13 .9.0 

14 48 
06 8.4 

19 
,103 
1 Bj' 63 
ll] 65 
2jfej 
3.4] 4.7 

1 M &1 

l.« 73 
9 10J 


A Starliflc denandnatad aacerltteawMchtotoidel 
dollur pn Hiiiutti 
“TSp" Stock. 

Rigtai and Lana marked that 1 mm hem adjntod Id *B<W 
(or rights I ssaes for ensh. 
t Interim since Increased or i MBWint 
t Itrtwrlm since redneed. passed or deferred, 
tt Tux-free to non residents on applfeatlo a. 

♦ Figures or report awaited. 

Tt UnHKed security. 

jc price at time o t manemloTi. 

Y Indicated dirideud after pcadtofaerip and/or righto faaBM 
cover relates to prevwos dividend or towtaiL 
*• Free of Stamp Doty. 

♦ Merger bid or reorssnisatlon to pao^nn. 

Set comparable. 

Same imertm: radneed dual and/or rtdeced iw » ta> 
Indicated. 

Forecast dividend: cover on earetatst updated fcp MM 
htterin atstement. 

Cover allows for conversion of shares net wow raaldag tor 
dividends or ranking only (or restricted dividend. 

Cover does not enow for shares which may also rank tor 
dividend at a future date. Vo P/E ratio usnally pnMdM. 
Excluding m. final dividend declaration, 
t Raswnol price. 

U No pvr vmlu«. 

a Tax free b Figaros based on pros p e c tus or other eWrial 
estmuue. c Cents, d Dividend rata paid or payable an patt 
of capita): cover based on dividend on ftiD capital, 
e Redemption yield, f Flat yield, g Assumed dMdcad mid 
yield, h Assumed dividend and yield alter scrip Kao*. 
i Payment from capital sources, k Kenya, m Xntssim higher 
than precious total n Rights Issue pending q Earnings 
based oo preliminary figures, r Australian ebmmey. 
■ Dividend and yield exclude a special payment t IntBcatod 
drrideod: co*er relates to prevtaos dividend. FIBrwtki based 
on latest annual earnings, u Forecast dividend: cove* based 
oa precious year's earnings v Tax tree up to 3Dp lb th* C. 
w Vlcld allow* for currency clausa, y DMdeod and ideid 
based on merger terms a Dividend and yield Include- a 
special paym ent: Cover does not apply to special p s gwe l W- 
A Net dividend and yield. B Pr e fe r ence dividend passed ar 
deferred. C Canadian. D Cover and P/E redo exclude pra(tta 
of UX aerospace subndiartes. E Issue price. F Dividend 
and yield based on prospectus or other official arilnisfai for 
1877- T& G Assumed dividend and yield alter pending aertP 
author rights issue. H Dividend and yield . based qa 
prospectus or other official eobnates for 1FIB-77. K Figures 
based on prospectus or other nlflelal estonatea tor ML 
M Dividend and yield based on prospect us nr other official 
esfimaicsfnriFta N Dividend and yield based 00 fmmctw 
or other official estimates for 1D7P P Dividend and yield 
based on prospectus nr other official es t im a te* for HfJT. 
q Gross. T Figures assumed. U No significant Corporation 
Tax patohle. Z Dividend total to date. (4 Field baaed on 
assumption Treasury Bill Rate stwa unchanged bmD malorbp 
ol stock. 

Abbreviations: Wexdiwdend: meat scrip tssnO; a- ex righto; mew 
■11 ■( tn capital dlstiibutioia. 


M Recent Issues " and “ Rights " Page 39 


This service is available to every Company Ml hi as 
Stock Exchanges throughout the United Wnf d to a far f 
fee of £480 per annum far each security 


REGIONAL MARKETS 


The following is a selection of Lon tton 


previously listed onto in regional markets. Prices of Irish 
mkues. most of which are not officially listed to Leaded, 
are as quoted on the Irish exchange. 


Albany Inv. SOp 
Ash Spinning— 

Berta m 

Bdg*wtr. EsLSOp 
Clover Croft. — 
Cralg&Rosc£l 
Dyson 1 FLA. j — 
Ellis 

Evans FTk-lSp 

Evered 

Trie Forge , 

5P-, 

Grain Ship. u - 
Higsons Brew.-, 
I.OJ*. Stan. £!.._ 
HoltCJ«.i25p.J 
KHu.GaldsnHUu 
Pearce iC H-L- 
Pees Mills-- — 
Sheffield Bncfc 


23 


43 

ilta- 

14 


277 


22 


400 

, 

39 

...— 

68 

•»v— - 

57 



— re 

47 



-Vi 

175 


80 


145 


243 


57 


130 

- 2 " 

17 


46 

— 


Sbdf. Refrshmt 
Shiloh Spinn 
Sindall (Wm.> 1 


‘J s -- 

in m -1 


IRISH 


Conv.Ptt '80/86] 
Allianc 
ion. 


Amoc 

Carrol 


n rpjj__ 

rii wuivllHn 
Concrete PTOds- 
HtnttmfHldgaV 

Int.Corp 1 

InabB 
Jacob- 
Sunbc 


TJiG 

Umdare. 




• 5 * 


270 

• re.J. 

100 


■ 90 

+3 

** 

— 

140 



1 

— ~ 

>S 


72 ri 



OPTIONS 
3-month Call Rates 


■•a- 


99 


DIAMOND AND PLATINUM 

m 




lAffido-AraluviDc-, 
(BanobiErfePlLlOc^l 
De Beers DL 5 c— 
Da 40 pcPf R 5 


9 B 

313 

£I0>2 

65 

W 


R 


2.7c 

fiPac 


Ll! 


75 


$ .^i 

24 bJ\ 
Wmi4! 
10 25i 
L4 L7 


li ^ i i priv lv 
A. Brevr — 

A. P. Cement -I 
ELSJL- 
Babcock. — «- 
Barclays Bank. 

Beecharo 

Boots Drug — | 
Bowatero. 

B. A.T 

British Otygefl 
Brown (J.l ] 

Burton "6"- 
Cadbnrys- 
Courts ulds — . — 
T»«be chains. ID 
Distillers ] 13 
Dashro - — i 8*: 

Eagle Star | 

E.SJ 

Gen.Aceident 
Gen. ESectnc 
Glaxo . — — - 
Grand Met — . 
G.U5 - A'— «— 
Guardian — • 

G.K.S . 

HetafcerSidd-j 
House ri Prater.! 12 


LCL— 

3 K 


Inveresk— — 

KCA 

Lad broke — - 
Legal it Geo. _] 
Lex Service— , 
Bank. 

London Brictj 
Loorh©— . 
Lucm 1 nds. „s 

Mrio-ASpncr 
Midland Bank 

NE1 

.VM.KtotBer.it. 
Do Warrants 

PftODM 

Plesuy— — 

R H.M 

Rank Ore. ‘A*. 
Reed IntL. — F 

Splllers 

;Te*eo. 

Thom 

Trust Hooses. 


MfcJtt 

40 

W-|g 


Tube Invest 
Cnilover— . 

Uld. Draprey. 

Vickers _I _ 

Wq«lwo»thS— J * 

Property 

Prtt Tjnwi 

CoontietJ 5 



Charter 
Con*. _ 
RroT.ZSnc 


A seleonon of Options traded w given oo tba 
Lonnon Stocit Exchange Report page. 


V 














34 




keep things rolling 

FAG. Bearing Co, Ltd. 
Wolverhampton. Tel: 09077 4114 



Frida v March 3 1978 



SCOTCH WHISK 


CBI may make court move 
over contracts pay curb 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


THE BOW over the Governments* 
use of contracts to enforce its 
pay policy is likely to come to a 
head next week. The CBI will 
probably ask for a meeting with 
the Prime Minister and threaten 
to issue member companies with 
its own version of the relevant 
contract clauses. 

The issuing of rival clauses 
cnuld lead to a hearing in the 
Restrictive Practices Court 
whicb would provide the CBI and 
Sir John Methvcn, its director* 
general with a public platform 
from which to argue that the 
Government is being unreason- 
able and unfair. 

On Monday morning. C.BT 
leaders will meet a team of 
Ministers led by Mr. Roy 
Hattersley, Prices Secretary 
and deputy chairman of the 
Government's Ministerial com- 
mittee on pay policy. 

This meeting will review 
recent talks between the CBI 
and Treasury officials. In the 
afternoon. Sir John and his 
colleagues will report to a- 
sperial meeting of the CBl’s 
committee of senior indus- 
trialists. 

These meetings will mark the 


end of the 21-day “ cooling off ” 
period agreed last month by 
Ministers and the CBI. 

So far there seems little 
prospect of a compromise on 
the issue because the CBI wants 
substantial changes to the rele- 
vant clauses io Government 
contracts. It accepts that the 
requirements to abide by the 
pay policy should remain, but 
wants the responsibilities of a 
main contractor for his sub- 
contractor’s actions to be re* 
moved, along with some other 
points. 

Discretion 

Ministers. however. have 
shown no signs of making such 
substantia] changes though they 
arc prepared to issue statements 
and guidance about discretionary 
enforcement of the clauses. 

They might also propose a 
threshold for the size of sub- 
contracts below which the 
requirements would not operate. 
This would exclude the smallest 
sub-contractors. 

Generally, however. Ministers 
feel that the CBI has overstated 


the impact the clauses would 
have, although some, like Mr. 
Peter Shore, Environment Sec- 
retary. have hinted that they 
sympathise with industrialists' 
practical problems. 

The CBI has been urging 
Ministers to make a significant 
concession to' defuse matters and 
it is to push this idea that it 
plans to ask For a meeting with 
the Prime Minister if no pro-, 
gr ess is made at Monday's talks 

The CBI would then threaten 
that the alternative clauses 
which it would issue to member 
companies land to members of 
affiliated trade and employers' 
organisations! would accept the 
issue of the pay limits but would 
remove the wide liabilities for 
sub-contractors and other issues 
contained in the Government's 
proposals. 

These clauses 'would have to 
he registered with the Office of 
Fair Trading (where Sir John 
was director before going to the 
CBI in 1970) as a restrictive 
practice, and ultimately would 
have to be defended in the Res- 
trictive Practices Court 

But there would be nothing to 
stop the clauses being adopted 


by individual companies in 
advance of any court hearing, 
which means that it would then 
be up to Government depart- 
ments and agencies to decide 
bow to deal "with contractors 
whicb tried to. adopt tbe CBI's 
clauses in: place Of the Govern- 
ment’s. A 

Rejection : 

This tactic-has been drawn up 
by the CBL as a more practical 
way of fighting the clauses than 
its original idea For companies 
simply to reject the Government’s 
clauses -without -proposing any 
alternative. 

Scottish CBT leaders are’ to 
meet Mr. Bruce Adrian, the Sec- 
retary For Scotland, in Glasgow 
this morning to add their voices 
to the CBI’s protest This follows 
an emergency meeting yester- 
day of the CBI’s Scottish Council, 
called because, of the “strongest 
grass roots pressure” according, 
to Mr. David Nickson tbe coun- 
cil's vice chairman.. 

CBI Budget plea. Page fi 

Chemical industry worried. 
Page. 6 


Carter may 
retaliate 
in air row 
with U.K. 

NEW YORK, March 2. 
PRESIDENT Carter to-day held 
ant the possibility tbar he might 
endorse a Civil Aeronautics 
Board recommendation to 
suspend British Caledonian 
Rights from London to Houston. 
Texas, in retaliation for a U.K. 
veto on American airlines pro- 
posals for extending cheap trans- 
atlantic fares. 

Although the President told a 
National Press Club lunch that 
he had not yet seen the Aero- 
nautics Board recommendation, 
which was sent to the White 
House on Monday, he promised 
immediate action on rhe matter. 

Answering a question on the 
deepening dispute over cheap 
fares between the U.K. and the 
U.S., he said that he did 
not think that Britain would 
deliberately violate th eAnglo- 
American Bermuda Two agree- 
ment but implied lhat specific 
derisions by the British Civil 
Aviation Authority might have 
done so. 

Both the aeronautics board 
and some parts of the U.S. 
administration have been 
angered by the British aviation 
authority’s veto of BraniiT Inter- 
national's proposed fares for a 
new Dallas-Forth Worth to 
London service. 

This was due to begin \ ester- 
day but its cancellation was 
forced by the aeronautics board 
who refused to allow Braniff to 
raise its fares to the level de- 
manded by the U.K. authorities. 

The aeronautics Board recom- 
menadlion injects further ten- 
sion into talks between ihe U.S. 
and U.K. governments which 
will start in Washington on 
Mimrlay. 

Although iliey were originally 
intended io cover jusl charier; 
fares, thp U.K. intend:, to 
broaden Ihe discussion and to ■ 
ask the U.S. to hall the inlroduc- 1 
linn of any more cheap air fares! 
on the North Atlantic until i 
August, so thiii the impact of J 
existing rales can he better i 
.isspssed. I 

The U.S. inimds in lake a '• 
mush line in defence of its pfdjcy : 
of lowering air fares. , 

British officials had expected j 
some retaliatory action against; 
British Cnlednnian following thej 
BraniiT impasse, but they main- 
tain that the U.S. has no legal 
right under the Bermuda agree- 
ment to attack the airline in this 
way since it has done nothing to 
hrearh tlie agreement. 


Britain and U.S, to probe 
tax on multinationals 


BY DAVID FREUD 

THE BRITISH and U.S- tax 
authorities have agreed to 
examine sleeted multinationals 
simultaneously, an arrangement 
that may lead to a substantial 
rise in many companies' (ax bills. 

The working arrangement, 
announced yesterday by • Air. 
Denzil Davies, Treasury Minister, 
in a Parliamentary written 
answer, is the first formal agree- 
ment under double-taxation con- 
ventions that have existed since 
the 1940s between the two coun- 
tries. 

While co-operation has always 
been possible in theory in the 
past, m practice the Inland 
Revenue and U.S. Internal 
Revenue Service have worked 
together only on isolated cases. 

The new working arrangement 
i:,- designed to prevent multi- 
nationals. transferring tax- 
reducing liabilities from country 


to country to suit different 
accounting dates. The sums in- 
volved are estimated to run into 
hundred of millions of. pounds. 

The agreement with the U.S. is 
likely to be- the precursor of 
similar arrangements .with other 
countries. 

Among the companies that may 
be affected are multinationals in- 
volved in extracting North Sea 
oil. some of which have been 
accused of transferring produc- 
tion profits to the U.S. to take 
advantage of that country’s 
generous depletion allowances. 

In yesterday's answer Mr. 
Davies said that under the 
arrangement “ each country's tax 
authority will separately 
examine the affairs of taxpayers 
within its own jurisdiction but 
the tax authorities will co- 
ordinate their examination of 
important cas^p in order to make 
more efficient and effective use 


of their powers to exchange in- 
formation. . 

“This will help them, for ex- 
ample, in considering the trans- 
fer prices adopted in transac- 
tions between affiliated com- 
panies in multinational groups.” 

The text , of)- the woridng 
arrangement' shows' lhat the -two 
tax authorities . have agreed to 
exchange information on “mul- 
tinational enterprises having 
intra-group transactions which 
may include arrangements in- 
volving tax-haven countries." 

The factors Involved in deter- 
mining Ihe selection of a case 
for simultaneous examination in- 
clude the scale of a group's 
worldwide operations and the 
extent of intra-group . trans- 
actions. 

Copies of the text cannot be 
sent out but are available for 
inspection at the Inland Revenue 
library at Somerset House. 


Views sought on City rules 


BY MARGARET REID 

DETAILS OF Ihe City's proposed 
new voluntary supervisory body, 
the Council for the Securities 
Industry .have been sent by the 
Bank of England to the various 
City associations, opening the 
way for wider consultation on 
the project. 

The scheme envisages a new. 
broader self-rogulatovy organisa- 
tion, which to a considerable 
exlent would be built around the 
Stock Exchange's existing sys- 
tem for regulating quoted com- 
panies. It would embrace the 
City Take-over Panel as a dis- 
ciplinary arm. 

It is intended fo announce the 
project publicly be Tore the end 
of this mnnlh. The different 
associations, including those oF 
the investing institutions and 
the banks, will now canvass their 
members' views as appropriate. 

In the case of chc Stock Ex- 
change. its Council members arc 
likely very soon to receive copies 
of the proposal. 

The idea is that the projected 


Council for the Securities 
Industry will have not only. a 
disciplinary arm in a form much 
like the Take-over PaneL but 
also a new rule-making body, 
which will be able to frame a 
code of conduct reaching beyond 
the hid field to cover new issues 
and other subjects. 

Ahead of agreement on the 
proposals no decision has yet 
been made about a- chairman for 
the new body. The appointment 
is likely to be - made by the 
Governor of the Bank of 
England. 

The name of Air. Patrick Neill, 
QC, who is Warden of All Souls 
College. Oxford, a leading 
commercial barrister and a 
former chairman of the Bar 
Council, is one being much 
canvassed for the role in 
quarters close to those planning 
the scheme, however. 

Mr. Neill is also the chairman- 
designate of the Press Council, 
where he will, later this year, 
succeed Lord Shawcross, a for- 


mer Attorney-General who has 
been chairman of the Take-over 
Panel for nine years. 

Were Mr. Neill to . head the 
planned new securities industry 
council and perhaps, also even- 
tually the Take-over Panel, he 
would, in combining, this . role 
with that of heading the Press 
Council, be carrying out a joint 
task closely parallel .to that now 
done by Lord Shawcross. 

Lord Shawcross is also much 
discussed as a possible first head 
of the new council. He is a 
well-known figure, but at the age 
of 76. might be reluctant to 
shoulder the Task, if be were 
willing to take it oh, for a very 
lengthy period. • *- 

Mr. Neill is less known to the 
public and the City and. though 
much younger, already has sub- 
stantial responsibilities. One 
question must be whether, if he 
were invited to do so. be could 
take on the further task of chair- 
man of the securities industry 
council. 


Post service aims at 2% profit 


Continued from Page 1 

Rhodesia 

trail? on day-to-day administra- 
tion of the country. 

When it is unable to agree on 
measures. these will be . 
jnru-.-irdcd in the executive. The! 
Executive Council will appar-! 
willy concentrate on implement- < 
mg the settlement agreement. ; 

In particular, this means- 
drafting a detailed constitution, 
arranging for the recognition of] 
voters and delimitation of 
constituencies, seeking inter- 
national recognition and the 
lifting of economic sanctions, 

and trying to secure a ceasefire 
and end tbe five-year guerilla 
war. 

To-day’s agreement puts the l 
final seal on last month’s talks | 
at which the four parties agreed 
an eight-point constitutional plan 
and also a ** statement of intent," 
concerning the future composi- 
tion and role oF the country’s 
security forces. I 

The present timetable is for a i 
referendum of the country's 
55,000 white voters, to be held 
in the latter half of tbe year— 
probably in August— to determine 
whether the detailed agreement 
«>£ distinct from the statements! 
nf intent) is acceptable to .the: 
•Site electorate. j 

1 Bishop Muwirewa will be ffy-} 
nc to London this week-end for; 

(Iks with Dr. David Owen, at the 
Foreign Secretary’s invitation- ( 


BY JOHN LLOYD 

THE GOVERNMENT has re- 
established financial targets for 
tbe Post Office's postal business. 

Mr. Eric Varley. Industry Sec- 
retary. tnld the Commons yester- 
day that the aim would be a profit 
level of 2 per cent, of turnover 
for the next two years. 

For the financial year ending 
this month, Post Office forecasts 
suggest a profit nf about £12tn.— 
1 per cent, of a £1.2bn. turnover. 

Last year the postal business 
achieved a 2 per cent return on 
turnover, showing a profit of 
£24m. Before that it had made 
a loss each year since the Post 
Office ceased to be a Government 
department in- 1969. 

Initially, the postal business 
had a target return of 2 per cent, 
based on revenue account expen- 
diture rather than on turnover. 
This lapsed in 1973 and was re- 
placed by a general injunction to 
break even. 

The target return for the tele- 
communications side is 6 per 
cent, on nei assets- Posts has its 
return based on turnover because 
it Is comparatively much less 
capital intensive. 

Mr. Varley said in a written 
Parliamentary answer that the 
Posts target meant that postal 
prices would be set at the mini- 
mum level consistent with 
sensible financial management. 

“It provides a margin over 
break-even, stimulus Tor con- 
tinuing efficient management of 
the. postal business and takes 
into account the determination of 
tbe business to maintain the 
exulting quality of service and 
where possible improve it. 

■■ Discussions are continuing 
with a view to identifying mea- 


sures against which it will be 
possible to judge the perform- 
ance of the postal business, both 
us regards productivity * and 
quality of service." 

Postal executives still face a 
big problem over productivity, 
which has tended to decline in 
recent years. The decline is 


thought to he an important fac- 
tor in the low rate of return on 
the postal business. 

Negotiations between the 
Union of Post Office Workers 
and the Post Office on a produc- 
tivity agreement have been 
going On for some -months, but 
no formula has yet been agreed. 


Weather 


U.K. TO-DAY 

SUNNY periods. Rain in S. 
London, SJE., Cent. S„ SAV. 
England, Channel Is„ S. Wales 
Rain at first, .then showers. 
Alas: 9C (4SF). 

E. Anglia, Midlands. Em N.W., 
Cent. N. England, N. Wales 


BUSINESS CENTRES 


Atnaterdm. 

A me os 

Bahrain 

Barcelona 

Bcirui 

Belfast 

Belgrade 

Berlin 

Birmshm. 

Bristol 

Brussels 

Budasrst 

R Aires 

Cairo 

Cardiff 

ChicWlo 

Colww 

Copotugn. 

Dublin 

EdmbrRti. 

Frankfurt 

Geneva 

Glasgow 

Helsinki 

H KM« 

JoTrarg 

Lisbon 

London 

I f !flW Tlly^. 


V'dar I 
imd-dtf 
«c *P| 

‘ 10 Mi Madrid 
i IT 63'llanrlislr. 

I 22 >3 : Melbourne 
1 M 61 J Mexico C. 
20 66 Milan 


r- i 45 ; Montreal . 


Moscow 
Munich 
Newcastle 
New Delhi 
New York 
Oslo 
Pans 


S IS 64 
F HS 

C " 45J 

R S 46 
C- IB. a 
C 13 55 

r n u4 

s 31 ssj Perth 
R $ 46IPrasnc 
So -5 23 Reykjavik 
F 11 32|Hki<le J'tJ 
3 37] Rone 

0 ttlSinsaparr 
9 4& Stockholm 

.11 32'Sirasbrs. 

6 43 Sydney 
8 46 Tehran 

2 36 f Tel A* it 
29 &$• Tokyo 
22 T!i Toronto 
16 61 -Vienna 
8 «; Warsaw 

1 46 1 Zurich 


Vday 
mid-day 
•C ®F 
b II 52 
R R 46 
C 17 m 
S 23 77 
C 9 49 
3 -IS i 
C I 34 
F 7 4S 
P 7 45 
S 39 64 
S -2 .38. 
SI 1 M 
C B 48 
S 36 97 
C 5 41 
F -1 39 
S -71 ss 
S 13 50 
S a 64 
C 1 :H 
F U 52 
S 36 79 
9 IK 64 

5 2! m 
C B 4S 
S -0 16 
G 8-46 
S 9 48 

r 9 « 


Rain spreading from S.W., 
showers later. Max: 9C (4SF). 

Lakes, L of Alan, N. Ireland 

Showers, bright intervals; per- 
haps rain later. Max: SC (46F). 

. N.E.' England, Borders. 

Edinburgh. Dundee, Aberdeen 

Mostly dry, sunny spells 
developing. Max: 7C <45F). 

Best of Scotland, Orkney, 
Shetland 

Showers, sunny intervals. Max: 
6-SC (4346FL 

Outlook: Sunny intervals; some 
rain in S. 


HOUDAY RESORTS 


Ajaccio 

Al a era-- 

Btarnif 

Blackpool 

Bordeaux 

Bouloene 


Vdajr j 
mid-day 
»C ‘F 

V 14 37 Jersey 
F- IS -Milas PtaU- 
c i» 59 Locarno 
f b ffllMafcrea 
C 13 53, Malaga 


u 


Cape Town S 23 73 
Dubrovnik S 13 38 


Rare? 

Florence 

Funchal 

Gibraltar 

Guernsey 

Innsbruck 
Inverness 
l of Mao 
Istanbul 


16 El 

14 Si 
38 63 

15 61 


UaRa 
Nairobi 
Naples 
Nice' 

Nicosia 
Oporto 
Satsfaurg 
7 4aiTannter 
la jSITsnwlfe 
B 4SjTunlS 
7 4 . 1 I Valencia 
S 17 63 1 Venice 
S— Sunn?. F— Fair C— Qonriy. D—DrtlsH: 
K— min. ©— Sleet, fib-tow. 


Y-day 
mid-day 
■C "F 
R 7 46 
fi 30 68 

R " 37 
S 16 61 
F 17 63 
C 14 57 
23 73 

14 37 

15 33 
31 78 

15 58 
9 48 

16 61 
17 63 
13 39 

-C 16 61 
C U 32 


Saudis 
expected 
to join 
Board 
of IMF 


By David Boll 

WASHINGTON, March 2- 
SAUDI ARABIA is expected to 
have its own seat on the Board 
of the International Monetary 
Fund later this year. 

By the time elections for the 
Board are held in September 
Sand I Arabia will have become 
the second largest contributor 
to the IMF, and will be entitled 
to its own directorship as of 
right. ■ 

But it was not clear until 
recently how the Saudis wished 
to exercise their right under 
the organisation of the Fund. 

They could merely have 
taken -over the directorship of 
Die group of countries in which 
they now are. This would not 
have meant an Increase in the 
20 directorships. 

But it is understoood that the 
Saudis have reached agreement 
with the Fnnd to get a new 
seat on the Board, and that the 
Board will accordingly . be 
enlarged to accommodate A 
Saudi- executive director. 

The Americans, who have in 
the past objected to Ihe expan- 
sion of the Board, have raised 
no objection this time. 

It r emains possible that be- 
tween now and September the 
Saudis, who have tended very 
much to keep their own coun- 
sel on international monetary 
affairs, will decide that they 
would rather, after alL just 
take over the group in which 
they now are. But this is not 
now thought very likely. 

One reason for the Saudi 
Interest In a new seat is a 
dispute understood to have 
arisen between the Saudi Gov- 
meat and the executive direc- 
tor of the group to which the 
Saudis belong. 

This group is led by Mr. 
Muhammad al A trash, a 
Syrian, who has raised strong 
objections on the Board to the 
refusal of the Saudi Govern- 
ment to let him see the results 
of an IMF staff study of infla- 
tion in Saudi Arabia. 

This study was commissioned 
by the Saudi Government, 
which, it Is understood, then 
declined to let him see it 

If Saudi Arabia does get a 
new seat, it is expected that It 
will take part of the existing 
group, which includes Pakis- 
tan and many other Middle 
Eastern countries, with it 
Alternatively there may be 
other realignments among 
delegations. 


EEC draws 
up plans 
for new 
members 


By David Buchan 

BRUSSELS, March 2. 
GREECE; Spain and Portugal 
should be given between five and 
ten years to adjust to the full 
Common Market regime. 

This time-scale is suggested in 
an EEC Commission working 
paper which also gives the first 
estimate of the extra cost to 
tbe EEC budget of enlarging 
the Community — lbn. European 
units of account f£600m.l. 

The document prepared at 
the behest of the EEC’s present 
nine member governments and 
likely to be approved officially by 
the Brussels Commission at the 
end of this month, is designed 
to gauge the impact and prob- 
lems of accommodating the three 
Mediterranean applicant coun- 
tries. ’ 

EEC officials insist that the 
proposals would not affect the 
pace or detail of individual 
negotiations. Greece, which 
applied for EEC entry in 1975, 
has been .worried, that the 
negotiations it is holding would 
be farther protracted if they 
were linked with those of Spain 
or Portugal, which put in their 
EEC applications only last year. 

The Commission paper con- 
siders that transition, periods of 
more than 10 years, during which 
the new members would not 
apply full EEC rules, would lead 
to a “ loss of cohesion.” 

In addition, the EEC would 
lose “ (he incentive to reform 
its structures." Mr. Roy Jenkins, 
president of the EEC Commis- 
sion. is already known to want 
to use tbe occasion of enlarge- 
ment to make (he procedures of 
the Commission and the Council 
of Ministers more workable. 

The working paper suggests 
that there should be only one 
Commissioner from each of the 
12 member States. At present 
the four big countries, the UJL. 
France, Germany and Italy) pro- 
vide .two. each. 

It is also proposed that the 
Council of Ministers should take 
all but vital decisions concerning 
public order and- public safety 
by. majority . vote, thus elimina- 
ting the now frequently invoked 
right of individual veto. 

Tbe Commission proposes that 
any new treaties of accession 
should have ..a commitment to 
maintain " pluralist democratic 
regimes " Mfrittea into them. 
Details, Page 2 


THE LEX COLUMN 

Scanner in the 
works at EMI < 



The collapse of EMI 's scanner 
glamour has been amazingly 
swift and complete. Tbe group's 
profits in electronics have almost 
disappeared in the first half 
of the year, reaching £2-3m. at 
the pre-interest level . against 
£12. 3m. The company has been 
in the painful position of hav- 
ing to invest heavily in the 
future of the scanner while the 
market has been severely dam- 
aged by U.S. government ac- 
tion and the competition has 
grown steadily more intense. 
What with the unfortunate com- 
mitment to update the early 
models sold to American cus- 
tomers, medical electronics has 
shown a loss. 'This has. been 
aggravated by losses and write- 
offs of some £2m. resulting from 
the termination of EDO's Austra- 
lian consumer electronics bust- 
ness, though there .has been 
progress in defence and -indus- 
trial electronics. 

Nor is the scanner the only 
problem. In the U.S. Capital 1 
has been caught in the cross- 
fire between Warner and CBS, 
and an increasingly competitive . 
trend has been apparent in the 
music business in most other 
territories. The common factor 
here appears to be a lack of 
top-calibre artists. Music’ Bales, 
would presumably respond to 
an improving consumer spend- 
ing climate in major countries 
were .that to develop, but in 
the. meantime first-half profits 
from the music business are 
down by over 40 per cent and 
show little immediate promise 
of improvement. 

So the two major props of 
EMTs performance have been 
removed and the only two 
divisions — leisure and television 
— to have shown growth are 
also its smallest The chances 
of an improvement in the 
second half rest upon the 
adequacy of cut-backs In EMI’s 
scanner costs, the absence of 
the Australian losses and the 
apparent confidence of Capitol's 
management that it, can do a 
little better than during- the 
first six months. But EMI’s 
shares, down 23p to 141p yester- 
day, may have to lean for 
some time on their yield ( cur- 
rently just over 10 per cent.). 

Turner & Newall 

Turner and Newall reckons 
that its half-time forecast of 
similar profits in the second 
half to those in the first six 
months was broadly correct, 
allowing for adverse currency 
movements. All the same. City 
analysts who had doubled up 
January-J line's £24.3m. pre-tax 
were little impressed by an out- 
turn of £45. 3 m, for the full 


50 

40 

30 


20H 


r\£m- 

EMI 

PRE- INTEREST 
PROFITS 



The assumptions included 

Index fell 10-4 to 433.4 cipation of ~ detailed-. 

-increases on steel and a iaa 
increase in sales volume:' 
on ■ trends “recently 15 
enced.” This coincided w 
period when customers ’ 
stockpiling - ahead of a a 
Steel price increase, 

If Dunford had ns£ „ 
independent its profit 
could have given its w 
an opportunity to call i^-* 
term loans under the tajj 
some pretty tough agteei : 
negotiated in December/ r ■■ 
since Dunford has fallen ", 1 
of the agreed interest' V. 
The fact that Lonrhb to 
over makes no difference^ 
.main issue which is that le 
City organisations — ' 
Grenfell, Grindlay Bra 

year, though this (induding-accountants Turquand&j 
£1.4m. less financing costs from Majrhew — put their 
acquisitions) represents an the forecast and’ thej 
advance of 28 per cent, com- assumptions were 
pared with 1976. The reduction the two banks. What 
in the sterling value of overseas 3*imel -going to do about : 
profits due to the rise in „ster-- n \ T _ . j 

ling over the year was £2.9m. Koyai Insurance ft 
The sluggish second half Royal Insurance's prbfji 
trend (especially in Europe) has . ; i977 are up from ^78.^ 
evidently continued into the £134.9 hl pre-tax; which a 
current year. At least T and N that its retentions iot tb§ 
is making progress in its plans have soared to £50nL Ini 
to reduce its dependence on when the sterling vagi 
asbestos, and although : after premiums rose by only-&: * 
recent acquisitions the debt/ this has been enough tg,^ 
equity ratio has risen, and will a nse of 4-V points to 45/^ 
probably climb a littlte further cent in the solvency mai 
in 1978, gearing, remains based on year-end exet 
moderate by the group's stand- rates, 
ards ahead, of thg 1976 rights a -further substantial ,p 
issue. At 180 p t^e shares yield increase is likely in 1978. 
8.8 per cent, .revered almost Royal is more confident-, 
three times. .. most about the prospects* t 

n £ j -co ru- ** after. In addition, aftei 

UunfOra « llJllOtt third year of net disinvest 
The spectacular shortfall on it is far less exposed ft 
its bid-time profit forecast which vagaries of the UJL e 
was reported by Dunford and market than it used to h 
Elliot .yesterday, raises some the group is going ont 0 
fundamental issues for the way to scotch recent sugges . 
Takeover Panel. In December, that its below average soh 1 - 
1976/ Dunford said that its pre- margin makes a rights issii. 
tax profits for the year to evitable. On .the contrar 
October, 1977, would reach states that it can live .• 
around £5m. compared with a easily within its existing fig 
loss of £l.lm. in 1975-76. This Meanwhile it could well 
forecast which was substantially nut to have been the most p ’ 
in. excess of market expecta- able composite underwrite 
tidns,. formed the key plank of 1977, following a swing, 
its a bitterly fought defence losses of £I7.8m. to a proi 
against the bid from Johnson £16.3m. This has been boi 
and Firth Brown and it was by a somewhat saucy treat 
later the basis for the agreed of those profits in Ca 
£15m. .takeover by Lonrbo in (£4.8ra.) which have to 
February, 1977. In the event passed back to policyhofr 
profits emerge at just £1.7m. they have been deducted a 
Dunford. can doubtless find after tax stage, on the grq 
some excuses, 1 such as strikes that they have nothing : ti 
among its major customers, with the way Royal nmj- 
But the fact is. that the assump- business. Higher returns it 
tions on which the forecast was U.S. cOuld increase this : y- . 
based looked extremely optimis- pre-tax profit by about a:s 
tic right from the start JFB’s and meanwhile the divir 
initial reaction was that the yield of 7 per cent, is coy 
projection looked “incredible.” j us to ver three times. 


0 

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