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AL ffijjjfi WUtea WBtt Scb.15; BELGIUM FrJ.5; DENMARK Mi ; FRANCE FrJJ>; GERMANY MOO; ITALY LJH»; HETHERLANPS RJLfl; NORWAY Kr.3-5: PORTUGAL Be JO; “SPAIN -PofegO? SWEDEN JCrJjgg SWITZERLAND Fr.2.0; EIRE 15p 





No. 27,502 


Monday March 6 1978 


* 


15p 



King 8- Co. 

Industrial and 
Commercial Property 
Tel: 01-236 3000 Telex: 8854S5 






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it: ' 


. Ethiopia . has 
tSsault oq the - 
tf Jtjlga. , 
Embassy lnXmgtdefi 
... . 3«nali trbopsin 
1 ,Ul Men Tooted- and 
' be snm tndfag 
' ' ,mder Ethiopian 
•. Ethiopia . said, 
'orces were ' 
‘rgshed With 
. ..feses” and 
'rational tricolour 
! tow flying in Jiji 
, Somalia said tl 
■ - ' ieing carried out- . 
■ : Sqban troops. The. 

-.alteration Froar 
&ve' said that So 
lulled. babk to def 
Somalis deny havi 
if. the town and 
lestroyed several __ 
JUG-2 Is. Back Psg£ 

Setiteme 
wmcessio 

. , • s.. *t - '*■' ' 

Vfr. Mfnahgm 
?UTne Minister, 

- flow-down- in lara 
: ifl. -Settlements in 
West Blank and S 
. Ms been interp 
. cession to U.S. 

' Mr. Ezer We 
Slihister, issued 
‘ pine all-york on 

land fpr a. tie . 
settlement - which 
•been approved in 
th^israeH; Cafaine 


ied a tanfc 
>held town 
Ethiopian 
f claimed that 
f&e town had 
Jijtga and 
fifca was now 
A. 

. .that Somali 
'V pleated and 
^.catastrophic 
; Ifled: “ The 

if Ethiopia is 
ii if 


assault was 
fry Soviet and 
West Somali 
reported to 
forces had 
{nd Jijiga. The 
lost control 
im to have 
and three 


the Israeli 
agreed to a 
i’s programme 
the occupied 
i. The move 
as a con- 
ure. 

an. Defence 
order stop- 
paration of 
: West Bank 
C had earlier 
principle by 
Back Page 



China^< 

Husky ^Prejnier 

.Una Kuo-rahg wa£ Unanimously 
•-•lected PKauer pfe China and 
will alsv^pfinue f^s Chairman 
yf the Chinese Crump unist Party. 
Feng Usue-ping rtfaiins tbo post 
nf First Ylce-Preskiiyt and Hsu 
Jlsfcng-ehien beW&fcs Defence 
Minister. Back Pag|. 

Tories x^ki^e J 
race effiptfaeis 

‘ory le aders are lererroined to 
qtain iinmigratioa «s a major 
Tc-olectir»u .. issue rant hope to 
nd allegations ofe cheap vote* 
;<i thing by emShnsising the 
arly*s committne? [ to good race 
jtiitions. Howevt t the Shadow 
pbinet is like!; to propose 
uroduction of a quota system 
id a register c r dependants, 
aek Page 

Hit IRA hard er* 

i.. ItTV lil.nUl 


recovery 
could 
peter out 

• THE RECOVERY in company 
profits could peter out later thi« 
year, according to the latest 
Fi n ancial Times survey of busi- 
ness opinion. 

More companies are now fore- 
casting slimmer profit margins 
and lower rates of return on 
capital, in spite of the growing 
activity and confidence in con- 
sumer-orientated sectors of in- 
dustry. Back and Page 28. 

• TRADE LINKS with Bulgaria 
and Romania show considerable 
scope for - improvement, Mr. 
Edmund Dell, Trade Secretary, 
has said otr his. return from a 
four-day trade visit. A number 
of substantial projects had. been 
discussed, he said. 

• TWO out of five of Europe’s 
top businessmen - regard : British 
managers as arrogant with custo-. 
mers and suppliers overseas, 
demoralised by industrial conflict 
and economic problems and ** too 
motivated by social class to be 
able to motivate their workers,” 
according to a management 
report Page 4 

Iran signs 

£120m. 

Airbus deal 

• . IRAN has signed final con- 
tracts to buy six European Air- 
bus aircraft and has taken put 
options on .another three,, in a 
deal with about £120m. Page 3 

• WHITE PAPER -on the use of 
North Sea oil is expected to >e 
launched personally by the Prime- 
Minister in the middle of this 
month. The paper will Ind tins 
possible Uses of oil revenues nna, 

oint to general priorities.. Back 


U.S. miners vote 
against strike 



point io 2 


nionist MPb 
pek lo urge -Mi 
^ Northern irelj 
s' introduce a 
lain st. I he IRA. 
._-’c people in 
s trial base. 


.briefly - - - 


likely this 
Roy Mason, 
_id Secretary, 
iu^uer policy 
itch has killed 
last week. 
ie 7 


w»' •• 


Spanish 


Scenten were 
injured when 
i-as ruachine- 


[Ued and three 
_8r patrol ear: _ 
famed ■ in Vit iria. Basque 
! [ | para lists - are 1 Sieved to be 
| sponsible. ; - ; 
remlum Bond 50.000 weekly 
tee goes. to. Jv jbt, holder of 
lma number 3B1 -GS1411. 

| l&qtinlc ..Wigan's nine., winners 
( [i -Saturday ind ded his three 
l tt$red selection providing a 
“ » for the sect ftd consecutive 

Today’s ra< ng. Page 10 

iliac police arri sled 25, people 
'd confiscated e luipment used 
turn 81 note* i rto $UW notes. 
Elions of doH jrs worth of 
e counterfeits arf circulating in 

uropc. 

■ Klnx Klan {rand Wizard 
i'vid Duke- says fte will spend 
other fortnight ? Britain. Mr. 
•rlyn Rees. Howe Secretary, 
.d he did not Jjfen to 'deport 
*. Duke. 

rant 40 West <fennan papers 
^ not expected appear to-day 
cause of strike :ind lockouts 
'printers shetiiis an agrcc- 
?pl Out cqtnpnicnsed teeb- 
lo”>- will not m<an loss or jobs, 
rce weife killed and 26 

ured at WindHoek’s Katulura 
tnshiji during flghtms 
•rero iribesmefl and SWAPO 
.-'poriers. 


• SAUDI ARABIA ,has told 
Aramco, which produces nearly 
all Arabian oil. to limit the off- 
take of tight crude to 65 per cent, 
of total production, to conserve 
stocks and help sales of other 
OPEC members*; Page 2 

The country's Economics 
Minister affirmed at the week-end 
that Saudi Arabia will adhere to 
the dollar as the currency used 
for oil exports. . 

• TESCO has decided to stop 
buying bread from SptUers and 
concentrate purchases, on Asso- 
ciated British Foods and Ranks 
Hovis McDougail. The Tesco 
order is worth £5m.*£6m. to 
SpHIeis. Page 4 • 

• OFFSHORE PLATFORM wor- 
kers at McDermott Ardersier will 
resume normal ’working to-day, 
following their eight-week dispute 
over flexibility.- Page 4 

• SHOPWORKERS* union leader. 
Lord Alien, has said that bis 
members are increasingly resent- 
ful at the threat 1 of losing their 
jobs in the supermarket price 
wax, and the union would give 
full backing to workers fighting 
to save their jobs. Page 4 

• U.S. CAR sales declined in 
February for the third month 
running, although imported care 
managed to increase their 19 
per cent, of the market slightly. 
Page 2 

• AUSTRALIAN whaling town 
of Boydtown in New South 
Wales is*up for sale. The town, 
which includes an inn, general 
store and two kilometres of 
beach, was last purchased in the 
mid-195Gs^ 

COMPANIES 

• LONRHO is considering its 
legal position oyer the disappoint- 
ing annual results from its sub- 
sidiary Dunford and Elliott, 
Page 26 

• BROWN BQVERI sales rose 
11 per cent to DM3B3bn. in 
1977 from DM3.44bn. The gain 
was attributed to a 56 per cent, 
rise in foreign sales. Earnings 
are expected to match last year s 
figure Of DM48bn. Page 27 


BY JOHN WYLES, NEW YORK, March 5 

President Carter is poised to try to force an end to. the 90-day coal miners 9 
strike. Early returns indicate that miners have voted against the proposed 
settlement terms by a majority of more than two to one. 

With more than half the #xe last offer by the employers. On .the other band it' must 
United Mlneworkers* Union’s 794 AH ballots conducted under this avoid setting too many 
branches reporting results of a procedure in tbe past have precedents which can influence 
week-end ballot, the vote from resulted in rejection of tho last the course of national contract 
482 brapebes .was 44.660 votes to Employers' offer by the workers, bargaining, due in other big 
19,885 to reject the proposed -Mr. Schlesinger revealed that industries, this year and next 
contract. — court affidavits supporting the There is evidence that some 

With the votes of the most application for an inj action had miners have voted against the 
heavily populated and most mill- been prepared, and that the Ad- settlement out of the belief that 
tant districts of West Virginia inanistration was exploring, with a more acceptable contract can 
still to be counted tbe odds Bituminous Coal Operators^ be won through Government 
were heavily in favour of a sub- Association, representing the em- intervention. There is some sup- 
stantial rebuff to. tbe Carter Payers, the possibility oE inipie- port in Congress for a tough line 
Administration’s peacemaking renting -some or the pay rise against the miners now that they 
efforts. provisions of the rejected con- have spU med the results of the 

_ , . tract. Administration’s best efforts 

The settlement terms were This initiative is based on the - . . 

wrested from the coal employers hope that a pay rise u sweetener ” *>ut giveD uie mining com- 
under heavy White HousE pres- „ tra( J lt3( > nal solidarity 

sure nine days ago. and com- an injunction under Taft-Hartley. ?°J_^i_ dee I P } ly grained com- 
mended as in the nation’s and Two similar injunctions by the P" ^•2.„* bn ?l 8S ^5 

the miners’ interest by President Truman Admimsttation were industrial dispute, it is difficult 

Carter. floSSd by tiTiSrand fSled “JE a , l S2iJf t ,! v? wards of a 

A vote against the contract to secure resumption of normal „ “ , e De - 

would make the coal strike a. coal supplies. tJI ’JS 10 !® 

key test of PresidBDti^l leader- Tl j Taftflirwy they would cease to 

sSi Mr S en sSieiSgef. Power danger Fed ^ ** 

the F.nprpv Serrptarv said in a .. . . . stamps, which have been very 

televiriS^jteSievfttis^orSng . Jf eruplcyere refuse to helpful in carrying them through 

that SSI tiffSSidSt h™ot SSSS^JS IfSSitSLSi th ^ 90 ^ Witi0ut ' 

made a final derision, a move to withdrawal of the 

seek a rettirn-to-work injunction food stamps and any other pnni- 

under the Taft-Hartley Act tive w0 . uld ^ ve support to 

seemed the most likely course of ^ llne tl»t the strike 

action a ™ settlement could, if neces- is now a defence of hard-won 

sary, be forced on the employers. FrepdnitM which minors mmnnt- 
This would xequire tbe 160fi00 gut the situation is now full tesSrved Into sSl^nderS? 
miners, who cut about half of pitfau* for the Carter iwiSSi ca fed th^^Sfers’ 
Americas coal, to resume work Administration. • offer a -ySlow-do?" Scl 

fo . r . an period during on the one band it must act meaning h was dictated^mdnot 

which fresh attempts would be to avert large-scale industrial negotiated, 
made to find a settlement closures in the Middle West and This further damaged tbe 
If no agreement were reached the Appalachians, where elec- already waning authority of Mr. 

miners would be balloted in the tricity supply companies are Arnold Miller, the union presi- 

final 15 days of the period on critically short of coal. dent 

U.E. may quit UN post 
for Rhodesia debate 



will back 
Andreotti 


BY DOMINICK j. COYLE IN ROME AND PAUL BETTS IN NAPLES 


CONTENTS’ OF- ‘f O-DAY’S ISSUE 


icreeas news 

jerW trade nrus 

ome news— general 


SftculirtWorid 
jeehnieal page 


2 Arts page 

3 Leader page., 

4 U.K. companies 

4 - International companies 
9 Foreign Exchanges ..... 
6 Hfining . Notebook 


11 

12 

26 

27 

27 

27 




features 


bbb’s coalition: jbe strains 
begin Io tell .' i - 

Owards an 'EEC policy on 
cars 25 


Improving Ulster 's Indus- 

trial base - -- * 

Week in the courts ™ 

FT SURVEY 

Quebec - ^ 


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For' latest Share : tadex 'phone 02-S4B S02S 

i i' ’ ~ ’ 11 


BY BRIDGET BLOOM, AFRICA CORRESPONDENT 


BRITAIN IS likely to Btep down 
from the chairmanship of the 
UN Security Council, a post it 
holds only for March, if the 
expected debate on Rhodesia 
takes place in New York this 
week. 

Dr. David Owen, the Foreign 
Secretary, who may attend the 
debate, is expected to decide 
British strategy to-day or 
to-morrow. But though be 
believes that the debate is ill- 
timed at this stage, be recog- 
nises that in the wake of 
Friday’s so-called interna] settle- 
ment in Salisbury, the UN ses- 
sion is likely to be stormy. 

He is understood to feel that 
Britain, could best maintain its 
attempted even-handed approach - 
between the parties to the 
Rhodesian dispute if it stood 
dowokfrom tbe chairmanship. 

There can be little doubt, that. 
Britain will be given a rough 
ride- at the UN, whether it is in 
tiie.. chair or not. Dr. Owen 
has invited - the four main 


nationalists leaders to New York 
— partly, it seems, to defuse 
African criticism of Britain’s 
allegedly favourable attitude 
towards the internal agreement 

But in Lusaka at the week-end. 
Mr. Joshua Nkomo, coleader of 
the Patriotic Front which has 
threatened to step up the 
guerilla war against the internal 
settlement said that his party's 
leaders wonld attend the UN 
debate under their own auspices 
and not in response to the 
British invitation. 

Tbe party’s strategy appears to 
be lo get UN condemnation of 
the Salisbury deal and to prevent 
its main African signatories, 
Bishop Muzorewa and Rev. Sit- 
bole, from attending. Such a 
course could involve Britain and 
possibly tbe U.S. in applying a 
veto. 

In London to-day. Dr. Owen is 
to meet Bishop Muzorewa. whose 
stated intention is to seek British 
recognition for the interim 
government which, according to 


the Bishop, will he .stablished 
in Salisbury in- about two weeks. 

Dr. Owen has made it Clear 
that there is no question of 
British recognition at this stage. 
But he said on a BBC pro- 
gramme yesterday that were it 
to prove impossible to “reduce 
the. gap” between the Popular 
Front and the internal leaders, 
Britain mizbt well have lo 
accept an independent govern- 
ment in Rhodesia formed after 
elections [here. 

• The Rhodesian Government 
announced a curfew on an area 
outside the northern and eastern 
edges of Salisbury’s outer 
suburbs. 

No one will be allowed, under 
the curfew, to move more than 
50 yards from any dwelling dur- 
ing darkness. It will cover an 
area 40 miles long by 10 miles 
deep. A Rhodesian official denied 
that it was a response to Satur- 
day’s bomb blasts in the capital. 
Reuter 

Caution on ati sides. Page 2 " 


ITALY’S seven-week political 
crisis is virtually over, and Sig. 
Giulio Andreotti, the Christian 
Democrat' leader and caretaker 
Prime Minister, is expected to 
form a hew -minority Govern- 
ment this week. 

For the first time in 30 
years, the Christian Democrat 
Administration 'will be supported 
directly iu -Parliament -by 1 the 
Communist Parry. . 

Sig. Enrico Bertioguer, general 
secretary of the Communist 
Party, confirmed this yesterday 
during a speech in Naples to a 
gathering of 4.000 Communist 
trade union members. 

Sig. Reriinguer called the pact 
a “ major step forward ” for -the 
party, the largest Communist 
Party in the WesL 

The new Government Is ex- 
pected to include a number oE 
“technicians ” known to be 
sympathetic to the Left 

Programme 

The Christian Democrats will 
now be supported in Parliament 
by the Communists and the other 
main Opposition parties. How- 
ever, the small and anti -Com- 
munist Libera] Party may abstain 
on the vote of confidence. 

The new Administration. 
Italy’s 40th since the fall of 
Fascism, will have a limited 
economic and social programme. 

It will include measures to 
ensure that the enlarged public 
sector deficit this year will be 
maintained at Lire 24.000bn. 
(£16bn.), the upper limit thought 
acceptable to the International 
Monetary Fund. 

To operate within this ceiling, 
the Communists - and ■ other 
opposition parties have reluc- 
tantly accepted the imposition 
of taxes, a further increase in a 
range of public service tariffs, 
and the postponement, until fiscal 
1979, of a number of Stale 
spending plans. 

An IMF- review mission is 
expected in Rome within the 
next few weeks, to monitor 
progress under the terms of the 
undertakings incorporated in 
Italy’s Letter of Intent to the 
Fund last April on the occasion 
of a further borrowing of $530m. 


He insisted that hard-line 
elements In the Christian Demo- 
crat Party had been defeated. 

Once again, be underlined the 
Communists* assertion that gov- 
ernment by consensus in Italy 
was no longer possible without 
an agreed accommodation with 
the Communists who, on the 
basis of tbe most recent General 
-Election, now command some 35 
per cent, of the popular vote. 

in line with Sig. Andreotti’s 
insistence that the public sector 
deficit this year would have to 
be restricted, and reduced over 
the next four years as a per- 
centage of total GNP. Sig. Berlin- 
guer endorsed the statement to 
the Naples conference on Satur- 
day by Sig. Luciano Lama, head 
of the Communist-dominated 
CGIL union, confederation. 

Sig. Lama said members would 
have to accept a range of 
austerity measures, including 
moderation in wage negotiations 
and the principle of laboiv 
mobility. 

Sig. Berlinguer declared: “ The 
Communist Party must take on 
tbe burden of all the heavy prob- 
lems to resolve the country's 
crisis if it is to be a national 
and governing force” — a senti- 
ment which, at least in tbe con- 
text of Ibis Naples’ workers’ 
assembly, was endorsed witb pro- 
fessed enthusiasm. 

The breakthrough in the pro- 
tracted Italian Government crisis 
came last night when Sig. 
Andreotti met once again with 
leaders of all the main Opposi- 
tion parties. 

A further such summit meet- 
ing on some remaining policy 
details is scheduled for Wed- 
nesday. 

The Prime Minister-designate 
is to have talks with leaders of 
the main trade union confedera- 
tions. and with the national 
employer organisation Confin- 
dustria. 


Optimism 



Consensus 


Sig- Berlinguer acknowledged 
that the Communists had failed 
to achieve their original demand 
for the formation of an 
“ emergency government of 
democratic unity ” to tackle the 
acute economic and social 
difficulties, and the deteriorating 
law and order situation facing 
Italy. 


Sig. Andreotti reported ( 
directly to President Giovanni 
Leone last night his optimism 
that a new Administration could 
now he formed, although the 
Christian Democrats' acceptance 
of Parliamentary support from 
the Communists is for a limited 
period, in fact in the first 
instance, onlv until new Presi- 
dential elections at the end of 
this 3 *ear. 

As part of a new governing 
agreement. Sig. Andreotti bas 
accepted that an all-party Parlia- 
mentary Commission, or commit- 
tee. will be named to ensure that 
broad policy details agreed 
between the parties are actually 
implemented by the . new] 
Administration. i 


Bij 
object t© 
building 
society 
rivalry 

BY MICHAEL BLANDEN 


THE BIG clearing hasiLs liaie 
sent a formal Ieiic:- u» liic 
Bank of England expressing 
their concern over the growing 
competition of the huiiiiiu^ 
societies. 

Their comments repeal the 
arguments which the banks are 
also patting in evidence iu the 
Wilson Committee on the 
financial institutions which is 
expected to be published iu the 
□ext few weeks. 

They are protesting at what 
they regard as unfair com peti- 
tion from the building 
societies, which have been 
expanding rapidly in recent 
years. 

They suggest that changes 
should be made to remote at 
least some of the special con- 
cessions enjoyed by Hie 
societies. 

The move follows a lung 
period in which the banks 
have felt growing resentment 
at their loss of deposits to tiie 
building societies, which fri- 
able lo offer interest rales iliui 
cannot be matched by the 
banks. 

The competition for funds 
has been particularly acute 
during recent months, when 
interest rales generally have 
been low. 

Important 

The hanks argue that the 
societies have a number uf 
special advantages. The ujn< 
importau! is ihc lax conces- 
sions which enable the societies 
to offer better roes. 

At the same time the 
societies are said to benefit by 
not being subject to >lu* 
monetary controls which the 
Bank cf England exercises 
over the banking s>sU-ir. aril 
bv being excluded front the 
supervisory regulations due to 
be formalised souu in new 
legislation. 

The issue is coming t«» a 
head partly because ef the 
growing feeling among 
bankers that the societies, 
besides these advantages, are 
able to stay open on Saturday*, 
and Increasingly trespassing on 
their territory b. v offering a 
quasi-banking service of cash 
deposits and withdrawals. 

The argument i> also 
important iu relation to the 
debate, over Ihr availability or 
finance for indusiri and the 
pressure on the banks lo pro- 
vide longer-term facilities rt» 
their customers. 


Benn row angers power leaders 


BY-ROY HODSON 

TOP MANAGEMENT and union 
leadere in tbe electricity supply 
Industry arc furious that their 
industry is being used as a politi- 
cal football — the phrase was used 
by an Electricity Council member 
— -in a row between the Parlia- 
mentary Liberal Party and Mr. 
Anthony Wedgwood Benn, the 
Energy Secretary. 

.Declaring Liberals’ hostility to 
Mr. Benn in a week-end speech. 
Mr. David Steel, Liberal leader, 
said il was obvious that Mr. 
Bern’s view of tbe Lib-Lab pact 
was’ that it existed as an un- 
welcome necessity, “solely to 
provide lobby fodder for what- 
ever extension of Bennery that 
takes -his fancy." Mr. Benn, he 
said; was one of Tour Cabinet 
Ministers opposed to the pact. 

The Electricity Bill, which has 
been awaited by the industry for 
several years, is tbe immediate 
casually of Liberal objections to 


Mr. Benn. Tbe Liberals told the 
Government last week that they 
would not support the Bill in the 
House because it would give Mr. 
Benn more ministerial power. 

Based on Tbe. Plowden Com- 
mittee recommendations of two 
years ago, the Bill was intended 
to reshape the industry for the 
future with a less federal and 
more centralised management 
structure. Mr. Steel said Liberals 
opposed the Bill because it would 
extend Mr. Bean’s power and the 
patronage and corporate bureau- 
cracy he could exercise. 

Sir Francis Tombs, chairman 
of the Electricity Council, said 
yesterday’: “ I find it. extremely 
depressing that legislation that is 
accepted by management and 
unions- as in the interests of the 
Industry should be held up b.v 
conflict of this kind.” 

Sir Francis is angry because 
his entire strategy for streamlin- 


ing and unifying tbe electricity 
industry — as agreed with the 
Government when he left the 
chairmanship or the South of 
Scotland Electricity . Board last 
.year to direct the industry in 
England and -Wales — is being 
blocked. At the time, of his 
appointment be was promised 
that tbe Government would 
support his proposals for reform 
based upon Plowden. 

Since being in office he has 
given priority to two targets: a 
new power station ordering pro- 
gramme for nuclear and conven- 
tional stations, and a new 
management structure involving 
the creation of a Central ®1pc- 
tricity Board in - place of the 
present system of two national 
authorities, fthe Electricity 
Council concerned with policy 
and the Central Electricity 
Generating Board concerned 
with production). 


More steelmen take redundancy 


BY. ROY HODSON AND PAULINE CLARK 


WHILE 'Mr. Eric Variey. Indus- 
try Secretary. and his Cabinet 
colleagues arc trying to produce 
before Easter a statement on 
British Steel Corporation’s 
future which will be industrially 
and socially acceptable, a grow- 
ing number of steelworkers are 
accepting redundancy payments 
agreed locally. 

A 17-man committee of union 
leaders in the steel industry is 
to meet Mr. Yarley to-day, tn 
make a joint appraisal of the 
progress so far in cutting loss- 
making areas in the industry. 

It -will be the third time that 
tbe -TUC steel industries, com* 
mittee has "been involved in top- 


level talks on the industry’s 
future in the past three months. 

The meeting could also be the 
last to take place before Mr. 
Variey makes his promised state- 
ment on the closure of high- 
cost plants other than those 
mentioned in the Besvick report 

Two new works closures took 
effect in Scotland yesterday, 
after negotiations between the 
unions and local managements. 

Altogether, nearly 450 men 
are accepting voluntary redun- 
dancy. The new redundancies, 
bring British Steel’s workforce 
down to 199,000. Less than a year 
ago. the corporation was employ- 
ing 205,000. 


About 350 men employed on 
•the coke ovens at the Clyde 
Ironworks agreed by the week- 
end to accept voluntary redun- 
dancy in return for redundancy 
payments and compensation for 
the closure of their plant before 
the scheduled date of 1980. 

They were following the 
example of S00 ™en engaged in 
ironmakina at Clyde Iron who 
look redundancy pay and 
allowed closure last October. 

At the Scottish steelmaking 
plant at Ravenscraig. a further 
90 men closed the open-hearth 
steelmaking shop on Saturday in 
Continued on Rack Page 





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2 


Financial Times Monday Man* 8 » 



* L: 


OVERSEAS NEWS 







THE MIDDLE EAST 


U.S.-Israel talks likely to Figh £ n § 

erupts m 

centre on Resolution 242 Beirut 


BY jUREK MARTIN 


WASHINGTON, March 5. 


BEIRUT. March 5. 


A . MAJOR DIFFERENCE nf -and Gaza, .far from being said that acceptance of ' the 
opinion between the U.S. and occupied, were historically and resolution- was “ a crucial ele- 
Israel over the interpretation ot intrinsically parts of Israel. ment ”■ for progress in negotia- 
U.N. Resolution 242 is threaten- Events in the Middle East last tlons. “The abandonment of 
ing to cast a cloud over the up- Je ar - especially the initial that would put us ■ back many 
coming talks here between the rapprochement between . Egypt months or years ” he said in 


Israeli leadership and the Carter 
administration. 

Mr. Ezer Weizman, the Israeli 
Defence Minister, was flying to 
Washington to-day. while Mr. 
Menahen Begin and Mr. Ucshe 
Dayan, the Israeli prime minis- 
ter and foreign minister, are due 
here^ early next week. Mr. Weiz- 
roan's purpose was to . lobby 
against the proposed arms sales 
package, which includes the pur- 
chase of U.S. aircraft by Saadi 
Arabia and Egypt but it is likely 
that the dispute over Resolution 
242 will be accorded greater 
significance. 

TTie U.S. position is that 242 
obliges Israel to withdraw forces 
m a degree from a'.I the terri- 


li. S. special envoy Alfred 
Atherton was due in Cairo 
late yesterday for talks with 
Egyptian officials as part of the 
Carter Admin 1st rati on's efforts 
to resume stalled peace talks 
with Israel, repons Reuter. 
Mr. Atherton; who had been 
scheduled to arrive in Cairo 
on Tuesday, was set to fly from 
Jordan to Saadi Arabia yester- 
day. However, U.S. Embassy 
sources said he might have 
put forward^ fats visit because 
Egyptian President Anwar 
Sadat was leaving on a tour of 
Upper Egypt to-day. 


what is now 'seen as a dear 
warning of what Is perceived 
here to : be an intransigent 
Israeli stance. 

Egyptian President Anwar 
Sadat made no bones in his 
recent talks here of his belief 
that Israel most not remain on 
Arab land— as stipulated,- in his 
view, by Resolution 242 — and 
that even the suggestion' ot con- 
tinued bL'cnpatioh .is _**non- 
negotiable.” 

While the U.S. has clung to 
the view that it might.be able 
to help the two sides -find a way- 
round the 


FOUR people were wounded in 
fighting . Involving t " mortars, 
heavy machine gnus -and auto- 
matic rifles In Beirut early 
to-day. 

‘ Informed sources' said the 
fighting broke bat . between 
rival gunmen in the Moslem 
district of S Iliya h and the 
neighbouring Christian area of 
Ain Rumman eh soon-after mid- 
night. They said the battle 
lasted for more than an hour 
before Syrian, peacekeeping 
troops intervened. 

.Reuter 

L. Daniel writes from Tel Aviv: 
Reports reaching here suggest 
that the Syrian-sponsored Saika 
guerilla organisation has been 
involved in fighting in southern 
Lebanon for the first time. 

Reports from the area 
suggest that members of the 


tones that it occupied after the and Israel, drew attention away ivlct n r m, “^ D . IT 00 

1967 war. including the West from this basic stumbling block 103„?J£ “wliYia ? J° sl ? ten f e °" nines norm; or the Israeli 
Bank of the Jordan and the Gaza but it has how resurfaced as a re* 81 ™"* what Mr. Begin almost frontier. These . reports say 
Strip. S 3 biP inv . ar 'aWy refers to » Judea that Christian forces have been 


actual border issue , . , __ w 

and has lent its weight behind , organisation were Involved in 
some form of interim, quasi- . an attack on the Moslem 
international solution on the : village of Baron el-Ras, abont 

on two miles north; of the Israeli 


Mr! Begins Government, how- lament on an7decU?Hti?n of lit t pre5en £ J * * ormid ‘ 
ever, denies that such a com- nSotiatimr priSdJSS between tiations C00tlIlUed neg °- 


denies that such a com- negotiating 

mitment is implied. Mr. Begin the two countries. Tt fplt w _ fh . r 

won election last spring on a President Carter last week v!} ° ere -Wat.-if Israel 

platform which featured asser- alluded, without much elabora- kL°V d ' President 

tions that parts of the West Back tion. to the 242 dispute. He £ e 3ce h Litf«ti?e^ d ^ 


-trying to . retake the village, 
4 he holding of which can eon* 
trol communication between 
the coucenLratiea of Christian 
villages at the eastern end of 
the Lebaaon-Lsrael frontier 
and those in central Lebanon* 


Saudi Arabia limits 
light oil extraction rate 


BY ANTHONY McMRMOTT 


Progress made in Iran 
talks on new oil pact 


JEDDAH. March 5. 


BY ANDREW WHITLEY 


SAUDI ARABIA has instructed which are believed to be divided REASONABLE PROGRESS is The 

Inmnn u-h.'-l. ..II w..*. l-_. u . U'J'UBB . , - . ___ , 


TEHRAN, March 5. 
10-man Iranian team 


is 


Aramco, which produces all but between light and Berri 60 per believed to have been made being led by the new Deputy 
a fraction of the country's oil, to cent., 25 per cent heavy and 15 during two days of top-level talks 


. . . - - - -- — „ c «. v auu 1S Chairman of NIOC, Mr. Hassan 

the offtake of light per cent, medium. As a result in between the National Iranian Oil Ali Mehran, the former governor 
* per een * > °‘ l “ e l°nE term, there is a risk Company (NIOC> and a 14- of the Central Bank. Among the 

r - v - “ Iat *" e Rsht reserves may be member Western consortium on notable absentees are believed 

WnictVr^r v 1 " d 9 Wn , ,P»^ m ?turely. Sheikh a new, long-term agreement. to.be two directors including Mr. 

Mineral^Resources^aid^in S« ai iL a ? ded fi? 3 * the 65 oer !t is now virtually certain that Parviz Mina, the former Director 

tntemew With the’ La' ou] $ 10 future be tile 1973 Sales-Pnrchase Agree- for International Affairs, who is 

Okaz on Saturday that this would STadua ^ y reduced. merit between them will be regarded by many in the industry 

not mean a reduction in Saudi Sheikh Yemeni said some light scrapped, but a new arrangement as Iran’s top oil man. He resigned 
nil production which would D ™ducers in OPEC had been left looks equally likely. Informed recently in protest at the appoint- 
remain at S.5m barrels a day * .unsold ® rude - Thus S3udi sources say one of the four raent of outsiders at the Deputy 
throughout 1978.' Sheikh Yamarii *”J ,,as decision can also been points the Iranians would like to Chairman leveL Another top 
said that in 1977 the proportion ^ ®°u e 1 ^ vnn °PECs establish during this . coming NIOC man, the former deputy 

of light Arabian crude amounted J*| r *'.s advocacy of a W eek is the precise length of the chairman, Mr. Reza Fallah. who 

to 70 per cent, lit seems these *£n.in!ie °«h.? r, 5 e fre J? ze 0l1 ,. tb ® new agreement. was apparently pushed aside fn 

calculations exclude light crude ,“**!. a ™ “S™ The olher ma j 0r points are the reshuffle is also absent from 

from the Berri field) and the market nrirp* he P ^ rm up the annual fixing of precise the talks. He is now in London 
decision to cut back offtake was .... , , volumes of crude oil to be lifted where, according to oil industry 

3 .the exhaustion At the same lime there has the consortium members, the sources, he will be serving as the 
S ' sht cru * e bl heavy and amoU ut of oil produets to be European-based adviser to the 

pr ?n U b*road e terms the «n ml SMl'tSS ^“1 Setin^ ettmtortium tesm 

blend of Saudi crude has been and Venezuela which met ih “^‘'CniJ^re^cted te is^eS ™r j“b7b“ t d, 

broken up by now into B.P. Managing Director. Before 


composed of between 70 and SO Geneva at the beginning of . 
per cent, of Arabian light, of up February to study the differen- " ave 


to 9 per cent Berri and between tiais betiveen Vhe” p rices of^these expert-level sub-committees, but the talks opened NIOC's chair- 
13 ‘-‘and 17 per cent Arabian crudes and light crudes so as to lhis .. bas 1 Dot happened yet man, Mr. Houshaqg Ansari, pub- 


light crudes ... „ 

medium and heavy. These pro- persuade consumers in the long possibly suggesting the major licly warned the consortium 

portions have not corresponded run to switch from the less points to be settled have not yet over what be said was “fobt : 

to ' the estimates of reserves plentiful lighter grades of oils, been agreed, dragging" 


Bank head 
sees strong 
reaction to 
Swiss rules 


By John Wicks 


ZURICH, March 5. . 

THERE WILL be M murmuring 
and gnashing of teeth” when 
detailed conditions for the appli- 
cation of Switzerland's new 
monetary measures are 
announced to-morrow. This was 
stated on Swiss- Germ an tele- 
vision this evening by Dr. Fritz 
Leutwiler. president of the Swiss 
National Bank. 

Application of the new rules 
banning sales of domestic securi- 
ties to non-resident foreigners 
would be more restrictive than 
when similar regulations were 
in force between 1972 and 1974, 
he said. Among details to be pub- 
lished to-morrow are those lay- 
ing down a quota system for the 
share of foreign borrowers 1 issues 
purchasable by non-resident 
investors. 

Dr. . Leutwiler said the 
National Bank was considering 
ways in which control could be 
tightened if necessary over 
banks' foreign-exchange trading. 
He stressed, however, that there 
was no thought of subjecting the 
foreign-exchange sector to 
regulator? system involving the 
splitting of the Swiss franc rate. 
This was a frontier which the 
National Bank wonld not cross; 

system of this kind could not 
be realised, be said, and a deci 
sion in this direction could lead 
to protectionist measures abroad 
aimed against Swiss interests. 

The Swiss franc is over-vahied 
by at least 15 if not. 20 per cent.. 
Dr. Leutwiler ' claimed. He 
attributed the upward pressure 
to the strength of the Swiss 
economy and the weakness of the 
dollar apd certain other curren- 
cies, but be said the most recent 
developments had been "a case 
for the psychiatrist rather than 
for the economist.*’ 


Left still ahead 
in French polls 


BY ROBERT MAlfTHNER 


PARIS. March 5. 


THE LAST authorised public parties 52 per cent of voting 
" -- next week's retentions in the first round or 


opinion poll on 


French general election has con- ^ and 


firmed the substantial lead of gUwtf parties, 
the left-wing parties over the ^ findings are virtually 
Government coalition which has identical to those of another polk 
remained virtually unchanged published the previous day- by 
since the beginning of this year, the pro -Government paper Le 
The ‘ poll, conducted by the Figaro, except that the latter 
Loots Harris Organintion and gave the Left only SI per cent, 
published yesterday in the pro- From mid-night last night the 
Socialist ' Paris newspaper Le publication of new polls w oan- 
Matin, gives the Socialist, Com- ned until after the election is 
munist and left-wing Radical over. . 


Diiteh defence minister 
quits over neutron bomb 


Geisel seeks 
W. German 
investment 



By Diana Smith 

RIO DE JANEIRO. March S. 
THE OFFICIAL visit to West 
Germany of Brazilian President 
Ernesto Geisel. which begins in 
Bonn to-morrow, represents an 
attempt to reaffirm Brazil's 
potential attractions for German 
investors and to make it clear 
that the 1975 Brazilian-German 
nuclear agreement is not sub- 
ject to change, whatever the 
pressures from other nations. 

President Geisel is accom- 
panied by. six Ministers, most 
importantly those of energy, 
industry, and. trade, and over SO 
prominent Brazilian .• business- 
men. The nuclear agreement is 
a bone of contention to those 
who consider Brazil's "present 
regime unjust ob' humanitarian 
grounds as well as those who 
have reservations about the 
country possessing nuclear 
know-how and materials to 
manufacture an atomic bomb. 

.Repeated assurances by Presi- 
dent Geisel that Brazil is 
absolutely committed only to 
the peaceful use of nuclear 
technology and the nuclear dis- 
armament have not. it seems, 
prevented President Carter's 
administration from trying to 
coax Brazil to defer her current 
nuclear energy programme. 


BY CHARLES BATCHELOR AMSTERDAM, March 6- 

IN THE first outward sign of a Labour party motion calling for 

spilt in Holland’s three-month- the Government to declare itself 

nirf mtaiitrnn T\ r gainst the use of the bomb. It 

old coalition Government^ Dr. re j ecte <i a Christian Demo- 

Roelof Kruisinga, the Defence motion to- reject the use 

Minister, resigned at the week- 0 f the bomb bnt to use it as a 
end in protest at Government point of discussion in disarraa- 
policy on the neutron bomb. ' ment talks. 

The Christian Democratic The rejection of these two 
Minister surprised . MPs a fort- motions lfrft the Government free 
night ago when . he told the to determine future policy. _ In. 
Lower House during debate that later debate Dr. Krufsinca 
Holland would oppose the manu- appeared to have aligned bamself 
faeture of the neutron bomb, with the Government 
Only minutes earlier Dr. Dr. Kruisinga. aged 55. took 
Christoph, van der Klaauw, the' a degree in medicine and served 
Foreign Minister and a member as a state secretary at the Health 
of the Liberal party- had advised Ministry in a previous adminis- 
the House against closing off its tration. He became second 
options before discussions with deputy floor leader of the pariia- 
Holland’s NATO partners. mentary Christian Democratic 

Parliament finally rejected a partv last year. 


. U.S. ea#; - 

.. ,-fc _ ;J- * . “ t 

safes do\i i 


for third 
month 


By John Wjrlcs 


NEWYORKEa; 
U.S. CAR sab's suffers 

third consecutive moal 

dine in February altho 
ported cars agaf 
tide and managed - fc 
slightly more than I9> 
of the market. 

However, ITOroit uu 
take some comfort front 
that its 3.7 per cent t 
sales from February !* 
Is smaller thkn the d 
registered in Dceembi 
January. Moreover, tht 
annual sales idle or do 
ally produced cats was 
provement oh rhe Jaoiia 
while the lJtei. annual 
rate for imports was t 
down on last month an 
down on the rate at 
foreign cars were selli 
wards the epd of last y- 

Ford turned . In the be 
fa nuance in February 
Ifvering i irtually the 
□amber of nails as !f 
year ago. General Moto 
off by <LS per cent 
Chrysler . was down 16 
cent, and American ] 
down 27.S per. cent 


Talks on aii 
fares to star 


EEC money union hope 


BY REGINALD DALE 


the 


MR. ROY JENKINS. President of he launched last autumn, 
the European Commission, said He attributed . this .to 

yesterday that he detected rigus ,0 

i— cope with- continuing high unem- 
Of a more positive response by. pipy^t and international 
EEC leaders to his controversial monetary chaos exemplified by 
proposals for European economic 'the fall of the dollar, 
and monetary union- It would The national powers he wanted 
not come to-morrow, but be transferred to the Community — 
hoped, to see his goal achieved control over the money supply 
in the next five to ten years, he and the exchange, rate — -were in 
said on the television programme any case largely illusory in the 
Weekend World. modern world, Mr. . Jenkins 

Mr. Jenkins said a “ certain argued. Governments would still 
wind of change" was blowing be left with considerable 
through the nine EEC member influence over their own fiscal 
Governments, who have so far budgetary and public expendi- 
reacted coolly to the new plan ture policies. 


By Our Own Correspond 

• WASHINGTON. 3Iar 
BRITISH and America] 
rials will .iq-morrow 

talks on their diffe 
over cheap ^ansatlanti 
fares, brought to a hea 
week when Fran iff, Uk 
carrier, was; denied aut 
to begin service from 1 
to London -because its 
were, in tbe opinion o. 
British Government, too 

The British position is 
in accordance with last ; 
Bermuda aviation agree 
more time is. needed to : . 
the impact of tbe new i 
fares being, offered on 
transatlantic - run, partici 
from New York. 

Tbe U.S_ which has it 
case increasing reserve 
about last year’s agreeme< 
keen to expand the chea 
travel experiment- to 
maximum extent possible 
Editorial comment. Page 


RHODESIA’S INTERNAL AGREEMENT 


Caution on all sides 


-j_ i. 




Budget surplus 
for Burma 


By Our Own Correspondent 


RANGOON, March 5. 
BURMA WILL have a budget 
surplus in the fiscal year 1977-78 
ending March 31 — tbe second 
such surplus in succession. Pre- 
senting the budget to the 
National Congress, currently in 
session, the Planning and 
Finance Minister, Mr. U Tun Tin. 
said tbe original budget provided 
for Kyats 25LSra. f about $35m.) 
deficit resulting from an esti- 
mated Kyats 5;423.8m. expendi-4 
ture against Kyats 5,172m. 
receipts. But according to 
revised estimates, a Kyats 31.4m. 
surplus was expected as receipts 
totalled Kyats 5.576.5m. against 
Kyats 5,545m. expenditure. 

He explained the surplus was 
due among other things to an 
excess over the- original esti- 
mates of revenue From taxes, 
foreign loans and aid. 


' BY TONY HAWKINS IN SALISBURY 

THE SIX postal bomb expl osidu s*'e con dime change which Uiay'well seen to be acting as full Cal 
in Salisbury on Saturday under- ubt be ‘entirely to their liking. Ministers ami .to -be • 

line the fragility of the internal As one observer puts it. they decisions that* Improve tlif**- 
settlement agreement signed tbe appear to be anticipating a of the majority. Some obsei 
previous day betweea Mr. Ian change from white Rhodesia to here believe that there is i 
Smith, tbe Rhodesiao Prime black Rhodesia rather than a to be done ; se!ling the 
Minister, and the three-intern- change from Rhodesia to internally to the blacks — 
ally-based black Rhodesian Zimbabwe. Si thole started at tbe weef 

leaders. Bishop Murorewa, Mr. In part . it reflects the anricipa- with a rally amended by : 
Sithole and Chief Chirau. tion that the dea i raav never see P e0Dlp m fo* Midlands taw 
There were no casualties in the light of day— apart from the Q ue Que — ; ^an by scllin 
the incidents and. although formation later this month of the international^, 
police have not said as much, interim government— because it The fear ' is that unless 

l accepted here win be rejected internationally moderates within the trausiti 

that the bombs were Parted by j n spite of the fact that it com- administration are seen to 

Sim!! 35 D S 31 ?- Jv e * 5S£? 10 ’ pUes wit ^ fQur of the famous acting as leaders and influen 
Mugabe Patriotic Front (PF). fi TC principles— the fifth requlr- political decisions favours 
« is also widley accepted here ing that the agreement be seen their support will be erode! 
mat the war is likely to be to be acceptable to tbe people of favour of the militants wai 
intensified over the next few Rhodesia as a whole. the war. Underlying all thi 

weeks and months as the PF -j^pfe cou |,i fi e satis _ the war itsrif. 

Sent bv fie* either h Y a general election H °w many whites with milii 

bv in November or December fas commitments are going to dei 

diplomatic pij^ed) or by a nationwide i* 13 ? they do not want to i 

m,. - referendum or even by another their lives' for a black gov* 

h«5f*iS!L t i,?»hS ee ™ e,It i 0f p earce-style Commission as in meot? Clearly if the wh; 

c Wh !l^ remains 1972. it must be accepted, how- leave in large numbers 
curiously urap. Seemingly, very ever, that a Pearce-style opera- security situation will drie 
1 P f»? » 6 e J? er T ?^ e — he- tion would be most unlikely to rapidly uniess the Blsl 
ueve that a durable settlement satisfy international opinion. and Mr Sithole can really 
*. 0 ^ ng last been definitely On the African side the lack guerillas to lay down t h 
acnievea. On all sides— even of response reflects an under- arm s — which to say. the least 
trom the normally optimistic lying suspicion that there is a held here to be unlikely. 
h I “f in ®“ community caution^ is catch somewhere — that the Ian Some observers go so far as 
order °f foe day with far Smith leopard hasn’t really say Mr. Smith' is in danger 
tv* 1 r attention being paid to changed its spots. Undoubtedly losing the promised re fere nib 
the loopholes, tbe snags and the the black moderates have of white voters later this ye 
potential tumbling blocks In the damaged their own standing to This is Improbable. Bv tbe tii 
way or international recognition some extent by the concessions the referendum .is held, pn 
than to the actual positive they made in the talks on the ably in the latter half of t 
achievements. transitional government, which year, the agreement will eitb 

m part this resects a reluct- for all its black majority leaves have an unstoppabip momenta 
anee on the part of the whites to the whites In effective residual nr will have collapsed in t) 
acknowledge that thts time their controL face of hostility from the inti 

days really are numbered with Control of the administration* national community, the frot 
Zimbabwe s birth date set for will remain in the hands of flic line African presidents and tl 
DecemTCr 31, 1978. Certainly, top civil servants, tbe police and guerillas. ^ ' 

there is a quite astonishing the army during the next nine ! - 

reluctance on the part of the months. Tbis could pose a severe c ' 

t b h n o S J ne fn, :^> raUn v! ty '° accept S * e 'r?L 0,e enterprise 

that political change augurs if the black politicians are not tootlrSSl til* 



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N FAYS 


I 


. East desalination 


SINCE- .THE oil 
be Middle Has 
be magnet for 
wrldfe • engineer 
ssoirtaally- those 
nlrastrurtuTC • 
tower stations , o: 
Jwcqmtnpreial ■ 
Kfpgresg noac i 

ht. tbattltbe 


jvnen ua 


m 


amount: of t 


{sis of 1973 
bas become 
many of ihe 

‘S companies, 
ucernod with 
)erts . Ji£ e 
Ports. Of all 
•tests now in 
more keenly 
to supply 

'the Middle 
ed water on 
to support 
lion pro- 
«* demand for 
QUbled in the 
t year orders 
^4ootn. were 

ali nation con- 
‘P For small 
supplement 
fis. but since 
,f the market 
6'd. Industrial 
ffr on a scale 
larent' only 
ies are not 

an nae 4m. 
mgd), a 500 
tises 0.5 mgd 
of industries 
flectriclty can 
mgef. In arid 
-b alternative 
distillation of 
these needs, 
astern states 
a costly pro- 
jftatioa- plants. 
Ower stations, 
ne placed ten 
.ret five? year 
plants with a 
mgd. But in 
.. plan up to 
hre envisaged 
; let) with a 
•of 454mgcL 
.1 in the first 
ity of 10m gd, 
there- are 11 
d this size, 
_mgd. Bach 
.'ftrth between 
depending on 
I engineering 


BY OUR FOREIGN STAFF 


the battle for 
nation plants 



55l?m. Ras Abu Forrtas complex 
wni<* is being undertaken in 
Phases to iastal 13 turbines 
distillation units to -produce 
600 Mw of electricity- and 40rogd 
of water by 1980. 

Tbe technology offered by the 
various competitors in the busi- 
ness is basically the same, namely 
the multi-flash process (MSF) 
developed by Weir Westgarth 
of the U.K. in the early 1960s. 
This is based on the principle 
that water can be made to "flash" 
or boil by reducing the pressure 
rather than raising the tempera- 
ture-— the method used previously 
for the small plants aboard ships 
and on land, . 

The steam produced " is con- 
densed in a series of chambers 

at progressively lower pressures. 
The process reduces both capital 
aud fuel costs making distillation 
economically feasible on an 
industrial scale. 

Some of these competitors 
nave been in the small-scale 
desalination business for a long 
time. Others are engineering 


The Japanese are tackling the 
market with their characteristic 
thoroughness. The Ministry, of 
Internationa] Trade and Indus- 
try (MITT) has been discussing 
proposals for joint research with 
the Saudi Arabian Saline Water 
Conversion Corporation to- deve- 
lop desalination techniques 
specially designed to deal' with 
Middle East conditions. 

Usually companies supplying 
the technology confine their 
activities to the design and 
engineering work, the equip-’ 
meat being supplied by sub- 
contractors. Different sub- 
contractors are selected for 
each project depending on their 
experience in a particular 
market., their price and, 
obviously, _thelr reputation and 
capability. UJv. engineers, for 
instance, will often sub-contract 
to a European , or Japanese com- 
pany rather than another UJC 
concern. 

Since desalinlsation units are 
generally linked to large power 
plant projects 'the engineering 


SIX LEADING CONTENDERS 

Weu-Wertgartb United Kingdom 

.. . ’ France 

sasakurajEngineering Japan 

bhikawajima-Harima Heavy Industries (IHI) Japan 

Ermrogenicst * United States 

SIR ’ Italy 

•Joint venture between CB4 (a Brawn Boveri company) and St. Gobain. 

T.Now a subsidiary oF the Arab-owned Sogex. 


By Joseph Mum 
' r -CARAC 
TOP ENERGY 
.Venezuela 4|nd th 
wve had talks., 
*hich -couitiqaro 
iew elemefct&A 
rede relations 1 
Venezuela’s-; - i 
Sbergy.Sr. Wd 
s’ visiting! thO-t 
itscussions with 
ary of- ; -Energ 
Sehlesinger. : . On 
terns on the age 
iffieials' is the 
/bnezdel&'a .• ihil 


me began in 
9$0 it intends 
pacity of 100 
ment is re- 
ing to build 
plant capable 
d. which/ it 
halve the 
linaUon. 
urface water 
supplies of 
from under- 
fills embarked 
mine of power 
ansi on. The 

progress is the 


tlela 

bin 

pgton 


and_ ' fabrication companies 
anxious for orders to compen- 
sate for the slump in their tra- 
ditional markets; Mitsui Ship 
building and Engineering and 
Hitachi Shipbuilding and 
Engineering are two examples. 
While some have reached a 
licensing agreement with Weir 
others have developed their own 
processes which are a variation 
of Weir’s MSF process. 

Six leading companies in the 
business are listed in the table, 
but there are others which also 
compete strongly for certain 
contracts. These include Demag 
of West Germany, Sumitomo of 
Japan (which has a Weir 
licence) and Mitsui, which has 
an Envirogenics licence. 

The Middle East accounts for 
about SO per cent of the market 
for large-scale projects of which 
some five or six are generally 
announced each year. "' The 
Japanese companies appear to 
be winning the bulk of the 
orders at present, largely, their 
competitors claim, on price. It 
is estimated . that they now 
account for some 50 per ."cent 
of the world market 


companies usually have to join 
a consortium. led by the turbine 
manufacturers. This is particu- 
larly the case in Saudi Arabia 
where the authorities insist that 
these projects be undertaken on 
a turn-key basis. 

The Saudis only allow the 
engineering company to partici- 
pate in one of the consortia 
bidding for (he order, despite 
the fact that its share of the 
project represents only 15 to 20 
per cent of the total The 
engineering company has to be 
particularly careful in selecting 
a consortium which has a good 
chance of winning the overall 
contract. It then has the task 
of selling itself to the con- 
sortium leader as well as to 
the buyer. 

The -engineering company 
tends to switch partners "from 
project to" project. Even Bidem, 
which is an associate of Brown 
Boveri. often works with other 
turbine suppliers. Similarly, 
Envirogenics is not tied to' pro- 
jects in which Sogex is involved. 

As Mr. Peter Sim plan, Weir 
Westgarlh's managing director, 
puts it: “The fart that desalina- 


Iran signs £120m. 
Airbus contracts 


* BY ANDREW WHITBY -• TEHRAN, Maroh 5. 

- IRAN TO-DAY signed final con- . General Khademi said the 

• f tracts for the purchase of six European \Atrbuses had been 

A-mnoOLT AinRuroo /•hncnii in ".tha f nf cTvnno 


p. March 5. 
■ officials 


tion is an international business 
means that you have to think 
Internationally and not neces- 
sarily join forces with the com- 
pany which happens to be next 
door to you.” His company’s 
early experience in bidding with 
all-British consortia was, he 
claims, “ disappointing.’" 

He believes the lack of project 
management experience on the 
part of the British turbine 
makers was an important factor 
in their failure to win con tracts 
against European and Japanese 
led groups. Predictably, though, 
the Japanese companies tend 16 
work more as “ national " 
consortia. 

In the largest of Weir's cur- 
rent contracts — building four 
units with a total output of 
20m gd at Jeddah (Jeddah 3} — it 
is working with Kraftwerke 
Union (a subsidiary of Siemens). 

The other major contract on 
which it is working is for six 
desalination plants with a capa- 
city of 25mgd, worth £50m., 
forming part - of the Dubai 
aluminium smelting and power 
station complex in -which . British 
Smelters and Hawker S'iddeley 
are involved. 

By far the largest Middle East 
contract awarded last year was 
the S710m. Jeddah 4 project. This 
went to a consortium led by 
Sogex. k includes Franco Tosi 
of Italy, supplying the turbines 
and boilers and Envirogenics,: 
providing the technology for the 
10 desalination units with a total 
capacity of 50mgd which will be 
manufactured by Mitsui; 

But if is the Japanese, especi- 
ally Sasakura, who appear to be 
leading the field. Iran has 
recently placed a S264m. con? 
tract for the construction of two 
desalination plants with a total 
capacity of 4.4mg d associated 
with two nuclear power plants 
planned at Busiemr on Iran’s 
southern coast Sasakura is par- 
ticipating in a" consortium with 
Mistubishj Heavy Industries and 
Sumitomo Shoji Kaisha. The 
power stations are being built by 
Kraftwerk Union. 

As the Japanese attempt to 
diversify their -exports away 
from industries such as cars and 
TV sets, more emphasis is being 
placed oh turnkey engineering 
projects; desalination is an 
obvious-market to go for. Given 
the strength of the competition, 
it seems unlikely that the: 
Japanese will ever dominate the : 
market, but their sales drive in 
the Middle East has gained a 
momentum which will be hard 
to stop. m 


Tokyo tariff 
cuts help 
U.S. most 


of about S225ro' (about £120m.). a monopoly of the Iranian mar- 
kU ihn tPS The agreement was announced ket, because .they were best 
' f in Tehran ' by General Ali suited to Iran’s operating condi- 
K HwnnndPt Mohammed "Khademi. Iran Air's tions. 

bed States for managing .director, The aircraft are to be used 

L ns Score- Ten P CT -.cent, of the cost of 0 n Iran's rapidly growing high- 
ly Mr - James each of the aircraft will density domestic routes, and 

or "the kev be Riven *n down-payment prior possibly on regional flights. 

B.i for the two!* 0 d^bvery. wtth the balanre to Discussions with -Airbus Indus- 

pnssibility of i Ef- l ?!IS!»,!S.l 0 SiS3 1 0 5 trtes - *** *"rencb/West German/ 
itirtg Ckiyent “{& lv lA hf> Spanish consortium which builds 


mpili;;.|teirolcum| c „^« J 0 ? 0 ® fl e . Sf y J?kin l tb e - aircraft, began wine five 


ales to AJnerte supper create, but banking years ag0 and have been at an 

The -meeting ; of., particular believe that no synidcate advanced stage for some time. 

aSi S' 1979 - 10 be completed by 1981. announced that Iran would be 
jrodueefSK mo * of ifilKour. aircraft will be delivered ten Airbuses. In the 

e'venues '- Tro '--Dclrolcum I initially and then another two. ■ lhou S h ' finannai 

■xnoris the° 5 .pcmicuin, ^ ^ however, considerations iscem to have per- 

'Although Von' nHa currently i Iran Air is to lease two Airbuses suadedj the Iranians to Jower 

■ells oil me r counLries! immediately to help cope with “*» pIus P osslbl y 

in a Guvwubwt >in-Gnvcmmcnt the annual rush around Iran s another in ree. . 

lasis, these roii -acts are rcla- New Year holidays later this The U.h. shares in the deal 
ively smali ar most exports month. The leased aircraft witl since British Aerospace builds 

ire carried but through multi- arrive within the next few days, the wings for ali the Airbuses. 


m a Guverrinw 
lasis, these icoi 
ively small' ar 


larlonals {ike E 
The stale:. < 
J etrol«w v ‘de " 
narket abom-ot 


bkon and Shell. 

^enezitcla — does Freight rates I South Korea 

Quarter of its ^ 

"S^SSS rise -in ; wants to 

i a jor= contract i South Africa cut surplus 

h Washington | -• 

departure fori' “By Quentin Peel By David Buchan 

!!? JOHANNESBURG, March 5i BRUSSELS, March 5. 

ihiio -■tifi*ntlnn i FREIGHT KATES on South SOUTH KOREA’S desire to 
. «ir st-ite-to-* African Railways and Airways reduce its trade surplus with the 
■u vms to be increased by at least EEC, at present running at nearly 

, * ^. h ilO per cent, from April I, and $800 m. a year, was reaffirmed by 

I harbour charges by an average Mr. 1. Y. Chung, Korean Deputy 
U be consider- ^ .^ r cent, Mr. 5. L. Muller, Minister for International 
, the Minister of Transport, has Finance, at the launching here 
nnw acuyeiy announced. of Korea’s first foreign financial 

:i production The increases are aimed joiQt venture on Friday, 


4ies through ilfown marketing 
Ilvlslon^mfvbfe some- clients 


*f Its own : UkU 
However, a 
naiie direct ly_ v 
’ /fluid- be a ttM 
/hnezueia. Altf 
uclan Goverti 
ircctcd much 
j the posisflrtl 
hUe deals will 
jng-lerm L bew 
^jrangemenis cb 
ble for Cafaca 
With Mexico 
eveloping ite 
apability, Vcne 
ussibilUy of Iw 
s vital U^.- 
lexicons reach 
greement with 
iovemment or, 
oucerus. 

> Reprvsenfativ 
uclan Govern 


Freight rates 
rise in 

South Africa 


pajor= contract! SOlltfa A 
lh Washington | ^ 

j departure for ' “By Quentin Peel 


ji vim ua' ii.irKfi ii ; coming year. But m aaaraon.io jsiuxeues liamDert nave set up 
lexicans reach aouie fulur® rising, costs, a major portion of together the Korea Europe Asso- 
greement with iiihor the U.S. increase is needed for dated Finance Company 
iovernment or American oil u, e railways to finance their .(KEAF), with a starting capital 

uocerus. own capital expenditure from of SLlm. 

t Reprvspnfatii 1 s of the Vene- revenue, because of the difficulty ' .The company’s range of ser- 
uelan Goverr urnt uml a of ruising capital on the open vices Will include trade and pro- 
■raahan-Venczu'lan consortium market. ject financing in Korea. Europe 

ave sicncii a 51 L’hn. eqntract Mr. Muller said that not only and third countries, and arrang- 
or civil work u the final stage were foreign Joan funds limited ing syndicated and Eurobond 
f the Guri hv ruelectric com- at presenr, but the very short loans' and issues mainly for 
lex in south ea 1 Vencrucla. redemption periods prevented Korean rompanies. . " 

The wmlraet i behoveff to be the large scale application of such ,-Mr. Chung underlined , that it 
be bRsnt eon truetioo agree- funds for the financing of fixed w$a. Korean policy to. diversify 
lent ever ,inad - m Venezuela. I investments. ’■ the wuntiy’s trade away from 

_ • w ° , its heavy dependence on the US. 

■ and Japan. 


j By Douglas Ramsey" 

THE JAPANESE Government's 
decision last week lo cut by an 
average of 23 per cent, tariffs on 
318 imported items several 
weeks ahead of schedule, will be 
effective on imports which 
amounted to S2.15bn. in fiscal 
1976. 

The cuts made in advance oi 
greater reductions in the GATT 
multilateral trade .negotiations." 
will primarily benefit - U.S 
exporters although the tariff 
reductions are .“global" in 
nature. 

It is estimated that the EEC» 
share of these imports in *1975 
was about 5500m., or one-fourth 
i or the total. The steepest cute 
j nonetheless, have been, reserved 
| Tor two products on the 
i Americans* shopping - list Iasi 
j January — computers (reduced 
I from 13.5 per cent, to 105 per 
I cent.) and colour films (from 16 
per cent, to !1 oer cent.). 

Japan’s tariff cuts coincided 
with the departure -of a major 
buying mission lo the United 
States, also agreed in the UE.- 
Japan .communique last January. 

The mission,, led by Mr. 
Yo&bizo Ikeda who is president 
of Mitsui, represents a wide 
range of Japanese buyers and 
there is now talk in Tokyo of a 
SlbiL or more target in pur- 
chases to result from the mission 
during its 16-day .tour of the 
U.S. 

To underline the importance 
Japan attaches to the mission, 
Tokyo has decided to send Mr. 
Minoru Masuda,- Vice-Minister 
for International Trade and In- 
dustry, to Washington on March 
9 and 10 to reaffirm the Japanese 
government's interest in the 
otherwise-private ** buy Ameri- 
can ” mission. 

EEC oil check 

By Our Own Correspondent 

BRUSSELS, March 5. 

A SIX MONTH “trial, run" 
check by the EEC Commission on 
Rotterdam spot price quotations 
for refined petroleum products 
starts, to-day. 

Thirteen oil companies. 12 in- 
dependent traders and six large 
indsutrial buyers have agreed to 
re'port all their transactions for 
that period to the Dutch account- 
ing company, Klynveld-Kraayen- 
bof, which will pass the informa- 
tion on. to the EEC Commission. 


UNEMPLOYMENT 
■ no 


■ Y.Gemuny flOlPsi 

'W Wt- 

0/ • 

'toBand* . OQO'sj 

! %■: 


,tighi<n 


000’s 

- 

- : 

OOQM 


Feb. 38 
1*224.9 
5.4 

1.409.0 

5.9 
l98Jt 

5.0 

Jan.*T8 
1.027.7 
4,7- — 
299.5 
12 . 1 — 

- 6Jr 
No*. 7? 

1.010.0 

1.9 

1JJ9SJT- 
&Jt. ■ 


Jan. *74 

1,213.5 
5.4 
1,428.4 
&J> 
202.7 
S.T : 
Dec. *77 
1,054.1 
4.8 
294.4 
12h 
fi^37h 
- 7-'*4'- 

Oct.77 
1 , 000.0 
1JI 
July 77 

■ ■ 1,492.0 

as 

* Seasonally 


Dec .77 
1,090.7 
4^ 

. 1/828.1 
&0 
208.0 
52 
Nor. 77 
1,068.1 

4.9 
296J 

■ 12JT- 

4.800.0 
’ 4.9 

Sept 77 

1.050.0 

1.9 

: -April 77 

1.432.0 
AJ ■ 

adjusted, f 


• Feb. 77 
1JJ23LT. 

5.0 

1J31.4 . 
5Ji. . 
20B4 : 
5J» 
Jan. 77 
1434.9 
4.7 
2452 

• 10^'" 
7,600.0 

7 3~ 
Nor. 74 
970JI 

Oct 76 
777.0 / 
40--' 
Provisional, 


8 Contracts totalling; about' 
£»D0 have been placed with 

r irit Controls of Bath. Avon, 
electric valve actuators, for 
ah - Australian power station 
extension. -The .twin 850 -MW, 
second-stage . .. extension to. 
Yaflomn "W" for. the State Elec- 
-tritity Commission- of- Victoria is 
to, he! equipped with about. 250 
Rptork Syncropak actuators.' " 

• Three orders for combustion 
equlGuient, worth a total of 
£28QjKsObave been won in Yugo- 
slavia by, ; Peabody Holmes. - 
^jnclics . .Technology . Inier- 
aMiqn*K-of Ttiehmomi. -Surrey, 
bas placed an order for Peabody. . 

-oil -end gas -burners, 

pipework and burner manage- 


ment systems. The equipment is 
due for installation in mid-1978 
at the lna -NaftapKn ' Ethylene 
Project In Yugoslavia. - 

# Boeing said Air Tanzania has 
purchased two Boeing; 737 twin- 
jets - for -delivery in December. 
197S arnTMay 197ft. The purchase 
price was not disclosed. 

• International Paint-Industrial 
Coalings has won an order for 
200.000 litres: of paint to Egypt 
The . white domestic appliance 
finish paint has already been 
shipped and will be used on 
refrigerators - and washing 
machines made by Delta indus- 
trial Company (IDEAL) of Cairo, 
Egypt's largest manufacturer in 
this field. 



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Bi-partisan approach ‘key 
to good property trade’ 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


IN A PRE-ELECTION manefesto property depends will not be willing tenants into squatters 
published to-day. the British created." tbe federation says, and Increasing homelessness." 

Property Federation says that On the thorny question of land Controlled rents and legisla- ; gpjLLERS 


Tesco cuts bread 
supply links 
with Spillers 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 

which is already been taken on extending this to 


a healthy property industry is legislation, it “ accepts that tion allowing short lettings. heavy losses on bread, the rest of its 850 branches, 

vital for Britain " 3nd calls for there should be a benefit to the without indefinite security of das j ost one 0 f its biggest super- 

a bi-partisan appoach to the in- community from the granting of tenure, should be abolished. [market customers for Us pro- P , o¥»froc*Sr»« 

dustry. planning consents." but adds Planning controls were com-; ducC Tesco has decided to stop '--uiigesuun 

The federation, which repre- this could best be achieved by a plex and time wasting, and thelbuviug bread from the company j n the past, most of the big 

sents the main publicly quoted new form of betterment tax. federation urges a “more posi-| and concentrate its purchases supermarket chains have stocked 

properly companies as well as in- The Community Land Act rive approach and co-operative l instead with the two other big bread made by all three of the 

dividual commercial ami residen- should be replaced bv " lesisla- attitude by local planning ■ hakinc ctouds. Associated British big baking groups. They have 


tial landlords, has taken the non that would strengthen local authorities in dealing wit! 
unusual step of producing a juthori ties' powers of acquisi- applications." 

lion - . wbi,e f . providing and industrial development certi 
aims at the beginning of the restoring safeguards of indm- ficates and offlce development 

P 6 dual rtP hts permits may no longer be rele- 

'* Unless measures can b*» im- The P r °S res rive results of 60 vant, and should be abolished 
nlemented ?nri sunoorted on a of rent legislation had for a trial period. 

Ion™temi ha" is and not made b «o t0 drive raore Private land- The federation also opposes 
subject to frequeni about-turn*. lords out of business, thus penal rating of empty properties, 
the necessarv confidence on creating a national problem by and calls for a general simplifl- 
whicb expanding investment in “ turning untold numbers of cation of property legislation. 


Cheap air 
cargo plan 
for Canada 

British Airways and Air Canada 
are to introduce cut-price air 
freight services between the U.K. 
and Montreal and Toronto from 
March 15. if the Government 
approves. 

The rate.: will he a* low as 
41 Ip per kiln to Montreal and 
43p to Toronto The} will be 
available in «hipncr* who guar- 
antee to provide the airline'; with 
minimum tonnages of 250 or 500 
tonnes over a year. 

Blake at Tate 

Twelve illustrations by William 
Blake for John Milton's poem 
Paradise Lost, which have not 
been seen in Britain as a group 
for almost 100 years, will be on 
view together in a major Blake 
exhibition at the Tate Gallery. 
London, on Thursday. The draw- 
ings are on loan from the U.S. 

Pensions switch 

From Aoril 6. lower contri- 
butions will be paid by 1.5m. 
self-employed people 3nd 9m. 
employees who are contracted 
out of the new pensions scheme. 
Mr. David Ennals. Social Ser- 
vices Secretary, said in London 
yesterday. A person earning 
about £80 a week will pay almost 
£1 less per week. 

Women protected 

A woman's pension rights will 
he protected during the years 
she spends at home caring for 
children or looking after a 
severely disabled relative under 
the new scheme. Mr. Stanley 
Orme, Social Security Minister, 
said at tbe week-end. To get this 
benefit, a married woman must 
he prepared to pay full contri- 
butions to the scheme when she 
is In eraployrnrinL 

University stand 

Britain’s 44 universities will re- 
ject any attempt to breach the 
principle th3t if teenagers are 
qualified and willing to go to 
university, places should be 
available for them. Lord Boyle, 
chairman of the Committee of 
Vice-Chancellors, said in a warn* 
Lng to the Government yesterday. 

Smoking curb 

The Government is to follow a 
proposal by tbe 100,000-strong 
Institution of Professional Civil 
Servants that where practicable, 
non-emokers should not be 
obliged to share an office with 
smokers. A move for a total 
smoking ban has been rejected. 

Threat to robot 

Research at Queen Mary College. 
London, to produce a “learning " 
robot is threatened by lack cf 
cash. Under the project machines 
would be ran by robots which 
would learn how to do the jrb 
better snd how to do new jobs. 

Check on energy 

Electrical appliances should be 
labelled with the amount of 
energy they consume, Mr. Tom 
King. Conservative spokesman 
on energy, said at the week-end. 
Their power consumption should 
be given in the same way as a 
car’s mileage per gallon is 
shown. 



forecast 
for building industry 

BY MICHAEL CASSELL. BUILDING CORRESPONDENT 

A DEPRESSING picture of slug- turning Into a decline in the 
gisb construction output over second half of tbe decade. Public 
the next decade is forecast in a housing work is seen as being 
report published by the Institute very weak throughout the next 
of Marketing. decade. 

The institute's construction In addition, the report expects 
indu'd ry -marketing group says public sector non-housing con-j 
I here will be only a slow -traction work to remain 
improvement in output from the virtually stagnant. The private 
prevent l«v levels until 1981— nnn-housing sector will show a| 
after which improvement will strong recovery at first though 
continue, but at an even lower not up to 1973-74 levels, with a 
rale. loss of impetus in tbe second 

It ox ore -sos concern over the half of the decade, 
prospect of a declining propor- One bright spot concerns the 
lion of the gross domestic outlook for repair and improve- 
produi-t being invested in con- ment works. The survey sub- 
struction. gests that these will exceed the 

The report predicts an overall levels of the early 1970s and 
decline in bousing, both public show a growth rate of up to 
and private, with a short-term thre? times that of new con- 
recovery in private housing -i ruction work. 

Money market nervous 
over financial trends 

BY PETER RIDDELL. ECONOMICS CORRESPONDENT 

MARKET attention during the eligible liabilities— a main com- 
coming week will focus on the ponent of money supply — and 
banking figures for mid- the London clearing banks’ 
February*, following the sharp monthly statement due to-mor- 
rise in the money supply row afternoon, 
announced last month. A further indication of the 

Sterling M3, the broadly latest inflation outlook will be 
defined money supply, increased provided to-day by tbe wholesale 
by 2.3 per cent, in the month P r >ce indices for February for 
to mid-January, raising tbe raw materials and output, 
annual rate of growth since last The cost of raw materials has 
April to 14$ per cent recently been falling steadily in I 

. ,. . response to the rise in sterling I 

® a ab t ™„ th * ’ “JET and dr °P * w orld commodity-! 

L 9 i?,. C f nrf pnces - In January the index 

growth range for 1977-78 and was 31 P p r cent lower than last 
led to market concern about the vei The 12-mnnth rate of 12 
authorities’ ability to control the 'crease in output prices has. bow- 
rn S!L etaj 2f aggregates ever, remained io double figures. 

.J. he ^ G0Ver ? menl haS r ar2 H ed Pointing to a rise in profit mar- 
that the main reason for this gins 

rise was the impart of the recent other economic indicators due 
tax cuts and rebates and that tbis week are the revised retail 
tbe underlying trend rate of sales figures for January (due 


Foods and Ranks Hovls Me- therefore had to cope with separ- 
Dougail. .ate deliveries and this has some- 

Tesco will continue buying times led to congestion at tie 
other flour-based products, such backdoor. 

as buns, from Spillers. however. Supermarkets now seem sn* 
Tesco’s business is believed to creaslngly to be deciding that, 
have been worth £5ra.-£ fi m. a as there is not much to dis- 
year to Spillers. which in 1977 tinguish one brand of bread 
had total sales of £621m. It is from another, they might as well 
understood. however. that cut down on the number of 
Spillers has offset most of tne suppliers they use. 
lost Tesco business by picking _ consLHve 

“? 0 mesuonf in .ha breid taduSr? 

bi- supermarket O roups. j s the level of discounts the 

bakers give their trade 
£,x|,crmreiii customers. Though Tesco says 

Tesco 's move comes as several that its decision to drop Spillers' 
of the big retail chains are bread has nothing to do with 
cutting down on the number of tbe size of discount it was 
bread suppliers they use. to offered, it is understood that 
reduce administrative costs. tbe average discount given by 
International Stores is also ail three suppliers has increased 
doing without Spillers' bread in over tbe last few months, as the 
some of its stores as an expert- companies compete against each 
ment, but n o decision has yet other for business. 

Better planning ‘could 
make diver’s job safer 5 

BY RAY DAFTER. ENERGY CORRESPONDENT 

OFFSHORE OIL operators and available to designers on how 
fabricators of North Sea pro- they could avoid making the 
duction equipment are making work of inspectors more difficult 
sub-sea inspection work more and hazardous than need be. . 
hazardous and costly than neces- Divers inspecting the first 
sary because of insufficient plan- generation of North Sea plan- 
ning. according to a new report, forms had .been hampered by 
North Sea inspection, main- shortcomings in the design of 
tenance and repair operations at structures, such as tight corners, 
present cost oil companies more recesses and narrow gaps, 
than £50m. a year. Less corrosive materials might 

It is estimated - within the cost more initially, but cooid 
Department of Energy’s Offshore work out cheaper than long-term 
Supplies Office that the market inspection and maintenance. 

»ar b bv Thf Vniwatc, Iteptctfcm 0/ Of - 

official industry fiuure- suggest h? CXJR 0 Undcimter 

that in a few years, the annual JJ. f 

cost may be nearer E800ni. eSZOSZ 

A report published bv the Engineering Group, b Storeys 



Financial Times Monday Man® 6 1978 


LABOUR NEWS 


muon 




war 


branches 


Underwater Engineering Group 


Gate. Westminster, London 


of the Construction Industry 

Research and Information Asso- Underwater Engtneermg 

ciation claims that some of this Group/ 

money could be saved by more O Wimpey Laboratories and 
careful planning. Furthermore, Polytechnic Marine have formed 
the job of a diver could be made a joint venture company regis- 
easier and safer. tered as Wimpey -Polytechnic 

The report, prepared for the Offshore trading with the name 
association by CXJB Under- Wimpol. The company has, as 
water Engineers, claims that up its aim. the expanding business 
to now no guidance has been of offshore survey and inspection 

Mobil to lay up three 
or four big tankers 

BY OUR SHIPPING CORRESPONDENT 


GLOOM in oil tanker markets put at between 6m. dwt and 
was not helped last week by 11m. dwt. The higher figure 
the news that Mobil was to lay includes ships to all intents and 
_ up three or four VLCCs in the purposes laid up rather than 

increase should be back within this afternoon r*the”fourth q’uar- ! -00,000 to 225.000 deadweight- awaiting cargo. 

.i 1- • — — =- *•- - - - 'ton bracket. One important development 

This came a few davs after nolp d by Galbraith Wrigfatson is 
tbe announcement of five lay- « ■ f*“ r P i“ c «ase in scrapping 
ups from BP, raising the world J*™ f°r tanker*. This brokers 
lay-up figure for tanker and 
combination beyond the 41m. to 

42m. dwt recorded by brokers demolished since mid- 
last week December. 

Brokers' a, turtl.er lay-ups *° rt , h „ «« «U*«y, although 
cannot he ruled out. l” provide oppSniUK f® 

According to E. A. Gibson owners. BP entered the market 
who some onn < , |«wly three VLCCs were fixed in last week on behalf of the 

cJt c ?icf execudves ; m six; the Persian Gulf last week, and Buchan Field 


tbe desired range in the enming ter balance of payments statis- 
mmiths. .... tics (dne on Wednesday) and 

The market is. however, still figures for central Government 
nervous about the trend, with financial transactions (due on 
tbe figures for U.K. banks’ Thursday). 

U.K. managers criticised 


BY KEVIN DONE 

BRITISH MANAGERS. 


BY MICHAEL BLANDEN ; 

. THE NUMBER of - branches 
involved in the 'planfied . re-: 
organisation at Barefaya Bank 
Is now likely to be significantly 
fewer than the .600 which were, 
originally expected to face'- 
posstble closure of restructur- 
ing. 

The hank has now received 
reports from its local directors 
who were asked last year to 
make a detailed study of 
branches in their areas.. These 
have yet to be assessed by the 
' hank in detail before it 
decides on its final programme 
of cutbacks and redevelop- 
zneoL 

it has become clear, how- 
ever, that for a variety- of 
reasons the local- directors have 
put forward arguments which 
will mean that -the scale of the 
change will be rather less than 
expected. ■ - ■ 

. Bank unions were quite 
icritieal when it became known 
last November that Barclays 
was undertaking a major 
review of its branch network. 
It followed an internal survey 
which showed that up to a fifth 
of the group’s network of -over 
3,000 branches might require 
close examination.' 

The plan was then .referred 
to local directors. Now that 
their reports have been 
received, the bank expects to 
study them over the next 
month or two .before 
1 announcing Its proposals. 

It is expected that whatever 
happens the reorganisation 
will take a number of years, 
and may involve mergers and 
other forms of change as well 
as closures. 

The move by Barclays Is 
part of a trend among the 
UJL banks to examine ways of 
malting more effective use of 
their Increasingly expensive 
branch networks. 

Among tbe other banks. Mid- 
land last week announced the 
extension of its experiment in 
setting up area offices to take 
away some of the harden of 
specialised services ..and 
administrative work from local 
service branches. 

Midland has already started 
to test the idea in three areas, 
and Is now to extend the. con* 
cept over the next 18 months 
or so to some 102 branches In - 
six more areas. 


£2m. project 
on economy ~ 

to be launched 

By David Freud ' - ; 

A £2m. PROJECT to construct 
the first integrated mode) of ths 
world economy will be launched 
this year by two leading. U.S 
forecasting institutions, SRI 
International - and Wharton 
Econometric Forecasting Asso- 
ciates. 

It will take two years and has 
already .attracted half its target 
of 60 sponsors, each to be 
charged £25,000. About 25 per 
cent of the sponsors will come 
from Europe. 

The model, is a development of 
Project Link, the United Nations- 
International Monetary Fund 
system covering 13 countries, 
started five years ago. 


: lW..pUR:OiBOUR SiyjljEt > ■; ,/ ...... iq.v; 

TB®'"uNICN : of:' Shatf. THstrt' With parrtici^Wemployers, Lord 
butive ' and Allied : Workers will- Allen -addd&'-r-i.* • 

gtve-Oiir backing tor members Many shMB ^were already 
fightlns:to keep thalr jbts ^ un deretoffed' - , i^ the union 
ttire.High Street price ‘wari wodld not toRratt job insecurity 

1 Atten, - general secretary said inferior pay '""and conditions 

- • as- -its contribution to keeping 

trfSl a- ^ ■ 

“rising resentment rf -aninng'shpp .. -.'Sbf i 
staff. To' ensure- that "they - did -could: - help .-"td;:. stabilise prices 
not-becorae Victims of- efforts by- «*as exMain^on 

eunennarkets and. other- retailers' qf^labour- eff^ency. Tberffist 


supexinarKets. 

tG 'S eP uS n woild be seeking efuded that existing measures 
formal agreements on staff levels wdre lnadequrte; 


to ‘keep, down costs.. report of Srfs kind had con- 


Car carrier growth predicted 

BY IAN HARGREAVES. SHIPPING CORRESPONDENT 


meet in London to-morrow for countries nf tiT Q rsrsian v<uii last wees, arm buenan rieiQ consorijum in 

their second annual convention weaknesses «.« ntl not surprisingly there was no search of two tankers between 

0f toeir com - rise in rates. Unfixed VLCC and 65.000 dwt and 95.000 dwt for 

by two out of five of Europe's top Only about a fifth of those |LLC tonna S e m the area two to eight years tune charter, 
businessmen. questioned attribute the low 

The British still have an old- growth of the British economy 
school-tie image. In a survey ineffective management, 
to-day by Chief Executive Three-fifths put the blame on 
Monthly they are described by labour and union difficulties., 
their Continental counterparts Nearly half thought the U.K. i 
as “ too conscious of social class standard of management v.-as I THE purpose-built roll-on /roll-off car carrier fleet at 128 vessels 

to he able to motivate their rising. car carrier fleet will grow by 40 totalling 950.000 d.w.t. with a 

workers.” and are accused of 
being “too arrogant in their inadequate 
dealings with customers and ^ave a "significant bearing 

suppliers in other countries." U.K. industrial problems. I according to a study by Lambert interests. 

There also appears to be a More than half believed British Brothers, sbipbrokers. In addition, 327 bulk carriers 

wide belief ihat they are "too compared badly with other; The trend was the one bright ai !f. f ° r shipping cars, of 

demoralised by industrial conflict European goods in design, pack- 1 spot ic a ble3k snipping scene. * vhK J?. 91 have roll-on/roll-off 

and economic problems to pro- acing. delivery, marketing and i out import resirictrcns on Japan- Dandling and L3o IIEt-on/Jift-off 

vide the quality of leadership after-sales service. They scored jese cars, energy constraints and techniques, 
now required of them.” well on price. (demand saturation in some key Specialised Car Carrying 

The report, based on a survey About 1.000 managers will be markets would make the boom VesscL*?: Lamberts Research 
in conjunction with Management at the British Institute of ( for shipowners short-lived. Lam- Department . P.O. Bor 431. 53 
Centre Europe, assesses views of Management's convention. beri estimates the present pure Eastcheap. London, E.C.-3. £40. 


Assistant masters quit 
school meals ban 

THE BIGGEST tcachers’ union, a .proFessibnafcnor constractive 
the National Union of Teachers, .response 

begins sanctions tt^day to many.. The ' '“SSL^miISK 
schools because of .a. pay row school dinner duties; mid-day 
with, local authorities. . The NUT supervision .irf . children; and 
suffered- a blow yesterday when voluntary activity outside the 
the third largest teaching union, .classroom.; • '. 

tiie 40,000-strong .Assistant On March 13 the second 
Masters’ Association^ 'said .it largest- .inddaKi' -the 100,000- 
wonJd not join the .sanctions. ‘ strong-. If attonw^ Association of 
A Week-end meeting of the SchoolmastersM&iion of Women 
association’s execotive decided .Teachers starto s imila r gnerilla 
to advise its members against action. 3 . 
the action because claim for a . Today's. sanctSons start in 12 
per cent rise in April had branches, of the NUT. due by 
already gone to arbitration. - It the end of ~tEfe' freak to rise to 
said sanctions would be " neither 26. - 

r - — . : — 7- — ,v> ■ ; 

McDiermottArdei^er men 
resume normal woraing 

WORKERS involved in an eight- En g ine ering workers, and man- 
week dispute at the McDermott agement 

Ardersier offshore platform yard The dispateggrev from failed 
return to normal working today, negotiations « the end of last 
m . .. year on plans increase shifts 

The dispute, over t he Jpt rodqc- fpQ m to three a day, adopt 
tipn: of a . flexibility of vroiktog in. the yard, 

additional flexihll tty. has halted and change vA weather working 
work . on three order?; since arrangements^. , 

January- 10- But : most '(St ttw 800- men at 

But a mass meeting on Satur- the meeting accepted a return 
dav accepted a shop stewards’ to work on the trisliiig two^jift 
recommendation to return, 'on- pattern. TheJ change of shifts 
the basis of talks held last week was accepted Qh.the understand- 
between stewards, Mr.- : Gavin tog. that fiex%tity practice and 
Laird, national executive- offidal . wet-weather awaagementa would 
of the Amalgamat ed ; UaiQP • of remain in forcfe,V- . - 

Post Office to extend test 
in industrial democracy 

BY JOHN LLQYD 7 ‘ ^ . 

TOE POST OFFICE experiment "'to- the Association in. the six 
in industrial democracy, at pre- areas involved iin the experts 
sent confined to the Board, is to ment - Two seats axe for ■ the 
be extended to - regional Board Union of Post ’Office Workers 
and local levels of the corpora- and one, for* Use Post Offlce 
tion from April 3. But . it will Management Staff Association in 
proceed without the co-operation four regions. ? The Society of 
of the Oril and Public Servants Civil and Pnblie Servants have 
Association — the largest white- one seat in three regions, • 

hnhm; . _ On the postal ride and at -local 

The- umon is in dispute level, there ik ■ to be a similar 
toe Umon of Post Office Woikeis pattern of industrial zepresenta- 
over the association s closed ■ 

shop arrangements- for typists at - . - . , . x 

local levels. The Issue comes e to 

before the TOC’s disputes com- 

mirtee next Thursday. SSiff JKS. bas ^ m 2 fied 

The association' also claims P°stw and ^rtecommuidcations 

that tbe Union of Post Office Boarfi L 

Workers is overrepresented in • Civil Servants -may soon take 
the telecommunications business industrial aettoa unless a break- 
at local levels, _ to issue to be through Is Made in pay talks 
put to the association.:. conference with the Geronunent This warn- 

-iag came Iasi: night from Mr. 
For .the present, ...the repre-. Geny.XIUIImtffr general secretary 
sentation of toe unions, at 0 f the .Soctaty of Civil and 
regonal level is, on the tele- PahHc ' Servant— which rep- 
cominunicatiORs side, two seats resents - 165JQO0 la middle' 
to the Post Office Engineering maaagemenrjfrades and is pursu- 
Union; one to the Society of ing a daim\fbr rises of up to 
Post Office Executives and one 28 per cenfe,-?- ' 


NEWS ANALYSIS — MEDICAL SCANNERS 

EMI faces a strong challenge 


THE HALVING of EMTs profits 
in the first six months of the 
current year has highlighted the 
increasing difficulties in the 
world market for its star pro- 
duct the diagnostic body 
scanner. 

EMI is now paying several 
penalties for being a world 
leader with its invention, laun- 
ched four years ago. 

The scanner produces a three- 
dimensional picture of tbe body 
by using computer analysis of 
X-ray beams directed through 
the body from many different 
directions. At first the technique 
was for brain scanning, but it 
has since been applied to the 
whole body. 

For the first few years. EMI 
reaped substantial rewards from 
its invention, witb a highly- 
suecessful marketing effort 
focused mainly on the U.S. Sales 
rose rapidly from £400.000 in 
1973 to an estimated £10Om. last 
year and contributed substan- 
tially to the group's profits which 
were averaging more than £2Qm. 
a year pre-interest from tbe 
second half of 1974-75 up to the 
second half of 1976-77. 

However. EMI was not able to 
protect itself with patents as 


effectively as. for example, the 
Xerox Corporation which kept 
competitors in plain paper copy- 
ing at bay for almost a decade. 
The scanner was mo tempting a 
prize for electronics companies 
throughout the world. 

Nearly 20. including the 
raigbtly Genera] Elecinc in the 
U.S. and Hitachi in Japan, 
immediately set out to produce 
their own versions of the 
scanner. 

As a result EMI now competes 
against 15 other companies just 
at a time when the Americans’ 
ability to pay for these ve in- 
expensive machines is being 
severely curtailed. 

Total orders in the U S. were 
running at 500 units 2 year IS 
months aeo. and doctors were 
optimistically forecasting a total 
market for 7.000. However, the 
U.S. Government’s efforts to curb 
the rising trend of expenditure 
00 health care has severely cut 
back orders. 

Dr. Job n Powel I . EM I's 
managing director, estimates tin' 
rota! market for scanners in die 
U.S. will be reduced tn only 
ahnur 200 units. Of This total. 
EMI can expect to gain, at the 


BY MAX WILKINSON 

current rate of orders, only about 
a third at besL 

For the last four years U.S. 
expenditure on health care has 
been increasing at an alarming 
15 per cent a year. Hospitals 
are now obliged to obtain a 
certificate of need before health 
systems agencies can authorise 
a scanner purchase. 

Dr. Powell said: "There has 
been a tendency to blame the 
scanner unfairly for this rise in 
expenditure. The reason is no 
doubt that the scanner is the 
most clamorous and most con- 
spicuous equipment on the 
market 


High cost 


“ However, scanner purchases 
account for only l per cent, of 
capital expenditures and the cost 
benefits have often been over- 
looked.” 

A series of reports have been 
commissioned to estimate 
whether economies and other 
henefits from the scanner do 
outweigh the high cost, now 
averaging about $550,000 

r£35o.noni per unit. 

The keenest competition in the 
U.S. is from General Electric 


« already a major supplier of 
X-ray equipment!. Ohio Nuclear 
and PSrer Medical Systems. EMI 
k engaged :n a strenuous legal 
hat tie with Pfixer ^nd Ohio which 
it claims have br.th infringed 
its patents. However. EMI has 
found that the slowness of 
patent proceedings created diffi- 
culties in its defence of market 
snare. 

In Japan., where patent pro- 
cedures are even slower. EMI 
has faced similar difficulties. 
Japan is currently the second 
larges- market for scanners with 
deliveries up to the middle of 
last year totalling 120 units 
valued at £21m. EMI signed an 
agreement with Toshiba three 
years ago to market its machine, 
and for a while had a free run. 
With remarkable agility. Hitachi 
developed 5 ts own scanner within 
a year and quickly achieved 30 
per cer.-.. ni sales." 

In Germany. Europe's largest 
potential market, EMI will 
t-r. counter tough opposition front 
S:exner.« which announced its 
own. faster, scjnr.er last Decem- 
ber. Philips of Holland is also 
d.?v?i'«'.:n s - a rival system. 

In addition. EMI has found 


itself overtaken in some of the 
scanner's specifications. EMI's 
system has a scanning speed of 
IS to 20 seconds, while the 
newest competitive machines 
have reduced the time to 
between one and five seconds. 

EMI has been forced to bow to 
this pressure by developing a 
new. faster machine, but it will 
nut be ready until tbe end of 
this year. 

EMI also faces tbe challenge 
from cheaper methods of making 
pictures of tbe inside ot the 
body, such as “ ultra-sound." in 
which high-frequency sound 
waves are analysed. Ultra- 
sound scanners cannot yet pro- 
vide definition comparable witb 
X-ray methods, but they have 
advantages and cost about a 
tenth of the price. EMI is com- 
peting in tbis field 3nd it also 
ha; its own research programme 
to develop computer-based 
therapy methods which can use 
data from its scanner. 

There can be little doubt that 
even with the most intensive 
research and marketing effort. 
EMI will find the field a good 
deal toucher during the "next 
few years. 


This advertisement appears as a matter qf record only. 


JfdtuuT 1978 




Entreprise Nationale SONATRAGH 

Japanese Yen 12,500,000,000 Si : . 

. Seven Year. Loan . • VS- r : : 

Guaranteed by 

Banque Exterieure d’Algerie 

Managed by ■ ' 

The Long-Term Credit Bank of Japa n .Lim i ted 

Co-Managed by 1 

The Mitsubishi Trust and Banking Corporation 

Provided by * ' 

The Long-Term Credit Bank or Japan, Limited 
The Mitsubishi Trust and Banking Corporation 
The Nippon Credit Bank, Limited The Tokai Bank, Limited 
Commerzbank Aktiengesellschaft The Dai-Tchi Kangyo=jiank, Limited 
The Daiwa Bank, Limited The Industrial Bank of Jap^n, Limited 
The Mitsui Bank, Limited 

The Mitsui Trust and Banking Company, Limite d - * - 
The San wa Bank, Limited .. 2 ' 

The Yasuda Trust and Banking Company, Limited 
The Saitama Bank, Limited 

The Sumitomo Trust and Banking Company, Limited 

The Toyo Trust and Banking Company, Lim ited 


. Agent Bank:. 

The Long-Term Credit Bank of Japan, Limited 


£»- 

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There arenow more young people out of 
wo k than at any time since the war. :. 

In some areas thafs 1 in 3. Andthey’re not 
wo k-shy hooligans, they’re victims of the economic 
fac sof-Kfe. 

They’ve applied for jobs - in some cases 
the -Ve applied for dozens - and they’ve been told 
tlia : without a skill or work experience they haven’t 

aciance. 

'Which makes them;teenagerejects.Turned 
do m without trial. 

Y6uth Opportunities Programme. 

The Youth Opportunities Programmers 
an ;w plan to help employers hdp ypung people, 
eve n if they can’t offer any permanent jobs. 

T Ifebased on the best elements of existing 
schemes that have succeeded in helping as many 
as 4 out of lO participants into jobs, . ‘ ; 

7 The idea is extremelysimplerlfyou can 
take in young people for up to six months, 
introducing them to the benefits and disciplines of 
wofk, we will pay them £19.50 a wedt And there 
are ho Nationd Insurance contributions or tax 
returns to worry about 1 


They get invaluable experience, training 
and the chance to earn a reference that proves their 
worth. You get a chance to give them a future 
without having to take anyone on permanently- 
unless you want to. 

The alternative. 

The only alternative is a growing number . 
of young people who feel discarded by “the system’ 
and a smaller pool of trained and enthusiastic 
people for industry to draw upon. ‘ 

And, if nothing’s done, the inescapable truth 
is that by the end of this year the situation will be 
even worse. 

Which is why the Programme is backed by 
the government, the CBI and the TUG. 

How it works. 

We have offices all over the country and our 
staff are eager to give employers every detail of 
the schema Atthe same time, these offices keep.in 
close touch with all the bodies concerned with . 

unemployed young people in your area. 

Which makes them uniquely qualified to 
help youhelp young people. 


If you’re interested in participating in the 
Programme, our staff will help you plan an intro- 
duction to work for young people that will benefit 
them without disturbing the normal running of 
your business. 

. You are-then free tochoosethe young men 

and women you feel have the most to offer- and 
whose future will be brighter as a result of training 
and experience under your guidance. 

Then it’s up to the Youth Opportunities 
Programme to make sure that your involvement is 
as trouble-free and rewarding as possible. Give a 
young person a chance, and we will do the rest 


Get the full story from Roger Panton, 
Manpower Services Commission, Department 
FT1, Selkirk House, 166 High Holbom, London 
WaY 6FETel. 01-836 1213. 

Our future workforce depends on it 


m k T i];nu: 
Mmim 


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Financial Tiipes ftlonday 1078 ' 


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rarrED by Arthur bennett and ted schoeters 


• NORTH SEA OIL 

Sound tests of rig 
welds for cracks 


3 PhsM 
Otcai aM ■ ■ * 
ft wwrHdkup 





• MATERIALS 


BESTOBELL 
MQKREY }: ; 


Lg\p : " 


UNDERWATER ultrasonic in- 
spection equipment for complex 
welds, applicable to the node 
geometries common on North Sea 
oil rigs, has been newly de- 
veloped by MajEval of Newton- 
le-Wlllovs. Merseyside. 

Intended primarily for in- 
service inspection for fatigue 
cracking, the system requires the 
minimum of diver involvement 
and ail the latter is required to 
do is to clean off the joint to he 
examined and place the una 10 
position. 

Subsequent skilled interpreta- 
tion of the results is carried out 
by non-destructive testing ex- 
perts. either in a submersible or 
on a normal vessel ur rig. 

To design the equipment, the 
company assumed that fatigue 
cracks run from one or other sur- 
face of the joint since large in- 
ternal voids would almost in- 
evitably be found during produc- 
tion inspection. 

The two ultrasonic probes are 


disposed one behind the other in 
such a way in respect to the weld 
centre line and to each other 
that the first half-node of Llie 
front probe searches the weld on 
one surface and the second half- 
node of the other .probe does the 
same with the weld on the other 
surface. 

A monitor can be instructed to 
look at each of these areas over 
such distances as required. 

If the probes are sequentially 
switched, it is possible to run 
nver long lengths of weld quickly 
and concentrate, on areas where 
some anomaly shows up, for a 
more detailed analysis. 

Probes are generally arranged 
on a flexible belt which can 
accommodate intricate welds. 
Where the thickness is less than 
about H inches a multi-cry siai 
unit can be applied. 

More from MatEval. 1 Belve- 
dere Road, Neu-ton-le-Willows, 
Merseyside. N bw ton- le-Wi llows 
2:1006. 


rfijratobl* Rowing Mqohtniwn 








Advice on marginal oil 
field production 


Just completing; tests at British Rail Engi- 
neering. Swindon, is this 4o-ton turntable For 
the Hong Kong mass transit system, believed 
to be the only table in the world which pro- 
vides both turning and traversing actions. 

It has been built by the engineering • 
group of Yickers as part of the latter's £3m, 
contract to design, build and supply equip- 
ment for the repair and maintenance of rolling 
stock and stationary plant. 

• PROCESSING 

High-yield sieve 


HydnuBctfiy 
‘ TV w w d 
RUm/Lmw 


With hydraulic transmission and three 
control consoles, the turntable will be essential 
equipment at the Kowloon Bay Depot, admini- 
stration and maintenance centre for the new 
underground railway system whieh will cost 
some £640m. to complete. At peak in Lhe 
mid-gOs. the section- now under construction 
—the Modified Initial System, will can? over 
lm. passengers a day. -Initial operation Is 
scheduled to start in the latter part of next 
year. - 


Fine diamoud abrasive ; V 

FOR DRY grinding cemented finer mesh sizes. This combinai- 
tungsten carbides. De Beers has tion of properties eliminates the 

developed a new synthetic *** ff > T * range of srij. sizes for -Hiiltu iK I 

vu , . , . 1 j - drv. grinding cemented carbide. 

dUraond abrasive which .. staled p S orm f„ M is stated to be ' 

to provide ^significant improve, comparable with nickel clad Bestobel-mOemationelGmao 1 
ment-in grinding ratio compared diamond grits. v u/oqp j 

with current metal clad diamond Iri: tests by De Beers, no ^ i 

grits.. statistical difference in surface • METALWORKING j 

TTie individual grains which finish was detectable . between w ▼ • ' p '% . ; 

make up the abrasive are coin'- the results obtained with the new \f n ri i 

posed of many fine- diamond abrasive (granule size- SO -U.S.- T tti ? 

parades bonded together with, mash! and those obtained with. y ' . * 

a metal matrix. There is a strong .140/170 U.S. mesh resin bonded ClfAk ! 

chemical bond between metal and . diamond grits. But the lower ijl.A VJ0kV(/iJf/X ViOO ; 
diamond, and the whole structure, power requirement, and hence among SIX -braises to be shown I 
is consolidated by fusion of the lower grinding temperature, per- jj V Cincinnati JiSeron at Mjejbtl-1 


•metal surfaces. ' - ' mined inncn oner euge ^orkine -j-g (NEC, BirmlnirtjS J 

The maker says the composite tolerances to be achieved on the April 20-2S1 wfirjbe a new 200-ton ‘ • 
grain 'structure yields an carbide workpiece using the new mac j, tae _ . ,= : S‘ ' 
abrasive with stock removal abrasive. It is a ffifible-sided twin 

characteristics similar to coaraer. • More from the maker. Charters cranb varialstB - stroke ’ 
gnts. while producing surface. SunninghiH. Ascot, Berks., SL5 developing 200' tonnes Pressure 1 
finishes normally associated with 9PX (0990 23456). near tte botwm of iS strakT™'! 

has a fixed spiet of 30 strokes/; 
minute, and th£ stroke is variable ; 

_ from 25 to 20$ni&. An option is- 

• TEXTILES a fixed strokq.uU.a maximum of’ 

250mm. Bed . measures 1500 ; 

Prints ribbons at speed * Sr d %,k* 

* * machines is aeoaun g press which ;■ 

FOR THE PAST few years a 5BB. Tel..06I 4S5 S436) -faas-.rip 

completely dry system of print- collaboration with a French no- 400/minute — .ta ll enclosure I:; 
ing textiles has been In use. This guarding has reduced qols^ 

has contributed considerably to 

the trade, in ecological terms, trimmings, by this technique, 

and In making life simpler for The new machine has four ■ - 

manufacturers. It is known as printing positions in order to ™ N * 

transfer paper printing and is handle four ribbons at a time 

based on the fact that transfer and these can vary In width £ hlc k ^ 2 -JJ? f,i ® ^ 1 " 

paper can be printed with the between 2 and 16 cms. each and ' ?■ 

necessary multi-colour design it is passible to print at a rate in? t u.■h}!* C ^r S, " 

based on special “inks" that of /200m /hour-say 3* yards/. ■ ■ 

sublime when subjected to heat, minute which, of cou/se. will be p C fro^ ' ' 

IF this is brought aealnst poly- multiplied by four. to. give an R „v - 

ester— and some other-fibres, effective 800m /hr. f “°* a “-** . 

the dyestuffs sublimate and. The machine is compart and ,ns ° ain . 

transfer 'from the paper to the occupies a length of 186 inches, a M AC HikE' TOOLS* 
fihres. so giving a sharply de- is $2J inches wide and only fil TL. :;ai ; £ 

fined reproduction of the print inches high. Paper and tapes are /^ A J J j ■ 

on the fabric. This is fast to" unrolled and rolled-up separately VxUlU 4|| UC ; H 

washing, sunlight etc. . . .and individually. .ffa . 

A new development in this The Rollingstatic model SPM L ni _ * y 
area has been reported from. 477 is able not only to .priijt DcflUHK 3 

l?Zlre tZ ' B «“ " n t J bri , ,s - hm ' AN E^^HYDRAULldE ' 

(British agent: Samuel Bradley required, can be simply used ^ mi-au to matitf*;teueral purpoadi 
fMachfnef>’ Sales), The Pfecih'ctrto produce a simple, plain all- co id bending ^acbfne is claimeifi 
Gheadle Hulme, Cheshire SK8 over colour. to be unique. Jdt: forces original* 


rtiitted 


Prints ribbons at speed 


SPECIALISING in underwater 
icvhnoloqj. and particularly in 
icchmcai and financial evaluation 
nf produciLnn of oil from 
marginal fields, a new engineer- 
ing consultancy has hern set up 
with offices in Loudon and Aber- 
deen. 

Undersea Associates lU.K.) in- 
cludes experienced engineers 
and subsea consultants as well 
as a project finance team led by 
a merchant banker. 

This team will provide finan- 
cial feasibility studies on pro- 
posed offshore projects, explora- 
tion and field development 
expenditure with calculation of 
rates of return on investment. 

Its U-S. counterpart, based in 
Houston, has been providing 
engineering specialists all over 
the world for such work as spe- 
cial vessel design and construc- 
tion. underwealer nnn-dcsiructive 
testing and maintenance of a 
variety of facilities. 

The I’.K organisation will rely 
extensively on computer tech- 
niques in its work and is confi- 
dent of providing all the support 
required to carry oui full turn- 
key operations. 

Engineering design group 
centre will be in London and 
from this Undersea Associates 
will provide subsea production 
engineering and floating produc- 
tion systems services for mar- 
ginals 

From Aberdeen lhe company 


will provide an operational con- 
sulting service on subsea techno- 
logy. including support vessel 
design and supervision of con- 
struction operations. 

Further details from the rom- 
pany at PoB IS. Aberdeen. 0224 
7S0872. 


• CONSTRUCTION 

Prevents 
leaks in roof 

PLASTICISED BITUMEN, heav- 
ily loaded (75-80 per cent.) with 
metallic fibres, mica and rough 
ground glass fibre, has been de- 
veloped as protective roof coat- 
ing by Helices. 

The mixture is thixotropic and 
is applied cold. It is staled to 
spread easily, will not run. melt 
or freeze, and provides imme- 
diate protection even on a damp 
surface, as It displaces moisture. 
Guaranteed for five years, only 
one coal is needed. Full chemical 
cure takes three days, but the 
surface is touch dry in two 
hours. Coloured black, it can 
withstand temperatures from 
-40 to +60 degrees C. Coverage 
is I litre/sq. metre. 

Details from Helices. 90. 
Station Parade, Harrogate, Yorks. 
(0423 582761. 


CENTRIFUGAL sifting equip- 
ment for use in the food, 
pharmaceutical, plastics and dye- 
stuffs industries is intended for 
dressing, protective and fraction, 
sieving, as well as de-agglo roerat- 
ing and pre-breaking of friable 
materials. 

The large capacity ASOO sifter 
is available in mild steel or stain- 
less steel construction and has 
thrower blades lhat ensure even 
distribution of material along 
the length of the nylon or steel 
sieve screen (available in a 
range of sizes down to 50 
micron). Separate fine's and 


oversize discharge outlets are 
provided. 

Operation of the KEK ASOO 
centrifugal sifting -machine is 
simple, power beteg' provided by. 
3kW or 4kW motors. A feed 
worm pushes material into the 
sieving chamber, and discharges 
the product into a rotating 
paddle assembly ' which by its 
centrifugal action throws the 
particles against the sieve. Wear 
of the screens is kept to a mini- 
mum because the paddle 
assembly does not come 4nio 
contact wkh the sieve. 

KEK. Hulley Road. Hurdsfield 
Industrial Estate, Macclesfield. 
Cheshire SK10 2ND. 0625 23733. 


Automates the soldering 


DEVELOPED IN’ Switzerland, 
the EPM automatic printed cir- 
cuit board soldering machine can 
be operated for automatic inter- 
mittent small batch production, 
or continuously for mass produc- 
tion. 

When operating intermittently, 
the flux, preheated and soldering 
section only operate when boards 
are being soldered. The unit 
includes automatic flux refill and 
ingot feeding, a pump to cover 
the solder with an oil film to 
prevent oxidation, and a built-in 
exhaust system. The unit uses 
foam fluxing, infrared preheat- 


ing. and hollow wave soldering. 

The claimed rejection rate is 
less than one in a thousand. 
Maximum soldering width is 
327mm. 

The same company has also 
developed a lead-cutting machine 
to trim excess component leads. 
This unit, which cau be fitted to 
most printed circuit board pro- 
duction lines, has twin cutting 
blades and an integral grinder 
for blade sharpening. 

Both machines are. marketed- 
in the UJK. by Adcola Products,’ 
Gauden Road. London SW4. 6LH 
(Or-622 02911. -• 


• SECURITY 

Magnetic 
card lock 
turnstile 

POWER STATIONS, hospitals, 
aod high security buildings; are 
some of the likely applications 
for a. new personnel security 
turnstile, believed to be the first 
of its type available with a 
bi-directional access facility. 

Turnstile operation is by a 
magnetic card ' access system 
with ' ‘'presence, on site “ 
recorder and. time check control. 
Other methods of access can be 
supplied, including digital con- 
trol. and the system can be 
adapted for stamping staff cards 
on ' entry or departure. 

- 1 Operation Is fully automatic, 
and there is an overriding con- 
trol whicb locks the barrier, so 
that individuals can be screened 
— this can be operated from a 
gatehouse. 

Weather enclosure is on a 
square tube frame, and Is clad in 
polypropylene sheeting. The 
rotating steel barrier is mounted 
on taper roller bearings, and 
locked with an inaccessible 
solenoid bolt. 

Made by the Frontier Gate Co., 
Wessex House. Cardigan Street. 
Birmingham (021-359 661S1. the 
turnstile will be shown for the 
first time at the National 
Security -and Protection Exhibi- 
tion, Granby.. Hal la. Leicester, 
June 27-30. • . 


ben 


A jumbo from Germany 


Lemalre and ae.Rcub^‘^ f** » h «' AN EMg^HTORAULlS 

(British agent: Samuel Bradley required, can be simply used ^ tm-au W mat&T,ieueral purpose 
(Machinery Sales). The Precufctr'to produce a simple, plain all- C old bending fflaghfne is claimed; 
Cheadle Hulme, Cheshire SK8 over colour. to be unique. Jut: forces original* 

ing from the beading action are. 
- absorbed by "tgeT machine itself? 

• - It has a twin&imp of 90 litres A 

* TPAM(5PORT minute capacity* driven by atf 

IKAnarUKI • enclosed, nn^cooled 7.5M? 

a 0 V p electric flange motor. * 

A jumbo from Germany 

— ' - requirements.'WRuding bending 

WITH A kingpin loading of 30 operated engine exhaust brake tbrougb angles ap to ISO deg* , 
tons, the latest in the range of and- two-line trailer system are -coils and spirsJHfcn ding, bending , 
heavy haulage units from fitted. Bogie suspension is by a bonded pipes, stfind tubes.' pro>- ; 
M.A.N.. West Germany, is des- combination of twin, .trunnion file tubes and SJjd materials. ; 
erfbed as a “Jumbo" 160.000 Kg mounted semi-elliptic leaf springs Operation.^4*->«by means, of 
GCW 6x6 tractor. and radius rods. a push-button ; control pane; 

It is powered by a V10 diesel ' The forward, control tilt cab mounted on" a portable consob 
engine which develops 330 bhp can be supplied with either a Minimum ma2#e nance is res 
at 2500 rpm. and is fitted with a compartment for a full support quired as the lending head 
semi-automatic S speed gearbox.-, crew or’ twin bunk • sleeping driven by a- sjnje hydraulically. 
The front axle is driven, and the accommodation. actuated articukted arm with t 

bogie axles have cross-axle and Marketing in the U.K. is by dry bearing.: •; 

inter-axle differentials. M.A.N. Concessionaires GB, 361 Details from Hilmor. Caxton 

Power assisted steering, dual Chiswick High Road, London W4 Wav, Stevenage SGI 2DQ (0438 
circuit air braking, plus an -'air (01-995 3131). 2466)'. 

■ ; ' " ■ : * -*lr • . . - 1 



CONTRACTS AND TENDERS 


HASHEMITE KINGDOM OF JORDAN 
ARAB POTASH COMPANY LIMITED 
ARAB POTASH PROJECT 

PREQUALIFICATION OF CIYIL ENGINEERING CONTRACTORS 
SOLAR EVAPORATION SYSTEM 

Th* Aris Potash Company Limned (ARC) ot Ammin. J or din. plans to build i solar evaporation and potash 
refinery facility to Product 1.200.000 tonnes per year of potnh fertiliser. The facilities wHi be located between 
Har-a and Safi on the southern end of the Dead Sea about 200 km north of the port of Aqaba. A road 
lus recently been completed between Aqaba and Safi. 

a PC has applied for financing to the International Bank for Reconstruction and Development flBRD). Agency 
for International Development (US-AIDI Kuwait Fund. Arab Fund. JSiudi Fund. Arib Investment Company. Abu 
DhaO' and lifemU Banks- . 

Thc-sfore Contractor selection and the terms *nd conditions of the Contract wdl be m accordance witn tne 
guidelines of the lending agencies. 

those civil engineering contractors who are interested in tendering for the solar evaporation syitem consisting 
ot the construction of the dikes and associated pumping stations are invited to apply for prequallncatlon 
information. 

The Contract comprising the solar evaporation system includes the oonitrimiCHi ol SB km of dikes on sort 
g-ou-id. a b-ine canal 10 km long, the supply and crect-on of pipelines and pumping equipment and associated 
e-eiiricai distribution «pd ancillary works. It is intended that those firms of contractors who ar» successfully 
p-eojai.f.ed to submit tenders w.ll be so informed toward, the end of June 1978 and that the Tender Documents 
«i'i be -cady for issue in August 1978. 

P-ei.mna-y nla-mation on the scope of die works, instructions and type of data required from firms wishing 
to ippiy for prequa-<ntacion to tender are available on request from: 

Sir Alexander Gibb & Partners. 

Mt London Road. Earley. Reading RG6 IBL. England, 

Telex No.: B4806I GIBB RG 

Cop rs of the request should be lent to: 

Arab Potash Company Limited. 

P.O. Box 1470. Amman. Jordan. 

Telex No.: 1683 POTASH JO 
• j 

Jacobs International incorporated, 

25) South Lake Avenud. Pasadena, California 91101. United States of America. 

Telex No.: 6754S8 JACOBS PSD 

The data cillrd foi «n the information document n to be submitted to reach Sir Alensnder Gibb and Partner* 
not >a:e- than 15th April l^’B. 


RiocraliG and Popular Repnniie of Algeria 


Ministry for Industry and Energy 

ENTREPRISE NATIONALE SONATRAGH 

Marketing Division 

Department Realisation Infrastructure 

International invitation to Tender No. 6/78 

SONATRACH is launching an international invitation to 
tender for the supply of equipment for the construction 
of 500 (three hundred) service stations which will include: 

— 1st lot : Equipment for: 

— Cleaning-lubricating workshop* 

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

— 2nd iot : Seamless tubes 

— 3rd lot: Piping 

— 4th iot : Electric equipment 

— Sth lot : Safety equipment 

— 6th lot : Metallic furniture 

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

Department Realisation Infrastuccuro 
Route dcs Dune* — Base ALC|P — 

CHER AG A (Algiers) Algeria 
Tel. 81.12.03 to OB 
Telex: 52.808 — 52.292 — 52.293 — 
52.969 — 52.779 

Tender?, tojether with the revelant usual references, 
should be sent by _ registered mail <n double sealed 
envelopes to Entreprise Nationale SONATRACH. at the 
above-mentioned address, the inside envelope clearly 
addressed as fallows: "A NE PAS OUVRir — 
SOUMiSSION — A .O.i. nov 6.78 " -not later than 
1 5th April. 1978. . r 

Tenderers rematn bound by their quotations for a period qf 

120 days. . . . 

Tenders which wiil.no: respect the above-mentioned 
indications wifi not be taken consideration. 


GHANA SUPPLY- 
COMMISSION 
TENDER 

Insecticides for Farmers 
Services Company 
(U.R.) Limited, Ghana 

Ghana Supply Commission 
invites tenders from U.K. 
manufacturers and suppliers 
for the supply of any of the 
under-listed insecticides 

1. AMBUSH (Permethrin 
50 g./litre) 

2. MONOCRON + DOT 
(Mooocrotaphos + DOT 
100 b- and 300 g- per litre 
respectively) 

3. NUVACRQX COMBI A 
400 (Monocrotophos + 
DDT 150 g. and 250 g. per 
litre respectively! 

4. NUVACRON COMBI C 
500 (Monocrotophos -*■ 
DDT 100 3. and 400 g. per 

litre respectively i 

5. SUPRAC1DE COMBI or 
ULTRA Cl DE COMBI 
(Methidalthion “ DDT 
130 g. and 250 g. per litre 
respectively) 

6. THIODAN + HOSTA- 
THION lEndosulfan -j- 
Trazophos 200 g. and 50 g. 
per litre respectively) 

T. DECIS (5 g. per litre* 

fpieresred Bn:isfc manufairnirrrs. 
■niDDUcrs. etc., can obtain lender doeo- 
nvn:v for a non-rpfnndable fee of 
IM.00 from the Purehamnc Liaison 
Officer. (Thana Sooply Commission. 
jS-59 SctTiv’n Street. London WIP 
JAF. England 

Duly eomplered tenders should be 
addressed to the iTaospc* Director, 
nhana Xoopip Commission. P.O Bax 
.\f.35. Accra, or in the. 

Commission - } Tender Box ntx • l*;"r 
than 3.99 a m. on Jl»J March. I9T8. 


REPUBLIQUE 
DU ZAIRE 

Departement de 1’Education Nationale 
Enseigneinent Primaire et Secoadaire 
Bureau 1?*ojets Education 

DEUXIEME PROJET — CREDIT 624 — ZR 
AVIS D‘APPEL A LA CONCURRENCE — No. 4 

Appel £ la concurrence relatif a la candidature des 
foumisseurs de mat6rlaux, des pays membres de la 
Banque Mondiale et de la Suisse pour ies travaux 
de la remise en etat et de 1'expansion d'lnstituts 
Techniques Agricoles et construction. d’Ecples 
Normales £ Vocation Rurale. qui ,seront executes 
avec la- participation financifere du groupe de la 
Banque Mondiale: .pour les foumitures suivantes, 
representant un montant estimation fin 1975 de 
Z 3.284.780,000. 

A — Gros oeuvre: 

Bois de charpente 
Aciers et fers a beton 

Elements; de couvertures en galvanise et 
aluminium 

(bacs autbportant et toles ondulees). 

B — Achevement:;.- 

Materiel .felectrique — groupe filectrogene — 

parafoudce=^-TeI6phonie 

Plomberie et sanitaire — adduction — pompage 
QuincaiJIerie de bailments 
Chassis aiu pour lames mobiles 
Vitrerie (lamellesj - - 

Revetements sols et murs tpoliiynil — efira- 
mique — faience) 

Production de froid (chambre froide pre- 

fabriquee)i 

Ferronnetie 

Peintures.-: - 

Agglomeres pour faux plafond (Asbest — 

aggl. de fibres) etc . . . 

Cette listen' est pas limitative. ■: 

Les foumisseurs desireux d'etre consultes peuvent 
se faire connaitre en faisant parvenir leur candida- 
ture en langue Francaise. sur papier. libre par voie 
recommandee aux adresses suivantes: 

— Au Citoyen Directeur du Bureau Projets 
Education 

— B.P. 17 KINSHASA — GOMBE G.C. R6publique- 

- du Zaire - 

— ou 470 Av. des SYNDICATS — KINSHASA— 

GOMBE. -. . 

Cette inscription devra se faire avantle 31 mars 1978. 
Des renseiguements complfimentaires peuvent etre 
obtenus au Bureau Projets Education — Avenue des 
Syndieats nol 479 KINSHASA GOMBE. 


REPUBLIQUE DU ZAIRE 


-. .. ir. 

. ■ -«s!r 


Departement de FEdncational Nationale *” ri 
• Enseignement Primaire et Secondaire 

- . • 4 .* 

■ .J’,) : 

Bureau Projets Education 
DEUXIEME PROJET—CREDIT 624 -ZR^ 

AVIS D’APPEL A LA CONCURRENCE Nol? 

• - V «' _ . 

: ■ :i* . • •• • 

Appel a la concurrence relatif £ la preselection des entreprises' des pays- 
merabres de la Banque Mondiale et de la Suisse,, qui seroitf Danises £ 
participer aux Adjudications interaationales restreintes pr4wies dans le 
courant des annees 1978 et 1979 pour les travaux d’amenagement la trans- 
formation et 1’expansion des Instituts Techniques Agricoles (I.T.A.) et la 
construction des Ecoles Normales a vocation Rurale (E.N.VJU. 

Le cotit estimatif des travaux est basd sur des estimations rde decembre 
3.975. 

- Ces travaux seront £ exficuter au Zalre^ dans les Iocalites.suivantes: 


GOMBE-MATADI BAS-ZATRE 


ISIRO HAUT-ZAIRE I.T.A. + E.N.V 

BUTEMBO - KIVU I.TA. + E.N.'V 

GANDAJIKA KASAI ORIENTAL I.T.A. 

TSHIBASHI KASAI OCCIDENTAL I.T.A. 

MONDONGO EQUATEUR I.TJV. 

MIABI KASAI ORIENTAL . ' E.N.V.R. 

LLBENGE EQUATEUR E.N.V.R. 

BULUNGU BANDUNDU E.N.V.R. 


- MonlantsEs times 

I.T.A.- Z 454.935 

I.T.A.+ E.N.V.R. . Z i^6&.016 
I-TA. + E.N.V.R. ; *•_ Z. L9S6.5 ID 


Les principaux mat^riaux et mati&res premieres £ importer' f±33% 
marchG) pourront, le cas dchfiant Stxe foumis a pied d’oeuvri par'ie.tnaitre 
deTouvrage. 

Ces travaux seront ex§cuu3s avec la participation financifere du groupe 
de la Banque Mondiale. 

Les entreprises ou groupements d'cntreprises interesses devr'ont faire 
parvenir leurcandidature a la pr&dlection, en langue francaise. sur papier 
libre et accompagnee des references de l’entreprise4o fcertificat de 
nationalite,- statuts, biian,. situation, . financiere, references- fipancieres, 
references techniques, travaux similaires,- organigranhne pfersohriel, 
materiel en possession, sous traitance .envisag^e ou non envisagee),. par 
voie recommande aux adresses suivantes: . it... . ■ • 

41 Au Citoyen Directeur du Bureau Prbjets Education 

— B.P. 17 KINSHASA — GOMBE G.'C. Repu'bHque du'Zaire ”.. 

tt-ou 470, Av. des SYNDICATS- — KINSHASA-r-GOMBE. - -, . ........ 

Cette inscription devra se faire avantle 31 mars 1978. . ^ -' : - 

Des renseignements complfementaires peuvent etre obtenus -au Bureau 
Projets Education — 470 avenue des Syndieats— KINSHASA— GOMBE. 



Z 502.131 
"Z 407.366 
__ Z , 455.870 

S:Z:h^:dZ9 

— Z-1^22.460 
“ Z 1.353.119 








es Mon^ay March 6 1978 


;ts And tenders 


La i 


COP 

jTTi 


poi 

TTH 

Les Sod 


parcet- 

api 


ion 

1978 a I'a 

Ldn 


HY. 

ove 

- trois cents 1 


EFRES jMTERNATlOm 

iAz !0FFSHORE pe mxskar 
(TUNISIE) 

jckonetposede 

UITESOUS-MARINE 
Miskar agissant pour le compte 
t responsable de li realisation du 
du gisement de gas de 
s Gabes, lance m.appel 
passer cdmmandepour 
CHON ET LA POSE DTJNE 
HJS-MARINE DBSHNEE A 
LE GAZDEPUIS LE GISEMENT 
. LA COTE TUNISEENNE * 

ruction et pose interessees 
sont invitees: & retrrer le 
idant a partir du lundi 6 mars 
livante: 

ETUDEMISKAR 
'INE PACHA —TUNIS' 
I2128TN 
le paisement d’une somme de 
dinars tunisiens par dossier ou 
r en devises dtrangeres. 

’out pas envoyes. 
relatives h cet appel d- oflEres 
au plus tard le lundi 22 m& 1978 




anti Popiilar Republic cl Algeria \ 

OF LIGHT INDUSTRY O,. " 

ION ALE des industries 
LA CELLULOSE V ; - ; : 

"s o n i c ” :- v ' ~ 

1AL INVITATION TO TENDER 

i. Iw w i Mto ttl Inriuikm Co for 'Am' • 

th» nmufkctm of papal- aroid**. . T}m ' 
in£ aqnipmane . 

fjft.tho manufacture of waxed pipmr 
far«fc* maiurfacrare ot gonr popw 
■for tfte titraufaccuro of confine papm. . 

Y tMoia thm under docuama from: 

Ali Haddad <Ex Zaatcha) 

-Algiers Algeria 

-01 and 04 7 - l'-' 


ZA 




and Pogolar RepuDlic of JUgeria 


>TRY OF LIGHT INDUSTRY - : 
RATIONALE DES INDUSTRIES? 

DE LA CELLULOSE- — 

•• ‘'SONIC" 

NATIONAL INVITATION TO TENDER . : 

So* a*, , ineanwiqnil ' 3turfcj£on ,*» Mtdcr ^- cW 
f a maiwfmMiot unit ot piper lor npragnf^f 
Wfl/. 

W** toejr ot ciin eft* tender dacoaents from: 

URampe AH Haddad (|Ex Zaxfcdn) f 
Woarsdia, Algiers, Algeria * 

si: 66J&0O-OI and 04 
tlex 52.933 . / 

enc of .Dims 200. (Owe hundred dlnuy* 

rr 'rtefe <(it rale rear uxn«I refemncec, ihouM be 
»*M eavelapw co Monsieur Ic Dincnnr Gcnfrxl. 
address abort, ths inside envelope « Warty additread 
OUM tSSiON — A I HE PAS OtfVRIR — Projat 
imfonmoeo do Predula paptden « cdkriosiqHs.'* 
be »«it no twer than Kay 30, 197B. the postmark 
evidence of the dace of posting. . 

nn bound by dwtr quotations for > period of J20 


M/ii 



; 

nwimssKH 

ana 


SO OMISSION — A NE PAS OUVRIR — Projet 
/ra reformation de Pioduia papeden tt celhdoslqaea. 

I be «ftt no liar than May 30. 1978, tbs pocunvk 
evidence ot the dote of pasting. 

■in bound by. their quotation* for a period of 120 


i ANNOUNCEMENT 

licks Saraoupravna Interesna 
stjnica Za Puteve Beograd 

Has applied For a .loan from IBRD and intends to apply the 
proceedings if this loan to the reconstruction of a 22 km. 
section of 1 utc E-5-in Serbia to four lane divided limited 
access higlri jy and afco the construction of the south bypass 
of Nig as a wo lane road of 8,3 km. in length. 

Construction includes approximately: 

1,909.000 m3 earthworks 
334.000 'tons asphalt paving, and 
2.601 metres bridging 

Contract rs from 'member countries of the World Bat* 
and Switzer! ml interested in prequalifying for these works 
are invited o submit their applications to the investor not 
later than c re month from the date of publication of tms : 
announcmej l Applications should he ^MOJ^by referMce 
details of re! vant experience on similar 
and eqnipzm it documents will be available March L 197S. 

Only tht * contractors who have been preqnalffled will be 
invited to sipmit bids^ - - * 

Add TP&& for submission ' of preouaHflcatlog dat a is: ' 
BE PUB LI Cl A vSAMOUPRAVNA INTERESNA ZAJEWHCA ZA 
PUTE 5 E BULEVAR REVOLUCIJE 282, BEOGRAD . 
r JOGOSLAVIJA' 




Improving Ulster’s industrial base 


THIS MORNING ; Mr. Ronnie 
Henderson, managing director 
of the Northern Ireland 
Development Agency, is due to 
face the Press, He is, by his 
own admission, just a bit 
jittery over how the meeting 
at the agency’s secluded head- 
quarters overlooking Belfast 
will go. 

. Rather belatedly, Mr. Hen- 
derson will be unveiling NIDA’s 
first ever annual .report and 
accounts— for the 1976-77 year 
ended last March 3L But it is 
neither the long delay nor the 
losses detailed in the financial 
statement that worry him most 
The saga of how, two years ago, 
the British Government set up 
NIDA to take over the role of 
the discredited Northern Ireland 
Finance Corporation (NIFC), 
and the ensuing accounting- 
nightmare, is well known to 
Ulster’s finanrial commentators. 

The problem that concerns, 
him much more is that of 
explaining why NIDA’s achieve- 
ments are' still- so intangible 
that they are almost impossible 
to list. Like the Government 
itself. Mr. Henderson is under 
considerable pressure to show 
results in the current drive to 
reverse the' Province’s economic 
decline. Yet. in spite of several 
notable successes, NIDA is hard 
put to pinpoint the number of 
jobs that have resulted from 
the £13m. if ha$ so far chan- 
nelled into Northern Ireland 
industry.' 

Looked at in .the cold, two- 
dimensional terms of its balance 
sheet, the agency appears some- 
thing of a problem child. When 
its second annual report, for the 
year ended March 31, 1978, is 
published in a few weeks time, 
that too will record' financial 
losses. More important, although 
State-owned NIDA has a £50 m. 
budget to invest in Ulster bnsi- 


BY GILES 

nes, its immediate forward pro- ing with a reluctant seller” 
jects* in hand are for only £lm. By 1976 that remark had 
Ronnie Henderson's fear is bec ome . the NIFCs epitaph, 
that the Press will latch on to Unfortunately, in the same way 
these negative indicators and that "NIFC had become saddled 
ignore the fact that NIDA is with lame ducks. the 
now beginning to build up a restructured NIDA was inevit- 
positive reputation among the ®hiy saddled with NIFC and its 
Province’s industrialists as a !egacy. r pf lame ducks. To name 
risk capital source that is but one, , the ambitious Ander- 
plugging the gap between sonstown project of Strathearn 
governmental job creation units Audio that was boped to take 
and private investment bankers. i® 60 °ut of the long dole 

queues"of West Belfast, signally 
, failed to do that and has 

S I II III lOlTC instead cost around £8 ul, and 

J ’ UUU J UUa was passed along to NIDA. 

It would be surprising if some Because of its State-owned 
■ of the Province’s newspapers do character, NIDA will probably 
not do precisely that, for the De ver fully escape the respon- 
number of jobs created or saved sibilily of putting a splint on 
is an understandable preoccupa- some of Ulster’s lame ducks, 
lion in Ulster where uneraploy- The best it can aim for is the 
, meat has tripled since mid-1974, selection only of those with a 
and at around 11 per cent is at chance of ' survival and much 
a 40-year high. The difficulty more rjgorous financial super- 
is explaining that NIDA’s role vision -than was demanded by 
is not that of straightforward NIFC Of the five wholly-owned 
job creation, and it is a difficulty subsidiaries that are part of the 
compounded by the blurred NIDA “group” each has a 
relationship between NIDA and chairman who is an agency 
its NIFC forerunner. employee. Nor are the sub- 

In a nutshell, NIFC was set sidiaries ’quite the liabilities 
up in 1972 under the then that might be thought, 
chairmanship of Sir Charles Strathearn is a direct govem- 
.ViUiers as a “fire fighting” ment liability, as of late last 
development bank modelled to December. Of the other four 
some extent on the old Indus- subsidiaries, the bicycle-making 
trial Reorganisation Corpora- Viking Manufacturing Company, 
tion (IRC) that he had headed looks set to be a soundly based 
in Britaiq, With the Ulster venture carving out its own 
troubles beginning to bite bard distinctive market If so, the 
into commercial activity there gmail Derry company employing 
was official panic that the indus- about 160 people will be an 
trial structure was starting to encouraging symbol of the way 
crumble. As a- result of its NIDA: is going, for tbe Viking 

interventions it has been has bufit quite literally on the 

claimed that NIFC saved wreckage of an earlier NIFC 

upwards of 5,000 jobs, but disaster. Viking was set up at 

increasingly it became sucked a cost of about '£lm. in the 
into propping up broken com- factory that formally housed 
panies. When It found itself Regna' ; International, a Scan- 
forced to acquire 80 per cent dinavian; cash registers operation 
of the Ben Sherman fashion that absorbed about £4m. in 
shirts empire it was said of the NIFC giants and loans before 
deal: “A reluctant buyer deal- it finally '.folded. 


MERRITT 



Mr. Roy Mason, Northern Ireland Secretary: NIDA is 
increasingly reflecting the Government’s concern with tbe 
structural problem of Ulster’s industry. 


Less talked about than Viking, 
but with no obvious defects, 
NIDA’s other subsidiaries are 
a small lock making business 
called SMS In the troubled 
border town of Strabane, where 
unemployment is at 30 per cent., 
Sugna, of Bangor, and the tiny 
Springtown Engineering con- 
cern in Derry. Expanding 
NIDA’s own capacity to run 
wholly-owned concerns is 
clearly one of Ronnie Hender- 
son’s priorities, and he is plan- 
ning to form a useful manage- 
ment cadre at NIDA that will 
increase the size of bis own 60- 
plus payroll but will provide 
him with a pool of potential 
chief executives. 

Much of NIDA's business, 
however, has so far been in 
the area of risk capital, either 
in the shape of loans or equity 
participation In which the bor- 



rower normally bas a buy-back 
option. In all, NIDA bas negoti- 
ated 21 such ventures, ranging 
from start-up funding to tbe 
injection of cash into under- 
capitalised but otherwise sound 
operations. The companies in 
question run the gamut from 
Moy Meats to Northern Publish- 
ing, Tern-Consulate Shirts to 
Tufted Carpet Tiles, sawmills 
to picture framing Arguably 
the most impressive relationship 
has been that of NIDA and Glen 
Electric, a rags to riches Newry 
domestic heaters concern that 
NIFC first helped get off the 
ground. Three months ago, 
when Glen had the chance to 
buy up the Dimplex brand 
leader, NIDA came up with 
seven figure cash backing with- 
in days. As Glen's managing 
director Mr. Martin Naughton 
put it: “NIDA cut all the red 


■tape and worked several 26 
hour days. With some commer- 
cial banks X would still be wait- 
ing on Board meetings and 
would have missed the Dimplex 
deal.” 

In effect, dial is the side of 
, NIDA which is management 
consultancy and efficient de- 
velopment banking. But it is 
not the side that dominates Mr. 
Henderson's own thinking and 
that he will no doubt attempt 
to emphasise at to-day's press 
conference. Improving Ulster’s 
industrial structure is. he be- 
lieves. a crucial part of NIDA’s 
brief. To a large extent that 
is in line with the trend in 
Government policy, for whereas 
official reaction to Northern 
Ireland’s problems was at first 
a “ job for job's sake ” 
approach, nowadays attention 
has turned to the Province’s 
underlying disadvantages. 

A good example is the NIDA 
sponsored investigation into the 
idea of building, in association 
with South Africa’s Abercora 
metals group, a small £10m. to 
£15m. scrap smelter and 80,000 
tonnes a year steel mill on the 
coast at Warren Point. The 
EEC Commission will doubtless 
disapprove and the smelter 
would create tittle direct em- 
ployment Mr. Henderson con- 
cedes, but its down-stream effect 
on Ulster industry and future 
foreign investment could be im- 
portant. At present the Pro- 
vince bas. in spite of its 
engineering tradition, no avail- 
able castings capacity. If it had 
such capacity. Ulster’s produc- 
tion costs in certain key activi- 
ties would improve and the 
engineering sector's dwindling 
employment levels be reversed. 
The impossibility of putting an 
accurate figure on that sort nf 
project— either in jobs or in in- 
creased industrial profits— is 
precisely the point Ronnie Hen- 
derson will be trying to make. 


TIE NEW PENSION. 



r 






Itfs a feet that a lot of people 
suffer too big a drop in income when 
they retire. 

That’s why we need the new 
pension scheme that starts in April 
this year 

It will mean that in future millions 
of employees wiH be able to retire on 
half pay 

. Isn’t that something worth 
paying for? 

The 20 best years. 

The new scheme ■will give you two 
pensions. 

The basic retirement pension 
continues, but on top you will get a 
second pension based on your 20 best 
eamingyears under the new scheme. 

The seeondpension will come 
either from the state or from your 
employer and will start bemgpaid 
next year 

Both pensions will be fully 
protected against inflation, and will still 
be available to you no matter how many 
times you change jobs. 

Better deal for women. 

Women will still gettheirpension 
at 60 and (unless they have already 
opted to pay reduced rate contributions) 
fhey.will get the same benefits as men, 
and pay the same contributions. 

A woman can leave her job to 
bringup afemilywnfhoutfoangber 
right to a basic pension. 


What you will pay. 

This table s ummari ses the new 
contributions you’ll pay from 6 April 
(the present rates, where different, 
are in brackets). 

The new rates axe listed fully in 
leaflet NI208 obtainable from main 
Post Offices and Social Security 
offices. 


Cla^l contributions Employees Employers 

Standard rate 6.5% (5.75%) 10% (8.75%) 

Co ntractedrout rates 

□ on first £1750 a week 6.5% (5.75%) 10% (8.75%) 

□ on earnings between 

£1730 and £120 a week 4% (5.75%) 5.5% (8.75%) 

RedacetkateXorsome 

married women and widows 2% paaactedwrt) 

Men over 65 and women 

over 60 NIL (some: 5.75%) 10% (8.75%) 

Lower and upper earnings limits £17.50 and £120 a 
week(£l5aiid£lQ5). ' 

Employers’ contributions do not take account of the 
NI. Surcharge. 

Class 2 mirfri h nfi( nw ; sdf-employed £L90 a week (££L55/£2.66) 
Small earnings exception from liability £950 a year (£875) 

Class 3 TOhrniaiy contributions £180 a week (£2.45) 

Class 4 contributions: self-employed 
5% (8%) on profits or gains between 
£2,000 add £6^50 a year (£1,750 and £5£00) 


If you already drawapensfon. 

The scheme doesn’t affect 
people already retired. 

However; your existing state 
pension will continue to befullypro- 
tectedagainstinflation. 

TflKTiEri nf Health & Social S MTrity 


Working after pension age. 

People who cany on working 
after pension age will no longer be 
liable for contributions after 6 April, 
although their employers will 

If you’re self-employed. 

You will not contribute to the 
new additional pension and will not 
receive it But your rights to the 
basic pension remain and you will 
pay lower contributions than you 
did before. 

To find out more. 

For full details of the new 
pension scheme fill in this coupon, 
or ask your local Social Security 
office for a copy of leaflet NP.34. 

The leaflet also covers other changes, 
some of which affect people with 
more than one job. 


Please send me leaflet NP.34 
(write the dumber of copies you need 
in the box) 

Mr/MrSi'Miss 

FuHaddrea^_ i __ 



Cut coupon csit and post to: 

DHSS Leaflets Units, P.O.Box 21, 
Stanmore, Middlesex HA7 1AY 

NEWFENSIONS: 

A MOKE SECURE FUTURE 

NP/BfFT/2 









8 







•* - -Jti.- 


■H&auc&T Ttafe Monday WknS 3 6^ TOTS 



:• *;/■& i y.'\- •/•: ...;'*' • t.-v.^-- ; r 




Structural steel orders Boilers 


£14im. Gulf hotel award 


THE MAIN contract worth about 
£14^01., for the construction of 
the Gulf Bahrain Hotel has been 
awarded to Cementation Inter- 
national by tbe Bahrain Hotels 
Company. 

Cementation says there was 
intense competition. /or the hotel 
which will have 16 storeys 


mounted on a 2-storey ’podium. 
The structure’ will be founded 
on Cementation piles and otber 
work - to be undertaken will 
include slip roads, ancillary ser- 
vices and extensive landscaping. 

Tbe. company is within a few 
days of completing a major, .ex- 
tension to the Bahrain Hilton 


and says the speed of- completion 
of this job (within a year) had 
some influence on tbe award of 
'the new contract 

Architects for&gjpull Bahrain 
'Hotel are ASsod'^B Continental 
Architects CGuIfjRand the con- 
sulting. ennman^re G. Allan 
Herbert aocWBRujers (Gulf).. 


many 


Advance factories £5m. road 


TWO subsidiaries of Norwest 
Holst. Norwest Construction 
(Bpilding) and Walter Holme 
and Sons, have been awarded 
contracts valued at over £3im- 
Enclish Industrial Estates Cor- 
poration has awarded two con- 
tracts to Norwest Construction 
'( Building). One( worth over 
'£r.7ni. is for the construction of 
20 factory units in seven blocks, 
at King Edward Street, Liverpool 
while the other, valued at 
£314,274, ix for an advance . fac- 
tory at Bridle Road on the 


Xetberton Industrial Estate, 
Northumberland. 

Tbe same company has also 
been award ed a £840.840 contract 
by Co-operative Retail Sendees 
to build a:- supermarket and nine 
precinct ' stores at- Breck Road. 
Liverpool! 

The other" subsidiary. Walter 
Holme 'and "Sons; has won a 
£647,333 . design and construct 
contract for a swimming- pool! 
squash , courts and service roads 
for Rochfotd District council, 
Essex, at dements Hall. Hawk- 
well- ' •••••- 


in Nigeria 


.; ■ STRUCTURAL steelwork export countries.' j . . 

orders in 1877,- as reported * by IE Jaraa.. , and. Nigeria are f * in |r jn ITIQilV ’ ; 

A/m -i j w members of the British Construe- included iu the figures, the per- ItlJXv XllMlij 

T A— ITI Tirnrth tional Steelwork Association, centage rises to better than 60. " 
dvv'tlu* Tf Ul U* held up well at 37,141 tonnes. The highest tonnage was taken 

| t Against, a - background of "by Poland with 135 per cent, IlltlS 

| hlffo extremely severe- international mainly for -support structures! - - 

V-/ UUXllij competition and price trimming and buildings for. petrochemical rjjf(7rbiSHTN'G of oltfer ’homes 

AWARD OF a £2im. housing and . a .recession ra construction plant- _ . * and commercial properties is now 

contract at Thamesmead. the re- undertaken by the major 

developed area on the south represents a considerable Mhteye- include 1.65 5 ^tonnes for a hotel conduction companies in the- 1 

bank- of the Rivp>- Thumps in moot even though- the 1876- figure in - Bahrain,- 1,039 -tonnes -for 3 . .gKcAHn, nt now work.-- w _ _ . 

south-east London has been wa ® ,P lan * ft ;J n v -Inevitably, . heating’: appliances Y\7 * 

WirtfcompSSSuted for Sh, 12^.“ for * pipeli ” e proiocl.ln;^^ Jh“ne compiSiJ which. fj v 

March 1980. the conSfct involves Easlern “ d . North African Iran. . ' has been quick enough to realise’ U V 

90 iow-rise houses and 72 flats vtt * w. • if • £. th£fi is Acoustics and Efiriro- . 

-saa^ b is^ w„„ «■ W ashing and drying unit ■ as 

contracts, together worth about INTRODUCED by C. A Wallgate soap.. wann. water and hot air in a c a? 1 . ir ?° WALL 





up 


vt t ' 1 • i ■» • £. m j ' tit£s is Acoustics and Efiriro- . 

Washing and- drying unit ■ ■ aslasf; 


£762,000 for modernisation of 70 and Co. is a hand washing/ drying .measured quantities. '.way be mealed by -ga 

bouses and a hostel for disabled unit intended for shops, offices. To recharge the soap dispenser j or wood. Changeover 


l .mar be fuelled by gas, ofl, coal . wa±^ wimm.. eve tune. 
■«™«LChanfieowof fittings wicker flwilge .cmvenUoael 


£2m. to Grown House 


A WHOLLY-NIG BRIAN owned 
company which has its construc- 
tion activities managed by Bovis 
Construction International has 
won its first major contract 
-Caleb Boris Johnson Construc- 
tion has been awarded a contract 
for. the reconstruction and reha- 
bilitation of 16 km. or road be-, 
tween Ife and Ifewara .township 
in Oyo State in Nigeria. The 
contract is worth about £5m. 

- Tbe two-lane' road will be- 12 j 8 
metres wide overall, and -the con- 
tract also includes a bridge, all 
side drains, and. outfalls to cul- 
verts and streams. Work has just 
begun. ' 


Corporation,, the .Government Known as the Valet, it is- taiher can 'then b* refilled. : -Details of the boiler .can be iin»nwng coffinnva n ts of Alflerter 

agency which promotes, finances 540 x 460 x 220 mm deep, and Mdre from the maker at Crown, obtained - from the company at Edge, Cheshire* , in association 
and supervises non-profit making is mounted over an existing band Lane, Wilton, Nr. Salisbury, Wilt- Rindey Towers, Claygate. Surrey, Compiti’ork Technolazv 

.....i.Asa.. k..i. in.... .Li.. Pno mm - wmn att-d /C.L.. C"flOU n , , - V. 


bousing associations. 


Three _buttoDs .dispense shire SP2 OHD. 


; KT10 0UF. (Esher 67281 J. 


OVER £2M. is to be spent on 
modifications and additions to' 
mechanical and electrical 
systems and installation' of pro- 
duction machinery at Metal Box's 
new £27m. can-making plant on-, 
-the Bra unstone - Industrial 
Estate, Leicester. 

The. task i< to he undertaken 
by Crown House Engineering 
whose brief is- to design and 
instal all mechanical, building 
and production services for a 
•complete: working unit in an 
existing factory. 

Also included in the work is 
the design and installation of 
beating and ventilation systems, 
compressed air and cooling 
water, lubricant and solvent sup- 
plies. 

Crown House is also to 
assemble and position production 


plant involving items weighing 
a few hundredweight and up to 
35 tons. 

. A computerised control system 
for machines' -and - conveying 
systems is also to be installed. 


Makes sure 


the pipes 
are right 


SEVERAL versions of automated 
pipework layout schemes are 
available and improvements are 
being added very Frequently. The 
latest to be announced will be 
demonstrated at the forthcoming 


CAD 73 show and conference in 
Brighton and it comes- from 
people who’’ have 'probably - in- 
stalled' more complex ' pipework 
in :• Britain than any other 
group- ' 

Babcock's new “Pipes Cream” 
engineering application pro- 
gramme has. been worked out to' 
provide fluid dynamics analysis 
for piping networks, handling 
both two-phase and critical flow. 

This programme is compatible 
with tbe company's “Pipestress” 
which, as could be expected, 
handles stress analysis in pipe- 
work and by running the two. an 
engineer can carry out both flaw 
and stress tests in a- single pass. 

“Autograph" is another Bab- 
cock development to be -shown. 
It is an easy to apply graph draw- 
ing routine. 



An Impression of the completed first stage of the commercial 
centre at Risall, Sultanate of Oman, built for Sayyid Faber 
bin Taimnr, who is deputy Minister of Defence. It Is at a 
busy road junction where the main road from Muscat to the 
interior and the south joins with the main coast road' to Sohar 
and the northern border. This part of the development 
includes a branch of the British Bank of the Middle East a 
. Shell service station, a supermarket, a restaurant and 18 


individual shopping units.- Proposed for the future is a 100- 
bed motet a car showroom, fiats and a cinema. The develop- 
ment has been designed by John S. Harris Associates and is 
the first of Its kind in Oman. It was built by Joannou and 
Paraskevaldes (Overseas) and- ft is understood that there are 
still vacancies on the site for anyone Interested in doing 
business there. Details can be.abtained from Oman Trading, 
Industrial and Engineering Organisation, PO Box 5063, Ruwi, 
.Sultanate of Oman. 


Transfer of'.giHSsels. 

The Stepoc patented process 
makes it for walls fo be 

built dry up trfcme storey high 
with moulded xoncrete blocks 
before - they^rflf ' bonded “With 
liquid conc&ts poured down 
through- caritesr -which pass 
through the- blocks.. One; man — 
not necessarily ^killed-— can posi- 
tion 1.200 of tte 6i kg. blocks 
(equivalent to ^proximate ly jOO 
square metrespf wall) in' a 
-normal workinrviay.- The hollow 
bail dibs bloetf^-are so con- 
structed thato«nen the dry wall- 
ing is in-'rs&co the -.liquid 
-concrete goes* <$wii. an Inclined 
* cavity'. . ' ,’ei r • .. . . 

It is po'ssih&to £b on building 
even in cold" rj- : rainy -weather, 
and the acttiaPHun? can be done 
quickly, using* i&di tional equip- 
ment. although hest results are 
obtained with c- small concrete 
pump specially (pveloped for the 
system. The 'jocks give good 
. beat and sound fisu la lion factors 
and tests carriVrout in Belgium 
by the De Ni<er Technological 
Institute at Ife&es have Shown 
Stepoc walls to Save high resist- 
ance, to stresses-: 

Dimensions-fr-the Stepoc block 
can be adapted, a con form , to the 
standards cenea^Uy accepted in- 
' any particular ciuntry or area. 

More on 061^8 1126. 


3**5 



Putting the 
nerves into 
Sullom Voe 






-. ,.J • .... 


Crwl Hotel* Europe 
Headquarter-* building qtBan bury. 


Dunlop 

i .Social Centre, Coventry. 





*•»■» i; • v' 


v r ; 


.-• : a •. 

*■ - ■ ' i .' - 




■: y * ■ ' • ■ -’-.vA -\'." 


TWO'" CONTRACTS; ' worth 
together more than £4m., have 
been awarded to Holiday. Hall 
for electrical and itstrnmenta- 
tion iusta llatioos for the power- 
station and off-sites at the. giant 
Sullom Voe oil. terminal in the 
Shetland Islands. 

HoHiday Hall is .a member of 
the Matthew Hall Group and won' 
its contracts from Foster 
Wheeler, one of- the main 5 site 
contractors. - on ' behalf of BP 
Petroleum Development which is 
managing construction and 
operation of .this major oil 
terminal. 


i; V *;V- v \ 4 


It'tluin ii I'M 




pv fi S 

v^-' ■ ■A’ C 

Si’ + “ wS 


wff'-iy &&***££• 






BrilKh Mail Order Cot poraiiun __ l-ArihurGulancteSon &.CO. . . • • 

Krrcpt inn arr a at Pre.-lon Headquarters of |... J "' Olficc building at Pork Rtryalfireweiy.' <•<.' 

thisGlT.^ivnimny. -t - 









Pipeline 
in Kent 




V 


.Oil 


BRITISH GAS Corporation has 
placed a pipeline contract, worth 
over fljm^ with A Monk and 
Company. 

The contract calls for the lay- 
ing and welding together of 
19 km. of 600 mm. diameter, steel 
pipeline from Shorne. near 
Gravesend, to the Isle of Graio. 
Included are alterations to pipe- 
work. cable ducts and cabling. 

Monk Is also carrying nul civil 
engineering work which includes 
breaking up existing foundations, 
constructing . piled foundations 
and providing concrete protec- 
tion to underground pipework 
and 'above-ground pipe supports. 




Sr. -x c 'w 


- L V.vMg 






mmm 

'K. O' . 


ram your he 
hihe Dynav 


S3BR 




nng syst 


K’ft-V.-.v, - ... 


Fi»un» PlMriiui'i'UiiTal<i 
Ih.ii Oliin ji Luii;hlioiLiugh. 


I'niwd Bwcuiis 

Ollia-s at Oiterley, Middlesex.- 


Shoppers’ 
guide to 


PROB8Hi7 









' » n ,w <: V’ ; -"JP iSb5 




mm 


F. VV. Wpoln orthi Co. 
Siurc ut B mnlvy. 


bwafiowHotels 
JOO-bedroom ev. tension to Tata's 
Royal Scot Hotel, Edinburgh. 



SS^SSMpsiii 

_ i, i lliaiaBtlalai 











site' 


rie»soy Radar 

Product ioo buiicing, Con cs, Lie of 'Wight, 


H.. Samuel 

Three-atowy jewellery »t.ure, LiTcipooL 


.There's a gqldenrtile in business 
buying: if ifs important, go direct 
to the manufacturer. 

. Ey er>‘ organisation knows the 
rule. Mo ^.organisations apply it 
-uptiLit comes to the most " 
important, most expensive 
purchase of them all: a new 
building. . _ . 

Then suddenly, new rules seem' 
to apply. They’ll talk to 
professionals, planners and 
engineers —anything to postpone 
the dreadful confrontation with 
the people who are actually 
going to put the building up: 
the buil clers. - ,. 

Of course, architects, planners ' 
and engineers have a major place 
in this business transaction. But 
that place is not ten months 
ahead of the builders - it's right 
in there alongside them. 

Which is where you'll find 
them in Lesser Design and Build. 

At Lesser, we integrate 
planning and action. We can clear' 
the site while our architects are 
designing . . . put in foundations 


while out engineers are working . 
out acoustic finishes . .-.'get in the 
bricks before the colour of the 
tiles in the loo is established. ' 

We can slash the pre-contract 
period, and take months off the 
time spent actually building. 

Not surprisingly, when all the 
benefits are.cohsidered, we tend 
ip end up a bout 10% cheapen 

Because at Lesser, yourproject 
is indeed handled by first-class 
engineers and practical 
professionals. But it’s controlled 
on your behalf by a hard-headed- 
businessman, whose job It is to 
treat you not as a client - but as 
a customer* 

N bvv, which would you rather be? 


programs 


The buildings shown here are a 
handful of those we’ve built lor 
dozens of satisfied customers - 
all equally important, equally 
valuable lu iis. For detailed case- 
histories. or fact? and figures on 
tbe savings you make wjtli Lesser 
Design & Build, phone Mike' 
Barraclough on 01-570 7755. 


Lesser Construction Limited) 
The Lesser Bulldingi 
Staines Road, Hounslow TW3 3-IB- 
Tdophone: 01-570 7755- 


CHOOSE 


LESSER 


And at: 


Birmingham (031-705 0311) 
Glasgow (041-221 0L24) 
Manchester (031-705 0111) 
Newcastle (0632 612992) 
Nottingham (0602 56557) 


DESIGN & BUILD 



SEVEN -computer programs for 
the analysis and design of con- 
tinuous beams have been evalu- 
ated . by the Design Office Con- 
sortium with (be aid of several 
of the country’s consulting 
engineers. DOC has published a 
report on them which is intended 
to guide users in selecting pro- 
grams appropriate to their re- 
quirements, spur software 
experts into filling gaps in devel- 
opment and help Government 
organisations in co-ordinating 
developments while avoiding 
duplication of effort. 

Tbe work is being done at the 
behest of the Property Services 
Agency. 

. The programs examined are 
Beam llQ. Beain/1. AbduL Con- 
beam, Gladys. DP102, and 
Decide. 

They are examined in the 
context of CP110. the British 
Standard code of practice on the 
structural use of concrete, of 
which the report says that /'far 
from being a definite set of rules, 
the code allow; and demands 
decisions to be taken by tbe en- 
gineer using his own judgment." 

But in most cases such deci- 
sions are being taken within the 
programs, which is reflected In 
the wide range of results pro- 
duced by the evaluated programs 
on identical test problems. 

More from Design Office Con- 
tortiura.- Guildhall Place. Cam- 
bridge CB2 3QQ. 0223 311246. 


-Tb make the m'o& of increased production, you’ re 
xapklly going to need a modem, well ^rapjwcl r 

warehouse. Thatiming has to be righting cf course, 

- so has. the price. . - ... " V : ’’ .'. 

- ' ’Happily, Atcost can help on both chunk • ■ - 
AsBritain s biggest manufacturers pFpiecasfc. - 
concrete i.structuralfrazne^ we can meet virarally ■ 
any individual building need- but at jaiceevirich • - ■ 
fully reflect all the benefits of mass-produhtion. '• 
/^idthe Atcost system speeds construction. 
Cutting costs even further,' getting y our vesTshouse 
working even sooner 

'/ Fprfofl details, post our couponoiow.W fch the 
economy picking pp , there-’s no thn&fordeky. 


rveabuildingpr^ectmiiiind.'. v ' . : 

Pleaaa aeadmalhgn^nre inn Wa wA*iiimi e □ Fa'ctoru^ H Office □' 

Name _l_ 1 — " 1L 1__ jFVuwfAi r 

.Company _ - ■ ■ ■ . - . ■ . . . .. 

AdtfaaM ' -j ■ 



22 Old Bond Street, London Wljf 3 JA. 

01 493 0802 . . ... 


pi 




IN BRIEF 


and fee! at home 


e The' City of Glasgow District 
Council bas awarded phase two 
of the SalunarkeL Glasgow Cross 
redevelopment to Gilbert Ash 
Scotland. 

e Bourne Steel is to design and 
fabricate- tbe steelwork and 
exterior cladding for a food 
storage and distribution depot 
extension for' Kearlcy Tong on 
rhe Fenrdown Industrial Estate 
=near- Poole, Dorset. Cost will 
he £25,000/ ■' 



Founded 1884 ’■ 

BUILDING & CIVIL ENGINEERING CONTRACTORS, 

JOINERY MANUFACTURERS ; ^ 

TEAM PROJECTS ... j 

n rrrnir.il rnuTDArmi^ — I 


ELECTRICAL CON7fiACnNG 

W. E. GHIVEBS & SONS LTD. 

HEAD. OFF1C&' DEVIZES 2121 
Brandies at LONDON. READING. ROj 


.fr CHELTENHAM 












9 





yssVfr 1 


EDITED BY CHRISTOPHER LORENZ 


p^ELATIONSE 

^jiarikers > and 
^^lieiits can 1 
* . r&pme. banks, 
v.&f the Ameii 
^iDTiEr for aggr 
^BCCttaed of foi 
^floors of comj 
S$r& not really ■ 
.. jh'at are not si 
'warrant real 
f. contrast, nan 
djthought of ; 

strained— unii 
'*< f . -These may 
■it'and there will 
aanks in bctwe 
which are m< 
road have :;ee 
changes in str; 
in recent yea; 

This.is certi 
Barclays Bar 
bank, which 
subject of tw 
page (last Tw 
dealing with 
and approac 
Significantly, 
spread assum 
the U.K.l tb 
• have been s 
British count 
ing the need 
one respect 
ComroeTzbanVi 
similar 'path: 
past ..ten year 
have, made a 
■ sell 1 theruselv 
Before mar 
became a noi 
business life, 
considerable 
clients askin 
advice. — oftei 
mendation ol 
companies — o 
approaches t< 
very little in 
“ poaching" 
customer* we 
An integr 
selling camp; 
a change in 
style-, of m 
Barclays ar 
although pro 
degree in the 
" have had moi 
up. Manage 
desk-hound, 
deal of their 
among actu 
customers. :• 


between 
^eir- corporate 
■y >itonnously. 
Ucu&ciy. a few 
i, have repiita- 
Kfcness and are 
er knocking on 
lies where they 
hted. with ideas 
eiently novel to 
rwideratioh. ■ In 
U-K banks are 
being too re- 
Hesiod even, 
■extreme views, 
rtainly be many 
1 ,-but even those 
"middle of the 
some significant 
Sy and attitudes 

lv the case with 
.and Commerz- 
lave been the 
articles on tbis 
ay and Friday), 
heir structures 
s- to training; 
? spite a wide- 

dn -(certainly in 
, German banks 
fcrior. to their 
larts in satisfy* 
□f industry, in 
Barclays and 
eve followed a. 
■‘is only in the 
jr so that They 
real effort to 

ting campaigns, 
il part of their 
ach relied to a 
Eree merely on 
[for money or 
Ion the recom- 
ither people or 
in fairly low-key 
:iistomers. . And 
K* way of overt 
another bank's 
on. • 

part of their 
s has involved 
p working life- 
fcgers at both 
i Commerzbank, 
y to a greater 
mer since they 
ad way to make 
are now less 
spend a good 
le nut and about 
and- potential 


In their jobs they have con- 
siderable . backup from an 
increasing number of specialist 
departments and . personnel, 
such as account executives 
whose task it is to respond to 
the needs of particular, gener- 
ally large, corporate clients. 
Managers must also bring 10 
bear a more ■ wide-ranging 
knowledge of the business, than 
was necessary in the past. 

In one particular way- 
according to the two banks — the 
lot of the German bank manager 
differs from that of his British 
counterpart. Commerzbank says 
that its business customers are 
rarely reluctant to ask for 
money or advice. " They are 
keen to- discuss the range of 
possibilities open- to them and. 
on the whole, ‘.the hank 
considers ’they are- financially 
aware, if * not particularly 
sophisticated. * 

Commerzbank' cites export 
finance as a .particular area 
where this spirit of cooperation 
is to be found. It feels that 
as, oyer the past 15 -years or so. 


Today’s bank managers: the 
new hunters and gatherers 


German companies have satis- 
fied their domestic -markets to 
an ever . greater : extent, they 
have avidly sought out new 
outlets abroad. As. a result a 
large majority .of . them' now has 
some trading - connections with 
overseas markets —-and - the 
banks have naturally been keen 
to be' connected 'with* . this 
business.. : v~ 

Such a pietnre '-is; fair -.-less 
familiar in the U-K.- . -'Despite 
some, increase in companies' 
financial awareness, they, are 
still very conservative in “their 
attitudes towards money, view- 
ing deposit accounts- as a 
convenient and ‘.safe -means of 
looking after spare -cash: and 
overdrafts as the answer to most 
of their financial needs. Bank 
managers and- others who deal 
face to- face with corporate 
clients therefore feel they must 
assume an educative role, which 
is not always appreciated by the 
customers. Often; instead of 


bank and company essentially 
pulling in the same direction— 
for example, in pursuit oE 
export business— the result is 
that they end up pulling in 
different directions. 

Tbis is probably a general 
experience among British banks, 
not so much where 3 term loan 
for a particular investment is 
concerned, but where managers 
try to convince customers that 
the long-standing hard-core of 
a large overdraft facility should 
be converted into a (slightly 
more expensive) medium-term 
loan. In these cases, the level 
and repayment of the . loan is 
being increasingly matched to 
projected cash flow. leaving 
overdrafts to he used solely for 
working capital. 

Given .this frequent resist- 
ance, Barclays -feels that, not- 
withstanding its desire to get 
closer to corporate customers, 
it must nor appear to be pres- 
suring them. "We must be 
positive rather than aggressive 
in our approach," is the new 
taken-. 

Branch ■ manager*, of . both 
Barclays and Commerzbank are 
given a large measure of inde- 
pendence. Provided each 
manager keeps within the finan- 
cial limits laid down by head 
office and observes the general 
principles of banking practice 
that each bank considers appro- 
priate. he can exercise quite 
considerable discretion in 
respect of each corporate 
customer. 

The implication to draw from 
these - practices is that hoth 
banks are likely to be more 
amenable to a company which is 
prepared to bare its soul and 
establish a close relationship 
than they are to a company 
which is reticent about discuss- 
ing its financial and trading 
position. 


Differences in their basic 
approach to lending arc readily 
apparent. A Commerzbank 
branch manager would "probably 
assess a corporate customers 
credit-worthiness for a term 
loan by reference to its finan- 
cial position (balance-sheet, 
profit record, and allied factors) 
and to the projected cash flow- 
pattern from the new invest- 
ment in question. 


loan, the mam branch makes up 
its tnind after scrutinising finan- 
cial and trading data supplied 
by the company, hut without 
necessarily knowing the custo- 
mer’s identity. It may. of course, 
recognise the company from the 
data alone, and there are aim 
times when the main branch 
will feel it is necessary to know 
the identity of the client. 

This general practice nf 


Nicholas Leslie concludes his analysis of the 
way in which British and German banks are 
serving industry 


, A Barclays manager, on the 
other hand', while obviously 
assessing a company's financial 
position. has traditionally 
tended - i«r consolidate his 
security by a charge on a 
customer's assets, and has only 
recently begun ro include cash 
flow patterns in his delibera- 
tions. 

A particularly Interesting 
point and one which questions 
the conventional wisdom on this 
subject, is that — in certain 
circumstances — a Barclays 
manager may be able to offer 
a term loan of longer duration 
than his Commerzbank counter- 
part. He would he prepared 
these 'days to provide funds 
repayable over anything up to 
ten years, whereas Commerz- 
bank. tied more to changing 
money market conditions, cur- 
rently considers seven years tn 
be its limir. though it has 
offered longer term* in the pa-i. 

A notable feature of Com- 
merzbank's assessment proce- 
dure for loans is that, whpn 
a branch manager decides he 
should refer a corporate custo- 
mer to the merchant banking 
system - of a main branch for a 
decision on- a sizeable Term 


anonymity j s the result of 
Commerzbank's large equity 
sfakesjn many of its clients, and 
its wish to avoid any conflict 
of interest between its roles of 
shareholder and provider of 
finance. 

Barclays, which has no such 
equity stakes in companies, 
would find such practice 
anathema. It points out that, 
among other reasons, it would 
not. lend on such a basis, since, 
the company concerned might 
form part of a group to which 
the bank had already loaned 
funds', it would therefore not 
know- what level its total 
exposure to the group bad 
reached. 

Although money is the major 
commodity of any bank, it is 
not the only thing it sells. A 
consequence of the marketing 
orientation that Barclays and 
Commerzbank havp adopted is 
that a plethora of jntpmally- 
generated literature and back- 
up facilities ran he provided in 
such areas as investment man- 
agement. securities and money- 
market dealing, accounting, and 
taxation. And while overdrafts 
and term loans are the most 
readily recognised forms nf 


finance, other facilities such as 
leasing and factoring will be 
regularly discussed by manag- 
ers with their clients. 

Internationally, as at home. 
Barclays is much more widely 
spread. This is hardly sur- 
prising given that the constitu- 
ent parts of Barclays Bank In- 
ternationa) date from the last 
century, whereas Commerz- 
bank s first direct move over- 
seas — after 1945 when the over- 
seas assets of all German banks 
were confiscated — was in 1PS7. 
when it participated in the 
formation of International 
Commercial Bank. 

Both make extensive use of 
their overseas networks as 
sounding boards for business 
opportunities, details of which 
their branches in their respec- 
tive domestic markets can then 
pass on to corporate customers. 
Conversely, managers of both 
hanks can arrange m find com- 
panies or areas of activity 
abroad which clients at home 
might be seeking. 

While this is theoretically 
supposed to work to the advan- 
tage of all customers, in practice 
it seems to he the larger 
corporate clients which benefit 
the most, since they arc the 
ones with which the banks 
maintain closest contact: this 
applies 10 all types of business, 
not only international consult- 
ancy. Channels nf rommumra- 
tinn between bank and smaller 
client nn a day-to-day basis lend 
to take the form of written and 
printed material in the absence 
of any approach by the client. 

The managers of thp main 
branches of Commerzbank have 
a particular responsibility to 
look after the needs of major 
concerns. They consider 
-request? _ for. .. finance, make 
independent assessments of 
what other requirements clients 


are likely to have, gne views of 
economic prospects and the out- 
look for share and money 
markets and generally act as a 
direct liaison, beiwecn bank and 
diem 

Barclays has a parallel ty pe 
of arrangement, but one which 
seems to be much more de- 
veloped This is partly the 
result of its very much larger 
size, hut its different origins are 
also an important facLor in that 
they fostered a structure that 
now embraces such breadth and 
depth of management that deci- 
sion-making is brought close to 
all companies, particularly the 
larger ones. 

At Barclays, branch managers 
will deal with most day-to-day 
requirements of small, or even 
medium-sized companies — de- 
pending on the size of the 


branch and thus the lending 
limits within which its manager 
must operate. The local head 
offices then handle the rather 
bigger situations and have more 
readily at hand the specialist 
personnel to deal with leasing 
arrangements and similar facili- 
ties. 

Then there are co-ordinators, 
who in many cases are also 
local directors, or even regional 
general managers. They per- 
form a similar function to that 
of Commerzbank's mam branch 
managers in that they act as 
a close link between bank and 
big corporate clients. Each co- 
ordinator will rake specific 
charge of the needs of a handful 
of very largp companies and 
based in his territory maintain 
a continuous working relation- 
ship — which seems to be the 
closest British hank? ret to 
having someone on a client's 
Board of directors. 

Co-ordinators clearly have 
power to sanction lines of credit 
of considerable size. While 
Barclays will not disclose any 
figures, it says that thisJeveJ.of 
staff has sufficient discretion to 
look after the greater part of 


even 1 he biggest company's 
requirements, and tbar it is for 
the more -special type? of 
finance, such a« Euro-eurrenw 
loan-i. lh.it rhe> would have To 
refer their client to head office. 

Because of the secrecy which 
surrounds the exact parameters 
wuh in which senior personnel 
work, it is not easy to establish 
how comparable different .whs 
in the two hanks arc. but there 
docs seem to he a trend in hnth 
to bring more specialists face 
to face with clients. 

One aspect of this broadening 
interface between bank and 
client is the increasing amount 
of essentially non-banking 
advice that each is geared Jo 
give. 

How sophisticated these ser- 
vices really are and how recep- 
tive clients are to their local 
branch manager when h® 
approaches them with a fistful 
nf economic and business data, 
plus suggestions of how they 
might develop their business, is 
not at all clear It docs seem, 
though, that in this respect 
some friction can be injected 
into a working relationship. 
Barclays insist that it i> aware 
of such dangers and that it i? 
therefore very selective with 
proposals and information, try- 
ing to ensure That ir tailors if? 
information 10 a client's real 
requirement*. 

This practice is bur on® 
example of how Barclays j? try- 
ing to improve its relationship 
with corporate clients. Their 
awareness of what iT can offer, 
should, in turn, lead to increased 
business m this country as well 
as overseas. The Commerrhank 
feels it already enjoy? a real 
understanding among mm- 
panics nf how it can help tlieir 
buxine??. 

Whatever efforts they may he 
making, tit® hanking communi- 
ties in hoih Germany and The 
17.K. remain under fire: govern- 
ment-inspired investigations 
into financial services are heing 
earned out in both count ries. 
Barclays and Commerzbank 
themselves are e] early very sen- 
sitive to this situation, and lose 
no opportunity to try and 
justify the wav they go about 
their business. 


I VE HEALTH 


BY DR. DAVID CARRICK 


than a pain in the neck 


APERS. tele- 
channels have 
meal of two 
concerns the 
©titer the scare 
>» oranges. . 
la epidemic re- 
iname. usually 
ea whence the 
ts * to have. 

■ that slew twice 
pj'as puny men 
tr the. five years 
r. was labelled 
. More recently 
Asian 'flu and 


the “ Hong-Kong " variety. Now 
we have the so-called “ Bed 
'flu " which is caused by a virus 
which is a relative of the 1947- 
1957 vims.'but' this tirbe began 
m the USSR. • . * ; ; 

People call : anything .from 
a cold . to a • hangover 
V ’flu ".—it ■ sounds ■ sT .n^h 
mare res pectabl e^bu ttbfc &igps 
'and symptoms' of . the d^jase 
should usually be apparent The 
patient feels ill. he-has a severe 
headache, pains behmd-the eyes 
and-lin Vmosr of/his limbs and 
joists, 'plus a dry enugh. The 
temperature rise? to lOS-HMF, 
but' the -puise-rate is much 


m your health 
theDynavit 
system. 


! ^ The modern b 

f ij: anextriortfins 
vvear ana tear.: 
■■■ life, snatched \ 

t 'K enforcedphy* 
X, induce letnifr< 

' Exercise is thl 

1 . dust ten mil 

J .The Dyrkorrt C 
; youtoachiev 
j minuiGsaoap, 

• . No strenuous 
; . Dvnavit ra We 
marker, it has 
, ' monitors ever 
; You know.exa 
| : moment. \our 
' optimum 
' over-e>.ertioa 

! Health and f 

’ • Before- you » 

* i sevaioc. yen it 
; ciara'— APiqhT. 
: info The Dysiav 

i . v.-tuch auiomai 
yonr personal 
■ ; parameters. S 
; [ aiiacnedeitht 
; lobe er chesr 
; raie di which 1 
: j Pvnawimflas 

■ 3 ('owing you: 
n xaicrv inias-e 
■V: Th* higher yc 

t Removes tti 

J Pv-Wf rSTC 
VniiPTvrrro'a 
b^Svjhappfrrt- 

Space -399 1 

srlvtiycairh:: • 
a.aiitfWcc-nrD 

' cerr.uamcsa.* 

Cyn^vrt it»:o :r. 

w 

r-Forcomprebe 
^coupon below 
— - 


new concept in fitness training 


lessrpan suffers 
ofphyskai 

-day stress of business 
iis. occasional over-indulgence and 
inactivity all combine to destroy fitness, 
id impairworkmg'efficiency’. 

/to greater vigour. 

isatiay i 

jutted Exercise System enables J 
ur peak of physical health in just ten M 
>asa'.\M>* progressively and safe/y- 
rtion'jsreQuired-'becausethe mk 
cHhcr exercise system onihe 
ii!i-in computer that accurately 
pectot your training program. ^R||| 

how You're doing at any given 

ry exercising achieves the 

ou run-no nsk ol ydB||S§b 


css —scientifically. 
> 01 ir tm minute jt 
vour physical 


:nor yc-i.r bean beat ar.d uo^outer Determines the 

sncuia excise tor greatest etlect. . 

> your e* crc-ise units.' andtheelapsedtraining time. 

: vou htHv many calories you are burning off. 

,iK.e fin£aa(usimer;s to your daily 

>yiav It score, me f .“er you are- ' ^ 

haned element 

he :h.vX> element from werciw. 

■i .v.. ■, LiL-r r »v is perk-ming ar.d 


ir uses inace-aa® {•s--r.noiocy.to 
,iiig v.eintv orobierr,... isa 
-.'.nnscico^ 5*1' *>iny.s(iii Am-E^cs.lr 
: he aoo h 1 -jt 1 t r a 1 n 1 nn { ac 1 1 * 1 ie s 

1 C M<inv finale* ia. heami {anus, 

c-.ivicuals have incorporated 
ntnes-s programs. 1 

/e details, compW® and postihe / 


nrtfi uk ua- ? hm*. 
il Eslart*. WirntKxno. Pcrset 


FT 6. 5 | 

avitl 


■ slower than would usually be 
expected with so much febrility. 
: and the tongue is dry and 
Turred. Because the ‘flu is 
1 caused by a virus. Few drugs are 
of much use. although Sym- 
metrel sometimes aborts the 
disorder m same. Aspinn and 
bed plus plenty of citrus drinks 
> are usually the best that can- be 
1 done.’- 

A condition I have seen fre- 
1 quern I y 1 - in the- last few weeks 
\ is what ‘the French might call: 

1 " La J 7 riinp<- dans la forme 
! Irustc." . which is almost 
- untranslatible. With this, the 
patient feels cold and ‘ ill for 
"several days. There is little or 
no fever but. again, the pulse 
is very slow. Two nr three day? 
afterwards, a severe chesty cold 
and a troublesome cough may 
develop, sometimes associated 
with pains in the chest which 
usually are fibrositic in nature. 
Antibiotics are useless and can 
do littie but amuse the immune 
virus. Bed. fluids and a good 
cough - Imctus plus menthol 
inhalations are of value. 

The second newsy business 
concerns Jaffa oranges contain 
ing mercury. As it is metotirc 
mercury, it will pass right 
through the alimentary system 
unchanged. True it may have 
a slight purgative value, or the 
reverse. 

Furious row 

Years ago when I was on a 
children's ward, wo nurses had 
a furious row in some strange 
language and one stamped out 
in a hiiff. Then we found a 
thermometer missing. A careful 
inspection of 32 infants revealed 
a tiny cut in a three-year-old's 
Up; 'the child, of course, was 
the only son of a tycoon. "We 
X-rayed the boy and obtained 
a perfect picture of the siomach 
outlined in mercury. Also we 
could see a tiny blob of the 
metal in The remains of the 
thermometer’s bulb, 

The broken shaft of the 
Instrument was of 1ml e conrern 
because of the remarkable way 
In which the alimentary tract 
will turn sharp objects so that 
.they go down blunt way*. The 
remains of the bulb could have 
proved awkward: hur lKith 
pieces of glass passed merrily 
out . m a day. The mercury, 
however. loitered slowly 
through the bowels, takinc five 
or six days on the journey. 

■So why. one may ask. have 
certain moihers had . 10 take 
their children to hospital after 
they had consumed a merair- 
ised orange? They cannot be 
fll, and all that I can suggest 
■Is -’that lhe mother's needless 
alarm was communicated to the 
children, who the.t fancied they 
were indeed ill. 

The only real sufferers of the 
mereuiy business, however, are 
the orange - growers, for di.« : 
graceful reason?; and the 
terrorists, who must have paid 
huge sums for this expensive 
metal, or at least bought a few 

Thermometers. Bui. as the wicked 

and ungodly tend to flourish 
like The green bay-ircr, lavishly 
manured by ill-informed pub- 
licity. ih**y have reaped a 
hateful harvpsi which nn® caa 
but hope will grow- ergot as 
readtiy u spoiled rye. 


Why most shops are 
glad to see the back of us 


It ? bee g use • hev depend on us. Tc deliver daily. 
To keep 1 heir shelves well stocked. 

WeTe Headline. Britain's biggest read-based 
carrier. With 75 depots and over 6.000 vehu.les. 

Oi ir drivers are locaf men. They Know the 
quizes: routes. Where and when io call. 

vVe can move consignments a ieiv miles. Or to 
the furthest corner of the U.k . 

Last year, we handled around 60 million 
pa 'i kages. Ai id operated some 1,400 scneduled 
trunking services every -4 hour.'. 

need a regular, reliable r^irfe foihe High 
Street, ring Rnadime on Ol -686 2.?10. dav or nichl 
V/he-everlnsre's a road, there's Roadine. 




moving Britain’s goods 
















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10 

lombard 


Finandai Times Usfonftay March* ^'STS 

a ft 


n 


Cheap fuel for 
a trade war 


BY ANTHONY HARRIS 

THE FACT that the lack of an 
energy policy is underminins 
the U S. • dollar is all ton 
familiar: hut what is not so 
often remembered is that one 
result of the lack nf an energy 
policy is that both domestically 
produced oil and coal are 
cheaper in the U.S. than else- 
where. The fall nf the dollar 
cheapens mi Tor everyone — 
henpp the rather reduced 
estimates for the value of North 
Sea oil: hut however far the 
■dollar falls., the U.S. ronsumer 
has a further advantage in 
dollar terms v.hich is not 
aSected. 


Troublesome 

For most industries this kind 
of enhanced competitiveness is 
of little consequence; fuel costs 
might give an advantage of a 
fraction of a percentage point, 
but the value nf the dollar 
itself is of far more significance 
than relative dollar prices 
However, there i.- a group of 
products with Inch energy 
content, and nf ntl-based pro- 
ducts with low added .i-aluc. 
where the sums work out in a 
very different fashion. In pro- 
ducts like fihres. some basic 
chemicals and aluminium the 
U.S. producer has a cost advan- 
tage which has nothing t»< do 
with productivity, interest rates 
nr real wages, and u is m 
markets like these that US. 
com petition is now becoming 
really troublesome. 

On the Face of ;L this is flatly 
unfair competition. One might 
think that the rules ought to he 
modified to allow the general 
imposition of countervailing 
duties, which would bring the 
price of U.S. impnrts up to the 
level which would have to be 
charged if U.S. producers paid 
a world price for their supplies. 
Indeed, if such duties were 
generally imposed in the outside 
world. President Carter would 
have an exira argument for his 
proposed enercy measure.- and 
the higher price* they would 
imply, so you might think 
everyone would he pleased. 
However, there is no chance at 
all of a world-wide eounler- 
move; and iut-o one considers 
move* hy individual vounine*. 
or even a group like ihp EEC. 
the case for action largely 
collapses. 

It is also a very difficult ques- 
tion to dot ermine how much of 
the U.S. advantage i« duo to 
policy failure, and how much 
t« natural adramage. It really 
i* cheap to dig coal in the U.S.. 
and since it cos - * a great deal 
less to ship fibre than to ship 


the coal which foes into its 
making, there is a natural ad- 
vantage here. Importing cheap 
fibre i« our way of sharing that 
advantage — that is whar world 
trading i* all about. The ease 
with which this apparently 
simple argument can be stood 
on its head illustrates why trade 
questions generate »n much 
heat and "*o little agreement. 

The question of energy policy, 
though, is a horse of another 
colour: for the availability of 
nil below world prices has no- 
thin? at all to do with natural 
advantage, and everything to do 
with foolishness. The U.S. 
failure to act on energy mort- 
gages the future for a little de- 
ceptive comfort For the time be- 
ing. and the rest of the world, 
which in. 5 truer* if* central banks 
in finance the impnrts which re- 
sult from tins nonsense are 
mu emn cea mg any temporary 
comfort For their pains. They 
do not intend, of course, to 
finance U.S. nil imports, but 
.-imply to prevent their awn 
currencies from rising ton far; 
hut the reuiit is ii:»i the same. 
It is hecau-e the -loncse* must 
keep up with the Schmid Ls. who 
are looking over their shoulder* 
at the Kolos, ihor everyone con- 
spire- to underwrite American 
wrnng-hcadedness. 


Subsidies 


Unfortunately competitive 
foolishness i> always a mark of 
a world recession, and it is 
bursting out in all sorts of 
places — currency management, 
subsidy fur shipbuilding 
c which may in the end hankrupi 
the shipping lines saddled with 
old. un<ub.Mdised ships i. wine 
lakes and heef mountains, and 
subsidies in help house-huyers 
to compete with subsidised 
farmer* in bidding up The price 
of land. 

You may think that these 
issues are rather remote from 
ih«? question of the price of oil 
in the US.: bui existing US. 
pupr'jy policy amount* m a kind 
of subsidy. What in more, it 
ran only he a matter uf time 
before manufacturer.* hurt hy 
the competition I have des- 
rnhed. and realising that pro- 
tpi-tmn it no answer, ask for a 
i-nuntprvatlins suhsidy of their 
own: and the next step after 
that would be an EEC fibre 
mountain. 

It is m the name nf sense 
rather than unfair competition 
that we should protest about 
US. energy policy: but we 
should not be. surprised to hear 
some countervailing grumbles 
about ourselves. 


THE WEEK IN THE COURTS 


Law for foreign states 


BY JUSTINIAN 

THERE ARE very few areas of 
the law that remain wholly un 
touched by Parliament, but the 
rule that foreign states are im- 
mune from being sued in the 
courts of Ihis country is just one. 
It hardly surprising that, since 
English lawyers feel more at 
ease with the law -is developed 
by ihc judge* than with inter- 
preting the moaning uf words 
used hy parliamentarians, the 
Government ‘ should have run 
into trouble recently when ir in- 
troduced min the House of Lords' 
the Stale immunity Rill, designed 
tu restrict that immunity when 
companies aic trading with 
foreign states nr. increasing!.', 
wnh -tale agencies engaged in 
irading. 

Thi- count r> has hcen in the 
past the leading exponent of the 
roncepi of absolute immunity. 
Thus the rule of English law 
ha> been that potential litigants 
arc debarred from pursuing 
claims in our courts against 
foreign state* or foreign .state 
agencies, particularly claims 
arising from vnmmeroiai - nr 
trading activities, unlcs* the 
foreign slate waives the privilege. 
This rule is particularly galling 
•‘•hen ti is compounded by lhe 
fan inat states applying the 
rule of absolute immunity enjoy 
no corresponding immunity from 
fhp jurisdiction of iho courts of 
mhor states which apply a rule 
of relative immunity. 

Modernisation 

Thi s is mitigated often by lire 
faer that the " relative immunity" 
slates continue to observe the 
rule that there can he no forced 
execution against the property of 
foreign state* situated within 
tho territory of the court of judg- 
ment 

Given the highly unsatisfac- 
tory >tate *if the Enzli-h law. 
echoed hy both indicia! and 
legal academic opinion, the 
Government t> now seeking ways 
of nindernisinc the law In 1972. 
undQi Council nf Europe 
auspices. th«; countries of West- 
ern Europe produced ■* Conven- 
tion on State Immunity, and this 
countrv was a prompt signatory 
to it. thu» indicating earl'v Ipsi«- 
lative implementation. But there 
iv the rub 

A major criticism during the 
Bill's -ecnnd reading came front 
the senior I .aw Lord. I orri 
Wilhprfnrre He observes that a 
Western European document — 
the 1972 Convention — based on 
Western European philosophy 
was hardly suitable a? a model 
for application to Eastern Euro- 
pean trading operations, where 
trade wa* conducted through 
state ageneie-. or mriepd to other 
parts of the world. «uch as Africa 
and Latin America And he 
earnestly pressed the Govern- 
ment oii that amount alone to 
rethink the provision* of rhe 
Rill Two -i-pe't* of tne F.ili 
caused Lord Wilherforce serious 
concern. 

Firs', the Bill t# unnecessarily 
restrictive in 'is remora! of the 
immunity. With regard to con- 
tract. the limitation is that 
foreign slate* can he sued m 


future ou f only in respect or 
loni.act- failing to be performed 
either wholly or partly in the 
United Kingdom. And when it 
deai* with commercial activities, 
rhp Bill i- even more restrictive. 

Only commercial at-iivitif* •'**n- 
rtuctert through an office, eyeo* ' 
or establishment maintdim-d ;n 
the U.K. will qualify for 
inapplicability of the immunity 
This is far more limited than ihc 
rorre.spnndtn.g prnvidon in rhe 
United State* tn rhe Foreign 
Sovereign lnimunir.es An o* 
1970. which does not require that 
the foreign stare or state agency 
should ha*e an office abroad. 

Influence 

The other major worry. i« ‘hit 
the European Convention - * r-m- 
vision- on the execution ft n 
judgment.* powerfully influenced 
the rest r, f lhe Convention Bu- 
;ince n ire? proved possible to 

iezisiate for the execution of 
judgment* onl> a* regard? Con- 
vent inn countries, it was argued 
•ha: it was unwise to limit the 
ambit of commercial, activities 
for all rountrics Th'r» Conven- 
tion does nm resolve the rnn- 
dieting views between a rule of 
international law prohibiting 
execution against the proper!.* 
o* foreign state*, or whether the 
rule simpiv prnhinit* evei-jiton 
against property rfo*tined Fr, r 
public use. It simply c*iahli*lres 
a nasic rule prohibiting eveeu- 
:ron. and combines it with a 
«y«tem whereby the state against 
which a judgment has been 
given in a fnreign court accepts 
an obligation to give oiTcci to 
t'n« judgment. 

If the state fines nnt give effect 
n* the judgment. the partv in 

hnsc favour judgment has 
horn given may institute pro- 
ceedings before the courts of 
that slate in order to have deter- 
mined rhe question whether 
effect should he given tn the 
judgment. Even more elaborate 
safeguard* are provided ir a 
protocol tn the convention. The 
private litigant wishing to invoke 
a judgment against a con- 
tracting slate ha? an option to 
institute proceedings either 
before a competent court of that 
stare, or before a Europe., n tri- 
bunal consisting of seven mem-' 
hers nf ihe European Court of 
Human Rights. None of thu i* 


.7 pr for countries' outside ihe 
Council nf .Europe who may sign 
the Convention. 

However, if Lord Wilberforce's 
pertinent remarks did not quite 
ring the Bill's death knell. Lnrd 
running's predilection for Icav- 
.n: the matter lo the courts was 
more pronounced- . In a ease m 
the. Court of Appeal last year. 
[icndULC Trading Corporation c. 
Central. Barth of .VigeWa-. the 
judge? boldly fastened on to the 
rules. of international law as a 
means .of departing from the 
established. English . rule of 
absolute immunity. The par- 
ticular piece of litigation was, 
ny a Swiss company against the 
Central Bank of Nigeria which 
hart nn office in London. The 
Court of Appeal held that the 
Rank -a as not .an organ of ihe 
Stale of Nigeria, hut even if it 
wa* a majority of the judges 
said that, no plea of state im- 
munity was available because 
the litigation arose. out of a com- 
mercial . transaction ! .for whi.ch 

international law (3nd hence 
now Epalish law) conferred nn 
longer any. immunity.'. . 

Upper House 

Thp case is currently undei 
appeal tn the Hnnse of Lords 
If the House endorses *nme of 
rh* wider views expressed in rhe 
Conn of Appeal, then - the Bill 
would take on an even more 
restrictive line nn state im 
muriitv than vs generally war- 
ranted by tntema'tinnal law. and 
would evert he reversing tn some 
extent the new law developed 
hy ihe courts. 

Not surprisingly. ’ ihe Lord 
Chancellor expressed dismay ar 
th<* Bill's reception. A Bill that 
was intended to have a speedy 
if not rapid passage through 
Parliament has not reappeared 
for six weeks smcp it obtained 
its second reading under the 
ppnumhra of judicial dis- 
upprovpl. For the time being 
the legislature is not translating 
a piece of judge-made law into 
statutory language. It i* perhaps 
wise to see first what the Law 
Lords decide in the Trendtar 
im'sc. Time enough then to ass as? 
the need for legislative interven- 
tion into a delicate "area of 
internatinnal law 
" T 19771 Q.B. S29; ; 


EEC wants age limit cut 
for half-price fares 


THE COMMON MARKET i* ^ 
a*k British Rail to lower t'* aze 
Itmit For half-price children'* 
far®* from 14 to 12. 

An EEC report, disclosing the 
nvi\r*. :ht* would nnng 

British child railway far'*;.- into 
line with the rest of, the Com- 
munity ' - 

No time*cale for implement-" 
ing the proposal has been set. 

British Bail said: - This would 


have tn hr a decision, takpn at 
Government level'! . 

It said it would .welcome an 
agreement on common age limns 
throughout the Common Market, 
hm ii did not indicate whether it 
would he prepared to reduce. Its 
limit hv the two year" proposed. 

Mr. Sidney Weiahell. general 
secretary of the National Union 
nf Railwayman: . attacked the 
proposal. He said it would 
drive families off the railways 
and onto the reads 



t Indicates programmes in 
black and white 

BBC 1 

0.40-7 55 a.m. Open Urmer-itv. 
9.38 For School*. Colleges. m.4.» 
You and Me. 11.22 For Schn.-.!* 
‘"olleges 12.45 p.m. Net*- 1 .<•* 
Pebble Mill. 1.45 Bod 2.»l Fur 
Schools. Colleges 3.13 Song.* of 
Praise. 3.53 Regional Ne«- for 
England i except London • 3.55 

Play School tas BBC-2 11. DO a.m i 
4.2*) Deputy Daw 2 4.25 .lack a n or. v. 
4.40 Hunter - * Hold. 3.05 John 


Craven's Ne"srnund 5.10 
Peter. 

5.40 News 

3.55 Nationwide 'London 
Snuth-Ea*t r-nhl 
fi.20 Nalionwjrlr 
fi.50 Ask ihe Family 
7.15 Blake - * Seven 
s.io Panorama- Thp Kennedy 
Cover-up. a report on new 
evidence of his death 
n.oo Sc «* 

9215 Rohert Bedford in “Tell 
Them M illie Boy n Here " 
11 . on Tn-nichl 

11.40 Weather Bogmnai New* 

All Region* a* F.BC-l except at 

rho fnllmving rimc%- — 

Wales — 1.45-2.00 p.m. Pill Pa la. 
2. IH-2JTH For School* 5.55-00 
W.-ile* To-rlav. 6.50-7.15 Heddiw. 


F.T. CROSSWORD PUZZLE No. 3.610 



Bluel 1.40 News and Weather for 
M'ale* 

Scotland— ^ Hl.n 11 . 1 n 5 n a.m. For 
and ‘refmol? (around Scorlanrt t 545- 
bj 20 p.m. Reporting Sroriand. tl.nn 
Public Acrount. 11J35 Nei’ * and 
Weathor for Scotland. 

Northern Ireland— 3A3-3. 55 p.m. 
Northern Ireland New* 5.55-fi^fl 
Srene Around Six. fiJiii-fiJn Land 
■v Uarder. 11.40 New* and 
\\>aiher for Northern Ireland. 

F.ngland — 5.55-fi.2ft p.nt. Look 
Ea*t iNonuchi: Look North 
il^pd*. MancJie*‘.er. Nev castle 1 : 
Midland* To-day 1 Birmingham 1 : 
Points M'esi 1 Bristol): South To- 
day (Snuthamplonr. Spotlight 
South West 1 Plymouth 1 . 

BBC 2 

fi. 4 0-7.35 a.m. Open L'nt*er«py 
1 l.mi Play School 

3.011 p.m. M'ord power 
3,gfl Children Grow mg Ut? 

Llifl Parent.* and School 
4.55 ripen University 

7.011 New * or. 2 Headline* with 
?uh rirlcy 

7.03 Children.* V. ardrohe 
7.30 New *day 
S.jo Dr«m^ - 

n.flfl Thr King* V.n r ;c 

of MUrK. 

P.sn American* 
in.4» .lti*i a N'ltimo 
11. i« Open Door 
11.35 1. are New * on 3 
11.45 Tcle-murnai 

LONDON 

P..7U a.m. School* progra.-nme* 
12.00 Noddy 12.10 p.m. Raipho**- 
12.30 Indoor League ion New* 
plus Fi index 1.30 H*ln- 1 JI 0 
About Britain 2.IH1 .After Noo.-r 
2.25 ■' 1 hr *’Iod Rn* * 3.S0 

('niiple? 4—0 Clepperhoard 4-45 
Warrior Queen 5.15 Slirvai. 

3.45 New* 
fi.Oll Thame* a: fi 
6.40 Help : 

6.45 Opportunity Knock" 

7.311 Coronation Street 
R.iMI A Sharp Intake n‘. Brej'.lr 

WB World ;n Action 
*.«t» Harel! 

10.00 New.* 

lO.gn The Bis Fl.tr - T.*e;-.«? 


ACROSS 


DOWN 


l Fiin: ?iar includes the riant j s-v 1 f r traveller »Si 

to misrepre.*ent IB- ■, Conservatism may he rhe best 

4 Thi- animal could make a 
*.1 range raid nn 11 - iSi 

in Let the lung-. py**iM- . 'tar? 
a cheer to keep j f m off the 
rocks iff* 

11 A i though '.tih th*' 'i'uncrs 
*he is ju*t a g»r! i5» 

12 Tt-n cxprc-s gratitude in j 
letter i4i 

13 Follow the coni cm — u* tmuud 
lo b« a racr 10 . 5 > 

13 The la*t gulf club t», kelp UP 
a log 1 . 7 1 

Ifi The boyfriend 1 * *U*nle l«' 

is The legal profession Inn to 
rate'n ihe Bnrnu^h <fi' 


plan 10 . 4 

3 M r i*f nT 'he r.[rrg;. arr 
reluctant 1 1 1 

3 Ihe devil d ••r- cn.d.i-.c ':o> *: 

*ions f" 1 
ti Not snvliio. 

12. H. 5 1 

7 Publicity :■ 
fr#r a brick 

8 Criticise 14 ' 
severely f^ 1 

IT Fried S'-iJe- > 

mg to Siiiitn minor mi 

raicn me l l rommun;. gt..m- f5 5. 

21 Sidea&ard is a help m actors 1' al \ r -‘p l - ' u,n,?d dl3d 

, 7 , South tb- -•* 

23 Ptck-mc-up* up-ot Mia must- tS Waves unpoiMilar 3 - kitchen- 
riily 1 5. 5* maid* 

23 Be exj/re.**ing Ih.rnk* :--»r the 2« T'mijnoy dlsturaance 

(••fi.'r f 4 1 t?T 

27 Th^ iiiin mean-' nc.ir!-- e-.rry. 21 Pan <**' -• n-f. ii> :hr river l r - 
»hmg tn r: -mall <-hiM i5< d»i»THi:n,- tB* 

gK There .- piein - - i<> proiuhn :n 22 The rum *;•■"■• J- ■ for : * -•’If fKl 
rhl* p.jre ip'i 24 ribsn-^ii E‘i-..iid absepi 

gp Root* for the - 1 : 1 ith «5i 

liir-fii-.c -.-•iing gir:« • »» 26 Rkipioj • rung t-" 1 

“o -]"n» ,<•; |>;, father * 4 • 

The M.lution or !a*r *»sturdar* prize puuh- will be publjchp*} 
*f! Lb name* of winner* neat Saturday. 


o'clock High.'’ starring 
Gregory Peck. 

12.55 a.m. Cio.*e - Leonard Pearcey 
read/ a noem by Louts 
MacNeice 

ANGLIA 

4.25 n.m. Anpila \»o'. 7.W Ho'iar- 

04r-v J.«s P ,-n.K *2a rh- Fn*«rta::i*n 
prksor S.lb L'niver«r« 
l.oo \kd-i* AnaJn la M 
MrUTv sm-.r '.iacJtiiUa and Arif* 
XZJ5 a.m. Rertactinn 

A TV • - 

U.M p.m ---mf Ham-1 - ?-. - |V. J.Jfl 
\T\ Nswr-dc,* 2JS '.to-..-, :o R^mtm 
br She Lues/ 5.15 U.-cvernrs 

c-u;:?3c *.« at'.- rota? uuo l-i? 

jr-i On??. 11. BO M.UlHan and 

W-ilr 12. 25 a.m. *nm-«h.?s Pifferem. 

BORDER 

J2.30 D.m. TIi- .J.2B Portly 

i --30 Ho-iSHBan;. 1.35 Matr.M-.. 

Tn-* *-rara?r Who Loa-» Lik» Me" 
•-•r.ir.B R^au Brie ' 5.15 Gamo-ik 

S.B0 Loa^aroori Mumlay. 6-15 

• ?:v«r»i-;- C0alUr.«<- 10 30 t-'.-n 

r .iTA\- *-arn.-.a e-.-o Vi\ n \ta-ln-» 

erar.-!.-) R:.-*sar*S rir.'-. .12.J0 a m. 

Border Jummar-. 

CHANNEL 

• .If pm cr.j-i*.n- La?-.r.-,i- ?■»*•>. 4?>! 
“ *T • •/.-• -.••h ri 2.25 T Vor.'Is..' 

\ Cr* T.-.» -.■.-gdarnoss - 

4.1S n :- ia::;r.5'. » 00 Char. ml 

6.26 c«r-?«-. 10.25 Channel La*.- 
‘ *• , IS.IJ C-nrs<! K,.t. . on IV 1I.N 

* »■* -• - -. 1 cni"-'-*'! 

12J0 a.m. Chi- j 

tt. 1? • :■ '••• • v-^-h.- in Frr.id*. 

GRAMPIAN 

*23 7 -V 12.30 p.m * :f 

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1.25 2cMij 'Ir:?.'' Hru'-en. »H« 
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S.li "3 •.•?;!-: 'T.j.i. 6.0s uramoi-n 

T"W- 6.10 T.’ J '*1?- 7- !•- *ioore Sh-I". 
».t! Hi.; I3JS RiW-n* -I0J5 

B.i: .-srr.ra '•»- 

■1 5r.r.-!-' rilT>- Sr - !* ■■■• a.- i i ,n Bacn-n 

GRANADA 

34 n m * -. 1 %lj« - 120 

R-S-- 2.25 -.j-:r7- -r Harer% 
2.BJ ] : - D*r_ ra iJZ 5 15 

" ‘ " -- 6.00 C>rah*'ij 

4*5 • ■- --n*5. -7.M 

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7=r:r- v.-iv .-i»a-;;r.?« ; 25 ?jjor wa.es 

-/** -3.23 

Tr,« r?4S tfiMV 

' '' r *7r *'“■ t-a 7 ? Riehir-i- 
iw S.l5.:r - .'r« l.« tt - *,- 


6.22 K«3arr Wain*. - lj.15 TUv ' SIftndaj 
Film- Thn Qu-.ller • M?moran4>im" 
fiarrlng Geora* S-gal and Al«-e Gumaes* 

MTV Cymru/Wa n: A* HTV Gpn.ral 
‘W .-xcfh; I.20-1J5 p.m. Penaw-dan 
v— rdilser. y Dxdd I.OO-2.2S Hamdden. 
6.«-6J2 V Dr H I.30-0.IM Vr WvthlWS. 

HTV Wcti— HTV General Serriee 
*xe-st- 1/0-1. 0 p m. Report Vm Bead 
ha?* 6.064. as Rcpnrt W«i. 

SCOTTISH . 

J.2S p.m. N<-,» ar.d Ro.td R*por: :JJ5 
•Jan-lai- ltj?:ae.:.. “Ttw Hands Carmav 
t, j ■ • -tamos ' Sf«dien B»U 5.i5 

L'r.u-frsisc Challemte 6.00 B-.-etlana 
Tadas. 4. JO Crimed eei*. «:30 The Rig 
Ir.:er:iaUn,ial. 11.00 Master Co>i 
11.30. Th' Odd Ciiuple .12.00 La:i CalL 
12.50 a.m, Thr RurJla s Grand .Masters 
D*rr Chamsi->ii>b:p 

SOUTHERN 

12. JO p.m. 6arm V'li.jrei'* 1.20 

%■»•••* 2JW HeiuetutV. rZ25 
>rnr>daj Macnae: "Tinie Lock” j'amng 
Retort B-'dt-r. 505 Air and Mr*. 6.09 
!•*> t)w Dr,- 10. J0 Mu*;,- In Camera 
11.03 Southern Exira U.U Biil 

F- i.i.l 

TYNE TEES 

* » «.m. Tn- ij.ni ie., r< rollO'Td hv 
'■or i Ea *? . H-'a<llin?* 1.20 p.m 

.'..,rrh Ea-? and LouMaraund. 125 

Pa. 'r iri:iwir G/or>. 1 28 Generation 
" err -JJ5 The' Ll?»le Rascals S IS 
tT..-.«r*:*> Ciili'ns? 6Q0 Northern I..fe. 
6 til PV.;-> Call II JO \orrhe.-? -Scene 
1100 '!e?iaj- \i*;n :ia»i- -Ta**» or 
R” irrn»:r ' pinna Fva K*nzi 12.M a.m. 

ULSTER 

I 20 pm. Liin,hTjnii 2-PO yn,« 

’l-rli' 2-30 "landa' JU'i/e- ‘Butles 
i? Tn* Ar-'racan. =rarrinu Pay MiUind 
1.13 L'Iv»r \e-«* Heidhiief 5.15 
L"-.:»er«:-' Challer.a^ 6.00 UU r »r Tele- 
v ,-on y •<•••■ 6.W C9*0'J4res atirf Oo-.-n 

6M B-c-r-' 10.30 Two a- JO 1AJ5 

ii.o5 HreMde Thiair* follmved 

" WESTWARD 

II tt u m. ii.,? iinnevmin * F,.r*0.1av 

I» ■■■**•* a-i! 2.25 The 

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r*-»r- 6.20 c Drir.‘ r*’"- 1920 w«r. 

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IV *11.00 Late :-.igh- '.iMlr 6 

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2a. r Til at J.J3 Mondas 

Mi IIRea 

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1.29 

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England’s trump 




-.•j - 

- * 


ENGLAND retained, tho Calcutta 
Cup with 15-0 over on? of the 
poorest Scottish sides for years. 
England shared the confusion 
behind the . scrum, and the 
greatest credit must- go to Uie 
England pack. 

Full-back HisneH dropped out 
and gave David Gaplan his first 
cap. . and. Caplan’s presence 
proved of greater value. 

Total forward .domination by 
the wel-oiled pack gave England 
a" marvellous- psychological start- 
It was precisely 21 minutes be- 
fore Scotland crossed into Eng- 
land's half; thanks to some splen- 
did tight scrum work and the 
aggressive approach of Beaumont 
and Wheeler, combined with the 
watchfulness of Rafter and Dixon. 

Vet in this period England 
once again demonstrated their 
basic malaises Their line-oul 
work was a shamhles. and there 
was. no reasoning hehind putting 
Rafter in a two-man line-out. 
They compensated slightly by 
seizing the secondary iine*out 
position. ' hui too often -Yeung 
recen/ed unmanageable bail -at 
this phase. * 

More crippling was the tactical 
rivstexia of Horton and Younj*. 
Both turned down prime scor- 
ing chances, bat it has to be said 
that England also met- fierce 
defence from Rcnwrck and Crans- 
ton in the centre, and Biggar and 
Hegarty on the flanks. Irvine 
also made a series of excellent 
catches from Horton's kicks, and. 
■when Scotland did finally drive 
England back. Horton messed 
around too much and was floored 
— much to the chagrin of his 
hard-working pack. 

When the came was essen- 
tially won. England centres 
Dodge and Corless had the 
chance to show their skills in 
open play. Surprisingly. Dodge 


looked, desperately Bn d un* 
certain. Corless- a competent 
player bv" "any - standards, was 
better in -the doae moves, but 
how one pines for some really 
fluent passiHfr and. racy accelera- 
tion ! 

Slemen and Squires have both 
these - qualities, and they - were 
also eminently sound tn defence. 
Slemen tackled Iwine at the 
vital moment in the'secohd half, 
as Horton did Gunnell. So, 
whatever iritiPism one may have- 
in attack, the English hacks 
were alert and quick in defence 
— hone more so than Caplatu 
whose catching was faultless and 
whose running in attack was a 


RUGBY UNION 

BY PETER ROBBINS 


great stimulant. He was in a 
most exciting move begun by 
Horton early in the second hair, 
which ended when Horton 
knocked on. 

Scotland could not sustain a 
movement of any length — be- 
cause of - the ponderonsnws of 
the forwards in the firstinstance. 
Many of the p3ck were blowing 
in the second half. 

MacDonald and Gray won a 
lot oF line-out ball, but frequently 
untidily and. as at Cardiff, the 
ball was smuggled back so 
slowiv that the English defence 
had -ample time to align itself. 
When the big Scotsmen came 
awav from the loose, they met 
the terrier Rafter or the imper- 
turbable Dixon- Scotland were 
also wheeled by their old enemy, 
■add Wheeler took four strikes 
to one at the scrums. 

There was enough possession 


for the SwttWb ***■•■» use.-trat < 
Breakey fa aub^ute for. the. 
injured a£cGrac*») Trad *> ^ 
change roles ra.;»cb, ha li. He c 
began -with exttid* ' confidence, t 
a key figure wttllong,. clearing -c 
kicks in that -period, of ‘V 
English presBureI-*iwn the ume - 
came to run affl'pn&s quicklyr*/ - 
his confidence' been dfasl* ^ v 
pared, largely air to Margin's ^J. 
fickle passing, lftbegan to drep ---' 1 
the ball, and afc : the others; 
scarcely knew ivVfere Morg 8 fl : 9 '-^-. 
service would ly*l- and often. 
like .the others. ps*d into space ? 
rather riba n ha ac lL 
Renwick and Trans ton both 
probed the dcjtfce tn their 
differing styles. l >ut there waj! - ; 
never real barmo - ' in their ptay." * 
Scotland ’may 'j&e . beneflled--_. 
from Irvine - st presence in -i • 
defence, but wh> be attacked 
there was no uign of that- a? 
supreme confideiePand commit- ti 
meat- that sedSL . alarm-bellk't^ 
ringing in oppose?' defences:-' f t c? 
strongly suspert^tia ■ shoulder '■’• 
injurj' had noi'fikd fully.- •'*■* 
England scons their first 
after half-an-houzao Corless 
Slemen tooktSeaaH left before ^ 
Wheeler broughj^back iHSlde: 
Squires took th^Ctal'-pass Fcpuu 
the relentless ^umoni, and,»v 
Young convene. ftrnra under tlw -j. 
posts. On hffitmc, Dndpq. ^ 
landed a ncnaUiAroin fnlly SO 
yards — a most iRortant srore--:.^— • 
In the. seceal /.half, Irvipa- - 
missed one of jmiiar length* -.J 
Wbile Scotland >pmlsed ranch. 
they provided sr little Xelme* 
scored England^lher try, after-.-; 
Corless -had swrhed the .ball ..•« 
inside to Dodgcj&zain. Ynunp.-.;.; 
. converted. Perh^S points was ; t - : 
a bit harsh on thwjots. biit they..-: 
really now bave^^tir their pot#.--- 
unfortunately- mere with.-'-, 
that wooden sp«.^; - *.*: 

■ 3 ; - - - - 


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Welsh era could be ending 


HISTORY was made at Lans- 
dnwne Road. Dublin, when Wales 
fousht for and «on their ha^ 
trick of triple crowns. For three 
seasons they have always beaten 
tire other three home nations, 
developing such an organised 
approach thai it has. seemed 
almost impossible that they 
would evpr he dijdodsed. 

They heat Ireland by 20 points 
to lfi tn a hard-fousht pome with 
3 combination of systematic 
technique, punishing precision, 
and lellins flair. 

They overcome the rampages 
of the Irish forwards, kicked 
valuable penalties in the first 
half Through Fenwick' and. with 
Edwards playing his 52nd con- 
secutive game at scrum-half, 
were a hie to rely on measures 
of both control and magic as if 
tn order. 

There were signs, however, 
that we may have been witness-' 
m 2 the close of an era. The 
Welsh pack, although a hie to 
out-scrummase the Irish at will 
in the set and winning most of 
the hail in the line, lacked pace 
in the lon*e. and showed a£aift 
that they are vulnerable. 


Chelsea’s 


.AFTER a surprisingly inept per- 
formance earlier m the week 
against Second Division Orient, 
which rudely ended their dreams 
of further cash and FA Cup 
glory. Chelsea delighted most of 
the large crowd at Stamford 
Bridge by beating Liverpool 3-1. 

Although this welcome victory 
lifts them clear of the relega- 
tion zone, the really vital news 
for the cluh was contained in a 
progress ' report by the financial 
director, Martin Spencer, who 
has played such a large part in 
the hattle. not yet won. to rescue 
Chet*ea from liquidation. 

Spencer, a highly experienced 
chartered accountant and a direc- 
tor of the firm Stoy. Hayward, 
came on lhe troubled scene in 
summer 1975. when the dub had 
gone into the Second Division 
and had debts of 13.400,000. 

The mu look could scarcely 
have been worse, but to-day 
Chelsea arc back in the First 
Division and; as well as paying 


Behind them. Bennett had a 
quiet game at stand-off— 
especial I v quiet for a captain. 
The .centres, Fenwick and 
Graveli, even when beating one 
or two tackles, were usually prer 
dictable enough for the defence 
to wait and pounce. 

J. P. Rl Williams, apart from 
uncharacteristically fluffing a 
clearance which led. to a try by 
Moloney, and lobbing a poor pass 
to T. -G. R. Davies vrhen a try 
seemed certain, was also un- 
settled by crowd barracking, fol- 
lowing a late charge on Mike 
Gibson. 

Gibson bad been cheered on to 
the field for setting a world 
record .of fi4 caps. It was sad to 
see such a great player as 
Williams has been consistently 
honed for giving way to petu- 
lance. 

' Throughout the game there 
was a hearty scrap between the 
two packs, which, occasionally 
spilled over Into the backs. Boots 
were not always used to heel 
the ball.' .But overall the war- 
fare was contained and there 
was nb , open fighting although 
many infringements ware missed 


- - . 

or overlooked- by^e- referde.VV' V £2 
The Irish jna*fgel they did ;* 
inly, wtth-SS 
,__arienee. In-^K 
He pack .the*; 5S 

table to ,'fnitp 

-Jfr presBurei <3 

England wilt barivtiieir hands ^ 
full in the Snar$|§Nt Twieketf- g 


enough to win.' 
more weight ; a 
the front five 
would have B 
Wales under 


ham on March . 

Irish stand-o 
patchy carae:- 


fiVard had- .4 -3j 
'fig al ign# 2£ 



while. Fenwick. ^jble to -turn 
penalty . chancetrTntn points. 
Later, when Ireiut needA«t *9 .35 
b3 within, strik# distant^- to- ?*; 
take advantage 4 t! Welsh tran«- ; 
gressinns. Ed«*arj{ pinned them 
well inside theirjfh half. 

- The rebuildina£f. Ireland con- v 
tinnes. althaugh,another big 
second-raw man tifflrtner Keane 
is sorely neededtood .the front 
row also needsr'eater weight 
and strength, i l . . ' 
Wales now Toaforward to. a 
splendid battle .France for -V 
the- grand slam |Xardiff. .also ' 
on March 18.' a’p paper,- tho jr. 
French, wfth*w- ; extra, pace. -; r 
should wtp.^But «wutd not ptxM . ^ 
my shirt on’ it- -% . •••.- '■ - - ’ 

5TUAR ALEXANDER- £ 

' i % :: -:-&■£■ '• ' . • i ”-.: 

'I 

A* 


interest charges of . about 
£340.000. have reduced their total 
indebtedness to £2.955.000 — a 
magnificent performance.. 

The Chelsea Board, under 
chairman Brian Mears, have 
sensibly decided to appoint 
Martin Spencer as their chief 


SOCCER 

BY TREVOR BAILEY 


executive- He fakes up his posi- 
tion on July 1. which judging by 
his achievements to-date as a 
part-timer, must be their best- 
erer signing. 

He will be directly responsible 
for the club finances, iu any 
normal company, he would be 
the managing/financial director 
but because, il logically, the rules 
of the Foothall League do not 
permit paid directors, he will 



have to restsflSSEdeat on the 
Board, . -r'lt^ifcfwFpe of move 
which other clubs could 
well follow. Fooiall needs ex- 
pert financial ^gnistrators. 

The problems feing Spencer 
are still considerrte. Chelsea 
need to spendjiBnetlung -lik* 
£im. to comply* wh the Safety 
of Sports GroundsAct 1976, One. 
solution wouldefeej* -sell players. 
Wilkins would "swy fetch well 
over £500,000-^41] that could 
prove to be a s&orierm gain and 
a long-term 1 ass -m less Chelsea 
have outstanding, .--eplacedaents. 
Success on the fiel ; and staying 
in the First Diyisio are vital. 

Fortunately^ Chi sea do bare 
some tafented^yong footbaliefs. 
so their future ispwaWtig. They 
reaHy need somSaf.the luck 
they enjoyed^ba Siurday. ivbCo 
they capitalised on wo defensive 
errors by Ltrerpoll and beat a 
side technically snpfjor hut who 
over-elabafat^a tn', their . oppo- 
nents’ penal o;area.. 


:3 s 


England let down by fielding 


:sd . 

1 

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:• “ , 
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ji't 

-life ; 
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•Q*. . 


ENGLAND CAME away from the 
second day of the third Test here 
<n-day well satisfied with holding 
New Zealand down to a first- 
mnjnz* 215 on an excellent 
hatting > icket. before a record 
crowd of 33.000 — 5.000 mare than 
the prerions best in the country. 
— England's opener?. Geoff Boy- 
cott and Derek Randall put on 
30 run* front *even overs in the 
la.*t 40 minutes. 

England could well have been 
chasing a smaller total hut for 
several" fielding lapses and in- 
juries which kept their two 
spinners. Phil Edmonds and 
Geoff Miller, out of the attack 
most of the day. 

Edmunds bowled several overs 
ax lhe start of the day before be 


found he was hampered by a 
bruised .- shoulder and grazed 
elbow on his left arm. ' Miller 
was off the fidd all day with a 
recurrence of a back iojury. 

Fast bowler John Lever, who 


CRICKET 

Auckland, March S' 


shared tjie main burden of the 
attack with Ian Botham, was the 
chief nflprtt in the field; drop- 
ping the top two scorers. Geoff 
Howart)i and wicketkeeper Jock 
Edwards, on the fine-leg boun- 
dary off consecutive bouncers 
from Botham. 


Botham finished vitb' fire for 
109 from 34. overs keeping' the 
New Zealand baVmeh under 
control. Except: -or a -96-run 
sixth-wicket partmfship between 
Hbwarth an# Edwirds the Mew 
Zealand batkpiin'wire never able 
to t*ke canj/nand, .. . -V -- ... - . 

Surrey's Howartt batted: eijrhf- 
and-a-balf-=iumrs_i ;or bis Tfirst 
century in Ti Testa and reached 
122.- Edwards justiied bis recall 
with an attackJag S. 

' Boycott ;>-jgsix . met out} and 
Randall - (£& noLhitl- several 
times complained ^bout reflec- 
tions from -Ifeercans -but ignored 
a streaker whose pared dash was 
Inst in the excitement of the 
last ■ overs; — 

Reuter 


?:q 

170 

Til 

'JO! 

^nl 
m 
vS. 
■ cl 


— - S 


Another satisfactory trig! 


MIDNIGHT COURT'S perform-, 
jnce m Saturday's Morgan Gren- 
fell Geoffrey Gilbey Chase at 
Newbury, though not spectacu- 
larly impressive, was. without 
doubt, thoroughly satisfactory. 

Giving av.-ay weight ail round, 
although only seven pounds to 
Even Dawn. Midnight Court took 
control of the race approaching 
the penultimate fence, .from 
where it was simply a question 
of by how far the Uplands seven- 
year-old would heat- - Young 
Arthur Pu*hed nut. hut not 
-.liven anything approaching a 
hard rare by John Francome. 
Midnight Court finished . three 
length-- tihcrfd nf the runner-up. - 
In uhniii he wa, conceding 
1 '•* it -mnc*. • . 

Xlthnuch mine rare goer.* felt 

tit»T rhe **i-en-ypir-Dld> effort 10 

n-i v.-av rnmpaiefl wnh Gold Cup 
fi’ournu Fort Devon's when win-, 
nn: Keropton - * Ycilo-v 
Cba-e. I wyuld'uot azree, ' -■ 


Although it can be argued that 
Fort Devon did more on paper, 
and that. Saturday's two-and-a- 
half mtie race was not a true 
Gold Cup . test. Midnight Court, 
having his first nee for almost 
two-and-a-haif mouths, did all 
asked of him by Francome. 


RACING 

BY DOMiNIC WIGAN 


form. Lafc*st odds ?re:5r2 Fort 
Devon, 10040 Midtieht Court. 
8- 1 Brown Lad. 10l .Bfiebblors 
Hall and 14-1. bar.-. “ ** ! - - 

Two lii%ly. . look ng^-w'iii tiers 
from to-dayls meeting Seem to be 
the noviep hurdlei^ Cb'rifjmas 
Time, wh^ goes foj tb'e ^peher 
at Windstfl:, and F%A4n^in 
the first rece at Ltieesten,' -whn 
could welt be at ia^atWaetive 
pnee. H£-is my «p. " 


Sure to show the benefit of his - 
Morgan Grenfell Geoffrey Gilbey 
Cha*c. _ run — after which . he 
•“ blew " encouragingly — Mid- 
night Churl, will he noticeahly 
slpirper in. two .weeks. CheUeh- 
Hani racegoers and televiewers, 

should "tee a membi ablp Gold 
Cup tu*sle between. Winter's 
rha.ser and the five-year older F*irt 
Devon The remainder <s&»in nut 
of it. judged oq all kno'wn recent 


-ywiNDsO*^ ' 
ristma vKbi'p** c 
SjSUrrJusi Spring ; v : , v - t - 
3^Ml-i-Herinlnitos ;r 
MOoiGatlwriiigStonfi ■>. 

Waldo- ■--Jt ;. -. I : 
4.50— *=Goldeii Vqip-'^v/. 

7 LEICESTER 7 

1.45— Fortivenuo— 
2.15^VIisler Fatitisr 
r^jsSw^fap. 
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_ ... 1 . 







Times Monday March 6 1978. 

Leicester 

v and Peace 


( French institute 


Paris Opera 


Romeo & Juliet and Guizerix 


nun War and 
■in adaptation 
aior. Alfred 
tram PrWer, 
- by Robert 
II follows in 
e civil and 
°rince Andrei 
parallel life 
— events that 
icipation . of 
te and Tsar 
ttendance on 
KsterHtz and 
in't pack the 
s novel .into 
on the stage, 
’ion provides 
ipping story 
time offer* 
Tolstoy's 
ethtog of 
i found U 


by RONALD CRICHTON 

stage to begin with, but scenes 

are built up either by the swift Phiiidor was a chess champion quoted in Michael F. Robinson's 


by CLEMENT CRISP 


ss 


d storyteller 
oves among 
the tale in 
mes (devised 
he fills out 
historical 
the moral 
a divided into 
Wastage for 
‘“itage, on a 
nn, for the 
iny. 
at you see 
azov and the 
too you see 
nsterlitz and 
tiled tactical 
'where Pierre 
s white hat 
wear on the 
narrator ex- 
Do wastage 
is lisa and 
ifyihg father; 
thov in their 
asha Rostova 
fodrei and is 
agin; Pierre 
as- a partisan 
fetervention of 
'down for the 
tiny stage. 


^cient work of the Stage staff as well, as a composer. His book Open before Woatrt; there are. Tfci.. Paris Opera Ballet has 
N Sta * e the game eame Qut _! n , «• addition, an unaccompanied continued its association with 

3mniS e hV Copley) or the same' year as Fielding s drinking quartet for male voices, Moscow; initiated in the staging 

simply by imaginative attentions novel Tom Jones . Fifteen years which came off splendidly on’ of Yuiy Grigorovich’s Ivan lte 

SttSfw!!? 1 *** ?*?. t S T1 Pr . inCe s jj* later * Phpdor paid the Friday, and a remarkable septet- Terrible. by inviting Grigorovich 
svtttng-room at Bald Hills is set novel, successful m France as finale to conclude Act 2. to produce a newC S 
and smick several ..times: this is in England, the compliment of Best of all is rte .music for The resiUt whkh I £w 

elaborate set on the turning it into a comic opera. Western, especially the bunting- twice at the end of last week 

% vasl - °P' c* S « i t .® a aria with uproarious horns whit*, seems to me fatally flawed' 

troops in Society and the French Institute bring a blast of genuine country Grigprtrricta’s argument for this 

swif??v nnrlSSSPnJM* 3w» C ££ et 22T£?„ air. Emile Belcourt raucous but version is to make an ahstrac- 

swjftly unrolled over the floor, occasion on which they have 2ave the Souire a lamer- tion from Shakesoeare 

Sw D +hJ? rTlitUT + » TvS w!i ™ Mor k'-rtatrtife. endearing performance, a generalisation about the con- 
! 1 Tom *** 811112 a Presentable flftft; of love and death in which 

£?“ v T f* b « D * e11 young French tenor. Leonard Romeo ftnd Juliet become mere 

finiS® r ■ f or , f Ihe Fezxiuo. sweet and true in Ins cyphers for doomed passion. 

Sf £“??• & e consl{ierable solos, though the text hardly But be has reckoned without 

of , .. to y French and Russian pleasure. allowed him to make- the role the resonance which these 

soldiers, and puffs of smoke and Needless to ay, hr even a seem more ^ a conventional, characters have for us. Know- 
flame wherethe shells land, this ^jUjnt^JvpeiMHUwe witb. ^ OTe .i oni hero. . Veronica Diet- ing so much about them, we 

J? ArTrian *5? , | ce ' Th *- des ^ Tler ^ 5 P° k en dial(«ue. Field- srfiy, a French- soprano studying cannot accept them as abstrae* 

is Adrian Vaux. ings temmng novel had to be s n . London, brought a voice of tions; and even more he has 

There are few scenes allowing °* gentle, grave colour to Sophia, been defeated by the dramatic 

continuous development, and the EJ* r ®“ J"®?" mscreeay let out As her comoanion Mrs. Honour, vigour of Prokofiev’s score, cut 
acting leans towards sharp The adaptation by Poinsinet and 'gaHy Bradshaw’s lively, bright and -edited though it is for this 
sketches rather than deep Sedame is not, however, unbear- tone , n j snarkline’dialosue were production. Grigorovich has 






is * 

e ■ ■' ’ : ' ;v: : 


characterisation. But John ably bland: “e dialogues, given ^ Fremsh as anyone’s. Lesser also. I .hazard, worked coo- 
Steiner and Malcolm Rennie a s ip French. ■ iu this proauenon. including the four merry Scionsly, in reaction jgainst . the 

Andrei and Pierre make their f ow agreeably, and 'Squire tooers. were competentlv taken, laboured verismo of the cele- 

personaiides felt dearly and fast, Western at least Keeps some of Hap t, Vickers produced (and bra ted , Lavrovsky production 

Pierre especially, with more Fielding's robustness. Aa for the 1 playedi the spoken, role of Dowl- which : has been a corner-stone 

individuality to work with, music, perhaps the_ knowledge of jjjg) — thg scene in ’the inn where of the Bolshoy repertory for 30 

Geoffrey Edwards (whose em- w a ndel reaped donna hisstay In Sophia and Mrs Honour are years; more especially since, as 

broidertd kaftans I ‘envied England help to give Phiiidor bothered by the drunks was on- the televised version made two 

beyond words) plays the tyran- the assurance and vigour (mouah sMlfuiiy handled, but the rest y? 81 ® ® 8 <» during the Bolshoy's Alexander Bootiiyov, Natalya Bessmertnova and lean Guizerix in the Ball scene 

nojis old Prince, unwillihgly won thev do not go to lengths urtsuat- 'smoothly, with enough of bicentennial celebration re- 

over by Natasha's skill af maths, able for ODfira-comicme) which 'istb century airs and graces to veaJed^the Lavrovsky staging :is which are flimsy (Juliet wears a leaps. He conveys total identifi- pirouette, are offered without 

Is It Mr. Edwards or -Me. Mao are a feature of- Tom Jones. suggest the period. Amyas cluttered with mime and drama- series of well-above-the-knee cation with his role: like Crassus the least fuss as part of the 

donald who make*, him say . The Times are fluent charming, Marteili’s sets were determinedly tic. posturing which now make nightdresses) and much given to in Sportacus. choreographic text), and despite 

“between you and 17? Natasha apt to character and situation. an( j not unpleasingly traditional, little ■imagi native sense. particoloured rights. For reasons Tybalt has a characteristic mannerisms of the head, which 

waves her arms about too much well-clothed in orchestration Nicholas McGegan conducted; So, with the score trimmed to hard to fathom the nobility sport leaping step, and Guizerix (a seems too ecstatic when he runs, 

for a well-bred' young lady — perfectly adapted to a small the playing. of the Opera BufFa two acts of jnst under an hour cloaks ridged and serrated at the great dancer ir 1 have ever seen he is an appealing romantir 

even a Rostov— but Cl lona Nunan theatre of the kind the French Ensemble was willing if .not in- each, Grigorovich has pared away track like lizards’ spines: Juliet’s on e) gives a performance having jeune premier, as we saw in 

is attractively girlish. . • Institute is lucky enough to variably polished. .Festival Verona,, literal ism, local colour, nurse ente res on point, brandish- t he force and emotional drive London a few years ago. He 

The pro-Soviet exhibition in possess. There is a . sp irited planners with small theatres for He is given positive help in this i^S aa ostrich-feather fan; Lady t hat we associate with the cannot yet match Bess mart nova's 

the front of bouse Is now. re- overture and a full* orchestral which they need modest but not by -Simon Vi rsal adze's setting Capulet is dearly on her way to Bolshov’s own stars. Seen with lyric enthusiasm, hut like her. 

placed by an anti-Soviet exhibi- introduction to - the last act. dull operatic fare should watch which (like this same designer^ a gala at the Folies-Berg&re. tw 0 Bolshoy guests Natalya he believes in his role, and he 

ti on. The night I went- there was Sophia, among other good things, the revival .of French opera- work for Iran) seems Craig- Given the generalised terms of Bessmertnova 'and Alexander makes us believe too. 

an anti-South African exhibition has a full-scale last-act aria with comique. Even' In the country inspired: on an ink-black stage the dramatic action it is not sur- Bogatirvov who are second cast, \s ever Grigorovich shows 

too (Athol Fugard Is pbyiflg in a fine accompanied recitative; of origin, not always in the van there are nothing more than prising, then, that the Opera this Romeo made more sense, that he is a master of large 

the Studio theatre). : Tom has a plaintively amorous of such ■ movements, there are chalky brush-strokes to suggest dancers' performances are in the an d the scenes between Bess- effects. The fi"ht scones are 

B. A. YOUNG aria in the second act and an signs of awakening: Albi columns and arches, soaring up- main mere posturing- mertnova. Bogatiryov and Gui- excellent: the placing of the 

anxious one. m the third! The Festival announces Philidoris wards. The ..effect is grand. The first cast Romeo and zerix had a radiance of spirit action on the expanse of the 

eoin " the ventigmons Juliet were distinguished iHoiles and of drama. Opera stage is skilled: Juliet's 

rebellious Sophia is praised and ing summer. world of ° r tb ® of the company: Michael Denar d i have never known Bessmert- funeral procession, the Capulet 

• - ' ^L^¥® ve Sl° om of Arnold ao ^ Dominique Khalfouni. Khal- nova better than as Juliet. Every- ball— all these are highly 

• tSs approach miehr have founi , “ ele *“V technically easy, thing about her style-its youth- imaginative. But the presents- 

Festival ‘Hall JtowmSS. H * it Utterly unconvincing; Denard is fulness, its dragon-fly lightness lion of the lovers is cboreogra- 

. * handsome profile and a hand- Lid delicacy (irtilch ^can Seem Phically prosaic, despite the 


Festival Hall 



Wn (nr the mwiMa. a handsome profile and a hand- and delicacy (which can seem phically prosaic, despite ihe 

. , TTT * hflitv the SonSaDhte some pair of legs ' Worse « ,u ^ constrained in certain classic ardent advocacy of Bessmart- 

K-ntf^-n'c iA/Q’T 1? £*rnT1 AtVI lanmane. which h«S Performance of Georges Ptietla roles), its completeness in nova, and if Shakespeare's poetry 

isniieil S W ai Jtveq Uienl S2S?i Smb.” COM as epitomises mastery (» exquisite bourse: is lost, then all is lost. 

- - • not heto feSae the entererise everything r find unappealing beautiful pirouettes), and its _ , _ „ . 

, A n t XI TT r* t A n A Tt c 5£ dwimS wh«f the S about fte °P 4ra st 5' le: **» con ' consistent, warm muscular tone Roval Ballet U1 

by ARTHUR JACOBS JrSL-®!-™ stant awareness of the audience; -suits the heroine. She finds in I . - a , 1 11 

: ' SSJ bf p tSSSm wtSval ■ « waptant afr - m each diffi- her lustrous dancing, and in Liverpool Far 

A recoin company bold enough almost “first desks” ot the revefiexs. nine^of whom ^Ole S piie^^ould Mte I^^^ve^en C East and U S 

to challenge Britten’s bwn Decca larger force,- was to deprive the through - fee _ stapnp nke em part U J^f es l hearily^ won tbow iustSStten for GriMroriih's anQ U '^- 

recording of his War Requiem ear- of a proper directional varies Fhilistia with that £un Son ,e caoerines we associate view of the halier Because nf The Royal Ballet will give nine 

might wen have offeroTtfae dimension- in the music. . peculiarly tiresome scampering JSSTntb? #Sl?hort B«7rt^.>nd GiifaSl^nd Performances at the Royal Opera : . 

bafbn to Sir David Willcocks. Who are.to be the soloists on SiSTgSS * 8 *^® {here SSStt? tail o»c^ ‘ ' 

whose powerful performance m the recording is not. I under- rorichfiSK th P 2n wh£ is little more dispiriting). hut more conventional Boga- Empire 'nieatee. Liverpool, from ■ 

1 rLlf'Sw B Z Stte SS, “( f 'SSriv.^ One interpretation with this Uryov. tt? MM SS a “5 ^pnl HLfeM ^ ■ 

■ hS fcSSif a SLrn.SS there are cohorts of Veronese first cast made sense: that of as well as a point of view. America^ t& F d ' 

fatten o?^oS^Ftemau? rtf aooTvtair fS rt? ftn-PeopIe jm* with tam- W Guizerix u WL An _(^_pb y si^_term S _B 0 gati r yo ! Tbe Royal Ballet returns to 1 


amateur dionis of some IS oS ooSSr &d rtS is admirably controlled, dramatic authority and a the way Bolshoy men are dis- The repenon' until the end of 

amate chorus of some 150 Owen s . Virsalatee s simplicity of set is bravura technique that boasts creel about bravura steps: a the season also includes ' a 

Conductor, orchestra asd iik a Ser S not mat ? ed ,a ** costumes, huge power and big. spa ce-greedy brUIiant entrechat, a dizzying revival of Anastasia. 

chorus (with the Midland Boy perhaps not even John Shirley- • 

i-.— -. j- — - 


“.1 .ra? » k t rr.] fit: 








."'-/iw * j 


Leonard Burl 


lohn Steiner and Oiona Nunan 


flprotation on Friday evening in in the higher notes.. 

.what j.can only suppose was an Kenneth Bowen in the com-J 
approximation of. or rehearsal panion-role did not attempt the 
for. whati.Mr. Fremaux hopes to declamatory style, the attack on 
I achieve. Same ragged entries and tbe individually significant word. 

dull choraKtone marred the per- so memorably associated with 
! formance! the sopranos sound- Peter Pears. Instead a smoother 

ing glum amd the ' boys some- but sensitive interpretation - had ; C.C— These theatres accept certain a 

times hoarseY Rhythms were uot its own persuasive power. Rich- 
as sharp as tlwy should be, and voiced. Loma Haywood permitted 

Mr. Fremaux nimself failed to herself a little too much operatic . ' 

realise the driving strength of punch for the ecclesiastical Latin OPERA ft BALLET THEATRES 

one particular .figure in the text (meant, after all. to” be de- coliseum. cr*wn any , oi-a«o S 2 sa. duchess, asa az 4 i won. to ■ 1 

opening movement Up to the tached from Owen’s vernacular). B5cuw tt Hi.TioM*t wwa y3! ' a 00 ' otu"c*uhifrAi ana 

work’s major climax, towards In the “'Laerimosa ” she some- Tamar. a.o o_ iy .Mfianntm ot Dv*t -rue Nudiu * ^numaum .' 1 o«mv 

the end; I found a want' of con- times hung on too long to the SSS^tn^^^Ew/^rrthmie. — SEN fe ^ — — - 

' ti SJS d ' 2 !fS£.»rP. nf to* -a* 1 *?* If V ^ 

Early performances or tne As to the work itself, the im tamny ««y john gieldgud 

War Requiem employed two con- counterpointing of texts, ten- °! t ^ orfP * wce ' ,n J HAtF.Llra e,t s 


ENTERTAINMENT G®I DE 


FORTUNE. B3b 323S. E»9S. B. Thufi. 3. 
Sh. 5.00 ana a.DO. 

Murid Pavlov* as MISS MARPLE IP 
MURDER AT THE VICARAGE 
Thira Cmi rear 


' ‘‘SJS'-SJfJS; ita' 8 ? n V e ?S* pbT ?*: „ . 

Early performances or tne As to the work itself, the im baiconr j MB.aw wi awiiaMe «* john gieldgud 

ill Wttr Requiem employed two con- counterpointing of texts, ten- - t ^ orfP * wce ' ,n ^aiV-ure*" s 

doctors, so that the chamber guages and ideas seems -in on rely covint garden, cc. tag io66 a nmidmi Xhw*tr» vrMannn. ~ »th- 
i i L -front s ■ . . , vninia-M.Muiciji iGanJcncharM creclt earns B36 6903.1 llanily witty ... no dm mould ml m it 

,i n • ^p_ ■ ./i „ orchestra might make its effect musical terms to be as vahd and - the roval opera Haroo Homon (Dtirui imum creaii 

nemouth Oinionietta « a separate mut from rte main satisfying; as it originally did in 4 CT 7 . 7 6 b M p.ZTJZ’gr 7 %£ SOS**- °'"* T aBd lop or ’ c * 

orchestra. If Mr, Fremaux 1980. It is surely curious that — — r — 

oHUHith Cin. was here in a cook well-formed Prefer to direct, both' groups. Britten should have left in a Tomor. 7 jo Fri. ft>RTUNE - g^ b |.o?«r*V a'.oo.' ^ 

idoTits nrin- and ctean reading. A harpischofd ^® u good. But to seat The few word-repetitions ( M if any- from ^^der XZZSftt 

nder its pnn ban i sbed » 0 , he edae of the plat- chamber orchestra in semi- thing might rouse him, rouse him « * m - — 01 p»t- tj.ii« cn« w 

Iker Wangon- f provided doubtful con- circular formation round him. now”) which disrupt the sense Samar's ruu theatre. rp»m*v Garrick ' theatre ~ oTTm ■ 

the Telemann timu> support ° as though its players were as well as the line. A -“ M,rch 18 SvS »T^ j'buWWL 

The writer, of The German conductor has JfUS eric flynn and robin ray 

sldcred set of evidently conferred firmness and * fESr^Fri'. and s«A liocoon. iwmww brilliakti^musical 

' sentiy r^ security on the orchestra’s St- Marylebone Parish Church • ^ Anclert V ®r a, ' IflT “-' 8,acfc 

nn for his strings. This was clear m rte 9 - : go twice." s. m 5 Siv. p^"h. 

icional tech- accompaniment to Beethoven’s . theatofs- -go three times.-- c wmw. nyi 

nark either G major Piano Concerto, with r T r ,11' r , Trt 1 globe, m -437 ism. e-«s, b.o. Man 

feist (the coni- Peter Frankl at his most miwcu- - X 3 JLi 1S i^CStlVQll OCTICS '- Wj^?NSw. V“i: barry fostIr. “cu&e francis 
fdc with the lar and sensitive; and particu- . W ’ U ‘ AU vuw ’ *** k/VJ ->V u -lonoon-s best might out oonaud cEe * jebemv , |RONS aB0 

f in the latter’s laxly in Webern's Opus 5 after • - ' . «« r rurrr the musical musical the rear column 

» i«st plain the interval, the Five Pie^s for ' by R'O NALD CRIGHTON SBg^SS ^ T2SPT 

delight in tbe Quanet in the string-orchestra - - . . _'«ne Directed uv h arold pinter. 

nano’s music, transcriptioii. Much of the ... • — . bookings on a i-bsb tbit. Greenwich theatre. oi-bsb 7755 . 

his i super- atmosphere of Webern’s music , The-. group known as the Tallis a veisatititj* equal to the — ~ — ... i V a7 - T l ^ 93S*n8Sr-»ZAi 




1 iir ^ 1 t i .* 


! WP liij ift'ii iMW 



inrri xiiiii~p— i 



BALLET RAMBERT 

Evs. 7JD. Tonight. Tuo. and Wed. 
Promenaae. window, P/gludkim, Wings. 
Thtirv. Frl. and SatL Uqtooi’. NumoiH* 
Stamp. Ancient Voices of. Children. .BUCK 
Angirts. 


Tallis Festival Series 

by RONALD CRICHTON 


THEATRES 

A DELPHI THLATRlL.CC. Ol -856 7Ml. 
Ewgs. 7 JO. MJtS. Thun. 3.0. Ml. 4J. 
- LONDON'S . BEST NIGHT OUT 
IRENE 

THE MUSICAL MUSICAL 
SPECTACLE. CAPTIVATING TUNES 
■AND RACY COMEDY,' i. Peddle. 

INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-B3b 7611. 


jill martin, julia sunou 
ERIC FLYNN and ROBIN RAY 
in the 

"BRILLIANT MUSICAL 
ENTERTAINMENT." Peoolo. 

SIDE BY 5IDE BY SONDHEIM 
■'GO TWICE." S. Morely. Punch. 
“GO THREE TIMES." C Barnet. NY1 


[GLOBE. 01-437 1592- E*gs, 8.0. Man 
Wed, at 3.0. 

BARRY FOSTER. CLIVE FRANCIS 
DONALD GEE. JEREMY IRONS and 







.SIMON WARD III 
THE REAR COLUMN 
“SIMON GRAY'S nne pliv: raielY 
l seen a show as petiecHr cast. 'T 
Directed by HAROLD PINTER. 


SINGS ON 01-B3B 7611. GREENWICH THEATRE. 01-BS8 775S. 

-- Preview Wed. 7.30- Opens Thur. 7.0. 

036 3678. Credneard nkgs. Sues. 7J0. Mat. Sara. 2.30, DON JUAN 
I except Sa*;>, Mon.. Tue., WetL A Comedy by Mollere. 

.46. Thur. .and Sat. 4 JO and _ — ■■ 

iaster mM.Wefl.JJJ Man* at HAYMARKET. 01-930 9S32. E*gs. 8.0 
TMOUSANp TIMES WELCOME Mat. Weds. 2.30, Sats. 4 JO and 8.0 
IS LI WEL BARTS , INGRID BERGMAN 

JUS MUSICAL.” Fin. nme*. WENDY HILLER 

_ ^OjJVtR DEREK • DORIS FRANCES 

>Y HUBD- JOAN TURN ER__ GOOfKcY ' HARE CUKA 


Sr 


er as .well as towards the close of rte last Series of four concerts of the political ■ changes and liturgical M , RAa , LO , 3s LI S»ilVcSL. ?:ri Fin nma. 
hints of Its piece, when intonation strayed), master's music. That Tallis is adjustments that implies. owe* ‘ derek 

in sly passing there was Uttle sense of the diss- one of our masters there can be The series, earefnlly piamied, toSshxb Toir&L^ucRy ?o r be goofk b y 
ie infusion of tinci and powerful dramatic no doubt. He is not perhaps in is supported by an excellent "fiLX 0 1 o a S S pecial’ -h«"1ISi! f ™fce! i0 the 
ito a ‘ stately character that informs each tiny the very front rank with Byrd; brochure,' ‘full of information. ** bo party rates. rMiSte — Jusu»abr« charKma.j o 

10 way. pound- movement. In a similar manner. he_ did not have Byrd's nnlver- with useful notes and definitions aldwych "bmw. imo. "ms a Sa! meSUSl'U m«." 

petitions are Schuberts usually entrancing atity,. his gift for speaking to by Paul Boa When so much is royal Shakespeare company - thn e.oo. 

f of absurdity. Third Symphony was well played another age as promptly as given, perhaps it is mean: to iAouSW. j&3£ft her maje 

irmed with, so but rather stiffly interpreted Mozart or Brahms. But he had eomplain that words should have 

ht face: as It MAX LOPPERT immense craft, seriousness, and been included— they wouHtn? SmSSfASSS < RT f p , eSr NlcnSrl m iwiie I 

1 = — S rh. PRIVATES ON PARADE. TRA 


Mntmvmmikwmwix* 




rrtrii 




Ooenlng M«rcn 20 
pnuce FORSYTH 

hi Letiie sneutte and Antnony Ncwiey s 
TRAVELLING MUSIC SHOW 
Wllh DEREK GRIFFITHS 
Direct nJ by BURT SHEVELOVE. 

Preyiem from March 16. 


0T-930 6606 


FINANCIAL TIMES 


BRACKEN HOUSti, 10, CANNON S'iKBE’L, UJN1XJN BC4P 4BY 

ial mSil/2, S9SS97 Adrertteemebts; 885033 Telegrams: Fhnatima. London PS4 
Telephone: 014W 8000 

>r Share Index and Business News Summary in London, BimfegbAM, 

Liverpool and Manchester. Tel: "246 8026 .. 

INTERNATIONAL AND BRITISH OFFICES . 


AMB ^° 8 , to. Mn tJhsl "« BSTjesne* 

gestions for listening include the ^ quemtin crop - ■- 

“^eed as often as not 

tne wonts are not important.” extrmonHn«rv eotertUmnein in London." 

The Tallis Scholars consist- of M *» th 1 B _ 

20 singers of whom 12 were used A M?^ < Twc D i1!» 7 ili! 3 's.oo E <md Slool London palladium. 01-437 7373, 
!' for this concert: they included ^ donald s^o£n march 20m for two weeks 

a high soprano who rose easily .•' <,, ' , ^ S uPEw.^■^o^yS^ n 0 '! a^< ' , ginger Whm 

to the. demands of the; high 
pitches employed, and a- most -wickedly. 
musical and hard-worked tenor. 

But it was not the kind of occa- 


RAYMOND REVUEBAR CC 01.734 1593 
Al 7 B.m.. 9 p.m.. II p.m. (Open* SiinS.» 
PAUL RAYMOND PreUMJls 
THE- FESTIVAL OF 
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Fully Air CaiMitlonefl. Ypu ma* 
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„d«- SL H*W 4 3. 


MARCH 20tli FOR TWO WEEKS 
_ MISS 
GINGER ROGERS 
and Special Gtmt Snr 
DONALD tTCONNOR 
■ ana CHARLIE SMI THE Ri. 

A GREAT EVENING’S ENTERTAINMENT 
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CLASSIC. 1. 2. 3. 4. Ovlord Si. ^ 


Met, Raahunbs- 
60 88 


I' 66 sinsIed ^E^T^d r“ M 'SS A a u o M «£&.Si‘” 7I ” 

, in spite of (or because of?) a * aiw * JV » t _7- D0 *** 91 5 - from mav 2 s » aug. 10 . 

preponderance of low voices.. The i ^7^.TSf AT NM^*T!!L^'^S2S; vvaic theatre. 01^37 asas. ew. b.o. 
L vibrato-less tone was clear and SSFiffi’ «***■ ^^“inSwRi^T^ tL30 ‘ 

agreeable, without the twanging Fm*»y ,m5 arttl 8,4 5 ■ colin blakely 

quality sought by some early aM “fu!umen h a* ves ,n 

to. Mips has a- cunou^way fe, 0 " c^Sin^n^ -anI» £%. 

of conducting, not up -and down udottAao -may it fill thelyricP foiT^a 

so. much as from side to aide. - iwmwm. Hua ^tOTping ana hundhep years." Sunday rungs. 

This -motion, sometimes leads to’ ^ irt BES™M 1 usicALOF e ™E year may fair. cc. sa9 3036 . 

me^anie® 1 rhythm, as in rte evening^ standard award gfaA ^rS.- i 1.N W jii 

lengthy . antiphon Gattde Cambridge, cc. oi-bsb ease. Man. to the elocution of , 

gloriosa.” In more involving B -°®’ ^ ^t^&FSSS** 

^ B&e the lovely Laorata. ^ 


JOAN PLOWRIGHT 
COLIN BLAKELY 
ana PATRICIA HAYES In 
FILUMENA 
by Eduardo dr Fltiapa 
DirectM by FRANCO ZEFFIRELLI. 


HUNDHEP YEARS." Sunday Timas. 

MAY FAIR- CC- 629 3036. 

Mon. to Fri. B.O. sat. bjo and 6.45. 
GORDON CHATER " Brilliant.” E.N. In 
THE ELOCUTION QF 
BENJAMIN FRANKLIN 
by Slwe J, Spears 

- A eompassJanaw funny Jereely elooucnr 
'Hlla^lous.•• E SL 'WlaBdly 


play." Gdn “Hilar* 
amuN«»Bi“ E. News. 


HlUrtous.” E SL “Wlaadly 
Mews. *■ SpaUblndtne.” obs. 


ENT OFHCES 

George House, George Road. 

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Tokyo: Kasabsra Bnfidfrig, 1-6-19 Uchlkanda, 
tiiyod&»kv. Telex J 27104 Tet 296 4050 


■ an a ajo. 


Onens raniphr 7.0. Subs. Eml 5.1s 
F rl. end Sat. 5.15. 
stall (ickMS £1 OS tfl £3.50 
CfiiMmm pvaner-Thestrc TVciuit £S.S5. 




5 e from newsagents and bookrialte wo^^Jir « a regnlaf subacriptten 
from subscription J&epartment, Ffnaachl Tijoes* London. , 


/ T Y r r . 1 hikw wuAf teak PIBT. bQD niHUOin. L 1 L niatBQiy 

tlOTIS (P&rt One), one SOOD Se*t prtt» tzxo and £SM. unuMng,** E. News. 11 SptlibkncKtne.*' Obs. 

ceased to notice: The English- mnw ^ 76SB ^ ^ ^ 

language music included the ““mt • 01 - 0103570 . Tom cdnti. jane asher m 

SSme n B «U? TSSJSSl on^*^^7. D “ Anru 

Wfltiams founded his Fantasia. 

There was a fair audience, but MORaS' krnmi* Mtlmns combfew maner-Tittsirc Tnautf gs.w. 
unaccompanied .vocal music is - GEwuiNEtT^iwv." pTmuii. national theatre. _ 92 s 2252 . 

still a 1 longisb way from captor- criterion. c&r 01-010 3216 . - 

mg the public imagination as Ewnino* tbw*. j.o. oni**. tranv b» Mictuei Frayn. 

t^amauua, early -topexabte^^gS?- s. nm* tlSTflSfSuJSaS^ 

music. The- converted or carious -MiiAarouSLY funny - m «< UJ«I- MoRnt. English version by Frank Marais. 
rtouW not^the JSSE s«?a U 

Saturdays March 18 (Little Ora- 8.00. Mating «w sK: -sSE pAptR or Amow homt. 
toiy. Brompum Road). April i5 -* m sr-'ssrarsjniairTa 

(Marylebone again), April 2fl (Sl «"""»■ ^“ 0*Y.7inass ■ 2033. crMit urn bkas. S2B 3052, 

John's, Smith Square), ' ' 


" D. Mall. NATIONAL THEATRE. . 02B 2252. 

— OLIVIER inpen sugae Toirt and Tom or. 5 IJ* W - 
01-030 3216. 7.30 THE CHERRY OKHARO by N0 £ 

Owfchflv tfflns- by Michael Frayn. M 



*»" Sol 2 . 35 , eiifi. io.'ig: . 

















■ 12 


FINANCIAL TIMES 


ROUSE, CANNON STREET, LONDON ECiP 4BV 
gramSr ¥ ^ n *“timo, Loudon PS4_ Telex: 8SS341/2, 883*97 
Telephone: 01-248 8000 


Monday March 6 197S 


Nuclear power 


management 


THE GOVERNMENT is The central problem of t*he 
expected to announce to-day company is to manage what by 

scale "inquiry** test Summer anjp standards must be ' counted 
into the plans of British lhc bl SS Mt and raost complex 
Nuclear Fuels to build a engineering projects that 
new reprocessing plant for Britain is undertaking. For that 
spent nuclear fuel. If, as has very reason there appears.ro be 
already been reported. Mr. a good case for retaining a sub- 
Justice Parker’s report is stantial shareholding by GEC, as 
strongly in favour of the new one of the most experienced 
plant, the Government should companies in the U.K. in the 
have no cause for further besita- management -of major projects. 


tion in approving the plan. Such 


a decision, taken together with 


When the present manage- 


ment was installed three years 


the recent announcement of „„„ _ ^ 
orders to be pieced for new 


nuclear power stations, will put 


seen as starting high-technology 


Britain’s new nuclear industry P"*«* ™ 

firmly on the road to recovery ™ ercia reactor (the steamer ) 
after a long period or malaire hut concentrating on the reactor 
throughout Uje 1970s. - ltsel f wb J le tb ® v customer 

But another problem has managed the rest of the project, 
appeared which could jeopar- tbe emphasis has been 

dise some, even all. of these on designing paper reactors, 
plans. Tliis is the question of "inducting appraisals of the 
the management of the reactor r,val merits of competing 
desiqn and construction in- factors, and — most demoralis- 
dustry. The present three-tier m S of all — struggling to com 
structure, devised in 1973-73 at P 1 *** nuplear stations already 
a time when electricity demand I.9 n S orordue. dee P both in tech- 
forecasts were suggesting the n ' ca ^ troubles and in the indus- 
need to order two or three new t ria l problems that seem to 
nuclear stations a year in afflict all major construction 
Britain, has proved unsat is- projects in Britain to-day. More- 
factoiy for the post-OPEC era. over, an understandable reluc- 

tance to do anything that might 
Nobody satisfied further delay these stations has 

The National Nuclear Cor- *«Pt his comP a »? di ™*ed Into 
poration, as at present const!- * wo eons&tuent groups 
tuted. appears to he satisfying Abased .°|] * be old 
no one. It does not satisfy its e ? cb lls own distinctly 

customers, the electrical different management style, 
utilities: they complain that » ___ 
its executive arm, the Nuclear 
Power Company, with which To-day the job of the com- 
they are dealing must refer all pany and its chief executive 
decisions to the parent NNC can* be perceived in different 
Board and to the supervisory terms. The NNC will probably 
management exercised by GEC.. undertake complete projects, in 
It does not satisfy GEC. 30 per collaboration with the custo- 
cent, shareholder, which finds mers. It will lay the founda- 
both its management style and tions for the day. perhaps a 
its preference for one particular decade delayed, when Britain 
reactor resented by some other will be ordering two or three 
shareholders. And for this nuclear stations a year. The 
reason, too. it does not satisfy overriding problem will be 
the’ other shareholders. less the technical complexities 

Lord Aldington, chairman of 0 f the two nuclear systems to 
the NNC and deputy chairman be undertaken than the organi- 
or GEC. has been canvassing sation and management of 
views on a new form of manage- 5reat diversity of skills on-site 
meat to replace the complex t 0 tight .schedules for Lime and 
three-tier structure. The elec- cost. The primary need seems 
tricity supply industry is apply. t0 be tor experience and ability 
inc pressure for a quick in driving large construction 
solution, within weeks rather projects along to completion 
than months, by drafting its Whatever changes are made in 
design-phase contracts for new the pattern of shareholdings, a 
nuclear stations in a way that unified management team cap- 
virtually dictates a more able jnf handling these projects 
straightforward customer-con- is essential if a viable nuclear 
tractor relationship. industry is to he established. 



CHANCELLOR : 
SCHMIDT: - 

‘ . . . with the best will 
in the world, be cannot 
prevent his coalition 
partner manoeuvring it- 
self into a credible posi- 
tion to jump ship ’ 



DR. HELMUT 

KOHL: ‘ 

has privately told 
friends (in so many 
words) that 1978 is the 
year he ceases to be 
trodden oir by" the CSUV 
Strauss' 


’Financial Times Monday Marine 1978 

FRANZ JOSEPH 
STRAUSS r 

• ... has constantly toyed 
with the Uea of increas- 
ing his hold through 
.JonnalStmof , a fourth, 
«mntrj§v6f party* '■** 



T 


Bonn’s 



strains begin 



BY JONATHAN CARR 


Impasse over 


air fares 


THE LATEST attempt by U.S. to start a new service between 
and U.K. government officials to London and Dallas and Fort 
hammer out an agreement to Worth only on the condition 
govern transatlantic air fares that the airline charged higher 
between the two countries from fares than it had proposed. The 
April I begins in Washington U.S. Civil Aeronautics Board 
to-day at a time when the vetoed this counter-proposal 
positions of the tw« mivern- and so .stalled the new service 

ments seem to be further apart shortly hefore it was due to 

than ever. They may both see start last week. It was this 
lower lares as an objective but impasse that prompted the 

ihcir views as to timing could chairman of the U.S. Senate 


not be more different 


aviation committee lo suggest 
that if the British attitude does 
not change the U.S. should give 
the one year's notice necessary 
to renounce the Bermuda agree- 
CAB 

recommendation for retaliatory 

action gainst the new British 
wants iu sanction low -cost lares. between 


Cautious 

Reflecting the priority 


nvon 


tn cheap fares and competition Tt _i„_ *„j „ 

in President Carter's new inter- raent ' " ali ° Ietl ,0 a 


similar to those introduced on 
ihe London-New York route last 


Caledonian service 
London and Houston. 

It would obviously be best If 


both sides were able to hammer! 
U a,n .‘ n jL* ^nll Trine WnrW out some kind of compromise. 

^ T . The British Government may 

«nr,r e ,‘f ItV -i-ipv in 1,01 like the idea ° f man COm ' 

range of otl»« ■ U-S c». es in |Won fnr British AirwayjK _ 

C stress its opposition to the 
lraiel season i this summer. Skyfrain concept until the Court 

The British Government’s of Appeal rold it last year that 
approach- is much more cautious it had tin legal right’ to with- 
and in this it has the support draw Laker Airways’ licence, 
of other European governments. But the U.S. airlines are con- 
They believe that too rapid a vinced that tod much was con- 
move towards cheaper fares ceded in the reallocation of 
would only worsen the financial routes during the Bermuda 2 
position of Europe's scheduled negotiations last summer. They 
airlines, many of whom arc see the Introduction of cheaper 
already having to supported fares to cities other than New 
by their governments. They York as a way of attracting 
would prefer to see the present traffic and recouping some of 
situation maintained until rhe the ground they lost then, 
end of the summer, when a full 
j ear’s experience of the new low Breakdown 
fare services should make U Moreover an aRreement 
possible to assess whether the> would ^ gap left by 

are tapping a genuinely new ^ failure of me airljnes 

market for cheaper travel, as fo agree on a new fares strue . 
Mr. Freddie Laker would ar SU®* ture after April 1. and tide the 
or whether they are merely situation over until the five-man 
diverting traffic from existing commission set up by IATA to 
scheduled and charter services. rev j ew the whole process by 

Mr. Laker himself Is in no which international air fares 
doubt as to the market he is are decided has reported. It. 
tapping and is pressing ahead should then be possible to judge 
with his bid for a Skytram whether the system which has 
service between London and operated since the end of the 
Los Angeles. The U.K. authori- last war, whereby air fares are 
ties have yet to show their hand negotiated In the first instance 
on this application— the public by the airlines themselves, is 
hearing takes place later this likely to continue or whether 
month — but they turned down the cartel has finally broken 
applications from Pan Am and down. In either event the last 
TWA for low fare services to word on fares, as on routes, 
eight U.S. cities and gave per- would remain with the govern- 
mission to Braniff International men is. 


HIS ..YEAR could very 
W'ell decide the fate of 

the West German coalition 

Government— an alliance bur- 
dened by internal divisions and 
a small, uncertain parliamen- 
tary majority. 

But that is a long way from 
saying that the stability of the 
country itself is in danger. On 
the contrary, there are grounds 
for more optimism than seemed 
possible last year, for West 
German society is proving 
more shock-absorbent than 
many feared. 

to 1 nerceire ^ne^^ra^ns C and°a carried out by Chancellor own party determined to go Further, his strategy of the 
greater coolness between the Helmut Schmidr last month, their own way. And with the outstretched hand to the. FDP 
Government partners. the Ideally, be would have pre- best will in the world, he can- has gained some powerful re- 
Sncial Democrats (SPD) and the ferre d to act rather later. But not prevent his coalition emits. Even -Herr Strauss 
liberal Free Democrats (FDP). the moves were forced on him partner manoeuvring itself into appears to be veering towards 
Of course tbe fervour of the by the plight of the Defence a credible position to jump ship. it. 

alliance in the early 1970s has Minister. Herr Georg Leber. ^st year, it still seemed Much now depends on the 
long since gone, partly through whose latter period of office had Quite unlikely that the FDP had outcome of the four Laender 
leadership changes. partly been dogged by a series of anywhere satisfactory to jump (provincial state) elections this 
through economic recession, scandals and apparent mis- to- The opposition Christian year. In June, an SPD-FDP 
and partly through the very management. Herr Schmidt also Democrats (CDU) and their coalition will be trying to main- 
duration of a coalition which. took the opportunity to release Bavarian allies, the Christian tain power in Hamburg while 
after all. has now lasted nearly the Development Aid Minister, Social Union (CSU) remained a CDU-FDP coalition (working 
nine vears Frau Marie SchleL, whose term ®t loggerheads. . relatively well) wtil be seeking 

But more. than ever, the FDP of hardly more than, a year had While the CDU leader. Dr. a further term in Lower Saxony, 

is fnreed to consider whether also proved an unhappy one. Helmut Kohl, was putting on an In October, Herr Strauss’s CSU 
attachment to the SPD now con- In all, four new Ministers were ineffective performance in the seems bound to waltz away, with 

etitufes a threat t« its "existence, appointed and two existing ones 

Within the Bundestag (the moved— and tbe FDP was not ^ 

lower hnus'e) a small group of involved in any of iL The •IJ ( o rT . taIp of nrPCPnt 

SPD rebels has endangered the Liberals put on an Impressive 11C11 OLllHUUl o lUlG CLL pivoClll 

coalition's slim majority of 10 show of regret at the plight of 


s »iun lHajiiriiy iu snow ot regret at xne piigax ui j*. .-i 

and may well do so again before the senior coalition partner, COUlCl OCSt D6 COITlDcirCQ tO ttlSt 
long. The latest example was followed by praise for Herr . 

the vote last month on measures Schmidt’s prompt action and 
to counter terrorism. They expressions of conviction that 
slipped through with a majority the new team would prove even 


of one. 


Unpleasant but 
essential 


better than the old. The impact 
of all this will hardly be lost 
on the electorate, 

Herr Schmidt's role at present, 
could best be compared to that 
of a captain deftly swinging the 
The next problem could well ship’s wheel to avoid obstacles, 
come with the proposed plan to whiIe P“t the crew mutinies 
put the financing of tbe the engine room and some of , 
country's pensions insurance in the officers consider taking to 
order. The Government the lifeboats. 

Parties’ parliamentary groups 


of a captain deftly swinging the 
ship’s wheel to avoid obstacles 
while part of the crew mutinies 
. . . and some of the officers . 
consider taking to the lifeboats? 


- It does sees that despite « 

A fl series of £ave tests, the 

German pubic has actually 
'III become a litle more circum- 
- - fl. ■ B spect than bebre about giving 

authority -mire wide-ranging 
powers: 

-«■ The e commie background u 

J ■ ■ not especial!) encouraging, it 

^ aa f \ ■ ■ is hard to asstss what economic 

H M— B B fl situation woufl be described by 

fl- WL » ■ H the Germans wholeheartedly as 

vr J1 ■ g 00( L And cearly no govern- 

ment can sin&y remain 'com- 
placent in fc|“face of a him 
jobless total# iut the unempl^ 
ment in GAiwy is really not 
anslBti.es. After aH. the pro- the stuff of vbich revolutions 
blem of terrorism has hardly are made. Boighly 60 per cent 
been solved even though there of the unempoyed are out of-ja 
been no very recent evid- job for less thm six months a^d 
ence of it There are stall more rather more tlan another 20 pier 
than. 1 m unemployed and the cent, for betveeh six months 
figure . is quite likely to be and a year. Throughout that 
higher this year than it' was period tHwSgeive unemploy- 
lasL This might seem to be a ment benefit totalling 88 per 
perfect recipe- for a general in-, rent, of fo#fc_net income^* 
crease in “ angst ” and demands after which, Admittedly the 

for extreme solutions. benefit nd »“Wert to a 

. means test. 

Yet almost the opposite seem *j^ e particebf problem ans- 
to be true. It would be wrong (gg from to-df’s unemployment 
to suggest a hard and fast i s nQ t the cmuferophlc one' of 
Judgment can be made. But it serious unres and extremism 
looks as though out of a series nfren forecasts* the immediagp 
of trials the Germans have wake of tiie^u crisis. It is 
gained a strength born of rather how .PirConvince those 
recognition that they have, after with work tirt the deductions 
aJJ, Hved to teU the talp. in their pay ;n behalf of the 

Last year Parliament and i° bless are ft0y i justified and 

lariy bad period on the terro- “ “J" 
rlsn issue. It was not simply w IS work 


that three leading public Bgures UTe w4sll 

were murdered. It wes ateo Umt ttey B ut there 

Parliament appeared too .ready are signs.*tigrowing resent- 
to rush through a law aimed ment i n work at 

at preventing collaboration a b uses of tiiftsystem — for 
between jailed terrorists and example, at pople choosing to 
those outside but so widely ]j Ve on benefii-for a while and 1 
drawn as to be open to misuse, perhaps do%* little untaxed 
There was a danger that this “black” labottfjn the side, 
step might have been followed 
by a burst of legislation, funda- 
mentally well intectioned, but 
open to perfectionist interpre- 
tation by over -zealous 


Bundestag which hardly helped victory in ..the Bavarian .elec- 

sii , ui(a Abroad he is (still) involved his strategy designed to lure tions. But- the big trial, in the 

have approved the measures, in an argument with the A meri- the FDP away from the SPD, same month, will- be in the state 
which will mean that pensions reus on West Germany's econo- the CSU chairman. Heir Franz fj esse> once a Social Dwnn- 
will rise less fast over the next m«c growth possibilities, and is Josef Strauss, was his usual crat stmnghoIdi now also ruled 
few years than in rhe last few. under particularly intense pres- ebullient ind eloquent self. SPD-FDP coalition. Herr 
Bur that dues not mean a par- sure from the Russians unr advocating a policy of tota J'™™™,.®" 
Hamentary majority is assured, to accept deployment of the opposition to both government Alfred Dregger, the CDU leamr 
The FDP pnintedlv notes that neutron bomb. Prospects for parties. Herr Strauss has hardly in Hesse and seen as weU to the 

once it has firmly set itself increased cooperation with made a secret of his belief that Right of his party, has already 

behind steps it considers un- France have been. slim, in the he is the more effective leader, offered the TOP the prospect of 
pleasant but essential, such as run-up to the general elections a " d „jj as constantly toyed with coalition. Trie FDP has not 
the lowered growth rate for there-and may be slimmer ^ > d ea of increasing his hold said no. If the FDP could ally 

pensions, it expects solidarity afterwards. As for Britain, thr °bSb formation of a fourth, with hun, then it could do so 

from its partner. Herr Schmidt .has contrived to country-wide P«J. *g{ 

The German Government hold the line In Cabinet against __ , „ csuwittiouttroutiift 

has not accustomed itself. Ministers baying wth anger over JJr, KOllio HCW Shoud 11 come w a CDU_FDP 
like the British one, to the spec- a series of problems from the 
taele of parliamentary defeats EEC decision to locate the JET PflOA 

from which wider consequences nuclear fusion project in Cltgv 

need not be drawn. It has had England, not Germany (con- This year has seen a marked pother with the FDP) would 
no need to. If it. came to such sidered. perhaps rashly, to have change. Dr Kdhl having pri- have a t^Hhurds majority in 
a defeat in Bonn, then rhe coali- been solved fnr good), and fish, vafely told friends’(in so many the Bundesrat the federal 
tion would be in real danger. At home, he has been going to words), that 1978 is the year u PPe r bouse, and Government 
The FDP has managed to great lengths to persuade both . in which be ceases to be trodden legation could well be 

manoeuvre itself with great unions and management fo show on by Heir Strauss, has turned blocked altogether. It is hard 

finesse into a position where moderation in the ■ current. In some greatly improved parli- enough for the Government to 
its lnyalty to the coalition can peculiarly tough, wage found.' amentary .performances. Once set measures through both 
hardly be questioned, but where Herr Schmidt appears to be chiefly seen as an honest, houses as things stand now. 
the gulf between it and tbe ills able to take this more or less apparently jovial but somewhat ft might seem fair to assume 
of the SPD is abundantly clear, in his stride. What he . cannot du ^ figure, he. has gained a that this political uncertainty 
This was most apparent during do is force into line: a- small cutting edge, in debate which must be feeding back into the 
the major Cabinet reshuffle group of parliamentarians in hts has served him well. country and increasing existing 


officialdom. • i t is a gfnaiion in : which 

■It would be foolish to daim tradeg U nion%mbers are pay- 
that this could never^ happen, j ng ra ther le& Ifttentibn to thtf 
Bur with the worst will in the p | ight of ^ jobless: rathet 
world, it cannot be said that the more tp pre ^hifthe'ir leaders tt' 
new anti-terrorism measures, hold QUt forSWfiggish wage ix£ 
lengthily pondered and altered crease. ' After ill, it is argued, if 
in paritamentary committee, t h e uneraploySTcan live for thfr 
then passed after a vigorous most part wel 1 enough, should 
debate in the Bundestag with a n ot those in wjrk be able to do 
majority of one, are a sign that demonstrably tetter? 
the country is on a repressive This seems » be one of the 
course. new pressures contributing to 

If -.there is a criticism of the toughness of this year's 
some substance, and it is one wage bargaining. It is certainly 
the CDU-CSU has made, it is not an attitudesusceptible to the 
that a mountain of discussion employers' argement that higher 
has brought, forth a legislative wage costa will: bring more job- 
mouse. The CDU-CSU demand less. But nor : is it a sign of drift 
tougher steps, pointing to rhe towards extremism and anarchy, 
results of a recent poll showing if West Germany is really 
that a big majority of West heading in ths direction of a 
Germans would accept a limits- conservative-literal government 
tion of personal rights to help rather than a Social Democrat- 
the fight against terrorism. liberal one, it is doing so with 
Yet the same poll also shows what seems bke the normal 
that this majority has. fallen democratic strains. And for 
since a similar survey in 1975 — that, of course, the present gov- 
that is, before the most shock- eminent and iti Chancellor must 
mg terrorist acts occurred here, take a fair stana of the credit 


Tougit" wages 
baiggining 


coalition in Hesse, then the 
Bonn Government would be in 
dire periL The opposition (to- 


MEN AND MAHERS 


Hattersley and 
the heavy mob 


BEFORE Roy 
John Fraser 


Hattersley 
rise in 


or 


that the Fair Trading Office had 
enough staff to keep, a proper 
check on what is happening, the 
bully-boys might be reined in. 
In the whole credit field, a fur- 
ther < 50.000 licences are 
the “Pscted to be granted by 1979; 
_ , there are only 50 clerical staff. 

Commons today to _ answer Af ter aU< it , s sometimes hard 
questions on Britain’s debt- deny admiration for the most 
collection agencies, they might skilled operators in what Is 
perhaps ruminate on whether essentially a distasteful oceupa- 
the profession — a growth area lion. One renowned collector 

these days — has really become f,rtl ™ ed Qmury-n -Iwrd- 
. .. . ened evader — down .to 'Ascot, 

“ aa the driven Br !? w ’ bad his name called over the 

The figures may give this ^a^eaker, and served his 
impression. More than 9,000 summons at the entrance to the 
licences have been granted to Royal Enclosure.- 
such agencies since rhe Con- 
sumer Credit Act of 1974 made - - 

this necessary. More interesting 
still, no licences have ever been p_ . _ 

refused — which makes some- naru CiiecSe 
what ingenuous last month's 





Just joking 


r y.; 


Commo^ *s tat&mentnby ^Fraser ; finan Sri?^ 

that there had “been no appeals l n } hls tempesteous world are 

against the refusal of licences." “ . pr0 mJ em 

Switzerland. There, last week. 


“ Do you ever have one of 
those days when yon don’t 
fee! like committing a crime 
a minute?” 


.... owuzeriana. mere, wccr. . 

All that may sound impressive the authorities extended the net Teeing high 


Economists, whatever - other 
great qualities they may have, 
are not particularly famed for 
their sense of humour. They 
may Jlnd each other's theories 
amusing nr even ridiculous, but 
no one has ever ,died of laugh- 
ing about marginal costs, flex- 
ible exchange rates, or balance 
of payments deficits. 

■So it was a pleasant surprise 
when'. the Association for the 
Promotion of Humour Jn Inter- 
national Affairs (APHIA) 
awarded its “ Nobel Prize " for 
1978 to Professor J. K. Gal- 
braith, the American economist, 
soda! philosopher and TV star. 

Galbraith was presented with 
a useful bust of himself at a 
lunch in Paris (much better 
than the original according to 
ooe oT APHIA V founders), in 
reply; he complained of suffer- 
ing socially from the recent 
pressure on tbe dollar. “At one 
time,’ friends used to come to 
my flat to ask me what was 


fringe o pe rate ns ^ce included ° f nega ^ interest, so that Boots and Coots with their 2.000 S° in g to happen to the dollar." 
fringe operators once memoea even centraJ b!mks tove to pay poJf nro hp caid no lon?er 


the Kray Brothers; and some 10 per rent Ser & mis ar ? ^ng a hot and be said. “ They ; no longer 

agencies still use a measure of ? 1 ® p ! r bothersome time out in tbe GulL berause it h^s happened.’ 

humanity whe/ the familiar !“* rte 5f a, “ rge 0n -? ep 2!S| 1 2lS ^ «Pto»toiy gas well south Nor, by all accounts, was .bis 
“blue frighteaer” — a mailed JS ^ BusWr « bas been blowing out career as U-S. Ambassador in 

document that mimics a County Am *? , reps .and French of control for more than three lnd»a all a bed of roses. Dean 

Court summons — has done no fearing the worst weeks: nothing seems to stop it. Rusk, former Secretary oF State. 

“ood But many debt-collectors 12 Jj ome . £ 0, 2 l3 i e ^ri!2? despite *** ^ desperate innova- once sent him a telegram say- 

*ooa. out many aeoc-coiiectou. *».o sheikhs with their netro- tt nr , c h« - i„o- -an 


show gusto in turning to the 25..S3S5 SJLSS ? * 0nS „ by , Boo . ts and .Coots-a ing : “AIl_your recommendations 


iSf'STto wfiKo ? 1 the the Swiss Post timms *ii Atair “'tmtSZ lmw "mait « all'." have 

•‘narrpi hwIpp " < serving a 0® ce Siro. But that also la pro- shooting team. already been considered and 

siSSons by Dretendtes to ^ <I^ port j, ! ? ? e mTt i\ ■*!? ^ « oIf balls have been flown rejected 

summons by pretending to ^ the SPO publisher weekly the down by special plane from the APHIA awarded its two pre- 

fumlfurevan a?warina as if of , new acc0 , unt f’ ^ exclusive Imperial CountryQnb vious “ Nobel Prizes " in 

rre^-^KroadW **•* hanks Prasumably do not in Tehran. Boots and Coots have -Professor C. Northcote Parkin- 
1 milk-bill Tn fear UieIr local authorities, been shooting them, plus pieces son (of Parkinson's Law fame) 

thP whole SSr • 50 ^ “ish* not mind having 0 f string, into the well at high and" Art Bucliwald. the former 

® 5 . .. their names published- But the pressure. Bo far, the blow-out American humorist. It was 

The Office of Fair Trading, SPO Is one step ahead of them has cost upwards of $2.5m. (not founded five years ago in 
which issues the licences. ag well: it warns that if the to mention tbe fees for the London by two American inter- 
admits that there are strong- ^ deposited are such as to troubled troubleshooters). The national lawyers and a recently- 
arm boys” in the business, ^ facility, then nega- fees are undisclosed, but the retired Deputy-Director of 
using “ terrible practices. But interest will be extended to Norwegian firm Scandriliing, UNESCO, - who describe them- 

vt suggests .that those who know- ^ pj^y. j WQ mid like to who brought them in on behalf selves as "ordinarily quite 
they will be refused a licence jj ave seen G 0n j 0n pichardson of OSCO, the . 14«iember serious.” - - 

either do not apply— or change queuing at the counter dutch- western consortium of oil com-' 

the name of their business. in- th e Bank of England’s Swiss panies in Iran, only says grimly; 

If Hattersley could ensure Post Office savings book. “ They are bloody ‘expensive.” 


on the door; the doI,ars — had discovered a nm- two-man breakaway from the of recent dare, inasfar as they 


Observer 



150 3 000 new accounts have beei 
opened with the Leicester Building Society r 
during the last twelve months. 

Why? 

Because there’s such a good raage of 
investment and savings schemes. 

Because it’s one of the very bi& very 
experienced building societies, wiiose 
assets are now over £1,000 mfllioi. 

• Because it is convenient — there are 
1,400 branch offices and 'local agencies 
throughout the UK. 

Now you know why, why not join the 
Leicester Investors? 


Leicester 

Building Society 
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The survival in the English-speaking Canada of the Empire Loyalists of a French 
; enclave in the Province of Quebec has long been recognised as one of history’s more 
v intriguing quirks. Now this deracine French community is seeking to reassert itself. 


By W. L. Liikens 


rHE LADY" w 
cssful, French 
•feiely at ease 
Canadian mil 
■racked a Joke . 
>f Abraham ‘ 
'rench power i 
lapsed bef 
f *he English 


*■- x^ruv- 




comely, suo- 
hadlan. com* 
'an English- 
Someone 
t the Plains 
re izi 1760 
orth America 
e muskets 
coats. ' She 
SOuld he .talk 
—us, a- coti- 
e reminisced 
shocked by 
3 . ■. 

lypersensitive 
rs after the 
ish Canada 
understand 
; of Canada 
□e involved 
; will end in 
ions deeper 
an ate neces- 
h Canadians 
as a group 
t equality 
ntury must 
gh Quebecois 
-the politics 


o£ ' Qaebefr, .~ httndnift &"the 
Frtach-C&riadiafir ' ' community: 
thou^i;- Ur. thebe' Elliott 
Trudeau/ tbe . federal Prime 
Minister^ is himself. a;represen- 
tatiye of- . - French -power ” in 
Ottawa, . the French still feel 
deprived; ;/ “ 

- In spite etrildng exceptions 
like Mr. Paid Dgsnjarfte’ Fewer 
Corporation, moat of the .firiari- 
ua 1 and. industrial . world in 
Quebec is • nrun by . English 
speakers. . The -history of 
QuebecTin .the-past 36 years: has 
been the 'history of a- straggle 
with Undeniable butmMy partial 
suCcess .to chaise that.. , f 
She first phase, id -the. 1960s, 
was the so-called qniCt revolu- 
tion. Jhe 'QuObecois blade their 
bid . lb equal v Other 1 / North 
Americans .ifr- management: and 
technology. It was. the period 
when, still a Liberal, Sfri_Hene 
Levesque, now ihfe Parti 
Quebecois .. pr&nier of: . -the 
proviUce> earned out. the .pro- 
vincial tiktorisr of the: dlec- 
tjicity supply Industry. , Hydro 
Quebec,^ the provincial utility 
then set up, has aiwiyfc been 
run as a Quebecois FrEndh con- 
cern and has Won fall. n£arks 
on "Wall Street • tor teg 
performance. . . 


Collapse 


Above all the quldt revolution 
was the collapse, almost over- 
night, ■•of’ the all-pervading 
influence in' Quebec of the 
Catholic church. Ever since 
the conquest it bad been the 
rallying poiht of the French 
community: traditionalist, isola- 
tionist, and rids. Huge, bm 
almost etopty monasteries, 
nunneries,' and seminaries bear 
witness to that their arfbi- 
tectural style: on eclectic cari- 


cature of a once clericaLEnrope. 

Within a very few years an 
almost ' fossilised institution 
became one of the most 
adventure ns branches of the 
Catholic church. - It may be 
controversial — but _ its- very 
controversiality shows how pro- 
found has been the change. 

Secular education came to bo 
seen as the road to power. The 
machinery of Quebec govern- 
ment has -always been in 
Qnebecois hands, but now its 
bureaucracy . has. swelled as 
floods of young people came 
from the universities. And 
since economic power was in 
other hands, they began to use 
the State machinery to break 
that hold. That helps toexplain 
why the Government Of Mr. 
Levesque follows interventionist 
industrial policies nf a kind 
which most other - North 
Americans- shrug off as 
** socialistic.” _ y 

The struggle to become an 
up-to-date French community — 
rather than a piece of folklore 
singing songs handed down for 
generations — led to. language 
legislation being passed, the 
last and most stringent example 
being the celebrated Charter 
of the French Language, or 
Bill 101, sponsored by Mr. 
Levesque’s Minister of State for 
Cultural . Development Mr. 
Camille Laurin. Its details and 
implications are discussed else- 
where in this survey: we must 
note here that most of its sup- 
porters — and all of its opponents 
—see It as an attempt to 
conquer - the commanding 
heights of the Quebec economy 
for French speakers. 

For decades the financial and 
commercial, headquarters estab- 
lished in Montreal have been 
moving westwards, mainly to 


m 6 BEfMTIK STWMS MTHI 

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Q . u e / b e c 


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Chicoi^timy 


Quebec City 
VTroB -Rivieres ’ l \ 


lie-Comcau' 


New 

Brunswick 


Ontario 


Toronto for reasons that had to 
do more with shifts of the 
centre, of gravity of North 
America than with Quebecois 
quarrels. But the advent of the 
Parti Quebecois Government on 
November 15. 1976, albeit on a 
programme which played down 
the party's separatism, 
accelerated the process. A com- 
bination of French and 
“socialism” was just too much 
for.tbe establishment 
It is easy to mock its reluc- 
tance and at times even inability 
to learn French, the language -of 
SO per cent, of the province. In 
a North American context it is 
a problematical enterprise to 
decree that French will be 


spoken— especially since the 
regulations to be applied to 
trans-Canadian and other non 
Quebecois companies are still 
not published. The. times are 
long past. When, as it used to be 
said,- a Quebecois could not buy 
a cigar is- a downtown Montreal 
hotel unless be spoke English. 
The issue now is what is spoken 
at the top-Land who gets there. 

The exodus of the English 
companies may yet cost Quebec 
dear. The PQ Government's 
ambitious plans for modernising 
industry will depend to no small 
extent on foreign finance And 
though Quebec . tor rather 
Quebec Hydro which does mosi 
of the foreign borrowing) has 


retained access to world mar- 
kets, it has preferred not to- try 
a flotation (as opposed to place- 
ments) in New York' for fear of 
having to concede interest rates 
which would draw attention to 
the doubts of the financiers. 

Hydro Quebec, the spearhead 
of French management in the 
1960s, is to be the spearhead 
of the drive for new 

industries. In an age when 

energy has become expensive 
Quebec's abundant hydro- 

electric resources are seen as 
a trump card — and incidentally, 
a bait for the financiers. But 
the transformation of an 
economy heavily tilted towards 
crisis-prone traditional con- 
sumer goods would require 
much effort at the best of times. 
In the present state of the 
world economy the task is 
daunting. There are assets: 

hydro-electric power, an alu- 
minium industry in a world 
that wants tighter vehicles to 
save petrol, and a skilled work 
force. But there are liabilities: 
the foreign exchange problems 
of Canada, which do not bypass 
Quebec; and all the un- 
certainty aroused by the Quebec 
Government’s intention to 
secure sovereignty even though 
in association with Canada 

As shown, elsewhere in this 
survey, that option does not 
command majority support in 
Quebec— not even . majority 
support among the 80 per cent 
French speakers. 

Having put through its 
language bill last year, the PQ 
Government seems determined' 
this year to give pride of place 
to. the economy. There is little 
room for an independent Quebec 
economic policy within con- 
federation, but yet there does 
seem to be some evidence that 


economic doubts, connected 
among other things with the 
exodus and an unemployment 
ratio of more than 11 per cent, 
have reflected upon the popu- 
larity of the PQ. 

. A period of consolidation may 
therefore be due before the cam- 
paign, probably late in 1979. for 
the referendum on Quebec’s 
future relationship with Canada. . 
Nobody at present knows which 
choices will be placed before the 
electorate. It is unlikely to be 
for or against independence 
without qualifications. Since the 
mainstream of Quebecois 
opinion, within and without the 
governing parly, is in favour of 
more power for the Quebecois 
and keeping the federal govern- 
ment at arm's length, the gov- 
ernment has many possible 
variations. Moreover, if the 
referendum is lost and provided 
the PQ is returned at the next 
election, it can always come back 
with another question. 


United 


The federalists who have 
begun marshalling their forces 
for the referendum are also 
almost united .in wishing to 
reduce the influence Ottawa 
exerts over Quebec affairs Even 
Mr. Trudeau, the staunchest of 
federalists, accepts that 

He is prepared to increase 
provincial powers, which 
specifically means those of 
Quebec; he is striving for a 
constitutional guarantee of the 
language rights of the English 
and French minorities across 
the whole country (a thankless 
task given the downright anti- 
French sentiment of many 
western Canadians, and the 
determination of Quebec to 


maintain control over Us own 
education system). Plenty of 
room remains available for 
negotiation and compromise — 
and for stub born ess and 
quarrels. 

Mr. Trudeau has even held out 
the prospect of his using force 
if something illegal were to 
happen — as he did in 1970, when 
Quebec terrorists kidnapped a 
Quebec minister and a British 
diplomat. But he qualified his 
remark rapidly. If Quebec were 
to vote dearly for separation, 
he, and the rest of Canada, 
would almost certainly let it 
go. If it does go moreover, the 
rest -of Canada would have 
strong economic reasons for 
granting it the economic associa- 
tion which the English speaking 
provinces now say they will 
refuse. Canada is not in the 
mood for violence. Yet it is 
worthy of note that one of the 
French Canadian authors of this 
survey believes that the Leves- 
que Government, by its very 
existence, has provided political 
channels for French dissatis- 
faction that otherwise, might 
havp led to a frp«h outbreak of 
terrorism 

When all is said and done. 
There is much >hai makes for 
second thoughts and against 
shattering (without substitutes) 
existing structures and ties. 
Take Bill 101: it says that 
advertising will in future have 
to be in French. A PQ member 
of the National Assembly was 
asked whether that would apply 
to restaurants advertising 
smoked meat, an eastern Euro- 
pean Jewish delicacy which has 
conquered Quebec snackbars 
with its English name: "Smoked 
meat?" he replied, “No. that's 
a Quebecois word." 






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Company 

Community 

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P O- Bo* 55. Sl«k Exchange Toner 
Montreal. Canada H4Z IAS 

Telephone- (514)872-6996 

Tctoc COMURBAINE MTL 05-27128 

Address _ 

City 

Tel 


.State. 


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I 

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I 



Financial Times (x 1978 


QUEBEC II 



TEE! SAGES agree that Quebec 
is in for a better year than it 
bad during 2977 which was a 
miserable one for the economy. 
But though they differ about 
detail, they agree, also, that the 
Improvement will be slight 
Ur. Jacques Parizeau, the 
Minister of Finance and an 
economist of good reputation, 
says 1978 will be “less 
difficult" Growth forecasts 
vary: the Conference Board of 
Canada, in an unusually bullish 
forecast came down oo the side 
of a growth rate of real grass 
provincial product this year of 
4.6 per cent; the economists of 
the Royal Bank of Canada 
speak of 2-JL3 per cent, and 
Prof. Yves Raband. of the 
University of Montreal more or 
less agrees with his own fore- 
cast of 2 per cent 
Mr. Rene Levesque, the Prime 




ECONOMIC INDICATORS 



..-4‘ 

. * ' 



Gross provincial product at market 
prices (Sim.) 

1973 

30J.35 

1974 

354)91 

1975 

40,734 ' T 

. 1076 

46439 

1977* 

50,782 

1974-73 

19,4 

1975-74 1976^:^1977-76 
Percentage, niuge ‘ 

134 ^0 

19^73» 

::j#a 

Gross provincial product in 1971 - 
dollars (Sim.) 

26473 

27.245 

27.729 '* 

28473 

29,576 

3.7 

1.8 

V* S’ 

24 


Income per capita (5) 

. 3^59 

4,738 

5469 

6453 

‘6.813 

19-8 

15.4 


94) 

3Wt3 

Total Investment <$m.j 
of which manufacturing (Sm.) 

5,826 

940 

7^98 

1444 

9,170 - 
1473 

9,437 

1405 

10,782 

1,400 

274) 

434) 

24.0 

22 

— aj- 

144 

26.7 

r&6 

- 

Consumer price -index (Montreal) 
(1971=100) 

110.7 

1234) 

136.4 

145.6 

157J 

: 114. 

10.9 

.-^.s 

aiK 

.8.4 

"z ■ 9s3 

Population (*000) - • 

64)79 

" 6423 

- 6479 

6434 

.6483 • 

0.7 

0.9 

- OJ^- 

02 


Working population (*000) 

2^08 

2.585 

2,668 

2,-715 

2,791 

3.1 

22 


22 

;-S£7 

Total employment. (TWO) 

2,338 

2,415. 

2,452 

2,479 

2^83 

03 

12 


L0 

- & 

Unemployment (per cent.) 

6 JS 

6.6 

84 

8.7 

103 



- -J>: - . 

• as Hi 



Source: Quebec Ministry of Industry and Commerce. 

• Estimate. - 




ox. ■ 

: . A ?: . 




session of the Quebec National 

Assembly last month warned Tit, . t -• 

t* 1 ® people uotto expect ^ can bg heard. From' in which case capacity at St -oil from the Alberta tar sands In the pulp and paper, 
nuracies and wnoea tne senn- ^ other side of ^ ^ nceF E 0S tacbe would be doubled. will eventually prove, could dealt with^tgewbere in. .this 

ment ot often heard in wow* there has been no ]ach oE ^vec- Rather greater significance for thoroughly ' upset that ealcula- survey ixftfcbtie detail'. ithe 


tbat the country, and with it 
above its 


tive from some' 5 Government the futureraay attach to another-' _tton. : Goveram 

deal under consideration' with - The- Xevesque Government's hand In 
'both GM “and another motor first Important departure into sector, p 


straw 

con- 


of business opinion «*««- manufacturer. The Quebete industrial policy was the yet to be -. 



s to ; work 
with the'lpritate 
incentives, as 
fo .toahe'cfxs- 
rationalisation 


Quebe ®’ *« Ministers, 

means. That witi.be hard 

correct, since Quebec has the On the other hand a 

higret minimum wagein Worth P°U o^Hon Government hopes to persuade announcement late last jeer that able a 

America and has indexed it. ducted by the Hank of Montreal ong feoth tQ ^ ir Intends to buy majnrily con- plan. . 

SnlUTta tetown D ^^ W ts ± a er Se advantage ■ of the expanding trolof Asbestos Corporation Ail -of -^Vprppouls^md 
uanufactoS/ecraoS? on f toe and (toebet OMhose polled to aluminium industry in the from Ceneral Dynamics. Theore-. ideas dea^rtjh resource-based 
S^t£rtile£ CtoelS n^e toS »«"*» '*> »*gin tically it has power to expro- industries. r ,The existence- of 

nfo^nL n® r S? aluminium parts, including priate resource industries, but water powe^of woods, and of 

cloUiing, rad tarur w engine blocks. Given the increas- the Govern uent does not intend asbestos «4gd of base metals 

tore. About 60 per cent of said it was good,.S4 per cent ^ deed t0 wliseTve oil, the tn ub them. Instead it is going once deiq|ifc industry comes 


S tt sr s & » s 5 s SSsaKSgiSS^ *=■ svwem 


the 
these soft 
■thmild be 


by substituting aluminium for 


Smelter 


— does prcwde.a decent- econo- 
mic base fo jthe province. ; 

Things iflr-'tf good deal more 
awkward inSfe financial Rector 
where fear of “ socialism. 1 "' of 
French na&ftUsm,"- and a long- 
bnth term shift wiftward of ecbnmnic 

q ■ | . T__ . ■ i ’ “ V — OilM * 4Vjn.««. The activity h^^fiontrlbuted tb-an, 

Some help has been given to almost certamly too rosy— that Uon it is possible to speculate asbestos industry arouses pro- exodus ©ribs to Toronto and 
this sector Canada has intro- investment plans for 1978 were that the rising price of- oil may found emotions in Quebec be- points bfcvfrd/ • ' 

duced quotas restricting the im- ig per cent higher than for help Quebec to make inroads eaBse of a- history of labour JLuL*. -e .vkiiC. 

port of certain articles of cloth- 1977. The figure for the manu- into that near-monopoly. The conflict in the 195Qs— but the ** th . e - c ®? t ■** 5^%^? 

tog and footwear, though the factoring sector was actually of reason for thinking so is prih-.^ason adduced for-'tbe Govern- 

Quebec authorities say it was a 45 p er cent, increase but cipally the rich endowment of ment’s decision to move -in was that ^e sendee ^sedtor 

too little and too late They in sbouW be treated with some With * bydi^ectric. SSaK' SP&SSS 

turn have been prepared to heip reserve: last year was bad and energy. That power is the basis to arrive at a greater depth of JJJJ 
with loans and certain tax con- one raust S(ippose one or for the aluminium industry, but manufacture. Only about 3 per 
Ce 2^Ki. Bu L b3 -i nd l a ? e U ■ two especially large projects ^so can provide motive power the asbestos- mined in 

agreed tbat structural change is . - ; . for. -machinery aa oil* . becomes A,,„ hA1> e T ,<,wi there* the amon .^ youig people; Queoec 

needed and that Quebec must • more expensive and, eventually. Government has set- itself a tar- can 

find new industrial patterns. Among the biggest Invest- scarw L . STrfloSJrSJit taSJd S ?PP^f to^Jfoto. Reprocess. 

It will require time and, ment plans now on the stocks Befnre -u- iT Veached 'TmmihPr ^ -Sbl^oiwiucts haS L bee ^ - b ^. , un ; 

above all, business confidence- there is Alcan's intention .10 ^ Quebec autiiorities-'believe have been ident^ed. including sCert ® Wty * e . P olltI . ca j 

and investmehL That is a field spend 8400m. this' year (as Sa t uSSSL SSSf 

which -it is especially bard against $23am. in 1977) in par- industry- has a reasonable future tilec-anri hralte naris. ' 


sectors (though it- badL, and 2- per cent, bad as 

added that to net can be. — steel will, it is hoped, give subh; 

terms Quebec is still creating A survey of investment inten- a project 3 rosy future. •’ JjfI30lIUD5> . . 
employment). dons' carried out by' tie federal * The Canadian motor industry. None the less there were 

authorities among large at the moment, is almost. (fries of “socialism” from the 
privately owned companies to entirely concentrated in business establishment, 
Quebec arrived at the result— Ontario: with a bit of imaging- '.English and Ftench. 


, , . , . , Indiistry has a reasonable future tiles-and brake pads, 

gauge the real state of ticular on new smelter near to the medium term. All the- run- ■ The latter could be fitted Into 

things. There is no denying that Chicoutimi. General Motors has Qj n g j s being .made at present a " cluster ” of industries, to use 

morale in the world of the agreed to move to St. Eustache. by Alberta, wbere there is oil, a ’phrase favoured by Mr. 

larger industrial and financial near Montreal, a .bus assembly and Sarnia to Ontario. But as Tremblay, along with the alu- 

institutions is not good. There plant _ now . . established to oil In Alberta runs out oil Uh-. minium-motor, industry group. 

Is constant bickering with a Ontario. It did so as part oE a :rJ md.ftmn Venezuela and the However, doubts about the wts- 

provincial Government which deal by which it will supply Middle Efcst will have to be dom of buying Asbestos Cor^ 

is.- considered to be both. 1^00 buses to^ Quebec urban pumped down the existing pipe- partition have been voiced even 

separatist and “ socialistic " in authorities. The engines and line from Montreal, to Ontario, among supporters - of. the r n vestmeiff ~Sist5 ~~an d fer 

the American sense, meaning transmission trains required for Quebec, as a result, will' be Government on the grounds J, 

that it is dedicated to inter* the three buses to be produced -closer fo the well heads than, tbat it is going to cost several ,«tiine resula-' 

ventionist policies. The com daily- --will.' still-, come from its. competitors, or so the .argu- hundred million dollars to buy tioi^to Befim that vei^ flexible 

plaints do not come from .the Ontario. Studies are being made, n • t runs. New oil- finds in the shares and- then set up pro- tern , - r • 

English-speaking businessmen whether the vehicle can be Alberta, not to mention the cessine which will yield at most 
alone: among tbe French much adapted to TJ.S. requirements, great unknown of how economic 800 jobs. 


ness relatto^- hot also" -by a 
distrust of^fterventSpaist. gli- 
des. Thdjjbebec .Gdwwm&ot 
for instanS!telieves.".tfiitt*sqme 
life, assutipie ' companies" are 
nbt re-iOT6^hg in -.iQuMec 
enough of .be : premiums mey 
receive thp- A Taw requiting 
a “ reasoMde" rale of .re- 


■■sCL Luetkfins 

.■•e -I. c: . c:.- •: . -■ . 


Confusion over future 

GHOST of an election Is to a mandate to try to negotiate to what otherwise might appear of this survey). But he does the sanmopiitoh. Mr. Levesque 
prospect for the; people of su V an arrangement? Or is to be the least of the many differ from the PQ on economic knew.dractly^hathe was cfcjnfi 




with 


after c&npl'ahfing. bitterly tb 3 * 
the Fpfieral povetnment pad 


federal election the Parti Que~ There fs good reason for -all Quebec at a party conference .'Americans would put it. 

becois which intends to break the confusion, because It reflects In.ApriL ' Mr. Garneau is at one — --*. - - . - 

ranadian federation as It exists, a political position . which is- When Mr. Rene Levesque him there but on the med(fle ° by striding- inone go u 
will not be taking part equally confused. For a start .'and. his PQ were swept into an^ ^nationality questiop is much « fu rbiriiing "be PPriJpf Quebec- 

Instead it will put the qnes- n "P in five Quebeckers is not overwhelming majority in the cIoseJ ; to M r. Trudeau who has ESUj 5 he ‘ 

tlon or Quebec’s status in a French and hence unlikely to National Assembly by the- ejec- become associated with the doc- S 
referendum among the people so along witb any spare lists or torate in 1S76. most of the then that Canada is a bilingual 

Quebec, probaWy next year, near-separatist proposal. Most Liberal leadership. diMppeared country of one, Canadian nation. 5 - du l 


for instance rain tax ^ reve^ties; , 
or tovestmeit incentives; bat 


And finally the PQ ’Government PQ supporters- .realise that '"Jim 150 ■ It has takenuntil Bu t Mr . Garneau. and Mr. 

which was elected in Quebec against such a built-in “no" jn is year for ine party to Trudeau- have accepted that . _ nM 

on November 15. 1976 will have vote it will be difficult at. tiie r ^!^ r ..?®"? d ®? ce !? *J e pnint Quebec’s aspirations (and those 

to present itself to the elector- first attempt and .perhaps well ^here it m grre itself a _new of g^e other Canadian pro- Quebec to dedde where. .« goes, 
ate by 1981 when its term nigh impossible to win a ‘„?“ er * ™ rinces) require adjustments to « *J T " - f ^ t 

w„o ta ve JJU— Support ? 


LEVESQUE, BEAUBIEN INC. 


Canadian Invesimenl Dealers and Stockbrokers 
Members of the Montreal and Toronto Stock Exchanges 


The two 

expires- referendum Intended to let the vr °° * MTe t> f nie, ^ !e ^ l 

One might have thought that province go its own ways- But they want to give the provinces „ 

after all that the future status neither Is there a majority in J r «i!5. rise > ./S^S5^ te a voice to the appointment of EquaU y Levesque 

of Quebec would be clarified. f - vour of leaving things as they L Court Justices, since 

But there is a better than even are — meaning that Quebec ^ that court has to adjudicate on support for m agreement jost 

chance that it will not be. There w««*d remain one of ten Cana-g^ camp -^One toT2? federal-provincial differences. co^**J^ 
are too many cross currents and Aian pmvmces in a federal Ryan, *a sophisticated' At 311 appointed by ^lifebpc author^e? 

uncertainties. Not even the system where increasing power SteJlMtS^onneS^edSor tbe 0ttawa G ® ren, “ ent * an.etfiranced.racerjn.me cfag« : 

the leading French newspaper The same goes for 
in “Montreal. Le Devoir: and Federal Senators, members of 
_ _ Mr. Raymond Garneau, an. a body which fulfills a useful 

du?red m Canada and Quebec ecnn omist, former Liberal function as a chamber to revise P”® 51 ^® toipigpants are mgMX 
o' late tfrar the issue has^ at finance minist e ri and very House of Commons legislation, Freneh^peakng .or^ ^ .ready-^to. 

but .leads a somewhat shadowy Jom^the Ftinch commutSv-. 
existence. A revitalised Senate th- once jjrovea.tai 

of opinion in Quebec has p* „«««« designed to give genuine ex- fertility of Pencil Canadiaifi. 

emerged: one in ten Quebeckers rlUUa UC j -pression to the enormous re- bas faHen offittoeQnriiecolsan 

is satisfied with the status quo -gional diveirities within Canada" afraid that am ‘day they 

and a similar proportion want What gives the contest both ^ ejected to be proposed be ^jiitnambered^in. their -own 
independence with no ifs and piquancy and 2 1 greatdeal. of s j,orti y by the Trudeau Govern-' hMfi^and. "Therhis. bowfr 
buts. But- another two nr more relevance to_ the future of ment The proposal Is. bow- something aLstdembr aboard' 
out of ten are attracted by Quebec is that. Mr. Ryan in eyer< nnlikely to get through agreement: -hnniigration- W 

1 readers of in Devoir Mriiammt' wiccni,,. Onaha<> ;c 7™.,' r-^- rnms vh4m!! 



dian provinces in a federal 
sj’stem where increasing power 
bas been exercised from the 
c 'tre ever since the war. 

So many polls have been con- 


nptinns to be placed before 
Quebeckers in the referendum 
have been clarified: will the 
PQ ask them to approve its aim 

of “ souverainte-association,*’ .... 

which translates as “ sovereignty times been. confused rather than muC h-the practical politician, 
in association." with the rest of simplified. But a rough pattern 
Canada? Will it ask . them for "f opinion in Quebec bas 


are happy to announce the opening of their new office at 
Wkmford Court, Throgmorton Street, London EC2N 2AT 
Telephone: 01 -588 6771 , Telex: 881 391 1 - 

Other offices in Geneva, Brussels, Paris . / 

Ronald A. Strunck ■ Roger M. Graham • Jean-Marie Moreels. 


a great deal, of 
the future 

of ten are attracted by Quebec is tbat Mr. Ryan' in 

sovereignty in association, and J>M reatoi J>&o}r parliament' before the dissolu- Quebec is Iov—say seme 

more than four out of teo want toat he would vote for the PQ. . tioxL ped'ple a iiaf-^nd tbe'rj i?' 

a “renewed federalism”. That His backers evidenfly hope that my ^ . St . is certainly n ° alo « to^op .an' : immd^aot- 

not going to' satisfy • Mr., ^ another 


really means greater power for' when the time comes he will 
the provinces, - in particular succeed in stealing tbe PQ 

Quebec, 'and guarantees that the clothes. Levesque and the PQ. To them ? - he 


L.tiv^n|uc auu uic ry. iu ^ — . — , “ - — 

French will remain the domin* _ Mr. Ryan: is deeply committed Q ue ^ ec docs not require more..^^ *^® ..-.j — js* 


ant element there. 


to the survival of a 


distinctive Powe 1 * 81 the centre, in Ottawa^ .§^c. r Pities compat^ 
One deduction which is safe French culture in Canada, and ,ess trtsh 

is that a majority in _Qwlw_ above' a]] ; to Quebec: he would "S-SL ^ r^rnmeut is' 


*" want ■ Chi,ns ' and ,hat *« ** by no "W* F^h“ S&pZfe* 


battle for the hearts and minds -the . PQ legislation which has 



is a vdry open one. - Particular- the English community {a mat- ^ x ' Blron, are of and.;4^e?|ee,' 

Importance therefore atlocbes. ter dealt with in another article continued on jN£XT pa<Se". 


Bujrtiw. 

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1. 










I-', 


MaarrraJ 





Times Monday March' 6 1978 


QUEBEC ffl 


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^ fieveton 1 E t J2 1 tive P° wer 01 Alcan concern 

■notfcS 1 * T?J^ lectnc require<i ^ the extremely 
? n ~ riversflowrag energy-intensive smelting of 

1° J f n ^ s ,? a ' S L^ e eo^thern aluminium). In addition. Hydro 

■"T*!** ^w bidS lar Que6M - «“ pro^Sy-SE.3 

en JL_ W ? h a . stt0I1 S utility company, bas a contrac- 

.• com?andhL 1° taaI claim to about ' 5,OOOniW 

-■. ““ " e " c ^ Irnch- from the Churchill Fan s plant 

th 1 sl J? tefiy - la. Labrador, a. part of the P pro- 
unlike so m either Canadian vince of NewfoundlancL New- 

haa no oil; fouBdland is trying to win a 
•uiral gas are revision of that contract, which 

I T ver t® Quebec at a rate 
itial and. deve- cheap by today's standards. 

rtf&S? J ? nt *** o^er figures to 
of Quebec's show the vast scale - of the La 
• ^ lc *’ Grande complex. It is estimated 
ydro. That that in 1979, the peak year, some 
^,, t “ , ^f7 e 580.000 tans of material will 
cut of the have to be brought to. the con- 
. _ .. struction sites amid tundra and 

«e, is huge, sparse forests of birch and 
.irtSSKS"? spruce ’ Some wlil move by air, 
f° me „ by * specially built road. 
Iu all there will be six reser- 
Quebec. But, .voirs with an aggregate capacity 

sa hi ? a4bn * «■ Sisrsx 

i£ aI1 bu ! bouse at LG 2 has been blasted. 
g reat from the solid rock of the Cana- 
shield. ' Vaster than any 
seep teem cathedral, it seems to be conse- 
^ . crated to a black mas*, of the 
fzfjj® f b ? “^ustrial age.' Vast vehicles 
not crawl about underground in the 
dim light preparing: galleries 
° f “SJJ? “ d caves for the surge of water 
of the 1060s and the hum of turbines, 
mid-career The men at work belong to 
t*?, T ^ se the heroic breed who' build the 
-JS,’5 ay great sub-Arctic energy schemes 
.f of Canada. The normal work- 
x aeai °f fug week is 60 hours: after a 
M - spell of two or t£ree weeks the 
S? 1 men S° o Q leave to the delights 
bimLJ??' of ti3e soath- While on the job, 
*bey live in vast hutments, and 
taie fteir me *J* la » *re»t 
rfJJL communal hall. The mess at 
T 07 K°^ e f lt- LG 2 can seat 1,800 men, and 
19,6 it is said that' it takes -three 

men an entire shift to break the 
eggs for their gargantuan 
breakfast 

», . - — Infrastructure for the James 

337 com P ]ex is provided by 
Sf5JP® t * n J al Societe du Developpement de- la 
1 l*‘ as Bale James, owned by the 
a Quebec Government, • as • is 

■ CO SS*SS2S? t Hydro Quebec, the real master 
_ u l°J‘ tl !' a “ y of the James Bay power scheme 
would have through an affiliate company. 

The development corporation 
- has a wider brief: it is intended 
■ to advance the exploitation of 
>v» aa!uia l .resonrees in a* huge 

W8l0n of Q u6bec - But it has 
'itSiton been overtaken by the setback 
man ' international growth since 
■He « C Ibe early 1970s. The state of 
*v the world steel market has for 
ri«rfoeft? the tim ® being killed interest 
ny lueos, at a ^ deposits of lbnl tons of iron 
«- ore at Lake Albanel, and much 
y - ■ the same is true of several base 
. nhlity.was metal discoveries. 

, ' r 8n«» Nor are the uranium deposits 
J >U ^Tu? t - commercially viable at the 

■ - high m moment But the search for 
"f ■ sa ° ie uranium ■ continues. When the 

compames geiger counters first began to 

■ Bay apd its tick, a plan was elaborated 

___ . ’ within the development corpora- 

from James tidn for an enrichment plant in 

o be ready to co-operation with the French 
ontreal, more Atomic Energy Commissariat, 
ray, from the but it bas led to nothing so far. 
er station by The uranium deposits do not 
e entire LG 2 warrant it and there also are 
!00 megawatts political . problems, not least 
.5 gy 1 982 and because the Canadian reactor 
power stations system, Candu, uses natural 
!e river should uranium.- Studies have been 
g 10,000m W to made . for the use of -slightly 
c network of enriched u rani um in Candu, and 
under discus- Canadif, a joint Quebecois- 
e complex by French venture, does have a pro- 
[tiou$. on the posal for a scaled down enrich- 
A 1 and LA 2. ment plant with an annual 
fdditional units capacity oE 35m. separative 
3* K adopted work units and producing 
i.OOOipw to the uranium enriched by 15 per 
- cent. Given the circumstances. 

To appreciat&'hat that means that proposal is not likely to 
; one must knowthat .the entire come out of the files for some 
installed capamr In Quebec at time, particularly since the 
the end ot IS amounted to Quebec Government has pro- 
about 14,000mll( including cap- claimed a moratorium until 1981 


. ^provinces 
itsr resources 
■' -.small. But 
resource — 

_ < loped — is l 
‘ ; about 22 per 
- primary ene 
almost all 
~ , share' is. 

■ doubled by 
"" century. - 
^ The cost,- __ 
not least becau 
project, like m 
may follow it, 
'inhabited nort 
so the argume 
installed, hyd_ 

1 : inflation proof, 
; generators are 
;relatively E 
going. 

‘ ' Yet James 
no means tm 
'•. least because 
Tuns which w 
the great ] 

-and early 
^ became 
the estimate 
' from $Can.n 
! That caused 
"Criticism at 
Much , of t 
from section 
Quebecois. t 

■ .Mr. Robert 
•provincial 

when the PQ 
. self at the 
.soon found. 
James Bay— n 
.was much to 
whole thin g 
alternative 
^either a loss 
"in a province 
‘ been left b. 
■omic race, or 

■ to nuclear 
speaking, the 
been difficult 

I JDiso 1 

" It would ids’ 
twming the 
cise in Fren 
“ agemeht: 
suited from 
the electrici 
province-in 
"time when 
almost ex 
‘ controlled, 
‘deliberately 
Canadian, j 
‘managerial 
'North Ame. 

. goes for the 
^dealing with . 
'infrastructure 
Hie first p 
-Bay is erpec 
be delivered 
than boo mil 
La Grande 
November : 
station with 
, will be gen 
!i by 1985 all 
■ on the La G 
be finished, a 
,the hydro^ie 
.Quebec. Plans 
£ion to enlarg 
.adding two 
Laforge river, 
jnd by ad 
at LG 2 and 
they would a 
James Bay 


on any kind of decision to go 
nuclear. 

All that Quebec has .In’ the 
nuclear field at present is 
GeotiUy 2. a Candu of 600mW 
which will be completed by 
1980. Gentilly 1, a. variant of 
the Candu design was found to 
be unsatisfactory and was aban- 
doned; in addition Hydro 
Quebec has under study plans 
for another Candu of 600- 
850mW. 


Wasteful 


But Gentilly 3 falls under 
the moratorium imposed by the 
Energy Minister, Mr. Guy Joron. 
His strategy must as yet unfold, 
but he is sensitive to envirott 
mentalist and related doubts 
about the entire nuclear option. 
One of his first actions as mini- 
ster was to encourage fuel 
economy: an OECD study of two 
years ago showed that North 
Americans, ' and especially 
Canadians, were the most waste- 
ful users of energy in the 
world, and Quebeckers are no 
exception. But the habit of 


switching off the lights in office 
blocks during the night has 
made a timid appearance on the 
Montreal scene. 

Economies apart, beyond 
James Bay there is a great 
reserve of water power to be 
had in northern Quebec — 

5.000 MW at the rivers Rupert, 
Nottaway and Broadback, 

2.000 MW at Great Whale, 

3.000 MW from Caniapiscan 
which drains into Ungava Bay; 
and 5,000 MW from rivers drain- 
ing into the Saint Lawrence. 
But it Is unlikely that all this 
potential will prove ■ com- 
mercially viable, even by the 
end of the century. At Hydro 
Quebec, at any rate, there is 
little doubt that during the 
1990s Quebec will , have to go 
nuclear. 

Evidently Quebec, with its 
population of 6m. is unable to 
finance these great energy pro- 
jects by itself. Now that James 
Bay is at peak construction 
Hydro Quebec has to borrow 
some $2bn. a year. Its credit 


rating is high: of this year’s 
needs. S1.25bn. have been raised 
on the Eurodollar market, 
though it is nutable that since 
the advent of the PQ Govern- 
ment there have been no public 
issues in the U.S. 

Hydro Quebec has been 
fortunate in that the peak con- 
struction effort is falling into a 
period when Canadian construo 
tion prices are under pressure. 
On the other hand it is aUn a 
period; of pressure on the 
Canadian dollar: the cost of 
servicing Hydro Quebec's 
forejgn-denomlnated debts has 
risen greatly as a result. 

Even, so, Quebec bas and can 
continue to have what (with 
tiny exceptions) is the cheapest 
power in North America and 
probaWy the world. In Montreal 
it is cheaper to heat a house 
by electric power than by oil 
The argument that power is 
cheap is one which is dangled 
before investors from outside 
Quebec: it remains a powerful 
one. 

W.L.L. 


Project ion -Rapid Growth 




1,261 



IffTUXHF 

Projection-Moderate Growth 



fBTUXtO* 

Projection-Slow Growth 



1975 


1985 


2,225 


AZ 


321 




2000 


.committed to 
f because it 
te to call the 
because the 


Sidbec 
of Quebec 

a stirring story 
in steel. 






rft 

I 


Confusion 


CONTINUED HIM PREVIOUS PAG* 


great strategic if the PQ, Mr. 
Qaude Morh Minister of 
Intergavernme al .Affaais, 
rejects <auy_4fi( >ht of common 
elective inmitions. I The 
Federal Minis ir of Federal- 
Provincial Af is. Mr. .. Mara 
Lakmde. on e other hand, 
says that a ft >ral parliament 
with real pawt ; is essential. 

Mr. Morin is generally 
credited with i ring -hit bn the 
strategy which ut the PJ2 into 
power. The is e of independ- 
ence was ..'pled dow by 
promising -a r erendum^ In- 
stead good, f remraent.- was 
promised .to a irovince .’which 
had seen' . ks fair' share of 
srand als in g rcramesC ond 
where public ! rrico'and. con- 
^ouctiou umon had made hay 
during the boo period of the 
mid-1970s. Hu hat claim been 
Bade good? 

* There have 1 en no scandals 
and labour _s ace has .^een 
mainjaihed.' * ie latter. ,b‘dw- 
ever, has been lue as much to 
the had econoi ie outlook, .and 
the fact. shat pew important 


labour contract! 
for renoguauo 
management. 


have come up 
as ' to food 
4e evidence of 




the polls, though suspect at 
times, as that a bare majority 
of the electorate approved erf 
the language law and of labour 
legislation intended- to prevent 
employers from hiring strike 
breakers. Significantly, how- 
ever, there were majorities 
against the law bringing an 
government - administered no 
fault insurance for motorists’ 
third party risks involving per- 
sonal injury, and against the 
Government’s intention to buy 
majority control of an asbestos] 
mining company. 

With a little imagination one 
can detect there the real 
dilemma. Are the Quebecois in 
the first place members of a 
French community that wants 
to do things in its own way? 
Or arc they North Americans, 
who happen to speak French? 
The answer, of course, k that 
they are a bit of both. At the 
moment the bread and butter 
considerations may he to the 
fore, which could help to 
explain a sudden spurt of 
popularity for the Liberals. But 
the struggle is not resolved and, 
indeed, never may be. 

WXJL 


The northern readies of Quebec embrace a vast wSdet^ 
ness, ridi In untapped resources, among them some ofthe 
richest iron ore deposits in all tii world. And it was with 
. ari eye to this great region, now known as New 
Quebec, that Sidbec was formed in 1964. 

The earliest resolve in our adventure in 
steel wa$ anchored in a partnership in 
resources— a steel company with its 
own sources of raw materials. Fire 
Lake proved to be the source we 
sought and .an open-pit raining opera- 
tion there would ensure a constant 
supply of Wgh yield iron ore for all 
other operations on down the line. 

Our plans began to take form. 

We consolidated Sidbec-Dosco, our steel malting and 
fabricating facility which nowhas a rated capacity in primary steel 
of 13 million tonnes. We created Sidbeo-Feruni, our scrap 
iron supplier. Then we concentrated our energies to en- 
sure a long term supply of iron ore from Fire Lake. 

This effort required enormous investments of capital 
and it was at this phase in our development that British 
Steel Corporation and CLS. Steel Corporation came to 
the fore. British Sted acquired a 41.7% share in ttr 
. new subsidiary, Sidbec-Normines, through its own 
subsidiary, RS.C. (international). 

- CLS. Steel purchased &2% of the capital stock 
through its subsidiary, Quebec Cartier Mining, 
and the remaining 50.1% marked Sidbetis con- 
tribution. 

And, Sidbec became both a supplier and a 
processor of iron ore. 

1 From the open-pit mine at Fire Lake, we is shipped 
to the concentrator at Lac Jearmine where 6 million 
tonnes per year are concentrated to an iron content 
of 65%. 

_ The concentrate is then shipped by rail to Port- 
Caftier where it is pelletized to the specifications of 
tire three" partner£'Of Sidbecfs total allotment, 13 
million tonnes are exported and the same quantity 
shipped via the St Lawrence River to Contrecoeur, 

700 km upstream. 

At Contrecoeur, in Sidbec’s modem reduction plant, iron 
oxide pellets are reduced to an iron content of 933%.These pellets, 
together with scrap iron, are fed into four electric-arc furnaces. The steel 
from these furnaces is continuously cast intobilleis and slabs which are 
in turn rolled into sheet rod and bar products in the company’s tq’lls at 
Contrecoeur, Montreal and Toronto. 

- The thoughtful planning and hard work of 
these early efforts, begun less than ten years 
ago, have produced Sidbec, a steel producerwfih 

momentum and impact felt 
^ _ around the world. 


3 FIRE LAKE 


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•aaag a atas 


QUEBEC IV 


Financial Times Monday liS^rdK e 1978 


>U 1 P 


THE QUEBEC Government in 
Its industrial strategy, tries to 
speak softly and carry a big 
stick. The Economic Develop- 
ment Minister, Bernard Landry, 
keeps saying to the private sec- 
tor: “We shall tell ‘you what 
our long-tenn goals are, and 
with incentives and good man- 
agement, we shall help you 
accomplish them.*’ 

He then goes on to explain 
that the Parti Quebecois is not 
really the died-in-the-wool inter- 
ventionist monster it is painted 
— but adds: "If we . don’t like 
the results you're getting, you 
may find yourself with a new 
and active partner.” 

When things are humming 
along to its satisfaction, the 
Government is not about to go 
rampaging around in the deli- 
cate mechanisms of the 
economy like a bull in a china 
shop, Landry recently told a 
gathering of businessmen. " So 
you can deduce that when wo 
intervene in a sector, it is 
because we have decided objec- 
tively. with the people of Quebec 
and with you. under the best 
passible hypotheses, that the 
sector is not performing as it 
should,” he said. 

The Government has’ been 
pretty ■ specific about what it 
wants for Quebec: a balanced 
manufacturing sector, focused 
on high-technology and export- 
oriented industry and greater 
self-sufficiency in such diverse 
areas as food production and 
steel. But above all.it wants a 
big increase in the amount of 
local processing of Quebec's 
raw materials. 


Levers 


AH the above must come to 
pass with a substantial increase 
of both the use of French, and 
the presence of French- 
Canadians at the levers of 
power. 

The Government's policy on 
asbestos— of which the province 
is the largest producer in the 
free world — shows very clearly 
how Quebec is prepared to 
proceed. The Government pro- 
poses to take over Asbestos 
Corp.. one of the province's five 
major producers from its 
American parent. General 
Dynamics, “ to ensure an imme- 
diate Quebec presence at all 
industrial levels of the asbestos 
sector.” An agreed solution is 


being sought, though clearly the 
Government if it chooses, can 
apply heavy pressure. 

. A State asbestos corporation 
(Societe Nationale de l’Amiante) 
is also being established with 
an initial authorised capital of 
$50m. to invest solely or 
through joint ventures in con- 
version projects. It will mine 
alone or in partnership all exist- 
ing or future asbestos deposits 
in which it has a share. 

To co-operate with the 
industry, the Government is 
setting up a research and deve- 
lopment centre to find new 
asbestos products and examine 
health, ' hygiene and safety 
problems. An Asbestos Board, 
under the -authority of the 
Ministry of Natural Resources, 
will carry out Government 
policy, draft new laws and regu- 
lations and negotiate develop- 
ment agreements with the 
mining companies. 

These agreements, which the 
companies have two years to 
sign, will cover forecasts of 
investments for local upgrading 
over the next five-year and 
10 -year investment . programme 
for each company depending on 
its situation in the industry. 

Since the four remaining 
major producers, all foreign- 
owned, are not under threat of 
take-over, die Government says 
its asbestos policy is an indica- 
tion of its appreciation of tbe 
place for foreign-controlled com- 
panies in Quebec. 

Johns-Manville, whose Jeffry 
mine is the largest open-pit 
asbestos deposit in the Western 
world, is a subsidiary of the 
American Johns-Manville .'Corp.; 
Lake Asbestos Co. is- part of the 
U.S.-based Asarco group, and 
Carey-Canadian is a subsidiary 
of Jim Walter. Corp., also 
American. Bell Asbestos Mines 
is controlled from the U.K. by 
Turner and Newall. 

To the current Quebec Gov- 
ernment, the private asbestos 
companies have not acted in the 
best interests of Quebeckers. 
Although only 3 per cent of 
the fibre mined in Quebec is 
processed there, the Government 
says 20 to 25 per cent, can be 
and will be. That, it says, will 
create 50,000 to 60,000 new jobs, 
up from about 5.000 now. 

In addition, the Government 
says, the industry has not been 
sufficiently aggressive in find- 
ing new uses for asbestos based 
products, or in countering grow- 


ing environmental worries about 
asbestos that have led to in- 
creasingly successful Inter 
national research into alterna- 
tives. 

Another sector under the 
Government examination is the 
pulp and paper industry. 
Although there seems to be no 
thought of direct government 
participation (end for the 
moment, at least, no fears are 
expressed by the companies), 
it is no secret the Government 
thinks the industry’s increasing 
lack of competitiveness, especi- 
ally in paper products, can be 
explained largely because 
private, industry did not make 
the right decisions 40 years ago. 

Hearings of a parliamentary 
commission on tbe industry last 
autumn in Quebec. City empha : 
sised some - fundamental differ- 
ences of approach. While the. 
industry was talking about the 
impact- of inflation, uncompeti- 
tive labour costs, unsettled in- 
dustrial relations, long growing 
seasons, minimal return on In- 
vestment and severe taxation, 
government - representatives 
were suggesting that tbe indus- 
try was operating with obsolete 
equipment because profits have 
not been reinvested. 


-—would their .power sources be force par excellence,” the menfs stated goal of steel-self- sector. This economic decision, ® ! co “ 0n ^ 

nationalised and if not would Government wants to make sufficiency. Just now, the pro- more than most others, is tied *s J™} of . .to 

rssrxvz. as"— sss ,Ms 

term and reasonable ? of on f 0 £ ^ world's largest l£ consi ™f' . lade of Quebec commitment calls "soft sectors. With 

Parizeau told Alcan what it public utilities— Hydro-Quebec. However, Quebec, coming hi among large Canadian or multi- dorn^ic market otch^ 

wanted to hear, but there will Most Government develop- at this late stage in a highly, national companies, the Govern- bycheap 
be a quid pro quo-more finished men t formulas touch the steel developed and highly produc- ment prefers to bolster enfep- Quebec s rxtUe, shoe and 
and semi-finished aluminium industry in some w£v. As trans- five Canadian industry; has to prises where it has more v0tes * ^ihe 

products produced In Quebec, portation, especially the motor s °* v ® *** . Problem °L the But regardless of file political ^ ^ _i workers, 

Currently Alcan is trying to fodustiy to Quebec, so “J «» B S& motivation, no one will **7 ^mamiyto 

persuade one of the American does demand for steel. As the niusteome first the steel users y lat the lack of middle-sized. Following industry-by-in*™. 

car manufacturers to establish pulp and paper industry is or 51661 supplies. especially manufacturing enter- . mtnfcninmits to search*^ 

a castings ptoat in Quebec to modernised, so will demand for ,, • prises, is one of the serious - suintion. he Government i? 

take advantage of the province's steel grow. (That particular ProhlftTfl structural weaknesses of the creased fa. while pressure 

aluminium resources. If Aican premise relies on the unlikely . . Quebec economy. And . since federal Cftvernment to 4^ 

is successful, the company will idea that pulp and paper equip- Quebec is also faced with many Quebeckers feel that all ___ tkrift wotection— a noiS 

have helped the Government ment now mostly imported another two-sided problem— -the province’s economic power which "Ctawa wm 
along the road. to another goal from Europe, will be produced whether - to promote larger. -is in the hands of the big com- (MiTnTn ?rrari‘ •wrenj 
of its industrial strategy-^ real in Quebec.) mostly Engiish-controUed busi- parries, especially those who ■ traditional- 

motor industry in Quebec. -But obviously any growth in ness or /concentrate on small speak only English, thisvmd - . Ottawa, 

AMhoosh Ou checkers onwkfe the province’s secondary indos- and medium mostly homegrown reinforces their . .traditional fe w mor hyears while S! 
30 nefSS. be good for Quebec steel enterprise. Is - it best to disinclination to -choose business 

S2SS- and for Sidbec, the State-owned strengthen toe top so .the re- as a worthwhile career As > ^JTpS^ut To^ 
steel company, currently losing suits will filter down -tor will result there is a very shallow y* wiSfofS 

money hand-over-fist more benefits flow: ' from • pool of French-speaking manage- to t^eoec vg “ 3 * : wuungj, 

Wito . only 8 per cent of growth at the grass roots? . ‘ ment talent in. .Quebec from 
Recently bv awarding a 893 5m- Canadian steel production (com- The Government has chosen which to mount a diallenge to to of their 

* * >5? emphasis on the PME theE^ghsh hold on the ««c«i- SSfttoi # ' 


Proposals 


According to government 
statements, specific proposals' 
for the pulp and paper industry, 
still to. come, will include some* 
kind of modernisation plan. 
But whether, the Government 
intends merely to initiate tax- 
incentives,.. make . low-interest 
funds available or actually tell 
industry what to do and when, 
no one knows. 

Quebec’s aluminium sector,' 
led by the giant Aluminium C& 1 
of Canada, is another where the - 
Government is .pressing for 
more local upgrading, especially 
for the- export market Since 
the industry located itself in. 
Quebec nearly rhree-qua/ters of 


towntafl £ Geared Motors P*"* with 80. per cent in to put its emphasis on the PME toe English now on tne execu- 

SvrJSSr S 7 Ontario), Quebec has a long (petites et moyetmes autre-, tive suite. 

firm, theGovOT^ect ^ot GM to way to go to achieve the Govern- prises) and the co-operative Another brutal problem of the 

transfer its bus production to 
Quebec from Ontario, where the 

Canadian motor Industry is. . . 

centred. 

A Quebec car industry could , • 

be toe final link in what already -y- * ' • 

mmp I Uneasy outlook o 

province is i considerable . . ** 

exporter of locomotive and . 
other rail products and tech- 
nology. With Ontario's Dofesco, ^ O 

two Quebec-based companies, I Ti -Ti 

Alcan and Bombardier-MLW. I Vl Mllri I T I I iTIT 

!&«5J£i“S ‘2® • IdUSJlll llUllL 

speed technologically novel • - • 

Intercity train with great export 

potential. Amtrak, the U^. ' . v • 

5SS7 QDEBEC MANAGEMEOT ^ ln — -• — 

SS'nSe. 1 ™ “ d mW S li lS THE WORKFORCE ; 


^Wendie K^rr 

;i :tt - . 


on 


ment for two trains and mas i . h °¥ P 0!lt101 ! “ BlU , 45 - 

take more Quebec's new labour law, 

. 'passed in December last By 
_ Encouragement of transports- contrast Labour officials, while 
tion, along with electronics, critical of some of its sections, 


THE WORKFORCE 


a century ago because, of cheap tries, are high Government reward or pay-off for support 
and accessible hydro-electric priorities. Except for chemicals, 0 f the Parti Quebecois in the 
power, the Government has a they are primarily clean and aH November 15, 1876, election, 
lever it knows how - to use. have a heavy value-added The new labour law seeks to 
. In his first budget last April, factor * prevent employers from using 

Finance Minister Jacques But they are not considered “ scab ” labour to continue pro- 
Parizeau set out principles for Quite as essential to toe struc- duction during a strike, intro- 
calculating power surcharges on hiral re-organisation of Quebec's duces compulsory check-off of 
Alcan’s privately owned power economy as Is an interested .union dues in any union shop, 
stations. In doing so, he industry. and the secret ballot in key 

answered two company worries Calling steel the "industrial union votes, including strike 
.. ballots. 


Wefe 

starting 
ta stand out 
oil over 
the world 


Banque Canadienne Nationale is fast becoming 
a standout in international banking. 

From our Montreal headquarters, we now^ 
direct operations through correspon- 
dent banks in nearly 80 countries, 
on every continent. We hove thriving /j 
international offices in Paris, London 
and New York And a new office in 
Nassau, the Bahamas, to facilitate 
major international loans. 

Through this strong internation- ' \ 
ol network we help Canadian > ^ 
firms evaluate the solvency of it 
potential customers abroad, 
and extended credit to over- f ^ 
seas purchasers of Canadian | 
products. 

5ince 1964, we hove multi- 
plied our assets nearly seven . 
rimes— from over $960 million * $5 
to nearly $7 billion. That mokes 
-us one of the fastest-growing 
bonks in Canada— and perhaps 
In the world. We now have 
some 490 offices in Canada 
itself, end ore opening a 
new office about once every three 
weeks. 

If you'd like to know more about our 
domestic and International capabilities- 
end howwe can put them to work for you— 
contact ony of our offices. 


Bill 45 will not improve the Ma nufac turing .... 
state ; of ■ labour relations in • Construction .... 

Quebec where the past five years Transportation, 
have been stormy. Most of the . tions and other public 

already unionised workers in utilities ... 

the province, public or private. Trade 

will be unaffected by the new Finance, insurance and real 

legislation, since their labour estate ; 

agreements normally provide Services 

for check-off of union dues for Public admini stration 

employees in unionised shops, Total, primary (000) ., 
or even tighter forms of union Total, secondary (000) 
security. Their own strength Total, tertiary (000) .. 
has meant that the use of _ _ . 


• . - . • ; 

.1961 

1971 

Total labour force (606) . - ' 

L820* 

2,348 

Labour force by sex: 

Hale (000) i. 

1,356* 

1^67 

Female (000) 

464* 

786 

Participation rate of the- labour 

force (%): 



• Male 

79.9 

76A 

Female 

26J3 

36.4 

Total -employment (000). 

1,652* 

2^76 

Unemployment rate (%) 

9^ 

7^ 

Employment by sector (000): 



Agriculture 

r La. 

96 

Other primary industries 

iul 

43 

Manufacturing 

;n.a. 

570 

Construction - ~ 

iLa.“ 


Transportation, communlca- 




.184 

232 

n.a. 

.335. 

404 

aa. . 

. 99 . 

119 

1U. ■ 

593 

628 

u 

. .132 

173 

rua. • 

139 . 

118 

iul 

687 

728 


— — — In a positiorto take action! - 
■Hie Cfift.i’jnd CEQ, both 
committed. 1 r'^separatism, are 
— — considering* billing their 
1976 forces into jr single labour 
«... federation . 1 Their presidents, 
’* ■ Norbert Rtirtgue and Ywm 
. mAn Charbonneali are “ holding 
talks,” but^kfircel Pepin, the 
" ,D former QWP. presideat, still 
commands lie ^respect of many 
„ . of -the CNTttifemherv. and has 
TrJ publicly exposed Iris 'worries 
vavo tiiat separafim is not in -the 
best interest!^ the workers of 
Quebec 

. - The prospets whk± lie imme- 
J* diately ahea^kre not for more 
: strikes in hif- private sector. 
”r This is sire witnessing 

the worst ^KfeJs of file eco- 
nomic cmflffi* : They include 
head officed^khig the province 
• for less frabous dimes, an un- 
certain flavitoient climate,' a 
dramatic inrease in minimum 
wages to ^E7 per 'hour — the 
■ 694 highest . - - Mf Uto ry mtoiimim 
wage in -firth America ami 
^ indexed to go (presumably) 
742 e ven higK&stow productivity, 
1.615 a decline hi* -tourist industry, 
an increasedmumber of bank- 



.“7c.bT"“to reptece employees - Non^mp^ible .with th. ^-76 mm. 

on a legal strike, is a rare occur- Source: Direction de l’analyse et de la prevision deonomiquea— sequenceffc-aa for higher un- 
rence, resorted to in less than • DGRP. ;r . empIoymCacSai the near future. 

1 per .rent, of the province’s Even .thesmst; militant labour 

strikes. ' leaders are ltely to think twice 

But the Parti Quebecois ha d _ .. .. . , „ before urginj their members to 

promises to keep to a trade held of labour relations with its The largest is the Quebec strike. 

union movement that helped natural components of contro- Federation of Labour, 285,000 The futue contains one 
give it 71 members in a Iegisla- versy » difficult, even when a strong and containing the dangerous ptefa of quicksand 
ture of 110. The PQ told its law to regulate these relations wealthiest and most sophisti- for fog BaftiQudbecois in Its 
supporters that it would make contains only one or two major eated bread-and-butter type ^ for irief.’travels with the 
labour relations more favour- substantive objectives. The unionists, many of them with labour movettnt— the impend- 
able to the workers if it elimi- difficulties of abiding by Bill 45 international (U.S.) union affil- fog negiftjatins with the com- 
nated " scabs " and imposed the *f e compounded when one con- iations and part of the Canadian mon front -f" public service , 
Rand Formula by which union siders that its original draft Labour Congress. Among employees phs hospital workers 
dues are deducted from the pay was conceived and written by others, they include steel- and teachers Are strikes in- 
packets even of workers who the first-appointed PQ Labour workers, construction workers, evitable? Wll the province as 
do not belong to a union. The Minister, J. Couture, a worker- and auto workers. the emp<5yer u toe negotiations 

Bill made it impossible for em- P^est, and then redrafted with The Federation’s major rival represented not actually by 
ployers to .fire, suspend or 74 amendments grafted on to is the Confederation of National Labour ’Miniter Johnson, but 
transfer employees • because the original skin by his succes- Trade Unions (CNTU). with its by the Publii Service Ministry, 
they had taken part m the so ^’ Pierre-Marc Johnson. French Canadian nationalist give in to tie wage demands, 
strike. ; Employer reaction to such raison d’etre and almost 100 of * militant abour leadership? 

- legislation was predictable on per cent francophone member- If -it efffes, 'hat effect will ‘■it 

Bitterly sections relating to compulsory -fofo mad leadership. The CNTU have eft uni-n-' leaders in &e 

J check-off of dues or “scabs,” .fogg no affiliation with any other private 'sectoi who are' playiSg 

The management sector in but predictable attitudes aside, labour groi*y in Canada, and its down Wgh *age demands i n 
Quebec bitterly opposed the employers have genuine cause 160,000 members keep their exchange for job security?-;- 


»f 


Bill on the grounds that the for concern. They foresee a money in Quebec. 


It should Je -borne in mfcd 


1 





Quebec labour movement was possible .further deterioration ■ th . .. _ . that th^ positon held by QuebM 

already toe most powerful in of toe province’s economy and . c ® as toe-'most strike-ridden pro- " 

Canada and did not need fur- an increase in unemployment if ^bce Sh Orida in 1976 awl 

ther legally sanctioned opportu- this legislation is given full '■ h Tp rt 1hp 7^r^ ^! 1977 was prinarily In this white 

nities to clobber employers, effect. ■ Vo emS on coliarhsectoi^ontreal transit ; 

Management Spokesmen were Prospective investors setting . SSSS^idfeoroS ThevVam a newspapers; Universite Lato] 

specifically excluded from about to establish an enterprise a and UiiiveTsie' de Quebec, lit 

testifying on the Bill in its in the province will almost cer- . move on Pragmatic unionism. grperiodof -very few wtfft ; 

drafting stages. . talniy be deterred by this stoppages li - ffiamlfacturiBgr ' ■ 

The Bill included a dause plethora of concessions leaning VJVGITO(K5- general trin^ortation or can- 

designed to ensure union demo - heavily towards file unions, and struddbn, afl:of which could • 

cracy. The drafters wrote in a by the many restrictions on the - Another . powerful group is represent fiu llrue :- productive 

section which would force employer. the CEQ, toe Quebec Teachers capacity of Qiebec.:;-. T : 

unions to use toe secret ballot No one in the PQ has yet Federation. The - leadership of Imposed:. sanctions art 
(instead of a show-by-hands explained how this legislation this 80,000-member organisation not solutions'to labour prpb- 

vote) in union leadership eleo- will change Quebec’s record, is. ideologically. Left, separatist lems^They bin tone at a risk .of - 

tions, and provided for votes on that of the province with the and dedicated to political developing inrest.' In lab®f 

strikes, lockouts and negotiated iargest number of strikes in change. But its- membership of m nfflw, theissults which gt? B 

contract agreements. No pro- Canada in 1977. During the French-speaking Catholic school gomes promia .-of. lasting art 

vision is made for neutral first six months of that year, teachers has demonstrated that those worked : out . face-to-face 

supervision and that passage there were 86 strikes in Quebec it makes up its own mind when by the parties! - themselves, he- 

probably overlooks the pres- compared with 76 throughout . it comes to negotiating working causer when tie-shouting is ovef> 

sures an the rank and file. The toe rest of Canada. conditions. Last year,' the mem- fo e adversaries know that eg&b ■ 

legislation allows a union ■ Most of the reforms will not bers overrode the leadership -by gfo e got som-thing out of the 

member to request an lnvesti- basically alter tbe economic voting to accept the Quebec bargaining, -.r ^ J- 

gation of his union by toe climate for the employed sector "Governments last offer. The QueteC "'Government* 3 

Quebec. Department of Labour of the Quebec economy. More The current political stresses labour legishtiofl,. designed to 
and to seek a subsequent' court important, they will not create and strains are severe. * Louis please ' union leaders, will' '-not *f\ 

judgment. (No one who follows jobs for toe unemployed. Recent Laberge, President of the ensure labou* peace when 

administrative procedures figures indicate' that the un- Quebec Federation of Labour, plied, to spetific cases TfiA« ' 

closely in labour relations has employment rate is over 11 per discouraged attempts at the willtuadoubtofly be" varied^ 

any illusions as to toe likeli- cent for Quebec compared November convention in Mon- terpretatfons, ‘and pro traced 

hood of individual members with 8.5 per cenL for the coun- treal to have toe Federation litigation, providing full ‘cri* ■’ 

exercising this right!) try as a whole. declare itself on the question" of ployment fofift'Jeast one grtijiP 

Success of any piece of Bill 45 cannot assure elimina- separatism. Knowing that many in society, the lawyers. Bu^afi - 

legislation Is rooted In percep- .tion of labour turmoil since toe of toe affiliates, such as the this will not. guarantee the'Jofce - 

tions of fairness, of evenhanded- ingredients for chaos are un- Garment Workers Union, or 'baale ingredfeat .Quebec labour-' 


Banque Canadieme Nato-^e 

Mooned • Pails • London • NewYo* • Nossou/Bahomoi 


uspuucui uu uic 4uamj uib iwvw lu pun. a. KjJtuausL muve, ne coaia n ■ £iVBr- ' 

administration of that law. North America for having fouT not risk further divisions of the ' rJraDCCS .®SIrSRm 

Wlto one of toe two major major- union federations, most Federation. He told toe dele- -TPritf. Baxipmo is dirertt&W ; 
partners opposed to Bill 45,- its of them competing with one gates that -more- time’ was McGill U«*»ersittf , s 

future Is dim. anotiier, each with their own needed for consideration and Refafiohs CSitre and a 

Legislation in toe volatile special ideological thrust discussion before they would be olpie Faculfy. of jianagetneB*' 


1 C l 


Mil 






limes Monday BSaijch 6 1978 


fa meUq, 


nr - tk 


* 5>er 


t *i*?-*>^ 

U q#e WiU 
Vf c F f; Aw- u 


autfien 


>n 


*.? K »*.■■ 


V -■ 

•T* 4 =?»•-• ’ 

T :t. ? 

r •. :\ ■ "■ 


QUEBEC Y 



- M* |; ■ 

EEHeTI 


^ *t : p^seiot, thon^i" -feere is a The attitudes and actions of oriHs; aecouiitog’for more than 

, ir f I ~^ c ^ arui ® wfde- variation-. 1 . : - between governments, federal and half of total volume, the ont- 
■ paper mill different products. -Newsprint provincial, have posed some look is. excellent. They are 
Sff \ e - A ^ genIeuil 15 doing well; bar market pulp serious -and unpredictable expected to operate this year at 
3 thoroUghly demoralised problems for Quebec’s pulp around 95 "per cent, of rated 
iofl’ 0ea r condition. Iij between are the and paper producers. As users capacity. The $15-a-tonne price 
* , iini !~ 3 ‘ other grades, mostly dependent of a natural resource, the in- increase seneraily effective' at 
? n t^e general badness climate dustry . is more than .normally the end of toe first quarter 
— n r ronneur, m Canada. • ."■ V- subject to government jurisdic- should offcet most of toe ex- 

- ■ ‘ ■ But overall toe Quebec mills tiort r particularly since so much. pec ted cost increases. Gains on 

[*•; er . ^ fir f t are in a fortunate Tiositton be- ? f the wood and water comes foreign exchange should be 
1 1J ®5S nd ' «use of their heavy concentre- Crown Iantoi belonging to thanjSTyear. ‘ 

® at Valley- tion bn -newsprint and relatively people. . Resources, of - , ■ ,. 

oni il. This was minor interest in market pulp course,: are a. provincial The expected increase m the 
er the^O news- fine paper mills - operated responsibility, but the industry operating rate to 95 per cent 
iow seated in the by Domtar .and 'Holland Paner is also subject to over-riding from 91 per cent in 1977 Js 
taz lal capacity of Company have been an excep- Policies and actions at the based on continued growth in 
tional. case because American federaJ level. U-S. demand, and a modest to- 

s i resent 47 per producers took over 'their local t\*m> • v crease ,n sto P meilts ovmaeas In 

iat total news- markets while their mills were Differential response to improved business 

y* 18 per cent strike-bound in 1975*76. ' ■ _ , conditions, 

e lacity of toe These “invaders" were hard But in toe pear-loss There will be idle newsprint 

Idi any standard to dislodge. . -Their withdrawal of cont f° 1 of “ e rate of In crease ca ^ c , t ^ ^ Scandinavia, wberfe 
tsh ajor industry, began only] when " the! fast- ln pubiJC sector wages and operat;ia g j^gg ^ expected to 
lajfes volume of falling Canadian (folia?, ex- P eBSlt > ns ^6 f ™se be around 75 per ceoL. but 

change rate mkde oo^ 'market benefits, has. played a cntrcal ^ relatively low-priced 
els in Quebec {£* attractive . ^ ; :them. ^^SSTSfflSSSS To 

fftes of pulp. Restoration ^ of -sound market oaner industry ndw machines are due to start 

° £ Z 4 '£Ts,o W p rL? ts f7r ?P “Ncni America umai lat* 

is.|ut they are a stow process. th u BVe w n 111 1979 — when three are due 

gfc 1 ££»2l is^ilh^urS^S 2*£5 MS «ream in He US. U de^ad 

ST«i. tonnea. ^n g both laboar for con- '^“f ,ID 5. h * h , e . JSTS 


bjf S^taport ^wneot' vSt"®* System, but it is a slow process. 2"?“L t0 £w 

eriid is normally overaJ1 labour proportion of The 10 per cent devaluation “ intended to 

The balance tot al cost is about 4* per cent of toe Canadian dollar against W 66 ^ 

#. mostly for Ten years’ ago 1 Canadian toe American dollar last year ** Japanese markeL 
T wage rates were abouf 7 per has brought only a small com- For Quebec nulls making 

a*he nmwi.mi.il than the ' corres-' pensation for toe effects 'of that other, finished products, pros- 

Mhird P° ndin 8 level in the tXS. pulp wage differential in the pects are mixed, depending 

r<f»rip in ftn'oW aDd paper industry,- Now th^? industry. - largely on economic conditions 

SSKSL^LHSr *** almost 20 per cent higher. Tn 0l1phei< t Wa 5 „ in Quebec where most of their 


Anti-Inflation Board controls rat€S » new tonnage may be 


SriSSS SL* SlSJiEi’Slffir; 10 ** eIection in “ Quebec of ^ 

ie goes to toe “SSf 17 SEEJSZ November, -1976, of toe Parti outpul « e«monuc 

V substantial SS!rf-SFSS? Quebecois Government dedi- ^ Poetical uncertainties at 


wwra 


n *lariy news- dal evehL f^m toTmiritancv calcd t0 with present suggest me outlook may 

;« wd t° a long ^ oT tS clearly" Leftist -leanings was not be good. . . 

a ntnes headed un j nB * and ^ until-- 1975 a 3 shock to toe industry. .-Initial ^ _ 

T s exports are strangely timid attitude^ the ^ PrOdUCt • 

fi r m Canada’s part- of management.. Government’s decision to raise - 

iq . . there is no justification in th f wage to toe^ ^ high- Uttle if any Improvement is 

: . . .the productivity record for J* 1 ] ^ vel lp ^ orth -^erica and expected in market pulp for 

| ■ such a heavy burden. Steady the V®. Lia ®“*e Charter s 1978, but this is not an impor- 

progress towards its correction restrictions on the use of tarrt product of the Quebec 
w a per industry win be one of the key factors f ogIlsh m busmess “d ednea- mil]s . • - 

1 t natural re* controlling future prosp«rity uop - ... , _ . „ Qubiecr to solutions of the 

51 3 since its 1 of the pulp and paper indusby wtodraw a I of head lltJ ^ problems in both 

j trials are not in Quebec and Canada 1 as * offi f es departments of V™™** mT&tiii; Ion^ 

p on. -Wood ie whole ‘ - major corporations from Quebec y ueDec uuy ano unawa, iQDg- 

ci » on growing A start was made last year has not affected the pulp and ^ d 

B no attention, in British Columbia,, but the paper - indu ?Z l n . 1 . Quebec SmS?ed <ffdeinmdS 

d 1 quality and -first real evidence of success or generally^ Most of the com- . narticularlv 

quantity to e . and super- failure in. reducing that dif- ba * e indicated their m- S? D ? e ^wtoL 

vision- - . ferential will come from settle- teimpn ofv remaining in the LS to 

Quebec is magnificently ments. to be reached in the province. For one thing, a well ® if 

endowed with ood, and its important labour contracts due located paper mill i s one of the u f ?-JSj aner ^ ' 

abundance of resh flowing for renewal op May 1, 1978, in more permanent and long-lived aDUIty 01 newspaper, 
water also pro es cheap and the Canadian industry' east of industrial plants. And French- The mills,- except for some 
clean energy • the form of toe Rockies. Another due will speaking Canadians have very old and small ones, are 
hydro power. -, is is becom- come from new contracts to be played an increasin gly promi- generally far from obsolete, 
ing more. and. >re important signed a. -little later in many nent-role in the industry. Although many, are old, they 
as other source f energy grow areas of the US. Certainly the Aside from, political troubles, are mostly well built, well 
scarce and mo: mostly; . industry . negotiations in. immediate - prospects for the maintained and candidates for 
Quebec’s pul md paper In- Quebec may give important industry in Quebec are rela- expansion, 
dustry is in a acovery stage pointers. ... ttveiy good. For toe newsprint Additions to capacity can be 


hu 

quantity to c 
■ vision. 

Quebec is 
endowed with 
abundance of 
water also prp 
clean energy 
hydro power.-. 


"as other source 
"scarce and mo: 
■*: Quebec’s pul 
’ dustry is in a 


’ dustry is in a acovery stage pointers. ... aveiy good. For the newsprint Additions to capacity can be 

’■ obtained by improvements to 

existing plants at apoirt hadf the 
' - • cost of new construction. These 

. ■ ...... increments . frequently • come 

_ . ' from substitution of twin-wire 

“Nk * • .' . | a * . paper-forming devices. in place 

I jf T i All 1 Ti AH o{ existln 8 fourdriniets and 

JfllllWultlCo 111 ■ &5is?asrr* 

Much of toe forest land of 
Quebec^ called toe “bn6h," is 
. . • ‘ ; . rough . country. The immense 

- mnQtriTrtrnn 

WllJllULUUH BgMts-SSrtS 

. \ _ God gave Cain." OrpilhblogisT 

• . /. . " . J. J. Audubon said it “was 

. IN A normal usineSs cycle, 40 per cent below 1976 levels. Yet • the federal Government P°° r , miserable, rugged country 
the Montreal aj would by now a resection of -rising vacancy would have some difficulty in ■ - - wonderfully grand . . 
■be gearing its into .another rates. . Of toe new housing units explaining a 5100m. investment aru * terrific.** 
round of const! tion-j-coinmef- completed by March of last in new office space for itself in Neither realised the true 
cial and retail jeommodation, year, 4,7 per cent were still a- province that might leave the of the Northern Quebec 
high-rise *p jobnls : . and empty as the year ended. ' confederation. ■ bush as a source, of high- 

suburban hous g. • Apd tois A factor here, as with all -'-Another federal project is quality, pulp wood. The, trees 
would entail ciliary public other construction, has been the ^ 580m. programme for grow very, slowly and never, get 

works like roat and sewerage, net-migratibn out of Montreal of^ .'-JwwtMm of Montreal's port ™ry big. ^ toe dominant 
But Montreal** tyiin* is stUl rom!TiaO0a to ,50;000 people. feaUfaes , but, like the Guy spemes, toe black spruce,, pro- 
empty of toe I cranes and At the same time the overhang complex, no start on duces, pulp of a. quality onsur- 

the rising srea and. concrete of om-t houses is’growing. the construction has yet been anywhere in the world 

frames for new towera which relocation of a- major bead “^de. These forest areas are nevei 

■for years have In a symbol of offlce can mean ^ mu cb as l.SOO vv^' . ■ . to fr ^ ome ?uitaWe 

a bustling an(fflonfid«il com- houses coming into the market rTOSTHIIlIIlC growing food ot^Js. As world 

meree. .. . | , . This is reflated in turn - by ' ■ .. population continues: to expand 


IN A normal 
toe Montreal a 
be gearing its 
round of const] 


■■for years have *■ u « sj 'um>» *« office can mean as much as i.ovAi vv_ . . ■ . ■*. — _ — 

a bustling and onfident com- houses coming into the market rTOgTa iTlffl e growing food CTOps. As wbrid 

■ This is reflected in turn - by & poputetioa continues-, to expand 

Most new instruction is marked price falls. Bouses in . Outside Montreal, construe- ® re “ an* growing .tree* 
originating wi goveritmeot the. $80,000 and upwards range tiop is. continuing on a $2bn. will be affected by the much 

The largest p is the con- have suffered the most, with heavy water plant, an integral greater yields available from 

tinuing develi ment 'of the asking 1 prices having to -be fall of Canada’s nuclear power iwd production. The Erst step 

hydro-electric tential of the trimmed by as much as SO to development programme. Other «« be more costly wood as toe 
rivers flowing to Jamfes Bay. 50 per cent to complete sales- major projects include a value of these lands increases. 
Hydro Quebec ist year. spent ^ $200m.- expansion- of Alu- and already this -is. happening 

SSL Sa? Set? Ws 5- “P* Company of Canada in the Southern UJL Later toe 

of it on constru on and supply. JJ? ■ a ? a2tjes ^ ^ S 5f e ^- and C ™P decline. ’ 

Tnis year it is dating for an SS ^ of in- SL Fell0 “ ,.- The Quebee bush ** «« 

overall expend ire of SLSbrt. ? ustria] construction contracts T ?^ e ^ php _ r . w _ tlnue to Srow trees, certainly in 

with 5950m. i construction Montreal is i E?" ^ 

and supply. ; ‘ runningsome. 50 per cent ******* JSmE Sf S f 851 " ■“ ^cottuial processes 

A below boom time levels. Com- %JS^SLA Sn f prQ T C * ** 

itS ' mercial omstnictiOD is down be carried through open e JJ? h fo “ ^ 

r . ■; 15 per cent . question while Sidbec is losing . of 

being tooved For the Montreal area as * money. Hydro- Quebec also I 2? L JSJL H ,^ 7 

by' vkjf of whole; the .falls a«. mucb expects to put 5450m. Into , depI ^ on 

agreements. larger at some 80 per cent and transmission lines which will a11 including 

t projects are 50 per cent respectively. If the eventually feed James Bay ior fy and P* 515 - : J .. 
[on of the port value of contracts let is ad- poorer into central ' markets. Adequate jrood supply seems 
ibec City’ 'and justed for inflation, there has These projects fall well short. f s ? lreci mdefimt^y for . the 
im. for roads bemi a reduction of W) per however.- of making up the industry, even vytth toe expait 

;xs now out for cent, in industrial construction declines in private investment SJO b toat.wffl occur as -product 

1 and 55 per-cent to commercial elsewhere. Unemployment in vahie* rise and demand grows. 

..But these jinAther activities construction. the industry has topped 25 per So the long-term outlook is good 

are well toort T hilly employ- The federal Government has cent and is still rising: The but that is no guarantee against 
equipment and broken ground for a proposed Quebec Government is expected Cyclical disturbances. . 

shortfall is large office complex m to feed more funds into house- MdrMv- 

the Montreal Montreal, the. 51.00m. Guy . binding but with the market turraj ravage 

area which Is commonly Fayreau complex, but there is for.-new housing as soft as it is Mr. Svcoge ires secretary 

accounted for aliit half of the no construction activity as yet. contractors are not optimistic «wf manager of the Newsprint 
province^ 5Hjn.fc construction There is some suggestion that the funds will become quickly Association of Canada front 
• Ottawa, is using this and other available. . 1939 to 1969, and is now a. am- 

; in the Mon- projects to wean dtixens away , t sntorai speaaUsing tn paper 

ruiuuiw tome from- the Quebec Government ; JOH11 lyieyer and forest products.' 


Most new . 
onguating wi 
The largest p: 
tinuing 1 develij 


are weir too rt 
hifi the avaflab 
manpower 
most .apparent- 

area . which ‘ 


i 1 Ti M 


A Primary aluminJunr 
^ Fabricated products 
A Industrial chemicals 


Alcan Aluminium Limited this year 
observes the 50th anniversary of its foundation 
as a Canadian-based company dedicated to 
making a young metal abundantly available and 
usefuL to a greater number of people. 

The Quebec aluminium facilities which 
the company acquired upon its formation were 
started more than 75 years ago. They now 
include the Western world's largest aluminium 
smelter and are entering yet another period 
of expansion and modernisation. 

Today, Alcan is a world leader in alumin- 
ium, with operations in over 30 countries. 

In the years ahead, aluminium will continue to 
play a vital role in the world's industrial 

development and in higher 
standards of living 
for consumers 
everywhere. 


Isie-Maligne 

i Alm&i 


A Arvida 

-A. ■■ (Jonquiere.f 

I if 1 1 


St. Augustin 


Montreal 


i 

i 

j ii/ti 

T 1 


La Baie 

(Under Construction) 


Shawinigan 
Laval 


Princeville 


Victoriaville 


I 


Beauharnois 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 

U.S. $1,250,000,000 

co resisting of 

/U.S. $750,000,000 Medium Term Loan 
U.S. $500,000,000 Standby Line of Credit 


JANUARY 1878 


(X 


Hydro- Quebec 

Montreal, Canada 

irrevocably end unconditionally guaranteed by the 

Province de Quebec 
Canada 


LEAD MANAGERS 

Bank of Montreal 
The Bank of Nova Scotia 
Banque Canadienne Nationale 
Canadian Imperial Bank of Commerce 
.. The Provincial Bank of Canada 
The Royal Bank of Canada 
Toronto Dominion Bank 


MANAGERS 

ALGtMENE BANK NEDERLAND N-V. . AMSTERDAM -ROTTERDAM BANK N.V. 

THE BANK OF TOKVO. LTD. BANKERS TRUST INTERNATIONAL LIMITED 

BANQ UE NA TIONALE DE PARIS CHASE MANHATTAN LIMITED 

COMMERZBANK ACTIENGESELLSCHAFT COMPAQ N IE FINARCIERE DE LA DEUTSCHE BANK AQ 

CREDO* SUISSE ORSON ER BANK AKT1 ENG ESELLSC HAFT 

M0R8AN GUARANTY TRUST COMPANY OF NEW YORK ' • ' SECURITY PACIFIC BANK 

SOCIETE GEN ERA LE DE BANQUE SA. SWISS BANK CORPORATION 

WESTDEUTSCHE LANDESBANK GfROZENTRALE - * - 

- - . . CO-MANAGERS 

ABO DHABI INVESTMarr COMPANY - . BARCLAYS BANK INTERNATIONAL LIMITED 


B AN KAM ERICA INTL GROUP 
BANQUE BRUXELLES LAMBERT SA 
CITICORP INTERNATIONAL GROUP 
CONTINENTAL ILLINOIS LIMITED 
KREOIETBANK N.V. 
SOCIETE GENERALE 
UNION BANK OF SWITZERLAND 


ABO DHABI .INVESTMENT COMPANY 
CREDIT COMMERCIAL DE FRANCE . 

DG.BANK DEUTSCHE GENOSSENSCHAFTSBANK 
THE 9IPUSTRIAL BANK OF- JAPAN TRUST COMPANY 


THE MITSUBISHI BANK, LIMITED 
ORION -SANK LIMITED 
THE SUMJTOMO BANK, LIMITED 
WELLS FARGO BANK ILA. 


. BARCLAYS BANK INTERNATIONAL LIMITED CHEMICAL BANK 

CREDIT OU-NORO THE DAI-ICH1 KANGYO BAN t LTD 

EUROPEAN AMERICAN BANKING CORPORADClN THE FUJI BANK LIMITED 

IRVING TRUST COMPANY MIDLAND BANK LIMITED 


THE MITSUI BANK, LIMITED 

THE SAMIVA BANK.' UMITEO 
THE TOKAI BANK, LIMITED 


NATIONAL WESTMINSTER BANK LIMITED GROUP 
SKANDINAVISKA ENSULDA BAN KEN 
UNITED CALIFORNIA BANK 


FUNDS PROVIDED BY 
BANK OPMONfREAL • ■ THE BANK OF NOVA SCOTIA 

CANADIAN IMPERIAL BANK OF COMMERCE THE PROV1NCUL BANK OF CANADA 

TORQWO DOMINION BANK . ■ ALGEMENE BANK NEDERLAND N.V. 

BANK" OF AMERICA NT & SA • THE 8ANK.0F TOKYOj LTD. 

BANQUE BRUXELLS LAMBERT SA. . . - BANQUE NATIONALE DE PARIS 

CITIBANK- K* COMMERZBANK AG-CHlCAGO BRANCH 

CONTWafTAL ILLINOIS NATIONAL BANK AND TROST COMPANY OF CHICAGO 
DRESBlfER BANK AKTI ENG ESELLSC HAFT GRAND CAYMAN BRANCH 


. BANQUE CANADIENNE NATIONALE 
CANADA THE ROYAL BANK OF CANADA 

AMSTERDAM- ROTTER DAM BANK N.V. 

BANKERS TRUST COMPANY 
THE CHASE MANHATTAN BANK NA 
COMPAGNIE H NANCI ERE DE LA DEUTSCHE BANK AG 

CREDIT SUISSE 
KREOIETBANK NLV. 


trcil area are 


- fa the Won- projects to wean dtirens away 
running tome from- toe Quebec Government. 


MORGAN GUARANTY TRUST COMPANY OF NEW YORK SECURITY PACIFIC BANK SOCIETE GENE HALE 

SOVIET* GENERA1E DE BANQUE SA. ’ . SWISS BANK CORPORATION . . . UNION BANK OF SWITZERLAND CAYMAN ISLAND BRANCH 

WESTJS INTERNATIONAL &A. ABU DHABI INVESTMENT COMPANY BARCLAYS BANK INTERNATIONAL LIMITED 

CHEMICAL BANK ■ CREDIT COMMERCIAL DE FRANCE CREDIT DU NORD THE OAI-ICHI KANGYO BANK.LTD 

DEUTSCHE GENOSSENSCHAFTSBANK CAYMAN ISLANDS BRANCH EUROPEAN AMERICAN BANKING CORPORATION 

THE FUH BANK. LIMITED THE INDUSTRIAL BANK OF JAPAN TRUST COMPANY • IRVING TRUST COMPANY MIDLAND BANK LIMITED 

BANK i L,MrrE ° ™ E -nw ban^u.miteo ■ international Westminster bank umiteo 

OHIO?* BANK LIMITED THE SANWA BANK. LIMITED SKANDINAVISKA ENSX1LOA BAN KEN THE SUMITOMO BANK, LIMITED 

THE TOKAI RANK, LIMITED UNITED CALIFORNIA BANK WELLS FARGO BANK NA. 

Bank of Montreal 

• wAgwt 












• ■ • • CJ» 


Financial Times Monday - 


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Quebec au naturel 


To say that Quebec has undergone sub- 
stantial change in the past few years 
would be an understatement. 

The population, eighty per cent 
French-speaking, has never been more 
aware of its cultural identity. There 
is a new energy and a spirit of regenera- 
tion that manifests itself in Quebec’s 
internal development and in the way 
the Province is reaching out to the rest 
of the world. 

But Quebec is more than an environ- 
ment embodying an emerging culture. 
In its economic and technological struc- 
tures and, to some extent, in its very 
lifestyle, Quebec is North American. 
To start with, Quebec is big. With an 
area of 1,540,000 square kilometres, it 
could qualify as immense. It is larger 
than the combined areas of Germany, 
France, Belgium, Holland, Switzerland, 


Austria, Denmark and Luxembourg. 
In population, however, Quebec is 
smaller than many of these countries, 
with just six million people, most of 
whom live around the St. Lawrence 
River. Fly over Quebec and you get 
the feeling of an endless succession of 
forests dotted by bright clear lakes. In 
fact, there are over a million lakes. 

To date, it is safe to say that the greater 
part of the Quebec landscape has been 
only partially explored. But those 
areas which have been explored have 
proved to be exceptionally bountiful 
and especially rich in mineral deposits. 
Quebec is already the world’s major 
producer of asbestos, supplying fifty 
per cent, of world demand. Quebec is 
also Canada’s leading producer of zinc, 
bismuth, selenium, tellurium, mica, 
peat steatite, fiedspar and colombium. 


In addition, Quebec is rich in iron', 
copper, silver, gold, molybdenum and 
ca dmium). 

Quebec’s- waterways are just about as 
rich in their yield as the land, and 
because of its numerous rivers, the pro- 
vince is famous throughout the 
world as a producer of hydro-electric 
power. In 1976, Hydro-Quebec had net 
revenues of $311 million. At the same 
time, Quebec hydro is power that has 
brought benefits to the people. A 
residential -customer in Montreal who 
uses 1,000 KWH in a month pays only 
$19.05, while his New York counterpart 
pays $81:07, more than four times as 
much for- the same 1,000 KWH. 
Quebec’s vast hydro-electric network 
has already given birth to' the most 
prestigious aluminium producing 
plants in the western world. With the 
development of the James Bay area 
105 megawatts will be added to Hydro- 


Quebec’s capacity. ' Even now James 
Bay is the most important hydro-elec- 
tric development in North America and 
one of the world’s largest construction 
projects. 

That is a brief outline of two . of 
Quebec’s major resources — hydroelec- 
tric power and mineral wealth. Other 
more immediately evident resources 
are Quebec’s vast forests, a source of. 
raw material for the pulp and paper 
industry which has been vital to 
Quebec for years and is still growing. 

Quebec has the skilled' manpower 
necessary to extract and utilize its 
abundant natural resources. The work 
force is .well qualified and well 
organised. Examples of its industry 
and ingenuity are the Manicouagan 
hydroelectric complex. Expo ’67, the 
Montreal subway and the mammoth 
James Bay complex already mentioned. 
Quebec has impressive, air, seaand land 


c ommunic ations. ;T here are in ail'Sfc 
airports. . With two international airily 
ports at Montreal :Borval ancH 
Mirabel), and one at . Quebec 
Quebec 5 the eastern giteway to then: 
rest of Canada. In 197i alone; theses ■ 
three airports handled l‘)9j942 tods of'*; 
cargo. The St Lawrehc* River, one o|£: 
the world’s-major^seawajs, provides sot 
artery to much of.CanacU and theheait^ 
of industrial America. 1 JMbnfereaL Nori^r. 


is open all year rouicL - In 197$*^ 
Quebec’s 33. main ports .'handled moi% 
than 106,000,000 ton^>f;.carga : ^ 
serve its ports J Qnebec ias^ ‘vasth^4 
work of highways and railways;, 
of Canada’s major' railway" company. 
(Canadian National and;fc^Kidian;P^£ T 
fic) have their headquarters in 

treal - ' • •• ' 

Quebec is also ■ a. frontrunner, 
communications. Mont^al is thtej n£iS|^ ; 
C anadian jouthig centre 


„ . II » 


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r Kuancial Times Monday March 6 1978 


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itional communications and is con- 
jcted .with some 200 countries, 
realise telecommunications com- 
mies in Quebec are progressive in 
leir outlook, equipment manufaetur- 
g and research programmes are 
mtinually expanding, 
ooking at Quebec's manufacturing 
lilfty judged by international 
andards. the province has an excel- 
nt reputation for shipbuilding and for 
le production of railway and subway 
its.- Quebec is also making a name 
)f Itself in the production of aircraft 
agines, automobiles and radar equip- 
ment Pratt and Whitney gas turbine 
hgittes produced in Quebec are widely 
sed -around the world, while Cana- 
ar^r executive jets are enjoying great 
ucceas. 

Quebec is a buoyant manufacturing 
ayironment but its . potential has 
ftfely begun to be tapped. At the pre- 


sent time, manufacturers* products 
count for only 30 per cent, of Quebec's 
exports. Allowing for government 
encouragement through technical and 
commercial aid, specifically in the 
establishment of advanced technology 
as well as in the area of local trans- 
formation of natural resources, and 
adding the impact of private invest- 
ment, it will be seen that the 30 per 
cent, export figure is ready to mush- 
room. 

And there is more to Quebec than 
has so far been written. 

Quebec is a province dedicated to 
learning- The educational system 
includes the Preach language universi- 
ties Laval, Sherbrooke and Montreal. 

“ L T Universite du Quebec ” is a univer- 
sity with its campuses spread through- 
out the province’s seven largest urban 
areas. It accommodates regular 
students as well as permanent research 


sendees and vast adult educational 
programmes. . McGill University in 
Montreal is internationally known. 
There are, in addition, more than 40 
colleges (CEGEPS) offering pre-univer- 
sity courses as well as specialised train- 
ing courses. The “Hautes Etudes 
Commerciales '' and “ Concordia ” 
specialise in commerce and business 
administration. 

So far we have described Quebec at 
work. Let us now look at Quebec off 
duty. In theatre, music, dance - all 
the performing arts, the province is 
vibrantly alive. Riopel, Borduas, 
Claude Leveillee, Gilles Vigneault and 
Charlebois are just a few of the 
Quebecois names which come quickly 
to mind. 

And Quebec has its sports. If you like 
to participate, Quebec is your kind of 
territory. It is a paradise for devotees 
of hunting, fishing and both Alpine and 


cross-country skiing. For spectators 
there is a wide variety of eve-appeal- 
ing, exciting sporting pastimes to 
choose from. Ice hockey tops the list. 
Major league baseball is very popular. 
Remember too the 76 Montreal 
Olympics. * When it comes to sport, 
Quebec has much to offer. 

Quebec can also both excite and feed 
you in fine style through its night-life 
and wonderful cuisine. Gourmet 
restaurants, discotheques and other 
show places -abound. 

In the field of communications, both 
internally and in reaching out to the 
rest of the world, Quebec has available 
a wide range of media. There are 
three television networks, 85 radio 
stations and 175 newspapers and maga- 
zines to serve its six million residents. 
Radio Canada is one of the world’s 
largest producers 1 of French language 
television and radio programmes while 


the English language is also well repre- 
sented through the numerous Canadian 
and American media which operate in 
the province. 

So much for the Quebec scene gener- 
ally. In more specific terms the pro- 
vince has much to offer for those whose 
interests are financial, technical or 
scientific - who may be looking to the 
North American continent with invest- 
ment or other business developments 
in mind. The ‘ Delegation Generale 
du Quebec ' at 12 Upper Grosvenor 
Street, London W.l. (tel. 01-629 4155, 
telex 261618) is responsible for the 
whole of the Great Britain area, Eire 
and the Scandinavian countries, and 
covers Trade and Industry, Immigra- 
tion, Information and Tourism. 


Gouvemement 
du Quebec 












Financial Times Monday March' .ff 1978 


QUEBEC VIII 





it 



times for mining 


QUEBEC’S MINING Industry iron mine at the southern end iron content against the 35- per Lac Gold group. A back operations severely with 

went through one of its toughest of the Quebec-Labrador Trough, cent , of Quebec-Labrador.' . feasibility study as under way. serious layoffs of employees, 

years in 1977. Prices of copper and the pelletising plant at Port One central issue in the Reserves have been shown of The Quebec Government made 

and zinc tumbled, and the iron Cartier, on the St Lawrence, Quebec mining industry has 3.9m. tonnes, grading an aver- an agreement with France to 

ore mines, a pillar of the together costing more than been the provincial govern- age 0.16 ozs goM per ton. The take Quebec copper at a price 

industry for the past 20 years, 8500m., have started up pro- merit's intended takeover, deposit can be mined by open- above the current North 

were faced with rapidly duction. This project, con- through its new Society pit methods. American producer price, of 

escalating costs and sluggish trolled by Sidhec, the Quebec Nitionale de L’Amiante, of 58 cents a pound,, but 

demand. Government-owned steelmaker. General Dynamics' 54.6 per cent it Is not clear what effects. this 

The one rav of sunshine was with British SteeI Corporation controlling interest in Asbestos ***? Con *£E2S ^ bavre on me Mediate 

J? TheTriffi 5"£“-a «'* maj0r and u - s - Corp., Quebec's second largest 18 "TTX lnvemor * crisis - 

was recovering and this trend Steel C .° I r S° ra ? 0 ° M * , rainor ' Producer, which exports most of on of ^00 But tbe Gd£pi operation of 

was confirmed at the February, may well Ae the last big invest- its production to Europe and SSies^Sto SittE Other Noranda - working low-grade 

19TSL MW Monetary » «■ f ° r -■* **— el *" rt “ !re - SS"* 

Fund auction-^when a price of y ears - Both sides are now going development intrude fio-Ldhuret ^ abse ., t0 ,p n1 ? 

SU.S.175 an ounce was set With the worldwide over- through the process of valuation D& 0 AIVMAS itjwj h» (Canadian) a pound to brc&k 


The asbestos industry, too. «P acity the price of of the Asbestos' Corp- shar™ SOQUE^’ GoM eV f"" 

though ®oin» through a nolitical iron ore pelIets ** under pres- and the Government has Indi- m»_ ' m-hSTiw tho The Government has moved 
cS *Sr Snn rerort sure - Yet ** Producers. Iron cated it would make the same to help Campbell Chibongamau 

SSto. 0re Compaq of Canada, offer ultimately . to public 1 »■« in the Chibou£mau 

Early in 1978 all- these Q ue * ,ec Gartier Mining (U.S. holders as it makes to General Loneiar '“Phoned 10 mining district' north of Quebec 

tendencies have ’ heen con- Steel Corporation), Sid bee- Dynamics. Kidder Peabody and _ City maintain development of 

finned bv the behaviour of Nnrmines. Wabush Iron (Cana- Co. of New York is advising the BelmoraJ Mutes and Les reserves at two low-grade 
world markets and the actions dian controlled) and Quebec Government, and Lazard Frftres, MMes Bras D'Qr are looking for mines. The company will get a 
taken by politicians Quebec's Tron and Tltanium (Kennecott) also of New Yorfc General financing to develop two small $900,000 loan at 5 per cent 
five °old mines will have a good have 113(1 t0 sustam a fivefoId Dynamics. Many observers properties in the Val d'Or area, annual interest 
vearf helped by devaluation of rise in *nereyms\s in the past believe the negotiations will be , , While several small non- 

the Canadian dollar One or three years ' 7116 proposed 55 protracted — General -Dynamics SlIlKlIlff commercial finds of u ranium 

perhaps ran new. mines mav per “"** increase in St. Law- j a beHeved to be asking around ® have been made in Quebec in 

well come Into operation in the r ! Bnce Seaway . ***** w,u heJp S60 a share (say S140m. for the Copper and zinc have long recent years, both on the 
next IS months In the Abitibi fi ? tbe scales 5n f avour of their entire stock) — and there may been the basis of the large Laurentian Shield north of 
area of the Northwestern Michigan competitors. yet be legal points at issue. Quebec, non-ferrous mining and Montreal, in the James Bay 

Quebec mineral belt. The Quebec and Labrador The uncertainty over Asbestos refining industry. But metal area, arM on the Lower SL Law- 

Persistent uncertainty about mines together will have yearly eorp. is holding back a decision Prices have been sinking rence North Shore, no actual 
the intended Government take- capacity of 40m tonnes (concen- an the Abitibi Asbestos project because of mammoth inven- development work is going on. 
over of Asbestos Corp. from trates equivalent). Inventories 0 f Brinco (owned by Rio Tinto t prt es and slack international However some exploration 
General Dynamics of the U.S. are now estimated at around zinc Corp.) and which now bas demand. Some low-grade mines * ork continue in many 

is holding the company hack 11m. tonnes and with the start a pr i re tag 0 f we \\ over 3300m. would have had to close per- „HS„i t ? ro T?w Ce 

from a decision to go under- of the shipping season strong i n current dollars. The Govern- manently, except for Govern- 

ground and expand capacity at efforts will be made to get those men t has indicated it might wish ment help. £ *£11 S’ 

Un fX ISLES* of d " W "' t0 £™ “ '"if 7 , ' <*** Prefer Leve S ,«e h* SUSSES jUt-t 

tie pmvino* Ffl Ulhadfi ..?,™ e ^:.. I ! ,e ... w J , J °iLi s S e .u 0 ! i° ined tte federal SOQUEM and the James Bay 

The outlook fnTm * 




i i 


for growth 


for 


a environmental standards in the Govemmen* to finance stock- Development Corporation. 

copper is so uncertain that most The United Steelworkers Sen * sertfedT despite a^maior 5^ f ^ *“ d ® nc unti ! S “ ch lars , e ®" ergy compaaies 
mines have cut production or represent about 12,000 workers government study This would £ ^l e “8®!° c 001 ^ out “ Imperial Oil < Exxon) and 

have had to dose down tern- in the mines and mills. They L'S* C apS b « Ottawa is not Royal Dutch-Shell, through 

porarily. The Quebec Depart- will seek more pay, but the ^ sts 0 f new asbeios go dor« with tins. Any subsidiaries or associates are 

meot of Natural Resources is emphasis will be on job security development ' such ^ W0ldd t0 apply getUnfi - deeper 


giving financial assistance to an and compensation for layoffs. qj ^ fi ^ e produce^ t0 311 n 1 ® 1 ® 1 ® In oversupply. 


into metallic 
minerals on a Canada-wide 
basis. Though one of their 
immediate preoccupations is 


old copper producer. CampbeU The companies have Invested the oldest, the Lamaque division T^ Noran da-owned copper j 

Mines, in the j n snm e of the largest and most of Teck Corporation, is produc- re 5P®ry in Montreal and zinc ^ 

'rt rea n0rth v 0f Pr° ducti7 ® mining and mUling ing stiM after officially announc- J! fin ® ry , at Vall eyfiel d * outsld ? spencting exploration money on 
Quebec City. The company has machinery in the world iron ore i D g its intention to dose more Mpntre *L are operating at- 60 ^ ^ . Quebec remains 

5?" 1 K * *■«' a declinms industry. thin a year eye TMs tow^Sde £? r c . ent at best. The 

reserves 30 h3S 0W ' gTade This applies particularly to producer is making money at 0l ^r 0 a n^f their operations. 

The iron mines in nti^hP^ Q uebec Cartier Mining with its the present price level of " a n S“? UUTSS Quebec also remains the only 

and Labrador, apart Sh#- 8 800m - Mount Wright operation, around SUS175. with the gain cUt Canadian province producing 


diffieiiltipc raucpH hv th« u, n eW Now that the expansion phase on exchange from devaluation “‘it* columbium pentoxide for the 

is "«■ "V ?f the Canadian doUar. This JSi'^SS^SfTS £ ? Ml MuSfry - ”" « < =? lum - 

serious strike threat Labour f° be contained if the iron min- becomes a realised price of located y in w Northwestern ^ mm mine near Montreal ran 


into financial difficulties and 


contracts expired at the end of in S region Is to contribute fully around SCan.190 an onnee. Quebec, was forced by the . „ . Tt . 

February. Tlie companies are the province s economy. The Two new small producing Government to remain^ open ™ shut dow ?- Xt was « pla “ d 
still caught in the trap of hareh climate adds to all costs, mines are being considered, after announcing its intention 5 * ■ miae ^ uebec 
escalating costs and declining The main emerging competi- One is Silver Stack Mines, a to close. wtncb ^ operated successr 

demand at a time when the tor, Brazil, has perhaps larger joint venture of tile Govern- The copper mining and smelt- SSwm U°iEi 

unions are threatening new and accessible reserves, and the ment -controlled Socifetd Qu6- ing areas, Rouyn-Noranda in ana tne iecx group 

major wage demands. average grade being mined there becoise d*Exploration Mim&re the north west and Gaspd in the 01 ioronr ° an 1 t L 7 o aa ™,. ve r 

Sidbec-Normines’ Fire Lake at present runs to 66 per cent (SOQUEM) and the Little Long far. south east have also cut . generally iuyb wm oe a 

. tough year again for mining in 






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Banque Nattonafe de Paris, France's leading 
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Vancouver 
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the province, and there seems 
little hope of improvement in 
activity till the big stocks of 
popper, zinc and iron ore are 
worked off as world economic 
growth recovers. 


ALUMINIUM CAME to Quebec considering another potline in “This caused Arthur Vin£ 
77. years ago' as a “wonder. relation to its North American Davis (founder and builder. ■ 
metal,” soon after the Uj5...uuL needs: However, there bas not Aluminium Company 
Europe had learned to make it .been any word of a go-ahead. America) to dream of aa-ai 

by an economic ' process. Ai^aium plays a key role ‘SSSJUSS. ^mUnii 

Canada's first aluminium ■ ^ Onebec economy, and as I? 11115 ? 7 Pttalleiing the gfc 

smelter, wift l.OOfitonne annua paSd^Rich, Alcan’s new er- 

capacity and a workforce of 100, vice-nresident in charge S? 561 !,. . . v,ulana haraH 

was built at Shawinigan on the North ^ south American 

St. Maurice River, nearly 100 operations said recently the *“ plrf3r ® 

miles north-east of Montreal, Q^bec Government fully large Bntish markeL ± r 

where electrical energy; had realises this. The company has “The dream was realised 1 

already been developed for negotiated new water rates for the 1930s and lasted 40 year 

several pulp and paper-mills: ^ 3m, kW of hydro The Guiana bauxite part of ft 

To-day Quebec remains the power, requiring payment of triangle ended in 1971. 
centre of the aluminium industry several million dollars a year Guiana nationalised Demerq 
in Canada; and the Arvida- to the provincial government Bauxite t(an Alcan 
JonqDdCre smelting plant with The water taxes have been in- sldiary) . .*■ . . : c 

around 400,000 tonne annual dexed to the Hydro-Quebec Alcan, ’-with the wijjj 

capacity is still the world's (provindally-owned) base m- aluminium r industry, - ® 
largest ■- dustrial rate. changed greatly in the. pa 

After the slowdown in ’world But while several Ministers decade. It is now C4na di 
demand due to the 1973 energy have from time to time kept most truly ^multinational cw 
crisis and serious strikes . In “ p the pressure on Alcan to dn paw (with Massey-Ferwspo 
Alcan Aluminium's main m ° r e fabricating m the and has btillt up a worid-we 


Onehep smelters in 1976. the province, the company is taking raw materials, smelting . « 

it “in good faith." as Mr. Rich fabricating- system of whkhfi 


industry is embarked again on It m s° OQ I,UUi> ^ "“"“ o 

Se^roundlf^paiSand P uta *• that g^e^ent poli^ Quebec opgrations are only^ 


modernisation— thoufih with doe s n °t envisage oationalisa- part— though highly import*! 

raution 1 Therelsno^freason^le Uon of power or any The separation from -Alii 

other operations - ™ 

appear t. h. ve been setHM with Cheap Slen Sefd“«siS? 

meaDS ttat AIcan Iooks Canada. In Quebec, Alts 
IS ahead t0 continued access to employs around 12,000, incOa - 

market, both in Canada, the U.S. cheap power, usually estimated ing head office staff at Moatrej 
S S * I0Wm ^ Str ° n£ at between 05 and 0.3 cents or two-thirds of the Canada - 

j , per kWb. Reynolds, which buys total. Reynolds employs arout 

The industry isdoing its phui- power from Hydro-Quebec, 3.000. 

rung on the basis of world because of government indus- Alcan's four smelters In fl 
market growth averaging from trial policies, can also rely on- province represent an umti 
4 to 5 per cent over the^next cheap power. capacity of nearly 700^ 

few years— a figure reduced Energy and water transporta- tonnes of ingot metal. j _ , 
somewhat from the rather bope- fl on f or incoming raw materials, metallurgical ' research opei^Jj^ ] ’ 
fill estimates being made a year' mainly bauxite and oil. brought tions are based at Arvida. I { 1 ; 
earlier. . aluminium to the Saguenay jonquiere iV manages Canadj,-*** 1 

But as the 1970s draw near area. Aluminium was already a largest inorganic chemic 
their dose, the two major pro - growth industry when the little complex, which includes tv 
ducers in Quebec, Alcan and the smelter started up at Shawinigan alumina plants, fluorspar fio! 

Reynolds Metals Canada group, just after the turn of the tion plant, dried alumh 
are determined that capacity century. - But the power and hydrate facilities, and sulphur 
should .be kept more in line transportation resources avail- acid, carbon, aluminiu 
with demand than in the 1950s able there were not enough. tluoride, aluminium pawder'ir 
and 1960s to keep prices more Albert W. Whitaker, who recovered cryolite facilities. 
stMe. began his career with Alcoa of Most of the output is .used i 

For one thing. Alcan has on the U.S. and moved up from its the company’s own plants an 
its bands the long-term Massena, NYi plant to Arvida in smelters, -“but ‘aluminiui 
Slbn. task of renewing its 1926 for . the start-up, tells in sulphate i£' made for waf? 
Saguenay system smelters: A his memoir “Aluminium Trail” purification ,«i- and for the pal 
start has been made on a new what the strategy was. and paper. industry. Sped; 

63,000-tonne potline at Grande “Low-cost power at tidewater aluminas are sold to a vartet 
Baie, on the Saguenay river was a primary - consideration of industries, 
below Arvida, and investment (the Saguenay, 600 feet deep in Alcan does hot and coW 
there this year will be nearly places, is fully tidal up to rolling at Arvida, operates otu 
SIOOitl It is also expanding its Chicoutimi) . . . but nearly as of the world's most advances 
fabricating plants. _ - important was the Insistence of continuous pasting systems as4 

Canada, with its th e British Government that bas one of $ie moat modern rpd 
190X100 tonne capacity smelter British Guiana bauxite must be mills. It is waking cable for tte. 
at BaieXomeau, on the North processed into alumina and James Bay^ power distribute 
w! 1 ? -erui •» Lawerenre aioinininm .within the British system near Quebec City, am 
about 500 miles northeast of Empire, and. any further bauxite construction, building sw 
Montreal, and recently ex- leases were contingent on this, leisure products at many plan® 
r .ipanded fabricating plants in 

Jacques forget the province, is known to be CONTINUED ON NEXT PAGE - v 


; S 





■1 


THE. AEROSPACE industry in 
Quebec, after several years of 
doubt and decline, is on the way 
up. But shipbuilding, which has 
managed to live on quietly with 
the help of federal subsidies and 
foreign orders for standard 
multi-purpose freighters and 
medium-sized bulk carriers, is 
facing another cross-roads. 


The optimism in aerospace 
stems mainly from the Canadair 
Challenger, the twin-jet second 
generation business aircraft 
based on the original concept of 
William Lear, the American de- 
signer and developer of the 
famous Learjet But there is 
encouragement also in the offset 
orders totalling around $lbn. 
which will follow Canada’s de- 
rision to buy the Lockheed Orion 
reconnaissance plane — renamed 
the Aurora. For Quebec plants 
the spin-off will be Significant 


Offsets 


Also within the next few 
months the federal Government 
will have to make a- decision on 
a fighter replacement Whether 
the U.S. aerospace industry gets 
the nod, or the Europeans with 
the Panavia Tornado, there will 
again be significant .offsets run- 
ning perhaps to more than the 
Aurora programme. In both 
cases, the electronics and other 
high-technology systems for the 
planes will be -largely made in 
Canada — in some cases in the 
Quebec plants of international 
companies- 


Quebec is also home for the 
flight simulator operations of the 
CAE Industries ‘ Group. This 
company bas had remarkable 
success in international sales of 
simulators, and with $10m. of 
orders just signed with the 
Moroccan Government, its plant 
will be busy for at least three 
years. 

Montreal was for many years 
the base for aerospace produc- 
tion in Canada, though Toronto 
developed the ill-fated Arrow 
fighter in the late fifties, and 
later. through McDonnell 
Douglas and Lockheed, played 
a strong role in airframe parts 
manufacture for the big com- 
mercial- jets of- the sixties and 
seventies. 

The Canadair 


plant 


m 


Montreal, developed largely for 
World War n demand, pros- 
pered for 15 years or so build- 
ing fighters to basic American 
designs for the Canadian Armed 
Forces and for European 
countries. At one time it 
employed nearly 10,000. 

With the rise of the European 
aerospace industry, and Ottawa's 
severe cuts In defence spending 
in the Tate sixties. Canadair went 
into steep deriine. The work- 
force was down to about 1.600 
in 1976. Ottawa had begun 
talks with General Dynamics in 
1974, with a view to repatriating 
control. At first Ottawa toyed 
with the idea of a Canadian 
private sector group buying con- 
trol. but in the end the Govern- 
ment itself bought Canadair for 
about 832m. and backed a 
development programme for the 
Challenger jet with $125m. in 
loans and guarantees 

It was still regarded as a 
highly competent airframe 
builder, and had been matting 
parts for the McDonnell Douglas 
F-15 and panels for the fuse- 
lage of the Boeing 747 special 
performance ' version. It was 
specialising in building drones 
for the NATO forces, in con- 
junction with West German and 
French companies. It had got 
into advanced transit systems 
prototypes, and was stead Uy pro- 
ducing its CL-215, the amphibian 
waterbomber designed for forest 
firefighting, with another 
version for freight and recon- 
naissance in countries having 
few airports. About 50 have 
been built and Sales edntinne 
in dribs and drabs. 

But the white hope of 
Canadair is the Challenger. The 
prototype is due to fly next 
month and first deliveries start 
in the second quarter of 1979. 
Orders and firm commitments 
now total well over 100. Break- 
even Is about 135. 

Canadair claims a great deal 
for the Challenger — and its 
American competitors are say- 
ing it will be worth the price 
only if it performs right up to 
specifications. Federal Express, 
the U.S. courier service, 
anchored the project with an 
initial order of 25. 

The wide-bodied aircraft 
carries from 14 to 33 passengers, 
depending on' configuration. 
Range is 4,600 miles, and its 


super-critical wing and Lycom- 
ing turbofan engines enable it 
to cruise at 50,000 feet at 528 
inph. A 40 per cent gain in 
fuel efficiency is claimed. 
Federal gets the first, planes for 
a basic $4.5m. each; and later 
models rise to $7.5m. A 
stretched cargo version is being 
considered. 


The programme has lifted 
Canadair’s employment to over 
2,500 — but the largest single 
employer in the Quebec in- 
dustry is Pratt and Whitney 
Aircraft Co. of Canada (P. and 
W.), controlled by United Tech- 
nologies of the U.S. This com- 
pany is doing 5250m. plus-yearly 
in jet-engined and related 
business and is . the world's 
largest producer of turbo-prop 
aircraft engines. They are used 
in small business jets, the well- 
known De Havilland Canada 
Twin Otter, the DASH-7, and 
for industrial uses. 

Its Montreal plant now has a 
payroll of well over 5,000 and 
its engineering department 
numbering over 800 is the 
largest of its kind in Canada. 
It- bas a large business engine 
and helicopter overhaul. 

- Rolls-Royce Canada, at Mont- 
real, has increased, employ- 
ment to 900 recently as its jet 
repair - and overhaul business 
has done well in terms of 
domestic and foreign customers. 
Both Rolls-Royce and P and W 
are competing In the heavy 
turbine field — for pipeline com- 
pressor station business particu- 
larly. P and W may well supply 
aircraft-type turbine power 
plants for the proposed Dome 
Petroleum Arctic icebreaker. In 
this case the engines would be 
made m the U.S., but with 
significant Canadian content. 


Marine' has kept its busing 
afloat by making a series , <t 
17,000-tnn. freighters and . cos 
tainer vessels, sold mainly £ 
France, .-Algeria, Greece 
recently Poland, with govern 
ment export financing. It nci" 
faces a showing down in d® 31 ^ 
Davie .has built several SOOT 
ton bulk, carriers for the Tjgj 
and Lyle group, and also 
and converts Great 


carriers. ’■ It has one majnr cm 
version -to do, and afterwara 


Costs 


In shipbuilding, high costs 
have been a problem in Quebec 
for nearly 20 years. Only two 
shipyards remain— Davie at 
Quebec City and Marine Indus- 
tries at Sorel near Montreal. 
One shipyard was closed in 
Quebec City ten years ago and 
Canadian Vickers in Montreal 
got out of shipbuilding to con- 
centrate on repair and custom 
engineered products, especially 
for nuclear power stations, and 
transportation equipment 


faces slowdown. 

Domestic orders are no*, 
rising,- as the GovenHn®f 
speeds up programmes to built 
ferry vessels and otbei 
specialised ships. Orders will > 
going out for a frigate repla*? 
ment programme, though 
is strong competition from tin. 
West Coast for this work. 1 
Davie is bidding (again* 
Saint John Dry Dock at Satf., 
John. 3Vew Brunswick) for -<JH 
Dome Petroleum Arctic W. 
breaker with 150.000 h.p.- «J 
craft-type turbines. CostJ % 
around SI 50m., and tins wosk 
provide a great deal • tff 

specialised work in macb&f 
shops: Ships of this size c4& 
not be handled at HariM 

because of lack of water deptS 
Beyond this, Davie sa& ' 
can adapt its yards and macblnj 
shops- to build 125.000 cab" 

metre icebreaking tWC 

carriers of the type require* 
for the Arctic Petro Carried 
Project to bring LNG from ti* 
new- gasfields on MelvSk 

Island via the North 
Passage and the coast of Labt? 
dor-: to the proposed Tenneet 
terminal at Saint John, T&*: 
decision on the LNG tamm 
system will not he made; ® 
early autumn. ■ A 

Davie would have to 
about 870m. on its yard t<v-bu“*‘ 
such ships, and it wnuld'a^^ 
compete with Saint Johit-JW’ 
Dnck. £ 

la the . longer tenor : trs 
Quebec shipbuilding in dpgW j 
can only continue in its . 
form if it can get a basie:K®®v 
of domestic orders and m an 8 ?* 
to.specialise in certain typ*»ff 
vessels for the world mark# 
Its. • capacity -represents - 
about one per cent of-. .wood 
capacity— but- it is still a large 
employer in two locations- 

Michael Shelton 


.iirv? 

1 n ' ! , 


rr 








Financial Times Monday March 6 1978 


21 



QUEBEC IX 



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to tourist revenues 


■JRISM BRINGS, in -more 
1 .51 bn. a year for Quebec, 
it .teas become the second 
?ost industry- in volume—: 
behind pulp and paper and 
ad of mining, . 

or decades, hunters from the 
. and elsewhere Have been 
dflg to Quebec -’for moose, 
r and game, and anglers 
e praised the splendid trout 
salmon watersa Within a 
hours of. Montreal or Quebec 
’• there is excellent hunting 
Ashing. Further afield there 
many provincial.: parks, and 
those with more, tune, some 
toe best facilities in North 
erica is such areas as Lake 
tassini, north -of .Quebec 
r - the province’s • largest lake, 
fuebec’s ski slopes in thie 
irentians and Eastern Town- 
ps near Montreal and at 
Jt Ste. Anne, near Quebec 
r. draw thousands, of tourists 
n the U.S. and Ontario,' arid 
re are now trails everywhere 
cross-country skiers, 
iuebec City and the St Law- 
- ce shoreline, the .oldest in- 
<ited part of Canada, as much 
Montreal, now.-, has --fail 
dities for summep and winter 
rists. • ; v 

a Quebec City and most of 
smaller centxes^the French 
ieu is; uu challenged. In 
atreal, the atmosphere is 
re international, but becom- 
distinctly more 'French as a 
alt of government policies 
preserving the.- French 
guage and culture. 1 
lontreal is the red trans- 
lation, hub of the province. 


and retains its importance as ah 
international centre and entry 
point for travellers from 
Europe, its hotels, restaurants, 
and tourist facilities are among 
the best in North America, and 
it has continued Canada’s 1967 
Centennial Expo in the form of 
Man and His Worid— an inter- 
national exhibition-emn-fun-fair. 

Air travellers from .‘outside 
North America arrive via the 
new Mirabel Airport north of 
Montreal, .-the largest in 
Canada, while American, -and 
domestic' tourists' use Dorval 
Airport .The road system now 
includes a key network of auto- 
routes, - which, means L that 
tourists; can. drive nonstop from 
Montreal to-. Toronto r or New 
York in seven -hours, Ottawa in 
two, .hours, Quebec . City. 1° two 
hours and to the New Bruns- 
wick border also in . seven 
hours. r 

- For the past five years, how- 
ever (he province has been 
wresrfKng wath a.- nuiMfitttde of 
problems that' have 'sent tourist 
spending into a worsting 
decline. The number of- visitors 
fell from 4m. hi 1972. to 3:5m. 
in 1976, when tourism was 
boosted oonsddeoaMy : by 4 toe 
Olympic Games in Montreal. 

Foremost among the topuZ^es 
are the fcdghest hotel - idies in 
North America, the -popiiiarity 
of caravans and oamper^wahs, a 
now American tax law that no 
longer allows expenses, for con- 
ventions outside the U-S.as .tax 
write-offs,, end a peptization 
that spends more of to travel 


doUare -outside the province 
than tounjsts spend in it 
Further evadeace of decEnang 
tourist business in Quebec City 
is a major reduction in the 
horse-drawn, caleche fleet -In 
1976, there were 77 carriages 
handling tourists about - the 
ancient QHadeJ; last summer, 
only 55. 


Disaster 


In Montreal, ' hotelkeepers 

called 1977 “a disaster. ** They 
estimate U.S. visits, declined by 
20 per cent. “It was the worst 
summer Fve seen- in my 25 
years in the hotel business,” 
said Reginald Groome, presi- 
dent of Hilton Canada. “And I 
don't see much improvement in 
sight this year.” 

Hotel developers, along with 
municipal planners, must bear 
some of the blame for overcapa- 
city in Montreal and Quebec 
City. Expecting tourism to go 
up and up, even after the 
Olympics, they - more than 
doubled Montreal’s major hotel 
capacity in five.years. 

In 1972, thdEe were BJS00 
rooms in the city's major hotels; 
now there are nearly 14,000. If 
the delayed opening of ' the 
world’s largest Holiday Inn on 
Dorchester Boulevard finally 
takes place in 1979, tins will 
add 890 more rooms. 

Falling hotel occupancy rates 
have been indicating that first- 
class hotels in Montreal and 
Quebec City are charging rates 
beyond the price range of all 
but expense account travellers. 


There has been some discount- 
ing and-, the rates are closely 
competitive in both cities. 

■ But tile industry says the big 
hotels are burdened by the 
highest mania pal tax rates in 
Canada. Municipal taxes on a 
Montreal hotel room average 
51,900 a year and In Quebec 
City $1,700; the average tax in 
Toronto by comparison is 5 M00, 
In Winnipeg $1,100 and in Van- 
couver $800. 

The industry also grumbles 
that the provincial government 
has helped push up operating 
costs through raising the tax on 
restaurant meals to 10 per cent, 
from 8 per cent, and instituting 
the highest minimum wage In 
North America. 

Hotel and restaurant em- 
ployees. who receive tips are 
paid a minimum of $2.75 an 
hour. The scale is simply too 
much for an industry that 
depends so heavily on mini-mum 
wage personnel, say the hotel- 
men. 

Filling the thousands of hotel 
rooms is a vital priority for the 
hotels and the government, 
which knows the ' tourist 
industry cannot bear much 
more squeezing. 

- The government hopes it has 
found an answer in Montreal's 
proposed $6Dml convention 
centre. Cdnstruction is to start 
next year at the- earliest, with 
completion scheduled for 1981. 
But hotel owners argue that the 
proposed rite is too far from 
the heart of the financial and 
hotel district for it to become a 
major drawing card. 


On the brighter side, the US. 
Congress is considering the 
repeal of the law that in 1977 
ended tax exemptions for ex- 
penses on conventions outside 
the U& 

The Montreal Convention and 
Visitors’ Bureau estimates that 
the U.S. law would cost the city 
$8m. in lost convention book- 
ings over, the five years to 1982. 

Quebec’s slipping tourist 
trade is a reflection of a general 
decline across Canada, even 
though the devalued Canadian 
dollar means more buying 
power for Americans and most 
other foreign tourists. The in- 
crease in tourism from overseas 
recently has not offset the de- 
crease in visitors from the U.S. 
(Of Canada’s 1,049,300 visitors 
from overseas in 1976, Britain 
accounted for 408,200. West 
Germanywras the second-largest 
contributor with 369,300, and 
France third with 109.700.) 

In the hope of bringing back 
the Americans, Quebec’s 
Minister . of Tourism, Yves 
Dnhaime, has increased his 
advertising budget to $4.6m. 
this year from $3.2m. in 1977. 
About $850,000 of it is being 
spent in the province, to con- 
vince Quebecers to stay home 
for their holidays instead of 
raring off to Florida in winter 
and New England or Europe 
in summer. 

Quebec also hopes the federal 
Government's “ See - Canada- 
First ” advertising campaign 
and the new domestic charter 
air fares will bring more viators 
to the province. 


Tourism officials are troubled 
by the decline of some of the 
province’s main attractions. The 
Quebec City Winter Carnival, 
Freoch-Canada's version of the 
Mardi Gras in New Orleans, 
has become flagrantly com- 
mercial, and attendance has 
been dropping for two years. 

Montreal’s Man . and His 
World has h&d fewer Inter- 
national exhibitors each year 
in its decade of trying to reflect 
the glory of the magnificent 
Expo 67. Attendance in 1977 
fell 30 per cent from 1976 to 
3.9m. The huge amusement 
park and exhibition ground on 


the former Expo islands is 
expected to show a $7m. deficit 
this year. 

The Slbn. Parc Olympique in 
Montreal's, east-central area 
should gradually become a 
centre for expanding tourism. 
The Government has decided to 
complete the 550 ft. mast and 
removable roof. Already top- 
league baseball and football 
events are held in the 65.000- 
seat stadium, and some inter- 
national sporting events in the 
Velodrome and Olympic pool 

The strategy is to concen- 
trate * the headquarters of 
sports organisations at the 
stadium, and once the roof is 
completed, it will be available 
summer and winter for a. wide 
variety of events. 

Mayor Jean Drape an of 
Montreal is making a bid for 
the 1984 summer Olympics, if 
Los Angeles cannot or does not 
wish to qualify. 

In the past two years, the 
Quebec tourist industry has 


also been adversely affected by 
the American bicentennial 
celebrations and American 
Government exhortations to 
persuade Americans to holiday 
at home. The energy crisis and 
the rising cost of petrol hare 
not belped either. 

While tourists from Europe 
and Asia are more conspicuous; 
the chief market from the 
Quebec industry's point of view 
must be the U.S. Yet with 
rising costs of operation, the 
upper end of the industry has 
had trouble meeting the tastm 
of the typical American 
tourist of to-day. He is 
younger, travels in groups or 
buys a package tour, and his 
stay is brief. That is one 
reason why convention business 
is.- stressed so much. 

The industry itself believes 
it will be a long road back to 
the more relaxed and profitable 
days of the sixties and early 
seventies. 

Richard Low 



U.S. market 


SPITE THE expulsion of 
nia in Ontario anil toe fdun- 
Jon of a major petrochemical 
rtre in Alberta, Quebec drill 
•resents about onp-toird of 
/ Canadian chemical industry. 

\t present, it is in a hold 
ntion, awaiting stronger 
>wto an - the Canadian eco- 
ny as weH asrin Quebec’s, 
roveiy in mining and metals 
wearing, and toe flooger term 
(rive target of greater access 
the big American market. 
The industry Ifa located 
tinly in the Mbqtteal and 
awinigan areas. JApth federal 
A provincial Governments are 
enly watching the industry, 
rouse some partt^af it have 
:ome obsolescent Jand growth 
petrochemicals MviH almost 
lainJy be held >J*acfc while 
• new expanded output of 
■nia is absorbed. 

■'rom the petrochemical pro- 
re rs' point of view,’ there is 
icern about Government 
■rgy planning and toe com- 
ment by OttanrtTjto bring 
radian oil prices.!# to 'inter- 
jonal levels, while average 
criuan prices may remain 
or. 

'he Quebec industry's posi- 
i overall, especially jh petto* 
■micais, has improved since 
two years immediately fol* 
■ins the 1973 energy crisis, 
returns are narrow, With 
rise of Sarnia anc^ Alberta, 
prospects for any significant 
•ension of petrocfceapicals in 
Montreal area do "pot look 

5ht for toe. near, furore. 

uch companies :^s Gulf 
iada. Union Carbide Canada 
l r .Shell Canada,, toe major 
ylenc, polyethylene flud sal- 
ts. producers, now. . look 
ards toe mid-1980s “as pre- 


senting the ae^ bppoitontiyfor 
growth. ' /'V 

Dialogue between th e industry 
and Govecnment continue . on 
the future of the cHter acety- 
lene-based plants an Sfaxvioigan. 
T he industry does not see any 
long-term future for Showtfni- 
gan, while, toe provincial . Gov- 
ernment still b etieves there 'is 
hope. • • 

The attitude of tt» Quebec 
Government, as in other 
provinces, is that toe basic Te- 
source being- used, whether in- 
digenous or imported oil or gas, 
.or cheap electric power and 
water, ^ -should be upgraded as for 
as ...possible into downstream 
products,, .in order to achieve 
added value and toe provision of 
mote jobs. 


Began 


The chemical industry began 
in Quebec around the turn of the 
century in Shawl nigan, where 
cheap hydro power was available 
with water. From these boric re- 
sources, an industry based on 
acetylene chemistry grew \ip 
and • prospered u n til recent 
years. 

With toe oil age, Montreal 
rapidly became Canada's largest 
refining centre. There are now 
six major refineries and a 
seventh in Quebec City. From 
this came an ethylene plant 
based on oil- feedstock. The Gulf 
Canada operation now has 400m. 
to 500m. lb capacity. The real 
issue for the middle term is 
whether there will be an 
economic case for- expanding 
that to .present ' worldscale 
capacity of around one billion 
pounds. 

The Sbawinigan plants, now 
uneconomic, have been saved 
for the time being by infusions 


of federal and provincial funds. 
The industry argues they .cannot 
be continued for more than a 
fewyears. 

Union Carbide has recently 
expanded polyethylene capacity 
in Montreal and also its glycol 
facilities. The propylene stream 
from Gulf Canada’s ethylene 
plant goes mainly to toe new 
polypropylene plant of Hercules 
Canada nearby and * also • into 
materials for nylon production 
and other products. 

Propylene from the refineries 
goes to phenol resins and ben- 
zene producers. Some refiners 
are major producers of solvents. 

The industry in Montreal re- 
mains ; largely interdependent 
with Eastern 1 Ontario. It re- 
gards its geographical location 
as favourable for expansion 
later, so maintaining its ’ pori- 
tion as one of the three petro- 
chemical centres of Canada. It 
is watching closely the progress 
of toe GATT talks and toe offer 
by .the U.S. to reduce tariffs on 
petrochemical .products, (now 
relativity high) under pressure' 
ftorn Alberta. 

’ The other areas of -the chemi- 
cal industry in Quebec depend 
greatly cm such resource indus- 
tries as pulp and paper, and 
mining and metals, and the 
local' economy. At the moment 


the thrust for modernisation 
and expansion comes from . a 
strengthening, pulp and paper 
sector and changing technology 
in pulp production. * 

But again, in these areas 
government is pushing hard for 
production of more derivatives. 

The U.S. tariff Is lower on 
some of these chemical pro- 
ducts, and the expansion of 
Canadian Industries' chlor-alkali 
plant at Becancour, 80 miles 
east of Montreal, to 800 tonnes 
daily is partly based on toe 
international market. This pro- 
gramme by toe Canadian atm 
of Britain’s ICIIs costing about 
8100m. Eventually -CIL’s old 
rfdor-alkali plant at Sbawinigan 
■will be closed. 

The product requires large 
amo unts of electricity, and salt 
SOQUEM, owned by the Govern- 
ment of Quebec, is planning 
new salt mines on toe Magdalen 
Islands in the Gulf of St Law- 
rence. 

CIL remains a major producer 
in the province of explosives 
for toe mining industry. It is 
also considering another chemi- 
cal plant geared to pulp and 
paper. Kemanord of Sweden is 
due to start building a $15m. 
sodium chlorate plant near Mon- 
treal shortly. The latter 'de- 
velopments* are geared to new 


technology in pulp bleaching. 

The possibility of a capro- 
lactam plant to be built by the 
Swiss Inventa group, is still 
believed to be in toe talking 
stage. The government has com- 
missioned pre-feasibility studies 
on a large soda ash operation 
in the Gaspe area, 700 miles 
north-east of Montreal, which 
would be designed mainly for 
the U.S. market But private 
industry 'sources do not rate 
the economics as favourable to 
success. • / ' ' 

Formidable 

Overall the chemical industry 
believes the real growth in the 
future must come from the 
petrochemicals side, but the 
problems of available markets, 
returns, tariffs and duration of 
present world overcapacity re- 
main formidable. 

The possibility of free trade 
in chemicals between Canada 
and the U.S. once again is being 
talked about freely. But the 
Quebec and Canadian industry 
generally prefers to adopt a 
more tangible goal — greater 
access to the big American 
market and the chance to com- 
pete on costs. 

■Robert Gibbens 

Montreal Corespondent 


SGF GROUP 
AN APPOINTMENT 
WITH THE WORLD 

SGF, Society generate de financement du Quebec, is a wholly-owned Provincial 
Government corporation, working in partnership with the private sector. SGF 
provides companies within its group with innovative tinancial support and 
assists in the selection and development of its human resources. The 
application of advanced technology by each company, is also an important part 
of the group's strength. The groups products are ail manufactured in Quebec, 
and are marketed throughout Canada and the world. 

Should Quebec present Itself as part of your future programmes, SGF would 
welcome the opportunity to meet with your company, for the purpose of 
extending assistance. 


Companies In the SGF Group 

Manufactured products 

Marine industries United 

Shipbuilding and repairing 

Railway cars 

Hydro-eiectric aid heavy equipment 

Custom built steel products 

The Ponohoo Company United 

Newsprint 

Bleached kraft pulp 

Lunber and wood chips 

B. GL Cbeco Engineering Ltmfted 

Rower distribution systems — Electric 
and electronic equipment lor utilities, 
industries, transportation and shipbuilding-- 
Electrical and mechanical installations 

Forano United 

Mechanical aid industrial equipment 

Sawmill machinery 

Mobile forestry equipment 

Agricultural equipment 

Grey iron 

Cfegetec Industrfe*hc. 

Electrical equipment (h^gh and medfom voltage) 

Volcano Limited 

Industrial boilers 

Artopex Ltd. 

Office furniture and equipment 

SogeforLtcL ' 

. Particle board 

LaSalle Knitting Limited 

Knittedgoods 


For further information and literature, please write ta 
Societe generate de financement du Quebec 
680 Sherbrooke SLWest, suite 800 
Montreal, Quebec, Canada H3A 2M7 
Telex; 05-268764 Telephone: 1-514-288-5764 


& Soci6t6 g6n6rale de financement du Quebec 


aluminium 


NTINUED FROM PREV|pUS PAGE 


?ad out between Arvifia. and 
ntreaJ. 

is operations in s toe 
ucnay are the mainstay of a 
illation in the region of 
ut 250.000. Without 
.ni ilium the only economic 
vities would be hydro 
Jtric power generation, asri- 
;nre, pulp and paper . and 
ib.er. 

he 'Reynolds group, beridcs 
Bale Comeau smelter, 
rates a major rolling: mill 
fabricating plant at Trois 
teres. 80 miles north-east of 
ureal, a rod, wire and cable 
at farther easL and other 
rusion and fabricating 
lilies in the -Montreal area, 
'aken overall, the industry 
Quebec sells more than half 
basic alroninium m export 
rkets, mainly the U.S. The 
■nary industry's basic sales 
ame in the. province is run- 
fr at well over $lbn. a year, 
I’ .thfe amount of ingot eon- 
fed, into semi-fabricated paro- 
ls or fabricated products in 
province has been growing 
sdfiy since the end of World 
r-43L 

The; Industry's view Is that 

tfaer transformation is 

Sflrfe in time, but it must 
'dose bn the basis of sound 
rkei- economics and without 
ifiJdisatmn from Govern- 
Ms._ With world markets 


growing again on a long-term 
basis, an easing in toe energy 
crisis, and better labour rela- 
tions particularly at the Alcan 
smelters, it seems the present 
Government in Quebec is ready 
to cooperate with the industry. 

The industry remains cautious 
in its appraisal of greater uses 
for aluminium in cars, while in 
the domestic area steady new 
markets are opening up with 
the development of new types 
of inter-city trains. 

Alcan has had talks with both 
General Motors nnd' Ford on 
the possibility of greater use 
of aluminium-alloy engine 
parts, which would ideally 
require location of foundries 
near smelters to take advantage 
of the economics of direct hot- 
metal -transfer. 

The car companies are known 
to have been studying more 
than cast aluminium casings, 
engine manifolds and sheet 
body panels— right up to 
aluminium-alloy engine blocks 
and ehasis members to meet toe 
stringent- 1985 North American 
environmental standards. 

However Alcan is saying at 
this point that the ball is now 
in the carmakers’ park, and 
final decisions must rest on the 
total economics of car manu- 

R.G. 



Consider the 
European flavour of 


While being fully integrated into 
.the North American context, 
the Quebec City area and its 
population are a faithful mirror of 
their French origin. Among 
the many characteristics which 
reflect the influence, of their milieu 
is a strong sense of business 
which has been translated - 
into a refined organization to 
accommodate in sophisticated 
industrial parks the many 
internationally-known firms that 
have settled and continue to 
settle there. They are provided 
with an exceptionally efficient 
road, air and rail network giving 
them a rapid and direct link 
with ail major Canadian and 
■American markets. •• 


Quebec City, 


Above all, they have the Port of 
Quebec, with all its modem 
equipment, a port that ships 
drawing 12 metres can reach at. . . 
low tide, 1 ,350 kilometres inland, 
as easily in winter as they do in 
summer. 

Write us in order to obtain 
full information about our - • 
achievements and our high 
potential, on the availability of 
manpower, on our teaching ... 
institutions, from the primary to 
the university levels, and the 
quality of life to be found here. 

Or, contact the representatives 
of the Communaute Urbaine 
de Quebec at toe 2nd World 
Exhibition for Industrial 
Development to be held in Basel 
on May 23, 24, 25 and 26. You 


in Canada. 


will find out how easy it is to- 
establish an industry in this 
Euro-American comer of Canada 
and how much you will feel at 
home there, a factor that can only 
add to the imperatives of success 
you are looking for. 

Write (preferably on your firm's 
letterhead) at toe following 
address: 



Communaute Urbaine de Quebec 
Service de Promotion industrielle 
930, Chemin Sainte-Foy 
Quebec, Canada 
G1S 2K9 . 








22 


Financial Times. Monday Ha^i g-(L978 


QUEBEC X 


Montreal on a downhill slope 


J 


JOG, JOG, JOG: the executive 
middle classes of Montreal are 
keeping fit. Up and down the 
Mount Royal they go, a wooded 
kill which rises 670 feet above 
downtown Montreal, and -which 
gives the great city of 2.8m. 
inhabitants some relief from the 
starkness of a North American 
conurbation. 

Winding their way up and 
down along a carriage road, 
they dodge the occasional horse- 
drawn calecho or, in winter, 
sleigh — a memento conserved 
for tourists of an earlier epoch. 
These are not the only fossils 
in a city which used to be 
Canada's greatest and richest, 
but which has been losing 
ground steadily to Toronto as 
a centre of business, and whose 
cosmopolitanism has yet to be 
fitted into the pattern of the 
Quebecois nationalism which 
has been emerging for at least 
a generation. 


Only a few years ago, before 
the joggers came. Mount Royal 
was the haunt of pedestrians, 
many of them speaking the 
languages of centra] Europe. 
The first joggers, in the first 
half of the 1970s, were almost 
exclusively ■ English speakers. 
Now, as they wheeze by, you 
can hear more and more 
French: it is a sure sign that 
French Canadians have been 
working their way into the 
executive grades of Montreal 
office life. 

At the tbp of the mountain, 
as it is universally called by the 
English, there stands the so- 
called chalet, the Canadian echo 
of what a mediaeval hall might 
have been like. It is a 
restaurant built as a make work 
project by Caxnillien Houde, 
Mayor of Montreal before the 
war, interned during the war, 
and triumphantly taken back by 
his voters when the war was 


over. Then, as now, the French 
Canadian community was dis- 
inclined to join in the quarrels 
of the British (and, for that 
matter, of the metropolitan 
French). Houde was a prime 
example — a French Canadian 
chef who founded his political 
power on personal loyalties— 
French Canadian equivalent of 
the city boss. These men cared 
little for ideologies, but 
brought home the bacon for 
their citizens in the form of 
public works and occasional 
circuses. 


Pleasure 


The current representative of 
the species is M. Jean Drapeau. 
the mayor who gave Montreal 
the world’s fair. Expo 1976, 
which everyone recalls with 
pleasure because the works 
were carried out at a time when 
it was good for the economy; 


and the Olympics which coin- 
cided with a construction boom 
and came dose to wrecking the 
city’s finances. -It is the 
fashion in Montreal to moan 
about the expense and general 
tiresomeness of the games. But 
let there be no mistake. M. 
Drapeau has not been disowned 
by the simple folk of French 
Montreal. -The cheer he got at 
the end of the games is evidence 
enough of that. He is up for 
re-election in the autumn, and 
though the Parti Quebecois 
loathe him he will be hard to 
beat 

From the terrace outside 
Houde’s chalet you have a fine 
view over Montreal. Away on 
your left, towards the east it is 
-possible to glimpse , the Olympic 
stadium, at last ready to re- 
ceive the removable roof which 
v- i part of the bold design. 

As in so many other cities, the 
east is the working class dis- 



trict. For many years the 
authorities have been trying to 
move the centre of gravity of 
the dty in that direction: the 
stadium and the extension of 
the beautifully dean and effici- 
ent Montreal metro towards it 
are part of the effort It has 
cost- a lot of money, bnt success 
has been smalL The centre of 
affairs remains within 1-2 miles 
of Place Ville Marie, the com- 
plex of office blocks with which 
7 tontreal was going to catch np 
with upstart Toronto in the 
late 1960s.. Close by there is 
St James Street, once the 
centre of Canadian banking, 
now a collection of forbidding 
19th and early 20th century 
palaces through whose corridors 
power- no longer. Hows abund- 
antly. 

And dose to Place Ville Marie 
there is the massive squatness 
of the building of Sun Life of 
Canada, the insurance company 
whose intention to remove itself 
to Toronto has really focused 
attention on the so-called exodus 
from Montreal. 

The exodus is part of .a 
North American pattern: in the 
U.S., too. a place like New 
York, once the Dorado of waves 
.Of immigrants, is losing wealth 
and stature to cities farther west. 
But in Montreal the process has 
been accelerated since the 
advent of the Parti Quebecois 
Government in November 1976. 

the eyes of English speaking 
North American businessmen 
the PQ is socialistic. M o reover 
it is determined to break the 
hold English speakers still have 
rn top levels -of management in 
Montreal 

The PQ’s chosen instrument 
in that battle is the language 
bill, ‘ Bill 101, with which it 
wants to ensure the primacy of 
French in Quebec. The pro- 
spect of having to work in 


French struck something like by way of publicity and by act- 
panic in many English breasts, ing as a broker capable or 
When Sun T.ffe first announced bringing together Montreal btzsi- 
its intention to move, it blamed nesses with others who might 
the language law— even though be interested in setting up joint 
it makes provision for head- ventures. Montreal offers no tax 
quarters operations such as that Incentives of its own, but 
Of the Sun Life. The trouble federal Ca nadi a n incentives are 
is that seven months after the available, and so are injections- 
passage 'of the law -there is no of both loan and venture capital 
sign of the regulations which from the development corpora- 
alane will tell managements tion - of the Quebecois gov- 
what to expect. However, Sun eminent In spite of their 
Life changed its story -after differences, the two Govern- 
sometime. It blamed its ded- meats do co-operate quite 
sion to move on the reluctance closely in this sphe re. 
of potential clients elsewhere to Granted that Montreal has 
buy insurance from a* company been falling behind the more 
with headquarters in a province westerly regions of Canada, the 
whose political future is im- Economic Development Office 
dear. can still detail a long list of 

attractions: a port, which is 
n , negotiable all year round, two 

extreme international airports, a skilled 

_ * r. _ . . . • . labour force, a position within 

• The case of Sun Life -(Which ohe bouts flying time of SOm. 
will be decided by a meeting North Americans, and 
of the policy holders in April, a Hnyp all a cosmopolitanism 
most of whom have no direct without its equal in North 
interest in the welfare, of Mon- America. French and English 
treal) - is a n extre m e one. . The ara widely spoken (though a 
federal Government; -m the visitor will help to gain friends 
intrests of national unity, -has a he maiww his gambit in 
been exerting- pressure on the French); there is a large 
company to stay; the PQ Govern- number of people who in addi- 
ment has used the occasion to ^ have preserved the lan- 
lamhast the business , establish- of their ancestors in 
menf in general: it -was not diffi- Europe, in the first place 
cult to make Sm Life look like Italians, but also Greeks, Ger- 
an- anglo-monster with no re- nmng, Spaniards and others, 
gard for plain people, French There are French and English 
or otherwise. Others have been theories, a well regarded ballet 
more discreet The Royal Bank comrSj-^nd housing accom- 
and the Bank of Montreal, for modation galore because of the 
instance, have transferred some PTO ( ^ 11B 

activities to Toronto; Royal There is a public transport 
Trust has set up what amounts system which works (except dur- 
to a back-up headquarters to i„g the frequenr strikes) and a 
C^sary. climate of public order which 

To counteract the exodus, the cannot be taken for granted in 
Montreal Urban Community urban North America. Of course 
several years ago set tip an. it has its limits: Montreal is 
Economic Development Office home to Duddy Kravitz, of M or- 
which tries to attract new busi- decal Richter's novel — bd lio- 
ness to the city. It does so both speakably tough and ruthless 


second gener ation iamig^ 
from, eastern Europe. Xher 
have been gangland kUliogy-ii, 
number of fires in pom 
regions is suspiciously high* m 
drug trafficking is natha- 
unusual. But in Montreal i 
who does dot want to be catu& ' 
up in these things can wa£S '\ 
streets in safety. 

The ethnic mix has inevi 
ably created difficulties with U 
language bjlL In broad ootUr 
it reserves; the .right to Attep 
English state schools to chn 
ren with at least one parent 
attended English schools 
Quebec. English Canadfc 
from Vancouver would finajfc 
his children do not q^ 
except for a limited period^ 
same goes for an immigrant 

The main intention is to mal 
immigrants join the: Frem 
community rather titan tf 
English, as has generally bee 
their wont A trial of strand 
has resulted. More th a n l,0( 
children id' the Catholic schoc 
(mainly Italian), and more.tta 
2.500 in the Protestant syste 
(including 'many Greeks) a: 
attending in defiance of Bffl m 
The Catholics let them 
tacitly, the^Protestants- enrdDi 
them openly. But both syster 
face loss ofi grants in respect 
these children. Italian teadie 
are already, donating one d&Q 
salary per year to make up 6 
loss of fupds; the Profestaa 
are thinking of fund raisin 
Moreover they hope to dr 
lenge the ^.legislation in t 
courts. Inl.their different wa 
both sides r expect a battle 
eight to ten years. 

The hardship inflicted can ' r -~ 
exaggerated, and could be, k 
sened if the French schoobto 
more trouble teaching Eoglis 
Hard cases, admittedly mal 
poor law: but poor laws -mai 
hard cases. ■■<■■■ T v * 


WXJ 


Assembly of the Canadair Challenger ; on which the aircraft industry pi aces great hopes. 



The Canadian Connection 


Ultramar, a British-based international oil company, 
is also a vital source of Canadian energy. 

At refineries in St. Romuald, Quebec and Holyrood, 
Newfoundland we have run an average of about 
100,000 barrels of oil each day during 1977. 

In Western Canada we produce oil and gas. We 
market petroleum products in Eastern Canada, and 
we're exploring for new energy sources throughout 
the country. 

Ultramar is active in Indonesia, the North Sea and 
the USA, but our commitment to Canada has never 
been greater. 

For further information on Ultramar's oil and gas 
interests in Canada write for a copy of the Ultramar 
Annual Report by completing the coupon. 




" j 







; RMJJH EAGLE 


AISLE VOX i 



Golden Eagle Canada Limited 

1155 Dorchester Bivd. W, Montreal, P.Q., H3B 2K1 

93 Elizabeth Avenue, St John’s, Newfoundland,AlG5T5 

Ultramar Ontario Limited. 

Arrow Petroleums Limited 

50/52 Ashwarren Road, Downsview, Ontario, M3J 1Z5 

Golden Eagle Oil and Gas Limited 
810 Aquitaine Tower, 

540 Fifth Avenue S.W., Calgary, Alberta, T2P 0M2 

1 To: Ultramar Company Limited, I 

2 Broad Street Place, London EC4M 7EP. * 

I Please send me a copy of the 1 976 Annual Report I 


Name 

Address. 


Ultramar Company Limited 

2 Broad Street Place, London EC2M 7EP England . 


■ ■ ■■■ 


1 — 

6/3/78 | 


The finance sector 
seeks to adapt 

FINANCIAL INSTITUTIONS in What quickly emerged as the to $1,245. The per capita debt advance of ^Canadian charters 
Montreal, once the financial central issue was not this of Ontario, with its broader banks into J world markets, 
capital of Canada, are in a. diffi- difference between Mr. based . and more productive Governments hefnre tfc 
cult process of adjustment to Parizeau’s figure and the Sun's, economy, is $2,173. The Quebec Dr esent one in Onebec tia* 
the advent of a nationalist It was the threat implicit in Government does have domestic to harness to the servic 
Government in Quebec having Mr. Parizeau’s response, of the sources of funds, other than o£ +he State the funds collects 
little rapport with the tradi- forced allocation of savings to the conventional - lenders,- which „ f tnnt* level h v th 

ne“ a LaMiS a “ nS ^ futtt 

Canada’s insurance companies . The most immediately avail- movement still largely confim 
h J S 1,16 accustomed to matching *We is the Quebec Pension Fund its lending to members, I 

If i?? assets to liabilities on a with total assets under admini- mortgages and to local- goven 
S LfSS* provmce-to^rovince basis, a station nearing $6bn. ($5.3bn. men t bodies. 

ciaL institutions or a. least of leg ^ prece< j ent g^sts which at end-1976) and total animal 

suggests, subject to a fresh debits nearing $700m. ($593m. 

K challenge, that provinces have ^ fiscal 1976). 


The present Quebec Goven 
ment is publicly counting o 

btod, f £ tea? £ £T Ufetf S e 

— ** constitution. JSSSZJ! at tee provincial level but,!!* 


Canada, the country’s largest 
life assurance company. 


At end-1976 


the conventional lenders., fit 
co-operative banks may ala 


Under a Government deter- 

Suu Life said it was moving mined to establish a separate — 

its head office from Montreal to State, the financial institutions J? find riey. are already hoMifl 

Toronto because of tee Quebec see a threat to the discharge of JJgr olwT2 ** much Quebec debt as the 

G overrun rat’s requirements theif fiduciary responsibilities. MvebeenDl^edinase erected at - P resent Prepared- 1 

that it conduct Its business in Spokesmen for many of them S P segregated Mrrw 

French. The Sun has been ^ concede privately they are 

Fteoch. b e Jn , p ort£oIio 


company’s 
sales of 2 
contrast with 


an -increase in 


tion of Quebec. 

Compelling 

The third reason — not so far 


carry. 

Even : on - the basis of 

writing policies .in French, f u ' eaoy De ? n ^ pressured to p Ar ff A |{ A generous access to the pensio 

where appropriate; since 1883 invest “O™ M the province than 1 U1 11U11U fund and the co-operative bank 

and issuing its annual repeats feel P m dent Many Quebec bonds' have however, financial observe 

In French since 1885. Most of The federally chartered already been placed directly 2 aestion **“■* Quebec com 
its world-wade business is done banks are largely immune from with the pension fund. • Other finance ‘ its requirements ft 
in English, however, and if it that pressure. The national bonds— the total so far unknown ^“ ore a **** ^ 

was to continue to serve its banking system, in any event, is ^have been bought by the fund . 4ts 0W11 market - _ 

policy holders efficiently, the n °t normally a source ,qf long* through its open market opera- At the same time, any ovo 

company said, it had no choice term funds. The - provincially tions. Meanwhile, some of its moves - 1 towards pre-emptin 

but to work in En glish chartered tru st companies — common stock holdings have' savings of the other institution 

The Sun subsequently gave a “W repository of sayings been sold. The general assump- could boomerang. Rlcbar 

second reason for the move. Its 'rttein the province’s junsdic- tion is tbat the fund’s financial ^ Thomson, president, 
base in Quebec, the company’s tion— are exposed. They expect report for fiscal 1977 will show cbief executive officer of tb 
an mini meeting was told, is put- l “ e P ressur 6 to ixnensify rather a significant increase in its Toronto-Dominion Bank, pot 1 
ting it to a competitive dis- th * n ®? se .“ Quebec runs into holdings of Quebec debt. way in a recent address e 

advantage. The decline in the There is a limit, requirements ^ebec seems. Ittet 

individual poticy Anders outside the province. of portfolio balance aside, to to continue- to be a masdv 

per cent., in «hj»-p t Quebec in recent years has which the province’s debt can extern . a J borrower for mare 

...to an -increase in beco “ e Inneastngiy a net continue to be placed with the ^ otil Mtiornl, «b» 

group insurance sales of 42 per taporter Most of pension fund. Unless the international markets. In jud 

cent, was attributed to toe ran- S^ age / v $ ? ,n ' \J e ? r wburfl mandatory contributions to it circumstances, suggest^ 
NM Hi* Hydro Quebec must borrow to are increased, it will run into a aiont’ restricting the movamen 

cem over toe possible separa- ^ 916 ^ b n. James negatirecash flowto ^itoddle of or about the fore* 

Bay development comes from 1980s with the projected sharp allocation of investment 
outside the country. rise- in the number of Quebecers Qua^ residents, corporation 

The provincial government qualifying for pensions. . or financial insitutions .seen 

has also become a heavier Another potential domestic ridiculous. 

publicly stated by thr«nnpany borrower although new money source of funds is the “By using the terms force 
but the most compelling of requirements were reduced co-operative banking sector allocation of resources I .meal 
them all — is to be found in in ' ***• Parizeau’s first, which- is unique in Quebec for by legal requirement an hjsnl 
statements of Parti Quebecois and encouragingly conservative, its strength with total assets in ance .company, or a pension.fum 
policy. The Province’s finaru-^i budget last April. He set those excess of $8bn. The largest must put part of its assets li>b 
institutions, says the Parti requirements a t $600m. and by single grouping within this investments specified by .-.tw 
Quebecois, should be controlled the “d of January they had sector, Gaisses Populaire Government' If such measpfe 
mainly by Quebecers, their been comfortably met. as had Desjardins, had $6.3bn. assets *t were implemented,- Ow* 1 
savings employed to the Pro- those of Hydro Quebec. The lest report In addition it had woqld be hard hit for externa 
vince’s benefit Government had borrowed from interest in insurance and other lenders would surely Increas* 

Any doubt about what was 811 sources the equivalent of' fi n an cial activities. ' rates' on loans to Quebec art 

meant by this was quickly laid 9U.S.693m. and Hydro Quebec ' The Desjardins movement restrict funds allocated to. tte 
to rest by the response, of tbe equivalent of $U.S3.24bn, hp.a shareholding in the Pro- province. I am sore that if fi? 
Finance Minister Farizeau to Tbp slow growth of Quebec’s vindal- Bank, one of two mainly concept of forced allocation, a 
the first news of the Sun's pend- economy, slower than had been French-oriented Canadian char- resources were carefully 
ing departure. He accused the expected, suggests that Quebec, terfed banks. The other is Bank sidered, it would be qmckfi 
company of having siphoned as did most other Ca n adian pro- - Canadian National. Both da rejected.” ” | - 

off some $40 0m. of Quebec yinciei governments, under- most of their - ■ business in Nothing further has been sift 
premium income for investment stated its requirements. Quebec, -much of it with local officially about Sun’s pendioi 

outside the Province and vowed Even without tee political authorities and', small business, departure. The decision, in . 
to recapture It by “ moral complications, the province But both operate, outside wifi, not be confirmed untiLS* 
suasion and moral blackmail or would be running Into difflcnl- Quebec, too, end. have been policyholders have voted. -ft-, 
by legislation.” ties with foreign lenders. It has extending their branch network AprlL But some in the MonW. 

Mr. Parizeau appeared- to borrowed heavily since the in the other provinces. The financial community are vtept*. 
have arrived at this figure by beginning of the Qcdet Revoln- Provincial Bank ■ -recently tively advancing the possUiffiO 
calculations based on gross tion, too much and too quickly, acquired branches In- Ontario that the reaction In externa 3 , 
premium income and including "Most lendersras a result, have and’- as - far afield as British markets, as, catalysed-. . W' 
segregated funds administered more Quebec paper in their Columbia when .it took over Parizean’s response to theijOft 
on behalf of pension funds, portfolio than. they would like. Unity Bank, a new foundation may be tempering the GdiST* 
The Sun calculates ir is under- Quebec’s per capita public that had never become success- ment’s thinking. e . 

invested In the Province by no debt, in the early 1960s, was fuL Both the French Canadian ' n 

more than $8.8m. nominal It had risen by 1977 hanks have . been, following the . John iVLfiyp 











s Moaday'Marcir £1978 

QUEBEC XI 


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• POWSR- HAS uefi changed t3» 
public image of Hene Levesque 
Kry much. Tti$%oy from tie 
. uaspe.-^ue 0 f tt^pooreat areas 
.OTQiiebec, displays' iris Legion 

. 3 Honueur, amS&d iiim% tiie 

*rencb Goyemni&rMast yean 
-•. as . * ■ ^Wly pn&d schoolboy 
^W. tis .first^ star' for 
. attendance. - •" ~. r 

" - - He is stfl}' 'somewht! emhar- 
.^asaed m pnMic ^places! by' his 
-.retmue -of guards- and assistants 
v-.and wiU bop on w. the nearest 
• .. aiair so. that hi|j smati '. frame . 
• -.san be seenratfa^tbae waft , to 
!*•%?#■. formally- escorted to the 
higher .dais. • " ■ " " 


He speaks in the- illustrative 
. artguage 1 of theilworkers 1 who 
uake. up a largeopart" of his iq. 
:: Jusaial- constituency fri-South 
‘..Montreal; rath erf- than in the. 
. -.lie a sure d tones of a : politician 
.’- .ii power. . 

asked re£pnSy about a 
>oll which showed/thaj 51 per’ 

• r-’ent :of Quebcrers were' diS- 
■latisSed ..with, the ■; party W 
lower, LeyesqtMr'in»5e;; > a[ sham 

the entire -polt' fay respond-: 

• ng: “They asked; the question 

* n stily salami-l^e slices— are - . 

; on a Utt^ ; '..dissatisfied. 


mmm 


moderate!* dissatisfied, yerj 
e dissatisfied ?” *. 7 --■? '- ■' •■ - - - 

e - He njay‘ well be the most 
s sKUfut pofitieal-' manipulators 
3 of- -irfaufe that Canada" has yet 
a seeit 1 The "** cneiaf&e people " 
i . taage ' masfeaT 'a 'zeakrt (Wter- 
f -mined to' pnsh Quebecers along 
r a patii ' be te cmwiidpd' ; they 
rafiHrt foUowi For Igv^ue : and 
- ’his- inner circle j Qafainet 

; Mini sters; advisors 3n&' friends , 

, . separation has. : ^iwme ; more 

■ than a political conviction. It 
; has become a region In whieb 

’ 'those who have not- yet seen 
, the light are 7tidflBes. _; '' ' 

.. Levesque! comes^^j&oin a 
bilingual town^ FKpch .was 
spoken, af home- and aL school. 
Like so many french. Canadians 
he picked up 6is English; 3n the- 
streets.'^ yddiblfe Land 

idiomatic to. 'this day.".-. -Dtiring 
the war he wais'a con?sppndent. 
in Britain “for ,XJ;S^ JneWotks, . 

; Then he - became:.*- dtSlK and. 
blackboard. . TV "cftmineittator. 
His* public service faeggn as a . 
member* 7 of .the Lesage -Xibferal . 
Cabiniet in. -Quebec .’dtp^ng. tfae 
-1960s; when he brought about, 
nationalisation of the; Qnebec- 

■ power industry: v ::, ‘.i T ' 

Tifveri then he wip ^'.Tnoving 
towards a tine of fridnxmdence 
for Quebec; which finafly led 
to a' breach with the.mberals, 
In the following ■ ten yem? hie' < 
built ~ up,’.-, tiirpiigh : eiectprkj ;; 
■defeati * and' * disappo in t m ents, ~ ! 
.the Parti Quebecois^-.-which 
brought 7 . him* to phWef on ; 
November 15, " 1076, . Even 
Levesque , himself is Supposed 2 
to have been taken , aback by \ 
the victory. . i 

The .Tittle man vdtb hjad f 
struggled so long ifa thb pbiltical ’ t 
wilderness had maga^d’ to £ 



• J ■; ‘ • ■ ReneLevesque ' L. 

These profiles were Twritten hy Amy Booth 


avoid any coloration -, from -the 
bomb - throwing, kidnapping 
fringe groups of the .late 1960s 
and early 1970s and .was given 
ar. generous measure of goodwill 
. in - his first months in- office. 
Even some oif the English were 
-reassured by the fluency of his 
English.* - 

But now, .with unemployment 
above 11 per cent, and a public 
purse that is noticeably empty- 
ing. what Quebecers want in 
growing., numbers is jobs or 
their equivalent, in spending 
power, rather than the rhetoric 





Jacques Parizeau 


nn.rfc Mnri'n- ' JACQUES. PAR^EAU. Finance < pre-OPEC)- cheap- offshore oil 

L.umae morm Minister in thp Quebec Govern- while Ontario was confined to 

t • ment, looks more like a - well-, higher priced Western oil. 

-*• . - 1 ? ee l e ^ banker than. .the. Nowadays the price is the same 
VylaUUC * • ^separatist and socialist bogey- ^ ^ in all Canada.- 

TV K '-XL'.' • opened b r 

..eswDuahmW, .. -many, , Canadians, • both 

i.vXV^ XII . ,- Speaking to. a group of bpsi- federalists’vand separatists. His 

-F rrlimF Mn^- ^w Tnt^ ne 5? 1 $’i a he. does often, the firpt ‘budget in 1877 won -full,- 

' 514 ’ a ^ bac fc *nd marks, in the business world. He 
n thumbs.- often seems to have been around for 

vf.rl h t ^ ve ^^.Go^^r^ t , buried in. th f waistcoat, pockets a long time in both . provincial 
resi Jfr to-morrow of his pm.str.ipe, and dilates on and • federal - - spheres, even • 

jSs? £ “sf. t - w, , ■ 

lewiy awaKeneo^eoec. . _A favourite, topic is. energy. Hautes EtudesCommerciiT^ in . 

• In the mid-1960s -Canada was Parweau points, out that the Montreal,. ppst-graduate^ ' studies ' Jacques. ParizeaiL 

ryme to deviara • u^versal : fe deral J&emmenX policy .in " ecopomics^ 1 and . political, Canada (many :say he longed to 
ension plan whioh^ouW pro- aided pegoiftemical develop-' 'science inParis,and adoctorate be Governor) * memberoTfhP 
ide some . ina». - for each meat _m. Ontario, at the expense in economic sciences from' the Boval' commi^qinn inmiMiM 
ctired worker. , mmally. it Was of Quebec. He "does not men- Iktodon School of i^oScT into the 
v^ed as an unfunded pay- tion ' that .ibe . same .. policy - ‘He haa^ ^beeb a ptoSrre-’ SsLm or ^aTa TeolS^ 

to thv o r & ^2.gs&ssa? rt 

ariy days of the 1 Quiet w— *.1.^ _ " V.- 7 ' : ' • . . • • . . 

on Quebec could see the advan- ‘ ' “ . ' • .- •- " 

bUii 0r i“ ! nndermapitalissh 

gj .-trtau-s; Maude . 

Ryan - 

r-SffiSilJSSSSS'c™ *»* pwi-* £*$%? »£f 

-£ the role he nlaved jn snavelv t3aore than - a decade ef -the *^ B ? eau » the Canadian Prime-; 
craneing a wtipro4e w2 *»* hI ? bIy n reganied *e«n a «e®P^ ■ 

« provided a" xeaspnibfy .upiv Montreal *Ur. ^ Devoif. and make ell of Canadajhe 


mrributions for OiK-aov Liberal' party, has been nick- wuaMMsque ;tfiat only Quebec 
ose to $8bn.— toZserve? as " th e priest,” “ the. b» the homeland of the 

'SerpihniS^ fOT^ iudee." even “the Pope." He F^ch Canadian.- ■; ' 

creased debt finances;. I s ^ very antithesis of th, e ■ JSis^ essential tonflirt- with 


orked.in a seruoV&lntiL? “^tyof a ttaditionally vola- masters 

.■p nniipity "fAr*~ , h&Hi'.-4hM , bl«:- and emotional electorate- “^weir. own house. 

sberal and NatibnS^Jiiion- aw *f £° m . Q^ec’s Chari^ ^^’a^fwlhelMd^p, Faqmorid Gtm^- - 
ovemraents thraiicEout - the Tnae ?mmer * Kene Levesque,- “f- the Liberal party in the pm- “ . . .. . tea T_. \ 

itemraenta impugn wit -.tne tJ ... , IfiteUectaal ^-vsnee.-jf hegetsit yill'be bur. Cabinet Ministers todp so/ 



ferendum— authorised;. ' the' 
rak. His' p)pn worke^,.. and 
k; became . know^T *s 
■iffpiffmc "—advancing J stage 
.5tagc 

Morin is :. fessential.lv . pon- 
rvative,- : nattily dressed. pro- 
rftr mannered.. * . Douglas 
sfiwton. a- lang-time. adviser 
both federal and "provincial 
vehunenls,- ' in his recently 
Wished book. The Dangerous' 
liteioh. - says M My n 5 r own 
pcfiencearwttii Morin ttoring 
? 60s - were unifortoaUy . 

Atont,- .-perhaps beeause ‘we 
fre; un ‘ u»e ‘ same side, 
tree’s.' “But there wis’. no . 
wf of his mteliigence or his 
nTfciiont a born in^^oitv^®.. 

a skilled, tough' g(me k ' • 
toy a good deal of .finKtse - ter' 
hieve his natmnatistic •goafs.*’ 
Menu is.- undoubtedly a man 
wattit as he designs the road 
ward Quebec's new status. 


ovemraents throiiehaut . the vnae ?mmer - Kene Levesque, “ we woeini party in the pro- .. .. . .. 7. : 

nemraent, ti.nmsi.out ■ tu? ^ , lfitel|eetMl ■£-**** ^.getslt «m4*.b.r.C|UnM-.lu ll M Hk ,o dp a,' 

Defeated oii'ce at tfiftjolls in every sense. He is deliberate* Before entering .the -Cabinet 

"..Quebec '.‘city dTst^t. -the disciplined, weU schooled . and he 113(1 become assistant general 

^thnctical—some. say ; sSiemixig wen read in the arts and letters, siwretaiy of the 

Morin i-nrrpetly assessed that and authoritarian through a •- ; r yeare * - t0 - el ^ ctjon Federation- in lfifiS, when only 

c. clue tn a PQ victory was strong Catholic upbringing, He‘“w- " jl tt " n h '- graduating in com- 

rtriSht separatism. .. T *: takes a refreshing moral stance'.^ If-JrJ merce'and economics- from the 

He convinced 'his cfifleagues In .a province that -in- less tharrf.^™ Umv e^ty of Laval, in Quebec 

at the linly'^rBUte td'power a decade has' -flipped ■ from p t S the Univer^M 

to espouse independence papism to anrwlericalism;. ' -l^Lu^and Triide^tand^ Qeneva - ' • • 

d lo promise the voters, that Thpse are saddenly attractive.> 1 o lds sway, the - Trudeau Garaeau and Rysn are run- 
Pkratism would not b?:undetw qualities in a, province-even in liberals will have lost much o£ ^ «*w**y. civilised cam- 
ken until , a special a country— floundenngm undeiy.^^, claijn t0 . being the only Neither wishes to 

terendura— authorised,,, the.- - -ffoup-Jluit can; hold Canada .f ,nse . a *w of Liberal 

* tQgetiier. * ... . ™rces which could take years 

!-."*■ '. t(> beal and threaten a diver- 

■[• : Ti • ' V . . . f nce forces to the nest elec- 

-^Rayrnond; i ^ men CTtife]y 

- ■■ -. differenr— Ryan aristocratic and 

Ajramcau : commanding. Gatoeau the 
- -. v : V " •' Sleeves rolled-up;-, round-faced 

RAYMOND. GARNEAU. Claude [professional politician. 

Ryan’s opponent lor leadership As the campaigns tolled into 
^. the Provincial-Liberal partj*. top" gear,; there" was only one 
had-a .rapid rise in the Cabinet; basic difference ' between the 
of tae'' former Liberal. Premier, ' contenders: English 'klucation. 

' r,* . doen>t believe it realistic 

.In... 1970 - he was .Appointed to return to full freedom of 
Minister of the Civil Service., choice for education in the pro* 
Assistant ; Minister of- Finance vtocV Garneau is wUtine to trv 
and idce^airman of the . Trea- it .'He wiH .gather cobsiderahle 
®ty Board. Within six months- support from the non-French 
he was named Finance Minister speaking communitv for ’ that 
and, chainnan .'of. the Treasury ’Stance, since ; under •' existinE 
:^oardv a -post he held until the., legislation .its ehiltlren are most 
Bourassa. Government was - dc* Tflrely to be consigjied.to French 

« a .a- «v-.„., a M . B .w G **? e *“ schools against their Darents’ 

ward Quebec's new status. delude Ryan self survived, one of the few. will. 



Raymond 

'••Garneau 






Hydro- Quebec 



—— — _ 


" *'* ; 

* . - -r- 

“V •- *‘- J ' ' 


In Quebec, hydraulic energy is still the 
most economic means for producing electricity. 

A hydroelectric station is expensive to build but its 
lifespan is much longer than that of a thermal or 
nuclear station and over its lifetime it requires little 
maintenance. The raw materia! — water — is free 
-and Constant.. 

in Quebec we'have specialized in 
hydro power, arid a major project, James Bay, will 
permit us to continue to produce more than 98% 
of our electricity from this source. 

• One-third of the posts of James Bay, 
for example, represent salaries paid to 14,000 
Quebec workers, and two thirds of the project's 
goods and services are acquired in Quebec. 
Billions of dollars will be spent over many sectors: 
transport, housing, food, materials and equipment 
of ai! sorts. 

Long before the first James Bay 
turbine is placed in service in 1980, Quebec as a 
whole is benefiting from a daily injection of the 
project's vitality. ’ 


•.r-. ■.■W.iSTfCv' 



" ■ - ’ • 




Of. mdepehdence far independ- 
ence sake. 

- This is a year for strong — 
perhaps . hatoh — independent 
leaderehip, " leadership which 
will, if 'necessary subordinate 
separatist goals to. the task of 
shoring up .lh'e .eebaoniy.. . But 
Levesque' has' developed a party 
which is so democratic that he- 
himself has little more than ar 
stogie vote, even in Cabinet He 
may well-have the acumen to see 
the new light himself. It will be 
much more difficult for his 
associates to recant i 




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For years we’ve .provided engineering, 
project management or construction 
services for projects that have boosted 
Quebec’s industrial growth. 

Today, it’s the LG 3 dam site in the 
James Bay project. Yesterday, it 
wasi Mirabel International Airport... 
Manic 5,. the woriefs highest multiple 
arch dam..- one of the most advanced 
electrolytic zinc refineries anywhere... 


the largest asbestos mill in the western 
world... ore docks... grain elevators... 
industrial plants large and small. 

We know Quebec, we speak the 
language, and we’re geared to 
accomplish your project at the lowest 
possible tost in the shortest possible 
time. We’ve proved that ability again 
and again— in; Quebec, in Canada, ■ 
around the world- 


The SNC Group 

Offices in major Canadian dties aixl in various parts of the wodd 
Office: 1 , Comptexe Desjardins. P.O. Box 10, Desjardins Postal Station. Montreal, Canada H5B 1 C8 

Telephone (514) 282-9551. Telex 05560042. Cable SNONC 


Claude Ryan 












Financial Times Monday March '6 1978 


QUEBEC XH 


Church in transition 


QUEBEC HAS been going taken part in the long struggle quest of 1760 Onwards. It "is note.. In April 1972. at a . meeting What does it have Co offer, 

through a difficult transforma- for (national) survival, will the a struggle now continued by in Ottawa the bishops 2fiinned Maybe the spiritual background 

tion in the past 23 vears. A Church opt out at the very different means associated with that “all political options which without which political victories 

traditionalist, clerical", and in- moment when our society has Mr. Pierre Elliott Trudeau, the respect the rights of individuals. and te chnic a l achievement, in- 
ward-looking society has given readied what may be the most federal Prime Minister, and, on and the human community” are stead of adding to freedom, run 

way to one that is lay; more important turning point of its the other 'hand, . Mr. Rene legitimate. They added that the the risk of lnweasing human de- 

of this world, and in particular history?*' Levesque, Prime Minister: , of choice made must have regard pendence. A rejuvenated Chnrch 

of North America Yet one is The Church had inspired a Quebec. * ' for Christian values. could and should b ecom e a com- 

tempted to say that it is groping deeply traditionalist Franco- Mr. Trudeau’s way is co- The word self-determination inanity where to possess means 
for the lifelines that reach back Canadian nationalism; Now it existence with other Canadians was painstakingly avoided — to share, not to hoard; .where 

to the period before these dras- felt helpless when faced by a and equality of rights. Taken even more- so the word indepen- communion and partnership are 

tic changes took place. specifically Quebecols and as a whole, .amjf at (he level dence. But looking beyond the rained" more than prestige; 

Industrialisation was under- purely secular nationalism of its official representatives, the words one can say that the where power will mean service, 

taken in the 1920s and acceler* which preferred liberty and Canadian Church is glad to sup: bishops admitted the right Id hot dominatioa 

ated as a result of World War modern values to submission port that form o£ nationalism' self-determination by allowing Were that possible, the Church 

n. But tbe resultant cultural and tradition. Among other documents the all options provided they res- itg to the 

adjustments did not really begin After some delay, and helped pastoral letter issued in 1967 pert the rights of individuals &r Quebec^ freedom 
.before 1960 and the so-called along by the second Vatican upon the centenary of Canadian and- the community. The bJS “°P s and solidarity Increasingly 
quiet revolution. It brought Council, the Church adapted confederation supports that of Quebec itself have stood W towards independence 

institutional reforms to school- reasonably well to a changed view. . It based itself upon that declaration, refusing to oe- 

ing, social and health services, Quebecois society. No violent justice and fraternity as the ?°me more explicit Yet tnere . • • v. ■ 

and to some economic institu- shocks accompanied the dis- elements of social, peace in is *G*son to suppose that cep- JrrOu CjUV BOUTgeault 

tions. A new species of techno- appearance of its control over Canada. tain clerics have _a clear sym- 

crat appeared, but the cultural t be schools hospitals social pathy for the Parti Quebecois. Prof. Bourgeault, a theologian, 

changes undertaken remain in- ser vices. and the place of daily RAononitmn itself in the 1 elqc- fc Dean of Adult Education, fit 

complete. work. As elsewhere it was tions of 1970, 1973, and 1976. university of Montreal. 

Traditional ideologies dis- occupied with its own, internal In the name of justice the Much of the proposal for 

appeared; Christian values, reli- reforms (to liturgy, teaching, bishops demanded that the Quebec's independence remains 

gious standards, ancient tradi- organisation). French community in Canada ambiguous. For the time being 

Disenchantment set in be- should be afforded recognition raises atoe rents of . ■ 

tween 1965 and 196S. The Gov- of its “ undeniable right to fts ideologies: those 
-Si only partly satistted own development.” For tie memones of p^t bardes. those 



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The Queen Elizabeth Hotel and the Basiliqve St. Jacques in Dorchester Bouleoan i • 

Montreal. " J 


S&SJS “7,’SSuT MM!?. KB K-TSSR ~-»2fl5L2M 


^jssjsars& snssvjsn -zssszsezsss: 


Quebec found its expression in LJLmf , thlrin ■ . r „, TT1Ll . -y- y- — 7 as the read to a torra nr 

ao aspiration for independence, l ”? H 1 socialism suited to the reality of ' ; 


= wrxrxzs -jvu—^^'tTtions s-srtsrsr ? sirs 


or rattier for sever^ kinds of int»vatious to that autonomy without which 

independence— cultural. DOliti- had J nca pable its existence, prosperity, and nrieo ie fratrila- uiVint urill h (ITWIPTI 


becois form of socialism. But a J*!**'® mEHSi development would not be drived? ' “ ? . 

latent conservatism remained^ ^ considered rele- " . Socialirt ideology does not . - 

and has of late drawn support p ace( j ^th a society deter- All of that would have to have strong roots in Quebec. The ___ jj* 

*om an attachment to a “good 0 Trgan!se aSdtog to t *5 peCt * B *?***! ot * e ?- " Communist Party has not taken . . 1*1 1 ' " 

life as assured by a capitalism a Jg, nomous and s %£. J time of confrontation between at ^ m the socialist- Ij M /> IpU O VI H 1-4 PH 

Made in U.S.A. . Iar criteria ^ Churc h b r ^ er ? nt - "fSf 1 s ™ ups * ins P ired New Damocratic Party ri ..|J 1 J I | W.|| " |S / I I ' I I I t,! I 

RAOPntsif'lA Quebec failed to take a position interests, and socud has struggled. The great trade . _L^JL Oil til J- Li A 1 VllVJLl 

JVCLt. piaClt. “more evangelical, more free, c * aase ^ episcopate asked union federations have done the 1 • 

The destiny of the Quebecois and more creative in the light Ca n ad i a ns to display generosity most .to define and- spread 
Church was and is tied up with of the most crucial concerns of towar ds the whole world and socialist beliefs. The Churdi for - 

■that of the Quebecois com- our society" (Dumont Commis- towa «fc tihe brothers closest to long inspired a battle against - 

■m unity. But after having for so sion). Hence it is retreating th® 10 communism and supported A PROMINENT French- choose freely between the Ottawa was helpless. Only a issue has become subordinate t 

long been the receptacle of the into a silence which it explains Without ruling out the option adherents of a form of Canadian " businessman facing English and French schools few weeks ago the Premier of gaining power for Quebec ove 

dreams and hopes of that with a reference to its essen- of independence the Canadian corporatism as a third way be- the courts in Ontario last month systems, regardless of their Ontario, Mr. William Davis, its economy* mnd foreign polk) ' 

national group, the Church real- daily religious and spiritual bishops thus displayed their tween capitalism and socialism, was refused a trial in French by origins. At the same time the . refused to give French official The Levesque Governmer 

iscs that it no longer retains mission. That explains the rapid profound sympathy with a Some Christian groups have Mr. Justice William Parker of Bertrand Government planned status in Ontario even though has made its choice, but th 

the initiative in this field. The rise of the charismatic move- Franco-Canadian nationalism opted for socialism, but on the the Ontario Supreme Court, a series of measures to promote 700,000 French Canadians live people of Qhebec has not ye 

dreams of contemporary Que- mem and the ready acceptance which looks for justice ■ and whole silence reigns. OnJv a few weeks before Mr. French culture and the use' of there. They do have access to done so: only a minority want 

becois are nourished from it has received from the episco- brotherhood in the form of ah In the past the Church was Justice Jufes Deschenes, of the tffe French language. Within a schooling in French, but as a independence. But the Linguag 

sources alien to the Church, pate. Despite a number of equal partnership with the the preferred stage for the Quebec Superior. Court, had few months of the schools bill general rule it is true that there law has nevertheless con 

The Church used to hare over- declarations of sympathy, the English-speaking community. creation of individual and collec- voided those sections of a it' was heavily defeated at the is wider provision for" English manded much support, not leas 

whelming authority over the life Church has, in 1978, not But the creation of the Part! live attitudes in Quebec. That Quebec law, the celebrated Bill polls. schooling in Quebec than there because it cah be used to built 

of the community. Now it is adjusted to the secularism of Quebecois in the late 1960s and heritage has left its mark in 101, which were to make French Its successor, under Mr. ^ f or French schooling in any up bargain!® power ms a ri 

having difficulties finding its the world around it. terrorist kidnappings in October spite of the decline in Church the language of legislation in Robert Bourassa. a Liberal other province. . the rest of Canada, 

new place, playing a role less Franco-Canadian nationalism 1970 gave impetus to the debate, attendance. The question' is the province and to enforce the came forward with a law that Some effeqt upon the rest n. 

striking, but more real and de- has been an often tragic In 1971 the Synod of Rome whether the Church will once use of French- In most court made French the official T « . ■ Canada is>- already visible 

fined. In 19T1 the Dumont Com- struggle for survival. The affirmed the right to self-deter- more play its part in-the aspira- -cases involving corporate language of Quebec while main- 111 till 011 CC Ottawa ’is struggling with th* 

mission appointed by the Church was in the thick of^ that mination of all peoples. The tions of those trying" to jmM a bodies. ' taining the rights of the' English 1 .. • idea of guaranteed minorfts 

'Church put it thus: "Having "struggle from "the" British con- Canadian Church 'had to" take- new'Quefeec. In . one casfe, French had no" community. But the freedom This histone background win Brunswick, a dto 

: — .legal- status Itt Ontario; In ihe to '.choose -sdiools was takeo explain why so many Q^»e«ns So borTeftnT nZn Qu^ 

. . . I other, the British' North awat. from the so-called ethnic B-n _ 101 _ and other STwi T 


The battle 


English and 


..PROMINENT French- choose 


between the Ottawa was helpless. Only a issue has become subordinate t 


ScaA^ofl^Vcr population. tiioseofor^n^her =es .«£(> curtail ^.rSo^renchdL^ 

th.an_ En^ish. who were denied is officially ^oing bilingual. A 


guarantee certain .English ac^ss to EnglVh state schools National pride is engaged on + 

t nntti.oos. rioMe in Onahan B 7 . T hnth ciH«c Th* PVpm'h rmrw recently as nve years ago uiea 


QUEBEC NEWSPRINT SERI 
THE UNTIED KINGDOM 


language rights in Quebec, the uijless they, could pass an. at both sides, the French conf- . had-Valmost no legatt 
one Canad.an proyince where times .harshly administered mu nlty is split about whether 2S n ^? u 5aMmge rS 
the majonty -is French speak- language test a compromise is possible: some Pjgg 

Tntr M-r T. BVKfl ,„ th. language icsi. ■ ■ . that tu»ino a -minnritv in Ontario, With the second larg* 


Ing Mr. Rene Levesque, .the At the same time the French « that^being a minority in ™ 

Onehpr Premier - was nnt v i • Tanaria thev wilt never, eniov ” renen group in l-anaua, na 


Quebec Premier; was .not were unhanDv because" thev Canada they will never enjoy ‘ , , 
abashed by the Deschenes feared P ftat as their owj ^ equality. Others feel that done a goo^, deal less 




•"-w; .y.O, 


- -- ■ • 








9 c: ! 


■■ ■ ^ 

——-'•'I'- 


lii’iU 







aoasnea oy me uesenenes gau f eare d that as their own 11111 equauiy. uinera xeei vnai — ~ " 

ruling. “ Our. law is just” '*.* birthrate fell thev would be dme will make for equality and It is arguable that the debab 

said. “ If something is wrong swa niped by Engtish speakers, mitaal respect abo ut how;French and 

constitution mV*. Bourassa was swept out of The latter believe that the 5 

1l * y We W4nt ,0 °® ce I976 - a contributory French community has made withni^rtS? rnMrcf rJS. 
be nd -of it.^ reason being that a part of the tremendous economic advances Ea= ’ ,sn ,. Car ^ 

Small wonder that .French ethnic or immigrant community ahd that it has become su strong hav ®. to cope vnth unjg 
Canadians feel that they are in abandoned, the Liberals. that no Government can afford fSwt .SSJSfS 

Ration where they cannot win. Th at left ^ baU M ^ to ignore it The fonnfer have S 

They constitute only 25 per Parti Quebecois of Mr. chosen to work for &n * 5£? sl L “J. ^ 

cent, or the Canadian popitia- Levesque, which had left ho independent Quebec fearing JSSSL, Sf iSTJTSUS 
rnTT^ 0 ? 110113 ! doubt “ in tt*« context it that otherwise tbeircommumty 19,0 must *"f£ 

m Quebec Hente they ire not attached more weight to the 'will be submerged in North a arraD & V s 

in a position to achieve much ejain, 0 f the French community America. To them the language ' Marcel PeDU 

in their efforts to protect the than to individual rights nfr , = ==== ■ 


Marcel Peoii 


i ‘"i: 


The Forest Harvest — Truck train carrying 27 cords of pulpwood en route to a CbnsoSdated-Bathrast mffi. 


Consolidated-Bathurst is one of Canada’s largest forest products and 
packaging companies and the largest newsprint producer in Quebec. 
The Quebec pulp and paper Industry makes a lot of good newsprint 
and sells it in many countries, although most of it goes to the United 
States. 


NEWSPRINT SOURCES 


Just before the turn of the century, a predecessor company of 
Consolidated-Bathurst's Laurentide Division helped inaugurate the 
mass production of newsprint In 1976, our newsprint mills shipped 
917,000 short tons, of the province’s total production of about 43 mil- 
lion tons. Quebec shipments were valued at about $1,000 million 
ar.d 90% were exported. 

Altogether, Quebec’s pulp and paper industry operates some 60 pulp 
and paper mills. Their production is based upon the continuing har- 
vest of the publicly-owned renewable forest resources of the province. 
The industry has, therefore, a very considerable mutuality of interest 
with the Government of Quebec. 


UWTED KWGDOM 


Hi 


mm* 






OTHER PROVINCES OF CANADA 


Four of Consolidated-Bathurst’s seven mills make newsprint, and 
four of our 1 7 newsprint machines have twin-wire formers, one of the 
newer ideas in paper-making technology. The Company has pio- 
neered computer automation of roll levelling and hardness and has 
developed "extra” production capacity with computer combination 
and allocation of customer roll-width requirements to our various 
newsprint machines. 


COnSOUD ATEO-CATHURST NET SALES BY 
MWETfS .'1ILUONS CDNJ 


■£***+**'* 


Consolidated-Bathurst produces "newsprint that makes a good im- 
pression everywhere. Frankly, we’d like to sell more of it in the United 
Kingdom. 


PS. In addition to its manufacture of forest products, CoraoBarted-Bathuret has a strong dhreat- 
fieation into industrial packaging and glass and plastic containers, with 24 packaging plants 
across Canada. Moreover, our German subskflaiy, Europe Carton AG, headquartered in Ham- 
burg, is the largest manufacturer of corrugated containers and folding cartons in the Federal 
Republic of Germany. 


200 * 
* 
* 


use of Tren^ by their own choice. It pushed through Bill 
influence outside Quebec. Yet iqi, the Charter of the French 
m Quebec, where they are in a Language, which restricts the 
majority of 80 per cent, they right to attend English state 
nod that Bill -101 is in part schools to children with at least 
ruled unconstitutional: (The one parent who has attended 
Deschenes judgment can be ap- English schools in Quebec. Im- 
pealed against, so that a final migrants — even from English- 
verdict has to be awaited), speaking countries — will have 
n I »• “ to send their children to French 

OymuOlIC schools. Even Canadian immi- 

' grants from other provinces wiU 

The linguistic question there- have to do the same (though 
Fore has acquired immense sym- pq Government has held 
bolic significance. It is by no out the prospect of concessions 
means only the Quebec sepa- jf they can he negotiated with 
ratists who welcomed the BUI. the other provinces). 

There are many others who want p^ des ^ schooling provi . 

Jr ?!L 0 rions <and ^ concerning 

nttles hvmg -side by side, a parliament and the courts which 

if® 5 patrs f s ’ were described as ultra vires by 

0f G * en ; Judge Deschenes - ), the Charter 
de GauIle’s The concept of ^ down rules affecting 

busines£ Goods wiU have to b! 
labelled in French, outdoor 
advertising wiU have to be in 
5S2?, French. Business must adopt 

federal Prime Minister and pjgj^ conduct its affairs in 
Liberal leader, a controversial p^ch though exreptinrls are 

rhSpc 6 ’ 611 8111008 promised, for those whose busi- 
Liberals m Quebec. ness [s ^ My outside - he 

For a very long ^ time the pC o vince, and in particular for 
Quebecois bad felLthat .they the headquarters of tra ns- : 
were sufficiently protected by Canadian companies. 

position- of these head- 1 
made their province m effect mjarters is considered in the 
They had French of tlSTSS? tel 

schools of their own, they had MonCreaL But ij th * rr l 
access to any public office and ™ 

1950s language became a. hot ^^comPa m^n M on^rn,! ajl 
issue. The English" school • ? 0rK ! d m En ^ I15 “- J re °ch 

system expanded .rapidly, Sroi? ^rorwi ro h^£ 5Sh 

thanks to the increasing num- nardly£<>«* a chance to become 

ber of immigrants who chose to attendants, is no 

join the English community, ^ day fhe 


CANADIA 


1 

I 


SURVEYS 


The Financial Times is preparing to publish "■ 
a number of Surveys relating to Canada; -V 
three of which are listed below: i - 


Canadian Banking ! March 16 
Edmonton 1 August 3 


This survey is timed to coincide with the-Tij 
Commonwealth Games. ■ ? 


Canada 


November 20 


and to an increasing number 


French executive 




iw ✓ 


ONTTED 

rafWDQrt- 

'OTHER 



CONSOLIDATED - BATHURST LIMITED 

LONDON MONTREAL TORONTO NEW YORK CHICAGO 


of Quebecois who felt, an Montre al companies must not 
English education would give on ^y English but work in 
their children a better chance- “ English milieu where- the 
of succeeding in business. M an y Quebecois are in a minority, 
leaders of French society Federal Government has 

clamoured for government to. .deprive the (Juebec 

Intervention, afraid that French' tistioiiaUsts of one of their main 
might disappear altogether arguments by passing legisla- 
from Quebec. tinn to make Canada nflltnally 

A succession of language bilingual, but that applied only 
laws has been adopted, begin- to Federal jurisdictions, in the 
nlng in 1969 when Jesn-Jacques areas of provincial jurisdiction. - 
Bertrand was premier. ' He whidt ihdude education and the 
guaranteed parents the right to administration of justice. 


For further details of tbeeditorial synopsis 
and of advertising rates contact: 

Anthony J. Brown 
Financial Times, Bracken House, 

10 Cannon Street, London EC4P 4BY 
" Tel: 01-248 8000^7^ 

Telex: 885033 FINTIM G 


FINANCJALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


The content and publication dates of an Surveys In the- - 
Financial Times are subject to change at .the discretion 

of the Editor.- -- 











MlHV M.. 


*, Financial Times Monday. March 6 1978 

• • _• . «X». ■ • * . . : . 


SI’S--'. 





2 

towards an EEC policy on cars 




By TERRY DODSWORTH, Motor Industry Correspondent 


E EEC hax_a jx>i 
a policy, of so; 
Wing. But she 


.elding. 

I'<f •_ _ _ 


jS£T"«v E EE 9- hax ^ the per* At the same toe. Sic. 

C= .J ??“*?; ® ««w*or;shi*i- sistem* of 'restricted. national Tufarelli insists' that ' - the 

fefeU also- outiDote, , and to .absence of a Japanese must adopt . more 

■P*-v*- ■'"i’J.iJ” iSi ■ p ^ e motor common policy; in dealing with responsible trading patterns. 

'■“}*' questwn.the main problems.” Instead of '‘Certain rules of behaviour, 
^ e -W *? is fraemanfed approach, the acceptable limits and priorities 
Wr- 4 n °®> e -leading European , autorifles .should must be set up to operate a 

-national’ . moves system of erchange.” Ibis' again 
mSF' eeh- .7 '■£*¥*' is a-. View gaining increasing 

Ef. t J5l *^*? r 1*- the :.ntddstry. create currency in Europe, mainly 

IE- : v ^- ’ 2r ^ W ■ Nic< ^ .guidelines forto^rotionalisa- because the Europeaiis feei that 

Sl^vJVr* 1 °f fUs-sector,.ahd-tonduct Japan is establishing- new manu- 

|f *j’ T • v . v J ^research- : ;into; larger ■ scale factoring capacity without 


££ «**£.’■ i 1 * Tufarelli’s thesis fo that, economies of production; sufficient thought to the way in 

KllmruiQn l-n rili ■nWii 1 ■■■■ m mm, ‘M tint -wnitiw * A ah iw ■ witoe Vowa !v> — t_ ■ . * . .*.« . ' #■' ' 1 


LEYLANP-aTRcm PSKH 


it.'! surfaced i 
Hr ”■ '. ech; at the Cc 
t? : ■ : - W iast week ly 

rL» X^relli, managing 
car division.. 


;• European mdn 
-f-vj" anise and regeq 
hd. qp to the .d 

■ -cd by the ' Jape 
_sV£ ducers. - Of tt 
. .". f :- V tor manofaettuij 
"‘’’v Europe a 
. >ope suffers fro! 


rYmust re- Mbstmotor toipanfes ha ve in which . it will affect • trade 

iirif.it is^tb the. . past been, -^.vigorously balances. - J. ’ : 
Hehge-now opposed -to. any sucb;,&ureau- Aivw .. n ;. ■ %_ ^ 

^ -vtele cratic approach to ttttonalle* 

three bie flea.- They have ' .preferred to z; test analyses by the European 
r .Woes (toe accept : tbe jJisdplihes: .of.’ the .'iJfSJJJ!? 

i ■ Japan), m arket place, 1 - A : draft -EEC ™tJ2L&*5^iL£tS 
by far the document oudining- areas' where rarc 



“«**»»-**. iiutmrMy «ur uie ««vu».™i yuuii **.*?«« car - vpor urit-hin tVta rsi»r+ four 

iatest structural Safeness -In the Commission might be able JJ** R a? 
jition, .Europe is - under-a- to b elp the industry • fell: on years - At the -same tune, new 


‘^'^^SiSjtained attack fr 
icle imports, xru 
increasingly o: 


a * uiiuer^ uiyuauj -»«**■ vm B i AnfV 

m Japanese stony ground list year.-aiid the I2J5SS’ SL 

ply" of cars; industry ..on the face of iR-needs SmSi 7 

Stiiall SS -very IMe help at prSeat In- ^ xnecon 


rcial vehicles, wbidi are jin- -d eed , car sales in Europe.' were 


European 


“It's a combination of British economy and French savoir-faire.’ 1 
sis. however, is Partly for these nationalistic Ford’s decisii 


Ford’s decision 


ancing the old .'system ' of st record 10m. imits^tiSt i year, To a certain , extent, the dearly very difficult to achieve, reasons, the pattern of Euro- Peugeot diesel for its Granada; 
?marional trade if established will probably : increase -slightly necessary process of rationalisa- The only company of this kind pean ■ cooperation up to now An agreement between Mer- 

^ V.* . • ■ > . J • * « ^ I - tl«vn x— — z _ aL - 1 a - ■ hofl' Knan MlTiPAntrd An cal. Acwfar f/^nvwiomr^ CfAwo. 


r een 

inch 


the motor industry after the this year. &nd could go hip tion has already started. Vehicle to emerge in the commercial has been concentrated on so- cedes (Germany) and Steyr- 

: war. another 2m. in the 'early ISSOs. manufacturers have been slowly vehicle field has been created called “ functional” mergers, ih Daimler-Puch (Austria) under 

'Tie way to respond; to this This is hardly the- obvious time seeking out ways of achieving by Fiat, which put together which different manufacturing which Steyr will assemble a 
eat, Sig. Tufarelli suggests, af which to invite companies to greater production efficiencies, IVECO by combining its own groups come together to estab- Mercedes-designed fouwheel- 
lot necessarily by putting up huddle together 'for protection, which tends to mean longer prOr truck fciterests with those of lisb separate, jointly-owned drive vehicle; 
evible barriers agaizist the Even so Sig; TufareUl’s duction runs as the technology Magirns in Germany and Unic activities, - or in which one An outline agreement 
■anese: European companies speech touched a sensitive nerve improves.- For different com- in France. In the car industry, vehicle asfiem bier uses another's between Mercedes and IVECO 
uld “ resist the tendency last week. European manufac- Ponents— engines, • gearboxes. a projected link between Fiat parts. These include: to design a common automatic 

ards protectionism.” But turers are at last becoming 3x1 e s and so on— the optimum and Citroen failed, and the only A common engine plant at gearbox for heavy trucks; 

re organised marketing aware of the speed with which P ]aot sizes differ, but they are signifi can t European-wide Douvrain,: in France, which Ford’s acquisition of a Berliet 
angements should be estab- they are being overtaken by the oft en above those required by rationalisation in the last few makes units for Renault (France) cab for its big Trans- 
ied than at present, which sheer vigour of the Japanese a single European manufacturer, years has been achieved by (France); Peugeot (France) continental truck; 

an? accepting and welcoming and the enormous design eqpno- A pertinent example is auto- Ford, a U.S.-based company and Volvo (Sweden). . A decision by Volkswagen 

EEC’s recent move in mies available to the. U.S.-based ma tic gearboxes, an area which which has been able to bring The Club of Four truck in and MAN to make a common 

uestins reciprocal arrange- multinationals. In addition they “ now being keenly looked at its manufacturing in Germany which four manufacturers, medium-range of commercial 

nts with the Jai&hese. are growing increasingly anxious by Leyland and Renault Neither and the UJC together so Saviem ••• (France), Daf vehicles; 

‘hese proposals come dose about the poor comparative uses sufficient at present to effectively because it is not (Holland), Volvo (Sweden) and Joint manufacturing agree- 

the fashionable-concept of productivity of much of the justify the investment in them seen in either country as a Magirus Deutz (Germany), col- ments between Mercedes and 

anised free trade. But Sig. European industry. Plants in (although Renault has made it), fully national concern. Com- laborate in manufacturing parts MAN in Germany for commer- 

? arelli’s other suggestion is Europe must be utilised more, while a multinational company panles like Renault and Leyland for a vehicle which they all cial vehicle engines and axles; 

re controversial. component runs grow much Ion- Hke Ford can afford a huge face a very much higher degree assemble separately*^ The now-ended agreement 

The main sourges of weak- gar, and vehicle, assemblers dup- plant in Europe because some of of national interest in their The decision of Volvo’s Daf under which Triumph developed 

is for European manufac- Iicate less if the EEC producers to capacity can be off-loaded on activities, which gives them Cars subsidiary to buy a its slant-four engine for Saab, 

ers are the fragmentation of are effectively to combat -the 'its U.S. parent company. potentially modi less room for Renault engine for its 343 There is a dear tendency for 

ir industrial Systems, the new -threat' from overseas. Rationalisation on- a pan- manoeuvre. model; these agreements to be reached 


within a national context Com- 
panies seem to look mare 
readily to other competitors 
within their own borders than 
outside. So a truly pan- 
European structure of collabora- 
tive agreements has not 
emerged as yet in the motor 
Industry. The question now is 
whether the motor companies 
need another push in ordrr to 
achieve this, and, if so, who is 
to provide it 

The Fiat view is that the push 
is desirable and that the EEC 
is the best medium through 
which to give it The logic of 
this is that tbe EEC provides 
the oniy forum which stands 
above the national interests 
which dominate the debate 
about the future of the indus- 
try. But by no means all Euro- 
pean companies would agree. 
Some believe that administra- 
tive action would mean an 
entirely anodyne solution with 
no teeth. Others argue that 
joint ventures are so difficult 
to organise and control, and 
have had such a patchy record 
of success, that they are not 
worth pursuing. Straightforward 
mergers would be a more simple, 
and probably more effective, 
way of rationalising the Euro- 
pean industry, they argue. 

The Commission itself has 
been showing signs in tbe past 
few months of wanting to force 
the pace a little and take on the 
sceptics. After a recent meeting 
with leading company execu- 
tives,. Viscount Etienne 
Davignon, the Commissioner for 
Industry, released a statement 
which hinted at efforts to bring 
to indigenous European com- 
panies towards a common policy. 
But Brussels is still a long way 
away from establishing the sort 
of approach which Fiat is pro- 
pounding. 

At the moment companies are 


very reluctant to say hem tar 
they would go in supporting an 
EEC initiative. Talks are held 
quietly and controversy avoided. 
But a few executives are grow- 
ing concerned enough to push 
their heads above tbe parapet 
and insist that if Europe does 
not reorganise it will be swept 
aside by the combination of the 
Japanese, the developing world 
car producers and the tech- 
nological strength of to 
American groups, 

M. Bernard Hanon, for 
example, the head of Renauift 
car activities, has been a strong 
supporter of a reorganised 
French components industry 
and a rationalised structure for 
the whole European motor in- 
dustry. His conviction has been 
sufficient to push him into talks 
with Leyland — an alliance which 
most people in to industry 
consider extremely uxtEavoarabte 
to Renault. 

Leyland itself is now putting 
a lot of energy into these talks 
with Renault. They cover such 
areas as gearboxes, engines and 
body panels. Recently, Mr. 
Colin Hill, the chief economist 
in Leyland’s international divi- 
sion, delivered an unofficial but 
dearly significant speech, in 
which he echoed much of what 
Sig. Tufarelli said last week. 

“ Without some form of EEC 
initiative I do not see an indi- 
genous European motor industry 
surviving into the 21st cen- 
tury,” he said. "If the inter- 
vention is both bureaucratic 
and uninformed, then the indus- 
try’s life expectancy is that 
much shorter. But if we are 
determined to survive, and are 
wdtiing to devote the necessary 
resources, we shaU come 
through fit and able to meet 
the new challenges of a now 
world order." 


A 1V3.5- 

,» - . 

£ FK-i-z. 

is- • 

* 

f 

i*r. -Vi- 

f. - 

-t t : ,- 




Letters to the Editor 


\g/ s- 

f? 


■US * 


7 a 


MoitlAnf V +L n - Cabinet’s . approval, I removed 

Meglect 01 Tlie myfeH from the dhair of; to 

. — ; Sporty Council and transformed 

>nVirnnrfl : AIlf ' ft into an independent ' -Royal 
.UVUUimiCIU Charter body witb a dtstin- 

»m Mr. E. GrimuL-MP. ' guished sportsman (Sir Roger 
; !r , — The Select*:- ^Committee's Bannister). - instead of a . pqli- 
usatiorw againstfPetU* Howell tician, at its head. 
arch 2 1 are serious. -but mis- Mr. Howell iws never accepted 
cert. Having earned virtually *is. He has sought to exercise 
same responsibilities from detailed controVover both" the 
T-74 in Mr. Heath’s Govern- Sports Council’s policies and its 
nt. I believe to- main charge use of funds. Politically, 1 era 
jinst him is not Kta squabbling see the attraction of this to to 
ih the Waterways Board and Labour Party managers and 
o Sports Council, but his publicists; but I do not think 
■part merit's culpa&le neglect, of it. is wise. Not only is it_bad 
c environment.^ • .. to” reimport politics into sport: 

Between 1970-74.. the newly By diverting the attention and 
?a«ed Department 'of th e En- energies of to Minister from 
■on men t made massive pro- his other, *ind‘ much wider 
?ss in cleaning to . air ^and responsibilities for Water, plan- 

• rivers, and cleaning up dere- ning and: aH forms .Of pollution 
t land, especially.' in the control, it is bad for the envirou- 
rthem cities. V/p set hun- mpnt and all who care for its 
?ds of Inral authorities to protection. ’ , ' 

an historic buxldip^s, renovate £id on Griffiths, ’ 

ms. develop environmental Ho|Wc ^ ckmmons. S.WJ. 

provement areas “Jp run-down 

v centrps and designate new » “ 

mtrjside parks. : Other statu- • _ 

j bodies, including -the nation- JLICISII IS TTlOl fi 

led industries, were prodded 

o launching new «hemes for rJiffl-PIlIt 

• removal and grassmRof slag UAitAVUH- 

1 .’? N and f From Mr, D. Leech. 

'"Th* «r?5S!i Sir, — Mr.' Owensmith (February 

ptuis.j, Britain ti»k the lead jq) cootrasta Government sup- 

r port tot ^ ^ w® t be lack 

m cnnferenco of support for new product de 

ward new Jdpjis. ba^ 3 on our sigIL Would, you permit me to 
n domestic success^ tor the question the Importance of inno- 
iservation toj-'wlds nation in product design and ask 
3n ? whether, in this country, we put 

forests and «dan B ered too much emphasis on ionova- 
cies. \\ ithin tiie-JEEC. we t j 0It creativity and invention and 
J® JSSSJ?-- 1 " too little on good detail design? 
forefront °{ PM^uropean There Is, of course, a sense in 

nn v5v, Io L?^S H M i ^ lch every good solution to a 
t ! North Sea ■and **$. viveni Resign problem is innovative, for 
; sning into it, and to i setting eac ^ ^jgp jj, ^ solution, if not 
standards for -^naustnal j s a new- application of 

•- issions, car exhainto,- noise A icaovna principle. So much has 
: . D ' s ' n ^ c -«r been written however, to recent 

l : -t would be unkind to Mr. about the encouragement 

- well tn say that he personally, 0 f creativity that one gets the 
a pood European,- h^KUirown impression that our problems of 
r iay his internatiori al lea d. It jp W produc t i v ity, balance of pay 
p been the anti-Euroaan atti- menB, low. rate of growth, would 
\c of his senior coneagnes, jji ^ away if only someone 
■eel. illy. Messrs- logwood WO uld invent another bouncing 
(in. Shore and Silklo.^wat has bomb, linear motor; hovercraft 
it Rritain its primacy in QT Wankel engine. I believe that 
-opean environment^ plan- most engineering innovations 
s. Nor would it be fj® to lay have no pay off and are never 
Denis Howell’s door #ie loss beard of. When an innovation 
momentum in mir qpmestlc does have a pay off it is usually 
in air and clean* water snail arid always late, 
iries. nor the slowjpff down Cbuld . we not find a way of 
derelict land clearance and encouraging our designers to con* 

.. . ato Thaea . 


ances. The obvious minimum 
increase is one of £1(6 to £1,050 
for a single person, and one. of 
£170 to £1,625 for a married 
mao, because the latter will be 
just enough to prevent a man 
with two children having his 
take-home pay reduced as a 
result of the proposed cut in the 
child tax allowances. The cost 
with that of making an equal 
increase In the pensioners' tax 
allowances, would be about 
£lJ25bn. 

If. as seems likely, the Chan- 
cellor feels unable to ’reduce 
taxes by. more than £L.5bn. to 
£3bn-* is it too much to ask tot 
the few humSted million remain- 
ing shall be devoted to encourag- 
ing saving and investment? 

The first -priority should be 
the indexing of capital gains. 
Next should be tbe redaction of 
the maximum rate of tax on 
earned income to 75 per cent., 
and the reduction of the invest- 
ment income surcharge to 10 per 
cent, giving a maximum rate of 
85 per cent, on investment 
income. For political reasons, 
however, it is more likely that 
the Chancellor will prefer to 
raise the exemption for US to 
£2 000 . 

I would suggest that it would be 
both more just and more' imagi- 
native if he left the limit for 
a single- person at £1,500. but 
doubled the limit for a married 


Pfl AltSl 


mean, that a couple with an 
investment income of £1.500 each 
would no longer be quite so 
heavily penalised for getting 
married instead of living in sin. 
Jt would also reduce the cost of, 
at, some future date, allowing 
married women to opt for sepa- 
rate' assessment of their invest- 
ment as well as of their earned 
income. 

- It is difficult to aee how a 
Government which claims to 
believe in the equality of the 
sexes, and which also presumably 
is not hostile to marriage, can 
ref use' to. accept this as a desir- 
able .ultimate objective. 

Richard Harris. 

Ftat 8. 

119 Haverstock UUl NWS. 


5. Nor would it be fsj 
Denis Howell’s doorj 
momentum in mir'.fl 
in air and cleam 
tries, nor the fitotalti 


up of inflation between that ii is safe, reliable, raaintain- 
4-75 and ihe conBcquential a ble. easy to operate, has a good 
back in environmental^pcnd- jif e and a low cost of ownership, 
in 1976-77. He “will pTace repeat orders if 

Ir. Howell and his political his beliefs are confirmed by ex- 
casues, nevertheless, bear a perienee. Certainly people who 
s hare of the responsibility write to the papers to justify 
r* 1 the environment’s being vele- their having bought foreign cars, 
’ i*d to ihe second division of rarely give innovation as the 
.ernment priorities. In par- reason— unless design for reli- 
■ilar, they have failed to ability is an innovation, 
derate that Ministerial .jdrive l suspect that for young de* 

I enthusiasm which alone can signers, innovation is easy. It 
v anise civil servants and local is much more difficult to ensure 
horities into putting their that threads are locked castings 
•bs into conservation, and have enough land, incompatible 
l n't ion control. .The Minster, metals are not used and product 
jmlerstanrt. is a very rare support has been considered, is 
j ?nrter at the Clean Air Council jt not, in tot, more difficult and 
,* 1 the Noise Advisory Council, more useful to be a good detail 
le seldom hints up nt tose designer than to be merely m- 
■ninp of sewage works-j.and ventive? 
use disposal units where, un- p. J. Leech, 
asant as it may aound^lhe Senior Lecture** c< __ 0 _ 

1 work (as opposed to the University College of Swansea,. 

alicityl of fighting palliation Departmest oj Management 

conducted. Science. 

dr, Howell' is a chewTul Singleton Fork, 

jppie whose main preoccupa- Swansea. 

n is sport. It -is no criticism — 

him to s«y that his approach . 

his role as Minister for Sport rhgnPPIIOr S 
very different from the one T j 

opted between TS70-74. -#My - • ■ _ 

■w was— add Is— that notbing, .01111011$' 
less (ike a government T 
. .narttncttt " or a. natioMlOed From Mr. «. . thaf 

..tatty ton the .wonderfully Sir,-Jt seems most likely that 
' rii*d and intensely eompetitire to CtanceLjr 
rid of British sport. Th«. IS. priority in *l*m»'«* 
y, with the iCoasenfativc re«Ing of personal tax ai w 


Undeiground to 
Heathrow 

From Lodi/ Burton of Coventry. 

Sir.— I bad of course read 
Michae: Deane’s article tFebrn- 
ary .13) and was Interested to 
not© what Mr. Watton had to say 
(February 2S) writing as a fre- 
quent traveller between 'London 
and Sydney. The problems he 
poses must be common to many 
air travellers with luggage. 

While appreciating ' the points 
made by Mr. Donne it seems to 
me not unreasonable to ask that 
an attempt be made to make at 
least' one station on the Hrath- 
row Underground link, available 
to ' and from -street level for 
those with heavy baggage'. Is it 
really- quite impossible to lnstal 
a ,Hft at, say, Gloucester Road 
station? I have asked for this 
bur have got nowhere. 

Mr. 'Watton says u Perhaps 
with a little bit of ingenuity 
something can even be done with 
stations like Gloucester Road to 
allow passengers with baggage 
to reach street level without too 
much difficulty." 

Could not the British Airports 
Authority, the British Tourist 
Authority, the airlines,- London 
Transport and the Greater Lon- 
don Council look at this aspect 
together?- Surely they could pro-- 
dure a little bit of ingenuity to 
help. : . 

. Air travellers with baggage are 

entitled to consideration: the bus 

service is sot adequate and many 
people eanoot afford taxis. Why 
should they be brushed off by 
London 'Transport with no 
attempt to consider tbe point? 

Wtihthe anticipated passenger 


growth at Heathrow and the | 
further traffic congestion as a 
result surely it makes sense at 
least to see if more travellers can 
go by train. 

Burton of Coventry. 

House of Lords. S.W.1. I 


Monopoly of 
land 

From Mr. P- Wtt Utter 
Sir,— I was very Interested to 
read the letter from Mr. A. M. 
Hoare (February 29) in which 
he mentions the problem of the 1 
“monopoly of land ownership."! 
Having been Involved for many, 
years in the problems of finding | 
and acquiring land for develop- 
ment throughout the country,. It 
would help me considerably to 
know the Identity of the “mono- 
poly land owner” of whom Mr. 
Hoare complains. I need then 
waste no more time in talking' 
to numerous individual persons 
and organisations and their 
various agents. It wonld appear 
that if -I could only make contact 
with this mysterious “monopoly 
owner” tbed life would be made 
so much easier. Perhaps Mr. 
Hoare would care to enlighten 
me. 

P. I. Walker. 

q D..d,wnn» Con no 


Backtoell, Bristol 


Nuclear 

power 

From Mr. 3f Bond 
Sir.— Mr. Nigel Forman's let- 
ter (March 21 criticising the con- 
cept put forward by Dr. Walter 
Marshall and Dr. Chauncey Starr 
of using up plutonium in fast- 
breeder reactors, overlooks what 
I understand to be this form of 
reactors* outstanding advantage 
— its potential to extract up to 
SO times as much energy from a 
given quantity of uranium as can 
a conventional reactor, thus con- 
serving the world's supply of 
this precious material. 

Mr. Forman goes on to suggest 
that an increased health hazard 
exists to the workers Involved 
■with such a reactor, yet the fact 
that a rathef hostile environ- 
ment exists within the reactor’s 
core seems as irrelevant as the 
fact that a. similar environment 
exists within a coal-fired fur- 
nace- What does, seem material 
is the reply given by the Under- 
secretary of State for Employ- 
ment. Mr. John Grant, in to 
House of Commons on February 
13 last to the effect that there 
were no fatal or serious acci- 
dents within the UJi. nuclear, 
power industry caused by 
radiation from I960 to 1977. , 

M. G. R. Bond. ! 

744. Chelsea Cloisters, S. R\3. j 


Honours 

due 

From Esme 'Reader. 

Sir— As an ex-wren 'Coder I 
was fascinated by Mr. R. V. 
Jones’ lurid TV explanation of 
how he discovered the German 
method for directing bombers 
by intersecting radio beams and 
so my thanks to C. P. Snow 
(March 2) for teaching on an as- 
pect which has long puzzled me 
—why Mr. Jones bas never re- 
ceived due honours. Perhaps it 
was because “he was. positive, 
arrogant and worst of all. had 
a maddening habit - of almost 
never 'being wrong.” it is not 
too late for a wrong to be made 
right. 

E. Reader. 

31. Kent Gardens, 

Eostcote, Middx. 


GENERAL 

Wholesale price index 
(February, provisional). 

Confederation of Britisb Indus- 
try leaders and team of Ministers 
led by Mr. Roy Hattersley. Prices 
I Secretary, review recent CB1 talks 
with Treasury officials on Govem- 
i ment’s use of contract clauses to 
enforce Its pay policy. CBI team 
will later report to a special meet- 
ing of senior industrialists. 

Dr. David Owen, Foreign Secre- 
tary. holds talks in London with 
Bishop Abel Muzorewa, leader of 
United African National Council, 
and a party to the internal 
Rhodesian agreement on 
majority rule. 

Anglo-U-S. talks on air fares 
due to begin in Washington. 

EEC . Agriculture Ministers 
begin two-day meeting, Brussels. 


To-day’s Events 


Ministerial meeting of United 
Nations Conference on Trade and 
Development (UNCTAD) in 
Geneva. 

Advisory, Conciliation and 
Arbitration Service (ACAS) 
meets engineering unions in 
attempt to avert two-day strike 
called for March 20 and 21 over 
pay policy’s application to mini- 
mum wage rates. 

Mr. Eric Varley, Industry Secre- 
tary, meets TUC Steel Industries 
Committee and is expected to 
discuss partial closure of BSCs 
Shelton • works, near Stoke-on- 
Trent 

Sir Rowland Wright chairman. 
Imperial Industries, gives first of 


three Cantor Lectures on theme 
of The Creation of Wealth, Royal 
Society of Arts, John Adam 
Street W.C. 2 . Sir Rowland will 
speak on “ Industry the Pro- 
vider.” 

Sir Derek Ezra, chairman, 
National Coal Board, is guest 
speaker at Coal Industry Society 
lunch, Hyde Park Hotel. S.W.l. 
PARLIAMENTARY BUSINESS 

House of Commons: Mr. Peter 
Shore. Environment Secretary, 
expected to make statement on 
future of Windscale nuclear plant 
Debate on Northern Ireland 
security. Motions on Northern 
Ireland Orders, including appro- 
priation, industries development 
and property. 


OFFICIAL STATISTICS 
Housing starts and completions 
(January). Hire purchase and 
other instalment credit business 
(January). Retail sales (January, 
final). 

COMPANY RESULT 
Fisons (full year). 

COMPANY MEETINGS 
See Week's Financial Diary mi 
page 29. 

MUSIC 

Royal Philharmonic Orchestra, 
conductor Henry Krlps. soloist 
Dan Rogoff (piano), in pro- 
gramme of Rossini (overture. The 
Barber of Seville); Vaughan Wil- 
liams (Fantasia on Greensleeves); 
Rachmaninov (Plano Concerto 
No. 2); and Dvorak (New World 
Symphony), Royal Festival Hall, 
SLE.1, 8 p.m. 







Tom Kelly, Marking Piredor of Staffbxd-MQlec 


“ItttransqHHtteras, 
we’re her e, there and everywhere. 
SoareCamden-sotheyg©ithe 

contract.” 


Every member of Tom Kelly’s sales fiance averages 
ever 20,000 miles a vean literally every doctor and 
dentist in ihe country is on his ccanpanys calling list 
So there's a tendency for any breakdowns that do 
occur to happen, just outside Barmockbum or down 
the road from Abergavenny. 

Many of the contract hire and leasing companies 
offering a national maintenance and replacement 


service might well find themselves somewhat over- 
stretched. 

Butnot Camden. Because, havinghandled aUthe 
financial- anangemenfis 6 m* you, having worked out 
the best investment and tax savings, having stabilised 
your on-going costs and having delivered die 
transport mix fhatexacfiv suits your requirements, we 
. know we've put you m the right road. 

Thfinwernakesureyottstayon.it, 


ROAD SENSE. CUSTOM-BUILT BY CAMDEN. 

raesJVSDEfW 

1— -■ J MOTOR RENTALS LTD 

. Fitnuy House, 69-5V Lake Street . 

Leighton Buzzard. Beds, LU7S5Y 
E!#bau£El53ZrQQ 







Utd. Guarantee now ready to expand 


Lonrho considering 
Dunford position 


Financial Times MondayM|reh 197 *.. . il^ 

Allied Textiles wj* 
export base ^ 


Lonrho, the international Ssi- it fiLVSn. vm/vifi B A/* w n kv the urannct Ths sos^nard 

teg group headed by Mr. R. W. Mr. Darid McDonald, bead of rate o? deteriora- hew nuHte^ftttSer 

“ThiB" nmulsiu) Ic winKiiisrinc the- tuciiilw of the QtF Tskf- OX & lOSS WP'“. ™ )u : i__ ■ 


Following its extensive reorgani- 1 1 ■ ■ ” r ■ 50.78 (58.43) U.K; 2923 (S7-5J) appofiting annual results of its the basis on which the Dunford within the U-*. 

KtiMi programme the fortunes of BOARD MEETINGS UJC International; 092 (0.73) enShieering and steeimakliig sab- and Elliott forecast was. made m recent years and with ABted ^eraUrd^Bsed^te^ 

United Guarantee (Holdings) have -n* moKba _ _ Har ,« Australia and New Zealand; *08 ^^SukStSm^siaxii wouM be studied with a view to Textile Complies gf™* • ‘ H* “g"* ?g““* 

improved substantially and with iSZ o^boS t? fc^sSS S^^tSalnveaniemTi^" Mar. 8 < 3 - 58 > Africa; 147 (239) VS. and it aeqtotod a year ago for £152ta. establishing which assiinptions established «Por^ig Base, Mr. Smi* s { **"*• 

the group now on a firm footing ™ S -I Sm (731) elsewhere. STweek^SnfSd reported proved unsound. Tofois end, he Lumbchamnan.says to Ms qnan 

weans are being sought to jSS£J K i3BJnSS a °* ■* war a Dunn S toe year the company profits f or the year ending Sept- confirmed that certain additional annual statement that he loote Wheatley n adfleved a j 

broaden the base ttaS com- SSS^ bought the lease of a house In ^n ^^^LTmTlgainst information had already been forward to the group’s continued performance ^from worid 

merciai acquisitions. in“ rtJ „„ toe taw* of £5m. made atthe supplied by one of the groupi success. . 5^5 L? I am£i25L 

THb T^rnfit PQf ,, mn j shown Wow an buso mainly on Use Anwrican investment Ts. Kar. » management will be based there 0 f |he controversial deal, and mam financial advisers. As reported on February 3. of their production of & 

on w£ pi l 2L”!E!! ea Ji? *5,32” y0a,J * ttoetahte - Mjantan K»T.a m future. Its not anticipated the whict , was supported by the He saw the Panel role .as one taxable profit for the year to fabrics containing ran 

Serin ™ temb ? 3 , 1977 ~ lottrims-Parirl^IiiT vwr ~ — S 3 oi office '*<H lead to any gSrd m^hant banking advisers of ensuring that the requirements September 30. 1977 advanced from Medium quality spinning | 

S v ^? tb r a ! ®“. of (w^SiT 5 ^* K ^’ Vta ^ ^ {jgfr-kfeS 18 * . ,7~~“ $££ J increase m expenses, Mr. Pflfang* jj organ Grenfell and auditors for profits forecasts contained- in Siam, to fS.04m. on turnover successful year and the^] 

Tl®' anything Ftaau-Ftaa*, h. GokimM. Mercantile Lambert HMttb Mar. 14 ton adds. Tarauands Barton Mayhew. the City Code were met by all ahead from £23-7m. to fS0.7m. spinning plan* earned a 

acmeved before, despite a reduced investment Trow, nqii and spencer. Scot- uvexpod Daily peat — Mar. m Meeting, 44, Bloomsbury Square, * Tom-ho director confirmed the parties concerned. He added; Export sales amounted to some store of that division's dm 

i j£JS£ £F" — ^ “ WC, on March 30 at 11.15 am th at the group wasupset over the “We will certainly make ft our flfa^fsm.). The higher level of T5ie company's serriS" 


BOARD MEETINGS 


50.79 (58.43) U.K; 
UJC International; 


“Tiny" Rowland. Is consWertag the ererative of the City Take- of a- tea i^orom Wrikers again recorded.^ 

c»h fAS SAt rAMM 


The Ml<nrtej co = pi^'”r^fi!T “tJL' Ho. 10 ^ ^ S^ SSfmS^SSilAS 

improved substantially and with datK of Boam to the Stock awdah.adeo invenmem Tn»t... Mar. 8 J* ,H£hSf it acquired a year ago for £15^m 


Son tho to 3£*;- ‘oKlffl swas and Ftebtf. . 

broaden the base through com- able whether dividends concerned are „ 
merciai acquisitions. interims or finals and the shImu visions , . 

p r nP. . . .. shown below are based mainly on last An *“ > American in* 

The profit returned hi the year year's timetable. Ben rAnbui — 

ended September 30, 1977— tmiay Bowaicr ... 

£197,560 compared with a loss of JW £S S~ fa *”' KnoB * Vtanr ProdBCIS Ca * totoOTies — . 


_„L- i , ■ , - — , . t»~Mi zl. umumu, aenainiw unuen obit*™ •■■— 

acmeved before, despite a reduced investment Trust, Nel! and Spencer. Scot- Liverpool Daily Post 

turnover Of £4.43 m. against £435m. ush Eastern Investment Trust. Low and Bonar - 

This reduction is attributable to FtrnmE DATES 


35S*-SE I S“- is atteibuubie to DATES 5^: s 

Cooden Motors businesses and the 

elimination of unprofitable busi- 

ness areas in the remaining ^ -- -- ,, activities in the state will con- ^ m foe "ni^iii betireen the actual Kl*! fl 

Srf u* 1 ?.? subsidiaries, explains ( |\/| mi4h tinue to expand in 1978, Mr. 1 __ *• figures and the forecast, but also "i^gVTfaiVJ 

Mr. H. W. King, chairman. Vja It JLe JT JL1. UJl Maurice Jenkins, the chairman, iThCC -1C .. on suggestions that' Lonrho has . ■« 

The disposal of those two com- _ says. 1V ‘ W ^ - been taken for a ride.” |YIQ |T PC . 

ponies together with the sale of rn | n _ _J A final dividend, which will be n _ The spokesman said font, Utti- lUUJiviJ 

the Fulham property and the S/i lr 3ll(] paid on capital prior to the recent X /I1U I | mately. Lonrho was confident trnit — 

introduction of strict cash control rights Issue, is A75 cents (43 MJOeUUU Dunford and Elliott would be hflQniX70\7 

disciplines resulted .in greater -m g w cents) for a total of 7 cents (63 " ... seen as a firet rate acquisition- UCdU fTUj 

liquidity and interest charges on laQCOllQoIr cents) which absorbs *AL4m. A®!™* Mptoration expenditure Smce the take-over, the entire eaie-mn nn ** 

borrowings have been virtually lCddCUdtK ($A13m.). off of £35o335 compared xnanagement has been ‘ Didatog profit a 

eliminated The group is now in » , ^ , . . with £94.42a, the pre-tax loss of with the exception of Mr. Frank sate of i nves t ments , taxah 

a potion to derive maSnS A sale and leaseback arrange- Onfl Oil for 1977 was £438,101 Welch, the chairman, who has profits of BrWgroter Bs£J; 

iMioRt merit with a major institution, TT J il . against £113316. staved on for a limited period, rose from £647,082 to £1.1S23 i 

sutdIlu ^ funds ^and means are understood to be Equity and Law rl 51 WLiIOFTI Turnover for the period was Lonrho °has also introduced new for 1977. At midway the advaw 

Sfy S sought TerapS ^ fe ' ^ to G - AA “ lUV1 11 £103,628 (£88^68) .taxfois time SSSdeiSto Dunford hi the form was from £m,<S2 to £397306. 

profi^ly thMe^unds £ S of 1116 ^ took £3371 and there was a trans- of Volkswagen and Audi, the Tbe final dn-idend paymmt pj 

acqui^onr Mrs “ Ir wL overdrafts to Wlaa. after KO (^01* (ACC fer or £76,081 to exchange equali- German car manufacturers. 50p share Is 83p net r afemg tt 

acquisitions, says sir. rung. deducting credit balances, and MJtMEkK'M. ll/iJjJ sation reserve. . It is also cert ain that consider- total for the year from 8325p 1 

The sale of the Fulham property increase of shareholders' net , The directors say that looking able savings will be achieved 13p. 

was completed in December, 1977 tangible assets by some £227,000. rlDDYIDtlC ahead the combanv is actively through a sUmmmpdown opera- Tax for foe 13 months toe 

at a figure of £230,000 which, after The property sold is the recently UvV/ livlIiS engaged now In examining addi- tion and the recent sale of the £32 1,401 (£282.677) and there wj 

adjustments, produced a profit of completed purpose-built factory at * . tional exploration opportunities Greasebo rough Street rolling mill a £375,788 (£34,740) Darker 1 

£118.025. Although it has been Bradford covering some 60.000 , and to this end the groundwork operation In Rotherham Is ex- investment „ reserve, learing. 

necessary to set aside sums fay square feet on a three acre free- ‘2 s8 °J rp- 300 - £12 *® 28 * f ° r has been laid for applications in pected to eliminate annual losses balance of £4a5,187 (£329,665). 

way of deferred tax the group hold site. It cost some £537.000 w® half-year to November^ 80. Middle East and the U3. Ail 

has benefited from available (including removal and re- fo e directors Qt Hawthorn auch appUeations will have due -n. • n t* w , • 

losses and other reliefs to the organisation expenses) and has Baker say foat present indications regard to the need to carefully D ITjAr Xt TV/T^kT’/'Q 11^1 1 A Q1IYIC 
extent that there is no current been sold for £875.000 cash. The “* thjj foe second half wiB be conserve the commay's resources JVJ. V Cf (a lVl.vlTL-illIlll.tl5 dl HIM i V 
liability for tax on this surplus leaseback is for 35 years at a P™™*-. . ... _ .. until the Buchan royalty cash flow , , , . ' _ 

?Z £ eart , profit which arc nntal on *uD repairing terms of generates substanSi Income for f/v 1.^4 rlivn/lanrl 

thus wholly available for re-mrest- £70.000 annually with upward total deficit of £50332 for 1976-77. company next -rear TO llOICJ ulvlllvflQ 

menL revisions every five years. Again there is no interim divi- J “ V1U 1 

The group’s net worth has Towards foe original cost, dend. The last time the grouj), T ^ _ WHATEVER THE outcome over generally, the chairman says. 1 

significantly improved durtn» the development grants of £29,000 which makes and supplies preci- |\ « 1 (13^ the disputed claims by the Inland However the directors dsn 

year and at September 30 '’lflTT have been received to date and s,on printing equipment, distn- ^ V/Uoot Revenue over earlier tax assess- intend to remain overweighted i 

net assets showed an increase “fo ere is a good possibility" of buted a dividend was in 1974-»o Qhmrnnnivnvc 4 A ments, and although share prices this sector and tove already take 

from 5.816p to I04i5p \ further setting a further £4o,000. These when 335p was paid from profit 311101603116^ lO may fluctuate widely the directors advantage of rising Prices to se 

material improvement "has been £ Tants tove been ignored m the of £60,946. rx e '■ .of River and Mercantile Trust a few of these holdup whe 

made since that datk says the increase in net tangible assets. F6D3Y .PTef. consider that foe dividend can be yields could be increased elsi 

chairman. The Firth directors are con- ^ at least maintained in the cur- where. - _ 

tinufng to review the possibilities KIVPr PlarP North East Coast ShiprepaJrers rent year, Mr. R. H. Wetfaered, TT The company arrahged. 

Slfriri ificninlino offered by foe properties in foe AV1 ’ C1 A iaic proposes to reduce Its capital by the chairman tells members. U334m. loan faculty “Marc 

LjU iCl UlsuJJUflc group. ; . _ £650,000 by foe cancellation of the • In 1977, the company benefited 1977, and the proceeds of this ai 

Referring to United Lubricants CXOGCtS 311 0 til 6 T Ce ^ L ^ efena, $? from its 803.per cent, mvestment now alm^r fufly tovot^ 

and to United Lubricants (Fuel y-, . va^vvw shares m ochange for 73p per £1 in UJC equities. As known, on Mr. wefoered pomta < out tin 

OU) the chairman says that'bofo f^flplrtllim r share . held when foe scheme total income for foe year of the directors would be inclined t 

companies hare nowsettied down ^"^AUUIIl SOOu V63F becomes effective. £2.09m. (£L8m.) pre-tax revenue add further mthe overseas por 

following their extensive re- ® ~ Holders will receive foe divi- improved to £l.73m. (£L58m.). f °ho by a similar borrowing. bt 

organisation and restrucmrlng^ L6ID6Ill SHT26S Another good year is in view dend due. but * not paid, on'me'net dividend was raised to not to foe extent that would coi 

Operating efficiencies are being , & « Riv er Plate and General September 30, 1B77. This will be 8.125p (7p) per 25p store. flict with foe company’s pn 

maintained at a high level and tfl AS Sill ^»*“ent Trust Mr. T. A. paid on BHarch 31, 1978, together At ..year end net. liquid funds TOdve divided policy., 

significant benefits are bein* Pilkington, foe chairman, teiis with foe dividend due oa that wero down 1032m. (up £0.44m.) .The disputed tax cianns coi 

realised from the introduction oi More “““ doubled taxable members. Income prospects are date. , - - and hank balances stood higher «™ assessments made prior t 

strict management disciplines earnings for 1977 of SA532m., good as regards dividends from The d Hectors consider foe pro- at £031m_ (£032m.). the company obtaining investmer 


— - “ WC, on Mart* 30 at 21.15 am 


We win 


Wii® wj mu nn»an irom humh a M. 

es concerned. He added; Export sales amounted to some store of that division's profit*} 
fi certainly make ft our £iom. (£8m.). The higher level of T3ie company's . service SJ 


ciuffoa 

loss is 
£438,000 


figure®, saying that it was pre- busine^ to hear what Lonrho has turnover results from an increase p&nies supplying the 


mature to talk in terms of legal to say. 
action but that this was a possi- 
bility. The angeT centres not -only 
on foe margin between the actual fv] 
figures and the forecast, but also 
on suggestions that Lonrho has 
been taken for a ride.” warn 

The spokesman said that; ulti* 111 
mately, Lonrho was confident that 
Dunford and Elliott would be 1 mg- 
seen as "a first rate acquisition.” He 


Bridgewater 

makes 


Eh volume as well as vrfue ^ and W£ u as in-group , babMj 
margins were also improved, generally gave good account 
reports Mr. Lumb. foemsrives. . : 

As a programme of plant re- Extensive rebufidhs and m 
placement progressed, capital neer jng worts are w^ adnm^ 
Spending . during toe y«r w mo dernise and improve 
amounted to around £3m. Ample Fo ^_ and also 

financial resources remam avail- of a rationalisa&jn and remS 

srsrsssRisgs 


Hawthorn 
Baker loss 
deepens 


Q.UUU nSJtad ind EMofttraSd be LpQrlwqv S ST STSSSSK SSurn 'SSSfS dSSra. w ^1 

■ seen as "a first rate acquisition.” ||Cflllnd.Y and include cash and near cash ThnanM "? 

cents) which absorbs $A2.4m. AFTER exploration expenditure Since foe take-over, foe entire * balances of more than flm. Cash . . j. ^ 

($Ai3m.). written off of £355^35 compared management has been <*anged Inc ludi ng £4 18,788 profit on foe flww ^ atrong from significant g® ne 

5, foe pre-tax loss of with the exception of Mr. Frank sate of toestmenta, toWe p^ t retention and depredation Huddersfirid, on Aprd 3, ati 


written off o£ £355^35 compared management has been changed Inc ludi ng £418.788 profit on foe ^ strong from significant rr . 

with £94,425, foe pre-tax loss of with the exception of Mr. Frank sate of invratmente, taxa ble nr^t retentions and depredation ““ 
doff Oil for 1977 was £438,101 Welch, foe chairman, who has profits of BrMgewater E«*t^ which now exceeds £lm. per a - m - 
against £113^16. stayed on for a limited period, rose from £847,082 to £1 . 1324 76 annum, members are told. 

Turnover for foe period was Lonrho has also introduced new for 1977. Atnudway the advance commenting on foe years trad- 13 

£103,628 (£88^68), tax this time customers to Dimford fn the form was from £289,652 to £397^0&. ^ ^ Lumb says foe perfor- - B 

took £3^71 and there was a trans- of Volkswagen and Audi, the The final dividend payment per n, nn m of foe group companies 

fer of £76,081 to exchange equali- German car manufacturers. 50p share is 8£p net r aising foe producing a high proportion of n 
sation reserve. It is also certain that consider- total for the year from 8iB5p to qua^ty goods for sale in H 

The directors say that looking able savings, will be achieved I3p. ^ . . overseas markets has been weU 

ahead the company is actively through a slhnmmg-down opera- Tax for foe 13 months took maintained or improved upon, un- 
engaged now In examining addi- tion and the recent sale of foe £821 .401 (£282.677) yid there wy Lumb sub-group’s activities ” 
tional exploration, opportunities Greasrixiroogh Sfreet roHing mill a 075,788 (£34,740) Transfer to jjapg ^ notably snccessfuL tt. 


Burton’s new 

menswear 

venture 


have been notaniy successnu. The Burton Group bas opew 
Reid and Taylor’s affairs con- (in Watford] foe first of ■‘S 
tinned to prosper and export Raies ^^53 0 f menswear stores call 
of cloth from foe Bradford based <pop Man. 
mill s tove also increaswL^ It represents the group's fit 

Hartley have ex p a n ded over- positive moye into the young 
seas business in both civilian and menswear market, providing: 
uniform cloths. Since the year wide range of economically prfc 
end, one -particular contract was clothes for foe 18-30 year olds, 
secured for cloth to foe value of bracket. ‘ - > 

almost £9m. for supply during a similar -shop is being opetj 


The Firth directors are con- 
tinuing to review the possibilities 
offered by foe properties In foe 
group. 


Cockbum yilUU vem oecomes enecuve. £2.09m. (£L8m.) pre-tax revenue foa lonner iv uie overaras porr- up its rams m «vers.ua«j- M h 1 by- changing the 

. y V , Holders will receive foe divi- improved to £l.7Sm. (£L58m.). tolio by a ronilar borrowing. but bonuses with profits contracts in applicable ^ attaching bomtt . 

Cement SUrCGS Another rood year is in view dend due. but not paid, on -rtie net dividend was raised to not to foe extent that would con- its. ordinary branch for 1977. On p rev i 0UB iy i ^ company 

® at River Plate and General September 30, 1B77. This will be 8.125p (7p) per 25p share. flict with the cempan^s pro- assurances the rate is improved cnrn <> aDDlicable ta'i 

tn Sm Investment Trust Mr. T. A. paid on Marcb 31, 1978, together At . year end net. liquid funds erosive dividend Policy.. to £4.60 per cent of foe sum a ttafof 

lu fiWtJUl. Pilkington, foe chairman, teiis with foe dividend due on that were down £DJ2m. (np £0.44m.) The disputed tax claims con- assured from £4.50 In 1976. In bonuses and this rata has be 

More than doubled taxable members. Income prospects are date. -- . and bank balances stood higher assessments made prior -to addition, foe terminal rate pay- £4 MT s | nC e the last 6 

earnings for 1877 of SA552m., good as regards dividends from The dilectors consider foe pro- at £031m. (f Otta .). the company obtaining investment able on death or maturity claims triennial valuation at the end' 


The fir*t half loss prrepdod »he ray«Qrt»u auw - , u u U • • 1 1 uinionn awus. ouw. Wide range (H economically prttl 

ttai 6MtrtsSSsit!!vm£ 2® nerates sutotantial Income for 4 n lirtlH H 1 VI fl ATI fl - one Particular contract was clothes for the 18-30 year old a 

ealn fo^re is inoUiterim *diri- ^° mpan ^ next year. lO llUlll 111 V lit dill secured for doth to the value of bracket. ^ - - > 

end. The last time foe grou ? , -« T — ^ WHATEVER THE outcome over generally, the cha.uman says. \ 2d°ts5f the* pSS fra«3 inlctoStou'-^i^hS^ 01 ® 

hiefa makes and supplies preci- |< 1 OQcf the disputed Haims by the Inland However the directors do not **** De S??f r P Sii ^ farm 

on printing eonipment. dlstri- V.OaSl jEUSST intend to remam overweighted in JWf-J « S*5_*Snt»£ S 

uted a dividend was in 1974-73 CViinmnoirnrc | A ments, and although share prices this sector and tove already token worked businS the iSJton Satoto develoo^Sw 

hen 325P was paid from profit OlliprepairerS lO may fluctuate widely the directors advantage of rising prices to sen Job« 1 1}uslness ’ *“ £^ a n P a S^ C hX P * 
E £60,946. r il , : of River and Mercantile Trust a few of these holdings when chairman states. imo a national cnain. : 

rpna V Prpf ' consider that foe dividend can be yields could be increased else- 

_ , __ r ^ * V1 * at least maintained in the cur* where. - j l» gj J * 

RlVPr Plate North East 00884 Shipre pairers rent year, Mr. R. H. Wefoered, Tto company arranged, a 1 1 if PCI " 

IVIYCI A 1< *IC proposes to reduce Its capJtal by the tells members. U.S-$4m. loan facility m March LfVlliliy A 1LLI>VU 

, £650,000 by foe cancellation of the - In 1977, the company benefited 1977, and foe proceeds of this are assurance companies have cent previously. 

expects another t" “? i p refer ““ *»«•««» cut ijnMmmt smutnuz. rs V™, the 

" shares m erchange for 73 p per £1 in UJC equities. As known, on Mr Wefoered pomta < out foat **“*"'““ --»««• based life company, has lncroas 

v share, held when the scheme total income for foe year of foe directors wouM be Inclined to Refuge Assuranee is stepping Srfiwim uSeunS asfo 

gOOu V6Sr becomes effective. £2_09m. (£L8m.) pre-tax revenue f Ad farther to the overseas port- up its rates of reversionajpr jjarch 1 by- changing the u 

& J Holders will receive foe divi- iWtnmtrori tn ti 7Bm r£L58m.>. folio by a similar borrowing. but bonuses with profits contracts in Zl 


~ i vi uauu fluent VUiuueuy. “v w -^wv***. •» umu^liu LCULf. lOtl-UI HI LUC U-IV., 

^ developln .S a 5 5 e Sales advanced by $A7.58m. to (£0.«6m.) on gross income of was passed in respect of 1976-77 8.03 (6.46) In U.S. and Canada: 

vi ?- expami0n of the SA29.S7HL £0.99m. (£0.83m.) as known. The foe directors said that this decl- and 3.42 (8.05) elsewhere, 

respecuve Businesses, in particu- The increased performance net dividend was increased to sion was taken having regard to The year's results were assisted 
jy' e ,. orts . oe^g made to reflected better sales of cement 635p (5p). adverse trading conditions ex peri- by foe decision in the previous 

strengthen and improve trade In an d sustained growth of foe lime Net liquid funds were down enced to the company. It year to add to foe company’s 

year . ' vhlcJ l husiness. This improvement has £161,432 (£109,619) at year end incurred a loss of £L2m. in already considerable holdings in 

■!? “ e seasonallt y of continued in a modest way into and cash at bankers stood at 3975/76. . foe ordinary shares of other in- 

tneir activities. the first two months of the £120^69 (£221,701). Up -to September 19. 1974 the vestment trust companies. Not 

During foe year there was a current year. A geographical analysis of company was a - subsidiary of only were dividends received foat 

net improvement in liquid funds ^ 1876 total investments of £16.03m. Coart Line, oh which il .te foe were not subj'ect to statutory 

of £229,107 (£53,137). Sb1m M 3*7K59i«rB» ^ 1L 59m.) at valuation, shows equity was acquired by the Secre- controls but also these companies* 


Meeting. 44 Bloomsbury Square, force except the first five! plus a ^rn ^ert foe oSipaw 1 

wc. on March 30 at noon. further £1 per cent, for each changed its. reversionary boa 

year in force except foe first 15 system in moving to a two tier 
-■ irr ox years. The previous rates were system which- is now regarded ■" 

fi I NfiarP a and respectively. being . more— equitable, to tl*?. "C 

v ' The rates on deferred annuity longer term;^olicli»T-lt,i?ertafti3'' L * ? 


: £229 JD7 (£53,137). SaJei _ »jw7B5«as7aw ^ 1L59m *i « .valuation, shows equity was acquired by foe Secre- controls but also these companies’ been added to the Share Informs- bonus payable when the pension year 

International Property Develop- Tratois '«tohuT”""T- s.»t7« 5.6i7.iss they were distributed (per cent): tary of State for Industry. share prices rose with foe market tion Service appearing in the becomes due is lifted to £1.50 per The terminal bonus rate, paf 

ment held 23.17 per cent as — ** iSiS? Financial .Times: — cent, of foe basic annuity for able on death or maturity dalm 

beneficial owner and Essex Group Pretax print 532MM Thurgar Bardex (Section: each year in force except the is left unchanged at. 20 per ceo 

Holdings and associates 21.95 per Tax 1... HS7.7W ueam I mnn mn nr- a a n I' ' Chemicals). first .five, compared with £1 per of attaching bonuses. • 

cent, of the group's stock at Sep- “ arU - . | BIDS AND DEALS ... I ^ 

tember 30. Essex Gn,up and ^ 1 D,UO H,,U ULHW - • 1 M - - ... “ 


tember 30 Essex Group and "SiTSS “flB 

associates i transferred : their hold- Learns i.wvjis 

inss to SteephiU subsequent to Though it may he some time 
September 30. SteephiU pur- before foe buUding and construc- 
chased £3,010 of stock between tion industry in Western Australia 


September 30 and March 1. 


Christoper Moran issue 


Meeting Winchester House. EC. economic difficulties, foe directors 
March 31. at noon. believe that the industry's 


The River Plate and 
General Investment 
Trust Company, 
Limited 


Christoper Moran issue 

recovers fully from the recent itxviuu Shippmg group) now hold a total 

economic difficulties, the directors Christopher Moran, the insur- ing by 75.000 shares and now ot ^™- snares (aAO per cem-). 

believe that the industry's ance broking and underwriting holds a total of 1,125,000 (5.5 per (Kang) Rubber 

aeents ctoud. has issued 18L330 cent). Estate— Harrisons and Crosfield 

shares, at 55p each, to the ven- M. L. Holdings— General Stock- ^ Interested ^ m a total of 

dors of Victor Cabs, a company holders Investment Trust has 1.28 &207 s tores ( 43-87 per cent). 

- -a acquired' in 1075 and which has acquired a further 175.000 Holyrood Rubber— Hamrons 

r ijJTP ntin subsequently been put into Ordinary shares thereby increas- Crosfield is now interested m 

Ml IrilC d ll M Iiqui^toBL tog its holding tq 197^00 (9.875 a total of £58^61 stock (68.43 per 

X e. Moran says it has made P®** cant). Hampstm Industries e . „ .. _ . 

VP^ltTl PTIT “ strenuous rftorts ” to »ril Victor ^ disposed of its entire holding Kuala Sebn^r Rnbber-HaiTl- 

VCdlUICUL CaE^bSt berouse of “its con- of 170.00C \ Ordinary shares. 

tinutog ope% problems, this L Arana Group-Sir Julian Hodge «ftedin a total -of .336,472 shares 

mOanVs dldMt prove PMSible.” has acquired 50,000 Oidinaiy <4 ^,S!L?f nt - f }; nbhe r^- 

r W V “ The &ue of Moran shares shares. " R ^ in «haIT, (Robber) Develop- 

'1.^1 renreseiSthe final instalment of Hammerson Property and ™cnt Syndicate— Harrisons and 

TPQ r^Sder^m payable under to^estment Trust— Standard Life Oyrfeldjs mw interested m a 

entered <3M8 pBr 


Salient polnto from die Annual Report 

and circulated statement from 
Air. T. A. Pilkington. 

Chairman reports a large increase in 
Gross Revenue, a 25% increase in the recom- 
mended dividend and an increase of 42}% 
in the net asset value. 

He believes that these results once again 
demonstrate the great merit of Investment 
Trusts for all manner of investors. 

He expects another good year, income 
prospects are good and further capital apprecia- 
tion is hoped for. 


ESnJ 10,000 shares tbtoeby Increasing rent.). 

MoraS ite to 3,63M00 (28^ Hongkong Sefangor Rubbci^- 

cent.). Harrisons and Crosfield is now 

VtenWation^o tiS riowS Weasurama-Sapphlre Securities interested m a total of 198^01 

to (in which Mbr. E. a Thomas is a shares (442 per cent). 
ti director and shareholder) pur- Brittains — Gerad Finance Cor- 

chased 10.000 shares at 64p on po ration of Fernev Voltaire, 
past 14 months and to prevent Februaiy 22. France, now holds 1434.000 


^'OFfTits 


Year 

Ended 

31st Dec. 

Gross 

Revenue 

Net 

Revenue 

Net 

Dividend 

Net 

Asset 

Value 

1974 

£ 

73Q.55I 

£ 

370*839 

4-20p 


1975 

723»9I4 

39V54 

445P 

X43^B> 

1976 

825,421 

4*5»*37 

5- oop 

133-oiP 

1977 

997*6° 

53«io 

6i5P 

X884gp 


River and 
Mercantile Trust 
Limited 

Salient points from Report and Accounts 
to 31st December, 1977 


1977 

Gross Revenue £2,087,475 £ 1 , 797^7 

Earned per share (net) 8.86p 7 & 3 P 

Dividend per share (net) 8.125P 7 *°PP 

Valuation of 

Investments £30,628,907 £215012,939 

Net Asset Valise 223.87? 167.92? 

The Company has benefited this year from its 80.6% 
investment in U.K. equities pemmtmg it to maintain 
its progressive dividend policy. _ 

Proceeds of die Iran facility of U.S.$4 million. 
a rr an ged in March last have now been almost fully 
invested and Chai rman believes that many U.S. shares 
offer good value. 


1976 

£1,797^7 

7-S3P 

7.00p 


any possible drain on foe cash 
resources of foe Moran- Group." - 

OZAUD TRANSFER 

Oee-Van der Grlnten Finance 
has concluded arrangements 
whereby overseas interests of its 
subsidiary, Ozalid, are being 
transferred to Oce-Van der 
Grtoten NV with effect from 
November 30, 1977. The interests 
being transferred comprise foe 
Ozalid group's shareholdings in 
its non-U-K. subsidiaries (and, in 
due course, upon receipt of 
certain third party consents, the 
shareholding in its non-UJL 
associated companies). 

Consideration for foe transfer 
of the non-U-K. subsidiaries is 
£9.45m-, being the value thereof 
at November 30, 1977. A 

substantial amount was received 
from Oee-Van der Grinteu NV in 
advance of the transfer of the 
non-U-K subsidiaries and- was used 
to repay certain foreign currency 
borrowings originally raised by 
Ozalid to finance its mvestment in 
certain of its foreign interests. 
The £908,070 will be paid as foe 
shares are transferred. 

MACLEOD SIPEF 

MacLeod Sipef bas resorted to 
an extremely unusual, if not un- 
precedented tactic in its con- 
tested bid for London Sumatra. 
It bas sent shareholders of the 
plantation company a yellow post- 
card enabling them to say 
whether or not they want more 
in form a tion about their company. 

MacLeod Sipef asks the question, 
do shareholders of London Suma- 
tra agree that their Board should 
provide more information (speci- 
fied in detail in an accompanying 
circular) to enable them to 
make “ an informed judgment 
and MacLeod Sipef to decide 
whether to increase its offer” 
Boxes in which to vote ‘‘yes” or 
“ do ” are provided and the cards 
are addressed to National West- 
minster Bank, New Issues Depart- 
ment. MacLeod Sipef Is bearing 
the cost- of postage, 

SHARE STAKES 

Amalgamated Metal Corporation 
— Norddeutsche Affinerie of Ham- 
burg has acquired a further 
22^00 Ordinary shares thereby 
increasing its holding to 1,089,312 
(17.01 per cenL). 

Inveresk Group — London and 
Manchester Assurance has 
increased its holding of 8 per 
cent, second Preference stock 
from 616.000 to 700,500. 

Expanded Metal — Britannic 
Aannnco baa increased its boJd- 


1434.000 


Tricentrol — Bricoxnin Invest- Ordinary shares (9.99 per cent). 

SANYO ELECTRIC CO. LTD. 

Curasao Depositary Receipts 
. : of ordinary shares 

Holders of foe above-mentioned CDRs are informed that the 
Annual General Meeting of Shareholders will be held at 
Osaka on February 27th. 1978. 

In addition to foe business customarily on the agenda, foe 
following motion will be discussed: ‘ 

Declaration of final dividend of Yen 4 for foe financial 
year ending November 30th, 1977, payable on February 
28th, 1978 (representing Yen 3 ordinary dividend plus 
Yen 1 special dividend in commemoration of the 30th 
anniversary of its founding). 

As from November 26th. 1977, the shares have been traded 
ex dividend in Japan.' The dividend is expected to be made 
payable in foe Netherlands mid-March. 1978. Until then, foe - 
CDRs will be traded cum dividend in Amsterdam. 

An English translation of foe Notice convening the Meeting 
together with the relevant explanatory notes will be available 
for inspection at the office of The -.Sumitomo BankLtcL, 
Temple Court, 11 Queen Victoria Street, London EC4N 4 TP 
daring office hours. 

BANK MEES & HOPE NV 
as duly authorised Agents of 
Carnefo Admini s tr a tion Company N.V. 

February 2«fe, 1S78. 


Stummel Towning & Co 


In 1977 we rendered 
Financial Services 
• resulting in the 
placement of 
loans and investments of 

' : £ 9,500,000.- 
S 85,800,000.- 
: DM 157^00,000.- 


25 GROSVENOR STREET, LONDON W1 


A 1 INANCIAl.llMliS SURVEY w» 

BAHRAIN 

APRIL 3 1978 

The F i n a n c ial Times is planning to publish a survey on Bahrain. A 
summary of the provisional editorial synopsis is set out below: 

INTRODUCTION The. continued progress and prosperity of the State; > ! 
the Ruling House and system of government; the growth of Bahrain as 
a financial, commercial and service centre. _____ 

THE ECONOMY The great diversification of the economy achieved .. 

since the achievement of full independence in 1971 ; analysis of GNP by 
sector and employment; the aluminium smelter and industrialisation; the . .. E 5 ? 

impact of the Arab Shipbuilding and Repair Yard. " 

FINANCIAL CENTRE The advantage of Bahrain deriving from good -- 
communications and environment; .the Bahrain Monetary Agency and the 
progress of the offshore banking venture; the invitation to merchant banks ' \. m 
and the growth of medium-term lending; Bahraini dinar bend issues. 

COMMERCIAL AND SERVICE . CENTRE Bahrain’s tradition as an . I 
entrepot; the easing of congestion and increase in capacity of Mina al '■ J 
Sulman port; the legislation allowing offshore, or “ exempt ” companies : - 
to operate. s 

THE ARABIAN SHIPBUILDING AND REPAIR YARD The successful yi . 
start to this $ 340 m. project by the Organisation of Arab Petroleum i 
Exporting Countries; the impact on the economy of Bahr ain and the -i 
creati on of ancillary industries. . . 

THE AL UMINIUM INDUSTRY The growth and diversification of the ’ l . 
industry since Aluminium Bahrain started operations in 1971 ; marketing . 
operations; the spin-off industries from ALBA. . 

OIL AND GAS The State's long history as an oil producer; the limi ted 
and dec l i n i n g production of the Bahrain Petroleum company; plans for *■ - 
harnessing associated gas presently being flared and: the investment A 
requir ed. . _\\ 

INFRASTRUCTURE The continuing burden placed upon the Govern- - . 
ment by economic growth and a growing population; the expansion of • 
power generation capacity to keep pace with demand: ^water resources 
and desalination. 

MANPOWER AND TRAINING Bahrain’s long educational tradition; its 
relative advantage over other neighbouring Arab states of the Gulf in '' ’ £?i 

availability of qualified personnel and labour; the Gulf Tr aining College = . » 

and benefits deriving from it 

IMPORT MARKET The growth of the market as a result of the economic r ! 
boom and the effect of the slowdown in activity; the proportion of goods 
accounted for by construction requirements and re-exports; how to do ~ 
business with Bahrain. 

CONSTRUCTION The. pace of development in Bahrain; opportunities ".! . 
for foreign contractors and the competition for projects; contract terms 

and the Government's concern with the high level of bids. 

COMMERCIAL BANKING -.Operations in the aftermath of the excep-. i 
tional growth experienced. in 1976 ; the traditional preoccupation with the - . ^ * 

financing of imports; the Bahrain Monetary Agency and the control which - : A 
it exercises. _ . = ; l - 

PROPERTY DEVELOPMENT The rocketing of-values of buildings and V £4 ; 
land as a result of the boom; the massive investment being made in hotel-' . -3 
accommodation and the .possibility that there may be over-capacity. - 

AIR COMMUNICATIONS The excellent service that Bahrain offers in : . .Vri 
this respect; the establishment of Bahrain Airport Services to handle all ^' r 
aspects of operations formerly undertaken by Gulf Air. ;":> 4 r 

For further details on the editorial synopsis and advertising rates please • 
contact Lanrette L. Leebmte-Peacock, Financial Times. Bracken House," V 
10 Cannon Street, London EC 4 P 4 BY. Tel: 01-248 8000 . Ext 515 v J 

FINANQALTIMES i 

EUROPE’S BUSINESS NEWSPAPER 

Tbt causa anti WQUcattea dAM of Satiei in the Finsnctal Times' ue nbjea to 

« 0 » dteeretim or fee Editor - . ' 4 






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MINING NOTEBOOK 


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Diamonds may bring a 
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e . : By- jpHN _WJP^':-; y\ *" . ZURICH, fijarch 5, 1 | J ' ■ "[Vr|1 rW 

“ CONSOLIDATE turaover^ffla- towartb tbe 1974 level' of 12 per rate inOT.einent8. %T|S) | B IP 111 1% I # i 

? A,n «H«e Group rose by. 13-pef cent, -dividend— Swir.30 ... and Had exchange rates remained • w* . -*-m- X P.J ... 

y year .to SwTr.5.44bn. Sw.fr.60 on registered and bearer unchanged, Tbe company — which . * 

e Y>-.»3bn.>. according.: to Swiss, shares, respectively^-wbich. had represents 'the German Hoechst BY LODESTAR ‘ 

t- Company, tbeerottp's' been halved in recession year Group, to Switzerland — would 

y rH£™ parent undertaking.- Jjk- 1875 and was unchanged for 1976. -have experienced a 4.4 per cent THE ANNUAL report of the Rio Communion has joined other other new high record and that 
&roup sales had risen' While - group turnover of growth of.- group sales, writes Tinto-Zinc group's down-under, forecasters by scaling down its dividends wiH be at least sus- 
,1? per cent to Sw.fr.4.©bn. AJusu is se— Active in alnminium John Wleks from Zurich. offshoot Conztnc Riotinto of former estimates of future world tained at 15 cents on a capital 

fS2.6bn.). following a -setback in and chem'ieaJs inamifaeturinc In view nf economic conditions Australia win be awaited with demand for the nuclear material, that is being _ increased by a 
Previous, yea r. .. mining, electridty generation the company -expresses its satis- more i'Ji"* 81 .,, 1 ?® 11 , H 5 ^ 1 , ^ detaUed in last Thursday's further free scrip issue, this time 

• incri&ased -depreciation of and engineering— passed, the 1974 faction wilh ’turn over -and with ^Yb®t will be looked for ts Mining Mews column. . one for five. 

Sw.fr.3S9.6m; iSwJrJfflLlm 1 not nrofii indudino^ furtber news of corapanTs This is further evidence of how In. the period to December it 

group profits showed a sharp \ y ISi of SwSU.4.0Sid. search for diamonds In the aptly prolonged government procrasti- was a case of swings and round- 

r fmprovMnent x* SwAlSl? ^ P™! 1 c -^ e V 2 - 2 " 1 -) ■»*“« named Kimberley region of n8tioB ^ - no t only making it abouts with revenue from coal. 

i 1C #I of Sw.fr.83m. booked m S *i£ rs - 4 - 07 ^. Western Australia. almost dafly more expensive to gold and wolfram offsetting poorer 

r crmjQ ra vKflmf 1 f , lh3t ycar - ■ ■ The L*J P Locally there is a good deal of put Australian . uranium onto returns from copper, bismuth and 

‘ ?S^frT7?^2.T t0 S ir ' 51l,0m ‘ to o ' f ■ anunaltered dividendof Sw.Frs. talk about this venture shaping up n^rkeLs but is aRo making beap b sand minerals. On the 

1 vl. . ' ' Pluess-Stanfer • - - • - 350 per Share for 1^7. and to into the.groups next new mining j t more and more likely that all uranium front Peko is as well 

Net profit of the Swiss parent ■ transfer ' Sw.Frs.3m. (Sw.Trs. proposition. Officially the project ^ lucrative hich-priee Placed as any. The Ranger find. 

rose from SwJr.33.36m.' to CONSOLIDATED group, turn over ftfim.) to aL- reserve fund for fs being kept very much under supp ] y contracts will have been which It shares with EZ lndu>i- 


.ig^w^.urilaUyaccoimiiiy final dividend annOurnffmems; A! if? group sales had risen’ While group turnover nf growth o£ : group sales, writes Tinto-Zinc "group's dow 

-v -m. SSftt- :■■■■■: * SsnS - . ^S E ■" i«^“™ ,,ta “FW 1 - STSt JSSK 

; ... . j»2-Sbn.). following a setback in and chemicals manufacturing. In view nf economic conditions Austral uin be^awaite 


^ W>r. 7 tvn^§j» . 

Ftla we « Hod»e-Apr. W FliwTuS- 
1*1! non. v ,CT, ..MB r .S4 Fnuil.OUS 

S,, U Sfi ..Apr. 6 Final .vs 

*11 , — r 7-^P r ' 5 • •TO'W-* ; - ; 

x. 4| Bond ..J,tar.l5 lnt.0.^S5 


\ * k I k C ! 9 v-A **ws...Mar.Sl ' FmsHS.06875' 
v,1 *urf .Is Apr. 4 Final 4.707 


<f5tnnr...Mar. 10 FJnJJr 
Srtjunt Apr. M Finals Ji 


•» .TK.. 

>V 

W tre : 

r-t.t 


lifted 


± •• i:- ^ 

•V *v 

5vS- 

V* ii:. 


• r I 4 ™" 1 Apr. M FlnaHji 

-ttEpp. -a?*..- ■ 

, . Sistrea.. War- SI VinrfLHjS. 

. . — Mar. fl FlnSNL'7 - 
. .. I sure 3l "■Ftniia: 

*• -Apr. a Final 4.w*» •' 

' Aar- K - FinaLl.9E 
i Cnijs. . 

... Mlnes.JMar. 7 yinaPHi rents 

««t .Apr. 20 FmiT JAT3 

' * t« Is ...Mar. IS . loi.-fcTSl - 
• ..— Apr- SI Final. 2 4 
. - . ir Ins. Apr. 20 Find 2.7SS . 

. ilows— Apr- W Pinal 14. 

• jnCns, Mar. M Fm*is;. 

••• JAar. 6 Fuursjns. 

• - W TLmML- -i- 

• S.W.91.M W. tit FlwOAaSU 

" v> _^..Apr. 1.1 ‘FiSiSias 
."Apr. » Flnaa^m ' 

■ Mar. IS Final 3 " 

ms Mar. IS Final 137* 

Fraser.. .Mar. W Final LTSMS 
• A.) ...Mar. 9 Final V-n 
Mar. 7 Fin. VZttffcsL 

.f-enun.. jLlar.lt Fina)S.l7M . ’ 
*• Mar. tt Fjo^tortcifl 

• r.liiot!.!. Mir. W trrt.^'43 : 

. • rt : War. 39 Fftrii XSi7 • 


Pearson . ; •- . 

L U;^ga?an..,Apr.-M - Sec. InL 3.610 

Trafiwn CS.> :..Abr;rM" :Siec.lnt4.ip«fl 
“Providpnt •• ■ 

. - - FfmndaL.Jiar;: 1- Sec. W.4JBB ' 

■Pnrieodfl 

- ■ : - A»ce ( ^Mar,3$ Flfia! j.jpN 

.. PW TBkUa.) \Mwi 25 Wiialtk:.; -• 

UeckttianO -=•■ - •-"•'■■ #• 

■' • CiJtaian:..Mair.»' Final ts»2 

•KMtnWl .-^ttar.-^.'TOialUfc -r.±. 

. -'-Pocfcware — ..M>War. SS - Final SJ&O -r--~ 

- •_Rnn*-ROTee " . ' •• •T~7‘.-r- 

Motor*.. JUr. M Final 2.2 - 

nojviwneu • r.- 

' P»«lr^pujn.. Mar. » Final FtfcV»:f 

■. Schroder* — ilar. 30 . FtoalX3«5; 

Scottish _W*t. - ■? ■ r 

Prop. .;:.. Mar. 39 Mt. V9 - 
Scot- UM. Inv-l-.FeK FtaaJl'X 

Sontta- fimwr. ._Apr-16 Ftn.USWftsL* 


t*»t. fcarer ss,re - **».“>*• ■ «« 757 "- * • »-«* if •«*«» ~sajs ta *««g be 

wW ■: r ? — ^ - - — - one of the up and coming younger °^ slbo J On my visits to Australia I ham 

ii§p-'" T>5^Aiu F r Asfra ^Jj&ressir'si 

■Si'T Firelli hj C gain ■ >• -W 4 / »• ^ - «• -»«• 

CT - - '■..., ...... -■ « Already aonroached on this score; Northero Xemtory. . _ 


gg SSLimS AJSTSi &und to a r *™ un - 

® -fc-ssr .^ , . na ‘. pr ± araftSiB' insrsEs: 


PIRELLI F ria " i -TiniAirta t' ♦ ' ** i ^? re £ WJL wbioh CRA traTbeen bunly ^ing highUsWed by a btest from a L^an "is"to succeed 'Mr" John S. 

FiKELLL. .E . cia-, .a. holding Interaatioaale PiielH. 5A. Basle. ta bu«d up its *take m the eovenunent; consoiHant o* 1 Proud aa^irmanlalerihisveaV 

".company whose maws interests - PireUi ■E'.' C. plans ‘ to raise ^ • remit re. A year ago it only had Aboriginal affairs Dr. Coombs who t^g role of chief executive is 

are in Industrie^ Pirelli SpA., has capital by I&iLbii.-tQ LlS^bn." by C^~ 35 per cent. .Now it bas a con- has attacked Pancom mental's b e j n g taken over bv a recruit 

roponed a 50 per cent, increase raising the aominai v.aJud of its ±1/1 Vl'ttOl tTOUi n? 53 per cent. The nest envirenmentel dnpaot sratement ij-om CRA. Mr. Donald Stewart. 

™ 1077. profit 1 to.". L2^6bn. shares from L750: to T.1,000 and largest slice is 27 per cent, held jjHeging inat tt dealt sunuduy .with managing director of Homcrsley 

($2.68mA frtom LI. 51 bn. in 1976. by d on e-for-three rl^its issue • By John. Walker by AO (Australia), an offshoot of lts assessnent of the effect Holdings. This move has been 

The comparny is increasing its at the new par value. ' ' c-rAr^wm vr ^ B former London Tin group. H2 , S2!S n jKJI^ii S ?F ic S bly a PP ro r«i by CIL\ chief, 

dividend to L130 a share, from Shares will rank for ‘ dividend ; STOCiUiOLM, Ma«h 5. row MaSaysraTi Htanc Corpora- regions Abori^ryai people. So Mr. Rod Carnegie. Peko are 435p. 
LI 10. - - w from JanuTrv r 1Q7^ r aiinQeo0 ASTRA, the Swedlsh pharmaceu- fion. Other members of the ran- ** uiged flrat ramin? approval * * * 

... worn January 1. IHib. Hi-al r-nnr«rn mnnrtr t-.. . -r, r> should not he crrrmlpri nnlil an * * * 


ahead of 
forecast 


Stonrtft Estst«s...M»r. M Flaal lSTS '. • . 

Smith and - • 

N"oplMW_.M*r.34 .;F5 m 1W«T 'r 1 

•SteMley . .Mar.' *-F1 m 1 VSTS-'r - 

■Stone Flan -....Mar. 9. Final! 33 
-Tlaer Oats .^..JCar. F Fttal2Fc«iqr 
THWng fTho*.l 17. FtnalUtS - 

•TraDBnwt ■ .. . ' : 

. Dwetawnant. . jijar . - 9 fimils5»-' : 

J Trtcentrol .kvr.’l* TUul.0,*8T5 

Tnptercst —..^.Mar. 3U-. FlnaHW ■ 
*TBhf. trv; — juar. 22 Fluid VSM ,-sr. 

-.-Uiri lever 7 FfnalT^i ->,■ 

: TTfriere- Conm. ...Her, s . Xnt. flit*, tfw-: . 

- - UotTMI Biacmcs- Jlar. *< FJjul 2^8W~' 
■Walker Mas. I . - 

1 C*Mv..Msr.-T5 nit. 1 '=. 

■wow drenv Flans n ^ , 

wniJs rate- -Mar. as FhuJ a , 
wumot- ' -- - 

BrrrCra Apr. 13 npd l.7S8M -- 

-wotoetar 

Jlar, IS Tnt. V02S . , -1 
■wooWBortt ' . 

fF. Wi>„Jfar. 8 Ftufe) 3.738 .'• " , 
voashal .1 

C»xSet..._J|4r.2S Final 'AM ■ - ii 


SoofAr Bagaic. .Ltpr. » Fin. t^wfck. C?2.S6m.'l frtom LI. 51 bn. in 1976. by d one-for-three rights issue • *7 John . VYal 
‘ SSSfs-- - ..S^rampmiy is increasing Its at_the new._par value. ' . _ • cTfirw 


VYaJktr 


Piretli^ -Crtl iSSitr &U. Tt ■ r “ UID111 ? aaDn IunQ .- ..v . This- follows ah IS per cent, rise Stoeka 7 per cent It would be ‘ long, Jong road that Ujndon “fix” was S229.75, not far 

F 111 S P A - Jointly with Sdciete Agencies in sales to -KriLTba. (U.SB380mA rash «t this stage to conclude the wmijanJes have been treading below the recent peak and cora- 

1 7**" : compared With Kr.I.4bn. in3976- that CRA has definitely «tab- fj)} has i« Futl^lv It is now wer fortebly aboro the S220 to which 

T| T* '• w o' Changed accounting methods Whed ' a viable diamond-mining *j Te . “L 1 !” ti5e , major Rustenburg raised us producer 

- i Brown Boveri «® now in operation and this haf proposWiien but the way things ^S^S^AJmSether f ?ookS aU « te JUSt -°'’ ep i . 3 , week a8 °* K 

" U * W1 r a *r" led to a slight reduction i n the we going it looks as tndugh hopes 2™i 0 PmML^together, it looks 0 nce again the Japanese have 

•. MANNHSTW, MarchS. profit level for 1B77 wheocom- **S b - m 3 rket^euXir^?hat 

EXTERNAL SALES ;of Brown DM49m. (S24fim.J. The cbm- pared with the previous year. „ 0 „*; nn follow a definite Government JSSlS? ^ntent^ius^o^absorh 

Boveri and -C m. rose 11 percent pany coawhents^tfiat earnings Th* * B Tmia»»d not nmat ™ UraniniTi CautlOO “yes” could be short-lived. And SSSSrL^SS^LiS 1 «22S 


Brown Boveri sales rise 


Uraninra caution - iutaLtoTiS usu^y content just to absorb 

* “ muiu UtuUUU yes could be snort-uved. And their cnntract metal fmm South 

That this inhospriaWe and it is by no means certain that the Africa. RuSSn^Ses remain con- 
remote north-eastern region of next pronouncement from Can- gpi euo us by their absence. The 


blic Works Loan Board rates{. ; 

Eftecflwlrdm Rt*rch 4 . .- - .r r : 

QdptB toAw mmld. . Hm-omU Ium A* ftMlId 

•»» *y e«t : - Inr ERt nullity ‘ bv El>f . .fajrERi" w&&\ 


up to lb 
. nn to i» 


Hit'. . « . Ml - :T mTj r: N 

-.-'10I-2. - lif. ’N ; ill • -m: ! 1*1, a oetmk Of England Mnunfum: 

Hftf -Bf. : .12 • Ilf ■ 111 ’ Lending Rate of 9^ per eenL 


!* 't even doser-kept secret But p ■ nmi!nBrc level could be coming in sigh l . 

■ the world s biggest diamond' IrCKO prospers Meanwhile, the market waits 

’ group is believed to be still look- Those of Peko-Wallsend behave for Irnpala to follow Rustenburg's 
r ing. Tbe CRA zeport Is due early better and with a strong earnings price move. This would be taken 
v next month. background from a variety of to indicate that Impala's chairman 

■ There has been another turn minerals are a. more suitable Mr. Ian Greig considers that the 
of the screw to aggravate tbe means of following tbe Augtra- free market has consolidated 
. aches arid pains being suffered lian uranium trail for those with after, its recent rapid advance and 
. by the potential uranhun tmhers weak nerves. Buoyant 6-month that he is nn longer nervous about 
in Australia's Northern Territory, results indicate that profits for the speculative nature of same of 
The -country's Atomic Energy the year to June should set an- the buying. 


the situation, and- this ha* left' against the- Swiss franc of |ueilDAM(*E* 
tbe houses rather abort* of .bflls. SwJrtX7550 oh Wednesday, but ■ WaUKrinUt 
The general demand, for bills has finished ther week at SwTralfi650 


Protecting title to property 


BY OUR INSURANCE CORRESPONDENT 


SLOT F, * jEO 


H up to 25 llftc -JMxv -Wl- ■■■'' 12| J2S ■ I. (since January 6, 1178) The general demand, for bibs has finished the week at Sw.Frs.1.8650 

L.,S.iA jarssr^ssnt ssrs K '52S2&sr r ~ um "‘ 1 * Prnfppfina titlp fn nrnnprfv 

ran* A. t Equal MStetaieim of pnncipaJ. ^Eqtialrepajwfc week ^ J; rates--but houses have other The dollar fell below 2 D-mark ll UlCvIlllle llllv IIP 1/1. U 1JCX |/ J 

suggested for the high rate^ ^considerations, including their ipr the first time on Wednesday, ° *■ ^ 

commanded by seven-dfty money, rotjuirements for normal market touching a low point of DMLB8T5. »y nim ujcihiamcp CORRESPONDENT 

Banks seemed to be under the operations, while several houses It recovered later in the day. BT OUR fN5UflAN E corkespunuent 

itapression that technical problems f5T-”!Sf g «Se5 a ° n profit-taking, and was Royal commission on Legal breached. British insurers have gate properly the Seller's title. 

tf l e discount market was help- JJJ®? fin9 ^. S ^I^ S ■ the e0d of fairly^ firm in early _ trading on services has been taking long provided special indemnities For this latter protection he 

!S* hA.tSr > ««T£!I!J y 8b h wh,te m,- n al - V *?' evidence on a wide range of for the protection ot the pur- pays no identifiable insurance 

i Jhis ^tential shortage -of bills subjects. One Is conveyancing-^ chaser. premium, but must reckon that 

ihem&piufti!* U 'vi'fl!r 6 LhSfrf authorities to * g»ve *Sf the transfer' of domestic commer- But the number of occasions some small part of his solicitors* 

SSi The hanri^iL nf I hi Xte £J nr? -n!L A b^t^mniv^to C |al P^rty from seller to when such an indemnity is re- charges are ear-marked for the 

ssm»t& *ses££ s.slw.u.s ^ss&?«rsas5»s S2„ wi , B w s 1 ?'j , ,;‘»? r jess. 'saSi'stt'fflja’ss ^« profEssioiia ' tademi,iw 

jisA jyipyt hrtnprf ag. a rantHbutorv relieve a dav-to-dav shnrta«R huf the end of the previous week been in tne STlp 0* solicitors, because of tiie_ increasing prac- insurance* 
fgtfarrWeBy^T m^ agreed to sell them back^at an PublicatidD of the U.S. trade WilnMses tayd argiied that the tice of registration of title rather" Last American-based' 

- ■ - . .... -.'-1.-1- money was raoro freely available agreid date, which Is expected figures on Friday had Uttle in- Law Society's monopoly should than reliance on a chain of title companyCTI-Dommion.in asub- 

• and rates eased. to Coincide with a plentiful supply fluence-on-a'quietTnaricel, but the' be-broken and that, for example, deeds. mission to the Royal Commission, 

. ' : >:*v • y .The number of Treasury bills of money. • - U.S. authorities probably took licensed conveyancing firms Ther* are cases where insurers asserted that American-type title 

I FIXED INTEREST '1STOCKS / in. circulation has been declining «n, e form*- B*ehart«« Tnarb-t advantage of the lack of trading with cheaper rates be established, reckon the title too defective to insurance could cut conveyancing 
I r,Af:W ,oiyvi|». . t . recently, .partly because Weekly push up the rate against the Away from the Royal Commis- be insurable, or the breach of costs here and leave the solici- 

■ i. wsues tend t6 be low in the early strong European cwfrencies. don. there are those who assert covenant so certain to provoke tors in the conveyancing saddle. 

; - - i Part of the year, since Govern- *aJ*A* :r Sterling . rose 95 ■ points on the that anyone should be able to claim that they will npt provide but with reduced work. 

7 :e = s‘. j. N- ?"• . 5 g i+.<n- p en t revenue is boosted by o oirrfVwIrrTarif • nf iveeR against tbe dollar, to finish do his own conveyancing and cover. In such circumstances, the Title insurance could be pro- 

i «S£;"S7TrT — i .-;]Js ; — “^ a Z y . i . ta \ payments. Bill ^ at «t9390.1A400, hut its trade- if he cannot, that he still does buyer goes ahead with the pur- videdforall purchasers at about 

£ ;-* : High ! i**w J ••■ - - • *?••*- *■ . t !: .. matmities have generally been Wdes. as calculated by not heed a legally qualified or chase at his own risk. £350 per £1.000 of purchase 

I*. 2d 3 140 .142 .A«iotartrt4>w^ji*Ca«.Cuin. Pm [isa ?L® 1bb “” SJncc Swiri'eri^ hart m i™ ?* e of England fell to 68^ supervised conveyancer to do the British insurers aim to provide price, say £50 for a £20.000 bouse. 

IV :a*.2 • wipiBrtieyvrtYarattirtiosCum.Pr^ ; lOfip! ...... oeginnlim of the year. “JJ™ »“• from 65.5. job for him. cover for tbe particular risk after For British insurers, this kind 

n l2, _ ' SS wSS l -u au^orities KJThiik rL \hl £S« mide a bou?7hp .n££A ?1S ?* 1S3 * , on Solicitors and staff can make full investigation, and because of cover must at first appear 

£ *.* ■ uii 8 wU Gmn'nwntev Mwo. "7%^^ !* v, DU „ fiS tft 8 ^ r P nf^rtj^rtnfiar ^ ^ '■ f* 1 * highest closing level conveyancing errors which lead relatively few propositions are unattractive. Undoubtedly, it 

j' !«V B3i*.K«rtSn»^o»S« I1«8M7 ' “‘ai - ■ bfiin? ora rise in Minimum Lend- thF Atjantic ar ’ ™ h 0 * ?^* s : ^ «‘^.fa?i ruflry l 9 ^ *° d dt ^® d tD claims usually by aggrieved offered to insurers and in the blurs the demarcation between 

IV . uvu: looiftitemieirVwi.i^iMk. tool*: . .. also ^ISSeratSi ^The doiiar f P n m a -in« Sfi - on ^ Fr,da y' a nse of buyers. So how much more majority there is a real pereen- defective title and professional 

10 38 7= 131. 12 'lUd.Sw-BrW.ter 7% Red. Frf. 1964. .. 'l»»a-i* mB Katc - ms also e **"* er>ted The dollar fell to a record low $3i on.tln* week: ■ nrone tn error and -viilnerahle tn Xace risk of claim, oremiums are indemnity covers, when for a 






STOCKS 


*? sn .= 


IV 2J3 
IV 2*2 
F. i21-Z 
P - 
P. S'S 
J • M. 
IV 


l'Z | lOrt l 9pOnlre«»vlft Uwi PrW 1 107p 

»?V *Ss« F.F.1. 10t Sterling Mb-JM.., . • Besn'-Ui 

S'4 ) lui AJI4 Gramptui Heg. Ii^ iSKU. 97lsDt; ... . 

24.3. -yiiti DOij Kaimiiijn*™ d Ow4*r« lift 8MI7 52la[ — • 

: livu; i00ia!Uw»iec .Viimide lift. .. 1D01«: . .. 


... 12 SUdJh-w Water 7% Red. Prf. 1963... 

da.* , lilE . . lui jMmw CU lly. Wax. La. iail-ifc — ,102 .. 

: St^^knwntrte liitt. lOii. • I _989n— t# 

wi-alirt lou. Vm. N;V. 10i% l«ts- ..*• Mia -Jw 


IV •• i ; WlFaJtrtloU. Vtn. N?V. l68ts„ 1„; ..*• 081* 

IV • — 1 SiM . SSr- .t jteii Inti. Kin. NiV. *£, ljuar. .Vole*. la*X; SB6l0 

!■ > wo.i < 99s* jtkmwfcte V«tiabie'Jsa£Z '. OTT*. „r 


.0 ZB-4 ;..lustt Jtf.lUn 10ft KedV4-r„ 

l‘ 24 3 Itep; liitip.Whiwhnine (O.I Htfiini. Pw..., 


OFFERS 


l—icai - • 

ttentuic. I W77fti.-« •• [ 

Ua, fr I 

9 : uj*i ■ 


9»a 




u . • I,m 1 bi.a< .itdb _ FiwmVe . 1 Uncvum . 

■ inin • A.nbnrtt\ ] Hniw ; len-mV > onHie> ; Trna«irv 

1878 ,«Vde r«*»t I l hnwin Depnail* '. ? UA— ialca j 1 itepiVBf . j Bills ^ 

Pyemi a*.— .- • *«. j . - “ ” | - ; - ^ j ~ 

:<faya notice...} .— •• J — ' esg.etj i -. _ . 

I data "i •• J ) j — 

l «ta.Tfinnthv - - ; 6U-.6S* 6lgAS> : - ’j 63.-7 - i 6S. . 6^t» i - _ 

On« nwnihj... : • &A-6Sfl 6l?-6rii ! OTj-ftl, 6i,-67 a 6r„ ( 6 • ‘ 3« 

Iwr. -mroulHL..; 6»4«de } 6A4-6»a - 6 ?r-61s ) 6t» 7I* - • 6-6 la- sH 

Ht nie roc plhi.1 7i-6^ , 7*-7* 6 t,- 7 ! 7-6i« ; 7!a-7s«. 7i, 4 ©i** I 

SI* mnnU-,..) 7 !j-.7s* 7V-7^ ! 7 1*. 7* | 7i,^i a '■ 7J 8 -«'a - • _ { _ 

.Vmejnnntli..^- SMf-a . J eig-au ; - 81* 7S, ;• 8Sb _ : •_ 1 _ 

Une.vear-.r.L.vi 8a*-8 ! 8i«^ts ] 8U-B3a V Ks*-8 ; 8t r - _ _ 

ivotean. ; ; . - * — 1 9i«-Sie ' — _ _ ■ 


hJi{UN* i 
Hank jKint 
WW"* Bill 


| Oir.BIb 
6V? ! . 7.6s« 

71j 7>4 I 7i*.6r a 
-I 81*71,, 
8>>-83« V Ks*-8 


- j 6it-7 
i-6l| 6i,-67, 

r.bib i 6 t« 7i* 
7.6s« ; 7!a-7S»- 
«^ta ' 7 is-81r 
*7*4 ;• 8S» 


14 3I.S, W 85 

13.-5! 4;4 WWW • Rfln' Bern vww prnjtwmi'.;.. , gp 

o ! tu>5 / J i at _ . .ittinlunn.— — ' 56 

2a, a, io 4 Idc - 1BR ■ bank ot Auatraba... —j 184 


prone to error and -vulnerable to tage risk of claim, premiums are indemnity covers, when for a 
clahn would be non-legally expensive. number of reasons it is desir- 

qualified, but licensed convey- The purchaser of property now able that these aspects he kept 
ancers? has two-rold protection against separate. 

Remembering that the ’ Law unsatisfactory title — direct in- Moreover, tn virtually all 
Society has a compulsory pro- surance protection when there is Hasses of insuranrp written in 
feteional indemnity scheme and a patent defect in title or breach the private sector fas contrasted 
that some solicitors insure of covenant for which a poliey with the state scheme), practice 
beyond that scheme, licensed or can be obtained, and the oppor- is to relarfe premium to the indi- 
un licensed conveyance^ would tunity of a professional in- vidua! risk: blanket cover fmd 
require insurance cover for pro- dertnity claim against hts blanket premiums nip.in that the 
fessional negligence, or some solicitors if they fail to invesli- cond risks pay for the had. 
mutual fund to protect their j ■ ssassss 

C “fn ‘view Of U* difficult,,* the FINANCE TOR INDUSTRY TERM DEPOSITS 
professional Indemnity market Deposits of £1.0h0-£25JKffl accepted _ for fixed terms of 3-10 
has fac^. and the problems years. Interest paid gross, half-yearly. Rates for deposits 


... 19l» 

.... 38 

..t- 24 , 

437 >3 


\ -1m-- ' 


3-Al •!* 211,; M ? ;utvw*l«* - t ! ••«»* • ; Fl£ftc» Mam Bjo. RbIm t 

, 13. 1o 4. «if • 45,jLR.t . IwfmMVmM., - 48 Sank OmsU.itms rfor iman mi 

P. 30/2. oai «> i l^nJAMrttewerGww*...-.- --t' 24 i am*: Arprake tender ratre of d 

P • Z1 *• 3i,4| 3*T |*W -UtetoiH tank J 447 -,-J 

u ■ — ! — 45 m*. JOnalM'Hwrv...-. - 40pw— 5 . . 


inanm daw wcaallr law day iw ttee at damp daw. _ btUg g 

pnapociiia MUrtate. frAaMOAd dividend and Meld ■ o FarerMT dWapii fl 
mi m prmouT .JN*»r"r r Divid^ d ^d dgjgwwgw 

official ewmstermr if79 Croat -r F Unue* 

-sian of sham mi now -Tartan* for dtndcad or ffiHAK ow 

I Placing or i cc m public , rt Pence unices oU»rw|» iwflratnd- . tnui-d 
r. Uflfewd in hrtdei» rti.pnBaarv shnin ;■ J . "Ja Hw- ~ 

■I rapnallSiTTMi . yr Mimntaffi tendej: ^ 

Umi with Twr«HI»»Wa w ik**-«aer^ 

• Proierspct holders. ■Allixmein letterv idr-fnllp-paidl. _• FTtmajoniU 
■pan] alMHBew -leiicra. -. * With warrants • •.Owmw utfee cawcet tn 

n tar u.k. reMdenu. • 


-B • v.j.-.r. •,-’••• 

BASE LENDING RATES 


..IJlinkl— — _ 
Mar. 3 ;Raie* Day'f 
- ■ « % i -Spread 


GOLD MARKET licensed conveyancers scheme. 

- * — u a]e« adequate professional 

_ Mar 3 ! u«t -2 standards were established.. 

other MARKETS ‘ * " “j . Tf not, the public would gain 

a,,-*..; ■A W ss.^s, K i jtftsa- ' : c 2ts5 w inJS 

6iiiarti%...UI»l.T)»La.MRlB...Jl 374-284 t»nn* ounce! i*4li'*ia*.inAS. WnMnj -IBd BU7 bUy«S 

. : su*-53.te Bcifchim?. 1 »itj v oSSim — cou,d at *™* ter risk- 

SSSiwRSia&D nfiSE When A sells to B his title 
■' ■•. (e»4.6esi ><94.817} could be defective, or his pro- 

• k * ■ ^rai^L“-9?i£eil JgJiSL Party Subject to restrictive 

Kb wait ....- 0.643-0448 Genneny ..is jsj-sjs _ covenants which have been 


- -'.be94.695| h 894.817) 
Artans o afg S 184.48 ■ *184.28 

.. j (£94.686)' . J(£M^25) 
GoU Oiln... i I 

danVeMko-Uyi . .. ." : l,"- 

Xmn»raad..;8iBg)t-i9iJa ;sisai«.i94u 
'. k£9744-B8»l ItWB.lOO) 


Terms (years)..'-? . . : 4. S fi . 7 S 9 lf> 

Interest %' :.3h 10:: 104 id| 11 Hi 11} Hi 

Rates for larger amounts on request. Deposits to and further 
information from The Chief Cashier. Finance for Industry 
Limited. 91 Waterloo Road. London SE1 8XP (01-928 7S22. 
Ext. 1771. Cheques payable to “Bank of England, a/c FF1." 
FFI is tbe holding company for ICFC and FCI. 


LOCAL AUTHORITY BOND TABLE 


ro Rank 

■* Bank Lid. 

iry Anshacher. 


X. Bank --Y. ff«S« Hill 64% 

ed Irish. Banks Ltd: . C Hoare & Co. ^ 6}%. 
erican Expire^ Bk. Julian S. Hodge ‘4% 

ro Rtnk'..-..;..s.. Hongkong & Shanghai fi}% 

•» Bank Lid. «}<* Industrial Bk. Of Scot. |}J 

iry Anshacher. .x. .. 6+ffi JCeyser Ullmann ®*-5B 

ico de Bilbao fii% KnowsJey & Co.I.td. ... 0 
ik of Credit & Cmce. fifin' Lloyds Bank - ... . SJJ 
ik of Cyprus 6}?l» London & European 

ik of N.S.W 8 *°b London Mercantile.!.;.. 6*% 

ique Beige Ltd fi 2' Midland Bank 

que du Rhone' . T %*. Samuel Monltigu «*% 

(■i.ivi Rank . fU*Ml MorsM Grenfell 


ja..., .... Hi* 6u lg *pow.. , 4.4S«4.*5»!y8r^iy...-1ILip.aO Ve*ik« , glu&&&A-MU‘ 1*5880^ 

S^-'H-sza IS ^ 

Vienna. .. ..i Ji*i 2B.05-2SJ0 i 33.aiJZ8.ffl - ■ . K ^ TT ■ i ^ 

ZuHe8.'.:;_^i 1 ; 547fr-4.6? 1 *8. 60^-441 4 UA-omU., «a iV«8,« .TVantaini, 48^44 -GrtflCwii*.. 

' r - — — Rite riven fttr Aiyeiutti is a ^ trwr rate. (Imemif'liyi!- 

. S Ram *ts<iO *fe fnr cimvartitfa I rants. KnSganis«&i..iHB9-lBI 

rOUBCM tCUX.iLW-6l.itl. •_ 'l,Efl7lfl-98 


C«utda.: ■ 
CSI. . .... . 


(£29Si-30S*I K£2W4-305 4 ) 


EXCHANGE CROSS-RATES 


Kntgem&L.'SlBO-IB! • tl8B4-l90Jf 
l (£fl7lfl-981*l ££97l4-98UI 
N'Wgonr'rjpjf ,’857-89 l*37U-59'» 

. i(£2Bi 3 301*) «£29lg-30l(j 

Old St>rr'0u;tS71i-59Ii U58U-60U 
|£293i^U3|) 1 (£3 0-41) 
teQ Eaj*W»...l>2S6-g99 | S2B7^0 1 

FORWARD RATES 


. Mvt. 5 }>4i> |- en«i. 1 nuwaeit Immu Aiu>im ui tu>Vh ' — -■ ■ . . — ■— — — ^ « - 

I Hr , — ■ „ ' 1 . —i ■ ■ New York V.D2c. urn -D.&8 <Ul, c.poi 

VmitRlufl-.. - ' 2S2r€CL\h \ , fcatS^lS • 3JM69C& . v&a»«4. ICH.ltWO Monlrtu . 9 .« .■.um-O.Qtdl&O.aO-0. 10 fr.mii 

.veu r^K ■ 810006 13.181975 l.f«J0-s 10 ».1430-: :S7485 ..A».f.|ani;7a c-pnvlg vvH- J aSs-lS* c. pm 

«*Rn*..; 1 23b*j ae\ a.i*'-i. fc 7 • . la.1 » INv^Oip 32]jr tSOJa u5 Of, T» & ;Bnmeb^. B e pm-8 c.dii ' |1B45 c. pm 

#rfK.:..W ! 3t.««y i fcHUfi 1 ~ -«>u^-ei.O n h.r768 :i655-17^fi Cup'ohini. &06re^i» fUw^otvril* 

laiwtau... .i ,A»9o j l.;Ml MO ; ; rt»Ja i. ; «^0| 8« : 4.6W- 1 j Frwulurt ilT B .7 8 pi. pm 'BIrAIk pr.ptn 

A.m.lnam..^0K( 150651 t.ttd&i? ] w.£S38 1.8^.16 6^4.1606-1746; '110.7^805 LMxm lfi0-l3O*L-.di« >4iXU570 c.di» 

/.rnefi; ^-.wllatWiaf IjS7-!fi0 [58.9 12 13* ft.fcnS90923JOMSnOi5^K7-2ES - Madnd....:50-12Cff. dia lK^BOtdia 


clavj Bank • fit wl Mown virenr 

nett Christie Ltd- . S*^ : National Wei 
mar Holdings Ltd. 71%. Norwich Cena 


1. Bank ol-Mid- East. 


Morgan Grenfell 6}$ 

sm National - Westminster 
7l*l» . Norwich General Trust 6*% 
p. s. fatoa.fr Co 61 


1 SIMCO MONEY FI NDS 

i (Saturn Investment 

1 Management Co. Ltti.) 

Rates of deptott* 

of £L0OO 

and upwards for 

W/e 5.3.78 

7-day Fund 

%P-a. 

Mon. 

5.749 

Tues. 

5.761 

Wed. 

5.7S4 

Thur. 

5^71 

Frt/Sub. 

3-Month fund 

5.844 

Wed. 

6.125 


Authority 

(telephone nu-niber in . 

parentheses ) \ 

Barnsley Metro. f0226 203232) 

■ Poole (0201J 5151) 

. Poole (02013 5151) 

Reading (07S4_ 58234?) 

Redbridge 101-478 '3(feo') 

Southend (0702 49451) 

Thurrock (0375 5122) 


Annual 

gross Interest Minimum Life of 


Wrekin (0952 505051) 


interest 

payable 

sum 

bond 

% 


£ 

Year 

9* 

1 -year 

250 

4-7 

- 01 

1 -year 

500 

4 

9) 

4-year 

500 

5-7 

10 

1 -year 

1,000 

5-7 

10 

3 -year 

200 

5*7 

9 

}-year 

250 

3 

91 

1 -year 

300 

4 

JO 

1 -year 

300 

5-7 

S 

1 -year 

500 

2 

10 

yearly 

1.000 

4 


VrauiMuVtv ■- - 2.C&OJiIb ; 42J6-.& 
.ve^ *W.4b hf* .-•••■ 8i'0005 

SAWJn ^6 a.«4'-fr7 

rfnp^ii{.:. i S0?.«)^ t 3t.«45 i 6.B«-3 


wn Shipley-..-----— ' Rossmlnster Accepfcs 

ada PennaheM ATI 8}Pff‘ Royal Bk. Canada IVust Big 

iltol C A C Ffn. Ltd. 9 % Schlesingelr Limited ... 6*% 

lar Holdings' 2 S % Security Trust Co. Lti 71% 

.rterhouse JsphcL.. ftlj Shenley Twst 

E. Coales 7 J ■ Standard Chartered 

isolldaied-Credits ... Trade Dev. Bank ...... 64% 

Bperative Bank ....... fi^TTructee Sa«liUta ,Bank JHJ 

inthlan seeuririrs... 6J9ft *. twentieth Century BK- . * 

dit Lyonnais SiPff^L'niierf Bank of Kuwait 

. • Cyprus popular BK. -VDiiteaway Ujdlaw 

iron- Lawirte 7 fi*%' "IVliliams .& Glyns 

ill Triist fifT; ^'ovkshiro .Bank 

- r :i*sh. .Tralfetsmt 5 ,w Accertina homss 

Bt LOndon See- ••• ■ fir'ri Cnrammcr - _ 

si .Vat. Fin. Cnrpn. Si^.^THiRV .Spoilt* s .... i-nwRH 
Ft Nat. Sera- Ltd- ... 0 m ^ «n «i mas 

mny Gibbs "G*%.,jnie wrier vt w to.£2>»» 3t» 

•>' hound Guaranty... «wB5^S!w l 2i'a» **- ’ 

nifl-tM Q^b f Cl D- ; u|| dfBMUS 0"T «"W> * - 

itOiar^ Batk. ......... •5-2* J J»i n a»» l w! 4ww»« es- ■ _* - 

nnesB Mahon ... •'.. "i'ih rv<» .»!« . «vu« » KvrrcM rnu 
nhrn^ Bask ft* ‘to !>?«*■ 

3X:, . . _t •/ 


... (tji, t, hv Ivirvw U.’ =.11201 OS U-uiiiwui Mib. 

Uusdiati S in New Ynrk = 88.38-50 c ■»• dj3. | is Milan . 

: r . ; v fitedioa u uita i«7 jo- 1648 jsa 


\ EURO-CURRENCY INTEREST RATES- 


- Mum. — J 5-X1 llredt* 81-89 Hn (»» 

CNilo 4l«-«ia oredia or« 4<* 

.. Hula... u ..l91a-8ls e. rt« jlw.144c.dli 
' Svfebb'lm.’2U4 ore di* [5-7 ore di» 

. Virana ....jpsr-lO.gnvlls j 10-20 ten dia 

Zgneh- -.'.85 8 -ls a c. pm i"-6c. p m 

' 'SbjnoBnj forward dollar 0.50-fljflc wn. 
AZ-moott lJlM83e pm. 

-CURRENCY RATES 


1 L«U«.iWll 
UlMIW • 


„ _ UULzll 

:U.% On- ail iiui«*or» 


rdbAn'l^ai 7,f* BU-6la . o4»-/?» ■ 64i-7 
. < 4nvn,nn(U.C‘.^fo'7 -> os«./S* 6U-7 

jii-nilr.... ; 6 i*-tu ■■ 7s*.7ij| 
iftroc mHriUn'.^.77*;lri ...at "i 7i*.7ia.. 
-i» numiM^.-J Olg-fii? - /la- ilg ?5s.7?j 
Un^vmi ■ 8te-84i l ' 7 A«^Ia '■ 7i m oU 


V.btmhii 

ftwr*. . . • 

Bie^aa . . . . 

-' T 7 — 

5I*-SSb -.lilH'Uii...... 

f **■**! .- L-.'?. Amar.... 
CocmUiid. 

-*Wk_- Aiwrrut BTll. . 


] dMj-'it 
. Drawld* 
L Rivn’« 


f tterowao 
.[ - Unit o 

lArrnnn 


0.63 3500 
1.25198 
1.48066 
» 17.8520 


0.660415 

1.26115 

1.40991 

16.26S7 


• wwjr*e r .n d»*PMH iwMUv "U-IM P** rew.': «*v?0-d*y 1M-13I tfrcMv: fiSSS'vISS' \ 

orie-nmnui, -l«-u on cent : r h r«^Dw a -Ji UWM ter rear.: WHWtl 12I-U Ii7?76 ft'SllIf 

drntf onrVw 12*-I2t ovr rroi „ Uww±»»« r k *-55686 

UnW4wia BoralDllar daposns* »«n war* aia-*?;* D#r can,! Urre years Uuiuta imman j-dSUBW , "a-Tiraa 
S5 i3*-B4a. rwr p art.: four Tear* 1 SSk4?w wlrt - «i» SMj par c«s. f, rflDch 7^u> u ! iiv?«2S 

Hit frtknrms nominal ran* birv qnfflrt for Lowlpn dollar, etntfkat-y* .of ,uo ,lr * - " ISz^r? -. -IrZ 3 L™ 

drwit: onwBOTtfh tft-t.to orr ww: tluvo-mnaib T ifl-r ;«v p*r^ c*4K : sa-monrh .' ^PQ* 1 * ** y°- ?¥,iSo. ' - S 
r.«r.*.ner'friu. nitr-»ar p-r «w. Nftr-ajMrnnw 6-®if ?? . [ *^7?5 a 

■ Rates ire iWmirul eillms riren twin pw« gB-611* ; 10 0.8 74 

call. Wt sMWtAa. L'S. debars and CaiadlM HHUre swo jw-dw* krnerl 8.64740 , S.77B23 

day«‘ nance for gulden and Dvrj» franca. Svtm fenne....! a 2773a _ ■ 2.53248 


This odvenhiment Is issued is eomptumce with the requirements of the Council of The Stock Exchange. 

THE TRUST BANK OF 
AFRICA LIMITED 

(RagtltfPd Gcnaral Uanfc) 

Incorporated itt the Hepatite of Sooth Africa 

Rights Isspe of 25»000 9 0001L5 per cent 

Cumulative Convertible Preference Shares of R1.00 each 

This Cotmdl of TBcr Stock Exchange has admitted the above Preference Shares 
to tbe Official list. . 

- Particulars relating to .the Preference Shares are available in the Statistical 
Service of Extel Statistical Services limited and copies of. such particulars may 
be obtained during normal business hours on any weekday (Saturdays and 
public holidays excepted) up to and including *31st March, 1978, from:- 

W. GreetiweH & Co* 

• ■ Bow Bells Houses . ' 

Bread Street, 

London, EC4M 9EL 

6th March, 1978 



F-s ir ’nr 



GENERAL OUTLOOK 

Better for some sectors 


t£) Statistical Material’ Copyright Taylor NcbonjGroup Ltd. 

GENERAL BUSINESS SITUATION ^ 

4 monthly- moving total . . - MnttqrTBI ‘ 


THE DIVERGENT trends be- 
tween the consumer and indus- 
trially oriented sectors of the 
economy have been brought out 
clearly by the past two months’ 
surveys. In January there was 
growing optimism in the con- 
sumer sectors based upon signs 
of a revival in consumer spend- 
ing. Last month the chemicals/ 
oils and shipping/transport 
sectors were found to be taking 
a more pessimistic view of an 
already depressing situation. 

The trend of orders and 
deliveries had weakened in face 
of low demand and considerable 
excess capacity, and more cora- 


Deliveries 


UnrfteWfims 

— i . • r, t. . _ 

'1873 '74 '75 *76 


panics were expecting reduced 
profit margins and lower rates 
of return - 

In mechanical engineering, on 
the other hand, activity appears 
to be beginning to pick up from 
a very low level. 

All three sectors took a less 
buoyant view of export pros- 
pects. The main factors here 
were the rise in the pound and 
the slow growth of world 
demand, coupled in the chemi- 
cals and shipping sectors with 
the problem of excess capacity. 
Many companies also made a 
point about export business 
becoming less profitable. 


Are you more or left optimistic about 
your company's prospects than you were 

four months ago ? ^ 

‘ Hare optimistic 

Neutral 

** ■ Lew optimistic 

No answer 


NOVj- 

Oct- 

Sept- 

Aug^ 

Feb. 

Jan. 

Dec. 

Nov. 

% 

il 

_%_ 

AT 

‘ % 

V 

to 

39 

18 

mw 

26 

15 

St 

. 43 

16 

- 40 • 

20 


EXPORT PROSPECTS (Weighted by exports) 

4 monthly moving total 


Over the next 12 months exports will her 

- Higher 

__ Same 

. Lower 

Don’t know 


Nov.- Oct> 

Feb. Jan. 

% % 


»tal February IffS ' 

Eng’s. Shipping 

Aug- (non- Chemicals - & - 
Nov. elect.) & Oib . Transport 

% % % : : .% 


79 83 

JO 10_ 

11 7 


to 54 

13.. 12 

i» 34- 


ORDERS AND OUTPUT 


NEW ORDERS 


4 monthly moving total 


A revival in engineering 


IS mechanical engineering the 
pace of activity appears to have 
quickened a little, although t<» 
nothing like the extent that was 
evident in the consumer sectors 
included in the January survey. 
The engineering companies 
interviewed last month were on 
balance more inclined to report 
a higher trend in recent orders 
and deliveries and higher expec- 
tations for output over the 
coming twelve months than 
when this sector was last sur- 
veyed four months ago. 

Their experience contrasted 
noticeably however with that nf 
the cfaemicals/oils and uans- 


Order 

Books 


blwril^'Kr'Ilini 


“t973 '74 '75 


77 78 


port/shipping sectors. In both 
sectors, the trend of orders and 
deliveries had weakened and 
output forecasts had been 
lowered. 

In the chemicals/oils sector, 
this was put down to the slug- 
gish state of U.K. demand, the 
low growth rate abroad, the sub- 
stantial excess capacity that was 
now abouL and the tendency for 
customers to take advantage of 
the situation by cutting stocks. 

Excess capacity was also the 
principal problem in shipping, 
together with the effect of 
exenange rate coanges. 


The trend of new orders in the last 
4 months* is : 

_U? 

Same 

' Down 

No answer 


Nov- Oct.- Sept- Aug.- 
Feb. Jan. 'Dec. Nov. 


. February 1978 . 

Eng’S. Shipping 

(non- Chemicals - & 
elect.) & OQs Transport. 
% % % 

84 17 29 

10 SS -• 71' 

6 28 — 


PRODUCTION SALES TURNOVER 


4 monthly moving toed 


Those expecting production-sales turn- 

over in the next 12 months .to : 

Rise over 20% 

Rise 15-19% 

L __ Rise 10-14% 

Rise 5-9 % 

About the same 

fall 5-9% 

fall over 10% 

No comment 


Nov- Oct- Sept- Aug- 
Feb. Jan. Dec. Nov. 

% ' % % % 


February 1978 
Eng’g. ' Shipping 

(non- Chemicals' - Sc 
elect.) & Oils Transport . 
% % ' . % 


^4 4_ 

5 5 

18 • 1 9~ 

22 24“ 

44 40 

1 3 


1 :• — 
5 7, 5 

40 84 


— — 11 

23 — — 


CAPACITY AND STOCKS 


STOCKS 


4 monthly moving total 


February- 1978 


Skilled labour is the key 


GIVEN the comparatively low " * “ — 

level of activity which still ■ _ “ ~ 

obtains in most sectors, it is ( Factors Affecting 
worrying— to say the least— *o ;a£ - Production - 
find so many companies com- i A 
plaining of difficulties in re- * i ||\ 

c railing staff of the requisite °j / V j 1 1 p — 

skill or experience. The extent ["I I VI 
to which this factor is cited tias 20? -J Y—'tata wraps — 

been steadily growing for about \ - ■ J 1 dteirinL 

a year. | JflT * till 

In the past four months almost j . “ I T { 

half of all the companies inter- L L A, J 

viewed have seen reason to men- ,60? - —J 

tion a shortage of skilled factory ; W v 

staff and a third have said that , t , , , 

executive staff are hard to ^nd. ^7973 *74 75 ns 77 T8 
In engineering last month, two- 1 

thirds complained about a scar- city of skilled factory staff and 


-Jadm Inswap*' 
dtagidnL- 


two- fifths mentioned executive 
staff. 

The problem appears to be a 
wide-ranging one. both geo- 
graphically and in types of 
skills. In the case of executive 
grades, the difficulties ranged 
across marketing, middle man- 
agement, draughtsmen, techni- 
cally qualified staff capable of 
handling export business, and 
trainee ships’ officers. In the 
case of factory skills, the 
examples included electronically 
trained people, the need for 
whom was said to be insuffici- 
ently appreciated in schools and 
colleges, and technicians for re- 
search and development work. 


Raw materials, and components ever the 
next 12 months will : 

Increase 

Stay about the same 

Decrease 

No comments 

Manufactured goods over the next 12 
months wilj ; 

Increase 

Stay about the sane 

Decrease 
.No comment 


NoVr 

Oct.- 

*Sept^ 

Aug- 

Eng’g. Shipping 

(non- Chemicals . & 

Feh. . 

i*n- 

Dec. 

Nov. 

elect.) A Ofa Transport 

% 

% 

% 

% 

% .% ■ % • 

44 

47 

: 43 

48 

30 

■ u 

31 

54 

• 8 

36 23 5 

39 55 ' 84 . 

6 22 11 

3 

■flp 

4 

7 

1 

5 

7 

7 

1? — * — 


FACTORS CURRENTLY AFFECTING 


PRODUCTION 

monthly moving total 


CAPACITY WORKING 


4 monthly moving total 


February 1978 
Enjfg. Shipping 


Above ta rget capacity 

Pla nned output 

Below target capacity 
No answer 


■— Sept^- 

Aug- 

(non- 

Chemicals 

& 

Det 

Nov. 

elect.) 

& Oils 

Tramport 

; % 

% 


% 


l 13 

13 



— 

1 

24 

! 52 

49 

67 

51 

65 

! 34 

37 

33 

48 

— 

1 

I 

— 

— 

11 


Home orders 

E xport orders 

Executive staff 

Skilled factory staff 

Ma nual Labour 

Components 

Raw materials 
Production capacity (plant) 
Finance 
• * Others 

Labour disputes 


Oct.- Sept- Aug- 
Jan. Dec. Nov. 

% % % 

8 2 81 7 6 

56 60 60 

3 0 20 2 5 

39 38 36 

7 3 4 

8 8 8 

9 T O 8__ 

11 11 10 

— I I 


February. 1978 . 
Eng’g. S hi p ping 

(non- Chemicals & 
elect.) Sr Oib Transport 
% % % 

89 98 77 

6 3 98 77 

4 0 13 8 4 

65 48 3 5 

9 22 35 

38 2 — 


No answer/no factor 


_7 12_ 

36 32 

5 2 


29 — 


31 • 35 
2 — 


INVESTMENT AND LABOUR 


LABOUR REQUIREMENTS (Weighted by employneiit) 

4 monthly moving total 


Prospects are improving 


IN THE short run the shortage 
nf skilled recruits is likely to 
become worse. With all three 
sectors surveyed last month 
taking a more optimistic view 
about the forward manpower 
needs over the next 12 months, 
the all-industry indicator for 
employment has risen a further 
notch. 

The underlying trend has 
been improving for about two 
years and since last summer rhe 
balance of “ups” over “downs” 
has been positive. The overall 
positive balance is still very 
small, as compared with the 


Labour 

Requirements 


B&motepad 

UpWBons 


position before 1974. and almost twu-thirds 


a 75 76 ’77 78 | 
of all respondent 


companies expect to make do 
with about the same size labour 
force. But the trend is an 
encouraging one. 

The underlying trend for 
investment intentions over the 
coming 12 montbs is also 
distinctly favourable. This is 
in spite of a less bullish view 
in the shipping and transport 
sector, which resulted in a slight 
drop in the all-industry indica- 
tor last month. The investment 
outlook iu chemicals and oils 
remained high, however, and 
the engineering sector had 
raised its sights since last 
October. 


Those expecting-thelr labour force aver 
rhe next 12 months . to : 

' Increase 

„ Stay about the sane 

Decr ease 

No comment 


February 1978 I 

En^g. Shipping 

(non- Chemicals Sr 
riecc.) St Oils Transport 

_ % % % 

28 48 — . 


CAPITAL INVESTMENT (Weighted by capital expenditure) 

4 monthly moving total 


Those expecting capital expenditure over 
the next 12 months to : 

Increase in volume 

Increase in value 

but not in volume 

Stay about t he s ame 

Decr ease 

No comment 


February 1978 

Shipping 

(non- Chemicals & 
elect.) & Oils Transport 

— % % % 

55 83 —i 


COSTS AND PROFIT MARGINS 


COSTS 


Keeping to the guidelines 


4 monthly moving total 


Wages rise by; 


Nov— Oct.- Sept— Aug.- 
Feb. Jan. Dec. Nov. 

% % % % 


_ February 1978 

. . Shipping, 
(non- Chemicals & 

* Oils Transport 
% % % 



RECENT surveys have shown 
that niu&t companies expect to 
b*? able to observe both aspects 
nf the Government's p&y guide- 
lines — Dm 12 months ruse *»d 
rlo 1 l*i per rent, overall ceilind 
— and the picture is '.lot chanped 
h> ia«i month)- soundings. A« 
a rrsuli. the median forecast 
iri'-rea'-p far «agp costs in th* 1 
ti.-xi 12 ha* peaked ■hit 

a: i lie 12-12 per cent level 
Teuptlier with the fall in 
materials prices and the ripe in 


the exchange rate, this has 
helped to bring about the hope 
of a lower rate of increase in 
total-unit costs and output 
price*. But these have not yet 
fallen to sinqle figures: rhe 
median forecast increase for 
both is «ttil around Lite 11 per 
cenL mark. 

The outlook for profits, on 
the other hand, is discouraging. 
Both the chemicals, the oils and 
the shippmg/transport sectors 

took a more gloomy mood last 
month. As a result, the all- 
industry indicator* for profit 
margins in the next 12 months 
and earnings in the current 
financial year have become 
negaiiw for the first lime since 
enri-WT.j. 

These surveys, which are 
carried out for the financial 
Time* hv rhp Taylor Nelson 
Group, as based upon extensive 
infr-mews with top executives 

Three sertnr* and .''onie .1** 
companies aie covered in turn 
every month. They arc drawn 
fr-'m a samp!? ha«ed upon riie 
fT -Actuaries' index which 


Volume of 

Purchases 


Unit com rise by : 


<M%_ 

5-9%_ 

- 10-14% 

15 -19% 

20-14%_ 

fa me 
Decrease 
No answer 


3 — _ 

78 7 5 4(f 

— 22 _ 


Financial ■ Times ; Mondas^Taitfi; 




Eng’S. "Shipping ; 

(non- Chemicals . St 
elect.) & OHs Transport 
% %■ % 

28 14 ■ ,• 5 . 

70 31 3S ! 

2 55 60 


Description 


1972 DECOIL. FLATTEN and CUT-TO-LENCTH 
line complete with automatic sheet stacking 
unit and coil reservoir. Max capacity 152fi ram - 
wide x 3.25 mm gauge x 15 tonne steel coil. . 

8 BLOCK (400 mm) IN LINE. NONSUP WIRE 
DRAWING MACHINE in excellent condition 
Qf2000ft/min variable speed 10 hp per block 
( 1968). 

24" DIAMETER HORIZONTAL BULL BLOCK 
By farmer Norton { 1972). ™ 

ROTARY swaging machine 
by Farmer Norton (1972). ' f ' 

SUITING UNE 500 mm x 3 mm x 3 ton capacity. 
TWO VARIABLE SPEED FOUR HIGH ROLLING 
MILLS Ex-630" wide razor blade strip . 
production. i' 

MODERN USED ROLLING MILLS, wire rotf- 
and tube drawing piant—^roli forming mrthines— 
slitting— flattening and cut-to-Jengrii lines— 
cold saws— presses— guillotines, etc. ■.*■ 

1974 FULLY AUTOMATED COLD SAW *f 
by Noble & Lund with' batch control. ._ 

1970 CUT-TO-UNGTH UNE max. capacity 
1000 mm 2 mm x 7 tonne coil fully 
overhauled and In excellent condition. 


0902;fi53 

mm 
b SfSi • 

Trier s • 


0902 -QS 

Tetet; 


0902- «S 

Tritx , 
0902 425 
Tekx, 


OYcrnduicg flnv wwmwis 

1945 TREBLE DRAFT GRAVITY WIRE DRAWING 
machine hv Fanner Norton 27*— 29*' — 3*r* 


0902 42541 ^ jN. 
Telex g V ' 


machine by fanner Norton 27*— 29 M — 3*r* 
diameter draw blocks. 

STRIP FLATTEN AND CUT-TO-LENGTHTLINE 
by A.R.M. Max capacity 750 mm x 3 mm 
9 BLOCK WIREDRAWING MACHINE and- 
1000 lb spooler — non slip cumulative type' with 
double tiered 22" dia. x 25 hp draw blocks. 

2 IS DIE MS4 WIRE DRAWING MACHINES 
5.000Ft./MJn. with spoolers by Marshall Richards, 

3 CWT MASSEY FORGING HAMMER 
— pneumatic single blow 

9 ROLL FLATTENING MACHINE “ 

I J00 mm wide. , T 

7 ROLL FLATTENING MACHINE 
965 tnm wide. 

COLES MOBILE YARD-CRANE . 

6- ton capacity lattice i‘b. 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLLING LINE. I (T x 8 ~ rolls x 75‘HP 
per roll stand. Complete with edging rolls, 
turfcs head flaking and fixed recoiler. air 
gauging, etc. Variable tine speed 0 /750ft. /min. 
and 0/!500ft.7mlri. J 

JAR ROW STRIP STRAIGHTENING AND “ - 
CUT-TO-LENGTH MACHINE (1973) b/ v 
Thompson and Munroe 

YODER ROLL FORMING MACHINE. 30" width. 

7- stand. Excellent. 

HERBERT 8 PRE-OPTIVE TURRET LATHE . 

20" dia. x 56" 13-1000 rpm. REBUILT. U‘ 

54" Dia. COLD SAW. NOBLE & LUND. 

Max. capacity 40" x 18". EXCELLENT . 
AUTOMATED TURRET DRIIX— HERBERT 
6 station. 2 M.T_ Plugboard control. Co-orffinate 
table. New 1974. Almost new. 

4A CHINING CENTRE. Capacity 5ft. x 4ft. x_ 

3ft. 5 Axes, contfnuous path. 51 automatic too I i 
changes, 5 tons main table load. Main motor 
27 hp. Had Iks than one year's use and in 
almost new condition. For sale at one third 
of new price. 

ACME GRIDLEY (BSA) 6 SPINDLE AUTOMATIC. 
21" rebuilt and not used since. Will turn ; ‘ 
and index to maker’s limits. 

WICKMAN 34 SINGLE SPINDLE AUTOMATIC. 

Extensive equipment. EXCELLENT CONDITION 
WICKMAN 21" 65P AUTOMATICS 1961 and 1963. 

EXCELLENT CONDITION. . - ° 

T1NONNATI CENTRELESS GRINDERS. H 
Sizes 2 and 3. EXCELLENT. 

4.000 TON HYDRAULIC PRESS. Unsimke-' 
Between -olumns 92" x 52" dayliqht 51". 
irrolcc 30" 

HONAN FROUDE DYNAMOMETER. - 
. mod-! RFA 13. T P ,t capability: 20.000 
at .450 rpm. £40.000 ex works. *•’ 


■SBI 

42541 

Telex 3 


0902 4254i 
TeiexS 
0902 4i5fl| 
Telex 31 
0902 42541 
Telex 33 
0902 42541 
Telex 33 


0902 42541 
0902 4254 
Telex 33 


0902- 42541 
Telex 33 


0902 42541 

Tdex 33 

0J-92g; 
Telex 7i 
0F-928 
Telex 2f 
01-928 
Telex a 


01.928; 
Telex 26 


01-928 
Telex 26 


01-928 : 
Telex 26 
01-928' 
Telex 26 
01-928. 
Telex 2£ 
01-9281 
Telex 261 


01-928 3 
Telex %\ 

Tel:Burtniu. , 
Trent 3x. ... 
Telexr^jW \ 

I VI I 


;Lesvlive% 

- --aril 


U 1 i C 


WANTED 


MODERN USED ROLLING MILLS, wire rod 
and tube drawing riant — roll farming machines 
slitting— fattening and cut-to-length lines — 
cold saws— presses — guillotines, etc. <1. !• 


0902 42541 
Telex » 


)l ! I \ 


Sergeant J*n*k*n 
was hit on the head -. 



" fcmtBttOiifyiKrbm. 

I L— — J i 

1974 1975 1978 1977 1978 


acuouim fur about 60 per cent, 
nf the turnover of all public 
companies. The weighting is by 
market capitalisation, save 
w here an alternative method of 
weishuiu: is cued. 

The all * industry figure? are 
four • monThl* 1 moving total?, 
mvennu <om* T2i> companies in 
II mdiKtria! sectors !me<*hai- 
ii'ar eii2;neHnng i-j rurrpyod 
o\ery <t , '”ond mnnthi. Complete 
tnhlet 'if pti rrbnxeri Irnui 

Taylor kelson and Associates. 


0 -4% 

5 -9% 

10-14% 

15-19% 

Sam e 

Decrease 

No answer 


PROFIT MARGINS 


4 monthly moving total 


Thow “VDecring profit margins over. rhe 
next 12 months . to : ______ 

• • Improve 

Remai n th e same 

• Contract 

No comment* 


No*.- Oct.- Sept.- Aug.- 
Feb. Jan. Dec.' Nov. 

% • % % - - % 


February 1978 

Shipping 

f non- Chemicals & 

.elect. I St Oils T nmnorf 


After S years in the last war„ after keeping the peace in Kenya, after * ’ j 
through the evacuation of Aden, Sergeant J*n*lrti was hit on the heaLT 4 
astone. ' ' . ■ ■ ■ . *l«: 

He lost his reason. ." f 

He lias been .with us ever since 1 he was invalided home. Sometasf 
hospital. iOmetiines in our Convalcs® nfHdme— « herever lie is.ve; 
after him. We provide work in a sheltered industn*. that he 
without rbarity. One day. he’ll probabljrutner our Veterans* Home for 8 
still thinking that the next man in the street is about to attack liin;. 

Every year brings in more and more deserving uses likeScqgfi^n^^ 
And eviriy year our costs go up. 

If we are to survive in *75 we must have more funds. We're dt 
everything we can. but in the end iL depends upon what jo* 
afford to give. ^ - _ Lj 

"They’ve given more than they rould- _ j' 
please give as much as you canP> 


24 22 27 2V 

43 55 46 . 45' 

‘29 21 22 ' 22' 

“4 2 5 4 


,'e 

O 1 

% 

3 ‘ 

_27 

— 

43' 

14 

29“ 

2 

59 

■■■ * 

19 




11 


m€im<JKLFflfc€ 




Mr, 


37.T;-turJce5n-eei,' London 5Y/7 2LL 01.-5S4 £c^j v 

■ 1 ' ■ ; i*'** 



i. 







^fascial- Times 'Monday -March' $ 1978 




essnian 



U.K. TRADE FAIRS AND EStolIXONS 


¥**'■„ ■; . Title ;; A 

iar. 4-rApriI 1... .Daily Mail Ideal Horae Exhibition 

* ar ' ...-■.. London Young: Fashion Fiiir • - - ' 

«r. 23 — -27 Scientific & Industrial Laboratory instrument Ex. 

Jat. l ^-27 into rnati onal Elecmcal Exhibition 

«ier. IS — IT International Pneumatics & Hydraulics Exbn. 

-Intr Instruments. Electron ic-s-& Automation Exbn.: 

14 — 16 Ini. Public Address Equipment Exbn. 

4 r " l b — Vending Equipment. Refreshment Services Exbn. . 

Jpr. 3—-6 Environmental Pollution Control Equip. Exbn-.-- • 

\pr. 3^— 7 Int. "Heating. Ventilatmg & Air Conditioning Ex tan. 

Xpr. I — 6 Electro-Optics Exhibition 

* r ' * — f Com pule market '7S Exhibition '" . 

4 P r - ? — C information Handling ^-Management Exhibition- 


. Venue. ' 

Olympia 
Earls Court 

JJ.S. Trade Center. W.I 
Nat. "E^bo. "Centre t Blham'. _ • 
Nat. Exbn. Centre. B'ham. 
Nat. Exbn. Centre. B'ham. 
Cunard ini. Hotel, W.6. 
Cumberland Hotel, W.i 
Trade Center; W.I 
.XaL. Exbn- .Centre. B'ham.. .. 
Me impale Centre. Brigh ton 
. "BlouTusburyXenTre" HU.‘, WCl 
-West -Centre-Hotel. S.W.6 -■ - 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


War. -7—10 

War. S — 12 

War. 12 — 14 

War. 12-^-i9 

War. 14— -is 

War. 15— IS 

War. 15 — 19 . 

War. 34. — Apr. 5... 
Mar. 31— Apr. 5 .. 

Apr. 2—6 

Apr. 3— S 

Apr. 


Powder Technology A- Sulk Solids Exbn. - . "Basle 

InL Oil & Gas Heating Exhibition - - Stuttgart 

International Shoe Fair Utrecht 

International Spring Fair '• ^Leipzig ■ 

Ini. Printing & Paper lndu-trv Fair Zagreb 

International Building Exhibition Singapore 

International Trade & Industry" Fair ■" Meddah 

Ini'. Woodworking Machinery & Wood lnd Exbn: Paris- -- - 

Supplies .& Materials tor the Furniture lnd. Exbn, .Parts 
International Fashion Wwk Munich 

Electronic Components Exhibition "Paris 

Total Transport '7S Exhibition . Rotterdam 


BUSINESS AND MANAGEMENT. CONFERENCES 


Mar. 7 

Mar. 7— S 
Mar. S . 

Mar. 9 
Mar. 9 


Mar. 13 


Mar. 

Mar. 

JUr. 

Mar. 

Mar. 

Mar. 

Mar. 

Mar. 

-Mar. 

'‘Mar. 

Mar. 

Mar. 

Mar. 


13—14 

13— 7-17 

14 : .... 
14 .... 

14— 16 

15, .... 
13 .... 

15— 17 

36 .7.. 

16 .... 
16 .... 

20 ..... 

20—22 


Mar. 21 

; Mar. 21 • 

.Mar 21 

Mar. 22 


Mar. 30 

Mar. 31 

Mar. 31 — Apr. 3 


British Institute of Management National 
Convention 

. Lenofern: Cost-Eff. Print in Marketing 
. Henley Centre Tor Forecasting: Forecasts for the 
. U.K. Leisure Markers to 19S3 
Confederal Kin of British Industry: Nigeria 1973 
Association of Industrial Development Officers: 
Industrial Expansion Outside Industrial 
Development Areas . 

■ College for the Distributive Trades: Inflation 

Accounting 

Stale of the Art: Technical Marketing Conference 
Kepner Tregoe. Decision .Making for Senior 
Management . •'' 

Building Advisory Service" (BAS i: Arbitration .of. 
i. Building Disputes 

.Anthony Skinner: The Detection and Prevention 

. r.f Fraud 

Computer-Aided Desijn: Computers in Engineering 
and Building Design ■ 

Institute of Credit Management Nation:'! Conf 
Centre for interfirm Cumparifon: Management 
Ratios and Interfirm Comparison 
Keith Shipton Developments: Marine Risk 

- Management 

Investment Sc Properly Studies: Corporale Credit 
Risk Assessment 

Schlesingers: Outlook for Wall Street 1975/7$ 
Offshore Centre: The Procurement Picture for the 
Offshore Supply Industry 1973/79 
Confederation of British Industry: USSR — The 
Outlook for British Business 

■ Resources Pn’icy: The Econumics. Fo'i*> r V "& 

Social Implications of Resource Ure &- 
Conferva i ion 

,-Briti-ih Council of Productivity ,v«nri3!inni:_ The 

- Legal Implications of IntcrvicsviDS— Selection 
and Promotion. 

Gresham Management Service*: Emplojee. 

Pariicipatioa in th'* Retail & Distributive 
:• Industries 

Oyej/IBC: The Tax . Consequences of Trusts- 
To-day 

tfnclon Chamber of C&nuneroe i- industry: Pre- 

- Shipment Finance for Small & Medium Sized 
Firms 

British Frozen Food Federation Ex'inn Seminar 
Management Training Consultant*: Current Trends 
in Management &. Supervisory Training 
In?Ulutc of Personnel Management. The Impact 
nf Government on Company Pay Policies & 
Industrial Bela lions 


Wembley conf. Centre 
last Marine Eng., E C 3 .. . 

Carlton Tower Hotel. S.W.l 
•21. To thill- St.. S-W.l 

Brandon. Rugby 


30. Leicester Square. W C.2 
Royal Garden Hotel, Vf&. 

Hartley Whitney 

Cavendish Conf. Centre. W.I 

Piccadilly Hotel. .W.i: 

-Mctropole - Centre. Brighton' 
Hilton HoieL W.L. 

Management House, W.C.2 

Royal Garden Hotel. W.8 

Press Centre. E.C;4- 
Great’Easlcrn Hotel. E.C.3 

Connaught Rooms. W.C.2 

Quaglino's. S W.I ‘ 

•Oxford 

Metro pole- Hotel. W.I. 

Hyde Park "Hotel. S.W.l" 
Europa Hotel, W.I 

BBTCannon St.. ElT.i 

World Trade Centre, E.l 

Oxford 


APPOINTMENTS 


Robin Hutton joins 
Northern 
London Board 



Mr. Robert Hutton has joined 
the London Board of NORTHERN 
ROCK BUILDING SOCIETY. Until 
the end or January Mr. Huitnn 
was director -of financial" mstiiu-- 
lions with lhc" .European Com- 
mission in Brussels, after having 
previously been a special adviser 
lo. tbe U.K. Government from 
1970-73. li was recently announced 
.lhaL Mr Hutton, is w become an 
executive direcior of S. G. 
Warburg and -Co. _ ' m 

Mr.. Paul _ Thompson is relin- 
quishing his posts with ROYAI. 
WORCESTER SPODE to pursue 
other interests.. . 51 r. B. S. Fraser, 
who was group controller. Euro- 
pean area, the Carborundum 
Company., and has served as an 
alternate director of Royal 
Worcester Spode. has been made 
assistant chief executive. He ■« ilL 
be responsible io Mr. JL .T. Davies, 
rhe chief execurrve. 

*■ 

Mr. “Denys Robey — has “been 
made managing direcior or 
HAFFENDEN-RICHBOROUGH. a 
division of LRC International. In 
1 973 he joined the group's light 
engineering company. Auto nil mis." 
of which he became managing 
director, a position he subse- 
quently held with LRC & pharma- 
ceutic?) company until his latest 
appointment: 

Mr. Sidney J. Wynn-Sintmondi 
has been - 'appointed 'managing 
director of F.VODE < EXPORT!, 
part of the Erode Group He 
previously held a similar position 
in Savage Industries, and prior to 
that was 14 years with Dexinn. as 
managing direcior or Dexinn 
•Benelux, '.and director of the 
oversea* project*: division. 

. ’★ 

- 51 r . John — Lmrcin— hns -been 
appointed acL'ng regional execu- 

tive. MOBIL EUROPE JNC, from 
Aptt 1--.L — He 13 • mrw- plans and 
tjrograms manager. Mobil Europe. 
Replacing Mr. Lowein on May l 
vrift-bc -Sir.- Roper O’Neil, now 
.general tnanager..5lobjl Singapore. 

Mr. Michael Gough, formerly 0 f 
the Bank- of England-.- has been 
appointed director .of the COUN- 
CIL OF FOREIGN BOND- 
HOLDERS .in ..succession to. Mr. 


C. E. N. Wyatt, who has retired 
as - director but remains a member 
of the Council: 

■ .* 

.The Independent Broadcasting 
Authority has -appointed Mr. 
Robin Reeves, a member or its 
WELSH ADVISORY COMMITTEE 
Mr. Reeve* joined the Financial 
Times in 19fi3 and represented it 
in Brus-iels from 197.? to 1977. 
Since the beginning of this year 
he has been its correspondent in 
Wales and the West of England. 

-----*■ ■- 

Mr. Bruce Jackson has been 
appointed lo the Board as finance 
director or SISTEX SUPPLIES, 
part of thp Industrial and com- 
.merrfal - division of. EUerman 
Lines. Mr. .Tackson joined Eller- 
msfn Lines transport division — 
EWL — in 1956 in the - accounts 
department and moved to Sis t ex 
Supplies as company accountant 
in 1973. 

_ "■.'*• - - - 

Mr. B. M. Kaye has resigned ax 
a director ot the RAKUSEN 
GROUP. 

. _ . .... 

Mr. W. K. Alien has joined the 
SINDALL GROLR* as marketing 
executive. Mr. Allen was - pre- 
viously sales "manager of Tarmac's 
.liitcheti Construction Division at 

Peterborough. 

" *' 

5Ir. Prler J. Dewey has- resigned 
from the Board of J. H. DEWEY 
AND CO- one of the Lloyd's brok- 
ing subsidiaries of the Sterling 
Crodir Group. -and In 'future- will 
concentrate on his underwriting 
agency company. P. J. Dewey 
(Agencie-O Company, which is not 
connected- .with. Ihe - Sterling 
Credit Group. 

— •"»--★ ■ - 

Mr. R. SnmejTell has retired 
from the^Board of 1>TSH0ES. ’ 
— *■ - • 

Sir. W. . R. Booth has retired 
from ihe chairmanship of the 
Court of Governors of the CITY 
OF' LONDON. . POLYTECHNIC, 
which he has held since 1973. He 
is succeeded by Mr. H. H. West 
formerly vice-chairman. Mr. 

D. H. J. Lester has been elected 
vice-chairman. 


HOME CONTRACTS 

Avon awarded further 
BritisfiRaii 


AVON INDUSTRIAL POLYMERS. 
Bradford 7 on -A ^ on.' Willy. ha* 
j-p ceiv ed a-rcpCiL order, for 1.73m. 
rubber rail pads from Erilish 
Rail. The pud* arc for BRs pro- 
gramme of updating trick from 
wooden Hv-oncn-re— sk-epers and 
con linuotu welded rail for high- 
speed operations. 

BTR BELTING. Levi and. Lancs, 
has won' an order for 2.mn metre* 
of .fire-resistant. ' steel cord 
-ein forced conveyor belt big from 


ihe National Coal Board. The 
. belting wjjj be insfalled by the 
NCR on . a new. Dowty- -Moco 
*iructuro to replace the existing 
system at Cad ley Hill drift mine. 

* 

NEUMANN -COMMUNICATION 
SYSTEMS. Harpenden. Hens., has 
been awarded an order by Conoco 
North sea Inc, for a communica- 
tions and alarm complex worth 
•ilriioiT r.m.iKin to' be installed on 
rhe Murohisnn Field production 
"l !.i* form”ln ihe North Sen. 


This week’s 
business m 
Parliament 

J MONDAY 

COMMONS — Debate on security 
in Northern Ireland. Motions 
on Northern Ireland Orders on 
appropriation. industries 

development, property, rehabi- 
litation of offenders and sexual 
nffienees. Motion un' Firearms 
(Variation and Fees! (North- 
ern Ireland 1 Order. 

SELECT COMMITTEES — Ex- 
penditure. General Suh-conr- 
mitiee. Subject: Central Office 
of Information. Witnesses: 

- Central Office officials 14.15 
pmi. Room S). 

Expenditure, Education. .Arts 
and Home Office Sub-commit- 
.tee. Subject:. Prison system. 
Witnesses: Inner London Pro- 
bation and After Care Service' 
(4.15 p.m- Room 13 j. 

TUESDAY 

C05HHONS — Wales Bill, com- 

■ m it tee stage. 

LORDS — Refuse Disposal 
(Amenity 1 Bill, third reading. 
European Assembly Elections 

■ Bill, second reading; 

SELECT COMMITTEES — 

-Nationalised Industries. Sub- 
committee A. Subject: British 
Railways Board report and 
accounts. Witnesses: -British 
Raihvuvs Board t4 p.m.. Room 
Si. 

WEDNESDAY 

COMMONS — Wales Bill, commit- 
tee stage. 

LORDS — Debate on parental 
choice in education. Debate 
on crime .prevention. Debate 
oh Cyprus. 

SELECT COMMITTEES — Ex- 
penditure. Trade and Industry 
Sub-committee. Subject; Pub- 
lic Expendi fure White Paper 
1 S» 73 — support for industry. 
-Witnesses: Department of 

Industry and Treasury officials 
,(tn.I5 a.m.. Room I«l- 

Nationalised Industrie*. Sub- 
committee B. Subject: -National 
Coal Board. report and 
accounts Witnesses' National 
Coal Board (10.45 a.m.. Room 
Si. Xalionalisod Industries 
Suh-commitfee C. Subject: 
Independent Broadcasting 
Authority. Witnesses: Inde- 
pendent Brirideastim* Author- 
ity (4 p.m.. Room Si. 

Expenditure. Social Services and 
Employment Sub-commit tee. 

Snhiect: Emt-lnymont and 

Trnin J rg Service* \VitTie*<!ei!: 
Conr° r, ' ,r '.'it : n n of Rri*i*h Indus- 
try. TUC 14.30 p.m.. Room 15). 

THURSDAY. . 

COMMONS — Onposltlon.. debate 
on Firsr. Second and THth 
ronorts from th® Select Cnm- 
miitce on VaMombsed Indus- 
tries on the Rriii«b Steel 
Cnrnorafion. Opposed private 
business. 

LORDS — Industrial and Provi- 
dent Societies Bill, th'rd read- 
ing. Domestic Proceeding and 
Magistrates Court Bill, third 
reading. Judicani-n (Nnribem 
Iceland 1 Rill, th’^d rondiriff. 
Shlnbuildins ■ fReduntlancv 
Payments'* Bi 1 ' comm» tr ee 
sL-ige. Civ*i Aviation Bill, 
second reading. 


291 

WEEK’S FINANCIAL DIARY 

The following U * record o^.the,pri.oclpai business and financial 
engagements during fed week. ;The Board ineenags art mainly 
for the purpose of considering .diyldenfls Add Official mdfeabems 
are not always available whether dividends ''concerned ar^iclt-rims 
or fiqals. The sirb-divfeions Owwn below ai^ aased. mainly 00 . last 
year’s timetable;" 

TO-DAY interims: 

- -ciarti iMMUem • .... 

COMPANY MEETINGS — Downing «G. HO 

Uomfon American Intt— S7.-Qi/een ViCtorl* clue* irw. 7JC 

Slro«. *J C-. 1 11 -SO strong «nn Fh««- 

R« (OJI.erl- S*th. 12 .... . DrVIDtNQ. i INTEREST PAY MEN IS 

BOARD MEETINGS— . M«l*grn U«-(Wa«. Red. B J *0 ES.9390 

PIMIK ■ ' K32SS Bed. B'3 7E £.5.9590 

F Isons Boreas 1 1 r ;pcBd&. Red- fi 3 7 ft £5.9390 

8SGSSw p im TR. B IS*3 e a3S u “ - R<v - **■* 

an a. Snenc er__— - - B Smree Tli;pcBa*. Red. «'J7e-*s 9390 

■ Cardiff T1 'idcSds-' Ren. 3.3.78 £5.9390 

- ■ Cle*e(»nd »»'sneBdSi Red. 6 3 78 A5.9S9G 

Victor Proas. .(WaMiendJ -■ CIvaeMnk Red. 8 3 78 

DIVIDEND * INTEREST" PAYMENTS >8.9390 


Alcan Aluminium 35 Cts. , 

Aisooatrd Partlano Cement Dbw Afepc 
Auti JOd WIOOHI DO. 4JngL 

Blrmuign^m a. Ip 

Rrlllsn- American Tobacco Ln. 3»aPe 
Collins 1G. and W.J Db, 4«*nc 
Cook •William) (SheltieKH Ip ■ 

Croda ' "Of panic CIioiuThIs In. 3**»t 
Dares Estates Ob- kn. 4pe 
Ford Inti. Can. Corp. Ln. 3pc 
G. T. Japan Invest. T&t. Ip 
Gfanlteld Lawrence Ord and-B-Orrt. 1-Z5P 
Group Investors 0.72 b 
H ambro Tst. 0.65p 
Howard Shuttering O.BSp . 

Imperial Metal Inds. Ln. 3%pc 
Joscoh iLeoDOldl Ln. A\pc 
Merchants Tst. Ln. 2 PC (Cm.) 

Midland Tst. l .S2p 
Norton Inds. -Db.- 4r«BC 
Olympia Db. 3’«pc 

Peterborough -Motors Dbr-4J*pc ■ - 

Redland 6': pc PI. Db. S'* pc 
Routledge and Kegan Paul Db. 3Unc 
Sheffield- -Tv»rst--Orrt* Db; 3-aoc- 
Johm Db. 514PC 


bunlermlino . 1 1 ijpcBdP. Rea. . B/3'78 

- U.SS90 

Easlogtan .1 \a-ocBds. Red. 8.3 78 £5.9390 
Gillingham - 1 1 iiocBds. R«- 8 3 7S 

.£5 9390 

HerTforOShlr*" IThnBib. Fed. " BI3.7B 
£5 9390 

Kennet U>;pCBas.. Red- a'5.7S £5.9390 
Leeds HtPcBdS. flea. B 3 7B £5.9390 
Lewisham • 1 2 tjpcBcs. Red. 6.9i78 

S'isBc' 

Lincphnhire IliipcBds. -Fed. B'3I70 

£5.9290 

Medina 1 i; : pcBds. Red. t-t'/a L 5.9390 

Merthyr Tvtrtl H-iPcBds. Red. 8 5 73 
£5.9390 

Mld-Sastat water, Bee Red. -Pf. .7 981 Ope 
Nomich 11 ipcBds. Red. 9 2r7£ .£5 3330 
Ogvrr H'tPcBds. Reg. B(3'7B £5.9390 
old ham ll^pcSda. Red. 8 3-7B C5.939C 

5edgehe«d . ll'.-ucBds. Rep. . ^8 3(78 

- £-5.9390 ... 

Torfaen 1 1 .ijxBd 2 . Bed. Bi 3.72 £5.9393 
Tourer Hamlets 1 H-PcBdi. Feit- 8 3 78 
£5.9390 . . . 

Vahids -north — lT>it>cadS. -Red. -""8 3.78 


.9390 


IT'tPCBds. Red. 813-78 - 


waodnolon _ — 

tVamev Mann ana Truman Db, Lns. 3J» Woodsbring 
and 4PC - ‘ £5.9390 s “ . : ? ■ 

. worthing. n^pcBgs.- Pcd. EJT78 S5.9S90 
Yeovil IliipcBds. .Red. 8.3 7a £5.9390 


TO-MORROW - 
COMPANY MEETINGS — 

Kelsev Inds.. Kernel Hemostead. 11 
Tombinsons. Kidderminster, 12 

BOARD MEETINGS 

Finals: 

BSR ■ 

Bibbr 'J.) 

Do Brers Con4d. - Mine* 

De Beers lnd. 

'areenncla MlllcttS 
inveresk • 

,:cben cr.; Taylor—- 

Provident FlranclaJ 
<in7 Textiles 
Unilever 
Umlerer NV 
Interims: ■ 

Aver Hleam Tin Dredging Malaysia 
frder Smith GoJdtoirrgh Mort. 

MalavAT r.n Dredging .Berhad 
n . i.-r-.t Marks t-ne 
Staffo rdshir e Potimes • 

TroncE - BITrlis Malaysia BMW 

DIVIDEND A INTEREST PAYMENTS jj^f 7 DuKn "prlraJeum 

W 9-8335514110- BPC BSTWEpA*****. 

Reancoiisfield - •7 s «peBd*i — Red. 1 3/978 Tavener R-j Hedge 
3 1 .,^dc ' . . Transport- Dov. . 

S.rmmgnam 7-.ocBd*. Red. l3iB'7B 3U»aoc Wareilor Cam«on 
British Lev land Motor Lns. 3 3£ and- Yale Cattb 


York IlifPcSds. Red. S 3/78 £5.9390 
THURSDAY. MARCH 9 
COMPANY. MEETINGS 

Aebour Court !n»s..' S. High Timber 
Street. E C. 10.30 

-Guinness ' f A.)'. Toucan Inn, Park Royal 
Brewery. N.W.. 2. 45 
Hawkins and Tips an, Gras* prior House 
Hotel. W. 5.30 

North Midland. Const.. Nottingham; 

Shrek. Birmingham, 12 .SQ 
BOARD ' MBETlNiSS - - 

■ Flnfll*i ; 

Corah 

Ctouch ■T3-5- (Contractor*) 

Hams *nd Sheldon 
Howoej : Alexander. 

Le* Service' Grp. ' 

Needier* 

Newer -Gnr.- '• 

■ P«a:b<>Y Pro p erty 
Reinge Assuranre - 


ape 


Intbrims: - 


Doncaster 7 ‘.pc Bus. .Red. 1 3;9'7B 3'.'isOC 
□ union Db. 3':PC GallHord and BrlndlffV 

Ealing 10.-jpcBds. Red. 319.89 5»pc Hunt and Moser od Mlodkeon) 

East Devoit 9huKBds Rod. S/9179 4"i»pc jlrylf, 'JJ . 

East Hampshire 7 aocBdS- Red. 13’9.7B Medmlnster - 

3Vm.dc. -■ - Park Plate Invs. 

Great Yarmouth 9-*«pcSd*. ' Red. S.'9.T9 Src-jclake HWSS.- 
4'.'i^oc ... West ot England Tst. 

Harrow 9 *pcB<1s. Red. &-S.79 i u !«pc ' ..DIVIDEND 4 INTEREST TAtMEKTS— 
|Vtern?Uoiul > * ln»wt^ Tst. 4: : pcPf. I.STSpe. Dumfries and: GdUowav 1Z-.;pcB05. Red. 
Leicester 7'>acBds. Red J3‘9 78 3 ^ispC : 

CutOn TVPcBdl. “Red: ' 1 3(9r7B Trull "a ldD ' "' 

North Beafordsh.rg 7 '*pcBB 5. Red. 13.9(78 u -®- ■ nd General Trust 

Norwich 7'«pcBos. Pedi 1 3'9-7«. 3u M pc ■* : , F810AY. MARCH 10 

Presell 7>pcBdS. Sed. . 131917 . 8 - 31'uJJC . COMPANY MEETINGS — ■ 

Sainsoury ij.) Db. SSpc' “ Crvstalale. Great EaStirn RotW. 6.C.. 

Sculh Glamorgan 7'u>cBds. Red. 13IB170 11 JO , ■ . 

5'ispc Lee ‘Arthur). Sh eft eld, 13.10 ’ 

Stratncivoe 7-wcBa*. Red. 13/9'76 3f»isoc S04BO MEETINGS— * 

DIVIDEND- & INTEREST PAYMENTS — Finals:. ,- 

Thanet n^tpcBdv. Red. ‘5 ft "79 4UiaPC. Anglo American Iny 7i*., 
nVpcBdS. Red. 1 9 82 S'NtPd ■ - Biatwood ■ ■ ... 

Trafford 7-spcBd*. Red. 1^9t?B 1'U 5f t f.’SET' pKu ml * " 

Wand swot th 7-pcBds. Red. 1319 78 Midland Bank . . 

3‘-ii,dc intcrnns: 

Wirral gSAcBd*. _Red.- 5.979 4» ln pc Gkmhfld Secs. 

Wokingham 7'<PcBds, Red. . 13-9178 3t-'i*pc Lake and Elliot 

DIVIDEND. A INTEREST PAYMENTS — 


WEDNESDAY. MARCH 8 


Barnes' Inc. 22-5 eta. 
Braid 0.9451 lp 


COMPANY MEETINGS— 

Burton Group Leeds. 12 r tamer 1 4 Bp 

Uovds t art Scottish. Hyde Park Hotel. Sft. 25 rtl. . 

Inti. Business Machines .Coro, 28^ rta. 


S W- 12 

Rea learn National Glass. York. 12. 

. BOARD MEETINGS ! 

Finals: 

BTR 

Barrow Heshurn 
Ford <M.i 

Raw ion iW. L.I . 

Ren:olr<l 

Stei-tlev 

H«r Oats and .Natl. Milting,.. . 
Onion Cn»- ' — ' — -~ 

Wcolvmrth >F. W.I 


Mobil Corp. .105 CIS. 

Nenmark (Louis' 2 5 p 
Nortnchart Imr*. 5 Ctv 
Pride and Clarke 7.169P 
PuroUtar Ire.-- 30-CTs. 

Ratnres (Jowetlersi 0.341 32Sp . -.. 
Texaco Inc. SO Cts. 

Traveler* carp 32 «*. • 

Treasury 5':PC 2008-12 <R*q.'. 2**»e 
U:d. T«hnolod»es Cstv. SO cm. 


Western Board .Mills 1 Co 

*3m 




COMPANY NOTICES 


i 

-■)»»- \ 




T 

M f 
:thh 

•irr 
i-.-a 

idl 
i;vr 
sk I 


ICC 

?!■=: 

,‘1C. 

'.c la 



_Associalipnofthe Hol^ers_of 1.97_7/1983Bonds^*f a «om»nal-value-of 
■ t : .S.$I.OOO with floating interest rates issued by - - 

' CREDIT LYONNAIS - - - - - 

Registered Office: 4. rue Ancelle — 92202 Neuilly Sur Seine 


CREDIT LYONNAIS 

Limited Company with a Capital of FF 537,6001100. _ . 
Registered Office: IS, rue de la Republique — 69002 LYON 
Central Office: 19. Bd. des Italiens — 75002 PARIS 
Trade Register: LYON B 954 509 741 
.. .... financial. Publicalions:.SIRET 954 509 741 00011 
A.PJELS.902 


FIRST CALLING NOTICE. 

^OF HOLDERS OF 1977/1983 BONDS OF A NOMINAL VALUE OF 
Ij.S.SLOOO WITH FLOATING INTEREST RATES 
The Holders of 1977/1983 Bonds of a nominal value of U.S.S1.000 
with floating" interest rates are being called by the Committee of Directors 
"of the Association to a General Meeting I First Meeting) to be held r»n 
;• 3rd April 197S at 4 p.m. at 19. boulevard des Italiens, 75002 PARIS for the 

; purpose of deliberating on the following agenda: 

r •<_. 

— Approval of the appointment of the Association's Directors in 
compliance with Art. 7 of their Articles of Association- - — - 

Bondholders ; avU1 have, in view of either their admass-inn in person, lo. 
f .'the Meeting or the appointment of a proxy, to deposit their warrants five 
’. '.days before the Meeting date with one of the following Banks or Institutions: 

,'. T * COMMERZBANK AKTIENGESELLSCHAFT 

UNION DE BASQUES AJL\BES ET FRANCA I SES — U.B.A.F. — BANCO LU ROMA 
* BANK OF AMERICA INTER N AT] 0 N A L Li M 1 TED 

BANKERS TRUST INTERNATIONAL LIMITED 
C AISLES DES DEPOTS ET COXSl GNATIONS 
-- CITICORP INTERNATIONAL CROUP LIMITED— FIRST CRICALU LIMITED 
~ XREDl ETB AN K S. A. LUXEM BOU RC.EO IS E 
. MANUFACTURERS HANOVER LIMITED 
PK BANKEN INTERNATIONAL ( LUXEMBOURG i S.A. 
SOCIETE.UEXERALE DE BANQUESS-A. - 
SWISS BANK CORPORATION i OVERSEAS ■ LRUTED-r-CREDIT LYONNAIS 
BANCO HISPANO AMERICANO— THE BANK OF TOKYO < HOLLAND) N.V. 
BAXQL'E BRUXELLES LAMBERT S.A.— CHASE MANHATTAN LIMITED 
ECTSO PARTNERS' SECURITIES CORPORATION 
CIROZENTRALE LND BANK DER OESTER REICH IS«.TTEN.S P ARK ASSEN A.C. ' 
LLOYD'S BANK INTERNATIONAL LIMITED— NlPPi ».V EUROPEAN BANK S A. 
SI-LAND IN. WISH A ENS HILDA BANKEN— SVENS KA H ANDELSBANhEN 
UNION BANK OF SWITZERLAND i SEC«. R1TIF.S i LIMITED 

where proxy forms will be held at their disposal 

The Committee of Directors 
of the Association of the Holders bf l977/19S3’ 
Bonds of a nominal'value of U.S.'S 1.000 with 
. . floating interest rates issued by 

CREDIT LYONNAIS 


en 

»]■ 


APPEALS 


EDUCATIONAL 


CONFERENCES 


HELP SAVE OUR EX-SERVICEMEN . 
FROM FURTHER SUFFERING 

Kan r:s*»i up u a ni Nont'rn 
IraliSd today tnc^n ina- hanor^d; „ 
iff thousands of var n::inik still 
Miit. ' Ea-simet-mcn vUui-i, 
nrrybiR* deiseraiel; n:-rf tiome*. 
lob*, tood. fU4l ar.ij Ollltf 

nals. Plflije *!nd dortj lions :n. 
TH* Royal Bi-H.ljh Lcaian Bcno- 
Miont Fund. MaidHone. Kant, 
MEM TNX 


GUARANTEED COACHING Iv accojnrancv. 

• WBK.nQ ti',uranrt c-.:. M-a-oaoli^r 

Coiiiio gua'k.v.scs mtn'ij ufl>l sa:- 
criaiii’. V/r.ie I a* :o Deal. 

FT i 5 M — .ona.'l.n r-,: Aac 4<4«r- • 

flil«9- Court. RCjj.r: A&T dPW. O.- 

«J|| J- *.f?trau3i.>an C3‘ieae ClW 

Co '.if*. 4 r 4i-f 4»rce* A.-Wii? MOOi - - 
OJt' »c:ac-'. E24 337. Tel. j:-&23 

2721. 


CONFERENCE CENTRE 
IN THE NORTH 

E»:-?ner-. Con;cr?ir:s i^ciiiVeo “Ti» 

»-y|i^ 0 l 2 -n Mint'ip'.er 'or C 04SRWB 
a-To Bujin-st Comremi-sn; Ful! ran'i- 
tifs i*.- <.a> to 630 lUru'.n. 

■ttit.ar.nl aia linea-a-.g 

£«c«rfi-. *MOmrpg 0 ation a.a.mla 
wlt»i,n t-i* Crotls ItjmoltY. 

Con, Br.L Pet ** — CSI-7JS W>? 1 
■Davi.-mr, O- QRT-721 MS2 


’’“Association of the Holders of 1976/19S2 Bonds of a 
. nominal value of U.S.S1.000 with floating 

• — interest rates issued by 

— - - -CR-ED1T LYQXXAIS . 

1. Registered Office: 

i. me. Ancelle. 92202- YEVILLY-SL-R SEIN E 


CREDIT LYONNAIS 

Limited Company with a Capital' of FF 537.600.000 
Registered Office: 

IS. rue de la Republique — 69002 LYO.Y 
Centra] Office: 19. Bd. des Italiens— 75002 PARIS 
.. - Trade Register: LYON B 9.T4-509 741 
Financial Publications: SIRET 954 509 741 00011. 
" " A.P.E. 8.902 


FIRST CALLING NOTICE 
OF THE HOLDERS OF 1976/19S2 BONDS OF A 
NO.MIN'AL VALUE OF l/.S.$I.U00 WITH 
' FLOATING INTEREST RATES 

ThcJ Bnnds uf a. nominal value of 
U.S..V 1.000 n :T«.biing_ iniirrosi rales are. being t-alird hy the 
C 4 mm:tt?? of Director* of the AxocialUm to h General Meeting 
(Flir.-t iIer , :ir 2 *- to--he- held un a rd- April W7S - :?r 3 J 0 p.m. at 
ISl boulevard dr-* iMliens. ToUO'J PARIS for the purpose of 

.deiiberalu)^ on the fullowiuc abends*.: 

— Approval of the appointment of the Association's 
Directors in compliance with Art. 7 of their 
Articles uf Association 

Bond holders ’.I'llj h-ve. m view of either their admission 
in person to ;hc Meeting or the appointment of a proxy, to 
depo-ft their ’.>;irr;:nts five days before the Meeting dote with 
one of the foISowtnu Banks or InsUmtinns: 

- COM M EKZB’AN K AKTIENGESELLSCHAFT 
' VMCWUE B.VNQL'ES ARABKS ET FRANC.MSES— U.B A.F. 

' " ' BA?:CO DT ilOT.TA— P.A • H I SPANO AMERICANO 
B.^TK-TF AMELICA IN rKK.NVrh.iNAL LIMITED 
FANKEP5 TRUST INTERN ATI' *NAL LIMITED 
" ' EANOUET.RUxr.LLES LAMBERTS A. 

CHASE MANHATTAN LIMITED 
_ CITICORP INTERNATIONAL BANK LIMITED 
EURCTARTNERS SECURITIES CORPORATION 
FIRST CHICAGO LIMITED 
GIROZENTRALE UND BANK DER 
OESTERRElCHtSCHEN SPARKASSEN A.ri. 
KREDIETBANK S.A LUNEMBOURGEOISE 
LLOYDS BANK INTERNATIONAL LIMITED 
MANUFACTURLBS HANOVER LIMITED 
MORGAN AND CIE S.A. 

UNION BANK OF SWITZERLAND (SECURITIES) 
LIMITED 

where provy forms will be held at their disposal. 

The Committee of Directors 
of rhe Asroriatiin of the Holder? of 5976/I9S2 
Bunds of a nominal value of U.S.? 1.000 with 
floating iniere«t rates issued by 
CREDIT LYONNAIS 


KINGDOM OF DENMARK 

US.S25.00a.Q00 20 YEAR EXtERNAL ... „• ... ", 

LOAN OF 1964 

HAMBROS BANK LIMITED heribv g.ve nouce mat j>. accordance uMb the term*, of 'the *bo»j mentioned- 
Loan me Redemption r 0r ,h c ath Apul 1978 has been urnol out by Un- aurchaso of U-S.S1.15I.000 hoimnal 
Bond, ano ihe undermentioned Bond* amounUng 10 U.5 S509.000 nominal were drawn on the 23rd February 197B 
lor redemption at oar . 

The drawn Bond* may be presented to Hambro* Bank Limited. *1 Blshopsgate. London.- E.C-2. or to the 
other Paying Agent* named on the Bono*. _ 

Bond* surrendered for rede. -notion should have attached all lutma'ured coupons appurtenant thereto. Coupon* 
due 'am April 1972 should be attached and collected m the usual manner. _ - • 

For payrneht in London bonds must be lodged through an Authorised Depositary. Bonds must be ien Hire* 


10626 1 0555 10710 10779 10788 10845 

11661 11719 11722 11729 H7S1 11796 

12054 12095 12296 12330 12342 12382 

13S04 13599 13613 13631 13724 13738 

14050 14103 14TJ6 14200 14250 7431 3 

14709 14748 14798 14323 14S82 14886 

15331 15334 15363 15336 15399 1S402 

15827 T5C83 15903 15922 15937 159SS 

1627* 1 6286 16296 16304 1S314 16341 

16579 16952 1*360 17037 17048 17067 

17512 17622 17673 17317 17321 17844 

1E307 18331 1BS87 1 B448 18477 18542 

1901* 19029 19079. 19155 19225 19282 

19702 t971B >9755 19839 19848 19852 

20387 20391 20397 20687 20770 20782 

21033 21175 21253 21459 21472 21482 

21921 21944 21950 21975 21986 «002 

22404 22464 22477 *2491 22570 22611 

22991 23001 Z3029 23100 23114 23124 

23491 23591 23S33 23600 23617 23618 

2JP23 £3*77 2391 B 23337 23992 £4016 

24352 24449 24578 245B5 2*645 2464B 

Bones 

Bunds 


6 rh March 1978 


10851 10852 11122 1J226 1 1328. 3 1 338. 1 1 398 11570 11659 
11823 11847 liaSO 11870 11872 - 11681 11909 11934 1207S 
12455 1 £480 12964 13123.13124 ->3194-13241 13403 13487' 
13B4S 13848 13883 13925 13B69 14015 14058 14089 14087 

14328 14333 1444 1 14457 14481 T4550 14566 14633 T4697 

14910 1491 B ' 1 4979 15433 15087 15120 1S1BO 1S1BS 15330 

1S41 0 1547B 15582 15585 1S633 15718 15782 1S791 15*94 

Ifioqi 1600X 16095“I61T7-16TS3. T51 56 16162*18191 16220 
1635 1 16442 .16482 16501- 16517 .16S2A . 16545 16552 165S5 
17095 17103 17133 57183. 17189 * 7432.17457.17467 1 7*79 

17848 17994 18046 18050 18117 18161. 'JB235 1 8270 1 8304 

18593 18600 18602 1*811 18757 18840 1CS73 18943 18955 

193SS 19438 .19485 *9522 19548 19611 19656.19680 19687- 

>9938-19962- 39986 MOSS 1 20236 20330 20349 20365 20374 

20802 20805 20*22 20826 20832; ' 20934 20936 -21024. 2.1028- 
215*7 27559 21 566 21573. 217*4 27787 27359 21885 2T913 

23031 22045 22048 22138'- 22166 ■ 22223^2277 32323 22395' 
22645 22753 22734 22776 22816 22903229*2 22950 22987 

.23132 23182 23305 23313 2X374 23326 1 233* 3 -.23440. 23453' 

23631 25636 25637 -.23668 23682 . 23683. 23702 23704 23730 . 
24021 24024 24039 24093 24036 • 2*1*6' 24717- 241 45 24163 
24633 24671 2475S 24769 24773 . .24*50. 24837 24845 
purchased U-S.S1.1SV.OOO • ' • 

drown . : ■ . _ LLS.S _ 509X100 - ‘ . 

U. 5.51.660.000 . — • -■ -f. . ' 


COIWPANY 

NOTICES 


TENDERS FOR GREATER LONDON BILLS 

1 . Thy Greater London Council hereby 
give notice that Tenoe*s will be received 
at the Chiei Accountant* Office iBank 

I .jings i Ban, at England Lonoon 
EC2H i£U. o-. Mo-cav tjth March.” at 
*i 2 nojo lor Greater Lonoon Bill* to DO 
luuea In contormitv with the Greater 
London Council -General PowOrti Act. 
19u7 ro the amount 41 £25.000.008. 

2. Thy Bills wll* be In amount* ol £5.000. 

£10.000 £25.000. £50.000. £100 000. 

or L2SO.OOO. Thev will he dated Thurs- 
day 16th March. 1978. and win t>e due 
9t day* after date, without davs at grace. 

3. Each Tender must be tar an amount 
net less than £25.000. and mint specify 
the not amount per cent, i being a mOJUpft 
ot one new halfpenny! wtircn will be ahvn 
tor lhc amount applied lot.' 

4. Tender* must he made through a London 
Banker DiMcnjnt House or Broker. 

5. The Bill: *ill he itiueo ano paid at 
t^e Bank "o' En 

6 Nonf-eaticn will hr <ei»r ?« post, on the 
same ^ 3 , a* Termr-rs are rpre-ved. to the 
per sor . whose Tender* are accepted -n | 
whole or -r- ba -1 ana payment In lull ol . 
il-e amount-, due -r -aspect ot melt .iceepted . 
Tenders must be made to tne Bank ol 
Eit'I'ano Or mean", ot each or by droit -or 
cheque drawn on the Bank Ol England 
not later mart i ;o n.m. on Thursddv 
1 6*>i March igifi 

7 . Tender* m-,«t t>» made on the on need 
'nrms wi-cit may he obrj-ned i- tner from 
me Sam- Ol England, or from thy Council-* 
Olhre* a* Tee Cour.tr Hall. 

6 . The Grettei hhdoe Council reserve 
me nqnt Ol relecttng any Tenders _ 

M f. STONE E ROST. 
Comptroller ol Frrra/tcral SerrkH. 
Th*- count- Hall 
Lordoi- SE 1 7PB. 

6 ln Mirth. 1978. 


ART GALLERIES 


COLNA5HI-S.- t« Old Bans Street. VF. 1 . 

491 7J08 A Loan Eihlbition el Boris 
- bv 5E3ASTI ANO RICCI m Britain in 
aid of Lie UDINE ART RESTORATION 
FUND. Until B March. Man.-Fn. 9-J0-6 
Sal. 1 K 1 . . . . 


FOX GALLERIES*- Exhibition Of ttte wlITT- 
■ngs by British And Eurooean . Artist* 
from 1700-^96$. 5-6. Cork Street. Lofl- 


2626 *■**«* 


mall art GALLERIES. The MUI. S.W .1 
■■ HAPPY BIRTHDAY." Pambng* . by 
POUTSY, 10-5. Sirs. 10.1. Until H&rcrr B 


OSCAR & PETER JOHNSON LH>„ ."27. 
Lowndes St.. SW 1 . 0T-2X5 6464 -'THE 
SMYTHES OF IPSWICH " until March 17 
Weekdays 9J0-5. Sals. 10 - 12 . 


“« K&t WKttUJfSS J ssras. 

2% w.'» ■? ,5i W 


CLUBS 


■*§■» 39. street. 734 5675 A -IJ r 

Cane or AH-: a Menu rarer Soeccacour 

Floor Show* 10,45. 12*5 and 1.45 and, 
r lirmi Hawkesworth' 8 - Fnenat 1 
GARGOYLE. 69 Dean Street. LODdan. W-1 . 
NEW STRIPTEASE FLOOSSH3W i 
. THE GREAT BRITISH STRIP . i 
snoer ai Midnight afsa T a.m. . f 
Mon..Fri Clcietf Sdiurdjys. OT -437 ^455 


DIAMONDS FOR. INVESTMENT 

DiaitsonQ Seiectiaa . United offer lute- 
cu \ 9 , w- polixhed • diamond; lor'ifiaesr- 
nftm- Tbe-^ollowtntf it a cross station 
01 pneet trnm their range -a* at ]j| 
Manelr. 1 97B 

Price m S 
p<lr Carat 
1 6003 ; 

1 1204 ' 
12465 


DSL Grade 
80I4I16S 
lOOlBllio 
M4 


MO; 101.140 - 

mSIaiUS- ■ 1 0613 

300j 201120.-.^- ,r.-. . 9320 

dOO'SO.'l 10 7941 

475'30M01 7236 

800170/90 . 4364. 

-. Y200/140/80 . S 26 2 - 

T70DMBDI70 - - 2537 

2200/275160 1795 

2700/800-50 1 035 

Not* Diamonds In ' the range we 

, !EJ. n C stmen ‘ a PO re- 


els led by .^'wwTai: 


since T*F July 


DSL grade is made up ** Ipllpws— - 
Cul ourfCUrihyi carat 

— r. .JflsStiS always war*. aood.- 

r *U #re graded in DSL iioora- 

WrtJG-WPO-nw. most modern eoulp. 

WDceaare lar buying 
VSS ’. 4 nd certified aii. 
mends I* available from: 

DIA MOND SELECTION LIMITED 

SC1M OSD. W. O 1-405 8D45. 


Ftto*h 
l gnSon 


CLASSIFIED ADVERTISEMENT RATES 

.... ... • pgjr 

line 


N.V. ENGEL5CH-H9LLANDSCHE 
BELEGG1NGS TRUST 
t Engl ii» and Duien ln»Ml Trust! 
EitaDl.shed .n AmstC'lam 
NOTICE is HEREBY GIVEN mat an 
Org.igci Ctnt'j Meet-ng :l Shir. -he- Uteri 
n tl oe held at Ihe office* ol the Comoartv. 
Sarsna-. *r-<a: T4a Att-.a-rdlm on Tue*- 
" ea, ;iil Mirth ’9?B a: 15 80 nyur*. 

Shareholder-: wlto *i;h ta irtend thy 
Mset.-tg mu-,: dc-:i*i: Ihe-r snare rerr-ncitc* 
0" or blare lue-na' 1 4th March 1978, 

■ -i :h one O' "he lolleelng Denosilaries: 

m Lsprion 

•■-.u Hill Stmtiei S. To Ltd.. 

45 Beech Street. EC2P 2LX 

In Amsterdam 

n.lh HoSianase Keopmae-.ba-tk N.V. 
Sarphailstreat 14a 

Caolc* Of the A.T7U.I Report anp 

Account: ter the vej.' ended 31sr Decern. 

■ he- : 977 and of l-e rttofu-IOnt id be Put 
. r»elore ch-s Meeting i'i a-ra-tabie i> the 

I 1 off-ce* si rhe j : ait nan-ed 

8> erne, ol the Board 
HOLLAND^E KO&PMANSBANK N.V. 

Management. 

I Aintcraam 
I 6Lh March. 1971. 


■me 

£ 

. ISO 
2.00 
•■5.50 


Commercial and Industrial Property 

Residential Property - ;• - ■? 

Appointments 

Business & Investment Opportunities. 

Corporation Loans. Production Capacity* : 

Businesses for SaJe/Waoted - S-.25 

Education, Motors, Contracts & Tenders, -•• • 

Personal. Gardening " r ■ 4,25 ■ 

Hotels and Travel 2.75 

Book Publishers ' " 

Premium pnsiHonfi available 
(Minimum size 40 column eras.) 

£L5G per single column cm. extra 

For further details ipriie toy ■ 

Classified Advertisement ' Manager, 

Financial Times, 10, Cannon Street, EC4P- 


smale 

column 

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MARKETS 


Financial Times Monday Match 6 1978 * +1 

— j* 


eurobonds 


BY MARY CAMPBELL and FRANCIS GHILES 


Stronger undertone in dollar sector 


Borrower* 


.. CURRENT INTERNATIONAL BONDS ISSUES 
Amount'- A*, life Coupon . 

m,. Maturity yeair. % ' Pnee . Lead nwajcr 


THE UNDERTONE of the dollar 
sector was perceptibly stronger 
last week. This was attributed 
to three factors; Lhe low level of 
now issue activity recently, the 
ever creator risk of a turn in 
the currency situation and the 
more optimistic views being 
taken on U.S. interest rales. 

This is not lq say that bonds 
denominated in the traditionally 

“strong” currencies were 
suffering any lack of demand. 
However there is every evidence 
that some investment funds are 
seeping from these sectors into 
dollar bonds again, albeit in 
small amounts. The dollar bonds 
which strengthened were fised 
interest: floating rate issues 
were rather less buoyant. This 
was partially in reaction to their 
areal strength so far this year 
hut also ns a corollary or the 
chenged emphasis in the U.S. in- 
terest rale outlook: their recent 
attraction for investors had 
owed much iq the expectation 
that U.S. rates would rise faster 
and further than they are now ex- 
pected to do. 

It would, however, he prema- 
ture to suggest that the dollar 
sector is ready for the substan- 
tial new issue business. Indeed, 
(he evidence continues to be that 
the D-mark, Yen and, even after 
last week's measures, the Swiss 


franc sectors remain more 
receptive. 

The Canadian government’s 
newly announced plans for a 
S 750 m. issue on the New York 
market is a special case if only 
because of Canada's traditional 
position on the American 
market The issue, the start of 
a large external borrowing pro- 
gramme, Is likely to be filed 
with the Securities and Exchange 
Commission this week. It is 
expected to consist of three tran- 
ches of $ 250 tn. each lor five, 7 \ 
and 20 year maturities. 

Although Canadian entities 
are traditionally by far the 
biggest group of foreign bor- 
rowers on the New York 
market — it is ten years since 
the Canadian government tapped 
the market in its own name— 
and the 1968 operation was a 
private placement rather than a 
public issue. 

The Deutschemark sector had 
a mixed week, a reflection of the 
uncertainties generated by the 
weakness of the dollar and the 
restrictive measures announced 
by the Swiss authorities. Fears 
that the Bundesbank would 
impose further controls hit the 
domestic market on Tuesday 
though prices there had fully 
recovered by the end of the 
week. 

In the international Deutsche- 


mark market turnover fell off as 
the week wore an and investors 
continued to show more interest 
In new issues than older ones. 
This, and the specially good 
track record of Japanese con- 
vertibles in the D-mark sector 
enabled Commerzbank to cut the 
coupon on Nisshin Steel from 
the indicated 4 } per cent The 
bonds immediately went 10 a 
premium in' the secondary 
market. 

.The Brazilian utility; Electro- 
bras. is expected to raise 
DM 200 m. later this month in the 
form of a DMtSOm. bond and a 
DM 50 m. private placement. 
Another major borrower will be 
the Kingdom of Spain which is 
expected to arrange a DM 200 ni. 
issue at the end of March. A 
private placement for Thailand, 
of DM 50 m.. could also be an- 
nounced soon. 

Like the D-mark Sector bonds, 
Yen foreign bonds were, if any- 
thing. slightly weaker bn fears 
that the Japanese might follow 


the Swiss in introducing restric- 
tions on foreign investment (or 
more precisely a greater restric- 
tion: the Japanese already have 
in operation a quota system 
which is more restrictive than 
the Swiss are likely to Introduce 
even under the new dispensation 
—foreigners are allowed to -buy 
only 25 per cent, of issues in 
Tokyo by foreign borrowers). 

A feature of the week was the 
disappointing aftermarket per- 
formance of the two new sterling 
bonds— FFl fell to the limit of 
the selling group discount and 
Allied Breweries* rather further. 

The details of the limits which 
the Swiss National Bank is im- 
posing on foreigners' investment 
in foreign bond issues have not 
yet been announced and are 
nor expected overnight. The 
Swiss have of coarse had such 
quotas in the past: the biggest 
problem for them this time 
round is that they simply can- 
not afford to britig in measures 
which will cut back the Bow of 


Medium Una 
Lang tarot 


RONDTRADE INDEX AND YIELD . 
March J February 24 HMr 

* 7.43 7.11 99.49 7.92 * 7.11 ( 13 , 

93.36 8.40 93.24 8.44 93.84 ( 2/1 

EUROBOND TURNOVER 


Low 




99.15 ( 16 / 2 ) 
93.03 ( 13 / 1 } 


(nominal value in Jm.) 
liar bonds 


; 


Euroele 

Gedel 


UJ. doi 
last we e k previous week 
1 , 240.8 . 773.5 

491 J 725.5 

U 3 . dollar bonds 


Other bonds 

tut week previous week 

438.0 4563 

329.0 292.6 
Other bonds 


new foreign bond issues and 
private placements because of 
tbe rate at wbich earlier issues 
will be maturing— and being 
converted into Swiss -francs. 
(New issues would provide a 
reconversion of the funds into 
other currencies again.) 

What is clear, however.- is that 
the quota system will be com- 
pletely different this time round. 
When the 65/35 quotas were in 

operation a few years ago (35 

per cent, was the amount allowed 
to foreigners), the quota was 
applied to all sales of paper by 
each individual bank, whether 
sales of new paper on offer for 
the first time or secondary mar- 
ket sales of older paper. In 
other words, each Swiss bank 
could sell 35 per cent, of the 
foreign bonds and notes which 
passed through its hands to 
foreigners, with 65 per cent, 
required to be placed with Swiss 
residents. 

This time round, foreign in- 
vestors are banned altogether 
from buying foreign bonds or 
notes io the secondary market, 

Swiss bankers tend to agree 
that the main effect of these 
restrictions is likely to be the 
emergence of a black market .in 
Swiss securities — probably out- 
side Switzerland. In the past 
there were always' sufficient 
possibilities of dealing in Swiss 


US. DOLLARS . 

ttNippon Credit Bank 20 •" . 1 P 83 

IfSuinltomo. Heavy Ind. - 

(steed Sumitomo Bank) 25 1983 

Panama 25 1983/8 

mBB 100 1985 

JtjElB - 100 . OT 8 

. D-MARKS ‘ " ” ' T" 

‘ tHB ... 250 1989 

;$Nishin Steel 50 TO* 

Venezuela 250 . 1988 

••Trinidad and Tobago 75 1983 

Tauern autobahn 70 : . 1993 

Philippines 100 '- . 1985 

Com. Fed, de Elec.. 140 1988 


5 

1 

7 

15 L 05 


«i! 

si 

9 i 


100 

100 

« 

99.41 

9955 


Daiwa . '.c 2 

Dalwa. Stimitoma fiit t-' * 
Ink. Warbuig 
Merrill Lynch, Nomura 
.-Merrill Lynch 
Merrill Lynch 


9.9 

S' 

5 

10 } 

7 

8 


5 J 

4 

& 

6 

Si 

6! 

6} 


99i 

100 


Deutsche ' 

Commerzbank 

WestLB 

Deutsche 

WestLB. 

Dresdner 

WestLB 


SWISS FRANCS 

TNew Brunswick- Bee.* .' TOO-. - -1993 
tHydro Quebec 13 Q. • -1993 


rua. 

02 . 


3 } 

34 


TOO 

TOO 


UBS 

Sw. Bank Corp. 



YEN 

ttSNCF (gteed France) 


20 bo 


1989 


9.9 


6 A 


99.15 Nikko 


STERLING 

{Allied Breweries 

1 FR 

Citicorp 


KUWAITI DINARS 
Sonatrach (g’teed BEA> 

* Not yst priced ""’fHnffi 


is - 

1989 

9.9 

105 

99 } 

Montagu, 

12 7 

1989 

9 

10 

100 

S. G. Waiters 

20 ^ 

1993 

11 J 

10 


S.G. Warburg 

. 10 

1990 

1 

12 ; 

«i . 

• 

KllC, UBAF 

II Hmbnwn 


' nm ytl prww + rarraw 

tt R * 2 istared with UJ. Scenritra and. Exchange Gomabsfon 
in Friday's Financial Times. tbb issue b statc-emranMcd. 


T Purchase Fund tt Contrary to tbe 
Notes Yields are calculated an AIBD 



securities for it not to be- worth- 
while to build up a -whole new 
market machanlsm; but ; the 
measures are so draconian this 
time round that the incentive 
has surely been created; 

- Meanwhile the secondary 
market prices of Swiss foreign 
bonds bad by the end -ot last 


week recovered a substantial 
amount of the ground they lost 
in the immediate aftermath of 
the announcement of the new 
restrictions. The Citicorp issue, 
for example, which traded at 
106 } before the announcement, 
fell to 101 last Tuesday but had 
by Friday recovered to 104 }. 


Norsk Industribank felTftrfs- 

to 98 } UMt then r - 

101 ; other recent 
formed likewise. 

The most recent isstze- 
the Oesjerreichische- 
kraftwerke. was aa „ 
case— on Friday it was _ 
at its issue price of 99 k- 



Indices 


X.Y.SJ&flAXL COMMON 


1977/78 


Sum and Falls 

I Mur. S. I Mar. 2 : Mar. 1 


NEW YORK -SOW JOSES 


Slur. . Mur. J Mar. . Feb. . Feb. : Feh. 
i . 2 > l 28 ■ 27 i 2 * 


Ifli 1-76 iSince cnupilat'n 


i'll 

Mur. I Mat. ■ Mar. ' Feb. i- 
3 ! 2 1 1 - 28 ( Hitf) ! Low 

48 . 87 ; < 8.60 48.49 48.45 57.07 ' 48.43 


Issues traded \ 1320 I 1 .B 36 ‘ 1.835 

D.'.o. nvu 1 rr/m a 7 a 


Hi 

Fails _l 

LJneiiangaL. _....> 


High j Low | High | Low 


| |i&B/ 2 : 78 ) S** fty*" 

New Loir* 


734 

&B2 : 
534 ; 
36 i 
51 - 


740 
518 , 
318 , 
19 • 
77 i 


834 

669 

83 D 

10 

Z 07 


Industrial... 747.51 746.46 745.55 742.12 748 .S 5 75 fi. 24 ( 228 . 75 j 742 . 12 J I 06 I.T 0 | 4 LH 


1 ( 3 / 1 / 71 ) >(38 2 ' 78 nU.'i/ 75 ) ( 2 ; 7 ii 2 > 

8 . 4 E 89.49 B 9 .G 2 SMI' 9 JL 87 89.93 i - — 

i ( 7 / 9 l • 

Tmn>pirt....! 201 . 98 ' 201.84 20 t.II 201.40 205.88 206 . 89 ; 246.64 I TB 9 . 6 D , 279.88 i 15.23 


HTneB'ivJa*! 99 . 50 ! 89 . 46 ' 


Trading rul • 

*W» i 20.120 20.286 21.010 I 9 . 7 SO 18,980 22 , 610 ,' — 

; ■ 1 i 

• Rim nr index chawed from Atumat U. 


MONTREAL ! 

IndnvtniU 

Combined 

Alar. 

5 

I Mar. 

I 2 1 

' 1 

1 W 7-78 

[ 1 | 28 | 

High 1 Low 

[ IM.& 2 1 lC 4 . 2 fi| 1 & 3 . 6 » 18 i. 7 T 
1 174 . 14 ; 1 75 . 47 ; 172.7?! 172 Jjj 

! 1 B 8.47 ( 17 / 3 ) > 1602 ( 26 / 10 ) 
1 B 7-85 (lfl/I/ 77 )| IB 5.60 ( 26 / 10 ) 

TORONTO Com poetic 

; iai 4 . 5 [ raio.fa 

. lODGAj 1006 . 7 ] 

1087.4 ( 19 , 7 ) | 4 B 1.0 ( 26 / 10 ) 

JOEANNEBBORG 

Gold 
lad in Inal* 

2 DS .1 ; 
19 B -8 | 

203.4 , 
1894 1 

! ~ 

ZD 1.7 200.01 218'7 ( 1 / 2 / 78 ) | 139-4 < 24 f&) 
198 ^ 189 . 4 ; 214.4 14 / 1 / 78 ) 1 188.1 ( 22 / 4 ( 


. Ind. lire, viel 


' Feta. 24 j 

Feb. 17 

Feb. 10 1 Fear ago (epprox.i 


• 6.14 

6.13 

GAM j 

4.50 

STANDARD AND POORS 



Mar. ' Frb. ; Feb. 1 Feb. ] 
1 1 28 ] 27 j 24 

l&K-U 

>& 1 DC^ ComptiRt'n 

O 

2 1 

Hl^h | Low | High j Low 

: tndvuinal*. 98.18 

ICnmprwitc 87.45 

98.02 

87 . 32 . 

95.83 86.74 96.43 97 J 8 119^(2 . B 5.74 154.94 : 5 AS 

I ( 3 / 1 / 77 . WB/K/Wi (U/I /731 130 , 6 / 32 ) 
97.18 97.04 * 7 . 72 . 88 . 49 ! 107.99 6744 125.85 . 4.49 

! : ! 15 ( 1 / 77 ) |i 2 B/ 2 /mi(li/l/ 7 Jii ilA.'im 



’ Mir, I 

1 

Feb. 22 

; Feb. 16 

Year Hgo opproz.) 

Ind. dir. yield X 


1 0.57 

5.47 

| 6.33 

4.15 

^ Ind. P.*E Kati'i 


8.40 

8.45 

| 8.67 

10.83 

■^tag tinvt. Bond yield 

_ | 8.23 

8.27 

| 8.86 

7.76 


' Mar. ] Pre- - 1877-78 [ 1877 -TC 

ft**- .Utf. fn.hu i-itt ! 3 !*■»■ : Buzfa j low 

Ums H4ih i LoW Spain un| 0 L 2 Oj 90 . 75 . Too .00 j ril .76 


AnftroliaiTi 4 * 2.33 Sweden 

“«*“ "' •*'“ “■" OiSfi. *vi(Mrrd('! 30 . 1 : I aiu 

Denmark •*' 87.78 B 7.47 107 Ai:mixi 1 1 ■»**'", ‘* ai 

France mi W.z 
Germany i ::i 788-3 
Holland ( 44 ) 


79.9 


,, - indices and base dales 'all base values 

52-9 J*-* ' 1M accept NYSE AD Common — 3 o 

•“'W Standards and Poore — 10 and Toronto 
96 S bli-S 71 iJ> 300 - 1 . 000 . tbe last named based on 1075 j. 

ill. til ilciii/ t ExcJudma bonds. :400 Industrials. 

79.9 93 Js : 7 b. o 1 400 inds.. 40 Utilities. 40 Finance and 

d.b) i 29 rfn 20 Transport. <11 Sydney AD Ord. 

Hong Hang 421.62 412 . 6 & .«a ,17 StiiM r|l ■ Eelsian SE 31 / 12 / 83 . i«»i Cnn enhamn 

. lUAi .W .176 SE l/Lia. irt> Paris Bonne 190 L 

Italy i.(! 62^6 61 S 1 . 73.71 ’ b 4 . 9 b i« 2 >Coa)menbajikDec..l 853 .(fl}iAB»ter- 
(b,l< , i?i l ( 22 , 12 ) dam. Industrial - 1970 . t 7 «» Rana Seng 

Japan mi 392-64 390 . 81 - 362.64 300.49 Bank 21 / 7 / 64 . f|l!i l Milan 2 'L- 73 . ia) Tokyo 

i 33 /fS) ( 24 , 11 ) New SE 4 / 1 / 08 . .ibiSiralis Times I 960 . 

Sumtwre 269.94 269 . 49 . 271 . 6 e 242 «c) Ctose. (d) Madrid SE 30 / 11 ^ 7 — blah 
^ -VlS«- 76 i i. 4 *i Iow for 19 W only, ici Stockholm 

— industrial 10 ^ 8 . Oi Salss Bank Corn. 

in i Unavailable. 


GERMANY 


Mar. 3 


Prices ’+ or 
Dm. 


AEG 

Allianz Yenrich_.i 

BMW ' 

BASF ' 

Bayer • 

Bayer, Hypo ; 

Bayer, Verelruibk 
L-ibalnt;Ned.wrt»' 
Com merr bank— J 
C-ooUGoinniL.... 
Daimler Hena — I 

DeguaM ... 

flenaj; ; 

Deutscbe Bulk....' 

Dresdner Bank , 

DyckerboS 

Guieboffnung 

Hapsg LJoyd 1 

Hupener.-.......; 

Hcecbat — ; 

Hnesdb 

Horten-, M ..J 

Kadsund Sals : 

Katstadt - 

Kautbnf - 

KlocknerDm 100 .- 

KHD 

Kropp. -. 

LLmto. 1 

U>wenlma 100 ....' 

Lufthansa 

MAN 

Meimwmaim ( 

Metaages 1 

Muncbenor Hock.' 

Neckenuann J. 

Freussag DM 100.1 
IlheinWerr.Eleci.i 

2 >uberina I 

diemeru 

•>ud Zucker......... 

Thyraen A.G I 

Vails 

VKBAI 

VeretnAWevt Uk.| 
Volkswagen. ...... 


■ or p 


iv. iXId. 

a ! % 


88.8 + 0 . 7 ' — 
475 '-4 alB 
2 aa_b +tL 8 j 2 D 
137 . 8 - 0.1 1 17 
137 . 8 + 0.3 16 

886 i + O.S 20 
321 . 8 .— 0.2 £0 

210 - 

230^ ; 18 

BO.l + 2.1 — 

3 l, 9.8 + 2.7 J 19 
273 1+2 

139^ 

308 . 1—1 
249 ! — 0.5 
147 -+2 
201 a; + 1.5 
112 

239 . 5 + 8.6 _ 

128 . 1 + 0.1 16 
45 v — OJB 4 

121 ;+as io 

157 + 2 . 6 ; fl 

2925 20 

203 '-' + 1.5 20 
94 l I - 

175.5 +1 j 12 
96 JS - 0.9 I — 
245 + 0 . 1 ' 16 

l , 330 —20 . HU 
108 . 5 + 0 . 4 ! 7 
196 1 + 4 . 5 ; 12 
168 -afi, 14 
2 k 7 ' + 4 • 10 

530 j J 18 

HI I - 

112 |—l • - 

202 JM + 1 : 16 

*48.9i + 1.9 20 
296 1 16 

262 i—2 17 

m. T+Q.ll U 
181 |+1 ! 14 
115 . 7 ,- 0 . 3 ' 12 
304 +1 I 20 
211.4 + 1 - 2 ; 10 


JOHANNESBURG 

MINI 

March 3 

Anglo American Conn 

East Driefomdn 

Elabnrs — 

Harmony 


AUSTRALIA 


Kinross 

moot 


Sl Helena - — — — - 

Cold Fields SA 

Union Corporation 
De Beers Deferred h>«... 

Blivoondtricbt 

East Rand Pty. — 
Free State Cednld — -~— 
PresJdcnr Stern 

CrltfiuiUin 

Wetkom 

West Drtefontein 

Western Holdings 


Rand. 

-for- 

4 JS 0 

+042 

1 L 8 B. 

+ 8.18 

2 J® 

—062 


. 


+ 0 LM 

8.58 

+ 8.93 

1 X 58 - 


2 X 58 

+425 

428 

+ 9 J 3 

529 

-OJB 

5 u 6 D 

+ 0 uM 

825 

- 9.05 

27.80 

+938 

12 JH 

+ 8 J 0 

A 40 

-fcoa 

478 . 

+ 0.03 

3255 

+ 9.75 

3030 

+ 1.99 

1 X 80 

+ 9 JB 


■ Mar. 3 

AxtekS 


Mar. 3 ^ 


tO .67 

10.88 

12.12 

11.15 

+ 0.01 

Rente 4 *-— — — — 
AfriqueOocId't'le 

Aerow Aurtrnifa 

Allied Mnt-Trdg. Itutau 81 

Aqu 1 rain a. 

B 1 C 


INDUSTRIALS 

AECI 2.10 

Adglo-Amer. Industrial _ 8 JM — 0.05 

Bartow Rand 3 .S 9 . -+ 9 .IB 

CXA invenmenta uo 

Curie Finance . — ILST 

De Beers Industrial ... — .. 8-79 
Edgars Consolidated Xnr. 180 

Edgars Stares 21 . 6 a 

Ever Ready SA — _ ti .75 

Federaie Volksbelegghiga 1.49 
Gzeatermans Stores 1.70 

Guardian Assurance (SA) tLBfi 

Buleita 1 .S 7 

LTA LSO 

McCarthy Rodway 0.61 

NedBank .... — 2.17 

OK Bazaars T 5.40 

Premier Bulling — ....... <LM 

Pretoria Cement ««.».» 5.75 
Prwea Boldines' OJS 


D-«e 


- 0.10 

-015 


+(M# 

+ 0.01 


OVERSEAS SHARE INFORMATION 


Inr^ Prern. at 52.60 to £— 84 }% ( 851 %) 

Effective rate (at 1.9395 ) 3?}% (38!%) (AMSTERDAM 


Rand Mines Properties ._ t?J 0 

Rembrandt Groan SA& 

Retca 0.37 

Sage HoIdinKS L 40 

C. G. Smith Sugar ............ 5J&J ■ 

Sane W (51 ' 

SA Breweries til + 0.01 

Tiger Oats and NatL Mig. . 8.40 —OJB 
Unisec L 05 +am 

Securities Rand JU.S. 0.83 
(Discount of 27 ^ 8 %) 


NEW YORK 


13 d- 7 e 

Hlgll ; ti*w 


Slock 


Mar. 

S 


561 s 
161 ; 
18*4 
34 . r 
43 . M 
29 U 
591 . 

56 .-S 

22 ;« 

SO.i 

23-4 

35 jj 

59 i 4 

37 U 

14 ^ 

48 

47'0 

4 ill 

29 U 

25 ■» 


39 


5 e 3 « 


101 g :\,i<lrewv>Kraph... 16 ii 
281 ; : Aetna L-tloi lini 34 

211 - Vlr Pru. 1 m.tv 251 a 

26 <2 Ainu 393 a 

22 l.VIcauAimuinium' 23 

38 j 4 Mcoh 39 

17 Vllvi;bcii.v Lud!.. 18 Ja 
18 a» -Allegheny- rtnrm IBs* 
34 ij AlliiM Chemical..? 35 'g 

183 * Allied '•t-irpv • 20 

22 l« j Mh-» tlialuerv. 


24 1 « 


3 1 : j ■ A MAX 33 U 

227 a ;Amonida Hna 23 -a 

8 l t Amer. Airline 91 s 

391 ; t \incr. Bmuitv ... 45 

34 >s Anirr. Utiwhvt. 374 g 

3 SU A ii iw. tan 36 U 

23 . 'll An.cr. l .tanamiil 24 
22.-4 Amur. Elec. Km . 22 sg 
31 -s \nwr. Kapren... 32 tg 


31 - * 

25 li 

Amor. H<'niePnjd 

27 

SO 

li: a 

Ami-r. Mouiral... 

18 

S'K 


Amer. .... 

41 * 

• 17:4 

' 391 . 

\niei-. >»i. bu.. 

40 

o? 

25 ^, 

Airn-r. SimhIm'I.. 

34 


27 <2 

Amor. M»irift! 

29 1 : 

6 9 A;. 

5 ~'e 

\ni'*r. Tel. a Tel. 

ft 

55 


AinoleL 

29 is 


I 5 s.a 

MU' 

161 " 

50 

24 ij 

IMP, 

24 lg 

lC.’j 


\'i'|V» 

12 

32 1 

26 

Al|idl"ir lli«;kilig. 

26 

SO . 

17 , 

Aiihvu«er Jk+vii.. 

I 7 i* 

SZ'i 

19 1 . 

\iiik'»titfpl 

2 bl« 

23 :, 

I 7 : s 

1 .U ..1 

211 + 

19 -, 

6 

\MUi 101 a I'd - 

9 'a 

25 ^ 

13 i.i 

A Mil" 

153 * 

37 •> 

27 's 

1 -liHn-i Oil 

283 * 

61 'l 

43 ': 

\i>.I:k-!i Ill-Id 

« 5 -a 

30 .• 

3 H; 

\H|.. tint* l*iu... 

245 * 

12 1 

s « 

W'L' 

93 * 

19 

IS 

A\».nj 

18 .* 

51 :, 

44 

At. -n I'naluid*. — 

45 

39 :-. 

24 :, 

Fall !»»■> Clei-i. .. 

2 bi* 

29 

20 : , 

Hank Aniorira.. .. 

213 « 

41 ., 

34 

Banker' lr .N .7 . 

341 * 

3 B.'t 

25 --, 

H„rt«T OH 

271 * 

40 i, 1 

26 i. 

.Jh tii+lnrnuil.. 

iS 3 * 

281 .- 

22 

U«m-ux- Fi* > 1 — 

mi;* 

« 0 i~ 

25 . a 

H«-|.iiiDivkeniuit] 

353 * 


14 

Ik -11 A ll-iweii 

lto« 

47 

33 

Bvndix 

351 * 


l-c 

Bi-ngurl Liiirt'b. 

31 * 

34 .. 

18 -n 

iH-iliivdi.-iM Meel . 

tilU 

20 t 

14 1 . 

illai k + Dcvkri .. 

lbi* 

33 s 

19 m 

B-.+nig 

335 * 

35 , 

22 !* 

ttv.l-v (,'aMairte.. .. 

231 * 


28 :.. 

lk>r-loil 

28 ■* 

53 '. 

2 b 1 

tt. nit Warner 

261 * 

11 . 

7 .fi 

llrnuiIT Hu 

101 * 

14 * 

10 . a 

tat«u 'A 

13 a* 


26 -, 

lirirtol ll.icn, 

29 

16 1 

15 . a 

Ur,i. Pot, A Dll .. 

137 , 

55- 1 

26 

Ill . vk » a T G look . . 1 

26 

17 4 

1 l=S 

Ur<iii-.niek 

14 


16 n. 

But-\iui Cne 

17 

34 1 

IB < 

IJu.iil 

32 

8 ; : 

5 

Unliivii 11 alrii ... 

51 * 


52 1 , 

PO-; 

39 4 i 
IB'; 
12 ": 
7 S-: 
lb 

21 -i 

so.'s 
62 
62 , 
17 » 
28 ' ? 
34 
341 , 
47 
re*'. 
42 ': 
63 -* 
17 ij 

21 *i 

2i 

sin 

54 
62 ’ » 
16 :. 
80 '. 
27 is 
IS 
36 . 
20 ’: 
it:- 

40 :* 
30 .. 


36 -V Uu: IlnxK'U Xllm 36 Sg 
55'4 IliiaMigit*. ..... 59 lg 
31*4 l'mn|i'vll . 35 Ss 
i.nnail'an I*»ullK-. I 4 i'g 
Caual ltan-l>.>i|^i... 1 UU 
2118 
12 


lw-t 
8 

27 tTai nslton . 

11 '— U-ru-i A Uencra 1 


15 -r tuner H«» lc-i ... lb.'n 
48 1 Cnlcri'il-ar Tray t«i 4 Bii 
43 a 5 
36 
14 .-j 
18 >, 


’.US 

tViiiievt'oi i'll...' 
L'eillial A a. »'..., 

Li*rlninlrc -1 

25 s Aintntr .. 

27 *; t lia^.->ianliiiitan. 

37 'r ilhoniH-sl BL. AY. 

20 >i .LUcnvlirgb I'-'ixi.. 

31 -*i bcw-li- S*yv 4 cin... 

42 tliU+nyBridee....; 441 . 

14 ^ ftip.-nmilcy.... 15 >a 

10 R t'l|IT«k-r 

1 i Liarrania.. 

15 i.'ui--. Milacmn.... 

19 U Wlu-ii'p, 

45 : 4 lines, bernee 45^4 

Hi. AltV IlivcrlinK.... 12 Jg 

SSI* .C'ica Cola .... 

19 'fl iL'nlgt PaJm 

10 : n ,L'w!iu* AiLmau... 10 <| 

27 hr .'.elembui Gm«,..' 28 Sg 
7 -‘i Col uni Ha IVt.... 141 a 

1 S:,i V-'m.lnvCo."f.Vm. Ibis 
2 fe : 4 .Ci'ltitufllOIV Lur. 32 ia 
151 . C>m.r>mtldn Erj. . 141 g 


44 

36 U 

la's 

194 * 

31 Tb 

881 ] 

37 »g 

Blv s 

32 *, 


J 0 r 8 

1 9 -, 

201 g 


37 

1 ? 5 S 


tan-re ; 

High j Loir | 


Stork 


Mar. 

3 


706 a ' 48 ig |Coroin£GlaM_... 463 * 

647 b I 42 i, ;CTC Infn'tkma! 1 46 S* 

357 a 1 24 i« .Cnine Z 6 l| 

29 , 2Z~i lUro-’kerXut 25 

45 29 U jUrcnrii^HJertwi-h! MSg 

683 fl Slog .Cnmmmi Lnclae; 34 

1930 i 135 a iCurt-Wngbt ! 17 '2 

296 a 203 s 'Dana 20 H 

38 ia 30 13 IDart Indunriei.. 361 * 

331 r 231 b 'Deere 23 lj 

89 la 925 , Uei Mottle 24 V, 

71 a 4 lj : Deltona 6 

303 a 17 ^Uiiitiplv Inter... 17 !, 

17. '9 151 * j Del roil 'Kriiwui... 16 i« 
386 s 251 * .DbimoaiiXhainrk 25 ', 

13 «, IO -Dk-UiAiete ‘ 12 1 a 

621 , 38 i« 'Uimtal Ki|uiu 40 Jj 

47 32 ig -Dianes flValli... 33 

433 , 35 Dover C.+vn 401 * 

423 , 22 >s )D..» i. hetuicv. 1 .... 226 * 

33 23 . g Umvo ' 263 * 

• 47 lg 361 * Urrutr d 6 *i 

1343 , 973 , 'Dn poo, 99 1 * 

141 * 9 -s tlymoLmliuine*. 13 t* 

22 16 'a ikaglr PuHier 16 I« 

93 a Si* !k**t Airtme* 6 ^, 

853 g 416 * 'luutman Kodak.. 41 a* 

45 &s 33 ! talon ' 331 * 

211 , 16 LlUli 193 * 

19 ;* 143 , :h'l IW Nat. Ga* 15 

316 a 22 ?a 'Klin, 27 i* 

56 29 ag Kincnuwi KlevtrU- 293 , 

43 U 33 Kinei^ AirtYishl' 381 , 

41 281 * tliuhort • 291 * 

4 U 23 * 'K.M.l .* 23 , 

36^4 223 , 1 Kngelhanl . ........ .1 243 , 

35 ‘ 251 * ■ K* mark j 257 * 

223 , I 81-4 'Kthyl 181 * 

65 434 ) iKuuii 441 * 

401 * - 216 * 1 Famdilhl Camera, 251 * 

481 * 33 1 , ;F«vl. Heiil.titarea; 34 

233 * I 36 g ;rire»l one Tire....; 13 1 * 

30 23 .* Fat. Aar. Horton. 26 

201 , ' 11 !«,\l Yin 171 * 

S 3 171 * .Flint ante 207 * 

341 a 29 IMnriibi I’nvrer.... 301 , 

43 30 tj 'Fluor 31 ** 


223 a ; 

47 
19 
36 
29 U 

307 a , 

3 U* ' 

123 , . 

136 * : 

403 , 1 

121 , ! 

34 
145 * 

6 U 3 1 
371 * 

5 Si, ; 

343 * : 

77 
216 * 
agi* ; 

331 , : 

S 7 a 
6 In 
37 >, 

2111 s 

301 * 

33 1 : 

23 S, 

34 i* 

31 j* 

146 , 

341 * 

156 * 

181 * 

303 a 
67 
54 'a 
233 , 

466 a 
36 s* 

4213 

86 s* 

16 
433 a 
64 5 a 
133 * 

29 T 8 
S 3 '* 

I 7 ia 
173 , > 107 a 
271 g .’ 31 )a 
473 , 

78 
52 
16 La 


203 * ;P.!U.C • 20 i, 

40 In IP.mi lluiir. 435 * 

15 'Fitreniovt Mck.... 17 

273 * 'Ft.«t*.rm 291 * 

71 , :Kranklm Mint.... 71 * 
17 -g iFreejairt Mineral: 18 r* 

2438 VrueliaDl 256 * 

73 , 'Far|u* lade „■ 9 ig 

9 '* G.A.P. 103 * 

32 >z liaimrn 35 1 * 

9 ,'l«en. Airier. I nt... 87 * 

221 , ; U..V.T^ • 25 

lO.-t* Him. I -able 123 , 

371 , [lien. Dynamic... 41 
441 ; jtrrti. Kleurtei.... 443 , 
26 j* -.licnenil l : i«jdk... 263 , 

26 U llieneml Mill* 28 

573 * 'General MiHore... 58 l* 

18 j* 'Uen. Pnk L-I 4 I 19 U 

231 * 1 Gtn. 6 i*iMl....« 243 * 

28 >, juenl Tel. Elect... 283 , 

22 1 * jliiii. Tstv 341 * 

31 * ■(icneM.D 5 >a 

233 , |G«uruia Hirilic... 241 , 
148 JlietLj Uil..._ 160 


1977.18 

■High Low 


Stock 


381 b 
771 + 
30 >a 
49 
40 ig 
393 , 
18 :. 
35 
83 * 
307 * 
733 , 
301 * 
48 
26 
507 * 
286 * 
313 * 
36 ;* 

351 * 

471 , 

15 i* 

181 * 

236 , 

203 * 

3 Hj 


Mar. 

3 


276 , [Jerboa Man vi Ue... I 296 , 
826 * Jobnarm Johnson j 673 , 
211 * Julin-ou Control.) 273 * 
293 , iJoyManuiaerur’Ri 3 Hr 

226 * jK.Mart d+p I 241 * 

2734 KaiaerAlumuii’m' 2 B 6 , 
4 U 'Knuer In.luvirire.' 46 , 

201 * !Kaiier Steel 23 

41 * [Xay 1 bU 

186 a l Keanercn i 23 ;* 

401 * Kerr McGee 1 415 * 

231 , itvi.i.le Waiter 277 * 

371 * .'Kimberly ClarW..j 42 J, 

197 * 1 KofijaUT...... 1 196 * 

42 :Kr»fl - ...! 427 * 

23 Kioger Ltr. _.| 263 * 

25 Leri SrrauKs ' 29 U 

256 * ;LlbbvOir.F.iail...i 261 , 

263 g LgaOV liiwip....! 273 , 

33 Lilly jElii ! 39 i* 

111 , Ur ton Inrtuvt 15 1 * 

9 LucLlieed Airvr’u' 143 * 
163 , .Lnnetiiarliui*.....' 18 
17 *i* Loop I Bland Ud.j 18 1 a 
20 >4 UmisiatM Idnd...' 206 * 


37 ! j 

303 ; 

LutKlMlI 

36 >4 

16 J* 

13 

Luck}- bt«m 

Ids* 

id;* 

S 

•L'keaV ungrt'wnj 

hli 

ii;* 

7 r* 

'.liacMilbn 

101 * 

39 s* 

31 if 

,M*c> K. H 

3 b/* 

41 

29 L, 

,.'Iir*H*n*.n-er..... 

291 * 

47 

3 IU 

-Miipop 

52 

581 * 

41 

Marat linn Uil 

411 * 

141 * 

18 S* 

jMarinr ii id land. 

12 ig 

341 * . 

171 * 

; Martas II Field ...i 

23 i« 


1977 -TB 
High 1 Low 


Stack 


Mar. 

3 


423 * 

51 * 

6 >a 

18 

74 

25 

20 s* 

231 , 

8 


26 
191 * 
16 
247 , 
243 , 
8 
23 
13 
Hi, 
241 , 
55 ;* 
371 , 


233 * )IMileile 

IB'* ,Uinlri. , li I'.F 

15 >* |fJ««vivmrItre...... 

26 IG.hiM 

21 :* ilimce 1 Y.K 

73 , Ct. Allan I'aeTm- 
191 , Dit.Nonli Inn... 

12 1 * l(ireyh".i!i.l : 

101 * ItiullA Wevleru...’ 

241 , | Gnu uu 

643 , 'Ualllnirttrt. [ 

351 * itianna .Uiiimg..... 

15 Barniiolueger ..... lb 1 * 
28 H*rn« l-'orpn...... 431 , 

387 * Bern, H.J 37 s* 

22 jueubtein — t 36*4 

63 s* | Hewlett Paekanl' 643 , 
Hag iHolnigy Inas.^... 151 , 

31 HomestalM , 321 * 

B.uaey welL...—. ; 441 , 

H<ws or 78 

Hosp Corp .lmer« 24 Sj 
llomu-a Nat.Ua,[ Sih 
Dunt,'PJi.Ai Cbo: H 3 , 
Hutton ( 1 LK.>_..| 11 
I.C. lnduitris*...; 23 s, 

341 ^ 1 SA_ 351 * 

526 , lo^erwi Bund....: S 37 * 

33 s* (Intand Steel 54 3 * 

126 , jlnaUra | 13 


427 * 

Hi, 

2U, 

23 U 

10 


13 i, 7 'I'ltercoatEnecKy' 

2 B 5 i, 2451 , !|Bil 345 



7 

I..im'*i'th Dll IJcl 

21 * . 

231 * 

1818 

lintL Flavour* ■ 

2 u *4 


37 

2 S’, 

C-v.nm. sarelllie. 

361 * 

37 Si 

2614 

[Inti, Harvester.-; 

271 * 

381 * 


6 H 

O-inputi+Sciencf 

8 J* 

451 * 

3 SW 

•InH. MtnAOheui 

381 * 

161 * 

2 S'i 

19 !g 

Conrai- 

19 l 4 

2314 

171 * 

[lurt, Muiureoda..; 

207 * 

397 g 

291 * 

22 

■Ci«n. Kdiavn N.Y 

22 T„ 

34 

13 i 4 

;ifteo-..» — 

if * 4 


H 67 | 

22 

lonwii Fend* .... 

235 * 

a@i* 

335 * 

ifntL Paper..,.— 

38 


47 

34 ', 

\*t. fi*» , 

37 

401 * 

22 i s tiro 

27 

35 ta 

25 '* 

21 !* 

X'rmtaimor P.va-w 

22 n 

Id* 

a 

Inc Rectifier. 1 


IB!* 

S 7 U 

29 S) 

Li'nnoonral Grp- 

291 * 

36 U 

27 

[lot Tel. A Tel....' 

275 * 

265 * 

S 4 -, 

261 * 

'fonttneDLsi Mil... 

27 

. 2 T* 

’♦ 

ilDTom..., 

11 * 

8 l| 

17 '-, 

14 'p 

C.»ntinrnial Tele. 

15 U 

31 '/* 

20 

'InwaBeet 

291 * 

651 * 


19 !« 

Ci'iitiiil Data ' 

2414 

I 41 t 

11 

IU IntannrioaAl. 

Ufa 

321 * 

49 . « 

36 *-* 

.C-aig+r lndo». .-..i 

41 J* 

39 '4 , 

261 : 

.-run Walter j 

27 -m 

8 *Sk 


317 * 

44 

291 , 

271 , 

19 J, 

341 - 

677 * 

26 

47 

28 Js 

67 

706 * 

886 * 

66 

556 , 

391 * 

53 ;, 

34 s* 

16 i* 

253 , 

153 * 

451 * 

443 , 

483 , 

21 i, 
B 4 S, 
361 , 
171 , 
13 
236 * 

363 , 

481 , 

30 >< 

30 l B 
563 , 
216 * 

31 
415 , 
211 * 

22 

331 , 

73 i* 

201 , 

256 * 

Ell* 

24 

- 61 « 

281 , 

277 S 

24 i* 

625 * 

351 * 

111 & 

391 * 

281 * 

217 b 
381 * 
286 , 
397 b ! 
21 
64 S* 
681 * 
441 * . 

21 1 * . 

38 s* 

301 , ; 


20 ;* Mav Dept.Morer 21 ■* 

31 i, MCA • h 4 i* 

213 , McDcnruti 221 , 

183 * ■ McDonnell Douj; 2 o 3 , 

157 * Jlrlimn Htil ' 17 T* 

24 llniiom 281 , 

503 * Mrrek 61 *, 

136 * Mem 11 LytH'h... 143 * 
31 5 Ie*» Pelrweum.; d 6 b* 

16 MUM 26 a* 

45 HuiuMIrmkUlJ!.: 45 
583 * Uubii Cai)!.,.,..,. 691 * 

441 * Unu*amn ...... 446 , 

59 »* Morgan J. P... r ... 403 , 
533 , Until min....— 35 U 

23 .SlurpliyOil...... 33 S* 

46 Nalnwn * 481 , 

24 7 * >*u.-i< Cliciural... 265 * 
121 , National Can......| 14 

201 , Nat. Divtiller,.... 2 H* 
12 ■- >*i. 5 crvti-« Ind. 121 * 
293 * National sreeJ . .. 291 * 

31 b Nitrann 353 , 

321 * .Vi.K 40 1 , 

12 U Nei-time Ini}-..... 131 , 

ZLt, -New l- 4 uciaiiil Kt. 223 * 
316 * New Kn^laiulTet 35 
143 * Niagara. JJohant 145 * 
91 , Niagara Si iare.... 9 s* 
156 * 'X. L. InrtnrtriM . 157 * 

2 SU :Non-MktWe«iiem 26 

346 * North Jiai.Uan... 35 s* 

25 Nthn Stale* I*wr 261 , 

191 * Nttiwe^l Airline* 236 * 
213 * Mhaesi Uarv-urv 217 * 

17 [Norton tiimiin .... 171 * 
ZO UvHem* 1 Petrol 22)8 
31 Uxll v >- Matber.. 406 , 

18 tlliet Klisrni 1818 

13 1 * OlVn , 14 

21 CH erven* sbi )•..... 21 

581 , OwiriibC'iwiiiii^...] 591 * 
203 * |Uwwi* lllitMil*....' 21 U 

22 1 0 1 ’aulHc liaa 241 * 

181 , : l’a,-ine LiglitniE... IS?* 
201 , Pao. Par. A U... ' 20 'a 
4 PnnAmWiifUiAir 41 * 
21 Parker Haiuiidii. 213 , 

19 :, Pealnilv Jut 21 

201 * Pou.Pw.AU 223 * 

22 i, T'ron.yJ.C ! 34 l B 

361 , -I'enruoil i 28 ^, 

" 71 , | Peoples Drug...... 7*6 

32 s* . Pi*.'|ite 3 i Ga*........, 331 * 

221 * [Pejiaicu. 25 

36 S* -Perkin Elmer 38 

ZBi* [PM 377 * 

24 :Pri,er • 26 1 , 

18 : Pheips Dodge...- 18 

176 * -PbUadeiphla Ele., I 8 J 9 
OH* ; Philip SlMW... 563 , 

27 Philips Pit nil" m 281 , 

351 * Ptlsbury ’ 366 , 

15 U Pitnej- Bowes 186 , 

211 , 'Pittunt).— 226 , 

10 s, Ptessey Ltd ADH; 167 , 

251 * .Poiaroiil 24 s* 

13 L, Pi'rtomac Kle-.... 15 

231 * PPti Industries.. 247 * 
731 * : Pr«-ter Gamble .. 1 761 * 
216 * Pub Serve Elect. .J 217 * 

24 Pullman j 241 * 

15 i* Puret 165 g 

201 * Quaker Ob la 206 * 

4 s* Daf>i>i American.' 7 s* 

28 ,Kaytae<» ..... 326 , 

226 , RCA : 34 

ZL 6 , : Kepubllc 51 e«L...| 33 


451 * S 6 'a Rerion , 395 * 

446 * . 25 i* Keyuolds Metals. 255 , 
70 s* 521 , l Ueva 0 ldaU.-l....l 546 * 

261 , 187 * jUich'imiMerrell.j 211 , 

363 * ' 271 * Kwkwell buer...[ 305 * 
511 * | 283 * iKahra 293 , 

61 • 615 * lUoral Dutch j 57 1 2 

15 i* . 91 * KTE 131 * 

141 * 101 * -Kuan Logs. 11*4 

18 I 127 * Ittyiter System — : 143 * 
503 * ■ 361 ; I Sale way Store,. ..[ 36 
431 * 1 26 St. Joe Minerals.) 263 * 
385 * 266 , |st» Kegia Paper...) 26 x* 

33 i* j, 6 ania Pe lnda....j 341 , 
31 * | 6 *ui Invert-. ...J 5 L* 

36 , i^axun Inds..: i 5 

101 * j-schluz Browing.- 13 

566 * S'chlumberRer 1 661 * 

16 13 jSCU '. | 16 S* 

12 S* S.MH Paper • 127 * 

186 * 1 S.- 1 . 1 vil 2irg. :• 201 * 

6 |Sendr' Unor Ve*tl . 61 , 

29 J* 12 s* *<«* Caatslnen...' 22 1 * 

24 191 , Seagram..-.—.—' 21 ', 

13 s* • 107 * ..-ieaiie ftfJlA..—.' ll*a 
34 241 * iTieaia Roetack— 246 , 

411 * . 28 [-SKUCO- • 316 * 

361 * 281 , jShelllMI 301 * 

441 * 30 i* Shell Transport.-' 3 b 

341 , • 24 .'Signal..— 281 * 

40 323 * [SlganrieC-rR-p 32 12 

16 i* 103 * SHmuik-dEV IMt...: 106 , 

253 * 181 , linger 181 * 

50 u * 32 iSmlrh Kline...... 49 i, 

3 i* u, iS-iiitiun • 1 "* 

25 131 , .-?outbiAown — 246 , 

27 213 * Jv-ulhemOI. EH. 256 , 

18 157 * So'itliern Co- 163 * 

34 28 StLn.Na 6 .Bev...- 306 * 

38 311 , Southern Ptu'ifliv 2 Zi* 

626 , I 45 s* SHilIirruBallwa.Vi 455 * 

271 , 1 201 * Suntnland 235 , 

27 j 20 i* -iVt Busbares.l 24 
203 * 15 i* iSperry Hutch..—- 181 * 

43 295 * perry Eatvl. 331 * 

297 * 215 * giprib.. 225 * 

303 , ' 225 , i-^tanitard Bamds' 226 , 
46 346 * '+l.l.OiltMJIlornia- 381 * 

573 , • 4 * j'Scu. OH Indiana./ + 41 , 

91 - 60 U 'std. Oil Obk> ! 6 H, 

497 * 3 H* i.StaufT Ch«mcai..| 3 b 6 * 

166 * I 12 -'g '-Sterling Drug . — 1 13 

SI 37 SiudebSaer 481 , 

48 356 * :juii(.u— 356 * 

42 l* 1 315 , iund'Usnd.-— --- 34 * 

241 , • 161 , l-Symet, J 22 7 * 

125 , ■ 5 t, I Veclmk-olW 8 

40 281 , M'ekirooix 3 » 3 , 

745 * 473 * ' IV-ie-J me.— — 741 * 

37 * 2 I'elex...— . ......... S', 

371 * ; 2 B>, , Leneuo 28 s* 

17 i, _ & -Tesnro Petroleum; 9 

303 * 251 * .Texoi-e — 1 2 b 7 * 

Sis* 151 , Tevasgull— — — ; 154 * 
993 * 6 H* '.Texas Instm— — 63 s* 

341 * 285 a lcxa»OU£ Gas. 291 * 

223 , : 187 * IVrw L'rilitiw— j 201 * 

3912 • 316 , rime Lnc 351 , 

ESI, 20 -Times Minor — 233 * 

551 , 411 * | Tun sen ...— . — — -1 43 

411 * . 311 * I'm iie. — 317 * 

163 , ; 13 1 a i'raasmertca..— | lai* 
231 * ; 17 Viamcta 181 , 

386 , 391 , Tian* L'nkHJ— — J 346 * 

274 , • 21 Tramway inf rati 22 l* 
127 * • 77 * i Trims Warn! 3 <r' lei* 

36 *j ! 261 * rravellere... ' 29 s* 

223 * . 181 , |Tri Coatinentad-i 183 * 

401 , 273 , ll.ll.W -! 321 * 

£6 ' 10 liAh Century Fm: 22 lg 

273 * | 167 * l(.AL— ' J 80 ia 

226 * 18 ILAHGO j 21 'i 

251 * 171 * Jt Ol ! 223 * 

18 i 131 , 'CUP IBs* 

43 U ; 271 , ;Luileter— — ! - 3 P»a 

56 U - 

13*2 
62 
a 

89 
SB 

Hi* 

10 
321 * 

261 , 

& 6 Ss 
49 J* 

41 
391 , 

153 a 
185 a 
34 
313 * 

197 * 

28 x* 

351 , 

276 * 

20 t, 

221 * . 

356 * : 

487 * 

271 * 

28 
ZB 5 , 

324 


1377-78 

High ; Ujw 


Stock 


Mar. 3 


FHs. 


265 * • 176 * iWoolirorth— ...... 

2 ', • i, IWjrty 

57 a* . 41 -Xerox 

183 * 10 Ig /at para — 

267 * ; 116 * Zeuith lUdlo «— * 

98 ,i 935 * iCA 3 .Trou 4 %lSdt-; l 94 rk 
86 ' tBli* .Ce.Tres« 4 i% 76 .' 7 ai | 817 * 

6 . 54 SI 4 . 384 , 17 / 3. 90 Day biilaj 6 J 4 S 


CANADA 


Hi* ' 86 , jAbitibi Paper.....' Ill* 

8 3.55 lAgnlco Eagle 5 s* 

30 5 * j 239 * jAlauiAluni'uiiunij 256 , 

191 * j 1 ST* ; Alcorn* titeei — [ 18 

421 * ■ 193 , AabcLov. ; d 9 U 

185 * ! 133 * jUanicol Mmuroai: 186 * 

321 * 171 * 'Bank Nora -jcotla! 195 a 

106 * ' 5 I Basic Kevonrcm..' 6 

561 * 43 s* I Bell Telephone...! 65 

244 { 113 a 'Bow Vmiey Ind ,4 821 * 


AboldlFI. 20 ). 

AJcro<FI^ 0 ) 

AlgemBnkfPLlOT) 

AMBV fFUO) j 

Amrotaok tFL 30 ). 
ajjenkorf— 

RnmW— in! 


sas 

21.7 

356 . 5 ; 

79 


+ or 


— 0-2 
— 0.5 
+ 1 


BrejTfS 


84 


lAaLri^.o 


71 ^ + lJI 

79 . 5 + 0 ^ 


Born West' m(PJ 0 | 111 ^— 3 ^ 
HurhrmTetterodd 66 . 7 ! — OJ 

Elserier(FL 2 (l)>.. 277 »+7 
Ennia N'.V.B*aror 136 j|+ 0.3 
EuroOomTstFlJO 63 |— „. 

trial BrocadestFIO 37 .S: T l. 8 !. 

Hetoaken (Fl- 25 >. J 104 i+OJS I 14 


70 

26 

121 

32 Jj 

94 . 6 ] 

22 


4.9 


6.6 

6.6 

5.8 
6 ^ 

7.4 
LB 
4.2 
6 J 5 

5.9 

3.4 


176 , I 
156 « ! 
i 5.0 ! 
38 

174 , 
10 : 

146 , 
26 sa . 

201* I 
1969 i 
194 , 
593 * I 
3.70 1 
96 , I 


86 , BP Canada— — ; 151 * 
111 * Urascaa Is 4 

1.68 Hrimo 13.25 

311 * Calgary Power...' 371 , 
86 , Camflo Mime?.—.- IS 4 
75 * jCaruuia Cemrat.. 9 i, 
6 ICansdaN'lVljujilj ltW, 
213 , |Uan ImphnkCom; iGag 
174 I Canada lndu«_. 191 * 

161 * Can. Pauifit.' f !54 

164 CLn. Pacirtt- Inv.j 183 * 
394 Uau 7 super OH...' 626 , 
2 J 1 |Carita« O' Keefe .) 3.45 
95 , ICaastar AsbestoaJ 9 


216 , 

384 

294 

171 * 

84 

9 


' 81 * ICbleftain j 19 

[ 231 * jComiiSL’.' 231 * 
1912 pxw BaLhum_. ; 2 d 3 * 

1 137 * iCansomer Gas.^ . 165 , 

I 4 .l 5 [Coeeba keaoamesl 64 

I t €4 CVwrain Kieb 1 87 * 

611 * i 456 * Denison Mines—.} 694 - 

786 , 1 426 , Dome Mines. 1 734 

69 T* ; 38 jDome Petroleum] 69 
254 . 17 I Domini on Bridge) 25 

153 , I 127 * I Dam tar— 144 

151 * ; 113 , Dupont..- tli 43 , 

394 : 165 * Falcon 'go Nickel J 166 , 
95 ; 691 , [Peed Molot Utm.J 714 


474 L'nllerwN V— b 6 i, 
11 L nion Bancorp—! 1 * 
374 L' nkirt Uarihde- S 8 s* 
64 'L’oioo Commerce t-a* 

463 * ;L nlonOUCalli.-! 49 t* 
41 JCnion Padflc. — | 424 


7 l* ;ftun)j*I — - 
Bss il'nited Bmirfs— 

264 ; C r b Bancorp- j 

214 JDS. QypoulD— ■■■■; 

184 ll'i-BKH— “" ,l , s --. 

251 , (t-S.Steel— 261 * 


74 

71 * 

886 , 

22 

255 * 


324 lb'. Technologies-, 

174 UV Industries— .; 19 

ISig 'YtrolabL.S 3 eri.Mi.-- IS 4 , 

15 Walgreen — 184 
256 * IWanHH v Can)mn_i 325 * 
241 * Warner-Dudl***.!' 264 
124 JUaMcMad'Otadt, 197 * 
244 .Wells- Fargo — -1 25 
256 * iWcatern Itaacon 4 3 l,, a 
144 l WeMeroi‘.A , w»! 241 * 

16 iM-'eatern CorM.— 16 

166 * .WestinghM Sleet! 177 * 

253 * 'H e»ta wfiL.— — | 235 * 

205 , AVjjvrthaenser 2 EI* 

201 * ‘Whirl port ! 214 

194 .WhlteCoo.lml..' 205 , 

165 , ‘irtUiamCu 171 * 

265 , jWimiulD Elaet | 27 


274 , 

14 

SOU 

6 S* 

33 i, 

473 g 

194 

19 

484 

184 

314 

233 , 


223 * jOenarar. 1 26 

54 .('lam. l'el.wfcmfef 134 
233 , 'Uulf On Canada-J 26 s, 
4.50 JHawkersiii. Can.] 57 * 

374 'Holimger 304 

264 (Home On -A’ | 383 * 

14 'Uudhou Bay Mng* 133 * 

14 4 .UudvonBav j 176 * 

333 * !H udson Oil A (ia*l 421 , 

15 ,i.A.L'. 17 v* 

24 I tm*co ; 901 * 

JB 4 .Imperial OK 186 , 


(FL 20 *f 
Boiler DJFIJOO)! 
I.B.O. Hoi Sand — 

K-L.M. (Fl. 100 )... 

Ini.MnlleriiaO) — | 
N'aarden cFl.tOi-., 

NatJied Ina.fFLlO 

XedCredBkiPliri 

N ed MhiBkiPLbCn 

Oca (FI^Ji 

Van Onunwen — 
Paktoed <FLa 3 ).J 
Philip* 

HjnSchVwtPl.loo! 

HobecofPlJOr 

Bolinco (FLcOI 

Koremo (FLBO)... 
Boya/DntehfFI^O) 

Slaveabuis. 

Stevln Grp (PL 20 j 
ToayoPkcJHIda.S 
Cn llever (FI^SO )— 1 
rildngRM-Iot( 8 l! 
Westlan'do. Ban* 


25 . 4 '+ 1.0 HUNT 8.0 
- 21 . 8 — 0.3 12 | 5.4 
13 ^ 1 + 0 ^ 10 7.9 
122.8 + 0.5 
37 . 8 i + 0.5 18 ! 9.5 

38 ^+- 0.1 10 ! 2.7 
103 ;O+ 0 JB 464 . 4.5 
53 . 1 - 0.8 20 [ 7.5 
183 i-l 22 l 6.0 

1 & 3.3 A 341 4 _-i 

134 . 6 ,- 1.0 18 J 6.0 
S 4 . 7 . + U 1 31 <)U 
24.61 + 04 j 31 I 6.4 
75 > 4.5 16 I — . 

160 . 5 ; A 2 .& 8 ] 841 

1 U 3 + 0 . 3 ! - 
129.21 I 14 


123.61 + 0.6 

243 , 

144 I 

93 . 2 , 

119.81 


A 50 


Ampol Petroieum...— .. 

Ammc. Minerals 

AaMC.Polp Paper 21 —... 

AmObCoo- Industries 

Ann. Foundation Invert— 

And Unco — A J 

Am. Oil A Gas. 

Blue Metal Ind 

Bougainville- Copper— 
Broken Hill Proprietary 

BH South 

Carlton United Brewery, 
a J. Colei 


CSH ( 81 ) 

Coas.|GeJdJtald Aas— 

Container (S 1 1 ^ 

Ootulnc Klotiaw 

Coital 11 Ailbl rah a 


Dunlop Uubber($l)— — 

SSCOK. 

Elder Smith 

BJZ. Industries. 

Gen. Property Trail— | 
Haraoniley- ..j 

Booker. — ; 

l.C. L Australia. — .j 

I liter- Copper I 

Jennings Indnstriea I 

Jones (David) 

Leonard Oil 

Metals Exploration...— . — I 

MAM Holdings I 

Myer Emporium 

Nicholas inmn wMMwi 
North Broken H 'dings (& 0 c 

Oakbridge. 

OIL i>osroh 


Otter Exploration— _ 
Pioneer Concrete——. 


Beekitt X Colman— — 

B. C.eilelgh 

Southland Mining — — 

Tooth 181 ) — 

Waltona. 


ftrtccn Mialag (W ttBU j 
IWooiwottha. ....... 


10.70 :riL 02 
tO. 75 1+046 
ti .10 

11.65 

tLoa 
UJB 
10.44 

KL 34 1+041 
1047 j+ 84 I 
tO . 98 
tfiJSB 
tO.S 3 
tl -82 
tl -79 

ta .66 

{ 2.45 
TS .00 

tl .82 (+042 
tus 
flJ 25 (-042 

ti.oa 

tl -87 

11.67 
tL 34 

t ».16 

tO .68 j 

12.0 ! ..... 

tO .293 

11.15 I- 0 .B 3 
tO 48 
10.20 
tO .15 
tl .68 
tl .67 
1240 
tO. 90 
11.02 

11.68 
10.08 

10.16 
11.38 
t 2 .B 5 u: 
tO .73 

tai9 

1 L. 7 S 
t 0.89 

ti.ua 1+041 
tl .50 


Mlci 


+040 

+041 


+042 

+045 


tsiei 


t-B 41 


+0.01 

1 - 0.01 

-041 


+048 

+042 


PARIS 


BJ 5 -N"- Gervais — | 

Carrefour — .- 

C.G.E— ( 

C.l.T. AksaieL’.J 
Cle BanceJn-i-r— | 

Club Nlediter- 
Credit Com FVceJ 
CreuKit Loire— | 

Dumez .. 

Pi. PHn.-lee__ 

Gen. Oockientalej 183 j — 1 

Imefea — 60 I— Qjx ( 

Jacques Boro!-.-..] 90 1 + 4 . 5 1 

Lafarge — 155 (-24 

L’Oreal - 4 . 655 +6 

Logtand.—^...' 1,351 
Mahions Pbenlx. J 749 !+ 14 
Michelin “B”.^X.I 40 [+16 , 
Sleet HetmewyH: 373 . 71 + 3.7 
Moulinex — -w 164 +2 

Paribas b J 1 & 9 . 9 [+ 1.4 

Pechincy- 79 >+04 

Perncd-IUcatd — 208 . 91 — 1.0 
PUugeot-Citroeq.J 289 i+ 3 JS 

Piiclain — • 111 -64 

Hadio Technique.! 365 +'6 

Bedonte —.-.I 600 (+9 

Rlirme Poulrae...- B 6 . 4+04 

St. G chain- — i ! 131.3 +04 

Skla Boesignoi - 1 . 1.468 V —11 

Suez 229 . 4 — a 6 

TelemevaDiqueJi. 662 +1 
Thomson DrandL 146 +24 
Usinor...™ 19 JjUa 7 



VIENNA 


T 

Price 

+ or 

Dtvi 

Mar. 3 r 

% 


% 

CreditanaraisJ^i. 

360 


10 

PerimotMr— JL_ 

863 

— 

<a 

Select*— 
Semperit 

666 

+ 1 

48 

90 



Steyr Daimler— 
Veit 6 I«imeelttir. 

183 

-3 

J 7 ‘ 

230 

-1 

14 


TOKYO f 


Mar. S 


Ctdnoiu... 

DaiSi 


i Printl 


Asahi Glass ' 322 +1 

Csnon.. 470 +14 

Onto a—! 613 +5 

386 — 4 
019 +2 
578 +20 
820 +2 
681 +1 
L 240 -10 

217 

1.130 —10 

Jsccs_ 674 +88 

J.A.L. -..-a.TSO 

KAnsaiBleotbPwJ 1,090 +30 

KAmaun .{ 317 — 

MNju — • £80 j +1 I 

Ky at n-Ceramic— [ 3,880 ;+ 180 f 
Matsushita Ind — .1 636 +8 ! 

Ml lnhia)](D|[iiL> j 

Mitsubishi Heavy 


uat-Aipponn 
Pn^ Photo-... 
Hitachi - 
Honda Motors. 

House Food — 

U. IU* — . 

Ito-Tokado 


Tan 


^.orjOiT. 
— 1 * 


19 
27 *', 

30 1 

AB 1 .B 74 

20 I 1.2 


58 1 +1 , 

408 . 81 - 1.1 j 52 [ 34 


COPENHAGEN * 


Mar. 3 


AndersbaaVen 

Boim'nr V. a/a J 
Danska Bank— — 
East Astari?Co_. 

Piaansbanfeen 

Par. B y ggarie r — 1 
For. Papir— ___] 


Price 

Kroner 


1441 * 

440 

136 

£ 341*1 

1361 * 


+ OT 


+ 23 , 


Dir. 1 fid 

% 


+ 2 


_ + 2 », 

338 > + l 

, , 74 l*i 

Handelsbank J 138 UI+ 23 , 

GJVth'nH.(Kr 9 Cni 265 j 

A'ord Kapel I 273 [—2 

OUefebrfk -j 835,1 + 13 , 

Privathank □ 141 | + 14 , ■ 11 

Provinahank .— 1 1481 * +2 n 

^>L 12 

+ 25 ,! 12 


11 

I 12 
12 
IB 
12 
8 
12 
12 
12 


Soph. BerendseoJ 377 , 
Superb* 187 


7.6 

3.4 
84 
54 

9.6 
54 
luA 
8.0 
3.9 
4 A 

74 

7.4 
3.2 

6.4 


34 L* I 15 S* 1 1 neo -.1 IDie 


101 * 

161 , 

1 ST* 

15 i* 

8 

4.16 

25 

241 * 

39 i s 

37 

33 -.. , 


61 * 'Imki....— I 1 U 

9 ; Inland N'auGss.j Uil* 

12 **' |ln»'pr'yPI| 

125 , jiiaiser itcsi 
61 * jhaunn'i Fin . 

2.65 [LotNaw Com. ■y." t 3 . 4 » 
15 t* .Mc'mtli'nBloedl.. 161 * 

101 * I Uaswjr F ecgUsuni ' 

SO >« | McIntyre r 

261 * iMu.<tc Garpo 

19 s* I.V'jandi Alines— I 


STOCKHOLM 


Mar. 3 


Price 

Krone 


+ or 


Dhr. 

K e. 


+3 

+ 1 


1818 ! 101 * '\oroen L'rtergj — 

35 • 15 >, -Mb n. Telecom.... 1 

10 J* | JO L* J.Vuujae Oil A Gas] 18 J* 
63 * ( 1.90 Dak wood Petr' in J 
3.10 • 0.95 JPaclft*.- Capper UJ 

Paul OcPeun leu m d 86 * 
Pan. Can Pet'm. 331 , 

Patino lib*. 

Peoples Depl. S.. 14.00 
Place Ca» + Oil.. U 44 
PtaoerDevelopim 20 1 * 
HcpvecUorpotat'a 10 *, 

Price Hi* 

Quebec Sturgeon 1.45 

Banger Oil ^ 266 *- 

HeadSbaw-.— .. 9 

Kio -Ugorn. 26 

UuyalBk. of Can. 281 * 
ttopw Timt — 

101 , • 6 (A.’eptrtH'wurctth 

241 * j 201 , 1 iencreuw [ 

17 J, i IBS* Isbell Unsi,fa> J 

6 S* 1 4. 06 pbemtlG. Mines] 

32 a* | 131 * (TiebeaaO.O. 

4.20 plUipsOUa— 
i 22 a* :ateei of Canada,. { 

1 1.78 iseeepJtock Iron. 

< 241 * | rexoco Canada... 

. 15 l'ormto DoquB|i 4 

• 12 L) iransCan PipeLn 
8 ig rrawsMouniOlist 

: 91 , rn«e. 

• 87 * lUmdnGss 

BH jh'ULiitacoe Mines 

' 22 itlafker Hiram-,. 

261 + ai'pm Crest Tra*. 

9 *a [Weston Geo 


43 i* 1 

! 263 * 

36 { 

i 184 

20 I 

1 113 

71 * 

4.00 

1.43 

1 0.40 

23 Sg 

17«9 

ll 1 

7 i* 

Till* 

8 iS 

1.60 ' 

0.62 

31 

f 144 

IO 

. 6 S 4 

38 

22 s* 

285 * : 

; 234 

1858 1 

! 144 


5 i, 
2 B 1 * 
34 
411 * 
193 , 
163 * 
1219 
IS I, 
1 ST* 
87 * 
313 * 
353 * 
151 , 


■ Auenim. TB)d. t Asked, i Traded. 

1 New stock. 


AGA Ab (Kr 40 lJ 

Alfa. Laws) BfKrad 

A 6 KA fKr.SO)— .| 

Atlas OoprofKr 2 &i 
Blllerud .........^.1 

Botnrs ■ 

Cardo . -..—,1 

Cellulosa J 

Kleot'lux -B'fKSD| , . _ 

Briewn 'B'lKrfidi 142 | + B 

KttseiW "H" j 245 

Fhgente— 

Granger rf reei 1 

HandelshaakeitJ 290 

Marabou ! 130 

Mo Och Donu+o-J 58 

dandvlk A-B .[ 216 . _ 

S.K.P. - 2 ' KnCJ 6641+04 
Skand Ensldlda- J 131 , + 1 
Tindstlk 'B’KrbOj 80 . 0 + 1.5 

Uildebolm 1 4 B.a+ 2.5 

Voivo (Kt. 50 i..-! 68 _-|...... 


184 
166 

84 . 5+1 
117 1+2 
76 + 1 1464 

183 ! j 4 

184 am + l ! 10 
209 '+9 | 10 
133 i + a ' 54 
1 5 

. B 
85 l T 2 
48 .Sf +04 


r 3 

+2 


04 

5 

6 
6 


Yld. 

% 


16 

8 

6.5 

a 43 

44 

8 


24 

34 

64 

04 

34 

0.4 

4.8 

4.8 

4.4 

5 . 4 
94 

54 

64 

114 

2.3 

64 

6.1 


m 

% 


279 1 

_ 138 |+3 

UiUUbtsfal Corp„ 411 —4 

Mitsui A" Co 309 1 + 1 

MitrizBcnhi.— 508 1+3 
Nippon Densa — . 1,340 |+70 
Nippon Stain pan J e 83 
Nissan Motors — 1 8 u 6 

Ptatraar 1,470 

Sanyo Electric — ; 214 
Sekisul Prefab—.' 834 
Shiseido 1,190 


15 
12 
18 
36 
12 
30 
13 

10 
18 
15 
35 
20 
10 
12 

13 

14 

20 

15 
26 I 12 

' 16 
48 


14 

12 

28 , — 
20 2.6 
18 1.7 


+40 



-ll.MO 


i — 2 
+ 80 
+30 


Teijin 


12 
30 

20 | u_a 
40 1 1.1 


1.3 

2.7 

1.6 

1.4 

2.8 
1.3 
14 

4.6 

24 

2.7 
□4 
1.6 
14 
44 
1.6 
24 
2.0 
as 

0.9 

14 

1.6 

24 

14 


— EleaE Foir’ri 
T&syo Sanyo —J 
Tokyo STrihanra.. 

Toray-.I J 

Toyota Motor. ) 


261 


11 

2.2 

331 

+ 1 

15 

2.3 

L 620 

i+ioa 

30 

CL 9 

152 

r — 1 

10 

4 J 

519 

1+8 

11 

1.1 

1,13 

h — 10 

8 

3.6 

2 b 6 

i — 5 

12 

2.3 

1 B 8 


10 

3.9 

125 

{ — 8 

10 

4.0 

BU 

f +1 

BO 

1.1 


Source Nikko Securities, Tokyo. 


SWITZERLAND * 


Mar, 3 


Aluminum—— 


BBC. •A.*—. , 

CftaGetETlYrira 
Da Pfc CertH— 
Da Beg. 


Price 

Pr*. 


+ or 


-25 

-10 


1,190 
1.680 
1.840 
905 

, 673 1+5 

Crodfa ouisae-i— J 2 . 4 HS 1— 10 
Blectrowan. 1 1,646 i — 15 

Fl u chert Gec<:ge)-J 720 !+5 . 

Hoffman PtCerteJ 84 . 000 - 1 , 0)01360 \ 0.7 
Da lSnudl)...-l 84 S 0 


Di+^Xld. 

X 


6 I 24 
10 ] 2.9 
22 » 1.7 
22 2.4 

28 I 34 
16 [ 3.3 
IQ I 3 .U 
6 ; 34 


BRAZIL 


Mar. 3 


3 »" 1 Price 
Cruz 


Aceslta— 

Banco Brniril PP, 
Banco Ilau PR;... 
BelgoMIueiraOPj 
Lo>s Amer.JljP- 
Petrobraa PI*-.'... 

Pirelli OP 

SouraCrna OP— 

JJnlp PE 

Vale Bio DocePPl 


+ or 
— |Cnn] 


-OJHkuilf 


149 J 

3.92 |^- 0 "JD 8 J ,47 
i.Q7 +ojo7a:ifri 
2.10 

3.16 j — Jjjttd 
3.62 i-WSUa 
3.60 —J 
4.20 (-0.1 
6.08 

l.aoj-a 



VoL CrATSJtm. Share* TUflbl 
Source: Bio do Janeiro SB?'. 


OSLO 


■ 1.2 


Mar. 3 

Price 

Kroner 

+ or 

TBS 

K 

BergenBank.— 

Kaamoa— J.. 
Kroditbueen — ... 
Norsta Hydrolrr .80 
Starebrand-- 

90 .&I— 0.6 

105 «lCi 

290 

104 , — 0 . 2 & 

180 U 2 

BO [— JL 5 

9 

4 . 

U-T 

20 

11 

IT 

lJJ 


SPAIN • 

March 3 - 

Aaland — 

Banco Bilbao 

Banco AdOntlco 0400 ) 

Banco Central - 

Banco Exterior 

Banco General — ' - 

Banco Granada 04 ) 00 ) 

Banco Htejumo 

Banco Ind. Car. ( 1 . 080 ) 
B. Ind. tyedlierraneo.- 

Banco Pognlar 

Banco SaTnander ( 350 ) 
Banco Droullo ( 1 , 000 ) 

Banco Vizcaya 

Banco -Zaragozano 
Banknnkni' 

Banus Andaluda 
Babcock Wilcox 
CIC 


6 j 8.2 

6 i 8^8 


BRUSSELS/LUXEMBOURG 


Mar, 3 


I Price 

Ft*. 


Allied, 


Bq. Bra lAmh— J 2.410 


BekerCB 1 

C 44 L Cement-.! 
Cookeril 
BISKS— 


8,300 


1,735 
1,142 
456 
2,360 
' 6,030 L 


■for 


+10 

Pfo 

+2 

+1 


Drv.i 

Fra. 

Net 


60 

11 & 

90 

177 

>480 


80 
170 
142 j 


ITld. 


4.3 
64 
74 

74 

7.1 

7.1 

6.9 

6.3 

7.4 
7.7 


Eiecrrobel — — 

FabriqueXafa , — ZJOQ C-. 'l 70 
SJL inno 4 in — l, 80 S |...— .J 130 

Gev*«rt— ^ 1436 - 1+2 

Hoboken 2 , 310 m — 20 

[nteroom 41435 (— j 

kredi*tr»j,k 6,450 |+30 > 265 ' 3.8 

U Hmrai*a«ig».. 4,260 +70 (305 64 

Pra Hottttng— jArOflO ls 2 .a 3.9 

PWrofltra — 4.885 fT 38 |l?« 4.6 
fa>/ Gen B*JU)ne-| 2.768 S 35 1189 6.8 
SocBen B«l 9 i<iue |1446 ■ i + 5 'l 4 g 7.8 
,3.050 (—5 ‘u&6 e.7 


tmeribod B — — 
Jetanoll CFr.lOO)— 
Nestle (Fr. lDOi — 

Da Res. 

Oerttkoa B.(P 460 
Pirelli SIP (F.IOQ) 
Ssndot (Pr.E&OI— 
Da Part Carls. 
SchtadlerCli FIOD 
-Soleer Ct» (FJODi 
EKristair (FJtoOl. _ 
Swiss Beak (F.IOQ 
Swiss nCaP-SQ)- 
Onkm Bank. 


13,850 

1.470 

13.470 
2,325 
[ 2.315 

286 
3 . 75 U 
470 
310 

370 

833 1—7 
384 1 — S 
4.675 j— 50 
3400 1-15 
10.828 j | 


[-1251 55 | 0.7 


h-ao 


+ 5 

-IB 

—4 

—50 

—10 

+ 5 

+8 


20 

■LB 

[h 8&4 

05 

IS 

26 

26 

9 

| 8 . 57 ( 

10 

40 

20 

40 


34 

JL4 

8.5 

3.6 
164 
54 
14 
24 
14 
3.8 

3.7 
2.6 
24 
3.0 
14 


MILAN 


Mar. 3 


An In 

Bsstogl — 

Flat . 
Do. Priv- 
FiusWcr 


lalasmedt 

Jtalskter — 

Mediobanca — 
Montedison— 
Olivetti Priv— 

Ptr«m * Co. 1 

Pi red Spa : 

tint* Ylsoons 


Price 

Lire 


13545 
. 529 
1462 
1,623 


+ or 


— 2.76J 
+ 11 
+ 16 
,+ *5 , 
6848 -—1.781 
10490 + 140 ^ 

134 

’fcSSUIS’ 1 '-- 1 

861 j— 8 
[2492 U*1 
1,045,0+ H4l 
636 1+14 


Div. 

Uu 


150 

JM 

iod 


110 

80 


lid; 


7.6 

94 

u 

3.7 



Drasados 
BL I. Aragonesaa 
Emanate- Zinc 
ExnJ. Rio Tinto 
Fecsa ( 1 .N 0 I 

Fenusa ( 1 .QM) 

GaL. Precis tioa — 

Ocnpo Velannez MOO) 

ffidroia 
Ibcrduera 
In mo ban if — 

Olarro*;. 

Panelerax Kenoidas 

Pwraltber 
Petroleoa 
Sarrio Papa) era 
Sniace 

Telefonica 

Torras Hastened 

Tubaccx 
Union Elec. 


SINGAPORE 


Mar. 3 

rrwfnirf+is ln i 

Boriri— ! 0.60 

Boustxad Co. (229 

BousteadBhd 11 .B 0 

Donlop.__ _ 44 ) 

Hsao- ! 1542 

FzaaVr N'esve fiM 

Bsw+far _J J 047 

HuiwUnd— L 40 

IncbeApe } 1.94 

JmitHno.— 1 L 92 
MaJafBrew. 1444 
lUfayCemrJ — 


Mar. 3 



!u.: 

17 . Or 

(Tractor..—. 
ebemicai — . - 5 . 
WWm Jacks.] tU» 

iDanTpBrtatel 1 ^® 


Mat Tbbetxaj IMS' iKempai — 1 13 .^ 


UeL.Bs. 6 ii 

OrisC liln- _ 

Pin hteetric. L 71 

Bob! neon Go. 
Mothnan 

Shell J 

dime Derby J 
CoidStorage. 

dtraiutieeam 



(Camper- 
Kracnst- 
Knobai 
Lower Perak- 
. Feeding Tin. 
Straits Tuucai 14,78 SnpceooCp- 
( WTO Ltd. I [TtinafeshHu. 


1JU 


Lt Buyer. 2 Seller. — UnuBotod, 
dtfidentL, |Tiwtel. . 


tiofin*. ... 
So I ray 

Tocnm 


— — { 4,460 i— 4 Q AfiBO 84 

^ Blt*t-- 5;530 1-20 1162 64 

UCB ] 922 1—10 1 - ^ 

Go M 1 n. 1 l/lO 1 -.J 71 U (+4 '• 60 84 
Vlada Montagna' 1.349 + 8 1 QQ 7.4 


MOTHS: Overseas nricea exduda 4 premium. Belgian tttvfcleads aro. ^ L 
withhold Inc tat - 

♦ DM 5 D denatau. onless otherwisa state* ^ VT^uSaO dewm. unless aOnrw 
staled. + KrJ0d demm. mtiess otherwise stated- <£Fnh 5 QQ denom. uni*] 
otherwise stated, S Yea M denom. unless otherwise stated.' S Price ar tin*) 
ntSriUMm .. a Florins. hScWIHnss. c Cants, d Dividend after pendin g ; rijg 
and/or scrip Wane, cFtr share. /Francs.. 0 Gross «u». hAsauned dlvfcg 
after scrip and/or righta tsaue. k After local taxes, m'i tax Dr*. tl Trife 
incladlnc Umiac dir. p Nora C Stgin sjdft. a Div. and rtaU exdnda *P*® 
paarmenL findkaied dlv. a Unofficial trediwi. t? Minority Mdem'onhr. ItJgS 
pmdinfi. r Arisen. ♦ Bid. 5 Traded. IStHcr; c Aasamrii.— wEr rlsh» 
dlvUtout. xc Ex scrip bsue. xa Ex aiL a mn+im s^c* meroased. 



















teaatial Timgg Monday March 6^1 978 ' 



31 


BONDS 


AUTHORISED UNIT TRUSTS 


H 

»■ 

ft. . 

•lit 
vtt 

sm s. --. 


R. ; - 

«... 

N c . 


iff Aasiiranc* Cklji,. ■ Guardian Royal Exrhar, ** 
Uvhuirt^nlRC* 0144*9111 Rcvai tobinfiftEft 


» i- 


t 


t. .... 

W, 

?::■ 


■-"i 


id ... 

: : '<!.... ; . 
IPT 

•,^‘Viui . 

■ c Fund 
*«4 . . . 

v*n» - „ 

■_ nii«... 

N-nw 

’tojMMl ... 

SU.4iu 

S*r4. . 

1 fun - 4 
s*-r 4 _ 
1 Fcr 4 . 
Fch. 28. 


pa. i 

37.# 

g&. 

1284 

©i. 

|7»t 

is 

K4S 

iM7 ‘ 
I07.B 


33B .... 

.as ._.. 

1*7.7 .._. 

*»! iitsp- 

X?IJ ' .i, 

LN6 ^ 
MM ft » 

HSJP-v 

i5i n .;;;: 

ml ,ft, ‘ 

1133 ** 


.— _. Property Bands __ 1168 2 275J( | _ 


- N «r»ich Union Insurance Group 
(11-203.107 POBox* Norwich KR13NG n hh w^ 


Abbey- Unit Tst, Mgr* Ltd. (al Is) 
•2-80. G*l*}ujCiC Rd„ Aylesbury. 

Ab 6 *v Capitol 139 4 31 , 

Abh*y Income _ . & 2 37.«j -Oft 

Abbey Inv.Trt Fd BOA ?J.S -03 
Abbey Gca-Trt.™. [*0 9 4 }ij -Qj| 


Garbwe Fuad Managers V laKgl Perpetual Unit Trust Mngmt.* (a) 


Managed Fund.__ 
.... gOuliyFund. 

Hambra Life Afeorance Limited* £»i*rt.< Fund ... 

* 0 t5ffn£* u ’3fe' *” "T"" sSW' a- "‘: 

(dint. DkJ*-™- ^23.7 JgJ .. .-I — NOr.CnlLFdi.li_ 
1U.I 

S3i 

114 2 
127.4 

iaf 

1534 


'nlUBtloon normally To 



Ufe Assurance Co. 

-'inumnii.w.i. OMHSefi: 


iH» 

m- 

104.4 

153.4 
190 2 

aj ■ m . 

N.». ..waL-3 


Bp 
SJ 

mi 
1416 

2001 r . - 
SS**-J 


Fixed ltd. Stop . 

En«i!> 1573 

Property 1S5A 

MutagedCap - _ 1278 
Managed ACC ...... 154 B 

Ovmca* 1044 

Ult Edged 121J 

Praftrfjjrp.Cay _ 1245 
Fan FM ip Aw.. 145.9 
Pen Prop Cap _.... 1911 

lUn. Prop Arc , 25Z 3 

Pen Man. Cap X92.3 

Pm. Man Ace ...244.9 

Si 

rw.fis cap ui i 

PeruBS Arc JJ7.4 

PtiiDAFftp;;. 1M4 
Prn D A.F Act 100.7 


Hearts 9f Oak Benefit Society 
Eu3tanftoad.Londoo.NWl 
Hrartrcf Oak... _ 04.1 


'St 

Iwl 

1294 

U5.< 

1204 

144.t 



Pfcaenijc Assarance Co. Ltd. 

’ jSj^JW^Uiawi St- BT4P4HB 014ea9S76 RtanheAccTPd. 

swwl— rw"?- - 1 - iiS?» 

Eb’r. Ph Eq E. .. . .( 49.8 734'!..!" VjgM F <1 

_ A.ft Bj-toe 

Prop. Equity 4 Life Au. Co.* fafarartirad Fad* 

Eri»»bf“:-| If |.:::::j - SKKSC 


Allied Hambro Group (aHgl* 
Hambro* H»„ Hnuon. Hrantwuod Enu 
01-508 SfiST or Brrniwuod i(EZ7i 21J45S 
Balaneed FawH 

AlHwMn .S7.8 

RriL Ind Kund_;.._ B73 
■jrtb.A (nr B3J 

film., k Ind D4T.B93 


0290 5941 2 . SI. Mary Asft EC2A 8 BP. 
-0J| A20 trJAmencan Ttt- — {22-2 
585 Brillsti TB. i Arr.> .. (471 
*5* CttiinwdlD Sbait -tgaO 
4.21 niFarRiL*.Tnut-Aln.J 
High tncooieTfL -pll 
fnc«snr Piind 

1 n».A*onne». — ^-Hl.79 

Inil.BeioplFd — E?2 
izitoU TU. iAccj --(25 B 



0I 2SJ3531 -48 Hart St. Hmlry nn Tfcamex 


PpeliutlCpCth ... B48 


37.JJ 


iKBl»G 86 B[ 
- I 422 


OFFSHORE AND 
OVERSEAS FUNDS 


*0 377 Piccadilly Unit T. Mgrs. LuL* ia«b) 

Wartcicrise.ajJa London Wall ECT fG6£iH! 


Allied CapdaL J 6 U 

HombroFand. _ 


— Do Fi Mfly. M. Fd| 1512 


Property Growth Awur. Co. Ltd.* 


01. -3875031 b*°n Houir.Cr6jrdon.CRfl !LU 


|Spceidi«t Pootli 
GnaU«r Co.'n FU. _W 3 
2nd Smlr. Co> Pd. 076 
Rwnwy Sits. W.9 


- Hill Samuel Life Assur. Ltd.* 


3 i.ll ._,J _ Property Fund . 

. .Property Eund'Ai. 


A«n cultural fSind 


“ NLA 7Vr_ Adfliirombe Rd_eroy- 01-888438$ A5be>- Nat Fund... 


A Brie PundfArr.” 
Au! 


jfe Assurance Ltd.* _____ 

-UimihLReiggte Rn^ite 40101. Mantled Shi?jTa1. 


♦Propnnyl>Dlu.-_.H«Te- -IS** 
Prooerty Seriei a 1483 
Hanged Cnito.... (1503 


xaux=ii 

BSet 
B fl ,:. 
BSi", 
bjS 


Managed SerteaC . S75 
Moncj UnfU.. . . U17 
JlCnerSmof A. ..941 

Fined ini SeT-A : Bl 

Pn*. Mgd Cap: 135.7 

Pro. MS*1 Am 1413 

■ Pua-Cld C«p.._ M44 

Paa-'GbL Aec. — 1093 ■ 


SI 38 - 

‘ -*oi 


92J 


«0.« — . 
■»oa 


12501 .. 

^-7.4 



-Abhor Kd.i'Ai 
ImMmrnl Fund 
(pvftRineni Fd 'A> 
Equm-Fiind . . . 
g4oiij-Fnnd.t*._ 
Monev Pu^ri 

_ Mono? Fund! Ai .. 
^.--AeinanalKund. • 

- -gtaasw*.- 


■_ . *Rel ire Annum- 
— '-^Immed.AnnhT. 


; .>t r- 


;r 

A - •*-' - 



> Ufa Asm. Ce. Ltd. 



Mia 



Amra. . gA 

,nsJk«.. 943 
953 
■> A pa ._ 483 
— 1%9 


lUf '^i2 

' v*OJ 

^S5 



Imperial Life Acs. Co. «f Canada' 
Imporlal Houao. Guildford. 

_ H- 

Unit Linked Porttol 
Equity Fund. — 

9i^M5344 Irish life Ammnce Co. Ltd 

3 LPlmhnty Square^ EC2L • Obdzsfess 

13s5r — : 


“ 


Fit ^l lt. 


— . SLra P»n*. _ 

— ProP-^tM-Cap.lTt*. 
■ Bd«. Sue. Pen. UL 

Soc. Cap. Et_ 



Px^t-SSr. C0>,^4(1924 



Gibbs (AnUwy> Gait Tst. Mg&. Ud. 


Extra Inform- 

SmlH'anFd 
Capital Pur.d .U7 5 
Ini. Enu- & .\a»eb'..|43 9 
Frit ale Fund 
Aemmitr Fund 


23. Blamfleld SU ETOI 7NU 
atAG Inromo'. -|37.9 48 71 

■HAG firomkrt — 5 J40 

(alA.G FlrEaM*— 1®.5 C3( 

DrtHag -Tuet. tTWed. 

Govert Uabai* 

?7 London Wall. ACA 01.58S.*«T» 

AhHr. Mar.3 -..-.jU«4 124 71 -1 2j 251 

Vo. Arenm Unit -11417 l*9J|-]aj 231 

Nest dMlfng day Mu-rh 17 

GrievetOB Mwagemeut Co. Ltd. - 
59 G rrthara St- BOP 21W. 

■4.48 
4.48 
l* 


.Axbuthnot Securities (C.I.j Limited 

T O Foe 28*. St. He! 1 IT. iiw 0331 72177 

id 1 ap ^ a.sx s - 7 " 1 3AS - 
<S \% -J 3ja 

|g Austnliftu Selection Fund W 

6J8 Market OpportunltiL-v rn Iru-h tounp & 

2 80 Ouihwaile. 127. Keni St. Sydun 

2 90 l-SSlSturor PvSlil • I-0.B1I - 

.... ^ N« »al»e tlairli A 

Practical Invest. Co. Ltd.* lyliri . 

+» Bl 4 cm»bur>- Sq. wci.t 2R.\ 0 T-«= 3 asE » ank ®* .America International S»A. 

Practical Mar T MI® 143 *t ! 4 47 7i batrairi Higtl Lu»pml*aur 2 

Arena Onus ,.|l*«5 X96.DI .1 4.47 Wldlmcylanunc JSfSia# W jq-o;j| 442 

„ . . _ . _ Mm 4 sr LftrAk !■ Ik'a.f ■ ' 

Provincial Life lav, Co. Ltd.* 


M-CW4HI 

J-64 Americtr Fund !.' 
5 U1 
030 




222. Blshrpf^a t c. E C3 
Prnlifif Uni£i- ..1683 
High Income Ml 


11 1-247 CM3 
7371-011 384 
1853j -0 l{ 823 


i.Vctun llcJtni - 
BlfinHY Wsr.2. 
lArcua. Pnitsi- 
Endear. Feb 20 ■ 


lAceum UniS 8 >— ■ 


rt.M4 7 

193 5? 

-t . 1205.2 

209.7 


_ ; 

1721 


_p45 

193 S 



168 9 



ms 


_p7 2 

■09 

-0.7 

J7f & 

833 

-fit 

J^7_9 

70 9 


-|70« 

73 5 



Anderson Unit Trust Managers Ltd. (Aeenm. 

ifl8 Fenchnrob sl EC3M 8A.t S23KS1 Guardian Royal Es. Unit Mrts. Ltd. 


Hoi bom Bare. ECIN2NH 
FrodentiBl . |1]7 0 

?J2 Hanag«oent Co. Ltd.* 

The Slk Exchanitp BC2N 1KP 01«<14177 
314 OuadraolGm Fd {U0 9 104 11 I 4 38 

314 WuadranUncmm- 11144 128 liq | 838 

2 93 
793 


Prtee* « Mtrcb 2 Ne*l *ub day Marrh B 

Bnk. of Lndn. & R. America Ltd. 
Quern TMaria Si_ FC* ' 0! 9302313 

Alexander Fund IVIS582 - l .1 — 

Net aftot value Mar. 1. 

ms "ml *“«»* Xnwrile. Umbwt 

1 'l Rue De la Rrgmre B 1000 Rru^u-li 

ilrau Fund LF . .0.933 1993} 144 

Barelays Unicorn InL (Ch. ]«.i Ltd. 
I.ChanDccrosy.&T Helier. Jrsy 053473741 
Otnuu Income . [49 4 57 2) -0 71 lfl 28 

rnidoliar Trust . pu-» 47 ll« | 4 70- 

•Subjert 10 (re and uiihtwildlnc iaxe« 


Kcyselex Hngt. Jersey Ltd. 

pf> So, yRSf Mclirr Jrreay iFnq nl-89870701 
Frwiwlvt 
Kin Inl'l .. 

KevR-U** Kuropp 
Japan 1,1b Fund 

Key prick Jnpan . 

I’rat A».*«» t'ap . I LV31.97 

King & Shaxson Men. 

1 * ■haring i nw. >1 HHii-r. Jererv 
1 Tliojnaf s’ii-i-i. Ik>u£U« UIp «f tin 
I.IHFUhd-W-tn- |9« 997: . 11125 

trill TrusUJ n.M . jU25id U$4u9 ( 1L25' 

tntl bnt nw la 
rut blcfJinc 
Firu lull. — ... 

KJeinwort Benson Limited 

20. Fenrhur'-h Sl Frs 
Fuw»«*t 1 uk. F 
Guern*H. Inf 

Do Afruni 

KP Far East Fr| ,...1 
KB lull. Fund 
KBJapui Fluid . . i 
K K iT l!»th Fd | 

SiL’nid hermuda 
•UoilondtiDM. v . 

■KP aft a». I^uuli 


JIT 35 17 4« . „| _ 

($182 08 182 47| .. I — 


01-8CT nra 
368 
435 
435 

144. 
195 
859- 


— 'iAndereoaVT. — (433 


44 8( | 5.18 


Ansbacher Unit MgmL Ce. Ltd. 

1 NohlifSl-ECrVTJA. 01 -0236374. 

Inr Monrhh Fund R540 144 Qn| ... | 93 

Arbutheoi Securities Ltd. (auci 
37. Queen Sl. London EC4B 1BV D1-2S85281 


Royal Exchange. BC3r 3DN. Qltssmil 

IM) CuardhIU TH.'.-pI 0 M8d-®3| 484 
Henderson Admin istratiomaiiz) 


Tremier UT. Admin. Rajlrljh Rood, 


Barclays Unicorn Int. (I. O. Mam U(L 
1 llioinas Sl . Poucla.. I o M I*zu iuM 


— ' I Extra Income Fd 


Hltblne-Fund 
I Amur.. I 


-|U78 

. . 16.8 

Unitai — 49.* 

i®2% Wdnrt.Uio.i49* 
Preference Fund _ 255 

AiAccum. Uoltoi S8 0 

Capital Fund... 142 

Conmxxlitv Fund 58 7 
fAreum.ua lla)__ 715 

f]0% WdrwIUJ #5.7 

rinAPropJ-d. l£.fi 

Clan!* rued 152 

(Acrua. Dolloj 90.9 

Growth Fond 29.9 

fArcwn. Pmtol 352 

Ionian Gth. Fd. 1235 

Kaalero * InZL Fd . 285 

«NW*dradUtaJ 14 & 

FlMeJgnFd f75J 



Rrrntwood. Ki 

- r.ievjh Inc. ...;.g5 

Cap Growth- Arc — PS 

»eiEuropeaa !?5 

iglFar Kan!: M 

igiPliiaa.am.' Et? 

(gi High in com 
(gUnc lAiHt . 

LgUnlematlonal — 

(eUCUl American - 
yf-A Gross Feb 54 .. 

OUA.Vat — 

W.VtU. K ehj»__ 

rjirah m 

CSbot&trx Tnc. _ . 

For tone OMtnpi fnndo onl> 

Bin Samuel Unit Tst Mgrs.t fa) 



Reliance Unit Mers. Ild.9 
Relianfp Hoe . Tunbridge Ki OHM 22271 
Oppnnunliy Fd 157 5 61 51 I 595 

SeMordoT i*m B7B 98«-8* 599 

SrUordeT Inc 137 5 40 3 1 - 0 9] 594 

RidKefield Manacrment Ud. 

P> 1 Rev tip. Kjpk Hm- . JlKriMr Ml 23«ft'ei 
Riejffi-ld Ini ,- T IBL0 87m I 2*2 

RMpefield Insofar (91 9 97 01 I 984 

SjS Rothschild Asset Management . 

8 93 72-80. GaK-houM- Rd . v irsbiire msb soil Bishopsgate Commodity her. I Ad. 


I nirnm Anri K\S 
IV* \’| X Mm .. 
lap finr IViflc . 
l>o Inti Inromr . 
r*o. I of Man Tm 
D o Man*. Mutual .. 


(395 

425 


232 

250 


549 

Ml 


37 2 

40 D 


Hr* 

zTzl 

-18 


210 

240 

8 70 
430 
219 


N V Eaiiil'r Fund 
N T tngj Re> T*l 
N.O. Income Fund . 
NC Inti Fd ilor >(72* 
N C tntl Fd. 1 Are 472 l 8 
N.C. Srallr Toys Fd 


1148 8 
11355 


1363 


15781 
“4 1 -0.4 
142D -02 
774 -01 
77 4 -0 1 
14591 -OS 


IU 

742 

194 


RotbscbUd & Lowndes Mgmt- (a) 

Si. Sol China Lane. Ldn- EC4 - 01 S8439e 

Nr** Cl Examp* • KJI3 0 VBJX . 13 73 
Price on Feb 15. Mil dealing Mar la 

Rowan Unit Trust Mngt. Ltd. 


I'll Boa 42. Douglas. I.o M MC4-2S«m 

ARMAl'-POb* ™| SLS26 69 ( I — 

CA-NRHtyKeb.6 LI 016 I ... .1 _ 

| COUNT- Fob 6 I £25360 I . .. _ 
Oncwollv Issued at -SIO and -f 1 . 00 . 

Bridge Management Ltd. 

FO Box wa Grand Cayman. Cayman la. 
Vba>h|Fe b.., --....| 3T3JS7 I | — 


97?iJ 

565 40 4 

kr: n h 

P ^5US9S4 
51 SIS 25 
SUS27 10 
510 21 

_ St’S* 23 1-0 Cll 191 

nfi3o 1938)- a'i) an 

loo paving agenre only. 
I.loyds 8k. (C.I.l ITT Mgr*. 

P D Ro\ lSr5 .Sr l!cl.-rr. .leram 0534275*1 
I Jovda T,< 0 >n* 148 0 50 51 •! 271 

><*\i dralt.ng Rale March 15 


7 Rur tin Rhune I ■ 1.1 Hm 179 121! n'>n«,a II ■ 
llrvd» |m I. Hi Ffll' .’91 D< . I 190 
I .lord* Ini Inromr IUaj I 440 

M £ G Group 

Tflrer tfuOft. Tn«rr Hill KCRH 8Ry 01 -878 CiBS ‘ 
■Mlaniu-E'FVb 2R Ki *!4 747' . I - 

411,1 K\ Mar I 51 -I K I fjj - 

Gold Ex Mar 1. i'49 

bland 1028 109 « -0 4 44 04 

lArrum I'ollsl... 143 6 15ZH -0 S) 14 84 

Samuel Montagu Ldn. Agts. 


G.P.O. Box 500. Hohjj^KooR 


NIppoaFii liar. 1 


Ex-Stock Split 


M»l | 033 


114. Old Brood St. K.C2 
Apollo Fd Feb 28.(SF«05 

Jopfrol Ffb.a |MfK917 

1 1T Grp Feb 32. .. Sl M6B 
I17JmevFcb 32 U434 
‘ “ ‘ 15..ff977 


D1 58884M 
44701*0 90) 400 
“Ut-OOfl 129 
uii \ 2 15 
44j QS4 . 

1D2K . . - 


*i = t ' 


_6‘. : 
\6» 


King & Sbaxsou Ltd. . *• ~ . 

8Z.Cnmhin.ECS. 0X43*5438 

Bond Fd Exempt. -[1MA3- I1251i*ft78i- 2-“ : , 

'-Jgz&ar m * - 1 - ssasffia 

l^nghnm Life Aswiranee Co. Ltd. 1 p^p'^Krt ^ ^ 

01 ms 088 LMghanj Hi RofmbrookQr. NW4.- B14039BH 

... . • jf r •finpSnd.’^'Koj) 147^*07! - Reliance Mutual 

Life .Assurance Cor- Wiap CSP) Mao Fd J73.4 . n.st'rLv Tunbridge Well*. K»ol 

Z Pdttera Bar. Herts P.Bar .51122 . _ ' , _ -- ' • ^ Pr ® p Hd *- 1 

tar i . ,1 55.0 I---- j _ Legal A General (Unlt Assur ) -Ifii:- : * 

•e. 1 noo Hoo^. Kirosmrom!.- TnM^HMhicUld Asset Management 

SS^S 0 .^- gy ftS^iMtannlondon.ECT 


Current unit value Feb. 22 * - 


^ Life Anur. Cd- Ud.* 

■ ."“'da., era 

teMar I | 17717 


Provincial Life Assurance Co. Ltd. 

^ 8 5SSS?Si e Sl3 

aftFffiffl ml r Archway Unit Tot- Mgs. Ud.* faMc) 

^317. High Hotboru.WCJVTNl. 

Prtiden rial Pensions limited* | aMSar^.^md aub Jeiaj jcir is? 7 

01-405 92221 

w .) _ [Barclay* Unicorn Ltd. (aj(g)*(c) 

I’m corn Ho 2S2 Bomford R* E7 01-534 3544 


4S Beech St- BC2P2LX 
(b) Briton Tn 
leilaHTriiat 


(b> Briiirii Truat— ^La 


(gi IMiar Tnut-^- K* O 
ib* Capital Troat — g*4 
ibl Financial TrnaLMAl 
n») Income TniK __V5i 


01-8218333. ibiSoenrie- TruH -i 
I (blHigh^eldTA-. 


lftg -0.4L 
331 -Oil 
685 4011 
26.5* — fl.i 
90 0 -01 
lit 

497c -B2J 
a 7 -o.i 


OI-028B811 ^^'Cs ( *^ae_FlBxhurySq^EC2 


IS 

IS 

580 


Rowan Am. Mar. . _ 
KcvranSee.FMj.2T_ 
Rowan U.v.Mar.3 ..... . 

(AccwCahii [68 5 

RwuAirn.Fcb.S7.- [47.4 
lAerum. I'nlUu. _ |S2 Z 


159.0 6LH _.... 

1C.0 15*3 _... 

49* 52« 


-Feb. 


1R2 


Unicorn Amortca- 2*4 

Do. Ann Acc 533 

Do Aon. Inr. 42 2 

Do Cert til.-. 58. J 

080822*71 IK SoMtlk.7^ HI 
Extra income . 26.4 


} - 


ibley HAflONB 


>y? 


t-* 


Assurance Ltd.* 
Wy,W«n 

t» 

fnita 

kLEccc- 
L'ExX- 
cec.'Unil. 

«d 

uni. 

ccum. 
um. 


ot/ArS-. 
or/Acf. _ 
Vni'Acc 
SsnoiAcc. 
■tnsAcrJ91> 

ziTr.gS 

Current 


Life Assurance* 
tome. Chapel A*h wtoor- 000238513 
Fd _..» 4B74 

•Inv Fd 10444 


Do. Aecum. 



01*020*70 .■KuBBhST 


FlxrtlSSaL__ mj 

TV> Aecum 11*8 

Managed InltSL,- IM4 

Do. A cram. USA 

Property ZnitiaJ 95 fi 

Do. Aecum. 75 4 


mi 


126* ; 
XoT l ~ 


j - 91-Q304390 

W.C. Prop. Dec. 30. . Ill* 1 1214 J - 

Next aub. toy March 31. 


J Do ' _ 

Do. FVuaaeial... _ 54 0 

Do 500 435 

Do. General 27 9 

Do. Growth Are 15.4 . 

Do Income TaL.. . . Hi 7Ud 

•Do.Prf.A'nS.TM- [lrt9 m.9) 
Price* ai Feb. 28. Next mb. to> 


Utl 

10U 


.-Royal Insurance Group 
, J4ew Hall Place. UrcrpooL 051 2274 
Jfaffa! Shield Fd. —1328-4 135LR | ' — 



Royal Tst. Can. Fd. Mgrs. Ltd. 

M. Jeruira Street. SWl. 01-OSBS2TC 

Intel.* (aKg) rapllalFd 1411 65 5) . I 3 99 

IS.ChnuopherStroetECi 0I.24T7343 Fd ... (44 6 705) I 810 

Intel lav Filed. -B13 87* | 7.12 PnM “ » Nert d '* l *"S »" « 

Key Fund Managers Ltd. iai(gi Save * Prosper Group 


01-806 loss Britannia Tst. MngmL (Cl) Ltd. 

L2? I30 Bath Si- St. Heller. Jerxey 05M73114 

Growth Invest |2ft7 ?11J -0 6J 4.00 

lntnl Fd B02 tSin *0r 

Jeraev Extern T*L . IU25 14]2n -6 1 

I'nlvrl Dir T«t .. .. (14 70 4 90 -0.9L 

Unlvsl 3 Tat Sir.. .152 00 2 U) -0 Od 1 00 

Value Mar 3 Next dealing Mar & 


430 

79S 

7*5 

424 

*24 


is 


23. Milk 5l_ EtTVaiE 
Kel' Energy In. Fd-. 143 9 ' 
Key Equity it Geft-. S93 
*Ke» - Exempt Fd . 137 4 
Key Intmroe Fuad_ ri7. 
Key Fried Ini Fd .. SS.7 
Key Small Ceft Fd 719 


4. Great St Helen- London DIP 3HP 
6*73 Queen K>_ Edinburgh EH2 4SX 
' “ 1 or P3I-23S 7351 


340) .1 
23 0) -0 II 
60.7[ -0.1 


t- - Ugal A Gaaml flWt Pmataw* 


Exempt CnshlafU. 15.* 

Do. Aecum. IS.* 

Exempt Bqty. lall_ 1SL* 

Do a5W 1023 

Exempt-Fixed IniL 1027. 
Do.Acunm.___ 1833 


T “ • JBtBmpt Mngd. Iplt 101-5 

_ Da Acrxaxt 102.5 107. 0 W _J 

“1 3 BrnnnptFrop-Ielt . 15.* UtLS "Hj 

H I! DaXStw. 


, -Snve it Prosper Group* 

' 4. GhSt-Helm'a. Lodn_ BC2P SO*. 0VS54 880 

__ ' mi ^ _ 

S- r Comp. Pent Fd.t — 1927 Ktt 1 ■ _ 

J - -n- ..JBqtutyftais.Fd 158.1 1*4.1 - “ 

Prop PfauFd- |a&9 2174 

101? • 


. Gltt Pens. Fd. (92.9 

- ,-Depoi_ftas.Fd.T— Wi _ 


Do Wldwide T 
Blal .In. Fi11bc-__ . r 
Do. Accnm I 


( Baring Brothers A Co. Ltd.* faKx) 

8a Leaden hall SL.EC3. 01-9883830 

Stratton Tst. 04L2 liCbri 4 5.94 

Da Aecum bw.o 20 M -—4 3 94 

Next cua day March 8. 


01 6087070 

47 n . _ iw ij yui-m .v. u 

431 -St! 5 47 Dealings in. 0I-5M 
144 1 . . 6 65 Save A Prosper Securities Ltd.* 
4Tto ‘ " " 1?«5 JMernaUoeal FUnda 
D to| -BjJ 7 2 : - - ■ - gj 

Klein wort Benstmlinit Managers* 1'iuv. drowiVi. '""[ms 
2a.Feneb1uchSt_E.CS. ai-d23B000 lacrreriog iBcotoe Food 

KB. Unit Fd. Inr —{763 - B3 2ri... .1 4 78 Hieh-YieU 150.7 

6K-B. L'aitFdAc — (WJ 10) M . . J — High Income Fto* - 

LAC Unit Trust Management Ltd.* ««eb Return |M5 

The Slock Erbania ECSN IHP 01-588 2800 ,7 * 3 ” 

JArCIne-Fd. [126.2 13B.W .. | 7.79 r.jL Fa,,, “ 

LA'lna AGenFd.|a6.5 89 l<d | 2J9 t EEquIri^-- - (395 

Lawson Secs. Ud. *faHc) 9 

SSGeorgoSUEdiaburghEHZ&JG 031-2289911 Japan-. -— fcz 

hRsw Mat en ala — &47 )6W -131 73* u - s 1 617 


383 

4C4 

224 


Satterfield Management Co. Ltd. 

FO Bax 185. Hamilion. Bermuda 
HaUieu Equity ... C0J 1 971 .. I 2 09 

Bo tlre.<x Income.. [199 1 921 ( 749 

Pncef. ai Fib 8 X«i mb dn> March 13 

Capital International S.A. . 

37 rue Noire Dame I.utemimirc 
Capilailol Fund. I SUS15 56 [ | — 

Charterhouse Japbri' 

1 . Paiernoxter Bo*. Rf 4 
Adiropa ... .... 

Adurrbx 


54 5[ I 715 


-oil 


910 
B 98 


K83018 

31 71 

-010 

L'MIOe 

358 

-0 ID 

WOT 5* 

3321 

-0 JO 

DW11J4 

2888 

<0 10 

1 IS2* 

jZ§ 


V.SOT1 





01 2483MO 
348 
555 
6B2 

625 
L97 


424x1 — 0J2J 5.15 


iBsw Material*- 

ff Actum L'nltsL.-- 
-Growth Fund. _ , 
lArtnut L'oftxl . 


Bishop^ato Progressive MgmL Co.* rtcui and warrant!, 

A Biahopegate. Z.CZ ' _ 0I-5M82M (i2^ 


36.9x6 -13! 

6oj 

S3 


Legal ft General Prop. Fd. Mgn. Ud 


Next-Sun Day March L 




.Enferprlie Houae. Portnaouto. 

Equity FeC 28 ’ 


B-gmePr — Fob. 21 . 064J mil I 3*1 

1 Ace-Uts.**? eb.21_h.93i8 2D£i5 J 3*5 

B’gate Ibl Feb. 28. , p35 1655 J J 2.71 

[tAecanU Feb. 28—5*9-2 10o3 ..._J 2.71 

Next *ub. Say March. 14. ‘•March 7. 

[Bridge Pond Managers*(aXc) 

King william S_ EG4R OAR 


75* 

7.16 

lit 

IS 

iSS 

1083 


iousc Magna Gp.* 

raSq.. Uxbridge L Bfl INK 
icrcy ... {352 M.tH 


M m 

A-. 


One} [292 

■aagnl .1540 
lultj — [322 
Soc - 
■aged 


1246 
153 6 


538 


Vi 1 


*• 


iJ 

*• 




Westminster Awmx. Soc.. lit- imSh^ar*!. 
Hnuxe. H. HNitehone Road. 

RH2JA -01-0848064. 

. (114 0 139.71 . I _ .. 

nrl» . [553 55.9| . ...J - 

Vestuanster Awu .Co. Ltd. . 

Hounv. 8, WhitefcarXeJtMd.---. 

R02JA. ^01-884 0884. 

*•008.. (578 
kind 164 9 1 

id . 535 _ 

Fund Ml 72 

.d " ... 1197 J»' . , 

. 43 7 47.rt -Oil - 

rt . IKSI 17*3 .1 ■ 

■•ally doM* to new Ismlant 
ml* _..| 18S3 I 


Lift Aim r; Ca of PenmylrajOn fS“{K|gg-g-'- 
38-CNpw BendSt. W1T0RQ - 0I-4888M6 TbrodlnL Feh.U. . 
LAC0PPaiu.._ s _..|iin5 30664 --M FVb’aa' * 

Lloyds Bk. Unit Tst- Mngrm. lid. . - fMBtoUaS 
71. Lombard St- EC3 01-6331388 Stafd Fix Feh 2ft 

Exempt -(97.4 KOiOf 

. -Hanes 3 Feb 28. _ 
. _DepoeiLFbb. 28 . 

> Feb. 3ft. 
53Frt> =8. 
fp Feb 28- 
•BSFo.Aec Feb 38 


- 53)81 


— Lloyds life Assurance 



1 2067 ' ' 


1970 

2075 


187.6 

1122 



mo 

1464 

...... 

149ft 

157ft 


114 9 

1209 


1451 

1429 


122.6 

129.0 

, ; itt _ 

1Z34 

1291 


1357 


V...7 

105 9 1 

1UI 

’ ’ 

1159 

1221 


1123 

1TM 1 


149.2 

1571 

■ •a. 

1*7.0 

154.7 

» 

1184 


1275 


1853 

195.1 


[217.7 

229ft 



(7705 3*238 RlntWIU*mS_E«R£ 
I Bridge Toe*.. . (4*5 

| Bndge i.'ap. rnc.t ..304 

* Bridge Cap. 5eet._ 33.1 

Bridge Exempt * - 121 
Bridge inn inc.t . 13 5 
Bridge loll Ace.t .[147 


(44.5 

484 


30 4 

324 


331 

35J 


171 

1298a 


13 5 

144 


14 7 

15 7 


. I. Dealing 

func . 


7*2 

35) 

353 

623 

428 

*28 

rvred. 


— Britannia Trust Management! JKg) 

~ 8 London Wall BaUdings, London WalL 

— r«ii»cy^uvii ni MBni~a 


CtAccnm L’nJU> 

— High Yield -1*86 . SlM 

•-rACCam. L‘nit»l _|47.B 71 j| 

Deal: ftMon. -Tuea. ftWed JThur* -Fri 

Legal ft General l^adall FnndV 
18 CanyngeRoaiLBririoL 

Dl*Krt.l5 1548 ST2I .... I 509 

iAecum Unlrii ^..|472 712] | 5.09 

. Next sobk day March 16 

Leonine Administration Ltd. 

2 DukeSL. London WiMfiJP. 01-488 500! 

Leo WsL._ ,H*9 70 « -0 IJ 553 

Leo Aervim 74 9( -0 If 529 

Lloyds Bk. Unit Til. Mngrs. Ltd.* la) 
Rrcirirar'i Depl. Goring-by-Se*. 


Setter Fund* 

Commodity [ 62 * 

Energy (575 

Financial See* 1*2.9 

mgb-SBalmnto Fundi 

Select Internal [2132 

Select Income fau 

Scotbtts Securities LttL* 

ScdtMt* 1349 175 -0 

<\n+ o 

Scot Ev Gib**. .... (202.4 212 M 
ScotEa31A*6 15597 147 34 .. 

‘Price* at Feb. 22. Vest sub. day March ft 
Schleslnger Trust Mngrs. Ltd. (a)(z) 
OacorporMing Trident Trusts' 


ssagfcrESI 



140. South Street. Dork log. 
Am Exempt* ... ..1187 
lb,-.. . 1237 


■03001 86441 


Opts Pro p. Mar 2, _ 

0pUBrtylllir2.1_ 

Opc 5Hy!Wr 2 

Opt 9 min Mari. ... |l38L4' 

Opts Dept Mar.2_B2ftl 

_ . , _ , __ ' SCotUxfa Widows’ Group — - . 

Lnn^rnAmmlty AGnMfns. Cm. Ltd- poaoioat £a, n b«*h EHiahrt'. Omwaooote^ 

lav^j-Jierles 1 . W7 

- 2.. 39.4 

1295 

... .34*d Fm.T>b.^2%P37j 

Tba -London -ft Manchester Aw. Gp.* 


ibSOTheFarbiuy.ftoedrogSSMll. 

= ..:SttaBCrrfe S| :::: .KStfSSV.:- 

—■ Flxedln^rrat— _S*5. 3*2 ] — \ - . e^n. Tr Frb 13 . 



— The Lea*. Folkestone. Kant. 


rial Union Group __ 
l.Umlmhaft.&Ca. 
IlMor* [ 4854 

Itw ..I 1692 


Cap Grcreth Fund. 
* Exempt Flex Fd 
•Exempt Prop Fd. 
♦Brpt.Ipv.Tri Fd-| 

agy-Egnsafe: 

— PWP*«y Fuad — 



090951333 Solar Life Assurance Limited 


| ~ 


ation Life lusm^ Co!.' M ft G Group* 


1 07 fie* pride. EC2V8DU. 
. Solar Manlgod S — 

Solar PropertoS 
Solar ErpiicrS 1 . 
Solar.Fxd.lnt.S_.. 

Solar Cash S._ 

Solar rnu.tr,;... : 

Solar Managed Pi.| 

Solar Property P L- 


01 -6880471 


T lane. WC2A.XHE. 81-243(082 'Ibreo Towar MR EC3R. 6BQ 01-826 4588 gjj! 017 1 

nd ,.BS! JgjJjfl.-c . PWaPeowm— .._B?2* :- = .J-*0| sSlS alp.. .TKo 1 


ltd 
rund . - 
m Pd 
Fund 
Vn Fd- 
91. Fd. 
a Fd... 
In. ToL 


tel 

,WJ 20ft3 7a71 

IVl 

1290 
352.4 


Insurance Co. Ltd. 

ECJ 


|>b.dl,iwi.l wr_i —ji 

CmoMTee Iwmroncn 

Sl. London W1R5FE. 0M3B70U 
Fd 11222 132.01 _ — - 

Insugance Co. Ltd. i*- - 
i«-. Tower PI.. ECS .0)4388081 
».7...)663 7S8i...^- 

ir Insaz/MUDand Ass. 

cdloSI- 1X2. 


Per*. Posum'** — 192* 
CoqviDepoatt*. . 116* 

Equity Bood~.. ._... 1212 

• Fanrihr 7080** 1448 

Family 81 -08** 15B.1 

• GHcBoncTO^...— 1819 

InleraacnL BomH. NJ 
Managad Bd*** — U95 . 
Property Bd- 1*85 

_ Ex. TlehtFd Bd.”_ 735 

«««» 'SSfSS5Sft%>; |1 

_, I -•Mar. 2 


v6 


w — Bft* I ■ i — JiSiwlBd.-—: 

>115 ..445 — J T — . . Prices on >Har. 

■eh.20.®9.8 1475|-’tj-^-- - r 



in.§ 

127.9 

-01 

187.5 

U2.7 

1434 

15ftt 

-IS 

U7J 

»ft. 


♦Oi 

34.1 



1213 

1271 

-0 I 

1867 

112.4 


1432 

117.1 

roil 

-o't 
♦ 0.2 

39 9 

ji§.3 


9*1 

100.1 



London EC2M5QL 

Amu — 1413 

Capital Acc 452 

Coounalnd 419 

Commodity 654 

Dw wc rtic 348 . 

Exempt. 985 

Extra Income . . . 54.8 

Far East . 16* 

Financial Sec* 5»b 
Gold A General... 972 

Trowih 699 

uc. A GrtnrUi...- 446 

IntTGroMh.. 50.9 
Invest. Til Shares 38 « 

Minerals. 580 

Nil Highhrc Hi 

New I**ux 317 

£orth Amenrem— . 2S* 
ProfassiooaJ — 4202 

seF^-s) 

Status Change ..... 261 
l- niv Energy — — (27.8 


01 -638 CUTS. (MTU 



Worth 1 nn. Wert Su 
First iBalnctLi 

Do.fAcaim.1 

Second (Cap 1 

Do (Aecum.). 

T7:ird ilnromci _ 

Do. 1 Aceum.1 

Fourth lEaJnr.i 
Do i Aecum- ».__i 


01GUI3B8 



Am limn* .. . . 
exempt High Yld ■ 250 
Exempt MM. Ldra - 234 
Extra Inc TW. .... 275 
Income Din. . _ 37 1 

Inr lOHWdrurl ... 287 

Into). Crosth 404 

lmTxt.VxU> 219 

Market Leaders _. SI 

Nil Yield- 24 0 

Prof ft Gill Trun 23. S 
Property Shares .. 245 


— Solar tntl P_..-__... 

Sun Alliance Fund NftngmL Ltd. 
San Alliance Ronae. Rorsham. 040364141 

I - 

Sun AllUnoe Linked Life Isa. Ltd.' 
Son Alliance Houle. Hondiam 


KqolWFnt 


m. 


Merchant taratoni ftsnnnee* 


=aa-“* - 


135. High Street. Croydon. 
Com. 1 


MoneyMritL* 


LmtU._ 194.4 


48 71 




J.4.M 

Law Life Ass. Soc. lid.* 

load. High Wycombe 0*0933377 
184. 

107 
114 
182.' 

38751 -8 

Portfolio life- left. CL Ud,* 
now Ct. Wait ham Ooca. WhSltf/l 
nd .( 1295 > -_.rlV 

|utnl...|4L6 «»[ r .r- 

Life Acs. Sec. U4. --ji_ 

Wain S4_ G’ mouth. 0202 
mrf (953 100 " 

-'trad . M( 99 

id . _ hl21 118 

id . ..(973 U2 

■nd. _|95J ISO 


Fit,. — 

. a Rl 

Mcr Inv Man. Fd. 
Mrr. Inr. PW Fd. . 

EquItyBond 

Prop Pen*. — 

Man. Pena. 

Equity Pros 

szmszi 


01-888017 

^flf = 

+2J - 
- 0.6 - 

♦ 32 ~ 

-02 - 
-L7 — 

• 01 - 

-0.4 - 


. , and™ 1 

Fried lm*r«)itpd_ 1812 

S' **-**- 

PaadlLllmi 


The British Ufe Office Ltd.* <■) 

| Reliance H*c Tunbridee Wells. Ki MBS 22ST1 
SLBritoh Ltfe .... [45.2 47* -051 5.97 

BLBalanred- :k22 5 79 

[BL Dividend- («15 ■ 4*3 . | 934 

* Price* Mar. 1. Next dealing toy Mar. B. 

Brown Slupley ft Co. Ltd.* 

Mngre; Founders Cr. KC2 . 01 -600 8630 

BSUnltiFeK27_... W55 21ftU 1 505 

Do (Acc. 1 Feb 27.. 043 272.fl ...!!) 585 

Oceanic TraxU (ai jg 
Financial—... - .fsfO 

General .._&5 

Growth Acnwx OTS 

Growth Income — 1371 

040384141 |L9^^^!1!_T.B3 


« E 


( Index 

Ovorsoa* . . 

Pnriormaace— — (48 7 

Rocovory 1397 

.10 [57.1 


special 1136 6 

Aecum. Unltai— .(1719 


UsS -02 


MS 

96« 

54 #3 


atm 


226. 

157g 

2550 

M 

14^'^ 
10511 


-01 
-01 
-0 2 
-DZ 


Z07j| -1 0) 

8L| 
riM 

44 91 

57.41 
68.1] 

157* 

2«M 
973 

UT'M 

3575 


-OiJ 
-oa 
-0 ij 

-oil 


-0.7 

-u 

-oj 

-0.4 

*05 

*03 

- 1.0 

-L2 

+02 

-03 

-0J 

-0.4 

-04 

-0.1 

- 0.1 


101 

im 


Capital Feb 28™... 

1 Accnnt >. 

IncootrFrb 28 

257 lAccum Unitsi 

257 General Mar. I 

— 'Aecum I'nfta' 

Europe Feb.8..— 

'Aecum. L'diU 1 . . 
■P’n'Chv Fob 21 ... 
"%>ecl & Feb. 7.. 
•Recovery Feb. T 


5.02 

502 

431 

409 

1004 

869 

840 


Lloyd's Life Unit Tst. Mngrs. Ltd. 

72-00, Gatehouse Rd. Ayinbuiy. U2985MI fi.kiCrtff. DiM. 

Equity Amu ,.i_. [135.4 1425) | 4 48 

M ft G Group* (ybcKzl 
Three Qnawv Toner HilL BC3« 4BQ. 01818 4MB 
See also Stock Exchange Dealing*. 

American 9L7ri -O.lT 

lAroum. I'oitsl 599 , «2a . . I 

AuamlsMan 192 . 42.1^-02) 

1 Aecum. I'nlUii 398 

Commodity. E94 

lArcum. Lmtsi M l 

CootpoondGrooth 89.7 
Conversion Growth 97.1 
Converricu Inr. _ . 526 

Dividead U5 2 

lArrum Unit*' — - W9 

European 6.1 

(Aecum. Units, 45 7 

Extra Vi eld. 74.9 

lArrum Unita' _. ._ 100 D 
Far Eastern .. _ . 171 
■ Arcum. Unitai *1* 

Fund of lor. T*u= 529 

(Aecum. UnHai 63 5 

General 145.1 

■Aecum. Unit*! 2215 

High Income 9U 

_ lAcrmm Unrt»l_ — IMi 

-0 -H i-f? -Japan hjeome 12a 1 

2-3 •■sro ^ lAccum. Onus' 128 3 

•2^1 -0-d 527 Magnum 1498 

(Aecum. Unit*) 211 8 

Midi ted..- 144 6 

iAccum. Dajtsi Z376 

Recovery 49 2 

r Arrant. Urn is 1 75.0 

Second Gee 1433 

(Aecum Units, : .(217 2 


Accum BH 


1971 .. 

»5a .... 

263 

34.6 .... 
294s ... 

405 . „ 
312 -82 
43 4 +0 L 
23 b -0^ 

Zl 

Mi 

252 -01 
204 T 0i 
186 -OJJ 


203 

257 

879 

447 

1843 

1004 

is 

495 

0.08 

1154 

242 

2.97 


Foe dak 

Fondls 

Emperor Fund . 

Hispano 

Com hill (ns. ICficnsey) Ltd. 

PO Box 157. SL Peter Pott. Guernsey 
tout Man. Pd. R430 ; ITT 54 | — 

Delta Group 

P.O Box 9012 Nassau. Bahamm 
Delta In*. Fbb. 28 [5128 1341+0321 — 

Den tsc her In vestment- Trust 
FesOarh 3885 Biebergasw 8-100000 Frankfurt 

Ini. Reotenfboto_(DHMJ8 703a-(IJB| — 
Dreyfus latsrcouOneutgl Inv. Fd. 
POL Box X3712 Nassau. Bahama* 
NAVMarZ (TOUR 1ZBJ | _ 

Emson ft Dudley Tst.MgLJrsy.IAd. 
PO Box 73. St Heller. Jersey. UMSOSOl 

E.D.1.CT IU07 UBli | - 

F ft C. Mgmt. Ltd. Inv. Advisers 
I -2 Laurence Fouatney Hill. EC4R DBA. 

0ldZ3 4880 

Cent- Fd. Feb. 22 — ( SUS43C [ | - 

Fidelity Mgmt- ft Res. lBda.> Ltd. 
pn Box 870. Hamilton. Bermuda. 

Fitollli Am. A*s 
Fidelity Im Fund, 
ft deli ly Par Fd._. 

Fidelity WrldFd.... 

Fidelity Si er Fd*_ 

Series A Omni 

Series B.PacIfi ci 
Series P lAmASf 1 

[ First Viking Commodity Trusts 


mJnpOfeFeb 
Murray. Johnstooe (Inv. Adviser) 

183. Hope SL Glasgow. C= 04S-22I 3531 

-Hope Si. Fd ( SI :52a 72 I .. | _ 

•klumy Fund.. . 5US917 | — 

•NAV Jan 31. 

Necil S.A. 

10a Boulevard Rnval. lAixemhuurg 
NAV Fell. 24 1 SL S10 67 | —l — 

Neglt Ltd. 

Bank of Bermuda Rlriqa. Hamilfnn Honda. 
NAV Feb 24 |£4B2 _ |*0M| - 

Rothschild Asset Management (C.L) 

pH Bo, 0ft. M Julianvi'l .tiurnivv. 

M6I 28331 

r-,lFrFeh28 1494 S2 5J ..l 2 58 

Inr Fd Mar J . 149 3 151 21 6 89 

Inti Fd. Feb 15 U6 5 92 M ... . - 

SmL'nFd Frt- 28. p31.9 140j| .1 338 

Old Court Commodity Fd. Mgrs. Ltd. 

P ■ 1 Box 6ft Si. Julian': >71. Guerntet 0481 28741 
nr.rmTxLFrh.28 12.17 7 124 71 

or Dllr rm-Tst r ,|S24 89 26.47) 

"Priro. on Fob. 14 Neal dealing . 

SPrlce on Feb 21 New fiealieg tote March T 

Phoenix International 
PO Box 77. St Peter Port. Guerniry. 

Inter- Dollar Fund. fSmH 236( . ... I — 

Property Growth Overseas Ltd. 

281nsh Town, Gibraltar. (Gib) 8109 

rs. Dollar Fund... I 5tSU27 I | 

SierllMI Fluid .._..[ £12800 I ] - 

Royal Trout (CD W- MgL Ltd. 

PO Box 101 Royal Trt H«s. Jersey. 033427441 

BT.ItitlFd WMli 9M ... .1 100 

RT.Iat'LiJv iFd..]M ..] 321 

Price* at Feb. 15 Next dealing March 13. 

Save ft Prosper International 
Droll nx to 

37 Broad Sr . Sl. Helier. Jersey 0534-20301 

t'A Dollirdra ami anted Fudi 

6 Ml 
34d 

14 o3 


:■ I 5 ' 14 

g K-b a 



70* 


Sfwllna-dr amnliiiued Fnada 
nnel 


SUSZO-M 

SIS1838 

*001 

SUS48 15 
SUS1228 

-007 

si 


U3.*3 



Channel Gipital* 
Chaonel lsland<0. 
Com modi D Mar 3 


-17 184. 
-11 52? 
<4 *0 9 
«-o.4 : 
—Feb. 


1095 

23. 


Nest nh. March 8 
J. Henry Schroder Wftgg ft Co. Ltd.* 
13». Cheaps de. EC. 

0 m.9) 

7 172 M 

5 . anil 

24- TiS 

2 • 92 9| 

4 S03 

0 32 S 

7 159 4nl 

1 218J 
.77.2 182 44 


t « 1 0. St George v SI . ttouglaa. I.o 11 

b25 0624 4882 Ldn Agri Dunbar A Co. Ud. 

— . • - JH Ol-H0‘~ 

"ft :.-J 


P a 7 214 ; 

50 1421 

27 118.fi 
99 1241 

"•Feb. 22. 

♦Weekly' Dealing*. 

Scblesinger International MngL LtdL 
4l.LaMutteSL.hl Heller. Jer>e>- 053473MK. 

SAIL . . ~ 

S AOI 

Gilt Fa. 

lou Fd Jersey- _.. 

InUiLFdLxRibrg... 


74 

n\ 


918 


SO 80 

85 


4.71 

j 

Z35 

23.7b 


1LM 

A 

95 

100 

4l 

3.68 


935 

1005 

-DM 




53. Pali Mall London SW17UH 
FBI Vik. Cm. TM. ... (305 
FM.Vk.Dbl Op.TK.l50 


oi «07«S7 Schroder Life Group 


93 U 01 T^ Fleming Japan Fond SLA. 


•For tax exempt fund* only 


ffi 

71b 

344 

350 

129 

L29 

514 


2.08 Enlerpnte Hdum. Porum«uth. 07052T733 
#B ‘ International FUad> 

L Equity _.. |X052 

SFgullv . 1135 

CFuedlatereM.™ 1395 


Utanaged 

SManage-l .. 


[1227 

1082 


37. roe Notre- Daroe. Luxembourg „ , _ 

Plmg Feb 28™ ( SUS4L49 l J _ Jftxedjntera® - g«l 

Free World Fund Lid. 

Butterfield Rlrtg . Hamilton. Bermuda. 

NAV Feb. 2ft | SL' 5 144. 45 |*2A6| — 

G.T. Management Ltd. Ldn. Agts. 

Tel 01-R38 8131 TLX 888100 


1119 

1287 

Mi 

109.4 

130.5 
1151 


Scottish Equitable Fnd. Mgrs. Ltd * l GT Fsclf,c ^ — I |«*ft«| - 


894 

895 
3 JO 
3.3C 
588 


Sun Ufe of Canada (UJL) Ltd. 

23 4. Coekjpur SL . SWI Y 3BK 01-9305400 

Maple 14 CrCt— _) 188.4 

Maple LI. M*B*d. ._ 129.8 

MapletZEotv. „ _ 117J 

PerenL PoTfi 193-2 


^ 01-00541 


1272 




NEL Pensions Ltd. 
MUtoo Court.) 



Nalex Gtti toe Cap 



Target Life' Assurance Ca Ltd. 
Tara* Bovmv G atehouse BA. Aylesbury. 
Buck*. . Ariertunr (0288i SMI 



Next Mb. toy Match 35. 


Dr New Owit Piauergy see nodrr 
■athschtU And WMmnl 

NH Pmslau Management Ltd- 
4a Graeedmrrb SL. EC3P3HH 01-823 

^tScMmSkF T^Sxt dealing April 2. 


Vtaa. Fbudton— _ 
Man. Fund Acc . 

38.7 96.8 

187.4 113.7 

206.8 ' 113.2 

Trap. Fd Acc 

Prop. Fit Inv. 

Fixed tot Pd inc, 
Dtp. Fd ACC:|BC_, 
Rei Ptan Ac. Pea.. 

' 1teLnjuCapft>ea_ . 

GUI Pra_Acc^_ — _ 
GiltFcoXTap— 

131.8 

lfilO 

186.8 1128 
9W M2-2 

M 

mi SH 

1292 . 136ft 


Canada life Unit TaL Mngrs. Ltd.* spnialued paeto 

2-8 High St. Potter* Bar. Harts P. Bar 51122 Trustee 

Caa Gen Dirt (S3* 35 rid _0.1I 493 (Aecum Uxim. pWL9. 

nc.On ACCUI....W5 *20-01 4.93 Charlbocd Frb 58 

Do toe Dirt -.._..Sj.6 343 -J 7.91 OtaHM. Feb. 28.™ 

Do tor. Accuci [415 43 7^ J 7.91 jAccum Ljil U- „ 

Pens Ex Feb.27_ 

Capel (James) Mngt Ltd.* 

1 B0 Old Broad &I-EC2N 1BG 01-5886010 

Capital |7«B BW 1 4Q 

lucerne i»2 . 

Prlia on March ]. Next dealing March 15. MlqrfloweF Management Ca Ltd. 


114 4 
1324 134 4j 

1409 1434 

1171 Ufti 


7.U 

. 7 - u 
•J 1855 


28 St. Andrew* Sq . Edinburgh 001-5580101 
Income Colt* - . -M6.X 49.0f .. . | 540 

Aceum- t’nJl* - .(KB 55 jJ J 5 68 

Dealing day Wednesday. 

508 Sebag I'nit Tst. Managero Ltd.* «> 
PO Box 51 1. BckJbry. Hae.. E.C 4. 012385000 

H? Sebag Capital Fd .BOS 3L9J -0.3| 40* 

Sebag Income Fd [28* 29 j| — 0 l| IN 

L19 Security Selection Ltd. 

lMO.Uncolo s Inn Field*. WC2 01-8318938-9 

Unrl Gib Trt Ace — 122.7 24 21 | 390 

l.’trvl Glh Tkt Inc - .|l9 9 212| 399 

Stewart Unit Tst. Managers Ltd. (a) 

45. Charlotte Sq.. Edinburgh- 031-2383271 
Stewart American Fund 

Standard Unit* .. - 154.7 5811 4 1A5 

A cram Unit*. B8.9 

Withdrawal Unla |450 
Stewart Britob Capital Fuad 

•Standard (123 9 134 «ri J 3.65 

Aecum. Unit* - .-.|M0 3 152 jj ] — 

s J3 San Alliance Fnnd Mngt Ltd. 

J-S Sun Alliance H*e . Horeham 040384141 

0 &pEg.Ta.Feb.B.|a«0O 20098J .....j 457 


a. 

195 

199 


448 

441 

748 

7.48 

514 

514 

5.70 

570 

460 

448 




Manulife Management Ltd. nhe Family fa . .[B 17 " 84 

a f>ort« i Wxj . sierra a^e. Mn 58101 Target TW. Mngrs. Ltd.* (aWg) 

Growth l nit*.. ™_ ya 7 4g.U-oa| 422 3i.Gie*hanvSt,KS. Dealings-. 0508 5341 


’baMmwl totecvatiroal Lid 
c«o Bt of Bermuda Front SL Hamlin. 
Anehor-B' Units. BCafl IJI .... 

Anchor lot. Fd ._.pr«38I 4B$| .. . . 

G.T. Penan da Ud 

Bk. of Bermuda. Front SL. Hamlin.. Bnvri 

BenyPacF W.S6J3 _ (-0021 0 79 

G.T.iFd P SUS631 [ ...~ 0.79 

G.T. MgL (Asia) Ltd. 

Hutchison H»e . Harrourt Rd. Hong Koue 
G.T ABia , F _ ...__. (1HK7J7 7H| — J 1 95 

G.T Bond Fund _. | SCSI 2-18 | ] 530 

G.T. Management (Jersey) Ltd. 

Royal 09- H*e. Colombeno Sr. Heller. Jersey 
G.T Alta Stcr)iug...l£lftM 11471... I 3 74 
Beak at Berautda iGmutyl Ud 
31-33. Le PO! leL Guernsey 0481.28288 
Berry Pro Stria. 0 2XM . .( 130 

Anchor GUI Edge . pfi55 105P -0 01 11 99 
Ancborln J^T*i. ,|22.5 24j| *ai) jm 

Gartmere Invest. Ltd. Ldn. Agts. 

2. St Mary Axe. London. BC3 01-2833631 

Gartmere Find Mart. (Far East) Lid. 

1*03 Hutchison Hae^. 10 _Hareoun.Rd. H.Kon^: 


UK ft Fa c U. Trt 

Japan Fd 

N. American Tat ... 
Inti Bond Fund 


Target Commodity. 


TYgnihtH MUnai Ufe i»« Ca im 
N ew Zealand Tub. Ca (UX) Ltd.* 2 Bream Bldgs. BC417IV oi^(S8407 

Naitland House. SouthrodSKl 23S 0702 «S5S Tu]ip Invest. Fri-..P29I) 

”' “■ - i, Hwf Key tor. Plan fi48-4 'iS'S 

: Sec. Ufe Ass. Sec, Ltfty S«aico' S Fd._..-fe a iwt| ... 
iray^m-Thamos. Berks Tel 34281 cSra^r^M ."”! W.0 " .- " ■ 1B0 9 
xbcc.. 1LW7 ; AmeriwFlU-.— 1950 M# 


[Carl id Unii Fd. Mgrs. Ltd.* taXO 
JltraruHouae. Newcartle-upon-Tyne 21 IBS 

I Cariiol _.B?B 62JI I «J8 

Do. Accum. Units. _ gl 2 73.7[ ... ( 4 gS 

Do.Hlgh Yield pa» 41M.™J.a» 

Do. Accum. Units. -fv.l 49 4| — \ 8.89 

Next tooling date March Ji 

Cbarierhnase Japhet* 

1, Patera oner Bow. ECT4. _ 01-2481 

CJ. lataruatl- 
Accnm Units.. 

CJ. income 


-Fd | ta 




sarjssaterzis; 

\Un FVu.Fd CapL. 1042 
Man. Pen: Fd Act. U3« 


Arcum. Units 

Price Feb 2* 


J9ft 

71 T 


230 

246 

a ai 

02 

354 


250 

266 


28J 

30ft 


246 



278 . 

291 


Next dealing 

March 


12 

793 

374 

3.74 

421 

«J1 


1418 Gresham Sl. HC2V TAR 

Income Feb. 21 I10U 

General Feb. 21 — |MJ 

Mercury Fond Managers Ltd. 
S0.GirabamSL,EC2P2EB. 014004595 

MereGea-March t..r 
.Lee. Ua. March l._ 

Merc InL March I _ 

Accra L'ta. March I 
MerejAr-.Feb.23™ 

Accum Uts. FcIl23 


, 01-00800® 

is ess*Bfe-«=i 


•Do Acc Unite — 



Target toll — 

Do Resov. Units ™ 

Target Inv. 

Target Pr. Mar. 1 — 

Tguine 

TT.Pref. 

Coyne Growth Fd... 


(31.2 

335 


548 

590 


13 B 

36ft 

-0 2 

1910 

2023. 


2M5 

2679 


118.2 

134.1 

♦ilo 

252 

271a 

-0.1 

223 

. *10 

*0J 

243 


*0J 

36ft 

283 

-0.1 

•irrj 



■im 

293 

-o.i 


16 2 


16J 

17 S 

-O.lj 


444 

4.48 

tz 

648 

38 

545 

218 

210 

391 

444 

9.40 

1080 

473 


iANClAL TIMES STOCK INDICES 






- ' } 

Utr. 

-5 

Ilf ft4a~w rt .....! 

74.416 

tol 

77.17 

UMiDvy...q 

436.S 

- [ 

162ft 

YlM-t ? 

6.L? 

■|i*^ifuiiH*l! 

I8.W 


list. 

s 


Mar 

* l 


Feb. 


I ^ 
T ^ 

J 


7*.dlj 74 JKA 
77.6 ti 77.6*1 
443.dJ 441.B 
-188.M. 


IMtM'V*... . 

JirkW 

■nut or Em. • 

—■III. Ii J.H : 

IJ~a m. <3S? 


7.64 

4,374 


6. Obi 
lB.OSj 
7.7*. 
4.708> 
60.06. 


'Frit 

84 


I A \em 


tLC«[ 

I8.05j 

7.79[. 

3.948; 

7U-1Z- 


74.7V 

77.63' 

444.21 

6.C«L 

17.031 

7 j«'_ 

3,1 73| 

77*7i 


65_33 

65.14 

407^ 

133.0 

.9.70 

10.33 

7^84 

6.930 

64.46 


74.4a-.' 74. sa; 

77.33LjT7.46! 

4M.4|;' 440.81 
16^j 6 162-lj 
6.»;5;.6.0& 

I8.4J : — 1-8.03* 

7.62! 1.7.79! 

4.6BB! fi, *84; 

- ' 63.0S "&8.B1' 

- 12.848 fl,4fl0' 15.603. iq-2l»8- I2.823 18.61 P 

'u'a'm 4M.1 .TNq«i 4SS.1. 1 B- m - 
: p.m 4'* 9 I p m- 4K4.S. ■ ' ' ■ 

Laltst index jj-Wb W»- 
* EjneiJ on >3 P^r ecul LurpOrahon tos. 

11*4 Li o*1. Sri’s ■ la 10-^8 Tiiud .lot 1*K- 
3 :.l SK Actlvlu J Ub -Pec 1^2. . 

HIGHS AND LOW$^ 

'' '" l97T7f~ *in-r 
i H 1 -I 1 . L..W • nigh i IfV 


9 Nii-Tfe. 
lad. Qrt. i/i 


34- GoW 


SX. -ACTIVITY 



...: M.03 
; •Ji.ith 

. i B1.J7 
; s i im 
U. 300.2' 

. ; .*w p« 

174.C 

-rCfc-IQl 


60.43 ; 127.4 i '4h.» 

.,•8.1; - 10.- l-.tel j iirUii' 

. bG.4^ ! 100.4 [ oij-34 
. .dill lijr.lHisj.iiJ*) 
S67.6 J 34ft.'A i 44.4 
li:.|> . >U*'Kij i3*.A.*0. 

442.3 I 4tfls 
fa IL 


93.1 

Ll2< - 


1 — JLmi'.s 
!- um Woe- '....' 155.7 . 166.2 
1 lii>iu-lriC* ■ 145.0 |'1 d5,3 
1 .ruvuWiN,.' JM 45.9 

I I.4.. ! W.6.j. 104.6 

; • ui A v me* 1 
biii-Kut-! 166.21 166.9 

• ...’162.2-170.0- 

1 M «,«ai‘v.-.. 4W > 41.7 

-■ i'.h_ 100.2 118.5 


IANClAL TIMES STOCK INDICES 


Maw- 


Mar. 

2 


VaT — f -*c4i; 

.1 _-ii 


Fi+iV 

is: 


FcK • X Trai 

a*' ■ ‘i»k*i . 


i»B3Up- 186- 17 ■ 186.02 158,4ft 188.55-187.26 189-46 1SS.41 

20579 806.42 207 71' 208109 207.54' 209.78 184.77 

: 602' 6.05 5.96 5.S5 5.98. 5.90 5.78. 

,5i *-j : 7 60 7 68 7.68i 7,69. 7.67 7.74 9.24-- 

>sU.. »14» 19! IS 195-05 195.47 188.45 194-24 171.49 


Trident-Life Assazancc Ca Ltd.* 
BrnstodeHeuse. Gloucester ' -04923854! 

E^j^maricin !!lTO7* 
uJtfi5|otoftimL_P70_ 

KiSiVieU ” , 

cm Eril^d- V2L 

Money 1200 

InternatlOMl.™™. 98.7 
V'iscal.^. [122 7 


GrowtlyCep™. , 

Gro»thA«.__^._ 128.1 
Pena. Mngd. Csp_._ UXO 

maa.MnW.Acc lUa 

Pena. Gut DepXap.. lOfl.f 
Pena.GM.Dgr Aft. 1048 
Pen 1 Fpcy. Cao-i— UII 

Pens.Fb-.Aee. 115J 

“ It. ^ad.. ?5J) __ 

d».GJ ; ^i»?!!!!!! 1014 

•Cadi value fqr Cl 00 premium. 



Midland Bank Group 
Unit Trust Managers Ltd.* fa) 
Ccurtwood Home. Silver Street. Head 
Sheffield. SI 3RD “ ' — 

Comaiodrty A Gen. . ($4 1 

Da Aecum. (S3 7 

Growth™ __..B34 

Chieftain Trust Managers LULVfaKg) P? r fi% a m fcl 5 

SJ.3iQurtBSL.EC4a IB R 01-246 2832 “ ' 

Amen can jri-192 29 71 -OJj 196 

HlSii Income Ml 42.11 . J 901 

litternaUocnl TW _Rri22 6 2S 5 -0 ll 306 
Baric Rssreo- TM ISO 2«.8( -Dj[ 504 


Do. Accum. 

Income.. __™_ 

Da AcnniL ... _ 

Is teruatroaal _ 

Do. Aecum. 


Cun federation Fnnd* XgL Ltd.* fai 
E0 Chancery Lane. WCWLH2 01-2420282 

GWJ» Fund (36.9 38.71 .. ~l 4J5 

CocmepeUtan Fund Managers. 
3aFt»tStjeeLLDUtkH\SWliB5U. Q14368S& 
Cwnepobt-CUUdL (165 I7.8j ] 500 


r Crescent UbU Tst. Mgrs. Ltd. IiW 



Target 1%!. Mgrs. (Scotland) laHb) 

18. Athol Crateral Edln 3. 031-229 8621. -2 

DM*— B* g|:M m 

.6 609x8 —0.3 18 76 


Tel: 8742 79842 Taiitet Thtnle.!—. 

M4(-?JJ 604 Bxtra Income Fd.' 

Trades Union Unit Tst. Managers* 

IOD. Wood Street. EC2. ' 01-0388011 

TUUTMar.l W5 8 «W . . | 561 

Transatlantic and Gen. Sees. Ca* 
91-99 New London Hd CboJmcford 034551651 



, m Bsrt-ieao Mar 2_. _ 
jS (Arrum. UnJtEJ. — 1045 
Barbioro Feb. 22. 8L9 

Buckm. Mar 2. 72.0 

749 lAccttm- toll*' - — 87.7 
CelomroMar 3. — 11X8 

■Accum. la It*' 1328 

Cumld. tor 1 #96 

MHuter n«e, Arthur Sl. Z-CX. 01-823 1050. ktoS'pra'Si 1 * 1 “ 9 

JgnWerFeb^.™.** »J| J 548 MiSriaiu~ M« 

Exempt Fet). 23. [816 85Jj[ .._.J 6.08 Marlboro Feb 28.._ *43 

■Accum. UaJiif 505 

Van.Cwth Feb.2B. «A8 


|6?.4_ 


High Yield 

Do Accum 

Equity Exempt-™ 

Do Accum.-.. . . .. — , 

•Price* at Feb. at Next deahoft March 31 
Minster Fond Managers Ltd. 

bur Sl, i 

=» 

MLA Unit Trust MgeuBt Ltd. 


; l.'j [tMeMUeCkmuEdfaiburskS. 031^384881 0>dQueeuStraet.SW1H9JG. 010807833 (Aecum. Unlu> B5 0 


Tyndall AnavapeefFenvions* 
IftCmxnfe R<w>. Bristol 027232241 

MrmFdh.m 1194 

Equfc-FftLlft ' 150.6 

BondVeh-lB 3660 

ProperivFrt W_. . 1006 

Oemoair^rb M__ 129 6 

3-vfa4'P9h-Eeb.ia. -1418. 

OMasInv-FUf. » K( 

Mn Pa S-W.Uar I ... 1614 

Do. Equity Star. 1 -. 235 2 

lie. Ropd Mar. -i 177.0 

Do mp. Mar. I'__. .' 820 


Crescent Growth, 
cue* IxLoruatT- — . 

Crex. High. Dirt. — [ 

CratKeurvef.. 

Discretionary Unit Fad Blanaget* 
22. Stanfield 5L.EC2M7AL 01ft844S 

pice Income— — P5D0 1MZJ J 547 

E. F. Winchester Fund Mngt. Ltd. 
01dJ«7y, FT3 01-8062387 

Croat l*lnc|%esier._S7 1 Ifr*< [ 6 29 

Gl Wiocb ar 0"*eaijl87 20*2 . ..-j 4M 


MLAUnlU (S3 8 35J| J 4.7S VBU-HyFetoffl- feja 

Mutual Unit Trust Manager** (altg) <Amm.^T>Itaji — W1B 
IBbCOpthali Ave. BCSR 7BL. 01dK48U ?S5!L S 9F3 — 

Mutual Sec. PIiul™ 146.1 497| -0^ 7JB 

. Mutual Inc. TS Et 9 bOM-Ojl 804 

Mutual BJ ue Ch]p_wJ 435-03 699 

Mutual High Yid ™)54 7 Moj -03 s.98 TyndaD Managers Ltd.* 
National and Commend al iftCanymeHoaiLBrixtoi. 


(Accum. Uului™™ M6 

Wick Dit. Mar. ft 622 

Do. Accum 6ft 6 


73.7 
1111 
Ba.3 ... 

75 5 _.. 
92.0 ..... 
117.7 -ZA 
1392 -2 9^ 
527 ... 

563 

51 fi 

64J .... 

46J .... 
503 .._ 

W :::: 

6SJ 

A3S 

481 .... 
57.6d .... 
614 

652 -Oft^ 
71.9 '-0!fl 


I73JH 

mui 

^ mm3 = 

Garanere Ixnmaml Mn*L Ud. ■ 

P.O Box 32. Douclax. JoSL 0824 2391 1 

Intern 31 Iraial loc. ..120 1 2X4) __..( 121 

Do. Growth [53 7 57.l| J 541 

Hambro Pacific Fund Mgmt. Ltd. 
2110. Connausbt Crolre. Hong Kent 
Far Eart Feb. 23 (IHCT.15 lftffi .... J — 
Japan Fund ISUE6J2 itej-DJfij __ 

Hambros (Guernsey) Lid/ . 
Hambro Fund Mgn, (CI.) Ltd. 

P.O Box 88. Guernsey 0*81-28331 

CJ. Fund ™f 

latnl Bond SUS 

Int Equity SUB 

tot Svg*. ‘A’ SlihlAl 

tot Sig* B JL’SfOT? 

Price* on Match 1. Next dealing March 8 

Henderson Baring Fund Mgn. Ltd. 

PA) Box N4723. Nassau. Bahama* 

Japan Fd ...... |15«7 1613|'..J - 

Pnces on Feb 23. Next dealing dale March 8. 

HiH-Samuel ft Co. (Guernsey) Ltd. 

8 LeFebvre St. Peter Port Guernsey. CJ. 

Guernsey Trt |138B 148fl -0*J 3.70 

mn Samuel Overseas Fund S.A. 

37. Rue Notre- Dame. Luxembourg 

[1634 16.96|-ftfi*| - 

International Pacific Inv. Mngt. Ltd. 
PO Box R337. M Pitt St, Sydney. Aort. 
Jfivelto Equity TriBLW L93J -0.011 _ 

JJE.T. Managers (Jersey) Ltd. 

PO Box IM. Royal Trt Hae.. Jer*eyQ534 S7M1 
Jersey EMntJ. T*_.U».a l»Jj . ... j ™' 

As at Fob. 2ft Next mb. day Mar. 9L 

JanUnft Fleming ft Ca Ltd. 

48th Floor, Connaught Centre. Hoax Konx 


J. Henry Schroder tt'agg ft Co. Lid. 

1 20. riicapside. E C2. 018884000 

t'hropSMari | 10.41 (-*0.011 278 

Tralalear Jon 31 .| Sl S187 16 I..1- 

Axian Fd. Feb 2D .. (SISU U U 77( I 3 63 

Darling Fbrt ..BAX 78 XBU 1 52 

Japan Fd Frb 23. filiGTl 61l| . .. | 016 

Sentry Assurance International Ltd. 
PO Rax 32 6- Hamilton 5. Bermuda 
Managed Fund • - [ITM4I* 1HR — 

Singer ft Friedlander Ldn. Agents 
20. Cannon Sf , FJC4 01-2489640 

Dekafoads _.-|WIWC 26J* | 646 

TnkjraTn. Feb. 28. I M.'S31 00 | [ ZN 

Stronghold Management Limited 

P O Box 315. a. Helicr. Jeraey 053471480 
CommodilyTrutl (88 45 9311|.. | - 

Surinvest (Jersey) Ltd. Ui 

Pll Box 98. St Heller. Jerwy. 0S34 73ST3 
American lnd.T« |£6.83 6 971-0 031 143- 

CopperTrur* U9.91 - . 

Jap Index Trt £9.18 9J7}-001I — 

Surinvest Trust IF ( . t*fw» LttL (ft) 

4ft .Uhol SIrert. Doug... ; l.'JL MM 23014 
The Silver Trurt |98J 
Richmond BtftidO? 1862 
bo Platinum Bd UL2 

Do Em BT DTRd.. . |l73 7 182 B| | 11 42 

TSB Unit Trust Managers (C.I.l Ltd. 
Bagatelle Rd Sl Saviour. Jersey. 0534 734B6 
Jereej Fund . . (41 « Oid . I 4*1 

nuprn.scy Fund . _ |4L4 43 M .. .} 4 41 

Prices on March 1 Next *ub dav March 8. 

Tokyo Pacific Holdings N.V. 

Intimrt Manaseraent To N V. Curacao. 

NAV per chare Feb. 27 5US45 32 
Tokyo -pacific HIdgs. (Seaboard) N.V.' 
lnUttis Manaftexn.nl Co S'-'. Curacao 
NAV per share Feb. 17 SUS3&04 
Tyndall Group 

P.O. Bor I2S4 BamJItae 5. Berumdo. M 7*f 


136. . 

I960 -D 2 
137.1 *0.3 
105.9j -O fi) - 
182 “ 


1029 


Gceraeas Mar I ..KCsaw U*d .... 
(Accum. UnJtau . ..|SL'SL5l IIM ... 
3- Way tot Feb. 2«[ .... 

3 Nro St_ SL Belle r, Jeney 


TOFSI. Mar 1 
1 Accum Shares' . 
TASOFMar 1 . . 
1 Accum Shares* 
JervxFd Mar I 
1 Non J Act. t. : U 1 

■ lilt Fund Mar I 

■ Accum Shares*. 


6 7Vuf 
10.48 
BOB 
800 
19* i 
267.1 
1121 
1411 


60S 


600 


730 

730 

1064 

10.64 


3L SL Andrew Square. EdinfcutShfflMWOMI 

iocpme JUr.l. [1388 lg,S | 636 [ AKW t'mt*' 

,‘Acram. Laitai — JlHD TOa ™J 6J6 J 

CauLMar I US 8 In2[ !_!-] 3.4?. 1 , 

1 Aeram. Units _ 11*4 0 1492|.- — I 342 , 


Cap Mar ! 

(Accum. Uaitsl...— 
Exempt Fob. 22 ... 
Accum. Cnira 


_■ liaison ft Dudley Trt. Mngmat Ltd. National Provident Inv. Mngrs. Ud.* [S»iwM«r| 


30.Arllm1raS<.&Wl. 
fiasco Dudley Trt [M7 


0149975-61 
6S6| 1 5-10 


Vanbrugh life Assurance 

41 *3 Maddox SL-Uo.WlItaLA-:. O1-40P4K3 


HaoBftMlFd. 

Enui{yF«L._ 

IntaJ. FutKl.-j-..’. . 
Fixed Intent Fd™. 


pg; 

8A 


144.R -Oil 
215.9 -dS 
■ 9M *o.a 
1741 -fli 


teG33k~m -m- 


Vacbrttfih Pensioas Limited' 


Bonitas Secs. U<L¥(iKr) 
4lBiriiopi«are.EC2 D1J88SKI 

Frogrewne (542 61ft(-,92j 4£j 

Eonlty ft Law l*. Tr. M.* (iKhKc) 
Amembaai Rd, High Ujcmsbr D4WC33T7 
WmUyfcUH- 1586 6Ui 410 

Fratallagtoa L*aH MgL Ltd. fa) 

0*T. Ireland Yard. BC4BSD8. 01^48(07! 
Capital Trt. (1032 ifiBi 


4ft foacrohorcb Sl , ET3P3KH 01-634200 iB|“parn"\ia‘r L 

NPI Whin Trt- [44 4 473j I 375 'a™ L'mia, 

■.Vcsm I'niw* . B3 3 .,560 ..... 375 

XPI O' t-vaa. Trust nu88 US2d 323 

■ Arrum I'pitH**. -|U61 12 2.9( .... [ 3J0 

•"Pnew. OB Feb Z3 Nca» dealing March » 

-Price* Feb 15. Xe»l d call ox tore a I 


Scot . Cap. Mar 
■ Aecum Laitfi 
Scot lac. Uir 1 
Irtedra w*u Group 


1914 
0632 
ftl2 0 
[1554 
IQS b 
1458 
MB 
1096 
7178 
2420 
125 0 
1462 
1474 


*0* 

ID 4 
1376 

1532 

43*1 

Mil 

&A 

1536 

154 


0875 38841 
8.81 
SOI 

4 55 
455 
7 74 
7.74 
580 

5 00 
552 
552 
S58 
5 50 
9.2S 


Jardriw EMn. TaL... SHR209.9M I _... f 340 

lEtiSiE£* W5» d ft» 

Janflne Flem Im.f . SHKft^rt ~ 

NAV Feb. 28 -Bqulralen! Si sOCl.S*. 
Next rah March 31. 

Kemp-Gee Management Jersey Ltd. 
1, tlhariux Si. Heller. Jeruy. 0534 787*1 
Krmp-Gee Capital ,|74« Sl Of 


Rrnpfiet Income . 


63 9| 


881 


g£ 

m 

11836 
OS26 
5lO0 
(1392 

victory Haute. Peertam. Itleof Man. 0884 2S050. 
Manased Feh I6...H25.6 13241 .. . | - 

Ctd. IntnI. MngmnL (C.I.J Ltd. 

14. Mulearter Street. SI Heller. itrH?. 

I 1 R FunO . I Sl'SlOO | ... I2S 

Lolled State* Trt. IntL A4v. Co, 

H Rue Aldritigrr. UixroiNnirj; 
r \S TM. Inv. FOd . I 51S9 49 | ..._j 0.9ft . 

*'rt asset March z. 

is G. Yvart org ft Co. Ltd. 

30. Grraham street. Ed 
Cui'.BdFd. Mnr. 3...I SCS9 J4 
Kno InL Mar 3 - SUS14.96 

GrSlSFd. Feb.HlJ SLS6J1 
Mer Eur.Fd Mar. 1 (tlStin HI 

Warburg Invest. Mngt. Jrsy. Ud* 

1. ChanueCre**.SL Helter. Jrt a 0534737*1 
CWFUd Feb SS_|irf3U7 Ilf 
CMT Ud FW). 33 .... K12.62 13.9 

MrtalsTst Feb 18 ftU93 112 

TMTFebfl ta'5916 93 

TMT Ud. FubO fi.13 43 

World Wide Growth Management# 

Ida Knulerard Royal, Luveaihourf*. 
uorlduide Glh FdJ SI S1270 J-Ofij) ™ 



NOTES 


41 taMaddtoSULdn W1R8LA 

Mwaxed^ — mi XM.a 

FnUity- -..pa 1 1W2! _ I -» 

Fixed hiterert-,,. .ml . 98*.... - 

Property. :.l.. |9S9 100 J( .... I — . 

Guaranteed asfc 'In*. .Baa* - Rate*' (able. 

Welfare Indnuet Co. Ltd.* 

TlH-1-ra* Folkertrino Kcni ' • 030357333 

N enrj maker fft_l 973 J-fN'' 

For other futtto p-'carc refer to The London A 
M*nc Sexier Groan . 


01-409*89 IffiHSlS 


National W’ertnriitsterVta). 

Ifll. Chea pride. EUV 6EL’. DUN 6050. 
Capitol Accum : . 56 7 60 .* -O.a 

Extra Inc .. U6 raft -fi ll 

rinasci*'.. 712 344 ... 

Growth inv.. _ - 79 8 W9 . 

Inrome ... ... 33 9 355 -0 1 

PWHolwlnv.Fd _ H? W.8 -03 

Uanaraa: Fdidi _ *7 6 S12f -OJj 


490 

706 

54S- 

550 

700 

.547 


L'aprtol Growth . 

1 10 Arcum . . 
Extra Inc Growth.. 
DO Aecum. . . .. 
Financial Prrty . 
Do Arcum . 

High Inc Priority.. 

International 


PT4 

,730 

11 

II 


Special Slta. - . (270 


76.3J -0 V 
79 1] -0 ?[ 
37? 




16 a 
199 
HI -01 
277 
288 -0J| 


, 10 26 
-0.1) 1026 




Prices do not include * premium wept where indiwtat.*- *nd are in pence unles* aiherwiM 
Indicated Itelda » irhown in last column, alinw (or all buyinn expeniex a Offored price* 
Include all expenses, b Tu-da/s price* e Yield t>a»ed oa offer prire d Frtlmtied g To-day'* 
opeumspnee k DMilbwitm free xA U.K. taxes p Periodic premium litHiranre plan* * Slnsle 
premium man ranee * Offered price include< all rapenaef exrepi agenl'* commimioo. 
>' Offered price includes all expenses if bougln throuen manxgere. 1 Previoui day * price. 
Net of tax on realnied capital fries unlra.- mdiraii-d by * 4 Guernsey grots a Suspended. 
4 1 told before Jenvv tat * Ex-«uhdinsii*n. 


482 

482 

854 

487 

5JJ7 


Wtwbor Life Anar. Co. Ltd. 

Vt’ipdsar88I44 
[69 0 72.M 

190 
47 0 
C26J1 


1 High SSroer. W;utbor- 
Ule In*- Plana. " 
FuiarrAaad wWa; 

FuIureAoad IJUui?- : 

KM. Aavd pen* r _] 


Flex. Inr. Grcutb _|11II4 Hi 




Ini' .Growth fd. „.W( 

Do Arcum. |92 4 

Fricndr ProvdL La ft TV. Mgr*.* 
pixlwm Edd. forkiua mn«5055 

Friccd* True. L'to . SJt 8 4841 -fljl 477 

DO' Arcum Mil 51^ -Oil 477 

G.T- Ualt Masagcnt Ltd.*' 

1& FlbtbiijT: Otcws EC2M 7DD oi^ssiai 

G.T. Cap Ipc -(742 79® -121 398 

Do. Ate 892 . 9*«-!.«l 390 

n 7 Inr Fd ra _ . 146.9 156 Jai _ojj 828 

OT US AGen .: .129 5 Wfi -53 J43 
iil,T. Japan (iGcu _ 236 8 25flfij _.J MO 
4GLPrss.Ex.Fd-. 129 6 U6fii . I 410 . 

tor Isfl Fuad — 1072 13«0rf -3 M 230 ] 
iG T Four YdfcFd -. 152.] 55^... 7.40 1 


s» TSB Vnlt Trusts (y) 

NEL Trust Managers Ltd.* (ftHg) 2 LCh4niry Way. Andover Flaqts 0264088 


MjUuuCourtDorkinL.tiurrcr 5911 

N'olstar . .-W6 

X clear High lac. (45 • 

' For New Court Fuad Msugerc Ltd. 
*ee Rothschild AsMt Muagnaeut 


Pealing* to 026* 8343^9 


1397 


us nil tVt lOn^tJi-encrai . . . . 

S7S3 “2fl gif 'blDn Aecum M.3 
.Z?-"!!.." 1 Ibl TSBificmw. ..54 9 
(hi Do Arcum. . . 56 0 

TSPScorttoh™. 70 2 

..... . _ , lb- Do. Arcum. . 7*5 

Norwich l nhro msuraaee Group (b) - R>ltk - 
T.D Box A Nonrich. \R1 3SG ' 0803 Z23» tl *“ r 8 * BSV ca> 

Gronp Ttf rd _ (298 3 3I40rt-29[ 5 66. 



WlnnSStreeL BcKbal 
'SiLlalcrGrtralh- -IS 8 


(CS .TMHI 
36 Sd -Oil 506 


IVarl Trust Maangrrs LUL (a MgRe'i .... - %s arn * r.j 

2B H:gF HOCbora. Wi 'tv "EP Ol-JOSSwi TOW- LW 


*G. ft A. Trust (a) ig) 
5_Ra» letch Rd. Brentwood 
Q.tt a : . _-(z&i 


Pearl Grout)! m. 

\ccusi L'3il».' 

Paarl Inc . . 
P»ari l.'nirTit _ 
Arcum. L'ntu- 



Pelican Units Admin. Ltd. (gHxi 


'OSTTizrftfki SI rounlain ST, Mar Chester 

30 J) -OJJ 5JK -Pelican liuU |7X3 


Klnx William St ET4R9AR 
_ __ Fn«r > -Hse Fund— ■ (136 0 
7 99 Hielerairth. Fnd [fflk 
550 to Arrum. _ .. [324 

sa Wirier Growth Fund 
Kinc u ilham s: F-'.'tRBAn 

Bi 


MI-SW58BS income ( niK 
TftR —4 554 Ax cum. Uniu 


01 8334951 

HiJ IS 


CLIIX INVESTMENT!^ LIMITED 
1 Royal Exchange Ave.. London EC3V 3Lli Te!.: 01-2S3 1)01 
index Guide as at 23 sl February. 1D78 (Ease IOD at J 4.1.77.) 

Clive Fixed lntere$l Capiial 134.6 

Clive Fixed Imerest Income 121.45 


CORAL INDEX: Close 433-43$ 


INSURANCE EASE RATES 

t Property Growth 7 1% 

t Vanbrugh Guaranteed “ 37°& 

*■ Addres* rtwvn undvr im-ura-i," and Prnpc-nv R,-,m| T«hir 


LG. Index Limited. 01-351 3466. Three month Zinc 234.7-258^ 
29 Lamom Road. London. S.WM6 OHS. 


t 






Great people to build with 


FT SHARE INFORMATION 


Henry Boot Construction Limited 
Sheffield • Tel: 0246-41 0111 


**BRITISH FUNDS 


TWd 

Int | tod. 


“Shorts " (Lives up 

UJutTreakn iftw TTfct- 
2fiS E\cti ojw TfTftn 
9.^ Trraaa-v i '.iru ;a£_. 
17S Treasu.i Jfx-'Tfc . . 
SfiSaertriL-^pi T+TO .. 
J N Trea*u.7 M»*:pc - 

I5\‘Elecirir Tipi- T6-73 — 
XSJTreayi-vibc I*?it _ 

1 4N rrreajim- 9l;pc 'Sc . 
ISt' TYeasuiy J^pe “ifi . 
1511 Fundinc?j|K 7W3il£. 
23.N c-vchequer Upc JS4.£ 
l.Ma-Treasun l!:;polS*l*. 
15 A Trea-uryW.-p..' 197545: 
10 ITeJSurrBapv I98IC-. 

12tiEwl'Sjpc:fel 

4A Exch.Sl’pcIStl 

21^ Eich 3M19SI 

17N Treas. Variable "81 4$ _ 
2CX E-jfl. ll’*pc lS3ltt — 
IWnfeeasf? jcWCil — 
1 5 AfrreaMiry 3ac T£H 
LdS Treasury 

fir* rre^.Variai-Ic ■£.■«._ 

Mu rrei-un S*ik 'gj 

SCSEic'^pclPE 

5J Eschar- TS83* 

!IA Esch3pcT3 


to Five Years) 

101 * 1131033 597 

99*j.-f 173 5 04 637 

1044 rt 311 11 03 7.06 

967,. j 3' 310 514 

171 4 35 5.86 

ICS 1 ’ jj* 10.14 6.17 

95 0 1010* 3.65 6 09 

101 ‘.Id 1=1 BM 7.9? 

IdlftiOlO 934 8.63 

94 >j e 11 3 72 631 

95*a 911 5.50 7 42 

ica.v « 10 1203 954 

104vL 1090 957 

oi 5 86 7.08 

UHKid 32 9.65 9.40 

9S\, - 8.54 9 46 

99'.-;29i: 9.51 952 

87*4 16 1 3.42 7 05 

96*4 1L 10 6 69 7 49 

108 \l 17101170 980 

9T l 4 912 £74 4.35 

85*4 91 350 7 21 

IJJ^d 72 1238 9 97 

96 Ell 6 74 7 58 

95,1 L12 B.67 9.63 

98 Art 132 941 9.71 

- 9 06 9.66 

82& 16l| 3.62 7.19 


AMERICANS— Continued 

•DMdnds I 
Paid I Stork 

J. Ap Jy. OtFluarCa-p ft 

MrJe.fi D. Ford Molar S2 

WrJn-S.D GATS — , — 

Apr. Oct Hen ElectEij 

Mr.Ju.5I) GilietwSI 3 

HrJu.S.1). Howywell SUO 3 

MJSD HuHqeEF. 

WrJeSepDr I B.MCorp it 1 

MrJu.S D. lEeeTSull-RS2 — 3 

5.D.MJU. lm Systems 4 Con 51 
Mr je.S P I f Intmnuonalil 1 

FJtyAuN Kaiser 41. Si 2 

ApjuOJa Manf Han.US7.50 2 


BUILDING INDUSTRY— Cont 




Five to Fifteen Years 

17 S|Treii.-Li>- 12pc !X35 - 107H 4 

IRJurTreu-u.'y.^pe ’S3 9«i 

lSJa FLnduu;5!j>e HS-Sitr. 86 

lOJulTrti^an 93*2 

lX[Fumlu«*jc'8vfi7}J 84*3 

2BJ a Treasury TVpc ’3-vOrtfc 85 ' ; 

IJu TraiwrrireTMS..-. M*i 

ISO Treafi!ry?r» WJ** ... 70*» 

1 5J a Treasury Kip," lKW,r - 110 

l.iDTrear-uiyaGCTMti _ 85i £ 

lOJa rrcssiuy ll’ipc ItPl - - 101*4 

5* 1 Funding 5?ipc HT-Olfi- 67 r ;rt 

aUaTrcB¥i^> - Cup-: Bls; - . 106 7 j 

21.1 ITviflur I0w lDRi. 39*4 

2a.V Exck. IJGpcSJ 102U 

Over Fifteen Years 

105*4 Hi4iZ.CS 
65'4fd 61 917 
1147, 171012.37 
116** 31 12.45 
103H 161 12.11 
85*, 111010 85 
101*8 19121196 
49 :- c 625 

89*4 - lisa 
1037, 10 JO* 12 34 

and 6: U96 
126*4 279 12.59 
112*. sc 10 1223 
Wjd 2-2 6.42 

lift 16121222 
91 lal 1159 
79>a Till Cl 


I Ju.OcJ-A. Quaker Oats l'X53. 

— Reliance 5025 1 

I J A JO. Rep X V ('grp S. 

F.MyAuN ReijwdS 

S DHr.Ju. Rich.tai. Mn1L! I'* 

MrJu.S. D. Saul'BFiSl ’ 

Mrje S:D. Shell < MSI 2 

MrJe-&Dee. Slru^r ■'Sim .. .. 

.4u.N-F.My. Kpern RandJUjO.. 2 

MaJuSeDec niWfncSlu 

Frt Mr An No Ttemwci „ 

June Dec. Du H/'jLb Sik. Jl-35 1 

J. Ap. Jy. O. rt«im n. r>S0 !6>{- t 

MrJe S.n. ItaacoKJa 1 

MrJu.S.D. Tuce Inc. 2 

Ja.ApJu.O. rransamerlrsSl ‘ 

Mar JnSp Dc L'td. Thch. SLS5_ 24>4>d 

Mr Je-S.D. V.S. Steel SV 1 

May Aue. Vetro50 50 1 

Mr.Je.S D. WooJvathsS3*4_ 1 

ApJyOJ. XeroiCorp Sl 2 

— Xonicslnc. 10c < 

OJaApJy. Zapata Carp. 25c 

S.E. List Premium JJ\% (based on WJS1 .9395 per 

Conversion factor 0.7285 (0.7188) 


Last Prr 
a Ses 


CANADIANS 



Divided* I | 

Paid ( Stock ( 

Ma.SJ.D. FkM.'3trealS2 

FJWv Au V Bk \cn Scotia 3K 
A Jy.O Ja. Bell '’anadaSc — 

May Nov Ban Valleji 

Oct BrawanF... 

FMyAuS. I'aalmr.BtS 
July Jan. ran pai-ifieSi.. .. 

.lulv Jan. 1 Ik? tp'Del' El(i) 
J.ApJyO ^ulfiHlCsnr . . 
ApJvuJa. Hawker SM.Ca.1 ll 
F MyAuiS. HolliiujerS _ . ] 

Apr. t*ct Hiktaui't Bay tl 3 

.(an .lulv HudBrtl'; S£'? 

Jlr.Je.S.D. Imperial OilJI 

JaiLABJ.0 loco ... 

F.Myjlu.K Ini XaH3a*SI_... 

Mrje S U. Masiey f ert.i . 

June Dm. Pacific Fff Si 

— p laceHasSl 

June Dec Rw Alom — . 
MJf.S I>. RovalBkCw 52... 
SeDeHrJu SeasramCo CSI __ 
F.MyAuN TVr.Dom.Bk.Sl. _ 
J.ApJy O. Tram. Can. Pipc33^c 
S.E. List Premium 37 *b% lbs 


67V ^11033 
23inri Zij 1249 
86*3 91 iH 20 
91*; _ 11*3 

39 id ai: a.9i 

72i;«n UilQ.53 
5IW L3I062 
71*4 M.qiO.93 


Usdated 

UlfwJj'i*- | 

1 D-War Loan Ji.>prt± 


1.1 1 u war Loan^.-prE. 

1 A 10 Com 61 Ml 

5A 5*3 Treajuiy Rpcffi Aft 

5Ja_AJu 0. ConsolsC-jpc— 

1A If) Trpjrury '%<• 


35l s 2SD1151 
36 25J0I 9 97 
36*s<d 23 j 956 
2SUrt L 3(11.65 
22nl 011 26 i 
21*ort 3J1L67 


^INTERNATIONAL BANS 

UF 15A.|5pr Stock 7742 | 86 | 6J| 581 1 8.87 


CORPORATION LOANS g *5 


IF. 1A Btraihara9‘4pcT?8U 

7 My IN Pjtsw; 7^pc 79S1 

2SM 25N LC l?.pcUl. 

10F 10AU-: Do 1 C*:pc t'«l 

UMv IlNGlasiJwB'x'tWdC . - 
22 M 22N Herts iwoe T3«i .. . . 
i Ap 1* ict Ijrerron) V^-T«-7R . 
15M I3N DpU'dprlTitM .. 

IJ.A.J v>. L*o 3i-r<lrrta. . 

10F 1CA (<nn.Cnrp Ki-cvTS-TB 
3 A 10 ... 

2HF 28Au<t LCC ftn-Tb-W 
L5M 15S 8to5UpeT7«l . 

15.1 151 no5l3K-«M<4 

UJ IIP DoSSc^ 

iai ioj rvfi,wT»» 

1MJ.S.I). I*n sa.vft . .. 

ism iss.*.«idd.v.ftr»-imn.. . 
10Mr. las Nemra.«le9idrcTLafl 
15M laNlWj.-widi 12«'« iSaO .... 


97 3i 9 54 10 29 
92 1410 E 42 1040 
105 2 10 11.90 10.98 
105*3 10.111.92 11.27 
95*4 19 1C 9.64 1039 
92 »K 5 71 950 

Ofl’-d U 5.-33 723 


9®’-«d L3 5.53 
97*4 17101032 
29rt 13X211 
99f« 10J 652 
92«d U 9.35 
%*4 30 ! 623 
89t.*1 152 6.13 
80W 15 11 689 
72*2 11-11 771 
72*2 12T 9« 
25*4 12ll2..o 

93a *53 5.u4 
93*crt 102 941 
106 1410 11.79 


1032 1103 
1211 - 


9.95 10.64 
623 8 74 


771 1338 
946 1105 


COMMONWEALTH & AFRICAN LOANS 


1 Ol' '.‘lUH. Sjpr T.S-T8 .. 

1J •Tk> > ; ac77*J 

m -Do y ;Pl -vi«: _ _ 
11D "V-1 4pe ISTC-Ti . .. 
=AA“Da«u'K4l 
15D "Cs^pcVW 
in soi-.yncjrE.'ft. “ui'. . 
* 10 Sth RUd J;Dl- C-Tii 
15J Do.epcTWil 


W*j«l 2BJ 5.55 729 

94** 3011 536 9.17 

2£2 6.51 1024 
97Sj 11U 413 BJ4 

93i? 30.1 6.42 9.65 

sfil; li.ll 863 10.23 
94 27510.45 1264 

65 Tta - - , 

92*2 irw - - 


LOANS 

Public Board and Ind. 


V \:r».ML5pr-5MP, 
S!I' A5anMinv«'« . 

IS ■■'fclVi'lr Tirt TV . . . 

SlI'lMLi 

SI I* L*i» uiJr»'u; anr-ms 
Siujl lL-omar7pi;”-IU . „ 


62 1.12 817 

E9 14 11 12 21 
31*10] 1C 9 55 
IGfl 1*11 854 1 
94 3112 q 35 , 
991* 110 727 1 


BANES AND HIRE PURCHASE 


Dividends I ( 

Paid I Sock 1 

Jan. JuIvlAXZSAI 

Apr. July Alexanders D El 
May Auc .\JeemencFI HAl 
•Vt. Apr. Allen Han ^ El. 

Dec. June Allied Irish 

Jan. July Arbulhnot LEI.. 
July Nov. Bank Aner 11565. 

July Jan. Bit Irelandfl 

Mar. SepL Da. lOpcCanv 

May Aue. Bfc Launi 111 ._ 
Aug. Feb. BkLeumi iUK£l 
Nov! July BkNSff S.A2L_ 
Nov. May BankScodarKlCl 
A. i. O. Ja EanLersN Y510. 

Apr.Ort. Barclaj’sEl 

Nov. July Rtwnwv.olevEL. 
Jan. July Cater 3)<wr£l , 
May Nov. Clive Dis’nt 3Tp. 
Feb. SopL Com'l Aus.-S.Ali. 
May Corn'd* UJI10S.. 
March nimvHblt^rlOO 
J uly OcL Corinthian Ite. 

May Cred-FtaceFTS 
Jan Apr. DawesiG R.'. _ 
May Deu6.be BaUDIO) 

Jan. 51aj F.C.Rnanre— . 
- FirstKai. lflii — 
— Do Wms. 7583 

September Fraser Ana. lflp... 
June Dec. Gerrard Natal — 

May Nov. (iibb« i.Vt 

Mar. Aug. Gillen Bras £1... 
March Goode Eft Mry5*» 

Nov. April Grindlays 

April Ocl Guinness Peat— 

Dec. July Harabros 

Dec. July Hill Samuel .... 

— Da Warrants... 

SepL Mar. HwmShng.5150. 
June Nov JeasdToyntwe. 
June Nov Joseph iLeoi£l._ 
Feb. Aug. Reyjer GUnvuio 
June Dec. Rjn^&Sha.\3)p. 
May Nov. Kieuwmt R L — 

Aug. Apr UoydsEI 

Jan. Sept. Hanson Fi a 20p. 
SepL. Mercury Sect — 

Sept. Apr. Midland £1 

June Da7iA.83.SO- 
June Dm E« WA. 83-98- 
Jan. July MinKer Assets-. 
June Dec NacBk-AialSkl 
Jaru July Xal Com iJrp„. 
Aug. Mar NaLWestEI — 
May Nov. Schraders h!_ . 
Ian. July SercomLeMCEI. 

; Nov. June Smith St Aub._.. 
Jan. Aug. Stand'dChanSI. 

June Trade Dev S13J. 
SepL Mar I'nienDucEI. 
Mar iTcLUHT. - 

.1 A, Jy. O. Well j Fans S5. . 
Nov. June W intrust — 




Financial Times WondasrSCarch y 

HOTELS— Contintje^ 

"»* i - M - lex.i'Fisia 1 ; 

sshfrii? 

68 *j 19.9 etts 'I® 
.JJ-.STSO W M 

# atspg!- 

a 114 1 02 ■ 

3S|* ai l.M m 

11*2 23 6 iLLStf}.' 

ito a 2 RrH 

251j Till LIB 

2 “ iSHjfli® 


3 TRLUS 

iscel.) 







Hire Purchase, etc 


Financial 

sw son-miapr'si . . 

I. 'tM 1.AMV Urr T 

a*J 2iU>;iw liihW ... 

J1 Mr ?i)>liri:,'5’ : p.-lVh.7kW2 
til My ;wN iViS.or'h TIIJR 
1!J 1 1.1 lw Ur;pc l'n- : Ln K 

11* 1 T.l l*o tn (S 

II. l l!J(k. llwl r.sl.r. T»! 

?n Jo :ti r« Do T'.r* *Mc+ hlq; . 

It 1 M r MS I'll “jp A DN 91-Pi 
71MI30S Dn-'jvV SIW . 

Mr ..IA I'jo :>‘Ln 




Feb Aug I'atllv’s Hdgsi lOp 
May L'leR'creFi'.lOB 
Credit Data lOp . 
Auq Jan. Lloyds A srorilDp, 
Feb June I.ndScuiFm.l'Jp 
— vli-orjateMerr lOp 
ikrl. Mar Proi Financial. 
Jan. Nov . Strie Credit lOp 
— Stuna'G'lOp. 
April Wagon Fioajwa. 


eheI 


BEERS, WINES AND SPIRITS 


FOREIGN BONDS & RAILS 


I Last] IHv -7 1 8nL 
fl I Gross | Yield 


— AM«bcs > -taRly 

IJ IJ fk>5p.-!Yri. „ 

1 J IJ rhilean Mixed 

IJ IDik , nu.iYniM'’pc 

lM IN'Giwklik.Vvt - 

IF I A (\>fiPi2?S(ab L.« , 

1A Ivl Do-lpcMixea Axs. . 

May I Hunc T4.\s«. 

30J 31 D Iceland fii-pe WlBS 

10J 10.1 Ireland 7*M)C 31 83 

1M IS DoStuKVl^d 

IJ ID Japan 4f* '10 .kss. . 

3W 31D DoGpc'8388 

1A in Peru Ass 3pv , ... 

30J 31DS.G1 LS80 

May I Tun n?pe 1991 

15A ISO TunntJkpc 1964 _ 
1F.MA.N l : ruiU3>3l^c_ . 


31 3 0.06 

112 4>a - 

111 3*; 17.82 

Li 6 1652 

SIC 4 15.05 

25 4*; 692 

au - il8o 

1212 8.75 11.09 
1&7 U.74 120S 


3«; n.B2 
6 1652 
4 1505 

4»; 692 

- ILffiJ 
8.75 1109 


6*j 11.05 
3<; 3.80 


U.S. $ & DM prices exclude lav. S premium 


AMERICANS 


Dividends 

Paid 


j Last I Div. |ru 

d Grass Or Cl's 


KeoL Mar Ulwd Brews. 8L 

Feo. SepL \naLPutPrl0p_ 32 
Jan. July RassChar'gloa- 141 
Dec. June Bell Anhur30p_ 200 
— Bdharefl Brewery. 44 
May Dec. Roddinatom — 140 
Jan. July Border Brew's — 74 

Aug. Feb Brown iMattbewi 100 
Jan. July Buckley's Brew- 41 
April Aug BulmerHJ- — 137 

August Bartoawiwd 142 

Feb. Aug. City Lou Del. — 55 
Apr. Oct Clark (Matthewi- 136 
Feb. OcL DisullmSOj] — 164 
Get EBisiBkInaai5p- 23 
OcL Dee. Cordon (UlOp.. 20 
Nov. July Gough Bros. Mp 47 
Aug. Feb. GreenaUWludq; 107 
Aug. Feb. fi«e«Kng — 215 

Aug. Feb Grimms 157 

JatL July High! d DhL 2Bp. 130 
Jan. Aug. Dhergonkn — 85 
Aug. Feb. Irish ustOiers— 112 
April Nov. Macallan. Glen.- 280 

June Jan. JIuriandEl 430 

Jan. June Sandemap 60 

May Aug. Scott & New Stop. 62 b 

OcL Apr. TamatiD 95 

Mar. Aug.Vaux — 95 
Jan. Ju& WMlhread'A— S3 
Jan. June WoK. Dudley — 185 




Dec. JuL|Y«u£ Brew 'A j 


BUILDING INDUSTR 
AND ROAD 






































































































































































.. .. 


PROPERTY— Continned 


^ -V — - ; . 

««t 1978 

■ ■■ ■ ^PSMtfAferrCohtinued INSCRANCE-Contlmied PROPERTE-Coi 

* L r **?w* *&* ** «-m& «& - 3 ri .»*' -I 

I! l5 ? 1 sai?!a=iic:-at-3ate!!!K£fs $ 

wMafflRaa ihe ^-11^1 1 

Mar. Uboff&Wp & anftltt 2S Uhii D€C * ^“wWflWttW—: 270 17J0|l751 Zb A3 13.9 - Ra^TpSpIp. 4 §H 

«* Uhisltams-21 «T ^Da 127 iflMStJfc < v- -■-* ‘ -, life riJ 

Jnltriiflhintssp^, in aiflnia Smaoi . .’ ' " • - * ^T^ r ^™ 1pw p- 'S® S3 


arifa* 

M4 


- let Ur YU 
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Onto* r 

T*U ( 


pnr. TRUSTS— Contiimed I FINANCE, LAND-^Continned 


Ste* *kt ¥| S IcVrSSlfffi “rS* 

feifssasEEa 


iff »» «** - 7.5 — Jan, July rwp.ite-.'.C 293 1 212 (34 69 

nlShE*-" ™ ,3JJ $51.28 — 55 — Apr. OeLjPrapSec ntjOp.. 327 3SJ tl88 

ruFabex^ 270 27J0| 1751 26] 4j|l3.9]. - jR^n Prop. 4 T74 - 


Aw. Lwsn«t5ariE 104 i 

JSteMW 2 §: 


^cpt-| L«fa sgtiop,| 

Uife&MlH 


n!63 12:3,4203 , . . - ■ ' '. ' 

O H motoes, aiecrapt TRADES 


K*™ 333 


■ : Motors and Cycles ' 7 T ' 1 S& o S' 

tHtlijtoidStl 22 | _ I — ( _ I — I — Ort. .May 

•m. Km (Vh I Ina (<* •% A t iTal a! I lit TV a Tlda 


,M !i, s T*n 


M m 453 A 103 * . Tr*"-— -I 

165 •. fill bl019 2.1 105 60 . .. , . „ 

[w 1431 2 14 43 m 45 Cpnnnerciai \ eludes 

■L J «? 13 143 (88) Nov. JuneferanePrceh 10pl '99 |17.10l4tlll 

W2 354 4,1 65 45 Frt. Aug^BJ.tllWfS. J 207 1 " 

_« +3.49 L7 6 7 Ifll ; Anuust ■ {Fodensfatoi — I 55 


, — inesalim ' afe 474 _ _ 

April TJctjJttsfflialftop- ■ 85d 272 gLO 15 

App^ Oct) Do. -A’ 67al 712 C L0 15 

Jap. 4iineP.ua & TomwjJH 94 1431 1261 HI 

DecfemW fenel Props— 78 3131 11 0.9 

Aug. 4Jan W3Ietn.p.a)p 101 17411 el94 13 
Mar. OcrlSaMCnylCb.. 371? 199 173 10 


A 13J 3.340.4 June Dec Cedar LW—^ 56 

0 O.a 5.9 1 33 1' May (ftmlUlntll. 128 

9 2W 3R205 • — JfeeaP- «0 

,9 LH 14 41.8 Aae- Mar. ChatefTrast^ 47 
8 -] 2J - Mar. Sept. Qtj'*Cfirt.Iiic._ 27 

— I _ — Do.Cm.lli 79 

- — — — — QtyiFor.Inv— 49 

IS 3.8 .9311 May flet fifirttateniVL 87 


Last Mv IYU i 
Woe U \«S CnlCfs WeI 


28 254QT7C ! Ntwemher Majedie Im lOpJ 55 1431 068 22 19 37 7 

jtf TM** 125 10 9 -® * Apr- OctMamniRP..^; 61 0 598 LI 14 8 9.2 

47 lfci ill Tn VitJTr MrJnS-D. aasf»rt.&R% UOig 712Q5116 - 7 2 _ 

Si. TSiJf-, 1 ? JS i-a^-3 October NMCJms.Ijijp 15J< 2l3 13 0.7119 16,4 


“iCteLUT 271, m 1 7 ft jn Li fri October N31CJm 5 !?;p 15^ 215 13 

iGnSu " 79 2 TL6 U M1W - XippoaFiStfriSF 260 - - 

7m> m — 1 ftrambe !0p_ 30 67 fl 

rZtaSMvr « r. r-. ^T- May Dec. ParKHaee/m- 30 JlLlO \0 


5 H 3 FI fi ^JfiUmtassadJS M 8 L I HUH 


Serving the world 
with 

financial expertise, 

SANWA 

BANK 

• ■■■ Tokyo, Japan 


USS^ |,M|'»|3|gj)|| : a.j 0 w ssSi-mS. & u 

nant r“ t2,89 13 4,7 Stil April rrans.MH-TR.ip. 925 324 

m T?: M 5 D«"^ T«T a ^, 7 AJ*-- m ^tn.fdKL2Qft 24 hi 


- - 3.7 

- 8.4 - 
i 15 4.8 X 


•J4 T ».p2.45t59j '■ 

. -72 ill 561 2.7 12.8 45 
=M 200, « 1556 13123 42 M? Jm. 

'.M - m dhM2 22 .7.7 91 FeB. ; Joly 

JrjHffirU'Uvft-S: 

’50 1 1710 4.47 0.7 B 5 15.9 September 

IM 199 456 3.7 51 66 CJcT 3uno 

21 1730 1.82 ,U 13.3 11.1 j —■_. 
.10 1232 0.93 0.7 24 J 148 Apr. Sept 

ZB. 2811 tl3 51 32 7,1 6.4 Jan. Jul£ 
S- * 3 - 83 2 9 7J 72 1 m- J«H 
'36 _ JLIO gll2 42 . B.9 .4.7 Jww 
1« .. 19.9 B36 4.0 5 j 62 Mar. Dec] 
„54 . 14J1 t336 24 .9.4 66 ^ Dec 
5100 MJ Q5% TUI £5.0 — Jaa. Jute 
1 9 1073 — — — 154 Jute YebJ 


Uahe$aas7VK, 


A, - - — -{110 Apm- OctfSaivey (Bi lav. — lfflri .711 395 - 3.2 - - CmWJ^SOp. 322 _ ; _ _ Wl a *? p T IW BSfS&ir^' tl tfo 

Maymp^toct3a5-J.63i2 MoSflo } 23|-93j 66 _ — . ■ fenrcPTcpobes 40 ” 9^2* 1-5 6.1111 Mar. . Ang. Cnsdriars 70 228 f3.32 LO 73201 vS’ IquI I H xd oa 

ay |\ola»£si)-i*_[ ODi 4 [ 6 ^ 7^23.4 neremberflwT'.CemB 57J. 2&11 ff.K 12 12 575 January — 25 Sll 03 . 10 4i 3L9 w SfSrlSSfe^ if 2 a~1 jj fllllU 

. M Vehicles g* A ifl ik*™ dBESSSE \ “«f ^^ Asr * ^ e • ,a7,tU4,3i 2J|1 “ — — 

aSe 6 SS&£ 107 AprtljuMR^S)_ 253x3 X2 5B j H 42.0. Ab|] K^lSl 2 l! 303 B33 ?9 9.6 154 ATTO MINES— 

^b K^S.Sp fo ll 5i , Vo'Sl^R^F l,,a ^' 285 m t4 '“ lil^O Dec~ July iK^LCeu 172 1730 585 11 63 S 6 January AitockJDp. 1112 * 1171426 09 58 385 CENTRAI 

■■ttfSSEES 64 Iflhlls a g II S! n 4U - 9 5S- S - f, « « lfiWkMBSfeaf: B* StSs R 1:531 

^Components ' ”«» ^ WgtfJ 1 « stu tus imamt wi'Tl« SSStes: Jk uoft-Jz «< r ^ KS& 

M laftnlllkalfu SHIPSLUDEES, BEPAIEEBS M H i‘ H9* ^T«SSgS£± » zTn kb 1 . m « 2t JSfflSS?- 

is is 3 ? h a ar sseassaisH ,a Ba t = i «i rj«, se jss sfet 1 » k i ? sis ^ srfre i tLf » « ■» gssfe 


MINES— Continued 


Components 


CENTRAL AFRICAN 

i a«i | Wee 1^1 Net |cw|™ 
[FalronHhSOc 1 210 1 1991 OaOe 1 13I22D 


^ its 

U> 113 


«1 t4.47 3J 
330 204 Lfl 
21 4.69 3.9 


m Mis a, m » 8S sateas— «. 


/■Jfar.fflupbdaui^] 61 31 3.67 2_ 

3uMffinmfttB.lBp. 22ia 3JB U.06 iMf 
- ■ .. lpanaCwp — ^.j £1« - Quad. 3 ^ 4; 

I ^ .Hi t421 3.7 4 


0.0 i.i *./ vfav 

16 9.1 5.7 
1.8 73I2J l,aa * 
3.7 4.7 75 


J'osper. — 

IxatnnrSOp, 


Dec. July Tanganyika OOp 

Jan. July Da Ptef BOp 

Nov. May VuUaei'ol.HM _ 

— ZaaCprSBDOa-. 


210 1991 Q50e 11 

24 377 057 41 

70 1274 — — 

125 uJfflLO L118J 

78 12121 5<3 n i 1 & 4 ) 92 

40 ILKRQDtc 144150 

io<2 lnr-T 


ai Feb. Aug. BectiGea — 60 
Nov. JuJrlEct. k MenrnL 75 


l«Gea 60 | u gi .45 

.ihttenmLj 75 1313C 155 
4tiYTni5lJ6?»2ri 27 2 2L5 


SOp —| 79 14.11 $53 3 

fceHms 4 104 JLlfl J.&9 4, 


Jilt gll2 4P.8.9 4.7^- JweHnjB^r&Mp. 9 1131 0.25 .Ltrf 4^40,9}-^ 

W9 BJ6 4.0 5 5 6£S»- Dec. EntfUEgLHpu 511, ?U0 10.71 3 ^ hIbaIS^ 

1411 |3J6 2.4 .9.4 66 Jt*y Dec. Lanu^O-I 242 J4.U 8.22 4. 

1 JU Q5% TUI f5-C — Jm. Jute ^aaouplOH 36 195 hO 77 bl 

1071 — - — — 15.4 Jute Eeb.rnrnerWtg. .:- * 30.1 3.99 5. 

377 K79 2.9 58 76 July WUm Ato ftteB. 58 311C +2.8 4 

».1 1Z2 27 O 6.8 Bfe. Aug. WoodbeadH)^- B7 lfo t h3.41 5 

m 2 g 206 27 95 54 - May laEnitlrA'ap— 99 1J^ 4J1 2, 

Y. ai ^ ■ ' ■ Bpwes and Distributors 

3LMiK 2.4 “j If ^CPl- Aytl > 

W W 74 T eb- UO U32 t775 £ 

SgtLffi 53 LB 65 1 ," 1 - JuteBSGSat--. 35, U 8U 2J 

M31QD9 L8 H.7 74 J. u 8- Mar. ^rid«wp!J>- 3&a 3flJ L3B 4J 

— — _ May 'Nov. SEc>r.-Am2op 42i 2 3L1Q L98 21 

33T4.02 - 26 7 9'5J? Iar - July CG55Miu^. 19 132 142 1 


10.2 41 
34103 


SHIPPING 


a* AUS-TJ 

in December KC.\ 29 - 1212 Z 0.1 —05— I.AcneiSc. 

i 54 1 «wv“^ HSR-K-iT* ,7, Nov - Apr.Batai!u.%aToea 


AUSTRALIAN 

iSc. ! 11 I - I 


J^ ScpL W^stlL.I _91 aati.94 _ 6 fLvaSJTlps'lOp. 284 | - [ - l-l-l- Oct WtebuSh. 


.58 H ft354 U, 

.67 -ay 538 ■ 24jll.7 
46 ^|L05. 24j 95 
44«d 7T%13Z OJ 
3a uj3 04 % u< 

76 = 350 2.< 

72 • 3.7 fl.82 5: 

i 1 

2 : .i J b3°i - 


I». ; '6l1d3.8 29 35155 J^ »ar. 
25 - 39.5 t22 L9 113 6.8 Aug. 
.» M 1JA2 Lb 85 111 [“• 

[96 3U0 09% — R.5 — Ja »- J uly 
M 173C Jm 3.6 69 6.7 Agjgtt 
.99 - JW fLSr 3J> 4.9 105 ' 

^tju «& UIU »,«*%« 

m 300 124 7.9 :45 4.2 


fgfc H U98B 


US rg 1 'g SI ££&%! Bt 

193 h'0 77 t^8 35124 get 2da> FHtelJWL m 

110 t28 H ' 7 ! H ^ JiUy SK MS 

161 th341 55 59 47 ^ Oer.tecpbsi7.Daip. 40^ 

W n 13 n 2 ^ ftsssst a 

ributors , ' 

172(455 * 10.0(4 Jute , I£5praDodo£l. 73 

iH» — — — Now. 3£ay Ocean Transport 124 

199 625 i 128 4 Jan- Jute S*aDefdtl_ .96 
L32 t7 75 2.4 10.7 6.7 Apr. Ocl Reardfla Sm.5<Si 105 

L1C tt21 25 91 45 Apr.; Oet Da 'A' 5ft) 

OJ L3B 45 5.7 ‘55 J“t Julyl R n w-mab iff.)-. 

JO 158 25 75 4.4 •.»..•* 

32 L42 1,7 13.4 80 ; 

»| ™ || M H : ■ SHOES AND LEATHER 

!il4 t 3 i 9 ° 3 15 Sim July Feb.lAlfebcnelW-1 


35 ZM& 
47 13 65 
1 I 8 331124 


IMitcef 


&«|«I a? K SS 

5JH FiaEurotrasL 39^ 


aaffer^ zs 11 13 03 55 6i A6 — *•* 

ej. - eg . 69 M 21 4 19 15 92 133 July Feb. AJteboneltor-l 

lFSffslW?- 39 MU <276 2610 7 5.4 Sept Teb. Booth ilntuTL. 

|1 Si 143 48 43 7.6 April Dec. Fatwarfai^. 

eWuwr- 32 301 125 15 5.9150 OcL June GanjarScatJar 

?ln*B.]0p, 24 124 d0.42 9.7 26 5.9 December beadlia SiasSn^ 

WHECfc- 14.11 td3 72 30 6.1 6.7 Nov. Mav ratoM 20p_— . 

Ate — — .71 Mil 3.98 3 0 85 63 Mar. SeS.ffiSh»s._. 


EB«22 34 59 73 SH^3gp~-“ 13®. » 3 6.59 32 8.8 4.9 Apr. Oct LnsbertHttlOp-. ’ 

1411 *1 43 66 57 April teMftnOpL, *W»el 2?J t3.23 33 52 9.4 Apr. .Oct VexDoldt Eto 1 ^ 

m tflfil 35 46 69 ^ay ^ Do. Itectov. £145 ]4l|oi0% 21.8 f7,0 - Oct April Ur'enGrA' 

199 t429 25 94 72 9^- JiR® .1® 12.121 d5 45 32 10.3 46 Jan. May Grp 

2831 015% 2M 025 — J* 0 - Jul? lesscpRlito-^— ■ M 12)155 4.4 67 52 Peb. Aiig Stead 4 Sim ‘.V- 

3M '£439 1_9 107 72 Apr. Oct Kenning jZtrT3 .CJj 161(435 3.7 9 6 45 Mar. Nov. SBdmS F isher- 67 


l 19.9 4,429 25 94 72 XSS 
■2831 Q15% 25.4 023 — «“• ^ 

fle = g 

siiss^.-iS'Hfia'jS 

iZL 1232 tlO 56 4i 3.8 8.S Aafi - ■***■ 

st iiniKtsib &6 9.9 

S3 .S W 'S li H Bttf 

s : sn a,iHfe * 


.S?3 i./ ^61 4JIMOT. NOV. STUM snifter. 67 

»P-I g ?2 2.7 7:97 85 July Stytolhoes 43 


ay Oct DaiKlyni. 
og. Apr wiuMfr U 
-... NejMflDavtd 


.OaTM-WkElOp. 


— .1 7B 199 §6.0 2212^ 55jSept Lfehfard Write_lJ 67 
WJP-.4 73 1,161 tL5 43 ltd 5.4J February |«eana lflp . 25 


ZU t5.45 L9 
3U.tl43 75 
LD *QL0 93 


— 

| 

JJ^Dec.. 

105 <531 . 

45 U ' ■’ ’ 

. t 3.0 •• - _-v 


SSt t ^ = ::i. 

QStaL;^ 1« 2Jfl t4.93 45 53 64 

bTOp 3»2 3.M g0.62 4.8 -33113 Apt 
mMbj 5 574 — — _ 353 Sep 

&!"$ .UA8E 

75 84 20 53( 43 73 S« 



Nov. Ape. FotBttfti'trt— 130*d 272 3.77 
Jan. JulyP^SlT(H025t. 45ij 11 *Mt 
May . Hov. Fnraiinvwtlnc. - 37i 2 1431 2M 

— DaCbp.:.- 50 - — 

Ort. 3far.G.TJM»n 102 303 tLO 

Nov. Apr. Get). 4 Coinin' cL. 120 330 14.9 

Aug. Apr. Gro.£quokttd.. 74al 272 375 
Sept Mar. General Funds. _ 125 132 4.7 

— • Do.Cow.lOp— 97 _ — 

Oct Ape. Gealnrestcrs — 89 3.1D 3.45 

Dee. June Got Scottish — 73 2S31 13.0 
Jan, Sept GeaSaidrs l? 2 p. 98 85 L7 

Jan. Sept CtagowSrWdn 84 132 2* 

Apr. Nov. GMnifcvijnliiv— 72 Mil 1L6 

— Do. - B"_ 69 — — 

June Feb. Qnmr af luv. . 6m 2 1232 1.7 


iu* 12 wai z ijgsas- 2 " z 

^ 11 |gi H y || ■ “5 Kite \ ? 3 J i 5 “ Sf ^ BSi 

- f 1 I Hi 5 y iW - a s? : = = Z = 

? & m. t aj. ^Jr^sstsst: sr ^ “ ^-».8s«te= 


s ja^y" 

.4B liitalOc * 4.2 


October F-AaEunsmst 39^ 33S 055 LM 3336*9 ' Z 55 risS “ “ Z "" “ 

§ » p 5 bI 5 12 ^ - feSSfev S3 - 

(fit Iff 18*- 1ITI t® 1 * vSffS?lH S6r - 490 199114.28 4 7 4.4 5J 

May . Nov. KnbqvMlae.. 37i 2 1431 2.30 1.0l 9.715.4 Feb. Aug Da.nH.£l3 66 33 69%1M61L4 — 


f” J >■») J Oct Apr. ByL Dutch F120. £40^ JMIIQSO'ii 25] 61 66 — [ w^J i iT.~ 

f A **.-*» gffSS-ii Sg s, „,.s .1 7 , » " SKSSI^z 

2.40 1.0 9.7 15.4 Feb. Ang Do.nff.£l_l 66 33 69% 114611.4 — Jnne Nov oSteStfiuIZ 

- v 7 , — — j, — *t$iebns.rjLi£I. 228 — — — — — Pacific Conner 

IK5 5f 3 Apr. Oct Tebaco4V*iCnv. £J7i 2 59 MV. — f&6 - __ fc^lSTIT' 

145* p Jute Tn centred 130 1411 127 45 LO 16.9 — P&rtnraM4EZ5p- 

,5 P J-Z — rjtractar„ ..,„ , 196 D"65 s— — — 66 Anr. Oct Peko-WollscndfOe. 


3.11 3.45' 0 7 5.9 353 
831 13.05 bl.6 63 152 
8J L7 LO 2.0 99.7 
132 2L4 Ll 43 312 
Ml tL66 LO 3.5 442 


♦ Jan. July} Da7peCttv.._ 121 33 7% 13 JO 83 — 

— — Wee'aXatUct*. 97 - — — 

33 _ ljjD.WOrt.Ht- 97 - QlMtC — 9.4 — 

52 _ koodmieASOc., 59 - 


■o?j ■=,)_— — 66 Apr. Octffieko-WallscailMc. 
ill 7% 135 83 — Qct. MaylWestn. UinlncHc, 


i « 

90 ^7 1.45 4.1 14 

Jg 132 Q9c L7 4.4 

82 3U0 QBc Li 60 

335 UNUc 19 .U 

800 I - _ Z 

1212 - — _ _ 

435 19.4 Qi5e 4.0 21 

88 19.9 Q6c 14 42 


OVERSEAS TRADERS 


Sept Mar. 
July 

Mar. Sept 
Sept Mar. 

March 
Mar. Sep 
Mar. Sept 
Dec. July 
July Dec. 


C&ircpe — 61 53 18 15 45 S3 ^ 

^Ttust — 65 Sll 23 1.1 4.9 27.6 *Pf* 

«bHIw- 901; 30] 357 LO 6522.9 J , an -., 


sfriarlnv^ 67 301145 A 33 * Apnl Oct BousteadilOp>_| Vt |)J.iU| IM£ \ 121 tUhUiiiaiw. oapwiiuni hv— 

BtmJm' 6 l!i 31 eLB2 ?D 4 5 169 A'ov. June Finlay 250 311fl c654 7.0 4.0) 4 6 — Uan 1 arJ 2 tp 

Jlmeriora- 49 * Ml 1L71 ll 0 55 29? J^ Dec. Gill lDufius_L| 192 |aiO|M.7l| 32| 6.9| 631. . fhanBisaj^S 

sai Im.Tvt 69'; M31 239 To 52 293 Jun ^„ GtNthn.£10 


1 Lakes 305 

"nc-50c- 64 
¥.66 W I 193 
k.TanOSfc 68 


Nov. Apr.lAmal. Xiperia 

Apr. Oct Aye’HiumSMl— 

FIKRS Apr. Oet BcrahTin 

jca£U3 JaB _ Jute Eerjuntai SMI 

4.4 6(22(6 Feb. OctGeewr 

i25c —I — — — Gold t Base 13^) „ 

CS 4.7] 6.5 3.5 Jute Dec. Gopenc Cons. 

6 2 11113.9 (9.4' .. — . Honfitong 


TINS 


April OctltousieadilOpCi 29 31.10 152 l« SiLufi Mar. Septhdrli M»_, 


Jan. Jnne Hawns Lev. lOp. 27 k 

July DacMOWlirt— - 160 
Apr. Oct Home fflds. *A". 71 td 


SOUTH AFRICANS 


Apr. Oct Hone Hlds. “A". 71 d 273 

- Dn.-sr 70 _ 

June IrefOntJlS) 58 ^ — 

Dec.^jtme IndujtrfiUiGen ntn) +L45 Til 51 I 279 Apr- N oyfxigenar £1 ec. _ 258 17.ipj 132 ♦"] 8.5} 6 June Jan. SOin Mala>an SM 1 . 

J Kscsra 136 - Q18c 13 Ifa 483 Drc - July Ocean WIstBOp 70 28U h229 3.5 5 0 5.9 - Suncei BesjSMl 

Sept tSSfiim ~ ’Kij 22 s 3 97 * 34 -Apr- Dec. Pit soil Zoct.ttp- 190 3110 7 0 7.9 5.6 3.4 — Supreme Carp. SMl 

Oct Mat ISffi.Jyrin. IWri CT2042 I 2 5 t >P r ' Dec. Da’.VXVlft)_ 185 D.ld 7.0 7.9 5.7 3.4 Mt Aug raironclto. 

Sept Apr. Iot. in Success _ 110 B 8 250 6 4.1 6 Sept Sanger 'JF.il Op. 46 8814.43 1314.6 83 Sept. Mar. Tm^M&br.SMl 

June Nov Inwsnre’Cap . 63 161 165 Ll 4 0 348 — Sena Sugar SOp. . 6 674) B — — — — Apr. Oct ITo nnhSMI ... 

Jute KSSEWSr 174 1411 16 0 LO 52 tol *** Vov. iSbae iSW 10p 101 1710^3.5 33 35122 

} . H aKlMuL 107 377 0 71 12 LO - ^ July Steel Bros. 50p_ 358 3LloJttl25 4.4 53 53 fiftt 

ziifc li UarTsept l&rdtjeStcHKyi 90 22 tQ47e Ll 62153 ^® n * Juue raarKems.ap. 43 14J1J3-09 2.510.9 55 _ _. h 

31 - iSSyBil WMp 112 474 - - _ _ Apr. Ota. Da 8pc Cavitt. £89 311 S 08% 10.2 «.4 _ June DeC-fMesnaROSO 

y “ fi b: « J g D 3 SM u % Si 3£ a ” rascEt 

il J H ”1 “““ - ^ 

n 2 July Feb, SttUpkIht 124 1212 60 Ll 7.4186 — 


i 79“ 1411133 10 65 237 Aug DecJH’rii'ns.Cros.n. 350 

27k BDMUI 11 32 453 Apr. Sept|Haffnung,Sl_ 68 
liW— _|lW 311C LOl LO 6 6 22.7 


f b8.71 32 65 63 , — _ Kannjs4KbtSMJ50. 70 - pi£* 0.' 

Q12"i 23 20 81 Jao. July KillinchalT 450 12 JD Q12S 6 

02.72 38 55 7.8 January MalaywecjagSMI. 300 1L1JQS65C OJ 

426 2.1 9.5 6 2 — iPahaa: 49 97H1Q25 0.: 

tl50 32 6.3 88 JOly Jan. PeaeUtenlOp— 53 3tLu 6.5 L 

Z0.66 — — 97 Jun. Nov. Petal mi! SMI 173 lZiamQIZbc 10.' 

_ _ - I Mar. Oct Sand Finn 50 10.99 4. 


66 227 Sep. Apr. InchcaneCl 360 301 tl50 1 32 6.3 88 \-\Wy Jan. Penekalec ilOp 

7 qfcj Januao - JacksUm 23 12121 Z056 — — 97 Nun. Nov. PSiwSMl 

_ _ jaraici Sujar— 18 T7fcj — — — _ Mar. Oet Samt non 


1 Q9.49 — 
tL45 L3J 

3^ fl 


- ls- at 4 pt-; 


Z 31ay Jan.(M)tchellCotts_| 42 12.1 


655 2214.4 (3.9) .Febroarv 


rroliylflp „( 


LB 123 55 1 Jao- JutyiSauthKintaSMOSO 


.76 35 94 45 TtfPll 
53 42 4S .« . -BUM 

a - 7 H 12 12 **■ AU &1 

M 58 -5.4 58 Nov. May 
1.65 3.4 3J 9-3 Say 

158* *-? ? ? ■hSS S 


PUBLISHERS 


}-4 July Oct BteckiAACX; 70 

48 Apr. Sept RmtrJP ne 118 


s&n 

Eli 

tLfi Lfl 


Apr.-. _ 

^AugjScapaCtwp-^ 


fl « [ox Vwl 

O^V Oct May flu -A* 
■rJ*H|F«to. AugaubfcS 
ifn 80 - e»4a 

10=3 45jApr. Ort. GotdonJ 
M.a — joet • Hay Home Co 
L7] 43jotB ' Feb. Iodrt£a 
7-3 58joct Apr. LtooGT] 
2-3 - : Jute »&rabaB 

§ jj J8|Xov. June Nwslnt 

“ 4j 88 |Nov. . July PtemnL 

IP'S© 

SLajxAjDec. June Thimson 
,S^«.0lKov. June CtdiXew 
11 ?| 58}oct Feb. Wetoten 


tr_ 132 - 2811 1523 43] 6flt 61 Mi 
8|t 178 310 13.66 6 4 31 77 Ma 

4 Xh 47 iyO 2.87 -.14 93 5.9 . . 

BIC_ 55 xd SI 1213 2 5 5.9 8.9 
Cl— 70 Vi 4 46 1.6 9.6 98 

h-u 118 1212 138 2 2 8 0 8i 


Sept AberccgcBOSa^ 
. Mar. Anglo Am. (uRl 
Aug AngTrt.lnd.30c 

Nov. BdocctelOc 

EBber GdldHds.P.52c 
■Dec. GrtmnsA’aOc™ 
Ang.afletfsCpn.RL 

.May OK Bazaars 50c_ 

[HardiSept. Prterpse lOcts. _ 
— f&i TrixiiBn ATCC 
' JulylSA Brass. 20c_ 
Nov. DyerOmHl__ 
Nov. Hnuec 



28 1710 12.51 L6U4;1 

liriV' iJS 5 
a h si 

9 3074 — — — 

ill « l 9 
g ffl 7 ~ • 'i 9 

70 - ZQlSJe 0.7 48 

450 121Z012S t 278 
3 DO ILL Q955C 08 68 

49 57? tQ25 0.5 51. 

53 301 6.5 13188 

173 1Z12 BOlZte 10.9 18 

50 31p.99 4.6 60 

S3 31 54.12 15 104 

150 11 (0778c 1.4 1L1 

250 31 tQ13L3c Ll 113 

64 974 ZoToc — L4 

98 30.1 45 * 7.0 

85 1212 Q568K L6 14.4 


2.4 8 i 51 x, B rZ^ 
38135 1.9 Uar - SepL 
2-9 80 43 v— 

12 5l7 142 

08 * 71 5S vS? 


06 * 14.1 ^ 

4810.5 2.4 ££* ??■ 
21 8.7 55 Morin 
3.4 4.8 6.0 , “ arc ^. f 
W 72 A ^ ct 
.Aug. PeJi. 


pUsllOEl'lS 19».t4.M 4 


TEXTILES 


- . Do.Cip.5p 


umIdt SOp— 124 1212 60 L 
side lor — 47^2 301 225 4 

Vlmrlnv— 7519 31D fZI3 1 
nfcLtBLlnt. 39a 272 L8 p 

WSt H * 

lm.bic20p » 2 301 2.77 .Li 


1212 68 Ll 7.4188 , 

301225 * 7.2 4 ■] 

QJfl f213 10 4J341 

272 18 « 7.4 p Kvideafls 

212 AS * 7.9 * Paid 


RUBBERS AND SISAIS 


I Last | Dte 


Xet tnr Grt 


25^1 - 1 .- I-L-.I- 


112.4 August (AngJo-Iodonej'n— 


Cons.lOp_l 


1 COPPER 

_ June Dec-lMesiaaROJO | 74 |1212UQ30c| L9| f 

- MISCELLANEOUS 

— Burma Mines JTljn. - 9 575] — — — 

— CdteMmesSCl— 57 -1 — - - 

Aug- Feb.Com.Mmvh.10c— 240 31 030c 4 75 

- XarthpateCSl 252 373 - - - 

nu Jan. June R.T2. 164 3liSt85 q31 7.9 

EH - Sahinalnds.CSl 32 ^Tl - L“ - 

— IbraC.xmn.Sl 800 — I — — — 

4.1 Nov. July Ifehidr Minerals lOp. 45 1710121 25 42 


— (Sabina Ink CS1 | 


S % 6 A 44 ** 68 Sn»t Mar. VffiedTWnt- 131 132 649 7.! 

85 31 tllbl 1.4 6 b 166 Jan. Aug Altos Bros. 55 1211 334 2.7 9J 

m t? 5-9 5-5 2^- JuSEeitaiJiato... 53 mu 1252 52 t\ 

gg bl }2.64 41 45 7.9 May Nov. Beckman A 1 Op. 65 311 h4.49 20 107 


Andies 55 19.91 1255 

eafrltff-J 115 163-65 


63 June Dee. Blackwood Mott 22 
68 Apr. SepL Bond St Fab I 0 p 33 


V*s5cl__— 235 ' 15 9| 18.12 48 ’5 ^ 64 May BnTEnbimL. 10 3’7bl — 

nmLnfta* 175 . 17.10 5.44 4.4 4.7 72 AprTSept BnLltobtZZ 3 »9 25 

aiod^^ .41 - Mil td2.Zl 23 8.2 8.4 fib. Aur Klf « 2 23J1 g31 

Bktein 1 - Ig. 30.1 T? 3.9 3.4 lUpan. Jufi CrtrtfDmdMi. 14 675 — 

cpe(wN)_L 136 . 5.1 td3X3 5.0 3.4 9.1 Dec. Mbv rarpetsIntSOpL. 4eij HD 455 

■WO IS “3! hiS M L?466 M» Nov. Cmrmi\*iyS5l 3*2 272 £l0 


5£=1?4l SilM SeptBondaftblpp 

3tKJ 124 | 19? 16.6 27 81 68 Dec. Juhr Bright Jbhnj_ 


411 t282 521 7 5 39 ,. u C‘° 1 ? r . 
3D h4.49 2W105 72 ^ 

25.4 0.82 18 6.0 ill7. {.™ e ^ 

■33 2.6 29 319 43 Feb. Ort.; 


January LeVaOoMiInT.I 27^ U7W4283 L31L2 A — . girt'-ifiica. 14 

Dec. July Usui Abdn Ptdip 12 12 j 3 233 — _ _L August Bradsall lDp 37te 

4 Dec. July Lou.Mlantk — SS 31M t267 11 7.3 243 ^ Feb. Castlefield lOp — 170*3 

?, Mar. Sept LooAnstlir. S51 115 25.7^ 4Q9c 10 4.819.9 >. pv - June Cbmooese I0p_ 53 

39 ..9 cto ^ r ,. » laaL M 9-2 IK as j ss 


24 41 Nov. July 
L5 7.1 October 


raE.xmn.Sl 

hidylunenilslOp. 45 
ifamCoas-CSl 123 


Q7c 4 3.4 


.411 2.46 
€74 — 


op Apr. Oct 
ft Mar- Nov. 
_ Nov. Jnne 


Bilsncl&DS.2Bp.-i m t 


30.1 7>? 3.9 3.4 1L6 

5.gtd383 5.0 3.4 9.1 
17.10 bl.97 L9 L9 466 
301 11271 29 .63 &5 
212 pl22 29 55 IL7 


8.4 Feb. Aug. Bctasrlnb 20p_ 42 2D g31 
1L6 Jan. July Catad (Dundee).. 14 675 — 

<B&jassKfc tk. V: a 1 

JL7lS?JnneCmisltoZI S 14U 12.86 


l 4]84 43 D«- July} Lon. Prudential. 65>2 2801? «;44 LO 55(272 Jan. jmylttgnl unMSOc ^— 

?3to'? to May Dec. Lcm.iS'dyde— 34 DD 138 LO 62 247 October Ldn Sumatra I0p_ 

2WJ 59 DecLoaTaaijr 174 MD tU L2 78 2L6 Dec. JuneMslatofiMSl" 
tin Jcme Dec. Lortradlng 50 31JD 21 Ll 54 ZL4 „ — . MrisyakralOp — 

M Jaly Jan. Dej5rtfiflS.fflp 85 il t50 L0 29 19,6 ***** lSmgeiKrian£l._j 

.— Du. Canto. 17V — — — _ _ 

Jan. June Man. &LW.50P, 20 3433 0.98 18 75133 


Atlantic — 55 3110? t257 1.1 73 243 j-eb.taaieiteioiijp — 

LwJUttlir. SM 115 25.7]4<39c 10 4.819.9 June Cbnsane* lto_ 

Lon.6Gart.50p. 53 22 a t05 LO 0 9 1025 -'' a 7 Dec. Cons. Hants UrpZIl 

iS.*j53: 95 19^1325 10 52 295 May Oct Gadek Maly T^- 

Dai.6Leimox— 62 3Llffl 1245 13 6 0 23.4 Jae- Aug Grand Central lOp- 

Lon.61>.10p_ 16 1U 10.42 1.4 4.0272 Apr. July Gutftnrfl 

ALottnd- 60ul 712 24 . 11 61 23 7 — P-arTtMulfirEa-lOn. 

S. 157 133-B25 LO 51292 Dec. July HigbbmdsiafcZ: 

AftW 93 1991 13.05 LO 50 308 Apr. Nov. Kuala beppngMSl. 

Prudential. 65*2 28^12.44 LO 56 272 J» ‘ t Jul y 


jj n . 
i?T 

I , 


PAPER, EtornNG 
ADVERTISING 


1327 L9 
d !2 26 


Apr. July Amx 
[Jan. . July Do 8taeConr_| £96 
Mar. Oct AQltfcWborg— l 29 




1289 4.4 

fci 


Jan. July Courtaulds 110 

Mar. Sept Da7°SDeb8L7 £734» 

SSS.'rz 

Apr. Sept Do. -.V — 99 

June Nov. flmau*Drid)_ 60 
Nov. July Earl? £<£12. 10 p 31 
5 9 Jan. July Foaenjohm — 27 
_ Apr. Nov. Hagea&d )10p_ 95«d 


14.1D 12.3 
i 22 a 1.01 


Jan. Jtmejxra.? 


SS!5 


18 5.1 
LD 25 ! 

lint NOTES 

21 - - 

. 4 7.6 i'«]m ethcnlie initialed, prices Bad art dhidendi ore la 

110.151 15 7.0 pence and denominations are SSp. ERboated pri c r f o tr alra 
305 ( — 6.9 rMiM aod eems are baaed oa latestaBBOBl rc^ortaandaecoimia 
— 3.8 and.abprepeasibIe.areapdaiedoaha]f-.iearlyncazea.nBBarB 
A 1 1 ralcnlalcd on the hatla of Dec dluribouon; braekeud rtforea 
U 73 iadtcale It per ecu. or more dUferener if calculated to -id” 
16 cc d lari bottom. Cnwi are baaed ao “luax Unam" dtorikuha. 
1 7 Vi Vidds are based on toddle price*, are groas. adjusted to ACT of 
nd s'r X V" cent, sad allow for value of declared dtatrttatlaaa and 
,7 r S right*- Securities with AmitwAw ether lfaea teettng gg 
I" sued iarinitop. a I Eton Investment itollar m nilum . 


Dec. 

Mayjhultt- L« 3Pp: 
Feb." 

Feb. 

Nov.' 

Aug 

Dec. 

Dec, 

Aug. 

May 
Apr. 


3.1381 ■ 
«2 28J2 14.26 
i»V 221 td219 
7 KU 725 
» IM t3.86 


14.26 1.9) 6 

S’ f| t 

6825 4.^6 


S.Sgfc: § 

St Jan.; July burning Grp— *0 »!1 13.46 34 88 50 *?*P ct - 

H Jan. July to Kertnc Vtg_ ,57 281L 13.46 3.4 9.2 48^“ i™- 

?-? Nov. Jane Ew^ Pnlp.— 102 1710 t4.8B 4.4 72 45 ^ Mar. 


. 1731 180 8 
235 L64 
d 27 2 M87 


Z7 **?- Sep.Wridnnr hr-_ 40sl S3 L85 18 78 208 

_ Apr. Sep. female fa?.,. 33 22i 0.% LD 4.4 332 

33 bert. Mayfe^maTst— .62 19.9 t26 1.0 6.4 278 

ii FeU JuteNouksImmt — 41 1212 1L42 LO 5.3 252 

May SontBetfonlOp 5?; 377 088 08 26 77-7 

59 ~ l__Dq.Wnts.U_ 33 - — — — — 


1(1 im WUJt 1 

,?7 Nov. June B 
gi Dee. June C 


L4 9.6 6.7 Feb. Sept {bSuePM ftp. 8 M 272 1648 
8 85 62, J «Jy ffiddftWLSp— 12 35 0.75 
1.9 11.9 >16 0 > Jan. -Aug Hiriarra 48 1212 279 


II ** 

59 ~ 

H Jut Sep 
H Aug. Mar 


'« in? il 42 Lo 5 . 3 §2 India and 

I 3 1 ^ ^ December .Assam Dooan£l _ 

ijai£li 43 — — — — — — AesamFronttertL 

frteter__ 78 31 13.07 Ll 68241 September Attain Iavi a. 

lirieTrnjU. B9nl 712 44.75 L0 8517.6 »«■- Sept Bmpta iPtents lOp., 

SASUS1. 705 373 QUc — 0.9— November Joint El — — 


TEAS ..... 
Infl ia and Bangladesh 




JglSept' May U»iBlcimrtf)._( 58 
^qJJupe Nov. Coflett Dson Mp I 53 


4.4 54 *4 

82 29 45 .11, 

H “3 iff I 


e-ssja 

17 1.6 7.2 


ll Nov. July 
“ Sept Apr. 
T, July Nov. 
5| Apr.. Nov. 

Apr. Oct 
/■SJait June 


- ^isast % 

TiBldiard)— 58 
fefl’soaMp 53 
terQanl — 19 

vn20p 19 

L___ I 116 
t Lancs. 46 
ahphB 62 


1711 L74 
1274 — 
J2Z 3.98 


fiSte U 1 

ranbliaopL 27 12 
■A’2 ft) 26 12 


74 33 63 73 UcL Mar - U°-A 2Dp_ Zfi 

s-.iuajfe'SgigS: t 

ss.a uniR-iSissafc: s 


WDOCGp.Vp 


E il il M e' ^ 

11.04 3 3 S.M 52 
TZJL8 29 '7-3.U Kamute 

wrMm 

1055 3.7 4lj2fi.5| I ^_ Apr - 

iSjja f c fS- ; Ort 

pis? untE'ff 

p||W sWl 

t- 14.113851 * 8.7 * | ,M * Sep ^ 
0.72 23 13-6jiO)l 


38 54 • - 

53 7> jnfr j)ec, 
5,8 68 Jao, Sept 
108 58 ^ 


sHold^ lS S 

em&ossIOp- 40 1431 K3.0 21 
iarrisniSoBS. 63 . ILK 382 OJ 

re idol. ant-iMiusuo i< 

mnskGipSto. 67 il t»79 22 
,*fW5p le ilia «.n .11 
cCgqaadilgLL- 228. 163 1424 21 
IdahrHilk— 70 5.1 29 .43 

SktAllenaOp 155 1074 120 — 
InreOTFetr.IOp ,80 MJl 43.09 U 
eDvy6)[S2-_ £^i 9J SH40e XI 

Ssbs l m * 

S^®13Dp. 7B ^ 

unrfltOefisn). 166 giqiMJS 23 
fUsparralPpr. 67 2CHJ h 53 3J 
lidanKkmm — 62 -7331334 2 A 

iherWiam&pZ 52 JUS t297 » 

206 ^mil 44 

’ss&=- H jli . 53 -* 3 5i 

patiTfliortsp-J 32. i txt, u- -• — 


S i 8 Apr.-Dee. 
23.83 7.9j, an - MS 
0.7 932L7 ¥& ^ 
43124 21 Apr. Oct 






igiMflls 151* 37 

«3p 13*2 T7‘ 

ter 40 EL 

esfS.J2Cp_ 61 2£i 

ctayHcSi 43 LB 

c ki nD on Scnti 271* 3L 
r6niA)2ft>_ 73 ML 


Ml 1439 
11 6332 
1212 134 
2D L34 
33 d2.81 
711 h277 
2ShL51 
3771 dl85 


it FebJly-Oc. NewThretlneJ 1S> 4 112 FL54 L0128 1LB January Lcagbonrneti — 250 

tn - DaCipXl 70 - _ - _ - November! McLeod Rnuel £1 .. 203 

13 _ DaNw8tota_Lll - _ May Nor Moran £1 410 

58 April NY AGartn»re.J* 3W S2 0.40 0.9 L9 91.9 Jao. 3nMSmSo»dp.lDp_ » 


HA120P- 73 JM.U) g.7 

(F.)iop — 40 (rria ^.4 


0.1 — 
45 23 

6330 13 
L65 5.4 


Monetat 53 

Notts. Manfg 104 

3 

HddatWjftCa 13 
Da-A’NVIOp- ® 


9.7 9 2 

?i li A ^L, 

135 7l«V 
58 I! ® July 
^ f 3 J J St Nov 

29 54 ^ 

75 28 A P r - Nov ' 


Y&Gartmore. *32rf 7T20j 

28 Invest 184 3Uffl fl 

15 Atlantic Sec 79 31iq 2 
do. American. 79»j 28 l3zi 
jrthernSees— 96 2838 13 
JAAssoe.lm_ 52Jj 1213 fl 

flwichinv .48 nanu 

attend Inv — Z724.I 
of So. tej. SOp 68 1238 2J 
winml Cities 24 30jill 


0.40 0.9 L9 91.9 Jao- June'^mOo Hldts lDp_l 22i 2 

t757 1.0 6J 24.0 Apt JulyWarren Plasb 188 

27 1.1 5 2 275 September Iffilliamstm a 1 140 _ 

nS r'a «r eu_s r «. dlridend* or raataog only Cor restricted 

Ifgl L4 4. a Z25 Sn IJnka * Cover doe* not allow for shore* which l 

InS ,2 inn bmtRmnnti i m i 7 T 7 t c c iiiit dividend at a future date. No P/E ratio 

hL28 14 4.1 27.4 ApT. Septiunnira al —. . 1 133 ( 377[ 55 ( 6 | 6.6 n Excluding a final dividend declaration. 

4.05 * 6.1 6 _ * Regional price. 

254 Ll 5.7 25.0 ‘ Afripp 8 NO oar value 


aa i .1 q Bated inchirive af the loveataBCU dollar g e l —. 

9 1 45 A Sterling denominaied samritSea wtdeb hudiide far— tamrt 
dollar prenanm. 

* Tap" Stock. 

a High* and Lowa marked ttnu have been adjnried to aHov 

, . . for nghta jssnps for caste . .. 

t Interim since uKreaaed. or rammed. ■ 

I, t Interim since iwdoeed, passed or deferred. 

* St Tax-free to non-residents on applica t i on . 

Ad Cl an T 5 * Figure* or report awaited. 

Sail jo a i ^ foliated seenrity. 

* Friee at time of suspension. 

.v£b ? 5 Indwated dividend after p— flag scrip and/or rlghtatemae 

♦ U 8 l.b 13.3 ro\-*r relate* »o prevlona divide ud nr forecast. 

12 0 3.5 7.3 “ Free of Stamp Duty. 

10.0 6 .B 51 ♦ Merger bid or reorganisation tn pro g ra m . 

2 7 75 4 Not comparable. 

4 9 5 6 + Same interim; reduced filial and/or reduced — iningw 
32 1? 1 ri>4icaied. 

3 * 105 5 Forecart dividend: coyer on earnings updated by l at nrt 
47 07 interim rtalemenL 

t enter allows for c o nventi on of shares not now ranking for 
dividend* or raataog only for restricted dividend 

* Cover doe* not allow for share* which may aim rank to 
c c iiitt dividend at a future date. No P/E ratio usually provided. 


1434 23 L5 51 Jan - -rote Do.‘A’NV10p_ 8 ^ 
29 .52 53 LB Apr. Sept. RJET. 1 ftcT— 70 

t 20 — 20 — Apt ■ July Radte^Skra 44 nJ 

53.09 12 so ots Auk. Dec. Reed (Win.) 73 

ti»40c 3 7 28 95 Apr. Oct Betteare KmlMp , 38 nl 

2B * 128 I Feb Rtebarfs-lOp_ 20 

t 247 _ 73 47 Mar. Oct&Z£T.2ft) 50 

4J3 6 65 * 0®®- Mar. Scott Robaaon. 40 

1242 L 47 Is Sept Jan. S^erelutlOp- 22^ 

yMS 22 50 154 Feb. Aug. areCarpfis IDp_ 20 
gAJB 381L2 58 Mar- Sept adtewluds5)p. 84 
S* 2 AI 8 ^ 53 Jan. May Sirdar Z__L > 50 

1297 J.4 57 58 Oct May Small ATkinas. 24 

L42' 33 72 68 Apr. Aug. Sn.VteeonLl 2 «l- 5Zi a 

F1L0 44 8 0 7 7 Apr. Aug. Do.Priv.Ua»_ 35 

*“ £ 5 *ff ffiBSWz I 

Jan. Jute Stood BOey Did- 25 


■A’NV10p_ HO 1067 Z‘ 

r.lto- 70 5J 434 21 

evSsfiions 44rt 272fd3.94 3; 

l(Wnu 73 2811 14.08 Z t 

ateKnil^. 38nl 272 289 2* 

ante-lOp — 20 ' il 1.03 3J 

IT. 2ft> 50 3WM1.65 91 

Robmson. 40 2811 4L86 3J 

relntlOp- 22 ^ ail 11.12 Li 

CffpeJslOp- 20 1332 1088 — 

ivIndsJOp. 84 303 502 Ll 

IT. 50 28 11 dZ.82 33 

l&Tidnas. 24 25.4 1203 21 


7301 &45 331 55 9 0 A **"- .Oct Higtesilss-Cto 25 
199 1337 2« 93 51 Ort- Mar. RteeriMat— M9rf 
3 M 3 SM 43 4 8 58 Sept Mar. Hirer Hate Del, 22M 
34 105 7.6j 29 54 Apt Nov. EobewiBr.iHSO £53^ 

txl2B8j 681 75 28 Apr. Nov. Do.SubSh'sF15 S31 
10871 £3 7 7 80 — EolmcoXVFBO. £37l Z 

1067 24(118 53 . - PaStb^lFB- 375^ 

ajj h Sf s^ssssfe m* 

14.08 1 2 . 4 ) 55 73 


riunal Cities 24 303 1135 1.1 S3 168 

iurn^ 104 30,1370 Ll 5.4 24.8 NoJ- ^ 

brook Inv.- 41 151 tl.06 Ll 3.9848 Feb. Oct 

bteila-Cap 25 j 377 512 — _ — 

ffiHerc-— 149rt V2 833 4 8.3^ d. 


.aafcaj ♦ 7-« ♦ 


MINES 

CENTRAL RAND 


... _ «TbIi» b Figures based on praspectus or otto aeHdaJ 

430 |1730J 23.35 I 20] 82 eatinute. c Cents. A Dividend rate paid or payable on part 
140ri 272)138 | 4> 143 *4 capital: rarer based on dividend on fuD cmpitaL 
C 'Redemption yield. I Flat yield, g Assumed dividend and 
yield, h Assumed dividend and yield after scrip lame, 
i Payment from capital sources, k Kenya, m Interim higher 
- than previous trxaL e Rights issue pen din g 4 

ES based on prelltninaiy flEures. r Aortrallan tuieuy. 

a Dteidand and yield r x ri oda a special payment t Indicated 
T> |VT» dividend: rarer relnles to previous dfvidend, WB ratio baaed 

J AoAl/ cm latest annual earnings, a Forecast dMdend: cover baaed 


cerIGcoJ — 46 

lard'A- 27 

JRaejr tir’d J » 


FROPERTt 


1L01 7.g 5 
1063 6.3 4J 
gLO 0^5.: 


3 a ovp- uec 
Dec June 
9 a Oct April 
^7 Jute Mar. 
itg Deconber 
_ Mar. Dec. 
os Apr. Oct 
II Dec. July 
ff July Jau. 
__ June Det 
_ June Dec. 
Eli M«F Dec. 
5 j July Dec. 
£, Aug. Mar. 
33 AP 6 Aug. 


Hod— 67 14li| 13 
cTst, 101 22JB4.: 


S.S « 

23* 18(12.0 72 Aufui 

$3 IS 56 58 
« « is 26168 Dec- A 

fd21H 24{ 68 10.4 - — 


I London IQp Jg |M3JJil8Sl 24) 5. 
»tt Loudon- 2QS M31 <J38& 21 2 

SiIHcj^L 74 224 4242 03 5. 

rtSSrSZ 715a Z7J 35 18 2. 

Is.SecB.%— 16% 2JIL6B- * 5 
naeCTselbp 62 m 13. 18 3. 
left Com 10p_ 2% BTS — — — 

CTnrt Pmm 79 23J M381 L3 7. 

at 

ifcrdProp.— ai. 2831 njo 3.9 4 J 


April OctDafertCai 
MISJJhl July Fricosfitelf 
— J — Apr. J9ov. U-Ultattal 


Bra 


30rt Z7J kS 
4S 333 183 
5 375 - 

41 132 325 


11 (Si 93 5 « 2J 0c ?‘ April a Andrew Tst» 101 228 4.15 * 54 * 

•LSI 33 IS 57 K? 17 35r ScA Aii!ni50p, 76. 131 25 LO 5.0 293 

1.32 l3 75I1L8 feecanb®- IcalftCM lav. 6Dg 1710 L2 Ll 3.0 48 4 
088 - (Mar. Dee. Scot. Un-Ate 155 1*11 80 Ll 7.9175 

.02 L310 9 95 Apr- J>«. Scot Eart. Il»— 114 19 t3.75 L0 5.0 30.9 

1282 33 o]\ H pro. July Scut European _ 34^ 3110 F1.5 1.1 68 25.3 May 

203 2m ti ~ Jnly Scottish lm - 82i 2 1212 256 1.0 47 30.9 Feb 

- - _*(_ June Det Scut Mon 4 Tsr. 94^ 3110 3.05 ■ 1.1 4.9 27.7 

_ ___ Wune Dec. Scot National— 1191 * 14.11 145 Ll 4.4 312 Aug. 

Ih22d L7W5M11) May Dec. Scot Northern- 86i 2 19.9 2 84 Ll 58 29.0 May 

1^1 4xrf 7M si J.ote Dec. Scot Ontario lll»j 1431 t4.0 L0 5.4 303 Oct 

L01 1 751 681 29 |Ang. ilar. Scot Utd. Inv — 73 132 2.00 LO *2 358 Aug. 

0.63 6 « 42 3 9 (Apr- Ang. SraL Western — 73al 272 220 p 4.6 P Aug. 

L0 C.9t 571296 1 • — SeotWestn.'B'^ 69 — — — Aug. 

.75 59130,7 1158 Apr. Oct See. AffiaoceTit— 161 132 t587 L0 53 273 May 

2.48 26^ £3 7 D r*°- Sept See. Great Ntta.. 65 1431 11.79 U 4233.9 

> 10 %) 1 nj jjJv* 9 1 — Do "w* 1 . 60 _ _ 

2061 LSlo'4r£ofe=- June SeretiMsT. Sc_ 154^ 3I10 1548 L0 5.4 27.4 

83 sS 5ft 48 r jHDe SdedBuklsrHS 345 226 Q25c — 45 — 

- — __n 55 Apr. Sept Shires Inv. 50p_ U 8 n) 272 546 p 10.9 » 

25 i 22 I 12 . 0 I 58 1 NWnber steevwll 10 p — 62 330 15 12 3.7S& 


108 145 _ Durban Deep BI— 365 

— Aug- Feb. East Band ftp. R1 . 376 

5.JM2 Aug Feb. RaManfn ES.R2. £34l 2 

88 168 Aug. Feb. WestBandBl : 145 


675 - - 

216 fQ5e 16. 
1232 Q350c 3.. 


25 L0 5.0 29J 
L2 Ll 3.0 48 4 
8.0 Ll 7.9 175 
0.75 L0 5.0 30.9 
n.5 Ll 68 25.3 May 
256 1.0 4.7 30.9 Febr 

3.05- 1.1 4.9Z7.7 


42 358 Aug. 
48 P Aug. 
— — Aug. 
53 275 May 
4233.9 - 


EASTERN RAND 



85 1 19.9| 
2 B 11 


323 - 

149 3 

354. 19 


- N25c 
3UQ24C 


451 2 19.9 
85 3.1 

54 676 

51 33 

727 199 

57 87fl 


lo smj 


TOBACCOS 


ej= f 1 ¥ » 

Jan. Aug. Stanii^eCeSL 120- 3J 112.78 

__ Aug. Apr. Sartos- Tst Mfad 27 2 53 

Qfi June J«n.Stoetoiie^Ijrt_ 76^2811285 

■ SQJtember Ectaotogy 82i 2 23 228 

^^ 13.Ca 3.71 781 45 Ort. tayteBte--, U8 m 95 

— — S3 A^a Nov. Item Growth— 22hxi S2 188 

+7.92 65 38 65 ’ Po.op.6 l — . K — — • 

566 28 117 53 5ttr. Aug. Ihroeronna — 64 383 438 

^.04 9.4 6.6 23 Nov - Da^%Lonu. £107 1730 «&% 

E75 32 7 2 « Oct ttc. Inrest Ine* 71 H.9 14.95 


mb 


FAR WEST RAND 


Q Feb. Augfl 
8 Feb- Aug.U 


B I 

74 H 
183 12 
44 V 
46 V 
40 I 
166 3d 
£89 K 
36 12 ! 
4B 17 : 


2 a 332 33,01 3.7178145 <£- 

— — 147. — — — — 53 AF™ Nov- 

NSHBqv TXJMV =1 - =p l 2 Ip H 4 !b 

18 4.3 128 Mar. Oct CBp.*Countias, 47 2B33 UJD — 32 — Feb. -May 

Fa'^lffiaBesfc teibts* finance, land 

i ??K&aas&ddlHVIilHBruF 


35 30.6 Feb. 'Aug. 
55 6 Aug. Feb. 
43 381 „ . — ■ 

42 358 Feb. Aug. 


wwrSS — 

feteBl 

.lkry^l Rfl 9ft 

Si ltl 

iDriaBl 

dsrud<3d.3»c- 
jureRl 


87 P - Feb- Aug. BartebeestBl — 
127127 Feb- Aug. Kloof Gold Rl. 


rt.Wl-Ml 28 5.9 — ■ 

l —l— — Feb. A' 
diT (■2W‘M:S4 Jmt'SB 

*S? SraJl;' = 

flllt- muSf«w. * 

rt 3 ?J 78 78 0®c. Jn 

Ewlifiu Jt 

WLWtta 45 32 


272 188 0.912.7127 Feb- Aug. Kloof Gold Rl . 

— — • — — < — Feb. Aug. UbauonRl — 

303 438 L0 10.4 146 February Scuthvasl 50c_ 
730 Q 8 b% 20.6 t82 — Aug. Feb. StiHoatOosO^. 
m 14.95 L210.71L6 Aae. Feb. VaalBadsSOc. 
19.9 0.49 ■ — 0.9 — Feb. Aug. VentersgostRl 
33 58 .11 53 273 Feb. Aug.W.ttteBL 


Wood itetbur Sap M 
term'iMsf lulj — S3 24J3i'4.H 
rtr;ZcKcri5p— 44Ja 330(136 


insurance 

neffiaariu'CTh 
JlKBrfadiSSdlfly, 
ptffiiriaaiicSp; ‘ * 

5 ironbiwdAa. . 
lasS0ocm.lJiikR3- 
olyjEa^eSur 
■ iEAB. 6 Gffi.lm 
^fcaliSiS* 
tw]Bpmy&usa 5 g. 
i-Arcldeul, 
foal 
Lift, 

jCJSDSp- 


g m 

it- 4^1 mi h S£^ 


afisfim— - 2 W 

ayKeeXlftto. 23 
ty&DutHc. 76 



4 1132 * Feteuaiy CWsADutHfr. 76 3 

6.3 3. 1 53 Sept Da&n(HfcJe£ Ofc g 

2V SB 55 Feb. Aug. acrt^on 10p_ & HJ 

4814.0 8.0 Jm-- May Bug Prop. TOp— Wz IJJ 

■ ■ JuL^uneSfcfeS^ 18 : |4 

Apr. Nov. EsttPrtpInv— Oal ZT 
Jan. Aug. &snjlieds — Bl BJ. 
.. - apt- D«c.nime»Eatii)p. » 3U 

«3 4.o . 9.o — aigrtcinr - » ill 

3.4 4.4 102 Apr. Dec.qan & »!?Se^- 2g £ 

- 85 - p«>. SeptOtPDrtlandSOju 206 W 

— 5-2 — Jan. Apr. GrwrURJVOp— 33 Ml 

— 85 — Jan. July aeewrt^— w Jjt ^ 

72 June Hnmsu&'A-. 540 9. 

- 4J - NoSrtT EsflSlMDtiap 24 Tft 

_ ff.Q - Feh. July Hukme nm- 2g KJ 

— 58 — Sept Mar. H£ Laud. HESS- 1« ^ 

— 5.9 — December loteftopate— 290. a- 

— 6.5 — Apr. Sept bsternsfepesn !0p 28- 

— 8.7 — ' August town ImeS— g IL 

52 2.6 10.4 JulyOct L^nffist-— 1Z3 » 

33 5.0110.0 Jan. Juts “=i? c * i £?8r 

U 4.9 92 Mar. Sept Og- 

— W — Mar. Sept. Ju.WSCMb.JS- Og- W 

27 65 83 Mar. Sept Jlft WiCmv.® =f§ 

— 63 — July Nov. Law Land a*— ,» 331 

42 43 80 Oct Mar. lendUWMc- lg 

25 68 92 Dee.. June UmfturaiPl^ 2 


25 27iJ - 

7 t u 

§5* ^t296 23 


LR .* 30 0 Dtt. 

118 -22 3.4 20J get 

. NOV. 

,20 28 18298 Not. 

ttt« - 43 - Dee. 
10.79 26 1-6 0831 - 

1296 28 68 75 Oct. 


8J1L3 m. Mar. 
103 022 ) Sept Apr. 
183 — — 

fill - Jm» Dec. 
L7 46.1 Aug. Feb. 


- Investment Trusts 

■ 52 [M33J1208 L 
. 32ft 1431 457 L 
95*2 33 1432 L 
77 2331 249 L 
193*2 59 730 4 

116 273S 1731 L 
132 1731 «36 - 
56 Mil I486 r 

50 — — - — 

37^ 2 ZJ 02 flj 

36 - — — 

Anrio Asa. Secs- 84 B3 3.0 4 


3to, 590 - 133135 O 33 345 Feb, An£ WesternAreis Rl 
*- -6112 1M 1359 1W 98155 Feb. Aug. Vestas Deep 
a_ HI -Tj — J — J — _ Feb. An&j Z a nflp B nRT 


tlJrnon — _ 92te 

sar v 

til Cpdnwnlnr 58 2)3 L75- 4 

Aug U&LBriLSeca— 108 33 h453 L0 

Nov. Dtd Capitals— 19 ill 10.91 08 
Aug. DS Deb. Core — 81 1 2 138 352 4 

Jug niifenenlTsL U3 303 5.94 13 

ia CSTmaFtnaJJL. 670 976 QlOe — 

iy ri kiBjftwoBictt_ Tgi* 9J 0,91 13 

eh sTSiTeosiap 63rt 273 0.-75 4 ' 

Dec Wemyalnr-El- 281- 2212 1081 4 I 
Mar. Kirttriwaaru— 3.74 303 4.6 iff 

Jute WHan Inv- * W z 3232 1193 Ll 

9 Do.“B"— — 65 Z3J 0.06 - 

Sept 7ecBBa In*. — Mtotf Z7J 759 4 

Dec. Yorks, 1 Laws- 27 2253 135 Lfl 
YortgrettlOp- 61z 1075 - - 

Ittne YbangCo'slnvXL 69 1431 1335 15 



w yield allows for cmrency rbium* y Dividend and yield 

I* 4 ^ baaed on mercer terms, a Dividend and yield include' a 
vc t + i roecial payment: On-er does not apply to special payme n t . 
i 3 ri A Net dividend and yield. B Preference dividend passed or 
4 ->-'** deferred. C Canadian. D Cover and P/Bretfoeachideproflis, 

of U K aerospace subsidiaries. E Issue price. F Dividenfl 
and yield bored on prospact u a or other official rrtimnta* to 
197T 7B. r. .vuumed dividend and yield alter pending scrip 
and 'or rights issue H Dividend and yield baaed on 
• prospectus or other official estimates for 1P78-77. K Figure* 
L5 17 6 bared on procpcctvs or other official e s t imates for 1 BTB. 

— — M Dividend and yield based on p ros pect u s or other «wih»i 
— 4,6 estimate* for 1678. N Dividend and yield baaed to p r u ep e cta a 
A 9 a or other official estinutes for 1978. P Dividend and yield 
fa 57 bared on prmtottus or ottier official eitfimatea for 1877. 
17 1 0 ‘f Cross. T Figures assumed. V No rig n d l caa t Corparatiott 
,1 Tax payable. Z Dividend total to date, g Yield baaed on 

,nr 3 * J aarampaon Treasury Bill Rntn ataya unchanged until m aturity 

*» Vj “ ,s “ t 

L7 7.1 Abbreviations: ale* dividend; sex scrip lsmie;r ex rigfita;rt OX 

— — nil ; ^ 8x c a p i tal distrlbazcion. 

“ Recent issues ” sad “ Bights n Page 27. 

TJi 8 2 ™ B Kn ’ K is available to every Company dealt fat on 
L4| 85 Stock Exchanges throughout the United Kingdom tor ■ 

— I — lee of £400 per annum for each seeuxify 


SI 9 REGIONAL MARKETS - 

4 23 . 

4 5.0 The following lx a selection of Loudon quotations of «har*i 

4 5.4 previously listed only in regional markets. Prices of Irish 

73 Ll lames, moat of which are not officially Hated in Londbn. 
L6 as oto u quoted on the Irish exchange. 

* \\ Albany Inv. 20p 25 SbeELBetratamt.] 51 1 ,1 

fit £7 Ash Sp famine - « Shiloh Splnn—J 19 IZZl 

w :z a |-» I 

Cl erver Croft — 22 men 

Cnd* ARoseEl 400 ..... ‘ 

SSRS^sr. « = HMJ 

U g-^naFr-klOp. 57 Z7U fcl 

27| 95 Ererad ■ — CarrolUPJJ_j 102 1+2 j 


— — June 
13 215128 July 

— — — March 
f!2 4.9283 June D. 


jo*Lftr._ 44i,fe 275 

1 Asset Shi— 106 - 

fiste *■ 


li ! * 


0.42 20 Lfltt.l Aug. Feb. tactanettebc. 70 

581 0.9 583.9 m ~ _Da&ivK)p__ 30 - 

tldl 3.4 L8 235 Dec. June ArcoIiJ7(5&I>_ 131 
MLlfi 24 27 29.4 Aug- Mar. A^eulnc 157 
588 23 83 58 January Al bateB ahRlpi 521s 

November AilanticAsteti— Mb 

in- § 


5 Deb. Coro — 8H 2 

LitaenlTsD 163 


LATecuiapJ fils 

rsstav.£l_!l 281 ~ 




63 4 
48 P . 

5£ 273 

73263 fept 

6.7 * J*“. 

55 243 Jon. 

0.9 — Bay Oct 

LS^ 2 7un. 

453?.9 

42 338 , - 

_ _ Jun. 

7.7 4 Jvn- 
75 197 


O.FJS. 



_ _ FtfeForee — — „ 

4.7 7.9 pnlayPKg.5p- 19 +1 z Concrete Prods- 115 

05 29 £ ra,8S W- £l ’“ 175 Helton fTUdga) 49 . 

Xj o? HigsonsBrew-. 80 — ... Ins.Corp 140 

99 L6 L9M.Stin.tl-. MS Irish Rwes™ ltt : 

12 h? HoltfJosjSSp.- 243 Jacob 57 „ 

^5 88 Ntha. tiold'.nnih 57 Sunbeam 32 

To 7? Esire.',? H ^ _1 T M-‘! 178 i 

1 9 7.7 Pee! Mills 17 Tjnlriar* 

15 9.4 Sheffield Brick 46 ^ " 


I* Conv. 0 % *80/22. £95% . . 

68 Alliance Geg— 70 

57, • Arnett 270 

lSt ■ Carroll IP JJ— 102 +2 

47 ...«. ciondalkin 90 — 


133 

57 : 

32 

178 +2 
72ri 


Finance, Land, etc. 


FINANCE 


LTj SfMBWey. Junejgid)gi«geI3t- 142 1213 1533 LO) 5Jf26J SIS’ 
22 20 ft* May_Pac- K^ S.58p g H31 15 U 4828.4 

LO RE SS - Jnna : BmflFWsIMl m "STE 050.44 19 43 D 
- oj - J«h.’ JuteMte.-ag. mo giSa ia 53120 D ^f r 

13 6.6 213 — . fcwdffltt — - 24 220 103 13 38 326 ratebto 

tj m m a sssss ^ & i y n f ?tk 
■flfisWSSWfe J i H u 

.ff aaas ns ™ 

f^SBSSSBHBS S-HSI BU 

.25 3.5 S3 Dec. Aim Catettatetaffi, 224- 28111787 L2 5.4 227 

-LS flj ’38 341 ^^ 

'hr JSai;JBee MraeadSen .78 Z8J3 L5 Ll fc8 2L0 Fei \_f e P t 
M3 L2308 .-M» CaBeOulmSp. 200 r 2SJ 184 28 14014 6^mi« 

■— — — DceT^ung rm.&Pcr«in_ 91 ICQ 1335 11 5.6f25J. Anron 

; U jCH' iS- •- _ “ 

0.< 68] ml Sept->Mflr.^ical3Xd— 89id 27 2 3.9 L0 68I220 

22j - AHA Apr-JCMhoLis 94 2U]385 #1*3# 6^ jS 


“ S - SS: 4 i ^ 

— 5 ^— . — .jMar ftr Ba tes _ *0 87A — — 

“S’!- Mw. _ Ort iS' ‘ ^ MJ 

- APT. .N«.tora*UBp_ 35 475 J -> - ■— 

=■ «?«-sfiSb f i & | 


Jm^dSauthera 218 2UI 
knnaurW. Wp- r 8 127* 
kBtheUybn.2Bp- 36ig 1271 
WtortaAmw. 19^ 475 

SaiwSouseftt 57 16J 

ttnaonUiLte- Elite ZJ 

ffin.lan.iate . 33b 13i 
30r«KrtUClOp- 55 22.fi 

rikinfe House- 43 an 


• • *. Apr. Sept 

a* uiiMggt.i™ 

. “ Feb. Aui 

_ ~ - JuL 

g5je U U 52§ S 

336 L4 8.9103 SbS. 
r\rm c 9 9 *99 • JflRTa mTO 


! 11176 25 85(73) TTS 

^ 8,0 Mir. • Qct g£nnrco5BDL40 _ 

ah It ItuJ te - ■"* KBSvfST - 

fl N&n An* Feb. SentrUstlOc 

” ” “ * Mar. Sept U.C, Invert HI— 

IU4 ssse?; 


An. Coal 50c. 
AngloAaer.lOc— 
Ass. An Gold B}_ 

A^-VttJ50t 

□ttrtfirCtea 

Coot Gold Reids- 

KtoThuvl pjin.^ft i 

GeaIfiaiu£H2 

GoidnSSSA3c_ 

JoTflnCcn&lBL. 


i I . " 




Be 4 
SiSS 9 

ylntest— Iff 
hweap- 20 
rolrust— ■ 25 
C0OTB.5P. 9, 

■ar-S-Sl— 26 

mentCa— 18 

i!5r 380 

LftylorUp 3k 
a Wp — - . 21 ' 




L72 2! 

nn -lj 

£0.49 -5i 
14.49 14 
LO U 



P SO 

20 7.0 n — . 

b n 3 “ m< 

if ? J „ 

13 74 A. Brew 6 te 

28 .82 t- » 

fi H Babcock M 

t± *■ Barclays Bank. 25 

i* SI BooteDrn*— 15 

05 85 Bcwaterg 16 

} 29 BA.T 24 

3,0 103 British Oxy^s 6 
18 68 growaO.i— . 20 

Ll 85 Burton ’A' 13 

20158 Cadbum— 5_ 
3 j 5 *47 Cowtaolds— 10 
it d i De ben ha ms.. 10 

0-1 nicrklloiw H 


OPTIONS 

3 -mouth Call Rates 


2rt 7 R auullers— 13 

* inn Dunlop— Vt 

f Star- If 


estmentCa— B 22810.94 3J 7.9 53 - Gen- Accident 17 

gfet |m&». 3 .e u sj DIAMOND AND PLATINUM o! 5 S! 2 f: « 

»= 3 1 5S 3 ? ^ » 5 x .-BiBffffSd « mat a m s 

SSt fZts ii aft, 



3 P ritpc rt y 

f isadp 

I E J>- — „ 5 

v Intrenrapean 4 
L Land Sea. 38 

W pES* — VS* 

gidsliB? 

i «• 


9 cnarterha 
5 SteU.__ 
U Ultramar. 

I 4 Mian 

JI Charter Co 
22 Cons. Gold 
13 WoT.aELoc 


. . t 

• > • 
















SS£ 3 e&£- 


54 


THE MOST 

llllll EFFICIENT AND 
MB llllll WIDELY USED 

t MIl^ 


BOO 


GEORGE COHEN MACHINERY LTC 

$$• * * SONBtAM KOAO LONDON 

nwio 6jp telephone qi-965 bsbo 



Monday March 6 1978 



Spec/a/is^ «* ftjiflWPcd 
. & Suppliers ofReinfi 



FT \loirth(\\Sur\cy of Business Opinion 


Company profits revival 
likely to peter out 



THE RECOVERY in company 
profits could peter out later 
this year. According to the 
latest Financial Times business 
opinion survey, mare companies 
are now forecasting slimmer 
profit margins and lower rates 
of return on capital employed 
than an improvement. 

This is the first time since 
the end. of 1975 that the 
balance of “ups” over "downs" 
has been negative. 

The more pessimistic ontlook 
for profitability is in spite of 
the growing activity and 
confidence in the consumer- 
oriented sectors of industry 
which was reported in the 
January survey and which was 
based upon firm signs of a 
revival in consumer spending. 

In sectors supplying indus- 
trial products and services, such 


as chemicals, oils, shipping and 
transport, which were the sub- 
ject of ..the latest survey, the 
trend of orders remains gener- 
ally depressed in face . of low 
demand and excess capacity, 
while, the profitability of over- 
seasides was being eroded by 
increased competition and a 
stronger pound. 

More companies are complain- 
ing about the shortage of both 
skilled factory and executive 
staff. 

Almost half of the companies 
interviewed in the' past four 
months say that they are unable 
to recruit factory staff with the 
requisite skill and experience, 
while a third say there is a 
problem in finding managerial 
and executive people of the 
right calibre. 

These are remarkably high 


percentages in view of the rela- 
tively low level of activity which 
still obtains in most sectors of 
industry. 

Most companies expect to be 
able to observe tbe Govern- 
ment’s pay guidelines. As a 
result, the median forecast in- 
crease for wage dosts has peaked 
out at around die 12-13 per cent, 
mark. 

Helped by falling, material 
prices and -the. vise in steriing 
parities, tbe median, forecast 
increases for total unit costs 
and for output prices continue 
to decline. But at about 11 per 
cent both figures have yet to 
reach single figures. 

The encouragingly high level 
of investment intentions has not 
been affected by the changed 
outlook for profitability. 

Details, Page 28 


EARNINGS OH CAPITAL 


Those expecting 
current year to : 

earnings during the 

Novs 

Feb. 

% 

4 monthly moving total 

Oct.- Sept-- Aug.- 

lan. Dec. Nov. 

% % . % 

February 1978 

En^g. Shipping 

(non- Chemicals & 

- elect) & Ofis Transport 
% % % 


Improve 

32 

47 

43 

47. 

- 38 

6 

24 


Remain the same 

24 

' 23 

22 • 

20 

34 

24 

— 


Contract 

38 

25 

26 

24 . 

9 

70 

65 


No comment 

6 

S 

9 

9 

19 

— 

11 

<g Statistical Material Copyright Taylor Nelson Group Ltd 


Decision on nuclear fuel plant 
could take several weeks 


BY DAVID FISH LOCK, SCIENCE EDITOR 


THE £600m. Windscaie nuclear 
fuel Plant seems set Tor several 
weeks of further delay before 
the Government announces a 
decision to go ahead with the 
project. 

Mr. Peter Shore. Environment 
Secretary, will announce the pro- 
cedure the Government proposes 
to adopt in reaching its decision 
this afternoon, when he discloses 
the report uf Mr. Justice Parker's 
planning inquiry lust summer. 

As the Financial Times dis- 
closed on February 10. the report 
favours the project, which will 
give British Nuclear Fuels im- 
mediate access to £500m.-£900m. 
worth of overseas business in 
transporting and reprocessing 
spent nuclear fuels. 

Advance payments against 
these contracts will provide tbe 
company with much of the 
finance needed to build the plant 
in the l9SQs. 

The report is in terms so 


favourable to the commercial 
future of British Nuclear Fuels 
that bad tbe project’s proponents 
drafted it. they could hardly 
have phrased it more convinc- 
ingly. 

The Prime Minister, in the 
only ministerial comment on the 
report so far. called it “most 
cogent and clear, with well- 
argued conclusions.” 

Bui the Parker Report has 
disappointed the project’s oppo- 
nents, who were hoping to find 
justification for further Govern- 
ment delays. 

Opponents believe that they 
can reduce tbe economic attrac- 
tions of nuclear energy for 
Britain by blocking the project, 
and also jeopardise the future of 
the fast breeder reactor, since it 
will depend on ; plutonium ex- 
tracted by reprocessing for its 
•fuel supply. 

The method chosen by Mr 
Shore — in consultation with Mr. 
Sara SiTkin, the ' Attorney 


General — appears to be designed 
to minimise discussion of tbe 
report by releasing it almost 
coincidentally with his own press 
conference this afternoon. 

Mr. Shore is believed to oppose 
the project and called for a 
planning inquiry in December 
1976. He will emphasise this 
afternoon that the eventual 
decision will be made by tbe 
Cabinet, not by him alone. 

Parliament is to delate the 
report before any decision is 
announced, but under conditions 
approved by .the Attorney 
General to avoid any nsk of 
having to reopen the inquiry 
because opponents allege that 
fresh, evidence has been raised. 

Further delay increases the 
risk that overseas contracts nego- 
tiated by British Nuclear Fuels 
.but not yet signed could be 
awarded to the company's French 
rival, the State-owned nuclear 
fuel group Cogema. 

Editorial comment. Page 12 


tanks 
lead offensive 
against Somalis 


BY oUr FOREIGN STAFF 

ETHIOPIA HAS launched a big' 
tank assault on the key Somali- 
beld town of Jijlga in its long- 
expected counter - offensive 
against Somali troops and irre- 
gulars In the Ogaden. 

Reports of the attack came 
from both sides in the conflict 
Tbe Ethiopian Embassy in 
London- claimed that Somali 
troops to the town had been 
routed. • 

“The Ethiopian regular forces 
and people’s militia have brought 
Jijiga and all its surroundings 
under their total control after a 
fierce battle with the Somali 
invading, forces,” an embassy 
spokesman said. 

Somalia said the assault was 
being carried oat by Soviet and 
Cuban troops “with no sign of 
Ethiopian troops so far on the 
battlefield.” • 

Mogadishu Radio, quoting a 
report from the Western Somali 
Liberation Front, said- that 
Somali forces bad pulled back 
to defend the strategically 
important town at the foot of 
Ethiopia's Amhar Mountains. 

The Somaji guerillas, who 
have denied losing control of 
tbe town, said more than 70 
tanks were ferried to the battle- 
field by Soviet-built helicopters. 


They claimed to have .destroyed.} 
.several tanks and three MTG-21 
jets.- 

■ Jijiga was one of the first 
main Ethiopian strongholds to 
fall to tbe Somali forces, when 
they advanced into the Ogadan 
desert last year. 

In January, Ethiopia launched 
an offensive to push the Somalis 
back over the border, and cod 
trol of Jijiga— close to the 
Ethiopian -Somail border— was 
seen as an important element 
in the counter-attack. 

Bat the offensive, while it 
suceeded in ending the Somali 
sieges of Dire Dawa and Harar 
seemed to come to a halt a few 
days later after tbe Somalis had 
established new defensive post 
tions. 

One of the new positions was 
set up near the town of Babile 
on the mountain road between 
Harar and Jijisa. leaving the 
crucial Gara Mania Pass just 
outside Jijiga still to be fought 
over. 

Meanwhile, in Abu Dhabi Mr. 
Omar Arteh. Ghaleb, the Somali 
Culture - Minister, called, on the 
D.S. to support the anti-Ethio- 
pian forces in the Horn of Africa 
“ before it is too late.” 


Begin slows down 
settlement plan 


Callaghan to launch 
oil White Paper 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE GOVERNMENT'S long- 
delayed White Paper on use 
of Norih Sea oil. expected in tbe 
middle uf iho month, is likely to 
he launched by Ihc Prime 
Minister personally. 

This is intended in make tbe 
must politically of a document 
widely seen in Whitehall as an 
unexciting and rather bland list 
of options. • 

No new policy commitments 
have been included and a poten- 
tially striking and clectorally 
attractive feature, creation of a 
special oil fund to use the 
revenue, was rejected after a 
lengthy Cabinet debate. 

Instead the While Pape* - .will 
list possible uses of the oil 
revenue and point in general 
terms toward priorities. 

These will include more invest- 
ment. in industry-, development of 
alternative energy sources, con- 
serration, cuts in direct tax. im- 
provement of public services, 
and repaying sonic of the UJC's 
larce onicinl debts overseas. 

There will be close interest, 
in whether the White Paper is 


as optimistic about the current 
account prospects as were earlier 
drafts. 

The Government will empha- 
sise the major impact of the 
North Sea on tbe balance of pay- 
ments. 

There has been no significant 
chaage in official estimates of 
either current account — £2.5bn. 
net benefit — or revenue impact 
of the oil in the next few years. 

Though tax revenue and 
royalties expected from oil in , 
1978 were revised downwards, i 
partly because of the effect ofj 
allowances against cost of new l 
development. any shortfall v 
should be made up in the fol- 
lowing two years. 

Consequently, as Dr. Dickson 
Mabon, Minister of State for 
•nergy, said last week, the 
Government is sticking to its 
projection of total receipts of 
£5bn. (ut 1976 prices) from oil 
and gas combined between 1976 
and*19S0. 

Any change in revenues this; 
year will have little effect on | 
Budget calculations. ■ 


Continued from Page 1- 


Steel redundancies 


turn fur redundancy payments 
ri compensation. 

Scottish sloe b naking will hence* 
•tit be largely concentrated on 
? modern basic oxygen furnaces. 

Etiivcoscruig. 

l'he pace of voluntary’ redund- 
cy among steelworkers is ex- 
cted to quicken this week with 
i 3.500 workers al the East 
ions works, in Mr. Callaghan's 
rdiff East constituency, likely 
decide finally to accept com- 
>te closure. Negotiations are at 
advanced stage. 

National steel union officials 
1 by Mr. Bill Sirs, general 
•ret ary of the Iron and Steel 
ados Confederation, are going 
East Moors lo-raurrow. Dr. 
vid ' Grieves. BSC personnel 
inaging director, has arranged 

meet ihe men on Wednesday - 

The British Steel management 
hoping that, the redundancy 
d compensation deal can be 


tied up by the end of Dr.i 

Grieves* visit. 1 

BoLh the unions and British 
Steel arc modelling Ihe. negotia- 
tions on the recent Hartlepools 
experience, when the closure ofj 
an old plant was arranged in just 
one day. . ■ , ! 

The next works to go. if j 
British Steel can maintain thei 
momentum, will be Shelton at 
Stoke-on-Trent. The 1200 steel- 
workers there will be offered 
similar redundancy and compen- 
sation terms. 

9 The - Government is this week I 
preparing a counter-blast to the | 
Commons Select Committee on 
nationalised industries, which 
has been critical of Ministers' 
handling or the crisis in the 
step I industry. 

On Thursday Mr. Varlcy and 
Mr. Gerald Kaufman, Minister 
ot State for Industry, will defend j 
their record when the commit - 1 
tec s report is debated. 


Tory plan 
to work 
for race 
harmony 

By Richard Evans, Lobby Editor 

CONSERVATIVE leaders, while 
determined to retain immigra- 
tion as a key. issue In the run-op 
lo the next General Election, 
are to- put Increased emphasis 
on the party's commitment to 
good race relations. 

A campaign, to be backed by 
Mrs. Thatcher, Mr. William 
White law, deputy leader, and 
others ia coming weeks will be 
aimed at ending disquiet within 
the party over the use of the 
Immigration Issue and at de- 
fusing damaging allegations of 
cueap vote-catching. 

It is stressed that there Is no 
intention of -withdrawing from 
Mrs. Thatcher's controversial 
call for an effective end to 
Immigration. Details of how 
this would be achieved by a 
. Tory administration will be 
outlined in the policy state- 
ment now expected from the 
Shadow Cabinet around Easter. 

Much greater emphasis will 
be placed on developing the 
“ positive ” side of Tory policy,, 
particularly by increased aid 
from both public and private 
sources for helping immigrants 
In deprived Inner city areas, 
and by more flexible planning 
procedures and .tax changes. 
.The tone of the campaign 
was illustrated yesterday by 
Mr. Keith Speed. Conservative 
MP for Ashford and a junior 
Home Affairs spokesman. 

. He said the Tories, as well as 
introducing tough control on 
immigration, would encourage 
creation and expansion .of small' 
badnesses to provide extra 
jobs and help, particularly 
where -young immigrants were 
unemployed. 

The shadow Cabinet's pro- 
posals on Immigration are 
likely to involve the introduc- 
tion of a register of dependants 
of immigrants already in the 
UJL, and the establishment of 
quotas to control their phased 
rale of entry. 

A separate, and very strict, 
quota system would control the 
entry of male fiances and there 
would be measures to control 
the entry or all dependants 
who are not wives or young 
children. 


BY L DANIEL 

IN AN apparent concession to 
growing U.S. pressure Mr. 
Menahem Begin, the Israeli 
Prime Minister, has acquiesced 
in a slowdown of Israel's settle- 
ments programme in the occu- 
pied West Bank and Sinai. 

Mr. Ezer Welzman. Israeli De- 
fence Minister, ordered work on 
the preparation of land for# new 
West Bank settlement to be 
stopped, even, though the Israeli 
Cabinet had approved i.t earlier 
in principle for a group now 
boused in an army camp in the 
northern part of the West Bank. 

A second group, living in an 
army camp north of Ramallah in 
the Jerusalem, area, had be^n told 
that the land on which it inten- 
ded to settle is now needed by 
the army as a shooting range. 
Both groups belong to the smari, 
ultra-religious Gash Emunim 
movement * 

As part of an uneasy compro- 
mise the Israeli Cabinet decided 
a week ago that there should be 
a virtual moratorium on settle- 
ments, but the question remained 
whether work -would go on un- 
officially. 

Mr. Weizman issued his orders 
before leaving .today ' for talks 
in Washington. 


TEL AVIV. March 5. 

He had strongly advocated a 
halt to development of rates 
before his U.S. visit. Evidently 
his view has been fortified by 
strong U.S. pressure following 
President Anwar Sadat's objec- 
tions to Israeli settlements policy 
and the U.S. Administration’s 
realisation that this issue is the 
immediate stumbling block to an 
Arab-Israeii peace initiative. 

Clearly the Defence Minister 
did not issue the orders without 
consulting Mr. Begin, who may 
have chosen this way of pre- 
venting settlement to avoid a 
confrontation with his coalition 
partner, the National Religious 
party. Some of its members 
identify with the Gush Emunim 
Movement and the party shares 
their view that the whole of 
the West Bank is an integral 
part of IsraeL 

Gush Emunim regards to-day’s 
orders as a halt to its settle- 
ment policy and will no doubt 
try to stir up opposition. 

The number of prospective 
settlers is small, but they call in 
religious students and otter sup- 
porters whenever they stage a 
demonstration against the .Gov- 
ernment. . 

ILS.-Israel talks. Page 2 


Hua unanimously elected 
Premier by Congress 


BY YVONNE PRESTON 

HUA KUO-FENG' was unani- 
mously elected Premier of 
China by the 3,460 delegates to 
this afternoon’s session of the 
Chinese parliament, the National 
People's Congress. "He will con- 
tinue to bold jointly tbe positions 
of Premier and Chairman of the 
Chinese Communist Party. 

Yeb Cbien-ying, the First Party 
Vice-Chairman, was elected 
Chairman of the Standing Com- 
mittee of the Congress, a post 
equivalent to Head of State. His 
election was also unanimous. 

" As expected, a new Defence 
Minister, Hsu Hsiang-chien. 76, 
has been appointed to relieve the 
80-year-old Ych Hsn is a member 
nf the Central Committee of the 
Party, and was formerly a Vice- 
Chairman of the Standing Com- 
mittee of the National People's 
Concress. p 
Vice-Premier Tepg Hsiao-ping. 
expected by some to be appointed 
Premier, retains the post of First 
Vice-Premier. Most observers 
here feel that Teng is likely to 
have rejected the job of Premier 
because of its protocol demands. 


• PEKING.. March 5- 

The Chinese people tend to see 
Teng as Premier in all but .name. 

. Thirteen Vice-Premiers, were 
elected, one more than the num- 
ber appointed at the last People’s 
Congress .in 1975. They Include 
one woman. Cben Mu-bua. 
Minister for Economic Relations 
for Foreign Countries, who takes 
oveF from the former woman 
Vice- Premier, Wu Kuei-hsien. 

Former twelfth Vice Premier 
Sun Chlen. a Tientsin worker 
has also been removed from the 
ranks of Vice-Premiers who- ndw 
include the heads of two -new or 
revived National Comnt.issjons 
charged with the implementation 
of China’s ambitious “Four 
Modernisations Programme: 
They are Fangyi, Minister .'of the 
State Scientific and TechnoIo-4 
gical Commission, and- KaneJ 
Shih-en. Minister in charge of, 
the State Economic Commissioji 

There are now 37 Ministers 
compared with the former 29’ 
Additions -include separate 
Ministries for Civil Affairs and 
China’s National Mihoriry;- 

Spiiirro, MomtBo Herotd 


Weather 


j U.K. TO-DAY 

jDRY and sunny, generally. 

! London, S.E_ En GenL S., 
j CenL N. England, E. Anglia, 
Midlands 

Dry, sunny spells; mist or fog 


BUSINESS CENTRES 


Y'dJT 
M id-day 

”C *F 


Y'day 
Mid-day 
•C *F 



F 

- 

45 

Madrid S 

U 

57 

AlbCDd 

S 

19 

64 

iliocbstr S 

9 

44 

Babralo 

C 

:*7 

St 

MeUwosne S 

19 

« 


V 

19 

H 

Mexico C. S 

24- 

75 

Belfast 

F 

6 

43 

Mrtan C 

ti 

4fi 

Belgrade 

K 

:i 

TO 

Montreal S- 

-13 

3 


It 


43 

MoScevr F 


W 


S 


ti 

Madid) R 

A 

S» 


S 

s 

ti 

Newcastle S 

7 

ti 


F 

9 

ti 

New York S 

™a 

23 

Budapest 

C 

1! 

54 

Oslo C 

3 

37 

B Aire* 

S 


73 

Paris C 

7 

45 

Cairo 

S 

31 

ss 

Perth S 

38 

57 

Cardiff 

s 


.ti 

Ptafiue C 

3 

41 

Chicago 

S-H 

12 

BcykJasUi C 

— S 

27 

Cologne 

F 

7 

43 

Bin de J'o C 

25 

77 

roynliaca 

r 

i 

3S 

Home . P 

H 

37 

Dublin 

F 

ti 

52 

Singapore C 

30 

SO 


5 


43 

SwcUtofa) 57) 

i 

:« 


C 

7 

40 

StraiDrs R 

5 

41 


C 

7 

45 

Srdwy s 

2tJ 

73 


S 

7 

« 

Tehran S 

19 

M 

Helsinki 

c. 

I 

34 

TeJ Aviv r 

ts 

M 

H. KoaS 

c 

17 

S3 

Tokyo s 

9 

43 

Jeters 

r 

5< 

75 

Toronto S- 

-13 

9 

Lisbon 

s 

U 

33 

Vienna R 

7 

43 


s 

9 

48- 

Wares w r. 


W 

Uuu.-aii)'£ 

F 

4 

43 Zurich R 

4 



patches early.. Max. S-10C 
H6-50F). ' ; 

Channel Ll. &w, N.W_ N.E. 
England, Wales, Lakes 
Dry, sunny spells.- Max. 8-10C 
(46-50F). 

Scotland, N. Ireland, L of Man 
Cloudy. Some rain. Max. SC 
f46F). 

Outlook: Milder. 


HOLIDAY RESORTS 


Ajaccio 

Y’datr. 

Mid-day 

oq , F 

F W f? 

Jaiwr 

Vday 
MW-daj 
-C °F 
S- ,4 « 

Algiers 

R 

14 

57 

Lao Pima 

F 

19 

63 

Biarritz 

C 

11 

52 

Locarno 

F 

S 

44 

Blackpool 

s 

7 

45 

Majorca 

F 

13 

59 

Bordeaux 

F 

> 

43 

Malaga 

S 

17 

«3 

Boulogne 

F 

7 

45 

Malta 

c: 

13 

M 

Casabliira 

F 

15 

5fi 

Nairobi 

c 


72 

Cape Tu. 

S 

24 

75 

Naples 

R 

B 

54 

Corfu 

F 

17 

S3 

Nice 

C 

13 

5S 


Dobrentik c 17 «3i Nicosia 
Faro S 15 Mf-Upono 

Florence V I? SSI Rhodes 
Fractal- K 17 65 ! Salzburg 
Gibraltar S 17 B TAnuer. 
ticcrwy v 7 ti Tenerife 
Innsbruck R 5 41 1 Tunis 
Inverness C 5 4t I Valencia 
late of M. s * 43 1 Venice 
Istanbul c i) 

F— Fair. 5— Sunuy. C— Cloudy. R— Ram 


C IS 84 
• S •».-» 
S 19 56 
C -V 43 
S IK HI 
S 13 ^ 
S 17 83 

S » H 
C 10 58 


the lex column 


Three years 

5 



* As the BP share price ranks 
in reflection of declining profit 
prospects in Alaska and Che 
North Sea, few investors can 
look baek more happily *at r the 
timing' of their dealings than 
HIM. Government It was the 
Government's agent the Bank 
of England, that stripped 77.8m. 
shares out of Btuznah OQ -In 
January 1975 at 230p a share, 
comfortably close to the low of 
around 190p. And -last June, 
of course, 6&8mL‘ shares from 
tbe Treasury’s holding were sold 
here and in the TCS. at an aver- 
age price only about £T short of 
tbe dll-time peak of 966p 
reached last May. . That 
amounted to a realised profit 
nf over £400m., and the Govern- 
ment doesn’t pay capital gains 
tax. •• v - ;; 

Lack of news 


Sea will be the means whereby 
■Bur mah r a n move back into pro- 
fits and dividend^ over the next 
year or two. Two vessels are 
now shipping gas compared with 
an eventual total of seven, and 
production started up at Thistle 




There is no comfort in all 
this for shareholders of Burmah, 
despite the ■ companyfs ' ■Writ' 
against the Bank dafcnfngrtfce 
return of . the 77.8m_ -shares, 
now worth £563m. A complete 
silence has fallen over the legal 
action, supposedly. because of a 
lengthy period of discovery of 
documents by., the. two sides. 
Apart from, anything' else, .the 
fall in the BP price is eroding - 
the value nf the legal claim. 
And Burmah’s own share price 
is standing at little more than 
half last year’s peak: early relief 
at tbe conclusion in January 
1977 of the financing deal for 
LNG carriers, which at .’ last 
gave assurance that Burmah 
would have some sort of future, 
has faded ip line with hopes of 
any fundamental improvement 
in the tanker crisis. 

The company has just taken 
delivery of Bnrmah Endeavour, 
a 445.000 dwt tanker, the finan- 
cial burden of which is not going 
to be significantly tightened by 
a one-year charter arranged with 
Exxon, while the sister ship 
Burmah Enterprise will be 
delivered shortly. In current 
conditions there is little chance 
that Burmah - will be able tn put 
into effect its original grand 
•rrafew rn keep its tanker ship- 
ping fleer employed on voyages 
t... and from the Bahamas tran- 
shipment terminal at profitable 
rates. Nevertheless the terminal 
ha.: been a beneficiary of the 
U.S. energy gap and through- 
rut has been running at some- 
thing like two-thirds of effective 
capacity, . boosted by U.S: 
Government contracts to tran- 
ship - oil destined • for the 
strategic petroleum reserve. 

It .stilL looks as though the 
Indonesian LNG contracts and 
»he Thistle field In the North 


l-a which Bu nnah has o stake 
of 8.1 per cent.) last month. 
Useful cash flow benefits are 
due from Thistle this year, but 
it is going to be 1980 before 
tl.ese two projects are operating 
at near their full potential. 
Meanwhile tbe 140,000 share- 
holders have gone without a 
dividend now for three years. 

Against this- unexciting news 
background the Burmah Share- 
holders Action Group is 
grappling with a dilemma. It 
has collected substantial 
amounts of money from share- 
holders. many of whom are 
elderly and do not have time 
on their side. On the other 
band it has no real grounds for 
complaint against the Burmah 
management at present except 
in respect of lack of informa- 
tion. Not only has a period of 
six months gone by since any- 
thing was said about the legal 
claim (now 17 months old) but 
many mysteries remain about 
Burmah ’s collapse and rescue. 

For the moment the Action 
Group can do little more than 
press for facts, applying a 
certain amount of pressure 
through its ability to propose 
•resolutions at the forthcoming 
annual meeting. 

Consortium banks 

Enthusiasm for the con- 
sortium approach to inter- 
national banking has been 
fading for some time now. Last 
year three banks were swal- 
lowed up by their parents, and 
Over the next few years others 
seem likely to suffer a similar 
fete. 

As long as a consortium bank 
could provide a specialist ser- 
vice to shareholders it was easy 
.to justify its- existence. But. 
Inrreasinely. consortium banks 


are finding that their £ 
overlaps that of thefc 
and consequently' 
really justify their 
survival by mail 
average profitability-' 
recent batch of < 
profit - figOTes shows, 
always an - easy 

Last year was a-.^i 
period for- a. number, pg.- 
Adraittedly, one or.tvB^ 
Nordic bank, wbere-% 
profits jumped 143 
appeared: ft? do . wefi^j 
was a jstrong " 
recovery 3jerd- and/ : ttt£ 
lying level of .pfoS 
remained relatively Iok 
while. lEuropeanv:^ 
CompanyJfohich haJJ*- 
of tbe fastest growl^^ 
profitable banks, posted, 
per cent.jfrop in pre-tax 
and cut i& dividend rate 
United International. Ba: 
its profits dip by 5.4 pw 
For both banks this n 
first profit setback m the 
histories a ? • ' • 

There jfre- various/* 
tions. Tile volumfrfj 
business has been .® 
margins have been. radar 
pressure 

loans have matured t® 
had to be. replaced i 
profitable assets. Art tbt 
most important reason hi 
the sharp fall in- the 
which has hit the bulk < 
business. - In 1976; the . 
in the pound boosted 1 
tium banks' profits by .t- ;;.- 
one-quarter and , 

this year : ; ■ adverse ■ ’ 

rate movements have^ 
earnings noticeably: 
only one. Jjank, faftifi 
Mexican Bank, has . tra 
the impactt-lt reding 
by around S12 percent \ 

Exchange rate moi 
have ccrtaihly knocked 
off the consortium bahL - 
results, but what really - 
the eye i^.lhe superior 
ability of tne specialist t 
banks suctf .as EutabanJ 
and Interqpex which ha 
able to -.push their 
sharply higher in, 1977. 
return on .assets is cons 
higher than average. 

Concentration oh high 
Latin American busini 
present problems at som... 
date but for the time b« ' 
type of “ specialist ” baa 
to have found a role. ft 
By contrast it is ban 
optimistic about the k 
role of banks such as 4 
Banking Company, as 1? 
after-tax ; return on: 
remains roughly- ha 
earned by a sharehnld.. . 
as Midland Bank •' ' • 





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